Delaware | 001-33757 | 33-0861263 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
27101 Puerta Real, Suite 450, Mission Viejo, CA | 92691 | |||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release of the Company dated February 13, 2013 |
Dated: February 19, 2013 | THE ENSIGN GROUP, INC. | |||
By: | /s/ Suzanne D. Snapper | |||
Suzanne D. Snapper | ||||
Chief Financial Officer | ||||
Exhibit No. | Description | |
99.1 | Press Release of the Company dated February 13, 2013 |
▪ | Adjusted earnings per share climbed 27.1% to $0.61 per share for the quarter, and grew 8.5% to $2.54 per share for the year, despite the October 2011 Medicare cuts, and well within the increased annual guidance published by Management in August 2012; |
▪ | Same-store skilled revenue mix grew by 117 basis points to 53.9% of revenues in the quarter; |
▪ | Same-store occupancy grew by 20 basis points over the prior year quarter, and by 53 basis points over the prior year, to 82.7%; |
▪ | Adjusted consolidated EBITDAR was $35.0 million, an increase of 18.0% over the prior year quarter; and |
▪ | Consolidated revenues were up 8.8% to a record $824.7 million in the year, and up 9.6% to a record $211.1 million in the quarter. |
▪ | In Texas, Richland Hills Care & Rehabilitation Center, a 92-bed skilled nursing facility located in Fort Worth; |
▪ | In Arizona, Emblem Healthcare, a well-regarded hospice agency located in the greater Phoenix market's burgeoning East Valley area; |
▪ | In California, Vesper Healthcare, a small but respected hospice agency located in the Pasadena market; |
▪ | In Washington, Symbol Healthcare, a home health agency located in the Tacoma market; and |
▪ | In a multi-state transaction, the company also acquired a majority interest in a small but well-regarded mobile ancillary services provider. |
Three Months Ended December 31, 2012 | Year Ended December 31, 2012 | ||||||||||||||||||||
As Reported | Non-GAAP Adj. | As Adjusted | As Reported | Non-GAAP Adj. | As Adjusted | ||||||||||||||||
Revenue | $ | 211,101 | (79)(9) | $ | 211,022 | $ | 824,719 | (79)(9) | $ | 824,640 | |||||||||||
Expense: | |||||||||||||||||||||
Cost of services (exclusive of facility rent, general and administrative and depreciation and amortization expense shown separately below) | 171,765 | (3,077)(1)(2)(5)(9) | 168,688 | 660,070 | (6,641)(1)(2)(3)(5)(9) | 653,429 | |||||||||||||||
Charge related to U.S. Government inquiry | 15,000 | (15,000)(4) | — | 15,000 | (15,000)(4) | — | |||||||||||||||
Facility rent—cost of services | 3,256 | (272)(6)(9) | 2,984 | 13,319 | (860)(6)(9) | 12,459 | |||||||||||||||
General and administrative expense | 7,886 | (503)(7) | 7,383 | 31,819 | (1,945)(7) | 29,874 | |||||||||||||||
Depreciation and amortization | 7,319 | (50)(8)(9) | 7,269 | 28,464 | (501)(8)(9) | 27,963 | |||||||||||||||
Total expenses | 205,226 | (18,902) | 186,324 | 748,672 | (24,947) | 723,725 | |||||||||||||||
Income from operations | 5,875 | 18,823 | 24,698 | 76,047 | 24,868 | 100,915 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense | (3,098 | ) | (3,098 | ) | (12,229 | ) | (12,229 | ) | |||||||||||||
Interest income | 83 | 83 | 255 | 255 | |||||||||||||||||
Other expense, net | (3,015 | ) | (3,015 | ) | (11,974 | ) | (11,974 | ) | |||||||||||||
Income before provision for income taxes | 2,860 | 18,823 | 21,683 | 64,073 | 24,868 | 88,941 | |||||||||||||||
Tax Effect on Non-GAAP Adjustments | 7,134(10) | 9,425(10) | |||||||||||||||||||
Tax True-up for Effective Tax Rate | (110)(11) | ||||||||||||||||||||
Provision for income taxes | 1,195 | 7,024 | 8,219 | 24,265 | 9,425 | 33,690 | |||||||||||||||
Net income | $ | 1,665 | 11,799 | $ | 13,464 | $ | 39,808 | 15,443 | $ | 55,251 | |||||||||||
Less: net loss attributable to noncontrolling interests | (272 | ) | 226 | (46 | ) | (783 | ) | 354 | (429 | ) | |||||||||||
Net income attributable to The Ensign Group, Inc. | $ | 1,937 | 11,573 | $ | 13,510 | $ | 40,591 | 15,089 | $ | 55,680 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.63 | $ | 1.89 | $ | 2.60 | |||||||||||||
Diluted | $ | 0.09 | $ | 0.61 | $ | 1.85 | $ | 2.54 | |||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 21,605 | 21,605 | 21,429 | 21,429 | |||||||||||||||||
Diluted | 22,075 | 22,075 | 21,942 | 21,942 | |||||||||||||||||
(1 | ) | Represents acquisition-related costs of $20 and $250 for the three and twelve months ended December 31, 2012, respectively. | |||||||||||||||||||
(2 | ) | Represents costs of $152 and $591 for the three and twelve months ended December 31, 2012, respectively, incurred to recognize income tax credits which contributed to decrease in effective tax rate. | |||||||||||||||||||
(3 | ) | Represents the settlement of a class action lawsuit regarding minimum staffing requirements in the state of California of $2,596 during the period ended June 30, 2012. | |||||||||||||||||||
(4 | ) | Represents the Company's estimated liability related to our efforts to achieve a global, company-wide, resolution of any claims connected to the U.S. Department of Justice (DOJ) investigation. | |||||||||||||||||||
(5 | ) | Represents impairment charges of $2,225 recorded at our urgent care franchising operations, which we attribute to a decline in the estimated fair value of redeemable noncontrolling interests. | |||||||||||||||||||
(6 | ) | Represents straight-line rent amortization for a facility which the Company has begun construction activities, but has not commenced operations of a skilled nursing facility as of December 31, 2012. | |||||||||||||||||||
(7 | ) | Represents legal costs incurred in connection with the ongoing investigation into the billing and reimbursement processes of some of our subsidiaries being conducted by the Department of Justice (DOJ). | |||||||||||||||||||
(8 | ) | Represents amortization costs related to patient base intangible assets acquired. Patient base intangible assets are amortized over a period of four to eight months, depending on the classification of the patients and the level of occupancy in a new acquisition on the acquisition date. | |||||||||||||||||||
(9 | ) | Represents revenues and expenses incurred at newly opened urgent care centers. | |||||||||||||||||||
(10 | ) | Represents the tax impact of non-GAAP adjustments noted in (1) – (9) at our current year effective tax rate of 37.9%. | |||||||||||||||||||
(11 | ) | Represents an adjustment to the provision for income taxes to our current year effective tax rate of 37.9% |
Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | ||||||||||||||||||||
As Reported | Non-GAAP Adj. | As Adjusted | As Reported | Non-GAAP Adj. | As Adjusted | ||||||||||||||||
Revenue | $ | 192,662 | $ | 192,662 | $ | 758,277 | $ | 758,277 | |||||||||||||
Expense: | |||||||||||||||||||||
Cost of services (exclusive of facility rent, general and administrative and depreciation and amortization expense shown separately below) | 156,287 | (91)(1) | 156,196 | 600,804 | (452)(1) | 600,352 | |||||||||||||||
Facility rent—cost of services | 3,345 | 3,345 | 13,725 | 13,725 | |||||||||||||||||
General and administrative expense | 7,578 | (780)(2) | 6,798 | 29,766 | (1,544)(2) | 28,222 | |||||||||||||||
Depreciation and amortization | 6,502 | (213)(3) | 6,289 | 23,286 | (1,021)(3) | 22,265 | |||||||||||||||
Total expenses | 173,712 | (1,084) | 172,628 | 667,581 | (3,017) | 664,564 | |||||||||||||||
Income from operations | 18,950 | 1,084 | 20,034 | 90,696 | 3,017 | 93,713 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense | (2,989 | ) | (2,989 | ) | (13,778 | ) | 2,542(4) | (11,236 | ) | ||||||||||||
Interest income | 51 | 51 | 249 | 249 | |||||||||||||||||
Other expense, net | (2,938 | ) | (2,938 | ) | (13,529 | ) | 2,542 | (10,987 | ) | ||||||||||||
Income before provision for income taxes | 16,012 | 1,084 | 17,096 | 77,167 | 5,559 | 82,726 | |||||||||||||||
Tax impact of non-GAAP adjustments | 422(6) | 2,162(6) | |||||||||||||||||||
Adjustments to reflect 38.9% tax rate | 571(5) | 526(5) | |||||||||||||||||||
Provision for income taxes | 5,657 | 993 | 6,650 | 29,492 | 2,688 | 32,180 | |||||||||||||||
Net income | $ | 10,355 | 91 | $ | 10,446 | $ | 47,675 | 2,871 | $ | 50,546 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.49 | $ | 0.49 | $ | 2.27 | $ | 2.41 | |||||||||||||
Diluted | $ | 0.48 | $ | 0.48 | $ | 2.21 | $ | 2.34 | |||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 21,109 | 21,109 | 20,967 | 20,967 | |||||||||||||||||
Diluted | 21,621 | 21,621 | 21,583 | 21,583 | |||||||||||||||||
(1 | ) | Represents acquisition-related costs expenses. | |||||||||||||||||||
(2 | ) | Represents legal costs incurred in connection with the ongoing investigation into the billing and reimbursement processes of some of our subsidiaries being conducted by the Department of Justice (DOJ). | |||||||||||||||||||
(3 | ) | Represents amortization costs related to patient base intangible assets acquired. Patient base intangible assets are amortized over a period of four to eight months, depending on the classification of the patients and the level of occupancy in a new acquisition on the acquisition date. | |||||||||||||||||||
(4 | ) | Represents the loss on extinguishment and amortization of remaining deferred financing costs in connection with the Senior Credit Facility entered into by the Company on July 15, 2011. | |||||||||||||||||||
(5 | ) | In FY 2011 and 2010, the Company's effective tax rate was 38.3% and 39.3%, respectively. Therefore, this represents an adjustment to the provision for income taxes to normalize our current year annual rate to 38.9%. | |||||||||||||||||||
(6 | ) | Represents the tax impact of non-GAAP adjustments noted in (1) - (4) at a normalized rate of 38.9% |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Consolidated Statements of Income Data: | |||||||||||||||
Net income | $ | 1,665 | $ | 10,355 | $ | 39,808 | $ | 47,675 | |||||||
Net loss attributable to noncontrolling interests | 272 | — | 783 | — | |||||||||||
Interest expense, net | 3,015 | 2,938 | 11,974 | 13,529 | |||||||||||
Provision for income taxes | 1,195 | 5,657 | 24,265 | 29,492 | |||||||||||
Depreciation and amortization | 7,319 | 6,502 | 28,464 | 23,286 | |||||||||||
EBITDA | $ | 13,466 | $ | 25,452 | $ | 105,294 | $ | 113,982 | |||||||
Facility rent—cost of services | 3,256 | 3,345 | 13,319 | 13,725 | |||||||||||
EBITDAR | $ | 16,722 | $ | 28,797 | $ | 118,613 | $ | 127,707 | |||||||
EBITDA | $ | 13,466 | $ | 25,452 | $ | 105,294 | $ | 113,982 | |||||||
Adjustments to EBITDA: | |||||||||||||||
Charge related to the U.S. Government inquiry(a) | 15,000 | — | 15,000 | — | |||||||||||
Legal costs(b) | 503 | 780 | 1,945 | 1,544 | |||||||||||
Settlement of class action lawsuit(c) | — | — | 2,596 | — | |||||||||||
Impairment of goodwill and other indefinite-lived intangibles(d) | 2,225 | — | 2,225 | — | |||||||||||
Urgent care center losses(e) | 374 | — | 546 | — | |||||||||||
Acquisition related costs(f) | 20 | 91 | 250 | 452 | |||||||||||
Costs incurred to recognize income tax credits(g) | 153 | — | 591 | — | |||||||||||
Rent related to non-core businees items above(h) | 272 | — | 860 | — | |||||||||||
Adjusted EBITDA | $ | 32,013 | $ | 26,323 | $ | 129,307 | $ | 115,978 | |||||||
Facility rent—cost of services | 3,256 | 3,345 | 13,319 | 13,725 | |||||||||||
Less: rent related to non-core business items above(h) | (272 | ) | — | (860 | ) | — | |||||||||
Adjusted EBITDAR | $ | 34,997 | $ | 29,668 | $ | 141,766 | $ | 129,703 | |||||||
(a) Estimated liability related to our efforts to achieve a global, company-wide, resolution of any claims connected to the U.S. Department of Justice (DOJ) investigation. | |||||||||||||||
(b) Legal costs incurred in connection with the ongoing investigation into the billing and reimbursement processes of some our our subsidiaries being conducted by the DOJ. | |||||||||||||||
(c) Settlement of a class action lawsuit regarding minimum staffing requirements in the state of California during the three months ended June 30, 2012. | |||||||||||||||
(d) Impairment charges recorded at DRX, which we attribute to a decline in the estimated fair value of redeemable noncontrolling interest. | |||||||||||||||
(e) Operating losses incurred at newly opened urgent care centers, which are not already excluded through the net loss attributable to noncontrolling interests. | |||||||||||||||
(f) Costs incurred to acquire an operation which are not capitalizable. | |||||||||||||||
(g) Costs incurred to recognize income tax credits which contributed to a decrease in effective tax rate. | |||||||||||||||
(h) Rent related to urgent care operations, not included in item (e) above and straight-line rent amortization at one facility, for which the Company has begun construction activities, but has not commenced operations of a skilled nursing facility. |
December 31, | |||||||
2012 | 2011 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 40,923 | $ | 29,584 | |||
Accounts receivable—less allowance for doubtful accounts of $13,811 and $12,782 at December 31, 2012 and 2011, respectively | 94,187 | 86,311 | |||||
Investments—current | 5,195 | — | |||||
Prepaid income taxes | 3,787 | 5,882 | |||||
Prepaid expenses and other current assets | 8,636 | 7,667 | |||||
Deferred tax asset—current | 14,871 | 11,195 | |||||
Total current assets | 167,599 | 140,639 | |||||
Property and equipment, net | 447,877 | 403,862 | |||||
Insurance subsidiary deposits and investments | 17,315 | 16,752 | |||||
Escrow deposits | 4,635 | 175 | |||||
Deferred tax asset | 2,234 | 3,514 | |||||
Restricted and other assets | 8,643 | 10,418 | |||||
Intangible assets, net | 9,015 | 2,321 | |||||
Goodwill | 22,656 | 17,177 | |||||
Other indefinite-lived intangibles | 10,888 | 1,481 | |||||
Total assets | $ | 690,862 | $ | 596,339 | |||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 26,069 | $ | 21,169 | |||
Accrued charge related to U.S. Government inquiry | 15,000 | — | |||||
Accrued wages and related liabilities | 35,847 | 41,958 | |||||
Accrued self-insurance liabilities—current | 16,034 | 12,369 | |||||
Other accrued liabilities | 21,210 | 18,577 | |||||
Current maturities of long-term debt | 7,187 | 6,314 | |||||
Total current liabilities | 121,347 | 100,387 | |||||
Long-term debt—less current maturities | 200,505 | 181,556 | |||||
Accrued self-insurance liabilities—less current portion | 34,849 | 31,904 | |||||
Fair value of interest rate swap | 2,866 | 2,143 | |||||
Deferred rent and other long-term liabilities | 3,411 | 2,864 | |||||
Total equity | 327,884 | 277,485 | |||||
Total liabilities and equity | $ | 690,862 | $ | 596,339 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 82,050 | $ | 72,687 | $ | 60,501 | |||||
Net cash used in investing activities | (84,258 | ) | (156,052 | ) | (57,186 | ) | |||||
Net cash provided by financing activities | 13,547 | 40,861 | 29,918 | ||||||||
Net increase (decrease) in cash and cash equivalents | 11,339 | (42,504 | ) | 33,233 | |||||||
Cash and cash equivalents at beginning of period | 29,584 | 72,088 | 38,855 | ||||||||
Cash and cash equivalents at end of period | $ | 40,923 | $ | 29,584 | $ | 72,088 |
Three Months Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Revenue | $ | 211,101 | $ | 192,662 | $ | 18,439 | 9.6 | % | ||||||
Number of facilities at period end | 108 | 102 | 6 | 5.9 | % | |||||||||
Actual patient days | 872,634 | 833,617 | 39,017 | 4.7 | % | |||||||||
Occupancy percentage — Operational beds | 78.3 | % | 78.5 | % | (0.2 | )% | ||||||||
Skilled mix by nursing days | 25.9 | % | 24.7 | % | 1.2 | % | ||||||||
Skilled mix by nursing revenue | 49.7 | % | 48.6 | % | 1.1 | % |
Three Months Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Revenue | $ | 141,726 | $ | 137,466 | $ | 4,260 | 3.1 | % | ||||||
Number of facilities at period end | 62 | 62 | — | — | % | |||||||||
Actual patient days | 537,457 | 536,591 | 866 | 0.2 | % | |||||||||
Occupancy percentage — Operational beds | 82.0 | % | 81.8 | % | 0.2 | % | ||||||||
Skilled mix by nursing days | 29.3 | % | 28.5 | % | 0.8 | % | ||||||||
Skilled mix by nursing revenue | 53.9 | % | 52.7 | % | 1.2 | % |
Three Months Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Revenue | $ | 38,492 | $ | 34,079 | $ | 4,413 | 12.9 | % | ||||||
Number of facilities at period end | 20 | 20 | — | — | % | |||||||||
Actual patient days | 169,032 | 159,119 | 9,913 | 6.2 | % | |||||||||
Occupancy percentage — Operational beds | 76.1 | % | 71.6 | % | 4.5 | % | ||||||||
Skilled mix by nursing days | 19.9 | % | 16.9 | % | 3.0 | % | ||||||||
Skilled mix by nursing revenue | 40.8 | % | 36.3 | % | 4.5 | % |
Three Months Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Revenue | $ | 30,883 | $ | 21,117 | $ | 9,766 | NM | ||||||
Number of facilities at period end | 26 | 20 | 6 | NM | |||||||||
Actual patient days | 166,145 | 137,907 | 28,238 | NM | |||||||||
Occupancy percentage — Operational beds | 69.8 | % | 74.6 | % | NM | ||||||||
Skilled mix by nursing days | 17.8 | % | 15.4 | % | NM | ||||||||
Skilled mix by nursing revenue | 37.1 | % | 35.3 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2009. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2009 to December 31, 2010. |
(3) | Recently Acquired Facility (or “Acquisitions”) results represent all facilities purchased on or subsequent to January 1, 2011. |
Year Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Revenue | $ | 824,719 | $ | 758,277 | $ | 66,442 | 8.8 | % | ||||||
Number of facilities at period end | 108 | 102 | 6 | 5.9 | % | |||||||||
Actual patient days | 3,452,598 | 3,124,724 | 327,874 | 10.5 | % | |||||||||
Occupancy percentage — Operational beds | 79.0 | % | 79.2 | % | (0.2 | )% | ||||||||
Skilled mix by nursing days | 25.9 | % | 25.5 | % | 0.4 | % | ||||||||
Skilled mix by nursing revenue | 50.0 | % | 51.3 | % | (1.3 | )% |
Year Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Revenue | $ | 563,719 | $ | 568,087 | $ | (4,368 | ) | (0.8 | )% | |||||
Number of facilities at period end | 62 | 62 | — | — | % | |||||||||
Actual patient days | 2,152,011 | 2,137,951 | 14,060 | 0.7 | % | |||||||||
Occupancy percentage — Operational beds | 82.7 | % | 82.2 | % | 0.5 | % | ||||||||
Skilled mix by nursing days | 29.5 | % | 29.0 | % | 0.5 | % | ||||||||
Skilled mix by nursing revenue | 54.2 | % | 55.4 | % | (1.2 | )% |
Year Ended December 31, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Revenue | $ | 147,104 | $ | 138,521 | $ | 8,583 | 6.2 | % | ||||||
Number of facilities at period end | 20 | 20 | — | — | % | |||||||||
Actual patient days | 662,290 | 640,396 | 21,894 | 3.4 | % | |||||||||
Occupancy percentage — Operational beds | 75.0 | % | 72.7 | % | 2.3 | % | ||||||||
Skilled mix by nursing days | 18.3 | % | 16.3 | % | 2.0 | % | ||||||||
Skilled mix by nursing revenue | 39.0 | % | 37.3 | % | 1.7 | % |
Year Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Revenue | $ | 113,896 | $ | 51,669 | $ | 62,227 | NM | ||||||
Number of facilities at period end | 26 | 20 | 6 | NM | |||||||||
Actual patient days | 638,297 | 346,377 | 291,920 | NM | |||||||||
Occupancy percentage — Operational beds | 72.1 | % | 74.9 | % | NM | ||||||||
Skilled mix by nursing days | 17.5 | % | 14.2 | % | NM | ||||||||
Skilled mix by nursing revenue | 38.2 | % | 34.0 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2009. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2009 to December 31, 2010. |
(3) | Recently Acquired Facility (or “Acquisitions”) results represent all facilities purchased on or subsequent to January 1, 2011. |
Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | % | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | Change | ||||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | ||||||||||||||||||||||||||||||||||
Medicare | $ | 576.38 | $ | 551.16 | $ | 486.70 | $ | 482.82 | $ | 472.44 | $ | 460.48 | $ | 547.86 | $ | 532.66 | 2.9 | % | ||||||||||||||||
Managed care | 380.85 | 365.18 | 412.58 | 392.99 | 381.03 | 346.85 | 384.89 | 367.46 | 4.7 | % | ||||||||||||||||||||||||
Other skilled | 554.79 | 571.56 | 574.08 | 622.42 | 610.62 | — | 558.50 | 656.84 | (15.0 | )% | ||||||||||||||||||||||||
Total skilled revenue | 496.80 | 486.43 | 470.74 | 465.96 | 462.95 | 444.50 | 489.90 | 485.03 | 1.0 | % | ||||||||||||||||||||||||
Medicaid | 172.72 | 170.75 | 171.56 | 164.47 | 171.89 | 137.96 | 172.38 | 166.10 | 3.8 | % | ||||||||||||||||||||||||
Private and other payors | 195.43 | 191.16 | 157.27 | 172.45 | 167.15 | 160.91 | 179.55 | 178.72 | 0.5 | % | ||||||||||||||||||||||||
Total skilled nursing revenue | $ | 269.80 | $ | 262.56 | $ | 229.00 | $ | 216.32 | $ | 222.40 | $ | 193.32 | $ | 255.72 | $ | 246.44 | 3.8 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | % | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | Change | ||||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | ||||||||||||||||||||||||||||||||||
Medicare | $ | 564.94 | $ | 618.22 | $ | 485.07 | $ | 522.28 | $ | 471.49 | $ | 464.57 | $ | 541.63 | $ | 595.30 | (9.0 | )% | ||||||||||||||||
Managed care | 377.94 | 367.74 | 408.23 | 415.82 | 400.94 | 408.28 | 382.13 | 372.41 | 2.6 | % | ||||||||||||||||||||||||
Other skilled | 521.11 | 542.93 | 571.97 | 554.10 | 610.62 | — | 528.00 | 564.60 | (6.5 | )% | ||||||||||||||||||||||||
Total skilled revenue | 492.71 | 519.82 | 470.08 | 497.87 | 461.19 | 458.06 | 486.98 | 515.90 | (5.6 | )% | ||||||||||||||||||||||||
Medicaid | 170.76 | 168.36 | 164.91 | 161.43 | 154.04 | 138.48 | 167.78 | 165.11 | 1.6 | % | ||||||||||||||||||||||||
Private and other payors | 196.64 | 188.21 | 167.34 | 173.40 | 165.64 | 158.35 | 181.52 | 179.42 | 1.2 | % | ||||||||||||||||||||||||
Total skilled nursing revenue | $ | 268.24 | $ | 272.35 | $ | 221.20 | $ | 218.01 | $ | 211.56 | $ | 191.02 | $ | 252.18 | $ | 256.34 | (1.6 | )% |
Three Months Ended December 31, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 33.1 | % | 33.9 | % | 25.6 | % | 25.9 | % | 33.7 | % | 31.4 | % | 31.9 | % | 32.4 | % | |||||||
Managed care | 16.5 | 14.1 | 11.1 | 8.1 | 3.3 | 3.9 | 14.0 | 12.3 | |||||||||||||||
Other skilled | 4.3 | 4.7 | 4.1 | 2.3 | 0.1 | — | 3.8 | 3.9 | |||||||||||||||
Skilled mix | 53.9 | 52.7 | 40.8 | 36.3 | 37.1 | 35.3 | 49.7 | 48.6 | |||||||||||||||
Private and other payors | 7.2 | 7.1 | 9.4 | 10.4 | 22.2 | 30.0 | 9.3 | 9.5 | |||||||||||||||
Quality mix | 61.1 | 59.8 | 50.2 | 46.7 | 59.3 | 65.3 | 59.0 | 58.1 | |||||||||||||||
Medicaid | 38.9 | 40.2 | 49.8 | 53.3 | 40.7 | 34.7 | 41.0 | 41.9 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended December 31, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 15.5 | % | 16.2 | % | 12.0 | % | 11.6 | % | 15.8 | % | 13.2 | % | 14.9 | % | 15.0 | % | |||||||
Managed care | 11.7 | 10.1 | 6.2 | 4.4 | 1.9 | 2.2 | 9.3 | 8.2 | |||||||||||||||
Other skilled | 2.1 | 2.2 | 1.7 | 0.9 | 0.1 | — | 1.7 | 1.5 | |||||||||||||||
Skilled mix | 29.3 | 28.5 | 19.9 | 16.9 | 17.8 | 15.4 | 25.9 | 24.7 | |||||||||||||||
Private and other payors | 9.9 | 9.7 | 13.6 | 13.0 | 29.6 | 36.0 | 13.3 | 13.2 | |||||||||||||||
Quality mix | 39.2 | 38.2 | 33.5 | 29.9 | 47.4 | 51.4 | 39.2 | 37.9 | |||||||||||||||
Medicaid | 60.8 | 61.8 | 66.5 | 70.1 | 52.6 | 48.6 | 60.8 | 62.1 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Year Ended December 31, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 34.4 | % | 37.1 | % | 26.3 | % | 28.3 | % | 33.3 | % | 30.5 | % | 32.9 | % | 35.3 | % | |||||||
Managed care | 15.6 | 14.7 | 9.4 | 7.5 | 4.9 | 3.5 | 13.4 | 12.9 | |||||||||||||||
Other skilled | 4.2 | 3.6 | 3.3 | 1.5 | — | — | 3.7 | 3.1 | |||||||||||||||
Skilled mix | 54.2 | 55.4 | 39.0 | 37.3 | 38.2 | 34.0 | 50.0 | 51.3 | |||||||||||||||
Private and other payors | 7.1 | 7.1 | 10.3 | 10.6 | 24.9 | 30.3 | 9.5 | 8.8 | |||||||||||||||
Quality mix | 61.3 | 62.5 | 49.3 | 47.9 | 63.1 | 64.3 | 59.5 | 60.1 | |||||||||||||||
Medicaid | 38.7 | 37.5 | 50.7 | 52.1 | 36.9 | 35.7 | 40.5 | 39.9 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Year Ended December 31, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 16.3 | % | 16.3 | % | 12.0 | % | 11.8 | % | 14.9 | % | 12.5 | % | 15.3 | % | 15.2 | % | |||||||
Managed care | 11.2 | 10.9 | 5.1 | 3.9 | 2.6 | 1.7 | 9.0 | 8.9 | |||||||||||||||
Other skilled | 2.0 | 1.8 | 1.2 | 0.6 | — | — | 1.6 | 1.4 | |||||||||||||||
Skilled mix | 29.5 | 29.0 | 18.3 | 16.3 | 17.5 | 14.2 | 25.9 | 25.5 | |||||||||||||||
Private and other payors | 9.7 | 10.3 | 13.6 | 13.4 | 31.9 | 36.6 | 13.2 | 12.6 | |||||||||||||||
Quality mix | 39.2 | 39.3 | 31.9 | 29.7 | 49.4 | 50.8 | 39.1 | 38.1 | |||||||||||||||
Medicaid | 60.8 | 60.7 | 68.1 | 70.3 | 50.6 | 49.2 | 60.9 | 61.9 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||
Medicaid | $ | 78,113 | 37.0 | % | $ | 73,463 | 38.1 | % | $ | 66,878 | 38.7 | % | $ | 302,046 | 36.6 | % | $ | 277,736 | 36.6 | % | $ | 259,711 | 40.0 | % | ||||||||||||||||||
Medicare | 68,863 | 32.6 | 64,386 | 33.4 | 61,194 | 35.4 | 278,578 | 33.8 | 272,283 | 35.9 | 219,217 | 33.7 | ||||||||||||||||||||||||||||||
Medicaid—skilled | 6,828 | 3.3 | 6,560 | 3.4 | 4,111 | 2.4 | 25,418 | 3.1 | 20,290 | 2.7 | 17,573 | 2.7 | ||||||||||||||||||||||||||||||
Total | 153,804 | 72.9 | 144,409 | 74.9 | 132,183 | 76.5 | % | 606,042 | 73.5 | 570,309 | 75.2 | 496,501 | 76.4 | % | ||||||||||||||||||||||||||||
Managed Care | 28,530 | 13.5 | 22,328 | 11.6 | 22,265 | 12.9 | 106,268 | 12.9 | 94,266 | 12.4 | 84,364 | 13.0 | ||||||||||||||||||||||||||||||
Private and Other | 28,767 | 13.6 | 25,925 | 13.5 | 18,309 | 10.6 | 112,409 | 13.6 | 93,702 | 12.4 | 68,667 | 10.6 | ||||||||||||||||||||||||||||||
Total revenue | $ | 211,101 | 100.0 | % | $ | 192,662 | 100.0 | % | $ | 172,757 | 100 | % | $ | 824,719 | 100.0 | % | $ | 758,277 | 100.0 | % | $ | 649,532 | 100 | % |