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 10, 2016 |
Dated: February 11, 2016 | 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 10, 2016 |
• | Adjusted earnings per share were $1.27 for the year, an increase of 16.4% over the prior year, and $0.35 for the quarter, an increase of 29.6% over the prior year quarter; |
• | Consolidated adjusted net income climbed 31.6% over the prior year to $66.1 million, and 44.7% over the prior year quarter to $18.5 million; |
• | Consolidated adjusted EBITDAR was $221.3 million for the year, an increase of 38.8%, and $63.1 million for the quarter, an increase of 43.5%; |
• | Same-store revenue for all segments grew by 6.9% over the prior year, and by 7.9% over the prior year quarter, and same-store TSA revenue grew by 6.4% over the prior year, and by 7.5% over the prior year quarter; |
• | Same store skilled revenue mix increased by 115 basis points over the prior year to 52.9%; |
• | Cornerstone Healthcare, Inc., our home health and hospice subsidiary, grew its revenue by $35.8 million to $90.4 million for the year, an increase of 65.7% over the prior year; and |
• | Consolidated revenues for the year were up $314.4 million or 30.6% over the prior year to $1.34 billion, and consolidated revenues for the quarter were up $96.3 million or 34.8% over the prior year quarter to $373.2 million. |
• | In Kansas, The Healthcare Resort of Kansas City, featuring a 70-bed licensed transitional care operation and 30 private assisted living suites under a long-term lease; |
• | In Chandler and Scottsdale, Arizona, Chandler Post Acute and Rehabilitation, a 120-bed skilled nursing operation, and Shea Post Acute Rehabilitation Center, a 105-bed skilled nursing operation under a long-term lease; |
• | In West Columbia, South Carolina, the operations and real estate of Millennium Post Acute Rehabilitation, a 125-bed skilled nursing operation; |
• | In Kansas, The Healthcare Resort of Shawnee Mission, featuring a 101-bed licensed transitional care operation and 24 private assisted living suites under a long-term lease; |
• | In El Cajon, California, the underlying real estate of Somerset Subacute and Rehabilitation, a 46-bed skilled nursing operation that has been operated under a lease arrangement since December 2014; |
• | In South Carolina, the operations and real estate of Compass Post Acute Rehabilitation, a 95-bed skilled nursing operation in Conway, Las Colinas Post Acute Rehabilitation, a 99-bed skilled nursing operation in Rock Hill, and Opus Post Acute Rehabilitation, a 100-bed skilled nursing operation in West Columbia; and |
• | In Kansas, The Healthcare Resort of Olathe, featuring a 70-bed licensed transitional care operation and 30 private assisted living suites under a long-term lease; |
Three Months Ended December 31, 2015 | Year Ended December 31, 2015 | |||||||||||||||||||||||
As Reported | Non-GAAP Adj. | As Adjusted | As Reported | Non-GAAP Adj. | As Adjusted | |||||||||||||||||||
Revenue | $ | 373,155 | $ | (8,059 | ) | $(5) | $ | 365,096 | $ | 1,341,826 | $ | (28,066 | ) | $(5) | $ | 1,313,760 | ||||||||
Expense: | ||||||||||||||||||||||||
Cost of services (exclusive of rent, general and administrative and depreciation and amortization expense shown separately below) | 297,401 | (11,322 | ) | (1)(3)(5) (8) | 286,079 | 1,067,694 | (35,321 | ) | (1)(3)(5) (8) | 1,032,373 | ||||||||||||||
Rent—cost of services | 26,245 | (1,190 | ) | (6)(8) | 25,055 | 88,776 | (2,746 | ) | (6)(8) | 86,030 | ||||||||||||||
General and administrative expense | 17,246 | (1,360 | ) | (1)(2)(3)(4)(9) | 15,886 | 64,163 | (4,249 | ) | (1)(2)(3)(4)(9) | 59,914 | ||||||||||||||
Depreciation and amortization | 7,926 | (585 | ) | (7) | 7,341 | 28,111 | (2,279 | ) | (7) | 25,832 | ||||||||||||||
Total expenses | 348,818 | (14,457 | ) | 334,361 | 1,248,744 | (44,595 | ) | 1,204,149 | ||||||||||||||||
Income from operations | 24,337 | 6,398 | 30,735 | 93,082 | 16,529 | 109,611 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest expense | (793 | ) | 46 | (747 | ) | (2,828 | ) | 184 | (2,644 | ) | ||||||||||||||
Interest income | 242 | — | 242 | 845 | — | 845 | ||||||||||||||||||
Other expense, net | (551 | ) | 46 | (505 | ) | (1,983 | ) | 184 | (1,799 | ) | ||||||||||||||
Income before provision for income taxes | 23,786 | 6,444 | 30,230 | 91,099 | 16,713 | 107,812 | ||||||||||||||||||
Tax impact of non-GAAP adjustments | 2,481 | 6,434 | ||||||||||||||||||||||
Tax true-up for effective tax rate | (191 | ) | (109 | ) | ||||||||||||||||||||
Provision for income taxes | 9,349 | 2,290 | (10) | 11,639 | 35,182 | 6,325 | (10) | 41,507 | ||||||||||||||||
Net income | 14,437 | 4,154 | 18,591 | 55,917 | 10,388 | 66,305 | ||||||||||||||||||
Less: net income (loss) attributable to noncontrolling interests | 836 | (784 | ) | 52 | 485 | (290 | ) | 195 | ||||||||||||||||
Net income attributable to The Ensign Group, Inc. | $ | 13,601 | $ | 4,938 | $ | 18,539 | $ | 55,432 | $ | 10,678 | $ | 66,110 | ||||||||||||
Net income per share | ||||||||||||||||||||||||
Basic: | $0.27 | $0.36 | $1.10 | $1.31 | ||||||||||||||||||||
Diluted: | $0.26 | $0.35 | $1.06 | $1.27 | ||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic | 51,308 | 51,308 | 50,316 | 50,316 | ||||||||||||||||||||
Diluted | 53,193 | 53,193 | 52,210 | 52,210 | ||||||||||||||||||||
Three Months Ended December 31, 2014 | Year Ended December 31, 2014 | |||||||||||||||||||||||
As Reported | Non-GAAP Adj. | As Adjusted | As Reported | Non-GAAP Adj. | As Adjusted | |||||||||||||||||||
Revenue | $ | 276,869 | $ | (4,409 | ) | (4)(5) | $ | 272,460 | $ | 1,027,406 | $ | (14,505 | ) | (4)(5) | $ | 1,012,901 | ||||||||
Expense: | ||||||||||||||||||||||||
Cost of services (exclusive of rent, general and administrative and depreciation and amortization expense shown separately below) | 221,137 | (5,060 | ) | (1)(4)(5) | 216,077 | 822,669 | (16,966 | ) | (1)(4)(5) | 805,703 | ||||||||||||||
Rent—cost of services | 18,480 | (402 | ) | (6) | 18,078 | 48,488 | (1,941 | ) | (6) | 46,547 | ||||||||||||||
General and administrative expense | 12,525 | (200 | ) | (2)(3)(4) | 12,325 | 56,895 | (9,234 | ) | (2)(3)(4) | 47,661 | ||||||||||||||
Depreciation and amortization | 5,087 | (371 | ) | (7) | 4,716 | 26,430 | (1,265 | ) | (7) | 25,165 | ||||||||||||||
Total expenses | 257,229 | (6,033 | ) | 251,196 | 954,482 | (29,406 | ) | 925,076 | ||||||||||||||||
Income from operations | 19,640 | 1,624 | 21,264 | 72,924 | 14,901 | 87,825 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest expense | (486 | ) | 46 | (440 | ) | (12,976 | ) | 6,517 | (6,459 | ) | ||||||||||||||
Interest income | 159 | — | 159 | 594 | — | 594 | ||||||||||||||||||
Other expense, net | (327 | ) | 46 | (281 | ) | (12,382 | ) | 6,517 | (5,865 | ) | ||||||||||||||
Income before provision for income taxes | 19,313 | 1,670 | 20,983 | 60,542 | 21,418 | 81,960 | ||||||||||||||||||
Tax impact of non-GAAP adjustments | 643 | 8,246 | ||||||||||||||||||||||
Tax true-up for effective tax rate | (1,082 | ) | (3,492 | ) | ||||||||||||||||||||
Provision for income taxes | 8,517 | (439 | ) | (8) | 8,078 | 26,801 | 4,754 | (8) | 31,555 | |||||||||||||||
Net income | 10,796 | 2,109 | 12,905 | 33,741 | 16,664 | 50,405 | ||||||||||||||||||
Less: net (loss) income attributable to noncontrolling interests | (715 | ) | 807 | 92 | (2,209 | ) | 2,370 | 161 | ||||||||||||||||
Net income attributable to The Ensign Group, Inc. | $ | 11,511 | $ | 1,302 | $ | 12,813 | $ | 35,950 | $ | 14,294 | $ | 50,244 | ||||||||||||
Net income per share | ||||||||||||||||||||||||
Basic: | $0.26 | $0.28 | $0.80 | $1.12 | ||||||||||||||||||||
Diluted: | $0.25 | $0.27 | $0.78 | $1.09 | ||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic | 45,038 | 45,038 | 44,682 | 44,682 | ||||||||||||||||||||
Diluted | 46,756 | 46,756 | 46,190 | 46,190 | ||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Consolidated Statements of Income Data: | ||||||||||||||||
Net income | $ | 14,437 | $ | 10,796 | $ | 55,917 | $ | 33,741 | ||||||||
Less: net loss attributable to noncontrolling interests | 836 | (715 | ) | 485 | (2,209 | ) | ||||||||||
Interest expense, net | 551 | 327 | 1,983 | 12,382 | ||||||||||||
Provision for income taxes | 9,349 | 8,517 | 35,182 | 26,801 | ||||||||||||
Depreciation and amortization | 7,926 | 5,087 | 28,111 | 26,430 | ||||||||||||
EBITDA | $ | 31,427 | $ | 25,442 | $ | 120,708 | $ | 101,563 | ||||||||
Rent—cost of services | 26,245 | 18,480 | 88,776 | 48,488 | ||||||||||||
EBITDAR | $ | 57,672 | $ | 43,922 | $ | 209,484 | $ | 150,051 | ||||||||
EBITDA | $ | 31,427 | $ | 25,442 | $ | 120,708 | $ | 101,563 | ||||||||
Adjustments to EBITDA: | ||||||||||||||||
Spin-Off charges including results at three independent living facilities transferred to CareTrust(a) | $ | — | $ | 155 | $ | — | $ | 8,904 | ||||||||
Urgent care center losses (earnings)(b) | 850 | (609 | ) | (1,132 | ) | (389 | ) | |||||||||
Breakup fee, net of costs, received in connection with a public auction(c) | — | — | (1,019 | ) | — | |||||||||||
Acquisition related costs(d) | 604 | 453 | 1,397 | 672 | ||||||||||||
Stock-based compensation expense(e) | $ | 1,729 | $ | — | $ | 6,677 | $ | — | ||||||||
Costs incurred for facilities currently being constructed and other start-up operations(f) | 1,528 | — | 3,054 | — | ||||||||||||
Costs incurred related to new systems implementation(g) | 567 | — | 2,550 | — | ||||||||||||
Professional service fees(h) | 131 | 45 | 267 | 138 | ||||||||||||
Rent related to items(a), (b), and (f) above | 1,190 | 402 | 2,746 | 1,941 | ||||||||||||
Adjusted EBITDA | $ | 38,026 | $ | 25,888 | $ | 135,248 | $ | 112,829 | ||||||||
Rent—cost of services | $ | 26,245 | $ | 18,480 | $ | 88,776 | $ | 48,488 | ||||||||
Less: related to items (d) and (f) above | (1,190 | ) | (402 | ) | (2,746 | ) | (1,941 | ) | ||||||||
Adjusted EBITDAR | $ | 63,081 | $ | 43,966 | $ | 221,278 | $ | 159,376 | ||||||||
THE ENSIGN GROUP, INC. | ||||||||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME TO EBITDA, EBITDAR, Adjusted EBITDA and Adjusted EBITDAR | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
The table below reconciles income from operations to EBITDA, EBITDAR, Adjusted EBITDA and Adjusted EBITDAR for each reportable segment for the periods presented: | ||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||
TSA Services | Home Health and Hospice | TSA Services | Home Health and Hospice | |||||||||||||||||||||||||||||||
Statements of Income Data: | ||||||||||||||||||||||||||||||||||
Income from operations, excluding general and administrative expense(a) | $ | 39,615 | $ | 30,445 | $ | 3,846 | $ | 2,909 | $ | 148,207 | $ | 126,011 | $ | 13,584 | $ | 9,701 | ||||||||||||||||||
Depreciation and amortization | 5,978 | 3,749 | 277 | 168 | 21,346 | 21,669 | 980 | 539 | ||||||||||||||||||||||||||
EBITDA | $ | 45,593 | $ | 34,194 | $ | 4,123 | $ | 3,077 | $ | 169,553 | $ | 147,680 | $ | 14,564 | $ | 10,240 | ||||||||||||||||||
Rent—cost of services | 25,266 | 17,811 | 369 | 211 | 85,216 | 45,955 | 1,235 | 779 | ||||||||||||||||||||||||||
EBITDAR | $ | 70,859 | $ | 52,005 | $ | 4,492 | $ | 3,288 | $ | 254,769 | $ | 193,635 | $ | 15,799 | $ | 11,019 | ||||||||||||||||||
EBITDA | $ | 45,593 | $ | 34,194 | $ | 4,123 | $ | 3,077 | $ | 169,553 | $ | 147,680 | $ | 14,564 | $ | 10,240 | ||||||||||||||||||
Adjustments to EBITDA: | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense(b) | 1,043 | — | 60 | — | 3,933 | — | 241 | — | ||||||||||||||||||||||||||
Costs at facilities currently being constructed and other start-up operations(c) | 1,060 | — | 11 | — | 3,043 | — | 11 | — | ||||||||||||||||||||||||||
Earnings at three operations transferred to CareTrust (d) | — | — | — | — | — | (122 | ) | — | — | |||||||||||||||||||||||||
Acquisition related costs(e) | 604 | 453 | — | — | 1,397 | 672 | — | — | ||||||||||||||||||||||||||
Rent related to item(d) above | 644 | — | 5 | — | 644 | 406 | 5 | — | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 48,944 | $ | 34,647 | $ | 4,199 | $ | 3,077 | $ | 178,570 | $ | 148,636 | $ | 14,821 | $ | 10,240 | ||||||||||||||||||
Rent—cost of services | 25,266 | 17,811 | 369 | 211 | 85,216 | 45,955 | 1,235 | 779 | ||||||||||||||||||||||||||
Less: rent related to items(d) above | (644 | ) | — | (5 | ) | — | (644 | ) | (406 | ) | (5 | ) | — | |||||||||||||||||||||
Adjusted EBITDAR | $ | 73,566 | $ | 52,458 | $ | 4,563 | $ | 3,288 | $ | 263,142 | $ | 194,185 | $ | 16,051 | $ | 11,019 | ||||||||||||||||||
(a) General and administrative expenses are not allocated to any segment for purposes of determining segment profit or loss. | ||||||||||||||||||||||||||||||||||
(b) Stock-based compensation expense incurred during the three months ended and year ended December 31, 2015. | ||||||||||||||||||||||||||||||||||
(c) Costs incurred for facilities currently being constructed and other start-up operations during the three months ended and year ended December 31, 2015. | ||||||||||||||||||||||||||||||||||
(d) Results at three independent living facilities which were transferred to CareTrust as part of the Spin-Off transaction, excluding rent, depreciation, interest and income taxes. | ||||||||||||||||||||||||||||||||||
(e) Costs incurred to acquire operations which are not capitalizable. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 41,569 | $ | 50,408 | |||
Restricted cash — current | — | 5,082 | |||||
Accounts receivable — less allowance for doubtful accounts of $30,308 and $20,438 at December 31, 2015 and 2014, respectively | 209,026 | 130,051 | |||||
Investments — current | 2,004 | 6,060 | |||||
Prepaid income taxes | 8,141 | 2,992 | |||||
Prepaid expenses and other current assets | 18,827 | 8,434 | |||||
Deferred tax asset — current | 15,403 | 10,615 | |||||
Total current assets | 294,970 | 213,642 | |||||
Property and equipment, net | 299,633 | 149,708 | |||||
Insurance subsidiary deposits and investments | 34,713 | 17,873 | |||||
Escrow deposits | 400 | 16,153 | |||||
Deferred tax asset | 5,449 | 11,509 | |||||
Restricted and other assets | 9,631 | 6,833 | |||||
Intangible assets, net | 45,431 | 35,568 | |||||
Goodwill | 40,886 | 30,269 | |||||
Other indefinite-lived intangibles | 18,646 | 12,361 | |||||
Total assets | $ | 749,759 | $ | 493,916 | |||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 36,029 | $ | 33,186 | |||
Accrued wages and related liabilities | 78,890 | 56,712 | |||||
Accrued self-insurance liabilities — current | 18,122 | 15,794 | |||||
Other accrued liabilities | 46,205 | 24,630 | |||||
Current maturities of long-term debt | 620 | 111 | |||||
Total current liabilities | 179,866 | 130,433 | |||||
Long-term debt — less current maturities | 99,051 | 68,279 | |||||
Accrued self-insurance liabilities — less current portion | 37,881 | 34,166 | |||||
Deferred rent and other long-term liabilities | 3,976 | 3,235 | |||||
Total equity | 426,985 | 257,803 | |||||
Total liabilities and equity | $ | 747,759 | $ | 493,916 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Net cash provided by operating activities | $ | 33,369 | $ | 84,880 | |||
Net cash used in investing activities | (168,538 | ) | (172,851 | ) | |||
Net cash provided by financing activities | 126,330 | 72,624 | |||||
Net increase (decrease) in cash and cash equivalents | (8,839 | ) | (15,347 | ) | |||
Cash and cash equivalents at beginning of period | 50,408 | 65,755 | |||||
Cash and cash equivalents at end of period | $ | 41,569 | $ | 50,408 |
THE ENSIGN GROUP, INC. | ||||||||||||||||||||||||||||||
REVENUE BY SEGMENT | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
The following table sets forth our total revenue by segment and as a percentage of total revenue for the periods indicated: | ||||||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||
TSA Services | ||||||||||||||||||||||||||||||
Skilled nursing facilities | $ | 306,733 | 82.2 | % | $ | 240,654 | 86.9 | % | $ | 1,126,388 | 83.9 | % | $ | 901,470 | 87.7 | % | ||||||||||||||
Assisted and independent living facilities | 30,213 | 8.1 | 13,134 | 4.8 | 88,129 | 6.6 | 48,848 | 4.8 | ||||||||||||||||||||||
Total TSA services | 336,946 | 90.3 | 253,788 | 91.7 | 1,214,517 | 90.5 | 950,318 | 92.5 | ||||||||||||||||||||||
Home health and hospice services: | ||||||||||||||||||||||||||||||
Home health | 13,503 | 3.6 | $ | 8,639 | 3.1 | 47,955 | 3.6 | 29,577 | 2.9 | |||||||||||||||||||||
Hospice | 13,344 | 3.6 | 7,442 | 2.7 | 42,401 | 3.2 | 24,939 | 2.4 | ||||||||||||||||||||||
Total home health and hospice services | 26,847 | 7.2 | 16,081 | 5.8 | 90,356 | 6.8 | 54,516 | 5.3 | ||||||||||||||||||||||
All other (1) | 9,362 | 2.5 | 7,000 | 2.5 | 36,953 | 2.7 | 22,572 | 2.2 | ||||||||||||||||||||||
Total revenue | $ | 373,155 | 100.0 | % | $ | 276,869 | 100.0 | % | $ | 1,341,826 | 100.0 | % | $ | 1,027,406 | 100.0 | % | ||||||||||||||
(1) Includes revenue from services provided at our urgent care clinics and mobile ancillary operations. | ||||||||||||||||||||||||||||||
THE ENSIGN GROUP, INC. | ||||||||||
SELECT PERFORMANCE INDICATORS | ||||||||||
(Unaudited) |
Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Skilled nursing revenue | $ | 306,733 | $ | 240,654 | $ | 66,079 | 27.5 | % | ||||||
Assisted and independent living revenue | 30,213 | 13,134 | 17,079 | 130.0 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 336,946 | $ | 253,788 | $ | 83,158 | 32.8 | % | ||||||
Number of facilities at period end | 186 | 136 | 50 | 36.8 | % | |||||||||
Actual patient days | 1,357,023 | 1,026,493 | 330,530 | 32.2 | % | |||||||||
Occupancy percentage — Operational beds | 77.2 | % | 78.2 | % | (1.0 | )% | ||||||||
Skilled mix by nursing days | 30.9 | % | 27.8 | % | 3.1 | % | ||||||||
Skilled mix by nursing revenue | 51.8 | % | 50.4 | % | 1.4 | % |
Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Skilled nursing revenue | $ | 222,592 | $ | 206,596 | $ | 15,996 | 7.7 | % | ||||||
Assisted and independent living revenue | 7,957 | 7,885 | 72 | 0.9 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 230,549 | $ | 214,481 | $ | 16,068 | 7.5 | % | ||||||
Number of facilities at period end | 101 | 101 | — | — | % | |||||||||
Actual patient days | 836,313 | 840,922 | (4,609 | ) | (0.5 | )% | ||||||||
Occupancy percentage — Operational beds | 80.5 | % | 81.0 | % | (0.5 | )% | ||||||||
Skilled mix by nursing days | 30.3 | % | 28.4 | % | 1.9 | % | ||||||||
Skilled mix by nursing revenue | 51.1 | % | 51.2 | % | (0.1 | )% |
Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Skilled nursing revenue | $ | 17,387 | $ | 16,157 | $ | 1,230 | 7.6 | % | ||||||
Assisted and independent living revenue | 3,227 | 3,126 | 101 | 3.2 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 20,614 | $ | 19,283 | $ | 1,331 | 6.9 | % | ||||||
Number of facilities at period end | 17 | 17 | — | — | % | |||||||||
Actual patient days | 102,317 | 102,723 | (406 | ) | (0.4 | )% | ||||||||
Occupancy percentage — Operational beds | 68.7 | % | 68.1 | % | 0.6 | % | ||||||||
Skilled mix by nursing days | 21.2 | % | 20.0 | % | 1.2 | % | ||||||||
Skilled mix by nursing revenue | 42.5 | % | 39.9 | % | 2.6 | % |
Three Months Ended December 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Skilled nursing revenue | $ | 66,754 | $ | 17,901 | $ | 48,853 | NM | ||||||
Assisted and independent living revenue | 19,029 | 2,123 | 16,906 | NM | |||||||||
Total transitional, skilled and assisted living revenue | $ | 85,783 | $ | 20,024 | $ | 65,759 | NM | ||||||
Number of facilities at period end | 68 | 18 | 50 | NM | |||||||||
Actual patient days | 418,393 | 82,848 | 335,545 | NM | |||||||||
Occupancy percentage — Operational beds | 73.3 | % | 67.0 | % | NM | ||||||||
Skilled mix by nursing days | 35.6 | % | 30.6 | % | NM | ||||||||
Skilled mix by nursing revenue | 56.0 | % | 51.3 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2012. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2012 to December 31, 2013. |
(3) | Recently Acquired Facility (or "Acquisitions") results represent all facilities purchased on or subsequent to January 1, 2014. |
Year Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Skilled nursing revenue | $ | 1,126,388 | $ | 901,470 | $ | 224,918 | 25.0 | % | ||||||
Assisted and independent living revenue | 88,129 | 48,848 | 39,281 | 80.4 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 1,214,517 | $ | 950,318 | $ | 264,199 | 27.8 | % | ||||||
Number of facilities at period end | 186 | 136 | 50 | 36.8 | % | |||||||||
Actual patient days | 4,872,742 | 3,921,758 | 950,984 | 24.2 | % | |||||||||
Occupancy percentage — Operational beds | 77.9 | % | 78.0 | % | (0.1 | )% | ||||||||
Skilled mix by nursing days | 30.4 | % | 27.6 | % | 2.8 | % | ||||||||
Skilled mix by nursing revenue | 52.6 | % | 50.8 | % | 1.8 | % |
Year Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Skilled nursing revenue | $ | 856,276 | $ | 803,173 | $ | 53,103 | 6.6 | % | ||||||
Assisted and independent living revenue | 31,783 | 31,495 | 288 | 0.9 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 888,059 | $ | 834,668 | $ | 53,391 | 6.4 | % | ||||||
Number of facilities at period end | 101 | 101 | — | — | % | |||||||||
Actual patient days | 3,316,461 | 3,324,948 | (8,487 | ) | (0.3 | )% | ||||||||
Occupancy percentage — Operational beds | 80.9 | % | 80.7 | % | 0.2 | % | ||||||||
Skilled mix by nursing days | 30.3 | % | 28.4 | % | 1.9 | % | ||||||||
Skilled mix by nursing revenue | 52.9 | % | 51.7 | % | 1.2 | % |
Year Ended December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Skilled nursing revenue | $ | 66,823 | $ | 61,955 | $ | 4,868 | 7.9 | % | ||||||
Assisted and independent living revenue | 12,795 | 11,759 | 1,036 | 8.8 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 79,618 | $ | 73,714 | $ | 5,904 | 8.0 | % | ||||||
Number of facilities at period end | 17 | 17 | — | — | % | |||||||||
Actual patient days | 406,476 | 397,461 | 9,015 | 2.3 | % | |||||||||
Occupancy percentage — Operational beds | 68.8 | % | 66.4 | % | 2.4 | % | ||||||||
Skilled mix by nursing days | 20.9 | % | 19.1 | % | 1.8 | % | ||||||||
Skilled mix by nursing revenue | 42.5 | % | 40.2 | % | 2.3 | % |
Year Ended December 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Skilled nursing revenue | $ | 203,289 | $ | 36,342 | $ | 166,947 | NM | ||||||
Assisted and independent living revenue | 43,551 | 4,347 | 39,204 | NM | |||||||||
Total transitional, skilled and assisted living revenue | $ | 246,840 | $ | 40,689 | $ | 206,151 | NM | ||||||
Number of facilities at period end | 68 | 18 | 50 | NM | |||||||||
Actual patient days | 1,149,805 | 171,333 | 978,472 | NM | |||||||||
Occupancy percentage — Operational beds | 73.6 | % | 63.3 | % | NM | ||||||||
Skilled mix by nursing days | 34.2 | % | 28.7 | % | NM | ||||||||
Skilled mix by nursing revenue | 54.9 | % | 48.5 | % | NM |
Year Ended December 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Transferred to CareTrust(4): | |||||||||||||
Assisted and independent living revenue | $ | — | $ | 1,247 | $ | (1,247 | ) | NM | |||||
Total transitional, skilled and assisted living revenue | $ | — | $ | 1,247 | $ | (1,247 | ) | NM | |||||
Actual patient days | — | 28,016 | (28,016 | ) | NM | ||||||||
Occupancy percentage — Operational beds | — | % | 70.3 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2012. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2012 to December 31, 2013. |
(3) | Recently Acquired Facility (or "Acquisitions") results represent all facilities purchased on or subsequent to January 1, 2014. |
(4) | Transferred to CareTrust results represent the results at three independent living facilities which were transferred to CareTrust as part of the Spin-Off on June 1, 2014. These results were excluded from Same Facility for the nine months ended September 30, 2014 for comparison purposes. |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | |||||||||||||||||||||||||||||||
Medicare | $ | 574.76 | $ | 564.79 | $ | 487.80 | $ | 461.91 | $ | 517.23 | $ | 561.52 | $ | 556.02 | $ | 556.58 | |||||||||||||||
Managed care | 423.69 | 414.37 | 472.40 | 420.03 | 438.12 | 458.20 | 429.72 | 419.19 | |||||||||||||||||||||||
Other skilled | 434.17 | 449.96 | 355.05 | — | 357.56 | 335.63 | 414.07 | 436.62 | |||||||||||||||||||||||
Total skilled revenue | 494.90 | 493.66 | 481.99 | 447.91 | 456.37 | 465.21 | 484.53 | 488.76 | |||||||||||||||||||||||
Medicaid | 209.78 | 185.42 | 183.69 | 174.56 | 195.45 | 191.46 | 204.84 | 184.92 | |||||||||||||||||||||||
Private and other payors | 194.63 | 191.44 | 143.84 | 141.26 | 215.35 | 214.46 | 193.66 | 187.98 | |||||||||||||||||||||||
Total skilled nursing revenue | $ | 295.27 | $ | 273.56 | $ | 240.73 | $ | 223.79 | $ | 290.21 | $ | 278.00 | $ | 290.52 | $ | 269.91 |
Year Ended December 31, | |||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | |||||||||||||||||||||||||||||||
Medicare | $ | 568.08 | $ | 556.11 | $ | 485.63 | $ | 462.51 | $ | 524.90 | $ | 542.66 | $ | 555.50 | $ | 549.12 | |||||||||||||||
Managed care | 419.39 | 412.26 | 462.72 | 456.88 | 443.60 | 448.43 | 427.16 | 416.74 | |||||||||||||||||||||||
Other skilled | 456.62 | 447.26 | 331.93 | 253.00 | 361.20 | 321.73 | 436.41 | 437.08 | |||||||||||||||||||||||
Total skilled revenue | 497.93 | 491.22 | 476.58 | 460.42 | 463.92 | 446.07 | 490.07 | 487.55 | |||||||||||||||||||||||
Medicaid | 194.26 | 180.40 | 176.59 | 166.35 | 195.14 | 187.52 | 193.04 | 179.45 | |||||||||||||||||||||||
Private and other payors | 193.90 | 189.28 | 145.30 | 149.56 | 209.51 | 209.85 | 192.04 | 185.79 | |||||||||||||||||||||||
Total skilled nursing revenue | $ | 286.65 | $ | 269.72 | $ | 234.36 | $ | 219.98 | $ | 288.53 | $ | 264.21 | $ | 283.31 | $ | 265.41 |
Three Months Ended December 31, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 27.4 | % | 28.8 | % | 28.7 | % | 27.4 | % | 25.5 | % | 19.5 | % | 27.1 | % | 28.0 | % | |||||||
Managed care | 16.1 | 15.5 | 13.6 | 12.5 | 23.2 | 24.0 | 17.5 | 15.9 | |||||||||||||||
Other skilled | 7.6 | 6.9 | 0.2 | — | 7.3 | 7.8 | 7.2 | 6.5 | |||||||||||||||
Skilled mix | 51.1 | 51.2 | 42.5 | 39.9 | 56.0 | 51.3 | 51.8 | 50.4 | |||||||||||||||
Private and other payors | 8.0 | 8.9 | 9.4 | 10.2 | 6.8 | 9.0 | 7.7 | 9.0 | |||||||||||||||
Quality mix | 59.1 | 60.1 | 51.9 | 50.1 | 62.8 | 60.3 | 59.5 | 59.4 | |||||||||||||||
Medicaid | 40.9 | 39.9 | 48.1 | 49.9 | 37.2 | 39.7 | 40.5 | 40.6 | |||||||||||||||
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 | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 13.9 | % | 14.0 | % | 14.2 | % | 13.3 | % | 14.3 | % | 9.7 | % | 14.0 | % | 13.6 | % | |||||||
Managed care | 11.2 | 10.2 | 6.9 | 6.7 | 15.4 | 14.5 | 11.8 | 10.2 | |||||||||||||||
Other skilled | 5.2 | 4.2 | 0.1 | — | 5.9 | 6.4 | 5.1 | 4.0 | |||||||||||||||
Skilled mix | 30.3 | 28.4 | 21.2 | 20.0 | 35.6 | 30.6 | 30.9 | 27.8 | |||||||||||||||
Private and other payors | 12.2 | 12.7 | 15.7 | 16.1 | 9.2 | 11.8 | 11.7 | 13.0 | |||||||||||||||
Quality mix | 42.5 | 41.1 | 36.9 | 36.1 | 44.8 | 42.4 | 42.6 | 40.8 | |||||||||||||||
Medicaid | 57.5 | 58.9 | 63.1 | 63.9 | 55.2 | 57.6 | 57.4 | 59.2 | |||||||||||||||
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 | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 29.6 | % | 30.2 | % | 27.5 | % | 25.8 | % | 25.1 | % | 18.7 | % | 28.6 | % | 29.4 | % | |||||||
Managed care | 15.9 | 15.1 | 14.8 | 14.4 | 23.3 | 20.9 | 17.2 | 15.3 | |||||||||||||||
Other skilled | 7.4 | 6.4 | 0.2 | — | 6.5 | 8.9 | 6.8 | 6.1 | |||||||||||||||
Skilled mix | 52.9 | 51.7 | 42.5 | 40.2 | 54.9 | 48.5 | 52.6 | 50.8 | |||||||||||||||
Private and other payors | 8.1 | 9.0 | 9.7 | 11.4 | 8.0 | 8.6 | 8.2 | 9.1 | |||||||||||||||
Quality mix | 61.0 | 60.7 | 52.2 | 51.6 | 62.9 | 57.1 | 60.8 | 59.9 | |||||||||||||||
Medicaid | 39.0 | 39.3 | 47.8 | 48.4 | 37.1 | 42.9 | 39.2 | 40.1 | |||||||||||||||
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 | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 14.9 | % | 14.6 | % | 13.3 | % | 12.2 | % | 13.8 | % | 9.1 | % | 14.6 | % | 14.2 | % | |||||||
Managed care | 10.8 | 9.9 | 7.5 | 6.9 | 15.2 | 12.3 | 11.4 | 9.7 | |||||||||||||||
Other skilled | 4.6 | 3.9 | 0.1 | — | 5.2 | 7.3 | 4.4 | 3.7 | |||||||||||||||
Skilled mix | 30.3 | 28.4 | 20.9 | 19.1 | 34.2 | 28.7 | 30.4 | 27.6 | |||||||||||||||
Private and other payors | 12.1 | 12.8 | 15.6 | 16.8 | 11.0 | 10.9 | 12.1 | 13.1 | |||||||||||||||
Quality mix | 42.4 | 41.2 | 36.5 | 35.9 | 45.2 | 39.6 | 42.5 | 40.7 | |||||||||||||||
Medicaid | 57.6 | 58.8 | 63.5 | 64.1 | 54.8 | 60.4 | 57.5 | 59.3 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
THE ENSIGN GROUP, INC. | ||||||||||
SELECT PERFORMANCE INDICATORS | ||||||||||
(in thousands) | ||||||||||
(Unaudited) | ||||||||||
The following tables summarize our selected performance indicators for our home health and hospice segment along with other statistics, for the periods indicated: | ||||||||||
Three Months Ended December 31, | |||||||||||||||
2015 | 2014 | Change | % Change | ||||||||||||
Results: | (Dollars in thousands) | ||||||||||||||
Home health and hospice revenue: | |||||||||||||||
Home health services | $ | 13,503 | $ | 8,639 | $ | 4,864 | 56.3 | % | |||||||
Hospice services | 13,344 | 7,442 | 5,902 | 79.3 | |||||||||||
Total home health and hospice revenue | $ | 26,847 | $ | 16,081 | $ | 10,766 | 66.9 | % | |||||||
Home health services: | |||||||||||||||
Medicare Episodic Admissions | 2,191 | 1,768 | 423 | 23.9 | % | ||||||||||
Average Medicare Revenue per Completed Episode | 2,856 | 2,945 | (89 | ) | (3.0 | )% | |||||||||
Hospice services: | |||||||||||||||
Average Daily Census | 842 | 493 | 349 | 70.8 | % |
Year Ended December 31, | |||||||||||||||
2015 | 2014 | Change | % Change | ||||||||||||
Results: | (Dollars in thousands) | ||||||||||||||
Home health and hospice revenue: | |||||||||||||||
Home health services | $ | 47,955 | $ | 29,577 | $ | 18,378 | 62.1 | % | |||||||
Hospice services | 42,401 | 24,939 | 17,462 | 70.0 | |||||||||||
Total home health and hospice revenue | $ | 90,356 | $ | 54,516 | $ | 35,840 | 65.7 | % | |||||||
Home health services: | |||||||||||||||
Medicare Episodic Admissions | 7,534 | 5,221 | 2,313 | 44.3 | % | ||||||||||
Average Medicare Revenue per Completed Episode | 2,929 | 2,840 | 89 | 3.1 | % | ||||||||||
Hospice services: | |||||||||||||||
Average Daily Census | 679 | 420 | 259 | 61.7 | % |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Medicaid | $ | 123,388 | 33.1 | % | $ | 97,133 | 35.1 | % | $ | 439,996 | 32.8 | % | $ | 358,119 | 34.9 | % | |||||||||||||
Medicare | 104,542 | 28.0 | 81,182 | 29.3 | 395,503 | 29.5 | 313,144 | 30.5 | |||||||||||||||||||||
Medicaid-skilled | 20,698 | 5.5 | 14,583 | 5.3 | 71,905 | 5.4 | 51,157 | 5.0 | |||||||||||||||||||||
Total | 248,628 | 66.6 | 192,898 | 69.7 | 907,404 | 67.7 | 722,420 | 70.4 | |||||||||||||||||||||
Managed Care | 58,395 | 15.6 | 40,480 | 14.6 | 206,770 | 15.4 | 145,796 | 14.2 | |||||||||||||||||||||
Private and Other(1) | 66,132 | 17.8 | 43,391 | 15.7 | 227,652 | 16.9 | 159,190 | 15.4 | |||||||||||||||||||||
Total revenue | $ | 373,155 | 100.0 | % | $ | 276,769 | 100.0 | % | $ | 1,341,826 | 100.0 | % | $ | 1,027,406 | 100.0 | % | |||||||||||||
(1) Private and other payors also includes revenue from urgent care centers and mobile ancillary operations. |