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)) |
• | they are widely used by investors and analysts in our industry as a supplemental measure to evaluate the overall operating performance of companies in our industry without regard to items such as interest expense, net and depreciation and amortization, which can vary substantially from company to company depending on the book value of assets, capital structure and the method by which assets were acquired; and |
• | they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure and asset base from our operating results. |
• | as measurements of our operating performance to assist us in comparing our operating performance on a consistent basis; |
• | to allocate resources to enhance the financial performance of our business; |
• | to evaluate the effectiveness of our operational strategies; and |
• | to compare our operating performance to that of our competitors. |
• | they do not reflect our current or future cash requirements for capital expenditures or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, our working capital needs; |
• | they do not reflect the net interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; |
• | they do not reflect any income tax payments we may be required to make; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and EBITDAR do not reflect any cash requirements for such replacements; and |
• | other companies in our industry may calculate these measures differently than we do, which may limit their usefulness as comparative measures. |
• | charge related to the U.S. Government inquiry; |
• | legal costs incurred in connection with the U.S. Government inquiry; |
• | settlement of a class action lawsuit; |
• | results at one newly constructed skilled nursing facility; |
• | results at three independent living facilities transferred to CareTrust as part of the Spin-Off transaction; |
• | acquisition-related costs; |
• | rent related to our one newly constructed skilled nursing facility and three independent living facilities transferred to CareTrust. |
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 March 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
TSA Services (1) | Home Health and Hospice (1) | |||||||||||||||||
Statements of Income Data: | ||||||||||||||||||
Income from operations | $ | 36,932 | $ | (1,834 | ) | $ | 1,872 | $ | 1,103 | |||||||||
Depreciation and amortization | 7,861 | 7,103 | 121 | 76 | ||||||||||||||
EBITDA | $ | 44,793 | $ | 5,269 | $ | 1,993 | $ | 1,179 | ||||||||||
Facility rent—cost of services | 3,005 | 2,970 | 159 | 196 | ||||||||||||||
EBITDAR | $ | 47,798 | $ | 8,239 | $ | 2,152 | $ | 1,375 | ||||||||||
EBITDA | $ | 44,793 | $ | 5,269 | $ | 1,993 | $ | 1,179 | ||||||||||
Adjustments to EBITDA: | ||||||||||||||||||
Charge related to the U.S. Government inquiry(a) | — | 33,000 | — | — | ||||||||||||||
Loss at skilled nursing facility not at full operation(b) | — | 1,466 | — | — | ||||||||||||||
Acquisition related costs(c) | 44 | 79 | — | — | ||||||||||||||
Rent related to item(b) above(d) | — | 79 | — | — | ||||||||||||||
Adjusted EBITDA | $ | 44,837 | $ | 39,893 | $ | 1,993 | $ | 1,179 | ||||||||||
Facility rent—cost of services | 3,005 | 2,970 | 159 | 196 | ||||||||||||||
Less: related to item (b) above(d) | — | (79 | ) | — | — | |||||||||||||
Adjusted EBITDAR | $ | 47,842 | $ | 42,784 | $ | 2,152 | $ | 1,375 | ||||||||||
(1) The total non-GAAP adjustments for the three months ended March 31, 2014 and 2013 is $1,973 and $36,750, respective, of which included non-GAAP adjustments for our TSA services disclosed above. | ||||||||||||||||||
(a) Charges related to our resolution of any claims connected to the DOJ settlement. | ||||||||||||||||||
(b) Losses incurred through the second quarter of 2013 at one newly constructed skilled nursing facility which began operations during the first quarter of 2013, excluding rent, depreciation, interest and income taxes. | ||||||||||||||||||
(c) Costs incurred to acquire an operation which are not capitalizable. | ||||||||||||||||||
(d) Rent related to one newly constructed skilled nursing facility which began operations during the first quarter of 2013, not included in items (b) above. | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
TSA Services (1) | Home Health and Hospice (1) | TSA Services (1) | Home Health and Hospice (1) | ||||||||||||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||||||||||
Income from operations | $ | 31,372 | $ | 32,558 | $ | 2,213 | $ | 564 | $ | 68,304 | $ | 30,724 | $ | 4,085 | $ | 1,667 | |||||||||||||||||
Depreciation and amortization | 6,600 | 7,798 | 126 | 103 | 14,461 | 14,901 | 247 | 179 | |||||||||||||||||||||||||
EBITDA | $ | 37,972 | $ | 40,356 | $ | 2,339 | $ | 667 | $ | 82,765 | $ | 45,625 | $ | 4,332 | $ | 1,846 | |||||||||||||||||
Facility rent—cost of services | 7,632 | 2,990 | 206 | 202 | 10,637 | 5,960 | 365 | 398 | |||||||||||||||||||||||||
EBITDAR | $ | 45,604 | $ | 43,346 | $ | 2,545 | $ | 869 | $ | 93,402 | $ | 51,585 | $ | 4,697 | $ | 2,244 | |||||||||||||||||
EBITDA | $ | 37,972 | $ | 40,356 | $ | 2,339 | $ | 667 | $ | 82,765 | $ | 45,625 | $ | 4,332 | $ | 1,846 | |||||||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||||||||||
Charge related to the U.S. Government inquiry(a) | — | — | — | — | — | 33,000 | — | — | |||||||||||||||||||||||||
Settlement of class action lawsuit(b) | — | 609 | — | — | — | 609 | — | — | |||||||||||||||||||||||||
Earnings at three operations transferred to CareTrust REIT(c) | (30 | ) | — | — | — | (122 | ) | — | — | — | |||||||||||||||||||||||
(Earnings) losses at skilled nursing facility not at full operation(d) | — | (210 | ) | — | — | — | 1,256 | — | — | ||||||||||||||||||||||||
Acquisition related costs(e) | 90 | 147 | — | — | 134 | 226 | — | — | |||||||||||||||||||||||||
Rent related to items (c) and (d) above (f) | 226 | 79 | — | — | 406 | 158 | — | — | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 38,258 | $ | 40,981 | $ | 2,339 | $ | 667 | $ | 83,183 | $ | 80,874 | $ | 4,332 | $ | 1,846 | |||||||||||||||||
Facility rent—cost of services | 7,632 | 2,990 | 206 | 202 | 10,637 | 5,960 | 365 | 398 | |||||||||||||||||||||||||
Less: related to items (c) and (d) above (f) | (226 | ) | (79 | ) | — | — | (406 | ) | (158 | ) | — | — | |||||||||||||||||||||
Adjusted EBITDAR | $ | 45,664 | $ | 43,892 | $ | 2,545 | $ | 869 | $ | 93,414 | $ | 86,676 | $ | 4,697 | $ | 2,244 | |||||||||||||||||
(1) The total non-GAAP adjustments for the three months ended June 30, 2014 and 2013 is $7,892 and $1,478, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. The total non-GAAP adjustments for the six months ended June 30, 2014 and 2013 is $10,042 and $38,048, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. | |||||||||||||||||||||||||||||||||
(a) Charges related to our resolution of any claims connected to the DOJ settlement. | |||||||||||||||||||||||||||||||||
(b) Settlement of a class action lawsuit regarding minimum staffing requirements in the State of California. | |||||||||||||||||||||||||||||||||
(c) Results at three independent living facilities which were transferred to CareTrust as part of our June 2014 Spin-Off of CareTrust REIT (the "Spin-Off), excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(d) (Earnings) losses incurred at one newly constructed skilled nursing facility which began operations during the first quarter of 2013, excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(e) Costs incurred to acquire an operation which are not capitalizable. | |||||||||||||||||||||||||||||||||
(f) Rent related to the three independent living facilities which were transferred to CareTrust as part of the Spin-Off and one newly constructed skilled nursing facility which began operations during the first quarter of 2013, not included in items (c) and (d) above. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
TSA Services (1) | Home Health and Hospice (1) | TSA Services (1) | Home Health and Hospice (1) | ||||||||||||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||||||||||
Income from operations | $ | 27,262 | $ | 30,347 | $ | 2,707 | $ | 1,462 | $ | 95,566 | $ | 61,071 | $ | 6,792 | $ | 3,129 | |||||||||||||||||
Depreciation and amortization | 3,459 | 7,867 | 124 | 100 | 17,920 | 22,768 | 371 | 279 | |||||||||||||||||||||||||
EBITDA | $ | 30,721 | $ | 38,214 | $ | 2,831 | $ | 1,562 | $ | 113,486 | $ | 83,839 | $ | 7,163 | $ | 3,408 | |||||||||||||||||
Facility rent—cost of services | 17,507 | 2,981 | 203 | 196 | 28,144 | 8,941 | 568 | 594 | |||||||||||||||||||||||||
EBITDAR | $ | 48,228 | $ | 41,195 | $ | 3,034 | $ | 1,758 | $ | 141,630 | $ | 92,780 | $ | 7,731 | $ | 4,002 | |||||||||||||||||
EBITDA | $ | 30,721 | $ | 38,214 | $ | 2,831 | $ | 1,562 | $ | 113,486 | $ | 83,839 | $ | 7,163 | $ | 3,408 | |||||||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||||||||||
Charge related to the U.S. Government inquiry(a) | — | — | — | — | — | 33,000 | — | — | |||||||||||||||||||||||||
Settlement of class action lawsuit(b) | — | 915 | — | — | — | 1,524 | — | — | |||||||||||||||||||||||||
Earnings at three operations transferred to CareTrust REIT(c) | — | — | — | — | (122 | ) | — | — | — | ||||||||||||||||||||||||
Losses at skilled nursing facility not at full operation(d) | — | — | — | — | — | 1,256 | — | ||||||||||||||||||||||||||
Acquisition related costs(e) | 85 | 38 | — | — | 219 | 264 | — | — | |||||||||||||||||||||||||
Rent related to items (c) and (d) above (f) | — | — | — | — | 406 | 158 | — | — | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 30,806 | $ | 39,167 | $ | 2,831 | $ | 1,562 | $ | 113,989 | $ | 120,041 | $ | 7,163 | $ | 3,408 | |||||||||||||||||
Facility rent—cost of services | 17,507 | 2,981 | 203 | 196 | 28,144 | 8,941 | 568 | 594 | |||||||||||||||||||||||||
Less: related to items (c) and (d) above (f) | — | — | — | — | (406 | ) | (158 | ) | — | — | |||||||||||||||||||||||
Adjusted EBITDAR | $ | 48,313 | $ | 42,148 | $ | 3,034 | $ | 1,758 | $ | 141,727 | $ | 128,824 | $ | 7,731 | $ | 4,002 | |||||||||||||||||
(1) The total non-GAAP adjustments for the three months ended September 30, 2014 and 2013 is $557 and $3,003, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. The total non-GAAP adjustments for the nine months ended September 30, 2014 and 2013 is $10,603 and $41,249, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. | |||||||||||||||||||||||||||||||||
(a) Charges related to our resolution of any claims connected to the DOJ settlement. | |||||||||||||||||||||||||||||||||
(b) Settlement of a class action lawsuit regarding minimum staffing requirements in the State of California. | |||||||||||||||||||||||||||||||||
(c) Results at three independent living facilities which were transferred to CareTrust as part of the Spin-Off, excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(d) Losses incurred through the second quarter of 2013 at one newly constructed skilled nursing facility which began operations during the first quarter of 2013, excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(e) Costs incurred to acquire an operation which are not capitalizable. | |||||||||||||||||||||||||||||||||
(f) Rent related to the three independent living facilities which were transferred to CareTrust as part of the Spin-Off and one newly constructed skilled nursing facility which began operations during the first quarter of 2013, not included in items (c) and (d) above. | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
TSA Services (1) | Home Health and Hospice (1) | TSA Services (1) | Home Health and Hospice (1) | ||||||||||||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||||||||||
Income from operations | $ | 30,445 | $ | 36,706 | $ | 2,909 | $ | 1,647 | $ | 126,011 | $ | 97,777 | $ | 9,701 | $ | 4,776 | |||||||||||||||||
Depreciation and amortization | 3,749 | 7,827 | 168 | 121 | 21,669 | 30,595 | 539 | 400 | |||||||||||||||||||||||||
EBITDA | $ | 34,194 | $ | 44,533 | $ | 3,077 | $ | 1,768 | $ | 147,680 | $ | 128,372 | $ | 10,240 | $ | 5,176 | |||||||||||||||||
Facility rent—cost of services | 17,811 | 2,990 | 211 | 183 | 45,955 | 11,931 | 779 | 777 | |||||||||||||||||||||||||
EBITDAR | $ | 52,005 | $ | 47,523 | $ | 3,288 | $ | 1,951 | $ | 193,635 | $ | 140,303 | $ | 11,019 | $ | 5,953 | |||||||||||||||||
EBITDA | $ | 34,194 | $ | 44,533 | $ | 3,077 | $ | 1,768 | $ | 147,680 | $ | 128,372 | $ | 10,240 | $ | 5,176 | |||||||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||||||||||
Charge related to the U.S. Government inquiry(a) | — | — | — | — | — | 33,000 | — | — | |||||||||||||||||||||||||
Impairment of goodwill and other indefinite-lived intangibles(b) | — | 490 | — | — | — | 490 | — | — | |||||||||||||||||||||||||
Settlement of class action lawsuit(c) | — | — | — | — | — | 1,524 | — | — | |||||||||||||||||||||||||
Earnings at three operations transferred to CareTrust REIT(d) | — | — | — | — | (122 | ) | — | — | — | ||||||||||||||||||||||||
Losses at skilled nursing facility not at full operation(e) | — | — | — | — | — | 1,256 | — | — | |||||||||||||||||||||||||
Acquisition related costs(f) | 453 | 10 | — | — | 672 | 288 | — | — | |||||||||||||||||||||||||
Rent related to items (d) and (e) above (g) | — | — | — | — | 406 | 158 | — | — | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 34,647 | $ | 45,033 | $ | 3,077 | $ | 1,768 | $ | 148,636 | $ | 165,088 | $ | 10,240 | $ | 5,176 | |||||||||||||||||
Facility rent—cost of services | 17,811 | 2,990 | 211 | 183 | 45,955 | 11,931 | 779 | 777 | |||||||||||||||||||||||||
Less: related to items (d) and (e) above (g) | — | — | — | — | (406 | ) | (158 | ) | — | — | |||||||||||||||||||||||
Adjusted EBITDAR | $ | 52,458 | $ | 48,023 | $ | 3,288 | $ | 1,951 | $ | 194,185 | $ | 176,861 | $ | 11,019 | $ | 5,953 | |||||||||||||||||
(1) The total non-GAAP adjustments for the three months ended December 31, 2014 and 2013 is $446 and $3,449, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. The total non-GAAP adjustments for the year ended December 31, 2014 and 2013 is $11,266 and $44,704, respectively, of which included non-GAAP adjustments for our TSA services disclosed above. | |||||||||||||||||||||||||||||||||
(a) Charges related to our resolution of any claims connected to the DOJ settlement. | |||||||||||||||||||||||||||||||||
(b) Impairment charges to goodwill for a skilled nursing facility in Utah during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
(c) Settlement of a class action lawsuit regarding minimum staffing requirements in the State of California. | |||||||||||||||||||||||||||||||||
(d) Results at three independent living facilities which were transferred to CareTrust as part of the Spin-Off, excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(e) Losses incurred through the second quarter of 2013 at one newly constructed skilled nursing facility which began operations during the first quarter of 2013, excluding rent, depreciation, interest and income taxes. | |||||||||||||||||||||||||||||||||
(f) Costs incurred to acquire an operation which are not capitalizable. | |||||||||||||||||||||||||||||||||
(g) Rent related to the three independent living facilities which were transferred to CareTrust as part of the Spin-Off and one newly constructed skilled nursing facility which began operations during the first quarter of 2013, not included in items (d) and (e) above. | |||||||||||||||||||||||||||||||||
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 March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
$ | % | $ | % | |||||||||||||
Transitional, skilled and assisted living services: | ||||||||||||||||
Skilled nursing facilities | $ | 212,819 | 88.8 | % | $ | 197,934 | 90.7 | % | ||||||||
Assisted and independent living facilities | 11,303 | 4.7 | 8,794 | 4.1 | ||||||||||||
Total transitional, skilled and assisted living services | $ | 224,122 | 93.5 | $ | 206,728 | 94.8 | ||||||||||
Home health and hospice services: | ||||||||||||||||
Home health | $ | 6,151 | 2.6 | $ | 4,890 | 2.2 | ||||||||||
Hospice | 4,995 | 2.1 | 4,172 | 1.9 | ||||||||||||
Total home health and hospice services | $ | 11,146 | 4.7 | $ | 9,062 | 4.1 | ||||||||||
All other (1) | 4,385 | 1.8 | 2,411 | 1.1 | ||||||||||||
Total revenue | $ | 239,653 | 100.0 | % | $ | 218,201 | 100.0 | % | ||||||||
(1) Includes revenue from services provided at our urgent care clinics and a mobile x-ray and diagnostic company. | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
$ | % | $ | % | |||||||||||||
Transitional, skilled and assisted living services: | ||||||||||||||||
Skilled nursing facilities | $ | 219,863 | 87.9 | % | $ | 198,280 | 90.1 | % | ||||||||
Assisted and independent living facilities | 12,152 | 4.9 | 9,886 | 4.5 | ||||||||||||
Total transitional, skilled and assisted living services | $ | 232,015 | 92.8 | $ | 208,166 | 94.6 | ||||||||||
Home health and hospice services: | ||||||||||||||||
Home health | $ | 7,132 | 2.9 | $ | 5,022 | 2.3 | ||||||||||
Hospice | 5,572 | 2.2 | 4,258 | 1.9 | ||||||||||||
Total home health and hospice services | $ | 12,704 | 5.1 | $ | 9,280 | 4.2 | ||||||||||
All other (1) | 5,324 | 2.1 | 2,640 | 1.2 | ||||||||||||
Total revenue | $ | 250,043 | 100.0 | % | $ | 220,086 | 100.0 | % | ||||||||
(1) Includes revenue from services provided at our urgent care clinics and a mobile x-ray and diagnostic company. | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
$ | % | $ | % | |||||||||||||
Transitional, skilled and assisted living services: | ||||||||||||||||
Skilled nursing facilities | $ | 228,134 | 87.5 | % | $ | 204,775 | 89.3 | % | ||||||||
Assisted and independent living facilities | 12,259 | 4.7 | 10,899 | 4.8 | ||||||||||||
Total transitional, skilled and assisted living services | $ | 240,393 | 92.2 | $ | 215,674 | 94.1 | ||||||||||
Home health and hospice services: | ||||||||||||||||
Home health | $ | 7,655 | 2.9 | $ | 5,738 | 2.5 | ||||||||||
Hospice | 6,930 | 2.7 | 4,657 | 2.0 | ||||||||||||
Total home health and hospice services | $ | 14,585 | 5.6 | $ | 10,395 | 4.5 | ||||||||||
All other (1) | 5,863 | 2.2 | 3,192 | 1.4 | ||||||||||||
Total revenue | $ | 260,841 | 100.0 | % | $ | 229,261 | 100.0 | % | ||||||||
(1) Includes revenue from services provided at our urgent care clinics and a mobile x-ray and diagnostic company. | ||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
$ | % | $ | % | |||||||||||||
Transitional, skilled and assisted living services: | ||||||||||||||||
Skilled nursing facilities | $ | 240,654 | 86.9 | % | $ | 211,359 | 89.2 | % | ||||||||
Assisted and independent living facilities | 13,134 | 4.8 | 11,352 | 4.7 | ||||||||||||
Total transitional, skilled and assisted living services | $ | 253,788 | 91.7 | $ | 222,711 | 93.9 | ||||||||||
Home health and hospice services: | ||||||||||||||||
Home health | $ | 8,639 | 3.1 | $ | 6,328 | 2.7 | ||||||||||
Hospice | 7,442 | 2.7 | 4,697 | 2.0 | ||||||||||||
Total home health and hospice services | $ | 16,081 | 5.8 | $ | 11,025 | 4.7 | ||||||||||
All other (1) | 7,000 | 2.5 | 3,272 | 1.4 | ||||||||||||
Total revenue | $ | 276,869 | 100.0 | % | $ | 237,008 | 100.0 | % | ||||||||
(1) Includes revenue from services provided at our urgent care clinics and a mobile x-ray and diagnostic company. | ||||||||||||||||
THE ENSIGN GROUP, INC. | ||||||||||
SELECT PERFORMANCE INDICATORS | ||||||||||
(in thousands) | ||||||||||
(Unaudited) |
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Skilled nursing revenue | $ | 212,819 | $ | 197,934 | $ | 14,885 | 7.5 | % | ||||||
Assisted and independent living revenue | 11,303 | 8,794 | 2,509 | 28.5 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 224,122 | $ | 206,728 | $ | 17,394 | 8.4 | % | ||||||
Number of facilities at period end | 120 | 110 | 10 | 9.1 | % | |||||||||
Actual patient days | 932,867 | 860,265 | 72,602 | 8.4 | % | |||||||||
Occupancy percentage — Operational beds | 78.1 | % | 77.8 | % | 0.3 | % | ||||||||
Skilled mix by nursing days | 27.8 | % | 27.7 | % | 0.1 | % | ||||||||
Skilled mix by nursing revenue | 51.1 | % | 51.5 | % | (0.4 | )% |
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Skilled nursing revenue | $ | 177,834 | $ | 172,915 | $ | 4,919 | 2.8 | % | ||||||
Assisted and independent living revenue | 4,277 | 3,948 | 329 | 8.3 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 182,111 | $ | 176,863 | $ | 5,248 | 3.0 | % | ||||||
Number of facilities at period end | 82 | 82 | — | — | % | |||||||||
Actual patient days | 695,463 | 688,008 | 7,455 | 1.1 | % | |||||||||
Occupancy percentage — Operational beds | 81.5 | % | 80.5 | % | 1.0 | % | ||||||||
Skilled mix by nursing days | 29.7 | % | 28.8 | % | 0.9 | % | ||||||||
Skilled mix by nursing revenue | 52.7 | % | 52.7 | % | — | % |
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Skilled nursing revenue | $ | 24,260 | $ | 24,268 | $ | (8 | ) | — | % | |||||
Assisted and independent living revenue | 4,417 | 3,921 | 496 | 12.6 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 28,677 | $ | 28,189 | $ | 488 | 1.7 | % | ||||||
Number of facilities at period end | 25 | 25 | — | — | % | |||||||||
Actual patient days | 155,767 | 150,572 | 5,195 | 3.5 | % | |||||||||
Occupancy percentage — Operational beds | 71.0 | % | 68.6 | % | 2.4 | % | ||||||||
Skilled mix by nursing days | 19.3 | % | 20.8 | % | (1.5 | )% | ||||||||
Skilled mix by nursing revenue | 40.8 | % | 42.7 | % | (1.9 | )% |
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Recently Acquired Facility Results(3): | ||||||||||||||
Skilled nursing revenue | $ | 10,725 | $ | 751 | $ | 9,974 | 1,328.1 | % | ||||||
Assisted and independent living revenue | 1,832 | — | 1,832 | NM | ||||||||||
Total transitional, skilled and assisted living revenue | $ | 12,557 | $ | 751 | $ | 11,806 | 1,572.0 | % | ||||||
Number of facilities at period end | 12 | 2 | 10 | NM | ||||||||||
Actual patient days | 64,788 | 3,207 | 61,581 | NM | ||||||||||
Occupancy percentage — Operational beds | 66.5 | % | 42.7 | % | NM | |||||||||
Skilled mix by nursing days | 21.8 | % | 33.1 | % | NM | |||||||||
Skilled mix by nursing revenue | 46.8 | % | 66.4 | % | NM |
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Transferred to CareTrust(4): | |||||||||||||
Skilled nursing revenue | $ | — | $ | — | $ | — | NM | ||||||
Assisted and independent living revenue | 777 | 925 | (148 | ) | NM | ||||||||
Total transitional, skilled and assisted living revenue | $ | 777 | $ | 925 | $ | (148 | ) | NM | |||||
Actual patient days | 16,849 | 18,478 | NM | ||||||||||
Occupancy percentage — Operational beds | 70.9 | % | 77.8 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2011. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2011 to December 31, 2012. |
(3) | Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2013. |
(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 and Transitioning Facility for the three months ended March 31, 2014 and 2013 for comparison purposes. |
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Skilled nursing revenue | $ | 219,863 | $ | 198,280 | $ | 21,583 | 10.9 | % | ||||||
Assisted and independent living revenue | 12,152 | 9,886 | 2,266 | 22.9 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 232,015 | $ | 208,166 | $ | 23,849 | 11.5 | % | ||||||
Number of facilities at period end | 125 | 118 | 7 | 5.9 | % | |||||||||
Actual patient days | 967,403 | 901,194 | 66,209 | 7.3 | % | |||||||||
Occupancy percentage — Operational beds | 77.8 | % | 76.6 | % | 1.2 | % | ||||||||
Skilled mix by nursing days | 27.8 | % | 26.1 | % | 1.7 | % | ||||||||
Skilled mix by nursing revenue | 51.4 | % | 49.9 | % | 1.5 | % |
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Skilled nursing revenue | $ | 179,529 | $ | 167,920 | $ | 11,609 | 6.9 | % | ||||||
Assisted and independent living revenue | 4,438 | 4,108 | 330 | 8.0 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 183,967 | $ | 172,028 | $ | 11,939 | 6.9 | % | ||||||
Number of facilities at period end | 82 | 82 | — | — | % | |||||||||
Actual patient days | 706,036 | 689,150 | 16,886 | 2.5 | % | |||||||||
Occupancy percentage — Operational beds | 81.9 | % | 79.7 | % | 2.2 | % | ||||||||
Skilled mix by nursing days | 29.4 | % | 27.7 | % | 1.7 | % | ||||||||
Skilled mix by nursing revenue | 53.0 | % | 51.5 | % | 1.5 | % |
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Skilled nursing revenue | $ | 24,546 | $ | 23,741 | $ | 805 | 3.4 | % | ||||||
Assisted and independent living revenue | 4,510 | 3,997 | 513 | 12.8 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 29,056 | $ | 27,738 | $ | 1,318 | 4.8 | % | ||||||
Number of facilities at period end | 25 | 25 | — | — | % | |||||||||
Actual patient days | 158,049 | 152,672 | 5,377 | 3.5 | % | |||||||||
Occupancy percentage — Operational beds | 71.2 | % | 68.8 | % | 2.4 | % | ||||||||
Skilled mix by nursing days | 20.6 | % | 19.2 | % | 1.4 | % | ||||||||
Skilled mix by nursing revenue | 42.0 | % | 39.7 | % | 2.3 | % |
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Recently Acquired Facility Results(3): | ||||||||||||||
Skilled nursing revenue | $ | 15,788 | $ | 6,619 | $ | 9,169 | 138.5 | % | ||||||
Assisted and independent living revenue | 2,734 | 893 | 1,841 | 206.2 | % | |||||||||
Total transitional, skilled and assisted living revenue | $ | 18,522 | $ | 7,512 | $ | 11,010 | 146.6 | % | ||||||
Number of facilities at period end | 17 | 10 | 7 | NM | ||||||||||
Actual patient days | 92,151 | 40,931 | 51,220 | NM | ||||||||||
Occupancy percentage — Operational beds | 64.5 | % | 62.5 | % | NM | |||||||||
Skilled mix by nursing days | 23.1 | % | 17.5 | % | NM | |||||||||
Skilled mix by nursing revenue | 46.3 | % | 44.9 |