Genesis Healthcare, Inc. (Genesis, or the Company) (NYSE:GEN), one
of the largest post-acute care providers in the United States,
today announced operating results for the third quarter ended
September 30, 2020 and provided an update regarding the impact of
the 2019 novel coronavirus (COVID-19) pandemic on its business.
"The virus continues to have a significant
adverse impact on the Company's revenues and expenses, particularly
in hard-hit Mid Atlantic and Northeastern markets,” stated George
V. Hager, Jr., Chief Executive Officer of Genesis. “While we
are grateful for federal and state financial support received and
committed to date, the stimulus funds recognized in the third
quarter of 2020 fell nearly $60 million short of the Company's
COVID-19 related costs and the estimated impact of lost
revenue. Given the persistence of the virus, its
intensification as we approach the winter months and the slow pace
of recovery in occupancy, the Company remains reliant on
adequate and timely government sponsored financial support to
meet its obligations to patients, residents, caregivers and
stakeholders."
“Our admiration and respect for all of our
employees, who have been true heroes for the last eight months,
only increases as they have come to work each and every day despite
challenging conditions to care for our patients and residents. We
are truly blessed by and grateful for their dedication and
compassion.”
Third Quarter 2020 Results
- US GAAP revenue in the third
quarter of 2020 was $0.94 billion compared to $1.12 billion in the
third quarter of 2019;
- US GAAP net (loss) income
attributable to Genesis Healthcare, Inc. in the third quarter of
2020 was $(62.8) million compared to $46.1 million in the third
quarter of 2019;
- Adjusted EBITDA in the third
quarter of 2020, which excludes the estimated impact of COVID-19,
was $62.2 million compared to $34.7 million in the third quarter of
2019; and
- Adjusted EBITDAR in the third
quarter of 2020, which excludes the estimated impact of COVID-19,
was $148.4 million.
The Company estimates the COVID-19 pandemic
reduced earnings nearly $60 million in the third quarter of 2020.
Specifically, the Company recognized $34 million of federal relief
grants and other support under the Coronavirus Aid, Relief, and
Economic Security Act (CARES Act) and $30 million of additional
funding provided by certain states. The recognition of these funds
in the Company’s operating results served partially to offset the
estimated $124 million impact of COVID-19 related to lost revenue
and incremental expenses incurred in the third quarter of 2020.
COVID-19 UPDATE AND OUTLOOK
Within Genesis facilities, approximately 70% of patient and
resident positive COVID-19 cases have occurred in its facilities
located in the states of New Jersey, Connecticut, Massachusetts,
Pennsylvania and Maryland, which correspond to many of the largest
initial community outbreak areas across the country. Genesis
facilities in these five states represent 45% of its total
operating beds.
Net Revenues.
The Company’s net revenues for the three and
nine months ended September 30, 2020 were materially and adversely
impacted by a significant decline in occupancy as a result of
COVID-19. The Company’s skilled nursing facility operating
occupancy decreased from 88.2% for the three months ended March 31,
2020 to 75.4% for the three months ended September 30, 2020. The
Company’s operating occupancy in the month of October 2020 of 76.5%
grew approximately 240 basis points from an operating occupancy low
point of 74.2% in the month of June 2020.
The Company’s occupancy decreased in the early
months of the pandemic following the efforts of referring hospitals
to cancel or reschedule elective procedures in anticipation of an
increasing number of COVID-19 cases in their communities. As the
pandemic progressed, occupancy was further decreased by, among
other things, implementation of self-imposed admission holds in
those Genesis facilities having exposure to positive cases of
COVID-19 among patients, residents and employees. These
self-imposed restrictions on admissions were instituted to limit
risks of potential spread of the virus by individuals who either
tested positive for COVID-19, exhibited symptoms of COVID-19 but
had not yet been tested positive due to a severe shortage of
testing materials, or were asymptomatic of COVID-19 but potentially
positive and contagious.
After taking into account a commensurate
reduction in related and direct operating expenses, the Company
estimates lost revenue caused by COVID-19 reduced earnings by
approximately $71 million and $145 million for the three and nine
months ended September 30, 2020, respectively. The impact of
COVID-19 on the Company’s occupancy and net revenues for the
remainder of 2020 will depend on future developments, which are
highly uncertain and cannot be predicted, including the pace of
recovery in occupancy, the future scope and severity of COVID-19,
and the actions taken by public and private entities in response to
the pandemic.
Operating Expenses.
The Company’s operating expenses for the three
and nine months ended September 30, 2020 were materially and
adversely impacted due to increases in costs as a result of the
pandemic, with more dramatic increases occurring at facilities with
positive COVID-19 cases among patients, residents and employees.
During the three months and nine months ended September 30, 2020,
the Company estimates it incurred approximately $52 million and
$205 million, respectively, of incremental operating expenses in
response to the pandemic. Increases in cost primarily stemmed from
higher labor costs, including increased use of overtime and bonus
pay, as well as a significant increase in both the cost and usage
of personal protective equipment, workers compensation, testing,
medical equipment, enhanced cleaning and environmental sanitation
costs, and the impact of utilizing less efficient modes of
providing therapy in order to avoid the grouping of patients.
Government Sponsored Relief Programs.
Since March 31, 2020, our usual sources of
liquidity have been supplemented by grants and advanced Medicare
payments under programs expanded or created under the CARES Act.
Specifically, in April 2020, the Company applied for and received
$157 million of advanced Medicare payments, and from April through
September 2020, received approximately $254 million of relief
grants and other forms of federal support, of which $222 million
was recognized and $32 million was recorded as deferred revenue. In
addition, the Company has elected to implement the CARES Act
payroll tax deferral program, which is expected to preserve, on an
interest free basis, approximately $90 million of cash representing
the employer portion of payroll taxes estimated to be incurred
between March 27, 2020 and December 31, 2020, of which
approximately $65 million was realized through September 30, 2020.
The advance Medicare payments of $157 million, which are also
interest free, are expected to be recouped between April 2021 and
February 2022, while one-half of the payroll tax deferral amount
will become due on each of December 31, 2021 and December 31, 2022.
In addition to relief funding under the CARES Act, funding has been
committed by a number of states in which the Company operates,
currently estimated at $85 million, of which approximately $76
million was recognized in net revenue through September 30,
2020.
Liquidity and Going Concern
Considerations The Company performed an assessment to
determine whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about its ability to
continue as a going concern within one year after the date the
financial statements are issued. Initially, this assessment does
not consider the potential mitigating effect of management’s plans
that have not been fully implemented. When substantial doubt
exists, management assesses the mitigating effect of its plans to
determine if it is probable that (1) the plans will be effectively
implemented within one year after the date the financial statements
are issued, and (2) when implemented, the plans will mitigate the
relevant conditions or events that raise substantial doubt about
the entity’s ability to continue as a going concern.
In completing its going concern assessment, the
Company considered the uncertainties relating to the impact of
COVID-19 on its future results of operations as well as its current
financial condition and liquidity sources, including current funds
available, forecasted future cash flows and the Company’s
indebtedness and other conditional and unconditional obligations
due within 12 months following the date its financial statements
were issued. Without giving effect to the prospect, timing and
adequacy of future governmental funding support and other
mitigating plans, many of which are beyond the Company’s control,
it is unlikely that the Company will be able to generate sufficient
cash flows to meet its required financial obligations, including
its rent and debt obligations, and maintain compliance with
financial covenants. The existence of these conditions raises
substantial doubt about the Company’s ability to continue as a
going concern for the twelve-month period following the date the
financial statements are issued.
In response to COVID-19 and other conditions
that raise substantial doubt about the Company’s ability to
continue as a going concern, the Company has taken the following
measures:
- The Company applied for and
received government-sponsored financial relief related to the
pandemic;
- The Company is utilizing the CARES
Act payroll tax deferral program to delay payment of a portion of
payroll taxes incurred through December 2020, 50% to be repaid by
December 31, 2021 and 50% to be repaid by December 31, 2022;
- While it vigorously advocates, for
itself and the skilled nursing industry, regarding the need for
additional government sponsored funding, the Company continues to
explore and to take advantage of existing government sponsored
funding programs implemented to support businesses impacted by
COVID-19;
- The Company continues to seek and
implement measures to adapt its operational model to function for
the long-term in a COVID-19 environment;
- The Company has pursued, and will
continue to pursue, creative and accretive opportunities to sell
assets and enter into joint venture structures in order to provide
liquidity; and
- The Company is exploring and
evaluating a number of strategic and other alternatives to manage
and to improve its liquidity position, in order to address the
maturity of material indebtedness and other obligations over the
twelve-month period following the date the financial statements are
issued.
These measures and other plans and
initiatives are needed to provide the Company with adequate
liquidity to meet its obligations for at least the twelve-month
period following the date its financial statements are issued.
However, such plans and initiatives are dependent on
factors that are beyond the Company’s control or may not be
available on terms acceptable to the Company, or at all.
Accordingly, management determined it could not be certain
that the plans and initiatives would be
effectively implemented within one year after the date the
financial statements are issued. Further, even if the
Company receives additional funding support from
government sources and/or is able to execute successfully all
of its these plans and initiatives, given
the unpredictable nature of, and the operating challenges
presented by, the COVID-19 virus, the Company’s operating
plans and resulting cash flows along with its cash and cash
equivalents and other sources of liquidity may not be sufficient to
fund operations for the twelve-month period following the date the
financial statements are issued. Such events or circumstances could
force the Company to seek reorganization under the U.S. Bankruptcy
Code.
Medicare Shared Savings Program
(MSSP) LTC ACO, the first long-term care sponsored
Accountable Care Organization (“ACO”) in the United States and a
subsidiary of Genesis, recently received a positive reconciliation
and settlement under the MSSP for the 2019 performance year and as
a result, generated shared savings for the second consecutive
year.
During 2019, Genesis managed approximately 5,800
Medicare fee-for-service beneficiaries under the MSSP with
annualized Medicare spend of more than $160 million. In 2019, the
MSSP required the LTC ACO to save at least 2.8% of the total
Medicare spend under management to share in up to 62.5% (50%
applicable to the first half of the year and 75% for the second) of
the savings with Centers for Medicare and Medicaid Services
(CMS).
In August 2020, CMS notified Genesis that it
reached the minimum savings rate in program year 2019 set by CMS
required for gain share. In October of 2020, the LTC ACO received
MSSP shared savings of approximately $18.8 million and income of
approximately $17.0 million net of participating provider
distributions, of which $10.3 million was recognized as income
during the quarter ended September 30, 2020.
Also during the quarter ended September 30,
2020, Genesis recognized $3.1 million of estimated MSSP shared
savings income for the 2020 program year.
Portfolio Optimization Genesis
continues to exit challenged facilities and certain low density
markets in order to focus on investment and growth in core markets.
During the third quarter of 2020, Genesis sold the real estate and
operations of one facility.
The sold facility generated approximate annual
net revenue of $10 million, Adjusted EBITDA of $1 million and a
pre-tax net income of $0.2 million. This transaction resulted in
the repayment of over $5 million of indebtedness.
The Company exited operations of an additional
nine facilities thus far during the fourth quarter of 2020. In
total, these nine facilities generated approximate annual net
revenue of $91 million, Adjusted EBITDA of $4 million and a pre-tax
net loss of $2 million. These transactions resulted in the
repayment of approximately $22 million of indebtedness.
Conference Call Genesis
Healthcare, Inc. will hold a conference call at 8:30 a.m. Eastern
Time on Monday, November 9, 2020 to discuss its financial results
for the third quarter 2020 and to provide a Company update with
respect to COVID-19. Investors can access the conference call by
calling (855) 849-2198 or live via a listen-only webcast through
the Genesis website at
http://www.genesishcc.com/investor-relations/, where a replay of
the call will also be posted for one year.
About Genesis Healthcare, Inc.
Genesis Healthcare, Inc. (NYSE: GEN) is a holding company with
subsidiaries that, on a combined basis, comprise one of the
nation's largest post-acute care companies providing services to
more than 350 skilled nursing facilities and assisted/senior living
communities in 25 states nationwide. Genesis subsidiaries also
supply rehabilitation therapy to approximately 1,100 healthcare
providers in 44 states, the District of Columbia and China.
References made in this release to "Genesis," "the Company," "we,"
"us" and "our" refer to Genesis Healthcare, Inc. and each of its
subsidiaries. Visit our website at www.genesishcc.com.
Forward-Looking Statements This release includes
“forward-looking statements” within the meaning of the federal
securities laws, including the Private Securities Litigation Reform
Act of 1995. You can identify these statements by the fact that
they do not relate strictly to historical or current facts. These
statements contain words such as “may,” “will,” “project,” “might,”
“expect,” “believe,” “anticipate,” “intend,” “could,” “would,”
“estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the
negative or other variations thereof or comparable terminology.
They include, but are not limited to, statements about Genesis’
expectations and beliefs regarding its future financial
performance, anticipated cost management, anticipated impact of the
COVID-19 pandemic on occupancy levels, revenue, operating expenses
and government-sponsored financial relief, anticipated business
development, anticipated financing activities and anticipated
demographic and supply-demand trends facing the industry. These
forward-looking statements are based on current expectations and
projections about future events, including the assumptions stated
in this release, and there can be no assurance that they will be
achieved or occur, in whole or in part, in the timeframes
anticipated by the Company or at all. Investors are cautioned that
forward-looking statements are not guarantees of future performance
or results and involve risks and uncertainties that cannot be
predicted or quantified and, consequently, the actual performance
of Genesis may differ materially from that expressed or implied by
such forward-looking statements.
These risks and uncertainties include, but are
not limited to, the following:
- the extent to which the COVID-19
pandemic continues materially and adversely to affect our patients,
staff, operations, financial condition, results of operations,
compliance with financial covenants and liquidity will depend on
future developments, including the measures taken by public and
private entities in response to the pandemic, which are highly
uncertain and cannot be predicted;
- litigation or investigations
regarding COVID-19 could materially and adversely affect our
financial condition, results of operations, compliance with
financial covenants and liquidity;
- reductions and/or delays in
Medicare or Medicaid reimbursement rates, or changes in the rules
governing the Medicare or Medicaid programs could have a material
adverse effect on our revenues, financial condition and results of
operations;
- reforms to the U.S. healthcare
system that have imposed new requirements on us and uncertainties
regarding potential material changes to such reforms;
- revenue we receive from Medicare
and Medicaid being subject to potential retroactive reduction;
- our success being dependent upon
retaining key executives and personnel;
- it can be difficult to attract and
retain qualified nurses, therapists, healthcare professionals and
other key personnel, which, along with a growing number of minimum
wage and compensation related regulations, can increase our costs
related to these employees;
- recently enacted changes in
Medicare reimbursements for physician and non-physician services
could impact reimbursement for medical professionals;
- we are subject to extensive and
complex laws and government regulations. If we are not operating in
compliance with these laws and regulations or if these laws and
regulations change, we could be required to make significant
expenditures or change our operations in order to bring our
facilities and operations into compliance;
- our physician services operations
are subject to corporate practice of medicine laws and regulations.
Our failure to comply with these laws and regulations could have a
material adverse effect on our business and operations;
- we face inspections, reviews,
audits and investigations under federal and state government
programs, such as the Department of Justice. These investigations
and audits could result in adverse findings that may negatively
affect our business, including our results of operations,
liquidity, financial condition, and reputation;
- significant legal actions, which
are commonplace in our industry, could subject us to increased
operating costs, which could materially and adversely affect our
results of operations, liquidity, financial condition, and
reputation;
- insurance coverages, including
professional liability coverage, may become increasingly expensive
and difficult to obtain for health care companies, and our
self-insurance may expose us to significant losses;
- failure to maintain effective
internal control over financial reporting could have an adverse
effect on our ability to report on our financial results on a
timely and accurate basis;
- we may be unable to reduce costs to
offset decreases in our patient census levels or other expenses
timely and completely;
- completed and future acquisitions
may consume significant resources, may be unsuccessful and could
expose us to unforeseen liabilities and integration risks;
- we lease a significant number of
our facilities and may experience risks relating to lease
termination, lease expense escalators, lease extensions, special
charges and leases that are not economically efficient in the
current business environment;
- our substantial indebtedness,
scheduled maturities and disruptions in the financial markets could
affect our ability to obtain financing or to extend or refinance
debt as it matures, which could negatively impact our results of
operations, liquidity, financial condition and the market price of
our common stock;
- exposure to the credit and
non-payment risk of our contracted customer relationships,
including as a result from bankruptcy, receivership, liquidation,
reorganization or insolvency, especially during times of systemic
industry pressures, economic conditions, regulatory uncertainty and
tight credit markets, which could result in material losses;
- some of our directors are
significant stockholders or representatives of significant
stockholders, which may present issues regarding diversion of
corporate opportunities and other potential conflicts;
- no assurance can be given that we
will be able to regain compliance with the NYSE continued listing
standard regarding the minimum share price requirement or maintain
compliance with other continued listing requirements set forth in
the NYSE Listed Company Manual; and
- we could experience adverse
consequences if our common stock ultimately were to be suspended
from trading on, and delisted from, the NYSE for any reason, which
could have an adverse effect on our business, liquidity or
financial condition, any of which could lead to difficulty
maintaining important business, financing and operational
relationships.
The Company’s Annual Report on Form 10-K for the
year ended December 31, 2019, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and other filings with the U.S.
Securities and Exchange Commission, discuss the foregoing risks as
well as other important risks and uncertainties of which investors
should be aware. Any forward-looking statements contained herein
are made only as of the date of this release. Genesis disclaims any
obligation to update its forward-looking statements or any of the
information contained in this release. Investors are cautioned not
to place undue reliance on these forward-looking statements.
Genesis HealthCare Contact: Investor Relations
610-925-2000
GENESIS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (IN THOUSANDS, EXCEPT PER
SHARE DATA)
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net revenues |
|
$ |
938,653 |
|
|
$ |
1,123,705 |
|
|
$ |
2,987,162 |
|
|
$ |
3,430,397 |
|
Salaries,
wages and benefits |
|
|
535,009 |
|
|
|
620,493 |
|
|
|
1,732,486 |
|
|
|
1,889,062 |
|
Other
operating expenses |
|
|
309,664 |
|
|
|
339,441 |
|
|
|
967,419 |
|
|
|
1,014,507 |
|
General and
administrative costs |
|
|
45,172 |
|
|
|
35,930 |
|
|
|
124,558 |
|
|
|
107,024 |
|
Lease
expense |
|
|
86,247 |
|
|
|
100,018 |
|
|
|
280,662 |
|
|
|
288,665 |
|
Depreciation
and amortization expense |
|
|
24,373 |
|
|
|
34,932 |
|
|
|
84,177 |
|
|
|
101,395 |
|
Interest
expense |
|
|
33,918 |
|
|
|
37,099 |
|
|
|
102,065 |
|
|
|
141,590 |
|
Loss on
early extinguishment of debt |
|
|
1,101 |
|
|
|
2,460 |
|
|
|
6,561 |
|
|
|
2,436 |
|
Investment
income |
|
|
(957 |
) |
|
|
(2,071 |
) |
|
|
(3,074 |
) |
|
|
(6,078 |
) |
Other
income |
|
|
(53,507 |
) |
|
|
(131,811 |
) |
|
|
(182,439 |
) |
|
|
(172,141 |
) |
Transaction
costs |
|
|
15,561 |
|
|
|
12,941 |
|
|
|
26,696 |
|
|
|
23,025 |
|
Long-lived
asset impairments |
|
|
72,400 |
|
|
|
16,037 |
|
|
|
159,200 |
|
|
|
16,937 |
|
Federal
stimulus - COVID-19 other income |
|
|
(31,212 |
) |
|
|
— |
|
|
|
(216,713 |
) |
|
|
— |
|
Equity in
net income of unconsolidated affiliates |
|
|
(3,362 |
) |
|
|
(93 |
) |
|
|
(6,811 |
) |
|
|
(178 |
) |
(Loss)
income before income tax expense (benefit) |
|
|
(95,754 |
) |
|
|
58,329 |
|
|
|
(87,625 |
) |
|
|
24,153 |
|
Income tax
expense (benefit) |
|
|
176 |
|
|
|
(569 |
) |
|
|
(1,060 |
) |
|
|
(680 |
) |
Net (loss)
income |
|
|
(95,930 |
) |
|
|
58,898 |
|
|
|
(86,565 |
) |
|
|
24,833 |
|
Less net
loss (income) attributable to noncontrolling interests |
|
|
33,137 |
|
|
|
(12,801 |
) |
|
|
35,275 |
|
|
|
1,182 |
|
Net (loss)
income attributable to Genesis Healthcare, Inc. |
|
$ |
(62,793 |
) |
|
$ |
46,097 |
|
|
$ |
(51,290 |
) |
|
$ |
26,015 |
|
(Loss)
earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding for basic net (loss) income per
share |
|
|
113,145 |
|
|
|
109,123 |
|
|
|
111,372 |
|
|
|
106,581 |
|
Basic net (loss) income per common share attributable to Genesis
Healthcare, Inc. |
|
$ |
(0.55 |
) |
|
$ |
0.42 |
|
|
$ |
(0.46 |
) |
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding for diluted net (loss) income
per share |
|
|
113,145 |
|
|
|
166,002 |
|
|
|
111,372 |
|
|
|
164,583 |
|
Diluted net (loss) income per common share attributable to Genesis
Healthcare, Inc. |
|
$ |
(0.55 |
) |
|
$ |
0.40 |
|
|
$ |
(0.46 |
) |
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESIS HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (IN THOUSANDS)
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
Assets: |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and equivalents |
|
$ |
200,995 |
|
|
$ |
12,097 |
|
Restricted cash and equivalents |
|
|
45,437 |
|
|
|
63,101 |
|
Accounts receivable, net of allowance for doubtful accounts |
|
|
456,023 |
|
|
|
567,636 |
|
Other current assets |
|
|
194,958 |
|
|
|
186,013 |
|
Total current assets |
|
|
897,413 |
|
|
|
828,847 |
|
Property and
equipment, net of accumulated depreciation |
|
|
1,018,939 |
|
|
|
962,105 |
|
Finance
lease right-of-use asset, net of accumulated amortization |
|
|
28,635 |
|
|
|
37,097 |
|
Operating
lease right-of-use asset |
|
|
1,817,603 |
|
|
|
2,399,505 |
|
Restricted
cash and equivalents |
|
|
51,106 |
|
|
|
50,608 |
|
Identifiable
intangible assets, net of accumulated amortization |
|
|
83,530 |
|
|
|
87,446 |
|
Goodwill |
|
|
85,642 |
|
|
|
85,642 |
|
Other
long-term assets |
|
|
231,757 |
|
|
|
210,890 |
|
Total assets |
|
$ |
4,214,625 |
|
|
$ |
4,662,140 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Deficit: |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
514,618 |
|
|
$ |
464,476 |
|
Accrued compensation |
|
|
145,439 |
|
|
|
153,698 |
|
Other current liabilities |
|
|
290,818 |
|
|
|
452,996 |
|
Total current liabilities |
|
|
950,875 |
|
|
|
1,071,170 |
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,543,698 |
|
|
|
1,450,994 |
|
Finance
lease obligations |
|
|
35,577 |
|
|
|
39,335 |
|
Operating
lease obligations |
|
|
2,199,826 |
|
|
|
2,681,403 |
|
Other
long-term liabilities |
|
|
629,564 |
|
|
|
501,803 |
|
Stockholders' deficit |
|
|
(1,144,915 |
) |
|
|
(1,082,565 |
) |
Total liabilities and stockholders' deficit |
|
$ |
4,214,625 |
|
|
$ |
4,662,140 |
|
|
|
|
|
|
|
|
GENESIS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (IN THOUSANDS)
|
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
2019 |
Net cash provided by operating activities (1) |
|
|
$ |
281,158 |
|
|
$ |
15,758 |
|
Net cash
used in investing activities |
|
|
|
(45,574 |
) |
|
|
(393,034 |
) |
Net cash
(used in) provided by financing activities |
|
|
|
(63,852 |
) |
|
|
363,069 |
|
Net increase
(decrease) in cash, cash equivalents and restricted cash and
equivalents |
|
|
|
171,732 |
|
|
|
(14,207 |
) |
Beginning of
period |
|
|
|
125,806 |
|
|
|
142,276 |
|
End of
period |
|
|
$ |
297,538 |
|
|
$ |
128,069 |
|
____________________(1) - Net cash provided by
operating activities in the three months ended
September 30, 2020 and 2019 includes approximately $26.7
million and $23.0 million, respectively, of cash payments for
transaction-related costs. Net cash provided by operating
activities in the nine months ended September 30, 2020 includes
$157.0 million of advanced Medicare payments and $65.0 million of
deferred payroll taxes pursuant to the CARES Act, both of which are
required to be repaid.
GENESIS HEALTHCARE, INC.
KEY PERFORMANCE AND VALUATION MEASURES
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
Financial Results (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Performance Measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (GAAP) |
|
$ |
938,653 |
|
|
$ |
1,123,705 |
|
|
$ |
2,987,162 |
|
|
$ |
3,430,397 |
|
Net (loss) income attributable to Genesis Healthcare, Inc.
(GAAP) |
|
|
(62,793 |
) |
|
|
46,097 |
|
|
|
(51,290 |
) |
|
|
26,015 |
|
EBITDA (Non-GAAP) |
|
|
(37,463 |
) |
|
|
130,360 |
|
|
|
98,617 |
|
|
|
267,138 |
|
Adjusted EBITDA (Non-GAAP) |
|
|
62,178 |
|
|
|
34,683 |
|
|
|
164,420 |
|
|
|
150,552 |
|
Valuation Measure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAR (Non-GAAP) |
|
$ |
148,425 |
|
|
|
|
|
|
$ |
445,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INPATIENT SEGMENT:
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Occupancy Statistics - Inpatient |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available licensed beds in service at end of period |
|
|
38,073 |
|
|
43,769 |
|
|
|
38,073 |
|
|
43,769 |
|
Available operating beds in service at end of period |
|
|
36,616 |
|
|
41,912 |
|
|
|
36,616 |
|
|
41,912 |
|
Available patient days based on licensed beds |
|
|
3,502,716 |
|
|
4,026,748 |
|
|
|
10,432,861 |
|
|
11,939,391 |
|
Available patient days based on operating beds |
|
|
3,369,354 |
|
|
3,856,927 |
|
|
|
10,018,532 |
|
|
11,437,918 |
|
Actual patient days |
|
|
2,540,395 |
|
|
3,367,241 |
|
|
|
8,050,490 |
|
|
10,011,691 |
|
Occupancy percentage - licensed beds |
|
|
72.5 |
% |
|
83.6 |
% |
|
|
77.2 |
% |
|
83.9 |
% |
Occupancy percentage - operating beds |
|
|
75.4 |
% |
|
87.3 |
% |
|
|
80.4 |
% |
|
87.5 |
% |
Skilled mix |
|
|
16.9 |
% |
|
17.6 |
% |
|
|
17.1 |
% |
|
18.4 |
% |
Average daily census |
|
|
27,613 |
|
|
36,600 |
|
|
|
29,381 |
|
|
36,673 |
|
Revenue per patient day (skilled nursing facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare Part A |
|
$ |
573 |
|
$ |
523 |
|
|
$ |
571 |
|
$ |
525 |
|
Insurance |
|
|
495 |
|
|
465 |
|
|
|
493 |
|
|
460 |
|
Private and other |
|
|
365 |
|
|
368 |
|
|
|
368 |
|
|
367 |
|
Medicaid |
|
|
261 |
|
|
233 |
|
|
|
258 |
|
|
232 |
|
Medicaid (net of provider taxes) |
|
|
237 |
|
|
213 |
|
|
|
235 |
|
|
213 |
|
Weighted average (net of provider taxes) |
|
$ |
303 |
|
$ |
277 |
|
|
$ |
301 |
|
$ |
279 |
|
Patient days by payor (skilled nursing
facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare |
|
|
240,485 |
|
|
319,656 |
|
|
|
781,252 |
|
|
999,535 |
|
Insurance |
|
|
162,034 |
|
|
239,060 |
|
|
|
506,186 |
|
|
735,736 |
|
Total skilled mix days |
|
|
402,519 |
|
|
558,716 |
|
|
|
1,287,438 |
|
|
1,735,271 |
|
Private and other |
|
|
140,445 |
|
|
188,157 |
|
|
|
462,503 |
|
|
545,584 |
|
Medicaid |
|
|
1,835,846 |
|
|
2,425,249 |
|
|
|
5,793,991 |
|
|
7,150,761 |
|
Total Days |
|
|
2,378,810 |
|
|
3,172,122 |
|
|
|
7,543,932 |
|
|
9,431,616 |
|
Patient days as a percentage of total patient days (skilled
nursing facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare |
|
|
10.1 |
% |
|
10.1 |
% |
|
|
10.4 |
% |
|
10.6 |
% |
Insurance |
|
|
6.8 |
% |
|
7.5 |
% |
|
|
6.7 |
% |
|
7.8 |
% |
Skilled mix |
|
|
16.9 |
% |
|
17.6 |
% |
|
|
17.1 |
% |
|
18.4 |
% |
Private and other |
|
|
5.9 |
% |
|
5.9 |
% |
|
|
6.1 |
% |
|
5.8 |
% |
Medicaid |
|
|
77.2 |
% |
|
76.5 |
% |
|
|
76.8 |
% |
|
75.8 |
% |
Total |
|
|
100.0 |
% |
|
100.0 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
Facilities at end of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skilled
nursing facilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased |
|
|
241 |
|
|
280 |
|
|
|
241 |
|
|
280 |
|
Owned |
|
|
14 |
|
|
30 |
|
|
|
14 |
|
|
30 |
|
Joint Venture |
|
|
70 |
|
|
38 |
|
|
|
70 |
|
|
38 |
|
Managed |
|
|
12 |
|
|
12 |
|
|
|
12 |
|
|
12 |
|
Total skilled nursing facilities |
|
|
337 |
|
|
360 |
|
|
|
337 |
|
|
360 |
|
Total licensed beds |
|
|
40,535 |
|
|
43,712 |
|
|
|
40,535 |
|
|
43,712 |
|
Assisted/Senior living facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased |
|
|
19 |
|
|
21 |
|
|
|
19 |
|
|
21 |
|
Owned |
|
|
1 |
|
|
1 |
|
|
|
1 |
|
|
1 |
|
Joint Venture |
|
|
2 |
|
|
1 |
|
|
|
2 |
|
|
1 |
|
Managed |
|
|
1 |
|
|
1 |
|
|
|
1 |
|
|
1 |
|
Total assisted/senior living facilities |
|
|
23 |
|
|
24 |
|
|
|
23 |
|
|
24 |
|
Total licensed beds |
|
|
1,829 |
|
|
1,941 |
|
|
|
1,829 |
|
|
1,941 |
|
Total facilities |
|
|
360 |
|
|
384 |
|
|
|
360 |
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Jointly Owned and Managed— (Unconsolidated) |
|
|
36 |
|
|
13 |
|
|
|
36 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REHABILITATION THERAPY SEGMENT*:
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Revenue mix %: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated |
|
|
33.1 |
% |
|
35.3 |
% |
|
|
33.9 |
% |
|
35.9 |
% |
Non-affiliated and affiliated third party |
|
|
66.9 |
% |
|
64.7 |
% |
|
|
66.1 |
% |
|
64.1 |
% |
Sites of
service (at end of period) |
|
|
1,064 |
|
|
1,185 |
|
|
|
1,064 |
|
|
1,185 |
|
Revenue per
site |
|
$ |
145,360 |
|
$ |
149,357 |
|
|
$ |
440,170 |
|
$ |
459,411 |
|
Therapist
efficiency % |
|
|
65.8 |
% |
|
67.8 |
% |
|
|
67.3 |
% |
|
68.7 |
% |
* Excludes respiratory therapy services.
Reasons for Non-GAAP Financial
Disclosure
The following discussion includes references to
Adjusted EBITDAR, EBITDA and Adjusted EBITDA, which are non-GAAP
financial measures (collectively, Non-GAAP Financial Measures). A
Non-GAAP Financial Measure is a numerical measure of a registrant’s
value, historical or future financial performance, financial
position and cash flows that excludes amounts, or is subject to
adjustments that have the effect of excluding amounts, that are
included in the most directly comparable financial measure
calculated and presented in accordance with GAAP in the statement
of operations, balance sheet or statement of cash flows (or
equivalent statements) of the registrant; or includes amounts, or
is subject to adjustments that have the effect of including
amounts, that are excluded from the most directly comparable
financial measure so calculated and presented. In this regard, GAAP
refers to generally accepted accounting principles in the United
States. We have provided reconciliations of the Non-GAAP Financial
Measures to the most directly comparable GAAP financial
measures.
We believe the presentation of Non-GAAP
Financial Measures provides useful information to investors
regarding our results of operations because these financial
measures are useful for trending, analyzing and benchmarking the
performance and value of our business. By excluding certain
expenses and other items that may not be indicative of our core
business operating results, these Non-GAAP Financial
Measures:
- allow investors to evaluate our
performance from management’s perspective, resulting in greater
transparency with respect to supplemental information used by us in
our financial and operational decision making;
- facilitate comparisons with prior
periods and reflect the principal basis on which management
monitors financial performance;
- facilitate comparisons with the
performance of others in the post-acute industry;
- provide better transparency as to
the measures used by management and others who follow our industry
to estimate the value of our company; and
- allow investors to view our
financial performance and condition in the same manner as our
significant landlords and lenders require us to report financial
information to them in connection with determining our compliance
with financial covenants.
We use two Non-GAAP Financial Measures primarily
(EBITDA and Adjusted EBITDA) as performance measures and believe
that the GAAP financial measure most directly comparable to these
two Non-GAAP Financial Measures is net (loss) income attributable
to Genesis Healthcare, Inc. We use one Non-GAAP Financial Measure
(Adjusted EBITDAR) as a valuation measure and believe that the GAAP
financial measure most directly comparable to this Non-GAAP
Financial Measure is net (loss) income attributable to Genesis
Healthcare, Inc. We use Non-GAAP Financial Measures to assess the
value of our business and the performance of our operating
businesses, as well as the employees responsible for operating such
businesses. Non-GAAP Financial Measures are useful in this regard
because they do not include such costs as interest expense, income
taxes and depreciation and amortization expense which may vary from
business unit to business unit depending upon such factors as the
method used to finance the original purchase of the business unit
or the tax law in the state in which a business unit operates. By
excluding such factors when measuring financial performance, many
of which are outside of the control of the employees responsible
for operating our business units, we are better able to evaluate
value and the operating performance of the business unit and the
employees responsible for business unit performance. Consequently,
we use these Non-GAAP Financial Measures to determine the extent to
which our employees have met performance goals, and therefore the
extent to which they may or may not be eligible for incentive
compensation awards.
We also use Non-GAAP Financial Measures in our
annual budget process. We believe these Non-GAAP Financial Measures
facilitate internal comparisons to historical operating performance
of prior periods and external comparisons to competitors’
historical operating performance. The presentation of these
Non-GAAP Financial Measures is consistent with our past practice
and we believe these measures further enable investors and analysts
to compare current non-GAAP measures with non-GAAP measures
presented in prior periods.
Although we use Non-GAAP Financial Measures as
financial measures to assess value and the performance of our
business, the use of these Non-GAAP Financial Measures is limited
because they do not consider certain material costs necessary to
operate the business. These costs include our lease expense (only
in the case of Adjusted EBITDAR), the cost to service debt, the
depreciation and amortization associated with our long-lived
assets, losses (gains) on early extinguishment of debt, transaction
costs, long-lived asset impairment charges, federal and state
income tax expenses, the operating results of our divested
businesses and the income or net loss attributable to
noncontrolling interests. Because Non-GAAP Financial Measures do
not consider these important elements of our cost structure, a user
of our financial information who relies on Non-GAAP Financial
Measures as the only measures of our performance could draw an
incomplete or misleading conclusion regarding our financial
performance. Consequently, a user of our financial information
should consider net (loss) income attributable to Genesis
Healthcare, Inc. as an important measure of its financial
performance because it provides the most complete measure of our
performance.
Other companies may define Non-GAAP Financial
Measures differently and, as a result, our Non-GAAP Financial
Measures may not be directly comparable to those of other
companies. Non-GAAP Financial Measures do not represent net (loss)
income, as defined by GAAP. Non-GAAP Financial Measures should be
considered in addition to, not as a substitute for, or superior to,
GAAP Financial Measures.
We use the following Non-GAAP Financial Measures
that we believe are useful to investors as key valuation and
operating performance measures:
EBITDA
We believe EBITDA is useful to an investor in
evaluating our operating performance because it helps investors
evaluate and compare the results of our operations from period to
period by removing the impact of our capital structure (interest
expense) and our asset base (depreciation and amortization expense)
from our operating results. In addition, covenants in our debt
agreements use EBITDA as a measure of financial compliance.
Adjustments to EBITDA
We adjust EBITDA when evaluating our performance
because we believe that the exclusion of certain additional items
described below provides useful supplemental information to
investors regarding our ongoing operating performance, in the case
of Adjusted EBITDA. We believe that the presentation of Adjusted
EBITDA, when combined with GAAP net (loss) income attributable to
Genesis Healthcare, Inc., and EBITDA, is beneficial to an
investor’s complete understanding of our operating performance. In
addition, such adjustments are substantially similar to the
adjustments to EBITDA provided for in the financial covenant
calculations contained in our lease and debt agreements.
We adjust EBITDA for the following items:
- Loss on early extinguishment of debt. We recognize gains or
losses on the early extinguishment of debt when we refinance our
debt prior to its original term, requiring us to write-off any
unamortized deferred financing fees. We exclude the effect of gains
or losses recorded on the early extinguishment of debt because we
believe these gains and losses do not accurately reflect the
underlying performance of our operating businesses.
- Other income. We primarily use this income statement caption to
capture gains and losses on the sale or disposition of assets. We
exclude the effect of such gains and losses because we believe they
do not accurately reflect the underlying performance of our
operating businesses.
- Transaction costs. In connection with our acquisition and
disposition transactions, we incur costs consisting of investment
banking, legal, transaction-based compensation and other
professional service costs. We exclude acquisition and disposition
related transaction costs expensed during the period because we
believe these costs do not reflect the underlying performance of
our operating businesses.
- Long-lived asset impairments. We exclude non-cash long-lived
asset impairment charges because we believe including them does not
reflect the ongoing performance of our operating businesses.
Additionally, such impairment charges represent accelerated
depreciation expense, and depreciation expense is also excluded
from EBITDA.
- Severance and restructuring. We exclude severance costs from
planned reduction in force initiatives associated with
restructuring activities intended to adjust our cost structure in
response to changes in the business environment. We believe these
costs do not reflect the underlying performance of our operating
businesses. We do not exclude severance costs that are not
associated with such restructuring activities.
- Loss (income) of newly acquired, constructed or divested
businesses. Many of the businesses we acquire have a history of
operating losses and continue to generate operating losses in the
months that follow our acquisition. Newly constructed or developed
businesses also generate losses while in their start-up phase. We
view these losses as both temporary and an expected component of
our long-term investment in the new venture. We adjust these losses
when computing Adjusted EBITDA in order to better analyze the
performance of our mature ongoing business. The activities of such
businesses are adjusted when computing Adjusted EBITDA until such
time as a new business generates positive Adjusted EBITDA. The
divestiture of underperforming or non-strategic facilities is also
an element of our business strategy. We eliminate the results of
divested facilities beginning in the quarter in which they become
divested. We view the income or losses associated with the
wind-down of such divested facilities as not indicative of the
performance of our ongoing operating business.
- Stock-based compensation. We exclude stock-based compensation
expense because it does not result in an outlay of cash and such
non-cash expenses do not reflect the underlying performance of our
operating businesses.
- Estimated impact of COVID-19. We excluded the net impact of the
COVID-19 pandemic to our revenues and expenses for the three and
nine months ended September 30, 2020 due to the extraordinary
nature of the virus and its impact across the globe. We view the
full extent of incremental expenses, lost revenue and government
relief grants as not indicative of the underlying potential
long-term performance of our operating businesses. Our estimate of
the pandemic’s impact on earnings for the three and nine months
ended September 30, 2020 includes the following components:
(1) incremental funding received to address escalating expenses and
lost revenue (2) incremental expenses incurred as a result of the
pandemic and (3) the net impact of lost revenue, after considering
a commensurate reduction in operating expenses. For the
three and nine months ended September 30, 2020, we excluded funding
recognized under the CARES Act and additional funding provided by
certain states totaling approximately $64 million and $298 million,
respectively. For the three and nine months ended September
30, 2020, we excluded incremental expenses incurred in connection
with the COVID-19 pandemic of approximately $52 million and $205
million, respectively. For the three and nine months ended
September 30, 2020 we excluded the estimated net impact of lost
revenue offset by any resulting reduction in operating expenses, of
$71 million and $145 million, respectively.
- Other non-recurring income. In the three and nine months ended
September 30, 2019, we excluded an insurance recovery and costs
related to the hurricane events of fiscal year 2017. We do not
believe the excluded costs reflect the performance of our ongoing
operating business.
Adjusted EBITDAR
We use Adjusted EBITDAR as one measure in
determining the value of our business and the value of prospective
acquisitions or divestitures. Adjusted EBITDAR is also a commonly
used measure to estimate the enterprise value of businesses in the
healthcare and other industries. In addition, financial covenants
in our lease agreements use Adjusted EBITDAR as a measure of
compliance.
The adjustments made and previously described in
the computation of Adjusted EBITDA are also made when computing
Adjusted EBITDAR.
Supplemental Information:
We provide supplemental information about
certain capital costs we believe are beneficial to an investor’s
understanding of our capital structure and cash flows. This
supplemental information includes (1) cash interest payments on our
recourse and HUD guaranteed indebtedness (2) cash rent payments
made to partially owned real estate joint ventures that is
eliminated in consolidation, net of any distributions returned to
us, and (3) total cash lease payments made pursuant to operating
leases and finance leases.
This supplemental information is used by us to
evaluate our leverage, fixed charge coverage and cash flow.
This supplemental information is consistent with information used
by our major creditors in evaluating compliance with financial
covenants contained in our material lease and loan agreements.
See the reconciliation of net (loss) income
attributable to Genesis Healthcare, Inc. to Non-GAAP financial
information included herein.
GENESIS HEALTHCARE, INC.
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO GENESIS
HEALTHCARE, INC. TO NON-GAAP FINANCIAL
INFORMATION (UNAUDITED) (IN
THOUSANDS)
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Genesis Healthcare, Inc. |
|
$ |
(62,793 |
) |
|
$ |
46,097 |
|
|
|
$ |
(51,290 |
) |
|
$ |
26,015 |
|
Adjustments
to compute EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to noncontrolling interests |
|
|
(33,137 |
) |
|
|
12,801 |
|
|
|
|
(35,275 |
) |
|
|
(1,182 |
) |
Depreciation and amortization expense |
|
|
24,373 |
|
|
|
34,932 |
|
|
|
|
84,177 |
|
|
|
101,395 |
|
Interest expense |
|
|
33,918 |
|
|
|
37,099 |
|
|
|
|
102,065 |
|
|
|
141,590 |
|
Income tax expense (benefit) |
|
|
176 |
|
|
|
(569 |
) |
|
|
|
(1,060 |
) |
|
|
(680 |
) |
EBITDA |
|
$ |
(37,463 |
) |
|
$ |
130,360 |
|
|
|
|
98,617 |
|
|
|
267,138 |
|
Adjustments to compute Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on early extinguishment of debt |
|
|
1,101 |
|
|
|
2,460 |
|
|
|
|
6,561 |
|
|
|
2,436 |
|
Other income |
|
|
(53,507 |
) |
|
|
(131,811 |
) |
|
|
|
(182,439 |
) |
|
|
(172,141 |
) |
Transaction costs |
|
|
15,561 |
|
|
|
12,941 |
|
|
|
|
26,696 |
|
|
|
23,025 |
|
Long-lived asset impairments |
|
|
72,400 |
|
|
|
16,037 |
|
|
|
|
159,200 |
|
|
|
16,937 |
|
Severance and restructuring |
|
|
354 |
|
|
|
2,751 |
|
|
|
|
1,055 |
|
|
|
4,870 |
|
Loss (income) of newly acquired, constructed, or divested
businesses |
|
|
2,769 |
|
|
|
67 |
|
|
|
|
(2,481 |
) |
|
|
2,811 |
|
Stock-based compensation |
|
|
1,599 |
|
|
|
1,878 |
|
|
|
|
5,324 |
|
|
|
5,713 |
|
Estimated impact of COVID-19 |
|
|
59,364 |
|
|
|
— |
|
|
|
|
51,887 |
|
|
|
— |
|
Other non-recurring income |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(237 |
) |
Adjusted EBITDA |
|
$ |
62,178 |
|
|
$ |
34,683 |
|
|
|
$ |
164,420 |
|
|
$ |
150,552 |
|
Lease expense |
|
|
86,247 |
|
|
|
100,018 |
|
|
|
|
280,662 |
|
|
|
288,665 |
|
Adjusted EBITDAR |
|
$ |
148,425 |
|
|
|
|
|
|
$ |
445,082 |
|
|
|
|
Supplemental
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest payments on recourse and HUD debt |
|
$ |
14,257 |
|
|
$ |
20,550 |
|
|
|
$ |
48,917 |
|
|
$ |
63,490 |
|
Cash payments made to partially owned real estate joint ventures,
net of distributions received |
|
|
14,186 |
|
|
|
5,610 |
|
|
|
|
39,565 |
|
|
|
9,810 |
|
Total cash lease payments made pursuant to operating leases and
finance leases |
|
$ |
85,575 |
|
|
$ |
100,500 |
|
|
|
$ |
269,357 |
|
|
$ |
314,516 |
|
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