Genesis HealthCare (Genesis, or the Company) (NYSE:GEN), one of the
largest post-acute care providers in the United States, today
announced it has reached preliminary non-binding agreements with
certain landlords and credit parties intended to reduce fixed
charges and improve cash flow. Genesis also announced
operating results for the third quarter ended September 30,
2017.
Capital Structure
Restructuring Plans
Genesis and its counterparties to the Welltower Master Lease,
the Sabra Master Leases, the Welltower Bridge Loans, the Term Loans
and certain other loans have entered into preliminary non-binding
agreements concerning a proposed long-term restructuring of these
master leases and loans (the Restructuring Plans) in an effort to
strengthen significantly the capital structure of the Company.
These Restructuring Plans include the proposed sale by Sabra and
Welltower of certain facilities currently leased to the Company,
which the Company intends to re-lease from new third-party
landlords at reduced rents. Genesis will also make commercially
reasonable efforts to refinance or repay through asset sales,
certain of its debt obligations with Welltower which, upon
completion, is expected to result in a reduction in interest
costs.
These Restructuring Plans, if and when fully consummated, are
expected to reduce the Company’s current cash fixed charges between
$80 million and $100 million annually. This level of
reduction in fixed charges is subject to the successful sale of the
Welltower and Sabra facilities to new landlords, the successful
re-leasing of those facilities to Genesis at reduced rents, the
successful refinancing and/or repayment of certain debt obligations
and the receipt of additional concessions to be made by other
credit parties. Genesis believes the transactions under the
proposed restructuring could occur during the first half of
2018.
“We are very appreciative of the constructive
and collaborative support of our key credit partners,” noted George
V. Hager Jr., Chief Executive Officer of Genesis. “We look
forward to executing on the Restructuring Plans, which upon
completion, we believe will result in a significantly strengthened
capital structure for the Company, providing adequate liquidity and
free cash flow to allow continued investment in our people and our
clinical programs.”
“We remain committed to providing outstanding
care to our patients and the continued development of our
value-based initiatives, which we believe are the keys to long-term
shareholder value”.
Third Quarter 2017 Results
- US GAAP revenue in the third quarter of 2017 was $1.32 billion
compared to $1.42 billion in the prior year quarter;
- US GAAP net loss attributable to Genesis HealthCare, Inc. in
the third quarter of 2017 was $373.8 million compared to $20.5
million in the prior year quarter;
- Adjusted EBITDAR in the third quarter of 2017 was $147.8
million compared to $172.1 million in the prior year quarter;
and
- Adjusted EBITDA in the third quarter of 2017 was $109.1 million
compared to $136.6 million in the prior year quarter.
“The operating environment continues to be very challenging,
with further declines this quarter in skilled patient admissions
and higher levels of nursing wage inflation than in recent
quarters,” noted Mr. Hager. “These factors served to further
compress operating margins in the third quarter of 2017.”
“I would also like to mention that while
Hurricanes Irma and Harvey had minimal financial impact on the
quarter, hundreds of Genesis employees went above and beyond to
ensure the safety and well-being of patients, residents, and fellow
caregivers. Their generosity, compassion, and dedication was
truly amazing and for that we say thank you.”
Business Development and
Divestitures
Genesis continues to make progress with its strategy to exit
challenging, low density markets and focus on investment and growth
in core, strategic markets. Since the Company’s last earnings
announcement, divestitures included:
- One leased facility during the third quarter 2017, and two
additional leased facilities divested in October 2017. The
three facilities had annual net revenue of $21.2 million, Adjusted
EBITDA of ($2.1) million and a pre-tax net loss of ($4.3)
million.
Genesis expects to divest an additional 14 underperforming
assets or assets in non-strategic markets through early 2018.
Balance Sheet and Cash Flows
Asset Impairment ChargesThe Company’s inpatient
segment has experienced a decline in financial performance as a
result of the ongoing challenging operating environment.
Based on the Company’s annual goodwill impairment testing,
management determined that the carrying value of the inpatient
segment goodwill was fully impaired, resulting in a non-cash
impairment charge of $360.0 million for goodwill and identifiable
intangible assets recorded in the three months ended September 30,
2017. In addition, the Company determined that the
carrying value of property, plant and equipment associated with
certain of its inpatient facilities exceeded their estimated fair
value. In accordance with generally accepted accounting
principles, the Company recorded a non-cash impairment charge of
$163.4 million in the three months ended September 30, 2017
representing the difference between the estimated fair value and
the carrying value of such property, plant and
equipment.
Financing Activities Occurring During the Third QuarterDuring
the third quarter of 2017, Genesis closed on one HUD guaranteed
mortgage totaling $6.4 million that was used partially to pay down
the Company’s real estate loans with Welltower. Genesis
expects to continue to refinance the real estate loans with lower
cost and longer maturity HUD guaranteed mortgages or other
permanent financing as conditions allow.
Value-Based Care Delivery
With more than two years’ experience in managing through the
value-based care delivery shift, Genesis continues to learn from
and strengthen its participation in value-based care delivery
initiatives.
Bundled PaymentsGenesis’ Model 3 Bundled Payment Care Initiative
program continues to perform above expectations generating positive
results. At the start of 2017, Genesis expected to recognize
$8.0 million in favorable estimated settlements for the fiscal year
ended 2017. As the Company continues to refine its
participation under the Model 3 program, improve efficiencies and
drive outcomes, the Company expects a full year 2017 run rate of
$20.5 million in favorable estimated settlements.
Medicare Shared Savings Program (MSSP)Effective January 1, 2016,
Genesis HealthCare Accountable Care Organization (ACO) began
participating in the MSSP through its Genesis Physician Services
(GPS) division. During 2016, the Company managed approximately
14,000 Medicare fee for service beneficiaries with annualized
Medicare spend of more than $784 million. During 2016, the
MSSP required Genesis to save at least 2.7% of the total Medicare
spend under management in order to share in up to 50% of the
savings with the Centers for Medicare & Medicaid Services
(CMS). At the beginning of September, Genesis was informed by
CMS that it did not reach the minimum savings rate set by CMS
required for gainsharing. As a result, Genesis will not
receive a shared savings payout in 2017 for the 2016 performance
year.
Genesis attributes the final reconciliation shortfall to
unexpected changes in the national trend factor which served to
increase the targeting savings hurdle.
“While disappointing, we know that gainsharing is uncommon for
new MSSP participants,” noted Mr. Hager. “For 2015, CMS
reported that only a quarter of first year participants received a
savings payout and, including more mature ACOs, only a third of all
MSSP ACOs received a shared savings payout. During 2017, we
implemented a number of initiatives designed to improve
performance, increase collaboration, drive healthcare efficiencies
and improve select quality outcomes.”
Vitality to YouGenesis’ unique Vitality to You service offering
that extends Genesis Rehabilitation Service’s therapy business into
the community increased revenue for the quarter to $5.8 million, a
23% increase compared to the prior year quarter and to $16.8
million, a 35% increase for the nine months ended September 30,
2017, compared to the same period in the prior year.
Conference Call
Genesis HealthCare will hold a conference call at
8:30 a.m. Eastern Time on Thursday, November 9, 2017 to discuss
financial results for the third quarter ended 2017. 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
Genesis HealthCare (NYSE:GEN) is a holding company
with subsidiaries that, on a combined basis, comprise one of the
nation's largest post-acute care providers with more than 450
skilled nursing facilities and assisted/senior living communities
in 30 states nationwide. Genesis subsidiaries also supply
rehabilitation and respiratory therapy to approximately 1,700
healthcare providers in 45 states, the District of Columbia and
China. References made in this release to "Genesis," "the
Company," "we," "us" and "our" refer to Genesis HealthCare and each
of its wholly-owned companies. Visit our website at
www.genesishcc.com.
Forward-Looking StatementsThis 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 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:
- 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. Moreover, annual payment caps that limit the
amounts that can be paid for outpatient therapy services rendered
to any Medicare beneficiary may negatively affect our results of
operations;
- 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 Medicare 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;
- our issuance of debt securities that are convertible into our
common stock could result in dilution of common stockholders’
percentage ownership of our company, if such debt securities are
converted to common stock;
- we have entered into preliminary non-binding agreements with
certain of our credit parties concerning a proposed long-term
restructuring of certain master leases and loans (the Restructuring
Plans) in an effort to develop a sustainable capital structure for
us. However, there can be no assurance that the conditions
necessary to achieve the fixed charge reductions contemplated in
the Restructuring Plans will be met. If such fixed charge
reductions are not realized it would have a material adverse effect
on our liquidity and financial condition;
- we are presently operating under waivers of certain of our
financial agreements and are engaged in discussions with the
counterparties to the Revolving Credit Facilities to secure a
90-day forbearance agreement through late January 2018. There
can be no assurance such waivers will be received in future
periods, or whether a forbearance agreement will be executed by us
and the counterparties to the Revolving Credit Facilities. In
the event future waivers or forbearance aggreements are not
extended and our creditors accelerate our loan and lease
obligations, it would have a material adverse effect on our
liquidity and financial condition;
- the holders of a majority of the voting power of Genesis’
common stock have entered into a voting agreement, and the voting
group’s interests may conflict with the interests of other
stockholders;
- 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; and
- we are a “controlled company” within the meaning of NYSE rules
and, as a result, qualify for and rely on exemptions from certain
corporate governance requirements.
The Company’s Annual Report on Form 10-K for the year ended
December 31, 2016, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K, and other filings with the U.S. Securities and
Exchange Commission, including the Company’s Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2017,
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, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(UNAUDITED) |
(IN THOUSANDS, EXCEPT PER SHARE
DATA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net revenues |
|
$ |
1,315,452 |
|
|
$ |
1,418,994 |
|
|
$ |
4,045,860 |
|
|
$ |
4,329,570 |
|
Salaries, wages and
benefits |
|
|
739,404 |
|
|
|
834,414 |
|
|
|
2,303,300 |
|
|
|
2,534,824 |
|
Other operating
expenses |
|
|
375,587 |
|
|
|
350,828 |
|
|
|
1,090,139 |
|
|
|
1,062,086 |
|
General and
administrative costs |
|
|
40,732 |
|
|
|
46,545 |
|
|
|
127,041 |
|
|
|
139,999 |
|
Provision for losses on
accounts receivable |
|
|
25,187 |
|
|
|
25,602 |
|
|
|
72,700 |
|
|
|
81,776 |
|
Lease expense |
|
|
38,670 |
|
|
|
35,512 |
|
|
|
113,004 |
|
|
|
109,796 |
|
Depreciation and
amortization expense |
|
|
59,390 |
|
|
|
61,104 |
|
|
|
183,986 |
|
|
|
190,822 |
|
Interest expense |
|
|
124,431 |
|
|
|
131,812 |
|
|
|
373,473 |
|
|
|
400,853 |
|
Loss on early
extinguishment of debt |
|
|
— |
|
|
|
15,363 |
|
|
|
2,301 |
|
|
|
15,830 |
|
Investment income |
|
|
(1,596 |
) |
|
|
(934 |
) |
|
|
(4,097 |
) |
|
|
(2,073 |
) |
Other loss
(income) |
|
|
2,379 |
|
|
|
(5,173 |
) |
|
|
15,602 |
|
|
|
(48,084 |
) |
Transaction costs |
|
|
1,056 |
|
|
|
3,057 |
|
|
|
7,862 |
|
|
|
9,804 |
|
Customer
receivership |
|
|
297 |
|
|
|
— |
|
|
|
35,864 |
|
|
|
— |
|
Long-lived asset
impairments |
|
|
163,364 |
|
|
|
— |
|
|
|
163,364 |
|
|
|
— |
|
Goodwill and
identifiable intangible asset impairments |
|
|
360,046 |
|
|
|
— |
|
|
|
360,046 |
|
|
|
— |
|
Skilled Healthcare and
other loss contingency expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,192 |
|
Equity in net income of
unconsolidated affiliates |
|
|
(69 |
) |
|
|
(893 |
) |
|
|
(291 |
) |
|
|
(2,153 |
) |
Loss before income tax
expense (benefit) |
|
|
(613,426 |
) |
|
|
(78,243 |
) |
|
|
(798,434 |
) |
|
|
(179,102 |
) |
Income tax expense
(benefit) |
|
|
1,596 |
|
|
|
(25,888 |
) |
|
|
5,683 |
|
|
|
(19,738 |
) |
Loss from continuing
operations |
|
|
(615,022 |
) |
|
|
(52,355 |
) |
|
|
(804,117 |
) |
|
|
(159,364 |
) |
Loss from discontinued
operations, net of taxes |
|
|
(2 |
) |
|
|
(24 |
) |
|
|
(70 |
) |
|
|
(1 |
) |
Net loss |
|
|
(615,024 |
) |
|
|
(52,379 |
) |
|
|
(804,187 |
) |
|
|
(159,365 |
) |
Less net loss
attributable to noncontrolling interests |
|
|
241,200 |
|
|
|
31,921 |
|
|
|
314,446 |
|
|
|
72,895 |
|
Net loss attributable
to Genesis Healthcare, Inc. |
|
$ |
(373,824 |
) |
|
$ |
(20,458 |
) |
|
$ |
(489,741 |
) |
|
$ |
(86,470 |
) |
Loss per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding for loss from continuing
operations per share |
|
|
94,940 |
|
|
|
90,226 |
|
|
|
93,376 |
|
|
|
89,617 |
|
Net loss
per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations attributable to Genesis Healthcare, Inc. |
|
$ |
(3.94 |
) |
|
$ |
(0.23 |
) |
|
$ |
(5.24 |
) |
|
$ |
(0.96 |
) |
Loss from
discontinued operations, net of taxes |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
Net loss
attributable to Genesis Healthcare, Inc. |
|
$ |
(3.94 |
) |
|
$ |
(0.23 |
) |
|
$ |
(5.24 |
) |
|
$ |
(0.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESIS HEALTHCARE, INC. |
|
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
(UNAUDITED) |
|
(IN THOUSANDS) |
|
|
|
September 30, |
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
Assets: |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and
equivalents |
|
$ |
50,591 |
|
|
$ |
51,408 |
|
|
Accounts
receivable, net of allowances for doubtful accounts |
|
|
774,052 |
|
|
|
832,109 |
|
|
Other
current assets |
|
|
174,149 |
|
|
|
175,470 |
|
|
Total
current assets |
|
|
998,792 |
|
|
|
1,058,987 |
|
|
Property and equipment,
net of accumulated depreciation |
|
|
3,470,946 |
|
|
|
3,765,393 |
|
|
Identifiable intangible
assets, net of accumulated amortization |
|
|
147,239 |
|
|
|
175,566 |
|
|
Goodwill |
|
|
85,642 |
|
|
|
440,712 |
|
|
Other long-term
assets |
|
|
224,309 |
|
|
|
338,543 |
|
|
Total
assets |
|
$ |
4,926,928 |
|
|
$ |
5,779,201 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Deficit: |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
461,521 |
|
|
$ |
474,073 |
|
|
Accrued
compensation |
|
|
163,727 |
|
|
|
181,841 |
|
|
Other
current liabilities |
|
|
4,877,347 |
|
|
|
201,646 |
|
|
Total
current liabilities |
|
|
5,502,595 |
|
|
|
857,560 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
284,014 |
|
|
|
1,146,550 |
|
|
Capital lease
obligations |
|
|
45,974 |
|
|
|
997,340 |
|
|
Financing
obligations |
|
|
8,711 |
|
|
|
2,867,534 |
|
|
Other long-term
liabilities |
|
|
614,353 |
|
|
|
640,405 |
|
|
Stockholders'
deficit |
|
|
(1,528,719 |
) |
|
|
(730,188 |
) |
|
Total
liabilities and stockholders' deficit |
|
$ |
4,926,928 |
|
|
$ |
5,779,201 |
|
|
|
|
|
|
|
|
|
|
GENESIS HEALTHCARE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(UNAUDITED) |
(IN THOUSANDS) |
|
|
|
Nine months ended
September 30, |
|
|
|
2017 |
|
|
2016 |
|
Net cash provided by
operating activities (1) |
|
|
$ |
67,358 |
|
|
$ |
35,302 |
|
Net cash provided by
investing activities |
|
|
|
49,400 |
|
|
|
962 |
|
Net cash used in
financing activities |
|
|
|
(117,575 |
) |
|
|
(43,967 |
) |
Net decrease in cash
and cash equivalents |
|
|
|
(817 |
) |
|
|
(7,703 |
) |
Beginning of
period |
|
|
|
51,408 |
|
|
|
61,543 |
|
End of period |
|
|
$ |
50,591 |
|
|
$ |
53,840 |
|
|
|
|
|
|
|
|
|
|
|
(1) - Net cash provided by operating activities in the nine
months ended September 30, 2017 and 2016 includes approximately
$7.9 million and $9.8 million, respectively, of cash payments for
transaction-related costs.
|
|
GENESIS HEALTHCARE, INC. |
KEY PERFORMANCE AND VALUATION
MEASURES |
(UNAUDITED) |
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
Financial
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
$ |
1,315,452 |
|
|
$ |
1,418,994 |
|
|
|
$ |
4,045,860 |
|
|
$ |
4,329,570 |
|
EBITDA |
|
|
(429,605 |
) |
|
|
114,673 |
|
|
|
|
(240,975 |
) |
|
|
412,573 |
|
Adjusted
EBITDAR |
|
|
147,788 |
|
|
|
172,141 |
|
|
|
|
488,829 |
|
|
|
539,842 |
|
Adjusted
EBITDA |
|
|
109,118 |
|
|
|
136,629 |
|
|
|
|
375,825 |
|
|
|
430,046 |
|
Net loss
attributable to Genesis Healthcare, Inc. |
|
|
(373,824 |
) |
|
|
(20,458 |
) |
|
|
|
(489,741 |
) |
|
|
(86,470 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INPATIENT SEGMENT:
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2017 |
|
2016 |
|
|
2017 |
|
2016 |
|
Occupancy
Statistics - Inpatient |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available
licensed beds in service at end of period |
|
|
55,005 |
|
|
58,379 |
|
|
|
55,005 |
|
|
58,379 |
|
Available
operating beds in service at end of period |
|
|
52,907 |
|
|
56,444 |
|
|
|
52,907 |
|
|
56,444 |
|
Available
patient days based on licensed beds |
|
|
5,058,848 |
|
|
5,325,166 |
|
|
|
15,018,709 |
|
|
15,846,651 |
|
Available
patient days based on operating beds |
|
|
4,872,838 |
|
|
5,160,945 |
|
|
|
14,479,602 |
|
|
15,403,904 |
|
Actual
patient days |
|
|
4,123,001 |
|
|
4,411,152 |
|
|
|
12,323,181 |
|
|
13,202,437 |
|
Occupancy
percentage - licensed beds |
|
|
81.5 |
% |
|
82.8 |
% |
|
|
82.1 |
% |
|
83.3 |
% |
Occupancy
percentage - operating beds |
|
|
84.6 |
% |
|
85.5 |
% |
|
|
85.1 |
% |
|
85.7 |
% |
Skilled
mix |
|
|
18.7 |
% |
|
19.6 |
% |
|
|
19.7 |
% |
|
20.4 |
% |
Average
daily census |
|
|
44,815 |
|
|
47,947 |
|
|
|
45,140 |
|
|
48,184 |
|
Revenue
per patient day (skilled nursing facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare
Part A |
|
$ |
524 |
|
$ |
513 |
|
|
$ |
527 |
|
$ |
513 |
|
Medicare
total (including Part B) |
|
|
573 |
|
|
555 |
|
|
|
571 |
|
|
554 |
|
Insurance |
|
|
457 |
|
|
458 |
|
|
|
456 |
|
|
454 |
|
Private
and other |
|
|
328 |
|
|
309 |
|
|
|
325 |
|
|
306 |
|
Medicaid |
|
|
219 |
|
|
218 |
|
|
|
218 |
|
|
219 |
|
Medicaid
(net of provider taxes) |
|
|
199 |
|
|
199 |
|
|
|
199 |
|
|
199 |
|
Weighted
average (net of provider taxes) |
|
$ |
269 |
|
$ |
270 |
|
|
$ |
272 |
|
$ |
272 |
|
Patient days by
payor (skilled nursing facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare |
|
|
439,240 |
|
|
513,720 |
|
|
|
1,398,286 |
|
|
1,617,227 |
|
Insurance |
|
|
293,315 |
|
|
306,366 |
|
|
|
917,343 |
|
|
921,519 |
|
Total
skilled mix days |
|
|
732,555 |
|
|
820,086 |
|
|
|
2,315,629 |
|
|
2,538,746 |
|
Private
and other |
|
|
257,835 |
|
|
305,545 |
|
|
|
779,228 |
|
|
903,951 |
|
Medicaid |
|
|
2,924,845 |
|
|
3,063,256 |
|
|
|
8,616,866 |
|
|
9,031,537 |
|
Total
Days |
|
|
3,915,235 |
|
|
4,188,887 |
|
|
|
11,711,723 |
|
|
12,474,234 |
|
Patient days as
a percentage of total patient days (skilled nursing
facilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare |
|
|
11.2 |
% |
|
12.3 |
% |
|
|
11.9 |
% |
|
13.0 |
% |
Insurance |
|
|
7.5 |
% |
|
7.3 |
% |
|
|
7.8 |
% |
|
7.4 |
% |
Skilled
mix |
|
|
18.7 |
% |
|
19.6 |
% |
|
|
19.7 |
% |
|
20.4 |
% |
Private
and other |
|
|
6.6 |
% |
|
7.3 |
% |
|
|
6.7 |
% |
|
7.2 |
% |
Medicaid |
|
|
74.7 |
% |
|
73.1 |
% |
|
|
73.6 |
% |
|
72.4 |
% |
Total |
|
|
100.0 |
% |
|
100.0 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
Facilities at
end of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skilled nursing
facilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased |
|
|
362 |
|
|
375 |
|
|
|
362 |
|
|
375 |
|
Owned |
|
|
44 |
|
|
60 |
|
|
|
44 |
|
|
60 |
|
Joint
Venture |
|
|
5 |
|
|
5 |
|
|
|
5 |
|
|
5 |
|
Managed
* |
|
|
35 |
|
|
34 |
|
|
|
35 |
|
|
34 |
|
Total skilled nursing facilities |
|
|
446 |
|
|
474 |
|
|
|
446 |
|
|
474 |
|
Total licensed beds |
|
|
54,935 |
|
|
57,896 |
|
|
|
54,935 |
|
|
57,896 |
|
Assisted/Senior living
facilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased |
|
|
19 |
|
|
26 |
|
|
|
19 |
|
|
26 |
|
Owned |
|
|
4 |
|
|
4 |
|
|
|
4 |
|
|
4 |
|
Joint
Venture |
|
|
1 |
|
|
1 |
|
|
|
1 |
|
|
1 |
|
Managed |
|
|
2 |
|
|
2 |
|
|
|
2 |
|
|
2 |
|
Total assisted/senior living facilities |
|
|
26 |
|
|
33 |
|
|
|
26 |
|
|
33 |
|
Total licensed beds |
|
|
2,208 |
|
|
2,643 |
|
|
|
2,208 |
|
|
2,643 |
|
Total
facilities |
|
|
472 |
|
|
507 |
|
|
|
472 |
|
|
507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Jointly Owned and
Managed— (Unconsolidated) |
|
|
15 |
|
|
15 |
|
|
|
15 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REHABILITATION THERAPY SEGMENT**:
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2017 |
|
2016 |
|
|
2017 |
|
2016 |
|
Revenue mix %: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated |
|
|
37 |
% |
|
37 |
% |
|
|
37 |
% |
|
37 |
% |
Non-affiliated |
|
|
63 |
% |
|
63 |
% |
|
|
63 |
% |
|
63 |
% |
Sites of service (at
end of period) |
|
|
1,525 |
|
|
1,582 |
|
|
|
1,525 |
|
|
1,582 |
|
Revenue per site |
|
$ |
152,956 |
|
$ |
156,362 |
|
|
$ |
460,360 |
|
$ |
489,854 |
|
Therapist efficiency
% |
|
|
66 |
% |
|
67 |
% |
|
|
68 |
% |
|
69 |
% |
* In 2016 and 2017, includes 20 facilities located in Texas for
which the real estate is owned by Genesis.
** 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
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 Non-GAAP Financial Measures primarily as performance
measures and believe that the GAAP financial measure most directly
comparable to them is net income (loss) 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 EBITDAR and Adjusted EBITDAR), the cost to service debt,
the depreciation and amortization associated with our long-lived
assets, losses (gains) on extinguishment of debt, transaction
costs, long-lived asset impairment charges, federal and state
income tax expenses, the operating results of our discontinued
businesses and the income or loss attributable to non-controlling
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 income (loss) 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 income (loss), 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
and lease 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, in the case of EBITDAR, the value of our
business, and, in the case of EBITDA, our ongoing operating
performance. We believe that the presentation of Adjusted
EBITDA, when combined with GAAP net income (loss) 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 EBITDA provided for in the financial covenant
calculations contained in our lease and debt agreements.
We adjust EBITDA for the following items:
- Loss on extinguishment of debt. We recognize losses on
the 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 losses or gains
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 loss (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.
- Customer receivership. We exclude the non-cash costs related to
a customer receivership and the related write-down of unpaid
accounts receivable. We believe these costs do not accurately
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 operating performance of our
operating businesses. Additionally, such impairment charges
represent accelerated depreciation expense, and depreciation
expense is excluded from EBITDA.
- Goodwill and identifiable intangible asset impairments.
We exclude non-cash goodwill and identifiable intangible asset
impairment charges because we believe including them does not
reflect the ongoing operating performance of our operating
businesses.
- 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.
- Losses of newly acquired, constructed or divested
businesses. The acquisition and construction of new
businesses is an element of our growth strategy. 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 operating performance of new businesses is no
longer adjusted when computing Adjusted EBITDA beginning in the
period in which a new business generates positive Adjusted EBITDA
and all periods thereafter. 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 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
operating performance of our operating businesses.
- Other Items. From time to time we incur costs or realize
gains that we do not believe reflect the underlying performance of
our operating businesses. In the current reporting period, we
incurred the following expenses that we believe are non-recurring
in nature and do not reflect ongoing operating performance of the
Company or our operating businesses.
(1) Skilled Healthcare and other loss contingency expense – We
exclude the estimated settlement cost and any adjustments thereto
regarding the four legal matters inherited by Genesis in the
Skilled and Sun Transactions and disclosed in the commitments and
contingencies footnote to our consolidated financial statements
describing our material legal proceedings. In the nine months
ended September 30, 2016, we increased our estimated loss
contingency expense by $15.2 million, respectively, related to
these matters. We believe these costs are non-recurring in
nature as they will no longer be recognized following the final
settlement of these matters. We do not exclude the estimated
settlement costs associated with all other legal and regulatory
matters arising in the normal course of business. Also, we do
not believe the excluded costs reflect the underlying performance
of our operating businesses.
(2) Regulatory defense and related costs – We exclude the costs
of investigating and defending the matters associated with the
Skilled Healthcare and other loss contingency expense as noted in
footnote (1). We believe these costs are non-recurring in
nature as they will no longer be recognized following the final
settlement of these matters. Also, we do not believe the excluded
costs reflect underlying performance of our operating
businesses.
(3) Other non-recurring costs – In the three and nine
months ended September 30, 2017, we excluded $3.5 million of costs,
primarily incurred in connection with the removal of a non cash
actuarially developed discount related to the settlement of
workers’ compensation claims for policy years 2012 and prior.
In the three and nine months ended September 30, 2016, we excluded
($0.1) million and $0.8 million, respectively, of costs related to
previously reported periods and a regulatory audit associated with
acquired businesses and related to pre-acquisition periods.
We do not believe the excluded costs are recurring or reflect the
underlying performance of our operating businesses.
See the reconciliation of net loss attributable
to Genesis Healthcare, Inc. to EBITDA and Adjusted EBITDA included
herein.
Adjusted EBITDAR
We use Adjusted EBITDAR as one measure in
determining 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 industry. In addition, covenants in our lease agreements
use Adjusted EBITDAR as a measure of financial compliance.
The adjustments made and previously described in
the computation of Adjusted EBITDA are also made when computing
Adjusted EBITDAR. See the reconciliation of net loss
attributable to Genesis Healthcare, Inc. to Adjusted EBITDAR
included herein.
|
|
GENESIS HEALTHCARE, INC. |
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO
GENESIS HEALTHCARE, INC. TO EBITDA AND ADJUSTED
EBITDA |
(UNAUDITED) |
(IN THOUSANDS) |
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Genesis Healthcare, Inc. |
|
$ |
(373,824 |
) |
|
$ |
(20,458 |
) |
|
|
$ |
(489,741 |
) |
|
$ |
(86,470 |
) |
Adjustments to compute
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes |
|
|
2 |
|
|
|
24 |
|
|
|
|
70 |
|
|
|
1 |
|
Net loss
attributable to noncontrolling interests |
|
|
(241,200 |
) |
|
|
(31,921 |
) |
|
|
|
(314,446 |
) |
|
|
(72,895 |
) |
Depreciation and amortization expense |
|
|
59,390 |
|
|
|
61,104 |
|
|
|
|
183,986 |
|
|
|
190,822 |
|
Interest
expense |
|
|
124,431 |
|
|
|
131,812 |
|
|
|
|
373,473 |
|
|
|
400,853 |
|
Income
tax expense (benefit) |
|
|
1,596 |
|
|
|
(25,888 |
) |
|
|
|
5,683 |
|
|
|
(19,738 |
) |
EBITDA |
|
$ |
(429,605 |
) |
|
$ |
114,673 |
|
|
|
|
(240,975 |
) |
|
|
412,573 |
|
Adjustments to compute Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt |
|
|
— |
|
|
|
15,363 |
|
|
|
|
2,301 |
|
|
|
15,830 |
|
Other
loss (income) |
|
|
2,379 |
|
|
|
(5,173 |
) |
|
|
|
15,602 |
|
|
|
(48,084 |
) |
Transaction costs |
|
|
1,056 |
|
|
|
3,057 |
|
|
|
|
7,862 |
|
|
|
9,804 |
|
Customer
receivership |
|
|
297 |
|
|
|
— |
|
|
|
|
35,864 |
|
|
|
— |
|
Long-lived asset impairments |
|
|
163,364 |
|
|
|
— |
|
|
|
|
163,364 |
|
|
|
— |
|
Goodwill
and identifiable intangible asset impairments |
|
|
360,046 |
|
|
|
— |
|
|
|
|
360,046 |
|
|
|
— |
|
Severance
and restructuring |
|
|
256 |
|
|
|
1,123 |
|
|
|
|
4,950 |
|
|
|
7,939 |
|
Losses of
newly acquired, constructed, or divested businesses |
|
|
5,320 |
|
|
|
3,594 |
|
|
|
|
15,589 |
|
|
|
7,121 |
|
Stock-based compensation |
|
|
2,440 |
|
|
|
3,090 |
|
|
|
|
7,206 |
|
|
|
6,809 |
|
Skilled
Healthcare and other loss contingency expense (1) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
15,192 |
|
Regulatory defense and related costs (2) |
|
|
41 |
|
|
|
1,043 |
|
|
|
|
492 |
|
|
|
2,101 |
|
Other
non-recurring costs (3) |
|
|
3,524 |
|
|
|
(141 |
) |
|
|
|
3,524 |
|
|
|
761 |
|
Adjusted
EBITDA |
|
$ |
109,118 |
|
|
$ |
136,629 |
|
|
|
$ |
375,825 |
|
|
$ |
430,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional lease
payments not included in GAAP lease expense |
|
|
85,396 |
|
|
|
88,871 |
|
|
|
|
258,724 |
|
|
|
265,781 |
|
GENESIS HEALTHCARE, INC. |
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO
GENESIS HEALTHCARE, INC. TO ADJUSTED EBITDAR |
(UNAUDITED) |
(IN THOUSANDS) |
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Genesis Healthcare, Inc. |
|
$ |
(373,824 |
) |
|
$ |
(20,458 |
) |
|
|
$ |
(489,741 |
) |
|
$ |
(86,470 |
) |
Adjustments to compute
Adjusted EBITDAR: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes |
|
|
2 |
|
|
|
24 |
|
|
|
|
70 |
|
|
|
1 |
|
Net loss
attributable to noncontrolling interests |
|
|
(241,200 |
) |
|
|
(31,921 |
) |
|
|
|
(314,446 |
) |
|
|
(72,895 |
) |
Depreciation and amortization expense |
|
|
59,390 |
|
|
|
61,104 |
|
|
|
|
183,986 |
|
|
|
190,822 |
|
Interest
expense |
|
|
124,431 |
|
|
|
131,812 |
|
|
|
|
373,473 |
|
|
|
400,853 |
|
Income
tax expense (benefit) |
|
|
1,596 |
|
|
|
(25,888 |
) |
|
|
|
5,683 |
|
|
|
(19,738 |
) |
Lease
expense |
|
|
38,670 |
|
|
|
35,512 |
|
|
|
|
113,004 |
|
|
|
109,796 |
|
Loss on
extinguishment of debt |
|
|
— |
|
|
|
15,363 |
|
|
|
|
2,301 |
|
|
|
15,830 |
|
Other
loss (income) |
|
|
2,379 |
|
|
|
(5,173 |
) |
|
|
|
15,602 |
|
|
|
(48,084 |
) |
Transaction costs |
|
|
1,056 |
|
|
|
3,057 |
|
|
|
|
7,862 |
|
|
|
9,804 |
|
Customer
receivership |
|
|
297 |
|
|
|
— |
|
|
|
|
35,864 |
|
|
|
— |
|
Long-lived asset impairments |
|
|
163,364 |
|
|
|
— |
|
|
|
|
163,364 |
|
|
|
— |
|
Goodwill
and identifiable intangible asset impairments |
|
|
360,046 |
|
|
|
— |
|
|
|
|
360,046 |
|
|
|
— |
|
Severance
and restructuring |
|
|
256 |
|
|
|
1,123 |
|
|
|
|
4,950 |
|
|
|
7,939 |
|
Losses of
newly acquired, constructed, or divested businesses |
|
|
5,320 |
|
|
|
3,594 |
|
|
|
|
15,589 |
|
|
|
7,121 |
|
Stock-based compensation |
|
|
2,440 |
|
|
|
3,090 |
|
|
|
|
7,206 |
|
|
|
6,809 |
|
Skilled
Healthcare and other loss contingency expense (1) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
15,192 |
|
Regulatory defense and related costs (2) |
|
|
41 |
|
|
|
1,043 |
|
|
|
|
492 |
|
|
|
2,101 |
|
Other
non-recurring costs (3) |
|
|
3,524 |
|
|
|
(141 |
) |
|
|
|
3,524 |
|
|
|
761 |
|
Adjusted EBITDAR |
|
$ |
147,788 |
|
|
$ |
172,141 |
|
|
|
$ |
488,829 |
|
|
$ |
539,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesis HealthCare Contact:
Investor Relations
610-925-2000
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