Delaware | 001-33757 | 33-0861263 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
27101 Puerta Real, Suite 450, Mission Viejo, CA | 92691 | |||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
• | they are widely used by investors and analysts in our industry as a supplemental measure to evaluate the overall operating performance of companies in our industry without regard to items such as interest expense, net and depreciation and amortization, which can vary substantially from company to company depending on the book value of assets, capital structure and the method by which assets were acquired; and |
• | they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure and asset base from our operating results. |
• | as measurements of our operating performance to assist us in comparing our operating performance on a consistent basis; |
• | to allocate resources to enhance the financial performance of our business; |
• | to evaluate the effectiveness of our operational strategies; and |
• | to compare our operating performance to that of our competitors. |
• | they do not reflect our current or future cash requirements for capital expenditures or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, our working capital needs; |
• | they do not reflect the net interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; |
• | they do not reflect any income tax payments we may be required to make; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and EBITDAR do not reflect any cash requirements for such replacements; and |
• | other companies in our industry may calculate these measures differently than we do, which may limit their usefulness as comparative measures. |
• | General and administrative expenses are not allocated to any segment for purposes of determining segment profit or loss, |
• | Costs incurred for facilities currently being constructed and other start-up operations, |
• | Results related to a closed facility and a facility not at full operation, |
• | Share-based compensation expense, |
• | Insurance reserves in connection with the settlement of claims. |
THE ENSIGN GROUP, INC. | ||||||||||
SELECT PERFORMANCE INDICATORS |
Three Months Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Transitional and skilled revenue | $ | 315,212 | $ | 264,471 | $ | 50,741 | 19.2 | % | ||||||
Number of facilities at period end | 130 | 113 | 17 | 15.0 | % | |||||||||
Number of campuses at period end* | 16 | 13 | 3 | 23.1 | % | |||||||||
Actual patient days | 1,052,736 | 906,098 | 146,638 | 16.2 | % | |||||||||
Occupancy percentage — Operational beds | 76.9 | % | 78.6 | % | (1.7 | )% | ||||||||
Skilled mix by nursing days | 32.5 | % | 30.3 | % | 2.2 | % | ||||||||
Skilled mix by nursing revenue | 54.6 | % | 52.9 | % | 1.7 | % |
Three Months Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Transitional and skilled revenue | $ | 223,757 | $ | 215,556 | $ | 8,201 | 3.8 | % | ||||||
Number of facilities at period end | 85 | 85 | — | — | % | |||||||||
Number of campuses at period end* | 12 | 12 | — | — | % | |||||||||
Actual patient days | 742,953 | 730,052 | 12,901 | 1.8 | % | |||||||||
Occupancy percentage — Operational beds | 79.9 | % | 80.1 | % | (0.2 | )% | ||||||||
Skilled mix by nursing days | 31.3 | % | 30.6 | % | 0.7 | % | ||||||||
Skilled mix by nursing revenue | 53.6 | % | 53.3 | % | 0.3 | % |
Three Months Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Transitional and skilled revenue | $ | 43,938 | $ | 40,571 | $ | 3,367 | 8.3 | % | ||||||
Number of facilities at period end | 23 | 23 | — | — | % | |||||||||
Actual patient days | 145,738 | 140,987 | 4,751 | 3.4 | % | |||||||||
Occupancy percentage — Operational beds | 73.9 | % | 71.5 | % | 2.4 | % | ||||||||
Skilled mix by nursing days | 34.9 | % | 31.1 | % | 3.8 | % | ||||||||
Skilled mix by nursing revenue | 56.8 | % | 53.8 | % | 3.0 | % |
Three Months Ended March 31, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Transitional and skilled revenue | $ | 46,897 | $ | 6,447 | $ | 40,450 | NM | ||||||
Number of facilities at period end | 22 | 4 | 18 | NM | |||||||||
Number of campuses at period end* | 4 | 1 | 3 | NM | |||||||||
Actual patient days | 160,800 | 25,866 | 134,934 | NM | |||||||||
Occupancy percentage — Operational beds | 67.5 | % | 81.9 | % | NM | ||||||||
Skilled mix by nursing days | 36.7 | % | 20.8 | % | NM | ||||||||
Skilled mix by nursing revenue | 57.8 | % | 39.8 | % | NM |
Three Months Ended March 31, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Facility Closed(4): | |||||||||||||
Skilled nursing revenue | $ | 620 | $ | 1,897 | $ | (1,277 | ) | NM | |||||
Actual patient days | 3,245 | 9,193 | (5,948 | ) | NM | ||||||||
Occupancy percentage — Operational beds | 70.7 | % | 74.6 | % | NM | ||||||||
Skilled mix by nursing days | 9.6 | % | 15.4 | % | NM | ||||||||
Skilled mix by nursing revenue | 14.0 | % | 36.0 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2013. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2013 to December 31, 2014. |
(3) | Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2015. |
(4) | Facility Closed represent the result of one facility closed during the first quarter of 2016. These results were excluded from Same Facility results for the three months ended March 31, 2016 and 2015 for comparison purposes. |
Three Months Ended June 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Transitional and skilled revenue | $ | 340,417 | $ | 265,709 | $ | 74,708 | 28.1 | % | ||||||
Number of facilities at period end | 148 | 117 | 31 | 26.5 | % | |||||||||
Number of campuses at period end* | 18 | 13 | 5 | 38.5 | % | |||||||||
Actual patient days | 1,136,724 | 927,369 | 209,355 | 22.6 | % | |||||||||
Occupancy percentage — Operational beds | 75.6 | % | 78.0 | % | (2.4 | )% | ||||||||
Skilled mix by nursing days | 31.3 | % | 30.1 | % | 1.2 | % | ||||||||
Skilled mix by nursing revenue | 52.7 | % | 53.4 | % | (0.7 | )% |
Three Months Ended June 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Transitional and skilled revenue | $ | 225,787 | $ | 211,994 | $ | 13,793 | 6.5 | % | ||||||
Number of facilities at period end | 85 | 85 | — | — | % | |||||||||
Number of campuses at period end* | 12 | 12 | — | — | % | |||||||||
Actual patient days | 726,585 | 734,371 | (7,786 | ) | (1.1 | )% | ||||||||
Occupancy percentage — Operational beds | 78.2 | % | 79.7 | % | (1.5 | )% | ||||||||
Skilled mix by nursing days | 30.4 | % | 30.1 | % | 0.3 | % | ||||||||
Skilled mix by nursing revenue | 51.1 | % | 53.6 | % | (2.5 | )% |
Three Months Ended June 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Transitional and skilled revenue | $ | 42,284 | $ | 40,069 | $ | 2,215 | 5.5 | % | ||||||
Number of facilities at period end | 23 | 23 | — | — | % | |||||||||
Actual patient days | 141,747 | 140,938 | 809 | 0.6 | % | |||||||||
Occupancy percentage — Operational beds | 71.9 | % | 71.5 | % | 0.4 | % | ||||||||
Skilled mix by nursing days | 34.1 | % | 31.8 | % | 2.3 | % | ||||||||
Skilled mix by nursing revenue | 55.9 | % | 54.6 | % | 1.3 | % |
Three Months Ended June 30, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Transitional and skilled revenue | $ | 72,346 | $ | 11,883 | $ | 60,463 | NM | ||||||
Number of facilities at period end | 40 | 8 | 32 | NM | |||||||||
Number of campuses at period end* | 6 | 1 | 5 | NM | |||||||||
Actual patient days | 268,392 | 43,312 | 225,080 | NM | |||||||||
Occupancy percentage — Operational beds | 71.4 | % | 74.1 | % | NM | ||||||||
Skilled mix by nursing days | 32.1 | % | 29.6 | % | NM | ||||||||
Skilled mix by nursing revenue | 55.6 | % | 50.7 | % | NM |
Three Months Ended June 30, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Facility Closed(4): | |||||||||||||
Skilled nursing revenue | $ | — | $ | 1,763 | $ | (1,763 | ) | NM | |||||
Actual patient days | — | 8,748 | (8,748 | ) | NM | ||||||||
Occupancy percentage — Operational beds | — | % | 70.2 | % | NM | ||||||||
Skilled mix by nursing days | — | % | 10.5 | % | NM | ||||||||
Skilled mix by nursing revenue | — | % | 26.9 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2013. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2013 to December 31, 2014. |
(3) | Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2015. |
(4) | Facility Closed represent the result of one facility closed during the first quarter of 2016. These results were excluded from Same Facility results for the three months ended June 30, 2015 for comparison purposes. |
Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Transitional and skilled revenue | $ | 357,315 | $ | 289,475 | $ | 67,840 | 23.4 | % | ||||||
Number of facilities at period end | 148 | 124 | 24 | 19.4 | % | |||||||||
Number of campuses at period end* | 21 | 14 | 7 | 50.0 | % | |||||||||
Actual patient days | 1,214,059 | 1,010,729 | 203,330 | 20.1 | % | |||||||||
Occupancy percentage — Operational beds | 74.8 | % | 77.3 | % | (2.5 | )% | ||||||||
Skilled mix by nursing days | 30.0 | % | 30.2 | % | (0.2 | )% | ||||||||
Skilled mix by nursing revenue | 51.3 | % | 52.5 | % | (1.2 | )% |
Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Transitional and skilled revenue | $ | 224,205 | $ | 217,044 | $ | 7,161 | 3.3 | % | ||||||
Number of facilities at period end | 85 | 85 | — | — | % | |||||||||
Number of campuses at period end* | 12 | 12 | — | — | % | |||||||||
Actual patient days | 731,189 | 751,322 | (20,133 | ) | (2.7 | )% | ||||||||
Occupancy percentage — Operational beds | 77.8 | % | 80.1 | % | (2.3 | )% | ||||||||
Skilled mix by nursing days | 29.5 | % | 29.9 | % | (0.4 | )% | ||||||||
Skilled mix by nursing revenue | 50.2 | % | 52.4 | % | (2.2 | )% |
Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Transitional and skilled revenue | $ | 43,131 | $ | 41,163 | $ | 1,968 | 4.8 | % | ||||||
Number of facilities at period end | 23 | 23 | — | — | % | |||||||||
Actual patient days | 144,709 | 143,545 | 1,164 | 0.8 | % | |||||||||
Occupancy percentage — Operational beds | 72.6 | % | 72.0 | % | 0.6 | % | ||||||||
Skilled mix by nursing days | 31.8 | % | 32.3 | % | (0.5 | )% | ||||||||
Skilled mix by nursing revenue | 53.3 | % | 54.9 | % | (1.6 | )% |
Three Months Ended September 30, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Transitional and skilled revenue | $ | 89,979 | $ | 29,432 | $ | 60,547 | NM | ||||||
Number of facilities at period end | 40 | 16 | 24 | NM | |||||||||
Number of campuses at period end* | 9 | 1 | 8 | NM | |||||||||
Actual patient days | 338,161 | 106,941 | 231,220 | NM | |||||||||
Occupancy percentage — Operational beds | 70.0 | % | 67.3 | % | NM | ||||||||
Skilled mix by nursing days | 30.2 | % | 30.8 | % | NM | ||||||||
Skilled mix by nursing revenue | 53.0 | % | 51.0 | % | NM |
Three Months Ended September 30, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Facility Closed(4): | |||||||||||||
Skilled nursing revenue | $ | — | $ | 1,836 | $ | (1,836 | ) | NM | |||||
Actual patient days | — | 8,921 | (8,921 | ) | NM | ||||||||
Occupancy percentage — Operational beds | — | % | 70.8 | % | NM | ||||||||
Skilled mix by nursing days | — | % | 13.2 | % | NM | ||||||||
Skilled mix by nursing revenue | — | % | 27.0 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2013. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2013 to December 31, 2014. |
(3) | Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2015. |
(4) | Facility Closed represent the result of one facility closed during the first quarter of 2016. These results were excluded from Same Facility results for the three months ended September 30, 2015 for comparison purposes. |
Three Months Ended December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Transitional and skilled revenue | $ | 361,857 | $ | 306,733 | $ | 55,124 | 18.0 | % | ||||||
Number of facilities at period end | 149 | 131 | 18 | 13.7 | % | |||||||||
Number of campuses at period end* | 21 | 15 | 6 | 40.0 | % | |||||||||
Actual patient days | 1,217,216 | 1,029,307 | 187,909 | 18.3 | % | |||||||||
Occupancy percentage — Operational beds | 74.6 | % | 76.7 | % | (2.1 | )% | ||||||||
Skilled mix by nursing days | 30.1 | % | 30.9 | % | (0.8 | )% | ||||||||
Skilled mix by nursing revenue | 51.8 | % | 51.8 | % | — | % |
Three Months Ended December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Transitional and skilled revenue | $ | 224,635 | $ | 226,856 | $ | (2,221 | ) | (1.0 | )% | |||||
Number of facilities at period end | 85 | 85 | — | — | % | |||||||||
Number of campuses at period end* | 12 | 12 | — | — | % | |||||||||
Actual patient days | 729,505 | 748,534 | (19,029 | ) | (2.5 | )% | ||||||||
Occupancy percentage — Operational beds | 77.8 | % | 79.7 | % | (1.9 | )% | ||||||||
Skilled mix by nursing days | 29.3 | % | 30.2 | % | (0.9 | )% | ||||||||
Skilled mix by nursing revenue | 50.5 | % | 50.9 | % | (0.4 | )% |
Three Months Ended December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Transitional and skilled revenue | $ | 44,206 | $ | 42,326 | $ | 1,880 | 4.4 | % | ||||||
Number of facilities at period end | 23 | 23 | — | — | % | |||||||||
Actual patient days | 145,984 | 144,331 | 1,653 | 1.1 | % | |||||||||
Occupancy percentage — Operational beds | 73.3 | % | 72.4 | % | 0.9 | % | ||||||||
Skilled mix by nursing days | 32.7 | % | 33.6 | % | (0.9 | )% | ||||||||
Skilled mix by nursing revenue | 55.6 | % | 55.6 | % | — | % |
Three Months Ended December 31, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Transitional and skilled revenue | $ | 93,016 | $ | 35,929 | $ | 57,087 | NM | ||||||
Number of facilities at period end | 41 | 22 | 19 | NM | |||||||||
Number of campuses at period end* | 9 | 3 | 6 | NM | |||||||||
Actual patient days | 341,727 | 127,567 | 214,160 | NM | |||||||||
Occupancy percentage — Operational beds | 69.1 | % | 67.1 | % | NM | ||||||||
Skilled mix by nursing days | 30.5 | % | 33.5 | % | NM | ||||||||
Skilled mix by nursing revenue | 53.1 | % | 53.8 | % | NM |
Three Months Ended December 31, | |||||||||||||
2016 | 2015 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Facility Closed(4): | |||||||||||||
Skilled nursing revenue | $ | — | $ | 1,622 | $ | (1,622 | ) | NM | |||||
Actual patient days | — | 8,875 | (8,875 | ) | NM | ||||||||
Occupancy percentage — Operational beds | — | % | 70.4 | % | NM | ||||||||
Skilled mix by nursing days | — | % | 11.6 | % | NM | ||||||||
Skilled mix by nursing revenue | — | % | 15.9 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2013. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2013 to December 31, 2014. |
(3) | Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2015. |
(4) | Facility Closed represent the result of one facility closed during the first quarter of 2016. These results were excluded from Same Facility results for the three months ended December 31, 2015 for comparison purposes. |
The following tables summarize our selected performance indicators for our assisted and independent living segment along with other statistics, for each of the date or periods indicated: | ||||||||||
Three Months Ended March 31, | |||||||||||||||
2016 | 2015 | Change | % Change | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Revenue | $ | 30,171 | $ | 14,303 | $ | 15,868 | 110.9 | % | |||||||
Number of facilities at period end | 40 | 17 | 23 | 135.3 | % | ||||||||||
Number of campuses at period end | 16 | 13 | 3 | 23.1 | % | ||||||||||
Occupancy percentage (units) | 75.7 | % | 74.6 | % | 1.1 | % | |||||||||
Average monthly revenue per unit | $ | 2,747 | $ | 2,528 | $ | 219 | 8.7 | % |
Three Months Ended June 30, | |||||||||||||||
2016 | 2015 | Change | % Change | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Revenue | $ | 30,708 | $ | 15,927 | $ | 14,781 | 92.8 | % | |||||||
Number of facilities at period end | 40 | 20 | 20 | 100.0 | % | ||||||||||
Number of campuses at period end | 18 | 13 | 5 | 38.5 | % | ||||||||||
Occupancy percentage (units) | 76.0 | % | 73.1 | % | 2.9 | % | |||||||||
Average monthly revenue per unit | $ | 2,757 | $ | 2,494 | $ | 263 | 10.5 | % |
Three Months Ended September 30, | |||||||||||||||
2016 | 2015 | Change | % Change | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Revenue | 31,248 | 27,686 | $ | 3,562 | 12.9 | % | |||||||||
Number of facilities at period end | 40 | 40 | — | — | % | ||||||||||
Number of campuses at period end | 21 | 14 | 7 | 50.0 | % | ||||||||||
Occupancy percentage (units) | 75.8 | % | 76.3 | % | (0.5 | )% | |||||||||
Average monthly revenue per unit | $ | 2,733 | $ | 2,711 | $ | 22 | 0.8 | % |
Three Months Ended December 31, | |||||||||||||||
2016 | 2015 | Change | % Change | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Revenue | 31,512 | 30,213 | $ | 1,299 | 4.3 | % | |||||||||
Number of facilities at period end | 40 | 40 | — | — | % | ||||||||||
Number of campuses at period end | 21 | 15 | 6 | 40.0 | % | ||||||||||
Occupancy percentage (units) | 76.3 | % | 76.0 | % | 0.3 | % | |||||||||
Average monthly revenue per unit | $ | 2,748 | $ | 2,634 | $ | 114 | 4.3 | % |
THE ENSIGN GROUP, INC. | |||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
The table below reconciles net income from operations to EBITDA, EBITDAR, Adjusted EBITDA and Adjusted EBITDAR for each reportable segment for the periods presented: | |||||||||||||
Three Months Ended March31, | |||||||||||||||||||||||||
Transitional and Skilled Services | Assisted and Independent Services | Home Health and Hospice | |||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||
Income from operations, excluding general and administrative expense(a) | $ | 27,596 | $ | 35,228 | $ | 3,260 | $ | 2,070 | $ | 3,176 | $ | 2,675 | |||||||||||||
Depreciation and amortization | 5,239 | 4,225 | 1,063 | 724 | 268 | 221 | |||||||||||||||||||
EBITDA | $ | 32,835 | $ | 39,453 | $ | 4,323 | $ | 2,794 | $ | 3,444 | $ | 2,896 | |||||||||||||
Rent—cost of services | 18,983 | 16,464 | 7,004 | 1,699 | 378 | 258 | |||||||||||||||||||
EBITDAR | $ | 51,818 | $ | 55,917 | $ | 11,327 | $ | 4,493 | $ | 3,822 | $ | 3,154 | |||||||||||||
EBITDA | $ | 32,835 | $ | 39,453 | $ | 4,323 | $ | 2,794 | $ | 3,444 | $ | 2,896 | |||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||
Costs at facilities currently being constructed and other start-up operations(b) | 1,224 | 146 | 108 | — | 31 | — | |||||||||||||||||||
Results related to a closed facility, including continued obligations and closing expenses(c) | 8,125 | — | — | — | — | — | |||||||||||||||||||
Share-based compensation expense(d) | 1,026 | 838 | 95 | 42 | 66 | 61 | |||||||||||||||||||
Rent related to item(b) and (c)above | 1,001 | — | 368 | — | 9 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 44,211 | $ | 40,437 | $ | 4,894 | $ | 2,836 | $ | 3,550 | $ | 2,957 | |||||||||||||
Rent—cost of services | 18,983 | 16,464 | 7,004 | 1,699 | 378 | 258 | |||||||||||||||||||
Less: rent related to items(b) and(c) above | (1,001 | ) | — | (368 | ) | — | (9 | ) | — | ||||||||||||||||
Adjusted EBITDAR | $ | 62,193 | $ | 56,901 | $ | 11,530 | $ | 4,535 | $ | 3,919 | $ | 3,215 | |||||||||||||
(b) | Costs incurred for facilities currently being constructed and other start-up operations |
(d) | Share-based compensation expense incurred during the three months ended March 31, 2016 and 2015. |
Three Months Ended June 30, | |||||||||||||||||||||||||
Transitional and Skilled Services | Assisted and Independent Services | Home Health and Hospice | |||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||
Income from operations, excluding general and administrative expense(a) | $ | 32,835 | $ | 32,539 | $ | 3,263 | $ | 2,528 | $ | 4,349 | $ | 2,996 | |||||||||||||
Depreciation and amortization | 6,792 | 4,230 | 983 | 647 | 229 | 224 | |||||||||||||||||||
EBITDA | $ | 39,627 | $ | 36,769 | $ | 4,246 | $ | 3,175 | $ | 4,578 | $ | 3,220 | |||||||||||||
Rent—cost of services | 22,565 | 16,547 | 7,182 | 1,667 | 369 | 276 | |||||||||||||||||||
EBITDAR | $ | 62,192 | $ | 53,316 | $ | 11,428 | $ | 4,842 | $ | 4,947 | $ | 3,496 | |||||||||||||
EBITDA | $ | 39,627 | $ | 36,769 | $ | 4,246 | $ | 3,175 | $ | 4,578 | $ | 3,220 | |||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||
Costs at facilities currently being constructed and other start-up operations(b) | 77 | 462 | 364 | — | 8 | — | |||||||||||||||||||
Results related to a closed facility, including continued obligations and closing expenses(c) | 206 | — | — | — | — | — | |||||||||||||||||||
Share-based compensation expense(d) | 1,119 | 978 | 97 | 55 | 72 | 61 | |||||||||||||||||||
Insurance reserve in connection with the settlement of claims(e) | 1,586 | — | — | — | — | — | |||||||||||||||||||
Rent related to item(b) and (c)above | 1,465 | — | 691 | — | — | — | |||||||||||||||||||
Adjusted EBITDA | $ | 44,080 | $ | 38,209 | $ | 5,398 | $ | 3,230 | $ | 4,658 | $ | 3,281 | |||||||||||||
Rent—cost of services | 22,565 | 16,547 | 7,182 | 1,667 | 369 | 276 | |||||||||||||||||||
Less: rent related to items(b) and(c) above | (1,465 | ) | — | (691 | ) | — | — | — | |||||||||||||||||
Adjusted EBITDAR | $ | 65,180 | $ | 54,756 | $ | 11,889 | $ | 4,897 | $ | 5,027 | $ | 3,557 | |||||||||||||
(b) | Costs incurred for facilities currently being constructed and other start-up operations |
(d) | Share-based compensation expense incurred during the three months ended June 30, 2016 and 2015. |
(e) | Insurance reserves in connection with the settlement of claims. |
Three Months Ended September 30, | |||||||||||||||||||||||||
Transitional and Skilled Services | Assisted and Independent Services | Home Health and Hospice | |||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||
Income from operations, excluding general and administrative expense(a) | $ | 29,214 | $ | 32,717 | $ | 2,593 | $ | 3,509 | $ | 4,499 | $ | 4,067 | |||||||||||||
Depreciation and amortization | 7,606 | 4,630 | 1,074 | 912 | 215 | 258 | |||||||||||||||||||
EBITDA | $ | 36,820 | $ | 37,347 | $ | 3,667 | $ | 4,421 | $ | 4,714 | $ | 4,325 | |||||||||||||
Rent—cost of services | 24,900 | 17,806 | 7,438 | 5,768 | 404 | 332 | |||||||||||||||||||
EBITDAR | $ | 61,720 | $ | 55,153 | $ | 11,105 | $ | 10,189 | $ | 5,118 | $ | 4,657 | |||||||||||||
EBITDA | $ | 36,820 | $ | 37,347 | $ | 3,667 | $ | 4,421 | $ | 4,714 | $ | 4,325 | |||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||
Costs at facilities currently being constructed and other start-up operations(b) | 979 | 836 | 320 | — | 39 | — | |||||||||||||||||||
Results related to a closed facility, including continued obligations and closing expenses(c) | 131 | — | — | — | — | — | |||||||||||||||||||
Share-based compensation expense(d) | 1,037 | 913 | 86 | 84 | 66 | 59 | |||||||||||||||||||
Insurance reserve in connection with the settlement of claims(e) | 3,115 | — | — | — | — | — | |||||||||||||||||||
Rent related to item(b) and (c)above | 2,120 | — | 1,055 | — | 9 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 44,202 | $ | 39,096 | $ | 5,128 | $ | 4,505 | $ | 4,828 | $ | 4,384 | |||||||||||||
Rent—cost of services | 24,900 | 17,806 | 7,438 | 5,768 | 404 | 332 | |||||||||||||||||||
Less: rent related to items(b) and(c) above | (2,120 | ) | — | (1,055 | ) | — | (9 | ) | — | ||||||||||||||||
Adjusted EBITDAR | $ | 66,982 | $ | 56,902 | $ | 11,511 | $ | 10,273 | $ | 5,223 | $ | 4,716 | |||||||||||||
(b) | Costs incurred for facilities currently being constructed and other start-up operations |
(d) | Share-based compensation expense incurred during the three months ended September 30, 2016 and 2015. |
(e) | Insurance reserves in connection with the settlement of claims. |
Three Months Ended December 31, | |||||||||||||||||||||||||
Transitional and Skilled Services | Assisted and Independent Services | Home Health and Hospice | |||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||||||||
Income from operations, excluding general and administrative expense(a) | $ | 28,473 | $ | 36,259 | $ | 2,585 | $ | 3,356 | $ | 4,547 | $ | 3,846 | |||||||||||||
Depreciation and amortization | 6,661 | 4,923 | 1,036 | 1,055 | 215 | 277 | |||||||||||||||||||
EBITDA | $ | 35,134 | $ | 41,182 | $ | 3,621 | $ | 4,411 | $ | 4,762 | $ | 4,123 | |||||||||||||
Rent—cost of services | 25,314 | 18,468 | 7,283 | 6,797 | 404 | 369 | |||||||||||||||||||
EBITDAR | $ | 60,448 | $ | 59,650 | $ | 10,904 | $ | 11,208 | $ | 5,166 | $ | 4,492 | |||||||||||||
EBITDA | $ | 35,134 | $ | 41,182 | $ | 3,621 | $ | 4,411 | $ | 4,762 | $ | 4,123 | |||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||
Costs at facilities currently being constructed and other start-up operations(b) | 688 | 1,060 | (66 | ) | — | 77 | 11 | ||||||||||||||||||
Results related to a closed facility and a facility not at full operation, including continued obligations and closing expenses(c) | 244 | — | — | — | — | — | |||||||||||||||||||
Share-based compensation expense(d) | 1,009 | 954 | 88 | 89 | 83 | 60 | |||||||||||||||||||
Insurance reserve in connection with the settlement of claims(e) | 223 | — | — | — | — | — | |||||||||||||||||||
Rent related to item(b) and (c)above | 2,500 | 644 | 1,283 | — | 9 | 5 | |||||||||||||||||||
Adjusted EBITDA | $ | 39,798 | $ | 43,840 | $ | 4,926 | $ | 4,500 | $ | 4,931 | $ | 4,199 | |||||||||||||
Rent—cost of services | 25,314 | 18,468 | 7,283 | 6,797 |