Full Press Release Details
| For Immediate Release | Contact: Ralph A. Beattie | |
| 972/770-5600 |
CAPITAL SENIOR LIVING CORPORATION
REPORTS SECOND QUARTER 2012 RESULTS;
CFFO INCREASES NEARLY 55% VERSUS PRIOR YEAR
DALLAS (BUSINESS WIRE)
August 1, 2012 Capital Senior Living Corporation (the Company ) (NYSE:CSU), one of the country s largest operators of senior living communities, today announced operating results for the second quarter of 2012. Company
highlights for the second quarter include:
pleased to report continued occupancy growth and strong operating and financial results for the second quarter, said Lawrence A. Cohen, Chief Executive Officer of the Company. Successful execution of our strategic plan is significantly
enhancing shareholder value through a focus on operations, marketing and accretive growth. Same-community occupancies increased 160 basis points from the comparable quarter of the prior year and 20 basis points sequentially. EBITDAR margin increased
by 90 basis points from the second quarter of 2011 and 40 basis points from the previous quarter. We continue to enhance our geographic concentration by acquiring high quality senior living communities that generate meaningful increases in CFFO,
earnings and net asset value. So far this year, we have acquired seven communities for a combined purchase price of $75.6 million, and we are conducting due diligence on communities that should enable us to meet or exceed this level of transactions
in the second half of 2012, with comparable economic benefits. As the value leader in providing quality seniors housing and care at reasonable prices, we are well positioned to make further gains as a substantially all private-pay business in an
industry that benefits from need-driven demand and limited new supply.
Recent Investment Activity
The community was financed with approximately $11.8 million of 10-year fixed rate debt that is non-recourse to the Company with an interest rate of 4.48%.
For the second quarter of 2012, the Company reported revenue of $77.0 million, compared to revenue of $64.3 million in the
second quarter of 2011. Resident and healthcare revenue increased from the second quarter of the prior year by approximately $12.6 million, or 20.1%, largely as a result of acquiring 14 communities since the second half of 2011 and converting the
four Spring Meadows communities previously owned in joint ventures to leased communities. The number of consolidated communities increased from 74 in the second quarter of 2011 to 88 in the second quarter of 2012.
Average monthly rent was $2,968 per occupied unit in the second quarter of 2012, an increase of $75, or 2.6%, over the second quarter of 2011. Financial
occupancy of the consolidated portfolio averaged 85.8% in the second quarter of 2012, 190 basis points higher than the second quarter of 2011, and 10 basis points higher than the first quarter of 2012.
As a percentage of resident and healthcare revenue, operating expenses were 59.4% in the second quarter of 2012, compared to 59.9% in the second quarter
of 2011, an improvement of 50 basis points. Operating expenses for the second quarter of 2012 were $44.9 million, an increase of $7.2 million from the second quarter of 2011, primarily due to 14 additional communities now being consolidated.
General and administrative expenses as a percentage of revenues under management were 4.3% for the quarter, excluding transaction costs
associated with the Company s acquisition program. Transaction costs for the quarter were approximately $0.5 million.
for the second quarter of 2012 was approximately $27.7 million, an increase of $5.1 million, or 22.8% from the second quarter of 2011. Adjusted EBITDAR margin was 36.0% for the period, an improvement of 90 basis points from the second quarter of
2011 and 40 basis points from the previous quarter.
Adjusted net income for the second quarter of 2012 was $2.1 million, or $0.08 per share,
excluding non-recurring or non-economic items reconciled on the final page of this release. This compares to adjusted net income of $1.5 million, or $0.06 per share in the second quarter of 2011.
Adjusted CFFO was $8.1 million, or $0.29 per share in the second quarter of 2012. Adjusted CFFO exceeded the second quarter of 2011 by $2.8 million, or
For the first six months of 2012, the company reported revenue of $149.2 million, compared to revenue of $124.2 million for
the first six months of 2011. Resident and healthcare revenue increased $26.7 million from the first half of the prior year.
for the first six months of 2012 was $53.4 million, compared to $43.1 million for the first six months of 2011. The Company earned adjusted net income of $4.0 million or $0.15 per share in the first six months of 2012, compared to adjusted net
income of $3.2 million or $0.12 per share in the first six months of 2011. Adjusted CFFO was $14.6 million or $0.53 per share in the first six months of 2012, compared to $11.0 million or $0.41 per share in the first six months of 2011.
Operating Activities
communities under management, same-community revenue in the second quarter of 2012 increased 3.9% versus the second quarter of 2011, excluding one community that had a recent conversion. Same-community expenses increased 3.4% and net income
increased 4.6% from the second quarter of the prior year.
Same-community occupancies were 160 basis points higher than the second quarter of
2011 and 20 basis points higher than the first quarter of 2012. Same-community occupancy in the second quarter reflected occupancy gains in independent living exceeding those in higher levels of care, resulting in average rents 1.6% higher than the
second quarter of 2011 and 0.7% higher than last quarter.
Capital expenditures for the second quarter of 2012 were approximately $3.4
million, representing $2.2 million of investment spending and $1.2 million of recurring capital expenditures. If annualized, spending for recurring capital expenditures equaled approximately $500 per unit.
the second quarter of 2012 with $46.0 million of cash and cash equivalents, including restricted cash. During the quarter, approximately $7.4 million of cash was invested as equity in a senior living community. As of June 30, 2012, the Company
financed its 38 owned communities with mortgages totaling $289.0 million at fixed interest rates averaging 5.5%. The Company has no mortgage maturities before the third quarter of 2015. Net debt to second quarter annualized EBITDA was 5.4x and
EBITDA to interest coverage was 3.5x in the second quarter.
The Company s mortgage debt includes supplemental financing on existing
communities with proceeds of $20.2 million that closed in the second quarter with a maturity date of July 2015. Interest on these borrowings is at a fixed rate of 4.39%. Furthermore, the Company has the ability to pursue additional supplemental
financing in the future to fund further acquisitions, reflecting the appreciation in value of the Company s owned communities. Cash on hand, cash flow from operations and proceeds from these supplemental financings are expected to be sufficient
for working capital, prudent reserves and equity to fund the Company s 2012 acquisition program.
Conference Call Information
The Company will host a conference call with senior management to discuss the Company s second
quarter 2012 financial results. The call will be held on Thursday, August 2, 2012 at 11:00 a.m. Eastern Time. The Company s earnings release announcing second quarter 2012 financial results is scheduled to be released to news services the
evening of Wednesday, August 1, 2012. The call-in number is 913-312-1507, confirmation code 4400190. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media Player or
For the convenience of the Company s shareholders and the public, the conference call will be recorded and available for
replay starting August 2, 2012 at 2:00 p.m. Eastern Time, until August 11, 2012 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 4400190. The conference call will also be made available
for playback via the Company s corporate website, www.capitalsenior.com.
Capital Senior Living Corporation is one of the nation s largest operators of residential communities for senior adults. The Company s operating
philosophy emphasizes a continuum of care, which integrates independent living, assisted living and home care services, to provide residents the opportunity to age in place. The Company currently operates 91 senior living communities in
geographically concentrated regions with an aggregate capacity of approximately 12,600 residents.
The forward-looking statements in this release are subject to certain risks and uncertainties that could cause results to differ materially, including,
but not without limitation to, the Company s ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions
such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed
with the Securities and Exchange Commission.
This release contains certain financial information not derived in accordance with
generally accepted accounting principles (GAAP), including adjusted EBITDAR, adjusted EBITDAR margin, Adjusted CFFO, Adjusted CFFO per share and other items. The Company believes this information is useful to investors and other interested parties.
Such information should not be considered as a substitute for any measures derived in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Reconciliation of this information to the most comparable
GAAP measures is included as an attachment to this release.
Contact Ralph A. Beattie, Chief Financial Officer, at 972-770-5600 for more
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS
| June 30, 2012 | December 31, 2011 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 36,837 | $ | 22,283 | ||||
| Restricted cash | 9,187 | 9,102 | ||||||
| Accounts receivable, net | 4,726 | 4,526 | ||||||
| Accounts receivable from affiliates | 787 | 708 | ||||||
| Federal and state income taxes receivable | 5,438 | |||||||
| Deferred taxes | 1,588 | 1,479 | ||||||
| Property tax and insurance deposits | 8,396 | 11,395 | ||||||
| Prepaid expenses and other | 6,391 | 6,068 | ||||||
| Total current assets | 67,912 | 60,999 | ||||||
| Property and equipment, net | 437,726 | 365,459 | ||||||
| Deferred taxes | 12,979 | 5,782 | ||||||
| Investments in unconsolidated joint ventures | 1,051 | 1,070 | ||||||
| Other assets, net | 40,346 | 29,016 | ||||||
| Total assets | $ | 560,014 | $ | 462,326 | ||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,003 | $ | 2,297 | ||||
| Accounts payable to affiliates | 213 | 314 | ||||||
| Accrued expenses | 18,484 | 19,086 | ||||||
| Current portion of notes payable | 9,185 | 8,196 | ||||||
| Current portion of deferred income | 7,591 | 8,740 | ||||||
| Current portion of capital lease and financing obligations | 758 | 50 | ||||||
| Federal and state income taxes payable | 1,467 | |||||||
| Customer deposits | 1,546 | 1,530 | ||||||
| Total current liabilities | 41,247 | 40,213 | ||||||
| Deferred income | 20,850 | 26,175 | ||||||
| Capital lease and financing obligations, net of current portion | 42,626 | 31 | ||||||
| Other long-term liabilities | 1,759 | 1,826 | ||||||
| Notes payable, net of current portion | 283,190 | 224,940 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders equity: | ||||||||
| Preferred stock, $.01 par value: | ||||||||
| Authorized shares 15,000; no shares issued or outstanding | ||||||||
| Common stock, $.01 par value: | ||||||||
| Authorized shares 65,000; issued and outstanding shares 28,172 and 27,699 in 2012 and 2011, respectively | 285 | 280 | ||||||
| Additional paid-in capital | 137,038 | 135,301 | ||||||
| Retained earnings | 33,953 | 34,494 | ||||||
| Treasury stock, at cost 350 shares | (934 | ) | (934 | ) | ||||
| Total shareholders equity | 170,342 | 169,141 | ||||||
| Total liabilities and shareholders equity | $ | 560,014 | $ | 462,326 |
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenues: | ||||||||||||||||
| Resident and health care revenue | $ | 75,586 | $ | 62,946 | $ | 146,584 | $ | 119,845 | ||||||||
| Affiliated management services revenue | 162 | 163 | 316 | 597 | ||||||||||||
| Community reimbursement revenue | 1,278 | 1,226 | 2,346 | 3,717 | ||||||||||||
| Total revenues | 77,026 | 64,335 | 149,246 | 124,159 | ||||||||||||
| Expenses: | ||||||||||||||||
| Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below) | 44,909 | 37,684 | 87,395 | 71,739 | ||||||||||||
| General and administrative expenses | 3,858 | 3,437 | 7,635 | 6,287 | ||||||||||||
| Facility lease expense | 13,865 | 13,613 | 27,360 | 25,044 | ||||||||||||
| Stock-based compensation expense | 596 | 332 | 1,241 | 590 | ||||||||||||
| Depreciation and amortization | 9,050 | 3,583 | 15,756 | 7,141 | ||||||||||||
| Community reimbursement expense | 1,278 | 1,226 | 2,346 | 3,717 | ||||||||||||
| Total expenses | 73,556 | 59,875 | 141,733 | 114,518 | ||||||||||||
| Income from operations | 3,470 | 4,460 | 7,513 | 9,641 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 41 | 50 | 67 | 64 | ||||||||||||
| Interest expense | (4,308 | ) | (2,734 | ) | (7,852 | ) | (5,451 | ) | ||||||||
| Loss on disposition of assets, net | (7 | ) | (6 | ) | (5 | ) | (6 | ) | ||||||||
| Equity in losses of unconsolidated joint ventures, net | (78 | ) | (208 | ) | (215 | ) | (396 | ) | ||||||||
| (Loss) Income before benefit (provision) for income taxes | (882 | ) | 1,562 | (492 | ) | 3,852 | ||||||||||
| Benefit (Provision) for income taxes | 198 | (691 | ) | (49 | ) | (1,683 | ) | |||||||||
| Net (loss) income | $ | (684 | ) | $ | 871 | $ | (541 | ) | $ | 2,169 | ||||||
| Per share data: | ||||||||||||||||
| Basic net (loss) income per share | $ | (0.02 | ) | $ | 0.03 | $ | (0.02 | ) | $ | 0.08 | ||||||
| Diluted net (loss) income per share | $ | (0.02 | ) | $ | 0.03 | $ | (0.02 | ) | $ | 0.08 | ||||||
| Weighted average shares outstanding basic | 27,347 | 27,002 | 27,305 | 26,943 | ||||||||||||
| Weighted average shares outstanding diluted | 27,347 | 27,081 | 27,305 | 27,038 | ||||||||||||
| Comprehensive (loss) income | $ | (684 | ) | $ | 871 | $ | (541 | ) | $ | 2,169 |
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
| Six Months Ended June 30, | ||||||||
| 2012 | 2011 | |||||||
| Operating Activities | ||||||||
| Net (loss) income | $ | (541 | ) | $ | 2,169 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 15,756 | 7,141 | ||||||
| Amortization of deferred financing charges | 351 | 165 | ||||||
| Amortization of deferred lease costs and lease intangibles | 189 | 1,139 | ||||||
| Deferred income | (1,558 | ) | (920 | ) | ||||
| Deferred income taxes | (7,306 | ) | (5,101 | ) | ||||
| Loss on disposition of assets, net | 5 | 6 | ||||||
| Equity in losses of unconsolidated joint ventures | 215 | 396 | ||||||
| Provision for bad debts | 342 | 94 | ||||||
| Stock based compensation expense | 1,241 | 590 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (542 | ) | (942 | ) | ||||
| Accounts receivable from affiliates | (79 | ) | 436 | |||||
| Property tax and insurance deposits | 2,999 | 2,928 | ||||||
| Prepaid expenses and other | (323 | ) | 1,246 | |||||
| Other assets | 2,670 | (3,929 | ) | |||||
| Accounts payable | (395 | ) | (710 | ) | ||||
| Accrued expenses | (602 | ) | 879 | |||||
| Federal and state income taxes receivable/payable | 6,905 | 5,752 | ||||||
| Customer deposits | 16 | 384 | ||||||
| Net cash provided by operating activities | 19,343 | 11,723 | ||||||
| Investing Activities | ||||||||
| Capital expenditures | (5,649 | ) | (3,612 | ) | ||||
| Cash paid for acquisitions | (75,595 | ) | ||||||
| Proceeds from Spring Meadows Transaction | 15,844 | |||||||
| Proceeds from disposition of assets | 19 | |||||||
| Contributions to unconsolidated joint ventures | (211 | ) | (464 | ) | ||||
| Distributions from unconsolidated joint ventures | 15 | 1,442 | ||||||
| Net cash (used in) provided by investing activities | (81,421 | ) | 13,210 | |||||
| Financing Activities | ||||||||
| Proceeds from notes payable | 81,888 | 1,079 | ||||||
| Repayments of notes payable | (4,356 | ) | (3,779 | ) | ||||
| Increase in restricted cash | (85 | ) | (2,584 | ) | ||||
| Cash payments for capital lease and financing obligations | (27 | ) | (72 | ) | ||||
| Cash proceeds from the issuance of common stock | 81 | 862 | ||||||
| Excess tax benefits on stock option exercised | 420 | 260 | ||||||
| Deferred financing charges paid | (1,289 | ) | ||||||
| Net cash provided by (used in) financing activities | 76,632 | (4,234 | ) | |||||
| Increase in cash and cash equivalents | 14,554 | 20,699 | ||||||
| Cash and cash equivalents at beginning of period | 22,283 | 31,248 | ||||||
| Cash and cash equivalents at end of period | $ | 36,837 | $ | 51,947 | ||||
| Supplemental Disclosures | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 7,332 | $ | 5,313 | ||||
| Income taxes | $ | 734 | $ | 972 | ||||
| Non-cash operating, investing, and financing activities: | ||||||||
| Intangible assets acquired through capital lease and financing obligations | $ | 10,095 | $ | |||||
| Property and equipment acquired through capital lease and financing obligations | $ | 14,942 | $ | |||||
| Notes payable assumption through capital lease and financing obligations | $ | 18,293 | $ |
Supplemental Information
| Communities | Resident Capacity | Units | ||||||||||||||||||||||
| Q2 12 | Q2 11 | Q2 12 | Q2 11 | Q2 12 | Q2 11 | |||||||||||||||||||
| Portfolio Data | ||||||||||||||||||||||||
| I. Community Ownership / Management | ||||||||||||||||||||||||
| Consolidated communities | ||||||||||||||||||||||||
| Owned | 38 | 25 | 5,629 | 4,052 | 4,625 | 3,501 | ||||||||||||||||||
| Leased | 50 | 49 | 6,298 | 6,318 | 5,039 | 5,050 | ||||||||||||||||||
| Joint Venture communities (equity method) | 3 | 3 | 674 | 674 | 433 | 433 | ||||||||||||||||||
| Total | 91 | 77 | 12,601 | 11,044 | 10,097 | 8,984 | ||||||||||||||||||
| Independent living | 7,035 | 6,617 | 5,844 | 5,515 | ||||||||||||||||||||
| Assisted living | 4,851 | 3,712 | 3,635 | 2,851 | ||||||||||||||||||||
| Continuing Care Retirement Communities | 715 | 715 | 618 | 618 | ||||||||||||||||||||
| Total | 12,601 | 11,044 | 10,097 | 8,984 | ||||||||||||||||||||
| II. Percentage of Operating Portfolio | ||||||||||||||||||||||||
| Consolidated communities | ||||||||||||||||||||||||
| Owned | 41.8 | % | 32.5 | % | 44.7 | % | 36.7 | % | 45.8 | % | 39.0 | % | ||||||||||||
| Leased | 54.9 | % | 63.6 | % | 50.0 | % | 57.2 | % | 49.9 | % | 56.2 | % | ||||||||||||
| Joint venture communities (equity method) | 3.3 | % | 3.9 | % | 5.3 | % | 6.1 | % | 4.3 | % | 4.8 | % | ||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
| Independent living | 55.8 | % | 59.9 | % | 57.9 | % | 61.4 | % | ||||||||||||||||
| Assisted living | 38.5 | % | 33.6 | % | 36.0 | % | 31.7 | % | ||||||||||||||||
| Continuing Care Retirement Communities | 5.7 | % | 6.5 | % | 6.1 | % | 6.9 | % | ||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Supplemental Information
| Q2 12 | Q2 11 | |||||||
| Selected Operating Results | ||||||||
| I. Owned communities | ||||||||
| Number of communities | 38 | 25 | ||||||
| Resident capacity | 5,629 | 4,052 | ||||||
| Unit capacity | 4,625 | 3,501 | ||||||
| Financial occupancy (1) | 87.4 | % | 84.7 | % | ||||
| Revenue (in millions) | 31.4 | 21.0 | ||||||
| Operating expenses (in millions) (2) | 17.0 | 11.6 | ||||||
| Operating margin | 46 | % | 45 | % | ||||
| Average monthly rent | 2,569 | 2,367 | ||||||
| II. Leased communities | ||||||||
| Number of communities | 50 | 49 | ||||||
| Resident capacity | 6,298 | 6,318 | ||||||
| Unit capacity | 5,039 | 5,050 | ||||||
| Financial occupancy (1) | 84.3 | % | 83.2 | % | ||||
| Revenue (in millions) | 44.0 | 41.8 | ||||||
| Operating expenses (in millions) (2) | 23.1 | 22.2 | ||||||
| Operating margin | 47 | % | 47 | % | ||||
| Average monthly rent | 3,338 | 3,257 | ||||||
| III. Consolidated communities | ||||||||
| Number of communities | 88 | 74 | ||||||
| Resident capacity | 11,927 | 10,370 | ||||||
| Unit capacity | 9,664 | 8,551 | ||||||
| Financial occupancy (1) | 85.8 | % | 83.9 | % | ||||
| Revenue (in millions) | 75.5 | 62.8 | ||||||
| Operating expenses (in millions) (2) | 40.2 | 33.7 | ||||||
| Operating margin | 47 | % | 46 | % | ||||
| Average monthly rent | 2,968 | 2,893 | ||||||
| IV. Communities under management | ||||||||
| Number of communities | 91 | 77 | ||||||
| Resident capacity | 12,601 | 11,044 | ||||||
| Unit capacity | 10,097 | 8,984 | ||||||
| Financial occupancy (1) | 85.2 | % | 82.7 | % | ||||
| Revenue (in millions) | 78.7 | 66.0 | ||||||
| Operating expenses (in millions) (2) | 42.0 | 35.6 | ||||||
| Operating margin | 47 | % | 46 | % | ||||
| Average monthly rent | 2,984 | 2,917 | ||||||
| V. Same Store communities under management | ||||||||
| (Excludes 1 community with a conversion) | ||||||||
| Number of communities | 76 | 76 | ||||||
| Resident capacity | 10,818 | 10,818 | ||||||
| Unit capacity | 8,798 | 8,798 | ||||||
| Financial occupancy (1) | 84.8 | % | 83.2 | % | ||||
| Revenue (in millions) | 67.6 | 65.1 | ||||||
| Operating expenses (in millions) (2) | 36.0 | 35.0 | ||||||
| Operating margin | 47 | % | 46 | % | ||||
| Average monthly rent | 2,965 | 2,918 | ||||||
| VI. General and Administrative expenses as a percent of Total Revenues under Management | ||||||||
| Second quarter (3) | 4.3 | % | 4.8 | % | ||||
| First six months (3) | 4.4 | % | 4.6 | % | ||||
| VII. Consolidated Debt Information (in thousands, except for interest rates) | ||||||||
| (Excludes insurance premium and auto financing) | ||||||||
| Total fixed rate mortgage debt | 288,988 | 172,011 | ||||||
| Weighted average interest rate | 5.5 | % | 6.0 | % |
CAPITAL SENIOR LIVING CORPORATION
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Adjusted EBITDAR | ||||||||||||||||
| Net income from operations | $ | 3,470 | $ | 4,460 | $ | 7,513 | $ | 9,641 | ||||||||
| Depreciation and amortization expense | 9,050 | 3,583 | 15,756 | 7,141 | ||||||||||||
| Stock-based compensation expense | 596 | 332 | 1,241 | 590 | ||||||||||||
| Facility lease expense | 13,865 | 13,613 | 27,360 | 25,044 | ||||||||||||
| Provision for bad debts | 153 | 86 | 342 | 94 | ||||||||||||
| Casualty losses | 90 | 210 | 263 | 231 | ||||||||||||
| Transaction costs | 503 | 304 | 943 | 344 | ||||||||||||
| Adjusted EBITDAR | $ | 27,727 | $ | 22,588 | $ | 53,418 | $ | 43,085 | ||||||||
| Adjusted EBITDAR Margin | ||||||||||||||||
| Adjusted EBITDAR | $ | 27,727 | $ | 22,588 | $ | 53,418 | $ | 43,085 | ||||||||
| Total revenues | 77,026 | 64,335 | 149,246 | 124,159 | ||||||||||||
| Adjusted EBITDAR margin | 36.0 | % | 35.1 | % | 35.8 | % | 34.7 | % | ||||||||
| Adjusted net income and net income per share | ||||||||||||||||
| Net (loss) income | $ | (684 | ) | $ | 871 | $ | (541 | ) | $ | 2,169 | ||||||
| Casualty losses, net of tax | 57 | 132 | 166 | 145 | ||||||||||||
| Transaction costs, net of tax | 317 | 192 | 594 | 217 | ||||||||||||
| Resident lease amortization, net of tax | 2,429 | 315 | 3,778 | 630 | ||||||||||||
| Loss on disposition of assets, net of tax | 4 | 4 | 3 | 4 | ||||||||||||
| Adjusted net income | $ | 2,123 | $ | 1,514 | $ | 4,000 | $ | 3,165 | ||||||||
| Adjusted net income per share | $ | 0.08 | $ | 0.06 | $ | 0.15 | $ | 0.12 | ||||||||
| Diluted shares outstanding | 27,347 | 27,081 | 27,305 | 27,038 | ||||||||||||
| Adjusted CFFO and Adjusted CFFO per share | ||||||||||||||||
| Net cash provided by operating activities | $ | 10,961 | $ | 7,755 | $ | 19,343 | $ | 11,723 | ||||||||
| Changes in operating assets and liabilities | (9,314 | ) | (8,470 | ) | (10,649 | ) | (6,044 | ) | ||||||||
| Recurring capital expenditures | (839 | ) | (742 | ) | (1,636 | ) | (1,406 | ) | ||||||||
| Casualty losses, net of tax | 57 | 132 | 166 | 145 | ||||||||||||
| Transaction costs, net of tax | 317 | 192 | 594 | 217 | ||||||||||||
| Tax impact of Spring Meadows Transaction | (106 | ) | 6,354 | (212 | ) | 6,354 | ||||||||||
| Tax impact of lease modification | 6,983 | 6,983 | ||||||||||||||
| Adjusted CFFO | $ | 8,059 | $ | 5,221 | $ | 14,589 | $ | 10,989 | ||||||||
| Adjusted CFFO per share | $ | 0.29 | $ | 0.19 | $ | 0.53 | $ | 0.41 |