Full Press Release Details
CAPITAL SENIOR LIVING CORPORATION
REPORTS THIRD QUARTER 2013 RESULTS;
CFFO INCREASES 18% YEAR-TO-DATE
(BUSINESS WIRE) November 4, 2013 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
third quarter of 2013. Company highlights for the third quarter include:
We are very pleased to report positive results for the third quarter as we continue our recovery from the
effects of the flu season earlier this year, said Lawrence A. Cohen, Chief Executive Officer of the Company. Same store occupancy at the end of September was 70 basis points higher than occupancy at the end of June. This significant
increase, along with a 20% increase in third quarter deposits, bodes well for fourth quarter financial results.
We are also pleased to report
that a re-positioning of our two continuing care retirement communities to further enhance our private-pay revenues is proceeding well. After considering a number of alternatives, including a sale of these owned communities, we decided that a
reconfiguration of the services we offer will enhance annual CFFO, improve our operating metrics and enable meaningful gains in shareholder value. The residents we served in skilled nursing have nearly all been relocated to other nursing homes and
we will soon begin reconfiguring this space for private-pay use.
Complementing this organic growth is a robust pipeline that allows us to
continue our disciplined and strategic acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions and generates meaningful increases in CFFO, earnings and real estate value. We
differentiate Capital Senior Living as the value leader in providing quality seniors housing and care at reasonable prices. We are well positioned to make meaningful gains in shareholder value as a substantially all private-pay business in an
industry that benefits from need-driven demand, limited new supply, and an improving economy and housing market.
Recent Investment Activity
Highlights of these transactions include:
Highlights of these transactions include:
For the third quarter of 2013,
the Company reported revenue of $88.0 million, compared to revenue of $78.0 million in the third quarter of 2012. Resident and healthcare revenue increased from the third quarter of the prior year by approximately $9.8 million, or 12.7%, largely as
a result of acquiring 15 communities since the third quarter of 2012. The number of consolidated communities increased from 88 in the third quarter of 2012 to 103 in the third quarter of 2013.
Excluding the two CCRCs that are being re-positioned, average monthly rent for the consolidated communities was
$3,023 per occupied unit in the third quarter of 2013, an increase of $111, or 3.8%, over the third quarter of 2012. Financial occupancy of the consolidated portfolio averaged 86.4% in the third quarter of 2013.
As a percentage of resident and healthcare revenue, operating expenses were 61.3% in the third quarter of 2013, compared to 61.1% in the third quarter of
2012. Operating expenses for the third quarter of 2013 were $52.9 million, an increase of $6.1 million from the third quarter of 2012, primarily due to 15 additional communities now being consolidated.
General and administrative expenses as a percentage of revenues under management were 5.5% for the quarter, excluding transaction costs of approximately $0.4
million. Expenses this quarter were $1.6 million higher than the third quarter of the prior year and were once again impacted by an abnormally high level of medical claims that exceeded the third quarter of 2012 by approximately $1.2 million. The
Company is self-insured for the costs of employee and dependent medical benefits and purchases stop-loss protection on an individual and aggregate basis. This self-insurance program significantly reduces the Company s health insurance costs.
Occasionally, expenses are higher than average in a particular quarter as a few claims approach stop-loss insurance thresholds.
Adjusted EBITDAR for the
third quarter of 2013 was approximately $29.3 million, an increase of $1.9 million, or 7.0% from the third quarter of 2012. Excluding the two communities being re-positioned, EBITDAR margin for the third quarter of 2013 was 35.2%.
Adjusted net income for the third quarter of 2013 was $0.7 million, or $0.03 per share, excluding non-recurring or non-economic items reconciled on the final
page of this release. Adjusted CFFO was $8.9 million or $0.32 per share in the third quarter of 2013.
The CFFO in the third quarter of 2013 did not
include a benefit from the cost segregation study completed earlier this year. Consequently, there remains approximately $0.18 per share of CFFO from this change in depreciation for tax purposes that will be realized as the Company generates taxable
income in future periods.
For the first nine months of 2013, the Company reported revenue of $261.4 million, compared to revenue of $227.3 million for
the first nine months of 2012. Resident and healthcare revenue increased $33.2 million, or 14.9%, from the first nine months of the prior year.
Adjusted EBITDAR for the first nine months of 2013 was $89.8 million, compared to $80.8 million for the first
nine months of 2012. The Company earned adjusted net income of $3.6 million, or $0.13 per share, in the first nine months of 2013. Adjusted CFFO was $28.1 million, or $1.01 per share, in the first nine months of 2013, an increase of 17.6% compared
to $23.9 million, or $0.87 per share, in the first nine months of 2012.
Operating Activities
The Company is well positioned as a substantially all private-pay business and intends to further differentiate itself by enhancing its private-pay revenues.
Two continuing care retirement communities are being re-positioned with space being converted to other private-pay use. While these communities are being re-positioned, same-community results for these two communities will be excluded.
At communities under management, excluding the two communities referenced above, same-community revenue in the third quarter of 2013 increased 2.4% versus the
third quarter of 2012. Same-community expenses increased 1.3% and net operating income increased 3.9% from the third quarter of the prior year. Same-community occupancies were 85.8% and average rents were $85 per occupied unit or 2.9% higher than
the third quarter of the prior year.
Capital expenditures for the third quarter of 2013 were approximately $4.7 million, representing $3.7 million of
investment spending and $1.0 million of recurring capital expenditures. If annualized, spending for recurring capital expenditures equaled approximately $400 per unit.
The Company ended the third quarter
of 2013 with $30.2 million of cash and cash equivalents, including restricted cash. The cash balance declined $0.3 million from the end of the second quarter, during which time the Company invested $5.5 million of cash as equity to complete two
acquisitions and spent $4.7 million on capital improvements.
As of September 30, 2013, the Company financed its 53 owned communities with mortgages
totaling $395.6 million at interest rates averaging 5.21%. All of the Company s debt is at fixed interest rates, except two bridge loans totaling approximately $13.0 million at variable rates. The Company has no mortgage maturities before the
third quarter of 2015.
Q3 2013 Conference Call Information
The Company will host a conference call with senior management to discuss the Company s third quarter 2013 financial results. The call will be held on
Monday, November 4, 2013 at 5:00 p.m. Eastern Time. The call-in number is 913-981-5507, confirmation code 4612033. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media
Player or RealPlayer.
For the convenience of the Company s shareholders and the public, the conference call will be recorded and available for
replay starting November 4, 2013 at 8:00 p.m. Eastern Time, until November 13, 2013 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 4612033. The conference call will also be made
available for playback via the Company s corporate website, www.capitalsenior.com, beginning November 5, 2013.
Capital Senior Living Corporation is one of the nation s largest operators of residential communities for senior adults. The Company s
operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company s communities emphasize 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 108 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 14,300 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.
For information about Capital Senior Living, visit www.capitalsenior.com.
Contact Ralph A. Beattie, Chief Financial Officer, at 972-770-5600 for more information.
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
| September 30, 2013 | December 31, 2012 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 18,765 | $ | 18,737 | ||||
| Restricted cash | 11,418 | 10,179 | ||||||
| Accounts receivable, net | 4,658 | 5,229 | ||||||
| Accounts receivable from affiliates | 320 | 753 | ||||||
| Federal and state income taxes receivable | 378 | 3,901 | ||||||
| Deferred taxes | 5,288 | 1,443 | ||||||
| Property tax and insurance deposits | 12,500 | 11,442 | ||||||
| Prepaid expenses and other | 5,625 | 4,758 | ||||||
| Total current assets | 58,952 | 56,442 | ||||||
| Property and equipment, net | 565,897 | 527,159 | ||||||
| Deferred taxes | 9,350 | |||||||
| Investments in unconsolidated joint ventures | 1,053 | 1,074 | ||||||
| Other assets, net | 36,504 | 42,917 | ||||||
| Total assets | $ | 662,406 | $ | 636,942 | ||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,553 | $ | 6,978 | ||||
| Accounts payable to affiliates | 3 | 2 | ||||||
| Accrued expenses | 28,587 | 24,445 | ||||||
| Current portion of notes payable | 11,265 | 20,230 | ||||||
| Current portion of deferred income | 9,537 | 8,193 | ||||||
| Current portion of capital lease and financing obligations | 945 | 766 | ||||||
| Customer deposits | 1,518 | 1,540 | ||||||
| Total current liabilities | 54,408 | 62,154 | ||||||
| Deferred income | 18,302 | 19,990 | ||||||
| Capital lease and financing obligations, net of current portion | 41,409 | 42,146 | ||||||
| Other long-term liabilities | 1,592 | 1,692 | ||||||
| Notes payable, net of current portion | 387,736 | 342,366 | ||||||
| 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 28,801 and 28,218 in 2013 and 2012, respectively | 292 | 286 | ||||||
| Additional paid-in capital | 142,335 | 137,867 | ||||||
| Retained earnings | 17,266 | 31,375 | ||||||
| Treasury stock, at cost 350 shares | (934 | ) | (934 | ) | ||||
| Total shareholders equity | 158,959 | 168,594 | ||||||
| Total liabilities and shareholders equity | $ | 662,406 | $ | 636,942 |
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(unaudited, in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues: | ||||||||||||||||
| Resident and health care revenue | $ | 86,333 | $ | 76,577 | $ | 256,409 | $ | 223,161 | ||||||||
| Affiliated management services revenue | 205 | 176 | 586 | 492 | ||||||||||||
| Community reimbursement revenue | 1,445 | 1,259 | 4,432 | 3,605 | ||||||||||||
| Total revenues | 87,983 | 78,012 | 261,427 | 227,258 | ||||||||||||
| Expenses: | ||||||||||||||||
| Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below) | 52,936 | 46,791 | 154,186 | 134,186 | ||||||||||||
| General and administrative expenses | 5,026 | 3,288 | 15,029 | 10,923 | ||||||||||||
| Facility lease expense | 14,274 | 13,819 | 42,813 | 41,179 | ||||||||||||
| Stock-based compensation expense | 869 | 602 | 3,158 | 1,843 | ||||||||||||
| Depreciation and amortization | 10,533 | 9,214 | 33,183 | 24,970 | ||||||||||||
| Community reimbursement expense | 1,445 | 1,259 | 4,432 | 3,605 | ||||||||||||
| Total expenses | 85,083 | 74,973 | 252,801 | 216,706 | ||||||||||||
| Income from operations | 2,900 | 3,039 | 8,626 | 10,552 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 17 | 369 | 138 | 436 | ||||||||||||
| Interest expense | (5,943 | ) | (4,847 | ) | (17,321 | ) | (12,699 | ) | ||||||||
| Gain (Loss) on disposition of assets, net | 13 | (14 | ) | 12 | (19 | ) | ||||||||||
| Equity in earnings (losses) of unconsolidated joint ventures, net | 43 | (26 | ) | 76 | (241 | ) | ||||||||||
| Other income | 10 | 28 | ||||||||||||||
| Loss before (provision) benefit for income taxes | (2,960 | ) | (1,479 | ) | (8,441 | ) | (1,971 | ) | ||||||||
| (Provision) Benefit for income taxes | (7,003 | ) | 542 | (5,668 | ) | 493 | ||||||||||
| Net loss | $ | (9,963 | ) | $ | (937 | ) | $ | (14,109 | ) | $ | (1,478 | ) | ||||
| Per share data: | ||||||||||||||||
| Basic net loss per share | $ | (0.35 | ) | $ | (0.03 | ) | $ | (0.49 | ) | $ | (0.05 | ) | ||||
| Diluted net loss per share | $ | (0.35 | ) | $ | (0.03 | ) | $ | (0.49 | ) | $ | (0.05 | ) | ||||
| Weighted average shares outstanding basic | 27,911 | 27,383 | 27,769 | 27,331 | ||||||||||||
| Weighted average shares outstanding diluted | 27,911 | 27,383 | 27,769 | 27,331 | ||||||||||||
| Comprehensive loss | $ | (9,963 | ) | $ | (937 | ) | $ | (14,109 | ) | $ | (1,478 | ) |
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
| Nine Months Ended September 30, | ||||||||
| 2013 | 2012 | |||||||
| Operating Activities | ||||||||
| Net loss | $ | (14,109 | ) | $ | (1,478 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 33,183 | 24,970 | ||||||
| Amortization of deferred financing charges | 822 | 518 | ||||||
| Amortization of deferred lease costs and lease intangibles | 978 | 452 | ||||||
| Deferred income | (344 | ) | (2,505 | ) | ||||
| Deferred income taxes | 5,505 | (6,426 | ) | |||||
| (Gain) Loss on disposition of assets, net | (12 | ) | 19 | |||||
| Equity in (earnings) losses of unconsolidated joint ventures | (76 | ) | 241 | |||||
| Provision for bad debts | 330 | 550 | ||||||
| Stock-based compensation expense | 3,158 | 1,843 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 241 | 266 | ||||||
| Accounts receivable from affiliates | 433 | (138 | ) | |||||
| Property tax and insurance deposits | (1,058 | ) | 2,073 | |||||
| Prepaid expenses and other | (867 | ) | 2,259 | |||||
| Other assets | (3,101 | ) | 3,117 | |||||
| Accounts payable | (4,424 | ) | (437 | ) | ||||
| Accrued expenses | 4,142 | 3,324 | ||||||
| Federal and state income taxes receivable/payable | 3,523 | 8,604 | ||||||
| Customer deposits | (22 | ) | (51 | ) | ||||
| Net cash provided by operating activities | 28,302 | 37,201 | ||||||
| Investing Activities | ||||||||
| Capital expenditures | (9,888 | ) | (9,096 | ) | ||||
| Cash paid for acquisitions | (53,741 | ) | (75,595 | ) | ||||
| Proceeds from disposition of assets | 18 | 19 | ||||||
| Contributions to unconsolidated joint ventures | (241 | ) | ||||||
| Distributions from unconsolidated joint ventures | 97 | 21 | ||||||
| Net cash used in investing activities | (63,514 | ) | (84,892 | ) | ||||
| Financing Activities | ||||||||
| Proceeds from notes payable | 56,939 | 81,888 | ||||||
| Repayments of notes payable | (20,534 | ) | (6,837 | ) | ||||
| Increase in restricted cash | (1,239 | ) | (94 | ) | ||||
| Cash payments for capital lease and financing obligations | (558 | ) | (230 | ) | ||||
| Cash proceeds from the issuance of common stock | 2,761 | 127 | ||||||
| Excess tax benefits on stock options exercised | (1,445 | ) | 228 | |||||
| Deferred financing charges paid | (684 | ) | (1,376 | ) | ||||
| Net cash provided by financing activities | 35,240 | 73,706 | ||||||
| Increase in cash and cash equivalents | 28 | 26,015 | ||||||
| Cash and cash equivalents at beginning of period | 18,737 | 22,283 | ||||||
| Cash and cash equivalents at end of period | $ | 18,765 | $ | 48,298 | ||||
| Supplemental Disclosures | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 16,058 | $ | 11,826 | ||||
| Income taxes | $ | 677 | $ | 777 | ||||
| Non-cash operating, investing, and financing activities during the period: | ||||||||
| Intangible assets acquired through capital lease and financing obligations | $ | $ | 11,794 | |||||
| Property and equipment acquired through capital lease and financing obligations | $ | $ | 13,243 | |||||
| Notes payable assumed through capital lease and financing obligations | $ | $ | 18,293 |
Capital Senior Living Corporation
Supplemental Information (Excludes CCRCs being re-positioned)
| Communities | Average Resident Capacity | Average Units | ||||||||||||||||||||||
| Q3 13 | Q3 12 | Q3 13 | Q3 12 | Q3 13 | Q3 12 | |||||||||||||||||||
| Portfolio Data | ||||||||||||||||||||||||
| I. Community Ownership / Management | ||||||||||||||||||||||||
| Consolidated communities | ||||||||||||||||||||||||
| Owned | 51 | 36 | 6,374 | 4,914 | 5,185 | 4,100 | ||||||||||||||||||
| Leased | 50 | 50 | 6,298 | 6,298 | 5,213 | 5,205 | ||||||||||||||||||
| Joint Venture communities (equity method) | 3 | 3 | 674 | 674 | 443 | 441 | ||||||||||||||||||
| Total | 104 | 89 | 13,346 | 11,886 | 10,841 | 9,746 | ||||||||||||||||||
| Independent living | 7,229 | 7,035 | 5,890 | 5,747 | ||||||||||||||||||||
| Assisted living | 6,117 | 4,851 | 4,951 | 3,999 | ||||||||||||||||||||
| Continuing Care Retirement Communities | ||||||||||||||||||||||||
| Total | 13,346 | 11,886 | 10,841 | 9,746 | ||||||||||||||||||||
| II. Percentage of Operating Portfolio | ||||||||||||||||||||||||
| Consolidated communities | ||||||||||||||||||||||||
| Owned | 49.0 | % | 40.4 | % | 47.8 | % | 41.3 | % | 47.8 | % | 42.1 | % | ||||||||||||
| Leased | 48.1 | % | 56.2 | % | 47.2 | % | 53.0 | % | 48.1 | % | 53.4 | % | ||||||||||||
| Joint venture communities (equity method) | 2.9 | % | 3.4 | % | 5.1 | % | 5.7 | % | 4.1 | % | 4.5 | % | ||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
| Independent living | 54.2 | % | 59.2 | % | 54.3 | % | 59.0 | % | ||||||||||||||||
| Assisted living | 45.8 | % | 40.8 | % | 45.7 | % | 41.0 | % | ||||||||||||||||
| Continuing Care Retirement Communities | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Capital Senior Living Corporation
Supplemental Information (Excludes CCRCs being re-positioned)
| Selected Operating Results | Q3 13 | Q3 12 | ||||||
| I. Owned communities (Excludes CCRCs being re-positioned) | ||||||||
| Number of communities | 51 | 36 | ||||||
| Resident capacity | 6,374 | 4,914 | ||||||
| Unit capacity | 5,185 | 4,100 | ||||||
| Financial occupancy (1) | 86.8 | % | 87.6 | % | ||||
| Revenue (in millions) | 36.7 | 26.9 | ||||||
| Operating expenses (in millions) (2) | 20.6 | 14.8 | ||||||
| Operating margin | 44 | % | 45 | % | ||||
| Average monthly rent | 2,719 | 2,496 | ||||||
| II. Leased communities | ||||||||
| Number of communities | 50 | 50 | ||||||
| Resident capacity | 6,298 | 6,298 | ||||||
| Unit capacity | 5,213 | 5,205 | ||||||
| Financial occupancy (1) | 86.1 | % | 86.1 | % | ||||
| Revenue (in millions) | 44.8 | 43.6 | ||||||
| Operating expenses (in millions) (2) | 22.3 | 22.1 | ||||||
| Operating margin | 50 | % | 49 | % | ||||
| Average monthly rent | 3,326 | 3,245 | ||||||
| III. Consolidated communities (Excludes CCRCs being re-positioned) | ||||||||
| Number of communities | 101 | 86 | ||||||
| Resident capacity | 12,672 | 11,212 | ||||||
| Unit capacity | 10,398 | 9,305 | ||||||
| Financial occupancy (1) | 86.4 | % | 86.8 | % | ||||
| Revenue (in millions) | 81.5 | 70.5 | ||||||
| Operating expenses (in millions) (2) | 42.9 | 36.9 | ||||||
| Operating margin | 47 | % | 48 | % | ||||
| Average monthly rent | 3,023 | 2,912 | ||||||
| IV. Communities under management (Excludes CCRCs being re-positioned) | ||||||||
| Number of communities | 104 | 89 | ||||||
| Resident capacity | 13,346 | 11,886 | ||||||
| Unit capacity | 10,841 | 9,746 | ||||||
| Financial occupancy (1) | 86.5 | % | 86.3 | % | ||||
| Revenue (in millions) | 85.6 | 74.0 | ||||||
| Operating expenses (in millions) (2) | 45.0 | 38.9 | ||||||
| Operating margin | 47 | % | 47 | % | ||||
| Average monthly rent | 3,043 | 2,933 | ||||||
| V. Same Store communities under management (Excludes CCRCs being re-positioned) | ||||||||
| Number of communities | 89 | 89 | ||||||
| Resident capacity | 11,886 | 11,886 | ||||||
| Unit capacity | 9,761 | 9,746 | ||||||
| Financial occupancy (1) | 85.8 | % | 86.3 | % | ||||
| Revenue (in millions) | 75.8 | 74.0 | ||||||
| Operating expenses (in millions) (2) | 39.4 | 38.9 | ||||||
| Operating margin | 48 | % | 47 | % | ||||
| Average monthly rent | 3,018 | 2,933 | ||||||
| VI. General and Administrative expenses as a percent of Total Revenues under Management | ||||||||
| Third quarter (3) | 5.5 | % | 3.8 | % | ||||
| First nine months (3) | 5.3 | % | 4.2 | % | ||||
| VII. Consolidated Debt Information (in thousands, except for interest rates) (Excludes insurance premium and auto financing) | ||||||||
| Total fixed rate mortgage debt | 382,531 | 287,623 | ||||||
| Variable rate mortgage debt | 13,022 | |||||||
| Weighted average interest rate | 5.21 | % | 5.47 | % |
CAPITAL SENIOR LIVING CORPORATION
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Adjusted EBITDAR | ||||||||||||||||
| Net income from operations | $ | 2,900 | $ | 3,039 | $ | 8,626 | $ | 10,552 | ||||||||
| Depreciation and amortization expense | 10,533 | 9,214 | 33,183 | 24,970 | ||||||||||||
| Stock-based compensation expense | 869 | 602 | 3,158 | 1,843 | ||||||||||||
| Facility lease expense | 14,274 | 13,819 | 42,813 | 41,179 | ||||||||||||
| Provision for bad debts | 89 | 209 | 330 | 551 | ||||||||||||
| Casualty losses | 142 | 272 | 382 | 535 | ||||||||||||
| Transaction costs | 360 | 221 | 1,205 | 1,164 | ||||||||||||
| CCRCs being re-positioned | 120 | 120 | ||||||||||||||
| Adjusted EBITDAR | $ | 29,287 | $ | 27,376 | $ | 89,817 | $ | 80,794 | ||||||||
| Adjusted EBITDAR Margin | ||||||||||||||||
| Adjusted EBITDAR | $ | 29,287 | $ | 27,376 | $ | 89,817 | $ | 80,794 | ||||||||
| Total revenues | $ | 87,983 | $ | 78,012 | $ | 261,427 | $ | 227,258 | ||||||||
| CCRCs being re-positioned | (4,860 | ) | (4,860 | ) | ||||||||||||
| Adjusted revenues | $ | 83,123 | $ | 78,012 | $ | 256,567 | $ | 227,258 | ||||||||
| Adjusted EBITDAR margin | 35.2 | % | 35.1 | % | 35.0 | % | 35.6 | % | ||||||||
| Adjusted net income and net income per share | ||||||||||||||||
| Net loss | $ | (9,963 | ) | $ | (937 | ) | $ | (14,109 | ) | $ | (1,478 | ) | ||||
| Casualty losses, net of tax | 89 | 171 | 241 | 337 | ||||||||||||
| Transaction costs, net of tax | 227 | 139 | 759 | 733 | ||||||||||||
| Resident lease amortization, net of tax | 2,471 | 2,449 | 8,837 | 6,228 | ||||||||||||
| (Gain) Loss on disposition of assets, net of tax | (8 | ) | 9 | (8 | ) | 12 | ||||||||||
| Deferred tax asset allowance | 7,513 | 7,513 | ||||||||||||||
| CCRCs being re-positioned, net of tax | 414 | 414 | ||||||||||||||
| Adjusted net income | $ | 743 | $ | 1,831 | $ | 3,647 | $ | 5,832 | ||||||||
| Adjusted net income per share | $ | 0.03 | $ | 0.07 | $ | 0.13 | $ | 0.21 | ||||||||
| Diluted shares outstanding | 27,937 | 27,469 | 27,839 | 27,401 | ||||||||||||
| Adjusted CFFO and CFFO per share | ||||||||||||||||
| Net cash provided by operating activities | $ | 13,818 | $ | 17,858 | $ | 28,302 | $ | 37,201 | ||||||||
| Changes in operating assets and liabilities | (4,688 | ) | (8,368 | ) | 1,133 | (19,017 | ) | |||||||||
| Recurring capital expenditures | (970 | ) | (843 | ) | (2,875 | ) | (2,479 | ) | ||||||||
| Casualty losses, net of tax | 89 | 171 | 241 | 337 | ||||||||||||
| Transaction costs | 360 | 221 | 1,205 | 1,164 | ||||||||||||
| Tax impact of Spring Meadows Transaction | (106 | ) | (106 | ) | (318 | ) | (318 | ) | ||||||||
| Tax impact of lease modification | 6,983 | |||||||||||||||
| CCRCs being re-positioned, net of tax | 394 | 394 | ||||||||||||||
| Adjusted CFFO | $ | 8,897 | $ | 8,933 | $ | 28,082 | $ | 23,871 | ||||||||
| Adjusted CFFO per share | $ | 0.32 | $ | 0.33 | $ | 1.01 | $ | 0.87 |