GENESIS HEALTHCARE, INC. Genesis Healthcare, Inc.
Unaudited Consolidated Financial Statements
September 30, 2021
Index to Unaudited Consolidated Financial Statements
Page | |
Number | |
Consolidated Balance Sheets - September 30, 2021 and December 31, 2020………………………………………..…... | 2 |
Consolidated Statements of Operations - Three and nine months ended September 30, 2021 and 2020………………… | 3 |
Consolidated Statements of Stockholders' Deficit - Three and nine months ended September 30, 2021..………………. | 4 |
Consolidated Statements of Cash Flows -Nine months ended September 30, 2021 and 2020…………………………… | 5 |
Notes to Unaudited Consolidated Financial Statements……………………………………………………………………. | 6 |
1
GENESIS HEALTHCARE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
September 30, 2021 | December 31, 2020 | ||||
Assets: | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 85,264 | $ | 212,071 | |
Restricted cash and equivalents | 66,248 | 49,998 | |||
Restricted investments in marketable securities | 37,773 | 39,526 | |||
Accounts receivable | 380,625 | 426,927 | |||
Prepaid expenses | 94,783 | 93,476 | |||
Other current assets | 37,191 | 47,132 | |||
Total current assets | 701,884 | 869,130 | |||
Property and equipment, net of accumulated depreciation of $401,818 and $429,705 at | |||||
September 30, 2021 and December 31, 2020, respectively | 906,175 | 984,712 | |||
Finance lease right-of-use assets, net of accumulated amortization of $18,262 and $16,328 at | |||||
September 30, 2021 and December 31, 2020, respectively | 25,675 | 27,848 | |||
Operating lease right-of-use assets | 955,279 | 1,715,532 | |||
Restricted cash and equivalents | 44,661 | 51,151 | |||
Restricted investments in marketable securities | 103,387 | 114,326 | |||
Other long-term assets | 105,669 | 116,371 | |||
Deferred income taxes | 3,166 | 2,278 | |||
Identifiable intangible assets, net of accumulated amortization of $85,170 and $81,387 at | |||||
September 30, 2021 and December 31, 2020, respectively | 78,487 | 82,270 | |||
Goodwill | 85,642 | 85,642 | |||
Assets held for sale | 1,330 | 12,986 | |||
Total assets | $ | 3,011,355 | $ | 4,062,246 | |
Liabilities and Stockholders' Deficit: | |||||
Current liabilities: | |||||
Current portion of long-term debt | $ | 798,101 | $ | 905,788 | |
Current portion of finance lease obligations | 3,054 | 2,949 | |||
Current portion of operating lease obligations | 1,141,245 | 2,071,841 | |||
Accounts payable | 172,791 | 211,357 | |||
Accrued expenses | 307,225 | 335,837 | |||
Accrued compensation | 171,501 | 162,870 | |||
Self-insurance reserves | 133,657 | 153,669 | |||
Current portion of liabilities held for sale | - | 403 | |||
Total current liabilities | 2,727,574 | 3,844,714 | |||
Long-term debt | 662,609 | 634,934 | |||
Finance lease obligations | 33,042 | 34,943 | |||
Operating lease obligations | 149,047 | 159,711 | |||
Deferred income taxes | 5,406 | 5,071 | |||
Self-insurance reserves | 363,037 | 385,084 | |||
Liabilities held for sale | - | 18,271 | |||
Other long-term liabilities | 103,878 | 141,765 | |||
Commitments and contingencies | |||||
Stockholders' deficit: | |||||
Class A common stock, (par $0.001, 1,000,000,000 shares authorized, issued and outstanding - | |||||
118,566,219 and 110,801,462 at September 30, 2021 and December 31, 2020, respectively) | 118 | 111 | |||
Class B common stock, (par $0.001, 20,000,000 shares authorized, issued and outstanding - | |||||
744,396 and 744,396 at September 30, 2021 and December 31, 2020, respectively) | 1 | 1 | |||
Class C common stock, (par $0.001, 150,000,000 shares authorized, issued and outstanding - | |||||
51,004,345 and 55,250,921 at September 30, 2021 and December 31, 2020, respectively) | 51 | 55 | |||
Additional paid-in-capital | 214,661 | 247,472 | |||
Accumulated deficit | (973,107) | (1,069,259) | |||
Accumulated other comprehensive income | 100 | 1,396 | |||
Total stockholders' deficit before noncontrolling interests | (758,176) | (820,224) | |||
Noncontrolling interests | (275,062) | (342,023) | |||
Total stockholders' deficit | (1,033,238) | (1,162,247) | |||
Total liabilities and stockholders' deficit | $ | 3,011,355 | $ | 4,062,246 |
See accompanying notes to unaudited consolidated financial statements.
2
GENESIS HEALTHCARE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three months ended September 30, | Nine months ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net revenues | $ | 769,943 | $ | 938,653 | $ | 2,480,241 | $ | 2,987,162 |
Salaries, wages and benefits | 434,392 | 535,009 | 1,372,650 | 1,732,486 | ||||
Other operating expenses | 242,836 | 309,664 | 764,007 | 967,419 | ||||
General and administrative costs | 35,271 | 45,172 | 122,008 | 124,558 | ||||
Lease expense | 50,865 | 86,247 | 193,342 | 280,662 | ||||
Depreciation and amortization expense | 20,561 | 24,373 | 104,454 | 84,177 | ||||
Interest expense | 29,433 | 33,918 | 95,035 | 102,065 | ||||
(Gain) loss on early extinguishment of debt | (84,966) | 1,101 | (84,489) | 6,561 | ||||
Investment income | (924) | (957) | (2,669) | (3,074) | ||||
Other income | (32,491) | (53,507) | (192,069) | (182,439) | ||||
Transaction costs | 2,905 | 15,561 | 21,965 | 26,696 | ||||
Long-lived asset impairments | - | 72,400 | - | 159,200 | ||||
Federal and state stimulus - COVID-19 other income | (6,602) | (31,212) | (45,260) | (216,713) | ||||
Equity in net income of unconsolidated affiliates | (1,236) | (3,362) | (1,679) | (6,811) | ||||
Income (loss) before income tax expense (benefit) | 79,899 | (95,754) | 132,946 | (87,625) | ||||
Income tax expense (benefit) | 85 | 176 | 877 | (1,060) | ||||
Net income (loss) | 79,814 | (95,930) | 132,069 | (86,565) | ||||
Less net (income) loss attributable to noncontrolling interests | (22,810) | 33,137 | (35,917) | 35,275 | ||||
Net income (loss) attributable to Genesis Healthcare, Inc. | $ | 57,004 | $ | (62,793) | $ | 96,152 | $ | (51,290) |
Earnings (loss) per common share: | ||||||||
Basic: | ||||||||
Weighted-average shares outstanding for basic net income (loss) per share | 120,650 | 113,145 | 117,800 | 111,372 | ||||
Basic net income (loss) per common share attributable to Genesis Healthcare, Inc. | $ | 0.47 | $ | (0.55) | $ | 0.82 | $ | (0.46) |
Diluted: | ||||||||
Weighted-average shares outstanding for diluted net income (loss) per share | 171,663 | 113,145 | 170,584 | 111,372 | ||||
Diluted net income (loss) per common share attributable to Genesis Healthcare, Inc. | $ | 0.45 | $ | (0.55) | $ | 0.77 | $ | (0.46) |
See accompanying notes to unaudited consolidated financial statements.
3
GENESIS HEALTHCARE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(IN THOUSANDS)
(UNAUDITED)
Accumulated | |||||||||||||||||||||||
other | Total | ||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Class C Common Stock | Additional | Accumulated | comprehensive | Stockholders' | Noncontrolling | stockholders' | |||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | paid-in capital | deficit | income | deficit | interests | deficit | ||||||||||||
Balance at December 31, 2020 | 110,801 | $ | 111 | 744 | $ | 1 | 55,251 | $ | 55 | $ | 247,472 | $ | (1,069,259) | $ | 1,396 | $ | (820,224) | $ | (342,023) | $ | (1,162,247) | ||
Net loss | - | - | - | - | - | - | - | (32,449) | - | (32,449) | (17,495) | (49,944) | |||||||||||
Net unrealized gain on marketable securities, net of | |||||||||||||||||||||||
tax | - | - | - | - | - | - | - | - | (842) | (842) | - | (842) | |||||||||||
Share based compensation | - | - | - | - | - | - | 1,845 | - | - | 1,845 | - | 1,845 | |||||||||||
Issuance of common stock | 555 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||
Conversion of common stock among classes | 3,729 | 3 | - | - | (3,728) | (3) | (26,278) | - | - | (26,278) | 26,278 | - | |||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | (915) | (915) | |||||||||||
Balance at March 31, 2021 | 115,085 | $ | 114 | 744 | $ | 1 | 51,523 | $ | 52 | $ | 223,039 | $ | (1,101,708) | $ | 554 | $ | (877,948) | $ | (334,155) | $ | (1,212,103) | ||
Net income | - | - | - | - | - | - | - | 71,597 | - | 71,597 | 30,602 | 102,199 | |||||||||||
Net unrealized gain on marketable securities, net of | |||||||||||||||||||||||
tax | - | - | - | - | - | - | - | - | (13) | (13) | - | (13) | |||||||||||
Share based compensation | - | - | - | - | - | - | 1,045 | - | - | 1,045 | - | 1,045 | |||||||||||
Issuance of common stock | 2,953 | 3 | - | - | - | - | (3) | - | - | - | - | - | |||||||||||
Conversion of common stock among classes | 519 | 1 | - | - | (519) | (1) | (9,779) | - | - | (9,779) | 9,779 | - | |||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | (949) | (949) | |||||||||||
Balance at June 30, 2021 | 118,557 | $ | 118 | 744 | $ | 1 | 51,004 | $ | 51 | $ | 214,302 | $ | (1,030,111) | $ | 541 | $ | (815,098) | $ | (294,723) | $ | (1,109,821) | ||
Net income | - | - | - | - | - | - | - | 57,004 | - | 57,004 | 22,810 | 79,814 | |||||||||||
Net unrealized gain on marketable securities, net of | |||||||||||||||||||||||
tax | - | - | - | - | - | - | - | - | (441) | (441) | - | (441) | |||||||||||
Share based compensation | - | - | - | - | - | - | 359 | - | - | 359 | - | 359 | |||||||||||
Issuance of common stock | 9 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | - | - | (3,149) | (3,149) | |||||||||||
Balance at September 30, 2021 | 118,566 | $ | 118 | 744 | $ | 1 | 51,004 | $ | 51 | $ | 214,661 | $ | (973,107) | $ | 100 | $ | (758,176) | $ | (275,062) | $ | (1,033,238) |
See accompanying notes to unaudited consolidated financial statements.
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Genesis HealthCare Inc. published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 22:25:16 UTC.
