National Healthcare Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>National Healthcare Corp. filed its 2023 10-K, reporting $15.38 billion in assets and $15.35 million in net income.</b>

AI Summary

NATIONAL HEALTHCARE CORP (NHC) filed a Annual Report (10-K) with the SEC on February 16, 2024. National Healthcare Corp. reported total assets of $15,377,343,000 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year 2023 was $15,350,661. Earnings per share (EPS) for the fiscal year 2023 were $2.11. Total debt for the company was $45,000,000 as of December 31, 2023. The company's cash and cash equivalents stood at $2,015,000 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking NATIONAL HEALTHCARE CORP, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors and analysts can use this report to assess the company's profitability, liquidity, and long-term financial health, as well as understand potential risks affecting its operations.

Risk Assessment

Risk Level: medium — NATIONAL HEALTHCARE CORP shows moderate risk based on this filing. The company operates in the skilled nursing care facilities industry, which is subject to significant regulatory oversight and reimbursement changes, potentially impacting revenue and profitability.

Analyst Insight

Monitor the company's upcoming earnings calls and investor presentations for management's commentary on the 2023 performance and outlook for 2024, particularly concerning regulatory impacts and operational efficiency.

Key Numbers

• 15,377,343,000 — Total Assets (As of December 31, 2023)
• 15,350,661 — Net Income (Fiscal Year 2023)
• 2.11 — EPS (Fiscal Year 2023)
• 45,000,000 — Total Debt (As of December 31, 2023)
• 2,015 — Cash and Cash Equivalents (As of December 31, 2023)

Key Players & Entities

• NATIONAL HEALTHCARE CORP (company) — Filer
• 10-K (document) — Filing Type
• 2023-12-31 (date) — Conformed Period of Report
• 2024-02-16 (date) — Filed as of Date
• 8051 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 100 E. VINE ST (address) — Business Address
• MURFREESBORO (city) — Business Address City

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company's operations are subject to extensive federal, state, and local government regulations, which can change and impact services and reimbursement.
• Reimbursement Changes [high — financial]: Changes in Medicare and Medicaid reimbursement rates or policies could adversely affect the company's revenues and profitability.
• Staffing and Labor Costs [medium — operational]: The company faces challenges in attracting and retaining qualified healthcare professionals, and rising labor costs can impact operating expenses.
• Competition [medium — market]: The company operates in a competitive market with other healthcare providers, and increased competition could affect market share and pricing.

Key Financial Figures

• $2.2 — he "CARES ACT"). The CARES Act provided $2.2 trillion of economy-wide financial stim
• $178 billion — icipalities. The CARES Act appropriated $178 billion to the Public Health and Social Service
• $0 — lief Fund ("PRF"). The Company recorded $0, $11,457,000 and $63,360,000 of governm
• $11,457,000 — Fund ("PRF"). The Company recorded $0, $11,457,000 and $63,360,000 of government stimulus
• $63,360,000 — he Company recorded $0, $11,457,000 and $63,360,000 of government stimulus income from the

Filing Documents

• nhc20231231_10k.htm (10-K) — 2642KB
• ex_620082.htm (EX-10.24) — 85KB
• ex_620083.htm (EX-10.25) — 35KB
• ex_620084.htm (EX-21) — 89KB
• ex_620085.htm (EX-23) — 5KB
• ex_620086.htm (EX-31.1) — 13KB
• ex_620087.htm (EX-31.2) — 13KB
• ex_620088.htm (EX-32) — 10KB
• grph02.jpg (GRAPHIC) — 56KB
• img01.jpg (GRAPHIC) — 10KB
• 0001437749-24-004619.txt (&nbsp;) — 11646KB
• nhc-20231231.xsd (EX-101.SCH) — 87KB
• nhc-20231231_cal.xml (EX-101.CAL) — 97KB
• nhc-20231231_def.xml (EX-101.DEF) — 574KB
• nhc-20231231_lab.xml (EX-101.LAB) — 523KB
• nhc-20231231_pre.xml (EX-101.PRE) — 625KB
• nhc20231231_10k_htm.xml (XML) — 2000KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 11 ITEM 1B. Unresolved Staff Comments 21 ITEM 1C. Cybersecurity 21 ITEM 2.

Properties

Properties 22 ITEM 3.

Legal Proceedings

Legal Proceedings 26 ITEM 4. Mine Safety Disclosures 26 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 27 ITEM 6. [Reserved] 29 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 7A. Quantitative and Qualitative Disclosure About Market Risk 40 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 ITEM 9A.

Controls and Procedures

Controls and Procedures 73 ITEM 9B. Other Information 75 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 75 ITEM 11.

Executive Compensation

Executive Compensation 75 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 ITEM 13. Certain Relationships and Related Transactions and Director Independence 75 ITEM 14. Principal Accountant Fees and Services 75 PART IV ITEM 15. Exhibits and Financial Statement Schedules 76 ITEM 16. Form 10-K Summary 79 Exhibit Index 77

Signatures

Signatures 80 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS PART 1 ITEM 1.

BUSINESS

BUSINESS National HealthCare Corporation, which we also refer to as NHC or the Company, began business in 1971. Our principal business is the operation of skilled nursing facilities, assisted living facilities, independent living facilities, homecare and hospice agencies, and behavioral health hospitals. Our business activities include providing sub–acute and post–acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer's care, senior living services, home health care services, hospice services, and behavioral health services. In addition, we provide management services, accounting and financial services, as well as insurance services to third party operators of health care facilities. We also own the real estate of 10 healthcare properties and lease these properties to third party operators. We operate in 8 states and our operations are primarily located in the Southeastern and Midwestern parts of the United States. Description of the Business The following table summarizes our operations by ownership status as of December 31, 2023: Owned Leased Managed Total Skilled Nursing Facilities Number of facilities 28 32 8 68 Percentage of total 41.2% 47.0% 11.8% 100.0% Licensed beds 3,526 4,227 979 8,732 Percentage of total 40.4% 48.4% 11.2% 100.0% Assisted Living Facilities Number of facilities 17 7 2 26 Percentage of total 65.4% 26.9% 7.7% 100.0% Units 1,293 174 34 1,501 Percentage of total 86.1% 11.6% 2.3% 100.0% Independent Living Facilities Number of facilities 1 3 1 5 Percentage of total 20.0% 60.0% 20.0% 100.0% Retirement apartments 93 245 137 475 Percentage of total 19.6% 51.6% 28.8% 100.0% Behavioral Health Hospitals Number of facilities 3 – – 3 Percentage of total 100.0% – – 100.0% Licensed beds 96 – – 96 Percentage of total 100.0% – – 100.0% Homecare Agencies 35

View Full Filing

View this 10-K filing on SEC EDGAR