Genesis Healthcare, Inc. (NYSE:GEN) Files An 8-K Results of Operations and Financial Condition

Genesis Healthcare, Inc. (NYSE:GEN) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.  

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On March 16, 2020, Genesis Healthcare, Inc. (“Genesis”) issued the press release furnished herewith as Exhibit 99.1 reporting its operating results for the fourth quarter ended December  31, 2019 (the “Earnings Release”).

Certain information contained in the Earnings Release refers to non-GAAP financial measures and other definitions specific to Genesis’ businesses.  For an explanation of the adjustments and a description of Genesis’ uses of, and the limitations associated with, non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDAR, EBITDA and EBITDAR (each as defined below), see “Reasons for Non-GAAP Financial Disclosure” in the Earnings Release.

The following is a glossary of terms for some key performance and valuation indicators and non-GAAP measures used in reference to Genesis:

“Actual Patient Days” is defined as the number of residents occupying a bed (or units in the case of an assisted/senior living center) for one qualifying day in that period.

“Adjusted EBITDA” is defined as EBITDA adjusted for certain excluded items to provide a supplemental performance measure.

“Adjusted EBITDAR” is defined as EBITDAR adjusted for certain excluded items to provide a supplemental valuation measure.

“Available Patient Days” is defined as the number of available beds (or units in the case of an assisted/senior living center) multiplied by the number of days in that period.

“Average Daily Census” or “ADC” is the number of residents occupying a bed (or units in the case of an assisted/senior living center) over a period of time, divided by the number of calendar days in that period.

“EBITDAR” is defined as net income or loss attributed to Genesis Healthcare, Inc. before net income or loss of non-controlling interests, net income or loss from discontinued operations, depreciation and amortization expense, interest expense and lease expense.

“EBITDA” is defined as EBITDAR less lease expense.

“Insurance” refers collectively to commercial insurance and managed care payor sources, including Medicare Advantage beneficiaries, but does not include managed care payors serving Medicaid residents, which are included in the Medicaid category.

“Occupancy Percentage” is measured as the percentage of Actual Patient Days relative to the Available Patient Days.

“Skilled Mix” refers collectively to Medicare and Insurance payor sources.

“Therapist Efficiency” is computed by dividing billable labor minutes related to patient care and customer value added services by total labor minutes for the period.

This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K is not incorporated by reference into any filings of the Company made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in the filing, unless specifically stated so therein.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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Genesis Healthcare, Inc. Exhibit
EX-99.1 2 ex-99d1.htm EX-99.1 Ex99_1 Exhibit 99.1 FOR IMMEDIATE RELEASE    Genesis HealthCare Contact: Investor Relations 610-925-2000 GENESIS HEALTHCARE REPORTS SOLID FOURTH QUARTER AND YEAR END 2019 RESULTS   KENNETT SQUARE,…
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About Genesis Healthcare, Inc. (NYSE:GEN)

Genesis Healthcare, Inc., formerly Skilled Healthcare Group, Inc., is a holding company that provides post-acute care. The Company operates through three segments: inpatient services, which includes the operation of skilled nursing facilities and assisted or senior living facilities; rehabilitation therapy services, which includes its integrated and third-party rehabilitation and respiratory therapy services, and all other services, including physician services and other healthcare related services. It offers inpatient services through its network of over 500 skilled nursing and assisted/senior living facilities in 34 states, consisting of over 475 skilled nursing facilities and over 35 stand-alone assisted/senior living facilities. Its skilled nursing and assisted/senior living facilities have over 61,000 licensed beds, with its states of operation in California, Maryland, Massachusetts, New Jersey, and Pennsylvania.

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