National HealthCare Corp 2024年度报告

M I S S I O N V I S I O N V A L U E S Commit to Godly Excellence.Act with Compassion and Integrity.Respect and Value People.Enhance Quality of Life. NHC is committed tobeing the senior careleader in customer,partner, and investorsatisfaction. Caring in a Better Way,Day by Day Dr. Carl Adams,our founder,once said, “Care is our business.”He laid the foundation for NHC’songoing commitment to excellenceand customer satisfaction. Our 20promises ensurewe support his vision by guiding usin delivering compassionate careand exceptional service, ensuringthat every patient and residentexperiences the highest qualityof care. C U S T O M E RA N D PA R T N E RS AT I S FA C T I O N EXPANDING OURCONTINUUM OF CARE W H I T E O A K J O I N S N H C FA M I LY C A R I S N E W L O C AT I O N S We are thrilled to announce that NHCwas again certified as a Great Placeto Work in 2024! This prestigiousrecognition is a testament to the positiveculture we have built together. The Great Place to Work certificationis awarded based on a comprehensiveevaluation of workplace culture, includingpartner trust, pride, and camaraderie.This recognition helps us attract and retaintop talent, improve productivity, enhancereputation, and gain valuable insights.We are proud to share that over 82% ofour partners completed this year’s survey. NHC is proud of our partners’ dedicationand commitment to making NHC a trulygreat place to work. LETTER TOSHAREHOLDERS Dear Shareholder, We are pleased to report that 2024 was one of the most exciting years in NHC’s illustrious history!Headlining the year was our acquisition of White Oak Management, Inc. on August 1, 2024. This $221million purchase included 15 skilled nursing facilities totaling 1,928 beds, 2 assisted living communities(48 units), 4 independent living communities (303 units), along with a long term care pharmacy.The White Oak acquisition was immediately accretive to earnings and cashflow. Beyond the addition of the White Oak portfolio, the Company experience stellar performance on virtuallyevery front. Consider these highlights: Customer Satisfaction Financial Performance —2024 Highlights •Customer Satisfaction is the first aim of NHC’sMission Statement and the focal point ofour culture. NHC’s skilled nursing facilities(“SNF’s”) registered an average Net PromoterScore (“NPS”) of 60.0. By comparison, thenational health care average was 38.0.•Thirty-four (34) of our SNF’s had NPS scoresof 50-69.9, which NPS defines as “Excellent.”Another fifteen (15) of our SNF’s had scores of70+, defined by NPS as “World Class.” •Net patient revenues in 2024 totaled$1,251,759,000, compared to $1,087,614,000for the year ended December 31, 2023, anincrease of 15.1%.•Total net operating revenues and grant incomewere $1,307,382,000 in 2024, comparedto $1,141,544,000 for the previous year, anincrease of 14.5%.•Excluding unrealized gains/losses formarketable securities, NHC pre-tax incomewas $105,291,000 in 2024, compared to$75,304,000 in 2023 - a 39.8% increase.•As of December 31, 2024, NHC shareholderequity was $980,161,000 compared to$908,752,000 at the end of 2023, an increaseof 7.9%.•Census improved in our SNFs from 87.9% in2023 to 88.6% in 2024. Quality Care — as of December 31, 2024 •NHC’s eighty (80) SNFs had a average CMS5-Star rating of 3.6.•Fifty-seven percent (57%) of NHC SNFs wererated 4- or 5-Star by CMS. Nationally, only35% of skilled nursing facilities were rated 4- or5-Star.•NHC’s thirty-four (34) home health agencieshad an average CMS 5-Star rating of 4.35.Comparatively, the national average for homehealth agencies was 3.5.•Ninety-four percent (94%) of NHC’s homehealth agencies were rated 4- or 5-Star by CMS. Investor Satisfaction •Our one-year Total Shareholder Return (“TSR”)was 19.0%. Our three-year average TSR was24.6%.•The dividend for calendar year 2024 was $2.42per common share compared to $2.34 percommon share in 2023. Conclusion NHC’s vision is “Caring in a Better Way, Day by Day.”Our Core Values are: Commitment to Godly ExcellenceAct with Compassion and IntegrityRespect and Value PeopleEnhance Quality of Life By daily embracing and embodying our vision andvalues, NHC’s 16,000+ Partners have blessed the lives ofhundreds of thousands of patients in 2024 and made ourcompany stronger than ever before. Thank you for your confidence and investment in our work. Sincerely, Stephen F. FlattChief Executive Officer Robert G. AdamsChairman of the Board Stephen F. FlattChief Executive Officer NHC Board of Directors O F F I C E R S A N D D I R E C T O R S Corporate Officers B. Anderson Flatt, Sr.Senior Vice President,Chief Information Officer Josh A. McCrearySenior Vice President, General Counsel,and Secretary Stephen F. FlattChief Executive Officer R. Michael UsseryPresident and Chief Operating OfficerVicki L. DodsonSenior Vice President, Patient Services Brian F. KiddSenior Vice President,Chief Financial Officer Timothy J. ShellySenior Vice President, Operations B