12/27/2023 0 Comments Gideros text field![]() In my December National HealthCare Corporation ( NYSE: NHC) publication, I noted the company's potential as "a tactical inclusion as a defensive overlay to reduce equity risk…and its ability to smooth equity returns". ![]() More clarity on rates, a slowdown in the pace of inflation, and potential near-term liquidity catalysts mean the funding window for selective investment is wide open. As such, I am revisiting the NHC investment thesis, reverting it to hold in doing so. ![]() The reasons for this are simple yet require a degree of explanation. Note, the company trades in line with 2007 rangeĭata: Updata Q1 Earnings Continue Earnings TrendsĪ look-back over the last few years of business shows NHC's performance to be less than appealing.NCH equity stock performance, 2001-date (22 years) This report will attempt to convey the critical facts in the NHC investment debate and what justifies a neutral viewpoint. This is attributed to the defensive nature of its stock in my view (coincidentally, also the factor I urged investors to position against last year, during the broad market selloff). However, a more thoughtful analysis of the future is now required, given that the markets have adapted, as they always do. On inspection, the quarter's growth can be traced back to two underlying factors: Looking at the quarterly numbers, the company booked an 11.2% increase in net operating revenues ("NOO") to $269mm and pulled this to $101.7mm gross. Census Increase in Skilled Nursing Facilities: NOO was driven by a higher census within the company's skilled nursing facilities.A higher census suggests increased patient care in these facilities, leading to higher revenues, a sign of revenue growth downstream, in my opinion.Acquisition of Caris Healthcare: In June FY'21, the company acquired Caris Healthcare, a hospice provider, and this has begun to pull through to the top line.It pulled this down to core EBITDA of $20mm and earnings of $15.3mm or $0.76 per share ($3.04 annualized). This is a decrease compared to the net income of $21.3mm reported last year. You can see this clearly in the progression of annual operating income, FY'18-23 TTM (the year 2023 is shown as the tailing 12 months up until Q1 2023): The critical fact I'd point out is that NHC has been scaling back its business size for several years. Note: The year 2023 is shown as the trailing 12 months up until Q1 2023. A firm doing $49mm less in operations over a 10-year horizon is the antagonist to value creation in my view. Earnings are down $37mm since 2013, with minimal growth in between as well, perhaps one primary reason the equity value has been so flat.Īlas, despite the growth trends observed within the quarter, this didn't pull vertically down to the P&L. ![]() Less government stimulus income was compared to the previous year $0 this quarter, versus $10.6mm the year prior.Inflationary pressures on labor costs also contributed to the decreased adjusted net income, which is not unique to the company.Generated events: "cellForRowAtIndexPath", "didSelectRowAtIndexPath"Įvent table includes the additional field: "Row" (event. Void setData(NSArray data) - use luaTableToArray() ScrollView : View new(float x, float y, float w, float h, float cw, float ch) Generated events: "onTextFieldEdit", "onTextFieldReturn" TextField2 : View void create(string text) Void setTextColor(float r, float g, float b)ĪlertView : GEventDispatcherProxy new(string title, string message, string button) Void setBGColor(float r, float g, float b) Void setTitleColor(float r, float g, float b) Global functions: int hideStatusBar(bool show) The following is a somewhat hodgepodge collection of the classes, inheritance, and function names with the return values listed in C and the Lua parameters that are expected. How do you make the screen scroll up when keyboard covers textfieldĬopy uikit.mm to Xcode project "plugins" directory and then add to Xcode project.This is an API for the Gideros UIKit Plugin written by Michael Hartlef DIY Capacitive Stylus for iPad and iPhone.Mounting VirtualBox HFS+ VDI files on OS X.Reading the keychain with a perl script.
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