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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020.

OR

    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             .

Commission file number: 001-33459

Genesis Healthcare, Inc.

(Exact name of registrant as specified in its charter)

Delaware

20-3934755

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification No.)

101 East State Street

Kennett Square, Pennsylvania

19348

(Address of principal executive offices)

(Zip Code)

(610) 444-6350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.001 par value per share

GEN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated Filer  

Emerging growth company

Non-accelerated filer  

Smaller reporting company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

The number of shares outstanding of each of the issuer’s classes of common stock, as of the close of business on August 7, 2020, was:

Class A common stock, $0.001 par value – 110,584,200 shares

Class B common stock, $0.001 par value – 744,396 shares

Class C common stock, $0.001 par value – 55,409,742 shares

Table of Contents

Genesis Healthcare, Inc.

Form 10-Q

Index

    

Page
Number

Part I.

Financial Information

Item 1.

Financial Statements (Unaudited)

3

Consolidated Balance Sheets — June 30, 2020 and December 31, 2019

3

Consolidated Statements of Operations — Three and six months ended June 30, 2020 and 2019

4

Consolidated Statements of Comprehensive Income (Loss) — Three and six months ended June 30, 2020 and 2019

5

Consolidated Statements of Stockholders’ Deficit — Three and six months ended June 30, 2020 and 2019

6

Consolidated Statements of Cash Flows — Six months ended June 30, 2020 and 2019

8

Notes to Unaudited Consolidated Financial Statements

9

Item 2.

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

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

73

Item 4.

Controls and Procedures

73

Part II.

Other Information

Item 1.

Legal Proceedings

74

Item 1A.

Risk Factors

74

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

Item 3.

Defaults Upon Senior Securities

75

Item 4.

Mine Safety Disclosures

75

Item 5.

Other Information

75

Item 6.

Exhibits

76

Signatures

77

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

GENESIS HEALTHCARE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

June 30, 2020

December 31, 2019

 

Assets:

Current assets:

Cash and cash equivalents

$

251,651

$

12,097

Restricted cash and equivalents

62,664

63,101

Restricted investments in marketable securities

39,682

31,855

Accounts receivable

 

459,354

567,636

Prepaid expenses

 

69,617

108,908

Other current assets

 

41,723

44,079

Assets held for sale

 

1,171

Total current assets

 

924,691

 

828,847

Property and equipment, net of accumulated depreciation of $430,333 and $431,361 at June 30, 2020 and December 31, 2019, respectively

 

831,333

962,105

Finance lease right-of-use assets, net of accumulated amortization of $20,652 and $23,401 at June 30, 2020 and December 31, 2019, respectively

32,956

37,097

Operating lease right-of-use assets

2,134,233

2,399,505

Restricted cash and equivalents

51,061

50,608

Restricted investments in marketable securities

 

92,335

105,087

Other long-term assets

108,563

85,725

Deferred income taxes

 

4,702

3,772

Identifiable intangible assets, net of accumulated amortization of $78,864 and $76,243 at June 30, 2020 and December 31, 2019, respectively

 

84,826

87,446

Goodwill

 

85,642

85,642

Assets held for sale

15,992

16,306

Total assets

$

4,366,334

$

4,662,140

Liabilities and Stockholders' Deficit:

Current liabilities:

Current portion of long-term debt

$

19,116

$

162,426

Current portion of finance lease obligations

2,947

2,839

Current portion of operating lease obligations

135,853

140,887

Accounts payable

210,870

238,384

Accrued expenses

364,973

226,092

Accrued compensation

 

147,281

153,698

Self-insurance reserves

149,793

146,476

Current portion of liabilities held for sale

394

368

Total current liabilities

 

1,031,227

 

1,071,170

Long-term debt

1,359,710

1,450,994

Finance lease obligations

36,268

39,335

Operating lease obligations

2,476,384

2,681,403

Deferred income taxes

 

4,815

5,245

Self-insurance reserves

404,863

406,864

Liabilities held for sale

24,043

19,789

Other long-term liabilities

 

99,305

69,905

Commitments and contingencies

Stockholders’ deficit:

Class A common stock, (par $0.001, 1,000,000,000 shares authorized, issued and outstanding - 110,584,200 and 107,888,854 at June 30, 2020 and December 31, 2019, respectively)

 

111

108

Class B common stock, (par $0.001, 20,000,000 shares authorized, issued and outstanding - 744,396 and 744,396 at June 30, 2020 and December 31, 2019, respectively)

 

1

1

Class C common stock, (par $0.001, 150,000,000 shares authorized, issued and outstanding - 55,409,742 and 56,172,193 at June 30, 2020 and December 31, 2019, respectively)

55

56

Additional paid-in-capital

 

242,108

248,594

Accumulated deficit

 

(998,793)

(1,010,296)

Accumulated other comprehensive income

 

1,591

602

Total stockholders’ deficit before noncontrolling interests

 

(754,927)

 

(760,935)

Noncontrolling interests

(315,354)

(321,630)

Total stockholders' deficit

(1,070,281)

(1,082,565)

Total liabilities and stockholders’ deficit

$

4,366,334

$

4,662,140

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

GENESIS HEALTHCARE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

Three months ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

Net revenues

$

956,259

$

1,145,052

$

2,048,509

$

2,306,692

Salaries, wages and benefits

 

616,944

 

626,159

1,197,477

 

1,268,569

Other operating expenses

 

317,274

 

332,528

657,755

 

675,066

General and administrative costs

39,769

35,562

79,386

71,094

Lease expense

 

96,395

 

94,586

194,415

 

188,647

Depreciation and amortization expense

 

33,816

 

28,268

 

59,804

 

66,463

Interest expense

 

31,907

 

52,975

 

68,147

 

104,491

Loss (gain) on early extinguishment of debt

 

1,421

 

(24)

 

5,460

 

(24)

Investment income

 

(961)

 

(2,143)

 

(2,117)

 

(4,007)

Other income

 

(44,100)

 

(23,413)

 

(128,932)

 

(40,330)

Transaction costs

 

5,543

 

8,823

 

11,134

 

10,084

Long-lived asset impairments

77,100

900

86,800

900

Federal stimulus - COVID-19 other income

(185,500)

(185,500)

Equity in net income of unconsolidated affiliates

 

(3,576)

 

(24)

 

(3,449)

 

(85)

(Loss) income before income tax benefit

 

(29,773)

 

(9,145)

 

8,129

 

(34,176)

Income tax benefit

 

(457)

 

(162)

 

(1,236)

 

(111)

Net (loss) income

 

(29,316)

 

(8,983)

 

9,365

 

(34,065)

Less net loss attributable to noncontrolling interests

 

7,311

 

4,164

 

2,138

 

13,983

Net (loss) income attributable to Genesis Healthcare, Inc.

$

(22,005)

$

(4,819)

$

11,503

$

(20,082)

(Loss) earnings per common share:

Basic:

Weighted-average shares outstanding for basic net (loss) income per share

 

111,232

 

106,846

 

110,477

 

105,289

Basic net (loss) income per common share attributable to Genesis Healthcare, Inc.

$

(0.20)

$

(0.05)

$

0.10

$

(0.19)

Diluted:

Weighted-average shares outstanding for diluted net (loss) income per share

 

111,232

 

106,846

 

166,866

 

105,289

Diluted net (loss) income per common share attributable to Genesis Healthcare, Inc.

$

(0.20)

$

(0.05)

$

0.07

$

(0.19)

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

GENESIS HEALTHCARE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS)

(UNAUDITED)

Three months ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

Net (loss) income

$

(29,316)

$

(8,983)

$

9,365

$

(34,065)

Net unrealized gain on marketable securities, net of tax

502

 

622

 

1,480

 

1,118

Comprehensive (loss) income

 

(28,814)

 

(8,361)

 

10,845

 

(32,947)

Less: comprehensive loss attributable to noncontrolling interests

7,157

3,948

 

1,647

 

13,668

Comprehensive (loss) income attributable to Genesis Healthcare, Inc.

$

(21,657)

$

(4,413)

$

12,492

$

(19,279)

See accompanying notes to unaudited consolidated financial statements.

5

Table of Contents

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, 2019

 

107,889

$

108

 

744

$

1

 

56,172

$

56

$

248,594

$

(1,010,296)

$

602

$

(760,935)

$

(321,630)

$

(1,082,565)

Net income

 

 

33,508

 

33,508

5,173

38,681

Net unrealized gain on marketable securities, net of tax

 

 

 

641

641

337

978

Share based compensation

 

1,894

 

 

1,894

 

1,894

Issuance of common stock

5

 

 

Conversion of common stock among classes

 

270

(270)

(2,612)

 

 

(2,612)

2,612

 

Distributions to noncontrolling interests

 

 

 

(1,123)

 

(1,123)

Balance at March 31, 2020

 

108,164

$

108

 

744

$

1

 

55,902

$

56

$

247,876

$

(976,788)

$

1,243

$

(727,504)

$

(314,631)

$

(1,042,135)

Net loss

 

 

(22,005)

 

(22,005)

(7,311)

(29,316)

Net unrealized gain on marketable securities, net of tax

 

 

 

348

348

154

502

Share based compensation

 

1,831

 

 

1,831

 

1,831

Issuance of common stock

1,928

2

(2)

 

 

Conversion of common stock among classes

492

1

(492)

(1)

(7,597)

 

 

(7,597)

7,597

Distributions to noncontrolling interests

 

 

 

(1,163)

 

(1,163)

Balance at June 30, 2020

 

110,584

$

111

 

744

$

1

 

55,410

$

55

$

242,108

$

(998,793)

$

1,591

$

(754,927)

$

(315,354)

$

(1,070,281)

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

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

(loss) income

deficit

interests

deficit

 

Balance at December 31, 2018

 

101,236

$

101

 

744

$

1

 

59,701

$

60

$

270,408

$

(1,609,828)

$

(262)

$

(1,339,520)

$

(705,346)

$

(2,044,866)

Net loss

 

 

(15,263)