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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 September 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 November 6, 2020, was:

Class A common stock, $0.001 par value – 110,642,614 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 — September 30, 2020 and December 31, 2019

3

Consolidated Statements of Operations — Three and nine months ended September 30, 2020 and 2019

4

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

5

Consolidated Statements of Stockholders’ Deficit — Three and nine months ended September 30, 2020 and 2019

6

Consolidated Statements of Cash Flows — Nine months ended September 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

75

Item 4.

Controls and Procedures

75

Part II.

Other Information

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 3.

Defaults Upon Senior Securities

76

Item 4.

Mine Safety Disclosures

76

Item 5.

Other Information

76

Item 6.

Exhibits

77

Signatures

78

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)

September 30, 2020

December 31, 2019

 

Assets:

Current assets:

Cash and cash equivalents

$

200,995

$

12,097

Restricted cash and equivalents

45,437

63,101

Restricted investments in marketable securities

39,682

31,855

Accounts receivable

 

456,023

567,636

Prepaid expenses

 

118,051

108,908

Other current assets

 

37,225

44,079

Assets held for sale

 

1,171

Total current assets

 

897,413

 

828,847

Property and equipment, net of accumulated depreciation of $422,824 and $431,361 at September 30, 2020 and December 31, 2019, respectively

 

1,018,939

962,105

Finance lease right-of-use assets, net of accumulated amortization of $15,578 and $23,401 at September 30, 2020 and December 31, 2019, respectively

28,635

37,097

Operating lease right-of-use assets

1,817,603

2,399,505

Restricted cash and equivalents

51,106

50,608

Restricted investments in marketable securities

 

98,159

105,087

Other long-term assets

120,098

85,725

Deferred income taxes

 

1,946

3,772

Identifiable intangible assets, net of accumulated amortization of $80,126 and $76,243 at September 30, 2020 and December 31, 2019, respectively

 

83,530

87,446

Goodwill

 

85,642

85,642

Assets held for sale

11,554

16,306

Total assets

$

4,214,625

$

4,662,140

Liabilities and Stockholders' Deficit:

Current liabilities:

Current portion of long-term debt

$

10,693

$

162,426

Current portion of finance lease obligations

2,958

2,839

Current portion of operating lease obligations

126,974

140,887

Accounts payable

190,264

238,384

Accrued expenses

324,354

226,092

Accrued compensation

 

145,439

153,698

Self-insurance reserves

149,793

146,476

Current portion of liabilities held for sale

400

368

Total current liabilities

 

950,875

 

1,071,170

Long-term debt

1,543,698

1,450,994

Finance lease obligations

35,577

39,335

Operating lease obligations

2,199,826

2,681,403

Deferred income taxes

 

5,071

5,245

Self-insurance reserves

405,955

406,864

Liabilities held for sale

18,373

19,789

Other long-term liabilities

 

200,165

69,905

Commitments and contingencies

Stockholders’ deficit:

Class A common stock, (par $0.001, 1,000,000,000 shares authorized, issued and outstanding - 110,642,614 and 107,888,854 at September 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 September 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 September 30, 2020 and December 31, 2019, respectively)

55

56

Additional paid-in-capital

 

243,697

248,594

Accumulated deficit

 

(1,061,586)

(1,010,296)

Accumulated other comprehensive income

 

1,503

602

Total stockholders’ deficit before noncontrolling interests

 

(816,219)

 

(760,935)

Noncontrolling interests

(328,696)

(321,630)

Total stockholders' deficit

(1,144,915)

(1,082,565)

Total liabilities and stockholders’ deficit

$

4,214,625

$

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 September 30, 

Nine months ended September 30, 

    

2020

    

2019

    

2020

    

2019

Net revenues

$

938,653

$

1,123,705

$

2,987,162

$

3,430,397

Salaries, wages and benefits

 

535,009

 

620,493

1,732,486

 

1,889,062

Other operating expenses

 

309,664

 

339,441

967,419

 

1,014,507

General and administrative costs

45,172

35,930

124,558

107,024

Lease expense

 

86,247

 

100,018

280,662

 

288,665

Depreciation and amortization expense

 

24,373

 

34,932

 

84,177

 

101,395

Interest expense

 

33,918

 

37,099

 

102,065

 

141,590

Loss on early extinguishment of debt

 

1,101

 

2,460

 

6,561

 

2,436

Investment income

 

(957)

 

(2,071)

 

(3,074)

 

(6,078)

Other income

 

(53,507)

 

(131,811)

 

(182,439)

 

(172,141)

Transaction costs

 

15,561

 

12,941

 

26,696

 

23,025

Long-lived asset impairments

72,400

16,037

159,200

16,937

Federal stimulus - COVID-19 other income

(31,212)

(216,713)

Equity in net income of unconsolidated affiliates

 

(3,362)

 

(93)

 

(6,811)

 

(178)

(Loss) income before income tax expense (benefit)

 

(95,754)

 

58,329

 

(87,625)

 

24,153

Income tax expense (benefit)

 

176

 

(569)

 

(1,060)

 

(680)

Net (loss) income

 

(95,930)

 

58,898

 

(86,565)

 

24,833

Less net loss (income) attributable to noncontrolling interests

 

33,137

 

(12,801)

 

35,275

 

1,182

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

$

(62,793)

$

46,097

$

(51,290)

$

26,015

(Loss) earnings per common share:

Basic:

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

 

113,145

 

109,123

 

111,372

 

106,581

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

$

(0.55)

$

0.42

$

(0.46)

$

0.24

Diluted:

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

 

113,145

 

166,002

 

111,372

 

164,583

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

$

(0.55)

$

0.40

$

(0.46)

$

0.21

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

GENESIS HEALTHCARE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(IN THOUSANDS)

(UNAUDITED)

Three months ended 

September 30, 

Nine months ended

September 30, 

    

2020

    

2019

    

2020

    

2019

Net (loss) income

$

(95,930)

$

58,898

$

(86,565)

$

24,833

Net unrealized (loss) gain on marketable securities, net of tax

(149)

 

98

 

1,331

 

1,216

Comprehensive (loss) income

 

(96,079)

 

58,996

 

(85,234)

 

26,049

Less: comprehensive loss (income) attributable to noncontrolling interests

33,198

(12,830)

 

34,845

 

838

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

$

(62,881)

$

46,166

$

(50,389)

$

26,887

See accompanying notes to unaudited consolidated financial statements.

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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)

Net loss

 

(62,793)

 

(62,793)

(33,137)

(95,930)

Net unrealized loss on marketable securities, net of tax

 

 

(88)

(88)

(61)

(149)

Share based compensation

1,600

 

 

1,600

 

1,600

Issuance of common stock

59