SUPPLEMENTAL INFORMATION
Nine Months Ended September 30, 2014
(unaudited)
Dated: November 6, 2014
...helping people
live better
Extendicare Inc.
Non-GAAP Measures
Extendicare assesses and measures operating results and financial position based on performance measures referred
to as "net operating income", "EBITDA", "Adjusted EBITDA", "earnings (loss) from continuing operations before
separately reported gains/losses", "Funds from Operations", and "Adjusted Funds from Operations". These
measures are commonly used by Extendicare and its investors as a means of assessing the performance of the core
operations in comparison to prior periods. They are presented by Extendicare on a consistent basis from period to
period, thereby allowing for consistent comparability of its operating performance. These are not measures
recognized under GAAP and do not have standardized meanings prescribed by GAAP. These non-GAAP measures
are presented in this document because either: (i) management believes that they are a relevant measure of the ability
of Extendicare to make cash distributions; or (ii) certain ongoing rights and obligations of Extendicare may be
calculated using these measures. Such non-GAAP measures may differ from similar computations as reported by
other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. They
are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other
measures of financial performance and liquidity reported in accordance with GAAP.
References to "net operating income" in this document are to revenue less operating expenses. References to
"EBITDA" in this document are to earnings (loss) from continuing operations before net finance costs, income taxes,
depreciation and amortization. References to "Adjusted EBITDA" in this document are to EBITDA adjusted to
exclude the impact of property taxes accounted for under IFRIC 21, and the line items "provision for U.S.
government investigations" and "loss (gain) from asset impairment, disposals and other items". Management
believes that certain lenders, investors and analysts use EBITDA and Adjusted EBITDA to measure a company’s
ability to service debt and meet other payment obligations, and as a common valuation measurement in the longterm care industry. For example, certain of EHSI’s
EHSI s debt covenants use Adjusted EBITDA in their calculations.
References to "earnings (loss) from continuing operations before separately reported gains/losses" in this document
are to earnings (loss) from continuing operations excluding the following separately reported line items: "fair value
adjustments", "loss (gain) on FX and financial instruments", "provision for U.S. government investigations" and
"loss (gain) from asset impairment, disposals and other items". These line items are reported separately and excluded
from certain performance measures, because they are transitional in nature and would otherwise distort historical
trends. They relate to the change in the fair value of, or gains and losses on termination of, convertible debentures,
interest rate agreements and foreign currency contracts, as well as gains or losses on the disposal or impairment of
assets, and foreign exchange gains or losses on capital items. In addition, these line items may include provisions for
restructuring charges, U.S. government investigations and the write-off of unamortized financing costs on early
retirement of debt. The above separately reported line items are reported on a pre-tax and on an after-tax basis as a
means of deriving earnings from operations and related earnings per share/unit excluding such items.
"Funds from Operations", or "FFO", is defined as Adjusted EBITDA less depreciation for furniture, fixtures,
equipment and computers, accretion costs, net interest expense and current income taxes.
"Adjusted Funds from Operations", or "AFFO", is defined as FFO plus the non-cash portion of financing and
accretion costs and the principal portion of government capital funding payments, less the facility maintenance (nongrowth) capital expenditures not already reflected in the calculation of FFO.
1
EXTENDICARE
Quarterly Earnings (Loss)
(unaudited)
(thousands of Canadian dollars, unless otherwise noted)
2013
2014
Q1
Revenue
Nursing centers
United States
Canada
Assisted living centers - U.S.
2
Home health care - Canada
Health technology services - U.S.
Outpatient therapy - U.S.
Other
Operating costs
Administrative costs
Lease costs
Earnings before depreciation, amortization,
and net finance costs
Depreciation and amortization
Accretion costs
Interest expense
Interest income
Earnings (loss) before undernoted
Provision for U.S. government investigations
Gain (loss) on FX and financial instruments
Gain (loss) from asset impairment
impairment,
disposals and other items
Earnings (loss) before income taxes
Income tax expense (recovery)
Current
Deferred
Net earnings (loss)
Add (deduct):
Fair value adjustment on convertible debentures
Provision for U.S. government investigations, net of ta
Loss (gain) on FX and financial
instruments, net of tax
(Gain) loss from asset impairment, disposals and
other items, net of tax
Earnings (loss) before separately
reported gains/losses
1
2
Q2
326,268
140,669
2,063
42,937
5,686
3,013
7,563
528,199
474,048
16,785
2,843
Q3
322,645
143,986
1,946
45,487
5,820
3,501
8,281
531,666
463,370
16,801
2,880
9 mo's
320,991
146,957
1,998
49,590
5,569
3,252
7,861
536,218
471,112
17,126
2,782
Q1
969,904
431,612
6,007
138,014
17,075
9,766
23,705
1,596,083
1,408,530
50,712
8,505
Q2
300,885
137,407
1,879
42,063
5,508
3,384
6,831
497,957
447,205
16,187
2,784
Q3
296,423
139,959
1,914
44,045
5,745
3,290
7,145
498,521
435,616
16,358
2,697
1
9 mo's
305,583
141,827
1,963
43,262
5,601
3,396
6,981
508,613
444,170
16,270
2,692
902,891
419,193
5,756
129,370
16,854
10,070
20,957
1,505,091
1,326,991
48,815
8,173
Q4
Total
306,002
149,677
1,920
44,717
5,494
3,290
8,274
519,374
466,326
15,443
2,923
1,208,893
568,870
7,676
174,087
22,348
13,360
29,231
2,024,465
1,793,317
64,258
11,096
34,523
18,631
962
16,456
(1,330)
(196)
(558)
48,615
18,460
953
16,157
(820)
13,865
(42,240)
854
45,198
18,451
956
15,965
(1,023)
10,849
-
128,336
55,542
2,871
48,578
(3,173)
24,518
(42,240)
296
31,781
19,046
828
15,689
(1,182)
(2,600)
1,092
43,850
19,404
839
15,757
(1,278)
9,128
1,044
45,481
19,530
850
16,016
(809)
9,894
342
121,112
57,980
2,517
47,462
(3,269)
16,422
2,478
34,682
19,949
863
15,954
(1,369)
(715)
102
155,794
77,929
3,380
63,416
(4,638)
15,707
2,580
(510)
(1,264)
(2,610)
(30,131)
(12,947)
(2,098)
(16,067)
(33,493)
(11)
(1,519)
(717)
9,455
(578)
9,658
(1,306)
17,594
(8,335)
(8,948)
(9,641)
8,646
27
(233)
(206)
(2,096)
(7,143)
(9,239)
7,865
(3,952)
3,913
5,796
(11,328)
(5,532)
482
(1,397)
(915)
1,644
1,263
2,907
4,771
(721)
4,050
6,897
(855)
6,042
(2,330)
(349)
(2,679)
4,567
(1,204)
3,363
(1,058)
(20,892)
(6,011)
(27,961)
(604)
6,548
5,608
(6,269)
5,283
(296)
29,723
(1,610)
-
558
-
(854)
28,946
777
-
-
-
419
1,822
10,196
12,437
(81)
9,022
4,962
13,903
Results for 2013 have been restated for the adoption of the new standard, IFRIC 21 “Levies”.
ParaMed home health care hours (000's)
1,214
1,281
1,304
3,799
Adjusted EBITDA (see Non-GAAP Measures for definition
and Quarterly Segmented Information schedule)
42,734
Adjusted EBITDA as a % of revenue
8.1%
45,884
8.6%
42,452
7.9%
131,070
8.2%
2
518
8
(1,044)
-
(342)
-
11,552
(2,996)
-
(103)
-
(3,099)
-
518
1
519
6,007
7,662
492
1,155
1,655
(1,688)
5,996
6,421
10,729
1,190
1,246
1,221
3,657
39,143
7.9%
41,455
8.3%
42,992
8.5%
123,590
8.2%
(364)
1,254
32,153
6.2%
10,365
4,911
155,743
7.7%
1
2
EXTENDICARE INC.
Quarterly Segmented Information
(unaudited)
(thousands of dollars)
4
5
3
6
7
2014
Q1
Revenue
U.S. operations in (US$)
Translation to Canadian dollars
U.S. operations (C$)
Canadian operations
Net operating income (revenue less operating expenses)
U.S. operations in (US$)
Translation to Canadian dollars
U.S. operations (C$)
Canadian operations
Adjusted EBITDA (note 2)
U.S. operations in (US$)
Translation to Canadian dollars
U.S. operations (C$)
Canadian operations
Earnings (loss) before separately reported gains/losses
U.S. operations in (US$)
Translation to Canadian dollars
U.S. operations (C$)
Canadian operations
Net earnings (loss)
U.S. operations in (US$)
Translation to Canadian dollars
U.S. operations (C$)
Canadian operations
Fair value adj. on convertible debt
309,753
31,998
341,751
186,448
528,199
30,105
3,109
33,214
20,937
54,151
25,187
2,602
27,789
14,945
42,734
Q2
64.7%
35.3%
9.7%
9.7%
11.2%
10.3%
8.1%
8.1%
8.0%
8.1%
310,841
28,076
338,917
192,749
531,666
Q3
63.7%
36.3%
39,588
3,637
43,225
25,071
68,296
12.7%
24,978
2,254
27,232
18,652
45,884
8.0%
12.8%
13.0%
12.8%
8.0%
9.7%
8.6%
308,941
27,489
336,430
199,788
536,218
9mo's
62.7%
37.3%
35,333
3,148
38,481
26,625
65,106
11.4%
20,476
1,798
22,274
20,178
42,452
6.6%
11.4%
13.3%
12.1%
6.6%
10.1%
7.9%
Q1
929,535
87,563
1,017,098
578,985
1,596,083
63.7%
36.3%
105,026
9,894
114,920
72,633
187,553
11.3%
70,641
6,654
77,295
53,775
131,070
7.6%
11.3%
12.5%
11.8%
7.6%
9.3%
8.2%
313,677
2,604
316,281
181,676
497,957
28,713
239
28,952
21,800
50,752
23,506
195
23,701
15,442
39,143
Q2
63.5%
36.5%
9.2%
9.2%
12.0%
10.2%
7.5%
7.5%
8.5%
7.9%
304,721
7,229
311,950
186,571
498,521
Q3
62.6%
37.4%
38,254
826
39,080
23,825
62,905
12.6%
23,255
549
23,804
17,651
41,455
7.6%
12.5%
12.8%
12.6%
7.6%
9.5%
8.3%
308,991
11,960
320,951
187,662
508,613
8
9
2013 (note 1)
9mo's
63.1%
36.9%
37,675
1,393
39,068
25,375
64,443
12.2%
22,688
888
23,576
19,416
42,992
7.3%
12.2%
13.5%
12.7%
7.3%
10.3%
8.5%
927,389
21,793
949,182
555,909
1,505,091
10
Q4
63.1%
36.9%
104,642
2,458
107,100
71,000
178,100
11.3%
69,449
1,632
71,081
52,509
123,590
7.5%
11.3%
12.8%
11.8%
7.5%
9.4%
8.2%
307,201
15,121
322,322
197,052
519,374
25,404
1,431
26,835
26,213
53,048
11,904
800
12,704
19,449
32,153
Total
62.1%
37.9%
8.3%
8.3%
13.3%
10.2%
3.9%
3.9%
9.9%
6.2%
1,234,590
36,914
1,271,504
752,961
2,024,465
10.5%
81,353
2,432
83,785
71,958
155,743
6.6%
5,032
493
5,525
3,497
9,022
(1,139)
(118)
(1,257)
6,219
4,962
2,630
247
2,877
11,026
13,903
(3,836)
(31)
(3,867)
2,179
(1,688)
2,398
9
2,407
3,589
5,996
1,823
30
1,853
4,568
6,421
385
8
393
10,336
10,729
(5,269)
(153)
(5,422)
5,058
(364)
(4,884)
(145)
(5,029)
15,394
10,365
(1,236)
(125)
(1,361)
861
(500)
(558)
(1,058)
(22,400)
(1,787)
(24,187)
2,441
(21,746)
854
(20,892)
(9,781)
(991)
(10,772)
4,761
(6,011)
(6,011)
(33,417)
(2,903)
(36,320)
8,063
(28,257)
296
(27,961)
(3,836)
(31)
(3,867)
1,653
(2,214)
1,610
(604)
2,127
4
2,131
3,373
5,504
1,044
6,548
1,092
6
1,098
4,168
5,266
342
5,608
(617)
(21)
(638)
9,194
8,556
2,996
11,552
(10,056)
(441)
(10,497)
4,125
(6,372)
103
(6,269)
(10,673)
(462)
(11,135)
13,319
2,184
3,099
5,283
(30,131)
(2,098)
(33,493)
(1,519)
9,455
9,658
17,594
(8,948)
8,646
(2,731)
18,460
16,290
(2,746)
18,451
15,898
2,734
55,542
48,276
7,362
19,046
15,335
(2,395)
19,404
15,318
(2,489)
19,530
16,057
2,478
57,980
46,710
(2,529)
19,949
15,448
(51)
77,929
62,158
12,947
42,452
58,011
131,070
(1,081)
39,143
(327)
41,455
236
42,992
(1,172)
123,590
8,233
32,153
7,061
155,743
1.0083
1.0234
1.0385
1.0235
1.0489
1.0299
Adjusted EBITDA
42,734
43,996
45,884
Average US/Cdn dollar exchange rate (note 3)
1.1033
1.0904
1.0891
1.0942
Notes:
1 Results for 2013 have been restated for the adoption of the new standard, IFRIC 21 “Levies”.
2 Refer to the above reconcilation of Earnings (Loss) before Income Taxes to Adjusted EBITDA and to the discussion for non-GAAP measures.
3 These are the actual Bank of Canada average rates of exchange for the period. The year-to-date revenue and expenses of self-sustaining foreign operations are translated at the average
year-to-date rates of exchange, and the results of the quarters are calculated by deducting the previously reported year-to-date results from the current year-to-date results. In addition,
specific transactions such as gains or losses related to restructuring charges, U.S. government investigations, asset disposals, impairment and other items, are translated at rates in effect at the time of the transactions.
Therefore, the effective exchange rates calculated from the translated amounts reported above, may differ from the actual average rates of exchange indicated for the period.
3
37.2%
130,046
3,889
133,935
97,213
231,148
(1,263)
(128)
(1,391)
1,310
(81)
Reconcilation of Earnings (Loss) before Income Taxes to Adjusted EBITDA:
Earnings (loss) before income taxes
(1,264)
Add (deduct):
Property taxes under IFRIC 21
8,211
Depreciation and amortization
18,631
Net finance costs
16,088
Loss (gain) from fair value adjustments, FX, financial
instruments, asset impairment, U.S. gov't
investigations, disposals and other items
1,068
62.8%
10.5%
12.9%
11.4%
6.6%
9.6%
7.7%
Extendicare
(unaudited)
Reconciliation of Adjusted EBITDA to AFFO
(1)
2014
(thousands of Canadian dollars, unless otherwise noted)
Q1
Q2
Adjusted EBITDA
Depreciation for FFEC
Accretion costs
Interest expense, net
42,734
(5,558)
(962)
(15,126)
45,884
(5,500)
(953)
(15,337)
42,452
(5,467)
(956)
(14,942)
Pre-tax adjusted earnings from operations
21,088
24,094
(2)
3,255
15.4%
FFO
Amortization of financing costs and accretion costs
Principal portion of government capital funding payments
Additional facility maintenance capital expenditures
AFFO
Current income tax expense (recovery)
Current income taxes as a % of pre-tax adj. earnings
Per Basic Share ($)
FFO
AFFO
Per Diluted Share ($)
FFO
AFFO
Basic weighted average number of shares (thousands)
Diluted weighted average number of shares (thousands)
Growth expenditures
Facility Maintenance Expenditures
U.S. operations (C$)
Canadian operations (C$)
Total facility maintenance expenditures
Total Capital Additions
Q2
Q3
131,070
(16,525)
(2,871)
(45,405)
39,143
(5,597)
(828)
(14,507)
41,455
(5,504)
(839)
(14,479)
42,992
(5,510)
(850)
(15,207)
123,590
(16,611)
(2,517)
(44,193)
32,153
(5,407)
(863)
(14,585)
155,743
(22,018)
(3,380)
(58,778)
21,087
66,269
18,211
20,633
21,425
60,269
11,298
71,567
10,967
45.5%
5,170
24.5%
19,392
29.3%
3,394
18.6%
868
4.2%
3,786
17.7%
8,048
13.4%
(3,307)
-29.3%
4,741
6.6%
17,833
1,822
1,008
808
13,127
1,821
1,011
(427)
15,917
1,745
1,008
(1,398)
46,877
5,388
3,027
(1,017)
14,817
1,798
730
878
19,765
1,714
850
(229)
17,639
1,894
869
(22)
52,221
5,406
2,449
627
14,605
1,713
940
(6,847)
66,826
7,119
3,389
(6,220)
21,471
15,532
17,272
54,275
18,223
22,100
20,380
60,703
10,411
71,114
0.204
0.246
0.150
0.177
0.181
0.196
0.535
0.619
0.172
0.211
0.228
0.255
0.203
0.235
0.603
0.701
0.167
0.119
0.770
0.820
0.199
0.232
87,386
87 386
104,355
0.155
0.178
87,628
87 628
102,710
0.179
0.185
87,854
87 854
99,099
0.533
0.595
87,624
87 624
102,035
0.172
0.203
86,221
86 221
103,192
0.219
0.240
86,658
86 658
103,628
0.197
0.217
86,922
86 922
103,892
0.588
0.660
86,603
86 603
103,573
0.168
0.124
87,140
87 140
104,109
0.756
0.784
86,738
86 738
103,708
2014
Q1
U.S. operations (US$)
U.S. operations (C$)
Canadian operations (C$)
AFFO
1.
2.
Q2
Q3
YTD Sep
Q1
Q2
Q3
2013
YTD Sep
Q4
Total
Q4
Total
1,405
427
684
2,516
12,069
12,399
3,681
28,149
598
28,747
4,389
361
4,750
6,155
4,498
1,429
5,927
6,354
4,023
2,842
6,865
7,549
12,910
4,632
17,542
20,058
4,319
400
4,719
16,788
5,002
731
5,733
18,132
4,374
1,158
5,532
9,213
13,695
2,289
15,984
44,133
6,462
5,792
12,254
12,852
20,157
8,081
28,238
56,985
2014
Q2
Q3
5,233
6,549
5,654
7,121
9,878
10,151
15,532
17,272
YTD Sep
24,410
26,709
27,566
54,275
Q1
9,789
9,868
8,355
18,223
Q2
11,631
11,893
10,207
22,100
Q3
8,678
9,045
11,335
20,380
YTD Sep
30,098
30,806
29,897
60,703
Q4
2,689
2,961
7,450
10,411
Total
32,787
33,767
37,347
71,114
Segmented AFFO
(thousands of Canadian dollars, unless otherwise noted)
YTD Sep
2013
YTD Sep
Q1
Capital Additions
(thousands of Canadian dollars)
Q3
Q1
12,628
13,934
7,537
21,471
“Adjusted EBITDA”, “funds from operations” and “adjusted funds from operations” are not recognized measures under
GAAP and do not have a standardized meaning prescribed by GAAP. Refer to discussion of non-GAAP measures.
Excludes current income tax with respect to the property taxes accounted for under IFRIC 21, provision for U.S. government investgations,
gains or losses from derivative financial instruments, foreign exchange, asset impairment, disposal and other items that are excluded from the computation of AFFO.
4
Extendicare
(unaudited)
Reconciliation of Net Earnings (Loss) to Funds from Operations and Adjusted Funds from Operations (1)
2014
Q3
(1,058)
(20,892)
(6,011)
(27,961)
(604)
18,631
(5,558)
8,211
18,460
(5,500)
(2,731)
18,451
(5,467)
(2,746)
55,542
(16,525)
2,734
1,068
43,996
12,947
20
(3,248)
(233)
(14,144)
1,081
(7,143)
Funds from operations
Amortization of financing costs and accretion costs
Principal portion of government capital funding payments
Additional facility maintenance capital expenditures (2)
17,833
1,822
1,008
808
Adjusted funds from operations
Net earnings (loss)
Adjustments:
Depreciation and amortization expense
Deduct depreciation/amortization for FFE and computers
Property taxes accounted for under IFRIC 21
Loss (gain) on fair value adjustments, FX, financial instruments,
asset impairment, disposals, other other items
Current tax on fair value adjustments, gain/loss on FX, financial instruments, provision
for U.S. government investigations, asset impairment, disposals and other items
Current tax expense on property taxes accounted for under IFRIC 21
Deferred income taxes
Per Share ($)
FFO - basic
FFO - diluted
AFFO - basic
AFFO - diluted
Di id d /di t ib ti
d
l d
Dividends/distributions
declared
Dividends/distributions declared per share
Basic weighted average number of shares (thousands)
Diluted weighted average number of shares (thousands)
Q1
2013
Q2
(thousands of Canadian dollars unless otherwise noted)
YTD Sep
Q1
Q2
Q3
YTD Sep
Q4
Year
6,548
5,608
11,552
(6,269)
5,283
19,046
(5,597)
7,362
19,404
(5,504)
(2,395)
19,530
(5,510)
(2,489)
57,980
(16,611)
2,478
19,949
(5,407)
(2,529)
77,929
(22,018)
(51)
58,011
(1,081)
(327)
236
(1,172)
8,233
7,061
1,609
1,086
(3,952)
(12,515)
(1,081)
(11,328)
(2,912)
(1,397)
(171)
947
1,263
985
(721)
(23)
1,000
(349)
(194)
20
(1,204)
13,127
1,821
1,011
(427)
15,917
1,745
1,008
(1,398)
46,877
5,388
3,027
(1,017)
14,817
1,798
730
878
19,765
1,714
850
(229)
17,639
1,894
869
(22)
52,221
5,406
2,449
627
14,605
1,713
940
(6,847)
66,826
7,119
3,389
(6,220)
21,471
15,532
17,272
54,275
18,223
22,100
20,380
60,703
10,411
71,114
0.204
0.199
0.246
0.232
10 491
10,491
0.1200
87,386
104,355
0.150
0.155
0.177
0.178
10 520
10,520
0.1200
87,628
102,710
0.181
0.179
0.196
0.185
10 547
10,547
0.1200
87,854
99,099
0.535
0.533
0.619
0.595
31 558
31,558
0.3600
87,624
102,035
0.172
0.172
0.211
0.203
18 122
18,122
0.2100
86,221
103,192
0.228
0.219
0.255
0.240
13 004
13,004
0.1500
86,658
103,628
0.203
0.197
0.235
0.217
10 435
10,435
0.1200
86,922
103,892
0.603
0.588
0.701
0.660
41 561
41,561
0.480
84,806
98,797
0.167
0.168
0.119
0.124
10 462
10,462
0.1200
87,140
104,109
0.770
0.756
0.820
0.784
52 023
52,023
0.6000
86,738
103,708
Q2
21,891
Q3
27,600
YTD Sep
73,492
Q4
24,424
Year
97,916
(4,675)
14,374
-
9,699
-
(171)
(980)
(855)
Reconciliation of Cash Provided by Operating Activities to Adjusted Funds from Operations (1)
2014
2013
Q1
36,037
Q2
21,442
Q3
11,235
Year
68,714
Q1
24,001
(17,523)
-
(23,663)
42,240
12,522
-
(28,664)
42,240
(4,869)
-
(369)
-
Current income taxes on items excluded from AFFO (3)
Net provisions and payments for self-insured liabilities
Property taxes accounted for under IFRIC 21
Depreciation for FFEC
Principal portion of government capital funding payments
Other
(3,228)
1,716
8,211
(5,558)
1,008
-
(13,063)
(3,777)
(2,731)
(5,500)
1,011
-
2,695
(577)
(2,746)
(5,467)
1,008
-
(13,596)
(2,638)
2,734
(16,525)
3,027
-
(2,912)
(1,698)
7,362
(5,597)
730
328
776
7,078
(2,395)
(5,504)
850
2
985
(1,619)
(2,489)
(5,510)
869
3
(1,151)
3,761
2,478
(16,611)
2,449
333
977
(15,523)
(2,529)
(5,407)
940
2
(174)
(11,762)
(51)
(22,018)
3,389
335
Additional facility maintenance capital expenditures(2)
Adjusted funds from operations
808
21,471
(427)
15,532
(1,398)
17,272
(1,017)
54,275
878
18,223
(229)
22,100
(22)
20,380
627
60,703
(6,847)
10,411
(6,220)
71,114
(thousands of Canadian dollars)
Net cash from operating activities
Add (Deduct):
Net change in operating assets and liabilities, including interest and taxes
Provision for U.S. government investigations
1.
2.
3.
“Adjusted EBITDA”, “funds from operations” and “adjusted funds from operations” are not recognized measures under GAAP
and do not have a standardized meaning prescribed by GAAP. Refer to discussion of non-GAAP measures.
Represents total facility maintenance capital expenditures less depreciation for furniture, fixtures, equipment and computers (FFEC) already
deducted in determining Funds from Operations.
Represents current income tax with respect to the property taxes accounted for under IFRIC 21, provision for U.S. government investigations, gains or losses from
derivative financial instruments, foreign exchange, asset impairment, disposal and other items that are excluded from the computation of AFFO.
5
563
-
2014
Q1
Q2
Q3
EXTENDICARE HEALTH SERVICES, INC.
OPERATING STATISTICS
(unaudited)
2013
9 mo's
Q1
Q2
Q3
9 mo's
Q4
Total
2012
Total
2011
Total
2010
Total
6 CENSUS - same-facility basis (excludes managed facilities)
7 Average occupancy
8 Nursing
9 Assisted living
10 Combined
84.9%
75.1%
84.7%
84.9%
73.2%
84.7%
85.3%
73.9%
85.0%
85.0%
74.1%
84.8%
11 Skilled nursing facility - average daily census by payor source
12 Medicare
1,807
1,726
1,607
1,713
13 Managed Care
823
745
749
772
14 Skilled Mix
2,630
2,471
2,356
2,485
15 Private/other
1,159
1,168
1,173
1,166
16 Quality Mix
3,789
3,639
3,529
3,651
17 Medicaid
7,575
7,576
7,693
7,615
18 Total
11,364
11,215
11,222
11,266
19 Skilled nursing facility - percent of average daily census by payor source
20 Medicare
15.9%
15.4%
14.3%
15.2%
21 Managed Care
7.2%
6.6%
6.7%
6.9%
22 Skilled Mix
23.1%
22.0%
21.0%
22.1%
23 Private/other
10.2%
10.4%
10.4%
10.3%
24 Quality Mix
33.3%
32.4%
31.4%
32.4%
25 Medicaid
66.7%
67.6%
68.6%
67.6%
26 Assisted living facility - average daily census by payor source
27 Private/other
168
160
161
35
38
38
28 Medicaid
29 Total
203
198
199
163
37
200
30 Assisted living facility - percent of average daily census by payor source
82.9%
80.8%
80.8%
81.5%
31 Private/other
32 Medicaid
17.1%
19.2%
19.2%
18.5%
85.5%
79.0%
85.4%
1,961
778
2,739
1,148
3,887
7,654
11,541
83.5%
78.5%
83.4%
1,800
737
2,537
1,193
3,730
7,529
11,259
82.8%
78.6%
82.7%
1,686
722
2,408
1,196
3,604
7,560
11,164
83.9%
78.7%
83.8%
1,815
745
2,560
1,179
3,739
7,581
11,320
83.4%
76.3%
83.3%
1,696
735
2,431
1,218
3,649
7,543
11,192
83.8%
78.1%
83.7%
1,785
743
2,528
1,189
3,717
7,571
11,288
17.0%
6.7%
23.7%
10.0%
33.7%
66.3%
16.0%
6.5%
22.5%
10.6%
33.1%
66.9%
15.1%
6.5%
21.6%
10.7%
32.3%
67.7%
16.0%
6.6%
22.6%
10.4%
33.0%
67.0%
15.2%
6.5%
21.7%
10.9%
32.6%
67.4%
15.8%
6.6%
22.4%
10.5%
32.9%
67.1%
183
30
213
178
34
212
180
32
212
180
32
212
174
33
207
179
32
211
85.8%
14.2%
84.1%
15.9%
84.8%
15.2%
84.9%
15.1%
84.2%
15.8%
84.7%
15.3%
84.6%
79.0%
84.5%
82.6%
78.5%
82.5%
81.8%
78.6%
81.8%
83.0%
78.7%
82.9%
82.5%
76.3%
82.4%
82.9%
78.1%
82.8%
33 CENSUS - total operations (excludes managed facilities)
34 Average occupancy
35 Nursing
36 Assisted living
37 Combined
84.0%
75.1%
83.9%
84.0%
73.2%
83.8%
84.3%
73.9%
84.1%
84.1%
74.1%
83.9%
38 Skilled
daily
Skill d nursing
i ffacility
ilit - average d
il census by
b payor source
39 Medicare
1,881
1,809
1,677
1,789
40 Managed Care
866
785
778
809
41 Skilled Mix
2,747
2,594
2,455
2,598
42 Private/other
1,222
1,232
1,235
1,229
43 Quality Mix
3,969
3,826
3,690
3,827
44 Medicaid
8,100
8,088
8,221
8,137
45 Total
12,069
11,914
11,911
11,964
46 Skilled nursing facility - percent of average daily census by payor source
47 Medicare
15.6%
15.2%
14.1%
14.9%
48 Managed Care
7.2%
6.6%
6.5%
6.8%
49 Skilled Mix
22.8%
21.8%
20.6%
21.7%
50 Private/other
10.1%
10.3%
10.4%
10.3%
51 Quality Mix
32.9%
32.1%
31.0%
32.0%
52 Medicaid
67.1%
67.9%
69.0%
68.0%
53 Assisted living facility - average daily census by payor source
54 Private/other
168
160
161
55 Medicaid
35
38
38
56 Total
203
198
199
163
37
200
57 Assisted living facility - percent of average daily census by payor source
82.9%
80.8%
80.8%
81.5%
58 Private/other
59 Medicaid
17.1%
19.2%
19.2%
18.5%
2,055
821
2,876
1,209
4,085
8,169
12,254
1,887
770
2,657
1,256
3,913
8,035
11,948
1,765
756
2,521
1,271
3,792
8,070
11,862
1,902
782
2,684
1,245
3,929
8,091
12,020
1,767
770
2,537
1,289
3,826
8,064
11,890
1,868
779
2,647
1,256
3,903
8,084
11,987
85.2%
69.9%
84.9%
2,081
795
2,876
1,334
4,210
8,997
13,207
85.7%
67.4%
85.3%
2,379
841
3,220
1,401
4,621
9,508
14,129
86.0%
65.4%
85.6%
2,387
831
3,218
1,522
4,740
9,822
14,562
16.8%
6.7%
23.5%
9.8%
33.3%
66.7%
15.8%
6.4%
22.2%
10.6%
32.8%
67.2%
14.9%
6.4%
21.3%
10.7%
32.0%
68.0%
15.8%
6.5%
22.3%
10.4%
32.7%
67.3%
14.9%
6.5%
21.4%
10.8%
32.2%
67.8%
15.6%
6.5%
22.1%
10.5%
32.6%
67.4%
15.8%
6.0%
21.8%
10.1%
31.9%
68.1%
16.8%
6.0%
22.8%
9.9%
32.7%
67.3%
16.4%
5.7%
22.1%
10.4%
32.5%
67.5%
183
30
213
178
34
212
180
32
212
180
32
212
174
33
207
179
32
211
178
33
211
173
36
209
163
39
202
85.8%
14.2%
84.1%
15.9%
84.8%
15.2%
84.9%
15.1%
84.2%
15.8%
84.7%
15.3%
84.1%
15.9%
83.0%
17.0%
80.7%
19.3%
6
2014
Q1
Q2
Q3
EXTENDICARE HEALTH SERVICES, INC.
OPERATING STATISTICS
(unaudited)
2013
9 mo's
Q1
Q2
Q3
9 mo's
Q4
Total
2012
Total
2011
Total
2010
Total
60 REVENUE - same-facility basis (excludes managed facilities)
61 Skilled nursing facility - percent of revenue by payor source (includes prior period settlement adjustments)
62 Medicare
30.1%
29.8%
27.9%
29.3%
32.2%
30.0%
28.7%
63 Managed Care
11.8%
10.9%
11.2%
11.3%
10.9%
10.8%
10.7%
64 Skilled Mix
41.9%
40.7%
39.1%
40.6%
43.1%
40.8%
39.4%
65 Private/other
9.0%
9.3%
9.6%
9.3%
8.9%
9.6%
9.5%
66 Quality Mix
50.9%
50.0%
48.7%
49.9%
52.0%
50.4%
48.9%
67 Medicaid
49.1%
50.0%
51.3%
50.1%
48.0%
49.6%
51.1%
30.3%
10.8%
41.1%
9.3%
50.4%
49.6%
28.6%
10.9%
39.5%
10.1%
49.6%
50.4%
29.9%
10.8%
40.7%
9.5%
50.2%
49.8%
68 Skilled nursing facility - percent of revenue by payor source (excludes prior period settlement adjustments)
69 Medicare
30.1%
29.8%
27.8%
29.2%
32.2%
30.0%
29.0%
70 Managed Care
11.8%
10.9%
11.2%
11.3%
10.9%
10.8%
10.8%
71 Skilled Mix
41.9%
40.7%
39.0%
40.5%
43.1%
40.8%
39.8%
72 Private/other
9.0%
9.3%
9.6%
9.3%
8.9%
9.6%
9.5%
73 Quality Mix
50.9%
50.0%
48.6%
49.8%
52.0%
50.4%
49.3%
74 Medicaid
49.1%
50.0%
51.4%
50.2%
48.0%
49.6%
50.7%
30.3%
10.8%
41.1%
9.3%
50.4%
49.6%
28.6%
10.9%
39.5%
10.0%
49.5%
50.5%
29.9%
10.8%
40.7%
9.5%
50.2%
49.8%
75 Assisted living facility - percent of revenue by payor source
76 Private/other
89.8%
88.0%
87.8%
77 Medicaid
10.2%
12.0%
12.2%
90.4%
9.6%
90.4%
9.6%
89.8%
10.2%
90.3%
9.7%
79 Skilled nursing facility - percent of revenue by payor source (includes prior period settlement adjustments)
80 Medicare
29.8%
29.6%
27.7%
29.0%
32.0%
29.9%
28.6%
81 Managed Care
11.8%
10.8%
11.0%
11.2%
10.9%
10.6%
10.6%
82 Skilled Mix
41.6%
40.4%
38.7%
40.2%
42.9%
40.5%
39.2%
83 Private/other
9.0%
9.3%
9.6%
9.3%
8.9%
9.7%
9.6%
84 Quality Mix
50.6%
49.7%
48.3%
49.5%
51.8%
50.2%
48.8%
85 Medicaid
49.4%
50.3%
51.7%
50.5%
48.2%
49.8%
51.2%
30.2%
10.7%
40.9%
9.4%
50.3%
49.7%
28.4%
10.8%
39.2%
10.0%
49.2%
50.8%
29.7%
10.7%
40.4%
9.6%
50.0%
50.0%
31.0%
10.0%
41.0%
9.2%
50.2%
49.8%
35.1%
10.0%
45.1%
8.4%
53.5%
46.5%
33.4%
9.5%
42.9%
9.1%
52.0%
48.0%
86 Skilled nursing facility - percent of revenue by payor source (excludes prior period settlement adjustments)
87 Medicare
29.8%
29.6%
27.6%
29.0%
32.0%
29.9%
28.8%
88 Managed Care
11.7%
10.8%
11.0%
11.2%
10.9%
10.7%
10.7%
89 Skilled Mix
41.5%
40.4%
38.6%
40.2%
42.9%
40.6%
39.5%
90 Private/other
9.0%
9.3%
9.5%
9.3%
8.9%
9.6%
9.7%
91 Quality Mix
50.5%
49.7%
48.1%
49.5%
51.8%
50.2%
49.2%
92 Medicaid
49.5%
50.3%
51.9%
50.5%
48.2%
49.8%
50.8%
30.2%
10.7%
40.9%
9.4%
50.3%
49.7%
28.3%
10.8%
39.1%
10.0%
49.1%
50.9%
29.7%
10.7%
40.4%
9.6%
50.0%
50.0%
31.0%
10.1%
41.1%
9.2%
50.3%
49.7%
34.9%
10.0%
44.9%
8.5%
53.4%
46.6%
33.3%
9.5%
42.8%
9.2%
52.0%
48.0%
93 Skilled nursing and assisted living facility - percent of revenue by payor source (includes prior period settlement adjustments)
94 Medicare
29.6%
29.4%
27.6%
28.9%
31.9%
29.7%
28.4%
30.0%
28.2%
95 Managed Care
11.7%
10.7%
10.9%
11.1%
10.8%
10.6%
10.5%
10.6%
10.7%
96 Skilled Mix
41.3%
40.1%
38.5%
40.0%
42.7%
40.3%
38.9%
40.6%
38.9%
97 Private/other
9.6%
9.8%
10.0%
9.8%
9.4%
10.1%
10.1%
9.9%
10.6%
98 Quality Mix
50.9%
49.9%
48.5%
49.8%
52.1%
50.4%
49.0%
50.5%
49.5%
99 Medicaid
49.1%
50.1%
51.5%
50.2%
47.9%
49.6%
51.0%
49.5%
50.5%
29.5%
10.7%
40.2%
10.1%
50.3%
49.7%
30.8%
10.0%
40.8%
9.6%
50.4%
49.6%
34.9%
9.9%
44.8%
8.8%
53.6%
46.4%
33.2%
9.4%
42.6%
9.5%
52.1%
47.9%
88.6%
11.4%
91.1%
8.9%
89.7%
10.3%
78 REVENUE - total operations (excludes managed facilities)
100 SKILLED NURSING FACILITY AVERAGE REVENUE PER RESIDENT DAY BY PAYOR SOURCE (US $) (includes prior period settlement adjustments)
101
Medicare Part A only
470.01
472.68
476.03
472.81
476.08
463.72
471.62
470.59
468.55
470.10
461.41
507.03
472.68
102
103
104
105
106
Medicare (Parts A & B)
Managed Care
Private/other
Medicaid
Weighted average
520.48
446.35
243.61
200.31
272.25
532.05
447.10
246.03
202.22
272.96
529.85
453.41
246.83
201.67
269.00
527.34
448.88
245.51
201.40
271.40
516.86
439.44
245.04
195.43
270.58
503.64
440.04
244.29
197.35
266.31
517.47
448.82
241.26
203.06
269.60
512.68
442.69
243.49
198.63
268.84
508.72
445.03
247.79
199.54
266.62
511.73
443.27
244.60
198.86
268.29
508.88
432.38
235.39
189.70
259.22
550.19
442.81
224.91
182.82
264.34
517.54
421.11
221.85
180.99
254.13
107 SKILLED NURSING FACILITY AVERAGE REVENUE PER RESIDENT DAY BY PAYOR SOURCE (US $) (excludes prior period settlement adjustments)
108
Medicare Part A only
470.01
472.68
473.95
472.16
476.08
464.30
471.20
470.66
468.78
470.21
461.45
503.75
470.11
109
110
111
112
113
Medicare (Parts A & B)
Managed Care
Private/other
Medicaid
Weighted average
520.48
446.35
243.61
200.88
272.63
532.05
447.10
246.03
202.15
272.91
527.78
453.41
246.83
202.48
269.27
526.69
448.88
245.51
201.84
271.60
516.86
439.44
245.04
195.39
270.56
504.22
440.04
244.29
197.14
266.26
517.06
448.82
241.26
199.76
267.29
512.74
442.69
243.49
198.48
268.75
508.95
445.03
247.79
200.80
267.51
511.84
443.27
244.60
199.07
268.44
508.92
432.38
235.39
188.87
258.66
546.91
442.81
224.91
182.49
263.56
514.96
421.11
221.85
180.27
253.22
Note:
Managed Care refers to Health Maintenance Organization and Commercial Insurance, each of which provide a form of health coverage in the U.S.
7
EXTENDICARE
Facility Location and Resident Capacity
at September 30, 2014
By State/Province
Owned
# of
Resident
Centers Capacity
Nursing Centers
Leased
Managed
# of
Resident
# of
Resident
Centers Capacity Centers Capacity
United States
1 Pennsylvania
2 Michigan
3 Wisconsin
4 Ohio
5 Washington
6 Indiana
7 Minnesota
8 Idaho
9 Oregon
10 Delaware
11 West Virginia
Total United States
20
26
27
21
12
17
8
2
2
1
1
137
2,502
2,521
2,254
2,169
1,311
1,470
831
179
166
120
120
13,643
1
1
2
4
120
108
191
419
4
4
399
399
Canada
1 Ontario
2 Alberta
3 Manitoba
4 Saskatchewan
Total Canada
TOTAL
25
13
5
5
48
185
3,979
1,295
762
649
6 685
6,685
20,328
9
9
13
1,155
1 155
1,155
1,574
30
1
1
32
36
3,897
102
120
4 119
4,119
4,518
Total Centers operated:
United States
Canada
TOTAL
Assisted Living and Retirement Centers
Owned
Leased
Managed
# of
Resident
# of
Resident
# of
Resident
Centers Capacity Centers Capacity Centers Capacity
(note 1)
(note 1)
(note 1)
6
159
3
190
30
1
50
4
270
6
159
1
1
5
Nursing Centers
# of
Resident
Centers Capacity
145
14,461
89
11,959
234
26,420
200
200
470
-
76
76
76
4
440
8
668
1
48
13
1 156
1,156
19
1,315
Assisted Living
and Retirement
# of
Resident
Centers Capacity
10
429
14
1,432
24
1,861
Chronic Care Unit
Total
# of
Resident # of
Resident
Centers Capacity Centers Capacity
(note 2)
30
3,060
27
2,641
30
2,444
22
2,307
15
1,552
17
1,470
8
831
2
179
2
166
1
120
1
120
155
14,890
1
1
1
69
23
7
5
104
259
9,667
2,265
930
649
13 511
13,511
28,401
Chronic Care Unit
Total
# of
Resident # of
Resident
Centers Capacity Centers Capacity
155
14,890
1
120
104
13,511
1
120
259
28,401
Notes:
(1) Some of the assisted living and retirement units are in wings attached to nursing centers. In this case, the center is only counted once in the "Nursing Centers - # of Centers"
column, and the related nursing center beds and assisted living units are reported separately in the related "Resident Capacity" columns
(2) ECI manages a chronic care hospital unit in Ontario, Canada.
8
120
120
120