National healthcare corp (NHC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows From Operating Activities:
Net income/(loss)

67,976

58,699

55,682

50,538

53,143

53,369

64,613

59,300

64,990

52,695

40,049

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

42,419

41,894

42,652

39,023

37,114

34,384

28,547

29,792

28,901

27,141

25,429

Provision for doubtful accounts

-

-

-

-

6,583

6,228

5,226

2,455

2,430

2,256

1,121

Equity in earnings of unconsolidated investments

9,744

1,020

6,932

6,636

5,845

6,675

14,188

13,616

9,674

8,993

-8,679

Distributions from unconsolidated investments

3,902

5,241

7,829

8,059

6,505

10,288

15,473

6,317

10,828

6,462

7,216

Unrealized (gains)/losses on marketable equity securities

12,230

1,138

0

-

-

-

-

-

-

-

-

Gains on sale of restricted marketable debt securities

127

18

262

816

-

-

-

-

-

-

-

Gain on acquisition of equity method investment

1,975

2,050

0

-

-

-

-

-

-

-

-

Gain on sale of skilled nursing facility

0

1,668

0

-

-

-

-

-

-

-

-

Gains on sale of marketable securities

-

-

-

-

566

379

39

1,640

754

891

-

Gain on recovery of notes receivable

-

-

-

-

-

-

5,454

-

-

-

-

Recovery of assets in acquisition of healthcare centers

-

-

-

-

-

-

-

-

-

3,563

-

Deferred income taxes

-4,052

-718

4,714

-4,791

-648

1,434

2,404

-1,416

-2,577

-3,505

1,380

Stock–based compensation

1,878

1,778

1,678

509

1,982

2,021

2,298

2,366

2,751

321

1,134

Restricted Cash and Cash Equivalents

-

-

-

-

-

-

10,405

7,636

7,830

2,509

4,448

Changes in operating assets and liabilities:
Accounts receivable

-4,299

9,398

4,236

-1,564

11,835

5,215

13,778

7,263

-5,032

15,817

7,478

Income tax receivable

2,560

-5,465

800

1,462

-1,524

4,727

-5,933

-537

3,779

-3,470

-3,470

Inventories

-29

317

-355

-60

441

-19

486

-759

-434

372

-251

Prepaid expenses and other assets

287

1,743

796

477

-89

2,587

76

77

-169

166

172

Trade accounts payable

-856

3,467

-2,615

-1,535

4,251

2,827

2,495

831

-1,113

-352

-2,900

Accrued payroll

2,208

516

1,190

574

5,479

-3,603

26,219

-16,418

2,008

5,205

-2,331

Amounts due to third party payors

-1,000

-1,281

370

365

-6,277

1,312

2,352

481

-860

-891

3,023

Accrued risk reserves

540

2,818

3,070

-4,541

-7,175

-

-

-

-

-

-

Other current liabilities

780

-2,050

2,987

1,015

-280

-

-

-

-

-

-

Other current liabilities and accrued risk reserves

-

-

-

-

-

-5,652

-6,401

11,675

-9,129

-103

4,411

Obligation to provide future services

-137

-715

-349

-204

-487

238

1,898

-2,461

-1,800

-

-

Other noncurrent liabilities

854

-591

-507

8

283

1,486

635

-2,354

-2,617

-3,772

6,826

Deferred revenue

82

-172

-136

47

-44

39

-110

-91

-206

-265

-

Net cash provided by operating activities

100,103

98,435

94,466

90,882

83,355

81,939

102,348

64,373

82,358

63,361

85,150

Cash Flows From Investing Activities:
Additions to property and equipment

26,400

29,772

32,347

62,601

58,416

53,298

43,438

22,003

23,372

32,293

44,064

Acquisition of equity method investment, net of cash acquired

15,589

527

0

-

-

-

-

-

-

-

-

Disposals of property and equipment

-

-

-

-

-

-

-

-

-

-

384

Acquisition of real estate of six skilled nursing facilities

-

-

-

-

-

-

21,000

-

-

14,342

-

Acquisition of noncontrolling interest

-

-

-

-

-

768

0

7,500

-

-

-

Investments in notes receivable

5,462

0

202

5,251

5,676

767

0

600

-

-

8,326

Proceeds from the sale of skilled nursing facility

0

4,300

0

-

-

-

-

-

-

-

-

Investments in unconsolidated companies

222

444

246

1,282

674

1,975

0

-

7,500

-

-

Collections of notes receivable

1,379

1,553

4,282

1,636

4,948

3,156

11,865

1,260

1,222

1,300

5,017

Change in restricted cash and cash equivalents

-

-

-

-

-

-

-8,039

-46,660

-9,235

-47,451

-18,025

Purchase of restricted marketable debt securities

12,471

13,311

31,244

48,620

60,540

62,165

93,155

111,691

57,597

93,305

18,025

Sale of restricted marketable debt securities

44,500

4,539

50,197

34,642

47,574

48,786

81,389

62,649

46,266

43,849

-

Cash acquired in acquisition of facilities

-

-

-

-

-

-

-

-

-

989

-

Changes in cash fund in liquidation

-

-

-

-

-

-

-

-

-

-

-7,804

Net cash used in investing activities

-14,265

-33,662

-9,560

-81,476

-72,784

-67,031

-56,300

-31,225

-31,746

-46,351

-39,185

Cash Flows From Financing Activities:
Principal payments under line of credit agreement

45,000

45,000

20,000

-

0

-

-

-

-

-

50,502

Principal payments under finance lease obligations

3,923

3,696

3,481

3,278

3,089

2,436

0

-

-

-

-

Borrowings under credit facility

-

-

-

-

110,000

0

0

-

-

-

-

Redemption of preferred shareholders

-

-

-

-

130,538

0

0

-

-

-

-

Dividends paid to common stockholders

31,208

29,827

28,237

25,795

21,089

18,704

17,469

30,849

15,952

14,780

13,508

Dividends paid to preferred stockholders

-

-

-

-

8,986

8,670

8,671

8,671

8,671

8,673

8,673

Issuance of common shares

2,346

2,865

2,524

10,772

10,634

7,429

991

13,412

8,392

2,655

15,395

Repurchase of common shares

872

867

0

8,195

0

6,995

4,700

-

-

5,944

-

Distributions attributable to noncontrolling interest

468

0

0

-

-

-

-

-

-

-

-

Equity contributed by noncontrolling entities

0

0

1,217

-

0

-

-

-

-

-

-

Tax expense from exercise of stock options

-

-

-

-1,096

1,942

201

-225

-267

52

154

1,566

Debt issuance costs

-

-

-

-

601

0

0

-

-

-

-

Entrance fee refunds

-623

-749

-1,097

59

-354

-501

40

-1,310

-1,704

-957

94

Change in deposits

-

-

-

402

406

-448

-1,010

230

-95

21

206

Other

-

-

-

-

-

-

-

-

-

-30

-460

Net cash provided by (used in) financing activities

-79,748

-77,274

-49,074

-27,131

-41,675

-30,124

-31,044

-27,455

-18,082

-27,554

-55,976

Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

6,090

-12,501

35,832

-17,725

-31,104

-15,216

15,004

5,693

32,530

-10,544

-10,011

Supplemental Information:
Cash payments for interest

3,118

4,899

5,183

4,528

2,965

2,242

497

383

501

658

869

Cash payments for income taxes

20,889

9,182

23,550

27,668

29,183

36,642

34,273

34,142

40,798

22,969

21,585

Non-cash financing and investing activities include:
Buildings, personal property, and obligations recorded under capital lease agreements

-

-

-

-

-

39,032

0

-

-

-4,873

-

Current assets assigned

-

-

-

-

-

-

-

1,862

-

-

-

Property and equipment assigned

-

-

-

-

-

-

-

303

-

-

-

Current liabilities assigned

-

-

-

-

-

-

-

799

-

-

-

Goodwill

-

-

-

-

-

-

-

2,945

-

-

-

Investment in limited liability company

-

-

-

-

-

-

-

4,311

-

-

-

Current assets acquired

-

-

-

-

-

-

-

-

-

-1,958

-

Current liabilities acquired

-

-

-

-

-

-

-

-

-

1,623

-

First mortgage revenue bonds

-

-

-

-

-

-

-

-

-

1,645

-

Gain on recovery of assets

-

-

-

-

-

-

-

-

-

3,563

-