Community Healthcare Trust Incorporated · NYSE:CHCT
Community Healthcare Trust — Q4 2023 Earnings Presentation
17 slides from Community Healthcare Trust's earnings presentation, Feb 14, 2024
Slide 1: Earnings Presentation – 4th Quarter, 2023
Earnings Presentation – 4th Quarter, 2023 February 20, 2024
Slide 2: Disclaimer Statement
Disclaimer Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities By The Numbers Litigation Reform Act of 1995 that involv
Slide 3: Community Health Systems
Community Health Systems Earnings Presentation – 4th Quarter, 2023 3
Slide 4: Near-Term Priorities
Near-Term Priorities By The Numbers Near-term priorities designed to positively position CHS for long-term success 4
Slide 5: Income Summary
Income Summary (Amounts in millions, except margin and per share amounts) Three Months Ended December 31, Year Ended December 31, By The Numbers 2023 2022 Change 2023 2022 Change Net Operating Revenues $ 3,181 $ 3,142 1.2% $ 12,490 $ 12,211 2.3% Adjusted EBITDA(1) $ 386 $ 404 -4.5% $ 1,453 $ 1,466 -
Slide 6: Diluted EPS – Excluding Adjustments
Diluted EPS – Excluding Adjustments Three Months Ended Year Ended December 31, December 31, By The Numbers 2023 2022 2023 2022 Net income (loss), as reported $ 0.35 $ 3.18 $ (1.02) $ 0.35 Adjustments: Gain from early extinguishment of debt (0.47) (1.18) (0.47) (1.60) Impairment and (gain) loss on sa
Slide 7: 4Q 2023 Summary
4Q 2023 Summary By The Numbers 4Q 2023 FY 2023 compared to compared to 4Q 2022 FY 2022 Consolidated Same Store Consolidated Same Store Net Operating Revenue 1.2% 4.1% 2.3% 4.8% Net Revenue per AA 0.5% -0.5% Admissions 0.7% 1.9% 0.3% 3.5% Adjusted Admissions 1.9% 3.6% 1.7% 5.3% Surgeries -1.5% 1.6% 0
Slide 8: Other Operating Expenses
Other Operating Expenses ($ in millions) By1Q21 The Numbers 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Supplies $491 $500 $529 $521 $499 $487 $492 $498 $507 $504 $489 $509 Opex Excluding $749 $740 $730 $743 $740 $757 $799 $805 $818 $829 $848 $863 Contract Labor Total $1,240 $1,240 $1,259
Slide 9: Payor Mix (Consolidated)
Payor Mix (Consolidated) Key 14.5% 14.2% Managed Care & Other 17.0% 15.8% Medicaid 4Q 4Q Medicare Managed Care 48.5% 2023 18.9% 49.6% 2022 19.7% Medicare Self-Pay 1.1% 0.7% • Payor mix as % of net revenue. • Total consolidated 14.3% 14.8% uncompensated care as % of 16.8% 16.1% adjusted net revenue (
Slide 10: Cash Flow & Capital Expenditures
Cash Flow & Capital Expenditures Cash Flows from Operations Capital Expenditures Excluding Received and Repaid Medicare Accelerated Payments By The Numbers ($ in millions) ($ in millions) $1,200 $1,097 $ 500 $950 $469 $467 $900 $440 $415 $600 $ 400 $300 $300 $210 $- $ 300 2020 2021 2022 2023 CapEx %
Slide 11: Balance Sheet Data
Balance Sheet Data By The Numbers ($ in millions) December 31, 2023 December 31, 2022 Working Capital $ 1,066 $ 896 Total Assets $ 14,455 $ 14,669 Total Debt $ 11,487 $ 11,635 Stockholders’ Deficit $ (1,392) $ (1,367) • At December 31, 2023, substantially all of our debt was fixed rate debt. • Days
Slide 12: Debt Maturity Profile
Debt Maturity Profile December 31, 2023 ($ in millions) By The$ 3,000 Numbers $1,227 $ 2,000 $2,600 $1,244 $ 1,000 $1,535 $1,116 $1,058 $1,000 $756 $644 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 First Lien Notes Second Lien Notes Unsecured Notes Note: Debt maturity profile does not include amo
Slide 13: 2024 Guidance Issued February 20, 2024
2024 Guidance Issued February 20, 2024 2024 By The Numbers Projection Range • Net operating revenues (in millions) $12,300 to $12,700 • Adjusted EBITDA (in millions) $1,475 to $1,625 • Depreciation and amortization as a percentage of net operating revenues 4.0% • Net loss per share – diluted $(0.65)
Slide 14: Medium-Term Financial Goals
Medium-Term Financial Goals Medium-Term By The Numbers Within 3-5 Years Net Revenue Growth Mid-Single Digit Adjusted EBITDA Margin Mid-Teens Annual Free Cash Flow Positive Financial Leverage (Net Debt / EBITDA) Below 5.5x Financial and operational goals focused on improving EBITDA margin and free ca
Slide 15: APPENDIX: Other Financial Information
APPENDIX: Other Financial Information
Slide 16: Unaudited Supplemental Information
Unaudited Supplemental Information By The Numbers EBITDA is a non-GAAP financial measure which consists of net income (loss) attributable to Community Health Systems, Inc. before interest, income taxes, and depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA
Slide 17: Unaudited Supplemental Information
Unaudited Supplemental Information The following table reflects the reconciliation of Adjusted EBITDA, as defined, to net income (loss) attributable to Community Health Systems, Inc. stockholders as derived directly from the condensed consolidated financial statements (in millions): By The Numbers T
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