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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AlerisLife Inc | NASDAQ:ALR | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.32 | 1.35 | 1.32 | 0 | 00:00:00 |
From Dec 2021 to Dec 2024
Occupancy Growth of 110 Basis Points Over Prior Sequential Quarter
Net Loss Reduction of 10% Over Prior Sequential Quarter
Adjusted EBITDA Improvement of $4.1 Million Over Prior Sequential Quarter
Restructuring Plan is Underway to Improve Operating Results
AlerisLife Inc. (Nasdaq: ALR) today announced its financial results for the three months ended June 30, 2022.
“Our second quarter results reflect progress in critical performance areas,” said Jeff Leer, President, Chief Executive Officer and Chief Financial Officer. “Occupancy increased in both the owned and managed senior living communities as we focus on and implement cost reductions. Our second quarter results significantly reduce operating losses on a sequential and year over year basis. During the coming months, we hope to build on this quarter's progress to eventually generate meaningful operating income. To this end, earlier today we began executing on a restructuring plan which includes reducing operating expenses by eliminating certain corporate overhead positions. We plan to complete this restructuring plan by mid-2023. We also ended the quarter with sufficient liquidity to execute on our restructuring plan, with $83.5 million of cash and no debt maturities until 2025."
Second Quarter Summary of Financial Results:
Substantially all of ALR's business is conducted by its two segments: (i) its residential segment through its Five Star Senior Living, or Five Star, brand and (ii) its lifestyle services segment primarily through its brands Ageility Physical Therapy Solutions and Ageility Fitness, or collectively Ageility, and Windsong Home Health. The following tables present data on the owned and leased and managed senior living communities that ALR operates through its Five Star brand, including comparable community data, as well as data on the rehabilitation locations that ALR operates through its Ageility brand, including comparable outpatient location data.
Summary of Operational Results
As of and for the Three Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
Residential Segment:
Five Star:
Number of living units (end of period)
Independent living
10,460
10,423
10,979
Assisted living
7,696
7,715
12,023
Memory care
1,817
1,861
3,247
Skilled nursing
—
—
1,484
Total living units
19,973
19,999
27,733
RevPAR
Owned and Leased (1)
$
2,560
$
2,443
$
2,425
Managed
$
3,077
$
3,027
$
3,086
Quarter End Occupancy
Owned and Leased (1)
75.5
%
72.1
%
69.7
%
Managed
75.4
%
74.6
%
71.3
%
Comparable Communities (2):
RevPAR
Owned
$
2,560
$
2,443
$
2,357
Managed
$
3,077
$
3,027
$
2,961
Quarter End Occupancy
Owned
75.5
%
72.1
%
70.1
%
Managed
75.4
%
74.6
%
73.3
%
Operating Margin (3):
Owned
(20.1
)%
(24.2
)%
(16.0
)%
Managed
8.4
%
6.4
%
10.1
%
As of and for the Three Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
Lifestyle Services Segment:
Ageility:
Number of Clinics and Locations
Inpatient clinics
10
10
10
Outpatient locations (4)
202
201
218
Number of Visits (in thousands)
Inpatient clinics (5)
23
22
36
Outpatient locations
153
144
156
Comparable Outpatient Locations (6):
Caseload as a % of occupancy (7)
24.8
%
24.3
%
28.2
%
Operating margin (3)
(0.4
)%
3.0
%
12.5
%
___________________________
(1)
The three months ended June 30, 2021 includes four leased communities with approximately 200 living units previously leased from HealthPeak Properties, Inc., or HealthPeak. The lease with HealthPeak was terminated on September 30, 2021.
(2)
Comparable communities includes financial data for 20 owned senior living communities and 120 managed senior living communities that ALR continuously owned or managed and operated through its Five Star brand since April 1, 2021, exclusive of 1,532 skilled nursing facility, or SNF, living units that have been closed in 27 Continuing Care Retirement Communities, or CCRCs.
(3)
Operating margin is defined as operating revenue less operating expenses divided by operating revenue in each case for the business segment. For the Residential segment, it is inclusive of 1,532 SNF living units, which have been closed in 27 former CCRCs (of which 1,473 living units were closed during the three months ended June 30, 2021). It is exclusive of Provider Relief Funds from the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and other government grants recognized as other operating income. In addition, it excludes restructuring expenses for the three months ended June 30, 2021 of $10.2 million for the comparable managed communities.
(4)
During the three months ended June 30, 2022, ALR opened four locations and closed three locations.
(5)
During the three months ended June 30, 2021, ALR closed 27 inpatient rehabilitation clinics.
(6)
Comparable outpatient locations includes financial data for 187 outpatient rehabilitation locations that ALR continuously operated since April 1, 2021.
(7)
Represents the average number of Ageility customers divided by average total occupancy at each of the senior living communities where we operate Ageility rehabilitation locations. Occupancy is defined as the average total number of residents residing at the senior living communities.
Operational Review
During the quarter ended June 30, 2022, ALR engaged the healthcare consulting arm of Alvarez & Marsal, or A&M, to provide a comprehensive operational review of ALR's business and make recommendations to our Board of Directors. The recommendations made by A&M include general and administrative cost reductions, a corporate reorganization that is designed to enhance accountability and certain operational changes to support team members to ensure the delivery of high-quality experiences to residents and customers and to increase occupancy at ALR's senior living communities, as further described below:
Based on A&M's operational review, on August 3, 2022, ALR is executing a restructuring plan in which it intends to eliminate certain positions in its corporate team. ALR expects to complete this restructuring by the middle of 2023. In connection with implementing this restructuring plan, ALR expects to incur non-recurring cash expenses of up to $6.1 million. These expenses are expected to include up to $0.2 million of retention payments, up to $2.6 million of severance, benefits and transition expenses and up to $3.3 million of restructuring expenses. ALR recognized costs of $0.7 million related to the A&M operational review for the three months ended June 30, 2022, which are recorded in general and administrative expenses in our condensed consolidated statements of operations.
Summary of Senior Living Communities and Outpatient Rehabilitation Locations
Presented below is a summary of the communities, units, average occupancy, quarter end occupancy, revenues and residential management fees for the Five Star senior living communities ALR manages for DHC, as of and for the three months ended June 30, 2022 (dollars in thousands):
Total
Communities
Units
Average Occupancy
Quarter End Occupancy
Community Revenues (1)
Management Fees
Independent and assisted living communities
120
17,886
74.1%
75.4%
$
165,179
$
8,971
_______________________________________
(1)
Managed senior living communities' revenues do not represent ALR's revenues, and are included to provide supplemental information regarding the operating results of the Five Star senior living communities from which ALR earns residential management fees.
Presented below is a summary of the Ageility outpatient rehabilitation locations ALR operated as of and for the three months ended June 30, 2022 (dollars in thousands):
As of and for the Three Months Ended June 30, 2022
Number of Locations
Total Revenue (1)(2)
Caseload as a % of occupancy (3)
EBITDA Margin (4)
Outpatient Locations in DHC Owned Communities Managed by Five Star
93
$
7,572
25.6%
—%
Outpatient Locations at ALR Owned Communities
15
783
27.3%
(2.0)%
Outpatient Locations at Other Communities (5)
94
4,339
23.0%
(2.2)%
Total Outpatient Locations
202
$
12,694
24.5%
(0.9)%
_______________________________________
(1)
Excludes revenue of $1,736 earned during the three months ended June 30, 2022 for ten Ageility inpatient rehabilitation clinics.
(2)
Total Ageility revenue includes fitness revenue. Total Ageility revenue excludes home health care services, which is part of the lifestyle services segment.
(3)
Represents the average number of Ageility customers divided by average total occupancy at each of the senior living communities where we operate Ageility rehabilitation locations. Occupancy is defined as the average total number of residents residing at the senior living communities.
(4)
EBITDA Margin is a non-GAAP financial measure and represents rehabilitation locations that are in service as of June 30, 2022. A reconciliation of EBITDA Margin is presented later in this press release.
(5)
Other communities includes outpatient rehabilitation locations at senior living communities not owned or managed by ALR.
Conference Call Information:
At 1:00 p.m. Eastern Time on August 4, 2022, ALR's President, Chief Executive Officer, Chief Financial Officer and Treasurer, Jeffrey Leer, will host a conference call to discuss ALR's second quarter 2022 financial results.
The conference call telephone number is (877) 329-4332. Participants calling from outside the United States and Canada should dial (412) 317-5436. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on August 11, 2022. To hear the replay, dial (412) 317-0088. The replay pass code is 5024418.
A live audio webcast of the conference call will also be available in a listen-only mode on ALR’s website, www.alerislife.com. Participants wanting to access the webcast should visit ALR’s website about five minutes before the call. The archived webcast will be available for replay on ALR’s website following the call for about a week. The transcription, recording and retransmission in any way of ALR's second quarter ended June 30, 2022 financial results conference call are strictly prohibited without the prior written consent of ALR. ALR’s website is not incorporated as part of this press release.
About AlerisLife:
AlerisLife enriches and inspires the lives of its older adult customers across the United States by delivering an exceptional and enhanced resident experience to senior living and active adult residents, while also offering lifestyle services to the younger choice-based consumer. The Company is headquartered in Newton, Massachusetts. For more information, visit www.alerislife.com.
AlerisLife Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
REVENUES
Lifestyle services
$
14,645
$
17,453
$
28,784
$
37,006
Residential
16,094
16,378
31,480
33,435
Residential management fees
8,971
12,927
17,903
26,777
Total management and operating revenues
39,710
46,758
78,167
97,218
Reimbursed community-level costs incurred on behalf of managed communities
127,648
195,271
258,584
408,431
Other reimbursed expenses
3,765
16,592
7,515
22,072
Total revenues
171,123
258,621
344,266
527,721
Other operating income
—
2
42
7,795
OPERATING EXPENSES
Lifestyle services expenses
14,329
15,668
27,550
31,878
Residential wages and benefits
9,159
9,896
17,786
21,909
Other residential operating expenses
4,973
8,968
12,322
15,234
Community-level costs incurred on behalf of managed communities
127,648
195,271
258,584
408,431
General and administrative
17,844
22,748
36,190
45,139
Restructuring expenses
528
15,389
374
15,639
Depreciation and amortization
3,284
2,989
6,447
5,929
Total operating expenses
177,765
270,929
359,253
544,159
Operating loss
(6,642
)
(12,306
)
(14,945
)
(8,643
)
Interest, dividend and other income
129
76
209
160
Interest and other expense
(1,251
)
(409
)
(2,283
)
(872
)
Unrealized (loss) gain on equity investments
(1,050
)
398
(1,682
)
533
Realized gain (loss) on sale of debt and equity investments
—
97
(45
)
193
Gain on termination of lease
—
—
279
—
Loss before income taxes
(8,814
)
(12,144
)
(18,467
)
(8,629
)
Benefit (provision) for income taxes
9
(158
)
(68
)
(358
)
Net loss
$
(8,805
)
$
(12,302
)
$
(18,535
)
$
(8,987
)
Weighted average shares outstanding—basic and diluted
31,810
31,552
31,799
31,541
Net loss per share—basic and diluted
$
(0.28
)
$
(0.39
)
$
(0.58
)
$
(0.28
)
AlerisLife Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands) (unaudited)
Non-GAAP financial measures are financial measures that are not determined in accordance with GAAP. ALR believes the non-GAAP financial measures presented in the tables below are meaningful supplemental disclosures because they may help investors better understand changes in ALR’s operating results and its ability to meet financial obligations or service debt, make capital expenditures and expand its business. These non-GAAP financial measures may also help investors make comparisons between ALR and other companies on both a GAAP and non-GAAP basis. ALR believes that EBITDA, Adjusted EBITDA, EBITDA Margin and Net Income (Loss) Margin are meaningful financial measures that may help investors better understand its financial performance, including by allowing investors to compare ALR's performance between periods and to the performance of other companies. ALR management uses EBITDA, Adjusted EBITDA, EBITDA Margin and Net Income (Loss) Margin to evaluate ALR’s financial performance and compare ALR’s performance over time and to the performance of other companies. ALR calculates EBITDA, Adjusted EBITDA, EBITDA Margin and Net Income (Loss) Margin as shown below or later in this press release. These measures should not be considered as alternatives to net income (loss) or operating income (loss), as indicators of ALR’s operating performance or as measures of ALR’s liquidity. Also, EBITDA, Adjusted EBITDA, EBITDA Margin and Net Income (Loss) Margin as presented may not be comparable to similarly titled amounts calculated by other companies.
ALR believes that net income (loss) is the most directly comparable financial measure, determined according to GAAP, to ALR’s presentation of EBITDA and Adjusted EBITDA. The following table presents the reconciliation of these non-GAAP financial measures to net income (loss) for the three and six months ended June 30, 2022 and 2021.
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net loss
$
(8,805
)
$
(12,302
)
$
(18,535
)
$
(8,987
)
Add (less):
Interest and other expense
1,251
409
2,283
872
Interest, dividend and other income
(129
)
(76
)
(209
)
(160
)
(Benefit) provision for income taxes
(9
)
158
68
358
Depreciation and amortization
3,284
2,989
6,447
5,929
EBITDA
(4,408
)
(8,822
)
(9,946
)
(1,988
)
Add (less):
Separation costs (1)
1,319
—
1,319
—
Unrealized loss (gain) on equity investments
1,050
(398
)
1,682
(533
)
Gain on termination of leases
—
—
(279
)
—
Transaction costs (2)
704
—
704
—
Net restructuring expenses (3)
54
3,858
(100
)
4,108
Long-lived asset impairment (4)
—
890
—
890
Adjusted EBITDA
$
(1,281
)
$
(4,472
)
$
(6,620
)
$
2,477
_______________________________________
(1)
Costs incurred for the three and six months ended June 30, 2022 represent those related to the separation of our former President and Chief Executive Officer during the second quarter of 2022.
(2)
The three and six months ended June 30, 2022 includes costs incurred related to the comprehensive operational review by A&M and are included in general and administrative expenses in the condensed consolidated statements of operations.
(3)
The three and six months ended June 30, 2022 and 2021 includes costs incurred related to the repositioning of ALR's residential service offerings and are included in restructuring expenses in the condensed consolidated statements of operations, which are reported net of reimbursed expenses of $474 and $11,531 received from DHC, respectively.
(4)
Represents asset impairments related to one previously leased community that had a fire on April 4, 2021.
AlerisLife Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands) (unaudited)
ALR believes that net income (loss) is the most directly comparable financial measure, determined according to GAAP, to ALR’s presentation of EBITDA, Net Loss Margin and EBITDA Margin. The following table presents the reconciliation of these non-GAAP financial measures to net income (loss) for the three months ended June 30, 2022 for Ageility.
Three Months Ended June 30, 2022
Lifestyle services:
Revenue
$
14,645
Less: Home health services
215
Less: Inpatient rehabilitation clinics (1)
1,736
Total Ageility revenue (2)
$
12,694
Ageility:
Net loss
$
(204
)
Add: Depreciation
96
EBITDA
$
(108
)
Net Loss Margin (3)
(1.6
)%
EBITDA Margin (4)
(0.9
)%
_______________________________________
(1)
Revenue for ten Ageility inpatient rehabilitation clinics that currently remain operated by Ageility.
(2)
Total Ageility revenue includes revenue from outpatient rehabilitation locations and fitness.
(3)
Net Loss Margin is defined by ALR as net loss for the period divided by total revenue for the period.
(4)
EBITDA Margin is defined by ALR as EBITDA for the period divided by total revenue for the period.
AlerisLife Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
June 30,
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
83,460
$
66,987
Restricted cash and cash equivalents
21,902
24,970
Accounts receivable, net
8,816
9,244
Due from related person
50,368
41,664
Debt and equity investments, of which $7,086 and $7,609 are restricted, respectively
16,381
19,535
Prepaid expenses and other current assets
24,175
24,433
Total current assets
205,102
186,833
Property and equipment, net
160,791
159,843
Operating lease right-of-use assets
6,004
9,197
Finance lease right-of-use assets
3,005
3,467
Restricted cash and cash equivalents
974
982
Restricted debt and equity investments
3,198
3,873
Other long-term assets
10,932
12,082
Total assets
$
390,006
$
376,277
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
14,969
$
37,516
Accrued expenses and other current liabilities
38,297
31,488
Accrued compensation and benefits
33,080
34,295
Accrued self-insurance obligations
29,772
31,739
Operating lease liabilities
419
699
Finance lease liabilities
1,182
872
Due to related persons
3,206
3,879
Current portion of debt
429
419
Total current liabilities
121,354
140,907
Long-term liabilities:
Accrued self-insurance obligations
29,662
34,744
Operating lease liabilities
6,083
9,366
Finance lease liabilities
2,588
3,050
Long-term debt
67,072
6,364
Other long-term liabilities
236
256
Total long-term liabilities
105,641
53,780
Commitments and contingencies
Shareholders’ equity:
Common stock, par value $0.01: 75,000,000 shares authorized, 32,638,395 and 32,662,649 shares issued and outstanding, respectively
326
327
Additional paid-in-capital
462,038
461,298
Accumulated deficit
(299,599
)
(281,064
)
Accumulated other comprehensive income
246
1,029
Total shareholders’ equity
163,011
181,590
Total liabilities and shareholders' equity
$
390,006
$
376,277
AlerisLife Inc.
Residential Segment Data
(dollars in thousands, except per unit amounts)
(unaudited)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2022
2022
2021
2021
2021
Owned and Leased Senior Living Communities
Revenues
$
16,094
$
15,386
$
14,883
$
16,320
$
16,378
Other operating income (1)
—
42
—
—
2
Operating expenses
18,861
19,371
18,574
17,895
21,012
Operating loss
(2,767
)
(3,943
)
(3,691
)
(1,575
)
(4,632
)
Operating margin
(17.2
)%
(25.6
)%
(24.8
)%
(9.7
)%
(28.3
)%
Number of communities (end of period)
20
20
20
20
24
Number of living units (end of period) (2)
2,087
2,100
2,100
2,099
2,251
Average occupancy
72.5
%
71.0
%
72.0
%
69.9
%
68.1
%
Quarter end occupancy
75.5
%
72.1
%
72.7
%
72.9
%
69.7
%
RevPAR (3)
$
2,560
$
2,443
$
2,349
$
2,411
$
2,425
RevPOR (4)
$
3,492
$
3,444
$
3,192
$
3,375
$
3,524
Managed Senior Living Communities (5):
Residential management fees
$
8,971
$
8,932
$
9,482
$
11,220
$
12,927
Community-level revenues
165,179
162,552
161,907
210,160
243,947
Other operating income (1)
75
199
602
786
75
Community-level expenses (6)
151,906
152,892
159,329
203,756
237,461
Community operating income
13,348
9,859
3,180
7,190
6,561
Community operating margin
8.1
%
6.1
%
2.0
%
3.4
%
2.7
%
Number of communities (end of period)
120
120
121
159
228
Number of living units (end of period) (2)
17,886
17,899
18,005
20,669
25,482
Average occupancy
74.1
%
74.1
%
73.7
%
72.2
%
69.5
%
Quarter end occupancy
75.4
%
74.6
%
74.8
%
73.8
%
71.3
%
RevPAR (3)
$
3,077
$
3,027
$
2,919
$
3,046
$
3,086
RevPOR (4)
$
4,109
$
4,084
$
3,875
$
4,129
$
4,389
_______________________________________
(1)
Other operating income represents income recognized for funds received under the CARES Act and other government grants.
(2)
Includes living units categorized as in service. As a result, the number of living units may vary from period to period for reasons other than the acquisition or disposition of senior living communities.
(3)
RevPAR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of available units for the period, divided by the number of months in the period. Data for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 exclude income received by senior living communities under the CARES Act and other government grants.
(4)
RevPOR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of occupied units for the period, divided by the number of months in the period. Data for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 exclude income received by senior living communities under the CARES Act and other government grants.
(5)
Managed senior living communities, other than ALR's residential management fees, represents financial data of senior living communities managed for DHC and does not represent financial results of ALR. Managed senior living communities' data is included to provide supplemental information regarding the operating results of the senior living communities from which ALR earns residential management fees.
(6)
The three months ended June 30, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 includes restructuring expense of $474, $966, $813 and $11,531, respectively.
AlerisLife Inc.
Comparable Communities Residential Segment Data
(dollars in thousands, except per unit amounts)
(unaudited)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2022
2022
2021
2021
2021
Owned Senior Living Communities (1):
Number of communities (end of period)
20
20
20
20
20
Number of living units (end of period) (2)
2,087
2,100
2,100
2,099
2,099
Average occupancy
72.5
%
71.0
%
72.0
%
70.4
%
68.3
%
Quarter end occupancy
75.5
%
72.1
%
72.7
%
72.9
%
70.1
%
RevPAR (3)
$
2,560
$
2,443
$
2,349
$
2,354
$
2,357
RevPOR (4)
$
3,492
$
3,444
$
3,192
$
3,270
$
3,413
Managed Senior Living Communities (1)(5):
Number of communities (end of period)
120
120
120
120
120
Number of living units (end of period) (2)
17,886
17,899
17,899
17,899
17,898
Average occupancy
74.1
%
74.1
%
74.1
%
73.4
%
72.9
%
Quarter end occupancy
75.4
%
74.6
%
75.2
%
74.6
%
73.3
%
RevPAR (3)
$
3,077
$
3,027
$
2,900
$
2,941
$
2,961
RevPOR (4)
$
4,109
$
4,084
$
3,831
$
3,922
$
4,018
_______________________________________
(1)
Includes data for Five Star senior living communities that ALR has continuously owned or managed since April 1, 2021. The summary of operations for comparable communities excludes 1,532 SNF living units that have been closed in 27 former CCRCs that Five Star presently manages as independent or assisted living communities.
(2)
Includes living units categorized as in service. As a result, the number of living units may vary from period to period for reasons other than the acquisition or disposition of senior living communities.
(3)
RevPAR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of available units for the period, divided by the number of months in the period. Data for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 exclude income received by senior living communities under the CARES Act and other government grants.
(4)
RevPOR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of occupied units for the period, divided by the number of months in the period. Data for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 exclude income received by senior living communities under the CARES Act and other government grants.
(5)
Residential segment data for comparable managed senior living communities represents financial data of senior living communities managed for DHC and does not represent financial results of ALR. Managed senior living communities' data is included to provide supplemental information regarding the operating results of the senior living communities from which ALR earns residential management fees.
AlerisLife Inc.
Lifestyle Services Segment Data
(dollars in thousands)
(unaudited)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2022
2022
2021
2021
2021
Lifestyle Services (1):
Revenues
$
14,645
$
14,139
$
15,626
$
15,382
$
17,453
Outpatient
11,753
11,165
12,848
12,747
13,688
Fitness
941
881
890
853
827
Other
1,951
2,093
1,888
1,782
2,938
Operating expenses (2)
14,438
13,334
14,045
13,348
17,517
Operating income (loss)
207
805
1,581
2,034
(64
)
Operating margin (3)
1.4
%
5.7
%
10.1
%
13.2
%
(0.4
)%
Number of inpatient clinics (end of period)
10
10
10
10
10
Number of outpatient locations (end of period)
202
201
205
223
218
Number of fitness locations (end of period)
76
73
60
61
43
_______________________________________
(1)
Includes Ageility rehabilitation locations and fitness operations as well as home healthcare operations.
(2)
The three months ended December 31, 2021, September 30, 2021 and June 30, 2021 includes restructuring expenses of $23, $(310) and $1,720, respectively.
(3)
Operating margin is defined as operating revenue less operating expenses divided by operating revenue in each period.
AlerisLife Inc.
Comparable Lifestyle Services Segment Data
(dollars in thousands)
(unaudited)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2022
2022
2021
2021
2021
Lifestyle Services (1)(2):
Revenues
$
12,332
$
11,834
$
13,154
$
13,047
$
13,983
Outpatient
11,200
10,812
12,075
11,964
12,892
Fitness
917
852
845
809
783
Other
215
170
234
274
308
Operating expenses
12,346
11,503
11,852
11,709
12,399
Operating (loss) income
(14
)
331
1,302
1,338
1,584
Operating margin (3)
(0.1
)%
2.8
%
9.9
%
10.3
%
11.3
%
Number of outpatient locations (end of period)
187
187
187
187
187
Number of fitness locations (end of period)
71
69
52
58
40
_______________________________________
(1)
Includes Ageility outpatient rehabilitation locations and fitness operations as well as home healthcare operations that ALR has continuously operated since April 1, 2021.
(2)
Excludes ten Ageility inpatient rehabilitation clinics.
(3)
Operating margin is defined as operating revenue less operating expenses divided by operating revenue in each period.
AlerisLife Inc.
Owned Senior Living Communities as of and for the Three Months Ended June 30, 2022
(dollars in thousands)
(unaudited)
No.
Community Name
State
Property Type (1)
Living Units
Residential Revenues (4)
Gross Carrying Value
Net Carrying Value
Date Acquired
Most Recent Renovation
1
Morningside of Decatur (2)
Alabama
AL
49
$
386
$
7,697
$
4,205
11/19/2004
2021
2
Morningside of Auburn (2)
Alabama
AL
42
375
2,424
1,262
11/19/2004
1997
3
The Palms of Fort Myers (2)
Florida
IL
218
1,829
7,358
3,886
4/1/2002
1988
4
Five Star Residences of Banta Pointe (3)
Indiana
AL
121
807
11,070
6,354
9/29/2011
2006
5
Five Star Residences of Fort Wayne (2)
Indiana
AL
154
962
9,295
5,755
9/29/2011
1998
6
Five Star Residences of Clearwater
Indiana
AL
88
343
14,647
9,278
6/1/2011
1999
7
Five Star Residences of Lafayette
Indiana
AL
109
604
11,878
7,532
6/1/2011
2000
8
Five Star Residences of Noblesville (2)
Indiana
AL
151
1,180
13,971
8,697
7/1/2011
2005
9
The Villa at Riverwood (2)
Missouri
IL
112
736
4,993
3,223
4/1/2002
1986
10
Voorhees Senior Living (2)
New Jersey
AL
91
925
20,097
13,552
7/1/2008
1999
11
Washington Township Senior Living
New Jersey
AL
93
853
26,482
17,265
7/1/2008
1998
12
Carriage House Senior Living (2)
North Carolina
AL
98
967
9,981
5,307
12/1/2008
1997
13
Forest Heights Senior Living (2)
North Carolina
AL
111
774
16,267
10,516
12/1/2008
1998
14
Fox Hollow Senior Living (2)
North Carolina
AL
77
1,184
26,065
17,421
7/1/2000
1999
15
Legacy Heights Senior Living (2)
North Carolina
AL
116
741
7,749
3,626
12/1/2008
1997
16
Morningside at Irving Park (2)
North Carolina
AL
91
801
3,829
1,593
11/19/2004
1997
17
The Devon Senior Living
Pennsylvania
AL
84
467
33,188
14,842
7/1/2008
1985
18
The Legacy of Anderson (2)
South Carolina
IL
101
632
11,369
6,622
12/1/2008
2003
19
Morningside of Springfield (2)
Tennessee
AL
54
505
18,934
11,658
11/19/2004
1984
20
Huntington Place
Wisconsin
AL
127
995
2,478
1,512
7/15/2010
1999
Total
2,087
$
16,066
$
259,772
$
154,106
_______________________________________
(1)
AL is primarily an assisted living community and IL is primarily an independent living community.
(2)
Encumbered property under ALR's $95,000 Loan.
(3)
Encumbered property under ALR's mortgage note having an aggregate principal amount outstanding of $6,769 as of June 30, 2022.
(4)
Excludes funds received under the CARES Act recognized as other operating income.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever ALR uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, ALR is making forward-looking statements. These forward-looking statements are based upon ALR’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ALR’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond ALR's control. For example:
The information contained in ALR’s filings with the Securities and Exchange Commission, or SEC, including under “Risk Factors” in ALR’s periodic reports, or incorporated therein, identifies other important factors that could cause ALR’s actual results to differ materially from those stated in or implied by ALR’s forward-looking statements. ALR’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, ALR does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005888/en/
Michael Kodesch, Director, Investor Relations (617) 796-8245
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