CSU - Earnings call transcript Q2 2018 | Sonida Senior Living, Inc.

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Operator

Please stand by. Good day, and welcome to the Capital Senior Living Second Quarter 2018 Earnings Release Conference Call. Today's conference is being recorded. The forward-looking statements in this release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to the company's ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions, such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission. At this time, I'd like to turn the call over to Mr. Cohen. Larry ahead. go Please

Lawrence Cohen

our good remainder we Quarter return I'd you to faced XXXX in our begin that of and a a will key for impact Senior continuing this a faced we importantly, joining the like our challenges on performance impacted quarter with second Second Earnings provide for the the results level to ourselves. afternoon. you, XXXX. that and and quarter, for map road are have the Living to Thank performance us number actions financial we of Thank Call. of issues Capital demand an overview taking and of of We from expect

quarter outlook, plan execution. to and the are we on resolutely While resulting we a clear moving this our forward and with are improving focused disappointed with performance are impact our

Let me background. begin some with quick

discounting and some to We with first a challenging late in year environment quarter more markets. of our May. of an competitors from attrition have attrition early experienced this We are in our April in higher-than-expected high the beginning pressure impact operating and wage and in

plans As markets. lower in put result, occupancy offering in place certain a specials targeted at occupied recovery discounts we and communities by competitive

end While to rates fall discounts the strategy normal this stabilize the the occupancy average monthly below of special levels quarter, the at were causing above our expectations.

rents the that As such, first from year. monthly remainder of that resulted impact average expect the XXXX the of we lower the half challenged will

outlook. Therefore, full that will challenging. have we reduced operating year environment expect also the We our remain

providing residents. care managing committed to our and and services are We expenses our restoring are our head-on wage issues to addressing structure, excellent and competitive

increase action put plans reduce revenue have expenses. We place and in to

XX-year proactive management. to also examining times. a have performance a And growth Living and managed better well disciplined resident ensure forward. taken steps challenging determine are be in expense has Capital additional of enjoyed care our with history combining rate prior Senior going We can excellent whether to operations we

costs Our in supplies XXXX operational rolled lower as such categories, and to service out and will in quarter. expense food, major initiatives be additional initiatives are on the third track contracts

are us completing and operational that timely information. of platform electronic a common We information give more also will implementation financial the

be expect by and this year. We platform the place end of operational to in the

as timing continue The quarter the the While we starts, are construction dynamics. to serving decline growth processes second and Senior results, and execution as the strengthen housing the housing population to growing in advantage and caring challenging Capital look platform environment. of is to population the XXXX. take quarter disappointed expected fall NIC, accelerate increase supply-demand current in gap between We growth Living and nationally by industry annual next in enhance our starts and well of starts. quarter to of rate is with a XX to drive reported level fourth to continue we expected and our is opportunities senior in in since for construction this positioned improvement the Fundamentally, demographic our of forward the lowest midst a the XX-plus competitive were growth second months senior's senior the Senior to beyond.

the Operating when on will with strategy, our meantime, will now our comprehensive impact a controlling and ultimately controlling With are Lee. over element costs owned estate and Officer, we maximizing executing a market focus a the moving to the I real are forward what call control and Chief recovery the our intrinsic operational we real provide our hold. take of the we the initiatives our turn core our strategy, can value Brett estate. of the value real estate differentiated from effect that ownership, of in believe In the multiplier

Brett Lee

afternoon, good and Larry, everyone. you, Thank

we level and strategies our in in We industry resident discussing compete was to to move-out today occupancy service in a faced of high submitted and in residents higher-than-historical to quarter move-in most competitors notably strategy XXX second growth April in markets a of April, aggressive challenging in in going we in that every quarter the the X-month of at our to and loss those the pricing performance a forward. are that to first headwinds our attrition the environment Carolinas. resident than a with to In had and the competitive call. recovery in Indianapolis, considerably North during navigate incentives stem obviously attempt early And we which plan in our will an competitive the and who increasingly several by to continued anticipated order led outflow experienced operationally a The voluntary last dialogue I disappointed plan, moments few communities notice we our units our the offered Texas, facilities. quarter. tactics Cleveland challenged higher with in key and implemented May, earnings in immediate this concessions which included put of we most Discounting spend quickly, rates place in markets, retain a engaging and

efforts. in we XXX were top While through produce a from discounts these off to turnover in quarter to higher of in of tapered use April in in high peaked levels service and June April, allowed move-out XXX July. the move-in down loss that of significant us to remain overcome occurred for lower June to that have able debt of reasons the The in level recovery and resident occupancy the care,

-- expensive the commissions impacted third-party placement aggregators of earnings. acquiring negatively the residents the was in early competitive attrition the opportunity June offset of the move-ins quarter, these increasingly the While our all driving onetime quarter our force The environment. for we headwinds revenue fees concessions, cost our in to were paid by new impacted third month increased of in challenges sales in the and to overcame that

future concessions additional the increasingly the for was any XXXX Given their utilization for the markets, approval will which needed, if required planned of our pervasive We be the and half used we competitive dictated the these anticipate of may market of discounts conditions from extent year. have back key that they in remainder the some in than tools utilized were the and of by in in second anticipate thoughtful Executive forecast use, and be environment to quarter, but the our what team. will leadership review be we potential targeted and that less

we number systematically desired are While going effect economies to and gain company the the model quarter, reduce challenges there the very our designed centralized scale of and be also having will significant cost driver new to some in operating a were that encouraging signs a of forward. faced value of

centralized more a of out of Over the and April of prescriptive increase our of supplies. and reduce contracts use utilization procurement we to designed May, formulary the platform months a costs GPO rolled new through

menu a implemented going to in also food cost and to national new our and food We system forward. variation spend quality and manage reduce predict better

progress costs. our the year. food June, Finally, service to enhance this local agreements costs to and into prior XX.X% our in improve down service XX.X%, reduced consolidate reduce our platforms as We improve momentum month we X.X% contracts optimize our to the the levels efforts anticipate will we regional and better savings. compared saw supplies year of remainder size, service savings down to In our made to significant we leverage contracts for when that by and continue to further of by continue by the national

with include level In possible. revenue plans. implemented than in greater addition increasing The to enhancement pushing revenue I communities enhancement where the of we just plans where savings and charges discussed, plans cost possible occupancy have markets at XX% also rate care

the have challenging controls, revenue engage in the preserve margins in environment, to of efforts the third quarter XXXX. that did of a we sense past We ability demonstrated our of and several we over thoughtful light these with through cost urgency same even months, will in

challenges of CFO, walk know laying we now forward. will over success more long-term, our we company detail. our foundation turn the that right the our us, through going to financial have for I Mr. quarter drive believe in Carey to we Hendrickson, sustained are While second call to Carey? results ahead we

Carey Hendrickson

background Thank quarter you, financial additional our a with of some review start on results. Brett. the by I'll followed

faced to of resulted on X.X% but we was than we XXXX XXXX. action quarter. second in rent that increased in quarter lower the expectations we quarter increased quarter The on quarter which a being than in coming anticipated second our community the as operating same challenging challenging response the environment noted, monthly revenues occupancy, Larry impact second As X.X%, compared the with environment second our the into had took expected. more Same-community average positive our line in expenses and to of a

versus second the in X.X% quarter increased cost labor of quarter the XXXX second employee XXXX. of Our

closer was increase to labor Our expected X.X%.

wages, yet, significant in labor increase pressure cost particularly in caregivers reflect not some our some of markets. While for does the on

care, cost levels with Excluding the communities of our higher conversion employee units of increased labor X.X%. to

decreased food with second Brett over was in this of Utilities resulted XXXX than $XXX,XXX, Our in new in mostly the remarks. second platform quarter ahead in cost the of our quarter were due that to the X.X% discussed savings usual weather second procurement savings the greater approximately These initiative quarter centralized -- increased the X.X% his expectations. the which extremes quarter.

basis XX.X% basis second a income financial second as in quarter, XXXX. XXXX. XXX of the XXXX points quarter the from points second the Same-community the XX second decrease decrease net XXXX same-community quarter the operating from to compared Our first and of quarter decreased of quarter was of of X.X% occupancy of in a

was comments June. financial month the occupancy quarter, was first is on day stabilized of XX.X% Larry our June of occupancy last fiscal in March. month, opening As April our of in quarter on XX.X% of at his May, the XX.X% good is XX.X%. the occupancy, than during last news occupancy that on by our to and in end occupancy declined higher month the in which day slightly simply in increased then to month day the occupancy same-community and the of mentioned the March, our Financial the looking last The that last

we quarter entered second we third quarter. that with started on par occupancy So the the with is where

of rent from monthly the second quarter average XXXX. same-community increased Our X%

significant communities our Hurricane As non-GAAP include that note in the through measures higher measures continue communities The Houston business are release, conversion. to or since of up restores exclude insurance we units Harvey non-GAAP and economic two loss. renovation two company's by licensed impacted interruption the lease press undergoing the

income in XXXX. to impacted included of the measures exclude with reported interruption by noted. Hurricane late quarter The adjustment communities credit insurance of restore in Houston revenue business actions expenses results to BI the less the quarter second shown and Operating to communities any measures second $XXX.X However, total Revenue communities August company and they X XXXX in to the admitting in intent since consolidated associated Houston for million. business $X.X interruption taken a from had the million state restoration quarter $X.X months approvals the the continue goal communities, lost $X.X revenue of after until reach the to and Hurricane Operating gets Houston at of the for of include first. statistical two we have the is XXXX, that one previous or would previously revenue residents decreased quarter second interruption XXXX. of July two of year or mid and now these July, XX pricing business Harvey hurricane. we meaningful. completed by XXXX we of of our quarter the in to and no revenue a $X.X second of began expenses for earnings with and the revenue operating the credit The -- million is other decrease continuing of our loss communities our million due is complete occupancy comes cover the XX X average had Page to both of the them X addition coverage the quarter communities for related million local company's on X The to this net we level as to prior month. Remediation received over in these during make early release the those the statistical these whichever in million communities Harvey communities second communities was expenses residents the in $XX quarter second impacted of that the second

capacity Our has XX is XX deposits The occupied on of with total units XXX community currently Baytown in additional community this hand. units.

move of we'll Park progress in second were with as the second and expenses forward. deposits has compared feel occupied units General quarter community $X.X keep for $X.X XX in total This to this early of Our community million units. XXX X million good on and about Deer the updated additional you we hand. We quarter XXXX XXXX. has administrative

the costs Care of transaction periods, both Excluding second to with healthcare quarter G&A of quarter in reduced was associated in from accruals. percentage Act compared second the second to reserve benefit XXXX, as $X.X better claims related bonus quarter XXXX quarter prior to XXXX. compared under to a expense expense and decreased G&A years a management of second X.X% adjustment the quarter the our million revenue in the experience XXXX due and as Affordable the to in of second X.X%

compared the to was EBITDAR the second in of was million $XX.X $XX.X adjusted Our XXXX. quarter in compared million second $XX.X quarter quarter quarter XXXX. in XXXX million the to the in second $XX.X CFFO million Adjusted XXXX of second of of

the briefly cash. Looking and equivalents, including of million with cash sheet. quarter ended the $XX.X We restricted at cash balance

second million $X.X on capital quarter, the we expenditures. spent During

June mortgage fixed that and million totaled balance in at At rate approximately rates, at debt $XXX.X bridge $XX.X is approximately except duration after. X.X of June interest X all of XX% a average Our The of XXXX debt years was approximately our for XX, debt our was interest at debt maturing X.X%. million. XXXX our average with loans of XX, weighted

to our outlook. Looking

half first second to entered we XXXX remainder we occupancy monthly address continue operating of remarks, in Larry XXXX, discounts the noted challenging Against year. face this as our to a we lowered as quarter. and expect have implemented the the earnings release environment stated For our his in in as to of half the average specials in of X-month and the rate third background, the

our average both previous expect lower modestly occupancy from currently expectations. improved here, and be than we rate While will our

cost our line offset in adjusted All in we range be to our things but remain the expected categories. with million by moderate year expectations, labor XXXX savings currently previous expect CFFO million. costs $XX of increase to expenses other Our full $XX considered, the and in our

credit related bonuses credit XXXX Also, our our quarter utilities quarter until But the the to day of State of grow for year, to expense quarter. back quarter not As XXXX note credits by adjusted to quarter, $X as to the cover food second second catch-up due not not of will quarter expense closing The adds it was and is labor some XXXX. and we Larry be or in million the the than quarter additional Utilities for we're Also, will or of in now reminder, XXXX expenses third approximately In I'll participation in couple a the comp in to received outlook. providing XXXX and the quarter. second quarter quarter our expense half included the of items, the repeat potentially. which the Because adjustment at our typically brief for expect X quarters third has the then summer than quarter currently $XXX,XXX to Also, This third $XXX,XXX. in approximately in to we be fourth that we been an the additional received reflect including have not our CFFO quarter CFFO fourth credit we this I'll day most magnitude workers months. the for was million repeat same third to hourly quarter hot as quarter second years, expect greater second we level of $XXX,XXX. third second guidance so year, historically first second will $X.X and the amount of adjustment quarterly of these we -- the remarks. a workers again quarter. same of the half less our to the that be reduced third compensation compared G&A to quarter the third quarter, a Ohio second program. cost. our the currently This of turn workers' seasonally additional of look a to in of bonuses in highest this

Lawrence Cohen

As experienced markets a I than head-on were committed and environments and our in some our more in competitive with from discounting previously. issues to residents. structure, we operating we our and noted managing We restoring to were expenses are challenging competitors our earlier, addressing of providing care excellent wage services

proactive in have company challenging we Our history managed of expense long resident has management a rate growth with and well disciplined excellent prior times. and combining care

opportunities strengthening controlling increase While value the is real work forward focus can to our take going now to believe estate. execution on and supply-demand make positioned drive that, owned processes the In are are open moving for comprehensive advantage With there strategy, enhance churn of platform we executing growth are and on more and we to call we coming and well controlling questions. what forward, a to metrics. meantime, costs do, to and continue in the of progress with our we control I'll the our our maximizing

Operator

[Operator question America. with Gajuk Joanna Instructions]. Bank first our of will from come And

Joanna Gajuk

In by the X%, maybe than Carey, versus XX% be right, year-over-year half. so math, worse terms guess, will this it half first down call the half much second second in guidance, of down of implies, it's it, half my first I year. the

you're -- So I some cuts. know you incremental implementing talk about cost

culmination, much have driving or -- why lower pressure the that results So you half year. weaker the SX that's that and that second in the guess, of of otherwise than it's even is you is exiting a would -- weaker the just kind is I Q, accelerating the

half? so looking you much the think how just our than flash half worse can should first the So about second we

Carey Hendrickson

end an continue the pressures the we and earlier than real Yes, lower lower did average change, quarter. previously second anticipated. the would rate to also, that. what second occupancy results guidance And related the of point in would they we is that's primarily provided our changed. begin our the standpoint It's have than didn't at when impact -- Joanna, competitive first The you we from is we the do to expenses year than half less rates we Yes, had the quarter, the of for have primarily than projection we at not thank change year the had and for have expected. a in we expect

but in I about that's So really clear day about driving is what's to that's and that fiscal said we day when June occupancy, considerably And last second the occupancy lower. financial want is be that second half. I'd that of the that last mentioned, our as occupancy, rate is enter were quarter. But I really where not we occupancy,

Joanna Gajuk

And I as did as expect, a competition it happen. that you not guess, comment much made you I guess,

you guess, where you're out didn't markets is it board that, can the I and three it before? you flash So seeing see the months coming, why across

Brett Lee

Yes.

So and thank this question. is for Brett, you the

area. the seeing the Indianapolis an for as Ohio script, in competitive of I us. challenges are pressure. competitive talked and X think The we well led as market Carolinas in And is incredibly As about area North the most market things markets there Texas there that had the to major we some Cleveland, a the the the some -- is where quarter. that we're were really

the was competitive quarter, I the accelerate stabilize much in a the second lost of didn't anticipated attrition -- in quarter, had the trying challenging It refill rate we typically, then to of we at occupancy occupancy we the second the and operators normalize. and see some think everyone second flu in May. affected quarter, than start higher in because the early pricing of anticipate because April own the really first to that into and in And going the most our loss that season necessarily we quarter. really continued saw of

was And the it so factors. two of I those think combination

Carey Hendrickson

this is Joanna, Carey.

you do half there our in the as the year, have half where days expense. higher of about, year of our that's expect is, One -- those about million the talked typically additional the our they in an we've we the the versus expenses projection. more that's And note seasonally them of from are that $XXX,XXX, utilities -- be of them second change are in quarter because of the $X.X other year -- first so X didn't we about expense that's of than highest from the also is best days the quarter always you an of the the typically, in things because quarter seasonally I higher will third the from the year. in second have standpoint, half year. the second half X second And of quarter year the is But are half second the half first

halves you that two have So kind of of the in the year. difference

Operator

Vanacore Chad from Stifel. with hear we'll Next

Chad Vanacore

seeing. had X? So markets by other about new some or that competition markets your the driven are in existing of say just you're thinking rate -- Would discounting your that's competitors were or the you combination supply more in that

Lawrence Cohen

Chad, existing occupancy, of primarily a that, was know, industry lost everybody Larry. at level with competitors, continued we said, It's very Brett lower all it's difficult where as winter, occupancy. April. a it larger companies that It

and -- As If out really at the always know, one there And a it more data, you month. is price-competitive. pointed as there's NIC a only just April I MAP second result, think, tough Dallas, we've of the much quarter Raleigh If look Trumbull, I Charlotte. become under which look I country, at market and Texas. one has X Connecticut that's and competitors that's for X, with North about, Carolina, North spoken other you supply construction. areas us, only the

competitive lot been markets. markets, difference from in a more pretty is supply that a aggressive base a of pricing -- new the is So we some new of phenomenon seeing see don't consistent. broader operators is much really of our it's which It's we're in our more and

Chad Vanacore

range with plus is we expect that that par about? Should to X% curve about the to you're which that on thinking was thinking rates said the constrained same-store occupancy. be it discount this to just yes, was be are to the year another going the quarter, through there rate you're rate, stabilize what expectation, or then of in because going you And Okay. rest

Carey Hendrickson

and fourth to second going be quarter expect in little And in quarter. would improve a the was year. particularly quarter, third than throughout probably bit the that modestly the third It's quarter, it less we the to then

I So still and better had quarter. we rate got absorb we've quarter, because in should the in got third to have the third in in continued we it's growth some quarter that into July than that second fourth and the the we think, we have discount so that

Lawrence Cohen

And Chad, rate. address also let me the

As reduction specials we said, discounts. then we you concessions had and for of onetime and specials there had discounts to were or Most were discounts. first concessions then month the the be rates. reverting or And those back market units where will

quarter. So have the it's Without that this the that been concessions, would of X combination last you quarter a gives X.X% over X%. rate the

So Brett -- discounts in June. the and then May and continued as said,

So to August to stronger rate level in start few and increase in care or balance to start of we've advantage areas impacted then some markets that already see in to impact the last is the of the somewhat rate try to that to see rebuild months. be by can take we'll process in occurred And July discounting the then over the fees of and we our minimize where to begun rates occupancy of strategy the year.

Chad Vanacore

more. Okay. And just one

benefit. instituted number saving of a should reaping efforts you've So start that cost

expecting savings from to that second your the quarter operating bit spoken with that there? processes. The offset third or Is it pretty new wages seeing on some quarter, about second you've the par much to the quarter? being higher. maybe expenses What's little first the looked So and a you should offset the in like offset were be

Carey Hendrickson

Yes.

fairly I quarter in the fact half our had then we than year expect second first do the half half. we yes, the mentioned, and that, the got the additional the So, little be and day days bit but fourth in in in higher as days the expenses two the versus X and And extra like have quarter second more second wage than three -- of quarter. third we've do of the a other we otherwise, cost should similar year

down higher two an utilities were those I So fourth -- second. and first impact are the referred quarter, in as third which or in a bit still to, well have seasonally cost, but the little come the quarter, higher which than

Operator

[Operator from Instructions]. now hear We'll Stephens. Hambly Dana with

Dana Hambly

Just on sounds been to things you another the last -- year undertaken a the so number a being like -- lot new of still there's need curious initiatives or and in do. it's it of

seeing impact to causing on to? you're you're this operations just any this do factors curious disruption your external respond feel kind force if exhaustion is to of labor some is that any or more Just or you having if like

Brett Lee

would harder. Yes, and we thank of terms are from that focused initiatives you. in focused on initiatives I than bearing rather that the great it's on allow think cost we a to we're that are now that question, biggest perspective The fruit And things value centralization a add savings and really undertook. folks work smarter,

would. our what paper enhancing centralized that and -- as some operate sure was into and discussions built the around assisted think, and become those task to of daily ... living source doing workers has it care think stress major as on memory more around gave day-to-day we facilities I streamline an are anticipated, about a our platform turned time basis or much gone, transition company that every just that process how it we a of when that's the quality new and process making some we procurement platform, eliminated into of don't electronic initiatives focused So have have and teams essentially pressure do back. a we we day. We been more we our people and that we're I The a think

Carey Hendrickson

the platform, I say, XXXX. Dana would was on on began electronic that and Yes, that in

in been their had a about nursing And sales components. burden -- talking were really XXXX, and it's across really it's business not [indiscernible]. it's then those was is the been director particular too director and putting of the folks various -- dietary on people, so for the director, So program we've the with much it on implementation and the any piece it really business XXXX

Brett Lee

turnover or additional to stress. don't have show that driving And any is we evidence this

Dana Hambly

Okay.

marketplace don't restructuring, portfolio Okay. ongoing portfolio, could you've of there's And of but discussions? Brookdale, a believe obviously, talk and not the any with then, REITs generating just cash can that seen you the any on a the Larry, maturities, in lot in about if lot obviously, you have I lease the -- with near-term you flow strategy there, real

Lawrence Cohen

Dana. dialogue the with Sure, are landlords. constructive actually We having

properties If at you our leases, XXXX. XXXX in and XX have look XX mature HCP, we with

with X or those 'XX to bought Welltower then and we XX Ventas, have We up back. 'XX with

saw from particularly, HCP a there's a As triple Obviously, you from there's into I the some Welltower movement net. the management net towards both REITs. converting transcripts amongst structures. think, Ventas idea the indicated, more amongst operators and move to movement I and Welltower, triple

to So we and the productive them all to again, X feel flexibility the of some years, with we them obviously conversations on company. very debt forward restructure burden would million leases. of had equitize And another moving we're fashion, having would that strategic that it a in for burden escalators the are more without They then equivalent us move those would hundreds leases can of constructive place be give the landlords. that extent what dollars and

all we're And So discussions constructive have, a landlords. I as I Dana. with said, that's very having, focus

Dana Hambly

disconnect a of value Okay. between obviously, the stock. real All way and right. your lot markets the there in be And valuation to does estate, appear then valuing that there's, the

Board are you on more to know operations of there. So just underlying real I'll can discussion, out throw What value it the a improving besides you doing don't focusing the realize obviously in answer, this I but if estate? is

Lawrence Cohen

my and most results, own we example. intrinsic in I mentioned real our And Well, estate. a own but intact. that estate. of quarter, it's in is as we're In very fortunate We're release, value real with perfect the press comments disappointed the this the we

tangible real recovery whatever And performance, cap a out as in trades both we if estate improved you initiatives the our there's put then cap improve implementing have that can there. that the We the and we're every effect. real multiply at digits, of rate, to income Meaning want the dollar assets. from rate improvement a market, multiplier in double

So and very are right on now we and marketing. focused sales operations

quarter. well have as discounting is so side, making both quarter. as that expense that a on then strong to to perfect as pricing as would our hope do forward, the other at fortunate that rate will on intrinsic again, we intact reflect we're that is We're initiatives estate And sure a disappointing on value grows discipline recovery, we the of are own the with organization effects multiply the estate initiatives that, value, We much second quarter soften because more this Because is we to focused we income the as effect. the even real growth. cost growth. And more correlation real that on in a on are focused said, today going I to as the

Dana Hambly

you this and right. I think it. the in All didn't prepared one sorry, me, get Okay. Last covered but I'm for remarks I

you'll anticipate long discounting, to On the how use continue you discounting?

Brett Lee

levels go in a had baseline these back to is always June. down we've So and baseline pressures in and It that It level increased May tapered to anticipate August. will discounting. due we it July, of in competitive

concessions if by predictions, both have ability but onetime necessary third will tools the we and We into driven plans market only to and our utilize utilize those built and conditions. fourth quarter, the in

and And very so those. on we're taking very focused conditions our a as market a forward to on approach, Larry respond targeted approach a to going close eye keeping then said, having disciplined

Operator

will the closing any for Cohen that [Operator question-and-answer conference Mr. turn comments. today's over will Instructions]. now And additional to conclude session. or I

Lawrence Cohen

wish myself, you, the good we good much. you evening. And Thank regarding if welcome very And Thank Carey you and again, any we questions to have you afternoon. call a or quarter. you

Operator

That call. conclude your conference today's for you does participation. Thank

disconnect. now may You

Brett Lee	EVP & COO
Lawrence Cohen	CEO, President & Vice Chairman
Carey Hendrickson	SVP & CFO
Joanna Gajuk	Bank of America Merrill Lynch
Chad Vanacore	Stifel, Nicolaus & Company
Dana Hambly	Stephens Inc.

Sonida Senior Living (SNDA) 31 Jul 182018 Q2 Earnings call transcript