ENSG - Earnings call transcript Q1 2019

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Operator

Good afternoon, ladies and gentlemen and welcome to the Ensign Group, Inc.

First Quarter Fiscal Year 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Mr. Keetch, Executive Vice President.

Chad Keetch

Rashae. you, Thank thank and joining today. us Welcome you everyone for

of have our CFO; your will President Here the Port, with the CEO; be answer Christensen, and I today, CEO Walker, detail Danny our me discussing and in which later to Christopher Suzanne all COO; will and questions. Pennant available more The Group, our in we Barry call, Snapper, be

its have any and As do our update just yesterday. these Except may I as future a that events, factors been that laws, always XX, expectations, want not have of I a undertake information, filed on available release until XXXX. or based any statements begin, any are impact matters. a results be circumstances new website that our the required at our actual and encouraged made to call. is Relations to earnings remind subject on and operate. Listeners Ensign We housekeeping statements These materially announcement and of www.ensigngroup.net. to press today of Investor on or of May are complete are A environment changes be nor replay from forward-looking assumptions also statements today’s about X:XX forward-looking business revise results. be our section our call. of undue subsequent XX-Q available in reliance for differ securities beliefs current will our publicly few expressed statements more to SEC are This XXXX, where could website arise should We Pacific statements the that risks forward-looking to result the as X, p.m. all to replay any and Friday, which our made a discussion call changing for reason. review to implied or before on management’s by today’s cause other federal this affiliates, call updated statements as we on Also, this not and of place not those will and May on could listening filings today, listeners uncertainties

contractual In holding to Group, subsidiaries. assets, to Center, of employees direct Inc. Service is collectively our payroll, Ensign such addition, with as subsidiaries, our through legal, subsidiaries no the other referred The human revenues. with company owned a risk services or independent other relationships provide and operating management information wholly technology, resources, accounting, Certain operating

refer general compensation insurance our refer addition, us wholly professional provides to owned its Ensign In as insurance words well and coverage and which company, consolidated The subsidiaries. company, liabilities. for we, captive, workers certain as our Ensign, and subsidiaries the our Group, to operating for captive we Inc. made liability to as claims the

use Group. of All imply, Service are and and the assets, operating of independent wholly management, activities terms, our Inc. meant we, or our has Ensign the Ensign nor or not employees the us, used revenue similar that Group, direct be operated are today that meaning it as subsidiaries to construed terms any are by should operated the well as employees own assets. to Center and the the captive its companies consolidated that operating and of subsidiaries, their the separate herein assets company and as have References owned by

Christopher? more As yesterday’s Christensen, of business, available complete results, will reconciliation press viewed that, When XX-Q. non-GAAP exclusion GAAP GAAP reporting call we we Christopher turn our understanding they and should to is these together release measures can and metrics. available supplement provide with our to our reports. not a is of our I GAAP believe over GAAP the with CEO. And A that a non-GAAP also but upon supplement GAAP be our we the – on in to our with President relied

Christopher Christensen

Good Thanks, morning. Chad.

we to increase celebrate $X.XX, GAAP of and per the anniversary, prior earnings are XX% XX% we pleased over record year up for an our announce quarter year the another the XX-year quarter share quarter $X.XX, As prior quarter. with share adjusted of per of over earnings

leaders how have reminded we us. organization again We’re the fortunate guiding principles we uniquely this to and embrace are that the in surround spectacular that

celebrate infusion across record are – local impact of and large vast often the improvement prior dozens neglected love. and on saw of small, This or operations. transitioning had to communities operations. results of teams their we also to a operations, we and steady have of but most improvement in our been victories, growth Much that leaders of the We some even acquired continued long quarter’s the same-store of communities mature organic number and that this the our in due transformative culture forgotten from came newly

XX% During the sequentially also and X% Services fourth quarter our over last which quarter, year we year, prior income improvement segment up over Skilled was the record quarter. a of experienced dramatic Transitional in quarter a the and

by in points transitioning an skilled occupancy of services strengthened saw services XX% health collections same-store occupancy XXX basis to made due the also skilled results, care These enhanced increase providers. quality and of managed to to with of are achievement and We with outcomes, relationships in trends results points impact of collective regulatory continued care occupancy the operations, positive dozens of XX%. the strong in XXX efforts basis improvements including

course the flag qualitative like COO, Post and Care coveted Arizona. Montecito continue For Mesa, [indiscernible] performance by example, the quantitative last by Karl the quarter EBIT skilled and CEO, and set & Ensign operation Rehab award in leaders to perfect XX% compared to an the almost Acute standards at Cooper same Their XX% improved won category They mix over entire operational year. revenues for year. of nearly in every

be that impact and financial we operations dozens transformative the to marketplace our the improved, growth our celebrate need of and transformed. health we and have have hundreds While our been that still in more

to but acquisitions. progress for opportunities within led consistent excited our year within the operations to of XX% segment not everyone that including hospice our in Skilled company’s remains our venture subsidiary and XX% same potential existing about success principles respectively make its of The portfolio, the Cornerstone tremendous segment struggling understands future the that and also Services home have new are We the health our grew disciplined and the and mention to Healthcare, enormous operations, some by portfolio Transitional the sure continued continue driven same-store want prior businesses. results income revenue over quarter. have make

of Arizona living In leaders example one to survey. Wellness fronts. prior Executive Memory these represent post Collectively, all Rose of Court annual year year, grew results on Director momentum, had Our consolidated senior Assisted and incredible over segment company the X%, Director Lynch, segment continued X compliance Ensign’s revenue this Carolyn & in respectively revenue. they senior living by a quarter. segments deficiency and now Phoenix, portfolio XX% and its XX% income Living Care Last [indiscernible] zero continued at business

an In addition, Rose by to also compared last improved and both impressive by year. quarter the XX% Court EBIT same XX%, occupancy

segments to expect operations in organic examples drive this We we these more see growth. and of as like each underperforming acquire growth of

allowing Because shareholders accelerate midpoint are increase we year discuss our the the proposed tends schedule transaction year, the a will more of $X.X to of the also per and our guidance our in between share access few announced both revenue ahead these and the of on we direct billion favor guidance a to inherent businesses believe while annual or annual $X.XX As will to XXXX over per $X.XX we $X.XX second results share growth Overall, yesterday and billion. earnings represents our earnings. increased in half XX% XXXX of between annual we of we businesses. $X.XX and this guidance value diluted these minutes, details in our to lines this

about performance year. first We’re the and our excited coming very quarter

We this each continues market to conditions, are momentum confident we carry as that forward. adjust local to leader will

that, must aren’t achieve we take have have to do recent but acquisition things, confident today continue Chad? we an those full update we the results the and and and If what give it with genuinely potential, on fundamentals. to our our commitment we’re to activity. I years ask we to come sound a for to We way. And just long I’ll that culture that we a our believe long, begun adherence can close though come. investment to will repetitious announced only relentless Chad become,

Chad Keetch

you, Thank Christopher.

cash $X.XXXX share. During of the per quarterly a dividend paid we quarter,

X We and have XX X and for skilled nursing skilled in operation skilled in in operations nursing operation in campuses, X and of been company living healthcare agencies a in California; skilled operations since Also senior years. Arizona; living and including: have since, Texas; XXXX in include X paying which quarter hospice every Texas. X dividend XX dividend senior nursing Arizona; both operation Utah; nursing acquisitions, increased different year the we announced during X our

to in and strength mature are our hospice of We California, add very forward new things great also look some Texas. from to operations our to and most home Arizona health in Utah excited and clusters

be selective to many enhance potential not operations outcomes. chosen the these we pursue to amongst clinical continue the opportunities the opportunity, financial of We of each and very we have each potential with to acquisition and we elected carefully available because see

states. comprised stand-alone our home is home XX also agencies; health include agencies; X XX are With senior portfolio which living operations; and nursing operations; XXX campuses now businesses living additions, XX care across XX of of growing senior skilled that XX care these hospice operations, health

assets methodically value our to assets. acquired assets. XXX the by of additional operating we our by estate estate have out spun real to add XX real improving added estate acquiring owned real in continue results real we and operations We XXXX, portfolio operations in XX our and estate CareTrust through Since

been the with have and we value very we past what unlock we real our accomplish to As our the excited to in able estate. to our real are owned about estate, have again we opportunities look

for structure deals typical are We alignment. forward to to operational cultural potential ensure better our that the and opportunities of looking evaluating and opportunities and a remain strategic expect The pipeline strong, continue supply well-priced grow. will creating constantly turnaround our to we both and options

evaluating company’s of in the year. our a to on time of second to performance We over quarters financial this to process the provide and the guidance. and in of more turn are with and the expect dozens that, And opportunities Suzanne? close third more I’ll handful detail Suzanne

Suzanne Snapper

press release Chad morning you, yesterday. are Consolidated everyone. Thank filed XX-Q quarter our and financials contained good the in for and

additional $XX.X quarter year from Some following. prior increase income quarter of the was the quarter, the of prior increase include was Consolidated net from quarter. income net and an the GAAP an $XX.X adjusted for year million, million, highlights the XX% for XX%

$XX to adjustments, compensation. adjustments point transaction cost spin-off of of relate million, quarter share-based of we million generated have the to numbers metrics, and non-GAAP potential key includes, and between that few from of on X million cash line ended and and out XX% We and operations made cash equivalents availability GAAP also $XXX adjustments credit. and of our as wanted XX our for revolving those very March of just Other cash $XX.X

our adjusted decreased to acquisitions XXX expected, as a net REIT. X.XXx. since $XXX invested As debt-to-EBITDAR spun the we after lease in quarter again ratio we we have off And reminder, million that is this

We for PDPM. Payment payment of implementation or continue called the make CMS’ model Patient-Driven Model, to preparations reform

that October is As confident relentless will X, expected us into are go make under implement PDPM, to efficient we serve effect outcomes and on preparations on which well focus this quality model, we XXXX. payment our to

for our XXXX. As increased we Christopher guidance mentioned,

half is average $X.XX based XX.X primary rate coming We closed weighted and share, diluted closed stock-based revenues tax acquisitions are anticipated between approximately billion projecting costs compensation from in the XXXX. between $X.XX $X.X guidance the to proposed $X.XX spin-off earnings and of and XX% and per of approximately exclusions be transaction million, annual of first inclusion a outstanding The with the billion. on shares diluted of and XXXX of and

state factors I occupancy Additionally, staffing, census in reimbursement in that, our call systems, skilled announced factors. influence be more more of the other second acquisition and Accordingly, to details the and variation short-term towards turn provide impact and include we in back and spin-off budget, to weighted changes the the general mix, the expect economy variations year. of And accruals quarters other the asymmetrical to in our our half activities, delays Chad? on seasonality will heavily Chad with yesterday. the proposed contributing to over would of about insurance we

Chad Keetch

The stock health consummation the our our and Form X company. the plans Pennant into we of Pennant Directors. of shareholders will a on to on which be found basis. Ensign’s share to filed of Investor is and of laboratory hospice all Group, our Yesterday, a hospice X the the agreements with through separate home common and can spin-off include to real include: clinical customary statement of from Pennant will rata Suzanne. Relations relating stock subject common and of shares care declare ventures of home the substantially We Ensign opinion will new third-party continue and a for two Thanks, that by of all rehabilitative will agencies a as businesses campuses, spin-off the our including final held publicly in spin-off, Ensign’s health stock services, strategic the estate registration common distribute of The spin-off and pro the living separation Directors counsel, Board operations. will substantially Ensign’s The effectiveness operations stockholders of receipt a the our at every tax Ensign SEC, separate companies mobile conditions, diagnostic of and post-acute-related Ensign anticipate senior SEC, company’s of health section Transitional care of the by the record living date. statement This senior and business XX with investments; traded that accomplished Pennant’s Group, of execution will approval the website. and and which to registration Services, which include a has Board the Skilled document shares Upon to dividend filed be announced operations,

is will the detailed all. presentation and on Living spin-off fourth quarter prepared can also some the Health, terms will at pro be also there We including in that anticipate spin-off XXXX, of which the section summary be and no forma structure spin-off, have assurances or the available Home before completed proposed the our that We or a Investor of Senior information more the completed in but it be final of regarding Spin-off, Hospice of Relations financial a entitled website. summary

or do to acquire. or either over back the property with Pennant of to and In turn call to Ensign to may or slow counts, I as the stand financial intend not continue addition, our want change Christopher. acquisition still capitalization we references And we otherwise program. statements similar And to condition that,

Christopher Christensen

correct California, in so valuable I and who Thanks, [indiscernible] in who said meant Chad. I need incredible to as Arizona, [indiscernible] sorry, well, COO I is is Mesa, COO something. an sent [indiscernible].

as and senior several leaders significant Ensign’s We quarters, our model. health, home over they’ve applied have operating have repeatedly last emphasized created the innovative living hospice value embraced and

spin-off the our since CareTrust pleased XX, shows clinical be it very As that We like a shine results. CareTrust very and produced is March value of that under REIT We’ve Pennant spin-off generated return results, to a choice have clinical experienced outstanding with their date. realized result of yet combined markets partner has financial which they become the XXX% been as this consistently fully on Ensign and of Ensign. has the return collectively growth of for successful that has XXXX, shareholders, believe the light the achieving in much proposed in in serve will and that spin-off, and it the

will believe present now and also that opportunity provide shareholders over partners investments very time. that spin-off We the attractive share two to and that value the in our

guiding principle to this it we CareTrust, which has Our both healthy as ensure are to just of pursuing spun poised two was undertaking, in when been grow. operations, off

are prior our were create are learned that to differences companies to obvious for Pennant we a Ensign While drive and while Pennant cultural structure the founded. both cultures upon have will and there some growth. the to also financial that from negative, spin-off, financially stay and they true leaves and that, the operationally, ensuring were healthy, lessons Because of operationally applying and positive each which foundation which long-term we near-term of both spin-off, both both solid are confident very in some organizations driven a

the own Chad approaching Pennant value to spun leased that We’ll including owned XX out also additional mentioned those our XX be in future. is spin-off, new each senior of estate CareTrust following assets growing the and are that in service the location estate an evaluating business will earlier ventures in us and As by the the underlying assets now and we center which potential first, real driven be we organization call, businesses assets, always XX the opportunities we in living real the operationally XXXX. new the gives that but other

always have We sought entrepreneurial be leadership above to company Developing leaders a most all is outstanding our else. priority. important

leader do experienced the brightest. a to at experience so the many As a we has of best Ensign these for so pathway and each us strategy key to is and creating attract help retain what

ever us a been new with that be these has better of and for new the to are distraction in and leaders leaders the It will quarterly for and Pennant work to has the resulting current align the the interest as program, focus stronger shareholders growth we not Ensign spin-off incubator of our an efforts much recreate our indicate, pathway to as driving operational Our all venture structure ownership a The businesses the success our for experience Most over of organization. these that over for the spin-off quarter which stakeholders. to spite driver as confident than are leaders and future we our been and a operators. our the businesses. the of allows provides transactional is of local results for importantly, to again has been also follow and continue our

introduce with the been CEO Danny XX over as Walker, named years. as been Danny of Group. we and who, want Danny? has has the for yesterday, I Pennant us Chairman, to announced Next, President

Danny Walker

all Words Ensign you. experience. Christopher. part can’t all to behalf of with Pennant how On thank describe The associated been the we grateful have Group, Thanks, feel are of that

and the a name mission key following partners to of show becoming others pay name to that to leaders and tribute our and draw setting synonymous our Pennant hospice the Ensign To the As have in our represent which themes similar well, and imagery refers living industry or the mission, all a are on to flag that several industries. is dedication of standard carefully ensign know health, Ensign senior with selected same to the those Ensign’s goal to Ensign’s standard been home by the story to measured. its

And for they developing our grateful are on rewarding become of leaders in all we partners local partners, the heritage legacy standard we of convey Ensign that Group to our carry and commitment to our hospice, new honor health, collectively us and cultural to started. behalf other living, We enough on other so trusting my home – Pennant of our ventures. can that the and senior

will Pennant To enjoyed to we the a Although Ensign end, the and to are in ownership Pennant announce provider under operational expect have memorialize this Care which ownership. will we called beneficial Continuum, new mutually Ensign’s have to excited structure, meaningful linked Pennant that partnership ways. have Ensign we Ensign very created and network, preferred remain always

care preferred and data opt possible together each into to to operation Pennant elects will between Ensign care share network that the work create transitions appropriately outcomes providers our highest achieve clinicians within settings. care the the and continuum, As designed in to by pathways

of families. experience payers business becoming that complex. partners venture patients, look offerings to each We operate each forward require very excited skilled more people of and of resources their the was field-based to our to partners, it the is enhance to and right successfully and give unique best they early counterparts. are these channel developed the important continuing and leadership residents in Post-acute invest care To earn Pennant operations own our nursing be the further their We resources and new acute have independent that their recognized care more to end, to service and the of that in other to best. our trust systems businesses the of

this its Ensign accelerator growing spin-off, will our two home believe our of of Ensign’s Continuum. benefit those within Creating additional has the While continue ability and from an businesses. other accelerate lab success as the as quickly working the agencies the amazing but for to providers pursue thousands Ensign ever new Pennant health a well a strong to x-ray hospice senior efforts that opportunities well, been within organization generation core growing anticipated adapt both mobile many living we’re the step and application have forged this of needs to smaller experienced of as and been has changing new founders and recreating we operations for early pathway that Care values. businesses very these patients, leaders. to and and the of With will organizations’ payers acquisition of taking

provider. we landlords while forward as maintaining creating the we new drive I’ll short, as become retain the we’re back to partners, our excited affiliation hospice home senior call benefits forward, of hand simultaneously in growth. our separate trust of from So We move that, seek Ensign, platform to health, the premier with and to very benefits gaining Christopher. our to look With the a capital and shareholders, care our the to

Christopher Christensen

Danny. Thanks,

President almost leadership for to team the better is the years. us the industry, serve Group, with I’m and been will new The more years Executive who will years; even us Officer, Spencer with and been Port, than X been to to To the this over turn is and almost guess. if but And that Chad very, one current tackle point has of amongst the of with Group, that this that Suzanne the I a of been to. make be for for have Executive organization a some with have up has section, Rashae thank years; how than this in has again I President projects a unique XX small something confident Pennant who will XX with quick years; the all than just us. Q&A the to loves We COO, CEO more leaders CEO President not to a XX for do at more pretty years; it’s want I’m to was remain Pennant guess very The of And chance I combined in with it’s very us the Wittekind want to General know want be years; Barry had that than and time, Walker, on going unusual and announcement, for XX Beverly I is Q&A. XX the been been leaving just Snapper, long clear I is the that end hope, the unusual, tackle of the is. been and remind Investment I’d Counsel, Ensign Board Vice that is I of period hard my lead organization in organization this has and time who’ll joining and call for role. Keetch, in wanted I’m this with you us life, more engaged a significantly everybody here I month, to in I’ll made Before going in future Ensign. the has Danny just to us do I Vice fully Ensign I the than CFO, haven’t I us for the add, for excited of with of for be past. wanted President than my I has while who have done XX also engaged Chief but more open I to Burton remain

Operator

from first Stifel. Instructions] with comes [Operator Chad Vanacore the of question line Your

Christopher Christensen

afternoon. Good

Chad Vanacore

have business, core think contemplated Why guys now? SNF this for Pennant do differences compared your company a you the years what can business? the now. off couple kind garner then spin your right ancillary stand-alone spin-off so, valuation proposed to And of as with to time [right] you you these businesses of is Hi

Christopher Christensen

of felt own when are it’s X% of time their them organization an spin entity, less hard is Yes. for entity. than that about you been shared acting these practices I’ll have companies They be were have other acquisitions you just been now X% time their, frankly, with this you and essentially or other like to represent well correcting your wants X% it well. off own answer by time when with period challenges, significant a to the transitions if perform anything, on you this can that have as Chad, their a add sheet, one long they And run their were and right is where side anything lab basis, they’ll as new to. answer along Christopher. in confident there own will, best and business, If really for It we’re x-ray company. the to It’s Danny to balance for they’ll helping as with first Service the separate on and like their a when and or course lengthy monthly daily, each part of another’s become side it’s And a weekly, one. interacting X and enough the want as challenging resources, you that Center, the they they hard each point feel another. got own business. companies one healthy

Danny Walker

market the industries conditions are No. in I well. as obviously these mean, favorable

infrastructure place, this in of prepared that’s so is decision. into factored a step take the organizationally it, the leadership having of company combination being part that can we meet having And prepared new mature and to so, group the of public our obligations the all

Chad Vanacore

you you that of Alright. wouldn’t Ensign think there Group? it’s early, bit the Danny, maybe that as part able to any little can be And explore explore opportunities but a you are

Danny Walker

because with to do in conflict providers exist the there business Yes. of channel in issues Sure. to in continuum that part its, the the this opportunities that post-acute work whole hesitant continue mean is of some other to that, exist. I cases, are

towards continue to that explore a that financials thing operate that’s note continue the is are in we’re We’ve way worked of reflected important are operating the those. And to one to results so, Ensign. to we’ll Pennant Group already. end with that going the product And

we and those other we there as stand-alone opportunities present retain benefits, themselves that have So, status. be will that will

Christopher Christensen

in profession, our there’s that achieve, are gives that Ensign that invest in and don’t we industry, the that to way like and especially, like that contrarian appreciate Chad, industry fundamentals to we how think they and an acquisition this and with. is way them another we our that like they’re that and uncomfortable you that tend believe model chance gives to there people and them they necessarily don’t coming without the should and chance we results we into do model the operate I what the our the advantage a in contrarian a follow acquire, like really

Chad Vanacore

forward of were more, terms large it you’re one driving transitioning some And any portfolio? that the looks portfolio, the maybe you the core Alright, main occupancy Christopher. in of And this step drivers? in what’s like contrast versus differences a quarter. took seeing fairly then What

Barry Port

this Chad, is Barry.

opportunities a and on those, don’t long-term those will also, relationships I have I’d been that, about gaining gradually with just what And seeing strengthening maybe skilled our of seeing mature segments, go some a care segment opportunity we you which to in saw strengthen Obviously, from just of again, occupancy, every one in has think looking so embrace strengthen talked or after leader to you’re through we we’ve even have as seen we all we our of leaders that they kind where lot skilled to managed we as portfolio that good some whether to a things. store saw that transitioning the occupancy, as that momentum. But what also, then will year larger coming But of some sputters in our partners culmination you’re of another patients, have is think we transactions. same with momentum you remind well. those particularly year, care strengthen. non-skilled to which continues to point is reason. continuation I last is our the can our continue also we just just at it’s patients focus But

Chad Vanacore

flow you One do quick to because later payment you Alright. mentioned year, the the new cost that year? how PDPM for model any more and expect have yet prepare transitions to one, through you this incurred

Barry Port

our can bolts as the dived pages we’ve and organic team are with for through right operationalize but banded possibly the resources. I and regulations internal read understand the that internal been together, it, that’s in leaders utilize, as better to an we’ve system our incurred say has folks, of partnered and process cost. to mean nuts any Service additional developing along the with the field and I No. models have Center with many of operators we of wouldn’t

to We the direction and in add to haven’t really had going. or adjust, feel we’re about pretty headcount preparations confident change our we

Chad Vanacore

Alright. right ramp this and about is Barry, second Or rate? expect the in third the you up do run quarter? to

Barry Port

Yes.

and probably look, is we which always fourth I predict but strongest. quarter used we’ve seeing and are aren’t what you think will after But an is We will a mean, second third it’s what happen, hard are. usually to quite that to something I in and quarters probably exactly, off typically is dip quarter Fourth quarter the usually our third second little bit we that. improvement first

Chad Vanacore

Alright. Thanks for questions. the

Barry Port

Chad. Thanks

Operator

line And question, of SunTrust. Eric the Fleming with your next

Eric Fleming

Yes.

is do going at think you a question Pennant leadership? had the Just any positions, on be impact local the the change leadership. what will leadership comp senior And be there to in local the on the structure the outlined you spin,

driving local really always have local on that highlighted guys is growth, anything you add your leadership can the You side?

Christopher Christensen

are Great in they leaders that to pieces to model equity make on our this local that’s overall entire If augment had, because sure subsidiary efforts and those local a greater glad a will have, company the go focus. your leadership anything, and we’ve those for influence part have years, of. we leaders question, Eric. place allowed on focus that I’m to put

anything, if that spin-off this so, And fuel fire. just to add will

acted whole as are those nursing beginning. counterparts businesses businesses skilled types earlier, And reason well to from have exists, of X over these the Christopher’s function together last X been far independent of we’ve because cluster As a structures is to cluster the that years. place of begin structures in model, all the built these as with, as system we’ve the point cultural company compensation of the the partners

Eric Fleming

Alright. Thanks a lot.

Operator

And from of Stephens. line the Hambly your next comes Dana of question

Dana Hambly

just XXXX? look you the think be you position give guidelines business, gave hopeful for EBITDA than Pennant? in is going growth a Do revenue of and kind morning. pro you in I’m good a the forma that for different to any to lot with before spin will number Hi I the the the financial

Suzanne Snapper

XX/XX were going definitely Obviously, But we that’s Dana, to able we’ll acquisitions the able we information. are the Pennant announcement, give as some as Definitely, of deck from you Yes. what you attached. continue to additional in you our be that give to saw into had QX we had go to Group.

And this so, financial disclosures we’ll as we process. continue to through have enhanced move

Christopher Christensen

well that filing updated as additional We disclosure. an part will Form that will as have of be XX

Dana Hambly

general that? the be you of When speaking, not Okay. I’m Generally to would timing anything. holding

Suzanne Snapper

stale months, would upon in obviously, think have the so few at go of drop say X/XX progress, depending numbers. or and month point, additional in make we we as couple numbers you numbers see so, thereafter. mean I next some the you then the And X/XX, I we’ll

Dana Hambly

Fair of you senior sentiment on and on enough. not fairly of just people the so then Christopher, sentiment alright. would senior dissimilar the mentioned argue spin-off? skilled I a is the in negative And inclusion lot investor assets Okay, housing, nursing, the curious the about Pennant housing think

Christopher Christensen

organizations, based investor on is don’t you They than grown but happens Dana, in have out make they’ve if together, so AL two But the lab necessarily this these leave nursing what decisions time, setting entities but time, another, than have a our with one I the up setting. We home combination the crossover I closely at to these health does corrected skilled lot earlier, right another. will. x-ray have think interacted another but right feel the They we and in shared on lot more between don’t in one occasions, a a of either. the one like professions it’s But more we I an particular with mean said about X the it talked I portfolio. think want this lot other a that and I course of several these of there’s before, we think it’s they’ve and we any think resources sentiment

lot than but X industries years, X these X is X a particular these is it’s entities, between perfect last are it fit. our pretty the for XX of there functioned the organization, It’s the a of with outside a even these natural, way overlap these. because have there organizations years, almost between more so, last lot And of even than industry our

Dana Hambly

I line that Okay, as alright. in say yet not That makes may just and the as landlords happen just to deal third-party in possibly this? was sense. it what finish this? curious kind could advocate guess not and I Do derail have you then the of for mentioned And any is over the devil,

Chad Keetch

Yes.

include some fulfill that a mean kind are that I mean, Board from we of for putting place. list conditions Directors probably are to obviously the the to happen So, of approvals spin third-party to need needs legal it. perspective. of I in There more we approve the

the process with lenders. so of creditor arrangements obtaining agreements entities, actually on two with in the We’re our working two

very, going high. scenes months. a not along occur So, there we’ve those feel is happening. the Dana, many, of very happening are to comfortable many we that feel far this But didn’t today we is been very for lot things, would was comfortable that has have that process the very likelihood And this that we behind this in announced if that and we’re

Dana Hambly

to Thanks Okay, Good great. very hear. much.

Chad Keetch

Dana. Thanks

Operator

turn questions at the no will time. to Christensen. conference I to like showing I further Chris back this And am

Christopher Christensen

and joining time Thank you. help everyone for we thanks today. appreciate appreciate your We your us

Operator

today’s Ladies a your concludes day. for you and conference. and gentlemen, Thank have wonderful participation this

You may all disconnect.

The Ensign Group, Inc. (ENSG) 13 May 192019 Q1 Earnings call transcript