ENSG - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by and welcome to The Ensign Group Inc Q3 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I'd now like to hand the conference over to your speaker today Chad Keetch, Chief Investment Officer. ahead. go may you Sir,

Chad Keetch

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

As Xth, just of website XX-Q Pacific I matters. begin, at on Investor always, we before our our of have XXXX. will is on our Friday, website on also press Relations available section announcement A We earnings PM a call release until This and replay X yesterday. www.ensigngroup.net. available December the this filed housekeeping few be

that may this current nor anyone about the listening implied to expressed to the subject We actual cause made today's on and in of results assumptions remind differ want environment not of the will and to based be could our a those replay call. subsequent and made and we to XXst, are operate. call. or call statements beliefs which statements materially our on uncertainties been to updated today's statements have that XXXX, all Also, that today management's be These statements business today any are risks are as October expectations, from forward-looking

discussion circumstances, statements changing SEC and should its events, arise and changes are our where securities forward-looking not as on forward-looking a for impact update publicly information, a reason. filings any future results. Ensign laws, of that revise factors affiliates do to statements for required place any not more or result new other undertake review or to Listeners by federal could encouraged undue complete our of as reliance Except

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

and our coverage provides the wholly we In operating as and professional refer which insurance as compensation claims-made addition, owned our general certain to subsidiaries liability well to liabilities. captive Captive, for workers' as subsidiary, insurance for

The Group, consolidated we, and words refer us its and The Ensign Ensign, subsidiaries. our, company, to Inc.,

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

relied supplement exclusion GAAP be reconciliation and Also, results, is viewed available with to release a not reporting that business, more our these complete but XX-Q. When A can yesterday's to our of they our non-GAAP in in with should we together GAAP reports. measures metrics. provide of believe we press our understanding the GAAP GAAP upon non-GAAP

turn with CEO. Barry the call our to I'll over that, Barry? Port, And

Barry Port

everyone. morning, Good

earnings our the per over of our outcomes in given impressive third up extraordinary are improvements largest even spin-off local drive increase we to These that history. as they leaders prior As prior year that of our $X.XX, quarter-over-quarter more testament our by pleased caregivers of third being are history of and largest completion had in Pennant quarter. occupancy announce and results quality an year of the with over XXXX the we the a adjusted quarter noteworthy quarter Group, achieved of and the are improvements to increases one the in for are continue the XX.X% to per $X.XX, the we celebrate the XX.X% quarter of earnings share very quarter GAAP in share

improvement the inherent potential enormous Much operations. transitioning skilled of strong increases acquired come mix newly has across These the results same-store, operations, occupancy also and all demonstrate our including from within and in portfolio. growing

an occupancy increase basis XX.X%, services the quarter. XXX skilled basis year was over an points skilled transitioning same-store occupancy of increase Our points quarter the XXX of services over was XX%, and prior prior our year

we We are transitioning quarter this continue to an same-store in a increase excited second where see about have as in XXX the basis experienced points an the both is operations. momentum occupancy row over we and of

what where pay. these that our quarters, one of a that care types, managed across period including able be also Medicaid, down all believe results We industry consistently to occupancies in are slowest private and demonstrate payor we Medicare and even may is the drive across results historically

center We our are simultaneously to local our our to leaders. and recent complete for grateful prepare to while tirelessly support providing service especially partners worked who spin-off,

allow has While unique become spin-off it a our have to easy the been a to proven more. service center been combined would of local model support operating leadership, the world-class distraction, once with of

of we're to even at scalable, most significant a also these the that midst focused contribute operations we and cultural has acquisitions. organic. before our yet results speaking occur of of we financial that line. healthcare acquired The continued about them, local bottom so operations in money clinical all and the is the spin acquisitions acquisitions in approach value we history, have our primarily they about When we experienced our turnaround nearly talk show time organic require to the are transformational and that our all losing to Throughout distressed the healthcare growth on again growth, turnaround because

impact. a often reputational Remember, to to transition cultural operation time it and as several takes a truly take transformations clinical the years healthcare have meaningful

the than others acquisitions, both top some established growth. of years XXX record course track period organic and of bottom line Of quicker but a we've XX and over are transitions

experience first by So quarter standards to pre and to we difficult bookkeeping due improvements after the performance the a comparison significant maintained in take It's post-acquisition and in ownership. we often sellers. true make varying

same our nursing all occupancy, in our revenue between skilled can operational we and quarter take XXX, that margin acquisitions, skilled fifth is approximately our and However, and specifically XXX initial improvement broader the Over and operations, demonstrates the approximately which points between quarter respectively. over our in our first mixed highlight organic years XX XXX the basis more first we respectively, and improvement improvements measures is after the the improvement XXth our X,XXX EBITDA X,XXX, occur dramatic period. transition quarter many continues following basis of quarter ownership points a our for across timeframe,

examples some provide ongoing me Let of improvement. this

our leaders the We their see continue to markets meet of success secondary communities. in as local to needs innovate

Care we Wayne, In Wayne XXXX, acquired Rehabilitation Nebraska. and in Continuing

Jordan Director in Cheri our worked Assistant team financial becoming Cheri and prior and of to having administrator Jordan completing Director, Executive and homegrown organization, and exceptional of Our at training Nursing, and Director outstanding Wingert, performance are clinical, an leaders Gilfrey, a with leaders Charge to Nurse cultural XXXX. led Both Nursing and Wayne. their Cheri have as Jordan program in

third At community. The continued strengthen XX% their continued the all facility the working of same of needs by successful survey clinical facility while Five rating resident grew an its to XXXX. acute and serve Star hard revenues and the meet time, has reputation population occupancy over and quarter by their CMS unique results, by XX.X% also increasingly evidenced as to

successful culture himself, third just patient Director Care Ensign-affiliated our into Chief their key operation We've Health Officer Post a and have their amazing for markets. San also from a needs. home. Matthew, their has to local acquired operations facility Diego. outcomes north leveraged Gonzalez fourth healthcare of of markets' transformed Mission Hills a from service helped transitions new an urban Nursing to Director for Matt and a and of and former seen other some Mission serve XX-bed powerhouse. strategic back up Enrique come in within, or from improvement in Enrique downtown Once Therapy become Acute obscure have choice continued are leaders Scott XXXX is another With expand in several their always post-acute Executive to opportunities promoting better internal Matthew market, of their his acuity expertise positions. known chain the looking Mission

over have grow by four-star improve an and X.X%, continuous they by continue to much a year, occupancy truly more with to rating impressive earnings Diego over managed innovate. as and runway spite they CMS X.X in this have In since of San acquisition, They times. facility-of-choice by last revenues XX.X% are improvement to

All significant of environment, outcomes, in through ever-changing we're in improvements drive that operations. demonstrate and the organic superior able partnerships to an right even these all examples of our

of the operations to We underperforming to the continue there some progress potential for our disciplined not within but we to future want are emphasize our existing remains excited acquisitions. enormous opportunities about make, the tremendous portfolio, mention

increase annual year, Overall, annual $X.X this time guidance $X.XX represents our between $X.XX the Ensign's second the increased of of earnings share and over annual $X.XX per guidance billion. this billion XXXX earnings. and an diluted between XXXX and XX.X% we of revenue midpoint For to

diluted and and billion. Pennant the of revenue to impact quarter increased an share, fourth the guidance $X.XX this only $X.X per XXXX between translates for between of adjusting When $X.XX billion spin-off, newly annual $X.XX

We are adjust this very carry continue we leaders momentum this into performance our to will conditions our to local continue fourth so local the year and and market will are pleased to confident with far that quarter beyond. that

billion excited very include guidance from and between businesses. any you does $X.XX annual of per Pennant billion, and spun share give our also of revenue diluted results annual $X.X guidance earnings to are We of between the not and out XXXX $X.XX $X.XX the which

to the in our we meet to continue horizon continued is or acquisitions our very growth with able inherent are that attractive optimistic pre-spin the We rates. upside be that on and that exceed will portfolio

is To diluted an guidance guidance, year of which our our the XX.X% XXXX and $X.XX share. spin-adjusted between increase midpoint per over underline represents the this $X.XX full confidence, of XXXX of earnings midpoint

collection in quality and exceptional recent strong said we the high local strong drivers primary consistent results results, past, outcomes, occupancy regulatory efforts. healthy leadership, As our the are healthcare of

an these acute in which successful driving continues are managed we As with strong focused and and local more advantage. in to relationships ongoing the have our be leaders care areas, more partners,

to markets payer commitment occupancy. the repetitious just unique culture an disciplined are estate over appropriate isn't to types will the To make the we we We a do across focus earnings all distinctive this come local and so, that potential. relentless long-term. adherence Our by model XXXX is needs mix sustainable full XXXX it close and our acquisitions, on the believe of up the fundamentals. fit of sound end real and path Thanks our all investments are reaching performance the for our leadership that we our It's haven't to of to to on that skilled serve. take confident and even we Pennant's developing

ask on investment I'll an that, with And to update activity. give Chad? Chad us our recent

Chad Keetch

you, Thank Barry.

cash skilled one a California, though Also, acquisition on the the nursing a years. Even acquisitions the early XXX of for next during During Utah, on have a front quarter dividend one Arizona, acquisition in one management includes dividend $X.XXXX nursing in skilled of we states. of one paying operating growing quarter, share. our across is been every the announced quarter nursing increased XX Ensign facility have bring working months year in been paid since living XX operation our since, have first or quarterly far, and to fourth campus year. we XXXX operation several skilled company per real close to for operations, years. dividend facilities. hospital-based our These we and Idaho arrangement operations expect We've that facility of a living we XX for XX in healthcare the for been year estate healthcare of so Also, owns in and skilled the nursing portfolio in additions the of Utah newly we had of solid part quarter constructed senior in XXX several which independent one a that we

we believe buyer's but to dry our in selective very what continue healthy, will on very be increasingly remains pipeline market. more of powder we keeping an be for plenty Our hand attractive

we'll emerging existing to and for know are continue and very significant to we markets as so well, see do continue prepare they including within in that advantages of to to our markets our as excited We grow growth. strength geographical newer we mature adding some footprint,

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

the our into past acquired we what Ensign estate, with opportunities value at them have future. focus are excited our very able own maturing the accomplish assets, and of have value our real build in continuing we estate the the meantime, In we look still caliber is we our on are to to which about in equity time unlock we these the were Phonetic most distressed to in to been As and real operations.

Our spin-off continues our living and home unique businesses, alive of thrive. led hospice which entrepreneurial health, to the and senior to culture, remains

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

two providers are adapt As care. organizations within both now distinct of and very poised but of ever healthy changing to enterprises the payers our continuum patients, needs the to

value shines The to created and light shareholders the very the that provide overtime. attractive and share on a value now investments our we have in and presents to spin-off that two opportunity partners

a partners. other We are we several them post-acute related forward our watching ventures path Pennant growing have look to Group follow new and similar as

as principles apply growth small businesses are operational are we to relatively businesses. leadership their these their excited While support in Ensign proven and to respective today, they them

turn more performance and Suzanne? Company's I'll over guidance. time with provide to on to financial And that, Suzanne the our the detail

Suzanne Snapper

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

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

ended with out from as numbers that renewal have and revolving key costs credit. transaction the metrics and compensation. and generated million include few million relate the Other period currently point September to We adjustments adjustments to of on spin-off of non-GAAP and at million cash those want our between of have line equivalents $XX and operations also of of XX made XX% and $XXX.X share-based cash million. new of We cash very we availability GAAP the $XXX for $XXX associated

acquisitions nursing times. to called reminder, or decreased reform $XXX went in Our payment X.XX spun-off lease million adjusted ratio in CMS's even debt EBITDA as Xst, And quarter again October effect. is XXX to skilled net invested PDPM XXXX, Driven we a the On REIT. we've into Model Patient this the Payment after for since

been on which outcomes working implementing and teams interdisciplinary have have new quality been focused the relentlessly efficient Our always the tirelessly on system.

accelerate for expect that we not strategy our impact would complex system of would be patients. onset, we in While we of long-term that perfect caring believe the the this more new will

to PDPM, Pennant increased annual diluted $X.XX tax we've spin-off and mentioned, Barry As guidance is billion guidance XXXX and fourth the and compensation. $X.XX on the of the raised quarter end coming year, Payment the approximately of our $X.XX The to billion. new the Model, spin-off of of impact Patient based guidance XX%, from the exclusions share translated stock-based between of cost the inclusion transaction the the a implementation with incorporate XXXX between per and and $X.X revenue primary Driven to rate acquisitions

revenue share $X.XX We of billion. guidance also to annual and of guidance diluted provided earnings with XXXX to $X.XX billion guidance $X.XX for annual per $X.X

increase order the XX.X% by and is with full-year-spin anticipated start-up of the on share. approximately provider XX%, guidance by losses rates In adjusted Medicare that shares tax we adjusted of not Pennant primary close XXXX diluted acquisitions operations stock-based coming XX% the of year, the of revenue yet this over guidance the of weighted which guidance, $X.XX and our inclusion provide the XX.X%. between expected $XX.X associated reimbursement tax adjusted from approximately rate a the removes the earnings is half guidance net Ensign's EPS to XXXX midpoint inclusion stabilized, an to $X.XX million, with exclusion in outstanding of are common results, first diluted midpoint per of average Medicaid The represents exclusion based of of of XXXX The which from compensation. and

Pennant contributions The an an applying and results, administrative consolidated to then following general adding rental XXXX, projected and ending to Ensign for GAAP six Ensign's Pennant used was non-GAAP adding determine the all Ensign months savings the revenue, entities. the for operational remaining remaining the historical June removing adjustments resolve. results additional direct

reimbursement include skilled factors. censuses the acquisition activities, staffing. delays our The economy in influence performance that and of and seasonality occupancy term in short impact accruals insurance the in systems, changes state general could of variations our budgets, and and variations factors mix, impact in Additional quarterly on other

turn with to it over I'll back that, And Barry? Barry.

Barry Port

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

what the they each attract and that so these experience at to As of creating we retain brightest. for help a have and many can Ensign key do is so already the so us best pathway a experienced strategy leaders

multiple created venture leaders business the so pathways amazing opportunity our core that within success outstanding new achieve organization the including has that to deserve, and exist Our the many program. business

really are We and well so like upside to traction. to incredible encouraged will starting our story care. post-acute with leaders and attract continue what walks as the many to Ensign is as local to us such life from opportunities gaining that are truly understand that have our continuously is, of shared talent allow spin-out amazing It's our all

Once our guidance again, we're the for rest and about of enthusiastic XXXX XXXX.

make on While constantly require procedure? of Q&A improvement, the true and closely We'll you tremendous our instruct we remain to the Valerie, we model. can in audience our call. the to areas and our we're as have needed confidence Q&A can looking portion principles the now what those please adjustments turn achieve we that

Operator

Thank Instructions]. you. [Operator

of Stifel. question first Our Chad comes from Vanacore

is open. line Your

Seth Canetto

for morning. Chad. Hey, Canetto on This good is Seth

Barry Port

Seth. Hey,

Chad Keetch

Hey, Seth.

Seth Canetto

the XXXX think guidance going and in XXXX, acquisitions far on the of and that are forward you to and as number you as acquisitions the quarter, XXXX we into how able concerned? do have what's acquisition guys a question the given just spin the in about pace, included you're behind for first decent acquisitions that guidance should My about thinking

Barry Port

Yes. Thanks, Seth.

prepared I we several and early of as said remarks, So, maybe working next months expect in in fourth close the to we've that on have been quarter the our deals portion for year. half And flow of XXXX. then deal sort deal flow expecting following in first guidance we the closings of and also have What's that. some our visibility is included into through

Seth Canetto

you guys EBITDA those Can maybe of as deals? or that like quantify EPS facilities of some of number from in terms and

Suzanne Snapper

of into we QX when far done that think acquisitions, look I So, to it of and quarter what pretty actually then kind a so think we've look this We strong year. be going at is QX. at

So I the come the in have those just rest into then in. quantified really acquisitions guidance think that amount having is a that's and we've think that And of really going flow in we're good acquisitions QX of to QX. number, I included those low of end the but

Barry Port

as so in not of potentially it's revenue right on impact and turnaround reminder, an just Seth, And we but necessarily most buy on nature EPS. a what the is more

Seth Canetto

under Understood. having about understand Thanks. the then, PDPM we payment belt our And talking about on when we net quarter, last have month it with should only month at seems of now like we I that that this we have new experience, neutral guys as one model, were you thinking but financials. talked how about a or had new be a impact that all has changed And system?

Barry Port

completed far a contemplate Yes, net that the in as mean, as how it's belt you our Seth. XXXX. a PDPM guidance, we but do tell we under even the neutral is have impact see a I things can yes, month into same impact way, we our month. but We not

kind or from a ourselves boost we're impact of So, it negative forward. we giving look as any not

Seth Canetto

them market kind scale those question. start in and then, buying around then to the and markets? right. and that understand last timetable when I of go the those improve, and back expanding All I markets. Great. acquisitions, you into new you're what's size in as smaller turning markets build And underperforming guys for just assets mean, And Switching

Barry Port

guess, Yes. happened of has some I and It I that have It a we're several just Seth. the there that been that within really in the conditions mean, varies buying year what years. on, depends taken have nature some and market.

introducing the and to new. are new state regulations these continuum buying built relationships is a market regulator be a developed. a The especially relationships we're need new managed into turnarounds, And and is care brand-new particular state you're of healthcare yourself different. and because to state partners market difficult. The in and Going the

newer So, it emerging markets. comfortable several before we're of can't expanding some these in take years

Xz, respects. in going earlier, But said, that think hoping again and we be I extent we're newer making the that way, approach and big those grow But a upon XXXX tell as and our anticipate we do we're we in building to of our of don't prepared I'll do, we're in we progress our we'll footprint. to forward newer in to you, about and some follow sort can that to continue some disciplined newer of Xz the I do To fashion. our as some mentioned we're point that states in doing just expanding to excited in a states look getting grow a in markets

Chad Keetch

states just of you. our in and And I'll strength, to performing seeing Seth, that, those markets. certainly will of to new add priority priority we expansion an continue our and a of into And enormous we're infill take give can those of well even strategically some opportunities tell strong where our opportunities because amount we We're states.

Seth Canetto

you you're any in maybe facilities? just that guys are terms terms price you skilled have of paying bed the buying, And what All right. color. per information for assets of Great. like then, nursing can for these do share in Thanks you

Suzanne Snapper

where Obviously is on the average, the of and asset we've XXXX, per kind asset for in. So, is $XX,XXX upon ranges bed. what that paid depending at about condition

on the versus Now, average. to more be Seth, the we're if cheaper markets obviously asset in will some other that buying be going we're buying assets than in like expensive a than Texas, lot California

Barry Port

to we bed. so add far assets which as newer are just of this impact price that, well, some purchased I'll also per year the And Yes. can

Seth Canetto

the with more And else? Okay. market. this buyer's or inherent small it the it Is then the something model complexity new and patient payment is operators Great. attractive just driving what's driven struggling

Barry Port

a certainly is one just of business many and information This and more operators, for the technology I a information that's requirements of mean, increasingly a our rents XXX of is are thing for we a difficult the There's aggressive there deals I becoming of that also really escalators, is, reasons in folks reliable lot it's are able but guess way. are that point out small the that and can different a not partners those demand seeing that to Yes, I'd think because through, rents. making I we go -- factors. gathering other to lot being cover --

so, being or of because And in which the verge operator many presented quarter opportunities, we're bankruptcy too with on aggressive. is we're either looking bankruptcy of to rents in next the or close outgoing where here are the the two just

guess, of operation. lot that real a estate that for long-term didn't done of transaction in it's I the a times allow So, was, health way a just

Operator

you. Thank

RBC from Markets. Frank Morgan, question Capital Next comes

Your line open. is

Frank Morgan

actually kind in question. will These of up on the or step to just you nonexistent, assume and reset assets, to opportunity kind buy rent. last that Just being the or those rent on are of you rent opportunities tag coming and will have that a those to coverage you refer a

be up, much those curious the Just acquisitions versus just lease? are of that the coming about might how assuming own

Barry Port

it's do or landlord reduction. covering, a looking that whoever going rent. future, and negotiated maybe XX% said, we say a a half the to pathway be if in extent some just the leasing, the the real to in at sort the is an get coverage, attractive we're require typically deal we be, of just near but estate. And clear, going cases But least Frank. It's If definitely can acquire with the buying. of to in to of result reset not them question, it's part we Yes. Yes, of might were and I'd overall And it's great ones see to healthy a here amount the to both. they're we're

Frank Morgan

just a a much is think heard And so already stronger, to in existing stretch assets. those market too lot are networks have presumably you in maybe we this too that a of that to about the in have, relationships your that markets right think aggressive? am is you're you already when you you or faster is since priority I'm that about some Would a I that say strength I could be to do of payers with turn the your have then so it could a going little your that time acquisition you you activity, narrow that too terms where -- little curious of a to where of I those think thinking lever

Barry Port

you're precisely about what to factors timeline right. that asset market an thinking in for accretive asset us an strong to being looking No, a in that us. That's in

assumption and the shorter the remember your if mean background, real what turnaround. music yes, real sorry sometimes don't tough strong, a I know might about but we're turnaround right So, -- but though our got I know nevertheless is we've be -- some path funny too, in Frank, was, still it's that. the that in yes it's I where even markets

it's it's not always of So gate phenomenon still the kind out for us. of

Frank Morgan

do rate just know you in those And of guidance talk you -- the side, what average terms assumptions, the in maybe When the rates? side, one on Medicaid rate curious in embedded about Suzanne. for your about what's but obviously on Medicare we growth

Suzanne Snapper

we've Frank. with programs. continued increase what all those a consistent lately of across X% kind that prior that we've in done They're been average states some additional There of We've the in we're about the supplemental and states. on participant implement years, programs, talking big to X% are kind done revenue to have

getting might performance, payable not having stronger capturing though rate be increase in. a built Medicaid So state clinical and by out to particular a we've even that's what

Frank Morgan

just kind of that. neutral color identified a a stance anything on be over you longer so in touched positive, I and that in term, areas. the, suggest in yet a impact the on might would taken be so would And know Any the you. what that have that positive of Got opportunities terms far if could you PDPM appreciated. But there be

Barry Port

kind to Yes, right. is question, better capture answer we're basic the evolving. that And capability a And really as and know, beginning The the more our good the type. of clinical from able acute make more that the that's to patients. answer on I to we it's yes, MO been is I complex to think no, on sure question take Frank. patient have reimbursement is you mean, to

roll that, for there. have it's our kind patient opportunity necessarily and with is success the we anecdotal but there opportunity being of there an felt our of as guidance that one up of able look, feeling the definitely to with see mix some opportunity we we that reimbursement in our comfortable So, is terms not forward match being adding is because into boost us, that aggressive we do definitely

Frank Morgan

Last hop. you. I'll Got and one

of Just these get some see you're Thanks. what curious, on down you businesses that any want new to those share may Do we to any the you road? details of cultivating. referenced

Barry Port

be, business we have confidence a some and could we all look, is they're and small, with those in good is of kind could tracking have pretty but of real they're ventures nascent the our about stages, excited diagnostics closely are encouraging it businesses of are encouraging, have real they working But that other small we couple growth that we're feel right. lot Yes, growth, along. business that our a mobile still transportation

each Yes, those new usually and about really on but is a related. post-acute looking a and to lot they're we've businesses always And care headed. As that, of self-sustaining. path where for we would are that which there some being are through expect, these optimism a, there additional of opportunities gone have some when healthy we small, hiccups of on

part spirit are well, got of and are a attract, And and of we bunch so that leaders the huge is that we'll do that continue a culture. and about who our so, and just do happening to it's to excited ingrained such we've a as That of we are part and entrepreneurial that it. a excited

Operator

Thank questions this no for you. the any time. I'm showing to further at back conference Barry to I'd Port closing remarks. over like turn

Barry Port

with call. and We're And else we'll joining questions the Valerie, our you, Thank and the everyone grateful thank for that, us today. for support. you end

Operator

this and a you Thank and day. have you. for participation Ladies Thank gentlemen, conference. conclude great today's your does

You may all disconnect.

The Ensign Group, Inc. (ENSG) 2 Nov 192019 Q3 Earnings call transcript