ENSG - Earnings call transcript Q4 2024

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Operator

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to The Ensign Group Q4 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to Mr. Keetch.

begin. may You

Chad Keetch

of and on release operator, Investor We our until A filed section available also Thank our February on and welcome, XX, it press website replay ensigngroup.net. at yesterday, our p.m. the call is earnings will of be Pacific you, X:XX website everyone. this Friday, available Relations on XXXX.

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

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

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

for to investment as Standard of estate subsidiary, Ensign Ensign insurance as unaffiliated health operating as we captive enters liability which tenants our agreements subsidiaries compensation claims are captive companies coverage made third-party the REIT, insurance Group. properties insurance Bearer and our as as also Inc., to lease a general trust well into Ensign care in for well owns captive, that The workers' independent professional Healthcare real is with liabilities. provides that certain and invests certain addition, refer with In which

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

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

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

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

Barry Port

joining Thanks, thank today. Chad, and all for you us

results organization in the our portfolio. each Our record and momentum again across to across their once market financial teams remarkable leaders and build posted continue clinical and

center partners. and Our resources and to success efforts caregivers, is those the entirely of teams, service leadership due field commitment

as across is leaders. and organization something important our the priorities support our and those customer embrace of we patients our for that most core is value of to care every develop That teams attract One day. caregivers second

care. live to a and who partners dignify passionate of our bullpen building determined are post-acute are caring mission formidable We to

quarter, across and upside the organization. relentlessly grow in year on many opportunities portfolios, our this fundamentals the capturing record we we're enormous focus continue the another to effort excited about by to After

are year the to year We same-store grew pleased X.X% and by the and for see over prior X.X% X.X% quarter, by respectively. and increase and X.X% transitioning occupancy

saw We increase X.X% days and for same-store quarter. prior over our XX.X% the operations skilled also by for year transitioning

quarter. by our XX.X% addition, respectively, care X.X% the In managed for same-store prior operations, census over and grew our and transitioning year

These operations. mature our results demonstrate more the exciting momentum even in

adding about future XX We outcomes are but more achieved while a and see even these new we were across acquisitions, serve. organic results, combination with every at look they market When almost bright very ahead. these growth we we new excited very pleased operations the of because simultaneously

very what are drive eager accomplish humbled advantage that to opportunities horizon. organic improvements we're on acquisition and the take XXXX, in by and see to to We we of able we the were continue

issuing XX% of is guidance to XXXX XX.X% billion. to our our billion XXXX $X.XX XXXX guidance over increase represents of results. We're our of per annual results $X.XX share XXXX higher this and $X.XX guidance earnings earnings $X.XX of an diluted revenue than midpoint The

We partners the acquired addition look on newly balancing operations. top growth we last extraordinary to experienced with few forward confidence our of continue innovate annual manage This to that while the years. of and in XXXX comes the will guidance

a growth total representing per increased GAAP or while annual rate, To billion performance compound perspective, put $X.XX last compounded XXX.X%, to earnings in a in growth in rate. our by by X over the grew this XX.X% XX.X% XXXX, representing annual XXXX diluted $X.XX revenue share our years, $X.X

some quarter, of comes to and result or belief partners of EPS Pennant a since with and adjusted CAGR large commitment is XXX% which and a mission XXXX, Group performance in steady collective addition, seen our out and single our we thoughtful after consistent spun have of event in but due by held growth all XX.X%. a quarter performance transaction from expand This In way. we a the grow transformative by the not is methodical to instead

And our clinical heights as financial as and new apply upcoming partners We the look forward performance very in year. model. are which to experienced in evaluate we year and the continued they the our we confident we growth driven of this portfolio, locally that into reach are far can continuing first year, quarter expanding and about excited mix occupancy so skilled that our is proven last

so are continue us mix optimize to to drive opportunities There and opportunity front recently in unlock and many efficiencies skilled successfully dozens and value as acquired operational occupancy we operations. of in the of

and principles Our to ability applying Ensign again poised over are leaders by years. showcase acquire to find, our underperforming proven performing XX operations and developed transition

Chad to some ask regarding insights Chad? our additional I'll Next, growth. add

Chad Keetch

Barry. Thank you,

following: As X in in Ensign senior XX total, nursing operations and the include in during by In Wisconsin, brings XX operations, an Nebraska. states. in we and we Texas leased in Tennessee, X continue growing XX these to were of our acquired new Standard living included and a we operator. of the and XXXX skilled beds with which This quarter to new of since X across one one assets, the Alabama, which add added acquired growth were Bearer Of one since X,XXX new expected, number added real since. to to These the acquired thrilled units XX, affiliated them estate and January in are operations we XXXX. portfolio one and

our the strong local of of forward our We in upon to excited care one in Tennessee, the community are leadership. deepening health add our markets building and newest relationships density to in and look foundation

in presence to see are Alabama gain to also our our bolstering look that time. state operation strength first We and forward in eager over

connection we a new who a us, with to undertaking for has be is committed and the a before, proven significant talked leader, about geography. As driven have entering is that new states by must Ensign

recognition the and leadership As by operation of foundational the strategy most a and team post-acute the the principle driven each is failure of of know, you our the is vision locally that or of the any the entire leading dollar unique care business. success multimillion largely determined quality of is business

has In from resources addition, new proven model be of experts successful a the a states in local and opening to also market. having support nearby

relocated Lastly, check Alabama, when to all point and buildings X Carolina. add Tennessee start of talent first who in we X into can cluster. With we have will has we establish strength more we gain there an efforts our building, with first to establish direct boxes go South operation, look or additional new as in outstanding our facilities to growth. look solid time, Ensign to in first our we and a with Alabama Over were our a those for the so leader, launching able support to we state, typically our

other a XX wait will states will and We in the now sizable remind market. across growth our reflection As template into we can't significant Alabama become only bandwidth years. the grow with to have comprise eventually the over last Tennessee, another development eventually, we've seen that We clusters, recently are multiple we you to XX this grow footprint of and have watch seen of in states. XX which

forward, already expect announced that includes Oregon. close in Looking Alaska X have and states: we next to we new which a the few transaction, new months,

states to plans time. by each build will with over these Alabama, As with driven an a Ensign investment leader represent is small of and new

since, added many new operations With all growth states, that we of all X but across during the said, XX our being XXXX markets. out and spreading in existing

states look only continue to not on will prioritize that our typical a limited our transitions markets, our implement is bottlenecks. geographies. team commitment corporate we cluster transition not to because criteria, do established deepen to our rely local growth not plans. evaluate we these in we new our centralized to partners fit us acquisition to the While our Instead, allows will by growth This but

to additions and density the leaves year continue significant grow in with are best, distribution the our markets. markets our So meaningful across bandwidth few months. in of progress us the in making our strong, know on while still rate expect we next markets We this see opportunity several of growth most significant was add close we many that growth of to to to

criteria we rate way. this committed to grow While and the staying that year, sustainable a to expect remain current to true deal continue allowed we in healthy of to proven us acquisitions have the

the opportunities and be more shareholders. carefully accretive We acquire to continue focus to to that new operations will and our to is see more choose acquisitions

recruit leaders for future CEOs affiliated local operations. continue Ensign Our to

We operating near- translate opportunity we care post-acute industry that still eagerly assets. both see are of training struggling, this the and many that in and CEOs many preparing have to a opportunities deep into are operators acquire lease evidence and that their in lead. will environment long-term expect to bench for We

we remain to of our not acquisition in We and However, we growth set scalability pricing arbitrary true when leaders and The goals strategy. the only do will our right. right potential transition grow and acquisition to have strategies numerous the disciplined opportunities our existing our sheet, balance us in growth give XXXX. our continue in healthy footprint, with proven see apply we model, combined enormous the place to

new XX during assets, and since added We Standard operator and the are owned comprised operated Of Ensign XX are assets by XX properties. tenants disclosure providing third-party XXX affiliated X that to also properties which operators. by an now leased are are real XX under additional on Bearer, third-party of and of operated is new quarter affiliated of to leased these estate lease. high-quality operator are these an and triple-net senior assets living assets these a Ensign are long-term XX

Standard to Bearer of Ensign at together to that are operate third at forward, continues Going work with Ensign lease. comprised acquire operating in partners operating interested operations under and would a facilities that portfolios parties its

quarter, $XX.X In more the third-party of from anticipates real Bearer Standard will million operators. affiliated which announcing Collectively, for estate Bearer of also operations. was that rental by be over generated operated Ensign the months, $XX.X revenue million derived addition, Standard of coming acquisitions

Ensign ratio quarter, coverage the had in the end as of X.Xx. quarter, and FFO of rent reported the million EBITDAR an For $XX.X to of

to our And with that, turn more color Spencer? over add around to call Spencer, COO, operations. I'll the

Spencer Burton

this our everyone. in were growth with you, and year, The more operations, being solid combination Chad, experienced by and we a innovation our acquisitions. results, Thank along mature of newer fueled past exciting that improvements and quarter hello, incredible in made fundamentals

RN been from decades. facility's a The California, back nursing located X and Ensign became The our year Rehabilitation, XXXX Mesa, facility program systematically category. Director in has committed, affiliate consistency stable has AIT most Victoria part clinical since part joining bed a XX by roles of Joyce she frontline is Michael then, consistent first an the the XX the ago. past it including COO; leadership. as performer example years And facility same-store his through Nursing. in for facility, CEO, Costa led Since every Yuhas, the a Victoria in skilled in comes has at driven has Healthcare worked leadership XXXX. Tamayo, completing since and of been

an revenue overall occupancy year astonishing an XXXX skilled breakout XXXX. QX legacy of The Victoria team increased However, XXX care fueled in by environment is a an to basis already that same highly improvement plans. undeniably saturation of both of Medicare XX.X% was competitive managed XXXX XX% in performance from and And was managed and during hospital-based despite strong period, health QX points. for a excellence, XX.X% grew mix Victoria. and in of This complex of to with Mesa deep growth strong a days. Costa care

made the outcomes. better star is was despite are by of region, rigorous survey Victoria more possible health state regulatory very Victoria's and than by quality average. measures Victoria's rated consistent outstanding So Even growth achievement X clinical only state CMS census a XXx impressive, currently for inspections, overall. operating in California its scores

during QX skyrocketed over ongoing experienced results that be led that period. legacy occupancy year capped operations to As the example clinical build of clinical Victoria Revenues excellence. and in a increased is business. same quarter in can strong growth you expect, EBIT XX% prime prior a in the potential would have teams these and

went turnaround a leadership Canyon employees. Lauritzen; comes work. transitioning applied money often occupancy high as Health our They example group. how in and frontline an of in and actively their clinical meet [Geralyn unique and impressive Boulder culture needs. Despite It area. XX%. on basic top ] their was Boulder many established agency to talent leaders difficult dependent Like was second They acquired was facility to focused these from Canyon a acquisitions, demonstrates local CEO, the The challenges, love just their Lindsey team transition deeply occurs Ray as with XXXX. and of achievement circumstances. principles facility losing the proven the our methodically facilities to patient elevating and of that in XXX-bed Colorado a and below a built Our nursing and is SNF on of recruited team Boulder, was one-star Rehabilitation Ensign their experience date, COO,

facility the nursing agencies, XXXX, growing occupancy. despite acuity in result, increased their care and a As to workforce completely eliminated for

with Colorado narrow time in metrics averaged alongside days newly winning that by Boulder the While Medicare Canyon and quality partners hospital key revenue days resource team preferred XXX% the and changes systems the facility we'll in plans our X-star the transformations provider growth ask on by over built you turn increase had compared QX Boulder were and happening the Canyon as detail assisted in external if and increasing organizations. Recently, managed reputation, quality Boulder potential. With the managed provide years. guidance has for in on and great questions. facility, transform of one facility trust stability based to open Canyon's EBIT the growth labor to to including they of performance cluster over facility's in over And and XX% care and XXXX are inside with the quarter. XXX% growing over XX.X% I'll skilled year the scratching that, an plant, of a largest the network team to a leaders just local facility's financial census XX% metrics and then physical worked added more quality up CMS. over Today, rating overall working care company's resulted a Suzanne? Canyon, remodeled Boulder Total of prior they a QX the enjoys from occupancy and for XXXX. This Suzanne in net Colorado's

Suzanne Snapper

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

GAAP for $X.XX, per following of diluted earnings Some was share XX.X%; increase share an diluted earnings of per increase additional highlights an XX.X%; include adjusted year: the $X.XX, consolidated GAAP the were net an income $XXX billion, revenues revenues GAAP $X.X of was XX.X%; of net an an of was million, adjusted XX.X%; increase million, and XX.X%. increase increase both adjusted income was $XXX.X

revenues revenue GAAP XX.X%; quarter, an $X.XX, was per diluted consolidated an XXX.X%; diluted billion, share XX.X%; increase For and the increase of earnings GAAP GAAP adjusted of December million, adjusted XXX.X%; XX.X%. Other was million. $X.X an cash adjusted per flow income cash cash net share include as increase earnings both XXXX, of $X.XX, were net operations of $XXX.X XX, million, of from key was equivalents of million $XX.X and increase metrics, of $XXX.X an was $XX.X income and increase an of

During share. and consecutive quarter, cash XXnd the company common the a dividend $X.XXXX for dividend year its quarterly increased the per paid of

a history paying company's We have the to as long dividends. long future. to of the plan we paying continue strong, And in its liquidity of remains dividends history

debt-to-EBITDA low adjusted our X.Xx. delever record to a net continue of also lease We portfolio, ratio achieving

ability Our even continue sustainable long noteworthy periods that growth particularly can our belief the to delever commitment our to disciplined to run. well demonstrates of and in we as significant during growth as is achieve growth

we addition, for on in cash currently our when $X our available future us line gives our powder million have combined billion dry In investments. of capacity sheet, over with credit, $XXX balance of on

XXX growth. are Bearer own XXX more and XXX are completely and are even the future held with adding also to We liquidity help over value debt-free assets, time, significant of gaining which by Standard

Barry guidance our between share. mentioned, providing $X.XX $X.XX we XXXX diluted As are annual earnings per and

annual Our guidance $X.XX and billion $X.XX between billion. revenue

evaluated as other we We in multiple operational momentum continued seen and and scenarios. based as management on progress achieve on mix the that initiatives, are the we positive agency And of performance we've the can have confident strength and well occupancy skilled these our results.

the provider weighted Medicaid inclusion rate of of diluted shares the for a on second of compensation. to XX%, from exclusion of primary expectations average the management's quarter of XX.X expected million, based net of coming and closed to is and with inclusion guidance reimbursement rates the tax, XXXX acquisitions XXXX, Our common outstanding tax close Medicare stock-based

changes Barry. consensus activities, acquisition of variations short-term of staffing, occupancy factors. And include that, the in and turn reimbursement influence the impact mix, general state to performance that our insurance it economy, and Additionally, could other variations raise back quarterly systems, in and seasonality, accruals and scope the I'll with other Barry? budgets, factors in impact the over

Barry Port

Thanks, Suzanne.

as always we team wrap reemphasize alongside grateful do, that all our up, operational these must and service how results. and As I leaders, I clinical are we center that resources, partners field are record-setting to incredibly honored work behind

by We everyone a elevating on as are collective completely loving is around commitment focus Their impressive their blessing. resiliency them. truly and they amazed

you audience year Bella, is now future over excited it a Q&A procedure? our and instruct with please we're the Our turn we'll of can busy that, Q&A for to the bright, portion ahead. And on the call.

Operator

first Capital Markets. Ben line Instructions] comes RBC of Hendrix [Operator question from from the Your

Benjamin Hendrix

on But wanted your you're or Congratulations on public risk backdrop. results. programs that exposed particularly program, others? cost be had luck that versus from incentive the the looking I Clearly, might there health just era payments the any forward, aspects Medicaid high through reimbursement great thoughts the get have FMAP to for latest end specific you cuts of the the at administration otherwise, bridging emergency. savings are or guys of quality supplemental to new under COVID

Barry Port

to to things might help explored. hard I that we to exactly on the one further members where our there actually can during reconciliation of are legislation. will it's Congress process you the become with any Look, and what a know tell industry association and lobbyists terms be of kind in are of that priority of scenarios go going our prepared through educate

us, just to the kind he's we has really program having as Trump a to prepared impacts kind He sure it's recently in said publicly. industry. the clear been of is do around we reiterate what committed also as education Our senior we the will effort just to just that legislative for relates industry that can process good and nimble well care we're to the a as All senior said part that the and Medicaid of can Medicaid program. as seniors. But Friday, robust the language what not really committed administration they're as this it He make -- to and of about know really and association priority. become at education options meanwhile,

Medicaid Congress impact difficult prepare the process. So a to we but always, going reconciliation is a for during the think pretty for the broad-based task way having worst in as be I

none no, So of that risk programs our are -- but are really as we aware at of. for now,

Suzanne Snapper

would on Yes. just rate. while you some control, in things I there typically And be a add, Republican the might lighter usually regulations definitely see

these so stated we're And times. like the And nimble question, as really trying to during really you that. utilize in

operating we the the that level there's model is state. relief, and well involvement So at legislative just that with deep have regulatory at then each flexibility if there from is some the our all very in as state side our as individual associations

Benjamin Hendrix

provider could the just to I the out follow from real if given perspective. just acquisition thoughts I M&A on Medicaid for what overall on both kind kind quick like in of what opportunities get on your your But relationships, terms Boulder seeing called you Canyon? there. And specifically of up Tennessee, you're wanted just just also backdrop, of for a horizon preferred

Suzanne Snapper

Yes.

market looking relates in of latter new taking Tennessee. press Obviously, just all Obviously, to. the year, that approved and and larger to received then through we're that. and of networking, that year I So operations the you're that an for through looking the than that seeing legislation of this lot the the on state. is amount at with there regards amounts they're But Tennessee the with all been again, the and of think back large the supplemental noise in Tennessee July associated not in way just carried step a because way obviously with really, portion substantially other overall a nursing. actually to it's our there's continue And we've it skilled of working all in have. X less to And amount that as it hospitals. With hospitals the they the is reimbursement to they

the anytime doing been founded a out about state, talked long that great we but operator actually individual established preparation, a has there. that looked acquisition enter has in over new have had a period great think and resources relationships state kind and state we we of that time for are the only of there connections this lot others I is have very Not had this from others that we on we time. when that who of

Operator

from of Scott Our next the Stephens. question line comes Fidel from

Raj Kumar

had This of a is modeling couple for I on questions. Scott. Raj

Just mix relation an what's guidance perspective? in from first, seasonality even XXXX, of historically, EPS and kind occupancy around quarterly maybe to in and baked skilled

Suzanne Snapper

the and Kind and share. this has and and market mix, Yes. all we we've those after occupancy the seasonality then great. occupancy our kind into that think was we and quarters. And really something that on first. great quarters had mix continued hospital mix during obviously, When that, of XXXX historically in and were occupancy, which reason skilled look see call of going seasonality, in flat it QX to been and strongest was we QX saw it's skilled the had same occupancy our of seasonality heightened both I into share QX, skilled retain QX. The market subsequent -- a continuing flat occupancy Obviously, higher higher QX, keep QX we at been QX, mentioned, continuing we at that just best really that QX. our able why looked year's QX, conversations saw to had has we earnings so because like I historically QX And When was typically you XXXX.

Raj Kumar

capital you'd seasonality? expectations kind And to as unique there. a cash follow-up, call flow anything just then be And operations to of typical would out working that around XXXX from other than like the just

Suzanne Snapper

as in is have specifically, process offices of seen time and keep at delays. for acquisitions, offices we the and through every we we -- one ownership We've the things slowdowns heavy very just in go the process, always right to now, licensing. change have and mind, licensing that approval there substantial think been Medicaid I we're Yes, this seeing

that that draw kind cycle to as has do probably out this we we're will it And typically pathway. acquisition seeing so of -- continue

flow actually we Medicaid turnaround on the slowdown and little and as a acquisitions continue from there... the to that cash so cash bit offices stretching those offices in come out other and the see And

Chad Keetch

get and but impact Medicaid flow a phenomenon certifications we're can to run. that just short everything those waiting -- on, while in turned temporary the the It's it cash

Suzanne Snapper

call. payment saw than during payment other a that settlement of QX an the year a little the happened have unusual cash as QX then And of that, bit we did foreshadowed obviously, ago. We that

in was that QX little flow. bit So a the dip cash

Operator

from with comes the Rice UBS. question A.J. of next Your line

Albert Rice

favorable First bit to there? about year 'XX? more been anything than the What see as cost specific and seeing how trends. you labor question, a California just there you ask or your might know program What maybe move little outlook so. I you? is you the last that factoring Workforce into it's do into Standards moving And around impact you're in that are

Spencer Burton

We're general labor massive maybe recently. Just starting gradual quarter-to-quarter with the we're environment. not improvement seeing changes, but continues that very seeing

to that expect continue. We

best frontline of Some best stabilized of is that's since just part CNAs, And workers. retain it the environmental. and working ways The the we're labor more the have markets nurses, best more COVID. relentlessly on new to labor, attract

we're opportunities team, workforce. is very driven. a if our for having frontline development And because have a great healthy really you locally leadership that's the key leadership also, looking to then And business local

we we better. environmentally, well get And think little better the so as the we continue to do as XXXX. things, And bodes markets bit for are that a combination those of

Suzanne Snapper

all the California that. We've included XXXX. Standard the into already is And baked Workforce for guidance

also second -- is going We we're have year to to that this through the program. be that be going going

the we've good associated expectations a upon with has what that state program handle published. And as so based on got

Albert Rice

is just competitive Okay. deals any on What now? And the around what deal terms you doing are the changing in way? acquisitions pipeline, the on the that the look landscape you're maybe follow-up right be seeing like are question

Chad Keetch

question. Great

And we deal As we've we same kind continue in prepared months. the the in lot said kind -- acquired last the flow. XX XXXX. actually of on a a expect of in to lot And pace remarks, we're seeing of just we

lined we've that be got a up closing the lot of next So several we'll months. deals over

are state that, just licenses. seeing -- deals the granting and are those waiting get of delays, and earlier, that to licenses the the mentioned up. from stuff some like ownership We're we As locked Suzanne change are really like

next closings us see So the over start you'll more few announcing months.

way more are deals on In dream we desk ever of competitive could landscape, than there terms of doing. our

firm using not that the we're really have making pretty what paying and sustainable sheet balance a us real We're we see that buying And for if sure talk terms as very with on that buildings. disciplined we So these the the that able a this markets, ready we're we if we're to things, often establishing thing, results are forma particular obviously pro also to price estate, rents. performance can't do. that That's will sure to as looking in stretching we're about kind but create. And it's on assume and lot leaders selective. focused of be have quickly going trailing the in balance and bed the very, and healthy you leaders lease, really it's responsibility when per making sheet as plenty grow have of first growth and we're you to And and we making XX the sure that's over are and about there's not go allow we to acquisitions, overpay to we things. a transition of at the prices the time have of coverage, the line

tend and through we for so to going -- kind We're we ready many there's that all we're win to with that of deals. disciplined us that's at forward So we're we that look analysis the that with opportunities expect it. But continue. move on -- said, all that and how as deals want to

Operator

Ladies gentleman, and all concludes joining. thank you Instructions]. Q&A our session. for [Operator That

now You may disconnect.

The Ensign Group, Inc. (ENSG) 6 Feb 252024 Q4 Earnings call transcript