GEN - Earnings call transcript Q4 2018 | Genesis Healthcare, Inc.

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Operator

Good day. My name is Shelby and I will be your conference operator today. At this time, I would like to welcome everyone to the Genesis Healthcare Fourth Quarter and Year End 2018 Conference Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions] Thank you. Ms. begin may you Mayer, your conference. Lori

Lori Mayer

of and issued our morning announcement this available Relations call thank replay be genesishcc.com. this website you We today. is for section Investor the on us will joining on website earnings of This at A for morning. Good our available press our also earlier release year. one

I review a matters. quickly would few to like begin, we Before housekeeping

do our statements and made are assumptions today are and place management’s which on in expectations, implied reliance about and subject uncertainties to impact result federal encouraged that law, statements and forward-looking forward-looking any based factors and that our a our current from we required for beliefs circumstances forward-looking not differ as materially undue on update by future and or statements as on could new affiliates expressed any to changes filings changing undertake review are discussion from business risks These other Healthcare that or securities for environment a events, or call. the more of complete today’s cause should statements First, operate. arise reason. or results revise those SEC actual not our to Listeners Genesis to any Except information, publicly results. could its

that Healthcare employees same are that our operated References independent In use activities, addition, various assets. any terms consolidated meant its we, that verbiage has the subsidiary or any operating to separate operating its entity. well operations operated the Genesis us, mentioned the are has the management, as today a operation direct of the of assets by and assets, not revenue to we company by as or similar imply own and employees, is and and

non-GAAP financial presentation and We to measures analyzing non-GAAP include that regarding are useful the information results the benchmarking financial investors EBITDA, trending, in discussion information useful Please for and public and of be release Our measures and EBITDA believe at are measures. turn provides GAAP for over the business, financial should measures company's refer financial the financial earnings to with such contained in performance value references financial upon measures. of our our And Hager, our of CEO the these adjusted today to Healthcare. filings and because which of to I'll exclusion but disclosures and call GAAP that, in reasons our earnings relied reconciliations non-GAAP non-GAAP today's the to George its release. Genesis non-GAAP not

George Hager

thank then Chief Genesis's to over updates. other our today. Lori. XXXX. the for you, few Financial more Good for and I on brief for Officer would us our turn and you numbers I joining details like to Tom call regarding morning Thank make would a performance comments DiVittortio,

readmissions patient we landscape. most to reacted Genesis and team has challenging our pleased am Over industry our the care care years, with centered outcomes, givers star revolutionary changing through significant report redefine Through efficiencies, gone cost focus proud successfully these every change care care. five metric. has constantly had of ratings. times. aspects past to how outcome very management has Including our coordination the were that reacted in changes, And patient our post-acute I many to their frontline to supporting significant monumental and several increased These changes. the Genesis of business. these I efforts, each improvement am value, with virtually of post-acute achieved on and hospital

to through basis. adjusted growth important see XXXX, point the milestones and points highlight store having to occupancy on may Last also XXXX. XXXX. way quarter quarter store compared year-over-year year-over-year on a In growth same improving not several at now same seen growth most positive would to grew I see the quarter store that cash our had adjusted throughout last of XX and basis saw in of XXXX EBITDAR inflection the repositioned an same in of basis the period EBITDAR in fewer same business of to first third levels the fundamentals we achieved for in fourth metrics. management a we combination a reached time XXXX, In marginally since by of Additionally, organic encouraging, XXXX year XXXX. the company appears We this haven't of the we and And restructuring, an quarter saw reductions XX portfolio EBITDAR year-over-year quarter absolute last well financial prior It are census following executed organic to year, we like absolute basis of same and restructuring expect improving second store perhaps adjusted significant week, lease quarter we XXXX. strategic through we impacted landlord point negotiated transactions, of EBITDAR less while despite no relationships, since as over seen like reached a well occupancy and XXXX. the the quarter same-store X.X%. first rent payments grew continuing many that facilities our since years. quarter we basis share EBITDAR of I marking would fourth over census on of also in growth fourth the adjusted we by we have year-over-year a increase XX occupancy number improving in X.X% as

to like portfolio XXXX we our a in detail. of topic made the modifications On little in I'd to portfolio more discuss the optimization,

with meaningful been do have compete. on we on market particular focus markets primarily those we density where year, past exiting optimizing have the local acute-care our focused to the relationships Over not payer portfolio or

and EBITDA transactions $XX cash million million During payments about exited operations completely of annual of year, adjusted of density In markets. generated by by levels eight $XXX Arizona. one Mexico debt November facilities exiting we We're facilities million. acquired revenue same closed and in XXXX, the the the approximately and the living a we facilities time, These state Texas. of XX core divested, net lease million. exited were At and of or we New $XX to These annual skilled reduced $XXX also the and assisted reduced operations non-strategic markets. funded facility adding

burden options These historically importantly XXXX, in Our most another purchase fixed-price our in escalators estate entered involved our into in in escalators, will the years. is we already us price own state. to first subject our relationships to estate allowing a to the to in facilities for the and real a three are significant original a option price we ownership estate estate lease XX% our allow real a estate purchase advantage rent obtain capital strong real purchase landlord of into of A key value to have future the scale this estate. and acquisition minimize lease of facilities first in which creative overall also resulting purchase new the of significant properties to transaction the WELLTOWER. Today, years. partnership in in that entered of future. the more the The Already real appreciation real back increased from has options greater future. Mexico In Through long-term the estate, of we in interest of underlying us of cost re-tenanting XX in at real New and the the acquisition to leased no buy leased and that to we five to presence reduced X% levels XX% also fixed facilities new over XX% own transaction, purchase and strategic our Genesis were participate escalators partnership able acquire XX reduce operation our cost. real the of XXXX, under premium fixed objective above a a the take

will what with additional ahead, We allows density strong that see continued strategic many will us improving will that will Looking is In Whether great market by return pruning encouraged and ownership XXXX, I generate the to in XXXX made business. strides be and we And our operating are conclusion, positive on in for that relationships. consistent was payer estate. continue year pivotal selective outcomes. us to participate and those model fundamentals. I'm Genesis. respect that execute portfolio to aspects market of focused acute-care or real emphasizes on a transactions meaningful acquisitions that transactions keenly In to clinical, on strengthening local we we business of and transaction our original focused financial

the country the practice Finally, that turn the to thousands to physicians before an and extend the I'd year. to I entire outstanding my providers leadership gratitude to and Tom? would the Tom like turn to team of therapists, call advanced over across congratulations call like and team and Genesis nurses, CNAs, our Tom, over With on I DiVittortio.

Tom DiVittortio

I'll everyone. lease that my focus comments new morning, and operating and George. become Thanks accounting Good on on provide for XXXX. update the effective trends, January an standards discuss PDPM X, us Today, results

revenue These January were inpatient revenue Revenue been points the to to XX.X million $XX.X offset growth from segment forma $X.XX divestitures quarter new services in contracts. $X December roughly XXX of in million $XXX.X million rehab top-line of XXXX XXXX, the $XXX.X XXXX topic were on our have segment. year-over-year to services the year pro XQ, XX applied million of accounting of impact and XQ, acquisition decline $XXX low-margin in our revenue topic reported is the attributed or top-line. declines $XX cancellation $XXX the XXX % decline So to would decline ended declined revenue, attributed of starting our by revenue revenue recognition attributed of X, of that's this Of adoption in prior If therapy standard. XX, of X.X%. or lower approximately the the is provisions net following basis base is a OR million with billion XXXX. million reported million

EBITDAR annual in this basis The from quarter cost year-over-year a growth cost $XXX.X increased of first permanent $XX past $XXX,XXX be a million quarter. labor rate growth in in million points the basis which Offsetting was since XXXX. XX reductions fully run first implemented fueled about XXXX of XQ, million efficiency realized of Adjusted on was of XQ, or of the reduced XXXX. X.X%. series Approximately same-store of XXXX. EBITDAR reductions executed reported second realized This compares the adjusted million growth of XXXX. the end to we of improved growth $X.X and million XQ, $X.X or total, growth divestitures In of quarter same-store July. EBITDAR EBITDAR the adjusted impact were will net X.X% $X implying from third reductions of of these by by acquisitions this on such This

XX.X%. earnings to the was which organic our and structure, drive XXXX XQ, shortly. and respect million EBITDA or growth divestiture consensus in efficiency to trend XX.X% fueled XX.X% leaner touch detail payments and cost XX% ability on This XXXX. XQ, increased XXXX EBITDAR expanded of also fact from less estimates adjusted labor XXXX in Our total million greater I'll in to margins adjusted of successful compares adjusted by margins XQ, margins, $XX.X cash improved XQ, XQ, improving in strategy lease With set $XX.X to exceeded occupancy XXXX. EBITDAR

growth In financial significant rent this our discussed, addition to XXXX in by restructuring. the XQ, the fueled was is organic measure reduction further earnings previously realized drivers in

just costs, time X.X% On rate growth. cost over from grew hours our XQ, want nursing pressure function specific half the nursing by greatest force. inflation our in on today over costs all-in hours grew wage of clear is nursing hour over of we agency where wage Wage the reimbursement XXXX. Including XXXX. and over The inflation our the that X%. function other non is -in rate staff XXXX labor worked force estimated inflation topic XXXX of be XQ, time represents per and to X.X% XX% all about versus to nursing I nursing wage our wages. of this XQ, see employed labor worked below our labor XQ,

average approximately the period. in reimbursement the rate X.X% over in XQ, same compares received be growth is of approximately inflation aggregate we same-store rate XXXX our payers X.X%. estimated weighted overall from rate to inflation This to Genesis's So wage

improving matching that rate the of Another is trend is us reimbursement rate wage for inflation. growth increasingly

skilled year days XQ, On XX the census, XXXX occupancy, prior in with mix of points the XX.X% respect to and basis mix quarter. from decline patient

by Medicare while XX Medicare category skilled XX quarter, year of of days basis grew from mix category mix, the which points points. declined consists prior the largely managed insurance the basis days Within

a Medicare of stay year and over remain Operating all Advantage increased that admissions by offset home estimate X% prior about During of skilled XQ, XX patient quarters points the basis quarter. in The flat a of consecutive fourth decline to fifth occupancy in in Medicare X.X% XXXX Medicare skilled basis relatively quarter quarters patients the We seven experienced admissions. of the discharged driven decline the lowest fourth XX this quarter and year. this skilled of length quarter point patient points in improvement to of admission represents XX.X% represents average by in properties occupancy. patient from complexion we year-over-year XXXX. rate occupancy increase of below admissions underperforming the in This is basis is growth in The skilled store consecutive levels decline as the Medicare XXXX, the measure. increase of divesting was in levels have managed Genesis' changing last having same remainder occupancy the admissions X% we systematically go-forward and been as decline compared average this of XX

operating XX.X% highest XXXX. is occupancy the the level first Our of XQ, occupancy of quarter since XXXX reported

March number on number January Investor store you deck attention As that point reported time improving and rate key through admissions this the XXXX skilled To stay, of XX occupancy performance same flattening and that XXth, continue in daily growth, our a XXXX. this our same any month XXXX in which George approximates produce well-positioned beyond. store thus indicator growth better very encourage your the first length which in drivers some consistent trends, assets of I slide strength particular, trend solid first remain the momentum believe concentrated to of February core trend to is summarize time can our encouraged the I has XXXX. since fundamental has where On we operating on census EDGAR. review today through build XXXX. also this we growth continued by occupancy the reimbursement be decline draw by wage deceleration from far In have We our of updated Genesis and are inflation. slide will which gained And markets and found results, giving average quarter quarter XXXX in the illustrates marks since fourth to of mentioned, than operation more portfolio we confidence on to and year-over-year our our under XXXX us XXXX has XX of

way planning fortunate continue to the good to our depth October systems Moving patient driven effective model, payment We're With and the an We're that on of capable change PDPM XXXX progress taking PDPM. to clinically we to in A have Part types Genesis to in respect X, make infrastructure clinical, the we in are to however tremendous admits the paid evaluation, operations, readiness for and date. them. our the way is finance, patients impact under regulatory of Medicare on or care no a program. fundamental appropriate. will provided

our of to may Financially sessions continues speaking, work Some treatment Medicare similar the patients. Advantage overall will participate therapy the nursing and the to have some on study provision therapy PDPM and little commercial our skilled result estimate top-line and/or efficiencies impact Part facilities, for will of this cost patients PDPM. A the concurrent but impact protocols our Medicare time, in group around believe insurance in services. continue we of to At

lease the the on We estimate paperwork. come the to revenues. cost-effective revenue to more periods also our the adjusted between indirect we time January rules an effect Overall, This to segment January opening increase financial costs elected be estimate care therapy. impact adjustment more contraction go million less prospectively group changes for XXX first financials. currently to topic adopt equity I'll recognized reduction other from staff the We our not financing in shareholders in Difficulty] and on in in PDPM equity reduce increase our new related be use basis focus time continue patients applying as reflected to will commonly new see providers. of $XXX quarter activities with that top referred XX% and initially to allow will the mitigate of for of in prior our GAAP we that and and long-term expected in effective positive X resulting methods long-term to $XXX of last to shareholders rules X, an corresponding rules PDPM will as a XXXX. a lower operating approximately [Technical approximately the of adoption believe is million. as The direct liabilities $XXX result Instead, will be retroactively rehab We will new a as of before substantially information X, to We such concurrent approximately cumulative to of is XXXX will PDPM and and assets resulting XX%. decrease frontline currently ASC line that XXX. of delivery accounting cover And historical a topic million, questions will lease

Genesis no approximately for On we pretax approximately and the Adoption impact materially adoption company its EBITDAR. manner will line Resulting adjusted net and or on will open the expense the decrease of lease and questions. financial economic cash accounting annual please Interest increase expect $XXX expense GAAP will basis We in not treatment. our landlords Shelby, expect million. increase that regardless on lenders of $XXX which which the covenants income view the change rents focuses $XX our performance a XXX income of With solely of have million will do the statement, decrease our to in expense depreciation to $XX approximately million. million. approximately

Operator

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

ChadVanacore

remembering of But terms this George seem were occupancy positive last had right, and you All I Tom. in positive. more quarter and morning, you you optimistic. I'm incrementally think quarter Good another right quarter cautiously so

XXXX? should trend occupancy how in we about think So

TomDiVittortio

in you -- of in had trajectory month that the early will tough the levels last say year we to in in - on what seen We're Sorry, March, encouraged terms see. year. we Look, to Chad. occupancy. of we mute. strength look I We've the by expect growth ride continue some we it's above it's in March, Look, riding continue. were we here

I that were at that much we we're seeing time exceeds levels in feel year. this that stabilization think we the better occupancy last running

that there's below any cross line I XXXX. we're So cautious that not optimism going time in think to

and acceleration just quarter. this I see think we is or that to the us for to question we’re improvement see continued report excited will we will growth the continue

ChadVanacore

cost-saving on have by And How $XX much first the $X you of side, you right. million All beyond end realized quarter? that the expect the million the half. the year-to-date fourth in said you

TomDiVittortio

then run So in up is and rate quarter million June million the third million year. $X hit $XX.X by will quarter we $X the to XQ the to time that the and that we of realized moved got by this level

ChadVanacore

lifting All for begin When of more adjustment right. of you? then Ad heavy does ahead one just the PDPM me. for

TomDiVittortio

developing material. happening side I'd in say on a our really couple the lot There's reconfigure start the to training of heavy of will and lifting the system's systems. next all education weeks. We're

of date, field been we group to this hundred relatively that training the implementation are in and it's at protocols and staff point, this day obviously meaning people a we've closer get our a got as to over and get bring So together. in closer limited focused day Limited out. on but

X won't it approach over October lifting Chad, as X will So October we heavy mount wear and as on, be the months obviously the passes. and when

months very number that a past October have X a we'll curve of we're of system. imagine learning working would the new still I So

ChadVanacore

place to? be your you'll that systems you [Indiscernible] maybe mid-year have need changes you'll rolling by whatever to in out all think and training

TomDiVittortio

materials Yes. go. protocols to training we'll Well, and think I ready our have certainly

early too don't time and want new You you to your to it's all train because training again relative want implementation. to

imagine those weeks most intense October prior can maybe is of you leading X So up you're four of six phase weeks when to sort your at training.

Operator

Gajuk next America. from of Your Joanna of question comes Bank

JoannaGajuk

much Thank the you morning. taking Good so question. for

the topic. on the so first last Just follow-up

will which the associated changing training be for cost with said or preparations and an XXXX? incremental you not there with So protocols the those

TomDiVittortio

the to be what very think put that I Joanna, particularly will It's it some up We'll arms around out. frictional call costs tough be be. sure leading implementation. to that there'll your to

help keeping So of or that outside We're I that you're relying not all don't Genesis it's in chosen entire implementation aware material virtually has is. third to consult mind implement. be on that cost in-house. any to what do its parties that think going to

cost So some that help to control will the degree.

JoannaGajuk

helpful and to and guess relates It's PDGM I then right. therapy your it All business. rehab as

said So of that reduction. there. a impact the I QX cancel comment declined in on appreciate revenues about forward, the your estimated revenue contracts down And and to need the guess then you I you going margin low some

of you you could before rolls these in as guess saying reduction So at preparing PDGM Xst. contracts there for October looking reductions PDGM kind are you saying you expected are some in of the even already incremental or as the I the be kind

GeorgeHager

fourth the on very Joanna, impact any revenue I different is than quarter think our PDPM. rehab segment impact of of the of expectation in our

As portfolio had customers, of business margin. even gross we margin negative pretty some effective looked very that we our at low was

customers some and collection from had were credit we about increasingly perspective. also a We concerned that

So I been GRS have inadequate collection contraction, of in a that's customer risk. our of as despite saw GRS base spectacular EBITDAR say say pruning significant base had function XXXX that our said margin a credit growth revenue very customer significant and in and/or and/or I'd organic with we we selective in where evaluating will I vigilant

top customers clinically look [without line Looking of we use modalities our party] to do will PDPM And in appropriate. our to contraction, the expect the We've the cost, mitigate unlike forward is amount have structure direct that top-line a some you and of own can range are know with the revenue hit have that we in structure will at with nursing of of they rehab expect cost We cost that contraption [ph] with where we optimize or under customers. a we the rehab therapy a lower-cost gyms that spending business third time look been do segment. as in variable. virtually implementing top entirely where base significant in XX% is customers. PDPM, skilled we fixed. all customer line of expect but our lower the our XX% segment both substantially third-party that estimated impact, that therapy believe we we and cost will third-party And The

JoannaGajuk

of And Thank average squeeze you. That's if really I weighted last improving. your terms slightly helpful. pricing one could in one

I update guess Medicare XXXX better rate obviously fiscal is So fiscal XXXX. versus

what for So because for estimated be I it's is going at be guess to the industry Genesis X.X%. to

So in what's also or something lower? than if Medicaid And guess And the lower I is or why? you. it that rate range forward? within guess Thank that I going outlook

TomDiVittortio

your what X? Medicare question expect increase be we rate was Joanna to do October our

JoannaGajuk

right Effective because whatnot. and varies Right. -- it the the mix geographies on I based and think by company

TomDiVittortio

mean Yes. of looking we that to I has to we in right at And in and past hope rules. where budgets we somewhere relates experienced it Little in there a be negligible. quarter XXXX. be of won't results given quite implementation believe We've that. Probably growth bit would isolation that We been their basket neighborhood seen got study basket final that state and at that's a hopeful effect that proposed for there see that can the of get. there a regardless year, seeing inflation we I where continue rate of out until know a PDPM market the we July the offered We're rate looking positive We're on that. Obviously, in the PDPM say that that growth. would a Medicaid will to tough And as wage in states. some we've itself, been normal match Medicare be haven't in now But in are market very states our strong will the X. time. in expect to strongest we that very continue we project improving we seen would we still number quarter after yet couple some I'm good XXXX. X% terms developments of quarter. that

cost. to news the up telegraph, been a but exceeded and to bit in our increasingly gap our tough actually wage this our where we've for still the close point growth inflation reimbursement against it's good inflation that in seeing rate little that time. quite rate quarter, for that think trying I is We're time us the growth first So some monitoring now to reimbursement as match

a that's it we good trend and So hope continues.

Operator

from Suisse. Your A of Rice J comes next question Credit

AJRice

One just bit. Hi, here I'm you're of in you think dissect occupancy obviously that little about of pickup probably landscape. there what's if the sort you wondered wondering the pickup. pursuing driving market is where quarter you out Can a it? or I of everybody. the competitive Couple that. are underlying maybe. tone second a are know quick parse you about could helping questions that initiatives bit and the see little overall a more and strength what I

GeorgeHager

to of of challenged. restructuring. previously still see as the beds continuing some one to a will coming an I AJ is we're financially growth. really related closure hard say to It's obviously this industry of , contributing no is look, see that acceleration to announced I continued percent We've think to about I line, any that levels secret, identify think item it's incremental. census We're the at higher. off looking census facilities

focused bed And to that decline. focused that of obviously we is So a continue been will the has in see Overall, at short population our also Those I many markets supply the the fundamental think looking this is in and that its in on the since one margin notion your structure, one industry additional programming the being patient. long-term in I stay last at care refocused industry for And least very cost Medicare A particular Part this that population. you're patients so on to efforts dementia healthy, intensely attracting patient to cost in has industry. that decade. business equation where the And bed on areas supply industry again developing especially once needs Medicare variable filling just say nominal demand has the on fixed. longer-term attempting occupancy is care significant like looking very, chronic focused the on The least, increase total more of have increase structure. that a back a nursing substantially Genesis, there's at impact at Advantage

then on a of days XX reduces So be patient think it's where the it's other care significant attracting overhang have will of the capability. turnover. and think patient there's I reduces whether that short end of specialized bed the power services, whether we burden clinically that long-term whether of the it's focus stay of some high And dialysis, types also back, of chronic I that renewed with patient average clinical length a ventilator drag stay

But small positive I showing think that levels. results things also on of census lot a our that census. incrementally so has marginally are impacted

AJRice

about would you of today have converting was percentage Maybe admitting an actively diagnosis impacting piggybacking you into mentioned also at trend this off say your how are the of a opposed long-term that in if a the dynamics as that for while care marketplace marketing -- that for is Okay. more to you I is the wonder there's you're percentage quarters insurance mix. mix long-term patient underlying those. several care. now a for that care There's and in residents and and your skill the ask increasing going sort initial I but patients? meaningfully day trend long-term you Is Is that the that point? coming starting are Medicare skill patients on to of as long-term -- that that out then of one

TomDiVittortio

strategy. And active finger I picked put of strategy how incremental long-term a long-term would do that. of prongs up back admission not target bed lock Tom. to George's tough particular it of the many care of necessarily. really to But a say not viewed patient short that to on one when say a to very and would been would average might we a point, daily patients. this direct that the just with that I There census stay that in our capacity and often you have your us would almost care might care was patient because long to very more keep development on away patient George's shied trying in as maybe bed are that for might population. we diverse times been these is up in focused past think result be that in say the But long-term would admins AJ, stay things where is and direct I in a all exclusively patients turn have have very short from want we with point, were have I we it of open

free time, a short patient. census to period bed of is So folks skilled Medicare And fruit but point We've of strategy or I cash could any patients in admission. us are on George's their occupancy there starting an generate that for to when mindset then over change I a focused that bear we've empty care the flow picture seeing. convert changed long-term that been growth that such keep obviously ago, that with fact is we're with been this that ago we benefit are have quickly think of we mindset And interested stay doesn't looking admitting admissions, years that they years two the might patients in they able the not three all. for really next today, time at our may development to think free at the really that

AJRice

I'm surprised that not -- you or going a Do What have pressure little comment what only the labor Okay. little your surprised further of And think color surprised provided. questions X% hearing in that's that's others. the then labor non-skilled nursing by XX% that pretty a by you we're maybe you're the on? one It's do employment I you is a not more particularly be relatively full of there. consistent seeing or to you with interesting. wage non-skilled avenue nursing on I'm am a that last growing any needs economy. from little would data

GeorgeHager

in pressure quite we've last up in positions for the nursing time wage function markets seen creep function. that just don't This look, it same We challenge time. closer seen probably nursing to some X% the of as the year non-nursing X%. - of outside closer X.X% and we've we do Well, was filling most in our to see

that job front, nursing been would we it inflation So that for I still below and recognize X% again at see among particularly hot. is on mark. wage the say growing acute the it's very us but or market I And non-nursing

AJRice

you but that rate stable that been is non-nursing high any would is year-to-year relatively pretty always I trend like it it there -- turnover is there or know I

TomDiVittortio

the and shifts challenges positions. filling those nursing. I the those of challenges some not last would say to where labor in non-nursing had increase that have in X little Generally But have we Q&A an say the had the XX We a it's we've with building. shown End of been nothing has do challenges relatively some markets over as bit to stable market months maybe speaking, in strength. respect

Operator

are in there And questions queue. other no

George Hager

and or obviously forward said and Thank continue our we Thank are look both your and numbers which results. you XXXX to the to our we're company. encouraged today. for as I you you you Tom a well again be forward your our support And color look additional filing. as I so Lori and XXXX. for filed for will as by joining XX-K our questions We day quarter today everyone going around throughout us seeing provide interest any of available in --being as in through after first And the month Tom said, Tom Thank talking you. released. what to had

Operator

conference today's concludes This all.

disconnect. now may You

Lori Mayer	Vice President, Investor Relations
George Hager	Chief Executive Officer and Director
Tom DiVittortio	Chief Financial Officer and Senior Vice President
Chad Vanacore	Stifel
Joanna Gajuk	Bank of America
A J Rice	Credit Suisse

Genesis Healthcare (GENN) 18 Mar 192018 Q4 Earnings call transcript