Brookdale Senior Living Inc. (NYSE:BKD) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET

Company Participants

Jessica Hazel - Vice President-Investor Relations

Cindy Baier - President and Chief Executive Officer

Dawn Kussow - Executive Vice President and Chief Financial Officer

Conference Call Participants

Josh Raskin - Nephron Research

Operator

Good morning or good afternoon and welcome to the Brookdale Senior Living Third Quarter 2023 Earnings Call. My name is Adam and I will be your operator for today. [Operator Instructions]

I will now hand over to Jessica Hazel to begin. So Jessica, please go ahead when you are ready.

Jessica Hazel

Thank you, and good morning. I'd like to welcome you to the third quarter 2023 earnings call for Brookdale Senior Living. Joining us today are Cindy Baier; our President and Chief Executive Officer and Dawn Kussow; our Executive Vice President and Chief Financial Officer.

All statements today which are not historical facts may be deemed to be forward-looking statements within the meaning of the Federal Securities Laws. These statements are made as of today's date and we expressly disclaim any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements.

Certain of the factors that could cause actual results to differ are detailed in the earnings release we issued yesterday, as well as in the reports we filed with the SEC from time to time, including the risk factors contained in our Annual Report on Form 10-K and quarterly reports on Form 10-Q.

I direct you to the release for the full Safe Harbor statement. Also, please note that during this call, we will present non-GAAP financial measures. For reconciliations of each non-GAAP measure from the most comparable GAAP measure, I direct you to the release and supplemental information, which may be found at brookdaleinvestors.com and was furnished on an 8-K yesterday.

Now, I will turn the call over to Cindy.

Cindy Baier

Thank you, Jessica. Good morning to all of our shareholders, analysts and other participants. Welcome to our third quarter 2023 earnings call. We are making great progress on our three strategic priorities, which are: First, get every available room in service at the best profitable rate; second, attract, engage, develop and retain the best associates; and third, earn resident and family trust and satisfaction by providing valued high-quality care and personalized service.

I believe that this progress is evidenced by our strong year-to-date results as well as another quarter of consistently delivering against our commitments. For the third quarter, we are pleased to note that both RevPAR and adjusted EBITDA exceeded our previously provided guidance ranges. Additionally, we were pleased to deliver positive adjusted free cash flow for the quarter. And while there will continue to be quarterly variability in working capital, which benefits us in some quarters and presents a headwind in others, we are seeing the positive results of our recovery strategy that focuses on profitable and sustainable growth.