Brookdale Senior Living Inc. (NYSE:BKD) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET
Company Participants
Kathy MacDonald - Senior Vice President of Investor Relations
Lucinda Baier - President, and Chief Executive Officer
Steven Swain - Executive Vice President, and Chief Financial Officer
Conference Call Participants
Tao Qiu - Stifel Financial Corporation
Marco Criscuolo - Nephron Research
Steven Valiquette - Barclays
Joanna Gajuk - Bank of America
Brian Tanquilut - Jefferies
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Brookdale Second Quarter 2022 Earnings Call. My name is Irene, and I will be coordinating this event today. [Operator Instructions]
I would now like to turn the conference over to our host, Kathy MacDonald, Senior Vice President of Investor Relationsto begin. Kathy, please go ahead.
Kathy MacDonald
Thank you, and good morning. I'd like to welcome you to the second quarter 2022 earnings call for Brookdale Senior Living. Joining us today are Cindy Baier, our President and Chief Executive Officer; and Steve Swain, 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 file 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 brookdale.com/investor and was furnished on an 8-K yesterday.
Now, I will turn the call over to Cindy.
Lucinda Baier
Thank you, Kathy. Good morning to all of our shareholders, analysts, and other participants. I hope you and your loved ones are healthy and happy. Welcome to our second quarter 2022 earnings call. We are pleased to report that with strong sequential occupancy gains, revenue growth outpaced only a slight increase in facility operating expenses, even with a tough labor environment. Margins expanded, and we delivered a meaningful sequential adjusted EBITDA increase. We had significant success of increasing that higher substantially. In addition, we decreased our reliance on contract labor on a sequential basis. Even so, we have not seen labor cost reduction, and therefore expect that improvement to begin later in the year.