Brookdale Senior Living Inc. (NYSE:BKD) Q2 2024 Earnings Conference Call August 9, 2024 9:00 AM ET

Company Participants

Jessica Hazel – Head-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
Tao Qiu – Macquarie
Joanna Gajuk – Bank of America
Ben Hendrix – RBC Capital Markets

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Brookdale Second Quarter 2024 Earnings Call. All lines have been placed on mute during the presentation portion of the call with an opportunity for question-and-answer at the end. [Operator Instructions]

I would now like to hand this conference call over to our host, Jessica Hazel, Head of Investor Relations. Please go ahead.

Jessica Hazel

Thank you, and good morning. I’d like to welcome you to the second quarter 2024 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 and 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 of 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 call participants. Welcome to our second quarter 2024 earnings call. I am proud to speak to Brookdale’s accomplishments in our financial results, in our community operations and in our strategic priorities. This morning, I will provide a few highlights for each of these areas and then offer additional insights on a couple of key topics, beginning with our financials. Second quarter adjusted EBITDA grew a meaningful 20% over the prior year quarter and adjusted free cash flow improved 26%, taking this a step further through consistent occupancy growth, continued RevPOR increases and quarter after quarter of operating margin expansion we have nearly doubled our adjusted EBITDA in just two years from the second quarter of 2022.