Brookdale Senior Living Inc (BKD) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Brookdale second quarter 2024 earnings call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加 Brookdale 2024 年第二季財報電話會議。（操作員說明）

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

現在我想將這次電話會議交給我們的主持人、投資者關係主管傑西卡·哈澤爾。請繼續。

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.

謝謝你，早安。歡迎您參加 Brookdale Senior Living 2024 年第二季財報電話會議。今天加入我們的是我們的總裁兼執行長 Cindy Baier；以及我們的執行副總裁兼財務長 Dawn Kussow。

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.

今天的所有陳述並非歷史事實，可能被視為聯邦證券法含義內的前瞻性陳述。這些聲明是截至今天的日期做出的，我們明確表示不承擔將來更新這些聲明的義務。

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.

實際結果和業績可能與前瞻性陳述存在重大差異，我們昨天發布的收益報告以及我們不時向 SEC 提交的報告中詳細介紹了可能導致實際結果不同的某些因素，包括我們的10-K 表年度報告和10-Q 表季度報告中包含的風險因素。我指示您發布完整的安全港聲明。

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.

另請注意，在本次電話會議中，我們將介紹非公認會計準則財務指標。對於每項非 GAAP 指標與最具可比性 GAAP 指標的調節，我會引導您查看發布和補充信息，這些信息可以在 brookdaleinvestors.com 上找到，並在昨天的 8-K 上提供。

Now I will turn the call over to Cindy.

現在我將把電話轉給辛蒂。

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.

謝謝你，潔西卡。我們所有的股東、分析師和其他電話會議參與者都早安。歡迎參加我們的 2024 年第二季財報電話會議。我很自豪能夠談論布魯克代爾在財務表現、社區營運和策略重點方面的成就。今天早上，我將為每個領域提供一些要點，然後從我們的財務狀況開始，就幾個關鍵主題提供更多見解。

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.

第二季調整後的EBITDA 比去年同期顯著成長了20%，調整後的自由現金流提高了26%，透過持續的入住率成長、持續的RevPOR 成長和逐季營業利潤率擴張，我們更進一步，我們的營業利潤率幾乎翻了一番自 2022 年第二季度起，我們在短短兩年內就實現了調整後 EBITDA。

Brookdale’s progress towards full recovery from the impact of the pandemic has been powerful. This marked our 11 consecutive quarter of year-over-year same-community adjusted operating income growth while supporting resident satisfaction, meeting our resident needs, providing high-quality care and personalized service, and remaining in compliance with applicable regulations.

布魯克代爾在從大流行的影響中全面恢復方面取得了巨大進展。這標誌著我們連續 11 個季度實現同社區調整後營業收入同比增長，同時支持居民滿意度、滿足居民需求、提供高品質護理和個性化服務，並保持遵守適用法規。

We are incredibly proud of this as we continue to strive towards our full potential. I believe these results reflect the further strengthening of our community operations and the successful execution of our strategic priorities. Specifically, we are showing tremendous progress in key areas that support the ongoing and future success of our communities.

我們為此感到無比自豪，因為我們將繼續努力發揮我們的全部潛力。我相信這些結果反映了我們社區運作的進一步加強以及我們策略重點的成功執行。具體來說，我們在支持我們社區持續和未來成功的關鍵領域取得了巨大進展。

In the second quarter, we achieved our fourth consecutive quarter of trailing 12-month Q3 leadership retention improvement and our fifth consecutive quarter of hourly associate turnover improvement compared to the prior year periods.

與去年同期相比，第二季度，我們連續第四個季度實現了連續 12 個月第三季度領導力保留率的改善，以及連續第五個季度員工每小時營業額的改善。

This is very impactful because as retention and turnover improve, our associates become naturally more proficient in their roles, which we believe translates into improved operational performance; stronger relationships with our residents and other associates; increased resident satisfaction; and ultimately, better financial results.

這是非常有影響力的，因為隨著留任率和流動率的提高，我們的員工自然會更精通自己的角色，我們相信這會轉化為營運績效的提高；與我們的居民和其他同事建立更牢固的關係；提高居民滿意度；最終獲得更好的財務表現。

At our core, we are a business of people serving people. And throughout our organization, we remain focused on cultivating a culture that promotes servant leadership and attracts the best associates who also believe that serving our residents is a privilege and take pride in providing high-quality personalized services. Another important way that we are positively impacting our associates, residents and their families is through our Brookdale HealthPlus program.

從本質上講，我們是一家以人為本的企業。在我們的整個組織中，我們仍然致力於培養一種文化，促進僕人式領導力並吸引最優秀的員工，他們也相信為我們的居民服務是一種特權，並以提供高品質的個人化服務為榮。我們對員工、居民及其家人產生積極影響的另一個重要方式是透過我們的 Brookdale HealthPlus 計劃。

As a reminder, Brookdale HealthPlus is an innovative care delivery model that is designed to help improve residents’ quality of life through evidence-based preventive care coordination. With plans to grow our HealthPlus communities from 49 at the start of 2024 to 130 by year-end, we have been diligently introducing new medical record technology, implementing new community processes and successfully training our associates for the HealthPlus platform.

需要提醒的是，Brookdale HealthPlus 是一種創新的護理服務模式，旨在透過基於證據的預防性護理協調來幫助改善居民的生活品質。我們計劃將我們的 HealthPlus 社區從 2024 年初的 49 個增加到年底的 130 個，我們一直在努力引入新的醫療記錄技術，實施新的社區流程，並成功培訓我們的員工使用 HealthPlus 平台。

This month, approximately 50 of the planned communities will launch HealthPlus and the excitement among associates and residents is palpable. We are so proud to introduce impactful programs like HealthPlus that enhance our residents’ lives, enhance associate satisfaction and solidify our position as an industry leader. As I just shared, we’ve made incredible progress in our recovery since the depths of the pandemic. At the same time, I know we can do better.

本月，大約 50 個計劃社區將推出 HealthPlus，員工和居民的興奮之情顯而易見。我們非常自豪能夠推出 HealthPlus 等有影響力的計劃，這些計劃可以改善我們居民的生活、提高員工滿意度並鞏固我們作為行業領導者的地位。正如我剛才分享的，自疫情最嚴重時期以來，我們在復甦方面取得了令人難以置信的進展。同時，我知道我們可以做得更好。

I want to take a moment to discuss our recent occupancy results as well as our continued thoughtful approach to long-term growth. While we are pleased that our occupancy performance in the second quarter exceeded our traditional pre-pandemic performance, our second quarter same-community year-over-year occupancy growth wasn’t as strong as we experienced in the first quarter of the year. During the second quarter, our move-ins associated with leads from some paid third-party referral sources were relatively soft compared to our historical experience.

我想花點時間討論一下我們最近的入住率結果以及我們對長期成長持續深思熟慮的方法。雖然我們很高興第二季的入住率表現超過了疫情前的傳統表現，但我們第二季同社區的年比入住率成長並不像今年第一季那麼強勁。在第二季度，與我們的歷史經驗相比，我們與一些付費第三方推薦來源的潛在客戶的入住相對疲軟。

Once we identified this trend, we took action, including working closely with these critical partners to improve performance; launching incremental sales initiatives and increasing our planned marketing spend. We believe that we have taken the right actions and have begun to see the benefits from our response and incremental investments.

一旦我們發現了這一趨勢，我們就採取了行動，包括與這些關鍵合作夥伴密切合作以提高績效；啟動增量銷售計劃並增加我們計劃的行銷支出。我們相信，我們已經採取了正確的行動，並開始看到我們的應對措施和增量投資所帶來的好處。

Importantly, our move-ins for the second quarter continued to exceed our pre-pandemic results and we saw improvement within the quarter in response to our initiatives. As a result, we remain incredibly optimistic about our future growth potential.

重要的是，我們第二季度的入住量繼續超過了大流行前的業績，並且我們看到本季度的舉措有所改善。因此，我們對未來的成長潛力仍然非常樂觀。

We believe that delivering move-ins that are above pre-pandemic levels represents a strengthening demand from the earliest wave of the baby boomer demographic. While 30% of our move-ins are individuals, who are below the age of 80, the average age of new residents entering our communities is 84.

我們認為，入住率高於疫情前的水準代表著最早一批嬰兒潮世代人口的需求不斷增強。雖然我們的入住者中有 30% 是年齡在 80 歲以下的個人，但進入我們社區的新居民的平均年齡為 84 歲。

Given this, it’s easy to visualize the opportunity for many years of occupancy growth as we capture the unprecedented demand for our services as this population ages into our average new resident age. Clearly, we currently see the benefits from higher demand and understanding the coming demographic wave. We are being extraordinarily disciplined to the fact that as occupancy grows, so must our cash flow.

有鑑於此，隨著人口老化進入新居民平均年齡，我們抓住了對我們服務的前所未有的需求，很容易想像出多年來入住率增長的機會。顯然，我們目前看到了更高的需求和了解即將到來的人口浪潮所帶來的好處。我們非常自律，因為隨著入住率的增加，我們的現金流也必須增加。

Following the multiyear impact of the pandemic to not only our census, but also our cost structure, the targeted efforts I have consistently highlighted over the last 18 months are aimed at delivering an appropriate return for the services we are providing and are purposely being established before the expected rapid surge in demand.

鑑於這場流行病不僅對我們的人口普查，而且對我們的成本結構產生了多年的影響，我在過去18 個月中一直強調的有針對性的努力旨在為我們正在提供的服務帶來適當的回報，並且是在預期需求將迅速激增。

Accordingly, we remain dedicated to ensuring that our pricing actions at the company level, the community level and with each resident, who moves into our communities, are appropriate for our cost structure and that we are focused on being good stewards of the revenue we receive from our residents by managing expenses prudently and appropriately so that we can demonstrate a strong value proposition to our residents, a compelling career opportunity to our associates and a solid return for our shareholders.

因此，我們仍然致力於確保我們在公司層面、社區層面以及進入我們社區的每位居民的定價行為適合我們的成本結構，並且我們致力於成為我們收到的收入的好管家通過謹慎、適當地管理開支，我們可以向居民展示強大的價值主張，為我們的員工提供令人信服的職業機會，為我們的股東帶來豐厚的回報。

As is evident in our results, this dedication to disciplined growth is producing meaningful recovery. If you were to annualize our 2024 first half senior housing results, the operating income we are delivering per available unit would be 11% higher than our 2019 full year level. That’s incredible. It shows that our thoughtful approach to the balance between occupancy growth and profitability is working and is sustainable.

正如我們的結果所表明的那樣，這種對有紀律的增長的奉獻正在帶來有意義的復甦。如果將我們 2024 年上半年的老年住房業績年化，我們每個可用單位的營業收入將比 2019 年全年水準高出 11%。這太不可思議了。這表明我們在入住率成長和盈利能力之間取得平衡的深思熟慮的方法是有效且可持續的。

We believe this places us profoundly ahead of our peers in terms of a meaningful organic growth opportunity as we fully recover occupancy and even exceed our pre-pandemic occupancy levels. With continued sustainable occupancy increases, we are setting ourselves up to deliver powerful operating income growth, as outlined in our investor presentation.

我們相信，隨著我們完全恢復入住率，甚至超過大流行前的入住率水平，這使我們在有意義的有機增長機會方面遠遠領先於同行。正如我們的投資者介紹中所述，隨著入住率的持續可持續成長，我們正在努力實現強勁的營業收入成長。

That, in turn, will continue to support significant adjusted EBITDA and cash flow growth, annualized leverage reductions and value creation for our shareholders, future residents and associates for many years to come. This gives me tremendous optimism for our future.

反過來，這將在未來許多年繼續支持大幅調整後的 EBITDA 和現金流成長、年化槓桿降低以及為我們的股東、未來居民和員工創造價值。這讓我對我們的未來非常樂觀。

The senior living industry is experiencing a positive and growing gap between supply and demand. And this imbalance has more potential for occupancy increases than we have ever seen. Additionally, Brookdale’s unique company strengths and industry-leading programs will continue to differentiate us as a leader within our highly fragmented industry.

老年生活產業正在經歷積極且不斷擴大的供需差距。這種不平衡對於入住率成長的潛力比我們以往看到的還要大。此外，布魯克代爾獨特的公司優勢和領先業界的計劃將繼續使我們成為高度分散的行業中的領導者。

On the supply side, senior housing inventory growth has stalled at near record lows and industry construction starts have fallen to levels not seen since the impact of the Great Recession.

在供應方面，高級房屋庫存成長已停滯在接近歷史低點的水平，產業開工率已降至大衰退影響以來未見的水平。

In the second quarter, less than 2% of our communities were exposed to new construction within a 20-minute drive time, given elevated interest rates, high labor and supply cost and lengthy predevelopment and construction time lines, our expectation is that we will have constrained new supply for many years to come. At the same time that there is constrained supply, we are entering a period of unprecedented target demographic growth on the demand side.

在第二季度，考慮到利率上升、勞動力和供應成本高昂以及預開發和施工時間較長，只有不到 2% 的社區在 20 分鐘車程內有新建築，我們的預期是，未來很多年新增供應都受到限制。在供應受到限制的同時，我們正進入需求方面前所未有的目標人口成長時期。

The US population is aging at the fastest rate in more than a century, providing a historically unparalleled need for senior living. More than one million new seniors are expected to enter our target market every year through 2036 with the first baby boomers turning 80 next year.

美國人口正以一個多世紀以來最快的速度老化，對老年生活的需求史無前例。預計到 2036 年，每年將有超過 100 萬名新老年人進入我們的目標市場，第一批嬰兒潮世代將於明年年滿 80 歲。

Along with substantial growth in the aging population, there will be a growing need for the services that we provide. Aging in place is becoming increasingly more difficult with the US Census Bureau reporting an estimated 28% of older adults in the United States living alone and child less.

隨著老齡化人口的大幅增長，對我們提供的服務的需求也將不斷增長。居家養老變得越來越困難，美國人口普查局報告稱，美國約有 28% 的老年人獨居且沒有孩子。

Further, the CDC reports that 66% of residential care community residents have at least two chronic health conditions. Leading industry studies have shown that when aging adult choose a senior living community and receive services to meet their needs, they are less frail and vulnerable.

此外，疾病預防控制中心報告稱，66% 的寄宿護理社區居民至少患有兩種慢性疾病。領先的行業研究表明，當老年人選擇老年生活社區並接受滿足其需求的服務時，他們的虛弱和脆弱程度會降低。

Brookdale is uniquely positioned to capitalize on these macro dynamics. As the nation’s largest senior housing operator in a highly fragmented industry, where our scale and expertise sets us apart, our communities are well established within their markets.

布魯克代爾處於獨特的地位，可以利用這些宏觀動態。作為高度分散行業中全國最大的老年住房運營商，我們的規模和專業知識使我們與眾不同，我們的社區在其市場中已經建立了良好的基礎。

Additionally, our higher mix of needs-based product offerings, primarily assisted living and memory care distinguish us from the industry, which is skewed towards lower acuity products.

此外，我們提供更多基於需求的產品組合，主要是輔助生活和記憶護理，這使我們有別於偏向較低敏銳度產品的行業。

This is so important given the rising difficulties faced by today’s seniors and Brookdale’s ability to serve these diverse needs with our strong clinical expertise, personalized services and resident engagement programs and innovative health care models like Brookdale HealthPlus.

鑑於當今老年人面臨的日益困難，以及 Brookdale 能夠透過我們強大的臨床專業知識、個人化服務和居民參與計劃以及 Brookdale HealthPlus 等創新醫療保健模式來滿足這些多樣化的需求，這一點非常重要。

As I look ahead, I am confident in our long-term growth outlook, supported by muted inventory supply, strong demand fundamentals and our unique Brookdale differentiators.

展望未來，我對我們的長期成長前景充滿信心，這得益於疲弱的庫存供應、強勁的需求基本面和我們獨特的布魯克代爾差異化優勢。

Today, I am pleased to share that we beneficially extended our 24 community triple-net lease with Omega Healthcare Investors until 2037. As part of this amended lease, Omega has agreed to make available a pool of up to $80 million of new landlord-funded CapEx funding over the life of the lease. $30 million of this pool will be available prior to July 2028 on a rent-free basis.

今天，我很高興地與大家分享，我們與 Omega Healthcare Investors 有利地將 24 個社區三網租賃期延長至 2037 年。作為修訂後租約的一部分，Omega 同意在租約有效期內提供高達 8,000 萬美元的新房東資助資本支出資金池。該資金池中的 3000 萬美元將在 2028 年 7 月之前免費提供。

The terms of the amended lease will meaningfully benefit both our cash flow and our liquidity over the life of the lease, and most directly, in the near term. We value our relationship with Omega and are grateful for their willingness to work together to achieve such a mutually beneficial positive outcome on a high-quality portfolio of assets, which are well positioned largely in our core markets.

修訂後的租賃條款將在租賃期間內（最直接的是在短期內）對我們的現金流量和流動性產生重大影響。我們重視與歐米茄的關係，並感謝他們願意共同努力，在高品質資產組合上取得互惠互利的正面成果，這些資產在我們的核心市場中佔據有利地位。

In summary, as I think about the supply and demand dynamics and what our proven ability to deliver meaningful growth will mean for our current year, the next three to five years and even further, I am profoundly optimistic for Brookdale’s future and the lasting impact we can achieve for our current and future residents and associates.

總而言之，當我思考供需動態以及我們已證明的實現有意義增長的能力對我們今年、未來三到五年甚至更遠意味著什麼時，我對布魯克代爾的未來和未來深感樂觀。為目前和未來的居民和同事帶來持久的影響。

I believe that remaining disciplined in our commitment to profitable occupancy growth remains the best path forward and that by being thoughtful in our approach to growth, we are continuing to position Brookdale to deliver incredible results not just over the near term, but for many years to come.

我相信，嚴格遵守我們對盈利性入住率增長的承諾仍然是前進的最佳道路，並且通過深思熟慮的增長方式，我們將繼續使布魯克代爾不僅在短期內而且在多年內取得令人難以置信的業績來。

I’ll now turn the call over to Dawn.

我現在將電話轉給 Dawn。

Thank you, Cindy. Good morning. And thank you for being here today. We were pleased with our second quarter, which included continued steady and sustainable year-over-year gains. This morning, I will walk you through our second quarter results, and then I will speak to our third quarter expectations.

謝謝你，辛蒂。早安.感謝您今天來到這裡。我們對第二季度感到滿意，其中包括持續穩定和可持續的同比增長。今天早上，我將向您介紹我們的第二季業績，然後我將談論我們的第三季預期。

Beginning with revenue, second quarter resident fee revenue grew 4.2% over the prior year quarter. This revenue increase was despite a 2.1% or 1,100 unit reduction in capacity compared to the prior year quarter as a result of owned and leased community dispositions since the beginning of the prior year period.

從收入開始，第二季居民費用收入比去年同期成長 4.2%。儘管由於自去年同期開始以來對自有和租賃社區的處置，容量與去年同期相比減少了 2.1%（即 1,100 個單位），但收入仍實現了增長。

Consolidated RevPAR grew 6.4%, which was in line with our previously provided guidance range. Second quarter RevPAR growth was attributable to a 160 basis points increase in weighted average occupancy and 4.3% RevPOR growth over the prior year quarter. This marked our tenth consecutive quarter of triple-digit year-over-year occupancy increases.

綜合 RevPAR 成長 6.4%，符合我們先前提供的指導範圍。第二季 RevPAR 成長歸因於加權平均入住率較去年同期成長 160 個基點，RevPOR 成長 4.3%。這標誌著我們的入住率連續第十個季度實現三位數年成長。

Compared to the first quarter, occupancy grew 20 basis points sequentially, consistent with pre-pandemic normal seasonality, second quarter RevPOR declined moderately in addition to reflecting larger, sequential occupancy increases in our lower acuity and therefore, lower rate service level offerings.

與第一季相比，入住率連續成長了20 個基點，與疫情前的正常季節性一致，第二季RevPOR 適度下降，此外還反映出我們較低的敏銳度以及較低的費率服務水平產品帶來的較大的連續入住率成長。

Lastly, regarding consolidated revenue, as a reminder, in last year’s second quarter we recognized $4.1 million of state grants within other operating income, which benefited our prior year revenue. Specific to our same community portfolio second quarter RevPAR increased 5.9% over the prior year, driven by 130 basis points of occupancy growth and a 4.1% increase in RevPOR.

最後，關於合併收入，提醒一下，去年第二季我們在其他營業收入中確認了 410 萬美元的國家補助，這有利於我們上一年的收入。具體到我們相同的社區投資組合，第二季度的 RevPAR 比上年同期增長了 5.9%，這得益於入住率增長 130 個基點和 RevPOR 增長 4.1%。

When compared to the prior year second quarter, move-outs were significantly improved while move-ins were lower, largely due to the disruption in lead flow from our paid third-party referral sources that Cindy spoke to.

與去年第二季相比，遷出情況顯著改善，而遷入情況則有所下降，這主要是由於辛蒂談到的付費第三方推薦來源的潛在客戶流量中斷。

Still, we are pleased that both move-ins and move-out volumes remained better than pre-pandemic levels which continues to support our expectation for meaningfully higher demand as we move further into the baby boomer demand cycle.

儘管如此，我們仍感到高興的是，遷入和遷出量仍然好於大流行前的水平，這繼續支持我們對隨著我們進一步進入嬰兒潮一代需求週期而出現的需求大幅增長的預期。

Moving to expenses. Same-community labor expense as a percent of revenue improved 190 basis points compared to the prior year second quarter. This positive performance versus the prior year continues to be a result of favorable flow-through of revenue increases given the fixed cost nature of our business, reductions in premium labor and the favorable impact of improved leadership retention and hourly associate turnover. We are very pleased with our continued progress in each of these areas while continuing to meet our residents’ needs provide high-quality care and maintain regulatory compliance.

轉向開支。與去年第二季相比，同一社區的勞動支出佔收入的百分比增加了 190 個基點。與前一年相比，這一積極的業績仍然是由於我們業務的固定成本性質、優質勞動力的減少以及領導層保留率和每小時員工流動率提高的有利影響，收入增加的有利流動的結果。我們對在這些領域不斷取得的進展感到非常高興，同時繼續滿足居民的需求，提供高品質的護理並保持監管合規性。

Second quarter same-community Other facility operating expense as a percent of revenue was 30 basis points higher than the prior year, driven largely by ongoing elevated estimated insurance expense and the outsource of our data centers, which I spoke to on our last call.

第二季同一社區的其他設施營運費用佔收入的百分比比去年同期高出30 個基點，這主要是由於預計保險費用持續增加以及我們資料中心的外包（我在上次電話會議中談到了這一點）。

Despite these factors, by remaining dedicated to the appropriate management of our expenses, we, once again, delivered significant adjusted operating income growth and margin expansion. Compared to the prior year quarter, same-community adjusted operating income increased 13% and adjusted operating income margin grew 160 basis points to 27.4%. This marked our 11 consecutive quarter of year-over-year adjusted operating income growth.

儘管有這些因素，透過繼續致力於適當的費用管理，我們再次實現了調整後的營業收入成長和利潤率的大幅成長。與去年同期相比，同社區調整後營業收入成長 13%，調整後營業利益率成長 160 個基點，達到 27.4%。這標誌著我們連續 11 個季度調整後營業收入年增。

Moving beyond community level expenses. Second quarter general and administrative expense, excluding noncash stock-based compensation expense, was relatively flat to the prior year. As a percent of resident fee revenue, this represented a 10 basis points improvement year-over-year. Lastly, cash operating lease payments were $64 million, flat to the first quarter. These financial results culminated in second quarter adjusted EBITDA of $98 million, which was at the top end of our previously provided guidance range.

超越社區層面的支出。第二季的一般和管理費用（不包括非現金股票補償費用）與去年同期相對持平。佔居民收費收入的百分比，比去年同期提高了 10 個基點。最後，現金經營租賃付款額為 6,400 萬美元，與第一季持平。這些財務表現最終導致第二季調整後 EBITDA 達到 9,800 萬美元，處於我們先前提供的指導範圍的上限。

Compared to the prior year second quarter, adjusted EBITDA increased $16 million or 20%. We are very pleased with our year-over-year adjusted EBITDA growth. Our adjusted EBITDA recovery has been so strong that if we were to annualize our first half results, we would be within 3% of our full year 2019 adjusted EBITDA on a lower occupancy and community base.

與去年第二季相比，調整後的 EBITDA 增加了 1,600 萬美元，即 20%。我們對調整後 EBITDA 的年成長感到非常滿意。我們調整後的 EBITDA 復甦非常強勁，如果我們將上半年業績年化，在入住率和社區基礎較低的情況下，我們的 2019 年全年調整後 EBITDA 的漲幅將在 3% 以內。

This growth is translating into meaningful improvements in adjusted free cash flow. Second quarter adjusted free cash flow improved 26% over the prior year to negative $6 million. As of June 30, total liquidity was $346 million.

這種成長正在轉化為調整後自由現金流的有意義的改善。第二季調整後自由現金流較上年同期成長 26%，達到負 600 萬美元。截至6月30日，流動資金總額為3.46億美元。

Turning to the third quarter. In yesterday’s press release, we guided to third quarter RevPAR growth of 6.25% to 6.75% over the prior year and adjusted EBITDA in the range of $90 million to $95 million. We expect third quarter weighted average occupancy to provide a meaningful sequential improvement to the second quarter.

轉向第三季。在昨天的新聞稿中，我們預計第三季的 RevPAR 將比去年同期成長 6.25% 至 6.75%，調整後的 EBITDA 在 9,000 萬美元至 9,500 萬美元之間。我們預計第三季加權平均入住率將比第二季出現有意義的環比改善。

This expectation reflects the confidence we have in our community sales leaders, the anticipated impact of our targeted sales and marketing initiatives and the continued benefit from growing demand. We believe that RevPAR will be relatively flat to slightly down sequentially as is normal course during the year as higher acuity residents who have been with us longer move out and lower acuity residents move in.

這一期望反映了我們對社區銷售領導者的信心、我們有針對性的銷售和行銷計劃的預期影響以及不斷增長的需求帶來的持續收益。我們認為，隨著居住時間較長、敏銳度較高的居民搬出以及敏銳度較低的居民遷入，RevPAR 將相對持平甚至略有下降，這是今年的正常情況。

Our third quarter RevPAR guidance will support meaningful year-over-year resident fee revenue and adjusted EBITDA growth as well as positively impacting sequential revenue and adjusted EBITDA.

我們第三季的 RevPAR 指引將支援居民費用收入和調整後 EBITDA 的年成長，並對連續收入和調整後 EBITDA 產生積極影響。

Moving to our adjusted EBITDA guidance. While our revenue expectations positively impact third quarter adjusted EBITDA compared to the second quarter, there are a number of expense considerations included in our guidance range.

轉向我們調整後的 EBITDA 指導。雖然與第二季相比，我們的營收預期對第三季調整後的 EBITDA 產生了正面影響，但我們的指導範圍中包含了許多費用考量。

First, as outlined on the last page of our investor presentation, there are three seasonal differences between the third quarter and the second quarter that present a material headwind to our sequential adjusted EBITDA growth.

首先，正如我們投資者簡報最後一頁所述，第三季和第二季之間存在三個季節性差異，這對我們調整後的 EBITDA 環比成長構成重大阻力。

These include an extra day, which results in incremental expense, largely labor, across 619 consolidated communities with only a minor impact to revenue. An extra holiday, which, similar to an extra day, leads to meaningful additional labor expense and higher utilities expense, given the hotter summer months compared to the milder spring months, which are normal course for the period fully offset the adjusted EBITDA benefit we will receive sequentially from the flow-through of incremental revenue even at the top end of our RevPAR guidance range.

其中包括額外一天的時間，這會導致 619 個合併社區的支出增加，主要是勞動力支出，而對收入的影響很小。額外的假期，類似於額外的一天，會導致有意義的額外勞動力費用和更高的公用事業費用，因為與溫和的春季相比，夏季更熱，這是該期間的正常情況，完全抵消了調整後的EBITDA 收益，我們將即使在我們的 RevPAR 指導範圍的頂端，也能連續從增量收入的流入中獲得收益。

Additionally, while not material for the year, but a consideration for the quarter is the impact of our marketing initiatives. This affects the third quarter in two ways. First, we’re adding additional marketing expense to support our incremental sales initiatives that Cindy spoke to.

此外，雖然對今年來說並不重要，但本季要考慮的是我們行銷活動的影響。這從兩個方面影響第三季。首先，我們增加了額外的行銷費用，以支持辛蒂談到的增量銷售計劃。

And second, we’ve shifted marketing expense associated with customer acquisition costs from fees paid to third-party referral sources to other marketing and advertising channels. This shift while having no incremental cash cost for the year affects the timing of the recognition of expenses, which we reflected in our guidance range.

其次，我們已將與客戶獲取成本相關的行銷費用從支付給第三方推薦來源的費用轉移到其他行銷和廣告管道。這種轉變雖然今年沒有增量現金成本，但會影響費用確認的時間，我們在指導範圍中反映了這一點。

Lastly, our third quarter adjusted EBITDA guidance incorporates our current estimate for expenses related to July’s hurricane. Finally, as it relates to our outlook, we continue to anticipate approximately $180 million of net non-development capital expenditures in 2024. With the $100 million of net non-development CapEx spend, which has occurred through the second quarter, we expect meaningfully lower cash usage for CapEx during the second half of this year.

最後，我們第三季調整後的 EBITDA 指引納入了我們目前對 7 月颶風相關費用的估計。最後，由於與我們的前景相關，我們繼續預期 2024 年非開發資本支出淨額約為 1.8 億美元。由於第二季的非開發資本支出淨支出為 1 億美元，我們預計今年下半年資本支出的現金使用量將大幅下降。

Cindy shared with you our favorable outlook for long-term occupancy and operating income growth. As she shared, these expectations will create significant value in our financials and for all Brookdale stakeholders.

辛蒂與您分享了我們對長期入住率和營業收入成長的樂觀前景。正如她所分享的，這些期望將為我們的財務狀況和所有布魯克代爾利益相關者創造巨大的價值。

As we achieve our pre-pandemic peak occupancy and return to even just the mid-point of each segment’s range of pre-pandemic operating margin on our current RevPOR level, we would deliver significant operating income growth.

當我們實現大流行前的峰值入住率，並在當前 RevPOR 水平上恢復到每個細分市場大流行前營業利潤率範圍的中點時，我們將實現營業收入的顯著增長。

More specifically, on Slide 26 of our investor presentation, we show a future annualized senior housing operating income of $1.1 billion from just the simple assumptions. This growth in operating income would largely flow through to adjusted EBITDA and given our current debt level, this adjusted EBITDA growth would result in reduced annualized leverage by up to four turns. I believe this represents a powerful opportunity and it provides me with tremendous optimism for Brookdale’s future.

更具體地說，在我們的投資者簡報的第 26 張投影片中，僅根據簡單的假設，我們就顯示未來年化高級住房營運收入為 11 億美元。營業收入的成長將在很大程度上轉化為調整後的 EBITDA，考慮到我們目前的債務水平，調整後的 EBITDA 成長將導致年化槓桿率降低多達四倍。我相信這是一個強大的機會，它讓我對布魯克代爾的未來充滿了極大的樂觀。

In closing, we are proud to have delivered another quarter of strong year-over-year growth and we are confident in achieving the long-term growth opportunity, which we have outlined. I’ll now turn the call back over to Cindy.

最後，我們很自豪能夠實現另一個季度的強勁同比增長，並且我們有信心實現我們所概述的長期成長機會。我現在將把電話轉回給辛蒂。

I am grateful for the hard work and passion of all our Brookdale associates who made lives better every single day, and I am proud of our accomplishments towards full recovery from the impact of the pandemic.

我感謝所有布魯克代爾員工的辛勤工作和熱情，他們每天都讓生活變得更加美好，我為我們從大流行的影響中全面恢復所取得的成就感到自豪。

With each quarter, we are continuing to yield positive results while building a significant runway for future revenue and operating income increases. We remain intensely focused on sustainable growth. And through that, I see a clear path into a long and successful future for Brookdale.

每個季度，我們都在持續取得積極成果，同時為未來收入和營業收入的成長奠定重要基礎。我們仍然高度關注永續成長。透過這一點，我看到了布魯克代爾通往長遠而成功的未來的清晰道路。

Operator, we will now open up the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) Joshua Raskin, Nephron Research.

（操作員說明）Joshua Raskin，Nephron Research。

Hi, thanks. Good morning. I wanted to follow-up on the three small, I know small dispositions in the quarter, but I’m curious if you could talk to sort of valuations and then how you’re thinking about potential sales in the future? Is there sort of an opportunity to reduce debt going forward through dispositions?

你好，謝謝。早安.我想跟進這三個小項目，我知道本季度的小配置，但我很好奇您是否可以談談估值，然後您如何考慮未來的潛在銷售？是否有機會透過處置來減少未來的債務？

Hi Josh, it’s Cindy. Thank you so much for the question. There’s three communities that we disposed of in the quarter were very small communities. And I think valuation really depends on the asset, the size, the market. And so I don’t think these are necessarily representative of the entire Brookdale portfolio.

嗨，喬什，我是辛蒂。非常感謝你的提問。我們在本季處置的三個社區都是非常小的社區。我認為估值實際上取決於資產、規模和市場。因此，我認為這些不一定代表整個布魯克代爾產品組合。

When I think about our portfolio going forward, we are generally happy with the assets that we are operating. Having said that, we are always looking for ways to improve shareholder value. And so if the opportunity presents itself to improve our portfolio will obviously take the opportunity to do so.

當我考慮我們未來的投資組合時，我們總體上對我們正在運營的資產感到滿意。話雖如此，我們一直在尋找提高股東價值的方法。因此，如果有機會改善我們的投資組合，我們顯然會抓住機會這樣做。

Now there are some constraints around that, right? Our leases are master leases. And so generally, what that means is you have to renew all or none of the lease. And with our owned assets, we do think about sort of what the potential upside opportunity that we have.

現在這有一些限制，對吧？我們的租賃是主租賃。一般來說，這意味著您必須續簽全部租約或不續租。憑藉我們擁有的資產，我們確實考慮了我們擁有的潛在上行機會。

And as you can see, we’ve had such strong performance with being 11% higher on a same community adjusted operating income basis than we were in 2019. So we think we will delever primarily through the expansion of adjusted EBITDA, and we’ve made great progress on that so far.

正如您所看到的，我們的業績非常強勁，在相同社區調整後的營業收入基礎上比 2019 年高出 11%。因此，我們認為我們將主要透過擴大調整後的 EBITDA 來去槓桿化，到目前為止，我們已經在這方面取得了巨大進展。

Okay. So not making outgoing call, but always willing to listen. And then I guess just a second question, just thinking about Brookdale HealthPlus, I appreciate the update and the review this morning.

好的。所以不打電話，但總是願意傾聽。然後我想還有第二個問題，只是想想 Brookdale HealthPlus，我很欣賞今天早上的更新和評論。

But that and maybe even broader healthcare services and how you’re thinking about that for your residents. Do you think there’s an opportunity to increase rates? Or is it a retention? I know you don’t explicitly charge for Brookdale HealthPlus, but I have to assume that, that can lead to a higher rate? And again, are there other services that you think you’d want to get back into.

但是，也許還有更廣泛的醫療保健服務，以及您如何為您的居民考慮這一點。您認為有機會升息嗎？或者說是一種保留？我知道你們沒有明確對 Brookdale HealthPlus 收費，但我必須假設，這會導致更高的費率嗎？再說一次，您是否想重新使用其他服務？

It’s a great question. So when I think about Brookdale HealthPlus, I think about how great it is for the residents who wouldn’t want their mom to have 78% fewer urgent care ER visits and 36% fewer hospitalizations than a senior – a similar senior living at home. So I think what we attract is we attract a resident who finds that value appropriate.

這是一個很好的問題。因此，當我想到Brookdale HealthPlus 時，我會想到，對於那些不希望自己的媽媽的急診就診次數比老年人少78%、住院次數比老年人少36% 的居民來說是多麼的好——類似的老年生活在家裡。所以我認為我們吸引的是我們吸引了認為這個價值合適的居民。

So we’re seeing more people move into our HealthPlus communities. We think that we will have a longer length of stay of the residents in our HealthPlus communities, which should translate into higher occupancy. On the associate side, what we’re seeing is that our associates love HealthPlus as well and so we’re seeing better retention of our associate base. So all of those things should work together to create better profitability for our HealthPlus communities.

因此，我們看到越來越多的人進入我們的 HealthPlus 社區。我們認為，居民在 HealthPlus 社區的停留時間將會更長，這應該會轉化為更高的入住率。在員工方面，我們看到我們的員工也喜歡 HealthPlus，因此我們看到我們的員工基礎得到了更好的保留。因此，所有這些事情應該共同努力，為我們的 HealthPlus 社區創造更好的獲利能力。

And when we look at the rate that we get at our HealthPlus communities, we want to make sure that we’re providing an attractive value proposition for our residents, but we are also getting revenue from Medicare Advantage plans because the lower health care costs of our health care – our HealthPlus residents translate into better outcomes for their plans.

當我們查看 HealthPlus 社區的費率時，我們希望確保為居民提供有吸引力的價值主張，但我們也從 Medicare Advantage 計劃中獲得收入，因為醫療保健成本較低我們的醫療保健– 我們的HealthPlus 居民可以為他們的計劃帶來更好的結果。

As I think about the health care services that we would want to provide in our communities, we’re excited that we’ve got a number of health care practitioners rounding in our communities because it makes health care more convenient for the residents that they serve, whether we would physically want to own those services like we traditionally did with home health and hospice.

當我想到我們希望在社區提供的醫療保健服務時，我們很高興有許多醫療保健從業人員來到我們的社區，因為這使居民的醫療保健更加方便它們提供服務，無論我們是否願意像傳統上的家庭健康和臨終關懷一樣擁有這些服務。

I think that remains to be seen. We’re doing such a great job on the core of our business today that we want to capture the opportunity that’s in front of us.

我認為這還有待觀察。今天，我們在核心業務方面做得非常出色，因此我們希望抓住擺在我們面前的機會。

Just a follow-up. The revenue from the MA plans, how -- what -- how is that coming through? The actual plans are paying you?

只是後續行動。MA 計劃的收入，如何－什麼－如何實現？實際計劃付錢給你嗎？

So we get a per member per month for every -- where we have a contract for every resident who’s also enrolled in Medicare Advantage plan we have a partnership with. And that is a basic fee, and then we get paid for quality metrics. And our quality has just been off the chart. So we’ve been very pleased with that revenue stream.

因此，我們每個月都會為每位會員提供一份合同，我們為每位也加入了與我們合作的 Medicare Advantage 計劃的居民簽訂了合同。這是基本費用，然後我們會根據品質指標獲得報酬。我們的品質剛好超出預期。因此，我們對這種收入來源非常滿意。

Yeah

是的

Thanks, Josh.

謝謝，喬許。

Tao Qiu, Macquarie.

邱濤，麥格理。

Thank you. Good morning, everyone. Cindy, with your marketing ramp expected in the third quarter, could you provide some additional data points around leading indicators such as leads and visits? And maybe talk about the conversion trends into quarter and into the third quarter?

謝謝。大家早安。辛蒂（Cindy），預計您的行銷將在第三季度實現成長，您能否提供一些有關領先指標（例如銷售線索和訪問量）的額外數據點？也許可以談談季度和第三季的轉換趨勢？

And Dawn, could you also elaborate on the changes I heard in terms of the timing of marketing expense recognition due to the shift from third-party internal marketing spend? Thank you.

Dawn，您能否詳細說明一下我所聽到的由於第三方內部行銷支出的轉變而導致的行銷費用確認時間方面的變化？謝謝。

Sure. Tao, good morning. Thanks so much for the question. As you can see in our earnings release, our occupancy improved 40 basis points from June to July on a weighted average basis. And for comparison, that compared to a 20 basis points sequential increase between Q1 and Q2.

當然。濤，早安。非常感謝您的提問。正如您在我們的財報中看到的，從 6 月到 7 月，我們的入住率按加權平均計算提高了 40 個基點。相比之下，第一季和第二季季增了 20 個基點。

So I do think that July has gotten better than what we saw in the second quarter. When I think about what we’re doing with marketing, essentially, we are trying to make sure that we’re matching our marketing spend with the key selling season.

所以我確實認為 7 月的情況比我們在第二季看到的要好。當我思考我們在行銷方面所做的事情時，本質上，我們正​​在努力確保我們的行銷支出與關鍵銷售季節相符。

As you would expect, with the presidential election, it’s going to be a little bit more expensive to get advertising in the second quarter, but we’re seeing strong conversion by the sales team. And in fact, our conversions have improved relative to historical performance.

正如您所預料的那樣，隨著總統選舉的臨近，第二季的廣告成本將會更高一些，但我們看到銷售團隊的強勁轉換。事實上，我們的轉換率相對於歷史表現有所改善。

And Tao, when we think about the marketing spend in my prepared remarks, I just said that we had been shifting that marketing spend. And so how that shift is going to happen is we would expect our third quarter year-over-year marketing spend is going to be somewhat higher as our incremental expense from the additional sales initiatives is going to impact that quarter. And so just kind of shifting the expense into the third quarter. But as I said in my prepared remarks, not a change in the cash for the year.

陶，當我們在我準備好的發言中考慮行銷支出時，我只是說我們一直在轉移行銷支出。因此，這種轉變將如何發生，我們預計第三季的行銷支出將年增，因為額外銷售計畫的增量支出將影響該季度。因此，只需將費用轉移到第三季即可。但正如我在準備好的發言中所說，今年的現金沒有改變。

Got you. That’s helpful. The second question, the current lease with Omega Healthcare Investors from through end of 2027. So you have two more years to go. Could you maybe talk about the rationale behind the early renewal? And what is the magnitude of that contingent rent adjustment in 2028?

明白你了。這很有幫助。第二個問題，目前與 Omega Healthcare Investors 的租約有效期至 2027 年底。所以你還有兩年的時間。您能否談談提前續約背後的理由？2028 年或有租金調整的幅度是多少？

And also with regards to the Ventas lease renewal decision during November, I think Ventas has spoken publicly about expecting a high single-digit rent reset or nothing renewal. Any update from your end in terms of if that portfolio makes sense to you under those terms? Thanks.

另外，關於 11 月 Ventas 的租約續約決定，我認為 Ventas 已經公開表示，預計租金將重新調整為高個位數，或者不續約。根據這些條款，您的投資組合對您是否有意義有任何更新嗎？謝謝。

Thanks, Tao. Let me start by saying we are very grateful for the partnership that we have with Omega. And if you look at the assets in the Omega lease, it’s 24 communities. It’s a little over 2,500 units and the assets are really a high-quality portfolio that is largely located in our core markets. The benefit to Brookdale of renewing now as opposed to waiting until closer to the initial expiration is that Omega is funding $30 million of CapEx that will be available to Brookdale on a rent-free basis.

謝謝，陶。首先我要說的是，我們非常感謝與歐米茄的合作關係。如果你看看 Omega 租約中的資產，你會發現它有 24 個社區。它的數量略多於 2,500 個單位，這些資產確實是一個高品質的投資組合，主要位於我們的核心市場。對 Brookdale 來說，現在續約而不是等到接近初始到期時續約的好處是，Omega 正在為 Brookdale 提供 3000 萬美元的資本支出，這些資金將免費提供給 Brookdale。

And so what that will do in the near-term is it will improve our cash flow performance as well as our liquidity so that is a very attractive offer for us. And then if you look at the full $80 million of CapEx that’s available to us over the term of the lease, we think that that will be a lease that will meaningfully benefit both our cash flow and our liquidity over the whole life of the lease. So good partnership, good assets, good renewal, a true win-win.

因此，這在短期內將改善我們的現金流表現以及流動性，因此這對我們來說是一個非常有吸引力的報價。然後，如果你看看我們在租賃期內可用的全部 8000 萬美元資本支出，我們認為這將是一項對我們整個生命週期的現金流和流動性都有意義的租賃。良好的合作關係、良好的資產、良好的更新，真正的雙贏。

Moving to the Ventas portfolio, we have been clear that we will only renew leases that are positive for Brookdale. So we look at positive as are they generating positive cash flow after CapEx? And so that’s something that is very important to us that positive cash flow.

轉向 Ventas 投資組合，我們已經明確表示，我們只會續約對布魯克代爾有利的租約。因此，我們關注積極因素，因為它們在資本支出之後是否會產生正現金流？因此，正現金流對我們來說非常重要。

And if you look at Page five of the supplement, you can look at our entire lease book, and you can see that in the first quarter, our lease portfolio in the aggregate lost $15 million of cash flow. So when we ultimately make the Ventas decision, it will be a decision that is based on what is best for Brookdale shareholders.

如果你看一下補充資料的第五頁，你可以看一下我們的整個租賃簿，你可以看到，在第一季度，我們的租賃組合總共損失了 1500 萬美元的現金流。因此，當我們最終做出 Ventas 決定時，這將是一個基於對 Brookdale 股東最有利的決定。

Got it. So if you were to bring you the lease, it will be a win-win transaction, both parties similar to what you do with HI?

知道了。所以如果你為你帶來租約，這將是一個雙贏的交易，雙方類似於你對HI所做的事情？

Absolutely. Thank you.

絕對地。謝謝。

Joanna Gajuk, Bank of America.

喬安娜·加尤克，美國銀行。

Hi. Good morning. Thanks for taking the questions. Maybe first, just a follow-up on this discussion around the marketing expenses and the timing. So it sounds like it was shifted about -- I want to confirm, was it shifted from Q2 to Q3 or from Q4 to Q3?

你好。早安.感謝您提出問題。也許首先，只是圍繞著行銷費用和時間安排進行討論的後續行動。所以聽起來好像它被轉移了——我想確認一下，它是從第二季轉移到第三季還是從第四季轉移到第三季？

So the first thing I want to say before Dawn jumps in, is normally in a year marketing expenses are higher in Q3 than they are in Q2 because that’s the key selling season. And given that we’re giving quarterly guidance, it’s important to understand sort of the pacing of the marketing expense in the year.

因此，在黎明之前我想說的第一件事是，通常一年中第三季度的行銷費用會高於第二季度，因為那是關鍵的銷售季節。鑑於我們提供季度指導，了解當年行銷費用的節奏非常重要。

And then if you look at sort of year-over-year, we do expect to spend more in marketing expenses this Q3 than we did last year. And then I’ll let Dawn go into the specifics.

然後，如果你看一下同比情況，我們確實預計第三季的行銷費用將比去年更多。然後我請 Dawn 詳細介紹。

Thank you, Joanna, for the question. And I think just to clarify, again, not an incremental cash spend. But we’ve shifted our marketing expense into the third quarter. And from a customer acquisition cost, which generally we had recognized over a period of, let’s say, about a year to more of a direct expense.

謝謝喬安娜的提問。我想再次澄清，這不是增量現金支出。但我們已將行銷費用轉移到第三季。從客戶獲取成本來看，我們通常會在一段時間內（比如說大約一年）認識到更多的直接費用。

And so that’s the shift that we’re seeing is that instead of kind of amortizing that expense over a 12-month period, it’s going to come through -- we would expect those costs to come through in the third quarter, which is why it’s adding an additional headwind to the third quarter, but no additional cash, if that makes sense.

因此，我們看到的轉變是，這些費用不會在 12 個月的時間內攤銷，而是會發生——我們預計這些成本會在 12 個月內攤銷。給第三季帶來了額外的阻力，但沒有額外的現金，如果這有意義的話。

Yeah, that makes sense. Yeah. So amortizing over a long period of time versus expensing everything in the quarter. That makes sense. And then – and I guess, are you willing to kind of quantify that headwind in the quarter? And also, you mentioned – you assume some additional cost for the hurricane impact in July. So is there an amount or a range that you’re assuming in guidance for these two items?

是的，這是有道理的。是的。因此，在很長一段時間內進行攤銷，而不是在季度內支出所有費用。這是有道理的。然後，我想，您願意量化本季的不利因素嗎？而且，您也提到，您為 7 月的颶風影響承擔了一些額外費用。那麼，您對這兩項的指導是否假設有一個數量或範圍？

Yeah. I think we have not publicly said exactly what dollar amounts are. I think the best way to think about the marketing expense would be just as Cindy said is that we would expect our third quarter expense. Typically, we see a higher marketing expense in the third quarter. We would expect that year-over-year to be a little bit higher than what we saw last year. And that’s how I think about the marketing expense.

是的。我認為我們還沒有公開說明具體的金額是多少。我認為考慮行銷費用的最佳方式就像辛迪所說的那樣，我們預計第三季的費用。通常，我們會在第三季看到更高的行銷費用。我們預計這一數字將比去年略高一些。這就是我對行銷費用的看法。

On the hurricane, how I would think about that is, generally, as we think about hurricanes, of course, we’re in the hurricane season. We are -- we have additional labor. We have additional generator costs. Our insurance costs on our property loss might get impacted. But generally, if you are looking at a quarter, it is certainly a consideration. But as you think about the full year, probably less material to the full year.

關於颶風，我的看法一般來說就像我們在思考颶風一樣，當然，我們正處於颶風季節。我們有額外的勞力。我們有額外的發電機成本。我們的財產損失保險費用可能會受到影響。但一般來說，如果你正在考慮一個季度，這肯定是一個考慮因素。但當你考慮全年時，全年的內容可能就沒那麼重要了。

And let me just step back and say one of our most important priority is always the health and well-being of our residents and associates.

讓我退一步說，我們最重要的優先事項之一始終是居民和同事的健康和福祉。

And so far, in the third quarter we’ve had two hurricanes, Hurricane Barrel in July and then Hurricane Debby in August. So what happens when we have a hurricane is we bring staff into the communities to shelter in place because we want to make sure that they’re not traveling when it’s dangerous to do so, and we want to make sure that we’ve got appropriate associates to support our residents.

到目前為止，第三季我們已經遭遇了兩次颶風，分別是 7 月的颶風「桶」和 8 月的颶風黛比。因此，當我們發生颶風時，我們會將工作人員帶入社區就地避難，因為我們希望確保他們不會在危險的情況下出行，而且我們希望確保我們「 ¤ 有合適的同事來支持我們的居民。

And then if for whatever reason, power is lost, we want to make sure that we’ve got generators and sometimes we rent incremental generators to power our communities. And if you just remember, Houston, it took them a little longer to restore power than we’ve traditionally seen.

然後，如果由於某種原因停電，我們要確保我們有發電機，有時我們會租用增量發電機來為我們的社區供電。如果你還記得的話，休士頓，他們恢復供電所花費的時間比我們傳統上看到的要長一些。

So there’s some excess costs there, but we’re very grateful that we didn’t have any catastrophic damage in either Hurricane Barrel or Hurricane Debby, but we do recognize that there’s just some incremental costs when a storm does occur.

因此，存在一些超額成本，但我們非常慶幸的是，颶風「桶」或颶風黛比都沒有造成任何災難性損害，但我們確實認識到，當風暴確實發生了。

No, that makes sense. Yeah, I understand there’s hurricane season, we have to do with every year, but it sounds like last year, maybe third quarter didn’t have incremental cost. So that’s why you (inaudible) and I guess, obviously, you already know there are two that impacted your communities, okay.

不，這是有道理的。是的，我知道每年都有颶風季節，但聽起來像去年，也許第三季沒有增加成本。所以這就是為什麼你（聽不清楚），我想，顯然，你已經知道有兩個因素影響了你的社區，好吧。

And giving quarterly guidance, I think we’re trying to make sure that you understand the differences between sort of Q2 and Q3 and year-over-year. So we’re probably talking about seeing that if we were giving annual guidance, we might not highlight as much, but just given three months is a relatively short period. We want to make sure you’re clear on how we’re thinking about the quarter.

在提供季度指引時，我認為我們正在努力確保您了解第二季和第三季與去年同期之間的差異。因此，我們可能會討論，如果我們提供年度指導，我們可能不會強調那麼多，但僅僅給出三個月是一個相對較短的時期。我們希望確保您清楚我們對本季的看法。

Right, that make sense. If I may, on the occupancy discussion, right, it sounds like Q2 growth sequentially was better than historical. But I guess (inaudible) improving, but still below where things were at 2019? And then given to your point about the low new supply coming in after this industry, should I think about occupancy stable I think at level above 2019, because that’s where a lot of new supply was coming in.

是的，這是有道理的。可以的話，關於入住率的討論，聽起來第二季的環比成長好於歷史水準。但我猜（聽不清楚）有所改善，但仍低於 2019 年的水平？然後考慮到您關於該行業之後新供應量較低的觀點，我是否應該考慮入住率穩定在 2019 年以上的水平，因為那是大量新供應量進入的地方。

So I guess when you think about that target, because I guess it was 84%, but before that it was even higher. But how long I guess will it take to get to at least 2019 if not supposedly higher occupancy levels because of this new supply being compressed?

所以我想當你考慮這個目標時，因為我猜它是 84%，但在此之前它甚至更高。但我猜想，如果新供應量被壓縮，入住率不會更高的話，至少需要多長時間才能達到 2019 年的水平？

The first point that I’ll make is that our primary focus is always the health and well-being of our residents and associates. But if you think about our financial performance, we have been focused on rebuilding our adjusted EBITDA and our adjusted free cash flow.

我要指出的第一點是，我們的首要關注點始終是居民和同事的健康和福祉。但如果你考慮我們的財務業績，我們一直專注於重建調整後的 EBITDA 和調整後的自由現金流。

And so it’s less for us about occupancy for occupancy, say, and more about occupancy because it builds the cash flow that builds a sustainable business. And so I do think that we will get to the 2019 levels and personally, I think we’ll even get to the historical high levels that we’ve outlined on Page 25 of our investor deck.

因此，對我們來說，我們關心的不是入住率，而是入住率，因為它建立了現金流，從而建立了可持續的業務。因此，我確實認為我們將達到 2019 年的水平，就我個人而言，我認為我們甚至會達到我們在投資者平台第 25 頁上概述的歷史高點。

Now, I can’t predict exactly how long it will take to get there, but what I can say is that we’re very focused on providing high-quality services to the residents that we serve. Doing that with associates who are engaged and who have a passion for serving our residents and that is translating into a strong financial recovery and we have so much opportunity in front of us that we’ve demonstrated that we have built a sustainable path to achieve that.

現在，我無法準確預測需要多長時間才能到達那裡，但我可以說的是，我們非常專注於為我們所服務的居民提供高品質的服務。與那些積極參與並熱衷於為居民服務的員工一起這樣做，這將轉化為強勁的財務復甦，我們面前有如此多的機會，我們已經證明我們已經建立了一條可持續的道路來實現這一目標那。

(multiple speakers) on the occupancy?

（多位發言者）關於入住狀況？

And Joanna, the one thing that I would add to Cindy’s comments is as she pointed to, I think, Slide 25 and 26 in our investor presentation, really show where that adjusted EBITDA recovery is. And as we said in our prepared remarks, if you annualize the first half of our adjusted EBITDA, we’re within 3% of the 2019. And that’s on a much lower occupancy level.

喬安娜，我要在辛蒂的評論中補充的一件事是，我認為，正如她在我們的投資者演示中所指出的，幻燈片 25 和 26 真正顯示了調整後的 EBITDA 復甦情況。正如我們在準備好的發言中所說，如果將我們上半年調整後的 EBITDA 進行年度化，我們與 2019 年的差距在 3% 以內。而且這是在入住率低得多的情況下進行的。

So really 2024 and 2025, those slides in our investment presentation are showing that opportunity that we have in front of us. And then we’ve also added a new Slide 14 to the investor presentation as well that I would point to that is really showing the adjusted EBITDA trailing 12 months growth that we’ve had and particularly around the leverage impact and just what that growth to our adjusted EBITDA is doing to our leverage.

因此，實際上到了 2024 年和 2025 年，我們投資簡報中的那些幻燈片展示了我們面前的機會。然後，我們還在投資者簡報中添加了新的幻燈片 14，我想指出的是，它確實顯示了我們過去 12 個月的增長後調整後的 EBITDA，特別是槓桿影響及其影響調整後EBITDA 的成長正在影響我們的槓桿率。

Yeah. No, this was a very helpful slide. Thank you. But just one, sorry, a follow-up on the occupancy because also another slide there talks about communities breakdown by different occupancy levels, so I guess, if there’s still, I guess, call it, a little bit less than 30% of communities that are below 70% occupancy.

是的。不，這是一張非常有幫助的幻燈片。謝謝。但抱歉，只有一張關於入住率的後續報告，因為另一張幻燈片討論了按不同入住率水平劃分的社區細分，所以我想，如果仍然有，我想，稱之為，略少於30入住率低於 70% 的社區的百分比。

So are these always the same? And can this really improve and get out of this, I guess, bucket of below 70%, but it seems like it’s kind of like just around the same percent of total portfolio that stays below 70%. So I don’t know if there’s something structural or how you plan to address that bucket? Thank you.

那麼這些總是一樣的嗎？我想，這真的能改善並擺脫這個低於 70% 的困境嗎？所以我不知道是否有結構性問題，或者您計劃如何解決這個問題？謝謝。

It’s not always the same communities. They do change over time. And I will say that a small community has a disproportionate impact of being in a lower occupancy band because if you have a single resident death or a couple of resident deaths or move-outs, it can affect the percentage.

並不總是相同的社區。它們確實會隨著時間的推移而改變。我想說的是，一個小社區處於較低的入住率範圍內會產生不成比例的影響，因為如果有一個居民死亡或幾個居民死亡或搬出，它會影響百分比。

But what I know that we are focused on is we are focused on how do we achieve our pandemic recovery and how do we drive sustainable improvement in our adjusted EBITDA and our adjusted free cash flow. And that isn’t always making sure that every community is operating at a high occupancy percentage because if you’ve got a [19-bid] community, the lower occupancy just doesn’t have a big impact on the financial results of the company.

但我知道，我們關注的是如何實現大流行病的復甦，以及如何推動調整後 EBITDA 和調整後自由現金流的可持續改善。這並不總是確保每個社區都以高入住率運營，因為如果您有一個 [19 個出價] 社區，較低的入住率不會對財務業績產生重大影響公司的。

So what our teams are focused on is what are the actions that we can take to drive improved resident satisfaction. How can we improve our associate satisfaction, so our associates stay with us longer and then seeing that translate into better financial returns for the benefit of our shareholders?

因此，我們的團隊關注的是我們可以採取哪些行動來提高居民滿意度。我們如何提高員工滿意度，讓員工在我們這裡工作更長時間，然後將其轉化為更好的財務回報，造福股東？

Thank you so much for taking the question.

非常感謝您提出這個問題。

Thank you, Joanna.

謝謝你，喬安娜。

(Operator Instructions) Ben Hendrix, RBC Capital Markets.

（操作員指令）Ben Hendrix，RBC 資本市場。

Great. Thank you very much. Just a quick question on the pacing of occupancy trend. We saw a little better seasonal step up in June to July last year, it seems like you appreciate all the commentary about the demographics and then also your differentiated positioning.

偉大的。非常感謝。只是一個關於入住趨勢節奏的簡單問題。去年 6 月至 7 月，我們看到了更好的季節性增長，看來您很欣賞所有有關人口統計數據的評論，以及您的差異化定位。

Just wondering if kind of given the advantages you have with HealthPlus, with the caregiver retention, quality metrics, marketing. If we should be -- if it’s reasonable to, I guess, target or expect an X basis point favorability in trend over the intermediate term versus the broader industry trends in terms of occupancy improvement. Is there a target in there that you’re focused on? Thanks.

只是想知道您是否擁有 HealthPlus 的優勢，包括護理人員保留率、品質指標和行銷。我想，如果我們應該——如果合理的話——在入住率改善方面，目標或預期中期趨勢相對於更廣泛的行業趨勢有一個X基點的有利性。其中有您關注的目標嗎？謝謝。

Thank you for the question, Ben. What I would say is that we would expect to have that similar to last year. We would expect to have that second to third quarter seasonal uptick in our occupancy. And I think in my prepared remarks, we had meaningful sequential improvement. And so I would be thinking about it as better than pre-pandemic kind of given where our occupancy is at.

謝謝你的提問，本。我想說的是，我們預計會出現與去年類似的情況。我們預計第二至第三季的入住率將出現季節性上升。我認為在我準備好的發言中，我們取得了有意義的連續改進。因此，考慮到我們的入住情況，我認為這比大流行前的情況要好。

And then I would just add a comment to what Dawn said, Ben. And that is that Brookdale is largely a private pay operator. 94% of our revenues come from private pay residents payments. And if you look at the industry overall, one in five assisted living residents is a Medicaid resident, and so Medicaid communities tend to run at a bit higher occupancy, which is just other structural reason that our occupancy is slightly different than the industry.

然後我會對 Dawn 所說的話添加一個評論，Ben。也就是說，布魯克代爾主要是一家私人付費業者。我們 94% 的收入來自私人支付居民付款。如果你從整個行業來看，五分之一的輔助生活居民是醫療補助居民，因此醫療補助社區的入住率往往較高，這只是我們的入住率與行業略有不同的另一個結構性原因。

Thank you very much.

非常感謝。

Thanks, Ben.

謝謝，本。

Ladies and gentlemen, this concludes the Brookdale second quarter 2024 earnings call. I’d like to thank you all for joining today. Have a great rest of your day. You may now disconnect your lines.

女士們、先生們，Brookdale 2024 年第二季財報電話會議到此結束。我要感謝大家今天的加入。祝您有個愉快的一天。現在您可以斷開線路。