Brookdale Senior Living Inc (BKD) 2025 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. (operatory Instructions)

早安.我叫奧德拉，今天我將擔任您的會議主持人。（操作說明）

At this time, I would like to welcome everyone to the Brookdale Senior Living first quarter 2025 earnings call.

現在，我歡迎大家參加 Brookdale Senior Living 2025 年第一季財報電話會議。

At this time, I would like to on a conference over to Jessica Hazel, Vice President of Relations. Please go ahead.

現在，我想與關係副總裁 Jessica Hazel 進行一次會議。請繼續。

Thank you and good morning. I'd like to welcome you to the first quarter 2025 earnings call for Brookdale Senior Living.

謝謝，早安。歡迎您參加 Brookdale Senior Living 2025 年第一季財報電話會議。

Joining us today are Denise Warren, our interim Chief Executive Officer and Chairman of the board, Dawn Kussow, our executive Vice President and Chief Financial Officer, and Chad White, our executive Vice President, general counsel, and secretary.

今天與我們一起出席的有我們的臨時執行長兼董事會主席 Denise Warren、我們的執行副總裁兼財務長 Dawn Kussow 以及我們的執行副總裁、總法律顧問兼秘書 Chad White。

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.

今天的所有聲明，只要不是歷史事實，均可視為聯邦證券法所定義的前瞻性聲明。這些聲明均截至今日作出，我們明確表示不承擔將來更新這些聲明的任何義務。

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.

實際結果和表現可能與前瞻性陳述有重大差異。我們昨天發布的收益報告中詳細說明了可能導致實際結果不同的某些因素。

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 10K and quarterly reports on Form 10Q.

以及我們不時向美國證券交易委員會提交的報告中。包括我們10K表格年度報告和10Q表格季度報告中包含的風險因素。

I direct you to the release for the full Safe Harbor statement. Also, please note that during this call we will present non-gap financial measures for reconciliations of each non-gap 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 8K yesterday.

我建議您參閱完整的安全港聲明新聞稿。另請注意，在本次電話會議中，我們將提供非差距財務指標，以便將每個非差距指標與最具可比性的 GAAP 指標進行對帳。我直接向您提供可在 Brookdaleinvestors.com 上找到的發布和補充信息，這些信息是昨天在 8K 上提供的。

Before I turn the call over to Denise, I want to briefly acknowledge that we are in receipt of director nominations from one of our shareholders as previously disclosed. We don't intend to comment further on that matter today. The purpose of today's call is to discuss our first quarter results and strategy. Accordingly, we ask that you keep questions limited to this area.

在我將電話轉給丹尼斯之前，我想簡要地確認一下，正如之前披露的那樣，我們收到了一位股東的董事提名。我們今天不打算對此事發表進一步評論。今天電話會議的目的是討論我們的第一季業績和策略。因此，我們要求您將問題限制在這一領域。

I'll hand the call over to Denise.

我會把電話轉給丹尼斯。

Thank you, Jessica, and good morning everyone. Welcome to our first quarter 2025 earnings call.

謝謝你，潔西卡，大家早安。歡迎參加我們的 2025 年第一季財報電話會議。

It's a pleasure to join you today as interim CEO. I'm also pleased to be accompanied by Dawn Kussow, our Chief Financial Officer, and Chad White, our general counsel, both integral members of the office of the CEO.

我很高興今天能以臨時執行長的身份與大家一起參加會議。我也很高興與我們的財務長 Dawn Kussow 和總法律顧問 Chad White 一起出席，他們都是執行長辦公室的重要成員。

Today I will begin by reviewing our April 14th press release after which I will discuss our strategy and how we are evaluating ways to unlock value at Brookdale. Following my remarks, Dawn will provide a comprehensive overview of our first quarter financial performance, annual guidance, and outlook. Chad also will be answering questions, and we are excited for you to get to know him better.

今天，我將首先回顧我們 4 月 14 日的新聞稿，然後討論我們的策略以及我們如何評估釋放 Brookdale 價值的方法。在我發言之後，Dawn 將全面概述我們第一季的財務表現、年度指導和展望。查德也將回答問題，我們很高興您能更了解他。

Before we begin, I do want to note that we are pleased with the team's efforts in the quarter which enabled us to deliver RevPAR and adjusted EBITDA that exceeded our expectations as well as positive adjusted free cash flow. And not to steal dawn's thunder, but given the solid start to the year, we are happy to be able to raise our annual guidance.

在我們開始之前，我想指出的是，我們對團隊在本季的努力感到滿意，這使我們能夠實現超出我們預期的 RevPAR 和調整後的 EBITDA，以及正的調整後自由現金流。並不是要搶走大家的風頭，但考慮到今年的良好開局，我們很高興能夠提高年度指導。

Now turning to our April 14th press release.

現在就來看看我們 4 月 14 日的新聞稿。

As you read, the board executed a planned leadership transition and initiated a search for a new Chief Executive Officer over the past several years, we made significant strides in streamlining our operations, simplifying our business model, rationalizing our lease portfolio, and addressing our debt maturities.

正如您所讀到的，董事會在過去幾年中執行了計劃中的領導層過渡並開始尋找新的首席執行官，我們在精簡運營、簡化業務模式、合理化租賃組合和解決債務到期問題方面取得了重大進展。

Although much progress has been made, there is more work ahead, and the board believed now was the right time to select our next leader. With our search well underway, we are focused on identifying a candidate with the proven experience and skills necessary to push continued operational improvements across our portfolio and the strategic vision to drive Brookdale into the next decade.

儘管已經取得了很大進展，但仍有更多工作要做，董事會認為現在是選擇下一任領導人的最佳時機。我們的搜尋工作正在順利進行中，我們專注於尋找一位擁有豐富經驗和技能的候選人，以推動我們整個投資組合的持續營運改進，並擁有推動 Brookdale 邁向下一個十年的戰略願景。

By capitalizing on the intrinsic value of our own real estate and by leveraging compelling industry dynamics, we are confident that the right leader will propel Brookdale to the next level. To that end, Vincent Stewart, whom we initially contacted in late 2024 to aid in succession planning, has compiled a robust list of potential candidates that the CEO search committee is carefully evaluating.

透過利用我們自己的房地產的內在價值並利用引人注目的行業動態，我們相信合適的領導者將推動 Brookdale 更上一層樓。為此，我們最初於 2024 年底聯繫文森特·斯圖爾特 (Vincent Stewart) 來協助制定繼任計劃，他編制了一份詳盡的潛在候選人名單，首席執行官搜索委員會正在仔細評估這份名單。

While we are eager to conclude this process, our priority is ensuring we identify the right leader to lead Brookdale in unlocking the company's intrinsic value. We anticipate the search will take a minimum of 6 months.

雖然我們渴望完成這個過程，但我們的首要任務是確保找到合適的領導者來帶領 Brookdale 釋放公司的內在價值。我們預計搜尋將至少需要 6 個月。

In the meantime, I am honored to have been asked to serve as interim CEO. Working closely with Dawn and Chad in the office of the CEO, we are fully committed to managing day to day operations with the strength of the broader team while advancing Brookdale's strategy.

同時，我很榮幸被邀請擔任臨時執行長。我們與執行長辦公室的 Dawn 和 Chad 密切合作，全力致力於利用更廣泛團隊的力量管理日常運營，同時推動 Brookdale 的策略。

I will elaborate further on our strategic plans shortly. In addition to the CEO transition, the board continued its proactive refreshment by appointing two new independent directors who bring expertise and insights that are already adding value.

我很快將進一步闡述我們的戰略計劃。除了執行長的變動之外，董事會還繼續積極更新，任命了兩名新的獨立董事，他們帶來的專業知識和見解已經為董事會增添了價值。

Josh Hausman is a seasoned healthcare investor and Mark Fioravanti is a veteran leader in hospitality and real estate.

Josh Hausman 是一位經驗豐富的醫療保健投資者，而 Mark Fioravanti 是一位酒店和房地產領域的資深領導者。

Additionally, we announced that long-term director Frank Bumstead will not seek re-election at the 2025 annual meeting of stockholders. We are grateful for Frank's many contributions to Brookdale.

此外，我們宣布長期董事弗蘭克·邦斯特德 (Frank Bumstead) 將不會在 2025 年年度股東大會上尋求連任。我們感謝弗蘭克對布魯克代爾的許多貢獻。

This ongoing update to our board with 4 new independent directors appointed over the past 12 months underscores our commitment to infusing fresh expertise and diverse perspectives. When Frank steps down at our annual meeting, our board will have an average tenure of less than 4 years.

在過去 12 個月內，我們不斷更新董事會，任命了 4 名新的獨立董事，這凸顯了我們致力於注入新專業知識和多元化觀點的承諾。當弗蘭克在我們的年度會議上卸任時，我們董事會的平均任期將不到 4 年。

The board, the management team, and I, as interim CEO are dedicated to executing Brookdale's strategy and to delivering meaningful shareholder value. We regularly assess the strategic options available to us to enhance shareholder value, and we will continue to do so.

董事會、管理團隊以及我作為臨時執行長致力於執行 Brookdale 的策略並為股東創造有意義的價值。我們定期評估可用的策略選擇，以提高股東價值，並且我們將繼續這樣做。

Currently, we are focused on improving our operating performance, optimizing our real estate portfolio. Reinvesting capital into our communities and reducing our leverage. We believe these are key to ensuring high quality environments for our residents and our associates, as well as critical components to improving shareholder value.

目前，我們專注於提高經營業績，優化房地產投資組合。將資本重新投資到我們的社區並減少我們的槓桿。我們相信，這些是確保我們的居民和員工擁有高品質環境的關鍵，也是提高股東價值的關鍵因素。

To review each. First, improving operating performance.

逐一審查。一是提高經營績效。

Operational excellence is critical. We believe enhanced performance, ultimately driving higher occupancy, improved rates, and robust cash flow will generate the capital necessary for reducing leverage and reinvesting in our business. Our primary goal is to accelerate profitable occupancy growth through improved revenue management, disciplined expense management.

卓越營運至關重要。我們相信，業績的提升最終將推動入住率的提高、房價的改善和強勁的現金流，從而產生降低槓桿率和再投資於我們業務所需的資本。我們的主要目標是透過改善收入管理和嚴格費用管理來加速獲利入住率的成長。

Strengthened operational accountability and strategic investments to elevate the resident experience. Specifically Right, we are piloting new pricing promotions to boost occupancy and select communities. We are intensifying efforts in communities at or above the 80% occupancy threshold to capture incremental gains in adjusted EBITDA and adjusted free cash flow as fixed costs are leveraged more effectively.

加強營運責任和策略性投資，以提升居民體驗。具體來說，我們正在試行新的定價促銷活動，以提高入住率和選擇社區。我們正在加大力度，在入住率達到或超過 80% 的社區中，透過更有效地利用固定成本，獲取調整後 EBITDA 和調整後自由現金流的增量收益。

And for select communities below 80% occupancy, we are deploying a SWAT team approach. Many of these communities are already assigned to a high opportunity response team. Established in late 2024 with the clear aim of reaching break even swiftly.

對於入住率低於 80% 的特定社區，我們正在部署特警隊。許多這樣的社區已經被分配到高機會回應團隊。成立於 2024 年底，明確目標是迅速達到收支平衡。

Our tactics include exploring new lease up strategies, making targeted first impressions investments and deploying support center resources to uncover further occupancy and rate improvements.

我們的策略包括探索新的租賃策略、進行有針對性的第一印象投資以及部署支援中心資源以進一步提高入住率和房價。

Dawn will provide additional information, particularly on the below 70% occupancy communities in her remarks. We are conducting a thorough review of our cost structure to ensure we are appropriately managing expenses relative to our ongoing portfolio size.

黎明將在她的演講中提供更多信息，特別是有關入住率低於 70% 的社區的信息。我們正在對我們的成本結構進行徹底審查，以確保我們能夠根據當前的投資組合規模適當地管理費用。

We are working to ensure that each location is led by a highly qualified executive director and are leveraging the recently launched training and certification program for executive directors. We are expanding our Health Plus offering to 58 additional communities in 2025, which we expect will improve the quality of life and extend the length of stay of our residents.

我們正在努力確保每個地點都由一位高素質的執行董事領導，並利用最近推出的執行董事培訓和認證計劃。我們將在 2025 年將 Health Plus 服務擴展到另外 58 個社區，我們期望此舉將改善居民的生活品質並延長他們的居住時間。

Second, Optimizing our real estate portfolio, we consistently evaluate our portfolio to focus management's efforts on assets that can yield the greatest value for shareholders.

其次，優化我們的房地產投資組合，我們不斷評估我們的投資組合，以將管理層的努力集中在可以為股東帶來最大價值的資產上。

At times there are assets that are better suited to other owners or lessees. Recall our portfolio once comprised of more than 1,000 communities, the majority of which were leased.

有時某些資產更適合其他所有者或承租人。回想一下，我們的投資組合曾經包含 1,000 多個社區，其中大多數都是租賃的。

We now operate 619 communities of which 236 are leased and 383 are owned. By year end, we expect to have exited another 55 leased communities and divested another 14 non-core owned communities, many with signed LOIs.

我們目前經營 619 個社區，其中 236 個為租賃社區，383 個為自有社區。到年底，我們預計將退出另外 55 個租賃社區，並剝離另外 14 個非核心自有社區，其中許多社區已簽署意向書。

As a result, by 2025 year in, we expect 75% of our consolidated portfolio units will be owned. Recent lease restructurings also mitigated many unfavorable terms that existed in our previous lease agreements that tracked back to our pre-public days.

因此，到 2025 年，我們預期 75% 的合併投資組合單位將歸屬於自己。最近的租賃重組也減輕了我們上市前租賃協議中存在的許多不利條款。

We are happy to report that now our current leased portfolio generates positive adjusted free cash flow, and we expect the cash generation potential of the leased portfolio to improve further following the Ventas 55 divestiture.

我們很高興地報告，現在我們目前的租賃組合產生了正的調整後自由現金流，並且我們預計在 Ventas 55 剝離後，租賃組合的現金產生潛力將進一步提高。

In addition, our real estate team is reviewing another modest group of assets that may no longer align with our strategic model. The proceeds from asset sales will be directed toward debt repayment, capital reinvestment, and liquidity enhancement.

此外，我們的房地產團隊正在審查另一組可能不再符合我們策略模式的資產。資產出售所得將用於償還債務、資本再投資和增強流動性。

In parallel on the acquisition front, we are continuously seeking assets that will enhance our adjusted EBITDA and adjusted free cash flow. Over the past 6 months we acquired 41 previously leased communities that benefited our financial growth opportunity and provided us flexibility to better manage our portfolio. We also will consider strategic partnerships, joint ventures, and other alternatives that we see as value creating opportunities.

同時，在收購方面，我們正在不斷尋求能夠提高我們的調整後 EBITDA 和調整後自由現金流的資產。在過去的 6 個月中，我們收購了 41 個先前租賃的社區，這有利於我們的財務成長機會，並為我們提供了更好地管理投資組合的靈活性。我們還將考慮策略合作夥伴關係、合資企業和其他我們認為可以創造價值的替代方案。

3rd, capital reinvestment. As our operations improve and current asset sales are finalized, a portion of the proceeds will be reinvested in our communities.

三是資本再投資。隨著我們營運的改善和當前資產銷售的完成，部分收益將重新投資於我們的社區。

For example, in late 2024, we invested $5 million. And currently plan to invest an additional $10 million in 2025 through our first impressions program to help accelerate occupancy and rate improvements.

例如，2024年末，我們投資了500萬美元。我們目前計劃透過「第一印象」計劃在 2025 年額外投資 1,000 萬美元，以幫助加快入住率和房價的提高。

Our development team is also working on a plan to ensure that our communities remain competitively positioned in our core markets for the long term. Please note, our first impressions program is in addition to normal maintenance capital programs.

我們的開發團隊也正在製定計劃，以確保我們的社群在核心市場中長期保持競爭地位。請注意，我們的第一印象計劃是正常維護資本計劃的補充。

4th, reducing leverage with the majority of our debt refinanced through the end of 2026, reducing leverage still remains a critical component of financial flexibility and resilience.

第四，降低槓桿率，到 2026 年底，我們的大部分債務都已再融資，降低槓桿率仍然是財務靈活性和彈性的關鍵組成部分。

While it will not happen overnight, we are working to reduce leverage meaningfully through continued adjusted EBITDA and cash flow growth. And by applying a portion of proceeds from asset sales to debt reduction. In preparation for the 2027 refinancing cycle, an operational SWAT team is working with each asset in our loan pool to optimize their collateral value.

雖然這不會在一夜之間發生，但我們正在努力透過持續調整 EBITDA 和現金流成長來大幅降低槓桿率。並將出售資產所得的部分收益用於減少債務。為了準備 2027 年的再融資週期，一支特警行動小組正在與我們貸款池中的每項資產合作，以優化其抵押品價值。

5th Ensuring high quality environments for our residents and associates. Delivering a high quality living and working environment is paramount. This commitment is evident in the various accolades we received, including 4 straight years of more communities being recognized in the US News and World Report, best of senior living category than any other provider.

第五，確保為我們的居民和同事提供高品質的環境。提供高品質的生活和工作環境至關重要。這項承諾體現在我們所獲得的各種榮譽中，包括連續四年在《美國新聞與世界報道》最佳老年生活類別中獲得認可的社區數量超過任何其他提供者。

And by being named by Newsweek as a most loved workplace for the 2nd consecutive year. These recognitions speak to our dedication to excellence for both residents and associates. In every month of this year we have improved our residents and families' likeliness to recommend rating over the prior year.

並連續第二年被《新聞週刊》評為最受歡迎的工作場所。這些認可體現了我們致力於為居民和同事提供卓越服務的決心。今年每個月，我們的居民和家庭的推薦可能性評級都比去年有所提升。

In conclusion, our board is fully engaged in capitalizing on powerful industry dynamics and on unlocking the value we see in our portfolio.

總之，我們的董事會全力投入利用強大的產業動態並釋放我們在投資組合中看到的價值。

Our management team is energized by the opportunities ahead, and we are grateful for the tremendous support and feedback we have received from our shareholders. Feedback is a gift, and we will use it to grow and to improve.

我們的管理團隊對未來的機會充滿活力，我們感謝股東給予的大力支持和回饋。回饋是一種禮物，我們將利用它來成長和進步。

We look forward to continuing to update you throughout the year on our progress. Thank you for your time today and your continued support of Brookdale. Please do not hesitate to reach out at any time.

我們期待全年繼續向您通報我們的進展。感謝您今天抽出時間並繼續支持 Brookdale。請隨時與我們聯繫。

With that, I'll now turn the call over to Dawn.

說完這些，我現在將電話轉給 Dawn。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

Brookdale had a strong start to the year driven by meaningful financial growth and operational improvements. Both RevPAR and adjusted EBITDA exceeded our expectations for the first quarter, giving us confidence to raise our annual guidance ranges.

在顯著的財務成長和營運改善的推動下，布魯克戴爾今年開局表現強勁。第一季的 RevPAR 和調整後的 EBITDA 都超出了我們的預期，這讓我們有信心提高年度指引範圍。

Additionally, adjusted free cash flow is positive, which is a significant milestone as adjusted free cash flow has generally been negative in the first quarter. We are excited about our achievements as we started 2025 and are optimistic about the remainder of the year.

此外，調整後的自由現金流為正，這是一個重要的里程碑，因為第一季調整後的自由現金流普遍為負。我們對 2025 年開始的成就感到興奮，並對今年剩餘時間充滿樂觀。

But before I speak to that, I'll walk you through details of our first quarter of financials.

但在談論這個之前，我將向您介紹我們第一季的財務狀況的詳細資訊。

I'll begin with 1st quarter revenue consolidated RevPAR.

我將從第一季的合併 RevPAR 收入開始。

Which is the basis for our annual guidance range, grew 4.9% in the first quarter, driven by an ongoing acceleration in year over year weighted average occupancy growth.

這是我們年度指導範圍的基礎，第一季成長了 4.9%，這得益於同比加權平均入住率的持續加速成長。

First quarter move-ins were 3% above the prior year and 12% above the historic average, while move out volume, both controllable and non-controllable, was also beneficial to the quarter. As a result, consolidated weighted average occupancy increased 140 basis points to 79.3% in the first quarter.

第一季的入住量比去年同期高出 3%，比歷史平均高出 12%，而可控和不可控制的遷出量也對本季有利。因此，第一季合併加權平均入住率上升了 140 個基點，達到 79.3%。

Our year over year growth trend accelerated from the 4th quarter, and the favorable GAAP to the prior year grew every month this year-to-date, including April.

我們的年成長趨勢從第四季開始加速，今年迄今為止，包括 4 月在內，每個月的 GAAP 均較上年同期有所成長。

First quarter Consolidated RevPAR grew 3% over the prior year quarter, reflecting both resident rate increases as well as the ongoing trend of lower resident acuity.

第一季綜合 RevPAR 較去年同期成長 3%，既反映了住戶價格的上漲，也反映了住戶敏銳度持續下降的趨勢。

I'll now pivot to same community results. There are 59 communities included in our consolidated portfolio that are excluded from our same community portfolio.

我現在將轉向相同的社區結果。我們的合併投資組合中包含 59 個社區，但這些社區不在我們的同一社區投資組合之內。

Of the 59, 55 are the Ventas communities that we will not be operating by year end.

在這 59 個社區中，有 55 個是 Ventas 社區，到年底我們將不再經營這些社區。

First quarter, same community RevPAR, increased 4.5% over the prior year, driven by 130 basis points of occupancy growth and a 2.8% increase in RevPAR.

第一季度，同一社區的 RevPAR 比上年增長了 4.5%，這得益於入住率增長了 130 個基點以及 RevPAR 增長了 2.8%。

Sequentially, same community RevPAR increased 4.5% from the fourth quarter, a growth rate that surpassed the large seniors housing REITS.

與去年第四季相比，同一社區的 RevPAR 成長了 4.5%，成長率超過了大型老年人住房房地產投資信託基金 (REITS)。

Another significant achievement is our first quarter same community weighted average occupancy of 80%, which was flat to the fourth quarter occupancy. Results that are significantly better than normal seasonality for this period. This is a milestone threshold that reflects our progress towards strong, consistent cash flow generation.

另一項重大成就是，我們第一季同一社區的加權平均入住率為 80%，與第四季的入住率相當。結果明顯好於此時期的正常季節性。這是一個里程碑，反映了我們在實現強勁、持續的現金流創造方面取得的進展。

Moving to expenses.

轉向開支。

Same community expense per occupied unit or ex-poor increased just 1.6% over the prior year first quarter compared to the 2.8% REVpar growth I just noted, reflecting a favorable REVpar to export spread.

與我剛才提到的 REVpar 成長 2.8% 相比，同一社區每個入住單位或前貧困人口的支出僅比去年第一季度增加了 1.6%，這反映出 REVpar 與出口價差有利。

Same community labor expenses as a percent of revenue improved by 90 basis points versus the prior year. These positive first quarter labor results were a trend continuation of the year over year improvement we delivered in every quarter of 2024.

相同的社區勞動支出佔收入的百分比比前一年提高了 90 個基點。第一季勞動市場的正面表現延續了我們在 2024 年每季實現的逐年改善趨勢。

Contributing to our favorable labor performance was the leverage of occupancy growth and the benefit we are reaping from meaningful improvements in reducing associate turnover over the last two years.

我們的勞動力績效良好，得益於入住率的成長，以及過去兩年我們在降低員工流動率方面的重大進步。

As a percent of revenue.

佔收入的百分比。

1st quarter, same community other facility operating expense was flat to the prior year. While pleased with these results, we remain focused on driving ongoing improvements within our cost structure.

第一季度，同一社區其他設施的營運費用與去年持平。雖然對這些結果感到滿意，但我們仍然致力於推動成本結構的持續改善。

First quarter, same community operating income was 7.6% better than the prior year, and operating income margin expanded 90 basis points year over year to a 29% margin, which is the highest same community operating income margin achievement in five years.

第一季度，同社區營業收入較上年同期成長7.6%，營業利益率較去年同期擴大90個基點，達到29%，創下五年來同社區營業利潤率最高紀錄。

Sequentially, from the fourth quarter, same community operating income grew 14.6%, well above the growth rate of the large seniors housing REITs.

與去年第四季相比，同一社區的營業收入成長了14.6%，遠高於大型老年住房房地產投資信託基金的成長率。

There is seasonality associated with operating income margin, particularly as you compare 1st quarter to 2nd quarter, when our labor expense base is impacted by the full impact of annual associate merit increases as well as an extra day of expenses.

營業收入利潤率具有季節性，特別是當您比較第一季和第二季時，我們的勞動力費用基數會受到年度員工績效成長以及額外一天費用的全面影響。

However, we are pleased with this achievement and remain optimistic that we will return to our historic margin levels.

然而，我們對這項成就感到滿意，並且仍然樂觀地認為我們將恢復到歷史利潤水平。

Now, moving beyond same community level results.

現在，超越同一社區層級的結果。

First quarter, general and administrative expense, as reflected in our adjusted EBITA results was relatively flat to the prior year quarter. As a percent of revenue, general and administrative expense improved 20 basis points to the first quarter of 2024.

第一季度，調整後的 EBITA 結果反映出一般及行政開支與去年同期基本持平。作為收入的百分比，到 2024 年第一季度，一般及行政開支提高了 20 個基點。

We remain prudently focused on an appropriate cost structure for the expected changes in our portfolio and are seeing the benefits of these efforts reflected in our first quarter results.

我們仍然謹慎地關注適合我們投資組合預期變化的成本結構，並且看到這些努力的成果反映在我們的第一季業績中。

Lastly, cash operating lease payments were $57 million which was in line with our previously provided expectations.

最後，現金經營租賃支付額為 5,700 萬美元，符合我們先前提供的預期。

As reported in yesterday's press release, first quarter adjusted EBITDA was $124 million or 27% above the prior year quarter. We are pleased to have delivered the significant growth in the first quarter adjusted EBITDA, which was above internal expectations and analyst consensus estimates, and believe it is a reflection of the strategic initiatives that we are executing to grow profitable occupancy.

正如昨天的新聞稿所報導的，第一季調整後的 EBITDA 為 1.24 億美元，比去年同期高出 27%。我們很高興看到第一季調整後的 EBITDA 實現了顯著成長，高於內部預期和分析師的一致預期，我們相信這是我們為提高獲利入住率而實施的策略性舉措的體現。

To that end, the first quarter adjusted free cash flow increased $30 million over the prior year quarter to a positive $4 million which was also above our internal expectations and analyst consensus estimates. This meaningful year over year improvement was primarily a result of our strong adjusted EBITDA growth.

為此，第一季調整後的自由現金流比去年同期增加了 3,000 萬美元，達到正 400 萬美元，也高於我們的內部預期和分析師的一致預期。這一有意義的年成長主要得益於我們強勁的調整後 EBITDA 成長。

As a result of the proactive and strategic management of our consolidated portfolio, both owned and leased portfolios generated positive adjusted free cash flow in the 1st quarter.

由於我們對合併投資組合進行了積極主動和策略性的管理，自有和租賃投資組合在第一季都產生了正的調整後自由現金流。

By delivering positive first quarter adjusted free cash flow, our confidence to achieve meaningfully positive adjusted free cash flow in 2025 is even stronger. As of March 30th first, total liquidity was $306 million. The primary driver in the liquidity bridge to December 31, 2024 was the use of cash to support the funding of completed acquisitions.

透過實現第一季正調整後自由現金流，我們對 2025 年實現有意義的正調整後自由現金流的信心更加增強。截至3月30日，總流動資金為3.06億美元。到 2024 年 12 月 31 日的流動性橋樑的主要驅動力是使用現金來支持已完成收購的資金。

As a reminder, in the fall of last year, we announced the planned acquisition of 41 communities from three previously leased portfolios.

提醒一下，去年秋天，我們宣布計劃從三個先前租賃的投資組合中收購 41 個社區。

We completed one of the three acquisitions in December 2024 for 11 communities. In February, we closed the remaining two acquisitions, which included 30 communities for a total purchase price of $310 million. This was funded with $69 million of cash on hand and $241 million of mortgage debt financing.

我們於 2024 年 12 月完成了對 11 個社區的三次收購中的一次。2 月份，我們完成了剩餘的兩筆收購，其中包括 30 個社區，總收購價為 3.1 億美元。該專案的資金來源為 6,900 萬美元的庫存現金和 2.41 億美元的抵押債務融資。

Even with these transactions, our adjusted annualized leverage improved in the 1st quarter as a direct result of our significant increase in adjusted EBITDA. With meaningful adjusted EBITDA growth and the cash flow generation power that comes from 80% plus occupancy, we expect annualized leverage to significantly decline over the coming years.

即使有這些交易，我們的調整後年度槓桿率在第一季仍然有所改善，這直接得益於我們調整後的 EBITDA 的大幅增加。隨著調整後的 EBITDA 顯著增長以及 80% 以上的入住率帶來的現金流產生能力，我們預計未來幾年年化槓桿率將大幅下降。

Another benefit from our recent acquisitions that will further unlock value is the execution of a capital recycling opportunity of certain communities, including some of those we recently acquired out of leases.

我們最近的收購將進一步釋放價值的另一個好處是執行某些社區的資本回收機會，包括我們最近透過租賃獲得的一些社區。

As part of this, we identified 14 communities that are appropriate for disposition by the end of 2025. These communities were selected as being non-core, underperforming, or more appropriately owned by a smaller operator.

作為其中的一部分，我們確定了 14 個適合在 2025 年底前處置的社區。選定的這些社區都是非核心的、表現不佳的或更適合由較小的運營商擁有的。

In general, they have fewer than 40 units each. They are in tertiary markets, and they have weighted average occupancy below 70%. Collectively for the trailing 4 quarters, the 14 communities have negative adjusted EBITDA and negative unlevered cash flows.

一般而言，每單位少於 40 個。它們位於三級市場，加權平均入住率低於 70%。過去 4 個季度，這 14 個社區的調整後 EBITDA 和無槓桿現金流總計為負值。

While the sales proceeds will be relatively minor given their below average size, these dispositions are expected to result in favorable financials, including improvements in adjusted EBITDA, adjusted free cash flow, and leverage.

雖然由於規模低於平均水平，銷售收益相對較小，但這些處置預計將帶來有利的財務狀況，包括調整後的 EBITDA、調整後的自由現金流和槓桿率的改善。

Given that the sales process often takes time and we are still in the early stages for these communities, this expected benefit is not built into our 2025 guidance ranges. We are selectively evaluating additional disposition opportunities to further unlock value from our own assets in the future and will provide visibility into these considerations when appropriate.

鑑於銷售過程通常需要時間，而且我們仍處於這些社區的早期階段，因此這項預期收益並未納入我們的 2025 年指導範圍。我們正在選擇性地評估額外的處置機會，以便將來進一步釋放我們自有資產的價值，並將在適當的時候對這些考慮因素提供可見性。

Lastly, before turning to our guidance, I wanted to comment on our commitment to more quickly address the less than 70% occupancy band as shown on page 3 of our financial supplement. We are highly focused on these 143 low occupied communities within our portfolio.

最後，在談到我們的指導方針之前，我想先評論一下我們承諾更快解決入住率低於 70% 的問題，如我們的財務補充第 3 頁所示。我們高度關注我們投資組合中的這 143 個入住率較低的社區。

We have addressed 28 of the communities in this band through the Ventas lease negotiation or asset recycling that I just spoke to and would not expect the assets to be in our portfolio by year end.

我們已經透過 Ventas 租賃談判或資產回收（我剛才談到）解決了該頻段的 28 個社區的問題，並且預計這些資產不會在年底前進入我們的投資組合。

Of the remaining 115 communities in this band in the first quarter, 27% or 31 communities were part of a high opportunity group that was established near year end.

在第一季度，在該類別剩餘的 115 個社區中，有 27% 或 31 個社區屬於年底前成立的高機會群體。

More specifically, we formed a multidisciplinary critical response team to improve the performance from occupancy down through cash flows of 65 total communities which were largely across the lower occupancy bands.

更具體地說，我們組建了一個多學科關鍵響應團隊，以改善總共 65 個社區（主要位於較低的入住率範圍內）從入住率到現金流的績效。

Well, only several months in, the program has already started delivering impressive results, and we are replicating the high opportunity response team program in additional communities beginning this quarter to drive operational improvements more broadly throughout the portfolio.

嗯，僅僅幾個月的時間，該計劃就已經開始取得令人印象深刻的成果，並且從本季度開始，我們將在其他社區複製高機會響應團隊計劃，以更廣泛地推動整個投資組合的運營改進。

For the remaining 84 communities that were in the first quarter, less than 70% occupancy band, more than third of those need only 1, 2, or 3 units filled to achieve 70% or higher occupancy, and Denise has spoken to the action plans we are taking to drive accelerated occupancy growth in these and other communities.

對於第一季入住率低於 70% 的其餘 84 個社區，其中超過三分之一隻需要入住 1、2 或 3 個單元即可實現 70% 或更高的入住率，Denise 談到了我們正在採取的行動計劃，以推動這些社區和其他社區的入住率加速增長。

The opportunity is large. We see the positive momentum from our recent actions, and we believe the payoff will be significant as we fill these communities and benefit from the higher flow through as we leverage our fixed cost structure.

機會很大。我們從最近的行動中看到了積極的勢頭，我們相信，隨著我們利用固定成本結構填補這些社區的空缺，並從更高的流量中受益，回報將是巨大的。

Now turning to our 2025 expectations, as reflected in yesterday's press release, given our strong first quarter results, we have improved our annual guidance for both year over year, RevPAR growth and for adjusted EBITDA.

現在談談我們對 2025 年的預期，正如昨天的新聞稿所反映的那樣，鑑於我們第一季度的強勁業績，我們提高了對同比 RevPAR 增長和調整後 EBITDA 的年度指導。

We now expect 2025 consolidated RevPAR growth in the range of 5% to 5.75% over the prior year.

我們現在預計 2025 年綜合 RevPAR 將比上一年增長 5% 至 5.75%。

Team Strata organization are committed to the plans Denise spoke about to accelerate occupancy growth, and we have reflected that commitment in our expectations.

Strata 團隊致力於 Denise 所說的加速入住率成長的計劃，我們已將這項承諾反映在我們的期望中。

Also reflected in our RevPAR guidance range is the normal sequential step down in REVpar dollars each quarter of the year as newer residents generally move in with lower acuity and therefore have a lower care rate than existing residents.

我們的 RevPAR 指引範圍也反映出，每季 Revpar 美元的金額都會正常持續下降，因為新住戶入住時一般視力較低，因此照護率低於現有住戶。

We remain optimistic that both weighted average occupancy and RevPAR growth compared to the respective prior year quarters will be even stronger in the 4th quarter of 2025 than we just delivered in the 1st quarter.

我們仍然樂觀地認為，與去年同期相比，2025 年第四季的加權平均入住率和 RevPAR 成長將比第一季更加強勁。

Our raised 2025 adjusted EBITDA guidance range of $440 to $450 million incorporates these favorable top line expectations. We remain diligent in our focus on profitable occupancy growth, and as a result, we expect continued leverage from our increasing occupancy given the high fixed cost nature of our industry.

我們將 2025 年調整後 EBITDA 指引範圍上調至 4.4 億美元至 4.5 億美元，以體現這些有利的營收預期。我們始終致力於獲利性入住率的成長，因此，考慮到我們行業的高固定成本性質，我們預計入住率的提高將繼續帶來槓桿作用。

When thinking about our annual guidance and specifically when modeling the 2nd quarter expectations compared to the 1st quarter results, it's important to remember three seasonal factors as shown on the last page of our investor presentation.

在考慮我們的年度指引時，特別是在將第二季的預期與第一季度的業績進行比較時，重要的是要記住投資者簡報最後一頁所示的三個季節性因素。

First, when considering the day count for each quarter of the fiscal year, the first quarter includes the fewest number of work days, and the quarterly day count increases from there. This is important because our revenue is largely based upon monthly residence fees, whereas our expense structure is driven by daily expenses, largely in labor, but also in other operating expenses.

首先，當考慮財政年度每季的天數時，第一季的工作日數最少，然後每季的天數從第一季開始增加。這很重要，因為我們的收入主要基於每月的住宿費，而我們的支出結構則由日常開支驅動，主要是勞動力，但也包括其他營運費用。

Next is the consideration of the timing of our annual associate merit increases, of which the 2nd quarter is the first full quarter of increased labor expense related to this. The 3rd seasonal factor between the 1st and 2nd quarters is the variability in utilities expense.

接下來是考慮我們年度員工績效加薪的時間，其中第二季度是與此相關的勞動力費用增加的第一個完整季度。第一季和第二季之間的第三個季節性因素是公用事業費用的變動。

We benefit sequentially from lower 2nd quarter utilities expense, which helps to offset some of the impact from the extra day and the annual merit increases.

我們受益於第二季公用事業費用的下降，這有助於抵消額外工作日和年度績效工資增加的部分影響。

We estimate the net impact from these three seasonal factors to be approximately $10 million of an adjusted EBITDA headwind between the 1st and 2nd quarters.

我們估計，這三個季節性因素的淨影響將導致第一季和第二季之間調整後的 EBITDA 逆風約 1000 萬美元。

Even considering these normal seasonal factors as reflected in our raised guidance ranges, we are optimistic about our full year expectations. We believe the plans we've introduced, the confidence we have for sustainable growth, and the cash generation power of our communities will support substantial value creation for shareholders and deliver meaningful benefits to our company, including the ability to reinvest in our communities and further reduce leverage.

即使考慮到我們上調的指導範圍所反映的這些正常的季節性因素，我們對全年預期仍然持樂觀態度。我們相信，我們推出的計劃、我們對永續成長的信心以及我們社區的現金創造能力將支持為股東創造巨大的價值，並為我們公司帶來有意義的利益，包括能夠再投資於我們的社區並進一步降低槓桿率。

Specific to 2025, we expect to deliver positive adjusted free cash flow in the range of $30 to $50 million assuming relatively neutral working capital for the year and our current estimate for 2025 transaction, legal, and organizational restructuring costs, which include costs related to stockholder relations advisory matters.

具體到 2025 年，我們預計，假設當年營運資本相對中性，且我們目前對 2025 年交易、法律和組織重組成本（包括與股東關係諮詢事宜相關的成本）的估計，將實現 3000 萬至 5000 萬美元之間的正調整後自由現金流。

As we set these revised annual guidance ranges, we have worked to balance our optimism for the potential to deliver even better annual results than our raised guidance as a result of our year-to-date progress with the tempered outlook from the elevated near-term uncertainty associated with the global macroeconomic environment.

在製定這些修訂的年度指導範圍時，我們努力在樂觀態度與溫和前景之間尋找平衡，前者是由於我們今年迄今取得的進展，有可能實現比上調後的指導更好的年度業績，後者是由於全球宏觀經濟環境近期不確定性增加而產生的。

We are confident in our plans, but we are acutely aware that these are uncertain times and believe our guidance ranges are appropriate.

我們對我們的計劃充滿信心，但我們敏銳地意識到現在是不確定的時期，並相信我們的指導範圍是合適的。

Lastly, I'd like to highlight three other factors that may influence our actual 2025 results. First, I'll note our guidance reflects a normalized natural disaster season. Second, as I shared last earnings call, our guidance assumes an October 1 disposition date for all Ventas non-renewal communities. If the timing of these community dispositions varies from this guidance assumption, there may be variability in results, either positive or negative.

最後，我想強調一下可能影響我們 2025 年實際結果的另外三個因素。首先，我要指出的是，我們的指導反映了正常的自然災害季節。其次，正如我在上次收益電話會議上分享的那樣，我們的指導假設所有 Ventas 非續約社區的處置日期為 10 月 1 日。如果這些社區處置的時間與該指導假設不同，則結果可能會有所不同，無論是正面的還是負面的。

Third, the disposition timing of the 14 communities we have in varying stages of the sales process could also modestly impact our 2025 results.

第三，我們處於銷售過程不同階段的 14 個社區的處置時間也可能對我們的 2025 年業績產生一定影響。

These dispositions generally take time, and for the majority of these communities we are in the early stages, but there is a possibility for 4th quarter impact that is not currently reflected in our annual guidance.

這些處置通常需要時間，對於大多數社區，我們仍處於早期階段，但可能會對第四季度產生影響，而這目前尚未反映在我們的年度指導中。

In closing, we are pleased with our first quarter results and are confident in our strategic and operational plans to support another year of solid adjusted EBITDA growth. Positive adjusted free cash flow in the first quarter provided us even more optimism about our 2025 cash flow expectations and our ability to generate growing cash flow in the years to come.

最後，我們對第一季的業績感到滿意，並對我們的策略和營運計劃充滿信心，相信我們能夠支持下一年度穩健的調整後 EBITDA 成長。第一季調整後的自由現金流為正，這讓我們對 2025 年的現金流預期以及未來幾年產生成長現金流的能力更加樂觀。

We are operating with purpose and are confident in our ability to build sustainable long-term value for our shareholders.

我們有目標地開展運營，並有信心為股東創造可持續的長期價值。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

Ben Hendrix, RBC.

本‧亨德里克斯 (Ben Hendrix)，加拿大皇家銀行。

Great, thank you very much. I was hoping to get a little bit more color on your pricing strategy. Brookdale's operated the last couple of years with pretty solid, pricing discipline, and I just wanted to kind of talk about the pricing promotions you're putting through for the rest of the year and how you're thinking about the guardrails around rate at the local level and how much flexibility you can add into pricing and still hit that 80% occupancy threshold in a profitable way.

太好了，非常感謝。我希望能夠更詳細地了解您的定價策略。過去幾年，布魯克戴爾酒店集團的營運遵循著相當嚴格的定價原則，我想談談您在今年剩餘時間裡實施的價格促銷活動，以及您如何看待地方層面的費率限制，以及您可以在定價中增加多少靈活性，同時仍能以盈利的方式達到 80% 的入住率門檻。

Yes, hi Ben. This is Dawn. That's a great question. I would start with If you look at our same store, we're excited that year over year our port 2.8%, which was over our export of 1.6%. So reflecting the price increase that we successfully put in in January. I think as we think about the year and the guardrails, Denise had some specific comments around how we're thinking about pricing. I would say that it's more targeted in smaller areas.

是的，你好，本。這是黎明。這是一個很好的問題。首先，如果你看一下我們的同一家商店，我們很高興看到我們的港口同比增長 2.8%，超過了我們的出口 1.6%。這反映了我們在一月成功實施的價格上漲。我認為，當我們考慮年份和護欄時，丹尼斯對我們如何考慮定價提出了一些具體的評論。我想說它在較小的區域更有針對性。

We're doing some piloting of some of the pricing strategies in order to increase occupancy or to leverage off of where we can get increased occupancy at that 80% level to see a larger flow through. So, I think the guardrails are either at the community level or they will be escalated up depending upon what that strategy is, but Certainly making sure that we are growing our RevPAR while we're protecting our rate and certainly very aware of making sure that we're getting rate in excess of our expense growth.

我們正在試行一些定價策略，以提高入住率，或利用 80% 的入住率來增加客流量。因此，我認為護欄要么在社區層面，要么會根據策略逐步升級，但一定要確保我們在保護利率的同時增加我們的 RevPAR，並且非常清楚確保我們獲得的利率超過我們的費用增長。

Thank you. Just following up on that, looking at a little longer term, just the first impressions, investment initiative, how do you, what's the timeline that you expect that to impact rates and what should we expect on the back of those types of investments some increase in RevPAR may be in line with 2024 levels perhaps next year. Thanks.

謝謝。接下來，從更長遠的角度來看，只是第一印象，投資計劃，您預計這會對利率產生怎樣的影響，以及在這些類型的投資的支持下，我們應該期待 RevPAR 的一些增長可能與 2024 年的水平一致，也許明年。謝謝。

Yes, a couple of things. I think on the fresh impressions we certainly have included that in our CapEx guidance of 175 to 180.

是的，有幾件事。我認為，根據最新的印象，我們肯定已經將其納入了 175 至 180 的資本支出指引中。

It will be very targeted as we started last quarter on those targeted. Investments at the community level to increase occupancy. We'll get to our 2026 rate as we start our budgeting process, which won't be until mid to the end of the year as we work through that budgeting process, but nothing yet that I would comment on the rate increase for 26.

它將非常有針對性，就像我們上個季度開始針對這些目標一樣。在社區層面進行投資以提高入住率。當我們開始預算過程時，我們將確定 2026 年的利率，這要到今年年中到年底才能完成預算過程，但我目前還不能對 26 年的利率成長發表評論。

Ben, I would say this is Chad, I would say that it's really we're very optimistic about the long term prospects here for what we're doing with the fresh impressions and first impressions program. What's more important, I think, for that is that it's really helping us to accelerate our occupancy growth. And so I think as we think about it. It's a really with the supply demand dynamics that we're in in the market, it is a, it's a real tool that we can use to make sure that our product is competitive and is actually growing occupancy.

本，我想說這是查德，我想說我們對於我們透過新鮮印象和第一印象計劃所做的事情的長期前景非常樂觀。我認為更重要的是，它確實幫助我們加速入住率的成長。所以我認為當我們思考這個問題時。這確實與我們所處的市場供需動態有關，它是一個真正的工具，我們可以使用它來確保我們的產品具有競爭力，並且實際上正在提高入住率。

Great, thanks very much and congrats on the quarter.

太好了，非常感謝，恭喜本季取得佳績。

Thank you, Ben.

謝謝你，本。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Hey, good morning guys, and congrats on a good quarter. Maybe just to follow up on some of Ben's questions. So, as we think about maybe some of the comments you made on the seasonality of margins, just curious how we should be thinking about the progression. That over the course of the year I understanding that you have some, what do you call this bonus payments instead of adjustments that kick in T2 so curious how to think about seasonality of expenses and margins over the course of the year.

嘿，大家早安，恭喜你們取得了一個好的季度業績。也許只是為了跟進本的一些問題。因此，當我們思考您對利潤率季節性所做的一些評論時，我們只是好奇我們應該如何看待這種進展。據我了解，在一年的時間裡，您有一些，您稱之為獎金支付，而不是在 T2 中開始的調整，所以我很好奇如何考慮一年中費用和利潤的季節性。

Yes, it's a great question. Thanks, Brian.

是的，這是一個很好的問題。謝謝，布萊恩。

As if you look back to our historical quarters, our first quarter is generally always our largest margin because, as I said in my prepared remarks, we have our revenue that's billed on a monthly basis and expenses on a daily basis. And so of course the first quarter has the least number of days and so typically we've seen that as our highest margin.

回顧我們的歷史季度，我們的第一季通常都是利潤率最高的，因為正如我在準備好的發言中所說，我們的收入是按月計費的，支出是按日計費的。因此，第一季的天數當然最少，因此我們通常將其視為最高利潤率。

So, as I think about that for the rest of the year, what I would point back to is the seasonality that we've laid out in the investor presentation and the expense seasonality that we would expect with more days in Q2 through Q4. The largest I spoke to in my prepared remarks is the $10 million headwind related to days and then the merit increase that we see that comes in Q2.

因此，當我考慮今年剩餘時間的情況時，我想指出的是我們在投資者演示中列出的季節性，以及我們預計第二季至第四季會有更多天數的費用季節性。我在準備好的發言中談到的最大問題是與日子有關的 1000 萬美元的逆風，然後是我們在第二季度看到的績效成長。

Got it. And then as I think about the RevPAR performance here, obviously good during the quarter. I mean, is this a sign that you're gaining pricing power or is it less?

知道了。然後，當我想到這裡的 RevPAR 表現時，顯然本季表現良好。我的意思是，這是不是表示你們的定價權正在增強，還是減弱了？

Discounting and promotion happening in the markets that you're in, is that what that is?

您所在的市場正在進行折扣和促銷，是這樣嗎？

Yes, we're, I mean, we are excited about the long term impact of the supply and demand that Chad just spoke to and certainly are looking at making sure that we're balancing pricing power and occupancy as we, as we're determining what our rate increases are, particularly for next year, but certainly looking at making sure that we're focused on. Again, our price pricing power is our prices are in excess of our expense growth. That's important to get the margin expansion that we expect, and that we would be leaning in in markets and more targeted markets where we think that we can we can do that.

是的，我的意思是，我們對查德剛才談到的供需的長期影響感到興奮，當然，我們正在考慮確保平衡定價能力和入住率，因為我們正在確定我們的費率上漲幅度，特別是明年的費率上漲幅度，但肯定會確保我們集中精力。再次，我們的價格定價能力是我們的價格超過了我們的費用成長。這對於實現我們預期的利潤率擴張非常重要，我們傾向於我們認為可以做到這一點的市場和更有針對性的市場。

Awesome thank you. Thanks bye.

太棒了謝謝。謝謝再見。

Andrew Mack, Barclays.

巴克萊銀行的安德魯麥克。

Hi, good morning. A couple of follow-ups here on some of the initiatives that you mentioned to accelerate occupancy in the prepared remarks. I'm trying to get a better sense of which initiatives were already underway in contributing to the better occupancy results that you've already delivered and which are more forward-looking actions that haven't yet impacted results. So, it sounds like pricing promotions is kind of one of the forward-looking ones, but I think there are a number of other initiatives. I'm just trying to get a better sense of that. Thanks.

嗨，早安。這裡我想針對您在準備好的發言中提到的一些加快入住率的舉措進行一些後續跟進。我試圖更了解哪些措施已經在進行中，以促進您已經實現的更好的入住率結果，以及哪些是尚未對結果產生影響的更具前瞻性的行動。因此，聽起來價格促銷是一種前瞻性的舉措，但我認為還有許多其他舉措。我只是想更好地理解這一點。謝謝。

Yes, I'd say that they've been evolving. We talked about, I think the Denise talked about the high opportunity, the SWAT groups that had started, that was underway late 2024. And so with the positive results that we've seen, it is proof of concept. We are rolling out more SWAT teams with more communities so that that piece is underway.

是的，我想說它們一直在進化。我們談到了，我認為丹尼斯談到了高機遇，特警隊已經開始行動，並將於 2024 年底開始行動。因此，我們看到的積極成果證明了這個概念。我們正在向更多的社區派遣更多的特警隊，以便這項工作能夠順利進行。

So, that was underway and still ongoing. The dynamic pricing and the initiatives we've always done a level of initiatives with targeted pricing. I think that that has been, we've been more active with that. And so I think that that is something that is probably scaled up a little bit. And then the first impression we talked about $5 million that we spent at the end of last year and identified another $10 million that we would have with that increased investment in the first quarter, so that is underway as well.

所以，這件事正在進行中，並且仍在繼續。動態定價和措施我們始終採取一定程度的有針對性的定價措施。我認為我們已經對此採取了更積極的行動。所以我認為這件事可能會稍微擴大一點。然後，我們首先談到了去年年底我們花費的 500 萬美元，並確定了第一季我們將增加 1000 萬美元的投資，所以這也在進行中。

Great. And RevPAR finished the quarter at the 4.9% toward the low end of the guidance range, but you increased the guidance assumption for the full year. So, can you talk about the underlying drivers and visibility into higher RevPAR for the balance of the year? Thanks.

偉大的。本季度，RevPAR 成長率達到 4.9%，接近指導範圍的低端，但您提高了全年的指導假設。那麼，您能談談今年剩餘時間內 RevPAR 提高的潛在驅動因素和可見性嗎？謝謝。

Yes, the one thing I'd say about that, Andrew, is remember we expect our 4th quarter year over year RevPAR and occupancy to be better than 1st quarter year over year. So, we expect that RevPAR to be better that year over year RevPAR growth to be better in the 4th quarter with the expected increased occupancy we expect through the year.

是的，安德魯，關於這一點我想說的是，我們預計第四季度的 RevPAR 和入住率將比第一季更好。因此，我們預計第四季度的 RevPAR 年成長會更好，因為預計全年入住率將會增加。

So, that's both on the same store basis and a result of the divestitures like both of those should be driving revs power up in the 4th quarter.

因此，這兩者都是基於同一家商店的，而這兩項資產剝離的結果應該會推動第四季度的銷售成長。

Yes, we remember we guide on consolidated. We are not guiding on same store. With the one thing I'll mention on same store, it excludes the Ventas, but you know there is an assumption in our consolidated RevPAR range that says the Ventas communities will transition on 101. We know that that is not realistic, but to the extent that it significantly varies, there could be some level of variability, but that is the assumption on our revPAR guidance.

是的，我們記得我們以合併為指導。我們不在同一家商店進行指導。有一件事我要提到同一家商店，它不包括 Ventas，但你知道，在我們的合併 RevPAR 範圍內有一個假設，即 Ventas 社區將在 101 上過渡。我們知道這並不現實，但如果變化很大，可能會有一定程度的變化，但這是我們對 revPAR 指導的假設。

Great, and I wanted to follow up on kind of the dynamic pricing strategy. So, curious to hear like why now is the right time to get more active here when it seems like strong demand and pricing power is working more to your advantage. So, can you talk to the specific characteristics of these markets? Are you not seeing as much pricing power or are there different competitive dynamics versus the rest of the portfolio? Thanks.

太好了，我想跟進一下動態定價策略。因此，我很好奇地想聽聽為什麼現在是採取更多行動的最佳時機，因為強勁的需求和定價能力似乎對您更有利。那麼，您能談談這些市場的具體特徵嗎？您是否認為其定價能力沒有那麼強，或者與其他投資組合相比，是否存在不同的競爭態勢？謝謝。

Yes, I would say that we have always been looking at repricing our communities up or down, and so there's an opportunity to go up or down as we're looking at all of the different markets. I think more actively as we're looking at things. Little bit different looking at different markets and whether there's some sort of strategies that we can roll out. I don't think it's anything significantly different, just maybe a little bit more active on some of the thoughts around that repricing again that would be either up or down that we're doing this.

是的，我想說的是，我們一直在考慮提高或降低我們社區的價格，因此，當我們關注所有不同的市場時，就有機會提高或降低價格。當我們觀察事物時，我會更積極地思考。看待不同的市場以及我們是否可以推出某種策略有點不同。我認為這並沒有什麼顯著的不同，只是我們可能對重新定價的一些想法更加積極一些，我們這樣做要么上漲，要么下跌。

Great, thanks for the call.

太好了，謝謝您的來電。

Great, thank you.

太好了，謝謝。

Tao Qiu, Macquarie.

邱濤，麥格理。

Thank you. Good morning. I'd like to drill down on the, below 70% bucket. I think Don, you mentioned the sizeable portion is 1%,2%, 3% away from 70%. For the remainder, what percentage have structural challenges such as smaller assets attracted geography similar to the 14 assets you identify for sale? In other words, why not be more aggressive with the dispositions? What is the market appetite for these assets today?

謝謝。早安.我想深入研究低於 70% 的桶。我認為，唐，您提到的相當大的部分是距離 70% 1%、2%、3%。對於剩餘資產，有多少比例的資產面臨結構性挑戰，例如較小的資產吸引了與您確定出售的 14 項資產類似的地理位置？換句話說，為什麼不採取更積極的處置方式呢？目前市場對這些資產的需求如何？

Yes, what I would say it's a great question. I think, when we look at that bucket, there's 20% of those communities that we just absolutely will not be operating by the end of the year.

是的，我想說這是一個很好的問題。我認為，當我們審視這些社區時，我們會發現其中 20% 的社區到今年年底絕對不會再運作。

It's either they're in the Ventas transition bucket or dispositions. The other, there's another 22% that are already in a high opportunity group that we're focused on. And then there's a third of the remaining 84 communities that are in the 12 or 3 bucket. And so if you kind of do that math, the residual amount, you're always going to have a level of your communities that are below 70%. I think that we spoke to kind of a real estate strategy. I'm not leaning in on what that look is going to be, but it's certainly something that we would look at as part of that real estate strategy that Denise talked about.

他們要么處於 Ventas 過渡桶中，要么處於處置中。另外，還有 22% 的人已經屬於我們關注的高機會群體。其餘 84 個社區中有三分之一屬於 12 或 3 類。因此，如果你進行這樣的計算，剩餘金額將始終低於 70% 的社區水準。我認為我們談論的是某種房地產策略。我並不傾向於認為這種外觀會是什麼樣的，但它肯定是我們會作為丹尼斯談到的房地產策略的一部分來看待的東西。

Good morning. The Denise mentioned that one of our key initiatives that we're focused on is optimizing our real estate portfolio. We see tremendous intrinsic value here at Brookdale that we are going to work to continue to unlock.

早安.丹尼斯提到，我們重點關注的關鍵舉措之一是優化我們的房地產投資組合。我們看到布魯克戴爾的巨大內在價值，我們將努力繼續釋放這些價值。

And so one of the things we talked about is we're working on disposition transactions involving 14 non-core or underperforming owns communities. That's an initial group that we've already identified that we're working on, early stages there overall, but we expect those to be completed by year end.

因此，我們討論的事情之一是，我們正在進行涉及 14 個非核心或表現不佳的自有社區的處置交易。這是我們已經確定的正在進行的初始工作小組，總體來說還處於早期階段，但我們預計這些工作將在年底前完成。

I'll say many of those are already under LOI and some are even further along in the process than that. So, that's a good thing.

我想說的是，其中許多已經處於意向書 (LOI) 之下，有些甚至已經取得了進一步進展。所以，這是一件好事。

The sales proceeds for that group are relatively minor, but as a group, the disposition of those communities will improve our adjusted our adjusted free cash flow, and our leverage. It's a win-win for unlocking value as you generate cash proceeds and improve the performance.

集團的銷售收益相對較小，但作為一個集團，這些社區的處置將改善我們的調整後自由現金流和槓桿率。這對於釋放價值來說是雙贏的，因為您可以產生現金收益並提高績效。

To the remaining portfolio just to your question there, so we've already also begun work on identifying additional opportunities for portfolio optimization. There's a modest group of other non-core owned assets that we believe can be monetized. To further unlock value. So, we're looking at that and as you and obviously that is looking at occupancy rates, performance, NOI opportunities, etc.

對於剩餘的投資組合，正如您剛才所問的，我們已經開始著手尋找投資組合優化的其他機會。我們相信，還有一小部分其他非核心資產可以貨幣化。進一步釋放價值。因此，我們正在研究這一點，正如您所說，顯然我們正在研究入住率、性能、NOI 機會等。

Markets, we take a variety of factors to look at, but that is something we're actively working on. It's too early for us to share additional details on that next group of assets, but it is something that we're really focused on.

我們會考慮多種市場因素，但這是我們正在積極努力的事情。現在分享下一組資產的更多細節還為時過早，但這是我們真正關注的事情。

Got it. I appreciate the call. So, just to clarify, so none of the, disposition, benefits from, either from an EB Dell cash flow perspective is in the guidance, right?

知道了。我很感謝你的來電。因此，只是為了澄清一下，從 EB Dell 現金流的角度來看，沒有任何處置收益在指導範圍內，對嗎？

Correct.

正確的。

Okay. My second question is for Denise. Could you share with us your thoughts on the CEO search? What kind of experience and skills that is the board prioritizing today and how should we think about the shifting business strategy going forward?

好的。我的第二個問題是問丹尼斯的。能和我們分享一下您對 CEO 搜尋的看法嗎？董事會目前優先考慮什麼樣的經驗和技能，我們該如何看待未來轉變的商業策略？

Yes, I can do that. So, as I stated in my remarks, we have, we started late last fall working with Spencer Stewart outlining succession planning that the company might need.

是的，我可以這麼做。因此，正如我在演講中所說，我們從去年秋末開始與 Spencer Stewart 合作，概述公司可能需要的繼任計劃。

And so when we are looking at the candidates, which we've already had a good look at about I think 15 or 16 candidates already. And the board search committee is in the process of narrowing those down into the ones that we want to interview and to push forward through the process.

因此，當我們考察候選人時，我們已經仔細考察了大約 15 或 16 名候選人。董事會遴選委員會正在縮小範圍，選擇我們想要面試的人員，並推動其順利完成遴選程序。

So, we are really looking for someone that can give us the operational expertise because we do believe there's a lot more work that can be done on the operations down at the community level while at the same time getting someone that has the strategic vision that can really propel Brookdale into the future that can look out and see what Brookdale will be in 5 to 10 years.

因此，我們確實在尋找一個可以為我們提供營運專業知識的人，因為我們確實相信在社區層面的營運方面還有很多工作要做，同時尋找一個具有戰略眼光的人，可以真正推動布魯克戴爾走向未來，可以展望布魯克戴爾在未來 5 到 10 年的發展方向。

Got it. Thank you.

知道了。謝謝。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

Hi, good morning. Thanks so much for taking the question. So I guess first, just to clarify, so you, raise your EBITDA guidance, by $7.5 million. So, is that essentially for your outperformance in the first quarter?

嗨，早安。非常感謝您回答這個問題。所以我想先澄清一下，您將 EBITDA 指導價提高了 750 萬美元。那麼，這是否意味著您在第一季的出色表現？

That's exactly right, Joanna. When we looked at our outperformance in the first quarter, our occupancy was down 10 basis points when you'd normally see it down 70basis to 80 basis points. So, we saw that favorability in our occupancy and then of course our expense management. And so as we looked at that outperformance, we certainly re-forecasted the full year and lifted the felt comfortable lifting the range by 2%.

完全正確，喬安娜。當我們回顧第一季的優異表現時，我們發現我們的入住率下降了 10 個基點，而通常入住率會下降 70 到 80 個基點。因此，我們在入住率和費用管理方面都看到了良好的表現。因此，當我們看到這種優異表現時，我們肯定會重新預測全年業績，並將舒適度的增幅範圍提高 2%。

Now the one thing that I would add is that there is, and we're acknowledging as we thought about the guide or the guidance raised, there is a backdrop of macroeconomic uncertainty that we certainly didn't ignore, just acknowledging where we're at and what that impact could potentially be on the full year just because there's a lot of unknown.

現在我想補充一點，我們在思考指南或提出的指導意見時承認，存在宏觀經濟不確定性的背景，我們當然不會忽視這一點，只是承認我們目前的狀況以及這種不確定性可能對全年產生什麼影響，因為還有很多未知因素。

But we're very optimistic about our plans and wanted to balance that with, the global uncertainty with our with our forecast.

但我們對我們的計劃非常樂觀，並希望透過我們的預測來平衡全球不確定性。

That was my other follow up on that comment about macro factors. It sounds like you're a little bit more cautious there as you look out, but is there something that you see currently, say, in April, I mean it sounds like occupancy in April was very good, so it's really hard to say, but Is there something you already see, or is it more sort of like things might, kind of I guess turn for the worst during the season that's usually very busy for senior housing right during the summer months from June through I guess September.

這是我對宏觀因素評論的另一個後續後續。聽起來您在觀察時要更加謹慎一些，但是您目前看到的情況是否有些不同，比如說，在四月份，我的意思是，聽起來四月份的入住率非常好，所以這真的很難說，但是您是否已經看到了一些不同，或者更像是在從六月到九月的夏季月份，老年人住房通常非常繁忙，情況可能會變得更糟。

So, that that's how you're thinking about it, that as of now you're not seeing it, but things might change and that that's going to be during the time when the time that's actually critical.

所以，這就是你的想法，到目前為止你還沒有看到它，但事情可能會發生變化，而且那將發生在真正關鍵的時刻。

Joanna, that's exactly right. I think just acknowledging the level of macroeconomic uncertainty, I would again point to, as you did, our April occupancy was up 30 basis points sequentially and 90 basis points year every year. The last time we saw April occupancy with that level of favorability was coming out of the pandemic, so we obviously were pleased with that.

喬安娜，完全正確。我認為，只要承認宏觀經濟的不確定性水平，我就會再次指出，正如您所說，我們 4 月份的入住率環比上升了 30 個基點，同比上升了 90 個基點。我們上次看到四月的入住率達到如此高的水平是在疫情結束後，所以我們顯然對此感到高興。

We will continue to stay focused on, our expense management, but making sure that we are cautious as we thought about our guidance for the full year.

我們將繼續專注於費用管理，但在考慮全年指導時務必謹慎。

Thank you. And if I may last follow up on these SWAT teams and sounds like you getting already some traction and you're seeing any Q1 results on the occupancy front. So, can you give us some exact examples of what exactly was done differently that was not done before in this particular community that allowed, I guess what you call, some early indication of success there. Thank you.

謝謝。如果我可以最後跟進這些特警隊，聽起來你已經獲得了一些進展，並且看到了入住率方面的任何第一季結果。那麼，您能否給我們舉一些具體的例子，說明這個特定的社區究竟做了哪些以前沒有做過的不同的事情，這些事情，我想您稱之為，在那裡取得了一些成功的早期跡象。謝謝。

Yes, I think I think what I would say is we certainly have, as you have a SWAT team and focus on something removing of barriers as Chad talked about, some of the fresh impression or the CapEx deployment or the speed at which a role is filled or the speed at which we've moved on pricing, I think removing some of the barriers is probably the biggest thing that I would point to just because as you have one group focused and available to react.

是的，我想說的是，我們確實有，因為你有一個特警隊，專注於消除一些障礙，正如查德所說的那樣，一些新的印像或資本支出部署或填補職位的速度或我們制定定價的速度，我認為消除一些障礙可能是我要指出的最重要的事情，因為你有一個專注並隨時準備做出反應的團隊。

Quickly on 619 properties that we had 65 communities in the group that was helpful in getting results quicker. Well.

我們快速地在 619 處房產上建立了 65 個社區，這有助於更快地獲得成果。出色地。

And importantly, we're taking the learnings that we had from that group and rolling that out to additional communities so that we can further accelerate our occupancy improvement, and that is something we're all committed to as a management team to continuing to improve our operating results. We're very pleased with where we were in the first quarter and the progress we're making. And that was a big part of it with the early impressive results from that first work group, and, we're moving forward.

重要的是，我們正在將從該小組獲得的經驗推廣到其他社區，以便我們能夠進一步加快入住率的提高，作為管理團隊，我們都致力於繼續改善我們的經營業績。我們對第一季的表現和取得的進展感到非常滿意。這是其中很重要的一部分，第一個工作小組早期取得了令人印象深刻的成果，我們正在繼續前進。

And I guess those actions are sustainable. I think like once the SWAT team is gone, whatever they kind of identify and that I mean I understand like, caps being deployed like that's sustainable, but maybe these other items like, how sustainable those changes are. Thank you.

我認為這些行動是可持續的。我認為，一旦特警隊離開，無論他們識別出什麼，我的意思是，我理解，像這樣部署的帽子是可持續的，但也許這些其他項目，例如，這些變化的可持續性如何。謝謝。

We think that they absolutely are sustainable. We think that you know the reaction that we have, or if we, if we've done like a common area of renovation like that, those are things that are long term and helpful and you know I think that we think that everything that it would be absolutely sustainable, which is why we're scaling it.

我們認為它們絕對是可持續的。我們認為，你知道我們的反應，或者如果我們對這樣的公共區域進行了改造，這些都是長期且有益的事情，你知道我認為我們認為這一切都是絕對可持續的，這就是我們擴大規模的原因。

Thank you.

謝謝。

Thanks, Joanna.

謝謝，喬安娜。

Josh Raskin, Nephron Research.

Josh Raskin，Nephron Research。

Hi, thanks. Good morning. The big picture question to start with, can you speak to the process around, strategy and operational improvements and sort of who's leading that charge, how that's being done, and also how does this ongoing CEO search impact that? Does that, accelerate the need to make changes before, or is there some, thought around slowing things down to incorporate the new CEO, etc.

你好，謝謝。早安.首先要問的一個大問題是，您能否談談相關的流程、策略和營運改進，以及誰在領導這項工作、這項工作是如何進行的，以及正在進行的執行長搜尋將如何影響這項工作？這是否會加速做出改變的需要，或者是否有人考慮放慢速度以適應新執行長等。

Yes, I can start and then Denise or Chad can add if they feel, but I think the office of the CEO, the strategy has not changed from focusing on occupancy and growth.

是的，我可以開始，然後如果 Denise 或 Chad 覺得合適，他們也可以添加，但我認為執行長辦公室的策略並沒有從關注入住率和成長上改變。

What I would say is the office of the CEO Chad and I are on the ground working through with the operations team in the back office to ensure that we haven't lost focus, to ensure that we are meeting more regular meeting regularly in order to make sure that we have visibility into the results as we're looking at the operational deployment of some of the strategies that Denise talked about the broader team.

我想說的是，執行長查德和我正在實地與後台的營運團隊合作，以確保我們沒有失去重點，確保我們定期舉行更定期的會議，以確保我們在研究丹尼斯談到的更廣泛團隊的一些策略的運營部署時能夠了解結果。

Very excited and very engaged, and I think that as a management group we are very focused on moving forward and again that is the day to day with Chad and I. Denise is in the office every day as well, focusing a lot on that high level and moving forward with some of the initiatives that she talked about as well and making sure that the teams are motivated and have the tools that they need in order to move forward.

非常興奮，非常投入，我認為作為一個管理團隊，我們非常專注於向前發展，這也是我和查德每天要做的事情。丹尼斯每天也在辦公室，非常關注高層事務，推進她談到的一些舉措，確保團隊有動力，並擁有向前發展所需的工具。

Alright, sounds like a sounds like a team sport.

好吧，聽起來像是一項團隊運動。

Yes, very much. This is Denise, Josh.

是的，非常喜歡。這是丹尼斯，喬希。

It very much is a team sport. One of the things I have has been amplified since I've been here, and this is my 4th week is how great the team is. We have an exceptional leadership team, and they work very well together. They're excited. They're engaged, and everybody is pushing forward, changes we make will be tweaks to operations like the high opportunity response teams.

這在很大程度上是一項團隊運動。自從我來到這裡，我感受到的其中一件事就是，這已經是我在這裡的第四週了，那就是這支球隊有多棒。我們擁有一支出色的領導團隊，他們合作得非常好。他們很興奮。他們參與其中，每​​個人都在努力前進，我們所做的改變將是對高機會回應團隊等營運的調整。

They will start to have a true operations person engaged in that team. And we will be digging deeper down into those communities for the true operational improvements which to I believe Joanna's question earlier of the sustainability of that initiative.

他們將開始讓真正的營運人員加入團隊。我們將深入這些社區，尋求真正的營運改進，我相信喬安娜之前提出的問題是該舉措的可持續性。

So, we will do that, we are working very closely with Teddy and his team on portfolio optimization. There are assets in the portfolio. That would be better owned by someone else or have a different lessee and so we will be working on pulling that together.

所以，我們會這樣做，我們正在與泰迪和他的團隊密切合作，進行投資組合優化。投資組合中有資產。最好將其歸他人所有或由其他承租人承租，因此我們將努力將其整合在一起。

We did have great results from the Hort in the first quarter and I think by embedding more operations folks into that and looking at the next segment of opportunity will really push us forward and drive it. My background is operations and finance, and so I guess for now I'm the operations person that will push that forward. On the CEO search. We think it will take 6 months.

我們在第一季確實從 Hort 獲得了出色的業績，我認為透過讓更多的營運人員參與其中並尋找下一個機會領域將真正推動我們前進並推動它。我的背景是營運和財務，所以我認為現在我是推動這項進程的營運人員。尋找首席執行官。我們認為這將需要 6 個月。

I laugh and tell people I live on the beach and the view from my porch is a lot better than the view of the Brookdale parking lot, but I am here for the team and will be through the summer.

我笑著告訴人們我住在海灘上，從我家門廊看到的景色比布魯克代爾停車場的景色好多了，但我是為了球隊而來，而且我會在這裡度過整個夏天。

And so I'll probably get back home just in time for the wintertime, but that's okay because you know this is a great company and we have great people, we have great assets and we have so much intrinsic value that needs to be opened up and released here that it is worth spending my summer here.

所以我可能會在冬天之前回家，但沒關係，因為你知道這是一家偉大的公司，我們擁有優秀的人才，我們擁有巨大的資產，我們擁有如此多的內在價值需要在這裡開發和釋放，所以值得我在這裡度過夏天。

All right, I'm a fan of Nashville, so I'll put that in there. But my more micro question is the magnitude of these pricing, these piloting, the new promotions, to boost the occupancy in select communities like is there a way to give us some sense of magnitude, like number of months of rent and, just any sort of parameters that you have in terms of what it takes to induce more occupancy in some of these select communities you talked about.

好吧，我是納許維爾的粉絲，所以我會把它放在那裡。但我更微觀的問題是，這些定價、這些試點、新的促銷活動的規模，對於提高特定社區的入住率，有沒有辦法讓我們對規模有一定的概念，比如租金的月數，以及任何您所說的在特定社區中提高入住率所需的參數。

Josh, what I would say it's more targeted.

喬希，我想說的是，它更有針對性。

I would say that we are conscious of, as I mentioned before, pricing up or down. I think that it is more targeted and that we're looking at where is our rate where we have the opportunity to do some pricing. That's one of the things I would mention to mention about on the high opportunity where we were at a little bit of a higher than our consolidated rate in order to make sure that we could reduced rate to again protect our REVpar, ensuring that our rate was in excess of our expense growth.

我想說的是，正如我之前提到的，我們意識到價格上漲或下跌。我認為它更有針對性，我們正在關注我們的利率在哪裡，我們有機會進行一些定價。這是我想提到的關於高機會的事情之一，我們的利率略高於合併利率，以確保我們能夠降低利率以再次保護我們的 REVpar，確保我們的利率超過我們的費用增長。

It's one of the things that we're highly focused on, so I wouldn't over index on the efforts that we have. We always have ongoing efforts on re-pricings and we've been doing that for a year. I think for the years.

這是我們高度關注的事情之一，因此我不會過度強調我們所做的努力。我們一直在不斷努力進行重新定價，並且已經這樣做了一年。我想了很多年。

I would just say it's maybe a little bit more targeted and accelerated a little bit more, but I wouldn't over index on that.

我只是想說，它可能更有針對性，加速性更強，但我不會對此過度關注。

Okay thanks.

好的，謝謝。

And this concludes the Q&A session and today's conference call.

問答環節和今天的電話會議到此結束。

Thank you for your participation. You may not just connect.

感謝您的參與。您可能不只是連線。