Brookdale Senior Living Inc (BKD) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Brookdale Senior Living first quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位參與，歡迎收聽 Brookdale Senior Living 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Mike Grant, Brookdale's Vice President of Investor Relations. Mike, please go ahead.

現在我將把會議交給 Brookdale 投資人關係副總裁 Mike Grant。Mike，請開始。

Thank you, operator. Good morning, everyone, and welcome to Brookdale Senior Living's first-quarter 2026 earnings call. Participating on today's call are Nick Stengle, Brookdale's Chief Executive Officer; Dawn Kussow, our Executive Vice President and Chief Financial Officer; and Chad White, our Executive Vice President, General Counsel, and Secretary.

謝謝，接線員。各位早安，歡迎收聽 Brookdale Senior Living 2026 年第一季財報電話會議。今天參與電話會議的有 Brookdale 執行長 Nick Stengle；執行副總裁暨財務長 Dawn Kussow；以及執行副總裁、總法律顧問兼公司秘書 Chad White。

On today's call, we will discuss first quarter 2026 results, as well as our financial guidance for the 2026 year. We'll also provide other general business updates.

在今天的電話會議中，我們將討論 2026 年第一季的業績表現，以及我們對 2026 年度的財務指引。我們也會提供其他一般性的業務更新。

During today's call, our remarks, including our answers to your questions, will include forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act. These statements are made as of today's date, and we expressly disclaim any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements.

在今天的電話會議中，我們的發言（包括對各位提問的回答）將包含依據《私人證券訴訟改革法》安全港條款所作的前瞻性陳述。這些陳述係以今日日期為準，我們明確聲明未來不負有更新這些陳述之任何義務。實際結果與表現可能與前瞻性陳述存在重大差異。

Certain of the factors that could cause actual results to differ are detailed in the earnings release we issued after market yesterday, as well as in our Securities and Exchange Commission filings, including the risk factors described in our annual report on Form 10-K and quarterly reports on Form 10-Q. I direct you to the earnings release for the full Safe Harbor statement.

可能導致實際結果不同的部分因素，已詳載於我們昨日收盤後發布的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的文件中，包括我們 Form 10-K 年報與 Form 10-Q 季報所述之風險因素。完整的安全港聲明請參閱該財報新聞稿。

Also, please note that during this call, management will discuss non-GAAP financial measures. For reconciliations of each non-GAAP. Measure to the most comparable GAAP measure, I direct you to the earnings release and to the company's quarterly supplemental financial information, which may be found at brookdaleinvestors.com and was furnished on an 8-K yesterday.

另外請注意，在本次電話會議中，管理團隊將討論非 GAAP 財務衡量指標。關於各項非 GAAP指標與最可比 GAAP 指標之調節表，請參閱財報新聞稿以及公司季度補充財務資訊；該資訊可於 brookdaleinvestors.com 查閱，並已於昨日以 8-K 形式提供。

With that, it is my pleasure to turn the call over to our CEO, Nick Stengle.

接下來，我很榮幸把電話會議交給我們的執行長 Nick Stengle。

Thank you, Mike, and good morning, everyone. I appreciate you for joining us on today's call and for your interest in Brookdale. Before I get into the details of the quarter, I would like to highlight that I have been Brookdale's CEO for just over seven months.

謝謝你，Mike，各位早安。感謝各位今天加入我們的電話會議，並關注 Brookdale。在我進入本季細節之前，我想先強調，我擔任 Brookdale 執行長至今剛超過七個月。

During this time, we have continued the transformational pivot that began nearly a year ago towards Brookdale being, first and foremost, an operating company, while also acknowledging and taking advantage of the fact that we are a company that is built upon a foundation of specialized senior housing real estate that is becoming increasingly scarce with each passing quarter.

在這段期間，我們持續推進近一年前開始的轉型轉向：讓 Brookdale 首要成為一家營運型公司；同時也認知並善用我們建立在專業高齡住宅不動產基礎之上的事實，而這類資產隨著每一季過去正變得愈發稀缺。

Brookdale's pivot has included meaningful changes in our structure, which in turn define the company that we are. While some of these changes were temporarily disruptive during the fourth quarter and the first couple of months of 2026, as any structural change can be, they are absolutely critical in properly positioning our company for this very moment and for the future.

Brookdale 的轉向包含對我們組織架構的重大調整，而這些調整也反過來界定了我們是一家什麼樣的公司。雖然其中部分變革在 2025 年第四季與 2026 年前兩個月如同任何結構性變革一樣，曾帶來短暫的干擾，但它們對於在此刻以及未來正確定位公司而言至關重要。

As I will describe in more detail shortly, we are already seeing the positive impacts of these changes in our March and April results, and those results give us renewed confidence in the annual guidance and multi-year projections we presented earlier this year. Let me recap some of these changes.

如我稍後將更詳細說明，我們已在 3 月與 4 月的結果中看到這些變革帶來的正面影響，而這些結果也讓我們對今年稍早提出的年度指引與多年期預測重拾信心。我先回顧其中幾項變革。

First, in October, we implemented our regional leadership structure and redefined reporting relationships at all levels of our company. We created six geographic regions, each led by a single regional vice president of operations and a dedicated regional leadership team encompassing all the key functions of a senior living company. We repositioned ourselves in effect as six companies of roughly 85 communities each, while still supported with the resources available from our corporate headquarters team.

第一，10 月我們導入區域領導架構，並重新定義公司各層級的匯報關係。我們設立六個地理區域，每個區域由一位營運區域副總裁與一個專屬的區域領導團隊帶領，涵蓋高齡生活公司所有關鍵職能。我們實質上將自身重新定位為六家公司、每家約 85 個社區，同時仍由公司總部團隊提供資源支援。

Second, in November, we hired Mary Sue Patchett to the role of Chief Operating Officer, Brookdale's first COO in over a decade. Then, in short order, we further bolstered our operations first approach by formally aligning the operating model at every layer of the company. Practically, this means that our operations team, our sales team, and our clinical team share a common structure and alignment at every level of the company.

第二，11 月我們聘任 Mary Sue Patchett 擔任營運長（COO），這是 Brookdale 十多年來首次設置 COO 一職。隨後不久，我們進一步強化「營運優先」的作法，正式在公司各層級對齊營運模式。實務上，這表示我們的營運團隊、銷售團隊與臨床團隊在公司各層級都採用一致的架構與對齊方式。

At the executive level, this means that our head of sales and head of clinical now both report into our COO. This improved structure makes a clear connection with a single line of enablement and a single line of accountability from our executive leadership team, namely me as the CEO, down into each of our communities.

在高階主管層級，這表示我們的銷售主管與臨床主管現在都向 COO 匯報。這項改善後的架構，從高階領導團隊（也就是我這位執行長）到各個社區，建立了清楚的單一賦能線與單一責任線。

With this significant reorganization, many of our community executive directors and other key field leaders experience the change in their reporting relationships. While absolutely critical for our future success, there is no doubt that the cumulative effect of all these changes did temporarily impact our results in Q4 and early Q1.

在這次重大重組之下，我們許多社區執行主任與其他關鍵前線領導者的匯報關係都經歷了變動。雖然這對我們未來成功絕對至關重要，但毫無疑問，所有這些變革的累積效應確實在 2025 年第四季與 2026 年第一季初期對我們的結果造成了短暫影響。

In February, we also created a new position and hired our senior vice president of strategic operations. This new role consolidates three critical facets of any senior living company: our pricing, our labor management, and our capital deployment under a single, accountable leader.

2 月，我們也新增一個職位並聘任策略營運資深副總裁。這個新職務將高齡生活公司三個關鍵面向整合於單一、具責任歸屬的領導者之下：定價、人力管理，以及資本配置。

Through all of this, we have also continued to dispose of the leased and owned communities that were previously announced, as well as exiting much of our third-party managed business that I will describe in further detail shortly. From the start of 2025 through today, Brookdale has exited from over 100 communities, including owned, leased, and managed, and that represents a lot of work and a lot of distraction for all our leaders.

在推進上述各項工作之際，我們也持續處分先前已公告的租賃與自有社區，並退出我稍後將進一步說明的多數第三方管理業務。自 2025 年初至今，Brookdale 已退出超過 100 個社區（包含自有、租賃與受託管理），這對所有領導者而言代表大量工作與相當程度的分心。

In short, after a year of near constant change, not to mention me stepping in as the third CEO to serve in that time period, the table is now set for Brookdale to fully capitalize on the supply and demand realities that exist in the senior living industry. We have the team we want, and we have the portfolio of communities we want.

總而言之，在近一年幾乎持續不斷的變革之後，更不用說我在該期間接任成為第三位執行長，如今 Brookdale 已準備就緒，能充分把握高齡生活產業供需現實所帶來的機會。我們擁有想要的團隊，也擁有想要的社區組合。

For all these reasons, we remain confident in our 2026 annual guidance of 8% to 9% RevPAR growth and adjusted EBITDA range of $502 million to $516 million. As well as with our multi-year growth outlook of mid-teens annual growth of adjusted EBITDA.

基於上述原因，我們仍對 2026 年全年指引保持信心：RevPAR 成長 8% 至 9%，以及調整後 EBITDA 介於 5.02 億至 5.16 億美元。同時也對我們多年期成長展望保持信心：調整後 EBITDA 年增率為十幾個百分點的中段水準。

Now jumping to our results. The quarter's occupancy got off to a slower start in January and into February. While facing the seasonal slowdown that typically occurs in these months, this year we also faced a combination of atypical events, including two meaningful winter storms, absorption of the significant annual in-place rate increase we implemented effective January 1, and our numerous ongoing leadership and structural changes and initiatives that I just described.

接著談我們的業績表現。本季入住率在 1 月及延續到 2 月的開局較為緩慢。除了面臨這幾個月份通常出現的季節性放緩之外，今年我們也遭遇多項非典型事件的組合，包括兩場影響顯著的冬季風暴、我們自 1 月 1 日起實施的顯著年度既有費率上調之消化，以及我剛才所描述的多項持續進行中的領導與結構性變革與措施。

Our consolidated first-quarter occupancy of 82.1% improved by 280 basis points over the prior year's first quarter. On the same community basis, our first-quarter occupancy was 82.7%, up 170 basis points from 81.0% in the prior year quarter.

我們合併口徑的第一季入住率為 82.1%，較去年第一季提升 280 個基點。以同店口徑計算，我們第一季入住率為 82.7%，較去年同期的 81.0% 上升 170 個基點。

Looking ahead, the key selling season in senior housing is roughly May through September. Historically, April occupancy tends to be up slightly sequentially, but this year we experienced a relatively stronger April.

展望未來，高齡住宅的關鍵銷售旺季約落在 5 月至 9 月。歷史上，4 月入住率通常會較前一月略為上升，但今年我們的 4 月表現相對更強。

As we included in our earnings release, April consolidated occupancy increased 30 basis points sequentially to 82.3% on a consolidated basis, while we improved 30 basis points to 82.8% on a same community basis. This strengthening occupancy in April is reflective of improved execution tied to the organizational changes we have made in continuing overall strengthening in market conditions.

如同我們在財報新聞稿中所述，4 月合併口徑入住率較前一月上升 30 個基點至 82.3%；同店口徑亦提升 30 個基點至 82.8%。4 月入住率的走強，反映出我們所做的組織調整帶來更佳的執行力，以及市場環境持續整體改善。

Switching to the expense side, labor and other facility operating expenses declined year over year along with our reduction in units. But also showed minor deleveraging as a percent of revenue based on lower occupancy and also due to the pace of changes at Brookdale, including our new operations' organizational structure, our ERP implementation, and the many changes to our leadership team. Frankly, our expense and productivity management during the first two months of the quarter were negatively impacted by all of these changes, and we have taken decisive action steps.

轉向費用端，隨著我們單位數量的減少，勞動力及其他設施營運費用亦較去年同期下降。但由於入住率較低，以及 Brookdale 變革推進的節奏（包括我們新的營運組織架構、ERP 導入，以及領導團隊的多項變動），以營收百分比計也出現了輕微的去槓桿化。坦白說，本季前兩個月我們在費用與生產力管理上受到上述變動的負面影響，而我們已採取果斷的行動措施。

We are already seeing the initial positive impact of our efforts as our senior housing operating margin for March was on target after lagging our budget for the first two months of the quarter. We also made progress on overtime and contract labor sequentially, and there's more opportunity ahead to improve labor utilization as occupancy continues to grow.

我們已經看到努力帶來的初步正面影響：在本季前兩個月落後預算之後，3 月的高齡住宅營運利潤率已達到目標。我們在加班與派遣/合約勞務方面也較前期有所改善，且隨著入住率持續成長，未來仍有更多機會提升人力運用效率。

Additionally, the winter storms, which impacted our occupancy as previously discussed. Also impacted us on the cost side through elevated utility expenses, repair and maintenance expenses, including general repairs, snow removal and tree work, and also food expenses. Total direct additional costs from the storm were approximately $3 million to $4 million during the quarter.

此外，先前提到的冬季風暴影響了我們的入住率。也在成本端對我們造成影響，導致公用事業費用、修繕與維護費用（包括一般修繕、除雪與樹木處理）以及餐飲費用上升。本季因風暴造成的直接額外成本合計約為 300 萬至 400 萬美元。

Next, I would like to take a moment to discuss our managed portfolio. While it is a small portion of our revenue and operating income, it will be helpful to provide some additional color. For some background, in managed communities, the manager earns a fee, typically a mid-single-digit percentage of revenue, meaning that the manager does not participate at a meaningful economic level in the upside or downside of a given community.

接下來，我想花點時間說明我們的受託管理投資組合。雖然其占我們營收與營業利益的比重不大，但補充一些背景資訊將有助於理解。作為背景，在受託管理社區中，管理方收取管理費，通常為營收的中個位數百分比，這意味著管理方在單一社區的上行或下行中，並不會在經濟層面實質參與。

As our longer-term holders know, we have actively decreased our participation in managed contracts from 229 managed communities at the end of 2017 to just 7 communities as of today, and we expect to reduce that number even further. As a result of our reduction of managed communities, you will see that during the first quarter, we booked an exit fee of $2.5 million in management fees. Looking forward, we anticipate management fees to be roughly $1 million for the remainder of 2026.

如長期持有人所知，我們已積極降低受託管理合約的參與度，從 2017 年底的 229 個受託管理社區降至目前僅 7 個社區，且我們預期還會進一步降低。由於受託管理社區的縮減，您將看到在第一季我們認列了 250 萬美元的管理費退出費用。展望未來，我們預期 2026 年剩餘期間的管理費約為 100 萬美元。

We have already taken internal steps to ensure that our organizational structure and our G&A are right sized to account for this reduction in management fees. And we don't expect any impact to our adjusted EBITDA guidance from this change.

我們已在內部採取措施，確保組織架構與一般及行政費用（G&A）能配合管理費縮減而適度調整規模。我們也不預期此變動會對我們的調整後 EBITDA 指引造成任何影響。

Factoring in all the items I've just highlighted, Brookdale's adjusted EBITDA improved 5.6% over the first quarter of 2025, despite a 14% year-over-year decrease in our weighted average consolidated unit count. Additionally, it is important to note that the underlying performance was better than that as the first quarter of 2025 benefited from early G&A rationalization that we took in advance of the revenue reduction that occurred later in the year with our planned dispositions of communities.

綜合我剛才強調的所有事項，儘管我們的加權平均合併單位數較去年同期下降 14%，Brookdale 的調整後 EBITDA 仍較 2025 年第一季提升 5.6%。此外，重要的是要注意，基本面表現其實優於此，因為 2025 年第一季受惠於我們在當年稍後因計畫性處分社區而導致營收下降之前，提前進行的早期 G&A 精簡措施。

Per my comments on management fees and additional G&A rationalization, the second quarter's adjusted EBITDA growth will be in a similar range to that of the first quarter, and then we expect more robust improvement in the second half of the year. We have added a slide 12, to our quarterly investor presentation that speaks to the pacing of quarters in 2026. Again, we remain confident with our guidance of 8% to 9% RevPAR growth and $502 million to $516 million of adjusted EBITDA for the full year of 2026.

依我對管理費與額外 G&A 精簡的說明，第二季的調整後 EBITDA 成長將與第一季大致相近，之後我們預期下半年將有更強勁的改善。我們在季度投資人簡報中新增了第 12 頁投影片，說明 2026 年各季度的節奏。再次強調，我們仍對 2026 全年 RevPAR 成長 8% 至 9%，以及調整後 EBITDA 為 5.02 億至 5.16 億美元的指引充滿信心。

Turning now to our service delivery, Brookdale continues to define excellence in senior living. In early April, Brookdale had 294 of our communities recognized for the Best Senior Living Award by US News and World Report. This is the fifth consecutive year that Brookdale has garnered the most awards of any senior living operator. We're incredibly proud of this recognition, and we are thankful to our over 30,000 community associates who deliver this outstanding level of service every day.

接著談到我們的服務交付，Brookdale 持續在高齡生活領域定義卓越標準。4 月初，Brookdale 有 294 個社區獲《美國新聞與世界報導》（US News and World Report）頒發「最佳高齡生活獎」（Best Senior Living Award）。這是 Brookdale 連續第五年獲得所有高齡生活營運商中最多的獎項。我們對此肯定深感自豪，也感謝超過 30,000 名社區同仁每天提供如此卓越的服務水準。

In addition to this external validation, Brookdale's internally tracked metrics also have continued to strengthen. Our February and March 2026 trailing 12-month Net Promoter Scores, or NPS, were our highest levels achieved since we resumed monthly surveys following the COVID pandemic in 2022.

除了外部的肯定，Brookdale 內部追蹤的指標也持續走強。我們 2026 年 2 月與 3 月的過去 12 個月淨推薦值（Net Promoter Scores，NPS）達到自 2022 年在 COVID 疫情後恢復每月調查以來的最高水準。

Similarly, our associate turnover and key three leader turnover have continued to improve and are now the lowest since the beginning of the COVID pandemic. These improved metrics are indicative of the success of our recent organizational changes and the cultural transformation we have undertaken. Taken together, they are leading indicators of the accelerating improvement in resident satisfaction, occupancy, and operating margin that we expect over the remainder of the year.

同樣地，我們的員工流動率以及三個關鍵領導職位的流動率也持續改善，並已降至自 COVID 疫情開始以來的最低水準。這些改善的指標顯示我們近期組織調整與所推動的文化轉型已見成效。綜合而言，這些都是領先指標，預示我們預期在今年剩餘期間，住戶滿意度、入住率與營運利潤率將加速改善。

At Brookdale, we are truly excited for our future, both this year and in the coming years. Equally, we are appreciative for each of our residents, associates, and shareholders for your trust in our team. As a company, we remain on track to unlock the intrinsic value of Brookdale's specialized services and real estate assets.

在 Brookdale，我們對今年以及未來幾年的發展前景感到非常振奮。同時，我們也感謝每一位住戶、同仁與股東對我們團隊的信任。作為一家公司，我們仍按計畫推進，以釋放 Brookdale 專業服務與不動產資產的內在價值。

I will now turn the call over to Brookdale CFO, Dawn Kussow, for more details on our financial performance and outlook.

接下來我將把電話會議交給 Brookdale 財務長 Dawn Kussow，請她進一步說明我們的財務表現與展望。

Thank you, Nick. This morning, I'll recap Brookdale's first quarter financial performance and our financial outlook for the year. I'll also discuss progress on our ongoing portfolio transition and other balance sheet improvements.

謝謝你，Nick。今天早上，我將回顧 Brookdale 第一季的財務表現，以及我們對今年的財務展望。我也會說明我們持續進行的投資組合轉型進展，以及資產負債表的其他改善。

Turning first to the first quarter financial results, comparing our first quarter 2026 to the prior year quarter, we grew our consolidated occupancy by 280 basis points to 82.1% and our same community occupancy by 170 basis points to 82.7%. The first quarter marked the 17th consecutive quarter that Brookdale has delivered 100 basis points or more of year-over-year consolidated occupancy growth.

先看第一季財務結果，將 2026 年第一季與去年同期相比，我們的合併入住率提升 280 個基點至 82.1%，同社區入住率提升 170 個基點至 82.7%。第一季是 Brookdale 連續第 17 個季度實現合併入住率年增至少 100 個基點。

Sequentially, our first quarter consolidated occupancy declined 40 basis points from the fourth quarter of 2025. Seasonally, the first quarter typically declines from the fourth quarter due to higher levels of flu and other winter illnesses, the impact of winter weather, holiday timing, and also as a result of our annual in-place rate increases, which occurs on January 1 each year.

就季比而言，我們第一季合併入住率較 2025 年第四季下降 40 個基點。從季節性來看，第一季通常會較第四季下滑，原因包括流感與其他冬季疾病較多、冬季天候影響、假期時間點，以及我們每年 1 月 1 日進行的年度在住費率調升所致。

Occupancy during the first quarter was modestly behind our expectations, reflecting the impact of the winter storms in the quarter. In contrast, our April occupancy sequential growth of 30 basis points was stronger than our historical average post-COVID April sequential occupancy improvement of 10 to 20 basis points. This level of sequential occupancy growth speaks to our improving execution under the new operating structure.

第一季入住率略低於我們的預期，反映本季冬季風暴的影響。相較之下，我們 4 月入住率季比成長 30 個基點，強於 COVID 後歷史平均的 4 月季比改善 10 至 20 個基點。這樣的季比入住率成長幅度，顯示在新的營運架構下，我們的執行力正在提升。

For the first quarter, resident fees of $722 million declined 7.1% from the first quarter of last year. The key factors underpinning the revenue decline versus last year were a 14.2% reduction in our consolidated average units, partially offset by an 8.2% RevPAR increase. As a reminder, we guided to 8% to 9% RevPAR growth for 2026 and were within that range to start the year.

第一季住戶費用收入為 7.22 億美元，較去年第一季下降 7.1%。與去年相比，營收下滑的主要因素為合併平均單位數減少 14.2%，部分被 RevPAR 成長 8.2% 所抵銷。提醒一下，我們對 2026 年的指引為 RevPAR 成長 8% 至 9%，而年初的表現落在該區間內。

We expect year-over-year RevPAR growth to accelerate over the remainder of the year based on improving community-level execution and the positive mix impact of dispositions. The 8.2% year-over-year increase in RevPAR was driven by a balance of rate improvement and the 280 basis point increase in weighted average occupancy. Note that the unit mix, which stems from our decision to exit a number of communities, including many that were underperforming, also positively impacted our reported RevPAR, leading to a consolidated RevPAR increase of 8.2% versus a same-community RevPAR increase of 5.5%.

我們預期在今年剩餘期間，隨著社區層級執行改善，以及處分帶來的組合結構正面影響，RevPAR 的年增率將加速。RevPAR 年增 8.2% 來自費率改善與加權平均入住率提升 280 個基點的共同推動。請注意，單位組合（源自我們退出若干社區、其中包含許多表現不佳社區的決策）也對我們揭露的 RevPAR 產生正面影響，使合併 RevPAR 增幅為 8.2%，而同社區 RevPAR 增幅為 5.5%。

Resident rate increases were also beneficial to the quarter, as revenue per occupied room, or RevPOR, essentially a realized pricing metric, increased 4.5% year over year. We successfully implemented a high single-digit in-place rate increase on January 1. Note that the first quarter of 2026 year-over-year RevPOR comparison was impacted by strategic rate concessions taken starting in the second quarter of 2025 to accelerate occupancy.

住戶費率上調亦對本季帶來助益，因為每間已入住客房收入（RevPOR）——本質上是一項已實現的定價指標——同比成長4.5%。我們已於1月1日成功實施現行費率的高個位數上調。請注意，2026年第一季RevPOR的同比比較受到影響，原因是我們自2025年第二季起採取策略性費率讓步以加速入住率。

Sequentially, our RevPOR grew 6% from the fourth quarter of 2025, reflecting the benefit from the rate increase. While we typically expect RevPOR to decline throughout a given year, for 2026, we expect our year-over-year RevPOR performance, especially for the second half of the year, to be better than our typical seasonal trends as we annualize concessions embedded in the prior year periods.

按季比較，我們的RevPOR較2025年第四季成長6%，反映了費率上調帶來的效益。雖然我們通常預期RevPOR在一年內會逐步下滑，但在2026年，我們預期RevPOR的同比表現（尤其是下半年）將優於我們典型的季節性趨勢，因為我們將前一年期間所包含的讓步進行年化。

Now let's turn to expenses. As Nick mentioned, the first quarter expense impact of significant winter storms was approximately $3 million to $4 million. On a consolidated basis, first quarter expense per occupied unit, or exPOR, increased 3.2% over the first quarter of 2025. Our 4.5% increase in RevPOR exceeded the 3.2% increase in exPOR, generating 130 basis point positive spread between realized revenue and expenses per occupied unit.

現在我們來看費用。如Nick所提到，第一季重大冬季風暴對費用的影響約為300萬至400萬美元。在合併基礎上，第一季每已入住單位費用（exPOR）較2025年第一季增加3.2%。我們RevPOR增加4.5%高於exPOR增加3.2%，使每已入住單位的已實現收入與費用之間產生130個基點的正向差距。

Beyond the storm impact, we did see modest same community margin compression due to the operating leverage impact of the seasonal occupancy decline. We expect a resumption of positive margin trends as we first, grow occupancy through the year, and second, move lower occupied communities up the occupancy bands and realize the associated operating income flow-through.

除風暴影響外，由於季節性入住率下滑帶來的營運槓桿效應，我們確實看到同社區利潤率出現溫和壓縮。我們預期利潤率將恢復正向趨勢：第一，全年提升入住率；第二，將入住率較低的社區提升至更高入住率區間，並實現相應的營業利益流入。

On a consolidated basis, senior housing operating income grew 14% sequentially with margin expansion of 330 basis points. Year-over-year operating margin improved 80 basis points while operating income declined 4% on a 14% decline in units since the prior year.

在合併基礎上，資深住宅營運收入按季成長14%，利潤率擴張330個基點。同比而言，營運利潤率改善80個基點，但由於單位數較去年下降14%，營運收入下降4%。

Labor is our single largest cost item at 64% of total facility operating expenses during the quarter. First quarter, same community labor expense as a percent of revenue improved 20 basis points year over year. And we expect to realize additional leverage over labor costs as occupancy increases in coming quarters. We continue to make progress on reducing labor turnover and improving labor utilization. And we project a stable and predictable labor cost environment for 2026.

人力是我們最大的單一成本項目，本季占設施營運費用總額的64%。第一季，同社區人力費用占收入比重同比改善20個基點。且我們預期隨著未來幾季入住率提升，將在人力成本上實現更多槓桿效益。我們持續在降低人員流動率並改善人力運用效率方面取得進展。我們預估2026年的人力成本環境將保持穩定且可預測。

Other facility operating expenses increased 40 basis points as a percent of revenue on a same community basis. Utility costs were higher year over year, mainly from the storms, as were food expenses. We expect these costs to moderate during the year.

同社區口徑下，其他設施營運費用占收入比重增加40個基點。公用事業成本同比上升，主要源於風暴影響，餐飲費用亦有所增加。我們預期這些成本將在年內趨於緩和。

For the quarter, despite the $3 million to $4 million expense impact of the storms. We expanded our adjusted EBITDA by $7 million to $131 million, a 5.6% increase over the first quarter of 2025. As relates to the year-over-year expected mid-teens growth rate, recall that our 2026 mid-teens adjusted EBITDA growth guidance is from our 2025 baseline adjusted EBITDA of $445 million, not from the as-reported $458 million.

就本季而言，儘管風暴帶來300萬至400萬美元的費用影響。我們的調整後EBITDA增加700萬美元至1.31億美元，較2025年第一季成長5.6%。關於同比預期的中十位數成長率，請記得我們2026年中十位數調整後EBITDA成長指引是以2025年基準調整後EBITDA 4.45億美元為基礎，而非報表揭露的4.58億美元。

The $445 million baseline nets out the timing benefit of Brookdale's first-half 2025 G&A reduction associated with the planned Ventas community dispositions, which occurred during the third and fourth quarters of 2025. If we were to normalize G&A in the prior year to create a baseline quarter, our year-over-year increase in adjusted EBITDA for the first quarter would have been approximately 11%.

4.45億美元的基準已扣除Brookdale於2025年上半年因計畫處分Ventas社區而帶來的G&A（一般及行政費用）降低之時間性利益；該等處分發生於2025年第三與第四季。若我們將前一年G&A正規化以建立基準季度，則第一季調整後EBITDA的同比增幅約為11%。

General and administrative expense, excluding non-cash stock-based compensation expense, and transaction, legal and organizational restructuring costs, declined 3.8% year over year to $40.6 million for the first quarter. Recently we removed additional G&A costs to reflect both disposition activity as well as our scaled-back managed community portfolio.

第一季一般及行政費用（不含非現金股票基礎薪酬費用，以及交易、法律與組織重整成本）同比下降3.8%至4,060萬美元。近期我們進一步削減G&A成本，以反映處分活動以及我們縮減後的受託管理社區組合。

As you may have noted, the guidance provided in our updated investor deck now assumes $157 million in full-year G&A decrease from our previous guidance of $162 million. We expect to realize the incremental benefit of reducing G&A starting toward the end of the second quarter. With the most of the savings realized in the second-half of this year.

如各位可能注意到，我們更新後的投資人簡報所提供的指引，現假設全年G&A為1.57億美元，較先前指引的1.62億美元下調。我們預期自第二季末左右開始實現降低G&A的增量效益。且大部分節省將在今年下半年實現。

Cash facility operating lease payments during the first quarter of 2026 were $44.7 million, down a significant $12 million from $56.7 million in the prior year quarter, primarily as a result of the Ventas lease dispositions which occurred in the second half of last year, coupled with the contractual step up on lease payments on the retained Ventas leases.

2026年第一季的現金設施營運租賃付款為4,470萬美元，較去年同期的5,670萬美元大幅下降1,200萬美元，主要因去年下半年完成的Ventas租賃處分所致，並叠加保留之Ventas租賃依合約約定的租金階梯式上調。

Now I want to shift to Brookdale's progress on our portfolio optimization strategy, which includes the planned dispositions of non-strategic or underperforming owned and leased communities. We previously shared that we expect to sell 29 communities comprised of 2,364 units during 2026 with the majority of those transactions to occur during the second quarter.

接下來我想談談Brookdale在投資組合優化策略上的進展，該策略包括計畫處分非策略性或表現不佳的自有與租賃社區。我們先前分享過，預期在2026年出售29個社區、合計2,364個單位，其中多數交易將於第二季完成。

During the first quarter of this year, we completed the sale of seven communities with 330 units for proceeds of $22 million net of transaction costs. During the second quarter through today, we've closed on the sale of three additional communities comprising 545 units for $88 million in net proceeds. The dispositions of most of the remaining 19 communities, comprising 1,438 units, are tracking close during the second quarter, though a small number may close later in the year.

今年第一季，我們完成出售7個社區、共330個單位，扣除交易成本後淨收益為2,200萬美元。第二季截至今日，我們已完成出售另外3個社區、共545個單位，取得8,800萬美元淨收益。其餘19個社區（合計1,438個單位）中多數的處分案正按計畫在第二季接近完成交割，但少數可能會在今年稍晚完成。

We continue to estimate total proceeds for our planned community disposition in 2026 to be approximately $200 million. During the first quarter, we also exited two communities with 152 units through lease terminations. Once the remaining 19 dispositions are complete, we do not foresee significant changes to Brookdale's consolidated portfolio on a forward-looking basis.

我們仍估計2026年計畫社區處分的總收益約為2億美元。第一季我們亦透過終止租約退出2個社區、共152個單位。待其餘19項處分完成後，從前瞻角度看，我們預期Brookdale的合併投資組合不會再出現重大變動。

Looking ahead, we remain comfortable in Brookdale's ability to deliver both on our 2026 earning guidance and on our multi-year outlook through 2028 that we provided at our January Investor Day and reiterated on our previous earnings call. As a reminder for 2026, we expect to deliver 8% to 9% RevPAR growth and mid-teens adjusted EBITDA growth from our 2025 baseline of $445 million, a level that translates to $502 million to $516 million of 2026 adjusted EBITDA.

展望未來，我們仍對Brookdale有能力達成2026年獲利指引，以及我們在1月投資人日所提供並在上一季財報電話會議中重申的、至2028年的多年展望感到有信心。提醒一下，對於2026年，我們預期可實現RevPAR成長8%至9%，並以2025年基準4.45億美元為基礎達成中十位數的調整後EBITDA成長，對應2026年調整後EBITDA約為5.02億至5.16億美元。

Through 2028, we expect to maintain mid-teens adjusted EBITDA growth and we also believe we can decrease annualized leverage to below 6 times by the end of 2028. Our 2026 guidance sets forth annual targets. We describe our quarterly pacing outlook for units, RevPAR, and adjusted EBITDA for 2026 on slide 12 of our investor presentation.

至2028年，我們預期可維持中十位數的調整後EBITDA成長，並且我們也相信可在2028年底前將年化槓桿比率降至6倍以下。我們的2026年指引設定的是年度目標。我們在投資人簡報第12頁說明2026年單位數、RevPAR與調整後EBITDA的季度節奏展望。

Remember the comparability of the first two quarters of 2026 against 2025 periods are impacted by disposition activity, the timing of the related G&A cost savings, and managed business timing, which results in smaller growth rates on reported results for the first two quarters.

請記得，2026年前兩季相較於2025年同期的可比性會受到處分活動、相關G&A成本節省的實現時點，以及受託管理業務時點的影響，導致前兩季報表結果所呈現的成長率較小。

We expect our underlying business to still deliver the 2026 and multi-year growth that we have previously outlined. We just reported first quarter adjusted EBITDA year-over-year growth of 5.6%. We expect second quarter adjusted EBITDA growth versus the prior year as reported results to be in the low to mid-single-digit range.

我們預期我們的核心業務仍將實現先前所概述的2026年及多年成長。我們剛公布第一季調整後EBITDA同比成長5.6%。我們預期第二季調整後EBITDA相較去年同期的報表成長率將落在低至中個位數區間。

But remember, when baseline G&A timing in the prior year is considered, our growth would have been up in the low-double-digit range. Then with improved occupancy levels and the associated operating income flow-through and as cost initiatives take hold, year-over-year adjusted EBITDA growth in the third quarter is expected to return to our longer-term mid-teens growth rate level, and fourth quarter growth should be even stronger than that.

但請記住，若將前一年基準G&A的時點因素納入考量，我們的成長本會落在低雙位數區間。接著，隨著入住率水準改善及相關營業利益的流入效應，以及成本措施逐步發揮作用，預期第三季調整後EBITDA年增率將回到我們長期目標的中十位數成長水準，而第四季成長應會更強。

We expect other seasonal factors, as outlined on the last page of our investor deck, to remain consistent with historical trends, with the exception of RevPOR. RevPOR typically declines slightly over the course of the year. For 2026, we expect RevPOR to decline slightly in the second quarter, but then to remain relatively firm in the back half of the year, helped in part by the mixed impact of our dispositions.

我們預期其他季節性因素（如投資人簡報最後一頁所述）將與歷史趨勢一致，RevPOR除外。RevPOR通常在一年中會小幅下滑。對於2026年，我們預期RevPOR在第二季小幅下降，但在下半年將相對持穩，部分受惠於我們處分資產所帶來的混合影響。

As I mentioned earlier in my remarks, we now estimate general and administrative expense, excluding non-cash, stock-based comp, and transaction, legal, and restructuring costs of approximately $157 million, down from our previous estimate of $162 million for 2026. We continue to expect that cash facility operating lease payments should be approximately $180 million during 2026. And management fees for the second quarter through the fourth quarter to be a total of approximately $1 million.

如我先前在發言中提到，我們目前估計一般及行政費用（不含非現金、以股票為基礎的薪酬，以及交易、法律與重整成本）約為1.57億美元，較我們先前對2026年的估計1.62億美元下調。我們仍預期2026年現金設施營運租賃付款約為1.80億美元。而第二季至第四季的管理費合計約為100萬美元。

Looking now at the balance sheet, our annualized leverage continues to improve, and we finished the quarter at 8.8 times. As of March 31, 2026, Brookdale's total liquidity was $369 million.

再看資產負債表，我們的年化槓桿比率持續改善，本季末為8.8倍。截至2026年3月31日，Brookdale的總流動性為3.69億美元。

On the topic of leverage, I'd like to highlight that on March 31, we refinanced a significant portion of our remaining 2027 mortgage debt maturities, effectively extending those maturities to April 2033. Through this transaction, we obtained $185 million of non-recourse mortgage debt secured by seven of our communities, and we repaid $191 million of mortgage debt secured by 11 communities.

談到槓桿，我想強調的是，我們在3月31日為剩餘的2027年到期抵押貸款債務中相當大的一部分完成再融資，實質上將到期日延長至2033年4月。透過此交易，我們取得1.85億美元的無追索權抵押貸款債務，以我們七個社區作為擔保，並償還以11個社區作為擔保的1.91億美元抵押貸款債務。

We appreciate our banking partners for their confidence in our business and their ongoing support. Coupled with the refinancing of the entirety of our 2026 mortgage debt and another portion of our 2027 debt that we completed at the end of the fourth quarter of 2025, our team continues to proactively manage Brookdale's balance sheet and extend our more imminent maturities.

我們感謝銀行合作夥伴對我們業務的信心與持續支持。再加上我們於2025年第四季末完成的2026年全部抵押貸款債務，以及另一部分2027年債務的再融資，我們團隊持續主動管理Brookdale的資產負債表，並延長較近期的到期債務。

Adjusted free cash flow for the first quarter was a seasonal outflow of $12 million, reflecting, among other factors, use of cash for changes in working capital, including the payment of annual incentive compensation and an increase in non-development capital expenditures.

第一季調整後自由現金流為季節性流出1,200萬美元，反映（除其他因素外）因營運資金變動而使用現金，包括支付年度激勵薪酬，以及非開發資本支出增加。

In conclusion, we're excited about the underlying strength we saw to end the first quarter and into the start of the second quarter. As we look forward to the balance of 2026 and beyond, we remain confident that we have the right team in place and that we are pursuing the correct strategic and operational plans. The Brookdale team remains highly confident in our ability to create durable, long-term growth and value for our shareholders.

總結而言，我們對第一季末以及第二季初所見到的基本面強勁表現感到振奮。展望2026年剩餘期間及更長遠未來，我們仍有信心：我們已具備合適的團隊，且正推動正確的策略與營運計畫。Brookdale團隊對於為股東創造可持續的長期成長與價值的能力仍高度有信心。

Operator, we will now open the call for questions.

接線員，我們現在開放提問。

(Operator Instructions) Brian Tanquilut, Jefferies.

(接線員指示) Brian Tanquilut，Jefferies。

Hey, good morning. Maybe, Mike, thanks for putting these slides together, so I'll reference one of these slides. Dawn, when I look at slide 12, where you have the quarterly cadence on EBITDA growth, even with baseline, just curious how you're thinking about that ramp. Because it looks like there's a ramp implied in here and where that confidence comes from, especially given your comment about RevPOR trend over the course of the year?

嗨，早安。也許，Mike，謝謝你把這些投影片整理出來，我會引用其中一張。Dawn，當我看第12頁，你們列出EBITDA成長的季度節奏，即使考量基準因素，我想了解你們如何看待這個爬升（ramp）。因為看起來這裡隱含了逐季加速，你們的信心來源是什麼，尤其是考量你提到RevPOR在一年中的趨勢？

Thanks, Brian, for the question. And yes, slide 12 is a new slide that just talks to and is explicit about how we're thinking about the quarterly pacing. As we talked about in our prepared remarks, adjusted EBITDA in particular, 5.6% growth year over year on an as-reported basis. What we expect for the second quarter is that low to mid-single-digit year-over-year growth on an as-reported basis.

謝謝你，Brian，提問。是的，第12頁是新增的投影片，主要是說明並明確呈現我們如何看待季度節奏。如同我們在事先準備的發言中提到，特別是調整後EBITDA，以已揭露口徑年增5.6%。我們對第二季的預期是，以已揭露口徑計算，年增為低到中個位數。

And what's really driving that is two things: our seasonal trends that we outline on the last page of the investor deck. We have a full quarter of merit, additional days and holidays that normally come into the quarter. And then the managed property, the disposition of the managed property is going away and the fact that the cost savings are really kind of coming in the back half of the year, so that timing difference.

而真正驅動這點的有兩個因素：我們在投資人簡報最後一頁所列的季節性趨勢。第二季包含完整一季的調薪（merit），以及通常會落在該季的額外天數與假期。另外，受託管理物業的處分使其影響消失，加上成本節省主要在下半年逐步反映，因此產生時點差異。

But important to look at the last item, as Nick and I both talked about in our prepared remarks, that low to double-digit year-over-year growth on really kind of the underlying business, we do expect to accelerate throughout the year. So appreciate the question on that quarterly pacing. And I think Nick will comment on the confidence in the guidance.

但重要的是看最後一點：如Nick和我在事先準備的發言中都提到，針對真正的基本面業務，我們預期年增將落在低到雙位數，並且會在全年逐步加速。因此也謝謝你對季度節奏的提問。我想Nick會補充談談對指引的信心來源。

Yeah, thanks, Brian. Nick here. So a lot of this has to do with our results despite all the changes and disruption that we had to do. So we really are on a transformative kind of path here, and some of it predates me. So this started maybe about a year ago.

好的，謝謝你，Brian。我是Nick。這其中很大一部分與我們在經歷所有變動與干擾下仍取得的成果有關。我們確實正走在一條轉型的道路上，其中有些在我加入之前就已開始。這可能大約在一年前就啟動了。

But even in the last seven months that I've been enrolling, I did share some of these details during the prepared remarks, but it bears repeating. We have undergone many changes. And first and foremost, it's organizationally how we're structured, and it truly defines who we are as a company and the line of connection between the executive leadership team, me, namely as the CEO, all the way down to the communities, has been reset.

但即使在我到任的過去七個月裡，我在事先準備的發言中也分享過部分細節，但值得再強調一次。我們經歷了許多變革。首先也是最重要的是組織架構，也就是我們如何被建構；這真正定義了我們作為一家公司的樣貌，而從執行領導團隊、也就是我作為CEO，到各個社區之間的連結脈絡，已被重新設定。

So there's as much just a cleaner line of enablement, a cleaner line of accountability than we've had in many years. And a lot of that has to do with hiring a COO, layering up our sales team and our clinical team under that COO and doing the same thing at every layer of the organization.

因此，我們擁有比過去多年更清晰的賦能鏈條與更清楚的問責鏈條。其中很大一部分來自於聘任一位營運長（COO），在該COO之下強化我們的銷售團隊與臨床團隊，並在組織的每一層都做了同樣的配置。

At the same time, and we need to keep sight of this, is we've disposed and exited over 100 communities in that time period, which is very much the right decision, but it's also very disruptive, a lot of effort, a lot of work of leaders going into making that as seamless as it has been, which has been quite seamless. And that is now mostly behind us.

同時，我們也必須記住：在這段期間我們已處分並退出超過100個社區，這絕對是正確的決策，但也非常具干擾性，需要大量投入與努力，許多領導者都投入其中以確保過程如同目前這般順暢，而確實也相當順暢。而這些現在大多已經過去了。

We do have a few communities, as we've shared, that. We still have to get out of in Q2 and potentially just a handful later in the year. But the reality is that is now mostly behind us, and we're now in a position to really lean into the company and operate the company as the operating company that we are.

如同我們分享過的，我們確實還有少數社區需要在第二季退出。而在今年稍晚可能也只剩下少數幾個。但現實是，這些現在大多已經在我們身後，我們也已處於能真正聚焦公司、並以我們作為一家營運型公司的方式來經營公司的位置。

And I do want to point out our April results. Again, one data point, no need to start doing victory laps quite yet, but it is a very strong data point in our April occupancy growing 30 basis points when historically it's been close to flat, maybe 10, 20 basis points. So to have that happen at the beginning, at the early stages of the selling season, which in senior living industries, typically May, June, July, August, September, is reflective of our confidence and of all the changes that we made.

我也想指出我們4月的結果。再次強調，這只是單一數據點，還不需要開始慶功，但它確實是一個非常強的數據點：我們4月入住率提升了30個基點，而歷史上通常接近持平，可能是10或20個基點。因此，在銷售旺季初期、也就是高齡住宅產業通常的5月、6月、7月、8月、9月，就出現這樣的表現，反映了我們的信心以及我們所做的所有改變。

I appreciate that. And then maybe, Nick, you said, as a segue, when I look at slide 9, again, lovely slides. Controllable move-outs obviously ticked up in Q1. Just curious what your philosophy is or how you're thinking about the balancing act between RevPOR or RevPAR growth and move-outs, right? Because I think move-outs aren't necessarily negative in this sense when your RevPOR and RevPAR are growing as much as they are. So just curious how you would walk us through that thought process?

我很感謝。然後也許，Nick，你剛才作為一個轉場提到，當我看第9頁投影片時，再次，投影片做得很棒。第一季可控的退住（move-outs）顯然有所上升。我只是好奇，你的理念是什麼，或你如何看待 RevPOR 或 RevPAR 成長與退住之間的平衡取捨？因為在這種情況下，當你們的 RevPOR 和 RevPAR 成長幅度如同目前這樣，退住未必一定是負面的。所以只是想請你帶我們走一遍你們的思考邏輯？

Yeah, no, very good insightful question there, Brian. So fundamentally, RevPAR is the number we all need to lean around. And obviously, we reported the 8.2% feel good about that RevPAR and what that looks like for our guidance for the rest of the year. And it truly is a balance between rate and occupancy, and we're always monitoring that, and it's always a constant mix.

是的，Brian，這是個非常好、很有洞見的問題。從根本上說，RevPAR 是我們都需要圍繞的核心指標。而且很明顯，我們公布了 8.2% 的 RevPAR，我們對此感到很滿意，也對今年剩餘期間的指引所呈現的樣貌感到有信心。這確實是在房價（rate）與入住率（occupancy）之間的平衡，我們一直在監控，而且這永遠是一個持續調整的組合。

Obviously, as occupancy goes up, then we can lean more on rate. As occupancy is not going up and is stagnant in the subset community, we have to lean on rate in a different direction. But as far as the move-outs for Q1, we feel very good about it in light of the large in-place rate increase that we were able to push on January 1.

顯然，當入住率上升時，我們就可以更倚重房價。當入住率在某些社區沒有上升、呈現停滯時，我們就必須以不同的方式去倚重房價。但就第一季的退住而言，考量到我們在 1 月 1 日成功推動了相當幅度的在住（in-place）調價上調，我們對結果感到非常滿意。

Typically, January 1, you always have -- or in January and February, for that matter, you do have a slightly increased pace of move-outs, specifically for financial reasons, and we monitor all the different categorizations because of the in-place rate increase. That happens every January, every February, every year.

通常在 1 月 1 日之後——或者就 1 月與 2 月而言——退住速度確實會略為提高，特別是出於財務因素；而我們會因為在住調價上調而去監控各種不同的分類。這每年 1 月、每年 2 月、每一年都會發生。

This year was slightly higher based on the higher in-place rate increase that we pushed through, but it was well within our expectations. And in fact, if anything, it showed the stickiness of that in-place rate increase. So we feel really good about what we did. We feel really good about our pricing power. And the net result of that move-out pace was as expected and in line with what we actually kind of hope to see with the stickiness of that in-place rate increase.

今年因為我們推動的在住調價上調幅度更高，所以略高一些，但完全在我們的預期範圍內。而且如果要說的話，這反而顯示了這次在住調價上調的黏著度。所以我們對我們所做的事情感到非常滿意。我們對我們的定價能力感到非常有信心。而退住速度的淨結果如預期，並且與我們希望看到的在住調價上調黏著度相一致。

That makes sense. If I may ask just one quick question, slide 19, you show these community renovation CapEx projects. Just curious. How should we be thinking about the pipeline of these projects and what you're seeing? Obviously, the ROIs look good here in this slide. So if you could just walk us through that.

了解。如果可以的話，我再快速問一個問題：第19頁，你們展示了這些社區翻新資本支出（CapEx）專案。我只是好奇。我們應該如何看待這些專案的儲備（pipeline）以及你們目前看到的情況？顯然，這張投影片上的投資報酬率（ROI）看起來不錯。所以如果你能帶我們走一遍就太好了。

Yes, I'm glad you pointed that out. That is another new slide in our investor deck. So take a look at slide 19 for those that didn't note it. So for those that joined us at our Investor Day, we did a tour of another community where we did a very meaningful CapEx investment. Obviously, beautiful building, great results.

是的，很高興你提到這點。這也是我們投資人簡報（investor deck）中的另一張新投影片。所以沒有注意到的人可以看一下第19頁。對於參加我們投資人日（Investor Day）的人，我們曾參觀另一個我們進行了相當有意義的資本支出投資的社區。很明顯，建築很漂亮，成果也很好。

We wanted to kind of share even more details since part of our story has been our CapEx spend. We are projecting a spend of between $175 million to $195 million of CapEx this year. And we want to do that because we see the results. And slide 19 shows three very specific examples where those results exist.

我們希望分享更多細節，因為我們故事的一部分一直是我們的資本支出投入。我們預估今年的資本支出將介於 1.75 億至 1.95 億美元。我們之所以想這麼做，是因為我們看到了成果。而第19頁展示了三個非常具體的例子，證明這些成果確實存在。

And we have a pipeline. I alluded to or I mentioned earlier in my prepared remarks, we have hired a new role to our company, the senior vice president of strategic operations. And that team, that leader, deploys this capital. So we have a program, we have a prioritized list of communities where we build a proforma, we monitor our results, and we project seeing results very similar to what you see on slide 19.

而且我們有一個專案儲備。我在先前的準備講稿中提到過，我們公司新增聘了一個職位：策略營運資深副總裁。而那個團隊、那位主管，負責部署這些資本。因此我們有一套計畫，有一份優先順序的社區清單；我們會建立預估財務模型（pro forma）、監控成果，並預期看到與第19頁所示非常相近的結果。

And we have dozens of projects, large, deliberate, comprehensive investments of capital to improve the overall performance of the communities and get returns that achieve our hurdles.

我們有數十個專案，都是大型、審慎、全面性的資本投入，用以提升社區的整體表現，並取得能達到我們門檻（hurdles）的報酬。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，RBC 資本市場。

Thank you very much. Very much appreciate the slide on pacing, slide 12 here. I just wanted to drill in a little bit on the expectation for RevPAR acceleration in the second half, and you've noted here both the disposition impact and also the core occupancy growth.

非常感謝。我非常感謝你們在第12頁提供的進度（pacing）投影片。我想更深入了解一下你們對下半年 RevPAR 加速的預期；你們在這裡提到了處分（disposition）影響，以及核心入住率成長。

Maybe we can help us parse that out a little bit more. Any notes you can give us on the overall occupancy profile and performance profile of those 19 facilities still pending disposition? And then so we can kind of get an idea of the kind of the core growth and then in the mix there, impact. Thanks.

也許你們可以協助我們把這些因素拆解得更清楚一些。你們能否就仍待處分的 19 個設施的整體入住率概況與營運表現概況提供一些說明？這樣我們就能大致了解核心成長，以及其中混合（mix）帶來的影響。謝謝。

Yeah, Ben, great question. Digging into the slide, if we've outlined the RevPAR growth, we expect on the 8.2% here in the first quarter, we expect that to be similar in the second quarter. And really what's driving that, of course, is our occupancy and RevPOR.

是的，Ben，這是個好問題。就這張投影片來看，如果我們把 RevPAR 成長拆開來說：第一季是 8.2%，我們預期第二季會與此相近。而推動這個結果的，當然是我們的入住率與 RevPOR。

And from an occupancy perspective, we expect our occupancy growth really to be directional with historical seasonal trends. We've gotten the disposition of the 19 communities. I think they're relatively small communities. The largest one really went on April 1. So relatively small communities. They're lower performing communities but not moving the needle.

從入住率角度來看，我們預期入住率成長大致會符合歷史季節性趨勢的方向。我們已完成那 19 個社區的處分。我認為它們都是相對較小的社區。其中最大的一個是在 4 月 1 日完成。所以都是相對小型的社區。它們的表現較弱，但不會對整體造成顯著影響。

We're getting a little bit of accretion on the back half, but I would say occupancy is directional with the historical trend. The RevPOR, as I mentioned in our prepared remarks, how we're thinking about is the second quarter, we normally see our RevPOR step down after we do our January 1 rate increase.

下半年我們會得到一些增益（accretion），但我會說入住率仍是沿著歷史趨勢的方向走。至於 RevPOR，如我在準備講稿中提到，我們的看法是：第二季通常會在 1 月 1 日調價上調之後看到 RevPOR 有所回落。

We expect that step down to be slight in the second quarter. But then in the third and fourth quarters, as I said in my prepared remarks, we expect that RevPOR to remain firm just because you get the accretion benefit that's offsetting kind of that normal step down. And that's what's going to drive that RevPOR growth that we've outlined in the on that slide -- excuse me, the RevPAR growth that we've outlined in the slide.

我們預期第二季的回落幅度會很小。但在第三與第四季，正如我在準備講稿中所說，我們預期 RevPOR 會維持穩健，因為你會得到增益（accretion）的效益，去抵銷那種正常的回落。而這也將推動我們在那張投影片上所概述的 RevPAR 成長——抱歉，是我們在投影片上所概述的 RevPAR 成長。

Great, thank you. Just along the same lines, just if you could kind of give us a little bit of detail on kind of the sources and pacing of the incremental G&A savings. It makes sense that maybe you would see a little pick up there in savings and getting rid of some of these smaller communities. But I just wanted to kind of get an idea of where that's coming from and how we should think about that layering on through the balance of the year. Thanks.

很好，謝謝。同樣延伸這個主題，如果可以的話，請你們再提供一些細節，說明新增的一般與行政（G&A）節省的來源與實現節奏（pacing）。把一些較小的社區處分掉，節省可能會稍微增加，這點可以理解。但我想更清楚了解這些節省是從哪裡來的，以及我們應該如何看待它在今年剩餘期間逐步反映的情況。謝謝。

Of course. As we said in our prepared remarks, we've taken our G&A, our expectations down by $5 million. Most of that we expect to see in the second half. From a pacing perspective, my expectation is G&A is going to be relatively the same in Q2 as it was in Q1 because, remember, you get a little bit of extra expense with more days and then our merit increase that comes in in the second quarter, that's going to offset that little bit of savings that we'll get. Most of that $5 million is going to be in Q3 and Q4.

當然。如我們在準備講稿中所說，我們把 G&A 的預期下調了 500 萬美元。其中大部分我們預期會在下半年看到。就節奏而言，我預期第二季的 G&A 會與第一季相對接近，因為請記得，天數較多會帶來一些額外費用，而且我們在第二季會有績效調薪（merit increase），這會抵銷我們能取得的那一點節省。那 500 萬美元的大部分會落在第三季與第四季。

Joanna Gajuk, Bank of America.

Joanna Gajuk，美國銀行。

Good morning. Thanks so much. So I guess maybe different questions a little bit, but at your Investor Day, you mentioned your interest to add some assets strategically, talking about packet acquisitions, small things. So without a lot of interest from the REITs and private equity to consolidate in the industry, does it mean, you see more competition or that's still kind of on the table?

早安。非常感謝。我想問題可能有點不同，但在你們的投資人日上，你們提到有興趣策略性地增加一些資產，談到零星收購、小型案子。那麼在產業內缺乏 REIT 與私募股權進行整併的高度興趣之下，是否代表你們看到更多競爭，還是這仍然在考量範圍內？

Yeah, thanks for the question, Joanna. So our strategy, and we articulated this, as you mentioned on the Investor Day, on the acquisition side is very small, deliberate, single one, two, three community-type acquisitions in markets that we already exist.

是的，謝謝你的問題，Joanna。我們的策略——如你所提到、我們在投資人日也闡述過——在收購面向是非常小規模、審慎的：在我們既有的市場中，刻意挑選單一社區、1 到 2 個、或 3 個社區類型的收購案。

So we're in 41 states today, no desire to be in a 42nd or 43rd state. We're in about 125 different markets, no desire to be in 126, 127. And that is a strategy for some of our peers, but that's not our strategy. Our strategy is to be in markets we already are in.

我們目前在 41 個州，沒有意願進入第 42 或第 43 個州。我們在大約 125 個不同市場，沒有意願進入第 126、127 個市場。這是我們某些同業的策略，但不是我們的策略。我們的策略是專注在我們已經所在的市場。

Yesterday, we used Kansas City and Dallas-Fort Worth as illustrative examples where we are looking to make a very deliberate strategic target acquisition. And typically, our big [EAR] REITs are not doing single-community type transactions. They're looking for larger things where they can really take their team and invest and make larger acquisitions.

昨天我們以堪薩斯市與達拉斯—沃斯堡作為示例，說明我們正在尋求非常審慎、策略性且目標明確的收購。而通常大型 [EAR] REIT 不會做單一社區類型的交易。他們會尋找更大型的案子，讓他們能真正投入團隊與資本，進行更大規模的收購。

So I do not feel and we do not feel, based on the pipeline that we're looking in and currently contemplating, that we're competing against large REITs, because we're basically deploying different acquisition strategies based on our needs and based on their needs.

因此我不覺得、我們也不覺得，基於我們正在檢視與目前考量中的案源，我們是在與大型 REIT 競爭；因為我們基本上是依據我們的需求與他們的需求，採用不同的收購策略。

Thank you. And I guess coming back to the discussion around rating fees, so it sounds like you pushed like a high single-digit renting pieces this year and the financial movements were higher, but not out of ordinary, so to speak. But we're also hearing a lot about higher community fees. So is that also another level you can pull, especially when you have communities with higher occupancy?

謝謝。我想回到關於費率調整的討論：聽起來你們今年推動了高個位數的租金調升，而財務上的變動更高，但也不算異常。但我們也聽到很多關於更高的社區費（community fees）。所以這是否也是你們可以運用的另一個槓桿，特別是在入住率較高的社區？

Yeah, no, for sure. And we don't talk about community fees a lot, and I'm glad you brought that up. So that is one of the features in our industry for sure at Brookdale, where we do have an upfront non-refundable community fee.

是的，當然。而且我們不常談社區費，很高興你提到這點。這確實是我們產業的一個特點，在 Brookdale 也是如此：我們有一筆入住前一次性、不可退還的社區費。

And as your occupancy goes up, you collect on that far more regularly and you can even increase the community fee as your occupancy is lower and you need to drive move-ins. That's potentially one of the first things you would discount because it's a one-time thing and you're not locking in for a year or two years' worth of rate. So it's an easy concession to give to a prospective resident.

當入住率上升時，你會更頻繁地收取這筆費用；而當入住率較低、你需要推動入住時，你甚至可以調整（例如下調）社區費。這可能是你最先會拿來折讓的項目之一，因為它是一次性的，你不會因此把一整年或兩年的費率鎖定在較低水準。所以對潛在住戶而言，這是一個容易給出的讓步。

But our community fees are strong. In fact, they continue to grow as our occupancy grows. Our overall RevPOR is obviously growing the monthly rate that we get paid, but even the community fees, that upfront non-refundable community fee, we collect and we can increase.

但我們的社區費表現強勁。事實上，隨著入住率提升，它們持續成長。我們整體 RevPOR 顯然因每月收取的費率而成長，但就連社區費——那筆一次性、不可退還的前期社區費——我們也在收取，而且可以提高。

Okay, great. And last one, thank you for taking questions. So I guess talking about the occupancy and these different buckets, so it looks like, what, 15% of your consolidated communities are above 95%.

好的，很棒。最後一題，謝謝你們回答問題。談到入住率與不同區間，看起來你們合併後的社區中，大約有 15% 的入住率高於 95%。

So can you talk about margins and growth in those highly occupied assets? Are the Street increases, rate increases much higher than the in-place customers when you have such a highly occupied asset?

你能談談這些高入住率資產的利潤率與成長嗎？當資產入住率這麼高時，新入住住戶的漲價幅度、是否會比既有住戶（in-place customers）的調價高很多？

Yes, for sure. And we've been communicating this high single-digit in-place rate increase that we pushed through on January 1. The reality that is not every community got the same number, and that's an aggregated number. The more highly occupied communities actually had a low double-digit increase, while the lower occupied communities had a, call it a mid-single-digit increase.

是的，當然。我們一直在溝通：我們在 1 月 1 日推動了高個位數的既有住戶（in-place）調價。實際情況是，不是每個社區都採用相同的數字，那是彙總後的數字。入住率較高的社區實際上是低雙位數的調升，而入住率較低的社區則是——可以說——中個位數的調升。

The net effect is what we've been communicating. But for sure, you have very strong pricing power that exists as your occupancy goes up. And in fact, on slide 18, we updated the numbers into the slide that we've had for a while, where you can see the EBITDA per available unit. It increased meaningfully as you compare it to last quarter's slide 18 or whatever the equivalent slide number was because of that in-place rate increase -- additional in-place rate increase we were able to achieve in the more highly occupied communities.

淨效果就是我們一直對外溝通的結果。但確實，隨著入住率上升，你會有非常強的定價能力。事實上，在第 18 頁投影片，我們更新了這張我們使用一段時間的圖表，你可以看到每可用單位的 EBITDA。相較於上一季的第 18 頁（或相對應頁碼），這個數字顯著提高，原因是既有住戶調價——我們在入住率較高的社區能達成的額外既有住戶調價。

Yeah, exactly. I like to apply the 20 -- I guess, 1,000, EBITDA per unit. That's what I was getting in. So thank you so much for taking the question.

對，正是如此。我想套用那個 20——我想是每單位 1,000 的 EBITDA。我就是在問這個。非常感謝你回答問題。

Andrew Mok, Barclays.

Andrew Mok，巴克萊。

Hi, good morning. The same-store RevPOR, which had cut through the noise of divestitures, was up about 3.4% in the quarter for the senior housing community. You called out annualizing concessions as weighing on that metric in the quarter.

嗨，早安。同店 RevPOR（排除資產處分的雜訊）在本季於高齡住宅社區約成長 3.4%。你提到本季將讓步（concessions）年化對該指標造成壓力。

So can you give us a sense for how same-store RevPOR is tracking in your higher occupancy or non-discounted communities? And just to be clear, we should expect same-store year-over-year RevPOR growth to also accelerate in the back half as you anniversary of those pricing sessions, correct?

那你能否讓我們了解，在你們入住率較高或未折讓的社區中，同店 RevPOR 的走勢如何？另外確認一下：我們應該預期同店 RevPOR 的年增率在下半年也會加速，因為會進入那些定價措施的周年比較期，對嗎？

Thanks for the question, Andrew. We generally are bifurcating out the RevPOR growth between the occupancy bands. As we just had on the last call, we're looking at the occupancy bands where we're giving you adjusted EBITDA on a per unit basis.

謝謝你的問題，Andrew。我們通常會依入住率區間把 RevPOR 成長拆分來看。就像我們在上一通電話會議提到的，我們會看各入住率區間，並向你們提供以每單位為基礎的調整後 EBITDA。

From a RevPOR perspective, we absolutely expect, as we're thinking about our RevPOR to follow that normal trending that I talked about with our RevPOR to kind of do the normal stepping down. But we expect the RevPOR to the export growth to certainly be expanding throughout the year as we think about our labor costs and getting the -- as the compression releases. And you get that additional incremental margin growth.

就 RevPOR 而言，我們絕對預期，當我們思考 RevPOR 時，它會沿著我提到的那種正常趨勢走，也就是 RevPOR 會出現正常的逐步回落。但我們預期 RevPOR 的年增成長在全年會持續擴大，因為我們考量到勞動成本，以及隨著壓縮（compression）解除。你就會看到額外的增量利潤成長。

Got it. Okay. And then just to follow-up on the winter storms, I think you sized total direct cost of about $3 million to $4 million in the quarter. Do you have a more comprehensive impact that would include both the revenue and cost side of things? Thanks.

了解。好的。再追問一下冬季風暴：我記得你們估計本季直接成本約 300 萬到 400 萬美元。你們是否有更全面的影響評估，包含營收端與成本端？謝謝。

We didn't quantify the revenue and the cost side. We talked about the occupancy impact and the slowness of the occupancy in the first couple of months. We thought it would be helpful at least just to quantify those direct costs.

我們沒有量化營收端與成本端的完整影響。我們談到的是入住率的影響，以及前兩個月入住率成長放緩。我們認為至少把那些直接成本量化出來會比較有幫助。

Most of those costs of the $3 million to $4 million, you can see them in our other facility operating expenses. A lot of it was our utilities. I'd say about two-thirds in our other facility operating expenses, and then the other one-third maybe up in our labor expense.

那 300 萬到 400 萬美元的大部分成本，你可以在我們的其他設施營運費用中看到。其中很大一部分是公用事業費。我會說大約三分之二在其他設施營運費用，另外三分之一可能在勞務費用。

But we didn't quantify the top line, just because I think it becomes a little bit more fungible, especially when you're talking about the pacing of the occupancy growth and things of that nature.

但我們沒有量化營收端，因為我認為那會變得比較難以明確界定，尤其當你談的是入住率成長的節奏以及類似性質的因素時。

Great. Thank you.

很好。謝謝。

Raj Kumar, Stephens.

Raj Kumar，Stephens。

Hi, good morning. Maybe just kind of focusing on the capital investments and you kind of reiterated your CapEx guidance for this year.

嗨，早安。我想可能就聚焦在資本投資上，而你也再次重申了今年的資本支出（CapEx）指引。

As I kind of think about what you highlighted during Investor Day with the kind of core initiatives and just kind of thinking about how many communities are underway for 2026 with those efforts and in terms of the average investment size, are you seeing a bigger investment on a per community basis in terms of the portfolio and what remains requires a bigger list from that perspective?

當我回想你們在投資人日提到的核心倡議，並思考在這些努力之下，2026 年有多少個社區正在推進，以及平均投資規模；就投資組合而言，你們是否看到以「每個社區」為基礎的投資額變得更大？從這個角度看，剩餘需要做的是否也意味著需要更大的一筆投入？

And then I guess also on that front, are you also integrating HealthPlus as a part of that process to boost the offering at those communities?

另外我想也順著這點問一下，你們是否也把 HealthPlus 整合進這個流程中，以提升這些社區的服務內容？

Yeah, Raj, I think what we can say on the -- and good morning, this is Chad. What we can say on the CapEx front, I think, is we have a number of projects underway across the portfolio. As Nick talked about when he came on, we had a shift in strategy as we think about our CapEx program.

是的，Raj，我想我們在——早安，我是 Chad。在 CapEx 方面，我們可以說的是，我們在整個投資組合中有多個專案正在進行。如同 Nick 上線時提到的，當我們思考 CapEx 計畫時，我們的策略有所轉變。

Instead of doing sort of piecemeal projects here, adding some new furniture or whatever, we've really focused to say, let's prioritize our CapEx spend in places where we can drive a great return as you see on the slide we've included in the investor deck, but also prioritize larger community refreshes. So we've not given you an exact number of that. The budget's included in our overall CapEx that we've given for the year.

我們不再做那種零碎的專案，例如這裡添一些新家具之類的；我們真正聚焦的是：讓 CapEx 支出優先投入在能帶來很高報酬的地方——你可以在投資人簡報中我們放的那張投影片看到——同時也優先做更大規模的社區翻新。因此我們沒有提供你一個確切的數量。相關預算已包含在我們今年提供的整體 CapEx 之中。

But I think it's in our way of looking at it is if we can do some more of these refreshes and markets where we can drive additional growth, we think that will drive better returns and ultimately help our performance and help us achieve the guidance that we've given, the multi-year guidance that we've given.

但我想我們的看法是，如果我們能在一些市場做更多這類翻新，並在那裡帶動額外成長，我們認為這會帶來更好的報酬，最終也會改善我們的表現，並幫助我們達成我們所給出的指引，也就是我們所提供的多年期指引。

As it relates to HealthPlus, we have it in around 180 communities across the portfolio. We think it's still a very innovative program that is something that our competitors don't offer. It allows us to play in the value-based care space in a way. But it also really provides benefits for the residents and their family members in the way of reduced hospitalizations, reduced visits, et cetera.

至於 HealthPlus，我們在整個投資組合約 180 個社區中已導入。我們認為這仍是一個非常創新的方案，是競爭對手所沒有提供的。它讓我們能以某種方式切入價值導向照護（value-based care）領域。同時，它也確實為住民及其家屬帶來好處，例如降低住院率、減少就醫次數等等。

And so we think as that goes and that matures, that program matures, will continue to drive good results, hopefully, and as we expect, leading to longer lengths of stay. And we've got a lot of good things going on in the portfolio.

因此我們認為，隨著該方案推進並逐步成熟，將會持續帶來良好成果——希望如此，也符合我們的預期——並帶來更長的入住期間。而我們在投資組合中也有很多正向進展。

One other thing Nick mentioned in his call was the progress -- in his prepared remarks is the progress we've made on Net Promoter Score and turnover. Those are really key leading indicators that I think are going to help us really achieve the results that we've talked about today. We're very excited about where the company is going.

Nick 在他的電話會議中還提到一件事——在他事先準備的講稿裡——就是我們在淨推薦值（Net Promoter Score）與人員流動率方面取得的進展。這些都是非常關鍵的領先指標，我認為將真正幫助我們達成今天談到的成果。我們對公司未來的走向感到非常振奮。

Great. And then as my follow-up, I appreciate the kind of disclosures on the occupancy bands and with the own portfolio. And as I kind of think about the lease portfolio and that kind of bifurcating that opportunity, any way of kind of framing kind of that portfolio's progression in 2026 and kind of what's embedded in guidance as we kind of think about that piece of the portfolio?

很好。接著作為追問，我很感謝你們對自有投資組合的入住率區間（occupancy bands）所做的揭露。當我思考租賃投資組合，以及把那個機會做分拆來看時，有沒有什麼方式可以框架化地說明該投資組合在 2026 年的進展，以及當我們思考這一塊投資組合時，指引中已包含了哪些內容？

Yeah, and thank you, Raj, for the question. We obviously have a separate slide, slide 11, in our supplement that has the lease portfolio economics. We're pleased with the margin growth that we've seen in the portfolio itself. I don't know that we would call it anything specific other than we are pleased with the product that we've made on our lease portfolio. It is adjusted free cash flow positive.

是的，也謝謝你，Raj，這個問題。我們在補充資料中有一張獨立的投影片——第 11 頁——呈現租賃投資組合的經濟性。我們對該投資組合本身所看到的利潤率成長感到滿意。我不確定我們會用任何特定名詞來形容，除了我們對租賃投資組合所取得的成果感到滿意。它在調整後自由現金流（adjusted free cash flow）層面是正值。

We just talked a little bit about the CapEx deployment. We have a significant number of CapEx reimbursement opportunities with our landlords that we are taking advantage of. And we expect that portfolio to continue to progress just as we expect our own portfolio to progress.

我們剛剛也稍微談到 CapEx 的投放。我們與房東之間有相當多的 CapEx 補償（reimbursement）機會，我們正在加以利用。我們預期該投資組合將持續進展，就如同我們預期自有投資組合會持續進展一樣。

Yeah, and fundamentally, it is accretive to the business and maybe for the first time in many years. In fact, if you look at the specific performance of our lease portfolio, it actually did quite well from an occupancy NOI expansion perspective year over year. So we feel really good about our portfolio mix.

是的，從根本上來說，它對業務是具增益（accretive）的，而且也許是多年來第一次。事實上，如果你看我們租賃投資組合的具體表現，從入住率帶動的 NOI 擴張角度來看，它的年對年表現其實相當不錯。所以我們對我們的投資組合組成感到非常有信心。

It's the overall portfolio mix. So we're going to be, what, 76% owned, 24% leased, managed is just a tiny, tiny sliver on the management side. So again, it's one of these transformational shifts that we have undergone over the last year that I alluded to, and this is a big part of it.

這是整體投資組合的組成。所以我們將會是，什麼，76% 自有、24% 租賃；受託管理（managed）在管理端只占非常非常小的一部分。所以再說一次，這是我們在過去一年所經歷、我先前提到的那種轉型性轉變之一，而這是其中很重要的一環。

So now we have the right portfolio in the right locations, in the right markets with the right buildings, and we have the right team. So again, Raj, appreciate the question. We feel really good about our lease portfolio just as much as we feel really good about the assets we own, which is that scarce real estate.

因此現在我們在正確的地點、正確的市場，擁有正確的投資組合、正確的建物，也有正確的團隊。所以再次感謝你的提問，Raj。我們對租賃投資組合的信心，和我們對自有資產的信心一樣高——那些是稀缺的房地產。

We have reached the end of the Q&A session. I will now turn the call back to Nick Stengle, CEO, for closing remarks.

我們已到達問答環節的結尾。接下來我將把電話會議交回給執行長 Nick Stengle 做結語。

Excellent. Thank you, Samantha. I'd be remiss if I didn't just take a moment and thank all our associates, over 30,000 associates for this very moment are caring for all our residents. I'd also like to thank all our residents, their loved ones who have put their trust -- or their family members have put their trust in their loved ones.

非常好。謝謝你，Samantha。如果我不花點時間感謝我們所有同仁——超過 30,000 位同仁此刻正在照護我們所有住民——那我就失職了。我也要感謝所有住民，以及他們的摯愛親友；他們——或他們的家人——把對摯愛的信任託付給了我們。

And I'd also like to thank all our stakeholders, all our investors, our banking partners, all the different partners who work with us. Excited by what the rest of the year brings now that we have pivoted our company, now that we are on the tail end of all the transformational changes that we've undergone over the last year. And excited by what the 2026 will bring.

我也要感謝所有利害關係人、所有投資人、我們的銀行合作夥伴，以及所有與我們合作的不同夥伴。在我們已調整公司方向、且正處於過去一年所經歷的所有轉型變革尾聲之際，我們對今年剩餘時間將帶來的發展感到振奮。也對 2026 年將帶來的發展感到期待。

So with that, Samantha, I think we can end the call.

所以就到這裡，Samantha，我想我們可以結束這通電話會議了。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。