Q4 2024 Brookdale Senior Living Inc Earnings Call Transcript
Key Points
- Brookdale Senior Living Inc (BKD) recorded fourth quarter RevPAR at the top and adjusted EBITDA above previously provided guidance ranges.
- Weighted average occupancy grew by 140 basis points, and RevPAR increased by 6.1% in 2024.
- Adjusted EBITDA grew over 15%, and adjusted free cash flow improved nearly 40%, turning positive for the back half of 2024.
- The company successfully addressed more than $1 billion of future maturities, eliminating all 2025 debt maturities.
- Brookdale Health Plus program showed positive outcomes, with residents experiencing 80% fewer emergency room visits and 66% fewer hospitalizations.
- Occupancy fell below expectations beginning in the second quarter of 2024, impacting annual financial results.
- 2024 move-ins were below expectations due to a persistent disruption in lead flow from two large third-party paid referral partners.
- Natural disaster expenses in the fourth quarter amounted to approximately $3.5 million, primarily related to hurricanes.
- Fourth quarter adjusted free cash flow was approximately $12 million negative, primarily due to seasonal real estate tax payments.
- The company anticipates continued high costs in food and utilities, despite some moderation.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Brookdale Senior Living fourth quarter and full year earnings call. (Operator Instructions)
At this time, I would like to turn the conference over to Jessica Hazel, Vice President, Investor Relations. Please go ahead.
Thank you and good morning. I'd like to welcome you to the fourth quarter and full year 2024 earnings call for Brookdale Senior Living.
Joining us today are Cindy Baier, our President and Chief Executive Officer, and Dawn Kussow, our Executive Vice President and Chief Financial Officer. All statements today, which are not historical facts, may be deemed to be forward-looking statements within the meaning of the federal securities laws. These statements are made as of today's date, and we expressly disclaim any obligation to update these statements in the future.
Actual results. And performance may differ materially from
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