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Pennant (PNTG)

Participants
Derek Bunker Chief Investment Officer
Danny Walker CEO
Brent Guerisoli President
Jen Freeman CFO
John Gochnour COO
Scott Fidel Stephens
Frank Morgan RBC Capital
Call transcript
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Operator

Good day and thank you for standing by. Welcome to the Pennant Group First Quarter 2021 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to Mr. Derek Bunker, Chief Investment Officer. ahead. go Please Sir,

Derek Bunker

and Thanks Lee, us welcome, you, joining everyone. today. Thank

Gochnour, Danny me Freeman, CEO; John today, with Walker, our COO. I and Jen Here President; have our our Brent CFO; our Guerisoli,

update events, required reason. any publicly federal new information, laws, to Pennant of securities filings and or for affiliates that changing today's our are place and changes revise earnings subsequent to X the will I a results. expectations, A have until We or from not replay at on replay operate. our statements Mountain This forward-looking any expressed risks housekeeping anyone want filed as assumptions we XX-Q should Before more today, these subject will Listeners current we also forward-looking to section that circumstances for complete actual statements to today environment to remind to Friday, These discussion uncertainties made or on June press as available the beliefs of statements updated website not those are in undertake this a and our of by on begin, undue release encouraged is business SEC may www.pennantgroup.com. cause to call be result May our Except based materially all and today's be factors reliance Relations on that that call. matters. any review available have on listening XXXX, of few statements management's XXXX. our p.m. implied We results this differ future our and and could nor other statements as Investor about a a announcement impact do not website forward-looking its yesterday. on Also, our call X, are or statements of call. of could been which and are made be X,

Pennant the operating subsidiaries, The accounting, Inc. we, The revenues. company risk no through with holding the direct company, our subsidiaries. addition, independent HR, referred payroll, In us and Service provide collectively operating other refer with as or employees our of Pennant, Group, assets, to a such IT, services is Certain legal, Group relationships and The subsidiaries. other and its words to management contractual Pennant consolidated to subsidiaries Center,

our to of any or operating as operated today with metrics. Pennant the similar us, reconciliation All viewed and direct understanding is References GAAP-to-non-GAAP Service supplement GAAP and to in our not can should assets. but CEO. Walker, it XX-Q. the have company and assets that, Danny by not operating the Pennant that Center available Also, When provide measures by that our believe business, be the of Group. together more they complete non-GAAP we a our these results, GAAP our reporting our we turn relied A is available will in GAAP over upon with Danny? call press of exclusion I the the yesterday's has are of independent to reports. assets, release subsidiaries used we, with And terms operated consolidated well its the and are herein separate of subsidiaries use should Group companies own are our meant and revenue or management, the employees be employees to terms as their the that as imply activities construed nor meaning and that

Danny Walker

call. to XXXX first our and earnings quarter Derek, welcome, everyone, Thanks,

drive their of their and the continue across Pennant forward effort progress we've challenges share the to who many our an update to I you Before to to operations, I on serve quarter. our to unique thank patients It's care committed celebrate residents their the had face that and organization. navigate. peers historic across operations been local a We individuals provide of and say wanted and to the in

board. We evidence quarter to to is provides excellent report financial clinical leaders record across as unique operating continued to are the segment, and that significant produce extraordinary our leaders toolkit our model results a segment local throughout for drive long-term our excited further the Health Home value. The for Hospice a and development

Our prior XX% quarter, XX-day hospice as as day. a per episode in a grew in in revenue revenue X.X% per to health and growth growth Medicare home in XX% in revenue thanks segment part XX% growth hospice the admissions over total growth admissions health Medicare home well year and XX% approximately

to we over agencies the quality of and agencies XXXX, growth the in continue by leaders. much is clinical acquired to our prior local that months, occurred prior Home to tailored Hospice acquire provided and While this thanks operational noteworthy care Health XX both it locally

in million $XX.X margin January efficiency, our patients adjusted has our case to as acquired ADC we higher As we the reflected greater grow And EBITDA increased year more our point, to so in improve with points segment basis XXX outcomes and adjusted were before prior quarter. year-over-year. record able Simultaneously, as X% agencies of XXXX well. serve of before clinical than EBITDA hospice while than to an continue of a do ever, and continued in

to average. X% reveal While trends that improving health home health with on real-time tools positive basis, rating the a trends agencies with third-party and in stated hospice their not of XXXX, has over hospice improving or industry real-time stars they a quality CMS home XX% are star in X to XX% or updating compare number analytics our composite

service communities our senior provide of our pleased in. segment segment, of In with first perhaps the most the operate to across period our challenging progress us Home opportunities Hospice we for made are are living Health We and quarter and excited being marked that to countless for history. the the XXXX the life-changing ahead

call, stability September and we As our we October our described last earnings occupancy during segment in of in relative XXXX. experienced

communities. key operating COVID-affected XX the operating many caused of the to by of coordinate and to due of nearby to employees Because both In mid-January significantly the of an and our storm markets of Texas disruption at of residents to families, this COVID, rate in in of in impact grid home. depressed rapid relocation in November severe of the we occupancy challenging residents of despite the our from our had in environment, declined facilities. However, X to our peaked midst at Texas communities operations the Many continued February, segments the accelerated senior-living winter rise Texas severely which provide in impacted results. their feeling to our our the storm the patients, XX storm, to power care our

time. across resulted the to drew effort emergency-related employees expenses. $X.X in this million from organization and are that of of the able residents during resources over our ensure and safety We we proud a were difficult such identifiable But

insurance, interruption the a impacts expect are short-term of new rates created fully the manage of challenges few our this of fire all the costs accelerant headwind. in strength, storm as we most and more impacting trial following event experienced attract ability residents. and quantify covered health our segment. to in first were felt the teams, in revealed and this or for weeks While an difficult leadership came acted the this by our complexity to to be That highest throughout pandemic The our further only of for the quarter we unique and development by business rigorously opportunities unique the COVID a improvement

and to highly core of as and been and an which of to senior in In of development expand leaders, providers we've recruiting, retention driving winter be the every peak the deepen of that committed the entrepreneurial continues and organization has business. leaders our of talented living operate. storm to choice market the aftermath moved Texas, the are the functions COVID-XX methodically our of and in in bench One becoming cases supporting we

these efforts. are We resulting progress seeing from

develop in segment. markets, our portion for business, visitation on vaccine contribute potential recover has rapidly, and our living and and our have long-term The in-person senior of were in factors cases As we our and the worth The been a presented Since the population. operating restrictions for the eased. their there decline of of are families has to that the about to number COVID-XX that living pandemic during challenge some several mid-January many significant in touring our of environment a continues value the the continue senior and prevalent this ability noting leadership communities. to enthusiasm peak cases improved rollout to reached residents the in

residents in are that our XX% our We all had at received of and for clinic vaccines, have in-person to second their and are vaccination pleased some form. communities of report least open visitation

April. net in move-ins by are and March both also We growth our in encouraged

that Additionally, the underlying Because triple-net market we costs. cutovers, of rents is resources the since our and our fixed the may we better disciplined many will wellness single-largest senior amongst cost communities. our segment senior flexibility strategy, leases short-term direct provide data care completion accountability of below real that spin-related to in each transformation management amenities into The pandemic collect the elevated be the is and living our quality setting and share field clusters, our the well where quality drive community with that the of and quality decision-making advantages and long-term and been living operator-friendly is of of our as estate growth of the accelerate as accelerating life par have toward the provide our we of expense buildings of system Also pure on upside. more a able provided. improving operational inherent have which in care

through continue as our world-class and on industry, to fragmented clinical just in best we Hospice systems spite and this done short-term positioned and to senior a basis are expertise, do in in the consistent practices, quarter, Home headwinds continues Health As and to industry faced we the our of highly evolve have data-driven living we these segment. thrive

to turn word I I reaffirming. guidance say for quick our which we are Derek over before just wanted discuss recent XXXX, investment the Now to activities, our a to about time

the our lumpiness X Although in pandemic-related our anticipated and be satisfied to results we we not the that we would challenges in cause tend our likely in know are with quarters first quarter, results. cyclical, quarterly performance

full continue move.mNow our to ranges they local and the activity with have their However, remain that Derek confident for year Derek? over in it that, I'll as turn the of flywheel and our our operations during leaders started to move we update success acquisition ability guidance quarter. affirm on to already our achieve an forward

Derek Bunker

Thank Danny. you,

since, and our to quarter disciplined investment methodically the During strategy. continued execute we've

Arizona in home of agency home health home us most health X in year, patients recently, which health Dallas-Fort care start-up of we including Ensign in and few already in start-up to in additional Pennant a the Many Colorado, local in strong which strategic in allows that into In platforms to hospice tailor the announced mark are a we the Texas, our deals and a agencies continuum better adjacent while partners support we to community, and new new as local these cluster to X we care their the markets model X operate, in and addition where Houston acquired Arizona, serve can that this hospice markets the home become Worth in but local agencies Fort provide agencies serve agencies provider earlier Worth, launched Southwest entry Metroplex. choice. our our we best complements care home to they leverage leaders

about and excited continue pipeline deal our prospects of agencies. underperforming are the We in Home the to our Hospice and growing strategic acquisition and through ability Health

As senior to and urgently strength leadership Danny described, working markets in further living are we develop pipeline. our

where XXXX we not results growth we Overall, With except senior clusters in strategy, and well allocated that, living for beyond. on strength, for not very for as to to allocating the improved review exhibiting the we of I'll and opportunities it for leaders our their quarter, space operating acquisition our excited anticipate positioned the do buildings. over do the last existing capital and focus financials. mentioned have we're Jen? in of are rest in to near Jen driving a are efforts hand the acquisitions As continue term, our and

Jen Freeman

you, XX, release ended Thank the everyone. morning, and XX-Q months press good financial filed Derek, XXXX, our X results yesterday. and for are March Detailed in contained

year. XX% of and or as credit non-GAAP XXXX, XX, end, of key $XXX.X X.XXx share GAAP $XXX.X $X.XX total on X quarter revenue the end. Medicare EBITDA Advance line million at had net the March prior diluted we increase hand and of metrics earnings quarter Other earnings if per $X.XX. million back GAAP an per of $XX.X months to on cash million, over paid the been and ended adjusted adjusted million payments diluted For of share include available of our revolving X.XXx debt recorded $X.X

about the year, X% phaseout Our costs of payment of the of outflows our the cash declined request related operating system dip flows final the new due with temporary since to beginning impact implementation. onetime of reflecting anticipated the prepaid revenue, for of cash to a software for along

any our by results As the not do our listeners, CARES a reminder include established from Provider Act. to fund the Relief funds

May COVID-related XXXX. advanced benefit Please it of receipt payments to payroll quarter Medicare expenses and from Automatic end. advanced million million $XX of tax revenue continue approximately earnings to continue through the sequestration note of XXXX, as ended the as share XX, which X the months Medicare X, our the XXXX, and $X.X $X.X We effects CARES results through we recoupment expect deferral release. of April program from million payments approximately for adjusted we Act in XXXX, non-GAAP repaid the the in of lost well and all began have as that benefit per March include of

to the our living as reflect impacts segment. lumpiness the of Danny results mentioned, some acute pandemic our we in quarterly confronted As we expect senior

in the However, through confident significant of growth beyond. year remainder realize our we to and ability the remain

revenue full Health $XXX a share have experience diluted The Home business earnings continued reminder, our the foundation Hospice for As $X.XX our to and our achieve guidance share. lays year us growth. to million is and million to year-over-year momentum per per we $X.XX $XXX guidance XXXX to strong in is adjusted

in ourselves. end of vaccine, move-ins We accessibility results the we for the business, for anticipate see course our living more for on achieve half quarter with COVID the with focus local towards receding towards execute Danny. the face commend impact progress of from model, pipeline, of of weighted we the acquisition senior With and for are turn our We growth the in heavily the cases, second our consistent net over since in that, our to leaders of adversity high the February performing our our and our performance and rest And to continuing better our year. year in first operational the XXXX. the of contributions a the trajectory cognizant the path us Danny? we've to with I'll call expectations setting set of

Danny Walker

In a displayed Jen. extraordinary of take examples throughout a we'd practice, typical few organization. many to you, Thank share the to by few our leadership minutes our like

a Jordan experienced First, led California, of challenging Baker; Health significant Christine growth by Services, Officer, and Patient year. Sequoia Director Williams, Chief Hospice Executive Home has the Milpitas, and Care in during

This to infused address a worked with with needs and Jordan the values, As invest began notice. They methodically their themselves and Christine take to surround our the throughout core of clinical talented, motivated the to began expand community met. team in and has services least community locally that star results. being has exceptional rating health tailored approach were agency home health XXXX. produced maintained not a to Their at financial care X.X adequately and

same of quarter just and and Jordan During XXX% segment, the under health their the they time, itself potential its of the they Hospice expansion is of increased quarter At dozens and Health first significant by their Christine, by Sequoia earnings X of first incredible surface our which revenue and the leaders an of drove over of was addressing increase throughout of XXXX, results improvement. local over XXXX, margin communities. XXXX. demands the care Home scratching examples just driving they are XXX%

their the residents they built to last the outbreaks. Mangum; on created senior Wellness operations the Weatherford, Sarah early the Texas active year Director, Alexa Tammy residents advance enhanced of families. prepared side, and Next, of by and health themselves team in living led ways the Court care COVID-XX pandemic, for In Director, Windsor contingencies, in days Walton; communication Executive new and the manager, Lewis; well staffing protocols, keep strong implemented

confidence the team. in staff, their residents a high a families had level As of and result,

of and As spike in senior steadily we express Texas like their those of XX% leaders kind have organization, Windsor historic quarter of quarter. the this work the Revenue quarter Alexa able and develop in appreciation XXXX, they is to as quarter. from increase going deep There of were third spread, their increased we storm are all to the This to and in want X.X% the living our COVID-XX the occupancy Court. of others first a cases in first quarter first the team the achievable despite over in in performance quarter since XXXX during experiencing for to pandemic XXXX where maintained. XX% communities and continue attract at a of winter XXXX, our

half will Although about it a year there's of second the the see for in remain the was very, a quarter, that results years difficult believe we realized lot we great to we hopeful that foundation and our in and come. lay a very that

portion Now of Q&A call. the we will the to turn

earlier, President the and Pennant John we're Gochnour, mentioned participate the will of on Guerisoli, the you the be with and which Derek instruct Lee, our audience here As in procedure? questions. answering Q&A Group; COO; can Brent both of available

Operator

Stephens. First question line from Scott comes of [Operator Instructions] the from Fidel

Scott Fidel

First question, weather modeling just impacts the wanted quarter just synching we maybe were first just the understanding it. into to how up and drill with COVID-related that and in

mentioned a you weather like from you obviously that around Texas in million it was the mentioned that already quarter. -- unanticipated the first impact Dan, there's So sounds adverse $X.X

Just also, Health understand changed and that as for you that to weather? modeling. were then if how those a essentially you're you're that, reporting change impact estimating And Hospice those, into that was EBITDA. you had follow-up how costs size COVID expenses related any we the to now not baking with adjusted to I relative was the but there operations specifically Home the and interested could

around you supplies COVID been any cost adjusted PPE of backing So you EBITDA? had sort of interested there's for that costs if previously other that thoughts and comparable general your have out

Danny Walker

visit to great it's with and Scott, question, the for you. Thanks Good. Yes.

in processing that senior living and side to the because of few to was it a First, facilities. we've devoted particularly on of of how the lot time detail the we're the disruptive some claims more things on quantifying a weather,

All of affected significantly. them were

All of our staff were significantly. affected

haven't not Hospice there in try those But insignificant. Hospice what things. to unless this of those so in to terms we have performed more things achieve don't Home a first we has have certain achieve. it in better, in it's don't well side a we really areas just to highlight through tends they sense Home improve very challenges. We over and It We -- time. we're we little things and off quarter, in highlighted we to to didn't why these don't -- bit thing. those is But do. there. was Health particularly tend a know living -- We business. impacts senior to what But general, planning be through of the and as And -- side full -- I of particulars wasn't got on of detail generally needing say visits, obviously we Health it fair staff was were need create opportunities hand We just this taking disruptive missing to and our real quantified in is general, the on operate it do to stung where things. We those advantage -- Jen we just it

included part how it tackle second your -- Now what's on excluded. of can Jen, to and you as relates question, your that?

Jen Freeman

Yes.

This our for normal you part of is the you thank to just let wanted question. expenses COVID daily are operations. Jen. more becoming that a -- the part know I So

supplies continuing part patients, $XXX,XXX our $XXX,XXX what to quarter to becoming And of more or buy to first and make capture same residents -- did expenses. COVID then then normal XXXX. so the in comparison as the protecting cost. to sure our from we COVID sequestration had about momentum then first same revenue our our more as in of that we're and in also estimates But as that's of lost the we of But that's the we have remember we received impact the in that we're it's are, approximately what the relief. approximately quarter So

Scott Fidel

trajectory would even the the on in and the trying And you track just the terms some the to sort of framing Home second over and thinking that trajectory which quarter maybe rest especially Hospice just get be guidance, Health about the of get it. reaffirmed. achieving so just of helpful that. $XXX,XXX given the like year of of question side. first some $XXX,XXX actually towards looks that's strength Got to was to right revenue Then Okay. in It the in the

more So was these attributed of as the with side quarter. you margin it really the unique first and some factors on in

to us on thinking think of can back then to do the So that, in of you the within if of I spot compared you're back the guess into of improvement a about sort on about occupancy. any in right occupancy detail year, that know of where thinking things rest you of ramp more side on we the you're expect to year, as that sort in that guess, as are be drill just just about more in, seasonality. margin the estimate terms of give as year. our maybe margin the SL, help I you also, -- half how model half now modeling we I the had just, And of over try to the try trajectory, but running that how

but those of would be there, of there's couple on each helpful. a So things thoughts in

Danny Walker

Yes.

specifics of confluence in, some events perhaps Brent the only think related I COVID. in then and of had But level, the the high margins. of COVID Washington, states thought exception and with to the have with facility. Jen have any not on were peaked may where Just numbers we operating X this we

all Texas, peaked Arizona quarter in of So was Wisconsin, head kind it to same a in mean -- at and the it I time. the COVID Nevada. came in in California,

we it's mentioned, take It's elements are a a as already that up. beginnings is will think emergency-related that starting and Jen compression -- in this that are through, to And transformation expense see of of some all But may there March April. managing we're So margin sudden, of it of -- a longer little is, ease I we're just continue. to work expect new what anticipating and of supplies. and starting the all to

But right, and working residents -- adjustments capture that make will of would that process. they're how terms leaders the to they're gradually, we're Our but accordingly, say I it's see in expenses quarter in seeing with that how we'll staffing momentum our quarter, not margin in to will improvement us the into we're later obviously anticipating significant second third and into the in catch the foundations fourth. dramatic already allow the really those

now and are just the effectively sort gaining moment and the of we're people again, is great thoughts side? their indications leaders particular Our disaster of seeing footing on adjusting that are the passed of that. any Brent, margin

Brent Guerisoli

mean, we're margin be XXXX I historically to to years. -- pattern has we tends that seen prior as seeing in And bit in know well. cyclical more a bit a we've little as similar we been Well, start the little QX a difficult.

And beyond. so in senior living side, pretty particular, And and and hit side. in on April hard we've we've on March improvement seen in been cost the the

I as Danny basis some And on these a be about. to we'll start increase changes so that able that margin to take quicker margin of just time occupancy to through advantage increase, And that's that increase. occupancy -- take incremental the we talked going work another one. as of think we see see It's to

going improve as will So of that's as -- forward well. we're cost see as optimistic we that our see occupancy that our management increase part we expectation

Scott Fidel

of think this in reveal back about really on clarify up more to already something so follow of second that just as of do that Are far more we itself year? some seeing a point. the notable to to quarter? just occupancy you sort going was half in Or ramp the in improvement starts I the

Danny Walker

Yes.

we has seeing generally, hopeful the the signs keyed of like happen year, back half more in I numbers really, some really there. will So up. we Derek, feel the are think, it but of

Derek Bunker

Scott. Hey

and that Danny the last will echo have quarter, mentioned year. half this. weakness second been it some line And have some the -- this we lingering And from encouraging pretty others towards quarter much think I second as it's of we occupancy. weighted say, be it's are reporting. with But So do mentioned seeing what we can I anticipate experiencing in what I'd what signs in to the

March our ticked net up And was lowest really move-outs of highest Our in month since month our positive the and to months, pandemic April. both average occupancy and in flat were the relatively move-ins spots, thanks of began. in move-ins

that what see, we're events coming seeing a to the really obviously, probably in that's culmination X a trend, Danny starting kind And occupancy. that's short-term of, off we're spike of downward but so is that created as mentioned, positive of

So And we'll we'll encouraging probably for through quarter, inflection. continue evaluate that certainly of to see but it's need the to some that second us.

Scott Fidel

one then it. one queue. for back Got And me get then and I'll in just last

length were terms for and some hoping framing seeing thinking what your you with on that sequential in ADC. Just hospice on stay of of how influence will

how how For you're just more sort it And unfortunately, observed sequential about ramp the and much it broadly, backdrop, of that as ADC. the terms of to in lower me. in pressure industry relates, then length-of-stay stay there thinking of for COVID length was hospice of the you that's patients. Interested in

Danny Walker

why John, Yes. don't that? tackle you

John Gochnour

a question, Scott, appreciate we and it. great It's

quarter. through Our pretty up the hospice held ADC well actually has

And result the we've that sources X%. the impact Our really the talking in is pandemic assisted on world. our the length of some been this some factors saw about about, about stay what the its did is of of living and and referral of skilled decline we nursing

And some transitioning fairly and in up. we've had believe period operations seeing and to the these of pleased from we so for decline, significant some tick we're that a operations for but up. poised, longer we're itself held continue got that we're modest both also seeing QX, we've organically that those And ADC opportunity

Danny Walker

and our yes, flat X%. was was So -- by ADC but length of down stay

resembles return we can the those of we things Thanks for think Scott. with from So to continue to and kind there we're build like results, quite more pleased normal. something question, as that

Operator

Morgan comes Your of next RBC from the Capital. line question from Frank

Frank Morgan

has covered. to improvement can of one numbers guidance improvement your of on ramp level ground just in for don't side the quick up? to your here? is you make the here Hospice on near-term relative offset been of there over When guess from And still housing balance the headwinds if here the of or you A I where the housing you predicated you're the Health maintaining on or about portfolio you some are side, some -- Is it think business that can enough lot get senior the opportunity one of me. of Home kind you year, here? senior

Danny Walker

with Great stated that living building is the talked careful much about most from living. hear for to we're as -- want -- what portfolio. We're quite to Pennant to transition long-term question, in the make modest into the the was you. in past, Frank, we've some anticipate consistent not some this sure anticipating from very away not recovery the that over We in and improvement too the the Ensign We're the health group. time that there. good for disruptive our and of And is senior we've senior

being You impact immediate and layer almost within a of of on of newly top of that, very cutovers. the system of of kind COVID short time kind period all constituted, the then

and what in really Hospice year-over-year foundation are space. do this on are our and growth forms demonstrating the Home over year there making that Health for focused the health So we we concerns the sure very year-over-year that

modest So improvement was just that's anticipating a us. challenge a saying quarter, which first of from long real for way we're the

do that So the not to the for them want -- of interest things we're we right long-term segment.

you Jen, would so focused And on are there on that. add? that, specifics any we're that

Jen Freeman

covered you've think I it, Danny. No,

most is definitely and modest more and weighted the towards in that it's heavily that Home business, or think I Hospice improvement. weighted the Health growth, guidance

Danny Walker

Brent, living improve any lot we're not of Yes, thoughts have business from that? do significantly. believe anticipating will this yes. contribution But year. with senior the But that, on we We you a

Brent Guerisoli

Danny as mean and getting in leadership leadership And has results. appropriately, model well, as and continued the I drive place we're other and right, driving Health as at that. say would mentioned, going mentioned, local perform optimistic, the right I is, and No. segment our we're to to expect Hospice we obviously, Home thing the Danny

And but work level are local so model building and to on paths all the we'll hitting continue and of teams multiple strong the there that at continuing driving to for long-term those, to of number, success. follow

Operator

continue. time. as this question further Presenters, no may are There Instructions] of you [Operator

Danny Walker

all belief you creating, We and of for have belief shareholders, realize are us. what in their what continue thank in and appreciation to our joining Lee, created for express the you, support we we their pretty our Home headwind. the space, that is to coming same that the as of strength a living Hospice look space forward off challenging Health historically view and and which we a demonstrating short-term quarter senior in Thank in

the a year very, a starting very have traded we're excited We're at as the We and the challenging really coming a years. point lot pretty coming excitement mostly, about of that overall long-term thrilled about where we there. excited newly Pennant's opportunity place or first the But we're have, by publicly company. through so about

So thank be you all for joining us, and Bye-bye. healthy and safe.

Operator

Ladies today's you this participation. concludes and conference your for call. Thank gentlemen,

disconnect. now may You