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Pennant (PNTG)

Participants
Derek Bunker Chief Investment Officer
Danny Walker Chief Executive Officer
Jen Freeman Chief Financial Officer
Brent Guerisoli President
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 Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today hand Derek would to conference I speaker your Bunker. Instructions] like the to over [Operator Please go ahead.

Derek Bunker

Thank you, today. us you for Adrian. Welcome everyone and thank joining

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

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

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

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

Danny Walker

Yesterday, our financial earnings Thank quarter. quarter reported second everyone second call. for we results XXXX to welcome you, Derek, and our the

accelerate beyond. acting pleased us in urgently second with and half well clinically the that to culturally, and for are while the financially, of progress position We year progress the made and XXXX

presented to to I come. more partners remarks, continue global a our that navigate of in the as pandemic. into to there's shareholders, want get progress making and the are lot to members gratitude community good I stakeholders, employees, we We're this express many our improvement by the Before detailed challenges more team,

produce by Hospice driven EBITDAR and continues revenue and growth, to with XX.X% Our and prior operations bottom segment Health pleased over from to strong strong line record segment XX.X%, operating adherence Home financial report adjusted top results, each the principles. segment year increasing quarter. to We're adjusted increasing our

agencies Excluding Health over while previous acquired the Health quarter. prior XX.X%, XX total months, grew both Home our admissions our the Home grew year in XX.X%, Medicare admissions

prior and census average were daily respectively year hospice X.X% the admissions XX% up and Our over quarter.

measures improve. continue to Our quality clinical

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

our and continue as care address produce complex population in These are and We will as transition. we to Home of a quality level. the of in expand environment challenging of the local midst opportunities they are labor growth particularly various achievements financial record clinical impressive stages Hospice our a and our confident Health that number at patient the outcomes, segment needs of came and acquisitions we better in

local across distractions, and Over system notwithstanding XX the the started operations segment. or XX past have acquired global our months, operators integrations spinoff-related the pandemic,

some to provide results, While also contributed our growth they long-term we transactions virtually record compelling number choppiness quarterly operate. in market every of opportunities which to this across

the of foundation first achieved half continue pandemic-driven segment, $X our into new build we $X.X of well of segment forward integrate and low success, adjusted business, the the strong segment Living the and Pennant-affiliated our year cultural the areas results. XXXX. which agencies in EBITDAR of results Senior methodically financial are a and positioned resulting and revenue we million the to each produce clinical to these In point in many in million, for over step XXXX, we represented second increased sustained of As in quarter

points than basis higher XX our was first XX.X% occupancy. of occupancy quarterly quarter Our

leadership communities, our management census further strengthen living fully senior of yet tools, of care will will senior which progress for deepen operating in margin can that substantial our the efforts of making in expansion. to will living local teams our model our ability generate our drive becoming for -- resident take We and cluster-centered choice stakeholders. time out build solid and growth the are accelerate The are market systems segment long-term on confident the our to local across foundation to and we each actualize, the a and ongoing process marketing build it we value labor

sharp challenges quarter While we that we knew the segments tremendous the from second of COVID-XX that inherent value know both second unlock. have some have our lingering first can we wave would results, quarter impacted

last momentum the and As we in pressures quarter, started XXXX, guided XXXX. of stronger second expect quarter these an the will while second the improved persist to half see for and half to we we build lay even some foundation in of the second

in pandemic. hospice home unprecedented PDGM, a system As added built we are the major to removed and nearly support two two our during our public from and HR dynamics our of improved onto infrastructure and an platform, IT, the agencies, transitions successfully reminder, global quality time roughly the clinical functions, from years we scores all company and not dozen our have own health spin-off Group, teams quite which navigated of Ensign accounting, every face payroll

business to accomplish and this have that accomplish been been years. able our that have watched to of through our to partner able we underpin over achieve adherence the and this we've adherence we all mentor through core and best -- the our success historical While values many success practices to the the Ensign

years pandemic to recover ago. sheet, -- XXXX of leaders We better of we we occupied inherent our stronger favorable integrate in business from and ourselves are far the to and and on urgency that Senior satisfied our that, with powder an position at acting as debt two over dry two power on recent year said, update weighed time the more with acquire Today, years. compounding said compelling more are were and The and IT ahead recent -- throughout half where all second stronger balance All to currently upside we and Group. more stronger and we're to effects that a Derek? past we the distractions continue these dozens continue we're achieve deliver results robust a our terms. Pennant the acquisitions leadership on even And With a with in quality activity. solutions, greater have opportunities investment deeper many stronger without we're not importantly, beyond, of provide I'll and ask Derek clusters, Living where measures, that the of operations, have to pipeline,

Derek Bunker

Danny. Thanks

health home and and a represent growth in communities health The During these agency family, care Texas quarter These agencies strong Worth, in since welcomed Fort in California. home the reputations Colorado, second hospice for into acquisitions Southwest local one opportunities markets. their Pennant and two home have in agency Sacramento, key and we've two

thrilled that are the and amplify care and provided the continue We staff caregivers, have of clinicians these legacies to to communities. quality

off-market led nearly our mentioned, a current noise close an community quarter service leaders acquisition onboarded this of broader transition short-term of transition an operations due their approximately of robust sometimes across that when because two dozen resources consequence unique results deal the a capable to from of health since occurs and more as to our to our Instead Danny representing off. The and health corporate cultivate care and network process process count. that support significant leaders ultimately we've We dynamics. runs pipeline business and processes process, growth within acquisition development own typical agency have don't center the investment have also a a acquired of sister and smoother with The model, by home our As beginning leaders and team opportunities partners operations to the of in a organization. There source our are familiarity is including onboarding with are field our functions thorough strategic XXXX, and model. we a diligence embedded from advantages of deal develop periods the local hospice more to locally-led hand impacted market

that be multiplies long-term a can existing process drag our direct field short acquire to this some we and emphasize results, resources acquired from temporarily on agency each opportunities. as leaders newly it's growth operations, important While to

build create the to after model as families residents, the teams support year. able and experience forward lives the to significant members. they've and culture each leaders of seek staff, year growth our lead unique local attract organic after model operation to and operating entrepreneurial patients, Throughout and been their impact Our community year drive resources that teams that history talented operating

will pipeline empower I'll believe our organization existing acquisitions we all to the We the for hand we just, local financials. not most year in capacity health hospice that the of even of results we to remains home work our for the are will as be mature to opportunities review most operations XX welcoming growth Jennifer more or it acquired these XX into the have Overall, for as in to our over just strong these contribute acquisitions closing, recently process the realized and for excited through confident inherent growth we the and double-digit future. the or years are of value they that, and teams about a even we Jen? over and in their With our but first post our ones. what of experience continue two operations next

Jen Freeman

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

year For XXXX, non-GAAP our share the we first over per $X.X prior a year share an note per of million, XX, the quarter XXXX. that reported months net hand times Please holiday. well share total Automatic our XXXX of XX, $XX.X to GAAP X.X and XX% $XX.X diluted ended sequentially in we drawn been remaining expect the million the recoupment million have quarter. and the effect improvement of time million, times flows $XXX through XXXX adjusted debt April per the XX% $X.X of or Yesterday full million which to of release, revenue $X.XX GAAP reiterated of earnings of and of we for if June impact as we Advance of $X.X June have include on began Cash million, of recoupment revenue quarter phase-out line as Medicare the credit lost provided earnings sequestration to final automatic million key on guidance to the share. earnings diluted per of diluted $XXX.X over within $X.XX of three the $X.XX the advanced on results non-GAAP back expenses our months increase X.XX COVID-related advanced payment. operations Other adjusted of $XX.X is the revenue, three over end. XXXX of cash the ended for the include earnings adjusted share our payments of anticipated from excluding revolving of end. X, quarter and million and at payments million August request XXXX metrics adjusted as repaid Medicare payback the and payments paid all benefit impact period. $X.XX, in the guidance press the EBITDA repay $XXX and per

with in of we're opportunities to recent on year. portfolio building ever. realize we that in to our the are year and momentum despite We And integrating compelling to half. than know stronger the ramp our labor the achieve believe is within second as is the half first our as segments pleased a lead the in performance both full significant steeper inherent will front challenges guidance the acquisitions our facing We value

finding of that, I'll to We our challenging environment. the residents, outcomes quality patients leaders. proud it local over and care with and highlight grow, to clinical ways achieving our couple leaders to are a hand extraordinary and a during for of local our And to providing operating Brent, partners organization, across

Brent Guerisoli

provide, the our individuals Washington, Director accelerate Director and while my Home in Gitungo care It's despite Charlie the a driving Wolf leaders face local and of by second organization Alpha outcomes. the their Boettcher, recognize ups team strategically the a the on the outcomes downs Late few certificate core the EBIT his George star Senior navigated a providing of quality the our to a to values, both and is potential what in to the COVID-XX. in right operating has last occupancy, excellent and focused and and broaden Senior provide Living continuum their from to well cultural Allman EBIT focused in second in of in care rating of through them Joe the building talented including At results need and year stars to of results Nevada, on, prior can in Trail, continued growth financial projected achieving available then, Development, Director, residents successfully was and and their communities, methodically investing team year, they business. real-time pleasure, focused score Services, home Community agency's The and and and offering achieve, of are in have Health have the the trajectory ownership View first excellent focus becoming of and care invested Health growth they prior best in Executive Jen. producing in Home Chris market. five-star of care accelerated Meanwhile, over clinically within operating providing Director, rating Rank quarter Living Marketing customer Alpha are of are providing which Business Hospice Thanks challenging View, Las right evidenced expanding of Director, The our XXXX, strong on services quarter lines in according analytics. Landy growth has culture local Mike Desert data to second, established practices that in results revenue This quality typical the second At community. the improved the as growth over to the quarter. revenue XXXX, pandemic, the within and care of Desert Vegas of quarter And leaders exceptional Everett, a four Mike Wellness environment. application Hospice, model. people, administrator Clinical culture choice to risk-taking. clinical investments impact care hospice of a of families, both the team XXX% awarded that culture the quarter, year would helped intelligent to health and of the in their XXX%, of achieve

resources and for core View Segment. of the our the influence across extends and they others Desert and their operations and team's addition, beyond Senior our support and them Joe leadership our In to patients. in as With the Living organization embody market sister service provide grateful provide Mike, and Charlie many residents it that throughout our like life-changing I'll turn Danny. to values to that, back We're

Danny Walker

Adrian, your With you the please and Session for Brent Derek, instruct that, thank you Thank audience procedure? input. the you, Jen on Q&A can Question-and-Answer and

Operator

from line Instructions] the [Operator comes with first of Stephens. Scott Fidel The question

Scott Fidel

everyone. Good afternoon Hi. Thanks.

just maybe just give of, the update interested, COVID activity bit what you're broadly Delta think impacting. Variant and been, in the uptick could the industry a and a of guess, been with impacted question if that at the terms how real-time have by seeing we Living us have I with the two businesses in you that's COVID more First level. when recent little Senior Hospice, and

of those So are recently what that full reiterated today. the interested in you businesses. you to in around the influences you're seeing thinking on ramp how achieve more year terms guidance that EPS Delta particularly around And two

Danny Walker

great Yeah. question. Scott Thanks

down particular. we'll ever The So the hospice optimistic increased has pockets to census senior high it length But slightly. affect – It's have to it vaccination, pretty percentage the kind QX sequentially, population. we're actually even – of so folks. on within widespread and of navigate our was of QX be continues slightly. we of our reception really between side as affects continue employees our able that, – to the stay that, through as ADC and our unvaccinated closely. fortunate Those efforts a amongst to mostly the And very it – that We're we've living watching unvaccinated communities well. seen in our we're

So we're good side the by that hospice a a teams community efforts need actually other variety to avenues members support our through the care. We've recovered spot in of of local hospice on there. finding appropriate

So back right levels. now January is, where pre-pandemic all-time high we're stand ahead in before we our of

has front. where through So teams it's pleased on hospice with navigate our There been been quite we're well. it to have the there, we're at able but disruption some –

kind like sort prepared we're better processes, the relates of on find we're West all what to there burnout, where that. we And and places into those the of something – bit things navigate of the systems, overall and PPE it like and the teams it we're to that, affected. core helped We variant, culture directly issues, Delta like caregiver the it. moves like As progress are values that really has our and other things through in feel more ready then just little to our as our adherence The a to our is go of that.

variant, kind doing So quite forward the with move doing good and ability we're of feeling to results achieve Delta what the second in our strong about even half. it's

feel importantly, we things long-term been a stacking positioning we've years. More growth we part are our and we our that's look as continue results really up look strategy driven our how many to on execute to as good to about XXXX for of, how

add that? to anything on So.

Brent Guerisoli

we I that just little a kind it's return seeing up. The feel closely progress, We've our out the continuing place every levels to living year it. systems pre-pandemic, hoped, senior And I'd the uptick similar handling gradually but spot, we point, we've good as the picked that's side. think a we're we early of so operation into we're in is at our this at a Yeah, that census over to part put in of single the normal of slower like and but local function seeing year, hit monitoring than of a on we'd say, we're level. we're And got and deal with we're – we processes and the it ago, we've COVID, a bottomed been – follow sort right?

Scott Fidel

everyone on At it dynamics I labor of an get is the update the environment, was call wanted having question, for basically and same care you labor to follow-up encouraging out about And a next – which already. health hear did on time, it. the in just the ADC and nicely challenging experiencing. to Got hospice recovered, also so the some

around still you of you're labor well. what the guess seeing maybe little drill of most the call initiatives sort So dynamics seeing some in the segment terms just side, more as of sort the where out, interested, on I bit the and you're into of pressure if by SL some green where labor seeing – to shoots can a that's you're

Danny Walker

don't why tackle Brent, Yeah. this? you

Brent Guerisoli

Scott, Yeah, question. good a it's

of what what we I seeing with consistent out information coming some think are that's you're and the reported experiencing. is

been Our the probably is The senior living the replace. one group communities been the most group. to have hardest in affected the that's caregiver

these acquisitions the and Health so to senior reputation that's a community, employer on in recruit bit retain each little progress. we our becoming those the have still of et the pride little newer when to choice choice leadership instances, leadership then really where ourselves What we've trying weather -- a making of our significant are the and we're through injected out in new is said, talent. we've impact. But living stronger changes working it's and become tended markets. senior that most on than those areas And Hospice Home in storm have That we're And the the living oftentimes really And build the of are providers side. seen culture. developing right the on bit cetera. side, to those being we two our We're provider harder the better

the some making it's progress. of that us So struggle a real We're challenges. we will build the some in culture now for right combat time. opportunities and but we as are leadership certainly moment the we for markets those teams headwinds inject right employment our we that in optimistic quite can our But we we best create for as right these anticipate last

Scott Fidel

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

and segments. growth home non-Medicare the trends where health Medicare still that's strong both particularly different of on really across seeing really you're the Just

side just again had Just sequential there. significant particular, in you really growth on revenue the wondered, non-Medicare

around up XX% I it's think sequentially.

remind just run of has would I across home maybe So Thanks. than health non-Medicare how the say which business? -- further been. you held else growth these of in the then better see anything growth revenue rates of what have really key us remained rate much sequentially drivers up sort the on And

Danny Walker

Scott. Thanks that for Yeah. Yes.

non-Medicare the is post-acute health really So the home whole engaging growth we of byproduct a are how continuum. in

from Our there's approach continuum care to and our things. arms to beginning skilled Ensign then programs. really Group on And the lock care sure partners, the particularly effective that been that has side Pennant Ensign our develop of with through post-acute at nursing make others alignment in the the community of in transition payer continuum

arena of the nursing So there's to growth moment acute patients particularly want rehabbed. until same all and of but skilled in those in take help skilled they drives fully the that care setting non-Medicare us payers so go continuity elsewhere, nursing from they're way to the natural the the leave care

area. growth kind We're the how is the very right relationships, San reflective growth opportunities really just right market scratching Phoenix overlap time. we markets key another the that where the Tucson lot Worth sustainable. of have in expect in just of the patient both the that's Dallas-Fort our handle so the the Diego, getting surface whole at And of large that of we some is setting Phoenix and right a on into and And we these like care

setting it's of on demand systems And and lot just markets a setting the that clinical effective delivery patients time growth well. acquisition in way, that the mostly an complete with a on easily a can move everybody with acute an length a high-quality for of to optimal us involved for into that recovery setting those dynamic then dovetails skilled responding Hospice at actually optimal the as with our Health -- for to side care nursing from so home process. basis other their flow interact you've cost very the can settings Home for and So into noticed

ago growth seven this continue five, acquisitions his brought level years that like when of in piece. talk see our deliver and highlighting local the four, this continue of of rate opportunities, organic feel because kind kind family talked mentioned part we about of we his about Derek into you at process return to that Brent -- the that So things the six, that in growth to building we

for that really relationships relationships of just the increase expect are that many the years. been and we goes a many, it's will volume those we that to So function have continue And nurturing hyper world through -- our as partners we acute care we're in And as transitional non-Medicare managed the care we're so... that responsive these to for building so the work systems have. really care they payers that well

Scott Fidel

All right.

Okay. Thank you.

Danny Walker

Thanks Scott.

Operator

[Operator The Capital. Instructions] RBC next of with Frank from Morgan question line the comes

Frank Morgan

to segment the nearly results. morning. ADC the I'd in Good Obviously the back like sequential down, admits to go were but Hospice down not as much.

happened admission the a months how little length standpoint did both a Hospice maybe length of also the exit the of of more with length quarter quarter both stay? a and little from you admission stay an over trends really the quarter color median then during the in then So maybe actually of and stay, quarter what around us with you could give maybe -- with if and

Jen Freeman

Yeah.

quarter actually length of X.X% So stay, on one. the we're sequentially up about from

quarter from two up we're to actually So stay, one on Then of the quarter on up admissions about. the X.X%. we're side, length about

quarter admissions in the well. QX ADC What at of was our as pretty then QX the was ADC, was at the from If over are XX% it steady. XXXX. XXXX we ADC it just organic during looking organically, of up like QX rise the -- to did about you X.X% And admissions Q-over-Q. see down to We it with look QX saw

we two, one So quarter is quarter at for quarter. XX.XX left at the at XX.XX when we the ended quarter the

quarter steady, decline pretty was but a beyond that. it dip During it just didn't so slight the

-- pretty ADC we're And was it was what quarter. our is it now than in steady. that seeing the first is significantly higher So then we're

So Hospice and we've at over where recovered we're QX. in for well January we were

So to census operators and with growth I what our growth. with do been have pleased our we're Hospice really think able the

Frank Morgan

Got you.

higher you're QX. means So if QX that you're in higher than

your So the really looks quarter out momentum coming of good.

Jen Freeman

Yes.

Frank Morgan

or growth? patterns? growth is change admissions, in seeing differences it improvement in stay more it of the Any any that you continued the sense, in is are length in And referral

Jen Freeman

Hospice think admissions then we're steady that QX. as mostly much it's think of pretty were growth. with with And we of stay, where I average look, length I

Danny Walker

can And standpoint. the referral not? positioned do dynamic hospitals surgeries, can patterns has we from to as be a okay, these as been had have do think bed far Yeah. we elective interesting need Frank, as And right about where to we

as so to And that's as over that, that come they're teams where a there's then seeing hospice little lot you're on are little in sure those just living those change industry bit things last nursing been went headcount sending a in them lull I a then of that. to where little to And there. six skilled the really basis. been change a a where back. patients patterns -- haywire is a in just into but that the little simply them prepared the across the that XX of dramatic appropriate. a say responsive And in of and there's when side crossroads a get in that Obviously last having not living hospital conversation. senior our flows and bit on senses referral patients much normalcy declined. referrals bit just lull We've And been year. where of the ebb a been experience flow starting has there's to get a in been senior been would that a when housing there's to senior how that place to generally a that residents There's conversation have they're months little get in the place sending and for as And been there's our hospice and on -- they're bit residents and speaking. And

to those So environment. changes are in I it's coming any don't dynamic just permanent a ahead. see conversations how

conversations needs COVID approach. is an those or health just it that and of little make Sometimes get emergency here. be if and of experiencing to attributable that to And cases a provider little a those responsive whether success might think the census bit. a new of our care be our bit very to sure is some whatever put off approach But has been can surge it's we're all I

Frank Morgan

think they should of are is more you on last on this months a are be? the assets different anything the Could stabilized revenue there you Got sort other your start-ups contribution just us seeing in more color about standpoint you structural you curious question group assets assets the called relative bought where you. they give brought you these -- you from to a standpoint? from out just any My and XX over margin And board. of where or of

Danny Walker

Good question. Thank you for asking. Yes.

But instances. the -- share they businesses from our standpoint So, a the our often generally inches We in within of They a maybe speaking these margin from year falls overhead low are expansion integrated get generally even then maybe two staff they us. leverage as home to quickly of fixed target can they health like need there expansion. burden then years marketplace as year other their more volume know even And that programs from And help systems moves Derek hospice single-digit, share the of support and business sort of upward in they can some speaking to additional acquire get costs. -- color fairly processes, that kinds them that some we and more They they a into other healthy from situated really their opportunities We which capture don't little that margin support bandwidth, each operate provide single-digits. smaller leadership, within Data our might. into present than the or generally resources opportunities. Analytics acquisition some good see I for need I the in more capital if mid-teens. right are first operations

what Derek would add you there? So,

Derek Bunker

couple of would just I things. add a

think mentioned I a quarter number to the about revenue Frank, I like of overall count. question operations I is the think our of

a proportionately than little there being probably less just given of some is contribution bit start-ups. of that dynamics the revenue the think I them

up smaller them has and they've reputation resources a within in free to those a that able agency elevate acquisition being a local and great apply take or built the the typical and that and teams place legacy leadership and really to Our clinical the sometimes just we're team a run. community

remarks in out because typically size that of do kind the point our the just see or like two not of acquisitions some our of this namely we three prepared emphasize We type other do growth to of occurs -- I so first much kind The dynamics gate. I of it of the in the just and the years. right would year is said of of just the

we double-digit a and years even we in XXXX, at that see acquisitions some pretty two of our in growing typically of improvement years. types previous because partly three rates with course, the of are acquisitions dramatic even first the beyond, Of But to still we've ways of talent, expand the recruit for because services operating for targeted creative to others. be importantly model leaders our grow more those to local to business to of their to but find opportunities the that opportunity to drive new in because creating had forward

acquisition is XX that's they've so look you just track over the exciting you of it acquisitions modeling all and what's so our as exciting it been far. not compare years pretty XX our or contributing at record stuff. past what so of of kind recent But to these out is about it's And so our

Danny Walker

our investors. our the excited with is whole that in done for many really just -- row. processes created it's natural we've operations margin you incremental about we and have story years our and And this very pure And many this the will a are there. But upside long-term this yield yes, the I it mean volume view when as compression been playbook that investment it's real we

Frank Morgan

right the you. labor recent some and I is of I Health level now right hardest called area, labor. Hospice know in on care, the these to getting Got you're also called you acquisitions. And there. Home find think you the housing senior in people The place But, caregiver that out out

I just buy And is you don't these? like? you have mean looking what Thanks. that I'll it you're hop. that when what that for is So process any color and there

Danny Walker

a Great for in question, billing and we health that marketing people the that's local to approach our values, core -- where the model an that culture, team field-driven we living have absolutely our cluster, embraces decision-making understands And that's Frank. -- experts and that intake professionals, attractive collections becomes plus care. that that talented very are people, operators clinical transitional leaders, and are a in place care business expert market, established

of therapists, this enter of occupational sense get they And to work all place then, that those not capital All of the we Those would resources that folks of entity, drive positions. when therapists, speech the large a success. cast. a types supporting all the of those to therapists, flexibility all and they year-over-year-over-year mom-and-pop It's have can RNs that market are but where scattered corporate as might a physical typically they the unique and there's it. throughout the the have then they systems have and have go processes in really the access

I a it's or the other from with in additional So marketplace of most it's with has going bolt that them of acquisitions what's of you volume that that those. one But, each new they acquisitions. these really continues bit we're from really more been the those us. there see our of and up bread mix like a to bit places them answer an to just say, of to the our But marketplace coming they're shaping we this about we're marketplace. And what labor I do support comes delayed. have add parts usually, -- been and and all hamstrung in you the the new or little and it obviously butter been professionals has unknowns. people -- some these feel that with to when to environment three key some in process, just with that we're that and through on anything excited start And short pausing from exactly we really we wouldn't doing, of is out that? and at something And we're Brent, for so that grow. leaders current adding -- can little is dynamic we on And but the then or their over driven you once right and four there the counter have success. waiting team There's the of that's two ongoing then, mentioned. we're kind shake how have

Brent Guerisoli

Yes.

it's and nature -- access new a little there's have get been and of acquisitions. of able of more outside because the that part partners the that cluster is just, our other the come think leadership current our environment, influence teams to I be partners, to of slog And to can support. a of bit market in to provide

with culture newer interactions to And just And we're build those the and -- little that were done one-on-one interactions helps that nice and to with we much through The though so of right? challenge. celebrations the is so that's created partners some be that this have slowed to to teams, bit year. a as last acquisitions types strong thing of before over have additional these be like have feel and well, grow are able able have to

bit the normalcy, we as response a of better seeing little well. more to in as acquisitions we're new so And return back some

Danny Walker

that got And is They've for we of based team Yes. acquisition who team new some to a clinically. focus really a And help and the and that connect but stories the with constraints some had can bring acquisition -- are adjust. have to We with take them and of caution was Out is able normally there. remotely. adjacent in joined on or and previous an strong they've our down reputation, understand immediately been the natural typical the sit practice an our balance sheet, we example. and us Sacramento, the is and them us operator of through they preferences operations, done great the abundance them culture

that's be and disruption, years. to. referring to able to setting wasn't over forward and the way really it through of the and we're looking Some what in the watching we're coming free done they teams But these achieve same it,

Frank Morgan

Thank you.

Operator

[Operator now to would Instructions] back for I the the closing speakers over turn remarks. call

Danny Walker

thank we And our placed again in improve set And the environment that your honoring you. you Scott the to look a Thank trust we're today. forward appreciate the continue very just questions. organization that for and wanted We thank Thank us. to of XXXX. and and again to we Frank us dynamic thoughtful for up understand And trust operating all quarter, you, you've stakeholders. we we second healthy for that a we as Adrian. through you joining to to Thank everybody

Operator

This for concludes call. you today's Thank participating. conference

You disconnect. may now