Leading Owner, Operator & Investor For information about the Company, visit sonidaseniorliving.com or investors.sonidaseniorliving.com 2 Investor Presentation First Quarter 2025 May 12, 2025 SNDA NYSE Listed Forward-Looking Statements This investor presentation contains forward-looking statements which are subject to certain risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among others, ...

Financial Data and Key Metrics Changes - The company reported revenue of $209.8 million, an increase of $52.9 million or 33.7% compared to the prior year quarter [8] - Consolidated adjusted EBITDA reached $16.4 million, up $5.1 million or 45.9% year-over-year [9] - Adjusted diluted earnings per share increased to $0.27, a rise of $0.07 or 35% from the previous year [9] Business Line Data and Key Metrics Changes - Home Health and Hospice segment revenue was $159.9 million, an increase of $43.4 million or 37.2% year-over-year, with adjusted EBITDA rising to $25.1 million, up $7.3 million or 40.6% [13] - Senior Living segment revenue increased to $50 million, up $9.5 million or 23.6%, with adjusted EBITDA of $4.9 million, a rise of $1.4 million or 40.8% [18] Market Data and Key Metrics Changes - Hospice admissions rose to 3,783, an increase of 22.8%, and average daily census climbed to 3,794, up 28.1% year-over-year [14] - Total home health admissions grew to 18,878, an increase of 4,229 or 28.9%, with Medicare admissions rising by 19.7% [17] Company Strategy and Development Direction - The company focuses on five key initiatives: leadership development, clinical excellence, employee experience, margin improvement, and growth [9] - The company is committed to a locally driven operating model, emphasizing leadership and culture in its acquisitions [11] - Recent acquisitions, including Signature Healthcare, have been integrated successfully, demonstrating the effectiveness of the company's operating model [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the upper end of the 2025 guidance range due to strong performance and early progress in recent acquisitions [12] - The company is monitoring economic uncertainties and will revise guidance as necessary [12] - Management highlighted strong hiring and retention trends, with over 200 net nurses added year-over-year [55] Other Important Information - The company has a strong pipeline of acquisition opportunities and is focused on disciplined growth [21] - Cash flows from operations are expected to be between $35 million and $45 million for 2025 [24] - The company reported a net debt to adjusted EBITDA ratio of 0.83 times [23] Q&A Session Summary Question: What drove the reacceleration of same-store growth in home health and hospice? - Management noted that seasonal changes typically affect growth, with a strong recovery in the first quarter following a decline in the fourth quarter [32] Question: Can you elaborate on guidance expectations and segment contributions? - Management indicated that both segments performed well, with strong revenue quality and margin improvements contributing to the guidance [35] Question: What is the company's perspective on the Optum transaction? - Management expressed excitement about the partnership and emphasized the importance of having strong leaders in place for successful integration [44][45] Question: How does the company view economic sensitivity in senior living? - Management acknowledged sensitivity to macroeconomic conditions but highlighted efforts to improve revenue quality, which has led to robust growth [49] Question: What is the current hiring environment? - Management reported strong hiring and retention trends, with positive growth in staffing levels across both segments [55]

Financial Data and Key Metrics Changes - The company reported revenue of $209.8 million, an increase of $52.9 million or 33.7% compared to the prior year quarter [7] - Consolidated adjusted EBITDA reached $16.4 million, up $5.1 million or 45.9% year-over-year [8] - Adjusted diluted earnings per share were $0.27, an increase of $0.07 or 35% over the prior year quarter [8] Business Line Data and Key Metrics Changes - Home Health and Hospice segment revenue was $159.9 million, an increase of $43.4 million or 37.2% year-over-year, with adjusted EBITDA rising to $25.1 million, up $7.3 million or 40.6% [13] - Senior Living segment revenue increased to $50 million, up $9.5 million or 23.6%, with adjusted EBITDA of $4.9 million, an increase of $1.4 million or 40.8% [18] Market Data and Key Metrics Changes - Hospice admissions rose to 3,783, an increase of 22.8%, and average daily census climbed to 3,794, up 28.1% year-over-year [14] - Total home health admissions grew to 18,878, an increase of 4,229 or 28.9%, with Medicare admissions rising by 19.7% [17] Company Strategy and Development Direction - The company focuses on five key initiatives: leadership development, clinical excellence, employee experience, margin improvement, and growth [8] - The company is committed to a locally driven operating model, emphasizing leadership and culture in its acquisitions [11] - Recent acquisitions, including Signature Health Care, are expected to enhance operational performance and integration [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving the upper end of the 2025 guidance range due to strong Q1 performance and early progress in recent acquisitions [12] - The company is monitoring economic uncertainties and will revise guidance as necessary [12] Other Important Information - The company has a strong pipeline of acquisition opportunities and is focused on disciplined growth [21] - Cash flows used in operations were $21.2 million, impacted by significant acquisitions and timing of incentive payouts [22] Q&A Session Summary Question: What drove the reacceleration of same-store growth in home health and hospice? - Management attributed the growth to seasonal changes and consistent double-digit growth year-over-year in admissions [31] Question: Can you elaborate on guidance expectations and segment contributions? - Management indicated strong performance across both segments, with a focus on revenue quality and margin improvement [34] Question: What is the company's perspective on the Optum transaction? - Management expressed excitement about the partnership and emphasized the importance of having strong leaders in place for successful integration [44] Question: How does the company view economic sensitivity in senior living? - Management acknowledged sensitivity to macroeconomic conditions but highlighted efforts to improve revenue quality and maintain occupancy [48] Question: What is the current hiring environment? - Management reported strong trends in hiring and retention, with over 200 net nurses added year-over-year [54]

Financial Data and Key Metrics Changes - Brookdale Senior Living reported a consolidated RevPAR growth of 4.9% in Q1 2025, driven by an increase in weighted average occupancy [24] - Adjusted EBITDA for Q1 2025 was $124 million, representing a 27% increase year-over-year, exceeding internal expectations and analyst consensus [30] - Adjusted free cash flow turned positive at $4 million, a significant improvement from the previous year [30] Business Line Data and Key Metrics Changes - Same community RevPAR increased by 4.5% year-over-year, with a 130 basis point occupancy growth [26] - Same community operating income margin expanded by 90 basis points to 29%, the highest margin achievement in five years [28] - Labor expenses as a percentage of revenue improved by 90 basis points compared to the prior year [27] Market Data and Key Metrics Changes - First quarter move-ins were 3% above the prior year and 12% above the historic average, contributing to a weighted average occupancy increase of 140 basis points to 79.3% [24] - The company expects to exit another 55 leased communities and divest 14 non-core owned communities by year-end 2025 [17] Company Strategy and Development Direction - The company is focused on improving operating performance, optimizing its real estate portfolio, and reducing leverage to enhance shareholder value [12] - A leadership transition is underway, with a search for a new CEO aimed at driving operational improvements and strategic vision for the future [8][9] - The company plans to expand its health plus offering to 58 additional communities in 2025 to improve resident quality of life [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to 2025, raising annual guidance for both RevPAR and adjusted EBITDA [7][36] - The company acknowledges macroeconomic uncertainties but remains confident in its strategic plans and operational improvements [90][94] - Management is focused on addressing communities with occupancy below 70% and has implemented a SWAT team approach to drive improvements [35] Other Important Information - The board has appointed two new independent directors to enhance expertise and perspectives [10] - The company is actively evaluating additional disposition opportunities to unlock value from owned assets [82] Q&A Session Summary Question: Can you provide more details on your pricing strategy? - Management indicated that pricing promotions are being piloted in targeted areas to increase occupancy while maintaining rate discipline [44][46] Question: How should we think about the seasonality of margins throughout the year? - Management noted that Q1 typically has the highest margin due to fewer workdays, and they expect a headwind of approximately $10 million in adjusted EBITDA between Q1 and Q2 due to seasonal factors [55][39] Question: What initiatives are contributing to better occupancy results? - Management highlighted the ongoing SWAT team initiatives and targeted pricing strategies as key contributors to improved occupancy [64][66] Question: What is the board looking for in the new CEO? - The board is prioritizing candidates with operational expertise and strategic vision to propel Brookdale into the future [86] Question: Is the guidance raised due to Q1 outperformance? - Yes, the guidance was raised based on Q1 outperformance, particularly in occupancy and expense management [90]

Financial Data and Key Metrics Changes - Brookdale Senior Living reported a consolidated RevPAR growth of 4.9% in Q1 2025, driven by an increase in weighted average occupancy [25][32] - Adjusted EBITDA for Q1 2025 was $124 million, representing a 27% increase year-over-year, exceeding internal expectations and analyst consensus [32] - Adjusted free cash flow turned positive at $4 million, a significant improvement from the previous year [32][33] Business Line Data and Key Metrics Changes - Same community RevPAR increased by 4.5% year-over-year, with a weighted average occupancy of 80% [28] - Same community expense per occupied unit rose by only 1.6%, indicating effective cost management relative to revenue growth [29] - Operating income margin for same communities expanded by 90 basis points to 29%, the highest in five years [30] Market Data and Key Metrics Changes - The company experienced a 3% increase in move-ins compared to the prior year, significantly above historical averages [25] - The weighted average occupancy increased by 140 basis points to 79.3% in Q1 2025, reflecting positive market dynamics [25] Company Strategy and Development Direction - The company is focused on improving operational performance, optimizing its real estate portfolio, and reducing leverage to enhance shareholder value [13][19] - A leadership transition is underway, with the board seeking a new CEO to drive operational improvements and strategic vision [9][10] - The company plans to exit 55 leased communities and divest 14 non-core owned communities by year-end 2025, aiming for 75% of its portfolio to be owned [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to 2025, raising annual guidance for RevPAR and adjusted EBITDA [24][39] - The company acknowledged macroeconomic uncertainties but remains confident in its strategic plans and operational improvements [95][99] - Management highlighted the importance of maintaining pricing power while balancing occupancy growth [62] Other Important Information - The company has appointed two new independent directors to enhance board expertise and oversight [12] - A focus on enhancing the quality of living environments for residents has led to multiple recognitions, including being named a "most loved workplace" by Newsweek [22] Q&A Session Summary Question: Can you elaborate on your pricing strategy? - Management indicated that pricing promotions are being piloted to boost occupancy while maintaining rate discipline [47][49] Question: What is the timeline for the impact of the First Impressions investment initiatives? - Management stated that targeted investments are expected to positively influence occupancy and rates, with budgeting for 2026 to begin later in the year [52][53] Question: How should we think about the seasonality of margins throughout the year? - Management explained that Q1 typically has the highest margins due to fewer workdays, with expected headwinds in Q2 from merit increases and additional workdays [58][60] Question: What initiatives are already contributing to better occupancy results? - Management noted that the SWAT teams and dynamic pricing strategies have been effective in improving occupancy [68][70] Question: What is the board prioritizing in the CEO search? - The board is looking for candidates with operational expertise and strategic vision to propel the company forward [90][91]

Core Viewpoint - The Pennant Group, Inc. reported strong operating results for the first quarter of 2025, with significant increases in revenue, net income, and adjusted earnings per share, indicating positive momentum across its home health, hospice, and senior living segments [1][4][5]. Financial Performance - Total revenue for Q1 2025 was $209.8 million, a 33.7% increase from $156.9 million in Q1 2024 [4][19]. - Net income for Q1 2025 was $7.8 million, up 58.5% from $5.1 million in Q1 2024 [4][12]. - Adjusted net income for Q1 2025 was $9.6 million, reflecting a 61.4% increase from $5.9 million in Q1 2024 [4][30]. - GAAP diluted earnings per share were $0.22, compared to $0.16 in the prior year [1][12]. - Adjusted diluted earnings per share were $0.27, up from $0.20 in Q1 2024 [1][30]. Segment Performance - Home Health and Hospice Services segment revenue was $159.9 million, a 37.2% increase from $116.5 million in Q1 2024 [4][19]. - Senior Living Services segment revenue reached $50.0 million, a 23.6% increase from $40.4 million in Q1 2024 [4][24]. - Total home health admissions increased by 28.9% to 18,878, while Medicare home health admissions rose by 19.7% to 7,599 [4][22]. - Hospice average daily census increased by 28.1% to 3,794 [4][22]. - Senior Living average monthly revenue per occupied room increased by 11.3% to $5,193 [4][24]. Operational Highlights - Consolidated Adjusted EBITDAR for Q1 2025 was $28.0 million, a 31.0% increase from $21.4 million in Q1 2024 [4][35]. - Consolidated Adjusted EBITDA for Q1 2025 was $16.4 million, reflecting a 45.9% increase from $11.2 million in Q1 2024 [4][35]. - The company emphasized ongoing investments in leadership development as a key driver of operational success [4][5]. Future Outlook - The company plans to discuss its financial results in a live webcast scheduled for May 7, 2025, indicating a commitment to transparency and investor engagement [1][6].

Core Insights - The Ensign Group, Inc. has acquired Marianwood Health and Rehabilitation, a 117-bed skilled nursing facility in Issaquah, Washington, effective May 1, 2025, as part of a larger acquisition of seven facilities from Providence Home and Community Care announced in December 2024 [1][3] Group 1: Acquisition Details - The acquisition includes both the real estate and operations of the facility, with the real estate being acquired by Standard Bearer Healthcare REIT, Inc., a subsidiary of Ensign [1] - This acquisition expands Ensign's portfolio to 344 healthcare operations, including 44 senior living operations across 17 states [3] Group 2: Strategic Importance - The CEO of Ensign, Barry Port, emphasized the importance of this facility in enhancing their existing locations and building a strong portfolio in the northwest [2] - Steve Farnsworth, President of Pennant Healthcare LLC, highlighted the strategic fit of this operation for their growth in Washington and the commitment to providing quality care [3] Group 3: Future Plans - Ensign is actively seeking further opportunities to acquire real estate and lease both well-performing and struggling skilled nursing and senior living facilities across the United States [3]

Core Viewpoint - Brookdale Senior Living Inc. is set to release its first quarter 2025 financial results on May 6, 2025, followed by a conference call on May 7, 2025, to discuss these results [1][2]. Company Overview - Brookdale Senior Living Inc. operates 647 senior living communities across 41 states, serving approximately 58,000 residents as of March 31, 2025 [4]. - The company focuses on enriching the lives of seniors through compassionate care, clinical expertise, and exceptional service, offering independent living, assisted living, memory care, and continuing care retirement communities [4]. - Brookdale aims to create opportunities for wellness, personal growth, and meaningful relationships in environments that feel like home, guided by its core values of passion, courage, partnership, and trust [4].

Core Insights - The article discusses Sonida Senior Living, Inc. (NYSE: SNDA) and highlights the company's significant leverage, which may hinder its growth potential [1] Company Analysis - Sonida Senior Living was previously analyzed in July of the last year, focusing on its leverage issues [1] - The company is positioned in the senior living sector, which is of interest to individual investors seeking income from undervalued, profitable stocks with strong balance sheets and minimal debt [1] Investment Strategy - The investment approach involves buying undervalued stocks and, when opportunities arise, writing calls against positions to generate additional income [1] - Risk management strategies include position sizing and the use of trailing stop losses over time [1]

Financial Data and Key Metrics Changes - The company reported Q4 adjusted earnings per share of $0.24, contributing to a full year adjusted earnings per share of $0.94, exceeding the updated guidance midpoint of $0.93 [11] - Full year consolidated revenue reached $695.2 million, an increase of $150.3 million or 27.6% over the prior year, with adjusted EBITDA of $53.3 million, an improvement of $12.6 million or 30.9% [12][33] - The company generated $20.6 million in net cash from operating activities and $17.2 million in free cash flow during Q4 [36] Business Line Data and Key Metrics Changes - Home health and hospice segment revenue for the full year increased to $519.5 million, a $125 million or 31.7% increase over the prior year, with Q4 revenue at $142 million, a $35.1 million or 32.9% increase [21] - Senior living segment revenue improved to $175.8 million, a $25.3 million or 16.8% increase over the prior year, with Q4 revenue at $46.9 million, a $7.8 million or 20% increase [26] Market Data and Key Metrics Changes - Home health admissions reached a new high of 15,909, an increase of 40.9%, while Medicare admissions increased to 6,443, a 30.1% increase [22] - The average CMS-reported star rating was 4.1, significantly exceeding the national average of 3.0, with a potentially preventable hospitalization rate of 8.7%, better than the national average of 9.9% [24] Company Strategy and Development Direction - The company is focused on five key initiatives: leadership development, employee experience, clinical excellence, margin, and growth, with significant progress made in each area [14] - The company anticipates full-year 2025 revenue in the range of $800 million to $865 million, with adjusted earnings per share projected between $1.03 and $1.11, reflecting a 13.8% growth over 2024 adjusted earnings [19][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in both segments, driven by local leaders' readiness to drive organic and inorganic growth [19] - The company remains confident in its ability to adapt to potential changes in the legislative funding environment, particularly regarding Medicaid [66] Other Important Information - The company completed numerous strategic acquisitions, including the $80 million purchase of Signature Healthcare at Home, and entered into long-term leases for three senior living communities [13][28] - The company reported a strong focus on leadership development, adding 66 leaders to its CEO training program and launching a clinical leadership training program [16] Q&A Session Summary Question: 2025 outlook and same-store revenue growth expectations - Management projected about a 7% increase in same-store revenue for home health, hospice, and senior living [53] Question: Legislative funding environment and Medicaid exposure - Management indicated that approximately 15% of the business is exposed to potential Medicaid impacts, primarily from senior living [62][66] Question: Guidance assumptions for EBITDA margin improvement - Management expects some impact from recent acquisitions but anticipates home health margins to remain in the high 15% to low 16% range [83] Question: Hospice cap issue and operational changes - Management noted that they are focused on adjusting referral patterns to minimize hospice cap impacts, estimating a potential reduction in cap impact for 2025 [93] Question: Senior living segment and M&A opportunities - Management expressed confidence in the senior living segment's revenue quality and ongoing efforts to optimize the resident mix [99]