Enhabit (EHAB) FY Earnings Call Presentation

Q1 2025 Highlights - Home health census showed sequential growth, exiting Q1 above the prior year quarter[12] - Hospice maintained monthly sequential Average Daily Census (ADC) growth for 14 consecutive months[12] - The company reduced its leverage ratio by 0.9x since Q1 2024, falling below 4.5x, ahead of the credit agreement requirement[12] Volume Trends - Home health total admissions decreased by 0.8% from Q1 2024 to Q1 2025[17] - Hospice ADC increased by 8.1% from Q1 2024 to Q1 2025[17] - Home health ADC increased by 2.1% from Q1 2024 to Q1 2025[17] Financial Performance - Home Health Adjusted EBITDA Margin was 17.7% in Q1 2025[19] - The company's net debt to adjusted EBITDA leverage ratio decreased by 0.9 from FY 2023 to Q1 2025[19] - Home Health Medicare revenue as a percentage of segment revenue is declining, with a Q1 2025 value of 55.7%[19] Industry Outlook - The aging population is expected to grow, with a 5% expected annual growth in the target population over the next three years[22] - Home health care is presented as a cost-efficient alternative, with an average Medicare cost per day of $63, compared to $556 for skilled nursing facilities[22]