Capital Senior Living Corp. (NYSE:CSU) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 10:00 am ET

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Capital Senior Living Corp. (NYSE:CSU) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Capital Senior Living Third Quarter 2019 Earnings Release Conference Call. Today's conference is being recorded. All statements today, which are not historical facts, may be deemed to be forward-looking statements within the meaning of the Federal Securities Laws. These statements are made as of today's date and the company expressly disclaims any obligation to update these statements in the future. Actual results and performance may differ materially from those forward-looking statements. Certain of these factors that could cause actual results to differ are detailed in the earnings release, the company issued earlier today as well as in the reports the company files with the SEC from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q. Please see today's press release for the full safe harbor Statement, which may be found, at capitalsenior.com/investor-relations, and was furnished in an 8-K filing this morning. Also, please note that during this call, the company will present non-GAAP financial measures. For reconciliations of each non-GAAP measure from the most comparable GAAP measure, please also see today's press release.

At this time, I would like to turn the call over to Capital Senior Living's President and CEO, Ms. Kimberly Lody. Please go ahead ma'am.

Executive
Kimberly Lody

Thank you and good morning to our shareholders, analysts, employees and other participants. Welcome to Capital Senior Living's conference call to discuss our third quarter 2019 results.

Joining me for today's call is Carey Hendrickson, our Chief Financial Officer and Brandon Ribar, our Chief Operating Officer, who joined Capital Senior Living about eight weeks ago. Brandon has an extensive background and impressive track record in finance and operations in the senior housing and skilled nursing sectors. He has already lodged many hours with our operational teams and has visited more than 20 of our communities. These have been indepth visits to work with the community teams and learn more about the unique opportunities in each of our markets. We are delighted to have Brandon onboard and look forward to his operational leadership in further executing our turnaround strategy. While Brandon will not have prepared remarks on today's call, he will be available for your questions during the Q&A period.

2019 is a transformative year for Capital Senior Living, as our top priority is to rebuild the foundational practices and discipline necessary to strengthen our day-to-day business. We are now about nine months into our strategy of stabilize, invest, nurture and grow to improve the operating performance and financial foundation of the company. The expectations we set for 2019 were built with a deliberate focus on restoring the discipline required to grow occupancy, stabilize rates, manage operating expenses and improve performance in the coming periods. We mentioned during our second quarter earnings call that we expected Q3 results to be lower as we continue the actions necessary to reverse the declining occupancy trend that began nearly two years ago and while the results reported today reflect