Capital Senior Living Corp. (NYSE:CSU) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 10:00 am ET
decisions we've made to improve our long-term success, we firmly believe Q3 was the low point of our turnaround and we are now exiting that trough.
Total move-ins for Q3 while developing in the latter months of the quarter, were up 7% sequentially over Q2, growing for the first time since the second quarter of 2018. Additionally, rates and concessions remained well managed, indicating that the changes in our incentive plans and sales activities are providing our teams with the tools and focus to successfully sell the value of our communities, products and services.
Our move-outs are also trending lower, improving 9% sequentially, 13% year-over-year for the third quarter and 12% year-to-date through September. We have now posted positive net move-ins for August, September and October, which will provide sequential financial occupancy improvement in Q4. Let's focus on the specific actions we've taken to improve performance. During the first and second quarters of 2019, our focus centered on setting expectations for internal transparency, accountability and performance. We restructured and refreshed our field sales and operations teams and established the foundational sales, marketing and operational platforms to fuel long-term growth.
We elevated accountability for our sales directors to focus them on the full revenue picture on the value of our products and services and on working with their community teams to reduce preventable move-outs. This focus has delivered the recent positive changes in physical occupancy and will be evident in our fourth quarter results. Optimization of our business systems is working. We significantly improved our community level and consolidated analytics and insights of key business metrics by implementing a new forecasting model back in May of this year.
Utilization of this model has allowed us to forecast our business performance with nearly 100% accuracy during each of the last six months. This is a dramatic improvement to community level and consolidated forecast accuracy and reliability. During the latter part of the second quarter and throughout the third quarter, we put laser focus on enhancing the quality and competitiveness of our product and services by investing in our community aesthetics, our people and our programs to more favorably position ourselves in each of our markets.
We ramped up our sales and marketing program to provide incremental leads in more robust sales processes to our organization. I mentioned during our second quarter results call that we were in the process of overhauling our marketing activities, and I'm pleased to note that these changes have resulted in consolidated lead growth of 9% sequentially and 5% compared to the third quarter of last year, with positive volume growth in both internally generated leads and those from aggregators.
In addition, during Q3, we implemented and tested a new sales process in 12 of our communities. This program involves new processes to improve our lead response times and guide prospective residents and their families through the sometimes confusing and often emotional process of choosing a senior living community for themselves or a loved one.
The program ran