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Jun 30, 2023
Brookdale Q2 2023 Earnings Report
Announced second quarter 2023 results, demonstrating improved financial performance and strategic execution.
Key Takeaways
Brookdale Senior Living announced strong second-quarter results, with RevPAR exceeding pre-pandemic levels for the second consecutive quarter. Net income improved significantly, and Adjusted EBITDA grew substantially year-over-year. The company also made progress towards positive Adjusted Free Cash Flow.
RevPAR of $4,544 exceeded pre-pandemic levels, driven by occupancy growth and increased RevPOR.
Net income improved 95% year-over-year, and Adjusted EBITDA grew 61%.
Net cash provided by operating activities and Adjusted Free Cash Flow improved meaningfully versus the prior year quarter.
Completed the sale of its one remaining entrance fee community on May 1, 2023.
Revenue by Segment
Forward Guidance
For the third quarter of 2023, Brookdale expects RevPAR year-over-year growth between 10.0% and 10.5% and Adjusted EBITDA between $73 million and $78 million.
Positive Outlook
- Expects RevPAR year-over-year growth of 10.0% - 10.5% for Q3 2023.
- Anticipates Adjusted EBITDA between $73 million to $78 million for Q3 2023.
- Expects Q3 2023 cash facility operating lease payments to be approximately $65 million.
- Anticipates approximately $25.0 million in reimbursable remediation costs at the Company's communities resulting from 2022 natural disasters, and such costs are expected to be reimbursed from the Company's property and casualty insurance policies in 2023 or 2024.
- The Company expects its full-year 2023 non-development capital expenditures, net of anticipated lessor reimbursements, to be approximately $200.0 million, excluding reimbursable remediation costs at the Company's communities resulting from 2022 natural disasters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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