Brookdale Senior Living (BKD) Reports In-Line Q2 Revenue

August 6, 2018 4:24 PM EDT

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Brookdale Senior Living (NYSE: BKD) reported Q2 EPS of ($0.88), $0.65 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $1.16 billion versus the consensus estimate of $1.16 billion.

2018 Outlook

Based on the impact of transactions with Welltower entered into following the Company's issuing guidance in May 2018, the Company is updating its full-year 2018 expectations for Adjusted EBITDA, excluding transaction and organizational restructuring costs, to a range of $535 million to $565 million. This updated range reflects the estimated approximately $10 million impact to Adjusted EBITDA resulting from such transactions.

The Company reiterates its full-year 2018 guidance for Adjusted Free Cash Flow in a range of $10 million to $30 million and expects full-year amounts of transaction and organizational restructuring costs and non-development capital expenditures to be in line with the previously issued guidance.

The Company also reiterates its full-year 2018 guidance for the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures in a range of $10 million to $20 million.

The foregoing guidance includes the impact of transactions closed prior to the date hereof and the expected impact of the Company's planned transactions, including plans to dispose of 15 communities classified as held for sale as of June 30, 2018, plans to market in 2018 and sell an additional 26 communities, expected lease terminations with respect to 34 communities, and expected terminations of management agreements with respect to 95 communities, and such expectations are based on the Company's estimates regarding the timing of the closings of such transactions. Except for the foregoing transactions, the Company's guidance excludes the impact of any future acquisition or disposition activity.

Reconciliations of the non-GAAP financial measures included in the foregoing guidance to the most comparable GAAP financial measures are not available without unreasonable effort due to the inherent difficulty in forecasting the timing or amounts of items required to reconcile Adjusted EBITDA, Adjusted Free Cash Flow and the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures from the Company's net income (loss), the Company's net cash provided by (used in) operating activities and the unconsolidated ventures' net cash provided by (used in) operating activities, as applicable. Variability in the timing or amounts of items required to reconcile each measure may have a significant impact on the Company's future GAAP results.

For earnings history and earnings-related data on Brookdale Senior Living (BKD) click here.



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