Kindred Healthcare, Inc. (KND)

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Kindred Healthcare (KND)

Q2 2014 Earnings Call

August 07, 2014 10:00 am ET


Patrick J. Watson - Senior Vice President and Principal

Paul J. Diaz - Chief Executive Officer, Director and Member of Strategic Development Committee

Stephen D. Farber - Chief Financial Officer and Executive Vice President

Benjamin A. Breier - President and Chief Operating Officer


Albert J. Rice - UBS Investment Bank, Research Division

Christian Rigg - Susquehanna Financial Group, LLLP, Research Division

Ryan K. Halsted - Wells Fargo Securities, LLC, Research Division

Phillip Kim

Robert M. Mains - Stifel, Nicolaus & Company, Incorporated, Research Division

Frank G. Morgan - RBC Capital Markets, LLC, Research Division



Good day, everyone, and welcome to this Kindred Healthcare Second Quarter 2014 Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Pat Watson with Corporate Communications. Please go ahead, sir.

Patrick J. Watson

Thank you, and good morning. Welcome to the Kindred Healthcare Second Quarter Conference Call. This is Pat Watson. Before the company's presentation, I would like to read the cautionary statement.

This conference call includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involves a number of risks and uncertainties. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company and its management are unable to predict or control, that may cause the company's actual results and performance to differ materially from any future results or performance expressed or implied by such forward-looking statements.

The company cautions participants that any forward-looking information is not a guarantee of future performance, and that actual results could differ materially from those contained in the forward-looking information.

The company refers you to its reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K, the company's other reports filed periodically with the SEC and its press release regarding the second quarter operating results for a discussion of these forward-looking statements and other factors that could affect these forward-looking statements. Many of these factors are beyond the control of the company and its management.

The company cautions investors that any forward-looking statements made by the company are not guarantees of future performance. The information being provided today is as of this date only, and the company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.

Certain references to operating income or EBITDA and core free cash flows, as well as other non-GAAP disclosures, have been reconciled to the company's consolidated operating results and are available on the company's website,

In addition, please access the website to view updated investor slides, which accompany today's presentation. It is now my pleasure to introduce the participants in today's call: Paul Diaz, Chief Executive Officer; Ben Breier, President and Chief Operating Officer; and Stephen Farber, Executive Vice President and Chief Financial Officer. Mr. Diaz will begin the call.

Paul J. Diaz

Thank you. Good morning, everyone, and thank you for joining us. We are very pleased with the results for the second quarter 2014 and the strong first half of the year that we'll be discussing this morning. Again, I want to refer everyone to the slides we posted last night on our website that we'll be referring to throughout the course of this morning's update.

Again, I'll just sort of begin on Slide 3 and turn it over to Stephen and Ben and have some comments at the end about our strategic plan and opportunities going forward. I'll just start by noting that we're incredibly pleased with the progress that we've made over the last year, as we've worked through sequestration and other reimbursement cuts, and completed the repositioning of our businesses and capital structure.

More importantly, I'm just incredibly proud of our team, our clinicians and operators, who maintained their focus on our patients and operations through this time of enormous change. We'll continue to deliver on our promise of hope, healing and recovery to the patients we serve.

More specifically, in the first half of this year, we saw a continued improvement in our employee engagement surveys and reduced turnover across our enterprise, improved quality measures in clinical outcomes that our patients depend on and increased patient satisfaction in all of our business segments.

As reported last night, we had strong second quarter financial results that Stephen will take you through, and Ben will discuss the specific operations. I also want to note, though, that through all this, we've continued to advance our integrated care market strategy and the development of care management capabilities, which we think will be enormously important going forward.

Ben will discuss further our growing home-based primary care business that we're incredibly excited about, and our recent investment in ACO in Nevada, Silver State, which also we are very excited about.

As we mentioned, the last year has been a tremendous amount of change in terms of repositioning our businesses, the wholesale refinancing of our debt and our most recent successful equity offering. But also, it's important to note that today, we feel better about our team, our systems and processes, our balance sheet and our industry-leading infrastructure, which we think really positions us for growth in a way that we've really not had over the last decade that I've been here.

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