The conference will begin shortly. Ladies and gentlemen, thank you for standing by, and welcome to the Ensign Group Inc. Q2 fiscal year 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation to ask a question during the session, you will need to press star one one on your telephone. With this announcement, Mr. Keach. Thank you and welcome, everyone. Thanks for joining us today. We filed our earnings press release yesterday, and it is available on the investor relations section of our website at ensigngroup.net. A replay of this call will also be available on our website until 5 P.M. Pacific on Friday, September 2nd, 2022. We want to remind any listeners that may be listening to a replay of this call that all the statements made are as of today, August 2nd, 2022, and these statements have not been nor will be updated subsequent to today's call. Also, any forward-looking statements made today are based on management's current expectations, assumptions, and beliefs about our business and the environment in which we operate. These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call. Listeners should not place undue reliance on forward-looking statements and are encouraged to review our SEC filings for a more complete discussion of factors that could impact our results. Except as required by federal securities laws, Ensign and its affiliates do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, changing circumstances, or for any other reason. In addition, the Ensign Group Inc. is a holding company with no direct operating assets, employees, or revenues. Certain of our wholly owned independent subsidiaries, collectively referred to as the service center, provide accounting, payroll, human resources, information technology, legal, risk management, and other services to other operating subsidiaries and to Standard Bearer Healthcare REIT, our real estate subsidiary, through contractual relationships with these entities. In addition, our wholly owned captive insurance subsidiary provides certain claims-made coverage to our operating subsidiaries for general and professional liability as well as for workers' compensation insurance liabilities. The words Ensign, company, we, our, and us refer to The Ensign Group, Inc. and its consolidated subsidiaries. All of our operating subsidiaries, the service center, Standard Bearer, and the captive insurance company, are operated by separate, wholly owned, independent entities that have their own management, employees, and assets. References herein to the consolidated company, its assets and activities, as well as the use of words like we, us, our, and similar terms are not meant to imply, nor should it be construed as meaning that The Ensign Group has direct operating assets, employees, or revenue, or that any of the subsidiaries are operated by The Ensign Group. Also, we supplement our GAAP reporting with non-GAAP metrics. When viewed together with our GAAP results, we believe that these measures can provide a more complete understanding of our business, but they should not be relied upon to the exclusion of our GAAP reports. A GAAP to non-GAAP reconciliation is available in yesterday's press release and is available in our Form 10-Q. With that, I'll turn the call over to Barry Port, our CEO. Barry? Thank you, Chad, and thank you for joining us today. Our local teams have once again posted impressive clinical and financial results and continue to build remarkable momentum in each market across our portfolio. Our success is entirely due to the efforts and commitment of those leadership teams and caregivers, and our most important focus is to support those that care for our patients every day. By applying proven cultural and operational principles, our local leaders continue to retain and recruit high caliber individuals, which then go on to achieve tremendous success even in the face of extraordinary external challenges. As a result of those efforts, we are pleased to continue to see the impressive improvement in staffing and turnover across almost every geography we serve. We are confident that by being true to our cultural values and proven operating principles, that the near-term and long-term future is brighter than ever. During the quarter, we experienced continued improvement in occupancies, skilled revenue, and managed care revenue and are proud to report that our operators achieved sequential growth in overall occupancy for the sixth consecutive quarter. We are also pleased by the strong quarter-over-quarter growth in skilled mix days, with same store and transitioning operations combining for skilled mix days of 32% and same store reaching a skilled mix days of 33%. In addition, we saw improvements in occupancies, with same store and transitioning occupancy increasing by 1.8% and 6.4%, respectively, over the prior year quarter. We are excited about this continued strength in our occupancies and skilled mix and remain confident that we are on a path that will lead to sustained long-term growth. This is particularly impressive given that it is typical to experience a slowdown during the summer months. As our operators strive to be the examples of excellence in every market they serve, they also recognize the opportunities to return to certain operating fundamentals which have been challenging to maintain in the midst of the disruption in the labor markets and the continued lingering impact of the pandemic. Each operation is constantly looking ahead and forming a detailed, customized strategy to thrive, even in the face of an evolving reimbursement environment, staffing challenges, and inflationary pressures. Our operating model allows for each operator to independently adjust to the needs of their local markets while also drawing on metrics and insights gained through best practices made possible through our transparent culture, including methods for attracting new healthcare professionals into our workforce and retaining and developing existing staff. We continue to benefit from improved Medicaid funding in several states. Recently, the federal government extended the state of emergency to October 2022, which keeps in place many of the regulatory and other forms of assistance helpful to patient care. While we certainly can't know for sure what the COVID future looks like, it is possible that this additional funding may not be extended again. Given the strength we see in occupancies and the improvement we see in labor, we are raising our annual 2022 earnings guidance to $4.05-$4.15 per diluted share, and annual revenue guidance to $2.96 billion-$3 billion. The new midpoint of this 2022 earnings guidance represents an increase of 13% over 2021 results and 31% higher than our 2020 results. We again remind you that our model is built for times like these. Our 23-year track record has demonstrated the power of a locally driven leadership model, which has allowed us to produce consistent results through a variety of challenges, including the most recent pandemic. Regardless of COVID trends, government waivers, or political climates, we are confident in our ability to make operational adjustments, take advantage of attractive acquisition environment, and lean on our experienced leadership, both in our service center and in the field, to continue our long-term path of performance. Our organization is extremely healthy, and our local operational and clinical leadership continues to grow even stronger in spite of these challenges. Our culture and local approach gives us confidence that we can and will continue to innovate and grow this year and beyond. It's important for us to reemphasize to our stakeholders the real reason for our recent results amid labor market challenges and a global pandemic. Certainly, what has been accomplished is not coincidental. Our leaders are committed to a core value that the organization calls customers second. To our leaders, this means that they are constantly striving to put the needs of our caregivers ahead of any other priority. They do this because they understand that the best care for our patients is achieved when each operation creates an outstanding and fulfilling experience for our team members. As one example of living this core value every year, our organization awards a flag to operations that achieve an incredibly high standard of success across every conceivable area in a post-acute operation, which includes over a dozen qualitative, quantitative, and cultural categories. Recipients of this honor must be nearly perfect in every single category for an entire calendar year. When achieved, these operations are celebrated in a way that we believe is a unique expression of gratitude for the outstanding service. More importantly, the staff in these operations, and only the staff, not the administrators or other senior leaders, receive substantial financial rewards for their achievement. It's an honor to visit these flag winners every year and attend these celebrations. We are in awe at their level of achievement, particularly given the challenges that they have faced in recent months and years. It is remarkable to be associated with team members who take such pride and ownership in the work that they do and the results they achieve. Next, I'll ask Chad to discuss our recent growth. Chad? Thank you, Barry. As we expected, we've had a very busy summer so far and are very excited about the 11 new operations we added during the quarter and since. These operations include two senior living operations in California, one senior living operation in Washington, six skilled nursing operations in Texas, one skilled nursing operation in Nevada, and one healthcare campus in Arizona. While some of them are located in some of our most mature geographies, like Arizona and Texas, others are in relatively new healthcare markets for us, like Las Vegas. In either case, we have been extra diligent to ensure that each new addition has the full support of healthy local operations, a proven leadership plan, and a clear pathway to strong clinical and financial performance. We can't wait to see each of these additions contribute to the success of their clusters and their markets as they implement proven Ensign operational and clinical principles. In total, Standard Bearer added six new real estate operations, all of which will be leased to an Ensign affiliated tenant. Ensign affiliates entered into seven new long-term leases with third-party landlords. As this activity illustrates, the ratio between leased and owned will vary depending on the circumstances. We are first and foremost focused on the operational health of acquisitions, so when it makes sense and pricing is right, we will opportunistically purchase the real estate. At the same time, when attractive long-term leases come our way, we'll sign those too. As we've shown over our 23-year history, there will be many opportunities to do both. These acquisitions continue to showcase one of Standard Bearer's primary strategies, which is to capture the upside created by Ensign operators and properties that have historically been subject to a long-term lease. We value the relationships we've shared with many of the owners of our facilities assets and are pleased to help them achieve their estate planning goals while simultaneously growing Standard Bearer. We are always excited to purchase properties we know so well and have operated for years, and look forward to more deals like this in the future. We are also excited about the growth we've seen in Standard Bearer so far and also continue to evaluate new opportunities that would include operations that they'll be run by an Ensign affiliate and some that could be operated by third parties. Looking forward, we have another busy fall and winter ahead of us and are preparing for even more growth in 2023. As you might expect, the pipeline for our typical turnaround opportunities, including real estate acquisitions and leases, is growing. We believe there are many, many operations out there that are struggling and eventually will come to market. In the meantime, we have a handful of new additions that we are working towards closing in the coming months and continue to see new opportunities arise every week. In some cases, particularly larger deals, pricing is still out of whack. As we demonstrated last quarter, there are still plenty of good opportunities to be had at right prices and the turnaround nature of most deals on the market. We continue to provide additional disclosure on Standard Bearer, which is now comprised of 101 properties owned by the company and leased to seventy-three affiliated skilled nursing and senior living operations and 29 senior living operations that are leased to the Pennant Group. Each of these properties are subject to triple-net long-term leases and generated rental revenue of $17.6 million for the quarter, of which $13.9 million was derived from Ensign affiliated operations. Also, for the quarter, Standard Bearer produced $12.1 million in FFO and sits at an EBITDAR to rent coverage ratio of 2.4 times as of the end of the quarter. Lastly, during the quarter, we paid a quarterly cash dividend of $0.055 per share. Given our strength, we plan to continue our 20-year history of paying dividends into the future. We also continue to delever our portfolio, achieving a lease-adjusted net debt to EBITDA ratio of 2.0 times. Currently, we have $593 million of available capacity under our line of credit, which when combined with the cash on our balance sheet, gives us nearly $900 million in dry powder for future investments. We also own 106 assets, of which 101 are held by Standard Bearer and 82 of which are owned completely free of debt and are gaining significant value over time, which adds even more liquidity to help with our future growth. With that, I'll hand the call back over to Barry. Barry? Thanks, Chad. Next, I'd like to share two operational examples today. First, a new facility acquired earlier this year, and second, a same store operation that has been with the organization for over two decades. Both facilities are achieving incredible results as they diligently focus on the daily fundamentals of taking care of their residents and staff and illustrate the organic upside potential inherent in both newly acquired and same store operations. The first example, Estrella Health and Rehabilitation, is a 161-bed facility located in the Phoenix, Arizona metro area. It's led by Matt Moylan, who's our executive director, and Tony Sandoval, our director of nursing and COO. Just eight months ago, Estrella was in desperate straits. Due to clinical and regulatory challenges, it had been placed on the CMS Special Focus list and had fallen to a one-star Medicare rating. The building was also plagued by low occupancy, poor employee morale, and a very negative reputation in the healthcare community. However, following our acquisition on January first, they took time to get to know the existing employees and discovered that many of them were amazing people who were just simply being underutilized and underappreciated. Many have blossomed into incredibly effective department leaders. To support them, Matt and Tony have relied on surrounding cluster partner facilities to help support, train, and empower the Estrella team, while resources from our service center have helped the facility implement and fine-tune best practices to improve outcomes and efficiency. In the first two quarters since acquisition, the Estrella team has grown occupancy by 12% from 67% to 79%, and revenues have also increased by nearly 40%. As you expect, financial results are improving, and Estrella is already contributing to our EBIT. At the same time, the team has eliminated nursing registry and improved retention, which in turn has produced clinical gains as validated through internal clinical audits and external inspections. Healthcare continuum partners have also noticed the improvements, and every month, Estrella builds stronger and stronger relationships with community referral sources. While much more work remains to be done, the progress already made at Estrella demonstrates the incredible potential latent in many of the facilities we are fortunate enough to acquire. While acquisitions continue to be an important part of our ongoing growth in coming quarters, our second operational example demonstrates the enormous organic potential for growth that exists in our same store legacy facilities. Panorama Gardens Nursing and Rehabilitation is a 143-bed skilled nursing operation located near Los Angeles, California. It was acquired in the year 2000, and since that time has been a great contributor to the organization and has earned a reputation not only for excellent care, but has been a great place for caregivers looking for successful careers in healthcare. For example, Alicia Gamero, the facility's Executive Director, was working as the facility Admission Director when we purchased Panorama. She completed her AIT in 2004, and has been leading the facility since that time. Culture of loyalty and commitment at Panorama extends far beyond just Alicia and her leadership team. In fact, the entire facility is among the operations with the lowest turnover rates in our entire organization at just 14%. In a time where the entire healthcare industry is struggling for staff, Panorama Gardens was able to maintain over 98% occupancy for the entire Q2 without using any nursing agency staff. Panorama's ability to care for its employees has allowed the facility to successfully care for its patients, and the healthcare community has taken note. For example, total skilled days have increased by 28%, and managed care days have increased by 50% compared to the prior year quarter. The increased occupancy and skilled mix, combined with the Panorama team's relentless focus on eliminating waste and managing fundamentals, led to an incredible 56% increase in EBIT over an already very successful Q2 in 2021. It is because of facilities like Estrella and Panorama that we feel such optimism about our future. These facilities are at the opposite ends of maturity. The maturity spectrum, but both are succeeding by living our tried and true principles, and both are finding ways to produce incredible results in the face of significant headwinds. More importantly, these facilities and many others like them are sharing their ideas, strategies, and processes with their cluster partners and the rest of the organization, which allow these best practices to spread quickly and elevate performance everywhere. We hope that these examples are helpful in illustrating some of the many different levers our local operators are pulling in order to meet the needs of their healthcare continuum partners. With that, I'll turn the time over to Suzanne to provide us more detail on the company's financial performance and our guidance, and then we'll open it up for questions. Suzanne? Thank you, Barry, and good morning, everyone. Detailed financial statements for the quarter are contained in our 10-Q and press release filed yesterday. Some additional highlights for the quarter include the following. GAAP and adjusted diluted earnings per share were $1.01, an increase of 16.1% and 13.5% respectively. Consolidated GAAP and adjusted revenues for the quarter were $732.5 million, both with an increase of 14.7%. GAAP net income was $57.7 million, an increase of 16.7%, and adjusted net income was $57.4 million, an increase of 12.9%. Other key metrics as of June 30th include cash and cash equivalents of $285.6 million, and cash flows from operations of $130 million. We also wanted to address the current status of the state of emergency and related reimbursement matters. Recently, HHS extended the public health emergency for another 90 days. With this extension, the federal government will continue to provide various waivers and enhanced FMAP funding up to October 13th, 2022. Additionally, as a reminder, the suspension of the 2% sequestration continued through April 1st, 2022, at which time the suspension amount was adjusted to 1% through June 30th, 2022. Starting July 1st, the full 2% sequestration will be back in place. During the quarter ended June 30th, 2022, we've repurchased 271,000 shares of common stock for approximately $20 million, completing the February 2022 stock repurchase program. Given the stock's recent performance, our liquidity, and our confidence in near and long-term results, we have established an additional share buyback program of $20 million, and we believe this to be a very healthy use of our capital. As we said before, share buybacks are one of the many levers we have to deploy capital to benefit the shareholders. As Barry mentioned, we are raising our 2022 annual earnings guidance of $4.05-$4.15 per diluted share, an annual revenue guidance of $2.96 billion-$3 billion. We have evaluated multiple scenarios, and based on the strength in our performance and positive momentum we've seen in occupancy and strong skilled mix, we have confidence that we can meet our earnings guidance. Our 2022 guidance is based on diluted weighted average common shares of Ensign of approximately 57.2 million, a tax rate of 25%, the inclusion of acquisitions closed to date, the exclusion of losses associated with start-up operations which are not yet stabilized, the inclusion of management expectations of Medicare and Medicaid reimbursement rates, net of provider tax, and with the primary exclusions coming from stock-based compensation, a one-time legal finding, and the gain on sale of assets. Additionally, other factors that could impact quarterly performance include variations in reimbursement systems, delays and changes in state budgets, seasonality and occupancy and skilled mix, the influence of the general economy on their census and staffing, the short-term impact of our acquisition activities, variations in insurance rules, surges in COVID-19, and other factors. With that, I'll turn the call back over to Barry. Barry? Thanks, Suzanne. We wanna just reiterate how optimistic we are about the path ahead. It's certainly encouraging to see the recent news from CMS on the increased market basket adjustment and the two-year runway on the parity adjustment. Most of our excitement comes from the strength we see in our operational leadership in the field and the dedicated teams they lead. Their heroic efforts, along with those of our nurses, therapists, and other frontline care providers, continue to provide an industry-leading example of life-enriching service to our residents, coworkers, and communities. We're also appreciative to our colleagues in the service center, who are working tirelessly to support our operations and enabling us to succeed in spite of the challenges we faced. Thank you for making us better every day. We wanna again thank everyone for joining us today and express appreciation to our shareholders and their confidence and support in us. We'll now turn the time over to the Q&A portion of our call. Andrew, can you please instruct the audience on the Q&A procedure? Certainly. As a reminder, to ask a question, you will need to press star one one on your telephone. That's star one one to ask a question. Please stand by while we compile the Q&A roster. Our first question comes from the line of Tao Qiu with Stifel. Hey, good morning, everyone. I wanted to ask you about guidance. You know, based on the finalized Medicare rule, we see a 3.4% delta from the proposed, you know, 0.7% cut. You know, you might ask me that's about $6 million, you know, impact a quarter or maybe $0.10 on the EPS for the Q4 compared to the original view. Yet the guidance only went up 3 cents at the midpoint. Are there any offset I'm missing, or is it just a reflection of conservatism here? Just a reminder with regards to what we did last quarter. What we did not adjust our guidance downward last quarter or change our guidance last quarter, really what that original guidance had included in it was between a 2% and 2.5% increase related to Medicare. With the final rule coming out at 2.7%, it's pretty close to what we originally estimated when we established guidance. I think what we said last quarter, if it did go through the way it was you know looking like it might go through, we'd be at the very low end of the guidance, and then we thought we could get there because it's just one quarter. With this additional amount and how it came out, it's very, very close to what we were originally projecting. Could you get us to the midpoint? Got you. Thanks for the clarification. Just a follow-up. In terms of FMAP funding, you received $27 million this quarter. How much did you assume for the rest of the year in the guidance? We assumed another full quarter of it. This quarter was a very, very heavy quarter of additional amounts. Usually we get between 15 and 17 a quarter, so we assumed another quarter of guidance and a little bit of trickling from some of the states that we think will go a little bit further into November. Got you. My last question is on the waivers. I think, Barry, you talked about, you know, the various emergency waivers, you know, that were still in place. You know, I think in the 10-Q, you listed 16 various emergency waivers that expired during the quarter, I think including in-person physician visits and some others. Could you comment on the impact on your business during the quarter and any additional waivers, or maybe the three-day inpatient rule that is set to expire at some point, whether any of those would pose kind of meaningful operational costs, you know, headwinds in the second half? Yeah. None of the waivers that had expired have really any material impact on our performance whatsoever. The only one that potentially could is the three-day stay waiver. That's really the only one we're focused on because it is so helpful to patient care, allowing us to skill patients in place when their diagnosis positive for COVID. You know, as we saw recently, you know, surges in cases, we've relied on that to be helpful in providing continuity of care. It isn't as material of an impact to our earnings as it once was, say, you know, last year, but we still lean on that waiver. I wouldn't suspect that if it went away after you know Q3 if it did that you know we would have to make any adjustments to our outlook for the remainder of the year. It might factor in for what things look like next year as we try to kind of guesstimate what impact COVID would have. It's not as big of an impact even still as it used to be last year. Thank you. Congrats on the great quarter. Thanks, Tao. Thank you. Our next question comes from the line of Scott Fidel with Stephens. Hi. Thanks and hi, everybody. First question, I guess, just sort of continuing on some of the puts and takes around the updated outlook. Maybe just walk us through with the 11 deals that you've acquired in the Q2 and since. I think they mostly have more of the turnaround type profile to them, where you would be initially taking on the lower margins, but then with a lot of opportunity for accretion and performance improvement over time. Maybe, Chad, if you could just sort of confirm that type of profile to those deals. Then that handful of deals that you're looking at, you know, that you can close relatively soon, whether that's a similar profile to those deals, as well being more of those sort of turnaround opportunities. Yeah. Thanks, Scott. This is Chad. I definitely all of them we would consider kind of typical Ensign turnaround opportunities. With that, you know, typically they take some time to really start becoming accretive. Sometimes that's several months. You know, sometimes, you know, that can even, you know, get closer to a year. Just depends on the transaction. But all 11 this last quarter would fit that criteria. Then the ones that we're looking at, you know, for next year or the next quarter would also be considered turnarounds. You know, clearly we do expect some benefit on the revenue side, but and are very excited long term. These will be, you know. We were extremely selective in picking these 11, even more than usual, I would say. You know, we always expect there to be a little bit of a short term, certainly excited about them. When you looked at the guide and what we did is really up that revenue amount to include those. Then just for the, like we were just on Tao's question, talking about a little teeny bit increase for the spread between the 2.5% that we were projecting and the 2.7% that it ended up at. But knowing that it'll continue to have pressure on from those new acquisitions will have pressure on the margins, but then being able to offset that by continuing to do better in agency and labor and other areas for the second half of the year. I'll just add too, Scott, these- Just for the, like we were just on Tao's question, talking about a little teeny bit increase for the spread between the 2.5% that we were projecting and the 2.7% that it ended up at. But knowing that it'll continue to have pressure on from those new acquisitions will have pressure on the margins, but then being able to offset that by continuing to do better in agency and labor and other areas for the second half of the year. I'll just add too, Scott, these, as you might imagine, most of these operations are in worse shape than even a typical turnaround, given the labor pressures, the use of agency labor, the impact of COVID on census. As you think about, you know, these operations, and as Chad mentioned, being typical Ensign turnarounds, they very much are. I mean, historically, some of these might have, you know, we might have been able to turn the dial a little faster and get them to be accretive sooner. I think, you know, we look at most of these now that we're acquiring as ones that'll meet that, you know, normal timeframe of several quarters to turn and become accretive to our earnings. Okay. Got it. A second question. You know, CMS has been pretty active over the last, let's call it three to six months in dropping these different, you know, sort of proposals or considerations around implementing new mandates around staffing and operational requirements for skilled nursing facilities. Frankly, there seems to be so much of this paper I've stopped even reading, you know, a lot of it. Just interested in, you know, from that perspective, I'm sure you guys have been reading all of it. I think CMS is still, you know, soliciting feedback, right, on a number of these proposals and not yet implementing them. If CMS does decide to move forward, maybe talk about, you know, what type of impact that may have to Ensign and then to the broader industry. It's a great question. You know, we are thankful to have a healthcare advocacy organization in AHCA that is very active and very connected with CMS on these initiatives. We participate fully in the various committees that provide feedback to CMS through this group. As you might expect, Scott, there isn't a lot of clarity, just a lot of talk at this point. While you know, the initiative is kind of in place to look at a staffing minimum, it's not something we lose a lot of sleep over, mostly because, one, we're a fairly high acuity organization that is, you know, I would say fairly atypical of the rest of the industry, and we staff at a pretty aggressive level already. Number two, I think, you know, you know, in the end, CMS tends to generally be pretty reasonable in accepting the feedback that is being provided. I think given the track record of success that AHCA has had, even as seen in this recent change to the market basket increase and also the two-year runway on the parity adjustment, that they'll continue to be successful in making sure that whatever mandates go into effect are reasonable to the industry and acceptable to the whole. It's not completely answering your question, I know, Scott, but we're not too terribly worried about what that will end up you know, looking like in the end, mostly because we feel like we've got a seat at the table. Understood. Then just my last question. It certainly sounds like your tone around labor has sort of really reached a bit of an inflection point here in terms of feeling like some of the headwinds have probably peaked and now there's more opportunity ahead for improvement. You know, are there any stats that you'd be willing to share with us, maybe around you know, contract labor, or you know, sort of hiring and turnover, you know, improvements sequentially that just sort of exemplify what you're seeing? Then how are you sort of thinking about continuing improvement into the back half of the year? That's it for me. Thanks. Yeah, I mean, certainly it's kind of hard to predict, you know, how the labor will. The challenges will continue, or at least how long they will last. You know, we try to, you know, we obviously track dozens and dozens of statistics around labor. You know, we certainly look at what wages are doing. More importantly is we try to focus on measures that are helpful to us in engaging both our success, but also, you know, showing us levers that we can pull now to be successful in managing labor. Two in particular that I would point to are one, agency staffing, which, you know, is obviously very expensive and detrimental to patient care. We've seen another month of improvement in agency usage going down. That's I think five months in a row or so that we've seen that happen. Between the Q1 and Q2, when you're talking about agency spend in terms of whole dollars, we saw a 4% decline in that utilization, which is great. The other metric we focus on, obviously, and we don't really, you know, put out kind of consolidated numbers on this, but our turnover, and I'll speak generally to that. Our turnover for the industry is already lower than our peers by a ways. What's most important in an environment where we're seeing as published recently in a recent report that I think AHCA put out there, a 25% increase in turnover compared this year to last year. We've actually seen an improvement in turnover when we look at our annualized run rate compared to what our turnover was last year. Those two metrics, Scott, to us, give us a lot of hope for where we're headed. Certainly, wages are higher and that's expected. As reimbursement adjusts around that, when we look at what we can control, we feel pretty optimistic about the path ahead. Helpful data points. Thank you. Thank you. Our next question comes from the line of Ben Hendrix with RBC Capital Markets. Hey, thanks, guys. A couple of quick questions. One on the bed count for the skilled nursing beds in your queue. It looks like, you know, the net adds were about 36 beds from Q1 to Q2, despite some pretty strong acquisition activity. I just wanted to know if there were some consolidations in there or if it was a timing issue or what kind of reconciles that kind of 36 bed net increase from Q1 to Q2. Really most of the acquisitions happened in July and August. If you look at the dates, most of the acquisitions are subsequent to the quarter. When you heard the numbers in the prepared remarks, those were acquisitions that were July and August acquisitions. Got you. That makes sense. Last, with regard to seasonality, you know, given that your occupancy and skilled strength have been outperforming your typical seasonal trends heading into the summer months, are there any thoughts you can offer on how we should think about cadence through the second half? Or any difference from typical patterns that we should note? Well, look, I think if we can hold our rate of growth through the summer, you know, obviously I think, you know, fall and winter are typically our strongest months in terms of occupancy. We, you know, would hope to only build from where we end up through the end of this Q3 if we can maintain our growth rate. You know, again, I think like we've mentioned before, we almost always see occupancy slow in the Q2. In fact, I can't remember a quarter where that didn't happen for us besides last summer. Thankfully this summer, the trend was the same as last year. I think that just points to, Ben, what the optimism we see in our kind of rebuilding back to our pre-COVID occupancy, which doesn't seem too far off at this point. Thank you very much. Thank you. I'm showing no further questions at this time. With that, I'll hand the call back over to CEO, Barry Port, for any closing remarks.