Good day, and thank you for standing by. Welcome to the Pennant Group third quarter 2025 earnings call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kirk Cheney, Executive Vice President. Please go ahead. Thank you, Kevin. Welcome, everyone, and thank you for joining us today. Here with me today, I have Brent Guerisoli, our CEO; John Gochnour, our President and COO; and Lynette Walbom, our CFO. Before we begin, I have a few housekeeping matters. We filed our earnings press release and 10-Q yesterday. This announcement is available on the Investor Relations section of our website. A replay of this call will also be available on our website until 5:00 P.M. Mountain Time on November 5th, 2026. All statements are made as of today, November 6, 2025, and these statements will not be updated after today's call. Also, any forward-looking statements made today are based on management's current expectations, assumptions, and beliefs about our business and operating environment. These statements are subject to risks and uncertainties that could cause our actual results to materially differ. 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, Pennant and its affiliates do not publicly update or revise any forward-looking statements where changes arise from new information, future events, or for any other reason. In addition, the Pennant Group is a holding company with no direct operating assets, employees, or revenues. Certain of our independent operating subsidiaries, collectively referred to as the service center, provide administrative services to the other operating subsidiaries through contractual relationships with such subsidiaries. The words Pennant, Company, We, Our, and Us refer to the Pennant Group and its consolidated subsidiaries. All of our operating subsidiaries and the service center are operated by separate independent companies that have their own management, employees, and assets. References herein to the consolidated company and its assets and activities, as well as use of the terms we, us, our, and similar terms, do not imply that The Pennant Group has direct operating assets, employees, or revenue, or that any of the subsidiaries are operated by The Pennant 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 GAAP reports. A GAAP to non-GAAP reconciliation is available in yesterday's press release and is available in our 10-K. With that, I will turn the call over to Brent Guerisoli, our CEO. Brent? Thanks, Kirk. Welcome, everyone, to our third quarter 2025 earnings call. We are pleased to report another successful quarter with strong results across our business. The third quarter brought new highs in revenue, census, occupancy, and earnings, even as we prepared for the largest transaction in our history. In Q3, we reported revenues of $229 million, an increase of $48.4 million, or 26.8%. Adjusted EBITDA of $17.3 million, an increase of $2.2 million, or 14.5%, and adjusted EPS of $0.30, an increase of $0.04, or 15.4%, each over the prior year quarter. We closed on the UnitedHealth Amedisys transaction on October 1. We are excited to add these operations to Pennant. The UnitedHealth Amedisys process created a unique opportunity to add high-quality assets in desirable markets at an attractive valuation rarely seen on larger deals with sophisticated operators. As we've closed the transaction and divided into the businesses, our excitement has only grown. We have met many incredible leaders and team members who are deeply committed to their local communities. In the near term, we are heavily engaged in the complex integration matters that accompany such acquisitions, which we expect to create some lumpiness in results through the transition. In the longer term, we see immense potential in these operations. Our recent Signature transition gives us a model. Only a year ago, Signature was the largest transaction in our history. Completed in two tranches from August 2024 to January 2025, with locations across three states, the Signature acquisition was similar in many respects to this most recent deal. Signature enjoyed a deserved reputation as a quality operator, and we saw that we could build on their legacy through the Pennant model. Signature's transition has been a tremendous success. We have seen former Signature leaders enthusiastically embrace the Pennant model and culture and lift their operations to new heights. They have expressed how they now feel unlocked, capable of owning their operations, and empowered to grow. Thanks to the efforts of these leaders, along with new leaders developed in our training program, the acquired Signature operations have outpaced our financial expectations while maintaining or improving their clinical and quality metrics. In much the same way, we expect that, over time, these new operations we've acquired in the Southeast will demonstrate that the Pennant model adds value not only to turnaround situations but to stable, solidly performing operations. Over the past several years, our focus has been on recruiting and developing great leaders and continuously improving our transitions. As a result, we have delivered increasingly strong performance in our recent acquisitions, and we now see this powerful flywheel continuing to accelerate. Across senior living, hospice, and home health, our local leaders have consistently stepped up to the operating challenges in their communities by directly controlling outcomes and relentlessly driving improvement. At present, the uncertainty surrounding the 2026 home health rule has cast a pall over the industry. Pennant is not a passive index tied to home health reimbursement rates. With less than 20% of our revenue arising from Medicare home health fee-for-service reimbursement, we are a diversified post-acute provider with strength across hospice, senior living, and home health. More importantly, we are a locally driven leadership company that empowers leaders to adapt proactively to external challenges. We will continue to advocate against the proposed rule as bad for patients, providers, and taxpayers. Ultimately, we will respond operationally to the outcome of the final rule, and we believe that home health care will continue to play a vital role in the post-acute continuum for many years to come. We are positioned to be at the forefront of that care and remain invested in driving growth in home health along with the growth we foresee in our hospice and senior living operations. Based on the sustained momentum in our businesses and the addition of the operations in the Southeast, we are again raising annual earnings guidance. We anticipate full-year revenue of $911.4 million-$948.6 million, adjusted EBITDA of $70.9 million-$73.8 million, and adjusted earnings per share of $1.14-$1.18. The earnings per share midpoint of $1.16 represents a 23.4% increase over our 2024 earnings per share. With that, I'll turn the call over to John to provide more detail on our third quarter operational results. Thank you, Brent. Good morning, everyone. Q3 brought strong performance in both operating segments. Our Home Health and Hospice segment continued to drive record-breaking clinical and financial results. Segment revenue of $173.6 million increased $37.9 million, or 27.9%, and segment-adjusted EBITDA of $26.8 million increased $5 million, or 22.7%, each over the prior year quarter. This was fueled by continued robust organic growth coupled with continued execution on successful transitions. Our local leaders continued to demonstrate their ability to operate successfully through dynamic markets and conditions. As we have consistently said, our clinical results are the foundation of strong and lasting financial performance. In Q3, we saw an average CMS reported star rating of 4.1 compared with the industry average of three stars. Potentially preventable hospitalizations decreased to 8.4%, well below the national average of 9.9%. CMS reported hospice quality composite score improved to 97%, well above the national average of 92%. In short, our unique model of empowering local clinical leaders to make key decisions and support their teams based on local community needs continues to drive clinical outperformance. The impact of this clinical excellence continues to be demonstrated in our strong growth. Total home health admissions of 20,426 represent an increase of 36.2%. Same-store admissions increased 7%, and revenue per episode increased 2.9%, each over the prior year quarter. Our hospice business generated similar momentum as average daily census increased 17.4%. Hospice admissions increased 16.6%. Same-store average daily census increased 6.1%, and average revenue per day increased 3.3%, each over the prior year quarter. We see significant opportunity for growth in our existing operations and an ability to add hospices to the many home health agencies we have recently acquired that currently lack an overlapping hospice operation. The momentum in our senior living business is significant as the multi-year growth story in this segment continues to unfold. Senior living segment revenue of $55.5 million is up 23.2% over the prior year quarter and 3.7% sequentially. Adjusted EBITDA of $5.6 million has increased 26.2% over the prior year and 8.4% sequentially. Segment-adjusted EBITDA margin increased 50 basis points over the prior year quarter, reaching a new post-pandemic high of 10.3% and continuing its path toward our target segment margin of 15%. Same-store occupancy reached a new high of 81.8%, and all-store occupancy also passed the 80% mark at 80.9%. This record occupancy represents a major milestone, especially because it was achieved alongside 7.4% year-over-year rate growth following several years of high single-digit or low double-digit increases. Notwithstanding all of this progress, we're far from satisfied. As we continue to drive occupancy with high revenue quality, having covered the fixed costs in our communities, the opportunity for incremental margin expands dramatically. The latent upside in this segment remains significant. Just as we continuously invest in future operational leaders to fuel our growth, throughout the year we have invested significantly in our service center. We recognize that we must have the right people and technology to execute well on our critical transitions and that attracting talented individuals to join us is an essential component of our future success. The return on these investments becomes clear when you look at the accretive results of our recent acquisitions along with our strong organic growth. We expect G&A expense to remain slightly elevated during this period of transition. As the revenue and earnings from the latest acquisitions come online, we expect to see economies of scale on these front-loaded investments in people and technology and return back to historical levels. On the regulatory front, we will experience a positive revenue adjustment of approximately 2.6% related to the Hospice Final Rule beginning on October 1, 2025. The Home Health Final Rule has not been issued. We expect it to arrive in the coming weeks. We cannot predict whether the delay is a positive sign, signaling that CMS went back to the drawing board to make much-needed changes, or whether it is solely related to the government shutdown. We can say this with certainty. During this rulemaking cycle, policymakers, including CMS, legislators, and others, have become more aware of the harmful and self-defeating impacts that the proposed rule would have on the American healthcare continuum. If implemented, the proposed rule would undermine the lowest cost setting most preferred by patients. It would force agency closures and consolidation. It would increase hospital visits and aggregate Medicare spend. In short, it would be bad policy. We are hopeful that the final rule will recognize this in some fashion. If not, we have worked with industry partners to craft contingency plans and will continue to advocate assertively for a legislative solution. Regardless, our focus remains intently on controlling the things we can control, and each of our operators has prepared plans at the local level to adapt to the cuts and take advantage of the opportunities created by reimbursement down cycles. They are reacting nimbly and will continue to drive improvement and growth as they have through the last three years of weak reimbursement and rising costs. Healthcare reimbursement is cyclical, and we have unshaken faith in the long-term value of home health services. The long-term trend is toward more care in the home. That's what patients want and what makes the most sense for our nation. Over time, we believe rates will reflect that. Turning to growth, it's been a busy and productive quarter. In addition to the Grand Care acquisition in Southern California, which closed on July 1 and which we discussed in our Q2 earnings call, in September, we closed on a single-site agency in Gillette, Wyoming, called Healing Hearts Home Health and Healing Hearts Outpatient Therapy. After quarter-end, we completed two senior living transactions, each of which included the acquisition of the associated real estate. On November 1, we acquired Two Rivers Senior Living in Lewiston, Idaho, which adds an exciting opportunity near our well-established home health and hospice agencies. On November 4, we purchased Honey Creek Heights Senior Living in West Allis, Wisconsin. This was an underperforming building with serious issues impacting the license and the continued viability of the operations. We stepped in under a management agreement, collaborated with the state, cleared up the outstanding issues, and most importantly, restored dignity and joy to the residents. We've now formally purchased the operation and the related real estate and look forward to providing a quality home for residents in West Allis for many years to come. Much of the quarter was spent preparing for the October 1 closing of the UnitedHealth Amedisys acquisition in Tennessee, Georgia, and Alabama. This purchase includes 54 locations with combined trailing 12-month revenues of $189.3 million for a purchase price of $146.5 million. The trailing 12-month EBITDA reflects a purchase price multiple comfortably within our target range of 4-7 times for home health acquisitions, which we view as attractive for a large and well-operated platform comprised of roughly 70% home health and 30% hospice revenues, primarily in certificate-of-need states. As we've shared many times previously, we typically expect acquisitions to be optimized within nine quarters, and we anticipate some variability of results during that interim. That said, our transition efforts are well underway, and we are excited by the quality of leaders, team members, and operations. Much like our Signature transition, we will build on the local strength, community ties, and long history of success of these operations in the region. These new operations have already joined clusters with seasoned and successful Pennant operators to help implement the unique Pennant model. We are bullish on the long-term potential of these operations and the additional expansion they will enable in the southeastern United States for years to come. Market forces and our own reputation as a quality buyer continue to drive a very robust pipeline of acquisition opportunities in all of our segments. As I just discussed, our focus is on successfully integrating our recent acquisitions. We will maintain discipline, and we will not compromise the priority of those efforts but remain open to additional hospice and home health opportunities. We also see many potential transactions in the senior living space that fit our acquisition criteria, and our senior living leaders will continue to prudently pursue growth in that segment. With that, I'll hand it over to Lynette for a review of the financials. Lynette? Thank you, John, and good morning, everyone. Detailed financial results for the three months ended September 30, 2025, are contained in our 10-Q and press release filed yesterday. For the quarter ended September 30, 2025, we reported total GAAP revenue of $229 million, adjusted EBITDA of $17.3 million, GAAP diluted earnings per share of $0.17, and adjusted diluted earnings per share of $0.30. This week, we closed on an amendment that added a $100 million term loan to our credit facility. We consider this prudent balance sheet management. As described in more detail in the 8-K and press release we issued yesterday, this amendment frees up additional capacity under our revolver and provides dry powder to deploy when appropriate. Key metrics for the three months ended September 30, 2025, include $30.2 million drawn on our revolving line of credit and $2.3 million in cash on hand at quarter-end, 0.38 times net debt to adjusted EBITDA, and cash flows provided from operations of $27.3 million year to date, including $13.9 million in Q3. Our year-to-date results and the impact of our purchase of UnitedHealth assets merit an increase in our full-year guidance. Accordingly, we are revising and raising our full-year 2025 guidance as follows. Full-year total revenue is anticipated to be between $911.4 million and $948.6 million. Full-year adjusted earnings per diluted share between $1.14 and $1.18, and full-year adjusted EBITDA between $70.9 million and $73.8 million. This updated guidance incorporates current operations and our Granite growth, diluted weighted average shares outstanding of approximately 35.7 million and a 26% effective tax rate. It anticipates continued strong operating performance through the end of the year, hospice reimbursement rate adjustments, increased interest expense, and contributions from announced acquisitions. It excludes unannounced acquisitions, startups, share-based compensation, acquisition-related costs, one-time implementation and unusual costs, and non-controlling interest income. I would like to spotlight a few of our leaders in our organization who have achieved exceptional results. Their stories demonstrate the remarkable progress that can occur when local leaders build strong culture and develop high-performing teams of C-level leaders in their operations. Zion's Way Home Health and Hospice in Southern Utah and Northern Arizona continues to build a legacy of excellence. Led by CEO Courtney Matthews, CMO Justin Hoffer, Home Health CCO Jeremy Green, Hospice CCO Jason Olson, COO Chad Christianson, and future COO Alexis Cutler, and along with other key branch leaders, Zion's Way is a key resource to communities across its geographic service area. In 2025, the Zion's Way team has again set records clinically, culturally, financially, and in the community. Zion's Way locations each achieved five-star ratings for clinical quality, potentially preventable hospitalizations below 3.5% compared to a national average of 9.9%. Zion's Way investment in leadership has created a world-class employee experience as turnover decreased to 15% and employee engagement was a remarkable 93%. These clinical and cultural results have fueled their 2025 financial performance as revenue increased 11% and EBITDA increased 34% over the prior year. As impressive as these 2025 results are, the Zion's Way story reflects the unique ability our model creates for local leaders to generate value over the long term. We acquired Zion's Way in 2012 as one of our first home health and hospice acquisitions. Since its first full year of operations in 2013, through its projected 2025 results, Zion's Way has produced a compounded annual growth rate of 27% and has grown from two locations to eight. This growth reflects the trust and confidence of the community. On the senior living side, Lowhart Senior Living is a community of choice in Southern California. Led by future CEO Jonathan Wheeler and future CCO Yolanda Torres, the Lowhart team has created a special environment that is fun and welcoming and that continues to attract residents, as evidenced by their consistent 100% occupancy. Lowhart's investment in the employee experience has led to a remarkable 92% employee engagement score and a 20% year-over-year reduction in turnover. When employees are engaged, it shows in the operational results, and Lowhart is no exception, with revenue up 16% and EBITDA up 306% year-over-year. In addition, the Lowhart team is a true partner to its peer operations throughout the California market, helping to raise all ships. Jonathan and Yolanda truly model our core principles of accountability and ownership. With that, I'll turn the call back over to Brent for concluding comments. Thanks, Lynette. As we conclude, I'd like to thank all the operators and clinicians who, like those highlighted above, dedicate themselves daily to providing life-changing service to our patients and residents. You are truly making a difference in the lives and communities we serve, and it is an honor to work alongside you. With that, we'll open it up for questions. Kevin, please instruct the audience. Thank you. you. Sorry about that. Thank you, ladies and gentlemen. If you have a question or a comment at this time, please press star 11 on your telephone. If your question has been answered or you wish to move yourself from the queue, please press star 11 again. We will pause for a moment while we compile our Q&A roster. Our first question comes from Brian Tanquilut with Jefferies. Your line is open. Hi, this is Megan Holton for Brian Tanquilut. Congratulations on closing the Amedisys transaction and starting there. Now that you're a month in, what are some of your top priorities for integration, including the JV with the University of Tennessee? How should we be thinking about these assets contributing to earnings in 2026? Yeah, Megan, thanks for the question. We're really, really excited about what we've found as we've gotten a chance to get into the operations and work closely with the teams out there. There's an amazing group of talented leaders, clinicians, and staff, and it's been fun for our teams. We've got folks from across the organization, owners who are anxious to help those agencies implement the Pennant model successfully. Our focus right now is first identifying and elevating leaders into our model, where we've got an Executive Director and a Clinical Director in each local community able to meet the needs of that community. That's sort of our first in the order of operations. Our second, of course, we're focused on ensuring that these agencies receive exceptional support. We are building a shared services organization that can ensure that the services they historically have received from Amedisys and from UnitedHealth through LHC Group, that they experience no diminishment in those services. The third thing I'd highlight, and you called it out, the University of Tennessee joint venture. It's a really exciting joint venture with a lot of potential. We just had our first board meeting out there, and there's a strong sense of support from the University of Tennessee. There's strong engagement. In both hospice and home health. We are excited to add that to our JVs in California and our relationship with Hartford HealthCare in Connecticut to allow us to continue to innovate clinically, to continue to produce outstanding financial results, and to drive improvement in the legacy of what they've already created. That's always sort of where we start, is with leadership, and then, of course, implementing our systems and processes. The transition, we expect it to be completed by the end of Q3 next year. We have a transition services agreement in place for that period. We are gradually pulling each of those locations off of their systems and onto ours. As far as contribution, initially, we anticipate relatively light contribution in the fourth quarter. That's simply because we continue to have elevated costs associated with the transition, and then bringing those businesses on and having a full picture of their performance will help us provide better guidance. In 2026, as we look forward, those businesses are currently performing about a 12.5% margin. We anticipate a modest decline as we go through a brand change, as we go through a Homecare Homebase reimplementation into our tenant, and as we gradually wean off of the transition services agreement. We anticipate them performing between 9.5% and 11% in 2026. That gives you a little bit of an idea. We're not guiding yet because we expect to have more clarity as we spend more time with the business and go through several month-end closes through the fourth quarter. That's the way we're thinking about it right now. Okay, thanks. For my follow-up, looking at the senior housing, you've seen strong momentum and occupancy approaches levels where operating leverage becomes more pronounced. I guess, how should we be thinking about the trajectory of margins going forward in that business? Yeah, great question. Really, it's just a matter of, as we add occupancy, we think that there's going to be more that's going to move to the bottom line. Really, over the last several years, the focus has been building the foundation, getting back to the levels of occupancy that we were at pre-pandemic. We're pretty excited about the margin opportunity there. I mean, we've had some pressures this past year just because some of the ARPA funding has gone away. Normally, we probably would have seen a little bit more elevated margin. Because of some of those pressures and other labor-related pressures, it hasn't moved quite as much. From an incremental improvement standpoint, as we see additional occupancy rise, we should see incremental improvement on the bottom line margin as well. Thank you. One moment for our next question. Our next question comes from Stephen Baxter with Wells Fargo. Your line is open. Hi, this is Mitchell on for Steve. Just on the margin guidance, your previous guide assumed EBITDA margins would improve year- over- year in the second half, but the new guidance looks closer to flat. I know you mentioned G&A, but just want to understand if there are any other dynamics to consider there, specifically on the core business. Yeah, thanks for any color on that. Yeah, when we look at the other piece that needs to be factored in is NCI. We continue to have NCI growth as we add this JV. And so because we back out NCI, or it's backed out in this guidance, that's also another piece that is impacting that EBITDA margin. When you consider the NCI through the third quarter was $2.4 million, and we're anticipating about $1.9 million in NCI in Q4, impacting that EBITDA margin. I think that's the piece that's missing in maybe your look at it. Got it. Very helpful. Maybe just one more on same-store hospice length of stay. It appears to have increased year- over- year in each of the past three quarters. Is there anything you would call out that is driving that? Just how are you thinking about that going forward? Thank you. Yeah, appreciate the question, Mitchell. Really what I would point out is we continue to return closer and closer to pre-pandemic levels. This really is about where is the location of our patients who are receiving services. Historically, we had a very good mix between assisted living communities, skilled nursing facilities, and then, of course, most of our care is delivered in the home. We've seen a small pickup in the% of care that's delivered in assisted living. We're really excited about where we sit from a length of stay standpoint. It reflects continued work to identify patients that are appropriate earlier in the process and allowing them to receive the benefits of hospice for a longer time. That's why you can see the strength of our ADC. On top of our strong admission momentum, both organically and with our new transitions. That is really what's driving it, is just a very modest uptick in the% of our hospice patients that are housed in senior living communities. Thank you. One moment for our next question. Our next question comes from David Samuel MacDonald with Truist. Your line is open. Good afternoon, guys. A couple of quick questions. One, just coming back to the Amedisys deal, that deal obviously took kind of a uniquely long time to close. I'm just curious if you could talk a little bit about the employees, what you're seeing in terms of just excitement that they now have visibility in terms of where those assets have landed. Just anything that you can talk about in terms of the reception that you're getting internally in terms of the assets that you picked up. Yeah, appreciate that question, David. It's been really remarkable to be a part of. We went out at the end of September, just before the close, and had operators from across our organization and key resources from across Pennant who went to every location and met with the teams in town halls and took the opportunity to listen and to hear what their experience had been through. The history and also through the transition period and also answer questions about who we are. Our web and media team did a remarkable job of putting together a website to consistently deliver information, both in video form as well as constantly updating frequently asked questions. Our goal has been throughout this process, like it is in any transition process, to be as transparent as we can and to be as responsive as we can to employees because we believe that in the long run, if we create a world-class employee experience, that we're going to get the best talent and keep the best talent and be able to grow our business and impact the community we serve. Certainly, in this transition, we've seen a group of remarkable people, many of whom have been with these agencies for longer than 10 years, but certainly a very strong contingent of clinicians who really believe in what they do and are committed to their communities and have embraced Pennant and our locally driven operating model and focus on how we can meet the needs of local referral sources and patients. That's been really exciting. I think it is part of the reason why we feel a sense of optimism that despite the challenges of offering new brands in the community, despite the fact that we have to go through an HCHB transition, we have not experienced material turnover at all. I think we are doing our best to make sure people understand what life will be like at Pennant. As a result, we are hopeful that we can keep these great teams together and build on the legacy that they have created. Yeah, I would just add one additional thought. One of the other things that has been really impressive about this group of leaders and these teams is even in the midst of all of this kind of chaos, obviously, this process has gone on for a long time. They have continued to perform at a high level with very little, if any, drop-off in census and financial performance, clinical performance. That is really a credit to the teams that are there. In many ways, they are like us. They love being in the communities they serve, and they reflect the people of their communities. They take a lot of pride in the work that they do. We have inherited a great group of operators that really want to make a difference. That is just another element of this that. We might have expected to see a drop-off, but it's actually they continue to perform well. Okay. And then just one other quick follow-up. If we look at the occupancy in senior living year- over- year, the growth in occupancy accelerated pretty nicely in the third quarter relative to the second quarter. Is there anything that you guys would call out in terms of stuff that you've been doing that is incrementally resonating, or is that just kind of a little bit of just kind of ongoing growth? Just anything you would call out there, just given the sequential improvement. Yeah. I think it's been years of ongoing investment in multiple different ways. First and foremost, it's been the investment in the leaders. Really, occupancy moves the quickest when we've got a great group of leaders and team members that are driving it, creating the right experience for residents and really reaching out in the community. As we've invested in the local leaders, they've been the ones that have really turned the tide from an occupancy standpoint. The other thing, just, we've actually made significant CapEx investments in a lot of these buildings over the last two or three years to bring them up to the standards that we would expect and create an ambiance or an experience for our residents that is meaningful and really just a great place to live. The other thing that I would say is we've had this balance of driving rate in terms of our revenue per occupied unit with the occupancy. As we've tried to improve the revenue quality, I think that's part of the reason why the occupancy has been somewhat flat. Now that we've, I don't want to say totally optimized, but for the most part, our revenue quality is at a really strong level. Because of that, the focus can be less on really replacing the low poor revenue quality with better revenue quality and really driving occupancy improvements. That's another element. The last thing, which is probably a really critical piece in all of this, is our overall digital marketing efforts. We've made significant investments on improving the sophistication of our outreach into the communities. We've basically overhauled all of the brand websites and created kind of a local needs brand experience that has resonated with the communities. It's driving improvement there. Our ability to just capture leads is, as I said before, much more sophisticated. We've increased our spend as well. It's improving the outreach too. We're just getting better all across the board in each of these areas. Now you're starting to see kind of the momentum really hit, and that's why that flywheel has started to really drive. Okay. Thanks very much. One moment for our next question. Our next question comes from Raj Kumar with Stifel. Your line is open. Hi, good morning. Appreciate the commentary on prudent growth within senior living. Maybe just kind of touching upon that, there seems to be kind of increased activity amongst just market participants on the M&A front on that end. Pennant has also made incremental investments throughout this year. Maybe just kind of any update on what you're kind of seeing from a market participant standpoint and a competitive standpoint. On SL deals that you might be going after. What's kind of the pricing environment looking like on that end and whether or not you're kind of seeing anything that's kind of outsized and beyond your comfort level and you're seeing any trend on that front? Yeah, Raj. I would just say there is a lot of activity right now in the senior living space in terms of acquisition opportunities. The pricing is all over the map. There are plenty of opportunities that are outside of our comfortable range, but there are also plenty of opportunities that are square in our target range. We are excited about the future, what the future holds, the robust pipeline that we have right now. Obviously, we talk about this a lot. Our focus is really finding incredible leaders and getting them prepared to step into opportunities. That is the biggest limiting factor. There is going to be plenty of opportunities for us just in terms of availability. We have as large a pipeline of CITs both on the home health and hospice and on the senior living side as we have ever had. From that standpoint, we're ready to go with these deals. In terms of competition, yeah, I mean, there is a little more noise, and there certainly are more players interested in this space. At the same time, I think the amount of deals has increased as well. While there is competition in what we go out and try to get, at the same time, we have kind of a unique profile. In a number of these deals, we have relationships with specific brokers or groups that have worked with us in the past that directly reach out to us and want us to participate. One of the things that we're seeing that's really critical right now. We have seen it kind of over the last five years, COVID kind of bore out the fact that you have got to be a really good operator to be successful in senior living. As we demonstrate our operating chops, these folks want to come to us because they have confidence in our ability to provide great care and build a really strong presence in those buildings. That has afforded us some privileges or opportunities that maybe others do not get because of the reputation that we are establishing. We are excited about the pipeline. We certainly have a lot of opportunity in front of us and continue to work toward growing. The last thing I will say just on the real estate side, this last deal, we acquired two of the real estate assets on the building. That brings us to a total of six, roughly 10% of our buildings now we own. We see that as a really important lever that we can pull going forward as we've kind of slowly gone into this, just wanting to make sure that we can do this right and we can create the right value. As that's proving out, we expect to continue to prudently invest in real estate as well and use that as an opportunity for growth. Got it. And then maybe as my follow-up, just kind of focusing on the Amedisys assets. I know the profile of the deal has kind of changed throughout its inception, but maybe as we kind of look at what the identifiable synergies are from a baseline perspective, are you kind of willing to size that opportunity? And And in terms of where you're seeing it, is it kind of on the cost front or the contracting front with payers? Just kind of any color on that would be great. Yeah, I think there's opportunities in a lot of places. I think I'd group them into three areas. One of them is certainly improving their margins up to our target margin. We see some opportunity there. Like I telegraphed in the answer to Megan's question, we do expect through the transition a little softer margin. Once we get through the transition, like we've seen with Signature, we believe that our model of transparently sharing data with local operators and building aligned incentive structures around that will create opportunities to drive margin improvement and acceleration. I think the second thing I would focus on is growth. Again, these communities have not had, they don't have as many local solutions. They've got lots of big regional and national players, but we feel like there's an opportunity to really be the local solution of choice in each community and that that can drive a bigger share of the market to our agencies. That's the second opportunity I'd highlight. I think the final thing that I would highlight is this is really a starting point or a jumping-off point. We feel like throughout the Southeast, there's an opportunity to take the Pennant experience and the Pennant model and for that to improve outcomes throughout the states that we serve. As far as contracting goes, we are optimistic. We obviously have already begun conversations and communications with those payers. We do think there's opportunity on the contract front, but it's early in the process. I do not want to get too far ahead in projecting that we are going to be able to move those rates significantly. I do think our clinical quality gives us a unique opportunity, particularly the preventable hospitalization data that we shared today. That drives an overall lower cost to payers. We have something unique to share in our clinical outcomes and in our ability to lower overall spend for managed care providers. We are confident going into those negotiations that we will have success. It is just early and too early to kind of project what that might look like. Great. Thank you. Thanks, Raj. I'm not showing any further questions at this time. I'd like to turn the call back over to Brent for any further remarks. All right. Thank you, Kevin, and thank you, everyone, for joining us today. Ladies and gentlemen, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.