Slide 1: 2021 First Quarter Results Conference Call
BUILDING A BETTER FUTURE GROWING LONG-TERM VALUE 2021 First Quarter Results Conference Call May 13, 2021 NON-GAAP MEASURES “EBITDA”, “Adjusted EBITDA”, “net operating income” (NOI), “funds from operations” (FFO), and “adjusted funds from operations” (AFFO) are non-GAAP measures and do not have stand
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of applicable Canadian securities laws (“forward-looking statements” or “forward-looking information”). Statements other than statements of historical fact contained in this presentation may b
Slide 3: COVID-19 Update
COVID-19 UPDATE Safety of our residents, clients and staff remains our top priority Vaccination campaign is well advanced: Residents: 90% in LTC and 86% in Esprit fully vaccinated Staff: 74% in LTC and 67% in Esprit vaccinated with 1st dose ParaMed campaign well under way Vaccinations si
Slide 4: 2021 First Quarter Highlights
2021 FIRST QUARTER HIGHLIGHTS Pandemic costs exceeded funding by $2.3M in Q1, higher costs in the quarter offset by $18.8M in LTC COVID funding related to costs incurred in 2020(1) Volatility in results expected to continue due to timing of COVID costs and related funding Home health care volu
Slide 5: Long-Term Care – Redevelopment Advancing
LONG-TERM CARE – REDEVELOPMENT ADVANCING Targeting six projects under construction by end of 2022 and an additional three projects in 2023, representing an estimated total investment of $500M Kingston 192-bed home broke ground last month to replace a 150-bed Class C home when complete in Q1 2023
Slide 6: Long-Term Care – COVID-19 Drives Increased Costs, Additional Funding Offsets Impact
LONG-TERM CARE – COVID-19 DRIVES INCREASED COSTS, ADDITIONAL FUNDING OFFSETS IMPACT COVID costs(1) of $48.1M in Q1, up from $34.3 in Q4 2020 COVID funding in Q1 included $18.8M related to 2020, Average Occupancy resulting in net COVID costs of only $1.1M for LTC in Q1 100% Occupancy declined t
Slide 7: ParaMed – Volume and Margins Recovering, Staffing Capacity Continues to Weigh on Volume
PARAMED – VOLUME AND MARGINS RECOVERING, STAFFING CAPACITY CONTINUES TO WEIGH ON VOLUME ADV recovering, but constrained by workforce capacity: Q1 ADV up 1.7% from Q4 2020 4-weeks ending May 2nd up 2.7% from Q1 Home Health Care Average Daily Volume (ADV) (1) Improved back-office efficiencies
Slide 8: Financial Review
| FINANCIAL REVIEW Q1 2021 COVID DOSE *1 EXTENDICARE ... helping people live better
Slide 9: Consolidated Results
CONSOLIDATED RESULTS Three months ended March 31, 2021 ($ millions, except per share amounts) Revenue Q1 Q1 2021 2020 Change $322.4 $271.8 18.6% NOI and Margin EBITDA and AFFO/Share(1) impact of Q1 Q1 Select Items 2021 2020 Change Q1 Q1 $40.3 $30.4 32.5% 2021 2020 Change 12.5% 11.2% 130 bps EBITDA i
Slide 10: Long-Term Care
LONG-TERM CARE Three month ended March 31, 2021 Revenue Q1 revenue up $44.9M YoY, primarily from increased COVID-19 funding of $46.6M Q1 2021 $205.1M 28.0% Q1 NOI down $2.1M, impacted by: NOI $0.8M of higher unfunded COVID costs Q1 2021 $16.3M -11.6% Lower preferred occupancy revenue due to
Slide 11: Home Health Care
HOME HEALTH CARE Three month ended March 31, 2021 Revenue Q1 revenue up $4.6M, or 4.9%, impacted by: COVID-19 and pandemic pay funding of $8.8M Q1 2021 $97.7M 4.9% 1.3% decline in ADV and expiration of B.C. NOI contracts in Q1 2020 Q1 2021 $16.0M 269.7% Q1 NOI and margin up to $16.0M and 16.
Slide 12: Retirement Living
RETIREMENT LIVING Three month ended March 31, 2021 Q1 revenue up 1.1%, NOI down 7.1% and margin down 250 bps Revenue Contributions from lease-up were offset by the Q1 2021 $12.2M 1.1% negative impact of COVID-19 on stabilized NOI occupancy and costs Q1 2021 $3.4M -7.1% Occupancy continues to b
Slide 13: Other Canadian Operations
OTHER CANADIAN OPERATIONS Three month ended March 31, 2021 Revenue Improvement driven by growth in Q1 2021 $7.4M 15.0% SGP client base of 11.3% and lower costs of travel and business NOI promotion due to COVID restrictions Q1 2021 $4.6M 16.4% margin 61.7% 80 bps SGP (3rd party residents) Contract
Slide 14: Strong Financial Position
STRONG FINANCIAL POSITION As at March 31, 2021 Long-term EBITDA interest Debt to Weighted Debt (1) Cash coverage GBV average rate $573M $141M Q1 2021 5.0x 46.2% 4.3% Q4 2020 4.7x 45.9% 4.3% Debt Maturities ($ millions) Construction(2) Lease Liabilities Mortgage Amortization Mortgage Principal at Mat
Slide 15: Compelling Growth Opportunities Across the Care Continuum
COMPELLING GROWTH OPPORTUNITIES ACROSS THE CARE CONTINUUM B2C: direct services to seniors LONG-TERM CARE HOME HEALTH CARE RETIREMENT LIVING 58 8.3M 11 Long-term care Home health care Retirement communities homes owned hours delivered (TTM) owned B2B: contract & consulting services GROUP PURCHASING C
Slide 16: Thank You
THANK YOU
Slide 17: Appendix
o/s for update from LV APPENDIX 17
Slide 18: Q1 2021 Estimated COVID-19 Revenue, Operating Expenses and Administrative Costs
Q1 2021 ESTIMATED COVID-19 REVENUE, OPERATING EXPENSES AND ADMINISTRATIVE COSTS Three months ended March 31, 2021 2021 2020 (millions of dollars) Q1 Q4 Q3 Q2 Q1 Year Revenue Long-term care 47.0 25.6 21.1 17.6 0.4 64.7 Retirement living - - - - - - Home health care 8.8 6.4 7.6 9.6 - 23.6 Revenue impa
Slide 19: Results – NOI by Division
RESULTS – NOI BY DIVISION (1) Three month ended March 31, 2021 ($ millions) Long-term Care NOI and Margin (1) Home Health Care NOI and Margin (1) Q1 Q1 Q1 Q1 2021 2020 Change 2021 2020 Change $17.4 $18.7 -7.1% $6.5 $4.3 50.5% 11.0% 11.7% -70 bps 7.3% 4.6% 270 bps Average Occupancy Average Daily Volu