PACS Group, Inc. (PACS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to PACS Group fourth quarter full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and the number zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to Mark Hancock, Executive Vice Chairman, and Interim Chief Financial Officer. Thank you, and you may begin. Thank you, and good afternoon, everyone. Thank you for joining us for our earnings call. Before we begin the prepared remarks, we would like to remind you that this afternoon, Pax Group issued a press release announcing its fourth quarter and full year 2025 results. An investor presentation was published and is available on the investor relations section of Pax.com. I'd like to remind everyone that during the course of today's conference call, we will discuss certain forward-looking information, including 2026 guidance for revenue and adjusted EBITDA that is based on our current expectations, assumptions, and beliefs about our business. Any forward-looking statements are subject to risk. and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call. You should carefully consider the risk factors that may affect our future results, as described in our 2025 Form 10-K and our other SEC filings. During this call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDAR, and net leverage. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. For a reconcilia...