Enhabit Q3 2025 Earnings Report

Enhabit EPS Results

• Actual EPS: $0.17
• Consensus EPS: $0.12
• Beat/Miss: Beat by +$0.05
• One Year Ago EPS: N/A

Enhabit Revenue Results

• Actual Revenue: $263.60 million
• Expected Revenue: $267.08 million
• Beat/Miss: Missed by -$3.47 million
• YoY Revenue Growth: N/A

Enhabit Announcement Details

• Quarter: Q3 2025
• Date: 11/5/2025
• Time: After Market Closes
• Conference Call Date: Thursday, November 6, 2025
• Conference Call Time: 9:00AM ET

Enhabit (NYSE:EHAB) (NYSE: EHAB) is a national provider of home-based healthcare services, offering a continuum of care designed to support patients in the comfort of their own homes. The company’s core mission is to deliver personalized clinical and non-clinical services that help individuals recover from illness or injury, manage chronic conditions, and, when necessary, receive compassionate end-of-life care. Enhabit’s business model centers on combining skilled clinical care with patient-centric service coordination to optimize outcomes and enhance the overall care experience.

The company’s service portfolio includes skilled nursing, physical, occupational and speech therapies, personal care assistance, palliative care and hospice services. Enhabit’s clinical teams work closely with primary care physicians, hospitals and other care providers to execute tailored care plans, monitor patient progress and adjust treatments as needed. Leveraging proprietary care-management technology, Enhabit aims to streamline clinical workflows, improve care coordination and reduce avoidable hospital readmissions.

Enhabit operates across more than 20 states in both urban and rural markets, having expanded its footprint through a combination of organic growth and strategic acquisitions of regional home health and hospice providers. The company’s leadership team comprises seasoned healthcare executives with decades of experience in home health, hospice and care management. With an emphasis on quality, compliance and patient satisfaction, Enhabit continues to pursue opportunities that strengthen its service capabilities and extend its reach to communities nationwide.

Enhabit Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Consolidated results and guidance raised: Q3 revenue was $263.6M (+3.9% YoY) with adjusted EBITDA $27M (+10.2% YoY) and management raised full‑year guidance to $1.058–1.063B revenue, $106–109M adj. EBITDA and $53–61M adjusted free cash flow while reducing leverage to 3.9x and cutting ~$100M of debt since Q4 2023.
• Positive Sentiment: Hospice delivered breakout results: Q3 hospice revenue was $63.1M (+20% YoY) with adjusted EBITDA $17.2M (+72% YoY), census +12.6% and margin expansion to 27.3%, with recent de novos ramping to profitability.
• Negative Sentiment: Home health faced payer headwinds and margin pressure: Early‑Q3 renegotiations with a national payer pressured unit revenue (PPD down ~3.7% YoY) and home health adjusted EBITDA fell 7.1% YoY (sequential decline as well), despite census growth of ~3.7%.
• Neutral Sentiment: Operational mitigations in progress but CMS rule risk remains: Management is rolling out a visits‑per‑episode pilot (pilot branches fell from ~15 to ~13 visits per episode) and delivered $2.3M sequential G&A savings, but the final CMS 2026 Home Health Rule is still pending and could create material headwinds.

Presentation

[Operator]

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time I would like to welcome everyone to the Enhabit Incorporated Third Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad and if you would like to withdraw your question, please press the star one again. I would like to turn the call over to Bob Okunski, Vice President of Investor Relations. Please go ahead.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Thank you, operator, and good morning, everyone. Thank you for joining our call today. With me on the call this morning is Barb Jacobsmeyer, President and Chief Executive Officer, and Ryan Solomon, Chief Financial Officer. Before we begin, I want to let.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

You know that our third quarter earnings.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Release and supplemental information are available on our website at investors.ehab.com. Additionally, we have filed a related 8-K with the SEC and that is also available in the same location. On page two of the supplemental information you will find the safe harbor statements which are also set forth in the last page of our earnings release. During the call we will make forward-looking statements which are subject to various risks and uncertainties, many of which are beyond our control. Certain risks and uncertainties that could cause actual results to differ materially from our projections, estimates and expectations are discussed in our SEC filings, including our annual report on Form 10-K which is available on our website. We encourage you to read these documents.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

You are also cautioned not to place undue reliance on the estimates, projections, guidance and other forward looking information presented which are based on current estimates of future events and speak only as of today. We do not undertake a duty to update these forward looking statements. Our supplemental information and discussion on this call will include certain non-GAAP financial measures. For such measures, reconciliation to the most directly comparable GAAP measure is available at the end of the supplemental information as well as our earnings release. With that, I'd like to turn the.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Call over to Barb.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Barb.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Good morning and thanks for joining us. Let me start by recognizing the exceptional Enhabit team. We're proud to share that Enhabit has been named as one of Fortune's Best Places to Work in Health Care. This recognition is a powerful testament to our commitment to a culture of excellence, strong leadership, and outstanding employee experience. It's that same team that has delivered another quarter of strong performance for our patients, partners, and shareholders. I will address the 2026 CMS Home Health Rule before Q&A but first Ryan and I will review the quarter results. Home health total admissions were up 3.6% year over year with census increasing 3.7%. Normalized for closed branches, our admission growth was 4.3% year over year.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Fee-for-Service Medicare census continues to stabilize with census down 1.4% year over year versus the 14.1% year over year decline experienced in quarter three 2024. Our non-Medicare admissions were up 10.4% and an appropriately managed payer mix resulted in a 2.8% increase in non-Medicare revenue per visit year over year. As mentioned on our last earnings call, we experienced disruption at the end of the second quarter and early third quarter in both admissions and census from the impact of renegotiations with a national payer that ultimately resulted in achieving a low double-digit increase in our per visit rate effective August 15th, 2025. By late September, we had recovered our census with this payer and recent admissions are now at 120% of our weekly average. Our total patient census grew sequentially each month of the third quarter and that sequential growth persisted into October.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Our scale drives meaningful access to payer members and that access, coupled with our high quality outcomes, continues to position us well for progress within our payer strategy. This was evidenced by another renegotiated national payer contract during the third quarter. This was the renegotiation of one of our first payer innovation agreements, and this one did not require disruption to patient access or to our census and resulted in achieving a successful update in our rates effective in November. The positive impact of our payer innovation team is ongoing as we continue to work with new and current payers on pricing that appropriately values our timely access to care as a scaled provider with strong outcomes. Our quality of care and our timely access are also part of our hospice strategy, and these strategies continue to drive strong results.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

We have now experienced seven straight quarters of sequential census growth. Total admissions grew 1.4% year over year. Normalized for closed branches, admissions were up 3%, census grew 12.6%. We have added 21% or 11% additional direct sales team members year over year to continue to broaden our reach to additional referral sources. We have the clinical capacity for growth and will increase our reach to diversify our referral sources to complement our organic growth strategy. Our de novo strategy is positively impacting total growth in quarter three. We opened two de novos for a total year to date of six. We opened our seventh location in October and continue to be on pace for a total of 10 de novos in 2025, as evidenced by our organic and de novo focus. Our admissions and census growth are a big part of our strategy.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

However, whether it is CMS pricing or continued shift to Medicare Advantage, we must be as efficient as possible to have necessary resources to strategically invest in people and technology. Therefore, our cost structure is critical to future success. As mentioned before, we believe advanced visit per episode management is a promising lever to mitigate uncontrollable and unanticipated rate disruptions like these. Our advanced visit per episode management pilots was initiated in mid August in 11 branches. However, because a pilot case must start with a new start of care, the branch's full census was not impacted until the end of October.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Early results are promising with a decline in total visits per episode in these locations from approximately 15 prior to the onset of the pilot to approximately 13 currently. 83 additional branches were rolled out throughout the month of October and the rest are expected by the end of November. We anticipate adding 10 resources between our authorization team and our virtual clinical team to support the full company rollout. We will provide an additional update on our fourth quarter earnings call as we navigate a dynamic operating environment. We remain confident that Enhabit is best positioned in the industry with our experienced leaders, high performing teams, and innovative technology to manage the challenges and continue growing market share. Now we'll turn it over to Ryan who will cover the financial results of quarter three and additional updates on our G&A cost management focused efforts.

[Ryan Solomon, CFO at Enhabit Incorporated]

Thank you Barb. Continued strong execution in the quarter on our broader strategy delivered strong consolidated financial performance with both top line and bottom line EBITDA growth to the prior year in Q3, all while continuing to generate consistent free cash flow that we've used to improve our net leverage to levels not seen since late 2022 just following our spend. Our ability to deliver growth and profitability for the third straight quarter in what remains a challenging operating environment highlights the consistency in our operational execution and flexibility in our model. Even as payer disruptions created headwinds early in the quarter, our teams navigated the challenges effectively, ensuring that we built momentum throughout the quarter to deliver growth and position us well as we entered Q4 to finish the year strong before reviewing consolidated and segment detailed performance.

[Ryan Solomon, CFO at Enhabit Incorporated]

A few Q3 highlights that demonstrate clear execution on our strategy conclude the following. Returning the business to consistent growth in 2025 was a strategic priority and we are well on our way with Q3 results. We have now delivered several quarters of year over year growth in both revenues and adjusted EBITDA. Improving the financial health of the business has been a focus in 2025 as well, with a return to consistent adjusted EBITDA growth. We have used the improved adjusted free cash flow to reduce our net debt to adjusted EBITDA leverage amount to 3.9 times in Q3 2025, lower by over 1.5 turns compared to Q4 2023 when leverage was 5.4 times. The improved leverage lowers our Q3 2025 annualized cash interest expense by approximately $19 million compared to Q4 2023.

[Ryan Solomon, CFO at Enhabit Incorporated]

Improving the financial health of the business provides us with improved liquidity and an overall balance sheet flexibility for innovation and potential. M&A Hospice segment momentum continues to be very strong, delivering record revenues and profitability in the quarter with year-over-year segment adjusted EBITDA growth of over 70% with substantial margin expansion on double-digit census volume growth of over 12%, driving overall revenue growth of 20% in Q3. Home health successfully launched the visits per episode pilot in Q3 while delivering census growth of 3.7% to the prior year. Despite payer disruption early in the quarter along with continued execution on stabilizing Medicare volumes and improving overome health per patient day unit cost economics which were lower by 2.1% in Q3 versus the prior year.

[Ryan Solomon, CFO at Enhabit Incorporated]

Home office expenses improved $2.3 million sequentially, coming in at 9.1% of revenues in Q3 versus 9.9% of revenues in the prior quarter as we focused on cost management initiatives, which lowered Q3 and run rate cost as we implement mitigation strategies in front of any potential CMS final rate rule headwind. Now shifting to the Q3 consolidated result details, consolidated net revenue totaled $263.6 million, an increase versus prior year of $10 million or 3.9%. Consolidated revenue growth the prior year was driven primarily by outsized growth in our hospice segment, with revenue growth of 20% on both census and unit revenue growth. Home health revenue was relatively flat to prior year on census growth, offset by lower unit revenues related primarily to mix.

[Ryan Solomon, CFO at Enhabit Incorporated]

Consolidated revenue growth in the quarter translated to improved profitability both to prior year and sequentially with consolidated adjusted EBITDA of $27 million in the quarter, an increase sequentially of $0.1 million or 0.4% while growing for the prior year by $2.5 million or 10.2%, with overall adjusted EBITDA margin as a percent of revenue expanding to 10.2%, an increase of 50 basis points to the prior year. Now shifting to home health performance, revenue was $200.5 million, lower than prior year by $0.5 million or 0.2%.

[Ryan Solomon, CFO at Enhabit Incorporated]

We estimate that without the payer renegotiation disruption experienced early in Q3 and the loss of revenue from branch closures that home health total revenues for the quarter would have been approximately $3 million higher, which would have resulted in growth to the prior year of approximately 1% in the quarter. The prior year average daily census for the quarter totaled 41,451, growth to the prior year of 3.7%, while lower sequentially 1.6%, primarily related to the payer renegotiation disruption early in the quarter. While we were successful in replacing disrupted payer volumes early in the quarter and then building back volumes throughout Q3 post renegotiation, this did put incremental pressure on our unit revenue per patient day in the quarter, which was lower sequentially 2% and versus prior year by 3.7%.

[Ryan Solomon, CFO at Enhabit Incorporated]

The lower unit revenues were partially offset by improved unit cost per patient day for the prior year of 2.1% as we maintained staffing productivity improvements in the quarter to offset typical incremental wage inflation costs. Home health adjusted EBITDA totaled $33.9 million in Q3, reflecting a decrease to the prior year of $2.6 million or 7.1% and sequentially $5.4 million or 13.7%. The lower adjusted EBITDA sequentially reflects margin compression as unit revenues were lower 2% and unit costs were marginally higher by 0.7% on lower average daily census volumes of 1.6% which created gross margin compression of 160 basis points. We saw this margin compression normalize late in the quarter as we built back volumes following the payer disruption.

[Ryan Solomon, CFO at Enhabit Incorporated]

Two key items to highlight in home health outside of the broader revenue and adjusted EBITDA performance include the following. As Barb touched on, we continue to have success in slowing the rate of decline in our Medicare patient volumes, with Medicare revenue mix totaling 56.5% of total home health segment revenues, improvement sequentially of 20 basis points. In regards to continued visits per episode optimization, our total visits per episode for Q3 of 13.4 is lower 0.3 visits sequentially and 0.7 visits versus prior year.

[Ryan Solomon, CFO at Enhabit Incorporated]

A host of efforts in the quarter focused on providing the clinically appropriate number of visits to our patients, combined with successfully launching our pilot as previously outlined on our Q2 call in a small subset of branches, with early results being promising, gives us confidence in our ability to use visits per episode as a key lever to continue to optimize while balancing quality to meaningfully offset potential rate reimbursement headwinds from the CMS 2026 proposed home health rule. Now shifting to our hospice segment performance for Q3, where continued execution by our hospice leaders delivered a record performance for the quarter, with revenue totaling $63.1 million, reflecting sequential growth of $2.9 million or 4.8% and exceptionally strong growth to the prior year of $10.5 million or 20%.

[Ryan Solomon, CFO at Enhabit Incorporated]

Revenue growth was supported by continued strong momentum in census growth in the quarter of 3.2% sequentially and 12.6% to the prior year. Hospice adjusted EBITDA totaled $17.2 million in Q3 reflecting an increase to the prior year of $7.2 million or 72% on a double digit volume increase combined with margin expansion as adjusted EBITDA margin as a percent of revenue improved 830 basis points to the prior year and totaling 27.3% as our operational leaders continue to create operating leverage on the increased volumes. Two key items to highlight in hospice outside of broader revenue and adjusted EBITDA performance include the following all of our 2024 hospice de novos are profitable and collectively generated $0.8 million of revenue and $0.3 million of EBITDA in Q3, demonstrating the ability to quickly ramp our de novo sites to profitability.

[Ryan Solomon, CFO at Enhabit Incorporated]

Average discharge length of stay continues to remain relatively flat with Q3 coming in at 101 days versus the prior year of 100 days, shifting briefly to our home office general and administrative expenses for the quarter which totaled $24.1 million or 9.1% of revenues in Q3 compared to $26.4 million or 9.9% of revenues in the prior quarter, delivering a sequential improvement of $2.3 million. This improvement primarily reflects the results of a focused G and A cost review completed in the quarter that generated savings in Q3. We saw an increase the prior year primarily related to incentive accrual release in the prior year not replicated in Q3 and broader inflation somewhat offset by cost initiative action in 2025. Transitioning now to the balance sheet and cash flow as outlined earlier, a key strategic priority in 2025 is using free cash flow to continue to delever.

[Ryan Solomon, CFO at Enhabit Incorporated]

Our balance sheet adjusted free cash flow year to date totals $64.8 million, which would normalize for one less payroll period in the quarter that we will see in Q4 would total approximately $45 million or an approximate 56% adjusted free cash flow conversion rate which compares favorably to the full year 2024 by over 200 basis points. During the quarter we reduced overall bank debt by $15.5 million, including amortization and prepayments. We ended the quarter with approximately $57 million in cash and available liquidity of $143.3 million compared to available liquidity in the Q3 period of the prior year of $94.1 million, an improvement of $49.2 million. Improved profitability coupled with continued balance sheet improvements results in a net debt to adjusted EBITDA leverage ratio of 3.9 times compared to Q3 of the prior year of 4.8 times.

[Ryan Solomon, CFO at Enhabit Incorporated]

Progress on reducing our overall bank debt continues in Q4 with us having already made an additional $10 million of debt prepayments quarter to date through October, which brings our total debt reduction to $100 million since Q4 of 2023, as summarized on our supplemental slides. We remain committed to strengthening our balance sheet and improving profitability. Let's conclude with briefly discussing updated guidance based on our consolidated year to date 2025 results and the momentum in the business. We remain confident in our strategy and full year outlook. We've updated our full year guidance as follows. We now expect full year revenue to be in the range of $1.058 billion-$1.063 billion. We are increasing our full year adjusted EBITDA guidance to be in a range of $106 million-$109 million.

[Ryan Solomon, CFO at Enhabit Incorporated]

We are also increasing our full year adjusted free cash flow to be in the range of $53 million-$61 million. Thank you for the time today. I'll hand it back over to Barb for a few closing comments on the CMS rate rule before we open up for questions.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Thanks, Ryan. As you're aware, the CMS 2026 Home Health Final Rule has not yet been published. We remain focused on our strategies to mitigate as much of the pricing headwind as possible in 2026 and are well on our way with the various strategies we have already deployed. More details will be forthcoming when we report full year 2025 earnings and 2026 guidance during Q1 of next year. As we noted in our comment letter, the proposed cuts, if finalized, will worsen the existing trend of reduced patient access to home health care. Home health is the patient preferred and most cost effective post acute care option and thus saves Medicare money. We urge CMS to reverse the temporary and permanent adjustments contained in the proposed rule to ensure adequate access to home health is restored. Operator, we can now open the line for questions.

[Operator]

Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press the star one again. If you're called upon to ask your question and listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute. When asking your question again, please press star one to join the queue and your first question comes from the line of Brian Tanquilut of Jefferies. Please go ahead.

[Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies]

Good morning, this is Meghan Holtz on for Brian Tanquilut. It's nice to hear some you guys had some additional payer negotiations that came out favorable for you guys. Can you kind of provide some color on the rate increase you received from that new one in November and then the pipeline of any additional payer innovation contracts that you have upcoming for renewal?

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Sure.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

As I mentioned, this was our first payer innovation contract, national one that came up for renewal. We were pleased with the update, and because it's already a payer innovation, we really won't disclose the update that we received, but I will say that we continue to work with those that we had negotiated. More of the regional type agreements will be coming up in the next year. The future national agreements, it'll be more towards the end of next year, early 2027 before the additional national agreements will come.

[Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies]

Okay, thank you. Just a quick follow up. You guys had nice improvement in the G&A line. Can you provide some color where that expense reduction is coming from? How much more runway do you have to reduce and remove some costs in that line?

[Ryan Solomon, CFO at Enhabit Incorporated]

Good morning. Thanks Meghan. Yeah, so as we think about G&A, you know, when we think about home office, more traditional, you know, back office capabilities in the context of both internal and external related expenses. So a combination of some headcount reductions as well as some efficiencies that we're able to really insource capabilities from third-party vendors while not impacting any of our capability. When you think about in the quarter, roughly $1 million-$1.5 million of that overall kind of G&A improvement sequentially we think is durable and kind of how we think about things prospectively going forward.

[Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies]

Thank you.

[Operator]

Your next question comes from the line of Ryan Langston of TD Cowen. Please go ahead.

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Hey, good morning, this is Christian Borgmeyer on Ryan Langston. Last year we saw a pretty big jump in hospice.

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Average length of stay sequentially from 3Q to 4Q.

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Should we expect a similar tailwind sequentially this year?

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Just as a product of seasonality. Just curious, what seasonal factors drive that as we get to the end of the year?

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Yeah, it's difficult because obviously last year when you look, we're going to have some pretty big comps here both in Q3 and Q4. As you mentioned, there usually is some seasonality. It's why we've added some additional resources to make sure we can extend the outreach that we have. I would say that the holiday times tend to be a little bumpy within this segment. You do have folks that tend to want to wait to elect until after the holiday. I would say it tends to be one of our more unpredictable times of year, especially as we go into the two upcoming holidays.

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Got it, thank you. And then just one quick one on the payer innovation contract renegotiation. How long is the recontracting cycle typically?

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Is it annually or is it?

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Or contract by contract?

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Yeah, it's by contract. By cosntract. I would say the majority of our contracts are three year. We do have some that are two year, but I would say the majority tend to be around a three year time frame.

[Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen]

Okay, got it. Thank you.

[Operator]

Again. If you would like to ask a question, please press star one to join the queue. We will pause for just a moment to compile the Q&A roster. We have a follow up question from Brian Tanquilut of Jefferies. Please go ahead.

[Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies]

Thanks.

[Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies]

As long as there's no other cues, I'll ask another follow up. Can you guys just kind of speak to labor in the quarter specifically if you guys continue to benefit from some of the peers that you saw changing pay structure and you were able to capture some labor there. And then how are you thinking about wage inflation in 2026, if you could give some preliminary color there?

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

Sure.

[Barb Jacobsmeyer, President and CEO at Enhabit Incorporated]

I would say, you know, we've seen a nice uptick continued in our applicant pool for nursing and for therapy. And so that has been nice to see. We've continued to see an uptick also in our headcount on the clinical capacity for home health and for hospice. So are pleased with the results that we're seeing there. As it relates to wage, I would say, you know, we're kind of, I would say back to that normal, you know, merit around that, you know, 3% is what we're experiencing. There are markets that will pop up occasionally that are more challenging. We do handle those more at a market level. I would say we're seeing a little bit more of that right now in the therapy side of things. We monitor that at a market level.

[Operator]

There are no further questions. I will now turn the conference back over to Bob Okunski for closing remarks.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Thank you, everyone, for joining today's call. Please feel free to reach out if you have any additional questions.

[Bob Okunski, VP of Investor Relations at Enhabit Incorporated]

Thank you for your time.

[Operator]

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Participants

Executives

• Barb Jacobsmeyer, President and CEO
• Ryan Solomon, CFO
• Bob Okunski, VP of Investor Relations

Analysts

• Christian Borgmeyer, VP of Equity Research and Healthcare Facilities and Managed Care at TD Cowen
• Meghan Holtz, VP of Healthcare Services Equity Research at Jefferies