Accendra Health Inc (ACH) 2025 Q4 法說會逐字稿

Hello. Good day, and thank you for standing by. Welcome to the Accendra Health fourth-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

你好。您好，感謝您的耐心等待。歡迎參加 Accendra Health 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Will Parrish, Vice President, Strategy, Corporate Development, and Investor Relations.

現在，我謹將會議交給今天的第一位發言人，策略、企業發展和投資者關係副總裁威爾·帕里什。

Thank you, operator. Good afternoon, everyone, and welcome to Accendra Health's fourth-quarter earnings call. Our comments on the call will be focused on the financial results of the fourth quarter of 2025, all of which are included in today's press release. The press release, along with the fourth quarter 2025 supplemental slides, are posted on the Investor Relations section of our website.

謝謝接線生。各位下午好，歡迎參加Accendra Health第四季財報電話會議。我們將在電話會議上重點討論 2025 年第四季的財務業績，所有業績均已包含在今天的新聞稿中。新聞稿以及 2025 年第四季補充投影片已發佈在我們網站的投資者關係部分。

Please note that during this call, we will make forward-looking statements that reflect the current views of Accendra Health about our business, financial performance, and future events. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved.

請注意，在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明反映了 Accendra Health 目前對我們的業務、財務表現和未來事件的看法。這些聲明中所述事項存在風險和不確定性，可能導致實際結果與今天在此預測或暗示的結果有重大差異。我們的期望、信念和預測都是出於善意，我們相信它們有合理的依據。然而，我們無法保證我們的期望、信念和預測會實現或發生。

Please refer to our SEC filings for a full description of these risks and uncertainties, including the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events, except to the extent required by applicable law.

有關這些風險和不確定性的完整描述，請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告中的「風險因素」部分。我們在本次電話會議或獲利新聞稿中所做的任何前瞻性陳述均截至今日，除適用法律要求外，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

In our discussion today, we will refer to non-GAAP financial measures and believe they might help investors to better understand our performance or business trends. Information about these measures and reconciliations to the most comparable GAAP financial measures are included in our press release.

在今天的討論中，我們將提及非GAAP財務指標，並認為這些指標可能有助於投資人更了解我們的業績或業務趨勢。有關這些措施的資訊以及與最可比較的 GAAP 財務指標的調整表，請參閱我們的新聞稿。

Today, I am joined by Ed Pesicka, Accendra Health's President and Chief Executive Officer; Jon Leon, the company's Chief Financial Officer; and Perry Bernocchi, the company's Chief Operating Officer.

今天，與我一同出席的有 Accendra Health 的總裁兼執行長 Ed Pesicka；公司財務長 Jon Leon；以及公司營運長 Perry Bernocchi。

I will now turn the call over to Ed. Ed?

現在我把電話轉給艾德。艾德？

Thank you, Will. Good afternoon, everyone, and thank you for joining us on the call today. I am pleased to welcome all of you to our very first earnings call as Accendra Health. I'd like to begin by giving you my thoughts related to the strengths of Accendra Health and why we are so excited for our future and where we are going.

謝謝你，威爾。各位下午好，感謝各位今天參加我們的電話會議。我很高興歡迎各位參加 Accendra Health 的首次財報電話會議。首先，我想和大家分享我對 Accendra Health 的優勢以及我們對未來發展方向感到如此興奮的原因。

First, it is important to understand the size of the market that we serve or the size of the pie. Our expansive payer relationship gives us access to approximately 300 million Americans of which the CDC estimates that three out of four adults are living with some type of chronic condition, and our nationwide footprint makes Accendra Health a premier choice for all constituents involved in the administration of care in the home-based setting.

首先，了解我們所服務的市場規模或市場蛋糕的大小非常重要。我們廣泛的支付方關係使我們能夠接觸到大約 3 億美國人，根據美國疾病管制與預防中心估計，其中四分之三的成年人患有某種慢性疾病，而我們遍布全國的業務網絡使 Accendra Health 成為所有參與居家護理管理的各方的首選。

In this expansive market, we have developed high brand recognition and customer support and reliance on both Byram and Apria, our two primary go-to-market brands. We have established this through leading service, consistency, and reliability. This continues to be validated by Net Promoter Scores that have exceeded the industry average for the last several years.

在這個廣大的市場中，我們憑藉著 Byram 和 Apria 這兩個主要的市場推廣品牌，建立了很高的品牌知名度和客戶支援度，並贏得了客戶的信賴。我們憑藉領先的服務、始終如一的品質和可靠性贏得了這一聲譽。過去幾年，淨推薦值 (NPS) 一直高於行業平均水平，這持續驗證了這一點。

We also have a broad range of growing product offerings and capabilities, which provides us the ability to serve patients in the home in many of the largest and fastest-growing chronic condition categories.

我們還擁有種類繁多且不斷增長的產品和能力，這使我們能夠為許多規模最大、增長最快的慢性病類別中的患者提供居家服務。

As a result of the foregoing, we are a national leader in home-based care for numerous chronic conditions, which afflict millions of Americans, and our strengths are differentiators compared to the vast majority of the thousands of other participants in the industry.

正因如此，我們在為數百萬美國人提供多種慢性疾病的家庭護理方面處於全國領先地位，而我們的優勢也使我們從業內數千家其他參與者中脫穎而出。

As we look forward, we have a bullish outlook on the long-term demand for our unique offerings. Economic pressures continue to push care to the home-based setting while the country's aging population is afflicted with a rising number of chronic conditions. We are also optimistic about the strong long-term demand due to increasing awareness about proactive health management amongst the population, which is still meaningfully underdiagnosed, specifically in the sleep category.

展望未來，我們對自身獨特產品的長期需求持樂觀態度。經濟壓力持續推動護理工作向居家照護模式轉移，同時，該國老齡化人口正遭受越來越多的慢性疾病困擾。我們也對長期強勁的需求持樂觀態度，因為人們越來越重視積極的健康管理，而睡眠障礙等疾病的診斷率仍然很低。

Another area of opportunity for us is in the anticipated competitive bidding, specifically in diabetes, urology, and ostomy, all categories of strength for Accendra Health. As CMS, along with ourselves and other industry leaders work to drive fraud, waste, and abuse out of the system, we believe that we are well-positioned for Medicare's competitive bidding process considering our footprint, our efficient service model, and broad existing referral source recognition.

我們的另一個機會領域是預期中的競爭性投標，特別是糖尿病、泌尿科和造口術，這些都是 Accendra Health 的優勢領域。鑑於 CMS、我們以及其他行業領導者正在努力消除系統中的欺詐、浪費和濫用行為，我們相信，考慮到我們的業務範圍、高效的服務模式以及廣泛的現有轉診來源認可度，我們已為 Medicare 的競爭性招標流程做好了充分準備。

To capitalize on the overall favorable backdrop, we are leveraging technology and automation to ensure that we provide an industry-leading home-based care offering built on: one, being a trusted, reliable, and easy to understand partner for our patients and their clinicians; two, an integrated, streamlined, and compliant reimbursement process for our payers, while at the same time, maintaining a best-in-class revenue cycle management capabilities; and three, providing a streamlined and cost-efficient channel to market for our manufacturing partners.

為了充分利用整體有利的環境，我們正在利用技術和自動化來確保我們提供業界領先的居家護理服務，該服務建立在以下幾點之上：第一，成為患者及其臨床醫生值得信賴、可靠且易於理解的合作夥伴；第二，為我們的付款方提供集成、簡化且合規的報銷流程，同時保持一流的收入周期管理能力；第三，為我們的製造合作夥伴第三，為我們的製造合作夥伴第三

Just a few examples of the use of technology to both improve the customer experience while also lowering our cost to serve include the use of technology to automate payer qualifications, enabling faster and more accurate order validation and improving revenue capture.

利用科技改善客戶體驗並降低服務成本的例子有很多，例如利用科技實現付款人資格自動審核，從而實現更快、更準確的訂單驗證，並提高收入獲取率。

Another example, building on the strength of our mybyram app is the expected launch of our new MyApria app in Q2 of this year, which is expected to enhance the customer experience while also increasing operational efficiency and supporting patient therapy adherence.

另一個例子是，基於我們 mybyram 應用的優勢，我們預計將於今年第二季度推出新的 MyApria 應用，該應用有望提升客戶體驗，同時提高營運效率並支持患者堅持治療。

Finally, in a practical application of leveraging technology, enhancing the customer experience and overall focus, we continue to see success in the fourth quarter with our sleep journey initiative. I'm happy to highlight continued success in our sale of sleep supplies, which grew in the range of 8% to 9% for both the quarter and full year.

最後，在利用科技、提升客戶體驗和整體關注度的實際應用方面，我們的睡眠之旅計劃在第四季度繼續取得成功。我很高興地宣布，我們的睡眠用品銷售持續取得成功，季度和全年增長率均在 8% 到 9% 之間。

Finally, we are pleased to finish the fourth quarter with the completion of the sale of our former products and healthcare services business, Owens & Minor, to Platinum Equity on December 31. And I'd like to thank and commend all parties involved for working so diligently to complete the transaction in such a quick time frame.

最後，我們很高興地宣布，第四季度已於 12 月 31 日完成，我們先前的產品和醫療保健服務業務 Owens & Minor 已出售給 Platinum Equity。我還要感謝並表揚所有參與者，感謝他們如此努力地在如此短的時間內完成了這筆交易。

With the transaction now closed and final separation work well underway, Accendra Health is now devoting all of its focus and energy to strengthening our core home-based care businesses to achieve reliable and growing free cash flow, stable growth, and debt reduction. We're entering 2026 as a much leaner and more nimble business with a much higher margin profile post-P&HS divestiture. We have already taken actions to lean out our business and expect to continue taking actions to eliminate costs to address the loss of a large commercial payer as well as stranded costs.

隨著交易完成，最終分離工作也正在順利進行，Accendra Health 現在將全部精力和注意力投入到加強我們核心的家庭護理業務，以實現可靠且不斷增長的自由現金流、穩定的增長和債務減少。進入 2026 年，我們已成為一家更精簡、更有彈性的企業，在剝離 P&HS 業務後，利潤率也更高。我們已經採取措施精簡業務，並計劃繼續採取措施消除成本，以應對失去一家大型商業付款方以及由此產生的擱置成本。

Despite never wanting to lose a customer, we maintained our financial discipline during the process. Since that time, our focus has been to ensure smooth transition of patient care and minimize our cost of transitioning the relationship related to this contract.

儘管我們始終不想失去任何客戶，但在過程中，我們仍然保持了財務紀律。自那時起，我們的重點一直是確保患者護理的順利過渡，並最大限度地降低與該合約相關的關係過渡成本。

Finally, now that we have the sales proceeds in hand, we are well-positioned to take a thoughtful approach to optimizing our capital structure, taking into consideration all stakeholders. We are committed to deleveraging, combined with metered investments, as we move forward. This will be a continuation of what we did in Q4 with investments in technology while also paying down debt by $65 million from ordinary free cash flow.

最後，現在我們已經拿到了銷售款項，我們完全有能力採取深思熟慮的方法來優化我們的資本結構，同時考慮到所有利害關係人的利益。我們將致力於去槓桿化，並結合計量投資，逐步向前發展。這將延續我們在第四季所做的工作，即投資技術，同時利用普通自由現金流償還 6,500 萬美元的債務。

Before I turn it over to Jon, let me reiterate my excitement about the strength of Accendra Health, the growing market that we participate in, and where we are going as a business.

在把麥克風交給 Jon 之前，我想再次表達我對 Accendra Health 的實力、我們所參與的不斷增長的市場以及我們作為一家企業的發展方向的興奮之情。

With that, I will now turn the call over to Jon to discuss our financial performance in the fourth quarter and our outlook for 2026. Jon?

接下來，我將把電話交給 Jon，讓他來討論我們第四季的財務表現以及我們對 2026 年的展望。喬恩？

Thanks, Ed, and good afternoon. I want to start by reminding you that despite the closing of the divestiture at the end of 2025, we will continue to report our results on a continuing operations, discontinued operations basis for as long as accounting rules require us to show comparable results. And like the last couple of quarters, unless otherwise stated, my remarks today will focus on the continuing operations. The continuing operations financial statements are what you should expect from Accendra Health. I'm sure we all look forward to much reduced business complexity post divestiture as we move through 2026.

謝謝你，艾德，下午好。首先我想提醒各位，儘管剝離業務將於 2025 年底完成，但只要會計準則要求我們公佈可比業績，我們將繼續按持續經營和終止經營為基礎報告我們的業績。與前幾季一樣，除非另有說明，我今天的演講將重點放在持續經營方面。您應該從Accendra Health獲得持續經營財務報表。我相信，隨著我們邁入 2026 年，剝離業務後，我們都期待業務複雜性能大大降低。

Also, please note that any discussion about the financial results and outlook for the company will cover only non-GAAP financial measures. You can find GAAP to non-GAAP financial reconciliations in the press release filed a short time ago and residing on our website at accendrahealth.com.

另外，請注意，任何關於公司財務表現和展望的討論都將僅涵蓋非GAAP財務指標。您可以在不久前發布的新聞稿中找到 GAAP 與非 GAAP 財務調整表，該新聞稿可在我們的網站 accendrahealth.com 上找到。

Fourth-quarter results were largely in line with much improved cash flow and lower debt compared to the third quarter. In the fourth quarter, there was decent year-over-year growth in the key categories of sleep therapy, ostomy, and urology as we have seen in recent quarters.

第四季業績基本符合預期，現金流較第三季大幅改善，債務下降。第四季度，睡眠治療、造口術和泌尿科等關鍵類別實現了與近幾個季度一樣的良好同比增長。

Diabetes grew by almost 2% versus last year, an improvement as compared to flat year-over-year results in Q3, and insulin pumps led to quarterly diabetes category growth.

與去年同期相比，糖尿病市場成長了近 2%，較第三季同比持平的業績有所改善，胰島素幫浦帶動了糖尿病市場季度成長。

The fourth quarter saw the initial impact of a previously discussed contract loss and price impact of a large commercial payer. Overall, this payer's impact on quarterly revenue was approximately 1% of what would have been over 3% growth. This impact on revenue will significantly increase throughout 2026 and in aggregate to approximately $300 million in 2026 versus 2025 and approximately an additional $40 million in 2027. We anticipate that we will have completely lapped the impact of this revenue loss by the end of the first quarter of 2027. We are on our way to replacing this lost revenue margin.

第四季出現了先前討論過的合約損失和大型商業支付方價格影響的初步影響。整體而言，該付款方對季度營收的影響約為 1%，而原本的成長幅度將超過 3%。到 2026 年，這種影響將顯著增加，到 2026 年將比 2025 年增加約 3 億美元，到 2027 年將再增加約 4,000 萬美元。我們預計到 2027 年第一季末，我們將完全消除此收入損失的影響。我們正在努力彌補這部分損失的收入。

For all of 2025, revenue was nearly $2.8 billion, up a little more than 3%. Throughout the year, growth in the large sleep category as well as ostomy and urology led the way. a somewhat weaker collection rate compared to a strong 2024, also inhibited top-line growth.

2025 年全年營收接近 28 億美元，成長略高於 3%。全年來看，大型睡眠產品以及造口術和泌尿外科產品的成長最為顯著。但與強勁的2024年相比，略顯疲軟的收款率也抑制了營收的整體成長。

Fourth-quarter adjusted EBITDA was $90 million compared to $102.5 million in last year's fourth quarter. The change was driven by lower payment prices, inflationary product cost increases, higher health benefit costs, and stranded costs that were only partially offset by lower other teammate benefit costs.

第四季調整後 EBITDA 為 9,000 萬美元，而去年同期為 1.025 億美元。此變化的驅動因素包括支付價格下降、產品成本通膨上漲、醫療福利成本上升以及擱淺成本，而這些成本僅部分被其他團隊成員福利成本的下降所抵銷。

For the full year, adjusted EBITDA was $375 million, up slightly from 2024. The same factors impacted the fourth quarter drove the full year results. Adjusted EBITDA results include $12 million of stranded costs in the quarter from the pre-divestiture business and $36.5 million for the full year. Beginning with our Q1 2026 results, we will no longer be specifically breaking out stranded costs because with the finalization of the divestiture, these costs will now be part of the operating expenses of Accendra Health.

全年調整後 EBITDA 為 3.75 億美元，比 2024 年略有成長。影響第四季業績的因素同樣也影響了全年業績。調整後的 EBITDA 結果包括本季來自剝離前業務的 1,200 萬美元擱淺成本，以及全年的 3,650 萬美元擱淺成本。從 2026 年第一季業績開始，我們將不再單獨列出擱淺成本，因為隨著資產剝離的完成，這些成本現在將成為 Accendra Health 營運費用的一部分。

Expense reduction, including former stranded costs, is a key component of our 2026 expectations. As I mentioned, we saw much improved cash flow in the fourth quarter and related debt reduction.

削減開支，包括削減先前擱置的成本，是我們 2026 年預期目標的關鍵組成部分。正如我之前提到的，我們在第四季度看到了現金流的大幅改善以及相關的債務減少。

For the fourth quarter of 2025, operating cash flow was $68 million, which includes $67 million of cash used by the former discontinued products and healthcare services business. So the continuing operations business generated $135 million of cash from operating activities.

2025 年第四季度，經營現金流為 6,800 萬美元，其中包括以前已終止的產品和醫療保健服務業務使用的 6,700 萬美元現金。因此，持續經營業務透過經營活動產生了 1.35 億美元的現金。

For the full year, while the consolidated business of both continuing and discontinued operations had a use of cash from operating activities of over $100 million, the continuing operations that going forward Accendra generated $154 million in cash from operating activities. As a reminder, the full year cash flow from continuing operations includes $98 million in cash costs to terminate the Rotech acquisition in the summer of 2025.

全年來看，儘管持續經營和終止經營的合併業務經營活動現金使用額超過 1 億美元，但 Accendra 未來持續經營的業務經營活動現金產生額為 1.54 億美元。提醒一下，持續經營產生的全年現金流包括 2025 年夏季終止 Rotech 收購所需的 9,800 萬美元現金成本。

For the continuing operations, free cash flow in the fourth quarter, defined as adjusted EBITDA less patient equipment capital expenditures, net of noncash convert-to-sell write-off expense and after consolidated interest paid, was $18 million in the fourth quarter and for the year was $98 million. This reinforces the strong cash generation profile of Accendra compared to the legacy business. At December 31, net debt was $1.8 billion, down $315 million from September 30 and down $46 million since year in 2024.

對於持續經營業務，第四季度自由現金流（定義為調整後的 EBITDA 減去病人設備資本支出，扣除非現金可轉換出售減損費用，並扣除已付的合併利息）為 1800 萬美元，全年自由現金流為 9800 萬美元。這進一步印證了 Accendra 相對於其傳統業務而言，具有更強勁的現金流生成能力。截至 12 月 31 日，淨債務為 18 億美元，比 9 月 30 日減少了 3.15 億美元，比 2024 年減少了 4,600 萬美元。

Prior to the closing of the divestiture, we had already reduced debt by $65 million from September 30. The net proceeds received from the divestiture of the products and healthcare services business of $342 million are included in the December 31 cash balance. Also, as a result of customary final purchase price adjustments, including a working capital true-up, we expect to receive approximately $12 million to $15 million of additional proceeds in the spring.

在完成資產剝離之前，我們已經從 9 月 30 日起減少了 6,500 萬美元的債務。出售產品和醫療保健服務業務所得淨收益 3.42 億美元已計入 12 月 31 日的現金餘額。此外，由於慣例性的最終購買價格調整（包括營運資金調整），我們預計將在春季收到約 1,200 萬至 1,500 萬美元的額外收益。

As divestiture closed, we used $66 million of proceeds to settle bank debt obligations under the AR securitization program that were entirely related to P&HS. This is all detailed in slides filed via 8-K just after today's market close and also residing on our website.

隨著資產剝離的完成，我們利用所得的 6,600 萬美元來償還 AR 證券化計劃下與 P&HS 完全相關的銀行債務。所有這些細節都已在今天市場收盤後透過 8-K 表格提交的幻燈片中詳細說明，並且也發佈在我們的網站上。

In addition to the $282 million of cash on the balance sheet at December 31, and we had nearly $220 million of available capacity under our committed revolving credit facility and $16 million available under a newly amended accounts receivable securitization program. The bottom line is that we believe there's ample liquidity available for the business.

截至 12 月 31 日，資產負債表上的現金為 2.82 億美元，此外，我們在已承諾的循環信貸額度下還有近 2.2 億美元的可用額度，在新修訂的應收帳款證券化計劃下還有 1600 萬美元的可用額度。總之，我們認為公司擁有充足的流動資金。

Also, we ended the year comfortably in compliance with our debt covenants. As we've been saying for months, all net proceeds from the divestiture will be used to reduce our debt balance. We have a long-range leverage target of 3 times adjusted EBITDA, which we believe is very achievable, and debt reduction continues to be a top priority for 2026 and beyond.

此外，我們順利地完成了本年度的債務契約履行工作。正如我們幾個月來一直強調的那樣，這筆資產剝離所得的所有淨收益將用於減少我們的債務餘額。我們的長期槓桿目標是調整後 EBITDA 的 3 倍，我們認為這是完全可以實現的，降低債務仍然是 2026 年及以後的首要任務。

We are also committed to maintaining a capital structure that supports the transformation of the business into a pure-play, cash-generative home-based care company. We are actively evaluating all options to optimize our capital structure into our engaging stakeholders to help ensure we come away with the structure that is the most appropriate for the new higher profit, better cash flow Accendra while protecting the interest of our shareholders. We believe this process will conclude in the near term.

我們也致力於維持資本結構，以支持公司轉型為純粹的、能夠產生現金流的家庭護理公司。我們正在積極評估所有優化資本結構的方案，並與利害關係人進行溝通，以確保最終獲得最適合新的、利潤更高、現金流量更好的Accendra的結構，同時保護股東的利益。我們相信這一過程將在短期內結束。

Turning now to the 2026 outlook. The slides I referenced earlier also include pages to assist with 2026 guidance and depict the key drivers from our 2025 results and our 2026 full-year guidance.

現在展望一下2026年。我之前提到的幻燈片還包括一些頁面，以幫助制定 2026 年的指導方針，並描述了我們 2025 年業績和 2026 年全年指導方針中的關鍵驅動因素。

I'll begin by walking through the net revenue slide. We expect annual revenue to be between $2.55 billion and $2.65 billion. As you will see, the greatest impact results from the changes with the single large commercial payer discussed earlier. Of the $300 million-plus impact in 2026 compared to 2025, approximately 15% of the reduction versus prior year will occur in Q1 and 25% to 30% in each of the second through fourth quarters. This will be partially offset by volume growth and improved collection rates.

我將先講解淨收入幻燈片。我們預計年收入將在 25.5 億美元至 26.5 億美元之間。正如您將看到的，影響最大的是前面討論過的單一大型商業支付方的變化。與 2025 年相比，2026 年將產生超過 3 億美元的影響，其中約 15% 的減少將發生在第一季度，而第二季度至第四季度每季將減少 25% 至 30%。銷售成長和收款率提高將部分抵消此影響。

Looking at the adjusted EBITDA slide as follows, we expect 2026 adjusted EBITDA to be in the range of $335 million to $355 million. Unsurprisingly, the large commercial payer change again has an outsized impact and will be somewhat mitigated by cost reduction directly related to this payer, other expense takeout and volume growth.

從以下調整後的 EBITDA 圖表來看，我們預計 2026 年調整後的 EBITDA 將在 3.35 億美元至 3.55 億美元之間。不出所料，大型商業支付方的變更再次產生了巨大的影響，但與該支付方直接相關的成本降低、其他費用削減和業務量成長將在一定程度上緩解這種影響。

The 2026 expense reductions have been identified for some time, and a number of actions have been taken or slated to be taken on a rigid timeframe.

2026 年的費用削減計劃已經確定了一段時間，並且已經採取或計劃在嚴格的時間表內採取了一些措施。

Finally, we included a levered free cash flow walk, which again shows the strong cash flow from the Accendra business. At the midpoint, we expect at least $100 million of free cash flow in 2026. Much of the cash flow projected in 2026 is spoken for due to the cost throughout the year to separate Accendra from Owens & Minor and cash outlays related to certain expense reduction activity that I mentioned earlier. This is only a 2026 issue, and future free cash flow is expected to be comparable or better and will help drive further debt reduction.

最後，我們加入了槓桿自由現金流分析，這再次顯示了 Accendra 業務的強勁現金流。我們預計，到 2026 年，公司自由現金流至少將達到 1 億美元。由於全年將 Accendra 從 Owens & Minor 分離出來的成本，以及我之前提到的與某些削減開支活動相關的現金支出，預計 2026 年的大部分現金流已被預定。這只是 2026 年的問題，預計未來的自由現金流將與現在持平或更好，並將有助於進一步減少債務。

In thinking about quarterly cadence, between cost reduction ramping throughout the year to a full run rate benefit, the replacement of the previously discussed impact of the large commercial payer, the time needed to reduce stranded costs, and effectively separate from Owens & Minor in the business' normal seasonality, we expect about 60% of the adjusted EBITDA to be realized in the second half of the year with the first quarter of the year being the weakest and Q4 the strongest.

考慮到季度節奏，以及全年逐步降低成本以達到全面運行率效益、取代之前討論過的大型商業支付方的影響、減少擱淺成本所需的時間，以及在業務正常季節性方面有效地與 Owens & Minor 分離，我們預計調整後 EBITDA 的約 60% 將在下半年實現，其中第一季度最弱，第四季度最強。

In conclusion, Accendra Health is a very different company than the pre-divestiture Owens & Minor. The investment thesis is much improved, and we are proud to be among market leaders in a growing and dynamic space and look forward to demonstrating consistent earnings and strong cash flow.

總之，Accendra Health 與分拆前的 Owens & Minor 是一家截然不同的公司。投資邏輯已大大改善，我們很自豪能在這個不斷發展壯大的領域躋身市場領導者之列，並期待展現出持續的盈利能力和強勁的現金流。

With that, I'll now turn the call back to the operator for Q&A. Operator?

接下來，我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions) Michael Cherny, Leerink Partners.

（操作說明）Michael Cherny，Leerink Partners。

Good evening, and thanks for taking the question. Maybe if I can just dive in on some of the commentary you made on investments. Fully understand, I think we all do the dynamics around debt pay down, but you talked about targeted investments. As you think about the businesses, especially with the Rotech deal being in the background, what do you see target investments looking like for the RemainCo going forward?

晚上好，感謝您回答這個問題。或許我可以深入探討你對投資方面的一些評論。完全理解，我想我們都明白償還債務的動態，但你談到了有針對性的投資。考慮到 Rotech 交易的背景，您在考慮這些業務時，您認為 RemainCo 未來的目標投資方向是什麼？

Yeah. I think there's a couple of different ways to look at this. And when I talked about the metered investments, primarily in 2026, we're looking at investment in technology, as I talked about, to continue to lower our cost to serve as well as improve their customer experience.

是的。我認為這個問題可以從幾個不同的角度來看。當我談到按量付費的投資時，主要是在 2026 年，正如我所說，我們正在考慮對技術進行投資，以繼續降低我們的服務成本，並改善客戶體驗。

I think on the -- if you're looking specifically around the M&A side, there may be an opportunity to do some tuck-ins, but again, I think our -- I know our primary focus in 2026 is going to be around debt reduction. And then those metered investments would be around technology to improve customer experience as well as lower cost to serve and we would consider, if appropriate, some small little tuck-ins.

我認為，如果你特別關注併購方面，可能會有機會進行一些補充收購，但話說回來，我認為我們——我知道我們2026年的主要重點將是減少債務。然後，這些按比例分配的投資將圍繞技術展開，以改善客戶體驗並降低服務成本，如果合適，我們也會考慮一些小的補充投入。

Thanks, that's helpful. And just one more. You talked about the rebuild of revenue recapture opportunity as you have the large customer rolling off. You signed a preferred agreement with Optum. How is that going so far?

謝謝，這很有幫助。再來一個。您談到了隨著大客戶流失，如何重建收入回收機會。您與Optum簽署了優惠協議。目前進展如何？

Look, it's still early in the process. We're starting to gain some traction. But as Jon talked even in his prepared remarks, the opportunity for us to fill in the gaps, we know we won't fill and complete -- get completely fill in the gap. So you can see from our walk on revenue, but it does create opportunity for us to redeploy resources to start to backfill that revenue with other revenue, whether it be a preferred provider agreement or just expansion of existing contracts and relationships that we have.

你看，現在還處於早期階段。我們開始取得一些進展了。但正如喬恩在事先準備好的演講稿中所說，我們有機會填補空白，但我們知道我們無法填補和完成——無法完全填補空白。從我們的收入來看，這確實為我們創造了重新部署資源的機會，以便開始用其他收入來彌補這部分收入，無論是透過優選供應商協議，還是擴大我們現有的合約和關係。

Perfect, thank you.

太好了，謝謝。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Thanks for taking my question, guys. Just wanted to talk -- one, just a numbers question. Jon, how much was patient CapEx in the fourth quarter? And how should we think about patient CapEx as a percentage of overall CapEx in 2026?

謝謝各位回答我的問題。只是想聊聊——第一個問題，只是關於數字的。Jon，第四季病患資本支出是多少？那麼，我們該如何看待2026年病患資本支出佔總資本支出的百分比呢？

Yeah, Kevin, it was $45 million in the quarter, about $189 million for the year. If you think about 2026, as we've talked about, this customer -- customers that were losing had a disproportionate amount of CapEx relative to the size of that agreement. So as you saw in our guidance numbers coming down by some $25 million, $30 million. But that -- you think about patient CapEx was going to run roughly 95% of the total going forward.

是的，凱文，這個季度是 4500 萬美元，全年大約是 1.89 億美元。考慮到我們之前討論過的 2026 年，那些流失的客戶——他們的資本支出相對於協議規模而言不成比例地高。正如你們在我們的預期數字中看到的，下降了大約 2500 萬美元到 3000 萬美元。但是——你想想，未來病患的資本支出將佔總支出的約 95%。

Okay, that's helpful. Just wondering if there's been talk of a manufacturer coming back to market. who had been sort of out of the market for a while. Wondering if you have any update on that? And I was wondering if that could actually maybe provide a little relief on cost if another manufacturer were to come in CPAP or events or and the like.

好的，這很有幫助。我只是想知道有沒有消息說某個製造商要重返市場，他們之前已經退出市場一段時間了。想知道您那邊有什麼最新進展嗎？我當時在想，如果另一家製造商進入 CPAP 設備或相關領域，這是否真的能稍微減輕一些成本。

Yeah. Obviously, I can't comment on what other companies are planning on doing, but should another manufacturer come back into the space, I think it would create a different competitive dynamic in the market.

是的。顯然，我無法評論其他公司計劃做什麼，但如果另一家製造商重返該領域，我認為這將改變市場上的競爭格局。

Great. I'll jump back in the queue. Thanks, guys.

偉大的。我重新排隊。謝謝各位。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Hi guys, thanks for taking the question. Really appreciate all the detail that you've provided in your presentation. If I could just go to the adjusted EBITDA range for the '26 guide. I'm curious if you can kind of maybe break down for us how much of that volume improvement, I guess, it will largely come through volume improvement. But how much of that is driven by Optimum and perhaps other contracts that you haven't announced publicly yet? And how much is kind of non-Optum and noncontracted at the moment?

大家好，感謝你們回答這個問題。非常感謝您在簡報中提供的所有細節。如果我可以直接查看 2026 年指導方針的調整後 EBITDA 範圍就好了。我很好奇您能否為我們分析一下，這種音量提升究竟有多少會主要來自音量的提升。但其中有多少是由 Optimum 以及其他尚未公開宣布的合約所驅動的呢？目前有多少是非Optum業務且未簽訂合約的業務？

Yeah, Daniel, it's Jon. I would say -- I would not say there's a lot of preferred agreement built into that volume growth, and it's fairly well spread across all therapy categories.

是的，丹尼爾，我是喬恩。我會說——我不會說這種銷量增長中有很多優先協議，而且它相當均勻地分佈在所有治療類別中。

So as Ed mentioned earlier, that these are -- these contracts are attractive. It takes a while to ramp them up. So yeah, we have some upside built into the volume growth, but it is by no means the bulk of that, and it's pretty well spread across customers and therapy categories.

正如 Ed 之前提到的那樣，這些合約很有吸引力。需要一段時間才能啟動它們。所以，是的，銷售成長確實存在一些成長空間，但這絕不是成長的主要部分，而且成長空間相當分散在各個客戶群和治療類別中。

Got it. Okay. And then on your CapEx guidance, you're no longer guiding to a net CapEx number, and I see a footnote that's because, I guess, I don't know. It just said it doesn't include sales patient CapEx. What are your expectations now on a net basis for CapEx? And is the delta going to be reduced significantly because of that contract rolling off?

知道了。好的。然後，關於您的資本支出指導，您不再提供淨資本支出數字的指導，我看到一個腳註，那是因為，我猜，我不知道。它只是說不包括銷售患者的資本支出。您目前對資本支出淨額的預期是多少？由於該合約到期，delta值是否會大幅降低？

So overall, I would still expect about 30% of the growth to be the number that you're going to see in the sales of patient CapEx. Remember when calculating any cash flow off of that that number, that 30% is already in your adjusted EBITDA number. So we wanted to be clear that we're not double counting. So that's why we've presented the way we have today. But when you think about the dollars coming back, it's roughly 30% of the total.

所以總的來說，我仍然預計大約 30% 的成長將來自患者資本支出的銷售額。請記住，在根據該數字計算任何現金流量時，30% 已經包含在您的調整後 EBITDA 資料中。所以我們要澄清一點，我們沒有重複計算。所以這就是我們今天以這種方式進行展示的原因。但考慮到回流的美元，大約只佔總數的 30%。

Got it. Thank you.

知道了。謝謝。

John Stansel, JPMorgan.

John Stansel，摩根大通。

Great. Thanks for taking my question. I just want to touch on in the adjusted EBITDA bridge. The manufacturer cost increases and inflation seems like it's outpacing pricing growth. Is that concentrated to a particular category or area? And how should we think about that as a kind of durable trend?

偉大的。謝謝您回答我的問題。我只想在調整後的 EBITDA 過渡部分簡單提一下。製造商成本上漲和通貨膨脹似乎超過了價格上漲的速度。是否集中在某個特定類別或領域？我們該如何看待這種持久趨勢呢？

Yeah. I would tell you, John, it's -- certainly, I wouldn't call it a trend, I'd call it more of an opportunity for us. And I would not particularly tell you it's linked to any one supplier. It's a trend we have seen it for a while, but it's clearly a focal point for us as we go enter 2026 and beyond. And we view it as an opportunity to really grow the EBITDA from where we are today.

是的。約翰，我會告訴你，這——當然，我不會稱之為趨勢，我會稱之為我們的機會。我不會特別指出它與任何特定供應商有關。我們已經觀察到這種趨勢一段時間了，但很明顯，隨著我們進入 2026 年及以後，這將是我們關注的重點。我們認為這是一個真正實現 EBITDA 成長的機會，可以超越我們目前的水平。

Great. And then you mentioned that you're kind of considering all options to kind of optimize the balance sheet. Can you just spend a little more time talking about your levers around balance sheet optimization. It sounds like there's kind of imminent changes you think you could be making?

偉大的。然後你提到，你正在考慮所有可能的方案來優化資產負債表。您能否多花一點時間談談您在資產負債表優化方面的策略？聽起來你似乎覺得近期會有一些改變發生？

Yeah. The way we think about this is, obviously, with the sale of P&HS business and with the cash on hand on the balance sheet plus with the improvement in net debt in the fourth quarter beyond that, any time you have a major transaction like this, it creates the opportunity for us to step back and really assess our capital structure. It gives us the opportunity to assess our capital structure holistically.

是的。我們認為，出售 P&HS 業務後，加上資產負債表上的現金，以及第四季度淨債務的改善，任何時候進行這樣的大額交易，都會給我們一個機會，讓我們停下來真正評估我們的資本結構。這讓我們有機會全面評估我們的資本結構。

And I think we have to and we will look at it based on the business that we have, what Accendra is. It's a business today that has a much different working capital requirement than what the legacy business was. It's a business that we do have relatively predictable PSC or CapEx on it. And it's a business that has much stronger margins than the legacy business.

我認為我們必須這樣做，我們會根據我們現有的業務以及Accendra的現狀來考慮這個問題。現今的企業對營運資金的需求與以往的企業大不相同。這是一個我們有相對可預測的生產分成合約或資本支出業務。而且，這項業務的利潤率比傳統業務高得多。

So I think that's important to understand that as the backdrop of, as we have the transaction that's closed, we have the cash on hand. It gives us an opportunity to really step back and reassess.

所以我認為，理解這一點很重要，因為交易已經完成，我們手邊也有現金。這給了我們一個真正退後一步重新評估的機會。

Daniel (sic - John), the only thing I would add to comments, which I fully agree with is we obviously have some things we have to address and the maturities that are in 2017, so debt coming current later this quarter, which is the half two. But to Ed's point, everything else will be opportunistic in making sure we have a capital structure that fits the new business model.

Daniel（原文如此 - John），我唯一想補充的是，我完全同意你的評論，我們顯然有一些事情需要處理，以及 2017 年到期的債務，所以本季度晚些時候（也就是第二季度上半年）到期的債務。但正如艾德所說，其他一切都將是為了確保我們擁有適合新商業模式的資本結構而採取的機會主義措施。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Thanks very much. I wanted to go back to that recent question on manufacturer cost increases and inflation. I want to be -- if we can, I want to be clear on this. Are you seeing broad-based cost increases across multiple manufacturers and categories? And is that -- so is it general market environment? Are they passing tariffs on do you guys trying to figure out what it actually is? Is it related to a specific primarily a specific manufacturer, a specific product line?

非常感謝。我想回到之前關於製造商成本上漲和通貨膨脹的問題。我想——如果可以的話，我想把這一點說清楚。您是否發現多個製造商和多個產品類別都出現了普遍的成本上漲？那麼，這就是整體市場環境嗎？他們是不是在對你們徵收關稅？你們想弄清楚這到底是什麼嗎？它是否與某個特定的製造商或產品線有關？

And then how does that compare to the past? Because this is -- obviously, this is a new chart for us. Thanks for giving it to us. But we don't really have the historical context on it.

那麼，這與過去相比如何呢？因為很明顯，這對我們來說是一張新圖表。謝謝你們把它送給我們。但我們並不真正了解它的歷史背景。

And then finally, Jonathan, you said you saw some opportunity there to improve upon it. What's in your control? What opportunities are in your control? How do you improve upon it?

最後，喬納森，你說你看到了一些可以改進的地方。哪些事情在你的掌控之中？哪些機會在你的掌控之中？如何改進它？

Yeah. I guess I'll add a little more color on it. So Eric, it is not across -- it is not across every single category that we participate in. It's in some of the more major categories where there's -- this is a normal process we see every year to some extent, and we have the ability to offset it with a different -- a couple of different areas.

是的。我想我會為它增添一些色彩。所以艾瑞克，這並非普遍現象——並非我們參與的每一個類別都存在這種情況。在一些主要類別中，存在著——這是我們每年在某種程度上看到的正常過程，我們有能力透過不同的——幾個不同的領域來抵消它。

We have the opportunity to potentially offset it with midyear. All these contracts aren't locked in for the full year. There's ones that are phasing in during the year. And I think it creates opportunity for us to work closer with various manufacturing partners to look at different pricing models and growth incentives and other things like that. So that's where we think about it and where we're going to be able to go after and attack it.

我們有機會在年中彌補這一損失。這些合約並非全部都鎖定一整年。有些項目會在年內分階段實施。我認為這為我們提供了一個機會，讓我們能夠與各種製造合作夥伴更緊密地合作，探討不同的定價模式、成長激勵措施以及其他類似的事情。所以這就是我們思考的方向，也是我們能夠著手解決和應對的方向。

So I think that hopefully frames it out. It's not necessarily tariff-related. It is more related to normal inflation that we've seen historically and then our ability now to work that down as the year progresses.

所以我覺得這樣應該可以概括清楚。這不一定與關稅有關。這與我們歷史上看到的正常通貨膨脹以及我們隨著時間的推移降低通貨膨脹的能力更相關。

And I think that's what Jon -- I don't want to speak for you, Jon, but I think you probably meant that as the year progresses, this is the number we have right now. There's opportunity for us to continue to work with our manufacturing partners to mitigate and reduce some of that.

我想這就是喬恩的意思——我不想替你說話，喬恩，但我認為你可能是指隨著時間的推移，這就是我們目前所擁有的數字。我們有機會繼續與我們的製造合作夥伴合作，以減輕和減少其中的一些影響。

Yeah. That's super helpful. If I could do one follow-up?

是的。這太有幫助了。如果我能再追問一個問題呢？

Sure.

當然。

Yeah. Collection rate also on that same chart. You mentioned in the prepared commentary that collection rate was a bit of a -- I think you said it was a bit of a headwind in '25, which impacted growth, but clearly, that would have been a big drop through to EBIT to profit. You're looking for some improvement in '26. What gives confidence what are the drivers of the improvement? Basically, what happened? And how do you -- it's not a huge number, but how do you fix it?

是的。圖表中也顯示了收款率。您在準備好的評論中提到，收款率在 2025 年有點——我想您說過這在 2025 年是一個不利因素，影響了增長，但顯然，這將導致息稅前利潤大幅下降。你希望在 2026 年有所改進。什麼因素能增強信心？是什麼因素推動了進步？到底發生了什麼事？那該如何解決呢？ ——雖然數量不多，但該如何解決呢？

Yeah, Eric, I'm actually very confident in that rebound in '26 because the pullback we saw was largely due to some of the technology investments we made in '24 and '25 that just you make the investments, there's a learning curve, things have to get worked out. We worked out the kinks. So that just really set us back a little bit. The technology we put in place, we'll be all very confident will be additive to our collection rate going forward.

是的，埃里克，我對 2026 年的反彈非常有信心，因為我們看到的回調主要是由於我們在 2024 年和 2025 年進行的一些技術投資，投資之後總會有一個學習過程，很多事情都需要解決。我們已經解決了所有問題。這確實讓我們稍微受挫了一點。我們投入使用的這項技術，我們都非常有信心，將會提高我們未來的收款率。

So I will tell you the pullback that you saw is minor but does fall through your correct about that, but really related to the onboarding or the implementation of new investments to improve in the future. So still really happy with where the rate is overall, but, I mean, it came up a very strong '24 had some investments we had to work through, and it's going to get better than '26.

所以我要告訴你，你看到的回調幅度很小，但確實出現了問題，你說得對，但這實際上與引入或實施新的投資以在未來改進有關。所以，我對目前的利率水準總體上還是非常滿意的，但我的意思是，2024 年利率表現非常強勁，我們有一些投資需要處理，而且 2026 年利率肯定會比 2024 年好。

What is your bad debt rate now that you're a standalone pure play? Maybe you can talk about that a little bit.

現在你們是一家獨立營運的純粹型公司，你們的壞帳率是多少？或許你可以稍微談談這個。

We had not contemplated talking about that. It's not disclosed, but I'll tell you I put it up against anybody else in the business.

我們之前從未想過要談論這件事。雖然沒有公開，但我可以告訴你，我敢說我的實力可以媲美業內任何其他公司。

You want to give us a [bread basket Volkswagen] kind of ratio here?

你想提供我們一個類似大眾麵包車那樣的比例嗎？

I'll respectfully pass on that opportunity to do so.

我將婉拒這個機會。

All right. Thanks, guys.

好的。謝謝各位。

Allen Lutz, Bank of America Securities.

艾倫·盧茨，美國銀行證券。

Hey, thanks for taking the question. This is [Dev] on for Allen. Maybe just to kick it off, just more on the revenue side. You set growth was 89%. It looks to be a slight step up quarter over quarter. Just would love to know what's driving that.

嘿，謝謝你回答這個問題。這是[Dev]為Allen做的。或許只是為了開個好頭，多增加一些收入。您設定的成長率為 89%。看起來季度環比略有增長。我很想知道背後的原因。

And then would just also love to get a sense of the underlying health of the market across some of the other categories outside of steep in diabetes and what's contemplated in guidance here for drivers of growth, I guess, from a volume and pricing perspective, specifically for home respiratory therapy, ostomy, wound care. Thank you.

此外，我還想了解除糖尿病領域之外的其他一些類別的市場基本健康狀況，以及從銷售和定價的角度來看，這裡對增長驅動因素的展望，特別是家庭呼吸治療、造口術、傷口護理。謝謝。

Yeah. So I think talk about the sleep category and what's been driving it. We've talked a lot about it over the last year was our sleep journey. And Perry and the team across the business have spent a given amount of time understanding that sleep journey from patient capture upfront.

是的。所以我認為應該談談睡眠類別以及推動其發展的因素。過去一年，我們一直在談論我們的睡眠歷程。Perry 和公司整個團隊都投入了大量時間，從前期病患招募開始，了解睡眠歷程。

But as important, if not more importantly, the residual reoccurring revenues associated with sleep making sure that it's easy for -- easy for the customers, that being the patient to get the reorders and that revenue cycle continuing. So that's helped out tremendously with it.

但同樣重要，甚至更重要的是，與睡眠相關的持續性收入要確保客戶（即患者）能夠輕鬆地再次訂購，從而使收入循環得以繼續。所以對我幫助很大。

I think overall, too, I think you got to be cognizant in the sleep category. It's a growing category. More and more people continue to get diagnosed with sleep apnea. That continues to expand, and it creates opportunity for additional growth there.

我認為總的來說，睡眠方面也需要重視。這是一個正在成長的類別。越來越多的人被診斷出患有睡眠呼吸中止症。這一趨勢仍在持續擴大，並為該領域的進一步成長創造了機會。

I think in diabetes, too, it's a little bit of a mix. We saw -- in the fact that with diabetes, we saw volume go up slightly more than what our overall growth rate was. And that's -- we got a little bit of the pharmacy DME mix in there that's driving that.

我認為糖尿病的情況也有些複雜。我們發現，糖尿病患者的銷售成​​長速度略高於我們整體的成長率。而這正是——我們把一些藥局的耐用醫療設備組合考慮進去，這正是推動這一趨勢的原因。

And I guess overall, the anticipation is you've got low-single-digit growth in most of these categories on average, some of them above that, some bit lower than that expected in 2026. And the growth plan is that plus several other initiatives we have in various categories to expand beyond that. So hopefully, that frames it out, what we're seeing right now.

總的來說，預計到 2026 年，這些類別中的大多數平均成長率將達到個位數，有些類別會高於這個數字，有些類別則會略低於預期。而我們的成長計畫除了上述內容外，還包括我們在各個領域推出的其他幾項舉措，旨在進一步拓展業務。希望這能幫助我們了解目前的情況。

Yeah, thanks. I guess, just real quick one clarification point. I think you mentioned some of the benefits from the pharmacy DME mix. I guess, is that now a tailwind on the diabetes side? Is that what you're mentioning or at least was is the expectation?

嗯，謝謝。我想，就簡單澄清一點。我想您已經提到了藥房DME組合的一些好處。我猜，這現在對糖尿病領域來說是個利好因素嗎？你指的是這個嗎？還是至少這是你之前的預期？

Yeah, no tailwind at all. That's kind of, it's just a one channel versus the other channel approach.

是的，完全沒有順風。這其實就是一種單通道與雙通道的比較方法。

Yeah, we're still seeing that, we're still seeing the shift from pharma to DME.

是的，我們仍然看到這種情況，我們仍然看到從製藥業轉向耐用醫療設備行業的轉變。

I'm sorry -- DME to pharma, yes.

抱歉——是的，從醫療器材到製藥業。

Got it. Yeah, I just want to clarify that. And then I think there's a lot of, obviously, great color you guys provided on the various drivers of cash flow here. But I just wanted to take a step back. And I would just love to get an understanding of what the biggest swing factors are here for the year on cash flow from your standpoint where you sit, where you have visibility into and maybe ones that are less so. Just what are the biggest swing factors we should think through here?

知道了。是的，我只是想澄清一下。然後，我認為你們對現金流的各種驅動因素​​提供了很多非常精彩的見解。但我只是想退後一步。我非常想了解從您的角度來看，今年現金流方面最大的波動因素是什麼，您能夠看到哪些因素，以及哪些因素可能不太容易看到。我們究竟該考慮哪些最大的影響因素？

I think the biggest standalone single item there is if you're looking at the slides you provided is the transaction break fee and the transaction financing fees, that's $98 million. It's probably the biggest one-timer there.

我認為，如果你查看你提供的幻燈片，其中最大的單項費用是交易終止費和交易融資費，總額為 9800 萬美元。這可能是那裡最大的一次性事件。

Yeah. It's important to realize also, Dev, that Accendra Health compared to legacy Owens & Minor, the working capital business, it's completely different. This is a business that runs with very little of any working capital consumption. And we have opportunities to improve on that as well. So it's cash generative. It's a recurring revenue business with really strong working capital. dynamics behind us. We're very, very different than what you guys are used to about.

是的。Dev，你也要意識到，Accendra Health 與傳統的 Owens & Minor（一家營運資金公司）完全不同。這是一家幾乎不需要任何營運資金投入的企業。我們在這方面也有機會改進。所以它能帶來現金流。這是一個收入穩定的經常性業務，擁有非常強勁的營運資金。我們背後有強大的動力支撐。我們和你們通常所了解的非常非常不一樣。

Got it. Thanks, Jon.

知道了。謝謝你，喬恩。

This concludes the question-and-answer session. I'll turn the call to Ed Pesicka for closing remarks.

問答環節到此結束。接下來請艾德‧佩西卡作總結發言。

Thank you, operator, for that. Look, this is an extremely exciting period in the history of Accendra Health. We, myself personally, we're all extremely excited about what the future has as a pure-play supplier in the home-based care space, and I look forward to continuing to providing updates and sharing our progress with you as we continue through the year. So thank you.

謝謝接線生。你看，這是Accendra Health歷史上一個極度令人興奮的時期。就我個人而言，我們都對未來作為一家專注於居家護理領域的供應商的發展前景感到無比興奮，我期待著在今年繼續向大家提供最新信息並分享我們的進展。所以，謝謝你。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。