Acadia Healthcare Company Inc (ACHC) 2025 Q1 法說會逐字稿

Good day and welcome to Acadia Healthcare's first quarter of 2025 earnings call. (Operator Instructions) Also, please be aware that today's call is being recorded.

大家好，歡迎參加 Acadia Healthcare 2025 年第一季財報電話會議。（操作員指示）另外，請注意，今天的通話正在錄音。

I would now like to turn the call over to Brian Farley, General Counsel. Please go ahead.

現在我想將電話轉給總法律顧問 Brian Farley。請繼續。

Thank you and good morning. Yesterday, after the market closed, we issued a press release announcing our first quarter 2025 financial results. This press release can be found in the investor relations section of the acadiahealthcare.com website. Here with me today to discuss the results are Chris Hunter, Chief Executive Officer, and Heather Dixon, Chief Financial Officer.

謝謝，早安。昨天，市場收盤後，我們發布了一份新聞稿，宣布了我們 2025 年第一季的財務表現。此新聞稿可在 acadiahealthcare.com 網站的投資者關係部分找到。今天與我一起討論結果的有執行長克里斯·亨特 (Chris Hunter) 和財務長希瑟·迪克森 (Heather Dixon)。

To the extent any non-GAAP financial measure is discussed in today's call, you will find in the press release that is posted on our website, a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP.

如果今天的電話會議中討論了任何非 GAAP 財務指標，您可以在我們網站上發布的新聞稿中找到該指標與根據 GAAP 計算的最直接可比較財務指標的對帳。

This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995, including statements among others regarding Acadia's expected quarterly and annual financial performance for 2025 and beyond.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述，其中包括有關 Acadia 2025 年及以後預期季度和年度財務表現的陳述。

These statements may be affected by the important factors, among others, set forth in Acadia's filings with the Securities and Exchange Commission. And in the company's first quarter news release, and consequently actual operations and results may differ materially from the results discussed in the forward-looking statements.

這些聲明可能會受到 Acadia 向美國證券交易委員會提交的文件中列出的重要因素的影響。並在公司第一季的新聞發布會上，因此實際營運和結果可能與前瞻性聲明中討論的結果有重大差異。

At this time, I would like to turn the conference call over to Chris.

現在，我想將電話會議交給克里斯。

Thank you, Brian, and good morning everyone. Thank you for being with us for Acadia's first quarter 2025 conference call. We are pleased with our start to 2025 with both first quarter revenue and EBITDA landing in line with our expectations, while we made continued progress against our strategic growth initiatives.

謝謝你，布萊恩，大家早安。感謝您參加 Acadia 2025 年第一季電話會議。我們對 2025 年的開局感到滿意，第一季的營收和 EBITDA 都符合我們的預期，同時我們的策略成長計畫也持續取得進展。

First quarter revenue of $770.5 million came in just above the midpoint of our outlook range of $765 million to $775 million while adjusted EBITDA of $134.2 million was near the high end of our outlook range of $130 million to $135 million. We also reaffirmed our previously issued full year financial guidance ranges for both revenue and adjusted EBITDA, which Heather will provide further detail on later in the call.

第一季營收為 7.705 億美元，略高於我們預期範圍 7.65 億美元至 7.75 億美元的中點，而調整後的 EBITDA 為 1.342 億美元，接近我們預期範圍 1.3 億美元至 1.35 億美元的高端。我們也重申了先前發布的全年收入和調整後 EBITDA 財務指導範圍，Heather 將在稍後的電話會議中提供更多詳細資訊。

Moving to volumes, same facility patient days grew 2.2% in the first quarter, which included an unfavourable leap year impact of roughly 110 basis points over the first quarter of 2024. The strong relationships we've built with our referral sources and our 21 joint venture partners continue to be an important part of our strategy for success.

從數量來看，第一季同一機構的患者天數增加了 2.2%，其中包括閏年的不利影響，比 2024 年第一季增加了約 110 個基點。我們與推薦來源和 21 個合資夥伴建立的牢固關係仍然是我們成功策略的重要組成部分。

Acadia continues to be the preferred partner for leading health systems with both local and national brand recognition across the country to better serve patients by bridging the gap between physical and behavioral healthcare. Along those lines, I'd like to provide a progress update on our strategic initiatives.

Acadia 繼續成為全國領先醫療系統的首選合作夥伴，擁有本地和全國品牌知名度，透過彌合身體和行為醫療保健之間的差距，更好地為患者服務。沿著這個思路，我想提供我們策略舉措的進展更新。

In the first quarter, we added 378 new beds comprised of 90 beds to existing facilities and 288 beds from two new facilities that were opened in the quarter, which includes a joint venture hospital in partnership with Henry Ford Health in West Bloomfield, Michigan, and a de novo facility in North Port, Florida.

在第一季度，我們增加了 378 張新床位，其中包括現有設施中的 90 張床位和本季度開設的兩家新設施中的 288 張床位，其中包括與密西根州西布盧姆菲爾德的亨利福特健康中心合作成立的合資醫院，以及佛羅裡達州北港的一家新設施。

In addition, Acadia added seven new comprehensive treatment centers in the first quarter, extending the company's market reach to 170 CTCs across 33 states. For the full year 2025, we expect to add between 800 and 1,000 total beds.

此外，Acadia 在第一季增加了 7 個新的綜合治療中心，將該公司的市場範圍擴大到 33 個州的 170 個 CTC。到 2025 年全年，我們預計將增加 800 至 1,000 張床位。

Looking forward, we have a solid pipeline of potential opportunities in attractive markets and expect to add between 600 and 800 beds annually over 2026 to 2028. Before I turn the call over to Heather, I would like to spend a few minutes discussing the numerous efforts this company continues undertaking to support our quality initiatives and share a few thoughts on the policy landscape.

展望未來，我們在具有吸引力的市場中擁有大量潛在機會，預計在 2026 年至 2028 年期間每年增加 600 至 800 張床位。在我將電話轉給 Heather 之前，我想花幾分鐘時間討論該公司為支持我們的品質計劃而繼續做出的眾多努力，並分享一些有關政策前景的想法。

At Acadia, our commitment to quality and safety is a foundational element of our strategy. Our facilities are licensed, accredited, and regularly inspected to uphold high regulatory and quality standards, including rigorous requirements for employee training and patient safety.

在阿卡迪亞，我們對品質和安全的承諾是我們策略的基礎要素。我們的設施經過許可、認證並定期接受檢查，以遵守高監管和品質標準，包括對員工培訓和病人安全的嚴格要求。

We employ a multi-layered approach to patient protection that often exceeds industry and regulatory standards. These measures, such as 24/7 patient monitoring systems, mandatory de-escalation training, and regular safety rounds are designed to meet the specific needs of the patients and staff at each Acadia facility.

我們採用多層次的方法來保護患者，這種方法通常超出行業和監管標準。這些措施，例如全天候患者監測系統、強制性降級培訓和定期安全巡查，旨在滿足阿卡迪亞每個醫療機構的患者和工作人員的特定需求。

Our ability to use data has continued to advance significantly. Our hospital CEOs and leadership teams also use a variety of sophisticated cloud-based systems with deep data capabilities to monitor care quality. Further, our integrated quality dashboard now provides real-time visibility into over 50 distinct safety patient experience and regulatory compliance related key performance indicators.

我們利用數據的能力持續顯著提高。我們醫院的執行長和領導團隊也使用各種具有深度數據功能的複雜雲端系統來監控護理品質。此外，我們整合的品質儀表板現在可以即時查看 50 多個不同的安全患者體驗和法規遵循相關的關鍵績效指標。

At the corporate level, our team supports this work with weekly, monthly, and quarterly operational and quality performance reviews. We believe the supportive multidisciplinary relationship between the field and the corporate teams ensures we find and eliminate sources of operational and clinical variation and helps us translate behavioral science to practice with consistency.

在公司層面，我們的團隊透過每週、每月和每季的營運和品質績效評估來支持這項工作。我們相信，該領域和企業團隊之間相互支持的多學科關係能夠確保我們找到並消除操作和臨床差異的來源，並幫助我們將行為科學一致地轉化為實踐。

Behavioral health is complex, but it is clear the need has never been greater for high quality behavioral health care, given the severe mental health crisis that our nation faces. Our strategy at Acadia remains centered on high quality care and clinical health outcomes, and we will continue to prioritize our quality initiatives and expand them when necessary.

行為健康很複雜，但考慮到我們國家面臨的嚴重心理健康危機，對高品質行為健康照護的需求顯然比以往任何時候都更加強烈。阿卡迪亞的策略仍然以高品質的護理和臨床健康結果為中心，我們將繼續優先考慮我們的品質舉措並在必要時擴大它們。

Turning to labor, we believe our differentiated quality initiatives are having a positive impact on our ability to recruit and retain our staff. These efforts are directly connected to our emphasis on employee engagement and talent acquisition, ensuring we have appropriately staffed facilities with trained employees which have improved underlying labor trends for our company.

談到勞動力，我們相信我們的差異化品質措施對我們招募和留住員工的能力產生了積極的影響。這些努力與我們對員工敬業度和人才獲取的重視直接相關，確保我們擁有配備適當人員的設施和經過培訓的員工，從而改善了公司的潛在勞動力趨勢。

This is further reinforced by our premium pay, which declined on both a sequential and year over year basis in the first quarter. We are extremely proud of the commitment of Acadia's nearly 26,000 employees that have chosen to join our mission to provide compassionate care that improves the lives of patients and their families.

我們的保費收入進一步證實了這一點，第一季我們的保費收入較上季和年比均有所下降。我們為阿卡迪亞近 26,000 名員工的承諾感到非常自豪，他們選擇加入我們的使命，提供富有同情心的護理，改善患者及其家人的生活。

Now I would like to briefly touch on the policy landscape. First, let me say that we believe government policy has an important role to play in continuing to strengthen the behavioral healthcare system, and we remain highly engaged on the policy front so that we can continue advocating strongly on behalf of patients in need.

現在我想簡單談談政策情勢。首先，我想說，我們相信政府政策在繼續加強行為醫療保健系統方面發揮著重要作用，我們仍然高度參與政策方面，以便我們能夠繼續為有需要的患者大力倡導。

While the situation in Washington is fluid, we believe that the essential care we provide to underserved and vulnerable patient populations will continue to be recognized and supported. To cite one example, supplemental payment programs have been a key enabling force behind not only our ability to serve high acuity behavioural health patients, but also patients in many other essential parts of the healthcare system, including rural hospitals, children's hospitals, and nursing homes.

儘管華盛頓的局勢瞬息萬變，但我們相信，我們為服務不足和脆弱的患者群體提供的基本護理將繼續得到認可和支持。舉一個例子，補充支付計劃不僅是我們為高敏銳度行為健康患者提供服務的關鍵推動力，也是醫療保健系統許多其他重要部分的患者（包括鄉村醫院、兒童醫院和療養院）提供服務的關鍵推動力。

With this in mind, we expect these programs to remain an important funding mechanism for Medicaid populations. We remain focused on providing programs and facilities that provide these patients with the best possible care. And we'll provide updates to the investment community as we receive clarity on any potential policy related impacts to our business.

考慮到這一點，我們預計這些計劃將繼續成為醫療補助人群的重要資金機制。我們將繼續致力於提供能夠為這些患者提供最佳護理的計劃和設施。當我們了解到任何可能對我們的業務產生影響的政策時，我們會向投資界提供最新消息。

With that, I would now like to turn the call over to Heather to discuss our financial results for the quarter.

現在，我想將電話轉給 Heather，討論一下我們本季的財務表現。

Thanks, Chris, and good morning everyone. Our first quarter financial performance for both revenue and adjusted EBITDA fell within our guidance ranges, with adjusted EBITDA performing at the high end of the range. We reported $770.5 million in revenue for the quarter, representing a slight increase over the first quarter of last year.

謝謝，克里斯，大家早安。我們第一季的營收和調整後 EBITDA 財務表現均處於我們的指導範圍內，其中調整後 EBITDA 表現處於該範圍的高端。我們報告本季的營收為 7.705 億美元，比去年第一季略有成長。

Recall we had expected Medicaid supplemental payments to be down $10 million to $15 million year over year in Q1, and these came in near the midpoint of that range. Main facility revenue grew 2.1% compared with the first quarter of 2024, driven by patient day growth of 2.2%. As Chris mentioned, both same facility revenue and patient day growth included an unfavorable impact of approximately 110 basis points from the leap year.

回想一下，我們曾預期第一季醫療補助補充支付將年減 1,000 萬至 1,500 萬美元，而實際金額則接近該範圍的中間值。主要設施收入與 2024 年第一季相比成長 2.1%，這得益於患者日數成長 2.2%。正如克里斯所提到的，同一設施的收入和患者日增長都受到了閏年約 110 個基點的不利影響。

You won the same facility revenue per patient day growth was roughly flat on a year on year basis, primarily due to the timing of supplemental payments.

您贏得了同一設施每位病人每天的收入增長與去年同期基本持平，這主要是由於補充付款的時間。

Adjusted EBITDA for the first quarter of 2025 was $134.2 million reflecting an adjusted EBITDA margin of 17.4%. As reflected in our prior guidance, these quarterly results included an approximate $5 million year on year EBITDA impact due to the decision to close the facility in the first quarter as a part of our ongoing portfolio management efforts.

2025 年第一季的調整後 EBITDA 為 1.342 億美元，調整後 EBITDA 利潤率為 17.4%。正如我們先前的指引所反映的那樣，由於我們決定在第一季度關閉該設施作為我們正在進行的投資組合管理工作的一部分，這些季度業績包括約 500 萬美元的同比 EBITDA 影響。

Also included in our results were startup losses related to new facilities, which were higher on both a year over year basis and a sequential basis, reflecting a step up in the number of newly constructed facilities. On the same facility basis, adjusted EBITDA was $191.6 million and adjusted EBITDA margin was 25.2% in the first quarter of this year.

我們的業績還包括與新設施相關的啟動損失，這些損失同比和環比均有所增加，反映了新建設施數量的增加。以相同設施計算，今年第一季調整後的 EBITDA 為 1.916 億美元，調整後的 EBITDA 利潤率為 25.2%。

Our same facility results continued to be affected by a small group of underperforming facilities that you will recall started to have a material impact on our results near the end of the third quarter of 2024. To date, these facilities have performed in line with our expectations, while we continue to work diligently to improve performance at these facilities, we acknowledge that it will take time, and our 2025 guidance continues to reflect no material improvement at these underperforming facilities as we move throughout the year.

我們相同的設施的業績繼續受到一小部分錶現不佳的設施的影響，您會記得，這些設施在 2024 年第三季末開始對我們的業績產生重大影響。到目前為止，這些設施的表現符合我們的預期，雖然我們將繼續努力提高這些設施的表現，但我們承認這需要時間，並且我們的 2025 年指導意見仍然反映出這些表現不佳的設施在全年沒有實質性的改善。

We continue to maintain a strong financial position, providing us the ability to make the right strategic investments to enhance our operations and support our growth strategy. As of March 31, 2025, we had $91.2 million in cash and cash equivalents, and approximately $900 million under our $1 billion revolving credit facility, with a net leverage ratio of approximately 3.2 times.

我們繼續保持強勁的財務狀況，這使我們能夠進行正確的策略投資，以加強我們的營運並支持我們的成長策略。截至 2025 年 3 月 31 日，我們擁有 9,120 萬美元的現金和現金等價物，以及 10 億美元循環信貸額度下的約 9 億美元，淨槓桿率約為 3.2 倍。

The company repurchased approximately 1.6 million shares during the first quarter for a total of $47.3 million. Moving on to our outlook for 2025, as noted in our press release, we are reaffirming our full year guidance ranges for revenue, adjusted EBITDA, and adjusted earnings per share.

該公司第一季回購了約 160 萬股，總計 4,730 萬美元。談到我們對 2025 年的展望，正如我們在新聞稿中指出的那樣，我們重申了全年收入、調整後 EBITDA 和調整後每股收益的指導範圍。

As a reminder, our 2025 guidance includes the following considerations. For 2025, we expect to add between 800 and 1,000 total beds. As I just mentioned, we expected that a small subset of underperforming facilities would result in an approximate $20 million year over year headwind to our 2025 adjusted EBITDA.

提醒一下，我們的 2025 年指導包括以下考慮因素。到 2025 年，我們預計將增加 800 至 1,000 張床位。正如我剛才提到的，我們預計一小部分錶現不佳的設施將導致我們 2025 年調整後的 EBITDA 年比下降約 2000 萬美元。

As I mentioned, to date, these facilities have performed in line with our expectations and negatively impacted our same facility patient day growth by approximately 90 basis points in the first quarter. We expect to begin to comp over this headwind to volumes in the fourth quarter of 2025.

正如我所提到的，到目前為止，這些設施的表現符合我們的預期，並在第一季對我們同一設施的患者日增長產生了約 90 個基點的負面影響。我們預計，到 2025 年第四季度，銷售量將開始克服這一不利因素。

We continue to expect Medicaid supplemental payments to be flat to up $15 million in 2025 on a net basis, inclusive of the new Tennessee program once approved. We continue to expect $50 million to $55 million in startup losses for full year 2025, of which we anticipate approximately $15 million in the second quarter.

我們繼續預計，到 2025 年，醫療補助補充支付將保持平穩，淨額將增加 1,500 萬美元，其中包括獲批准的田納西州新計畫。我們繼續預計 2025 年全年新創企業的損失將達到 5,000 萬至 5,500 萬美元，其中第二季的損失預計約為 1,500 萬美元。

Before we move to Q&A, I would like to offer some additional color on our bed additions and growth plans. Since last quarter, some of you have asked us questions about our long-term EBITDA growth guidance. So we want to take a moment to clarify some of the assumptions that are contemplated in that guidance range.

在我們進入問答環節之前，我想對我們的床位增加和發展計劃提供一些額外的資訊。自上個季度以來，有些人向我們詢問了有關我們的長期 EBITDA 成長指引的問題。因此，我們想花點時間來澄清該指導範圍內考慮的一些假設。

The previously announced the expected revenue growth of 7% to 9% and EBITDA growth of 8% to 10% over 2026 to 2028 is underpinned by annual bed editions of 600 to 800 beds beginning in 2026, as well as the roughly 1,600 to 1800 beds being added over 2024 and 2025.

先前宣布的預計 2026 年至 2028 年收入將成長 7% 至 9%，EBITDA 將成長 8% 至 10%，其基礎是從 2026 年開始每年增加 600 至 800 張床位，以及在 2024 年和 2025 年增加約 1,600 張床位，以及在 2024 年和 2025 年增加約 1,600 張床位。

First, we want to highlight that most of these bed editions come in the form of brand new facilities, which on average typically ramp to run rate occupancy and even up margins within a five-year period. As a result, we expect to recognize incremental EBITDA for a majority of this cohort beyond 2028, as these beds continue to ramp to mature occupancy and margin levels.

首先，我們要強調的是，這些床位版本大多以全新設施的形式出現，這些設施通常會在五年內提高入住率，甚至提高利潤率。因此，隨著這些床位繼續提升至成熟的入住率和利潤率水平，我們預計在 2028 年以後，該群體中的大多數都將實現增量 EBITDA。

Keep in mind our three year outlook also contemplates the inherent uncertainty that always exists with regards to construction timing, licensing timing, and time to ramp, and we will remain cognizant of this uncertainty as we continue to execute on the largest expansion of bed capacity in our company's history over the next several years.

請記住，我們的三年展望還考慮到了與建設時間、許可時間和產能提升時間相關的固有不確定性，並且我們將在未來幾年繼續執行公司歷史上最大規模的床位容量擴張計劃時，始終意識到這種不確定性。

Accordingly, our three year outlook assumes that the occupancy and EBITDA ramp for new hospitals will trend towards a five year ramp period, which is at the upper end of our historical ramp model and leaves a significant amount of inherent earnings power beyond 2028.

因此，我們的三年展望假設新醫院的入住率和 EBITDA 增長將趨向於五年的增長期，這處於我們歷史增長模型的上限，並且在 2028 年之後仍具有相當大的固有盈利能力。

Second, with regards to payer rates, we included an element of conservatism in our assumptions as it relates to revenue per patient day and rate growth, given some of the uncertainty surrounding the policy and macro environment.

其次，關於付款人費率，考慮到政策和宏觀環境的一些不確定性，我們在假設中加入了保守因素，因為它與每位患者每天的收入和費率增長有關。

We see embedded upside in these projections if the next few years updates from government and commercial payers more closely resembles that of the last few years versus what is currently contemplated in our three year outlook.

如果未來幾年政府和商業付款人的更新與過去幾年的更新更加接近，而不是我們目前三年展望中所設想的，那麼我們認為這些預測中存在著上升空間。

This space of new behavioural health hospitals we are currently building will provide a multi-year runway for growth, not only as occupancy ramps over the next few years, but also as we're able to add expansion beds to these facilities over time.

我們目前正在建造的這批新的行為健康醫院將為未來的多年增長提供空間，不僅因為未來幾年入住率將會增加，而且因為我們能夠隨著時間的推移為這些設施增加擴展床位。

As we decrease the accelerated pace of bed additions in 2026 to a rate of [6800] per year, we expect startup losses to ease in the back half of 2026, helping to fuel strong and self-sustaining pre-cash flow generation as we exit 2026.

隨著我們將 2026 年床位增加的速度降低至每年 [6800] 張，我們預計啟動損失將在 2026 年下半年緩解，從而有助於在 2026 年結束時推動強勁且可自我維持的預現金流生成。

Note this bed growth is still well above the historical pace prior to 2024, which will contribute meaningfully to our performance in the outer years, including in 2028 and beyond.

需要注意的是，這套床位成長速度仍遠高於 2024 年之前的歷史速度，這將對我們未來幾年（包括 2028 年及以後）的表現產生重大影響。

With that, we're ready to open the call for questions.

現在，我們準備開始回答問題了。

(Operator Instructions) AJ Rice, UBS.

（操作員指示） AJ Rice，瑞銀。

Hi everybody, just maybe first, there are a lot of moving parts in this year's numbers. I know you got the supplemental timing on different supplemental payment programs. You got the pacing of startup losses on the bed additions and then the annualizing of the Q4, challenges from last year start to make the cops easier later in the year.

大家好，首先我想說的是，今年的數據有很多變化因素。我知道您了解不同補充付款計劃的補充時間。你可以了解新增床位帶來的新創企業損失，然後了解第四季度的年度化情況，去年的挑戰開始讓今年稍後的警察工作變得更容易。

Can you just give us some perspective on how you see the progression? of EBITDA from here, maybe a little bit of more color on how to think about the seasonality of the business this year given some of those dynamics.

您能否向我們簡單介紹一下您對這項進展的看法？從現在開始，考慮到一些動態因素，我們或許可以對如何看待今年業務的季節性有更多的了解。

Yeah, sure. Hi, AJ, good morning. Thanks for the question. So, I'll just kind of walk through a little bit of the phasing, if we think about Q1 versus the rest of the year, you're right, there are several moving parts and we had talked about a few things that will specifically impact. One a little bit more predominantly. And if you factor those in or normalize them, then you can see the normal cadence that we would expect.

是的，當然。嗨，AJ，早安。謝謝你的提問。因此，我將稍微介紹一下這個階段，如果我們考慮一下第一季與今年剩餘時間的情況，您說得對，有幾個活動部分，我們已經討論了一些會產生具體影響的事情。其中，稍微突出一點。如果你將這些因素考慮在內或使它們正常化，那麼你就能看到我們期望的正常節奏。

The first thing I would say is, nothing's changed since, we talked last time and where we set our guidance and all of the multiple factors we went through. And I think the most obvious piece is that from a timing perspective, the Tennessee DPP is clearly going to be the biggest swing factor, thinking about the cadence throughout the balance of the year, AJ, as we look at it, depending on which quarter that will be recorded in.

我想說的第一件事是，自從我們上次談話以來，什麼都沒有改變，我們制定了指導方針，並經歷了各種因素。我認為最明顯的一點是，從時間角度來看，田納西州 DPP 顯然將成為最大的搖擺因素，考慮到全年平衡的節奏，AJ，正如我們所見，這取決於將在哪個季度記錄。

I mean, beyond that, there's just, a couple of other things that I would, would talk about that would really lead to the improved performance as we move throughout the year. I mean, first, Q1 had the highest level of startup costs and the lowest contribution from the new beds just because of the timing of when we added them. So that alone implies a steeper ramp as we work our way through the year, and then, as we assumed in our guidance, supplemental payments were down, year over year in Q1.

我的意思是，除此之外，我還想談一些其他的事情，這些事情將真正導致我們全年業績的提高。我的意思是，首先，由於我們增加新床位的時機，第一季的啟動成本最高，而新床位的貢獻最低。因此，僅憑這一點就意味著，隨著我們全年的工作進展，補充支付額將出現更大幅度的增長，然後，正如我們在指導中所假設的那樣，第一季的補充支付額同比下降。

We had said those would be down to $10 million to $15 million and we landed sort of right in the middle of that for Q1. But we expect that those supplemental payments will actually be flat to up $15 million on a net basis for the full year. So that's a pretty big swing between Q1 and the balance of the year and as I mentioned, obviously Tennessee is the largest piece of that.

我們曾說過這個數字將降至 1000 萬美元至 1500 萬美元，而我們在第一季的預算中就達到了這個數字的中間值。但我們預計，這些補充付款實際上將與全年淨額持平至 1500 萬美元。因此，第一季和全年餘額之間的波動非常大，正如我所提到的，田納西州顯然是其中最大的一塊。

From, if I think about the other swing factors from a volume perspective. We will have a growing contribution from the new beds as we move throughout the year, and then we're also going to comp over a headwind that we started to see from some of those underperforming facilities as we move into the fourth quarter of the year. So that's another piece as you think about comping last year's fourth quarter.

從，如果我從成交量的角度考慮其他波動因素。隨著我們全年的發展，新床位的貢獻將不斷增長，同時，隨著我們進入第四季度，我們也將克服一些表現不佳的設施所面臨的逆風。因此，當您考慮與去年第四季度進行比較時，這是另一件事。

Maybe just one more thing to point out is rates again, the timing of the supplemental payments and Medicaid mix shifts in the specialty business. We're impacting Q1 and those should start to moderate as we head into Q2 and then, further on throughout the year, and that means that low single digit rate growth for the full year, really, moves throughout the year and there where we expect it to be for the full year versus where it was for Q1, where it was slightly down.

也許還有一點需要指出的是費率、補充支付的時間和專業業務中的醫療補助組合變化。我們正在影響第一季度，隨著我們進入第二季度，這些影響應該會開始緩和，然後，在全年進一步發展，這意味著全年的低個位數成長率實際上會在全年發生變化，我們預計全年成長率將與第一季相比有所下降。

So I think that covers the highlights, the big points again, I pointed out a lot of different moving parts with the full year guide for EBITDA on the year-end call, but I think those are the highlights and hopefully that helps.

所以我認為這涵蓋了亮點，再次強調了要點，我在年終電話會議上指出了 EBITDA 全年指南的許多不同變化部分，但我認為這些是亮點，希望這會有所幫助。

Yeah, that's very helpful. Maybe just my follow up question is, I know you've got a cautious view on rates this year, but, technically what you are actually seeing in your Medicaid rate updates I assume a lot of states updated January 1 and you'll have some more update July 1. And then you probably also got your Medicare rate update which we pretty much know, but if there's any variants there for you specifically and then any comment on commercial and what you're seeing there.

是的，這非常有幫助。也許我的後續問題是，我知道您對今年的費率持謹慎態度，但從技術上講，您在醫療補助費率更新中實際看到的是，我假設很多州在 1 月 1 日進行了更新，並且您將在 7 月 1 日看到更多更新。然後您可能還收到了我們非常了解的醫療保險費率更新，但如果那裡有任何專門針對您的變體，那麼您對商業和您在那裡看到的內容有何評論。

Hey, this is Chris. I'll go ahead and take that one. I would just say overall that we continue to have very good discussions with our payer partners and you know we remain very optimistic that they're going to continue to recognize our focus on providing high quality care. I wouldn't call anything out with respect to Medicaid versus commercial or Medicare.

嘿，我是克里斯。我會繼續拿那個。我只想說，總的來說，我們繼續與我們的付款合作夥伴進行非常好的討論，你知道我們仍然非常樂觀地認為他們將繼續認可我們對提供高品質護理的關注。我不會對醫療補助與商業或醫療保險做出任何評論。

Our outlook, as Heather has discussed, always assumed a low single digit, same facility revenue per day growth, and historically we've talked about that in kind of a low to mid single digit range. We decided just given the noise on the policy front. That it was prudent to just incorporate a more conservative approach in our thinking about rates just given the broader environment, but there's nothing specific on the horizon that we see as concerning and I would say underlying rate growth has been relatively stable and in line with our expectation as we've, gotten into the year.

正如 Heather 所討論的，我們的前景始終假設相同設施的每日收入增長率為低個位數，而且從歷史上看，我們討論的是一個低到中等個位數的範圍。我們做出這項決定只是考慮到了政策上的噪​​音。考慮到更廣泛的環境，我們在考慮利率時採取更保守的方法是謹慎的，但我們認為目前沒有什麼特別值得擔憂的事情，我想說，隨著今年的到來，潛在的利率增長相對穩定，符合我們的預期。

Okay, thanks a lot.

好的，非常感謝。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Hey, good morning, guys. Chris, maybe take a step back as I think about, obviously 2% same sort of volume performance in the quarter, despite some of the heads you're facing with the units that are dealing with the headlines. How are you thinking about what the broader demand environment looks like right now? I mean, obviously you're one of our data points and you're peer that's public, but outside of that, if you can share with us what the demand environment looks like for behavioral health today.

嘿，大家早安。克里斯，當我思考的時候，也許你可以退一步考慮一下，儘管你面對的是一些處理頭條新聞的部門主管，但本季度的銷量表現顯然還是保持了 2% 的相同水平。您如何看待目前更廣泛的需求環境？我的意思是，顯然你是我們的數據點之一，也是公開的同行，但除此之外，你能否與我們分享當今行為健康的需求環境。

Yeah, I would say, Brian, thanks for the question that you know our expectation is that it just continues to be consistent with what we're with what we're seeing. I mean, I think particularly given our strategy of focusing on the higher acuity patients, when you look across our various lines of business, whether it's on the acute front, CTC specialty RTC, we just continue to see, increasing demand, and I think, we've done a very good job of pointing out our commitment to quality.

是的，我想說，布萊恩，謝謝你提出這個問題，你知道我們的期望是它繼續與我們所看到的保持一致。我的意思是，我認為特別是考慮到我們專注於高敏銳度患者的策略，當你看到我們的各個業務線時，無論是在急性方面，CTC 專業 RTC，我們都繼續看到需求不斷增長，我認為，我們已經很好地指出了我們對品質的承諾。

We have obviously invested heavily in being able to quantify outcomes and we've shared that with our peer partners and I think all of that has led to a consistent demand environment. I mean, Heather anything that that you would want to add?

我們顯然在量化結果方面投入了大量資金，並且與我們的同行夥伴分享了這一點，我認為所有這些都帶來了一致的需求環境。我的意思是，希瑟，您還有什麼要補充的嗎？

No, I think that's right. I think, the demand environment remains and we are doing our part to meet that demand, and we're working hard to look at new facilities and bed additions where those are necessary, so nothing to add there.

不，我認為是這樣。我認為，需求環境仍然存在，我們正在盡自己的努力來滿足這種需求，我們正在努力尋找必要的新設施和床位，所以沒有什麼可添加的。

Appreciate that and maybe Heather, thank you for all the color on the five year ramp to maturity. So just curious as you think about the cohort of beds added in '24 and '25, maybe even into the '26, has your view on the path to break even changed, or is it still the same you're kind of laying out that five year you kind of like ramp up to kind of mature levels of margins and occupancy.

對此我深表感謝，也許 Heather，感謝你為我五年的成熟之路增添了色彩。所以我很好奇，當您想到 24 年和 25 年增加的床位數量，甚至 26 年增加的床位數量時，您對收支平衡路徑的看法是否發生了變化，還是仍然是一樣的，您計劃在五年內將利潤率和入住率提升到成熟的水平。

Yeah, thank, thanks for the question. I, our view has not changed. Let me just walk through a little bit of how we're thinking about it and specifically how we thought about it, whenever we thought about the long term. Guide, the three year guide that put out.

是的，謝謝，感謝您的提問。我，我們的觀點沒有改變。讓我簡單介紹一下我們是如何考慮這個問題的，特別是當我們考慮長遠問題時我們是如何考慮這個問題的。指南，三年出出來的指南。

I mean, first of all, you mentioned the three to five year grant period that we've experienced historically, that is, that's our average. Now keep in mind there's multiple factors that impact how those rampant we've seen some really good success in recent facilities. As they've been ramping, one of the factors that impacts it pretty significantly is whether it's a bed addition to an existing facility or whether it's a newly constructed bed.

我的意思是，首先，您提到了我們歷史上經歷的三到五年的資助期，這是我們的平均水平。現在請記住，有多個因素會影響這些病毒的猖獗程度，我們在最近的設施中看到了一些非常好的成功。隨著他們不斷擴大規模，對其影響相當顯著的因素之一是，是在現有設施中增加床位，還是新建床位。

Obviously those take much longer to ramp. In our longer term guide, we have assumed a higher mix of new facilities constructed and new beds from construction than what has historically over the last few years been contemplated and what's actually played out. And so that shifts a bit towards the higher end between the three to five range, those obviously will be the higher end of that range versus others.

顯然，這些需要更長的時間才能實現。在我們的長期指南中，我們假設新建設施和新床位的比例高於過去幾年的預期和實際情況。因此，這會稍微向三到五個範圍之間的較高端移動，與其他範圍相比，這些顯然將是該範圍的較高端。

And so that's part of it. And you know what that means actually is that there's incremental EBITDA that's beyond 2028 because those beds, you just mentioned the years that are ramping, all of those would continue to be ramping and really hitting their stride in what we've modelled out post 2028.

這就是其中的一部分。您知道這實際上意味著 2028 年以後 EBITDA 將會遞增，因為您剛才提到的那些床位數量正在增加，所有這些床位數量都將繼續增加，並在我們預測的 2028 年以後真正達到峰值。

There's a couple of other things that I would think about, there's always uncertainty with construction timing, and that's not just construction, licensing timing, how long does it take to ramp, all of those different things, and we're just very cognizant of all of that uncertainty. So as we're executing and continuing to execute on what's clearly the largest expansion that the company's had.

我還考慮了其他一些事情，施工時間總是存在不確定性，這不僅僅是施工、許可時間、需要多長時間才能完成，所有這些不同的事情，我們非常清楚所有這些不確定性。因此，我們正在執行並將繼續執行公司迄今為止最大的擴張計劃。

We've been in that position for the past several years and we're going to continue. We're just very cognizant of that. We want to make sure that we factor that uncertainty and appropriately into the guide. If I think about how far our outlook goes, we think about four years from now effectively will be when that outlook, when those things are actually happening, and that means that even our growth.

過去幾年我們一直處於這一地位，我們將繼續保持下去。我們非常清楚這一點。我們希望確保將這種不確定性適當地納入指南中。如果我思考我們的前景會如何發展，我們會思考從現在起四年後我們的前景、這些事情將會真正發生，這意味著我們的成長。

That's included in the end sort of the longer tail of that '28. We haven't even started construction on those beds yet, so we feel like it's more prudent to just assume the higher end of the ramp range between that three to five years just because it's further out into the future. And so, I talked about on the prior call that that that's some conservatism that's built in.

這包括在 28 年較長尾巴的末端。我們甚至還沒有開始建造這些床位，所以我們覺得更謹慎的做法是僅僅假設這三到五年之間的坡道範圍的高端，因為這距離未來還有很長的路要走。因此，我在先前的電話會議上談到，這是內在的一些保守主義。

So hopefully that helps you understand a little bit of what we're thinking about with conservatism whenever I say that. I mean, again, what that points to is that you know the occupants in the EBITDA ramp for those hospitals, there will be certainly incremental amounts of inherent earnings that are again showing up beyond 2028 there.

所以希望當我這麼說的時候，這能幫助你理解我們對保守主義的看法。我的意思是，這再次表明，您知道這些醫院的 EBITDA 坡道中的佔用者，肯定會有增量的固有收益，這些收益將在 2028 年以後再次顯現出來。

So, that all that said, we are still experiencing strong performance. I just mentioned that we had, some in our recent cohorts, 2023 cohorts specifically that we're watching because of where it is now and sort of the ramp. And we're seeing some really good outcome and results, but we just thought it was more prudent for the reasons I just want to assume sort of the higher end of that ramp period.

所以，儘管如此，我們的表現仍然強勁。我剛才提到，我們最近的一些隊列，特別是 2023 年的隊列，我們正在關注它們，因為它們現在的狀況和成長趨勢。而且我們看到了一些非常好的結果，但我們只是認為這樣做更為謹慎，原因如下，我只是想假設這個上升期的高端。

But back to your a long winded answer to your question, but back to your original point, our view hasn't shifted. We've just factored in some conservatism and hopefully that helps to understand why and how we factored it in.

但回到你對問題的冗長回答，但回到你最初的觀點，我們的觀點並沒有改變。我們只是考慮了一些保守主義因素，希望這有助於理解我們為什麼以及如何考慮它。

No, very helpful. Thank you.

不，非常有幫助。謝謝。

Whit Mayo, Leerink Partners.

惠特·梅奧 (Whit Mayo)，Leerink Partners。

Hey, thanks. Anything when you just look at the first quarter and your performance, was there anything better or worse in the quarter versus your original expectations? Just wondering if there was any favourability on any of the key assumptions or expense items thanks.

嘿，謝謝。當您只看第一季的表現時，會發現本季的表現與您最初的預期相比有什麼改善或惡化嗎？只是想知道是否對任何關鍵假設或費用項目有任何有利影響，謝謝。

Yeah, hi. Sure, let me, I'll talk about two things. I mean, the first thing I would talk about is labor. We saw, the continuation of those favourable labor trends that we have been seeing, and our base wage inflation continued to trend lower contract.

是的，你好。當然，讓我來談談兩件事。我的意思是，我要談論的第一件事就是勞動力。我們看到，有利的勞動力趨勢持續存在，基本工資通膨持續呈下降趨勢。

Labor expenses both fell year over year and sequentially, so you know that's the first thing that I would point to. The second thing I would point to are startup losses, those came in a couple of million dollars better than our expectations for the first quarter, and that's just timing.

勞動成本同比和環比均下降，所以這是我要指出的第一件事。我想指出的第二件事是新創公司的損失，這些損失比我們對第一季的預期要好幾百萬美元，這只是時機問題。

That's just, all the things I just marched through in regards to construction and some of the uncertainty, that's just some timing differential, and we still expect that those will continue to, be in the range of $50 to $55 for the full year, just to be clear, but they were around $16 million in Q1, and that's a little lower than what our expectations were. But that's really the, I think the only two things that I would point out from a quarterly perspective.

這就是，我剛才談到的有關建設和一些不確定性的事情，這只是一些時間差異，我們仍然預計，全年這些數字將繼續保持在 50 至 55 美元的範圍內，只是要清楚，但第一季度的數字約為 1600 萬美元，這比我們的預期略低。但我認為，從季度角度來看，這確實是我要指出的僅有的兩件事。

Okay, so a couple million dollars of favourability on the expense side and you were still within the range that you targeted, is that, I mean, is that the way that you're looking at the performance? I'm just trying to figure out like how you perform versus the internal plan versus the guidance that you provided.

好的，那麼在費用方面有幾百萬美元的優惠，而您仍然在目標範圍內，我的意思是，這就是您看待績效的方式嗎？我只是想弄清楚你的表現與內部計劃以及你提供的指導相比如何。

Yeah, I mean, we were up towards the higher end of our guide with -- and that is very -- I, the things I just walked through, I think specifically the startup losses, those were what contributed to us being at the high end of the guide, but we were, performing right in line with our internal plan.

是的，我的意思是，我們已經達到了指南的高端——這是非常——我，我剛才談到的事情，我認為特別是啟動損失，這些是導致我們處於指南高端的原因，但我們的表現完全符合我們的內部計劃。

Okay, I know this isn't a metric that you talk about, but when I look at the revenue per average CTC, it's been declining for several quarters now and just trying to maybe better understand why that metric would look like that.

好的，我知道這不是您談論的指標，但是當我查看平均 CTC 收入時，發現它已經連續幾個季度下降了，我只是試圖更好地理解為什麼該指標會是這樣的。

I will start, and Chris, you may want to jump in, but from a revenue perspective for CTC, I mean, as there, the CTC businesses experienced just significant growth. I'm very pleased with the growth over the past few years. There was a lot that we could do to apply some muscle behind it and really, get the most out of that business.The other thing that I would point out is if you look at the CTC business, we have found a very capital friendly way to add facilities to the lineup and those are effectively acquiring sub-scale sort of ramping CTC facilities that we can buy for, very good price.

我先開始，克里斯，你可能想插話，但從 CTC 的收入角度來看，我的意思是，CTC 業務經歷了顯著的成長。我對過去幾年的成長感到非常高興。我們可以做很多事情來發揮其後勁，真正從這項業務中獲得最大收益。我想指出的另一件事是，如果你看一下 CTC 業務，你會發現我們已經找到了一種非常資本友好的方式來將設施添加到產品線中，而這些設施實際上是收購了我們可以以非常優惠的價格購買的次規模的 CTC 設施。

And then we can put those in apply the Acadia methodology for running the operations and really ramp those pretty quickly. So as we add those in, and they are in similar in the ramp position, you'll see that those, we kind of pull down the average overall as we're ramping them. And in the first quarter we Op --

然後，我們可以將這些應用到 Acadia 營運方法中，並真正快速地提升這些營運水準。因此，當我們將它們加進去時，它們在斜坡位置上是相似的，你會看到，我們在斜坡上拉低了整體平均值。在第一季度，我們--

System and we've seen examples of that in the past where the populations Have been carved out on things like work requirements and I think what you're seeing in the bill appears to have some significant carveouts related, but we're just going to have to continue to work through it and obviously continue to lobby, with the broader NABH and broader industry groups.

系統，我們過去已經看到過這樣的例子，其中人群在工作要求等方面被劃分，我認為你在法案中看到的似乎有一些重要的相關劃分，但我們必須繼續努力，顯然將繼續遊說更廣泛的 NABH 和更廣泛的行業團體。

Got it. And then I wanted to see if Heather had any comments on the cash flow from operations in the quarter. I think the legal expenses probably had an impact there, but were there any other sort of timing things to think through and when those were normalized?

知道了。然後我想看看 Heather 對本季的營運現金流有什麼評論。我認為法律費用可能對此產生了影響，但是否還有其他時間因素需要考慮以及何時將這些因素正常化？

Yeah, the only thing I would point to is, obviously, as we've talked about, we are clearly at the peak from a CapEx perspective as we are in the middle of the highest number of new beds that the company has experienced, both with the end of last year, the significant number of beds coming on.

是的，我唯一想指出的是，顯然，正如我們所討論的，從資本支出的角度來看，我們顯然處於頂峰，因為我們正處於公司經歷的新床位數量的最高水平，去年年底，大量床位投入使用。

Some of those costs continue to flow through related to those in Q1. CapEx and cash is obviously cash-based it's not accrual. So even though we open the beds in Q4, the costs are still going to come through in Q1. So that's part of it. And, incrementally just to add on to that, obviously, we have added a large number of Beds already this year with Q1 we've added, almost 400 new beds already, so that's a piece of it as well.

其中一些成本與第一季的成本相關，將繼續流動。資本支出和現金顯然是基於現金的，而不是應計的。因此，即使我們在第四季度開放床位，成本仍將在第一季產生。這就是其中的一部分。而且，顯然，我們今年已經增加了大量床位，第一季我們已經增加了近 400 張新床位，所以這也是其中的一部分。

Keep in mind that startup losses are also part of that and those are clearly at a peak in Q1 of what we expect for the full year as we've talked about. As we move through the year $50 million to $55 million for the year, but there was a predominance in Q1, and so that's also a piece of what you're seeing. You're correct, obviously the legal costs, those come through and that's part of what is coming through from a legal perspective and impacting cash flow. I think, those are the primary moving parts, hopefully that's helpful and and answers your question.

請記住，新創企業的損失也是其中的一部分，正如我們之前所討論的，這些損失顯然在第一季達到了我們預計全年損失的頂峰。隨著我們進入新的一年，全年的銷售額將達到 5000 萬美元至 5500 萬美元，但第一季占主導地位，所以這也是您所看到的一部分。你說得對，顯然法律費用是存在的，從法律角度來看，這是影響現金流的一部分。我認為，這些是主要的活動部件，希望這對您有所幫助並能回答您的問題。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Hi, good morning. There's been a year over year decline in specialty revenue looks like for five quarters in a row now, which has contributed to the broader deceleration and same store revenue. Can you help us understand what's going on with that line specifically and when you expect to get back on track for growth? Thanks.

嗨，早安。目前，專賣店收入已連續五個季度同比下降，這導致了整體經濟和同店收入的下降。您能否幫助我們了解這條生產線的具體情況以及您預計何時能夠重回成長軌道？謝謝。

Yeah, I'll jump in. Hi Andrew. So a couple of things I would point to, first is we have closed some specialty facilities over the past several quarters, and obviously we closed one in one of this year and then there were a few others that we've closed over the past handful of quarters, and so that's part of what is contributing to that.

是的，我會加入的。你好，安德魯。所以我想指出幾件事，首先，我們在過去幾個季度關閉了一些專業設施，顯然我們在今年某個季度關閉了一家，然後在過去的幾個季度裡我們又關閉了其他幾家，所以這是導致這種情況的部分原因。

It was about 5% down in the first quarter and that's really mostly driven by the facility closures. Over the past, I would say a year and a half, we wound down for specialty facilities and that includes the one that I just mentioned in the fourth quarter. So that's part of it.

第一季下降了約 5%，這主要是由於工廠關閉造成的。在過去的一年半里，我們逐漸放棄了專業設施，其中包括我剛才提到的第四季的設施。這就是其中的一部分。

The other part is if you think about just from a revenue perspective, we have seen, some nice growth in the Medicaid specialty inpatient business. Obviously, that has a differential from just the year over year perspective on the overall revenue contribution for that depending on the type of treatment that those patients need, but really, I think it's mostly driven by the closures.

另一方面，如果僅從收入角度考慮，我們已經看到醫療補助專科住院業務取得了良好的成長。顯然，從同比角度來看，整體收入貢獻存在差異，取決於患者所需的治療類型，但實際上，我認為這主要是由關閉造成的。

Got it. That's helpful. And as we contemplate the recognition of state supplementals, supplemental payments from Tennessee, is that mostly an acute inpatient item, it would hit that revenue line?

知道了。這很有幫助。當我們考慮承認州補貼、田納西州的補貼時，這是否主要是急性住院項目，會影響收入線？

Yeah.

是的。

Okay, understood. Thank you. Thanks to all color.

好的，明白了。謝謝。感謝所有顏色。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，費茲傑拉領唱者。

Hi guys, this is Gabby on for Sara. I just have a quick one. Could you elaborate if there was any weather impact on your facilities in the Southeastern states? One of your peers had seen that. And then maybe if you could just elaborate on how trends are going on some of the underperforming facilities spoken to last quarter.

大家好，我是 Gabby，為 Sara 主持節目。我只有一個快速答案。您能否詳細說明天氣是否對您位於東南部各州的設施產生了影響？你的一位同事曾經看過這種情況。然後，也許您可以詳細說明上個季度提到的一些表現不佳的設施的趨勢如何。

Yeah, I'll start, and then Chris, if you, I'm sure you want to say some things about some of the operations of the facilities from a weather perspective, nothing material for us to call out, obviously it's seasonal and every year we see some sorts of weather in different parts of the business, but nothing I would really call out and point to. Chris, do you want to, get some color on those facilities, the underperforming facilities.

是的，我先開始，然後克里斯，如果你，我確信你想從天氣角度談談一些設施的運營情況，沒有什麼實質性的內容需要我們指出，顯然這是季節性的，每年我們都會在業務的不同部分看到某種天氣，但我沒有什麼可以真正指出的。克里斯，你想了解這些設施，那些表現不佳的設施嗎？

Sure, and thanks for the question, Sarah. As we discussed in the prepared remarks, our '25 guidance had assumed a roughly $20 million EBITDA headwind for the full year from this group of underperforming facilities that we had first called out in the in the fourth quarter, which you're asking about. And so I would say those facilities have performed overall in line with our expectations.

當然，謝謝你的提問，莎拉。正如我們在準備好的評論中所討論的那樣，我們的 25 年指導假設全年這組表現不佳的設施將帶來約 2000 萬美元的 EBITDA 逆風，我們在第四季度首次提到了這一點，這也是您所問到的。因此我想說這些設施的整體表現符合我們的預期。

They had a negative impact on our same facility patient growth of about 90 basis points in the first quarter, and we'd expect to begin to comp over that headwind the volumes in the fourth quarter of '25. So, the underperformances tended to be correlated more with, local media coverage that's more intensive.

它們對我們第一季同一設施的患者成長產生了約 90 個基點的負面影響，我們預計在 2025 年第四季度，我們的患者數量將開始克服這一不利因素。因此，業績不佳往往與當地媒體的報導更為密集有關。

Healthcare is obviously local rather than any news at the national level. And it's just, it's difficult to put an estimate on the timing, but we continue, as we said at the outset to be prudent and taking a more conservative approach when we set guidance, and I think this is an example of that we continue to execute and, just feel very good about the path that we're on, but nothing additional that I would call it.

醫療保健顯然是地方性的新聞，而不是國家層級的新聞。只是，很難估計時間，但正如我們一開始所說的那樣，我們在製定指導時會繼續保持謹慎並採取更為保守的態度，我認為這是一個我們繼續執行的例子，我們對我們所走的道路感到非常滿意，但我不會稱之為額外的事情。

Okay great thank you guys.

好的，非常感謝你們。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

Hi, good morning. Thanks for taking questions. So I guess first follow up on the Tennessee DPP. Did I missed, I know you said that you assume, second half of this year, but did you say how much do you expect from that program?

嗨，早安。感謝您的提問。因此我想先跟進田納西州 DPP。我是否錯過了，我知道您說過您假設是在今年下半年，但是您是否說過您對該計劃的期望有多大？

Hi there. No, we did not say how much we expect from that program in particular. We have said historically since since our earnings call for Q4, we said that we expect total supplemental payments on a net basis to be flat to up $15 million for the full year inclusive of Tennessee, but we haven't called out any numbers for Tennessee specifically or or for any other states for that matter.

你好呀。不，我們並沒有說我們對該計劃的具體期望是多少。自從我們第四季財報電話會議以來，我們一直表示，我們預計包括田納西州在內的全年淨補充支付總額將持平至增加 1500 萬美元，但我們沒有具體提到田納西州或任何其他州的數字。

Okay, and I guess would you remind us, was there any other period payments last year in '24? So when we think about the numbers flat to up 15, is there something we should adjust out from last year?

好的，我想你可以提醒我們一下，去年 24 年還有其他定期付款嗎？因此，當我們考慮從持平到上漲 15 的數字時，我們是否應該根據去年的數字進行一些調整？

Yeah, that's a great question, and thanks for the reminder. We did call out last year $10 million, approximately $10 million payments that that we saw predominantly in Q1, about $7 million of those were in Q1, and then the rest were in the balance of the year, but yes, we did.

是的，這是一個很好的問題，謝謝你的提醒。我們去年確實宣布了 1000 萬美元的付款，大約 1000 萬美元的付款主要發生在第一季度，其中約 700 萬美元發生在第一季度，其餘的發生在今年的餘額中，但是是的，我們確實這樣做了。

All right, thank you, if I may, another follow up on different topic on this, handful of problem facilities, so I understand you saying, things for me in line there. But is there anything you continue to do there to try to improve the situation as in like, can you give us an update on these referral sources, at which that you've had and, any traction I guess you're getting there.

好的，謝謝，如果可以的話，我想就此問題的另一個主題進行跟進，其中包括一些問題設施，所以我明白你的意思，我的事情就在那裡。但是，您是否會繼續採取一些措施來嘗試改善這種情況，例如，您能否向我們提供有關這些推薦來源的最新信息，以及您所使用的推薦來源以及您在這方面取得的任何進展？

Thank you.

謝謝。

Yeah, I would say there's a number of things that we can continue to do. I mean, obviously we have been very deliberate about meeting with our referral sources, particularly in person, and also inviting them to these facilities as well, which we do all the time, but we've tried to be even more intentional about making that happen since the fourth quarter.

是的，我想說有很多事情我們可以繼續做。我的意思是，顯然我們非常謹慎地與我們的推薦來源會面，特別是面對面會面，並邀請他們到這些設施，我們一直都是這樣做的，但自第四季度以來，我們試圖更加有意識地實現這一點。

We've obviously done everything from talent reviews and taking a look at the existing staffing, making sure that we don't have key positions that are unfilled working with our talent acquisition team very closely on that.

顯然，我們已經做了所有事情，從人才評估到審查現有人員配置，確保我們沒有空缺的關鍵職位，並與我們的人才招募團隊密切合作。

And then obviously working with our other corporate functions, including our quality team to make sure that we have everything in place that we need to continue to provide high quality services and so we're just, we're looking at a range of things in any given facility.

然後顯然會與我們的其他公司職能部門合作，包括我們的品質團隊，以確保我們擁有繼續提供高品質服務所需的一切，因此我們只是在研究任何特定設施中的一系列事物。

There isn't one step that I would call out, but just in totality, we're just very much cognizant of making sure that we're continuing to deliver high quality care. And that we have the right staffing in place and that we're continuing to focus on the right referral sources and that we're able to provide, a great patient experience, when the opportunity avails itself and we'll continue executing on that plan.

我不會具體指出哪一步，但總體來說，我們非常清楚要確保繼續提供高品質的照護。我們擁有合適的人員，我們將繼續專注於正確的轉診來源，並且當機會出現時，我們能夠提供良好的患者體驗，我們將繼續執行該計劃。

This concludes our question and answer session. I'd like to turn the conference back over to Chris Hunter for any closing remarks.

我們的問答環節到此結束。我想將會議交還給克里斯·亨特 (Chris Hunter) 做最後發言。

Thank you. In closing, I just want to again thank our committed facility leaders, clinicians, and approximately 26,000 dedicated employees across the country, who've continued to work tirelessly to meet the needs of our patients in a safe and effective manner.

謝謝。最後，我只想再次感謝我們敬業的設施領導、臨床醫生以及全國約 26,000 名敬業的員工，他們一直不懈地努力以安全有效的方式滿足我們患者的需求。

We are together doing incredibly important work for our patients across the country and remain committed to serving them with care, compassion, and excellence. Thank you all for being with us this morning and for your interest in Acadia. Have a great day.

我們共同為全國各地的患者做著極其重要的工作，並將繼續致力於以關懷、同情和卓越的服務為他們服務。感謝大家今天早上與我們在一起並對阿卡迪亞的關注。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。