Acadia Healthcare Company Inc (ACHC) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Lacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Acadia Healthcare Third Quarter 2025 Earnings Call. [Operator Instructions]

您好，感謝您的耐心等待。我叫萊西，今天我將擔任你們的會議接線生。在此，我謹代表 Acadia Healthcare 向大家歡迎參加 2025 年第三季財報電話會議。[操作說明]

Thank you. I would now like to turn the conference over to Brian Farley. You may begin.

謝謝。現在我將把會議交給布萊恩法利主持。你可以開始了。

Thank you, and good morning. Yesterday, after the market closed, we issued a press release announcing our third quarter 2025 financial results. This press release can be found in the Investor Relations section of the acadiahealthcare.com website.

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 年第三季的財務表現。這份新聞稿可在 acadiahealthcare.com 網站的投資者關係部分找到。

Here with me today to discuss the results are Chris Hunter, Chief Executive Officer; and Todd Young, Chief Financial Officer.

今天和我一起討論業績的有執行長克里斯·亨特和財務長托德·楊。

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

如果在今天的電話會議中討論任何非GAAP財務指標，您也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調節表。

This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Acadia's expected quarterly and annual financial performance for 2025 and beyond. 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 third quarter news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述，其中包括有關 Acadia 公司 2025 年及以後季度和年度財務業績的預期陳述。這些聲明可能會受到一些重要因素的影響，這些因素已在 Acadia 向美國證券交易委員會提交的文件和該公司第三季新聞稿中列出。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，我想把電話會議交給克里斯。

Good morning, everyone, and thank you for joining Acadia's Third Quarter 2025 Earnings Call.

各位早安，感謝各位參加 Acadia 2025 年第三季財報電話會議。

I'm pleased to be joined today by Todd Young, who recently joined Acadia as our Chief Financial Officer. Todd brings nearly a decade of public company CFO experience, most recently serving as CFO of Elanco Animal Health, where he helped shape the company's strategic direction following its spin-off from Eli Lilly. Prior to that, he served as CFO of Acadia Pharmaceuticals. Todd's deep experience in health care finance, capital allocation and operational transformation will be instrumental as we continue executing our growth strategy and enhancing shareholder value.

今天我很高興能與托德楊（Todd Young）一起，他最近加入了阿卡迪亞公司，擔任財務長。Todd 擁有近十年的上市公司財務長經驗，最近擔任 Elanco Animal Health 的財務官，在該公司從 Eli Lilly 分拆出來後，他協助制定了公司的策略方向。在此之前，他曾擔任 Acadia Pharmaceuticals 的財務長。Todd 在醫療保健財務、資本配置和營運轉型方面的豐富經驗，將對我們持續執行成長策略和提升股東價值起到至關重要的作用。

I also want to thank Tim Sides for his leadership as Interim CFO over the last few months. Tim will now resume his role as Senior Vice President of Operations, Finance.

我還要感謝 Tim Sides 在過去幾個月擔任臨時財務長期間的領導。蒂姆將恢復其營運和財務高級副總裁的職位。

Likewise, I would like to take a moment to thank Dr. Nasser Khan for his many contributions to Acadia Healthcare over the past 3 years, including most recently as our Chief Operating Officer. Nasser is stepping down from the role of COO and will continue to serve as an executive adviser to the company through the end of the year to help facilitate a seamless transition.

同樣，我也想藉此機會感謝納賽爾汗博士在過去 3 年裡為 Acadia Healthcare 做出的諸多貢獻，包括最近擔任營運長一職。納賽爾將卸任營運長一職，並將繼續擔任公司執行顧問至年底，以協助實現平穩過渡。

Turning to our third quarter results. We reported revenue of $851.6 million, representing a 4.4% increase over the third quarter of last year. Adjusted EBITDA was $173 million, compared with $194.3 million in the prior year period. As previously disclosed, these results reflect softer-than-expected volumes in our Medicaid book of business, particularly in our acute care segment.

接下來來看看我們第三季的業績。我們公佈的營收為 8.516 億美元，比去年第三季成長了 4.4%。調整後的 EBITDA 為 1.73 億美元，而去年同期為 1.943 億美元。正如先前所揭露的那樣，這些結果反映出我們的醫療補助業務量低於預期，尤其是在我們的急性護理領域。

Same-facility volume growth was 1.3% in the quarter, which was consistent with the preliminary commentary we shared at the Jefferies Healthcare Services Conference in late September. This was approximately 100 basis points below our internal expectations.

本季同店營業額成長1.3%，這與我們9月下旬在傑富瑞醫療保健服務大會上分享的初步評論一致。這比我們內部預期低了約 100 個基點。

In addition to this increased pressure on our volumes since our Q2 earnings call in August, we have also faced incremental headwinds from rates and benefit expense related to employee health care costs, along with an anticipated increase in professional and general liability expense, or PLGL. These items are causing us to reduce our adjusted EBITDA guidance for 2025 to $650 million to $660 million from our previously issued guidance of $675 million to $700 million. Todd will take you through the specifics in more detail later in the call.

除了自 8 月第二季財報電話會議以來銷售面臨的更大壓力外，我們還面臨著與員工醫療保健成本相關的費率和福利支出增加帶來的額外不利因素，以及預計專業和一般責任費用（PLGL）的增加。由於這些因素，我們將 2025 年調整後的 EBITDA 預期從先前發布的 6.75 億美元至 7 億美元下調至 6.5 億美元至 6.6 億美元。Todd 稍後會在通話中更詳細地為您講解具體細節。

Stepping back, we recognize that our operating environment has faced increasing headwinds as we moved through 2025, particularly with regard to pressures on managed care companies and increased uncertainty on Medicaid funding at the state level. Accordingly, we have taken decisive steps to optimize both our growth investments and our existing portfolio in order to position our company for improved financial performance in a more uncertain environment, particularly due to ongoing headwinds that we believe will ultimately be transitory in nature.

回顧過去，我們意識到，隨著我們邁入 2025 年，我們的經營環境面臨越來越大的逆風，尤其是在醫療管理公司面臨的壓力以及州一級醫療補助資金的不確定性增加方面。因此，我們採取了果斷措施，優化了我們的成長投資和現有投資組合，以使公司能夠在更加不確定的環境中取得更好的財務業績，尤其是在我們認為最終將是暫時性的持續不利因素的影響下。

As a result of these steps, as we finish 2025 and move into 2026, our company is in a better position to serve more vulnerable patients in our communities while sustaining both top and bottom line growth and unlocking the free cash flow generating power of the business. We are doing this in 3 primary ways. First, capturing the growth opportunity currently embedded in the business. Second, realigning our capital spending priorities. Third, optimizing our portfolio of existing facilities.

透過這些措施，到 2025 年底進入 2026 年，我們公司將更有能力為我們社區中更多弱勢患者提供服務，同時保持收入和利潤的成長，並釋放業務的自由現金流產生能力。我們主要透過以下三種方式來實現這一目標。首先，要抓住企業目前蘊含的成長機會。第二，重新調整我們的資本支出優先事項。第三，優化我們現有設施的組合。

First, let me expand on how we are focused on capturing the inherent growth opportunity that currently exists in the business. Having added over 1,700 beds across 2024 and 2025 year-to-date, we have increased our capacity to serve more patients in need. And we expect to add another 500 to 700 beds in 2026, including new facilities developed in partnerships with our marquee joint venture partners such as Tufts Medicine and Orlando Health. These additions are expected to contribute meaningfully to both same-facility volume and EBITDA as they ramp over the next several years and reach their full performance potential.

首先，讓我詳細說明我們如何專注於抓住目前業務中存在的固有成長機會。截至目前，我們在 2024 年和 2025 年新增了 1700 多張床位，提高了服務更多有需要的患者的能力。我們預計到 2026 年將新增 500 至 700 張床位，其中包括與我們的主要合資夥伴（如塔夫茨醫學中心和奧蘭多健康中心）合作開發的新設施。預計這些新增設施將在未來幾年逐步提升產能並達到其全部性能潛力，從而對同店產量和 EBITDA 做出重大貢獻。

As we continue to optimize the impact from beds added in 2024 and 2025, we are also driving execution across all of our facilities in order to provide high-quality and effective health care to our patients. To support these efforts, we've implemented a series of targeted initiatives focused on acute care referral sources.

隨著我們不斷優化 2024 年和 2025 年新增床位的影響，我們也正在推動所有設施的執行，以便為我們的患者提供高品質和有效的醫療保健。為了支持這些努力，我們實施了一系列有針對性的舉措，重點是急診轉診來源。

For context, approximately 80% of acute admissions originate from professional referral sources such as emergency departments, police departments and schools. We've developed referral source level action plans at underperforming facilities with senior operator ownership and weekly executive team updates. We've repositioned key clinical roles, introduced more data-driven planning and allocated dedicated resources to support execution. Our execution across these initiatives drove over 3% same-facility admissions growth in Q3 compared to last year, which is an acceleration from trends in the first and second quarters.

作為參考，大約 80% 的急性入院患者來自專業轉診機構，例如急診、警察局和學校。我們已經制定了針對業績不佳的機構的轉診來源層面的行動計劃，由高級營運人員負責，並每周向執行團隊匯報最新情況。我們重新調整了關鍵臨床角色，引入了更多數據驅動的規劃，並分配了專門的資源來支援執行。我們透過這些措施的執行，使第三季同店入院人數比去年同期成長超過 3%，比第一季和第二季的成長趨勢有所加快。

In parallel, we are closely engaging with our payer partners, particularly in Medicaid, to demonstrate how our unique investments in technology and process position us to be part of the solution to the cost pressures facing government and other payers. Over the past several years, we've made meaningful investments in our quality platform, including standardized clinical protocols, enhanced data systems and outcome tracking, all of which are becoming increasingly important to both our payer partners and to accrediting agencies. These investments are designed to strengthen care delivery and demonstrate the value of our services, and we expect them to drive long-term benefits for patients, payers and our business, which I will talk more about momentarily.

同時，我們正與支付方合作夥伴，特別是醫療補助計劃的合作夥伴密切合作，以展示我們在技術和流程方面的獨特投資如何使我們能夠成為解決政府和其他支付方面臨的成本壓力的方案的一部分。過去幾年，我們對品質平台進行了意義重大的投資，包括標準化的臨床方案、增強的數據系統和結果跟踪，所有這些對我們的支付方合作夥伴和認證機構都變得越來越重要。這些投資旨在加強醫療服務，展現我們服務的價值，我們期望它們能為患者、支付方和我們的業務帶來長期利益，我稍後會詳細介紹。

Second, we are realigning our capital spending priorities. As a backdrop, the demand environment for behavioral health services remains structurally strong. We continue to see rising acuity across patient populations, greater awareness and destigmatization of mental health and a persistent supply-demand imbalance, particularly in underserved geographies. These trends are durable and support our long-term runway for growth.

其次，我們正在調整資本支出優先事項。在這樣的背景下，對行為健康服務的需求環境仍保持強勁。我們持續看到患者群體病情日益嚴重，人們對心理健康的認識不斷提高，對心理健康的歧視也日益減少，同時供需失衡的情況依然存在，尤其是在服務不足的地區。這些趨勢具有持久性，並為我們的長期成長提供了保障。

That said, we're taking a more measured approach to capital deployment in the near term. We've recently completed a comprehensive portfolio and capital allocation review, and we're prioritizing growth in markets with favorable reimbursement dynamics and strong demand fundamentals. As a result, we are pausing several development projects that no longer project an acceptable return, and as previously disclosed, we now expect our capital expenditures in 2026 to be at least $300 million lower than our revised 2025 CapEx guidance of $610 million to $630 million. This discipline allows us to focus on projects with the highest return potential and ensures a more linear path to EBITDA growth. And importantly, it positions us to generate positive adjusted free cash flow for the full year 2026, a milestone we previously expected to reach on a run rate basis exiting 2026.

也就是說，在短期內，我們將採取更謹慎的資本部署方式。我們最近完成了全面的投資組合和資本配置審查，我們將優先發展那些報銷動態良好、需求基本面強勁的市場。因此，我們暫停了幾個不再預期能帶來可接受回報的開發項目，並且正如先前披露的那樣，我們現在預計 2026 年的資本支出將比我們修訂後的 2025 年資本支出指導值 6.1 億美元至 6.3 億美元減少至少 3 億美元。這種紀律使我們能夠專注於回報潛力最高的項目，並確保 EBITDA 成長路徑更加線性。更重要的是，這將使我們能夠在 2026 年全年產生正的調整後自由現金流，這是我們先前預計在 2026 年底按運行率計算將達到的里程碑。

Looking ahead to 2027. We anticipate further reductions in CapEx as we concentrate our resources on high-performing markets and ramping facilities, while maintaining flexibility to pursue targeted opportunities that align with our long-term strategy.

展望2027年。我們預計，隨著我們將資源集中在表現優異的市場和擴大生產規模，資本支出將進一步減少，同時保持靈活性，以尋求符合我們長期策略的目標機會。

Third and finally, our goal is to ensure we have a portfolio built to serve patient demand and help address the persistent supply challenges in behavioral health. This means investing prudently to grow the business, but also actively managing our existing portfolio to ensure we meet demand, maximize the returns on our investments and best position us to deliver sustainable, value-accretive growth.

第三，也是最後一點，我們的目標是確保我們擁有一個能夠滿足患者需求並幫助解決行為健康領域持續存在的供應挑戰的產品組合。這意味著要謹慎投資以發展業務，同時也要積極管理我們現有的投資組合，以確保我們滿足需求，最大限度地提高投資回報，並使我們處於最佳位置，從而實現可持續的、增值的增長。

As part of our ongoing portfolio optimization, during the third quarter we made the decision to cease operations at 5 facilities that no longer aligned with our strategic priorities or demonstrated persistent underperformance relative to our expectations. Two of the closures are in the previously discussed group of underperforming facilities: 1 acute care facility and 1 specialty facility. The others are eating disorder facilities that do not fit with our broader portfolio.

作為我們持續優化投資組合的一部分，在第三季度，我們決定停止營運 5 家不再符合我們戰略重點或持續表現低於我們預期的工廠。關閉的兩家機構屬於先前討論過的業績不佳的機構：1 家急性護理機構和 1 家專科機構。其他的都是治療飲食失調的機構，與我們的整體業務組合不符。

We make a decision to close a facility only after careful review and analysis of a variety of factors, such as community needs, demographic trends and existing health care resources within a region. When community needs evolve, we work with local regulators, community leaders and other behavioral health providers to adjust our service offerings and facility locations accordingly. These decisions are never taken lightly, but they reflect our commitment to maintaining an optimized, high-performing portfolio that supports long-term growth and operational excellence.

我們只有在仔細審查和分析各種因素後，才會決定關閉某個機構，例如社區需求、人口趨勢以及一個地區現有的醫療保健資源。當社區需求改變時，我們會與當地監管機構、社區領導人和其他行為健康服務提供者合作，據此調整我們的服務內容和設施位置。這些決定並非輕率做出，而是體現了我們致力於維持優化、高效的投資組合，以支持長期成長和卓越營運的承諾。

By concentrating our resources on markets and service lines with the strongest demand fundamentals and reimbursement dynamics, we're positioning Acadia to deliver stronger, more consistent results. We will continue to assess our footprint with rigor and make thoughtful adjustments where appropriate, always with the goal of enhancing performance, improving returns and creating long-term shareholder value. One of Todd's immediate priorities is to thoroughly review the more stringent lens we have been applying to capital deployment to ensure that every investment, whether in facilities, technology or partnerships, meets our threshold for return and supports our long-term objectives.

透過將資源集中在需求基本面最強、報銷運動最好的市場和服務領域，我們正在使 Acadia 能夠取得更強勁、更穩定的業績。我們將繼續嚴格評估我們的業務範圍，並在適當的時候做出深思熟慮的調整，始終以提升業績、提高回報和創造長期股東價值為目標。Todd 的當務之急是徹底審查我們一直以來對資本部署所採取的更為嚴格的審查標準，以確保每一項投資，無論是在設施、技術還是合作夥伴關係方面，都能達到我們的回報門檻，並支持我們的長期目標。

Before turning the call over to Todd, I want to discuss our continued focus on quality. I've spoken about this topic on numerous calls because it's the key to our mission and critical to our long-term success. Our Integrated Quality Dashboard now provides real-time visibility into more than 50 key performance indicators to our field operators and senior management, supporting our commitment to operational excellence and payer engagement.

在將電話交給托德之前，我想談談我們對品質的持續關注。我曾在多次電話會議上談到這個話題，因為它是我們使命的關鍵，也是我們長期成功的關鍵。我們的整合品質儀錶板現在為現場操作人員和高階管理人員提供 50 多個關鍵績效指標的即時可見性，支援我們對卓越營運和支付方參與的承諾。

These initiatives have helped us attract and retain talent, and we're seeing more favorable labor trends in 2025, supported by centralized recruitment, employee engagement and targeted training. These efforts have demonstrated real results as Q3 reflected Acadia's sixth consecutive quarter of improvement to employee retention, a key factor in helping us manage labor costs.

這些措施幫助我們吸引和留住人才，在集中招募、員工參與和有針對性的培訓的支持下，我們看到 2025 年勞動力市場趨勢更加有利。這些努力已經取得了實際成效，第三季 Acadia 的員工留任率連續第六個季度有所提高，這是我們控制勞動成本的關鍵因素。

It's also worth noting that the broader health care provider industry is seeing an expected increase in rigor on surveys in the new post-COVID normal. CMS has publicly directed accrediting organizations and state survey agencies to significantly increase the diligence and thoroughness in how they survey all hospitals, not just behavioral health. And we are pleased with how we are performing. Across the industry, surveyors are spending more time on the units, with the patients, directly interviewing and observing staff. We welcome these interactions as we are increasingly able to capture proof points on the tremendous work that our teams in our facilities are doing every day.

值得注意的是，在後新冠疫情時代的新常態下，整個醫療保健產業預計在調查方面將更加嚴格。美國醫療保險和醫療補助服務中心 (CMS) 已公開指示認證機構和州調查機構大幅提高對所有醫院（而不僅僅是行為健康醫院）的調查的認真程度和徹底性。我們對自己的表現感到滿意。整個產業都在加強力，調查人員花更多的時間在病房裡，與病人在一起，直接採訪和觀察工作人員。我們歡迎這些互動，因為我們越來越能夠收集證據，證明我們各機構的團隊每天都在進行著巨大的工作。

The positive clinical outcomes we have been able to achieve at a recently opened JV facility are an excellent example of how process improvements, along with our investments in technology, and by extension, our overall ability to demonstrate clinical and quality outcomes, are allowing us to deliver value to the patient community. At this facility, which opened earlier this year, we have been able to serve more than 1,700 patients through the end of the third quarter.

我們在最近開設的合資機構取得的積極臨床成果，充分體現了流程改善、技術投資以及我們展現臨床和品質成果的整體能力，是如何讓我們為患者群體創造價值的。該機構於今年稍早開業，截至第三季末，我們已經為超過 1700 名患者提供了服務。

Furthermore, outcomes data at this facility shows significant improvement in psychiatric symptoms, including a 47% reduction in depressive symptoms, a 47% reduction in anxiety symptoms and a 34% improvement in quality of life, a testament to the quality and consistency of care our teams deliver every day.

此外，該機構的治療結果數據顯示，精神症狀有顯著改善，包括憂鬱症狀減少 47%，焦慮症狀減少 47%，生活品質提高 34%，證明了我們團隊每天提供的照護品質和一致性。

These results are representative of how we are positioning our business to meet the evolving demands of the behavioral health environment. And even more importantly, they speak to the dedication of our caregivers, clinicians and support teams who are advancing patient recovery every day. We're excited to begin sharing more examples like this in 2026 across service lines and with more transparency into clinical outcomes.

這些結果代表了我們如何調整業務定位以滿足不斷變化的行為健康環境的需求。更重要的是，這體現了我們的護理人員、臨床醫生和支援團隊的奉獻精神，他們每天都在為患者的康復而努力。我們很高興能在 2026 年開始在各個服務領域分享更多類似的案例，並提高臨床結果的透明度。

In short, we remain confident that these investments and initiatives will remain a key differentiator for Acadia in a health care sector that has historically seen underinvestment in technology.

總之，我們仍然相信，這些投資和舉措將繼續成為 Acadia 在醫療保健領域脫穎而出的關鍵因素，而醫療保健領域歷來在技術投資方面投入不足。

And with that, I'll now turn the call over to Todd Young.

接下來，我將把電話交給托德楊。

Thanks, Chris, and good morning, everyone. I'm honored to join Acadia Healthcare and excited to be part of a company that is leading the way in behavioral health. Throughout my career, I've had the opportunity to help organizations navigate complex transitions, optimize capital allocation and unlock long-term value. I look forward to bringing that experience to Acadia as we continue executing on our strategic priorities and delivering sustainable growth. In my short time since joining, I've been deeply impressed by the strength of the team, the mission-driven culture and the scale of opportunity ahead.

謝謝克里斯，大家早安。我很榮幸能加入 Acadia Healthcare，也很興奮能成為這家引領行為健康領域的公司的一員。在我的職業生涯中，我有機會幫助組織應對複雜的轉型，優化資本配置，並釋放長期價值。我期待將這些經驗帶到阿卡迪亞大學，我們將繼續執行策略重點並實現永續成長。當我加入公司以來，雖然時間不長，但我對團隊的實力、以使命為導向的企業文化以及未來巨大的發展機會印象深刻。

I'm particularly focused on ensuring that our financial strategy supports disciplined expansion, operational excellence and shareholder value creation. That includes a rigorous approach to capital deployment, a clear framework for evaluating growth investments and a commitment to transparency and how we communicate our performance and outlook.

我特別關注確保我們的財務策略能夠支持穩健擴張、卓越營運和股東價值創造。這包括嚴格的資本部署方法、清晰的成長投資評估框架，以及對透明度的承諾，以及我們如何溝通績效和展望。

Turning to our third quarter results. We reported revenue of $851.6 million, representing a 4.4% increase over the third quarter of last year. Same-facility revenue grew 3.7% year-over-year, driven by a 2.3% increase in revenue per patient day and a 1.3% growth in patient days.

接下來來看看我們第三季的業績。我們公佈的營收為 8.516 億美元，比去年第三季成長了 4.4%。同店營收年增 3.7%，主要得益於每位患者每日收入成長 2.3% 和病患住院天數成長 1.3%。

Adjusted EBITDA for the quarter was $173 million. Adjusted EBITDA came in at approximately $5 million below our internal expectations, driven primarily by lower volumes and an increase in bad debt and denials. Supplemental payments served as a partial offset to these headwinds.

本季調整後 EBITDA 為 1.73 億美元。調整後的 EBITDA 比我們內部預期低了約 500 萬美元，主要原因是銷售下降以及壞帳和拒付增加。補充支付在一定程度上抵消了這些不利因素。

These results include $13.3 million in start-up losses related to newly opened facilities, compared to $7.3 million in the third quarter of 2024. We continue to expect full year 2025 start-up losses to come in at the prior outlook range of $60 million to $65 million. We expect start-up losses for the full year 2026 to decrease modestly from 2025 levels with a more material step down expected in 2027. As a reminder, though CapEx will step down meaningfully next year, start-up costs will decline less on a relative basis due to the large number of new beds coming online in 2025.

這些結果包括與新開辦的工廠相關的 1,330 萬美元啟動虧損，而 2024 年第三季為 730 萬美元。我們仍預期 2025 年全年新創企業虧損將與先前的預測範圍一致，為 6,000 萬美元至 6,500 萬美元。我們預計 2026 年全年新創企業虧損將比 2025 年略有下降，預計 2027 年將出現更大幅度的下降。需要提醒的是，雖然明年資本支出將大幅下降，但由於 2025 年將有大量新床位投入使用，啟動成本的相對下降幅度將較小。

On a same-facility basis, adjusted EBITDA was $224.7 million in the quarter. We invested $135.8 million in CapEx in Q3, which is more than $20 million favorable to our Q3 plan.

以同店經營計算，本季調整後的 EBITDA 為 2.247 億美元。我們在第三季資本支出方面投資了 1.358 億美元，比我們第三季的計畫多出 2,000 多萬美元。

From a balance sheet perspective, we remain in a strong financial position. As of September 30, 2025, we had $118.7 million in cash and cash equivalents and approximately $790 million available under our $1 billion revolving credit facility. Our net leverage ratio stood at approximately 3.4x.

從資產負債表角度來看，我們的財務狀況依然穩健。截至 2025 年 9 月 30 日，我們擁有 1.187 億美元的現金及現金等價物，並且根據我們 10 億美元的循環信貸額度，大約有 7.9 億美元可用。我們的淨槓桿比率約為 3.4 倍。

Costs related to managing the government investigations were $39 million in the third quarter, down 28% from the high watermark in Q2. We expect this spend to continue to moderate in Q4.

第三季與政府調查相關的管理費用為 3,900 萬美元，比第二季的最高點下降了 28%。我們預計第四季這一支出將繼續放緩。

Let me now turn to development activity. During the third quarter, we added 83 beds to existing facilities, bringing our year-to-date total to 274 beds added through expansions. We also commenced operations at 3 previously announced joint venture hospitals, including a 96-bed hospital in Danville, Pennsylvania, which is our second joint venture with Geisinger Health; a 106-bed expansion in Austin, Texas with Ascension Seton, which is also our second joint venture with Ascension; and 144-bed hospital in St. Paul, Minnesota, developed through a joint venture with Fairview Health Services.

現在讓我來談談發展活動。第三季度，我們在現有設施中增加了 83 張床位，使我們今年迄今透過擴建增加的床位總數達到 274 張。我們也啟動了先前宣布的 3 家合資醫院的運營，包括位於賓夕法尼亞州丹維爾的一家擁有 96 張床位的醫院，這是我們與 Geisinger Health 的第二個合資企業；位於德克薩斯州奧斯汀的一家擁有 106 張床位的擴建醫院，這是我們與 Ascension Seton 的一家擁有 106 張床位的擴建醫院，這是我們與 Ascension Seton 的第二個家庭合作的 Nview 14566966 月的合資企業開發的。

We have added 908 beds through the end of the third quarter. We have 3 projects that may still open trough the end of the year, and thus, we expect to add 945 to 1,076 total beds in 2025.

截至第三季末，我們新增了908張床位。我們有 3 個項目可能在年底前開放，因此，我們預計到 2025 年將增加 945 至 1,076 張床位。

Our comprehensive treatment centers, CTCs, offer scalable, capital-efficient solutions to meet a pressing public health need. In addition to our hospital development, we added 3 CTCs for opioid use disorder in the third quarter, extending our reach to 177 CTCs across 33 states. We've now added 14 CTCs in 2025, and we continue to see strong demand for medication-assisted treatment as the opioid epidemic persists.

我們的綜合治療中心（CTC）提供可擴展、資本高效的解決方案，以滿足迫切的公共衛生需求。除了醫院建設之外，我們在第三季還新增了 3 個鴉片類藥物使用障礙治療中心，使我們的服務範圍擴大到 33 個州的 177 個治療中心。2025 年，我們新增了 14 個 CTC，隨著阿片類藥物濫用危機的持續，我們對藥物輔助治療的需求仍然強勁。

Turning to our outlook for the remainder of 2025. We have revised the range for revenue to be between $3.28 billion and $3.3 billion, from our prior range of $3.3 billion to $3.35 billion. We now expect adjusted EBITDA of $650 million to $660 million versus the prior outlook range of $675 million to $700 million. The revised outlook incorporates incremental volume softness and rate pressure. This rate pressure includes increased denials and bad debt expense along with rate updates that came in modestly below prior expectations.

接下來展望2025年剩餘時間。我們將營收預期範圍從先前的 33 億美元至 33.5 億美元調整為 32.8 億美元至 33 億美元。我們現在預計調整後 EBITDA 為 6.5 億美元至 6.6 億美元，而先前的預期範圍為 6.75 億美元至 7 億美元。修訂後的展望包含了成交量疲軟和利率下行壓力。這種利率壓力包括拒保率上升、壞帳支出增加，以及利率上調幅度略低於先前預期。

In the fourth quarter, we also expect to record an incremental $4 million to $6 million charge related to our professional and general liability expense to reflect the evolving legal environment facing our industry. We now anticipate full year same-facility volume growth to land at the low end of the prior outlook range of 2% to 3%.

第四季度，我們也預計將計入 400 萬至 600 萬美元的專業和一般責任費用，以反映我們所在行業面臨的不斷變化的法律環境。我們現在預計全年同店產量成長將處於先前預測範圍 2% 至 3% 的低端。

For the full year, we continue to expect low single-digit growth in the same-facility revenue per patient day, though we now expect to be towards the lower end of this range. We expect net Medicaid supplemental payments to be at the high end of our prior estimate of $30 million to $40 million, reflecting payments recorded in the third quarter from already approved programs. We now expect adjusted EPS of $2.35 to $2.45 versus the prior outlook range of $2.45 to $2.65, reflecting similar dynamics as the revised adjusted EBITDA range.

全年來看，我們仍然預期同店患者每日收入將維持個位數低成長，不過我們現在預計會接近該範圍的下限。我們預計醫療補助補充淨支付額將達到我們先前估計的 3,000 萬至 4,000 萬美元的高端，這反映了第三季已批准專案的付款情況。我們現在預計調整後每股收益為 2.35 美元至 2.45 美元，而先前預期的範圍為 2.45 美元至 2.65 美元，這與修訂後的調整後 EBITDA 範圍的動態類似。

As Chris mentioned, we're tracking several supplemental payment programs that currently are awaiting CMS approvals. These payments could provide up to $22 million of additional adjusted EBITDA that is not included in our 2025 outlook given the uncertainty surrounding their timing and magnitude.

正如克里斯所提到的，我們正在追蹤幾個補充支付計劃，這些計劃目前正在等待 CMS 的批准。鑑於這些款項的支付時間和金額存在不確定性，因此這些款項可能帶來高達 2,200 萬美元的額外調整後 EBITDA，但這並未計入我們 2025 年的展望中。

I will now turn the call back over to Chris to provide some color on 2026.

現在我將把電話交還給克里斯，讓他為大家介紹一下 2026 年的情況。

While we will provide formal guidance on our earnings call in February, I did want to take this opportunity to provide some color on our financial expectations for 2026. Overall, we remain confident in the strategy we are executing across the company to provide strong clinical outcomes for our patients and the communities we serve. And we see the following headwinds and tailwinds as we enter 2026.

雖然我們將在 2 月的獲利電話會議上提供正式的業績指引，但我確實想藉此機會簡要介紹一下我們對 2026 年的財務預期。總體而言，我們對公司正在執行的策略仍然充滿信心，該策略旨在為我們的患者和我們服務的社區提供良好的臨床效果。進入 2026 年，我們將看到以下不利因素和有利因素。

On the positive side, key adjusted EBITDA tailwinds include: a reduction in start-up losses due to our more focused growth investments next year. Ramping contributions from the meaningful number of bed additions over the past several quarters, with 632 new beds entering the same facility calculation in the first quarter of 2026. And a modest EBITDA uplift from targeted facility closures.

正面的一面是，調整後 EBITDA 的主要利多因素包括：由於我們明年將更專注於成長投資，新創企業虧損將會減少。過去幾季床位數量的顯著增加，使得貢獻不斷增長，2026 年第一季將有 632 張新床位納入同一設施的計算。透過有針對性地關閉工廠，EBITDA 將略有提升。

These benefits will be partially offset by several headwinds, continued softness in acute care Medicaid volumes along with continued payer-related pressures, consistent with trends observed throughout 2025. Incremental cost pressure related to PLGL expenses. And the absence of the nonrecurring $28.5 million benefit from Tennessee's 2024 supplemental payment program, which was recorded in the second quarter of this year.

這些好處將被一些不利因素部分抵消，例如急性護理醫療補助業務量的持續疲軟以及支付方持續面臨的壓力，這與 2025 年全年觀察到的趨勢一致。與PLGL費用相關的增量成本壓力。此外，田納西州 2024 年補充支付計畫中 2,850 萬美元的非經常性收益也未計入，該收益已於今年第二季記錄在案。

We are also closely monitoring the reimbursement environment, which continues to evolve as government payers face significant cost pressures. We remain a committed partner to our payers, and we believe we can play a meaningful role in improving outcomes for the patients we serve.

我們也密切關注報銷環境，隨著政府支付面臨巨大的成本壓力，報銷環境也不斷變化。我們始終是支付方的忠實合作夥伴，我們相信我們能夠在改善我們所服務患者的治療效果方面發揮重要作用。

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

接下來，我們將開始接受提問。

[Operator Instructions] Your first question comes from the line of A.J. Rice, UBS.

[操作員說明] 您的第一個問題來自瑞銀集團的 A.J. Rice。

It sounds like the situation with the payers is still challenging. I want to just maybe if we can get a little more color on exactly what is happening there. This sounds like it's primarily in Medicaid, and it sounds like there's some denials and some challenges on getting referrals. Do you have a sense, is this specifically in the markets where you had some of this adverse publicity over the last year or so? Or is it across the board? Is it -- and the denials, are those tending to happen after you've treated the patient, or is it a denial of extra days of stay? Maybe just flesh out a little more of what you're seeing. And has it indeed gotten worse over the last quarter or 2?

聽起來付款方的情況仍然很棘手。我想了解那裡究竟發生了什麼，希望能有更詳細的資訊。聽起來這主要涉及醫療補助計劃，而且似乎存在一些拒付和轉診方面的困難。您是否感覺，這種情況是否特別出現在您過去一年左右遭遇過一些負面新聞報道的市場中？還是普遍現象？是嗎？ ——而且，這些拒絕通常是在治療病人之後發生的，還是拒絕延長住院天數？或許可以再詳細描述你所看到的內容。過去一、兩個季度情況真的惡化了嗎？

Great. Thank you for the question, A.J. This is Chris. I'll go ahead and take that. I would say, first of all, we know that we can be a highly critical partner to these payers that are clearly under significant cost pressure, I think, particularly on the Medicaid side. And we're doing that by delivering really high-quality, evidence-based care with better outcomes, which they need.

偉大的。謝謝你的提問，A.J.。我是克里斯。我這就去拿。首先，我想說，我們知道我們可以成為這些支付方的重要合作夥伴，這些支付方顯然面臨巨大的成本壓力，我認為，尤其是在醫療補助方面。我們正在透過提供真正高品質、實證的醫療服務，並取得更好的治療效果，來實現他們所需要的目標。

That said, we are seeing some, what I would call, payer friction, manifest across both rate dynamics and volume. And while it's not universal, it's more concentrated, we would say in certain areas, particularly in Medicaid. So on the volume side, the most notable pressure has been around length of stay, where we've observed a more frequent utilization review, especially from Medicaid managed care plans, which are increasingly scrutinizing discharge criteria. And let's say this is a trend that we're seeing across the industry, but the impact, to your question, is just most pronounced in Medicaid-heavy markets.

也就是說，我們看到一些我稱之為支付方摩擦的現象，這些現像在費率動態和交易量方面都有所體現。雖然這種情況並不普遍，但在某些地區，尤其是在醫療補助計劃中，這種情況更為集中。因此，在數量方面，最顯著的壓力體現在住院時長上，我們觀察到使用情況審查更加頻繁，尤其是來自醫療補助管理式醫療計劃的審查，這些計劃越來越嚴格地審查出院標準。假設這是我們在整個行業中看到的趨勢，但就你的問題而言，其影響在醫療補助計劃覆蓋率高的市場最為明顯。

On the rate side, we're seeing some incremental pressure as we've moved through Q3 and into Q4. Many of our recent negotiations have resulted in low to mid-single-digit rate increases, but -- which is pretty consistent with our historical norms. But there's definitely a handful of states and payers where rate updates have been a little bit more challenging. And we're trying to approach those situations very constructively and remain highly focused on aligning around value and outcomes, which I think we're continuing to have some real success with.

從利率方面來看，隨著第三季進入第四季度，我們看到利率面臨一些逐步上升的壓力。我們最近的許多談判都導致了個位數低到中等的利率成長，但這與我們的歷史慣例相當一致。但確實有一些州和付款方的費率更新更具挑戰性。我們正努力以非常建設性的方式處理這些情況，並始終高度專注於圍繞價值和結果達成一致，我認為我們在這方面繼續取得了一些真正的成功。

I think just to your question on adverse media, we really are not seeing that. And I would not use that as a factor at all. On the bad debt front, the pressure that we're seeing is primarily driven by reimbursement for fewer days than maybe the full length of care that we've provided. And this can happen during a patient's stay or even post discharge, where a payer can determine that a portion of this data doesn't meet criteria for coverage. And so that would flow through as a denial expense. So thank you for the question. I hope that helps.

關於你提到的負面媒體報道問題，我認為我們目前還沒有看到這種情況。我完全不會把這一點當作考慮因素。在壞帳方面，我們看到的壓力主要源自於報銷天數少於我們實際提供的照護天數。這種情況可能發生在患者住院期間，甚至出院後，支付方可能會認定部分數據不符合承保標準。因此，這筆費用將作為拒付支出計入。謝謝你的提問。希望對您有幫助。

Your next question comes from the line of Pito Chickering, Deutsche Bank.

你的下一個問題來自德意志銀行的皮托·奇克林。

I guess the biggest question I've been getting sort of all night this morning is just thinking about fourth quarter as a run rate as we sort of think about sort of 2026, so -- just as a launch pad. So how should we be thinking about sort of the durability of these bad debt, sort of denials, pressure on length of stay and professional liability that we're seeing in the fourth quarter as we [indiscernible] for 2026? Should these be durable? Are these going to be more onetimers? Just any color on the durability of those headwinds.

我想，今天早上我被問到最多的問題就是，當我們展望 2026 年時，如何看待第四季度的運作率，以及它如何作為一個啟動平台。那麼，我們應該如何看待我們在第四季度看到的這些壞帳的持久性、拒付情況、停留時間壓力以及職業責任問題，以及我們對 2026 年的預期呢？這些產品應該耐用嗎？這些都是一次性交易嗎？任何顏色都無法完全解釋逆風的持久性。

Peter, it's Todd. Thanks for the question. Let me step back a little bit on just -- Q4 just seasonally is our slowest quarter of the year. So we wouldn't want folks to run-rate volumes based off the Q4 reality just given the nature of how our services get used. There are a few items that aren't going to repeat at the same level going forward. As we called out, we've added a lot of beds in Q3, adding less here in Q4. So start-up losses are going to get to the high end of the year here in Q4, $18 million to $20 million based off our $60 million to $65 million full year guidance.

彼得，我是托德。謝謝你的提問。讓我稍微回顧一下——第四季通常是我們一年中最淡的季度。因此，考慮到我們服務的使用方式，我們不希望人們僅根據第四季度的實際情況來制定運行量。有些項目未來不會再以同樣的水平重複出現。正如我們之前提到的，我們在第三季增加了許多床位，第四季增加的床位會減少。因此，根據我們全年 6,000 萬至 6,500 萬美元的預期，第四季新創企業的虧損將達到今年的上限，為 1,800 萬至 2,000 萬美元。

So that will step down in 2026. As we mentioned, it'll step down even more in 2027 just given the number of beds we brought on this year and the ramping of those facilities. There's also some closure costs here in Q4 that won't repeat, in the low single-digit millions.

所以這項職能將於2026年逐步取消。正如我們之前提到的，考慮到今年新增的床位數量以及這些設施的擴容，到 2027 年，床位佔用率還會進一步下降。第四季還有一些不會再發生的關店成本，金額在幾百萬美元左右。

And then as you called out, the professional and legal insurance cost we're really happy with the investments we've made on quality and how that's going to continue to improve our overall clinical results. We've talked with that -- with our insurance carriers, and they understand it. But there's still just this industry-wide pressure, and that's why we've added this incremental expense expectation into Q4. So again, as Chris called out, there's a number of tailwinds for next year.

正如您所指出的，專業和法律保險費用，我們對在品質方面所做的投資感到非常滿意，並且這些投資將如何繼續改善我們的整體臨床結果。我們已經和保險公司溝通過了，他們也理解。但產業整體仍面臨這種壓力，因此我們在第四季增加了這筆新增支出預期。正如克里斯所指出的，明年有很多利多因素。

And then the other big one that's in play is we've got up to $22 million of EBITDA contribution from supplemental payments that are under review at CMS. Clearly, the government shutdown is having an impact on the timing of those, and that may fall into Q4 or it could be falling into next year. So overall, I wouldn't just run-rate Q4. That would be overly conservative as we continue to have the seasonally low quarter for the year.

另一個正在發揮作用的大問題是，我們有高達 2,200 萬美元的 EBITDA 貢獻來自補充付款，這些付款正在接受 CMS 的審查。顯然，政府停擺對這些事情的進度產生了影響，可能會推遲到第四季度，也可能推遲到明年。所以總的來說，我不會只關注第四季的運行速度。考慮到我們目前仍處於一年中的季節性低迷季度，這樣的預測過於保守。

Great. And then a quick follow-up. Just looking at the DSOs, which spiked in the quarter, just curious to what led to that increase. And as you're looking at your change in denials and bad debt, is there any concern about collecting some of the AR that you booked this quarter?

偉大的。然後是一個簡短的後續問題。僅查看了應收帳款週轉天數（DSO），該數據在本季度出現了飆升，我很好奇是什麼導致了這種增長。當您查看拒付和壞帳變更情況時，您是否擔心本季已確認的部分應收帳款的收回問題？

Yes, it's the right focus. Those are what's driving out the DSO. We've also got some slower payments from some federal plans that we do expect to collect. But overall, the team is doing a great job of following up and really working to make sure we collect all the payments that are due to us.

是的，這是正確的關注點。正是這些因素導致DSO退出市場。我們還有一些來自聯邦計劃的款項支付速度較慢，但我們預計會收到這些款項。但總的來說，團隊在跟進和確保我們收到所有應收款項方面做得非常出色。

Your next question comes from the line of Brian Tanquilut, Jefferies.

你的下一個問題來自傑富瑞集團的布萊恩·坦奎魯特。

Chris, maybe as I think about the CapEx commentary in your release, that you're reducing CapEx by $300 million next year and you're looking at 500 to 700 beds. Just trying to reconcile, what does that mean from a dollar CapEx perspective when you're still opening 500 to 700 beds? Or maybe the opposite way of thinking about it, were you essentially planning like 1,200 by reducing $300 million of CapEx? So just curious how we should be thinking about the cash flow outlook for next year.

克里斯，也許我在思考你新聞稿中關於資本支出的評論，你提到明年將減少 3 億美元的資本支出，並且你正在考慮 500 到 700 張床位。我只是想弄清楚，從資本支出（美元）的角度來看，當你仍然要開設 500 到 700 張床位時，這意味著什麼？或者反過來想，你是不是透過減少 3 億美元的資本支出，來計劃建造 1200 座這樣的建築？所以，我很好奇我們應該如何看待明年的現金流前景。

Yes. Let me start and see if Todd wants to chime in, but thank you for the question, Brian. I would say going back to the visibility that we provided at the end of September, the Jefferies Conference, we did make the decision to reduce '26 CapEx by at least $300 million. And that was a very deliberate shift towards more disciplined growth and capital efficiency, and it was informed by a comprehensive, literally facility-by-facility review of everything in our development pipeline, taking into account volume trends, reimbursement dynamics, really a number of factors across the board.

是的。我先來，看看托德有沒有什麼想補充的，但謝謝你的提問，布萊恩。我想說，回顧我們在 9 月底的傑富瑞會議上所展現的前景，我們確實決定將 2026 年的資本支出減少至少 3 億美元。這是朝著更加有紀律的增長和資本效率而做出的深思熟慮的轉變，其依據是對我們開發計劃中所有項目進行全面、逐個設施的審查，並考慮了銷量趨勢、報銷動態以及各方面的諸多因素。

And so we will be opening multiple large acute care facilities in 2026. And actually, the majority of the capital spend associated with those facilities has already been spent in '25. So on average, we're going to end the year around 85% complete from a development standpoint in '25, which really allows us to have a meaningful step down in capital spend in '26.

因此，我們將在 2026 年開設多家大型急診機構。事實上，與這些設施相關的絕大部分資本支出已在 2025 年支出完成。因此，平均而言，從開發的角度來看，到 2025 年年底，我們將完成約 85% 的工作，這確實使我們能夠在 2026 年大幅減少資本支出。

I think one other thing I would just point out, as part of the review, we did pause a combination of new facility developments and expansion projects that just did not meet our threshold for return or strategic fit. And we're just really concentrating on -- all of our resources on markets with strong demand fundamentals, really strong reimbursement. And we expect this emphasis moving forward on both margin expansion, but also free cash flow generation as we head into '26 to be the real focus. So I hope that answers your question.

我想指出的另一點是，作為審查的一部分，我們暫停了一些新設施開發和擴建項目，因為這些項目未能達到我們的回報或策略契合度標準。我們現在正集中所有資源，專注於那些需求基本面強勁、報銷機制非常完善的市場。我們預計，展望 2026 年，利潤率擴張和自由現金流的產生將成為真正的重點。希望這能解答你的疑問。

Yes, Brian, just to weigh in on the numbers. Our new guide here is $610 million to $630 million for CapEx in 2025, and then dropping that by more than $300 million in '26.

是的，布萊恩，我只是想補充這些數據。我們新的指導方針是，2025 年資本支出為 6.1 億美元至 6.3 億美元，然後在 2026 年減少 3 億美元以上。

Your next question comes from the line of Whit Mayo, Leerink Partners.

你的下一個問題來自 Leerink Partners 的 Whit Mayo。

Maybe just a follow-up on that. For the de novos that you're pausing, and it sounds like the returns aren't that good, I mean, can you and would you walk away from those? Or do you have contractual obligations to see those projects through?

或許可以就此做個後續說明。對於你暫停的那些新項目，聽起來回報並不好，我的意思是，你能放棄這些項目嗎？你會放棄嗎？或者，您是否負有完成這些項目的合約義務？

And if you could comment on CapEx for 2027. And then also given the opening of these facilities in '26, how much will D&A be going up year-over-year?

如果您能對 2027 年的資本支出發表一些看法就更好了。此外，考慮到這些設施將於 2026 年投入使用，D&A 的年增長率會是多少？

Yes. This is Chris. Thanks for the question. Why don't I just go ahead and start on that? I would say for the joint ventures that we've done, I mean, these are contractual obligations, and we would not walk away from those. There are situations across the board, including de novos that we have done, where we have either purchased land or we have not launched construction, and those were relatively easy decisions in markets where we didn't think there was favorable reimbursement over time or we just -- or one of the criteria just didn't make sense as we looked at everything in totality.

是的。這是克里斯。謝謝你的提問。我為什麼不直接開始做這件事呢？就我們所進行的合資項目而言，我的意思是，這些都是合約義務，我們不會違背這些義務。在各種情況下，包括我們新建的項目，我們要么購買了土地，要么沒有開始建造。在那些我們認為隨著時間的推移沒有有利的回報，或者我們只是——或者當我們全面考慮所有因素時，某個標準根本不合理的情況下，這些都是相對容易做出的決定。

So we're going to continue to be very aggressive there on all fronts. But just joint ventures is going to continue to be a strong use of capital and really a strategic imperative for us to grow the business. Todd, do you want to take the...

因此，我們將繼續在各個方面採取非常積極的策略。但合資企業仍將是資本的重要用途，也是我們發展業務的真正策略要務。托德，你想坐…

Yes. We'll obviously get to '27 later on as we exit '25 here. I'm not going to comment on the depreciation and whatnot as I'm digging in to everything from a budget and expectations for next year. I will say, we would expect CapEx in '27 to continue to be lower than in '26. As we've commented that in '27, we'd expect to bring on 150 to 250 beds versus the 500 to 700 that we'd bring on in '26.

是的。我們稍後肯定會講到“27”，因為我們現在要結束“25”這個數字了。我不打算對折舊之類的事情發表評論，因為我正在深入研究明年的預算和預期等所有事項。我想說的是，我們預期 2027 年的資本支出將持續低於 2026 年。正如我們之前所說，2027 年我們預計將新增 150 至 250 張床位，而 2026 年我們預計將新增 500 至 700 張床位。

Your next question comes from the line of Ryan Langston, TD Cowen.

你的下一個問題來自 TD Cowen 的 Ryan Langston。

On the legal expense, around $40 million this quarter. Certainly, I know you expect it to come down as we move through the next few quarters, and it came down from the second quarter. But should we sort of expect that to be sort of a gradual ramp down or maybe more of a material step down in the near term?

本季法律費用約 4000 萬美元。當然，我知道你們期望它在接下來的幾個季度會下降，而且它從第二季開始就下降了。但我們是否應該預期這會是一個逐漸放緩的過程，或是在短期內會出現實質的下降？

Yes. Thanks for the question. Legal expenses in Q3 did step down about 28% from the prior quarter. So we do continue to expect another material step-down in spend as the majority of the work that we've been doing with respect to ongoing litigation and some of these government investigations was completed in Q2 and ended in Q3. So it's something that we're obviously super focused on. But we do think that we've hit the high watermark and you're going to see a consistent step down from here.

是的。謝謝你的提問。第三季的法律費用比上一季下降了約 28%。因此，我們仍然預計支出將進一步大幅下降，因為我們一直在進行的訴訟和一些政府調查的大部分工作已在第二季完成，並在第三季結束。所以，這顯然是我們非常關注的事情。但我們認為我們已經達到了巔峰，接下來你會看到穩定下滑。

Your next question comes from the line of Jason Cassorla, Guggenheim.

你的下一個問題來自古根漢美術館的傑森·卡索拉。

Great. Maybe can you just give us a sense of the runout costs for the 5 facility closures as we think about 2026? I know it sounds like you're anticipating some EBITDA uplift from the closures on a year-over-year basis. But maybe also just triangulate what the EBITDA headwind from those facilities were this year.

偉大的。或許您能簡要介紹一下，考慮到 2026 年的情況，關閉這 5 家工廠的最終成本是多少？我知道這聽起來像是您預期關閉這些門市後，EBITDA 將比去年同期有所提升。但或許還可以透過三角測量法來估算今年這些設施對 EBITDA 造成的負面影響。

And maybe broadly, just a follow-up on that. As you look at your facility footprint, can you talk about the balance of further facility closures or how you're weighing that against any divestiture opportunity at this juncture?

或許更廣泛地說，這只是那件事的後續跟進。在您審視公司設施佈局時，能否談談進一步關閉設施的利弊，或者您目前是如何權衡關閉設施與任何資產剝離機會的？

Jason, thanks for the question. I mean the -- we have had expenses from the closure side with some runout costs. We expect that to flip into kind of a mid-single digit tailwind in 2026. Overall we continue to look at the footprint. We will continue to do that. But overall, we've got a number of facilities, and we've ring-fenced this down to 5 to 7 that we've been talking about, that we're continuing to see improvements on and green shoots, but we're going to take a stringent lens to make sure we're getting the right return on those as we go forward. As Chris mentioned in the prepared remarks, that's one of the things I'm turning to, once we get through the earnings, is looking at the returns on the facilities across the footprint.

傑森，謝謝你的提問。我的意思是──我們因為關店事宜產生了一些費用，還有一些後續的清理成本。我們預計到 2026 年，這種情況將轉變為中等個位數的順風。總體而言，我們將繼續關注足跡。我們將繼續這樣做。但總的來說，我們有很多設施，我們已經篩選出 5 到 7 個我們一直在討論的設施，我們不斷看到這些設施有所改進並呈現出良好的發展勢頭，但我們將採取嚴格的審查，以確保我們在未來能夠從這些設施中獲得正確的回報。正如克里斯在準備好的演講稿中提到的那樣，一旦我們完成了收益分析，我接下來要關注的事情之一就是整個業務範圍內的設施回報。

Overall the team has done a great job of already having done that work and concluding. And we've got these that we've closed this year. And we're not looking to see significant closures going forward. That being said, we'll be rigorous in our evaluation, and if that makes the right thing to do from a return on capital, then we'll make those tough calls.

總的來說，團隊在完成這項工作和最終成果方面做得非常出色。我們今年已經關閉了這些項目。我們預計未來不會出現大規模的關店潮。話雖如此，我們會進行嚴格的評估，如果從資本回報的角度來看，這樣做是正確的，那麼我們就會做出這些艱難的決定。

Maybe one thing I would just add is -- to answer your question just on the select asset sales. We have been very successful in generating cash and doing that, and we'll continue to look for opportunities just on that front. Even considering land, but also, in the event that it makes sense and there's greater value creation, selling a license along with the underlying real estate. That's something that we're always considering as well, anything to maximize value.

我可能還要補充一點——僅回答您關於特定資產出售的問題。我們在創造現金流方面取得了巨大的成功，我們將繼續在這方面尋找機會。即使考慮土地，而且如果這樣做有意義並且能創造更大的價值，也可以將許可證連同相關的房地產一起出售。這也是我們一直在考慮的事情，任何能最大化價值的事情我們都會去做。

Your next question comes from the line of Andrew Mok, Barclays.

你的下一個問題來自巴克萊銀行的 Andrew Mok。

You noted 3Q EBITDA came in $5 million below internal expectations, which implies a $28 million cut to fourth quarter EBITDA. Outside of the $5 million professional liability, can you help break apart the headwind on the remaining $23 million between payer issues and bad debt?

您指出第三季 EBITDA 比內部預期低 500 萬美元，這意味著第四季 EBITDA 將減少 2,800 萬美元。除了 500 萬美元的專業責任險之外，您能否協助解決剩餘 2,300 萬美元的付款問題和壞帳問題？

And secondly, given the mounting pressures building into year-end, do you think you're in a position where you can grow earnings next year?

其次，考慮到年底臨近，各種壓力不斷增加，您認為明年您有能力實現獲利成長嗎？

With respect to the bridge to Q4, it's split pretty evenly between the rate side with bad debt and some of the challenges we've seen on rates, as well as in the volume declines that we called out at the Jefferies Conference that are then continuing into Q4, plus the PLGL expense that you noted.

至於第四季的過渡期，它大致分為利率方面（包括壞帳和我們在利率方面看到的一些挑戰，以及我們在傑富瑞會議上提到的交易量下降，這種情況一直持續到第四季度），再加上您提到的PLGL支出。

As we look, I'm digging in on the business, trying to get my full understanding. We called out a lot of the tailwinds we have going into '26 with all the bed additions and the ramping and execution of the facilities we brought online. There's obviously some headwinds as there always are. But we look forward to giving full guidance on in February, but we're excited and do believe that this is going to be a growing business as we move into '26 and '27 overall.

我正在深入研究這項業務，力求全面了解它。我們列舉了我們在 2026 年面臨的許多有利因素，包括床位增加、設施的擴建和投入使用。當然，總是會遇到一些阻力。但我們期待在二月份給出完整的指導意見，我們感到興奮，並相信隨著我們進入 2026 年和 2027 年，這將是一項不斷增長的業務。

Your next question comes from the line of Matthew Gillmor, KeyBanc.

你的下一個問題來自 KeyBanc 的 Matthew Gillmor。

For the $22 million in Medicaid supplemental benefits that could come through for '25, can you give us a sense for what the annualized benefit would be into '26? And just give us a sense for the key states that are underneath that $22 million.

對於 2025 年可能到位的 2,200 萬美元醫療補助補充福利，您能否大致估算一下到 2026 年的年度福利是多少？請您簡要介紹這 2,200 萬美元涉及的關鍵州。

Yes, I think the 1 key state there is Florida. We've got 3 others that are in the mix that we're also working through. Certainly, the $22 million would be an incremental here in Q4, and it would provide a pretty nice incremental run rate going forward. But we're not getting into the specifics of those at this time with the '26guidance to come in February.

是的，我認為關鍵的州是佛羅裡達州。我們還有另外 3 個候選方案正在考慮中。當然，這 2,200 萬美元將是第四季度的新增收入，並將在未來提供相當可觀的增量成長率。但我們目前不會深入探討這些細節，2026 年的指導方針將於 2 月發布。

Your final question comes from the line of Joanna Gajuk, Bank of America.

你的最後一個問題來自美國銀行的 Joanna Gajuk。

So I guess most of the questions were answered here. But just coming back to -- I know you don't want to give us specific numbers for '26 and you said Q4 not a good kind of starting point thinking about into the next year. Is a better starting point of, say, second half, third quarter and Q4, and then adjust for start-up losses and some of these other items maybe? So is that a better way to think about next year?

所以我想大部分問題都在這裡得到了解答。但回到正題——我知道你不想給我們 2026 年的具體數字，而且你也說過，第四季並不是考慮明年發展的好起點。或許更好的起點是下半年、第三季和第四季度，然後再根據開工損失和其他一些因素進行調整？那麼，這樣思考明年是不是更好呢？

Joanna, there's a lot of moving pieces in the business, and we will get into greater detail with full guidance in February. I think we are excited about all the new beds going on, the ramping. The team is really focused on continuing to get the most out of every one of our facilities. Excited by the growth in the CTC business as we've added more opportunities to treat patients there in a really high demand space.

喬安娜，這個行業涉及很多方面，我們將在二月提供更詳細的指導。我認為我們對所有新增床位和坡道建設感到興奮。團隊真正專注於繼續充分利用我們每一個設施。CTC業務的成長令人振奮，因為我們增加了更多在需求量大的領域治療患者的機會。

And all of these things are items that are still coming together. We're in rate negotiations with a number of states. And we're looking to get the government back reopened. That will also be a helpful item with respect to supplemental payments as well as continued work on some of the federal programs.

所有這些事物都還在逐步融合之中。我們正在與多個州進行費率談判。我們希望政府能夠重新開放。這對於補充付款以及一些聯邦計畫的持續進行也將有所幫助。

That being said, there are risks out there of different states and the like that we're making sure we're capturing appropriately so that as we give guidance going forward, it's very well informed with our expectations for our business. So I'll leave it at that with a big picture and turn it over to Chris.

話雖如此，不同州的情況等等都存在風險，我們正在確保適當地捕捉這些風險，以便在我們未來提供指導時，能夠充分考慮​​我們對業務的預期。我先說到這裡，給大家一個大致的概括，然後把麥克風交給克里斯。

Yes. I would just add that we really do look forward to working constructively with payers. I think we have made so many investments on the quality front and have very, very strong clinical health outcomes that I began to allude to in my prepared remarks. We look forward to sharing more of that. But I think that data is going to be extremely relevant for payers here going forward, and we really look forward to partnering with them to make that happen.

是的。我還要補充一點，我們非常期待與付款方進行建設性合作。我認為我們在品質方面投入了大量資金，並取得了非常非常顯著的臨床健康成果，我在事先準備好的演講稿中也提到了這一點。我們期待與大家分享更多內容。但我認為，這些數據對於未來的支付方來說將極為重要，我們非常期待與他們合作，實現這一目標。

And I think just one other thing I would point out is that when you just look at the way we're launching into Q1, 632 new beds will be entering the new store, new same-store calculation, in the first quarter of the year. And again, I think that just sets us up so well to partner closely with the payers moving forward. Thank you.

我想指出的另一點是，看看我們第一季的開局，今年第一季將有 632 張新床進入新店，新的同店銷售計算。而且，我認為這為我們今後與支付方密切合作奠定了良好的基礎。謝謝。

This concludes today's question-and-answer session. I would now like to turn it over to Chris Hunter for closing remarks.

今天的問答環節到此結束。現在我謹將發言權交給克里斯‧亨特，請他作總結發言。

Thank you. In closing, I just want to thank once more our committed facility leaders, clinicians and nearly 26,000 dedicated employees across the country who have continued to work tirelessly to meet the needs of our patients in a safe and effective manner. As the leading pure-play behavioral health provider in the U.S., we continue to be so proud of the important work that we're doing every day to address a critical societal need in our nation, and we remain focused on our purpose to lead care with light.

謝謝。最後，我要再次感謝我們敬業的機構領導、臨床醫生以及遍布全國的近 26,000 名敬業的員工，他們一直不懈努力，以安全有效的方式滿足我們患者的需求。作為美國領先的純粹行為健康服務提供者，我們每天都在為解決我們國家一項重要的社會需求而努力，我們為此感到無比自豪，並且我們將繼續專注於我們的宗旨，引領以光明為導向的醫療保健。

Thank you all for being with us this morning and for your interest in Acadia. Have a great day.

感謝各位今天上午蒞臨現場，也感謝各位對阿卡迪亞大學的關注。祝你有美好的一天。

This concludes today's call. You may disconnect.

今天的電話會議到此結束。您可以斷開連線。