Acadia Healthcare Company Inc (ACHC) 2025 Q4 法說會逐字稿

Good day, and welcome to the Acadia Healthcare's fourth-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Patrick Feeley, Senior Vice President, Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Acadia Healthcare 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我謹將會議交給資深副總裁兼投資人關係主管派崔克‧費利先生。請繼續，先生。

Thank you, and good morning. This morning, we issued a press release announcing our fourth-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 Debbie Osteen, Chief Executive Officer; and Todd Young, Chief Financial Officer.

謝謝，早安。今天上午，我們發布新聞稿，公佈了 2025 年第四季財務業績。這份新聞稿可在 acadiahealthcare.com 網站的投資者關係部分找到。今天和我一起討論業績的有執行長黛比·奧斯汀和財務長托德·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 2026 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 fourth-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 2026 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許多重要因素的影響，這些因素已在 Acadia 向美國證券交易委員會提交的文件和公司第四季度新聞稿中列出，因此，實際營運和結果可能與前瞻性聲明中討論的結果存在重大差異。

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

現在，我想把電話會議交給黛比。

Good morning, everyone, and thank you for joining us. I'm pleased to be with you today on my first earnings call since returning as CEO. I want to begin by recognizing our clinicians and employees across the country. The work you do every day makes a meaningful difference for patients, families, and communities, and I am grateful for your dedication. I also want to thank our leadership team, partners, and Board for their support during this transition. Our mission remains unchanged, and my focus is on stability, execution, and clear communication.

各位早安，感謝各位的參與。很高興今天能和大家一起參加我重返CEO職位後的首次財報電話會議。首先，我要感謝全國各地的臨床醫生和員工。你每天所做的工作對病人、家屬和社區都產生了意義深遠的影響，我感謝你的奉獻。我還要感謝我們的領導團隊、合作夥伴和董事會在此次過渡期間給予的支持。我們的使命保持不變，我的工作重點是穩定、執行和清晰的溝通。

Since returning, I've spent time assessing the current operations at Acadia. I know this industry. I know many of our teams and I understand what drives quality and performance in behavioral healthcare. My approach is grounded in focus and accountability. I am committed to supporting our teams in the field to drive strong fundamentals and consistent execution across the organization.

回來之後，我花了一些時間評估阿卡迪亞目前的營運情況。我了解這個行業。我認識我們很多團隊，也了解行為醫療保健領域品質和績效的驅動因素。我的方法以專注和責任為基礎。我致力於支持我們的第一線團隊，以推動整個組織建立穩固的基本面和持續的執行力。

With that context, I want to briefly reflect on the leadership transition and how I'm approaching this role. My intention is to bring steady leadership, reinforce operational discipline, and help position the company for success in both the near term and the long term. I have great confidence in our teams and in the long-term direction of the company. And I am fully committed to supporting Acadia through this next phase of improvement.

基於上述背景，我想簡要地談談領導層過渡以及我如何應對這一角色。我的目標是帶來穩定的領導，加強營運紀律，幫助公司在短期和長期內取得成功。我對我們的團隊和公司的長遠發展方向充滿信心。我將全力支持阿卡迪亞進入下一個改進階段。

Let me now outline the most important priorities that are guiding our work. The first area of focus is the quality of management at all levels. I believe that performance in our business starts with having the right people in the right positions, both at corporate and in the field. I'm reviewing leadership depth and the layers of operational supervision with the goal of ensuring our teams in the field are supported.

現在讓我概述一下指導我們工作的最重要的優先事項。首要關注領域是各級管理品質。我認為，我們業務的成功始於讓合適的人在合適的職位上，無論是在公司總部還是在一線崗位上。我正在審查領導層深度和營運監督層級，目的是確保我們的第一線團隊得到支援。

We are returning to fundamentals. This includes a tighter operating focus and faster escalation when issues arise. Many operational misses result from missed details rather than flawed strategy. The need for behavioral health services remains strong. Our focus is on ensuring we consistently meet that need.

我們正在回歸基本原則。這包括更嚴格的營運管理以及在出現問題時更快地升級處理。許多操作失誤是由於忽略細節而非戰略缺陷造成的。對心理健康服務的需求依然強勁。我們的重點是確保我們始終滿足這項需求。

We will continue to maintain strong relationships with our partners, aligned staffing, and provider coverage with patient needs, and remove internal barriers that slow problem solving. Our priorities translate directly into what we need to achieve at the facility level.

我們將繼續與合作夥伴保持緊密的合作關係，確保人員配備和醫療服務覆蓋範圍與患者需求相匹配，並消除阻礙問題解決的內部障礙。我們的工作重點直接轉化為我們在設施層面需要達成的目標。

Some of our newer facilities have not ramped as quickly as expected. There is no single cause. We are evaluating each facility individually and we will be building a clear, standardized approach to our new hospital openings. We are focused on the 2026 openings and have adjusted our planning process to ensure successful execution.

我們的一些新建設施的產能提升速度並未達到預期。這並非單一原因造成的。我們正在對每家醫院進行單獨評估，並將為新醫院的開設制定清晰、標準化的方法。我們專注於 2026 年的開業計劃，並已調整了規劃流程，以確保順利執行。

Alongside this work, we continued to expand our presence through joint ventures with leading health systems. In 2025, we opened new joint venture facilities with Henry Ford in Michigan, Geisinger in Pennsylvania, Ascension in Texas, ECU Health in North Carolina, and Fairview in Minnesota. Each partnership is tailored to the needs of the local system and community. And we work closely with our partners to ensure alignment of mission, priorities, and values.

同時，我們也透過與領先的醫療系統成立合資企業，不斷擴大我們的業務範圍。2025年，我們與密西根州的亨利福特醫療集團、賓州的蓋辛格醫療集團、德州的阿森納松醫療集團、北卡羅來納州的ECU Health醫療集團以及明尼蘇達州的費爾維尤醫療集團開設了新的合資企業。每項合作關係都是根據當地系統和社區的需求量身定制的。我們與合作夥伴緊密合作，確保使命、優先事項和價值觀的一致性。

We are excited about these opportunities to better serve the needs of the local community and advance our position as a leading provider of behavioral health services. As I look across the business, I am encouraged by the significant opportunity. The company has added more than 2,500 beds over the past three years. and is on track to add an additional 400 to 600 beds in 2026.

我們很高興有機會更好地服務當地社區的需求，並鞏固我們作為領先的行為健康服務提供者的地位。縱觀整個業務，我深受鼓舞，看到了巨大的發展機會。該公司在過去三年中增加了2500多張床位，並預計在2026年再增加400至600張床位。

After a period of record expansion, the priority now is to shift our focus toward operational excellence and execution. The environment is not without challenges, but there is a large opportunity to unlock the EBITDA and free cash flow potential within our existing facilities.

經過一段創紀錄的擴張期後，現在的重點是將重心轉移到卓越營運和執行力。雖然環境充滿挑戰，但我們現有設施蘊藏著巨大的機遇，可以釋放 EBITDA 和自由現金流的潛力。

Relative to the start-up losses included in our 2025 results, the incremental EBITDA opportunity represented by the new facilities opened from 2023 through 2026 exceeds $200 million. Given my history in this industry and with Acadia, I am confident that we are well positioned to deliver on this opportunity.

相對於我們 2025 年業績中包含的啟動虧損，2023 年至 2026 年新設施開放所帶來的增量 EBITDA 機會超過 2 億美元。鑑於我在這個行業以及在 Acadia 的工作經歷，我相信我們完全有能力抓住這個機會。

Our operational and clinical priorities also guide how we deploy capital. We intend to allocate capital with discipline. Each project must stand on its own merits, supported by clear market fundamentals and patient needs. In parallel, we are evaluating our service lines in a comprehensive manner, always with a focus on long-term value creation.

我們的營運和臨床重點也指導我們如何部署資金。我們將有條不紊地配置資本。每個項目都必須基於自身的優點，並以清晰的市場基本面和患者需求為支撐。同時，我們正在全面評估我們的服務線，始終以創造長期價值為重點。

At the same time, quality and patient safety are the foundation of everything we do. That's what drives our mission and our results. We keep it simple. We measure what matters. We look at it every day, and we act fast when something doesn't look right. Our quality dashboard gives leaders real-time visibility into more than 50 measures so we can spot issues early and share what's working across our facilities.

同時，品質和病人安全是我們一切工作的基石。這就是我們使命和成果的驅動力。我們力求簡單。我們衡量真正重要的指標。我們每天都會查看，一旦發現任何異常情況，我們會迅速採取行動。我們的品質儀錶板讓領導者能夠即時了解 50 多項指標，以便我們及早發現問題，並在我們各個工廠分享行之有效的做法。

And building on the data that was shared last quarter, we're expanding outcomes tracking across more programs in 2026, so we can be more transparent about patient progress over time. The early results are encouraging. And we began to share them on our website.

基於上個季度分享的數據，我們將在 2026 年將結果追蹤擴展到更多項目，以便我們能夠更透明地了解患者隨時間的進展。初步結果令人鼓舞。於是我們開始在我們的網站上分享它們。

The industry is also operating in a more active survey environment, and I'm pleased with how our teams have performed, including strong accreditation survey results. Surveyors are spending more time on units, talking with patients and directly observing care. And we welcome that accountability.

目前，業界的調查環境也更加活躍，我對我們團隊的表現感到滿意，包括取得了優異的認證調查結果。檢查人員在病房花費更多時間，與病人交談，並直接觀察護理狀況。我們歡迎這種問責制。

At the same time, we're moving faster on prevention. Because of the investments we've made in technology, we are able to identify patterns that may signal safety risk earlier so we can intervene sooner and prevent harm.

同時，我們在預防方面也加快了腳步。由於我們在技術方面進行的投資，我們能夠更早地識別可能預示安全風險的模式，以便我們能夠更早地介入並防止傷害。

Finally, regarding regulatory matters, we are cooperating fully. I will not comment on timing. My focus is on the recruitment and retention of highly qualified leadership and staff that deliver high-quality care to our patients. These are factors we control, and they are critical to reducing risk and maintaining consistency across the business.

最後，關於監理事宜，我們正全力配合。我不會對時間安排發表評論。我的工作重點是招募和留住高素質的領導和員工，為我們的患者提供高品質的照護。這些都是我們可以控制的因素，它們對於降低風險和維持業務的一致性至關重要。

As we look ahead, the operational priorities we have in place provide us with a solid foundation. We are aligning our teams, sharpening our focus and reinforcing the execution discipline to support more consistent results.

展望未來，我們已製定的營運重點為我們提供了堅實的基礎。我們正在調整團隊，明確地工作重點，並加強執行紀律，以取得更穩定的成果。

With that, I will turn it over to Todd to review the financial details and our expectations for the year.

接下來，我將把工作交給托德，讓他審查財務細節和我們對今年的預期。

Thanks, Debbie, and good morning, everyone. Turning to our fourth-quarter results. We reported revenue of $821.5 million, representing a 6.1% increase over the fourth quarter of last year. Adjusted EBITDA for the quarter was $99.8 million. Fourth-quarter results included a $52.7 million adjustment to the company's reserve for professional and general liability, in line with the updated guidance that was provided on December 2, 2025.

謝謝黛比，大家早安。接下來來看看我們第四季的業績。我們公佈的營收為 8.215 億美元，比去年第四季成長了 6.1%。本季調整後 EBITDA 為 9,980 萬美元。第四季結果包括對公司專業責任和一般責任準備金進行 5,270 萬美元的調整，這與 2025 年 12 月 2 日提供的最新指引一致。

For the full-year 2025, we generated revenue of $3.31 billion, an increase of 5% over the prior year and slightly above the upper end of our guidance range of $3.28 billion to $3.3 billion, a reflection of improved volume. Adjusted EBITDA was $608.9 million, near the upper end of our guidance range of $601 million to $611 million.

2025 年全年，我們實現了 33.1 億美元的收入，比上一年增長了 5%，略高於我們此前 32.8 億美元至 33 億美元的預期範圍上限，這反映出銷量有所提高。調整後 EBITDA 為 6.089 億美元，接近我們先前預測的 6.01 億美元至 6.11 億美元區間的上限。

In the fourth quarter, same-facility revenue grew 4.4% year-over-year, driven by a 1.3% increase in revenue per patient day and a 3.1% increase in patient days, an improvement over recent quarters. Included in fourth-quarter results was $12.8 million in start-up losses related to newly opened facilities compared to $11.2 million in the fourth quarter of 2024, and $3.6 million in net operating costs associated with closed facilities. On a same-facility basis, adjusted EBITDA was $152 million in the fourth quarter.

第四季度，同店營收年增 4.4%，這主要得益於每位患者每日收入增長 1.3% 以及患者住院天數增長 3.1%，較最近幾季度有所改善。第四季業績包括與新開工廠相關的 1,280 萬美元啟動虧損（2024 年第四季為 1,120 萬美元）以及與關閉工廠相關的 360 萬美元淨營運成本。以同店經營計算，第四季調整後的 EBITDA 為 1.52 億美元。

We invested $93 million in CapEx in Q4 and a total of $572 million for the full year of 2025, nearly $50 million favorable to our prior guidance. Costs related to managing the government investigation were $12 million in the fourth quarter, down 69% sequentially.

我們在第四季資本支出方面投資了 9,300 萬美元，到 2025 年全年總共投資了 5.72 億美元，比我們之前的預期高出近 5,000 萬美元。第四季與政府調查相關的管理費用為 1,200 萬美元，較上季下降 69%。

From a balance sheet perspective, we remain in a solid financial position. As of December 31, 2025, we had $133.2 million in cash and cash equivalents, and approximately $595 million available under our $1 billion revolving credit facility. Our net leverage ratio stood at approximately 4 times adjusted EBITDA.

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 12 月 31 日，我們擁有 1.332 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 5.95 億美元可用。我們的淨槓桿比率約為調整後 EBITDA 的 4 倍。

Moving to development activity. During the fourth quarter, we added 181 beds, including 144 beds from opening of a new joint venture facility in North Carolina. For the full-year 2025, we added 1,089 beds, exceeding the high end of our guidance range. This includes 778 beds from opening six new facilities.

進入研發階段。第四季度，我們新增了 181 張床位，其中包括北卡羅來納州一家新合資企業新增的 144 張床位。2025 年全年，我們新增了 1,089 張床位，超過了我們指導範圍的上限。這其中包括透過開設六家新設施新增的 778 張床位。

As previously discussed, over the course of 2025, we made the decision to close five facilities, including four specialty facilities and one acute care hospital. These closed facilities totaled 382 beds.

正如之前討論過的，在 2025 年，我們決定關閉五家機構，其中包括四家專科機構和一家急診醫院。這些關閉的設施共有 382 張床位。

Looking forward to 2026, we expect to add between 400 and 600 new beds primarily through the opening of new facilities nearing completion. This includes three facilities with joint venture partners, including new hospitals with Tufts Medicine, Methodist Health, and Orlando Health.

展望 2026 年，我們預計將新增 400 至 600 張床位，主要透過即將竣工的新設施的開放來實現。這其中包括與合資夥伴合作的三家機構，包括與塔夫茨醫學中心、衛理公會健康中心和奧蘭多健康中心合作新建的醫院。

During the fourth quarter, we also opened a new de novo in our CTC line of business, bringing the total to 15 new CTCs added to the full-year 2025. De novos and our CTC line of business continue to be capital-efficient way to expand our footprint into new markets that are underserved.

第四季度，我們也在 CTC 業務線開設了一家新的 de novo 公司，使 2025 年全年新增 CTC 總數達到 15 家。從零開始以及我們的 CTC 業務線仍然是我們以高效資本的方式將業務拓展到服務不足的新市場。

Turning to our 2026 outlook. We expect full-year 2026 revenue to be between $3.37 billion and $3.45 billion, and adjusted EBITDA of $575 million to $610 million. We expect adjusted EPS of $1.30 to $1.55. Full-year guidance includes the following assumptions: we anticipate full year same-facility volume growth between 0% and 1%.

接下來展望2026年。我們預計 2026 年全年營收將在 33.7 億美元至 34.5 億美元之間，調整後 EBITDA 將在 5.75 億美元至 6.1 億美元之間。我們預計調整後每股收益為 1.30 美元至 1.55 美元。全年業績指引包含以下假設：我們預期全年同店銷量成長在 0% 至 1% 之間。

This growth is driven by the incremental contribution from ramping beds, including approximately 630 beds that will be added to the same-store bucket in Q1. That is partially offset by an approximate 350-basis-point headwind to the same facility growth from changes in the New York Medicaid program, which I will discuss further in a moment.

這一增長是由床位增加帶來的增量貢獻所驅動的，其中包括第一季將在同一家商店增加的約 630 張床位。紐約州醫療補助計劃的變化為同一機構的成長帶來了約 350 個基點的不利影響，部分抵消了上述影響，我稍後會進一步討論這一點。

Moving to pricing. For the full year, we expect a 2% to 3% increase in same facility revenue per patient day. This includes a decrease in Medicaid supplemental payment revenue for the full-year 2026. As a reminder, our fiscal year 2025 results included a non-recurring $34 million revenue benefit from Tennessee's supplemental payment program, which was recorded in the second quarter of 2025.

接下來是定價環節。我們預計全年每位患者每日的同店收入將成長 2% 至 3%。這包括 2026 年全年醫療補助補充支付收入的減少。提醒一下，我們 2025 財年的業績包括來自田納西州補充支付計劃的 3,400 萬美元非經常性收入收益，該收益已在 2025 年第二季入帳。

We also expect to recognize $11 million of out-of-period supplemental payments in the first quarter of 2026. Guidance does not include any programs that have not yet been approved. We estimate certain programs currently awaiting regulatory approval, represent at least a $22 million EBITDA benefit if approved this year.

我們也預計將在 2026 年第一季確認 1,100 萬美元的非當期補充付款。本指南不包含任何尚未獲得批准的項目。我們估計，目前正在等待監管部門批准的某些項目，如果今年獲得批准，至少可以帶來 2,200 萬美元的 EBITDA 收益。

Start-up losses are expected in the range of $47 million to $53 million, compared to $56 million in the prior year. Guidance assumes start-up losses will be weighted or towards the early part of the year, with approximately 60% coming in the first half of the year. 2025 consolidated results include approximately $40 million of revenue from closed facilities. The closure of those facilities is expected to create an approximate $9 million tailwind to 2026 adjusted EBITDA.

預計新創企業虧損額在 4,700 萬美元至 5,300 萬美元之間，而前一年虧損額為 5,600 萬美元。該指引假設新案啟動虧損將集中在年初，約60%的虧損將在上半年發生。 2025年合併業績包含約4,000萬美元的已關閉設施收入。這些設施的關閉預計將為 2026 年調整後的 EBITDA 帶來約 900 萬美元的利多。

As we previewed in January, the State of New York has decided that it will no longer allow Medicaid patients to receive care in out-of-state facilities. We continue to estimate a $25 million to $30 million annual EBITDA impact. As a result of this change, we are consolidating our footprint in that market and have closed two leased specialty facilities. We are actively working to backfill the remaining occupancy in the market.

正如我們在 1 月預告的那樣，紐約州已決定不再允許 Medicaid 患者在州外機構接受治療。我們仍預計每年將產生 2500 萬至 3000 萬美元的 EBITDA 影響。由於這項變化，我們正在整合在該市場的業務，並已關閉了兩家租賃的專業設施。我們正在積極努力填補市場上的剩餘空置房源。

For 2026, PLGL expense is expected to range between $100 million and $110 million, in line with our prior guidance. We anticipate generating positive free cash flow this year as we expect to see CapEx decline to a range of $255 million to $280 million.

預計 2026 年 PLGL 支出將在 1 億美元至 1.1 億美元之間，與我們先前的預期一致。我們預計今年將產生正的自由現金流，因為我們預計資本支出將下降至 2.55 億美元至 2.8 億美元之間。

Moving to our outlook for the first quarter of 2026. Revenue is expected to fall between $820 million and $830 million. Adjusted EBITDA is expected to be between $130 million and $137 million. This outlook reflects the following assumptions: start-up losses of approximately $14 million, the recognition of $11 million in supplemental payments related to the prior year, and the impact from severe weather of approximately $3.7 million.

接下來，我們展望一下2026年第一季。預計營收將在 8.2 億美元至 8.3 億美元之間。調整後 EBITDA 預計在 1.3 億美元至 1.37 億美元之間。這項展望反映了以下假設：啟動虧損約 1,400 萬美元，確認與上一年相關的 1,100 萬美元補充付款，以及惡劣天氣造成的約 370 萬美元損失。

I will now turn the call back over to Debbie for closing remarks.

現在我將把電話轉回給黛比，請她作總結發言。

Thank you. As I look across the business, I am encouraged by the strength of demand and the need for our services as well as the significant opportunity across all of Acadia's service lines. Over the last several years, we have expanded our footprint to over 12,500 beds, taking care of 84,000 patients per day.

謝謝。縱觀整個業務，我深受鼓舞，因為市場對我們服務的強勁需求和必要性，以及 Acadia 所有服務領域的巨大機會都讓我感到振奮。在過去的幾年裡，我們的規模擴大到超過 12,500 張床位，每天照顧 84,000 名患者。

The focus now is on delivering quality care for patients and consistent operational performance. We have the right mission, the right markets, and the right foundation to deliver improved results. This work will take discipline and consistency.

現在的重點是為患者提供高品質的醫療服務，並維持穩定的營運績效。我們擁有正確的使命、正確的市場和正確的基礎，能夠取得更好的業績。這項工作需要自律和堅持。

We remain focused on providing care with the highest standard (technical difficulty) fortunate to have an experienced and dedicated team who provide quality patient care for those seeking treatment for mental health and substance use issues. I am confident in the value we can unlock through focused execution.

我們始終致力於提供最高標準的護理（技術難度），我們很幸運擁有一支經驗豐富、盡職盡責的團隊，為尋求心理健康和藥物濫用問題治療的人們提供高品質的患者護理。我相信，只要我們專注於執行，就能釋放出巨大的價值。

With that, we are ready to take your questions.

那麼，我們就可以回答你們的問題了。

(Operator Instructions) AJ Rice, UBS.

（操作說明）AJ Rice，瑞銀集團。

Welcome back to Debbie. First, I just wanted to ask, I know last year, the company had embarked upon a -- I think what was described as a value creation review with some outside advisers. That wasn't mentioned in the prepared remarks. I wondered, can you just update us on the status of that? Is that still ongoing? Or now that you're back, is that been put on hold?

歡迎黛比回來。首先，我想問一下，我知道去年公司開展了一項——我想當時稱之為價值創造審查——並聘請了一些外部顧問。事先準備好的發言稿中並沒有提到這一點。請問您可否告知我們此事的最新進展？這件事還在進行嗎？或者說，既然你回來了，那件事是不是被擱置了？

Thank you, AJ, for welcoming me back. It's not on hold. I think that what we are focused on right now is really what's in front of us, which is 2026 and making sure that we perform and that we're able to address some of the issues from last year in 2025. We're always looking for opportunities to create value. So that's really an ongoing process.

謝謝AJ歡迎我回來。並未暫停。我認為我們現在真正關注的是擺在我們面前的事情，也就是 2026 年，確保我們能夠取得好成績，並且能夠在 2025 年解決去年的一些問題。我們一直在尋找創造價值的機會。所以這確實是一個持續進行的過程。

We didn't mention it, but it's important that we look at short-term and long-term value. And so that's continuing. We are -- as I mentioned in the remarks, we are looking at our service lines to make sure they're aligned, that they will create the value that our shareholders expect. So I think there's more to come there. There is a real focus right now, though, on immediate progress. And then, as I said, looking at the long-term value as well.

我們沒有提到，但重要的是我們要考慮短期價值和長期價值。所以這種情況還在繼續。正如我在演講中提到的，我們正在審視我們的服務線，以確保它們協調一致，並能夠創造股東期望的價值。所以我覺得這方面還有後續發展。不過，目前的首要任務是取得立竿見影的進展。然後，正如我所說，還要考慮長期價值。

Okay. Great. And let me -- for my follow-up. Just as you had a chance, I know it's still early in your assessment of things. But I think we've always thought about this industry, at least in recent years, in a normal environment can generate low- to mid-single-digit organic volume growth, low- to mid-single-digit pricing gains. And then with the de novos, have some opportunity for margin improvement over time.

好的。偉大的。接下來，我想補充幾點。就像你還有機會一樣，我知道你現在對事情的評估還處於早期階段。但我認為我們一直認為，至少在近幾年，在正常的市場環境下，這個產業可以實現個位數低到中位數的有機銷售成長，以及個位數低到中位數的價格成長。然後，對於新成立的公司來說，隨著時間的推移，它們有機會提高利潤率。

Is there anything you're seeing? I know there's noise in what's been happening in the last 18 months. But as you come out the other end of this, and this year is probably getting back to normalcy year, is there any reason to think that that growth algorithm is different as you reassess the landscape?

你看到什麼了嗎？我知道過去 18 個月發生的事情有很多爭議。但隨著疫情逐漸過去，今年可能恢復正常，當你重新評估情勢時，是否有理由認為成長演算法會有所不同？

No, I don't think it's different, AJ. I do think the demand continues to be very strong. And I certainly don't see anything that would impact that either short term or long term.

不，我不認為有什麼不同，AJ。我認為市場需求依然非常強勁。我完全看不到任何會對這種情況產生影響的因素，無論是短期還是長期。

AJ, overall, we feel good about where it is and how we're playing out this year. A lot of noise in the numbers over the last couple of years that we think as we get stable here and add to our beds with less closures, we should get back to more of a normal course on the growth side.

AJ，總的來說，我們對球隊目前的狀況以及今年的表現都感到滿意。過去幾年裡，數據波動很大，我們認為隨著我們這裡的情況趨於穩定，床位增加，關閉的床位減少，我們的成長應該會恢復正常。

Whit Mayo, Leerink.

惠特·梅奧，利林克。

Obviously, there's a lot of embedded earnings inside the organization from all this development activity. I think you framed it as $200 million of incremental EBITDA, Debbie. What's the time frame that you think you could realize those earnings? Is it two years, three years, five years? Just how do we think about the pace of that?

顯然，所有這些發展活動都為公司內部帶來了大量的收益。黛比，我覺得你把它描述為 2 億美元的增量 EBITDA。你認為你需要多長時間才能實現這些收益？是兩年、三年還是五年？我們該如何看待這項進程？

Yeah. Whit, it's Todd. I think we have not defined the pace of it. But clearly, we think it's inside five years. we're going to keep doing this based off increasing occupancy. We've added a number of beds since 2023, and we'll add an additional 400 to 600 beds this year.

是的。惠特，我是托德。我認為我們還沒有確定它的節奏。但很顯然，我們認為五年內就能實現。我們將繼續根據入住率的提高來推進這項工作。自 2023 年以來，我們增加了一些床位，今年還將再增加 400 至 600 張床位。

As we look at that on a facility-by-facility basis and looking at it based off occupancy rates, that's how we've calculated out that performance improvement. And do think it's inside five years. We're not committing -- is it three years? Is it four years? But certainly, it's in this five-year window as we drive occupancy at all of these new facilities we've brought online.

當我們逐一設施地進行考察，並根據入住率進行考察時，我們就是這樣計算出績效改進情況的。而且我認為會在五年內實現。我們還沒做出承諾──是三年嗎？是四年嗎？但可以肯定的是，在這五年裡，我們將努力提高所有新投入使用的設施的入住率。

And I'll just add with -- we built these beds because there was a market need. And we entered into the joint venture partnerships because of the market need and in many cases, they had beds that were folded into our operations.

我還要補充一點——我們生產這些床是因為市場有需求。我們之所以開展合資合作，是因為市場需要，而且在許多情況下，他們的床位正好可以納入我們的營運。

So we're going to move with a sense of urgency here. We want to eliminate the barriers and really start to see our investment be realized. And as you said, there's a lot of opportunity embedded there. And I know the team is committed to move quickly and to work in collaboration with not just our partners, but (technical difficulty)

所以我們要以緊迫感採取行動。我們希望消除障礙，真正開始看到我們的投資產生回報。正如你所說，那裡蘊藏著許多機會。我知道團隊致力於快速行動，不僅與我們的合作夥伴，而且與各方合作。（技術難題）

(technical difficulty) or maybe just more specific details around what you're doing to address. I think you said like removing internal barriers to slow problem solving?

（技術難題）或者，或許可以提供更多關於您正在採取哪些措施來解決該難題的具體細節。我想你之前說過，就像消除內在障礙來減緩問題解決速度一樣？

Operator, next question.

操作員，下一個問題。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Debbie, nice to hear back from you. Maybe just as I think about the -- some of the issues that the company faced before you step back in, right? Average length of stay was under pressure with managed Medicaid being called out by the previous regime is squeezing the the approved days for patients. So I'm curious, how do you think about addressing that or bumping up against that pressure from managed care to maintain length of stay in this business?

黛比，很高興收到你的回覆。也許我剛剛想到了——在你重新接手之前，公司面臨的一些問題，對吧？由於前政府對醫療補助計劃的管理提出質疑，導致患者獲準住院天數減少，平均住院時間面臨壓力。所以我很好奇，您是如何看待應對或抵制來自醫療管理機構的壓力，以維持住院時長這一問題的？

(technical difficulty) listening on the call. We seem to have a technical issue. Our understanding is that you can hear Debbie and I as we speak, but that we're not hearing the questions coming in from the analysts. So hopefully, we'll be back on here in a minute.

（技術故障）通話監聽失敗。我們似乎遇到了技術問題。據我們了解，你們可以聽到我和黛比說話的聲音，但我們聽不到分析師提出的問題。希望我們很快就能回到這裡。

As we are having technical difficulties, there will be hold music until we can get our speaker line connected.

由於我們遇到了技術問題，在連接音響線之前，會播放等待音樂。

We have our speaker line reconnected. Please proceed.

我們的揚聲器線路已重新連接。請繼續。

Debbie, thanks for taking the question and also nice to hear back from you here. I guess I was thinking question-wise, as we think through the challenges that the company faced especially towards the last year, the end of the previous regime, one of the things that we got called out was the pressure from managed Medicaid on average, length of stay, where the approvals and on approved days for patients, especially in acute we're being pressured. So just curious, how do you foresee pushing against that pressure from managed Medicaid to maintain stability in that length of stay metric?

黛比，謝謝你回答這個問題，也很高興收到你的回覆。我想，就問題而言，當我們思考公司面臨的挑戰，尤其是在上一屆政府任期結束的那一年，我們被指出的一件事是來自醫療補助管理機構的壓力，平均而言，住院時間、審批情況以及患者的獲批天數，尤其是在急性病方面，我們承受著巨大的壓力。所以我很好奇，您打算如何對抗來自醫療補助計劃管理機構的壓力，以維持住院時長指標的穩定？

Yeah, I apologize for the technical difficulties. So a great way to start out our call. I've been in the business for a long time, as everyone knows. And I think there's always going to be a natural push and pull in the reimbursement environment, not just with managed Medicaid. I don't think it's a new development. I think that some states and payers are more challenging than others, but -- and we address those situations individually.

是的，很抱歉出現技術故障。所以，這是一個很好的通話開端。眾所周知，我從事這個行業已經很久了。我認為在報銷環境中，總是存在著一種自然的拉鋸戰，這不僅發生在醫療補助管理方面。我認為這不是什麼新情況。我認為有些州和付款方比其他州和付款方更具挑戰性，但是——我們會針對具體情況逐一解決。

We really have a very stable length of stay. It's obviously on a same-store basis. We're going to see that, I think, stay stable. However, there is an impact this year on our length of stay with respect to the New York Medicaid, which I think everyone is very well aware of. Those patients tended to stay longer. So you'll see an impact on that. But just generally, we consistently advocate for patients when there are concerns about getting authorizations or medical necessity.

我們的停留時間非常穩定。顯然是指同一家門市的情況。我認為，這種情況會保持穩定。然而，今年紐約州醫療補助計劃對我們的住院時長產生了一定影響，我想大家都很清楚這一點。這些病人往往住院時間較長。所以你會看到這方面會受到影響。但總的來說，當對授權或醫療必要性有疑問時，我們始終會為患者爭取權益。

And we really try and work with our payers. We want to make sure the patients are in the right setting. But overall, I think that we have very strong relationships. And I think this is just part of the behavioral health business, and I don't see a big change there or see -- we're not anticipating a change this year. We're both doing what we need to do. Ours is to advocate for the patient. And they have their concerns, but we really want to work in collaboration with them.

我們確實努力與付款方合作。我們希望確保患者在適當的環境中接受治療。但總的來說，我認為我們關係非常牢固。我認為這只是行為健康業務的一部分，我不認為這方面會有太大的變化，或者說——我們預計今年不會有任何變化。我們都在做自己該做的事。我們的職責是維護病患的權益。他們確實有一些顧慮，但我們真心希望與他們合作。

I appreciate that. And then maybe my follow-up, Debbie, as I think through just the bed adds that Todd laid out for us earlier, I mean, obviously, very exciting. But as we think about, again, the previous regime, there were offsets to the bed adds with bed closures. So just philosophically, as you look through the portfolio today, how are you thinking about the opportunity to grow net beds or maintaining or maybe even avoiding bed closures at this point?

我很感激。然後，黛比，我接下來可能會說，當我回想起托德之前為我們安排的床時，我的意思是，顯然，這非常令人興奮。但當我們再次思考先前的製度時，床位增加與床位減少之間存在著抵銷關係。那麼，從哲學角度來看，當你今天審視這些投資組合時，你如何看待目前發展網床、維持網床甚至避免網床關閉的機會？

Well, we -- I think, as I was here at prior time, we always looked at our portfolio to evaluate what makes sense. But in my mind, that accelerated pace that you've seen over the last couple of years in closures is behind us. And I think that we would only consider closing beds if there's no clear path to viability. And our focus right now is really on operating and improving the existing portfolio. So we're not talking about closures at this point and don't anticipate being in that situation.

嗯，我想，就像我之前在這裡一樣，我們總是會審視我們的投資組合，評估哪些組合是合理的。但在我看來，過去幾年出現的店鋪關閉加速的局面已經過去了。我認為，只有在沒有明確的獲利途徑的情況下，我們才會考慮關閉床位。而我們目前的重點是營運和改進現有投資組合。所以目前我們不討論關閉的問題，也不預期會遇到這種情況。

Yeah. The only caveat on that is we did close two leased facilities in Pennsylvania as a result of New York's decision, driving more efficiency by consolidating in bigger locations. And because the leases were up, it just made logical time to close. But otherwise, very aligned with Debbie. The opportunity in front of us is to treat the demand that's out there and look forward to operating in all of our facilities.

是的。唯一需要注意的是，由於紐約州的決定，我們關閉了在賓州的兩處租賃設施，透過整合到更大的地點來提高效率。由於租約到期，現在正是關閉房屋的合乎邏輯的時機。但除此之外，她和黛比的觀點非常一致。擺在我們面前的機會是滿足市場需求，並期待在我們所有的工廠中運作。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Welcome back, Debbie. We talked a little about this, but can you give us more details on exactly how you plan to rebuild trust with your referral sources and how you'll change how Acadia operates at the facility level in order to rebuild that trust?

歡迎回來，黛比。我們之前稍微談過這個問題，但您能否詳細說明您計劃如何重建與轉診來源的信任，以及您將如何改變 Acadia 在機構層面的運作方式以重建這種信任？

Well, I think we have good referral relationships, Pito. I do think that it has to be consistent, and it's got to be a focus every day to make sure that we are delivering the high-quality care that our referral sources expect. And I think that we are doing that. As far as some of the issues in the last year in particular, with just beds ramping, I don't think it was really related to a disconnect with our referral sources, but there were other issues involved around getting these hospitals open. But I feel good about our relationships.

嗯，我認為我們與轉診機構的關係很好，皮托。我認為必須保持一致性，並且每天都要重點關注這一點，以確保我們提供的高品質護理符合轉診機構的期望。我認為我們正在這樣做。就去年的一些問題而言，特別是床位增加的問題，我認為這並非真的與我們的轉診來源脫節有關，而是與這些醫院的開放有關的其他問題。但我對我們的關係感到滿意。

And we have, as you know, a team of people that really want to connect with them, and they do that every day to make sure that we understand what they need in services, but then also that they are satisfied and the patient is getting what they need. Our outcome data, I think, is going to be very helpful with referral relations because it is -- we are in a very good place with those outcomes.

如您所知，我們有一個團隊非常希望與他們建立聯繫，他們每天都在這樣做，以確保我們了解他們對服務的需求，同時也確保他們感到滿意，患者得到他們需要的東西。我認為，我們的結果數據對轉診關係將非常有幫助，因為我們在這些結果方面處於非常有利的地位。

So it's our job to show our referral sources what we can do, and that builds trust. And it's a track record of really treating their patients with the excellent care they expect and then also being able to demonstrate that through outcome data.

所以，我們的職責是向推薦人展現我們的能力，這樣才能建立信任。而且，他們一直以來都以患者期望的優質照護對待患者，並透過結果數據來證明這一點。

Okay. Then for the follow-up here. What is your goal on the first 90 to 180 days, because at the facility level, you're going to each hospital individually, the divisional level. And as you think about the current utilization of dashboard systems and processes, where do you want to focus on most in the next 90 to 180 days?

好的。接下來是後續情況。在最初的 90 到 180 天內，你的目標是什麼？因為在設施層面，你要逐一走訪每家醫院，也就是部門層面。當您考慮目前儀錶板系統和流程的使用情況時，您在接下來的 90 到 180 天內最想關注哪些方面？

Well, my priorities are improving our volume, which we just talked about with particular focus on the same-store growth, but also on the 1,200 beds that we've added over the past two years. And I think that when I think about the team I want to make sure that we have the right people, and I mentioned that in the remarks, I think that's key.

嗯，我的首要任務是提高我們的銷量，我們剛才特別談到了同店銷售成長，以及我們在過去兩年中新增的 1200 張床位。我認為，在考慮團隊建立時，我希望確保我們擁有合適的人才，我在演講中也提到了這一點，我認為這是關鍵。

I do think that we need to improve our operational discipline. We do have a lot of visibility now, and I've been very impressed, certainly with the quality dashboards. But there -- we also have benchmarking around some of the other areas with respect to the financial key factors that our facilities need to use to operate.

我認為我們需要加強操作紀律。我們現在擁有了很高的可見性，我對此印象深刻，尤其是高品質的儀表板。但是，我們也針對其他一些領域進行了基準測試，這些領域涉及我們的設施營運所需的關鍵財務因素。

So what I'm really trying to convey to the team, and they're embracing this is use the data, use it for problem solving that make decisions and take action. So if we see something that is not in line we need to act. And I think that started day one here as I rejoined the team.

所以我真正想傳達給團隊的，也是他們所接受的，就是利用數據，利用數據解決問題，做出決策並採取行動。所以，如果我們發現任何不合規的情況，就需要採取行動。我認為這一切是從我重新加入團隊的第一天就開始的。

John Ransom, Raymond James.

約翰·蘭索姆，雷蒙德·詹姆斯。

Welcome back. I'll add my salutation as well. Thinking about the long-term CapEx, how should we think about the cadence of that beyond 2026? And then what's the -- are we going to commit to maybe a moratorium on building new hospitals and focus on bed adds? Or what's the capital discipline to look like from here?

歡迎回來。我也要致以問候。從長遠資本支出角度來看，我們該如何考慮 2026 年以後的支出節奏？那麼，我們是否會承諾暫停新建醫院，轉而專注於增加床位呢？或者說，從現在開始，資本紀律應該是什麼樣的？

John, we appreciate that question. I think you see a significant reduction in CapEx in 2026, which is going to lead back to free cash flow growth. We will continue to evaluate opportunities in markets that have high demand and the need our threshold for bed adds, understanding that the cost of construction has increased a lot over the last few years. So that bar has changed versus where it was three years ago.

約翰，我們感謝你的提問。我認為2026年資本支出將大幅減少，這將帶動自由現金流的成長。我們將繼續評估高需求市場的機會，並滿足我們對床位增加的最低要求，同時我們也意識到，過去幾年建築成本已經大幅上漲。所以，這個標準與三年前相比已經改變了。

With that lens, we'll also look for continued expansion opportunities within existing facilities and the possibility that M&A may be a better option than building depending on what that cost multiple is. But fundamentally, right now, we're focused on delivering in '26, ramping the new facilities we put in the ground, and then being very disciplined on CapEx in the years after that as we get back to generating free cash and really showing off the cash generating power of the underlying business has now that we have these beds available and as we fill them.

從這個角度來看，我們也會尋找現有設施內持續擴張的機會，並根據成本倍數，探討併購是否比新建更好的選擇。但從根本上講，目前我們的重點是實現 2026 年的目標，加快我們新建成的設施的建設，然後在之後的幾年裡嚴格控制資本支出，因為我們將重新開始產生自由現金流，並真正展現出我們現有床位以及入住率提升後，我們基礎業務的現金創造能力。

And I'll just add to that, John. We really are focusing on the improved performance at our existing facilities. In terms of at least how I look at capital, it has to stand on its own merits, which I mentioned. But we always have said, and I think it's still accurate, that bed expansions to existing facilities, are the best use of our capital. You have the demand there and you already have built in the overhead and other elements. So we're going to be very careful this year about what we do with capital.

約翰，我還要補充一點。我們目前真正關注的是提高現有設施的性能。至少在我看來，資本必須憑藉其自身的價值來衡量，這一點我之前已經提到過了。但我們一直都說，而且我認為現在仍然如此，那就是擴建現有設施的床位是對我們資金的最佳利用。市場需求已經存在，而且你已經把營運成本和其他要素都考慮進去了。所以今年我們會非常謹慎地使用資金。

And Todd mentioned M&A, that's -- we're looking at that really not as a short term unless there's just some great opportunity there. But we're looking really more focused on what we're going to do with the beds that we've added and what we're going to do with the beds that we plan to add this year.

托德提到了併購，我們目前並不認為併購是短期內的選擇，除非真的有很好的機會。但我們目前更關注的是如何處理已經增加的床位以及今年計畫增加的床位。

Okay. And my follow-up is med mal, I know it's a lagging indicator, but that's -- the industry has been on a long -- in a cycle where they're chasing experience with increased reserves. So where do you think we are in that? Is there any leading indicators to suggest maybe that's going to crest at some point in the foreseeable future?

好的。我的後續關注點是醫療事故，我知道這是一個滯後指標，但這是——該行業一直處於一個漫長的周期中，他們正在透過增加儲備金來追求經驗。那你認為我們目前處於什麼階段？是否有任何先行指標表明這種情況可能會在不久的將來達到頂峰？

It's a fair question, John. Obviously, the PLGL expense was a significant headwind to 2025. We've continued to analyze our claims coming in, and they are consistent with where we were in December relative to that expectation, which is why we held guidance for 2026.

約翰，你問得好。顯然，PLGL 支出對 2025 年的發展構成了重大阻礙。我們一直在分析收到的索賠，這些索賠與我們 12 月的預期情況一致，這也是我們維持 2026 年業績指引的原因。

As we look out, we're making a lot of investments at facilities and really focused on the training. It's our people that make the difference. And we think they will continue to provide really quality care. And that will be the driver, understanding that this is part of our industry, and we're never going to get incidents to zero. But certainly, our goal is to continue to provide quality care and reduce the opportunities for more lawsuits in the future.

展望未來，我們正在對設施進行大量投資，並真正專注於培訓。是我們的人才造就了我們的優勢。我們相信他們會繼續提供高品質的醫療服務。而這正是驅動力所在，我們要明白這是我們產業的一部分，我們永遠不可能將事故數量降至零。當然，我們的目標是繼續提供高品質的醫療服務，並減少未來更多訴訟的可能性。

Ryan Langston, TD Cowen.

Ryan Langston，TD Cowen。

DSO was up, I think, six days year-over-year. Was there a particular payer, maybe group of payers driving this? And is this related to the higher denials rates you've talked about recently? Or just, I guess, anything else to call out there would be helpful.

我認為，DSO 比去年同期增加了 6 天。是否有某個特定的付款方，或者某個付款方團體在推動此事？這是否與您最近提到的較高拒保率有關？或者，我想，還有什麼需要補充的嗎？

Yes, Ryan. It's a good call. We did see some slower payments on a couple of things. A couple of these were nuanced. There were two states that had different programs that needed to get finalized, including the supplementals we saw here in Q1 of this year.

是的，瑞恩。這是個明智之舉。我們確實發現有幾筆款項的支付速度較慢。其中有幾個例子比較微妙。有兩個州有不同的項目需要最終確定，包括我們在今年第一季看到的補充項目。

That meant we that we had to wait for the payments on previous services until those came in. So those monies have started to come in, such that I wouldn't be concerned about the DSO. But we did see denials in line with what we expected for Q4 but cash collection is certainly a focus of the team and do expect it will be better in 2026.

這意味著我們必須等到之前服務的款項到帳後才能收到。所以這些款項已經開始到賬，因此我不用擔心DSO了。但我們確實看到第四季的拒付情況與預期相符，但現金回收無疑是團隊的重點，我們預計 2026 年情況會有所改善。

Great. And then just following up, Debbie, welcome back. On the New York and Pennsylvania issue. I guess, are there any other geographies in the portfolio that you could maybe potentially see a similar dynamic where one state limits out of state care to another?

偉大的。最後再補充一句，黛比，歡迎回來。關於紐約州和賓州的問題。我想，在您的投資組合中，是否有其他地區可能出現類似的動態，即一個州限制州外醫療服務流向另一個州？

I think New York is an outlier. I do think that we have opportunity there to diversify our payer mix. So we were very dependent, as you can see from the impact of it on New York Medicaid in a few of our facilities up in Pennsylvania. But I don't see that as -- it would not be a risk that I would list.

我認為紐約是個特例。我認為我們有機會實現支付方組合多元化。所以，我們非常依賴它，正如你從它對我們在賓州的一些機構對紐約醫療補助計劃的影響中所看到的那樣。但我不認為這是——我不會把它列為風險。

I think that states oftentimes don't have the resources available to adequately treat the needs of the patients. So they do send out of state. In this case, there was a policy in place, and they made a decision to enforce that. We're advocating because we don't believe there are sufficient resources in New York.

我認為各州往往沒有足夠的資源來充分滿足病人的需求。所以他們會把貨寄到外州。在這種情況下，公司已經制定了相關政策，並且決定執行該政策。我們之所以發起倡議，是因為我們認為紐約的資源不足。

Understanding that we had to recognize the impact of this, but we're also working very diligently to really find new payer sources. And we're starting to see some early results from that. And we'll continue to do that to ensure that the hospitals that we had there continue to be viable, but with a different payer mix.

我們明白必須認識到這件事的影響，但我們也在非常努力地尋找新的支付方。我們已經開始看到一些初步成果。我們將繼續這樣做，以確保我們在那裡的醫院能夠繼續生存下去，但支付方組成會有所不同。

Andrew Mok, Barclays.

Andrew Mok，巴克萊銀行。

This is Thomas Walsh on for Andrew. The core EBITDA growth in the bridge seems to outpace the underlying components of rate and volume. Can you help us understand what else is contributing to the 6% to 7% core growth potentially on the cost side?

這裡是托馬斯·沃爾什，他代替安德魯發言。大橋業務的核心 EBITDA 成長似乎超過了費率和貨運量等基本組成部分的成長。您能否幫助我們了解一下，除了成本因素外，還有哪些因素可能導致核心業務成長 6% 至 7%？

Certainly, Thomas. The big driver of the core growth is the ramping facilities opened in '23 to '25. So you're getting an occupancy benefit and just getting the greater leverage in the EBITDA than what you would have at facilities that are already at a high occupancy level. And so that's a big driver of the core growth in the bridge and why we're very confident that the initiatives we're putting in place in these facilities and as they get longer tenured in the markets are getting that traction and driving the growth.

當然，托馬斯。核心成長的主要驅動力是 2023 年至 2025 年間開設的增產設施。因此，您可以獲得入住率優勢，並且在 EBITDA 方面獲得比入住率已經很高的設施更大的槓桿作用。因此，這是橋樑核心成長的一大驅動力，也是我們非常有信心的原因：我們正在這些設施中實施的舉措，隨著它們在市場上運作時間的延長，正在獲得成效並推動成長。

Great. And following up, could you help us understand how you're preparing for the changes in California's staffing requirements expected to phase in midyear? And what's embedded in guidance for this?

偉大的。另外，能否請您幫我們了解一下，您是如何為加州預計年中分階段實施的人員配備要求變化做準備的？這方面的指導原則是什麼？

Sure. No, as everyone is aware, California has some new guidelines regarding nursing staffing ratios. The team was working very diligently to be ready for this for January 31. It's been pushed back to June 1. We expected to have about a $4 million EBITDA impact that's embedded in our guidance.

當然。不，正如大家所知，加州針對護理人員配備比例出台了一些新的指導方針。團隊一直在非常努力地工作，以確保在1月31日之前做好準備。日期已延至6月1日。我們預計這將對 EBITDA 產生約 400 萬美元的影響，這已包含在我們的業績指引中。

Overall, it's really not about us needing more people because we were very well staffed to take care of patients across California, but rather we now need a higher level of nurse in many cases, which is just an incrementally higher cost to us versus a full FTE, it's at the margin. So that's our expectation for the impact in 2026.

總的來說，這並不是說我們需要更多的人，因為我們的人員配備非常充足，足以照顧加州各地的病人，而是說我們現在在很多情況下需要更高水平的護士，這與我們聘請一名全職員工相比，成本只是略微增加，只是微不足道而已。這就是我們對 2026 年影響的預期。

And I'll just add that we're obviously not the only company that's being impacted in California, and we're working very closely with the California Hospital Association. Their position, and we certainly agree that if a new regulatory requirement comes in that there should be an offset in funding for that. I don't want to say that that's been set, but I do know that there are discussions with the state about putting in new regulatory requirements and the practice and what we believe to be their responsibility to fund that regulation.

我還要補充一點，顯然我們並不是加州唯一一家受到影響的公司，我們正在與加州醫院協會密切合作。他們的立場是，我們當然也同意，如果推出新的監管要求，就應該在資金方面進行補償。我不想說這件事已經定下來了，但我知道我們正在與州政府討論制定新的監管要求和實踐，以及我們認為他們有責任為這些監管提供資金。

Ben Hendrix, RBC.

本·亨德里克斯，RBC。

Welcome back, Debbie. I wanted to talk a little bit about the ramp of new facilities, and I appreciate that you're in the process of assessing those on a facility-by-facility basis. But it does sound like some of the top-line outperformance versus the high end of guidance for 4Q was driven by that new capacity.

歡迎回來，黛比。我想談談新設施的建設進度，我很欣賞你們正在逐一設施地進行評估。但聽起來，第四季營收超出預期上限的部分原因確實是新增產能所致。

I just wondering if there's any early observations on the puts and takes of the ramp pacing? Are there some new projects that are gaining better traction than others? Any high-level thoughts on what might be working, what might be lagging in those new projects at a high level.

我想知道目前是否有關於坡度調整策略的初步觀察結果？是否有一些新專案比其他專案更容易獲得進展？從宏觀層面來說，您對這些新項目中哪些方面可能有效、哪些方面可能滯後有什麼想法嗎？

Well, as we think about the 2025 issues around the ramp of our new facilities, we have identified common themes. And it's really in getting the facilities open. And there's a lot of detail that go into getting our new hospitals open. We have construction, we have to hire staff.

當我們思考 2025 年新設施建設過程中可能出現的問題時，我們發現了一些共同的主題。關鍵在於如何開放這些設施。新醫院的開業涉及許多細節問題。我們有建築項目，需要招募員工。

But I think what we have seen as probably a common theme is that we need licensure obviously, and then we need a billing tie in to be able to build for the patients within the facility. When we get that, it's not a matter of need. It's not a matter of patient demand. It's really more through these processes that we have to work through in each state, and they vary with respect to licensure. And then also, as I mentioned, just being able to bill for the patients that are coming to us.

但我認為我們看到的一個共同點是，我們顯然需要獲得執照，然後我們需要建立計費系統，才能為機構內的患者提供服務。當我們擁有了那種東西，那就不是需要的問題了。這不是病人需求的問題。實際上，我們需要透過每個州的具體流程來完成這些工作，而這些流程在執照發放方面也各不相同。而且，正如我之前提到的，我們還可以向來我們這裡就診的病人收取費用。

So we have a plan around that because I think that we recognize that we can work earlier on some of the areas, and we plan to do that. But as our hospitals open, we are pretty confident that we're going to see those patients come in. And again, back to what I said earlier, there was a need in the market. And we just need to make sure we get our hospitals open as we expect.

所以我們圍繞這一點制定了一個計劃，因為我認為我們認識到我們可以更早地在某些領域開展工作，我們也計劃這樣做。但隨著醫院的開放，我們很有信心會看到這些病人入院。再說一遍，就像我之前說的，市場有這種需求。我們只需要確保醫院能夠如預期般開放。

And not all of them were opened on the time line that I think the team thought was going to happen. So we're going to do -- we're changing our processes for this year, and I'm hopeful that we'll see a difference in the ramp and the issues that we saw in 2025.

而且，並非所有專案都按照團隊預想的時間表啟動。所以我們將改變今年的流程，我希望我們能在產能爬坡和我們在 2025 年遇到的問題方面看到一些變化。

And I wanted a quick follow-up on the Pennsylvania facilities. You mentioned that some of -- that you've consolidated those and maybe repositioning those for a change in payer mix and maybe repositioning towards in-state volume. What is the timing of a shift like that, given the magnitude of this headwind? And then could these be slated for a potential exit or strategic review in the near future?

我想快速了解賓州的設施狀況。您提到，您已經整合了其中一些業務，並可能為了適應支付方組合的變化而重新定位這些業務，也可能為了適應州內業務量的變化而重新定位這些業務。考慮到這種逆風的強度，這種轉變的時機是什麼時候？那麼，這些項目是否有可能在不久的將來被列入潛在的退出或策略評估名單呢？

Ben, great question. I think overall, we have closed the two facilities that I mentioned to consolidate from essentially eight facilities that were impacted by this down to six. We've opened up one new state New Jersey that we're excited to start trying to source patients from -- for these facilities as well as in the Pennsylvania market.

本，問得好。我認為總體而言，我們已經關閉了我提到的兩家工廠，從而將受此影響的工廠數量從八家減少到六家。我們已在新澤西州開設了一個新的市場，我們很高興能夠開始嘗試從該州以及賓夕法尼亞州市場招募患者。

And so we've given the $25 million to $30 million EBITDA impact for '26. That is our expectation. At the same time, we're very much looking to change that mix and deliver better results than that over the course of the year as we find new referral sources and look for ways to fill up these really good facilities to take care of our patients extremely well.

因此，我們預計 2026 年的 EBITDA 將受到 2,500 萬至 3,000 萬美元的影響。這是我們的預期。同時，我們也積極尋求改變這種現狀，並在今年內取得比以往更好的結果，因為我們將尋找新的轉診來源，並想辦法充分利用這些優秀的設施，以便更好地照顧我們的患者。

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

And let me echo the welcome back to Debbie. Maybe following up on the operational discipline discussion. Debbie, you had mentioned a comment about looking at operational layers. I was hoping you could just help us unpack that and understand maybe how the team is organized today and what changes you're contemplating and how that might benefit the organization?

我也要表達對黛比回歸的歡迎。或許可以就作戰紀律問題做後續討論。黛比，你之前提到要專注在營運層面。我希望您能幫我們分析一下，了解團隊目前的組織架構，以及您正在考慮的變革，以及這些變革可能會如何使組織受益？

Yeah. I mean we are taking a look not only at the corporate structure, but also the leadership structure that supports those in the field and over my years in behavioral health and being in a public company, I have a strong belief that whatever we do here at corporate has to support what happens in the field and that principle is really should guide what everyone does here in this office.

是的。我的意思是，我們不僅要檢視公司結構，還要檢視支持第一線人員的領導結構。多年來，我在行為健康領域以及在一家上市公司工作，我堅信，我們在公司所做的一切都必須支持一線人員的工作，這一原則應該真正指導我們辦公室每個人的工作。

So I have started in the process of looking at scope of each of our leaders, how the geography is set up, and also just what their experience level is and do they have the right experience. And we have some new leaders, and we have those that really have been here.

因此，我已開始著手了解我們每位領導者的職責範圍、地理佈局，以及他們的經驗水平，看看他們是否具備合適的經驗。我們有一些新的領導人，也有一些真正在這裡工作多年的領導人。

And I've seen a lot of familiar faces as I've rejoined. But my focus is on what do we absolutely need and what do we need to support the growth because we've had a lot of that. And what does that look like from a corporate point of view as well as a field point of view.

重新加入團隊後，我看到了許多熟悉的面孔。但我關注的重點是我們絕對需要什麼，以及我們需要什麼來支持成長，因為我們已經有很多成長點了。從公司層面和第一線層面來看，這又意味著什麼呢？

And I think that it will be an ongoing process, but we've already started to make some changes, which I won't go into detail on this call. But I do think that the team is eager to make sure that we are rightsized, both here at corporate and in the field. So that's going to be a continuing process over the next few months.

我認為這將是一個持續的過程，但我們已經開始做出一些改變，這次電話會議上我不會詳細說明。但我認為團隊非常渴望確保我們在公司總部和第一線團隊的規模都合適。所以這將是未來幾個月持續進行的過程。

Understood. And then on the fourth-quarter volume performance, particularly on patient days, it seems like that came in a little bit better than recent trends and the length of stay improved a little bit, and that then drove the upside to revenue or was at least part of it. I was curious how the volumes perform relative to your expectations? And were there any areas of notable strength to call out in terms of the fourth quarter volumes?

明白了。第四季的病例量表現，特別是住院天數，似乎比最近的趨勢略好一些，住院時間也有所改善，這推動了收入的成長，或至少部分成長。我很好奇銷售量是否符合您的預期？那麼，第四季銷售方面有哪些值得特別指出的優勢領域呢？

No. We're very pleased with the team's delivery in Q4, as you know, slightly better than expectations, and that was really pretty broad-based with strength in both acute and specialty.

不。如您所知，我們對團隊在第四季度的業績非常滿意，略好於預期，而且業務範圍非常廣泛，在急診和專科領域都表現出色。

Ann Hynes, Mizuho Securities.

安海恩斯，瑞穗證券。

Welcome back, Debbie. I want to focus my question on cash flow and leverage. So you said earlier in the call that it could take five years to unlock the EBITDA. And I'm assuming that's the same timetable for cash flow. I guess that would be my first question.

歡迎回來，黛比。我想重點問一下關於現金流和槓桿的問題。所以你在之前的電話會議中說過，可能需要五年才能釋放 EBITDA 潛力。我假設現金流的進度也遵循同樣的規律。我想這會是我的第一個問題。

But my real question is, I know you don't want to discuss the outstanding lawsuits. But how do you think about leverage with the potential upcoming settlements with the timing of unlocking the EBITDA and cash flow? Do you have any maybe short-term intermediate and long-term leverage goals that you could share with us?

但我真正的問題是，我知道你不想討論那些懸而未決的訴訟。但是，您如何看待即將到來的潛在和解協議所帶來的槓桿效應，以及釋放 EBITDA 和現金流的時間表？您能否與我們分享您的短期、中期和長期槓桿目標？

Thanks, Ann, for your question. As I said, it's certainly inside five years to unlock that $200 million opportunity. We're looking to be cash flow positive this year. And so we've brought down the CapEx significantly. We expect our legal cost to be and transactional cost to be lower than last year, as I said, expect for some working capital improvements as well. All of that should lead to a positive on reducing debt.

謝謝安的提問。正如我所說，肯定在五年內就能抓住這2億美元的機會。我們預計今年現金流為正。因此，我們大幅降低了資本支出。正如我所說，我們預計法律成本和交易成本將低於去年，營運資金也將有所改善。所有這些都應該會對減少債務產生正面影響。

As we think about our outstanding legal challenges and the like, we are taking that into account as we look at leverage over both the short and the near term. But fundamentally, we do expect to grow EBITDA and to improve free cash flow in '26 and in '27 and '28. All of which then drives improvement in leverage, understanding that there may be some additional cash required to pay for a settlement or otherwise that that can exist.

在考慮我們面臨的懸而未決的法律挑戰等問題時，我們在考慮短期和近期的應對策略時，會將這些因素考慮在內。但從根本上講，我們確實期望在 2026 年、2027 年和 2028 年實現 EBITDA 成長並改善自由現金流。所有這些都會推動槓桿率的提高，因為需要一些額外的現金來支付和解費用或其他費用。

But fundamentally, we do think our leverage will stay in a reasonable range, maybe not as low as it has been the last few years because of these draws on cash, but not in a way that will create any risk to the enterprise.

但從根本上講，我們認為我們的槓桿率將保持在合理的範圍內，可能不會像過去幾年那樣低，因為需要動用現金，但這不會給企業帶來任何風險。

Great. And the de novos that are not performing to your expectations, what's the drag on EBITDA in 2026? And do you expect that to continue like have these start-up losses in 2027 and 2028?

偉大的。那些業績未達預期的新建項目，到 2026 年會對 EBITDA 造成多大拖累？你預期這種情況會持續到 2027 年和 2028 年，出現類似的新創企業虧損嗎？

No, we expect start-up losses to improve. We're improving modestly in 2026 versus 2025. And as I mentioned earlier, a big part of our core growth is the ramping of facilities opened in '23 to '25, and that continued ramping of these facilities will be the driver of improved EBITDA and cash flow performance in the next few years. So we would expect in '27, given we don't have of substantial beds or new facilities opening, that those start-up losses would decline more than they are here in '26 versus '25.

不，我們預期新創企業虧損情況會有所改善。與 2025 年相比，2026 年我們將略有改善。正如我之前提到的，我們核心成長的很大一部分來自於 2023 年至 2025 年開設的工廠的產能提升，而這些工廠的持續產能提升將成為未來幾年 EBITDA 和現金流表現改善的驅動力。因此，鑑於我們沒有大量床位或新設施開放，我們預計 2027 年的啟動虧損將比 2026 年與 2025 年相比下降更多。

Jason Cassorla, Guggenheim.

傑森·卡索拉，古根漢。

Welcome back, Debbie. I wanted to hit on 2026 volume quickly. You've got flat to up 1% total same facility, 350-basis-point impact from the New York Medicaid dynamic. You've got facility closures and you've got over 600 beds coming into the same facility stat.

歡迎回來，黛比。我想盡快達到 2026 年的銷售目標。總體而言，相同設施的漲幅持平或上升 1%，紐約醫療補助計劃的動態變化將產生 350 個基點的影響。一方面有醫療機構關閉，另一方面有超過 600 張床位湧入同一家醫療機構。

I guess could you help maybe bifurcate what the volume growth expectation would be on like a non-Pennsylvania non-new bed same-facility basis? I'm just -- like relative to like the over like the 2% to 3% longer term. Just curious on what you're seeing on that front would be helpful.

我想請您幫忙，或許可以按非賓州、非新增床位、相同設施的基準，細分一下銷售成長預期？我只是——相對於長期來看超過 2% 到 3% 的情況而言。我很好奇你在那方面看到了什麼，如果你能告訴我就太好了。

Sure, Jason. And as you just rattled off there, we've got a lot of moving pieces. That does make this a more complicated baseline than normal. As we called out, we think underlying core growth is in the 1% to 2% range, and then we're going to get a 1% to 2% benefit from our ramping facilities on the '23 to '25 basis. And so again, that ramping facility is going to be a big driver going forward. We've added a lot of new beds to our facilities and do new facilities and JVs over the last couple of years.

當然可以，傑森。正如你剛才一口氣說的那樣，我們有很多環節需要協調。這使得本次基線評估比以往更加複雜。正如我們之前所說，我們認為基本核心成長將在 1% 到 2% 的範圍內，然後我們將從 2023 年至 2025 年的產能提升中獲得 1% 到 2% 的收益。因此，該坡道設施將再次成為未來發展的重要驅動力。過去幾年，我們為現有設施增加了許多新床位，並新建了一些設施，也進行了一些合資計畫。

But again, this drag on the 3.5% roughly from New York Medicaid is the big negative this year that we don't expect will repeat in future years, and then we'll get back to this growth as we ramp our facilities and exit the startup losses and really drive that EBITDA growth from just getting a higher utilization of the fixed costs of each of the new facilities.

但同樣，紐約州醫療補助計畫對今年約 3.5% 的成長造成的拖累是今年最大的不利因素，我們預計這種情況不會在未來幾年重演。隨著我們擴大設施規模、擺脫啟動虧損，並透過提高每個新設施固定成本的利用率來真正推動 EBITDA 成長，我們將恢復成長。

Great. Very helpful. And maybe just as a follow-up, I just wanted to ask quickly on the first-quarter 2026 guidance. If you net out the $11 million of out-of-period DPP benefit that you're expecting to book, it looks like first quarter EBITDA is down about high single-digits. '26 guidance, if you net out of period, it's pretty flat on a dollar basis.

偉大的。很有幫助。最後，我還想快速詢問一下 2026 年第一季的業績指引。如果扣除預計確認的1,100萬美元期外股息支付計畫收益，第一季EBITDA似乎將下降近10%。若扣除期外收益，2026年的業績指引以美元計算基本持平。

Maybe it's the run rate PLGL, maybe it's the maturation of new beds start-up cost timing and seasonality. But is there anything to call out in the first-quarter '26 specifically that might be impacting the guide? Or is it just conservatism given some of the moving pieces?

或許是 PLGL 的運作率，或許是新床位啟動成本的時間和季節性因素的成熟。但2026年第一季是否有任何值得特別關注的因素可能會影響該指引？或者，考慮到一些不確定因素，這只是保守主義嗎？

No, a very fair question. I think we do have a weather impact here in Q1 that the big storm that really knocked out the team here in Nashville. We had a lot of folks without power for a week, that hit a lot of our facilities because it just hit so many states and so we called out about a $3.7 million headwind there. We do expect that the facility is ramping will create a greater EBITDA benefit in the back half of the year than in the first half of the year. So that also is different than the Q1 run rate would suggest.

不，這個問題問得很好。我認為第一季確實受到了天氣的影響，那場大風暴真的讓納許維爾的球隊損失慘重。很多人停電一周，這影響了我們的許多設施，因為受影響的州太多了，所以我們估計損失高達 370 萬美元。我們預計，隨著該設施產能的提升，下半年的 EBITDA 收益將比上半年更大。所以這也與第一季的運行率所顯示的有所不同。

And then finally, we expect supplementals from just the normal course of already approved programs, also has a bigger second-half benefit than it does first half. So those are the number of pieces that allows for us to feel good about the acceleration in the EBITDA run rate relative to Q1.

最後，我們預計，僅從已批准項目的正常課程中獲得的補充，在下半年的收益也比上半年更大。因此，正是這些因素讓我們對 EBITDA 運作率相對於第一季的加速成長感到滿意。

Joanna Gajuk, Bank of America.

Joanna Gajuk，美國銀行。

Debbie, great to have you back for sure. So as you mentioned in your prepared remarks also a review of service lines. So can you give us a little bit more color on what metrics you're looking at to make these decisions and maybe early indications which of these service lines you were referring to, we were thinking they might require a divestiture?

黛比，你回來真是太好了。正如您在準備好的演講稿中所提到的，還需要對服務線進行審查。那麼，您能否更詳細地說明您在做這些決定時關注哪些指標，以及您指的是哪些服務線，我們認為這些服務線可能需要剝離？

Thank you for welcoming me back. I really wasn't trying to infer that we're going to be taking any action on any of our service lines. What I meant by those remarks is we are wanting to make sure that all of our service lines are performing at the highest level that they can. And I think that certainly, most of the new beds that we've added have been in the acute area. So we're looking at that as a separate focus.

謝謝你們歡迎我回來。我並沒有暗示我們將對任何服務項目採取任何行動。我那番話的意思是，我們希望確保我們所有的服務線都能發揮出最高水準。而且我認為，我們新增的床位大部分肯定都位於急診區域。所以我們將此作為單獨的研究重點。

But with regarding CTC, we really feel like that's a very important and strategic part of the company. It actually has some very attractive characteristics when you think about it. It's low-capital intensity, it's low-labor intensity and we really have just very, very strong predictable demand.

但就 CTC 而言，我們真的覺得它是公司非常重要且具有戰略意義的一部分。仔細想想，它其實有一些非常吸引人的特點。它屬於低資本密集產業，低勞力密集產業，而且我們確實擁有非常非常強勁且可預測的需求。

So when I referenced looking at all of our service lines, what I'm looking at is where are they performing now, how can we improve that performance? And do we have the right leadership and the right teams in place to see that happen?

所以，當我提到要審視我們所有的服務線時，我指的是它們目前的表現如何，以及我們如何提升這些表現？我們是否擁有合適的領導階層和團隊來實現這一目標？

If I may, a follow-up on the commentary around new hospital ramp up, it sounds like it could be construction delays or just approvals. But you also mentioned staff. So can you maybe double down on that topic in terms of are there any markets with some shortages or just issues around staffing?

如果可以的話，我想就新醫院擴建的評論補充一點，聽起來可能是施工延誤或只是審批問題。但你也提到了員工。那麼，您能否就此主題再深入探討一下，是否存在一些市場存在人員短缺或人員配備方面的問題？

And in particular, as it relates to some other questions about management or are they referred sources? Are there any trust issues maybe with local healthcare workers that it's creating issues staffing new beds?

特別是，它是否與管理方面的其他一些問題有關，或者它們是否是參考資料？是否有對當地醫護人員的信任問題，導致新增病床的人員配置出現困難？

No. Staffing, we always have staffing as a focus to make sure that we have -- especially with the new hospital, as you can imagine. But no, it's not about trust of our referral sources. The ramping issues that happened in 2025 really have to do with getting all of the regulatory approvals in place to open. And then as I said earlier, to bill for those services.

不。人員配備，我們始終將人員配備作為重點，以確保我們擁有足夠的人員——尤其是在新醫院的情況下，您可以想像。但事實並非如此，這與我們對推薦來源的信任無關。2025 年出現的產能爬坡問題實際上與獲得所有監管部門的批准以進行開業有關。然後，正如我之前所說，要為這些服務收費。

I think we entered into these relationships with our partners because they were very strong in their market. We've learned that we need to leverage that strength even more than we have in the past and do it earlier. But they're -- we're focused on really collaborating and meeting their needs and making sure their patients can access the new facility. So I wouldn't see it as a staffing issue that's been a barrier really or a lack of trust by referral sources.

我認為我們之所以與合作夥伴建立這些關係，是因為他們在各自的市場中實力非常強大。我們已經意識到，我們需要比以往更充分地利用這一優勢，並且要更早採取行動。但是，我們專注於真正與他們合作，滿足他們的需求，並確保他們的病人能夠使用新的設施。所以我不認為人員配備問題或轉診機構缺乏信任是真正的障礙。

I've met with several of our partners since I've come back, and they're very excited about being able to meet the mental health needs but do it with us and the strength that we bring. So that, I think, is in a very good position. And I don't think that we have issues going forward, really, as we think even about the new facilities ramping, we've got some really strong partners that will be opening facilities with this year.

我回來後與我們的幾位合作夥伴見了面，他們都非常興奮能夠滿足人們的心理健康需求，並且能夠與我們攜手，發揮我們的力量。所以，我認為，它處於非常有利的地位。而且我認為我們未來不會遇到什麼問題，真的，即使考慮到新設施的逐步投入使用，我們也有一些非常強大的合作夥伴，他們將在今年開設新的設施。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，坎托費茲傑拉。

Debbie, it's great to have you back. I'm wondering, does your expansion of the quality dashboards include new investments in recognizing and responding to patterns and clinical outcome measures like readmissions or relapse rates? And could those metrics factor into payer negotiations or claims approval rates?

黛比，你回來真是太好了。我想知道，你們擴大品質儀錶板的計畫是否包括對識別和應對模式以及臨床結果指標（如再入院率或復發率）進行新的投資？這些指標能否影響與支付方的談判或理賠核准率？

Well, the 50 measures that we are looking at, some of them have to do with on the unit and how our clinicians are performing. Certainly, the performance and the -- of our patients and how they improve within our facilities, I do think can be a key part of our discussions with the payers.

在我們正在研究的 50 項指標中，有些與科室情況以及我們的臨床醫師表現有關。當然，我認為，我們患者的治療效果以及他們在我們醫療機構中的康復情況，可以成為我們與支付方討​​論的關鍵部分。

We're aligned in that. They would like to see these patients improve as we would as well. So we are using those -- that data. I think we can do it even more than we have because now we have some published information that we can -- and we're putting it on our website, as I mentioned. So it's very clear that our patients are coming in, and they are improving from admission to discharge.

我們在這點上意見一致。他們和我們一樣，都希望看到這些患者病情好轉。所以我們正在使用這些數據。我認為我們甚至可以做得更好，因為現在我們有一些已公佈的資訊可以做到——正如我所提到的，我們正在將其發佈在我們的網站上。所以很明顯，我們的病人入院後，從入院到出院，病情都在好轉。

So we do plan to use that more to demonstrate the difference that we make as they consider what they intend to reimburse us and we want alignment with that. And the dashboards give a lot of visibility and its visibility that is immediate. So that you can look at a particular hospital and a particular measure and know for that day, what is happening, which I think is a great tool.

因此，我們計劃更多地利用這一點來證明我們所做的貢獻，以便他們在考慮如何補償我們時能夠更好地理解我們，我們也希望與他們達成一致。儀錶板提供了很強的可視性，而且這種可視性是即時的。這樣你就可以查看特定醫院和特定指標，並了解當天的情況，我認為這是一個非常好的工具。

Great. And just one follow-up on the referral channels. Can you provide us with a framework of what the referral channel mix looks like now? How that's different from two years ago? And as you're making these investments on building relationships, where that mix could go in the next few years?

偉大的。還有一點關於轉診管道的後續問題。您能否提供目前推薦通路組合的框架圖？這與兩年前有何不同？當你在建立人際關係方面進行這些投資時，未來幾年這種組合會如何發展？

Yeah. As I've come back, I don't see a big difference in the referral patterns. They do differ by service line. As you know, Sarah, just from following us, I think that we still give business from the emergency rooms who are in need of placing patients and might be boarded there for a period of time.

是的。我回來之後，並沒有發現轉診模式有太大變化。不同服務線的產品確實有所不同。莎拉，正如你所了解的，只要關注我們，我認為我們仍然會收到來自急診室的訂單，這些急診室需要安置病人，病人可能會在那裡待上一段時間。

We also have many professional referral relationships with those out, not only practicing in psychiatry, but also other physicians. In each state, it's going to differ as to who is sending patients. But I don't really see a big shift there. I think that it's the same group of individuals that are referring.

我們也與許多外部人士建立了專業的轉診關係，不僅包括精神病學領域的從業者，也包括其他領域的醫生。每個州的情況都不一樣，由誰來送病人。但我並不認為這方面會有太大的改變。我認為指的是同一群人。

But our job, and I think we're very focused on this, is making sure we're connecting with them and that we are being proactive with them to talk about what we can offer to their patients as well as the outcome measures, which we've talked about.

但我們的工作，而且我認為我們非常注重這一點，是確保我們與他們建立聯繫，並積極主動地與他們討論我們可以為他們的患者提供什麼，以及我們已經討論過的結果指標。

This will conclude our question-and-answer session as well as our conference call for today. Thank you for your participation. You may now disconnect.

今天的問答環節和電話會議到此結束。感謝您的參與。您現在可以斷開連線了。