Agiliti Inc (AGTI) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Agiliti's Second Quarter 2023 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Matt McCabe, Senior Vice President of Finance and Investor Relations at Agiliti. Thank you and you may begin.

下午好，歡迎參加 Agiliti 2023 年第二季度收益電話會議。今天的通話正在錄音。 （操作員指示） 現在，我想將會議轉交給 Agiliti 財務和投資者關係高級副總裁 Matt McCabe。謝謝你，你可以開始了。

Thank you, operator, and hello, everyone. Thank you for joining us on today's call as we provide an overview of Agiliti's results for the second quarter ending June 30, 2023.

謝謝接線員，大家好。感謝您參加今天的電話會議，我們將概述 Agiliti 截至 2023 年 6 月 30 日的第二季度業績。

Before we begin, I'll remind you that during today's call, we will be making statements that are forward-looking and consequently are subject to risks and uncertainties. Certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Specific risk factors are detailed in our press release and in our most recent SEC filings, which can be found in the Investors section of our corporate website at agilitihealth.com.

在開始之前，我要提醒您，在今天的電話會議中，我們將發表前瞻性聲明，因此會受到風險和不確定性的影響。某些因素可能會在未來影響我們，並可能導致實際結果與這些前瞻性陳述中表達的結果存在重大差異。我們的新聞稿和最近向 SEC 提交的文件中詳細介紹了具體的風險因素，這些文件可以在我們公司網站 agilitihealth.com 的投資者部分找到。

We will also be referring to certain measures that are not calculated and presented in accordance with generally accepted accounting principles during this call. You can find a reconciliation of those measures to the most directly comparable GAAP measures and a description of why we use these measures in our press release.

在本次電話會議中，我們還將提及某些未按照公認會計原則計算和提出的指標。您可以在我們的新聞稿中找到這些衡量標準與最直接可比的公認會計原則衡量標準的協調表，以及我們使用這些衡量標準的原因的說明。

To download a copy of the presentation that we will use to facilitate today's discussion, please visit our website at agilitihealth.com, select the Investors section at the top of the screen and then Events and Presentations. Finally, select the presentation titled Agiliti Q2 2023 earnings slides.

要下載我們將用於促進今天討論的演示文稿副本，請訪問我們的網站 agilitihealth.com，選擇屏幕頂部的“投資者”部分，然後選擇“活動和演示文稿”。最後，選擇標題為 Agiliti Q2 2023 收益幻燈片的演示文稿。

I'll now turn the call over to our CEO, Tom Boehning.

現在我將把電話轉給我們的首席執行官 Tom Boehning。

Good afternoon, and thank you for joining us today as we review our results from the second quarter of 2023. On the call with me today is our Senior Vice President of Finance, and Investor Relations, Matt McCabe; and our Chief Financial Officer, Jim Pekarek. Jim will review our Q2 results in more detail and provide additional color on our performance and outlook.

下午好，感謝您今天加入我們，回顧 2023 年第二季度的業績。今天與我通話的是我們的財務和投資者關係高級副總裁 Matt McCabe；以及我們的首席財務官 Jim Pekarek。吉姆將更詳細地審查我們第二季度的業績，並為我們的業績和前景提供更多信息。

In the second quarter, revenue increased consistent with our forecast over prior year. However, we did not see a corresponding increase in the EBITDA contributions that we expected due to a shift in our Solutions mix. There are 2 main factors driving this shift. First, as discussed in recent quarters, we've seen a lower mix of peak need rental or PNR placements post-COVID, which has weighed on our EBITDA margins. Secondly, the volume of large deals require somewhat longer and more complex implementations, which result in a longer ramp to profitability due to the higher upfront servicing costs.

第二季度的收入增長與我們去年的預測一致。然而，由於解決方案組合的變化，我們並沒有看到預期的 EBITDA 貢獻相應增加。推動這一轉變的主要因素有兩個。首先，正如最近幾個季度所討論的那樣，我們發現新冠疫情之後高峰需求租賃或 PNR 安置的比例較低，這對我們的 EBITDA 利潤率造成了壓力。其次，大量交易需要更長、更複雜的實施，由於前期服務成本更高，導致盈利時間更長。

The combination of these new larger contracts and a contraction in our PNR business weigh on our profitability in the second quarter. We expect this trend to continue and to impact full year results. Jim will discuss our guidance in more detail.

這些新的大型合同和 PNR 業務的收縮相結合，影響了我們第二季度的盈利能力。我們預計這一趨勢將持續下去並影響全年業績。吉姆將更詳細地討論我們的指導。

To provide some additional background, we highlighted last year that we were experiencing a rebaselining of the utilization of our rental fleet, primarily in the areas of infusion pumps, ventilators and patient monitoring devices. We experienced continued slowing in our PNR business during the second quarter of 2023 due to reduced demand that resulted from the significant medical equipment purchases made by our customers over the past few years. As our mix evolves, we're very encouraged by the benefits we expect to receive as our customer relationships mature into strategic partnerships, resulting in longer and more mutually beneficial agreements.

為了提供一些額外的背景信息，我們去年強調，我們正在重新調整租賃車隊的利用率，主要是在輸液泵、呼吸機和患者監護設備領域。由於過去幾年客戶大量購買醫療設備導致需求減少，2023 年第二季度我們的 PNR 業務持續放緩。隨著我們組合的發展，隨著我們的客戶關係成熟為戰略合作夥伴關係，我們期望獲得的好處使我們感到非常鼓舞，從而達成更長期、更互惠互利的協議。

Over the long term, this mix shift will help to create a more valuable business with a more predictable revenue and EBITDA stream. In the near term, we expect to deliver solid revenue growth for the year in line with our forecast. As we look towards the second half of 2023 and beyond, our teams remain focused on identifying and prioritizing these strategic opportunities across health systems and securing enterprise-wide commitments to grow our opportunity set.

從長遠來看，這種組合轉變將有助於創建更有價值的業務，並具有更可預測的收入和 EBITDA 流。短期內，我們預計今年的收入將實現穩健增長，符合我們的預測。展望 2023 年下半年及以後，我們的團隊將繼續專注於在整個衛生系統中識別和優先考慮這些戰略機會，並確保全企業範圍內擴大我們的機會集的承諾。

Now I'll discuss 3 key trends that we're seeing in our business that showcase Agiliti's strengths and opportunities for growth. First, I'm proud to report that we continue to make good progress expanding our engagements with both new and existing customers. As our customers increasingly recognize our value, this translates into new opportunities for Agiliti. Our sales teams are highly focused on growing our business and driving market share as we differentiate through the breadth and quality of our offerings, and our unique ability to service large clients and provide IDN wide solutions with our technology-enabled capabilities.

現在，我將討論我們在業務中看到的 3 個主要趨勢，這些趨勢展示了 Agiliti 的優勢和增長機會。首先，我很自豪地向大家報告，我們在擴大與新老客戶的合作方面繼續取得良好進展。隨著我們的客戶越來越認識到我們的價值，這為 Agiliti 帶來了新的機遇。我們的銷售團隊高度專注於發展我們的業務並提高市場份額，因為我們通過產品的廣度和質量以及我們為大客戶提供服務的獨特能力以及通過我們的技術支持能力提供 IDN 廣泛的解決方案而脫穎而出。

At the ground level, Agiliti stands alone when it comes to the manufacturing, management, maintenance and mobilization of medical devices. We provide patient-ready medical devices, deliver where needed when needed, and maintains the highest industry standard on a platform that's scaled to serve the entire healthcare continuum.

在基層，Agiliti 在醫療設備的製造、管理、維護和移動方面獨樹一幟。我們提供患者即用的醫療設備，按需交付，並在可擴展以服務整個醫療保健連續體的平台上保持最高的行業標準。

Acknowledging the value we provide to our customers, we were pleased to have been awarded the Health Trust Performance Group's Clinical Supplier of the Year Award in July. The award is a testament to our impact in addressing some of the key financial, clinical and operational constraints facing today's healthcare system. This award is meaningful as it's based on driving value and measurable outcomes for healthcare providers, while empowering clinicians and healthcare workers to confront challenging circumstances every day.

為表彰我們為客戶提供的價值，我們很高興於 7 月份榮獲 Health Trust Performance Group 頒發的年度臨床供應商獎。該獎項證明了我們在解決當今醫療保健系統面臨的一些關鍵財務、臨床和運營限制方面的影響力。該獎項意義重大，因為它為醫療保健提供者帶來了價值和可衡量的成果，同時使臨床醫生和醫療保健工作者能夠每天應對充滿挑戰的情況。

The second topic I'll discuss is converting new business into revenue. This has been and will continue to be a critical component of our growth strategy going forward, and I'm proud of the solid top line performance we delivered in the second quarter, thanks to our team's efforts to work with our customers and help them realize the full value of the solutions they have purchased. This conversion is especially important as we continue to secure more significant and strategic relationships with our customers.

我要討論的第二個主題是將新業務轉化為收入。這已經並將繼續成為我們未來增長戰略的關鍵組成部分，我對我們在第二季度實現的穩健營收業績感到自豪，這要歸功於我們的團隊努力與客戶合作並幫助他們實現他們購買的解決方案的全部價值。隨著我們繼續與客戶建立更重要的戰略關係，這種轉變尤其重要。

One notable area of recent growth for our business is in the ambulatory surgery center market. Over the last few months, we have won contracts with 2 of the largest ASC franchises for services including clinical engineering, surgical equipment repair and surgical laser rental. In these cases, we have received corporate level support to convert their sites from a myriad of local vendors to Agiliti. We're very pleased with our continued progress in this growing market. And we're excited to increase our footprint while continuing to provide meaningful support that improves patient outcomes.

我們業務最近增長的一個顯著領域是門診手術中心市場。在過去的幾個月裡，我們贏得了兩家最大的 ASC 特許經營商的合同，提供包括臨床工程、手術設備維修和手術激光租賃在內的服務。在這些情況下，我們獲得了企業級支持，將他們的站點從無數本地供應商轉換為 Agiliti。我們對在這個不斷增長的市場中不斷取得的進展感到非常高興。我們很高興能夠擴大我們的足跡，同時繼續提供有意義的支持，以改善患者的治療效果。

The third trend is ongoing optimization of our business structure by retaining and leveraging talent and identifying areas we can increase efficiencies to further strengthen our platform. Agiliti offers unique opportunities for career growth, advanced training as a path to higher compensation and paths to management, which attracts exceptional industry talent. Offered from within a rapidly growing company with a nationwide reach, it's a combination of benefits, opportunities and mission-driven work that a health system just simply can't match.

第三個趨勢是通過保留和利用人才來持續優化我們的業務結構，並確定我們可以提高效率的領域，以進一步加強我們的平台。 Agiliti 提供獨特的職業發展機會、高級培訓作為獲得更高薪酬的途徑以及通往管理的途徑，從而吸引了傑出的行業人才。這是一家快速發展、覆蓋全國的公司提供的福利、機會和任務驅動型工作的結合，這是醫療系統無法比擬的。

As a result, our employee retention has remained steady in many job categories over the last several years, but it's at record levels in some of our customer-facing roles. This has been particularly important as we've onboarded acquired businesses, and we endeavor to leverage the skills of our talented teams to continue our growth momentum.

因此，過去幾年來，我們在許多工作類別中的員工保留率一直保持穩定，但在一些面向客戶的職位中，其保留率達到了創紀錄的水平。這一點尤其重要，因為我們已經加入了收購的企業，並且我們努力利用我們才華橫溢的團隊的技能來繼續我們的增長勢頭。

We're also increasing efficiency by continuing to expand the implementation of solutions that help to improve the customer experience and streamline the process of doing business with Agiliti. As discussed on our last call, our recent order intake integration with each of the major EMR vendors has simplified the ordering process while increasing the accuracy of the customers ordering by enabling them to execute an order directly within their existing EMR workflow. Amongst customers who have implemented the EMR ordering, we're now fulfilling 60% to 80% of their requests via this channel and have seen an approximate 20% increase in order velocity due to the simplification and efficacy of ordering within current workflow.

我們還通過繼續擴大解決方案的實施來提高效率，這些解決方案有助於改善客戶體驗並簡化與 Agiliti 開展業務的流程。正如我們在上次電話會議中所討論的，我們最近與每個主要EMR 供應商的訂單接收集成簡化了訂購流程，同時通過使客戶能夠直接在現有EMR 工作流程中執行訂單來提高客戶訂購的準確性。在實施 EMR 訂購的客戶中，我們現在通過此渠道滿足了 60% 到 80% 的請求，並且由於當前工作流程中訂購的簡化和高效，訂單速度提高了約 20%。

Before I wrap my prepared remarks, I'd like to highlight a few examples as to how Agiliti is helping health systems address complex challenges by leveraging our broad and unique nationwide footprint. First, Agiliti recently secured a single-source supplier agreement with 1 of the largest group purchasing organizations for on-site managed services. This a new category for this GPO and a revalidation of our value in this area. It also secures our ability to make progress scoring our overall on-site managed services platform as we progress through the second half of this year and into 2024.

在結束準備好的發言之前，我想重點介紹幾個例子，說明 Agiliti 如何利用我們廣泛而獨特的全國足跡來幫助衛生系統應對複雜的挑戰。首先，Agiliti 最近與最大的集團採購組織之一就現場管理服務簽訂了單一來源供應商協議。這是 GPO 的一個新類別，也是我們在該領域價值的重新驗證。隨著我們在今年下半年和 2024 年取得進展，它還確保了我們在整體現場管理服務平台評分方面取得進展的能力。

In addition, we recently secured a large program with a device manufacturer to provide targeted remediation efforts for their equipment fleet. With this agreement, we'll be providing clinical engineering services to bring their equipment back to required specifications.

此外，我們最近與一家設備製造商達成了一項大型計劃，為其設備群提供有針對性的修復工作。通過這項協議，我們將提供臨床工程服務，使他們的設備恢復到所需的規格。

Finally, we continue to make progress with the government as we were just awarded another multimillion dollar agreement with the Veterans Administration. These are just a few illustrations of the progress we're making growing our business across both new and existing customers.

最後，我們繼續與政府取得進展，因為我們剛剛與退伍軍人管理局簽訂了另一項數百萬美元的協議。這些只是我們在新客戶和現有客戶中發展業務所取得進展的幾個例子。

As we move into the second half of the year, our teams remain focused on the disciplined execution of our strategy. We understand the challenges healthcare facilities face. We continue to work hard to foster strong collaborative partnerships, which create long-term value. Our goal is to help our customers realize measurable savings through improved operating performance, which ultimately results in better patient care.

進入下半年，我們的團隊仍然專注於嚴格執行我們的戰略。我們了解醫療機構面臨的挑戰。我們繼續努力建立強有力的合作夥伴關係，創造長期價值。我們的目標是通過改善運營績效幫助客戶實現可衡量的節省，最終改善患者護理。

I'll now pass the call on to Jim for details on our financials.

我現在將把電話轉給吉姆，了解有關我們財務狀況的詳細信息。

Thank you, Tom. I'll start with an overview of our Q2 2023 financials and later offer some comments on our outlook for the year.

謝謝你，湯姆。我將首先概述 2023 年第二季度的財務狀況，然後對今年的前景提出一些評論。

For the second quarter, total company revenue was $291 million, representing a 6% increase over the prior year. Adjusted EBITDA totaled $66 million, a 6% decrease compared to Q2 last year, and adjusted EBITDA margins totaled 23%. Adjusted EBITDA margins were affected by the revised scope of the new HHS contract renewal as well as a lower number of peak need rental placements. In addition, adjusted EBITDA margins were negatively impacted by the onboarding of larger customer contracts, which have tended to have lower upfront profitability with higher service costs.

第二季度，公司總收入為2.91億美元，比上年同期增長6%。調整後 EBITDA 總計 6600 萬美元，比去年第二季度下降 6%，調整後 EBITDA 利潤率總計 23%。調整後的 EBITDA 利潤率受到新 HHS 合同續簽範圍的修訂以及高峰需求租賃安置數量減少的影響。此外，調整後的 EBITDA 利潤率受到較大客戶合同的負面影響，這些合同的前期盈利能力往往較低，服務成本較高。

Adjusted earnings per share of $0.14 in the quarter compares to $0.19 in the prior year, driven by a decline in adjusted net income and an increase in the effective interest rate on our debt, which amounted to approximately $0.04 per share for the quarter.

本季度調整後每股收益為 0.14 美元，而上年同期為 0.19 美元，原因是調整後淨利潤下降和債務實際利率上升（本季度每股收益約為 0.04 美元）。

Taking a closer look at the second quarter across each of our service lines. Equipment Solutions revenue totaled $114 million, up 7% year-over-year. The increase was primarily attributable to onboarding new business, partially offset by lower customer utilization of our peak need rental equipment fleet in the quarter versus the prior year. Recall, that we had previously estimated that our peak need rental placements would trend more closely with 2022, beginning in the second quarter of this year. This has not occurred as our customers were slower to return our owned equipment throughout 2022. As Tom noted, customers also invested in a higher quantity of their own equipment.

仔細研究第二季度我們每個服務線的情況。設備解決方案收入總計 1.14 億美元，同比增長 7%。這一增長主要歸因於新業務的開展，但與上一年相比，本季度客戶對我們高峰需求租賃設備車隊的利用率降低部分抵消了這一增長。回想一下，我們之前曾估計，從今年第二季度開始，我們的租賃需求高峰將與 2022 年更加接近。這種情況並未發生，因為我們的客戶在 2022 年全年歸還我們自有設備的速度較慢。正如 Tom 指出的，客戶還投資了更多自己的設備。

Moving to Clinical Engineering. Q2 revenue was $112 million, representing a year-over-year increase of 7% for the quarter. New customer growth was the primary driver of the increase versus the prior year as we continue to advance our solutions, including within our surgical equipment repair portions of the business.

轉向臨床工程。第二季度收入為 1.12 億美元，同比增長 7%。隨著我們繼續推進我們的解決方案，包括在我們的手術設備維修業務部分，新客戶的增長是與上一年相比增長的主要驅動力。

Finally, on-site managed services revenue totaled $65 million, representing a year-over-year increase of 4% for the quarter. This was primarily driven by organic growth in our on-site managed solutions where our employees show up each day to more efficiently utilize customer-owned medical equipment.

最後，現場管理服務收入總計 6500 萬美元，本季度同比增長 4%。這主要是由我們的現場管理解決方案的有機增長推動的，我們的員工每天都會出現，以更有效地利用客戶擁有的醫療設備。

Continuing down the P&L. Gross margin dollars for Q2 totaled $99 million, an increase of 1% year-over-year. Our gross margin rate was 34% compared to 36% in the prior year. The decline in margin rate was primarily due to a lower mix of peak need rental placements, higher cost to onboard new business and the factors related to the HHS agreement terms as previously described.

繼續降低損益表。第二季度毛利率總計 9900 萬美元，同比增長 1%。我們的毛利率為 34%，而上一年為 36%。保證金率下降主要是由於高峰需求租賃安置的組合減少、新業務成本上升以及與之前所述的 HHS 協議條款相關的因素。

SG&A costs for Q2 totaled $81 million, a decrease of $1 million year-over-year.

第二季度的 SG&A 成本總計 8100 萬美元，同比減少 100 萬美元。

Moving to the balance sheet. We closed Q2 with net debt of $1.09 billion. Our cash flow from operations for the first half of the year was $82 million. Our leverage ratio at the end of Q2, on a pro forma basis after adjusting for the impact of the late Q4 2022 acquisitions, was approximately 3.85 turns. Looking forward, we will remain diligent in determining the optimal uses of our cash generation.

轉向資產負債表。我們第二季度末的淨債務為 10.9 億美元。我們上半年的運營現金流為 8200 萬美元。根據 2022 年第四季度末收購的影響進行調整後，我們第二季度末的槓桿率約為 3.85 倍。展望未來，我們將繼續努力確定現金生成的最佳用途。

Agiliti maintained a solid liquidity position as of June 2023 with $282 million available, comprised of $9 million of cash on hand and $273 million available under our revolving credit facility. As a reminder, in April 2023, we expanded our revolving credit agreement by $50 million and extended the term to Q2 2028. Further, in early May, we completed a modification and extension of our term loan, which transitioned our key underlying benchmark rate from LIBOR to SOFR and extended the maturity to Q2 2030.

截至 2023 年 6 月，Agiliti 保持穩健的流動性頭寸，可用資金為 2.82 億美元，其中包括手頭現金 900 萬美元和循環信貸額度下的可用現金 2.73 億美元。提醒一下，2023 年4 月，我們將循環信貸協議擴大了5000 萬美元，並將期限延長至2028 年第二季度。此外，5 月初，我們完成了定期貸款的修改和延期，這將我們的關鍵基礎基準利率從LIBOR 改為 SOFR，並將期限延長至 2030 年第二季度。

Finally, of our $1.09 billion in debt, we maintained an interest rate swap agreement on $500 million, which swapped floating rate terms for fixed rate terms. Anticipating the expiration of this swap on June 1, 2023, in April 2023, we entered into a new interest rate swap agreement and $500 million of our debt effective July 1, 2023. This new swap has the effect of fixing our SOFR base rate at 4.07% and the agreement has a 2-year duration.

最後，在 10.9 億美元的債務中，我們維持了 5 億美元的利率互換協議，將浮動利率條款改為固定利率條款。預計該互換將於2023 年6 月1 日到期，2023 年4 月，我們簽訂了一項新的利率互換協議，並於2023 年7 月1 日生效，我們的債務為5 億美元。這一新互換的作用是將我們的SOFR 基本利率固定為4.07%，協議期限為2年。

Turning now to our 2023 outlook. We are reaffirming our full year revenue guidance in the range of $1.16 billion to $1.19 billion. In addition, as we shared in our prior earnings calls, beginning in Q2 of last year, we had modeled a rebaselining of the utilization of our peak need rental equipment fleet. Our 2023 initial guidance assume placements of our peak need rental fleet will remain at this level.

現在轉向我們的 2023 年展望。我們重申全年收入指引在 11.6 億美元至 11.9 億美元之間。此外，正如我們在之前的財報電話會議中分享的那樣，從去年第二季度開始，我們對高峰需求租賃設備車隊的利用率進行了重新基線建模。我們 2023 年的初步指導假設我們的高峰需求租賃車隊的安置將保持在這個水平。

After the completion of the 2023 flu season, we have experienced placements below the prior year period. We estimate this trend to have an additional $20 million to $30 million of revenue impact for 2023. Recall that this revenue has a high flow-through to profits. In addition, we continue to onboard larger new contracts, some of which have lower initial profits. Accordingly, we are taking a more conservative view on the balance of the year for our earnings. This decline will also be reflected in our adjusted EBITDA margins, which we expect to remain at lower relative levels as a result of the more muted profitability from the current mix.

2023 年流感季節結束後，我們的安置數量低於去年同期。我們估計這一趨勢將對 2023 年的收入產生額外 2000 萬至 3000 萬美元的影響。回想一下，這種收入對利潤的影響很大。此外，我們繼續簽訂規模更大的新合同，其中一些合同的初始利潤較低。因此，我們對今年餘下的盈利持更為保守的看法。這種下降也將反映在我們調整後的 EBITDA 利潤率中，由於當前組合的盈利能力更加疲軟，我們預計該利潤率將保持在較低的相對水平。

Specifically, we now expect adjusted EBITDA between $260 million and $270 million for the full year 2023. As our mix evolves and we start to see the benefits from the larger contracts materialize and peak need rental stabilizing at more normalized post-COVID levels, we expect our longer-term margins will stabilize, but will likely remain below our historical levels. As Tom mentioned, offsetting this margin impact will be a solid and more predictable stream of revenue, which gives us confidence in our longer-term performance.

具體來說，我們現在預計2023 年全年調整後的EBITDA 將在2.6 億美元至2.7 億美元之間。隨著我們的組合不斷發展，我們開始看到更大的合同帶來的好處，以及高峰需求租金穩定在疫情后更加正常化的水平，我們預計我們的長期利潤率將會穩定，但可能仍低於歷史水平。正如湯姆提到的，抵消這種利潤率影響將是一個穩定且更可預測的收入來源，這讓我們對我們的長期業績充滿信心。

Continuing with our 2023 guidance. We now expect adjusted earnings per share in the range of $0.54 to $0.59 per share. A reminder that we estimate the negative impact of higher interest expense to be in the range of $0.16 per share to $0.19 per share. We have improved our cash CapEx guidance and expect reinvestment into our business at $80 million. Note that this reflects a reduction in our year-over-year CapEx for our equipment fleet, specifically related to our peak need rental investments, offset partially by investments being made for information technology, including the development of software to support projects to improve our infrastructure and customer experience.

繼續我們的 2023 年指導。我們目前預計調整後每股收益在 0.54 美元至 0.59 美元之間。提醒您的是，我們估計較高的利息支出的負面影響將在每股 0.16 美元至 0.19 美元之間。我們改進了現金資本支出指導，預計對我們業務的再投資為 8000 萬美元。請注意，這反映了我們設備隊的資本支出同比減少，特別是與我們的高峰需求租賃投資相關的減少，部分被信息技術投資所抵消，包括開發軟件來支持項目以改善我們的基礎設施和客戶體驗。

That wraps up our prepared remarks. And now I'll turn the call over to our operator to provide instructions for Q&A.

我們準備好的發言就到此結束。現在我將把電話轉給我們的接線員，以提供問答說明。

(Operator Instructions) Our first question comes from the line of Matthew Mishan with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Matthew Mishan。

Just first on the revenue guidance, which you kept intact. It didn't -- it seems as if there is a revenue impact from the lower utilization of the rental equipment. Are you offsetting that impact with additional revenue somewhere else? Or are you kind of pointing to the low end of the revenue range and -- while keeping it?

首先是收入指導，您保持原樣。但事實並非如此——租賃設備利用率較低似乎對收入產生了影響。您是否會通過其他地方的額外收入來抵消這種影響？或者你是在指出收入範圍的低端——同時保持它？

(technical difficulty) down driven by the supplemental equipment placements coming down by $20 million to $30 million. We also discussed in the script and Tom B can share the progress that we're making with respect to the other areas of our business, both with new and existing customers. So you're right.

（技術難度）因補充設備安置減少 2000 萬至 3000 萬美元而下降。我們還在腳本中進行了討論，Tom B 可以與新客戶和現有客戶分享我們在其他業務領域取得的進展。所以你是對的。

And Matt, as we have talked about previously, we had a number of new deals brought in. We were converting those new deals, and we're starting to realize the benefit of the conversion of those deals, and that's why you're seeing the offset.

馬特，正如我們之前談到的，我們引入了許多新交易。我們正在轉換這些新交易，並且我們開始意識到這些交易轉換的好處，這就是為什麼你會看到偏移量。

So when you think about the incremental change, is it incrementally positive on the revenue you're expecting to be receiving from these contracts that's offsetting it? Or is that in line with your expectations of going into the year and we should be lowering our revenue number towards the lower end to reflect these changes?

因此，當您考慮增量變化時，您期望從這些抵消變化的合同中獲得的收入是否會逐漸增加？或者這是否符合您對今年的預期，我們應該將收入數字降低到較低水平以反映這些變化？

Yes, Matt. We're progressing well with the onboarding of the new business. That's what we would share, Matt, with respect to that portion of the overall revenue guide. Hope that helps.

是的，馬特。我們在新業務的啟動方面進展順利。馬特，這就是我們要分享的關於總體收入指南的這一部分的內容。希望有幫助。

Okay. And then just lastly on the EBITDA. Would you mind walking us down from your previous EBITDA range to current EBITDA range? The $35 million change, how much of that was -- is distinctly due to the rental utilization? And how much of it is due to the slower onboarding or the slower ramp in profitability for the contracts? And I'll jump back in the queue after that.

好的。最後是 EBITDA。您介意引導我們從之前的 EBITDA 範圍下調至當前的 EBITDA 範圍嗎？ 3500 萬美元的變化，其中有多少明顯是由於租金利用率造成的？其中有多少是由於入職較慢或合同盈利能力增長較慢造成的？之後我會跳回到隊列中。

Yes. No worries, it's Matt. First and foremost, it's due to the lower equipment placements which, from a revenue perspective, again, it was $20 million to $30 million, which has a very high flow through top line to bottom line. So that is, by far and away, the biggest driver for the reduction. The rest, as we shared in the script, is principally based upon onboarding the new business. It's coming in at lower initial margins. But the first piece there that being the equipment placements being down is the most salient point there of the reduction.

是的。不用擔心，是馬特。首先也是最重要的，這是由於設備放置量較低，從收入角度來看，設備放置量為 2000 萬至 3000 萬美元，從營收到利潤的流量非常高。因此，這無疑是減少的最大驅動因素。正如我們在腳本中所分享的，其餘的主要是基於新業務的啟動。它的初始利潤較低。但第一件事是設備放置的減少是減少的最突出的一點。

Our next question comes from the line of Jason Cassorla with Citi.

我們的下一個問題來自花旗銀行的傑森·卡索拉 (Jason Cassorla)。

Yes, I just wanted to follow up on the lower equipment rental baseline. I guess what's changed since you lowered that baseline back in the second quarter of '22? Is it customer behavior or anything along those lines? And I guess does that change the longer-term kind of growth outlook for that business? Is it just a lower baseline you're going to grow more naturally off of? Or is it just differences or thinking about that business in its entirety? Just any help there would be great to start.

是的，我只是想跟進較低的設備租賃基準。我猜自從你在 22 年第二季度降低基線以來發生了什麼變化？是客戶行為還是類似的原因？我想這會改變該業務的長期增長前景嗎？這只是一個較低的基線，你會更自然地成長嗎？或者只是差異或對整個業務的思考？任何幫助都會很好地開始。

Yes. Thanks, Jason. So on our PNR business, the equipment rental service, it's designed to meet supplemental equipment needs of the customers, and it always tends to ebb and flow with census and customer buying practices. We expect in time for that supplemental rental demand to resume, but in the near term, we've taken a conservative outlook on the assumptions and they're all considered in our 2023 guidance. Does that answer your question, Jason?

是的。謝謝，傑森。因此，在我們的 PNR 業務（設備租賃服務）中，它旨在滿足客戶的補充設備需求，並且它總是隨著人口普查和客戶購買實踐而變化。我們預計補充租賃需求會及時恢復，但在短期內，我們對這些假設持保守態度，並且我們的 2023 年指導中都考慮了這些因素。這能回答你的問題嗎，傑森？

Yes. I guess it sounds like it's just slowing, if anything, but you expect this to be like a true baseline for the business going forward. Do you think you can grow off this? Or there's no material kind of rebasing that still needs to be done or pockets of caution that you would think that's out there at this point?

是的。我想這聽起來只是在放緩（如果有的話），但你預計這將成為業務未來發展的真正基準。你認為你能從中成長嗎？或者還沒有任何實質性的變基需要完成，或者您認為目前已經存在的一些謹慎事項？

That's right. We believe we've taken a conservative approach here for the outlook that we've guided to in 2023, Jason.

這是正確的。 Jason，我們相信我們對於 2023 年的展望採取了保守的態度。

Okay. Got it. And then maybe just as a follow-up. I wanted to go back to your commentary around improved visibility kind of going forward. I guess, after this rebase, I guess what just gives you the confidence there in your visibility of the highly recurring revenue business kind of moving forward. I guess just any other just commentary around the visibility of the business going forward, the margin profile, the NTP. Just anything on those lines would be great.

好的。知道了。然後也許只是作為後續行動。我想回到您關於提高可見性的評論。我想，在這次調整之後，我想是什麼讓你對高經常性收入業務的發展充滿信心。我想只是關於未來業務的可見性、利潤狀況、NTP 的任何其他評論。任何符合這些原則的東西都會很棒。

Yes. Thanks, Jason. As we mentioned in the previous earnings call, we -- this was going to be a tale of 2 years, the first half of the year being a little cloudy from both COVID as well as the flu season. The second half of the year, as we talked about, we would have a more visible view on the revenue side and had talked about to be a mid-single-digit grower on the top line. We're already starting to realize that with the conversion of this business that was brought in that was in the queue and is now converting.

是的。謝謝，傑森。正如我們在之前的財報電話會議中提到的，這將是一個持續兩年的故事，今年上半年由於新冠肺炎和流感季節，天氣有些陰沉。正如我們所談到的，今年下半年，我們將對收入方面有更明顯的看法，並談到要成為營收中個位數的增長者。我們已經開始意識到，隨著這項業務的轉換，引入的業務已經在隊列中，現在正在轉換。

And we're seeing a lot of other new business coming in that gives us very good confidence that the top line will grow consistent with the expectations that we set and consistent with current guidance. And we also believe on the EBITDA side that this is the right conservative view on what the full year looks like based on the conversion of that new revenue coming in.

我們看到許多其他新業務的出現，這讓我們非常有信心，收入的增長將符合我們設定的預期和當前的指導。我們還認為，在 EBITDA 方面，根據新收入的轉換，這是對全年情況的正確保守看法。

Our next question comes from the line of Brian Tanquilut with Jefferies, please go ahead.

我們的下一個問題來自 Jefferies 的 Brian Tanquilut，請繼續。

I have some follow-up just to the questions around margins. So should we just be thinking about this as a margin reset or an earnings priority? Because it sounds like at least the way I'm hearing it is that basically, this is your expectations for the foreseeable future. But then as I think about potentially ramping up PNR again and then like getting some of these contracts to ramp up, shouldn't the margins start picking up, say, within the next 6 months or so?

我對有關利潤率的問題有一些後續行動。那麼我們是否應該將其視為利潤重置或盈利優先？因為至少在我看來，這基本上是你對可預見的未來的期望。但是，當我考慮可能再次提高 PNR，然後像讓其中一些合同增加時，難道利潤率不應該在接下來的 6 個月左右開始回升嗎？

Yes. So I'll hit on the short-term piece. TB can hit on the longer-term view. But it is true that in the short term as implied in the 2023 guidance that the full year guidance, if you took the midpoint of the range, it's in the 22% to 22.5%-ish range. So that would be fair to say that it's in that same range as where we sit today. As we turn the page into 2024, some of the things that I would just want to make sure that we understand is that when we think about EBITDA margin rates overall, our biggest opportunity for advancement is volume growth because we're able to leverage our shared infrastructure, which includes our SG&A.

是的。所以我會談談短期的部分。結核病可以著眼長遠。但確實，正如 2023 年指導中所暗示的那樣，全年指導中的短期內，如果採用該範圍的中點，則在 22% 至 22.5% 左右的範圍內。因此可以公平地說，它與我們今天所處的範圍相同。當我們翻過這一頁到 2024 年時，我只想確保我們理解的一些事情是，當我們整體考慮 EBITDA 利潤率時，我們最大的進步機會是銷量增長，因為我們能夠利用我們的共享基礎設施，其中包括我們的SG&A。

As it relates to your question specifically around supplemental rental demand longer term, I would just say this, that as Tom B and we have shared in the script, we believe that this is a conservative view with respect to the balance of this year. As we turn into 2024, obviously, if things revert back to more of a historical level that does represent a tailwind for us moving forward. Tom, anything else?

由於它與您的問題特別是有關長期補充租賃需求的問題有關，我只想說，正如 Tom B 和我們在腳本中所分享的那樣，我們認為這是對今年餘額的保守看法。顯然，當我們進入 2024 年時，如果情況恢復到更多的歷史水平，這確實代表著我們前進的順風車。湯姆，還有什麼嗎？

Yes, I would just say, too, that we've seen nice growth in other modalities within Equipment Solutions, particularly those areas where we can wrap differentiated services around a piece of equipment. And a good example of that is on the specialty beds and the opportunity for us to assist our customers as they need that augmentation for either specialty frames and surfaces or med-surg beds. So while indeed, we are taking a conservative view and at some point, we do expect the supplemental rental demand, specifically around infusion pumps, ventilators and monitors that I mentioned in the script, to rebound, we are seeing nice growth in the other modalities. They just don't contribute as much EBITDA out of the gate.

是的，我也想說，我們已經看到設備解決方案中其他模式的良好增長，特別是那些我們可以圍繞一台設備提供差異化​​服務的領域。一個很好的例子就是特種床，以及我們為客戶提供幫助的機會，因為他們需要對特種框架和表面或醫療外科床進行增強。因此，雖然我們確實採取保守的觀點，但在某些時候，我們確實預計補充租賃需求，特別是我在腳本中提到的輸液泵、呼吸機和監視器周圍的需求會反彈，但我們看到其他模式的良好增長。他們只是沒有貢獻那麼多的 EBITDA。

Got it. And then I guess my second question, you touched on the surgery centers and new opportunities there. How should we be thinking about, number one, the runway in that business? It sounds like you're very early, obviously, but also what kind of margin profile should we be thinking about as you gain more traction in that space?

知道了。然後我想我的第二個問題，你談到了手術中心和那裡的新機會。第一，我們應該如何考慮該行業的跑道？顯然，聽起來你還很早，但當你在該領域獲得更多關注時，我們應該考慮什麼樣的利潤狀況？

Yes. Just as a reminder, where I mentioned in the script, we earned commitments with the largest franchises at a corporate level, but it still demands us going to a facility level and getting them along with the support of the corporate level converted both in the areas of clinical engineering, that's the repair and maintenance of devices as well as the ability for us to provide rental augmentation for endoscopes and the like. So we see that business, particularly around Clinical Engineering being pretty consistent with the other parts of our business.

是的。提醒一下，我在劇本中提到，我們贏得了公司層面最大特許經營權的承諾，但這仍然要求我們進入設施層面並讓他們與公司層面的支持一起在這些領域進行轉換臨床工程的一部分，即設備的維修和維護，以及我們為內窺鏡等提供增加租金的能力。因此，我們認為該業務，特別是臨床工程業務與我們業務的其他部分非常一致。

Rental is a little bit different because reimbursement is different in the ASC marketplace, but the biggest opportunity we have there is around surgical equipment repair as well as overall device repair on the Clinical Engineering side.

租金略有不同，因為 ASC 市場的報銷有所不同，但我們最大的機會是手術設備維修以及臨床工程方面的整體設備維修。

Got you. So hunting license basically is what you got right now?

明白你了。那麼狩獵許可證基本上就是您現在獲得的嗎？

Exactly that, but that's new to us. We hadn't gotten those in the past, the decisions were made locally. And now we're getting corporate commitment similar to what we're seeing on the IDN side, where you've got the -- corporate office is wanting to get the benefits of the value that Agiliti can provide.

正是如此，但這對我們來說是新的。我們過去沒有得到這些，決定是在當地做出的。現在我們得到的企業承諾類似於我們在 IDN 方面看到的情況，企業辦公室希望獲得 Agiliti 可以提供的價值的好處。

(Operator Instructions) Our next question comes from the line of Matthew Mishan with KeyBanc Capital Markets.

（操作員說明）我們的下一個問題來自 KeyBanc Capital Markets 的 Matthew Mishan。

Just a quick couple of follow-ups. You guys have done really well with Sizewise over the last like -- almost like 1.5 years since you've owned it. We have heard from some of the surgical equipment providers that bariatric surgeries are -- have taken a little bit of a step back to the GLP-1s. Is part of the rental utilization a little bit of a step back in expectations around Sizewise in the bariatric beds?

只是幾個快速的後續行動。自從您擁有 Sizewise 以來，近 1.5 年以來，你們在使用 Sizewise 方面做得非常好。我們從一些手術設備供應商那裡得知，減肥手術已經退回到了 GLP-1。減肥床的 Sizewise 部分租金利用率是否比預期有所下降？

No, it's not, Matt. Thank you for the question. The demand for our specialty frames and surfaces hasn't waned. It has remained very consistent. And Sizewise has been a great catalyst to allow us to solve that problem for our customers.

不，不是，馬特。感謝你的提問。對我們的特種框架和表面的需求並未減弱。它一直保持非常一致。 Sizewise 是一個巨大的催化劑，使我們能夠為客戶解決這個問題。

Okay. And then I think you mentioned a remediation with a large medical device manufacturer. I think a lot of us can figure out kind of who that is. As they do come back from the absence over like the last couple of years, do you feel as if you have a good handle on your customers and how much pump demand that they needed from their rental fleet as that customer was out and whatever that excess demand was for you guys, it could potentially be offset by helping in this remediation?

好的。然後我想你提到了與一家大型醫療設備製造商的補救措施。我想我們很多人都能猜出那是誰。當他們確實從過去幾年的缺席中回來時，您是否覺得您對您的客戶掌握得很好，以及當客戶離開時他們需要從租賃車隊中獲得多少泵需求以及無論超出多少需求是針對你們的，它可能會通過幫助修復而被抵消？

I don't think there's going to be much of a shift in demand through the remediation. These are to bring devices up to proper specifications. I really can't go into too much more detail on that because we're under NDA on this. But we don't see that impacting any of the guidance that we have for '23.

我認為通過補救措施，需求不會發生太大變化。這些都是為了使設備達到適當的規格。我真的不能透露太多細節，因為我們對此有保密協議。但我們認為這不會影響我們 23 年的任何指導。

(Operator Instructions) As there are no further questions, I would now hand the conference over to Tom Boehning for closing comments.

（操作員指示）由於沒有其他問題，我現在將會議交給 Tom Boehning 進行總結評論。

Thank you, operator, and thank you all for joining us today, and we look forward to sharing our continued progress on our next call. So we'll close the call here. Thank you.

謝謝運營商，也感謝大家今天加入我們，我們期待在下次通話中分享我們的持續進展。所以我們將在這裡結束通話。謝謝。

The conference of Agiliti, Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

Agiliti, Inc. 的會議現已結束。感謝您的參與。您現在可以斷開線路。