Adapthealth Corp (AHCO) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's AdaptHealth second quarter 2025 earnings release. Today's speakers will be Suzanne Foster, Chief Executive Officer of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth.

大家好，歡迎參加今天的 AdaptHealth 2025 年第二季財報發表會。今天的演講者是 AdaptHealth 執行長 Suzanne Foster 和 AdaptHealth 財務長 Jason Clemens。

Before we begin, I'd like to remind everyone that statements included in this conference call and in the press release issued today may constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act. These statements include, but are not limited to, comments regarding financial results for 2025 and beyond.

在我們開始之前，我想提醒大家，本次電話會議和今天發布的新聞稿中包含的聲明可能構成《私人證券訴訟改革法案》含義內的前瞻性聲明。這些聲明包括但不限於 2025 年及以後財務表現的評論。

Actual results could differ materially from those projected in forward-looking statements because of a number of risk factors and uncertainties which are discussed at length in the company's annual and quarterly SEC filings. AdaptHealth Corp. has no obligation to update the information provided on this call to reflect such subsequent events.

由於存在許多風險因素和不確定因素，實際結果可能與前瞻性聲明中預測的結果有重大差異，這些風險因素和不確定因素在公司年度和季度美國證券交易委員會文件中進行了詳細討論。AdaptHealth Corp. 沒有義務更新本次通話中提供的資訊以反映此類後續事件。

Additionally, on this morning's call, the company will reference certain financial measures, such as EBITDA, adjusted EBITDA, adjusted EBITDA margin and free cash flow, all of which are non-GAAP financial measures.

此外，在今天早上的電話會議上，公司將參考某些財務指標，例如 EBITDA、調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流，所有這些都是非 GAAP 財務指標。

You can find more information about these non-GAAP measures in the presentation materials accompanying today's call, which are posted on the company's website. This morning's call is being recorded, and a replay of the call will be available later today.

您可以在今天電話會議附帶的演示材料中找到有關這些非公認會計準則指標的更多信息，這些材料已發佈在公司網站上。今天早上的通話正在錄音，今天晚些時候將會提供通話重播。

I am now pleased to introduce the Chief Executive Officer of AdaptHealth, Suzanne Foster. Please go ahead, ma'am.

現在我很高興介紹 AdaptHealth 的執行長蘇珊娜·福斯特 (Suzanne Foster)。請繼續，女士。

Thank you, and good morning, everyone. Thank you for joining our call. Starting with our Q2 2025 results, I'm pleased to report that we delivered another solid quarter. Our second quarter revenue was $800.4 million. Adjusting for revenue disposed through our recent divestitures, revenue was as expected, in line with the second quarter of the prior year.

謝謝大家，早安。感謝您參加我們的電話會議。從我們 2025 年第二季的業績開始，我很高興地報告，我們又取得了穩健的季度業績。我們第二季的營收為 8.004 億美元。在調整我們最近透過資產剝離處置的收入後，收入符合預期，與去年第二季持平。

Second quarter adjusted EBITDA was $155.5 million. Our adjusted EBITDA margin was 19.4% at the high end of our guidance range. Free cash flow was $73.3 million in the second quarter ahead of our expectations, and we are on track to meet our free cash flow guidance for FY 2025. Over the past year, we've detailed our efforts to strengthen our foundation and position the company for long-term success.

第二季調整後的 EBITDA 為 1.555 億美元。我們的調整後 EBITDA 利潤率為 19.4%，處於指導範圍的高端。第二季的自由現金流為 7,330 萬美元，超出我們的預期，我們預計將實現 2025 財年的自由現金流預期。在過去的一年裡，我們詳細地闡述了我們為鞏固基礎和為公司長期成功所做的努力。

What began as a series of tactical moves that were necessary to stabilize operations has matured into a cohesive plan focused on three levers that drive value: one, accelerating nonacquired revenue growth; two, enhancing profitability; and three, strengthening our balance sheet.

最初是一系列為穩定營運而必須採取的戰術舉措，現已發展成為一項有凝聚力的計劃，重點關注推動價值的三個槓桿：一是加速非收購收入增長；二是提高盈利能力；三是加強我們的資產負債表。

And step-by-step and without compromising on our commitment to deliver the best possible patient experience, we are executing to unlock the full value of our enterprise. We are gaining momentum as our progress over this past quarter demonstrates.

我們正在一步步努力，在不損害我們為患者提供最佳體驗的承諾的前提下，釋放企業的全部價值。正如我們上個季度取得的進展所表明的那樣，我們正在獲得發展動力。

Starting with non-acquired growth. we are leveraging our organizational strengths to address payer preference and build a pipeline of new capitated arrangements. I'm pleased to announce that we have signed a definitive agreement to become the exclusive provider of home medical equipment and supplies for a major national health care systems and across the system's broad network of hospitals and medical offices.

從非收購成長開始，我們正在利用我們的組織優勢來解決付款人的偏好並建立新的按人頭付費安排管道。我很高興地宣布，我們已簽署最終協議，成為主要國家醫療保健系統以及該系統廣泛的醫院和醫療辦公室網路的家庭醫療設備和用品的獨家供應商。

The arrangement features a capitation, capitation payment model that will cover the systems more than 10 million members across multiple states. The contract is for a five-year term, totaling more than $1 billion of revenue over the term of the contract and adjusted EBITDA margins that are projected to be in line with our enterprise margins. Also, once ramped this new arrangement will elevate capitated revenue to at least 10% of our total revenue, increasing our mix of recurring revenue.

該協議採用按人頭付費模式，將涵蓋多個州的 1,000 多萬會員。該合約期限為五年，合約期間總收入超過 10 億美元，調整後的 EBITDA 利潤率預計將與我們的企業利潤率保持一致。此外，一旦這項新安排實施，人均收入將提升至我們總收入的至少 10%，從而增加我們的經常性收入結構。

This new partnership is a clear endorsement of our ability to deliver patient service excellence at scale from a leading managed care organization. Through the RFP process, we were able to demonstrate how our combination of talent, expertise and tech-enabled patient experience aligns with the health care system's innovative approach to serving its membership. Securing this agreement strengthens our conviction that we have a tremendous opportunity to consolidate the market by becoming the most reliable operator in our core market segments.

這項新的合作關係明確證明了我們作為領先的管理式醫療組織能夠大規模地提供卓越的病患服務的能力。透過 RFP 流程，我們能夠展示我們的人才、專業知識和技術支援的患者體驗如何與醫療保健系統為其成員服務的創新方法相一致。獲得這項協議增強了我們的信念：透過成為核心市場中最可靠的營運商，我們有巨大的機會鞏固市場。

That conviction is rooted in our ability to flex and configure our resources to accommodate whichever payment models, a payer prefers for managing their spend, capitated or fee-for-service. Continuing with non-acquired growth, our Respiratory Health segment revenue continued to accelerate. As a result of the sales incentive-based compensation changes introduced earlier in the year, and a streamlined order intake process that reduces the administrative burden on our referring providers.

這項信念根植於我們靈活配置資源的能力，以適應付款人喜歡的任何支付模式來管理他們的支出，按人頭付費或按服務收費。隨著非收購業務的成長，我們的呼吸健康部門收入持續加速成長。由於今年稍早推出的基於銷售激勵的薪酬變化，以及簡化的訂單接收流程，減輕了我們的推薦供應商的管理負擔。

Meanwhile, our Diabetes Health segment delivered a third consecutive quarter of sequential improvement in new starts and a resupply retention rate that once again outperformed the comparable quarters of the past two years.

同時，我們的糖尿病健康部門連續第三個季度實現了新開工和補給保留率的連續改善，再次超過了過去兩年的同期水準。

This momentum in underlying business trends if sustained, would allow us to resume growth in diabetes health revenues, possibly as early as the second half of this year, using what has been a hindrance to enterprise growth. Staying with non-acquired growth, our recent efforts in our Sleep Health segment to standardize scheduling practices and order intake are producing quicker setup times, which have already improved by 1/3 from the prior quarter.

如果這種潛在業務趨勢的勢頭能夠持續下去，我們將能夠利用一直以來阻礙企業成長的因素，恢復糖尿病健康收入的成長，可能最早在今年下半年實現。繼續保持非收購成長，我們最近在睡眠健康部門努力標準化調度實踐和訂單接收，從而縮短了設置時間，這已經比上一季度提高了 1/3。

We've given patients greater flexibility to choose the timing and format that best fits their setup needs by offering expanded appointment availability, same-day scheduling and offering in-person as well as virtual setups. As a result, Sleep Health new setups accelerated in Q2 as these efforts eclipse the dynamics that drove lighter new starts in Q1. In fact, Q2 new setups were the highest since the recall recovery in Q2 2023, with this strength continuing through July.

我們透過提供更多預約時間、當天安排以及提供面對面和虛擬設置，為患者提供了更大的靈活性，讓他們能夠選擇最適合其設置需求的時間和形式。因此，睡眠健康新設施在第二季度加速，因為這些努力掩蓋了第一季推動新設施減少的動力。事實上，第二季的新設定量是自 2023 年第二季召回恢復以來的最高水平，這種強勁勢頭將持續到 7 月。

Looking forward, the rollout of our standard operating model and the automation of intake, both of which are currently underway, will reduce order cycle time and further accelerate setup times with the goal of becoming the most reliable and convenient in the industry. This brings us to our second topic, enhancing profitability. We are prioritizing initiatives that will drive labor productivity, increase the capacity of our operating assets, expand our adjusted EBITDA margin and amplify returns on our invested capital.

展望未來，我們正在推行的標準作業模式和自動化攝取將縮短訂單週期並進一步加快設定時間，目標是成為業界最可靠、最方便的企業。這引出了我們的第二個主題：提高獲利能力。我們正在優先考慮那些能夠提高勞動生產力、增加營運資產容量、擴大調整後 EBITDA 利潤率和增加投資資本回報的措施。

We are well into rolling out a standard field operating model across our regions, which will establish a uniform approach for operating our business and delivering care. This model features standardized spans, layers and roles, regional centralization of patient order intake, qualification and scheduling functions and technology solutions that support capacity planning, productivity and patient service consistency.

我們正在各個地區推廣標準的現場營運模式，這將為我們的業務運營和護理提供建立統一的方法。該模型具有標準化的跨度、層次和角色、患者訂單接收的區域集中化、資格和調度功能以及支援容量規劃、生產力和患者服務一致性的技術解決方案。

Building on the foundation of our standard operating model, we are advancing a series of initiatives on our three-year road map. We are leveraging technology, including automation and AI to streamline inbound and outbound call handling.

在我們的標準營運模式的基礎上，我們正​​在推動三年路線圖上的一系列措施。我們正在利用包括自動化和人工智慧在內的技術來簡化來電和去電處理。

These initiatives have the promise of significantly increasing agent productivity. Second, as noted earlier, we are leveraging AI to automate order intake to increase intake efficiency, improve order accuracy and reduce order cycle time. And third, we are scaling myAPP, our self-service mobile-based app that includes a growing list of features, including bill pay, scheduling, order status and live agent assist.

這些舉措可望顯著提高代理商的生產力。其次，如前所述，我們正在利用人工智慧實現訂單接收自動化，以提高接收效率、提高訂單準確性並縮短訂單週期時間。第三，我們正在擴展 myAPP，這是我們的自助行動應用程序，它包含越來越多的功能，包括帳單支付、日程安排、訂單狀態和現場代理協助。

In addition to significantly improving patient experience, these three initiatives will substantially reduce manual administrative burden, lessen our dependence on lower skilled contract labor, and create capacity to reinvest in upskilling our workforce for higher-value roles. Importantly, we expect these initiatives to slow the rate of new hiring that would otherwise be required to support the growth of our business.

除了顯著改善病患體驗外，這三項措施還將大幅減少人工管理負擔，減少我們對低技能合約工的依賴，並創造能力重新投資於提升員工技能，使其能夠勝任更高價值的職位。重要的是，我們預計這些措施將減緩支持我們業務成長所需的新招募速度。

Moving to our third topic, our balance sheet. We continue to make rapid progress. In the second quarter, we reduced our debt balance by another $150 million funded in part with proceeds from divesting certain incontinence assets -- in divesting certain incontinence assets in May and certain infusion assets in June. In total, we have reduced debt by $175 million year-to-date, and by $345 million over the last 6 quarters.

轉到我們的第三個主題，我們的資產負債表。我們繼續取得快速進展。在第二季度，我們又減少了 1.5 億美元的債務餘額，部分資金來自剝離某些失禁資產的收益——5 月剝離了某些失禁資產，6 月剝離了某些輸液資產。總體而言，今年迄今我們已減少債務 1.75 億美元，過去 6 個季度已減少債務 3.45 億美元。

With our net leverage target of 2.5x in sight, we will continue to use our substantial free cash flow generation to further delever, driven by the conviction that a more balanced capital structure will reduce financial risk, lower our cost of capital and enhance the long-term value of our equity. I'd like to take a few moments to share our perspective on some of the key developments that are shaping the broader landscape.

隨著我們的淨槓桿率目標達到 2.5 倍，我們將繼續利用大量的自由現金流來進一步去槓桿，因為我們堅信，更加平衡的資本結構將降低財務風險、降低我們的資本成本並提高我們股權的長期價值。我想花點時間分享我們對一些正在影響更廣闊前景的關鍵發展的看法。

First, as anticipated in early July, CMS released a proposed rule on home health and DME, detailing new policies for the next round of competitive bidding. CMS has not yet announced the specific time frame for the next bidding round. Based on historical presence, we believe it is likely that CMS will release the final rule in the third or fourth quarter of this year and that bidding windows could open as early as the first half of 2026 with implementation beginning in 2027. CMS has also yet to release which specific product categories will be included in the bidding program.

首先，正如 7 月初預期的那樣，CMS 發布了有關家庭健康和 DME 的擬議規則，詳細說​​明了下一輪競爭性招標的新政策。CMS尚未公佈下一輪招標的具體時間表。根據歷史經驗，我們認為 CMS 很可能會在今年第三季或第四季發布最終規則，競標窗口最早可能在 2026 年上半年開放，並於 2027 年開始實施。CMS 尚未公佈哪些具體產品類別將納入招標計畫。

However, as anticipated, the proposed rule specifically references, CGMs and medical supplies, including ostomy and urology as potential new additions. Additionally, the proposed bidding process appears nuanced and includes some notable methodological changes from prior rounds with CMS soliciting feedback during the 60-day public comment period. With many details still unfolding, the situation remains fluid, and it remains too early to quantify any potential impact.

然而，正如預期的那樣，擬議規則特別提到，連續血糖監測 (CGM) 和醫療用品（包括造口術和泌尿科用品）是潛在的新增內容。此外，擬議的招標流程顯得有些微妙，與前幾輪相比，有​​一些顯著的方法變化，CMS 在 60 天的公眾意見徵詢期內徵求了反饋意見。由於許多細節仍在披露中，情況仍不確定，現在量化任何潛在影響還為時過早。

At a high level, the proposed rule seems to prioritize containing costs and this could potentially cause some economic pressure on industry operators. At the same time, the proposed rule also cites an intent to reduce the number of contracts awarded suggesting that the winning suppliers have an opportunity to capture a greater portion of volume. We believe our scale better equips us to navigate both these dynamics. In the meantime, we're deeply engaged in policy advocacy working closely with our industry partners, and we are sharply focused on internal preparations.

從高層次來看，擬議的規則似乎優先考慮控製成本，這可能會給行業運營商帶來一些經濟壓力。同時，擬議規則也提出減少授予合約數量的意圖，表明中標供應商有機會獲得更大的份額。我們相信，我們的規模能夠讓我們更好地應對這兩種動態。同時，我們正深入參與政策倡導，與產業夥伴密切合作，並高度重視內部準備。

These efforts include a thorough evaluation of proposed rule implications across our 4 core segments, along with profitability and balance sheet enhancement initiatives I just outlined, which will strengthen our organization whatever the outcome of the bidding program. Turning to the tax bill signed into law in July 1, known as the OBBBA, we believe this law has several positive implications for our cash tax profile. Among the more impactful the law indefinitely reinstates a less restrictive interest limitation calculation, which we estimate will increase deductible current year interest expense and accelerate the absorption of pre-2025 interest expense carryovers into tax years 2025 and 2026, all else equal.

這些努力包括對我們四個核心部門的擬議規則影響進行全面評估，以及我剛才概述的盈利能力和資產負債表增強舉措，無論競標計劃的結果如何，這些舉措都將加強我們的組織。談到 7 月 1 日簽署成為法律的稅收法案（即 OBBBA），我們認為這項法律對我們的現金稅收狀況有幾個正面的影響。其中影響較大的是，該法律無限期地恢復了限制較少的利息限制計算，我們估計，在其他條件相同的情況下，這將增加當年可扣除的利息費用，並加速將 2025 年之前的利息費用結轉吸收到 2025 年和 2026 年的納稅年度。

Additionally, the law allows immediate expensing of fixed assets placed in service. We continue to evaluate the implication of these changes in the tax law, but our preliminary analysis shows a significant reduction in our cash taxes over the next few years and a related benefit to our free cash flow.

此外，法律允許立即將投入使用的固定資產作為費用。我們將繼續評估這些稅法變化的影響，但我們的初步分析表明，未來幾年我們的現金稅將大幅減少，並且我們的自由現金流也將獲得相關好處。

Finally, we see that deal flow in our industry is picking up. As a leading strategic player, we have seen a notable increase in inbound opportunities over the past few months and we have completed two small transactions year-to-date.

最後，我們看到我們行業的交易流正在回升。作為領先的策略參與者，我們在過去幾個月中看到了入境機會的顯著增加，並且今年迄今為止我們已經完成了兩筆小型交易。

We recognize that mounting external pressures on smaller operators is accelerating conditions for another wave of consolidation. Our approach to M&A continues to be grounded in extreme discipline. Our highly capable corporate development team operates under a clear mandate, every potential acquisition must meet rigorous financial standards, support the targeted expansion of our geographic footprint and align with our strength in Sleep and Respiratory with meaningful synergies. Should the right opportunity emerge, we will rigorously evaluate it.

我們意識到，小型業者面臨的外部壓力不斷增大，正在加速新一輪整合的出現。我們對併購的態度依然以極為嚴謹為基礎。我們能力極強的企業發展團隊在明確的授權下運作，每一次潛在的收購都必須符合嚴格的財務標準，支持我們地理覆蓋範圍的目標擴張，並與我們在睡眠和呼吸領域的優勢形成有意義的協同效應。一旦出現合適的機會，我們將嚴格評估。

That said, with our strong free cash flow, industry-leading platform and meaningful opportunity to unlock value by simply maintaining our internal focus, we are operating from a position of strength. We are under no pressure to pursue acquisitions, and we can remain selective and patient.

也就是說，憑藉我們強大的自由現金流、行業領先的平台以及簡單地保持內部關注來釋放價值的重大機會，我們處於優勢地位。我們沒有面臨收購的壓力，我們可以保持選擇性和耐心。

I want to close by thanking the Adapt team for their commitment to serving over 4.2 million patients while preparing to serve millions more as a result of our new partnership. Although this new partnership is the largest in the company's history, we know what to do, and we are committed to executing on our commitments.

最後，我要感謝 Adapt 團隊致力於為超過 420 萬名患者提供服務，同時準備透過我們的新合作為更多患者提供服務。儘管這項新的合作關係是公司歷史上最大的合作夥伴關係，但我們知道該做什麼，並且我們致力於履行我們的承諾。

As today's discussion reflects we've made meaningful progress and our momentum continues to build. With that, I will turn it over to Jason.

正如今天的討論所反映的，我們已經取得了有意義的進展，而且我們的勢頭還在繼續增強。說完這些，我將把它交給傑森。

Thank you, Suzanne, and thanks to everyone for joining our call today. After covering our second quarter 2025 results, I'll provide an overview of our new capitated agreement. I'll follow that with the usual review of the balance sheet and our plans for capital allocation and finish up with updates to our guidance for 2025.

謝謝你，蘇珊娜，也謝謝大家今天參加我們的電話會議。在介紹我們 2025 年第二季的業績後，我將概述我們的新人頭協議。隨後，我將對資產負債表和資本配置計劃進行常規審查，並最終更新我們對 2025 年的指導。

For second quarter 2025, net revenue of $800.4 million declined 0.7%, compared with $806.0 million in the prior year quarter. Excluding revenues associated with certain infusion assets that were sold in June, revenue was largely flat versus the prior year quarter meeting our expectations. In our Sleep Health segment, the current year quarter included approximately $8 million of impact from the previously disclosed changes in the mix of purchase revenue versus rental revenue.

2025 年第二季淨收入為 8.004 億美元，較去年同期的 8.06 億美元下降 0.7%。不包括 6 月出售的某些輸液資產相關的收入，收入與去年同期相比基本持平，符合我們的預期。在我們的睡眠健康部門，本季包括先前揭露的購買收入與租賃收入組合變化的影響，約為 800 萬美元。

In our Wellness at Home segment, as previously announced, we sold certain incontinence, infusion and custom rehab assets that would have otherwise generated an estimated $20 million in the second quarter. Second quarter, Sleep Health segment net revenue increased 0.9% versus the prior year quarter to $334.7 million, which included the noncash impact I just mentioned.

正如先前宣布的那樣，在我們的家庭健康部門，我們出售了某些失禁、輸液和客製化康復資產，否則這些資產將在第二季產生約 2000 萬美元的收入。第二季度，睡眠健康部門淨收入較去年同期成長 0.9%，達到 3.347 億美元，其中包括我剛才提到的非現金影響。

Sleep Health starts were approximately 128,000, our highest quarter in 2 years, and our Sleep Health census was 1.7 million patients, up from 1.68 million in the prior quarter. Second quarter, Respiratory Health segment net revenue increased 5.6% from the prior year quarter to $170.5 million. We continue to see strong oxygen starts and our oxygen census of 329,000 patients was a new second quarter record. Second quarter Diabetes Health segment net revenue declined 4.1% versus the prior year quarter to $145.0 million.

睡眠健康計畫啟動人數約為 128,000 人，這是我們兩年來最高的季度，睡眠健康計畫普查患者人數為 170 萬，高於上一季的 168 萬。第二季度，呼吸健康部門淨收入較去年同期成長 5.6%，達到 1.705 億美元。我們繼續看到強勁的氧氣開始，我們對 329,000 名患者的氧氣普查創下了第二季度的新紀錄。第二季糖尿病健康部門淨收入較去年同期下降 4.1% 至 1.45 億美元。

As Suzanne noted, we continue to see signs that the segment is recovering driven by improvement in starts and resupply retention. Although volume growth was offset by payer mix shift, it is important to note that CGM census grew over the prior year quarter for the second consecutive quarter. For the Wellness at Home segment, which includes all of the product categories, second quarter net revenue declined 7.2% from the prior year quarter to $150.3 million including the previously mentioned impact of the dispositions of certain non-core assets.

正如蘇珊娜所指出的，我們繼續看到跡象表明，受開工率和補給保留率改善的推動，該領域正在復蘇。儘管交易量的成長被付款人結構的變化所抵消，但值得注意的是，CGM 數量連續第二季比去年同期成長。對於涵蓋所有產品類別的家庭健康部門，第二季淨收入較去年同期下降 7.2% 至 1.503 億美元，其中包括前面提到的處置某些非核心資產的影響。

Turning to profitability. Second quarter 2025 adjusted EBITDA was $155.5 million. Adjusted EBITDA margin of 19.4% declined from 20.5% in Q2 2024 but was slightly higher -- was slightly above the high end of our Q2 guidance range, year-over-year trend

轉向盈利能力。2025 年第二季調整後 EBITDA 為 1.555 億美元。調整後的 EBITDA 利潤率為 19.4%，低於 2024 年第二季度的 20.5%，但略有上升——略高於我們第二季度指導範圍的高端，與去年同期相比有所下降

reflected the combination of lower revenue and gross margins in our Diabetes Health segment and the anticipated impact of changes in the mix of purchase revenue versus rental revenue in our Sleep Health segment, all of which fell to the bottom line.

反映了我們糖尿病健康部門的收入和毛利率下降，以及我們睡眠健康部門的購買收入與租賃收入組合變化的預期影響，所有這些都影響到了利潤。

Moving to cash flow, balance sheet and capital allocation. For Q2 2025, cash flow from operations was $162 million. CapEx of $88.7 million was 11.1% of revenue, up slightly to support growing momentum in patient starts, particularly in our Sleep Health and Respiratory Health segments.

轉向現金流、資產負債表和資本配置。2025 年第二季度，經營現金流為 1.62 億美元。資本支出為 8,870 萬美元，佔收入的 11.1%，略有上升，以支持患者開始數量的成長勢頭，特別是在我們的睡眠健康和呼吸健康領域。

Free cash flow was $73.3 million, ahead of our expectations. Unrestricted cash stood at $68.6 million at the end of the quarter. As of quarter end 2025, net debt stood at $1.8 billion, down from $1.96 billion at the end of the first quarter. And our net leverage ratio stood at 2.81x down from 2.98x at the end of the first quarter and tracking steadily toward our target of 2.5x. We reduced our TLA balance by $150 million in Q2 2025 and funded primarily with proceeds from the dispositions discussed earlier. Our capital allocation priorities remain unchanged.

自由現金流為 7,330 萬美元，超出我們的預期。本季末，非限制現金為 6,860 萬美元。截至 2025 年季度末，淨債務為 18 億美元，低於第一季末的 19.6 億美元。我們的淨槓桿率從第一季末的2.98倍下降至2.81倍，並穩步向2.5倍的目標邁進。 2025年第二季度，我們將TLA餘額減少了1.5億美元，主要資金來自先前討論的處置收益。我們的資本配置重點維持不變。

We continue to prioritize investing to accelerate non-acquired growth and debt reduction to strengthen our financial position. These priorities are followed by strategic acquisitions of home medical equipment providers to round out our geographic footprint and increase patient access.

我們繼續優先投資以加速非收購成長和減少債務，從而加強我們的財務狀況。在執行這些優先事項之後，我們還對家庭醫療設備供應商進行了策略性收購，以擴大我們的地理覆蓋範圍並增加患者的就診機會。

To that end, we acquired 2 tuck-in HME businesses on June 1. Both were previously owned by health systems that we are very pleased to be partnering with in support of their communities and our new patients. Turning to expectations for our new capitated partnership.

為此，我們於 6 月 1 日收購了 2 家 HME 子公司。這兩家公司之前都屬於醫療系統，我們很高興能與這些醫療系統合作，為他們的社區和我們的新患者提供支援。談到對我們新的按人頭計算的合作夥伴關係的期望。

This agreement fundamentally strengthens our competitive position by accelerating our expansion into new geographies and providing an opportunity to scale our sales force, applying amplifying the impact of this historic and transformational development.

該協議從根本上增強了我們的競爭地位，加速了我們向新地區的擴張，並提供了擴大銷售團隊的機會，擴大了這一歷史性和變革性發展的影響。

Once fully ramped, we expect the agreement to generate at least $200 million in new annual revenue and an adjusted EBITDA margin in line with our enterprise margin and to be accretive to our return on invested capital. We expect revenues to ramp throughout 2026.

一旦全面投入使用，我們預計該協議將產生至少 2 億美元的新年收入和與我們的企業利潤率一致的調整後 EBITDA 利潤率，並增加我們的投資資本回報率。我們預計 2026 年全年營收將會大幅成長。

And in advance of that ramp, we need to install considerable infrastructure to support a contract of this magnitude. This includes new locations that need to be outfitted and stocked. Hundreds of vehicles must be procured, registered and customized and over 1,000 new employees must be recruited, trained and ready to go in advance of go-live dates.

在實現這一目標之前，我們需要安裝大量基礎設施來支援如此規模的合約。這包括需要裝備和庫存的新地點。必須採購、註冊和定制數百輛車輛，並且必須在投入使用日期之前招募、培訓並準備好 1,000 多名新員工。

The contract was signed very recently, so the detailed planning is now underway. Although we have good estimates for the investments required to support the contract, the specific timing of those investments will get nailed down over the next few months.

合約剛剛簽署，目前詳細規劃正在進行中。儘管我們對支持合約所需的投資有很好的估計，但這些投資的具體時間將在未來幾個月內確定。

The infrastructure will ramp between now and the end of the first quarter of 2026, and the revenue will start two to three months after. We also expect a material investment in patient equipment CapEx, potentially before the end of 2025.

基礎設施將從現在到 2026 年第一季末逐步完善，收入將在兩到三個月後開始。我們也預計在 2025 年底前可能會對病患設備資本支出進行大量投資。

However, we expect to at least offset this with lower cash taxes as a result of the OBBBA. Moving to guidance. For full year 2025, and we are maintaining the midpoint of our revenue guidance with a narrower range at $3.18 billion to $3.26 billion. We are reducing our adjusted EBITDA guidance to a range of $642 million to $682 million.

然而，我們預計，由於 OBBBA，現金稅至少可以降低，從而抵消這種影響。轉向指導。對於 2025 年全年，我們維持營收預期的中點，範圍較窄，為 31.8 億美元至 32.6 億美元。我們將調整後的 EBITDA 預期下調至 6.42 億美元至 6.82 億美元之間。

In anticipation of supporting the forthcoming capitated arrangement, we feel it is prudent to maintain infrastructure expenses that we were originally planning to reduce. Additionally, certain payer rate negotiations, which are still ongoing, are expected to push into 2026 despite the revised adjusted EBITDA guidance range, we are maintaining our free cash flow guidance at a range of $170 million to $190 million.

為了支持即將到來的按人頭計費安排，我們認為維持我們最初計劃減少的基礎設施費用是明智的。此外，儘管調整後的 EBITDA 指導範圍有所調整，但某些仍在進行的付款人費率談判預計將推遲到 2026 年，我們仍將自由現金流指引維持在 1.7 億美元至 1.9 億美元的範圍內。

For Q3 2025, we expect revenue to be approximately $800 million, largely flat versus Q3 2024. Keep in mind, the prior year quarter included approximately $30 million of revenue from certain disposed assets as well as approximately $6 million from the noncash impact of the revenue mix shift from purchases to rentals in our Sleep Health segments. We expect an adjusted EBITDA margin of approximately 20% to 21%. That brings me to the end of my remarks. Operator, would you kindly open up the call for questions?

我們預計 2025 年第三季的營收約為 8 億美元，與 2024 年第三季基本持平。請記住，去年同期包括來自某些已處置資產的約 3,000 萬美元收入，以及來自睡眠健康部門收入結構從購買轉向租賃的約 600 萬美元非現金影響。我們預計調整後的 EBITDA 利潤率約為 20% 至 21%。我的發言到此結束。接線生，請您打開電話詢問好嗎？

Certainly, thank you, Mr. Clemens. (Operator Instructions)

當然，謝謝你，克萊門斯先生。（操作員指示）

Eric Caldwell, BAID.

埃里克·考德威爾，BAID。

Thanks very much. Good morning. A lot to absorb there at the end with the capitated deal. So I wanted to dive in on that $200 million, minimum $200 million a year of revenue. Is that -- I guess several questions on that, is that anticipated to grow over time? Is it based on just a simple calculation on number of patients under that health system over time?

非常感謝。早安.最後，以人頭計算的交易還有很多需要消化的東西。所以我想深入研究這 2 億美元，每年至少 2 億美元的收入。我想問幾個問題，隨著時間的推移，預計會成長嗎？它是否僅基於對該醫療系統一段時間內患者數量的簡單計算？

Are there inflation riders, any kind of additional details on how that revenue may ramp and when exactly it kicks in and hits full productivity, full revenue capture on a monthly basis would be very helpful. And then I might have a couple of follow-ups.

是否有通貨膨脹附加條款，有關收入如何增加以及何時開始並達到全面生產力的任何其他詳細信息，每月全額收入獲取將非常有幫助。然後我可能會進行一些後續行動。

Thank you.

謝謝。

You got it. We'll tag team this. So yes, you're thinking about it basically right. We will start first patient rolling in here basically in Q1 and it will ramp. There are several different regions that -- in several states that we have to go to, and we're going to do that in an orderly fashion. And so you'll see that ramp, the service to those over 10 million patients throughout the course of 2026, going into a full service by 2027.

你明白了。我們將組隊進行此項工作。是的，你的想法基本上是正確的。我們將在第一季開始接待第一批患者，然後患者人數將逐漸增加。我們需要前往幾個不同地區、幾個州，我們將有秩序地進行這項工作。因此，您會看到，到 2026 年，該服務將為超過 1000 萬名患者提供服務，到 2027 年將全面提供服務。

So that's why 2026 will be a ramp year. And then the following four years will be more consistent based on that membership that we serve. And then I'll have Jason walk through a little bit more detail on how to model that.

這就是為什麼 2026 年將成為成長的一年。接下來的四年將根據我們所服務的會員情況更加一致。然後我會讓 Jason 更詳細地介紹如何建模。

Yeah, I might add, Eric, you are thinking of the core agreement the right way. It's generally a per member per month type agreement similar to our Humana contract and other capitated arrangements that we support here at Adapt. I know you asked if there is a growth baked into this. We are not setting an expectation in these numbers of at least $200 million of revenue. We're not setting the expectation of growth. However, we do know that there's a halo effect with these capitated arrangements.

是的，我想補充一點，艾瑞克，你對核心協議的看法是正確的。它通常是按會員每月支付的協議，類似於我們的 Humana 合約以及我們在 Adapt 支援的其他人頭費協議。我知道你問過這是否會帶來成長。我們並沒有在這些數字中設定至少 2 億美元的營收預期。我們沒有設定成長預期。然而，我們確實知道這些按人頭付費的安排會產生光環效應。

I mean, our public competitors have talked about those pressures of our Humana award and other business we have. It's logical to think that as we drop in sales folks into these territories, we don't have a sales presence now I mean we're laying in that infrastructure to support -- what to us is a huge contract, but we're going to have capacity to support more. And so it's reasonable to assume that number can grow over time. But again, we're trying to outline what we think is a very clear and conservative number with this award.

我的意思是，我們的公開競爭對手已經談到了我們獲得 Humana 獎項以及我們開展的其他業務的壓力。合乎邏輯的想法是，當我們將銷售人員派往這些地區時，我們現在沒有銷售業務，我的意思是我們正在建立基礎設施來支持 - 對我們來說這是一份巨大的合同，但我們將有能力支持更多。因此，可以合理地假設這個數字會隨著時間的推移而增長。但再次強調，我們正試圖透過這個獎項勾勒出我們認為非常明確和保守的數字。

And then if I could, just a couple of quick follow-ups. So to be clear, with the contract ramping and starting in '26, through '26, are you anticipating at least $200 million in '26 or was that more of a five-year average?

如果可以的話，我再簡單跟進幾句。因此，需要明確的是，隨著合約的增加並從 26 年開始到 26 年，您是否預計 26 年至少有 2 億美元，還是更接近五年的平均值？

Yeah, think of it as our exit of '26, we're quite confident we'll be at least $200 million. Suzanne said, I mean first patient shows up at the beginning of the year, and that will ramp over the -- essentially the first half into kind of early third quarter. And then as we're in Q4, we should be exiting at least $200 million of revenue.

是的，把它看作是我們 26 年的退出，我們非常有信心我們至少能賺到 2 億美元。蘇珊娜說，我的意思是第一位病人會在年初出現，而這種現象將會持續一段時間——基本上從上半年到第三季初。然後，當我們進入第四季時，我們應該至少獲得 2 億美元的收入。

And then last one for now. So $200 million a year minimum, 10 million patients minimum would imply a capitated rate of something, if I've done the math quickly here, right, about $1 -- I think it was about $1.67 a month. I know it could be more patients than that, which could bring that per month number down to something like $1.50. Am I thinking about that correctly in terms of the per patient per month revenue stream?

這是目前最後一個。因此，每年至少 2 億美元，至少 1000 萬名患者意味著人頭費率約為 1 美元——我認為大約是每月 1.67 美元。我知道病人數量可能比這更多，這樣每個月的費用可能會降到1.5美元左右。從每位病人每個月的收入來看，我的計算方法正確嗎？

Yes. And that is a different structure than, for example, our Humana contract, which was Medicare Advantage HMO only. Different patients and different cohorts like commercial, as an example, they have very, very different utilization history and patterns and so that's been factored in.

是的。這與我們的 Humana 合約（僅限 Medicare Advantage HMO）的結構不同。不同的患者和不同的群體（例如商業）具有非常非常不同的利用歷史和模式，因此這一點已被考慮在內。

That's what I was getting to it. It seemed like a low per member per month, but it's all encompassing. So you have a lot of healthy patients in that 10 million-plus count.

這就是我要說的。看起來每個會員每個月的費用都很低，但其實是包羅萬象的。因此，在這 1000 多萬名患者中，有許多是健康的。

You've got it. We're very pleased with how we price this out, and we're very confident we'll deliver the enterprise margin on the contract.

你明白了。我們對定價感到非常滿意，並且我們非常有信心能夠在合約中實現企業利潤。

Very good. Thanks so much for all the questions.

非常好。非常感謝您提出的所有問題。

Pito Chickering of Deutsche Bank.

德意志銀行的皮托·奇克林。

Hey, good morning guys, and thanks for taking my questions. Just one question on the EBITDA guidance or change of down $20 million for the year. Can you break out the impact from the divestitures versus investing in the new capitated deal versus anything else on the core side?

嘿，大家早安，感謝你們回答我的問題。關於 EBITDA 指引或今年下降 2000 萬美元的變化，只有一個問題。您能否分別說明資產剝離、投資新人頭交易以及核心方面的其他因素的影響？

Yeah, Pito, this is Jason. Sure. So I mean, it's really 2 factors that are driving the $20 million change to adjusted EBITDA. It's not related to the disposition of assets. I mean, we accounted for that last piece when we announced about 2 months ago, I guess, 1.5 months ago, when we announced the last deal, and we adjusted guidance accordingly for that. So it's unrelated to dispositions. So the 2 factors are a little more than half of that is the timing of certain payer rate negotiations. We have literally dozens of payer rate negotiations going on at any time in the company.

是的，Pito，這是 Jason。當然。所以我的意思是，實際上有兩個因素導致了調整後 EBITDA 發生 2000 萬美元的變化。這與資產處置無關。我的意思是，我們在大約 2 個月前，也就是 1.5 個月前宣布最後一筆交易時就已經考慮到了最後一部分，並且我們相應地調整了指導方針。所以它與性格無關。因此，在這兩個因素中，略多於一半的是某些付款人費率談判的時間。實際上，公司內​​部隨時都有數十場付款人費率談判在進行。

We got a couple of larger ones that we are working very hard at, but that timing is slipping. We expect, however, to pick that up in '26. So you can think of it as kind of an easier comp in '25 and more to come in '26. The rest of that is infrastructure. So we talked about people, technology, locations, vehicles, we were working through, as you'd expect, this time of the year, we work through ways of tightening up the middle of the P&L. We decided that given the magnitude of this win we're going to stay put. I mean we think we need everything we've got plus some.

我們有幾個較大的項目正在努力完成，但時間正在流逝。然而，我們預計這一數字將在 26 年實現回升。因此，你可以將其視為 25 年的一種更簡單的比較，並且 26 年將會有更多。其餘的是基礎設施。因此，我們討論了人員、技術、地點、車輛，正如您所期望的那樣，我們正在努力尋找每年這個時候收緊損益表中間部分的方法。我們決定，鑑於這場勝利的重要性，我們將留在原地。我的意思是，我們認為我們需要我們所擁有的一切，甚至更多。

So that's accounting for the rest of that. So again, kind of timing impacted. I mean if you just think of the magnitude of this win, and what it's going to take to stand it up. Although we are lowering our expectations for '25, I mean '26 obviously just went up in a big way.

這就是其餘部分的解釋。所以，再次，時間受到了影響。我的意思是，如果你想想這場勝利的意義，以及你要付出什麼才能取得勝利。儘管我們降低了對 25 年的期望，但我認為 26 年的期望顯然大幅上升了。

Okay. Fair enough. And then for the follow-up, looking at ResMed sales in the U.S. this quarter as a comp, there's nothing difference between what you guys did this quarter versus what they did. So we talk about new scheduling and order intake and new starts accelerating, can you help us bridge sort of what the market growth was, I think, in the U.S. this quarter and where your share went and when the new starts that are increasing begin flowing through into growing at market growth rates?

好的。很公平。然後進行後續調查，看看 ResMed 本季在美國的銷售額，作為一個比較，你們本季的銷售額與他們沒有什麼不同。因此，我們談論新的調度和訂單接收以及新開工加速，您能否幫助我們了解一下本季度美國市場的增長情況以及您的份額去向以及新開工的增長何時開始流入市場增長率？

Well, I think it depends on how you define market growth rate. I mean if you're anchoring to ResMed's U.S. device number, I believe they were around 7%. And of course, that includes volume as well as rate on their side of the equation. I'd say for us, if you look at our starts, 128,000 that we talked about, that's up 3% over the prior year. And so we were very pleased with that.

嗯，我認為這取決於你如何定義市場成長率。我的意思是，如果你以 ResMed 的美國設備數量為基準，我相信它們的比例約為 7%。當然，這包括他們那邊的體積和速率。我想說的是，如果你看一下我們的開工情況，我們談到的 128,000 台，比前一年增長了 3%。因此我們對此感到非常高興。

We think there's more to get as our time to set up is decreasing and our access and ability for patients to have their preference and how they get set up, continues to improve, we're feeling pretty good in the second half about continuing the strength of momentum in Sleep starts.

我們認為，隨著我們設定的時間越來越少，以及患者獲得他們偏好和設置方式的途徑和能力不斷提高，我們還有更多的事情要做，我們對下半年繼續保持睡眠啟動的強勁勢頭感到非常滿意。

And we'll start to see a full quarter as we move into Q3 of the changes that we've implemented really taking hold. So like we talked about in the Q1 report out, those things were just kind of being identified and then they were ramped into Q2. Now we'll have the benefit going forward of starting to see that full quarter execution of those changes we made.

隨著我們進入第三季度，我們將開始看到我們所實施的變革真正發揮作用。因此，就像我們在第一季報告中討論的那樣，這些事情只是被識別出來，然後就進入第二季。現在，我們將受益於開始看到我們所做的那些改變在整個季度的執行情況。

Great, thanks so much.

太好了，非常感謝。

Brian Tanquilut of Jefferies.

傑富瑞的 Brian Tanquilut。

Hey, good morning. Maybe, Suzanne, just a question on competitive bidding. As we think about this proposal out of CMS and changes to the diabetes reimbursement structure. Just curious how you're thinking about that or strategizing around pricing dynamics and discussions with the suppliers. I mean -- or do you feel like you can pass on some of that potential adjustments to the suppliers and what those discussions are like?

嘿，早安。也許，蘇珊娜，這只是一個關於競爭性投標的問題。當我們考慮 CMS 的這項提議以及糖尿病報銷結構的改變時。只是好奇您是如何考慮這個問題或圍繞定價動態和與供應商的討論制定策略的。我的意思是——或者您是否覺得您可以將一些潛在的調整傳達給供應商以及這些討論是什麼樣的？

Yeah, sure. I think in terms of just stepping back, I mean, it's hard to speculate. We don't have a ton of information yet. But like I said, the intent of driving down costs while also consolidating providers, I think, is a unique opportunity for scale players like Adapt.

是的，當然。我認為，退一步來看，這很難推測。我們目前還沒有大量的資訊。但就像我說的，我認為，降低成本的同時整合供應商的意圖對於 Adapt 這樣的規模參與者來說是一個獨特的機會。

I mean, we already are the kind of best cost option, if you will, given our scale. And the work that we're doing in the middle of the P&L, particularly in Diabetes to remove the people administrative burdens. We're implementing technologies and kind of streamlining that business, I think, will prepare us for a future where we have to perhaps potentially sacrifice some rate but be able to keep the profitability of that business.

我的意思是，考慮到我們的規模，我們已經是成本最低的選擇。我們在損益表中所做的工作，特別是在糖尿病領域，是為了減輕人們的行政負擔。我們正在實施技術並簡化業務，我認為這將使我們為未來做好準備，在未來我們可能必須犧牲一些利率，但能夠保持該業務的獲利能力。

So we are confident that with additional volume and the work that we're doing that we should weather the storm very well on that front. In terms of our work with these manufacturers, yes, there is conversations going on, of course, about how we partner in this new world.

因此，我們相信，憑藉額外的銷售和我們正在做的工作，我們應該能夠很好地渡過這方面的困難。就我們與這些製造商的合作而言，是的，我們當然正在討論如何在這個新世界中合作。

And so those conversations, I mean, I'm not going to go into much detail, but there is a partnership mentality about how do we make sure that the HME channel for these technology stays alive and profitable. And so there will be a partnership approach to entering into the new world of competitive bid if CGM goes in that direction.

因此，對於這些對話，我的意思是，我不會談論太多細節，但存在著一種合作心態，即我們如何確保這些技術的 HME 管道保持活力和盈利。因此，如果 CGM 朝著這個方向發展，將會採取合作的方式進入競爭性投標的新世界。

No, I appreciate that. And then maybe, Jason, just to follow up on maybe some of Pito's question. As I think about some of the comments you made last quarter about some challenges and share losses you were seeing at local market levels in the Sleep business. Just curious if you can share with us any updates on what you're seeing in those markets? And broadly speaking, if you're seeing improvement or incremental degradation in share.

不，我很感激。然後也許，傑森，只是為了跟進皮託的一些問題。當我想到您上個季度發表的一些評論時，您談到了睡眠業務在當地市場面臨的一些挑戰和份額損失。我只是好奇您是否可以與我們分享您在這些市場看到的最新情況？廣義上講，如果你看到份額有所改善或逐漸下降。

Thanks.

謝謝。

Yeah, we're absolutely seeing improvements, Brian. I mean it's really related to that speed to set up. I mean these markets. I mean, we cut off a week of lag time from the day the patient gets diagnosed until the day they can get their CPAP. There's more to go there.

是的，我們確實看到了進步，布萊恩。我的意思是這確實與設定速度有關。我指的是這些市場。我的意思是，我們縮短了從患者確診到他們能夠獲得 CPAP 的一周延遲。那裡還有更多事情要做。

We're very confident that we'll continue to compress that time to set up and increase our conversion factors. So yes, I mean we -- when we put out the Q1 point of view, it was really predicated on look, we have good plans in place. We think we're going to make this up. But in the event we don't, we don't want to be caught flat-footed later in the year.

我們非常有信心，我們將繼續壓縮時間來設定和提高我們的轉換因子。所以是的，我的意思是我們——當我們提出 Q1 觀點時，它確實是基於外觀，我們已經制定了良好的計劃。我們認為我們會解決這個問題。但如果我們做不到，我們也不想在今年晚些時候措手不及。

But it's very clear that Q1 was a one-off, and we're back to some pretty solid growth, and we expect that to continue.

但很明顯，第一季只是一次性事件，我們又恢復了相當穩健的成長，我們預計這種成長將會持續下去。

Awesome, great to hear. Thanks.

太棒了，很高興聽到這個消息。謝謝。

Thank you. We'll go next now to Ben Hendricks of RBC Capital Markets.

謝謝。接下來我們來談談加拿大皇家銀行資本市場的本‧亨德里克斯 (Ben Hendricks)。

Hi, this is Michael Murray on for Ben. I was hoping you could expand on the M&A environment. where are you seeing the opportunities? Any specific business lines? What do valuations look like? And what leverage level would you be comfortable going to for the right acquisition?

大家好，我是邁克爾·莫瑞 (Michael Murray)，為本 (Ben) 播報。我希望您能擴展併購環境。您在哪裡看到了機會？有什麼具體的業務線嗎？估值情況如何？為了進行正確的收購，您願意使用什麼樣的槓桿水平？

Yeah, I'll start with just saying that what we're seeing is really across the board of all sizes of players out there. We've had some inbounds around the small regionals and some indications that there are some larger assets coming to the market.

是的，首先我想說的是，我們所看到的確實是各種規模的參與者的情況。我們已經收到了一些有關小型地區的消息，並且有跡象表明一些較大的資產即將進入市場。

What I can say is, like I said earlier, is what we're particularly interested in is staying within our core competencies of Sleep and Respiratory, which a lot of these assets are focused on that would be the type of assets that we're reviewing and looking at to see if it strategically fits for some reason, for example, gives us pockets of the geography where we may be light or some other thing that it brings to us that we would benefit from.

我可以說的是，就像我之前說的，我們特別感興趣的是保持在睡眠和呼吸的核心競爭力範圍內，這些資產中的很多都集中在睡眠和呼吸上，這是我們正在審查和研究的資產類型，看看它是否出於某種原因在戰略上適合，例如，為我們帶來可能光線充足的地理位置或它為我們帶來的其他一些讓我們受益的東西。

So we're being extremely disciplined. And we think the broader market dynamic like we talked about with competitive bid on the horizon and shrinking of potential number of providers in addition to even just additional capitated type arrangements coming our way does put pressure on the industry. And so we would welcome assets that add to the strength and strategic position on Adapt. I'll turn it over to Jason for comments on valuation and how we think of that.

因此，我們的紀律非常嚴格。我們認為，正如我們討論的那樣，更廣泛的市場動態，即將出現的競爭性投標和潛在供應商數量的減少，以及甚至僅僅是額外的按人頭計費類型的安排，確實給行業帶來了壓力。因此，我們歡迎能夠增強 Adapt 實力和戰略地位的資產。我將把它交給傑森，請他評論一下估值以及我們對此的看法。

Yeah, I'd say that -- I mean, I think the industry is well aware of our trading multiple as well as our competitors. And so it's reasonable to think that anything we buy would be at trailing 12 lower multiple than that, and then you can apply synergy there. So in terms of your leverage question, at what point would we go up to for the right acquisition. I mean, I think as we stand here today, we wouldn't.

是的，我想說的是——我的意思是，我認為業界非常了解我們的交易倍數以及我們的競爭對手。因此，我們有理由認為，我們購買的任何東西的本益比都會比這個低 12 倍，然後你就可以在那裡應用協同效應。那麼，就您的槓桿問題而言，我們應該在什麼點上進行正確的收購。我的意思是，我認為今天我們站在這裡，我們不會這麼做。

We're quite confident that if there are a little more acquisition than we originally committed to. We would bring those assets in totally self-funded through free cash flow. And over that first year ownership actually drive down leverage.

如果收購數量比我們最初承諾的多一點，我們就會非常有信心。我們將透過自由現金流完全自籌資金來引進這些資產。在第一年，所有權實際上降低了槓桿率。

Okay. That's really helpful. Just a follow-on. So I appreciate the color on the Diabetes. The performance, I think, was better than expected in the quarter. How should we think about Diabetes revenue in the back half of the year and should we expect year-over-year declines to turn positive by year-end?

好的。這真的很有幫助。只是後續。所以我很欣賞糖尿病的顏色。我認為本季的表現優於預期。我們該如何看待下半年糖尿病的收入？我們是否應該預期到年底年減將轉為正數？

Thanks. Yeah, like we stated, there is real momentum going on there. Not only are they adding new patients that's translating into better retention rates in our resupply business. So I couldn't be prouder of the team and how quickly they've turned this business around. So we, like I said, if the momentum continues and the execution continues as we're seeing, we do expect that business to, as I say, remove the parenthesis around the growth number and turn positive in the back half of this year. So it's on the right path forward, and it really does come down to our execution, which, as I said, the team is currently delivering very well on.

謝謝。是的，正如我們所說的，那裡確實存在著勢頭。他們不僅增加了新患者，還意味著我們的補給業務的保留率更高。所以我為這個團隊以及他們如此迅速地扭轉業務局面感到無比自豪。因此，就像我說的，如果這種勢頭能夠持續下去，並且執行力能夠繼續保持，那麼我們確實預計，正如我所說，業務將在今年下半年消除增長數字周圍的括號並轉為正值。所以，這是在正確的道路上前進，而這確實取決於我們的執行力，正如我所說，團隊目前的表現非常出色。

Thanks so much.

非常感謝。

(Operator Instructions)

（操作員指示）

We'll go next now to John Penny with Canaccord Genuity. And John, your line is open. Actually, it appears we lost John. (Operator Instructions) And Ms. Foster, it appears we have no further questions this morning. So I'd like to turn the conference back to you for any closing comments.

接下來我們來談談 Canaccord Genuity 的 John Penny。約翰，你的線路已開通。事實上，我們似乎失去了約翰。（操作員指示）福斯特女士，看來我們今天早上沒有其他問題了。因此，我想將會議交還給各位，請大家發表最後評論。

Well, again, I want to thank everyone for joining us today. It's been an exciting quarter as hopefully, you can see. I mean, we continue to just one brick at a time, I think, turn the business into something that is really starting to show how the size and scale of what we've put together matters. This is a historic contract that we're announcing today that will basically transform our business, provide a future of a lot of growth and a lot of patients that we have to go after to serve. And all of the hard work that the team has done over the last year towards improving the middle of the P&L will begin to really start to show those sprouts are sprouting.

好吧，我再次感謝大家今天的參加。正如您所見，這是一個令人興奮的季度。我的意思是，我們繼續一次只做一塊磚，我認為，將業務轉變為真正開始顯示我們所整合的規模和規模有多麼重要的東西。我們今天宣布的這份歷史性合約將從根本上改變我們的業務，為我們的未來帶來巨大的成長，並為我們提供大量需要服務的患者。團隊在過去一年中為改善損益表中部所做的所有努力將開始真正顯示出這些萌芽。

So I appreciate everyone of support over this past year, and I look forward to delivering next quarter and the quarter after our progress on how we're preparing for a big 2026. Thank you again.

因此，我感謝大家在過去一年中給予我的支持，並期待在下個季度和下個季度公佈我們如何為 2026 年做好準備。再次感謝您。

Thank you again.

再次感謝您。

Thank you very much, Ms. Foster. And again, thank you, everyone, for joining us today for AdaptHealth's Second Quarter 2025 Earnings Release. That does conclude today's conference call. We ask you all disconnect at this time, and have a wonderful day. Goodbye.

非常感謝您，福斯特女士。再次感謝大家今天參加 AdaptHealth 2025 年第二季財報發表會。今天的電話會議到此結束。我們要求大家此時斷開連接，並度過美好的一天。再見。