Apria, Inc. (APR) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to Apria's Third Quarter 2021 Earnings Conference Call and Webcast. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加Apria 2021年第三季財報電話會議及網路直播。 （操作員指示）請注意，本次活動正在錄製中。

Leading today's call are Dan Starck, Chief Executive Officer; and Debbie Morris, Chief Financial Officer.

主持今天電話會議的是執行長 Dan Starck 和財務長黛比莫里斯 (Debbie Morris)。

Before we begin, we would like to remind you that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us.

在開始之前，我們想提醒您，本次電話會議中的某些陳述將構成《私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述受各種風險和不確定性的影響，並反映我們基於現有信念、假設和資訊所做的當前預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statement that reflect changes that occur after this call. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements can be found in the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2020, as supplemented by Apria's quarterly reports on Form 10-Q for the periods ended June 30, 2021, and September 30, 2021, the latter of which is expected to be filed later today.

儘管我們認為這些預期合理，但我們不承擔修改任何反映本次電話會議後發生的變化的聲明的義務。一些可能導致實際結果與這些前瞻性陳述有重大差異的因素的描述，請參閱本公司截至2020年12月31日的10-K表年度報告的「風險因素」部分，以及Apria截至2021年6月30日和2021年9月30日的10-Q表季度報告（後者預計將於今天晚些時候提交）。

In addition, please note that the company will be discussing certain non-GAAP financial measures that they believe are important in evaluating performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found in the press release that is posted on the Investor session of the company's website at www.apria.com.

此外，請注意，本公司將討論其認為對績效評估至關重要的某些非公認會計準則 (non-GAAP) 財務指標。有關這些非公認會計準則 (non-GAAP) 指標與最具可比性的公認會計準則 (GAAP) 指標之間的關係以及歷史非公認會計準則 (non-GAAP) 財務指標的對帳詳情，請參閱本公司網站 www.apria.com 投資者專區發布的新聞稿。

With that, I'd like to turn the call over to Apria's CEO, Dan Starck. Please go ahead.

接下來，我想把電話轉給Apria執行長Dan Starck。請講。

Thank you, operator. Welcome, and thank you all for joining us this afternoon to discuss our third quarter 2021 earnings results. I'm joined today by Debbie Morris, our Chief Financial Officer.

謝謝接線生。歡迎大家今天下午加入我們，討論我們2021年第三季的業績。今天，我們的財務長黛比·莫里斯也和我們一起參加了會議。

I'll begin my remarks with some high-level comments on our results from the quarter, discuss some underlying trends and other activities in our business as well as provide some thoughts on an industry-wide initiative that could have a meaningful impact on our business and the DME industry over the long term. Then Debbie will provide a more detailed review of the financials and our guidance later on the call.

我的發言將首先從高層角度對我們本季度的業績進行評論，討論我們業務中的一些潛在趨勢和其他活動，並就一項可能對我們的業務和DME行業產生長期重大影響的全行業舉措發表一些看法。之後，黛比將在稍後的電話會議上更詳細地回顧財務狀況並展望未來。

Building on the momentum from the first half of the year and despite external headwinds, we delivered another solid quarter with revenue that was in line with our expectations, while adjusted EBITDA and adjusted EBITDA less PSE CapEx were at the high end or better than our guidance range. Our quarterly performance is reflective of our continued execution and operational improvements, coupled with the continued recovery in new patient volumes despite significant industry disruption related to the Philips product recall and supply chain issues impacting other manufacturers.

秉承上半年的良好勢頭，儘管面臨外部不利因素，我們仍在本季度取得了穩健的業績，收入符合預期，調整後息稅折舊攤銷前利潤 (EBITDA) 和扣除 PSE 資本支出後的調整後息稅折舊攤銷前利潤 (EBITDA) 均處於或優於我們預期區間的高端。我們的季度業績體現了我們持續的執行力和營運改進，以及儘管飛利浦產品召回事件和其他製造商的供應鏈問題對行業造成了重大衝擊，但新患者數量的持續回升依然令人欣喜。

Third quarter revenue grew to $287.2 million, a 3.8% increase over Q3 2020. Adjusted EBITDA was $61 million, a 6% decrease from Q3 2020. And adjusted EBITDA less patient equipment CapEx grew to $38.9 million, a slight increase over Q3 2020.

第三季營收成長至 2.872 億美元，較 2020 年第三季成長 3.8%。調整後 EBITDA 為 6,100 萬美元，較 2020 年第三季下降 6%。調整後 EBITDA 扣除患者設備資本支出後成長至 3,890 萬美元，較 2020 年第三季略有增加。

The surge from the delta variant provided a meaningful boost in our new oxygen patient volume in the third quarter. The spike was so pronounced that new patient starts for oxygen per day in August was higher than any month during the peak of the COVID pandemic last winter. Now keeping in line with the prevalence of the delta variant, we have started to see new oxygen patient volumes decrease, but they are still at elevated levels compared to historical run rates. I'm proud of the entire organization for their perseverance in the face of difficult challenges.

德爾塔變異株帶來的激增，顯著提升了我們第三季度新增吸氧患者的數量。激增幅度如此顯著，以至於8月份每日新增吸氧患者數量比去年冬季新冠疫情高峰期間的任何一個月都高。現在，隨著德爾塔變異株的流行，我們開始看到新增吸氧患者數量下降，但與歷史運行率相比，仍然處於較高水平。我為整個組織在艱難挑戰面前的堅持不懈感到自豪。

The Apria team continues to execute at a high level and continues to deliver on our mission of improving the quality of life for our patients at home. While other potential issues could arise in the future, I have great confidence that our team will be able to navigate any challenge, and we'll continue to operate at a high level.

Apria 團隊將繼續維持高水準運作，並持續履行我們改善居家患者生活品質的使命。儘管未來可能還會出現其他潛在問題，但我堅信我們的團隊能夠克服任何挑戰，我們將繼續保持高水準運作。

Now on to the business. First, I'd like to discuss the Philips Respironics recall and other supply chain issues impacting our results. As a reminder, in June, Philips announced a voluntary recall for continuous and non-continuous ventilators, certain BiPAP, CPAP, bi-level positive airway pressure and ventilator devices, all related to the polyurethane foam used in those devices. The recall notice instructed CPAP and BiPAP patients to discontinue use of their device and consult with their physician to determine the benefits of continuing therapy and potential risks. Ventilation patients were instructed to continue using their device and to consult with their physician to determine the appropriate next steps. To date, we have not experienced a significant number of patients stopping their therapy.

現在開始正事。首先，我想討論飛利浦偉康的召回事件以及其他影響我們業績的供應鏈問題。需要提醒的是，今年6月，飛利浦宣布自願召回持續性和非持續性呼吸器、部分BiPAP、CPAP、雙水平氣道正壓通氣（BiPAP）和呼吸機設備，所有這些設備都與這些設備中使用的聚氨酯泡沫有關。召回通知指示CPAP和BiPAP患者停止使用他們的設備，並諮詢醫生以確定繼續治療的益處和潛在風險。呼吸機患者則被指示繼續使用他們的設備，並諮詢醫生以確定合適的後續措施。到目前為止，我們還沒有發現大量患者停止治療。

In early September, Philips began the remediation process for CPAP and BiPAP units and the process of repairing and/or replacing those units is now underway. However, as of today, there has not been an approved remediation process for ventilators. We expect the CPAP remediation to continue into 2022, and we are hopeful that the ventilation remediation process will begin sometime this quarter.

9月初，飛利浦啟動了CPAP和BiPAP設備的修復流程，目前這些設備的維修和/或更換工作正在進行中。然而，截至目前，呼吸器的修復流程尚未獲得批准。我們預計CPAP設備的修復工作將持續到2022年，並希望呼吸器設備的修復工作能夠在本季某個時候開始。

The supply chain disruption has also impacted our primary source of sleep equipment. Consistent with the rest of the industry, in the third quarter, we were on an allocation process based on historic purchases. Our allocation increased throughout Q3, but was below historic levels, thus impacting equipment availability for new patient starts. At the end of the quarter, we did identify another source for sleep equipment, and we started receiving units in mid-October. During the third quarter, we experienced a surge in incoming new patient volumes, which we believe bodes well for us as we increase our product inventory.

供應鏈中斷也影響了我們主要的睡眠設備來源。與業內其他公司一樣，在第三季度，我們根據歷史採購情況進行了分配。我們的分配在整個第三季度有所增加，但低於歷史水平，從而影響了新患者入院時的設備供應。在本季末，我們找到了另一個睡眠設備來源，並於10月中旬開始接收設備。第三季度，新患者入院數量激增，我們相信這對我們增加產品庫存來說是個好兆頭。

Moving on to our operational performance. Our team continues to execute at a high level. And as patient volumes and revenue have grown nicely throughout the year, we have been able to drive operating efficiencies. We have a very different situation in Q3 of 2021 than we had in Q3 of 2020. In Q3 2020, our incoming volumes were largely down other than oxygen, which allowed us to flex down our variable costs. In Q3 2021, we have large incoming volume increases, which require processing and preparation for delivery, which don't allow us to flex down our variable costs, but the equipment availability challenges are delaying our revenue recognition. We expect that to work its way through as we increase our supply.

再來說說我們的營運績效。我們的團隊持續保持高水準執行力。隨著全年患者數量和收入的良好成長，我們得以提升營運效率。 2021年第三季的情況與2020年第三季截然不同。 2020年第三季度，除氧氣外，我們的進貨量大幅下降，這使我們能夠降低變動成本。 2021年第三季度，我們的進貨量大幅增加，這需要進行加工和準備才能交付，這導致我們無法降低可變成本，但設備可用性方面的挑戰正在延遲我們的收入確認。我們預計，隨著我們增加供應，這一問題將得到解決。

From an M&A perspective, last quarter, we announced the acquisition of Airway Breathing Company, which enhanced our presence in key markets in Virginia. I'm pleased to announce that the ABC acquisition closed in September and is performing in line with our expectations. Our M&A pipeline remains active and robust. We look at deals of all sizes, but take a measured approach and follow a rigorous evaluation process. We're looking to acquire strong local businesses that are financially attractive and are the right cultural fit for Apria.

從併購角度來看，上個季度，我們宣布收購Airway Breathing Company，增強了我們在維吉尼亞州關鍵市場的影響力。我很高興地宣布，ABC收購已於9月完成，目前業績符合我們的預期。我們的併購通路依然活躍且強勁。我們關注各種規模的交易，但會採取審慎的態度，並遵循嚴格的評估流程。我們尋求收購實力雄厚、財務狀況良好且與Apria文化契合的本地企業。

One other item I'd like to discuss is a new industry initiative to help drive widespread adoption of e-prescribing. As some of you saw in September, DMEscripts announced a strategic partnership with the 4 national DME providers, Lincare, Apria, AdaptHealth and Rotech as well as 2 industry trade associations, the American Association for Homecare and VGM to help drive greater use and adoption of e-Prescribe. We believe this is an important step in our industry and a significant step towards increasing widespread adoption of e-Prescribe in DME.

我想討論的另一件事是推動電子處方廣泛應用的一項新的行業舉措。正如各位在9月看到的，DMEscripts宣布與四家全國性DME提供者（Lincare、Apria、AdaptHealth和Rotech）以及兩家行業貿易協會（美國家庭護理協會和VGM）建立策略合作夥伴關係，以推動電子處方的更廣泛使用和普及。我們相信，這是我們行業邁出的重要一步，也是朝著在DME中推廣電子處方的廣泛應用邁出的重要一步。

For too long, our industry has existed on a fax and paper-based legacy process for new referrals, which is fraught with multiple handoffs and friction points in the referral process. Currently, only a small amount of orders are transacted electronically. And while there's no forcing mechanism or mandate to get prescribers to switch to electronic ordering, we believe that a united industry message of moving to e-Prescribe will accelerate the move to a future state. Our view is that this is a matter of when, not if, and that e-Prescribe is the future for the industry.

長期以來，我們產業一直沿用傳真和紙本的傳統轉診流程，這在轉診過程中充斥著反覆交接和摩擦點。目前，只有少量訂單是透過電子方式處理的。雖然目前沒有強制機製或規定要求開藥者轉向電子處方，但我們相信，業界一致同意轉向電子處方，將加速邁向未來。我們認為，這只是時間問題，而不是是否會發生的問題，而電子處方才是產業的未來。

Widespread adoption of e-Prescribe will help all constituents involved in the process; patients, referrals and suppliers by removing friction points and streamlining the referral process. Patients will receive equipment faster, while prescribers and suppliers will have less back and forth for needed documentation, which reduces the administrative burden for both. I suspect there will be questions about the financial impact. And what I can say is we are in the very early stages of this industry-wide initiative. Our aspiration is to see rapid and widespread adoption for e-Prescribe. But realistically, we know this isn't something that will happen overnight. Rather, it will take some time to significantly increase adoption, and the benefits will increasingly grow over that time period, yet we believe this will help drive meaningful efficiencies and cost savings throughout the entire industry and for Apria.

電子處方的廣泛應用將有利於所有參與此流程的各方：患者、轉診醫生和供應商，因為它可以消除摩擦點並簡化轉診流程。患者將更快收到設備，而處方醫生和供應商將減少往返所需文件的次數，從而減輕雙方的行政負擔。我懷疑有人會對財務影響提出質疑。我可以說的是，我們正處於這項全行業舉措的早期階段。我們的願望是看到電子處方迅速而廣泛地普及。但實際上，我們知道這並非一朝一夕就能實現。相反，顯著提高採用率需要一些時間，並且收益將在此期間不斷增長，但我們相信這將有助於推動整個行業以及Apria顯著提高效率並節省成本。

Before I turn the call over to Debbie, I'd like to provide a quick update and reminder regarding the current regulatory environment. First, the public health emergency has been extended for another 90 days until mid-January. As discussed before, the PHE provides an interim price increase for Medicare patients in the non-bid non-rural areas of the country and keeps intact the 50-50 blended rate in the rural areas of the country. While the PHE extension was largely expected, the extension still needs to go through the mandatory process, and this is done in 90-day increments.

在把電話轉給黛比之前，我想快速更新當前的監管環境並提醒大家。首先，公共衛生緊急狀態已延長90天，至1月中旬。如前所述，PHE將為美國非競標地區（而非農村地區）的Medicare患者提供臨時價格上漲，並維持美國農村地區50-50的混合費率不變。雖然PHE的延期在很大程度上是意料之中的，但延期仍需經過強制性程序，並且以90天為增量進行。

In September, Medicare finalized a national coverage determination for oxygen that will expand home oxygen coverage and potentially reduce some of the administrative burden. Overall, the NCD is a positive for Medicare beneficiaries and the DME industry.

9月，聯邦醫療保險（Medicare）最終確定了一項全國性的吸氧覆蓋範圍，這將擴大家庭吸氧覆蓋範圍，並可能減輕一些行政負擔。整體而言，NCD對聯邦醫療保險受益人和糖尿病性醫療服務（DME）產業來說都是利好消息。

And as a reminder, the suspension of sequestration was extended through year-end, and CMS permanently removed the budget neutrality rate adjustment for oxygen equipment that has resulted in a reimbursement rate increase for some oxygen systems. Both of these factors are tailwinds for Apria, and we had already factored them into our guidance.

需要提醒的是，暫停自動減支的期限已延長至年底，CMS 也永久取消了氧氣設備的預算中性費率調整，這導致部分氧氣系統的報銷率有所提高。這兩個因素對 Apria 來說都是利好，我們已將其納入業績指引。

To sum things up, we reported another solid quarter. And we are confident that we'll be able to finish the year on a high note. Our industry is coming together to drive greater use of e-Prescribe, which will help drive operating efficiencies over the long run as adoption increases.

總而言之，我們報告了又一個穩健的季度。我們有信心以優異的成績結束這一年。我們的產業正在齊心協力，推動電子處方的廣泛使用，隨著採用率的提高，這將有助於長期提高營運效率。

Our team continues to execute at a high level. And while there have been some challenges such as the Philips recall and other supply chain issues, we have been able to drive operational improvements and other efficiencies. I'd like to thank the entire Apria team for their dedication and hard work helping to drive these results. They are the heartbeat of Apria, and they are the individuals that deliver our mission every day and improving the quality of life for our patients at home.

我們的團隊持續保持高水準運作。儘管面臨飛利浦召回事件和其他供應鏈問題等挑戰，我們仍能夠推動營運改善和其他效率提升。我要感謝整個Apria團隊的奉獻和辛勤工作，為這些成果做出了貢獻。他們是Apria的核心，也是每天實踐我們使命、改善居家病患生活品質的每個人。

I'll now turn the call over to Debbie to review our financial performance in more detail and provide our outlook for 2021.

現在，我將把電話交給黛比，讓她更詳細地回顧我們的財務業績，並提供我們對 2021 年的展望。

Thank you, Dan, and thank you to everyone who joined the call today. We delivered another solid quarter with third quarter revenue that was in line with our expectations and adjusted EBITDA and adjusted EBITDA less patient CapEx, which was at or above the high end of our prior guidance. Our strong performance was driven by solid operational performance despite the surge in delta variant and despite significant industry disruption related to the Philips product recall and supply chain issues impacting other manufacturers.

謝謝丹，也謝謝今天參加電話會議的各位。我們又交出了一份穩健的財報，第三季度營收符合預期，調整後息稅折舊攤銷前利潤 (EBITDA) 和扣除資本支出後的調整後息稅折舊攤銷前利潤 (EBITDA) 均達到或超過了我們此前預期的上限。儘管Delta變數激增，以及飛利浦產品召回事件和其他製造商遭遇的供應鏈問題導致行業嚴重混亂，但我們強勁的業績仍得益於穩健的營運表現。

Net revenue of $287.2 million was slightly higher than the midpoint of our guidance range. Adjusted EBITDA of $61 million was at the high end of our guidance range. An adjusted EBITDA less patient equipment CapEx of $38.9 million was modestly ahead of our guidance range for the third quarter. We experienced strong oxygen volume due to the delta variant and closed the ABC acquisition during the quarter, both of which contributed to exceeding the midpoint of our revenue guidance.

淨收入2.872億美元略高於我們預期區間的中點。調整後息稅折舊攤提前利潤（EBITDA）為6,100萬美元，處於我們預期區間的高端。扣除病患設備資本支出後的調整後息稅折舊攤銷前利潤（EBITDA）為3,890萬美元，略高於我們第三季的預期區間。由於Delta機型的推出，我們的氧氣需求強勁，並且在本季度完成了ABC收購，這兩點均促使我們收入超出預期區間的中點。

In addition, our team has done a nice job of managing through the Philips recall and supply chain charges. And despite wage and cost pressures, adjusted EBITDA as a percent of net revenue was slightly higher than projected.

此外，我們的團隊出色地應對了飛利浦召回和供應鏈費用。儘管面臨工資和成本壓力，調整後的EBITDA佔淨收入的百分比仍略高於預期。

Reviewing our third quarter results on a year-over-year basis, net revenue of $287.2 million increased 3.8% over Q3 2020. Excluding the Airway Breathing Company acquisition, which closed in September, net revenue increased 3.5% year-over-year. The increase in net revenue was driven by growth in home respiratory therapy and OSA treatment. Home respiratory therapy was up 4.2% over prior year due to increased volume of patients requiring home oxygen therapy due to the delta variant and higher reimbursement levels, offset partially by lower ventilation therapy revenues due to COVID and the Philips recall.

回顧我們第三季的業績，淨收入為2.872億美元，較2020年第三季成長3.8%。不計9月完成的Airway Breathing Company的收購，淨收入年增3.5%。淨收入的成長得益於家庭呼吸治療和阻塞性睡眠呼吸中止症（OSA）治療業務的成長。家庭呼吸治療業務年增4.2%，這主要是由於Delta機型的推出以及報銷水平的提高導致需要家庭氧療的患者數量增加，但部分抵消了新冠疫情和飛利浦召回事件導致的呼吸治療收入下降。

OSA treatment was up 5.6% due to the increased volume of patients over prior year and increases in sleep supply despite the reduction in new patients in the quarter as a result of the equipment shortages stemming from the recall and other supply chain challenges. Overall, net revenue growth was in line with our expectations provided last quarter, but lower on a sequential basis, largely due to the Philips recall and supply chain challenges, which impacted sleep and noninvasive ventilation growth in Q3 of this year.

儘管本季因召回事件及其他供應鏈挑戰導致設備短缺，新增患者數量有所減少，但由於患者數量較上年同期增加以及睡眠呼吸機供應增加，阻塞性睡眠呼吸中止症 (OSA) 治療收入仍增長了 5.6%。總體而言，淨收入成長符合我們上季度的預期，但環比有所下降，這主要歸因於飛利浦召回事件和供應鏈挑戰，這影響了今年第三季度睡眠呼吸機和非侵入性通氣業務的成長。

Adjusted EBITDA in the quarter of $61 million was down 6.2% from $65 million in the third quarter of last year. As Dan mentioned, we had a very different situation in Q3 of 2021 than we had in Q3 2020. In Q3 of last year, our incoming volume was largely down other than oxygen, which allowed us to flex down our variable costs. In Q3 of this year, we had larger incoming oxygen and sleep volume, which require incurring certain variable costs to process orders, qualify the patients and prepare the orders for delivery, while the Philips recall and supply chain challenges are delaying the setup of patients and related revenue recognition.

本季調整後息稅折舊攤提前利潤 (EBITDA) 為 6,100 萬美元，較去年第三季的 6,500 萬美元下降 6.2%。正如 Dan 所提到的，2021 年第三季的情況與 2020 年第三季截然不同。去年第三季度，除氧氣外，我們的進貨量大幅下降，這使我們能夠降低變動成本。今年第三季度，我們的氧氣和睡眠呼吸器進貨量有所增加，這需要產生一定的變動成本來處理訂單、確定患者資格並準備交付訂單，而飛利浦召回和供應鏈挑戰也推遲了患者的入院安排和相關收入確認。

In addition, other costs, including distribution expenses, health insurance, health costs and costs of being public are up on a year-over-year basis. Adjusted EBITDA less patient equipment CapEx of $38.9 million was roughly in line with the third quarter 2020 of $38.6 million. While adjusted EBITDA was down year-over-year, patient CapEx was also down year-over-year given the recall and supply chain challenges and related shortage of equipment. Looking at the balance sheet. As of September 30, we had $216 million in cash and total debt of $382 million.

此外，其他成本，包括分銷費用、醫療保險、醫療費用和上市成本，均較去年同期上升。調整後息稅折舊攤提前利潤（EBITDA）扣除病患設備資本支出後為3,890萬美元，與2020年第三季的3,860萬美元基本持平。雖然調整後息稅折舊攤銷前利潤較去年同期下降，但考慮到召回和供應鏈挑戰以及相關的設備短缺，病患資本支出也較去年同期下降。再看看資產負債表。截至9月30日，我們擁有2.16億美元現金，總債務為3.82億美元。

Turning to our updated outlook for 2021. We have performed better-than-expected throughout the first 3 quarters of the year despite some recent headwinds. We've continued to drive operating cost leverage, which has been better than projected throughout the year. The public health emergency has been extended through mid-January of next year. The suspension of sequestration was extended through year-end and CMS permanently removed the budget neutrality rate adjustment for oxygen equipment that resulted in a reimbursement rate increase for some oxygen systems.

回顧我們對2021年的最新展望。儘管近期面臨一些不利因素，但我們在今年前三個季度的業績仍優於預期。我們持續提高營運成本槓桿率，全年業績均優於預期。公共衛生緊急狀態已延長至明年1月中旬。預算封存暫停期已延長至年底，CMS永久取消了氧氣設備的預算中性費率調整，這導致部分氧氣系統的報銷率有所提高。

We continued to spend extra time and resources to support our patient needs as it relates to the Philips Respironics recall. The labor issues facing health care in much of the country are impacting our business, and we're seeing some cost inflation in other parts of the business, including the supply chain and for certain DME equipment. We've been able to navigate and manage through these headwinds the last several months, and we've secured additional equipment in Q4 from another manufacturer. So we expect to see an increase in volume of sleep patients starting therapy.

由於飛利浦偉康召回事件的影響，我們持續投入額外的時間和資源來支持患者的需求。全國大部分地區醫療保健面臨的勞動力問題正在影響我們的業務，我們看到其他業務環節的成本上漲，包括供應鏈和某些DME設備。過去幾個月，我們成功地應對了這些不利因素，並在第四季度從另一家製造商獲得了額外的設備。因此，我們預計開始接受治療的睡眠患者數量將會增加。

Looking ahead for the fourth quarter and full year '21, we've taken all these factors I just mentioned into consideration. For the fourth quarter of 2021, we expect net revenues of $282 million to $298 million. Adjusted EBITDA of $64 million to $68 million, and adjusted EBITDA less patient equipment CapEx of $27 million to $31 million. For the full year 2021, we are increasing revenue and adjusted EBITDA guidance while narrowing the adjusted EBITDA less patient equipment CapEx guidance range, and we're now projecting the following financial results. Net revenue of $1.13 billion to $1.15 billion, up from $1.12 billion to $1.15 billion. Adjusted EBITDA of $228 million to $234 million, up from $221 million to $231 million. Adjusted EBITDA less patient equipment CapEx of $135 million to $139 million from $132 million to $142 million.

展望 2021 年第四季和全年，我們已經考慮了剛才提到的所有因素。對於 2021 年第四季度，我們預計淨收入為 2.82 億美元至 2.98 億美元。調整後 EBITDA 為 6,400 萬美元至 6,800 萬美元，調整後 EBITDA 減去病患設備資本支出為 2,700 萬美元至 3,100 萬美元。對於 2021 年全年，我們將增加收入和調整後 EBITDA 指引，同時縮小調整後 EBITDA 減去病患設備資本支出指引範圍，我們現在預測以下財務結果。淨收入為 11.3 億美元至 11.5 億美元，高於 11.2 億美元至 11.5 億美元。調整後 EBITDA 為 2.28 億美元至 2.34 億美元，高於 2.21 億美元至 2.31 億美元。調整後的 EBITDA 減去病患設備資本支出後，從 1.32 億美元到 1.42 億美元，為 1.35 億美元到 1.39 億美元。

To sum things up, I'm pleased with our performance again this quarter and year-to-date. The Apria team has and continues to perform well in the face of challenges. I too want to thank our entire team for their commitment to Apria and to our patients and for delivering on our mission of improving the quality of life for our patients at home.

總而言之，我對本季及年初至今的業績再次感到滿意。 Apria 團隊在挑戰面前依然表現出色，並將繼續如此。我也要感謝我們全體團隊對 Apria 和患者的奉獻，以及他們對我們改善患者居家生活品質的使命的履行。

Operator, we'll now open it up for questions.

接線員，我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Jamie Perse with Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的 Jamie Perse。

Maybe just to start with the respiratory business. It sounds like that was benefited by just the demands related to the delta variant. Can you size that for us a little bit better? What percent of your respiratory census is related to COVID at this point? And just how to think about the unwind of that and rebuild of more traditional respiratory patients over the next few months and quarters?

也許先從呼吸系統疾病業務說起。聽起來這得益於與德爾塔變異株相關的需求。能更詳細地描述一下嗎？目前，您的呼吸系統疾病普查中有多少比例與新冠疫情有關？在接下來的幾個月和幾個季度裡，您如何看待疫情的緩解以及更傳統的呼吸系統疾病患者的重建？

Yes, Jamie, let me take a shot at and answering the question. So if we look really on a year-over-year basis for the quarter, the 2 factors as I attempted to summarize, one being the oxygen favorability. On a year-over-year basis because the -- sorry, I should say, COVID, including oxygen and sleep NIV. On a year-over-year basis, I say we're up about $4 million due to COVID because of the -- obviously, the census build, along with the increase in patients throughout the quarter. So that's kind of on a year-over-year basis. If you look on a just in quarter, so standalone of Q3, the volume, and we have O2 favorability from oxygen, but it's offset by NIV. It's really offset by all the other products. NIV, sleep negative pressure and other equipment. So in the quarter, net volume from COVID is about $1 million. So it's on a net revenue basis.

是的，傑米，讓我來回答這個問題。如果我們真的以年比數據來看本季度，我試圖總結的兩個因素是，一個是氧氣需求的良好表現。年比來看，因為——抱歉，我應該說是新冠疫情，包括氧氣和睡眠呼吸機（NIV）。年比來看，我認為由於新冠疫情，我們的收入增加了約400萬美元，這顯然是由於人口普查的增加，以及整個季度患者人數的增加。所以，這算是同比數據。如果只看剛剛過去的季度，也就是第三季度，銷售方面，我們有來自氧氣的氧氣需求良好表現，但這被NIV抵消了。實際上，它被所有其他產品抵消了。 NIV、睡眠呼吸器和其他設備。因此，本季來自新冠疫情的淨銷售量約為100萬美元。所以，這是基於淨收入計算的。

Okay. And then just on the sleep business. I wanted to get a little bit more color on 2 components here. Just first, the new patient request, it sounds like you're getting a lot of requests. Can you just describe that a little bit more detail when that started? Is it because you guys have access to supply because of your relationship with ResMed and others do not? And then separately, do you have the ability to meet that demand given the new relationship with this other manufacturer?

好的。接下來是關於睡眠方面的。我想更詳細地講一下兩個方面。首先，新病人的請求，聽起來你們收到了很多請求。能否詳細描述一下，什麼時候開始的？是因為你們與瑞思邁的關係，可以獲得供應，其他公司沒有嗎？然後，考慮到與這家製造商的新關係，你們是否有能力滿足這些需求？

Jamie, it's Dan. Good question. So we saw a pretty pronounced increase in incoming volume, really early July, as soon as kind of the Philips recall hit, and there really weren't any units available that weren't ResMed or another manufacturer. And so we saw a fairly sustained -- well, not fairly, a sustained increase in incoming volume throughout the quarter, and we continue to see it through October and early November. We have access to equipment, but we could -- if we had more equipment, we would have much more growth in the quarter. And in the fourth quarter, from a sleep equipment and sleep supply standpoint, we're really gated by how much volume we can get from a product supply standpoint.

傑米，我是丹。好問題。我們看到到貨量在7月初出現了相當明顯的增長，當時飛利浦召回事件剛一發生，除了瑞思邁或其他製造商的產品外，幾乎沒有其他產品可以供應。因此，我們看到了整個季度到貨量相當持續——好吧，不是完全持續——的增長，並且這種增長持續到了10月和11月初。我們可以使用設備，但如果我們擁有更多設備，本季的成長將會更大。而從睡眠設備和睡眠供應的角度來看，在第四季度，我們真正受到產品供應量的限制。

So obviously, that's a big reason we went out and made sure we had another supplier. And we expect to start working that through. So we have a little bit longer delay right now when a patient starts or we receive a referral. We do get patients set up, but we could have more if we can get our hands on more. So I think that's probably one of the variables when we think about Q4 around sleep revenues and how it actually translates into PSE CapEx. It's probably one of the wild cards as we think about the end of the year.

顯然，這是我們主動尋找其他供應商的一個重要原因。我們預計很快就會著手解決這個問題。所以，現在病人開始治療或我們收到轉診時，我們面臨的延遲會稍微長一點。我們確實會安排病人，但如果能找到更多供應商，我們就能安排更多病人。所以，我認為，這可能是我們考慮第四季度睡眠收入及其如何轉化為PSE資本支出時需要考慮的變數之一。考慮到年底的情況，這可能是一個不確定因素。

Okay. Great. And last one for me. Just last quarter, you talked about a $30 million potential impact in guidance related to the Philips recall. Just wondering how you're thinking about that number now if that's been somewhat derisked. Just given we're 3 months later, you've got another manufacturer that you can source from. Just any updated thoughts on that $30 million number?

好的。太好了。最後一個問題。就在上個季度，您提到飛利浦召回事件可能對業績指引產生3000萬美元的影響。我想知道，如果風險已經降低，您現在對這個數字是怎麼想的。考慮到現在已經過去3個月了，您已經有了另一家可以採購的製造商。您對3000萬美元這個數字有什麼最新的看法嗎？

Yes. Jamie, I would say for Q3, it was pretty close to what we had anticipated between sleep and noninvasive ventilation. For Q4, we think it is somewhat derisked. So that number for Q4 is, I'd say, $10 million to $15 million range and largely dependent on when the equipment arrives. So we have a schedule, we scheduled of when it's coming in, and then obviously gearing up capacity. We have -- our team does an amazing job at getting out units as the equipment comes in. So it's largely dependent on it coming in early, that the difference and the impact for the year. And for ventilation as, I think, Dan said on his opening remarks, we're hoping that there's some FDA approval and remediation starting in Q4 or decided in Q4, but we're not anticipating it starting until the beginning of the year. So if that was to happen, that could also impact the quarter, if it happened earlier.

是的。傑米，我想說，第三季度的睡眠呼吸器和非侵入性通氣設備之間的差異與我們預期的非常接近。至於第四季度，我們認為風險降低。所以，我認為第四季的這個數字在1000萬到1500萬美元之間，很大程度取決於設備何時到貨。所以我們有一個時間表，我們安排了設備的到貨時間，然後顯然會提高產能。我們的團隊在設備到貨時非常出色地完成了設備到貨。所以，這在很大程度上取決於設備能否儘早到貨，以及它對全年的影響。至於呼吸機，我想，正如丹在開場白中提到的，我們希望FDA的批准和補救措施能在第四季度開始，或者在第四季度就做出決定，但我們預計要到年初才會開始。所以，如果這種情況真的發生，如果發生得更早，也可能會影響本季。

Our next question comes from the line of Kevin Caliendo with UBS.

我們的下一個問題來自瑞銀的 Kevin Caliendo。

I wanted to understand a little bit about the impact inflation is having on CapEx and how to think about it going forward. Just in terms of, is it meaningful? Is it changing anything for you? Should we think about this as a potential headwind to your CapEx spend in 2022?

我想了解通貨膨脹對資本支出的影響，以及如何看待它的未來發展。就通貨膨脹而言，它有意義嗎？它會改變你們的什麼嗎？我們是否應該將其視為你們2022年資本支出的潛在阻力？

Yes, Kevin. Good afternoon. I think currently, it's a headwind as it relates, obviously, to a new manufacturer coming into the market because of the demand for the product. I think the question will be when we get into '22 when Philips is back to producing units at a normal pace, the other manufacturers producing normal to units as another -- at a regular pace, what will we see? So I think we're anticipating now we will see some -- we expect some level of inflation on the CapEx next year. To what degree, I think, largely depends on the supply chain and how available the products are.

是的，凱文。午安.我認為目前，這顯然與新製造商因產品需求而進入市場有關，這是一個逆風。我認為問題是，當我們進入2022年，當飛利浦恢復正常生產速度，其他製造商也以正常速度生產時，我們會看到什麼？所以我認為我們現在預計明年資本支出會出現一定程度的膨脹。我認為，膨脹程度很大程度取決於供應鏈和產品的供應。

Okay. That's helpful. Can you maybe talk a little bit about the DME POS, the size, which businesses were impacted in 2021? And what could happen for 2022? Like how should we think about the potential impact one way or the other with those rates? We're just trying to size it and understand sort of what it could mean.

好的。這很有幫助。您能否談談DME POS，它的規模，以及2021年哪些企業受到了影響？ 2022年可能會發生什麼事？例如，我們該如何看待這些利率的潛在影響？我們只是試圖估算它的規模，並了解它可能意味著什麼。

I was just trying to -- Kevin, I am just trying to clarify, do you mean the rate -- the CMS potential rate increase?

我只是想——凱文，我只是想澄清一下，你是指利率——CMS 潛在利率的成長嗎？

Yes, exactly.

是的，確實如此。

Okay.

好的。

Yes. So there's a few components, as you know. So sequestration, which is currently scheduled to go back into effect on 1/1, and that's roughly $1 million, $1.25 million a quarter, so $5 million a year. That's one thing that there's lots of discussion on currently. So that may or may not happen. We're assuming it will at this point. The second is the PHE ending, as we mentioned, it's extended now through January. It goes in 90-day increments. So to the extent that stops, it's a $2 million impact a quarter. So we have headwinds, depending on what happens in timing. Those are things we thought would happen this year. They were delayed into next year. So it depends on when they happen next year. And then, of course, we have budget neutrality, which is positive, right? That the rate increase, and that's roughly $1 million a quarter, and that is nothing to do, that's here to stay. And lastly, from a pure government perspective, there's the CMS rate adjustment. And the rate was published as of June 30, that was 5.4%. Effective 1/1/'22, is subject to an adjustment of productivity factor. So we don't know firmly what that is, but that would offset some of that downside. So there are few puts and takes, and we're not providing guidance yet given the rate -- clarity on the rates, coupled with the volume. And on the volume side, I think we have some tailwinds as well that we can hit on. But I think from a pure rate, does that answer your question, Kevin?

是的。如你所知，這裡面有幾個因素。首先，自動減赤計畫目前計畫於1月1日重新生效，約相當於每季100萬美元、125萬美元，也就是每年500萬美元。這是目前正在討論的問題。所以這可能會發生，也可能不會。我們目前假設它會結束。其次，正如我們所提到的，公共衛生部門（PHE）的結束時間現在延長到明年1月。它以90天為增量。所以，如果停止，每季的影響將達到200萬美元。所以我們會面臨一些阻力，這取決於具體時間安排。我們原以為這些事情會在今年發生。它們被推遲到了明年。所以這取決於它們明年的具體時間。然後，當然，我們保持預算中立，這是積極的，對吧？稅率上調，大約相當於每季100萬美元，這沒什麼好說的，會一直持續下去。最後，從純粹的政府角度來看，還有醫療保險和醫療補助服務中心（CMS）的利率調整。截至6月30日公佈的利率為5.4%。該利率自2022年1月1日起生效，將依生產力因素進行調整。因此，我們尚不清楚具體是多少，但這可以抵消部分下行風險。因此，目前幾乎沒有買賣交易，考慮到利率的明確性以及交易量，我們目前還無法提供指引。在交易量方面，我認為我們也有一些可以利用的利多因素。但我認為，從純粹的利率角度來看，這能回答你的問題嗎，凱文？

Yes, that's helpful. And if I can ask just the last follow-up because it was a perfect segue. What are some of the -- besides that, what are some of the other headwinds and tailwinds we should be thinking about for '22?

是的，這很有幫助。我想問最後一個後續問題，因為這是一個完美的過渡。除此之外，我們還應該考慮哪些2022年的不利因素和有利因素？

Well, I think from a volume, first, obviously, as the delta variance slows down, we'll have some oxygen volume headwinds. We anticipate volume coming down. On the flip side of the other products, which is pretty much across the board, but particularly sleep and noninvasive ventilation, given the recall and the supply chain challenges that exist today, there is potential; one, for volume tailwinds because, as Dan mentioned, the volume is here. It's at rates we haven't seen. It's just the matter of when there's enough equipment to process those orders. And then how sticky that is and how long we maintain a higher percent of fleet share.

嗯，我認為從產量來看，首先，顯然，隨著增量變異數的減緩，我們的氧氣產量會面臨一些阻力。我們預計產量會下降。另一方面，其他產品，幾乎涵蓋所有領域，尤其是睡眠呼吸機和非侵入性通氣，考慮到目前存在的召回和供應鏈挑戰，存在著潛力；首先，產量方面有順風，因為正如丹提到的，產量已經達到了我們從未見過的水平。問題只是何時有足夠的設備來處理這些訂單。其次，這種趨勢的持續性以及我們能維持更高份額多久。

Our next question comes from the line of Ralph Giacobbe with Citi.

我們的下一個問題來自花旗銀行的 Ralph Giacobbe。

I guess, first on the inflation commentary. Is there any opportunity for you all to sort of pass that through depending on sort of magnitude? Or it's just something you can have them manage through in terms of efficiencies?

我想，先談談通膨評論。你們是否有機會根據通膨幅度來調整通膨？還是只是從效率的角度來管理通膨？

Yes, Ralph, this is Dan. We don't have -- the way most of our agreements are structured, it's a risk we absorb normally. There may be some small opportunities to do that. Now obviously from our Medicare book of business, that's somewhat -- that inflation is somewhat offset through the CMS increase. But most of our other agreements are our line item agreements that are over longer term. So I would reiterate what Debbie said just maybe -- and we -- in our prepared comments, was just the team has done a phenomenal job of managing through this thus far. And whether it's making it up through productivity and increases there. That's largely the way it's happened so far. So it's been -- it hasn't significantly impacted us yet, and we're doing everything we can, obviously, to make sure that we're implementing technology, driving efficiencies and driving improved productivity to make sure that we can overcome some of the inflation issues that are facing us.

是的，拉爾夫，我是丹。我們沒有——我們大多數協議的結構方式，這是我們通常會承擔的風險。可能有一些小的機會可以做到這一點。現在顯然，從我們的醫療保險業務來看，通貨膨脹在某種程度上可以透過醫療保險和醫療補助服務中心（CMS）的增加來抵消。但我們其他大多數協議都是長期分項協議。所以我想重申一下黛比在我們準備好的評論中所說的，到目前為止，球隊在管理這個問題上做得非常出色。無論是透過提高生產力來彌補，還是透過提高生產力來彌補，到目前為止基本上都是這樣。所以，它目前還沒有對我們造成重大影響，而且我們正在盡一切努力，顯然，確保我們正在實施技術，提高效率，提高生產力，以確保我們能夠克服面臨的一些通貨膨脹問題。

Okay. That makes sense. And then I want to go to your commentary on e-prescribing and even in the release, you talked about sort of game changer type comments there. Is there any way to frame or help us to quantify or time frame? Just any quantification around what that could be because it sounds like it's obviously important. But I guess it's hard for me to frame or think about numbers around what that could mean for efficiencies.

好的。這很有道理。然後我想談談您對電子處方的評論，即使在新聞稿中，您也提到了某種能夠改變遊戲規則的評論。有什麼方法可以框架化或幫助我們量化或設定時間框架嗎？任何量化都可以，因為它聽起來顯然很重要。但我想我很難框架化或思考這對效率意味著什麼。

Well, I'll let Debbie take a little bit from the -- maybe -- I don't know if we can even quantify it at this point. But I think there's -- I think the best analogy is the Surescripts' move in the pharmacy business. And that's basically the playbook we're trying to replicate within our industry. And we're not -- from an industry perspective, we want e-Prescribe to be successful and to be widely adopted, not just the DME scripts platform, the whole benefit -- the whole industry benefits from less administrative burden. And so we expect DME scripts to be slow out of the gate and grow over time. I think it was a number of years for Surescripts to really get up and going and really driving the volume. We hope to cut the corner on that a little bit. But it's going to take an industry effort.

好吧，我讓黛比稍微談談——也許——我不知道我們現在能否量化它。但我認為——我認為最好的比喻是Surescripts在藥局業務中的舉動。這基本上就是我們試圖在行業內複製的策略。從產業角度來看，我們希望電子處方能夠成功並被廣泛採用，不僅僅是DME處方平台，而是整個產業都能從減少的管理負擔中受益。因此，我們預期DME處方的起步會比較緩慢，但會隨著時間的推移而成長。我認為Surescripts花了數年時間才真正起步並真正推動銷售成長。我們希望在這方面略微領先一步。但這需要整個產業的共同努力。

And again, there are multiple e-Prescribe platforms out there. And our goal at the industry level is to make sure that we drive e-Prescribe in general. But also, obviously, with our new company that we're invested in, in DME scripts, we'd like to make sure that that's successful. But really overall, e-Prescribe just will take tremendous amount of administrative burden out of the process.

再說一次，市面上有多個電子處方平台。我們在產業層面的目標是確保推動電子處方的全面發展。當然，考慮到我們投資的新公司，專注於糖尿病處方藥 (DME)，我們也希望確保這個平台能夠成功。總的來說，電子處方將大幅減輕整個流程的管理負擔。

Yes. Okay. Makes sense. And just the last one. I mean, I know it gets asked a lot. Just in terms of M&A and pipeline, you've started to -- and we've seen some smaller deals. Just give us a sense at this point as time has gone on, where there are sort of the disruption in supply chain issues and the like, are you seeing incremental opportunities? Is that not really relevant to sort of the M&A discussion? Just any general comments around sort of the pipeline there.

是的，好的。很有道理。還有最後一個問題。我知道這個問題常被問到。就併購和專案管道而言，您已經開始了——我們也看到了一些規模較小的交易。請您談談，隨著時間的推移，在供應鏈中斷等問題上，您是否看到了一些增量機會？這和併購討論不太相關嗎？關於專案管道，您有什麼一般性的評論嗎？

Yes, Ralph, we continue to see opportunity. We continue to advance and to have an active pipeline. We engage deeply, but we do continue to be selective. And obviously, we don't share details of what we do and not do. But we are looking at buying business that are solid and accretive, and that integrate well into our culture, as Dan mentioned. So not all of them meet that criteria when we get into the coverage. So we -- definitely there's activity. And sometimes I wish we could put that in front of everybody, but we can't. But there is activity. We continue to be diligently looking at it and believe that there is opportunity there that we're going to continue to pursue.

是的，拉爾夫，我們持續看到機會。我們持續推進，並擁有活躍的資源儲備。我們深入參與，但我們仍然會精挑細選。當然，我們不會透露我們做什麼或不做什麼的細節。但正如丹所提到的，我們正在考慮收購那些穩健、有增值潛力、並且能夠很好地融入我們文化的企業。所以，當我們進行報道時，並非所有企業都符合這些標準。所以，我們——肯定有一些活動。有時我希望我們能把這些活動擺在每個人面前，但我們做不到。但確實有一些活動。我們會繼續認真觀察，並相信其中存在著機會，我們會繼續努力。

(Operator Instructions) Our next question comes from the line of Kevin Fischbeck with Bank of America.

（操作員指示）我們的下一個問題來自美國銀行的 Kevin Fischbeck。

This is actually Joanna Gajuk filling in for Kevin. First, I guess, a clarification on the Q4 guidance, when we compare to the prior guidance that was implied by Q3 guidance. So the revenues are higher. And is it largely because of the acquisition that you completed? And can you remind us the status of annualized revenues for that deal?

我是 Joanna Gajuk，代替 Kevin 發言。首先，我想澄清一下第四季的業績指引，因為與第三季業績指引所暗示的先前業績指引相比，第四季的營收有所成長。這主要是因為你們完成了收購嗎？能否介紹一下這筆交易的年化營收？

Yes, Joanna. It's roughly $20 million a year. So yes, you're right. So we've increased for ABC and then the acquisition as well as we've made some adjustments to the Philips assumptions in there. And that's why you see the bottom of that range that we're applying before to get a little higher in the top, get a little lower, so it's a little tighter. On the adjusted EBITDA, you see the range go up, and that's primarily because of the operating efficiencies and how we've been able to continue to run the business. And the adjusted EBITDA less CapEx, you see we are -- took that down slightly, mainly because of the opportunity to buy equipment. So we could have chosen not to buy equipment, but we really think we have the opportunity to buy the equipment and process the volume of fleet that we have, is a prudent thing to do. So that's really what drove that EBITDA less CapEx number coming down a bit.

是的，喬安娜。大約是每年2000萬美元。所以，你說得對。我們增加了ABC的支出，然後是收購，同時也對飛利浦的假設做了一些調整。這就是為什麼你會看到我們之前應用的區間下限略高，上限略低，所以範圍更窄了。調整後的EBITDA範圍有所上升，這主要是因為營運效率的提高以及我們能夠繼續經營業務。調整後的EBITDA扣除資本支出後，你會看到我們略有下降，主要是因為有機會購買設備。我們本來可以選擇不購買設備，但我們真的認為，我們有機會購買設備，並處理我們現有的大量設備，這是明智之舉。所以，這才是導致EBITDA扣除資本支出後數字略有下降的真正原因。

Thanks, because actually that was my second clarification. So on the higher CapEx because it's, I guess, similar in terms of the -- when I compare the Q4 guidance versus what was implied. So now this guidance for CapEx was raised by, I want to say like $5 million or so was the midpoint. So how should I think about next year investment set? Is that a good run rate? It sounds like there's some maybe accelerated purchasing you're doing, but I guess then you're not purchasing from other suppliers. So how should we think about the next year CapEx? I know there's a lot of variability and uncertainty. But any way you can kind of help us frame how we should think about that next year?

謝謝，因為實際上這是我第二次澄清。關於更高的資本支出，我想，當我比較第四季的指引和隱含的指引時，情況是相似的。現在，資本支出指引已經上調了，我想說大概是500萬美元左右，這是中間值。那我該如何考慮明年的投資計畫？這是一個好的運行率嗎？聽起來你們可能正在進行一些加速採購，但我猜你們不會從其他供應商那裡採購。那我們該如何考慮明年的資本支出呢？我知道有很多可變性和不確定性。但是，您能否幫我們規劃一下明年的投資計畫呢？

Yes. Without providing guidance for next year, we're projected to run, if you look at that midpoint, about 8.2% from a CapEx, which still is lower than normally we would run, right? I think I said before, 8% to 9%, 8.5% being our current product mix. So what you're seeing in Q4 is that opportunity for incremental sleep equipment. But that will -- so that will differ from 2022 or depending, actually, I should say, if the volume continues to be, the incoming volume, and there's ample supply, then we would invest more CapEx next year as well. But when it comes to some of the other ventilation, that we wouldn't anticipate having significant CapEx or any because of the decline in the census that's occurred because of the recall. So too early to give. I think, generally speaking, being in that 8% to 9% would still be a reasonable assumption going forward.

是的。如果不提供明年的業績指引，我們預期資本支出佔比約為8.2%，如果按照中間值來看，這仍然低於我們通常的水平，對吧？我記得我之前說過，8%到9%，8.5%是我們目前的產品組合。所以，您在第四季看到的是睡眠設備增量的機會。但這與2022年有所不同，或者說，實際上，我應該說，如果數量持續增長，並且供應充足，那麼我們明年也會投入更多資本支出。至於其他一些通風設備，由於召回事件導致數量下降，我們預計不會有大量資本支出。所以現在下結論還太早。我認為，總體而言，未來維持在8%到9%的水平仍然是一個合理的假設。

Okay. That's helpful. And I guess on the recall, I appreciate the comment, you implied that, I guess, Q4, maybe tracking better in terms of the headwind. And so how do you think about next year's headwind from that? How much of spillover you expect in the first half of next year?

好的。這很有幫助。關於召回問題，我很欣賞你的評論，你暗示第四季在逆風方面可能表現得更好。那麼，你如何看待明年的逆風呢？你預計明年上半年的外溢效應會有多大？

How much spillover from what? I'm sorry.

什麼會造成多大程度的溢出？抱歉。

For the recall impact, the headwind from the recall?

對於召回的影響，召回帶來的阻力是什麼？

Well, when we listen to others, some of the headwinds could go into the second half of next year. But we do believe, given another manufacturer in the market and accessibility to product that, hopefully, if it continues to be manufactured at a steady pace and no disruptions in the supply chain. I think we'll see things in the first half of next year. Again, a little too early to say that for sure, but we'd expect in the first half to start to get back to normal.

嗯，我們聽取其他人的意見，認為一些不利因素可能會持續到明年下半年。但我們確實相信，考慮到市場上又有一家製造商，而且產品供應充足，如果生產速度繼續穩定，供應鏈不出現中斷，情況會有所改善。我認為明年上半年就能看到結果。現在下結論還為時過早，但我們預計上半年就會開始恢復正常。

There are no further questions. I will now turn the call back to Dan Starck for closing remarks.

沒有其他問題了。現在請丹史塔克致閉幕詞。

Thank you. I just want to say thank you again to both the Apria team for the -- just their consistent, solid work and the perseverance through a lot of difficult challenges. And I want to thank everyone as well for joining us today. We know that time is a precious commodity. And we certainly appreciate you spending time with us and learning more about the Apria story. And we look forward to keeping you updated on it. So thank you, and everyone, take care. We'll talk soon. Take care. Bye-bye.

謝謝大家。我只想再次感謝Apria團隊——感謝他們始終如一、紮實的工作以及克服重重困難的毅力。我也要感謝今天加入我們的各位。我們知道時間寶貴。我們非常感謝大家抽出時間與我們一起了解Apria的故事。我們期待隨時向大家更新最新動態。謝謝大家，保重！我們很快會再聊。保重。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。