Astrana Health Inc (ASTH) 2022 Q1 法說會逐字稿

Greetings. Welcome to the Apollo Medical Holdings First Quarter 2022 Financial Results. (Operator Instructions)

問候。歡迎閱讀 Apollo Medical Holdings 2022 年第一季度財務業績。 （操作員說明）

I will now turn the conference over to your host, Carolyne Sohn of The Equity Group. You may begin.

我現在將會議轉交給您的主持人，The Equity Group 的 Carolyne Sohn。你可以開始了。

Thank you, operator and hello, everyone. Thank you for joining us. The press release announcing Apollo Medical Holdings Inc.'s results for the first quarter ended March 31, 2022 is available at the Investors section of the company's website at www.apollomed.net. To provide some additional background on its results, the company has made a supplemental deck available on its website. A replay of this broadcast will also be made available at ApolloMed's website after the conclusion of this call.

謝謝接線員，大家好。感謝您加入我們。公佈 Apollo Medical Holdings Inc .截至2022年3月31日的第一季度業績的新聞稿可在公司網站 www.apollomed.net 的投資者部分查閱。為了提供一些關於其結果的額外背景，該公司在其網站上提供了一個補充平台。本次電話會議結束後，還將在 ApolloMed 的網站上提供該廣播的重播。

Before we get started, I would like to remind everyone that this conference call and any accompanying information discussed herein contains certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as anticipate, believe, expect, future, plan, outlook and will and include among other things, statements regarding the Company's guidance for the year ending December 31, 2022, continued growth, acquisition strategy, ability to deliver sustainable long-term value, ability to respond to the changing environment, operational focus, strategic growth plans and merger integration efforts as well as the impact of the 2020 novel coronavirus or COVID-19 pandemic and other variants on the company's business operations and financial results.

在我們開始之前，我想提醒大家，本次電話會議和本文討論的任何隨附信息包含某些前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》安全港條款的含義。這些前瞻性陳述可以通過預期、相信、預期、未來、計劃、展望和意願等術語來識別，除其他外，還包括關於公司對截至 2022 年 12 月 31 日的年度的指導、持續增長、收購戰略、實現可持續發展的能力的陳述長期價值、應對不斷變化的環境的能力、運營重點、戰略增長計劃和合併整合工作以及 2020 年新型冠狀病毒或 COVID-19 大流行和其他變種對公司業務運營和財務業績的影響。

Although the company believes that the expectations reflected in its forward-looking statements are reasonable as of today, those statements are subject to risks and uncertainties that could cause the actual results to differ dramatically from those projected. There can be no assurance that those expectations will prove to be correct. Information about the risks associated with investing in ApolloMed is included in its filings with the Securities and Exchange Commission which we encourage you to review before making an investment decision. The company does not assume any obligation to update any forward-looking statements as a result of new information, future events, changes in market conditions or otherwise, except as required by law. Regarding the disclaimer language, I would also like to refer you to slide 2 of the conference call presentation for further information. For those of you following along with the accompanying supplement, there is an overview of the company on slide 3.

儘管公司認為其前瞻性陳述中反映的預期在今天是合理的，但這些陳述存在風險和不確定性，可能導致實際結果與預期結果大相徑庭。無法保證這些期望將被證明是正確的。有關與投資 ApolloMed 相關的風險的信息包含在其向美國證券交易委員會提交的文件中，我們鼓勵您在做出投資決定之前進行審查。除非法律要求，否則公司不承擔因新信息、未來事件、市場條件變化或其他原因而更新任何前瞻性陳述的義務。關於免責聲明語言，我還想請您參閱電話會議演示文稿的幻燈片 2 以了解更多信息。對於那些關注隨附補充的人，幻燈片 3 上有公司概況。

On today's call, the company's Co-Chief Executive Officer, Brandon Sim will discuss first quarter 2022 highlights and the latest operational developments. The company announced this afternoon the appointment of Chief Strategy Officer and Interim Chief Financial Officer, Chan Basho. Chan will provide a review of ApolloMed's results for the first quarter ended March 31, 2022, and Brandon will conclude the remarks with an update on the Company's outlook and long-term growth strategy before opening the floor for questions.

在今天的電話會議上，公司聯席首席執行官 Brandon Sim 將討論 2022 年第一季度的亮點和最新的運營發展。該公司今天下午宣布任命 Chan Basho 為首席戰略官兼臨時首席財務官。 Chan 將對 ApolloMed 截至 2022 年 3 月 31 日的第一季度業績進行回顧，Brandon 將在發言結束前介紹公司的前景和長期增長戰略，然後再開始提問。

With that, I'll turn the call over to ApolloMed's Co-Chief Executive Officer, Brandon Sim. Please go ahead, Brandon.

有了這個，我將把電話轉給 ApolloMed 的聯席首席執行官 Brandon Sim。請繼續，布蘭登。

Thank you, Carolyne. This has been an exciting quarter and I want to start today's call on a personal note. I'm very proud and thankful for the work that each of our provider partners embarks on daily. As some of you may know, my grandparents are both members of ApolloMed. I've seen firsthands just how diligently they have received care as they have gone through some recent care needs and has been eye opening and touching for me to see our technology-powered care delivery model inaction from the point of view of a family member.

謝謝你，卡羅琳。這是一個令人興奮的季度，我想以個人名義開始今天的電話會議。我為我們每個供應商合作夥伴每天所做的工作感到非常自豪和感激。你們中有些人可能知道，我的祖父母都是 ApolloMed 的成員。我親眼目睹了他們在滿足最近的一些護理需求時是多麼勤奮地接受護理，並且從家庭成員的角度看到我們以技術為動力的護理提供模式的無所作為讓我大開眼界和感動。

Independent physicians are the backbone of our nation's healthcare delivery system and we are strongly committed to supporting and enabling them. Our goal here at ApolloMed is to provide inclusive, high quality care for all individuals within our communities. Today we have the privilege of serving Medicare Advantage, Managed Medicaid, ACA Exchange, commercial and Medicare fee-for-service population. And we look forward to continuing our efforts to advance health equity in all of these populations. Now historically, independent practices have lacked access to centralized care teams and integrated delivery services. Through our technology-enabled tools we are changing this paradigm and empowering our partnered physicians to take on risk and manage both their managed care and fee-for-service populations in a proactive manner, with the support of ApolloMed's value-based care infrastructure. We believe that this will enhance quality, access to care and decrease overall cost of care.

獨立醫生是我們國家醫療服務體系的支柱，我們堅定地致力於支持和支持他們。 ApolloMed 的目標是為我們社區內的所有人提供包容、優質的護理。今天，我們有幸為 Medicare Advantage、Managed Medicaid、ACA Exchange、商業和 Medicare 按服務收費的人群提供服務。我們期待著繼續努力促進所有這些人群的健康公平。從歷史上看，獨立實踐無法獲得集中式護理團隊和綜合交付服務。通過我們的技術支持工具，我們正在改變這種模式，並使我們合作的醫生能夠在 ApolloMed 基於價值的護理基礎設施的支持下，主動承擔風險並管理他們的管理式護理和按服務收費的人群。我們相信，這將提高質量、獲得護理的機會並降低整體護理成本。

Now onto the quarter, strong organic membership growth and favorable membership mix as well as participation in a value-based care model for the Medicare fee-for-service population served as the catalyst for topline growth during the first quarter of 2022, as our capitated revenue grew 53% year-over-year. We achieved a 50% increase in total revenue, reporting $263.3 million for the 3 months ended March 31, 2022. We expect that this will continue to be a trend in the remainder of the year, as we see strong tailwinds and interest in our unique model from physicians across the country. We did incur operating expenses in Q1 in line with increased revenues, as well as some lagging effects of the COVID-19 pandemic on our risk pool. The higher OpEx was also due to increased G&A expense related to share-based compensation and the hiring of additional key personnel and staff to support our operational growth. As a result of our ongoing efforts to build out our team, we incurred an additional $2.2 million in salaries, wages and benefit expenses as compared to Q1 of 2021.

現在進入本季度，強勁的有機會員增長和有利的會員組合以及參與醫療保險按服務收費人口的基於價值的護理模式成為 2022 年第一季度收入增長的催化劑，因為我們的資本化收入同比增長53%。截至 2022 年 3 月 31 日的三個月，我們的總收入增長了 50%，報告為 2.633 億美元。我們預計這將在今年剩餘時間繼續成為趨勢，因為我們看到強勁的順風和對我們獨特的興趣來自全國各地醫生的榜樣。我們確實在第一季度產生了與收入增加一致的運營費用，以及 COVID-19 大流行對我們風險池的一些滯後影響。更高的運營支出也是由於與基於股份的薪酬相關的 G&A 費用增加以及僱用更多的關鍵人員和員工以支持我們的業務增長。由於我們不斷努力建設我們的團隊，與 2021 年第一季度相比，我們的薪水、工資和福利支出增加了 220 萬美元。

Despite rapid growth and increased investment in people and in infrastructure, we were able to grow net income attributable to ApolloMed by 8.5% to $14.3 million or a diluted EPS of $0.31 for the quarter. Adjusted EBITDA was $38.2 million, up 25% from $30.5 million in the prior year period. Based on current trends within our business, we are pleased to be raising guidance for the full year of 2022, revenues, as well as the bottom end of the ranges for net income, EBITDA, and adjusted EBITDA. We now anticipate at least 36% growth year-over-year on the topline to between $1.055 billion to $1.085 billion and adjusted EBITDA of between USD 136 million and USD 166 million.

儘管快速增長並增加了對人員和基礎設施的投資，但我們能夠將歸屬於 ApolloMed 的淨收入增長 8.5% 至 1,430 萬美元或本季度攤薄後每股收益 0.31 美元。調整後的 EBITDA 為 3820 萬美元，比去年同期的 3050 萬美元增長 25%。根據我們業務的當前趨勢，我們很高興提高 2022 年全年的收入指引，以及淨收入、EBITDA 和調整後 EBITDA 範圍的下限。我們現在預計收入至少同比增長 36%，達到 10.55 億美元至 10.85 億美元，調整後的 EBITDA 為 1.36 億美元至 1.66 億美元。

Moving on to our operations, last month, we closed on the acquisition of Jade Health Care Medical Group, which we had previously announced in December 2021. Jade Health is primary and specialty care physician group of over 350 providers, primarily serving Medicaid, Medicare and Commercial members in the San Francisco Bay Area. They are a risk-bearing organization whose doctors are known for their culturally competent linguistically appropriate professional services to members of the local community. We continue to work closely with Jade Health leadership and their network of partner providers as we onboard them onto the ApolloMed platform. Our tools will enable the providers to put more of their time and focus on serving the patients in the community and less time on the day-to-day administrative tasks necessary for operating an independent practice in a value-based care setting. We are very pleased to be strengthening our presence in Northern California, with the addition of Jade Health and look forward to helping the organization grow while enhancing patient experience in the months and years ahead.

繼續我們的業務，上個月，我們完成了對 Jade Health Care Medical Group 的收購，這是我們之前在 2021 年 12 月宣布的。Jade Health 是一家由 350 多家提供者組成的初級和專科護理醫師集團，主要服務於 Medicaid、Medicare 和舊金山灣區的商業成員。他們是一個承擔風險的組織，其醫生以向當地社區成員提供具有文化能力和語言適當的專業服務而聞名。我們將繼續與 Jade Health 領導層及其合作夥伴提供商網絡密切合作，因為我們將他們納入 ApolloMed 平台。我們的工具將使提供者能夠將更多的時間和重點放在為社區患者服務上，而將更少的時間用於在基於價值的護理環境中開展獨立實踐所需的日常管理任務。我們很高興通過 Jade Health 的加入加強我們在北加州的影響力，並期待在未來數月和數年內幫助該組織發展，同時提升患者體驗。

Beyond Jade, we have also expanded our provider partner network being managed by ApolloMed's subsidiaries in Northern California. We believe we offer a differentiated product in the marketplace for independent physicians and physician groups and we expect to see strong growth going forward in this area. As we look to the rest of 2022 and into 2023, we are excited to continue deepening our presence in our California markets, while also expanding to new regions in New York, through a series of acquisitions and partnerships with key provider groups, that share our vision of empowering independent physicians.

除了 Jade 之外，我們還擴大了由 ApolloMed 在北加州的子公司管理的供應商合作夥伴網絡。我們相信我們在市場上為獨立醫生和醫生團體提供差異化的產品，我們希望看到這一領域的強勁增長。展望 2022 年剩餘時間和 2023 年，我們很高興繼續深化我們在加利福尼亞市場的存在，同時通過一系列收購和與主要供應商集團的合作擴展到紐約的新地區，分享我們的賦予獨立醫生權力的願景。

As we go to market with a comprehensive suite of value-based care technologies, with the addition of Orma Health and our tech stack, we are seeing a strong uptick and organic inbound increase from IPAs, ACOs, DCEs and other organizations who are looking to bolster their care and quality and analytics and as more physicians look to add remote patient monitoring to their value based care toolkit. The Orma business continues to grow active membership strongly 23% in the first quarter and is expanded to serve practices in 2 new states in Q1 of 2022. As I mentioned earlier, we have continued to build out our team here at ApolloMed particularly in the areas of operations, strategy and business development to support our growth efforts.

隨著我們帶著一整套基於價值的護理技術進入市場，加上 Orma Health 和我們的技術堆棧，我們看到 IPA、ACO、DCE 和其他尋求加強他們的護理和質量以及分析，並且隨著越來越多的醫生希望將遠程患者監控添加到他們基於價值的護理工具包中。 Orma 業務在第一季度的活躍會員人數繼續強勁增長 23%，並在 2022 年第一季度擴大到 2 個新州的實踐服務。正如我之前提到的，我們繼續在 ApolloMed 建立我們的團隊，特別是在以下領域運營、戰略和業務發展，以支持我們的增長努力。

I'm pleased to welcome Chan Basho as our new Chief Strategy Officer. He has also been appointed Interim Chief Financial Officer, as Eric has stepped down from his role for personal reasons. Chan brings 15 years of experience in finance, operations strategy and corporate development. As Chief Strategy Officer, Chan will lead the development and execution of our overall corporate strategy along with building and supervising our operating teams. He will be working closely with me and the larger leadership team. Most recently, Chan served as VP of Strategy and Corporate Development at Alignment Healthcare. Prior to Alignment, he was Chief Financial Officer at Alsana, a private equity-backed behavioral health company. He also held roles at HealthCare Partners, a DaVita Medical Group company where he spearheaded Strategy and Development for the California market, as well as at DaVita, where he led the corporate financing. Chan is intimately familiar with what we are looking to achieve here at ApolloMed and we are excited to have him on board.

我很高興地歡迎 Chan Basho 成為我們的新首席戰略官。由於 Eric 因個人原因辭去職務，他還被任命為臨時首席財務官。 Chan 在財務、運營戰略和企業發展方面擁有 15 年的經驗。作為首席戰略官，Chan 將領導我們整體企業戰略的製定和執行，同時建設和監督我們的運營團隊。他將與我和更大的領導團隊密切合作。最近，Chan 擔任 Alignment Healthcare 的戰略和企業發展副總裁。在加入 Alignment 之前，他是 Alsana 的首席財務官，這是一家私募股權支持的行為健康公司。他還曾在 DaVita Medical Group 旗下公司 HealthCare Partners 擔任過職務，負責領導加州市場的戰略和開發，並在 DaVita 領導企業融資。 Chan 非常了解我們希望在 ApolloMed 實現的目標，我們很高興他能加入。

I would like to thank Eric for his many, many contributions to ApolloMed these past few years. He played a very important role in helping our company grow to what it is today and we wish him all the best in his future endeavors. I would like to turn it over to Eric to say a few words.

我要感謝埃里克在過去幾年為 ApolloMed 做出的許多貢獻。他在幫助我們公司發展到今天的成就方面發揮了非常重要的作用，我們祝愿他在未來的工作中一切順利。我想把它交給埃里克說幾句話。

Thank you, Brandon. It has been very rewarding to see ApolloMed develop into the technology-powered healthcare organization that it is today. When I started there was no engineering team, there was no business development team, we are a very different company today set on a very strong foundation for significant future growth, thanks to your leadership, continued support of our Board, and the new talent that we have brought on board in the recent months. I look forward to continue working at ApolloMed in an advisory capacity to ensure a smooth transition, and I'm excited to see what is next for the company.

謝謝你，布蘭登。看到 ApolloMed 發展成為今天這樣的以技術為動力的醫療保健組織，我感到非常高興。我剛開始的時候沒有工程團隊，沒有業務開發團隊，我們今天是一家非常不同的公司，為未來的顯著增長奠定了非常堅實的基礎，這要歸功於你的領導、我們董事會的持續支持以及新的人才我們在最近幾個月加入了。我期待繼續以顧問身份在 ApolloMed 工作，以確保順利過渡，我很高興看到公司的下一步。

With that, I'll turn it over to Chan to review our financial results.

有了這個，我會把它交給 Chan 來審查我們的財務結果。

Thanks so much, Eric, and I want to personally thank you for all of your guidance and assistance during this time. I'm very excited to be part of ApolloMed and share a passion similar to Brandon around building the leading technology-powered organization for empowering independent physicians to be successful in value-based care.

非常感謝，埃里克，我想親自感謝你在這段時間裡提供的所有指導和幫助。我很高興成為 ApolloMed 的一員，並且與 Brandon 有著相似的熱情，即建立領先的技術驅動組織，使獨立醫生能夠在基於價值的護理中取得成功。

Moving into 2022 Q1 earnings, we began 2022 on a strong note, reporting total revenues of $263.3 million in the first quarter of 2022, a 50% increase from $176.1 million in the prior year quarter. This was primarily driven by increased capitation revenue resulting from organic membership growth in our core IPAs and participation in a value-based Medicare fee-for-service model, as well as increased fee-for-service revenue from the consolidation of Sun Labs and DMG. Capitation revenue increased 53% to $222.1 million during the period, accounting for over 84% of total revenue for the quarter ending March 31, 2022.

進入 2022 年第一季度的收益，我們以強勁的勢頭開始了 2022 年，報告 2022 年第一季度的總收入為 2.633 億美元，比去年同期的 1.761 億美元增長了 50%。這主要是由於我們的核心 IPA 會員的有機增長和參與基於價值的 Medicare 按服務收費模式導致的人均收入增加，以及 Sun Labs 和 DMG 的合併增加了按服務收費收入.在此期間，按人頭計算的收入增長了 53%，達到 2.221 億美元，佔截至 2022 年 3 月 31 日的季度總收入的 84% 以上。

Fee-for-service revenue was $11.1 million compared to $3.1 million in the prior year quarter. The consolidation of Sun Labs and DMG contributed $6.2 million of that during this period. Our membership remained at approximately $1.2 million managed lives at the end of the first quarter ending March 31, 2022, approximately 600,000 or half of our members were under capitated risk-bearing arrangements through our consolidated IPAs. Total operating expenses increased about 54% to $237 million in the first quarter of 2022 from $154.3 million in the prior year period.

按服務收費的收入為 1110 萬美元，而去年同期為 310 萬美元。在此期間，Sun Labs 和 DMG 的合併貢獻了 620 萬美元。截至 2022 年 3 月 31 日的第一季度末，我們的會員管理人壽仍保持在約 120 萬美元左右，通過我們的綜合 IPA，約有 600,000 名或一半的會員進行了人頭不足的風險承擔安排。 2022 年第一季度的總運營費用從去年同期的 1.543 億美元增長了約 54% 至 2.37 億美元。

As Brandon noted earlier, this was primarily a result of increased cost of services due to higher medical claims, capitation and other health services expenses, commensurate to our increase in revenue, as well as some lagging effects from COVID-19 in our risk pools. We also incurred -- increased general and administrative expenses related to share-based compensation and salary, wages and benefit expenses related to hiring additional key personnel and staff to support our operational growth. Net income attributable to ApolloMed was $14.3 million up 8.5% from $13.2 million in the first quarter of 2021. Earnings per share on a diluted basis was $0.31 per share, compared to $0.30 per share in the prior year period.

正如 Brandon 之前指出的那樣，這主要是由於更高的醫療索賠、人頭費和其他醫療服務費用導致服務成本增加，這與我們的收入增長相稱，以及 COVID-19 在我們風險池中的一些滯後效應。我們還招致了與以股份為基礎的薪酬相關的一般和行政費用增加，以及與僱用更多關鍵人員和員工以支持我們的業務增長相關的薪水、工資和福利費用。歸屬於 ApolloMed 的淨收入為 1430 萬美元，較 2021 年第一季度的 1320 萬美元增長 8.5%。攤薄後每股收益為每股 0.31 美元，而去年同期為每股 0.30 美元。

We reported EBITDA of $23.7 million in the first quarter of 2022 which compares to $26.6 million in the prior year period. Adjusted EBITDA was $38.2 million, up 25% from $30.5 million in the prior year period. As we noted in the past, we placed great emphasis on the adjusted EBITDA figure as this number backs up the impact of recently acquired IPAs, other income and income from equity method investments. It also backed up the impact of excluded assets which for Q1 2022 included a one-time non-cash unrealized loss of $9 million as a result of an increase in fair value related to the passive investment in a payer partner. These losses are in the excluded assets bucket that we've described in the past and they are solely for the benefit of our affiliate APC and its shareholders.

我們報告 2022 年第一季度的 EBITDA 為 2370 萬美元，而去年同期為 2660 萬美元。調整後的 EBITDA 為 3820 萬美元，比去年同期的 3050 萬美元增長 25%。正如我們過去指出的那樣，我們非常重視調整後的 EBITDA 數據，因為該數據支持最近收購的 IPA、其他收入和權益法投資收入的影響。它還支持了排除資產的影響，其中 2022 年第一季度包括因與付款合作夥伴的被動投資相關的公允價值增加而導致的一次性非現金未實現損失 900 萬美元。這些損失在我們過去描述的排除資產範圍內，它們完全是為了我們的關聯公司 APC 及其股東的利益。

Turning over to the balance sheet, we remain well-capitalized and well-positioned to execute on our growth initiatives. We ended the first quarter with $237.9 million in cash and cash equivalents, compared to $233.1 million at the end of 2021. Our working capital was $284 million compared to $283.4 million at the end of 2021, and additional stockholder equity increased -- and total stockholder equity increased to $279.5 million as of March 31, 2022 from $460.5 million at December 31, 2021. Moving further down the balance sheet, total debt at the end of the first quarter was $188.6 million. We are safely in compliance with our debt covenants with a consolidated total net leverage ratio of 1.04 compared to the maximum permitted 3.75 and consolidated interest coverage ratio of 27.03 times compared to the minimum permitted to 3.25 times.

轉向資產負債表，我們仍然擁有充足的資本和有利的條件來執行我們的增長計劃。第一季度結束時，我們的現金和現金等價物為 2.379 億美元，而 2021 年底為 2.331 億美元。我們的營運資金為 2.84 億美元，而 2021 年底為 2.834 億美元，額外的股東權益增加了——股東總數截至 2022 年 3 月 31 日，股本從 2021 年 12 月 31 日的 4.605 億美元增加到 2.795 億美元。進一步向下看資產負債表，第一季度末的總債務為 1.886 億美元。我們安全地遵守了我們的債務契約，綜合總淨槓桿率為 1.04，而允許的最高值為 3.75，綜合利息保障倍數為 27.03 倍，而允許的最低值為 3.25 倍。

I'd like to turn it back over to Brandon to discuss our growth strategy and outlook for the remainder of 2022.

我想把它轉回給布蘭登，討論我們 2022 年剩餘時間的增長戰略和前景。

Thanks, Chan. Our new business pipeline remains robust as we continue to field inbound increase from provider groups and healthcare organizations nationwide that are interested in the unique platform that we've built here at ApolloMed. Our history of positive clinical outcomes and financial performance as well as our self-developed technology platform purpose-built for independent doctors has helped to fuel this interest. We are being selective and conducting the necessary diligence and evaluating potential opportunities in California, New York, as well as in the Southwestern United States, focusing on groups that are very committed to serving their communities and to advancing health equity as we enable them to succeed in risk-based contracts. As it relates to our current business, I noted earlier that we are raising revenue guidance as well as the lower end of the ranges for net income, EBITDA and adjusted EBITDA for full year 2022 as a result of the continued organic growth in our core business and favorable membership mix.

謝謝，陳。我們的新業務管道保持強勁，因為我們繼續從全國范圍內對我們在 ApolloMed 建立的獨特平台感興趣的供應商團體和醫療保健組織增加入境人數。我們積極的臨床結果和財務業績的歷史以及我們專為獨立醫生構建的自主開發技術平台有助於激發這種興趣。我們正在選擇性地進行必要的盡職調查，並評估加利福尼亞州、紐約州以及美國西南部的潛在機會，重點關注那些非常致力於為社區服務和促進健康公平的群體，因為我們使他們能夠取得成功在基於風險的合同中。關於我們當前的業務，我之前提到過，由於我們核心業務的持續有機增長，我們正在提高收入指引以及淨收入、EBITDA 和調整後 EBITDA 2022 年全年範圍的下限和有利的會員組合。

As listed on slide 11 of our supplement, we anticipate for the year ending December 31, 2022, revenues of between USD 1.055 billion and USD 1.085 billion, net income of $38 million to $57 million, EBITDA of $81 million to $111 million and adjusted EBITDA of $136 million to $166 million. Please keep in mind that the updated guidance does take into account any potential impact of APC's passive investment and a payer partner which Chan noted in his comments earlier. For this reason, we placed greater emphasis on the adjusted EBITDA metrics. These guidance metrics do not consider any potential acquisitions or any major business transactions we may complete for the remainder of 2020. As any material developments arise, we will be sure to update the markets and reevaluate guidance as appropriate.

正如我們補充的幻燈片 11 所列，我們預計截至 2022 年 12 月 31 日的年度，收入在 10.55 億美元至 10.85 億美元之間，淨收入在 3800 萬至 5700 萬美元之間，EBITDA 為 8100 萬至 1.11 億美元，調整後的 EBITDA 1.36 億美元至 1.66 億美元。請記住，更新後的指南確實考慮了 Chan 在他之前的評論中指出的 APC 被動投資和付款合作夥伴的任何潛在影響。因此，我們更加重視調整後的 EBITDA 指標。這些指導指標不考慮我們在 2020 年剩餘時間內可能完成的任何潛在收購或任何主要業務交易。隨著任何重大發展的出現，我們一定會更新市場並酌情重新評估指導。

To close, it is a very exciting time here at ApolloMed. We see many growth opportunities before us and as we continue to on-board new providers and provider groups across the country, expand our base of customers on our technology platform and continue nurturing strong organic growth in our existing core markets. ApolloMed is committed to empowering provider groups across the country to successfully participate in value-based arrangements enabling them to provide quality -- high quality cost-effective care to individuals and families and local communities. The same way our current ApolloMed providers have been doing from my own family.

最後，這是 ApolloMed 非常激動人心的時刻。我們看到擺在我們面前的許多增長機會，隨著我們繼續在全國范圍內招募新的供應商和供應商團體，擴大我們技術平台上的客戶群，並繼續在我們現有的核心市場中培育強勁的有機增長。 ApolloMed 致力於授權全國各地的提供者團體成功參與基於價值的安排，使他們能夠為個人、家庭和當地社區提供優質的、高質量的、具有成本效益的護理。就像我們目前的 ApolloMed 提供者在我自己的家庭中所做的一樣。

With that, operator, let's open it up for Q&A.

有了這個，運營商，讓我們打開它進行問答。

(Operator Instructions) And it appears that there are no questions at this time. Therefore, I will now turn the call back over to management for closing remarks.

（操作員說明）此時似乎沒有問題。因此，我現在將把電話轉回給管理層作結束語。

Thank you all for your time today. We are always open to a dialog with investors and welcome visitors to our offices in Alhambra, California should any of you be in the Los Angeles area. I will also be at the RBC and UBS Healthcare Conferences in New York later this month, and I look forward to seeing many of you there. Please feel free to reach out to us or our Investor Relations firm, The Equity Group with any additional questions you may have. We look forward to speaking to you all again on our next quarterly call. Thank you.

謝謝大家今天的時間。我們始終樂於與投資者進行對話，如果您在洛杉磯地區，歡迎來訪我們位於加利福尼亞州阿罕布拉的辦公室。本月晚些時候，我還將參加在紐約舉行的 RBC 和瑞銀醫療保健會議，我期待著在那裡見到你們中的許多人。如有任何其他問題，請隨時與我們或我們的投資者關係公司 The Equity Group 聯繫。我們期待在下一個季度電話會議上再次與大家交談。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。