Brightspring Health Services Inc (BTSG) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Brightspring Health Services second quarter 2024 earnings call.

歡迎參加 Brightspring Health Services 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jennifer Phipps, Chief Accounting Officer at Brightspring.

現在我想將會議交給今天的發言人，Brightspring 首席會計官 Jennifer Phipps。

Please go ahead.

請繼續。

Good morning.

早安.

Thank you for participating in today's conference call.

感謝您參加今天的電話會議。

My name is Jennifer Phipps, Chief Accounting Officer at Brightspring.

我叫 Jennifer Phipps，Brightspring 的首席會計官。

I'm joined on today's call by Jon Rousseau, Chief Executive Officer; and Jim Mattingly, our Chief Financial Officer.

執行長喬恩·盧梭 (Jon Rousseau) 參加了今天的電話會議。和吉姆·馬丁利，我們的財務長。

Earlier today, Brightspring released financial results for the quarter ended June 30, 2024.

今天早些時候，Brightspring 發布了截至 2024 年 6 月 30 日的季度財務業績。

A copy of the press release and presentation is available on the company's website.

新聞稿和簡報的副本可在公司網站上取得。

Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions.

請注意，今天的討論將包括某些反映我們當前假設和預期的前瞻性陳述，包括與我們未來財務表現以及行業和市場狀況相關的假設和預期。

Such forward-looking statements are not guarantees of future performance.

此類前瞻性陳述並非對未來績效的保證。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。

We encourage you to review the information in today's press release and presentation as well as in our quarterly report on Form 10-Q that will be filed with the SEC.

我們鼓勵您查看今天的新聞稿和簡報以及我們將向 SEC 提交的 10-Q 表季度報告中的信息。

Specific risk factors and uncertainties can also be found in our 10-K previously filed with the SEC.

具體的風險因素和不確定性也可以在我們之前向 SEC 提交的 10-K 中找到。

Such factors may be updated from time to time in our periodic filings with the SEC, and we do not undertake any duty to update any forward-looking statements except as required by law.

這些因素可能會在我們向美國證券交易委員會提交的定期文件中不時更新，除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。

During the call, we will use non-GAAP financial measures when talking about the company's performance and financial condition.

在電話會議期間，我們將使用非公認會計準則財務指標來談論公司的表現和財務狀況。

You can find additional information on these non-GAAP measures and reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures to the extent available without unreasonable effort in today's earnings press release, and presentation, which again are available on our Investor Relations website.

您可以在今天的收益新聞稿和演示文稿中找到有關這些非GAAP 指標的更多信息，以及我們的非GAAP 財務指標與其最直接可比的GAAP 財務指標的調節表，而無需付出不合理的努力，這些資訊也可以在我們的網站上找到。

This webcast is being recorded and will be available for replay on our Investor Relations website.

該網路廣播正在錄製中，並將在我們的投資者關係網站上重播。

And with that, I will turn the call over to Jon Rousseau, Chief Executive Officer.

接下來，我會將電話轉給執行長喬恩·盧梭 (Jon Rousseau)。

Thank you, Jen.

謝謝你，珍。

Good morning, and thank you for joining Brightspring second quarter 2024 earnings call.

早安，感謝您參加 Brightspring 2024 年第二季財報電話會議。

I'd also like to thank all of our employees and teammates, our clinicians, pharmacists, caregivers, administrative and support employees who work hard every day to provide new solutions to the customers and patients we serve as well as to our other key stakeholders of health care.

我還要感謝我們所有的員工和隊友、我們的臨床醫生、藥劑師、護理人員、行政和支持員工，他們每天努力工作，為我們服務的客戶和患者以及我們的其他主要利益相關者提供新的解決方案。

We are pleased to report strong second quarter performance with total revenue in the quarter, up $2.7 billion representing 26% growth year over year and adjusted EBITDA of $139.1 billion, which represented 17% growth year over year and exceeded our internal plan.

我們很高興地報告第二季度業績強勁，該季度總收入增長 27 億美元，同比增長 26%，調整後 EBITDA 為 1,391 億美元，同比增長 17%，超出了我們的內部計劃。

Adjusted EBITDA growth metrics throughout my remarks exclude a certain nonrecurring quality incentive payment or QIP of $30 million in the second quarter of 2023.

我整個演講中調整後的 EBITDA 成長指標不包括 2023 年第二季的特定非經常性品質激勵付款或 3000 萬美元的 QIP。

Within the $2.7 billion of total revenue, Pharmacy Solutions revenue was $2.1 billion, growing 32% compared to the second quarter of last year.

在 27 億美元的總收入中，藥局解決方案營收為 21 億美元，比去年第二季成長 32%。

And provider services revenue was $616 million, growing 8% compared to the second quarter of last year.

提供者服務收入為 6.16 億美元，比去年第二季成長 8%。

We reported Pharmacy Solutions adjusted EBITDA of $94 million, which grew 19% year over year and Provider Services EBITDA of $86 million grew 16% year over year.

我們報告稱，藥房解決方案調整後 EBITDA 為 9,400 萬美元，年增 19%，提供者服務 EBITDA 為 8,600 萬美元，年成長 16%。

Following strong performance in the first half of the year and continued business momentum, we are raising our adjusted EBITDA guidance for 2024 to be in the range of $570 million to $580 million, representing 12% to 14% growth, excluding the QIP payment in 2023.

繼上半年的強勁表現和持續的業務勢頭之後，我們將 2024 年調整後 EBITDA 指導上調至 5.7 億至 5.8 億美元，增長 12% 至 14%（不包括 2023 年 QIP 付款） 。

Our outperformance in the first half and increasing confidence in the second half of 2024 has led us to increase the midpoint of our adjusted EBITDA guidance by nearly $35 million since the start of the year.

我們上半年的出色表現以及對 2024 年下半年信心的增強，使我們自年初以來將調整後 EBITDA 指導的中點提高了近 3500 萬美元。

Jim will discuss the financial performance and outlook in more detail in a few minutes.

吉姆將在幾分鐘內更詳細地討論財務業績和前景。

Underpinning Brightspring's success in the second quarter and throughout the first half of 2024 is our dedication to delivering timely, preventative and coordinated care to our seniors and specialty patients in the home and in low-cost settings.

Brightspring 在第二季和 2024 年上半年取得成功的基礎是我們致力於為家庭和低成本環境中的老年人和專科患者提供及時、預防性和協調的護理。

Our platform's performance in our core strategy continue to be underpinned by three key hallmarks and strategies.

我們平台在核心策略中的表現持續受到三個關鍵標誌和策略的支撐。

First, we serve large and growing markets of complex patient populations and lower cost home and community settings, which has significant and tangible quality and cost benefits.

首先，我們為複雜患者群體和低成本家庭和社區環境的龐大且不斷增長的市場提供服務，這具有顯著且切實的品質和成本效益。

We bring a compassionate local and personal touch and inefficient care model to these complex patients, which preserves that improves quality of living and health, while lowering the risk of complications and institutional patient days.

我們為這些複雜的患者提供富有同情心的本地和個性化服務以及低效的護理模式，從而提高了生活品質和健康水平，同時降低了併發症的風險和住院病人的天數。

We do that through standardized best practices, the use of leading technologies and our proactive approach to addressing patient needs.

我們透過標準化最佳實踐、領先技術的使用以及積極主動地滿足患者需求的方法來實現這一目標。

Second, bright spring is focused on driving outsized volume growth and market share gains through our high-quality operations and sales and marketing capabilities, supplemented with integrated care as well as denovos and accretive acquisitions to deepen and expand geographically and grow our volume further.

其次，明春致力於透過高品質的營運、銷售和行銷能力來推動銷量的大幅成長和市場份額的成長，並輔以綜合護理以及創新和增值收購，以深化和擴大地域，並進一步擴大我們的銷量。

As a result of our high-quality and dependable care model and our commercial capabilities, we drive volume growth across our business in addition to serving a patient base with a comparatively high degree of recurring revenue.

由於我們高品質和可靠的護理模式以及我們的商業能力，除了以相對較高的經常性收入為患者群體提供服務外，我們還推動了整個業務的銷售成長。

Third, we benefit from our scale and complementary services, which allows for greater efficiencies, the deployment of best practices throughout the organization and enhance growth.

第三，我們受益於我們的規模和互補服務，這可以提高效率，在整個組織內部署最佳實踐並促進成長。

We leverage our scale and our ever evolving the way we go to market, procure goods and contract for services to drive these efficiency with a continuous improvement mindset and culture.

我們利用我們的規模和不斷發展的進入市場、採購貨物和服務合約的方式，以持續改進的心態和文化來提高效率。

We drive acquisition synergies through procurement and operational synergies and best practices enabled by our platform.

我們透過採購和營運協同效應以及我們平台支援的最佳實踐來推動收購協同效應。

So a good example of this is the recent announcement of the planned acquisition of Haven Hospice, a Florida-based company holding a Certificate of Need for comprehensive hospice care services in 18 counties in the state.

一個很好的例子就是最近宣布計劃收購 Haven Hospice，這是一家總部位於佛羅裡達州的公司，持有該州 18 個縣的綜合臨終關懷服務需求證書。

Haven operates in a highly desirable geography where we believe our capabilities can be implemented to improve operational metrics, financial performance and growth.

Haven 在一個非常理想的地理位置開展業務，我們相信我們的能力可以用來改善營運指標、財務表現和成長。

And last, our scale and complementary service lines also result in a unique comparative level of payer diversification.

最後，我們的規模和互補的服務線也導致了付款人多元化的獨特相對水平。

In the pharmacy world, there's retail and then there are all of the many places where customers and higher acuity people need their medications with customized services every day, often 24/7, and that's us.

在藥房領域，有零售，還有很多地方，客戶和敏銳度較高的人每天都需要客製化服務（通常是 24/7）提供藥物，這就是我們。

In the provider world, there's hospitals and doctors' offices and then there are homes and other community settings where people need their care every day, and that's us.

在醫療服務提供者的世界裡，有醫院和醫生辦公室，還有家庭和其他社區環境，人們每天都需要護理，這就是我們。

We serve patients in home and community settings with a highly beneficial and valuable model.

我們為家庭和社區環境中的患者提供非常有益且有價值的模式。

We focus on driving volume and market share growth, and we leverage our scale and complementary services in importance in meaningful ways.

我們專注於推動銷售和市場份額的成長，並以有意義的方式充分利用我們的規模和互補服務。

Turning back to the second quarter performance.

回到第二季的表現。

Pharmacy Solutions revenue of $2.1 billion represented 32% growth compared with the second quarter of last year.

藥局解決方案營收為 21 億美元，較去年第二季成長 32%。

Revenue momentum continued quarter over quarter, driven by ongoing execution, supporting specialty product ramp-ups and launches from 2023 and 2024 infusion patient volume growth and strength in home and community pharmacy volume.

在持續執行的推動下，收入動能逐季持續，支持 2023 年和 2024 年輸液患者數量的增長以及家庭和社區藥房數量的增長和推出專業產品。

The infusion and specialty business was particularly strong, growing 40% year over year, with specialty continuing to perform exceptionally well with outsized revenue growth.

輸液和特種業務尤其強勁，較去年同期成長 40%，其中特種業務持續表現出色，營收大幅成長。

Public community pharmacy revenue grew 13% year over year in the second quarter, driven by very solid script volume growth.

在非常強勁的處方量成長的推動下，第二季公共社區藥局營收年增 13%。

We saw robust volume growth across our pharmacy segment with 10.1 million total scripts dispensed in the second quarter, representing an increase of approximately 10% in total compared to the prior year.

我們看到整個製藥部門的銷量強勁增長，第二季度配發的處方總量為 1,010 萬份，與去年同期相比，總量增長了約 10%。

In home and community pharmacy scripts dispensed grew in the high single digits year over year, highlighting the reliability, accuracy, high-quality and customized services that we continue to deliver to patients across settings.

在家庭和社區藥房配藥處方量逐年呈高個位數增長，凸顯了我們繼續向不同環境下的患者提供的可靠性、準確性、高品質和客製化服務。

Our strong revenue performance in the quarter resulted in Pharmacy Solutions adjusted EBITDA of $94 million, representing 19% growth year over year.

我們本季強勁的營收表現使 Pharmacy Solutions 調整後 EBITDA 達到 9,400 萬美元，年增 19%。

Pharmacy Solutions adjusted EBITDA margin at 4.5% was in line with our expectations and influenced by outsized growth in Specialty.

Pharmacy Solutions 調整後 EBITDA 利潤率為 4.5%，符合我們的預期，並受到專業業務大幅成長的影響。

Specialty Pharmacy performed particularly well in the quarter with continued momentum in scripts dispensed delivering 36% volume growth.

專業藥局在本季表現尤其出色，處方配藥量持續成長，銷售量成長 36%。

The continued outperformance, especially can be attributed to strong execution across our LDD and high value generics portfolio, anchored by our quality and innovative national sales and marketing strategies.

持續的優異表現尤其要歸功於我們在 LDD 和高價值仿製藥產品組合中的強大執行力，並以我們的品質和創新的全國銷售和行銷策略為基礎。

We continue to expand access to limited distribution drugs and coverage of prescribers, which drives referrals that are supported by our comprehensive patient service offerings, bringing higher quality of care to patients that is rated at world-class levels, it helps to extend lives.

我們繼續擴大有限分發藥物的獲取範圍和處方醫生的覆蓋範圍，這推動了我們全面的患者服務產品支持的轉診，為患者帶來世界一流水平的更高質量的護理，有助於延長生命。

The innovative personalized and high-touch service and clinical programs that we deliver continue to be preferred by patients as evidenced by consistently high Net Promoter Scores from prescribers and patients that approach or exceed 90.

我們提供的創新個人化和高接觸度服務和臨床計劃繼續受到患者的青睞，處方醫生和患者的淨推薦值始終高達 90 或以上，就證明了這一點。

We continue to grow our limited distribution drug network in oncology, rare and orphan drugs in other select indications with 118 LDD.

我們繼續擴大我們在腫瘤學、稀有藥物和孤兒藥領域的有限分銷藥物網絡，以及其他選定適應症的 118 個 LDD。

Most recently, we were selected as a pharmacy partner by Day One Biopharmaceuticals for distribution of agenda, which is utilized to treat central nervous system tumors in children six months and older, specifically relapsed or refractory pediatric low-grade glioma, the most common central nervous system tumor in children.

最近，我們被Day One Biopharmaceuticals 選為藥房合作夥伴，負責分發議程，用於治療六個月及以上兒童的中樞神經系統腫瘤，特別是復發或難治性兒童低度膠質瘤，這是最常見的中樞神經系統腫瘤兒童系統腫瘤。

We're excited by this opportunity and all others like them to improve the lives of patients and families through this partnership and believe it speaks to the differentiated level of care and support that we deliver to patients every day.

我們對這個機會和所有其他像他們一樣透過這種夥伴關係改善患者和家庭的生活感到興奮，並相信這體現了我們每天為患者提供的差異化護理和支持水平。

We expect to add an additional 18 LDD to our portfolio over the next 12 to 18 months.

我們預計在未來 12 至 18 個月內將另外 18 個 LDD 添加到我們的投資組合中。

We continue to grow volume robustly in high-value generics, and we see a meaningful opportunity to grow the specialty business further with 11 large brand drugs converting to generic over the next five to six years.

我們繼續強勁增長高價值仿製藥的銷量，我們看到了進一步發展專業業務的有意義的機會，在未來五到六年內，11 個大品牌藥物將轉換為仿製藥。

The first of these now expected in Q4 this year.

其中第一個預計將在今年第四季推出。

We are also pleased with the volume performance in our home and community pharmacy business.

我們也對我們的家庭和社區藥局業務的銷售表現感到滿意。

For example, bright spring recently began services with one of the largest skilled nursing providers in the country as a long-term care pharmacy provider to all patients across all health care facilities of this customer.

例如，明春最近開始與全國最大的熟練護理提供者之一合作，作為長期護理藥房提供者，向該客戶的所有醫療保健機構的所有患者提供服務。

This sizable new customer addition speaks to the quality of care and services that we provide to our valued partners it patients.

這一數量可觀的新客戶增加證明了我們為患者的尊貴合作夥伴提供的護理和服務的品質。

In provider services, we saw very solid revenue growth of 8%, driven by strength in home health care, particularly home health and hospice, as well as in our rehab business.

在提供者服務方面，我們看到了 8% 的強勁收入成長，這得益於家庭醫療保健（尤其是家庭健康和臨終關懷）以及我們的康復業務實力的推動。

To highlight home health care, average daily census grew 13% year over year to 44,246 in the second quarter, and rehab billable hours grew in the high single digits.

為了強調家庭醫療保健，第二季平均每日人口普查人數年增 13%，達到 44,246 人，復健計費時間以高個位數成長。

The number of patients that we serve across our platform continues to grow, enabled by our highly skilled health professionals and the company's continued commitment to coordinated care in our patient's preferred settings.

在我們高技能的醫療專業人員以及公司持續致力於在患者首選環境中提供協調護理的支持下，我們在平台上服務的患者數量持續增長。

The addition of Haven Hospice, which is expected to close this quarter will expand our services into the attractive and hard to access Florida market with the opportunity to provide compassionate and high-quality care that has been rated in the top 5% of all hospice providers nationally to more patients and their families.

Haven Hospice 的加入預計將於本季度結束，這將把我們的服務擴展到有吸引力且難以進入的佛羅裡達市場，並有機會提供富有同情心和高品質的護理，該護理已被評為所有臨終關懷服務提供者的前5%惠及全國較多的患者及其家屬。

We remain enthusiastic about the trajectory of the provider business in the coming years.

我們對未來幾年提供者業務的發展軌跡仍然充滿熱情。

Our provider business also realized very solid adjusted EBITDA of $86 million, representing 16% year-over-year growth and a 14.0% margin compared to 13.1% in Q2 2023, driven by increased scale and additional operational efficiencies.

在規模擴大和營運效率提高的推動下，我們的供應商業務也實現了非常穩健的調整後 EBITDA 8,600 萬美元，年增 16%，利潤率為 14.0%，而 2023 年第二季為 13.1%。

We continue to work hard to deliver patient centric plants in home and community settings, driving significant reductions in hospital readmissions for seniors, duals and behavioral patients.

我們繼續努力在家庭和社區環境中提供以患者為中心的植物，從而顯著減少老年人、雙性戀和行為患者的再入院率。

Ultimately, our ability to deliver higher quality care in preferred settings and in a more efficient way, enables improved outcomes, increased patient satisfaction and reduce costs, which helped drive referrals to meet ever-increasing demand and address significant societal needs.

最終，我們能夠在首選環境中以更有效的方式提供更高品質的護理，從而改善結果、提高患者滿意度並降低成本，這有助於推動轉診以滿足不斷增長的需求並滿足重大的社會需求。

As we've discussed previously, Brightspring was eligible to receive the last annual quality incentive payment or QIP in specialty from one of our PBM partners in the second quarter.

正如我們之前討論的，Brightspring 有資格在第二季度從我們的 PBM 合作夥伴之一獲得最後一筆年度品質獎勵付款或專業 QIP。

As we have discussed, the bar for this QIP was extremely high.

正如我們所討論的，該 QIP 的門檻非常高。

And while we delivered an outstanding Net Promoter Score of 87 for these particular members, it was below the threshold of 90 in the contract and below the NPS that we track and see for all of their payer and PBM members.

雖然我們為這些特定會員提供了 87 分的出色淨推薦值，但它低於合約中 90 分的門檻，也低於我們追蹤和看到的所有付款人和 PBM 會員的 NPS。

While we're disappointed to not receive this payment as has been known, this program has now concluded, and we've benefited from receiving these QIP payments in the three years prior, based on our extremely high levels of quality and patient focused care.

雖然我們對沒有收到這筆付款感到失望，但該計劃現已結束，並且基於我們極高水平的品質和以患者為中心的護理，我們在三年前收到了這些 QIP 付款，並從中受益。

Relative to peers and industry standards, we continue to deliver exceptional service levels, which are the foundation of the strong growth and financial performance we are experiencing in 2024 and expect to continue to experience in the future.

相對於同業和行業標準，我們繼續提供卓越的服務水平，這是我們在 2024 年實現強勁增長和財務業績的基礎，並期望在未來繼續實現這一目標。

Across our business, our employees work hard every day to deliver high quality capacity care for the people that we serve.

在我們的整個業務中，我們的員工每天都在努力工作，為我們服務的人們提供高品質的護理服務。

We continue to invest in our employees who contribute to the success of the company and truly believe that our healthcare workers, clinicians, skilled caregivers, operators and sales and marketing teams enable us to deliver leading levels of patient-centered care and support in our industry.

我們繼續投資於為公司成功做出貢獻的員工，並堅信我們的醫護人員、臨床醫生、熟練護理人員、操作員以及銷售和營銷團隊使我們能夠提供行業內領先水平的以患者為中心的護理和支持。

To reward our employees for their hard work and dedication and to further create and foster an ownership culture at the company in the second quarter we completed the $100 million all employee equity grant that was announced at the IPO.

為了獎勵員工的辛勤工作和奉獻精神，並在第二季度進一步創建和培育公司的主人翁文化，我們完成了 IPO 時宣布的 1 億美元所有員工股權授予。

Brightspring awarded approximately 20,000 full-time to tenured employees with employees specific share grants to commemorate their dedication to the company and their impact on patients and the communities that we all live in.

Brightspring 向約 20,000 名全職終身員工頒發了員工特定股份獎勵，以紀念他們對公司的奉獻以及對患者和我們所居住的社區的影響。

To summarize, the first half of 2024 has been very successful as we continue to execute on our goals and strategies as we have for the past seven years.

總而言之，2024 年上半年非常成功，我們繼續執行過去七年的目標和策略。

We are optimistic about the performance across the entire portfolio, not only heading into the second half of the year, but also as we head into 2025.

我們對整個投資組合的表現感到樂觀，不僅是在下半年，而且在進入 2025 年時也是如此。

Within pharmacy, we are particularly excited by our strong manufacturing and customer partnerships, our valued referral relationships, our high quality scores in our growing portfolio of limited distribution drugs and generics and specialty.

在製藥領域，我們對我們強大的製造和客戶合作夥伴關係、我們寶貴的推薦關係、我們不斷增長的有限分銷藥物、仿製藥和專科產品組合的高品質分數感到特別興奮。

We continue to drive improved operational performance with a real focus on efficiency initiatives across Infusion and home and community pharmacy.

我們持續推動改善營運績效，真正關注輸液、家庭和社區藥局的效率措施。

On the provider side, we are outpacing the industry on volume growth and remain confident in our ability to grow daily census and hours.

在提供者方面，我們在數量增長方面超過了行業，並對我們增加每日人口普查和工作時間的能力充滿信心。

While we continue to reduce hospitalizations and readmissions by delivering the right care management at the right time and in the right setting to patients.

同時，我們透過在正確的時間和正確的環境下為患者提供正確的護理管理，繼續減少住院和再入院。

Our integrated platform service capabilities continue to advance and allow Brightspring to improve the coordination of patient-centric care for people who require multiple health services.

我們的綜合平台服務能力不斷進步，使 Brightspring 能夠為需要多種醫療服務的人們改善以病人為中心的照護的協調。

Moving forward in the back half of the year and into 2025 and beyond, Brightspring continues to remain focused on targeting volume growth in attractive markets, delivering needed solutions, driving operational best practices and providing more coordinated and high-quality care, leveraging the scale and complementary nature of our platform to deliver healthy financial results.

展望今年下半年以及2025 年及以後，Brightspring 將繼續專注於在有吸引力的市場中實現銷售增長，提供所需的解決方案，推動運營最佳實踐並提供更加協調和高品質的護理，利用規模和我們平台的互補性可實現健康的財務表現。

I will now turn the call over to Jim to discuss our second quarter financial results and 2024 guidance in more detail.

我現在將把電話轉給吉姆，更詳細地討論我們第二季度的財務表現和 2024 年的指導。

Jim?

吉姆？

Thank Jon.

謝謝喬恩。

Before I provide financial results for the quarter.

在我提供本季的財務業績之前。

Please note that all growth metrics for gross profit and adjusted EBITDA compared to 2023 exclude a certain $30 million quality incentive payment or QIP that Brightspring received in the second quarter of 2023.

請注意，與 2023 年相比，毛利和調整後 EBITDA 的所有成長指標均不包括 Brightspring 在 2023 年第二季收到的 3,000 萬美元品質激勵付款或 QIP。

Total revenue in the second quarter of 2024 was $2.7 billion, representing 26% growth from the prior year period.

2024 年第二季總營收為 27 億美元，較上年同期成長 26%。

Pharmacy Solutions segment revenue was $2.1 billion, achieving growth of 32% year over year.

藥局解決方案部門營收為21億美元，年增32%。

Within the pharmacy segment, infusion and specialty revenue was $1.6 billion, representing growth of 40% from last year.

在製藥領域，輸液和特種產品收入為 16 億美元，較去年成長 40%。

And home and community pharmacy revenue was $528 million, representing growth of 13% year over year.

家庭和社區藥局收入為 5.28 億美元，年增 13%。

In the Provider Services segment, we reported revenue of $616 million, representing growth of 8% compared to the prior year period.

在提供者服務領域，我們報告營收為 6.16 億美元，比去年同期成長 8%。

Within the Provider Services segment on healthcare reported $254 million in revenue for the second quarter, growth of 13% versus last year.

醫療保健提供者服務部門報告第二季收入為 2.54 億美元，比去年增長 13%。

And community and rehab care revenue was $362 million, representing growth of 5% year over year.

社區和復健護理收入為3.62億美元，年增5%。

Moving down the P&L, total company gross profit in the second quarter was $389 million, representing growth of 14% compared with the second quarter of last year.

從損益表來看，第二季公司毛利總額為 3.89 億美元，較去年第二季成長 14%。

Adjusted EBITDA for the total company was $139 million for the second quarter, growing 17% compared to last year, and adjusted EPS for the total company was $0.10 for the second quarter.

第二季公司調整後的 EBITDA 為 1.39 億美元，比去年成長 17%，第二季調整後的每股盈餘為 0.10 美元。

Turning back to segment performance, Pharmacy Solutions gross profit was $183 million, growing 16% compared with the second quarter of last year.

回到分部業績，Pharmacy Solutions 毛利為 1.83 億美元，較去年第二季成長 16%。

Adjusted EBITDA for pharmacy solutions was $94 million for the second quarter growing 19% compared to last year.

第二季製藥解決方案調整後 EBITDA 為 9,400 萬美元，比去年成長 19%。

Provider Services gross profit was $206 million, growing 12% versus the second quarter of last year.

提供者服務毛利為 2.06 億美元，比去年第二季成長 12%。

And adjusted EBITDA for provider services was $86 million for the second quarter, growing 16% versus last year.

第二季提供者服務調整後 EBITDA 為 8,600 萬美元，比去年成長 16%。

On a total company basis, cash flow from operations was negative $15 million in the second quarter of 2024, which was in line with our expectations and included a $90 million cash payment related to the legacy pharmacy legal matter, which was disclosed at the IPO.

就公司整體而言，2024年第二季營運現金流為負1,500萬美元，符合我們的預期，其中包括IPO時揭露的與遺留藥局法律事務相關的9,000萬美元現金支付。

Excluding that historical legal case payments, cash flow from operations was $75 million in Q2.

不包括歷史法律案件付款，第二季營運現金流為 7,500 萬美元。

We remain on track to deliver approximately $275 million of annual run rate operating cash flow, excluding disclosed legacy litigation expenses and IPO-related expenses, as we continue to remain focused on improving our leverage ratio towards our goal of three times within three years.

我們仍有望實現約 2.75 億美元的年度營運現金流（不包括已披露的遺留訴訟費用和 IPO 相關費用），因為我們將繼續專注於提高槓桿率，以實現三年內三倍的目標。

As of June 30, our net debt outstanding is approximately $2.7 billion with our leverage ratio of 4.51 times, which was better than our internal projection and which reflected the anticipated legal settlement cash payment in the quarter.

截至 6 月 30 日，我們的未償債務淨額約為 27 億美元，槓桿率為 4.51 倍，優於我們的內部預測，也反映了本季預期的法律和解現金支付。

As a reminder, net interest expense includes interest income related to cash flow hedges due to our three received variable pay fixed interest rate swap agreements that we have in place set to mature on September 30, 2025.

提醒一下，淨利息支出包括與現金流量對沖相關的利息收入，這是由於我們收到的三項可變支付固定利率掉期協議將於 2025 年 9 月 30 日到期。

Quarterly interest expense is still expected to be approximately $50 million per quarter, including approximately $1.6 million in interest expense related to the TEU instrument.

季度利息支出預計仍約為每季 5,000 萬美元，其中包括與 TEU 工具相關的約 160 萬美元利息支出。

Turning to our guidance for 2024, we are increasing our expectations for revenue and adjusted EBITDA.

談到 2024 年的指導，我們正在提高對收入和調整後 EBITDA 的預期。

Total revenue is now expected to be in the range of $10.45 billion to $10.9 billion, including Pharmacy Solutions revenue of $8.0 billion to $8.4 billion and provider services revenue of $2.45 billion to $2.5 billion.

目前預計總收入在 104.5 億美元至 109 億美元之間，其中藥房解決方案收入為 80 億美元至 84 億美元，提供商服務收入為 24.5 億美元至 25 億美元。

As you will recall, we increased our adjusted EBITDA guidance range last quarter to $555 million to $570 million, excluding the potential QIP.

您可能還記得，上季我們將調整後的 EBITDA 指引範圍提高至 5.55 億至 5.7 億美元，不包括潛在的 QIP。

Today, we are raising our total adjusted EBITDA outlook again to the range of $570 million to $580 million for full year 2024.

今天，我們將 2024 年全年調整後 EBITDA 總額預期再次上調至 5.7 億美元至 5.8 億美元。

This updated range represents a like-for-like increase in company adjusted EBITDA of approximately $13 million at the midpoint and represents 12.2%, to 14.2% growth versus full year 2023 when you exclude the QIP received in 2023.

此更新範圍代表公司調整後 EBITDA 中位數年增約 1,300 萬美元，與 2023 年全年（排除 2023 年收到的 QIP 相比）成長 12.2% 至 14.2%。

Since the start of the year, we have increased the midpoint of our adjusted EBITDA guidance by nearly $35 million at the midpoint of our adjusted EBITDA range.

自今年年初以來，我們已將調整後 EBITDA 指引的中點提高了近 3,500 萬美元。

The adjusted EBITDA margin is approximately 5.4%, and we continue to expect to see margin expansion throughout the remainder of the year.

調整後的 EBITDA 利潤率約為 5.4%，我們繼續預期今年剩餘時間利潤率將擴大。

With that, I'll now turn it back to Jon.

有了這個，我現在將把它轉回給喬恩。

Thank you for your time today to go through Brightspring's second quarter results and guidance update.

感謝您今天抽出寶貴時間查看 Brightspring 第二季業績和指導更新。

We will now open up the line for questions.

我們現在將開放提問熱線。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Brian Tanquilut of Jefferies.

傑富瑞 (Jefferies) 的布萊恩坦奎魯特 (Brian Tanquilut)。

Hey, good morning, guys, and congrats on a really strong quarter.

嘿，早安，夥計們，祝賀這個季度的強勁表現。

I guess my question first, John, you've seen really and strong traction in specialty and I think the guidance implies sequential growth in and Pharmacy Solutions revenues into the back half of the year.

我首先想問的是我的問題，約翰，您已經看到了專業領域真正強大的吸引力，我認為該指導意味著下半年製藥解決方案收入將連續增長。

As we look at historical challenges of back half first half, it seems like it's up sequentially, but maybe not by quite as much as historical trend.

當我們觀察上半場後半段的歷史挑戰時，它似乎是連續上升的，但可能沒有歷史趨勢那麼多。

Is it conservatism or is there anything that you can be thinking about as it relates to the ramp in Pharma Solutions revenue in the back half.

這是保守主義還是有什麼你可以考慮的，因為它與下半年製藥解決方案收入的成長有關。

Hey, Brian, good morning.

嘿，布萊恩，早安。

Thanks for the question.

謝謝你的提問。

Our growth rate that we're seeing in pharmacy remains really strong and we've got more momentum on the volume side in that business really than we ever have, even at this point in time, seven years.

我們在製藥領域看到的成長率仍然非常強勁，即使在七年的時間點上，我們在該業務的銷量方面也獲得了比以往任何時候都更大的動力。

So we would expect similar growth rates into the second half and then again, we feel more positive about those growth rates than we have.

因此，我們預計下半年會有類似的成長率，但我們對這些成長率的看法比現在更樂觀。

Typically, we get about 53% of our EBITDA in the second half due to days and due to taxes and other items.

通常，由於天數、稅收和其他項目，我們在下半年獲得約 53% 的 EBITDA。

We expect margins to always increase in the second half as well.

我們預計下半年利潤率也將始終增加。

We're leveraging fixed costs and corporate, which is flat in the second half as we continue to drive volume, but very consistent volume expectations in terms of growth rates for the second half and no reason to believe those will slow down or slow down heading into 2025.

我們正在利用固定成本和企業成本，隨著我們繼續推動銷量，下半年固定成本和企業成本持平，但就下半年的成長率而言，銷售預期非常一致，沒有理由相信這些會放緩或放緩。

Awesome.

驚人的。

And then maintenance, you mentioned margins and I think Jim mentioned that there expectations for continued margin improvement.

然後是維護，您提到了利潤率，我認為吉姆提到了對利潤率持續改善的預期。

If you can just walk us through what the dynamics are or what are the moving pieces that would drive that sequential margin improvement in the back half of the year?

您能否向我們介紹一下推動下半年利潤率較上月改善的動態或變化因素是什麼？

Yeah, we see about a 5.3%, 5.4% EBITDA margin for the full year.

是的，我們預計全年 EBITDA 利潤率約為 5.3%、5.4%。

So obviously, that's going to be higher than the 5.1% in the second half.

顯然，這將高於下半年的 5.1%。

Really, it's just a couple of things which are very clear and very tangible.

確實，這只是一些非常明確且非常明顯的事情。

We benefit from favorability in the way the days fall in the calendar months in the second half versus the first half of the year.

我們受益於下半年與上半年的日曆月份中的天數下降方式的有利性。

Taxes are lower you get payroll, taxes resetting in the first half of the year.

薪資稅較低，上半年稅金重置。

That's a meaningful number.

這是一個有意義的數字。

As I said, we're going to continue to drive, I think, really strong volume growth rates here.

正如我所說，我認為我們將繼續推動這裡的銷售成長率非常強勁。

I mean, you can see on the pharmacy side, we're pushing 30% and even on the provider side, close to 10%, we expect that to continue our assumption for corporate in the back half is flat, after we've made -- we've continued to make a lot of IT and people investments throughout the first half of the year.

我的意思是，你可以看到，在藥局方面，我們正在推動30%，甚至在供應商方面，也接近10%，我們預計，在我們做出之後，我們對企業後半段的假設將持平。

And then we did have some ramp-up costs as we've been onboarding a few very large customers on the home and community pharmacy side.

然後，我們確實有一些增加成本，因為我們已經在家庭和社區藥局方面吸引了一些非常大的客戶。

We incurred those costs in the first half ahead of the volume ramping up in those contracts as well.

在這些合約的數量增加之前，我們在上半年就產生了這些成本。

And then as an organization, we continue to focus on operational excellence.

作為一個組織，我們繼續專注於卓越營運。

And so there's just many operational initiatives, which are continuing to kick in here in the second half of the year for meaningful impact as we continue to drive lean and automation across the organization.

因此，隨著我們繼續推動整個組織的精益化和自動化，許多營運舉措將在今年下半年繼續發揮作用，產生有意義的影響。

And really last, I mean the hospice final rule came in a little bit better than was estimated, but that's going to go live in Q4, too.

最後，我的意思是臨終關懷最終規則比估計的要好一些，但這也將在第四季度生效。

So it's really a combination of multiple factors that we feel we have very direct line of sight on that will drive that margin improvement into the second half.

因此，這實際上是多種因素的結合，我們認為我們有非常直接的視線，這將推動下半年利潤率的改善。

Yeah, it's awesome.

是的，太棒了。

Congrats again.

再次恭喜。

Thanks, Jon.

謝謝，喬恩。

A.J. Rice of UBS.

A.J.瑞銀的賴斯。

Hi, everyone.

大家好。

Thanks for the question.

謝謝你的提問。

Just the strong Specialty performance.

正是強大的專長表現。

Can you just comment on areas of growth?

您能評論一下成長的領域嗎？

Is it new drug coming online?

難道是新藥上市了？

Are you gaining share?

你正在獲得份額嗎？

What's driving that?

是什麼推動了這一點？

And then comment on the margin trajectory that business grows, maybe looking out a little further.

然後評論業務成長的利潤軌跡，也許看得更遠一些。

On the one hand and pharmacy solutions, I guess the mix shift could pressure margin, but I think as new business improves over time, you'd see margin improvement.

一方面，對於製藥解決方案，我認為混合轉變可能會對利潤率造成壓力，但我認為隨著新業務隨著時間的推移而改善，你會看到利潤率的提高。

So maybe delve into that a little more possible.

所以也許可以更深入地研究一下。

Yeah, thanks, A.J. Appreciate the comment about the specialty growth.

是的，謝謝，A.J.感謝有關專業發展的評論。

I would also note that the growth in the organic that we're seeing is really broad-based.

我還要指出的是，我們看到的有機成長確實是廣泛的。

If you look at it really almost every single one of our service lines.

如果你仔細觀察的話，幾乎我們的每一條服務線都是如此。

They are growing in the organization.

他們在組織中不斷成長。

So we're really seeing very strong performance across the entirety of the portfolio.

因此，我們確實看到整個投資組合的表現非常強勁。

Specialty did see the highest growth rate.

專業確實出現了最高的成長率。

It was really driven by everything you mentioned brand growth through continued ramps in LDD drugs, both from the last couple of years and even the five LDD drugs we've launched so far this year.

這實際上是由你提到的 LDD 藥物的持續成長所推動的品牌成長，無論是過去幾年，還是我們今年迄今推出的五種 LDD 藥物。

Our continued focus on high value generics and then a very large sales force that's executing out there in the field every day and prescriber offices with clinicians, patients and families driving, I think strong market share improvement.

我們繼續專注於高價值仿製藥，然後是每天在現場執行任務的龐大銷售隊伍以及由臨床醫生、患者和家庭推動的處方辦公室，我認為市場份額將得到強勁改善。

We continue to win some hub business.

我們繼續贏得一些樞紐業務。

And our and our fee-for-service and data business continues to increase at double digit rates over here.

我們的服務收費和數據業務繼續以兩位數的速度成長。

So of broad-based growth.

基礎廣泛的成長也是如此。

So (technical difficulty) also within Specialty.

所以（技術難度）也在專業範圍內。

Specialty's margin ticked up a little bit into Q2.

Specialty 的利潤率在第二季略有上升。

We expect that to move into the back half as well, and we expect to see what are the trend dynamic for overall pharmacy

我們預計這也會進入後半段，我們預期整個藥局的趨勢動態是什麼

(inaudible).

（聽不清楚）。

Okay.

好的。

And sounds like in your prepared comments, you're calling out a new service agreement with a large and long-term care provider.

聽起來好像在您準備好的評論中，您正在與一家大型長期照護提供者簽訂新的服務協議。

So I assume that's the institutional pharmacy business.

所以我認為這就是機構藥局業務。

I haven't heard the people calling out of big new business wins in that segment in a while.

我已經有一段時間沒有聽到人們呼籲該領域取得重大新業務勝利了。

Is there an increase in RFP activities?

RFP 活動是否有增加？

Is this just a client that you've been working on for a while that came over the finish line?

這是否只是您已經工作了一段時間並最終完成的客戶？

Or how would you characterize that competitive landscape and the opportunities there?

或者您如何描述競爭格局和那裡的機會？

Yeah.

是的。

I mean, the breadth of home and community pharmacy, is covers a lot of attractive end market segments.

我的意思是，家庭和社區藥局的廣度涵蓋了許多有吸引力的終端市場領域。

That business grew its volume right around 10% revenue of about 13%.

該業務的銷量增長了約 10%，收入增長了約 13%。

We continue to see that.

我們繼續看到這一點。

We believe we'll continue to see that into the future.

我們相信，未來我們將繼續看到這一點。

We've got a great quality [operation and a set primary] service programs for customers that serve us very well.

我們為客戶提供了優質的[營運和一套主要]服務計劃，為我們提供了很好的服務。

We have a high performing sales team to and is very technology-enabled.

我們擁有一支高績效的銷售團隊，並且非常注重技術。

So those elements are really driving very productive customer relationships.

因此，這些元素確實推動了非常有成效的客戶關係。

I think at this point, we've won some 35,000 or 40,000 new patients in beds from competitors this year.

我認為今年我們已經從競爭對手那裡贏得了大約 35,000 或 40,000 名新患者。

And we just really focus on the service model, all the operations and that's continuing to drive preference with customers, including in this case, a very large customer that we onboarded back half of Q2, which will be beneficial in the second half of next year in 2025.

我們只是真正關注服務模式、所有運營，這將繼續推動客戶的偏好，包括在本例中，我們在第二季度後半段加入的一個非常大的客戶，這將在明年下半年受益2025年。

Okay.

好的。

Thanks a lot.

多謝。

Whit Mayo, Leerink.

惠特·梅奧，利林克。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Just back on the LDD launches, I just want to make sure, I heard you that you've got 18 more that are coming.

回到 LDD 的發布，我只是想確認一下，我聽說你們還有 18 個即將推出。

I don't know how many you're launching in the second half versus 2025?

我不知道你們下半年和 2025 年會推出多少個？

And just remind us, are those accretive at launch today?

請提醒我們，這些在今天發佈時會增值嗎？

Or do they requires some investments and the earnings slope is a little bit more on a lag?

或者他們需要一些投資並且收益斜率有點滯後？

Yeah.

是的。

Good morning, Whit.

早上好，惠特。

We are up to 118 limited distribution drugs now.

目前我們限量配送的藥品多達118種。

We do expect our most recent view after Q2 is probably another 18 or so wind in the next 15 or so months.

我們確實預計第二季度之後的最新觀點可能是在未來 15 個月左右的時間內再刮 18 級左右的風。

So that cadence of about one a month we would expect to continue.

因此，我們希望繼續保持每月一次的節奏。

Again, that's based on the quality of our service to patients and our focus on manufacturing relationships and other service offerings to them.

同樣，這是基於我們為患者提供的服務品質以及我們對製造關係和為他們提供的其他服務的關注。

So the momentum there very much continues.

因此，那裡的勢頭仍在繼續。

Those are accretive day one.

這些都是第一天的增值。

There are a few investments that go into place to get ready for launch.

為了準備發布，我們已經進行了一些投資。

But at launch those are accretive from day one at the respective GP margins and EBITDA per script margins right out of the gate.

但在推出時，這些從第一天起就以各自的 GP 利潤率和每個劇本的 EBITDA 利潤率開始增加。

Okay.

好的。

So kind of one a month, all right.

就這樣，一個月一次，好吧。

Second question, just some on home infusion.

第二個問題，只是一些家庭輸液。

Just sort of curious where you are in the growth of that business?

只是有點好奇您在該業務的發展中處於什麼位置？

how many locations you have, where you think you can go and sort of how you're prioritizing the geographies that you plan on entering?

您有多少個地點，您認為您可以去哪裡以及您如何優先考慮您計劃進入的地區？

Thanks.

謝謝。

Yeah, I think our view on infusion hasn't really changed.

是的，我認為我們對輸液的看法並沒有真正改變。

We're in about 35 states today.

今天我們的業務涵蓋大約 35 個州。

So we've got a really good national presence, which is critically important.

因此，我們在全國範圍內擁有良好的影響力，這一點至關重要。

The volume growth there is continued to be good.

那裡的銷售成長持續良好。

We are focused on some operational initiatives in that business, and we've been making some investments in those throughout this year.

我們專注於該業務的一些營運計劃，並且我們今年一直在這些方面進行一些投資。

We really believe infusion is going to be a more meaningful driver for us into 2025 and beyond, as we continue to focus on operational excellence in that business and trying to really win on service levels.

我們堅信，注入將成為我們在 2025 年及以後更有意義的驅動力，因為我們將繼續專注於該業務的卓越運營，並努力真正贏得服務水平。

That has been a very consistent plan in story for the past six to nine months right now, and we're excited for that business as we get into 2025 in particular.

在過去的六到九個月裡，這是一個非常一致的計劃，尤其是在進入 2025 年時，我們對這項業務感到興奮。

Thanks

謝謝

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hey, congratulations on the good quarter.

嘿，恭喜您取得了良好的季度業績。

Can you talk a little bit about cross selling efforts within the provider division?

能談談提供者部門內的交叉銷售工作嗎？

So for example, PT to OT and home health, hospice, group homes and so forth.

例如，從 PT 到 OT 以及家庭健康、臨終關懷、集體之家等。

Do your salespeople have like a CRM that has all of the available solutions?

您的銷售人員是否擁有包含所有可用解決方案的 CRM？

And can you sort of see account by account what the in-sell potential is and just what sort of growth potential is with cross-selling efforts.

您能否逐一查看內銷潛力以及交叉銷售努力的成長潛力。

Thank you.

謝謝。

Yeah, hey, David, good morning.

是的，嘿，大衛，早安。

Thank you for the question.

謝謝你的提問。

Historically, a lot of our integrated care synergies have been driven through our pharmacy services also provided to our provider patients, which is a real benefit to them receiving those one-stop services from one organization and really high-quality pharmacy services.

從歷史上看，我們的許多綜合護理協同效應都是透過我們向患者提供的藥房服務來推動的，這對他們從一個組織獲得一站式服務和真正高品質的藥房服務來說是真正的好處。

We do continue to have a lot more of those integrated care opportunities in the organization as we look ahead, all of our data.

展望未來，我們的所有數據確實在組織中繼續擁有更多的綜合護理機會。

It is integrated into one data lake.

它被整合到一個資料湖中。

It's been five years of significantly investing into our IT infrastructure and building out a lake.

五年來我們對 IT 基礎設施進行了大量投資並建造了一個湖泊。

That data is all in one place and available for all of our analytical slicing and dicing to track.

這些數據都集中在一個地方，可供我們所有的分析切片和切塊追蹤。

What we've been doing really towards the second half of last year and more intensively this year is we do continue to invest in resources to drive these integrated care opportunities.

我們在去年下半年以及今年更加集中所做的事情是，我們繼續投資資源來推動這些綜合護理機會。

We're building out our clinical nursing hub.

我們正在建造我們的臨床護理中心。

These are nurses who are care coordinators for patients, and we're actually now creating and building out an integrated care team within the organization of professionals that's looking at patients at each step in their journey and in a very clinically appropriate way working with them to provide the best services through their transitions.

這些護理師是患者的護理協調員，實際上，我們現在正在專業人員組織內創建和建立一個綜合護理團隊，該團隊在患者旅程的每一步中進行觀察，並以非常適合臨床的方式與他們合作通過他們的轉變提供最好的服務。

And so that is occurring in the organization.

這就是組織中正在發生的情況。

We are making investments in that because we believe that there is much greater opportunity.

我們正在這方面進行投資，因為我們相信那裡有更大的機會。

So as we've been saying since the IPO, I believe into next year in '26, we're really going to start to see the fruits of more and more integrated care in the organization.

因此，正如我們自 IPO 以來一直所說的那樣，我相信到明年 26 年，我們真的將開始看到組織中越來越多的綜合護理所取得的成果。

We obviously have very clinically appropriate home health to hospice transitions, some personal care and home health being delivered to the same patient's therapy as well.

顯然，我們有臨床上非常合適的家庭健康到臨終關懷的過渡，一些個人護理和家庭健康也被提供給同一患者的治療。

Those are occurring today, but we see an opportunity to really increase that in the future.

這些現在正在發生，但我們看到了未來真正增加這種情況的機會。

It takes focus, and so we're investing in an integrated care team to do that.

這需要集中註意力，因此我們正在投資建立一個綜合護理團隊來做到這一點。

I would say that we are continuing to make very significant strides in home-based primary care.

我想說，我們在家庭初級保健方面繼續取得非常重大的進展。

We are at this point on the precipice of signing a very meaningful contract with a large payer.

目前，我們即將與大付款人簽署一份非常有意義的合約。

We are not talking about that now, but we would plan to be talking about that in Q3 and Q4.

我們現在不討論這個問題，但我們計劃在第三季和第四季討論這個問題。

And hopefully that's the first of many to come in the future.

希望這是未來許多事情中的第一個。

But we're not we're not talking a whole lot about that third pillar of primary care and integrated care.

但我們並沒有過多談論初級保健和綜合護理的第三個支柱。

But we are continuing to be heads down and investing in it.

但我們將繼續埋頭投資。

And hopefully, as we get into as early as 2025, we start to see eight figures of EBITDA from those efforts.

希望最早到 2025 年，我們就能開始看到這些努力帶來的 EBITDA 達到八位數。

Okay.

好的。

It sounds like the breadth of services that you have is one of the reasons why you're winning all of this share from your hospital clients, which obviously I like.

聽起來你們所提供的服務的廣度是你們從醫院客戶那裡贏得所有份額的原因之一，這顯然是我喜歡的。

Can you maybe just talk about the broader sort of acute care environment.

您能否談談更廣泛的急診環境？

Obviously, there was a low in volumes, a few like a year, year-and-a-half ago with COVID.

顯然，數量很少，大約是一年半前的新冠疫情。

It seems like all these volumes are coming back up, just what are you seeing in terms of broad-based demand for acute care and then obviously post-acute services from a market?

似乎所有這些數量都在回升，您對急診護理的廣泛需求以及市場上明顯的急診後服務的廣泛需求有何看法？

Thanks.

謝謝。

Yeah.

是的。

Obviously, our platform is really unique and we have the ability to be an integrated care provider at scale, I think very different from most others outside of one or two of the payers.

顯然，我們的平台確實是獨一無二的，我們有能力成為大規模的綜合護理提供者，我認為與一兩個付款人之外的大多數其他人有很大不同。

But first and foremost, we really focus on quality and growth within each individual service line.

但首先也是最重要的是，我們真正關注每個服務線的品質和成長。

And so we focus on each one of our core service lines to really drive best practices within each one of them.

因此，我們專注於每項核心服務線，以真正推動每項核心服務線的最佳實踐。

We believe additional integrated care opportunities are upside and on top of that across the platform, and that's something that we are leaning into further in the future, as we've talked about, but really on top of each one of the core service lines executing at a high level and continuing to expand and deepen your geographically and gain market share.

我們相信，額外的綜合護理機會是有利的，並且是在整個平台之上的，正如我們所討論的，這是我們未來進一步傾向於的事情，但實際上是在執行的每一個核心服務線之上保持高水平，並繼續擴大和深化您的地域並獲得市場份額。

As it relates to the hospitals and the acute systems, again with our platform, we really do benefit from complementary diversification.

由於它與醫院和急診系統有關，因此透過我們的平台，我們確實受益於互補性多元化。

David, we see referrals across such a myriad of different referral sources across our service lines, for example, in specialty pharmacy in oncology and orphan, we're not seeing -- you're not seeing sort of any dependencies on hospital systems.

大衛，我們在我們的服務領域看到了無數不同轉診來源的轉診，例如，在腫瘤科和孤兒科的專業藥房，我們沒有看到 - 你沒有看到對醫院系統的任何依賴。

I mean that's really more of a function of the oncology market and can prescribers.

我的意思是，這實際上更多是腫瘤學市場和處方醫生的功能。

Our rehab business is really not tethered to acute pharmacies, either where we work with the -- sorry to acute hospitals, either where we work with the hospitals most, the most on things like home health and hospice, we're seeing double digit growth rates there.

我們的復健業務實際上並不局限於急性藥房，無論是在我們與急診醫院合作的地方，還是在我們與醫院合作最多的地方，在家庭健康和臨終關懷等方面，我們都看到了兩位數的增長那裡的價格。

So we just continue to focus on quality and in commercial capabilities in each one of our service lines to drive volume and market share.

因此，我們只是繼續關注每項服務線的品質和商業能力，以提高銷售量和市場佔有率。

And then we are fortunate with this very unique platform to drive referral sources from a very diversified set of partners and relationships.

然後，我們很幸運擁有這個非常獨特的平台，可以從非常多元化的合作夥伴和關係中推動推薦來源。

Thanks very much.

非常感謝。

Joanna Gajuk, Bank of America.

喬安娜·加尤克，美國銀行。

Hi, good morning.

嗨，早安。

Thanks for taking the questions.

感謝您提出問題。

So on the Provider segment, where the margins were pretty good, 14%, so up nicely year over year. So I guess -- I assume I know what the drivers are, but I would like to hear, is there anything specific to call out there on the margins? And is that 14% margin sustainable going forward?

因此，在提供者細分市場，利潤率相當不錯，為 14%，較去年同期大幅成長。所以我想——我假設我知道驅動因素是什麼，但我想聽聽，在邊緣有什麼特別需要指出的嗎？ 14% 的利潤率未來是否可持續？

Yeah, hey, Joanna, good morning.

是的，嘿，喬安娜，早安。

Thanks for the question.

謝謝你的提問。

When I received the question, I think from Brian earlier around second half margins of the items I mentioned numerous of them driving that, one that you could add to the list is just continued growth in provider comparatively has higher margin.

當我收到這個問題時，我認為布萊恩早些時候在我提到的許多項目的下半年利潤率方面推動了這一點，您可以添加到列表中的一個是供應商的持續增長相對具有更高的利潤率。

So that business continues to perform well.

因此該業務繼續表現良好。

That will be a tailwind in the second half.

這將成為下半年的順風車。

Additionally, yes, we do see sustainability in those margins.

此外，是的，我們確實看到了這些利潤的可持續性。

We really just focus on quality and patient care and continuing to drive volume growth and so stability on the provider side, from a margin standpoint, it's just really underpinned by operational performance and volume growth and seeing some leverage in our fixed costs on that side of the business.

我們實際上只關注品質和患者護理，並繼續推動數量增長和提供者方面的穩定性，從利潤的角度來看，它確實受到營運績效和數量增長的支撐，並看到我們在這方面的固定成本具有一定的槓桿作用業務。

Thank you.

謝謝。

And to that end I guess does this Haven Hospital acquisition, I guess it's only second half, but I guess it's going to be also additive to the segment EBITDA, maybe a percent or so.

為此，我想這對避風港醫院的收購，我想這只是下半年，但我想它也會增加該部門的 EBITDA，也許是一個百分點左右。

Is that a way to think about in the ballpark?

這是一種在球場上思考的方式嗎？

Yeah, it's -- I'd have to double confirm your math on the 1%, but we're excited about Haven.

是的，我必須再次確認你關於 1% 的數學計算，但我們對 Haven 感到很興奮。

I think that's a good example of our M&A prowess that was a tricky deal in terms of some idiosyncratic characteristics of that particular target.

我認為這是我們併購能力的一個很好的例子，就特定目標的一些特殊特徵而言，這是一筆棘手的交易。

But Florida CONs are a very, very rare commodity.

但佛羅裡達州的 CON 是一種非常非常稀有的商品。

I mean, you're talking about one or two of these become available over a 20-year period of time.

我的意思是，您談論的是其中一兩個在 20 年內變得可用。

Our ability to form relationships there and get to know the sellers and to work with them through what was a very complicated process.

我們有能力在那裡建立關係，了解賣家並透過一個非常複雜的過程與他們合作。

I think is a good example of how we're very opportunistic on M&A and the types of transactions we will do.

我認為這是一個很好的例子，說明我們在併購以及我們將進行的交易類型方面非常投機。

We structure that very uniquely in a way that we think really works for the balance sheet.

我們以一種我們認為真正適合資產負債表的方式建構非常獨特的結構。

That's the business that we will lean into from a quality and an operational perspective to trying to drive operational and performance.

這就是我們將從品質和營運角度傾斜的業務，試圖推動營運和績效。

And with that, we would expect to see both volume, census growth and operational improvements and margin growth occur over time really over the next year to year and a half in that business.

有了這個，我們預計在未來一年到一年半的時間裡，該業務的銷售、人口普查成長、營運改善和利潤成長將真正實現。

That's the business that we ultimately see the $15 million-plus EBITDA business, but it will take us a little bit of time to get there going through that not-for-profit conversion.

這就是我們最終看到的 EBITDA 業務超過 1500 萬美元的業務，但我們需要一點時間才能實現這一非營利轉換。

But it really will be applying our operational best practices to that situation and trying to serve more Floridians with really high-quality hospice in those CON counties like we see an opportunity to do.

但它確實會將我們的最佳營運實踐應用於這種情況，並努力為更多的佛羅裡達人提供真正高品質的臨終關懷服務，就像我們看到的機會一樣。

So that could be a little bit of a build-up.

所以這可能是一點累積。

We lean into situations where we can really apply our operational capabilities to improve the businesses.

我們傾向於能夠真正運用我們的營運能力來改善業務的情況。

This is a great example of doing that in a really attractive market.

這是在一個非常有吸引力的市場中做到這一點的一個很好的例子。

Right.

正確的。

And I guess on the comment around the home health and hospice businesses growing double digits, how much of that, I guess is organic?

我想關於家庭健康和臨終關懷業務增長兩位數的評論，我想其中有多少是有機的？

And I guess is that revenue or is that volume?

我想是收入還是數量？

I'm just interested in What you see in terms of your volumes -- organic volumes in home health hospice?

我只是對您所看到的數量感興趣——家庭健康臨終關懷的有機數量？

Yeah, that is largely organic, and I've been particularly pleased on the home health side of our business.

是的，這很大程度上是有機的，我對我們業務的家庭健康方面特別滿意。

In hospice, we are a top five quality provider in United States.

在臨終關懷方面，我們是美國排名前五的優質提供者。

So it's about continued focus on reaching patients and many more patients who really deserve and need hospice care at the at the end of their life with clear reduces cost and hospitalization and provides an outstanding quality results for families and patients themselves.

因此，我們需要繼續關注患者和更多真正值得併需要臨終關懷的患者，明確降低費用和住院費用，並為家庭和患者本身提供卓越的優質結果。

So hospice very stable, incredible quality platform.

所以臨終關懷非常穩定，品質令人難以置信的平台。

And just we actually made a change there on the leadership side with our sales team, bringing in a best in class sales leader for hospice.

實際上，我們在銷售團隊的領導方面做出了改變，為臨終關懷引入了一流的銷售領導者。

We're really excited about that.

我們對此感到非常興奮。

On the home health side, we've continued to add some just incredible talent into that business in the first half of the year.

在家庭健康方面，我們在今年上半年繼續為該業務增加了一些令人難以置信的人才。

And we're really seeing the results, which is very pleasing to make home health census was up and admits were up were in the mid-teens year over year in Q2, but we're also seeing operational performance across a variety of initiatives in the organization.

我們確實看到了結果，這非常令人高興，家庭健康普查已經完成，並承認第二季度的數字同比增長了十幾歲，但我們也看到了各種舉措的運營績效該組織。

So look, we remain, as I said before, very optimistic about home health over the long term.

因此，正如我之前所說，從長遠來看，我們對家庭健康仍然非常樂觀。

You have some of the bigger providers in the United States being acquired, and we believe that just creates opportunity in the future.

美國一些較大的供應商被收購，我們相信這只會在未來創造機會。

The gate cost savings from CMS themselves has never been more clear in terms of the benefit on home health.

就家庭健康的益處而言，CMS 本身節省的入場成本從未如此明顯。

And so we're optimistic in the future that rates will get back to very appropriate levels of increases here over the next year or two.

因此，我們對未來持樂觀態度，認為利率將在未來一兩年內恢復到非常適當的成長水準。

And we're really trying to set ourselves up to capitalize on that over the next three to five years.

我們確實正在努力讓自己在未來三到五年內充分利用這一點。

Joanna, it's Jim Mattingly.

喬安娜，我是吉姆馬丁利。

One quick follow-up on your previous question about Haven Hospice, just for clarity.

為了清楚起見，快速跟進您先前有關避風港臨終關懷中心的問題。

Thank you.

謝謝。

We have not included Haven Hospice on our guidance.

我們尚未將 Haven Hospice 納入我們的指引。

We've announced the transaction, but haven't closed yet.

我們已經宣布了交易，但尚未完成。

So we will include any change to our guidance, which would be immaterial once that transaction closes with an update in the second half of the year.

因此，我們將納入指導的任何更改，一旦交易在下半年更新並結束，這些更改就無關緊要了。

Just for clarity.

只是為了清楚起見。

Great.

偉大的。

Thanks so much for that.

非常感謝。

Thank you.

謝謝。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

It's a little early to ask and you're not going to give formal guidance, but you mentioned 2025 several times on the call.

現在問還為時過早，而且您不會提供正式指導，但您在電話會議中多次提到 2025 年。

Just you can speak to some of those bigger picture kind of high level headwinds and tailwinds that we should be thinking about as we're kind of modeling out 2025, both from a top and profit perspective?

您能否談談我們在對 2025 年進行建模時應該考慮的一些宏觀因素，無論是從頂層還是利潤的角度？

Thanks.

謝謝。

Yeah, good morning, Erin.

是的，早上好，艾琳。

Yeah, (technical difficulty) now looking out several years that were shipped (technical difficulty) but we'll be getting into those details here more intensively into Q3.

是的，（技術難度）現在正在考慮已交付的幾年（技術難度），但我們將在第三季更深入地討論這些細節。

I think at this point in time, we just see great momentum in the business, obviously raising our second half guide was a reflection of that.

我認為在這個時候，我們看到了業務的強勁勢頭，顯然提高下半年指南就反映了這一點。

At this point in time, we've raised our guidance since the time of the IPO, about $35 million of EBITDA.

目前，我們已將自 IPO 以來的指引上調至 EBITDA 約 3,500 萬美元。

We just continue to see very good momentum (technical difficulty) think about not only in the second half, but continuing into 2025.

我們繼續看到非常好的勢頭（技術難度），不僅在下半年，而且持續到 2025 年。

As we sit here today, we would envision very similar growth rates into 2025 with potentially some upside in that if we do a little bit more M&A.

當我們今天坐在這裡時，我們預計 2025 年的成長率將非常相似，如果我們進行更多的併購，可能會帶來一些好處。

Okay.

好的。

On that front, on the M&A side, can speak to the nature of the acquisition pipeline, the health of that today relative to, let's say, a year ago in terms of how you're thinking about the pipeline.

在這方面，在併購方面，可以談論收購管道的性質，以及今天相對於一年前的健康狀況，就你如何看待管道而言。

Yeah, sure.

是的，當然。

I mean, we continue to have an overflow of opportunities like we always have the pipeline.

我的意思是，我們繼續擁有大量的機會，就像我們一直有管道一樣。

It's very similar to always, which is extremely full.

和always很像，極其飽滿。

And we just have to be very judicious about which deals we do.

我們只需要非常明智地選擇我們進行的交易。

We really picked carefully.

我們真的很仔細地挑選。

We've been focused on deals that are very accretive here in the last year, in particular that our four times pro forma EBITDA less typically.

去年，我們一直專注於非常增值的交易，特別是我們的四倍預計 EBITDA 較少的交易。

And that's really where our focus is been, but there is an opportunity to do significantly more EBITDA.

這確實是我們關注的重點，但我們有機會大幅增加 EBITDA。

And we just have a focus on the balance sheet as well and getting to that three times leverage target here in the 2, 2.5 years.

我們也只關注資產負債表，並在 2、2.5 年內達成三倍槓桿目標。

Very pleased with the cash flow in Q2.

對第二季的現金流非常滿意。

We actually -- the vast majority of the cash payment related to that 20 year old lawsuit went out the door in Q2.

事實上，與那起 20 年之久的訴訟相關的絕大多數現金支付都在第二季被支付了。

Adjusted for that, we had about $75 million of OCF in the quarter that obviously annualizes to about $300 million for the year.

對此進行調整後，我們本季的 OCF 約為 7,500 萬美元，全年顯然約為 3 億美元。

So we continue to see our OCF at an annualized run rate of about [$280 million] as we work towards and that three times leverage target in the future.

因此，隨著我們努力實現未來三倍槓桿目標，我們的 OCF 的年化運行率將繼續保持在約 [2.8 億美元]。

And we believe we can continue to augment our growth rate through very accretive M&A combined with organic growth to achieve our growth objectives while we work towards that leverage target.

我們相信，我們可以透過非常增值的併購與有機成長相結合，繼續提高我們的成長率，以實現我們的成長目標，同時努力實現槓桿目標。

Okay.

好的。

Thank you.

謝謝。

Ann Hynes, Mizuho Securities.

安·海因斯，瑞穗證券。

Hi, good morning.

嗨，早安。

Am in your prepared remarks, you referenced the oncology pipeline over the next five years.

在您準備好的演講中，您提到了未來五年的腫瘤學研發管線。

I know the company has a lot of leverage to that.

我知道公司對此有很大的影響力。

Can you remind us maybe what drug is going generic at the end of the year?

您能提醒我們什麼藥物將在年底成為仿製藥嗎？

I think you said it was Q4 '24.

我想你說的是 24 年第四季。

Is this earlier than expected?

這比預期早嗎？

And maybe how we should think from a modeling perspective over the next three to five years?

也許我們應該如何從建模的角度思考未來三到五年？

Like will this kind of generic wave add like 2% two year growth, 3% to your growth just from that leverage, that would be great.

就像這種通用的浪潮會增加 2% 的兩年成長率，僅僅透過該槓桿就可以增加 3% 的成長率，那就太好了。

Thank you.

謝謝。

Yeah, hey, Ann.

是的，嘿，安。

No, oncology is obviously two of the biggest areas of the massive specialty pharmacy market.

不，腫瘤學顯然是龐大的專業藥品市場中最大的兩個領域。

It's a market that grows into the double digits, 12% -- 10% to 15% depending on the quarter.

這是一個以兩位數成長的市場，12% - 10% 到 15%，取決於季度。

So we have an extremely strong position is one of the two biggest independent specialty pharmacy oncology in the United States.

因此，我們擁有極其強大的地位，是美國最大的兩家獨立腫瘤藥學專業藥房之一。

And again, our growth has just continued to be underpinned by great quality and very strong manufacturing relationships.

再次強調，我們的成長繼續以卓越的品質和非常牢固的製造關係為基礎。

In addition to a sales force that really focuses on high-value generics.

除了真正專注於高價值仿製藥的銷售團隊。

There's some $90 billion of new brand oncology drug launches expected in the next seven years, $90 billion.

預計未來七年將有約 900 億美元的新品牌腫瘤藥物上市，即 900 億美元。

The FDA pipeline has never been deeper a lot of those drugs are going to be trending more towards niche drugs and more specific specialty indications more narrower indication.

FDA 的管道從未如此深入，其中許多藥物將更趨向於利基藥物和更具體的專業適應症，更狹窄的適應症。

That's beneficial for numerous reasons as well.

這也有很多好處。

But the pipeline at accounts is never been more robust.

但帳戶管道從未如此強勁。

We have an incredibly strong position in that market, which has been built over the last 10 to 15 years.

我們在過去 10 到 15 年建立的市場中擁有令人難以置信的強大地位。

There's 11 big brand drugs going generic over the next six to seven years.

未來六到七年內，將有 11 種大品牌藥物進入仿製藥。

We show what those are on our PowerPoint on our website.

我們在網站上的 PowerPoint 中展示了這些內容。

That's good for everybody.

這對每個人都有好處。

Generic conversions are good for everybody.

通用轉換對每個人都有好處。

One that we've got visibility here in Q2 because you really sort of don't know exact timing or dynamics around generic launches.

我們在第二季度就已經看到了這一點，因為您確實不知道通用發布的確切時間或動態。

And so you get very close to them.

這樣你就和他們非常接近了。

But Sprycel is going generic here in Q4.

但 Sprycel 將在第四季度變得通用。

We were able to get as much confirmation as we could here in Q2, and that will certainly be a positive event like any brand-to-generic conversion is.

我們在第二季度獲得了盡可能多的確認，這肯定會是一個積極的事件，就像任何品牌到通用的轉換一樣。

And we expect Sprycel to be the first one of these 11 -- next 11 meaningful generics to go here in Q4.

我們預計 Sprycel 將成為這 11 個仿製藥中的第一個——接下來的 11 個有意義的仿製藥將在第四季度上市。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Yeah, good morning, guys.

是的，早上好，夥計們。

Going back to the back half of your margin ramp that Brian and Joanna and I've already asked that you raised revenue guidance by $125 million in EBITDA by $13 million.

回到利潤率成長的後半部分，布萊恩、喬安娜和我已經要求你們將收入指引提高 1.25 億美元，將 EBITDA 提高 1,300 萬美元。

So that's a lot more EBITDA guidance raised and the revenue would suggest.

因此，我們提出了更多的 EBITDA 指導，而收入也表明了這一點。

So look, if you think about your EBITDA guidance raise of $8 million to $9 million more than the revenue raise, can you help quantify exactly where that's coming from.

那麼，如果您考慮 EBITDA 指導增加額比收入增加額多 800 萬至 900 萬美元，您能否幫助準確量化其來源。

I mean, how much came from hospice?

我的意思是，有多少來自安寧療護中心？

Did you get any better provider, a Medicaid rates or any supplemental payments?

您是否獲得了更好的醫療服務提供者、醫療補助費率或任何補充付款？

I get that the margin change improves as -- because providers have a better margin.

我認為利潤率變化有所改善，因為提供者的利潤率更高。

But I'm trying to bridge what happened from last guidance to today's guidance.

但我正在努力將上次指導中發生的情況與今天的指導聯繫起來。

Yeah, thanks, Pito.

是的，謝謝，皮托。

I mean, is it sort of mentioned before, there's about eight factors more, but principally about eight factors in summary that are driving second half margin.

我的意思是，前面是否提到過，還有大約八個因素，但總的來說，主要是大約八個因素推動了下半年的利潤率。

I can talk a little bit more specifically into the businesses.

我可以更具體地談談業務。

But first off, typically second half margins are higher for a variety of reasons.

但首先，由於多種原因，下半年的利潤率通常會更高。

We've seen that every year historically.

歷史上我們每年都會看到這樣的情況。

Second, just volume growth as we leverage fixed costs.

其次，我們利用固定成本來實現銷售成長。

As I mentioned before, we've been making a lot of corporate investments in our people and compliance quality and IT as we always do.

正如我之前提到的，我們一如既往地對員工、合規品質和 IT 進行了大量企業投資。

Corporate is estimated to be flat in the back half of the year.

企業預計今年下半年將持平。

Leveraging fixed costs, not only in corporate but in the businesses as we just continue to drive very high volume growth here approaching double digits on the provider side and 30% on pharmacy.

不僅在企業，而且在業務中利用固定成本，因為我們繼續推動供應商方面接近兩位數的銷售增長，以及製藥方面的 30％ 的增長。

It really third I mentioned before, we get a benefit from calendar days.

這確實是我之前提到的第三點，我們從日曆日中受益。

There's more shipping in Monday through Friday in the back half of the year, that's meaningful.

下半年週一到週五的運輸量會增加，這很有意義。

Fourth is the reduction in payroll taxes.

第四是工資稅的減少。

Fifth, we get some rate support here in the back half of the year, particularly around hospice into Q4.

第五，我們在今年下半年獲得了一些利率支持，特別是在進入第四季度的臨終關懷方面。

Sixth, a lot of operational initiatives that we've been working on continuously, we have a continuous improvement, lean focus in this organization.

第六，我們一直持續致力於許多營運舉措，我們在這個組織中持續改善、精實關注。

But there is very meaningful benefit that we are driving in the company through continued process focus and automation.

但我們透過持續的流程關注和自動化為公司帶來了非常有意義的好處。

We're seeing them some of those projects really roll on in the back half of the year.

我們看到其中一些項目在今年下半年真正開始實施。

I would say you've got new customer growth, meaningful growth with, in particular on the Home and Community Pharmacy side with one of the biggest skilled nursing providers in the country that we spent money to ramp up in Q2.

我想說的是，你已經有了新的客戶成長，有意義的成長，特別是在家庭和社區藥局方面，我們在第二季度花錢擴大了全國最大的熟練護理提供者之一。

But that's starting to roll on in terms of revenue here in Q3 and then into Q4.

但這在第三季的營收方面開始持續成長，然後進入第四季。

Specialty growth will continue to be very positive.

專業成長將繼續非常積極。

And then home health and hospice and rehab growth continues to be very strong in the back half of the year, really that I just sort of end with and really a as you said, the provider business is going to continue to grow.

然後，家庭健康、臨終關懷和復健服務的成長在今年下半年繼續非常強勁，實際上我只是結束了，正如你所說，提供者業務將繼續成長。

That has a higher margin disproportionately.

這具有不成比例的較高利潤。

If you look at the margins in the back half as both on the provider side and on the pharmacy side, if you were to look into our margins business by business.

如果您查看後半部分提供者和藥房方的利潤率，如果您要按業務查看我們的利潤率業務。

We expect really every single one of them to tick up into the back half of the year.

我們預計它們中的每一個都會在今年下半年有所增長。

Okay.

好的。

I'll just ask this I guess a different way.

我只是想以不同的方式問這個問題。

You raised EBITDA guidance by $13 million in the three different buckets of pharmacy provider corporate, kind of where did that $13 million come from?

您將三家不同製藥供應商公司的 EBITDA 指引提高了 1,300 萬美元，這 1,300 萬美元來自哪裡？

Thanks.

謝謝。

Yeah, I mean it's going to be a pretty even mix.

是的，我的意思是這將是一個非常均勻的混合。

We've seen, as I said before, just really broad-based growth in the organization.

正如我之前所說，我們已經看到了該組織真正廣泛的成長。

I think that's a hallmark of what we're doing here at this company, we really tried to drive excellence in every one of our service lines.

我認為這是我們在這家公司所做的事情的一個標誌，我們確實努力在每項服務領域追求卓越。

And then secondarily, we tried to augment that platform through integrated care and leveraging our scale and our size to drive operational efficiencies.

其次，我們嘗試透過綜合護理來增強該平台，並利用我們的規模和規模來提高營運效率。

And then we augment all of that third with accretive acquisitions.

然後我們透過增值收購來擴大所有第三個。

That's always been our strategy and it's really at this point in time, at least working better than ever before.

這一直是我們的策略，而且在這個時候確實如此，至少比以往任何時候都更有效。

And we think those are key strategies required to be successful in the future of healthcare.

我們認為這些是未來醫療保健領域成功所需的關鍵策略。

And again, I mean, we're going to get some leverage on a lot of our OpEx in the back half of the year.

我的意思是，我們將在今年下半年利用我們的大量營運支出來獲得一些槓桿。

So we really focus on gross profit margin.

所以我們真正關注的是毛利率。

And as your volume grows, what's your GP margin and how much of that can you keep because you're being very disciplined on the OpEx side and we're continuing to drive a lot of these operational initiatives.

隨著您的銷售成長，您的總利潤率是多少，您可以保留多少利潤，因為您在營運支出方面非常自律，而且我們將繼續推動許多此類營運計劃。

But it's drive the core through our service line, it's leverage that core through integrated care and our size and scale and efficiency.

但它透過我們的服務線驅動核心，透過綜合護理以及我們的規模和效率來利用這個核心。

And then it's complement all of that with accretive acquisitions.

然後，它通過增值收購來補充所有這些。

Those three strategies that have served us well for the last seven years are really powering the company so far this year, we see that into the back half of 2025.

過去七年為我們提供良好服務的這三項策略今年迄今確實為公司提供了動力，我們預計到 2025 年下半年也會如此。

Thank you.

謝謝。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

Hey, thanks.

嘿，謝謝。

I'm just wanted to follow-up on some of the gross margin commentary.

我只是想跟進一些毛利率評論。

It looks like in the first and the second quarter, the revenue growth rate on the pharmacy side of the business was very similar.

看起來第一季和第二季製藥業務的收入成長率非常相似。

But then in the second quarter, we saw the gross profit growth jump up to, I think 16% excluding the QIP payments.

但在第二季度，我們看到毛利成長躍升至 16%（不含 QIP 付款）。

I think that was 6% growth in the first quarter.

我認為第一季增長了 6%。

I just wanted to hear a little bit more about what drove the acceleration and whether the rest of the year maybe look more like the second quarter first quarter gross profit growth?

我只是想更多地了解推動加速成長的因素，以及今年剩餘時間是否更像第二季第一季毛利成長？

Thank you.

謝謝。

Yeah, thank you, Stephen.

是的，謝謝你，史蒂芬。

So as we've said before, margins do just naturally tick up through the course of the year for a variety of reasons.

正如我們之前所說，由於各種原因，利潤率在一年中會自然上升。

And then you've got some favorability on mix, on the both really the product side, primarily the product side a little bit payer, primarily product side in Q2 especially.

然後你對組合有一些好感，在產品方面，主要是產品方面，尤其是第二季的產品方面。

And that was favorable to their margin.

這對他們的利潤是有利的。

Our generics continue to perform very well, and those on the margin ticked up a little bit comparatively in Q2 versus brands, if you were to look at Q2 versus Q1 and that has a favorable margin impact.

我們的仿製藥繼續表現良好，如果你比較第二季和第一季的情況，那麼在第二季與品牌相比，那些處於利潤率的產品略有上升，這對利潤率產生了有利的影響。

Jack Wallace, Guggenheim Securities.

傑克華萊士，古根漢證券公司。

Hey, congrats on the quarter.

嘿，恭喜這個季度。

Thanks taking my questions.

謝謝回答我的問題。

Quickly just on the provider side it sounds like you got some nice volume gains there.

很快，在提供者方面，聽起來您在那裡獲得了一些不錯的銷售成長。

Just thinking about sourcing of those, you have market share gains.

只要考慮購買這些產品，您就可以獲得市場份額。

How much of that is kind of incremental density in existing markets versus expansions into newer markets?

其中有多少是現有市場的增量密度與向新市場的擴張相比？

Thanks.

謝謝。

Yeah, hey, Jack.

是的，嘿，傑克。

The majority of that is probably going to be just the growth in current market figure, 90-10 on that growth in current markets versus, say, newer growth coming from denovos or small tuck-in M&A.

其中大部分可能只是當前市場數據的成長，當前市場的成長與來自 devos 或小型併購的新成長的比例為 90-10。

But 90%, 95% of that is just from execution in our core markets and growth there.

但其中 90%、95% 都來自我們核心市場的執行與成長。

Really each one of our markets that we're in on the provider side, we're growing.

實際上，我們在供應商方面所處的每個市場都在成長。

I'd say, on community living kind of at the market growth rate really everywhere else growing above market.

我想說的是，社區生活的成長率實際上在其他地方都高於市場成長率。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just another one, kind of double-clicking the 2Q margin.

然後又是另一個，雙擊第二季利潤率。

Were there any kind of material puts and takes there associated with the supporting denovos, just sort of your recent tuck-ins?

是否有任何與支持 devos 相關的材料投入和投入，就像您最近的投入一樣？

And then also any impact from value based care payments?

基於價值的照護支付也有什麼影響嗎？

Thank you.

謝謝。

Yeah, it's I would say we did have some investments in the quarter to continue to see future growth.

是的，我想說的是，我們在本季確實進行了一些投資，以繼續看到未來的成長。

We're always very thoughtful about that.

我們對此總是深思熟慮。

The quarter could have been materially higher if we don't continue to invest for the future like we do, but you have quite a few denovos still working towards profitability, which is consistent with their plans and they'll get there.

如果我們不像我們那樣繼續為未來投資，這個季度的業績可能會大幅提高，但有相當多的 devos 仍在努力實現盈利，這與他們的計劃一致，他們會實現這一目標。

Those will drive those will drive nice EBITDA into the future.

這些將推動未來良好的 EBITDA。

We did onboard a very large customer contract, which was several million of start-up costs in the quarter.

我們簽訂了一份非常大的客戶合同，該季度的啟動成本高達數百萬美元。

Those would principally be the two and we continue to make investments in our people and in IT.

主要是這兩者，我們將繼續對員工和 IT 進行投資。

We think we've made a lot of those investments here in the last year, and corporate is going to even out in the back half of the year, as we just continue to invest in the platform and position ourselves for the future.

我們認為去年我們在這裡進行了大量投資，企業將在今年下半年實現平衡，因為我們將繼續投資該平台並為未來做好定位。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the question and answer session.

問答環節到此結束。

I would now like to turn it back to Jon Rousseau, for closing remarks

現在我想請喬恩‧盧梭 (Jon Rousseau) 作結語

Thank you,

謝謝你，

[Didi].

[迪迪]。

Thanks, everybody, for joining our call today.

感謝大家今天加入我們的電話會議。

We really appreciate the time.

我們真的很感激這段時間。

It was really another successful quarter for Brightspring.

對於 Brightspring 來說，這確實是另一個成功的季度。

We continue to focus on serving as many patients as we can, who need our high quality and high ROI services in the US in a very differentiated way with a very differentiated platform.

我們繼續專注於為盡可能多的患者提供服務，他們需要我們在美國以非常差異化的方式和非常差異化的平台提供高品質和高投資回報率的服務。

We're continuing to drive a very consistent set of winning strategies, and we look forward to talking with you again in another quarter.

我們將繼續推行一套非常一致的致勝策略，我們期待在下一個季度再次與您交談。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。