Brightspring Health Services Inc (BTSGU) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to the BrightSpring Health Services, first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded, and now I'd like to introduce your host for today's program, David Deuchler, Investor Relations. Please go ahead.

感謝您的支持。歡迎參加 BrightSpring Health Services 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人，投資者關係部門的 David Deuchler。請繼續。

Good morning. Thank you for participating in today's conference call. My name is David Deuchler with Investor Relations for BrightSpring. I'm joined on today's call by Jon Rousseau, Chief Executive Officer; and Jen Phipps, Chief Financial Officer. Earlier today, BrightSpring released financial results for the quarter end of March 31, 2025. A copy of the press release and presentation is available on the company's Investor Relations website.

早安.感謝您參加今天的電話會議。我叫 David Deuchler，來自 BrightSpring 投資人關係部門。執行長 Jon Rousseau 也參加了今天的電話會議；以及財務長 Jen Phipps。今天早些時候，BrightSpring 發布了截至 2025 年 3 月 31 日的季度財務表現。新聞稿和簡報的副本可在公司投資者關係網站上查閱。

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 in industry and market conditions. Such forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations.

請注意，今天的討論將包括某些前瞻性陳述，這些陳述反映了我們當前的假設和預期，包括與我們未來在行業和市場條件下的財務表現相關的假設和預期。此類前瞻性陳述並不能保證未來的表現。這些前瞻性陳述受風險和不確定性的影響，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 our quarterly report on Form 10-Q that will be filed with the SEC, including the specific risk factors and uncertainties discussed in our Form 10-K and 10-Q.

我們鼓勵您查看今天的新聞稿和簡報中的資訊以及我們將向美國證券交易委員會提交的 10-Q 表季度報告，包括我們在 10-K 表和 10-Q 表中討論的具體風險因素和不確定性。

Such factors may be updated from time to time there are periodic filings with the SEC, and we do not undertake any duty to update any forward-looking statements except as required by law. During the call, we will use non-GAAP financial measures when discussing the company's performance and financial condition.

這些因素可能會根據向美國證券交易委員會 (SEC) 定期提交的文件不時更新，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。在電話會議中，我們將使用非公認會計準則財務指標來討論公司的績效和財務狀況。

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 release and presentation, which again are available on the Investor Relations website. This webcast is being recorded and will be available for replay on Investor Relations website.

您可以在今天的收益報告和簡報中找到有關這些非 GAAP 指標的更多資訊以及我們的非 GAAP 財務指標與其最直接可比的 GAAP 財務指標的對帳表，這些資訊無需付出過多努力即可獲得，也可以在投資者關係網站上找到。該網路廣播正在錄製中，可在投資者關係網站上重播。

And with that, we'll turn the call over to John Rousseau, Chief Executive Officer.

接下來，我們將把電話轉給執行長約翰·盧梭 (John Rousseau)。

Good morning. Thank you for joining BrightSpring's first quarter 2025 earnings call. I'd like to start by thanking our employees who work hard to ensure that patients receive proper, high quality and timely care in home and community settings. I'm grateful for our team at BrightSpring and their diligence to each other and patience and their care every day.

早安.感謝您參加 BrightSpring 2025 年第一季財報電話會議。首先，我要感謝我們的員工，他們努力工作，確保患者在家庭和社區環境中得到適當、高品質和及時的照護。我感謝 BrightSpring 的團隊，感謝他們彼此間的勤奮、耐心和每天的照顧。

We're pleased with the start of the year across our businesses, with first quarter results exceeding expectations. In 2025, we remain well positioned for continued growth while leveraging our scale with an ongoing focus on high quality operations and disciplined investments to drive efficiency.

我們對今年各項業務的開局感到滿意，第一季的業績超出了預期。2025 年，我們將繼續保持良好的成長勢頭，同時利用我們的規模，持續專注於高品質營運和嚴謹的投資，以提高效率。

At BrightSpring, we believe that there is always room to improve and innovate as we strive to deliver the best and most reliable coordinated care as a leader in critically needed and highly valuable home and community-based healthcare. Before I review the first quarter's performance, a brief update on the planned vestiture of the community living business, which we announced in January.

在 BrightSpring，我們相信，作為急需且極具價值的家庭和社區醫療保健領域的領導者，我們致力於提供最佳、最可靠的協調護理，因此總有改進和創新的空間。在回顧第一季的業績之前，我先簡要介紹一下我們在一月份宣布的社區生活業務的計劃。

We continue to expect the transaction to close in the second half of this year, subject to regulatory approvals and typical closing conditions. We did receive a second request to review from the SEC, and we continue to work with them to advance the transaction's approval process.

我們仍預期該交易將在今年下半年完成，但需獲得監管部門的批准和典型的成交條件。我們確實收到了美國證券交易委員會的第二份審查請求，我們將繼續與他們合作，以推進交易的審批流程。

As you may recall, we previously provided 2025 guidance excluding community living with this business reported in the discontinued operations lines of our financial results. As a result, my remarks related to the company's financial performance on this call principally pertain to the continuing operations and do not include the results from community living.

您可能還記得，我們​​之前提供了 2025 年指導，其中不包括社區生活，並將這項業務報告在我們的財務業績的已終止經營業務中。因此，我在本次電話會議上對公司財務表現的評論主要涉及持續經營，並不包括社區生活的結果。

For the first quarter, total company revenue was $2.9 billion which represented growth of 26% year-over-year. Pharmacy solutions revenue was $2.5 billion, representing 28% growth year-over-year, while provider services revenue was $346 million, representing 12% growth year-over-year. Total company adjusted EBITDA of $131 million grew 28% compared to the same period last year, driven by strong revenue results across the businesses, particularly in our Onco360 and CareMed specialty pharmacy business.

第一季度，公司總營收為 29 億美元，年增 26%。藥局解決方案營收為 25 億美元，年增 28%，而提供者服務收入為 3.46 億美元，年增 12%。本公司調整後息稅折舊攤銷前利潤 (EBITDA) 總額為 1.31 億美元，較去年同期成長 28%，這得益於各項業務強勁的營收表現，尤其是 Onco360 和 CareMed 專業藥局業務。

EBITDA margin for the company increased in the quarter versus last year. These results were achieved, notwithstanding the impact from fewer days in Q1 this year versus last year, with 2024 being a leap year, which equated to a negative $3.7 million EBITDA impact as compared to this year's first quarter.

本季該公司的 EBITDA 利潤率較去年同期有所增加。儘管今年第一季的天數比去年少，且 2024 年是閏年，與今年第一季相比，EBITDA 產生了 370 萬美元的負影響，但仍然取得了這樣的成績。

Following strong performance in the first quarter and an updated outlook for the balance of the year, we are increasing total revenue and adjusted EBITDA guidance for 2025. We've adjusted EBITDA guidance for the year increasing by $25 million at the low and high ends of the prior range communicated in March. And again, for clarity purposes, as before, this guidance excludes community living. Jen will speak to BrightSpring first quarter financial results and 2025 outlook in more detail in a moment.

繼第一季的強勁表現和今年剩餘時間的最新展望之後，我們將提高 2025 年的總收入和調整後的 EBITDA 指引。我們已調整本年度的 EBITDA 指引，在 3 月公佈的先前範圍的低端和高端基礎上增加了 2500 萬美元。再次，為了清楚起見，與以前一樣，本指南不包括社區生活。Jen 稍後將更詳細地介紹 BrightSpring 第一季財務業績和 2025 年展望。

Demand for our services and broad demand for health services and lower cost and preferred home and community settings combined with our commitment to delivering high quality in these settings continue to support strong growth in the quarter. We have consistently driven outsized volume growth in our markets led by responsive and reliable high quality care, loyal and expanding referral sources, and new market investments.

對我們服務的需求、對醫療服務的廣泛需求、較低成本和首選的家庭和社區環境，加上我們致力於在這些環境中提供高品質服務，繼續支持本季的強勁成長。我們始終如一地推動著市場銷售的大幅成長，這主要得益於我們響應迅速、值得信賴的高品質護理、忠誠且不斷擴大的轉診來源以及新的市場投資。

We also continue to see the benefits of leveraging our scale and investing in our business to increase organizational efficiencies and reduce costs. Our investments in process improvements, including new and enhanced technologies, are important to provide modern, coordinated, and best practice approaches to care for complex patient populations.

我們也繼續看到利用我們的規模和投資我們的業務來提高組織效率和降低成本的好處。我們對流程改善（包括新技術和增強技術）的投資對於提供現代、協調和最佳實踐的方法來照顧複雜的患者群體非常重要。

Every year we have dozens of programs with varying scope that help improve the efficiency of care delivery and outcomes for our patients. Some quality highlights include the following. In home health, over 80% of the branches are four star or better. The 60-day hospitalization rate continues to decrease, and our patient satisfaction rate is approximately 90%. In hospice, our visits in time with patients remains 50% higher than the national average, and our hospice quality index score, which is excellent, has never been higher.

每年我們都會進行數十個不同範圍的項目，以幫助提高護理服務的效率和患者的治療效果。一些品質亮點包括以下內容。在家庭保健領域，超過 80% 的分行都達到四星級或更高水準。60天住院率持續下降，患者滿意度約90%。在臨終關懷方面，我們對患者的及時探訪仍然比全國平均水平高出 50%，我們的臨終關懷品質指數得分非常優秀，從未達到如此高水平。

In Rehab, the percent of patients experiencing a catastrophic neuro event who reach independence again rose to 52%, and our patient satisfaction score remained at 98%. In Personal Care, our 4.6 satisfaction score out of 5 is the highest ever. In community living in Q1, we have the lowest number of audit findings ever and 40% better than industry average. In infusion, the discharge rate due to completion of therapy was 96%, with 95% patient satisfaction.

在復健中心，經歷災難性神經事件後再次獨立的患者比例上升至 52%，而我們的患者滿意度評分仍維持在 98%。在個人護理方面，我們的滿意度得分為 4.6（滿分 5 分），是有史以來最高的。在第一季的社區生活中，我們的審計發現問題數量是有史以來最低的，比行業平均好 40%。在輸液方面，因完成治療而出院的率為 96%，患者滿意度為 95%。

And hospice and home and community pharmacy, we had 99.999% dispense accuracy, 99% order completeness, and local staff delivery times of two hours. And in specialty pharmacy, our time to first fill was four days, well below industry average, with a medication possession ratio of 93% versus the industry benchmark of 80%. We continue to demonstrate a capability to meet the needs of a broader set of patients and deliver highly valuable home and community healthcare across complementary service lines.

對於臨終關懷、家庭和社區藥房，我們的配藥準確率達到 99.999%，訂單完成率達到 99%，當地工作人員的送貨時間為兩小時。在專科藥房，我們的首次配藥時間為四天，遠低於行業平均水平，藥品持有率為 93%，而行業基準為 80%。我們繼續展示滿足更廣泛患者需求的能力，並透過互補的服務線提供極具價值的家庭和社區醫療保健。

Turning back to the company's financial results. In the pharmacy segment, total revenue grew 28% in Q1 and adjusted EBITDA increased by 31% in Q1 versus prior year, with total pharmacy script volume growth of 10% to $10.9 million. And the specialty and infusion business, revenue growth was 33% year-over-year, with total script volume growth of 20% in the quarter, exceeding our expectations.

回顧公司的財務表現。在藥局領域，第一季總營收成長 28%，調整後 EBITDA 較上年同期成長 31%，藥局處方總量成長 10%，達到 1,090 萬美元。專科和輸液業務的營收年增 33%，本季總處方量成長 20%，超出我們的預期。

Specialty in infusion growth continues to be driven by launches across the now 127 LDD drugs in our portfolio. Market share driven by high quality scores and service levels, and market education and patient fulfillment supporting generic drug utilization. We continue to have good visibility into the LDD market opportunity, expecting 16 to 18 additional LDD launches and their corresponding clinical advancements over the next 12 to 18 months.

我們產品組合中現有的 127 種 LDD 藥物的推出繼續推動著輸液專業化的成長。市場份額由高品質分數和服務水平以及支持仿製藥利用的市場教育和患者滿意度推動。我們繼續對 LDD 市場機會保持良好的預見性，預計未來 12 至 18 個月內將有 16 至 18 種 LDD 上市及其相應的臨床進展。

Specialty script growth was 32% in the first quarter, a reflection of innovative new therapies coming to market and our ability to serve as a strong partner to prescribing physicians and patients and their families. In infusion, continued investment in the business has translated into improved volume performance through the quarter and presently, and we remain optimistic about the future of the business over the coming years with the opportunity to treat both acute and chronic health conditions across infusion settings as our strategy.

第一季專科處方增加了 32%，這反映了創新新療法的上市以及我們作為處方醫生、患者及其家人的強大合作夥伴的能力。在輸液業務方面，持續的投資已轉化為本季及目前的銷售表現的提高，我們對未來幾年的業務前景仍然持樂觀態度，我們的策略是透過輸液環境治療急性和慢性健康狀況。

In home and community pharmacy, revenue grew 14%, primarily driven by increased script volumes and new customers. The business continues to be operationally steady, and there remains opportunity to expand market share, particularly in assisted living, behavioral, hospice, pace, and at home pharmacy settings in the future.

家庭和社區藥局的收入增加了 14%，主要原因是處方量增加和新客戶增加。業務繼續保持穩定運營，並且仍有機會擴大市場份額，特別是未來在輔助生活、行為、臨終關懷、步調和家庭藥房環境中。

Before I turn to our provider segment, I would like to spend a minute discussing a few external regulatory topics. BrightSpring has been evaluating scenarios associated with any potential future pharma tariffs. We've been in discussions with manufacturers, wholesalers, payers, and legislators to best understand potential outcomes, all of which are uncertain given there is no significant policy yet in place. While we have a good understanding of our drug sourcing and current supply in the market, there are still unknowns related to when, what, how, and even if materials could be tariffed in the future.

在轉向我們的供應商部分之前，我想花一點時間討論一些外部監管主題。BrightSpring 一直在評估與未來任何潛在藥品關稅相關的情境。我們一直在與製造商、批發商、付款人和立法者進行討論，以便最好地了解潛在的結果，但由於尚未出台重要政策，所有結果都不確定。雖然我們對藥品採購和當前市場供應情況有充分的了解，但對於未來何時、何種、如何甚至是否會對藥品徵收關稅仍然存在未知數。

Currently we do not believe that there will be a material impact to BrightSpring in 2025, given our contractual relationships and inventory. We're continuing to monitor and evaluate potential 2026 dynamics in order to mitigate any potential impact should one even potentially arise. It's worth noting that approximately 50% of our drug supply comes from the US and North America. Reimbursement for brand drugs is tied to cost, for example, as an annual drug price inflation, and there are typically many domestic and global sourcing options for generics and supplier markets that are competitive.

鑑於我們的合約關係和庫存，我們目前認為這不會對 2025 年的 BrightSpring 產生重大影響。我們將繼續監測和評估 2026 年的潛在動態，以減輕可能出現的任何潛在影響。值得注意的是，我們大約50%的藥品供應來自美國和北美。品牌藥的報銷與成本掛鉤，例如，作為年度藥品價格通膨，仿製藥和供應商市場通常有許多國內和全球採購選擇，而且競爭激烈。

On the IRA, the broad intent and understanding of the legislation is the lower prescription drug costs, and pharmacies were not and are not expected to bear any financial burden of results and changes. Moreover, regulators acknowledge the crucial role that pharmacies play is the last mile in ensuring patient access to medications and in driving health outcomes and reducing unnecessary hospitalizations.

關於 IRA，該立法的廣泛意圖和理解是降低處方藥成本，藥局不會、也不應承擔任何因結果和變化而產生的財務負擔。此外，監管機構承認藥局在確保患者獲得藥物、推動健康結果和減少不必要住院方面發揮著至關重要的最後一英里的作用。

While outstanding legal challenges or actions by Congress or the Trump administration may modify implementation of the IRA, we continue to constructively work with our industry partners to educate and eliminate potential unintended consequences of the new law. All in all, our views on the potential impact to our business from the IRA policy have not changed over the past six months. And in a scenario where the IRA remains in place as it is today, we think there is a manageable impact that we would look to mitigate through continued growth and additional operational focus.

儘管國會或川普政府尚未解決的法律挑戰或行動可能會改變《愛爾蘭共和軍》的實施，但我們將繼續與產業合作夥伴進行建設性合作，以教育和消除新法律可能帶來的意外後果。總而言之，我們對 IRA 政策對我們業務的潛在影響的看法在過去六個月中沒有改變。如果 IRA 保持目前的狀況，我們認為其影響是可控的，我們可以透過持續成長和額外的營運重點來減輕這種影響。

Regarding Medicaid, approximately 10% of the company's revenue is derived from Medicaid, post the community living divestiture, with our provider and pharmacy patients served, being seniors and or complex patients, many with behavioral conditions. These are the originally intended Medicaid patients who are not the focus of any Medicaid discussions and in our view, unlikely to be impacted.

關於醫療補助，在社區生活剝離後，公司約 10% 的收入來自醫療補助，我們服務的供應商和藥房患者是老年人和/或複雜的患者，其中許多人患有行為障礙。這些是原本預定的醫療補助患者，他們不是任何醫療補助討論的焦點，而且我們認為，不太可能受到影響。

This is a high need patient base who has received increased annual rates for over 30 years, with our services being critical to support them in home and community settings with quality outcomes that reduce cost to the system.

這是一個高度需求的患者群體，30 多年來，他們的年費用一直在增加，我們的服務對於在家庭和社區環境中為他們提供支持至關重要，可以提供高品質的治療結果，從而降低系統成本。

Amidst varying environments, our company has grown in a mid-teens revenue and EBITDA CAGR for the past nine years now, based on the strengths of our platform, the clear ROI of what we do, and our complementary diversification and differentiated position and attractive and highly valuable home and community health services markets, and we expect our growth track record to continue in the next year and beyond.

在不斷變化的環境中，過去九年來，我們公司的收入和 EBITDA 複合年增長率一直保持在十五六左右，這得益於我們平台的優勢、我們所做業務的明確投資回報率、互補的多元化和差異化地位以及具有吸引力和高價值的家庭和社區健康服務市場，我們預計我們的增長勢頭將在明年及以後繼續保持。

Turning to the provider segment financials, the business delivered solid results in the first quarter, despite unfavorable calendar days, with 2024 being a leap year and having the extra selling day and more Mondays and Fridays than this year's first quarter.

談到供應商部門的財務狀況，儘管日曆日不利，但該業務在第一季仍取得了穩健的業績，因為 2024 年是閏年，與今年第一季相比，銷售日更多，週一和週五也更多。

Provider revenue grew 12% year-over-year, and segment adjusted EBITDA grew 9% year-over-year with a 14.8% margin in the first quarter. As a reminder, we will be discussing three businesses within the provider segment, home health care, rehab care, and personal care.

第一季度，供應商營收年增 12%，分部調整後 EBITDA 年成長 9%，利潤率為 14.8%。提醒一下，我們將討論提供者領域內的三項業務，即家庭保健、復健護理和個人護理。

Home health care includes the home health hospice and primary care businesses, and today represents approximately 50% of provider revenue. Revenue and home health care grew 21% year-over-year in the first quarter. The home health and hospice businesses continued to perform well, with average daily census of over 30,000 growing 12% compared with the same period last year.

家庭保健包括家庭臨終關懷和初級保健業務，目前約佔提供者收入的 50%。第一季營收和家庭保健年增21%。家庭保健和臨終關懷業務持續表現良好，每日平均就診人數超過3萬人次，較去年同期成長12%。

Growth in home health and hospice continues to be driven by strong operational execution underpinned by leading quality metrics, high levels of patient satisfaction, de novo expansion, and advancing contracts with Medicare advantage. As we continue to grow and expand our home health and hospice capabilities, home based primary care remains a large opportunity that we are excited about and further progressing on this year.

家庭保健和臨終關懷的成長繼續受到強大的營運執行力的推動，而這種執行力的基礎是領先的品質指標、高水準的患者滿意度、新的擴張以及與醫療保險優勢的推進合約。隨著我們不斷發展和擴大家庭保健和臨終關懷能力，家庭初級保健仍然是一個巨大的機遇，我們對此感到興奮並將在今年取得進一步進展。

As the healthcare system continues to face higher costs and an increasingly capacity constrained infrastructure, payers and regulators are making progress on improving accessibility for home-based care. We are focused on bringing high quality services, including physician oversight, to the home and community settings to treat patients where they are.

隨著醫療保健系統繼續面臨更高的成本和日益受限的基礎設施容量，付款人和監管機構正在努力改善家庭護理的可及性。我們致力於為家庭和社區環境提供高品質的服務，包括醫生監督，為患者提供治療。

In rehab, which represents approximately 20% of provider revenue, we deliver highly clinical and skilled rehab and behavioral therapy to patients with neurorehabilitation needs and psych and behavioral conditions with significantly lower longer term costs.

復健服務約佔服務提供者收入的 20%，我們為有神經復健需求和心理及行為問題的患者提供高度臨床和熟練的復健和行為治療，且長期成本顯著降低。

Revenue in this operating unit grew 5% in the first quarter, driven by the continued addition of de novos through our neuro rehab and rehab in motion programs. In the quarter, we executed on a significant number of new contracts in a rehab in motion program where we began this build out of rehab for seniors and assisted living later last year. Another example of the innovative growth approach of the company that leverages core capabilities and existing customer markets and relationships.

該營運部門的收入在第一季增長了 5%，這得益於我們透過神經復健和運動復健計劃不斷增加的 de novos。在本季度，我們在「運動復健」計劃中執行了大量新合同，去年晚些時候我們開始為老年人和輔助生活機構建立復健中心。這是該公司利用核心能力和現有客戶市場及關係的創新成長方式的另一個例子。

In personal care, which represents approximately 30% of provider revenue, we support the activities of daily living care and social determinants of health. The business delivered steady performance in the first quarter with revenue growth of 3% and modest growth in persons served. Overall, we again observed consistent execution and high quality of care across the provider segment where there continues to be payer support for our services that reduce overall healthcare costs.

在個人護理領域，約佔提供者收入的 30%，我們支持日常生活護理活動和健康的社會決定因素。該業務第一季表現穩定，營收成長 3%，服務人數溫和成長。總體而言，我們再次觀察到整個提供者領域的一致執行和高品質護理，其中付款人繼續支持我們的服務，從而降低了整體醫療保健成本。

To conclude, we are pleased with the company's performance in the first quarter. We focused and pride ourselves on our long history of operational execution and high performing employees that have created organizational best practices. We remain optimistic about our pharmacy and provider businesses over the near, medium, and long term as we see large opportunities for growth and market expansion across the company, and we are confident in our ability to execute against our increased financial outlook throughout 2025.

總而言之，我們對公司第一季的業績感到滿意。我們專注於長期的營運執行和創造組織最佳實踐的高績效員工，並為此感到自豪。我們對我們的近期、中期和長期藥房和供應商業務保持樂觀，因為我們看到整個公司存在巨大的成長和市場擴張機會，我們有信心在 2025 年實現更高的財務前景。

With that, I'll turn the call over to Jen.

說完這些，我會把電話轉給 Jen。

Thank you, Jon. Before I discuss our results for the first quarter of 2025, I'd like to provide an update on accounting for the quarter. In the first quarter of 2025, we began to record the community living business and discontinued operations, as indicated in the press release and 10-Q to adhere to accounting standards required on an interim basis. As such, all BrightSpring financial results and forecasts that I will discuss are related to continuing operations and exclude community living.

謝謝你，喬恩。在討論 2025 年第一季的業績之前，我想先提供本季的會計最新情況。2025 年第一季度，我們開始記錄社區生活業務和已終止的經營業務，如新聞稿和 10-Q 所示，以遵守臨時要求的會計準則。因此，我將討論的所有 BrightSpring 財務結果和預測都與持續經營有關，不包括社區生活。

Management believes the presentation of the non-GAAP financials from continuing operations is a useful reflection of our current business performance. In the first quarter of 2025, total company revenue was $2.9 billion, representing 26% growth from the prior year period.

管理階層認為，非公認會計準則持續經營財務狀況的呈現能有效反映我們目前的業務表現。2025 年第一季度，公司總營收為 29 億美元，比去年同期成長 26%。

Pharmacy solution segment revenue in the quarter was $2.5 billion, achieving 28% year-over-year growth. Within the pharmacy segment, infusion and specialty revenue was $2.0 billion, representing growth of 33% from prior year and home and community pharmacy revenue was $581 million representing growth of 14% year over year.

本季藥局解決方案部門營收為 25 億美元，年增 28%。在藥局領域，輸液和專科藥收入為 20 億美元，比上年增長 33%，家庭和社區藥局收入為 5.81 億美元，比上年增長 14%。

In the provider services segment, we reported revenue of $346 million in the first quarter, which represented 12% growth compared to the prior year period. Within the provider services segment, home healthcare reported $178 million in revenue, growing 21% versus last year.

在提供者服務部門，我們報告第一季的營收為 3.46 億美元，與去年同期相比成長了 12%。在提供者服務領域，家庭醫療保健報告的收入為 1.78 億美元，比去年增長 21%。

Rehab revenue was $70 million growing 5% versus last year, and personal care revenue was $98 million representing growth of 3% year-over-year. Moving down the P&L first quarter, company gross profit was $338 million, representing growth of 16% compared with the first quarter of last year. Gross margin in the quarter was impacted by a mix of revenue, given the comparably larger revenue growth in the specialty pharmacy business, which carries lower than corporate average gross margins.

復健收入為 7,000 萬美元，比去年增長 5%，個人護理收入為 9,800 萬美元，年增 3%。第一季損益表中，公司毛利為 3.38 億美元，較去年第一季成長 16%。由於專業藥局業務的收入成長相對較大，且毛利率低於企業平均水平，因此本季的毛利率受到多種收入的影響。

Adjusted EBITDA for the total company was $131 million in the first quarter, growing 28% compared to the first quarter of 2024. Adjusted EBITDA margin improvement on a year over year basis was driven by strong execution and offset by some calendar dynamics, including typical first quarter elevated costs such as tax resets and an unfavorable leap year days compared versus last year.

第一季度，公司整體調整後 EBITDA 為 1.31 億美元，較 2024 年第一季成長 28%。調整後的 EBITDA 利潤率同比增長是由於強勁的執行力，並被一些日曆動態所抵消，包括第一季典型的成本增加，例如與去年相比稅收重置和不利的閏年。

Adjusted EPS for the total company was $0.19 for the first quarter. To highlight, our procurement and lien operational initiatives continue to generate improved efficiencies across the organization. We expect these initiatives will have momentum through the course of the year and support improved margins beginning in the second quarter.

第一季公司整體調整後每股收益為 0.19 美元。需要強調的是，我們的採購和留置權營運措施持續提高整個組織的效率。我們預計這些舉措將在今年內保持強勁勢頭，並從第二季開始支持利潤率的提高。

Turning back to segment performance in the first quarter, pharmacy solutions gross profit was $204 million, growing 20% compared with the first quarter of last year. Adjusted EBITDA for pharmacy solutions was $116 million for the first quarter, growing 31% compared to last year, representing an adjusted EBITDA margin of 4.6%, which represented an increase and was in line with our expectations.

回顧第一季各部門的業績，藥局解決方案毛利為2.04億美元，較去年第一季成長20%。第一季藥局解決方案的調整後 EBITDA 為 1.16 億美元，比去年成長 31%，調整後 EBITDA 利潤率為 4.6%，有所成長，符合我們的預期。

Provider services gross profit was $134 million, growing 10% versus the first quarter of last year. Adjusted EBITDA for provider services was $51 million for the first quarter, growing 9% versus last year, representing an adjusted EBITDA margin of 14.8%, down 30 basis points versus last year, driven by the previously noted calendar dynamics of days and leap year. Not included in the company's reported adjusted EBITDA as previously stated, community living's adjusted EBITDA was an additional $32 million in the quarter, an increase of 14% from the prior year in this business.

提供者服務毛利為 1.34 億美元，較去年第一季成長 10%。第一季提供者服務的調整後 EBITDA 為 5,100 萬美元，較去年增長 9%，調整後 EBITDA 利潤率為 14.8%，較去年下降 30 個基點，這主要是受先前提到的閏年和日曆動態的影響。如前所述，社區生活的調整後 EBITDA 未包含在公司報告的調整後 EBITDA 中，該季度社區生活的調整後 EBITDA 額外增加了 3200 萬美元，比該業務上一年增長了 14%。

On a total company basis, cash flow from operations was $102 million in the first quarter. We continue to expect to deliver over $300 million of annual run rate operating cash flows in 2025 as we remain focused on improving our leverage ratio towards our goal of 3.0 times this year, pro forma for the community living divestiture and towards our long-term target of 2.0 times to 2.5 times.

就公司整體而言，第一季的營運現金流為 1.02 億美元。我們繼續預計，2025 年的年運行現金流將超過 3 億美元，因為我們將繼續專注於提高槓桿率，以實現今年 3.0 倍的目標（社區生活資產剝離的預測）和 2.0 倍至 2.5 倍的長期目標。

As of March 31, our net debt outstanding was approximately $2.5 billion with the leverage ratio of 3.87 times, which was in line with our internal projection. As previously mentioned in January, we expect approximately $715 million of net cash proceeds of the $835 million of gross cash consideration in the pending community living sale.

截至 3 月 31 日，我們的未償還淨債務約為 25 億美元，槓桿率為 3.87 倍，與我們的內部預測一致。正如 1 月所提到的，我們預計在即將進行的社區生活銷售中，8.35 億美元的總現金對價中將產生約 7.15 億美元的淨現金收益。

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. As part of our processes to monitor and address risks, during the first quarter, we entered into an extension of our interest rate hedge, providing stability to our interest rate risk through September 2026.

提醒一下，淨利息支出包括與現金流量套期相關的利息收入，這是由於我們已簽訂的三項收到的浮動薪酬固定利率互換協議，將於 2025 年 9 月 30 日到期。作為我們監控和應對風險流程的一部分，在第一季度，我們延長了利率對沖，以確保我們的利率風險穩定至 2026 年 9 月。

Prior to any proceeds from the pending community living divestiture, quarterly interest expense is still expected to be approximately $43 million per quarter, including approximately $1.2 million of interest expense related to the TEU instrument.

在即將進行的社區生活資產剝離獲得任何收益之前，預計每季利息支出仍約為 4,300 萬美元，其中包括與 TEU 工具相關的約 120 萬美元的利息支出。

Turning to our guidance for 2025, we are increasing our expectations for total revenue and adjusted EBITDA that was provided in March, which excludes the community living business. Total revenue is expected to be in the range of $12 billion to $12.5 billion, including pharmacy solutions revenue of $10.55 billion to $11.0 billion and provider services revenue of $1.45 billion to $1.5 billion. This revenue range reflects 19.1% to 24.1% growth over full year 2024, excluding community living in both years.

談到我們對 2025 年的指導，我們提高了對 3 月份提供的總收入和調整後 EBITDA 的預期，其中不包括社區生活業務。總收入預計在 120 億美元至 125 億美元之間，其中包括藥房解決方案收入 105.5 億美元至 110 億美元和提供者服務收入 14.5 億美元至 15 億美元。這項收入範圍反映了 2024 年全年 19.1% 至 24.1% 的成長，不包括兩年的社區生活。

Total adjusted EBITDA is expected to be in the range of $570 million to $585 million for full year 2025. This would reflect 23.9% to 27.2% growth over full year 2024, excluding community living in both years. Our increased total adjusted EBITDA outlook reflects better than expected pharmacy revenue performance in the quarter with associated incremental margins from launched products. Strong provider revenue and operating performance and profitability, and further benefit from enterprise operational initiatives.

預計 2025 年全年調整後 EBITDA 總額將介於 5.7 億美元至 5.85 億美元之間。這將反映出 2024 年全年的 23.9% 至 27.2% 的成長（不包括兩年的社區生活）。我們提高的總調整後 EBITDA 前景反映了本季藥局收入表現優於預期，以及推出產品帶來的增量利潤。供應商收入及營運績效及獲利能力強勁，並進一步受惠於企業營運措施。

With that, I will now turn it back to Jon.

說完這些，我現在把話題轉回給喬恩。

Thank you for your time today to go through BrightSpring's first quarter of 2025 results. We will now open up the call for questions. Operator?

感謝您今天抽出時間來了解 BrightSpring 2025 年第一季的業績。我們現在開始提問。操作員？

Whit Mayo, Leerink Partners.

惠特·梅奧 (Whit Mayo)，Leerink Partners。

Hey, thanks. Good morning. I guess my first question is just on the gross profit per script. It was very strong in the quarter and I think you hit on maybe some of the factors, but not sure I called everything exactly. Can you talk about everything that sort of drove that dynamic in the quarter?

嘿，謝謝。早安.我想我的第一個問題是關於每個腳本的毛利。本季表現非常強勁，我想你可能觸及了其中的一些因素，但不確定我是否準確地說出了所有因素。您能談談本季推動這種動態的所有因素嗎？

Yeah, good morning, Whit. Yeah, that was definitely a positive dynamic in the quarter. That would really just be a function of our mix in general, along with some proactive efforts we've had on the purchasing side of the organization. But if you just look at the mix of drugs in totality, including brands versus generics and then our efforts on the procurement side internally, that would have driven the increase.

是的，早上好，惠特。是的，這絕對是本季的一個積極動態。這實際上只是我們整體組合的功能，以及我們在組織採購方面所做的一些積極努力。但如果你只看藥品的整體組合，包括品牌藥和仿製藥，以及我們在內部採購方面的努力，那麼就會推動藥品價格的成長。

Okay. And then my follow up question just thinking about the IRA and the new changes that we're seeing this year, how are you thinking about second half growth around the pharmacy trends now and maybe any color that you have around, changes in manufacturer behavior that you care to share maybe as it relates to patient assistant funds or anything else. Thanks.

好的。然後我的後續問題是考慮 IRA 和我們今年看到的新變化，您如何看待下半年藥房趨勢的增長，以及您所了解的任何情況，您願意分享的製造商行為的變化，也許與患者助理基金或其他任何事情有關。謝謝。

Yeah, I would probably refer back to the prepared comments, on IRA, nothing has changed in the last six to nine months in our view. We don't see any change in the pharmacy traction growth rate over the balance of the year and as I said before, we feel like if we look at our long term track record of our company in terms of EBITDA growth, that's something that we're going to be sustaining into the future, regardless of the environment.

是的，我可能會回顧關於 IRA 的準備好的評論，我們認為過去六到九個月裡什麼都沒有改變。我們沒有看到藥房牽引力增長率在今年餘下時間裡有任何變化，正如我之前所說，我們覺得，如果我們從 EBITDA 增長的角度來看我們公司的長期業績記錄，無論環境如何，我們都將在未來保持這一增長。

But IRA has not changed for six to nine months, as mentioned, pharmacies have not been are not the target. There are discussions with CMS, with DC around addressing that for pharmacies, but in any scenario, our confidence level and next year remains very strong in what it has been.

但 IRA 六到九個月以來一直沒有變化，正如所提到的，藥局一直不是目標。我們正在與 CMS 和 DC 討論如何解決藥局的問題，但無論如何，我們對明年的信心仍然非常強勁。

Thanks.

謝謝。

Ann Hynes, Mizuho.

安‧海因斯 (Ann Hynes)，瑞穗。

Yeah, good morning. I'm just staying on the IRA. I do think there is opinions of the market that the IRA will lead to behavior change on the patient and physician side that could lead to an acceleration of utilization. How much of that kind of patient behavior change and physician change do you have in your guidance from our IRA, or should we think that as maybe upside potential going forward?

是的，早安。我只是繼續留在愛爾蘭共和軍。我確實認為市場有這樣的看法：IRA 將導致患者和醫生方面的行為改變，這可能會加速利用率。在我們的 IRA 指導中，您認為這種患者行為變化和醫生變化有多少，或者我們是否應該認為這可能是未來的上升潛力？

Yeah, Ann I think it's largely, the same that we've talked about, I mean, we don't see a meaningful swing to our business really potentially either way on IRA next year, and I would just really look at the breadth of the organization and totality, maybe just take a step back and really speak to the quarter again and really broadly over the last decade. Really proud of the quality performance and the organization, we continue to reiterate those metrics, to be able to have industry leading metrics across really all of our service lines and many of these at just best in class levels, I think speaks to our ability to manage across service lines in a really high quality way.

是的，安，我認為這和我們討論的基本上是一樣的，我的意思是，我們認為明年 IRA 不會對我們的業務產生任何實質性的影響，我只會看看組織的廣度和整體，也許只是退一步，再次談談本季度的情況，並廣泛地回顧過去十年的情況。我們真的為品質表現和組織感到自豪，我們繼續重申這些指標，能夠在我們所有的服務線上擁有行業領先的指標，其中許多指標都達到了最佳水平，我認為這說明了我們能夠以真正高質量的方式管理跨服務線。

And then the fact that we're doing that with a home and community focus delivering healthcare where people want to be, where there's a high ROI, is really just an attractive place in the healthcare market as we see it and, really ultimately creates those two factors together create an ability for us to address multiple services for greater growth and scale, I think comparatively to a lot of other people.

事實上，我們以家庭和社區為中心，在人們想要的地方提供醫療保健服務，那裡的投資回報率很高，這確實是醫療保健市場中一個很有吸引力的地方，並且最終將這兩個因素結合在一起，使我們能夠提供多種服務，以實現更大的增長和規模，我認為與許多其他人相比是如此。

So we look at a nine year track record on revenue and EBITDA, in the mid-teens in terms of growth rates. We expect that to continue. As it relates to IRA, there are still some things that need to play out. Our view on that has not changed for a long time, and regardless of the outcome, we feel good about next year and we don't see IRA being a major swing factor.

因此，我們來看看九年的收入和 EBITDA 記錄，成長率在十五六個百分點。我們預計這種情況將會持續下去。就 IRA 而言，仍有一些事情需要解決。我們對此的看法長期以來沒有改變，無論結果如何，我們都對明年充滿信心，我們也不認為 IRA 是一個主要的搖擺因素。

Thank you.

謝謝。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

Yes, hi. Good morning. Thank you so much for taking the question here. So, I think maybe I missed the first question. Was it about the gross profit for script? Because that was the one number that stood out. So, it sounds like you said it was something about mix and the purchasing efforts, but as we think about the generic launches going forward, should we expect this number to even accelerate it when it comes to the gross profit per script growth because it was up like 9% and this, $18.75 or so per script, should we expect this to continue to go higher.

是的，你好。早安.非常感謝您在這裡回答這個問題。所以，我想我可能錯過了第一個問題。是關於劇本的毛利嗎？因為那是一個引人注目的數字。因此，聽起來您說的是這與產品組合和採購努力有關，但是當我們考慮未來仿製藥的推出時，我們是否應該預期這個數字在每份處方的毛利潤增長方面會加速，因為它已經上漲了 9%，而每份處方的價格約為 18.75 美元，我們是否應該預期它會繼續走高。

Yeah, morning Joanna. Your gross profit per script is always a function of your product mix, your payer mix, and then what you can do on the procurement side. So I would say, really from a product mix and procurement perspective, what we can control internally. Those were favorable trends. I mean, your gross profit per script and your revenue per script can bounce around over time from quarter to quarter just due to mix, but we're very focused from an execution standpoint, from a sourcing standpoint, managing across our portfolio on the cog side that continues to be helpful for us.

是的，早安，喬安娜。每個處方的毛利始終取決於您的產品組合、付款人組合以及您在採購方面可以做的事情。所以我想說，從產品組合和採購的角度來看，我們可以進行內部控制。這些都是有利的趨勢。我的意思是，由於組合的原因，每個腳本的毛利和每個腳本的收入可能會隨著季度的變化而波動，但從執行的角度、從採購的角度，我們非常專注於管理我們產品組合中的齒輪方面，這對我們來說仍然很有幫助。

And yeah, the generics are generally a good thing for everybody, they reduce the cost in healthcare for the system, and we're an organization and part of our value as a pharmacy is driving generic utilization. And so I think what you're seeing is, us really partner with brand companies to drive innovation in the market with products that improve people's clinical outcomes and prognosis and at the same time when generics come available, with our salesforce and our service levels and our partnerships, we really try to do what we do, what we can do to accelerate those generic launches.

是的，仿製藥通常對每個人來說都是一件好事，它們降低了醫療系統的支出，而我們作為一個組織，作為一家藥店，我們的價值部分就是推動仿製藥的使用。所以我認為，您所看到的是，我們真正與品牌公司合作，透過改善人們臨床結果和預後的產品來推動市場創新，同時，當仿製藥面市時，憑藉我們的銷售人員、服務水平和合作夥伴關係，我們真正努力做我們所做的事情，盡我們所能來加速這些仿製藥的推出。

And so those factors all played out as dynamics in the quarter end and, resulting in the numbers that that you saw. And the generic pipeline to your last question does remain very robust.

因此，這些因素都在季度末發揮了作用，並產生了您所看到的數字。對於您最後一個問題的通用管道確實仍然非常穩健。

The last thing that I would add, Joanna, is specialty obviously you know has had significant growth and when you think about the GP per script that does goes to the mix, you know there, so.

喬安娜，我要補充的最後一點是，專業性顯然已經有了顯著的增長，當你考慮到每個腳本的 GP 確實會混合在一起時，你就知道了，所以。

Also helps. Okay. I see and if I may ask different topic. So just a headlines yesterday, that I guess the company was named one of the buyers from some assets that will be divested in the medicines acquisition by United. I don't know if you can give us a sense, like is it home health hospice, or anything else you can give us on that one. Thank you.

也有幫助。好的。我明白了，我是否可以問不同的話題。昨天的頭條新聞是，我猜該公司被列為聯合製藥在藥品收購中將剝離的部分資產的買家之一。我不知道您是否可以給我們一個概念，例如它是否是家庭保健臨終關懷，或者您是否可以給我們提供其他相關資訊。謝謝。

Yeah, Joanna, we're subject to confidentiality with the parties there, so there's really not a lot we can say due to that. I would just say that this is a unique situation as we observed it to be, it really has been, I would say our quality and our overall platform strength as an enterprise. That allowed us to be a part of those conversations, as a potential positive party and solution to work with.

是的，喬安娜，我們對各方都保密，因此我們能說的並不多。我只想說，正如我們所觀察到的，這是一個獨特的情況，我想說的是，作為一家企業，我們的品質和整體平台實力確實如此。這使我們能夠參與這些對話，成為潛在的積極一方和合作解決方案。

And then we also, really have essentially no geographical overlap whatsoever with those locations and so, it was a unique situation for us and we were glad in that circumstance to be able to be potentially a really positive, party and solution for the other parties, but obviously that transaction between those entities has to consummate and come to completion for our transaction to consummate as well.

而且，我們基本上與這些地點沒有任何地理重疊，因此，這對我們來說是一個獨特的情況，我們很高興在這種情況下能夠成為一個真正積極的一方，為其他方提供解決方案，但顯然這些實體之間的交易必須完成並完成，我們的交易才能完成。

Great, thank you.

太好了，謝謝。

David Larsen, BTIG.

BTIG 的 David Larsen。

Hey, congratulations on another very good beat and raise quarter. Jon, can you talk a little bit about the potential sort of scenarios around tariffs? Like if tariffs are implemented, I would imagine this would increase wholesale acquisition cost. Would that simply increase average wholesale price and those costs be passed through to your customers and how long would that process take and roughly how many days inventory do you have on hand? Thanks very much.

嘿，恭喜你又一個季度取得了非常好的成績並實現了成長。喬恩，您能談談關稅方面可能出現的情況嗎？如果實施關稅，我想這會增加批發採購成本。這是否只是增加了平均批發價格，並將這些成本轉嫁給您的客戶？這個過程需要多長時間？您手邊的庫存大約有多少天？非常感謝。

Yeah, good morning, David. Again I'd probably refer you back to the comments we made before on that. There really are no meaningful tariffs in place today, I think as everybody knows, it's a really uncertain environment from day to day. I would say though that, on the brand side, we're reimbursed off of cost and that happens right away.

是的，早上好，大衛。我可能還會再次請您回顧我們之前就此發表的評論。今天確實沒有任何有意義的關稅，我想大家都知道，每天都處於一個非常不確定的環境。不過我想說的是，從品牌方面來說，我們會立即獲得成本補償。

And on the generic side, there's a lot of choices for drugs across the globe. It's a very, very competitive market. We're very sophisticated in our purchasing capabilities, and on the generic side, we would expect reimbursement increases as well if there were cost increases. So net-net, that's not something that we're seeing is a significant swing factor at this point in time next year and we don't see that impacting this year just given inventory levels.

在仿製藥方面，全球範圍內有許多藥物可供選擇。這是一個競爭非常激烈的市場。我們的採購能力非常成熟，在仿製藥方面，如果成本增加，我們預計報銷金額也會增加。因此，總體而言，我們認為這不是明年此時此刻的一個重大波動因素，而且考慮到庫存水平，我們認為這不會對今年產生影響。

Okay, and just what I heard you say was you're reimbursed on cost on the brand side and that happens right away so if prices increase, let's say August 1 on the brand side then on August 1 you would be covered for those higher costs right away.

好的，我剛剛聽到您說的是，品牌方會立即給您報銷費用，所以如果價格上漲，比如說 8 月 1 日品牌方會立即給您報銷這些上漲的費用。

Yeah, that's generally how it works.

是的，通常就是這樣的。

Okay. Great, thanks very much.

好的。太好了，非常感謝。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Hey, good morning guys, and congrats on the quarter. Hey Jon, so just on the Medicaid deal acquisition announcement, so curious more strategically speaking, I know you've been focused on growing the provider side of the business. So is this a sign that we should expect more deal flow in that space and then maybe the follow up to that would just be as we think about your leverage targets, how should we be thinking about that as you may potentially ramp up acquisitions in that space? Thanks.

嘿，大家早上好，恭喜本季取得佳績。嘿，喬恩，關於醫療補助交易收購公告，我很好奇，從戰略角度來說，我知道你一直專注於發展業務的提供者方面。那麼，這是否表明我們應該預期該領域會有更多交易流，然後也許後續行動就是當我們考慮您的槓桿目標時，我們應該如何考慮這一點，因為您可能會在該領域加大收購力度？謝謝。

Yeah, good morning, Brian. Yeah, I would say, the only other thing I could probably say about the transaction at this point in time, it is very in line with our acquisitions philosophy, and as we've articulated it previously. We've been in a mode for a couple of years of largely doing tuck ins that that have been highly accretive and very attractive pro forma multiples, and we've always said if there is a unique opportunity, not something of massive size but a unique opportunity, still at a level from a pro forma perspective that we think over time, we can realize -- that's something we'll consider.

是的，早上好，布萊恩。是的，我想說，目前我唯一能說的關於這筆交易的事情是，它非常符合我們的收購理念，正如我們之前所闡述的那樣。幾年來，我們一直處於一種模式，主要進行增值業務，這些業務具有高度的增值性和非常有吸引力的備考倍數，我們總是說，如果有一個獨特的機會，不是規模巨大的機會，而是一個獨特的機會，從備考的角度來看，仍然處於我們認為隨著時間的推移可以實現的水平——那就是我們會考慮的事情。

I mean, I would direct you back to our Haven acquisition in Florida on a hospice last Q3 or so. That was a unique scenario where we structured it creatively, to be able to execute against that transaction, just given the current state of that company, the multiple was a little bit challenging for us, so we had to be creative in the structuring.

我的意思是，我會讓你回顧一下我們在去年第三季左右在佛羅裡達州的臨終關懷醫院 Haven 的收購。那是一個獨特的場景，我們創造性地構建了它，以便能夠執行該交易，只是考慮到該公司的當前狀況，倍數對我們來說有點挑戰，所以我們必須在結構上發揮創造力。

And you look at that business today, it is performing exceptionally well in terms of what our team has been able to do to that, do with that, and we very much will work our way into a multiple of 4 times or less here, probably within the next year. And so -- but that was a unique situation that we were able to capitalize on just given our abilities and from an integration standpoint, operational standpoint, and our relationships in the market.

看看今天的業務，就我們團隊的努力而言，它表現得非常好，我們很可能在明年就將業務規模擴大到 4 倍或更低。所以 — — 但那是一種獨特的情況，我們能夠利用它，僅憑我們的能力以及從整合的角度、運營的角度和我們在市場中的關係來看。

And we knew that over time, that was going to be the multiple that we'd be very, very pleased with. So I would say this transaction fits in with our M&A philosophy and we do not see it impacting our leverage goals whatsoever are really for this year or the long term. There is close to no impact on our leverage as we see this transaction next year.

我們知道，隨著時間的推移，這個倍數將會讓我們非常非常滿意。因此，我想說這筆交易符合我們的併購理念，我們認為它不會影響我們今年或長期的槓桿目標。我們認為明年這筆交易對我們的槓桿幾乎沒有影響。

Awesome, thank you.

太棒了，謝謝。

(Operator Instructions)

（操作員指示）

Matthew Gillmor, KeyBanc.

馬修·吉爾摩（Matthew Gillmor），KeyBanc。

Hey, thanks for the question. I wanted to ask you about the guidance update. I think the revenue is up $400 million and the EBITDA is up $25 million which is nicely above the beat. Jennifer provided some of the drivers, but I was hoping maybe you could sort of help us think through which of those drivers are sort of more important if you're able to size them relative to the EBITDA upside on the guide.

嘿，謝謝你的提問。我想向您詢問有關指導更新的情況。我認為營收增加了 4 億美元，EBITDA 增加了 2,500 萬美元，遠高於預期。珍妮佛提供了一些驅動因素，但我希望您能幫助我們思考哪些驅動因素更為重要，如果您能夠根據指南中的 EBITDA 上行空間對它們進行衡量的話。

Yeah, so I just reiterate the comments that I made. We have continued to see strong pharmacy volume growth ahead of our expectations. We've adjusted the guidance to reflect that, as we've also discussed over the last several quarters, we have many different initiatives that we put in place focused on margin expansion. We will see and expect to see some of that in the provider space, especially as well as in pharmacy, and that is also reflected in our guidance.

是的，所以我只是重申我所發表的評論。我們繼續看到藥房銷售強勁成長，超出了我們的預期。我們已經調整了指引，以反映這一點，正如我們在過去幾季所討論的那樣，我們實施了許多不同的舉措，重點是擴大利潤率。我們將會看到並期望在供應商領域，特別是在藥局中看到一些這樣的情況，這也反映在我們的指導中。

That's great. And then as a follow up on the efficiency initiatives that you discussed, is there a longer term view in terms of what the total opportunity could be over the next couple of years just curious how you guys are thinking about that.

那太棒了。然後，作為對您討論的效率舉措的後續關注，對於未來幾年的總體機會，是否有一個更長遠的看法，只是好奇你們是如何看待這個問題的。

Yes, this is an ongoing program that we've had since we entered as management to this organization. We just continue to be focused on these items every single year and would expect that there will be opportunities for us into -- we will continue to pursue all of those opportunities into perpetuity.

是的，這是我們作為管理層加入組織以來一直在進行的專案。我們每年都會繼續關注這些項目，並期望我們能有機會——我們將永遠繼續追求所有這些機會。

It's just an institutionalized, way we work here going back nine years now. And annual savings have driven continued investments in technology, continued investments in people, offsets, any headwinds in the market, from time to time, and some of it drops deep at us. So -- but it's really the way we just work here.

這只是一種制度化的工作方式，我們在這裡已經工作了九年了。每年的節省都推動了對技術的持續投資、對人才的持續投資、抵消以及市場不時出現的任何不利因素，其中一些因素給我們帶來了深遠的影響。所以——但這確實是我們在這裡工作的方式。

Got it. Thank you.

知道了。謝謝。

Sure.

當然。

(Operator Instructions)

（操作員指示）

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great, good morning, and I echo the congrats on the good start to the year. Just a couple follow up questions. Could you give us any update just on your efforts in bundled services, in value-based care, and where we stand with the ACOs currently? Any update there?

太好了，早安，我也祝賀今年有一個好的開始。僅有幾個後續問題。您能否向我們介紹一下您在捆綁服務和基於價值的護理方面的努力，以及我們目前與 ACO 的立場？有任何更新嗎？

Yeah, we continue to make steady progress on our primary care business and some of the alternative payment model there's -- payment models there. Yeah, I'd remind folks that the ACO is zero risk. It's just all upside. If you get savings then you get some shared savings. Last year was the first year of that program, we've been pretty conservative in booking any shared savings to date. You ultimately don't get those final results from Medicare until even later still this year for last year. So we've been pretty conservative there, but we're optimistic, we're going to see double digit savings rates on what we've been able to do for this population at higher quality levels.

是的，我們在初級保健業務和一些替代支付模式方面繼續取得穩步進展。是的，我想提醒大家，ACO 是零風險的。一切都是好的。如果您有儲蓄，那麼您就會獲得一些共享儲蓄。去年是該計劃的第一年，迄今為止，我們在預訂任何共享節省方面都相當保守。您最終要到今年晚些時候才能從 Medicare 獲得去年的最終結果。因此，我們在這方面一直相當保守，但我們很樂觀，我們將看到我們能夠為這個群體在更高品質水準上實現兩位數的儲蓄率。

We do have an (inaudible) program that's a managed care plan, it's just on a couple 1,000 patients. It takes quite a while to get these plans approved state to state, county to county, but hopefully as we look out five years, we'll be in about 15 states with that plan, and we really just need to scale it. We've got, I don't know, some 4,000 or 5,000 patients in these ACO and managed care plans today.

我們確實有一個（聽不清楚）項目，這是一個管理式醫療計劃，它只針對數千名患者。這些計劃需要花費相當長的時間才能在各州、各縣獲得批准，但我們希望五年後，大約有 15 個州能夠實施該計劃，我們真正需要做的只是擴大其規模。我不知道，目前我們有大約 4,000 或 5,000 名患者參與這些 ACO 和管理式醫療計劃。

And over time, we want to get that to over 100,000, in three, four, five years. So we are making steady progress. There's an outside chance that could result in eight figures of EBITDA this year. We'll have to see. That's what we're hopeful for, but we have to see how these final numbers come in and, we just continue to lean into that business and think we're in a really unique situation to capitalize on reaching more patients with these payer models just given the access to the hundreds of thousands of patients in our pharmacy and provider business that we have every year.

隨著時間的推移，我們希望在三、四、五年內將這一數字提高到 10 萬以上。所以我們正在穩步前進。今年的 EBITDA 很有可能達到八位數。我們得拭目以待。這就是我們所希望的，但我們必須看看這些最終數字是如何得出的，我們只是繼續傾向於這項業務，並認為我們處於一個非常獨特的情況，可以利用這些付款人模式接觸更多的患者，因為我們每年都可以接觸到我們藥房和提供者業務中的數十萬名患者。

So great strength in the core businesses and we've always viewed this as a very unique capability we have to scale this leg of the company as well and slow and steady progress here and hopefully we're going to really start accelerating into the future.

核心業務實力雄厚，我們一直認為這是一種非常獨特的能力，我們必須擴大公司的這一分支，並在此緩慢而穩定地取得進展，希望我們能夠真正開始加速邁向未來。

Great, I appreciate that color. And then just a quick follow up for Jen just on the on the cash flow in the quarter, nice strong start to the year. I think the cash flow from operations is a little over $100 million and you paid down a little bit, looks like a good amount of use a little lot of that excess for debt paid down. Is there any seasonality in your business? I don't think so, but maybe just in terms of timing, is Q1 normally a little bit stronger, maybe just running a little bit ahead of the game to start the year and I guess continue to expect to use most of your free cash flow for debt pay down this year. Thanks.

太好了，我很喜歡這個顏色。然後，Jen 簡單跟進一下本季度的現金流情況，今年開局良好，表現強勁。我認為營運現金流略高於 1 億美元，而且你只償還了一點，看起來用其中的大部分超額資金來償還債務是一筆不錯的支出。您的業務有季節性嗎？我不這麼認為，但也許只是從時間角度來看，第一季通常會稍微強勁一些，也許只是在年初領先於其他公司一點，我想今年你將繼續使用大部分自由現金流來償還債務。謝謝。

Yeah. So Q1 does tend to be a stronger quarter. There is a little bit of seasonality, but it's mostly associated with inventory opportunities that we can have it from time to time in our business. Q2 we do have -- tends to be one of our lower cash flow quarters just related to stick payments and some other one-time items in the year that are paid during the second quarter, but other than that it's pretty steady.

是的。因此，第一季確實會是一個表現更強勁的季度。雖然有一點季節性，但主要與我們在業務中不時遇到的庫存機會有關。我們的第二季確實是現金流較低的季度之一，這僅與第二季支付的現金支付和年度內的一些其他一次性項目有關，但除此之外，現金流相當穩定。

Yeah, I'd say I'm provider too with that leap year last year, that was an extra day. And there -- and that was like 3.6% of growth rate that we were impacted by because last year had that extra day. So and a lot of that, most of that was on the provider side.

是的，我想說我也是提供者，因為去年是閏年，所以多了一天。而且 — — 我們的成長率受到了 3.6% 的影響，因為去年多了一天。因此，其中大部分都是在提供者方面。

So and if you look at that leap year from a provider standpoint, I mean that was like 4% to 5% growth on the provider side that we were impacted by because of the extra day last year. And then last year I had a lot of --had more Mondays and through Fridays. And just the way the business works, how we book revenue, how we expense labor, that was a favorable dynamic last year versus this year too. So as we get through the balance of the year, those Mondays and Fridays always even out. And that should be a little bit helpful as we get through the rest of the year.

因此，如果從提供者的角度來看那個閏年，我的意思是，由於去年有額外的一天，我們受到了提供者方面 4% 到 5% 的成長的影響。然後去年我有很多——週一到週五有更多的事情。就業務運作方式、我們如何記錄收入、我們如何支出勞動力而言，去年與今年相比也呈現出有利的動態。因此，當我們度過一年的剩餘時間時，那些星期一和星期五總是平衡的。這對我們度過今年剩餘的時間應該會有一點幫助。

Great, thank you. I appreciate it.

太好了，謝謝。我很感激。

AJ Rice, UBS.

瑞銀的 AJ Rice。

Hi everybody. Maybe first to ask just on the infusion side of the business I know, you'd spent the last 18 months or so really repositioning that business internally, resource wise and externally, and have some pretty optimistic views about how much that might grow multiple times of its current size. Can you comment on how you feel that is unfolding? I know it's still early, but just are you on pace to accomplish that kind of growth and how much is CVS is actually a quorum from the market providing a tailwind.

大家好。也許首先我想問一下關於業務注入方面的問題，我知道，您花了大約 18 個月的時間從內部、資源和外部重新定位該業務，並且對該業務可能實現的數倍增長抱有相當樂觀的看法。您能否評論一下您對事情進展的感受？我知道現在還為時過早，但你們是否能夠實現這種成長，以及 CVS 實際上在多大程度上成為市場中的法定人數，從而提供順風。

Yeah, good morning, AJ. Yeah, I would say largely what we saw from any exit in the market by quorum, it's probably all been kind of baked in at this point. I mean that started really happening in Q4. Yeah, I would just say with infusion, we continue to work away there. Very, very positive thoughts just on the overall infusion market in general, a ton of opportunity there, we have a good platform and at this point in time, we still feel good about hitting our internal budget for the year.

是的，早安，AJ。是的，我想說，從我們在市場上看到的任何法定人數退出的情況來看，現在可能都已經確定了。我的意思是，這種情況在第四季才真正開始發生。是的，我只想說，透過輸液，我們會繼續努力。總體而言，我們對整個輸液市場抱有非常非常積極的想法，那裡有很多機會，我們有一個很好的平台，目前，我們仍然對實現今年的內部預算感到滿意。

Okay. And on the M&A comment, I think you typically talk about deploying about $100 million in capital and M&A, is that a Medicis deal basically additive to that or is that part of the overall goal for the year?

好的。關於併購評論，我認為您通常會談論部署約 1 億美元的資本和併購，那麼 Medicis 交易是否基本上是該目標的附加部分，還是年度總體目標的一部分？

Again, I've got to be measured here in terms of some of the confidentiality we have with all the parties, but I think what I would say is that sort of, what we've always done historically with our talking M&A, you look back over six years, an effective pro forma EBITDA multiple we've realized of about 4 times, 4.5 times, that has been the mode we've been in that will continue to be the mode we'd be in.

再次強調，我必須考慮到我們對所有各方都保持的保密性，但我想說的是，我們在談論併購時一直都是這樣做的，回顧過去六年，我們實現的有效備考 EBITDA 倍數約為 4 倍、4.5 倍，這是我們一直處於的模式，並且將繼續處於這種模式。

We will be in for the balance of the year, but from time to time there could be some unique situations like Haven was last year, I would say this is a unique situation, that we fold into that strategy and that philosophy, but at the same time, as I said before, we don't view this as impacting what we've said from a leverage perspective, really this year or next year, and I look forward to sharing a lot more details when we can, assuming that transaction on their side goes through.

我們將在今年餘下的時間裡繼續努力，但有時可能會出現一些特殊情況，例如去年 Haven 的情況，我想說這是一個特殊情況，我們將其融入到該戰略和理念中，但同時，正如我之前所說，我們不認為這會影響我們從槓桿角度所說的內容，無論是今年還是明年，我期待在可能的情況下分享更多細節，他們可以完成那邊的交易，無論他們是今年的情況下能夠完成更多細節。

Okay, all right. Thanks a lot.

好的，好的。多謝。

Sure.

當然。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Thank you. This is Linda Baldock on for Erin Wright, and congrats again on another strong quarter. So today we want to inquire further on cadence for 2025, building on the prior cash flow comments, that you just answered. So are there additional unique quarterly dynamics that we should think through as we progress through the remainder of the year, perhaps margin expansion across both segments, utilization, or generic launches? Thank you.

謝謝。我是琳達·巴爾多克 (Linda Baldock)，代表艾琳·賴特 (Erin Wright) 再次祝賀本季業績表現強勁。因此，今天我們想在您剛才回答的現金流評論的基礎上，進一步詢問 2025 年的節奏。那麼，在今年剩餘時間內，我們是否應該考慮其他獨特的季度動態，也許是兩個部門的利潤率擴大、利用率或通用藥物的推出？謝謝。

Yeah, so I just reiterate what I said earlier in the prepared remarks, which is we do expect our operating cash flow to be ahead of $300 million for the year, which obviously from a balance of the year perspective as operating cash flow was $102 million would reflect a couple of quarters that are less than what we saw in Q1, so if that's helpful.

是的，所以我只是重申我之前在準備好的評論中說過的話，那就是我們確實預計今年的經營現金流將超過 3 億美元，顯然從年度平衡的角度來看，因為經營現金流為 1.02 億美元，這將反映出幾個季度的現金流低於我們在第一季度看到的水平，所以如果這有幫助的話。

We do -- again continue to expect strong management, we are focused on improving our DSO, our day's inventory on hand, but providing opportunities to allow flexibility to invest in inventory builds and other strategic items as necessary so we feel really good about our ability to deliver on that this year.

我們確實——再次繼續期待強有力的管理，我們專注於改善我們的 DSO，即我們當天的庫存，但提供機會允許靈活地投資於庫存建設和其他戰略項目，因此我們對今年實現這一目標的能力感到非常滿意。

Thank you.

謝謝。

Thank you. And this does conclude the question and answer session of today's program. I'd like to hand the program back to Jon Rousseau for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給喬恩·盧梭 (Jon Rousseau)，以便他可以發表進一步的評論。

Thank you, Jonathan. We appreciate everybody's time today. Thank you for the questions. Thank you for joining the call and we look forward to talking with you again next quarter. Have a great day.

謝謝你，喬納森。我們感謝大家今天抽出時間。謝謝您的提問。感謝您參加電話會議，我們期待下個季度再次與您交談。祝你有美好的一天。

Thank you, ladies and gentlemen, for your participation at today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。