Brightspring Health Services Inc (BTSGU) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the BrightSpring Health Services third-quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 BrightSpring Health Services 2025 年第三季財報電話會議。

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

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, David Deuchler, Investor Relations. Please go ahead.

現在我謹將會議交給今天的發言人，投資者關係部的戴維·德克勒。請繼續。

Good afternoon. Thank you for participating in today's conference call.

午安.感謝您參加今天的電話會議。

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.

我叫大衛‧德克勒，來自 BrightSpring 的投資人關係部門。今天與我一起參加電話會議的有執行長 Jon Rousseau 和財務長 Jen Phipps。

Earlier today, BrightSpring released financial results for the quarter ended September 30, 2025. A copy of the press release and presentation is available on the company's Investor Relations website.

今天早些時候，BrightSpring 發布了截至 2025 年 9 月 30 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. 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，今天的討論將包含一些前瞻性陳述，這些陳述反映了我們目前的假設和預期，包括與我們未來的財務表現、行業和市場狀況相關的假設和預期。此類前瞻性陳述並不構成對未來績效的保證。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 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 Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC.

我們鼓勵您查看今天發布的新聞稿和簡報中的信息，以及我們將向美國證券交易委員會提交的 10-Q 表格季度報告，包括我們在 10-K 表格和 10-Q 表格中討論的具體風險因素和不確定性。這些因素可能會不時更新，並在我們定期向美國證券交易委員會提交的文件中說明。

We do not undertake any duty to update any forward-looking statements, except as required by law.

除法律要求外，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 financial performance and financial condition. 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.

在電話會議中，我們將使用非GAAP財務指標來談論公司的財務表現和財務狀況。您可以在今天的盈利新聞稿和演示文稿中找到有關這些非公認會計準則指標的更多信息，以及我們的非公認會計準則財務指標與其最直接可比的公認會計準則財務指標的調節表（在不付出不合理努力的情況下），這些資料同樣可以在我們的投資者關係網站上找到。

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

本次網路直播將進行錄製，並將在我們的投資者關係網站上提供回放。

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

接下來，我將把電話交給執行長喬恩·盧梭。

Good afternoon, everyone. Thank you for joining BrightSpring's third-quarter 2025 earnings call.

大家下午好。感謝您參加 BrightSpring 2025 年第三季財報電話會議。

First off, I would like to thank all of our BrightSpring employees in the field and in administrative support roles who make a real impact for patients and people every day. I'm grateful for their continued dedication and commitment to providing the high-quality and compassionate care and services to the individuals we serve.

首先，我要感謝 BrightSpring 的所有員工，無論是在一線還是在行政支援崗位上，他們每天都在為病患和人們帶來真正的改變。我感謝他們一直以來對我們服務對象的高品質、充滿愛心的關懷和服務所做出的奉獻和承諾。

BrightSpring is a leading health services provider in home and community settings, in large and growing pharmacy and provider markets. We believe a scaled platform in home and community healthcare differentiates and positions us well for the future.

BrightSpring 是一家領先的家庭和社區健康服務提供商，在龐大且不斷增長的藥房和醫療服務提供者市場中佔有一席之地。我們相信，在家庭和社區醫療保健領域建立一個規模化的平台，能夠使我們脫穎而出，並為未來發展奠定良好的基礎。

Today, we reported third-quarter financial results that are in line with the preliminary financial results we announced on October 20. The third quarter exceeded our expectations and our ongoing commitment to high-value and high-quality services, operational execution, and continuous improvement -- all hallmarks of our company culture -- have driven the financial results, so far, this year.

今天，我們公佈了第三季財務業績，該業績與我們 10 月 20 日公佈的初步財務業績一致。第三季業績超乎預期，我們對高價值、高品質服務、高效營運和持續改善的持續承諾——這些都是我們公司文化的標誌——推動了今年迄今的財務表現。

Before discussing BrightSpring's third-quarter performance, I would like to remind you that the company's financial results and 2025 guidance pertain to the continuing operations and do not include results from the Community Living business. At this time, we now expect the Community Living divestiture transaction to close in the first quarter of 2026, which remains subject to final federal regulatory approvals and typical closing conditions.

在討論 BrightSpring 第三季業績之前，我想提醒各位，公司的財務表現和 2025 年業績指引均指持續經營業務，不包括社區生活業務的業績。目前，我們預計 Community Living 的剝離交易將於 2026 年第一季完成，但仍需獲得聯邦監管機構的最終批准以及滿足其他典型的交割條件。

For the third quarter, BrightSpring revenue grew approximately 28%. Adjusted EBITDA grew approximately 37% versus last year's comparable quarter. Total company revenue was $3.3 billion, with Pharmacy Solutions revenue of $3.0 billion, increasing 31% year over year; and Provider Services revenue of $367 million, increasing 9% year over year.

第三季度，BrightSpring 的營收成長了約 28%。調整後 EBITDA 較去年同期成長約 37%。公司總營收為 33 億美元，其中藥局解決方案營收為 30 億美元，年增 31%；供應商服務收入為 3.67 億美元，年增 9%。

Total company adjusted EBITDA of $160 million in the quarter grew 37% compared to the same period last year, driven by strength across the businesses. EBITDA margin for the company was 4.8%, which grew approximately 30 basis points compared to the third quarter of last year and up 30 basis points versus second quarter. Margin expansion was primarily driven by disciplined operating expense management and modest revenue mix shift within Pharmacy, with greater contribution from generics.

本季公司調整後 EBITDA 總額為 1.6 億美元，較去年同期成長 37%，主要得益於各業務的強勁表現。該公司 EBITDA 利潤率為 4.8%，比去年第三季成長約 30 個基點，比第二季成長 30 個基點。利潤率的提升主要得益於嚴格的營運費用管理和藥房收入結構的適度調整，其中仿製藥的貢獻更大。

On cash flow, the company realized over $100 million of cash flow from operations in the third quarter. Leverage declined to 3.3 times at the end of the quarter sooner than previously communicated expectations, with an updated goal of 3 times by year end, as is; and below 3 times pro forma for both the Amedisys and LHC Home Health branch acquisitions and the Community Living sale.

在現金流方面，該公司第三季實現了超過 1 億美元的營運活動現金流。截至季度末，槓桿率已降至 3.3 倍，比之前公佈的預期提前，並更新了目標，即到年底降至 3 倍；如果將 Amedisys 和 LHC 家庭健康分支機構的收購以及 Community Living 的出售計入備考數據，槓桿率將低於 3 倍。

The company continues to deliver growth, reflective of each business line executing on our internal goals.

公司持續成長，這反映出各個業務線都在執行我們的內部目標。

Given the third-quarter update today and current expectations for the fourth quarter of 2025, we are increasing total revenue and adjusted EBITDA guidance for 2025. A week ago, in the October 20 release, we increased our adjusted EBITDA guidance to a range of $605 million to $615 million, which compares to $590 million to $605 million communicated in August, following our second-quarter results.

鑑於今天公佈的第三季最新業績以及對 2025 年第四季的預期，我們提高了 2025 年的總收入和調整後 EBITDA 預期。一週前，在 10 月 20 日發布的公告中，我們將調整後的 EBITDA 預期提高至 6.05 億美元至 6.15 億美元，而 8 月公佈第二季業績後，我們給出的預期為 5.9 億美元至 6.05 億美元。

As a reminder: This 2025 guidance excludes Community Living and any M&A activity not yet closed. We continue to expect the Amedisys and LHC branches to close later this quarter and expect this to be immaterial to our 2025 results.

提醒：此 2025 年指導意見不包括社區生活和任何尚未完成的併購活動。我們仍然預計 Amedisys 和 LHC 分公司將在本季稍後關閉，並預計這將對我們 2025 年的業績產生無關緊要的影響。

We look forward to having the Amedisys and LHC colleagues join BrightSpring. Jen will discuss BrightSpring's third-quarter financial results and 2025 outlook in more detail, shortly.

我們期待Amedisys和LHC的同事們加入BrightSpring。Jen 稍後將更詳細地討論 BrightSpring 第三季的財務表現和 2025 年的展望。

At BrightSpring, we're focused on quality and continuous improvement in our people and services to deliver comparatively low-cost, timely, and attentive patient-centric care to complex populations. Quality and patient satisfaction scores across our service lines in the third quarter remained at very high levels.

在 BrightSpring，我們專注於提升員工和服務質量，不斷改進，為複雜的患者群體提供成本相對較低、及時周到、以患者為中心的護理。第三季度，我們各項服務的品質和病患滿意度評分均維持在非常高的水準。

In Home Health, 94% of our branches are at 4 stars or greater, with timely initiation of care at an industry-leading level of 99%.

在家庭健康領域，我們 94% 的分支機構達到 4 星或更高水平，及時啟動護理的比例達到行業領先的 99%。

In Hospice, we continue to be a top 5% ranked hospice program in the US, with a CAHPS overall hospice rating of 89%, up from 85% in the second quarter. Overall, Hospice quality index scores and the number of visits we provide patients per month, on average, remain well above national average.

在臨終關懷方面，我們繼續保持美國臨終關懷項目排名前 5% 的地位，CAHPS 總體臨終關懷評分為 89%，高於第二季度的 85%。整體而言，臨終關懷品質指數評分和我們每月為患者提供的探訪次數平均都遠高於全國平均。

In Rehab, our patient satisfaction scores remain exceptionally high.

在復健科，我們的病患滿意度評分一直非常高。

In Personal Care, we have strong internal client records and quality indicator audit scores, along with a satisfaction score of 4.54 out of 5.

在個人護理方面，我們擁有強大的內部客戶記錄和品質指標審查分數，以及 5 分制中的 4.54 分的滿意度評分。

In Infusion, our patient satisfaction score was approximately 95%. Our discharge rate due to completion of therapy was stable at 96%.

在輸液方面，我們的患者滿意度評分約為 95%。因治療完成而出院的患者比例穩定在 96%。

Home and Community Pharmacy demonstrated 99.5% order completeness and on-time delivery of 97.2%.

家庭和社區藥局的訂單完成率為 99.5%，準時交貨率為 97.2%。

In Specialty Pharmacy, our medication possession ratio remains much higher than the national average at approximately 95%. We have a time-to-first fill of 3.7 days.

在專科藥房，我們的藥品持有率遠高於全國平均水平，約 95%。首次灌裝時間為 3.7 天。

Our company continues to demonstrate high levels of execution and customer satisfaction across service lines.

我公司在各個服務領域持續展現出高水準的執行力和客戶滿意度。

Turning to the company's financial results by segment:

接下來我們來看看公司各業務部門的財務表現：

Total Pharmacy Solutions revenue grew 31% in the third quarter. Adjusted EBITDA grew 42% versus the prior year, with total Pharmacy census growth facilitating total Pharmacy script volume of $10.8 million in the quarter.

第三季度，藥局解決方案總收入成長了 31%。經調整的 EBITDA 比去年增加了 42%，藥局總入住率的成長帶動了該季度藥局處方總量達到 1,080 萬美元。

Though script volumes demonstrated strong growth in both Specialty and Infusion with over 30% script growth in the subsegment, total Pharmacy volumes declined 1% versus the prior year due to the majority of scripts being in Home and Community Pharmacy; a decline in the Home and Community Pharmacy total scripts dispensed due to divestitures associated with the customer that previously declared bankruptcy; as well as flu season beginning later in 2025 as compared to 2024; operational decisions made to exit specific uneconomic customers; and a difficult comparison to last year, when we added the same aforementioned customer in the third quarter.

儘管專科和輸液處方量均呈現強勁增長，其中該細分市場的處方量增長超過 30%，但由於以下原因，藥房總處方量較上年下降 1%：大部分處方來自家庭和社區藥房；由於與先前宣布破產的客戶相關的資產剝離，家庭和社區藥房的總處方量有所下降；2025 年開始時間為 2025 年流感季年有所推遲；為退出某些不盈利的客戶而做出的營運決策；以及與去年同期相比比較困難，因為我們在第三季度新增了上述同一客戶。

In the Specialty and Infusion business, revenue grew 42% year over year, which exceeded expectations. The performance in Specialty and Infusion was driven by limited distribution drug launches, generic drug utilization from conversions over the past year, strong commercial execution from the team, and excellent patient service.

在特種藥品和輸液業務方面，營收年增 42%，超出預期。專科和輸液業務的業績成長得益於有限分銷藥物的推出、過去一年中仿製藥的轉換利用、團隊強大的商業執行力以及卓越的患者服務。

Specialty scripts grew approximately 40% in the third quarter, driven by strength in both brand LDDs and generics. We ended Q3 with 144 LDDs, including 5 LDD launches in the quarter. Through the end of October, our LDD portfolio has now expanded to 145 therapies. We continue to expect 16 to 18 additional LDD launches over the next 12 to 18 months.

第三季度，特藥處方成長了約 40%，這主要得益於品牌 LDD 和仿製藥的強勁成長。第三季末，我們完成了 144 個 LDD，其中包括本季推出的 5 個 LDD。截至 10 月底，我們的 LDD 產品組合已擴展至 145 種療法。我們預計未來 12 至 18 個月內還將有 16 至 18 次 LDD 發射。

We are honored and proud to have been chosen as a preferred specialty pharmacy partner for these new therapies that are being utilized to treat a range of cancers and [rare orphan] diseases. We work diligently to deliver high-quality care to patients and gain the trust of manufacturers, prescribing physicians and patients to support long-term therapy innovation and growth.

我們很榮幸也很自豪能夠被選為這些新療法的首選專科藥房合作夥伴，這些療法正被用於治療一系列癌症和罕見孤兒病。我們努力為患者提供高品質的護理，並贏得製造商、處方醫生和患者的信任，以支持長期治療創新和發展。

Within Infusion, performance in the quarter was in line with expectations, driven by solid double-digit volume growth and continued benefit from operational improvements and procurement initiatives to streamline the business and improve profitability, with strong year-over-year EBITDA growth well into the double digits.

在輸液業務方面，本季業績符合預期，這得益於穩健的兩位數銷量增長，以及營運改善和採購舉措的持續效益，這些舉措旨在簡化業務並提高盈利能力，其中 EBITDA 同比增長強勁，達到兩位數。

Our strategy is a broad-based one, in terms of both acute and chronic therapies.

我們的策略是全面性的，涵蓋急性治療和慢性治療。

We remain excited about the acute market where we believe there exists a multibillion-dollar market, where our leadership team can leverage best practices and scale the business in new geographic markets efficiently. We also remain constructive on our ability to expand chronic-infused therapy offerings, as we look to innovate delivery to patients living with chronic disease.

我們仍然對這個充滿挑戰的市場感到興奮，我們相信這是一個價值數十億美元的市場，我們的領導團隊可以利用最佳實踐，有效地在新地域市場擴大業務規模。我們對擴大慢性輸注療法產品供應的能力仍然充滿信心，因為我們正在尋求創新方式，為患有慢性疾病的患者提供治療。

In Home and Community Pharmacy, revenue performance in the quarter was in line with our expectations. We continue to optimize the go-to-market strategy and customer mix to ensure profitable growth in attractive and targeted end markets.

家庭和社區藥局業務本季的營收表現符合我們的預期。我們將繼續優化市場進入策略和客戶組合，以確保在有吸引力的目標終端市場實現獲利成長。

Under a new and expanded leadership team, we continue to implement operational initiatives to augment efficiency with year-over-year EBITDA up, outside of several unusual items in the quarter. Over time, we expect to continue to expand our presence in target markets, with industry-leading operational processes, quality, and efficiency.

在新擴充的領導團隊的帶領下，我們繼續實施營運舉措以提高效率，除本季度幾個特殊項目外，EBITDA 同比增長。隨著時間的推移，我們期望繼續擴大在目標市場的份額，並擁有領先業界的營運流程、品質和效率。

Turning to the Provider segment, we are pleased by the performance across each of our service lines in the third quarter. Provider revenue grew 9% year over year. Segment adjusted EBITDA grew 16%, with a segment adjusted EBITDA margin in the quarter of 16.5%, up approximately 90 basis points year over year.

就服務提供者部分而言，我們對第三季各服務線的表現感到滿意。供應商營收年增 9%。分部調整後 EBITDA 成長 16%，分部調整後 EBITDA 利潤率為 16.5%，較去年同期成長約 90 個基點。

Home Health Care, which represents about 50% of the revenue in Provider segment and is comprised of Home Health, Hospice, and Primary Care, grew 12% year over year. The Home Health Care business continues to perform very well, driven by strong quality metrics and patient satisfaction scores, ongoing operational investments and advancements, de novo expansions. Preferred provider -- Medicare Advantage -- contracts are continuing to advance.

家庭醫療保健業務佔醫療服務提供者業務收入的約 50%，包括家庭醫療保健、臨終關懷和初級保健，年增 12%。家庭醫療保健業務持續表現良好，這得益於強勁的品質指標和患者滿意度評分、持續的營運投資和進步以及新的擴張。優選供應商——聯邦醫療保險優勢計劃——的合約正在不斷推進。

Average daily census in Home Health Care was 29,592 in the third quarter, representing a 3% increase year over year, with Hospice increased approximately 15% year over year in the quarter.

第三季家庭醫療保健的平均每日入住人數為 29,592 人，年增 3%；該季度臨終關懷的入住人數年增約 15%。

In the third quarter, Home Health settings in five states were awarded accreditation by the Accreditation Commission for Health Care or ACHC, reflecting compliance with ACHC standards and CMS's conditions of participation, highlighting our commitment to providing safe and high-quality care to patients.

第三季度，五個州的家庭健康機構獲得了醫療保健認證委員會 (ACHC) 的認證，這反映出我們符合 ACHC 標準和 CMS 的參與條件，突顯了我們致力於為患者提供安全、高品質的照護。

Home-based Primary Care also delivered solid growth in the quarter. We believe Primary Care at home remains a large opportunity, as we continue to build out the business, particularly as it relates to the benefits of our integrated services; and ACO and SNP payment models, which we continue to make steady progress on.

本季居家初級保健業務也實現了穩健成長。我們相信，隨著我們不斷拓展業務，居家初級保健仍然蘊藏著巨大的機遇，尤其是在我們整合服務的優勢方面；以及ACO和SNP支付模式方面，我們正穩步推進。

Moving to Rehab Care, which represented approximately 20% of Provider revenue in the third quarter, growth was 9% year over year, underpinned by 11% growth in person served and approximately 17% growth in hours billed in the core neuro rehab services.

復健護理業務在第三季度約佔供應商收入的 20%，年增 9%，這主要得益於服務人數增長 11% 以及核心神經復健服務計費小時數增長約 17%。

We have continued to see a long history of performance and positive momentum in the Rehab business. The expansion of our rehab into ALS and Home settings with Part B rehab for seniors is now ongoing, as we went live in the quarter with a key milestone and integrated Home Health and Rehab offering in ALS.

我們看到康復業務長期以來一直保持著良好的業績和積極的發展勢頭。我們目前正將復健服務擴展到 ALS 和家庭環境，並為老年人提供 B 部分復健服務。本季度，我們實現了一個重要的里程碑，推出了 ALS 綜合家庭健康和復健服務。

In Personal Care, which represented approximately 30% of Provider revenue in the third quarter, revenue grew 6%. Personal Care growth, operations, and performance remained very steady, including solid growth in person served.

在個人護理領域，該領域在第三季約佔供應商收入的 30%，收入成長了 6%。個人護理業務的成長、營運和業績保持非常穩定，包括服務人數的穩定成長。

Overall, we continue to realize and see many benefits from our high-value services in targeted markets, with one integrated and coordinated enterprise.

整體而言，我們透過一個整合協調的企業，在目標市場中持續獲得並看到高價值服務帶來的許多好處。

Finally, we are excited to announce that we will be hosting an Investor Day on March 17 in Louisville. We look forward to the opportunity to review our company strategy with the investment community, discuss each of our service lines, and outline the prospects for each in the years to come.

最後，我們很高興地宣布，我們將於 3 月 17 日在路易斯維爾舉辦投資者日。我們期待有機會與投資界一起審視我們的公司策略，討論我們的各項服務，並概述未來幾年各項服務的發展前景。

To close, we are pleased with BrightSpring's operating performance and financial results in the third quarter and the progress we have made, so far, in 2025. We look forward to entering 2026 from a position of strength, with continuing investments for long-term differentiation and sustainable growth across the organization.

最後，我們對 BrightSpring 第三季的營運表現和財務結果以及我們在 2025 年迄今為止的進展感到滿意。我們期待以強大的實力進入 2026 年，並繼續投資以實現整個組織的長期差異化和永續成長。

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

這樣，我就把電話交給珍了。

Thank you, Jon.

謝謝你，喬恩。

Before I discuss our financial results for the third quarter of 2025, I'd like to remind you that in the first quarter of this year, we began to record the Community Living business in discontinued operations, as indicated in the press release and 10-Q, to adhere to accounting standards required on an interim basis.

在討論我們 2025 年第三季度的財務業績之前，我想提醒各位，今年第一季度，我們開始將社區生活業務計入終止經營業務，正如新聞稿和 10-Q 表格中所述，這是為了遵守臨時會計準則的要求。

As such, all BrightSpring financial results and forecasts that I will discuss are related to continuing operations and exclude Community Living.

因此，我將要討論的所有 BrightSpring 財務表現和預測都與持續經營有關，不包括社區生活業務。

Management believes the presentation of the non-GAAP financials from continuing operations is a useful reflection of our current business performance.

管理階層認為，持續經營業務的非GAAP財務報表能有效反映我們目前的業務表現。

In the third quarter of 2025, total company revenue was $3.3 billion, representing 28% growth from the prior year period.

2025 年第三季度，公司總營收為 33 億美元，比上年同期成長 28%。

Pharmacy Solutions segment revenue in the quarter was $3.0 billion, achieving 31% year-over-year growth. Within the Pharmacy segment, Infusion and Specialty revenue was $2.4 billion, representing growth of 42% from prior year; and Home and Community Pharmacy revenue was $590 million, which was approximately flat year over year.

本季藥局解決方案部門的營收為 30 億美元，年增 31%。在藥局業務部門中，輸液和特藥收入為 24 億美元，比上年增長 42%；家庭和社區藥房收入為 5.9 億美元，與上年基本持平。

In the Provider Services segment, we reported revenue of $367 million in the third quarter, which represented 9% growth compared to the prior year. Within the Provider Services segment, Home Health Care reported $188 million in revenue, growing 12% versus last year. Rehab revenue was $76 million, growing 9% versus last year. Personal Care revenue was $102 million, representing growth of 6% year over year.

在服務提供者部門，我們第三季營收為 3.67 億美元，比上年同期成長 9%。在服務提供者板塊中，家庭醫療保健業務的收入為 1.88 億美元，比去年增長了 12%。康復收入為 7,600 萬美元，比去年增長 9%。個人護理業務收入為 1.02 億美元，年增 6%。

Moving down the P & L, third-quarter company gross profit was $392 million, representing growth of 21% compared with the third quarter of last year. Adjusted EBITDA for the total company was $160 million in the third quarter, an increase of 37% compared to the third quarter of 2024. Adjusted EPS for the total company was $0.30 for the third quarter.

從損益表來看，該公司第三季毛利為 3.92 億美元，比去年第三季成長了 21%。第三季公司調整後 EBITDA 為 1.6 億美元，比 2024 年第三季成長 37%。第三季公司調整後每股收益為 0.30 美元。

In the third quarter, continuous lean automation and efficiency programs at the company contributed to growth and margin improvement. We anticipate additional improvements in the fourth quarter from ongoing operational initiatives.

第三季度，公司持續推行的精益自動化和效率提升計畫促進了成長和利潤率的提高。我們預計第四季將透過持續的營運措施取得進一步改善。

Further, we have seen a positive impact in the third quarter and into Q4 from our targeted growth investments, including in recent Home Health volume, Hospice volume, Rehab volume, and an accelerating Infusion volume and growth in LDD and generics in the Specialty Oncology and Rare and Orphan Therapy business.

此外，我們在第三季和第四季看到了有針對性的成長投資帶來的正面影響，包括近期家庭健康業務量、臨終關懷業務量、復健業務量的成長，以及輸液業務量和專科腫瘤及罕見疾病和孤兒藥業務中 LDD 和仿製藥業務的加速成長。

Turning back to segment performance in the third quarter:

再來看第三季各業務板塊的表現：

Pharmacy Solutions's gross profit was $246 million, growing 30% compared with the third quarter of last year. Adjusted EBITDA for Pharmacy Solutions was $141 million for the third quarter, an increase of 42% compared to last year, representing an adjusted EBITDA margin of 4.8%, which was up approximately 40 basis points versus last year.

Pharmacy Solutions 的毛利為 2.46 億美元，比去年第三季成長了 30%。藥局解決方案業務第三季調整後 EBITDA 為 1.41 億美元，比去年同期成長 42%，調整後 EBITDA 利潤率為 4.8%，比去年同期成長約 40 個基點。

Provider Services's gross profit was $146 million, growing 9% versus the third quarter of last year. Adjusted EBITDA for Provider Services was $61 million for the third quarter, growing 16% versus last year, representing an adjusted EBITDA margin of 16.5%, up approximately 90 basis points versus last year.

供應商服務部門的毛利為 1.46 億美元，比去年第三季成長了 9%。第三季供應商服務調整後 EBITDA 為 6,100 萬美元，比去年同期成長 16%，調整後 EBITDA 利潤率為 16.5%，比去年同期成長約 90 個基點。

Not included in the company's reported adjusted EBITDA of $160 million, as previously stated, Community Living's adjusted EBITDA was an additional $40 million in the quarter, an increase of 18% from the prior year in this business.

如前所述，社區生活業務的調整後 EBITDA 未計入公司報告的 1.6 億美元調整後 EBITDA，該業務本季額外增加了 4000 萬美元，比去年同期增長了 18%。

On a total company basis, cash flow from operations was $108 million in the third quarter. We continue to expect to deliver over $300 million of annual run rate operating cash flow in 2025. We remain focused on improving our leverage ratio towards our year-end goal of below 3.0 times pro forma for both the pending Home Health acquisition and the Community Living divestiture.

第三季度，公司整體經營活動產生的現金流量為 1.08 億美元。我們仍然預計到 2025 年將實現超過 3 億美元的年度營運現金流。我們將繼續專注於改善槓桿率，以實現年底低於 3.0 倍的備考目標，這包括即將完成的家庭健康收購和社區生活剝離。

Our adjusted EBITDA growth, combined with our cash flow-generation during the quarter, has led to a leverage ratio at September 30 of 3.3 times. Longer term, with continued growth, execution, and cash flow-generation, we remain on track towards a leverage target of 2.5 times, which, at current trends, could be realized by mid or later next year, excluding acquisitions or other uses of cash.

本季調整後的 EBITDA 成長，加上現金流的產生，使得截至 9 月 30 日的槓桿率為 3.3 倍。從長遠來看，隨著持續成長、執行和現金流的產生，我們仍有望實現 2.5 倍的槓桿目標，按照目前的趨勢，在不考慮收購或其他現金用途的情況下，該目標可能在明年年中或明年晚些時候實現。

As of September 30, net debt outstanding was approximately $2.5 billion. As mentioned previously, in January, we expect to receive approximately $715 million of net cash proceeds from the $835 million of gross cash consideration in the pending Community Living sale.

截至9月30日，未償淨債務約25億美元。如前所述，我們預計在 1 月份，我們將從待決的社區生活出售交易的 8.35 億美元總現金對價中獲得約 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, which matured on September 30, 2025.

提醒：淨利息支出包括與我們已簽訂的三項可變利率固定利率互換協議相關的現金流量套期保值利息收入，這些協議將於 2025 年 9 月 30 日到期。

As part of our process to monitor and address risks, during the quarter, we entered into two three-year interest rate hedges, which are additional to the one-year extension that was entered into during the first quarter, providing stability to our interest rate risk through September 2028.

作為我們監控和應對風險流程的一部分，本季度我們簽訂了兩份三年期利率對沖合約，這是在第一季度簽訂的一年期延期合約之外的額外合約，使我們的利率風險在 2028 年 9 月之前保持穩定。

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

在從待決的社區生活資產剝離中獲得任何收益之前，預計季度利息支出仍約為 4,300 萬美元，其中包括與 TEU 工具相關的約 120 萬美元利息支出。

Turning to guidance for 2025 -- which excludes the Community Living business, as well as any acquisitions that have not yet closed -- total revenue is expected to be in the range of $12.5 billion to $12.8 billion, including Pharmacy Solutions revenue of $11.05 billion to $11.3 billion and Provider Services revenue of $1.45 billion to $1.5 billion. This revenue range reflects 24.1% to 27.1% growth over full-year 2024, excluding Community Living in both years.

展望 2025 年的業績指引（不包括社區生活業務以及任何尚未完成的收購），預計總收入將在 125 億美元至 128 億美元之間，其中包括藥房解決方案收入 110.5 億美元至 113 億美元，以及供應商服務收入 14.5 億美元至 15 億美元。此收入範圍反映 2024 年全年成長 24.1% 至 27.1%，不包括社區生活業務。

Total adjusted EBITDA is expected to be in the range of $605 million to $615 million for full-year 2025. This would reflect 31.5% to 33.7% growth over full-year 2024, excluding Community Living in both years.

預計 2025 年全年調整後 EBITDA 總額將在 6.05 億美元至 6.15 億美元之間。這將反映出 2024 年全年成長 31.5% 至 33.7%，不包括社區生活業務。

I will now turn it back to Jon.

現在我把麥克風交還給喬恩。

Thanks, Jen. Thank you for your time today to go through BrightSpring's third-quarter 2025 results.

謝謝你，珍。感謝您今天抽空審查 BrightSpring 2025 年第三季業績報告。

We will now open up the call for questions. Operator?

現在開始接受提問。操作員？

(Operator Instructions)

（操作說明）

AJ Rice, UBS.

AJ Rice，瑞銀集團。

Just one question and a follow-up, maybe.

可能就一個問題和一個後續問題。

On the discussion about the pacing of new drug launches, I know, for some time, you talked about 16 to 18 launches over an 18-month period. Earlier this year, you said that that pacing had -- you've seen that go in a year. I know, today, you made the comment that, looking ahead, you still see that 16 to 18 over the next 12 to 18 months.

關於新藥上市節奏的討論，我知道，您曾多次談到在 18 個月內推出 16 到 18 種新藥。今年早些時候，你說過那種節奏——你已經看到它在一年內發生了變化。我知道，今天你發表了評論，展望未來，你仍然認為未來 12 到 18 個月內會有 16 到 18 人。

I'm just trying to understand: Is the pacing of new drug launches that are relevant to you accelerating? Is it about what it's always been? If it's accelerated, is the pipeline still pretty robust?

我只是想了解：與您相關的新藥上市速度是否正在加速？它和以往一樣嗎？如果加快速度，這條管道還能保持相當的穩健性嗎？

AJ, how are you? Thanks for the question.

AJ，你好嗎？謝謝你的提問。

I think the pipeline remains unchanged, just given the magnitude of it, both in the next year and over the next five to seven years on the brand side.

我認為產品線不會改變，只是規模非常龐大，無論是在未來一年還是未來五到七年，品牌方面都會如此。

We have had probably one of our strongest years in terms of brand wins. Going back several years, it's been robust. But this year has been a very good year.

就品牌合作成功率而言，我們今年可能是業績最好的一年。過去幾年，它一直表現強勁。但今年是個非常好的年份。

We've seen some therapies come to market sooner. We've been in a good position to be a partner on most all of those therapies.

我們看到一些療法更早上市。我們一直處於有利地位，可以成為幾乎所有這些療法的合作夥伴。

So it has been a good year, a little bit ahead of expectations. But we still expect a similar number of the 15 to 18 over the next year, one-and-a-half years Nothing's really been pulled forward that would affect the future.

所以今年過得不錯，比預期略好。但我們仍預期未來一年半內會有類似數量的 15 至 18 人。目前還沒有什麼事情被提前，影響未來。

Some things happen a little bit sooner but the pipeline remains robust. As we go bottoms up, drug by drug, we still feel confident in that pace going forward.

有些事情發生得稍微快了一點，但整個流程依然穩健。我們一步一步地、逐一藥物地進行試驗，但我們仍然對目前的進展速度充滿信心。

Okay. And then, the follow-up question I was going to ask is, in your prepared comments about the pending transaction, I know you mentioned Amedisys and LHC branch acquisitions. It sounds like maybe what you're buying has changed a bit.

好的。然後，我原本想問的後續問題是，在您關於待決交易的準備好的評論中，我知道您提到了 Amedisys 和 LHC 分支機構的收購。聽起來你買的東西可能稍微有點變化。

Can you give us any specifics on, is it significantly bigger than what you were originally looking at? Or any other ways in which you ultimately are ending up buying has changed?

您能否具體說明一下，它是否比您最初考慮的要大得多？或者，你最終的購買方式是否發生了其他變化？

Yeah. There's always been some of the divested branches were LHC. But it's been the minority. So I think we've just, more or less, said Amedisys in the past. It is the significant majority of those branches.

是的。一直以來，一些被剝離的分支都參與了大型強子對撞機（LHC）計畫。但這畢竟是少數情況。所以我覺得我們過去或多或少都提到過Amedisys。這是這些分支機構中的絕大多數。

As United was working through all of its final agreements with the FTC, the (inaudible) did increase a little bit; not dramatically at all but a little bit. So there's been a handful more branches that have been included in the group in the past couple of months. We do expect that transaction to close in the quarter.

在美聯航與聯邦貿易委員會完成所有最終協議期間，（聽不清楚）確實略有增加；雖然增加幅度不大，但確實增加了一點。所以在過去的幾個月裡，又有幾家分公司被納入這個集團。我們預計該交易將在本季完成。

Do you have any early read on whether it will be accretive to '26? I know you said it would be neutral this year. Is it meaning any significant accretion next year? Is it neutral? How should we think about it?

您目前是否有任何關於它是否會對 2026 年的股價產生正面影響的預測？我知道你說過今年會保持中立。這是否意味著明年會有顯著的成長？它是中立的嗎？我們該如何看待這個問題？

I think accretion is a fair comment, yes.

我認為「堆積」這個說法很中肯。

David Larsen, BTIG.

David Larsen，BTIG。

Congratulations on a great quarter.

恭喜你們本季業績出色。

Can you talk about the sources of accretion for, like, the Amedisys transaction; or, quite frankly, any transaction, where do you drive the incremental margin and profit from, please?

您能否談談像 Amedisys 交易這樣的增值來源？或者坦白說，任何交易，您是如何獲得增量利潤和利潤的？

I'm trying to make sure I understand the question.

我正在努力確保我理解了這個問題。

We're limited on what we're able to disclose about this transaction, still, due to some of our agreements with the other party. I think it's fair to say that we would look to integrate the operations as seamlessly as we can.

由於我們與對方有一些協議，我們目前能夠披露的有關此次交易的資訊仍然有限。我認為可以公平地說，我們會盡力實現營運的無縫整合。

We've had a really good partner, which has enabled us to dialogue with the other side to make sure we do this as well as we possibly can.

我們有一個非常好的合作夥伴，這使我們能夠與對方進行對話，以確保我們盡可能完成這件事。

We're very excited about it. We're optimistic about applying some of our practices, some of our payer contracts, some of our IT and technology and people practices to the organization.

我們對此感到非常興奮。我們樂觀地認為，可以將我們的一些做法、一些付款方合約、一些 IT 和技術以及人事方面的做法應用到該組織中。

But look, it's well run; always has been well run. That's one of the things that we were very enthused about. We look forward to keeping up that consistency.

但是你看，它管理得很好；一直都管理得很好。這是我們非常熱衷的事情之一。我們期待繼續保持這種穩定的表現。

If there's any synergies that are really beneficial, really, more from a growth and efficiency perspective because we'll retain all the employees, for sure -- but if there's any other synergies in the technology area or other areas similar to those that we're able to drive on other acquisitions, we're certainly going to be planning and looking to do those.

如果存在真正有益的協同效應，尤其是在成長和效率方面，因為我們肯定會保留所有員工——但如果在技術領域或其他類似領域存在其他協同效應，就像我們在其他收購中能夠​​實現的那樣，我們肯定會計劃並尋求實現這些協同效應。

Okay. That's very helpful.

好的。那很有幫助。

And then, I think I'm calculating an EBITDA per script increase of 32% year over year. Is that correct? That sounds high, which is good, obviously.

然後，我認為我計算出的每張處方的 EBITDA 將年增 32%。是這樣嗎？聽起來很高，這顯然是好事。

Just any color around the sustainability of that growth rate and what some of the key drivers there would be.

只需圍繞這種成長率的可持續性以及一些關鍵驅動因素進行任何形式的探討即可。

Yeah. I think, directionally, that is accurate. It's really probably just a little bit higher on a per script adjusted EBITDA basis, from a pharmacy perspective.

是的。我認為，從方向上看，這個說法是準確的。從藥局的角度來看，以每張處方調整後的 EBITDA 計算，實際上可能只略高一些。

The sources of those changes are really mix. We've had higher growth in Specialty and Specialty scripts, which -- those are our highest gross profit and adjusted EBITDA scripts that we have.

這些變化的原因非常複雜。我們在專科藥品和專科處方藥方面取得了更高的成長，這些藥品是我們毛利和調整後 EBITDA 最高的藥品。

And so we -- as Jon mentioned in his prepared remarks -- had over 40% growth in Specialty scripts during the quarter. And so you see a mix impact associated with that.

因此，正如 Jon 在他準備好的演講稿中提到的那樣，我們本季的特藥處方量增加了 40% 以上。因此，你會看到與此相關的混合影響。

Great. One more quick one.

偉大的。最後一個快速的。

Can you just remind me, as a drug launches biosimilar or goes generic, how much of an earnings lift is there typically, in terms of margin per drug?

請問，當一種藥物推出生物相似藥或成為仿製藥時，通常每種藥物的利潤率會提高多少？

David, that's not really information that we really reference. But when a drug goes generic, I think it's common knowledge that there are more manufacturers. That reduces the procurement cost. Overall, the price of the drug comes down pretty dramatically.

大衛，那並不是我們真正會參考的資訊。但是當一種藥物成為仿製藥時，我想大家都知道會有更多生產商。這樣可以降低採購成本。總體而言，這種藥物的價格大幅下降。

But net-net, that's a very positive thing for all stakeholders and everybody in the industry. But, really, as a function of a lot more manufacturers typically able to provide the drug, you see a dynamic there, which is favorable to all stakeholders.

但總的來說，這對所有利害關係人和業內人士來說都是一件非常積極的事情。但實際上，由於更多製造商通常能夠提供這種藥物，你會看到對所有利益相關者都有利的動態。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Jon and Jen, just wanted to ask, obviously, in -- one of the big competitors in community and pharmacy would be Omnicare and they declared bankruptcy. Just curious to what do you think of that as an opportunity to pick up incremental share? What overlap in the markets are you there? Is that an opportunity to enter into new markets? Or is skilled nursing really maybe not that attractive to keep expanding into first?

Jon 和 Jen，我只是想問一下，很明顯——社區和藥房領域的主要競爭對手之一是 Omnicare，他們已經宣布破產了。我只是好奇，您認為這是一個獲取額外市場份額的機會嗎？你們那裡的市場有哪些重疊之處？這是進入新市場的機會嗎？或者說，專業護理領域真的沒有那麼大的吸引力，不值得優先發展？

Charles, I don't know that we have any view of that that's going to be material. As we understand it, it was really related to some litigation going a ways back, less to do with operational performance.

查爾斯，我不認為我們對此有任何實質的看法。據我們了解，這實際上與很久以前的一些訴訟有關，與營運績效關係不大。

But we're just very focused on our customers and our end markets. including some that we think are really interesting, like assisted living, behavioral, hospice, et cetera. That is where the majority -- the vast majority of our Home and Community Pharmacy EBITDA comes from.

但我們非常專注於我們的客戶和終端市場，包括一些我們認為非常有趣的市場，例如輔助生活、行為健康、臨終關懷等等。這就是我們家庭和社區藥局 EBITDA 的絕大部分來源。

I will take a second to talk a little bit further about the script growth in the quarter on the Hospice, on the Infusion, on the Specialty Pharmacy side -- all really, really strong growth; well, well, well into the double digits.

我再花一點時間進一步談談本季臨終關懷、輸液、專科藥房方面的處方增長情況——所有這些方面的增長都非常強勁；而且都達到了兩位數。

On the [SNF] side, just a few dynamics that will probably be dynamics for the next couple of quarters but doesn't impact anything, from an EBITDA standpoint.

在[SNF]方面，只有一些動態因素可能會在接下來的幾季中持續存在，但從EBITDA的角度來看，這些因素不會產生任何影響。

We signed a large customer last Q3, which, at the time, was a really great event. That's the customer that has subsequently declared bankruptcy. We've been unwinding some of those buildings. We've also taken the opportunity with the new leadership team to heavily scrutinize the customer base and make some decisions proactively about what we want to do there to make sure we don't ever encounter any payment issues or unprofitable customers.

我們在上個季度簽下了一位大客戶，這在當時是一件非常了不起的事。那位客戶後來宣布破產。我們一直在拆除其中一些建築物。我們還利用新領導團隊的機會，對客戶群進行了深入審查，並積極主動地決定我們想在那裡做些什麼，以確保我們永遠不會遇到任何付款問題或無利可圖的客戶。

And so we've been very proactive about that. It's been very constructive.

因此，我們在這方面一直非常積極主動。這次交流非常有建設性。

The flu season also started later this year. And so you have basically a huge customer that was coming online last Q3 that is going offline. From an EBITDA perspective, the business is doing extremely well, just given growth in the other markets and our focus on a lot of operational efficiencies.

今年的流感季也開始得比較晚。所以，基本上，一個原本在上個第三季上線的大客戶現在要下線了。從 EBITDA 的角度來看，鑑於其他市場的成長以及我們對提高營運效率的重視，公司業績非常出色。

And so -- but that's a dynamic that you'll see for the next quarter or two, as we work through just the timing element around that -- really, that one customer.

所以——但在接下來的一個季度或兩個季度裡，你會看到這種動態，因為我們需要解決圍繞那位客戶的時間表問題。

I think, importantly, we are growing and doing extremely well in the areas that matter; that drive EBITDA. We're extremely excited about Home and Community Pharmacy's prospects over the long term. Their EBITDA was up this quarter. I couldn't be more enthusiastic about a lot of the operational automation and AI efficiency projects in there, with the new team. Super excited about the business.

我認為，更重要的是，我們在那些推動 EBITDA 成長的領域中發展得非常好。我們對家庭和社區藥局的長期前景感到非常興奮。本季他們的 EBITDA 有所成長。我對新團隊負責的許多營運自動化和人工智慧效率專案感到無比興奮。我對這項事業充滿熱情。

But that is the dynamic, when you look at last Q3 versus this Q3 -- and since Home and Community scripts are 77% of the Pharmacy scripts, that's the net number for the year over year.

但這就是動態，當你比較去年第三季和今年第三季時——由於家庭和社區處方佔藥局處方的 77%，這是同比的淨數字。

But in some of our key service lines, exceptional performance; again, where we're looking to drive the most growth, with Home and Community being a play around targeted end markets and continued operational and automation improvement there.

但在我們的一些關鍵服務領域，表現非常出色；同樣，這些領域也是我們希望推動最大成長的領域，其中家庭和社區業務是圍繞目標終端市場展開的，並且我們將持續改善營運和自動化。

That's helpful. Just one follow-up on LDDs.

那很有幫助。關於LDDs，僅作一點後續說明。

Obviously, the FDA, I think there's been some concerns about the pace of drug approvals. I know that there were relatively fewer drug approvals in the first half of this year. Just curious what you're seeing, if you're starting to see that pick up, if that causes any concerns for you in terms of sort of the LDDs you have on deck in terms of timing.

顯然，我認為人們對FDA的藥品審批速度有些擔憂。我知道今年上半年獲準的藥品數量相對較少。我只是好奇你看到了什麼，如果你開始看到這種成長，這是否會對你即將推出的 LDD 的時機安排造成任何擔憂。

We haven't seen any impact. Our performance on the LDD side has really been a record year. The pipeline is as big as ever.

我們尚未看到任何影響。我們在LDD方面的表現確實創下了歷史新高。這條輸油管的規模依然龐大。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

This is Kieran Ryan, on for Pito.

這是基蘭·瑞安，他替補皮托上場。

Apologies if I missed something on this but I was wondering if you could provide a little more color on the breakout of the pharmacy guidance between SEC and Infusion and Home and Community but with a focus on what it implies for SNF and Infusion.

如果我遺漏了什麼，請見諒。我想請您更詳細地解釋一下藥房指南中關於 SEC 和輸液以及家庭和社區治療的劃分，重點是這對 SNF 和輸液治療意味著什麼。

I just wanted to see if maybe a little bit of the potential slowdown there in 4Q, if that was related to your comments on how it's been a record year on the branded side; and maybe that's normalizing a little bit.

我只是想看看，第四季度可能出現的些許放緩，是否與您之前提到的品牌銷售額創紀錄的一年有關；也許這種情況正在逐漸恢復正常。

What we would say is that we don't really see a slowdown. We did update our revenue guidance. When you look at that, I think you'll still see strong growth year over year. We do expect that in Q4.

我們想說的是，我們並沒有真正看到經濟放緩的跡象。我們更新了營收預期。從這個角度來看，我認為你仍然會看到逐年強勁成長。我們預計第四季會實現。

From a Pharmacy perspective, from a revenue standpoint, we did have, obviously, increased revenue guidance. That largely relates to the Specialty and Infusion business, as it relates to the continued strong growth from a scripts perspective that we continue to see in that business.

從藥局的角度來看，從收入的角度來看，我們顯然提高了收入預期。這主要與特藥和輸液業務有關，因為這與我們在該業務中持續看到的處方藥的強勁增長有關。

I would also add, though, that from a margin perspective or an EBITDA perspective, we have increased our guidance to include additional efficiencies in the projects that we had talked about earlier and throughout our script.

不過，我還想補充一點，從利潤率或 EBITDA 的角度來看，我們已經提高了預期，以納入我們先前在演講稿中提到的項目中的額外效率提升。

The operational projects that are going on, both Infusion and Home and Community Pharmacy, we do expect those to accelerate in Q4, as well.

目前正在進行的營運項目，包括輸液和家庭及社區藥房項目，我們預計這些項目在第四季度也會加速推進。

Got it. That's helpful.

知道了。那很有幫助。

And then, if you could just provide maybe a quick update on what you're seeing within M&A pipeline and your priorities there. I know it's mostly focused on the tuck-in style deals but just a quick refresher there would be helpful.

然後，您能否簡要介紹一下您目前在併購專案方面看到的情況以及您的優先事項？我知道它主要關注的是嵌入式交易，但快速回顧一下這方面的內容會很有幫助。

Yeah. That's right. Nothing imminent, outside of that; other than, obviously, the Amedisys, LHC transaction. So as we've been working through the Community Living divestiture and then, the Amedisys, LHC branch acquisition, we have just been focused on really small deals and target-attractive geographies that are highly accretive. That will probably continue, at least for another quarter or so.

是的。這是正確的。除此之外，暫時沒有其他消息；當然，Amedisys 收購 LHC 的交易除外。因此，在我們完成 Community Living 的剝離以及 Amedisys 和 LHC 分公司的收購的過程中，我們一直專注於規模很小的交易和目標極具吸引力且增值潛力巨大的地區。這種情況可能還會持續，至少還會持續一個季度左右。

There's nothing imminent, in terms of anything sizable. But our M & A strategy will remain primarily focused on accretive tuck-ins in target geographies and probably a little bit more activity in deals of a little bit higher size -- call it, in the $3 million to $10 million of EBITDA range. Those might start to get more focus again, as we get past these two transactions into next year.

就目前而言，沒有什麼大事即將發生。但是，我們的併購策略仍將主要集中在目標地區的增值收購上，並且可能會在規模稍大一些的交易中投入更多精力——比如說，在 EBITDA 為 300 萬至 1000 萬美元的範圍內。隨著這兩筆交易的完成，進入明年，這些方面可能會再次受到更多關注。

We remain open and flexible to something interesting, a little bit larger but certainly nothing transformational that's on our radar screen whatsoever, right now. We really like our current strategy; and where our organic growth is; and where the balance sheet is.

我們仍然對一些有趣的事情保持開放和靈活的態度，規模可以稍微大一些，但目前肯定沒有任何具有變革意義的事情在我們的考慮範圍內。我們非常滿意我們目前的策略；以及我們的有機成長點；還有我們的資產負債表狀況。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter.

恭喜你本季取得佳績。

Jon, maybe, as I think about generics, really quickly, since you touched on that in your prepared remarks, anything you can share with us in terms of the cadence of upcoming patent expirations in your portfolio; and, also, the dynamics in terms of the margin ramp? Like, what is the runway for margin ramping on a per script basis for a new generic launch?

Jon，關於仿製藥，我想快速地問一下，因為你在準備好的發言稿中提到了這一點，你能否和我們分享一下你產品組合中即將到期的專利的節奏；以及利潤率增長的動態情況？例如，對於新上市的仿製藥，每張處方藥的利潤成長空間有多大？

Yeah. I think some of the information, Brian, we've laid out publicly remains the same. We expect numerous more brand-to-generic conversions over the next couple of years, including a more significant one probably at the end of Q1 next year.

是的。布萊恩，我認為我們公開的一些資訊仍然保持不變。我們預計未來幾年會有更多品牌藥轉為仿製藥，其中明年第一季末可能會出現更大規模的轉藥。

We expect similar overall dynamics in these conversions that we've seen and experienced in the past and over the past 10 years.

我們預計這些轉換過程的整體動態將與我們過去 10 年所看到和經歷的類似。

So our ability to partner with manufacturers and win innovative new brand therapies; the very strong growth in our fee-for-service business in that business; and then, the steady stream of these brands-to-generics really all underpinned by our service levels and commercial team and efforts.

因此，我們能夠與製造商合作並贏得創新的新品牌療法；我們在該業務中的按服務收費業務實現了強勁增長；此外，這些品牌藥轉仿製藥的穩定增長，實際上都得益於我們的服務水平、商業團隊和努力。

I think it really remains very consistent as we look out, still, over the next five years. So I think the information that we've put out there publicly and in our slide deck remains our current view.

我認為展望未來五年，這種情況仍然會非常穩定。所以我認為，我們公開發布的資訊以及我們在幻燈片中呈現的資訊仍然是我們目前的觀點。

Got it. And then, Jon, just on the delay on the Community Living divestiture, anything you can share in terms of what that is or what caused that? Just anything we should be on the lookout for to get that closed?

知道了。那麼，Jon，關於社區生活資產剝離的延遲，您能否透露一下具體情況或造成延遲的原因？為了盡快關閉這個窗口，我們需要注意哪些方面？

Yeah. No, nothing unusual. Unfortunately, these processes can just take time these days. The recent government shutdown wasn't overly helpful.

是的。不，沒什麼異常。遺憾的是，如今這些流程往往需要時間。最近的政府停擺並沒有帶來太大幫助。

But we remain very optimistic that this will close in Q1. There were a handful of markets that the buyer needed to work through with the FTC, which is ongoing and seems very straightforward and is well down the path.

但我們仍然非常樂觀地認為，這將在第一季完成。買方需要與聯邦貿易委員會 (FTC) 協商解決一些市場問題，目前這些問題仍在解決中，看起來非常簡單明了，而且進展順利。

So we expect that to occur in Q1.

因此，我們預計這種情況會在第一季發生。

Ann Hynes, Mizuho.

安海恩斯，瑞穗。

Great. Just anything on the Washington front that we should be on the lookout in the next coming months, especially with a potential health care bill going through Congress at the end of December?

偉大的。接下來幾個月，華盛頓方面有什麼值得我們關注的事情嗎？特別是考慮到12月底國會可能會通過一項醫改法案？

Yeah. Ann, there's nothing too noteworthy, from our perspective, on that front. It's been pretty consistent over the last few months.

是的。安，從我們的角度來看，這方面沒有特別值得注意的事。過去幾個月來情況一直比較穩定。

On the Home Health rule, that's supposed to come out any day. It could be delayed a little bit due to the government shutdown.

關於居家照護規則，應該很快就會公佈。由於政府停擺，可能會稍有延遲。

While any potential -- if you look at what's historically happened and some strong industry advocacy, we expect to see some mitigation of the proposed cut in the final rule. While any cut is not a meaningful impact on us today, just given the percent of revenue and EBITDA that that business is, we'll navigate any rate changes pretty readily.

儘管有任何可能性——但如果你回顧歷史，並考慮到一些行業的強烈倡導，我們預計最終規則中將對擬議的削減做出一些緩解。雖然任何削減對我們目前而言都不會產生實質影響，但考慮到該業務在收入和 EBITDA 中所佔的百分比，我們將能夠相當輕鬆地應對任何費率變化。

Ultimately, these critical services need to be appropriately funded going forward. So we'll continue to be very vocal about that; try to educate where we can. We look forward to partnering with CMS as best possible on some aligned solutions there.

歸根究底，這些關鍵服務需要充足的資金支持。所以我們會繼續對此大聲疾呼；盡我們所能進行教育。我們期待與CMS在相關解決方案方面盡可能進行最佳的合作。

On the IRA front, we're very pleased that CMS sent a letter to the payers in the quarter directing them to account for the IRA and their 2026 pricing. We're also pleased to our advocacy on the hill and with the administration that we have a lot of champions who understand the unique impacts on LTC pharmacies from IRA. There's a bill in the House. There's one hitting the Senate soon.

在 IRA 方面，我們非常高興 CMS 在本季度向付款方發出了一封信函，指示他們考慮 IRA 及其 2026 年的定價。我們也很高興，透過我們在國會山莊和政府的遊說，我們有很多支持者，他們了解IRA對長期照護藥房的獨特影響。眾議院有一項法案。參議院很快就會有一項提案出爐。

But that said, there's a lot going on in DC up until the end of the year. Regardless of what happens, we feel like our internal mitigation plans, along with the strength of the breadth of the enterprise, put us in a really good situation. And so really no material update since how we framed that before.

但話說回來，直到年底，華盛頓特區還有很多事情要發生。無論發生什麼，我們都覺得我們內部的緩解計劃，加上企業的強大實力，使我們處於非常有利的地位。所以，自從我們之前描述的情況以來，實際上並沒有什麼實質的更新。

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

I wanted to drill down on the EBITDA guidance raise. You raised the outlook a bit more than the beat on the quarter. From Jennifer's comments, it sounds like that reflects the combination of core performance and then pulling through some efficiency efforts. Was that about the components of the change?

我想深入了解一下 EBITDA 預期上調的原因。你上調了預期，但並未超出季度業績預期。從珍妮佛的評論來看，這似乎反映了核心表現的提升以及隨後在提高效率方面所做的努力。那是指變革的組成部分嗎？

That is correct, yes.

沒錯，確實如此。

Okay. And then, as a quick follow-up, I think, in the past, you've talked about being conservative with the value-based care accruals but you have some potential shared savings to go get. I just wanted to see if there's been any change in thinking there; if there's still some potential to pull through, some shared savings at some point later in the year.

好的。然後，我想快速補充一點，過去您曾談到要對基於價值的醫療保健收益保持保守態度，但您還有一些潛在的共享節省可以爭取。我只是想看看他們的想法是否有所改變；是否還有可能渡過難關，並在今年晚些時候實現一些共同的節省。

Yeah. I think, at this point, we've gained clarity that we will get some shared savings there. But that -- after receiving news about last year, here, just very recently -- looks to be probably a little bit of opportunity there that will be realized.

是的。我認為，目前我們已經明確，我們將從中獲得一些共享收益。但是，在最近收到有關去年情況的消息後，看來那裡可能存在一些機會，而且這些機會將會實現。

Joanna Gajuk, Bank of America.

Joanna Gajuk，美國銀行。

A couple of follow-ups.

還有一些後續問題。

First, I appreciate the comments around the acquisition of the assets from Amedisys and LHC will be accretive next year. But anything else we should be thinking about heading into next year in terms of any high-level tailwinds and headwinds? I'll stop here.

首先，我讚賞關於收購 Amedisys 和 LHC 資產的評論，認為這將在明年帶來收益成長。但就明年可能出現的高層次順風和逆風而言，我們還應該考慮哪些其他因素呢？我就說到這裡吧。

Yeah. Hey, Joanna.

是的。嗨，喬安娜。

Look, I think there's been just real consistency throughout the year. Certainly, as we sit here today, we expect that to continue.

你看，我覺得這一年一直都很穩定。當然，就我們今天坐在這裡的情況來看，我們預計這種情況還會持續下去。

Really, something we've seen all year long, every quarter, is each service line is performing really well, individually. I would say here more recently, a lot of our efforts, as we've talked about in Infusion, in the past 18 months or so are bearing fruit. Extremely excited about that being a real tailwind for next year.

事實上，我們全年每季都看到，每個服務線單獨來看都表現得非常好。我想說的是，最近我們所做的許多努力，正如我們在 Infusion 節目中討論的那樣，在過去 18 個月左右的時間裡都取得了成果。非常興奮，這將成為明年的一大利好因素。

Hospice continues to perform extremely well. That rate increase will go into effect in Q4.

臨終關懷服務持續表現優異。該利率上調將於第四季生效。

Obviously, some of the momentum around the LDDs and the conversions on the Specialty side.

顯然，一些勢頭來自 LDD 和專業領域的轉換。

Home Health, with the acquisition of the divested branches, a lot of great things going on there in the business, too, including automation initiatives, hiring a new sales team.

家庭健康業務，隨著剝離分支機構的收購，該業務也發生了很多好事，包括自動化計劃和招募新的銷售團隊。

We had the best admissions month ever in September in Home Health. That's where we have a new sales leadership team in place.

9月份，家庭護理部門的入院人數創下歷史新高。我們在那裡組建了一支新的銷售領導團隊。

We're tracking, right now, to have our biggest customer win in a quarter ever in Home and Community Pharmacy. We're excited about that.

目前，我們正朝著家庭和社區藥局領域有史以來單季最大的客戶簽約目標穩步邁進。我們對此感到興奮。

As Jen mentioned, we are really investing heavily. We've always had a focus on lean, continuous improvement and efficiency. We're just continuing to invest there.

正如Jen所提到的，我們確實投入了大量資金。我們一直注重精益化、持續改善和提高效率。我們只是在繼續加大對那裡的投資。

We -- as maybe mentioned last quarter, I can't remember --have a new CTO. We're building out an internal AI team that is well underway. We've got all of our projects identified. We're also working with outside vendors on AI implementations.

我們——或許上個季度提到過，我記不清了——有了一位新的技術長。我們正在組建內部人工智慧團隊，目前進展順利。我們已經確定了所有項目。我們也正在與外部供應商合作進行人工智慧的實施。

And so, look, from a growth and from an efficiency standpoint, we just continue to push as hard as we can. A lot of positives there.

所以，從成長和效率的角度來看，我們將繼續盡我們所能地努力。有很多積極的方面。

I would also note just the balance sheet and where that's gotten to here. Even a quarter ago, we were sitting at about 3.64ntimes leverage. Now, we're at 3.31 times. That's a pretty good decline in a quarter. I think a quarter ago, we were talking more about 3.5 times year-end leverage. Now, our view is 3 times, 3.0 times year end.

我還要特別指出資產負債表以及它目前的狀況。即使在三個月前，我們的槓桿率也達到了約 3.64 倍。現在，我們已經達到 3.31 倍了。這是一個季度內相當大的降幅。我認為三個月前，我們還在討論年末槓桿率3.5倍的問題。現在，我們的觀點是 3 倍，3.0 倍年末。

We were talking about getting down to 3.0 times after the Community Living sale. Now, we think that puts us well below 3 times, when the Community Living transaction closes, even net of the Amedisys and LHC acquisition.

我們當時正在討論在社區生活出售後將倍數降至 3.0 倍。現在，我們認為，即使扣除 Amedisys 和 LHC 的收購，Community Living 交易完成後，我們的本益比也將遠低於 3 倍。

So we just feel really good and are enthusiastic about our progress on the balance sheet; and being at or quite a bit below 3 times leverage at the end of the year on the other side of that Community Living divestiture.

因此，我們感覺非常好，對資產負債表的進展感到振奮；而且在完成社區生活資產剝離後，年底的槓桿率將達到或遠低於 3 倍。

We also have been talking about $300 million of OCF this year. That number is probably more, like, $375 million, maybe a little bit more; probably $260 million, $270 million of free cash flow before debt, amort.

我們今年也一直在討論3億美元的營運現金流。這個數字可能更接近 3.75 億美元，甚至更多；在償還債務和攤銷之前，自由現金流可能達到 2.6 億美元或 2.7 億美元。

So a lot of focus in the organization, too, on the balance sheet around cash flow. That's been really positive.

因此，公司也非常關注現金流方面的資產負債表。這確實是一個正面的信號。

If I may, a couple of follow-ups.

如果可以的話，我想問幾個後續問題。

On this comment about Infusion, right, you sound very excited about this. I guess you've been growing it nicely. But as we think about the Pharmacy segment, in totality; or maybe the Specialty Infusion -- but the Pharmacy segment, the revenue is going to grow more than 25% this year, right? So how should we think about your ability to grow on top of this fast growing into next year?

關於 Infusion 的這篇評論，聽起來你對此感到非常興奮。看來你把它養得很好。但如果我們整體考慮藥房業務，或特殊輸液業務——但就藥房業務而言，今年的收入成長將超過 25%，對吧？那麼，我們該如何看待你明年在這種快速成長勢頭基礎上繼續發展的能力呢？

From an Infusion standpoint, obviously, as they're growing faster than they are today, we would -- so Specialty, we don't see any changes as it stands today. We don't see significant changes to their pace of growth.

從輸液的角度來看，顯然，由於他們的成長速度比現在更快，我們會——所以就目前而言，我們看不到任何變化。我們沒有看到它們的成長速度有顯著變化。

We do see Infusion accelerating. So we think that provides a little bit of a tailwind for us into next year.

我們確實看到輸液速度加快。所以我們認為這會對我們明年的發展有一定的推動作用。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

A couple of questions.

幾個問題。

First one is bigger picture. Just, can you speak to some of the future opportunities across Pharmacy Solutions and, specifically, Specialty Pharmacy. The focus has been on oncology but can you speak to rare disease or other areas; and, also, the opportunity around some of those value-added manufacturer biopharma services and the respective margins associated with some of those opportunities evolving over time?

首先是著眼於大局。您能否談談藥局解決方案，特別是專科藥局領域的一些未來機會？目前主要關注腫瘤學，但您能否談談罕見疾病或其他領域？此外，您能否談談一些增值型生物製藥製造商服務的機遇，以及隨著時間的推移，這些機會相關的利潤率會如何變化？

Yes. Thanks, Erin.

是的。謝謝你，艾琳。

Those are all accurate. We do do quite a bit of the rare and orphan therapies today. Quite a few of those are in the oncology space, too. That is certainly a big focus, whether it's inside or outside of oncology. We'll continue to do that.

這些都準確無誤。如今，我們確實開展了相當多的罕見疾病和孤兒病治療。其中不少也與腫瘤學領域有關。這無疑是一個重要的關注點，無論是在腫瘤學領域內外。我們會繼續這樣做。

The fee-for-service business, whether it's data agreements, clinical hubs, or other programs with pharma, it's been good to see that continue to gain a ton of traction over the last couple of years. It's become a meaningful piece of EBITDA in the business. We expect that to continue with a lot more launches next year of programs with them.

按服務收費的業務，無論是數據協議、臨床中心還是與製藥公司的其他合作項目，在過去幾年中都獲得了巨大的發展勢頭，這令人欣慰。它已成為公司 EBITDA 的重要組成部分。我們預計明年將與他們合作推出更多項目。

On the Infusion -- with manufacturers. On the Infusion side, we are really trying to grow both acute and chronic therapies.

輸液－與製造商合作。在輸液治療方面，我們正在努力發展急性和慢性治療。

Acute is a very big market, multibillion-dollar market in the US. Some folks have stepped away from that market. It can be more operationally challenging. We are leaning into that. We saw the benefits of that in Q3. It was a big part of our growth rate.

在美國，急性護理是一個非常大的市場，一個價值數十億美元的市場。有些人已經退出了這個市場。在操作上可能更具挑戰性。我們正在朝著這個方向努力。我們在第三季看到了這種做法帶來的好處。它對我們成長率的提升起到了很大的作用。

And then, really, focusing on customized programs for chronic therapies, including some LDDs on the infusion side. That's really where we're spending a lot of time.

然後，真正專注於慢性病治療的客製化方案，包括輸液方面的一些 LDD。我們確實把很多時間都花在這方面了。

And then, in Home and Community Pharmacy, some of these markets like assisted living, IBD, behavioral hospice, and [PACE] can still be significantly bigger for us, from a market share perspective. We're excited about that.

然後，在家庭和社區藥局領域，從市場份額的角度來看，一些市場，如輔助生活、IBD、行為臨終關懷和[PACE]，對我們來說仍然可能更大。我們對此感到興奮。

Writ large, then, across all of the pharmacies; just a large focus on process and efficiency in the organization, deploying automation, deploying AI throughout the businesses to try to be as efficient as we possibly can and to try to leverage our scale as much as we possibly can.

從整體來看，在所有藥局中，我們都非常注重流程和效率，在整個業務中部署自動化和人工智慧，以盡可能提高效率，並盡可能利用我們的規模優勢。

So I think quite a few growth drivers within each one of the businesses. A constant across all of them is the process and automation work that we're doing. think the net of that makes us really enthusiastic about next year and the coming years.

所以我認為每個企業內部都存在著相當多的成長驅動因素。所有這些工作的共同點是我們正在進行的流程和自動化工作。我認為這些工作的綜合結果讓我們對明年以及未來幾年充滿信心。

Okay. Great. And then, can you speak to what percentage of the portfolio is now more directly tied to drug pricing dynamics with potential MFN pricing; as well as you spoke to IRA earlier, which we spoke to, I think, at length before.

好的。偉大的。那麼，您能否談談目前投資組合中與藥品定價動態（包括潛在的最惠國待遇定價）直接相關的百分比？您之前也談到了IRA，我認為我們之前已經就此進行了深入的討論。

But what percentage of the book would be branded therapeutics that would be potentially exposed?

但這本書中有多少比例的內容是可能被曝光的品牌治療藥物呢？

Yes. The fee-for-service part of what we do is still the minority, the far minority. But as we've talked about before, we do our best to drive generic utilization for the industry, which is positive and good for all stakeholders.

是的。我們業務中按服務收費的部分仍然是少數，非常少數。但正如我們之前討論過的，我們會盡最大努力推動行業通用藥物的使用，這對所有利益相關者來說都是積極的、有益的。

We also have a lot of our therapies, for example, in acute, which is immune from any of this discussion, too.

例如，我們的許多療法都是針對急性疾病的，因此也不受這些討論的影響。

So if you look across the breadth of our portfolio, branded GP is not the majority, just given the diversification of what we do.

因此，縱觀我們的投資組合，品牌GP並非主流，這主要是因為我們業務的多元化。

And then, as it relates to things like DTC, our Pharmacy services are really to complex and high-acuity patients and, often, very local, with significant clinical support needs. So they really don't lend themselves to DTC.

此外，就 DTC 等業務而言，我們的藥房服務實際上是為病情複雜、病情嚴重的患者提供的，而且通常服務範圍非常有限，需要大量的臨床支援。所以它們其實不適合直接面對消費者的銷售模式。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

Obviously, the sequential progress you made on margins in the Pharmacy business has been really notable. It sounds like you're expecting that to continue in the fourth quarter, based on the guidance that you've given.

顯然，你們在藥局業務利潤率方面取得的持續進步非常顯著。根據您給出的指引，聽起來您預計這種情況將在第四季度繼續下去。

And then, broadly, you're describing the conditions around further progress on LDDs; and further, the generic dynamics continuing in 2026.

然後，總的來說，您描述了 LDD 進一步取得進展的條件；此外，還描述了 2026 年的整體動態。

How do you think about the trajectory of margins exiting this year and opportunity for further improvement in Fy26?

您如何看待今年利潤率的發展軌跡以及2026財年進一步提升的機會？

Yeah. From a guidance perspective, margins in Q4 are expected to be higher than what we've seen in the last couple of quarters. Q4 tends to be our highest margin quarter for a number of different reasons.

是的。從業績預期來看，第四季的利潤率預計將高於過去幾季的水平。由於多種原因，第四季往往是我們利潤率最高的季度。

But we do see continued growth in our different businesses that -- and different mix of products -- will cause Q4 to be a slightly higher margin, landing us, from an annual perspective, slightly higher as indicated in the guidance.

但我們看到，我們各項業務將持續成長，產品組合也將有所變化，這將使第四季度的利潤率略有提高，從年度角度來看，我們的業績也將如預期那樣略有增長。

I would just say, from an enterprise perspective, as we think about margins, it's a lot of these lean and efficiency and operational initiatives that we continue to drive across the organization, which will be really helpful. As Provider grows, they have a higher margin.

我想從企業角度來看，當我們考慮利潤率時，我們會繼續在整個組織內推進許多精實、效率提升和營運方面的舉措，這將非常有幫助。隨著供應商規模的擴大，其利潤率也會提高。

Some of our -- a lot of our acquisitions with synergies come over; as a result, pro forma with a higher margin. So we're really focused on being efficient in the organization, while also providing as best quality as we possibly can and leveraging that quality where we can to partner with payers in preferred ways to help with appropriate and more enhanced rates, too.

我們的一些－許多具有綜效的收購都會帶來綜效；因此，以備考資料計算，利潤率會更高。因此，我們非常注重提高組織效率，同時盡可能提供最好的質量，並儘可能利用這種品質與付款方建立更有利的合作關係，以幫助獲得更合適、更優的費率。

So margin, fundamentally, obviously, is a key function of mix; but some very intentional efforts across the organization to try to make sure we're operating as smoothly and efficiently as we can.

因此，利潤率從根本上來說顯然是產品組合的關鍵因素；但整個組織都在有意識地努力確保我們盡可能順利且有效率地運作。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Congrats on another great quarter.

偉大的。恭喜又一個季度業績出色！

Just from a high level, quickly -- I really appreciate all the color. Things sound really good.

從宏觀角度快速概括一下——我真的很欣賞所有的色彩。聽起來一切都很順利。

Just your visibility, as we look out -- Jon, I know maybe you'll share some of this too, coming up in March. But as we look out three to five years, maybe this 30% or even 40% volume growth this quarter, that's not sustainable.

只是希望你能關注我們——喬恩，我知道你或許也會在三月分享一些這方面的內容。但展望未來三到五年，本季 30% 甚至 40% 的銷售成長可能並不可持續。

But from a high level -- I know you've spoken about double-digit growth in Pharmacy Solutions going forward. Clearly, that seems very attainable.

但從宏觀層面來看——我知道您曾談到藥房解決方案未來將實現兩位數的成長。顯然，這似乎完全可以實現。

But how do we -- can we continue to grow at these rapid 25%, 30% levels? Or directionally, do we -- the Street is coming down to low double digits as we look out over the next few years, where do we think we end up? Is it closer to that? Or clearly, maybe this 30% is not sustainable. But can we continue to grow at well over the low double-digit rate?

但是，我們如何－我們能否繼續維持25%、30%的快速成長水準？或者從方向上看，我們——華爾街正在跌至兩位數低位，展望未來幾年，我們認為最終會走向何方？更接近那個嗎？或者很顯然，這 30% 的比例可能無法持續。但我們能否繼續保持遠高於兩位數低水準的成長速度？

Any color on that would be great.

任何顏色都行。

Yeah. It's a good question. Obviously, one we spend a ton of time thinking about.

是的。這是個好問題。顯然，這是我們花大量時間思考的問題。

Our historical CAGR going back really a decade now has been about 15%. It's been higher than that in the last couple of years. That's been a function of a lot of things.

過去十年來，我們的年複合成長率約為 15%。過去幾年，這個數字一直高於此。這取決於很多因素。

We've really tried to assemble a platform that we feel like is well positioned; in particular, comparatively well positioned for the future in a lot of different environments.

我們確實努力打造了一個我們認為定位良好的平台；尤其是在未來許多不同的環境中，這個平台都有相對良好的定位。

And so one of the reasons why corporate was up a little bit in the quarter and has been up this year, we continue to make investments for the future.

因此，本季公司業績略有成長，今年業績持續成長的原因之一是，我們繼續為未來進行投資。

For example, building out an AI team and hiring very real people from the tech world to do that. These are things that we're going to continue to do: investing in new marketers and numerous of our businesses, heavily investing in our development teams. And so we will continue to do that.

例如，組成一個人工智慧團隊，並從科技界聘請真正的人才來做這件事。我們將繼續做以下這些事情：投資新的行銷人員和眾多業務，大力投資我們的開發團隊。所以我們會繼續這樣做。

Hard to -- really, impossible, I think, to sit back today and say you would expect these growth rates over the next four to five years. I don't know who would say that. But we don't.

很難——真的，我認為，現在就斷言未來四到五年內會是這樣的成長率是不可能的。我不知道是誰會這麼說。但我們沒有。

As we sit here today -- and we've got to get through Q1, obviously -- I think it is fair to say, based on everything we know, we would expect to grow again next year well above that historical CAGR. We'll see.

就我們目前的情況來看——顯然，我們還要熬過第一季——我認為可以公平地說，根據我們目前掌握的所有信息，我們預計明年的增長將遠高於歷史複合年增長率。我們拭目以待。

But as we look at each one of the businesses, other than maybe Personal Care, we aspire to grow at or above 20% in every business. We really try to do that based on quality; operational process; and then, really, educating and advocating for these services for as many patients as we can to drive better outcomes and lower cost in the industry.

但當我們審視其他各項業務時，除了個人護理業務之外，我們希望每項業務都能達到 20% 或以上的成長。我們努力做到品質至上；營運流程優化；然後，盡可能多地向患者普及和推廣這些服務，以期在業界取得更好的治療效果並降低成本。

That's really what we're passionate about. Some of the businesses, from time to time, have opportunities to do better than our internal goals. Some of them might fall a little bit short. But we always set a really high bar.

那才是我們真正熱衷的事。有些業務有時有機會做得比我們內部目標更好。有些可能略有不足。但我們始終設定很高的標準。

We like the markets we're in. We've tried to really curate what we do pretty well. I think we will get acceleration in the future from more and more integrated care across our platform.

我們喜歡我們所在的市場。我們一直努力把我們所做的一切都做到盡善盡美。我認為，未來隨著我們平台上的醫療服務整合程度越來越高，我們將獲得加速發展。

We're just getting into some ALS now with a combined offering, which is very well received. I do think Primary Care and some value-based contracting, which is all upside, will continue to scale.

我們現在開始採用聯合療法治療肌萎縮性側索硬化症（ALS），這種療法非常受歡迎。我認為初級保健和一些基於價值的合約（這些都是利好因素）將會繼續擴大規模。

So we think about the business in terms of core growth and strategic growth:

因此，我們從核心成長和策略成長的角度來考慮業務：

Core growth is each and every one of our businesses having very clear objectives over the one-, three-, five-year time lines. And then, we think about strategic growth being things like Home-based Primary Care, value-based care contracts -- pulling it all together; things like integrated selling into ALS; things like building out AI products, et cetera. So -- and it all really makes a lot of sense and fits together well within the constellation of assets that we have.

核心成長是​​指我們所有業務在未來一年、三年、五年內都有非常明確的目標。然後，我們認為策略性成長包括居家初級保健、基於價值的醫療合約——將所有這些整合起來；包括將銷售整合到 ALS 中；包括開發人工智慧產品等等。所以——這一切都非常有意義，並且與我們擁有的資產組合完美契合。

Look, as we sit here today, as we said on the call, we think we're in a good position, heading into next year. We learned a lot more in Q1.

你看，正如我們今天在電話會議上所說，我們認為我們處於一個良好的位置，迎接明年的到來。我們在第一季學到了很多。

But we're very optimistic. We'll continue to do what we can to grow the platform as best we can, leveraging numerous different businesses that all have really attractive opportunities; driving some strategic growth; and then, all the while, trying to drive a lot of these operational and technology investments and innovation throughout the organization.

但我們非常樂觀。我們將繼續盡我們所能發展壯大平台，利用眾多具有極具吸引力機會的不同業務；推動一些策略成長；同時，努力在整個組織內推動大量的營運和技術投資與創新。

Great. I appreciate that color. Really helpful.

偉大的。我喜歡這個顏色。真的很有幫助。

Just, quickly, on the bankruptcy in Home and Community, is that actually a little bit of a drag on EBITDA in this quarter, maybe for the next couple?

關於 Home and Community 的破產，能否快速地對本季甚至接下來幾季的 EBITDA 造成一些拖累？

No. We don't expect it to be, whatsoever. That was announced in the last quarter. I think, based on the strength of our platform and our diversification, it was a non-event for us in Q2. We talked about that.

不。我們完全不認為會是這樣。那是上個季度宣布的。我認為，基於我們平台的實力和多元化發展，第二季對我們來說並沒有發生什麼大事。我們談過這件事。

I only mention it because that's part of the reason why the Home and Community scripts had a tough year-over-year comp, just given we were coming on to that contract last Q3. Now, we're going off. And so that's that.

我之所以提到這一點，是因為這是我們在上個季度第三季開始簽訂合約時，家庭和社區劇本同比表現不佳的部分原因。現在，我們要出發了。事情就是這樣。

But, really, attractive growth within all of our Pharmacy businesses and the ones that matter the most across Specialty Infusion, Hospice, behavioral, et cetera.

但實際上，我們所有藥房業務，尤其是專科輸液、臨終關懷、行為健康等最重要的業務，都實現了可觀的成長。

in Home and Community Pharmacy, we're seeing -- right now, our pipeline has us looking at our biggest customer signing in three to four or years.

在家庭和社區藥局領域，我們看到——目前，我們的專案儲備正讓我們期待在未來三到四年內與我們最大的客戶簽約。

So things are moving in a really good direction. One of the things, surely, we will talk about at the Investor Day is how much automation and process innovation is going into that Pharmacy business today, which is going to be extremely constructive.

所以事情正朝著非常好的方向發展。我們肯定會在投資者日上討論的一個問題是，如今藥房行業正在經歷多少自動化和流程創新，這將具有極大的建設性意義。

We have no further questions at this time.

目前我們沒有其他問題。

I'd like to turn it back to Jon Rousseau for closing remarks.

我想把時間交還給 Jon Rousseau，讓他做總結發言。

Yeah. Thank you for the time today, everybody. We appreciate the interest in the company. Thank you for all the questions.

是的。謝謝大家今天抽出時間。我們感謝大家對我們公司的關注。謝謝大家提出的所有問題。

We look forward to talking with you again in another quarter. Have a great rest of the day.

我們期待在下個季度再次與您交流。祝您今天餘下的時間過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。