Concentra Group Holdings Parent Inc (CON) 2024 Q4 法說會逐字稿

Good morning, and thank you for joining us today for Concentra Group Holdings Parent, Inc. earnings conference call to discuss the fourth quarter and full year 2024 results as well as some important company updates. Speaking today are the company's Chief Executive Officer, Keith Newton; and the company's President and Chief Financial Officer, Matt DiCanio. Management will give you an overview and then open the call for questions.

早安，感謝您今天參加 Concentra Group Holdings Parent, Inc. 收益電話會議，討論第四季度和 2024 年全年業績以及一些重要的公司更新。今天發言的有該公司的執行長 Keith Newton；以及公司總裁兼財務長馬特·迪卡尼奧（Matt DiCanio）。管理層將向您提供概述，然後開始提問。

Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events or the future financial performance of the company including, without limitation, statements regarding operating results, growth opportunities and other statements that refer to Concentra's plans, expectations, strategies, intentions and beliefs. These forward-looking statements are based on the information available to management of Concentra today, and the company assumes no obligation to update these statements as circumstances change.

在開始之前，我們想提醒您，本次電話會議可能包含有關未來事件或公司未來財務業績的前瞻性陳述，包括但不限於有關經營業績、成長機會和其他涉及 Concentra 的計劃、期望、策略、意圖和信念的陳述。這些前瞻性陳述是基於 Concentra 管理層目前掌握的信息，公司不承擔隨著情況變化更新這些陳述的義務。

At this time, I would like to turn the conference call over to Mr. Keith Newton.

現在，我想將電話會議轉給 Keith Newton 先生。

Thanks, operator. Good morning, everyone. Welcome to Concentra's fourth quarter 2024 earnings call. If you recall from our conference call in January, we touched on three key developments: the preliminary release of our Q4 and full year 2024 financial results, the signing of the Nova Medical Centers acquisition, and our financial outlook for 2025. Today, we'll provide updates and more color on each of those topics and set the stage for the year ahead.

謝謝，接線生。大家早安。歡迎參加 Concentra 2024 年第四季財報電話會議。如果您還記得我們一月份的電話會議，我們談到了三個關鍵進展：初步發布我們的 2024 年第四季度和全年財務業績、簽署 Nova Medical Centers 收購協議以及我們對 2025 年的財務展望。今天，我們將針對每個主題提供更新和更多內容，為來年做好準備。

Before we do that, I'd like to express my sincere gratitude to all of Concentra's colleagues, patients, employer customers, ecosystem partners, and investors. 2024 was a transformative year with our successful IPO, a spin-off from Select Medical, solid growth and financial performance, and continued execution on our strategic initiatives.

在此之前，我想向 Concentra 的所有同事、患者、雇主客戶、生態系統合作夥伴和投資者表達誠摯的感謝。 2024 年是轉型的一年，我們成功實現 IPO，從 Select Medical 分拆，實現穩健成長和財務業績，並繼續執行我們的策略計劃。

As the largest provider of occupational health services in the United States by a number of locations, we are relentless in our mission to improve the health of America's workforce one patient at a time. That is the key driving force behind our success and continued pursuit of excellence.

作為美國最大的職業健康服務提供者，我們堅持不懈地致力於透過服務每位患者來改善美國勞動力的健康。這是我們成功和不斷追求卓越的關鍵驅動力。

Switching to our fourth quarter 2024 performance. Concentra ended the quarter with 552 occupational health centers and 157 on-site health clinics at employer work sites for a total of 709 locations which is 15 more than Q4 2023. In the quarter, revenue was $465 million compared to $440.7 million in the prior year representing a 5.5% growth year-over-year.

轉向我們 2024 年第四季的業績。截至本季度，Concentra 在雇主工作現場擁有 552 個職業健康中心和 157 個現場健康診所，總數達到 709 個，比 2023 年第四季增加了 15 個。本季營收為 4.65 億美元，而去年同期為 4.407 億美元，年增 5.5%。

Adjusted EBITDA was $77.5 million in the quarter versus $68.3 million in the same quarter prior year or a 13.6% increase. Adjusted EBITDA margin increased from 15.5% in Q4 2023 to 16.7% in Q4 2024, a result of revenue growth and improved cost of services. All of this is consistent with our pre-release announcement back in January. Net income was $22.8 million, and earnings per common share were $0.17 for the fourth quarter 2024. Net income was slightly better than the range we provided in our preliminary flash in January due to the timing of the finalization of our tax expense entries.

本季調整後 EBITDA 為 7,750 萬美元，而去年同期為 6,830 萬美元，成長 13.6%。由於營收成長和服務成本改善，調整後的 EBITDA 利潤率從 2023 年第四季的 15.5% 增加到 2024 年第四季的 16.7%。所有這些都與我們一月份的預發佈公告一致。2024 年第四季淨收入為 2,280 萬美元，每股普通股收益為 0.17 美元。由於稅費分錄最終確定的時間，淨收入略優於我們在 1 月初步報告中提供的範圍。

Net income was lower than the same quarter prior year, primarily due to the IPO recapitalization. From a patient visit standpoint, year-over-year trends in Q4 2024 were very similar to recent quarters. Total visits per day were 46,800, a 2.1% decline compared to the same quarter prior year. This was driven by a 4.8% decline in our employer services business, which was expected and consistent with the variance we had been seeing in earlier quarters.

淨收入低於去年同期，主要由於首次公開募股（IPO）資本重組。從患者就診的角度來看，2024 年第四季的年比趨勢與最近幾季非常相似。每日總訪問量為 46,800 人次，與去年同期相比下降 2.1%。這是由於我們的雇主服務業務下降了 4.8%，這是預料之中的，並且與我們在前幾個季度看到的差異一致。

The decline in Employer Service visits were partially offset by a 1.1% increase in our workers' compensation volume. As we've discussed before, the foundation for our employer services and workers' compensation visit volumes in the United States is driven by the US labor market and its underlying trends. Total employment continues to gradually grow, which supports our workers' compensation visits.

雇主服務訪問量的下降被我們的工人賠償量 1.1% 的成長部分抵消。正如我們之前討論過的，我們在美國雇主服務和工人賠償訪問量的基礎是由美國勞動力市場及其潛在趨勢所驅動的。總就業人數繼續逐步增長，這為我們的工人補償訪問提供了支持。

Employer Service visits are more correlated to job creation and churn within the workforce as hiring events are the key driver of these type visits. Hiring rates and equip rates in the United States are starting to show signs of stabilization and bottoming out. While we continue to manage these Employer Service trends to still drive revenue, profit growth, and stable margins, we are optimistic and expect that a more stable growing economy and labor market will help boost our employer services volumes from current levels. So far, we are seeing some better trends in these type of visits early in 2025.

雇主服務訪問與勞動力的創造和流動更相關，因為招募活動是此類訪問的主要驅動力。美國的招聘率和設備率開始顯示出穩定和觸底的跡象。雖然我們繼續管理這些雇主服務趨勢以繼續推動收入、利潤成長和穩定的利潤率，但我們保持樂觀，並預期更穩定的經濟和勞動力市場成長將有助於提高我們的雇主服務量。到目前為止，我們看到 2025 年初此類訪問出現了一些更好的趨勢。

From a rate standpoint, we had a strong quarter with 5.8% increase in revenue per visit in Q4 2024 compared to the same quarter prior year. The growth was driven by increases in both workers' compensation and employer services revenue per visit as well as a slight shift in mix between these categories.

從費率角度來看，我們表現強勁，2024 年第四季的每次造訪收入與去年同期相比成長了 5.8%。成長的動力來自於工人賠償和雇主服務每次訪問收入的增加，以及這些類別之間的結構略有變化。

Beyond the financial metrics, we continue to execute on the strategic initiatives and growth objectives we established for ourselves. For example, the spin-off from Select Medical was completed. We made further progress on our separation. We continue to advance our various clinical, operational, and technology initiatives and our development pipeline, all while achieving strong satisfaction scores from our patients and customers and improving our colleague retention. This concludes my overall company remarks.

除了財務指標之外，我們也持續執行為自己設定的策略性舉措和成長目標。例如，Select Medical的分拆已經完成。我們在分居問題上取得了進一步的進展。我們繼續推動各種臨床、營運和技術計劃以及開發管道，同時獲得患者和客戶的極高滿意度並提高員工保留率。我對公司整體的評論到此結束。

I'll now turn the call over to Matt to provide more color on our operating segments, key operating metrics, cost and expenses, cash flow, and balance sheet. We'll then wrap the call with further insight into the Nova transaction and the previously provided guidance for 2025.

現在我將把電話轉給馬特，讓他詳細介紹我們的營運部門、關鍵營運指標、成本和費用、現金流和資產負債表。然後，我們將在通話結束時進一步深入了解 Nova 交易以及先前提供的 2025 年指導。

Thanks, Keith, and good morning, everyone. I'll begin with some additional commentary on our operating segments and our major expense categories as well as other key performance indicators. In our Occupational Health Center operating segment, revenue of $437 million in Q4 2024 was 5.4% higher than the same quarter prior year. Keith outlined our visit decline year-over-year, driven by the continued and expected lower employer services volume, which are lower revenue and lower margin visits and the 5.8% increase in revenue per visit from $137 in Q4 2023 to $145 in Q4 2024.

謝謝，基思，大家早安。我將首先對我們的經營分部、主要費用類別以及其他關鍵績效指標做一些補充評論。在我們的職業健康中心營運部門，2024 年第四季的營收為 4.37 億美元，比去年同期高出 5.4%。基思 (Keith) 概述了我們的訪問量同比下降，原因是雇主服務量持續下降且預計下降，即訪問量收入和利潤率下降，以及每次訪問收入從 2023 年第四季度的 137 美元增長 5.8% 至 2024 年第四季度的 145 美元。

Within the center operating segment, workers' compensation revenue of $289.1 million was 7% higher than prior year. Q4 2024 work comp visits per day increased 1.1% from prior year. Q4 2024 work comp revenue per visit increased 4.4% versus prior year. Workers' compensation revenue represented 66% of our total center operating segment revenue from Q4 2024 versus 65% in Q4 2023.

在中心營運部門內，工人賠償收入為 2.891 億美元，比前一年高出 7%。2024 年第四季度，每天的工傷賠償訪問量比前一年增加了 1.1%。2024 年第四季每次造訪的工傷補償收入比前一年增加了 4.4%。從 2024 年第四季起，工傷賠償收入占我們中心營運部門總收入的 66%，而 2023 年第四季為 65%。

Employer services revenue in the center operating segment of $137.2 million increased 1.3% from prior year. Employer services visits per day decreased 4.8% from prior year, in line with expectations and continued trends from recent quarters. The Q4 2024 employer services revenue per visit increased 4.8% versus prior year.

中心營運部門的雇主服務收入為 1.372 億美元，比上年增長 1.3%。雇主每日服務訪問量較上年下降 4.8%，符合預期並延續了最近幾季的趨勢。2024 年第四季雇主每次造訪的服務收入比前一年增加 4.8%。

Onsite revenue of $17.1 million in Q4 increased 7% from the same quarter prior year. We had a solid business development quarter in this operating segment, winning 10 new onsites that will open in the coming months, and we continue to build out an exciting growth pipeline. Other business revenue of $10.9 million increased 8% against same quarter prior year.

第四季現場營收為 1,710 萬美元，較去年同期成長 7%。我們在這個營運部門中度過了一個穩健的業務發展季度，贏得了 10 個將在未來幾個月內開業的新店，並且我們將繼續打造令人興奮的成長管道。其他業務收入為 1,090 萬美元，較去年同期成長 8%。

Our cost of services expense, excluding depreciation and amortization, a major component of which is personnel costs, includes all direct and indirect support costs related to providing services to our customers. Cost of services was $344.9 million or 74.2% of revenue in Q4 2024, down from 75.1% of revenue for the same quarter prior year.

我們的服務成本費用（不包括折舊和攤銷，其中主要組成部分是人員成本）包括與為客戶提供服務相關的所有直接和間接支援成本。2024 年第四季的服務成本為 3.449 億美元，佔營收的 74.2%，低於去年同期的 75.1%。

General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas. Our general and administrative expenses were $45.5 million or 9.8% of revenue in Q4 2024 compared to 9.6% of revenue in the same quarter prior year. For the fourth quarter, we had strong cash flow generation with operating activities providing $93.7 million in cash flow and our days sales outstanding, or DSO, was 43 days at December 31, 2024, which was two days better than prior year. Our cash flow metrics continue to improve over historical levels.

一般及行政費用包括公司管理費用，例如財務、法律、人力資源、行銷、公司辦公室和其他行政領域的費用。2024 年第四季度，我們的一般及行政費用為 4,550 萬美元，佔營收的 9.8%，而去年同期為 9.6%。第四季度，我們的現金流產生強勁，經營活動提供了 9,370 萬美元的現金流，截至 2024 年 12 月 31 日，我們的應收帳款週轉天數 (DSO) 為 43 天，比去年同期多了兩天。我們的現金流指標較歷史水準持續改善。

Investing activities used $16.7 million of cash in the fourth quarter, almost entirely from purchases of property and equipment as our teams continue to successfully manage to healthy levels of capital expenditure for maintenance and growth each quarter. Financing activities used $30.6 million of cash for the fourth quarter, and we ended the quarter with a cash balance of $183.3 million. Our net leverage ratio at the end of 2024 was 3.46 times, down from approximately 3.9 times at the time of our IPO last July. This is a good proof point of our ability to generate strong cash flow and delever.

第四季的投資活動使用了 1,670 萬美元的現金，幾乎全部來自購買財產和設備，因為我們的團隊每季繼續成功地管理維護和成長的資本支出達到健康的水平。第四季的融資活動使用了 3,060 萬美元的現金，本季末我們的現金餘額為 1.833 億美元。我們的 2024 年底淨槓桿率為 3.46 倍，低於去年 7 月 IPO 時的約 3.9 倍。這是我們產生強勁現金流和去槓桿能力的一個很好的證明。

With the strong financial performance, we are pleased to announce that on February 28, 2025, Concentra's Board of Directors declared a quarterly cash dividend of $0.0625 per share. The dividend will be payable on or about April 1, 2025, to stockholders of record as of the close of business on March 18, 2025. We continue to recognize the importance of our dividend as a means to return value to shareholders but our two highest priorities for capital allocation in the near future remain our growth efforts and delevering.

憑藉強勁的財務表現，我們很高興地宣布，2025 年 2 月 28 日，Concentra 董事會宣布每股 0.0625 美元的季度現金股息。股息將於 2025 年 4 月 1 日左右支付給 2025 年 3 月 18 日營業結束時登記在冊的股東。我們繼續認識到股息作為回報股東價值的重要性，但我們近期資本配置的兩個最高優先事項仍然是成長努力和去槓桿。

Switching to our corporate development efforts. We continued our successful de novo strategy with 3 new occupational health centers in the fourth quarter. We opened our fourth center in the Greater Orlando area, an especially exciting development with the increase in the Florida work comp fee schedule that went into effect on January 1, 2025.

轉向我們的企業發展努力。我們持續實施成功的全新策略，在第四季度開設了 3 家新的職業健康中心。我們在大奧蘭多地區開設了第四家中心，這是一個特別令人興奮的進展，因為 2025 年 1 月 1 日起佛羅裡達州工傷補償費用表將上調。

We opened a center in DeSoto, Texas, a highly industrial section of the Dallas-Fort Worth area, bringing our total count to 19 centers in greater DFW. And we opened our first center in Knoxville, Tennessee, an exciting growth area for Concentra. Our de novo efforts will continue in 2025 as we have already opened an additional center in the Dallas-Fort Worth area in January, and we have 5 additional leases signed for centers expected to open this year.

我們在德州德索托（達拉斯-沃斯堡地區工業發達的地區）開設了一家中心，這樣我們在大達拉斯-沃斯堡地區的中心總數就達到 19 個。我們在田納西州諾克斯維爾開設了第一個中心，這是 Concentra 令人興奮的成長地區。我們將在 2025 年繼續進行創新努力，因為我們已在 1 月在達拉斯-沃斯堡地區開設了另一家中心，並且已簽署了 5 家預計今年將開設的中心的租約。

Our acquisition pipeline remains robust as well as we continue to execute on our core M&A strategy of highly accretive occupational health practices and onsite additions across the US. We will talk more about the Nova acquisition here shortly.

我們的收購管道依然強勁，我們繼續執行我們的核心併購策略，即在美國各地進行高度增值的職業健康實踐和現場擴張。我們很快就會在這裡討論有關 Nova 收購的更多資訊。

And now I'll comment on our separation process from Select Medical, highlighted by the completion of Select spin-off of Concentra in November. We have continued to make solid progress on these efforts as we execute on key leadership hires, building out specific teams in certain functional areas, and separating certain support functions and vendor contracts from Select. There is much work remaining, but the takeaway is that we remain on track with the process of operating completely independently from Select Medical by the time our TSA with Select ends in late 2026.

現在，我將評論我們與 Select Medical 分開的過程，其中最突出的是 11 月份 Select 對 Concentra 的分拆完成。我們在這些工作上繼續取得堅實進展，我們聘用了關鍵的領導層，在某些職能領域建立了特定的團隊，並將某些支援職能和供應商合約從 Select 中分離出來。還有很多工作要做，但我們可以肯定的是，到 2026 年底我們與 Select Medical 的 TSA 結束時，我們仍可以完全獨立於 Select Medical 開展運營。

With that, I'll turn it back to Keith to provide an update on the Nova transaction.

說完這些，我將把話題轉回給 Keith，讓他提供有關 Nova 交易的最新進展。

Thanks, Matt. Our acquisition of Nova Medical Centers were $265 million was officially closed on March 1. To give a brief recap of the business, Nova is a leading provider of occupational health services that is aligned with Concentra's clinical philosophy, service offering, growth strategy, and mission.

謝謝，馬特。我們以 2.65 億美元收購 Nova Medical Centers 的交易於 3 月 1 日正式完成。簡單回顧一下業務，Nova 是職業健康服務的領先提供商，與 Concentra 的臨床理念、服務產品、成長策略和使命一致。

Nova operates 67 occupational health centers across five states that are very similar to Concentra. 46 centers are in Texas, with the remaining centers located in Georgia, Wisconsin, Tennessee and Indiana. Nova's locations are in attractive areas with a footprint that is complementary to our own. Nova sees over 3,500 patients per day and generated approximately $130 million in annual revenue and $28.3 million of pro forma adjusted EBITDA.

Nova 在五個州經營 67 家職業健康中心，與 Concentra 非常相似。其中 46 個中心位於德州，其餘中心位於喬治亞州、威斯康辛州、田納西州和印第安納州。Nova 的業務地點位於風景優美的地區，其足跡與我們形成互補。Nova 每天接待超過 3,500 名患者，年收入約 1.3 億美元，預計調整後 EBITDA 為 2,830 萬美元。

The EBITDA figure is comprised of $21.3 million, a trailing 12-month adjusted EBITDA plus an additional $7 million in projected and annualized synergies that we expect to capture by Q1 2026. For clarity, we do not expect to generate the full $28.3 million over the next 12 months as synergies will be phased in over time, and there will be onetime integration costs associated with capturing those synergies over the remainder of 2025.

EBITDA 數字包括 2,130 萬美元，過去 12 個月的調整後 EBITDA 加上額外的 700 萬美元預計和年化協同效應，我們預計將在 2026 年第一季實現。需要明確的是，我們預計在未來 12 個月內不會產生全部 2830 萬美元的收入，因為協同效應將隨著時間的推移而逐步實現，並且在 2025 年剩餘時間內獲取這些協同效應將產生一次性的整合成本。

We expect to continue capturing incremental synergies past year one and ultimately achieve an effective multiple on the transaction of less than 7.5 times by year 3. We expect the transaction to be immediately accretive in the first year of operation. We have a proven history of successfully executing on acquisitions of all sizes and we are already progressing well on our transition plans to integrate the Nova practices and colleagues into Concentra. We would like to once again extend our gratitude to Nova's leaders and entire team as we are extremely excited to have them join the Concentra family.

我們預計在第一年後將繼續實現增量協同效應，並最終在第三年實現低於 7.5 倍的交易有效倍數。我們預計此次交易將在營運的第一年立即產生增值效應。我們在成功執行各種規模的收購方面有著良好的記錄，我們的過渡計劃也正在順利推進，將 Nova 的業務和同事整合到 Concentra 中。我們想再次向 Nova 的領導和整個團隊表示感謝，我們非常高興他們加入 Concentra 大家庭。

I'd now like to touch on the funding for the Nova transaction, our broader company financing, and our current leverage. The Nova transaction was funded with an approximate $102 million incremental term loan, a $50 million draw on our revolver and the remaining with cash on hand. We repriced our Term Loan B of $950 million, inclusive of the approximate $102 million incremental at SOFR plus 2.00%, down from SOFR plus 2.25% with a 25 basis point step down at net leverage of less than 3.25 times.

現在我想談談 Nova 交易的資金、我們更廣泛的公司融資以及我們目前的槓桿率。Nova 交易的資金來自約 1.02 億美元的增量定期貸款、5000 萬美元的循環信貸提款以及剩餘的現金。我們對 9.5 億美元的定期貸款 B 進行了重新定價，其中包括按 SOFR 加 2.00% 計算的約 1.02 億美元增量，從 SOFR 加 2.25% 下調 25 個基點，淨槓桿率低於 3.25 倍。

In addition, we upsized our revolver capacity from $400 million to $450 million and repriced at SOFR plus [2.00%], down from SOFR plus [2.50%]. We're very happy with these outcomes and the economic benefits in 2025 and beyond. Inclusive of the Nova transaction, our pro forma net leverage ratio is 3.9 times, the same level as the time of our IPO. We have a target goal of approximately 3.0 times net leverage within the next 18 to 24 months.

此外，我們將循環信貸額度從 4 億美元提高到 4.5 億美元，並將 SOFR 定價從 SOFR 加息下調至加息後 [2.00%]。[2.50%]。我們對這些成果以及 2025 年及以後的經濟效益感到非常滿意。包含 Nova 交易後，我們的預期淨槓桿率為 3.9 倍，與我們 IPO 時的水平相同。我們的目標是未來 18 到 24 個月內淨槓桿率達到約 3.0 倍。

I'll now turn it back to Matt to add some additional comments as it relates to our previously provided company outlook for 2025.

現在我將主題轉回給馬特，讓他補充一些與我們之前提供的 2025 年公司展望相關的評論。

Okay. Thanks, Keith. Regarding Nova, all I would add is that our team is very excited about the integration efforts and the opportunities that exist. It will take time, but we have a proven playbook and we are looking forward to adding de novo centers to our network of locations across the country. When the integration is complete, we expect the consistent delivery of care and a consistent approach to doing business with our customers.

好的。謝謝，基斯。關於 Nova，我想補充的是，我們的團隊對整合工作和存在的機會感到非常興奮。這需要時間，但我們擁有一套行之有效的策略，並期待在全國各地的網路中增加全新中心。整合完成後，我們期望能夠持續提供優質服務，並採取一致的方式與客戶開展業務。

We've talked a lot about our value proposition and the investments we are making in the occupational health services industry. And now we will be able to drive an even greater impact with more medical centers. And to round out our call in advance of questions, we want to share additional commentary on the 2025 guidance we outlined back in January, including some of the underlying assumptions and the contribution from our core business versus the Nova acquisition.

我們已經多次談論了我們的價值主張以及我們在職業健康服務行業所做的投資。現在我們將能夠透過更多的醫療中心發揮更大的影響力。為了在提問之前完成我們的電話會議，我們想分享我們在 1 月概述的 2025 年指引的額外評論，包括一些基本假設以及我們的核心業務與 Nova 收購的貢獻。

In total, we expect to deliver approximately $2.1 billion in revenue in 2025, an approximate 10.5% increase over 2024. The core business revenue projection includes the impact of all known fee schedule changes, including Florida. It also assumes relative improvement in the recent employer services volume trends over the course of the year, as well as maintaining the recent growth trends of our work comp visit volumes.

總體而言，我們預計 2025 年的營收將達到約 21 億美元，比 2024 年成長約 10.5%。核心業務收入預測包括所有已知費用表變化的影響，包括佛羅裡達州。它還假設近期雇主服務量趨勢在一年內相對改善，並且保持近期工傷補償訪問量的成長趨勢。

For adjusted EBITDA, we expect to deliver a total of $410 million to $425 million in 2025, an increase of approximately 11% over 2024 at the midpoint of the range. The projected adjusted EBITDA for the core business includes the estimated separation costs from Select Medical. As it relates to Nova and its contribution in 2025, first, we assume 10 months of Nova within our adjusted EBITDA outlook.

對於調整後的 EBITDA，我們預計 2025 年總計將達到 4.1 億美元至 4.25 億美元，比 2024 年的中點成長約 11%。核心業務預計調整後 EBITDA 包括與 Select Medical 的預期分離成本。至於 Nova 及其在 2025 年的貢獻，首先，我們假設 Nova 在調整後的 EBITDA 展望中為 10 個月。

Second, as Keith noted, the integration efforts will take time with synergies fading in over time. Third, there will be a fair amount of transition-related expenses, both at the center level and within G&A. For these reasons, calculating Nova's contribution to Concentra's 2025 guided adjusted EBITDA is not as simple as taking 10/12 of $28.3 million which is a figure that annualizes synergies that we expect to realize by the end of year one. We expect Nova's actual contribution to Concentra's 2025 adjusted EBITDA to be $15 million-plus. We feel that it is important to clarify this as we want to ensure that we're clearly communicating the strength we see in our core pre-Nova business in 2025.

其次，正如 Keith 所說，整合工作需要時間，綜效會隨著時間的推移逐漸消失。第三，無論是在中心層級或在一般及行政開支方面，都會有相當數量的與過渡相關的費用。由於這些原因，計算 Nova 對 Concentra 2025 年指導調整後 EBITDA 的貢獻並不像取 2830 萬美元的 10/12 那麼簡單，這個數字是將我們預計在第一年年底實現的協同效應年化後得出的。我們預計 Nova 對 Concentra 2025 年調整後 EBITDA 的實際貢獻將達到 1500 萬美元以上。我們認為澄清這一點很重要，因為我們希望確保清楚地傳達我們在 2025 年核心 Nova 業務中看到的優勢。

For capital expenditures, our outlook of $80 million to $90 million includes a material amount of onetime spend for the Nova centers. CapEx for the core business is fairly close to our spend in 2024. And finally, for our net leverage ratio, we expect to end the year at approximately 3.5 times. In summary, we feel good about our core business outlook in 2025 and layering on Nova will bring many opportunities with time needed to execute, but overall, we are very excited.

對於資本支出，我們預計 8,000 萬至 9,000 萬美元包括用於 Nova 中心的大量一次性支出。核心業務的資本支出與我們 2024 年的支出相當接近。最後，就我們的淨槓桿率而言，我們預計今年年底將達到約 3.5 倍。總而言之，我們對 2025 年的核心業務前景感到樂觀，而 Nova 的分層將帶來許多機會，儘管需要時間來執行，但總的來說，我們非常興奮。

Back to you, Keith, to close out the call.

回到你這裡，基思，結束通話。

Thanks, Matt. It's an exciting time for Concentra, and we believe we are very well positioned to further our success. This concludes our prepared remarks, and we thank everybody for the time today. Would like to turn it back over to the operator to open the call for questions.

謝謝，馬特。對於 Concentra 來說，這是一個令人興奮的時刻，我們相信我們已做好準備，可以取得進一步的成功。我們的準備好的演講到此結束，感謝大家今天的演講。我想將其交還給接線員以開始提問環節。

(Operator Instructions)

（操作員指令）

Benjamin Rossi, JPMorgan.

摩根大通的班傑明‧羅西。

So regarding the Nova integration, you mentioned some traits about Nova that make for an easier integration here, including overlap and services offered, their facility sizes and then their favorable margin profile. Just regarding integration, how do you approach larger transactions like Nova? And then what are you baking into your 2025 expectations regarding integration costs here? I think you mentioned CapEx, including some onetime spend.

關於 Nova 的整合，您提到了 Nova 的一些特點，這些特點使得整合更容易，包括重疊和提供的服務、他們的設施規模以及他們有利的利潤率狀況。僅就整合而言，您如何處理像 Nova 這樣的大型交易？那麼，您對 2025 年的整合成本有何預期？我想您提到了資本支出，包括一些一次性支出。

I'd say for expectations for the larger transactions, we've had several of these over the years and learn how to do them very well. The size and the footprint that we're at these days allows these things to be very accretive to us. Once we get through the process of integrating, deploying our systems, our people. We've got a footprint with Nova that is very overlapping so the infrastructure that will support those centers in those five states is already there, our people on the ground today.

我想說，對於較大交易的預期，多年來我們已經經歷過幾次這樣的交易，並學會瞭如何很好地完成它們。我們目前的規模和影響力使得這些事情對我們來說非常有益。一旦我們完成了整合和部署系統、人員的過程。我們與 Nova 的業務範圍非常重疊，因此支持這五個州的中心的基礎設施已經存在，我們的人員也已經在當地工作。

We're not having to deploy them from other states. So it should go fairly well for us based on our history of integration of these type entities. This is probably the second -- the third largest we've done. US HealthWorks by far the largest. We integrated a similar-sized company called OH+R based on the Northeast back in the early 2000s, and Nova will be about the similar type size of that.

我們不需要從其他州派遣他們。所以，根據我們整合這些類型實體的歷史，一切對我們來說應該會相當順利。這可能是我們做過的第二大、第三大的專案。美國 HealthWorks 是迄今為止規模最大的。早在 21 世紀初，我們就整合了一家位於東北部的類似規模的公司，名為 OH+R，而 Nova 的規模將與該公司差不多。

Ben, I would just add, it's Matt. We've been planning for this integration for six-plus months. We've got a good playbook. We'll do similar to what we do in all the small fold-ins and add-ons. We'll follow that, but just obviously a larger scale here. But we did this in 2018 with US HealthWorks and we're going to basically repeat our process there.

本，我只想補充一下，我是馬特。我們已經為這次整合籌劃了六個多月。我們有一個很好的劇本。我們將做與所有小型折疊和附加組件中所做的類似的事情。我們會遵循這一點，但顯然這裡的規模會更大。但我們在 2018 年與 US HealthWorks 合作做過這個，我們基本上會在那裡重複我們的流程。

Got it. Thanks for the commentary there. And then just as a follow-up, just on your deleveraging pathway, following the Nova close, you mentioned the 3.9 times pro forma net leverage. You're expecting to take that down about effectively a half turn decrease in '25 and then another half turn in 2026. Can you just kind of walk us through your pathway here and how you're kind of contemplating pure earnings growth and debt pay down with maybe some of your incremental M&A and your de novo activity along the way?

知道了。感謝您的評論。然後作為後續問題，關於您的去槓桿路徑，在 Nova 收盤後，您提到了 3.9 倍的預期淨槓桿率。您預計到 2025 年將下降約半圈，到 2026 年再下降半圈。您能否向我們簡單介紹一下您的發展路徑，以及您如何考慮透過一些增量式併購和從頭開始實現純盈利增長和債務償還？

Sure. Yeah. I think the story is very similar to the story at the time of the IPO. We were 3.9 times levered back in July. We delevered to 3.46 times at the end of '24. Now with this Nova transaction, we're back up at 3.9, and we -- our guidance is that we'll get to 3.5 times by the end of the year. And then we'll have -- we're still targeting roughly 3 times net leverage or below within the first 18 to 24 months. So it will be a combination of cash flow generation, but also some EBITDA growth as well.

當然。是的。我認為這個故事與 IPO 時的故事非常相似。7 月我們的槓桿率為 3.9 倍。到24年底，我們的槓桿率已升至3.46倍。現在透過這項 Nova 交易，我們又回到了 3.9 倍，我們的預期是到今年年底將達到 3.5 倍。然後我們仍然的目標是在前 18 到 24 個月內將淨槓桿率控制在大約 3 倍或以下。因此，這將是現金流產生的結合，同時也帶來一些 EBITDA 成長。

And I might add, this is Keith, that based on the nature and the seasonality of our business, the slower months are typically fourth quarter and first quarter. So our cash flow coming off those months is a little less than what happens as we get through the summer months, which are busy months of the cash flow in the second half of the year accelerates. So there's a little bit of seasonality in the cash flow. So we would anticipate an acceleration as we kind of get to the summer and start building some of those revenue months.

我想補充一點，這是基思，根據我們業務的性質和季節性，較慢的月份通常是第四季和第一季。因此，我們這幾個月的現金流比夏季的現金流少一些，夏季是繁忙的幾個月，下半年的現金流會加速。因此現金流有一點季節性。因此，我們預計，隨著夏季的到來以及收入月份的開始，收入將會加速成長。

Got it. Thanks for the commentary there. Appreciate it.

知道了。感謝您的評論。非常感謝。

Ben Hendrix, RBC.

本·亨德里克斯（Ben Hendrix），加拿大皇家銀行。

This is Michael Murray on for Ben. With 67 centers, Nova was one of your largest competitors. You've noted before that anyone of your largest peers could be an acquisition target. Are there any particular regions that you're targeting for your next major acquisition where you would say you're underpenetrated in favorable reimbursement markets?

這是邁克爾·莫瑞 (Michael Murray) 代替本 (Ben)。Nova 擁有 67 個中心，是您最大的競爭對手之一。您之前曾指出，您的任何一家最大同業都可能成為收購目標。下次重大收購的目標區域是否有某些特定的地區，您認為這些地區的報銷市場滲透率較低嗎？

No, I'd say that we really cast the net far and wide at this point in time, wherever the opportunities are. We're interested in it. So there isn't any real specific region, so to speak, from that perspective.

不，我想說的是，我們此時此刻確實在廣泛撒網，無論機會在哪裡。我們對此很感興趣。因此從這個角度來看，可以說不存在任何真正的特定區域。

Yeah. And I would just add. We're looking to continue to grow our footprint with our occupational health centers in pretty much every state across the country. But we're also looking to expand our onsite portfolio as well. So there's opportunities there in the future.

是的。我只想補充一下。我們希望繼續擴大我們的足跡，我們的職業健康中心遍布全國幾乎每個州。但我們也希望擴大我們的現場產品組合。所以未來那裡還有機會。

Okay. Thank you. And just switching gears, just with all the tariff talk, how do you assess the exposure of your employer clients to tariffs? And do you see any meaningful impacts to volumes or employment overall, given these headwinds?

好的。謝謝。換個話題，說到關稅，您如何評估雇主客戶面臨的關稅風險？考慮到這些不利因素，您是否認為這會對整體銷售或就業產生任何重大影響？

No. At this point, we don't. I think there's a lot of uncertainty around them really for all businesses to see how this plays out. But we -- at this point, I would -- based on the nature of our business and what we're doing, I don't really see much of a headwind from it.

不。目前我們還沒有。我認為，對於所有企業來說，事情的發展確實存在著很大的不確定性。但我們—在這一點上，我會—基於我們的業務性質和我們正在做的事情，我並沒有真正看到它會帶來多大的阻力。

All right. Thank you.

好的。謝謝。

Jamie Perse, Goldman Sachs.

高盛的傑米·珀斯 (Jamie Perse)。

Keith, you talked a little bit about just the economic drivers of the business that being tied to employment growth. I'd love to get a better sense of how you got to the comments on guidance for 2025, which I think included improved employer services growth and maybe more sustainable growth trends in the workers' comp business.

基思，您稍微談到了與就業成長相關的企業的經濟驅動力。我很想更了解您對 2025 年指引的評論，我認為這包括改善雇主服務成長，以及工人補償業務可能出現更永續的成長趨勢。

Is that being underpinned by just a broad view on the economy or a more micro approach based on hiring plans of your customers, new customer wins, new openings, et cetera. We just love a little more color on how you're thinking about the volume trends progressing from here.

這是僅僅基於對經濟的廣泛看法，還是基於客戶的招聘計劃、新客戶贏得情況、新開業情況等更微觀的方法。我們只是想了解更多關於您如何看待未來銷售趨勢發展的細節。

Yeah. It's a combination of several things. I think as we went through 2024, a lot of uncertainty, I think with the election results that was holding employers back to some extent relative to their growth, their hiring plans. We've seen some better trends, as I mentioned early here in 2025 on the employer services.

是的。這是多種因素的結合。我認為，當我們進入 2024 年時，存在著許多不確定性，我認為選舉結果在一定程度上阻礙了雇主的成長和招聘計劃。正如我早些時候在 2025 年提到的雇主服務一樣，我們看到了一些更好的趨勢。

I think there's still some uncertainty out there as we read every day, and we continue to watch that and play it out, but we're happy, early what we've seen in 2025 relative to the year-over-year comps that we've seen with some of the employer services visits at this point in time versus what we've seen in the past.

我認為，正如我們每天所讀到的，仍然存在一些不確定性，我們會繼續關注並解決這些問題，但我們對 2025 年的預測感到高興，相對於我們目前在一些雇主服務訪問中看到的同比數據，與我們過去看到的情況相比，這一預測比較樂觀。

Okay. And then maybe for Matt, can you talk about P&L considerations for 2025? And I guess three pieces I'd like to hear a little bit more about. One is gross margins, just given the strong performance in the fourth quarter. The second is G&A, also given the $8.4 million step-up sequentially that you saw in the fourth quarter. It looks like there has historically been some seasonality there, but anything you can tease out and whether that's a good indicator for G&A in '25. And then lastly, just the timing and how we think about the select medical TSAs rolling off versus the stand-alone costs, which I think you've previously sized at about $13 million. So any help on the line items of the P&L for 2025 would be great.

好的。然後也許對於馬特，您可以談談 2025 年的損益考慮嗎？我想進一步了解三件事情。一是毛利率，鑑於第四季的強勁表現。第二個是一般及行政開支，第四季季增 840 萬美元。從歷史上看，這似乎存在一些季節性，但您能否梳理出任何線索，以及這是否是 25 年 G&A 的一個良好指標。最後，只是時間問題以及我們如何看待精選醫療 TSA 的推出與獨立成本的關係，我認為您之前已經將獨立成本估算為約 1,300 萬美元。因此，對於 2025 年損益表專案的任何幫助都將非常有幫助。

Yes. Sure, Jamie. So I think three parts to your question, cost of services, G&A, and then the TSA costs. So in our guidance, we assumed very consistent levels of cost of service and G&A. If you look at our full year '24 over full year '23, both of those were very stable. There was some seasonality in Q4, particularly on the G&A side. And that's pretty typical Q4 when we're closing out the year.

是的。當然，傑米。所以我認為你的問題分為三個部分：服務成本、G&A 成本、以及 TSA 成本。因此，在我們的指導中，我們假設服務成本和一般及行政費用水準非常一致。如果您比較我們 24 年全年與 23 年全年的表現，您會發現兩者都非常穩定。第四季存在一些季節性因素，特別是在一般及行政費用方面。這是我們年末時第四季的典型表現。

This year, we had some transaction costs in the G&A number. We also accelerated some long-term cash compensation plans as we replace that with public company stock grants. And I think we've talked about that in the past. So that was a little bit of the driver here in Q4. Other than that, we see stable costs for both cost of services and G&A through '25.

今年，我們的一般及行政開支中有一些交易成本。我們也加速了一些長期現金薪酬計劃，用上市公司股票獎勵來取代它們。我想我們過去已經談論過這個問題。所以這對第四季來說是一個小小的推動因素。除此之外，我們預計25年服務成本和一般及行政費用將保持穩定。

On your question on select TSA, the total estimate by the end of the TSA hasn't changed, and it's in line with the numbers you just quoted. We're going to obviously have less than that in '25, maybe two-third of that number or so roughly. And then we'll finish out the TSA costs. The incremental cost will be in '26.

關於您關於選擇 TSA 的問題，TSA 結束時的總估計數沒有變化，並且與您剛才引用的數字一致。到 25 年，我們的數字顯然會低於這個數字，大概只有這個數字的三分之二左右。然後我們將完成 TSA 費用。增量成本將在’26年產生。

Okay, great. Thank you for the color.

好的，太好了。謝謝你的顏色。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just to follow up on an earlier question about the employer services business. Just trying to understand, when you say improvement, like any kind of context you could give us on how much improvement you're expecting? Like I'm trying to understand whether the exit rate embedded in your guidance for employer services. Is it closer to what you view as maybe normalized growth for employer services or whether it's still something a little bit more modest than that? And then I have a follow-up or two.

只是想跟進一下之前關於雇主服務業務的問題。只是想了解一下，當您說改進時，您能否給我們一些背景信息，說明您預計改進的程度是多少？就像我想了解退出率是否包含在您對雇主服務的指導中。它是否更接近您所認為的雇主服務的正常化成長，還是仍然比這稍微溫和一點？然後我也會進行一兩個後續行動。

Yeah, sure, Steve. It's Matt. Here's what I would say. We don't want to comment too much on the '25 numbers that we haven't reported yet, but we felt it was important to note that we are seeing improving trends in employer services as we get a lot of questions about that visit category.

是的，當然，史蒂夫。是馬特。以下是我想說的話。我們不想對尚未報告的 25 個數字發表過多評論，但我們認為值得注意的是，我們看到雇主服務的改善趨勢，因為我們收到了很多關於該訪問類別的問題。

The last three quarters have been in the minus 4%, minus 5% range. And we're seeing something that's a decent bit better here in January and February. So what's implied in our guidance and our assumptions for '25 is those trends will continue and then they would get to flat year-over-year and then slightly positive growth later in the year. Hopefully, that helps.

過去三個季度的降幅分別為-4%、-5%。我們看到一月和二月的情況有所改善。因此，我們對 25 年的指導和假設暗示這些趨勢將會持續下去，然後與去年同期持平，並在今年稍後實現略微的正成長。希望這能有所幫助。

Yeah, that helps a lot. And then just in terms of the rate side of the business, I know, obviously, you had a large update in the workers' comp business in Florida. But maybe if we think about rate updates that you're seeing sort of on a normalized basis or maybe excluding Florida, I would love to just hear a little bit of color about how those look versus what you've seen in the past couple of years. And then the same type of question for employer services, any kind of change in trend on the rate side we should be thinking about?

是的，這很有幫助。然後就業務的利率方面而言，我知道，顯然您對佛羅裡達州的工人補償業務進行了重大更新。但如果我們考慮一下您在標準化基礎上看到的利率更新，或者可能不包括佛羅裡達州，我很想聽聽這些利率更新與您在過去幾年看到的利率更新相比有何不同。然後對於雇主服務，同樣類型的問題是，我們應該考慮利率方面的趨勢是否有任何變化？

I would say both of those are slightly elevated over long-term periods of time. Obviously, as inflation continues to be higher than longer periods of time. A lot of our work comp rate increases are tied to that, either CPI or MEI adjustments and our employer services pricing follows that same approach. So even if you were to exclude the outsized Florida rate increase, we're still expecting a very good year for both work comp and employer services rate in '25.

我想說，從長期來看，這兩個指標都略有上升。顯然，由於通貨膨脹率長期持續處於高位。我們許多工傷賠償率的成長都與 CPI 或 MEI 調整掛鉤，我們的雇主服務定價也遵循相同的方法。因此，即使排除佛羅裡達州的超額漲幅，我們仍然預計25年工傷補償和雇主服務率都將非常好。

Yeah. And this is Keith. I would say that we would anticipate something a little bit stronger than what we've been seeing on the core over the -- from the last year or so.

是的。這是基斯。我想說，我們預計會出現比過去一年左右核心表現更強勁的情況。

Thank you.

謝謝。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

So a lot of milestones and activity over the last six months. Can you just refresh us on the long-term growth algo of the business in terms of like volume, price, same-store for those new to the story?

過去六個月有很多里程碑和活動。對於不熟悉故事的人來說，您能否從銷售量、價格、同店銷售等方面向我們重新介紹該業務的長期成長演算法？

Sure. Justin, we included a page in our investor deck too, if anyone wants to reference. But story is very consistent to what we've talked about historically from a revenue growth standpoint, mid- to high single-digit growth broken down by low single-digit visit growth at our centers, plus or minus 3% rate growth across both main visit categories and then we'll continue to do M&A.

當然。賈斯汀，如果有人想參考的話，我們也在投資者平台中加入了其中的一頁。但從收入成長的角度來看，情況與我們歷史上談論的非常一致，中高個位數增長，由我們中心的低個位數訪問量增長細分，兩個主要訪問類別的增長率都在正負 3% 之間，然後我們將繼續進行併購。

In that number, the mid- to high single-digit growth rate is just our core de novo and M&A strategies, it does not include anything more sizable. So those are really the three components that drive our long-term revenue outlook.

在這個數字中，中高個位數的成長率只是我們的核心從頭開始和併購策略，它不包括任何更大規模的成長率。所以這其實是推動我們長期收入前景的三個因素。

Okay. And then in terms of development activity. So in the prepared remarks, you mentioned one occ health center that's come online in January and then 5 leases and then also 10 onsite health centers coming online. Is there additional development activity in the guide ex the Nova deal? Or is that sort of a jump-off point for the year?

好的。然後就開發活動而言。因此，在準備好的評論中，您提到了 1 月上線的一個職業健康中心，然後是 5 個租約，還有 10 個現場健康中心即將上線。指南中是否有關於 Nova 交易的其他開發活動？還是這是今年的一個起點？

No. Included in the guide is only the one center we launched, the 5 centers we have signed leases that we plan to open this year and then just normal growth for our onsite business. There's no additional M&A in that guide.

不。指南中僅包含我們推出的一個中心、我們計劃今年開設的已簽署租約的五個中心，以及我們現場業務的正常成長。該指南中沒有額外的併購。

Okay. And then last, just a quick follow-up. In terms of payer mix, how much like government pay exposure do you have Medicare, Medicaid, et cetera?

好的。最後，只是一個快速的後續問題。就付款人組合而言，醫療保險、醫療補助等與政府支付的比例有多大？

It's roughly 1%, less than 1% from Medicare, Medicaid perspective. Next to nothing. We just have some sprinklings of it out there that we've picked up through transactions over the years, but we don't do any active marketing or solicitation of those visits.

從醫療保險和醫療補助的角度來看，這一比例大約為 1%，不到 1%。幾乎沒有。我們只是透過多年來的交易收集了一些信息，但我們不會進行任何積極的營銷或招攬這些訪問。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

So a couple of follow-ups. First, on the Florida rate up, I don't recall you actually helping us quantify. So how much, I guess, is that less from these rates in Florida in the guidance?

以下是一些後續問題。首先，關於佛羅裡達州的利率上調，我不記得您實際上幫助我們量化。那我猜，這比佛羅裡達州的指導利率低了多少？

Hey Joanna, yeah, Florida, I think as we've mentioned on previous calls, that went into place 1/1/25. We're already seeing that early this year. Obviously, we are not going to quantify the rate increases on a state-by-state basis. But all of that and all other states are all included in our total guidance for '25.

嘿，喬安娜，是的，佛羅裡達，我想正如我們在之前的電話中提到的那樣，它於 2025 年 1 月 1 日生效。我們今年年初就已經看到了這一點。顯然，我們不會逐州量化稅率的成長。但所有這些以及所有其他州都包含在我們 25 年的總體指導中。

Right. Is there any other states of Florida that has not updated the fee schedule for several years? Or that was the only one really?

正確的。佛羅裡達州還有其他州已經好幾年沒有更新收費標準了嗎？或者那真的是唯一的一個？

That was the only one that we would anticipate this year. The majority of all the others have been on somewhat of a regular basis. And as we've mentioned in the past, the majority of our states are on a regular basis of either automatic fee escalators that go into play every year, typically January 1, or they'll review it and make some adjustments to it periodically.

這是我們今年唯一期待的。其餘大部分情況都是有規律的。正如我們過去提到的那樣，大多數州都會定期自動調整費用，通常是在每年的 1 月 1 日開始，或定期進行審查和調整。

But Florida was probably the largest at this point in time. There are several others we're working on that we would be hopeful in the future we might get something, but I wouldn't anticipate it being like on the magnitude of Florida.

但佛羅裡達州目前可能是最大的。我們正在進行其他幾項工作，希望未來能取得一些成果，但我預計不會達到佛羅裡達州的規模。

All right. And the last one on that topic related, I guess, with that rate update in Florida fee schedule update being, I guess, bringing these rates to a point where the margins are kind of comparable to other markets. Does that mean that you have some active plans to add more locations in that state?

好的。關於這個主題的最後一個問題，我想，與佛羅裡達州費用表更新中的費率更新有關，我想，將這些費率提升到利潤率與其他市場相當的水平。這是否意味著您有積極計劃在該州增加更多門市？

Yeah, absolutely. The -- some of the de novo projects that Matt just mentioned earlier had been in Florida, a couple in Orlando, Miami, Fort Myers, just over the last several months, addition, definitely M&A activity evaluating that in Florida. So it's made it a much more attractive state for us to deploy capital in at this point in time.

是的，絕對是如此。馬特剛才提到的一些新項目位於佛羅裡達州，就在過去的幾個月裡，分別在奧蘭多、邁阿密和邁爾斯堡開展了幾個項目，此外，肯定還有在佛羅裡達州進行的併購活動評估。因此，對於我們目前來說，這是一個更具吸引力的資本部署地點。

Thank you so much for taking the question.

非常感謝您回答這個問題。

We have reached the end of the question-and-answer session, and I will now turn the call over to Keith for closing remarks.

問答環節已經結束，現在我將把發言權交給 Keith 作結束語。

Appreciate everybody joining us today, and that concludes our remarks. Thank you.

感謝今天與我們一起參與的各位，我們的發言到此結束。謝謝。

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

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。