Concentra Group Holdings Parent Inc (CON) 2025 Q1 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 first-quarter 2025 results. Speaking today are the company's Chief Executive Officer, Keith Newton; and the company's President and Chief Financial Officer, Matt DiCanio. Management will provide 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 2025 年第一季的業績。今天發言的是該公司的執行長 Keith Newton 和公司總裁兼財務長 Matt DiCanio。管理層將提供概述，然後開放提問。

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.

在我們開始之前，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、成長機會和其他提及 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 will turn the conference over to Mr. Keith Newton. Sir, the floor is yours.

現在，我將把會議交給基斯·牛頓先生。先生，請您發言。

Thanks, operator. Good morning, everyone. Welcome to Concentra's first quarter 2025 earnings call. We had a very successful first quarter to start the year. Today, we'll talk about three key trends we saw in our business: first, solid visit growth, including a positive reversal in our employer service visits; secondly, strong rate growth; and finally, significant corporate development activity.

謝謝，接線生。大家早安。歡迎參加 Concentra 2025 年第一季財報電話會議。今年第一季我們取得了非常成功。今天，我們將討論我們在業務中看到的三個主要趨勢：首先，訪問量穩步增長，包括雇主服務訪問量的積極逆轉；其次，強勁的費率增長；最後，重要的企業發展活動。

We've always referred to these as our key growth drivers, and this quarter, all were nicely trending together. One thing to note, given that the Nova Medical Centers acquisition closed on March 1, 2025, and thus, we are only reflecting one month of its results in the first quarter. We will talk about some of our results this quarter with and without Nova, so investors and analysts can understand both.

我們一直將這些視為我們的主要成長動力，本季度，所有因素都呈現良好的趨勢。需要注意的是，鑑於 Nova Medical Centers 的收購於 2025 年 3 月 1 日完成，因此我們在第一季僅反映其一個月的業績。我們將討論本季有和沒有 Nova 時的一些業績，以便投資者和分析師能夠理解這兩種情況。

First, from a visit perspective, patient visits in Q1 2025 were up across all service lines year-over-year with total visits per day increasing 3.2% to 50,900. Excluding the impact from the acquisition of Nova in early March, total visits per day increased 0.6% to 49,600. We continue to see year-over-year growth in workers' compensation volume with total visits per day increasing 2.4% over the first quarter of 2024.

首先，從就診人數來看，2025 年第一季所有服務線的患者就診人數較去年同期成長，每日總就診人數成長 3.2%，達到 50,900 人次。不計 3 月初收購 Nova 的影響，每日總造訪量成長 0.6%，達到 49,600 次。我們繼續看到工人賠償量同比增長，2024 年第一季每日總訪問量增長 2.4%。

Excluding Nova, daily workers' compensation visits increased 0.2%. Importantly, on the employer services side, we are pleased to report that we saw year-over-year daily visit growth for the quarter. Employer services volume increased 3.9% per day relative to the first quarter of 2024. Even when excluding Nova, employer services volume increased 0.9% per day.

不包括 Nova，每日工人賠償訪問量增加了 0.2%。重要的是，在雇主服務方面，我們很高興地報告，本季的每日訪問量同比增長。與 2024 年第一季相比，雇主服務量每天增加 3.9%。即使不包括 Nova，雇主服務量每天也增加 0.9%。

This marks a pretty significant turnaround in our employer services visits following many consecutive quarters of year-over-year mid-single-digit declines coming out of the post-COVID normalization. From a rate standpoint, we had another strong quarter with a 5.6% increase in revenue per visit in Q1 2025 compared to the same quarter prior year. The growth was driven by increases in both workers' compensation and employer services revenue per visit.

這標誌著我們的雇主服務訪問量出現了相當顯著的轉變，此前，在新冠疫情恢復正常後，我們的雇主服務訪問量連續多個季度同比下降了中個位數。從費率角度來看，我們又迎來了一個強勁的季度，2025 年第一季的每次造訪收入與去年同期相比成長了 5.6%。這一增長是由工人賠償和每次訪問雇主服務收入的增加所推動的。

Lastly, I will let Matt talk more about our corporate development efforts, but it has been a highly successful few months with the closing of our Nova acquisition on March 1, the addition of five new centers in Florida from our Physicians Health Center acquisition on March 8, the opening of three de novo sites in Q1 and the signing of the Pivot Onsite acquisition that we announced on April 21. In total, these efforts will add 75 new occupational health centers and approximately 200 on-site health clinics.

最後，我將讓馬特更多地談論我們的企業發展工作，但這幾個月非常成功，我們於 3 月 1 日完成了對 Nova 的收購，於 3 月 8 日通過收購醫生健康中心在佛羅裡達州增加了五個新中心，在第一季度開設了三個 de novo 站點，並於 4 月 21 日宣布簽署了 Pivot Onsite 收購協議。總體而言，這些努力將增加 75 個新的職業健康中心和大約 200 個現場健康診所。

This is our most active stretch of M&A in quite some time. With the three growth drivers all moving in the same direction and despite one less revenue day in the quarter versus prior year, we achieved strong financial results for Q1. Revenue was $500.8 million for the three months ended March 31, 2025, compared to $467.6 million for the three months ended March 31, 2024, representing 7.1% growth year-over-year. This represents a revenue growth rate of 8.9% year-over-year on a revenue per day basis.

這是我們一段時間以來最活躍的併購活動。由於三大成長動力都朝著同一方向發展，儘管本季的營收日比去年同期少了一個，但我們在第一季度取得了強勁的財務業績。截至 2025 年 3 月 31 日的三個月，營收為 5.008 億美元，而截至 2024 年 3 月 31 日的三個月，營收為 4.676 億美元，年增 7.1%。這意味著以每日收入計算，收入成長率年增 8.9%。

Adjusted EBITDA was $102.7 million in the first quarter of 2025 versus $96.1 million in the first quarter of 2024 or a 6.8% increase. Adjusted EBITDA margin decreased slightly from 20.6% in Q1 2024 to 20.5% in Q1 2025. Matt will provide more detail shortly. But once you normalize Q1 2024 for a favorable out-of-period expense reversal, we would have experienced positive year-over-year growth in adjusted EBITDA margin.

2025 年第一季調整後 EBITDA 為 1.027 億美元，而 2024 年第一季為 9,610 萬美元，成長 6.8%。調整後的 EBITDA 利潤率從 2024 年第一季的 20.6% 小幅下降至 2025 年第一季的 20.5%。馬特很快就會提供更多細節。但是，一旦您將 2024 年第一季正常化以實現有利的期外費用逆轉，我們的調整後 EBITDA 利潤率就會實現同比增長。

Net income was $40.6 million and adjusted earnings per share were $0.32 for the first quarter of 2025. Net income was lower than same quarter prior year, primarily due to an increase in interest expense resulting from the IPO recapitalization. We had some transaction expenses related to the Nova acquisition and related financing events that were accounted for as adjustments to earnings per share.

2025 年第一季淨收入為 4,060 萬美元，調整後每股收益為 0.32 美元。淨收入低於去年同期，主要由於首次公開發行（IPO）資本重組導致利息支出增加。我們有一些與 Nova 收購和相關融資事件有關的交易費用，這些費用被計入每股收益的調整。

Overall, the Nova acquisition contributed to our strong performance in the month of March, but our core business also performed very well. Just to reiterate, positive workers' compensation visit growth, positive employer services visit growth, strong rate growth for all visit types and successful M&A, a nice recipe for success with our business.

總體而言，收購 Nova 為我們 3 月份的強勁業績做出了貢獻，但我們的核心業務也表現得非常出色。再次重申，工人賠償訪問量積極增長、雇主服務訪問量積極增長、所有訪問類型的強勁增長率以及成功的併購是我們業務成功的良好秘訣。

Later in the call, we will discuss our revised financial outlook for 2025, which we are raising from our initial outlook provided in January of 2025. We'll also comment on the expected impact of potential tariffs on our business and why we think we are well positioned as a company in the event of macroeconomic turbulence.

在稍後的電話會議中，我們將討論我們對 2025 年財務前景的修訂，該修訂是在 2025 年 1 月提供的初步前景的基礎上進行的。我們還將評論潛在關稅對我們業務的預期影響，以及為什麼我們認為在宏觀經濟動盪的情況下我們公司處於有利地位。

Now I'll turn it over to Matt to provide some more detail on our financial results and additional commentary on our corporate development efforts.

現在我將把時間交給馬特，讓他提供有關我們的財務表現的更多細節，並對我們的企業發展努力提供額外的評論。

Thanks, Keith, and good morning, everyone. I'll start by adding some additional commentary on the financials, and then we'll talk more about the exciting growth efforts. In our occupational health center operating segment, the following numbers are inclusive of the Nova acquisition.

謝謝，基思，大家早安。我將首先對財務狀況添加一些額外的評論，然後我們將進一步討論令人興奮的成長努力。在我們的職業健康中心營運部門中，以下數字包括 Nova 收購。

Total revenue of $472.9 million in Q1 2025 was 7.2% higher than the same quarter prior year. With one less revenue day as compared to the prior year, this constitutes an 8.9% year-over-year increase on a revenue per day basis. Total visits per day increased 3.2% over the same quarter prior year, and revenue per visit increased 5.6% from $139 in Q1 2024 to $147 in Q1 2025.

2025 年第一季總營收為 4.729 億美元，比去年同期成長 7.2%。與前一年相比，營業日減少了一天，這意味著每日營業收入年增 8.9%。每日總訪問量比去年同期增長 3.2%，每次訪問收入從 2024 年第一季的 139 美元增長 5.6% 至 2025 年第一季的 147 美元。

Workers' compensation revenue of $302.1 million in Q1 2025 was 8% higher than prior year. This constitutes a 9.7% increase on a revenue per day basis. Work comp visits per day increased 2.4% from prior year and work comp revenue per visit increased 7.1% versus prior year. Excluding the Florida work comp rate increase, our work comp revenue per visit would have increased by approximately 5%.

2025 年第一季工人賠償收入為 3.021 億美元，比上一年增長 8%。這意味著每日收入增加了 9.7%。每日工傷賠償次數較前一年增加 2.4%，每次工傷賠償收入較前一年增加 7.1%。不計佛羅裡達州工傷賠償率的上漲，我們每次造訪的工傷賠償收入將增加約 5%。

Within employer services, revenue of $160.1 million in Q1 2025, increased 6.2% from prior year. This constitutes a 7.9% increase on a revenue per day basis. Employer services visits per day increased 3.9% from prior year, a welcome reversal of negative year-over-year trends in recent quarters. Employer services revenue per visit increased 3.9% versus prior year. Given the partial quarter contribution of Nova to the financial results, I'm also going to provide a few metrics, excluding the impact of the Nova acquisition.

在雇主服務方面，2025 年第一季的營收為 1.601 億美元，比上年成長 6.2%。這意味著每日收入增加了 7.9%。雇主服務日訪問量較前一年增加 3.9%，扭轉了近幾季年減的趨勢，令人欣喜。雇主每次服務收入比前一年增加 3.9%。鑑於 Nova 對財務表現的部分季度貢獻，我還將提供一些指標，不包括 Nova 收購的影響。

Excluding the impact of Nova, total revenue within the occupational health center operating segment, which excludes the onsite health clinics and other businesses, was $461.7 million, a 4.7% increase over the prior year. This constitutes a 6.3% year-over-year increase on a revenue per day basis. Total visits per day increased 0.6% over the same quarter prior year, and revenue per visit increased 5.8% from $139 in Q1 2024 to $147 in Q1 2025. Work comp visits per day were 0.2% higher than prior year and work comp revenue per visit was 7% higher than prior year. Employer services visits per day were 0.9% higher than prior year.

不計 Nova 的影響，職業健康中心營運部門的總收入（不包括現場健康診所和其他業務）為 4.617 億美元，比上年增長 4.7%。以每日收入計算，這比去年同期增加了 6.3%。每日總訪問量比去年同期增長了 0.6%，每次訪問收入從 2024 年第一季的 139 美元增長了 5.8% 至 2025 年第一季的 147 美元。每天的工傷賠償次數比前一年高出 0.2%，每次工傷賠償收入比前一年高 7%。每日雇主服務訪問量比前一年增加 0.9%。

Employer services revenue per visit was 4% higher than prior year. Moving on from our occupational health centers. Our onsite health clinic segment reported revenue of $16.6 million in Q1 2025, a 4.4% increase from the same quarter prior year, and our other business segment generated revenue of $11.3 million, a 5.7% increase against same quarter prior year.

每次訪問的雇主服務收入比前一年高出 4%。從我們的職業健康中心繼續前進。我們的現場健康診所部門報告 2025 年第一季的收入為 1,660 萬美元，比去年同期增長 4.4%，我們的其他業務部門的收入為 1,130 萬美元，比去年同期增長 5.7%。

Now to expenses. 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 $357.1 million or 71.3% of revenue in Q1 2025, down from 72.1% of revenue for the same quarter prior year.

現在談談費用。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）包括與向客戶提供服務相關的所有直接和間接支援成本。2025 年第一季服務成本為 3.571 億美元，佔營收的 71.3%，低於去年同期的 72.1%。

The percentage of revenue was overall lower, predominantly due to the nice increase we saw in revenue, including the rate gains as well as operational efficiencies resulting from the replacement of contract clinicians with employee clinicians and general improvements in staffing efficiencies across both clinical and operations. General and administrative expense includes corporate overhead such as finance, legal, HR, marketing, corporate offices and other administrative areas.

收入百分比總體較低，主要是因為我們看到收入大幅增長，包括費率上漲以及由於用僱員臨床醫生取代合約臨床醫生而導致的運營效率提高，以及臨床和運營人員效率的普遍提高。一般及行政費用包括公司管理費用，如財務、法律、人力資源、行銷、公司辦公室及其他行政領域的費用。

Our G&A expense were $46.7 million or 9.3% of revenue in Q1 2025 compared to 7.9% of revenue in the same quarter prior year. Excluding items that are added back for the purposes of calculating adjusted EBITDA, including equity compensation expense and certain transaction expenses, G&A expense was $41.2 million for the quarter or 8.2% of revenue compared to 7.4% of revenue in the same quarter prior year.

2025 年第一季度，我們的 G&A 費用為 4,670 萬美元，佔營收的 9.3%，而去年同期該費用佔營收的 7.9%。不包括為計算調整後 EBITDA 而加回的項目（包括股權薪酬費用和某些交易費用），本季的 G&A 費用為 4,120 萬美元，佔營收的 8.2%，而去年同期為 7.4%。

Prior year G&A expense was reduced by a favorable out-of-period legal expense reversal that was recorded during Q1 2024. This had a positive EBITDA impact. The year-over-year increase in G&A as a percentage of revenue is primarily driven by that reversal and the addition of new support FTEs as previously planned as we separate from Select Medical and build out the team required to operate as a stand-alone public company.

2024 年第一季記錄的期外法律費用沖銷有利，減少了前一年的一般及行政費用。這對 EBITDA 產生了正面影響。一般及行政費用佔收入的百分比同比增長主要得益於這種逆轉以及按照先前計劃增加新的支持全職員工，因為我們與 Select Medical 分離並組建了作為獨立上市公司運營所需的團隊。

The overall result was adjusted EBITDA margin in Q1 2025 of 20.5%, a slight decrease from 20.6% during the same quarter prior year. Removing the impact of the favorable onetime legal expense reversal would have resulted in Q1 2024 adjusted EBITDA margin of 19.8%, demonstrating strong year-over-year margin growth on a run rate basis.

整體結果是，2025 年第一季的調整後 EBITDA 利潤率為 20.5%，較去年同期的 20.6% 略有下降。消除一次性法律費用沖銷的有利影響，2024 年第一季調整後的 EBITDA 利潤率將達到 19.8%，按運行率計算，利潤率同比強勁增長。

In Q1 2025, we generated $11.7 million in operating cash flow. I would note that Q1 is consistently one of our slowest cash quarters due to lower collections following seasonally lower fourth quarter volume as well as other quarter-specific material cash outflows such as company-wide bonus payments related to prior year incentive plans and semiannual interest payments on our unsecured bonds. Relative to Q1 2024, the drop in cash flow from operations was largely attributable to an increase in interest payments following the IPO-driven recapitalization last summer.

2025 年第一季度，我們產生了 1,170 萬美元的經營現金流。我想指出的是，第一季一直是我們現金流最慢的季度之一，這是因為繼第四季度季節性下降之後，回款額也較低，以及其他季度特定的重大現金流出，例如與上一年激勵計劃相關的全公司獎金支付和無擔保債券的半年利息支付。相對於 2024 年第一季度，經營現金流的下降主要是由於去年夏天 IPO 推動的資本重組後利息支付的增加。

Investing activities used $294.7 million of cash in the first quarter, predominantly driven by our previously announced acquisition activity. Also included in this number was $15.7 million of CapEx that covered our normal course capital program, opening de novos and upgrading and maintaining existing facilities.

第一季投資活動使用了 2.947 億美元現金，主要受我們先前宣布的收購活動所推動。這個數字還包括 1570 萬美元的資本支出，涵蓋了我們的正常資本計劃、新開工廠以及現有設施的升級和維護。

Financing activities resulted in net cash inflows of $151.9 million for the first quarter. As a reminder, in conjunction with funding the Nova acquisition in early March, we drew $50 million on our revolving credit facility, and we upsized our Term Loan B from approximately $848 million to $950 million.

融資活動導致第一季淨現金流入1.519億美元。提醒一下，結合 3 月初為 Nova 收購提供的資金，我們從循環信貸額度中提取了 5,000 萬美元，並將定期貸款 B 從約 8.48 億美元增加到 9.5 億美元。

Additionally, we repriced our Term Loan B at SOFR plus 200, down from SOFR plus 225 with a 25 basis point step down at net leverage of less than 3.25x. At the same time, we upsized our revolver capacity from $400 million to $450 million, and we repriced at SOFR plus 200 down from SOFR plus 250 with a 25 basis point step down at net leverage of less than 3.5x. We ended the quarter with a total debt balance of $1.6 billion and a cash balance of $52 million.

此外，我們將定期貸款B的利率從SOFR加225下調至SOFR加200，並在淨槓桿率低於3.25倍時下調25個基點。同時，我們將循環信貸額度從4億美元提升至4.5億美元，並將利率從SOFR加250下調至SOFR加200，並在淨槓桿率低於3.5倍時下調25個基點。本季末，我們的債務餘額為16億美元，現金餘額為5,200萬美元。

At the end of March, our net leverage ratio per our credit agreement was 3.9x, up from 3.5x at year-end 2024 and approximately the same as our leverage ratio at the time of our IPO last July. The increase in leverage during the quarter was driven by our Nova acquisition and is in line with what we previously communicated at the time of the acquisition signing.

截至 3 月底，我們根據信貸協議確定的淨槓桿率為 3.9 倍，高於 2024 年底的 3.5 倍，與我們去年 7 月 IPO 時的槓桿率大致相同。本季槓桿率的上升是由我們對 Nova 的收購所推動的，這與我們在收購簽署時所傳達的訊息一致。

In early March, we executed interest rate hedges on $600 million of notional value related to our floating rate Term Loan B. This, along with our fixed rate bonds, now gives us protection from rising interest rates on over 75% of our currently outstanding debt while retaining solid exposure to potential rate decreases. Switching gears, we are pleased to announce a continuation of our dividend this quarter with Concentra's Board of Directors declaring a cash dividend of $0.0625 per share on May 6, 2025. The dividend will be payable on or about May 29, 2025, to stockholders of record as of the close of business on May 20, 2025.

3 月初，我們對與浮動利率定期貸款 B 相關的 6 億美元名目價值進行了利率對沖。這項對沖與我們的固定利率債券一起，使我們目前超過 75% 的未償還債務免受利率上升的影響，同時保留了潛在利率下降的穩固敞口。換個話題，我們很高興地宣布本季將繼續派發股息，Concentra 董事會宣布將於 2025 年 5 月 6 日派發每股 0.0625 美元的現金股息。股息將於 2025 年 5 月 29 日左右支付給 2025 年 5 月 20 日營業結束時登記在冊的股東。

Now before I turn it back to Keith, I want to add some more color on our corporate development updates. First, we are very excited about the last few months and what our collective teams have accomplished. We closed on a core and strategic acquisition of Nova. Our team is working hard on the integration efforts, and we're really pleased with the progress to date. We are ahead of schedule on synergy capture, and we are trending above forecast with respect to patient visit volume in those centers.

現在，在我將主題轉回給 Keith 之前，我想對我們的公司發展更新進行更詳細的介紹。首先，我們對過去幾個月以及我們團隊所取得的成就感到非常興奮。我們完成了對 Nova 的核心策略收購。我們的團隊正在努力進行整合工作，我們對迄今為止的進展感到非常滿意。我們在協同效應獲取方面已經提前完成了計劃，並且這些中心的患者就診量也超出了預期。

Our new Concentra colleagues that came over from the Nova acquisition have hit the ground running and have done an excellent job adhering to best-in-class clinical and operational standards and maintaining customer relationships through the transition. We will be converting all Nova centers over to Concentra's systems, processes and signage over the coming months, which we anticipate will further enhance top line and cost efficiency. Our Physicians Health Center acquisition in Florida and our three de novos opened in the quarter are a continuation of our core center growth strategy and all eight centers are off to a great start.

我們從 Nova 收購的新的 Concentra 同事很快就開始工作，並且在過渡期間出色地遵守了最佳的臨床和營運標準並維護了客戶關係。我們將在未來幾個月內將所有 Nova 中心轉換為 Concentra 的系統、流程和標牌，我們預計這將進一步提高營業收入和成本效率。我們在佛羅裡達州收購的醫生健康中心和本季開設的三個新中心是我們核心中心成長策略的延續，所有八個中心都有了良好的開端。

Lastly, with respect to Pivot Onsite Innovations, this is an acquisition we're really excited about and demonstrates our commitment to investing in and scaling our onsite health clinics business. This effectively doubles the revenue of that segment and brings an additional 700-plus colleagues into the Concentra family. We see a lot of opportunity for both organic and inorganic growth within the onsite health space with an estimated serviceable addressable market of more than $17 billion across both occupational health and advanced primary care service offering.

最後，關於 Pivot Onsite Innovations，這是一次讓我們非常興奮的收購，它表明了我們致力於投資和擴大現場健康診所業務的承諾。這實際上使該部門的收入翻了一番，並為 Concentra 大家庭帶來了另外 700 多名同事。我們看到現場健康領域存在大量有機和無機成長機會，職業健康和高級初級保健服務領域的可服務目標市場規模估計超過 170 億美元。

We announced the signing of this transaction on April 21, 2025, and posted a brief investor deck on our website. The purchase price is $55 million, and the expected acquired revenue will be approximately $60 million. The deal is immediately accretive from a value standpoint, and we expect to capture cost synergies over the first 12 months post-acquisition, resulting in a pro forma purchase multiple below 9x. We expect to close in Q2 2025, subject to certain closing conditions.

我們於 2025 年 4 月 21 日宣布簽署此交易，並在我們的網站上發布了一份簡短的投資者簡報。收購價格為5500萬美元，預計獲得的收入約為6000萬美元。從價值角度來看，這筆交易立即帶來了增值，我們預計在收購後的前 12 個月內將獲得成本協同效應，從而使形式上的購買倍數低於 9 倍。我們預計將於 2025 年第二季完成，但需滿足某些成交條件。

Our teams will be highly focused on integrating, growing employer relationships and continuing to scale the onsite health segment. We look forward to updating you on the continued growth of our onsite business in future quarters. Given the recent pace of deal activity, I would like to take a moment to underscore our long-term commitment to delevering.

我們的團隊將高度重視整合、發展雇主關係並繼續擴大現場健康領域。我們期待在未來幾季向您通報我們現場業務的持續成長。鑑於近期交易活動的步伐，我想花點時間強調我們對去槓桿的長期承諾。

As of quarter end, our leverage ratio is approximately 3.9x, and we do not expect that to change materially because of the Pivot acquisition following the close of that deal later this quarter. We anticipate limited M&A activity over the remainder of this year with our focus now on integration efforts. We intend to deploy free cash flow towards debt repayment and other organic growth initiatives, and we'll continue to target a year-end 2025 leverage ratio of approximately 3.5x and a 3.0 leverage ratio within the next 18 to 24 months.

截至季末，我們的槓桿率約為 3.9 倍，我們預計，由於本季稍後完成對 Pivot 的收購，這一比率不會發生重大變化。我們預計今年剩餘時間內的併購活動將會有限，我們現在的重點是整合工作。我們打算將自由現金流用於償還債務和其他有機成長計劃，並將繼續以 2025 年底槓桿率約為 3.5 倍和未來 18 至 24 個月內槓桿率達到 3.0 倍為目標。

Thanks, Matt. As you can see, we made great progress in the first quarter. I'd like to take a few minutes to address the current macroeconomic landscape and outlook for Concentra from a qualitative perspective, and then Matt will review our updated 2025 financial outlook.

謝謝，馬特。正如您所看到的，我們在第一季取得了巨大的進展。我想花幾分鐘時間從定性的角度來談談 Concentra 目前的宏觀經濟狀況和前景，然後 Matt 將回顧我們更新後的 2025 年財務展望。

Like everyone else, we are actively monitoring global fiscal, monetary, regulatory and trade policy and are evaluating potential impacts to our business. There is obviously a fair amount of broader economic uncertainty right now, but I will note that we have not observed an impact to the visit volumes in our centers as of the date of this earnings call, which I think is an encouraging macro data point, especially given the breadth and diversity of our domestic customer base and our footprint.

與其他人一樣，我們正在積極關注全球財政、貨幣、監管和貿易政策，並評估對我們業務的潛在影響。目前顯然存在相當多的更廣泛的經濟不確定性，但我要指出的是，截至本次收益電話會議之日，我們尚未觀察到對我們中心的訪問量的影響，我認為這是一個令人鼓舞的宏觀數據點，特別是考慮到我們國內客戶群的廣度和多樣性以及我們的足跡。

Like everyone else, I wish we had a crystal ball with respect to the impact of the implementation and outcomes of these policies. But in the absence of that, we feel that we are positioned well here at Concentra to address any economic slowdown should it occur and had proven that in the past. What we can share anecdotally at least is how the administration's current policies could directly impact us over time.

和其他人一樣，我希望我們能有一個水晶球來預測這些政策的實施和結果的影響。但即使沒有這種情況，我們認為，Concentra 也已做好準備，可以應對任何可能發生的經濟放緩，並且過去已經證明了這一點。我們至少可以透過軼事分享政府目前的政策將如何隨著時間的推移直接影響我們。

To the extent economic policy does result in an expansion of manufacturing through the reshoring of American industrial jobs over the long term as the Trump administration hopes, that would serve as a tailwind for Concentra because we serve America's workforce. To that end, there has been a flurry of recent announcement from domestic and international companies indicating plans to invest in incremental manufacturing capacity in the US, which would likely drive an increase in total employment and thus, both visit growth at our centers as well as potential new employer onsite opportunities.

如果經濟政策確實像川普政府希望的那樣，透過長期將美國工業就業崗位回流，從而實現製造業的擴張，那麼這將成為 Concentra 的順風，因為我們服務於美國的勞動力。為此，國內外公司最近紛紛宣布計劃在美國投資增加製造能力，這可能會推動總就業人數的增加，從而促進我們中心的訪問量增長以及潛在的新雇主現場機會。

If new policy leads to higher inflation, our rates would likely increase due to many of those states' workers' compensation fee schedules having built-in inflationary adjustments. Employer services rates have also generally grown in line with inflation in recent years. So higher inflation would likely result in higher revenue per visit, which is what we have experienced in the past.

如果新政策導致通貨膨脹率上升，我們的費率可能會上升，因為許多州的工人賠償費用表都內建了通貨膨脹調整功能。近年來，雇主服務費率也普遍隨著通貨膨脹而成長。因此，更高的通貨膨脹可能會導致每次訪問的收入更高，這正是我們過去所經歷的。

From a supply chain standpoint, we expect minimal bottom-line impact from tariffs since medical supplies and pharmacies as a line-item expense category constitute less than 3% of total revenue for us, which, based on our research, is one of the lowest percentages among comparable health care services companies. That said, we are certainly taking proactive steps to mitigate any potential exposure to trade-induced cost creep within our business.

從供應鏈的角度來看，我們預期關稅對底線的影響很小，因為醫療用品和藥品作為分項支出類別占我們總收入的不到 3%，根據我們的研究，這是同類醫療服務公司中最低的比例之一。儘管如此，我們肯定會採取積極措施來減輕我們業務中因貿易引起的成本攀升的任何潛在風險。

Lastly, in the event economic activity does slow over the near term, which to be clear, we are not currently predicting nor seem to be experiencing in our visits, we are well positioned to weather the storm. Although we are a new stand-alone public company, we have a long history of nimbly managing our cost structure through down cycles in the economy.

最後，如果經濟活動在短期內確實放緩，很明顯，我們目前沒有預測到這種情況，而且在我們的訪問中似乎也沒有遇到這種情況，我們完全有能力渡過難關。雖然我們是一家新的獨立上市公司，但我們長期以來一直靈活地在經濟下行週期中管理我們的成本結構。

During the global financial crisis in 2008 and 2009 and during COVID in 2020, we experienced a substantial drop in visits, but we limited the negative adjusted EBITDA impact. We have a highly experienced and capable operational team actively monitoring day-to-day volume and managing our cost trends throughout the country, and we are well positioned to react quickly in the event overall economic growth were to slow. Longer term, these policies could serve as tailwinds for our business if they result in material growth in US jobs.

在 2008 年和 2009 年全球金融危機期間以及 2020 年新冠疫情期間，我們的訪問量大幅下降，但我們限制了調整後 EBITDA 的負面影響。我們擁有一支經驗豐富、能力超群的營運團隊，積極監控日常業務量並管理全國範圍內的成本趨勢，並且我們有能力在整體經濟成長放緩時迅速做出反應。從長遠來看，如果這些政策能夠大幅增加美國就業崗位，那麼它們將對我們的業務起到推動作用。

With that, Matt can share our thoughts on our updated financial guidance.

這樣，馬特就可以分享我們對更新的財務指導的想法。

Great. Thanks. I think Keith summarized the uncertainty nicely in the way these policies could impact Concentra. While we are obviously tracking the broader macroeconomic landscape, we aren't seeing an impact to our business currently. In fact, April volume across work comp and employer services was up year-over-year and into early May, even after excluding the impact of Nova.

偉大的。謝謝。我認為 Keith 很好地總結了這些政策可能對 Concentra 產生的影響的不確定性。雖然我們顯然在追蹤更廣泛的宏觀經濟形勢，但目前我們並沒有看到對我們的業務的影響。事實上，即使排除 Nova 的影響，4 月份工傷賠償和雇主服務的交易量仍同比增長，並且持續到 5 月初。

Given the strong financial start to the year and additional development activity that previously wasn't factored into our guidance, including the acquisitions of Physicians Health Center and Pivot Onsite, we felt it was appropriate at this time to raise our view of some of the previously provided 2025 financial metrics. For 2025, Concentra now expects to deliver revenue in the range of $2.1 billion to $2.15 billion and adjusted EBITDA in the range of $415 million to $430 million.

鑑於今年財務狀況良好，以及之前未計入我們指導範圍的額外開發活動，包括收購 Physicians Health Center 和 Pivot Onsite，我們認為此時提高對之前提供的一些 2025 年財務指標的看法是合適的。Concentra 目前預計 2025 年的營收將在 21 億美元至 21.5 億美元之間，調整後的 EBITDA 將在 4.15 億美元至 4.3 億美元之間。

We are tracking well to the capital expenditures and net leverage ratio outlook guidance that we previously communicated, so there's no change there. We intend to closely monitor potential macro impacts to our business over the next few months as well as progress on integration of our recent acquisitions, and we may have additional updates with respect to full year 2025 guidance during our Q2 earnings call.

我們正在順利追蹤我們先前傳達的資本支出和淨槓桿率前景指引，因此沒有變化。我們打算密切關注未來幾個月對我們業務的潛在宏觀影響以及我們最近收購的整合進展，並且我們可能會在第二季度收益電話會議上對 2025 年全年指引進行更多更新。

Thanks, Matt. Obviously, a lot of good news here for the quarter. As a management team, we're excited about the progress we have made as a stand-alone company post IPO and are proud of the outstanding effort and execution from all of our colleagues across clinical, operational support and development functions.

謝謝，馬特。顯然，本季有很多好消息。作為管理團隊，我們對 IPO 後作為獨立公司所取得的進展感到非常興奮，並為臨床、營運支援和開發職能部門所有同事的出色努力和執行感到自豪。

Our people and culture have served as the cornerstone of our company for over 45 years, and we are focused on maintaining our values and adhering to our mission of improving the health of America's workforce one patient at a time as we continue our growth. We think we have a strong value proposition to offer health care investors given our industry-leading market position as a provider of choice for over 215,000 employer customers due to our long history of clinical excellence, patient care and our overall value proposition to help employers lower health care costs.

45 年來，我們的員工和文化一直是我們公司的基石，我們致力於維護我們的價值觀，並堅持我們的使命，在繼續發展的同時，透過一次幫助一位病患來改善美國勞動力的健康。我們認為，憑藉我們在行業領先的市場地位，作為超過 215,000 名雇主客戶的首選供應商，我們能夠為醫療保健投資者提供強大的價值主張，這得益於我們長期以來在臨床卓越性、患者護理和幫助雇主降低醫療保健成本的整體價值主張方面所取得的成就。

Also, our strong geographic industry, customer and service offering diversification representative of 45 states, the attractive reimbursement model that mitigates stroke of the pen risk due to less than 1% of our revenue having government payer exposure, our flexible operating structure that allows us to quickly scale staffing and cost up and down from real-time volume trends. Our history of successful execution on M&A and the white space that exists for those trends to continue and our motivated and highly experienced management team that has a long track record of producing mid- to high single-digit top line growth, consistent 20% adjusted EBITDA margins, significant free cash flow and low to mid-teens return on invested capital. We are excited to continue to share our story with the market and provide updates on our performance and growth initiatives over the coming quarters.

此外，我們強大的地理行業、客戶和服務提供多元化代表了 45 個州，有吸引力的報銷模式減輕了由於不到 1% 的收入涉及政府付款人而產生的筆觸風險，我們靈活的運營結構使我們能夠根據實時數量趨勢快速擴展人員配置和成本。我們在併購方面有著成功執行的歷史，而這些趨勢仍然存在空白，我們積極進取、經驗豐富的管理團隊長期以來一直保持著中高個位數的營收成長、持續 20% 的調整後 EBITDA 利潤率、可觀的自由現金流和低至中等的投資回報率。我們很高興繼續與市場分享我們的故事，並在未來幾季提供有關我們的業績和成長計劃的最新資訊。

That concludes our prepared remarks, and we thank everybody for the time today. We'd like to turn it back over to the operator to open the call for questions.

我們的準備好的演講到此結束，感謝大家今天的演講。我們想將其交還給接線員來開始提問環節。

(Operator Instructions) Benjamin Rossi, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的本傑明·羅西 (Benjamin Rossi)。

So on employer services volumes, with the strong performance during 1Q coming in ahead of expectations, it seems as though we've potentially hit an inflection point on visit volume erosion in that segment. Can you just discuss your turnaround here organically? And what are some of the factors that aided this turnaround? And then looking ahead, how are you factoring volume trends here for the remainder of the year?

因此，就雇主服務量而言，由於第一季的強勁表現超出了預期，我們似乎可能已經達到了該領域訪問量下降的轉折點。您能在這裡簡單討論一下您的轉變嗎？哪些因素促成了這項轉變？展望未來，您如何預測今年剩餘時間的銷售趨勢？

Yes, I'll start with that. Matt, feel free to chime in. I think as we've talked about in the past, coming off some highs and lows from the COVID years of ramping up and the churn that took place and then the downturn that we subsequently saw that created year-over-year negative comps. I think we bottomed out, and we talked about it last year that we felt that we were slowly starting to see some improvement there. And I think as we came into this year, there seemed to be a little more optimism we felt from the noise from the employer base.

是的，我就從那裡開始。馬特，請隨意加入。我認為，正如我們過去所討論的那樣，在經歷了新冠疫情期間的增長和低谷之後，我們又經歷了人員流失，隨後又經歷了經濟衰退，這造成了同比負增長。我認為我們已經觸底，去年我們就談到了這一點，我們感覺我們正在慢慢開始看到一些改善。我認為，進入今年以來，我們從雇主群體的聲音中似乎感受到了更多的樂觀。

And I think just the continued sales and marketing efforts that we've deployed through several channels within our sales and marketing group as far as continuing to gain market share in those markets has really helped us start to turn that needle and drive it back in the direction it's going. We've seen several of these, if you go back years and years, where there's a little bit peaks and valleys associated with what's going on from an economic standpoint.

我認為，我們透過銷售和行銷團隊內部的多個管道部署的持續銷售和行銷努力，以及繼續在這些市場中獲得市場份額，確實幫助我們開始扭轉局面並推動其回到原來的方向。我們已經看過這樣的情況，如果你回顧過去很多年，你會發現從經濟角度來看，經濟有起有落。

And so I think we're starting to see some of the rewards of the hard work we put in over the last year, along with just some of the dynamics coming out of the COVID and the great -- the hiring and the churn associated with that. We continue to see that, and we're cautiously optimistic. There's a lot of turbulence out there and projections of what could or could not happen from an economic standpoint. But so far, we've been pleased with what we're seeing.

因此，我認為我們開始看到過去一年辛勤工作的一些回報，以及新冠疫情帶來的一些動態以及與之相關的招募和人員流失。我們繼續看到這一點，並且我們持謹慎樂觀的態度。從經濟角度來看，存在著許多動盪，並且預測哪些事情可能發生或不可能發生。但到目前為止，我們對所看到的結果感到滿意。

Great. Appreciate the color there. And just as a follow-up, so taking a step back, sounds a series of acquisitions makes you one of the most scaled platforms in occupational health across both your workers' comp and employer services segments. Just with these transactions, could you take a step back and describe to us where you see Concentra going from here with these added capabilities and ultimately, how this scaled platform helps you deliver upon your long-term growth goals?

偉大的。欣賞那裡的色彩。作為後續行動，退一步來說，一系列的收購使您成為職業健康領域最具規模的平台之一，涵蓋工人補償和雇主服務領域。透過這些交易，您能否退一步向我們描述一下，您認為 Concentra 在這些新增功能的幫助下將如何發展，以及最終這個規模化的平台如何幫助您實現長期成長目標？

Yes, I'll take that one also. The bricks and mortar, we're going to continue to pick and acts down that pathway. There's still opportunities out there. The size we have also has created greater partnerships with the managed care ecosystem world or the work comp industry. We've got a lot of relationships that are helping drive additional volume from that standpoint.

是的，我也要那個。我們將繼續選擇實體並沿著這條道路前進。仍然還有機會。我們的規模也與管理式醫療生態系統領域或工傷補償產業建立了更大的合作關係。從這個角度來看，我們擁有很多關係，可以幫助推動額外的銷售。

What I'm really excited about that we've talked about in the past many times is three legs on the stool here at Concentra, the largest by far, the bricks and mortar, the second being our employer onsites and the third being our other business lines, primarily telemedicine. Really excited with the opportunity that we have from an onsite perspective, as we mentioned on the call, we're doubling that segment from a revenue standpoint with the acquisition of Pivot.

我真正感到興奮的是，我們過去曾多次談到，Concentra 有三條腿，迄今為止最大的一條是實體，第二條是我們的現場雇主，第三條是我們的其他業務線，主要是遠距醫療。我們真的很高興能從現場角度獲得這樣的機會，正如我們在電話會議上提到的那樣，透過收購 Pivot，我們從收入角度將這一部分翻了一番。

It still puts us on the smaller end of onsite companies. We're definitely in the top 10, but we think there's going to be tremendous growth there. We have other opportunities to look at in the future that are going to allow us to grow that business.

這仍然使我們成為現場公司中規模較小的公司。我們肯定已經進入前十，但我們認為我們還會有巨大的成長。未來我們還有其他機會可以考慮，以幫助我們發展業務。

We're in the process of scaling it. We think Pivot helps a lot. It's a very similar business to what we have from an occupational medicine standpoint. We have deployed our advanced primary care product and are starting to get a few wins relative to RFPs in that area. And that's a big marketplace for us that we're going to prospect very hard as we push forward. And now that we have a very good solid foundation built around that business with the Pivot acquisition and our own business, we feel very good about the growth from that perspective that, that segment is going to help drive for us in the future.

我們正在擴大其規模。我們認為 Pivot 有很大幫助。從職業醫學的角度來看，這是與我們的業務非常相似的業務。我們已經部署了先進的初級保健產品，並開始在該領域獲得一些與 RFP 相關的勝利。這對我們來說是一個巨大的市場，我們將在前進的過程中努力探索。現在，透過收購 Pivot 和我們自己的業務，我們已經圍繞著該業務建立了非常堅實的基礎，從這個角度來看，我們對該部門的成長感到非常樂觀，這將有助於推動我們未來的發展。

Yes. Ben, the only thing I would add there, too, I always talk about providing great access to our employer customers, and we do that through our locations, so employers can send their employees to us at our health clinics. But we can also go to them through our onsite business, and we do that episodically.

是的。本，我唯一想補充的是，我總是談論為我們的雇主客戶提供良好的服務，我們透過我們的診所來實現這一點，這樣雇主就可以把他們的員工送到我們的健康診所。但我們也可以透過我們的現場業務與他們聯繫，我們會不定期地這樣做。

We do that from a mobile standpoint and then full time as well. And then the third one is our virtual telemedicine service offering. So what we're trying to do is just continue to build out all three of those areas and provide a very comprehensive solution set for our employer customers.

我們從移動的角度來做這件事，而且也是全職做這件事。第三個是我們提供虛擬遠距醫療服務。因此，我們正在嘗試做的就是繼續擴展這三個領域，並為我們的雇主客戶提供一套非常全面的解決方案。

Jamie Perse, Goldman Sachs.

高盛的傑米·珀斯 (Jamie Perse)。

Just starting on workers' comp. I think visits were up 2.4% per day. It sounds like that was 0.2% organic and 220 basis points from Nova. How would you contextualize the organic performance there? It was slower than trends, and I think slower than the roughly 2% long-term framing you've provided for that business. So what did you see in the quarter? Do you expect improvement from here? And how should we get confidence in that kind of roughly 2% long-term outlook for that business?

剛開始工傷補償。我認為每天的訪問量增加了 2.4%。聽起來這是 0.2% 的有機收入和來自 Nova 的 220 個基點。您如何理解那裡的有機表現？它比趨勢要慢，而且我認為比您為該業務提供的大約 2% 的長期框架要慢。那麼您在本季看到了什麼？您期望這裡會有所改善嗎？那麼，我們如何才能對該業務約 2% 的長期前景充滿信心呢？

Sure. I can take that. Jamie, so yes, work comp from a core standpoint was a little lighter than prior quarter, but still positive overall. We continue to see total employment growth. There's obviously some changes within that category, practice patterns and things like that. So overall, we expect to see positive work comp visit growth from a core perspective on a go-forward basis.

當然。我可以接受。傑米，是的，從核心角度來看，工傷賠償比上一季略低，但總體來說仍然是積極的。我們繼續看到整體就業成長。顯然，該類別、實踐模式等等都發生了一些變化。因此，總體而言，我們預期從核心角度來看，未來工傷賠償訪問量將出現正面的成長。

Okay. And then on gross margins, I think you cited 150 basis points improvement from last year, excluding the reversal you had last year. How much of that was from the acquisition of Nova versus more underlying performance? And then is that a sustainable level adjusting for seasonality that we should think about as a starting point for the year given the kind of potential improvement in volumes, the pricing you're getting, et cetera? Just how should we think about gross margin progression this year?

好的。然後關於毛利率，我認為您提到了比去年提高了 150 個基點，不包括去年的逆轉。其中有多少是來自於對 Nova 的收購，還是更多的是來自於潛在的業績？那麼，考慮到銷售量、定價等方面的潛在改善，這是否是一個根據季節性進行調整的可持續水平，我們應該將其視為今年的起點？我們究竟該如何看待今年的毛利率成長？

Sure. Yes, there's a lot of moving pieces in the margin profile. Obviously, we had strong rate performance. We had positive visit growth. We had the acquisitions.

當然。是的，利潤概況中有很多變動因素。顯然，我們的利率表現強勁。我們的訪問量實現了正增長。我們進行了收購。

We also have some incremental hires as we're separating from Select. And we had the onetime out-of-period favorable item prior year. So all of those are kind of contributing to where we presented. But fourth -- fifth year here in a row with 20-plus percent margins. We expect that's sustainable. And with the continued M&A activity, we think there's upside from there as well.

在與 Select 分離的過程中，我們也進行了一些增量招募。去年我們曾經有過一次超出期限的優惠項目。所以所有這些都對我們所展示的內容有所貢獻。但這已是連續第四年、第五年利潤率超過 20% 了。我們預計這是可持續的。隨著併購活動的持續，我們認為這也會帶來好處。

Yes. And I would add that Nova was only one month of the results, so it had very little impact this quarter, but we feel pretty good with the synergies that we're executing on right now that it's going to contribute as we go forward, but the rate has really been a nice driver this year.

是的。我想補充一點，Nova 只是一個月的業績，所以對本季的影響很小，但我們對目前正在執行的協同效應感到非常滿意，它將在我們前進的過程中做出貢獻，但今年的成長率確實是一個很好的推動力。

Ben Hendrix, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ben Hendrix。

First question here for Keith. Just following up on your trade policy discussion. Just in that high inflation scenario, you noted that rate increases would likely flow through. Just wanted to get any commentary on your views on the uniformity of that across your states. I know these states have different rate mechanisms. Are there any particular key areas or key markets where you -- where we could be at risk of rate updates lagging inflation more than others? Just want to get an idea of the uniformity across the footprint.

第一個問題是問 Keith。只是想跟進一下您的貿易政策討論。正是在這種高通膨情境下，您指出利率可能會上升。只是想聽聽您對各州統一性的看法。我知道這些州有不同的利率機制。是否存在一些特定的關鍵領域或關鍵市場，在這些領域或市場中，我們可能面臨利率更新滯後通膨的風險，而這些風險比其他領域或市場更大？只是想了解整個足跡的一致性。

Yes. Typically, there's some sort of inflationary factor they use, and it could be CPI, it could be MEI. But what historically we've seen is the implementation of the adjustments to their fee schedule typically within the first quarter of the year. And they'll look back kind of what's happened in the last three to six months. So it's been fairly reflective at the time that they go in as to what recently has happened relative to inflation. And so it -- that's what we've seen historically. So it's worked pretty well from that standpoint.

是的。通常，他們會使用某種通膨因素，可能是 CPI，也可能是 MEI。但從歷史上看，他們的收費標準調整通常是在每年第一季實施的。他們會回顧過去三到六個月發生的事情。因此，它們在進入時相當能反映近期通貨膨脹的情況。這就是我們在歷史上所看到的情況。從這個角度來看，它的效果非常好。

Great. And then just my other question for Matt. I just wanted to go back to the cost-of-service performance and the lower cost of service as a percent of revenue, and you noticed some labor efficiencies you captured in there. Just wanted to kind of get a little more color around that, kind of what the -- if there's more room to run in that regard and kind of how you see labor fleshing out for the long term as a percent of revenue and if there's any change to that forecast?

偉大的。然後我還有另一個問題要問馬特。我只是想回到服務成本績效和服務成本佔收入的較低百分比，並且您注意到您在那裡捕獲了一些勞動效率。只是想對此進行更詳細的說明，例如——在這方面是否還有更多的發展空間，以及您如何看待勞動力在長期內佔收入的百分比，以及該預測是否有任何變化？

Sure. Yes, I'll add a couple of comments there. Obviously, the revenue increase and the rate gains helped cost of services as a percentage of revenue go down. But we also noted that we had some staffing efficiency gains at the center level across all disciplines and across the country. So our teams are doing a great job.

當然。是的，我會在那裡添加一些評論。顯然，收入增加和費率上漲有助於服務成本佔收入的百分比下降。但我們也注意到，我們在各個學科和全國範圍內的中心層面都有所提高。所以我們的團隊做得很好。

The visit volumes are more stable than they have been in prior years. We have some technology initiatives that have helped with efficiencies. And we're really happy with some of the key metrics we look at, whether it's patient satisfaction or turnaround times and things like that. So we'll continue to invest in technologies and other ways to make our colleagues at the centers more efficient in the future.

訪問量比往年更加穩定。我們有一些有助於提高效率的技術舉措。我們對所關注的一些關鍵指標感到非常滿意，無論是患者滿意度還是周轉時間等等。因此，我們將繼續投資技術和其他方式，以提高我們中心同事的未來效率。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

So I guess a couple of follow-ups. Just to clarify on your guidance update, where you said you raised the revenue and your EBITDA guidance was raised by $5 million. And you said to reflect the Q1 and also the deal activity. So just to make sure, do you include the Pivot acquisition that in this updated guidance?

所以我想問幾個後續問題。只是為了澄清您的指導更新，您說您提高了收入，並且您的 EBITDA 指導提高了 500 萬美元。您說這反映了第一季以及交易活動。因此，為了確保萬無一失，您是否將 Pivot 收購納入了更新的指南中？

Yes. So I'll add a little commentary just to make sure that's very clear. Our previous guidance included Nova and all of our de novos for this year. Subsequent to that, we closed on the small PHC deal in Florida. And then we announced the Pivot acquisition.

是的。因此我將添加一點評論以確保這一點非常清楚。我們之前的指導包括 Nova 和我們今年的所有 de novos。隨後，我們完成了佛羅裡達州的小型 PHC 交易。然後我們宣布收購 Pivot。

So both PHC and Pivot are included in our revised guidance. Pivot is not closed yet, but we expect it to close here shortly.

因此，PHC 和 Pivot 都包含在我們的修訂指南中。Pivot 尚未關閉，但我們預計它很快就會關閉。

Okay. You expect to close shortly. That's why you're including it. Okay. And another follow-up. So your workers' comp revenue per visit, even if you exclude the Florida base would still be pretty good up at 5%. So is that a good number to kind of assume longer term?

好的。您希望很快關閉。這就是你將其包括進來的原因。好的。還有另一個後續行動。因此，即使排除佛羅裡達州的基數，您的工人每次就診的補償收入仍將相當可觀，達到 5%。那麼從長遠來看，這是一個好的數字嗎？

Over a long period of time, the stat that we've always referenced is 3% is the long-term average on work comp rate increases. You can look over a 5-, 10-, 15-, 20-year period, and it's pretty much in line with that. Obviously, inflation has been higher in recent years. And I think that's what's reflected in our numbers this year. And to Keith's comments earlier, if there is any sustained inflation, we expect it to be slightly higher than 3% in the near term.

長期以來，我們一直引用的統計數據是 3%，這是工傷補償率成長的長期平均值。你可以回顧 5 年、10 年、15 年、20 年的時期，它與此基本一致。顯然，近年來通貨膨脹率較高。我認為這就是我們今年的數據所反映的。正如 Keith 之前所說，如果出現持續通膨，我們預計短期內通膨率將略高於 3%。

And if I may, another follow-up on workers' comp. So your comment was that, I guess, excluding Nova, the rents per days decelerated and we're only up like 0.2% versus 1% in Q4. So I wasn't quite sure whether you're trying to call out anything there? Or are you just kind of sort of in the range of things that you would have expected?

如果可以的話，我想再跟進一下工人補償的問題。所以我想您的評論是，除 Nova 外，每天的租金下降了，我們僅上漲了 0.2%，而第四季度則上漲了 1%。所以我不太確定您是否想在那裡喊出什麼？或者您只是在某種程度上處於您所期望的範圍內？

No, we're not trying to call out anything there other than we just felt it was really important to exclude the Nova visits so people can look at our core company performance this quarter, especially with the 1 month of Nova visits. But work comp was in line with expectations, maybe slightly softer than what we thought, but it always bounces around a little bit, and it's still positive. And I think the big news for us really, as we spoke about, was the turning point with employer services visits. So we're very happy about that.

不，我們並不是想指出任何問題，只是覺得排除 Nova 訪問非常重要，這樣人們才能了解我們本季的核心公司業績，尤其是為期 1 個月的 Nova 訪問。但工傷賠償符合預期，可能比我們想像的稍微弱一些，但總是會稍微波動，而且仍然是正數。我認為，正如我們所說的，對我們來說真正的重大新聞是雇主服務訪問的轉捩點。所以我們對此感到非常高興。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just wanted to follow up a little bit on some of the moving parts on guidance. Perhaps you could start by reminding us, I guess, when exactly you're expecting the Pivot deal to close and what the annual revenue contribution is there?

只是想稍微跟進一下指導中的一些活動部分。我想，也許您可以先提醒我們一下，您預計 Pivot 交易何時完成，以及每年的收入貢獻是多少？

I kind of thought that getting a couple of quarters of that deal would maybe explain the entirety of your guidance raise, maybe even more than that potentially. Just trying to sort out the organic pieces versus how you're thinking about Pivot and how much revenue is in the guidance for Pivot. And I guess also the smaller five center deal that you closed as well.

我有點認為，獲得這筆交易的幾個季度也許可以解釋你整個指導性提高，甚至更多。只是嘗試理清有機部分，以及您對 Pivot 的看法以及 Pivot 指導中的收入是多少。我想您也完成了規模較小的五中心交易。

Sure. Thanks for the question, Steve. So Pivot, we are expecting to close towards the end of Q2. So there will be approximately half a year impact on our financials. Obviously, there's going to -- and with the PHC deal and Pivot, there will be some transition time and ramp and things like that.

當然。謝謝你的提問，史蒂夫。因此，我們預計 Pivot 將在第二季末結束。因此這將對我們的財務狀況產生大約半年的影響。顯然，隨著 PHC 交易和 Pivot 的達成，將會有一些過渡時間和提升等事情。

So PHC closed in mid-March and Pivot at the end of Q2.

因此，PHC 於 3 月中旬關閉，Pivot 於第二季末關閉。

Okay. And I believe Pivot was potentially a $60 million annual revenue business and maybe the disclosures you gave, do we have that right? Or is there a different number for some reason that we should be thinking about for two quarters of that for the balance of the year?

好的。我相信 Pivot 可能是一家年收入達 6,000 萬美元的公司，也許您披露的資訊是正確的嗎？或者出於某種原因，我們應該考慮今年餘下的兩個季度的數字是否有所不同？

No, that's correct. $60 million revenue on an annualized basis. And just to add a couple of comments. I think as you're getting into how we thought about guidance, obviously, there's a lot of moving pieces. We've got the M&A coming on board.

不，沒錯。以年收入計算為 6000 萬美元。我只想補充幾點評論。我認為，當您了解我們如何考慮指導時，顯然有很多活動的部分。我們已開始進行併購。

We've got some uncertainty that Keith and I both talked about. And we felt like at the end of Q1 with the strong Q1 performance and then a couple of additional deals, we felt like it was appropriate to increase the guidance by $50 million on the top end of the revenue range and then $5 million on both ends of the EBITDA range. And really just being very thoughtful about where we are in the year and the uncertainty that Keith talked about. Other than that, I think it likely could have been a higher or larger increase.

我們有一些不確定性，基斯和我都討論過。我們認為，在第一季末，鑑於強勁的第一季業績以及隨後的幾筆額外交易，我們認為將收入範圍的高端提高 5000 萬美元，將 EBITDA 範圍的兩端提高 500 萬美元是合適的。並且真的非常認真地思考我們今年所處的階段以及 Keith 談到的不確定性。除此之外，我認為增幅可能會更高或更大。

Yes, I was going to add, in my comments, I mentioned we wish we all had a crystal ball. We feel really good about how we ended the first quarter and how we're going into the second quarter. But again, there's a lot of uncertainty and turbulence out there. So as an organization, and what we say at this point in time, we want to remain cautious, especially in the early stages of being a public company as to far as what we think we'll end, and we'll update as we go forward each quarter as to what we're seeing in the business.

是的，我要補充一點，在我的評論中，我提到我們希望我們都有一個水晶球。我們對第一季的結束以及第二季的進展感到非常滿意。但同樣，外面還存在著許多不確定性和動盪。因此，作為一個組織，就我們目前的說法而言，我們希望保持謹慎，特別是在成為上市公司的早期階段，至於我們認為最終結果如何，我們將在每個季度更新我們在業務中看到的情況。

Okay. Makes sense. So better Q1 but just maintaining a prudent stance on the rest of the business organically and folding in deals. I think we can appreciate that then. And then I just wanted to follow up on some of the macro discussion.

好的。有道理。因此，第一季的業績會更好，但對其餘業務保持審慎的立場，並進行交易。我想我們就可以理解這一點了。然後我只是想跟進一些宏觀討論。

I think we do understand the workers' compensation side of the business and how there's often tie-ins to inflation benchmarking. Can you talk a little bit about how employer services rates have held up when you've had previous economic cycles with more pressure, maybe more uncertainty, maybe more akin to the environment that we're in now?

我認為我們確實了解工人賠償業務方面以及它如何經常與通貨膨脹基準掛鉤。您能否談談，在以前經濟週期中，當壓力更大、不確定性更大、可能更類似於我們現在所處的環境時，雇主服務費率是如何維持的？

Yes. We've -- historically, our employer services rates have reflected the -- trended very similar to kind of the inflationary environment out there. What we historically do around October, November each year is look back on the year, look at what's happening from that standpoint and then identify what we feel is the right number to communicate to be effective on January 1.

是的。從歷史上看，我們的雇主服務費率反映的趨勢與通膨環境非常相似。我們每年 10 月或 11 月左右都會回顧這一年，從這個角度看看發生了什麼，然後確定我們認為在 1 月 1 日生效的正確數字。

And typically, as long as we kind of use a guideline of inflation and what's happening from that perspective on how we handle our employer services pricing, it's been well received with minimal pushback at all. And so that's historically year after year, how we've approached things.

通常情況下，只要我們以通貨膨脹為指導，並從這個角度考慮我們如何處理雇主服務定價，我們就會受到良好的歡迎，並且幾乎不會遇到任何阻力。從歷史上看，我們年復一年都是這樣處理事情的。

Yes, and to add to that, I think it's reflective of what's happening this year at our 3.9%, what we're seeing so far this year is right in line with what we targeted and what we communicated to an employer perspective in the fourth quarter.

是的，此外，我認為這反映了我們今年 3.9% 的實際情況，今年迄今為止我們看到的情況與我們的目標以及我們在第四季度向雇主傳達的信息一致。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Just sticking with the rate topic. Can you remind us sort of the seasonality of when you get the updates or when those kick in for the fee schedules on the workers' comp side. So for example, is it 75% on Jan 1, 25% on October 1? Just trying to get a sense of phasing here.

只是堅持利率主題。您能否提醒我們您獲得更新的時間或工人補償費用表何時生效的季節性。例如，1 月 1 日是 75%，10 月 1 日是 25% 嗎？只是想了解這裡的階段。

I would say 80% to 90%, we're going to see within the first quarter. A good majority are effective January 1. Some states lag a little bit as far as updating their schedules, but it typically happens in the first quarter. You'll get the other 20% or so in the middle of the year. July, there's some updates. And then again, in October, there's a couple of states. I believe Arizona typically is an October update. But the majority of what we're going to see each year happens within the first quarter.

我想說 80% 到 90%，我們將在第一季看到。大多數將於 1 月 1 日生效。有些州在更新時間表方面稍有滯後，但通常發生在第一季。您將在年中得到剩下的 20% 左右。七月，有一些更新。再說了，十月有幾個州。我相信亞利桑那州通常會在十月更新。但我們每年看到的大部分情況都發生在第一季。

Okay. And then sticking with workers' comp, just a two-parter. One, was there any weather impact to call out in the first quarter? I know that -- and we're seeing that in other parts of services. And then the second part is just you talked about share gains in employer services. And just curious about consolidation opportunities or share gain opportunities with some of those Fortune 500 accounts and how you're thinking about that over the next, call it, two to three years?

好的。然後堅持工人補償，只有兩個部分。第一，第一季是否有需要注意的天氣影響？我知道這一點——而且我們在服務的其他部分也看到了這一點。第二部分就是您談到的雇主服務的份額成長。我只是好奇與一些財富 500 強企業的合併機會或份額增加機會，以及您在未來兩到三年內對此有何看法？

Yes. I'll comment on both, if I understood the second part. But as far as weather, yes, we get impacted by weather, just like everybody else. It's a walk-in urgent care practices. And if there's ice and snow, it can significantly impact us as far as when it initially hits.

是的。如果我理解了第二部分，我會對兩者發表評論。但就天氣而言，是的，我們會受到天氣的影響，就像其他人一樣。這是一家無需預約的緊急護理機構。如果出現冰雪，那麼在冰雪最初襲擊時，就會對我們造成嚴重影響。

It also potentially helps us with slips and falls along with that weather. But we have it every year, and it's hard to really ascertain if there's really a more negative impact this year than last year. So that's why we didn't really comment from that perspective relative to weather this year impacting us. As far as employers, we've built some of the larger ones.

它還可以幫助我們避免在惡劣天氣下滑倒和跌倒。但我們每年都會遇到這種情況，很難確定今年的影響是否真的比去年更大。所以這就是為什麼我們沒有從這個角度評論今年天氣對我們的影響。就雇主而言，我們已經建立了一些較大的雇主。

We get further and further integrated with them within workers' comp ecosystems and their other partners, their TPAs, their managed care entities that may support some of the programs they have in place to where there is a true direction of care that occurs relative to trying to get patients to us versus somebody else because of the ease of business that we provide for them and their payers. A big part of what our value prop is about is velocity of information regarding patients, return to work, communication. And if they can use a provider that is technology advanced, that can provide them information in a faster manner than others that can help return their workers to full functionality quicker than others.

我們在工人補償生態系統以及他們的其他合作夥伴、他們的 TPA、他們的管理式醫療實體中與他們進行了越來越深入的整合，這些實體可能會支持他們現有的一些計劃，從而實現真正的護理方向，即試圖將患者送到我們這裡而不是其他人那裡，因為我們為他們及其付款人提供了業務便利。我們的價值主張很大一部分在於有關患者、重返工作崗位和溝通的資訊速度。如果他們能夠使用技術先進的提供商，那麼該提供商就能比其他人更快地向他們提供信息，從而幫助他們的員工比其他人更快地恢復全部功能。

It's going to save tremendous cost as we've shown in the past. Validation studies have shown 25% to 30% cost of savings with us versus a non-Concentra facility. And so we feel good, especially with the size that we have, the footprint, the ability for an employer to come to us and have good penetration into their employee base across the country as far as using us, and it just streamlines things to them. So it's a great value prop that we have.

正如我們過去所展示的，它將節省巨大的成本。驗證研究表明，與非 Concentra 設施相比，我們可以節省 25% 至 30% 的成本。因此我們感覺很好，特別是考慮到我們的規模、影響力，以及雇主能夠找到我們，並透過與我們合作很好地滲透到他們在全國範圍內的員工群體中，這簡化了他們的工作。所以這是我們的一個非常有價值的道具。

Ed Kressler, TPG Angelo Gordon.

艾德克萊斯勒、TPG 安吉洛戈登。

Thanks of the outlook on the macro, it's helpful. You did discuss the flexibility of your cost structure in the event of a macro downturn. Can you give a little bit of more color on how variable your COGS is? And just looking at the Q, is it right to think that kind of low 70s percent of your COGS is labor? And just curious how much of that is variable?

感謝宏觀的展望，很有幫助。您確實討論了宏觀經濟低迷時期成本結構的靈活性。您能否更詳細地說明一下您的 COGS 是如何變化的？僅從問題來看，您是否認為 70% 左右的 COGS 是勞動成本？我只是好奇其中有多少是可變的？

Yes, I can take that, Ed. Thanks for the question. Most of our cost structure is labor. And there's obviously a core staffing group for each individual center. But the teams in the field that manage the centers and work in the centers every day are really good at staffing up and down to volume.

是的，我可以接受，艾德。謝謝你的提問。我們的成本結構大部分是勞動。顯然，每個中心都有一個核心員工團隊。但是，管理中心和每天在中心工作的現場團隊非常擅長根據工作量進行人員配置。

We have large PRN pools across all functional areas. And the teams are used to the seasonality within the work week, within the month and month by month throughout the year. So we saw that as we navigate prior cycles, the teams can do a really nice job of managing the personnel to the appropriate visit volumes.

我們在所有職能領域都擁有大型 PRN 池。團隊已經習慣了工作週內、月份內以及全年逐月的季節性。因此，我們看到，在先前的周期中，團隊可以很好地管理人員，達到適當的訪問量。

Got you. Okay. Great. And then last thing for me. Just from the onsite side, obviously, you're doubling down there. Can you talk a little bit about experience in a macro downturn there? Do you -- have you seen, for example, in great financial crisis, did you see employers dial back on providing these services? Or is that something that kind of once it's in, they stick with?

明白了。好的。偉大的。對我來說這是最後一件事。僅從現場角度來看，顯然你要加倍努力。能談談那裡宏觀經濟衰退時期的經驗嗎？您是否曾經看過，例如，在嚴重的金融危機中，雇主不再提供這些服務？或者說，一旦有了這種東西，他們就會堅持下去？

I'll take that one. We weren't that big into the onsite arena back in '09. But we didn't -- there's always some that may decide that that's a cost that may not be needed there or an investment maybe is a better way to say that. But for the most part, we haven't felt that, whether it was during the COVID years or what I can remember what we saw during the global financial crisis. And I don't hear that, and I don't see that much from the competition out there relative to what they may have said relative to their experience.

我要那個。2009 年時我們對現場競技場還不是那麼熱衷。但我們沒有——總是會有人認為那是一筆不需要的成本，或者更好的說法是投資。但在大多數情況下，我們並沒有感受到這一點，無論是在新冠疫情期間，還是我記得的在全球金融危機期間所看到的情況。但我並沒有聽到這樣的聲音，而且我也沒有看到競爭對手就他們的經驗做出如此多的回應。

I think Polaris, I mean, they really look at it as an investment that they've made for their employee base that's there at the practice -- at their work site. As long as a return on investment can be shown from that perspective, then those employers will keep that.

我認為 Polaris 確實將其視為對其在實踐中（在工作現場）的員工群體所做的一項投資。只要從這個角度來看能夠顯示投資回報，那麼這些雇主就會保留它。

And typically, in a downturn, even if they downsize, most of those sites, there are several hundred employees there at that site. So a small reduction in force at the work site is not going to necessarily dictate an elimination of that work site. So we feel pretty optimistic that they'll weather the storm well if something were to happen from that perspective.

通常情況下，在經濟低迷時期，即使他們縮減規模，大多數站點仍然會有數百名員工。因此，工作場所人力的少量減少並不一定意味著該工作場所的消失。因此，從這個角度來看，我們非常樂觀地認為，如果發生什麼事情，他們將順利度過難關。

Yes. And the only thing I would add there, too, is we're thinking long term about the business and everything going on with the current administration and reshoring of America jobs. We think that's going to be a really nice tailwind as companies continue to announce their investment back here in the US with large labor forces. And there's going to be an increased need for onsites long term in our view.

是的。我唯一想補充的是，我們正在從長遠角度考慮業務以及當前政府和美國就業回流方面發生的一切。我們認為，隨著企業繼續宣佈在擁有大量勞動力的美國進行投資，這將是一個非常好的順風。我們認為，長期來看，現場需求將會增加。

Got you. And then last thing is just thinking about that on the onsite side, should we think -- I think you've characterized it as generally kind of cost plus in the past. Should we be thinking about that as volume dependent as well? So to the extent that an employer has an onsite vacation and they reduce staff, would that affect us? Or do we think of it as kind of cost plus for the box and not volume dependent?

明白了。最後一件事就是從現場角度考慮這個問題，我們應該考慮——我認為您過去通常將其描述為成本加成。我們是否也應該將其視為與音量相關的因素？那麼，如果雇主安排員工休假並裁減員工，這會對我們造成影響嗎？或者我們認為它是盒子的成本加成而不是體積依賴？

I would think of it as cost plus.

我認為這是成本加成。

As we have no further questions on the lines at this time, I'd like to hand it back to Mr. Newton for any closing remarks.

由於我們目前沒有其他問題，我想將發言時間交還給牛頓先生，請他做最後發言。

We appreciate everybody's participation today and thank you very much.

我們感謝大家今天的參與，非常感謝。

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。