Concentra Group Holdings Parent Inc (CON) 2025 Q2 法說會逐字稿

Good morning, and thank you for joining us today for Concentra Group Holdings Parent, Incorporated earnings conference call to discuss the second 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 give you an overview and then open the call for questions.

早安，感謝您今天參加 Concentra Group Holdings Parent, Incorporated 收益電話會議，討論 2025 年第二季的業績。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、成長機會的陳述以及提及 Concentra 的計劃、期望、策略、意圖和信念的其他陳述。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 call over to Mr. Keith Newton. Sir, you may begin.

現在，我將把電話會議交給基斯·牛頓先生。先生，您可以開始了。

Thanks, operator. Good morning, everyone. Welcome to Concentra's second quarter 2025 earnings call. We are pleased to report on a strong second quarter, sustaining the momentum we had in the first quarter of 2025.

謝謝，接線生。大家早安。歡迎參加 Concentra 2025 年第二季財報電話會議。我們很高興地報告第二季度表現強勁，延續了 2025 年第一季的勢頭。

In Q2, we saw accelerated growth in visits across both workers' comp and employer services, even after excluding the impact of the visits in the centers acquired in the Nova transaction. We had another quarter of mid-single-digit year-over-year rate increases. With this strong growth on both volume and rate, we had a high single-digit revenue growth, excluding Nova. In addition, we successfully completed the integration and rebranding of our acquired Nova occupational health centers.

在第二季度，即使排除了 Nova 交易中收購的中心的訪問量的影響，我們也看到工人補償和雇主服務的訪問量都加速增長。本季度，我們的利率又出現了中等個位數的年增幅。由於數量和費率的強勁增長，我們的收入（不包括 Nova）實現了高個位數成長。此外，我們成功完成了收購的 Nova 職業健康中心的整合和品牌重塑。

We opened an additional occupational health center de novos site in Chattanooga, Tennessee, bringing us to four de novos opened so far this year with two to three additional anticipated by the end of the year. We closed on the Pivot Onsite Health Clinic acquisition on June 1, which doubles the size of our on-site health clinic segment and brings Concentra to over 1,000 combined occupational health center and onsite health clinic locations across the country. The integration of Pivot is well underway and on track.

我們在田納西州查塔努加新開了一家職業健康中心，今年迄今新開了四家職業健康中心，預計年底前還將新開兩到三家。我們於 6 月 1 日完成了對 Pivot Onsite Health Clinic 的收購，這使我們的現場健康診所部門的規模擴大了一倍，並使 Concentra 的業務範圍覆蓋全國 1,000 多個職業健康中心和現場健康診所。Pivot 的整合工作正在順利進行中。

Additionally, we expanded our Board of Directors and added two new directors, Brigid Bonner and Vipin Gopal effective July 1. Brigid and Vipin bring a wealth of experience across the customer experience, digital transformation, data analytics, and AI spectrums, and we're thrilled to gain access to their unique skill sets and knowledge base with their decades of experience at companies like Eli Lilly, Walgreens, UnitedHealth and IBM, we expect them to contribute meaningfully to our future success. I'll touch on some of the key financial highlights from the quarter, and then we will get into more details.

此外，我們擴大了董事會，並增加了兩名新董事，Brigid Bonner 和 Vipin Gopal，自 7 月 1 日起生效。Brigid 和 Vipin 在客戶體驗、數位轉型、數據分析和人工智慧領域擁有豐富的經驗，我們很高興能夠利用他們在禮來、沃爾格林、聯合健康和 IBM 等公司數十年的經驗，獲得他們獨特的技能和知識庫，我們期待他們為我們未來的成功做出有意義的貢獻。我將介紹本季度的一些主要財務亮點，然後我們將討論更多細節。

As with the last quarter, we will continue to report certain metrics, both including and excluding the impact of our larger M&A so that people have a good sense on how the core business is trending. I would note here at the outset that we had the same number of revenue days in Q2 2025 as Q2 2024, so there is no need to adjust the prior year comparisons for days.

與上一季一樣，我們將繼續報告某些指標，包括並排除更大規模併購的影響，以便人們能夠很好地了解核心業務的發展趨勢。首先我想指出的是，2025 年第二季的營收天數與 2024 年第二季相同，因此無需調整上一年度的天數比較。

Total company revenue was $550.8 million compared to $477.9 million in the prior year, representing a 15.2% growth year-over-year. Excluding contributions from Nova, revenue was $519.4 million, resulting in an 8.7% increase over the prior year.

公司總營收為 5.508 億美元，而去年同期為 4.779 億美元，較去年同期成長 15.2%。不包括 Nova 的貢獻，營收為 5.194 億美元，比上年增長 8.7%。

Total patient visits increased 9.5% in the quarter to approximately 55,000 patient visits per day. Our workers' compensation visits per day increased 9.3% and employer services visit volume increased 10.3% relative to the prior year. Excluding the impact from the acquisition of Nova, total visits per day increased 2.4%. Workers' compensation visits increased 3.2%, a notable acceleration over Q1 growth and employer services visits increased 2%, also better than Q1 results.

本季患者總就診人數增加了 9.5%，達到每天約 55,000 人次。與前一年相比，我們每天的工人賠償訪問量增加了 9.3%，雇主服務訪問量增加了 10.3%。不計收購 Nova 的影響，每日總造訪量成長了 2.4%。工傷賠償訪問量增加了 3.2%，比第一季的成長速度明顯加快，雇主服務造訪量增加了 2%，也比第一季的結果好。

A solid quarter across the board from a volume standpoint as work comp volumes rebounded from a softer Q1 and employer service visits continued the reversal in positive growth territory we have seen since the beginning of the year as we move to more normalized levels.

從交易量的角度來看，本季整體表現穩健，工傷賠償交易量從第一季的疲軟狀態中反彈，雇主服務訪問量繼續逆轉自年初以來的正增長態勢，並逐漸恢復到更加正常的水平。

We had another strong rate quarter with an approximately 4.4% increase in revenue per visit this quarter versus the same quarter prior year. This growth was driven by a 5.4% increase in workers' compensation and a 3.1% increase in employer services revenue per visit.

我們又度過了一個強勁的季度，本季度每次訪問的收入與去年同期相比增長了約 4.4%。這一增長是由工人賠償金增加 5.4% 和每次訪問雇主服務收入增加 3.1% 所推動的。

Adjusted EBITDA was $115 million in the quarter versus $101.6 million in the same quarter prior year or a 13.2% increase. Adjusted EBITDA margin decreased from 21.3% in Q2 2024 to 20.9% in Q2 2025, primarily due to some favorable items impacting cost of services in the prior year, also some onetime Nova transition costs this quarter, along with incremental Nova G&A expense that wasn't synergized through the full quarter and other G&A cost increases in the current year that Matt will touch on shortly.

本季調整後 EBITDA 為 1.15 億美元，去年同期為 1.016 億美元，成長 13.2%。調整後的 EBITDA 利潤率從 2024 年第二季度的 21.3% 下降到 2025 年第二季度的 20.9%，主要原因是上一年的一些有利項目影響了服務成本，本季度還有一些一次性的 Nova 過渡成本，以及整個季度未協同的增量 Nova G&A 費用和本年度其他 G&A 成本後會談到這一點後。

Overall, we are pleased with the company performance and our continued growth. Adjusted net income attributable to the company was $47.7 million and adjusted earnings per share was $0.37 for the second quarter 2025.

總體而言，我們對公司的業績和持續成長感到滿意。2025 年第二季調整後歸屬於公司的淨收入為 4,770 萬美元，調整後每股收益為 0.37 美元。

As with the last few quarters, net income was lower than the same quarter prior year, primarily due to an increase in interest expense resulting from the IPO recapitalization. Adjusted EBITDA and adjusted net income reflect the add-back of transaction expenses related to our acquisition activity as well as onetime costs related to our separation from Select Medical.

與前幾季一樣，淨收入低於去年同期，主要原因是 IPO 資本重組導致利息支出增加。調整後的 EBITDA 和調整後的淨收入反映了與我們的收購活動相關的交易費用的加回以及與我們與 Select Medical 分離相關的一次性成本。

Now before I turn it over to Matt for additional information, I'd like to briefly comment on the significant progress we have made during the second quarter as it relates to our Q1 Nova Occupational Health Center acquisition and the related integration efforts.

現在，在我向馬特轉交更多資訊之前，我想簡要評論一下我們在第二季度取得的重大進展，這與我們第一季 Nova 職業健康中心的收購以及相關的整合工作有關。

The June 1, Pivot Onsite Health Clinics acquisition and our continued Select Medical separation efforts. We are incredibly proud of our team's efforts to manage these major initiatives and continue to achieve our goals on the timelines we established. Matt will share more details, but everything is on track, and we are pleased about where we will be when all three are completed.

6 月 1 日，Pivot Onsite Health Clinics 被收購，我們繼續進行 Select Medical 的分離工作。我們為團隊努力管理這些重大舉措並繼續按照既定時間表實現我們的目標感到無比自豪。馬特將分享更多細節，但一切都在按計劃進行，我們對三項工作完成後的狀況感到滿意。

Now I'll hand it over to Matt to provide additional details on our financial results, capital allocation strategies, and growth 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、資本配置策略和成長努力的更多詳細資訊。

Thanks, Keith, and good morning, everyone. I'll start by going through some more details on our results in our three operating segments. In our Occupational Health Center operating segment, total revenue of $516.1 million in Q2 2025 was 14.4% higher than the same quarter prior year. Workers' compensation revenue of $332.2 million in Q2 2025 was 15.2% higher than prior year.

謝謝，基思，大家早安。我將首先詳細介紹我們三個營運部門的業績。在我們的職業健康中心營運部門，2025 年第二季的總收入為 5.161 億美元，比去年同期高出 14.4%。2025 年第二季工人賠償收入為 3.322 億美元，比前一年高出 15.2%。

As Keith mentioned, work comp visits per day increased 9.3% from prior year and work comp revenue per visit increased 5.4% versus prior year. Work comp revenue per visit was $209, similar to our work comp rate last quarter. Within employer services, revenue of $174.3 million increased 13.7% from prior year. Employer services visits per day increased 10.3% from prior year and employer services revenue per visit increased 3.1% versus prior year.

正如 Keith 所提到的，每天的工傷賠償訪問量比前一年增加了 9.3%，每次訪問的工傷賠償收入比前一年增加了 5.4%。每次訪問的工傷補償收入為 209 美元，與我們上個季度的工傷補償率相似。雇主服務方面，營收 1.743 億美元，較上年成長 13.7%。每日雇主服務訪問量比前一年增加 10.3%，每次訪問的雇主服務收入比前一年增加 3.1%。

To help isolate from our Q1 acquisition of Nova, here are the same stats excluding the impact of Nova. Total revenue within the Occupational Health Center operating segment was $484.8 million, a 7.4% increase over the prior year.

為了幫助我們將其與第一季收購 Nova 的情況區分開來，以下是排除 Nova 影響的相同統計數據。職業健康中心營運部門的總收入為 4.848 億美元，比上年增長 7.4%。

Total visits per day increased 2.4% over the same quarter prior year. Revenue per visit increased 4.9% from $140 in Q2 2024 to $147 in Q2 2025. Workers' compensation revenue of $314 million in Q2 2025 was 8.9% higher than prior year. Workers' compensation visits per day were 3.2% higher than prior year and work comp revenue per visit was 5.5% higher than prior year.

每日總訪問量比去年同期增加了 2.4%。每次訪問收入從 2024 年第二季的 140 美元增長 4.9% 至 2025 年第二季的 147 美元。2025 年第二季工人賠償收入為 3.14 億美元，比前一年高出 8.9%。每天的工傷賠償造訪次數比前一年高出 3.2%，每次造訪的工傷賠償收入比前一年高出 5.5%。

Within Employer Services, revenue of $161.8 million increased 5.5% from prior year. Employer services visits per day were 2% higher than prior year and employer services revenue per visit was 3.4% higher than prior year. The most notable takeaway from the quarter was our solid volume growth, both compared to Q1 and also compared to Q2 of last year. Excluding Nova, year-over-year visit growth for work comp accelerated from 0.2% in Q1 to 3.2% in Q2, and employer services went from 0.9% in Q1 to 2% in Q2. We had spoken before about the softer work comp volume number in Q1, and we did, in fact, see a much stronger number in Q2.

雇主服務部門的收入為 1.618 億美元，比上年增長 5.5%。每日雇主服務造訪次數比前一年高出 2%，每次造訪的雇主服務收入比前一年高出 3.4%。本季最值得注意的收穫是我們的銷量穩定成長，無論是與去年第一季相比還是與去年第二季相比。不包括 Nova，工傷賠償的年增率從第一季的 0.2% 加速至第二季的 3.2%，雇主服務的年增率從第一季的 0.9% 加速至第二季的 2%。我們之前曾談到第一季工傷賠償額度較弱，但事實上，第二季的工傷賠償額度確實強勁得多。

We are also pleased to see the continued positive growth trend and slight acceleration for employer services. Work comp and employer services visits can bounce around a little bit, but growth tends to be in the low single digits over time.

我們也很高興地看到雇主服務繼續保持積極的成長趨勢並略有加速。工傷補償和雇主服務訪問可能會略有波動，但隨著時間的推移，成長率往往會保持在較低的個位數。

We'll add more commentary later in our remarks, but we think our Q2 visit trends are a pretty good indicator of the broader economy. We are not seeing any slowdown based on the data we look at every day that covers employers of all sizes, industries, and geographies.

我們將在稍後的評論中添加更多評論，但我們認為第二季的訪問趨勢是整體經濟的一個很好的指標。根據我們每天查看的涵蓋各種規模、行業和地區的雇主的數據，我們沒有看到任何放緩的跡象。

Moving on from our occupational health centers. Our onsite health clinics segment reported revenue of $22.6 million in Q2 2025, a 45.2% increase from the same quarter prior year. Excluding the 1-month impact from the Pivot Onsite acquisition that closed on June 1, onsite segment revenue grew 9.9% year-over-year. So overall, a nice quarter as it relates to our core on-site performance and obviously, a major milestone adding the Pivot Onsite to our portfolio.

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稱，2025 年第二季的營收為 2,260 萬美元，比去年同期成長 45.2%。不計 6 月 1 日完成的 Pivot Onsite 收購帶來的 1 個月影響，現場部門營收年增 9.9%。總體而言，這是一個不錯的季度，因為它與我們的核心現場表現有關，而且顯然，將 Pivot Onsite 添加到我們的產品組合中是一個重要的里程碑。

A quick reminder for everyone. We do not report visit metrics for our on-site business given the nature of the revenue model. And finally, other businesses generated revenue of $12.1 million, an 8.5% increase against same quarter prior year.

對每個人進行快速提醒。鑑於收入模式的性質，我們不會報告現場業務的訪問指標。最後，其他業務創造了 1,210 萬美元的收入，比去年同期成長 8.5%。

Now switching to expenses. Cost of services was $389.3 million or 70.7% of revenue in Q2 2025, down from 71% of revenue for the same quarter prior year. We realized a nice decrease here, primarily driven by better staffing efficiencies in conjunction with the strong revenue growth. And this improvement would have been even better if not for approximately $750,000 of onetime costs related to the Nova and Pivot transitions that are not adjusted out of adjusted EBITDA as well as several favorable adjustments in the prior year.

現在轉到費用。2025 年第二季服務成本為 3.893 億美元，佔營收的 70.7%，低於去年同期的 71%。我們在這裡實現了顯著的下降，這主要是由於人員效率的提高和強勁的收入成長。如果不是與 Nova 和 Pivot 轉型相關的約 75 萬美元的一次性成本（未從調整後的 EBITDA 中調整）以及上一年的幾項有利調整，這種改善會更好。

Overall, our labor costs continue to be stable, trending approximately 3% higher than prior year, which is a consistent theme for us over the years. Our teams are doing a great job managing staffing to the visit volumes, and we have made good progress filling open positions. We want to emphasize this point as labor dynamics have not historically been an issue for this business model.

總體而言，我們的勞動成本持續保持穩定，比上年高出約 3%，這是我們多年來始終如一的主題。我們的團隊在管理人員配置和訪問量方面做得很好，並且在填補空缺職位方面也取得了良好的進展。我們想強調這一點，因為勞動力動態在歷史上並不是這種商業模式的問題。

Our total general and administrative expenses were $52.9 million or 9.6% of revenue in Q2 2025 compared to 7.7% of revenue in the same quarter prior year. This comparison is not apples-to-apples, though, as we have expenses in Q2 of this year that we did not have in the prior year before we were a public company and separated from Select Medical, and we also have some acquisition-related expenses here related to Nova and Pivot.

2025 年第二季度，我們的總一般及行政費用為 5,290 萬美元，佔營收的 9.6%，而去年同期為 7.7%。然而，這種比較並不具有可比性，因為我們今年第二季的支出是去年成為上市公司並與 Select Medical 分離之前所沒有的，而且我們這裡還有一些與 Nova 和 Pivot 相關的收購支出。

Excluding items that are added back for the purposes of calculating adjusted EBITDA, including equity compensation expense, onetime Select separation costs and M&A transaction costs, G&A expense was $46.6 million for the quarter or 8.5% of revenue compared to 7.8% of revenue in the same quarter prior year. The increase was largely driven by incremental Nova G&A expense that wasn't synergized through the full quarter and planned increases in personnel costs related to becoming a public company and our ongoing separation from Select Medical.

不包括為計算調整後 EBITDA 而加回的項目，包括股權薪酬費用、一次性精選分離成本和併購交易成本，本季度的 G&A 費用為 4,660 萬美元，佔收入的 8.5%，而去年同期為 7.8%。成長的主要原因是 Nova 的 G&A 費用增加（該費用在整個季度內未產生協同效應），以及與成為上市公司和我們與 Select Medical 持續分離相關的人員成本計劃增加。

The overall adjusted EBITDA margin in Q2 2025 was 20.9% compared to 21.3% during the same quarter prior year. To reiterate, the primary drivers of the slightly lower margin are some favorable onetime cost of services items from prior year, certain onetime Nova and Pivot integration expenses totaling approximately $750,000 that are not adjusted out of adjusted EBITDA, incremental G&A expense from Nova that was not fully synergized through the entirety of the quarter and the planned increase in personnel-related public company and select separation costs.

2025 年第二季整體調整後 EBITDA 利潤率為 20.9%，而去年同期為 21.3%。重申一下，利潤率略低的主要原因是上一年的一些有利的一次性服務成本、某些一次性 Nova 和 Pivot 整合費用總計約 750,000 美元（未從調整後的 EBITDA 中調整）、Nova 的增量 G&A 費用（未在整個季度完全協同）以及計劃增加的與人員相關的上市公司和選擇分離成本。

In Q2 2025, we generated $88.4 million in operating cash flow. It was a nice cash flow quarter for us, driven primarily by our financial performance, but also due to the timing of payroll and other payables at quarter end.

2025 年第二季度，我們產生了 8,840 萬美元的經營現金流。對我們來說，這是一個現金流良好的季度，這主要得益於我們的財務業績，但也歸功於季度末工資和其他應付的時間。

Investing activities used $79.5 million of cash in the second quarter, predominantly driven by the Pivot acquisition closing on June 1. Also included in this number is $25.2 million of CapEx with approximately $18 million of that from our normal course capital program for upgrading and maintaining existing facilities, de novos and technology investments and approximately $7 million of onetime CapEx associated with our Nova center integration and rebranding efforts.

第二季投資活動使用了 7,950 萬美元現金，主要原因是 6 月 1 日完成的 Pivot 收購。這個數字還包括 2,520 萬美元的資本支出，其中約 1,800 萬美元來自我們用於升級和維護現有設施、新設備和技術投資的正常資本計劃，約 700 萬美元來自與我們的 Nova 中心整合和品牌重塑工作相關的一次性資本支出。

Financing activities resulted in net cash inflows of $12.9 million for the second quarter, primarily due to our revolver draw of $35 million as part of the Pivot acquisition, partially offset by two quarterly dividend payments that both fell into Q2.

融資活動導致第二季度淨現金流入 1290 萬美元，主要由於我們作為 Pivot 收購的一部分提取了 3500 萬美元的循環信貸，但兩次季度股息支付均落入第二季度，這部分抵消了這一影響。

2We ended the quarter with a total debt balance of $1.67 billion and a cash balance of $74 million. Our net leverage ratio per our credit agreement at the end of June was 3.8 times. We found that some investors are not including the annualized impact from our recent acquisitions in their leverage calculations, especially if doing a quick screen on Bloomberg or other sources. So we felt it was important to call this out.

2本季末，我們的總債務餘額為 16.7 億美元，現金餘額為 7,400 萬美元。截至 6 月底，我們信貸協議的淨槓桿率為 3.8 倍。我們發現一些投資者沒有將我們最近的收購的年化影響納入他們的槓桿計算中，尤其是在對彭博社或其他來源進行快速篩選時。因此我們覺得指出這一點很重要。

For the remainder of this year, we will be focused on continuing our delevering path while we look to fully integrate Nova and Pivot and continue to make progress with our separation from Select Medical. The second half of the year is our strongest cash flow period, especially Q4 with collections coming in from the highest volume months.

在今年剩餘的時間裡，我們將專注於繼續我們的去槓桿路徑，同時尋求全面整合 Nova 和 Pivot，並繼續推進與 Select Medical 的分離。下半年是我們現金流最強勁的時期，尤其是第四季度，收款來自交易量最高的月份。

Now switching to our growth efforts. With respect to the integration of Nova, we are progressing well and now have all centers converted to Concentra systems, processes and signage as of the end of July. We expect this to drive both increased top line growth and operational efficiencies going forward. As we've mentioned, we incurred material conversion costs, which occurred in May, June, and into July that impacted our cost of services and were not added back to adjusted EBITDA.

現在轉向我們的成長努力。關於 Nova 的整合，我們進展順利，截至 7 月底，所有中心均已轉換為 Concentra 系統、流程和標誌。我們預計這將推動未來營收成長和營運效率的提高。正如我們所提到的，我們產生了材料轉換成本，這些成本發生在 5 月、6 月和 7 月，影響了我們的服務成本，並且沒有加回調整後的 EBITDA 中。

We expect to see these costs decline significantly going forward. Our teams are now focused on growing visits and adding additional services. We expect this will take some time like other acquisitions in the past, but we are confident in the team's ability to do so.

我們預計這些成本未來將大幅下降。我們的團隊現在專注於增加訪問量和增加額外的服務。我們預計這將像過去的其他收購一樣需要一些時間，但我們對團隊的能力充滿信心。

As it relates to our cost synergies, through the end of Q2, we estimate that we have captured just over 70% of our planned operational and back-office synergies, which is right on track with our original underwriting. The remaining 30% will be systematically executed through the remainder of 2025 and into Q1 2026.

就我們的成本協同效應而言，到第二季末，我們估計我們已經實現了計劃中的營運和後台協同效應的 70% 多一點，這與我們最初的承保計劃完全一致。剩餘 30% 將在 2025 年剩餘時間和 2026 年第一季系統地執行。

Overall, this acquisition is tracking well, but more work to do before we are fully integrated and closer to run rate performance. On the de novo front, we opened one location in Chattanooga, Tennessee in Q2 2025 and have two or three more locations planned for the second half of this year, depending on some construction variables. With respect to 2026 activity, to date, we have executed or are close to executing five new leases and have a number of other active targets that are candidates for opening in 2026.

總體而言，此次收購進展順利，但在我們完全整合並更接近運行率表現之前還有很多工作要做。在 de novo 方面，我們於 2025 年第二季度在田納西州查塔努加開設了一個地點，併計劃在今年下半年再開設兩到三個地點，具體取決於一些建設變數。關於 2026 年的活動，到目前為止，我們已經執行或即將執行五項新租約，並且還有許多其他活躍目標預計在 2026 年開業。

In general, we continue to identify a lot of white space across the country with high workplace injury density and little to no existing Concentra footprint. So we have a good opportunity to continue to accelerate our de novo activity. We also have a pipeline of small bolt-on M&A deals that we intend to pursue in parallel with our de novo strategy.

總體而言，我們繼續在全國範圍內發現大量空白區域，這些區域的工作場所傷害密度高，而現有的 Concentra 足跡很少或根本沒有。因此，我們有一個很好的機會繼續加速我們的從頭開始活動。我們也擁有一系列小型附加併購交易，我們打算與我們的全新策略同時進行。

I'd like to reiterate that both de novos and bolt-on M&A are down the fairway for us given our average run rate build and acquisition multiples of less than 3 times EBITDA over the past decade. We will continue to execute on this corporate development strategy in concert with reaching our leverage targets on our projected time line. We do not expect any larger acquisitions for the remainder of this year.

我想重申的是，考慮到過去十年我們的平均運行率建設和收購倍數不到 EBITDA 的 3 倍，從頭開始和附加併購對我們來說都是可行的。我們將繼續執行這項企業發展策略，並在預計的時間內實現我們的槓桿目標。我們預計今年剩餘時間內不會有任何更大規模的收購。

Lastly, on the growth front, we are excited about the closing of the Pivot Onsite acquisition on June 1. Integration efforts are underway, but mostly focused on combining the two G&A teams. No changes at the on-site location level like we had with the Nova integration efforts. As previously stated, this is a deal that enhances our ability to compete in the broader on-site space, where we now view ourselves as a top five player in terms of scale.

最後，在成長方面，我們對 6 月 1 日完成 Pivot Onsite 收購感到非常興奮。整合工作正在進行中，但主要集中於合併兩個 G&A 團隊。現場位置層級沒有像 Nova 整合工作那樣發生任何變化。如前所述，這筆交易增強了我們在更廣泛的現場領域的競爭力，現在我們認為自己在規模方面已躋身前五名。

We've onboarded a number of new leaders that are going to be integral towards growing the business going forward, and we have a robust sales pipeline of both occupational health and advanced primary care opportunities that should set us up nicely for continued organic growth into next year. Longer term, we expect additional on-site acquisition opportunities to continue to arise, including advanced primary care focused platforms as we look to meaningfully grow our Onsite segment.

我們已吸收多位新領導，他們將對未來業務的成長起到不可或缺的作用，而且我們擁有強大的職業健康和高級初級保健銷售管道，這為明年繼續實現有機增長奠定了良好的基礎。從長遠來看，我們預計更多的現場收購機會將繼續出現，包括以先進的初級保健為重點的平台，因為我們希望大幅增加我們的現場部門。

Finally, last note on capital allocation. 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 August 6, 2025. The dividend will be payable on or about August 28, 2025, to stockholders of record as of the close of business on August 21, 2025.

最後，關於資本配置的最後一點說明。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 8 月 6 日派發每股 0.0625 美元的現金股息。股息將於 2025 年 8 月 28 日左右支付給 2025 年 8 月 21 日營業結束時登記在冊的股東。

So now back to Keith to comment on a few important topics, most of which are popular topics we are asked by investors and research analysts.

現在回到 Keith 對幾個重要主題的評論，其中大多數是投資者和研究分析師向我們詢問的熱門話題。

Thanks, Matt. Overall, many positives to the quarter and a solid first half for 2025. We're pleased about the opportunities ahead in the second half of the year and 2026. As Matt mentioned, I want to take a few minutes and cover a couple of topics and questions that come up periodically.

謝謝，馬特。整體而言，本季有許多正面因素，2025 年上半年將表現穩健。我們對今年下半年和 2026 年的機會感到高興。正如馬特所提到的，我想花幾分鐘討論一下定期出現的幾個主題和問題。

I'll start first on our visit trends, their correlation to economic indicators and what we're seeing as it relates to the job market. As we've discussed before, we track total employment and hiring and quit rates, but many variables are included in driving our visit volumes.

我將首先介紹我們的訪問趨勢、它們與經濟指標的相關性以及我們所看到的與就業市場的關係。正如我們之前討論過的，我們追蹤總就業率、招聘率和離職率，但影響我們訪問量的因素有很多。

Our work comp visit growth rates quarter-by-quarter will move around a bit for a variety of reasons. But over time, we expect to see low single-digit growth rates. It was good to see a stronger quarter in Q2. Our Employer Services visit growth rates have now been positive for two quarters in a row. We believe this is a solid indicator of the health of the labor market and broader economy.

由於各種原因，我們的工傷賠償訪問成長率每季都會略有波動。但隨著時間的推移，我們預計將看到低個位數的成長率。很高興看到第二季表現更加強勁。我們的雇主服務訪問成長率已連續兩季保持正成長。我們認為這是勞動力市場和整體經濟健康的可靠指標。

We are not seeing any indication of slowdown from what we have been recently been experiencing as we monitor our visit trends on a daily basis. There are some shifts in industry mix, but no extended trend, either positive or negative in any industry we serve.

透過每天監控訪問趨勢，我們沒有看到最近出現任何放緩的跡象。行業結構確實發生了一些變化，但在我們所服務的任何行業中，都沒有出現長期趨勢，無論是積極的還是消極的。

If anything, we're seeing more stability now than we have in more recent quarters. We've shown in the past that we can navigate well through any ups and downs in the broader economy. A recent example is how we grew EBITDA through many quarters of negative employer service visit declines.

如果有什麼不同的話，我們現在看到的穩定性比最近幾季要高。我們過去已經證明，我們可以很好地應對整體經濟中的任何起伏。最近的一個例子是，在雇主服務訪問量連續多個季度下降的情況下，我們如何實現 EBITDA 成長。

We want to emphasize this point as employment and hiring trends are important to us, but we have many other variables such as reimbursement increases and staffing controls that limit our exposure to economic swings.

我們要強調這一點，因為就業和招聘趨勢對我們很重要，但我們還有許多其他變量，例如報銷增加和人員控制，這些變量限制了我們受到經濟波動的影響。

Secondly, we're getting some questions about how the recent legislation or the big beautiful bill impacts us as a company. As we've mentioned in the past, our industry is very unique in the workers' compensation fee schedules are governed by each individual state and employer service pricing is set by us with market pricing adjustments each year.

其次，我們遇到了一些問題，關於最近的立法或重大美麗法案對我們公司有何影響。正如我們過去提到的，我們的行業非常獨特，工人賠償費用表由每個州自行製定，雇主服務價格由我們制定，每年都會根據市場價格進行調整。

For workers' comp, each state has its own fee schedule and the calculation of that fee schedule varies from one state to the next. Each state sets the fee schedule for their particular state, but are not the entities making the payments to providers, so it does not impact or relate to their specific state budgets. Because of this, most of the time, we are not impacted by federal legislation.

對於工傷賠償，每個州都有自己的費用表，費用表的計算因州而異。每個州都為其特定州制定了費用表，但不是向提供者付款的實體，因此不會影響或涉及其特定州的預算。正因為如此，大多數時候我們不會受到聯邦立法的影響。

With the recent legislation, there is one item of note that will impact us in a favorable way in 2026. It's primarily tied to the 2.5% Doc Fix provision. There are four states: California, Ohio, North Carolina, and Tennessee that utilize the conversion factor component of the Medicare physician fee schedule as one component of their calculation each year in adjusting their workers' comp fee schedules.

根據最近的立法，有一項值得注意的事項將在 2026 年對我們產生有利影響。它主要與 2.5% Doc Fix 條款相關。有四個州：加利福尼亞州、俄亥俄州、北卡羅來納州和田納西州，它們每年都利用醫療保險醫師收費標準的轉換因子部分作為計算的一部分來調整工人補償收費標準。

These four states will see that 2.5% conversion factor increase as part of their fee schedule updates. We will benefit most from California as is one of our largest states and also because California has an MEI inflationary adjustment as another component of its fee schedule calculation that will be incremental to the Doc Fix increase. It's still early, but we're expecting another strong rate year in 2026. We'll continue to track other state changes and we'll likely have more information later this year on how 2026 is shaping up.

作為費用表更新的一部分，這四個州的轉換係數將增加 2.5%。加州是我們最大的州之一，因此我們將從中受益最多，加州的費用表計算中還包含 MEI 通膨調整，而該調整將隨著 Doc Fix 費用的增加而增加。現在還為時過早，但我們預計 2026 年將再次迎來強勁的利率年。我們將繼續追蹤其他州的變化，並可能在今年稍後獲得有關 2026 年進展的更多資訊。

Overall, we want to emphasize how unique our reimbursement environment is and how federal changes are unlikely to impact us unlike other healthcare service companies. Lastly, this legislation has some tax and depreciation regulation changes that while not impacting our overall effective tax rate, will help us in a material way from a cash flow standpoint by over $15 million in 2025 and about a third of that in 2026.

總的來說，我們想強調我們的報銷環境是多麼獨特，以及與其他醫療服務公司不同，聯邦政府的變化不太可能對我們產生影響。最後，這項立法對稅收和折舊法規進行了一些修改，雖然不會影響我們的整體有效稅率，但從現金流的角度來看，這將對我們在 2025 年帶來超過 1500 萬美元的實質性幫助，在 2026 年將帶來約三分之一的現金流幫助。

Last topic I wanted to comment on is our separation for Select Medical and how that is progressing. We're about 8 months into the two-year project, and all teams are doing a great job to set us up for complete separation by November 2026.

我想評論的最後一個主題是 Select Medical 的分離以及其進展。這個為期兩年的計畫已經進行了大約 8 個月，所有團隊都在出色地完成工作，為 2026 年 11 月之前完全分開做好準備。

I credit both Concentra and Select colleagues in their collaborative approach. Concentra has hired almost 50% of the staff we project we will need, and we have started reducing the amount we pay Select for the services they have historically provided. Much more work to do, but our teams estimate that we are at approximately the midpoint in this separation process from a people, contract and project standpoint.

我對 Concentra 和 Select 同事的合作方式表示讚賞。Concentra 已僱用了我們預計所需員工的近 50%，並且我們已經開始減少向 Select 支付的其過去所提供服務的費用。還有很多工作要做，但我們的團隊估計，從人員、合約和專案的角度來看，我們正處於這個分離過程的中間點。

With that, I will hand it back to Matt to wrap up the call with our financial outlook update.

說完這些，我將把電話交給馬特，讓他在通話結束時更新我們的財務前景。

Thanks, Keith. Okay. To round out the call today with the previous comments as a general backdrop, we are raising our 2025 revenue guidance to $2.13 billion to $2.16 billion from $2.1 billion to $2.15 billion and the lower end of our adjusted EBITDA range to $420 million from $415 million. The result is a new 2025 adjusted EBITDA range of $420 million to $430 million.

謝謝，基斯。好的。為了在今天的電話會議上以先前的評論作為總體背景，我們將 2025 年的收入預期從 21 億美元至 21.5 億美元上調至 21.3 億美元至 21.6 億美元，並將調整後的 EBITDA 範圍的下限從 4.15 億美元上調至 4.2 億美元。結果是 2025 年調整後的 EBITDA 範圍為 4.2 億美元至 4.3 億美元。

And we remain on target for $80 million to $90 million of CapEx, which includes significant onetime Nova spend and a 3.5 times leverage ratio by year-end. Furthermore, we are on track for our leverage ratio to be below 3 times by the end of 2026.

我們仍將資本支出目標定為 8,000 萬至 9,000 萬美元，其中包括大量一次性 Nova 支出和年底前 3.5 倍的槓桿率。此外，我們預計在 2026 年底將槓桿率降至 3 倍以下。

To wrap it up, I'd like to reiterate the takeaways we'd like investors to leave with. Solid organic visit growth this quarter, another strong rate quarter with a good early outlook on rate for next year, raised guidance, no major reimbursement risk, stable labor trends, positive momentum with strategic M&A integration efforts, tremendous white space available to us across all our service lines, a clear path to continued delevering with very strong cash flow and continued solid EBITDA margins.

總而言之，我想重申我們希望投資人得到的啟示。本季有機訪問量穩步增長，又一個強勁的季度，對明年的利率前景看好，提高了指導，沒有重大的報銷風險，穩定的勞動力趨勢，戰略併購整合努力的積極勢頭，我們所有服務線都有巨大的空白，繼續去槓桿的明確道路，非常強勁的現金流和持續穩健的 EBITDA 利潤率。

With our unique reimbursement model and direct-to-employer relationships, we view ourselves as a B2B business services provider and a differentiated investment opportunity versus other healthcare services companies today. That concludes our prepared remarks. We thank everyone for the time today. We'd like to turn it back to the Operator to open the call for questions.

憑藉我們獨特的報銷模式和直接面向雇主的關係，我們將自己視為 B2B 商業服務提供者，並且與當今其他醫療服務公司相比具有差異化的投資機會。我們的準備好的演講到此結束。我們感謝大家今天抽出時間。我們想將其交還給接線員以開始提問環節。

(Operator Instructions) Benjamin Rossi, JPMorgan.

（操作員指示）摩根大通的本傑明·羅西 (Benjamin Rossi)。

For the 2025 guidance update, could you just walk me through what's being contemplated in your changes to revenue and adjusted EBITDA from M&A contribution or aggregate improvements to either your core volumes and pricing across segments?

對於 2025 年的指導更新，您能否向我介紹一下您在收入和調整後 EBITDA 的變化方面正在考慮哪些變化，這些變化來自併購貢獻，或者對各個部門的核心銷售和定價進行總體改進？

And then just on cadence, I know last year, you had some weather-related drag in 3Q. Are there any other year-over-year dynamics to consider for incremental M&A spend within this guide for the back half of the year?

然後就節奏而言，我知道去年第三季你們遇到了一些與天氣相關的拖累。在本指南中，對於下半年併購支出的增量，還有其他同比動態需要考慮嗎？

Sure. Ben, thanks for the question. I'll take the first part and then we can get to the second part after that. As far as the guidance, we thought it was appropriate to raise guidance. We obviously had a strong quarter on both revenue and EBITDA. We had previously given guidance a few months back that included the M&A. So all of that's factored in. And really, the way we're thinking about guidance is pretty similar performance to what we've seen year-to-date.

當然。本，謝謝你的提問。我會先講第一部分，然後我們再講第二部分。就指導而言，我們認為提高指導是適當的。顯然，本季我們的營收和 EBITDA 均表現強勁。幾個月前我們曾經給過包括併購在內的指引。所以所有這些都被考慮在內了。事實上，我們對指導的思考方式與我們今年迄今所看到的表現非常相似。

And obviously, we'll have the incremental Nova and Pivot performance that we didn't have before those deals closed earlier this year. So pretty much run rate consistent performance through the remainder of this year. The second part of your question was around some weather. There was some weather last year, and it was primarily July that we had called out previously. So that will be a factor in Q3, but there's no other material events that we want to point out for the remainder of the year.

顯然，我們將獲得在今年早些時候這些交易完成之前所沒有的增量 Nova 和 Pivot 性能。因此，今年剩餘時間內的運行率表現基本保持一致。你的問題的第二部分與天氣有關。去年的天氣有些糟糕，我們之前預測的主要是七月的天氣。因此，這將是第三季的一個因素，但今年剩餘時間內我們不想指出其他重大事件。

Got it. Okay. And I guess just as a follow-up, on the on-site total clinic count, regarding your on-site health clinics, can you just help me bridge to that 406 reported centers following the POI acquisition? I just recall when you gave us the initial overview of the acquisition back in April, you described the combined entity being around 360 centers all in with about $120 million in combined revenue. Is that still -- is that revenue figure still applicable for 2025 under the combined setup?

知道了。好的。我想作為後續問題，關於現場診所總數，關於您的現場健康診所，您能否幫助我聯繫到 POI 收購後報告的 406 個中心？我記得您在四月向我們介紹收購情況時，曾說過合併後的實體將擁有約 360 個中心，總收入約為 1.2 億美元。在合併後的設定下，這個收入數字是否仍然適用於 2025 年？

Yeah. No change to the revenue, a slight update to the count of onsites. There are 240 total onsites. And the update there, I think we had previously said 200 plus, but there's a slight difference in how we account for them versus how Pivot had accounted for them. So post acquisition, we updated that to about 240 onsites that were acquired.

是的。收入沒有變化，現場數量略有更新。總共有 240 個現場。關於那裡的更新，我想我們之前說過有 200 多個，但我們對它們的解釋方式與 Pivot 的解釋方式略有不同。因此，收購後，我們將其更新為收購的約 240 個現場。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

So one question for each of the main segments. Nice to see the workers' comp accelerate into 2Q. So now that you've had a chance to sort of do the look back, anything to explain sort of the softer trend in 1Q? And then with respect to the guide, does the guide accommodate sort of like flattish to 3% same-store workers' comp visits? Or just help us think about the guide on workers' comp. And then I'll follow up with employer services.

因此，每個主要部分都有一個問題。很高興看到工人補償在第二季加速成長。那麼，現在您有機會進行回顧，有什麼可以解釋第一季疲軟趨勢的原因嗎？然後就指南而言，指南是否適合 3％ 左右的同店工人補償訪問？或者只是幫助我們思考工人補償指南。然後我會跟進雇主服務。

Yeah, Justin, this is Keith. Yeah, I think -- and we've mentioned it that the quarters can vary a little bit for a lot of reasons. I don't really think there's a whole lot to the first quarter as far as the softness. There's a lot of dynamics going on in the world today that can, I think, impact us here and there. Employers seem to have been in a somewhat stable wait and see at times.

是的，賈斯汀，這是基斯。是的，我認為——我們已經提到過，由於很多原因，各個季度可能會有一點變化。我確實不認為第一季的疲軟表現有多大。我認為，當今世界上發生的許多事情都會對我們產生影響。有時雇主似乎處於比較穩定的觀望狀態。

But I think it's the comps compared to last year, what was happening then versus this year. We've just continued to put our heads down, continue to do the things we're doing. And it's -- I think the fruits of our labor are starting to bear as a result of that. I don't know if you have any comments.

但我認為這是與去年相比的比較，是當時與今年相比的情況。我們只是繼續埋頭苦幹，繼續做我們正在做的事情。而且──我認為我們的勞動成果已經開始顯現。不知道大家有什麼意見。

Yeah. And I'll just add to that. I think the second part of your question was the remainder of the year. Just to add on to what Keith said, Q1 of 2024 was the toughest comp. For this year, Q2 of '24 as a comparison was kind of middle of the road, so versus this quarter. And what we're projecting in our guidance is really closer to an average of our Q1 and Q2 numbers for the remainder of the year.

是的。我只想補充一點。我認為你問題的第二部分是今年剩餘的時間。補充一下 Keith 所說的，2024 年第一季是最艱難的季度。就今年而言，與 2024 年第二季相比，情況處於中等水平。我們在指引中預測的結果實際上更接近今年剩餘時間第一季和第二季數據的平均值。

That's helpful. And then just on employer services, right? I mean, Keith, you talked about this in the prepared remarks. There is some noise around the economy, but you're seeing it sounds like trends are pretty stable. So is that -- do you think the performance there for you guys is more reflective of market or individual initiatives or sort of a mix of both there?

這很有幫助。然後只是針對雇主服務，對嗎？我的意思是，基思，你在準備好的演講中談到了這一點。經濟方面存在一些噪音，但你會看到趨勢似乎相當穩定。那麼，您是否認為您的表現更反映了市場或個人舉措，還是兩者的結合？

I would put it as a mix of both. I mean there's a lot of things that we're doing as far as from different levers from account management, sales activities, and those type of things as far as penetrating further, reevaluating some of the organizational structure of the sales and how we're approaching things, both from the account management side and penetrating the employers and also incremental new business.

我認為它是兩者的混合。我的意思是，我們正在做很多事情，從帳戶管理、銷售活動等不同槓桿入手，進一步滲透，重新評估銷售的一些組織結構以及我們如何處理事情，包括從帳戶管理方面、滲透雇主和增量新業務。

It seems that employers are still somewhat in a wait and see when all the numbers and indicators that come out, that seems to tell us that. We're hopeful that as we progress further down through the year as some of the -- there's better clarity relative to what's going to happen in the future, whether it's tariffs, whether it's all the other things happening right now that maybe employers start to become a little more activity-wise from a hiring standpoint and then we start to pick up the benefit of that. I don't think we're really picking up the benefit of anything there other than just a stable workforce right now and just the activities that we're deploying.

當所有數字和指標出來時，雇主似乎仍然處於觀望狀態，這似乎告訴了我們這一點。我們希望，隨著今年的進一步推進，我們對未來將要發生的事情有了更清晰的認識，無論是關稅，還是現在發生的所有其他事情，雇主可能會從招聘的角度開始變得更加積極，然後我們就會開始從中受益。我認為，除了目前穩定的勞動力和我們正在部署的活動之外，我們並沒有真正從那裡獲得任何好處。

Jamie Perse, Goldman Sachs.

高盛的傑米·珀斯 (Jamie Perse)。

So you've spoken a lot about the volume acceleration that you saw in the second quarter. As we think about the back half of the year, is the right way to think about volume growth for both of the businesses more like what you saw in the second quarter or more like what you saw on a year-to-date basis? Just trying to put a finer point on volume expectations as you move through the back half of the year.

您已經多次談到第二季的銷售加速成長。當我們思考下半年時，思考這兩項業務的銷售成長的正確方式是更像您在第二季度看到的情況，還是更像您在今年迄今看到的情況？只是想更詳細說明下半年的銷售預期。

And then just to push on this macro topic for a second. Pretty clear you are not seeing anything yet. You said that several times. Are you factoring anything into the guidance or any cushion broadly into the guidance if there were more of a slowdown in hiring trends?

然後再稍微討論一下這個宏觀話題。很明顯你還沒看到任何東西。你已經說過好幾次了。如果招募趨勢進一步放緩，您是否會將任何因素納入指導範圍或將任何緩衝措施納入指導範圍？

Yeah. Jamie, it's Matt. So just to reiterate on the back half of the year, the way we're thinking about it is closer to the year-to-date performance. We have a little bit soft Q1, obviously, a stronger Q2. So I think it's better to look at more of the average or the year-to-date numbers as we move through the rest of this year. We are not factoring in significant changes to our visit volumes on the upside or downside through the remainder of this year. But we're coming off a strong Q2. And based on my comments on how we're thinking about the back half of the year, closer to the year-to-date averages, I think there's -- hopefully, that gives you some thoughts for the rest of the year.

是的。傑米，我是馬特。因此，再次重申下半年的情況，我們對此的思考方式更接近今年迄今的表現。我們的第一季表現略顯疲軟，但第二季顯然表現強勁。因此，我認為，在我們度過今年剩餘時間時，最好多看看平均值或年初至今的數字。我們不會將今年剩餘時間內的訪問量上升或下降的顯著變化考慮在內。但我們第二季表現強勁。根據我對今年下半年的看法，更接近年初至今的平均水平，我認為——希望這能給你一些關於今年剩餘時間的想法。

Yeah, that's helpful. And then just on the P&L, can you spend a minute talking through some of the onetime items that were still included in the adjusted EBITDA? You mentioned some in cost of service. Just trying to better understand the margin progression for gross and operating margin in the second quarter, excluding some of these onetime items and if that margin progression should continue for the balance of the year?

是的，這很有幫助。然後，就損益表而言，您能否花一點時間談談調整後的 EBITDA 中仍包含的一些一次性項目？您提到了一些服務成本。只是想更了解第二季毛利率和營業利潤的進展（不包括一些一次性項目），以及該利潤率進度是否應在今年剩餘時間內繼續？

Yeah, sure. I could hit that. So there's a few things going on. So I'll walk through one at a time. Cost of services, we were better versus prior year from a percentage of revenue, and it was primarily staffing efficiencies. We would have been even better if it wasn't for some prior year favorable reversals that happened in '24 and then also the Nova start-up transition costs.

是的，當然。我可以打到它。因此，有幾件事正在發生。因此我將逐一介紹。就服務成本而言，從收入百分比來看，我們比去年有所改善，這主要是由於人員效率的提高。如果不是因為 1924 年發生的一些有利逆轉以及 Nova 啟動過渡成本，我們的表現會更好。

There were some costs related to our system integration efforts that were over a two-, three-month period. Some of those were adjusted out, but some of them were more normal kind of front-loaded start-up costs for the business that were not adjusted out. So those burdened cost of services. So it would have -- those -- we expect those will go away now that we've completed the transition efforts at the end of July. So August moving forward, those expenses should go away. And that would have made cost of services even better than it was versus prior year.

我們的系統整合工作涉及一些持續兩三個月的成本。其中一些已被調整，但其中一些是更為正常的業務前期啟動成本，並未調整。因此這些都增加了服務成本的負擔。因此，我們預計這些問題將會消失，因為我們已在 7 月底完成了過渡工作。因此從八月開始，這些費用應該會消失。這將使服務成本比去年同期更加低廉。

From a G&A standpoint, it was really two things. It was the Nova and Pivot synergies that had not been fully realized or the full impact of those synergies. We closed the Nova transaction on March 1. We closed the Pivot transaction on June 1. And there was a period of time before synergies and actions were taken, and there's still more synergies to be had. So we -- and we basically acquired that G&A and we're not able to fully synergize out in the first quarter post transaction, but we expect that to flow through in the coming months and coming quarters.

從 G&A 的角度來看，這實際上是兩件事。Nova 和 Pivot 的協同作用尚未完全實現，其影響也尚未充分顯現。我們於 3 月 1 日完成了 Nova 交易。我們於 6 月 1 日結束了 Pivot 交易。在產生協同效應和採取行動之前還有一段時間，而且還會有更多協同效應產生。因此，我們 — — 我們基本上收購了 G&A，我們無法在交易後的第一季完全發揮協同作用，但我們預計這將在未來幾個月和未來幾個季度內實現。

And then obviously, we also had some planned and expected public company and separation costs that are included in G&A that were not there in the prior year when we were not a public company. So then when you factor in both of those and look at our EBITDA margin, which was 40 basis points lower than last year, our view is factoring those in that we would have been flat or potentially even higher than prior year, and that's including the fact that we're now a public company and separating from Select Medical. Hopefully, that helps.

顯然，我們也制定了一些計畫和預期的上市公司和分離成本，這些成本包含在一般及行政費用中，而前一年我們還不是上市公司時並不存在這些成本。因此，當您將這兩者考慮在內並查看我們的 EBITDA 利潤率（比去年低 40 個基點）時，我們認為，將這些因素考慮在內，我們的利潤率將與去年持平甚至可能更高，這包括我們現在是一家上市公司並與 Select Medical 分離的事實。希望這能有所幫助。

Yeah, it does.

是的，確實如此。

Ben Hendrix, RBC Capital Markets.

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

I just wanted to follow up on a comment Keith made when discussing the employment and jobs macro data. I appreciate that it's -- your platform has been very stable, amid some changing numbers that we've heard. But you also, I think, mentioned that you saw some mix dynamics in your underlying business, perhaps with industries or customers. I was wondering if you could expand on that and where you're kind of seeing a shift and if that's -- in any way could in the future, create headwinds or an anticipated dynamics?

我只是想跟進 Keith 在討論就業和工作宏觀數據時所發表的評論。我很欣賞這一點——儘管我們聽到了一些變化的數字，但你們的平台一直非常穩定。但我認為，您也提到過，您在基礎業務中看到了一些混合動態，可能是與行業或客戶有關。我想知道您是否可以詳細說明這一點，以及您在哪裡看到了轉變，以及這是否會在未來以任何方式產生阻力或預期的動力？

Thanks, Ben. Actually, I think in our prepared remarks, we said we have not seen shifts within the diversification of the industries. There's no one industry that's more than 9% or 10% of our business, and they've all -- and there are several that fall kind of in that 8% range, whether it's manufacturing, healthcare, services, distribution, all of those. And we really haven't seen much of a shift in any of that. So it's been fairly stable.

謝謝，本。實際上，我認為在我們準備好的發言中，我們說過我們還沒有看到行業多樣化的轉變。沒有哪個行業的業務占我們業務的 9% 或 10% 以上，而且所有行業 — — 有幾個行業的業務佔比都在 8% 左右，無論是製造業、醫療保健、服務業、分銷業，還是所有這些行業。但我們確實沒有看到任何重大的轉變。所以它一直都相當穩定。

22And I think what we've seen really from an employment standpoint, as everybody knows, is relatively slow from a hiring perspective out there. It's still, I think, a wait and see. Let's get better clarity on what's going to happen relative to how employers.

22我認為，從就業角度來看，如大家所知，招募速度相對較慢。我認為，這仍需拭目以待。讓我們更清楚地了解雇主將如何應對。

But fortunately, what they've done is kept a stable workforce. We haven't seen the layoffs that historically would start to drive a recessionary type situation. So that's why I believe our volumes have stayed relatively stable. The diversification amongst the employers is relatively stable. So really not seeing much of any changes with the mix of what's walking into our centers.

但幸運的是，他們保持了勞動力的穩定。我們還沒有看到歷史上會導致經濟衰退的裁員現象。所以我相信我們的交易量保持相對穩定。雇主之間的多元化相對穩定。因此，我們確實沒有看到進入我們中心的人員組合發生太大變化。

Yeah. And Ben, I would just add to a lot of discussion around the short-term, but we're also really excited about the long term. Every day, you hear additional proposed investment back in the United States with all the reshoring efforts that are going across the country. So every time we see an update like that, it's exciting for our business, both our center business and our on-site and telemedicine segments.

是的。本，我只是想補充一些關於短期的討論，但我們對長期發展也非常興奮。隨著美國各地大力推行回流政策，每天你都會聽到增加投資的提議。因此，每次我們看到這樣的更新時，我們的業務都會感到興奮，包括我們的中心業務以及我們的現場和遠距醫療部門。

Great. Thank you very much. And just kind of to wrap up some of the kind of the cost discussion. I was just wondering if the -- when you take into account the full synergies of Nova, the G&A rationalization you mentioned at Pivot and then the full transition from Select, maybe it's a exit rate for 2026, but how are you thinking about kind of a run rate G&A and cost of service margin going forward?

偉大的。非常感謝。這只是對一些成本討論的總結。我只是想知道 - 當您考慮到 Nova 的全部協同效應、您在 Pivot 中提到的 G&A 合理化以及從 Select 的全面過渡時，也許這是 2026 年的退出率，但您如何考慮未來的 G&A 運行率和服務成本利潤率？

Yeah, sure. So obviously, a lot of things going on, as I described before. But what I think we would point to right now is exiting '25, if you just look at the midpoint of our EBITDA and revenue guidance, that implied margin is pretty similar to what we had last year. And we're taking on two major acquisitions and separating from our parent company. So I think that speaks for itself. And then we'll give more thoughts on '26 in subsequent quarters.

是的，當然。顯然，正如我之前描述的，很多事情正在發生。但我認為我們現在要指出的是，退出 25 年，如果你只看我們的 EBITDA 和收入指引的中點，隱含的利潤率與去年的水平非常相似。我們正在進行兩項重大收購並與母公司分離。所以我認為這是不言而喻的。然後我們將在接下來的幾個季度中對 26 進行更多的思考。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

So maybe first, the onsite segment, it's relatively small, but excluding Pivot, the revenue grew like 10%. So is that the organic growth we should be looking at for the segment? Or there's some de novos in there that's driving that fast growth?

因此，也許首先，現場部分相對較小，但不包括 Pivot，收入增長了 10%。那麼，這就是我們應該關注的該領域的有機成長嗎？或者其中有一些新事物推動了這種快速成長？

On the onsites, if I understood what you were saying, excluding Pivot, you anticipate with the deployment of the Advanced Primary Care product that we've talked about in the past as an additional service within our onsites. We're hoping it's going to start to ramp our core growth rate on our onsites at a faster pace than what we've historically seen when just focused on occupational health. And the early returns we are seeing, we are starting to win business that historically we really did not go out and bid on just because of the type of service it was.

在現場，如果我理解了你的意思，除了 Pivot 之外，你還期望部署我們過去討論過的高級初級保健產品，作為我們現場的一項附加服務。我們希望它能夠以比我們過去只關注職業健康時更快的速度提高我們現場的核心成長率。從早期的回報來看，我們開始贏得一些業務，而從歷史上看，我們並不會因為服務類型而去競標這些業務。

So we're very bullish on what we think our onsite is going to be doing from a core standpoint outside the potential for M&A activity. There's a lot of activity in that sector right now. But as it relates to what we're doing just from a core deliverance of the services, with the addition of Advanced Primary Care, we're starting to win some business that historically we did not win. So I would anticipate a better growth rate than historically what we've seen over the last few years from a core.

因此，除了併購活動的潛力之外，我們非常看好我們的現場業務從核心角度將要做的事情。目前該領域活動十分活躍。但就我們所做的事情而言，僅從核心服務交付來看，隨著高級初級保健的加入，我們開始贏得一些過去沒有贏得的業務。因此，我預計核心成長率將比過去幾年的歷史水準更高。

Okay. And a follow-up. So if I got it right, when you were talking about the second half, right, so like employer services volumes grew on average, I guess, 1.5% in first half and workers' comp also. So sort of like you're guiding us to assume similar growth in the second half. But is it sort of like a fair assumption for, I guess, long-term organic growth for these businesses when it comes to volumes?

好的。以及後續行動。所以如果我沒理解錯的話，當您談論下半年時，對，所以像雇主服務量平均增長了，我猜，上半年增長了 1.5%，工人補償也是如此。所以有點像您引導我們假設下半年會出現類似的成長。但就銷售量而言，這是否對這些企業的長期有機成長是一個合理的假設？

Yeah. I would reiterate what we've said in the past about our growth algorithm and how we think about volumes in the low single-digit range, rate in the plus or minus 3% approximately over a long period of time. And then our smaller core M&A and de novo efforts of 1% to 2% per year. So that's really how we're thinking about it. Q1, as just to mention again, a little soft. Q2, obviously better. We're looking at in between those two numbers.

是的。我想重申我們過去關於成長演算法的說法，以及我們如何看待低個位數範圍內的交易量，以及長期內大約正負 3% 的成長率。然後，我們較小的核心併購和重新投資努力每年佔 1% 到 2%。這就是我們真正思考的問題。Q1，正如剛才再次提到的，有點軟。Q2，明顯更好。我們正在查看這兩個數字之間的值。

Yeah. I think once we start seeing quit rates start to increase, job openings start to increase, hiring starting to increase, then certainly we'll start to tweak up from an employment services growth rate.

是的。我認為，一旦我們看到離職率開始上升，職缺開始增加，招募開始增加，那麼我們肯定會開始調整就業服務成長率。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just wanted to ask about the guidance revision. It is kind of a small difference, but you're increasing the revenue by more than you're increasing the EBITDA on a percentage basis. I just wanted to know if there's anything to kind of note there.

只是想詢問有關指導修訂的情況。這是一個很小的差異，但從百分比來看，收入的增加幅度大於 EBITDA 的增加幅度。我只是想知道那裡是否有任何值得注意的事情。

Obviously, you called out sort of a lot of discrete cost items in the second quarter, but I wasn't sure if those cost items were just to kind of aid us in the comparisons or whether they were actually coming in maybe a little bit above what you might have expected? And then I have a quick follow-up, too.

顯然，您在第二季度列舉了許多獨立的成本項目，但我不確定這些成本項目是否只是為了幫助我們進行比較，或者它們的實際成本是否可能略高於您的預期？然後我也會快速跟進。

No. We saw some of the costs from the transition efforts in maybe the tail end of May, but mostly in June, and we expect those same similar numbers in July because we were converting the same number of centers in July and then potentially into early August, but then we expect those costs to go away.

不。我們可能在五月底就看到了過渡工作產生的一些成本，但主要是在六月份，我們預計七月份也會出現類似的數字，因為我們在七月份轉換了相同數量的中心，然後可能要到八月初，但我們預計這些成本將會消失。

So just being mindful of what we've seen over the last two, three months as we went through a pretty massive effort to put our systems and signage in and change our workflows at all of those 67 centers. We're really proud of the work the teams have done and excited that, that's behind us and looking forward to the remainder of the year.

因此，只要記住我們在過去兩三個月中所看到的情況，我們就會付出相當大的努力來在所有 67 個中心安裝系統和標誌並改變工作流程。我們為團隊所做的工作感到非常自豪，並對此感到興奮，這一切都已經過去，我們期待今年剩餘的時間。

Yeah. And I'll just add, there's a lot of dynamics in play from the cost perspective right now relative to the synergies being executed on from Nova perspective, the synergies being executed on from a Pivot perspective, the timing of separation cost and adding people and TSAs going down.

是的。我還要補充一點，從成本角度來看，目前有很多動態因素在起作用，相對於從 Nova 角度執行的協同效應、從 Pivot 角度執行的協同效應、分離成本的時機以及增加人員和 TSA 的下降。

So a lot of moving parts to that. So we just wanted to be conservative with our approach to how we gave guidance from an EBITDA standpoint at this point in time. And if we get better visibility and clarity as we go through Q3, we'll continue to sharpen the pencil on that.

因此，其中涉及很多活動部件。因此，我們目前只是希望從 EBITDA 的角度對如何提供指導採取保守的態度。如果我們在第三季獲得更好的可見度和清晰度，我們將繼續在這方面努力。

Got it. Okay. And then I appreciate the color. I guess I didn't realize that you have some linkages in some of your states to the doc fix. If the doc fix gets done as part of closer to like year-end spending packages related to 2015, do you expect that you would see a true-up in this year's results? Or I guess, how would you expect that to play out if something did ultimately get done for this year?

知道了。好的。然後我欣賞它的顏色。我想我沒有意識到您的某些狀態與文檔修復存在一些聯繫。如果文件修復是作為 2015 年年終支出計畫的一部分完成，您是否預計今年的結果會有所改善？或者我想，如果今年最終完成了某件事，你認為結果會如何？

I would not expect anything. Most of the states don't necessarily adopt it whenever these things happen, they're on their own timing. So it's not like it's -- if something like this were to happen, we're going to immediately see it. So I would anticipate 2026.

我不會期待任何事。大多數州並不一定會在發生這些事情時採取這種措施，而是按照自己的時間表。所以，如果這樣的事情發生，我們不會立即看到它。所以我預計是 2026 年。

And as we get further into this year, we'll talk more about it and see it. But most of the time, states are going to implement their fee schedules. The majority of them, if there's any changes they're going to make for whatever reason, I'd say the majority of them are probably January of '26 when they do it. Others later in the year also, but they're all on their own schedules relative to when they do it.

隨著今年的進一步推進，我們將對此進行更多討論並觀察。但大多時候，各州都會實施自己的收費表。對於他們中的大多數人來說，無論出於什麼原因，如果他們要做出任何改變，我想說他們中的大多數人可能會在 26 年 1 月做出改變。其他人也會在年底前完成，但他們都有自己的時間表。

Got it. Okay. And then I guess one thing we've kind of observed at least with regards to the onsite opportunity is we've had a couple of years now of this really high cost trends within the employer group business that all the managed care companies have discussed.

知道了。好的。然後我想我們至少在現場機會方面觀察到的一件事是，我們已經有幾年的時間在雇主集團業務中出現了這種成本非常高的趨勢，所有管理式醫療公司都討論過這一點。

I guess how much do you feel like that's starting to influence the conversations that you have? And do you think that's really been a material driver of maybe increased interest in the model versus what you might have seen going back a couple of years when things are a little bit more stable?

我猜你覺得這對你的談話有多少影響？您是否認為，與幾年前情況稍微穩定時的情況相比，這確實是人們對該模型興趣增加的一個實質驅動因素？

Yeah. I certainly -- as we all are reading, it's anticipated that most companies are facing some pretty big employee benefits costs as we go into 2026. So we're certainly having those conversations more and more with employers. But I think more so because we now have a product that's competitive with those employer -- with those on-site companies that kind of focused on the commercial side or the group health side with these employers.

是的。我當然——正如我們都讀到的那樣，預計到 2026 年大多數公司都將面臨相當大的員工福利成本。因此，我們肯定會越來越多地與雇主進行這樣的對話。但我認為更重要的是，我們現在擁有一款可以與那些雇主競爭的產品——那些專注於商業方面或團體健康的現場公司。

Again, historically, our focus from an on-site perspective had been occupational health. So we weren't necessarily having these type of conversations with employers because we were dealing more with safety and risk versus HR and benefits.

再次，從歷史上看，從現場角度來看，我們的重點一直是職業健康。因此，我們不一定與雇主進行此類對話，因為我們更多地處理安全和風險，而不是人力資源和福利。

Now we're -- we have a seat at the table really with both sides of an employer's house relative to benefits and safety and risk. And certainly, as I mentioned earlier, we're winning some deals now relative to this, where we're basically providing Advanced Primary Care services to that employer and their employee base at the work site where historically, we were not doing that.

現在我們——我們確實與雇主雙方就福利、安全和風險問題進行了協商。當然，正如我之前提到的，我們現在贏得了一些與此相關的交易，我們基本上是在工作現場為該雇主及其員工提供高級初級保健服務，而過去我們並沒有這樣做。

Ann Hynes, Mizuho.

安‧海因斯 (Ann Hynes)，瑞穗。

In your prepared remarks, you made a comment that labor dynamics is not an issue for this business model. Can you remind us why that is? And then secondly, I know you have a leverage target goal of 3 times by the end of 2026. How do you balance that with the M&A potential and opportunity?

在您準備好的發言中，您評論說勞動力動態不是這種商業模式的問題。你能提醒我們這是為什麼嗎？其次，我知道你們的槓桿目標到 2026 年底要達到 3 倍。您如何平衡這一點與併購潛力和機會？

Labor dynamics, when you look at our model, typically, we've got doctors, physical therapists, and the individuals that are supporting those clinicians are medical assistants. So we don't have RNs, LVNs, where a lot of the labor pressures that health systems faced were with that type of discipline. So historically, there's more of a base to draw from a medical assistant standpoint, hourly individuals.

勞動力動態，當你查看我們的模型時，通常我們有醫生、物理治療師，而支持這些臨床醫生的個人是醫療助理。因此，我們沒有註冊護士、執照護士，而醫療系統面臨的許多勞動力壓力都與這類學科有關。因此，從歷史上看，從醫療助理的角度來看，有更多的基礎可以藉鑑，即按小時計費的個人。

So historically, we did not feel the same pressures that the health systems faced over the last few years from that perspective. So that's really our model. And our model is based on visits per day per FTE within a center, those type metrics. So we're able to lever up, lever down based on volumes for the most part and adjust accordingly. And so we -- that's pretty much kind of how we have managed this business over the years.

因此從歷史上看，從這個角度來看，我們並沒有感受到過去幾年衛生系統面臨的同樣壓力。這就是我們的模型。我們的模型是基於中心內每個全職當量每天的訪問量等類型的指標。因此，我們能夠根據大部分交易量來提高或降低槓桿率，並進行相應的調整。所以，我們——這基本上就是我們多年來管理這項業務的方式。

I can take the second question. Ann, on the leverage question, you said. So we've stated that we're targeting 3.5 times by year-end and sub-3 times by the end of next year. And really, we feel good about where we are because we're still working through the Nova and Pivot integrations. We're still working through call it, the second half of our select separation efforts. Our teams are very focused on executing on those successfully, and we're going to naturally delever, especially in Q4 with the strongest cash flow quarter we have.

我可以回答第二個問題。安，關於槓桿問題，你說。因此，我們已表示，我們的目標是到今年年底達到 3.5 倍，到明年年底達到 3 倍以下。事實上，我們對目前的狀況感到很滿意，因為我們仍在努力實現 Nova 和 Pivot 的整合。我們仍在努力完成選擇性分離工作的後半部。我們的團隊非常注重成功執行這些目標，我們將自然地去槓桿，特別是在我們現金流最強勁的第四季。

Then looking at '26, we'll have a lot of those three main work streams behind us for the most part. We'll continue to look at M&A. Our leverage targets and strategy are not impacted by our core de novos and smaller M&A. We'll continue doing that as we delever. And I think at some point next year, we'll continue to look at more sizable M&A efforts. But for right now, we are very focused on executing on what's in front of us.

然後展望 26 年，我們基本上已經完成了這三個主要工作流程。我們將繼續關注併購。我們的槓桿目標和策略不受核心新業務和小型併購的影響。在去槓桿過程中，我們將繼續這樣做。我認為明年某個時候，我們將繼續考慮更大規模的併購行動。但就目前而言，我們非常專注於執行眼前的任務。

Ladies and gentlemen, we appear to have reached the end of our question-and-answer session. So I would like to hand the call back over to Mr. Newton for any closing remarks.

女士們、先生們，我們的問答環節似乎已經結束了。因此，我想將電話轉回給牛頓先生，請他做最後發言。

No, I just want to thank everybody for joining us today, and appreciate it. Thank you very much.

不，我只是想感謝大家今天的參加，並對此表示感謝。非常感謝。

Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time. We hope you have a wonderful day, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的通話到此結束，您可以斷開線路了。我們希望您度過美好的一天，並感謝您的參與。