Community Health Systems Inc (CYH) 2025 Q1 法說會逐字稿

Good day and welcome to the Community Health System's first-quarter of 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

大家好，歡迎參加社區健康系統 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Anton Hie, Vice President-Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Anton Hie。請繼續。

Thank you, Rocco. Good morning, everyone, and welcome to Community Health Systems first-quarter 2025 conference call. Joining me on today's call are Tim Hingtgen, Chief Executive Officer; and Kevin Hammons, President and Chief Financial Officer.

謝謝你，羅科。大家早安，歡迎參加社區健康系統 2025 年第一季電話會議。參加今天電話會議的還有執行長 Tim Hingtgen；以及總裁兼財務長 Kevin Hammons。

Before we begin, I must remind everyone, this conference call may contain certain forward-looking statements including all statements that do not relate solely to the historical or current facts. These forward-looking statements are subject to a number of known and unknown risks which are described in headings such as Risk Factors in our annual report on Form 10-K and other reports filed with or furnished to the SEC. Actual results may differ significantly from those expressed in any forward-looking statements in today's discussion. We do not intend to update any of these forward-looking statements.

在我們開始之前，我必須提醒大家，本次電話會議可能包含某些前瞻性陳述，包括所有與歷史或當前事實無關的陳述。這些前瞻性陳述受到許多已知和未知風險的影響，這些風險在我們提交給或提供給美國證券交易委員會的 10-K 表年度報告和其他報告中的「風險因素」等標題中有所描述。實際結果可能與今天討論中任何前瞻性陳述所表達的結果有很大不同。我們不打算更新任何這些前瞻性陳述。

Yesterday afternoon, we issued a press release with our financial statements and definitions and calculations of adjusted EBITDA and adjusted EPS. We've also posted a supplemental slide presentation on our website. All calculations we will discuss today exclude impairments, gains or losses on the sale of businesses, and expense from business transformation costs.

昨天下午，我們發布了一份新聞稿，其中包含我們的財務報表以及調整後的 EBITDA 和調整後的 EPS 的定義和計算。我們還在我們的網站上發布了補充幻燈片演示。我們今天討論的所有計算均不包括減損、業務出售的收益或損失以及業務轉型成本的費用。

With that said, I will turn the call over to Tim Hingtgen, Chief Executive Officer.

話雖如此，我會把電話轉給執行長 Tim Hingtgen。

Thanks, Anton. Good morning, everyone, and thank you for joining our first quarter 2025 conference call. We ended last year with very strong volume growth, and we were pleased to carry that momentum forward into 2025.

謝謝，安東。大家早安，感謝您參加我們的 2025 年第一季電話會議。去年，我們的銷售成長非常強勁，我們很高興將這一勢頭延續到 2025 年。

For the first quarter, same-store admissions increased 4%, same-store adjusted admissions increased 2.6%, and on a same-store basis, net operating revenues increased to 3.1%. We have been pleased with the demand for healthcare services across our core portfolio markets. The first quarter growth was driven by an outsized impact from a heavier flu season than the prior-year quarter.

第一季度，同店入場人數成長 4%，同店調整後入場人數成長 2.6%，同店淨營業收入成長 3.1%。我們對核心投資組合市場對醫療保健服務的需求感到滿意。第一季的成長受到比去年同期更嚴重的流感季節的巨大影響。

Additionally, we continue to realize returns on targeted capital investments and expansions and the benefits of our strategic and operational initiatives including capacity management, transfer center operations, service line development, and growth in our physician practices and other outpatient sites of care. We are especially pleased with our progress towards our target of $1 billion-plus in divestiture proceeds which we plan to use to reduce debt and improve the company's leverage.

此外，我們繼續實現有針對性的資本投資和擴張的回報以及我們的策略和營運舉措的收益，包括容量管理、轉移中心運營、服務線開發以及我們的醫生執業和其他門診護理站點的增長。我們對實現 10 億美元以上資產剝離收益目標的進展感到特別高興，我們計劃用這筆收益來減少債務並提高公司的槓桿率。

Since our last quarterly earnings call in February, CHS completed the previously announced divestitures of Shore Point Health System in Florida and Lake Norman Regional Medical Center in North Carolina, as well as the unannounced sale of our 50% ownership interest in Merit Health Biloxi.

自 2 月上次季度收益電話會議以來，CHS 完成了先前宣布的佛羅裡達州 Shore Point Health System 和北卡羅來納州諾曼湖地區醫療中心的資產剝離，以及未宣布的出售我們在 Merit Health Biloxi 的 50% 所有權權益。

Last week, we announced plans to sell our 80% interest in Cedar Park Regional Medical Center in Texas to the current joint venture partner, which we expect to close in late second quarter or early third quarter. While divestitures are not yet complete, we expect that activity to slow down substantially as the year goes on, enabling us to fully focus on further growth opportunities across our core markets.

上週，我們宣布計劃將我們在德克薩斯州雪松公園地區醫療中心的 80% 股權出售給目前的合資夥伴，預計該交易將在第二季末或第三季初完成。雖然資產剝離尚未完成，但我們預計隨著時間的推移，資產剝離活動將大幅放緩，使我們能夠完全專注於核心市場的進一步成長機會。

Yesterday, we announced debt refinancing and buyback transactions that will further reduce leverage and improve our maturity profile. Kevin will cover that in more detail in a few minutes.

昨天，我們宣布了債務再融資和回購交易，這將進一步降低槓桿率並改善我們的到期狀況。凱文將在幾分鐘內更詳細地介紹這一點。

Now, I'd like to touch on some of our strategic objectives moving forward into 2025. This year, we are highly focused on three foundational areas essential for every healthcare provider. First, delivering high-quality care and exceptional patient outcomes. Next, ensuring operational expertise and rigor in every market. And finally, demonstrating financial discipline and performance. We are making progress in each area and have very specific activities under way to advance in these critically important functions.

現在，我想談談我們 2025 年的一些策略目標。今年，我們高度關注每個醫療保健提供者必不可少的三個基礎領域。首先，提供高品質的護理和卓越的患者治療效果。其次，確保每個市場的營運專業性和嚴謹性。最後，展現財務紀律和績效。我們在各個領域都取得了進展，並且正在進行非常具體的活動來推進這些至關重要的職能。

Next, we have been strategically developing both acute care and ambulatory services including our acquisition of 10 urgent care centers in Tucson late last year as well as incremental investments in ASCs, and we have added new freestanding EDs to the portfolio too.

接下來，我們一直在策略性地發展急性護理和門診服務，包括去年年底收購圖森的 10 家緊急護理中心以及對 ASC 的增量投資，並且我們還在投資組合中增加了新的獨立 ED。

In each CHS affiliated health system, our ability to balance acute care hospital services with ambulatory sites of care leverages the unique benefits of each care setting to create comprehensive service options for our patients. We believe this approach, which we have been pursuing for nearly a decade now, further positions us well for the future of healthcare delivery. And we continue to invest in innovation, including AI, emerging technologies, and partnerships that advance patient care, support our workforce, and relieve administrative burdens. As the year goes on, we will highlight some of these areas more specifically and share the progress we are seeing.

在每個 CHS 附屬醫療系統中，我們都能平衡急診醫院服務和門診護理站點，利用每個護理環境的獨特優勢，為我們的患者創造全面的服務選擇。我們相信，我們近十年來一直推行的這種方法將為我們未來的醫療保健服務奠定良好的基礎。我們將繼續投資於創新，包括人工智慧、新興技術和合作夥伴關係，以促進患者護理、支持我們的員工隊伍並減輕行政負擔。隨著時間的推移，我們將更具體地強調其中一些領域並分享我們所看到的進展。

Before returning the call over to Kevin, I want to acknowledge the fact that healthcare providers are currently facing a number of uncertainties. Navigating any potential changes that may come out of Washington in the weeks and months ahead makes planning more challenging. But our team is closely following these developments and advocating for policies that maintain and strengthen our health systems and all health care delivery systems to ensure Americans will have needed access to essential health services.

在回電給凱文之前，我想承認醫療保健提供者目前面臨許多不確定因素。應對未來幾週和幾個月華盛頓可能出現的任何潛在變化將使規劃更具挑戰性。但我們的團隊正在密切關注這些事態發展，並倡導維護和加強我們的衛生系統和所有醫療保健系統的政策，以確保美國人能夠獲得必要的醫療服務。

As we complete the first quarter, I want to express my appreciation to our team, leaders across our organization, our physicians, nurses, clinicians, and caregivers, and all of our support teams sharing the commitment to help people get better and live healthier. And for that I am grateful.

在我們結束第一季之際，我想向我們的團隊、整個組織的領導、我們的醫生、護士、臨床醫生和護理人員以及我們所有的支持團隊表示感謝，他們共同致力於幫助人們變得更好、生活得更健康。對此我深表感激。

Now let me turn the call over to Kevin Hammons, who will offer more information about the first quarter and the year ahead. Kevin?

現在，我將把電話轉給凱文·哈蒙斯 (Kevin Hammons)，他將提供有關第一季和未來一年的更多資訊。凱文？

Thank you, Tim. And good morning, everyone. As Tim mentioned, we've made progress across many fronts. So before walking you through operating results for the quarter that were generally in line with expectations, I would like to provide a brief update on the progress we made in continuing to position the company for future success, particularly through opportunistic divestitures and management of our debt.

謝謝你，提姆。大家早安。正如蒂姆所說，我們在許多方面都取得了進展。因此，在向您介紹本季基本上符合預期的經營業績之前，我想簡要介紹一下我們在繼續為公司未來成功做好準備方面所取得的進展，特別是透過機會性資產剝離和債務管理。

In early March, we completed the divestiture of Shore Point Health System in Florida and on April 1 closed on the sale of Lake Norman Regional Health System in North Carolina. Total gross proceeds for these two transactions of $544 million was received and recorded in the first quarter.

3 月初，我們完成了對佛羅裡達州 Shore Point Health System 的剝離，並於 4 月 1 日完成了對北卡羅來納州 Lake Norman Regional Health System 的出售。這兩筆交易的總收益為 5.44 億美元，已於第一季收到並記錄。

Last week, we announced an agreement to divest 80% ownership in Cedar Park Regional Medical Center to the minority partner, Ascension Health, for $460 million which we expect to close late in the second quarter or early in the third quarter of 2025. Completion of the Cedar Park transaction will bring the total in-year proceeds to just over $1 billion, consistent with our commentary last quarter. And along with an additional potential divestiture now in advanced discussions, we could exceed this target materially.

上週，我們宣布了一項協議，以 4.6 億美元的價格將 Cedar Park 地區醫療中心 80% 的所有權出售給少數股東合作夥伴 Ascension Health，我們預計該交易將於 2025 年第二季末或第三季初完成。Cedar Park 交易的完成將使年度總收益達到 10 億美元以上，這與我們上個季度的評論一致。加上目前正在深入討論的額外潛在資產剝離，我們可能會大幅超越這一目標。

Each of these transactions reflects attractive double-digit multiples on trailing EBITDA, leading to meaningful deleveraging and increased shareholder value.

每筆交易都反映了具有吸引力的兩位數EBITDA倍數，從而實現了有意義的去槓桿化並提高了股東價值。

Last night, concurrently with earnings results, we announced the issuance of $700 million in new 10.75% senior secured notes due 2033, with the proceeds to be used to redeem all $700 million of our outstanding 8% senior secured notes due 2027 at par. Additionally, We've commenced a cash tender offer for all of the $626 million outstanding 6.875% senior unsecured notes due 2028 at a price of $75, utilizing cash-on-hand and availability under our revolver to retire these notes.

昨晚，在公佈盈利結果的同時，我們宣布發行 7 億美元新的 2033 年到期的 10.75% 優先擔保票據，所得款項將用於按面值贖回所有 7 億美元未償還的 2027 年到期的 8% 優先擔保票據。此外，我們已開始以 75 美元的價格對所有 2028 年到期的 6.26 億美元未償還 6.875% 優先無擔保票據進行現金要約收購，利用庫存現金和循環信貸額度來贖回這些票據。

These transactions will further reduce the company's net leverage, improve our maturity profile, and enhance shareholder value while not meaningfully affecting free cash flow. Furthermore, we're getting all of this done despite the recent dislocation in the capital markets.

這些交易將進一步降低公司的淨槓桿率，改善我們的成熟度狀況，並提高股東價值，同時不會對自由現金流產生重大影響。此外，儘管最近資本市場出現混亂，我們仍然完成了所有這些工作。

At quarter end, net debt to trailing adjusted EBITDA was 7.1 times, improved from 7.4 times at year-end 2024 and 7.9 times at year-end 2023.

截至本季末，淨債務與調整後 EBITDA 比率為 7.1 倍，高於 2024 年底的 7.4 倍和 2023 年底的 7.9 倍。

Now turning back to operating results. In the first quarter of 2025, we saw continued momentum with strong overall volume trends and cost controls across most categories, leading to financial results that were generally in line with our expectations and representing a solid start to the year. The continued strong demand in our markets led to same-store admissions growth of 4% year-over-year, adjusted admissions up 2.6%, and ED visits up 2.4%, while same-store surgeries were down 3%.

現在回到經營業績。2025 年第一季度，我們繼續保持強勁勢頭，大多數類別的整體銷售趨勢和成本控制都很好，財務業績基本上符合我們的預期，為今年開了個好頭。我們市場持續強勁的需求導致同店入院人數較去年同期成長 4%，調整後入院人數成長 2.6%，急診就診人數成長 2.4%，而同店手術人數下降 3%。

Thanks to our net revenue per adjusted admission was up 0.5% year-over-year as rate growth from commercial plans and the Medicare fee-for-service, annual update were partly offset by unfavorable shifts in payer and acuity mix as well as declining Medicaid rates.

由於商業計劃和醫療保險按服務收費的費率增長，我們的每次調整入院淨收入同比增長 0.5%，年度更新部分被付款人和敏銳度組合的不利變化以及醫療補助費率的下降所抵消。

Adjusted EBITDA for the first quarter was $376 million compared with $378 million in the prior-year period. The margin was 11.9% versus 12% in the prior-year period.

第一季調整後 EBITDA 為 3.76 億美元，去年同期為 3.78 億美元。利潤率為 11.9%，而去年同期為 12%。

The impact of payer downgrades and denials remain stable in the first quarter of 2025 relative to the prior quarter, reflecting our ongoing utilization management efforts and physician advisor program. Our advocacy efforts regarding this troubling trend that is affecting all healthcare providers will continue. But we expect the year-over-year headwind that we called out in the third quarter of 2024 to persist until we anniversary it in the second half of this year.

2025 年第一季度，付款人降級和拒絕的影響與上一季度相比保持穩定，這反映了我們正在進行的利用率管理工作和醫生顧問計劃。我們將繼續針對這一影響所有醫療保健提供者的令人不安的趨勢進行宣傳。但我們預計，2024 年第三季預測的年比逆風將持續到今年下半年。

Turning to expense management, our performance on labor costs remains solid, with average hourly wage rate up approximately 3.5% year-over-year, including an increase in the number of employed physicians, which was consistent with our expectations. Contract labor spend was $40 million in the first quarter, down $8 million year-over-year on a consolidated basis, reflecting our ongoing success with recruitment and retention.

談到費用管理，我們在勞動成本方面的表現依然穩健，平均每小時工資率同比增長約 3.5%，其中包括受僱醫生數量的增加，這與我們的預期一致。第一季合約勞務支出為 4,000 萬美元，以合併口徑計算年減 800 萬美元，這反映了我們在招募和留任方面持續取得的成功。

We held the line on supplies expense which was flat year-over-year and flat sequentially at 15.5% of consolidated net revenues in the first quarter. This demonstrates some of the benefit we are achieving as we have effectively offset the impact of inflation over these periods.

我們控制了供應費用，與去年同期和上一季持平，佔第一季合併淨收入的 15.5%。這表明我們正在取得一些好處，因為我們有效地抵消了這些時期通貨膨脹的影響。

Medical specialist fees were $163 million in the first quarter, increasing approximately 9% year-over-year on a consolidated basis, representing 5.1% of net revenues versus 4.8% in the prior-year period. This increase was in line with what we anticipated. While we remain encouraged with the progress through our insourcing initiatives, we continue to anticipate further pressure in med spec fees, with these costs growing in excess of typical inflationary trends in 2025, but still well below the spikes that we saw from 2022 to 2023.

第一季醫療專家費用為 1.63 億美元，以合併口徑計算年增約 9%，佔淨收入的 5.1%，而去年同期為 4.8%。這一增長符合我們的預期。雖然我們對內部採購計劃的進展感到鼓舞，但我們仍然預計醫療規格費用將進一步承壓，這些成本的增長將超過 2025 年的典型通膨趨勢，但仍遠低於我們在 2022 年至 2023 年期間看到的峰值。

Cash flows from operations were $120 million for the first quarter, up from $96 million in the first quarter of 2024. And free cash flow was still slightly negative yet improved over the prior-year quarter. This improvement relative to our typical first quarter when we often experience a more significant outflow due to the timing of interest and incentive comp payments and patient co-pays and deductible resets, partly reflects the long-awaited receipt of $80 million in income tax refunds. However, that benefit was erased by the delays in payments under certain state supplemental programs. Money is now flowing from these programs, so we believe we are on track to meet our annual cash flow guidance.

第一季的經營現金流為 1.2 億美元，高於 2024 年第一季的 9,600 萬美元。自由現金流仍略為負值，但較去年同期有所改善。與我們通常的第一季相比，這一改善在一定程度上反映了我們期待已久的 8000 萬美元所得稅退稅的到賬。在第一季度，我們經常因為利息和獎勵補償支付以及患者共同支付和免賠額重置的時間而經歷更大規模的資金流出。然而，由於某些州補充計劃付款的延遲，這項福利被抵消了。現在資金正在從這些項目中流出，因此我們相信我們能夠實現年度現金流目標。

With our enterprise modernization initiative, Project and Power, we continue to implement new workflows, generate savings opportunities, and gain new insights into our business as the oracle environment further hardens. I believe our stabilization is on track and I am confident in the value this project will produce for the company.

透過我們的企業現代化計畫 Project and Power，隨著 Oracle 環境的進一步強化，我們將繼續實施新的工作流程、創造節約機會並對我們的業務獲得新的見解。我相信我們的穩定工作正在步入正軌，我對這個專案將為公司創造的價值充滿信心。

As it relates to the 2025 financial guidance, we are maintaining the outlook that we provided in February. Consistent with prior practice, we have not considered in our guidance any additional divestitures beyond those that have already been announced. And we've also not included directed payment program reimbursement for New Mexico or Tennessee as those programs have not yet been approved by CMS for 2025. We do not have any update relative to either of those programs, but still expect their eventual approval. Recall, we believe if those programs are approved, they would add an incremental $100 million to $125 million to our annual guided run rate of EBITDA.

就 2025 年財務指引而言，我們維持 2 月所提供的展望。與以往的做法一致，除了已經宣布的資產剝離之外，我們的指導中沒有考慮任何其他資產剝離。而且我們也沒有包括新墨西哥州或田納西州的定向支付計劃報銷，因為這些計劃尚未獲得 CMS 2025 年的批准。我們還沒有關於這兩個計劃的任何最新消息，但仍期待它們最終獲得批准。回想一下，我們相信，如果這些計劃獲得批准，它們將使我們的年度指引 EBITDA 運行率增加 1 億至 1.25 億美元。

This concludes our prepared remarks, so at this time we'll turn the call back over to our operator, Rocco, for Q&A.

我們的準備好的演講到此結束，因此現在我們將把電話轉回給我們的接線生 Rocco，進行問答。

(Operator Instructions)

（操作員指示）

Brian Tanquilut, Jeffries.

布萊恩·坦奎盧特，傑弗里斯。

Good morning, guys, and congrats on the quarter. Maybe, Tim, as I think about just the volume performance here and balancing it obviously with the revenue for adjusted admission, I think that's mostly flu and the margins, I mean, just curious how you're thinking about where the business can go going forward. Both from a volume perspective and your ability to manage or flex through the cost structure. And also any thoughts you can share with us on how you're thinking about tariffs potentially impacting your supplies and other input costs that you have to deal with?

大家早安，恭喜本季取得佳績。提姆，也許，當我考慮這裡的銷售表現並將其與調整後的入場費收入進行平衡時，我認為這主要是流感和利潤率，我的意思是，我只是好奇你如何看待未來業務的發展方向。無論是從數量角度，還是從您管理或調整成本結構的能力來看。另外，您可以與我們分享您對關稅可能影響您的供應以及您必須處理的其他投入成本的看法嗎？

Sure, Brian, I will kick that off and I'll turn over to Kevin to touch on the tariff question. In terms of the quarter and the flu impact, we did see an outsized impact from the flu as I commented on earlier. It did have, I think, some squeeze effect on some of our lower acuity surgery volumes in the corridor, largely on the outpatient side, due to either provider illness, staff illness, or perhaps patient illness. We also are tracking to see if there's any consumer changes in terms of the reset of copays and deductibles and their willingness to take or receive care with the reset of those deductibles, we're tracking that very closely.

當然，布萊恩，我將開始討論這個問題，然後交給凱文來談談關稅問題。就本季和流感的影響而言，正如我之前評論的那樣，我們確實看到了流感帶來的巨大影響。我認為，它確實對我們走廊上一些低視力手術量產生了一些擠壓效應，主要是在門診方面，原因是提供者生病、工作人員生病或可能是患者生病。我們還在跟踪，看看消費者在共同支付和免賠額重置方面是否有任何變化，以及他們是否願意接受或接受這些免賠額重置後的護理，我們正在密切跟踪。

But in general, in terms of how the core bulk of the business performed, excluding the flu impact, we were really pleased to see so many strong signs of success across the portfolio. We had really strong EMS volumes with gains in trauma. So it wasn't all related just to basic influenza-related illness volumes.

但總體而言，就核心業務的表現而言，排除流感的影響，我們非常高興地看到整個投資組合中出現瞭如此多強勁的成功跡象。我們的緊急醫療服務 (EMS) 數量確實非常強勁，創傷治療也取得了進展。因此，這並不全都與基本流感相關疾病數量有關。

We also saw strong physician practice visits in both primary care, but also in our surgical and procedural specialists. Good growth in our cardiac service line as it relates to procedures in our cath labs, particularly higher acuity cardiac service lines as we continue to invest. And we also saw an outsized growth in our robotic surgery caseloads, again, reflecting our investments into some new advanced platforms across various robotics platforms out there.

我們也發現，初級保健醫生以及外科和手術專科醫生的執業訪問量都很大。我們的心臟服務線與心導管實驗室的程序相關，增長良好，特別是隨著我們繼續投資，更高敏銳度的心臟服務線。我們的機器人手術案例數量也出現了大幅增長，這再次反映了我們對各種機器人平台上一些新的先進平台的投資。

So again, in terms of the durability and the investability in our markets to attract and grow new lines and higher levels of business, we still see that line of sight straight and narrow through the portfolio.

因此，就我們市場吸引和發展新業務和更高業務水平的持久性和可投資性而言，我們仍然可以透過投資組合直接看到這一視線。

The other thing I would point out is transfer center continues to perform really, really well and provide, basically, daily insights as to where we can go next to continue to invest, whether that be in service lines or technology or new capacity. We still see growing opportunities throughout the portfolio which let us build into future quarters and future years.

我想指出的另一件事是，轉運中心繼續表現得非常非常好，基本上每天都提供有關我們下一步可以繼續投資的地方的見解，無論是在服務線還是技術或新產能方面。我們仍然看到整個投資組合中存在不斷增長的機會，這使我們能夠在未來幾季和幾年內實現成長。

And then the last thing I would point out is just on the ASC space, despite the drop in some of our lower acuity cases, primarily GI, we did have another strong growth quarter in our ASC environment as we continue to incrementally add one to two ASCs per quarter. So we still see durability for the long run as we diversify the mix of surgeries happening in various sites of care across our markets.

然後我要指出的最後一件事是，僅在 ASC 領域，儘管我們的一些低敏銳度病例（主要是 GI）有所下降，但我們的 ASC 環境確實又經歷了一個強勁的增長季度，因為我們繼續以每季度一到兩個 ASC 的速度遞增。因此，隨著我們使各市場中各個醫療場所的手術組合多樣化，我們仍然認為這種手術具有長期的持久性。

Brian, I'll touch on just a couple other points of your question. In terms of expenses, we feel that even with some of the softness resulting from the flu, we still had very strong inpatient admissions and we are able to control our expenses with the added load of inpatients. And we believe that we'll be able to continue to maintain and control expenses throughout the year. We also think that there's some tailwinds for us as we continue to stabilize our new ERP and gain insights into the business and see some tailwinds on being able to take out some additional costs.

布萊恩，我只想談談你問題中的其他幾點。在費用方面，我們認為，即使受到流感的影響，我們的住院病人數量仍然非常多，而且我們能夠透過增加住院病人數量來控制費用。我們相信，我們將能夠在全年繼續維持和控制開支。我們也認為，隨著我們繼續穩定新的 ERP 並深入了解業務，並看到能夠消除一些額外成本的一些順風，我們會遇到一些順風。

Relative to tariffs, just a reminder we are a member of HPG, our group purchasing organization. Approximately or in excess of 70% of our supplies are purchased through the GPO. With that, we have fixed pricing, typically contracts are three years through the GPO. So we have some price protection there. Approximately half of our purchasing, through the GPO, is domestic purchasing which would not be subject to tariffs. And then beyond that, it's a mix of countries. Less than 5% of our purchases are from China which would have the most risk I think in the current environment relative to tariffs, so it's a very small part. And again, the other purchasing is spread out across a number of different countries, and I think it's yet to be determined what the risk is there.

關於關稅，需要提醒的是，我們是集團採購組織 HPG 的成員。我們大約 70% 或以上的物資都是透過 GPO 採購的。這樣，我們就有了固定價格，通常透過 GPO 簽訂的合約為期三年。所以我們在那裡有一些價格保護。我們透過 GPO 進行的採購中約有一半是國內採購，不受關稅影響。除此之外，它還涉及多個國家。我們的採購中只有不到 5% 來自中國，我認為在當前環境下，與關稅相關的風險最大，所以這只是很小的一部分。另外，其他採購分散在許多不同的國家，我認為尚未確定那裡有什麼風險。

I appreciate that. And maybe my follow-up, Kevin, as I think about the balance sheet and obviously, you have a refi that was announced yesterday, just curious how we should be thinking about, number one, you called out a potential upcoming divestiture; and then maybe curious about free cash flow guidance and what's embedded and what's not in the guide. And also just proceeds from the recent divestiture announcements, Lake Norman I know came out on April 1. So just anything you can share with us as we try to think about modeling the balance sheet and cash flows for the next one to two years? Thanks.

我很感激。也許我的後續問題，凱文，當我考慮資產負債表時，顯然你昨天宣布了一項再融資，我只是好奇我們應該如何考慮，第一，你提到了可能即將進行的資產剝離；然後可能對自由現金流指導以及指南中包含和不包含的內容感到好奇。還有最近宣布的資產剝離所得，我知道諾曼湖是在 4 月 1 日上市的。那麼，當我們試著思考未來一到兩年的資產負債表和現金流模型時，您能與我們分享什麼嗎？謝謝。

Sure. So the proceeds from Lake Norman that closed on April 1, those proceeds were actually received on 03/31. So they were on our balance sheet, sitting in the cash balance. As was the proceeds from Shore Point which were received earlier in March. A portion of that was still sitting in cash. A portion of it had been used to pay down some on the ABL. Those proceeds will largely be used to do the tender of the unsecured notes that we released yesterday or announced yesterday.

當然。因此，4 月 1 日關閉的諾曼湖的收益實際上是在 3 月 31 日收到的。所以它們在我們的資產負債表上，位於現金餘額中。就像三月初收到的 Shore Point 收益一樣。其中一部分仍以現金持有。其中一部分已用於償還 ABL 的部分款項。這些收益將主要用於我們昨天發行或昨天宣布的無擔保票據的投標。

In terms of the remainder of the year, I think we're on track in terms of our cash flow guidance even with the additional divestiture of Cedar Park Regional Medical Center that we announced in that taking place or anticipating closing kind of late in the second quarter, early third quarter. I don't think it's going to have a material impact on the cash flow equation for the remainder of the year, so that's part of why we've not made any adjustments to that.

就今年剩餘時間而言，我認為我們的現金流指引仍處於正軌上，即使我們宣布將進一步剝離雪松公園地區醫療中心，或預計將在第二季末或第三季初完成。我認為這不會對今年剩餘時間的現金流產生重大影響，所以這也是我們沒有對此進行任何調整的原因之一。

And with the refinancing, although we are paying a higher interest rate on the $700 million that we are refinancing, net of the impact of the tender offer for the unsecured, we'll have a slight benefit in reducing interest expense for the year, but still within our guidance range.

透過再融資，雖然我們為所融資的 7 億美元支付了更高的利率，但扣除無擔保要約收購的影響後，我們將在降低年度利息支出方面略有獲益，但仍在我們的指導範圍內。

AJ Rice, UBS.

瑞銀的 AJ Rice。

Thanks. Hi everybody. I understand the comment on the Tennessee and New Mexico DPP programs. Are you hearing anything about whether this is business as usual or those been put on hold for any particular reason? And I know in your case, you had three states, Alabama, Arkansas, and Indiana, that had some level of discussion about potentially expanding or adding a program. Any updates on what's happening with those?

謝謝。大家好。我理解對田納西州和新墨西哥州 DPP 計劃的評論。您是否聽說過這是正常的業務還是由於某種特殊原因而被擱置？我知道，就你們的情況而言，有三個州，阿拉巴馬州、阿肯色州和印第安納州，就擴大或增加某個項目進行了一定程度的討論。有關於這些事情的最新消息嗎？

Thanks, AJ. So it's really been kind of quiet. We haven't heard anything specific about Tennessee or New Mexico nor have we expected to hear anything. Best we can tell, things are moving forward. We do know that in the recent past couple weeks under this current administration, there have been a couple DPP programs approved in other states. I believe New Hampshire and Arizona were the states that programs have been approved. So it does appear that things are moving and that there's not a complete moratorium on these plans that I would tend to believe as a positive, absent hearing anything else. But we're just still on a wait-and-see. But as we sit here today, we know of no reason that they will not be approved going forward.

謝謝，AJ。所以確實有點安靜。我們沒有聽到有關田納西州或新墨西哥州的任何具體消息，也沒有期望聽到任何消息。我們目前所能說的是，事情正在向前發展。我們確實知道，在本屆政府執政的最近幾週內，其他州已經批准了幾個 DPP 計劃。我相信新罕布夏州和亞利桑那州是已批准該計劃的州。因此，看起來事情確實在進展，而且這些計劃並沒有完全暫停，在沒有聽到其他消息的情況下，我傾向於認為這是一件積極的事情。但我們仍在觀望。但今天當我們坐在這裡時，我們知道沒有任何理由不會批准這些措施。

In terms of the other states, Indiana has been discussing a program. It has passed the State House. I believe a bill has also passed the State Senate, maybe with some revisions. The State Legislature is still in session for another week or two, so nothing final has come out, but it is looking positive that they may pass a program in Indiana.

就其他州而言，印第安納州一直在討論一項計劃。該法案已在州議會獲得通過。我相信一項法案也已在州參議院獲得通過，可能經過了一些修改。州立法機構還要再開會一兩週，所以還沒有最終決定，但看起來他們可能會在印第安納州通過一項計劃。

Alabama is still early on in their discussions, and I don't expect to hear anything at this point. It's just too early to know.

阿拉巴馬州的討論仍處於早期階段，我預計目前不會聽到任何消息。現在知道還為時過早。

Okay. And maybe my follow-up question, I'll just ask you a little bit about the public exchanges, do you have an update as to how much of your volume and what kind of year-to-year growth you're seeing on the public exchanges this year? And any updated thoughts on or advocacy that you (technical difficulty).

好的。也許我的後續問題是，我只想問您一些關於公共交易所的問題，您能否透露一下今年公共交易所的交易量是多少，以及同比增長情況如何？以及您關於（技術難度）。

I'm sorry, you broke up a little bit. But I believe our net revenue from the exchanges is less than 6% of our total net revenue. We are seeing growth in that business. But it's still a relatively small portion of our total net revenue.

對不起，你們分手了一點。但我相信，來自交易所的淨收入還不到我們總淨收入的 6%。我們看到該業務正在成長。但這仍然只占我們總淨收入的一小部分。

And then in terms of advocacy for the extension of the enhanced premium tax credits for the exchange volume, I think, reading the current headlines, we're very active in the advocacy efforts there. I think it's too soon to tell as to whether those will be extended beyond their current cycle (technical difficulty)

然後，在倡導延長交易額的增強保費稅收抵免方面，我認為，從當前的頭條新聞來看，我們在那裡的倡導工作中非常積極。我認為現在判斷這些措施是否會延續到目前的週期還為時過早（技術難度）

Okay. Thanks so much. Thanks again.

好的。非常感謝。再次感謝。

Josh Raskin, Nephron Research.

Josh Raskin，Nephron Research。

Thanks. Good morning, guys.

謝謝。大家早安。

(technical difficulty)

（技術難度）

Oh, it sounds like you guys are breaking up. Hopefully you hear this. So first question in response to an answer you gave before, can you speak more to the strong primary care and surgical specialist visits? Do you have a good sense of how much of that is sort of overall market versus your specific initiatives? And are you seeing follow-through care after and procedures after those visits?

哦，聽起來你們要分手了。希望你能聽到這個。因此，第一個問題是針對您之前給出的答案，您能否更多地談論強大的初級保健和外科專家訪問？您是否清楚其中有多少屬於整體市場，有多少是屬於您的具體計畫？您是否看到了這些訪問後的後續護理和程序？

Sure, Josh. Can you hear me okay? I just want to do a mic check here.

當然，喬希。你聽見我說話嗎？我只是想在這裡檢查麥克風。

Yeah, a little in and out, but I think you're okay now.

是的，有點進進出出，但我認為你現在沒事了。

Okay, sorry about that. In terms of our clinic visits and again I'll speak to our employed provider base, although we have some anecdotal information from independent providers across our health systems as well, but in terms of our employed affiliated provider base, we saw strong growth in both primary care which, you could argue, is related to the spike in influenza. So again, not using that as our canary in the coal mine, we focused more intently in terms of how our specialist volumes were pulling through the quarter.

好的，很抱歉。就我們的門診就診情況而言，我會再次與我們僱用的醫療服務提供者基礎進行交談，儘管我們也從整個醫療系統的獨立醫療服務提供者那裡獲得了一些軼事信息，但就我們僱用的附屬醫療服務提供者基礎而言，我們看到初級保健和醫療保健均出現強勁增長，你可以說，這與流感激增有關。因此，我們不會將其作為煤礦中的金絲雀，而是更專注於我們的專業業務量如何度過本季。

We did see good gains in the same-store and in non-same-store specialists throughout the first quarter. Again, we've sequentially been adding on to those volumes for the last several quarters, so we see it as a good read-through for long-term prospects in our markets.

在整個第一季度，我們確實看到同店和非同店專營店都取得了良好的成長。再說一次，我們在過去幾季中一直在連續增加這些交易量，因此我們認為這對我們市場的長期前景來說是一個很好的解讀。

In terms of the procedural pull-through, in some specialties like cardiology, the growth in new patient visits, we do believe, did improve our cath lab pulled through within the quarter. I also mentioned some strengthening of higher acuity cardiac services. So we believe there's some attribution to the growth of those employed cardiology practices, for instance.

就手術流程而言，在心臟病學等一些專業領域，我們確實相信，新患者就診人數的成長確實改善了我們導管室在本季度的手術流程。我也提到了一些加強高風險心臟病治療服務的建議。因此，我們認為這在一定程度上可以歸因於心臟病學從業人員數量的增長。

We did see some slowdown in GI. Even though we had good practice visits, we saw a slowdown in GI procedures throughout the quarter. Again, that's the one that we somewhat attribute to perhaps timing with co-pays and deductibles resetting and some apprehension by patients to take that elective care so early in the year. And so their co-pays and deductibles have been met. So we'll track that one throughout the year. That was the one area of softness that we did not expect in the quarter.

我們確實看到 GI 有所放緩。儘管我們進行了良好的實踐訪問，但我們發現整個季度的 GI 程序有所放緩。再次，我們在某種程度上將此歸因於共同支付和免賠額重新設定的時間，以及患者對在年初接受選擇性治療的擔憂。因此他們的共同支付和免賠額已經得到滿足。因此，我們將全年跟踪這一情況。這是我們本季未曾預料到的一個疲軟領域。

All right. Perfect. And then my big question is just in terms of payer behavior. I heard you talk about sort of stability there. But just specifically around denials and pre-authorizations. Are there variations on a geographic basis, on a line of business basis, on a specific plan basis that you're seeing?

好的。完美的。我最大的疑問是關於付款人的行為。我聽到您談論那裡的穩定性。但具體來說，只是圍繞著拒絕和預授權。您是否看到基於地理、業務線和具體計劃的差異？

We have reconnected the speaker location please proceed.

我們已重新連接揚聲器位置，請繼續。

All right. Can you hear us better now?

好的。現在你能聽清楚我們說的話了嗎？

I do hear you. We didn't hear much of the answer though, so I don't know, if you don't mind starting over.

我確實聽到了。但是我們沒有聽到太多的答案，所以我不知道，如果你不介意重新開始的話。

Apologies. Which one, Josh? Was it for both the clinic visits and the denials and downgrades?

抱歉。哪一個，喬希？是否既針對診所就診，又針對拒絕和降級？

We heard all the procedural pull-through commentary. You sort of cut out after the plan behavior and segment plans, specific geography.

我們聽到了所有程序性的評論。您可以根據計劃行為和細分計劃以及特定地理位置進行裁剪。

Sure. So to your question for denials and downgrades, we're really seeing it across all regions and across all service lines, so it's nothing that I would call out as being very specific to a payer or a service line or a region. But more general in nature.

當然。因此，對於您提出的拒絕和降級問題，我們確實在所有地區和所有服務線上都看到了這種情況，因此，我認為這並不是針對特定付款人、服務線或地區的問題。但本質上更為普遍。

All right. Perfect. Thank you.

好的。完美的。謝謝。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Good morning. You reiterated the guidance despite absorbing additional headwinds around divestitures, the claims denials, and medical specialist fees. I guess based on that, should we be thinking about the lower half of guidance or is there anything coming in stronger to offset those incremental headwinds?

早安.儘管面臨資產剝離、索賠被拒和專科醫生費用等方面的額外阻力，您仍重申了這項指導方針。我想基於此，我們是否應該考慮指導的下半部分，或者是否有更強的因素來抵消這些增量阻力？

So the headwinds related to downgrades and denials were baked into our original guidance we had indicated. We started to see those increase in the third quarter of last year. They really stabilized in the fourth quarter and remained consistent. We will anniversary that or anticipate anniversarying that the back half of this year. And so we did build that in to our original guidance. So I don't think that that would be an incremental headwind as we think about where we're at relative to our full-year guidance.

因此，與降級和否認相關的不利因素已融入我們最初指出的指導中。我們從去年第三季開始看到這些成長。他們在第四節確實穩定下來並保持了穩定。我們將在今年下半年慶祝或預計慶祝這一周年。因此我們確實將其納入了我們最初的指導中。因此，當我們考慮我們相對於全年指導的現狀時，我不認為這會是一個漸進的阻力。

We are absorbing the additional divestiture, as you indicated, for the back half of the year. But it's still early, it's only after one quarter. And I think that we're within the guidance range. And we do obviously reserve the right as we think about any future divestitures if we get anything else across the finish line. And with potentially DPPs being approved, those could all further change how we think about guidance and we would think about updating at that point.

正如您所說，我們將在下半年吸收額外的資產剝離。但現在還為時過早，才剛過了一個季度。我認為我們在指導範圍內。如果我們在最後階段取得任何其他進展，我們顯然會保留考慮未來任何資產剝離的權利。隨著 DPP 可能獲得批准，這些都可能進一步改變我們對指導的看法，屆時我們將考慮進行更新。

But as we sit here right now, I don't think the one divestiture was material enough to make a change to our guidance.

但就我們現在的情況來看，我認為單次資產剝離不足以改變我們的指導方針。

Got it. And maybe just a follow-up. It sounds like you guided for elevated medical specialist fees, but it still sounds like it's maybe outpacing those early expectations. Can you comment on the categories where you're seeing incremental specialist fee pressure? Thanks.

知道了。或許只是後續行動。聽起來您指導了醫療專家費用的提高，但聽起來它可能仍然超出了早期的預期。您能否評論一下哪些類別的專家費用壓力正在增加？謝謝。

Yeah. So we guided to an 8% to 12% increase in medical specialist fees, and that's when we baked in our guidance for the full year. We were at 9%. So call that within the range of where we were expecting. It is a pain point and continues to be a pain point. The majority of that is in anesthesiology. Probably over 50% of the increase is in anesthesiology or 50% of our medical specialist fees. We are seeing a little bit in radiology starting to pick up. But the primary pain point at this point is still anesthesiology.

是的。因此，我們預計專科醫生費用將上漲 8% 至 12%，這也是我們全年預測的一部分。我們的比例是 9%。所以這在我們預期的範圍內。這是一個痛點，並且持續是一個痛點。其中大部分是麻醉學。可能超過 50% 的增長來自麻醉科或 50% 的專科醫生費用。我們看到放射學領域開始逐漸復甦。但目前首要的痛點還是在麻醉科。

Yeah, I agree. And if I could just add on to that. In terms of our mitigation tactics for that, as you know, we've built out a platform to insource hospital-based provider services, successfully managing the transition of APP and the ED and hospice side over the last, I'll say, almost two years. We've since added anesthesia insourcing to the mix. We called out last quarter on one of our major markets moving that to an in-source platform.

是的，我同意。如果我可以補充的話。就我們的緩解策略而言，如您所知，我們已經建立了一個平台來內部提供基於醫院的提供者服務，在過去近兩年內成功管理了 APP 以及 ED 和臨終關懷方面的過渡。從那時起，我們又將麻醉內部採購加入到我們的業務中。上個季度，我們呼籲我們的一個主要市場將其轉移到內部來源平台。

When the cost increase or the (inaudible) from the outsourced provider we believe is unreasonable and we can insource at a lower cost and drive better quality and a value, we are doing so. We have a couple more programs that are being insourced already on the docket for this year. But we're trying to leave some cap space, if you will, for us to be able to pivot really quickly in other markets should we get further demands that we don't believe are reasonable for outside services.

當我們認為外包供應商的成本增加或（聽不清楚）不合理時，我們可以以較低的成本進行內部採購，並獲得更好的品質和價值，我們就會這樣做。我們今年的日程表上已經列出了幾個內部採購的項目。但是，如果您願意的話，我們正在嘗試留出一些薪資空間，以便我們能夠在其他市場迅速轉向，以防我們收到我們認為對外部服務不合理的進一步需求。

We also have just begun the insourcing process in our first radiology program, leveraging again our internal expertise and skills to try to mitigate any future cost pressures or extraordinary cost pressures across that hospital-based specialty as well.

我們也剛開始在我們的第一個放射學計畫中實施內部採購流程，再次利用我們的內部專業知識和技能，試圖減輕該醫院專業未來的成本壓力或額外的成本壓力。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Hi. Thanks. I just wanted to follow up on AJ's question about TPC programs. I know that there's nothing in your guidance for the 2025 components of the Tennessee or New Mexico program. But I believe there were retroactive portions of that related to 2024. They were approved, I think, towards the end of the year. Could you remind us, do you recognize those in the first quarter or if not, when would you expect recognition to occur?

你好。謝謝。我只是想跟進 AJ 關於 TPC 程序的問題。我知道您的指導中沒有提到田納西州或新墨西哥州計劃的 2025 年組成部分。但我相信其中有與 2024 年相關的追溯部分。我認為它們是在年底獲得批准的。您能否提醒我們，您是否在第一季就認識到了這些，如果沒有，您預計什麼時候會認出這些？

I'm sorry, could you speak up just a little bit? We're having a little hard time hearing you, just a little (inaudible).

抱歉，你能稍微說點話嗎？我們有點聽不清楚你說什麼，只是一點點（聽不清楚）。

Yeah. Sorry about that. Hopefully this is better. Just asking about the Tennessee and New Mexico supplemental payment programs. I know that the 2025 components are not in your guidance yet. But to the extent that, yeah, I believe there was retroactivity related to 2024 that was approved. Just wondering if that was recognized in the first quarter or that would be recognized later in the year. Just looking for an update on that factor first.

是的。很抱歉。希望這會更好。只要詢問田納西州和新墨西哥州的補充支付計劃。我知道 2025 年的組成部分尚未納入您的指導範圍。但在某種程度上，是的，我相信與 2024 年相關的追溯力已經得到批准。只是想知道這是否在第一季就被認可，或者是否會在今年晚些時候被認可。只是先尋找有關該因素的更新。

Sure. You're correct. There was a a a retro piece of Tennessee back to July 1, 2024. That actually has not received full approval yet, so we have not recognized that component either. So that is still out there, and that would be in addition to the $100 million to $125 million run rate that we've talked about on an annual basis. So we're still waiting on the final approval of that.

當然。你是對的。這是 2024 年 7 月 1 日田納西州的復古片段。實際上，它尚未獲得完全批准，因此我們也沒有承認該組件。所以這個數字仍然存在，而且這將是我們每年談論的 1 億美元至 1.25 億美元運行率之外的數字。所以我們仍在等待最終批准。

Okay. And then just to expand a little bit on the payer mix dynamics that you discussed, I think I understand some of the discussion around acuity. But I guess specifically on the lower year-over-year commercial mix, I mean, is that lap in the denials and downgrade impact? Or is there something else to kind of consider there? And then just hoping you could expand a little bit on, you mentioned Medicaid rate decreases, I was hoping you could potentially flush that out a little bit.

好的。然後稍微擴展一下您討論過的付款人組合動態，我想我理解一些有關敏銳度的討論。但我猜，具體來說，商業組合比去年同期下降，這是否與拒絕和降級的影響有關？或者有其他事情需要考慮嗎？然後只是希望您能夠稍微擴展一下，您提到了醫療補助費率下降，我希望您能夠稍微闡明一下這一點。

Sure. Let me start off and Tim, feel free to jump in. So the flu certainly we believe had an impact on care in the first quarter, not only on acuity, but also some disruption. We also have seen a reduction in elective procedures. And we're seeing more of that reduction in commercial business. And I think it's a combination of potentially the flu, but also some of the disruption in the economy, some of the discussion of recession, and fear of tariffs or potential impacts of tariffs and what that may have. And when you think about your patient population, those with higher deductible co-pays and high deductible plans are probably the most at financial risk in the first quarter before their co-pays and deductibles have been met. And that's where we saw the biggest declines in elective procedures, particularly outpatient, and in the elective surgeries was that commercial space.

當然。讓我先開始吧，提姆，請隨意加入。因此，我們認為流感肯定對第一季的護理產生了影響，不僅影響了敏銳度，還造成了一些幹擾。我們也看到選擇性手術的減少。我們看到商業業務的減少幅度越來越大。我認為這可能是流感的綜合作用，但也包括經濟混亂、對經濟衰退的討論，以及對關稅或關稅潛在影響的擔憂。當您考慮您的患者群體時，那些擁有較高免賠額共同支付和高免賠額計劃的患者在達到共同支付和免賠額之前的第一季可能面臨的財務風險最大。我們看到選擇性手術（尤其是門診手術）下降幅度最大，而選擇性手術則出現在商業領域。

I agree. And the other item that's impacting the net revenue per adjusted admission, we did, because of the outsized impact of flu, I think have some of the highest levels of medical volumes relative to surgical volumes that we've had in some time. Roughly, again, 75% of our case volumes in the quarter were medical and typically we'd be running two-thirds. So I think there was just some dilution impact there. We did see our case mix index increase for both medical and surgical in the quarter. But overall, it kind of came at a little bit lower than prior quarter because of that dilution impact of the higher medical which typically runs a lower acuity index.

我同意。影響每次調整入院淨收入的另一個因素是，由於流感的影響過大，我認為我們的醫療量相對於手術量達到了一段時間以來的最高水平。大約，本季我們接診的病例中有 75% 是醫療病例，通常我們會接診三分之二的病例。所以我認為這只是有一些稀釋效應。我們確實看到本季內科和外科的病例組合指數都有所增加。但總體而言，由於醫療費用較高（通常具有較低的敏銳度指數）的稀釋影響，其收入略低於上一季。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to management for the closing remarks.

謝謝。女士們、先生們，我們的問答環節到此結束。我想將會議交還給管理階層，請他們致閉幕詞。

Great. Thank you, Rocco. And thanks to all of you for joining our call today. As always, if you have additional questions, you can reach us at 615-465-7000. Thanks again and have a great day.

偉大的。謝謝你，羅科。感謝大家今天參加我們的電話會議。像往常一樣，如果您有其他問題，可以撥打 615-465-7000 與我們聯絡。再次感謝並祝您有個愉快的一天。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路並享受美好的一天。