Enhabit Inc (EHAB) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enhabit, Inc. third-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Bob Okunski, Vice President of Investor Relations. Please go ahead.

感謝您的耐心等待。我叫凱瑟琳，今天我將擔任你們的會議接線生。在此，我謹代表 Enhabit 公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁鮑伯‧奧昆斯基。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining our call today. With me on the call this morning is Barb Jacobsmeyer, President and Chief Executive Officer; and Ryan Solomon, Chief Financial Officer.

謝謝接線員，大家早安。感謝您今天參加我們的電話會議。今天早上和我一起參加電話會議的有總裁兼執行長芭芭拉·雅各布斯邁爾，以及財務長瑞安·所羅門。

Before we begin, I want to let you know that our third-quarter earnings release and supplemental information are available on our website at investors.ehab.com. Additionally, we have filed our related 8-K with the SEC, and that is also available in the same location. On page 2 of the supplemental information, you will find the Safe Harbor statements, which are also set forth in the last page of our earnings release.

在正式開始之前，我想告知各位，我們第三季的收益報告和補充資訊已發佈在公司網站 investors.ehab.com 上。此外，我們已向美國證券交易委員會 (SEC) 提交了相關的 8-K 表格，該表格也可在同一網站查閱。在補充資料的第 2 頁，您將找到安全港聲明，這些聲明也列於我們獲利報告的最後一頁。

During the call, we will make forward-looking statements, which are subject to various risks and uncertainties, many of which are beyond our control. Certain risks and uncertainties that could cause actual results to differ materially from our projections, estimates, and expectations are discussed in our SEC filings, including our annual report on Form 10-K, which is available on our website. We encourage you to read these documents.

在電話會議期間，我們將發表一些前瞻性聲明，這些聲明受到各種風險和不確定因素的影響，其中許多因素是我們無法控制的。某些風險和不確定性可能導致實際結果與我們的預測、估計和預期存在重大差異，這些風險和不確定性已在我們的美國證券交易委員會文件中進行了討論，包括我們的 10-K 表格年度報告，該報告可在我們的網站上查閱。我們建議您閱讀這些文件。

You are also cautioned not to place undue reliance on the estimates, projections, guidance, and other forward-looking information presented, which are based on current estimates of future events and speak only as of today. We do not undertake a duty to update these forward-looking statements.

另請注意，不要過度依賴所提供的估計、預測、指導和其他前瞻性信息，這些信息基於對未來事件的當前估計，並且僅代表截至今日的情況。我們不承擔更新這些前瞻性陳述的義務。

Our supplemental information and discussion on this call will include certain non-GAAP financial measures. For such measures, reconciliation to the most directly comparable GAAP measure is available at the end of the supplemental information, as well as our earnings release.

本次電話會議的補充資訊和討論將包括某些非GAAP財務指標。對於此類指標，補充資訊末尾以及我們的獲利報告中提供了與最直接可比較的 GAAP 指標的調整表。

With that, I'd like to turn the call over to Barb. Barb?

接下來，我想把電話交給芭芭拉。芭芭？

Good morning, and thanks for joining us. Let me start by recognizing the exceptional Enhabit team. We're proud to share that Enhabit has been named as one of Fortune's Best Places to Work in Healthcare. This recognition is a powerful testament to our commitment to a culture of excellence, strong leadership, and an outstanding employee experience. It's that same team that has delivered another quarter of strong performance for our patients, partners, and shareholders.

早安，感謝各位的收看。首先，我要對傑出的 Enhabit 團隊表示讚賞。我們很榮幸地宣布，Enhabit 被《財富》雜誌評為醫療保健行業最佳工作場所之一。這項認可有力地證明了我們致力於打造卓越文化、強大領導力和傑出員工體驗的承諾。正是這支團隊，為我們的患者、合作夥伴和股東帶來了另一個季度強勁的業績。

I will address the 2026 CMS Home Health Rule before Q&A. But first, Ryan and I will review the quarter results. Home Health total admissions were up 3.6% year-over-year, with census increasing 3.7%. Normalized for closed branches, our admission growth was 4.3% year over year.

在問答環節之前，我將介紹 2026 年 CMS 家庭健康規則。但首先，我和瑞恩將回顧季度業績。家庭健康總入院人數較去年同期增加 3.6%，入住人數較去年同期增加 3.7%。剔除已關閉的分校後，我們的入學人數年增了 4.3%。

Fee-for-service Medicare census continues to stabilize, with census down 1.4% year-over-year, versus the 14.1% year-over-year decline experienced in quarter three, 2024. Our non-Medicare admissions were up 10.4%, and an appropriately managed payer mix resulted in a 2.8% increase in non-Medicare revenue per visit year-over-year.

按服務收費的醫療保險人口數量持續趨於穩定，年減 1.4%，而 2024 年第三季年減了 14.1%。我們的非醫療保險入院人數增加了 10.4%，而適當管理的支付方組合使得非醫療保險每次就診的收入同比增長了 2.8%。

As mentioned on our last earnings call, we experienced disruption at the end of the second quarter, early third quarter, in both admissions and census from the impact of renegotiations with a national payer that ultimately resulted in achieving a low double-digit increase in our per visit rate effective August 15, 2025. By late September, we had recovered our census with this payer, and recent admissions are now at 120% of our weekly average.

正如我們在上次財報電話會議上提到的，由於與一家全國性支付方重新談判的影響，我們在第二季度末和第三季度初的入院人數和住院人數都受到了乾擾，最終導致我們的每次就診費用率從 2025 年 8 月 15 日起實現了兩位數的低增長。到 9 月下旬，我們已經恢復了與該付款方的合作，最近的入院人數現在達到了我們每周平均入院人數的 120%。

Our total patient census grew sequentially each month of the third quarter, and that sequential growth persisted into October. Our scale drives meaningful access to payer members, and that access, coupled with our high-quality outcomes, continues to position us well for progress within our payer strategy. This was evidenced by another renegotiated national payer contract during the third quarter.

第三季每個月我們的患者總數都在逐月成長，而且這種逐月成長的趨勢一直持續到 10 月。我們的規模使我們能夠有效地接觸到支付方成員，而這種接觸，再加上我們高品質的成果，使我們在支付方策略方面繼續保持良好的發展勢頭。第三季重新談判的全國支付方合約也證明了這一點。

This was the renegotiation of one of our first-payer innovation agreements, and this one did not require disruption to patient access or to our census and resulted in achieving a successful update in our rates effective in November. The positive impact of our payer innovation team is ongoing as we continue to work with new and current payers on pricing that appropriately values our timely access to care as a scaled provider with strong outcomes.

這是我們對第一付款方創新協議之一的重新談判，這次談判沒有中斷患者的就醫或我們的人口普查，並成功地更新了我們的費率，該更新於 11 月生效。我們的支付方創新團隊正在持續發揮積極作用，我們將繼續與新的和現有的支付方合作，制定合理的定價策略，以體現我們作為一家規模化、療效顯著的醫療服務提供商，能夠及時提供優質醫療服務的價值。

Our quality of care and our timely access are also part of our Hospice strategy, and these strategies continue to drive strong results. We have now experienced seven straight quarters of sequential census growth.

我們的護理品質和及時服務也是我們臨終關懷策略的一部分，這些策略持續取得顯著成效。我們已經連續七個季度實現了人口普查數量的增長。

Total admissions grew 1.4% year over year. Normalized for closed branches, admissions were up 3%. Census grew 12.6%. We have added 21 or 11% additional direct sales team members year-over-year to continue to broaden our reach to additional referral sources. We have the clinical capacity for growth and will increase our reach to diversify our referral sources.

總入學人數較去年同期增加1.4%。剔除已關閉的分行後，入學人數增加了 3%。人口普查增加了12.6%。為了持續擴大我們的業務範圍，吸引更多推薦來源，我們每年新增 21 位直銷團隊成員，增幅達 11%。我們具備發展所需的臨床能力，並將擴大服務範圍，實現轉診來源多元化。

To complement our organic growth strategy, our de novo strategy is positively impacting total growth. In quarter three, we opened two de novos for a total year-to-date of six. We opened our seventh location in October and continue to be on pace for a total of 10 de novos in 2025.

為了配合我們的有機成長策略，我們的全新策略正在對整體成長產生正面影響。第三季度，我們開設了兩家新診所，今年迄今共開設了六家。我們在 10 月開設了第七家分店，並繼續保持這一勢頭，目標是在 2025 年開設總共 10 家新店。

As evidenced by our organic and de novo focus, our admissions and census growth are a big part of our strategy. However, whether it is CMS pricing or continued shifts in Medicare Advantage, we must be as efficient as possible to have necessary resources to strategically invest in people and technology. Therefore, our cost structure is critical to future success.

從我們注重有機成長和全新招生策略來看，招生人數和學生人數的成長是我們策略的重要組成部分。然而，無論是 CMS 定價還是 Medicare Advantage 的持續變化，我們都必須盡可能提高效率，才能擁有必要的資源，對人員和技術進行策略性投資。因此，我們的成本結構對未來的成功至關重要。

As mentioned before, we believe advanced visit-per-episode management is a promising lever to mitigate uncontrollable and unanticipated rate disruptions like these. Our advanced visit-per-episode management pilot was initiated in mid-August in 11 branches.

如前所述，我們認為先進的按次存取管理是緩解此類不可控和意外費率中斷的一種有希望的手段。我們先進的按次就診管理試點計畫於 8 月中旬在 11 個分行啟動。

However, because a pilot case must start with a new start of care, the branch's full census was not impacted until the end of October. Early results are promising, with a decline in total visits per episode in these locations from approximately 15, prior to the onset of the pilot, to approximately 13 currently.

然而，由於試點案例必須從新的護理開始，因此該分支機構的全部人口普查數據直到 10 月底才受到影響。初步結果令人鼓舞，這些地區的每次就診總次數從試點開始前的約 15 次下降到目前的約 13 次。

83 additional branches were rolled out throughout the month of October, and the rest are expected by the end of November. We anticipate adding 10 resources between our authorization team and our virtual clinical team to support the full company rollout. We will provide an additional update on our fourth-quarter earnings call.

10 月新增了 83 家分行，其餘分行預計將在 11 月底前全部開設。我們預計將在授權團隊和虛擬臨床團隊之間增加 10 名資源，以支援公司的全面推廣。我們將在第四季財報電話會議上提供更多最新資訊。

As we navigate a dynamic operating environment, we remain confident that Enhabit is best positioned in the industry with our experienced leaders, high-performing teams, and innovative technology. to manage their challenges and continue growing market share. And now, I will turn it over to Ryan, who will cover the financial results of quarter three and additional updates on our G&A cost management-focused efforts.

面對瞬息萬變的經營環境，我們依然堅信，憑藉經驗豐富的領導團隊、高效的團隊和創新技術，Enhabit 在業界擁有最佳地位，能夠應對挑戰並持續擴大市場份額。現在，我將把發言權交給 Ryan，他將介紹第三季度的財務業績以及我們以 G&A 成本管理為重點的工作的最新進展。

Thank you, Barb. Continued strong execution in the quarter on our broader strategy delivered strong consolidated financial performance with both top-line and bottom-line EBITDA growth to the prior year in Q3; all while continuing to generate consistent free cash flow that we've used to improve our net leverage to levels not seen since late 2022 just following our spend.

謝謝你，芭芭拉。本季我們繼續大力執行更廣泛的策略，實現了強勁的綜合財務業績，第三季度營收和淨利潤 EBITDA 均較上年同期增長；同時，我們持續產生自由現金流，並利用這些現金流將淨槓桿率降低到自 2022 年底以來未見的水平，這得益於我們的支出。

Our ability to deliver growth and profitability for the third straight quarter in what remains a challenging operating environment highlights the consistency in our operational execution and flexibility in our model. Even as payer disruptions created headwinds early in the quarter, our teams navigated the challenges effectively. ensuring that we built momentum throughout the quarter to deliver growth and position us well as we entered Q4 to finish the year strong.

在依然充滿挑戰的經營環境下，我們連續第三個季度實現了成長和獲利，這凸顯了我們營運執行的穩定性和模式的靈活性。儘管支付方業務中斷在本季度初帶來了一些不利因素，但我們的團隊有效地應對了這些挑戰，確保我們在整個季度保持增長勢頭，並為進入第四季度做好了充分準備，最終以強勁的勢頭結束全年。

Before reviewing consolidated and segment detail performance, a few Q3 highlights that demonstrate clear execution on our strategy include the following. Returning the business to consistent growth in 2025 was a strategic priority, and we are well on our way. With Q3 results, we have now delivered several quarters of year-over-year growth in both revenues and adjusted EBITDA.

在回顧合併和細分市場的具體業績之前，以下幾個第三季亮點體現了我們策略的清晰執行情況。2025 年恢復業務持續成長是我們的策略重點，我們正朝著這個目標穩步前進。憑藉第三季的業績，我們已連續幾季實現了營收和調整後 EBITDA 的同比增長。

Improving the financial health of the business has been a focus in 2025 as well. With a return to consistent adjusted EBITDA growth, we have used the improved adjusted free cash flow to reduce our net debt to adjusted EBITDA leverage amount to 3.9 times in Q3 2025. Lower by over 1.5 turns compared to Q4 2023, and leverage with 5.4 times.

改善企業財務狀況也是 2025 年的重點工作之一。隨著調整後 EBITDA 恢復持續成長，我們利用改善後的調整後自由現金流，將淨債務與調整後 EBITDA 的槓桿率降低至 2025 年第三季的 3.9 倍。與 2023 年第四季相比，下降超過 1.5 倍，槓桿率為 5.4 倍。

The improved leverage lowers our Q3 2025 annualized cash interest expense by approximately $19 million compared to Q4 2023. Improving the financial health of the business provides us with improved liquidity and an overall balance sheet flexibility for innovation and potential M&A.

槓桿率的提高使我們 2025 年第三季的年度現金利息支出比 2023 年第四季減少了約 1,900 萬美元。改善企業的財務狀況可以提高流動性，並為創新和潛在的併購提供整體資產負債表靈活性。

Hospice segment momentum continues to be very strong, delivering record revenues and profitability in the quarter, with year-over-year segment adjusted EBITDA growth of over 70%, with substantial margin expansion on double-digit census volume growth of over 12%, driving overall revenue growth of 20% in Q3.

臨終關懷業務部門持續強勁成長，本季營收和獲利能力均創歷史新高，年調整 EBITDA 成長超過 70%，兩位數以上的入住率成長超過 12%，利潤率大幅提升，推動第三季整體營收成長 20%。

Home Health successfully launched the visits per episode pilot in Q3, while delivering census growth of 3.7% to the prior year, despite payer disruption early in the quarter, along with continued execution on stabilizing Medicare volumes and improving Home Health per patient day unit cost economics, which were lower by 2.1% in Q3 versus the prior year.

家庭健康服務在第三季度成功啟動了每次就診次數試點項目，儘管本季度初支付方出現幹擾，但患者人數仍比上年增長了 3.7%。同時，家庭健康服務持續穩定醫療保險量，並改善每位患者每日的家庭健康服務單位成本經濟效益，第三季的單位成本比前一年下降了 2.1%。

Home office expenses improved $2.3 million sequentially, coming in at 9.1% of revenues in Q3 versus 9.9% of revenues in the prior quarter. As we focus on cost management initiatives, which lowered Q3 and run rate cost as we implement mitigation strategies in front of any potential CMS final rate rule headwind.

家庭辦公費用較上季減少了 230 萬美元，第三季佔營收的 9.1%，而上一季佔營收的 9.9%。我們專注於成本管理舉措，透過實施緩解策略，降低了第三季和營運成本，以應對任何潛在的 CMS 最終費率規則的不利影響。

Now, shifting to the Q3 consolidated results details. Consolidated net revenue totaled $263.6 million, an increase versus prior year of $10 million or 3.9%. Consolidated revenue growth the prior year was driven primarily by outsized growth in our Hospice segment with revenue growth of 20% on both census and unit revenue growth.

現在，讓我們來看看第三季綜合業績的詳細資訊。合併淨收入總計 2.636 億美元，比上年增加 1,000 萬美元，增幅為 3.9%。上一年綜合收入成長主要得益於臨終關懷業務的超額成長，入住率和單位收入均成長了 20%。

Home Health revenue was relatively flat the prior year on census growth, offset by lower unit revenues related primarily to mix. Consolidated revenue growth in the quarter translated to improved profitability both the prior year and sequentially, with consolidated adjusted EBITDA of $27 million in the quarter, an increase sequentially of $0.1 million or 0.4%. while growing to the prior year by $2.5 million, or 10.2%, with the overall adjusted EBITDA margin as a percent of revenue expanding to 10.2%, an increase of 50 basis points to the prior year.

上一年，由於人口成長，家庭醫療保健收入相對持平，但單位收入下降（主要與產品組合有關）抵消了這一增長。本季綜合營收成長轉化為獲利能力的提升，較上年同期及季比均有所改善。本季綜合調整後 EBITDA 為 2,700 萬美元，季增 10 萬美元，增幅為 0.4%；較上年同期成長 250 萬美元，增幅為 10.2%。調整後 EBITDA 利潤率佔營收的百分比也擴大至 10.2%，較上年同期成長 50 個基點。

Now, shifting to Home Health performance. Revenue was $200.5 million, lower than prior year by $0.5 million, or 0.2%. We estimate that without the payer renegotiation disruption experienced early in Q3, and the loss of revenue from branch closures, that Home Health total revenues for the quarter would have been approximately $3 million higher, which would have resulted in growth the prior year of approximately 1% in the quarter to prior year.

現在，轉向家庭醫療保健績效。營收為 2.005 億美元，比上年減少 50 萬美元，降幅為 0.2%。我們估計，如果沒有第三季初支付方重新談判造成的干擾以及分支機構關閉造成的收入損失，家庭健康業務當季總收入將增加約 300 萬美元，這將使上年同期增長約 1%。

Average daily census for the quarter totaled 41,451, growth to the prior year of 3.7%, while lower sequentially 1.6%, primarily related to the pay or renegotiation disruption early in the quarter. While we were successful in replacing disrupted payer volumes early in the quarter and then building back volumes throughout Q3 post-renegotiation, this did put incremental pressure on our unit revenue for patient day in the quarter, which was lower sequentially, 2%, and versus prior year by 3.7%. The lower unit revenues were partially offset by improved unit costs for patient day for the prior year of 2.1% as we maintain staffing productivity improvements in the quarter to offset typical incremental wage inflation costs.

本季平均每日人口普查總數為 41,451 人次，比去年同期成長 3.7%，但季減 1.6%，主要與本季初的薪資或重新談判中斷有關。雖然我們在本季初成功地彌補了支付方業務量的中斷，並在重新談判後於第三季度恢復了業務量，但這確實給本季度的患者日單位收入帶來了額外的壓力，該收入環比下降了 2%，與上年同期相比下降了 3.7%。較低的單位收入部分被上一年患者日單位成本的改善所抵消，該改善幅度為 2.1%，因為我們在本季度保持了人員生產力的提高，以抵消典型的工資通膨成本的增加。

Home Health adjusted EBITDA totaled $33.9 million in Q3, reflecting a decrease to the prior year of $2.6 million, or 7.1%, and sequentially $5.4 million, or 13.7%. The lower adjusted EBITDA sequentially reflects margin compression as unit revenues were lower 2% and unit costs were marginally higher by 0.7% on lower average daily census volumes of 1.6%, which created gross margin compression of 160 basis points. We saw this margin compression normalize late in the quarter as we built back volumes following the payer disruption.

第三季家庭健康調整後 EBITDA 總計 3,390 萬美元，較上年同期減少 260 萬美元，降幅 7.1%；較上一季減少 540 萬美元，降幅 13.7%。調整後 EBITDA 下降反映了利潤率的環比壓縮，因為單位收入下降了 2%，而單位成本由於平均每日人口普查量下降了 1.6%，略微上升了 0.7%，導致毛利率壓縮了 160 個基點。我們看到，隨著支付方業務中斷後業務量的恢復，這種利潤率壓縮在本季後期趨於正常。

Two key items to highlight in Home Health outside of the broader revenue and adjusted EBITDA performance include the following. As Barb touched on, we continue to have success in slowing the rate of decline in our Medicare patient volumes. with Medicare revenue mix totaling 56.5% of total Home Health segment revenues, improvement sequentially of 20 basis points.

除了整體收入和調整後 EBITDA 表現之外，家庭健康領域還有兩個關鍵項目值得關注，包括以下幾點。正如芭芭拉所提到的，我們在減緩聯邦醫療保險患者數量下降速度方面繼續取得成功。聯邦醫療保險收入佔家庭健康業務總收入的56.5%，季增了20個基點。

In regards to continued visits per episode optimization, our total visits per episode for Q3 of 13.4 is lower, 0.3 visits sequentially, and 0.7 visits versus prior year. A host of efforts in the quarter focused on providing the clinically appropriate number of visits to our patients, combined with successfully launching our pilot as previously outlined on our Q2 call in a small subset of branches with early results being promising, gives us confidence in our ability to use visits per episode as a key lever to continue to optimize while balancing quality to meaningfully offset potential rate reimbursement headwinds from CMS 2026 proposed home health rules.

關於持續優化每集造訪次數，我們第三季每集總造訪次數為 13.4 次，較上一季減少 0.3 次，較上年同期減少 0.7 次。本季我們採取了一系列措施，旨在為患者提供臨床上適當的就診次數。此外，我們還在部分分行成功啟動了試點計畫（如我們在第二季電話會議上概述的那樣），早期結果令人鼓舞。這讓我們有信心將每次就診次數作為關鍵槓桿，繼續優化就診流程，同時兼顧醫療質量，從而有效抵消 CMS 2026 年家庭健康規則可能帶來的報銷率下降。

Now, shifting to our Hospice segment performance for Q3, where continued execution by our Hospice leaders delivered a record performance for the quarter. with revenue totaling $63.1 million, reflecting sequential growth of $2.9 million, or 4.8%, and exceptionally strong growth to the prior year of $10.5 million, or 20%. Revenue growth was supported by continued strong momentum in census growth in the quarter of 3.2% sequentially and 12.6% to the prior year.

現在，讓我們來看看第三季臨終關懷業務的業績。在臨終關懷業務領導層的持續努力下，該業務取得了創紀錄的季度業績，收入總計 6,310 萬美元，環比增長 290 萬美元，增幅為 4.8%，與上年同期相比增長尤為強勁，達到 1,050 萬美元，增幅為 20%。營收成長得益於人口普查持續強勁的成長勢頭，本季環比成長 3.2%，較去年同期成長 12.6%。

Hospice adjusted EBITDA totaled $17.2 million in Q3, reflecting an increase to the prior year of $7.2 million, or 72%, on a double-digit volume increase combined with margin expansion as adjusted EBITDA margin as a percent of revenue increased 830 basis points to the prior year, and totaling 27.3% as our operational leaders continue to create operating leverage on the increased volumes.

第三季度，臨終關懷業務調整後 EBITDA 總計 1,720 萬美元，較上年同期成長 720 萬美元，增幅達 72%。這得益於兩位數的銷售成長以及利潤率的提升，調整後 EBITDA 利潤率佔營收的百分比較上年同期增長 830 個基點，達到 27.3%。我們的營運領導者繼續利用銷售成長創造營運槓桿。

Two key items to highlight in Hospice outside of broader revenue and adjusted EBITDA performance include the following. All of our 2024 Hospice de novos are profitable and collectively generated $0.8 million of revenue and $0.3 million of EBITDA in Q3, demonstrating the ability to quickly ramp our de novo sites to profitability. Average discharge length of stay continues to remain relatively flat, with Q3 coming in at 101 days versus the prior year of 100 days.

除了整體收入和調整後 EBITDA 業績之外，臨終關懷領域還有兩個關鍵項目值得關注，包括以下幾點。我們所有 2024 年新建的臨終關懷中心都實現了盈利，第三季度共創造了 80 萬美元的收入和 30 萬美元的 EBITDA，這表明我們有能力迅速使我們的新建中心實現盈利。平均出院住院時長持續保持相對穩定，第三季為 101 天，而去年同期為 100 天。

Shifting briefly to our home office general and administrative expenses for the quarter, which totaled $24.1 million, or 9.1% of revenues in Q3, compared to [$26.4 million], or [9.9%] of revenues in the prior quarter, delivering a sequential improvement of $2.3 million. This improvement primarily reflects the results of a focused G&A cost review completed in the quarter that generated savings in Q3. We saw an increase the prior year, primarily related to incentive accrual release in the prior year not replicated in Q3, and broader inflation, somewhat offset by cost initiative action in 2025.

簡要地來看看我們本季的總部一般及行政費用，總計 2,410 萬美元，佔第三季收入的 9.1%，而上一季為 2,640 萬美元，佔收入的 9.9%，環比改善了 230 萬美元。這項改善主要反映了本季完成的重點一般及行政費用審查的結果，該審查在第三季度實現了節約。我們看到去年有所增長，這主要與去年的激勵性收益釋放有關，而第三季度並未重現這一增長，此外還有更廣泛的通貨膨脹，但 2025 年的成本控制措施在一定程度上抵消了這一增長。

Transitioning now to the balance sheet and cash flow. As outlined earlier, a key strategic priority in 2025 is using free cash flow to continue to de-lever our balance sheet. Adjusted free cash flow year-to-date totals $64.8 million, which would normalize for one less payroll period in the quarter that we will see in Q4 would total approximately $45 million or an approximate 56% adjusted free cash flow conversion rate, which compares favorably to the full-year 2024 by over 200 basis points.

接下來來看資產負債表和現金流量表。如前所述，2025 年的一項關鍵策略重點是利用自由現金流繼續降低資產負債率。截至目前，經調整後的自由現金流總額為 6,480 萬美元，考慮到本季少一個工資期，預計第四季度的自由現金流總額約為 4,500 萬美元，調整後的自由現金流量轉換率約為 56%，比 2024 年全年預期高出 200 多個基點。

During the quarter, we reduced overall bank debt by $15.5 million, including amortization and prepayment. We ended the quarter with approximately $57 million in cash and available liquidity of $143.3 million,, compared to available liquidity in the Q3 period of the prior year of $94.1 million. an improvement of $49.2 million. Improved profitability coupled with continued balance sheet improvements results in a net debt to adjusted EBITDA leverage ratio of 3.9 times, compared to Q3 of the prior year of 4.8 times.

本季度，我們減少了1550萬美元的銀行債務，其中包括攤銷和提前還款。本季末，我們持有約 5,700 萬美元現金，可用流動資金為 1.433 億美元，而上年同期可用流動資金為 9,410 萬美元，增加了 4,920 萬美元。獲利能力的提高以及資產負債表的持續改善，使得淨債務與調整後 EBITDA 的槓桿比率為 3.9 倍，而去年同期為 4.8 倍。

Progress on reducing our overall bank debt continues in Q4, with us having already made an additional $10 million of debt prepayments quarter to date through October. which brings our total debt reduction to $100 million since Q4 of 2023, as summarized on our supplemental slides. We remain committed to strengthening our balance sheet and improving profitability.

在第四季度，我們繼續推動降低整體銀行債務的工作，截至10月份，我們已額外提前償還了1000萬美元的債務。這使得自2023年第四季以來，我們的債務減少總額達到1億美元，詳情請參閱我們的補充投影片。我們將繼續致力於改善資產負債表和提高獲利能力。

Let's conclude with briefly discussing updated guidance. Based on our consolidated year-to-date 2025 results and the momentum in the business, we remain confident in our strategy and full-year outlook. We've updated our full-year guidance as follows.

最後，我們簡單討論一下更新後的指導意見。根據我們截至 2025 年的綜合業績和業務發展勢頭，我們對我們的策略和全年展望仍然充滿信心。我們已將全年業績預期更新如下。

We now expect full-year revenue to be in the range of $1.058 billion to $1.063 billion. We are increasing our full-year adjusted EBITDA guidance to be in a range of $106 million to $109 million. We are also increasing our full-year adjusted free cash flow to be in the range of $53 million to $61 million.

我們現在預計全年營收將在 10.58 億美元至 10.63 億美元之間。我們將全年調整後 EBITDA 預期提高至 1.06 億美元至 1.09 億美元之間。我們預計全年調整後自由現金流將在 5,300 萬美元至 6,100 萬美元之間。

Thank you for the time today. I'll hand it back over to Barb for a few closing comments on the CMS rate rule before we open up for questions.

感謝您今天抽出時間。在正式開始提問之前，我將把發言權交還給芭芭拉，讓她就 CMS 費率規則做一些總結性評論。

Thanks, Ryan. As you're aware, the CMS 2026 Home Health Final Rule has not yet been published. We remain focused on our strategies to mitigate as much of the pricing headwind as possible in 2026 and are well on our way with the various strategies we have already deployed. More details will be forthcoming when we report full-year 2025 earnings and 2026 guidance during Q1 of next year.

謝謝你，瑞恩。如您所知，CMS 2026 年家庭健康最終規則尚未發布。我們將繼續專注於各項策略，以盡可能減輕 2026 年的價格逆風，而我們已經部署的各種策略都進展順利。更多詳情將在明年第一季公佈 2025 年全年收益和 2026 年業績指引時公佈。

As we noted in our comment letter, the proposed cuts, if finalized, will worsen the existing trend of reduced patient access to home health care. Home health is the patient-preferred and most cost-effective post-acute care option and thus saves Medicare money. We urge CMS to reverse the temporary and permanent adjustments contained in the proposed rule to ensure adequate access to home health is restored.

正如我們在評論信中指出的那樣，如果最終確定削減方案，將會加劇目前患者獲得居家醫療保健服務的機會減少的趨勢。家庭護理是患者首選且最具成本效益的急性後期護理選擇，因此可以為聯邦醫療保險節省資金。我們敦促 CMS 撤銷擬議規則中包含的臨時和永久性調整，以確保恢復充分的家庭醫療保健服務。

Operator, we can now open the lines for questions.

操作員，現在可以開始接受提問了。

(Operator Instructions) Brian Tanquilut, Jefferies.

（操作說明）Brian Tanquilut，傑富瑞集團。

Good morning. This is Meghan Holtz on for Brian Tanquilut. It's nice to hear you guys had some additional payer negotiations that came out favorable for you guys. So can you provide some color on the rate increase you received from that new one in November and then the pipeline of any additional payer innovation contracts that you have upcoming for renewal?

早安.這裡是梅根·霍爾茨，替布萊恩·坦奎盧特為您報道。很高興聽到你們與付款方進行了額外的談判，並且結果對你們有利。那麼，您能否詳細說明一下11月份新合約帶來的費率成長情況，以及您即將續約的任何其他支付方創新合約的進展？

Sure. So as I mentioned, this was our first payer innovation contract, a national one that came up for renewal. So we were pleased with the update. Because it's already a payer innovation, we really won't disclose the update that we received.

當然。正如我之前提到的，這是我們的第一個支付方創新合同，一個需要續約的全國性合約。所以我們對這次更新很滿意。由於這已經是支付方的創新，我們實在不會透露我們收到的最新消息。

But I will say that we continue to work with those that we had negotiated. More of the regional-type agreements will be coming up in the next year. The future national agreements, it'll be more towards the end of next year, early 2027, before the additional national agreements will come up.

但我必須說，我們將繼續與先前談判達成一致的各方合作。明年將會有更多區域性協議出台。未來的國家協議，大概要到明年年底或 2027 年初才會出台，之後才會出現更多的國家協議。

Okay, thank you. And then just a quick follow-up. You guys had nice improvement in the G&A line. Can you provide some color where that expense reduction is coming from? And then how much more runway do you have to reduce and remove some costs in that line?

好的，謝謝。然後還有一個簡短的後續問題。你們在一般及行政費用方面有了顯著改進。能否詳細說明一下這部分開支削減的具體來源？那麼，你還有多少空間來削減和消除這條生產線上的一些成本？

Good morning. Thanks, Megan. Yeah, so as we think about G&A, when we think about home office, more traditional, back office capabilities in the context of both internal and external related expenses. So a combination of some headcount reductions as well as some efficiencies that we're able to really in-source capabilities from third-party vendors while not impacting any of our capability. When you think about in the quarter, roughly $1 million to $1.5 million of that overall G&A improvement sequentially we think is durable and how we think about things prospectively going forward.

早安.謝謝你，梅根。是的，所以當我們考慮一般及行政費用，當我們考慮家庭辦公室，更傳統的後台辦公能力，以及內部和外部相關費用時，就會想到這些。因此，我們透過裁員和提高效率相結合的方式，能夠真正將第三方供應商的能力收回，同時又不影響我們自身的任何能力。考慮到本季整體 G&A 改善額較上季約為 100 萬至 150 萬美元，我們認為這項改善是可持續的，這也是我們對未來發展前景的看法。

Ryan Langston, TD Cowen.

Ryan Langston，TD Cowen。

Hey. Good morning. This is Christian Borgmeyer. I'm for Ryan Langston. Last year, we saw a pretty big jump in Hospice average length of stay sequentially from 3Q to 4Q. Should we expect a similar tailwind sequentially this year just as a product of seasonality? I'm just curious what seasonal factors drive that as we get to the end of the year.

嘿。早安.這是克里斯蒂安·博格邁爾。我支持瑞安·蘭斯頓。去年，我們看到臨終關懷的平均住院時間從第三季到第四季出現了相當大的成長。我們是否可以預期今年也會像往年一樣出現類似的順風，這僅僅是季節性因素造成的？我只是好奇，隨著年末臨近，哪些季節性因素會影響這種情況。

Yeah. It's difficult because obviously last year, when you look, we had some pretty big comps here both in Q3 and Q4, and so as you mentioned, there usually is some seasonality data. That's why we added some additional resources to make sure we can extend the outreach that we have.

是的。這很困難，因為很明顯，去年第三季和第四季的年比數據都相當高，正如你所提到的，通常會有一些季節性數據。因此，我們增加了一些資源，以確保能夠擴大我們的宣傳範圍。

I would say that the holiday times tend to be a little bumpy within this segment. You do have folks that tend to want to wait until after the holidays. So I would say it tends to be one of our more unpredictable times of year, especially as we go into the two upcoming holidays.

我認為，在假日期間，這個領域的市場往往會有些波動。確實有些人傾向於等到假期之後再做這件事。所以我覺得這段時間往往是一年中最難預測的時期之一，尤其是隨著兩個假期的臨近。

Got it. Thank you. And then just one quick one on the payer innovation contract renegotiation. How long is the re-contracting cycle typically? Is it annually, or is it more contract by contract?

知道了。謝謝。最後，再簡單提一下關於支付方創新合約重新談判的問題。重新收縮週期通常有多長？是按年支付，還是依合約逐項支付？

Yeah, it's by contract by contract. I would say the majority of our contracts are three-year. We do have some that are two-year, but I would say the majority tend to be around a three-year timeframe.

是的，是依照合約逐條規定的。我想說，我們的合約大多是三年期的。我們確實有一些為期兩年的合同，但我認為大多數合約的期限都在三年左右。

(Operator Instructions) Brian Tanquilut, Jefferies.

（操作說明）Brian Tanquilut，傑富瑞集團。

Thanks. As long as there's no other queues, I'll ask another follow-up. Can you guys just speak to labor in the quarter, specifically if you guys continue to benefit from some of the peers that you saw changing pay structure and you were able to capture some labor there? And then how are you thinking about wage inflation in '26? If you could give some preliminary color there.

謝謝。只要沒有其他排隊的人，我會再問一次。你們能否談談本季的勞動市場狀況，特別是你們是否繼續受益於一些同業改變薪酬結構，並因此吸引了一些人才？那麼，您如何看待2026年的薪資通膨？如果你能先提供一些初步的顏色資訊就好了。

Sure. So I would say, we've seen a nice uptick continued in our applicant pool for nursing and for therapy. And so that has been nice to see. We've continued to see an uptick also in our headcount on the clinical capacity for Home Health and for Hospice, so are pleased with the results that we're seeing there.

當然。所以我覺得，護理和治療師的申請人數持續出現了不錯的成長。看到這些真是令人欣慰。我們在家庭醫療保健和臨終關懷的臨床能力方面也持續看到人員增加，因此我們對目前的成果感到滿意。

And then as it relates to wage, I would say, we're, I would say, back to that normal merit around that 3% is what we're experiencing. There are markets that will pop up occasionally that are more challenging. We do handle those more at a market level. I would say, we're seeing a little bit more of that right now in the therapy side of things, but we monitor that at a market level.

至於薪資方面，我認為，我們又回到了正常的績效水平，目前薪資漲幅在 3% 左右。偶爾也會出現一些更具挑戰性的市場。這些我們更多是在市場層面上處理。我認為，目前在治療方面，我們看到這種情況有所增加，但我們會在市場層面上對此進行監測。

And there are no further questions, I will now turn the conference back over to Bob Okunski for closing remarks.

沒有其他問題了，現在我將把會議交還給鮑伯‧奧昆斯基，請他作閉幕致詞。

Thank you everyone for joining today's call. Please feel free to reach out if you have any additional questions. Thank you for your time.

感謝各位參加今天的電話會議。如有任何其他疑問，請隨時與我們聯繫。感謝您抽出時間。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。