Encompass Health Corp (EHC) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to Encompass Health's third-quarter 2024 earnings conference call.

大家早安，歡迎參加 Encompass Health 2024 年第三季財報電話會議。

(Operator Instructions) Today's conference call is being recorded.

（操作員指示）今天的電話會議正在錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，此時您可以斷開連接。

I will now turn the call over to Mark Miller, Encompass Health's Chief Investor Relations Officer. Please go ahead.

現在我將把電話轉給 Encompass Health 的首席投資者關係長 Mark Miller。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining Encompass Health's third-quarter 2024 earnings call.

謝謝接線員，大家早安。感謝您參加 Encompass Health 2024 年第三季財報電話會議。

Before we begin, if you do not already have a copy, the third quarter earnings release, supplemental information and related Form 8-K filed with the SEC are available on our website at encompasshealth.com.

在我們開始之前，如果您還沒有副本，您可以在我們的網站 embracehealth.com 上找到第三季收益報告、補充資訊和向美國證券交易委員會提交的相關 8-K 表格。

On page 2 of the supplemental information, you will find the Safe Harbor statements which are also set forth in greater detail on the last page of the earnings release.

在補充資料的第 2 頁，您將看到安全港聲明，該聲明在收益報告的最後一頁也有更詳細的說明。

During the call, we will make forward-looking statements which are subject to risks and uncertainties, many of which are beyond our control. Certain risks and uncertainties like those relating to regulatory developments as well as volume, bad debt and labor cost trends that could cause actual results to differ materially from our projections, estimates and expectations are discussed in the company's SEC filings, including the earnings release and related Form 8-K, the Form 10-K for the year ended December 31, 2023, and the Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 when filed. We encourage you to read them. You're 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. 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, at the end of the earnings release and as part of the Form 8-K filed yesterday with the SEC, all of which are available on our website.

在電話會議中，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響，其中許多是我們無法控制的。某些風險和不確定因素，例如與監管發展以及交易量、壞帳和勞動力成本趨勢有關的風險和不確定因素，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，已在公司提交給美國證券交易委員會的文件中進行了討論，包括收益報告和相關 8-K 表、截至 2023 年 12 月 31 日的年度 10201220222 月 202024 月 2020222 月2024 年 9 月 30 日的季度 10-Q 表。我們鼓勵您閱讀它們。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，並且僅代表今天的觀點。我們不承擔更新這些前瞻性陳述的責任。我們對本次電話會議的補充資訊和討論將包括某些非公認會計準則財務指標。對於此類指標，可在補充資料末尾、收益報告末尾以及昨天向美國證券交易委員會提交的 8-K 表格中找到與最直接可比較的 GAAP 指標的對帳表，所有這些資訊均可在我們的網站上找到。

I would like to remind everyone that we will adhere to the one question and one follow-up rule to allow everyone to submit a question. If you have additional questions, please feel free to put yourself back in the queue.

我想提醒大家，我們將堅持「一個問題一個跟進」的規則，允許每個人都提交一個問題。如果您還有其他問題，請隨時回到佇列。

With that, I'll turn the call over to Mark Tarr, Encompass Health's President and Chief Executive Officer.

接下來，我將把電話轉給 Encompass Health 總裁兼執行長 Mark Tarr。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

We're very pleased with our third quarter performance, highlighted by an increase of 11.9% in revenue and 13.4% in adjusted EBITDA. Q3 three total discharges increased 8.8%, including 6.8% in same store. Once again, discharge growth was broad-based across geographies, payers and patients type. Neurological and stroke, our two most common primary conditions treated, grew 9% and 9.7%, respectively. Within our payer mix, Medicare discharges increased 8.8% for the quarter, while Medicare Advantage discharges grew 12.6%. Owing largely to our Q3 results, we are again increasing our 2024 guidance.

我們對第三季的業績非常滿意，其中營收成長了 11.9%，調整後 EBITDA 成長了 13.4%。第三季總銷售額成長8.8%，其中同店銷售額成長6.8%。再次，出院人數增長廣泛存在於各個地區、付款人和患者類型之中。我們治療的兩種最常見的主要疾病是神經系統疾病和中風，分別增加了 9% 和 9.7%。在我們的付款人組合中，本季 Medicare 出院人數增加了 8.8%，而 Medicare Advantage 出院人數增加了 12.6%。很大程度上得益於我們第三季的業績，我們再次上調了 2024 年的預期。

Doug will cover the details of the quarter and guidance in his comments.

道格將在他的評論中介紹本季的細節和指導。

The demand for inpatient rehabilitation care is underserved and growing. For more than a decade, the age cohort, most in need of these services, has grown at a 4% to 5% CAGR while the total supply of licensed IRF beds has been essentially static. It is estimated that by 2030, one in five Americans, more than 70 million people will be aged 65 or older. Older adults disproportionately experienced chronic health conditions, which is likely to continue to drive strong demand for inpatient rehabilitation services. We are continuing to invest in capacity additions to meet the needs of patients requiring such services.

住院復健護理的需求尚未得到充分滿足，而且日益增長。十多年來，最需要這些服務的年齡群體以 4% 至 5% 的複合年增長率增長，而獲得許可的 IRF 床位的總供應量基本保持不變。預計到2030年，五分之一的美國人（超過7,000萬人）年齡將達到或超過65歲。老年人患有慢性疾病的比例過高，這可能會繼續推動住院復健服務的強勁需求。我們將繼續投資增加產能，以滿足需要此類服務的患者的需求。

During Q3, we added 99 beds to our capacity, comprised of two de novo hospitals with a total of 89 beds and the addition of 10 beds to existing hospitals. We expect to open one additional de novo in 2024, a 61-bed hospital in Houston. That will be our first fully prefabricated hospital and add approximately 22 more beds to existing hospitals. The Houston project marks an important milestone in our de novo construction strategy. Full prefabrication will facilitate lower cost and shorter design and construction times, but the process is not without complexities.

第三季度，我們增加了 99 張床位，其中包括兩家新醫院（共有 89 張床位）和現有醫院新增的 10 張床位。我們預計將於 2024 年在休士頓開設另外一家擁有 61 張床位的醫院。這將是我們的第一家完全預製的醫院，並將為現有醫院增加約 22 張床位。休士頓計畫標誌著我們全新建設策略的一個重要里程碑。完全預製將有助於降低成本並縮短設計和施工時間，但該過程並非沒有複雜性。

Together with our primary prefab partner, BLOX, we have learned a great deal on the Houston project, paving the way for efficiencies on future de novos. These efficiencies are starting to materialize on our Athens, Georgia de novo scheduled to open in the first quarter of 2025. We currently anticipate that at least two de novos per annum will be built with full prefabrication. With 15 development projects beyond 2024, already announced and underway, our pipeline remains robust and balanced between wholly owned and joint ventures.

我們與主要的預製合作夥伴 BLOX 一起在休士頓專案中學到了很多東西，為未來從頭開始的效率鋪平了道路。這些效率開始在我們計劃於 2025 年第一季開業的喬治亞州雅典新工廠上體現。我們目前預計，每年至少有兩座新船將採用完全預製的方式建造。目前，我們已經宣布並正在進行 15 個 2024 年後開發項目，我們的項目儲備仍然強勁，並且在獨資和合資企業之間保持平衡。

Many areas in the Southeast and Mid-Atlantic regions of the US were significantly impacted by Hurricane Helene and Milton. We operate numerous hospitals within these geographies. We are very proud of our leadership and how they prepare for and performed during and in the aftermath of these hurricanes. And we are humbled by the resiliency of our dedicated employees, some of whom experience damage to their homes and personal property as well as electricity and water outages. Given our presence in hurricane prone markets, we have well defined protocols for dealing with large storms. These protocols prioritize the safety and well-being of our patients and employees.

美國東南部和中大西洋地區的許多地區受到颶風海倫和米爾頓的嚴重影響。我們在這些地區經營多家醫院。我們對我們的領導層以及他們在颶風期間和災後所做的準備和表現感到非常自豪。我們敬業員工的堅韌不拔令我們敬佩，其中一些員工的房屋和個人財產遭到破壞，還遭遇了停電和停水。鑑於我們處於颶風多發市場，我們制定了應對大型風暴的明確協議。這些協議優先考慮我們的患者和員工的安全和福祉。

Our physical plants withstood the hurricanes very well. 25 of our hospitals, including 10 that incorporated at least one element of prefabrication as part of either the initial build or bed addition were in some way, impacted by the hurricanes yet in total experienced only relatively minor damage. This is a testament to the quality and strength of our hospitals. We are still gathering estimates on required repairs, which we currently believe will amount to less than $1 million of expenses to be incurred in Q4. For the safety of our patients and staff, we chose to evacuate our Largo and Cape Coral Florida hospitals ahead of Hurricane Milton with our Largo hospital closing for five days and Cape Coral for six days.

我們的實體工廠很好地抵禦了颶風。我們的 25 所醫院（其中 10 所醫院在初始建設或床位增加過程中至少採用了一種預製元素）在某種程度上受到了颶風的影響，但總體而言只遭受了相對較小的損壞。這證明了我們醫院的品質和實力。我們仍在收集所需維修的估算，目前我們認為第四季的維修費用將不到 100 萬美元。為了病人和員工的安全，我們選擇在颶風米爾頓來臨之前疏散佛羅裡達州拉哥醫院和開普科勒爾醫院，拉哥醫院關閉五天，開普科勒爾醫院關閉六天。

Many patients from these two hospitals were evacuated safely to other Encompass Health hospitals and were accompanied by members of our clinical staff as needed, again, a testament to our hospital staff. Four additional Florida locations did not admit patients prior to and immediately after Hurricane Milton passed through Florida on October 9 and 10. By Saturday, October 12, all of our hospitals had resumed normal operations and were admitting patients. Although our operations are back to normal, some of the communities we serve are still in recovery mode. Disruptions to the healthcare systems in those communities may impact our volumes and length of stay in Q4, and we have attempted to account for that as well as the aforementioned facility repairs in our updated guidance.

這兩家醫院的許多患者被安全疏散到其他 Encompass Health 醫院，並在需要時由我們的臨床工作人員陪同，這再次證明了我們醫院工作人員的水平。10 月 9 日和 10 日颶風米爾頓襲擊佛羅裡達州之前和之後，佛羅裡達州的另外四個醫療機構沒有接收病人。截至10月12日星期六，我們所有醫院均已恢復正常運作並接收患者。雖然我們的營運已恢復正常，但我們服務的部分社區仍處於恢復模式。這些社區的醫療保健系統中斷可能會影響我們第四季度的業務量和住院時間，我們已嘗試在更新的指南中考慮這一點以及前面提到的設施維修。

Now let's turn it over to Doug.

現在我們把話題交給 Doug。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

As Mark stated, Q3 was another strong quarter, with revenue increasing 11.9% to $1.35 billion and adjusted EBITDA increasing 13.4% to $269.3 million. Total discharges increased 8.8% and net revenue per discharge increased 2.5%. As we saw in Q2, discharge growth in Q3 was skewed somewhat more towards same store based primarily on the timing of de novo openings. Revenue growth in Q3 included a $7.9 million increase in provider tax revenues, partially offset by $4.5 million increase in associated expense netting to a $3.4 million adjusted EBITDA benefit.

正如馬克所說，第三季度又是一個強勁的季度，營收成長 11.9% 至 13.5 億美元，調整後 EBITDA 成長 13.4% 至 2.693 億美元。總排放量增加了 8.8%，每次排放的淨收入增加了 2.5%。正如我們在第二季看到的那樣，第三季的銷售額成長更偏向同店，這主要取決於新店開業的時間。第三季的營收成長包括供應商稅收增加 790 萬美元，部分被相關費用淨額增加 450 萬美元所抵消，調整後 EBITDA 收益為 340 萬美元。

Bad debt expense as a percent of revenue was 1.9%, down 30 basis points from Q3 '23 and 100 basis points from Q2 '24. Recall that in Q2, we had a substantial increase in claims requested for review by our primary MAC. Consistent with our historical practice, we established a reserve against those claims in Q2 as the review is still pending. During Q3, substantial majority of those claims was resolved favorably contributing to strong collections. We had a relatively small number of new claims selected for review under TPE in Q3.

壞帳支出佔營收的百分比為 1.9%，較 23 年第三季下降 30 個基點，較 24 年第二季下降 100 個基點。回想一下，在第二季度，我們的主要 MAC 要求審查的索賠數量大幅增加。按照我們的歷史慣例，由於審查仍在進行中，我們在第二季度針對這些索賠建立了儲備金。在第三季度，絕大多數索賠都得到了有利解決，為追償提供了有力的幫助。我們在第三季選擇根據 TPE 進行審查的新索賠數量相對較少。

Moving on to review choice demonstration or RCD. As a reminder, Alabama was the first state to implement RCD inclusive of seven Encompass Health hospitals. RCD began with cycle one, which ran from August 2023 until February 2024 and had a minimum required affirmation rate of 80%. Cycle one participants were given an option of 100% prepayment claims review or 100% post payment claims review for all Medicare claims. We elected 100% prepayment claims review and all seven of our hospitals completed cycle one with an affirmation rate of approximately 89%, exceeding the 80% required threshold.

繼續審查選擇演示或 RCD。提醒一下，阿拉巴馬州是第一個實施 RCD 的州，其中包括七家 Encompass Health 醫院。RCD 從第一個週期開始，從 2023 年 8 月持續到 2024 年 2 月，最低要求確認率為 80%。第一周期的參與者可以選擇對所有醫療保險索賠進行 100％ 預付款索賠審查或 100％ 付款後索賠審查。我們選擇了 100% 的預付款索賠審查，我們所有七家醫院都完成了第一周期，確認率約為 89%，超過了 80% 的必要門檻。

Accordingly, we were given the option for cycle two of remaining on 100% prepayment claims review, changing to 100% post payment claims review or being subject to a 5% spot audit. Given the processes we had established and the success we had achieved in cycle one, we elected to remain on 100% prepayment claim review. Cycle two began in May 2024 and concludes on October 31. The required affirmation rate in cycle two increased from 80% to 85%. We do not expect any of our seven hospitals to achieve that target by October 31. Many of our RCD non affirmations are based on the application of improper standards for requirements that directly conflict with the Medicare coverage criteria for inpatient rehabilitation facilities.

因此，在第二週期中，我們可以選擇繼續進行 100％ 的預付款索賠審查，改為 100％ 的付款後索賠審查，或者接受 5％ 的現場審計。鑑於我們已經建立的流程和在第一周期取得的成功，我們選擇繼續進行 100% 的預付款索賠審查。第二週期於 2024 年 5 月開始，並於 10 月 31 日結束。第二週期所需的肯定率從80％增加到85％。我們預計，我們的七家醫院中沒有任何一家能夠在 10 月 31 日之前實現這一目標。我們的許多 RCD 不確認都是基於應用不適當的標準，這些標準與住院復健設施的醫療保險覆蓋標準直接衝突。

We are appealing incorrect determinations, and we are working direct with CMS to address our concerns related to these improper standards. We are still early in this process, but we believe our approval rates of approximately 90% cycle one better reflect our long-term affirmation rates than the lower initial approval rates we have thus far experienced in cycle two. There is no financial penalty for not meeting the affirmation rate in cycle two. Rather as we enter cycle three, we will remain at 100% prepayment claim review. The required affirmation rate in cycle three increases to 90%.

我們正在對錯誤的判定提出上訴，我們正在直接與 CMS 合作解決與這些不當標準相關的擔憂。我們仍處於這個過程的早期階段，但我們相信，第一周期約 90% 的批准率比第二週期迄今為止經歷的較低的初始批准率更好地反映了我們的長期確認率。如果第二週期的確認率未達到要求，則不會受到經濟處罰。相反，當我們進入第三個週期時，我們仍將繼續進行 100% 的預付款索賠審查。第三週期所需的肯定率增加到 90%。

SWB per FTE increased 4.1% in Q3, inclusive of the 3.5% increase in salaries and wages per FTE and a 14% increase in benefits per FTE. The large increase in benefits for FTE in Q3 was driven by group medical costs, which included several large dollar claims and an increase in prescription costs. The incurrence of large claims is sporadic, and the frequency of such claims tends to be mean reverting. Total premium labor expense for Q3 was $32.6 million, down 2% from Q3 '23 and flat sequentially. Q3 contract labor FTEs were 1.5% of total FTEs. These metrics are consistent with our expectations of a stable labor market.

第三季每位全職員工的薪資上漲了 4.1%，其中包括每位全職員工的薪資上漲了 3.5%，每位全職員工的福利上漲了 14%。第三季全職當量福利的大幅增加是由團體醫療費用推動的，其中包括幾項大額索賠和處方費用的增加。大額索賠的發生是偶爾發生的，而此類索賠的頻率往往呈現均值回歸趨勢。第三季總高級勞動力支出為 3,260 萬美元，較 23 年第三季下降 2%，與上一季持平。第三季合約工全職當量佔總全職當量佔 1.5%。這些指標與我們對穩定勞動市場的預期一致。

Net preopening and ramp-up costs were $5.4 million in Q3 '24 as compared to an adjusted EBITDA contribution of $900,000 from the 2023 openings in Q3 '23. We continue to generate significant free cash flow. Adjusted free cash flow increased 27.1% to $189.7 million, bringing our year to date total to approximately $0.5 billion. We now expect full year adjusted free cash flow of $560 million to $620 million. Our leverage and liquidity remain very favorable. Net leverage at quarter end was 2.3 times compared to 2.7 times at year end '23. We ended the third quarter with approximately $148 million in unrestricted cash and no amounts drawn on our $1 billion revolving credit facility.

24 年第三季的淨開業前和加速成本為 540 萬美元，而 2023 年第三季 2023 年開業的調整後 EBITDA 貢獻為 90 萬美元。我們繼續產生大量自由現金流。調整後的自由現金流增加 27.1% 至 1.897 億美元，使我們年初至今的總額達到約 5 億美元。我們現在預計全年調整後的自由現金流為 5.6 億美元至 6.2 億美元。我們的槓桿率和流動性仍然非常有利。季度末的淨槓桿率為 2.3 倍，而 23 年末為 2.7 倍。截止第三季度，我們擁有約 1.48 億美元的非限制性現金，且 10 億美元的循環信貸額度未提取任何金額。

On October 22, we issued a notice of redemption for an incremental $100 million of our 5.75% senior notes due in September 2025. This redemption will settle next month, following which we will have a remaining balance of $100 million on these notes. We are again raising our 2024 guidance. We now assume net operating revenue of $5.325 billion to $5.375 billion, adjusted EBITDA of $1.07 billion to $1.09 billion and adjusted earnings per share of $4.19 to $4.33. The key considerations underlying our guidance can be found on page 12 of the supplemental slides.

10 月 22 日，我們發出了增量贖回通知，贖回將於 2025 年 9 月到期的 5.75% 優先票據 1 億美元。此次贖回將於下個月結算，屆時這些票據的餘額將為 1 億美元。我們再次上調了 2024 年的預期。我們現在假設淨營業收入為 53.25 億美元至 53.75 億美元，調整後 EBITDA 為 10.7 億美元至 10.9 億美元，調整後每股收益為 4.19 美元至 4.33 美元。我們的指導背後的關鍵考慮因素可以在補充幻燈片的第 12 頁找到。

There are a number of factors to keep in mind as you contemplate year over year comparisons for Q4. Q4 of '23 included a $22 million revenue reserve related to bad debt stemming from the write off of older claims, predominantly pre-2018. After giving effect to minority interest, the impact of this revenue reserve on Q4 of '23 adjusted EBITDA was $16 million. Q4 '23 also included $6.8 million in favorable reserve adjustments for Workers' Comp and general professional liability insurance. We are anticipating net preopening and ramp-up costs of $3 million to $3.5 million in Q4 '24 as compared to $1 million and adjusted EBITDA contribution from 2023 openings in Q4 '23.

當您考慮第四季度的同比變化時，需要考慮許多因素。23 年第四季包括一筆 2,200 萬美元的收入準備金，與註銷舊索賠（主要是 2018 年之前）產生的壞帳有關。考慮少數股東權益後，該收入儲備對 23 年第四季調整後 EBITDA 的影響為 1,600 萬美元。 23 年第四季還包括 680 萬美元的工人補償和一般專業責任保險的有利準備金調整。我們預計 2024 年第四季的淨開業前和加速成本為 300 萬至 350 萬美元，而 2023 年第四季的開業和調整後 EBITDA 貢獻為 100 萬美元。

And we anticipate a Q4 adjusted EBITDA impact of $3 million to $3.5 million related to the addition of our Augusta hospital to the Piedmont joint venture together with Oracle Fusion implementation costs.

我們預計第四季度調整後 EBITDA 影響為 300 萬至 350 萬美元，這與我們將奧古斯塔醫院加入皮埃蒙特合資企業以及 Oracle Fusion 實施成本有關。

With that, we'll open the lines for Q&A.

現在，我們將開始問答環節。

(Operator Instructions) Joanna Gajuk, Bank of America Securities.

（操作員指示） Joanna Gajuk，美國銀行證券。

Hey, Joanna.

嘿，喬安娜。

This is Christian Porter on the line for Joanna. I was wondering because same-store volumes were very strong and accelerated quarter over quarter, just wondering what drove that strength and how much of this was from the addition of new beds?

我是克里斯蒂安波特，找喬安娜。我想知道，由於同店銷售量非常強勁並且季度環比增長，是什麼推動了這種強勁勢頭，其中有多少來自於新床位的增加？

Christian, it's Mark Tarr. As I noted in my comments, it was very broad across geographies. All of our eight geographic operating regions had nice growth. We saw nice growth in our stroke and other neurological categories. We saw the continued ramp up of the facilities we brought on for the past couple of years. So we believe that we continue to take market share. We believe that our value proposition continues to be out there relative to the quality outcomes that we're able to achieve and is recognized as our ability to get patients back home and not readmitted back to the acute care hospitals.

克里斯蒂安，我是馬克‧塔爾。正如我在評論中指出的那樣，它跨越的地域非常廣泛。我們所有八個地理營運區域都實現了良好的成長。我們在中風和其他神經系統疾病領域取得了良好的成長。我們看到過去幾年來我們引入的設施不斷增加。因此我們相信我們將繼續佔領市場份額。我們相信，我們的價值主張與我們能夠實現的品質結果相關，並且被認可為我們讓患者回家而不是再次回到急診醫院的能力。

I do think the bed additions had a favorable impact prior to Q3. On a year to date basis, we added 115 beds, including 40 beds in the satellite location. And so those are accounted in same store. It's also the case that in the first half of the year, the 23 de novo openings were rolling into same store, and those are still in ramp-up mode. So that provides a little bit of a tailwind to the same-store number as well.

我確實認為增加床位在第三季之前產生了積極的影響。今年迄今，我們增加了 115 張床位，其中包括衛星城 40 張床位。所以這些都是在同一家商店進行核算。同樣，今年上半年，23 家新開店也進入了同一家店的模式，而這些門市仍處於加速模式。這也為同店銷售額帶來了一點推動作用。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Total FTEs has been up about 7% to 8% for the last year or so. Should we expect that to continue to increase in that ballpark to keep up with the discharge growth or should we expect that to moderate as we distance ourselves from some of the severe labor issues at '21 and 2022? And then relatedly, it sounded like there are some additional group medical expenses hitting the SWB line in the quarter. What was the underlying wage inflation and what's the outlook for that going forward?

去年全年全職員工總數上漲了約 7% 至 8%。我們是否應該預期這一數字會繼續在這個範圍內增長，以跟上排放量的增長，還是應該預期這一數字會隨著我們遠離21年和2022年的一些嚴重勞工問題而有所緩和？然後相關的是，聽起來好像本季有一些額外的團體醫療費用衝擊了 SWB 線。潛在的薪資通膨是多少？

Yeah. I'll take the second part of the question first. And SWB per FTE or SW per FTE was up 3.5%. So pretty consistent with what we saw in Q1 and Q2. With regard to the total FTEs, very pretty much as stabilized EPOB of at about 3.4 now. You'll have some noise from quarter to quarter based on the timing of new openings. But generally speaking, we would expect that the growth in total FTEs will be pretty highly correlated to discharge growth.

是的。我先回答問題的第二部分。而每 FTE 的 SWB 或每 FTE 的 SW 則上漲了 3.5%。與我們在第一季和第二季看到的情況非常一致。就 FTE 總數而言，目前 EPOB 穩定在 3.4 左右。根據新店開幕的時間，每季你都會遇到一些噪音。但一般而言，我們預期全職當量總數的成長將與解僱人數的成長高度相關。

And as we've noted in the past, that this EPOB level, we feel like it's at a level that is conducive with us being able to continue to retain staff and also produce the outstanding outcome. So we have put a lot of focus on that in the past couple of years as well.

正如我們過去所指出的，我們認為這個 EPOB 水準有利於我們繼續留住員工並取得優異的成果。因此我們在過去幾年中也非常重視這一點。

And we do believe that we are seeing tangible evidence of the impact of EPOB as well as the number of the other initiatives we've been pursuing on our turnover rates. The Q3 annualized turnover rates for RNs 20.7% and for therapists, 7.6%, and those are very strong numbers.

我們確實相信，我們已經看到了 EPOB 以及我們一直在推行的許多其他舉措對我們的離職率產生影響的確鑿證據。第三季註冊護理師的年化離職率為 20.7%，治療師的年化離職率為 7.6%，這些都是非常強勁的數字。

Ben Hendrix, RBC Capital Markets.

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

Hi. This is Mike Murray on for Ben. Congrats on the quarter, and I appreciate all the commentary you gave on the hurricanes.

你好。這是邁克·莫瑞 (Mike Murray) 代替本 (Ben) 發言。恭喜本季度取得的成績，我感謝您對颶風的所有評論。

Just given your expectations for lower volumes, could you provide a ballpark estimate for revenue impact in the fourth quarter?

鑑於您對銷售下降的預期，您能否對第四季度的營收影響給出一個大致的估計？

We really can't because as we said, our hospital resumed normal operations very quickly. So the impact to discharge growth and revenue from those disruptions would have been relatively minor. What we're still evaluating is whether or not the systems in the communities in which we operate hospitals have been impacted in any way that might cause us, for instance, to see a longer length of stay because there aren't available places for patients who've been treated in our facilities to be discharged.

我們確實不能，因為正如我們所說，我們的醫院很快就恢復了正常運作。因此，這些中斷對排放成長和收入的影響相對較小。我們仍在評估我們經營醫院所在社區的系統是否受到了任何影響，這是否可能導致患者住院時間延長，例如，因為沒有可供在我們醫院接受治療的患者出院的地方。

We are confident that the updated guidance ranges for revenue and adjusted EBITDA incorporate any impact that we're going to see from the hurricanes, whether it's the volume, whether it's the length of stay or making the repairs to the facilities that will be expensed in Q4.

我們相信，更新後的收入和調整後 EBITDA 指導範圍已考慮颶風帶來的任何影響，無論是數量、停留時間還是設施維修費用，這些都將在第四季度支出。

And just to follow on, so you had some de novos in development in areas that were impacted by the hurricanes and sorry if I missed this, but are you expecting any delays in construction as a result?

接下來，你們在受颶風影響的地區進行了一些新的開發，很抱歉我錯過了這一點，但你是否預計這會導致施工延誤？

We are not. Those are -- and you're right, we're scheduled to open five hospitals in the state of Florida next year and those sites were all secured in advance of the storm and came through very well. So any of the relatively minor disruptions that we may have experienced there, and we believe we will be able to make up and stick with the timeframe that is depicted on the schedule in the supplemental slides.

我們不是。這些都是——您說得對，我們計劃明年在佛羅裡達州開設五家醫院，這些場所在風暴來臨之前都得到了妥善保護，並且進展順利。因此，無論我們在那裡遇到什麼相對較小的干擾，我們都相信我們能夠彌補，並遵守補充幻燈片中時間表上描繪的時間表。

Brian Tanquilut, Jefferies.

傑富瑞 (Jefferies) 的 Brian Tanquilut。

This is Meghan Holtz on for Brian. Congrats on the quarter.

梅根霍爾茨 (Meghan Holtz) 為布萊恩 (Brian) 主持節目。恭喜本季取得佳績。

Just going back to --

回到--

Thank you.

謝謝。

Bad debt really quick. We noticed that you're guiding 4Q bad debt reserves to a midpoint of Q2 '25. Is that a step-up from Q3? Is that just conservatism or is that attributed to the small new audit claim that you guys mentioned in 3Q?

壞帳真的很快。我們注意到您將第四季的壞帳準備金引導至 2025 年第二季的中點。這比第三季有進步嗎？這只是保守主義嗎，還是歸因於你們在第三季提到的小額新審計索賠？

Before Q3, that was kind of -- or Q2 and Q3, we had some noise in each one of those. That was kind of the run rate that we were at. And so you don't think it's reflecting anything other than what we suggested as a normalized level of activity. In Q3, we benefited from a decrease in our aging based reserve, and some of that was attributable to processing some previously denied claims.

在第三季度之前，或者在第二季度和第三季度，我們在每個季度都會遇到一些噪音。這就是我們當時的運行速度。因此，您認為它沒有反映出我們所建議的正常活動水平以外的任何其他內容。在第三季度，我們受益於基於帳齡的準備金的減少，部分原因是處理了一些先前被拒絕的索賠。

Pito Chickering, Deutsche Bank.

德意志銀行的 Pito Chickering。

This is Kieran Ryan on for Pito. It looks like 4Q EBITDA margin guidance may be down somewhere at about 50 bps from 3Q, excluding the provider taxes. I don't think there's any negative seasonality from 3Q to 4Q on margins or EBITDA dollars. So just wanted to confirm, is that kind of just the opening costs and any potential impact from Hurricane headwinds or is there anything else we should be thinking about sequentially?

這是 Kieran Ryan，代替 Pito 上場。看起來，第四季的 EBITDA 利潤率預期可能會比第三季下降約 50 個基點（不包括供應商稅）。我認為從第三季度到第四季度，利潤率或 EBITDA 美元沒有出現任何負面季節性。所以只是想確認一下，這是否只是開業成本以及颶風逆風可能帶來的影響，還是還有其他我們應該依次考慮的事情？

Yeah. I think it's really in that series of year over year considerations that I reviewed at the end of my prepared comments, and those are laid out in the guidance considerations.

是的。我認為它確實存在於我在準備好的評論結束時回顧的一系列逐年考慮之中，並且這些都列在指導考慮之中。

And then some on free cash flow, it looks like the working capital tailwind came down pretty significantly, but you still raised your guidance quite a bit, free cash flow dynamics in the quarter and if there's anything we should pay attention to there for 2025?

然後是關於自由現金流的一些問題，看起來營運資本的順風已經大幅下降，但您仍然大幅提高了您的預期，本季度的自由現金流動態以及 2025 年我們應該關注什麼？

No. I think probably the most significant item in Q3 was just the strong collections. They are -- we had. And a lot of that was moving through that, that bulbous of claims that had been selected for review under TPE at the end of Q2.

不。我認為第三季最重要的事情可能是強大的收藏品。是的——我們有。其中許多都是透過這種方式進行的，這些索賠在第二季末被選中根據 TPE 進行審查。

Scott Field (sic-Fidel), Stephens.

史考特·菲爾德（原文如此-菲德爾），史蒂芬斯。

Well, Fidel but close enough. Good morning. I wanted to -- first question just ask about just and understanding that you're not providing guidance at this point. But if you wanted to maybe frame the key headwinds and tailwinds for 2025 and just from, I guess, the bigger picture, any modeling considerations at this vantage point that you think it is important to call out for analysts and investors?

好吧，菲德爾，但已經足夠接近了。早安.我想 — — 第一個問題只是詢問一下，並且了解您目前沒有提供指導。但是，如果您想概括 2025 年的主要不利因素和有利因素，並且從更大的角度來看，您認為從這個有利位置出發，有哪些建模考慮因素需要向分析師和投資者指出？

So as we head into 2025, our starting assumption and we've got a better part of another quarter to continue to flesh this out is that we'll see SWB per FTE inflation of somewhere in the 3% to 3.5% range. We think it's kind of settling down there. We have not yet put a fine pencil to what preopening and ramp-up costs will be on a year over year basis. But it's probably not going to be too distinct from the impact that we're seeing this year.

因此，當我們進入 2025 年時，我們的起始假設是，並且我們還有另一個季度的大部分時間來繼續充實這一假設，那就是我們將看到每 FTE 的 SWB 通膨率在 3% 到 3.5% 之間。我們認為它在那裡已經穩定下來了。我們尚未精確估算出同比開業前和開業後的成本。但它可能不會與我們今年看到的影響有太大區別。

And the last thing I'd call to attention is as you know already on a year to date basis through Q3, we've had a favorable EBITDA impact from net provider taxes of $13 million. As we've mentioned previously, it's difficult to have a lot of confidence in the visibility of those provider taxes on a go-forward basis because those programs vary from state to state, and they're typically implemented on an annual basis. We know of the $13 million that's been included in EBITDA on a year to date basis that approximately $4 million to $5 million relates to out of period. So I think it's a fair assumption that that portion is not likely to repeat going into 2025.

我最後要提醒大家注意的是，正如您所知，截至今年第三季度，我們的淨供應商稅為 EBITDA 帶來了 1,300 萬美元的有利影響。正如我們之前提到的，很難對這些提供者稅的未來可見性有太大的信心，因為這些計劃因州而異，並且通常按年度實施。我們知道，年初至今的 EBITDA 中已包含 1,300 萬美元，其中約 400 萬至 500 萬美元與期外相關。因此我認為，可以合理地假設，到 2025 年，這一部分不太可能重複出現。

Some portion of the balance, maybe even a substantial portion of the balance probably will. Those are the things that come immediately to mind, Scott.

餘額的一部分，甚至很大一部分可能會如此。這些都是我立刻想到的事情，史考特。

And then just my follow-up question, I wanted to circle back just on some of the comments that Mark had made around the sort of lessons learned on the prefab and then starting to see efficiencies realized more at -- on the Athens facility. I was hoping maybe you can sort of frame if there's any type of quantitative type figures you can share with us in terms of like maybe at the initial process, how much maybe additional costs you had just as you were sort of working your way through this new format. And then as you sort of move towards the efficiencies, how much you think you could break down those costs, for example, on the Athens facility and then as you continue to launch more of the prefabs?

然後是我的後續問題，我想回到馬克所做的一些評論，關於在預製件上學到的經驗教訓，然後開始看到在雅典工廠實現的效率提高。我希望您能與我們分享一些定量數據，例如在初始過程中，在您採用這種新格式時可能產生了多少額外成本。然後，當您朝著效率邁進時，您認為您可以將這些成本分解到什麼程度，例如在雅典工廠，然後隨著您繼續推出更多的預製件？

Yes. So you've got two primary advantages that we're trying to achieve. One is shortening the actual construction process because that obviously connotes speed to market and the faster we get these things out, the faster we can start to generate cash flow from those. If we look specifically at Houston, and again, this was a learning exercise for us because it was the first fully prefabricated facility we laid. We laid the first module in Houston in June, in the early part of June. And we got all of the final permitting and licensing, final inspection will happen in the first week in November.

是的。因此，我們正在努力實現兩個主要優勢。一是縮短實際建設過程，因為這顯然意味著加快上市速度，我們越快推出這些東西，就越快開始從中產生現金流。如果我們特別關注休士頓，這對我們來說也是一次學習練習，因為這是我們鋪設的第一個完全預製的設施。我們於六月初在休士頓鋪設了第一個模組。我們已獲得所有最終許可和執照，最終檢查將在 11 月第一周進行。

So that's really fast, right? You're talking about a little over five months there or just about five months. And that compares to convince construction, which would be 11 to 12 months. And we think we're going to be even a little bit faster than that for assets. From an expense perspective, and so ultimately, what we're looking at because the top -- the elements of the timeframe that you're not really able to impact much with a prefabricated construction, you get some savings with regard to design process because we're using a lot of replication from project to project. But permitting and site work are going to continue to vary pretty significantly from location to location. And so there's not really an opportunity there.

那麼這真的很快，對吧？你說的是五個多月或大約五個月的時間。相比之下，說服建設則需要 11 到 12 個月。我們認為，對於資產而言，我們的速度會更快一些。從費用角度來看，最終，我們所關注的是最重要的——時間框架的要素，你實際上無法對預製建築產生太大影響，因為我們在項目之間使用了大量複製，所以在設計過程中你可以節省一些成本。但許可證和現場工作仍將因地點不同而有很大差異。所以那裡實際上沒有什麼機會。

But again, from laying the first module when the door opens is pretty substantial time improvement. The -- on the cost side, Houston, because we were still setting the learning curve, it was essentially a breakeven with conventional cost, we do expect that as we hone the process further, we'll see a little bit of the impact on assets. It's really going to be for future projects. We'll get there. That will move towards an estimated 15% cost savings versus conventional construction.

但再說一次，從鋪設第一個模組到門打開，時間上的改進是相當可觀的。在成本方面，休士頓，因為我們仍在設定學習曲線，它基本上是與傳統成本的收支平衡，我們確實預計，隨著我們進一步完善這一流程，我們將看到對資產的一點影響。這確實將用於未來的項目。我們會到達那裡。與傳統建築相比，這將節省約 15% 的成本。

Scott, it's Mark. So I'll just touch in there and we've been at this now for a number of years on an incremental basis, first, starting with bathrooms and headwalls and then working our way up to the uber modules and it has really turned out to be a nice what we consider to be a competitive advantage in terms of building our hospitals. I also commented on the fact that these have been tested in a number of severe storms in terms of their quality of and soundness of construction. So we just couldn't be happier in terms of the success and the way this is working its way through our implementation phase.

史考特，我是馬克。所以我只想提一下，我們多年來一直循序漸進地進行這項工作，首先從浴室和頭牆開始，然後逐步發展到超級模組，事實證明，就建設醫院而言，這確實是一個很好的競爭優勢。我還評論說，這些建築的品質和堅固性已經經過多次猛烈風暴的考驗。因此，我們對這項成功以及實施階段的進展感到非常高興。

Jared Haase, William Blair.

賈里德·哈塞、威廉·布萊爾。

Congrats on a solid quarter.

恭喜您本季業績穩健。

Maybe just taking a step back and kind of really thinking about the durability of growth again, as we look out to 2025. I'm curious, do you feel like the same-store growth trends, is that largely reflecting sort of the underlying demand environment for IRF services, or do you feel like you are taking, I guess, more than your fair share as you capture market share from other care settings like SNFs, which I know has been kind of a focus area for recent years. So just any thoughts around that?

當我們展望2025年時，也許我們應該退一步思考成長的持久性。我很好奇，您是否覺得同店成長趨勢在很大程度上反映了 IRF 服務的潛在需求環境，或者您是否覺得您在從其他護理環境（如 SNF）奪取市場份額時佔據了超過應有的份額，我知道這是近年來關注的領域。對此您有什麼想法嗎？

Jared, I think it's I think it's both. It's hard to put an exact number on what is taking additional market share versus just organic growth from a demographic tailwind, but it is some of both. Some marketplaces, it's more evident than others in terms of where we're taking it from, in terms of whether they're nursing homes or other providers in the marketplace. Because as I noted in my general comments that the aging demographics and the increased demand just by the aging population for inpatient rehab services is certainly playing its way out and can be seen in our same-store growth.

賈里德，我認為兩者都有。很難準確地說出哪些因素會奪取額外的市場份額，哪些因素只是人口順風帶來的有機成長，但兩者兼而有之。就我們的來源而言，有些市場比其他市場更明顯，無論是養老院還是市場上的其他提供者。因為正如我在一般性評論中指出的那樣，人口老化以及老齡人口對住院復健服務的需求增加肯定會發揮作用，並且可以從我們的同店增長中看出。

And as we've stated on a number of occasions, we believe that the traditional measure of looking at market share in the IRF space, which is to look at the number of discharges we have over the total industry discharges grossly underrepresents the total addressable market for IRF services. And one of the primary reasons we think that is that we can look up screen at the number of annual discharges coming out of all of the acute care hospitals in the US that are prima facie, CMS 13 compliant.

正如我們多次表示的那樣，我們認為衡量 IRF 領域市場份額的傳統方法，即看我們的排放量佔整個行業排放量的比例，嚴重低估了 IRF 服務的總潛在市場。我們認為主要原因之一是，我們可以查閱美國所有表面上符合 CMS 13 標準的急診醫院每年的出院人數。

And obviously, only 60% of patients treated in any particular IRF during the course of the year have to be CMS 13 compliant, but only 14% of that total population of acute care hospital discharges that are CMS 13 compliant are winding up in an IRF bed. Now we recognize that the number shouldn't be 100% for various reasons, including the fact that portion of that population would not meet medical necessity criteria, but the potential for that number to be a lot higher than 14% is out there. It's important to note too, that, that 14% that winds up in an IRF bed includes existing Encompass Health facilities.

顯然，一年之中在任何特定 IRF 中接受治療的患者中，只有 60% 必須符合 CMS 13 標準，但符合 CMS 13 標準的所有急診醫院出院患者中，只有 14% 最終進入 IRF 病床。現在我們認識到，由於各種原因，包括部分人口不符合醫療必要性標準，這一數字不應該是 100%，但這一數字有可能遠高於 14%。另外值得注意的是，最終入住 IRF 床位的 14% 包括現有的 Encompass Health 設施。

And in virtually all of the markets in which we operate, we convert higher than 14% of the CMS 30 eligible discharges in that market into the IRF bed. If you strip those out, that number on a national basis is probably at a high single digit. And we know in more mature markets we've been operating for a period of time, it's not unusual for us to see that conversion rate at 30% or higher.

在我們營運的幾乎所有市場中，我們都將該市場中 14% 以上的 CMS 30 合格排放量轉化為 IRF 床位。如果去掉這些，全國範圍內的這個數字可能只有一個高位數字。我們知道，在我們已經運作了一段時間的更成熟的市場中，轉換率達到 30% 或更高並不罕見。

And then maybe I'll just ask a quick follow-up on the quarter. It sounded like the Medicare Advantage discharge growth was solid. I think that was running a couple points higher than the Medicare -- traditional Medicare discharge growth. It does look like in the revenue mix for the quarter, MA declined a little bit sequentially just as a percentage of total revenue. So I'm curious, I assume that's related to sort of a mix dynamic in terms of the conditions that were treated in the quarter. Is there something else we should be thinking about from a revenue mix perspective?

然後我可能只是想快速跟進一下本季的情況。聽起來醫療保險優勢計畫的出院人數成長很穩健。我認為這比醫療保險——傳統的醫療保險出院成長率高出幾個點。從本季的收入結構來看，MA 在總收入中的百分比比去年同期略有下降。所以我很好奇，我認為這與本季處理的條件的混合動態有關。從收入組合的角度來看，我們還應該考慮其他事情嗎？

No. As Mark cited, the growth has been broad based across the payers. So if you look at Q3 specifically, Medicare, up 8.8%, Medicare Advantage, 12.6% and Managed Care saw solid growth, 9.1%. On a year to date basis through Q3, Medicare up 9.3%, Medicare Advantage, 11.1% and Managed Care up 8.5%. Looking at a three-year CAGR from 2020 through 2023, again, it reflects very balanced growth. Medicare over that period time, up 7.4%, Medicare Advantage, 8.9% and Managed Care, 11.3%. I think what this really demonstrates is that our value proposition really extends well across all payer classes.

不。正如馬克所說，所有付款人都普遍實現了成長。因此，如果具體看第三季度，醫療保險成長了 8.8%，醫療保險優勢計畫成長了 12.6%，管理式醫療保險則實現了 9.1% 的穩健成長。截至第三季度，年初至今，醫療保險上漲 9.3%，醫療保險優勢計畫上漲 11.1%，管理式醫療保險上漲 8.5%。從 2020 年到 2023 年的三年複合年增長率來看，它再次反映了非常均衡的成長。在該期間，醫療保險上漲了 7.4%，醫療保險優勢計畫上漲了 8.9%，管理式醫療保險上漲了 11.3%。我認為這確實表明我們的價值主張確實涵蓋了所有付款人階級。

We ought to talk to the case that we create more value for our referral sources when we're not trying to cherry pick patients between payers.

我們應該討論這樣的情況：當我們不試圖在付款人之間挑選患者時，我們會為我們的轉診來源創造更多價值。

(Operator Instructions) Matthew Gillmor, KeyBanc.

（操作員指示）Matthew Gillmor，KeyBanc。

This is Zach Haggerty on for Matt.

這是 Zach Haggerty 代替 Matt 表演的。

So we've been getting questions on election implications for hospitals, especially on the exchange subsidies in Medicaid supplemental payments. I guess could you remind us what your exposure is to these programs, or do you see any other election related items that we should be aware of?

因此，我們一直在詢問選舉對醫院的影響，特別是對醫療補助補充支付中的交換補貼的影響。我想您能否提醒我們您對這些節目的了解程度，或者您是否看到任何其他我們應該注意的與選舉相關的事項？

Yeah. I think from our perspective, the program that seems to be getting the most airplay because of its size is Tennessee. And it's really not a factor for us in the state of Tennessee. So we've talked quite a bit about our net provider tax numbers. For us, these -- the numbers are substantially smaller than they are for acute care hospitals or some other settings. They've been challenging to predict. If you look at the last two years preceding this year, the EBITDA impact from our net provider taxes was nominal.

是的。我認為從我們的角度來看，由於規模的原因，田納西州的節目似乎獲得最多的播出機會。對我們田納西州來說這真的不是一個問題。我們已經討論了很多有關淨供應商稅數字的問題。對我們來說，這些數字比急診醫院或其他一些機構的數字要小得多。它們一直很難預測。如果回顧今年之前的兩年，我們淨供應商稅對 EBITDA 的影響是微不足道的。

It was give or take a couple of million bucks. On a year to date basis, this year, it's been $13 million. $4 million to $5 million of that relates to out of period. So as I stated in my earlier comment, is it reasonable to believe that some amount of that continues into 2025. Yes, I think it probably is. We just don't have a good estimate because of lack of visibility.

價值大約在幾百萬美元左右。從年初至今的數據來看，今年的支出已達 1,300 萬美元。其中 400 萬至 500 萬美元與期外支出有關。因此，正如我在先前的評論中所說，是否有理由相信這種狀況將持續到 2025 年。是的，我想可能是這樣的。由於缺乏可見性，我們無法做出很好的估計。

And relative to your question just around the whole presidential election and if there's one preference over another and that we really don't see it a threat from either one. And if you look back historically, while there's been Republican or Democrat, it doesn't seem to have had a significant impact one way or the other.

相對於你的問題，就整個總統選舉而言，如果存在一種偏好而另一種偏好，我們確實不認為任何一方構成威脅。如果回顧歷史，雖然有共和黨或民主黨，但似乎並沒有產生重大影響。

And then just as my follow-up, you guys continuing to reduce leverage in the business. Is there a leverage ratio that you guys are targeting?

然後，正如我的後續問題一樣，你們將繼續減少業務中的槓桿。你們的目標槓桿率是多少？

There's not. We're obviously very comfortable kind of in the current range. We used to say that we felt like a run rate leverage of about three times was appropriate. Obviously we're substantially below that right now. It feels like just based on some of the macro factors that are out there, that the market is appreciating 2.5 as the new 3.0. We recognize that if we get much below the current level of leverage, there's an inefficiency that kind of creeps in from a cost of capital perspective. And we continue to think that we have good opportunities to deploy cash towards capacity expansions, and that will be our top priority.

沒有。我們顯然對目前的範圍感到非常滿意。我們過去常說，我們認為三倍左右的運行率槓桿是合適的。顯然，目前我們還遠低於這個水準。感覺只是基於現有的一些宏觀因素，市場就將 2.5 視為新的 3.0。我們認識到，如果我們的槓桿率遠低於目前的水平，那麼從資本成本的角度來看，就會出現效率低下的情況。我們仍然認為我們有很好的機會將現金用於產能擴張，這將是我們的首要任務。

And I think the -- our Board of Directors signaled some of the other potential utilizations of cash with the increase in the dividend that occurred in Q2 as well as the increase in the share repurchase authorization.

我認為，我們的董事會已經暗示了現金的其他一些潛在用途，包括第二季股利的增加以及股票回購授權的增加。

As there are no further questions in queue at this time, I'd like to turn the floor back over to Mr. Mark Miller for any additional or closing comments.

由於目前沒有其他問題，我想將發言權交還給馬克·米勒先生，請他發表補充評論或結束評論。

Thank you, operator. If anyone has additional questions, please call me at 205-970-5860. Thank you again for joining today's call.

謝謝您，接線生。如果有人有其他問題，請撥打我的電話：205-970-5860。再次感謝您參加今天的電話會議。

Ladies and gentlemen, that will conclude the Encompass Health's third-quarter 2024 earnings conference call. Thank you for your participation. You may disconnect at this time and have a wonderful day.

女士們、先生們，Encompass Health 2024 年第三季財報電話會議到此結束。感謝您的參與。現在您可以斷開連接並享受美好的一天。