The Ensign Group, Inc. (ENSG) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to The Ensign Group Q3 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 The Ensign Group 第三季（Q3）財報電話會議。（接線員指示）

I will now pass the call over to Mr. Keetch. Please go ahead.

我現在把電話交給 Keetch 先生。請開始。

Thank you, operator, and welcome, everyone. We filed our earnings press release yesterday, and it is available on the Investor Relations section of our website at ensigngroup.net. A replay of this call will also be available on our website until 5:00 PM Pacific on November 27, 2026.

謝謝接線員，也歡迎各位。我們已於昨日提交財報新聞稿，並可在 ensigngroup.net 網站的投資人關係專區取得。本次電話會議的重播也將於 2026 年 11 月 27 日太平洋時間下午 5:00 前在我們網站上提供。

We want to remind anyone that might be listening to a replay of this call that all statements made are as of today, October 28, 2026, and these statements have not been or will be updated subsequent to today's call.

我們想提醒可能收聽本次電話會議重播的聽眾，所有陳述均以今日 2026 年 10 月 28 日為準，且這些陳述在今日電話會議之後不會、也未曾更新。

Also, any forward-looking statements made today are based on management's current expectations, assumptions and beliefs about our business and the environment in which we operate. These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call.

此外，今日所作的任何前瞻性陳述均基於管理層對我們業務及所處營運環境的當前預期、假設與信念。這些陳述存在風險與不確定性，可能導致我們的實際結果與今日電話會議中明示或暗示的內容出現重大差異。

Listeners should not place undue reliance on forward-looking statements and are encouraged to review our SEC filings for a more complete discussion of factors that could impact our results.

聽眾不應過度依賴前瞻性陳述，並建議查閱我們向 SEC 提交的文件，以更完整了解可能影響我們業績的因素。

Except as required by federal securities laws, Ensign and its independent subsidiaries do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, changing circumstances or for any other reason.

除非聯邦證券法另有要求，Ensign 及其各獨立子公司不承擔公開更新或修訂任何前瞻性陳述之義務；即使因新資訊、未來事件、情勢變化或任何其他原因而產生變動亦然。

In addition, the Ensign Group, Inc. is a holding company with no direct operating assets, employees or revenues. Certain of our independent subsidiaries, collectively referred to as the service center, provide accounting, payroll, human resources, information technology, legal, risk management and other services to other independent subsidiaries through contractual relationships.

另外，The Ensign Group, Inc. 為一家控股公司，並無直接的營運資產、員工或營收。我們部分獨立子公司合稱為服務中心（service center），透過契約關係向其他獨立子公司提供會計、薪資、人力資源、資訊科技、法務、風險管理及其他服務。

In addition, our captive insurance subsidiary, which we refer to as the insurance captive, provides certain claims made coverage to our operating companies for general and professional liability as well as for workers' compensation insurance liabilities.

此外，我們的自保型保險子公司（我們稱之為 insurance captive）為我們的營運公司提供特定「索賠提出制」（claims-made）的保險保障，涵蓋一般責任與專業責任，以及勞工補償保險相關責任。

Ensign also owns Standard Bearer Healthcare REIT, Inc., which is a captive real estate investment trust that invests in health care properties and entered into lease agreements with certain independent subsidiaries of Ensign as well as third-party tenants that are unaffiliated with The Ensign Group.

Ensign 亦持有 Standard Bearer Healthcare REIT, Inc.，這是一家自保型不動產投資信託（captive REIT），投資於醫療照護不動產，並與 Ensign 的部分獨立子公司以及與 The Ensign Group 無關聯的第三方承租人簽訂租賃協議。

The words Ensign, company, we, our and us refer to The Ensign Group, Inc., and its consolidated subsidiaries. All of our independent subsidiaries, the service center, Standard Bearer Healthcare REIT and the insurance captive are operated by separate independent companies that have their own management, employees and assets.

文中所稱 Ensign、公司、我們（we）、我們的（our）及我們（us）係指 The Ensign Group, Inc. 及其合併子公司。我們所有獨立子公司、服務中心、Standard Bearer Healthcare REIT 以及 insurance captive 均由各自獨立公司營運，並擁有其自身的管理團隊、員工與資產。

References herein to the consolidated company and its assets and activities as well as the use of the words we, us and our and similar terms are not meant to imply nor should it be construed as meaning that The Ensign Group has direct operating assets, employees or revenue or that any of the subsidiaries are operated by The Ensign Group.

本文中提及合併公司及其資產與活動，以及使用「我們／我們的」等類似用語，並非意指、亦不應被解讀為 The Ensign Group 擁有直接的營運資產、員工或營收，或任何子公司係由 The Ensign Group 所營運。

Also, we supplement our GAAP reporting with non-GAAP metrics. When viewed together with our GAAP results, we believe that these measures can provide a more complete understanding of our business, but they should not be relied upon to the exclusion of GAAP reports. A GAAP to non-GAAP reconciliation is available in Tuesday's press release and is available on our Form 10-Q.

此外，我們在 GAAP 報告之外亦補充揭露非 GAAP 指標。我們相信，將這些衡量指標與 GAAP 結果一併觀察，可更完整理解我們的業務，但不應在排除 GAAP 報告的情況下單獨依賴。GAAP 與非 GAAP 的調節表載於週二發布的新聞稿中，亦可於我們的 Form 10-Q 中取得。

And with that, I'll turn the call over to Barry Port, our CEO. Barry?

接下來，我把電話交給我們的執行長 Barry Port。Barry？

Thanks, Chad. We're thrilled to report another outstanding quarter. Our teams continue to demonstrate their unwavering commitment to dignify post-acute care in the eyes of the world through moments of truth. Our mission is not just a catch phrase, it's the guiding motivation behind nearly every decision made across our organization.

謝謝你，Chad。我們很高興報告又一個表現卓越的季度。我們的團隊持續展現堅定不移的承諾，透過關鍵時刻（moments of truth）讓世界看見並尊重後急性照護（post-acute care）。我們的使命不只是口號，而是驅動我們組織幾乎每一項決策的指引動力。

As we've said before, we believe we achieve our mission by consistently delivering exceptional outcomes and experiences that redefine what residents, families and health care partners expect from skilled nursing.

如同我們先前所說，我們相信，透過持續提供卓越的成果與體驗，重新定義住民、家屬與醫療合作夥伴對專業護理（skilled nursing）的期待，我們便能實現使命。

Additionally, our core values, which our teams refer to using the acronym CAPLICO creates a shared culture that empowers nearly 6,000 partners to lead with compassion, accountability, ownership and a relentless commitment to excellence.

此外，我們的核心價值觀，團隊以 CAPLICO 這個縮寫稱之，建立了共享文化，賦能近 6,000 位夥伴以同理心、責任感、主人翁精神，以及對卓越永不妥協的承諾來領導。

While CAPLICO may have begun as a simple set of shared beliefs over time, it has become part of our operating DNA that determines hiring decisions, leadership development, employee retention, clinical execution and ultimately, the experience of our residents and their families. Together, our mission and values inspire local teams to strengthen each other and elevate care.

CAPLICO 或許起初只是一些共同信念，但隨著時間推移，它已成為我們營運 DNA 的一部分，影響招募決策、領導力發展、員工留任、臨床執行，並最終形塑住民及其家屬的體驗。我們的使命與價值觀共同激勵各地團隊彼此強化、提升照護水準。

We believe culture is not separate from performance. It is the foundation that makes sustainable clinical, operational and financial performance possible. At the center of our clinical strategy is an integrated care model that we call one clinical that empowers every health care discipline, including nursing and therapy to participate fully in making our residents' lives better.

我們相信文化並非與績效分離。文化是使臨床、營運與財務績效得以永續的基礎。我們臨床策略的核心是一個整合照護模式，我們稱之為「one clinical」，使每個醫療專業領域（包括護理與治療）都能充分參與，讓住民的生活變得更好。

While most of the industry outsources therapy or treat therapy is a separate department to fulfill a singular purpose, our therapists work alongside nursing is equal partners, bringing their expertise into every aspect of resident care.

當多數同業將治療服務外包，或將治療視為為了單一目的而存在的獨立部門時，我們的治療師與護理人員並肩合作、地位平等，將其專業融入住民照護的每個面向。

Together with our physician partners and our interdisciplinary team members, there is a continuous evaluation of emerging clinical evidence sharing of best practices and development of advanced clinical pathways that improve outcomes across our operations.

結合我們的醫師合作夥伴與跨專業團隊成員，我們持續評估新興臨床證據、分享最佳實務，並發展進階臨床照護路徑，以提升我們各項營運的照護成果。

Rather than treating diagnosis in isolation, they coordinate every discipline around a common set of goals, restoring function, improving quality of life, reducing avoidable complications and helping residents achieve the best possible outcome.

他們不會將診斷視為孤立事件，而是讓各專業圍繞一套共同目標協同合作：恢復功能、提升生活品質、降低可避免的併發症，並協助住民達成最佳可能的結果。

It is the clinical operating model that guides how our affiliated operations deliver care every day, and we believe it is one of the most important differentiators of our organization that has been developed over decades. We believe this clinical patient-centric model is a compounding competitive advantage that is uniquely perpetuated and refined through peer accountability in our cluster model.

這套臨床營運模式指引我們關聯營運單位每日如何提供照護；我們相信，這是我們組織最重要的差異化因素之一，且已歷經數十年發展而成。我們相信，這種以病人為中心的臨床模式是一種可複利累積的競爭優勢，並透過我們的叢集（cluster）模式中的同儕問責機制得以獨特地延續與精進。

And the proof of all the expertise and efficiencies evidenced in the outcomes. According to the most recently published Centers for Medicare and Medicaid Services data for our same-store facilities, we achieved quality measure ratings that were 21% above the average of the states we operate in. Likewise, these operations achieved CMS Cycle 1 survey inspectium results that outperformed the average of facilities in our operating states by 15% and exceeded county-level averages by 28%.

而所有專業能力與效率的證明，都體現在成果之中。根據最新發布的美國醫療保險與醫療補助服務中心（CMS）針對我們同店（same-store）機構的資料，我們的品質衡量評等比我們營運所在州的平均水準高出 21%。同樣地，這些營運單位在 CMS Cycle 1 調查稽核結果方面，較我們營運所在州的機構平均高出 15%，並較郡（county）層級平均高出 28%。

In addition, short-stay residents achieved functional improvement rates 30% better than industry peers in our operating states and long-stay residents had antipsychotic medication rates 28% better than industry peers in our operating states, reflecting our focus on appropriate medication management and resident centered care.

此外，短期住民的功能改善率比我們營運所在州的同業高出 30%；長期住民的抗精神病藥物使用率則比同業低 28%，反映我們對適當用藥管理與以住民為中心照護的重視。

We ended the quarter with over 80% of our skilled nursing operations earning a CMS quality measure rating of 4 or 5 stars. Exceeding national averages in every single one of the 15 quality measurement categories, including all five claims-based measurements. This is also especially notable given that many of our acquisitions were 1- and 2-star buildings when we took them over.

本季結束時，我們超過 80% 的專業護理營運單位獲得 CMS 品質衡量 4 星或 5 星評等。在 15 項品質衡量類別中的每一項都高於全國平均，包括全部 5 項以理賠（claims-based）為基礎的衡量指標。尤其值得注意的是，我們許多收購案在接手時原本是 1 星或 2 星的機構。

In addition, 12% of all our eligible operations comprised of 40 buildings in eight different states or in the CMS high-performing designation under its new risk-based survey program placing them among a select group of facilities recognized by CMS for consistently strong performance.

另外，我們所有符合資格的營運單位中，有 12%（共 40 棟建物，分布於 8 個不同州）在 CMS 新的風險導向調查計畫下獲得「高績效」（high-performing）認定，使其躋身於一小群因持續強勁表現而獲 CMS 表揚的機構之列。

Importantly, all these measures are supported by a variety of objective sources, including CMS measures claims-based metrics, regulatory surveys, occupancy trends and referral behavior. Whether view through quality ratings, survey performance, occupancy growth, referral trends, rehospitalization rates, emergency department utilization or managed care relationships, we believe the consistency of these outcomes provides compelling evidence that our operating model is delivering meaningful results for our residents and health care partners alike and the reason why we continue to enjoy census growth that is outpacing the industry.

重要的是，所有這些衡量指標皆由多種客觀來源支持，包括 CMS 衡量指標、以理賠為基礎的指標、法規稽核、入住率趨勢與轉介行為。無論是從品質評等、稽核表現、入住率成長、轉介趨勢、再住院率、急診使用率或管理式照護（managed care）合作關係來看，我們相信這些成果的一致性提供了有力證據，證明我們的營運模式正為住民與醫療合作夥伴帶來具意義的成效；這也是我們持續享有超越產業的入住人數（census）成長的原因。

These results are the cumulative impact of our operating model. Our one clinical approach, the integration of therapy and nursing, investments in technology and clinical tools and the culture that drives accountability and execution at the bed side every day.

這些成果是我們營運模式累積影響的體現。我們一致的臨床作法、治療與護理的整合、對科技與臨床工具的投資，以及每天在床邊推動問責與執行的文化。

The strength of our clinical model ultimately depends on the quality and stability of our people, we are especially proud of the continued improvement in employee and leadership stability. In particular, our director of nursing turnover continues to improve and according to CMS reported data, our overall RN retention rate is 11% better than the average across our 18-state footprint.

我們臨床模式的實力最終取決於人員的品質與穩定性；我們尤其為員工與領導團隊穩定性持續改善而感到自豪。特別是，我們護理主任的離職率持續改善；依據 CMS 公布的資料，我們整體註冊護理師（RN）留任率比我們涵蓋的 18 州平均水準高出 11%。

Similarly, administrator turnover is an impressive 45% lower than the CMS measured state average. This level of leadership stability creates continuity for our caregivers and residents, reinforces accountability at the local level and allows the investments we make in our clinical programs, technology and resources to translate into consistently superior quality outcomes, care efficiency, regulatory performance and financial results.

同樣地，我們的機構管理者離職率也比 CMS 衡量的各州平均值低了令人印象深刻的 45%。這種程度的領導穩定性為照護人員與住民帶來延續性，強化地方層級的問責，並使我們在臨床計畫、科技與資源上的投資，能轉化為一貫更優異的品質成果、照護效率、法規遵循表現與財務結果。

All of these clinical achievements directly impact our operating metrics, like occupancy and skilled mix and the corresponding financial results are a direct reflection of a relentless patient-focused culture.

所有這些臨床成就都直接影響我們的營運指標，例如入住率與專業照護（skilled）組合，而相對應的財務成果則直接反映出我們對病人高度聚焦、永不鬆懈的文化。

As each operation solidifies its reputation in its respective market, they are not only being chosen to care for more and more patients, but they are also being interested to care for increasingly complex cases, including a larger share of Medicare, managed care and other skilled patients.

隨著各營運據點在各自市場中鞏固聲譽，它們不僅被選擇照護越來越多的病人，也愈來愈常被委託照護更複雜的個案，包括更高占比的 Medicare、管理式照護（managed care）及其他專業照護病人。

To highlight this point, on the census front, our same-store and transitioning occupancy for the third quarter is 84.1% and 86.1%, respectively. Also, same facilities and transitioning facility skilled mix revenue for the quarter increased by 10.7% and 10.5%, respectively, over the prior year quarter and skilled days for the quarter increased by 7.2% and 7.9%, respectively, over the prior year quarter. Importantly, we experienced year-over-year growth across all skilled payer categories during the quarter.

為了凸顯這一點，在住民人數（census）方面，我們第三季同店與轉換中據點的入住率分別為 84.1% 與 86.1%。此外，本季同店與轉換中據點的專業照護組合收入（skilled mix revenue）較去年同期分別成長 10.7% 與 10.5%，而本季專業照護日數（skilled days）較去年同期分別增加 7.2% 與 7.9%。重要的是，本季我們在所有專業照護付款方（payer）類別上皆實現年對年成長。

Medicare was particularly strong with same-store days increasing 7.6% and transitioning days increased 6.3%, driving Medicare revenue growth of 11.1% and 7.8%, respectively. Likewise, managed care revenue increased by 9.1% and 7.2%, respectively, for same-store and transitioning operations over the prior year quarter.

Medicare 表現尤其強勁，同店日數增加 7.6%，轉換中日數增加 6.3%，帶動 Medicare 收入分別成長 11.1% 與 7.8%。同樣地，管理式照護收入在同店與轉換中營運據點上，較去年同期分別增加 9.1% 與 7.2%。

These operating statistics clearly demonstrate that patients, families, hospital systems, physicians and managed care organizations continue to choose Ensign-affiliated operations because of the outcomes our teams achieved and the distinctive culture and experience our local teams create every day. This cannot and will not happen, especially consistently and over a long period of time without consistently achieving these industry-leading, high-quality clinical outcomes.

這些營運統計清楚顯示，病人、家屬、醫院體系、醫師與管理式照護組織持續選擇 Ensign 關聯營運據點，原因在於我們團隊所達成的成果，以及我們在地團隊每天所打造的獨特文化與體驗。若沒有持續達成這些業界領先的高品質臨床成果，這件事不可能、也不會發生，尤其不可能長期且一貫地發生。

In health care, trust is ultimately expressed through patient choice and referral behavior. Hospitals, physicians, managed care organizations, patients and families make decisions every day about where care will be delivered. Occupancy growth, therefore, is more than a financial metric. It's one of the clearest validations that an operation consistently delivers the outcomes and experience that stakeholders value.

在醫療照護中，信任最終會透過病人的選擇與轉介行為展現。醫院、醫師、管理式照護組織、病人與家屬每天都在決定要在哪裡提供照護。因此，入住率成長不只是財務指標。它是最清楚的驗證之一，證明某個營運據點能持續提供利害關係人所重視的成果與體驗。

We also continue to benefit from powerful demographic tailwinds, which we expect will further support the census momentum we are seeing across our portfolio. While we are pleased with our current same-store occupancy, we are equally excited about the remaining organic growth story as we clinically and culturally transform these operations.

我們也持續受惠於強勁的人口結構順風，我們預期這將進一步支撐我們在整體投資組合中所看到的住民人數動能。雖然我們對目前同店入住率感到滿意，但我們同樣對在臨床與文化上轉型這些營運據點所帶來的剩餘內生成長故事感到振奮。

At 84% occupancy, we still have meaningful runway with many of our most mature operations consistently achieving occupancy in the mid-90% range. Our organic growth remains one of the most compelling drivers of our long-term performance. In addition, we continue to acquire new operations with significant long-term upside, and expect to maintain a healthy pace of growth as we expand our mission-driven approach to transform and dignified post-acute care.

在 84% 的入住率下，我們仍有相當大的成長空間；我們許多最成熟的營運據點長期穩定達到 90% 中段的入住率。我們的內生成長仍是推動長期表現最具吸引力的動能之一。此外，我們持續收購具有顯著長期上行空間的新營運據點，並預期在擴大我們以使命為導向、用以轉型並提升急性後期照護（post-acute care）尊嚴的作法時，將維持健康的成長步調。

Since 2024, we have successfully sourced, underwritten, closed and transitioned to 122 new operations across several markets, many of which are already performing at or above expectations, both clinically and financially.

自 2024 年以來，我們已在多個市場成功完成 122 個新營運據點的案源開發、承作評估（underwrite）、成交與轉換導入，其中許多在臨床與財務表現上已達到或超越預期。

Due to our strong quarter and our confidence in what's ahead, we are increasing our annual 2026 earnings guidance to $7.94 to $8.02 per diluted share up from our previous guidance of $7.75 to $7.85, which we increased last quarter. We are also raising the lower end of our annual revenue guidance to $5.89 billion, while maintaining the upper end at $5.92 billion. The midpoint of our earnings guidance represents an impressive 21.5% increase over 2025 and 45.1% growth over 2024.

由於本季表現強勁且我們對未來充滿信心，我們將 2026 年全年每股稀釋盈餘（EPS）指引上調至 7.94 至 8.02 美元，高於我們先前（且於上季已上調）的 7.75 至 7.85 美元。我們也將全年營收指引下緣上調至 58.9 億美元，同時維持上緣 59.2 億美元不變。我們盈餘指引的中位數相較 2025 年成長 21.5%，相較 2024 年成長 45.1%，表現亮眼。

Obviously, this pace of growth and execution makes us highly confident not only in our 2026 performance, but into 2027. We fully expect our low to continue executing, innovating and integrating new operations while delivering strong results. While we are proud of these results, we also recognize there is always more to learn and much to improve. We remain focused on helping our local leaders find better ways to care for residents, support caregivers and strengthen the operations they serve.

顯然，這樣的成長與執行速度讓我們不僅對 2026 年的表現高度有信心，也對延伸至 2027 年的表現充滿信心。我們完全預期我們的團隊將持續執行、創新並整合新營運據點，同時交出強勁成果。雖然我們為這些成果感到自豪，但我們也明白永遠有更多可學、也有許多可改進之處。我們仍專注於協助在地領導者找到更好的方式照護住民、支持照護人員，並強化他們所服務的營運據點。

Next, I'll turn it over to Chad to discuss more about our ongoing growth and acquisitions.

接下來，我把時間交給 Chad，請他進一步說明我們持續的成長與併購。

Thank you, Barry. We continue to acquire new operations with significant long-term upside and expect to maintain a healthy pace of growth as we expand our mission-driven approach to transform and dignify post-acute care.

謝謝你，Barry。我們持續收購具有顯著長期上行空間的新營運據點，並預期在擴大我們以使命為導向、用以轉型並提升急性後期照護尊嚴的作法時，將維持健康的成長步調。

During the quarter and since, we added 22 new operations, including three real estate assets and 19 leased operations. These recent additions include nine in Florida, seven in Colorado, four in Washington and two in Texas. In total, we added 2,373 new skilled nursing beds and 113 independent living beds across four states. This growth brings a number of operations in our recently acquired group of operations to 22% of our entire portfolio.

本季以及其後，我們新增了 22 個營運據點，包括 3 項不動產資產與 19 個租賃營運據點。這些近期新增據點包括佛羅里達州 9 個、科羅拉多州 7 個、華盛頓州 4 個，以及德州 2 個。合計而言，我們在四個州新增了 2,373 張專業護理床位與 113 張獨立生活（independent living）床位。這項成長使我們近期收購的這一組營運據點占我們整體投資組合的 22%。

Since 2024, we have successfully sourced, underwritten, closed and transitioned 122 new operations across several markets, many of which are already performing at or above expectations, both clinically and financially. We are thrilled to enter Florida and are very excited about the opportunity we have to bring our clinically focused operating model to the local communities there.

自 2024 年以來，我們已在多個市場成功完成 122 個新營運據點的案源開發、承作評估（underwrite）、成交與轉換導入，其中許多在臨床與財務表現上已達到或超越預期。我們非常高興進入佛羅里達州，也對能將我們以臨床為核心的營運模式帶到當地社區的機會感到十分振奮。

Throughout our history, we have been thoughtful and deliberate when entering new states. Seeking opportunities where exceptional local leadership, strong community ties and long-term growth potential, aligned with our operating philosophy.

縱觀我們的歷史，在進入新州時我們一向審慎且有計畫。我們尋找的機會必須具備卓越的在地領導、深厚的社區連結與長期成長潛力，並與我們的營運理念一致。

In this case, one of our most seasoned leaders presented a plan to plant the Ensign flag in Florida, ensured that he was leaving his previous role in an outstanding hands and moved to Florida to learn the dynamics in the state, recruit talent and evaluate and select our first deal. After passing on several opportunities and finally landing on these recent additions, we are excited to make this investment into one of the largest and most dynamic health care markets in the country, and we believe these operations provide an outstanding first step into the state.

在這個案例中，我們一位最資深的領導者提出在佛羅里達插旗 Ensign 的計畫，確保他離開原職時已交接給非常出色的團隊，並移居佛羅里達以了解該州的市場動態、招募人才，並評估與挑選我們的第一筆交易。在放棄數個機會、最終選定這些近期新增據點後，我們很高興能投資於全美最大且最具活力的醫療市場之一；我們相信這些營運據點為我們進入該州提供了極佳的第一步。

These operations are almost all lower than average occupancies for these geographies and all present substantial clinical and operational challenges. But these campuses also possess tremendous long-term upside. We have been grateful for the warm welcome from the dedicated team of caregivers already serving the community. We are anxious to work together to improve the clinical quality of these turnaround operations and to live by proven clinical and operational principles that have transformed hundreds of operations over several decades.

這些營運據點幾乎都低於其所在地區的平均入住率，且都面臨相當大的臨床與營運挑戰。但這些園區同時也具備巨大的長期上行空間。我們很感謝已在當地服務社區的敬業照護團隊給予我們熱情的歡迎。我們迫不及待想攜手合作，提升這些翻轉型（turnaround）營運據點的臨床品質，並依循經過驗證的臨床與營運原則——這些原則在數十年間已成功轉型了數百個營運據點。

We are also excited to complete these acquisitions and to expand our presence in Colorado. Our Colorado-based subsidiary, Endura Healthcare, has served the communities across Colorado for many years. and these operations fit well within the existing footprint while expanding our presence on the western slope.

我們也很高興完成這些收購，並擴大我們在科羅拉多州的布局。我們位於科羅拉多州的子公司 Endura Healthcare 多年來一直服務科羅拉多州各地社區。而這些營運據點與既有版圖高度契合，同時也擴大了我們在科羅拉多州西坡地區的布局。

In addition, we are very excited to expand our existing footprint in Washington. These facilities serve vibrant communities throughout the Seattle area and we have tremendous confidence in our local leadership teams and their ability to support strong clinical programs while maintaining a resident centered approach to care.

此外，我們也非常期待擴大我們在華盛頓州既有的布局。這些設施服務於西雅圖地區各個充滿活力的社區，我們對當地領導團隊及其在維持以住民為中心的照護方式下支持強健臨床計畫的能力，充滿信心。

Each of these turnaround operations present us with significant opportunities to strengthen clinical programs and quality outcomes, and we expect these operations to take some time to contribute to our overall performance.

這些需要扭轉的營運據點為我們帶來顯著機會，可強化臨床計畫與品質成果；我們也預期這些營運需要一些時間，才會對整體績效做出貢獻。

We continue to learn from and improve our transition process and believe that those lessons are showing through in the performance. As we continue to scale, we are able to lean on our talented resources that spread across many geographies and enhancing our ability to digest larger deals by breaking them into bite-size pieces, transitioning in the traditional Ensign way, but with a local cluster-driven plan that gives each operation the time and attention they deserve.

我們持續從交接過程中學習並加以改進，並相信這些經驗已反映在績效表現上。隨著我們持續擴張規模，我們能倚重分布於多個地理區域的優秀資源，並透過將大型交易拆解為較小單元來提升消化能力；以 Ensign 傳統方式完成交接，同時採用由在地叢集驅動的計畫，讓每個營運據點都能獲得其應得的時間與關注。

We continue to see opportunities that include everything from larger portfolios, landlords looking to replace current tenants, nonprofits looking to divest of their post-acute assets and the steady flow of traditional one-offs. We have several new additions lining up for next year as our local leadership teams and their partners at the service center work together to source, underwrite and carefully select the right opportunities.

我們持續看到各式機會，包括較大型的資產組合、希望更換現有承租人的房東、希望處分其後急性照護資產的非營利機構，以及穩定流入的傳統單點交易。我們已有數項新的加入案正排隊等待明年完成，因為我們的在地領導團隊與服務中心的夥伴攜手合作，進行案源開發、承作評估（underwrite）並審慎挑選合適的機會。

Our local leaders continue to recruit future CEOs for Ensign affiliated operations, and we have a deep bench of CEOs-in-training that are eagerly preparing for their opportunity to lead. Over the last year, we've had an average of approximately 52 AITs at various stages of the program, actively training and obtaining the hours necessary to obtain their license. This number is particularly impressive when you consider we've added 94 operations in just the last 1.5 years.

我們的在地領導者持續為 Ensign 關聯營運據點招募未來的 CEO，我們也擁有深厚的 CEO 儲備梯隊（培訓中），正積極準備迎接領導機會。過去一年，我們在計畫不同階段的 AIT 平均約有 52 人，積極受訓並累積取得執照所需的時數。考量到我們在過去 1.5 年內新增了 94 個營運據點，這個數字尤其令人印象深刻。

We see a high demand from qualified applicants and can be very selective. Our local clusters drive the recruiting efforts for AITs and carefully scrutinize who they will admit into the program. We are constantly refilling the AIT ranks.

我們看到合格申請者需求旺盛，因此可以非常嚴格地篩選。我們的在地叢集主導 AIT 的招募工作，並仔細審核將錄取進入計畫的人選。我們持續不斷補充 AIT 的人力梯隊。

In addition, we have found success in retaining existing leadership in some of the higher-performing acquisitions. In some recent portfolio deals, for example, we identified several impressive administrators that had seen success at achieving consistent clinical and financial results at their respective operations and were a great fit for our culture.

此外，在部分表現較佳的收購案中，我們也成功留任既有的領導團隊。例如在近期一些資產組合交易中，我們辨識出數位令人印象深刻的管理者，他們在各自營運據點成功達成穩定的臨床與財務成果，且非常符合我們的文化。

We have become much better at onboarding existing talent into our local clusters and are continuously refining that process. As a result, many of the talented leaders we have kept not only have done well, but have earned the CEO designation from their peers.

我們在將既有人才導入在地叢集方面已大幅精進，並持續優化該流程。因此，我們所留任的許多優秀領導者不僅表現出色，還獲得同儕授予 CEO 的稱號。

This high-quality influx of leadership talent, our continued focus on onboarding existing leadership and our decentralized transition model allow us to grow without being limited by typical corporate bottlenecks.

這股高品質的領導人才流入、我們持續聚焦於既有領導者的導入，以及我們去中心化的交接模式，使我們能在不受典型企業瓶頸限制的情況下成長。

In the face of all of this growth, we continue to maintain enough cash and available capacity under our line of credit to fund a significant amount of growth, including adding even more real estate assets to our portfolio. We believe the continued strength of our balance sheet, even after all this growth demonstrates that our acquisition formula which includes a locally driven underwriting and transition process, provides a scalable growth model that can carry us well into the future.

面對如此快速的成長，我們仍持續維持充足現金與循環信用額度下的可用融資能力，以支應相當規模的成長，包括在投資組合中新增更多不動產資產。我們相信，即使在如此成長之後資產負債表仍保持強勁，顯示我們的收購公式——包含由在地驅動的承作評估與交接流程——提供了一個可擴展的成長模式，能在未來長期支撐我們。

We look forward to continuing to grow the way we have over the last few years, with lots of transactions across many states, including small deals and larger portfolios and where it makes sense, higher-priced strategic assets.

我們期待延續過去幾年的成長方式，在多個州進行大量交易，涵蓋小型交易與較大型資產組合，並在合理情況下納入價格較高的策略性資產。

Lastly, we are also pleased with the continued growth of Standard Bearer, which added eight new assets during the quarter and since, including five previously leased facilities that have been and will continue to be operated by an Ensign affiliate. Standard Bearer is now comprised of 183 owned properties, of which 146 are leased to an Ensign affiliated operator and 38, which are leased to third-party operators.

最後，我們也樂見 Standard Bearer 持續成長，本季及其後新增了 8 項資產，其中包括 5 家先前以租賃方式持有、且已由（並將持續由）Ensign 關聯機構營運的設施。Standard Bearer 目前由 183 處自有物業組成，其中 146 處出租給 Ensign 關聯營運商，另有 38 處出租給第三方營運商。

Collectively, Standard Bearer generated rental revenue of $47.7 million for the quarter, of which $42.1 million was derived from Ensign affiliated operations. For the quarter, Standard Bearer reported $27.3 million in FFO and as of the end of the quarter, had an EBITDAR to rent coverage ratio of 2.6 times.

整體而言，Standard Bearer 本季產生租金收入 4,770 萬美元，其中 4,210 萬美元來自 Ensign 關聯營運據點。本季 Standard Bearer 報告 FFO 為 2,730 萬美元；截至季末，其 EBITDAR 對租金覆蓋倍數為 2.6 倍。

And with that, I'll turn the call to Spencer, our COO, to add more color around operations. Spencer?

接下來，我把電話交給我們的營運長（COO）Spencer，請他就營運面提供更多說明。Spencer？

Thanks, and hello, everyone. Today, I'd like to highlight two examples that demonstrate the continued progress and momentum we're seeing across our entire portfolio.

謝謝，各位好。今天我想強調兩個例子，展現我們在整體投資組合中持續看到的進展與動能。

The first example is our recently acquired operation that shows how industry experienced leaders can raise performance when they have strong resource support and are empowered to make decisions locally. Both core elements of the Ensign operating model.

第一個例子是我們近期收購的一個營運據點，顯示當具產業經驗的領導者獲得強力資源支持，並被授權在地做決策時，能夠提升績效。這兩點都是 Ensign 營運模式的核心要素。

Decatur County Healthcare, a 115-bed skilled nursing facility located in Parsons, Tennessee, was acquired in January of 2025. And along with eight other Southeast operations. A key element of any successful transition is ensuring that the right leaders are in place. So during the due diligence period prior to transition, our Tennessee interdisciplinary team met with and evaluated the existing leadership at each operation. At Decatur, what they found were clinical and operational leaders with deep community ties and a commitment to excellence.

Decatur County Healthcare 是位於田納西州帕森斯（Parsons）的一家 115 床專業護理機構（skilled nursing facility），於 2025 年 1 月完成收購。並與另外 8 家東南部營運據點一併納入。任何成功交接的關鍵要素之一，是確保合適的領導者到位。因此，在交接前的盡職調查期間，我們田納西州的跨專業團隊與各營運據點既有領導團隊會面並進行評估。在 Decatur，他們發現的是與社區連結深厚、並致力追求卓越的臨床與營運領導者。

Executive Director, Kyle Smith, was born and raised in Parsons. As a boy, you volunteered at the facility in college, he worked there as a CNA, and he has now led it for 19 years. Kyle understands that in rural Tennessee health care is all about caring for people as family. In fact, all four of his grand rents have been residents of the facility at some point.

執行主任 Kyle Smith 出生並成長於帕森斯。他小時候就在該機構擔任志工；大學期間在那裡擔任 CNA（護理助理）；如今已領導該機構 19 年。Kyle 明白，在田納西州的鄉村地區，醫療照護的核心就是把人當作家人來照顧。事實上，他的四位祖父母都曾在某個時期成為該機構的住民。

His partner, Director of Nursing, Kelly Watson is a registerer, who has served in the facility for 28 years and has worked in nearly every department. She knows what it takes to attract and retain clinical staff. The facility is the county's second largest employer and nearly every employee and resident is a neighbor friend or founding member.

他的夥伴、護理主任 Kelly Watson 是一名註冊護理師（registered nurse），在該機構服務 28 年，幾乎在每個部門都工作過。她了解吸引並留任臨床人員所需的一切。該機構是該郡第二大雇主，幾乎每位員工與住民都是鄰居、朋友或創始成員。

Because Kyle, Kelly, and the leadership team were stable and fully bought into the transition and integrating into their new cluster of Ensign affiliated partners. They help their frontline staff and caregivers to quickly implement the new systems, act on feedback and use the tools a new direction to help their already good facility quickly become even better.

由於 Kyle、Kelly 與領導團隊穩定，且完全認同交接並融入其新的 Ensign 關聯夥伴在地叢集。他們協助第一線員工與照護人員迅速導入新系統、回應回饋並運用工具與新方向，讓原本就不錯的機構能更快變得更好。

Therapy moved from being a contracted vendor to becoming an in-house partner at transition. Together, this one clinical team has broken down silos and found synergies that have significantly improved outcomes for all of their residents alike.

復健治療（Therapy）在交接時由外包供應商轉為內部合作夥伴。透過合作，這個臨床團隊打破部門藩籬並創造協同效益，顯著改善所有住民的照護成果。

Today, as the facility nears the end of its second year as an Ensign affiliate, the results speak for themselves. The (inaudible) holds a 5-star overall CMS rating with 5 star for quality measures. For example, when looking at their claims-based quality measures, looking at both emergency department visits and long-stay hospitalizations, they outperformed national averages by over 30%. And for short stay antipsychotic utilization they come in at less than half the national rate.

如今，該機構作為 Ensign 關聯機構即將進入第二年末，成果不言自明。該（聽不清）在 CMS 整體評等中維持 5 星，品質衡量（quality measures）亦為 5 星。例如，從其以理賠資料為基礎的品質指標來看，無論是急診就醫次數或長期住院率，其表現均較全國平均優於 30% 以上。而在短期住民的抗精神病藥物使用率方面，其水準不到全國比率的一半。

Financial metrics are also following suit. And compared to the same period last year, third quarter occupancy has risen from about 65% to 79%. Revenue was up 29%, and EBIT has improved by over 400%.

財務指標也同樣呈現相同趨勢。與去年同期相比，第三季入住率已從約65%上升至79%。營收成長29%，EBIT提升超過400%。

Our second example, Bainbridge Island Health and Rehabilitation shows what excellence looks like in our same-store operations. This 58-bed skilled horsing facility sits across Puget Sound from Seattle and has been part of Ensign since 2015. Its island location creates significant workforce and occupancy challenges. Bainbridge Island has a small labor pool and some of the Seattle areas highest living costs. So many caregivers commute more than an hour each way, often by ferry.

第二個例子是Bainbridge Island Health and Rehabilitation，展現了我們同店營運中卓越表現的樣貌。這家擁有58床的專業護理機構位於西雅圖對岸的普吉特海灣，自2015年起成為Ensign的一部分。其島嶼地理位置帶來顯著的人力與入住率挑戰。Bainbridge Island的勞動力來源有限，且生活成本為西雅圖地區最高之一。因此，許多照護人員單程通勤超過一小時，且常需搭乘渡輪。

Unlike Decatur, Executive Director, Paul Waddington; and COO and nursing Director, Hannan Jaya, are both homegrown leaders. Paul worked at an Ensign affiliate as a department head and later graduated from the Ensign AIT program. Hannan was an Assistant Director of Nursing, and completed her DON training at a high acuity operation with one of Ensign's most seasoned nurse mentors.

不同於Decatur，執行主任Paul Waddington，以及營運長兼護理主任Hannan Jaya，兩位都是內部培養的領導者。Paul曾在Ensign關係企業擔任部門主管，之後完成Ensign的AIT培訓計畫。Hannan曾任護理副主任，並在一家高重症度的營運據點完成DON訓練，師承Ensign最資深的護理導師之一。

This enzyme up premium instilled in both a passion for establishing the highest standards for clinical quality and employee experience. And that obsession is demonstrated in the results their operation now consistently achieved.

這種自上而下的培育，使兩人都對建立最高臨床品質與員工體驗標準充滿熱情。而這份近乎執著的追求，也體現在他們的營運如今持續達成的成果之中。

For example, Bainbridge recently received a 0 deficiency annual survey, doubly impressive given Washington State status as one of the nation's most difficult survey environments. Bainbridge holds a 5-star rating for health inspections, staffing, quality measures and overall and CMS claims-based data ranks the facility significantly better than both state and national averages for a wide spectrum of quality measures, including antipsychotics, ER visits and short-stay rehospitalizations.

例如，Bainbridge近期在年度稽核中獲得零缺失（0 deficiency），在華盛頓州被視為全美最嚴苛的稽核環境之一的情況下，這項成就更顯難得。Bainbridge在健康稽核、人力配置、品質指標與整體評等皆維持5星；CMS以申報資料為基礎的數據亦顯示，該機構在多項品質指標上明顯優於州與全國平均，包括抗精神病用藥、急診就醫與短期住民再住院率。

Staffing is perhaps the most remarkable part of the story. RN hours per patient day at Bainbridge are nearly double the national average, and RN turnover is approximately one-third of the stated national average. Those results reflect a sustainable clinical culture built around developing and retaining exceptional nurses, not simply achieving strong metrics in the short term.

人力配置或許是這個故事中最令人驚豔的一環。Bainbridge每位病患每日的RN工時幾乎是全國平均的兩倍，而RN流動率約為全國平均的三分之一。這些成果反映的是一種可持續的臨床文化：以培育並留任卓越護理人員為核心，而非僅在短期內追求漂亮的指標。

As you would expect, these quality results of lead Bainbridge to recently be designated as a CMS high-performing facility. This designation is achieved by only about 12% of nursing homes nationwide. And while Bainbridge is exceptional by a national and state standards, its clinical excellence is reflected across the whole Washington market.

如各位所預期，這些品質成果使Bainbridge近期被指定為CMS高績效機構。全美僅約12%的護理之家能取得此項認定。雖然Bainbridge以全國與州的標準來看都極為出色，但其臨床卓越也反映在整個華盛頓市場。

In fact, in September, when CMS released its initial high-performing facilities list, 59% of eligible Ensign affiliates in Washington were awarded that designation. That's nearly 5 times more than the state average. That quality is carried through to Bainbridge financial results.

事實上，9月CMS公布首批高績效機構名單時，華盛頓州符合資格的Ensign關係機構中，有59%獲得該項認定。這幾乎是州平均的5倍。這樣的品質也延伸到Bainbridge的財務成果。

For example, occupancy and skilled mix continued to improve, with skilled days increasing by 35% over Q3 of 2025, while Bainbridge year-to-date revenues have increased by 15% and EBIT has increased by 21% during that same period. We are proud of the great culture of clinical excellence that Bainbridge and its sister facilities in Washington have established.

例如，入住率與專業護理占比持續改善；與2025年第三季相比，專業護理日數增加35%，同期間Bainbridge年初至今營收增加15%，EBIT增加21%。我們為Bainbridge及其在華盛頓的姊妹機構所建立的卓越臨床文化感到自豪。

And we're confident that with such a strong foundation of quality, we'll be able to integrate the new operations that we recently added in that state. We hope that both the Bainbridge Island example and the Decatur County example give you more insight into why we are so excited about the future.

我們也有信心，憑藉如此堅實的品質基礎，我們將能整合近期在該州新增的營運據點。我們希望Bainbridge Island與Decatur County這兩個案例，能讓各位更了解為何我們對未來如此振奮。

And with that, I'll turn the time over to Suzanne, our CFO. Suzanne?

接下來，我把時間交給我們的財務長Suzanne。Suzanne？

Thank you, Spencer, and good morning, everyone. Detailed financials for the quarter are contained in our 10-Q and press release filed yesterday. Some additional highlights for the quarter compared to the prior year quarter include the following: GAAP diluted earnings per share was $1.76, an increase of 23.9%. Adjusted diluted earnings per share was $2.03, an increase of 23.8%. The Consolidated GAAP revenue and adjusted revenue were both $1.48 billion, an increase of 14.5%.

謝謝你，Spencer，各位早安。本季的詳細財務資訊已載於我們昨日提交的10-Q與新聞稿中。以下為本季相較去年同期的一些額外重點：GAAP稀釋每股盈餘為1.76美元，成長23.9%。調整後稀釋每股盈餘為2.03美元，成長23.8%。合併GAAP營收與調整後營收皆為14.8億美元，成長14.5%。

GAAP net income was $104.3 million, an increase of 24.4%. And adjusted net income was $120.5 million, an increase of 24.9%. Other key metrics as of September 30 include cash and cash equivalents of $337.6 million. and cash flow from operations of $512.3 million.

GAAP淨利為1.043億美元，成長24.4%；調整後淨利為1.205億美元，成長24.9%。其他截至9月30日的關鍵指標包括：現金及約當現金3.376億美元，以及營運活動現金流量5.123億美元。

During the nine months ended September 30, 2026, we spent more than $675 million to execute on our strategic growth plan. We made these investments from a position of strength, as shown by the lease adjusted net debt-to-EBITDA ratio of approximately 2 times after taking into consideration these investments.

在截至2026年9月30日的九個月期間，我們投入超過6.75億美元以執行我們的策略性成長計畫。我們是在穩健的基礎上進行這些投資；在將上述投資納入考量後，租賃調整後淨負債對EBITDA比率約為2倍，即可看出我們的財務實力。

Our continued ability to maintain low leverage even during periods of significant acquisitions is particularly noteworthy and demonstrates our commitment to disciplined growth as well as our belief that we can continue to achieve sustainable growth in the long run.

即使在大規模併購期間仍能持續維持低槓桿，特別值得一提；這展現了我們對紀律性成長的承諾，也反映我們相信長期仍能持續達成可持續的成長。

In addition, we currently have more than $730 million of available capacity under our line of credit, which, when combined with our cash on our balance sheet, gives us more than $1 billion in dry powder for future investments. We also own 189 assets, 165 of which are owned completely debt free. They are gaining significant value over time, adding even more liquidity to help with future growth.

此外，我們目前在循環信用額度項下仍有超過7.30億美元的可用額度；加上資產負債表上的現金，使我們擁有超過10億美元的「乾火藥」可用於未來投資。我們亦持有189項資產，其中165項完全無負債。這些資產隨時間推移持續增值，進一步提升流動性，以支援未來成長。

The company paid a quarterly cash dividend of $0.065 per share on common stock. We have a long history of paying dividends and have increased the annual dividend for 23 consecutive years.

公司已就普通股發放每股0.065美元的季度現金股利。我們長期以來持續配發股利，且已連續23年提高年度股利。

As Barry mentioned, we are increasing our annual 2026 earnings guidance to between $7.94 to $8.02 per diluted share. and are raising the lower end of annual revenue guidance to $5.89 billion, while maintaining the upper end at $5.92 billion.

如Barry所提及，我們將2026年全年盈餘指引上調至每股稀釋後7.94至8.02美元。同時將全年營收指引下限上調至58.9億美元，並維持上限為59.2億美元。

We have evaluated multiple scenarios and based upon the strength in our performance and the positive momentum we have seen in occupancy and skilled mix as well as the continued progress on our newly acquired operations, agency management and other operational initiatives, we have confidence that we can achieve these results.

我們評估了多種情境；基於我們表現的強勁、入住率與專業護理占比的正向動能，以及新併購營運據點、派遣人力管理與其他營運措施的持續進展，我們有信心能達成這些結果。

Our 2026 guidance is based on diluted weighted average common shares outstanding of approximately 59.5 million, a tax rate of 25%, the inclusion of acquisitions closed and expected to be closed through the fourth quarter of 2026, and the inclusion of management's expectations for the reimbursement rates, with the primary exclusion coming from stock-based compensation and amortization of system implementation costs.

我們的2026年指引係以稀釋後加權平均流通普通股約5,950萬股、稅率25%、納入已完成及預期於2026年第四季前完成的併購案、以及管理層對補償費率的預期為基礎；主要排除項目為以股票為基礎之酬勞與系統導入成本攤銷。

Additionally, other factors that could impact the quarterly performance include variations in reimbursement systems, delays and changes in state budgets, seasonality in occupancy and skilled mix, the influence on the general economy and census and staffing. The short-term impact of our acquisition activity; variations in insurance accruals and other factors. And with that, I'll turn it back over to Barry. Barry?

此外，可能影響季度表現的其他因素包括：補償制度的變動、州預算的延遲與變更、入住率與專業護理占比的季節性、總體經濟以及住民人數與人力配置的影響。我們併購活動的短期影響；保險應計項目的變動及其他因素。接下來我把時間交回給Barry。Barry？

As we wrap up, I want to take a moment to recognize the extraordinary leaders and caregivers across our organization who continue to make all of this possible. One of the things I've come to appreciate most about this organization is that our people have never needed ideal circumstances to accomplish exceptional things.

在結語之前，我想花點時間表揚我們組織內各地非凡的領導者與照護人員，正是他們讓這一切得以實現。我對這個組織最深的體會之一是：我們的人從不需要完美的環境，也能成就非凡的事。

They faced enormous challenges navigated uncertainty and shoulder the responsibility of caring for an increasingly complex and vulnerable patient population. And through it all, they've remained focused on what matters most. There's something incredibly powerful about that consistency.

他們面臨巨大的挑戰、在不確定性中前行，並肩負起照護日益複雜且更為脆弱的病患族群的責任。而在這一切之中，他們始終專注於最重要的事。那種一以貫之的堅持，具有極其強大的力量。

It's one thing to talk about your values, your culture or commitment to excellence. It's quite another to demonstrate those things quarter after quarter across hundreds of operations in ways that can be independently measured and validated.

談論你的價值觀、文化或對卓越的承諾是一回事。而能夠在數百個營運據點中，一季又一季地以可被獨立衡量與驗證的方式展現這些，則是另一回事。

And that's exactly what our local leaders and their teams continue to do. Their clinical outcomes the trust they're earning in their communities and the extraordinary momentum they're creating speak far more powerfully than anything we could ever say on a call like this.

而這正是我們的在地領導者及其團隊持續在做的事。他們的臨床成果、在社區中贏得的信任，以及他們所創造的非凡動能，比我們在這樣的電話會議上所能說的任何話都更有說服力。

I hope our leaders and caregivers recognize just how remarkable that is. We're deeply grateful for them, incredibly proud of what they're accomplishing and perhaps most exciting of all, confident that their very best work is still ahead of them.

我希望我們的領導者與照護人員能夠意識到這有多麼了不起。我們對他們深懷感激，為他們所達成的成就感到無比自豪；而最令人振奮的或許是，我們有信心他們最出色的工作仍在前方。

And with that, we'll turn it over for questions. Operator, please provide the instructions for our Q&A.

接下來，我們將進入提問環節。接線員，請提供問答環節的指引。

(Operator Instructions) Ben Hendrix, RBC Capital Markets.

(接線員指示) Ben Hendrix，RBC Capital Markets。

Great. And congratulations on the quarter and the expansion. Just wanted to ask a couple of questions or one major question on Florida. It's clearly a dynamic market for providers. And just wanted to know, as you did your diligence on the region and on the platform, any unique challenges that could arise in this -- for this ramp-up and for this integration, given the new market, whether regarding your referral network, regulatory environment, labor market, payer backdrop, et cetera.

很好。也恭喜本季表現以及版圖擴張。我想問幾個問題，或是一個關於佛羅里達的主要問題。對服務提供者而言，這顯然是一個充滿變動的市場。想請教在你們對該地區與平台進行盡職調查時，是否發現任何可能在這次擴張與整合過程中出現的獨特挑戰——鑑於這是新市場，無論是轉介網絡、監管環境、勞動市場、支付方背景等。

anything that you're flagged in your diligence is standing out as a particularly high risk or greater risk than what you normally see in acquisitions.

在你們的盡職調查中，有沒有任何事項被標記為特別高風險，或是比你們在一般併購案中通常看到的風險更高？

Thanks for the question, Ben. Florida is a state we've had our eye on for a long time. Obviously, we've been in the Southeast for a while now, and you've seen us expand there. And Florida, given its demographics and just its sheer size and population. It's a natural state for us to enter into -- I think our hesitancy up to this point has been the litigation environment is really busy.

謝謝你的問題，Ben。佛羅里達是我們關注已久的州。顯然，我們在美國東南部已經布局一段時間，你也看到我們在那裡擴張。而佛羅里達，考量其人口結構以及龐大的規模與人口，對我們而言是很自然會進入的州——我想我們先前遲疑的原因在於訴訟環境非常繁忙。

It's -- and that makes it a deterrent for operators to come into the state and certainly one of the major red flags that we've looked at over time. But that all aside, it's a really great rate environment now. It's much more stable than it used to be. It's a good labor environment.

這——會讓營運商對進入該州有所卻步，也一直是我們長期評估時的主要警訊之一。但撇開這點不談，現在的費率環境非常好。比過去穩定得多。勞動環境也不錯。

From a regulatory standpoint, it's probably middle of the road. It's not easy, it's not incredibly uniquely tough either. But most importantly, it's a state where we've had one of our long-time leaders, Forest Peterson, who's been with us for a very long time, who has prepared himself and the team to come with him into that state. He moved out earlier in the year and has been laying the groundwork for a successful transition there.

從監管角度來看，大概屬於中等水準。不容易，但也沒有特別、獨一無二地嚴苛。但最重要的是，這個州有我們一位長期領導者 Forest Peterson——他在公司服務很久——他已經做好準備，並帶著團隊一起進入該州。他在今年稍早就搬到那裡，並一直在為順利轉換打下基礎。

And just as a quick follow-up, I noticed you talked about your ability to disintermediate in some cases, some higher level of acuity or a higher acuity settings, given the capabilities that you put into your locations. Anything different or any hurdles in that regard in terms of maybe bringing more SNF volume in Florida into the markets or into your new facilities?

再快速追問一下，我注意到你提到，因為你們在據點導入的能力，有時能夠在某些情況下「去中介化」，承接一些更高照護強度、或在更高照護強度場域的病患。在這方面，若要把佛州市場中更多 SNF（專業護理機構）的量導入市場或你們的新設施，是否有任何不同之處或障礙？

Yeah, great question. One of the advantages we have because of our track record in other states and particularly in the Southeast, we have -- obviously, relationships with all the major health care plans that are in Florida, and we've been able to get there buy-in and attention.

是的，很好的問題。我們的一個優勢是，憑藉我們在其他州、尤其是在東南部的過往成績，我們——顯然——與佛羅里達所有主要的醫療保險計畫都有合作關係，也能取得他們的支持與關注。

Normally, buildings like these, which are turnarounds, they're significantly challenged clinically and operationally the road for being able to bring in that higher acuity patient is much longer. I think because of our relationship, we're able to do some LOAs and some one-off arrangements as we get started to prove ourselves.

通常像這樣的機構屬於需要翻轉的案子，在臨床與營運上都面臨相當大的挑戰；要能導入更高照護強度病患的路徑會長得多。我認為因為我們的關係，我們能在起步階段做一些 LOA（授權書）以及一些一次性的安排，先證明我們的能力。

These days, outcomes matter more than anything when it comes to gaining the trust of hospitals, managed care plans. So our teams feel that pressure to perform quickly and make sure the clinical product is representative of who we are. and they're doing that. But it will take some time. But given the advantages we have with our relationships, we feel like we can take some of that time off.

如今，在取得醫院與管理式照護計畫信任方面，成果比任何事情都更重要。因此，我們的團隊感受到必須快速交出表現的壓力，並確保臨床服務品質能代表我們的水準。他們正在做到。但這需要一些時間。不過，憑藉我們在人脈關係上的優勢，我們覺得可以縮短其中一部分時間。

David MacDonald, Truist.

David MacDonald，Truist。

Congratulations. I would love to just start with a quick question on the updated guidance. If we look at the implied 4Q guide, it looks like a pretty strong quarter. And look, I realize there's some seasonality, but given the pace of the recent M&A.

恭喜。我想先就更新後的財測做個快速提問。如果看隱含的第四季指引，看起來會是相當強勁的一季。我知道其中有一些季節性因素，但考量近期併購的節奏。

And then Barry, just some of your comments about Florida, it sounds like a typical underperforming acquisition when you bring it on board. Can you just comment on the performance of the core business and whether some of the other deals that you've brought on are outperforming, Texas is one that comes to mind. But just any commentary there would be helpful.

另外 Barry，聽你對佛羅里達的評論，感覺像是你們接手時典型的表現不佳的併購案。你能否談談核心業務的表現，以及你們近期併入的其他交易是否表現優於預期？德州是一個我想到的例子。任何相關評論都會很有幫助。

Yeah. I think that's a great question, David. I think it plays into maybe some of the missed projections on revenue from some of the analysts and others that are following us. We -- historically, we've been really, really successful with our transitions, but we've also been fortunate that many of the midsized portfolios we've taken in California and other states have not been as challenged as the ones we're used to taking and are currently taking now, which are more of our bread and butter our typical turnaround type operations. .

是的。我覺得這是個很好的問題，David。我想這也呼應了部分分析師與其他追蹤我們的人在營收預測上出現落差的原因。我們——歷來在轉換整合方面非常、非常成功，但我們也很幸運：我們在加州與其他州接手的許多中型投資組合，並不像我們過去慣常接手、以及目前正在接手的那些那麼棘手；後者更符合我們的核心能力——典型的翻轉型營運。.

The buildings in Texas are still not accretive that we expect that they're going to come in way ahead of pro forma. So possibly in the fourth quarter we'll see some contribution from those operations. But like those taxes operations, these Florida operations are very, very challenged in pretty much every aspect clinically, financially and physical plan. They've not been operated well, and they will take some time to come around, certainly, financially, but first and foremost, clinically.

德州的據點目前仍未具增益（accretive），但我們預期它們最終會遠遠優於原先的備考（pro forma）水準。因此，第四季可能會看到那些營運帶來一些貢獻。但就像那些德州營運一樣，這些佛羅里達的營運在幾乎所有面向都非常、非常具挑戰性——臨床、財務以及實體廠房。它們過去的營運管理不佳，需要一些時間才能改善，尤其在財務面；但首要之務仍是臨床面。

And when you have situations like that, I think what is normal is that it takes a year or more for these things to really -- these operations to start being a contributor to our overall performance, both from a revenue and an earnings standpoint. So yes, I would classify these recent acquisitions as ones that you expect out of Ensign acquisitions that are turnaround in nature and will be slower to contribute.

在那樣的情況下，我認為正常來說，通常需要一年或更久，這些——這些營運才會真正開始對我們整體表現做出貢獻，無論是營收或獲利面。所以是的，我會把這些近期收購歸類為符合 Ensign 併購特性、以翻轉為主、貢獻速度較慢的案子。

And then when you flip to the core business, we really expect that core business to continue to be strong. I mean, when we look at what -- before historically has done, that is what we've built in, really strong occupancy, strong skilled mix, continuing to have the growth that we're stepping off of Q3, right? Stepping out at 84% on same-store and 86% occupancy on same-store with elevated skilled mix. bodes well for Q4. And so that's what you see built into our guidance with that good step up.

至於核心業務，我們確實預期核心業務會持續強勁。我的意思是，當我們回顧過去的表現，那就是我們納入假設的基礎：非常強的入住率、強勁的專業護理（skilled）組合，並延續我們從第三季延伸出的成長動能，對吧？同店（same-store）第三季收在 84% 的同店入住率、以及 86% 的同店入住率，且專業護理占比提高，對第四季是很好的訊號。因此你會在我們的指引中看到這個良好的上升幅度。

Okay. Helpful. Just one other quick question. We get a lot of questions that we hear a lot about automation, AI, et cetera. One of the areas on the clinical side, we hear a lot about is documentation and some efficiencies around there.

好的。有幫助。還有一個很快的問題。我們收到很多問題，常常聽到大家在談自動化、AI 等等。在臨床端，我們也常聽到的一個領域是文件紀錄（documentation）以及在那方面的一些效率提升。

I was wondering if you could just spend a minute on some of the initiatives that you guys have in place and how we should think about the timing in terms of clinical efficiency in terms of some of the other areas that you guys are looking at? And how -- I guess, just broadly speaking, how you're thinking about the timing of the rollout in a more meaningful way of some of those initiatives.

我想請你花一分鐘談談你們目前有哪些相關的推動措施，以及我們應該如何看待在臨床效率方面的時程，包含你們正在關注的其他領域？以及——我想更廣泛地說——你們如何看待其中一些措施在更具意義的層面上推行落地的時間點？

We're fortunate to have a really, really good team that's a mix of newer people and people that have been with us for a long time that have stayed up on the advances in technology. Certainly, I would -- we have many, many projects underway that are leveraging efficiency that we can gain from that, certainly on an administrative side on business processes. And have copilot and co-work rolled out throughout most of our teams so that they can use that for things as simple as business reporting and automating some of their daily tasks.

我們很幸運有一支非常、非常優秀的團隊，成員包含較新的同仁以及在公司待了很久、一路跟上科技進展的人。當然——我們有非常多專案正在進行中，正利用我們能從中取得的效率提升，尤其是在行政端的業務流程上。我們也已在大多數團隊中推行 copilot 和 co-work，讓大家可以用在像是商業報表這麼基本的事情上，並自動化部分日常工作。

But I think the most exciting projects that we're working on and focused on revolve around clinical documentation support coding and compliance support. And then with a particular focus on finding ways to use AI to help our clinicians gather all the information they need on patients, both current and historical to help them in real time with clinical decision support.

但我認為我們正在做、也最令人興奮的專案，主要圍繞在臨床文件紀錄支援、編碼（coding）與法遵支援。此外，特別聚焦在找出運用 AI 的方式，協助臨床人員蒐集病患所需的所有資訊（包含當前與歷史資料），以便在即時情境下提供臨床決策支援。

And we're doing that in a number of ways, primarily in collaboration with our EMR provider. They have tools that they're developing that we have been embracing and trialing and helping them to develop into what we need them to be, but also on top of that, developing our own tools that will be supportive and helpful for our clinicians to make better and more rapid and accurate decisions. So a number of projects we're working on with a particular emphasis on the clinical side.

我們透過多種方式在做這件事，主要是與我們的 EMR 供應商合作。他們正在開發一些工具，我們已積極採用並進行試點，也協助他們把工具打磨成符合我們需求的樣子；同時，在此之上，我們也在開發自有工具，來支援並協助臨床人員做出更好、更快速且更精準的決策。因此，我們有多個專案在推進，並特別著重在臨床端。

Raj Kumar, Stephens.

Raj Kumar，Stephens。

Maybe I want to piggyback off of Ben's question, just thinking about skilled mix -- same-store skilled mix firmly above 32% year to date. I guess last time we saw that metric in that ballpark area was during the COVID waiver era.

我想延伸 Ben 的問題，談談 skilled mix——同店的 skilled mix 今年迄今穩定高於 32%。我想上一次我們看到這個指標在這個區間，大概是在 COVID 豁免（waiver）時期。

So one would like to just love to hear what's supported the sustainability of that metric post COVID operationally, whether bucketing it between broad-based demand market share gains from other skilled nursing providers or even thinking higher acuity spectrum in terms of inpatient rehab. Just would be curious on the strength there.

所以我很想聽聽，在 COVID 之後，營運上是什麼支撐了這個指標的可持續性——不論是把它歸因於整體需求面、從其他專業護理機構（skilled nursing providers）取得市占，或是從更高病情嚴重度（higher acuity）的光譜來看，例如住院復健（inpatient rehab）。想請教這方面的強勁動能。

Yeah. Raj, I think it's a little bit of all of the above. But I think one thing to point out is that we're doing this in the third quarter, which is typically one of our weaker quarters. So having that as a starting point as we go into two of our better quarters from a skilled mix standpoint is really exciting for us to see.

是的。Raj，我想以上因素多少都有一些。但我認為有一點值得指出：我們是在第三季做到的，而第三季通常是我們相對較弱的季度。因此，以這樣的起點進入接下來兩個在 skilled mix 角度通常更強的季度，對我們來說看到這樣的表現非常令人振奮。

And look, certainly, I think -- if you listen to our prepared remarks, you can -- I think you can surmise why this is the case. Our emphasis in the beginning of the call was to focus on the clinical outcomes that we're achieving because that's the reason behind the trust that we have from our managed care partners and our acute partners and physicians and families and residents choosing us in our setting. The outcomes generate that decision-making when it comes to where you go to handle your complex clinical needs.

而且你看，當然，我認為——如果你聽我們事先準備的發言，你可以——我想你可以推知為什麼會是這樣。我們在電話會議一開始就強調要聚焦在我們達成的臨床結果（clinical outcomes），因為這正是我們能獲得管理式醫療（managed care）合作夥伴、急性照護端（acute）合作夥伴、醫師，以及家庭與住民在我們場域選擇我們的信任基礎。當你要處理複雜的臨床需求時，這些結果會驅動大家在「要去哪裡接受照護」上的決策。

And when you can have a setting where that's accomplished with consistency and you earn the trust of that care continuum.

而當你能在一個場域中持續一致地做到這些，並贏得整個照護連續體（care continuum）的信任。

So yes, there are some tailwinds with demographics and certainly, that's helpful in terms of the overall volume of patients. But when it comes to generating the gains we've seen in acuity it all boils down to the consistency and outcomes that we're able to achieve.

所以是的，人口結構確實帶來一些順風，當然這對整體病患量有幫助。但就我們在病情嚴重度（acuity）上看到的提升而言，歸根究柢都來自於我們能夠穩定達成的一致性與結果表現。

And I think the other thing that you see and accrues out what Barry just said, it's across all payers. We're not seeing it in one payer and not in the other payers, but we're seeing that growth across all the payers.

我想你也會看到、而且這也呼應 Barry 剛剛說的：這是跨所有付款方（payers）的。我們不是只在某一個付款方看到、其他付款方沒有；而是所有付款方都看到這樣的成長。

Got it. And as my follow-up, maybe on the M&A component. Clearly, '25 and '26 have been accelerated. So as I think about beyond 2026 and the comfortability around the pacing, maybe just any commentary around that and whether we should be thinking about an M&A baseline that is above the historic maybe 20 facilities per annum. Just any considerations or that we should be thinking about as we think about the out years?

了解。那我的追問可能在併購（M&A）部分。很明顯，2025 年和 2026 年的節奏已經加速。所以當我思考 2026 年之後、對於節奏掌握的舒適度時，想請你評論一下：我們是否應該把併購的基準水位（baseline）想得高於過去歷史上每年大約 20 家機構？在我們思考更長期年度（out years）時，有沒有任何我們應該納入考量的點？

Yeah. Great question, Raj. So first of all, we don't set growth goals. But we're very opportunistic and we take the deals that make sense. So I just -- I start with that just because in terms of looking forward, we're going to -- we're not in a spot right where we say, okay, we want to grow by 15% to 20% in terms of bed count per year, and we're going to do that come hell or high water, right?

是的。Raj，這個問題很好。首先，我們不設定成長目標。但我們非常把握機會，會做那些合理的交易。所以我先從這點開始，因為就往前看而言，我們不會處在一個狀態說：好，我們希望每年床位數成長 15% 到 20%，然後不管遇到什麼困難都一定要做到，對吧？

So it all depends on market conditions, pricing -- obviously, our leadership pipeline, we highlight that a lot to make sure that's probably the biggest constraint we have is making sure we have leaders in place.

所以一切取決於市場狀況、價格——當然還有我們的領導人才管線；我們常常強調這點，因為最大的限制大概就是要確保我們有領導者到位。

And as we mentioned in our prepared remarks, we've got 55 or so AITs that are currently in the program, and that's after all this growth that we've had. So we're constantly refilling that pipeline of leaders. Plus, I think, as we mentioned, we're also getting better and better at integrating really strong existing leaders that are in buildings we acquire. And certainly, in more performing portfolios, that's been something we're succeeding and doing as well.

而且如同我們在事先準備的發言中提到的，我們目前在計畫中大約有 55 位 AIT（Administrator-in-Training，管理員培訓生），而這是在我們已經有這麼多成長之後仍然如此。所以我們持續補充這條領導人才管線。另外，我想我們也提到，我們在整合我們收購的機構中原本就很強的既有領導團隊方面，也做得越來越好。而且在表現較佳的投資組合（portfolios）中，這也是我們正在成功推進的一件事。

So -- but look, we're very comfortable growing at the pace we've been growing 50 to 60 acquisitions a year is totally doable, if not more. As we look forward, we certainly see the deal flow is strong enough to continue to support that growth. But I guess I'd just caveat it with we're also going to be smart about it, right? So -- but that said, we're really excited. I mean, the pathway that we have here, our balance sheet we have somewhat dry powder and support of an amazing group of banks that are constantly encouraging us to continue to invest and our investors feel the same.

所以——但你看，我們對以目前的速度成長非常有信心；一年收購 50 到 60 家完全可行，甚至更多也可以。往前看，我們確實看到交易來源（deal flow）足夠強勁，能持續支撐這樣的成長。但我想我會加上一個但書：我們也會聰明地做，對吧？所以——話雖如此，我們真的很興奮。我的意思是，我們目前的路徑、我們的資產負債表仍有一些可用資金（dry powder），再加上一群很棒的銀行夥伴持續鼓勵我們繼續投資，我們的投資人也有同樣的看法。

So we're excited about the future, and we already see a healthy pipeline for next year. And some deals that we're excited about. I mean, again, as I mentioned in the prepared remarks, larger portfolios, there's midsize and then there's the one-offs that we always have. So obviously, again, those deals have to line up and meet our criteria, but we're excited about where we sit on several of those opportunities.

所以我們對未來感到興奮，而且我們已經看到明年有健康的案源管線。也有一些我們很期待的交易。我的意思是，再次如我在事先準備的發言中提到的，有大型投資組合、有中型的，然後也一直會有單一個案（one-offs）。所以很明顯，這些交易仍必須對齊並符合我們的標準，但我們對其中幾個機會目前所處的位置感到很振奮。

A.J. Rice, UBS.

A.J. Rice，UBS。

Hi, everybody. Just -- maybe just a follow-up on the deal pipeline commentary. In the prepared remarks, you mentioned the sourcing of deals that you have a number of different sources. I think you said nonprofit health systems REITs looking to transition operators, deals that are sourced in the field. I wonder, is any of those pipelines and maybe there's some others I didn't mention becoming more plentiful supply for you.

大家好。我想——可能就交易案儲備（deal pipeline）的評論再追問一下。在事先準備的發言中，你提到你們的案源有好幾種不同來源。我記得你說包括非營利醫療體系、REIT（不動產投資信託）在尋求轉換營運商的案子，以及在第一線開發出來的案子。我想請教，這些管道（以及也許還有一些我沒提到的）對你們而言，供給是否正在變得更充沛？

And I know you're looking at a diversity of opportunities, premium properties versus turnaround properties, et cetera. does those different sources tend to skew in one way or the other, I'd be curious.

我也知道你們在看各式各樣的機會，高端資產與需要扭轉的資產等等。我很好奇，這些不同來源的案子，是否會傾向於某一種類型？

Yeah, it's a great question. It's really all of it. I mean, it really is. I wouldn't say we're seeing more from nonprofits than REITs or it's just coming from all places and more than we could ever gobble up, I guess, I'd say.

是的，這是個很好的問題。其實各種都有。我的意思是，真的就是如此。我不會說我們從非營利機構看到的比從REIT更多——就是各方都有，而且多到我們根本吃不完，我想可以這麼說。

So -- with that said, I guess I do want to highlight, we've mentioned again a few times two quarters in a row that we have had success in acquiring some higher quality, I guess, physical plant portfolios that cost a little bit more at the outset, but require a whole lot less capital investment over time.

所以——話雖如此，我想我確實要強調一下：我們已經連續兩個季度提到，我們在收購一些品質較高、我想是硬體設施（physical plant）較好的資產組合方面取得了成功；這類資產一開始成本會高一些，但隨著時間推移所需的資本投入要少得多。

And I think we probably have seen more of that, I would say, lately. And I don't know if that's because we've done some and so people are thinking, hey, Ensign will buy not just turnaround with some of these nicer assets.

我想我們最近可能看到這類案子更多一些。我不確定是不是因為我們做了幾筆之後，大家就覺得：嘿，Ensign不只會買需要扭轉的案子，也會買這些更好的資產。

But that's been encouraging, and that's still something that we're really interested in doing -- we often talk about there's three ways that facility can be challenged the first one is a physical plant and then obviously clinical challenges. And then third are just financial challenges. And if you can get a nicer quality plant that doesn't have -- you're not swimming against the current on the physical plant side of things.

但這是令人鼓舞的，而且這仍然是我們非常有興趣去做的——我們常說，一家機構可能面臨挑戰有三種：第一是硬體設施（physical plant），然後當然是臨床方面的挑戰。第三則是純粹的財務挑戰。如果你能取得品質更好的硬體設施，就不會在硬體這一端逆水行舟。

And then you can just focus on clinical and financial. It's definitely been a path that's worked for us.

接著你就可以把重心放在臨床與財務上。這確實一直是對我們有效的一條路徑。

But all that said, we'll still, as Barry mentioned, a lot of the deals we just announced this quarter are turnarounds in all three phases, and we know how to do that really well, too. But, yes. So hopefully, that's helpful. But we're certainly encouraged by the frequent and constant stream of opportunities that come from us from all of those sources.

不過話說回來，正如Barry提到的，我們這一季剛宣布的許多交易，在三個面向上都是需要扭轉的案子，而我們也非常擅長做這件事。但，是的。希望這些有幫助。總之，來自所有這些來源、頻繁且持續不斷的機會流入，讓我們相當受到鼓舞。

Okay. And it was also mentioned in the prepared remarks that the strength of your capital structure and balance sheet allows you to look at a variety of opportunities, but one you mentioned was as leases mature, the potential that you've created value in the property to be able to buy that property out.

好的。另外，在事先準備的發言中也提到，你們資本結構與資產負債表的強度，讓你們能夠評估各種機會；其中一項是，隨著租約到期，你們可能因為在該物業上創造了價值，而有能力把該物業買下來。

I wondered if you just comment on what that looks like over the next few years? Is there a bolus of deals that might come available to you that you could take in? Is it probably more of a steady stream over the next few years. How do we think about that?

我想請你談談未來幾年這會是什麼樣的情況？會不會有一波（bolus）交易可能對你們開放、讓你們可以承接？還是說未來幾年更可能是穩定、持續的供給？我們該如何看待這件事？

It's a great question. This is maybe buried in there a little bit, but we just acquired a handful of facilities that we've been leasing from a large public REIT for nearly 20 years. And that's -- the way that process plays out is you're getting towards the end of the lease term.

這是個很好的問題。這點可能有點埋在細節裡，但我們剛收購了幾家機構——我們向一家大型上市REIT租賃這些機構已將近20年。而那個流程通常是：你接近租期尾聲。

And so both parties are trying to figure out, okay, do we renew the lease, what's the plan? And in that case, the -- a REIT partner there was interested in maybe redeploying the capital and senior living shop type deals and aren't as interested maybe in just triple net SNF stuff. And so we were able to close on that during the quarter and -- so that's from a REIT.

因此雙方都在思考：好，那我們要不要續租？計畫是什麼？在那個案例中，那位REIT合作夥伴可能有興趣把資金重新配置到資深生活（senior living）那類交易上，對於單純的三重淨租（triple net）SNF（專業護理機構）資產可能就沒那麼有興趣。所以我們得以在本季完成交割——因此那是來自REIT的案子。

We also have a lot of private, small family-owned operation -- operations that are -- that we lease. And those are frequent conversations, too. And in one recent deal we took a lease portfolio that was family owned essentially.

我們也有很多私人、小型家族持有的營運——我們向他們租賃。這些也經常在談。而在最近一筆交易中，我們承接了一個基本上由家族持有的租賃資產組合。

And when the parents die, several of the kids all got ownership in some of these various facilities and over time, we've bought those buildings back one, two at a time. And I think we finally bought the last of one of these lease portfolios from one of the children that inherited the real estate.

當父母過世後，幾個孩子都取得了這些不同機構的所有權；隨著時間推移，我們把那些建物一棟、兩棟地逐步買回來。我想我們最後終於從其中一位繼承不動產的子女手上，把這個租賃資產組合的最後一部分買下來了。

So -- it's definitely an opportunity. It's something we talk about often. And certainly, having two-thirds of our portfolio will be leased is that presents an opportunity to us.

所以——這確實是一個機會。這也是我們經常討論的事情。而且，當我們的投資組合中有三分之二是租賃的，這確實為我們帶來機會。

And look, the other thing, too, we have some of our real estate partners will reach out and say, you guys have done so well in these buildings. And maybe there's some equity here for us that we could unlock by having you guys buy it, right? And so where it makes sense, we'll certainly look at doing that. And like you mentioned, we have the balance sheet to do it.

另外還有一點：我們的一些不動產合作夥伴會主動聯繫我們說，你們在這些建物的經營表現非常好。也許我們可以透過讓你們買下來，把其中的一些權益價值釋放出來，對吧？所以在合理的情況下，我們當然會考慮這麼做。而且如你所提到的，我們有資產負債表的能力去做。

We like ownership. It gives us a lot of flexibility and not just financing and balance sheet stuff, but it also operationally, when you own it, it's just one less thing you've got to deal with when you're wanting to do a major renovation or something like that.

我們喜歡持有所有權。這給我們很大的彈性——不只是融資與資產負債表層面；在營運上也是，當你擁有它時，想做大型翻修或類似事項，就少了一件需要協調處理的事。

So not to mention, obviously, the enormous upside we create in the value of the real estate assets. So something we'll always look at and value those opportunities.

更不用說，顯然我們在不動產資產價值上創造的巨大上行空間。所以這是我們永遠會關注、也會重視的機會。

Okay. Thanks so much.

好的，非常感謝。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有進一步的提問。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。