Guardian Pharmacy Services Inc (GRDN) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to the Guardian Pharmacy Services second quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Monday, August 11, 2025, and I would now like to turn a conference over to Ms. Ashley Stockton. Thank you. Please go ahead.

女士們、先生們，下午好，歡迎參加 Guardian Pharmacy Services 2025 年第二季財報電話會議。（操作員指示）本次通話於 2025 年 8 月 11 日星期一錄製，現在我想將會議交給 Ashley Stockton 女士。謝謝。請繼續。

Good afternoon. Thank you for participating in today's conference call. My name is Ashley Stockton, Senior Director of Investor Relations for Guardian Pharmacy Services. I'm joined on today's call by Fred Burke, President and Chief Executive Officer; and David Morris, Chief Financial Officer.

午安.感謝您參加今天的電話會議。我叫 Ashley Stockton，是 Guardian Pharmacy Services 投資者關係資深總監。參加今天電話會議的還有總裁兼執行長 Fred Burke 和財務長大衛莫里斯 (David Morris)。

After the close today, Guardian posted its financial results for the quarter ended June 30, 2025. A copy of the press release is available on the company's Investor Relations website. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions.

今天收盤後，Guardian公佈了截至2025年6月30日的季度財務業績。新聞稿副本可在公司投資者關係網站上查閱。請注意，今天的討論將包括某些前瞻性陳述，這些陳述反映了我們當前的假設和預期，包括與我們未來財務表現以及行業和市場狀況相關的假設和預期。

Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We encourage you to review the information in today's press release, as well as in our quarterly report on Form 10-Q to be filed with the SEC, including the specific risk factors and uncertainties discussed in our SEC filings. We do not undertake any duty to update any forward-looking statements which speak only as of the date they are made.

此類前瞻性陳述並非對未來績效的保證，並且受風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。我們鼓勵您查看今天的新聞稿中的信息，以及我們將向美國證券交易委員會提交的 10-Q 表季度報告中的信息，包括我們向美國證券交易委員會提交的文件中討論的具體風險因素和不確定性。我們不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其作出之日的觀點。

On today's call, we will also use certain non-GAAP financial measures when discussing the company's financial performance and condition. You can find additional information on these non-GAAP measures and reconciliations to their most directly comparable GAAP financial measures in today's press release, which again is available on our investor relations website.

在今天的電話會議上，我們還將使用某些非公認會計準則財務指標來討論公司的財務表現和狀況。您可以在今天的新聞稿中找到有關這些非 GAAP 指標的更多資訊以及與最直接可比較的 GAAP 財務指標的對賬，該新聞稿也可以在我們的投資者關係網站上找到。

And now I will turn it over to Fred, for commentary on the quarter.

現在我將把時間交給弗雷德，請他對本季進行評論。

Thank you, Ashley. Good afternoon, and thank you all for joining us today to review our second quarter earnings results. I'm pleased to report that the quarter was another strong one for Guardian, marked by continued momentum across our core growth levers. Our performance underscores the consistency of our earnings model, the strength of our local pharmacy leadership, and our disciplined execution across the organization.

謝謝你，阿什利。下午好，感謝大家今天加入我們，回顧我們的第二季財報結果。我很高興地報告，本季對 Guardian 來說又是一個強勁的季度，其特點是核心成長槓桿持續保持強勁勢頭。我們的業績凸顯了我們獲利模式的一致性、我們當地藥局領導層的實力以及我們整個組織的嚴格執行。

We continue to deploy capital with intention, investing to expand into new markets and strengthening our organization to facilitate long-term durable growth. For the quarter, revenue, resident count, and adjusted EBITDA each grew double digits year-over-year. Adjusted EPS came in at $0.23.

我們繼續有目的地部署資本，投資拓展新市場並加強我們的組織以促進長期持久成長。本季度，營收、居民數量和調整後的 EBITDA 均比去年同期成長了兩位數。調整後的每股收益為 0.23 美元。

Importantly, we maintained adjusted EBITDA margins at 7.2%, consistent with the prior year, even as we folded in three acquisitions, launched several Greenfield startups, and continued integrating Heartland, collectively, these pharmacies are not contributing to EBITDA. Additionally, we had approximately $1 million in costs associated with being a public company that did not exist in the prior year quarter.

重要的是，我們將調整後的 EBITDA 利潤率維持在 7.2%，與上年持平，儘管我們進行了三次收購、啟動了幾家 Greenfield 新創公司並繼續整合 Heartland，但這些藥局總體上並沒有為 EBITDA 做出貢獻。此外，作為一家上市公司，我們還有大約 100 萬美元的成本，而這在去年同期並不存在。

In parallel, we continue to strengthen our balance sheet, increasing our cash position by close to $5 million from the previous quarter, even as we invested in growth, namely two acquisitions during the period. We remain confident in our ability to fund future growth with internally generated cash and continue to view M&A as an attractive use of capital, especially given the long-term potential earnings accretion embedded in these newly added pharmacies.

同時，我們繼續加強資產負債表，即使我們投資於成長，即本期間進行了兩次收購，我們的現金狀況也比上一季增加了近 500 萬美元。我們仍然對我們利用內部產生的現金為未來成長提供資金的能力充滿信心，並繼續將併購視為一種有吸引力的資本利用方式，特別是考慮到這些新增藥局所蘊含的長期潛在盈利增長。

In light of our strong year-to-date performance, we are raising our guidance for the full year. We now expect revenue in the range of $1.39 million to $1.41 billion up from our prior range of $1.33 million to $1.35 billion. We're also raising our adjusted EBITDA guidance range to $100 million to $102 million compared to our previous forecast of $97 million to $101 million.

鑑於我們今年迄今的強勁表現，我們提高了全年業績預期。我們現在預計營收將在 139 萬美元至 14.1 億美元之間，高於先前的 133 萬美元至 13.5 億美元。我們也將調整後的 EBITDA 指引範圍從先前的預測 9,700 萬美元至 1.01 億美元上調至 1 億美元至 1.02 億美元。

This updated outlook reflects better than expected organic growth in the first half of 2025 and the revenue contribution of new pharmacies added year-to-date, including our most recent acquisition in Oregon announced last week. Now, I'd like to dive a little deeper into some of the highlights from the quarter starting with acquisitions in Greenfields.

這項更新後的展望反映了 2025 年上半年好於預期的有機成長以及年初至今新增藥局的收入貢獻，其中包括我們上周宣布的在俄勒岡州的最新收購。現在，我想更深入地探討本季的一些亮點，首先是 Greenfields 的收購。

A core component of our growth playbook is disciplined expansion into attractive high growth markets. This quarter, we advanced that strategy by adding three new pharmacies to our platform, two, via acquisition and one Greenfield startup.

我們成長策略的核心要素是向有吸引力的高成長市場進行有紀律的擴張。本季度，我們推進了這項策略，在我們的平台上增加了三家新藥局，其中兩家是透過收購增加的，還有一家是 Greenfield 新創公司。

I'll start with our Greenfield. In April, we announced a new Greenfield startup pharmacy in Naples, Florida, which will serve to further strengthen our position in a state where we already hold a leading market share. This edition reflects our commitment to regions where we have a strong foundation and opportunity to scale further.

我先從我們的 Greenfield 開始。今年 4 月，我們宣佈在佛羅裡達州那不勒斯開設一家新的 Greenfield 新創藥局，這將進一步鞏固我們在該州已佔據領先市場份額的地位。此版本體現了我們對擁有強大基礎和進一步擴展機會的地區的承諾。

As for acquisitions, both met our sweet spot in terms of size and market dynamics. As we announced on our first quarter earnings call in April, we welcomed senior care pharmacy in Wichita, Kansas into the Guardian family, expanding our presence in the state and complementing our existing pharmacy in the Kansas City area.

至於收購，從規模和市場動態來看，兩家公司都滿足了我們的最佳要求。正如我們在四月份第一季度財報電話會議上宣布的那樣，我們歡迎堪薩斯州威奇託的老年護理藥房加入 Guardian 大家庭，擴大我們在該州的業務並補充我們在堪薩斯城地區現有的藥房。

In June, we brought Mercury Pharmacy in Seattle into our network, marking our first physical footprint into Washington, a dynamic region with growing demand for our services. Both acquisitions align well with our longstanding commitment to operational excellence and customized service tailored to the communities we serve.

6 月，我們將西雅圖的 Mercury Pharmacy 納入我們的網絡，標誌著我們首次在華盛頓設立實體店，華盛頓是一個充滿活力的地區，對我們服務的需求不斷增長。這兩項收購都符合我們長期以來對卓越營運和針對我們服務的社區量身定制服務的承諾。

While organic growth remains a key focus, M&A will continue to play a meaningful, complementary role in accelerating our expansion, as evidenced by a recent acquisition in Oregon. These types of investments strengthen our leadership position in the ALF segment and provide attractive opportunities for strong return on investments.

雖然有機成長仍然是重點，但併購將繼續在加速我們的擴張方面發揮有意義的補充作用，最近在俄勒岡州的收購證明了這一點。這些類型的投資加強了我們在 ALF 領域的領導地位，並為豐厚的投資回報提供了誘人的機會。

Now, I want to talk a little bit about our clinical innovation. At the heart of our success is a clear focus on investing in what sets Guardian apart for our facility customers and pay our partners. On the clinical front, we deliver meaningful value through high impact outcome-driven programs powered by Guardian Shield, our proprietary suite of clinical and data analytics tools designed to improve resident outcomes and reduce total cost of care.

現在，我想談談我們的臨床創新。我們成功的核心是明確專注於投資使 Guardian 為我們的設施客戶和合作夥伴帶來差異化優勢。在臨床方面，我們透過 Guardian Shield 提供支援的高影響力結果驅動計劃提供有意義的價值，Guardian Shield 是我們專有的臨床和數據分析工具套件，旨在改善住院者的結果並降低總護理成本。

This quarter I'm proud to share that we entered the second phase of our falls management program, a major initiative in collaboration with our facility partners aimed at proactively reducing one of the leading causes of injury and hospitalization in senior living communities.

本季度，我很自豪地告訴大家，我們進入了跌倒管理計劃的第二階段，這是與我們的設施合作夥伴合作的一項重大舉措，旨在積極減少老年生活社區中受傷和住院的主要原因之一。

We are now live testing the program in select Florida markets, and early feedback has been highly encouraging. Community staff report that the platform is intuitive to use and provides a clear actionable insights to help reduce fall risk among residents. This builds on the success of our other clinical initiatives we offer, including our antibiotic stewardship and psychotropic medication monitoring programs, each of which has delivered meaningful improvements in quality of care and cost control.

我們目前正在佛羅裡達州的部分市場對該計劃進行現場測試，早期反饋非常令人鼓舞。社區工作人員報告說，該平台使用起來直觀，並提供了清晰可操作的見解，有助於降低居民跌倒風險。這是建立在我們提供的其他臨床計劃的成功基礎之上的，包括我們的抗生素管理和精神藥物監測計劃，這些計劃都在護理品質和成本控制方面取得了有意義的進展。

Other key metrics gathered from our data analytics or Guardian's overall clinical interventions, which stand at over 50,000 year-to-date, with over half being mad reconciliations. Additionally, through our insurance optimizer program, which helps our seniors with insurance complexities, we have saved residents over $24 million year to today. These efforts reflect our commitment to being more than a pharmacy. We're a clinical partner helping reduce overall healthcare costs while improving resident outcomes.

其他關鍵指標來自我們的數據分析或 Guardian 的整體臨床幹預，今年迄今已超過 50,000 項，其中超過一半是瘋狂的和解。此外，透過我們的保險優化程序，我們幫助老年人解決保險複雜問題，今年迄今已為居民節省了超過 2,400 萬美元。這些努力體現了我們致力於成為不僅僅是一家藥局的承諾。我們是臨床合作夥伴，致力於降低整體醫療保健成本，同時改善居民的治療效果。

Before I touch on industry and policy developments, I wanted to say a brief word on capital markets. This quarter, we completed a non-dilutive secondary offering, a key milestone in Guardian's evolution as a newly public company. The transaction nearly doubled our public flow from 9.2 million shares to 17.8 million, resulting in improved trading dynamics, broader institutional participation, and increased ownership opportunity for both new and existing investors.

在談及產業和政策發展之前，我想先簡單談談資本市場。本季度，我們完成了非稀釋性二次發行，這是 Guardian 作為一家新上市公司發展歷程中的一個重要里程碑。這項交易使我們的公開流通股數幾乎翻了一番，從 920 萬股增至 1,780 萬股，從而改善了交易動態，擴大了機構參與度，並增加了新老投資者的持股機會。

Importantly, the offering provided longtime employees and early investors an opportunity to realize some of the value they helped create. Even after the transaction, employees continue to hold about 30% of the company, underscoring the deep alignment and long-term commitment across our organization.

重要的是，此次發行為長期員工和早期投資者提供了實現他們所創造的部分價值的機會。即使在交易之後，員工仍然持有公司約 30% 的股份，這凸顯了我們整個組織的深度一致性和長期承諾。

Going public is given our teams a tangible way to track the company's performance. Combined with our long-term equity incentive program, it's driving enthusiasm and a heightened sense of pride across our pharmacy network. Now, turning to the broader policy environment.

上市為我們的團隊提供了一種實際的方式來追蹤公司的業績。結合我們的長期股權激勵計劃，它激發了我們整個藥房網絡的熱情和高度的自豪感。現在，我們來談談更廣泛的政策環境。

The Inflation Reduction Act is changing drug pricing across the industry, but the most significant impact for Guardian expected in 2026. Guardian, along with other sophisticated long-term care pharmacies, delivers essential value-added services that are critical to the broader healthcare continuum, particularly as we care for a rapidly growing senior population with increasingly complex healthcare needs.

《通貨膨脹削減法案》正在改變整個行業的藥品定價，但預計對 Guardian 來說最重大的影響將在 2026 年出現。Guardian 與其他先進的長期照護藥局一起，提供對更廣泛的醫療保健領域至關重要的增值服務，特別是當我們照顧快速增長且醫療保健需求日益複雜的老年人口時。

We believe the impact to our sector is an unintended consequence of recent policy changes, and we think leaders recognize this and support our endeavor to protect high quality care for the assisted living communities we proudly serve. With that said, We're proactively working to address these changes on two fronts. First, through our direct relationships with payer partners, and second, by pursuing a potential legislative or policy solution in collaboration with other industry leaders on Capitol Hill.

我們認為，對我們行業的影響是最近政策變化的意外後果，我們認為領導者認識到了這一點，並支持我們努力為我們自豪服務的輔助生活社區提供高品質的護理。話雖如此，我們正在從兩個方面積極努力應對這些變化。首先，透過我們與付款人合作夥伴的直接關係；其次，透過與國會山莊的其他行業領袖合作尋求潛在的立法或政策解決方案。

With the PBMs, we've been deeply engaged in proactive and constructive discussions. Our value add is being recognized and we continue to make tremendous progress in our negotiations. Moreover, given our market share, we believe we remain in a strong position to resolve this issue. It's important to note, new challenges aren't new territory for us. We've successfully managed prior pricing challenges, including inhalers this year and insulin in 2024.

我們與 PBM 進行了深入的積極和建設性的討論。我們的附加價值正在得到認可，我們在談判中繼續取得巨大進展。此外，考慮到我們的市場份額，我們相信我們仍然有能力解決這個問題。值得注意的是，新挑戰對我們來說並不是新領域。我們已經成功應對了先前的定價挑戰，包括今年的吸入器和 2024 年的胰島素。

On the legislative and policy side, we're actively helping to lead the industry's efforts on Capitol Hill and the CMS, working to shape a more sustainable long-term policy solution for long-term care pharmacies. We are confident policymakers will work to ensure patient care isn't compromised.

在立法和政策方面，我們積極幫助領導國會山莊和醫療保險和醫療補助服務中心的產業努力，努力為長期照護藥房制定更永續的長期政策解決方案。我們相信政策制定者將努力確保病患照護不受影響。

Regarding the one big beautiful bill, we do not expect any material impact on our business. Specifically, our exposure to potential Medicaid cuts is minimal, as less than 10% of our scripts for Medicaid, and the cuts do not affect our specific patient population.

對於這張漂亮的大鈔，我們預期它不會對我們的業務產生任何實質的影響。具體來說，我們面臨的醫療補助削減風險很小，因為我們用於醫療補助的處方不到 10%，削減不會影響我們的特定患者群體。

Turning to MFN, there's still a high degree of uncertainty around ALF and how this will ultimately play out. That said, the IRA is already set to lower pricing on about half our branded drug volume over the next two years. As with the IRA, we don't believe long-term care pharmacies who provide critical services and help them the healthcare cost curve are the intended target. Again, we are confident policymakers and payors would work with us toward a practical solution to ensure patient care is not compromised.

談到最惠國待遇，圍繞 ALF 及其最終將如何發揮作用仍然存在高度不確定性。話雖如此，IRA 已經準備好在未來兩年內降低大約一半品牌藥品的價格。與 IRA 一樣，我們不認為提供關鍵服務並幫助他們降低醫療成本曲線的長期照護藥局是預期目標。再次，我們相信政策制定者和付款人將與我們合作找到切實可行的解決方案，以確保患者護理不受影響。

In summary, we have had great performance this year, and I'm highly proud of our team's hard work and initiative. Looking ahead, our long term growth thesis remains firmly intact. We continue to execute across organic growth within our local markets, strategic Greenfield opportunities and contiguous markets, and a robust acquisition pipeline.

總而言之，我們今年的表現非常出色，我為我們團隊的辛勤工作和積極主動性感到非常自豪。展望未來，我們的長期成長論點依然堅定不移。我們將繼續在本地市場、策略性綠地機會和鄰近市場以及強大的收購管道中實現有機成長。

Together, we believe these three pillars will support sustained growth and ultimately margin expansion as we bring pharmacies and early integration up to consolidated profitability levels. The strength of our year-to-date performance combined with ongoing execution across all areas of the business, gives us confidence heading into the second half of the year.

我們相信，隨著我們將藥局和早期整合提升到綜合獲利水平，這三大支柱將共同支持持續成長並最終擴大利潤率。我們今年迄今的強勁表現加上所有業務領域的持續執行，讓我們對下半年充滿信心。

Now, I will turn it over to David to review the quarter in greater detail.

現在，我將把時間交給 David，讓他更詳細地回顧本季。

Good afternoon, and thank you all for joining the call today. I'll begin with a review of our second quarter financial results and then provide additional context around our updated full year 2025 guidance. I'll also share some insight into the impact of our recent acquisitions and Greenfield startups.

下午好，感謝大家今天參加電話會議。我將首先回顧我們的第二季度財務業績，然後提供有關我們更新的 2025 年全年指引的更多背景資訊。我還將分享一些有關我們最近的收購和 Greenfield 新創企業的影響的見解。

For the second quarter, revenue grew 15% to $344.3 million driven by solid low double digit organic growth, plus contributions from recent acquisitions in Greenfields. Resident count increased 12% to over 195,000, while gross profit increased to $68.1 million, up 11% year-over-year, posting a 19.8% margin.

第二季度，得益於穩健的低兩位數有機成長以及近期對 Greenfields 的收購貢獻，營​​收成長 15% 至 3.443 億美元。居民數量增加 12%，達到 195,000 多人，毛利增加至 6,810 萬美元，年增 11%，利潤率為 19.8%。

Adjusted EBITDA was $25 million, up 15% year-over-year, with margins holding steady at 7.2%. As Fred mentioned, we maintain margin parity with the prior year despite integrating three acquisitions, launching multiple Greenfield startups, and onboarding and integrating the 4 pharmacies related to the Heartland acquisition. Also, we recorded $1.1 million in cost associated with being a public company this year that we didn't have in the year ago quarter.

調整後的 EBITDA 為 2,500 萬美元，較去年同期成長 15%，利潤率穩定在 7.2%。正如弗雷德所提到的，儘管整合了三次收購、啟動了多家 Greenfield 新創公司、並吸收和整合了與 Heartland 收購相關的 4 家藥店，我們的利潤率仍與前一年持平。此外，我們今年作為上市公司的相關成本為 110 萬美元，而去年同期則沒有。

Turning to the balance sheet, we ended the quarter with $18.8 million in cash, an increase of $4.8 million from Q1, even after funding two acquisitions and a Greenfield startup. We remain in a solid financial position with no debt under our credit facility and available liquidity under our revolver. This gives us continued flexibility to fund strategic growth, namely M&A with internal cash flow.

談到資產負債表，我們在本季結束時擁有 1880 萬美元的現金，比第一季度增加了 480 萬美元，即使在資助了兩次收購和一家 Greenfield 新創公司之後也是如此。我們的財務狀況依然穩健，我們的信貸安排下沒有債務，我們的循環信貸下有可用的流動資金。這使我們能夠繼續靈活地為策略性成長（即利用內部現金流進行併購）提供資金。

As Fred noted earlier, we are raising our full year guidance to reflect strong momentum through the first half of the year. Revenue is now expected to be in the range of $1.39 million to $1.41 billion, up from our prior range of $1.33 billion to $1.35 billion. Adjusted EBITDA is now forecast at $100 million to $102 million versus our previous range of $97 million to $101 million. Just to reiterate, this guidance does include the impact for the remainder of the year from our most recent acquisition in Oregon announced subsequent to quarter end.

正如弗雷德之前提到的，我們正在提高全年業績預期，以反映上半年的強勁勢頭。目前預計收入將在 139 萬美元至 14.1 億美元之間，高於我們先前的 13.3 億美元至 13.5 億美元。調整後的 EBITDA 目前預測為 1 億至 1.02 億美元，而我們先前的範圍為 9,700 萬至 1.01 億美元。再次重申一下，該指引確實包括了我們在季度末之後宣布的俄勒岡州最新收購對今年剩餘時間的影響。

Looking ahead at the balance of the year, as in prior years, we expect to see typical seasonality in the 4th quarter driven primarily by COVID and flu vaccine activity, which turned profitable for us last year. We anticipate a similar seasonal impact again this year.

展望今年的剩餘時間，與前幾年一樣，我們預計第四季度將出現典型的季節性，這主要受 COVID 和流感疫苗活動的推動，這些活動去年為我們帶來了利潤。我們預計今年還會再次出現類似的季節性影響。

Gross margins for the remaining quarter should be in line with the first half. Our EBITDA margins should be in line with the second quarter for the remainder of the year as we continue to absorb acquisitions and Greenfield startups. Stock-based compensation will hold for the 3rd quarter at a similar level as Q2. But it is expected to decline meaningfully in Q4 to approximately $1 million as we sunset the pre-IPO equity program. Our tax rates should remain around 29% for the remainder of the year.

本季剩餘時間的毛利率應與上半年持平。由於我們繼續吸收收購和綠地新創企業，我們的 EBITDA 利潤率在今年剩餘時間內應該與第二季度保持一致。第三季的股票薪酬將維持與第二季相似的水準。但隨著我們終止 IPO 前股權計劃，預計第四季度該金額將大幅下降至約 100 萬美元。今年剩餘時間我們的稅率應該維持在29%左右。

In line with our updated outlook, I want to provide additional context around our recent pharmacy additions to help frame their impact of the full year. This was a key topic of our discussion at our June Investor Day, which we were pleased to host at our headquarters. There we spotlighted acquisitions as a core pillar of our growth strategy and included in our updated investor deck, which is available on our website, a slide that shows the recent timeline of acquisitions and Greenfield expansions.

根據我們最新的展望，我想提供有關我們最近新增藥房的更多背景信息，以幫助確定它們對全年的影響。這是我們在六月投資者日討論的關鍵話題，我們很高興在總部舉辦這項活動。我們重點介紹了收購作為我們成長策略的核心支柱，並在我們更新的投資者簡報（可在我們的網站上查閱）中加入了一張幻燈片，其中展示了近期收購和綠地擴張的時間表。

In that slide, we pointed out that as of mid-year 11 of our more than 50 pharmacies remain in the early stages of integration, having been acquired or launched as Greenfields within the past year or so. This cohort is expected to account for a high single digit percentage of our 2025 revenue, but with no EBITDA contribution for the full year. These investments position us well for long term growth as we scale them over time, but for now they are a headwind to our consolidated margins.

在那張幻燈片中，我們指出，截至年中，我們 50 多家藥局中仍有 11 家處於整合的早期階段，這些藥局是在過去一年左右被收購或以 Greenfields 的形式推出的。預計該群體將占我們 2025 年收入的高個位數百分比，但不會對全年 EBITDA 做出貢獻。隨著我們逐步擴大這些投資規模，它們將為我們的長期成長奠定良好的基礎，但目前它們對我們的綜合利潤率來說是一個阻力。

Excluding these pharmacies, our adjusted EBITDA margin would be closer to the 8% mark. This dynamic reinforces that the increase in our EBITDA guidance is entirely driven by the outperformance in our more mature pharmacies.

除去這些藥局，我們的調整後 EBITDA 利潤率將接近 8%。這項動態進一步證明，我們的 EBITDA 指引的成長完全是由我們較成熟的藥局的優異表現所推動的。

The near term margin impact from this newer cohort is consistent with the maturation curve we've observed historically, where profitability typically accelerates in years four and five. It's also worth noting that EBITDA ramp varies across pharmacies. Some show a steady upward trajectory while others experienced a more pronounced inflection point in the later years.

這批新客戶對短期利潤率的影響與我們歷史上觀察到的成熟曲線一致，獲利能力通常會在第四年和第五年加速成長。另外值得注意的是，不同藥局的 EBITDA 成長速度各不相同。有些國家呈現出穩定的上升軌跡，而有些國家則在後來的幾年裡經歷了更明顯的轉折點。

Overall, our acquisition pipeline remains robust. We expect to continue integrating the pharmacies we've recently added while actively engaging in discussions with prospective partners that align well with our strategic focus.

整體而言，我們的收購管道依然強勁。我們希望繼續整合我們最近增加的藥局，同時積極與符合我們策略重點的潛在合作夥伴進行討論。

In closing, I want to echo Fred's comments. We're very pleased with the strength of our first half results and the operational discipline that has enabled this performance. As we look ahead, we continue to stay focused on driving performance through our core operations, growing our footprint in strategic markets and strengthening our foundation by investing in talent and infrastructure. We're proud of the momentum we built and confident in our ability to continue executing against our strategic growth plan.

最後，我想贊同弗雷德的評論。我們對上半年的強勁業績以及實現這一業績的營運紀律感到非常滿意。展望未來，我們將繼續專注於透過核心業務推動業績，擴大我們在策略市場的影響力，並透過投資人才和基礎設施來加強我們的基礎。我們為我們建立的勢頭感到自豪，並對我們繼續執行策略成長計劃的能力充滿信心。

Thank you again to the entire Guardian team for their dedication and excellence and to all of you for your continued support.

再次感謝整個 Guardian 團隊的奉獻和卓越表現，也感謝大家的持續支持。

Operator, let's open the line for questions.

接線員，讓我們打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

John Ransom, Raymond James.

約翰·蘭塞姆、雷蒙·詹姆斯。

Hey, good evening. A couple from me. Last year you rolled out your vaccine program. I know you made some comments about seasonality. Is that program kind of at a steady state or is there still some learning that could maybe be inflected even higher in the fourth quarter? Thanks.

嘿，晚上好。這是我的一些。去年你們推出了疫苗計劃。我知道您對季節性發表了一些評論。該計劃是否處於穩定狀態，還是仍有一些經驗教訓可能在第四季度進一步提升？謝謝。

Hey John, how you doing?

嘿，約翰，你好嗎？

I'm good.

我很好。

Good. Good to hear you. Last year we talked about the seasonality from the vaccine clinics and moving to profitability. This year it's steady state with just general growth of the overall business.

好的。很高興聽到你的聲音。去年，我們討論了疫苗診所的季節性以及獲利能力的轉變。今年整體業務維持穩定，整體成長。

Okay. And then secondly, I just have a couple more, the TBM negotiations next year, obviously a big event with the IRA reset. When do you target -- I just don't know, but when do these negotiations tend to conclude? Are they, I know it's an annual thing, but will you kind of known in December, November, earlier than that, but when are you targeting to? Try to get some of these things wrapped up?

好的。其次，我還有幾點想說，明年的 TBM 談判顯然是愛爾蘭共和軍重置的大事。你的目標是什麼時候──我只是不知道，但這些談判通常什麼時候結束？我知道這是每年一次的事情，但你會在 12 月、11 月或更早的時候知道嗎，但你的目標是什麼？嘗試解決其中一些問題？

John, as we've talked about the last 6 to 12 months, we've been engaged in these discussions and as Fred said in his comments, we continue to make really good progress and are ever more confident in our ability to work through this really on the commercial side, as far as when It's over and we signal what '26 is going to look like. I think we'll come in the form of updating our guidance. So stand by and we'll be, leaning more into that as we get into Q4, in the ['26] of the year.

約翰，正如我們談到的，在過去的 6 到 12 個月裡，我們一直在進行這些討論，正如弗雷德在他的評論中所說的那樣，我們繼續取得非常好的進展，並且對我們在商業方面真正解決這個問題的能力更加有信心，當它結束時，我們會預示 26 年會是什麼樣子。我認為我們會以更新指導的方式提出建議。所以請耐心等待，隨著我們進入今年 ['26] 年的第四季度，我們將更加傾向於此。

And then like this is a super qualitative question, but you've been public for a while now and seem to be settling into a rhythm. Has the process of being public, like as you reflect on a year ago when you were private, what is the process of being a public company change, if at all about your prospects, your visibility, maybe your acquisition pipeline, interest in the company, talent. Is there anything you'd point out to say, yeah, we're -- we've got some intangible benefits here that we didn't think about.

這是一個非常定性的問題，但你已經公開露面一段時間了，似乎已經進入了一種節奏。上市的過程，就像您回想起一年前公司還是私人企業一樣，上市公司的過程有什麼變化，包括您的前景、知名度、收購管道、對公司的興趣、人才等。有什麼想指出的嗎？是的，我們——我們在這裡獲得了一些我們沒有想到的無形利益。

John, this is Fred. You have hit on a really interesting and important point. I believe the increased visibility of being in the public markets is a very strong affirmation of the company, the service that we render, and our teams. So I view it as a really big positive.

約翰，這是弗雷德。您提出了一個非常有趣且重要的觀點。我相信，在公開市場上知名度的提高是對公司、我們提供的服務和我們團隊的有力肯定。所以我認為這是一個非常大的正面因素。

I thought you might mention that the time you got to spend with cell side analysts was one of your positives, but you didn't disappointed we did mention that. So I'll just put that in the advisor.

我以為您可能會提到，您與細胞側分析師共度的時光是您的優點之一，但您並沒有失望，我們確實提到了這一點。所以我只會把它放在顧問那裡。

John, you'll notice I'm not saying anything about.

約翰，你會注意到我什麼都沒說。

Well, state school grads are smarter than most. All right, thank you guys.

嗯，公立學校的畢業生比大多數人都聰明。好的，謝謝大家。

No comment. David, I do have a little bit of a new job. It's been interesting and intellectually stimulating and, but we are focused on the business and continuing, doing what brought us here in the first place. So generally good -- interesting and good question. I would say it's a positive.

沒有意見。大衛，我確實有一份新工作。這很有趣，也激發了我們的智力，但我們更專注於業務，繼續做最初讓我們來到這裡的事情。總體來說很好——有趣且好的問題。我想說這是正面的。

Great. Thank you.

偉大的。謝謝。

David MacDonald, Truist.

大衛麥克唐納，Truist。

Yeah. Good afternoon, guys. A couple of questions. One, you guys mentioned, in the release and also in the commentary just better organic growth. Can you just talk a little bit about that? I assume that's being driven by share gain, but is there a couple of things that you have seen kind of gain incremental traction in terms of, just the organic growth that you're seeing.

是的。大家下午好。有幾個問題。首先，你們在發布和評論中提到，有機成長更好。能稍微談一下這個嗎？我認為這是由份額增長推動的，但是您是否看到一些事情在有機增長方面獲得了增量牽引力？

We're really pleased with our organic growth on a resident basis. It comes in at what we've been guiding to high single digit, but we're also seeing the revenue grow at a faster rate due to some factors that relate to patient acuity. Of course, we've always had brand inflation. But we are seeing patients with more prescriptions, and more complex drug regimens and also finally we see more patients that are actually assisting with our plan optimization program to help patients move toward part D whenever possible.

我們對居民數量的有機成長感到非常滿意。它達到了我們一直指導的高個位數，但由於一些與患者敏銳度相關的因素，我們也看到收入以更快的速度成長。當然，我們一直存在著品牌膨脹。但我們看到患者擁有更多的處方和更複雜的藥物治療方案，最終我們看到更多患者實際上正在協助我們的計劃優化計劃，以幫助患者盡可能地轉向 D 部分。

Okay. And then guys just one other, I mean you've obviously been busy but just any high level commentary around, what the pipeline continues to look like and just one other quick question. Are there any operational or internal governors that we should think about relative to how many Greenfields/M&A opportunities you can kind of take on at the same time?

好的。然後夥計們，還有一個問題，我的意思是，你們顯然很忙，但只是一些高層評論，管道繼續是什麼樣子，還有另一個快速問題。對於您可以同時承擔多少 Greenfields/M&A 機會，我們是否應該考慮一些營運或內部因素？

David, I think from acquisition pipeline it remains strong and probably the strongest it's been in the last five years. Some of that comes to from the visibility that we have now being public and the main governor, and we talk about this almost in every meeting is human capital. I mean we have the financial capital to do more M&A, do more Greenfield startups, but It all comes down to people and we can't get ahead of our SKUs.

大衛，我認為從收購管道來看，它仍然很強勁，可能是過去五年來最強勁的。其中一些來自於我們現在作為公眾和主要管理者的知名度，我們幾乎在每次會議上都會談論人力資本。我的意思是，我們擁有足夠的金融資本來進行更多的併購，開展更多的綠地創業，但這一切都取決於人，我們無法超越我們的 SKU。

So that would probably be our limiting factor, but we're working very hard to improve our ability to do more of these, frankly, I think we've shown that in the last 24 months, so we've picked things up so, human capital continues to be what helps us execute and succeed. It's also a limiting factor.

所以這可能是我們的限制因素，但我們正在努力提高我們做更多這些事情的能力，坦白說，我認為我們已經在過去 24 個月中證明了這一點，所以我們已經取得了進步，所以人力資本繼續成為幫助我們執行和成功的因素。這也是一個限制因素。

Okay. Thanks very much, guys.

好的。非常感謝大家。

Raj Kumar, Stephens Inc.

Raj Kumar，Stephens 公司

Hi, good afternoon. Just wanted to touch on the managed healthcare pharmacy acquisition that you guys disclosed recently. Maybe just any kind of figures around that from a revenue contribution perspective and resident serve perspective, and then kind of broadly thinking about the Pacific Northwest expansion, you guys encompassed this year and I think you've called out Mercury being a larger kind of deal that you've guys done. Maybe kind of help us frame what the market share of those operations are and trying to expand that over time. What does that look like to getting maybe like 25% market share.

嗨，下午好。只是想談談你們最近披露的管理醫療藥房收購。也許只是從收入貢獻角度和居民服務角度得出的任何數字，然後廣泛地考慮太平洋西北地區的擴張，你們今年已經完成了，我認為你們已經稱水星是你們所做的一項更大的交易。也許可以幫助我們確定這些業務的市場份額，並嘗試隨著時間的推移擴大市場份額。獲得 25% 的市佔率意味著什麼？

Hey Raj, good to hear from you. From the managed healthcare pharmacy, I think we talked about it. It is our, typical deal from a size standpoint really hits our sweet spot of our typical deal and comes with a strong leadership team that I think will help us really capitalize on the national accounts that are in that market as well as in the other areas in Washington, in Seattle. So we're excited about both of these, acquisitions and teams coming on board with us.

嘿，Raj，很高興收到你的來信。從管理醫療藥房的角度來看，我想我們已經討論過這個問題了。從規模的角度來看，這是我們的典型交易，它確實達到了我們典型交易的最佳點，並且配備了強大的領導團隊，我認為這將幫助我們真正利用該市場以及華盛頓、西雅圖等其他地區的全國賬戶。因此，我們對這兩項收購以及團隊的加入感到非常興奮。

Got it, thank you. And then just as a follow up, just kind of thinking about, just also the kind of regional and large ALF count, penetration clearly a key, aspect of the organic growth. So maybe kind of any update around kind of metrics in terms of what the penetration has been as you continue to expand, especially as you called out organic growth being ahead of expectations this year.

明白了，謝謝。然後作為後續，只是思考一下，區域和大型 ALF 數量、滲透顯然是有機增長的關鍵方面。因此，隨著您繼續擴張，也許可以更新一些有關滲透率的指標，特別是當您提到今年的有機成長超出預期時。

I mean, as Fred said, we had strong organic growth in Q2 and really the first half of the year, and we see, the latter half of the year being in line organic growth wise, the guidance that we've been, focused on in the high single digits. But we're excited about the 11 new locations and their ability to really grow organically as we expand in the new markets and some of our existing markets that we've opened in the last [24], [30].

我的意思是，正如弗雷德所說，我們在第二季度和上半年實現了強勁的有機增長，而且我們看到，下半年的有機增長與預期一致，我們一直關注的高個位數增長。但我們對這 11 個新地點以及它們隨著我們在新市場和過去幾年開設的一些現有市場的擴張而真正實現有機增長的能力感到興奮[24]，[30]。

Got it. Thank you.

知道了。謝謝。

John Ransom, Raymond James.

約翰·蘭塞姆、雷蒙·詹姆斯。

Hey there, just kind of a follow up, model question. As we think about, I know you have 195,000 residents at the end of the quarter, which is certainly ahead of our model. As we think about the pro forma effects of all the acquisitions you've done, if you don't do anything else, what's a good number to think about by the end of 3Q compared to the [195]?

嘿，這只是一個後續的典型問題。正如我們所想，我知道本季末你們有 195,000 名居民，這肯定領先於我們的模型。當我們考慮你們進行的所有收購的預期效果時，如果不做其他事情，那麼與第三季相比，第三季末的業績應該是多少？[195]？

You guys there?

你們在那裡嗎？

Yeah, just ruminating on that?

是啊，只是在思考這個問題？

Did I stump, David? I'm enjoying this actually, so just.

我是不是被難住了，大衛？我實際上很享受這個，就這樣。

Watch it. Watch it.

觀看它。觀看它。

I just need some hold music, where you guys cogitate over there.

我只需要一些等待音樂，讓你們在那裡沉思。

I'll, put you on hold man. I think, we're going to continue our organic growth trajectory, and I think that's the way you had it in the model, I think continue that and obviously later in the Seattle and Eugene acquisition activity that would sort of be our guidance.

我會讓你等一下。我認為，我們將繼續我們的有機成長軌跡，我認為這就是您在模型中所採用的方式，我認為我們會繼續這樣做，顯然，在以後的西雅圖和尤金收購活動中，這將成為我們的指導。

And remind me what the patient count was of those two deals.

並提醒我這兩筆交易的患者數量是多少。

John, we don't disclose that for obvious competitive reasons, but both were in our sweet spot. We've said before that the type of pharmacy that we are typically attracted to is somewhere in the range of 2,000 to maybe even as high as 3,500 residents, 10 million to 20 million in residents, both of these fit right in there.

約翰，由於明顯的競爭原因，我們不會透露這一點，但兩者都是我們的最佳選擇。我們之前說過，我們通常感興趣的藥局類型是擁有 2,000 到 3,500 名居民的藥局，擁有 1,000 萬到 2,000 萬居民的藥局，這兩種藥局都適合。

Okay. Thank you.

好的。謝謝。

Thank you. There are no further questions at this time, ladies and gentlemen. This concludes today's call. Thank you for participating. You may all disconnect.

謝謝。女士們、先生們，現在沒有其他問題了。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。