Guardian Pharmacy Services Inc (GRDN) 2025 Q3 法說會逐字稿

Good day everyone and welcome to Guardian Pharmacy's Third Quarter Earnings Call.

大家好，歡迎參加 Guardian Pharmacy 第三季財報電話會議。

[Operator Instructions] I will now hand a call over to Ashley Stockton.

【操作員指示】我現在將把電話轉接給阿什利·斯托克頓。

Good afternoon. Thank you for participating in today's conference call.

午安.感謝您參加今天的電話會議。

This 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.

這是 Guardian Pharmacy Services 的投資者關係高級總監 Ashley Stockton。今天與我一起參加電話會議的有總裁兼執行長弗雷德·伯克，以及財務長大衛·莫里斯。

After the close today, Guardian posted its financial results for the quarter ended September 30, 2025. A copy of the press release is available on the company's investor relations website.

今天收盤後，Guardian 公佈了截至 2025 年 9 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。

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.

請注意，今天的討論將包含一些前瞻性陳述，這些陳述反映了我們目前的假設和預期，包括與我們未來的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.

此類前瞻性陳述並非對未來業績的保證，並且存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。

We encourage you to review the information in today's press release as well as in our quarterly report on Form 10 to be filed with the SEC, including the specific risk factors and uncertainties discussed in our SEC filings.

我們鼓勵您仔細閱讀今天發布的新聞稿以及我們將向美國證券交易委員會提交的 10 表格季度報告中的信息，包括我們在提交給美國證券交易委員會的文件中討論的具體風險因素和不確定性。

We do not undertake any duty to update any forward-looking statements which speak only as of the date they are made.

我們不承擔更新任何前瞻性聲明的義務，這些聲明僅代表其發布之日的情況。

On today's call, we will also use certain non-GAAP financial measures when discussing the company's financial performance and condition.

在今天的電話會議上，我們將使用一些非GAAP財務指標來討論公司的財務表現和狀況。

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.

您可以在今天的新聞稿中找到有關這些非GAAP指標及其與最直接可比的GAAP財務指標的調節表的更多信息，該新聞稿同樣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，讓他對本季進行評論。

Thank you, Ashley, and good afternoon, everyone. Thank you for joining us as we review another strong quarter for Guardian.

謝謝你，艾許莉，大家下午好。感謝您與我們一同回顧《衛報》又一個表現強勁的季度。

Before diving into the details, I want to take a brief moment to reflect on how far we've come.

在深入細節之前，我想花一點時間回顧我們一路走來的歷程。

This quarter marks an important milestone, our first full year as a publicly traded company. A little over a year ago, we stood on the floor of the New York Stock Exchange to ring the bell, not as the culmination of a journey, but as the beginning of a new chapter in the 20+ year life of our company.

本季是一個重要的里程碑，也是我們作為一家上市公司的第一個完整年度。一年多前，我們站在紐約證券交易所的大廳裡敲響了開市鐘，這並非一段旅程的終點，而是我們公司20多年曆史中新篇章的開始。

When we went public, we made a commitment to continue to execute with discipline, grow with purpose, and carry forward the entrepreneurial spirit that has always defined guardian, all while earning the trust of our new shareholders along the way.

上市之初，我們承諾將繼續秉持嚴謹的執行力，有目標地發展壯大，並傳承一直以來定義 Guardian 的創業精神，同時在此過程中贏得新股東的信任。

I believe that thus far we've delivered on that promise, and I'm very proud of what our team has achieved. As I look ahead, I'm even more energized by the opportunities in front of us to continue building a company that provides exceptional service to our communities and the residents they serve, creates value for our partners, and delivers sustainable long-term growth for our shareholders.

我相信到目前為止我們已經兌現了這項承諾，我為我們團隊的成就感到非常自豪。展望未來，我更加充滿動力，因為我們面前有很多機會可以繼續打造一家為我們的社區及其居民提供卓越服務、為我們的合作夥伴創造價值、為我們的股東帶來可持續長期增長的公司。

With that foundation in mind, let's turn to our third quarter performance, which marked another period of strong double-digit growth across revenue, resident count, and adjusted EBITDA, which yielded adjusted EPS of USD0.25.

有了這樣的基礎，讓我們來看看第三季的業績，該季度在收入、居民人數和調整後 EBITDA 方面再次實現了強勁的兩位數增長，調整後每股收益為 0.25 美元。

Revenue grew 20% to USD377 million. A top 13% resident growth driven both organically and through acquisitions.

營收成長20%，達到3.77億美元。居民數量成長位居前 13%，成長動力既來自自身發展，也來自收購。

Adjusted EBITDA grew 19% to USD27 million with margins holding steady at 7.2%, including the continued dilutive impact from recent green fields and acquired pharmacies.

經調整的 EBITDA 成長 19% 至 2,700 萬美元，利潤率維持在 7.2% 的穩定水平，其中包括近期新建案和收購藥局帶來的持續稀釋影響。

Given the strength of the quarter, we are raising full year revenue and adjusted EBITDA guidance, which David will go over in detail later in the call.

鑑於本季業績強勁，我們將上調全年營收和調整後 EBITDA 預期，David 將在稍後的電話會議中詳細介紹。

Now, turning to the policy environment, the unintended consequences of the Inflation Reduction Act remain an issue for our industry as a whole.

現在，讓我們來看看政策環境，通貨膨脹抑制法案的意外後果仍然是我們整個產業面臨的問題。

Consistent with our long-standing approach, we're working closely with our peers and trade group to advocate for legislative and policy solutions that address these impacts and support the long-term stability of our sector.

秉承我們一貫的做法，我們正與同行和行業協會密切合作，倡導立法和政策解決方案，以應對這些影響並支持我們行業的長期穩定。

But at the same time, we continue to take proactive steps with our payos.

但同時，我們繼續積極採取措施保護我們的支付對象。

Those initiatives are taking shape and combined with other strategic actions across the business, we are growing ever more confident in our ability to offset the anticipated EBITDA headwind, even as reported revenue growth is expected to remain relatively flat in 2026.

這些舉措正在逐步成形，並結合公司其他策略行動，我們越來越有信心能夠抵消預期的 EBITDA 不利因素，即使預計 2026 年報告的收入成長將保持相對穩定。

Our philosophy on addressing policy issues remains simple. Control what we can and navigate thoughtfully around what we cannot.

我們處理政策問題的概念始終很簡單。控制我們能控制的事情，並謹慎地規避我們無法控制的事情。

It's becoming increasingly clear how important the right people and scale are to executing successfully through these challenges, and that same mindset, disciplined, proactive, and grounded in leadership extends across our organization.

越來越明顯的是，合適的人才和規模對於成功應對這些挑戰至關重要，而這種自律、積極主動、腳踏實地的領導思維也貫穿我們整個組織。

To that end Our pharmacy entrepreneurs fuel our growth with ingenuity and commitment to the clients we serve, and the specialized teams supporting them strengthen our platform every day.

為此，我們的藥房企業家憑藉他們的創造力和對客戶的承諾推動我們的發展，而支持他們的專業團隊則每天都在加強我們的平台。

From purchasing the PBM contracting to data analytics, to name a few. Most of our pharmacy leaders have been with Guardian for more than a decade, some going on too.

從採購藥品福利管理合約到數據分析，僅舉幾例。我們的大多數藥局負責人已經在 Guardian 工作了十多年，有些甚至還在繼續工作。

Prior to joining, they were highly skilled clinicians who built successful independent pharmacies from the ground up, entrepreneurs in their own right. They recognized the opportunity to combine their local expertise and community relationships with the strength of Guardian's national platform and scale.

在加入之前，他們都是技術精湛的臨床醫生，白手起家建立了成功的獨立藥房，本身就是成功的企業家。他們意識到有機會將自身的本地專業知識和社區關係與 Guardian 的全國性平台和規模優勢相結合。

Unlocking new levels of performance and profitability within their pharmacies. Many have since built on that success, launching greenfield locations in adjacent markets.

幫助他們的藥局提升業績和獲利能力。許多企業以此成功為契機，在鄰近市場開設了全新的門市。

Guardian has continued to invest in these professionals, helping them deepen their business acumen. Today they are exceptional operators who embody a rare combination of clinical expertise, entrepreneurial drive, and business-minded execution.

Guardian 一直持續投資於這些專業人士，幫助他們加深商業敏銳度。如今，他們是傑出的營運者，兼具臨床專業知識、創業精神和商業頭腦。

That blend is central to our model and underscores why selecting the right local leadership teams is so critical and why we remain highly selective and targeted in our acquisitions.

這種整合是我們模式的核心，也凸顯了選擇合適的本地領導團隊為何如此重要，以及我們為何在收購方面保持高度選擇性和目標明確性。

Collectively, our operators have helped propel us to be the clear leader in serving assisted living facilities. While our national market share is 13%, we have a much stronger presence in the markets where we operate.

我們的營運團隊齊心協力，使我們成為服務輔助生活設施的絕對領導者。雖然我們在全國的市佔率為 13%，但我們在我們經營的市場中擁有更強大的影響力。

In fact, 37 of our pharmacies have 20% plus market share, with 12 pharmacies operating at over 40%.

事實上，我們37家藥局的市佔率超過20%，其中12家藥局的市佔率超過40%。

Additionally, we now serve nearly 204,000 residents, the vast majority in Alf.

此外，我們現在為近 204,000 名居民提供服務，其中絕大多數居住在阿爾夫。

Looking ahead, we expect to benefit from powerful demographic tailwinds as the aging population grows while continuing to gain share through new facility partnerships, higher resident adoption, and greenfield expansion with the help of our existing operators.

展望未來，隨著老齡人口的成長，我們預計將受益於強大的人口結構利好因素，同時在現有業者的幫助下，透過與新設施建立合作關係、提高居民入住率和拓展綠地業務，繼續擴大市場份額。

At the same time, at the corporate level, we'll continue to pursue targeted acquisitions, such as the recent additions in Oregon and Washington, which put us on the map in the Pacific Northwest and answered demand from our national customer partners.

同時，在公司層面，我們將繼續進行有針對性的收購，例如最近在俄勒岡州和華盛頓州的收購，這使我們在太平洋西北地區聲名鵲起，並滿足了我們全國客戶合作夥伴的需求。

Integration with both pharmacies is tracking as expected, with both teams already on boarding facilities operated by our national customer partners. Over time, we expect this geographic area to become an important growth contributor.

與兩家藥局的整合進展順利，兩個團隊都已開始使用我們國家客戶合作夥伴經營的設施。我們預計，隨著時間的推移，這一地理區域將成為重要的成長貢獻者。

On the heels of these acquisitions, our pipeline continues to be very attractive and active. Furthermore, as the assisted living facility market continues to consolidate, we believe Guardian's scale, sophistication, and partnership-driven model positions us as the provider of choice.

繼這些收購之後，我們的專案儲備依然非常有吸引力且活躍。此外，隨著輔助生活設施市場的不斷整合，我們相信 Guardian 的規模、成熟度和合作驅動模式使我們成為首選供應商。

Looking back We've accomplished a lot in the last year. We've expanded our pharmacy footprint, delivered consistent financial performance, strengthened our balance sheet, and deepened relationships with a broader investor base. Internally, we've enhanced our infrastructure and continued to navigate policy-related headwinds.

回顧過去一年，我們取得了許多成就。我們擴大了藥房業務範圍，實現了持續的財務業績，增強了資產負債表，並加深了與更廣泛投資者群體的關係。在內部，我們加強了基礎設施建設，並繼續應對與政策相關的不利因素。

Together, these accomplishments give us confidence as we enter our second year as a public company, stronger and better positioned for the opportunities ahead.

綜上所述，這些成就讓我們更有信心進入上市公司的第二年頭，我們實力更強，也更有能力迎接未來的機會。

Our priorities remain clear drive organic growth through new customer facility wins, higher adoption, and green field expansions.

我們的優先事項依然明確，即透過贏得新客戶設施、提高採用率和新建項目來推動有機成長。

Expand our network through disciplined acquisitions aligned with our culture and vision. Enhance profitability by integrating new pharmacies, implementing our technology advantages, and leveraging procurement, reimbursement, and logistics efficiencies.

透過符合我們文化和願景的穩健收購來拓展我們的網絡。透過整合新藥房、運用我們的技術優勢以及提高採購、報銷和物流效率來提高盈利能力。

And lastly, navigate policy changes thoughtfully with confidence and discipline, advocating for fair outcomes while managing risks proactively.

最後，要以自信和自律的態度深思熟慮地應對政策變化，在積極主動地管理風險的同時，倡導公平的結果。

These are the same levers that have propelled Guardian's growth for over two decades, but today enhanced by greater scale, visibility, and financial flexibility.

這些因素與過去二十多年來推動 Guardian 發展的因素相同，但如今，更大的規模、更高的知名度和更靈活的財務狀況進一步增強了這些因素。

So, on that note, happy birthday, guardian. We're still early in our journey as a public company, but our foundation is strong, our strategy is clear, and our momentum is real.

所以，在此祝我的守護者生日快樂。我們作為一家上市公司還處於起步階段，但我們的基礎很牢固，策略很明確，發展勢頭也很強勁。

With that, I'll turn the call over to David Morris, our CFO, who will take you through the coroner's financial results and outlook in more detail.

接下來，我將把電話交給我們的財務長大衛莫里斯，他將更詳細地向大家介紹驗屍官的財務表現和展望。

Thank you, Fred, and good afternoon.

謝謝你，弗雷德，下午好。

Before I begin with a review of our 3Q results, I wanted to quickly mention the recent shelf S3 filing and lockup agreement we announced in mid October.

在開始回顧我們第三季業績之前，我想快速提一下我們在 10 月中旬宣布的最新貨架 S3 申請和鎖定協議。

Having been a public company for a year now, we recently became eligible to file an S3 registration statement. As such, we filed an S3 shelf registration for up to an aggregate 6 million shares, which has since become effective.

作為一家上市公司，我們已經上市一年了，最近符合提交 S3 註冊聲明的資格。因此，我們提交了一份S3層架註冊申請，最多可發行600萬股股份，該申請現已生效。

To provide flexibility to efficiently access the public markets if and when needed and subject to market conditions.

以便在需要時，根據市場情況，靈活且有效率地進入公開市場。

In conjunction with that filing, we also announced that we worked with our pre-IPO shareholders to lock up approximately 93% of the shares until June 30, 2026.

同時，我們也宣布，我們與IPO前的股東合作，將約93%的股份鎖定至2026年6月30日。

There are no immediate or specific plans to offer securities pursuant to the shelf registration. We view the chef as a tool for financial flexibility rather than a near term catalyst, and we will continue to take a disciplined, long-term approach to capital markets activity.

目前沒有根據暫擱註冊發行證券的直接或具體計劃。我們認為廚師是實現財務彈性的工具，而不是短期催化劑，我們將繼續採取嚴謹的、長期的資本市場活動方式。

Turning to the financial results, I'm pleased to announce another strong quarter for Guardian with adjusted EPS of USD0.25. Revenue grew 20% to USD377.4 million, reflecting mid double-digit organic revenue growth.

談到財務業績，我很高興地宣布 Guardian 又迎來了一個強勁的季度，調整後每股收益為 0.25 美元。營收成長 20% 至 3.774 億美元，實現了中等兩位數的內生性營收成長。

Total resident count ended the quarter at 203,766, up 13% versus a year ago. Upside in revenue this quarter came from several areas. First, a higher percentage of new residents joined early in the period, providing a full quarter benefit.

本季末居民總數為 203,766 人，比去年同期成長 13%。本季營收成長主要來自多個方面。首先，新居民在初期階段的比例較高，帶來了整個季度的收益。

Second, plan optimization efforts continue to perform well, improving coverage for residents while reducing copays. Third vaccine activity was strong as many communities launched their clinics earlier in the season.

其次，計劃優化工作持續取得良好成效，在提高居民醫療保險覆蓋範圍的同時，降低了自付費用。第三輪疫苗接種活動十分活躍，許多社區在接種季早期就開設了接種點。

And finally, acquisitions contributed meaningfully with a full quarter of revenue from Washington and two months of contribution from Oregon. This pharmacy is a great strategic fit for Guardian.

最後，收購也做出了重要貢獻，華盛頓州貢獻了一個季度的收入，俄勒岡州貢獻了兩個月的收入。這家藥局與 Guardian 的策略定位非常契合。

Bringing on board an experienced leadership team with a strong reputation for service excellence. Alongside our operations in Washington, this expansion gives us a solid foothold in a new growth region, the Pacific Northwest.

引入了一支經驗豐富、服務卓越且享有盛譽的領導團隊。除了我們在華盛頓的業務之外，此次擴張使我們在新興成長區域——太平洋西北地區——站穩了腳跟。

Gross profit increased to USD74.7 million, posting a 19.8% margin. Adjusted SGA was 13.7% as a percentage of revenue. Adjusted EBITDA rose 19% to USD27.3 million, which included Pubco costs of USD1.3 million that we didn't have in the prior year.

毛利增至7,470萬美元，毛利率為19.8%。調整後的銷售、管理及行政費用佔收入的 13.7%。調整後的 EBITDA 成長 19% 至 2,730 萬美元，其中包括上一年沒有的 Pubco 成本 130 萬美元。

Adjusted EBITDA margins held steady with the second quarter at 7.2% and was down roughly 10 basis points year over year, reflecting the dilutive impact of recent acquisitions in Greenville startups along with Pubco costs that weren't included in last year's results.

經調整的 EBITDA 利潤率與第二季度持平，為 7.2%，年減約 10 個基點，反映了近期收購格林維爾新創公司帶來的稀釋影響，以及去年業績中未計入的 Pubco 成本。

Underlying core margins continue to expand as we see stronger profitability from pharmacies that are now maturing within our network.

隨著我們網路中藥局日趨成熟，獲利能力不斷增強，核心利潤率也持續擴大。

Our four to five year locations are performing at or above our consolidated adjusted EBITDA margin, and our two to three year locations are tracking steadily toward that same level.

我們營運四到五年的門市業績達到或超過我們合併調整後的 EBITDA 利潤率，而營運兩到三年的門市也正穩步朝著同一水平邁進。

As I've mentioned before, our most recent acquisitions, those made in the last two years, are still diluted. Without them, margins would be closer to 8%.

正如我之前提到的，我們最近兩年進行的收購仍然導致股權被稀釋。如果沒有他們，利潤率將接近 8%。

Given the upside in the quarter, acquisitions year-to-date, and the overall momentum of the business, we're raising our 2025 guidance. Revenue is now expected to be in the range of USD1.43 billion to USD1.45 billion, up from our prior range of USD1.39 billion to USD1.41 billion.

鑑於本季業績成長、今年迄今的收購情況以及業務的整體發展勢頭，我們上調了 2025 年業績預期。目前預計營收將在 14.3 億美元至 14.5 億美元之間，高於我們先前預測的 13.9 億美元至 14.1 億美元。

We're also raising our adjusted EBITDA guidance to USD104 million to USD106 million.

我們同時將調整後 EBITDA 預期上調至 1.04 億美元至 1.06 億美元。

Up from the previous USD100 million to USD102 million range. The midpoint of this range represents solid 16% growth year over year.

高於先前預測的1億至1.02億美元區間。此區間的中點代表著年成長16%的穩健成長。

Couple of reminders for Q4. Starting with SG&A, we expect it to trend slightly lower as a percentage of sales in the fourth quarter, consistent with the seasonal revenue li we typically see from vaccine activity this time of year.

第四季的一些提醒。先來看看銷售、一般及行政費用，我們預計其佔銷售額的比例在第四季度將略有下降，這與我們每年這個時候因疫苗接種活動而通常看到的季節性收入下降趨勢一致。

Stock based compensation is expected to decline meaningfully in Q4 to approximately 1.1 million as we sunset the pre-IPO equity program related expense.

由於我們將終止IPO前股權計畫相關費用，預計第四季度股票選擇權激勵支出將大幅下降至約110萬美元。

Finally, reported income tax expense was elevated at 42% this quarter, which is higher than the previous quarter, primarily due to non-recurring income tax expense associated with the corporate reorganization and related to the IPO from 2024.

最後，本季報告的所得稅費用佔比上升至 42%，高於上一季度，主要是由於與公司重組和 2024 年首次公開募股相關的非經常性所得稅費用。

We expect the fourth quarter tax rate to be in the high 20s and step down to the mid-20s in 2026.

我們預計第四季稅率將在 20% 以上，並在 2026 年降至 20% 左右。

Turning to the balance sheet, we ended the quarter with USD36 million in cash, an increase of USD18 million even after funding our Oregon acquisition. This performance highlights the strength of our cash generation with the cash conversion continuing to track above 60%.

從資產負債表來看，本季末我們持有現金 3,600 萬美元，即使在為我們收購俄勒岡州提供資金後，也增加了 1,800 萬美元。這項業績凸顯了我們強勁的現金流產生能力，現金轉換率持續維持在 60% 以上。

We remain in a very strong financial position with no debt outstanding under our credit facility and ample liquidity to fund ongoing strategic growth, including M&A with internally generated cash flow.

我們財務狀況依然非常穩健，信貸額度下沒有未償債務，並且擁有充足的流動資金，可以利用內部產生的現金流為持續的策略成長（包括併購）提供資金。

Our acquisition pipeline remains very active, and we continue to take a disciplined approach, prioritizing the right local operator and markets that enhance our regional density and national scale.

我們的收購計劃仍然非常活躍，我們將繼續採取嚴謹的方法，優先考慮合適的本地營運商和市場，以提高我們的區域密度和全國規模。

In closing on our first anniversary as a public company, I want to echo Fred's thanks to all of our employees and shareholders.

值此公司上市一週年之際，我謹代表 Fred 向我們所有的員工和股東表示感謝。

We're proud of the momentum we build and we are confident in our ability to continue executing on our strategic growth plan.

我們為所取得的進展感到自豪，並且有信心繼續執行我們的策略成長計畫。

Guardian was built pharmacy by pharmacy, relationship by relationship, and that's exactly how we'll continue to grow, anchored in local leadership, powered by a national scale, and with an unwavering commitment to service.

Guardian 的發展歷程是建立在一家家藥店、一段段關係之上的，我們也將繼續以這種方式發展壯大：紮根於本地領導，以全國規模為支撐，並堅定不移地致力於服務。

Operator will now open the line for questions.

現在接線員將開通提問熱線。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，現在開始問答環節。

[Operator Instructions]

[操作說明]

Your first question comes from the line of John Ransom from Raymond James. Please go ahead.

你的第一個問題出自雷蒙德詹姆斯 (Raymond James) 的約翰蘭索姆 (John Ransom) 的詩句。請繼續。

Hey, good evening, So just a question about the fourth quarter, how would you compare the contribution.

嗨，晚上好。關於第四季度，我有個問題，您如何比較各季度的貢獻？

Of the vaccine program this year to last year. I think this is what, the third year you've done it, and I'm sure you learn a little something every year, but, yeah, the backdrop is interesting because there's a little less vaccine uptake among the greater world, especially COVID.

今年的疫苗接種計劃與去年相比如何？我想這應該是你第三年做這件事了，我相信你每年都會學到一些東西，但是，是的，背景很有意思，因為在更廣泛的世界範圍內，疫苗接種率有所下降，尤其是新冠疫苗。

But I'm just curious kind of what you're seeing with your population, how the uptake looks, and just how the program overall compares to what you did last year, which is also very successful.

但我很好奇你們那邊的人口狀況如何，參與情況如何，以及整個計畫與你們去年開展的計畫相比如何，你們去年的計畫也非常成功。

Hey, John, Fred here. Did I hear you say third quarter or fourth quarter?

嘿，約翰，我是弗雷德。我剛剛是不是​​聽錯了，你說的是第三季還是第四季？

Fourth quarter. So in your implied guidance, what, what's going on with your vaccine program this year compared to last year?

第四季。那麼，根據你暗示的指導，今年的疫苗接種計畫與去年相比有何進展？

It's steady as we go. You did mention an interesting, anomaly that we wondered about, which is the CDC guidance potentially could have caused fewer people to want, to be vaccinated, particularly COVID.

一切都在穩步進行。您確實提到了一個我們一直很疑惑的有趣反常現象，那就是疾管中心的指導意見可能導致更少的人願意接種疫苗，特別是新冠疫苗。

We are not seeing that it's steady as we go. However, I will comment that, we started the clinic season, with a stronger, September this year than last, so some of the total perhaps has been pulled forward into Q3.

我們看到的情況並非一帆風順。不過，我要指出的是，今年的診所季在九月比去年同期更加強勁，因此部分總數可能提前計入了第三季。

Okay. And as we think about resident count, it looks like you've, you're only missing one month of acquisition.

好的。當我們考慮居民人數時，看起來你們只差一個月的新增居民人數。

So, this resident count is a pretty good placeholder for 4Q with a little bit of one month of that one acquisition.

所以，這個居民人數可以很好地代表第四季的情況，其中包含了那次收購帶來的一個月的數據。

That's correct. Generally we measure residents served as of the end of the quarter.

沒錯。通常我們以季度末的居民人數來衡量服務人數。

Okay. So, the acquisitions that were completed, recently are included in the Q3 number and, so recognize that we do see fluctuations, quarter to quarter, particularly in Q4 as some.

好的。因此，最近完成的收購都包含在第三季的數據中，因此，我們確實看到季度之間的波動，尤其是在第四季。

Loved ones are reluctant to, move their, if. Mother or father into assisted living and certainly the November, December period.

親人不願搬家，如果。父母一方或雙方入住安養院，尤其是在十一月和十二月期間。

So, I would expect to see a steady as we go in Q4 on resident count.

因此，我預計第四季居民人數將保持穩定。

And just last for me, I know you hit head on the IRA issue and the conversations with the PBMs, using the baseball analogy, how close are you to wrapping up these negotiations and kind of putting a bow on this issue?

最後，我知道您在 IRA 問題上遇到了阻礙，並且與藥物福利管理機構 (PBM) 進行了對話。用棒球作比喻，您距離結束這些談判、解決這個問題還有多遠？

John, as these are very sensitive discussions, literally covered by NDAs, so I don't want to comment on specifics with respect to the PBM negotiations other than to reiterate what I said before, which is, they're taking shape and we're growing ever more confident in our ability to offset the headwind.

約翰，由於這些都是非常敏感的討論，實際上都受到保密協議的約束，所以我不想就藥品福利管理機構（PBM）談判的具體細節發表評論，只能重申我之前說過的話，那就是談判正在逐步成形，我們越來越有信心能夠抵消不利因素。

And Fred we've talked about this before, but is there any more, it's always interesting to me like some industries, the payers are more willing to give providers some bogeys that were resulting upside, to their, as we know you're paid a dispensing fee and you're paid a spread.

弗雷德，我們之前也討論過這個問題，但還有其他的嗎？我一直覺得很有意思，就像某些行業一樣，支付方更願意給供應商一些誘餌，這些誘餌能給他們帶來好處，我們知道，你會得到配藥費和差價。

But is there any more indication that they might be. Yeah, especially with all the issues going on with Part D and more Part D plans embedded in MA and sensitivity around Part D losses, is there any more chopping of wood? That's a bad expression.

但有其他跡象表明他們可能是嗎？是的，尤其是考慮到D部分的所有問題，以及MA中嵌入的更多D部分計劃，還有人對D部分損失的敏感性，還有什麼需要進一步削減的嗎？那是一個不好的表達方式。

That's Southern, but is there any more kind of fulsome discussion around, hey, look guys, why don't we throw in an upside kicker for X or Y, or is it still just kind of mechanically the same in terms of just dispensing fee and spread?

這是南方的情況，但關於「嘿，夥計們，為什麼不給 X 或 Y 加上額外獎勵呢？」這個問題，還有沒有更全面的討論呢？還是說，在分配費和價差方面，機制仍維持不變？

Well, we at Guardian, as having mentioned before, are very willing to think about value-based models, because we're very comfortable in the value that we are providing to their insured lives.

正如我們之前提到的，Guardian 非常願意考慮基於價值的模式，因為我們對我們為投保人提供的價值感到非常滿意。

But it's evolving. There's not a major shift, but each, is interested in exploring this idea as are we so we're working our way toward that, but it's an e evolution.

但它正在不斷發展。雖然沒有重大轉變，但每個人都對探索這個想法感興趣，我們也一樣，所以我們正在朝著這個方向努力，但這確實是一個演變的過程。

So, the normal glacial pace of healthcare is still in effect here. We'll think about it next year.

所以，這裡醫療保健領域一貫緩慢的進程依然存在。我們明年再考慮這個問題。

All right.

好的。

All right, yeah, one Georgia boy to another, we'll keep chopping that wood.

好吧，沒錯，作為喬治亞州的一份子，我們會繼續砍柴的。

All right. Thank you.

好的。謝謝。

Thank you, guys.

謝謝大家。

Your next question comes from the line of David McDonald from Truist. Please go ahead.

你的下一個問題來自 Truist 的 David McDonald。請繼續。

Yeah, good afternoon.

午安.

Everyone, just a couple additional ones, one, can you guys spend just a quick minute on some of the areas where, from a margin standpoint, if I just look at the amount of, acquisition activity that you've had.

各位，就再補充幾個問題，首先，你們能否花一分鐘時間談談，從利潤率的角度來看，如果我只看你們的收購活動規模，哪些方面比較好？

And just kind of the impact in terms of margins as those come on, any couple of key areas that you would flag in terms of where you've done better.

以及這些因素對利潤率的影響，還有，您會特別指出哪些關鍵領域做得更好？

To continue to maintain those flattish margins despite the meaningful M&A activity.

儘管併購活動十分活躍，但仍要繼續保持較穩定的利潤率。

Hey David, it's David. How are you doing?

嘿，大衛，我是大衛。你好嗎？

Hey, we, we've talked about the various cohorts that I mentioned in the comments, our, 4 or 5 year cohorts are performing well, ahead of our overall margins and the two or three year cohorts, are coming along as well, and we have a substantial investment we've made in the last 18 to 24 months in 11 locations probably.

嘿，我們已經討論過我在評論中提到的各個群體，我們的 4 年或 5 年群體表現良好，超過了我們的整體利潤率，2 年或 3 年群體也在穩步發展，而且我們在過去 18 到 24 個月裡在 11 個地方進行了大量投資。

Greater than 10% of our overall revenue that are a drag on our overall EBITDA margin. So, it takes on average four years to get these businesses up to performing where they need to be, and some are performing quicker and better and some take longer.

超過我們總收入的 10% 會拖累我們的整體 EBITDA 利潤率。因此，平均而言，這些企業需要四年時間才能達到應有的營運水平，有些企業進展更快更好，而有些企業則需要更長時間。

So, I think it's pretty much steady as she goes. And we're pleased with you know all the various businesses and where they are in the various cohorts so it's pretty much steady as she goes.

所以，我認為她目前的情況相當穩定。我們很高興看到各個企業以及它們在各個群體中的位置，所以一切都在穩步發展。

Okay, and then just one other quick follow-up, in that same vein, when you think about the pipeline, it sounds like there's still a fair number of opportunities sitting in front of you.

好的，那麼還有一個後續問題，同樣地，當你考慮銷售管道時，聽起來你面前仍然有很多機會。

How do you think about pacing I guess on two fronts one, just the margin impact as they come on, but also, two, just, there any kind of operational bottlenecks internally in terms of, how many of these things you want to, take on at the same time.

你如何看待節奏控制？我想從兩個方面考慮：一是它們到來時對利潤率的影響，二是同時開展這些項目時，內部是否存在任何營運瓶頸。

Yeah, I think we've talked about in the last 24 months, things have been accelerated, specifically with the large Heartland acquisition at four locations, so I'm not sure we can set expectations to continue at that level, but the pipeline's robust and as I said, very active and.

是的，我認為我們已經討論過，在過去的 24 個月裡，事情進展迅速，特別是 Heartland 在四個地點的大規模收購，所以我不太確定我們能否預期會繼續保持這種水平，但項目儲備充足，而且正如我所說，非常活躍。

We see, '26, '27 us continuing, a similar type approach we have, many contiguous, startups that we're looking at as well as an active pipeline, so, no real bottlenecks that would, impact us being able to continue to execute much as we have, this past year.

我們看到，在 2026 年和 2027 年，我們將繼續採取類似的策略，關注許多相鄰的新創公司，並積極推進專案儲備，因此，不會出現任何真正的瓶頸，影響我們像去年一樣繼續高效運作。

Okay. Thank you very much.

好的。非常感謝。

Your next question comes from the line of Raj Kumar from Stevens. Please go ahead.

你的下一個問題來自史蒂文斯的拉傑庫馬爾。請繼續。

Hi, good afternoon. Maybe just kind of touching on the implied full cue here. It seems like the dilutive impact to margins is slightly accelerating, so maybe just kind of want to get your thoughts on if that's just conservatism or kind of anything to call out on that front.

您好，下午好。或許只是稍微提及一下這裡隱含的完整提示。看起來利潤率受到的稀釋影響似乎略有加速，所以我想聽聽您的看法，這只是保守主義的表現，還是有什麼需要特別注意的地方。

Hey, Raj, David, I think, our adjusted even benign margins were forecast to remain relatively steady, and the biggest impact there would be the investment that we've made over the last 12 to 18 months, depressing, overall margins.

嘿，Raj，David，我認為，我們調整後的即使是良性利潤率預計也將保持相對穩定，而最大的影響將是過去 12 到 18 個月我們所做的投資，這將降低整體利潤率。

I think, the Q4 would pick up slightly because of the seasonality, with the vaccine clinics.

我認為，由於季節性因素和疫苗接種診所的開放，第四季會略有回升。

Got it. And then maybe just as a follow-up, I appreciate the commentary on the mature pharmacy kind of margin, maybe just kind of thinking about what the ceiling or the kind of theoretical ceiling is there from a margin perspective and kind of also thinking about.

知道了。然後，作為後續，我很欣賞對成熟藥局利潤率的評論，也許可以思考一下從利潤率的角度來看，是否存在某種上限或理論上限，以及是否存在其他問題。

One of your mature pharmacies, what kind of the available expansion capacities to those pharmacies as we think about that helping out in this overall high single-digits organic revenue growth framework that you've kind of laid out long-term.

你們的一家成熟藥局，考慮到你們制定的長期高個位數有機收入成長框架，這些藥局有哪些可用的擴張能力？

You know we've talked about the impact that our investment in the contiguous startups and acquisitions has on over our margin. It's, plus or minus 80 basis points and.

你知道我們已經討論過，我們對鄰近新創公司和收購的投資對我們的利潤率的影響。誤差範圍為正負 80 個基點。

Where can the business be say in 24, 36 months or even longer we hope to continue to optimize these acquisitions that's going to enhance our overall margin.

24個月、36個月甚至更長時間內，公司業務會發展到什麼程度？我們希望繼續優化這些收購，以提高我們的整體利潤率。

We're going to leverage the platform that we've built not only in each pharmacy that you know where we're not to full market share but also leverage our support infrastructure, so you know.

我們將利用我們已建立的平台，不僅在我們尚未完全佔據市場份額的每家藥店，而且還將利用我們的支援基礎設施，你知道的。

8% higher we're going to be working on that, every day, every quarter, but, hopefully we'll see things continue to improve.

我們會努力實現8%的成長，每天、每季都會努力，希望情況能持續好轉。

Got it. Thank you.

知道了。謝謝。

[Operator Instructions]

[操作說明]

Your next question is a follow-up from John Ransom from Raymond James. Please go ahead.

你的下一個問題是來自 Raymond James 的 John Ransom 的後續問題。請繼續。

Hey there. Just going back to the fun topic of Medicare Part D, as you no doubt know, there's a lot of turmoil in the market. There's fewer stand-alone Part D plans, there's more MAPD plans, and I just wonder.

嘿。回到我們感興趣的Medicare Part D這個主題，正如您無疑知道的那樣，市場非常動盪。獨立的D部分計劃減少了，MAPD計劃增加了，我只是感到疑惑。

How does Guardian look at that and your plan.

Guardian是如何看待這一點以及你的計劃的？

Optimizer tool, are you seeing more switching within your resident? Is it creating more kind of churning behind the scenes, or is it not something that's risen to the level of, something that you've noticed?

優化工具，您是否發現您的住戶之間切換次數增加？這是否在幕後造成了更多動盪，還是說這件事還沒有發展到你注意到的程度？

I'll start on that one, John. It's very early in the process because the details were late in coming this year, so the big effort is underway as we speak, and, we'll know more as we move through the next few weeks.

約翰，我先來處理那件事。由於今年細節公佈較晚，目前還處於非常早期的階段，因此，正如我們所說，這項重大工作正在進行中，在接下來的幾周里，我們將了解更多資訊。

Okay, thank you. And do you, I, I'm sorry, do you have a general preference for standalone versus MAPD or do you care?

好的，謝謝。那麼，您，或者說，您，您是喜歡獨立式還是多用途式（MAPD）呢？還是您並不在意？

We're relatively agnostic. We want to help the residents find the best plan for their, particular situation and their drug regimen.

我們相對來說是不可知論者。我們希望幫助居民找到最適合他們自身狀況和用藥方案的計畫。

Okay.And if y'all noticed anything kind of different. I was just looking at some numbers that suggest some small moves, but has there been any change to point out in terms of the mix of brand versus generics or the mix within brand?

好的。如果你們注意到什麼不尋常的地方的話。我剛剛看了一些數據，顯示有一些小的變化，但是品牌藥與仿製藥的比例，或是品牌藥內部的比例，有沒有什麼值得注意的變化呢？

And I know you're not real leverage expensive biosimilars, but is there anything to call out in the average drug consumption this year versus last year? And does that, is that bigger than a bread box for you?

我知道你並沒有真正利用昂貴的生物相似藥，但是今年的平均藥物消費量與去年相比有什麼值得注意的地方嗎？那對你來說，比麵包盒還大嗎？

We've mentioned in in previous communications that we see increasing levels of acuity. Which manifests, itself with, greater utilization of some of these, brands, and that has, continued.

我們在先前的溝通中提到過，我們看到患者的敏銳度正在不斷提高。這表現為對其中一些品牌的更廣泛使用，而且這種情況一直在持續。

It's, I would call it just steadily, a steady growth in acuity. Obviously, that is also greatly impacted by resident mix.

我會稱之為敏銳度的穩定提升。顯然，這也很大程度受到居民組成的影響。

This, being a market where our residents are turning over, so it can fluctuate quarter to quarter, year to year, depending on that, but, in general, these, residents that we serve, have a high acuity level.

這是一個居民流動性很大的市場，所以市場價格會根據居民流動性逐季度、逐年波動，但總的來說，我們服務的這些居民病情都比較嚴重。

And the fact that, the whole Part D deductible and out of pocket max has changed, are you noticing that in a, shift of the plans being more on the hook in the fourth quarter, are you seeing any kind of change versus last year when that wasn't the case?

鑑於 D 部分的免賠額和自付費用上限都發生了變化，您是否注意到，在第四季度，各計劃承擔的責任更多了？與去年並非如此時，您是否看到了任何變化？

We have not, and I'm surprised at that. Perhaps it may take more than one year.

我們沒有，這讓我很驚訝。或許需要一年以上的時間。

Okay. All right, thank you.

好的。好的，謝謝。

Thank you very much. There are no further questions at this time. This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

非常感謝。目前沒有其他問題了。今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。