Healthcare Services Group Inc (HCSG) 2024 Q3 法說會逐字稿

Thank you for standing-by.

感謝您的支持。

My name is Jeannie, and I will be your conference operator today.

我叫珍妮，今天我將擔任您的會議接線生。

At this time, I would like to welcome everyone to the HCSG 2024 Third Quarter Conference Call.

現在，我歡迎大家參加 HCSG 2024 年第三季電話會議。

The matters discussed on today's conference call include forward-looking statements about the business prospects of Healthcare Services Group, Inc. For Healthcare Services Group, Inc.'s most recent forward-looking statement notice, please refer to the press release issued this morning, which can be found on our website, www.hcsg.com.

今天電話會議討論的事項包括有關醫療服務集團公司業務前景的前瞻性陳述。

Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the risk factors, MD&A and other sections of the annual report on Form 10-K and Healthcare Services Group, Inc.'s other SEC filings and as indicated in our most recent forward-looking statement.

由於各種風險、不確定性和重要因素，實際結果可能與明示或暗示的結果存在重大差異，包括風險因素、管理層討論與分析以及 10-K 表年度報告的其他部分和醫療服務集團公司提交給美國證券交易委員會的其他文件中討論的結果以及我們最近的前瞻性聲明中指出的結果。

Additionally, management will be discussing certain non-GAAP financial measures.

此外，管理階層將討論某些非公認會計準則財務指標。

A reconciliation of these items to US GAAP can be found in this morning's press release.

在今天早上的新聞稿中可以找到這些項目與美國公認會計準則的對帳表。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Ted Wahl.

現在我想將會議交給泰德沃爾。

You may begin your conference.

您可以開始您的會議了。

Thank you, and good morning, everyone.

謝謝大家，早安。

Matt McKee and I appreciate you joining us today.

馬特麥基 (Matt McKee) 和我感謝您今天加入我們。

We released our third quarter results this morning and plan on filing our 10-Q by the end of the week.

我們今天早上發布了第三季業績，並計劃在本週末提交 10-Q 報表。

We're very pleased with our third quarter results, which underscore the positive momentum we're carrying into the fourth quarter.

我們對第三季的業績非常滿意，這凸顯了我們在第四季所保持的正面勢頭。

Executing on our three strategic priorities of driving growth, managing costs, and optimizing collections is clearly paying off, resulting in sequential and year-over-year growth in revenue, earnings, and cash flow.

執行我們的三大策略重點，即推動成長、管理成本和優化收款，顯然取得了成效，導致收入、收益和現金流連續和同比增長。

For the three months ended September 30, 2024, we reported revenue of $428.1 million, in line with expectations; net income and diluted EPS of $14 million and $0.19 per share; and reported and adjusted cash flow from operations of $4.3 million and $19 million.

截至 2024 年 9 月 30 日的三個月，我們報告的收入為 4.281 億美元，符合預期；淨收入和稀釋每股收益分別為 1,400 萬美元和 0.19 美元；報告和調整後的營運現金流分別為 430 萬美元和 1,900 萬美元。

I'd like to now share our perspective on the latest industry trends and developments.

現在我想分享我們對最新行業趨勢和發展的看法。

Industry fundamentals continue to trend positively, highlighted by rising occupancy, which now sits at 79.8%, just under the low 80s pre-pandemic levels.

產業基本面持續呈現正面趨勢，突出表現是入住率不斷上升，目前入住率為 79.8%，略低於疫情前的 80% 出頭的水平。

A continued increase in workforce availability with the industry adding over 100,000 jobs since the beginning of 2023, and a stable reimbursement environment, which includes CMS's 4.2% increase in Medicare rates for the fiscal year 2025, which became effective October 1 as well as continued positive reimbursement trends at the state level.

自 2023 年初以來，該行業增加了超過 100,000 個就業崗位，勞動力供應持續增加，報銷環境穩定，包括 CMS 將 2025 財年的醫療保險費率提高 4.2%（於 10 月 1 日生效），以及州一級持續積極的報銷趨勢。

On the regulatory front, we continue to believe that CMS's final minimum staffing rule will either undergo significant revision during the extended phase-in period or will not be implemented, especially given the pending litigation and the potential for legislation or administration change.

在監管方面，我們仍然相信，CMS 的最終最低人員配備規則要么將在延長的過渡期內進行重大修改，要么將不會實施，尤其是考慮到懸而未決的訴訟以及立法或行政變革的可能性。

As we head into the final months of the year, our strategic priorities remain unchanged.

隨著我們進入今年的最後幾個月，我們的策略重點保持不變。

We are confident that our focus on these priorities, supported by our strong business fundamentals will enable us to further accelerate growth, enhance profitability and maximize cash flow through 2025 and beyond.

我們相信，在強勁業務基礎的支持下，對這些優先事項的關注將使我們能夠在 2025 年及以後進一步加快增長、提高盈利能力並實現現金流最大化。

So with those introductory comments, I'll turn the call over to Matt for a more detailed discussion on the quarter.

因此，在做完這些介紹性評論後，我將把電話轉給馬特，讓他就本季的情況進行更詳細的討論。

Thank you, Ted, and good morning, everyone.

謝謝你，泰德，大家早安。

Revenue was reported at $428.1 million, in line with the company's expectation of $425 million to $435 million.

營收為 4.281 億美元，符合該公司 4.25 億至 4.35 億美元的預期。

Housekeeping and laundry revenue was $191.1 million, and the margin was 6.4%.

客房清潔及洗衣收入為1.911億美元，利潤率為6.4%。

Dining & nutrition revenue was $237 million, and the margin was 5.3%.

餐飲和營養收入為 2.37 億美元，利潤率為 5.3%。

The company's Q4 expected revenue range is $430 million to $440 million.

該公司第四季預期營收為4.3億美元至4.4億美元。

Cost of services was reported at $364.7 million or 85.2%, and the company's goal is to continue to manage cost of services, excluding CECL, in the 86% range.

服務成本為 3.647 億美元，佔 85.2%，公司的目標是繼續將服務成本（不包括 CECL）控制在 86% 左右。

SG&A was reported at $46.9 million.

銷售、一般及行政開支據報道為 4,690 萬美元。

But after adjusting for the $2.4 million increase in deferred compensation, actual SG&A was $44.5 million or 10.4%.

但在調整遞延薪資增加的 240 萬美元後，實際銷售、一般及行政費用為 4,450 萬美元，即 10.4%。

The company's goal continues to be achieving SG&A in the 8.5% to 9.5% range.

該公司的目標仍然是實現 8.5% 至 9.5% 範圍內的銷售、一般及行政費用率。

Other income was reported at $2.3 million or 0.5% and other income includes a $2.4 million or 0.6% increase in deferred compensation.

據報道，其他收入為 230 萬美元或 0.5%，其他收入包括遞延薪酬增加 240 萬美元或 0.6%。

Net income and diluted earnings per share were reported at $14 million and $0.19, respectively.

淨收入和每股攤薄收益分別為 1,400 萬美元和 0.19 美元。

Adjusted EBITDA for the quarter was $24.8 million or 5.8%.

本季調整後 EBITDA 為 2,480 萬美元，增幅 5.8%。

Cash flow and adjusted cash flow from operations was $4.3 million and $19 million, respectively.

經營活動現金流和調整後現金流分別為 430 萬美元和 1,900 萬美元。

The company reaffirmed its 2024 adjusted cash flow from operations range of $40 million to $55 million.

該公司重申 2024 年調整後營運現金流範圍為 4,000 萬美元至 5,500 萬美元。

And the company has repurchased over 350,000 shares, or $4 million of its common stock so far in 2024, including over 90,000 shares, or $1 million of its common stock during the third quarter.

截至目前，該公司已在 2024 年回購了超過 35 萬股普通股，價值 400 萬美元，其中包括第三季回購了超過 9 萬股普通股，價值 100 萬美元。

Since the February 2023 share repurchase authorization, we have repurchased 1.4 million shares, or $15.2 million of our common stock, and we have 6.1 million shares remaining under our authorization.

自 2023 年 2 月股票回購授權以來，我們已回購了 140 萬股，即價值 1,520 萬美元的普通股，我們的授權剩餘股份為 610 萬股。

So with those opening remarks, we'd now like to open up the call for questions.

以上是開場白，我們現在可以開始提問了。

(Operator Instructions) Sean Dodge, RBC Capital Markets.

（操作員指示）Sean Dodge，RBC 資本市場。

Yes.

是的。

Ted, on the cash flow, you made really good progress there during the quarter.

泰德，就現金流而言，你在本季取得了非常好的進展。

Is there anything else you can share just around the visibility you have at this point into the full year target?

您還能分享一下目前對全年目標的期望嗎？

I know Q4 tend to be very seasonally strong for you.

我知道第四季對你們來說是一個季節性強勁的時期。

You mentioned at the top of the call, the improving macro backdrop.

您在電話會議的開頭提到了宏觀背景正在改善。

I guess, is there still some catching up that's happening too with all of the payments kind of posted the change outage?

我想，是否還存在一些正在發生的追趕情況，因為所有的付款都發布了變更中斷？

Yes, Sean, and thank you for the question.

是的，肖恩，謝謝你的提問。

We did achieve over 98.5% collections for the quarter, and that helped drive that $19 million adjusted cash flow that we posted, which was in line with our targeted range and really higher compared to last quarter and the same period last year.

本季我們的收款率確實超過了 98.5%，這有助於推動我們實現 1,900 萬美元的調整後現金流，這符合我們的目標範圍，並且與上一季和去年同期相比確實有所提高。

So we're proud of that accomplishment.

我們對這項成就感到自豪。

We do have positive momentum heading into the fourth quarter, evidenced by our Q3 results and also the very positive start we've gotten off to in October.

我們確實在進入第四季度時擁有積極的勢頭，這從我們第三季度的業績以及十月份的非常積極的開局就可以看出。

So all of that works in our favour and then you mentioned it.

所以，所有這一切對我們有利，然後您提到了這一點。

But we also had the benefit of seasonality working in our favour.

但我們也受益於季節性因素。

Historically, Q4 has been our strongest collections quarter.

從歷史上看，第四季是我們收款業績最強勁的季度。

We had the tension of year-end.

我們感受到了年底的緊張氣氛。

The makeup payments from prior periods, you cited Change Healthcare as an example.

您以 Change Healthcare 為例介紹了前期的補足付款。

So yes, we do expect in addition to what we've collected with respect to those delays in Q3, we do expect continued collections on those Change Healthcare delays in Q4.

所以是的，我們確實預計，除了在第三季度收集的與這些延遲相關的款項之外，我們還預計在第四季度繼續收集與 Change Healthcare 延遲相關的款項。

And then as we highlighted before in past years, we do have some year-end cash basis taxpayers.

正如我們在過去幾年所強調的那樣，我們確實有一些年終現金制納稅人。

So our goal overall continues to be optimizing cash collections in the quarter ahead and 2025.

因此，我們的總體目標仍然是優化未來一個季度和 2025 年的現金收集。

We continue to expect our collections to gain strength into next year with that improving macro backdrop that you highlighted.

我們繼續期待，隨著您強調的宏觀背景改善，我們的系列產品將在明年獲得增強。

And again, we're going to stick our -- continue to focus on increasing payment frequency, taking our customers and our clients from monthly to weekly and/or biweekly, continuing to focus on using promissory notes proactively as a protective and proactive measure, and then ultimately remaining disciplined in our decision-making for both existing business and, of course, new business.

再次強調，我們將堅持——繼續專注於提高付款頻率，讓我們的客戶和客戶從每月付款變為每周和/或每兩週付款，繼續專注於主動使用本票作為保護和主動措施，最終在現有業務和新業務的決策中保持紀律。

Okay.

好的。

Great.

偉大的。

And then, Matt, how many days of payroll accrual were there in the quarter in the third quarter?

那麼，馬特，第三季的薪資累計天數是多少？

And then can you give us what that will be in days for the fourth quarter?

那麼您可以告訴我們第四季的具體數字嗎？

Yes, Sean.

是的，肖恩。

So the third quarter was nine days.

因此第三季是九天。

And then for the fourth quarter, it will be three days.

對於第四季來說，將是三天。

Okay.

好的。

And then last for me.

然後對我來說是最後一個。

If we just think about the pacing of revenue, what was the revenue run rate exiting the quarter?

如果我們只考慮收入的節奏，那麼本季末的收入運行率是多少？

And then anything you can share on how we should be thinking about growth heading into next year?

那麼您能分享一下我們應該如何考慮明年的成長嗎？

Is just annualizing the Q4 guidance, is that a fair way to kind of start to think about 2025?

只是將第四季的指引年度化，這是開始思考 2025 年的合理方式嗎？

Or are conditions such now that we could continue to see some acceleration in the dining cross-sell is kind of the quarter's roll on here?

或者現在的情況是，我們可以繼續看到餐飲交叉銷售的加速，這是否是本季的趨勢？

Well, I think big picture, very optimistic heading into 2025.

嗯，我認為從總體上看，對 2025 年前景非常樂觀。

We really -- from a pipeline perspective, demand for the services, management development, all of those indicators are trending very positively.

我們確實 — — 從管道角度、服務需求、管理發展來看，所有這些指標都呈現出非常積極的趨勢。

I think, Sean, even to zoom out for a moment, if you recall, coming into the year, we shared our expectations around revenue growth.

肖恩，我想，即使暫時縮小一點，如果你還記得的話，進入今年，我們分享了對收入成長的期望。

And at that time, it was more in the spirit of crawl, walk, run.

那時，它更多的是體現了爬行、走路、跑步的精神。

We had the goal of growing the top line in the second half of the year compared to the first half of the year.

我們的目標是，下半年的營業額比上半年有所成長。

And that cadence of growth that we anticipated was really aligned with how we were thinking about the industry recovery and really rounding that final turn of recovery, the operating environment that existed at that time and then what we saw as the improving financial strength of our customer base and ultimately, future growth and client partners.

我們預期的成長節奏與我們對產業復甦的看法是一致的，並且真正實現了復甦的最後轉折，當時的營運環境以及我們所看到的客戶群財務實力的不斷增強，以及最終的未來成長和客戶合作夥伴。

So coming into the final months of 2024, I think we're confident that we're going to hit that goal that we set at the beginning of the year.

因此，進入 2024 年的最後幾個月，我認為我們有信心實現我們在年初設定的目標。

I think more specific to Q4 and 2025, we added business pretty evenly throughout the quarter.

我認為更具體地說，對於第四季和 2025 年來說，我們整個季度的業務成長相當均勻。

We're in the midst of prospect discussions that we know are going to amount to more meaningful adds certainly in the coming quarters, if not in the quarter ahead.

我們正在進行前景討論，我們知道，即使不是在下一季度，在接下來的幾個季度，這些討論也肯定會帶來更有意義的增加。

Some of those are already signed and started.

其中一些已經簽署並開始實施。

We have a pool of customers or future customers that are signed but not yet started.

我們擁有一批已簽約但尚未開始的客戶或未來客戶。

And then we have a group that are more or less in the final stages of contracting that could be pulled forward into Q4 or pushed out into Q1.

然後，我們有一個或多或少處於簽約最後階段的群體，可能會提前到第四季度或推遲到第一季。

But again, overall, in the spirit of accuracy rather than precision, we're really feeling confident and bullish on the next few quarters of growth.

但總體而言，本著準確而非精確的精神，我們對未來幾季的成長充滿信心和樂觀態度。

I know we mentioned that improving visibility we have into the pipeline compared to where we were a year or two ago.

我知道我們提到過，與一兩年前相比，我們對管道的可見度有所提高。

I think the timing of those adds, as I mentioned, is what really drives the impact in any given quarter relative to the estimated revenue ranges.

我認為，正如我所提到的那樣，這些增加的時機才是真正推動特定季度相對於預期收入範圍產生影響的因素。

The only other piece I'd add is that Matt and I are always highlighting is the importance of retention on our existing business to new growth opportunities.

我要補充的另一點是，馬特和我一直在強調保留現有業務對於新成長機會的重要性。

We do expect some of the, I'd say, financial-related exits we've had over the past few years post-COVID through industry recovery, we expect to subside going forward, but we have to remain disciplined in our decision-making and be nimble if we believe it's in the best long-term interest or near-term interest to exit a client group with whom we have concerns.

我想說，我們確實預計，在過去幾年疫情過後，透過產業復甦，我們進行的一些金融相關的退出行為將會逐漸減少，但我們必須在決策中保持嚴謹，如果我們認為退出我們有顧慮的客戶群符合最佳的長期利益或短期利益，那麼我們就必須靈活應對。

So that's really the tale of the tape as we think about revenue.

所以當我們考慮收​​入時，這實際上就是錄影帶的故事。

But again, overall, we're confident that we're going to hit our top line growth goal that we had set at the beginning of the year, growing second half compared to first half.

但整體而言，我們有信心實現年初設定的營收成長目標，下半年的營收將較上半年有所成長。

And I think we'll be in a position to more specifically talk about 2025 growth expectations when we're together in February on this call, certainly beyond our expectations that 2025 is going to be a year of growth, which we feel confident about.

我認為，當我們在二月份的電話會議上討論 2025 年的成長預期時，我們將能夠更具體地討論 2025 年的成長預期，這肯定超出了我們的預期，2025 年將是成長的一年，我們對此充滿信心。

Andy Wittmann, Baird.

安迪威特曼，貝爾德。

I have kind of one just kind of technical question, and then I'm going to follow up with a broader picture question.

我有一個類似技術的問題，然後我將問一個更廣泛的問題。

But to start out here, guys, in the past, recognizing that the credit adjustments under CECL accounting can be lumpy, positive, or negative in any given quarter.

但首先，大家要認識到，在過去，CECL 會計下的信用調整在任何一個季度都可能是不均勻的、正的或負的。

I was just hoping that you could tell us what the hypothetical difference between your -- excuse me, hypothetical difference between your results here, GAAP results, including the CECL, how those would have compared versus the legacy GAAP accounting standard here, either like if you could just quantify that on a pretax or on a per share basis?

我只是希望您能告訴我們，您的結果與 GAAP 結果（包括 CECL）之間的假設差異是什麼，與這裡的傳統 GAAP 會計準則相比如何，您是否可以按稅前或每股基礎量化它？

Obviously, you've talked about this in the past on other quarters.

顯然，您過去已經在其他方面談論過這個問題。

You're not here, but I thought it'd be just informative for all of us to understand what that difference was and how it contributed to the results this quarter.

您不在這裡，但我認為這對我們所有人來說都是有益的，以了解這種差異是什麼以及它對本季度的業績有何貢獻。

Yes.

是的。

So prior to the CECL standard, we booked bad debt as it was incurred or known, right?

因此，在實施 CECL 標準之前，我們會在發生或已知壞帳時將其記入帳下，對嗎？

So really, bad debt this quarter would have looked quite comparable really under the CECL standard as compared to that previous standard.

因此，實際上，按照 CECL 標準，本季的壞帳與先前的標準相比看起來相當。

But I said you're trying to bridge to an adjustment, Andy.

但是我說過你正在嘗試進行調整，安迪。

So the way that we've discussed it previously is that in recent years, kind of prior to CECL, bad debt was averaging around 70 basis points of revenue.

我們之前討論過的情況是，近年來，也就是 CECL 之前，壞帳平均佔收入的 70 個基點左右。

So that's an average number.

這是一個平均數字。

So worth noting that it was certainly certain quarters and years in which we were well below that mark.

因此值得注意的是，在某些季度和年份，我們的業績確實遠低於這一水平。

But then you'd have a specific client restructuring or a bankruptcy and you could see bad debt elevated for a quarter, and that would ultimately lead to some of the variability quarter-to-quarter and then even year-to-year.

但隨後，你會遇到特定客戶重組或破產的情況，你可能會看到某個季度的壞帳增加，而這最終會導致季度間甚至年度間的波動。

So in any quarter since we introduced CECL, really inserting 70 bps of revenue, Andy, as a bad debt plug, would really offer a comparison versus what we were averaging using what you referred to as that legacy accounting standard.

因此，自我們推出 CECL 以來的任何一個季度，實際上都會插入 70 個基點的收入，Andy 作為壞帳插件，實際上會提供與我們使用您所說的傳統會計準則的平均水平的比較。

Okay.

好的。

All right.

好的。

Got it.

知道了。

All right.

好的。

So -- and then I guess, Ted, just stepping back here a little bit, I'm just curious, like, are you seeing -- what are you seeing in terms of the SNF room demand from the increasing levels of acuity that are being managed in assisted living locations.

所以 — — 然後我想，泰德，我們稍微退後一步，我只是好奇，比如，您是否看到了 — — 就輔助生活場所管理的敏銳度不斷提高而言，您對 SNF 房間的需求有何看法。

These assisted living locations seem to be functioning increasingly the way SNFs used to.

這些輔助生活場所似乎越來越像 SNF 過去的運作方式。

And I was just wondering what the company's pathway or potential was to expand into these higher acuity assisted living facilities is.

我只是想知道公司擴展到這些更高敏銳度的輔助生活設施的途徑或潛力是什麼。

Are there like barriers either at those facilities or structural elements of your business that prevents you or precluding you from addressing that as a market opportunity?

這些設施或業務結構要素中是否存在類似障礙，阻止或妨礙您將其視為市場機會？

I'm just kind of curious if you could just talk about what these higher acuity assisted living places mean for you and how you're addressing it, if at all?

我只是有點好奇，您是否可以談談這些更高敏銳度的輔助生活場所對您來說意味著什麼，以及您如何解決這個問題，如果有的話？

Yes.

是的。

And it's a great question, Andy.

這是一個很好的問題，安迪。

I think when you think big picture, right, the 2030 problem is real.

我認為，當你從大局考慮時，2030 年的問題是真實存在的。

You have the ongoing demographic tailwind for companies like ours that operate in the senior living and/or long-term care space and the idea that as those macro trends continue to work in all of those companies, whether it's the provider or the service companies that operate in that space, as the macro trends continue to improve, so do the opportunities across all parts of the continuum from independent living through, as you highlighted, senior living, more traditional assisted living opportunities right on through long-term care nursing homes and then ultimately hospice.

對於像我們這樣在老年生活和/或長期護理領域運營的公司來說，人口統計因素持續推動著它們的發展，而且隨著這些宏觀趨勢在所有這些公司中繼續發揮作用，無論是提供商還是在該領域運營的服務公司，隨著宏觀趨勢的不斷改善，從獨立生活到老年生活、更傳統的輔助生活機會，再到長期護理院以及最終的生活中不斷增加的整個機會。

So we see ourselves playing a role in that entire continuum.

因此，我們認為自己在整個過程中扮演著重要角色。

Obviously, historically, our core focus has been in and around the traditional long-term or post-acute care facility, i.e., the nursing home.

顯然，從歷史上看，我們的核心重點一直是傳統的長期或急性後護理機構，即療養院。

Today, that makes up roughly 80% of our business.

如今，這大約占我們業務的80%。

But in that other 20% is a rapidly growing and a great opportunity part of the company.

但另外的 20% 是公司快速成長且蘊藏巨大機會的部分。

We mentioned education that is still less than 5% of our revenues, but has tremendous opportunity.

我們提到，教育雖然只占我們總收入的 5% 以下，但卻蘊藏著巨大的機會。

But when you think about, as you highlighted, the assisted living, more higher acuity level assisted living facilities as well as behavioural health, substance abuse centers, they all make up very attractive opportunities for the company moving forward.

但是，正如您所強調的，當您考慮輔助生活、更高水平的輔助生活設施以及行為健康、藥物濫用中心時，它們都為公司未來的發展提供了非常有吸引力的機會。

We're well positioned to take advantage of those opportunities.

我們已準備好去利用這些機會。

We haven't talked about inorganic growth opportunities recently on calls like this.

我們最近沒有在這樣的電話會議上談論無機成長機會。

But we always have one eye open for different brands that could be complementary to our existing brand.

但我們始終留意那些可以與我們現有品牌互補的不同品牌。

But even under the HCSG umbrella, we think there's a clear runway to continue to grow and expand in that market.

但即使在 HCSG 的保護下，我們認為該市場仍有繼續成長和擴張的明確途徑。

And I would just distinguish, Andy, one component relative to your question in the sense that as we look at that assisted living market specifically, first off, you're absolutely correct in your assessment of increasing acuity levels in assisted living.

安迪，我只想區分一下與你的問題相關的一個組成部分，當我們具體看一下輔助生活市場時，首先，你對輔助生活敏銳度水平不斷提高的評估是完全正確的。

There are folks that we see in assisted living today who even as few as six years ago, would have absolutely been in a skilled environment.

我們今天在生活援助機構中看到的一些人，即使在六年前，也絕對可以處於一個技術熟練的環境。

So that is a dynamic that's evolving for sure.

所以這肯定是一個正在發展的動態。

I would point out, though, that just from a demand perspective, the model relative to housekeeping services and even laundry services in assisted living facilities tends to be still more of almost a universal aid model, right?

不過，我想指出的是，僅從需求的角度來看，相對於輔助生活設施中的家事服務甚至洗衣服務的模式仍然更像是一種普遍的援助模式，對嗎？

You still have, generally speaking, most residents are able to clean their own apartment, their own space.

一般來說，大多數居民仍然能夠清潔自己的公寓和自己的空間。

So you have a universal aid who may be contributing to cleaning common areas in the facility and performing other random functions as a component of their facility employment.

因此，您擁有一名通用助手，他可能負責清潔設施內的公共區域，並作為其設施工作的一部分執行其他隨機職能。

You contrast that, though, with dining, where absolutely dining is a significant area of focus and a massive component of the resident experience at an assisted living facility.

然而，這與餐飲形成鮮明對比，在輔助生活設施中，餐飲絕對是關注的重要領域，也是住戶體驗的重要組成部分。

So as we look to further expand our footprint in dining services by virtue of the acquisition that we made that was intended relative to the education end market, but it is also certainly transferable into the higher-end assisted living market, that remains an opportunity for us.

因此，我們希望透過此次收購進一步擴大我們在餐飲服務領域的足跡，而此次收購的目的在於教育終端市場，但它也可以轉移到更高端的輔助生活市場，這對我們來說仍然是一個機會。

So I would say in the near term, at least, Andy, a greater opportunity in assisted living from a dining perspective as compared to environmental services.

因此我想說，至少在短期內，安迪，與環境服務相比，從餐飲角度來看，輔助生活的機會更大。

Bill Sutherland, Benchmark.

比爾‧薩瑟蘭 (Bill Sutherland)，基準。

Just to follow up on Andy's question, it got me thinking.

為了跟進安迪的問題，我陷入了思考。

Are you seeing any of your SNF clients experiencing declines in the skill mix?

您是否發現您的任何 SNF 客戶經歷了技能組合的下降？

Certainly, there's a variability that occurs client to client.

當然，不同客戶的情況存在差異。

There are certain clients and operators who are more focused on driving, for instance, Bill, the short-term post-acute rehab type stay versus others who are catering to more of the long-term care -- the true long-term care resident within their patient mix.

有些客戶和營運商更注重推動，例如，比爾 (Bill) 的短期急性後康復型住院，而其他人則更注重長期護理——他們的患者組合中真正的長期護理居民。

So I'd say it's hard to offer any specifics, Bill, relative to what we're seeing, but definitely within any particular client or end market, you could see variability.

因此，比爾，我想說很難提供任何與我們所看到的情況有關的具體信息，但肯定在任何特定客戶或終端市場中，你都可以看到變化。

Okay.

好的。

On the SG&A number, which is right in line this quarter.

關於銷售、一般及行政開支，本季的數字正好符合預期。

And you've spoken about the potential to use various approaches to efficiencies and technology to do even better there and also in cost of sales.

您還談到了使用各種方法來提高效率和技術的潛力，以便在銷售成本方面做得更好。

So I'm just wondering, should we think about on an absolute dollar basis, SG&A being managed even lower?

所以我只是想知道，我們是否應該考慮以絕對美元為基礎，將銷售、一般和行政費用管理得更低？

Or is it just something that you can maybe manage flat against a growing revenue base to get it into the range you want it in as far as percent of revenue?

或者它只是您可以根據不斷增長的收入基礎進行管理的東西，以使其達到您想要的收入百分比範圍？

It's actually a mix of the two, Bill.

這實際上是兩者的混合，比爾。

I think when you look over the past 12 months, SG&A has been relatively flat from -- on a quarter-to-quarter basis.

我認為，回顧過去 12 個月，銷售、一般及行政開支按季度計算相對持平。

Longer term, our goal is to manage SG&A.

從長遠來看，我們的目標是管理銷售、一般和行政費用。

We think of it as a percentage opportunity in that 8.5% to 9.5% targeted range.

我們認為這是 8.5% 到 9.5% 目標範圍內的一個百分比機會。

Obviously, it's higher than that today as a percentage of revenue, but we expect to continue to make the investments that we've made over the past couple of years.

顯然，以收入的百分比來看，這一數字已經高於今天的水平，但我們預計將繼續進行過去幾年的投資。

And as we grow the top line, we're going to be able to further leverage the fixed portion of that SG&A and really scale it relative to that top line growth.

隨著我們營收的成長，我們將能夠進一步利用銷售、一般和行政費用的固定部分，並真正根據營收成長進行擴大。

So you mentioned some of the investments.

所以你提到了一些投資。

We're going to continue to invest in employee engagement and experience, which we've mentioned before, but we're in the midst of a company-wide initiative that's going to continue to drive items like retention and overall operating performance, which is oftentimes reflected in the cost of services line item.

正如我們之前提到的，我們將繼續對員工敬業度和體驗進行投資，但我們正處於全公司範圍的計劃之中，該計劃將繼續推動保留率和整體營運績效等項目，這通常反映在服務成本項目中。

Similar, we talked about marketing and brand positioning, which we continue to view as critical for both external as well as those internal stakeholders I alluded to, i.e., employees in burnishing the image of the company and their pride in working within the four walls of community and that correlation to the HCSG brand and then obviously, technology investments, which you touched on, which we're excited about continuing to really leverage technology for more efficient service offerings and better engagement with our employees.

類似地，我們談到了行銷和品牌定位，我們仍然認為這對我提到的外部和內部利益相關者都至關重要，即員工樹立公司形象、在社區內工作的自豪感以及與 HCSG 品牌的相關性，然後顯然還有您提到的技術投資，我們很高興能夠繼續真正利用技術來提供更有效率的服務並更好地與員工互動。

So all of the above, and we expect, as I mentioned, to be able to do that while at the same time, leveraging the fixed portion of SG&A as we grow the top line.

因此，正如我所提到的，我們希望能夠做到這一點，同時利用銷售、一般和行政費用的固定部分來增加營收。

Got it.

知道了。

One more I was thinking about is the Education segment.

我正在考慮的另一個領域是教育領域。

Now it's still less than 5%.

現在仍然不到5%。

Curious if you're starting to see some benefit or not benefit, but some seasonality with the school year in your fourth quarter and first quarter?

好奇您是否開始看到一些好處或沒有好處，但是第四季度和第一季的學年存在一些季節性？

Yes.

是的。

So I guess just to distinguish, Bill, there is absolutely seasonality in that business, not only in sort of the ramping of head count, right, to provide the services in the academic year, a little bit of a lull.

所以我想需要區分的是，比爾，這個行業絕對有季節性，不僅僅是在員工人數的增加，在學年提供服務時，會出現一點平靜期。

There's project work and reallocation of some of the labour hours during the summer months.

夏季有專案工作和部分勞動時間的重新分配。

But there's also seasonality in the selling and kind of administratively in the entree into that market.

但銷售也存在季節性，進入該市場的管理也存在一定的影響。

So the answer -- the short answer is yes, there is absolutely seasonality that applies to that business.

所以答案——簡短的回答是肯定的，該業務絕對存在季節性。

Does that translate into sort of an impact on total company results and should you see any impact relative to the fourth quarter?

這是否會對公司整體業績產生影響？

We're not yet at a spot, Bill, where there's enough sort of meaningful revenue there that it would have an impact on total company.

比爾，我們尚未達到足夠的有意義的收入以對整個公司產生影響的程度。

Okay, kind of guess that.

好的，我猜是這樣。

And then actually, let me sneak in the hurricane question.

那麼實際上，讓我偷偷提一下颶風的問題。

Any comment on all the Florida issues or even Western North Carolina?

對所有佛羅裡達州的問題甚至北卡羅來納州西部的問題有什麼評論嗎？

Yes.

是的。

Certainly, first off, Bill, we would want to offer our sympathies to everybody who was affected by the recent weather events down in the Southeast.

當然，首先，比爾，我們要向所有受到東南部最近惡劣天氣影響的人們表示慰問。

And we had clients and employees who suffered losses.

我們的客戶和員工也遭受了損失。

So we're very sensitive to those challenges.

因此，我們對這些挑戰非常敏感。

But to your question, Bill, fortunately, we had no major disruptions in our services or our supply chains.

但對於你的問題，比爾，幸運的是，我們的服務或供應鏈沒有出現重大中斷。

And that's -- on one hand, it's fortunate.

一方面，這是幸運的。

But as you fan out, it's really more than just good luck.

但當你散開時，這真的不僅僅是好運了。

It's really the preparation, planning, and execution of our teams in both Florida and North Carolina that helped us to mitigate those potential challenges that the storms could have created.

正是佛羅裡達州和北卡羅來納州的團隊的準備、規劃和執行幫助我們減輕了風暴可能帶來的潛在挑戰。

And our team in Florida is expert in handling weather-related events and have an unbelievable track record of demonstrating our value to our clients and the residents that we serve.

我們在佛羅裡達的團隊擅長處理與天氣有關的事件，並且在向我們的客戶和我們服務的居民展示我們的價值方面擁有令人難以置信的記錄。

So specifically in Florida, we assisted with evacuations of 29 facilities.

具體來說，在佛羅裡達州，我們協助疏散了 29 個設施。

That's over 2,000 residents that we help to relocate.

我們幫助搬遷的居民超過 2,000 名。

And even in adjacent geographies that weren't evacuated, our managers were providing up to 48 hours of continuous presence in the facilities to make sure that the residents were properly cared for and then remained on call 24/7 even after the storms had cleared.

即使在未撤離的鄰近地區，我們的管理人員也在設施內持續待命長達 48 小時，以確保居民得到妥善照顧，並且即使在風暴過後也保持全天候待命。

So North Carolina was a little bit unique in that Helene affected geography that's typically outside of the storm pathways, mostly affected mountainous, rural areas where we don't have large concentration of facilities.

因此，北卡羅來納州有點特殊，因為海倫颶風影響的地理位置通常位於風暴路徑之外，主要影響沒有大量設施集中的山區和農村地區。

But our teams have rolled up their sleeves and jumped into really the cleanup efforts and are leveraging our vendor partners to help facilitate the flow of supplies into some of those affected areas.

但我們的團隊已經擼起袖子，投入到清理工作中，並利用我們的供應商合作夥伴幫助將物資運送到一些受災地區。

So terrible incidents, it's heartbreaking to see the devastation that these storms have caused.

如此可怕的事件，看到這些風暴造成的破壞真是令人心碎。

But if we can modestly and with the utmost sensitivity offer any type of silver lining, it's that our client partners know that we're there for them.

但如果我們可以謙虛地並以最大的敏感度提供任何類型的一線希望，那就是我們的客戶合作夥伴知道我們會為他們提供幫助。

We have the resources and the expertise to plan and execute in a highly effective manner.

我們擁有資源和專業知識，可以以高效的方式進行規劃和執行。

So it offers us really an opportunity to further strengthen those client relationships and really bolster the resonance of our value proposition.

因此，它確實為我們提供了進一步加強客戶關係和真正增強我們的價值主張共鳴的機會。

Ryan Daniels, William Blair.

瑞安丹尼爾斯、威廉布萊爾。

Yes.

是的。

This is Jack Senft on for Ryan.

這是瑞安 (Ryan) 的傑克森福特 (Jack Senft)。

I think in your answer to Sean's question, it sounded like much of the growth you're guiding to has been driven by cross-sell opportunity.

我認為，當您回答肖恩的問題時，聽起來您所引導的大部分成長都是由交叉銷售機會推動的。

But -- and I think you touched on this too in some of the previous answers.

但是——我認為您在之前的一些回答中也提到了這一點。

But I was just wondering if you could maybe give an update on how the environmental services and just the education opportunities are shaping up in terms of demand here and really kind of how we should think about these going forward into 2025?

但我只是想知道您是否可以介紹這裡環境服務和教育機會的需求情況，以及我們應該如何考慮 2025 年的發展？

I think the demand for both environmental services, you mentioned the cross-sell, but certainly for environmental services as a stand-alone greenfield opportunity.

我認為對環境服務的需求，就像您提到的交叉銷售，但對於環境服務作為獨立的綠地機會來說肯定是這樣的。

And then in the education side, demand is very strong on both fronts.

在教育方面，兩個方面的需求都非常強勁。

When you think about 2025 specifically, we would expect the growth to mirror what the current breakup is in revenues.

當你具體考慮2025年時，我們預期成長將反映出當前收入的分佈。

So think more 45, 55-ish environmental services and dining.

因此，請多考慮 45、55 左右的環境服務和餐飲。

As we grow that greenfield EVS opportunity, we would expect that to not only create the cross-sell in dining, but as you alluded to, we have that existing EVS customer that is primed and ready for the dining and nutrition cross-sell.

隨著我們擴大這一全新 EVS 機會，我們希望不僅能夠在餐飲方面創造交叉銷售，而且正如您所提到的，我們現有的 EVS 客戶已經為餐飲和營養交叉銷售做好了準備。

So that continues to be the lowest hanging fruit and a key part of our growth strategy moving forward.

因此，這仍然是最容易實現的目標，也是我們未來成長策略的關鍵部分。

And I know Matt touched on it in one of the prior questions, but on the education front, high demand.

我知道馬特在之前的一個問題中提到了這一點，但在教育方面，需求很高。

It's still less than 5% of our revenues.

這仍不到我們收入的5％。

So we think of it heading into 2025 as more of a complement to our overall growth strategy than a specific stand-alone division, but we're -- we continue to be very excited about the longer-term prospects there and the opportunity that presents for the company.

因此，我們認為，到 2025 年，它將是我們整體成長策略的補充，而不是一個特定的獨立部門，但我們仍然對該部門的長期前景以及為公司帶來的機會感到非常興奮。

Okay.

好的。

Understood.

明白了。

Makes perfect sense.

非常有道理。

Just a quick follow-up, too.

也只是一個快速的跟進。

Where are you in terms of manager -- from a manager training standpoint?

從經理培訓的角度來看，您作為經理處於什麼位置？

Are you at a good staffing level to fill the facilities in order to drive growth into Q4 and even as we start to look into 2025?

您的人員配備水準是否足以填補這些設施，從而推動第四季度的成長，甚至在我們開始展望 2025 年時？

Or will this kind of be an area that we see you guys continue to bolster out?

或者我們會在這個領域看到你們繼續加強嗎？

Very much so in a good position.

非常處於有利地位。

I alluded to it or mentioned it as part of my conversation with Sean earlier, but that is an absolute critical part of our growth strategy.

我之前在與肖恩的談話中提到過這一點，但這是我們成長策略中絕對關鍵的一部分。

It's not just about the demand for the services and pairing up that demand with our leadership, local leadership at the -- in a given geography, but we need to make sure we have the requisite level of management talent and depth to service those accounts.

這不僅關乎服務需求，還將這種需求與我們的領導力、特定地區的當地領導力相結合，而且我們需要確保我們擁有服務這些帳戶所需的管理人才和深度。

And as we begin to enter more normal times here in '25 and then the years that follow, we would expect the most significant gating factor on our ability to grow as being management development.

隨著我們在2025年及隨後的幾年開始進入更正常的時期，我們預計，管理髮展將成為我們發展能力的最重要限制因素。

We typically, when you look at years past and where we look at today, we're going to be able to train up and develop managers in a spot where we'd be comfortable growing that top line in 2025 in that mid, maybe high single-digit range.

通常，當你回顧過去幾年並著眼於今天的情況時，我們將能夠培訓和培養管理人員，使我們能在 2025 年輕鬆實現中等甚至高個位數的成長。

But as I mentioned before, we're going to be able to refine that number more in February and give a better sense of the cadence of growth in 2025.

但正如我之前提到的，我們將能夠在二月進一步完善這個數字，並更好地了解 2025 年的成長節奏。

But generally speaking, that continues to be the greatest gating factor on our ability to grow is how quickly we can hire, develop, and then deploy management talent.

但一般而言，我們發展能力的最大限制仍然是我們聘用、培養和部署管理人才的速度。

No one does it better than us.

沒有人比我們做得更好。

We have that district self-sustaining model where training centers in a given district are able to hire and train up the future management candidates and still a very difficult part of the job.

我們採用的是地區自給自足模式，特定地區的培訓中心能夠僱用和培訓未來的管理候選人，但這仍然是工作中非常困難的一部分。

More than two thirds of our management candidates don't make their way out of that training program.

超過三分之二的管理候選人沒有完成該培訓計畫。

It's very hands-on, and that's done by design.

它非常實用，而且是經過設計完成的。

But we continue to believe, although our way is not the only way that that's the best approach in making sure we have a prepared candidate when that growth opportunity presents itself.

但我們仍然相信，雖然我們的方法不是唯一的方法，但這卻是確保在成長機會出現時我們擁有做好準備的候選人的最佳方法。

Perfect.

完美的。

And if I can just sneak in one final sort of longer-term question, but you previously mentioned mental health and substance abuse disorders as possible opportunities down the road.

如果我可以偷偷問最後一個長期問題，但您之前提到過精神健康和藥物濫用障礙是未來可能的機會。

And I know this wouldn't be for a while, but I'm just kind of curious if you can dive a little bit deeper into what these look like for the company and just kind of what the full opportunity would look like for both of these segments.

我知道這不會持續太久，但我只是有點好奇，您是否可以更深入地了解這些對公司來說是什麼樣的，以及這兩個細分市場的全部機會是什麼樣的。

Yes, Jack, I would say that certainly, there's a lot of comparability from the skilled nursing end market as compared to specifically the inpatient behavioural and rehab type facilities.

是的，傑克，我想說，專業護理終端市場與住院行為和復健類型的設施相比有很多可比性。

So when we think about what makes an attractive candidate for our services, typically, you're talking about an inpatient environment, and that's so that we can support financially having an on-site manager.

因此，當我們考慮如何成為我們服務的有吸引力的候選人時，通常，您談論的是住院環境，以便我們可以在財務上支持聘請現場經理。

Our preference certainly in an inpatient environment is that it's of a sufficient scale to be able to provide an on-site manager.

在住院環境中，我們當然更傾向於規模夠大、能夠配備現場經理的住院環境。

So that's the first qualifier.

這是第一個資格賽。

But beyond that, for both environmental services and dining services, we're finding increasing demand levels and a growing appetite to outsource those services.

但除此之外，我們發現，對於環境服務和餐飲服務的需求水準正在不斷提高，外包這些服務的興趣也不斷增長。

So we've made inroads in certain geographies and in certain end markets specifically.

因此，我們在某些​​地區和某些終端市場取得了進展。

And as our expertise has continued to grow in the provision of services into those end markets specifically, you develop that networking and can leverage that to your advantage.

隨著我們在為終端市場提供服務方面的專業知識不斷增長，您可以開發此網路並利用它為您帶來優勢。

So we haven't really qualified -- or quantified rather that opportunity as yet in either the near term or the long term.

因此，無論是短期或長期，我們還沒有真正限製或量化這個機會。

But as an additive end market service offering, there's a lot that we like about it.

但作為一種附加的終端市場服務產品，我們對它有很多喜歡的地方。

A.J. Rice, UBS.

A.J.賴斯、瑞銀。

First, maybe looking at the other side of the labour, the hourly workforce.

首先，也許可以看看勞動力的另一面，即計時勞動力。

I know over the last few years, there was a time when the nursing homes weren't giving the updates to rates that you felt they needed to.

我知道過去幾年裡，有一段時間養老院並沒有按照您的要求更新費用。

I think that's sort of normalizing with the employment increase you talked about across the industry.

我認為這與您談到的整個行業的就業成長有點正常化。

But where are we at on that?

但我們目前處於什麼階段？

What kind of increases are you seeing?

您看到了什麼樣的成長？

Is that adequate for you to get the hourly people that you need to staff the positions in the client facilities?

這是否足以讓您獲得在客戶設施中任職所需的小時工？

Yes.

是的。

I think, A.J, if you look at sort of the broader labour market, we're seeing certainly stabilization and improving conditions.

A.J，我認為，如果你看一下更廣泛的勞動市場，我們肯定會看到穩定和改善的條件。

Job postings are no longer declining.

招募資訊數量不再減少。

More than a 0.25 million new jobs were created in September, which I think was a surprise to the upside.

9月新增就業機會超過25萬個，我認為這是一個令人驚訝的數字。

And I'm just talking about the US economy in general here.

我在這裡只是談論美國經濟的總體情況。

But that wage growth has definitely stabilized.

但薪資成長確實已經穩定下來。

It's increasing slightly, and I'd say modestly.

它正在略微增加，而且我認為是適度增加。

Unemployment rate has fallen back from that recent high of 4.3% back to 4.1%.

失業率已從近期高點4.3%回落至4.1%。

And wage growth, to your question, AJ, appears to have more or less returned to its pre-pandemic trend.

至於薪資成長，AJ，對於你的問題，似乎已經或多或少恢復到了疫情前的趨勢。

Our industry specifically, if you think about long-term and post-acute care, we're still 120,000 -- I'm sorry, 112,000 jobs short relative to pre-pandemic levels, but it's improving.

具體到我們的行業，如果考慮長期和急性後護理，與疫情前的水平相比，我們仍然缺少 120,000 個工作崗位——抱歉，缺少 112,000 個，但情況正在改善。

This was an end market that had lost almost 0.25 million jobs.

這個終端市場已經損失了近25萬個工作機會。

So we're clawing our way back.

所以我們正在努力恢復。

It's about a pace of 4,400 jobs per month that we're seeing return to the skilled nursing space.

我們看到每月大約有 4,400 個工作回歸專業護理領域。

So at this rate, the workforce should be back to pre-pandemic levels late 2026.

照這個速度，勞動力應該會在 2026 年底恢復到疫情前的水準。

On our business specifically, along the lines of what we're seeing with the clients, I would say it's a stabilization.

具體到我們的業務，根據我們在客戶身上看到的情況，我會說這是一種穩定。

It still remains kind of that uneven recovery where in certain geographies and certain more specific markets, typically more of the metro and suburban markets, AJ, the recovery is complete, if I dare say that in the sense that we're able to fully staff, we're able to hire employees, train them and ultimately retain them.

在某些地區和某些更具體的市場，通常是大都市和郊區市場，復甦仍然不平衡，AJ，如果我敢說的話，復甦是完整的，我們能夠配備齊全的員工，我們能夠僱用員工，培訓他們，並最終留住他們。

It remains a challenge, though, in broadly speaking, the rural markets and more specifically, certain rural markets are more challenged than others.

但從廣義上講，這仍然是一個挑戰，更具體地說，某些農村市場比其他市場面臨的挑戰更大。

But I would say ongoing recovery and stabilization, we're almost all the way there, if not completely there in the suburban and urban markets, but the challenges do remain in rural facilities.

但我想說的是，我們正在經歷持續的復甦和穩定，即使郊區和城市市場還沒有完全復甦和穩定，我們幾乎已經到達了那個程度，但農村設施仍面臨挑戰。

Okay.

好的。

Great.

偉大的。

And then the other inflationary area we often ask about is related to food and the dining side.

我們經常詢問的另一個通膨領域與食品和餐飲有關。

Anything to call out there?

有什麼要喊的嗎？

Or what's the latest trends you're seeing there?

或者您在那裡看到的最新趨勢是什麼？

Yes.

是的。

Food inflation was back up sequentially, AJ.

食品通膨率連續回升，AJ。

It was 5 basis points of inflation for the quarter.

本季的通貨膨脹率為 5 個基點。

That compared to one basis point of deflation that we actually saw in Q2.

相較之下，我們在第二季實際看到的通貨緊縮幅度僅為一個基點。

So if you're looking at the trends, the month of August was 4 basis points, which was the highest monthly inflation that we've seen since January.

所以如果你觀察趨勢，八月的通膨率為 4 個基點，這是自一月份以來我們看到的最高月度通膨率。

So definitely want to keep an eye on that.

所以一定要關注這一點。

But broadly speaking, 40 bps of food inflation.

但從廣義上講，食品通膨率為40個基點。

So nothing really outside the norm in kind of recent quarters.

因此，最近幾季確實沒有什麼異常情況。

And that, just by way of reminder, would be passed through in our first quarter billings.

僅作為提醒，這將在我們的第一季帳單中反映。

Right.

正確的。

Okay.

好的。

And then just last, on the capital deployment, I know there's the buyback and you've pursued that somewhat uneven between quarters.

最後，關於資本配置，我知道有回購，而且你們在各季度之間追求的回購有些不均衡。

Any update in your thinking there?

您的想法有什麼更新嗎？

And then you did mention inorganic growth potential.

然後你確實提到了無機成長潛力。

Is that just -- that's always there?

那隻是——那一直都在那裡嗎？

Or are you seeing a pipeline of opportunities developed that wasn't there before?

或者您看到了一系列從未有過的開發機會？

Yes.

是的。

On the second question, AJ, it's always been there, the opportunities really since we -- over the course of our history, even over the past 10 years, we've been very selective, but we have done a couple more tuck-in type opportunities with regional players.

關於第二個問題，AJ，機會一直都存在，自從我們——在我們的歷史進程中，甚至在過去的 10 年裡，我們一直非常挑剔，但我們與地區參與者一起做了更多的補充類型的機會。

We're less, I'd say, enthused about those types of opportunities in part because we believe we have the best mousetrap out there.

我想說，我們對這類機會不太熱衷，部分原因是我們相信我們擁有最好的捕鼠器。

There's always opportunity to improve upon it, but we think we're in a pretty good position in terms of our service and operating model as well as the fact that we have 80% -- over 80% of the outsourced market share.

總是有改進的機會，但我們認為，就我們的服務和營運模式而言，以及就我們擁有 80% 以上外包市佔率而言，我們處於相當有利的地位。

So the reality is there's just not that many pure play, if you will, candidates out there.

因此，現實情況是，如果你願意的話，純粹的候選人並不多。

But certainly, within our core market as complementary acquisition or investment type opportunities, we have our eye on those as well as other opportunities, whether it be in the education space or other attractive education-related opportunities.

但可以肯定的是，在我們的核心市場中，作為互補的收購或投資類型的機會，我們會關注這些機會以及其他機會，無論是在教育領域還是其他有吸引力的教育相關機會。

So that's always there, and we do see with some of the more interest rate certainty that is being projected out in the future, we see more activity and potentially more opportunities on those fronts in the year ahead.

所以這種情況總是存在的，而且我們確實看到，隨著未來預測的利率越來越確定，我們看到未來一年這些方面的活動將更加活躍，潛在的機會也更多。

So we're excited about that.

我們對此感到很興奮。

I think from a share repurchase perspective, that continues to be part of our capital allocation framework, and we continue to view the buyback specifically as opportunistic.

我認為從股票回購的角度來看，這仍然是我們資本配置框架的一部分，我們繼續將回購​​視為機會主義行為。

It's certainly a tax-efficient way when those opportunities present themselves to return capital to shareholders.

當這些機會出現時，這無疑是一種向股東返還資本的節稅方式。

And just to give a little more color, we think about opportunism and really the timing of the repurchases as being dependent on factors that exist at the time of execution.

為了更詳細地說明，我們認為機會主義和回購的時機實際上取決於執行時存在的因素。

That may be our liquidity position or expected cash flow.

這可能是我們的流動性狀況或預期現金流。

We've talked about our share price obviously being a consideration.

我們已經討論過，我們的股價顯然是一個考慮因素。

We look at annual dilution rates via share creep, which is really when you look at the pace over the past couple of years, we've eliminated any creep that otherwise could have existed.

我們透過股份成長來觀察年度稀釋率，實際上，當你查看過去幾年的速度時，我們已經消除了本來可能存在的任何成長。

And then bridging back to whether it be organic growth or the conversation we just had about on inorganic opportunities, we're always looking at alternative use analysis and where we can deliver the highest return.

然後回到我們剛才討論的有機成長或無機機會，我們一直在尋找替代用途分析以及我們可以在哪裡提供最高的回報。

So it's a holistic view that we take and all of those considerations are factored into the decision.

因此，我們採取的是整體觀點，所有這些考慮因素都會被考慮到決策中。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Ted Wahl for closing remarks.

現在我將會議交還給泰德·沃爾，請他致最後總結。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

It's an incredibly exciting time for the company.

對公司來說這是一個無比令人興奮的時刻。

Our underlying fundamentals are stronger than ever.

我們的基本面比以往任何時候都更加強勁。

And with the industry at the beginning of a multi-decade demographic tailwind, we are very favourably positioned to capitalize on the opportunities ahead and deliver meaningful long-term shareholder value.

隨著產業進入未來數十年的人口順風期，我們處於非常有利的位置，可以利用未來的機會並為股東帶來有意義的長期價值。

So on behalf of Matt and all of us at Healthcare Services Group, Jeannie, we wanted to thank you for hosting the call today, and thank you to everyone for joining us.

因此，我謹代表馬特以及醫療服務集團的所有人珍妮感謝您今天主持這次電話會議，並感謝大家的參與。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。