Healthcare Services Group Inc (HCSG) 2025 Q1 法說會逐字稿

Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Healthcare Services Group Inc. first quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加醫療服務集團公司 2025 年第一季財報電話會議。（操作員指示）

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。有關醫療服務集團公司最新的前瞻性聲明通知，請參閱今天上午發布的新聞稿，可在我們的網站 www.hcsg.com 上找到。

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 statements notice.

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、MD&A 和 10-K 表年度報告的其他部分以及 Healthcare Services Group Inc. 的其他 SEC 文件中討論的結果以及我們最近的前瞻性聲明通知中指出的結果。

Additionally, management will be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found in this morning's press release.

此外，管理階層將討論某些非公認會計準則財務指標。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。

I would now like to turn the conference over to Ted Wahl, President and CEO. Please go ahead.

現在，我想將會議交給總裁兼執行長泰德沃爾 (Ted Wahl)。請繼續。

Good morning, everyone, and welcome to HCSG's first quarter 2025 earnings call. With me today are Matt McKee, our Chief Communications Officer; and Vikas Singh, our Chief Financial Officer.

大家早安，歡迎參加 HCSG 2025 年第一季財報電話會議。今天和我一起的還有我們的首席通訊官馬特·麥基 (Matt McKee) 和我們的財務長維卡斯·辛格 (Vikas Singh)。

Earlier this morning we released our first quarter results and plan on filing our 10-Q by the end of the week. Today, in my opening remarks, I'll discuss our Q1 highlights, share our perspective on the overall business environment, and discuss our strategic priorities for Q2 and the rest of the year.

今天早些時候，我們發布了第一季業績，並計劃在本週末提交 10-Q 報表。今天，在我的開場白中，我將討論我們第一季的亮點，分享我們對整體商業環境的看法，並討論我們第二季和今年剩餘時間的策略重點。

Matt will then provide a more detailed discussion on our Q1 results, and then Vikas will provide an update on our balance sheet and capital allocation progression. We will then open up the call for Q&A. So with that overview, I'd like to now discuss our Q1 highlights.

然後，馬特 (Matt) 將對我們的第一季業績進行更詳細的討論，然後維卡斯 (Vikas) 將提供有關我們的資產負債表和資本配置進展的最新資訊。然後我們將開始問答環節。有了上述概述，我現在想討論我們第一季的亮點。

First quarter revenue and cash flows were our best results in five years, and we have carried that positive momentum into the second quarter. New client wins drove organic growth, collections exceeded revenue, and we continue to strengthen our balance sheet.

第一季的收入和現金流是我們五年來最好的成績，我們將這種積極的勢頭延續到了第二季度。新客戶的加入推動了有機成長，收款額超過了收入，我們繼續加強資產負債表。

These favorable dynamics have positioned us to execute on our growth plans while delivering sustainable, profitable results in the year ahead. For the three months ended March 31, we reported revenue of $447.7 million, an increase of 5.7% over the prior year.

這些有利的動態使我們能夠執行成長計劃，同時在未來一年實現可持續的獲利績效。截至 3 月 31 日的三個月，我們的營收為 4.477 億美元，比上年成長 5.7%。

Net income and diluted EPS of $17.2 million and $0.23. And cash flow from operations excluding the change in payroll accrual of $32.1 million, an increase of $41.3 million over the prior year.

淨利潤和稀釋每股收益分別為1720萬美元和0.23美元。扣除薪資應計變動後的經營活動現金流為3,210萬美元，較上年增加4,130萬美元。

I'd like to now share our perspective on the overall business environment. Industry fundamentals continue to gain strength highlighted by the multi-decade demographic tailwind that is now beginning to work its way into the long-term and post-acute care system. The most recent operating trends remain positive as well.

現在我想分享我們對整體商業環境的看法。產業基本面持續增強，這得益於數十年來人口結構的順風，目前這種順風已開始影響到長期和急性後護理系統。最近的營運趨勢也依然保持正面。

Workforce availability and occupancy continue to grow. The reimbursement environment is stable, and on the regulatory front, in early April, a Texas federal court struck down the key provisions of CMS's final minimum staffing rule, and the outcome applies nationwide.

勞動力的可用性和佔用率持續成長。報銷環境穩定，在監管方面，4月初，德州聯邦法院推翻了CMS最終最低人員配備規則的關鍵條款，該結果適用於全國。

Regarding the recent change in administration, while it's still too early to know exactly what, if any, reimbursement or regulatory changes could be implemented, the Trump administration was incredibly supportive of the industry during its first term, and overall industry sentiment on the new administration remains positive.

關於最近的政府變動，雖然現在還無法確切知道是否會實施報銷或監管變化，但川普政府在其第一任期內對該行業給予了極大的支持，而且整個行業對新政府的情緒仍然積極。

Looking ahead to Q2 and the rest of the year, our top three strategic priorities remain. Driving growth by developing management candidates, converting sales pipeline opportunities, and retaining our existing facility business.

展望第二季及今年剩餘時間，我們的三大策略重點依然不變。透過培養管理候選人、轉化銷售管道機會和保留現有設施業務來推動成長。

Managing cost through field-based operational execution and prudent spend management at the enterprise level and optimizing cash flow with increased customer payment frequency, enhanced contract terms, and disciplined working capital management.

透過基於現場的營運執行和企業層面的審慎支出管理來管理成本，並透過增加客戶付款頻率、增強合約條款和嚴格的營運資金管理來優化現金流。

We are confident that continuing to execute on our strategic priorities supported by our strong business fundamentals will position us to accelerate growth, enhance profitability, and maximize cash flow throughout 2025 and beyond.

我們相信，在強大的業務基礎的支持下，繼續執行我們的策略重點將使我們能夠在 2025 年及以後加速成長、提高獲利能力並最大化現金流。

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

因此，在聽完這些介紹性評論後，我將把電話轉給馬特，以便對本季進行更詳細的討論。

Thank you, Ted, and good morning, everyone. Revenue was reported at $447.7 million an increase of 5.7% over the prior year corresponding quarter.

謝謝你，泰德，大家早安。報告稱，營收為 4.477 億美元，比去年同期成長 5.7%。

Environmental services revenue and margin were $196.3 million and 10.8%. Dietary services revenue and margin were $251.3 million and 7.6%. We estimate Q2 revenue in the range of $445 million to $455 million and expect second half of the year revenue to grow sequentially compared to the first half of the year revenue.

環境服務收入和利潤率分別為 1.963 億美元和 10.8%。飲食服務收入和利潤率分別為 2.513 億美元和 7.6%。我們預計第二季的營收將在 4.45 億美元至 4.55 億美元之間，並預計下半年的營收將比上半年營收季增。

Cost of services was reported at $379.7 million or 84.8%. Our 2025 goal is to manage cost of services in the 86% range. Reported SG&A was $45 million, after adjusting for the $1.4 million decrease in deferred compensation, actual SG&A was $46.4 million or 10.4%.

服務成本為 3.797 億美元，佔 84.8%。我們 2025 年的目標是將服務成本控制在 86% 的範圍內。報告的銷售、一般及行政費用為 4,500 萬美元，在調整遞延薪酬減少 140 萬美元後，實際銷售、一般及行政費用為 4,640 萬美元，即 10.4%。

The company expects to manage SG&A in the 9.5% to 10.5% range in the near term based on investments that we've made and spoken about in previous quarters with the longer term goal of managing those costs into the 8.5% to 9.5% range.

根據我們在前幾個季度進行和討論的投資，公司預計短期內銷售、一般及行政費用將控制在 9.5% 至 10.5% 的範圍內，長期目標是將這些成本控制在 8.5% 至 9.5% 的範圍內。

Net income and diluted earnings per share were reported at $17.2 million and $0.23 per share. Cash flow from operations was reported at $27.5 million, after adjusting for the $4.6 million decrease in the payroll accrual, actual cash flow from operations was $32.1 million.

淨收入和每股攤薄收益分別為 1,720 萬美元和每股 0.23 美元。經營活動現金流報告為 2,750 萬美元，在調整薪資應計減少 460 萬美元後，實際營運活動現金流為 3,210 萬美元。

These numbers include a $12.2 million benefit from the receipt of CARES Act related Employee Retention Credits or ERC. At the present time, there is no income statement impact from ERC as these credits are being recorded on our balance sheet.

這些數字包括從《關懷法案》相關的員工保留抵免額（ERC）中獲得的 1,220 萬美元收益。目前，ERC 對損益表沒有影響，因為這些信用記錄在我們的資產負債表上。

We raised our 2025 cash flow from operations expectations, excluding the change in payroll accrual from a range of $45 million to $60 million to a range of $60 million to $75 million.

我們提高了 2025 年營運現金流預期（不包括薪資應計變動），從 4,500 萬美元至 6,000 萬美元的範圍提高到 6,000 萬美元至 7,500 萬美元的範圍。

I'd now like to turn the call over to Vikas for a discussion on our balance sheet and capital allocation progression.

現在我想將電話轉給維卡斯，討論我們的資產負債表和資本配置進度。

Thank you, Matt, and good morning everyone. In terms of our balance sheet and liquidity position. We ended the first quarter with cash and marketable securities of $143.9 million and a $500 million credit facility inclusive of a $200 million accordion.

謝謝你，馬特，大家早安。就我們的資產負債表和流動性狀況而言。第一季結束時，我們擁有 1.439 億美元的現金和有價證券以及 5 億美元的信貸額度（其中包括 2 億美元的手風琴貸款）。

The credit facility was undrawn at the end of the quarter, and the only utilization was for [LCs]. In addition, we've taken steps to rebalance our cash position, our marketable securities portfolio, as well as our utilization of the current facility, which has further reduced our interest expense.

該信貸額度在本季末尚未提取，其唯一用途是[LC]。此外，我們已採取措施重新平衡我們的現金狀況、有價證券投資組合以及現有融資工具的使用率，這進一步降低了我們的利息支出。

DSO at the end of first quarter was reported at 78 days versus 88 days at the end of Q1 2024. Across the same period, our revenues have increased each quarter and our gross receivables have declined consecutively.

報告顯示，第一季末的 DSO 為 78 天，而 2024 年第一季末的 DSO 為 88 天。在同一時期，我們的營收每季都在增加，而應收帳款總額卻連續下降。

And while DSO and AR balances as stand-alone metrics are important, they are certainly not the only indicator as to how successful we are in executing our cash collection strategy, as our 2025 focus continues to be on increasing customer payment frequency, proactively utilizing promissory notes, and remaining disciplined in our decision making for both new and existing business.

雖然 DSO 和 AR 餘額作為獨立指標很重要，但它們肯定不是我們執行現金收款策略成功程度的唯一指標，因為我們 2025 年的重點仍然是提高客戶付款頻率、主動利用本票，並在新業務和現有業務的決策中保持紀律。

On the capital allocation front, our priorities are fully aligned with our strategic plan to direct investments in organic growth drivers, in organic growth opportunities, and opportunistic share repurchases. We continue to prioritize investment in organic growth drivers.

在資本配置方面，我們的優先事項與我們的策略計畫完全一致，即直接投資於有機成長動力、有機成長機會和機會性股票回購。我們繼續優先投資有機成長動力。

In addition, we made a small tuck-in acquisition last month. The 2025 revenue impact from the acquisition is about 1% of our total revenue, and the revenue impact for the quarter was minimal since the acquisition closed mid-March. Notably, this is our first acquisition since late 2021.

此外，我們上個月進行了一次小規模的收購。此次收購對 2025 年營收的影響約占我們總營收的 1%，自 3 月中旬收購完成以來，對本季營收的影響微乎其微。值得注意的是，這是我們自 2021 年底以來的首次收購。

We also opportunistically repurchased approximately $7 million of common stock during the first quarter to capitalize on our strong liquidity position. This takes our total buyback to about $23 million since our February 2023 share repurchase authorization.

我們還在第一季趁機回購了約 700 萬美元的普通股，以利用我們強大的流動性狀況。自 2023 年 2 月授權股票回購以來，我們的總回購額已達到約 2,300 萬美元。

We have another 5.4 million shares remaining outstanding under the authorization at this point in time. And we do expect to continue these opportunistic purchases for the rest of the year.

目前，我們還有 540 萬股根據授權仍在流通。我們確實希望在今年剩餘時間內繼續進行這些機會性購買。

With that, we will conclude our opening remarks and open up the call for Q&A.

至此，我們將結束開幕致詞並開始問答環節。

(Operator Instructions)

（操作員指示）

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Yeah, great. I guess I wanted to start at high level, Ted, and so just on the regulatory environment, I heard the comments in the prepared remarks. I maybe I just give you a little platform here to expand on what you're hearing maybe from your customers about any changes that have happened yet. I don't think there have been any. Or what things that they're looking at that they think have high probability to affect their position in the industry.

是的，很棒。我想從高層次開始，泰德，所以只是關於監管環境，我在準備好的發言中聽到了評論。我可能只是在這裡為您提供一個小平台，以便您進一步了解您從客戶那裡聽到的有關已經發生的任何變化的信息。我認為沒有。或者他們認為他們所關注的哪些事物很有可能影響他們在行業中的地位。

Sure, Andy, and good morning to you. I think just to frame out your question and then the response a bit, I think overall the fundamentals, and I know I mentioned this in the prepared remarks, but the underlying industry fundamentals continue to gain strength just when you think about and consider the multi-decade demographic tailwind that has been trickling into the system that's becoming more notable and that's only going to amplify the strength of the industry in the months and years ahead, so that's a real positive.

當然，安迪，早安。我認為只是為了概括您的問題然後稍微回答一下，我認為總體而言，基本面，我知道我在準備好的發言中提到了這一點，但是當您思考並考慮到數十年來逐漸滲入系統的人口順風時，潛在的行業基本面就會繼續增強，這種順風將變得更加顯著，並且只會在未來幾個月和幾年內增強行業的積極因素，所以這是一個真正積極的因素。

I do think the key, aside from a lot of the noise you may hear out of DC, the key you would hear from most of our customers and the provider community at large is that, is that link between staffing availability and census. Because more than any other factor, labor availability is the key to occupancy growth, and occupancy is the key to consistent financial outcomes as well as predictable financial outcomes.

我確實認為，除了您可能聽到的來自 DC 的大量噪音之外，您從我們的大多數客戶和整個提供者社群中聽到的關鍵是，人員配備可用性和人口普查之間的聯繫。因為與其他任何因素相比，勞動力的可用性是入住率成長的關鍵，而入住率是實現穩定的財務結果以及可預測的財務結果的關鍵。

And the most recent occupancy data continues to be very positive. And growing across all geographies whether it be urban, suburban, rural, and facility pipes as well. So that's foundational when you think about industry stability.

最近的入住率數據仍然非常樂觀。並且正在所有地域範圍內發展，無論是城市、郊區、農村或設施管道。因此，當您考慮行業穩定性時，這是基礎。

On the reimbursement side, CMS recently proposed a 2.8% increase for Medicare rates for fiscal year 2026. That's been generally well received. There continues to be positive reimbursement news at the state level as well.

在報銷方面，CMS 最近提議將 2026 財年的醫療保險費率提高 2.8%。這受到了普遍好評。州一級也繼續傳來積極的報銷消息。

And then from a regulatory perspective, I know I mentioned this as well, but I want to emphasize the clarity this provides the provider community is that Texas ruling that came out, which is applied nationwide that all but eliminates the minimum staffing or the key provisions of the minimum staffing rule, which I believe has been an overhang for the industry since it was announced, even if the likelihood of it ultimately being implemented was low.

然後從監管角度來看，我知道我也提到了這一點，但我想強調的是，這為提供者社區提供了清晰的認識，即出台的德克薩斯州裁決，該裁決在全國範圍內適用，幾乎取消了最低人員配備或最低人員配備規則的關鍵條款，我認為自該裁決宣布以來，這一直是該行業的一個懸而未決的問題，即使最終實施的可能性很低。

I think specific to the things coming out of DC. I know for instance provider taxes are getting some attention recently, specifically for hospitals, and I do want to differentiate between hospitals, sniffs, behavioral health, other types of facilities or communities that more fit our business model.

我認為具體到華盛頓特區所推出的政策。我知道，例如，供應商稅最近引起了一些關注，尤其是針對醫院。我確實想區分醫院、嗅探、行為健康、其他類型的機構或更適合我們商業模式的社區。

I would still include that in the too early to tell category in terms of what, if any, changes will be proposed or ultimately implemented. And even when you unpack a provider tax, the mechanics of that program vary depending on the type of provider, as I just outlined, the rates vary state to state. The effect on operators and facilities within those states is different depending on a variety of factors occupancy, patient mix, et cetera.

至於是否會提出或最終實施哪些變更，我仍將其歸類為「為時過早」的類別。即使你解開了提供者稅，該計劃的機制也會因提供者類型的不同而有所不同，正如我剛才概述的那樣，稅率因州而異。對這些州內的營運商和設施的影響因佔用率、患者組合等多種因素而異。

So that's too early to tell if there were changes. That's the one that you hear whispers about, but I think if you poll the provider community, at least within the sniff. A market they would still say it's more likely than not that that is not impacted and to the extent it is in any way impacted, it would likely be more modest. It would be phased in over a period of years and manageable.

因此現在判斷是否有變化還為時過早。這就是你聽到的關於它的傳聞，但我認為如果你對提供者社群進行調查，至少在嗅探範圍內。他們仍然會說，市場很可能不會受到影響，即使受到影響，影響也可能比較小。它將在未來幾年內分階段實施，並且易於管理。

And then just to bring it back to us, ultimately, which is time tested, it would have the effect of only increasing the demand for the types of services we offer when you think about the central theme of our value proposition, which is certainty, financial, regulatory, and otherwise.

然後，最終讓我們回到這個問題上來，這是經過時間考驗的，當你考慮到我們的價值主張的核心主題，即確定性、財務、監管和其他方面時，它只會增加對我們提供的服務類型的需求。

It might be a little bit early to talk about the tax bill or the budget bill that's being talked about from the new administration trying to extend the Trump tax cuts and the impact. One of the payors that's being talked about is around, I guess it's health and human services, but specifically around there's a belief that it could affect Medicaid reinforcement, federal support for Medicaid.

現在談論新政府試圖延長川普減稅政策的稅收法案或預算法案及其影響可能還為時過早。我想，其中一個正在討論的付款人是衛生和人類服務部，但具體來說，人們認為它可能會影響醫療補助的加強，即聯邦政府對醫療補助的支持。

And so I was just wondering if you could comment specifically on that, what you're hearing on that, how that might or may not affect you?

所以我只是想知道您是否可以對此進行具體評論，您所聽到的關於此事的消息，這可能會或不會對您產生影響？

Yeah, I would say there's a great confidence within the sniff community specifically that the Trump administration was incredibly supportive during its first term. And they're hanging their hat on the -- from the conversations that are happening on the hill and otherwise that -- that's not going any changes potentially would have no impact on the funds that are flowing to and from skilled nursing facilities specifically and the rhetoric out of DC I think has been consistent with that.

是的，我想說，嗅探界對此非常有信心，特別是川普政府在第一個任期內給予了極大的支持。他們堅信——從國會山莊的談話和其他方面來看——任何變化都可能對流入和流出專業護理機構的資金沒有影響，我認為華盛頓的言論與此一致。

Okay. Cool. Thanks, guys. Have a good day.

好的。涼爽的。謝謝大家。祝你有美好的一天。

Fantastic.

極好的。

A.J. Rice, UBS.

瑞銀的 A.J. Rice。

Thanks. Hi everybody. Just to put a fine point on the comment about the court ruling and the minimum staffing rules, is that just remove an overhang, or do you think that actually was somehow starting to impact behavior in the way people staff their facilities today in any way?

謝謝。大家好。只是想針對有關法院裁決和最低人員配備規則的評論提出一個問題，這是否只是消除了懸而未決的問題，或者您是否認為這實際上以某種方式開始影響人們今天在其設施中配備人員的方式？

We believe the former more than the latter, around the edges, AJ, people were complying with maybe some of the initial administrative types of requirements that were required, but you think about when the actual impact would have happened, it was years out phase in over a period of time, so it was more the former, not the latter.

我們認為前者比後者更甚，AJ，在邊緣上，人們可能遵守了一些最初需要的行政類型的要求，但你想想實際影響何時會發生，這是一個多年前才出現的階段，所以更多的是前者，而不是後者。

Right. And in the first quarter, you're -- looks like your gross margin or EBITDA margins were above your targets. Is there anything unusual in the first quarter? Comment on the sustainability of that. I know you did move up your SG&A ratio guidance for the year.

正確的。在第一季度，您的毛利率或 EBITDA 利潤率似乎高於您的目標。第一季有什麼異常狀況嗎？評論一下其可持續性。我知道您確實提高了今年的銷售、一般及行政開支比率指引。

Yeah. I think specific to the margins and the EBITDA margins that you called out, service execution continues to be the most significant driver of that. If you think about the trends that we have within the four walls of each community we service, customer experience systems adherence, regulatory compliance and budget discipline all of which are the primary near term margin drivers. Now that was evident in Q1, and we expect that to carry into Q2 and the remainder of 2025.

是的。我認為，具體到您提到的利潤率和 EBITDA 利潤率，服務執行仍然是最重要的驅動因素。如果您考慮我們所服務的每個社區內的趨勢，那麼客戶體驗系統遵守情況、法規遵循和預算紀律都是近期利潤的主要驅動因素。這在第一季已經很明顯了，我們預計這種趨勢將持續到第二季以及 2025 年剩餘時間。

And if you look back, AJ, over the past 12 months. Really adjusting for some of the variability we've seen with Cecil, we've continued to show consistency and albeit modest improvement quarter to quarter but year over year within those cost of services line and just tying it back to your commentary or your remark on SG&A.

AJ，如果你回顧過去的 12 個月。確實，在針對我們在 Cecil 上看到的一些變化進行調整後，我們繼續表現出一致性，儘管每個季度都有小幅改善，但服務成本線內逐年有所改善，這與你的評論或對 SG&A 的評論有關。

Now, if you think about the primary driver of some of the increased SG&A spend, it directly relates to investments we're making into our business, into our organic growth strategy that have helped drive increased employee engagement, retention of those employees, customer experience, the regulatory compliance I refer to, and ultimately directly correlates to those consistently -- consistent and improved margins you called out.

現在，如果您考慮銷售、一般和行政費用增加的主要驅動因素，它與我們對業務、有機成長策略的投資直接相關，這些投資有助於提高員工敬業度、保留員工、客戶體驗、我所指的監管合規性，並最終與您所說的持續不斷的、持續提高的利潤率直接相關。

So in many respects, the two work hand in glove with one another, but we do expect to continue tracking on the SG&A side more in that 9.5% to 10.5% range, but as we grow the top line, expect to leverage that not in a linear type of way, but over time.

因此，在許多方面，兩者是相輔相成的，但我們確實預計銷售、一般及行政費用方面將繼續保持在 9.5% 至 10.5% 的範圍內，但隨著我們收入的增長，預計不會以線性方式而是隨著時間的推移利用這一優勢。

Okay. Just last question on the inflation, both on the food side as well as, with the hourly workers, any updated thoughts on what you're seeing there?

好的。最後一個問題是關於通貨膨脹，包括食品方面的通貨膨脹以及計時工的通貨膨脹，您對目前看到的情況有什麼最新的看法嗎？

Yeah. So CPI, AJ for all items in the quarter was 60 basis points compared to 90 basis points in Q4. We actually saw 10 basis points of deflation in the month of March, which is encouraging, but food at home inflation continued to increase sequentially, showing 1% inflation was compared to 90 bps in Q4 and 50 bps in Q3. Notably the month of January and March were both 50 basis points, which matches what we saw in November, and that had been the highest monthly inflation level that we've seen since October of 2022.

是的。因此，本季所有專案的 CPI, AJ 為 60 個基點，而第四季為 90 個基點。我們實際上在 3 月看到了 10 個基點的通貨緊縮，這是令人鼓舞的，但家庭食品通膨繼續環比上升，顯示 1% 的通膨率與第四季度的 90 個基點和第三季度的 50 個基點相比。值得注意的是，1 月和 3 月的通膨率均為 50 個基點，與 11 月的通膨率持平，這是自 2022 年 10 月以來的最高月通膨水準。

So we'll definitely be keeping an eye on that, obviously, with the pass through provisions that we have in our contractual agreements, we have the right to pass that through. But having said that, we want to work with our client partners to make sure that we're managing those costs as best we can and have that flexibility in our menu offerings to be able to help accommodate that.

因此，我們肯定會密切關注這一點，顯然，根據我們合約協議中的傳遞條款，我們有權傳遞這一點。但話雖如此，我們希望與客戶合作夥伴合作，確保我們盡可能地管理這些成本，並在我們的菜單產品中具有靈活性，以幫助滿足這一需求。

The BLS data from an overall wage inflation perspective won't be published until next week on the 30, but really from an overall labor market as it relates to the industry and Healthcare Services Group really a strong 18 month period.

從整體薪資通膨角度來看，美國勞工統計局的數據要到下週 30 日才會公佈，但從與產業和醫療保健服務集團相關的整體勞動力市場來看，這確實是一個強勁的 18 個月時期。

The healthcare sector added jobs at really a higher pace than all other industries, which is a great reversal of what we've seen in prior periods. So that's largely fueled by the demographic trends that Ted alluded to in his previous comments and then increasing demand for healthcare.

醫療保健行業增加就業機會的速度確實高於所有其他行業，這與我們之前所看到的情況大相徑庭。因此，這在很大程度上受到泰德在先前的評論中提到的人口趨勢以及醫療保健需求不斷增長的推動。

On a national basis, the skilled nursing industry still has work to do to reach full employment recovery, but there was incredibly strong growth in Q1 that raised about half of the remaining deficit if you think about, kind of pre-pandemic as compared to where we stand today, the industry added about 24,000 new jobs, which was about double the pace of what we would have seen in quarter four-- I'm sorry, in 2024 where we were only averaging about you know 3,400 new jobs per month within the industry. So we're now about 47,000 jobs short relative to pre-pandemic levels, and that's as a reminder from a loss of nearly [a quarter of a million] jobs at its peak.

從全國範圍來看，專業護理行業要實現充分就業復甦仍有很長的路要走，但第一季的成長非常強勁，彌補了剩餘缺口的一半左右。與疫情前相比，該行業增加了約 24,000 個新工作崗位，這大約是第四季度增長速度的兩倍——抱歉，在 2024 年，我們行業每月平均只增加 3,400 個新工作崗位。因此，與疫情前的水平相比，我們現在缺少大約 47,000 個工作崗位，這提醒我們，在疫情高峰期，我們曾損失了近 [25 萬] 個工作崗位。

But at these current rates of recovery we should be at pre-pandemic levels in less than six months. So definitely encouraging trends and dynamics for the industry and then just to again bring back to Healthcare Services Group, we remain in a good spot.

但以目前的復甦速度，我們應該在不到六個月的時間內恢復到疫情前的水準。因此，這絕對是令人鼓舞的行業趨勢和動態，然後再回到醫療服務集團，我們仍然處於良好狀態。

We've seen ongoing improvement, stabilization, our wage growth has remained stable. Our applications are high and continue to grow month to month. There are certainly still some lingering markets where there are ongoing challenges, but obviously we have the flexibility and the resources to be able to allocate our focus and address those situations as they arise.

我們看到了持續的改善和穩定，我們的薪資成長保持穩定。我們的申請人數很高，並且逐月增長。當然，有些市場仍然存在持續的挑戰，但顯然我們擁有靈活性和資源，能夠分配我們的重點並解決出現的情況。

Okay, great. Thanks a lot.

好的，太好了。多謝。

Tao Qiu, Macquarie.

邱濤，麥格理。

Thank you. Good morning. Just want to clarify on the revenue guide for the second quarter. If you look at the midpoint of the guidance, it suggests a small $3 million step up in revenue next quarter. I think they mentioned that there's a tucking acquisition that will add 1% to revenue. So if you back that out, it implies a relatively flat sequential movement next quarter. Is that the right way to think about it? And if so, what does that say about the pace of growth for the balance of the year?

謝謝。早安.只是想澄清一下第二季的收入指南。如果你看一下指導的中點，它表明下個季度的收入將小幅增加 300 萬美元。我認為他們提到過，一項收購將使收入增加 1%。因此，如果你推翻這個結論，就意味著下個季度的環比走勢將相對穩定。這是正確的思考方式嗎？如果是這樣，那麼這說明今年剩餘時間的成長速度會如何？

Yeah. I think from -- I think that [$445 million], if you think about our goal relative to that guidance you reference to our goal is really to provide as accurate a range as possible given the variables and aside from the acquisition you mentioned, the greatest variable for us is really the timing of new business ads which can be fluid quarter to quarter knowing there's always going to be a subset of opportunities that could be pulled in or pushed out depending on the customer -- the prospective customer, the management development pace, et cetera.

是的。我認為從 - 我認為 [4.45 億美元]，如果你考慮我們相對於你所提到的指導方針的目標，我們的目標實際上是在考慮到變量的情況下提供盡可能準確的範圍，除了你提到的收購之外，對我們來說最大的變量實際上是新業務廣告的時間，它可以逐季度流動，因為我們知道總會有一部分

So that's really why our mid-single-digit guidance that we offer for annual expectations is the best guide to kind of think about the company and the cadence of growth, whereas the quarter to quarter estimates are really ranges we're providing to add some additional near term visibility based on what management is seeing.

因此，這就是為什麼我們為年度預期提供的中等個位數指導是思考公司和成長節奏的最佳指南，而季度間估計實際上是我們提供的範圍，以根據管理層的觀察增加一些額外的短期可見性。

So again, the acquisition that Vikas described in his opening remarks, it'll represent about 1% of revenue or so. So that contribution along with the consideration given to the management candidate pipeline, the timing of the new business opportunities, and then the retention of our existing customer base is what informs that $445 million to $455 million.

因此，Vikas 在開場白中描述的收購將占到總收入的 1% 左右。因此，這項貢獻以及對管理候選人管道、新業務機會時機以及現有客戶群的保留的考慮決定了 4.45 億美元至 4.55 億美元。

Okay. Got you. And in terms of the cash flow, the operating cash flow, guidance rate $15 million there, I think I heard, a mention of $12 million CARES Act, benefiting first quarter. How much of that race is driven by this one-time item. And what's your confidence of your cash collection momentum for the rest of the year? Thank you.

好的。明白了。就現金流、經營現金流而言，指導利率為 1500 萬美元，我想我聽說過，其中提到了 1200 萬美元的《關懷法案》，將使第一季受益。這場競選有多少是由這個一次性計畫推動的。您對今年剩餘時間的現金回收動能有何信心？謝謝。

Yeah. So that raises a combination of the two factors that you pointed to. Look, we received these ERC funds of $12 million-plus. That definitely did contribute to the popping up the guidance, but the fact that we had a standout Q1, as mentioned the best in five years, the collection momentum was strong, that contributed as well to us upping the range. So I think it's a combination of the two factors.

是的。因此這就引出了您所指出的兩個因素的結合。你看，我們收到了 1,200 多萬美元的 ERC 資金。這確實有助於指導的彈出，但事實上我們有一個出色的第一季度，正如提到的五年來最好的，收集勢頭強勁，這也有助於我們提高範圍。所以我認為這是兩個因素的結合。

And look, I think what I'll say on the collection front is while Q1 was strong, so was Q3 and Q4. So we are seeing emerging trends supported by the dynamics in the industry where we feel confident about sustaining the positive momentum on the collection front. And I think that contributes to the overall confidence around how we think about cash flows for the rest of the year.

就收集方面而言，我想說的是，雖然第一季表現強勁，但第三季和第四季的表現同樣強勁。因此，我們看到了由產業動態支持的新興趨勢，我們對維持收藏的正面動能充滿信心。我認為這有助於我們對今年剩餘時間的現金流的看法增強整體信心。

Great. Thank you.

偉大的。謝謝。

And that will conclude our question-and-answer session, and I will now turn the call back over to Ted Wahl for closing remarks.

我們的問答環節到此結束，現在我將把電話轉回給泰德沃爾 (Ted Wahl) 作結束語。

Okay. Thank you. It's an incredibly exciting time for HCSG. The innovations of the past few years have further solidified our value proposition, the durability of our business model, and market leading position. The company's underlying fundamentals are stronger than ever, and with the industry at the beginning of a multi-decade demographic tailwind, we are very favorably positioned to capitalize on the opportunities ahead and deliver meaningful long-term shareholder value.

好的。謝謝。對於 HCSG 來說，這是一個無比令人興奮的時刻。過去幾年的創新進一步鞏固了我們的價值主張、商業模式的持久性和市場領先地位。公司的基本面比以往任何時候都更加強勁，而且隨著行業進入未來數十年人口結構順風期的開端，我們處於非常有利的位置，可以利用未來的機會並為股東創造有意義的長期價值。

So on behalf of Matt, Vikas and all of us at Healthcare Services Group, thank you Regina, for hosting today's call and thank you again to everyone for joining.

因此，我代表 Matt、Vikas 和醫療服務集團的所有人，感謝 Regina 主持今天的電話會議，並再次感謝大家的參與。

This will conclude today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。