Healthcare Services Group Inc (HCSG) 2025 Q3 法說會逐字稿

Hello, and welcome to the HCSG 2025 third-quarter earnings call. 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.

大家好，歡迎參加 HCSG 2025 年第三季財報電話會議。今天電話會議討論的事項包括有關 Healthcare Services Group Inc. 業務前景的前瞻性聲明。有關 Healthcare Services Group Inc. 最新前瞻性聲明的通知，請參閱今天早上發布的新聞稿，該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, other SEC filings and is 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，這些風險、不確定性和重要因素包括：在 10-K 表格年度報告和 Healthcare Services Group Inc 的其他證券交易委員會文件中討論的風險因素、管理層討論與分析 (MD&A) 及其他章節中討論的風險、不確定性和重要因素，以及我們在最新的前瞻性通知聲明中指出的風險和重要因素。

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. I would now like to turn the conference over to Ted Wahl, CEO. You may begin.

此外，管理階層也將討論一些非GAAP財務指標。今天的新聞稿中提供了這些項目與美國通用會計準則的核對錶。現在我謹將會議交給執行長泰德·沃爾。你可以開始了。

Good morning, everyone, and welcome to HCSG's third-quarter 2025 earnings call. With me today are Matt McKee, our Chief Communications Officer; and Vikas Singh, our Chief Financial Officer. Earlier this morning, we released our third quarter results and plan on filing our 10-Q by the end of the week.

各位早安，歡迎參加 HCSG 2025 年第三季財報電話會議。今天陪同我的是我們的首席傳播官馬特·麥基，以及我們的首席財務官維卡斯·辛格。今天早些時候，我們發布了第三季業績報告，並計劃在本週末前提交 10-Q 表格。

Today, in my opening remarks, I'll discuss our Q3 highlights, share our perspective on the overall business environment and discuss our strategic priorities for Q4. Matt will then provide a more detailed discussion on our Q3 results. and 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 Q3 highlights.

今天，在我的開場白中，我將討論我們第三季的亮點，分享我們對整體商業環境的看法，並討論我們第四季的策略重點。接下來，Matt將更詳細地討論我們第三季的業績，Vikas將介紹我們的資產負債表和資本配置進度。接下來我們將開放問答環節。綜上所述，接下來我想談談我們第三季的亮點。

We delivered strong third quarter results marked by year-over-year and sequential increases in revenue, earnings and cash flow, and we have carried that positive momentum into the fourth quarter. New client wins and high retention rates drove our top line growth and our field-based teams operational excellence led to quality service outcomes and consistent margins. Cash collection trends remain positive, and our balance sheet is strong.

我們第三季業績強勁，營收、獲利和現金流均實現了同比增長和環比增長，並將這一積極勢頭延續到了第四季度。新客戶的贏得和高客戶留存率推動了我們的營收成長，而我們現場團隊的卓越營運帶來了高品質的服務成果和穩定的利潤率。現金回收趨勢依然良好，我們的資產負債表穩健。

I'd now like to share our perspective on the overall business environment. Current headlines are shaped by partisan discourse regarding the government shutdown and speculation about the potential impacts of the [OBBBA] However, mandatory spending programs like Medicare and Medicaid remain insulated from the federal shutdown disruption and the foundational benefits of the OBBBA for the industry, specifically the exemption from provider tax cuts, the elimination of the minimum staffing requirement and the $50 billion World Health Transformation fund remain intact.

現在我想分享我們對整體商業環境的看法。目前的新聞頭條受政府停擺的黨派言論以及對[OBBBA]潛在影響的猜測的影響。然而，像Medicare和Medicaid這樣的強制性支出計劃仍然不受聯邦政府停擺的影響，OBBBA對該行業的基本好處，特別是免於醫療服務提供者減稅、取消最低人員配備要求以及500億美元的世界衛生轉型基金仍然完好無損。

So while these headlines may generate sentiments of economic uncertainty, the underlying fundamentals of our core market of long-term and [post-acute] continue to gain strength highlighted by the multi-decade demographic tailwind that is now beginning to work its way into the system. The most recent operating trends are positive as well, evidenced by steady occupancy, increasing workforce availability and a stable reimbursement environment.

因此，儘管這些新聞標題可能會引發經濟不確定性情緒，但我們核心市場（長期和[急性後期]市場）的基本面仍在持續走強，這得益於數十年來人口結構帶來的利好因素，而這一利好因素現在正開始滲透到整個體系中。最近的營運趨勢也十分積極，入住率穩定，勞動力供應充足，報銷環境穩定。

Looking ahead, we are optimistic that the administration and Congress will continue to prioritize the changing and expanding needs of our nation's most vulnerable with a shared focus on the modernization and rationalization of regulations and the potential for policy that better aligns with the operational realities of the industry and provider community we service.

展望未來，我們樂觀地認為，政府和國會將繼續優先考慮我國最弱勢群體不斷變化和擴大的需求，共同致力於法規的現代化和合理化，以及製定更符合我們所服務的行業和供應商群體實際運營情況的政策。

As we enter Q4, our top 3 strategic priorities remain: driving growth, by developing management candidates, converting sales pipeline opportunities and retaining our existing facility business, managing costs through field-based operational execution and prudent spend management at the enterprise level and optimizing cash flow with increased customer paid frequency, enhanced contract terms and disciplined working capital management. We are confident that continuing to execute on our strategic priorities, supported by our robust business fundamentals will enable us to drive growth while delivering sustainable profitable results.

進入第四季度，我們的三大策略重點仍然是：透過培養管理人才、轉化銷售管道機會和保留現有設施業務來推動成長；透過現場營運執行和企業層面的審慎支出管理來控製成本；以及透過提高客戶付款頻率、改善合約條款和嚴格的營運資本管理來優化現金流。我們相信，在穩健的業務基本面支撐下，繼續執行我們的策略重點，將使我們能夠在實現可持續盈利成果的同時推動成長。

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

那麼，在作完這些開場白之後，我將把電話交給 Matt，讓他對本季的情況進行更詳細的討論。

Thanks, Ted, and good morning, everyone. Revenue was reported at $464.3 million, an 8.5% increase over the prior year. Segment revenues for Environmental was reported at $211.8 million, Dietary Services was reported at $252.5 million. We estimate Q4 revenue in the range of $460 million to $470 million. Cost of services was reported at $367.9 million or 79.2%.

謝謝你，泰德，大家早安。報告顯示，營收為 4.643 億美元，比上年成長 8.5%。環境業務部門的收入為 2.118 億美元，膳食服務業務部門的收入為 2.525 億美元。我們預計第四季營收將在 4.6 億美元至 4.7 億美元之間。據報道，服務成本為 3.679 億美元，佔總成本的 79.2%。

The cost of services includes a benefit of $34.2 million or 7.4%, primarily related to the ERC. That's partially offset by the previously announced Genesis charge of $2.7 million or 60 basis points. So when you combine those two items, cost of services includes a $31.5 million or 6.8% benefit, and our goal is to manage cost of services in the 86% range.

服務成本包括 3,420 萬美元或 7.4% 的收益，主要與 ERC 有關。先前宣布的 Genesis 費用為 270 萬美元或 60 個基點，部分抵消了這一影響。因此，將這兩項加在一起，服務成本包括 3,150 萬美元或 6.8% 的收益，而我們的目標是將服務成本控制在 86% 的範圍內。

SG&A was reported at $50.5 million after adjusting for the $3.7 million increase in deferred compensation, SG&A was $46.8 million or 10.1%. And SG&A includes $2.1 million or 50 basis points of professional fees related to the ERC. We expect 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.

經調整遞延薪資增加 370 萬美元後，銷售、一般及行政費用為 5,050 萬美元，調整後為 4,680 萬美元，佔 10.1%。SG&A 包括與 ERC 相關的 210 萬美元或 50 個基點的專業費用。根據我們前幾季所做的投資以及我們之前討論過的內容，我們預計短期內將銷售、一般及行政費用控制在 9.5% 至 10.5% 的範圍內，而長期目標是將這些成本控制在 8.5% 至 9.5% 的範圍內。

Segment margins for environmental and dining services were reported at 10.7% and 5.1%, respectively. Segment margin for Environmental Services included $1.2 million or 60 basis points related to the previously announced Genesis charge. The segment margins for the Dietary Services includes $1.5 million or 60 basis points related to the previously announced Genesis charge.

環境服務和餐飲服務的細分市場利潤率分別為 10.7% 和 5.1%。環境服務部門的利潤率包括與先前宣布的 Genesis 費用相關的 120 萬美元或 60 個基點。膳食服務部門的利潤率包括與先前宣布的 Genesis 費用相關的 150 萬美元或 60 個基點。

Other income was reported at $11.4 million after adjusting for the $3.7 million increase in deferred compensation, other income was $7.7 million and other income includes $5.3 million of interest income related to the ERC. Net income and diluted earnings per share were reported at $43 million and $0.59 per share. Diluted earnings per share includes a $0.39 benefit primarily related to the ERC, again, partially offset by the previously announced Genesis charge of $0.03 per share. So all told, diluted earnings per share includes a $0.36 per share benefit.

扣除遞延補償增加的 370 萬美元後，其他收入報告為 1,140 萬美元；其他收入為 770 萬美元，其他收入包括與 ERC 相關的 530 萬美元利息收入。淨利潤和稀釋後每股收益分別為 4,300 萬美元和 0.59 美元。稀釋後每股收益包括 0.39 美元的收益，主要與 ERC 有關，但部分被先前宣布的 Genesis 每股 0.03 美元的費用所抵消。綜上所述，稀釋後每股收益包含每股 0.36 美元的收益。

Cash flow from operations was reported at $71.3 million. After adjusting for the $15.8 million decrease in the payroll accrual, cash flow from operations was $87.1 million. Cash flow from operations includes a $31.8 million benefit related to ERC.

經營活動產生的現金流量為7,130萬美元。扣除工資應計費用減少 1,580 萬美元後，經營活動產生的現金流量為 8,710 萬美元。經營活動產生的現金流量包括與 ERC 相關的 3,180 萬美元收益。

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

現在我想把電話交給 Vikas，讓他來討論一下我們的資產負債表和資本配置進度。

Thank you, Matt, and good morning, everyone. We ended the third quarter with cash and marketable securities of $207.5 million and an undrawn credit facility with utilization limited to LTs only. The stellar balance sheet and liquidity position have been driven by two significant trends this year.

謝謝你，馬特，大家早安。第三季末，我們持有現金及有價證券2.075億美元，並擁有一筆未提取的信貸額度，該額度的使用僅限於長期債務。今年兩大趨勢推動了公司穩健的資產負債表和良好的流動性狀況。

First and foremost is sustained collections in the current quarter as well as the last few quarters. Secondly, during the quarter, the company received $31.8 million in ERC receipts. Year to date, this amount stands at $51.8 million. There were no such receipts in 2024. As Matt referenced in his remarks, this quarter, the company recognized $34.2 million of ERC receipts within cost of services and $5.3 million of interest income within investment and other income.

首先，也是最重要的是，本季以及過去幾季的收款狀況要保持穩定。其次，本季公司收到了 3,180 萬美元的 ERC 收款。今年迄今為止，這筆金額已達 5,180 萬美元。2024年沒有此類收據。正如 Matt 在他的演講中提到的，本季度，該公司在服務成本中確認了 3420 萬美元的 ERC 收入，並在投資和其他收入中確認了 530 萬美元的利息收入。

We have also incurred $2.1 million of incremental expenses within SG&A associated with ERC related professional fees that are paid on a contingent basis. Recognition of ERC receipts on the income statement is contingent upon what time period the receipts pertain to.

我們還在銷售、一般及行政費用中增加了 210 萬美元的額外支出，這些支出與 ERC 相關的專業費用有關，這些費用是按或有原則支付的。損益表中確認 ERC 收入取決於收入所屬的時間段。

As a result, we continue to record deferred ERC liability of $12.3 million within other accrued expenses and current liabilities on the balance sheet related to the quarter ended September 30, 2021. A Future ERC receipts will either be recognized on the income statement or recorded as a liability on the balance sheet based on the historical time period they pertain to.

因此，我們繼續在截至 2021 年 9 月 30 日的季度資產負債表中，將遞延 ERC 負債 1230 萬美元計入其他應計費用和流動負債。未來的 ERC 收入將根據其相關的歷史時間段，在損益表中確認或作為負債記錄在資產負債表中。

Future ERC receipts for Q3 2021 will be recorded on the balance sheet, whereas all prior periods from Q1 2020 through Q2 2021 will flow through the income statement. On the capital allocation front, our priorities are to direct investment towards organic growth, strategic acquisitions and opportunistic share repurchases.

2021 年第三季的未來 ERC 收入將計入資產負債表，而 2020 年第一季至 2021 年第二季的所有前期收入將計入損益表。在資本配置方面，我們的優先事項是將投資導向內生成長、策略性收購和機會性股票回購。

During the third quarter, we repurchased $27.3 million of our common stock. This takes our year-to-date buybacks to $42 million. Third quarter purchases were made under the share repurchase plan we announced in July in conjunction with our Q2 earnings. This $50 million share repurchase plan is valid through June 2026 and is intended to accelerate the pace of our share buybacks.

第三季度，我們回購了價值 2,730 萬美元的普通股。這使我們今年迄今的回購金額達到 4,200 萬美元。第三季的股票回購是根據我們在7月與第二季財報一同宣布的股票回購計畫進行的。這項 5,000 萬美元的股票回購計畫有效期至 2026 年 6 月，旨在加快我們的股票回購速度。

We have 3.1 million shares remaining under the February 2023 share repurchase authorization for 7.5 million shares. And while there were no completed acquisitions in the quarter, we continue to actively evaluate M&A opportunities.

根據 2023 年 2 月的 750 萬股股票回購授權，我們還有 310 萬股股票剩餘。雖然本季沒有完成任何收購，但我們將繼續積極評估併購機會。

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

至此，我們的開場白就結束了，接下來將進入問答環節。

(Operator Instructions)

（操作說明）

AJ Rice, UBS.

AJ Rice，瑞銀集團。

Hi, everybody. I just maybe have just expand a little bit on the pipeline of new client wins, which you're seeing now and do you see that progressing as you look ahead into 2026, is it mostly going to be cross-selling of existing housekeeping clients into dining? Or are you seeing a lot of opportunities for new customers completely.

大家好。我只是想稍微擴展一下您現在看到的新客戶拓展管道，您認為到 2026 年，這種情況會繼續發展嗎？主要會是將現有客房服務客戶交叉銷售到餐飲服務嗎？還是您看到了大量全新的客戶機會？

Hey, good morning, AJ. I would say overall, the third quarter was our sixth consecutive sequential revenue increase and really our highest rate of growth since Q1 of 2018. So certainly, just to pause for a moment and take stock in that accomplishment, we continue to have positive momentum really across the entire spectrum of growth opportunities. We continue to successfully execute on that organic growth strategy we talked about before and emphasized at the beginning of the call with management development converting sales pipeline opportunities and retaining our existing facility business.

嘿，早上好，AJ。總的來說，第三季是我們連續第六個季度實現營收季增，也是自 2018 年第一季以來最高的成長率。所以，我們不妨停下來片刻，好好總結一下這一成就，我們確實在所有成長機會領域都保持著積極的勢頭。我們繼續成功執行先前討論過的自然成長策略，並在電話會議開始時強調了這項策略，即透過管理發展來轉換銷售通路機會，並保留我們現有的設施業務。

I'd say to get to the heart of your question, the majority of that quarter-quarter quarter-over-quarter top line growth increase was really driven by new business wins were heavily weighted towards the front end of the quarter, along with 90% and strengthening client retention rates.

要回答你的問題，我認為季度環比營收成長的大部分實際上是由新業務的贏得推動的，而這些新業務主要集中在季度初，此外，客戶留存率也高達 90%，並且還在不斷提高。

I think looking ahead to Q4, we estimate revenue in that $460 million to $470 million range. And then beyond Q4 in 2025, all of our growth strategies continue to be oriented towards that mid-single-digit top line growth target. With more 2026 specific details, we expect to come as part of our fourth quarter earnings call.

展望第四季度，我們預計營收將在 4.6 億美元至 4.7 億美元之間。2025 年第四季之後，我們所有的成長策略將繼續朝著中個位數營收成長目標邁進。關於 2026 年的具體細節，我們預計將在第四季財報電話會議上公佈。

I think specific, AJ, to the segments you referenced, the new business pipeline is really pretty fairly evenly split between EVS and Dietary, although from a revenue contribution perspective, as you're all too familiar with the dietary business accounts for 2x of that of an EVS account on a same-store basis.

AJ，我認為具體到你提到的那些細分市場，新業務管道在 EVS 和膳食方面確實相當平均分配，儘管從收入貢獻的角度來看，正如你非常清楚的那樣，膳食業務在同店基礎上是 EVS 業務的兩倍。

So as we're onboarding a comparable number of accounts, Dietary and EVS revenue will both increase proportionately. And we're still 50% or so penetrated and dining. So within our EVS customer base and that cross-selling opportunity does remain the ultimate low-hanging fruit from a growth perspective as we head into the new year.

因此，隨著我們新增帳戶數量的增加，膳食和環境服務收入都將按比例增長。我們目前的滲透率仍在 50% 左右，而且顧客還在用餐。因此，在我們 EVS 客戶群中，交叉銷售機會仍然是我們在新的一年中實現成長的最容易實現的目標。

Okay. Maybe and then a follow-up question. Just update us on how education effort is trending. And I know there's a reference to continue to look at acquisitions with those principally be where you're looking or anywhere else.

好的。或許吧，然後還有一個後續問題。請向我們報告教育工作的進展。我知道有人提到要繼續關注收購，主要關注的是你正在關注的地方或其他任何地方。

Yeah, AJ, this is Matt. I'll speak maybe just to sort of current state of that end market and then allow the cost to weigh in as far as pipeline and acquisition targets within that space specifically. But we're actually internally now referring to this segment of our business more generally as campuses.

是的，AJ，我是馬特。我可能會先談談目前終端市場的狀況，然後再考慮成本因素，特別是該領域內的研發管線和收購目標。但實際上，我們現在在內部更普遍地將我們業務的這一部分稱為園區。

We feel that referring to it strictly as education is a bit limiting. So as long as it fits within our operational profile and footprint, and we're allowing for the possibility of servicing other campus-like environments that may fall outside the bounds of technically what might be considered health care or education per se.

我們認為僅僅稱之為教育有點局限。只要符合我們的營運模式和規模，並且我們允許為其他類似校園的環境提供服務，即使這些環境在技術上可能不屬於醫療保健或教育的範疇，我們也願意這樣做。

So it's a subtle shift, but we're consciously choosing those words to really empower our leadership teams operating in those adjacent markets to be really unencumbered. We're assessing new business opportunities, whether that relates to an organically generated opportunity or perhaps even inorganic targets and acquisition targets that may surface within that broader campus environment

所以這是一個微妙的轉變，但我們有意識地選擇這些措辭，是為了真正賦予在相鄰市場運作的領導團隊權力，讓他們真正不受束縛。我們正在評估新的商業機會，無論是自然產生的商業機會，還是在更廣泛的校園環境中可能出現的非自然成長目標和收購目標。

So still a relatively small base at less than 5% of total company revenues. But continue to see growth of that base. So at this point, we're really starting to appreciate some of the synergies that exist between our environmental offering and our dining brand offering.

因此，其基數仍然相對較小，不到公司總收入的 5%。但這個群體仍在持續成長。所以現在，我們開始真正意識到我們的環保產品和服務與我們的餐飲品牌之間存在的一些協同效應。

So we did make that conscious decision to operate under separate banners within this end market. And like I said, we're really starting to see some of the payoff in the cross-selling opportunities and the referrals that can exist between those two sister brands.

因此，我們做出了有意識的決定，在這個終端市場中以不同的品牌運作。正如我所說，我們已經開始看到交叉銷售機會以及這兩個姐妹品牌之間可能的推薦所帶來的回報。

Yeah. And AJ, on the M&A acquisition front, I would say education or as Matt characterized it our campus initiative is absolutely our number one target in terms of acquisitions that we're going after. Obviously, we're still in the process of building out that pipeline. But as we think about the approach will -- M&A go forward, education is top of the list.

是的。至於併購方面，AJ，我想說，教育領域，或者像Matt所描述的那樣，我們的校園計劃，絕對是我們收購的首要目標。顯然，我們仍在建造這條管道的過程中。但當我們思考未來併購的發展方向時，教育是重中之重。

Okay. Thanks a lot.

好的。多謝。

Bill Sutherland, Benchmark.

Bill Sutherland，基準。

Thanks. Hey, good morning, everybody. Wondering on the labor front. How things looking? I know they're strong, Ted, you mentioned as far as the nursing home availability and increases in hiring. But from your perspective, as far as either hiring the facility managers training them up or your people, do you see anything that might impact this ability to grow at this level or maybe even a little higher. Thanks.

謝謝。嘿，大家早安。想了解一下勞動力方面的情況。情況如何？我知道他們實力很強，泰德，你之前也提到過，養老院的供應情況好轉，招募人數也在增加。但從你的角度來看，無論是招募設施經理並對他們進行培訓，還是你自己的員工，你認為有什麼因素可能會影響我們在這個水平甚至更高水平上的發展能力嗎？謝謝。

Yeah. I would say, Bill, certainly, the labor market is strong, and the health care sector continues to lead all sectors in hiring. So there were some impressive job gains in the skilled nursing industry posted in Q1 that were ultimately revised down a bit. But year to date, job gains are still significantly outpacing what we saw in 2024. So as a total industry, the skilled nursing space is still about 30,000 jobs short relative to where it was pre-pandemic levels.

是的。比爾，我當然認為，勞動市場強勁，醫療保健產業在招募方面繼續領先所有產業。因此，第一季專業護理行業的就業成長數據令人矚目，但最終略有下調。但就今年迄今為止的情況來看，就業成長速度仍然顯著超過我們預期的 2024 年的水準。因此，從整個產業來看，與疫情前的水平相比，專業護理領域仍缺少約 3 萬個工作機會。

But that's relative to a peak of almost 0.25 million jobs lost through the early stages of the pandemic. So ultimately, those are chipping away. And the expectation is that the current levels of hiring the industry should be at pre-pandemic levels at some point around the middle of 2026.

但這與疫情初期近 25 萬個工作崗位流失的高峰相比，已經有所改善。所以歸根究底，這些都在一點點蠶食著我們。預計到 2026 年年中左右，該行業的招募水準將恢復到疫情前的水準。

So that certainly bodes well with respect to Ted's comments regarding the availability of staffing and the impact that, that has directly upon the opportunity for clients to admit new residents and to build census within their facility for walls. So ultimately, when you drill it down into the Healthcare Services Group and what it means for us, we're in a really good spot bill.

因此，這無疑預示著泰德關於人員配備情況的評論是正確的，因為這直接關係到客戶接收新居民的機會以及在其設施內建立入住率。所以歸根結底，當你深入分析醫療保健服務集團及其對我們的意義時，我們處於一個非常好的境地。

We've seen reach growth that has stabilized, and that's a good thing. Our applications are at record levels and continue to be high and certainly sufficient to be able to fill any job openings that we have down to the facility level and within the management ranks. There are still some markets that have ongoing challenges, but I would say that, that's back to sort of normal course where there are given markets that may creep up that have, for any number of reasons, their own specific challenges, but that's the benefit of having the resources of Healthcare Services Group and that we're able to allocate resources and manpower to be able to focus and address those situations as they arrive.

我們看到用戶覆蓋率的成長已經趨於穩定，這是一件好事。我們的申請人數已達到歷史最高水平，並且持續居高不下，完全足以填補我們所有職位空缺，從設施層面到管理層。雖然仍有一些市場面臨持續的挑戰，但我認為這已經恢復到正常水平。某些市場可能會因為各種原因而出現自身特有的挑戰，但這正是擁有醫療服務集團資源的優勢所在，我們能夠調配資源和人力，以便在這些情況出現時集中精力並加以應對。

So we wouldn't view the availability of labor or the hiring environment, Bill, as anything that would, in any way, hinder our growth prospects. As a matter of fact, I would flip it and say that any challenges that would be prospective clients are facing would only be bolstered via the value proposition that Healthcare Services Group brings, as I mentioned, that we are able to much better apply our resources to both hire and retain employees.

所以，比爾，我們不會把勞動力供應或招募環境視為任何會以任何方式阻礙我們發展前景的因素。事實上，我會​​反過來說，潛在客戶面臨的任何挑戰，都會因為醫療保健服務集團帶來的價值主張而得到加強，正如我所提到的，我們能夠更好地利用我們的資源來招募和留住員工。

Makes sense. Thanks. Ted, on the OBBBA as you called it, I like that, the $50 billion is the rural health allocation, I've been reading kind of like it's very -- still very determined kind of where things -- where the money goes. Do you have any sense of what flows to post-acute and specifically (inaudible) I guess it will depend state-by-state.

有道理。謝謝。泰德，關於你所說的 OBBBA，我喜歡這個說法，500 億美元是農村醫療撥款，我一直在讀一些文章，感覺資金的去向仍然非常明確。您對急性後期的流程有什麼了解嗎？特別是（聽不清楚）我想這取決於各州的情況。

It will vary state by state, Bill, and it's really empowering the entire health care continuum to participate on some level, but there will be a formal application process, and that will all be revealed through implementation guidance in the coming months and years.

法案規定，各州的具體情況會有所不同，它確實賦予了整個醫療保健體系一定程度的參與權，但會有一個正式的申請流程，所有這些都將在未來幾個月和幾年內通過實施指南予以公佈。

Okay. That's all I've got. Thanks, guys.

好的。這就是我全部的資訊了。謝謝各位。

Ryan Daniels, William Blair.

瑞安·丹尼爾斯，威廉·布萊爾。

Hello, this is Matthew Mardula on for Ryan Daniel and thank you for taking our question. And my first question, and this is more of a kind of a high-level question. But are you seeing an increase in the number of facilities choosing to outsource their environmental or dietary services and I understand you already hold a significant share of the outsourced market, but are you noticing any acceleration or the same level in outsourcing trends from facilities? And when you look at this kind of trend longer term, how much of they can develop?

您好，我是 Matthew Mardula，代 Ryan Daniel 為您提問，感謝您回答我們的問題。我的第一個問題，也是比較宏觀的問題。但是，您是否注意到越來越多的機構選擇將環境或膳食服務外包？據我了解，您已經在外包市場佔據了相當大的份額，但您是否注意到機構外包趨勢有任何加速或保持不變？長遠來看，這種趨勢究竟能發展到什麼程度？

If you think about just for the broadest of context for us, inclusive of long-term and post-acute care facility, specifically skilled nursing, we've identified over 23,000 candidates for the types of services we offer. And here, we are nearly five decades into our company-wide journey and less than 15% of those facilities use a third-party contract company for environmental services, less than 8% for Dining & Nutrition Services, and we have over 80% of that outsourced market.

如果僅從最廣泛的角度考慮，包括長期照護和復健護理機構，特別是專業護理機構，我們已經確定了超過 23,000 名符合我們提供的服務類型的候選人。如今，我們公司已經走過了近五十年的發展歷程，但只有不到 15% 的設施使用第三方承包公司提供環境服務，不到 8% 的設施使用第三方承包公司提供餐飲和營養服務，而我們卻佔據了超過 80% 的外包市場份額。

So I think the way to think about the demand for the services, which continues to be stronger than what we're capable of satisfying is that we really are the market maker in that respect. So as we grow so does the penetration within those facilities and those candidates for the types of services that we offer. I would just add that additionally, just maybe in a broader context, outsourcing does and has become more acceptable than ever before. When you think about environmental services, there certainly has always been an inclination to outsource.

所以我認為，對於服務需求持續強於我們所能滿足的需求，我們應該這樣理解：從這個意義上講，我們確實是市場主導者。隨著我們的發展壯大，我們在這些機構和目標客戶群中的滲透率也會隨之提高，我們提供的服務類型也會吸引更多客戶。我還要補充一點，或許從更廣泛的意義上講，外包已經比以往任何時候都更容易被人們接受。提到環境服務，人們總是傾向外包。

If you could find a reliable, trusted partner like Healthcare Services Group to work together on those departments, but even more in dining where a decade or so ago, there may have been some not even reluctant but maybe a partial mess towards wanting to partner or wanting to keep those facilities in-sourced or in-house because it is more akin to and more directly related to patient care. We believe more than ever before.

如果能找到像 Healthcare Services Group 一樣可靠、值得信賴的合作夥伴，共同負責這些部門的工作，那就更好了。尤其是在餐飲方面，十年前，可能有些人甚至不太情願，但對於合作或希望將這些設施保留在內部或內部運營，可能會有些混亂，因為這更接近於患者護理，也更直接地與患者護理相關。我們比以往任何時候都更加堅信。

And part of it is because of our value proposition and the managerial expertise and capabilities we're bringing to the table, our purpose, vision, values and all of the elements, including the 24/7 mindset we're bringing to support that department specifically, but also just generally speaking, the market has become much more open to outsourcing, not just EVS, but Dietary as well.

部分原因是我們的價值主張、我們帶來的管理專業知識和能力、我們的宗旨、願景、價值觀以及所有要素，包括我們為支持該部門而帶來的全天候思維模式；但總的來說，市場對外包的態度也變得更加開放，不僅是環境服務，膳食服務也是如此。

So broadly speaking, we don't see any limitations on how deeply we can -- how deeply we can grow within that targeted market we've identified in the coming months and years. It's really going to be dependent upon our continued ability to execute on our management development strategy. And that's where the majority of our time and effort from an operational perspective is spent along with tending to the rest of the operational imperative that we've set forth.

總的來說，我們認為在未來幾個月和幾年裡，我們在已確定的目標市場中發展壯大沒有限制。這真的取決於我們能否繼續有效地執行我們的管理發展策略。從營運角度來看，我們大部分的時間和精力都花在了這上面，同時還要處理我們所製定的其他營運要務。

Great. Thank you for that. And can you provide an update on Genesis Healthcare and whether you're seeing any facility closures as part of their bankruptcy process. Additionally, have you seen any transition of Genesis-operated facilities to new ownership? And if so, how have those conversations been? And are the new owners receptive to continuing to use your services?

偉大的。謝謝。您能否提供 Genesis Healthcare 的最新情況，以及您是否看到該公司破產程序中有任何設施關閉的情況？此外，您是否看到 Genesis 營運的設施發生所有權變更？如果確實如此，那麼這些對話進行得如何？新業主是否願意繼續使用貴公司的服務？

Yeah. Overall, we're continuing to provide services to the Genesis facilities we were servicing prior to the petition date and it's really being done without disruption in operational outcomes or payments. It's a very normal course of business within the four walls of each community at Genesis in spite of the activity regarding the bankruptcy considerations outside of those four walls.

是的。總體而言，我們將繼續為申請日期之前我們服務的 Genesis 設施提供服務，而且營運結果和付款方面確實沒有受到任何干擾。儘管在 Genesis 社區的四面牆外，破產問題引發了許多活動，但在 Genesis 社區的四面牆內，這卻是非常正常的業務流程。

And we expect that to be the case, Matthew, throughout the rest of this matter and through the duration of the post-petition period I think specific to the process. The only real notable recent developments or that in late August, both the DIP loan and bid procedures were approved. The DIP loan provides additional capital to operations during the reorg process and ultimately, some additional capital if needed to facilitate an eventual sale and the bid procedures really established a formal process for that potential sale.

馬修，我們預計這種情況會一直持續下去，在接下來的整個過程中，以及在請願後的這段時間內，情況都會如此，我認為這與該程序的具體情況有關。最近唯一值得注意的進展是，8 月下旬，DIP 貸款和投標程序均獲得批准。DIP 貸款在重組過程中為營運提供額外資金，最終，如果需要，還可以提供一些額外資金來促進最終出售，而競標程序實際上為潛在的出售建立了一個正式的流程。

And you alluded to it but from a timing perspective, the way that bid procedures are outlined. It's really looking for early November-ish -- an early November bid deadline, a mid-November sale hearing. And in all likelihood, potential close in late spring once a potential buyer is selected.

你也提到了這一點，但從時間安排的角度來看，投標程序的概述方式。預計會在 11 月初左右——投標截止日期為 11 月初，拍賣聽證會為 11 月中旬。而且很有可能，一旦選定潛在買家，交易將在春末完成。

But that could be pushed out as far as the summer depending on the cadence of the matter. But again, from a HCSG perspective and even from a Genesis and most importantly, each individual community perspective, it really is operating in a normal course of business where the providers are focused on patient care and the partners like HCSG, our partner are focused on their related responsibilities.

但根據事情進展情況，這件事可能會推遲到夏季。但從 HCSG 的角度來看，甚至從 Genesis 的角度來看，更重要的是，從每個社區的角度來看，它實際上都是在正常的業務流程中運作的，醫療服務提供者專注於患者護理，而像 HCSG 這樣的合作夥伴則專注於他們的相關職責。

Great. Thank you so much for all that.

偉大的。非常感謝您所做的一切。

This concludes the question-and-answer session. I'll turn the call to Ted Wahl for closing remarks.

問答環節到此結束。接下來我將把電話交給泰德‧沃爾，請他作總結發言。

Great, Sarah. Thank you. As we look to finish the year strong and carry that positive momentum into 2026, the company's underlying fundamentals are more robust than ever. Our leadership and management team, our enhanced value proposition our business model and the visibility we have into that model, our training and learning platforms, KPIs and other key business trends and our strong balance sheet.

太好了，莎拉。謝謝。為了在2026年取得佳績並保持這一積極勢頭，公司基本面比以往任何時候都更加穩健。我們的領導和管理團隊、我們增強的價值主張、我們的商業模式以及我們對該模式的了解、我們的培訓和學習平台、KPI 和其他關鍵業務趨勢以及我們強大的資產負債表。

And with the industry at the beginning of a multi-decade demographic tailwind, we are incredibly well positioned to capitalize on the abundance of opportunities that lie ahead and deliver meaningful long-term shareholder value. So on behalf of Matt, Vikas and all of us at Healthcare Services Group, Sarah, thank you for hosting the call today, and thank you to everyone for joining.

隨著業界迎來長達數十年的人口結構利好，我們擁有得天獨厚的優勢，能夠抓住未來眾多機遇，為股東創造有意義的長期價值。所以，我謹代表 Matt、Vikas 和 Healthcare Services Group 的全體成員，感謝 Sarah 今天主持這場電話會議，也感謝大家的參與。

Thank you. This concludes today's conference call. Thank you for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。