Healthcare Services Group, Inc. (HCSG) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Rebecca and I will be your conference operator today. At this time, I would like to welcome everyone to the HCSG 2026 first-quarter earnings call. (Operator Instructions)

感謝各位稍候。我叫 Rebecca，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 HCSG 2026 年第一季財報電話會議。（接線員指示）

The matters discussed on today's conference call include forward-looking statements about the business prospects of Healthcare Services Group, Incorporated. For Healthcare Services Group, Incorporated'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.

今日電話會議所討論事項包含關於 Healthcare Services Group, Incorporated 業務前景的前瞻性陳述。關於 Healthcare Services Group, Incorporated 最新的前瞻性陳述提示，請參閱本日早晨發布的新聞稿，該新聞稿可於我們的網站 www.hcsg.com 查閱。

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, Incorporated's other SEC filings and as indicated in our most recent forward-looking statements notice.

由於各種風險、不確定性及重要因素，實際結果可能與所明示或暗示者存在重大差異，其中包括於 Form 10-K 年度報告的風險因素、管理層討論與分析（MD&A）及其他章節，以及 Healthcare Services Group, Incorporated 其他向 SEC 提交之文件中所討論者，並如我們最新的前瞻性陳述提示所示。

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，管理層將討論若干非 GAAP 財務衡量指標。這些項目與美國 GAAP 的調節表可於本日早晨的新聞稿中查閱。

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

接下來我想把電話交給執行長 Ted Wahl。請開始。

Good morning, everyone, and welcome to HCSG's first-quarter 2026 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 fourth-quarter results and plan on filing our 10-Q by the end of the week.

各位早安，歡迎參加 HCSG 2026 年第一季財報電話會議。今天與我一同出席的有我們的首席傳播長 Matt McKee，以及我們的首席財務長 Vikas Singh。今天稍早，我們已發布第四季業績，並計畫在本週結束前提交 10-Q。

Today, in my opening remarks, I'll discuss our Q1 highlights, share our perspective on the general business environment, and discuss our strategic priorities for Q2. Matt will then provide a more detailed discussion on our Q1 results, and then Vikas will provide an update on our liquidity position and capital allocation progression. We will then open up the call for Q&A.

今天在開場致詞中，我將討論我們第一季重點、分享我們對整體商業環境的觀點，並說明第二季的策略重點。接著 Matt 會更詳細地說明第一季業績，然後 Vikas 會更新我們的流動性狀況與資本配置進展。之後我們將開放問答。

So with that overview, I'd like to now discuss our Q1 highlights. We delivered strong first-quarter results across revenue, earnings, and cash flow, and we have carried that positive momentum into the second quarter. New client wins and high retention rates drove our year-over-year top-line growth, and our field-based team's operational excellence led to quality service outcomes and consistent margins. We also returned $24 million of capital through our share repurchase program and ended the quarter with a strong balance sheet and ROIC profile, underscoring our focus on value-creating capital deployment.

在上述概覽之後，我想先談談第一季重點。我們在營收、獲利與現金流方面皆交出強勁的第一季成果，並將這股正向動能延續至第二季。新客戶得標與高續約率帶動我們年對年營收成長，而我們以現場為主的團隊之卓越營運執行，帶來高品質服務成果與穩定的利潤率。我們也透過庫藏股回購計畫回饋了 2,400 萬美元資本，並以強健的資產負債表與 ROIC 表現結束本季，凸顯我們專注於創造價值的資本部署。

I'd like to now share our perspective on the general business environment. Industry fundamentals continued 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.

接下來我想分享我們對整體商業環境的看法。產業基本面持續轉強，其中最顯著的是跨越數十年的人口結構順風，如今正開始逐步反映在長期照護與急性後期照護體系中。

In 2026, the first baby boomers will turn 80 years old, and by the year 2030, all 70 million-plus boomers will be over the age of 65, with the oldest being in their mid-80s, the primary age cohort for long-term and post-acute care utilization. We expect that the demand and opportunities for service providers in this space, especially for those with compelling value propositions, durable business models, and market-leading positions to only increase in the months and years ahead.

2026 年，第一批嬰兒潮世代將滿 80 歲；到 2030 年，超過 7,000 萬名嬰兒潮世代都將超過 65 歲，其中最年長者將達 80 多歲中段，這正是長期照護與急性後期照護使用的主要年齡族群。我們預期，該領域服務供應商的需求與機會，特別是對於具備具吸引力的價值主張、可長可久的商業模式與市場領先地位者，將在未來數月與數年持續增加。

The most recent industry operating trends remain positive as well, highlighted by steady occupancy, increasing workforce availability, and a stable reimbursement environment. We remain optimistic that the administration will continue to prioritize the rationalization of regulations and policy to better align with the changing and expanding needs of our nation's most vulnerable and the provider communities we service.

最新的產業營運趨勢同樣維持正向，表現在入住率穩定、勞動力供給可得性提升，以及補償（給付）環境穩定。我們仍樂觀期待政府將持續優先推動法規與政策的合理化，使其更能與我國最弱勢族群及我們所服務之提供者社群不斷變化與擴大的需求相一致。

Beyond our core industry trends, we are closely monitoring the broader macro landscape, including the volatility in global energy and supply markets resulting from ongoing geopolitical conflicts. Our role as financial stewards for our clients remains a non-negotiable priority and serves as our North Star as we navigate this environment. To that end, while we have not observed direct on-invoice impact from these global events, our purchasing and procurement teams are actively monitoring the landscape and surveying our supply chain to stay ahead of any developing trends.

除核心產業趨勢外，我們也密切關注更廣泛的總體環境，包括持續的地緣政治衝突所導致全球能源與供應市場的波動。作為客戶的財務管家，我們的角色仍是不可妥協的首要任務，並在我們因應此環境時作為指引方向的北極星。就此而言，雖然我們尚未觀察到這些全球事件對發票上價格的直接影響，但我們的採購與供應團隊正積極監測情勢並盤點供應鏈，以便提前掌握任何正在形成的趨勢。

Fundamental to these efforts is the depth of our long-standing vendor partnerships, which provide critical visibility and stability necessary to navigate market volatility with confidence. In the event that specific supplies or food items experience outsized inflationary or cost pressure, we are prepared to pivot our sourcing strategies to mitigate direct exposure. Ultimately, the rigorous work we have done to enhance our contractual frameworks allows us to pass through unavoidable cost increases, ensuring we preserve our margins while continuing to deliver market-leading service.

支撐上述工作的關鍵，在於我們與供應商長期合作關係的深度，這些關係提供了在市場波動下仍能自信應對所需的關鍵能見度與穩定性。若特定物資或食品項目出現異常的通膨或成本壓力，我們已準備好調整採購來源策略，以降低直接曝險。最終，我們為強化合約架構所做的嚴謹工作，使我們得以轉嫁不可避免的成本上升，確保在持續提供市場領先服務的同時，維持我們的利潤率。

Looking ahead to Q2, our top three strategic priorities remain driving growth by developing management candidates, converting sales pipeline opportunities, and retaining our existing facility business; 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. 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.

展望第二季，我們前三大策略重點仍為：透過培育管理人才、轉化銷售管線機會，以及維繫既有機構客戶業務來推動成長；透過現場營運執行與企業層級審慎的支出管理來控管成本；以及透過提高客戶付款頻率、強化合約條款與嚴謹的營運資金管理來最佳化現金流。我們相信，持續落實策略重點並以穩健的基本面為後盾，將使我們在推動成長的同時，交付可持續且具獲利性的成果。

So with those introductory comments, I'll turn the call over to Matt.

以上為開場說明，接下來我把電話交給 Matt。

Thanks, Ted, and good morning, everyone. Revenue was reported at $462.8 million, a 3.4% increase over the prior year. Segment revenues and margins for Environmental Services were reported at $208.3 million and 12.1%. Segment revenues and margins for Dietary Services were reported at $254.5 million and 9%. Our 2026 growth plans are oriented around mid-single-digit revenue growth, with Q2 revenue in the $465 million to $475 million range and sequential revenue growth in the second half of the year compared to the first half of the year.

謝謝 Ted，各位早安。營收為 4.628 億美元，較去年同期成長 3.4%。環境服務（Environmental Services）部門營收與利潤率分別為 2.083 億美元與 12.1%。膳食服務（Dietary Services）部門營收與利潤率分別為 2.545 億美元與 9%。我們 2026 年的成長計畫以中個位數營收成長為目標，第二季營收預估介於 4.65 億至 4.75 億美元之間，且下半年相較上半年將呈現逐季營收成長。

Cost of services was reported at $386.9 million or 83.6%. Cost of services benefited from strong service execution, workers' comp and general liability efficiencies, and lower bad debt expense. Our goal is to manage cost of services in the 86% range.

服務成本（Cost of services）為 3.869 億美元，或占 83.6%。服務成本受惠於強勁的服務執行、勞工補償與一般責任保險效率提升，以及較低的壞帳費用。我們的目標是將服務成本控制在約 86% 的水準。

SG&A was reported at $42 million. After adjusting for the $1.6 million decrease in deferred compensation, SG&A was $43.6 million or 9.4%. Our goal is to manage SG&A in the 9.5% to 10.5% range 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.

銷售、一般及管理費用（SG&A）為 4,200 萬美元。若調整遞延補償減少 160 萬美元的影響後，SG&A 為 4,360 萬美元，或占 9.4%。基於我們已投入且在前幾季提及的投資，我們的目標是將 SG&A 控制在 9.5% 至 10.5% 的區間；長期目標則是將這些成本管理至 8.5% 至 9.5% 的區間。

Our effective tax rate was reported at 24.6%. We expect our 2026 effective tax rate to be approximately 25%. Net income and diluted earnings per share were reported at $26.1 million and $0.37 per share.

有效稅率為 24.6%。我們預期 2026 年有效稅率約為 25%。淨利與稀釋後每股盈餘分別為 2,610 萬美元與每股 0.37 美元。

I'd now like to turn the call over to Vikas.

接下來我把電話交給 Vikas。

Thank you, Matt, and good morning, everyone. Starting with our liquidity and cash flows, our primary sources of liquidity are cash flow from operating activities, cash and cash equivalents, and our revolving credit facility. Cash flow from operations was reported at $43.7 million. After adjusting for the $20.3 million increase in the payroll accrual, cash flow from operations was $23.4 million. We wrapped up the first quarter with cash and marketable securities of $214.6 million, and our current facility of $300 million was undrawn with utilization limited to LCs only.

謝謝 Matt，各位早安。先從流動性與現金流談起，我們主要的流動性來源為營運活動現金流、現金及約當現金，以及我們的循環信用額度。營運現金流為 4,370 萬美元。若調整薪資應計增加 2,030 萬美元的影響後，營運現金流為 2,340 萬美元。我們在第一季結束時持有現金與有價證券 2.146 億美元，而目前 3 億美元的額度未動用，使用僅限於信用狀（LCs）。

On April 7, we amended our existing credit agreement to extend the maturity of our $300 million revolving credit facility to 2031. In tandem, the SOFR-based pricing grid has been favorably modified and covenant flexibility has been enhanced.

4 月 7 日，我們修訂既有的授信協議，將 3 億美元循環信用額度的到期日延長至 2031 年。同時，以 SOFR 為基礎的定價級距已獲有利調整，且契約條款（covenants）的彈性亦已提升。

Our capital allocation plans remain unchanged from what we outlined last year and we are on track to execute. Our capital allocation across organic growth, M&A, and share repurchases continues to be grounded in discipline and consistency. Our enhanced liquidity provides us the flexibility to pursue all of these priorities without trade-offs.

我們的資本配置計畫與去年所概述者一致，且正按計畫執行。我們在內生成長、併購（M&A）與股票回購之間的資本配置，持續以紀律與一致性為基礎。流動性提升使我們能在不必取捨的情況下，同時推進上述各項優先事項。

In February 2026, we announced plans to further accelerate the pace of our share buybacks and repurchase $75 million of our common stock over 12 months. In the first quarter, we repurchased $24 million of our common stock. We now have 9.2 million shares remaining under our current share repurchase authorization.

2026 年 2 月，我們宣布計畫進一步加快股票回購步伐，並在 12 個月內回購 7,500 萬美元的普通股。第一季我們回購了 2,400 萬美元普通股。依目前的回購授權額度，我們尚餘 920 萬股可供回購。

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

以上為我們的開場說明，接下來我們將開放問答。

(Operator Instructions) Ryan Daniels, William Blair.

（接線員指示）Ryan Daniels，William Blair。

Hello, this is Matthew Mardula on for Ryan. Thank you for taking the question. So in your prepared remarks, you touched up on this, but I want to dive deeper into it. So we saw strong results in cost of services as a percentage of revenue being at 83.6% this quarter.

您好，我是代替 Ryan 的 Matthew Mardula。謝謝讓我提問。您在事先準備的講稿中有提到這點，但我想更深入探討。我們看到本季服務成本占營收比重為 83.6%，表現相當強勁。

Other than the guidance, was there any one-time benefits this quarter, and what exactly drove that strong performance in the first quarter? Also, as we look for the rest of the year, with you reiterating the 86% cost of services as a percentage of revenue, how should we think about the rest of the quarter, given the strong Q1 performance?

除了指引之外，本季是否有任何一次性利益？另外，第一季表現如此強勁，究竟是什麼因素驅動的？再者，展望今年剩餘時間，既然你們重申服務成本占營收比重為 86%，在第一季表現強勁的情況下，我們應該如何看待接下來各季的走勢？

Yeah, good morning, Matt. This is Matt McKee. As we've previously discussed, the primary driver of managing cost of services within that targeted range and overall margin consistency for us is really service execution. And the recent positive service execution trends in customer experience, systems adherence, regulatory compliance, and budget discipline, all of which are near-term margin drivers, carried over into Q1, and the expectation is that that carries forward throughout 2026 as well. So that's why we remain confident in our ability to continue to manage costs in that 86% range.

是的，早安，Matt。我是 Matt McKee。如同我們先前討論過的，我們能將服務成本控制在目標區間內、並維持整體毛利一致性的主要驅動因素，實際上是服務執行力。近期在客戶體驗、系統遵循、法規遵循以及預算紀律等面向的服務執行呈現正向趨勢，而這些都是短期毛利的驅動因素；這些趨勢延續到第一季，我們也預期會在 2026 年持續延伸。因此，我們仍對於能夠把成本維持在 86% 左右的區間充滿信心。

And it's worth noting, Matt, that service execution is not something that happens on autopilot, right? There are no elements of it that are a given. Our field-based management teams are working very diligently to deliver on our expectations, and they deserve a lot of credit for that execution.

另外也值得一提的是，Matt，服務執行並不是會自動運轉的事情，對吧？其中沒有任何一個環節是理所當然的。我們的前線管理團隊非常努力地在達成我們的期望，他們在執行上的表現值得高度肯定。

So that said, there are always going to be some movement month-to-month, quarter-to-quarter, and the timing of certain items can have a positive impact, and that was the case in Q1 results as well in that work comp and general liability efficiencies continue to be driven by our focus and commitment to training and safety protocol that we've implemented in the facilities and lower bad debt expense that's been favorably impacted by our strong cash collection efforts and the scarcity of bankruptcies or reorgs during Q1.

話雖如此，每個月、每一季之間總是會有一些波動，而某些項目的時點可能帶來正面影響；第一季的結果也確實如此。例如，工傷補償與一般責任保險的效率持續改善，來自我們在各據點推行的訓練與安全流程之專注與承諾；此外，壞帳費用也因我們強勁的現金收款努力，以及第一季破產或重整案件稀少，而受到有利影響、進一步降低。

Yes, and Matt, this is Vikas. If you want to unpack the outperformance in different buckets, what we would say is, look, we've outperformed the 86% by, call it, 2%. Out of that, 1% is coming from workers' comp and general liability.

是的，Matt，我是 Vikas。如果要把超預期表現拆解成不同的項目來看，我們會說：我們相較於 86% 的目標，超出表現約 2%。其中有 1% 來自工傷補償與一般責任。

Those efficiencies contributed about $4.7 million to the favorable cost of sales outcome for the quarter. Now, while that reflects the ongoing efforts that Matt just talked about, what I would remind you is that this impact can be lumpy. And the fact that we got that number in one quarter may not necessarily lead to similar benefits in subsequent quarters because that benefit is based on the frequency and the size of claims, it's based on the insurance and actuarial model.

這些效率提升在本季為銷售成本的有利結果貢獻了約 470 萬美元。雖然這反映了 Matt 剛才提到的持續努力，但我想提醒的是，這種影響可能會有不均勻（lumpy）的情況。我們在單一季度取得這樣的數字，未必代表後續季度也會有類似的利益，因為這項利益取決於理賠案件的頻率與規模，也取決於保險與精算模型。

And while it's indicative of how we've been performing, it does not guarantee similar repeat performances in subsequent quarters. So that's about 1% of that 2% outperformance. I would say the remaining outperformance this quarter, as Matt has already alluded to, came from bad debt and service execution. On the bad debt front, you'll see this number in the Q that we'll file later this week, but that number for the quarter is $3.8 million. That's less than 1% of revenue.

因此，雖然它反映了我們的表現狀況，但並不保證後續季度能重複出現相同的表現。這大約占那 2% 超出表現中的 1%。我會說，本季其餘的超出表現，如同 Matt 已經提到的，來自壞帳與服務執行。在壞帳方面，你會在我們本週稍晚提交的 <xml>Q</xml> 文件中看到這個數字；本季為 380 萬美元，低於營收的 1%。

If you look at where we've been in the recent past, we've been at 2% plus. If you look at a more normalized historical average, we are between 1% to 1.5%. So it's really those two factors plus the operational excellence that's driving the number this quarter. But that said, we still feel that 86% is the right way to go because these events, while favorable, can be lumpy and are not guaranteed to be repeated in subsequent quarters. Although we'll try our best to do what we can, but I think it takes us back to 86% being the goal and the target for us.

如果看近期的水準，我們曾在 2% 以上；若看較為常態化的歷史平均，大約在 1% 到 1.5% 之間。因此，主要就是這兩個因素加上營運卓越，推動了本季的數字。不過即便如此，我們仍認為 86% 是正確的設定，因為這些有利事件可能會有不均勻（lumpy）的情況，且不保證後續季度會重複發生。雖然我們會盡最大努力去做我們能做的事，但這也讓我們回到 86% 仍是我們的目標與標準。

Great. That's extremely helpful. Thank you for that. Now, how has the development of managerial candidates trended recently? And with the continued addition of new clients this quarter, and with expectations of that continuing in the upcoming quarters, how are you planning to be able to keep pace with having enough managerial candidates? And I know it probably varies by region, but any updates on growth and on ensuring you have enough managerial candidates would be great to hear about.

很好。這非常有幫助，謝謝。接下來，近期管理人才候選人的培育趨勢如何？另外，本季持續新增新客戶，且預期未來幾季也會延續，你們打算如何確保有足夠的管理候選人以跟上成長步伐？我知道可能因地區而異，但若能分享一些關於成長以及如何確保管理候選人充足的最新進展，會很有幫助。

Yeah, that's exactly right, Matt. The benefit that we have is that our expectations relative to management development are all grounded in the localized efforts, within not only our regions, but more specifically down to the district level, where we have our 12 facility districts, and the expectation is that each district will be executing their own management development efforts through their certified training facilities.

是的，你說得完全正確，Matt。我們的優勢在於，我們對管理培育的期望都建立在在地化的努力之上，不僅是在各區域，更具體到分區層級。我們有 12 個設施分區（facility districts），並期望每個分區都透過其認證訓練設施來執行各自的管理培育工作。

So the expectation is that the recruiting efforts, the hiring, the training, the development, ultimately the retention and placement of those management candidates is very much an exercise that's executed within that district structure. So it's very much those bottoms-up, ground-up efforts that aggregate to total company top-line growth opportunities. And it is that marriage of management development with business development, but again, executed locally that when it's rolled up and executed properly, yields that mid-single-digit growth for the company.

因此，我們期望招募、聘用、訓練、培育，最終到留任與配置這些管理候選人的工作，主要都是在這個分區架構內執行。也就是說，這些由下而上、由地面端推動的努力，匯總起來形成公司整體的營收成長機會。這是管理培育與業務開發的結合，但同樣是在地執行；當它被正確地彙整並落實時，就能為公司帶來中個位數的成長。

Correctly noted as well, Matt, in the way that you asked the question is that, of course, there are regional variabilities, whether that's a market dynamic or it's simply a management issue. Some folks are further ahead of that curve. Others will struggle because, of course, we don't compromise our standards relative to service execution and performance, per our previous comments, relative to cost of services.

你在提問方式中也正確指出，Matt，當然會存在區域差異，可能是市場動態，也可能單純是管理問題。有些團隊在這條曲線上走得更前面；另一些則會面臨挑戰，因為如同我們先前針對服務成本所評論的，我們不會在服務執行與績效標準上妥協。

If there is a local team that's not executing on client satisfaction, delivering that customer experience, adhering to our operational systems, delivering regulatory compliance, and of course, executing with budget discipline as stewards, financial stewards for our clients, we won't let them grow the business in their area. They have to demonstrate that they're capable of appropriately managing their business in their current portfolio before we'll allow them to grow.

如果某個在地團隊無法在客戶滿意度、提供客戶體驗、遵循我們的營運系統、達成法規遵循，以及作為客戶的財務管家來落實預算紀律等方面做到位，我們就不會讓他們在其區域擴張業務。他們必須先證明自己有能力在現有客戶組合中妥善管理業務，我們才會允許他們成長。

So there will always be problem children, and that's the beauty of having invested in that middle management structure is that, number one, we can quickly identify areas of concern and some folks who may need extra attention and then quickly be able to insert those management resources, appropriately re-skill, train, develop those managers such that they can get back on track and then re-engage into that critical focus for us, which would be management development, very much tied to business development efforts.

所以總會有一些「問題孩子」，而我們投資於中階管理架構的好處就在於：第一，我們能快速辨識出需要關注的區域，以及可能需要額外協助的人員；接著也能迅速投入相應的管理資源，適當地重新培訓、訓練與發展這些管理者，讓他們回到正軌，並重新投入對我們至關重要的焦點——也就是管理培育，且與業務開發工作緊密連結。

But when you roll it all up, when we look at that landscape right now, Matt, we're very pleased with where we are, and we don't have any limitations or obstacles relative to achieving total company growth objectives in light of the strong environment relative to management development.

但整體來看，Matt，當我們檢視目前的全貌時，我們對現況非常滿意；在管理培育環境強勁的情況下，我們在達成公司整體成長目標方面沒有任何限制或障礙。

A.J. Rice, UBS.

UBS 的 A.J. Rice。

Hi, this is James on for A.J. First of all, congrats on the strong start to the year. Could you potentially give us an update on how the campus segment did in terms of year-over-year growth? And then I think you've also expressed interest around potentially exploring more M&A opportunities, particularly potentially in campus and maybe just an update on the capital deployment as it relates to M&A.

嗨，我是 James，代替 A.J. 提問。首先，恭喜今年開局強勁。你們能否更新一下校園（campus）業務在年對年成長方面的表現？另外，我想你們也曾表示有興趣探索更多併購（M&A）機會，特別可能是在校園領域；也請更新一下與併購相關的資本部署情況。

Yes, good morning, James. As we discussed last quarter, the campus business represents over $100 million of annualized revenue in 2025 and still relatively small base at less than 10% of total company revenues. But we do see continued growth of that base. We're not going to report or call out specific growth in that segment at this point, but we've mentioned the synergies that exist between the environmental offering or the brand that we're executing for Environmental Services and our dining brand and those offerings.

是的，早安，James。如同我們上季討論的，校園業務在 2025 年的年化營收超過 1 億美元，但基礎仍相對小，占公司總營收不到 10%。不過我們確實看到這個基礎持續成長。現階段我們不會揭露或特別點出該分部的具體成長數字，但我們曾提到，環境服務（Environmental Services）所提供的環境面向方案或我們正在執行的品牌，與我們的餐飲品牌及其方案之間存在綜效。

So as we sit here, if you think about the academic calendar, as many, if not most, of our campus clients right now are schools, we're in this selling season, right, as administrators begin to plot out their plans for the end of this academic year, the summer, and then thinking ahead to next year's academic year. So from a business development and a pipeline development perspective, those folks are very much in the thick of orienting towards growth objectives from an organic perspective.

因此，就目前而言，如果你從學年行事曆來看，因為我們許多（即使不是大多數）的校園客戶目前是學校，我們正處於這個銷售旺季，對吧？管理者開始規劃本學年結束、暑期，以及展望下一學年的計畫。因此，從業務開發與管線開發的角度來看，這些團隊正積極投入，從有機成長的角度朝成長目標前進。

And perhaps Vikas would make a comment or two just as far as how the inorganic opportunities could potentially supplement that in the campus opportunity.

或許 Vikas 也可以就非有機機會如何可能補充校園機會，簡單補充一兩點。

Yes. And as we've talked about, we remain focused on building that M&A pipeline. We continue to evaluate incremental opportunities every quarter. And as I said earlier, our approach will continue to be grounded in discipline and consistency. And we are looking for deals that will be small, $20 million, $25 million, $30 million of purchase price, such that while they look and feel like inorganic growth on day one, they serve as an organic growth platform on day two, so more of a land and expand.

好的。如同我們所談到的，我們仍專注於建立併購（M&A）管線，並且每一季持續評估新增的機會。也如我先前所說，我們的方法將持續以紀律與一致性為基礎。我們尋找的交易規模會偏小，收購價格約 2,000 萬、2,500 萬到 3,000 萬美元，讓它們在第一天看起來像是非有機成長，但在第二天能成為有機成長的平台，也就是更偏向「先落地、再擴張（land and expand）」的策略。

So we are busy looking at opportunities and evaluating the right fit that we will move forward with over the course of the year, but that continues to be an ongoing focus area for us.

所以我們正忙於尋找機會並評估合適的契合度，並將在今年內推進我們決定要往前走的項目，但這仍然是我們持續關注的重點領域。

Got it. I appreciate the color there. Maybe just one more. Adjusted EBITDA is a really strong quarter at almost $39 million. I know you don't guide to that, and I appreciate some of the comments around the benefits you saw or the cost of services this quarter. But is there any directional color you can give us with the starting point of $39 million just on seasonality considerations or how to consider or view that from a quarter-to-quarter basis from here?

了解。我很感謝你提供的補充說明。也許再問最後一個。調整後 EBITDA 這一季非常強勁，接近 3,900 萬美元。我知道你們不會對此提供指引，也感謝你們對本季看到的效益或服務成本所做的一些評論。但以 3,900 萬美元作為起點，就季節性因素或從現在起按季度來看，是否能給我們一些方向性的說明，讓我們知道該如何思考或解讀？

Yes, you're right. Look, we've not been getting into projecting out EBITDA. But as we've mentioned in the past, the model remains very consistent and, in some ways easy to understand, which is, from our perspective, 86% cost of sales, SG&A short-term target of 9.5% to 10.5%, so call it 10% at the midpoint.

是的，你說得對。你看，我們一直沒有去做 EBITDA 的預測。不過如同我們過去提到的，這個模型仍然非常一致，而且在某些方面也容易理解；也就是從我們的角度來看，銷貨成本占 86%，SG&A 的短期目標為 9.5% 到 10.5%，中點大約可視為 10%。

And we've got a 25% tax rate, right. That puts you in the ZIP code of 4% pre-tax income. Our stock-based compensation and DNA typically runs at about 1.5%. I think that's the best we can do in terms of providing you a sense of where it will be. Now, this quarter, EBITDA was strong, as we talked about. The results cost of sales came out more favorable than the 86%. SG&A came out more favorable than the 10%. That said, that's not what we are projecting as the overall year outcome.

另外我們的稅率是 25%，對吧。這會讓你大致落在稅前收入約 4% 的區間。我們的股票基礎薪酬與折舊攤銷（DNA）通常約為 1.5%。我想就提供你對未來水準的概念而言，這已是我們能做到的最好程度。至於本季，如我們所談到的，EBITDA 很強勁。結果是銷貨成本比 86% 更有利，SG&A 也比 10% 更有利。話雖如此，這並不是我們對全年整體結果的預期。

So I'll let you project out EBITDA within those metrics and there will be quarters where we do better than those and maybe not. But I think if you look at how we look at the business on an annual or a three- to five-year growth trajectory basis, those are the metrics that we are holding ourselves accountable to.

所以我會讓你在這些指標範圍內自行推估 EBITDA；有些季度我們會做得比這些更好，也可能有些季度不如預期。但我認為，如果你從年度或三到五年的成長軌跡來看我們如何經營這門生意，這些就是我們用來自我要求並負責的指標。

Sean Dodge, BMO Capital Markets.

BMO Capital Markets 的 Sean Dodge。

Maybe just going back to the cost of services, the cost -- and Matt, you mentioned benefits in the quarter from workers' comp, general liability, bad debt. I know you've also been working on some initiatives aimed at improving engagement with employees at the hourly level and using that to improve retention and lower turnover.

也許回到服務成本這塊——成本方面——Matt，你提到本季在工傷保險、一般責任險、壞帳方面有一些效益。我也知道你們一直在推動一些計畫，目標是提升時薪員工層級的參與度，並藉此改善留任、降低流動率。

Maybe if you could just share some more on what specifically you're doing there and then any impact you've seen from that yet on margins and maybe how much runway is left from initiatives like that that have a little bit more kind of durability over the long-term.

也許你可以再多分享一些你們具體在做什麼，以及目前是否已看到對毛利的任何影響；另外，像這類更具長期持續性的計畫，還有多少可發揮的空間（runway）？

Yeah, good morning, Sean. I would say, without a doubt, that continues to be an area of focus for us, engaging with our employees at every level within the organization, right? It's a newer area of focus for us to identify with and engage with our line staff employees who historically we would have thought associated more with the facility rather than with Healthcare Services Group.

是的，早安，Sean。我會說，毫無疑問，這仍然是我們的重點關注領域：在組織內各個層級與員工互動，對吧？對我們而言，這是一個較新的重點方向——去辨識並與我們的一線基層員工互動；過去我們可能會認為他們更多是隸屬於設施本身，而不是隸屬於 Healthcare Services Group。

But as we've formalized and really kind of adopted as a North Star, our company's purpose, our vision and our values, in order for us to achieve all of those, we have to have high levels of buy-in and engagement with the employees throughout the continuum. And as you can imagine, being a service-based sort of decentralized organization with the bulk of our employees executing those line staff level positions such as housekeepers and pot washers and dishwashers, food service employees, it is rather challenging to communicate with them. They're not users of e-mail and we have limited opportunities to connect with them.

但隨著我們把公司的使命、願景與價值觀正式化，並真正把它們當作「北極星」來遵循，為了達成這些目標，我們必須在整個員工光譜中取得高度的認同與參與。你可以想像，作為一家以服務為主、相對分散的組織，我們大多數員工都在執行一線職務，例如清潔人員、洗鍋工、洗碗工、餐飲服務人員等，要與他們溝通其實相當具挑戰性。他們不是電子郵件使用者，而我們能與他們連結的機會也有限。

So we have really explored and identified creative ways to connect with them via company intranet, establishing a proprietary app technology through which we can communicate with folks, leveraging our time clocks to be able to push messages to our employees and to better understand where they are in their company experience and journey, such that we can really connect with them and drive improved connectivity and outcomes. So qualitatively, without a doubt, we are seeing improved connectivity, higher levels of employee satisfaction.

因此我們確實探索並找出一些有創意的方法來與他們連結，例如透過公司內網、建立一套專有的 App 技術來與同仁溝通、利用打卡鐘推送訊息給員工，並更好地了解他們在公司體驗與職涯旅程中的位置，讓我們能真正與他們建立連結，進而提升連結度與成果。所以從質化角度來看，毫無疑問，我們看到連結度提升、員工滿意度更高。

And from a quantitative perspective, Sean, harder to pinpoint it running through cost of services explicitly. But without a doubt, we are seeing improvement in employee retention as a result of those levels of engagement and ultimately satisfaction.

而從量化角度來看，Sean，要明確指出它如何直接反映在服務成本上比較困難。但毫無疑問，因為這些參與度、最終帶來的滿意度提升，我們看到員工留任有所改善。

So obviously, that yields greater operational outcomes by way of the customer experience having longer-term employees in the facility. It reduces the management's requirement to be out there conducting interviews and trying to hire and replace employees who are turning over. So there's a cascade of benefits that come from that, some of which are qualitative, but without a doubt, quantitatively yielding improved employee retention data.

所以很明顯，這會帶來更好的營運成果：在設施端有任職更久的員工，客戶體驗會更好；也降低管理層必須外出面試、招募並替換流動員工的需求。因此會產生一連串的效益，其中有些是質化的，但毫無疑問，在量化上也帶來更好的員工留任數據。

Okay, great. And then on the revenue outlook, your guidance for the first half of the year implies kind of low single-digit year-on-year growth. To get to the mid-singles for the full year means you got to do something kind of like high singles year over year for the back. Yeah, just anything on what's driving that? Is it just simply implementing more facilities over the year and those kind of ramping? And then just any more color on how much is coming from new clients on the housekeeping side versus dining cross-sells?

好的，很棒。接著關於營收展望，你們對上半年的指引意味著年增大概是低個位數。要達到全年中個位數成長，代表下半年年增得做到類似高個位數。嗯，想請問是什麼在驅動？是否只是因為全年會導入更多設施，而這些逐步爬坡（ramping）？另外，能否再多說明一下，成長中有多少來自清潔（housekeeping）端的新客戶，多少來自餐飲的交叉銷售？

Hey, thank you for the question, Sean. Look, I would start with the fact that the demand for our services is stronger than it's ever been. You look at our pipeline, it's robust, it's growing in terms of new business opportunities, each of which are at various stages of development, but we have a highly managed and structured sales process from the beginning stages of cultivation all the way through closing. So I think that bodes wel for the future, not just over the next 6 to 12 months, but beyond.

Sean，謝謝你的問題。你看，我會先從一點開始：對我們服務的需求比以往任何時候都更強。看看我們的商機管線（pipeline），它很強勁，而且新業務機會在增加；每個機會都處於不同的開發階段，但我們從最初的培育到最後成交，都有一套高度管理且結構化的銷售流程。所以我認為這對未來是個好兆頭，不僅是接下來 6 到 12 個月，甚至更長期也是如此。

And we continue in the current year to successfully execute on the organic growth strategy by developing management candidates, as Matt highlighted, that fund new business opportunities, all while retaining our base business.

而且在今年，我們也持續成功執行有機成長策略：如 Matt 所強調的，培養管理人才以支撐新業務機會，同時也維持我們的既有基礎業務。

To the question you asked, the key drivers for us in delivering mid-single-digit growth at either the higher end of the range, like we saw in 2025, or even the lower end of the range, like we saw this past quarter, is timing. It's the timing of HCSG management capacity and the timing of client start date preference. And I know we've talked about this before, but timing can be fluid quarter-to-quarter, knowing there's always going to be a subset of intra-quarter opportunities that may be pushed out or pulled forward depending on those two key drivers.

回到你問的問題，我們要交付中個位數成長——不論是像 2025 年那樣在區間較高端，或像本季在區間較低端——對我們而言關鍵驅動因素是「時點」。也就是 HCSG 管理產能的時點，以及客戶偏好的啟動日期時點。我知道我們以前談過，時點在季度之間可能會有變動，因為總會有一部分在季度內的機會，會因這兩個關鍵驅動因素而被往後延或提前。

And to help put that dynamic in perspective or context, the difference between us starting a new opportunity on April 1 as opposed to September 1 is insignificant in the context of the three to five-year growth outlook we've put forth, but could be impactful in a given quarter or even in a year depending on the size and scale of the opportunity. So again, our 2026 growth outlook is a range that's based on annual growth expectations, whereas the quarter-to-quarter estimates are really intended to provide additional near-term visibility.

為了讓這個動態更有脈絡或更容易理解，對於我們提出的三到五年成長展望而言，新案在 4 月 1 日啟動或在 9 月 1 日啟動，其實差異不大；但在某一個季度、甚至某一年，視機會的規模與體量而定，可能就會產生影響。所以再次強調，我們對 2026 年的成長展望是一個基於年度成長預期的區間；而季度間的估計主要是為了提供更多近期能見度。

In terms of the segment breakdown, our new business pipeline is split fairly evenly between EVS and dietary, although from a revenue contribution perspective, a dietary account is typically 2x or so of that of an EVS account on a same-store basis. So as we're onboarding a comparable number of facilities, dietary and EVS revenue will increase proportionately.

就業務別拆分而言，我們的新業務管線在 EVS 與餐飲（dietary）之間分配得相當平均；不過從營收貢獻角度來看，在同店基礎上，一個餐飲帳戶的營收通常約為 EVS 帳戶的 2 倍左右。因此當我們導入相近數量的設施時，餐飲與 EVS 的營收會按比例增加。

And just as a reminder for you and for the group, we're still 50% or so penetrated in dietary services, so you have the remainder of that to pursue relative to our EVS customer base, so that cross-selling of dietary to our existing EVS customer base remains that ultimate low-hanging fruit.

另外也提醒你以及各位，我們在餐飲服務的滲透率仍大約只有 50%，相對於我們的 EVS 客戶基礎，還有其餘的空間可以去爭取；因此，將餐飲服務交叉銷售給既有 EVS 客戶，仍然是最終那個最容易摘取的低垂果實。

Okay, thanks, Ted. And then just last on Genesis, any updates you can share there? Are you still providing services to them? And then just any better visibility you have at this point into where those facilities end up kind of from an operator standpoint?

好的，謝謝，Ted。最後關於 Genesis，有沒有任何更新可以分享？你們還在為他們提供服務嗎？另外，就你們目前的掌握度而言，從營運商角度來看，那些設施最後會落到哪裡，有沒有更清楚的能見度？

Yes, continuing to provide services to the Genesis facilities without operational or payment disruption. And we continue to expect that to be the case throughout the duration of the post-petition period. In terms of updates, in January, the bankruptcy court did approve the sale of Genesis to 101 West State Street, which is a group of well-organized, well-known operators in the space who we have a relationship with.

是的，我們仍持續為 Genesis 的設施提供服務，營運或付款都沒有中斷。我們也預期在破產聲請後（post-petition）期間的整個過程中都會維持這種情況。至於更新，1 月時破產法院已核准將 Genesis 出售給 101 West State Street；這是一個在該領域組織完善、知名度高的營運商團隊，我們與他們也有合作關係。

From a timing perspective, those revised bid procedures from the second auction called for a late April financing commitment letter. So that process is unfolding as we speak and then an early summer close. Although from a practical standpoint, I think there's a strong belief that that will likely be pushed out.

就時程而言，第二次拍賣的修訂投標程序要求在 4 月下旬提交融資承諾函。因此該流程目前正在進行中，接著預計在初夏完成交割。不過從實務角度來看，大家普遍認為這個時程很可能會再往後延。

I know there's an option at either the buyer or the seller, purchaser or the debtor to exercise that option. So we're likely looking at a closing date later in the summer, assuming 101 West State Street can provide that financing commitment. But again, in the meantime, our priority is providing the high-quality services to Genesis, and we don't expect any disruption in operations or payment between now and the sale date.

我知道買方或賣方、收購方或債務人其中一方有權行使該選擇權。因此，假設 101 West State Street 能夠提供該融資承諾，我們很可能會在夏季稍晚看到交割日期。但再次強調，在此期間，我們的首要任務是為 Genesis 提供高品質服務，我們預期從現在到出售日期之間，營運或付款都不會受到任何影響。

Okay, great. Thanks again, and congratulations on the quarter.

好的，很棒。再次感謝，也恭喜本季表現。

Ryan Halsted, RBC Capital Markets.

Ryan Halsted，RBC Capital Markets。

I know you mentioned that the industry fundamentals remain strong, but I was curious if you had seen any shift or any change in the occupancy trends with your SNF customers, especially those with kind of the shorter stay Medicare residents starting in 2026? And I think just the basis of my question is, one of the large managed care companies talked about increasing their clinical reviews on SNF admissions. So just wondering if you had any comments or visibility on kind of those trends?

我知道你提到產業基本面仍然強勁，但我想了解你是否看到你們的 SNF 客戶在入住率趨勢上有任何轉變或變化，特別是那些住院天數較短的 Medicare 住民在 2026 年開始的情況？我提問的背景是，有一家大型管理式照護公司談到會加強對 SNF 收治入院的臨床審查。所以想請問你對這些趨勢是否有任何評論或可見度？

Good morning to you, Ryan. Look, overall, and I mentioned it in my opening remarks, the industry fundamentals continue to gain strength, and that demographic tailwind really is beginning, at least the early stages of it, are working its way into the long-term and post-acute care system. So that fundamentally is a huge positive for today and for the next few decades.

早安，Ryan。整體而言，正如我在開場致詞中提到的，產業基本面持續增強，而那股人口結構的順風，至少在早期階段，確實正逐步進入長期照護與急性後照護體系。因此，從根本上來說，這對當下以及未來幾十年都是非常正面的因素。

It's really that continued interplay that we see at the local level between staffing availability and occupancy that remains the key for any facility's success. I think more than any other factor, labor availability is the key to occupancy growth, and occupancy growth is the key to consistent financial outcomes. And the most recent occupancy data are positive. It continues to be in and around 80%.

真正關鍵的是，我們在地方層級看到的人力可用性與入住率之間持續的相互作用，這仍是任何機構成功的核心。我認為比起其他任何因素，勞動力供給是入住率成長的關鍵，而入住率成長是穩定財務成果的關鍵。最新的入住率數據是正面的，持續維持在約 80% 左右。

And what we're seeing, to your question, is really steady across not just geographies, urban, suburban, rural, but also facility types and population, long-term, short stay, et cetera. So from our perspective, we haven't, relative to occupancy, seen anything other than stability and, generally speaking, upward trend.

而針對你的問題，我們看到的其實相當穩定，不僅跨地區（都會、郊區、鄉村），也跨機構類型與族群（長期、短期等）。因此，就入住率而言，從我們的角度看，除了穩定之外，整體而言還呈現上升趨勢。

Got it. That's helpful. And then you've made comments about strong momentum carrying over into Q2. And looking at your guidance for the quarter, the midpoint to the low end or for low single-digit growth, can you maybe just help to square those comments in terms of what is the momentum you're seeing and maybe how that could be swing factors into your guide?

了解，這很有幫助。接著你提到強勁動能延續到第二季。再看你們對本季的指引，中位數到低端是低個位數成長；你能否協助把這些評論對齊一下：你看到的動能是什麼？以及哪些因素可能會成為影響指引上下波動的變數？

Yeah, and look, from a momentum perspective, the most significant indicator we look at is pipeline and then obviously assessing the various stages of development of that pipeline, and our pipeline continues to grow. It continues to be robust, meaning strength across all different segments and business lines, inclusive of the campus division, and that's a real positive. And so we feel good about not just the next six months, but the next three to five years.

可以。從動能的角度來看，我們最重要的指標是案源管線（pipeline），然後當然也會評估該管線在各個開發階段的進展，而我們的管線持續成長、依然強勁，代表在所有不同的區隔與業務線上都有力道，包括校園事業部（campus division），這是非常正面的。因此，我們不僅對未來六個月有信心，對未來三到五年也很有信心。

From a variability perspective, quarter to quarter, I touched on this earlier, Ryan, but it's really the timing. And it's difficult to be able to pinpoint with precision what a specific quarter will look like, not because we don't have fantastic visibility into the pipeline and the stages of development, but because it's that timing of HCSG management capacity and the timing of client start date, which can be fluid up until a scheduled or originally scheduled start date.

至於季度之間的變動性，我先前也提到過，Ryan，主要就是時點問題。要精準判斷某一特定季度會長什麼樣子並不容易，並不是因為我們對管線及其開發階段沒有很好的能見度，而是因為 HCSG 的管理產能安排時點，以及客戶啟動日期的時點；而這些在排定或原先排定的啟動日期之前，都可能仍有變動。

So that's always been the case. That's not a new dynamic for HCSG or the industry for that matter. But we have an organization that's built to be highly nimble, to be able to react when we need to, be able to be proactive when we need to in those situations. So it really does come down to timing in terms of what puts us at the higher end or the lower end of that mid-single-digit range in any given quarter or in any given year.

這一直都是如此。對 HCSG 或整個產業而言，這不是新的動態。但我們的組織架構是為了高度靈活而打造，能在需要時迅速反應，也能在需要時主動因應。因此，最終確實取決於時點：在任何一個季度或任何一年，究竟是落在那個中個位數區間的高端或低端。

Maybe just last one for me. On your capital allocation priorities, you've obviously put forth a strong share repurchase authorization and have been aggressive with that so far. How should we think about how aggressive you expect to be on the repurchases, certainly as your shares further strengthen?

我最後一個問題。關於你們的資本配置優先順序，你們顯然提出了強勁的庫藏股回購授權，而且目前執行得相當積極。隨著股價進一步走強，我們應該如何看待你們預期回購會有多積極？

So from our perspective, the approach would be to maintain a more uniform cadence. And as you think about the $24 million number, not all of it this quarter falls under the program, right? If you think about the split of that $24 million, because we made the announcement of our $75 million program in tandem with our Q4 earnings that was middle of February, only $15.3 million of these repurchases were made after the new program was announced.

從我們的角度來看，我們的做法會是維持較為均衡的節奏。當你看到 2,400 萬美元這個數字時，並非本季全部都屬於該計畫之下，對吧？如果你把這 2,400 萬美元拆開來看，因為我們是在 2 月中旬、與第四季財報同時宣布 7,500 萬美元的計畫，所以在新計畫宣布之後所進行的回購只有 1,530 萬美元。

So from our perspective, we're trying to spread it out, we're not trying to frontload it, we're not trying to time the market or be selective. We want to be consistent. And I think that's the approach we'll take over the entire duration of the 12-month program.

因此，就我們而言，我們希望把回購分散進行，不打算前置集中（frontload），也不打算試圖踩點市場或做選擇性操作。我們希望保持一致。我認為這會是我們在整個 12 個月計畫期間採取的方式。

Rohan Vasudeva, Baird.

Rohan Vasudeva，Baird。

I think most of my questions have been asked, so I'll keep this brief. But I just wanted to confirm that there was no ERC benefit to cost of sales in this quarter, correct?

我想我的大部分問題都已經被問過了，所以我會簡短一點。我只是想確認，本季銷貨成本（cost of sales）沒有任何 ERC 的利益，對嗎？

That is correct. There were no ERC receipts and no ERC impact to our P&L and financial statements this quarter.

沒錯。本季沒有任何 ERC 入款，也沒有任何 ERC 對我們的損益表與財務報表造成影響。

Okay, thank you. You briefly touched on it in the last question to keep a consistent cadence for repurchases. It looks like you'll run through your authorization or finish your authorization about two quarters. Can we expect that you'll re-up your authorization after that, or would you guys consider another way of returning capital to shareholders?

好的，謝謝。你在上一題簡要提到會維持回購的一致節奏。看起來你們大約兩個季度就會用完或完成這次授權。之後我們是否可以預期你們會再度更新授權，或者你們會考慮用其他方式把資本回饋給股東？

Yeah. So Ron, what we were doing, again, just going back to that $24 million number, as I said, $15 million and change -- so to be precise, $15.3 million of those repurchases were made after the announcement of the new program in middle of February. So if you think about what we spent under the program, it's $15 million, you do an annualization of that and it is under the [$35 million] number.

好的。所以，Ron，我們當時在做的事情，再回到 2,400 萬美元這個數字，如我所說，其中 1,500 萬美元多一點——精確來說是 1,530 萬美元——是在 2 月中旬宣布新計畫之後所進行的回購。所以如果你看我們在該計畫下花了多少，是 1,500 萬美元；把它年化後，會低於那個 [3,500 萬美元] 的數字。

The additional numbers within that $24 million were pertaining to the previous program and our regular open market repurchases. So yes, the number of $24 million seems elevated in that context. It's elevated in the context of our total repurchases last year being [$61 million], but we are not trying to rush through the program by any stretch.

而 2,400 萬美元中其餘的部分，則與先前的計畫以及我們例行的公開市場回購有關。所以是的，在那樣的脈絡下，2,400 萬美元看起來偏高。相較於我們去年總回購金額為 [6,100 萬美元] 的脈絡下，它也顯得偏高，但我們完全沒有要加速把計畫很快用完的意思。

From our perspective, we want to keep it uniform and present over the course of the year. Now, if there are any reasons to accelerate down the road, we will be open to that, but that's not the intent and that's not how we've structured the program at this point of time. So we would rather be consistent than lumpy.

從我們的角度，我們希望在一年期間維持均衡且持續的執行。當然，如果未來有任何理由需要加速，我們會保持開放，但那不是目前的意圖，也不是我們此刻設計該計畫的方式。因此，我們寧可一致，而不是忽高忽低。

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

我現在把電話交回給 Ted Wahl 作結語。

Thank you. As we prepare for the remainder of 2026, our 50th anniversary, the company's underlying fundamentals are more robust than ever. Our leadership and management team, our enhanced value proposition, our business model and visibility we have into that business model, our training and learning platforms, our KPIs and key business trends, and our strong balance sheet and ROIC profile.

謝謝。當我們為 2026 年剩餘期間、也就是公司 50 週年做準備時，公司底層基本面比以往任何時候都更為強健。我們的領導與管理團隊、我們強化後的價值主張、我們的商業模式以及對該商業模式的能見度、我們的訓練與學習平台、我們的 KPI 與關鍵業務趨勢，以及我們強健的資產負債表與 ROIC 概況。

And with the industry at the beginning stages 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.

而且，隨著產業正處於長達數十年的人口結構順風的起步階段，我們具備極佳的定位，能把握未來大量的機會，並為股東創造具意義的長期價值。

So on behalf of Matt, Vikas, and all of us at Healthcare Services Group, thank you, Rebecca, for hosting the call today, and thank you, everyone, for joining.

因此，我謹代表 Matt、Vikas，以及 Healthcare Services Group 的所有同仁，感謝 Rebecca 今天主持本次電話會議，也感謝各位的參與。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。