Hanger Inc (HNGR) 2022 Q1 法說會逐字稿

Hello and welcome to the Hanger First Quarter 2022 Earnings Conference Call. My name is Juan and I will be coordinating the call today. (Operator Instructions) I will now hand over to your host, Asher Dewhurst, Managing Director of Westwicke to begin. So Asher please go ahead when you're ready.

您好，歡迎參加 Hanger 2022 年第一季度收益電話會議。我叫胡安，今天我將協調通話。 （操作員指示）我現在請主持人、Westwicke 董事總經理 Asher Dewhurst 開始發言。因此，亞瑟準備好後請繼續。

Good morning and welcome to Hanger's First Quarter 2022 Earnings Conference Call. With us today are Vinit Asar, Hanger's President and Chief Executive Officer and Thomas Kiraly, Executive Vice President and Chief Financial Officer. Some of the information discussed today will include forward looking statements and the meeting of the Private Securities Litigation Reform Act of 1995.

早上好，歡迎參加 Hanger 2022 年第一季度收益電話會議。今天與我們在一起的有 Hanger 總裁兼首席執行官 Vinit Asar 和執行副總裁兼首席財務官 Thomas Kiraly。今天討論的一些信息將包括前瞻性陳述和 1995 年《私人證券訴訟改革法案》的會議。

These statements are subject to risks, uncertainties that can cause Hanger's actual results to materially differ from those that we discuss today. Those risks include, among other things matters that we have identified in our forward looking statements portion of our latest earnings call and in our filings with the SEC. Hanger disclaims any obligation to update forward looking information discussed on this call and now I'll hand the call over to Vinit.

這些陳述存在風險和不確定性，可能導致 Hanger 的實際結果與我們今天討論的結果存在重大差異。除其他外，這些風險包括我們在最新財報電話會議的前瞻性陳述部分以及我們向美國證券交易委員會提交的文件中確定的事項。 Hanger 不承擔更新本次電話會議中討論的前瞻性信息的義務，現在我將把電話會議轉交給 Vinit。

Thank you, Asher. Good morning and thank you all for joining Hanger's first quarter 2022 earnings call. Joining me on today's call is Tom Kiraly, Hanger's Chief Financial Officer. This morning, I will provide some high level thoughts on our first quarter 2022 results, followed by an update on our business segment and operational performance. Tom will then discuss our financial results in more detail, after which we will open the call for questions.

謝謝你，亞瑟。早上好，感謝大家參加 Hanger 的 2022 年第一季度財報電話會議。參加今天電話會議的是 Hanger 首席財務官 Tom Kiraly。今天早上，我將就我們 2022 年第一季度的業績提供一些高層次的想法，然後介紹我們業務部門和運營業績的最新情況。然後，湯姆將更詳細地討論我們的財務業績，之後我們將開始提問。

We finished Q1 with a solid top line performance despite starting the year facing the remnants of the Omicron surge and its effect on our operations. You will recall that the first 6 weeks of the year were significantly impacted by COVID related disruptions, which subsided towards the end of the quarter. First quarter revenue of $261.3 million reflected a strong top line growth of 10%. Our adjusted EBITDA of $8.9 million was impacted by a couple of short term items that I'll get into in a minute.

儘管年初面臨 Omicron 激增的殘餘影響及其對我們運營的影響，但我們在第一季度仍取得了穩健的營收表現。您可能還記得，今年的前 6 週受到了新冠肺炎相關中斷的嚴重影響，但這種影響在本季度末有所緩解。第一季度收入 2.613 億美元，收入強勁增長 10%。我們調整後的 EBITDA 為 890 萬美元，受到幾個短期項目的影響，我稍後會介紹這些項目。

A few things I'd like to note about our quarterly results. First, a solid 6.9% same clinic revenue performance in our patient care segment and an overall 10% revenue growth has given us a strong start to the year. It reflects the efforts put in by our teams around the country that navigated a difficult operating environment, especially during the first half of Q1. We were pleased to see these results, which reflect continued recovery and return to patient volumes in our clinics.

關於我們的季度業績，我想指出一些事情。首先，我們的患者護理部門的診所收入同比增長 6.9%，整體收入增長 10%，為我們今年帶來了強勁的開局。它反映了我們在全國各地的團隊在艱難的運營環境中所付出的努力，特別是在第一季度的上半年。我們很高興看到這些結果，這反映出我們診所的患者數量持續恢復和恢復。

It is important to note that the strong revenue growth in Q1 this year, compared to Q1 of last year was achieved despite the abnormally low revenue disallowance rate we had experienced last year. Tom will provide more color on the impact of this on our adjusted EBITDA comparisons in his prepared remarks. Second, as part of our supply chain strategy, we relocated one of our largest central fabrication centers into a purpose-built state-of-the-art 49,000 square foot central fabrication center in Phoenix.

值得注意的是，儘管去年我們經歷了異常低的收入扣押率，但與去年第一季度相比，今年第一季度的收入仍實現了強勁增長。湯姆將在他準備好的講話中提供更多關於這對我們調整後的 EBITDA 比較的影響的信息。其次，作為我們供應鏈戰略的一部分，我們將最大的中央製造中心之一搬遷到鳳凰城專門建造的、最先進的、佔地 49,000 平方英尺的中央製造中心。

This new facility includes lean manufacturing, training and automation areas consisting of digital carvers, 3D printers and a robotic cell. This move, which experienced a delay during the quarter due to local permitting issues is now fully operational and will be extremely beneficial to our operations on a go-forward basis. Third, the impact of Omicron, was especially significant in the first half of Q1 driven by elevated levels of sick leave during this period.

該新設施包括精益製造、培訓和自動化區域，其中包括數字雕刻機、3D 打印機和機器人單元。由於當地許可問題，這一舉措在本季度經歷了延遲，現已全面投入運行，並將對我們未來的運營極為有利。第三，由於病假數量增加，Omicron 的影響在第一季度上半年尤為顯著。

The combination of this staffing shortage, as well as the temporary disruption caused by the delay of our fabrication center move, required an extensive use of higher cost, third party fabrication and temporary labor during this time. We expect the impact of these issues to subside in Q2. Fourth, during the quarter, despite the effects of Omicron, we were able to both deliver on the work in process that had built up at December 31st, as well as replenish our RIP balance to level significantly higher than those we carried last year this time.

由於人員短缺，以及製造中心搬遷延遲造成的暫時中斷，在此期間需要大量使用成本較高的第三方製造和臨時勞動力。我們預計這些問題的影響將在第二季度消退。第四，在本季度，儘管受到 Omicron 的影響，我們仍然能夠交付 12 月 31 日積累的在製品，並將我們的 RIP 餘額補充到顯著高於去年的水平。 。

This sets the stage for continued positive growth trends in Q2. Lastly, as some of you know, the first quarter is seasonally the lowest contributing quarter for our business and shouldn't be used to extrapolate our performance for the full year. We expect earnings growth in the second quarter to accelerate, which follows our normal seasonality. Now, I'll drill down into the results of our 2 business segments.

這為第二季度的持續積極增長趨勢奠定了基礎。最後，正如你們中的一些人所知，第一季度是我們業務季節性貢獻最低的季度，不應該用來推斷我們全年的業績。我們預計第二季度的盈利增長將加速，這符合我們正常的季節性因素。現在，我將深入探討我們兩個業務部門的業績。

During the first quarter, patient care revenue increased 12.3% year-over-year, driven by 6.9% same clinic revenue growth. Our prosthetics business in a segment edged up to 52.1% of our portfolio up from 51.7% compared to the same quarter in the prior year. On a same clinic basis, we were also pleased to see prosthetics revenue grow 7.7% in Q1 this year versus 2021.

第一季度，在診所收入增長 6.9% 的推動下，患者護理收入同比增長 12.3%。我們的假肢業務在我們投資組合中的佔比從去年同期的 51.7% 上升至 52.1%。在同一診所基礎上，我們還很高興看到今年第一季度的假肢收入較 2021 年增長了 7.7%。

Products and services revenues of $41.5 million for the quarter remain largely in line with the prior year. While revenues in the distribution segment were slightly higher than the same period of 2021, we did see a margin degradation in the business driven by freight, the normalization of bad debt and other operating costs. Our therapeutic solutions business showed a slight decline in revenues, mirroring the pressures faced by their skilled nursing customers and their reduced census.

本季度產品和服務收入為 4150 萬美元，與去年同期基本持平。雖然分銷部門的收入略高於 2021 年同期，但我們確實看到，由於運費、壞賬正常化和其他運營成本的推動，該業務的利潤率有所下降。我們的治療解決方案業務的收入略有下降，反映出熟練護理客戶面臨的壓力以及人口普查的減少。

Overall when we look at our results, we feel our first quarter patient care revenue growth of 12.3%, which constituted 84% of our revenues this quarter establishes a solid foundation for the year as we return to normalcy. With regards to our progress on tuck-in acquisitions, we closed on one transaction during Q1, and our M&A pipeline remains robust as we expect deal activity to continue through the year.

總體而言，當我們查看業績時，我們認為第一季度患者護理收入增長了 12.3%，佔本季度收入的 84%，為今年恢復正常奠定了堅實的基礎。關於我們在收購方面的進展，我們在第一季度完成了一筆交易，並且我們的併購渠道仍然強勁，因為我們預計交易活動將持續到全年。

Our capital deployment strategy is diligent and balanced as we look to grow and add to our business in a creative manner, while also looking to reduce our leverage ratio as we keep a close eye on the interest rate environment. During our last update in early March, we discussed a number of strategic initiatives and clinical studies, which highlight their importance and value creation for Hanger.

我們的資本部署策略是勤奮和平衡的，因為我們希望以創造性的方式增長和增加我們的業務，同時也希望在密切關注利率環境的同時降低我們的槓桿率。在三月初的最後一次更新中，我們討論了許多戰略舉措和臨床研究，強調了它們對 Hanger 的重要性和價值創造。

We continue to push forward with these initiatives, as we are convinced that this will help drive mind share and incremental business over the long run. Separately, in early April, we published a new ESG report, which highlights the initiatives and processes underway as part of our ESG journey. Given the combination of our values and the purpose-based nature of what we do, Hanger's ESG philosophy aligns naturally with and is intended to support our core business strategy. You can access our ESG report at hanger.com.

我們將繼續推進這些舉措，因為我們相信，從長遠來看，這將有助於推動思想共享和增量業務。另外，我們在 4 月初發布了一份新的 ESG 報告，其中重點介紹了作為我們 ESG 旅程一部分的正在進行的舉措和流程。鑑於我們的價值觀和我們所做工作的目的性本質相結合，Hanger 的 ESG 理念自然地與我們的核心業務戰略相一致，並旨在支持我們的核心業務戰略。您可以在hanger.com 上訪問我們的ESG 報告。

With regards to our full-year 2022 guidance, given our solid revenue trends and strong patient volumes, we are maintaining our full-year outlook. Before I turn the call over to Tom to discuss our first-quarter financial results, I want to thank our entire organization for their hard work and dedication that enabled us to generate these results. Together, we will continue to focus forward and unleash the full potential of Hanger, building on our efforts over the last several years while gaining share and providing the highest quality care for patients and customers.

關於我們的 2022 年全年指引，鑑於我們穩健的收入趨勢和強勁的患者數量，我們維持全年展望。在我打電話給湯姆討論我們第一季度的財務業績之前，我要感謝我們整個組織的辛勤工作和奉獻精神，使我們能夠取得這些成果。我們將共同努力，繼續專注於未來，釋放 Hanger 的全部潛力，在過去幾年的努力基礎上，同時贏得市場份額，為患者和客戶提供最優質的護理。

I want to thank everyone on the call for your interest in Hanger and with that, I'll turn the call over to Tom who will provide more details on our financial results and guidance. Tom.

我要感謝電話中的每個人對 Hanger 的興趣，因此，我將把電話轉給 Tom，他將提供有關我們財務業績和指導的更多詳細信息。湯姆.

Thanks, Vinit and good morning. We are pleased to be off to a solid start from a revenue growth perspective with strong same-clinic growth and continuing increases in the company's work and process balances. During my portion of the call, I'll provide you with additional insight into the inherent strength and sustainability of that growth and will also spend some time reviewing the items in the period that had a bearing on the company's reported earnings.

謝謝，維尼特，早上好。我們很高興從收入增長的角度來看，我們有了一個堅實的開端，同診所的強勁增長以及公司工作和流程平衡的持續增加。在我的電話會議中，我將向您提供有關增長的內在優勢和可持續性的更多見解，並將花一些時間審查該期間對公司報告收益有影響的項目。

As Vinit shared, the patient care segment reported 12.3%, total growth and 6.9%, same clinic growth during the quarter. These results are even more impressive considering the normally low rate of disallowances in the previous year period. Our total disallowance rate was 4.4% in the first quarter of this year. This compares with a rate of 2.9% reported during the same period last year.

正如 Vinit 分享的那樣，本季度患者護理部門的總增長率為 12.3%，診所增長率為 6.9%。考慮到上一年期間的拒絕率通常較低，這些結果更加令人印象深刻。今年第一季度我們的總拒絕率為 4.4%。相比之下，去年同期的增長率為 2.9%。

As we discussed during last year's first-quarter call, we felt that the low disallowances at that time, may have reflected a COVID-19-related benefit (inaudible) this period over period swing in disallowance resulted in approximately 3.5 million in lower net revenue and earnings in the first quarter of 2022, as compared with the first quarter of 2021. In analyzing this further, as of the end of March, total disallowed revenue was 4.3% on a trailing 12-month basis, which is in line with what we reported in the first quarter.

正如我們在去年第一季度電話會議中討論的那樣，我們認為當時的低不允許性可能反映了這一時期與 COVID-19 相關的收益（聽不清），不允許性的期間波動導致淨收入下降約 350 萬美元與 2021 年第一季度相比，2022 年第一季度的收入和收益。進一步分析發現，截至 3 月底，過去 12 個月的不允許收入總額為 4.3%，這與我們在第一季度報告過。

However, it's also important to point out that underlying same clinic disallowances were 3.7% in the quarter and have generally been running about 35 basis points lower than total disallowances during the past 12 months as acquisitions join us with an inherently higher rate of disallowed revenue prior to their integration. Based on this, we believe it's reasonable to expect that disallowed revenue could decrease to approximately 4% as acquisitions are integrated into the company and they gravitate to our underlying core rate.

然而，同樣重要的是要指出，本季度同一診所的基本不允許收入為 3.7%，並且在過去 12 個月內通常比總不允許收入低約 35 個基點，因為收購加入我們之前的不允許收入比率本質上較高。到他們的整合。基於此，我們認為，隨著收購整合到公司中，並且它們會傾向於我們的基本核心利率，我們可以合理地預期不允許的收入可能會減少至約 4%。

Additionally, in looking at the patient care segment 6.9% same clinic rate of growth, if you adjust put a swing in disallowances, the underlying same clinic growth rate during the first quarter was 7.9%. We estimate that approximately 2.7% related to rate and 5.2% related to volume growth. In addition to a strong rate of growth in the period, the patient care segment has also experienced further significant increases in patient demand as evidenced by a 16% increase in same clinic work and process inventory is compared with March 31, 2021.

此外，從患者護理部門 6.9% 的診所增長率來看，如果你調整了不允許的範圍，第一季度的基本診所增長率為 7.9%。我們估計大約 2.7% 與利率相關，5.2% 與數量增長相關。除了這一時期的強勁增長之外，患者護理領域的患者需求也進一步顯著增加，與 2021 年 3 月 31 日相比，相同診所工作和流程庫存增加了 16%。

These results are made all the more remarkable by the fact that Hanger encountered significant adversity from the Omicron variant during the first months of the quarter and experienced higher employee sick time. Despite this, our clinics were able to deliver for our patients in the quarter and entered the second quarter with an increased level of WIP.

由於 Hanger 在本季度的前幾個月遭遇了 Omicron 變體的嚴重不利，並且員工病假時間更長，因此這些結果更加引人注目。儘管如此，我們的診所仍能夠在本季度為患者提供服務，並在進入第二季度時在製品水平有所增加。

Before I turn to earnings, I should note that the net revenue in our products and services segment was essentially consistent with a level reported during the first quarter of 2021. We did experience a modest $700,000 in growth in our distribution services net revenue. It was offset by $1 million decline in therapeutic solutions revenues. Overall, Hanger grew revenues by $23.8 million or 10% during the quarter.

在談到收益之前，我應該指出，我們的產品和服務部門的淨收入與 2021 年第一季度報告的水平基本一致。我們的分銷服務淨收入確實實現了 70 萬美元的適度增長。治療解決方案收入下降 100 萬美元，抵消了這一影響。總體而言，Hanger 在本季度的收入增長了 2,380 萬美元，即 10%。

Now let's turn to the company's earnings for the quarter. In total, the company produced $8.9 million an adjusted EBITDA in the first quarter, which reflected a $4.6 million decline from the same period in 2021. Patient care accounted for $1.9 million of this decrease, products and services constituted $2 million and the remaining $700,000 related to increases in corporate expenses.

現在讓我們來看看該公司本季度的收益。總的來說，該公司第一季度調整後 EBITDA 為 890 萬美元，比 2021 年同期減少了 460 萬美元。其中患者護理佔 190 萬美元，產品和服務佔 200 萬美元，其餘 70 萬美元與相關業務相關。以增加企業開支。

In reviewing these results, it's important to note that due to the seasonality of our business, the unique nature of the events that affected operations in the first quarter and an inherently fixed cost structure, Hanger's first-quarter earnings have always been highly volatile and are not a useful indication of the company's performance trends for the full year. In particular, this has been the case during the last 3 years.

在審查這些結果時，值得注意的是，由於我們業務的季節性、影響第一季度運營的事件的獨特性以及固有的固定成本結構，Hanger 的第一季度收益一直高度波動，並且不能作為公司全年業績趨勢的有用指標。尤其是最近3年的情況尤其如此。

In reviewing patient care results, there are 3 key items to take into consideration. First, $3.5 million of the earnings variance relates directly to the swing from a favorable 2.9% disallowance rate in the first quarter of 2021, to a more normal rate of 4.4% in the first quarter of 2022. Secondly, as Vinit shared, given the effects of COVID-19 on our personnel and the delay in the opening of our Phoenix, Arizona fabrication facility in January, we found it necessary to increase our reliance on higher-cost third-party fabrication providers.

在審查患者護理結果時，需要考慮 3 個關鍵項目。首先，350 萬美元的收益差異與從 2021 年第一季度有利的 2.9% 的不允許率到 2022 年第一季度 4.4% 的更正常率的波動直接相關。其次，正如 Vinit 所分享的，考慮到考慮到 COVID-19 對我們人員的影響以及我們亞利桑那州鳳凰城製造工廠一月份開業的延遲，我們發現有必要增加對成本較高的第三方製造提供商的依賴。

Due to these costs, our total fabrication network expenses increased on a percent of revenue basis and drove $1.2 million and higher operating costs, with $900,000 affecting adjusted EBITDA. This was a primary driver of the increase experienced in material costs during the quarter. The use of third-party fabrication returned to more normal levels by March after COVID subsided and our new facility was opened.

由於這些成本，我們的總製造網絡費用佔收入的百分比增加，導致運營成本增加了 120 萬美元，其中 90 萬美元影響了調整後的 EBITDA。這是本季度材料成本增加的主要驅動因素。到 3 月份，新冠肺炎疫情平息且我們的新工廠開業後，第三方製造的使用恢復到正常水平。

We chose to meet the needs of our patients during the quarter despite these adversities and to bear these additional costs in the process.

儘管面臨這些逆境，我們還是選擇在本季度滿足患者的需求，並在此過程中承擔這些額外費用。

Finally, an additional cost item that affected our materials cost in the patient care segment during the quarter related to $630,000 in increased freight costs, primarily relating to increase fuel and container costs. While we do not necessarily view this particular item to be temporary, we currently believe that favorable reimbursement rate trends as compared to our original forecast, will enable us to more than offset it.

最後，影響本季度患者護理部門材料成本的一項額外成本項目與貨運成本增加 630,000 美元有關，主要與燃料和集裝箱成本增加有關。雖然我們不一定認為這一特定項目是暫時的，但我們目前認為，與我們最初的預測相比，有利的報銷率趨勢將使我們能夠抵消它。

In total, these 3 items affected comparative patient care adjusted EBITDA results by $5 million, of which only the $630,000 and frayed was not transitory in nature. Another important point is that absence of transitory items and the acquisition effects on the comparative periods, patient cares underlined margin in Q1, 2022 was the same as its margin in Q1, 2021.

總的來說，這 3 項影響比較患者護理調整後 EBITDA 結果達 500 萬美元，其中只有 630,000 美元，而且磨損不是暫時性的。另一個重要的一點是，由於沒有臨時項目和收購對比較期間的影響，患者護理強調 2022 年第一季度的利潤率與 2021 年第一季度的利潤率相同。

In other words, after taking these and other smaller (inaudible) into consideration, during the quarter, inflation and material costs and salaries was generally consistent with the patient care segments underlying increase in reimbursement rate. During 2021, and for the year-to-date, Hanger has been able to manage underlying inflation. In the case of material costs, this has been due primarily to our purchasing scale, ability to emphasize preferential skews and the investment we've made in advancing our supply chain operations.

換句話說，在考慮到這些和其他較小的（聽不清）之後，在本季度，通貨膨脹和材料成本和工資與報銷率增加的患者護理部分基本一致。 2021 年及年初至今，Hanger 一直能夠控制潛在的通貨膨脹。就材料成本而言，這主要是由於我們的採購規模、強調優惠傾斜的能力以及我們在推進供應鏈運營方面所做的投資。

In the case of labor cost, while we have encountered some constraints in the areas of office administration, technician and distribution center roles, these are a relatively smaller and lower compensated portion of our employee base. In contrast to other health care firms you may be more familiar with, Hanger does not employ nurses and as accordingly, not had to endure the significant cost increase you've heard about in the hospital and related sectors.

就勞動力成本而言，雖然我們在辦公室管理、技術人員和配送中心角色方面遇到了一些限制，但這些人員在我們的員工群體中所佔的比例相對較小且報酬較低。與您可能更熟悉的其他醫療保健公司相比，Hanger 不僱用護士，因此不必忍受您在醫院和相關部門聽說過的成本大幅上漲。

As a result of these factors, to date, patient care has not experienced a notable change in its margin due to inflation. Turning to the products and services segment, in a manner similar to patient care, comparative results for this segment also reflect some items that were beneficial to the first quarter 2021 results as well as items specific to Q1, 2022. However, as Vinit shared, we have experienced a decrease in the underlying margin of this portion of our business.

由於這些因素，迄今為止，患者護理的利潤並未因通貨膨脹而發生顯著變化。轉向產品和服務領域，與患者護理類似，該領域的比較結果也反映了一些有利於 2021 年第一季度業績的項目以及特定於 2022 年第一季度的項目。然而，正如 Vinit 分享的那樣，我們這部分業務的基礎利潤率有所下降。

Fortunately, we anticipated much of this in our plan for the year. In summarizing the company's total earnings performance during the quarter, in recent years Hanger's first quarter adjusted EBITDA as a percentage of the total year has ranged from 5% to 10% of full-year results. Given the strong same clinic rate growth rates being achieved and the inherent nature of the items that cause volatility to earnings, we believe 2022 to follow this same pattern.

幸運的是，我們在今年的計劃中預見到了這一點。總結公司當季總盈利表現，近幾年來，漢格第一季度調整後EBITDA佔全年業績的比例在全年業績的5%至10%之間。鑑於正在實現的強勁的相同診所增長率以及導致收益波動的項目的固有性質，我們認為 2022 年將遵循相同的模式。

Now I'll spend a few minutes on the company's cash flows. Due to seasonality in the payment of annual incentive compensation, Hanger normally consumes operating cash flow in the first quarter. This year, due to lower incentive payments, lower accounts payable consumption and decreases in cash outflows for inventory, we consumed $34.1 million less operating cash flow during the first quarter of 2022 as compared with the first quarter of 2021.

現在我將花幾分鐘討論公司的現金流。由於年度激勵薪酬支付具有季節性，漢格通常會在一季度消耗經營現金流。今年，由於激勵付款減少、應付賬款消耗減少以及庫存現金流出減少，我們 2022 年第一季度的運營現金流比 2021 年第一季度減少了 3410 萬美元。

Capital expenditures and purchases of therapeutic equipment were also favorable to trend as we expanded just $4.5 million in the current year as contrasted to $6.9 million in the prior year. On a trailing 12-month basis, our capital expenditures have run $22.4 million. As of March 31st, 2022, we had $167.2 million in total liquidity, which is up by $2.1 million as compared to March 31st, 2021. We are currently sitting with a leverage ratio of 3.7 times the midpoint of our 2022 guidance.

資本支出和治療設備採購也符合趨勢，我們今年僅擴大了 450 萬美元，而上一年為 690 萬美元。在過去 12 個月的基礎上，我們的資本支出為 2,240 萬美元。截至 2022 年 3 月 31 日，我們的總流動性為 1.672 億美元，比 2021 年 3 月 31 日增加了 210 萬美元。我們目前的槓桿率為 2022 年指導中值的 3.7 倍。

In closing, I'll provide a few comments regarding our outlook for 2022. As we progress through the second quarter, we are highly encouraged by the strong rates of same clinic revenue growth and increases in work in process reflected on our results. We currently believe those trends are more than sufficient to offset the structural cost items that were not specific to the quarter, such as freight costs, as well as the trends in our products and services segment.

最後，我將就我們對 2022 年的展望發表一些評論。隨著第二季度的進展，我們對業績中反映的同一診所收入的強勁增長和在製品的增加感到非常鼓舞。我們目前認為這些趨勢足以抵消非本季度特有的結構性成本項目，例如貨運成本以及我們產品和服務領域的趨勢。

Given these factors, we are maintaining our original outlook at this time. As we originally announced on February 7th, we estimate that 2022 net revenue will be in a range between $1.19 billion to $1.22 billion and adjusted EBITDA will be in a range between $127 million to $132 million. Overall, patient care revenue growth will be aided by approximately $35 million in the annualized revenue effect of acquisitions completed in 2021.

考慮到這些因素，我們目前維持原來的觀點。正如我們最初於 2 月 7 日宣布的那樣，我們預計 2022 年淨收入將在 11.9 億美元至 12.2 億美元之間，調整後的 EBITDA 將在 1.27 億美元至 1.32 億美元之間。總體而言，2021 年完成的收購的年化收入效應將有助於患者護理收入增長約 3500 萬美元。

With that, I'll turn the call back over to the operator to open it up for any questions that you may have.

這樣，我會將電話轉回給接線員，以解答您可能有的任何問題。

(Operator Instructions) And the first question comes from the line of Brian Tanquilut from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Brian Tanquilut。

So I guess, Tom, my first question, as I think about the non-recurring or what feels like transient issues during the quarter, maybe just give us a little more color, like how does that work out or how did that play out with the use of the third-party fabs? Because normally when we see quarantines of employees, it's the top line where that hits, in terms of capacity. So just maybe, if you can explain how that all played out and what you're seeing currently in terms of the utilization of third parties.

所以我想，湯姆，我的第一個問題，當我考慮本季度的非經常性問題或感覺像是暫時性問題時，也許只是給我們更多的色彩，比如這是如何解決的，或者是如何解決的使用第三方晶圓廠？因為通常情況下，當我們看到員工被隔離時，就容量而言，受到影響的是頂線。所以也許，如果您能解釋一下這一切是如何進行的以及您目前在第三方的利用方面所看到的情況。

Yes, Brian. So normally Hanger does use third parties for certain of its fabrication and in the first quarter, we found that we just had to use significantly more because of the disruption of our own operations. It really didn't affect revenues. I think you could see revenues were very robust because we were able to deliver for patients, but it did affect our expenses because we had to rely on these third-party fabs in addition to carrying the overheads associated with the employees that we were unable to use.

是的，布萊恩。因此，通常情況下，Hanger 確實會使用第三方進行某些製造，而在第一季度，我們發現由於我們自己的運營中斷，我們不得不使用更多第三方。這確實沒有影響收入。我認為你可以看到收入非常強勁，因為我們能夠為患者提供服務，但這確實影響了我們的支出，因為除了承擔我們無法承擔的與員工相關的管理費用外，我們還必須依賴這些第三方晶圓廠使用。

Got you. No, I appreciate that. And then you maintain guidance, obviously, and I get the top-line driven confidence there, but maybe just anything you can share with us that would give us confidence in the numbers that you're maintaining today. I know that obviously, there's a high contribution margin to revenue, so just thought, if you could share with us anything that-- any color that you can share that would give us that level of confidence.

明白你了。不，我很欣賞這一點。然後，顯然，你會保持指導，我在那裡得到了頂線驅動的信心，但也許你可以與我們分享的任何東西都會讓我們對你今天保持的數字充滿信心。我知道，顯然，收入的貢獻率很高，所以想一想，如果您可以與我們分享任何可以給我們帶來信心的顏色。

Sure, yes. The first-quarter revenues clearly came in strong. We're really pleased with it, we've talked about some of the initiatives and programs we put in place over the last couple of years and we see them bearing fruit right now. So we feel very good about the top line and as Tom mentioned in his prepared remarks, that the WIP ending the first quarter also was pretty strong.

當然，是的。第一季度的收入顯然強勁。我們對此感到非常滿意，我們已經討論了過去幾年我們實施的一些舉措和計劃，我們看到它們現在正在結出碩果。因此，我們對營收感覺非常好，正如湯姆在他準備好的講話中提到的那樣，第一季度結束時的在製品也相當強勁。

So for the remainder of the year, we're feeling pretty good about the top-line growth. And then when you combine that with these couple of transitory items, it's really 2 transitory items that affected Q1. It's this swing in the disallowance rate, which was abnormally low last year and then it's these higher third party fab spend in Q1 of this year. When you adjust for all of that we're feeling very good about where we are.

因此，在今年剩餘的時間裡，我們對營收增長感覺非常好。然後，當你將其與這幾個臨時項目結合起來時，實際上是兩個臨時項目影響了第一季度。這是去年異常低的不允許率的波動，然後是今年第一季度第三方晶圓廠支出的增加。當你適應所有這些時，我們對我們所處的位置感覺非常好。

Got it. And then Tom, just to clarify, you don't have acquisitions in the guidance, right?

知道了。然後湯姆，澄清一下，指導中沒有收購，對吧？

That's correct. We have only the 2021 acquisitions the effect on revenue this year. It's not comparable to the prior year, which is around $35 million. So anything we close in 2022, would be something that we would eventually have to adjust guidance for.

這是正確的。我們只有 2021 年的收購對今年收入的影響。這與去年的 3500 萬美元左右無法相比。因此，我們在 2022 年關閉的任何項目最終都將不得不調整指導。

Our next question comes from the line of Larry Solow from CJS Securities.

我們的下一個問題來自 CJS 證券的拉里·索洛 (Larry Solow)。

Picking up on Brian's line of thinking on the acquisitions, maybe if you could discuss the pipeline of opportunities. I feel like during COVID in last couple of years, maybe there are more companies who could use a larger, bigger hand for help.

了解布萊恩對收購的想法，也許你可以討論一下機會的渠道。我覺得在過去幾年的新冠疫情期間，也許有更多的公司可以伸出更大的手來尋求幫助。

And then how do you weigh sort of your longer term goals maybe to bring down your leverage a little bit to like degenerating? It looks like in the last 12 months you got $50 million in free cash flow, which is a solid number, but I don't see that number really going down much above that. How do you sort of take that $50 million in free cash flow, maybe the idea of trying to reduce your leverage a little bit mixing that with the opportunities on the acquisition front?

然後，你如何權衡你的長期目標，以降低你的影響力，就像退化一樣？看起來在過去 12 個月裡你獲得了 5000 萬美元的自由現金流，這是一個可靠的數字，但我認為這個數字不會比這個數字真正下降太多。您如何看待這 5000 萬美元的自由現金流，也許是嘗試降低杠桿率，並將其與收購方面的機會結合起來？

Sure, Larry. I'll take the first part of the question and then Tom can pick up on the second part. In terms of the acquisition pipeline as we have mentioned, we closed on one deal in the first quarter. We're feeling great about the pipeline, especially because we're able to have conversations now with a lot of O&P independent providers that do you want to partner with us and we're able to actually pick out and partner with those that are stronger than others.

當然，拉里。我將回答問題的第一部分，然後湯姆可以回答第二部分。就我們提到的收購渠道而言，我們在第一季度完成了一筆交易。我們對管道感覺很好，特別是因為我們現在能夠與許多 O&P 獨立提供商進行對話，您是否想與我們合作，並且我們能夠真正挑選出實力更強的提供商並與之合作相對於其它的。

So today I don't think there's a dearth of opportunities out there, we're just being very selective in who we partner with. We have a very strict criteria, we want to make sure that outside of the obvious financials and the geography, we also make sure the cultural fit is there and the compliance issues. So when we take all of this into account we are able to be selective and we have a solid pipeline now.

因此，我認為今天並不缺乏機會，我們只是非常謹慎地選擇合作夥伴。我們有非常嚴格的標準，我們希望確保除了明顯的財務和地理位置之外，我們還確保文化契合度和合規問題。因此，當我們考慮到所有這些因素時，我們就能夠有所選擇，並且現在我們擁有了堅實的管道。

And when you look at it Larry the underlying $50 million of trailing 12 months free cash flow we should point out that much of that period was during a COVID-affected period of operations and as earnings increase with capital expenditures running favorable to our forecast end at a $20 to $25 million range, we do think there's some opportunity to see some increased free cash flow in the company, some of which we could potentially use to address that underlying leverage question.

當你查看拉里過去 12 個月的 5000 萬美元自由現金流時，我們應該指出，該時期的大部分時間是在受新冠疫情影響的運營期間，並且隨著資本支出的增加，盈利有利於我們的預測結束。在 20 至 2500 萬美元的範圍內，我們確實認為公司有機會看到一些自由現金流的增加，其中一些我們可以用來解決潛在的槓桿問題。

Okay, and then just another question, just sort of on a higher level longer-term question. You guys have a lot of multiple initiatives and certainly differentiating yourself from probably all the other providers out there and I think in your last update in your annual report, you certainly look like you've taken some market share at least through on the acquisition side of the story.

好的，然後是另一個問題，只是一個更高層次的長期問題。你們有很多多項舉措，當然也將自己與其他所有提供商區分開來，我認為在你們年度報告的最新更新中，你們看起來肯定至少通過收購方面佔據了一些市場份額的故事。

Do you feel like you're taking share, I know it's sort of a hard way to look at this, there probably aren't many, not great, aggregate data on the industry, but do you feel like-- is there a way to kind of look and see if you're actually growing faster than the industry and actually taking share from competitors? Because it does seem like qualitatively you're doing a lot of things that are much better, more value add and patients and doctors alike.

你是否覺得你正在分享，我知道這是一種很難看待這個問題的方式，可能沒有很多，也不是很好的行業匯總數據，但你是否覺得——有沒有辦法看看你是否真的比行業增長得更快，並真正從競爭對手那里奪取了份額？因為從質量上看，你確實做了很多更好、更有價值的事情，對患者和醫生來說都是如此。

Yes, Larry. On both fronts, on the organic front and the inorganic front, we believe we're taking share on the inorganic front. It's pretty obvious as these businesses join us, but on the organic side when you look at our same clinic numbers, especially this quarter, and in the prior year, it's clear that we are growing faster than the market.

是的，拉里。在有機和無機這兩個方面，我們相信我們正在無機方面佔據份額。隨著這些企業加入我們，這一點非常明顯，但從有機角度來看，當您查看我們相同的診所數字時，尤其是本季度和上一年，很明顯我們的增長速度快於市場。

If you look at the market growth of 2% to 3% depending on pre-COVID, or during COVID, irrespective on a same clinic basis, we know we're going faster than the market and picking up market share. And you're right, it goes back to all the different investments and differentiators we put in place over the last few years, whether it's clinical outcomes, whether it's a revenue cycle management, whether it's our supply chain or leadership. So we feel very good about picking up market share on both fronts, organic and inorganic.

如果你看看新冠疫情前或新冠疫情期間 2% 至 3% 的市場增長率，無論在相同的診所基礎上，我們都知道我們的發展速度快於市場，並正在擴大市場份額。你是對的，這可以追溯到我們在過去幾年中進行的所有不同投資和差異化因素，無論是臨床結果，無論是收入周期管理，無論是我們的供應鏈還是領導力。因此，我們對在有機和無機兩個方面獲得市場份額感到非常高興。

We have another question from the line of Brian Tanquilut from Jefferies.

我們還有來自 Jefferies 的 Brian Tanquilut 的另一個問題。

I guess, Tom, you mentioned how Q1 is normally your weakest EBITDA quarter 5% to 10% of total, but any thoughts you can share with us into how we should be thinking about a cadence for earnings for this year given some of the challenges that you've seen, but also the strong pipeline and pipeline expectation?

湯姆，我想你提到第一季度通常是你的 EBITDA 最弱的季度，佔總數的 5% 到 10%，但是你可以與我們分享一些想法，考慮到一些挑戰，我們應該如何考慮今年的盈利節奏您已經看到了，還有強大的管道和管道期望？

Yes, I mean, when you look at the overall cadence Brian, in past years, I think it can serve as a pretty indicative way to think about the current year. Typically the first quarter, as we said, 5% to 10%. When you go to the fourth quarter, we're typically 30% to 35%, 36%. And so, it's a big swing from Q1 to Q4, with the intervening quarters being probably a bit more ratable in terms of the way that you look at it on a percent of earnings basis. So I think our historical trends really serve as a good foundation for thinking about the current year.

是的，我的意思是，當你看看過去幾年的整體節奏時，布萊恩，我認為它可以作為思考今年的一個很有指示性的方式。正如我們所說，通常第一季度是 5% 到 10%。當你進入第四季度時，我們通常是 30% 到 35%、36%。因此，從第一季度到第四季度，這是一個很大的轉變，從你以盈利百分比的角度來看，中間幾個季度的評級可能會更高一些。所以我認為我們的歷史趨勢確實為思考今年提供了良好的基礎。

We have no further questions. So this concludes today's conference call. Thank you so much for joining. You may now disconnect your lines.

我們沒有其他問題了。今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。