InnovAge Holding Corp (INNV) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the InnovAge first quarter 2026 earnings conference call. [Operator Instructions] I would now like to hand the conference over to your first speaker today, Ryan Kubota, Director of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 InnovAge 2026 年第一季財報電話會議。[操作員指示] 現在我謹將會議交給今天的第一位發言人，投資者關係總監 Ryan Kubota。請繼續。

Thank you, operator. Good afternoon and thank you all for joining the Innovates 2026 fiscal first quarter earnings call. With me today is Patrick Blair, CEO, and Ben Adams, CFO. Today, after the market closed, we issued an earnings press release containing detailed information on our fiscal 1st quarter results.

謝謝接線生。下午好，感謝各位參加 Innovates 2026 財年第一季財報電話會議。今天陪同我出席的有執行長派崔克·布萊爾和財務長本·亞當斯。今天，市場收盤後，我們發布了一份獲利新聞稿，其中包含有關我們第一財季業績的詳細資訊。

You may access the release on the investor relations section of our company website innovate.com. For those listening to the rebroadcast of this call. Reminds you that the remarks made herein are as of today, Tuesday, November 4th, 2025, and have not been updated subsequent to this call.

您可以在公司網站 innovate.com 的投資者關係頁面查看新聞稿。以下是收聽本次電話會議重播的聽眾。提醒各位，本文的發言截至今日，即2025年11月4日星期二，此後未進行任何更新。

During our call, we refer to certain non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures that we found in our earnings press release posted on our website. We may also make statements that are considered forward-looking, including those related to our 2026 fiscal year projections and guidance.

在電話會議中，我們提到了一些非GAAP指標，並在我們網站上發布的獲利新聞稿中提供了這些指標與我們找到的最直接可比較的GAAP指標的調節表。我們也可能發表一些被認為是前瞻性的聲明，包括與我們 2026 財政年度預測和指引相關的聲明。

Future growth prospects and growth strategy are clinical and operational value initiatives, Medicare and Medicaid rate increases. The effects of recent legislation and federal budget cuts, enrollment and redetermination processing delays.

未來的成長前景和成長策略是臨床和營運價值舉措，以及提高醫療保險和醫療補助費率。近期立法和聯邦預算削減的影響，導致入學和重新資格認定流程延誤。

Seasonality of cost trends, the status of current and future regulatory actions. And other expectations. Listeners are cautioned that all of our four living statements involve certain assumptions that are inherently subject to risks and uncertainties that can cause our actual results to differ materially from our current expectations.

成本趨勢的季節性，以及當前和未來監管措施的狀況。以及其他期望。聽眾請注意，我們所有四項業績聲明都涉及某些假設，這些假設本身存在風險和不確定性，可能導致我們的實際結果與我們目前的預期有重大差異。

We advise listeners to review the risk factors and other discussions included in our annual report on Form 10K for fiscal year 2025 and any subsequent reports filed with the SEC. Including our most recent quarterly report on Form ten. After the completion of our prepared remarks, we will open the call for questions. I will now turn the call over to our CEO, Patrick Blair. Patrick?

我們建議聽眾查看我們 2025 財年 10-K 表格年度報告以及隨後向美國證券交易委員會提交的任何報告中包含的風險因素和其他討論。包括我們最新的季度報告（表格 10）。在我們發言完畢後，我們將開始接受提問。現在我將把電話轉交給我們的執行長派崔克布萊爾。派崔克？

Thank you, Ryan, and good afternoon everyone. I know it feels like we just held our 4th quarter results in full year earnings call, and we did. The first quarter reporting cycle always comes quickly due to SEC requirements and companies needing more time to complete and audit their year-end financial results.

謝謝你，瑞恩，大家午安。我知道大家覺得我們好像剛在全年財報電話會議上公佈了第四季業績，而事實也的確如此。由於美國證券交易委員會的要求以及公司需要更多時間來完成和審核其年終財務業績，第一季報告週期總是來得很快。

As a result, we're meeting about six weeks after our last call. So today I'll spend less time on new headline numbers and more on the progress we're making against our strategic priorities, the continued strength of our model. And the momentum that we expect to carry us through fiscal year 2026.

因此，距離我們上次通話已經過了大約六週。所以今天我將少花時間關注新的重要數據，多花時間關注我們在實現策略重點方面的進展，以及我們模式的持續優勢。我們預計這股動能將持續到 2026 財年。

This afternoon, we reported total revenue of $236.1 million center-level contribution margin of $51.4 million and adjusted EBITDA of $17.6 million. Compared with the first quarter of fiscal 2025, total revenue increased 15% and adjusted EBITDA more than doubled.

今天下午，我們公佈了總收入為 2.361 億美元，中心層級貢獻毛利為 5,140 萬美元，調整後 EBITDA 為 1,760 萬美元。與 2025 財年第一季相比，總營收成長了 15%，調整後的 EBITDA 成長了一倍以上。

Census grew to an all-time high of 7,890 participants, up nearly 2% quarter over quarter. These results reflect continued strong medical cost management and better than expected census growth as the Medicaid redetermination cleanup is progressing well in the 1st 90 days.

人口普查參與人數達到歷史新高，為 7,890 人，比上一季成長近 2%。這些結果反映出醫療成本控制持續強勁，人口成長優於預期，因為醫療補助重新認定清理工作在前 90 天進展順利。

The quarter also reflects positive momentum in our new Florida centers, particularly in Tampa, where a partnership with Tampa General is off to a strong start. The operating environment for many value-based care models remains challenging.

本季也反映出我們在佛羅裡達州的新中心取得了積極的發展勢頭，尤其是在坦帕，與坦帕綜合醫院的合作開局良好。許多以價值為導向的醫療模式的營運環境仍然充滿挑戰。

Medicare Advantage and Medicaid managed long-term supports and services are experiencing lower or declining reimbursement levels, higher than expected medical service utilization, and growing regulatory scrutiny around risk adjustment and quality measures.

聯邦醫療保險優勢計劃和醫療補助計劃管理的長期支持和服務正面臨報銷水平下降或減少、醫療服務利用率高於預期以及風險調整和質量措施方面監管審查日益嚴格的問題。

In contrast, Innovage and the pace model have remained resilient. While many plans are retreating from markets or reporting financial strain from escalating medical costs, pace offers a fundamentally different approach, one built on direct accountability for every aspect of participant care.

相較之下，Innovage 和進度模式則保持了韌性。雖然許多保險計劃正在退出市場或報告因醫療成本不斷上漲而面臨的財務壓力，但 Pace 提供了一種截然不同的方法，這種方法建立在對參與者護理的每個方面都承擔直接責任的基礎上。

At Innovage, our providers not only deliver care within our centers but also oversee, approve, and coordinate nearly all healthcare services that occur outside our walls. This closed loop model gives us a high degree of visibility and control over cost trends, allowing us to manage participant needs more responsibly than reacting well after the fact.

在 Innovage，我們的醫護人員不僅在我們的中心內提供醫療服務，而且還監督、批准和協調幾乎所有在我們中心外進行的醫療保健服務。這種閉環模型使我們能夠高度了解和控製成本趨勢，從而能夠更負責任地管理參與者的需求，而不是事後才做出反應。

These differences are showing up in the numbers. While many managed care organizations are reporting higher than expected medical cost trends this calendar year, our total participant expense per month declined sequentially relative to the 4th quarter of fiscal 2025.

這些差異在數據中有所反映。儘管許多醫療管理機構報告稱，本年度醫療成本趨勢高於預期，但我們每月參與者的總支出與 2025 財年第四季相比有所下降。

What we see in our business is also supported by independent research. In its recent report to Congress, MACPA identified pace as the most fully integrated care model available to dual els. The study found that pace participants, though typically older, frailer, and facing more comorbidities, are generally less likely to be hospitalized, less likely to visit the emergency department, less likely to require institutional care, and without increased mortality rates. Simply put, pace works.

我們在業務中觀察到的情況也得到了獨立研究的支持。MACPA 在最近提交給國會的報告中指出，Pace 是雙語教育者可獲得的最全面的綜合護理模式。研究發現，儘管 PACE 參與者通常年齡較大、身體虛弱，且面臨更多合併症，但他們住院的可能性通常較低，去急診室的可能性較低，需要機構護理的可能性較低，而且死亡率也沒有增加。簡而言之，節奏很重要。

Our job is to continue educating policymakers and payers about its value so we can expand access and unlock the program's full potential. and within the pay sector, Innovate is the largest provider by census in the country, serving nearly 8,000 participants across 20 centers in six states.

我們的工作是繼續向政策制定者和支付方宣傳其價值，以便我們能夠擴大覆蓋範圍並充分發揮該計劃的潛力。在支付領域，Innovate 是全國按人口普查資料計算最大的服務提供者，在六個州的 20 個中心為近 8,000 名參與者提供服務。

That scale not only gives us operating leverage but also unique insight to what drives consistent outcomes for frail seniors. as I approach my fourth anniversary as CEO, I've been reflecting on how much has changed. Over the last 11 quarters, we've delivered steady revenue growth, more than doubled adjusted EBITDA over the last two fiscal years, and achieved positive net income this quarter for the first time since 2021.

這種規模不僅賦予我們營運槓桿，也讓我們對如何持續改善體弱老年人的生活品質有了獨特的洞察。在我擔任執行長即將滿四年之際，我一直在思考發生了哪些變化。在過去的 11 個季度中，我們實現了穩定的收入成長，在過去的兩個財年中調整後的 EBITDA 翻了一番以上，並且自 2021 年以來首次在本季度實現了正淨利潤。

These results stem from disciplined execution, executing a multi-pronged growth strategy across markets, including existing center growth, joint ventures, M&A, and de novo centers, cleaned up the balance sheet through the divestiture of multiple non-core assets and investments, upgrading systems and processes to strengthen quality, compliance, and financial performance.

這些成果源自於嚴謹的執行，在各個市場實施多管齊下的成長策略，包括現有中心的成長、合資企業、併購和新建中心，透過剝離多個非核心資產和投資清理資產負債表，升級系統和流程以加強品質、合規性和財務績效。

Strategically insourcing key services such as pharmacy and hospice to tighten cost control and improve coordination. Improving center level staffing and reducing operating model variation supported by the enterprise rollout of the Epic EMR.

將藥房和臨終關懷等關鍵服務策略性地納入內部運營，以加強成本控制和改善協調。透過企業級 Epic EMR 的推廣，改善中心級人員配備並減少營運模式差異。

The Oracle financial platform, and rigorously managing corporate overhead to improve efficiency and productivity. These efforts have reshaped both the culture and the economics of Innovage, which I believe has positioned us for sustained success.

Oracle財務平台，並嚴格控制公司營運成本，以提高效率和生產力。這些努力重塑了 Innovage 的企業文化和經濟模式，我相信這將使我們獲得持續的成功。

Before turning to our outlook, I want to touch on recent leadership changes. Over the past several years, we built a strong leadership bed capable of stepping up when changes occur. leadership transitions, some planned, some unplanned, are inevitable in a multi-year transformation, but they have not disrupted our momentum.

在展望未來之前，我想先談談最近的領導層變動。過去幾年，我們建立了一支強大的領導團隊，能夠在改變發生時挺身而出。領導階層更迭，有些是計畫內的，有些是計畫外的，在多年的轉型過程中不可避免，但這並沒有阻礙我們前進的步伐。

We've made several important additions and adjustments. Doctor Paul Taheri, a widely respected clinic leader, joined this week as our new Chief Medical Officer. Meredith Dell recently joined as Chief Administrative Officer leading pharmacy, home care, behavioral health, and government affairs. Matt Hooray has expanded his role to include sales in addition to his strategy and corporate development responsibilities as our Chief Growth Officer.

我們進行了一些重要的補充和調整。備受尊敬的診所領導保羅·塔赫里醫生本週加入我們，擔任新的首席醫療官。梅雷迪思·戴爾最近加入公司擔任首席行政官，負責藥房、家庭護理、行為健康和政府事務。Matt Hooray 的職責範圍擴大了，除了擔任首席成長長的策略和企業發展職責外，他還負責銷售工作。

Additionally, last week we announced that Michael Scarborough, our President and COO, will be leaving at the end of the month for personal reasons. Michael's done an excellent job strengthening our operations and positioning innovates for long-term success.

此外，上週我們宣布，我們的總裁兼營運長邁克爾·斯卡伯勒將於月底因個人原因離職。Michael 在加強我們的營運和為創新者實現長期成功奠定基礎方面做得非常出色。

He leaves behind a capable team and a strong foundation. These moves underscore the depth of our leadership and the growing appeal of Innovage as a destination for top talent in the industry. leadership change creates opportunities for internal advancement and professional growth among our next generation of leaders.

他留下了一支能幹的團隊和堅實的基礎。這些舉措凸顯了我們領導層的實力，以及Innovage作為業內頂尖人才理想去處的日益增長的吸引力。領導階層的更迭為我們下一代領導者創造了內部晉升和職業發展的機會。

At the same time, we've taken proactive steps to strengthen how the organization operates. We recently completed a spans and layers review, a structured evaluation of the size and shape of our corporate organization. This initiative focused on our shared services teams which support our centers but do not deliver care directly to participants.

同時，我們採取了積極措施來加強組織的運作方式。我們最近完成了跨度和層級審查，對我們公司組織的規模和結構進行了結構化評估。這項措施的重點是我們的共享服務團隊，這些團隊為我們的中心提供支持，但不直接為參與者提供護理。

Through that process we identified opportunities to reduce management layers and streamline support functions resulting in a smaller, more focused shared services workforce. We expect these changes to improve decision making speed, enhance accountability, and more closely align our cost structure with best in class benchmarks.

透過這個過程，我們發現了減少管理層級和簡化支援職能的機會，從而打造了一支規模更小、目標更明確的共享服務團隊。我們期望這些改變能提高決策速度，增強問責制，並使我們的成本結構與一流標準更加緊密地接軌。

It's a tangible example of our cost discipline and the operational maturity we continue to build across the company. Taken together, we expect that these leadership and organizational changes strengthened rather than distract from our progress. They demonstrate that innovage has both the talent and the structure to execute consistently through change.

這是我們成本控制和公司營運成熟度不斷提升的切實體現。總的來說，我們預計這些領導層和組織結構的變化會加強而不是分散我們的精力，從而促進我們的進步。他們證明，創新既有人才也有組織架構，能夠在變革中持續取得成功。

At its core, Innovage exists to help seniors live safely and independently at home for as long as possible. Our integrated model reduces the burden on state and federal partners and brings peace of mind to families. Our recent participant satisfaction survey tells that story clearly 90% overall satisfaction and 97% of participants said they would choose end of age over a nursing home.

Innovage 的核心宗旨是幫助老年人在家中安全、獨立地生活，盡可能長時間地享受生活。我們的一體化模式減輕了州和聯邦合作夥伴的負擔，並為家庭帶來了安心。我們最近的參與者滿意度調查清楚地表明了這一點，整體滿意度為 90%，97% 的參與者表示他們會選擇安享晚年而不是入住養老院。

Before I close, I want to share a recent testimonial from one of our participants' daughters that reminds us of our mission at Innage, our value proposition to families, and the integrated pace model of action. For my mom, in of age has been such a reassurance. At her age, if she wakes up feeling not quite right, it used to spiral into worry, and that worry could turn into something worse.

在結束之前，我想分享我們一位參與者的女兒最近的證詞，這讓我們想起了 Innage 的使命、我們對家庭的價值主張以及綜合行動模式。對我媽媽來說，達到法定年齡真是莫大的安慰。在她這個年紀，如果她醒來感覺不太對勁，就會陷入擔憂，而這種擔憂可能會演變成更糟糕的情況。

Now, everything she needs is right there in the center. Her doctor, her physical therapist, her dentist, even her eye care. her care team shares her chart in real time, so there's no guessing, no repeating, no gaps in her care. It's all connected.

現在，她需要的一切都在中心位置。她的醫生、物理治療師、牙醫，甚至眼科醫生，她的醫療團隊都會即時共享她的病歷，所以不會有猜測、重複治療或治療中斷的情況。一切都是相互關聯的。

That kind of coordination gives her confidence and gives me peace of mind. It's just amazing. Stories like this remind us of why our work matters and why we're so focused on execution. Behind every number we report is a person whose life and family's life is better because of this model.

這種協調配合讓她充滿自信，也讓我安心。真是太神奇了。這樣的故事提醒我們，我們的工作為什麼重要，以及為什麼我們如此專注於執行。我們報道的每一個數字背後，都是一個人，他們的生活和家庭的生活因為這種模式而變得更好。

So in closing, we're off to a strong start to the fiscal year. Our Q1 results were ahead of expectations, but I want to caution against annualizing them. Due to the relatively small scale of our business, the timing of Medicaid redeterminations, and the inherent seasonality of certain cost trends, first quarter results should not be indicative of full year performance.

總之，本財年開局強勁。我們第一季的業績超出預期，但我建議不要將其年化。由於我們業務規模相對較小，醫療補助重新評估的時間以及某些成本趨勢固有的季節性，第一季的業績不應代表全年的業績。

We'll continue to execute with discipline, invest in talent and technology, and build on the foundation we've created. Continuous improvement has become part of our DNA. We remain confident in our strategy, proud of our progress, and committed to delivering sustainable growth and superior outcomes for the seniors and families we serve. With that, I'll turn it over to Ben for more detail on the financials.

我們將繼續嚴謹執行，投資人才和技術，並在我們已建立的基礎上繼續發展。持續改進已成為我們基因的一部分。我們對我們的策略充滿信心，為我們的進展感到自豪，並致力於為我們服務的長者和家庭帶來可持續的成長和卓越的成果。接下來，我將把發言權交給本，讓他詳細介紹財務狀況。

Thank you, Patrick. Today I will provide some highlights from our first quarter fiscal year 2026 financial performance and insight into some of the trends we are seeing in the current quarter. Starting with census, we served approximately 7,890 participants across 20 centers as of September 30, 2025, which represents growth of 9.4% compared to the first quarter of fiscal year 2025.

謝謝你，派崔克。今天我將為大家介紹我們 2026 財年第一季的財務表現亮點，並深入分析我們在本季看到的一些趨勢。從人口普查開始，截至 2025 年 9 月 30 日，我們在 20 個中心為約 7,890 名參與者提供服務，與 2025 財年第一季度相比增長了 9.4%。

And sequential quarter growth of 1.9%. We reported 23,500 member months in the first quarter, an increase of approximately 9.9% compared to the first quarter of fiscal year 2025, and an increase of approximately 2.2% over the fourth quarter.

環比增長1.9%。第一季會員月數為 23,500，與 2025 財年第一季相比成長約 9.9%，與第四季相比成長約 2.2%。

Our first quarter census growth was modestly better than expected and was primarily driven by our ability to reinstate more participants that had lost Medicaid coverage than expected and timing delays associated with disenrolling participants that have lost coverage and have not been able to regain eligibility in a few markets.

第一季人口普查成長略好於預期，主要得益於我們能夠恢復比預期更多的失去醫療補助資格的參與者，以及在少數市場中，因失去資格且無法重新獲得資格的參與者的退保工作而造成的延誤。

Total revenues of $236.1 million increased 15.1% compared to $205.1 million in the first quarter of fiscal year 2025, driven by an increase in member months and capitation rates. The increase in member months was primarily due to growth in our existing California, Florida, and Colorado centers.

2025 財年第一季的 2.051 億美元成長了 15.1%，這主要得益於會員月份數和人頭費率的增加。會員月數的增加主要是因為我們在加州、佛羅裡達州和科羅拉多州現有中心的成長。

The increase in capitation rates was primarily due to an annual increase in Medicaid and Medicare capitation rates, partially offset by revenue reserve. Compared to the fourth quarter of fiscal year 2025, total revenues increased 6.6% due to an increase in member months and capitation rates.

按人頭付費率的增加主要是由於醫療補助和醫療保險按人頭付費率的年度增長，部分被收入儲備所抵消。與 2025 財年第四季相比，由於會員月份數和人頭費率的增加，總收入增加了 6.6%。

The increase in capitation rates was driven by annual rate increases in Colorado, New Mexico, and Virginia, and an annual Medicare rate increase, all effective July 1, 2025.

按人頭付費率的上升是由於科羅​​拉多州、新墨西哥州和維吉尼亞州的年度費率上漲，以及聯邦醫療保險的年度費率上漲所致，所有這些費率均於 2025 年 7 月 1 日生效。

We incurred $108.9 million of external provider costs during the first quarter of fiscal year 2026, an increase of 1.5% compared to the first quarter of fiscal year 2025. The increase was driven by an increase in member months, partially offset by a decrease in cost per participant.

2026 財年第一季度，我們產生了 1.089 億美元的外部供應商費用，比 2025 財年第一季成長了 1.5%。會員月數增加推動了會員費的成長，但部分被每位參與者成本的下降所抵消。

The decrease in cost per participant was primarily driven by a decrease in permanent nursing facility and short stay skilled nursing facility utilization and a decrease in pharmacy expense associated with higher rebates and the transition to in-house pharmacy services.

每位參與者成本的下降主要是由於長期照護機構和短期專業護理機構的使用率下降，以及與更高的回扣和向內部藥房服務過渡相關的藥房費用下降所致。

This decrease in cost per participant was partially offset by an increase in assisted living and permanent nursing facility unit cost. compared to the fourth quarter, external provider costs increased 0.6%. The increase was primarily driven by the increase in member months, partially offset by a decrease in cost per participant.

每位參與者成本的下降部分被輔助生活和長期照護機構單元成本的增加所抵消。與第四季相比，外部服務提供者成本增加了0.6%。成長主要由會員月份數的增加所推動，但部分被每位參與者成本的下降所抵銷。

The decrease in cost per participant was due to lower short stay utilization, partially offset by higher assisted living utilization and an increase in assisted living and nursing facility unit costs.

每位參與者成本的下降是由於短期住宿利用率降低，但部分被輔助生活利用率提高以及輔助生活和護理機構單元成本增加所抵消。

Cost of care, excluding depreciation and amortization was $75.9 million an increase of 19.7% compared to the first quarter of fiscal year 2025. The increase was due to an increase in member months coupled with an increase in cost per participant.

不包括折舊和攤銷，護理成本為 7,590 萬美元，比 2025 財年第一季成長了 19.7%。成長的原因是會員月份增加以及每位參與者的成本增加。

The increase in cost per participant was primarily driven by higher salaries, wages, and benefits associated with increased headcount and higher wage rates, higher third-party fees and shipping costs associated with in-house pharmacy services, and fleet costs inclusive of contract transportation.

每位參與者成本的增加主要是由於人員增加和工資水平提高帶來的薪金、工資和福利增加，與內部藥房服務相關的第三方費用和運輸成本增加，以及包括合約運輸在內的車隊成本增加。

Cost of care, excluding depreciation and amortization, increased 5.5% compared to the fourth quarter. The increase was due to an increase in cost per participant coupled with an increase in member months. The increase in cost per participant was primarily driven by higher wage rates and fleet costs, including contract transportation.

不包括折舊和攤銷，護理成本比第四季度增加了 5.5%。此次成長是由於每位參與者的成本增加以及會員月份增加所致。每位參與者成本的增加主要是由於工資水準和車隊成本（包括合約運輸）的上漲所致。

Center level contribution margin, which we define as total revenues, less external provider costs and cost of care, excluding depreciation and amortization, which includes all medical and pharmacy costs, was $51.4 million for the quarter compared to $41.3 million for the fourth quarter of fiscal year 2025.

中心層級貢獻毛利（我們將其定義為總收入減去外部供應商成本和照護成本，不包括折舊和攤銷，其中包括所有醫療和藥房成本）在本季為 5,140 萬美元，而 2025 財年第四季為 4,130 萬美元。

As a percentage of revenue, central level contribution margin of 21.8% increased by approximately 320 basis points in the quarter compared to 18.6% in the fourth quarter of fiscal year 2025.

以營收百分比計算，本季中央層級貢獻毛利率為 21.8%，比 2025 財年第四季的 18.6% 成長了約 320 個基點。

Sales and marketing expenses of approximately $7.6 million increased 17.1% compared to the first quarter of fiscal year 2025 due to an increased headcount and wage rates to support growth coupled with increased marketing spend.

由於為支持成長而增加員工人數和工資水平，以及增加行銷支出，銷售和行銷費用約為 760 萬美元，比 2025 財年第一季成長了 17.1%。

Sales and marketing expenses increased by approximately 7.1% compared to the fourth quarter of 2025 due to an increase in headcount and wage rates and increased marketing spend.

由於員工人數和工資水準的增加以及行銷支出的增加，銷售和行銷費用與 2025 年第四季相比增長了約 7.1%。

Corporate general and administrative expenses of $30.3 million increased 9.9% compared to the first quarter of fiscal year 2025.

公司一般及行政費用為 3,030 萬美元，較 2025 財年第一季成長 9.9%。

The increase was primarily due to an increase in employee compensation and benefits as a result of greater headcount and an increase in wage rates to support compliance and bolster organizational capabilities, software license fees, and contract and professional services.

成長的主要原因是員工薪資和福利增加，這是由於員工人數增加、薪資水準提高以支持合規和增強組織能力、軟體許可費以及合約和專業服務費用增加所致。

These increases were partially offset by a decrease in legal fees.

這些增長被法律費用的下降部分抵消。

Corporate general and administrative expenses increased 8.8% compared to the fourth quarter of 2025, primarily due to higher wage rates and an increase in contract and professional services.

與 2025 年第四季相比，公司一般及行政費用增加了 8.8%，主要原因是薪資水準上漲以及合約和專業服務費用增加。

Net income was $7.7 million compared to net loss of $5.7 million in the first quarter of fiscal year 2025. We reported net income per share of $0.06, and our weighted average share count was approximately 136.8 million shares for the quarter on a fully diluted basis.

淨收入為 770 萬美元，而 2025 財年第一季淨虧損為 570 萬美元。本季每股淨收益為 0.06 美元，以完全稀釋計算，加權平均股數約為 1.368 億股。

Adjusted EBITDA was $17.6 million for the quarter compared to $6.5 million in the first quarter of fiscal year 2025 and $11.3 million in the fourth quarter of fiscal year 2025. Our adjusted EAD margin was 7.5% for the quarter compared to 3.2% in the first quarter of fiscal year 2025 and 5.1% in the fourth quarter of fiscal year 2025.

本季調整後 EBITDA 為 1,760 萬美元，而 2025 財年第一季為 650 萬美元，2025 財年第四季為 1,130 萬美元。本季我們調整後的 EAD 利潤率為 7.5%，而 2025 財年第一季為 3.2%，2025 財年第四季為 5.1%。

We do not add back losses incurred by our de novo centers in the calculation of adjusted EBIA.

在計算調整後的 EBIA 時，我們不會將新中心產生的損失加回。

Denovo Center losses are defined as net losses related to pre-opening and startup ramp through the 1st 24 months of de novo operation. For the first quarter, de novo losses were $3.9 million primarily related to our Tampa and Orlando centers in Florida.

新中心虧損定義為新中心開業前 24 個月內與開業前準備和啟動階段相關的淨虧損。第一季新增虧損為 390 萬美元，主要與我們在佛羅裡達州的坦帕和奧蘭多中心有關。

This compares to $4.1 million of de novo losses in the first quarter of fiscal year 2025 and $3.8 million of de novo losses in the fourth quarter of fiscal year 2025. Turning to our balance sheet, we ended the quarter with $67.1 million in cash and equivalent, plus $42.3 million in short-term investments.

相較之下，2025 財年第一季新增損失為 410 萬美元，2025 財年第四季新增損失為 380 萬美元。從資產負債表來看，本季末我們擁有現金及等價物 6,710 萬美元，加上短期投資 4,230 萬美元。

We had $71.5 million in total debt on the balance sheet, representing debt under our senior secured term loan revolving credit facility, and finance leases. For the first quarter, we recorded positive cash flow from operations of $3.9 million and had $4.1 million of capital expenditures.

我們在資產負債表上的總債務為 7,150 萬美元，其中包括我們的優先擔保定期貸款循環信貸額度下的債務和融資租賃債務。第一季度，我們錄得經營活動產生的正現金流 390 萬美元，資本支出為 410 萬美元。

We are reaffirming our fiscal year 2026 guidance, which we laid out in September. Based on information as of today, we expect our ending census for the fiscal year 2026 to be between 7,900 and 8,100 participants in member months to be in the range of 91,600 to 94,400.

我們重申我們在9月公佈的2026財年業績指引。根據目前掌握的信息，我們預計 2026 財年的期末會員人數將在 7,900 至 8,100 人之間，會員月數將在 91,600 至 94,400 人之間。

We are projecting total revenue in the range of $900 million to $950 million and adjusted EBITDA in the range of $56 million to $65 million and we anticipate that de novo losses for fiscal year 2026 will be in the $13.4 million to $15.4 million dollar range.

我們預計總營收將在 9 億美元至 9.5 億美元之間，調整後 EBITDA 將在 5,600 萬美元至 6,500 萬美元之間，我們預計 2026 財年的新增虧損將在 1,340 萬美元至 1,540 萬美元之間。

In closing, we are pleased with our first quarter results and believe we are off to a strong start to fiscal 2026. We are closely monitoring our census in light of the eligibility and enrollment system redesign due to state Medicaid redetermination that we spoke about on the last earnings call, and we look forward to providing an update on our second quarter call in February. Operator, that concludes our prepared remarks, please open the call for questions.

最後，我們對第一季的業績感到滿意，並相信我們在 2026 財年開局良好。鑑於我們在上次財報電話會議上談到的由於州醫療補助重新認定而導致的資格和註冊系統重新設計，我們正在密切關注人口普查情況，並期待在二月份的第二季度電話會議上提供最新進展。操作員，我們的發言到此結束，請開始提問環節。

Thank you [operator Instructions] Our first question comes from the line of Benjamin Rossi with JP Morgan. Your line is now open.

謝謝[操作員指示]。我們的第一個問題來自摩根大通的班傑明·羅西。您的線路已開通。

Hey, great, thanks for the question. So you've previously mentioned that the calendar 3Q is typically one of your softer margin quarters as a result of open enrollment, I guess just under your reaffirmed guidance set up, how are you thinking about margin progression for the remainder of the year?

嘿，太好了，謝謝你的提問。您之前提到過，由於開放註冊，日曆年的第三季通常是利潤率較低的季度之一。我想，在您重申的指導方針下，您如何看待今年剩餘時間的利潤率成長？

And then just curious if you could walk us through some of your assumptions for the remainder of the year on how you're thinking about impacting things like the aforementioned, Medicaid eligibility changes, your cost savings initiatives, and then some of the broader shift into the MAV28 model.

然後，我很好奇您能否向我們介紹一下您對今年剩餘時間的一些假設，以及您打算如何影響上述事項，例如醫療補助資格變更、您的成本節約計劃，以及向 MAV28 模式的更廣泛轉變。

Yeah, hey, Ben, it's Ben Adams, and I'm here with Patrick and the rest of the team. we don't give quarterly guidance, so what I would probably say is there are a couple of things that are, causing a little bit of noise in the progression this year. And why don't I walk through a couple of them just so you understand what's going on.

嗨，本，我是本亞當斯，我和派崔克以及其他團隊成員都在這裡。我們不提供季度業績指引，所以我想說的是，今年有幾件事對公司的發展造成了一些幹擾。我不妨帶你去了解其中幾個例子，這樣你就能明白發生了什麼事。

You may remember in the last call we talked about the fact that we had a number of folks who were, what we call lomi status. People lost their Medicaid eligibility, and we're either working to reestablish it or to help them find a program that better fit their needs. That process has been ongoing. I think it probably went a little bit better in the first quarter of the year than we anticipated, but we also think it may drag on a little bit longer than we thought.

你可能還記得，在上一次通話中，我們談到了一些人處於我們所說的 lomi 狀態。有些人失去了醫療補助資格，我們正在努力幫助他們重新獲得資格，或幫助他們找到更適合他們需求的計劃。這個過程一直在進行中。我認為今年第一季的情況可能比我們預期的要好一些，但我們也認為這種情況可能會比我們預想的持續得更久一些。

So that's something that's, influenced us a little bit in the first quarter. In the second quarter there are kind of a couple of things that happen in the second quarter, we have the October Medicare fee schedule increases. We have some risk score decay, which incurs in the second quarter where the risk scores get reset on July 1st.

所以，這在第一季對我們產生了一些影響。第二季會發生兩件事，其中之一是 10 月的醫療保險費用表上漲。我們有一定的風險評分衰減，這發生在第二季度，因為風險評分會在 7 月 1 日重置。

We will have sort of a full quarter of our merit increases which were implemented in the back half of of Q1, and, we'll probably have a little bit higher utilization as we roll into sort of cold. Flu season, so we, we'll have those factors to deal with in in Q2, and then in Q3 is really where we start to see usually a little flattening in what happens with our net enrollments because some of that is sort of a byproduct of going through the open enrollment period.

我們將迎來第一季後半段實施的績效獎金成長的大約四分之一，而且隨著我們進入一個相對寒冷的時期，我們的利用率可能會略高一些。流感季，所以我們在第二季度要應對這些因素，然後在第三季度，我們通常會看到淨註冊人數略有趨於平緩，因為其中一些是開放註冊期的副產品。

And then we sort of return to kind of a more normalized, Q4. So So those are some of the factors that are going on, this year, because of what's happening with, our population around Medicaid eligibility in the first quarter and working through some of the issues there probably is going to make a little bit more lumpiness in the front half of the year than in the past, but, we're still good where we are with guidance. So hopefully that provides a little color on how to think about the quarters.

然後我們就回到了比較正常的第四季。所以，今年由於第一季醫療補助資格方面的問題，以及我們正在處理的一些問題，這些因素可能會導致今年上半年的業績比往年略有波動，但我們目前的業績指引仍然良好。希望這能對理解四分之一硬幣有所啟發。

No, really, yeah, appreciate the color there, I guess just as a follow-up, just taking a step back as we're making our way through open enrollment and Medicare Advantage. There's just been some commentary from brokers regarding an uptick in special needs plans offerings and some of the traditional MA plans that generally pared back.

不，真的，是的，我很欣賞那裡的顏色，我想作為後續，只是想在我們經歷開放註冊和醫療保險優勢計劃的過程中，退後一步。經紀人最近發表了一些評論，指出特殊需求計劃產品有所增加，而一些傳統的醫療保險優勢計劃則普遍縮減了規模。

I appreciate that pace possesses unique eligibility and processing requirements relative to those snips, but just curious how you describe maybe the competitive dynamic of the cycle. And whether you've maybe seen any spill over into how you're thinking about your risk pool going into this upcoming year.

我知道與那些選秀節目相比，選秀的資格和處理要求有所不同，但我只是好奇您是如何描述選秀週期中的競爭動態的。以及你是否已經注意到，這種影響可能波及到你對即將到來的一年的風險敞口的看法。

But this is Patrick. I'll get it started maybe hand off to Matt. I think, I think what we're experiencing is a market that still remains pretty competitive. I certainly see some of the extraction of certain Medicare Advantage plans, but to your point, the special needs plans still remain a strong presence.

但這是派崔克。我先開始，然後可能交給馬特。我認為，我們目前所處的市場競爭依然非常激烈。我確實看到一些醫療保險優勢計劃被取消了，但正如你所說，特殊需求計劃仍然佔據著重要地位。

I think in terms of, how we're responding to that, I think, we got out there very early. Into the market, working with our referral channels and working with our participants just to make sure that people were aware of the strength of our offering, how our offers differentiates between a Medicare Advantage, set of benefits, how much more comprehensive we are and integrated we are, and I think for the most part, I think we're feeling good, about.

我認為就我們應對這種情況的方式而言，我們很早就採取了行動。進入市場，與我們的轉診管道和參與者合作，確保人們了解我們產品的優勢，了解我們的產品與 Medicare Advantage 的區別，了解我們的福利組合，了解我們產品的全面性和整合性，我認為在很大程度上，我們對此感覺良好。

Our position in the market, I think it's taken a few years, but people are, I think, getting a gaining a better understanding of pace as it relates and compares to any sort of Medicare Advantage plan, whether that be a special needs plan or a traditional Medicare Advantage plan.

我認為，經過幾年的時間，人們逐漸了解了我們在市場上的地位，並且對速度有了更深入的了解，並將其與任何類型的醫療保險優勢計劃（無論是特殊需求計劃還是傳統的醫療保險優勢計劃）進行了比較。

And I think, that distinction we're getting better at articulating that value. Proposition in all of our markets and so I think we're feeling, pretty good about our relative positioning in the markets. I think it is still very competitive, but I think we're getting much better at telling the pace story, and that's certainly helping. But Matt Harrais here with us today, and I'll ask him to add any of his thoughts.

我認為，我們越來越擅長闡明這種差異的價值。我們在所有市場都有良好的市場定位，所以我認為我們對自身在市場中的相對地位感覺相當不錯。我認為競爭依然非常激烈，但我覺得我們在講述比賽節奏方面做得越來越好，這肯定會有所幫助。但今天和我們在一起的還有 Matt Harrais，我會請他補充一些想法。

Thanks, Patrick, and good afternoon, Ben. Patrick articulated it well, I would start with just the difference in the models themselves. Pace is a vertically integrated offering. It's a comprehensive set of services and there's zero out of cost.

謝謝你，派崔克，下午好，本。派崔克闡述得很好，我會先從模型本身的差異說起。Pace是一家垂直整合型企業。這是一套全面的服務，而且完全免費。

And so we're focused on making sure that folks for whom. There is an alternative, and you'll recall within the dual eligible population only a small subset would be pa eligible based on clinical frailty, but when we find folks who that overlaps, we make sure to hit those differentiated points and year-to-date it's early days, but it's going well.

因此，我們專注於確保那些為之服務的人。還有一種替代方案，您可能還記得，在雙重資格人群中，只有一小部分人會因為臨床虛弱而符合 PA 資格，但當我們發現符合條件的人時，我們會確保抓住這些差異點，今年到目前為止還處於早期階段，但進展順利。

Great appreciate the comments there thanks.

非常感謝大家的評論。

Thank you. Our next question comes from the line of Matthew Gilmer with KeyBank. Your line is now open.

謝謝。我們的下一個問題來自 KeyBank 的 Matthew Gilmer。您的線路已開通。

Hey, thanks for the question. I wanted to ask about some of the cost trends that you reported, and I think we tend to look at sort of total cost PMPM because it normalizes for the insourcing you've done on pharmacy and hospice, but really impressive results again this quarter.

嘿，謝謝你的提問。我想問您報告的一些成本趨勢，我認為我們傾向於關注每人每月總成本，因為它已經將您在藥房和臨終關懷方面進行的內部化調整了，但本季度的結果確實令人印象深刻。

I wanted to see if there was any lingering benefit as the acuity of the population has normalized or or if that's fully behind you. And then just what would you attribute the the lower sniff utilization to in terms of, your clinical efforts in the market.

我想看看隨著人群的視力恢復正常，是否還有任何持續的好處，或者這種情況是否已經完全過去了。那麼，從您在市場上的臨床努力來看，您認為嗅覺刺激劑使用率較低的原因是什麼？

Mr. Patrick, I'll I'll start. Ben has some thoughts he wants to share. On your last point about, sort of post acute, we've put a lot of work into optimizing, our discharges from the hospital into the appropriate level of care with skilled nursing and have put a lot of work into the contracts themselves to ensure that we're optimizing the unit cost side of things as well as the level of care and care coordination side.

派崔克先生，我先來。本有一些想法想跟大家分享。關於您最後一點，關於急性後期護理，我們投入了大量精力來優化出院流程，確保患者能夠獲得適當級別的專業護理，並在合約本身方面投入了大量精力，以確保我們在單位成本、護理水平和護理協調方面都做到了優化。

I think we've gotten a lot better in that area as well of, doing sort of our version of prior authorization, just making sure that the individual does in fact need to go to a sniff versus a versus go back home, really one of Pace's.

我認為我們在這一領域也取得了很大的進步，我們採取了某種形式的事先授權，確保個人確實需要去嗅探，而不是回家，這實際上是 Pace 的做法之一。

Strengths is our ability to to build a support structure around the home through our resources and family members, etc. To help people get back home when in many other programs they're going to go to a sniff and so I think that's a big part of it, and then just trying to align and sit.

我們的優勢在於能夠透過我們的資源和家庭成員等，圍繞家庭建立支持結構，幫助人們回家。而許多其他項目只會讓他們去體驗一下，所以我認為這是其中很重要的一部分，然後就是努力調整和安頓下來。

As well with our network partners that's really helped us in a great deal with our staff, but, overall, each year we've got a portfolio what we call clinical value initiatives and OVIs, our operating value. And so in addition to the work we've done on SNF, we've done a lot of work on inpatient hospitalizations as well, conversions of short stay, inpatient stays into observations. We're do really tight management of readmission of our patients, our doctors play a big role.

此外，我們的網路合作夥伴也確實在員工方面給予了我們很大的幫助，但總的來說，我們每年都有一系列我們稱之為臨床價值計劃和 OVI（營運價值）的專案。因此，除了我們在 SNF 方面所做的工作之外，我們還在住院治療方面做了很多工作，將短期住院治療轉換為觀察治療。我們對患者的再入院情況進行非常嚴格的管理，我們的醫生發揮了重要作用。

We've put work into our audits of hospital claims and they're working with top tier organizations to make sure we're not paying any more than we should. Lots of work around the as well. Pharmacy is one, I think Ben, has mentioned it in the past we brought pharmacy in-house, but that's allowed us to work with a lot of different elements of the cost structure there, not only how we fulfill the care, but how we fulfill the drugs, how we distribute the drugs, how we package the drugs.

我們已經投入大量精力對醫院的理賠進行審核，他們正在與頂級機構合作，以確保我們不會支付超過應得的費用。周圍也有很多工作要做。藥局就是其中之一，我想本之前也提到過，我們把藥局收歸公司內部管理，但這讓我們能夠處理成本結構中的許多不同要素，不僅包括我們如何提供護理，還包括我們如何提供藥品、如何分發藥品、如何包裝藥品。

The care management that We put, around the prescribing patterns. There's just a lot of work in that sort of CBI bucket that touches on all these areas and, we sort of build a plan at the beginning of the year. Some of those are, successful, some of them maybe aren't as successful. Some of them we get to the value quicker, some of them it takes longer to get to the value.

我們圍繞著處方模式製定的護理管理方案。CBI 領域有很多工作要做，涉及所有這些方面，我們在年初會制定一個計劃。有些很成功，有些可能不太成功。有些東西我們很快就能得到它的價值，有些東西則需要更長時間才能得到它的價值。

And I think that, we've done a really nice job on executing on those, and I think, the more we get, into the why, you probably saw some of it in my opening remarks about just this uniqueness. Model where we control our doctors really control so much of the care that gets delivered and we're we're really leaning into that and delivering great high-quality care care with very high satisfaction.

我認為，我們在執行這些方面做得非常好，而且我認為，我們越深入探討原因，你可能在我開場白中就看到了一些關於這種獨特性的內容。在這種模式下，我們控制醫生，醫生就能真正控制大部分的醫療服務，我們正在大力推進這個模式，提供高品質的醫療服務，並贏得病患的高度滿意。

But I think our risk portfolio more broadly, I think we've got modestly better in terms of our mix. And so if you think about our mix, we've talked about independent living, assisted living, and then people that are in a permanent nursing home. Because we're now enrolling people post-sanction, we're enrolling a lot of individuals that are independent and living in the community, and so that's helping a bit with our mix. And, I think that overall the team's just doing a really outstanding, job and, anything you want to add?

但我認為，從更廣泛的角度來看，我們的風險組合已經略有改善。所以，如果你考慮我們的組合，我們已經談到了獨立生活、輔助生活，以及長期住在療養院的人。因為我們現在招收的是受制裁後的人，我們招收了很多獨立生活、居住在社區裡的人，所以這對我們的人員構成有所幫助。而且，我認為整個團隊做得非常出色，你還有什麼要補充的嗎？

Yeah, I mean, I guess the only thing I'd add to that is if you're looking at trend and kind of a queue over queue fashion. One thing it's probably worth being aware is that with the in-housing of pharmacy, it's moved a few expenses around in terms of the geography of the income statement, and we don't break it out, although there's some discussion of it in the 10Q itself, but let me just give you a little guidance to think about it.

是的，我的意思是，我唯一要補充的是，如果你關注的是潮流和那種排排長隊的時尚。值得注意的是，隨著藥房業務的內部化，損益表中的一些費用發生了變化，我們沒有將其單獨列出，儘管 10Q 表格本身對此有一些討論，但我想給您一些思考方向。

If you think about our external provider costs, they went up queue over 2% by 1. 5% obviously we had a 9.9%, almost 10% increase in member months and so we had an offsetting amount to get there and some of it had to do with improved utilization.

如果你考慮我們的外部供應商成本，它們上漲了超過 2%，漲幅為 1.5%。顯然，我們的會員月數成長了 9.9%，接近 10%，所以我們有一些抵消因素，其中一些與提高利用率有關。

Some of it also had to do with. Slightly better rebates on the pharmacy side and also the benefits of what our in-house pharmacy does to our external provider cost trend. So think about that is there's a little bit of a model transition when you do the queue over Que comparison.

其中一些也與此有關。藥局的回扣略有改善，而且我們內部藥局對外部供應商成本趨勢的影響也帶來了好處。所以想想看，當你進行隊列與 Que 的比較時，會存在一些模型過渡。

Similarly, if you look at the cost of care line. I am for us, it looks like it went up 19.7%, which is huge in comparison to the increase in member months. But if you sort of get behind it, you'll see in some of the description we talk about the fact that there's an increase in SWB that's pretty large. Then there's also a $4.9 million dollar increase in A consulting fees and shipping costs, related to the in-housing of our pharmacy.

同樣地，如果你看一下護理熱線的費用。就我們而言，看起來成長了 19.7%，與會員月份的成長相比，這是一個巨大的成長。但如果你仔細研究一下，你會發現我們在一些描述中提到，SWB（螢幕寬度）的增加幅度相當大。此外，由於我們藥房內部化，諮詢費和運輸成本也增加了 490 萬美元。

So if you were to sort of realign things back geographically, which you really don't have all the pieces to do, but it'll become more apparent as we get further through the course of the year and things begin to annualize out, you'll see the cost trends sort of make more intuitive sense as opposed to what the real queue over cue numbers would suggest.

所以，如果你要按地理位置重新調整一下，雖然你現在還沒有掌握所有信息，但隨著一年中時間的推移，情況會變得更加明顯，事情也會開始按年調整，你會發現成本趨勢比實際排隊人數所暗示的更符合直覺。

Yeah, no I I appreciate that we tend to look at the external provider costs and the cost of care together right now just because of that geography let me ask kind of one follow-up Patrick, I I was curious as you're thinking about these clinical value initiatives,

是的，我理解我們現在傾向於將外部供應商成本和醫療成本放在一起考慮，正是因為地理因素。派崔克，我還有一個後續問題，我很好奇，您在考慮這些臨床價值舉措時，

Just how far along the path do you think you are in terms of standardizing some of these processes, like working with the discharge planners at the hospitals to TRY to get people home. How much runway is there to go? I assume, I assume it's a long runway, but just wanted to get your sense in terms of the degree of maturity for these programs as you roll them out across across your markets.

您認為在規範這些流程方面，例如與醫院的出院計劃員合作，努力讓人們回家，您目前進展到什麼程度了？還有多長的跑道？我猜想，這需要很長時間，但我只是想了解一下，隨著你們在各個市場推廣這些項目，你們對這些項目的成熟度有何看法。

It's it's a thank you. It's a great question and one that we sort of think a lot about. and what I would say if I had to just sort of put it in a percentage terms I'd say we're about 50% there and you know our 100% I don't put on sort of the caliber of, your best MA plans for example so you know just but what are we capable. Of, I'd say we're about 50% there and you, you're right, as we go through, as I go through inpatient, I think about, what we're doing there when I go through emergency room services or PTOT deral medical equipment, labs, those are post-acute that we talked about.

這是表示感謝。這是一個很好的問題，也是我們一直在思考的問題。如果非要用百分比來表示的話，我會說我們完成了大約 50%，而 100% 的完成度，比如達到你們最好的 MA 計劃的水平，並不是說我們有能力做到什麼程度。嗯，我覺得我們已經完成了大約 50%，你說得對，當我們進行住院治療時，我會思考，當我們進行急診室服務或物理治療、醫療設備、實驗室檢查時，我們正在做的事情，這些都是我們討論過的急性後期治療。

You think about for all of those what we've done is tighten coordination, tighten communication, leveraged our new epic EMR to the fullest, got under the cover on unit costs and, renegotiated where we could on unit cost. What's left. And this is, where you go kind of go from good to great.

想想我們為所有這些所做的，就是加強協調，加強溝通，充分利用我們新的 EMR 系統，控制單位成本，並在可能的情況下重新談判單位成本。剩下的是什麼？這就是你從優秀走向卓越的過程。

What's left is really ordering behavior, the point about we control so much of the healthcare dollar, it means we also are responsible for deciding what we're going to do and what we're not going to do. So where do I think there's more opportunity in that back half? It's things like very thoughtful, technology-based clinical guidelines and utilization review guidelines.

剩下的其實是行為秩序，關鍵在於我們控制著這麼多的醫療保健資金，這意味著我們也有責任決定我們要做什麼、不做什麼。那麼，我認為後半程還有哪些面向更有發展機會呢？例如，非常周全的、基於技術的臨床指南和利用審查指南。

So what we find is. Across our 20 centers you could find variations in ordering patterns and variations in decision making on when does someone go to assisted living, when do we make the decision for someone to go into a nursing home? How much of the specialist care that's recommended is supported with clinical guidelines? So it's that sort of reducing variation of care across our system.

所以我們發現的是…在我們 20 個中心，您可能會發現訂購模式存在差異，並且在何時讓某人入住輔助生活設施、何時決定讓某人入住養老院等方面的決策也存在差異。在所推薦的專科護理中，有多少得到了臨床指引的支持？所以，關鍵在於減少我們整個醫療體系內護理品質的差異。

And using clinical guidelines to. Help direct us and help guide us there. And so this intersects with you saw, I think it was yesterday we announced Paul Tahari is joining us and if you think about Paul's leadership, he brings tremendous, experience with sort of systems thinking.

並遵循臨床指引。請幫助我們指明方向，指引我們到達那裡。所以，這與你昨天看​​到的有關，我想我們昨天宣布保羅·塔哈里將加入我們，如果你想想保羅的領導能力，他帶來了豐富的系統思維經驗。

He brings tremendous experience, leading physicians through this sort of trans transformation. Understanding the unique dynamics and culture of our providers and how they make decisions and how to address, resistance, frankly, to change, and then he just has a great collaborative, leadership style, and he's just an all around great guy.

他擁有豐富的經驗，能夠帶領醫生完成這項轉型。他了解我們供應商的獨特動態和文化，了解他們如何做決定，以及如何應對（坦白說）對變革的抵制，而且他擁有出色的協作和領導風格，他本人也是一位非常棒的人。

So he's here to help us address that next 50%. And we think there's value there. It takes time to get to. It doesn't happen in a quarter or two quarters, but over the next couple of years, we feel really good about our ability to deliver high-quality, cost-effective care.

所以他來這裡是為了幫助我們解決接下來的 50% 的問題。我們認為這其中蘊含著價值。到達那裡需要時間。這不會在一兩個季度內實現，但在接下來的幾年裡，我們對提供高品質、高性價比醫療服務的能力充滿信心。

Got it thanks a lot.

明白了，非常感謝。

Thank you. I'm showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。我目前不再提出其他問題。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。