InnovAge Holding Corp (INNV) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the InnovAge 2026 fiscal third quarter earnings call. (Operator Instructions) Please be advised today's conference is being recorded. I would like to hand the conference over to your speaker today, Ryan Kubota. Please go ahead.

各位好，感謝您稍候。歡迎參加 InnovAge 2026 會計年度第三季財報電話會議。（接線員指示）請注意，今日會議將被錄音。我現在把會議交給今日的發言人 Ryan Kubota。請開始。

Thank you, operator. Good afternoon and thank you all for joining the InnovAge 2026 fiscal third 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 third quarter results. You may access the release on the Investor Relations section of our company website, innovage.com.

謝謝，接線員。各位下午好，感謝大家參加 InnovAge 2026 會計年度第三季財報電話會議。今天與我一同出席的有執行長 Patrick Blair，以及財務長 Ben Adams。今天在收盤後，我們發布了財報新聞稿，內含我們會計年度第三季業績的詳細資訊。您可至公司網站 innovage.com 的投資人關係專區查閱該新聞稿。

For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Tuesday, May 5, 2026, and have not been updated subsequent to this call. During our call, we will refer to certain non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our earnings press release posted on our website.

對於收聽本次電話會議重播的聽眾，我們提醒您，本次發言內容截至今日，即 2026 年 5 月 5 日（星期二），且在本次會議後未再更新。在會議中，我們將提及若干非 GAAP 指標。這些指標與最直接可比的 GAAP 指標之調節表，可於我們網站上發布的財報新聞稿中查閱。

We will also make statements that are considered forward-looking, including those related to our 2026 fiscal year projections and guidance, future growth prospects and growth strategy, our clinical and operational value initiatives, the effects of recent legislation and federal budget cuts, including Medicare and Medicaid rate pressures, seasonality of cost trends, the status of current and future legal proceedings and regulatory actions and other expectations. Listeners are cautioned that all of our forward-looking 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.

我們也將發表被視為前瞻性陳述的內容，包括與我們 2026 會計年度預測與指引、未來成長前景與成長策略、臨床與營運價值提升計畫、近期立法與聯邦預算削減的影響（包括 Medicare 與 Medicaid 費率壓力）、成本趨勢的季節性、目前及未來法律程序與監管行動的狀態，以及其他預期相關的陳述。提醒聽眾注意，我們所有前瞻性陳述均涉及若干假設，且本質上受風險與不確定性影響，可能導致實際結果與我們目前預期出現重大差異。

We advise listeners to review the risk factors and other discussions included in our annual report on Form 10-K for fiscal year 2025 and any subsequent reports filed with the SEC, including our most recent quarterly report on Form 10-Q. After the completion of our prepared remarks, we will open the call for questions.

我們建議聽眾查閱我們 2025 會計年度 Form 10-K 年報，以及其後向美國證券交易委員會（SEC）提交的任何報告（包括我們最近一期 Form 10-Q 季報）中所載的風險因素與其他討論。在我們完成事先準備的發言後，將開放提問。

I will now turn the call over to our CEO, Patrick Blair. Patrick?

現在我把電話會議交給我們的執行長 Patrick Blair。Patrick？

Thank you, Ryan, and good afternoon, everyone. I'd like to begin by thanking our InnovAge colleagues, our participants and their families, our government partners and our investor community for your continued trust and support. The work our teams do every day to care for a very complex and vulnerable population is what drives our performance, and I'm proud of the progress we're making and the consistency we're beginning to demonstrate as an organization. We delivered a solid third quarter and continue to see steady momentum across the business. These results reflect stronger operating execution and the benefits of the investments we've made over the past few years to strengthen the platform.

謝謝你，Ryan，各位下午好。首先，我要感謝我們 InnovAge 的同仁、我們的參與者及其家屬、政府合作夥伴，以及投資人社群，感謝各位持續的信任與支持。我們團隊每天為一個高度複雜且脆弱的族群提供照護，正是這份工作驅動了我們的表現；我也為我們所取得的進展，以及作為一個組織開始展現的穩定性而感到自豪。我們交出穩健的第三季成績，並持續看到業務各面向的穩定動能。這些成果反映出更強的營運執行力，以及我們過去幾年為強化平台所做投資帶來的效益。

For the quarter, we reported approximately $252 million in total revenue, center-level contribution margin of $61 million and adjusted EBITDA of $30 million. We ended the quarter serving approximately 8,050 participants in 6 states across 20 centers. Based on our year-to-date operating trends and financial performance, we are once again raising our fiscal year 2026 guidance for revenue and adjusted EBITDA. We now expect revenue in the range of $950 million to $975 million and adjusted EBITDA in the range of $85 million to $90 million. Overall, our performance continues to show steady year-over-year improvement across key operational and clinical metrics.

本季我們的總營收約為 2.52 億美元，中心層級貢獻毛利（center-level contribution margin）為 6,100 萬美元，調整後 EBITDA 為 3,000 萬美元。季末我們在 6 個州、20 個中心服務約 8,050 名參與者。基於年初至今的營運趨勢與財務表現，我們再次上調 2026 會計年度的營收與調整後 EBITDA 指引。我們目前預期營收介於 9.50 億至 9.75 億美元，調整後 EBITDA 介於 8,500 萬至 9,000 萬美元。整體而言，我們的表現持續在關鍵營運與臨床指標上展現穩健的年對年改善。

Our performance this year has been supported by several in-year factors that came in more favorably than we expected, including better-than-expected Medicaid rates and favorable Medicare risk scores and continued discipline across medical management. So as we think about our momentum, we believe it is real and increasingly durable, but we are also being thoughtful about our assumptions as we look ahead to fiscal 2027.

我們今年的表現受到數項年度內因素的支持，而這些因素的表現也比我們原先預期更有利，包括優於預期的 Medicaid 費率、有利的 Medicare 風險分數，以及在醫療管理方面持續的紀律。因此，當我們思考目前的動能時，我們相信它是真實且愈來愈具持久性；但在展望 2027 會計年度時，我們也會審慎看待各項假設。

Just as importantly, we view our improving financial performance as an enabler, not an endpoint. The progress we're making is allowing us to reinvest in the business in ways that we believe directly benefit participants and strengthen the model over the long term. That includes continued investment in our clinical teams and interdisciplinary model, advancing our technology platform, including early and closely monitored applications of AI to improve care coordination and participant experience and strengthening how we measure and manage quality.

同樣重要的是，我們將財務表現的改善視為一種助力，而非終點。我們正在取得的進展，使我們能以我們相信可直接造福參與者、並在長期強化模式的方式再投資於業務。這包括持續投資於臨床團隊與跨專業整合模式、推進我們的科技平台（包含在早期階段且於嚴密監控下運用 AI 以改善照護協調與參與者體驗），以及強化我們衡量與管理品質的方式。

We are also investing in growth, including our new centers in Florida, which are still maturing from an operations and financial perspective. Given the complexity of the PACE population we serve, these long-term investments are essential. Our goal is to deliver strong, sustainable performance while continuing to invest in the model and be a responsible partner to states and the federal government. In the PACE model, financial performance and quality are not separate. They are directly linked.

我們也在投資成長，包括佛羅里達州的新中心；從營運與財務角度來看，這些中心仍在成熟期。鑑於我們所服務的 PACE 族群之複雜性，這些長期投資至關重要。我們的目標是在持續投資於模式的同時，交出強勁且可持續的表現，並成為各州與聯邦政府負責任的合作夥伴。在 PACE 模式中，財務表現與品質並非各自獨立，而是直接相互連結。

When we improve quality, we see better participant outcomes, more consistent engagement, lower unnecessary utilization and ultimately better fiscal management for our state and federal partners. We track a wide range of required quality and utilization metrics, and these remain an important part of how we manage the business day-to-day. But we also recognize that many of these measures, while necessary, don't fully capture what matters most to our participants or to the full value of the model. At its core, our focus is helping participants maintain their independence, remain in the community for as long as possible and receive care that is individualized and aligned with their goals. This includes supporting caregivers, coordinating care across the continuum and intervening early before issues escalate.

當我們提升品質時，我們會看到更好的參與者結果、更一致的參與度、更低的不必要醫療使用，並最終為州與聯邦合作夥伴帶來更佳的財務管理。我們追蹤多項必要的品質與使用量指標，這些指標仍是我們日常管理業務的重要一環。但我們也認知到，許多指標雖然必要，卻無法完全反映對參與者最重要的事，或該模式的完整價值。就其核心而言，我們的重點是協助參與者維持獨立性、盡可能長時間留在社區中生活，並獲得個人化且與其目標一致的照護。這也包括支持照顧者、在照護連續體中協調照護，以及在問題惡化前及早介入。

Over the past several years, we have made meaningful investments in our clinical teams, our care model and our operational infrastructure to strengthen our ability to deliver on those outcomes. More recently, we have begun to invest more intentionally in how we measure them. We are in the early stages of developing a more comprehensive set of outcome-oriented measures focused on areas like functional trajectory, the ability of participants to remain in the community and further aligning care with participant goals. These are areas where we believe the PACE model delivers meaningful value. Our initial focus is on building the data, processes and operational consistency required to measure these outcomes reliably.

過去幾年，我們在臨床團隊、照護模式與營運基礎設施方面進行了具實質意義的投資，以強化我們達成上述成果的能力。近期，我們也開始更有意識地投資於如何衡量這些成果。我們正處於建立更全面、以結果為導向的衡量指標之早期階段，聚焦於例如功能狀態的變化軌跡、參與者留在社區生活的能力，以及進一步使照護與參與者目標一致等領域。我們相信這些領域正是 PACE 模式能提供顯著價值之處。我們初期的重點是建立可可靠衡量這些成果所需的資料、流程與營運一致性。

As the capabilities mature, we expect to incorporate them more formally into how we manage the business. We believe this is an important step, not only in demonstrating the full value of the PACE model, but also in ensuring that our continued financial progress is clearly aligned with better outcomes for the participants we serve and the partners we support. AI is another area in which we are investing more heavily.

隨著相關能力逐步成熟，我們預期將更正式地把它們納入我們管理業務的方式中。我們相信這是重要的一步，不僅有助於展現 PACE 模式的完整價值，也能確保我們持續的財務進展能清楚對齊：為我們所服務的參與者帶來更好的成果，並支持我們的合作夥伴。AI 也是我們加大投資力度的另一個領域。

When we think about the objectives we share with our regulators, improving participant experience, enhancing outcomes for a complex population and doing so in a cost-effective way, we believe AI with the appropriate oversight has the potential to be a meaningful enabler. While still early, the work we've done over the past several months increases our confidence that these capabilities can have a real impact on both the quality and efficiency of our model.

當我們思考與監管機構共同的目標——改善參與者體驗、提升複雜族群的照護成果，並以具成本效益的方式達成——我們相信在適當監督下的 AI 具有成為重要助力的潛力。雖然仍在早期階段，但我們過去幾個月所做的工作，提升了我們的信心：這些能力能對我們模式的品質與效率帶來實質影響。

Much of our clinical AI work is being led by Dr. Paul Taheri. Although Paul has only been with us a short time, he has quickly stepped in to help shape our approach, bring a strong focus on practical application, clinical rigor and ensuring these tools are designed to support, not replace clinical judgment. We're piloting a range of use cases designed to support our clinicians and to streamline operations. In our clinical workflows, we're piloting AI tools to help synthesize information across the participant record to support care planning and to identify potential risks such as medication interactions or avoidable acute events.

我們多數臨床 AI 的工作由 Paul Taheri 醫師主導。雖然 Paul 加入我們的時間不長，但他很快就投入協助塑造我們的方法，並強化對實務應用、臨床嚴謹性，以及確保這些工具是用來支持而非取代臨床判斷的重點。我們正在試行一系列使用情境，旨在支援臨床人員並簡化營運。在臨床工作流程方面，我們正試行 AI 工具，以協助整合參與者病歷中的資訊來支持照護計畫，並辨識潛在風險，例如用藥交互作用或可避免的急性事件。

The goal is to increase the quality of the care we provide for our participants and enable our teams to operate more effectively at the top of their license. We are also applying these capabilities to operational areas such as scheduling, transportation and care coordination, where we see meaningful opportunity to reduce friction, improve the participant experience and better utilize our existing capacity. One area we are particularly focused on is how we schedule and deliver services across our centers.

目標是提升我們為參與者提供的照護品質，並讓團隊能更有效地在其專業執照允許的最高範圍內發揮。我們也將這些能力應用於營運領域，例如排程、交通運輸與照護協調；在這些方面，我們看到可顯著降低摩擦、改善參與者體驗並更有效運用既有產能的機會。我們特別聚焦的一個領域，是如何在各中心之間安排並提供服務。

Today, there are structural inefficiencies that can lead to cancellations, unused capacity and administrative burden. We believe AI-enabled scheduling and coordination can help address these challenges, allowing us to improve the experience, to serve more participants within our existing footprint and to increase capacity over time.

目前存在一些結構性低效率，可能導致取消、產能閒置與行政負擔。我們相信，AI 驅動的排程與協調可協助解決這些挑戰，使我們能改善體驗、在既有據點範圍內服務更多參與者，並隨時間推進提升產能。

Importantly, we're approaching this work with discipline. We're testing, learning and measuring impact before scaling. And we're focused on use cases where we see clear alignment between improved outcomes, better participant experience and more efficient operations. Over time, we believe these investments will further strengthen our platform and expand our ability to deliver high-quality coordinated care at scale. Stepping back, one of the things these results and the progress we've made over the past several years now allow us to do is to take a more forward-looking view on growth.

重要的是，我們以嚴謹的紀律推進這項工作。我們在擴大規模之前先進行測試、學習並衡量影響。我們也聚焦於那些我們看到「改善結果」、「提升參與者體驗」與「更高效率的營運」之間具有明確一致性的使用情境。隨著時間推移，我們相信這些投資將進一步強化我們的平台，並擴大我們以規模化方式提供高品質協調照護的能力。從更宏觀的角度來看，這些成果以及我們過去幾年取得的進展，現在讓我們能夠以更前瞻的視角看待成長。

Over the last four years, our focus has been on stabilizing and strengthening the platform. And as a result of that work, we're now beginning to generate more consistent earnings and cash flow, which gives us greater strategic flexibility as we look ahead. That flexibility allows us to take a more proactive and thoughtful approach to growth.

過去四年，我們的重點一直放在穩定並強化平台。也因為這些工作，我們現在開始產生更一致的獲利與現金流，這使我們在展望未來時擁有更大的策略彈性。這種彈性讓我們能以更主動且更周全的方式來推動成長。

First, we continue to see meaningful opportunity within our existing footprint by filling our current centers, strengthening our sales capabilities and expanding our reach through new channels and partnerships. At the same time, we're beginning to evaluate a broader set of potential growth alternatives that could allow us to expand our model to more seniors over time.

首先，我們持續在既有版圖內看到具實質意義的機會，包括填滿現有中心、強化銷售能力，以及透過新通路與合作夥伴關係擴大觸及。同時，我們也開始評估更廣泛的一系列潛在成長選項，讓我們能隨時間將我們的模式擴展至更多長者。

These may include acquisitions, joint ventures, partnerships or participation in new programs and demonstration models that align with our capabilities. Overall, we're entering the next phase as an organization, one that positions us well to expand access to our model and to serve more seniors who can benefit from it. Before I conclude, I'd like to spend a few minutes on the rate environment. As we know, this is an important area of focus for everyone. Ben will provide more detailed visibility into our fiscal 2027 outlook, including rates on our fourth quarter and fiscal year earnings call in early September.

這些選項可能包括併購、合資、合作夥伴關係，或參與與我們能力相符的新計畫與示範模式。整體而言，我們正以組織的角度邁入下一個階段，這將使我們更有利於擴大對我們模式的可近性，並服務更多能從中受益的長者。在我結束之前，我想花幾分鐘談談利率環境。如同我們所知，這是每個人都高度關注的重要領域。Ben 將在 9 月初的第四季與全年財報電話會議中，提供我們 2027 會計年度展望的更詳細能見度，包括費率。

But given where we sit today, we thought it would be helpful to share some early perspective on how we're thinking about the environment, recognizing that our visibility is still evolving. Starting with Medicare. The final 2027 rate notice came in more favorable than initially proposed, particularly for Medicare Advantage plans. That improvement was driven in part by deferred changes to the V28 risk model transition, which had a more meaningful impact on MA than on PACE. For PACE, our rate setting framework and transition time line are different.

但就我們目前所處的位置而言，我們認為分享一些我們對環境的初步看法會有所幫助，同時也要承認我們的能見度仍在演進。先從 Medicare（聯邦醫療保險）談起。最終的 2027 年費率公告比最初提案更為有利，特別是對 Medicare Advantage（MA，聯邦醫療保險優勢計畫）。這項改善部分是由於延後了 V28 風險模型轉換的變更，而該變更對 MA 的影響比對 PACE 更為顯著。對於 PACE 而言，我們的費率制定架構與轉換時程不同。

And given the complexity of the population we serve, the benefit from the deferred changes to V28 is more limited. The net result is that we expect Medicare rates to increase approximately 1.5% to 2% in fiscal year 2027, which is more modest and increase than what will likely be experienced by MA plans. On the Medicaid side, we're beginning to see early indications from our state partners that budget pressures are increasing. That said, it's important to step back and view Medicaid rates in PACE over a longer horizon. This has always been a program with some degree of year-to-year variability.

此外，鑑於我們服務族群的複雜性，延後 V28 變更所帶來的效益較為有限。綜合結果是，我們預期 2027 會計年度的 Medicare 費率將上升約 1.5% 至 2%，這是一個較為溫和的增幅，且可能低於 MA 計畫所將經歷的增幅。在 Medicaid（聯邦醫療補助）方面，我們開始從州政府合作夥伴那裡看到一些初步跡象，顯示預算壓力正在增加。儘管如此，重要的是要退一步，以更長期的視角看待 PACE 的 Medicaid 費率。這一直是一個每年存在一定波動性的計畫。

There are periods where rates run ahead of cost trend and margins expand and periods like the one we're planning for where cost trends may outpace rate growth and margins can tighten without other offsetting improvements. Over time, these dynamics tend to balance out. Rates have kept pace with the underlying cost of caring for this population and have supported appropriate and sustainable margins for operators who execute well at scale.

有些時期費率增幅會領先成本趨勢、利潤率擴張；也有像我們目前規劃所面對的時期，成本趨勢可能超過費率成長，使利潤率在沒有其他抵銷性改善的情況下收斂。長期而言，這些動態往往會趨於平衡。費率一直能跟上照護此族群的基礎成本，並支持在規模化執行良好的營運者取得適當且可持續的利潤率。

We believe we're seeing normal cycle variability, not a change in the underlying economics of the model. Importantly, this is where the strength of our model matters because we are fully accountable for both the clinical and cost side of the equation, we can manage through periods like this and protect performance over time.

我們認為我們看到的是正常的週期性波動，而不是該模式底層經濟性的改變。重要的是，這正是我們模式優勢發揮作用之處：因為我們對等式中的臨床面與成本面都負有完全責任，我們能在這樣的期間中進行管理，並隨時間保護績效表現。

So while we have benefited from a more favorable rate environment in fiscal 2026 and are planning for a more tempered environment in fiscal 2027, we remain confident in the durability of the model and our ability to execute through the cycle. As we approach the end of the fiscal year, we believe InnovAge is operating from a position of strength. The work we've done over the past several years is translating into more consistent performance and a more disciplined integrated operating model. We're focused on continuing to deliver strong, sustainable performance while investing in the model, supporting our participants and being a responsible partner to the states and the federal government.

因此，儘管我們在 2026 會計年度受惠於較有利的費率環境，並正為 2027 會計年度較為溫和的環境做規劃，我們仍對該模式的持久性以及我們穿越週期的執行能力充滿信心。隨著我們接近會計年度末，我們相信 InnovAge 正在以強勢地位運作。我們過去幾年的工作正轉化為更一致的表現，以及更具紀律的整合式營運模式。我們將持續專注於交付強勁且可持續的績效，同時投資於模式、支持我們的參與者，並成為各州與聯邦政府負責任的合作夥伴。

With that, I'll turn it over to Ben to walk through our financial performance in more detail.

接下來，我把時間交給 Ben，請他更詳細說明我們的財務表現。

Thank you, Patrick. Today, I will provide some highlights from our third quarter fiscal year 2026 financial performance and insight into some of the trends we saw during the fiscal third quarter. Starting with census. We served approximately 8,050 participants across 20 centers as of March 31, 2026, which represents growth of 6.9% compared to the third quarter of fiscal year 2025 and sequential quarter growth of 0.5%. We reported 24,060 member months in the third quarter, an increase of approximately 6.7% compared to the third quarter of fiscal year 2025 and an increase of approximately 0.4% over the second quarter of fiscal year 2026.

謝謝你，Patrick。今天我將提供 2026 會計年度第三季財務表現的一些重點，以及我們在該會計年度第三季觀察到的部分趨勢洞見。先從在冊人數（census）談起。截至 2026 年 3 月 31 日，我們在 20 個中心服務約 8,050 名參與者，較 2025 會計年度第三季成長 6.9%，較前一季成長 0.5%。我們在第三季報告的 member months 為 24,060，較 2025 會計年度第三季增加約 6.7%，較 2026 會計年度第二季增加約 0.4%。

Our third quarter census increase reflects normal seasonal growth resulting from the Medicare Advantage open enrollment period. Total revenues of $251.9 million increased 15.5% compared to $218.1 million in the third quarter of fiscal year 2025, driven by higher capitation rates and growth in member months. The capitation rate increase reflects annual Medicaid and Medicare rate increases and a lower revenue reserve, while member month growth was driven by enrollment expansion across our California, Colorado and Florida centers.

我們第三季在冊人數的增加，反映了因 Medicare Advantage 開放投保期所帶來的正常季節性成長。總營收 2.519 億美元，較 2025 會計年度第三季的 2.181 億美元成長 15.5%，主要由更高的按人頭給付（capitation）費率以及 member months 成長所帶動。按人頭給付費率的提升反映了 Medicaid 與 Medicare 的年度費率調升以及較低的營收準備金（revenue reserve），而 member months 的成長則來自我們加州、科羅拉多州與佛羅里達州中心的招募擴張。

Compared to the second quarter of fiscal year 2026, total revenues increased 5.1%, primarily due to higher capitation rates driven by annual rate increases in California and Medicare, both effective January 1, 2026. We incurred $113.2 million of external provider costs in the third quarter of fiscal year 2026, representing an increase of 5% compared to the third quarter of fiscal year 2025.

相較於 2026 會計年度第二季，總營收增加 5.1%，主要因按人頭給付費率提高所致，而該提高來自加州與 Medicare 的年度費率調升，兩者皆自 2026 年 1 月 1 日起生效。我們在 2026 會計年度第三季發生外部供應商成本 1.132 億美元，較 2025 會計年度第三季增加 5%。

The year-over-year increase was driven by growth in member months, partially offset by a reduction in cost per participant. Lower cost per participant was primarily attributable to reduced permanent nursing facility utilization and lower pharmacy expense following the transition to in-house pharmacy services. These improvements were partially offset by annual rate increases for assisted living and permanent nursing facility services as well as higher assisted living utilization.

年增主要由 member months 成長所帶動，但部分被每位參與者成本下降所抵銷。每位參與者成本下降主要歸因於永久護理機構（permanent nursing facility）使用率降低，以及轉為自營藥局服務後藥品費用下降。上述改善部分被以下因素抵銷：協助式生活（assisted living）與永久護理機構服務的年度費率調升，以及協助式生活使用率提高。

Compared to the second quarter of fiscal year 2026, external provider costs increased 1.1%, driven by modest growth in member months and a slight increase in cost per participant related to seasonal growth in the volume and cost of inpatient admissions. Cost of care, excluding depreciation and amortization, was $77.7 million in the third quarter, an increase of 11.8% compared to the third quarter of fiscal year 2025.

相較於 2026 會計年度第二季，外部供應商成本增加 1.1%，原因是 member months 小幅成長，以及每位參與者成本略增，該略增與住院收治（inpatient admissions）量與成本的季節性上升有關。第三季照護成本（不含折舊與攤銷）為 7,770 萬美元，較 2025 會計年度第三季增加 11.8%。

The year-over-year increase reflects growth in member months and higher cost per participant. The increase was primarily driven by a net increase in salaries, wages and benefits due to higher wage rates, partially offset by reduced headcount, higher third-party fees and shipping costs associated with in-house pharmacy services and higher contract services and fleet costs, inclusive of contract transportation. Cost of care, excluding depreciation and amortization, increased 3.7% compared to the second quarter of fiscal year 2026, driven by higher salaries, wages and benefits associated with the annual reset of employee benefits and payroll taxes as well as an increase in consulting expense, partially offset by lower contract transportation.

年增反映 member months 成長以及每位參與者成本上升。增加主要由薪資、工資與福利的淨增加所驅動（因薪資水準較高，部分被人力編制下降所抵銷）、與自營藥局服務相關的第三方費用與運送成本較高，以及合約服務與車隊成本（包含合約運輸）較高所致。照護成本（不含折舊與攤銷）較 2026 會計年度第二季增加 3.7%，主要由員工福利與薪資稅年度重置所帶動的薪資、工資與福利上升，以及顧問費用增加所致，部分被合約運輸成本下降所抵銷。

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 $61 million for the quarter compared to $40.7 million for the third quarter of fiscal year 2025. As a percentage of revenue, center level contribution margin of 24.2% increased by approximately 550 basis points in the quarter compared to 18.7% in the third quarter of fiscal year 2025.

中心層級貢獻毛利（center-level contribution margin），我們將其定義為總營收扣除外部供應商成本與照護成本（不含折舊與攤銷；包含所有醫療與藥局成本），本季為 6,100 萬美元，較 2025 會計年度第三季的 4,070 萬美元增加。以營收百分比計，中心層級貢獻毛利率為 24.2%，較 2025 會計年度第三季的 18.7% 在本季提升約 550 個基點。

Compared to the second quarter of fiscal year 2026, center level contribution margin increased 15.5% from $52.8 million and as a percentage of revenue increased 220 basis points compared to 22% over the same period. Sales and marketing expenses of approximately $8.7 million increased 26.3% compared to the third quarter of fiscal year 2025, primarily driven by higher wage rates and increased marketing spend to support growth. Sales and marketing expenses increased by approximately 8.2% compared to the second quarter of fiscal year 2026, driven by sales compensation and marketing spend timing.

與2026會計年度第二季相比，中心層級貢獻毛利增加15.5%，由5,280萬美元提升；且占營收比重較同期的22%提高220個基點。銷售與行銷費用約870萬美元，較2025會計年度第三季增加26.3%，主要受較高工資水準及為支持成長而增加的行銷支出所帶動。與2026會計年度第二季相比，銷售與行銷費用約增加8.2%，主要由銷售獎酬與行銷支出時點所驅動。

Corporate general and administrative expenses of $76.5 million increased 98.3% compared to the third quarter of fiscal year 2025, primarily driven by an increase in litigation liability. Corporate general and administrative expenses increased 187.6% compared to the second quarter of fiscal year 2026, primarily due to the litigation liability.

公司一般及行政費用為7,650萬美元，較2025會計年度第三季增加98.3%，主要由訴訟負債增加所致。公司一般及行政費用較2026會計年度第二季增加187.6%，主要亦因訴訟負債所致。

Net loss was $29.9 million for the quarter compared to net loss of $11.1 million in the third quarter of fiscal year 2025. We reported a net loss of $0.22 per share, and our weighted average share count was approximately 135.7 million shares for the quarter on a fully diluted basis. Adjusted EBITDA was $30.5 million for the quarter compared to $10.8 million in the third quarter of fiscal year 2025 and $22.2 million in the second quarter of 2026. Our adjusted EBITDA margin was 12.1% for the quarter compared to 4.9% in the third quarter of fiscal year 2025 and 9.2% in the second quarter of fiscal year 2026. We do not add back losses incurred by our de novo centers in the calculation of adjusted EBITDA.

本季淨損為2,990萬美元，對比2025會計年度第三季淨損1,110萬美元。我們每股淨損為0.22美元，本季在完全稀釋基礎下的加權平均股數約為1.357億股。本季調整後EBITDA為3,050萬美元，對比2025會計年度第三季的1,080萬美元，以及2026年第二季的2,220萬美元。本季調整後EBITDA利潤率為12.1%，對比2025會計年度第三季的4.9%及2026會計年度第二季的9.2%。在計算調整後EBITDA時，我們不會將新設（de novo）中心產生的虧損加回。

De novo center losses are defined as net losses related to preopening and start-up ramp through the first 24 months of de novo operations. Accordingly, this quarter's de novo losses do not include our Tampa and Crenshaw centers as both have progressed beyond the initial 24-month de novo period. For the third quarter, de novo losses were $1.8 million, primarily related to our Orlando, Florida center. This compares to $3.5 million of de novo losses in the third quarter of fiscal year 2025 and $4.7 million of de novo losses in the second quarter of fiscal year 2026. Turning to our balance sheet.

新設（de novo）中心虧損定義為與開業前及啟動爬坡期相關的淨損，涵蓋新設營運的前24個月。因此，本季的新設虧損不包含我們的坦帕（Tampa）與克倫肖（Crenshaw）中心，因兩者皆已超過最初24個月的新設期間。第三季新設虧損為180萬美元，主要與我們位於佛羅里達州奧蘭多（Orlando）的中心相關。相較之下，2025會計年度第三季新設虧損為350萬美元，2026會計年度第二季新設虧損為470萬美元。接著談我們的資產負債表。

We ended the quarter with $95.5 million in cash and cash equivalents, plus $43.1 million in short-term investments. We had $69.4 million in total debt on the balance sheet, representing debt under our senior secured term loan, revolving credit facility and finance leases. For the third quarter, we recorded positive cash flow from operations of $18.1 million and had $3.6 million of capital expenditures. Building on the strong performance we delivered through the first nine months of fiscal 2026 and based on information available today, we are updating our full year revenue and adjusted EBITDA outlook. All other guidance metrics remained unchanged.

本季期末我們持有現金及約當現金9,550萬美元，另有短期投資4,310萬美元。資產負債表上的總負債為6,940萬美元，包含我們的優先擔保定期貸款、循環信用額度及融資租賃負債。第三季我們錄得營運活動正向現金流1,810萬美元，資本支出為360萬美元。基於2026會計年度前九個月的強勁表現，以及依據目前可得資訊，我們更新全年營收與調整後EBITDA展望。其他所有指引指標維持不變。

We expect our ending census for fiscal year 2026 to be between 7,900 and 8,100 participants and member months to be in the range of 92,900 to 95,700. We are now projecting total revenue for fiscal 2026 in the range of $950 million to $975 million. Adjusted EBITDA is now projected to be in the range of $85 million to $90 million, and we anticipate that de novo losses for fiscal year 2026 will be in the $11.5 million to $13.5 million range. As we enter the final quarter of fiscal 2026 and begin planning for fiscal 2027, I'd like to share a few observations on where we stand today and how we're thinking about the year ahead. First, the business is performing well overall.

我們預期2026會計年度期末在冊人數（ending census）介於7,900至8,100名參與者，會員月數（member months）介於92,900至95,700。我們目前預估2026會計年度總營收介於9.50億至9.75億美元。調整後EBITDA目前預估介於8,500萬至9,000萬美元，且我們預期2026會計年度新設（de novo）虧損將介於1,150萬至1,350萬美元。隨著我們進入2026會計年度最後一季並開始規劃2027會計年度，我想分享幾點對目前狀況及未來一年思考的觀察。首先，整體而言，業務表現良好。

Our sustained focus on quality, compliance and operational discipline has created a stronger and more resilient foundation. Over the past several years, we have meaningfully improved the consistency and predictability of the business, and we now have better data and insight to inform care delivery and operational decision-making. Second, as Patrick mentioned, we are beginning to see rate pressures emerge as we engage with our state Medicaid partners. While it remains early in the rate setting process, initial indications suggest rate increases in fiscal 2027 may be lower than what we have experienced historically. If this persists and when combined with a more modest Medicare rate environment, it could create top line pressure in fiscal 2027.

我們持續聚焦於品質、合規與營運紀律，打造了更強健且更具韌性的基礎。過去幾年，我們顯著提升了業務的一致性與可預測性，並且現在擁有更好的數據與洞察，以支援照護提供與營運決策。第二，如Patrick所提到，當我們與各州的Medicaid合作夥伴互動時，開始看到費率壓力浮現。雖然費率制定流程仍在早期階段，但初步跡象顯示，2027會計年度的費率調升幅度可能低於我們過往的歷史經驗。若此情況持續，並與較為溫和的Medicare費率環境相結合，可能在2027會計年度對營收端（top line）造成壓力。

That said, we view this as a near-term dynamic rather than as a structural shift. Currently, we do not believe these conditions represent a new long-term run rate, and we expect the rate environment to normalize over time. Importantly, our improved cost discipline, operating visibility and focus on execution position us to manage through this period. In closing, we are pleased with the strong performance we delivered this quarter and year-to-date. The business is operating from a position of strength, and our updated guidance reflects both our execution to date and our current assessment of the operating environment.

儘管如此，我們將其視為短期動態，而非結構性轉變。目前我們不認為這些情況代表新的長期常態水準（run rate），並預期費率環境將隨時間回歸正常。重要的是，我們在成本紀律、營運能見度及執行力上的提升，使我們有能力度過這段期間。最後，我們對本季及年初至今所交出的強勁表現感到滿意。公司正處於有利位置運作，而我們更新後的指引同時反映了迄今的執行情況以及我們對營運環境的當前評估。

As we continue to refine our operations, we are placing greater emphasis on the full participant experience and evaluating opportunities to enhance care, delivery, efficiency and outcomes over time. We remain committed to disciplined execution as we close out fiscal 2026, and we believe we are positioned to manage near-term headwinds and to build long-term value.

在我們持續精進營運之際，我們更加重視參與者的整體體驗，並評估隨時間提升照護、服務交付、效率與成果的機會。我們仍致力於在結束2026會計年度之際維持有紀律的執行，並相信我們已具備條件以因應短期逆風並創造長期價值。

Operator, that concludes our prepared remarks. Please open the line for questions.

接線員，我們的準備發言到此結束。請開放提問。

(Operator Instructions) Matthew Gillmor, KeyBanc.

（接線員指示）Matthew Gillmor，KeyBanc。

I guess I wanted to first follow up on the comments around 2027. Could you maybe first help frame up sort of the change in the Medicaid rate increases that you've seen on a go-forward basis versus maybe the rearview just so we get a sense for the change in that dynamic? And then as a follow-up to that, one of the things we've been particularly encouraged by has been your ability to keep cost growth sort of almost flat for the last two years.

我想先追問一下關於2027年的評論。您能否先協助說明一下，您所看到的Medicaid費率調升在未來（go-forward）相較於過去（rearview）的變化，讓我們對這個動態的改變有個概念？另外作為後續問題，我們特別受到鼓舞的一點是，過去兩年你們能夠讓成本成長幾乎維持在接近平坦的水準。

So as you're thinking about the go forward, I was just curious about your confidence in able to maintain your cost growth at those levels, which presumably would help the dynamic for 2027 and maybe what you're doing to prepare the organization for what you think may be a more challenging rate environment next year?

因此在展望未來時，我想了解你們對於能否維持成本成長在這些水準的信心如何；這應該有助於2027年的情勢。另外，你們正在做哪些準備，以因應你們認為明年可能更具挑戰的費率環境？

Matt, it's Patrick. Thanks for the question. Overall, I'd say we don't have rates for fiscal year '27 yet. We're just, I think, navigating along with the states what is a pretty complex fiscal backdrop. I mean, states are seeing a combination of factors with sort of post-pandemic funding and broader budget pressures and they're having to rebalance across various health care priorities.

Matt，我是Patrick。謝謝你的問題。整體而言，我會說我們目前還沒有2027會計年度的費率。我們只是——我想——在相當複雜的財政背景下，與各州一起摸索前行。我的意思是，各州正同時面臨多項因素的組合，包括後疫情時期的資金變化以及更廣泛的預算壓力，他們必須在各項醫療照護優先事項之間重新平衡。

So I think what we're doing is just trying to be transparent that it's going to be a different environment for rates than we have seen in the past. I mean this is pretty typical of operating in a state partnered model. It's not new or unexpected. I think our approach has been and is currently as we sort of head into the '27 rate setting is just to stay very closely aligned with our state partners and continue to focus on delivering high-quality care and outcomes and operate as efficiently as we can. One of the things we do hear consistently with every state is just the belief in the PACE value proposition and how well aligned it is to what the states are trying to achieve and caring for these really high needs population is something they take very seriously.

所以我認為我們所做的是，盡量透明地說明：費率環境將會不同於我們過去所見。我的意思是，這在州政府合作模式下營運是相當典型的情況，並不新奇也不意外。我認為我們的做法一直以來都是、目前也是——當我們進入2027年的費率制定時——與州政府夥伴保持非常緊密的一致，並持續專注於提供高品質的照護與成果，同時盡可能高效率地營運。我們確實從每一個州持續聽到的一點是，他們相信PACE的價值主張，以及它與各州想要達成的目標高度一致；而照顧這些高需求族群是他們非常重視的事情。

So we're -- I think just overall, we still know very little about '27. So I wanted to just make sure I shared that. But I think that's sort of how we view it. So in summary, we're kind of mindful of the broader environment, but we think we have the ability to navigate it just like we have in the past. Now that kind of probably takes me to your second point about our ability to manage sort of cost trends in an inflationary environment.

所以我們——我想整體而言，關於2027我們仍知之甚少。因此我想先確保我有分享這一點。但我認為這大致就是我們的看法。總結來說，我們會留意更廣泛的環境，但我們認為自己有能力像過去一樣因應。接著這大概就帶到你第二點：在通膨環境下，我們管理成本趨勢的能力。

We're still feeling very confident about that. And as I shared in my remarks, we have a lot of work underway right now that's AI supported. So I mentioned in some of the opening remarks, some of the clinical work we're doing. But we believe there is a lot of opportunity across our care model to really empower our providers to better information to help them avoid unnecessary specialist referrals, avoid ER visits, unnecessary services, in some ways, providing as much care as possible in our centers. I mentioned, I think, scheduling.

我們對此仍然非常有信心。正如我在發言中分享的，我們目前正在推進大量由 AI 支援的工作。所以我在一些開場發言中提到，我們正在進行的一些臨床工作。但我們相信，在我們的照護模式中有很大的機會，真正賦能我們的服務提供者，讓他們取得更好的資訊，幫助他們避免不必要的專科轉診、避免急診（ER）就醫、避免不必要的服務；在某些方面，盡可能在我們的中心提供更多照護。我提到過，我認為排程也是其中之一。

It's another area where we're using AI to really understand the throughput of our centers and understand something as straightforward as the impact the cancellations have on our transportation, on our staffing. And we're learning a lot about our business and the drivers and AI is really supporting that. And we think there's a lot of prep capacity. We think there's manual workflows that we can work around. We think there's augmentations to our staffing models that we can pursue that will make us more efficient and deliver a better participant experience.

這是另一個我們運用 AI 的領域，用來真正理解我們中心的吞吐量，並理解像取消預約對我們的交通安排、對我們的人力配置所造成的影響這類相對直接的因素。我們正在對我們的業務以及其驅動因素學到很多，而 AI 正在提供強力支援。我們認為有很大的準備容量。我們認為有一些人工流程可以加以改善。我們認為可以推動對人力配置模型的增強，讓我們更有效率，並提供更好的參與者體驗。

So that's a long way of sort of saying that the rate environment is one where we're used to navigating it. We'll do that successfully, and we're working hard to define next year's OVIs, operational value initiatives like the scheduling example and clinical value initiatives that we're doing to take clinical variation out of the system, we think there's real opportunity to operate more efficiency, improve the patient experience, deliver better clinical outcomes and do all of that in a very complex sort of fiscal backdrop for states. Ben, anything to add?

所以，這麼長一段話大致是在說，利率環境是我們已經習慣應對的環境。我們會成功地應對它，而我們也正努力界定明年的 OVI（營運價值倡議），例如排程的例子，以及我們正在做的臨床價值倡議，目的是把臨床差異從系統中移除。我們認為確實有機會以更高效率運作、改善病患體驗、帶來更好的臨床結果，並在各州非常複雜的財政背景下完成這一切。Ben，有什麼要補充的嗎？

I actually don't have anything to add. I think that was exactly where we think of it.

我其實沒有什麼要補充的。我認為那正是我們的看法。

Okay. Great. That was really helpful. I appreciate it. And then as a follow-up, I did want to ask about revenue performance on the quarter.

好的。很好。這真的很有幫助，謝謝。接著作為追問，我確實想問一下本季的營收表現。

It's obviously a very strong quarter overall. But on the top line, you had mentioned better Medicaid rates and also some favorability with RAF. I was hoping you could discuss the details of that a little bit better. And one point I wanted to get at or one thing I wanted to ask about was just the sustainability of the revenue upside you saw in the quarter. I guess I normally would think of RAF and Medicaid rates as sustainable in future quarters, but I just wanted to get your perspective on that dynamic.

整體來看這顯然是一個非常強勁的季度。但在營收（top line）方面，你提到 Medicaid 費率更好，另外 RAF 也有一些有利因素。我希望你能更詳細地談談這些。我想切入的一點、或我想問的一件事是：你們本季看到的營收上行（upside）可持續性如何？我想我通常會把 RAF 和 Medicaid 費率視為在未來季度可持續，但我想聽聽你對這個動態的看法。

Yes. I guess, well, you're right, we did start seeing in the back half of the year, a step-up in rates on the Medicaid side and a step-up in risk scores, right? So both of those things were positive starting in January, and they rolled through the second half of the year. If you think about sort of which states sort of kick in with their rates on January 1, California is an important one for us. And we had a pretty good rate environment in California this year following on some difficult years in California.

是的。我想，嗯，你說得對，我們確實在今年下半年開始看到 Medicaid 端的費率上調，以及風險分數（risk scores）上升，對吧？所以這兩件事從 1 月開始就是正向的，並一路延續到今年下半年。若你思考哪些州是在 1 月 1 日開始啟用其費率，加州對我們來說是重要的一個。我們今年在加州的費率環境相當不錯，延續了加州先前幾年較為艱難的情況之後的改善。

So that benefited us in the second half of the year. If you think about the risk scores, you're right, I think of those, assuming we don't have a mix -- a change in the mix of enrollment or some other mix in our population, that improvement in risk scores ought to be durable going forward in the future. But obviously, you kind of got to watch it every -- as you go into the future because they might -- they do change a little bit, but we're hoping for some durability there. And I think Patrick commented on the rate outlook a moment ago as it relates to Medicaid. So you can sort of factor some of those comments into how we're thinking about California for next year, which would be the next time it would renew in January.

因此這在今年下半年對我們有利。至於風險分數，你說得對，我也會把它視為——假設我們的投保結構沒有變化，或我們的人口組成沒有其他變化——那麼風險分數的改善在未來應該是可持續的。但當然，你仍然必須在未來每一段時間持續觀察，因為它們——確實會有些微變動——但我們希望能有一定的持久性。我想 Patrick 剛才也就 Medicaid 的費率展望做了評論。所以你可以把那些評論納入我們對明年加州的看法之中；明年 1 月將是下一次續約的時間點。

Jared Haase, William Blair.

Jared Haase，William Blair。

I appreciate all the color thus far. Patrick, I think you talked a little bit about sort of emphasizing the flexibility that you have now just based on the stable profile that you've reached here with the model in terms of the go-forward growth strategy, and I think you outlined a couple of different levers, whether that's M&A, joint ventures, partnerships.

我很感謝目前為止提供的所有細節。Patrick，我想你談到了一些重點：基於你們在這個模式上已達到的穩定狀態，你們現在更強調自身的彈性，並就未來的成長策略提出了幾個不同的槓桿，包括併購（M&A）、合資（joint ventures）、合作夥伴關係（partnerships）。

And then I think you even alluded to potentially some new programs or demonstrations. And so I was wondering if we could just dig into your thinking there a little bit further, maybe force rank some of those different options that are -- that you have available to you as to what might be more realistic over the next handful of quarters. And I'd also love to press on the new programs or demonstration models, how you guys are thinking about that and what programs seem interesting to you?

我想你甚至也提到可能會有一些新計畫或示範（demonstrations）。所以我想更深入了解你們的想法：也許請你把這些不同選項做個優先排序——在接下來幾個季度，哪些可能性更高、更務實？另外我也想追問新計畫或示範模式：你們如何看待這些？哪些計畫對你們來說看起來有吸引力？

Well, thanks for the question. I would start by just reminding folks that in many ways, we think of ourselves as having kind of come out of the turnaround at the beginning of the calendar year. And now we're in a place where we're feeling and seeing a lot stronger operational, financial and sort of compliance positioning and performance. And so we're beginning to devote more time to evaluating a range of options that we could pursue. M&A is clearly one of them.

謝謝你的問題。我會先提醒大家，從很多方面來看，我們認為自己在日曆年初已經某種程度走出了轉型（turnaround）。而現在我們處於一個在營運、財務以及合規定位與表現上都更強的狀態，我們也正在感受到並看到這一點。因此，我們開始投入更多時間評估一系列我們可以採取的選項。併購（M&A）顯然是其中之一。

There are a lot of PACE programs across the country. Many of them are very successful. Some are not. And we've learned from an acquisition we did in California about 18 months ago that we have the ability to bolt on and smaller PACE programs that were maybe struggling to grow, putting them on our platform, on our staffing model in sort of our sales model. It really, in some ways, allows us to pursue a derisked de novo without the longer return on capital that a pure de novo can take.

全國各地有很多 PACE 計畫。其中許多非常成功，也有一些不太成功。我們從大約 18 個月前在加州做的一筆收購中學到，我們有能力把一些規模較小、可能在成長上遇到困難的 PACE 計畫併入（bolt on），把它們放到我們的平台上、我們的人力配置模型上，以及我們的銷售模型中。從某種角度看，這讓我們能以較低風險的方式推進類似新設（de novo）的擴張，而不必承受純粹 de novo 可能需要更長資本回收期的情況。

So understanding where those opportunities exist is something that we're spending a little time on. It's hard to handicap this early in the process where that exists. Obviously, some states are -- have more attractive environments than others. And so that's also a layer that we put on that. Partnerships, you've seen some of the partnerships we've done in Florida and in California.

因此，了解這些機會在哪裡存在，是我們正在投入一些時間的事情。就目前流程的早期階段而言，很難判斷哪些地方會出現這些機會。顯然，有些州的環境比其他州更具吸引力，而這也是我們會加上的另一層考量。至於合作夥伴關係，你們已經看到我們在佛羅里達與加州做的一些合作。

We think there's -- those are hospital partnerships. We are seeing kind of the proof of concept play out in a positive way. There's still calibration that has to be done so that both entities are sort of -- and participants are all sort of benefiting in the appropriate ways, but we do see more opportunities to do hospital joint ventures that really help us extend our place in the community.

我們認為——那些是與醫院的合作。我們正在看到概念驗證（proof of concept）以正向方式展開。當然仍需要一些校準，讓雙方機構以及參與者都能以適當的方式受益，但我們確實看到更多機會去做醫院合資（joint ventures），真正幫助我們延伸在社區中的布局。

When it comes to PACE in general, I wouldn't want to overlook the opportunity from just basic policy modernization. There are opportunities that are not radical changes to sort of the regulatory contours of the program, more like practical evolutions of the program that would allow us to expand faster, something like simplifying enrollment, making it easier for seniors and families to choose PACE.

談到 PACE 整體時，我不想忽略一個機會：也就是基本的政策現代化。這些機會並不是對該計畫監管框架做激進改變，而更像是務實的演進，能讓我們更快擴張，例如簡化投保／加入流程（enrollment），讓長者與家庭更容易選擇 PACE。

We're working closely with our industry peers and our industry association to articulate those policy modernization opportunities that we see that could help the PACE program serve more seniors over time. And we're really pleased, I think, with the level of interest and curiosity that we see from CMS and CMMI and their openness to listen to what are the things that could change to really help PACE serve more seniors. So that's sort of the policy horizon. Then I think maybe the last element to your question was the notion of sort of these PACE-inspired adjacencies. We are a big believer that the PACE model can be adapted to serve seniors who are not eligible for PACE today, but could be eligible in the future.

我們正與產業同業以及產業協會密切合作，清楚闡述我們所看到、可推動的政策現代化機會，這些機會能幫助 PACE 計畫隨時間服務更多長者。我們也非常高興看到 CMS 與 CMMI 對此展現的興趣與好奇心，以及他們願意傾聽：有哪些事情若能改變，能真正幫助 PACE 服務更多長者。這大概是政策面的視野。接著，我想你問題的最後一個要素，可能是所謂這些受 PACE 啟發的相鄰領域（adjacencies）。我們非常相信，PACE 模式可以調整，用來服務目前尚不符合 PACE 資格、但未來可能符合資格的長者。

These are -- there are opportunities that we see there some via demonstration, some just kind of de novo adjacent new product development that we could pursue. Our focus still is very much on growing our core PACE business. But as we are able to experience better operating performance and a more consistent model, we really believe strongly that PACE can serve a broader segment of the population.

我們看到那裡有一些機會——有些可透過示範（demonstration），有些則是我們可以推進的、與核心相鄰的新產品從零開發（de novo adjacent new product development）。我們的重點仍然非常放在成長我們的核心 PACE 業務。但隨著我們能達成更好的營運表現與更一致的模式，我們確實強烈相信 PACE 可以服務更廣泛的人群。

And we're kind of doing everything sort of in our power and working with our industry peers to make that case. And so over time, we're hopeful that opportunities that are inspired by our core business and very close to our core business could present themselves, and we'd love to pursue it.

我們也正在盡我們所能，並與產業同業合作，去提出這個論點。因此，隨著時間推進，我們希望那些由核心業務啟發、且非常貼近核心業務的機會能夠出現，而我們也很希望能去追求它。

Okay. That's really helpful. And then as a follow-up, I really appreciate all the details you guys provided just regarding rate development and your current view for 2027. If I take a step back from a strategic perspective, if we do find ourselves in an environment where rates are lagging medical cost trend, do you have a bias as it relates to striking the balance between maintaining your current growth levels versus maintaining profitability? I realize from your comments, there are a number of initiatives in place that can sort of drive efficiencies. So maybe there isn't really a trade-off in that way. But I guess I'd just be curious if you do a year like this with a more muted rate environment, how you think about that in one direction or the other?

好的。這真的很有幫助。接著作為追問，我非常感謝你們就費率走勢以及你們目前對 2027 年的看法所提供的所有細節。若我從策略角度退一步來看，假如我們確實處在一個費率落後於醫療成本趨勢的環境中，關於在維持目前成長水準與維持獲利能力之間取得平衡，你們是否有偏好？我從你們的評論中理解，目前有多項措施可以推動效率提升，所以也許並不存在那樣的取捨。但我想了解的是，如果像今年這樣處在較為溫和的費率環境，你們會如何在這兩者之間做取捨、偏向哪一邊？

I'll ask Ben to maybe share some initial thoughts and then I'll follow.

我先請 Ben 也許分享一些初步想法，然後我再補充。

Yes, I'm sorry, I missed some of the question coming through. I couldn't figure it. What exactly is the question? Are you talking about -- are we talking about mitigants in a challenging rate environment?

是的，不好意思，我剛剛有一部分問題沒有聽清楚，我沒弄明白。具體問題是什麼？你是在說——我們是在談在具挑戰性的費率環境下的緩解措施嗎？

Exactly. Yes. My thought was just as we think about potentially moving into this more challenging rate environment for 2027, obviously, you outlined a number of initiatives in place. But just kind of philosophically, do you approach your strategy with the mindset of pursuing growth as a priority or maintaining profitability?

沒錯。是的。我的想法是，當我們思考 2027 年可能進入更具挑戰性的費率環境時，顯然你們已經概述了多項正在推進的措施。但從理念上來說，你們制定策略時，是以追求成長為優先，還是以維持獲利能力為優先？

Yes. Yes. Well, it's really interesting. Patrick talked a lot about quality in his prepared remarks. And I think where we are right now is we've gotten to a point where we're -- we've got some nice margins.

是的。是的。嗯，這很有意思。Patrick 在事先準備的發言中談了很多關於品質。我認為我們目前所處的位置是，我們已經到了——我們有不錯的利潤率。

We're generating cash flow. And we think one of the best things that we can do in a market that begins to slow down is not aside from looking at strategic things that Patrick talked about, is invest very heavily in quality in our business, in our centers. And I think we all feel really strongly that the better experience we give to our participants, the more likely it is going to drive growth and good financial outcomes for us.

我們正在產生現金流。而且我們認為，在市場開始放緩時，我們能做的最好的事情之一——除了檢視 Patrick 提到的策略性事項之外——就是在我們的業務、在我們的中心上大力投資品質。我想我們都非常堅信，我們給參與者的體驗越好，就越有可能帶動成長並為我們帶來良好的財務成果。

So I think what you'll see going into this year is we'll spend a lot of time on improving the patient experience on efficiencies in our center in ways that we can be more intentional in our strategies going forward. So aside from the growth metrics that Patrick talked about before, this sort of reinvest into the business and the quality business, I think, is going to be very important for the coming year.

所以我認為你會看到，在進入今年時，我們會花很多時間改善病患體驗、提升我們中心的效率，並以更有意識的方式來制定未來的策略。因此，除了 Patrick 先前談到的成長指標之外，這種對業務的再投資、對品質業務的再投資，我認為對即將到來的一年會非常重要。

I don't know if that really answered your question. There are other specific areas we'll look at in terms of operational value initiatives and clinical value initiatives like Patrick talked about, but it's sort of a mindset. It's very much driven towards quality as one of the drivers of growth.

我不知道這是否真正回答了你的問題。我們也會在營運價值計畫與臨床價值計畫等其他具體領域上著力，就像 Patrick 提到的那樣，但這更像是一種思維方式。它在很大程度上是以品質作為成長驅動因素之一。

Ben, I might just add that I do feel that we still have opportunity to enhance our sort of sales and marketing model. We made great strides in the last couple of years. But under Matt Huray, our leader of the sales and marketing function, we're really continuing to test and learn and try new things. We are adding new members to the team. We're exploring new channel partnerships.

Ben，我想補充的是，我確實覺得我們在強化銷售與行銷模式方面仍有機會。過去幾年我們取得了很大進展。但在我們銷售與行銷職能負責人 Matt Huray 的帶領下，我們確實持續在測試、學習並嘗試新做法。我們正在為團隊增加新成員，也在探索新的通路合作夥伴關係。

And so setting aside sort of rate, we really are focused on as much new census gross enrollment as we can attract. And there's a lot of great work that's going on in that area. Ben mentioned the participant experience. we are now at a place where we're spending a lot of time to really understand when people leave us, why do they leave us? Did they have a particular encounter that was frustrating.

因此，先不談費率，我們確實專注於盡可能吸引更多的新普查人數（census）與總新增投保（gross enrollment）。這方面有很多很棒的工作正在進行。Ben 提到了參與者體驗。我們現在也花很多時間真正去了解：當人們離開我們時，他們為什麼離開？他們是否有某次互動讓他們感到挫折？

Was there some friction or abrasion in their time with us? Were we slow to recover on a service issue? We're really digging into why people choose to leave. And that's another opportunity to drive growth is to reduce the number of people that decide to leave us. Some of the people, it's voluntary and they're making a conscious decision, but there's also involuntary disenrollment.

他們在與我們相處的過程中是否有摩擦或不順？我們在服務問題上是否回應太慢？我們正在深入挖掘人們選擇離開的原因。而另一個推動成長的機會，就是降低決定離開我們的人數。有些人是自願的、是有意識的決定，但也存在非自願的退保（disenrollment）。

So we are very focused on sort of the sales and enrollment side of the growth equation as well as the participant experience, keeping people with us longer, basically increasing tenure. I think that's a real bias of ours. And on the margin side, in some ways, we've pulled forward into two years what we thought was going to take three years from a margin perspective. And now that we're at a place where we're achieving what we set out to and communicated in our Investor Day a few years ago, I think investing in growth while maintaining a consistent margin is probably more of a priority than expanding margins at this point, if that's helpful.

所以我們非常專注於成長方程式中的銷售與投保端，同時也專注於參與者體驗，讓人們與我們維持更久，基本上就是提高留存年限（tenure）。我認為這是我們非常明確的偏好。至於利潤率方面，某種程度上，我們把原本以為需要三年才能達成的利潤率改善，在兩年內就提前完成了。現在我們已經達到幾年前投資人日所設定並對外溝通的目標，我認為在維持一致利潤率的同時投資成長，可能比在此時進一步擴大利潤率更為優先；希望這樣有幫助。

Benjamin Rossi, JPMorgan.

Benjamin Rossi，摩根大通（JPMorgan）。

So following up on your 2027 commentary, I appreciate that you're planning to provide more details next quarter. But as you think about initial enrollment growth, what are your initial thoughts on your aggregate patient risk scores and new member acuity mix? It sounds as though based on your Medicare rate assumptions, you're assuming acuity decline somewhat year-over-year. Is that a fair read?

延續你們對 2027 年的評論，我理解你們計畫在下個季度提供更多細節。但當你們思考初始投保成長時，對於整體病患風險分數以及新會員的病情嚴重度（acuity）組合，你們初步的想法是什麼？聽起來依照你們對 Medicare 費率的假設，你們是在假設病情嚴重度會在年對年基礎上有所下降。這樣解讀合理嗎？

No, I don't -- I wouldn't read too much into it. I think we're going through the budgeting process right now. And our fiscal year ends June 30, so we're really getting into the meat of the budgeting process. I don't think we expect a material change in mix shift, either in terms of our population, independent assisted living or folks in nursing facilities or a significant change in risk score mix. But we're sort of getting into that process right now. We'll have more to talk about it when we get through the budget process and we issue guidance in September.

不，我不——我不會過度解讀。我們目前正在進行預算編製流程。我們的會計年度在 6 月 30 日結束，所以我們正進入預算流程的核心階段。我不認為我們預期會出現重大的組合變化，不論是就我們的人口結構而言——獨立生活、輔助生活，或是住在護理機構的人——或是風險分數組合出現顯著變化。但我們現在正進入這個流程。等我們完成預算流程、並在 9 月發布指引時，我們會有更多可以談的。

Okay. Understood on that. And just as a follow-up on your updated outlook implies 4Q top line growth will decelerate a bit sequentially, while EBIT growth will remain elevated. What do you assume gets better quarter-over-quarter as we go into the next quarter, either across PMPM trend or cost design? And is there anything discrete across revenue or cost that you'd call out within your progression during fiscal 4Q?

好的，了解。再追問一點：你們更新後的展望暗示第 4 季營收成長將在序列上略為放緩，但 EBIT 成長仍將維持在較高水準。你們假設在進入下一季時，哪些項目會在季對季改善——例如 PMPM 趨勢或成本設計？另外，在你們財年第 4 季的走勢中，營收或成本端是否有任何你會特別點出的單一（discrete）因素？

No, I don't think so. I think that we've generally benefited, as we said before, from better rates in the back half of the year and also better risk scores. And I would expect those trends would kind of continue going into Q4. If you think about how sort of the pattern of gross enrollment works and you can go back and look over the last couple of years, we usually have a pretty good, pretty steady Q4 in terms of gross enrollment growth. And I would think that we probably experienced something not too different from what we've seen in prior years.

不，我不這麼認為。我想我們整體上如先前所說，受惠於下半年更好的費率，以及更好的風險分數。我預期這些趨勢在進入第 4 季時會大致延續。如果你去看總新增投保的季節性模式，並回頭看過去幾年，我們通常在第 4 季的總新增投保成長表現相當不錯、也相當穩定。我認為我們可能會出現與往年差不多的情況。

And I'm not showing any further questions at this time. And as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

我目前沒有看到進一步的提問。因此，今天的簡報到此結束。感謝各位的參與。您現在可以中斷連線，祝您有美好的一天。