Pediatrix Medical Group Inc (MD) 2025 Q1 法說會逐字稿

-- certain statements and information during this conference call may be deemed to be forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and assessments made by Pediatrix management in light of their experience and assessment of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

——本次電話會議中的某些聲明和資訊可能被視為《1995 年聯邦私人證券訴訟改革法案》所定義的前瞻性聲明。這些前瞻性陳述是基於 Pediatrix 管理層根據其經驗和對歷史趨勢、當前狀況、預期未來發展以及他們認為適當的其他因素的評估而做出的假設和評估。

Any forward-looking statements made during this call are made as of today, and Pediatrix undertakes no duty to update or revise any such statements, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the company's filings with the SEC, including the sections entitled Risk Factors.

本次電話會議中所做的任何前瞻性陳述均截至今日為止，Pediatrix 不承擔更新或修改任何此類陳述的義務，無論其是否出現新資訊、未來事件或其他原因。本公司向美國證券交易委員會提交的文件中描述了可能導致實際結果、發展和業務決策與前瞻性陳述有重大差異的重要因素，包括題為「風險因素」的部分。

In today's remarks by management, we will be discussing non-GAAP financial metrics. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the morning's earnings press release, our quarterly and annual reports, and on our website at www.pediatrix.com. With that, I will turn the call over to Mark Ordan, Pediatrix' Medical Group's Chief Executive Officer.

在今天的管理階層演講中，我們將討論非公認會計準則財務指標。這些非公認會計準則 (non-GAAP) 財務指標與最可比公認會計準則 (GAAP) 指標的對帳表，可在今日上午的收益新聞稿、我們的季度和年度報告以及我們的網站 www.pediatrix.com 上查看。接下來，我將把電話轉給 Pediatrix 醫療集團執行長 Mark Ordan。

Thank you, operator. Good morning, everyone. With me today is Kasandra Rossi, our Chief Financial Officer. Our first quarter results exceeded our expectations, driven by same unit revenue growth of over 6%. This included strong volumes in our hospital-based services with NICU days increasing by 2% as well as more modest growth in maternal fetal medicine, along with continued favorable payer mix.

謝謝您，接線生。大家早安。今天和我一起的是我們的財務長卡桑德拉·羅西 (Kasandra Rossi)。我們的第一季業績超出了預期，受同單位收入成長超過 6% 的推動。這包括我們醫院服務的強勁成長，其中新生兒加護病房 (NICU) 天數增加了 2%，以及母胎醫學的溫和成長，以及持續有利的付款人組合。

Our practice level operating expenses continued to reflect the favorable impact of our cost management initiatives, partially offset by higher incentive compensation based on our strong financial practice results. As a result, adjusted EBITDA of just over $49 million was significantly above our expectations.

我們的實踐水準營運費用繼續反映了我們的成本管理舉措的有利影響，但部分抵消了基於我們強勁的財務實踐結果的更高的激勵薪酬。因此，調整後的 EBITDA 略高於 4,900 萬美元，大大高於我們的預期。

I'm particularly pleased with the continued sharp focus on same-unit salary, expense trends have decelerated for the fourth consecutive quarter. As a result of our strong financial performance for the first quarter compared to our expectations, we are raising our full year 2025 adjusted EBITDA outlook from a range of $215 million to $235 million to a range of $220 million to $240 million. While we are pleased by our first quarter results, we remain mindful that we continue to be in a period of great uncertainty, both in health care and throughout the economy.

我特別高興地看到，我們繼續高度關注同單位薪酬，支出趨勢已連續第四個季度放緩。由於我們第一季的財務表現超出預期，我們將 2025 年全年調整後 EBITDA 預期從 2.15 億美元至 2.35 億美元上調至 2.2 億美元至 2.4 億美元。雖然我們對第一季的業績感到滿意，但我們仍然意識到，無論是在醫療保健領域還是整個經濟領域，我們仍然處於一個充滿巨大不確定性的時期。

Our operating results for the first quarter include the effectiveness of our strategic approach to the portfolio management activities that we completed in 2024 and our commitment to creating value for our shareholders. This is a direct result of the hard work, collaboration, and dedication of our team, and we're excited to build upon these results.

我們第一季的經營業績包括我們在 2024 年完成的投資組合管理活動的策略方針的有效性以及我們為股東創造價值的承諾。這是我們團隊的辛勤工作、協作和奉獻的直接成果，我們很高興能夠在此基礎上取得進一步的成果。

In February, I talked about our strategic priorities in 2025 and in particular, our focus on methodically reinvigorating the relationships that we have built over many years with our hospital and health system partners. I also spoke about all we are doing reasonably to be an employer of choice for physicians and other clinicians who provide the extraordinary critical care our patients require. I'm very pleased to report that I, along with our operating leadership team are actively engaged here, and we are pleased with the early response.

今年 2 月，我談到了我們 2025 年的戰略重點，特別是我們將重點有條不紊地重振多年來與醫院和衛生系統合作夥伴建立的關係。我還談到了我們正在採取的所有合理措施，以成為醫生和其他臨床醫生的首選雇主，為患者提供所需的極其重要的護理。我很高興地報告，我和我們的營運領導團隊積極參與其中，我們對早期的回應感到滿意。

We recently contracted to acquire several NICU, MFM and OB hospitalists operations and are part of a hospital systems portfolio because we believe that that system views us as the best and most reliable partner in these areas. I believe this is directly tied to our renewed active engagement, both with our practices and with hospital system leadership.

我們最近簽約收購幾家 NICU、MFM 和 OB 住院醫師業務，並成為醫院系統組合的一部分，因為我們相信該系統將我們視為這些領域中最好和最可靠的合作夥伴。我相信這與我們重新積極參與實踐以及與醫院系統領導層的合作直接相關。

We won't win every opportunity, and at times, hospitals choose to bring things in-house. But we are hard at work to be the best and most responsive partner possible. At Pediatrix, we are our people, the women and men who provide the finest possible clinical care in a very difficult area. Here, too, we are very actively focused on our recruiting, onboarding, development and retention efforts. And we are confident that this focus will meaningfully bolster our core.

我們不會贏得每一個機會，有時，醫院會選擇將東西帶入醫院內部。但我們正在努力成為最好、反應最迅速的合作夥伴。在 Pediatrix，我們是我們的人民，是那些在非常艱苦的地區提供最優質臨床照護的男女。在這裡，我們也非常積極地關注我們的招募、入職、發展和保留工作。我們相信，這項重點將有力地增強我們的核心能力。

If this blocking and tackling strategic focus sounds a bit boring to you, you're probably getting my point. Pediatrix has always been at its best when we are focused passionately on our core, and that is exactly where we are today. This is now providing growth opportunities for us, and we believe strongly this will continue. With that, I will turn the call over to Kasandra.

如果這種阻止和解決戰略重點對您來說聽起來有點無聊，那麼您可能明白我的意思了。當我們滿懷熱情地專注於我們的核心時，Pediatrix 總是處於最佳狀態，而這正是我們今天所處的狀態。這為我們提供了成長機會，我們堅信這種情況將會持續下去。說完這些，我會把電話轉給卡桑德拉。

Thank you, Mark, and good morning, everyone. I'll provide some additional details in a few areas. Our consolidated revenue decreased by just over 7%, driven by non-same-unit activity, which declined by about $63 million, primarily related to the impacts from our portfolio restructuring activity.

謝謝你，馬克，大家早安。我將在幾個方面提供一些額外的細節。我們的綜合收入下降了 7% 多一點，主要是由於非同單位業務活動下降了約 6,300 萬美元，這主要與我們的投資組合重組活動的影響有關。

This decrease was partially offset by strong same-unit growth of over 6%. Same unit pricing was up over 4.6%, driven by favorable payer mix shifts and modest improvement in contract administrative fees. This was combined with favorable impacts from strong RCM cash collections.

這一下降被超過 6% 的強勁同單位成長部分抵消。受付款人結構有利變動和合約管理費適度改善的推動，同單位價格上漲逾 4.6%。這與 RCM 強勁的現金收款帶來的有利影響相結合。

On the cost side, practice level SW&B expenses declined year over year, also reflecting our portfolio restructuring activity. On a same-unit basis, these expenses did increase year over year, but the increase was primarily related to higher incentive compensation based on strong practice results as well as salary increases.

在成本方面，實踐層面的 SW&B 費用較去年同期下降，也反映了我們的投資組合重組活動。在同一單位基礎上，這些費用確實逐年增加，但增加主要與基於強勁實踐成果的更高激勵薪酬以及加薪有關。

Importantly, salary growth decelerated significantly year over year and on a sequential quarter basis as compared to the second, third and fourth quarters of 2024. Our G&A expense decreased modestly year over year, primarily reflecting the favorable impacts from the staffing reductions across shared services that were completed in the prior year, partially offset by increases in other expenses, including billing and collection fees, certain professional services and information technology.

重要的是，與 2024 年第二、第三和第四季相比，薪資成長年比和季比均大幅放緩。我們的一般及行政費用較去年同期略有下降，主要反映了前一年完成的共享服務人員裁減帶來的有利影響，但其他費用（包括帳單和收款費用、某些專業服務和資訊科技）的增加部分抵消了這一影響。

Depreciation and amortization expense declined to $5.3 million as compared to $10.3 million in the prior year, primarily reflecting the impact of the practice dispositions. We expect our D&A expense will be fairly consistent going forward.

折舊和攤銷費用從上年的 1,030 萬美元下降至 530 萬美元，主要反映了實踐處置的影響。我們預計未來我們的折舊及攤銷費用將保持相當穩定。

Other expense was $4 million as compared to $8.1 million for the prior year period, primarily reflecting an increase in interest income on cash balances as well as a decrease in interest expense on lower average borrowings at slightly lower rates.

其他支出為 400 萬美元，而去年同期為 810 萬美元，主要反映了現金餘額的利息收入增加，以及利率略低的平均借款減少導致的利息支出減少。

Moving on to cash flow. As a reminder, we are a user of cash in the first quarter of each year as we pay out incentive compensation and other benefits, namely 401(k) matching contributions. We used $116 million in operating cash in the first quarter compared to $123 million in the prior year.

繼續討論現金流。提醒一下，我們每年第一季都會使用現金，因為我們會支付激勵薪酬和其他福利，即 401（k）匹配供款。我們第一季的營運現金使用量為 1.16 億美元，而去年同期為 1.23 億美元。

The differential was primarily due to higher earnings and increases in cash flow from AR, partially offset by decreases in cash flow from accounts payable and accrued expenses, primarily related to those incentive compensation payments.

差異主要是由於收益增加和應收帳款現金流增加，但部分被應付帳款現金流量和應計費用減少所抵消，主要與激勵性薪酬支付有關。

We ended the quarter with cash of $99 million and net debt of $512 million. This reflects net leverage of just over 2.2 times using the midpoint of our updated adjusted EBITDA outlook range for 2025. Our accounts receivable DSO of just under 48 days were flat as compared to 12/31, but down over four days year over year, primarily related to improved cash collections at our existing units.

本季末，我們的現金為 9,900 萬美元，淨債務為 5.12 億美元。這反映出，使用我們更新的 2025 年調整後 EBITDA 展望範圍的中點，淨槓桿率略高於 2.2 倍。我們的應收帳款 DSO 略低於 48 天，與 12 月 31 日相比持平，但同比減少了四天多，這主要與我們現有單位的現金回款改善有關。

Finally, I'll briefly touch on our updated 2025 outlook, noting that the increase was predominantly related to the topline revenue growth achieved during first quarter versus our expectations. The comps for the remainder of 2025 become increasingly challenging and accordingly, remain materially in line with our original 2025 expectations. With that, I will turn the call back over to Mark.

最後，我將簡要談談我們更新後的 2025 年展望，並指出成長主要與第一季實現的營收成長與我們的預期有關。2025 年剩餘時間的比較變得越來越具有挑戰性，因此，與我們最初的 2025 年預期基本一致。說完這些，我會把電話轉回給馬克。

Thanks, Kasandra. Operator, we will now open the call to questions.

謝謝，卡桑德拉。接線員，我們現在開始問答環節。

(Operator Instructions) AJ Rice, UBS.

（操作員指示） AJ Rice，瑞銀。

Thanks. Hi everybody. Maybe just on the updated thoughts on guidance. I know coming into the year, I think the basic -- base case was flat volumes and flat pricing for the year. Obviously, you were up 1.6% on volumes and 4.6% on pricing in the first quarter. I know you're saying comps get tougher but does the flat pricing and flat volumes look conservative in light of what you've seen so far this year?

謝謝。大家好。也許只是關於指導的最新想法。我知道進入今年，我認為基本情況是全年銷售和價格持平。顯然，第一季銷量上漲了 1.6%，價格上漲了 4.6%。我知道您說競爭越來越激烈，但從今年迄今為止的情況來看，固定價格和固定銷售是否顯得保守？

Well, when we gave our initial guidance, we said we were intentionally being a little bit on the conservative side given the uncertainty that prevailed. Since that uncertainty has probably only accentuated in health care and around the economy, we continue to have a conservative stance. It's simply that the first quarter, AJ, exceeded our expectations by enough that we said it doesn't make mathematical sense to stay at the old level. Certainly, the amount of EBITDA that we already have in the till is what gave rise to the increase.

嗯，當我們給出初步指導時，我們說考慮到普遍存在的不確定性，我們故意採取一些保守的態度。由於這種不確定性可能只會在醫療保健和經濟領域加劇，我們仍然保持保守的立場。簡單來說，第一季度，AJ 的表現已經超出了我們的預期，因此我們認為維持原有水準在數學上是沒有意義的。當然，我們已經擁有的 EBITDA 金額是導致這一增長的原因。

Is it still conservative, I think only for the same reason as it was before. We still see headwinds in health care and the uncertainty in the economy. But that's why we raised it as we did.

它是否仍然保守，我認為只是出於與以前相同的原因。我們仍然看到醫療保健領域的阻力和經濟領域的不確定性。但這就是我們提出這個問題的原因。

And just speaking to that uncertainty, I know to some degree, people can make decisions about expanding a family based on what's happening in the economy. Is that what you're mainly talking about? When you look at the things that they're specifically looking at in Washington around budget reconciliation, I wouldn't assume that those were addressing changes with the expansion population, et cetera, some things that would potentially, I guess, limit supplemental payments, which you don't directly benefit from.

說到這種不確定性，我知道在某種程度上，人們可以根據經濟狀況來決定是否要擴大家庭。這就是你主要在談論的嗎？當你看到華盛頓在預算協調方面特別關注的事情時，我不會認為這些是在解決人口擴張等變化問題，我想有些事情可能會限制補充支付，而你不會直接從中受益。

Are there things that you're watching that are of concern? Or is it more just that general sense of ebb and flow on burst that happens sometimes in economic ups and downs?

您所關注的事物中有哪些是讓您擔心的？還是這只是經濟起伏時偶爾出現的普遍的潮起潮落？

It's not because of that specifically or anything specific. I would say that right now, my view is not a partisan view, is that there are a lot of changes that are swirling in the economy and through the administration, and we don't know how they'll fall out.

這並不是因為這個原因或任何具體的原因。我想說的是，現在我的觀點不帶有黨派色彩，經濟和政府內部正在發生許多變化，我們不知道它們將如何發展。

So there are a lot of things that are being considered in the budget today, but there'll be a lot of horse trading. And we'll see how things work out. So I just think it's a more difficult economic time because of that uncertainty, we all hope it will work out well. And in a time like that, I think it's harder to say with the same clarity where we think we'll end up. Nothing more than that.

因此，今天的預算中考慮了很多事情，但也會有很多討價還價。我們將看看事情如何發展。所以我認為由於這種不確定性，目前的經濟時期更加困難，我們都希望一切都能順利進行。在這樣的時代，我認為我們很難同樣清楚地說出我們最終會走向何方。僅此而已。

Okay. All right. Thanks a lot.

好的。好的。多謝。

Philip Chickering, Deutsche Bank.

菲利普‧奇克林，德意志銀行。

Good morning, guys. Mark, good talking to you again. Can you talk about the hospital contracted sort of subsidies? If you go back to sort of pre-COVID, did hospitals get any subsidies? Are they getting subsidies today? And just sort of talk about that dynamic in your business?

大家早安。馬克，很高興再次與您交談。能不能講一下醫院承包補助之類的？如果回到新冠疫情之前，醫院是否獲得任何補助？他們今天得到補貼了嗎？能否談談您的業務動態？

Yes. Subsidies have always been part of the business, and they continue to be part of being a partner with a hospital is working together to figure out what's best. And if we're a good partner, then subsidies in many times are called into play.

是的。補貼一直是業務的一部分，並將繼續成為與醫院合作的一部分，共同努力找出最佳方案。如果我們是一個好的合作夥伴，那麼很多時候我們會提供補貼。

We have a very good relationship with our hospital systems. So we -- that's just part of the overall relationship that we have. It's a normal business, nothing's changed.

我們與醫院系統的關係非常好。所以，這只是我們整體關係的一部分。這是正常的業務，沒有任何改變。

Have the amount of subsidies been increasing in the last year or so? Or are they as a percent of your sort of total revenue still relatively flat?

過去一年左右補貼金額是否有增加？或者它們佔你們總收入的百分比是否仍然相對穩定？

We don't break it out separately, but I'd say that there's no -- if there was a notable change, we probably would say it.

我們不會單獨列出這些變化，但我想說的是，如果有顯著的變化，我們可能會說出來。

Okay. Fair enough. And then sort of to AJ's question around just guidance for the year, looking at seasonality, is there anything different this year that we should think about from seasonality, whether it's what you guys see in the pipeline or as you think about sort of payer mix changes that would impact seasonality?

好的。很公平。然後，對於 AJ 關於今年指導的問題，從季節性來看，今年我們應該考慮哪些不同之處，無論是你們在渠道中看到的，還是你們認為會影響季節性的付款人組合變化？

Or should we be expecting a fairly normal seasonality as you look at sort of first quarter EBITDA as a percent of what your normal? Is there any reason why that would be different this year versus other years?

或者，當您將第一季的 EBITDA 視為正常水平的百分比時，我們應該預期一個相當正常的季節性嗎？今年的情況與往年有何不同？有什麼原因嗎？

No, we don't see any different seasonality in 2025. And some of the things that you mentioned and AJ mentioned that we're looking at, it's not that we're forecasting a change or concerned about a change that would affect 2025 numbers. We just don't know yet.

不，我們沒有看到 2025 年有任何不同的季節性。您和 AJ 提到的我們正在關注的一些事情，並不是我們預測的變化或擔心會影響 2025 年數字的變化。我們只是還不知道。

Okay, right. And the last one here is collections, you're looking at the DSOs, those sort of continues to get better, but they're still sort of elevated levels. I guess when you look at the aging of the buckets within those receivables, are there any areas there that could be could be at risk for taking charges or are collections continuing to improve across the board and ensure there's no risk of collections at this point looking at your receivable?

好的，對的。最後一個是收藏，你正在看 DSO，它們的情況繼續好轉，但它們仍然處於較高的水平。我想，當您查看這些應收帳款的帳齡時，是否存在可能存在收費風險的區域，或者收款情況是否在全面持續改善，並確保此時應收帳款不存在收款風險？

I will let our collector and chief answer that call.

我會讓我們的收藏家和負責人接聽這通電話。

Pito, no, so we don't see anything that concerns us there from a DSO or AR in certain buckets. And again, like you said, DSO is flat right around 48 days, and that's actually a level we think makes a lot of sense for the business right now. So everything is going well in the RCM area. And we hope at some point not to have to talk about it every quarter.

皮托，不，所以我們沒有從某些儲存桶中的 DSO 或 AR 中看到任何讓我們擔心的事情。再說一次，就像你說的，DSO 在 48 天左右保持平穩，我們認為這個水平對於目前的業務來說實際上是很有意義的。所以 RCM 領域一切進展順利。我們希望將來某個時候不必每個季度都談論這個問題。

Great. Thank you so much.

偉大的。太感謝了。

Jack Slevin, Jefferies.

傑克·斯萊文，傑富瑞。

Good morning. Thanks for taking the questions and congrats on a really strong quarter. Just want to see if you could expand with a little more color on the points you brought up around potential hospital contract wins. It feels like it's been a pretty static market, although you've been clear that that's a focus.

早安.感謝您回答這些問題，並祝賀本季業績表現強勁。只是想看看您是否可以更詳細地闡述您提出的有關潛在醫院合約勝利的觀點。感覺這是一個相當靜態的市場，儘管你已經明確表示這是一個重點。

I guess just trying to understand maybe a little bit more about within some of those conversations, what do they look like? Is there this -- or is there a potential that we could see an acceleration in hospitals looking to outsource in light of a lot of challenges they're facing on other fronts, whether it be regulatory or fundamental right now? Thanks.

我想只是想多了解這些對話，它們是什麼樣子的？是否存在這種情況——或者，鑑於醫院目前在其他方面面臨的諸多挑戰（無論是監管方面還是基礎方面），我們是否可以看到醫院加速尋求外包？謝謝。

Our belief is that our strength from the beginning and no pride of authorship here has been to be the best partner for hospitals in women's and children's services, where we're very strong. I think we believe that by really focusing on those relationships, making sure that we are really reliable counterparties that we're working on issues, positive issues and accentuating them and problems and nipping them in the bud that we're very good at that.

我們相信，從一開始，我們的優勢（而非作者身份的驕傲）就是成為婦女兒童服務醫院的最佳合作夥伴，我們在這方面非常強大。我認為，我們相信，透過真正專注於這些關係，確保我們是真正可靠的交易對手，我們正在努力解決問題，積極的問題，並強調它們和問題，並將它們扼殺在萌芽狀態，我們在這方面非常擅長。

So what we're talking about doing is focusing on those areas. Also to have a good partnership, you have to be a very good recruiter. We are only our people. So we think there, again, if we focus on that, that gives us additional strength.

因此，我們正在討論的重點是關注這些領域。此外，為了建立良好的合作關係，你必須成為一個非常優秀的招募人員。我們只是我們的人民。因此，我們認為，如果我們再次關注這一點，這將為我們帶來額外的力量。

We believe, obviously, that if we are the best in women's and children's services, and we focus on both these areas that we believe we will gain from that. We will grow because of that because we think hospital systems will say, why would we do this ourselves when we can work with a partner that's as reliable as they are that provides best-in-class service for women and children and babies.

我們顯然相信，如果我們在婦女和兒童服務方面做到最好，並且我們專注於這兩個領域，那麼我們相信我們將從中獲益。我們將因此而成長，因為我們認為醫院系統會說，如果我們可以與一個可靠的合作夥伴合作，為婦女、兒童和嬰兒提供一流的服務，我們為什麼要自己做呢？

Got it. Really helpful color. And then just a couple of things to close the loop on the model here for you, Kasandra. Just on the -- I understand there's sort of moving pieces on the dispositions, but that practice supplies and other operating expense line flagged as being quite low, I guess, relative to what I was expecting, I think what Street was expecting.

知道了。確實很有幫助的顏色。然後只需幾件事就可以為你完成這裡的模型循環，卡桑德拉。只是——我知道在處置方面存在一些變動，但我認為，相對於我的預期，也就是華爾街的預期，實踐供應和其他營運費用項目被標記為相當低。

Is there -- I guess, is that the right level to think about going forward as we cast things? Or is there any additional color you can give on that metric? And then the other piece just being, can you talk a little bit about the components of the NICU volume growth and what sort of births and length of stay looked like in the quarter? Thanks.

有沒有——我想，這是我們在鑄造東西時思考前進的正確水平嗎？或您能為該指標提供任何其他資訊嗎？然後另一部分是，您能否稍微談談 NICU 數量增長的組成部分以及本季度的出生情況和住院時間情況？謝謝。

Sure. So first, on the supplies and other, I think that, yeah, that reflects the practice disposition activity, and it is a good way to look about that line going forward, nothing material that should flex there. And on the NICU stack, so yeah, NICU days, of course, were up 2%. Births were also up just over 2%. And of course, those births are just in the hospitals in which we provide services.

當然。因此，首先，關於供應品和其他方面，我認為，是的，這反映了實踐處置活動，這是展望未來該線路的好方法，沒有任何實質內容需要彎曲。在 NICU 堆疊中，NICU 天數當然增加了 2%。出生率也上升了2%多一點。當然，這些分娩都發生在我們提供服務的醫院。

I'd say admits were up just a touch, probably less than 1% there. Length of stay was also up just a touch -- maybe just a touch over 1% and the admit rate itself was a bit flattish in the mid-14% range.

我想說錄取率只是稍微上升，可能不到 1%。住院時間也略有增加——可能僅增加 1% 多一點，而入院率本身則持平於 14% 左右。

Got it. Very helpful and congrats you on a strong quarter.

知道了。非常有幫助，並祝賀您本季表現強勁。

(Operator Instructions) Philip Chickering, Deutsche Bank.

（操作員指示）德意志銀行的 Philip Chickering。

I figure I can't let you guys get away with this being over this early. Can you guys sort of give us an update on sort of where we are on the divestitures? I guess, how is it tracking? And as you're looking at your portfolio today, are you guys comfortable with the assets you have today? Do you see potential for other areas to divest?

我想我不能讓你們這麼早就結束這件事。你們可否向我們介紹一下資產剝離的最新進展？我猜，它是如何追蹤的？今天，當您查看自己的投資組合時，您對目前擁有的資產感到滿意嗎？您是否認為其他領域也有撤資的潛力？

And as you look at the acquisition market, are you seeing multiples normalize out and start deploying capital in terms of doing deals? Can you sort of talk about both sides of the business? Thank you.

當您觀察收購市場時，您是否看到倍數正常化並開始在交易方面部署資本？您能談談業務的雙方情況嗎？謝謝。

Well, first, to your timing of your question, we thought we were ahead of projections on ending earlier, but we will answer your question anyway. We are very comfortable with the portfolio that we have. Now, any organization that manages well is always looking at ways to optimize what we do. But we are very pleased with the broad restructuring that we did and accomplished what we hoped it would do, period.

嗯，首先，關於您提出問題的時間，我們認為我們提前結束的時間比預期要早，但無論如何我們都會回答您的問題。我們對現有的投資組合非常滿意。現在，任何管理良好的組織都在不斷尋找優化工作的方法。但我們對於所進行的廣泛重組感到非常滿意，並且實現了我們所希望的效果，就是這樣。

So we will continue to look and try to always find ways to improve what we're doing, but we don't foresee anything sweeping. And certainly, the core areas of neonatology and maternal fetal medicine, OB hospitalists and pediatric intensive care, they're all part of our core and none will disappear.

因此，我們將繼續尋找並嘗試找到改進我們正在做的事情的方法，但我們預計不會有任何重大進展。當然，新生兒學和母胎醫學、婦產科住院醫師和兒科重症監護等核心領域都是我們的核心部分，不會消失。

And we also have some in select areas, some hospital subspecialties that are also very important to us. So we don't see any change there. And I think there was another part of your question. On multiples for acquisitions, we think it's a relatively favorable environment for us as an acquirer.

我們在特定領域也有一些醫院專科，這些專科對我們來說也非常重要。因此我們沒有看到任何變化。我認為您的問題還涉及另一部分。就收購倍數而言，我們認為對於我們作為收購者來說這是一個相對有利的環境。

So it's -- I think maybe it's a result of all this turbulence and maybe it's because other people don't have the kind of balance sheet that we have, they're not able to do what we can do. We think that will provide some opportunities.

所以——我認為這也許是所有這些動盪的結果，也許是因為其他人沒有我們這樣的資產負債表，所以他們無法做到我們能做到的事情。我們認為這將提供一些機會。

That sort of kind of what I was sort of leaning into is as we think about all the headlines coming out of DC around Medicaid cuts and the business being such a Medicaid-focused business, that wouldn't now be a pretty great time for any weekends to sell into you guys, you guys could take advantage of that sort of near-term volatility.

我傾向於認為，當我們想到華盛頓有關削減醫療補助的所有頭條新聞，以及該業務如此註重醫療補助時，現在不是周末向你們推銷的好時機，你們可以利用這種短期波動。

Could be. So our phone lines are open.

有可能。所以我們的電話線路是暢通的。

Okay, fair. And then last -- a quick model question. Investments and other income was quite strong this quarter. I guess, what drove that? And how should we be thinking about that for the rest of the year? Thank you so much.

好的，公平。最後——一個簡短的模擬問題。本季投資和其他收入相當強勁。我想，是什麼導致了這種情況？那麼，我們在今年餘下的時間裡該如何考慮這個問題呢？太感謝了。

Sure. So that is really from the interest income that we're earning on that cash that sat in our balance sheet. We have those parked in pretty attractive rate vehicles right now. And so as we continue to build cash and continue to earn interest income, that line will look favorable.

當然。所以這其實是來自於我們資產負債表中的現金所賺取的利息收入。我們現在停放的車輛價格非常有吸引力。因此，隨著我們繼續累積現金並繼續賺取利息收入，這條線路將看起來有利可圖。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Thank you. I'm not showing any further questions in the queue. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now --

謝謝。我不會在隊列中顯示任何其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以—