Pediatrix Medical Group Inc (MD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Pediatrix Medical Group's Q2 2025 earnings conference call. (Operator Instructions)

女士們，先生們，感謝各位的支持，歡迎參加兒科醫療集團2025年第二季業績電話會議。 （操作員指示）

And as a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to Mary Ann Moore, EVP, General Counsel, and Chief Administrative Officer. Please go ahead.

現在，我想將會議交給執行副總裁、總法律顧問兼首席行政官瑪麗安摩爾 (Mary Ann Moore)。請發言。

Thank you, operator, and good morning. 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.

謝謝接線員，早安。本次電話會議中的某些陳述和資訊可能被視為《1995年聯邦私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述是基於Pediatrix管理層根據其經驗以及對歷史趨勢、當前狀況、預期未來發展和其他他們認為合適的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，無論其是否因新資訊、未來事件或其他原因而發生。可能導致實際結果、發展和業務決策與前瞻性陳述存在重大差異的重要因素已在公司提交給美國證券交易委員會 (SEC) 的文件中進行了說明，包括標題為「風險因素」的章節。

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 this morning's earnings press release, our quarterly and annual reports, and on our website at www.pediatrix.com.

在今天的管理階層發言中，我們將討論非公認會計準則 (Non-GAAP) 財務指標。這些非公認會計準則 (Non-GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 指標的對帳表，可在今天上午的收益新聞稿、我們的季度和年度報告以及我們的網站 www.pediatrix.com 上找到。

With that, I will turn the call over to Mark Ordan, our Chief Executive Officer.

說完這些，我將把電話轉給我們的執行長馬克·奧爾丹 (Mark Ordan)。

Thanks, Mary Ann, and good morning, everyone. Also with me today is Kasandra Rossi, our Chief Financial Officer.

謝謝瑪麗安，大家早安。今天和我一起的還有我們的財務長卡桑德拉·羅西。

Our second-quarter results, including adjusted EBITDA of just over $73 million exceeded our expectations. This was driven by same unit revenue growth of over 6%, which in turn was a result of strong hospital-based volume with NICU days up 6% and favorable reimbursement factors, including higher acuity levels, strong RCM collections, and increased hospital administrative fees.

我們第二季的業績，包括略高於7,300萬美元的調整後EBITDA，超出了我們的預期。這得益於同單位收入增長超過6%，而這又得益於醫院業務量的強勁增長，其中新生兒重症監護室（NICU）住院天數增長了6%，以及有利的報銷因素，包括更高的診療敏銳度、強勁的住院醫療費用（RCM）收入以及醫院管理費用的增加。

Our ongoing cost management initiatives continue to control same-unit salary trends, partially offset by incentive compensation from higher results. These results, along with our second half visibility, have prompted us to raise and narrow our full-year adjusted EBITDA range to $245 million to $255 million. These results have also continued to raise our cash position, bolstering our balance sheet and adding options in a very turbulent hospital-based healthcare environment.

我們持續的成本管理措施持續控制同部門薪酬趨勢，但業績成長帶來的激勵性薪酬部分抵銷了這一影響。這些業績，加上我們對下半年前景的展望，促使我們上調並縮減了全年調整後EBITDA預期範圍至2.45億美元至2.55億美元。這些業績也持續提升了我們的現金狀況，增強了我們的資產負債表，並在動盪的醫院醫療環境中增加了選擇。

Kasandra will now provide additional financial details, and then I'll discuss our view of where we are, our focus now, and looking forward.

卡桑德拉現在將提供更多財務細節，然後我將討論我們對現狀、當前重點和未來的看法。

Thanks, 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. This decrease was partially offset by strong same-unit growth of over 6%. Same unit pricing was up 3.5%, driven by increased patient acuity, primarily in neonatology, strong RCM cash collections, and an increase in contract administrative fees.

謝謝，馬克，大家早安。我將在幾個方面提供一些補充細節。我們的合併收入下降了略高於7%，這主要是由於非同類型業務活動下降了約6300萬美元，這主要與我們投資組合重組活動的影響有關。這一下降被超過6%的強勁同類型業務成長部分抵消。同類型業務價格上漲了3.5%，這得益於患者診療敏銳度的提高（主要體現在新生兒科）、RCM現金回款強勁以及合約管理費的增加。

Importantly, payer mix remained relatively stable as compared to both the prior year period and on a consecutive quarter basis. Same-unit patient service volumes increased by approximately 3%, driven by strong increases in hospital-based services, primarily neonatology, where NICU days were up over 6% and within office-based services, where we saw a modest increase in maternal fetal medicine services.

重要的是，付款人結構與去年同期和連續季度相比均保持相對穩定。同科室病患服務量成長約3%，這得益於院內服務（主要是新生兒科，新生兒加護病房 (NICU) 的住院天數成長超過6%）的強勁成長，以及門診服務（母胎醫學服務）的溫和成長。

Practice-level SW&B expenses declined year over year, also reflecting portfolio restructuring activity. On a same-unit basis, we saw an increase in expenses as compared to prior year, but the increase was primarily related to higher incentive compensation based on practice results as well as salary increases. Salary growth has remained in a tight band, consistent with the ranges we have seen for the prior four quarters that averaged 3% to 3.5%.

執業層面的薪酬與預算支出較去年同期下降，也反映了投資組合重組活動的影響。以同部門計算，支出較前一年增加，但主要原因是基於執業績效的激勵性薪資增加以及薪資成長。薪資成長一直維持在一個窄幅區間，與前四個季度平均3%至3.5%的區間一致。

Our G&A expense decreased slightly year over year, primarily due to a net decrease in salary expense, reflecting the favorable impacts from the staffing reductions across shared services completed in the prior year as well as modest decreases in other expense categories, including professional services and legal fees. These decreases were partially offset by an increase in incentive compensation expense based on overall company financial results.

我們的一般及行政費用同比略有下降，主要由於薪資費用淨減少，這反映了上一年度完成的共享服務人員裁員帶來的有利影響，以及包括專業服務和法律費用在內的其他費用類別的小幅下降。這些減少部分被基於公司整體財務表現的激勵性薪酬費用的增加所抵銷。

D&A expense declined to $5.3 million as compared to $8.8 million in the prior year, also primarily reflecting the impacts of the practice dispositions. Other non-operating expense was $4.9 million as compared to $10 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 modestly lower average borrowings at slightly lower rates.

折舊及攤銷費用 (D&A) 降至 530 萬美元，而去年同期為 880 萬美元，這主要反映了業務處置的影響。其他非營運支出為 490 萬美元，而去年同期為 1,000 萬美元，這主要反映了現金餘額利息收入的增加，以及平均借款金額略有減少且利率略有下降導致的利息支出的減少。

Moving on to cash flow. We generated $138 million in operating cash flow in the second quarter compared to $109 million in the prior year, driven by higher earnings and increases in cash flow from deferred taxes and accounts payable and accrued expenses. We ended the quarter with cash of $225 million and net debt of just over $380 million. This reflects net leverage of just above 1.5 times using the midpoint of our updated adjusted EBITDA outlook range for 2025.

再來看看現金流。第二季度，我們實現了1.38億美元的營運現金流，而去年同期為1.09億美元，這得益於獲利成長以及遞延稅項、應付帳款和應計費用帶來的現金流成長。本季末，我們的現金為2.25億美元，淨債務略高於3.8億美元。這反映了淨槓桿率略高於1.5倍（以我們更新後的2025年調整後EBITDA預期區間中位數計算）。

Absent any other activities, we would expect our cash balance will be around $350 million to $400 million at the end of 2025.

如果沒有其他活動，我們預計到 2025 年底我們的現金餘額將達到 3.5 億至 4 億美元左右。

Our accounts receivable DSO at June 30 of 46.4 days were down about 1.2 days from March 31 and December 31, but they were down over 3 days year over year, primarily related to improved cash collections at our existing units.

我們 6 月 30 日的應收帳款 DSO 為 46.4 天，比 3 月 31 日和 12 月 31 日減少了約 1.2 天，但同比減少了 3 天以上，這主要與我們現有單位的現金回款情況改善有關。

From an RCM standpoint, while we continue to work through additional automation and enhancements, we certainly have hit a stride. We consider the complex and lengthy transition to our hybrid model as a success with our operating performance in a solid place.

從RCM的角度來看，我們仍在努力提升自動化水平和改進功能，並取得了顯著進展。我們認為，向混合模式的過渡雖然複雜且漫長，但最終取得了成功，我們的營運表現保持了穩健。

Finally, I'll touch briefly on our updated 2025 outlook range, noting that the increase was primarily related to the top line revenue growth achieved during the second quarter versus our expectations and the narrowing of our range reflects where we sit timing wise in the year.

最後，我將簡要談談我們更新後的 2025 年展望範圍，並指出這一增長主要與第二季度實現的營收成長與我們的預期有關，而範圍的縮小反映了我們在今年的時間安排上所處的位置。

For the second half of 2025, we expect that our adjusted EBITDA will be fairly ratable in the third and fourth quarters.

對於 2025 年下半年，我們預計調整後的 EBITDA 在第三季和第四季將相當可比。

Thanks so much, Kasandra. Since returning as CEO in January, I have spoken about our concerted efforts to be the best possible partner to our hospitals and to be the employer of choice to leading clinicians who want their careers to be at a quality-driven critical care provider. We continue to believe strongly that these efforts provide the best possible foundation for stability, resilience, and opportunity.

非常感謝，卡桑德拉。自從一月重返執行長職位以來，我一直在強調我們將齊心協力，成為醫院的最佳合作夥伴，並成為那些希望在以品質為導向的重症監護機構發展事業的頂尖臨床醫生的首選雇主。我們始終堅信，這些努力將為公司的穩定性、韌性和機會奠定最佳基礎。

In my career, I have looked for and usually found opportunities in areas where many see the headwinds most prominently. To capitalize on opportunities in a tougher environment, we believe you have to be the very best at what you do. If you're the best, you will attract the very best talent and be an invaluable partner.

在我的職業生涯中，我經常在許多人認為逆風最為明顯的領域尋找機會，並且通常都能找到。為了在更艱難的環境中抓住機遇，我們相信你必須在自己的領域中做到最好。如果你做到了最好，你就能吸引到最優秀的人才，並成為你寶貴的合作夥伴。

At Pediatrix, where we provide the most critical care to mothers, babies and children, being the best means an intense focus on quality of care, having an organization dedicated to this and having the resources needed to support this fully.

在 Pediatrix，我們為母親、嬰兒和兒童提供最關鍵的護理，成為最好的意味著高度重視護理質量，擁有專門從事此工作的組織並擁有全力支持所需的資源。

We are the nation's leading research organization in neonatology. Our clinician leaders serve on Boards of outside organizations dedicated to advancing care in neonatology and in maternal fetal medicine. We spoke about acuity earlier in the call, and we oversee more Level 3 and Level 4 NICUs than any other provider organization.

我們是全美領先的新生兒學研究機構。我們的臨床醫生領導在致力於推進新生兒學和母胎醫學護理的外部組織的董事會任職。我們在電話會議早些時候談到了敏銳度，我們管理的三級和四級新生兒重症監護室（NICU）數量超過任何其他醫療機構。

Recently, Senator Cotton and other legislators introduced the Neonatal Care Transparency Act, and we believe that we can assist anyone as thought leaders since we know the intricacies of this as well or better than anyone.

最近，參議員科頓和其他立法者提出了《新生兒護理透明度法案》，我們相信，作為思想領袖，我們可以為任何人提供幫助，因為我們比任何人都更了解這其中的複雜性。

To be the best, we need to look for ways to be better partners with our hospital partners. We look for opportunities to grow with them while attending to the core of the care and the services we provide. To be the best, we must be resilient, and I've been a broken record about the importance of a strong balance sheet, especially in turbulent times.

為了做到最好，我們需要探索與醫院合作夥伴更好合作的方法。我們尋求與他們共同成長的機會，同時關注我們提供的照護和服務的核心。為了做到最好，我們必須具備韌性​​，而我一直強調強勁的資產負債表的重要性，尤其是在動盪時期。

We spoke earlier about our relatively large cash balance sheet. This provides us flexibility to pay down debt and to employ other corporate finance strategies, including possibly share repurchases and also enables us to take advantage of potential strengthening opportunities, both inside and outside Pediatrix.

我們之前提到過，我們現金資產負債表相對較大。這為我們償還債務和運用其他公司融資策略（包括可能的股票回購）提供了靈活性，也使我們能夠抓住Pediatrix內部和外部的潛在增強機會。

We announced today the addition to Pediatrix of my long-time colleague, Greg Neeb, who over many years has collaborated with me and our colleagues to find ways to improve what we do, to reinforce quality efforts, and to help find financial and operational opportunities that benefit all stakeholders. This includes, of course, you, our shareholders.

我們今天宣布，我的長期同事 Greg Neeb 加入 Pediatrix。多年來，他與我及我們的同事們攜手合作，不斷改進我們的工作，提升質量，並幫助我們尋找惠及所有利益相關者的財務和運營機會。當然，這其中也包括您，我們的股東。

We believe that Greg is a great addition to a team that is equipped and poised to do just that. All of this is a natural segue to my thoughts about the Big Beautiful Bill and Pediatrix. We believe that we can effectively manage through the effect of this legislation.

我們相信，格雷格的加入對一個有能力、有準備做到這一點的團隊來說是一個很棒的補充。這一切都自然而然地引出了我對「大美法案」和「兒科醫生」的思考。我們相信，我們能夠有效地應對這項立法的影響。

Remember, it phases in over time. It has a very different impact on expansion versus non-expansion states where 60% of our volume resides, and it specifically addresses the urgent needs of expectant mothers where, of course, we address the highest risk population.

記住，這個措施會隨著時間的推移而逐步實施。它對擴張州和非擴張州的影響截然不同，我們60%的訂單都來自這些州。它特別關注孕婦的緊急需求，當然，她們也是我們服務的高危險群。

We of course hope that the premium tax credits that are set to expire at the end of this year will be extended. And we, like many others, have been using our voices and knowledge to urge that they be extended.

我們當然希望今年底到期的保費稅收抵免能夠延長。我們和許多其他人一樣，一直在用自己的聲音和知識呼籲延長這些抵免。

This is yet another example of the headwinds that seem always to recur in healthcare, which require resilient, determined management with the resources and the will to steer through and find opportunities. And when you think about the challenges our clinicians face and meet every day of every year, this is what we believe uniquely defines Pediatrix.

這又一次印證了醫療保健領域似乎總是會遭遇逆境的現象，需要堅韌而堅定的管理，以及資源和意志力來應對挑戰並尋找機會。想想我們的臨床醫生每年每一天所面臨的挑戰，我們相信這正是Pediatrix的獨特之處。

With that, operator, I will turn the call over to people with questions.

接線員，接下來我將把電話轉給有疑問的人。

(Operator Instructions) Pito Chickering, Deutsche Bank.

（操作員指示）德意志銀行的 Pito Chickering。

Can you talk about the hospital admin fees? I think those were previously guided to be flattish. What percent of the pricing growth in the second quarter came from admin fees? And can you tell us sort of how these negotiations are going and sort of how we should think about these admin fees as we head into 2026?

能談談醫院的管理費嗎？我認為之前預期的管理費水準會持平。第二季的價格成長中有多少比例來自管理費？能告訴我們談判進展如何嗎？以及在邁向2026年之際，我們該如何看待這些管理費？

Sure. So late in 2024, we did say that we expected hospital admin fees to be in the flattish range. In Q1, we did see same unit growth there of just about 10% of pricing. This quarter, it was definitely north of that, and our admin fees made up about a third of our pricing growth.

當然。所以在2024年末，我們確實說過預計醫院管理費會持平。第一季度，我們確實看到同店銷售額成長了約10%。本季度，銷售額肯定超過了這個數字，管理費約佔價格成長的三分之一。

We talked to operations, and they've said they have certainly been targeting some key programs, both from a renewals perspective and certain ASCs. We've been able to work with our hospital partners to demonstrate the value we bring and substantiate the ASCs that are necessary to continue supporting their programs.

我們與營運部門進行了溝通，他們表示他們確實瞄準了一些關鍵項目，既從續約角度，也從某些 ASC 角度。我們能夠與醫院合作夥伴合作，展示我們帶來的價值，並證實 ASC 是繼續支持其專案所必需的。

I don't think in any way we're saying it's easy, but we are definitely having some success there.

我認為我們不會說這很容易，但我們確實取得了一些成功。

Yeah. I would say this goes hand in hand with our efforts to really bolster our relationships with our hospital partners. We're not shy about looking for support where it's warranted, and we believe we operate very efficiently, and we're providing an absolutely urgent service to our hospital partners. So we're -- we feel comfortable in that area. There's always -- you always have to justify what you're doing, but we think we're good at that.

是的。我想說，這與我們努力真正加強與醫院合作夥伴的關係息息相關。我們樂於在必要時尋求支持，我們相信我們運作高效，並且正在為醫院合作夥伴提供絕對緊急的服務。所以我們在這方面感到很自在。你總是需要證明你所做的事情的合理性，但我們認為我們在這方面做得很好。

Okay. And then a follow-up here. Let's say you increase your admin fee by, let's say, 1%. What is the flow-through on how much sort of goes back into doctor compensation versus the corporate? Just trying to figure out and then the timing of when those to occur.

好的。接下來還有個問題。假設你把管理費提高了1%。這其中有多少會流向醫生的薪酬，有多少會流向公司？我只是想弄清楚這些費用何時會流向醫生。

Probably somewhere in the 30% to 40% range.

大概在 30% 到 40% 的範圍內。

Is it pretty immediate to flow through?

流過是否非常迅速？

Yes, pretty immediate.

是的，非常直接。

Okay. So next question, just NICU growth was exceptionally strong this quarter. Just any color on sort of what's driving the NICU growth? Is it just a large number of babies? Is market share sort of comps? Kind of what drove that 6% NICU growth this quarter?

好的。下一個問題是，本季 NICU 的成長異常強勁。您能否解釋一下是什麼推動了 NICU 的成長？只是因為嬰兒數量眾多嗎？還是市佔率有所提升？本季 NICU 成長 6% 的原因是什麼？

It's really the factors that we talked about before. There's no one particular driver of it. And we mentioned one of the things we highlighted was that acuity is certainly up. It's hard to parse where it's all coming from. So it's just overall strong in really every regard.

這其實就是我們之前討論過的那些因素。沒有單一的驅動因素。我們之前強調的一點是，敏銳度確實上升了。很難分析這一切的根源。所以，整體來說，它在各方面都表現強勁。

Okay. And then last one here for me. Just looking at sort of this Big Beautiful Bill, looking at the Medicaid impact for -- sorry, expansion states, how would that flow through into you guys just as I think about sort of moms and kids sort of versus changes of policy kind of how would that flow through to you guys?

好的。接下來我要問最後一個問題。我先來看看這個“美麗法案”，看看醫療補助對——抱歉，是擴張州——的影響。我想到媽媽和孩子，以及政策改變對你們的影響，這會如何影響你們？

You're asking specifically about the expansion states?

您具體問的是擴張狀態嗎？

Correct. Exactly just for the expansion states.

正確。確實，只是針對擴張狀態。

It's not clear yet how that will flow through. A lot of the details of how that's going to work are not clear. I stressed earlier that 60% of our volume is in the non-expansion states. So we think that the effect will -- and it phases in over time.

目前尚不清楚這將如何實施。許多關於如何運作的細節尚不清楚。我之前強調過，我們60%的銷售來自非擴張州。所以我們認為，這種影響會——而且會隨著時間的推移而逐步顯現。

So it's -- look, we're not taking it lightly at all, but we think that as you see the rules around who's covered and who's not covered because it specifically carves out pregnant women, we'll see how that flows through. And we think we have both the time and understanding to manage through it as it becomes clearer.

所以——你看，我們對此絕非輕率之舉，但我們認為，鑑於相關規定明確規定哪些人可以參保，哪些人不可以參保（因為其中特別排除了孕婦），我們會觀察具體情況如何。我們認為，隨著情況逐漸明朗，我們有時間和理解力來應對。

Yeah. I mean that's sort of my question. Just as I think about your patients being pregnant moms and or kids, I guess I'm struggling to sort of see how either of those are going to be the ones being cut from live simply because it seems moms, kids, and old poor people are generally being held the same. It's much more about working males. And so I'm trying to figure out why there will almost be any cuts to you guys coming from the Big Beautiful Bill.

是的。我的意思是，這算是我的問題。考慮到你的病人是孕婦和孩子，我很難理解為什麼這些人會被從實況中剔除，因為看起來媽媽、孩子和貧困老人的情況普遍都差不多。這主要針對的是男性工作者。所以我想弄清楚，為什麼《大美麗法案》幾乎會把你們的福利刪減。

We hope that's the case. And as you know, in any legislation, it's the details on how it's implemented that have not yet been announced.

我們希望如此。如你所知，任何立法都尚未公佈其具體實施方式。

But given that in the very initial wording of the bill, these were pointed out, and I read it the same way you do, the intent of the bill was aimed at a different area of the population. It gives us somewhere between confidence and hope that we won't be targeted.

但鑑於法案最初的措辭就指出了這些，而且我和你讀到的一樣，該法案的意圖是針對不同的人群。這給了我們介於信心和希望之間的某種感覺，相信我們不會成為目標。

So the fact that we're mostly in the non-expansion states and the fact that legislators are keenly aware, including in those expansion states that their voters depend on necessary care, it gives us, again, somewhere between hope and confidence.

因此，事實上我們主要處於非擴張州，立法者敏銳地意識到，包括在那些擴張州，他們的選民依賴必要的護理，這再次給了我們希望和信心。

And we have -- we punch above our weight in pointing these things out, I think, to the government, and we're active at that.

我認為，我們已經盡了最大努力向政府指出了這些問題，而且我們在這方面非常積極。

Whit Mayo, Leerink Partners.

惠特·梅奧 (Whit Mayo)，Leerink Partners。

Mark, can you just elaborate more on buybacks, how you're thinking about the buyback strategy and the pace of buybacks?

馬克，您能否更詳細地闡述回購，以及您如何看待回購策略和回購速度？

Sure. Well, what I said is we -- what I said, I'll sort of repeat it. We believe that in a turbulent time and throughout my career, I've thought you really want to have a strong balance sheet. It provides you with a lot of opportunity.

當然。嗯，我說的是──我再重複一次。我們相信，在動盪時期，以及在我的整個職業生涯中，我認為你真的需要一份強勁的資產負債表。它能為你帶來很多機會。

And at a time like this, when most people are scared about the provider world, where all they see are headwinds and look at how -- look at the multiple of our stock, say, hey, it's a good time to have cash and to have flexibility. Now it's not our job to hoard cash. We're not a mutual fund. So we want to be careful about what we do.

在這樣的時刻，大多數人對服務提供者的世界感到擔憂，他們看到的都是逆風，看看我們的股票市盈率，就會說，嘿，現在是持有現金和獲得靈活性的好時機。現在囤積現金不是我們的工作。我們不是共同基金。所以我們要謹慎行事。

The reason we added Greg, and we've bolstered our team in this regard is we do think there are opportunities in a turbulent environment like this, and we want to be able to take advantage of those. Having said that, it's not like I'm announcing some kind of big acquisition or something. So we think about our debt level, and we could pay down debt.

我們之所以聘請格雷格並加強團隊實力，是因為我們確實認為在如此動盪的環境中存在著機遇，我們希望能夠抓住這些機會。話雖如此，我並不是想要宣布什麼大型收購之類的。所以我們會考慮我們的債務水平，並考慮如何償還債務。

And look, nobody is more incentivized than I am or Greg or anybody in our team to raise our share price. If we think that the best strategy is to buy back shares, we have the ability to do it and still not push our leverage levels high, and that's something that we're very mindful of. We're very pleased to have this flexibility, and we're not going to just sit around and watch it.

瞧，沒有人比我、格雷格或我們團隊中的任何人更有動力提高股價。如果我們認為最佳策略是回購股票，我們有能力這樣做，同時又不會推高槓桿率，這一點我們非常重視。我們很高興擁有這種彈性，我們不會袖手旁觀。

Okay. No, that's helpful. And my follow-up is just we can all see the activity with IDR and arbitration, some of the payers, as you know, are talking about it. Just any update there? I mean we can see you're winning claims. Is this not a favorable development? And maybe just comment on whether or not the plans are, in fact, paying you.

好的。不，這很有幫助。我的後續問題是，我們都看到了IDR和仲裁方面的進展，正如你所知，一些付款方正在談論此事。有什麼最新進展嗎？我的意思是，我們可以看到你們的索賠正在勝訴。這不是一個正面的進展嗎？或許你可以評論一下這些計畫是否真的在支付你的保費。

Yes. It's -- that process, while painful for everybody, has gone well for us. And we've done very well in the process. And I would say, as you know, we're overwhelmingly in network. We continue to overwhelmingly be in network. In a few cases where we were out of network, people have wanted us back in network. We provide the necessary service. So I would say, certainly, versus where -- what people have feared and in some cases, continue to fear, it's gone a lot better than we had worried about.

是的。這個過程雖然對每個人來說都很痛苦，但對我們來說進展順利。我們在這個過程中做得非常好。我想說，正如你所知，我們絕大多數都處於網路化狀態。我們將繼續保持這種狀態。在少數我們脫離網路的情況下，人們希望我們重新加入網路。我們提供必要的服務。所以，我想說，與人們過去擔心的，在某些情況下，現在仍然擔心的相比，情況比我們之前擔心的要好得多。

Tao Qiu, Macquarie.

邱濤，麥格理。

Just want to drill down a little bit on the guidance. If you annualize the first half numbers, you reached the lower end of your guidance range. When we consider normal seasonality, that should push you above your current guidance range. I understand you mentioned the cautious view on the hospital landscape. I'm just curious, we're talking about potential headwind coming down the pipe. Is it on the revenue, expense, or both? And maybe what is your outlook in terms of the cadence on margins for the balance of the year?

我想稍微深入探討一下指引。如果將上半年的數據年化，你們的業績已經達到了指引區間的下限。考慮到正常的季節性因素，這應該會高於目前的指引區間。我知道您提到了對醫院前景的謹慎看法。我只是好奇，我們討論的是未來可能出現的逆風。是收入、支出，還是兩者兼具？另外，您對今年剩餘時間利潤率的走勢有何展望？

So I think when we talked a little bit about our guidance and when we raised guidance last year -- last quarter, we talked about the fact that as we move through 2025, the comps do get a little bit tougher. We had that volume top line increase in Q1. That was our easiest comp of 2025.

所以我認為，當我們談論業績指引，以及去年（上個季度）上調業績指引時，我們談到了這樣一個事實：隨著2025年的到來，業績對比會變得更加艱難。我們在第一季實現了營收成長。這是我們2025年業績對比中最輕鬆的。

Got a little bit tougher in Q2, but we really did start to see growth in the back half of '24. So the comps will be a bit tougher as we move through the year. So I think that's why when we moved our guidance up, it really was specifically related to what we saw in Q1 and Q2. But we do expect margins to be fairly stable as we move through the end of '25.

第二季的業績略顯疲軟，但我們確實在2024年下半年開始看到成長。因此，隨著全年的推進，可比業績會更加疲軟。所以，我認為這就是為什麼我們上調業績預期的原因，這與我們在第一季和第二季的業績息息相關。但我們預計，到2025年底，利潤率將保持相當穩定。

Great. And then a follow-up on the budget bill impact. A lot of your business is originated from the hospitals, right? When we think about the regulatory and reimbursement changes, hospital seems to be the biggest victim there. What is your contracting discussion with hospital like these days? Are they looking to contract their service lines down the line if this headwind persists?

好的。接下來是關於預算法案影響的後續問題。你們的許多業務都來自醫院，對嗎？考慮到監管和報銷政策的變化，醫院似乎是最大的受害者。你們目前與醫院的合約談判進度如何？如果這種不利因素持續下去，他們是否會考慮在未來繼續承包服務線？

No, we're not seeing that at all. Again, we provide an unbelievably necessary service, and it's very important in the overall financial picture for hospitals. So we're not seeing people retreating from this. Now it could -- I do fear that it will have an effect in rural areas and other underserved areas of the population if this isn't done with proper care.

不，我們根本沒有看到這種情況。再說一次，我們提供的服務極為必要，而且對醫院的整體財務狀況至關重要。所以我們沒有看到人們放棄這項服務。現在，如果護理不妥善，我擔心它會對農村地區和其他醫療資源匱乏的地區產生影響。

But we overwhelmingly are in Level 3 and Level 4 NICUs and even Level 1 and Level 2 NICUs provide an absolutely vital service, which is really very important to the financial well-being of the hospital and to their patient the patient outcomes.

但我們絕大多數都在 3 級和 4 級 NICU，甚至 1 級和 2 級 NICU 也提供絕對重要的服務，這對醫院的財務狀況以及患者的治療結果都非常重要。

So we're not seeing that at all. What we are seeing is that we provide the necessary service. We spend our days and nights reinforcing that with hospitals. And hospitals, look, at a time like this, they are looking to take advantage of opportunities just the same we are with the headwinds.

所以我們根本沒有看到這種情況。我們看到的是，我們提供了必要的服務。我們日夜不停地與醫院合作，強化這一點。瞧，在這樣的時刻，醫院也在尋求抓住機遇，就像我們在逆境中一樣。

I mentioned earlier that we are aggressively looking at hospital systems that are growing, that are thinking about like a hub-and-spoke model for what they're doing and how we can be partners with them as they grow.

我之前提到過，我們正在積極關注正在發展的醫院系統，這些醫院系統正在考慮採用輪輻式模型來開展工作，以及我們如何在它們發展的過程中成為它們的合作夥伴。

And we have no further questions at this time. Please continue.

目前我們沒有其他問題。請繼續。

Well, if there are no more questions, I think we're set. We -- I hope that you can tell that we are very mindful of the challenges in front of us, but I think we're very prepared to manage through them. We feel confident. We believe that investing in our operations is a very wise thing for today and going forward, and we appreciate your support.

好吧，如果沒有其他問題，我想我們已經準備好了。我希望你們能看出，我們非常清楚眼前的挑戰，但我認為我們已經做好了充分的準備來應對它們。我們充滿信心。我們相信，投資我們的營運對於現在和未來都是非常明智的，我們感謝你們的支持。

Thank you. That does conclude our conference for today. Thank you for your participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與。現在可以斷開連線了。