Pediatrix Medical Group Inc (MD) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Hello. My name is Dustin, and I will be your conference operator today. At this time, I would like to welcome you to third-quarter 2025 Pediatrix Medical Group Incorporated earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。你好。我叫達斯汀，今天我將擔任你們的會議接線生。現在，我謹代表 Pediatrix Medical Group Incorporated 召開 2025 年第三季財報電話會議，歡迎各位參加。（操作說明）

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

現在我將把會議交給我們的首席行政官瑪麗安摩爾女士。請繼續。

Thank you, operator, and good morning. Certain statements and information during this 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案》意義上的前瞻性陳述。這些前瞻性聲明是基於 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合適的其他因素所做的假設和評估而作出的。

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，Pediatrix 不承擔任何更新或修改此類陳述的義務，無論是因為新資訊、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聲明存在重大差異的重要因素，包括題為「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.

在今天的管理階層演講中，我們將討論非GAAP財務指標。您可以在今天早上發布的獲利新聞稿、我們的季度和年度報告以及我們的網站 www.pediatrix.com 上找到這些非 GAAP 財務指標與最可比較 GAAP 指標的調整表。

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

接下來，我將把電話交給我們的執行長馬克·奧丹。

Thank you, Mary Ann, and good morning, everyone. Also with me today is Kasandra Rossi, our Chief Financial Officer, who is recovering from the flu. We didn't forecast that.

謝謝你，瑪麗安，大家早安。今天和我在一起的還有我們的財務長卡桑德拉·羅西，她正在從流感中恢復。我們並沒有預料到這一點。

Our third quarter results, including adjusted EBITDA of $87 million exceeded our expectations, a confluence of positive outcomes in pricing, collections and expense controls together led to another very strong quarter. 2025 year-to-date results have been strong, and we see no reason to expect a shift from normal seasonality in the fourth quarter.

我們第三季的業績，包括調整後 EBITDA 為 8700 萬美元，超出預期。定價、收款和費用控制的積極進展共同促成了另一個強勁的季度業績。 2025 年迄今的業績表現良好，我們預計第四季度不會出現偏離正常季節性規律的情況。

Because of practice bonus variability, our outlook for the full year's adjusted EBITDA is a wider-than-usual range at $270 million to $290 million. Note that we also disclosed in our Q filing that we bought back 1.2 million shares in the quarter. To date, that number is now 1.7 million shares.

由於執業獎金存在波動性，我們對全年調整後 EBITDA 的預期範圍比往常更廣，為 2.7 億美元至 2.9 億美元。請注意，我們在季度報告中也揭露了我們在該季度回購了 120 萬股股票。截至目前，該數字已達170萬股。

After Kasandra, I will speak about the big picture about where Pediatrix is today and where we are heading.

在 Kasandra 之後，我將談談 Pediatrix 目前的狀況以及我們未來的發展方向。

Thanks, Mark, and good morning, everyone. This is definitely not my real voice, so please forgive me.

謝謝馬克，大家早安。這絕對不是我的真聲，請見諒。

Our consolidated revenue decrease was driven by our portfolio restructuring activity of just under $54 million. This decrease was partially offset by strong same-unit growth of 8% and with same unit pricing up about 7.5% and patient service volumes up just under 40 basis points.

我們的綜合收入下降是由於我們進行了近 5400 萬美元的投資組合重組活動。這一降幅被強勁的同店銷售額增長 8% 以及同店價格上漲約 7.5% 和患者服務量增長近 40 個基點部分抵消。

Pricing was driven by solid RCM cash collections, increased patient acuity and neonatology, an increase in contract administrative fees and favorable payer mix. While volumes reflected modest growth in neonatology, where NICU days were up by 2%. Practice-level SW&B expenses declined year-over-year, also reflecting our portfolio restructuring activity.

定價主要受 RCM 現金收款穩健、病患病情加重和新生兒疾病增加、合約管理費增加以及有利的付款方組合等因素驅動。雖然新生兒科的病例量略有成長，但新生兒加護病房 (NICU) 的住院天數增加了 2%。實踐層面的SW&B支出較去年同期下降，也反映了我們的投資組合重組活動。

On a same-unit basis, we saw increases in salary expense, incentive compensation based on practice results, and benefits expense. Salary growth for the third quarter was modestly below the ranges that we have seen for the prior five quarters that averaged 3% to 3.5%. Our G&A expense increased slightly year-over-year, driven by an increase in incentive compensation expense based on overall company financial results.

以單位計算，我們看到薪資支出、基於績效的激勵性薪資和福利支出均增加。第三季的薪資成長略低於前五季的平均水平，即 3% 至 3.5%。由於公司整體財務表現良好，激勵性薪資支出增加，導致我們的一般及行政費用較去年同期略有成長。

Other nonoperating income included a net gain on investments in divested businesses of $21 million, with the remaining net increase driven by higher interest income on cash balances and a decrease in interest expense on modestly lower average borrowings at slightly lower rates.

其他非經營性收入包括從已剝離業務的投資中獲得的淨收益 2,100 萬美元，其餘淨增長主要來自現金餘額利息收入的增加以及平均借款額略有下降（利率略有下降）導致的利息支出減少。

Moving to cash flow. We generated $138 million in operating cash flow in the third quarter compared to $96 million in the prior year, driven by higher earnings and increases in cash flow from AR. We also used $21 million of cash during the quarter for share repurchases and used $19 million to acquire several neonatology, MFM and OB hospitalist practices in a single transaction.

接下來談談現金流。第三季度，我們實現了 1.38 億美元的營運現金流，而去年同期為 9,600 萬美元，這主要得益於更高的收益和應收帳款現金流的增加。本季我們也使用了 2,100 萬美元現金用於股票回購，並使用 1,900 萬美元一次性收購了幾家新生兒科、母胎醫學科和婦產科住院醫師診所。

We ended the quarter with cash of $340 million and net debt of just over $260 million. This reflects net leverage of just under 1 times using the midpoint of our updated adjusted EBITDA outlook range for 2025. Our AR DSO at September 30 of 43.1 days were down over 3 days from June 30, but were down almost 9 days year-over-year, driven by improved cash collections at our existing units.

本季末，我們持有現金 3.4 億美元，淨負債略高於 2.6 億美元。根據我們更新後的 2025 年調整後 EBITDA 預期範圍的中點計算，這反映出淨槓桿率略低於 1 倍。截至 9 月 30 日，我們的應收帳款週轉天數為 43.1 天，比 6 月 30 日減少了 3 天，但與去年同期相比減少了近 9 天，這主要得益於我們現有單位現金回收情況的改善。

Thanks, Kasandra. I think that when we release stronger-than-expected results, people go straight to the components of those results and miss the core of who Pediatrix really is. Yes, we employ clinicians and hospitals in an ambulatory setting. And yes, there were strong components of our results that are out of our control, but that fact is hardly unique to us.

謝謝你，卡桑德拉。我認為，當我們發布超出預期業績時，人們會直接關注這些業績的組成部分，而忽略了 Pediatrix 的核心本質。是的，我們在門診環境中聘用臨床醫生和醫院。沒錯，我們的結果中確實存在一些我們無法控制的重要因素，但這並非我們獨有的現象。

Let me tell you the combination of some factors that do make us quite unique. At our recent medical directors meeting, we assembled over 250 practice medical directors, OB hospitalists, pediatric intensive care physicians, maternal fetal medicine physicians and the neonatologist.

讓我來告訴你一些讓我們與眾不同的因素。在我們最近舉行的醫療主任會議上，我們召集了 250 多名執業醫療主任、婦產科住院醫師、兒科重症監護醫師、母胎醫學醫師和新生兒科醫師。

Nobody else could assemble a group of clinicians -- of clinician leaders like we can. This is the nation's largest assembly of practices in these most critical areas. Presenting to the group were our research clinicians who, in addition to their practice work produce more research on neonatology than any other organization, including academic medical sectors.

沒有其他人能夠像我們一樣，組建一支由臨床醫生和臨床領導者組成的團隊。這是全國在這些最關鍵領域舉辦的最大規模的實踐大會。向該小組報告的是我們的研究臨床醫生，除了臨床實踐工作外，他們在新生兒學領域的研究成果比任何其他組織（包括學術醫療部門）都多。

Let me give you some details. Our market-leading position. We have massive clinical scale. Our research activity is supported by our substantial neonatology clinical footprint of over 1,300 physicians and 1,170 advanced practice providers, serving patients in 322 locations across 33 states. We maintain the industry's most detailed comprehensive clinical data warehouse with 37 million patient days and 2 million NICU admissions. We drive industry standards.

讓我給你詳細說明一下。我們擁有市場領先地位。我們擁有龐大的臨床規模。我們的研究活動得到了我們龐大的新生兒科臨床團隊的支持，該團隊擁有超過 1300 名醫生和 1170 名高級執業人員，在 33 個州的 322 個地點為患者提供服務。我們擁有業界最詳細、最全面的臨床資料倉儲，包含 3,700 萬個病患日和 200 萬個新生兒加護病房入院紀錄。我們引領業界標準。

Our research productivity is evidenced by 1,395 peer-reviewed publications authored by our clinicians and researchers, including 62 publications in 2024. Our active research spans 39 sites conducting 72 clinical research studies. The portfolio is diversified across funding sources, including 16 federally funded studies, 19 industry-sponsored pharmaceutical studies and 7 foundation and international collaborations.

我們的研究成果體現在我們臨床醫生和研究人員撰寫的 1,395 篇同行評審出版物中，其中包括 2024 年的 62 篇出版物。我們目前的研究活動遍及 39 個地點，正在進行 72 項臨床研究。該投資組合的資金來源多元化，包括 16 項聯邦政府資助的研究、19 項由產業贊助的製藥研究以及 7 項基金會和國際合作計畫。

As of October 31, we maintained 130 active research applications. We strongly believe that this commitment to research drives higher quality and safety, innovative and branding. Our results are also driven by our commitment to technology, and we view ourselves as the innovative technology leader in neonatology. As many of you know, we have a proprietary Pediatrix developed system called BabySteps to support clinicians as they care from for mothers and the frailest of babies.

截至10月31日，我們共有130個活躍的研究申請。我們堅信，對研發的投入能帶來更高的品質和安全保障，以及創新和品牌建立。我們的成果也得益於我們對科技的投入，我們視自己為新生兒科領域的創新技術領導者。正如你們許多人所知，我們有一個名為 BabySteps 的 Pediatrix 專有系統，旨在幫助臨床醫生照顧母親和最虛弱的嬰兒。

Let me elaborate. It was designed and curated by our physicians and developed by our technology team to address the needs of the highest-risk NICU patients. It specifically addresses the following: supports clinical decision-making, increases efficiency and accuracy and documentation, provides risk mitigation, including med mal and increases clinician well-being via reduced documentation and cognitive burden. It is constantly updated and evolving based on our quality and research team input.

讓我詳細說明一下。它由我們的醫生設計和策劃，由我們的技術團隊開發，旨在滿足最高風險新生兒加護病房患者的需求。它具體解決了以下問題：支持臨床決策，提高效率和準確性以及文件記錄，提供風險緩解措施（包括醫療事故），並透過減少文件記錄和認知負擔來提高臨床醫生的幸福感。它會根據我們品質和研究團隊的回饋不斷更新和發展。

Let me give you a specific example, hypoxic ischemic encephalopathy, HIE is a condition and it may occur when a newborn baby's brain does not receive enough oxygen and blood flow with a high mortality rate in severe cases. BabySteps programming prompts timely specific intervention to assist our physicians in diagnosis and care, improving clinical outcomes. After surveying alternatives, we believe BabySteps is a clear differentiator for us and has no peer in the industry, and we are confident that our hospital partners view that as one of our many strengths.

我舉個具體的例子，缺氧缺血性腦病。HIE 是一種新生兒腦部缺氧缺血性疾病，嚴重病例死亡率很高。BabySteps 程式設計可及時提供針對性幹預，以協助醫生進行診斷和治療，從而改善臨床結果。在檢視了各種替代方案後，我們認為 BabySteps 對我們來說是一個明顯的差異化優勢，在業界沒有同類產品，我們相信我們的醫院合作夥伴也認為這是我們眾多優勢之一。

Going forward, we plan to increase our prioritization of enhanced technological support. Our clinicians don't just work in hospitals. They and we as an organization, are true partners to these hospitals. We don't just put up a sign to attract this very rare group of clinicians for our hospital partners. We have the largest and I believe, the strongest recruiting team in these areas, ensuring we welcome the finest clinicians in our critical fields.

展望未來，我們計劃加強對加強技術支援的重視程度。我們的臨床醫生不只是在醫院工作。他們以及我們作為一個組織，都是這些醫院真正的合作夥伴。我們不會只豎起牌子就吸引這群非常稀有的臨床醫生加入我們的醫院夥伴。我們擁有這些領域規模最大、我認為也是最強大的招募團隊，確保我們能夠吸引關鍵領域最優秀的臨床醫師。

Our results include an increase in acuity. Why? Because we lead more Level 3 and Level 4 NICUs than anyone else and with the support of our research and quality teams and many others of pediatrics, we provide more support in these fields than anybody else possibly could.

我們的研究結果包括視力提高。為什麼？因為我們擁有的 3 級和 4 級新生兒重症監護室比任何人都多，並且在我們的研究和品質團隊以及兒科其他許多團隊的支持下，我們在這些領域提供的支援比任何其他機構都多。

This all results in miracles. I speak with and spend a great deal of time with our clinicians, and it is not at all uncommon for me to hear about 22-week-old babies being discharged home. Stop and think about what that means to have an organization that is at the forefront of such amazing care to the frailest patients anywhere and likely does this more than anyone else.

這一切都會帶來奇蹟。我與臨床醫生溝通的時間很多，也花了很多時間與他們相處，我經常聽到有 22 週大的嬰兒出院回家的消息。停下來想想，對於一個在世界各地為最虛弱的患者提供如此卓越護理的組織來說，這意味著什麼，而且這個組織在這方面可能比任何人都做得更多。

Our strong results to a great degree results from our focus on four areas of concentration. And while we restructured our portfolio to further that focus, we continue to build strength around the country in pediatric surgery, neurology, cardiac intensive care, and other highly specialized areas.

我們所取得的優異成績很大程度源自於我們對四個重點領域的專注。雖然我們調整了業務組合以進一步專注於此，但我們仍在全國範圍內加強兒科外科、神經病學、心臟重症監護和其他高度專業化領域的實力。

All of what I've described is to further our reputation as a leader in this immensely critical and vital field so that hospital systems know they could not internally do what we can do with that partner.

我所描述的一切，都是為了進一步鞏固我們在這一極其關鍵和至關重要的領域中的領導地位，以便讓醫院系統知道，他們自己無法做到我們與合作夥伴一起能做到的事情。

I spoke in May about a portfolio of NICU, MFM, and OBH operations we were planning to add. Very happy to report that we did this on schedule and quite successfully welcoming great clinicians and providing a significant hospital partner with the support they needed. We expect to see more of this going forward.

我在五月談到了我們計劃新增的新生兒加護病房、母胎醫學和婦產科業務組合。非常高興地報告，我們按計劃順利完成了這項工作，並成功接待了優秀的臨床醫生，同時為重要的醫院合作夥伴提供了他們所需的支持。我們預計未來會看到更多此類情況。

And even on our personal note, many of my administrator colleagues are clinicians or former clinicians and many of us are not, but I will assure you that what unites us is an unwavering dedication to the support of our clinicians so that by extension, we live up to our simple charge, take care of the patients. We have a lot happening here, and I'm grateful to and proud of the work that my colleagues are doing.

即使就我們個人而言，我的許多行政同事都是臨床醫生或前臨床醫生，而我們當中也有許多人不是，但我可以向你們保證，將我們團結在一起的是對支持臨床醫生的堅定不移的承諾，這樣，我們才能履行我們簡單的職責，照顧好病人。這裡有很多事情正在發生，我為我的同事所做的工作感到感激和自豪。

I will end by returning to our results and outlook. While we have had a combination of positive factors to propel our strong results, we don't view it as a being at a peak. While we are certainly in the midst of significant health care headwinds, we all know that, we still see many opportunities to strengthen our operations and our results, and we are working hard to enable a very strong future.

最後，我將回顧我們的結果和展望。雖然我們取得優異成績得益於多種正面因素的共同作用，但我們並不認為我們已經達到了巔峰。儘管我們目前確實面臨著醫療保健領域的巨大逆風，但我們都知道，我們仍然看到了許多加強營運和提升績效的機會，我們正在努力創造一個非常美好的未來。

Operator, let's now open the call for questions.

操作員，現在開始接受提問。

(Operator Instructions) A.J. Rice from UBS.

（操作說明）瑞銀集團的 A.J. Rice。

First, obviously, you're sitting on a large cash balance. Your leverage is about as low as we've seen it. Any updated thoughts on capital deployment? I know you've been fairly cautious up to this point. Any thoughts about being more aggressive on the share repurchase? Or is there other development or acquisition opportunities that are interesting?

首先，很顯然，你手邊有大量現金儲備。你的槓桿率已經降到了我們所見過的最低點。關於資金部署方面有什麼最新想法嗎？我知道你之前一直相當謹慎。對於更積極地回購股票，您有什麼想法？或者有其他值得關注的開發或收購機會嗎？

Well, a few things. One, as we said, AJ we have fairly aggressively been buying back shares, and we're very pleased that, that's come at the same time as the results that we've been posting. We are looking at many different opportunities, both inside and possibly outside the company, nothing to detail at this moment. We announced at our last call that we had welcomed a colleague, a long-time colleague of mine, Greg Neeb, who is working with me at looking at ways that we can really expand what we do, both internally and possibly externally.

嗯，有幾件事。第一，正如我們所說，AJ一直在積極回購股票，我們非常高興的是，這與我們公佈的業績同時發生。我們正在考慮許多不同的機會，包括公司內部和公司外部的機會，目前還沒有任何細節可以透露。我們在上次電話會議上宣布，我們迎來了一位同事，我的老同事 Greg Neeb，他正在和我一起研究如何真正擴大我們的業務範圍，無論是在內部還是可能在外部。

As you know and anybody who's been listening to these calls, we do favor low debt, especially at a time when we have the kind of headwinds that we have. So we'll continue to be cautious, and we look forward to reporting other opportunities as we move forward.

正如您和所有收聽過這些電話會議的人所知，我們確實傾向於低債務，尤其是在我們面臨目前這種逆境的時候。因此，我們將繼續保持謹慎，並期待在未來的工作中報告其他機會。

Okay. Maybe one other follow-up. Obviously, the restructuring of the portfolio has been a great success in terms of improving the operating performance of the company. I wonder -- we haven't asked you a while. Has it changed the dynamics of the company in the marketplace as you talk to new practices about potentially joining with you? Does it give them pause that you did the restructuring? Or has it changed the competitive landscape in any ways?

好的。或許還有一次後續跟進。顯然，投資組合的重組在提高公司經營績效方面取得了巨大成功。我想知道——我們好久沒問你這個問題了。在與潛在合作夥伴洽談合作事宜時，這是否改變了公司在市場上的格局？你進行的重整是否讓他們有所顧慮？或者說，它是否以任何方式改變了競爭格局？

No, I think actually, on the contrary, I think that both new practices, people -- practices that we've welcomed in, as I mentioned before, and our existing practices see, if anything, just an obvious increase in concentration of our efforts because we have, in that sense, a smaller footprint. So our team is so focused on working with our hospital partners and working with our clinicians that I think it creates a much better environment than we had before.

不，我認為恰恰相反，我認為無論是新的實踐、人員——正如我之前提到的，我們歡迎的實踐，還是我們現有的實踐，如果說有什麼變化的話，那就是我們投入的精力明顯增加了，因為從這個意義上講，我們的規模更小了。因此，我們的團隊非常注重與醫院合作夥伴和臨床醫生合作，我認為這創造了一個比以前好得多的環境。

Also think about our recruiting efforts and our recruiting team, we're able to really focus on our areas of need, and that makes them also much more effective. I think in every way, while we obviously would -- it's always sad to say goodbye to terrific clinicians, we felt that this concentration makes us stronger in just about every regard. And as I mentioned, we still have very important areas in some of these subspecialties.

也要考慮我們的招募工作和招募團隊，我們能夠真正專注於我們需要的領域，這也使得我們的招募工作更有效率。我認為，在各個方面，雖然我們當然會感到難過——和優秀的臨床醫生說再見總是令人傷感的，但我們覺得這種集中使我們在幾乎所有方面都變得更強大。正如我之前提到的，我們在其中一些亞專科領域仍然有很多非常重要的方面需要探索。

And if a hospital system needs that kind of support, we'll work with them to figure out how to provide it. Our recruiting team can help us, can also help our hospital system partners.

如果醫院系統需要這種支持，我們將與他們合作，找出提供這種支持的方法。我們的招募團隊可以幫助我們，也可以幫助我們的醫院系統合作夥伴。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

You've got Kieran Ryan on for Pito this morning. So I wanted to start and see if you can maybe break out the different buckets of the strong pricing in the quarter. It sounds like it's a lot of the same stuff you saw in 2Q around collections acuity, admin fees, and some payer mix. So any color you can provide on how that kind of split out in 3Q and your thoughts on the durability and how those factors look as we go into next year?

今天早上，基蘭瑞安將代替皮托上場。所以我想先看看你們能否把本季價格強勁的各個類別細分出來。聽起來和你在第二季度看到的許多問題都一樣，例如收款效率、管理費和一些付款方組合方面的問題。那麼，您能否透露一下第三季的具體情況，以及您對這種趨勢的持久性以及這些因素在明年會如何發展的看法？

Sure. This is Kasandra. So on the price -- on the strong pricing, over 1/3 of that was from strong RCM collections activity. And we did see some of the factors we saw in the prior quarters on acuity. Acuity made up about 20% of that pricing increase.

當然。這是卡桑德拉。所以，就價格而言——強勁的定價，超過三分之一來自強勁的RCM收款活動。我們確實看到了一些與前幾季在敏銳度方面相同的因素。價格上漲中，Acuity公司約佔20%。

And we have also continued to see some contract administrative fees from our hospitals increasing by about 10%. Payer mix, which had really been stable really last quarter from the increases or the favorability we saw in 2024. We actually did see a bit more favorability on that in the quarter of about 10%. So that really is the bulk of what made up a really strong pricing quarter.

我們也發現，我們醫院的一些合約管理費持續上漲，漲幅約 10%。支付方組合在上個季度保持穩定，這與我們在 2024 年看到的成長或有利因素相符。實際上，我們在第二季度確實看到了大約 10% 的更多支持率。所以，這確實是本季定價強勁的主要原因。

And as you know, many of these things are variable. So we would anticipate, like we had mentioned, payer mix continuing to be a bit stable. I think acuity has been strong in the last few quarters, but that, again, is also variable. And we've made it very clear that on the contract admin fees, it's tough to get some increases. We have had some success, but we don't see that becoming any easier with some of the pressures that hospitals are facing.

如你所知，這些事情很多都是可變的。因此，正如我們之前提到的，我們預期支付方組合將繼續保持相對穩定。我認為近幾個季度以來，敏銳度一直很高，但這同樣也是會改變的。我們已經明確表示，合約管理費很難提高。我們取得了一些成功，但鑑於醫院面臨的一些壓力，我們認為這種情況不會變得更容易。

And for the collections, I think I see 2025 as a reset year. Obviously, we've been talking a lot about our transition, and that has gone extremely well. And I think we are at a place where we have hit our stride there.

至於系列產品，我認為 2025 年是重置之年。顯然，我們一直在討論過渡事宜，而且進展得非常順利。我認為我們現在已經步入正軌了。

That's helpful. And then I guess just going back to the guidance. I appreciate the commentary on the spread and the seasonality. I was wondering if you could kind of maybe just parse that out a little bit -- a little bit more on the seasonality as well as any other factors that you'd note between the high end and the low end, particularly maybe on volumes because I mean you may have a pretty big office space comp this quarter.

那很有幫助。然後我想，還是回到指導原則上來吧。我讚賞您對傳播和季節性的評論。我想請您稍微詳細分析一下——關於季節性因素，以及您認為高端和低端之間有哪些其他因素，特別是交易量方面，因為我的意思是，本季度辦公空間的比較數據可能相當大。

There's nothing on volumes. We're working on several things in the fourth quarter as the company normally does towards the end of the year, and that could create some variability there. We'll report back later if -- of course, if anything materializes from that. But that's the reason to have a slightly wider than normal, nothing else.

沒有關於銷量的資訊。第四季我們正在進行幾項工作，就像公司通常在年底所做的那樣，這可能會造成一些波動。如果——當然，前提是這件事有任何進展——我們稍後會報告。但這就是需要比正常尺寸稍寬一些的原因，僅此而已。

(Operator Instructions) Jack Slevin, Jefferies.

（操作說明）傑克·斯萊文，傑富瑞。

Congrats on the really awesome quarter. Mark, I just want to dig in a little bit on some of your comments about the longer term and sort of where you can drive things. Just wondering if you can unpack those a little bit?

恭喜你度過了一個非常棒的季度！馬克，我想稍微深入探討你關於長期發展以及你可以推動事情發展的方向的一些評論。想問您能不能稍微解釋一下這些？

And then maybe more specifically, as we think about a key topic for some investors has been these enhanced subsidies on the exchange plans and what that might mean for your business, not asking necessarily for you to comment on what seems to still be a period of uncertainty in Washington, but more just wanted to hear if you've had any conversations maybe on the OB side or things that you're hearing in MFN that might sort of give a lead on sort of where expecting mothers could be leading, even if they're facing premium step-ups next year, if it's something that they might be looking to sort of retain coverage on?

更具體地說，我們正在思考一些投資者關注的一個關鍵主題是交易所計劃的這些增強補貼，以及這可能對您的業務意味著什麼。我們並不是想讓您對華盛頓目前似乎仍然存在的不確定性發表評論，而是想了解您是否與婦產科醫生或最惠國待遇方面有過任何交流，或者您是否聽到過任何相關信息，這些信息或許能為我們提供一些線索，讓我們了解準媽媽們可能會採取什麼行動，即使她們明年面臨保費上漲，她們是否可能會考慮保留保險？

Well, look, we've commented on it last time and I continue -- we certainly hope that the exchange credits continue. They seem to be beneficial. We're not able to pinpoint the effect that, that's had on us, but we think it's -- obviously, it's a positive for us. So again, we're hopeful.

嗯，你看，我們上次已經評論過了，我再說一次——我們當然希望積分兌換能夠繼續下去。它們似乎是有益的。我們無法準確地指出這件事對我們產生了什麼影響，但我們認為——顯然，這對我們來說是件好事。所以，我們依然抱持著希望。

We haven't seen any change. I think I think the world is waiting to see what happens there. In terms of our outlook and our future, we -- I know it sounds boring. I think I used this word on our last call. We do believe that by being laser-focused on the needs of our hospital systems, that provides additional opportunities.

我們沒有看到任何變化。我想全世界都在等著看那裡會發生什麼事。就我們的前景和未來而言，我們——我知道這聽起來很無聊。我想我上次通話時用過這個字。我們相信，透過精準聚焦醫院系統的需求，可以帶來更多機會。

I personally am involved with many discussions where people haven't had the results internally that they'd like to have and are looking for a partner that can specialize in these important areas. And I think at a time like this, our financial strength will inevitably provide additional opportunities. We are able to invest with hospital partners and do things that other people can't do. So that's where we see strong potential going forward.

我自己參與過許多討論，在這些討論中，人們在內部沒有取得他們想要的結果，並且正在尋找能夠專注於這些重要領域的合作夥伴。我認為在這樣的時刻，我們的經濟實力必將帶來更多機會。我們能夠與醫院合作夥伴進行投資，並做一些其他人做不到的事情。所以，我們認為這方面具有巨大的發展潛力。

And at time like this, with the headwinds that we've seen and other companies were not financed the way we have been, there could be opportunities there as well. So we think we're in a good position that way.

在當前情況下，面對我們所看到的種種不利因素，以及其他公司沒有像我們一樣獲得融資的情況下，也可能存在一些機會。所以我們認為我們在這方面處於有利地位。

Got it. Okay. That's really helpful. And then maybe one just piggybacking on AJ's question around the capital allocation. Would just love to hear sort of if you can go back over some of the details on the deal that you completed in the quarter and sort of how that's going to feather its way into the business and into the numbers?

知道了。好的。這真的很有幫助。然後，或許有人會順著 AJ 關於資本配置的問題來提問。我很想聽聽您能否回顧一下本季完成的交易的一些細節，以及它將如何逐步融入業務和財務數據中？

And then secondly, just thinking about what the environment looks like out there as far as deals at the hospitals, as we expect hospitals to have a couple of years of headwinds here. Are there any acceleration of conversations for some of those practices to sort of pull their way out of hospitals or for hospitals to look to monetize?

其次，也要考慮醫院交易方面的環境狀況，因為我們預期醫院未來幾年將面臨一些不利因素。是否有任何對話正在加速進行，以促使某些醫療實踐脫離醫院，或促使醫院尋求獲利模式？

Well, no, there's no, I haven't -- we haven't seen a change in tone with hospitals trying to monetize that. We do see -- we're very fortunately partners with hospital systems that are actually strong in this environment and are growing in this environment, and we look for ways to grow with them. As far as the acquisition that we made, it wasn't material, so we didn't break out the details of it. We tend not to. We do -- we have acquisitions that take place over the years.

不，沒有，我沒有——我們沒有看到醫院在試圖將這種做法貨幣化方面有任何態度上的變化。我們確實看到——我們非常幸運地與一些在這種環境下實力雄厚、不斷發展的醫院系統建立了合作關係，我們也在尋找與他們共同發展的方法。至於我們進行的收購，由於規模不大，所以我們沒有透露細節。我們通常不會這樣做。是的——這些年來我們一直在進行收購。

The reason we highlighted it was that it was a hospital system that easily could have taken these units in-house and felt that we could do a better job. But -- and we think that, that's our calling part. So we are in the midst of and intend to continue to push for that to be very forward thinking with our hospital partners and say, hey, if you're growing, you need help, why would you possibly not work with us.

我們之所以強調這一點，是因為這家醫院系統完全可以把這些設備收歸己有，而我們認為我們可以做得更好。但是——我們認為，這就是我們的使命所在。因此，我們正在努力，並打算繼續推動與醫院合作夥伴進行前瞻性合作，我們會說，嘿，如果你們正在發展壯大，需要幫助，為什麼不和我們合作呢？

And as I mentioned my pride and appreciation for my team, when they do, they realize that there's a group of people, a big group of people that are pulling 24/7 for them. And when I talk about our quality initiatives and our research initiatives, we bring those positives to our hospital system partners. They couldn't do this internally.

正如我之前提到的，我對我的團隊感到自豪和感激，當他們這樣做的時候，他們會意識到有一群人，一大群人，日夜不停地為他們付出。當我談到我們的品質提升計劃和研究計劃時，我們會將這些積極因素帶給我們的醫院系統合作夥伴。他們內部無法做到這一點。

So in an area when you think about the frailest patients of all the things that we do reduce risk. And if you're a hospital system, why wouldn't you want to be partners with a group that can reduce risk within your four walls. So we think that's a very compelling point. And by the way, it seems like a lot of them do, too.

所以，在考慮最虛弱的病人時，我們所做的一切都是為了降低風險。如果你是醫院系統，為什麼不與能夠降低你醫院內部風險的團隊合作呢？所以我們認為這是一個非常有說服力的觀點。順便說一句，似乎他們中的許多人也確實如此。

Thank you. There are no further questions. I will now pass the call back over to our CEO, Mark Ordan, for closing remarks.

謝謝。沒有其他問題了。現在我將把電話轉回給我們的執行長馬克·奧丹，請他作總結發言。

Great. Well, thank you very much, everybody, for your support, and we look forward to updating you on our future progress. Have a great day.

偉大的。非常感謝大家的支持，我們期待向大家報告我們未來的進展。祝你有美好的一天。

The meeting has now concluded. Thank you all for joining. You may now disconnect.

會議已經結束。感謝各位的參與。您現在可以斷開連線了。