Pediatrix Medical Group Inc (MD) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. At this time, I would like to welcome everyone to the Q1 2026 Pediatrix Medical Group earnings conference call. (Operator Instructions)

您好，感謝您稍候。此刻，我謹代表公司歡迎各位參加 Pediatrix Medical Group 2026 年第一季（Q1 2026）財報電話會議。（接線員指示）

I would now like to turn the conference over to Mary Ann Moore, General Counsel. You may begin.

現在我想將會議交給總法律顧問 Mary Ann Moore。您可以開始了。

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 and -- these forward-looking statements are based on assumptions and assessments made by Pediatrics management in light of their experience and assessment of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. 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 section entitled Risk Factors.

謝謝接線員，大家早安。本次電話會議中的某些陳述與資訊，可能構成 1995 年《聯邦私人證券訴訟改革法》所定義的前瞻性陳述——此等前瞻性陳述係基於 Pediatrix 管理層依其經驗，並就歷史趨勢、目前狀況、預期未來發展及其認為適當的其他因素所作之假設與評估。本次電話會議所作任何前瞻性陳述均以今日為準，Pediatrix 不承擔更新或修訂任何此類陳述之義務，不論係因新資訊、未來事件或其他原因。可能導致實際結果、發展與業務決策與前瞻性陳述存在重大差異的重要因素，已載於公司向美國證券交易委員會（SEC）提交的文件中，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 press release, our quarterly and annual reports and on our website at www.pediatrix.com.

在管理層今天的發言中，我們將討論非 GAAP 財務指標。這些非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表，可見於今早的新聞稿、我們的季度與年度報告，以及我們的網站 www.pediatrix.com。

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

接下來，我將把電話會議交給我們的執行長 Mark Ordan。

Thank you, Mary Ann, and good morning, everyone. Also with me today is Kasandra Rossi, our Chief Financial Officer. We were pleased with our strong first quarter results driven by top line growth with adjusted EBITDA coming in at $58 million. We saw strong pricing that outpaced a modest decline in same unit volumes across our service lines. although recent volume results don't show a trend.

謝謝你，Mary Ann，各位早安。今天與我一同出席的還有我們的財務長 Kasandra Rossi。我們對第一季強勁的業績感到滿意，主要由營收成長帶動，調整後 EBITDA 為 5,800 萬美元。我們看到強勁的定價表現，超過了我們各服務線同店（same unit）量能小幅下滑的影響；不過近期的量能結果尚未顯示出趨勢。

Our pyramid continues to be strong, and we are comfortable with our decision to not have a headwind estimate for the potential effect of the tax subsidy labs. We know that major hospital systems have seen a decline in patient volume and revenue, and we may see that in the future. So now this area is strong for us, and we will continue to report as the year continues.

我們的金字塔（pyramid）仍然維持強勁，我們也對於不就稅務補貼實驗室（tax subsidy labs）潛在影響提供逆風（headwind）估計的決定感到安心。我們知道大型醫院體系的病患量與營收已有所下滑，未來我們也可能會看到類似情況。因此目前這個領域對我們而言仍然強勁，我們也將在今年持續推進並持續揭露。

Given the uncertainty of whether we will experience this headwind and since it's still early in the year, we are reaffirming our full 2026 outlook of $280 million to $300 million in adjusted EBITDA. Kasandra will now provide some additional details, and I'll be back with Start.

鑑於我們是否會遭遇此一逆風仍具不確定性，且目前仍在年初，我們重申 2026 年全年展望：調整後 EBITDA 為 2.8 億至 3.0 億美元。接下來 Kasandra 會提供更多細節，之後我會回來從 Start 開始。

Thanks, Mark, and good morning, everyone. Our consolidated revenue increase was driven by same unit growth of just under 3%. And net nonpayment unit activity of about $6 million, including growth from recent acquisitions and organic growth, which was partially offset by decreases in revenue from our portfolio restructuring. Pricing growth of 4% was driven by solid RCM cash collections, increases in contract administrative fees, favorable payer mix and increased patient acuity in neonatology -- while we saw volume declines across our service lines during the quarter, including NICU days that were down about 1%. Practice level SWNB expenses increased by $9 million year-over-year primarily reflecting same unit increases in clinical salary expense.

謝謝你，Mark，各位早安。我們合併營收的增加，主要來自同店成長接近 3%。以及約 600 萬美元的淨非付款單位（net nonpayment unit）活動，包括近期併購與有機成長帶來的增長，但部分被我們投資組合重整所導致的營收下降所抵銷。4% 的定價成長來自穩健的 RCM 現金回收、合約管理費增加、有利的付款方組合，以及新生兒科（neonatology）病患嚴重度提高——同時我們在本季各服務線均出現量能下滑，包括 NICU 住院天數約下降 1%。診所層級 SWNB 費用年增 900 萬美元，主要反映同店臨床薪資費用的增加。

Net salary growth for the first quarter was in line with the ranges we have seen over the past 18 months that have averaged around 3%. Our G&A expense increased slightly year-over-year driven by a modest increase in salary and incentive compensation expense, partially offset by decreases in professional services and IT expenses. G&A expense increased slightly year-over-year, resulting from higher same unit amortization expense and D&A related to our recent acquisitions. Other nonoperating expense decreased year-over-year driven by a decrease in interest expense on modestly lower average borrowing at slightly lower rates.

第一季淨薪資成長與我們過去 18 個月所見區間一致，平均約為 3%。我們的 G&A 費用年增小幅上升，主要由薪資與獎酬費用小幅增加所帶動，但部分被專業服務與 IT 費用下降所抵銷。G&A 費用年增亦小幅上升，係因同店攤銷費用較高，以及與近期併購相關的折舊與攤銷（D&A）增加。其他非營業費用年減，主要因平均借款金額略降且利率略低，使利息費用下降。

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 contribution. We used $130 million in operating cash flow in the first quarter compared to $116 million in the prior year, with the differential related to decreases in cash flow from AP and accrued expenses primarily related to incentive compensation payments and decreases in cash flow from AR partially offset by higher earnings.

接著談現金流。提醒各位，我們每年第一季通常為現金使用者，因為我們會支付獎酬以及其他福利，主要是 401(k) 的雇主配對提撥。第一季我們的營運現金流出為 1.3 億美元，去年同期為 1.16 億美元；差異主要來自應付帳款與應計費用帶來的現金流入減少（主要與獎酬支付相關），以及應收帳款帶來的現金流入減少，但部分被較高獲利所抵銷。

We also deployed $21 million of capital during the quarter to buy 1 million shares of our stock leaving us with 82 million shares outstanding. We ended the quarter with cash of just over $200 million and net debt of just over $385 million. This reflects net leverage of just over 1.3x using the midpoint of our updated adjusted EBITDA outlook for 2026.

本季我們也投入 2,100 萬美元資本買回 100 萬股公司股票，使流通在外股數為 8,200 萬股。本季末現金略高於 2 億美元，淨負債略高於 3.85 億美元。以我們更新後 2026 年調整後 EBITDA 展望的中位數計算，淨槓桿約略高於 1.3 倍。

Our accounts receivable DSO at March 31 of 42.5 days were down slightly from December 31, but were down over five days year-over-year, driven by improved cash collections at our existing units. We are maintaining our previously issued outlook range for the full year of $280 million to $300 million in adjusted EBITDA. And while our first quarter results represented about 20% of that annual expected range, we do expect that adjusted EBITDA for the remaining three quarters will be fairly ratable.

截至 3 月 31 日，我們的應收帳款 DSO 為 42.5 天，較 12 月 31 日略降，且年減超過 5 天，主要由既有單位現金回收改善所帶動。我們維持先前發布的全年展望區間：調整後 EBITDA 為 2.8 億至 3.0 億美元。雖然第一季結果約占全年預期區間的 20%，但我們預期接下來三個季度的調整後 EBITDA 將相對平均、具可比性（fairly ratable）。

I'll now turn the call back over to Mark.

現在我把電話會議交回給 Mark。

Thank you, Kasandra. I pounded the drum over the last few quarters that investments in care quality are always wise -- hospital systems want a partner who will outperform and our patients, of course, deserve nothing wins. In the first quarter, we announced the two extraordinary physician leaders from the top of academic medicine are joining Pediatrix. Dr. Jim Barry, Chief Clinical Quality and Transformation Officer; and Dr.

謝謝你，Kasandra。過去幾個季度我一直強調，投資於照護品質永遠是明智之舉——醫院體系希望有一個能夠表現更出色的合作夥伴，而我們的病患當然值得最好的結果。在第一季，我們宣布兩位來自頂尖學術醫療界的傑出醫師領袖將加入 Pediatrix。Jim Barry 醫師將擔任臨床品質與轉型長（Chief Clinical Quality and Transformation Officer）；以及 Dr.

Yoke Profit as Chief Quality Adviser; Jim is nationally recognized for his contributions in neonatal critical care, artificial intelligence and medicine, patient safety and health care leadership. He cofounded two national organizations, one is a learning collaborative to neonatologists, data scientists and clinical information to study the application of artificial intelligence in neonatal critical care and pediatric medicine.

Yoke Profit 將擔任首席品質顧問（Chief Quality Adviser）；Jim 在新生兒重症照護、人工智慧與醫學、病人安全以及醫療領導方面的貢獻享譽全國。他共同創立了兩個全國性組織，其中之一是一個學習型協作平台，連結新生兒科醫師、資料科學家與臨床資訊，以研究人工智慧在新生兒重症照護與兒科醫學中的應用。

And the other is the clinical leaders group of the American Academy of Pediatrics, which is a training, education and collaboration resource for medical and quality directors of NICUs in the United States. Dr. Barry joins pediatrics from the University of Colorado Health System, where he was Chair of newborn Governance as well as the Professor of Pediatrics numonatology at the University of Colorado School of Medicine.

另一個則是美國兒科學會（American Academy of Pediatrics）的臨床領導者團體，為美國 NICU 的醫療與品質主管提供訓練、教育與協作資源。Barry 醫師從科羅拉多大學健康體系（University of Colorado Health System）加入 Pediatrix，在該體系他擔任新生兒治理（newborn Governance）主席，同時也是科羅拉多大學醫學院（University of Colorado School of Medicine）兒科新生兒學（numonatology）教授。

Obviously, Jim, who is an MD and an MBA brings a full package of quality, data, AI and business acumen. Token profit brings nearly two decades of leadership in perinatal quality improvement as Chair and principal investigator of the California perinatal and maternal Quality Care collaboratives -- he is a Professor of Pediatrics at Stanford Medicines. These individuals will respectively help lead and advise a team of extraordinary clinicians to continue to raise the bar on quality to analyzing clinical data, reducing care variation and improving patient outcomes using evidence-based strategies.

顯然，身兼醫學博士（MD）與工商管理碩士（MBA）的 Jim，具備品質、數據、AI 與商業洞察的完整能力組合。Token profit 在圍產期品質改善方面擁有近二十年的領導經驗，曾擔任加州圍產期與孕產婦品質照護協作組織（California perinatal and maternal Quality Care collaboratives）的主席與首席研究員——他也是史丹佛醫學院（Stanford Medicines）的兒科教授。這些人士將分別協助領導並提供建議，與一支卓越的臨床團隊共同持續提高品質標準，透過分析臨床數據、降低照護差異，並以實證為本的策略改善病患結果。

Beyond the benefit to our core that our quality focus brings, our team is actively engaged in many opportunities to expand what we do. We have more hospital partnerships than any other organization in our core fields which provides great opportunities in neonatology, maternal fuel medicine, OB hospitalist and pediatric intensive care. And in addition to our leading in-house presence, we see a major opportunity to expand our teleservices and the centric presence nationwide. We believe that an organization like ours will continue to outperform if we stay laser-focused on care quality that is databased. We see great opportunity to leverage our leading footprint both through our data and through tele and remote services.

除了我們對品質的重視為核心業務帶來的效益之外，我們的團隊也正積極投入許多機會，以擴大我們的業務範疇。在我們的核心領域中，我們擁有比任何其他機構更多的醫院合作夥伴，這為新生兒醫學、母胎醫學、產科駐院醫師（OB hospitalist）以及小兒加護醫療帶來了絕佳機會。此外，除了我們領先的院內布局之外，我們也看到一個重大機會，可在全國擴展我們的遠距醫療服務與以中心化為核心的布局。我們相信，像我們這樣的組織，只要持續高度聚焦於以數據為基礎的照護品質，就能持續表現優於同業。我們看到很大的機會，能透過我們領先的據點布局，並結合數據以及遠距與遠端服務來加以發揮。

It is that consistence on quality that binds us to our patients and hospital partners, and we have the ability to use our strong balance sheet where there are opportunities to expand our core and emerging areas.

正是對品質的一致堅持，將我們與病患及醫院合作夥伴緊密連結；同時，我們也有能力在有機會擴大核心與新興領域時，運用我們強健的資產負債表。

On our last call, I spoke about a new program to integrate share price-based awards as part of our compensation program. We successfully rolled this out in last year's fourth quarter and in Q1 of this year. Included in this was welcoming 45 clinician leaders to our inaugural class of pediatric partners. This group is already actively helping us expand on the work we are known for by combining the superb clinical acumen with the spirit of ownership alignment. We believe this is unique in our field, but so is pediatrics, and we can already see the tangible positives of this new initiative.

在上一次電話會議中，我談到一項新計畫，將以股價為基礎的獎酬納入我們的薪酬制度。我們已在去年第四季以及今年第一季成功推行。其中也包括迎接45位臨床領導者加入我們首屆「小兒合夥人」計畫。這個團隊已積極協助我們擴展我們所擅長的工作，將卓越的臨床判斷力與所有權一致性的精神結合起來。我們相信這在我們的領域中相當獨特；而小兒科本身也很獨特，我們已經看到這項新倡議帶來的具體正面成效。

As a matter of fact, doctors profit and Barry are joining us because of the really hard work that some of our doctors did to look for the really two top people in the field to join us. And I thank them for that.

事實上，Profit醫師與Barry之所以加入我們，是因為我們部分醫師非常努力，去尋找並邀請這個領域真正最頂尖的兩位人才加入。我也在此感謝他們。

I'll close by speaking about our General Counsel and CEO, Mary Ann Moore. And our filing this morning, we announced that Marianne will be leaving her role in retiring before the end of the year. In 20 years with Pediatrix, Mary Ann has and continues to play a very important role in many areas of our operations from legal administrative to overall supervision and guidance. Mary Ann is a trusted colleague and adviser to the whole company and certainly to me and our Board of Directors. We will promptly begin a new search for a new General Counsel.

最後我想談談我們的法務長兼執行長（General Counsel and CEO）Mary Ann Moore。在我們今天早上的申報文件中，我們宣布Mary Ann將在今年年底前卸任並退休。在Pediatrix任職20年期間，Mary Ann在我們營運的許多面向中一直、且仍持續扮演非常重要的角色，從法務與行政到整體監督與指導。Mary Ann是全公司、尤其是我本人以及董事會值得信賴的同事與顧問。我們將立即啟動新任法務長的遴選。

Operator, let's open the call for questions.

接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Brian Daniels, William Blair.

Brian Daniels，William Blair。

This is actually [Matthew Mardula], on for Brian. So when I'm looking at pricing above 4%, are there any potential headwinds or impacts that we should be aware of? Or maybe that you have internally that could reduce the trajectory of this growth going forward? And I know you're a little bit touch up on the tax subsidies, but any other details there? And then are you still expecting pricing to be flat for the rest of the year, given the Q1 results? And if not, just how are you thinking about pricing for the rest of the year?

我其實是[Matthew Mardula]，代替Brian發言。所以當我看到定價成長超過4%時，是否有任何我們需要留意的潛在逆風或影響？或者你們內部是否有任何因素，可能會在未來降低這個成長軌跡？我知道你們稍微提到稅務補貼，但那部分還有其他細節嗎？另外，考量第一季的結果，你們是否仍預期今年剩餘時間的定價將持平？如果不是，你們對今年剩餘時間的定價是如何思考的？

Sure. So on the pricing components, we've talked about really the same four factors that have driven pricing over the past several quarters. The first one of those is our RCM cash collections. And we mentioned in 2025 that we had almost kind of a hockey stick effect for those RCM cash collection impacts coming through pricing. So we would expect the first half of the year to still be strong and then I think it will start to lap as we move into the second half.

好的。就定價的組成因素而言，我們談的其實是過去幾個季度推動定價的同樣四個因素。第一個是我們RCM（營收循環管理）的現金回收。我們也提到在2025年，RCM現金回收對定價的影響幾乎呈現「曲棍球棒效應」般的上升。因此我們預期上半年仍會維持強勁，接著進入下半年時，我認為在比較基期效應下會開始趨於平緩。

The other three components that have driven positive pricing are contract revenue, those -- that has continued to be strong. We don't know that, that will continue at this pace. But right now, we know hospitals are facing pressures in that area, but it continues to be strong for us.

另外三個推動定價正向的因素之一是合約收入，這部分持續強勁。我們不確定它是否能以目前的速度持續。但就目前而言，我們知道醫院在這方面面臨壓力，不過對我們來說仍然表現強勁。

The third item that we always talk about is payer mix, and I know you touched on the tax subsidies, that's an unknown for us. But that has continued to be an area of strength for us that has flowed through pricing. And the final one, of course, is acuity we've seen really strong acuity primarily in neonatology. And these four factors have contributed to the last several quarters. Of course, coming in strong at over 4%. We would expect that to tick down a bit as we move through the year, but I don't know of any other headwinds.

第三項我們一直提到的是付款方組合（payer mix）。我知道你提到稅務補貼，那對我們而言仍是不確定因素。但付款方組合一直是我們的強項，並已反映在定價上。最後一項當然是病情嚴重度（acuity）；我們看到非常強勁的病情嚴重度，主要在新生兒科。這四個因素共同推動了過去幾個季度的表現。當然，本季強勁到超過4%。我們預期隨著年度推進會稍微下滑一些，但我不知道還有其他逆風。

Great. Perfect. And I do want to talk about how the last two kind of quarters we've seen declining volume trends. And I know last quarter it was more because of the strong comp, but any thoughts the continued decrease in volume in midday. And I know it's difficult to point a reason what is causing this -- but just how are you thinking about volume going forward and maybe the potential improvements of it?

了解。很好。我也想談談過去大概兩個季度我們看到量（volume）趨勢下滑。我知道上個季度更多是因為比較基期很強，但對於中期（midday）量持續下降，你們有什麼看法？我知道很難指出造成這種情況的原因——但你們如何看待未來的量，以及它可能改善的空間？

Well, as I said in my comments, while we saw that in those two quarters, in recent results, we haven't seen to continue with that trend. So we don't have any different forecast there.

嗯，正如我在評論中所說，雖然我們在那兩個季度看到那樣的情況，但在近期結果中，我們沒有看到那個趨勢持續。因此我們在量的預測上沒有任何不同。

Jack Slevin, Jefferies.

Jack Slevin，Jefferies。

I appreciate the color so far. I just want to maybe double click on a little bit on the pricing side to understand two things. So the red cycle piece is very clear. I guess, maybe just taking it from a visibility perspective, and I appreciate all the comments around HICS or the subsidies going away. But is there anything you can share on like what you're seeing on the ground right now as it relates to that continued strength in payer mix or maybe things you're hearing out of your MFM practices that might tell you a little bit about how things might be shifting around?

感謝目前為止提供的補充說明。我想在定價方面再深入追問兩點，以便理解。營收循環（revenue cycle）那一塊非常清楚。我想從可見度的角度來看，我也理解你們對HICS或補貼取消的所有評論。但你們是否能分享一下，目前在第一線看到的情況：就付款方組合持續強勁而言，是否有任何跡象？或者你們從母胎醫學（MFM）診所聽到的訊息，是否能讓你們對可能的變化有一些判斷？

We started to obviously get some data points from payers and from hospitals on what they've seen from volumes or enrollments in HICS. But just curious if there's anything additional you can share on that front. And then on the admin fee side, just if you can share like I understand that can move around a little, but the visibility to that for the rest of the year would be really helpful.

我們顯然開始從付款方與醫院端取得一些數據點，了解他們在HICS的量或投保人數（enrollments）方面看到的變化。但我想知道你們是否還能在這方面分享更多資訊。另外在管理費（admin fee）方面，如果你們能分享一下——我理解它可能會有些波動，但若能提供今年剩餘時間的可見度會非常有幫助。

Well, on the first part, we know the answer is we don't see any signs of weakness, and we have looked carefully by geography, by type of line service -- and we don't. We are not -- I wouldn't say we're surprised, we're pleased. We've speculated that perhaps people are making a cost benefit calculation when it comes to pregnancy that keeps them in the exchanges. We don't really know, but we haven't seen any negative. And we expected, as I said on the last call that there would be some negative around it.

就第一部分而言，我們知道答案是：我們沒有看到任何疲弱的跡象；而且我們已按地理區域、按服務線類型仔細檢視——沒有。我們不會說我們感到意外，我們是感到欣慰。我們推測，也許人們在面對懷孕時正在做成本效益的計算，因此仍留在交易所（exchanges）中。我們其實不確定，但我們沒有看到任何負面情況。而且如同我在上次電話會議所說，我們原本預期這方面會出現一些負面影響。

And as I said in my comments earlier, we know that hospital systems broadly have experienced it. But in no line of our business, have we seen any weakness or any trend that would suggest any difference. -- it could be that there'll be a delayed effect or it could be that we can get through this as we have been.

另外，如同我先前的評論所說，我們知道整體而言醫院體系確實有經歷到這種情況。但在我們任何一條業務線上，我們都沒有看到任何疲弱或任何趨勢顯示會有不同——可能會有延遲效應，也可能我們能像目前這樣順利度過。

Okay. Got it. Very helpful. I appreciate that. And then maybe...

好的。了解。非常有幫助。我很感謝。然後也許……

And sorry, Jack, on the contract revenue, I think you had a question there.

另外抱歉，Jack，關於合約收入，我想你那邊有個問題。

Yes. Yes, absolutely. I appreciate that, Kasandra.

是的。是的，當然。謝謝你，Kasandra。

Sure. So on that line, one of the things we've talked about is there are sometimes salary increases in SWNB that we will only effect if we do get support from a hospital. So there is some net effect there. So even though you're seeing a bit of growth on that top line, some of that is really going to pay for some of the salary increases on the SWB line. But we do anticipate, again, continuing to have those conversations.

當然。所以在那一項上，我們談過的一件事是，SWNB 有時會有薪資調升，而我們只有在確實獲得醫院支持時才會去執行。因此那裡會有一些淨影響。所以即使你看到那條營收線有些成長，其中一部分其實是用來支付 SWB 線上的一些薪資調升。但我們確實預期，會再次持續進行那些對話。

They are getting tougher. So we hope that it continues to stay strong. It has been anywhere from 10% to 20% of our pricing increase for the last few quarters. And so we expect that as we move through the year. But if anything changes, of course, we'll let you know.

它們正變得更具挑戰。所以我們希望它能持續維持強勁。在過去幾個季度，它大約占我們價格上調的 10% 到 20%。因此我們預期在今年推進過程中也會如此。但如果有任何變化，當然我們會告訴你。

But don't misunderstand, we not, it might sound like we're a one-trip talking about quality. But the whole thesis of pediatrics business is to be a partner, a irreplaceable partner to our hospital partners. So if we are providing superior quality and really being the leader in our field, we think it justifies the kind of payments that we get. So as Sandro is right that the environment for hospitals is tougher than it has been, which just makes us make sure that we're offering a service that hospitals provide -- the hospitals find very valuable and irreplaceable.

但別誤會，我們不是——聽起來可能像我們只是在反覆談品質。但小兒科業務的整體論點，是成為我們醫院合作夥伴的合作夥伴、不可取代的合作夥伴。所以如果我們提供卓越品質，並且真正成為我們領域的領導者，我們認為這能合理化我們所獲得的那種付款水準。因此 Sandro 說得對，醫院的環境比以往更艱難，這也讓我們更確保我們提供的是——醫院認為非常有價值且不可取代的服務。

Got it. Okay. Appreciate that. And maybe I'll sneak two into one here. Just to wrap it on my end. Couple of deals you've done, obviously, not massive in terms of dollar amounts, but it's sizable enough that it could have a little bit of impact. Anything you can share in terms of what you're seeing on that front? And then just Kasandra as it relates to the second quarter, are there any onetimers or things we should think about as we're looking at that for modeling purposes?

了解。好的。謝謝。也許我這裡把兩個問題合在一起問。就我這邊做個收尾。你們做了幾筆交易，顯然以金額來看不是特別巨大，但規模也足以帶來一些影響。就這方面你們看到的情況，有沒有什麼可以分享？另外 Kasandra，關於第二季，就建模角度來看，有沒有任何一次性項目或我們需要留意的事項？

Well, we don't -- be close or not material. We don't disclose the results. I could say -- I will say that the recent acquisitions we've made have done better than our initial projections. So we're very happy about that. And we -- as I said in my call, we are actively working on opportunities that we think could bear fruit and be great additions to Pediatrix.

嗯，我們不——要嘛很接近、要嘛不具重大性。我們不揭露結果。我可以說——我會說，我們最近做的收購表現優於我們最初的預測。所以我們對此非常滿意。而且——如我在電話會議中提到的，我們正積極推進一些機會，我們認為可能會開花結果，並成為 Pediatrix 很好的補強。

And no onetime to call out for the quarter, Jack.

而且本季沒有需要特別點出的任何一次性項目，Jack。

(Operator Instructions)

(接線員指示)

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

One more pricing question here, and I apologize. It's just so much stronger than expectations and obviously had a wonderful impact on EBITDA here. Can you quantify how much of the pricing in the first quarter came from the cash collections does as you think about it sort of fading or coming out in the back half of the year?

我再問一個定價問題，先說聲抱歉。這次的表現遠強於預期，顯然也對 EBITDA 帶來很好的影響。就你們的看法，第一季的定價中有多少是來自現金收款（cash collections），而當你們考慮到它在下半年逐步減弱或退出時？

About 25%

大約 25%。

Okay. Okay. Fair enough. And then like you said, on the admin fees, again, that's about 10% to 20% as well, I assume that, that was the same for this quarter?

好的。好的。可以。那接著像你說的，關於管理費（admin fees），同樣大約是 10% 到 20%，我想這一季也是一樣？

Yes, that was around 20% on the higher end for the quarter.

是的，這一季大約在 20%，屬於較高端。

Okay. And then what percent of the book has admin fees at this point? And kind of how has that changed year-over-year? And once you have an admin fee, is that a onetime and then that stops increasing? Or does that increase at inflation levels once it's implemented?

好的。那目前有管理費的合約占比是多少？而且年對年來看有什麼變化？另外，一旦有了管理費，那是一次性的，之後就不再增加嗎？還是說一旦實施後，會按通膨水準調升？

It depends on the contract. I mean they vary. We have obviously a couple of thousand of those contracts

這取決於合約。我的意思是，它們差異很大。我們顯然有幾千份這類合約。

Okay. I mean like half of those is increasing at inflation and half of them? Is there any ballpark in generally where this goes, again, as we think about just out of your modeling?

好的。我的意思是，比如說其中一半會按通膨調升、另一半不會？就大致上有沒有一個概略區間，方便我們在建模時思考這會怎麼走？

No. I know where you're going with that. But as Kasandra said, we have thousands of contracts and they're all very different. And we don't -- there's no -- if there was a trend in any way, we would call it out.

沒有。我知道你想問的是什麼。但如 Kasandra 所說，我們有數千份合約，而且每一份都非常不同。而且我們不——沒有——如果在任何方面存在某種趨勢，我們會特別提出來。

Okay. Fair enough. And then last question, and maybe I missed this, but I think actually the lead-out question asked if you're going to maintain pricing being flat for the year. Are you guys still maintaining that? Just looking at first quarter was 9% stacked comp. And if that -- if this is stable, this will lead to pricing of a couple of percent this year versus guidance. So I guess are you still maintaining flat pricing guidance for the year?

好的。可以理解。最後一個問題，也許我漏聽了，但我想前一個延伸問題是在問你們是否仍會維持全年定價持平。你們現在仍維持這個看法嗎？因為看第一季是 9% 的疊加可比（stacked comp）。如果這樣的狀況穩定，全年定價可能會是幾個百分點，而不是指引。所以我想問的是，你們是否仍維持全年定價持平的指引？

Yes. I think we are. I mean, again, we do expect that, that RCM cash collections, which has been really strong for us will tail off as we move through the year. And so we are maintaining our flat outlook. Again, it's early.

是的。我想我們是的。我的意思是，再次強調，我們確實預期 RCM 現金收款（cash collections）——這對我們一直非常強勁——會在今年推進過程中逐步走弱。因此我們維持定價持平的展望。同樣地，現在還早。

And if that does change as we move into the next quarter, we'll update you on that. But right now, we are maintaining flat.

如果隨著我們進入下一季而有所改變，我們會向各位更新。但目前我們維持持平。

Great.

很好。

After last quarter, we -- when we forecast the year and on our last quarter call, people asked, why didn't you put in some kind of hedge. And I'd say everything indicates that things continue to be strong. So it's hard to forecast something based on a fear or a possibility, if there's no data behind it. So that's where we are.

在上一季之後——當我們預測全年、以及在上一季的電話會議上，有人問，為什麼你們沒有加入某種避險。而我會說，一切跡象都顯示情況仍然強勁。所以如果沒有數據支撐，就很難基於恐懼或可能性去預測某件事。所以我們目前就是這樣的立場。

Fair enough. It's showing through. So I guess that's it for me. Thanks for the questions, and a nice job in the quarter.

可以理解。確實反映在結果上。那我這邊就到這裡。謝謝回答問題，本季表現做得很好。

There's no further question at this time. I will now turn the call back over to Mark Ordan for any closing remarks. Mark.

目前沒有進一步的提問。我現在把電話交回給 Mark Ordan，請他做結語。Mark。

Thank you all very much for your support, and we look forward to keeping you updated as the year unfolds. Have a great day.

非常感謝各位的支持，我們也期待在今年進展過程中持續向各位更新。祝各位有美好的一天。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。