ModivCare Inc (MODV) 2025 Q1 法說會逐字稿

Good day everyone and welcome to Motive Care's first quarter 2025 Financial Results conference call.

大家好，歡迎參加 Motive Care 2025 年第一季財務業績電話會議。

At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference call is being recorded. Today's speaker will be Heath Sampson, MotiveCare's President and Chief Executive Officer.

此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。請注意，本次電話會議正在錄音。今天的演講者是 MotiveCare 總裁兼執行長 Heath Sampson。

Before we get started, I want to remind everyone that during today's call, management will make forward-looking statements under the Private Securities Litigation Reform Act. These statements involve risks, uncertainties, and other factors that could cause actual results or events to differ materially from expectations.

在我們開始之前，我想提醒大家，在今天的電話會議中，管理階層將根據《私人證券訴訟改革法案》做出前瞻性陳述。這些聲明涉及風險、不確定性和其他可能導致實際結果或事件與預期有重大差異的因素。

Information regarding these factors is contained in today's press release and in the company's filings with the SEC. We will also discuss non-GAAP financial measures to provide additional information to investors. A definition of these non-GAAP financial measures, and the applicable reconciliations to their most directly comparable GAAP financial measures is included in our press release and Form 8-K.

有關這些因素的資訊包含在今天的新聞稿和公司向美國證券交易委員會提交的文件中。我們還將討論非公認會計準則財務指標，以便向投資者提供更多資訊。這些非 GAAP 財務指標的定義以及與最直接可比較的 GAAP 財務指標的適用對帳包含在我們的新聞稿和 8-K 表中。

A replay of this conference call will be available approximately one hour after today's call concludes and will be posted on our website, motivecare.com.

本次電話會議的重播將在今天的電話會議結束後約一小時提供，並將發佈在我們的網站 motivecare.com 上。

This morning, Heath Sampson will begin with opening remarks and review our financial results and guidance. Then we'll open the call for questions. With that, I'll turn the call over to Heath.

今天上午，希思桑普森 (Heath Sampson) 將首先致開幕詞並回顧我們的財務業績和指導。然後我們將開始提問。說完這些，我會把電話轉給希思。

Good afternoon everyone, and thank you for joining us today. We appreciate the opportunity to walk through our first quarter of 2025 results and provide an update on execution across our operating priorities. To create a consistent framework for reporting progress, we are aligning our updates to five enterprise objectives. One, grow and retain core customer relationships across all segments. Two, digitize and automate our care access platform. Three, optimize our operating model for simplicity and scale.

大家下午好，感謝大家今天的參與。我們很高興有機會介紹我們 2025 年第一季的業績並提供我們各項營運重點的執行情況。為了創建一個一致的進度報告框架，我們根據五個企業目標調整了更新內容。一是發展並維持各領域的核心客戶關係。二、實現我們的護理訪問平台數位化和自動化。三是優化營運模式，使其更加簡單、規模化。

Four, increase capital efficiency and advance deleveraging, and five, deliver high impact client centric supportive care.

四是提高資本效率，推進去槓桿；五是提供高效率的以顧客為中心的支援服務。

These five objectives guide our decision making across segments and functions and will continue to serve as the structure for how we communicate execution and performance going forward.

這五個目標指導著我們各個部門和職能的決策，並將繼續作為我們未來溝通執行和績效的結構。

Now moving to our first strategic objective, to grow core custom relationships across all segments. In Q1, we focused on strengthening custom relationships through retention, targeted renewals, and new business wins across all three segments.

現在轉向我們的第一個策略目標，即發展所有領域的核心客戶關係。在第一季度，我們專注於透過保留、有針對性的續約和贏得三個部門的新業務來加強客戶關係。

In NEMT, we secure two new Medicaid managed care contracts, one in the Southwest and one in the Pacific region, representing a combined annual contract value of approximately $52 million with expected in-year revenue contribution of around $38 million.

在 NEMT 領域，我們獲得了兩份新的醫療補助管理式醫療合同，一份在西南部，一份在太平洋地區，合計年度合同價值約為 5200 萬美元，預計年度收入貢獻約為 3800 萬美元。

We remain the platform of choice for large health plans, seeking broad network access, consistent quality outcomes, and actual insights to improve member satisfaction and reduce the total cost of care.

我們仍然是大型健康計劃的首選平台，尋求廣泛的網路訪問、一致的品質結果和實際見解，以提高會員滿意度並降低整體護理成本。

Our forward-looking tech enabled approach to integrating the care ecosystem combined with our ability to help clients proactively manage evolving CMS requirements, including the complex and state-specific needs of dual eligible populations ahead of the 2027 mandate, continues to differentiate mode of care in the market.

我們採用前瞻性的技術支援方法來整合護理生態系統，並結合我們幫助客戶主動管理不斷變化的 CMS 要求的能力，包括在 2027 年強制規定之前滿足雙重合格人群的複雜和特定於州的需求，繼續在市場上區分護理模式。

We also submitted four state contract renewals totaling over $246 million in annual contract value. In each case, we are the incumbent, and we remain on track for the renewal and continue to be a high value quality partner in each of these states.

我們還提交了四份州合約續約申請，年度合約總額超過 2.46 億美元。在每種情況下，我們都是現任者，我們仍將按計劃進行更新，並繼續成為每個州的高價值優質合作夥伴。

Our broader opportunity in 2026 pipeline exceeds $500 million in potential contract value.

我們在 2026 年管道中的更廣泛機會潛在合約價值超過 5 億美元。

We also experienced the loss of a regional contract totaling $15 million in annual revenue driven by a national plan's decision to consolidate vendors. While this was a smaller relationship, it was one we believe we should have retained. Performance was strong. This reinforces the importance of our ongoing investments in commercial responsiveness and account level management discipline. Retention remains a key performance priority.

由於國家計劃決定整合供應商，我們也損失了一份年收入總額達 1500 萬美元的區域合約。儘管這種關係並不大，但我們認為我們應該保留這種關係。表現強勁。這強調了我們在商業回應能力和帳戶層級管理紀律方面持續投資的重要性。保留仍然是一項關鍵的績效優先事項。

In Personal care, we signed four strategic agreements, including two national and two regional plans. These contracts span geographies in the northeast and southeast and are expected to generate between 40,000 and 50,000 monthly service hours, with contribution margins above our Medicaid average.

在個人護理領域，我們簽署了四項戰略協議，其中包括兩項國家計劃和兩項區域計劃。這些合約涵蓋東北和東南部地區，預計每月將產生 40,000 至 50,000 小時的服務時間，貢獻利潤率高於我們的醫療補助平均水平。

In Monitoring, we continue to grow our Medicaid footprint, adding two new markets during the quarter. In Indiana, which is about 10% of our [LTSS revenue], referral volume increased by more than 45% year-over-year, while our newest Southeastern market delivered sequential growth.

在監控方面，我們繼續擴大醫療補助覆蓋範圍，在本季增加了兩個新市場。印第安納州約占我們 [LTSS 收入] 的 10%，其建議量同比增長超過 45%，而我們最新的東南市場也實現了環比增長。

Our innovation and development efforts are beginning to deliver results, expanding our monitoring and care management capabilities beyond traditional per solutions. But while we are still in early stages launching new contracts, we believe the total addressable market is substantial, and we have built the infrastructure and capability needed to scale effectively.

我們的創新和開發努力開始取得成果，將我們的監測和護理管理能力擴展到傳統的解決方案之外。儘管我們仍處於推出新合約的早期階段，但我們相信整體可尋址市場規模龐大，並且我們已經建立了有效擴展所需的基礎設施和能力。

Now turning to our second strategic objective, to digitize and automate our care access platform.

現在轉向我們的第二個策略目標，數位化和自動化我們的護理訪問平台。

We continue to advance our digital transformation strategy in Q1, with a focus on improving operation scalability, reducing unit cost, and preparing each segment for future growth. In NEMT, our self-service call to trip ratio reached 36.1%, up from 35% in Q4 and 31% a year ago. This growth in digital reservation was supported by ongoing API integration and channel enhancements.

我們在第一季繼續推動數位轉型策略，重點是提高營運可擴展性、降低單位成本，並為每個部門的未來成長做好準備。在 NEMT 領域，我們的自助服務呼叫行程比例達到 36.1%，高於第四季的 35% 和去年同期的 31%。持續的 API 整合和通路增強支援了數位預訂的成長。

Automated intake and trip adjudication contributed to 1.2% year-over-year reduction in unit costs with purchase services per trip decreasing to $40.69.

自動化攝取和行程裁決導致單位成本年減 1.2%，每次行程的購買服務費用降至 40.69 美元。

Digital trip volume exceeded $1 million transactions in the quarter.

本季數位出行交易量超過 100 萬美元。

Complaints, a key performance metric in the complex and NEMT environment, declined 31.2% year-over-year, and on-time performance rose to 95.2%, and missed trips decreased by 20% quarter-over-quarter, reflecting meaningful improvements driven by automation and enhanced service coordination.

投訴是複雜 NEMT 環境中的關鍵績效指標，與去年同期相比下降了 31.2%，準點率上升至 95.2%，錯過行程的次數與上一季相比減少了 20%，這反映了自動化和增強服務協調性帶來的顯著改善。

We also expanded the use of our intelligent virtual agent for outbound call handling and deployed AI power tools for QA automation. These tools are improving writing accuracy, speeding up feedback loops and creating more consistent oversight across contact center operations.

我們也擴大了智慧虛擬代理在外撥電話處理的應用，並部署了 QA 自動化的 AI 電動工具。這些工具正在提高寫作準確性，加快回饋循環，並在整個聯絡中心運作中建立更一致的監督。

As part of monetization in the NEMT segment, we're in the process of restructuring the organization and are building out a more tech first model by adding talent in data, AI, and agile operations. While we continue to operate with over 2000 contact center agents and 800 transportation support roles. The infrastructure now in place positions us to accelerate automation, reduce fixed labor intensity, and streamline repetitive tasks going forward.

作為 NEMT 領域貨幣化的一部分，我們正在重組組織，並透過增加資料、人工智慧和敏捷營運方面的人才來建立更技術優先的模式。我們將繼續運營，擁有超過 2000 名聯絡中心代理和 800 個運輸支援職位。現有的基礎設施使我們能夠加速自動化，降低固定勞動強度，並簡化未來的重複性任務。

In personal care, we expanded deployment of digital tools included for shift scheduling, caregiver engagement, and e-learning, which achieved a 72% completion rate among newly onboard caregivers. These are industry-leading tools which enable recruiting and retaining caregivers while also strengthening compliance and revenue cycle management and supporting robust fraud, waste, and abuse controls.

在個人護理方面，我們擴大了數位工具的部署，包括輪班安排、護理人員參與和電子學習，新入職護理人員的完成率達到了 72%。這些是業界領先的工具，可以招募和留住護理人員，同時加強合規性和收入周期管理，並支持強有力的詐欺、浪費和濫用控制。

In monitoring, we completed phase one of our cloud-based continuity platform and launched new revenue cycle management automation. Together, these initiatives reflect the foundation of our platform modernization strategy. They are enabling faster execution, reduce manual workload, and supporting more scalable and compliant service delivery in both current operations and future business models.

在監控方面，我們完成了基於雲端的連續性平台的第一階段，並推出了新的收入週期管理自動化。總的來說，這些舉措體現了我們平台現代化策略的基礎。它們能夠加快執行速度、減少手動工作量，並在當前營運和未來業務模式中支援更具可擴展性和合規性的服務交付。

Now for our third strategic objective, To optimize our operating model for simplicity and scale.

現在談談我們的第三個策略目標，即優化我們的營運模式，使其更加簡單和規模化。

We advanced our structural realignment work by streamlining operations, consolidating leadership structures, and reducing fixed overhead across the business. In April, we launched a company-wide GNA reduction initiative targeting approximately $25 million in annualized savings, with additional opportunities identified as part of the ongoing plan.

我們透過精簡營運、鞏固領導結構和減少整個業務的固定開銷來推進結構調整工作。今年 4 月，我們啟動了一項全公司範圍的 GNA 削減計劃，目標是實現每年約 2500 萬美元的節省，並在持續計劃中確定了其他機會。

Combined with the optimization actions implemented in late 2024 and early 2025, the savings were driven by workforce efficiencies, vendor consolidation, and realization of plan reductions.

結合 2024 年末和 2025 年初實施的優化措施，節省的資金來自勞動力效率的提高、供應商的整合以及計劃削減的實現。

As part of our ongoing organization alignment and future strategic plans, Barbara Gutierrez, CFO, and Jessica Kral, CIO will be departing the company after advancing their respective functions in the company over the last few years. These transitions are deliberate and aligned with both our near term priorities and the long-term direction of the business.

作為我們正在進行的組織調整和未來策略計劃的一部分，財務長 Barbara Gutierrez 和首席資訊長 Jessica Kral 將在過去幾年內在公司提升各自職能後離開公司。這些轉變是經過深思熟慮的，並且與我們的近期優先事項和業務的長期方向保持一致。

We have a strong experienced finance team and with deep public company healthcare and audit experience, backed by leaders focused on execution and results. On the technology side, we're advancing the next phase of our platform with a capable team leading our shift toward automation, AI, and digital scalability.

我們擁有一支經驗豐富的強大財務團隊，並擁有深厚的上市公司醫療保健和審計經驗，並得到專注於執行和結果的領導者的支持。在技​​術方面，我們正在一支有能力的團隊的帶領下推進平台的下一階段，引領我們向自動化、人工智慧和數位可擴展性的轉變。

In NEMT, we completed a full operating restructure, integrating trip operations, pricing, client services, and transportation network management under unified regional leadership. This model enhances decision speed and financial accountability in the field while enabling a modern, connected, and hyperlocal healthcare ecosystem.

在 NEMT，我們完成了全面的營運重組，將行程營運、定價、客戶服務和運輸網路管理整合到統一的區域領導下。該模型提高了該領域的決策速度和財務責任，同時實現了現代、互聯和超本地化的醫療保健生態系統。

In Personal care, Monitoring, we streamline operation to reduce costs and improve execution. In PCS, a shift to a hub and spoke model drove $1 million in year-over-year DNA reduction, supported by standardized dashboards, tracking caregiver on boarding and branch efficiency.

在個人護理和監控方面，我們簡化操作以降低成本並提高執行力。在 PCS 中，向中心輻射模型的轉變推動了 DNA 成本同比減少 100 萬美元，並透過標準化儀表板、追蹤護理人員的登機情況和分支機構的效率來提供支援。

Across all three segments, these operating model changes are designed to simplify execution, reduce structural cost, and support strategic flexibility.

在所有三個部門中，這些營運模式的變化旨在簡化執行、降低結構成本並支援策略靈活性。

Now turning to our fourth strategic objective, To increase capital efficiency and advanced deleveraging.

現在談談我們的第四個策略目標，即提高資本效率和高階去槓桿。

In Q1, following the successful capital raise in January, we remain focused on improving cash flow, reducing capital intensity, and future deleveraging. And NEMT we transitioned several large customers to faster settling fee for service like models.

在第一季度，繼一月成功融資之後，我們仍然專注於改善現金流、降低資本強度和未來的去槓桿。在 NEMT 中，我們幫助幾位大客戶轉向了更快的服務費用結算模式。

These agreements retain performance and cost-based payments while limiting exposure from utilization or member mix volatility. As a result, collection predictability will improve and several contracts now settle within 90 days or less compared to prior cycles of 6-18 months. We have demonstrated improved alignment with our payer partners and a more proactive revenue cycle management.

這些協議保留了基於績效和成本的付款，同時限制了利用率或會員組合波動所帶來的風險。因此，收款的可預測性將得到改善，與之前的 6-18 個月週期相比，現在多個合約可以在 90 天或更短的時間內結算。我們已經證明與付款合作夥伴的協調性有所提高，且收入週期管理更加積極主動。

As a result, in April, we collected a large NCO contract receivable from 2024 of approximately $30 million a month earlier than we expected.

結果，我們在 4 月就比預期提前一個月收回了 2024 年約 3000 萬美元的大額 NCO 合約應收款。

To reinforce capital discipline and governance, we recently completed the final step of our board recomposition. In April, we also established a strategic alternatives committee of the board. This committee is now overseeing the ongoing portfolio and capital review process, including potential divestitures in close coordination with management, the board of the whole, and external advisors.

為了加強資本紀律和治理，我們最近完成了董事會重組的最後一步。今年4月，我們也成立了董事會策略選擇委員會。該委員會目前正在監督正在進行的投資組合和資本審查過程，包括與管理層、全體董事會和外部顧問密切協調的潛在資產剝離。

Now turning to our fifth strategic objective, To deliver high impact client centric supportive care.

現在談談我們的第五個策略目標，提供高影響力的以客戶為中心的支持性護理。

Our long-term vision is to become the digital infrastructure for supportive care for each segment stand-alone or together. The operational infrastructure connecting payers, providers, caregivers, and members. This allows mode of care to unify fragmented benefits and deliver a coordinated member experience across in-home, virtual, and community-based services.

我們的長期願景是成為每個獨立或共同支持護理領域的數位基礎設施。連接付款人、提供者、護理人員和會員的營運基礎設施。這使得照護模式能夠統一分散的福利，並在家庭、虛擬和社區服務中提供協調的會員體驗。

This approach positions us to meet the healthcare system where it is going into the home, more preventative, digitally enabled and increasingly centered around the number, improving satisfaction and lowering the cost of care. It also differentiates us in a fragmented market, not just through our service breadth, but through our ability to coordinate care efficiently at scale.

這種方法使我們能夠滿足家庭醫療保健系統的需要，使其更具預防性、數位化、越來越以數位為中心，從而提高滿意度並降低護理成本。這也使我們在分散的市場中脫穎而出，不僅透過我們的服務廣度，還透過我們大規模有效協調護理的能力。

Now turning to our consolidated first quarter Financial results.

現在來看看我們第一季的綜合財務表現。

Revenue for the quarter was $650.7 million, down 5% year-over-year and 2% sequentially. The decline was driven primarily by known NEMT contract attrition, lower build hours in PCS and membership turn and monitoring. These impacts were expected and reflect prior customer transitions and market dynamics that are now largely behind us.

本季營收為 6.507 億美元，年減 5%，季減 2%。下降的主要原因是已知的 NEMT 合約流失、PCS 的建設時間減少以及會員流動和監控。這些影響是可以預期的，反映了先前的客戶轉變和市場動態，而這些現在基本上已經過去了。

Net loss for the quarter was $50.4 million, up from $22.3 million a year ago. The increase was primarily due to higher interest expense, which rose to $38.8 million nearly double the prior year as a result of higher boring costs on the fully drawn revolver.

本季淨虧損為 5,040 萬美元，高於去年同期的 2,230 萬美元。成長的主要原因是利息支出增加，由於完全開挖的左輪手槍的鑽孔成本增加，利息支出增加至 3,880 萬美元，幾乎是前一年的兩倍。

Adjusted net loss was $24.5 million or negative $1.71 per share, which reflects the exclusion of restructuring related costs and amortization of intangibles.

調整後淨虧損為 2,450 萬美元，即每股虧損 1.71 美元，這反映了重組相關成本和無形資產攤銷的排除。

Adjusted EBITDA came in at $32.6 million essentially flat year over year, but down sequentially, again, in line with expectations.

調整後的 EBITDA 為 3,260 萬美元，與去年同期基本持平，但環比有所下降，但這也符合預期。

Key drivers of the sequential decline included, an $8 million impact from net NEMT contract development reflecting the balance of new wins, losses, and repricing. A $7 million impact from lower EBITDA in PCS and Monitoring. These impacts were partially offset by improved pricing, favorable utilization mix NEMT, and lower service expense and GNA.

造成連續下降的關鍵因素包括淨 NEMT 合約開發產生的 800 萬美元影響，反映了新勝利、損失和重新定價的平衡。PCS 和監控部門 EBITDA 下降造成 700 萬美元的影響。這些影響被改進的定價、有利的利用組合 NEMT 以及更低的服務費用和 GNA 部分抵消。

In NEMT, revenue of $449 million, representing 69% of total revenue declined 6% year-by-year due to previously disclosed contract losses.

NEMT業務營收為4.49億美元，佔總營收的69%，因先前揭露的合約損失，年減6%。

Average monthly members declined 19% year-over-year and 20% sequentially.

平均每月會員數較去年同期下降 19%，季減 20%。

Also, utilization from the normalization of healthcare increased to 12%.

此外，醫療保健正常化的利用率上升至12%。

We've either repriced or in the process of repricing our full risk contracts primarily with state clients to better align with current utilization levels. These pricing resets are designed to stabilize margins and reduce working capital volatility. To that end, we are also redesigning contract terms to accelerate settlement and improve cash conversion. These efforts are already underway with the goal of achieving more stable cash flow dynamics by 2026.

我們已經重新定價或正在重新定價我們與國家客戶簽訂的全風險合同，以更好地適應當前的利用率水平。這些定價重置旨在穩定利潤率並降低營運資金波動。為此，我們也正在重新設計合約條款，以加快結算並改善現金轉換。這些努力已經在進行中，目標是到 2026 年實現更穩定的現金流動態。

Revenue per member per month rose 16% year-over-year to $6.35and 13% sequentially. The results are stronger acuity mix and pricing updates.

每位會員每月收入年增 16% 至 6.35 美元，較上季成長 13%。結果是更強大的敏銳度組合和定價更新。

Adjusted EBITDA for mobility was $27.8 million with a 6.2% margin up 50 basis points year-over-year and 60 points sequentially. Driven by pricing discipline, mode optimization and cost structure improvements.

行動業務調整後的 EBITDA 為 2,780 萬美元，利潤率為 6.2%，比去年同期成長 50 個基點，比上一季成長 60 個基點。受定價紀律、模式優化和成本結構改進的推動。

PCS contributed $181.8 million in revenue, or 28% of total revenue. Revenue per hour rose 1.1% while service hours declined 2.1% due to expected seasonality and localized labor shortages.

PCS 貢獻了 1.818 億美元的收入，佔總收入的 28%。由於預期的季節性和局部勞動力短缺，每小時收入增加 1.1%，但服務時間下降 2.1%。

Adjusted EBITDA was $12.2 million, up 9% year-over-year, driven by structural cost savings and temporary delay and wage rate changes. Margins will normalize in Q2 as these wage adjustments phase in.

調整後的 EBITDA 為 1,220 萬美元，年成長 9%，這得益於結構性成本節約以及暫時延遲和工資率變化。隨著工資調整的逐步實施，利潤率將在第二季恢復正常。

Monitoring contributed $18.1 million in revenue, representing just 3% of total revenue, but 16% of total adjusted EBITDA. Adjusted EBITDA was $5.2 million for a 29% segment margin.

監控貢獻了 1,810 萬美元的收入，僅佔總收入的 3%，但佔調整後 EBITDA 總額的 16%。調整後的 EBITDA 為 520 萬美元，分部利潤率為 29%。

While revenue was impacted by the planned exit of a Medicare Advantage customer in certain PERS markets, Medicaid LTSS referrals grew, including a 45% year-over-year increase in Indiana and additional programs launched in new states.

雖然收入受到某些 PERS 市場中醫療保險優勢計劃客戶計劃退出的影響，但醫療補助長期服務 (Medicaid LTSS) 轉診量有所增長，其中印第安納州同比增長 45%，並在新州推出了更多計劃。

We are now operating under three active condition-based monitoring contracts and continue to progress towards full divested revenue, including legal HR and operational separation and advisory engagement.

我們目前正在根據三份有效的基於條件的監測合約開展業務，並將繼續朝著完全剝離收入的方向邁進，包括法律人力資源和營運分離以及諮詢參與。

Turn to the Balance sheet.

翻到資產負債表。

Net contracts receivable rose $109 million up from $95 million in Q4 due to expected billing timing. However, we are already seeing improvement. In April, we collected $30 million in receivables, approximately two months ahead of contract terms reflecting improved payer alignment and proactive revenue cycle management.

由於預期的帳單時間，淨應收合約款從第四季的 9,500 萬美元增加了 1.09 億美元。然而，我們已經看到了改善。4 月份，我們收回了 3000 萬美元的應收帳款，比合約期限提前了大約兩個月，這反映了付款人協調的改善和積極主動的收入週期管理。

We ended the quarter with $116 million in cash in a fully drawn revolver of $269 million.

本季結束時，我們擁有 2.69 億美元的已開立循環信用貸款中的 1.16 億美元現金。

Free cash flow was negative at $86.2 million largely due to working capital build from timing of accounts payable, contract transitions, and higher interest expense tied to our capital structure.

自由現金流為負 8,620 萬美元，主要原因是應付帳款時間、合約轉換以及與我們的資本結構相關的較高利息支出造成的營運資本累積。

We are continuing to take discipline action to manage costs, drive execution, and position the business for long-term performance. Our strategic priorities remain unchanged. Grow and retain core customer relationships, digitize and automate our care access platform, optimize our operating model for simplicity and scale, increase capital efficiency and advanced deleveraging, and lastly deliver a high impact client centric supportive care model.

我們將繼續採取紀律措施來管理成本、推動執行並為業務的長期表現做好準備。我們的策略重點保持不變。發展並維持核心客戶關係，數位化和自動化我們的護理訪問平台，優化我們的營運模式以實現簡化和規模化，提高資本效率和高級去槓桿，最後提供高影響力的以客戶為中心的支持性護理模式。

These objectives guide our operational decisions, investment focus, and how we evaluate long-term portfolio strategy.

這些目標指導我們的營運決策、投資重點以及我們如何評估長期投資組合策略。

As shared previously, we are not issuing formal guidance in 2025. Instead, we are focused on executing against measurable initiatives and communicating progress through clear objective KPIs and milestones.

如同先前所分享的，我們不會在 2025 年發布正式指引。相反，我們專注於執行可衡量的舉措，並透過清晰客觀的 KPI 和里程碑傳達進展。

That said, we are executing with urgency and focus, improving our business unit performance, strengthening our balance sheet, and advancing our platform modernization. Our progress is a direct result of the work of our team, from caregivers and drivers to call center agents, engineers, and operators. Their execution and commitment are enabling us to deliver essential care and build a stronger, more connected mode of care.

話雖如此，我們正在緊急而專注地執行，提高我們業務部門的績效，加強我們的資產負債表，並推動我們的平台現代化。我們的進步直接歸功於我們團隊的努力，從護理人員和司機到呼叫中心代理、工程師和操作員。他們的執行和承諾使我們能夠提供必要的護理並建立更強大、更緊密的護理模式。

We look forward to continuing this momentum and updating you on our progress in Q2.

我們期待繼續保持這一勢頭並向您通報我們第二季度的進展。

Operator, we're now ready to take your questions.

接線員，我們現在可以回答您的問題了。

(Operator Instructions)

（操作員指示）

Pito Chickering, Deutsche Bank

皮托·奇克林，德意志銀行

Hey, good afternoon, guys. I guess we'll start off just on cash flow from ops. Working capital was obviously, a pretty big use, of cash this quarter and cash flow burden of $82 million. Can you just walk us through how we should be thinking about cash regeneration throughout the rest of the year? You talked about the $30 million collection you guys got, but just how we should be modeling cash flow generation for the year and then looks like there's a $2 million settlement, in the quarters I want to see if that's a charge against ARs or something else.

嘿，大家下午好。我想我們將從營運現金流開始。顯然，本季營運資金的現金使用量相當大，現金流負擔達 8,200 萬美元。您能否向我們介紹一下我們應該如何考慮在今年剩餘時間內實現現金再生？您談到了你們獲得的 3000 萬美元收款，但我們應該如何模擬年度現金流的產生，然後看起來有一筆 200 萬美元的結算，我想看看這是否是針對應收帳款或其他東西的費用。

Yeah, hey, thanks, Pito. I'll start with the $2 million. The $2 million was a settlement for a legacy case in the Personal care business, that we cleared up, and then cash, yeah, you're on it, right for us, it, it's pretty simple, our EBITDA is driving our cash, and then you can see and a good way to kind of walk through this is on page 8 of the deck. This will help us walk through the other items and how we look forward.

是的，嘿，謝謝你，Pito。我先從 200 萬美元開始。這 200 萬美元是針對個人護理業務遺留案件的和解金，我們已經解決了，然後是現金，是的，你在上面，對我們來說，這很簡單，我們的 EBITDA 推動著我們的現金，然後你可以看到，一個很好的方法來解決這個問題是在演示文稿的第 8 頁。這將幫助我們了解其他事項以及我們的展望。

And you're seeing now that based on the wins that we had in the mobility side we had $52 million, the legacy losses that we have, those have been flushed through so that this continued growth within the business as well as your, utilization for us going up and because of our contract mix that's a a favorable benefit to us so growth and revenue and contract. And contracts will add to that either, so the business development growth, and then our cost savings, you see them here, you see the cost savings that we had from prior year rolling forward, you're seeing the automation cost savings and then we also talked about continued GNA, that $25 million that we cut. So those will also flow through.

現在您可以看到，基於我們在行動領域取得的勝利，我們獲得了 5,200 萬美元，我們的遺留損失已被彌補，因此業務以及您的利用率都在持續增長，並且由於我們的合約組合，這對我們來說是一個有利的因素，包括成長、收入和合約。合約也會增加這一點，所以業務發展成長，然後我們的成本節約，你在這裡看到它們，你看到我們從上一年滾動獲得的成本節約，你看到自動化成本節約，然後我們還討論了持續的 GNA，即我們削減的 2500 萬美元。所以這些也會流過去。

And then the changes in PCS that are kind of coming from COVID related payments and monitoring, you should expect those to contribute as well. So all the drivers that are controllable are moving in the right direction for us.

然後，PCS 中的變化類似於 COVID 相關的支付和監控的變化，您應該預期這些變化也會做出貢獻。因此，所有可控的驅動因素都在朝著對我們有利的方向發展。

So then the last component that is controllable is around good working capital. And this is one item that we know we've been talking about for a while, right? But now, especially coming out of last year, and also because of the great work that our teams are doing around restructuring these contracts.

那麼，最後一個可控的因素就是好的營運資金。我們知道我們已經討論了一段時間了，對吧？但現在，特別是去年之後，也因為我們的團隊在重組這些合約方面所做的出色工作。

We're becoming much more predictable and you'll see that working capital need continue to come down each quarter and as we exit into 2026, we should have the majority of our contracts onto the right structure so that long working capital need will go away. In addition to that, and you did see AR rise this year, this quarter, but as we said on the call, we are moving contracts and again we expect that to continue so that AR will come down.

我們變得更加可預測，你會看到營運資金需求每季都在持續下降，隨著我們進入 2026 年，我們應該將大部分合約納入正確的結構，這樣長期營運資金需求就會消失。除此之外，您確實看到今年、本季度的應收帳款有所上升，但正如我們在電話會議上所說的那樣，我們正在轉移合同，並且我們再次預計這種情況會繼續下去，因此應收帳款將會下降。

The working capital benefit coupled with the AR will have a I feel really good of our ability to generate cash off of that.

營運資本利得加上應收帳款將使我相信我們有能力從中創造現金。

And then of course you have the taxes and the and the ad backs and the ad backs rest have come down. It's mainly going to be kind of restructuring and fees. So long story short, the benefits that we're driving and making decisions around cost out both in GNA and automation, coupled with the working capital changes, we expect meaningful improvement on cash flow generation as we exit the.

當然，稅收、廣告支援和廣告支援其餘部分都下降了。這主要涉及重組和費用。長話短說，我們在 GNA 和自動化方面所推動和做出的成本決策所帶來的好處，再加上營運資金的變化，我們預計在退出時現金流的產生將得到有意義的改善。

Okay, so, when we follow up on that one. I mean, with overall revenue down to 4.9% year-over-year and any NEMT is down 6.3% year-over-year, I guess why do contract receivables and long term contracts, receivables increase by $17 million I guess I'm trying to figure out how if revenue is down, how the AR is up there?

好的，那麼，當我們跟進這一點時。我的意思是，總收入同比下降 4.9%，任何 NEMT 同比下降 6.3%，我想為什麼合約應收帳款和長期合約、應收帳款會增加 1700 萬美元？我想弄清楚如果收入下降，應收帳款如何上升？

Yeah, that revenue that went down for those primarily those two contracts, the MA contract and then that Florida contract that rolled off in January. So that's the main driver that we knew about, end of last year for that, and we've been increasing since then and I expect them to roll on and the AR is is completely to do with our contracts that are on on shared risk and those contracts have remained.

是的，主要那兩份合約的收入下降了，即馬薩諸塞州合約和 1 月到期的佛羅裡達州合約。所以這是我們在去年年底就知道的主要驅動力，從那時起我們就一直在增加，我預計它們會繼續增長，而 AR 完全與我們共同承擔風險的合約有關，這些合約一直保留著。

And until we've switched them over, which we've started to now, they just grew in accordance with, the way the contracts are structured so it's a disconnect mainly because of the contract mix, and the shared risk contracts not being converted until this quarter and going into the next year, which is why AR went up in those in those items in those areas.

在我們將它們轉換過來之前（我們現在已經開始轉換），它們只是按照合約的結構方式增長，因此，這主要是因為合約組合和共享風險合約直到本季度和明年才轉換，這就是為什麼這些領域的這些項目的應收帳款增加的原因。

Great, then one sort of, I guess in the fundamental one looking at, like an NEMT obviously your total trips are down, do the contract losses, your revenue per every month is up 13% and revenue is up 2.4%. Is this just a mix issue that those last, those those contracts are lost just to be shifted around the mix there, or is there something else that's that's happening there and as you model this thing out for the rest of the rest of the year. Is this the right revenue per member and revenue per trip that we should be thinking about for '25, and then also the contract that you lost that you were the incumbent, I guess any color and or why you lost that.

太好了，那麼從根本上看，就像 NEMT 一樣，顯然您的總行程減少了，合約損失了，您每月的收入增加了 13%，收益增加了 2.4%。這是否只是一個混合問題，那些最後的那些合約遺失只是為了在那裡進行混合轉移，或者那裡是否發生了其他事情，而你正在為今年剩餘的時間模擬這件事。這是我們應該考慮的 25 年的每位會員的正確收入和每次旅行的收入嗎？然後還有你作為現任者失去的合同，我猜是任何顏色，或者你為什麼失去它。

Thank you so much.

太感謝了。

Yeah, so the revenue per trip items you're right, it is a mix change that's the main driver of that for Q1, for us, especially coming out of COVID and as we've been. Repricing needs to be in line with the win structures that we have with our clients. I expect our revenue, mix to stay the same and therefore those, per trip metrics to be kind of normal throughout the rest of this year. We will be having, as we said, adding new business, and the mix may change a little bit, but those would be for the benefit.

是的，您說得對，每次旅行的收入項目是一個混合變化，這是我們第一季的主要驅動力，尤其是在擺脫 COVID 之後。重新定價需要符合我們與客戶之間的勝利結構。我預計我們的收入結構將保持不變，因此今年剩餘時間內每次行程的指標將保持正常。正如我們所說的，我們將會增加新業務，業務組合可能會發生一些變化，但這些都是有益的。

And then on the contract that we lost again, we really, we want to be transparent around our competitive advantages that we're seeing in transportation but we also want to be transparent around if something happened and then, and we lost this.

然後，對於我們再次失去的合同，我們真的希望對我們在運輸領域看到的競爭優勢保持透明，但如果發生了什麼事情，然後我們失去了它，我們也希望保持透明。

It's one pair that consolidated with another competitor for us we want to be transparent around that but that's not representative, we have 40 other contracts on our MCO side that we feel that we're in the process of renewing it and and and extending. Additional pipeline and as we said, additional closures in Q1 and I expect that to happen. But at the same time, we did. So relative to the winds, definitely smaller, but at the same time, it's important for us to ensure that our continued progress around our account management and and and client management continues to improve so I expect it will.

對我們來說，這是與另一個競爭對手合併的一對，我們希望對此保持透明，但這並不具有代表性，我們在 MCO 方面還有其他 40 份合同，我們認為我們正在續簽和延長這些合同。額外的管道，正如我們所說，第一季還有額外的關閉，我預計這會發生。但同時，我們也確實這麼做了。因此，相對於風力而言，它肯定要小一些，但同時，對於我們來說，重要的是確保我們在帳戶管理和客戶管理方面的持續進步能夠持續改善，所以我預計它會的。

Great, thanks so much.

太好了，非常感謝。

Thank you.

謝謝。

Michael Petusky, Barrington Research.

巴林頓研究公司的麥可‧佩圖斯基（Michael Petusky）

Yeah, hey, I'm going to try to drill down, a little bit on that cash flow question, and, I'm just going to ask it real plainly, I think you guys have sort of, big debt payments, and I think Q2 and Q4, is that right?

是的，嘿，我將嘗試深入探討一下現金流問題，我只是想直截了當地問一下，我認為你們有大筆債務償還，我認為第二季度和第四季度是這樣的，對嗎？

That's correct. Q2 and Q4.

沒錯。Q2 和 Q4。

I'm assuming that you can't generate positive cash flow from Ops in those cores. I'm wondering, is that true and B if that is true, is there a positive cash flow possibility in Q3?

我假設你無法從這些核心的營運中產生正現金流。我想知道，這是真的嗎？如果這是真的，那麼第三季是否存在正現金流的可能性？

Thanks.

謝謝。

Yeah, the right way to look at because of the lumpiness in the debt payments, yes, we manage and cash by a monthly, weekly, basis, and also quarterly, but for the right way to think about it is annually because of those lumpiness. And you saw the cash that we have on the balance sheet coupled with what I talked about before around the contract changes and what that's going to do to our working capital and the collection of that AR.

是的，正確的看法是由於債務支付的不穩定性，是的，我們按月、週、季度來管理和兌現，但正確的思考方式是按年，因為債務支付的不穩定性。並且您可以看到我們在資產負債表上擁有的現金，加上我之前談到的合約變更以及這將對我們的營運資金和應收帳款的收取產生的影響。

We feel really good in the cash flow generation for where we are and our balance sheet, and everything that we're doing right now to ensure that we have the right level of cash to ensure that we operate as we move through the months and the quarters.

我們對目前的現金流產生和資產負債表感到非常滿意，我們現在所做的一切都是為了確保我們擁有適當的現金水平，以確保我們在幾個月和幾個季度內能夠正常運作。

Right, I'm going to try to pin you down one more time. Is there a positive cash flow quarter in this year?

好的，我再試一次把你制服。今年是否有現金流為正的季度？

Yes, so we, you're right on the negative cash flows because of the large debt payments in Q2 in Q4 won't give you the exact forecast in the other quarters, but with what we have done in January, what we continue to do, what we're expected to do around cost out and automation, we're operating as we should, and I feel good about our current position.

是的，所以，您說的對，由於第二季度的大額債務支付，第四季度的現金流為負，我們不會給您其他季度的確切預測，但根據我們在一月份所做的工作、我們將繼續做的事情、我們預計在成本削減和自動化方面將要做的事情，我們的運營情況正常，我對我們目前的狀況感到滿意。

Okay, can we talk a little bit about the strategic alternatives, initiative, and just obviously there's some, it feels like there's some emergency in this, situation, and I, I'm just curious. I mean, do you see something, coming out of that initiative, in, the current year?

好的，我們可以談談策略替代方案和措施嗎？顯然，感覺這種情況有些緊急情況，我只是很好奇。我的意思是，您是否認為今年這項措施會帶來一些成果？

Yeah, so we feel really good about our businesses, what we've done, and at the same time levering is a top priority for us that's critical to our to our stakeholders.

是的，所以我們對我們的業務、我們所做的事情感到非常滿意，同時，槓桿作用對我們來說是首要任務，對我們的利害關係人至關重要。

So that's why we are doing it. That's why we look forward to updating you as we as we move through. So the urgency is the right level of balance to ensure that we're doing the right thing for all stakeholders. So, we will sell when it is the right time to sell, that's the best thing for again all stakeholders so there's there's the, there's the right level of patience and urgency to ensure that we get the right value at the right time so.

這就是我們這麼做的原因。這就是為什麼我們期待在我們前進的過程中向您通報最新情況。因此，緊迫性是一種適當的平衡，以確保我們為所有利害關係人做正確的事情。因此，我們會在適當的時機出售，這對所有利害關係人來說都是最好的事情，因此，我們需要適當的耐心和緊迫感，以確保我們在合適的時間獲得合適的價值。

I'm comfortable with the position we're in and and the great work that that that each of those businesses are doing is going to ensure that we get the right value.

我對我們所處的地位感到滿意，而且每家企業所做的出色工作將確保我們獲得正確的價值。

Last one, and I'll, jump off, but, in terms of the, if you mention specifics on the GNA savings where those are coming from, I missed it. What can you lay out more specifics around where the $25 million?

最後一個，我要跳到最後，但是，就，如果你提到有關 GNA 節省的具體來源，我錯過了。您能否詳細說明一下這 2500 萬美元的用途？

Yeah, so it, it's across the board, but it's primarily within the corporate and shared service areas, as we continue to get more efficient in our operations that are customer facing and drive value for the customer facing improved because of what we've done during the transformation because of the automation we're able to ensure that we. The back office or the extra people that were necessary to compensate for some of the stuff, we don't need that anymore because of our efficiencies our focus and simplicity but it's primarily in the shared service and corporate side that those dollars came out.

是的，它是全面的，但它主要在企業和共享服務領域，因為我們面向客戶的營運效率不斷提高，並且由於我們在轉型期間所做的工作以及我們能夠確保的自動化，面向客戶的價值得到了改善。由於我們的效率、重點和簡單性，我們不再需要後台辦公室或為彌補某些事情而需要的額外人員，但這些錢主要花在共享服務和企業方面。

And primarily labor?

主要是勞動力嗎？

Yeah, oh yeah, oh, so primarily labor, there are vendor statements, but we got those earlier, but that '25 that I said is majority of that is labor.

是的，哦是的，哦，所以主要是勞動力，有供應商聲明，但我們之前就得到了這些，但我說的『25』其中大部分是勞動力。

Okay. All right. Very good.

好的。好的。非常好。

Thank you.

謝謝。

Great. Thanks, Mike.

偉大的。謝謝，麥克。

Thank you. There are no further queue there are no further questions at this time. I would like to hand the floor back over to Heath Sampson for any closing comments.

謝謝。目前沒有其他隊列，也沒有其他問題。我想將發言權交還給 Heath Sampson，請他發表最後評論。

Well, thanks everybody. I appreciate you joining the call, this afternoon. I'm really proud of what the team has done, and really proud about us weathering the storm coming out of last year. It was an unprecedented time. A lot of that behind us. And as you can see in Q1, the execution and the progress we made, and I really look forward to updating you in Q2 on that continued progress. So thanks again for joining and look forward to talking to you in a few months. Take care.

好的，謝謝大家。感謝您今天下午參加電話會議。我為團隊所做的一切感到非常自豪，也為我們挺過去年的難關而感到自豪。這是一個前所未有的時代。很多這樣的事都已經過去了。正如您在第一季看到的，我們已完成並取得了進展，我非常期待在第二季度向您通報這一持續進展。再次感謝您的加入，並期待幾個月後與您交談。小心。

This concludes today's conference. You may disconnect your lines at this time.

今天的會議到此結束。現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。