Nutex Health Inc (NUTX) 2025 Q1 法說會逐字稿

Greetings. Welcome to Nutex Health's first-quarter 2025 financial results conference call. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll turn the floor over to your host, Jennifer Rodriguez, Investor Relations for Nutex.

問候。歡迎參加 Nutex Health 2025 年第一季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將把發言權交給主持人、Nutex 投資者關係部門的 Jennifer Rodriguez。

Jennifer, you may begin.

詹妮弗，你可以開始了。

Good morning, everyone, and welcome to Nutex Health, Inc. first-quarter 2025 earnings call. I'm Jennifer Rodriguez, and I'm pleased to moderate today's discussion. Thank you for joining us as we review our performance and outline our plans for the future. This call is being recorded for future reference.

大家早安，歡迎參加 Nutex Health, Inc. 2025 年第一季財報電話會議。我是珍妮佛羅德里格斯，很高興主持今天的討論。感謝您與我們一起回顧我們的表現並概述我們的未來計劃。本次通話將會錄音以供日後參考。

With me today are our key leaders, Dr. Tom Vo, Chairman and CEO; Jon Bates, Chief Financial Officer; Warren Hosseinion, President; and Josh DeTillio, Chief Operating Officer. They will provide insights into our financial results, operational progress and strategy direction, followed by a Q&A session.

今天與我在一起的還有我們的主要領導人，董事長兼首席執行官 Tom Vo 博士；喬恩·貝茨（Jon Bates），首席財務官；沃倫·侯賽尼翁（Warren Hosseinion），總裁；以及首席營運官 Josh DeTillio。他們將對我們的財務表現、營運進展和策略方向提供見解，然後進行問答環節。

Before we begin, a few reminders. Today's discussion may include forward-looking statements based on management's current expectations. These are subject to risks and uncertainties that could cause actual results to differ. For details, please refer to our press release and Form 10-Q filed yesterday and our other SEC filings. We'll also discuss non-GAAP measures like adjusted EBITDA with reconciliations available in our press release and Form 10-Q.

在我們開始之前，有幾點提醒。今天的討論可能包括基於管理層當前預期的前瞻性陳述。這些都存在風險和不確定性，可能導致實際結果有所不同。有關詳細信息，請參閱我們昨天提交的新聞稿和 10-Q 表以及我們向美國證券交易委員會提交的其他文件。我們還將討論非 GAAP 指標，例如調整後的 EBITDA，並在新聞稿和 10-Q 表中提供對帳資訊。

With that, I'm pleased to turn the call over to Dr. Tom Vo, our Founder and CEO. Dr. Vo, the floor is yours.

說到這裡，我很高興將電話轉給我們的創辦人兼執行長 Tom Vo 博士。 Vo 博士，現在請您發言。

Thank you, Jennifer and good morning, everyone. I am pleased to present Nutex Health results for the first quarter of 2025, which reflects continued progress following a strong 2024. Our mission of delivering accessibility with high-quality care and a patient-first approach has driven consistent growth and operational stability.

謝謝你，詹妮弗，大家早安。我很高興地公佈 Nutex Health 2025 年第一季的業績，這反映了 2024 年強勁增長之後的持續進步。我們的使命是提供高品質的護理和以患者為先的方法，從而推動持續增長和營運穩定。

Operationally, Q1 2025 show steady progress with total patient visit reaching 48,269 patients, a 20.5% increase from 40,068 in Q1 2024. Mature hospitals achieved a 5.3% increase in visits, demonstrating sustained demand for our services.

營運方面，2025 年第一季呈現穩定進展，總患者就診人數達 48,269 人次，比 2024 年第一季的 40,068 人次增加 20.5%。成熟醫院的就診量增加了5.3%，顯示對我們服務的持續需求。

Financially, Q1 2025 delivered solid results. Total revenue reached $211.8 million, a 214% increase from $67.5 million in Q1 2024. Adjusted EBITDA was $72.8 million, up from a negative $400,000 from the same quarter last year.

從財務角度來看，2025 年第一季取得了穩健的表現。總營收達到 2.118 億美元，較 2024 年第一季的 6,750 萬美元成長 214%。調整後的 EBITDA 為 7,280 萬美元，高於去年同期的負 40 萬美元。

Net income attributable to Nutex Health, Inc. was $14.6 million, or $2.65 per basic share, compared to a negative $400 million (sic - see press release, "$0.4 million") loss or a negative $0.08 per basic share in Q1 2024.

Nutex Health, Inc. 的淨收入為 1,460 萬美元，即每股基本收入 2.65 美元，而 2024 年第一季的虧損為負 4 億美元（原文如此 - 請參閱新聞稿「40 萬美元」），即每股基本收入為負 0.08 美元。

Our balance sheet remains stable with long-term debt actually slightly reduced from -- I'm sorry, reduced to $20.7 million from $22.5 million at year-end 2024, and cash in the bank at $87.7 million, up from $43.5 million from year-end 2024.

我們的資產負債表保持穩定，長期債務實際上略有減少 - 抱歉，從 2024 年底的 2250 萬美元減少到 2070 萬美元，銀行現金從 2024 年底的 4350 萬美元增加到 8770 萬美元。

Our net cash flow from operating activities in the first quarter of 2025 was $51 million, compared to just $3.1 million in the same period in 2024 and surpassing the cash flow for the entire year of 2024. These impressive growth metrics reflect our company-wide efforts to enhance patient volume, increase inpatient admissions, cost streamlining and optimization and improved revenue per patient through effective revenue cycle management, particularly via the arbitration process.

我們 2025 年第一季的營運活動淨現金流為 5,100 萬美元，而 2024 年同期僅為 310 萬美元，超過了 2024 年全年的現金流。這些令人印象深刻的成長指標反映了我們全公司上下的努力，即透過有效的收入週期管理（特別是透過仲裁程序）來增加患者數量、增加住院人數、精簡和優化成本以及提高每位患者的收入。

Every month, we are gathering more data collections and arbitration wins, which help us refine our accruals, and we believe we are getting closer to a steady state. While there's a lot of work that needs to be done, we are very encouraged by the positive progress.

每個月，我們都在收集更多的數據和仲裁勝利，這有助於我們完善我們的應計項目，我們相信我們正在接近穩定狀態。儘管還有很多工作要做，但積極的進展令我們感到非常鼓舞。

Let me take a few moments to discuss the arbitration process that we first implemented in July of 2024. Overall, it is a small but very important part of our operation. In the first quarter of 2025, we submitted between 60% to 70% of billable visits through the arbitration portal. We achieved an 80% plus win rate of these submissions, resulting in facility collections increasing by between 20 -- I'm sorry, increasing by between 200% to 300% compared to the initial insurance payments.

請容許我花一點時間來討論我們在 2024 年 7 月首次實施的仲裁程序。總的來說，這是我們營運中很小但非常重要的一部分。2025 年第一季度，我們透過仲裁入口網站提交了 60% 至 70% 的可計費存取。我們在這些提交中的成功率達到了 80% 以上，與最初的保險支付相比，設施收款增加了 20% —— 抱歉，增加了 200% 到 300%。

This means that an independent arbitrator has legally determined that the insurance companies are paying us initial payments that are much lower than fair and reasonable rates over 50% of the time. So far, even with these winning percentages, we have not seen any significant payer behavioral changes. We are constantly monitoring legislative and legal developments at both CMS and in Congress to make sure we are on top of any potential changes.

這意味著獨立仲裁員已合法裁定，保險公司向我們支付的首期付款在 50% 以上的時間內遠低於公平合理的費率。到目前為止，即使有這些獲勝率，我們還沒有看到任何顯著的付款人行為變化。我們不斷監控 CMS 和國會的立法和法律發展，以確保我們掌握任何潛在的變化。

However, from all our research and discussions with subject matter experts, it appears that the No Surprises Act and the associated arbitration process is here to stay. One main reason for this is the fact that very few of the charts that are eligible for arbitration actually yet arbitrated. In fact, public data shows that only about 5% of eligible charts are actually arbitrated.

然而，從我們所有的研究和與主題專家的討論來看，《無意外法案》和相關的仲裁程序似乎將繼續存在。其中一個主要原因是，符合仲裁條件的海圖實際上很少經過仲裁。事實上，公開數據顯示，只有約 5% 的合格圖表真正經過了仲裁。

The reasons for this include -- the reasons for this low level of arbitration participation include the high monetary cost as well as the extended time -- extended length of time to get paid once a chart goes through the arbitration process. In terms of the arbitration process itself, it is constantly getting more refined day by day. We are seeing some improvements to the arbitration process, including more IDREs or arbitrators being added to the list of available arbitrators, as well as new guidelines to provide safeguard to the integrity of the system.

造成這種情況的原因包括——仲裁參與度低的原因包括高昂的金錢成本以及延長的時間——一旦圖表經過仲裁程序，獲得付款的時間就會延長。就仲裁程序本身而言，它正在日益不斷改進。我們看到仲裁程序有所改進，包括在可用仲裁員名單中添加更多 IDRE 或仲裁員，以及為保障系統完整性而製定的新指南。

In fact, one legislative development that may be germane to our industry will be bill H.R.9572, being introduced by representative, Greg Murphy of North Carolina that proposes a penalty of 3x the difference between the insurers' initial payment and the IDR award amount plus interest if the insurers do not pay in 30 days as required by rules in the No Surprises Act. This bill will only help us get paid faster in a more reasonable manner.

事實上，與我們的行業密切相關的一項立法發展是 H.R.9572 法案，該法案由北卡羅來納州眾議員格雷格·墨菲提出，該法案提議，如果保險公司未能按照《無意外法案》的規定在 30 天內付款，則將處以相當於保險公司初始付款與 IDR 裁決金額之間差額 3 倍的罰款，外加利息。這項法案只會幫助我們以更合理的方式更快獲得報酬。

Looking ahead, we are well positioned for 2025. We continue to expand our micro hospital model in high demand markets. There is no lack of demand for our innovative micro hospital model as we still receive requests to build these hospitals monthly from all over the country. For 2025, we have plans to open three additional hospitals. Our pipeline currently extends from 2025 to 2028, and has 10-plus projects in various stages of development, targeting markets where our high-quality care is needed.

展望未來，我們已為2025年做好了準備。我們繼續在高需求市場擴大我們的微型醫院模式。我們創新的微型醫院模式並不缺乏需求，因為我們每個月仍然會收到來自全國各地的建造這些醫院的請求。到 2025 年，我們計劃再開設三家醫院。我們的產品線目前從 2025 年延伸至 2028 年，擁有 10 多個處於不同開發階段的項目，瞄準需要高品質護理的市場。

Each facility is designed to reduce emergency wait room times, increase accessibility and provide tailored medical services. Our company growth strategy emphasizes four priorities: increasing patient volume, expanding services to provide care to more observation and inpatient admissions, optimizing revenue through efficient revenue cycle management and arbitration, maintaining disciplined cost and aggressive debt management.

每個設施的設計都旨在減少急診室候診時間、提高可及性並提供量身定制的醫療服務。我們公司的成長策略強調四個優先事項：增加患者數量、擴大服務範圍以便為更多的觀察和住院患者提供護理、透過高效的收入週期管理和仲裁來優化收入、保持嚴格的成本和積極的債務管理。

We feel that as long as we receive fair and reasonable payment from either the arbitration process or from changes in payer behavior, our lower cost model will be sustainable and repeatable. Because of our experience of having been through multiple cycles, and our ability to pivot and adapt to any market conditions and with the balance sheet and a clear pipeline, Nutex is well positioned for continued sustained growth.

我們認為，只要我們從仲裁程序或付款人行為的改變中獲得公平合理的付款，我們的低成本模式將是可持續的和可重複的。由於我們經歷過多個週期的經驗，以及我們適應任何市場條件的能力，並且擁有資產負債表和清晰的管道，Nutex 完全有能力實現持續成長。

So now I'll turn the call over to Jon Bates, our CFO. John?

現在我將把電話轉給我們的財務長喬恩貝茨 (Jon Bates)。約翰？

Thank you (technical difficulty), financial performance for the first quarter of 2025, which reflects another solid quarter with consistent growth. I'll compare some key financial metrics for Q1 of 2025 versus the same period in '24, highlighting percentage changes across areas such as revenue, adjusted EBITDA, net income, EPS and other indicators as detailed in our Form 10-Q filed yesterday.

謝謝（技術難題），2025 年第一季的財務表現反映了另一個穩健的季度和持續的成長。我將比較 2025 年第一季與 2024 年同期的一些關鍵財務指標，重點介紹收入、調整後 EBITDA、淨收入、每股收益和其他指標等領域的百分比變化，詳見我們昨天提交的 10-Q 表。

Starting off with total revenue. So total revenue for Q1 of 2024, as Tom indicated, did reach $211.8 million, a 214% increase from $67.5 million in quarter 1 of 2024. The hospitals division drove most of this growth, generating $203.9 million, which is up 240% from $60 million in the first quarter of '24 with $105 million tied to arbitration efforts through the independent dispute resolution process.

從總收入開始。因此，正如湯姆所指出的，2024 年第一季的總收入確實達到了 2.118 億美元，比 2024 年第一季的 6,750 萬美元成長了 214%。醫院部門推動了大部分成長，創造了 2.039 億美元的收入，比 2024 年第一季的 6,000 萬美元成長了 240%，其中 1.05 億美元與透過獨立爭議解決程序進行的仲裁有關。

Of that $105 million in arbitration revenue, $60 million related to dates of service for the first quarter of '25, $26 million related to dates of service for the fourth quarter of '24 and $12 million related to dates of service for the third quarter of '24 following the remaining $7 million related to periods prior to the third quarter. Of the total hospital division revenue, mature hospitals, which are hospitals operational before December 31, 2022, it saw 186.5% revenue increase for the first quarter of '25 versus the same period in '24.

在這 1.05 億美元的仲裁收入中，6,000 萬美元與 2025 年第一季的服務日期有關，2,600 萬美元與 2024 年第四季的服務日期有關，1,200 萬美元與 2024 年第三季的服務日期有關，其餘 700 萬美元與第三季之前的期間有關。在醫院部門總收入中，成熟醫院（即 2022 年 12 月 31 日之前營運的醫院）25 年第一季的收入與 24 年同期相比增加了 186.5%。

And for the hospital division visits, we did see growth as well during the quarter as they increased by 20.5% or 8,201 visits up to 48,269 visits in the first quarter of '25 versus 40,068 visits in the same period in '24 with mature hospitals growing at 5.3%, as Tom indicated before, in the first quarter of '25 versus the same period in '24.

就醫院部門的就診量而言，我們在本季度也看到了增長，2025 年第一季的就診量增加了 8,201 次，達到 48,269 次，而 2024 年同期的就診量為 40,068 次。正如湯姆之前指出的那樣，成熟醫院在 2025 年第一季的就診量與 2024 年同期相比增加了 5.3%。

Additionally, the Population Health division revenue did increase by roughly $400,000 or 5.4% up to $7.8 million in the first quarter of '25 from $7.4 million in the same period in 2024. Now let's discuss the overall facility and corporate costs and the continued improvement in that area.

此外，人口健康部門的收入確實增加了約 40 萬美元（即 5.4%），從 2024 年同期的 740 萬美元增至 2025 年第一季的 780 萬美元。現在讓我們討論一下整體設施和公司成本以及該領域的持續改進。

Total facility level operating costs and expenses increased $36.2 million during the period, but only represented 44.1% or $93.5 million of total revenue for the first quarter of '25 versus 84.9% or $57.3 million of total revenue for the same period of '24. Of the $36.2 million increase in these facility operating costs and expenses, $26.3 million related to arbitration costs for the additional arbitration revenue recorded during this period, which approximated 25% of that incremental addition of revenue I mentioned previously.

在此期間，設施級營運成本和費用總額增加了 3,620 萬美元，但僅佔 25 年第一季總收入的 44.1% 或 9,350 萬美元，而 24 年同期則佔總收入的 84.9% 或 5,730 萬美元。在這些設施營運成本和費用增加的 3,620 萬美元中，有 2,630 萬美元與仲裁費用有關，這是在此期間記錄的額外仲裁收入，約占我之前提到的增量收入的 25%。

As a result of the revenue and facility cost improvements, our 2025 1st quarter gross profit was $118.3 million or 55.9% of total revenue as compared to $10.2 million or only 15.1% of total revenue in the same period of 2024, which represented 1,065% improvement.

由於營收和設施成本的改善，我們 2025 年第一季的毛利為 1.183 億美元，佔總營收的 55.9%，而 2024 年同期的毛利為 1,020 萬美元，僅佔總營收的 15.1%，成長了 1,065%。

From a corporate and other cost perspective, the general and administrative expenses as a percentage of total revenue for the first quarter of '25 decreased down to 4.7% compared to 12.8% for the first quarter of '24, showing our continued focus on controlling costs while improving revenue. Additionally, on our first-quarter 2025 income statement, you will see a line item for stock-based compensation expense, and it's been there this year and last year and before, but with the amount for the first quarter of 2025 being $36.1 million.

從公司和其他成本角度來看，25 年第一季的一般和行政費用佔總收入的百分比從 24 年第一季的 12.8% 下降至 4.7%，這表明我們在提高收入的同時繼續注重控製成本。此外，在我們 2025 年第一季的損益表中，您會看到一項股票薪酬費用，今年、去年和以前都有，但 2025 年第一季的金額為 3,610 萬美元。

Most of that expense is explained in our first-quarter 2025 10-Q within Note 10. But within that note, we explained that under the terms of four separate contribution agreements for hospitals that were deemed to be under development hospitals when Nutex went public back in April of 2024, at the point in which each of the hospitals have been open for two full years, they are eligible to receive a onetime additional issuance of common -- company common stock based upon the earnings of the hospital in the second year of their operations, and that second year is which we denote to be the period of what the earn-out period is.

大部分費用已在 Note 10 中的 2025 年第一季 10-Q 中進行了解釋。但在那份說明中，我們解釋說，根據 2024 年 4 月 Nutex 上市時被視為正在開發的醫院的四項單獨捐助協議的條款，當每家醫院開業滿兩年時，它們有資格根據醫院運營第二年的收益獲得一次性額外發行的普通股——公司普通股，而第二年就是我們所說的盈利期。

So with four of these hospitals in the earn-out period currently, we are accruing for the potential earn-out for each. And in the first quarter of 2025, that accrual amounted to $36 million that will be trued up each quarter until we get to the end of year two of each hospital after opening and at which time a final calculation will be done and payment will be made 100% in common stock and recorded as noncash stock compensation expense in our financials, which is how it's presented currently.

因此，目前其中四家醫院處於獲利期，我們正在為每家醫院的潛在利潤進行累積。而在 2025 年第一季度，該應計金額為 3600 萬美元，將每季度進行核算，直到每家醫院開業後的第二年年底，屆時將進行最終計算，並以 100% 的普通股形式支付，並在我們的財務報表中記錄為非現金股票薪酬費用，這就是目前的呈現方式。

In the first quarter of 2025, one of these four facilities did reach the end of the earn-out period, leaving the other three to complete their earn-out period by the early part of the third quarter of 2025. The good news is that after these limited number of legacy hospitals have matured, there will not be a significant noncash earn-outs in the future.

2025 年第一季度，這四家醫院中的一家確實到達了盈利期的結束，而其他三家則在 2025 年第三季度初完成了盈利期。好消息是，在這些數量有限的傳統醫院發展成熟之後，未來將不會出現大規模的非現金獲利。

Now let's talk about operating income. Operating income, including the negative impact of the same $36.1 million in noncash stock-based compensation expense for the first quarter '25, $72.2 million compared to $1.5 million in Q1 of 2024, representing a $70.7 million improvement quarter over quarter.

現在我們來談談營業收入。營業收入（包括 2025 年第一季相同的 3,610 萬美元非現金股票薪酬費用的負面影響）為 7,220 萬美元，而 2024 年第一季為 150 萬美元，季增 7,070 萬美元。

Net income attributable to Nutex Health was $14.6 million for the first quarter of '25, again, also including the negative impact of that $36.1 million noncash stock-based compensation expense that we talked about previously. And the comparative net loss attributable to Nutex was $400,000 for the first quarter of '24, showing a $15 million improvement period-over-period.

25 年第一季度，Nutex Health 的淨收入為 1,460 萬美元，這同樣包括我們之前談到的 3,610 萬美元非現金股票薪酬費用的負面影響。24 年第一季度，Nutex 的比較淨虧損為 40 萬美元，年增 1,500 萬美元。

From an earnings per share perspective, our diluted EPS for the first quarter of 2025 was $2.56 share compared to a loss of $0.08 per share in the first quarter of '24, showing a $2.64 share -- per share price increase period-over-period.

從每股盈餘的角度來看，我們 2025 年第一季的稀釋每股收益為 2.56 美元，而 2024 年第一季的每股虧損為 0.08 美元，每股價格較上季上漲 2.64 美元。

Now adjusted EBITDA attributable to Nutex increased $73.2 million from a loss of $400,000 in the first quarter of 2024 to $72.8 million in the first quarter of 2025. One small change in our calculation of adjusted EBITDA this quarter, which we will continue using as we go forward, was that we now include in our calculation, the impact of cash rents paid that fall under our right-of-use asset financing accounting treatment for our building leases for all periods presented. So in our previous treatment of these rent payments within our calculation, the rent paid -- the cash rent paid impact was not being reflected as a reduction in this calculation, so we felt it appropriate to include it.

目前，歸屬於 Nutex 的調整後 EBITDA 已從 2024 年第一季的 40 萬美元虧損增加至 2025 年第一季的 7,280 萬美元，增幅達 7,320 萬美元。本季我們對調整後 EBITDA 的計算進行了一個小的改動，我們將在今後繼續使用這個改動，那就是我們現在在計算中納入了所有期間的建築租賃使用權資產融資會計處理下支付的現金租金的影響。因此，在我們之前計算這些租金支付時，支付的租金——現金租金支付的影響並沒有反映在本次計算的減少中，所以我們認為將其納入是合適的。

Finally, our balance sheet remains very strong with cash and cash equivalents at March 31, 2025, at a record high of $87.7 million, up $44.1 million or 101.1% from $43.6 million as of December of 2024.

最後，我們的資產負債表依然強勁，截至 2025 年 3 月 31 日的現金和現金等價物達到創紀錄的 8,770 萬美元，比 2024 年 12 月的 4,360 萬美元增加 4,410 萬美元，增幅為 101.1%。

Our continued success with the collection efforts related to the arbitration process is allowing us to get paid more fairly to the services we provide and was obviously a big part of this success. With regard to the accounts receivable, our balance at March 31, 2025, was $295 million, an increase of just under $63 million from $232 million at the end of the year of 2024.

我們在仲裁程序相關的追收工作中不斷取得成功，這使我們能夠更公平地獲得所提供服務的報酬，這顯然是這一成功的重要組成部分。關於應收帳款，截至 2025 年 3 月 31 日，我們的餘額為 2.95 億美元，比 2024 年底的 2.32 億美元增加了近 6,300 萬美元。

To give you some perspective of that $295 million AR, $199.3 million or roughly 68% relates to visits in the arbitration process, which was similar to our position at the end of 2024. And during the first quarter of 2025, the company collected around $140.4 million in cash, of which $103.7 million or approximately 45% of that related to AR as of December 31, 2024.

為了讓您了解這 2.95 億美元的應收帳款，其中 1.993 億美元（約 68%）與仲裁過程中的訪問有關，這與我們在 2024 年底的情況類似。2025 年第一季度，該公司收取了約 1.404 億美元現金，其中 1.037 億美元（截至 2024 年 12 月 31 日）與 AR 相關，約佔 45%。

And regarding cash flow, Tom mentioned this earlier, but net cash from operating activities was very strong this quarter at $51 million, which was an increase of $47.3 million from the same period in 2024.

關於現金流，湯姆之前提到過，但本季經營活動產生的淨現金非常強勁，達到 5,100 萬美元，比 2024 年同期增加了 4,730 萬美元。

On the liability side, our total bank and equipment type debt increased by merely $1.8 million to $43.2 million at March 31 of 2025 from $41.4 million at December 31, 2024. With the majority of this debt, as we talked about before, relating to equipment loans at our hospitals for such items as the MRIs, x-rays, ultrasounds and items like CT machines.

在負債方面，我們的銀行和設備類債務總額僅從 2024 年 12 月 31 日的 4,140 萬美元增加了 180 萬美元，達到 2025 年 3 月 31 日的 4,320 萬美元。正如我們之前談到的，這些債務中的大部分與我們醫院的設備貸款有關，例如核磁共振成像儀、X光機、超音波檢查機和 CT 機等。

Outside of this normal $40 million-plus of bank equipment type debt, the only other items of materiality that look like that on the balance sheet are the liabilities related to financing and operating lease liabilities, which are just the future lease payments due to our landlords on our hospitals.

除了這筆正常的 4000 多萬美元的銀行設備類債務之外，資產負債表上唯一類似的其他重要項目是與融資和經營租賃負債相關的負債，這些負債只是我們醫院未來應付給房東的租賃款項。

And we've discussed this in previous periods, but I just wanted to walk through again so that we'll remind people how this -- and what this really means because these are reflected on the balance sheet because the accounting rules require us to aggregate all lease payments that we pay the landlord for the entirety of each lease term, which might be 15 to 20 years of payments.

我們在之前的時期已經討論過這個問題，但我只是想再次回顧一下，以便提醒人們這是如何發生的——以及這真正意味著什麼，因為這些都反映在資產負債表上，因為會計規則要求我們將我們在整個租賃期內支付給房東的所有租賃付款匯總起來，這可能是 15 到 20 年的付款。

And then present value that total lease payment back for each, all the way from inception of that lease and record both the right-of-use asset and a corresponding right-of-use liability on the balance sheet for that result.

然後從租賃開始起，將每項租賃的總付款額現值化，並在資產負債表上記錄使用權資產和相應的使用權負債。

As a result, on our balance sheet at March 31, 2025, the net asset balance for the operating and financial right-of-use assets amounted to $243.7 million, which is about 32% of our total assets. And the net liability balance for the operating and financing rate-of-use liabilities amounted to $288.7 million, which is 61.2% of total liabilities. So I just wanted to provide some perspective as most investors and analysts don't view these right-of-use asset liabilities as real operating debt. So I wanted to kind of clarify that for you.

因此，在我們 2025 年 3 月 31 日的資產負債表上，經營和財務使用權資產的淨資產餘額為 2.437 億美元，約占我們總資產的 32%。經營和融資使用率負債的淨負債餘額為 2.887 億美元，佔總負債的 61.2%。因此，我只是想提供一些觀點，因為大多數投資者和分析師並不認為這些使用權資產負債是真正的經營債務。所以我想向你澄清一下這一點。

With all this said, our balance sheet remains very solid, and we continue to strengthen it with our positive operating performance. Our current financial position has put us in a great position to execute on all of our initiatives in our 2025 operating plan, including the opening of three new hospitals later this year, as Tom mentioned earlier.

儘管如此，我們的資產負債表仍然非常穩健，我們將繼續透過積極的經營績效來加強它。正如湯姆之前提到的，我們目前的財務狀況使我們能夠很好地執行 2025 年營運計劃中的所有舉措，包括今年稍後開設三家新醫院。

With that, I'll now turn it over to Warren Hosseinion. Warren?

現在，我將把發言權交給沃倫·侯賽尼翁 (Warren Hosseinion)。沃倫？

Thank you, Jon, and good morning, everyone. Thank you all for joining us today. I'm pleased to provide an update on Nutex Health Population Health division, which supports our commitment to value-based care. As a reminder, our overarching strategy at Nutex Health is to build an integrated health care delivery system combining hospitals and medical groups, also referred to as IPA. Our IPAs are comprised of networks of primary care physicians and specialists located around our facilities.

謝謝你，喬恩，大家早安。感謝大家今天的參與。我很高興提供 Nutex Health 人口健康部門的最新消息，這支持了我們對基於價值的護理的承諾。提醒一下，新聯醫療的整體策略是建立結合醫院和醫療集團的綜合醫療保健服務體系，也稱為 IPA。我們的 IPA 由位於我們設施周圍的初級保健醫生和專家網絡組成。

The IPAs enroll patients from different health plans and are responsible for the total care of these patients. By combining hospitals and IPA, we believe we will be able to deliver care that is more coordinated, cost-effective and with better outcomes for our patients. Our IPA send patients to our hospitals and our hospitals deliver more efficient and cost-effective care, reducing the medical loss ratios in our IPAs. This is a long-term strategy that will take several years to bear fruit, but we are in this for the long run at Nutex Health. We are pleased to report a strong start to the year with first quarter results that reflect the continued momentum behind our strategy.

IPA 招募來自不同健康計畫的患者，並負責這些患者的全面照護。透過合併醫院和 IPA，我們相信我們將能夠為患者提供更協調、更具成本效益且效果更好的照護。我們的 IPA 將患者送往我們的醫院，我們的醫院提供更有效率、更具成本效益的護理，從而降低了 IPA 的醫療損失率。這是一項長期策略，需要幾年的時間才能取得成果，但 Nutex Health 將長期致力於此。我們很高興地報告，今年第一季的業績表現強勁，反映了我們策略的持續發展勢頭。

We currently have over 40,000 patients enrolled in our IPAs in various risk-based arrangements. Of note, I am happy to report that we now have almost 1,400 Medicare Advantage members in our Houston Physicians IPA.

目前，已有超過 40,000 名患者透過各種基於風險的安排加入了我們的 IPA。值得注意的是，我很高興地報告，我們休士頓醫生 IPA 現在擁有近 1,400 名醫療保險優勢會員。

In Q1, our IPAs generated $7.8 million in revenue, a 5.4% increase from $7.4 million in Q1 2024. This is despite the fact that we divested two noncore assets in mid-2024 that were generating revenues but had operating losses. Operating income improved to $0.1 million from a $0.3 million loss in Q1 2024.

第一季度，我們的 IPA 創造了 780 萬美元的收入，比 2024 年第一季的 740 萬美元成長 5.4%。儘管我們在 2024 年中期剝離了兩項產生收入但出現經營虧損的非核心資產，但情況仍然如此。營業收入從 2024 年第一季的 30 萬美元虧損改善至 10 萬美元。

Margins continue to be moderated by ongoing investments in new markets such as Houston, Phoenix and Dallas. With that, I will now turn it over to Josh DeTillio, our Chief Operating Officer.

由於對休士頓、鳳凰城和達拉斯等新市場的持續投資，利潤率持續受到抑制。現在，我將把時間交給我們的營運長 Josh DeTillio。

Thank you, Warren, and good morning, everyone. I'm pleased to share Nutex Health's operational results for Q1 2025, which demonstrate our ability to deliver high-quality care while achieving steady growth and cost discipline. Our micro hospital model centered on patient needs continues to perform very well, and I'll discuss some volume trends, cost management, patient acuity, and advantages of our approach. Total patient visits, as Tom mentioned, reached 48,269, a 20.5% increase from the 40,068 in quarter 1, 2024, which reflects growth in both new and mature hospitals. Mature hospitals grew by 5.6% in the first quarter.

謝謝你，沃倫，大家早安。我很高興分享 Nutex Health 2025 年第一季的營運業績，這表明我們有能力提供高品質的護理，同時實現穩定的成長和成本控制。我們的以患者需求為中心的微型醫院模式繼續表現良好，我將討論一些數量趨勢、成本管理、患者敏銳度以及我們的方法的優勢。正如湯姆所提到的，總病患就診人數達到 48,269 人次，比 2024 年第一季的 40,068 人次增加 20.5%，這反映了新醫院和成熟醫院的成長。成熟醫院第一季成長5.6%。

This growth reflects our leadership team's efforts in community engagement, business development and adding specialists to manage more complex cases by increasing observation and inpatient stays to meet the community need. Our capacity to provide observation and inpatient is a key strength. Observation stays help avoid unnecessary admissions, while inpatient services ensure comprehensive care for appropriate cases.

這一增長反映了我們的領導團隊在社區參與、業務發展以及透過增加觀察和住院時間來增加專家以處理更複雜病例方面的努力，以滿足社區的需求。我們提供觀察和住院治療的能力是我們的一大優勢。觀察住院有助於避免不必要的入院，而住院服務則可確保對適當的病例進行全面護理。

This approach improves outcomes and patient satisfaction by offering efficient high-quality care. Our model reduces emergency room wait times and provides personalized services positioning Nutex as a trusted provider in the communities we serve.

這種方法透過提供高效高品質的護理來改善治療效果和患者滿意度。我們的模式減少了急診室的等待時間，並提供了個人化的服務，使 Nutex 成為我們服務社區中值得信賴的供應商。

Cost discipline for us remains a priority. Excluding arbitration costs, operating costs remained stable despite higher volumes and new hospitals this year. Labor costs increased 29% from $27 million to $34.9 million, which was comprised of increased payroll and benefits for opening four new hospitals or higher ER volumes and an increased volume of higher acuity observation and inpatients.

對我們來說，成本控制仍然是首要任務。除仲裁費用外，儘管今年醫院數量增加且新增醫院數量增加，但營運成本仍保持穩定。勞動成本增加了 29%，從 2,700 萬美元增加到 3,490 萬美元，其中包括開設四家新醫院或增加急診室數量以及增加高風險觀察和住院患者數量的工資和福利。

Overall labor costs continue to be a much smaller percentage of net revenue than most hospital companies at 16.4% for the first quarter, which exemplifies our lean, high-quality model. Supply costs continue to be a very good story for us. Supply costs decreased 28% from $5.3 million to $3.8 million in the quarter due to our 2024 GPO and vendor realignments even while we opened four new hospitals in the year. We will continue to see supply cost savings throughout 2025, as stated in the third quarter 2024 earnings call.

第一季度，整體勞動成本佔淨收入的比例仍然遠低於大多數醫院公司，為 16.4%，這反映了我們精實、高品質的模式。供應成本對我們來說仍然是一個非常好的故事。儘管我們今年開設了四家新醫院，但由於 2024 年 GPO 和供應商重新調整，供應成本在本季度從 530 萬美元下降了 28% 至 380 萬美元。正如 2024 年第三季財報電話會議所述，我們將在 2025 年全年繼續看到供應成本的節約。

We're continuing to explore technology investments, including AI, for patient check-ins, staffing optimization, provider note writing and coding accuracy to improve productivity and efficiency. These tools will help further streamline operations and enhance care delivery and productivity this year and going forward. We continue to believe our micro hospital model is the future of health care.

我們將繼續探索包括人工智慧在內的技術投資，用於患者登記、人員配置優化、提供者註釋書寫和編碼準確性，以提高生產力和效率。這些工具將有助於進一步簡化操作並提高今年及未來的護理服務和生產力。我們始終相信，微型醫院模式代表著醫療保健的未來。

This model provides efficient access, high-quality concierge care, a lower cost structure in a more intimate and personalized setting versus the large general hospitals. We believe the micro hospital model will continue to grow rapidly over the next few years and in the industry. As we've seen in our existing hospitals when patients have a choice to prefer fast, high-quality personalized care. With our model and profitability, we are well positioned to continue our growth and progress in the coming years. Back to you, Jen.

與大型綜合醫院相比，這種模式提供了高效的服務、高品質的禮賓護理、更低的成本結構以及更私密和個性化的環境。我們相信，微型醫院模式在未來幾年內以及在業界將繼續快速成長。正如我們在現有醫院看到的那樣，患者可以選擇快速、高品質的個人化護理。憑藉我們的模式和獲利能力，我們有能力在未來幾年繼續保持成長和進步。回到你身邊，Jen。

Thank you, Josh, and thank you to Tom, Jon and Warren for those updates. We'll now move to the Q&A. Operator, please provide instructions.

謝謝你，喬希，也謝謝湯姆、喬恩和華倫的更新。我們現在進入問答環節。操作員，請提供指示。

(Operator Instructions) Bill Sutherland, Benchmark Company.

（操作員指示）Bill Sutherland，Benchmark Company。

Congrats on all the progress. So I guess, Jon, wanted to think about -- you said you're getting a lot more clarity on the arbitration process as far as how the cash comes in. And it looks like your metrics are holding steady in terms of the submissions and the success rate. So should we think about 1Q as something that is essentially repeatable in the following quarters this year? I mean you do have a viewpoint here at the midpoint of 2Q?

祝賀你取得的所有進展。所以我想，喬恩，想思考一下——你說你對現金流入的仲裁程序有了更清晰的了解。看起來您的提交量和成功率方面的指標保持穩定。那麼，我們是否應該將第一季的情況視為今年接下來幾季基本上可以重複的情況？我的意思是您對第二季中期有什麼看法嗎？

Yes. No, great question. Obviously, we're not -- we're still in the middle of the second quarter. We're not going to speak much to that. But what I can tell you is -- and I mentioned this at year-end when we went through this first discussion around what was going on with arbitration, it was sort of early stage.

是的。不，這個問題問得好。顯然，我們還沒有——我們仍處於第二季度中期。我們不會對此發表過多的評論。但我可以告訴你的是——我在年底第一次討論仲裁進展時就提到過這一點，當時還處於早期階段。

We felt like we had an understanding of the early on payments that were coming in, the realization of what was happening because we had a little more time to hold off as we're going through year-end, going into the early March time period to see how the true realization was happening.

我們覺得我們已經了解了即將收到的早期付款，意識到了正在發生的事情，因為在年底之前我們有更多的時間來推遲，進入三月初的時間段，看看真正的實現情況如何。

And so that's when we created the receivable we had at the end of the year. And I think what you can see from this, while it's going to take time to get to the point of normalizing. After one quarter, we're starting to see a little more of what we would expect. I think I mentioned then that I think it's really going to be two quarters until we're kind of really prove this out.

這就是我們在年底創建的應收帳款。我想您可以從中看到，要達到正常化還需要一些時間。一個季度之後，我們開始看到更多符合我們預期的結果。我想我當時有提到過，我認為我們真的需要兩個季度才能證明這一點。

But if you look at the raw numbers at -- think about how we talked about at the end of last year compared to now when we're looking at where the reimbursement rates were. And you saw back then at the end of '24, if you look at the full year, it was in the $2,700 mark, but that was really only with six months of arbitration in it.

但是如果你看一下原始數字——想想我們去年年底討論的情況與現在相比，我們正在研究報銷率的情況。你會看到，在 24 年底，如果你看全年數據，它的價格達到了 2,700 美元大關，但實際上這只是經過了六個月的仲裁。

So now we're moving forward, and you can kind of continue and think about, okay, for the quarter of 2025 where the reimbursement, as you looked at it kind of per visit was a little over $4,000 over $4,200. That's a guide, but I think you need to look back at more, I believe, let's say, the last nine months from July through the first quarter. If you look at the nine-month number, it's in the [3,800] area.

現在我們繼續前進，您可以繼續思考，好吧，對於 2025 年季度，每次就診的報銷金額略高於 4,000 美元，略高於 4,200 美元。這是一個指南，但我認為你需要回顧更多，例如從七月到第一季的過去九個月。如果你看一下九個月的數字，它就在 [3,800] 範圍內。

So I think when you're talking about normalization of revenue, it's starting to work its way down based on assuming similar acuity, certainly similar level of volume, which we've had some improvement there. So I think it's starting to work itself out, but to predict and say that this quarter is representative of what would happen in the next quarter, you know the seasonality.

因此，我認為，當你談論收入正常化時，它會開始下降，基於假設相似的敏銳度，當然還有相似的交易量水平，我們在這方面已經取得了一些進步。所以我認為它開始發揮作用了，但要預測並說這個季度代表了下一季將發生的情況，你知道季節性。

And also, I think that we're still kind of getting the complete information now that we're -- we've been in this. We started in July, but really we didn't see activity until middle of the fourth quarter. So we've really only had about 4, 4.5 months of cash coming in.

而且，我認為我們現在仍然可以獲得完整的資訊——我們已經參與其中了。我們從七月開始，但實際上直到第四季度中期才看到活動。所以我們實際上只有大約 4 到 4.5 個月的現金流入。

So I think as we see the second quarter and add another quarter or two, I think we'll really define that. But generally, it's trending in that direction, but I still think we're -- I don't think we're at a steady state yet. So we're going to have to watch that closely over the next quarter or so.

因此我認為，隨著我們看到第二季度並增加一兩個季度，我們將真正確定這一點。但總的來說，它正朝著這個方向發展，但我仍然認為我們——我認為我們還沒有達到穩定狀態。因此我們必須在接下來的一個季度內密切關注這一點。

Well, yes, I was kind of thinking about it in terms of how it laid out with what you realized in terms of claims that were actually in this quarter and then what came in from fourth quarter and third quarter, et cetera, and whether that sort of pattern feels like it's something that is going to follow. In other words -- and so you can't say, obviously, no one is looking for -- we understand the vagaries of all this, but that's kind of the pattern to think about in terms of the trail, if you will.

嗯，是的，我正在考慮這個問題，它是如何佈局的，就本季度的實際索賠情況以及第四季度和第三季度等的情況而言，以及這種模式是否感覺像是會遵循的。換句話說 —— 所以你不能說，顯然沒有人在尋找 —— 我們了解這一切的變幻莫測，但如果你願意的話，這是一種從線索角度來思考的模式。

Yes, absolutely. That's all -- I mean it's a good point. So the trending, as you mentioned about the pattern. What we can say is we put out numbers at the end of the year, just like we put out numbers here, I can tell you that the numbers at the end of the year, I feel like they were representative of what was happening and what is expected to happen and we've continued that into the first quarter. So barring major changes other than the other independent variables that affect revenue.

是的，絕對是。就是這樣——我的意思是這是一個很好的觀點。所以趨勢就像您提到的模式一樣。我們可以說的是，我們在年底公佈了數字，就像我們在這裡公佈的數字一樣，我可以告訴你，年底的數字，我覺得它們代表了正在發生的事情和預期發生的事情，我們在第一季度延續了這種趨勢。因此，除了影響收入的其他獨立變數之外，除非發生重大變化。

I mean I think the trending is solid. And I mean this engine, the process that we go through has been in place since even before when we went public, we set up just the regular accrual process of our revenue. And all we did was add on this feature and the engine is there. And we're feeding, as we talked about 60% to 70% of our visits are rolling through this process, and it's on a consistent basis still happening in that fashion, and we're still seeing the same level of success over 80% or more so. Based on that, the trending has been solid and we hope to watch that continue as we move forward.

我的意思是我認為趨勢是穩固的。我的意思是，這個引擎，我們所經歷的流程在我們上市之前就已經存在了，我們建立了常規的收入累積流程。我們所做的只是添加此功能，引擎就在那裡。而且我們正在提供信息，正如我們所說的，我們的 60% 到 70% 的訪問都是通過這個過程進行的，而且它仍然以這種方式持續進行，我們仍然看到 80% 以上或更高的成功率。基於此，趨勢一直很穩固，我們希望在未來的發展中能夠繼續保持這種趨勢。

Great. And you did just reaffirm something I want to make sure I understood. The three remaining underdeveloped hospitals receiving income on their model. That is going to run through third quarter and then they'll be done?

偉大的。你確實重申了我想確保我理解的一些事情。其餘三家欠發達醫院依其模式獲得收入。這會持續到第三季然後他們就完成了嗎？

Correct. Yes. The remaining three are finished by the early part of the [third] quarter.

正確的。是的。其餘三項將在第三季初完成。

Okay. And then with the cash growing the way it is, I'm just curious, as you guys think about your capital deployment plans and how you may be prioritizing going forward?

好的。然後，隨著現金的成長，我很好奇，你們如何考慮自己的資本配置計畫以及未來的優先事項？

Yes. That's a great question. And I know Tom can speak more to that, too, as well. But I mean cash has been strong. We actually have sort of an investment approach internally in the short term, as we look at the different opportunities that are out there, in particular.

是的。這是一個很好的問題。我知道湯姆也可以就此發表更多看法。但我的意思是現金一直很強。我們實際上在短期內採取了一種內部投資方法，特別是關注存在的不同機會。

I mean, certainly, we're always looking for continued growth in opening up facilities, which does take -- as he's talked about, he's got several in the pipeline. So that's a big piece of potentially opportunities for us. We could increase that rate if we wanted to.

我的意思是，當然，我們一直在尋求開放設施的持續成長，這確實需要——正如他所說的，他已經有幾個設施正在籌備中。所以這對我們來說是一個巨大的潛在機會。如果我們願意的話，我們可以提高這個比率。

We also -- I know as Warren mentioned on the population health side, there's opportunities to invest in that side of the business as well as well as potentially even looking at other similar smaller hospitals that would fit our layout to basically potentially add existing businesses that maybe aren't performing as well and then adding the features or functionality that we have to it and getting off the ground a little bit quicker. So there's opportunities in kind of those three areas, Tom, you can talk more about others.

我們也 - 我知道，正如沃倫在人口健康方面提到的那樣，我們有機會投資於該業務，甚至可能考慮其他適合我們佈局的類似小型醫院，以便基本上有可能增加現有可能表現不佳的業務，然後添加我們必須具備的特性或功能，並更快地起步。所以這三個領域都有機會，湯姆，你可以多談談其他領域。

Yes. No. Thank you, Bill. Thank you for following us, and thank you for covering us. But like Jon said, we're very fortunate to be in a position to have a lot of cash on the books.

是的。不。謝謝你，比爾。感謝您關注我們，感謝您報道我們。但就像喬恩所說的那樣，我們很幸運能夠在帳面上擁有大量現金。

Obviously, we're going to be very conservative with that cash and use it to maximize shareholder value. And so we have a lot of options. The good news, though, is that opening one of these hospitals, as you know, is not that capital intensive. And so even if we open these three hospitals this year, we should still have a lot of cash left over. And so we're still discussing internally on how to best deploy that cash.

顯然，我們將非常謹慎地使用這些現金，並用它來實現股東價值最大化。因此我們有很多選擇。不過，好消息是，如你所知，開設這樣的醫院並不需要太多的資本。所以即使我們今年開設這三家醫院，我們應該還能剩下很多現金。因此，我們仍在內部討論如何最好地配置這些現金。

and to maximize shareholder value.

並實現股東價值最大化。

Thomas McGovern, Maxim Group.

托馬斯·麥戈文，馬克西姆集團。

Congrats on the quarter. Another strong performance, especially underscored by the questions on arbitration. So for me, my first question is related to -- during the quarter, a little bit over 40% of the arbitration-related revenue was related to dates of service prior to the first quarter, right? So if you look back between the fourth quarter and this quarter, you recognized around $95 million in 4Q. So what I'm getting at is how have you guys started to look at working through prior quarter dates of service revenue?

恭喜本季取得佳績。又一次強勁表現，尤其突出的是有關仲裁的問題。所以對我來說，我的第一個問題是——在本季度，略高於 40% 的仲裁相關收入與第一季之前的服務日期有關，對嗎？因此，如果回顧第四季度和本季度，您會發現第四季度的收益約為 9500 萬美元。所以我想問的是，你們是如何開始研究前幾季的服務收入的？

Have you guys worked through most of what you recognize for the fourth quarter? And can we expect the first quarter to be similar to the fourth quarter as of the end of the second quarter? So you guys recognized $60 million -- sorry, just kind of clarify. You guys recognized $60 million from 1Q. Would it be reasonable for us to assume you guys will be able to recognize somewhere around another $35 million in the second quarter, kind of consistent with what you did in 4Q?

你們已經解決了第四季的大部分問題了嗎？截至第二季末，我們是否可以預期第一季的情況與第四季相似？所以你們承認了 6000 萬美元——抱歉，只是想澄清一下。你們從第一季就確認了 6000 萬美元。我們是否可以合理地假設你們將能夠在第二季度再實現約 3500 萬美元的收益，與你們在第四季度的表現一致？

I mean it's a great question, Thomas. The reality is, I'd say we don't know as we watch the process. I can tell you that as I mentioned before, I think the ironing out of the realization piece, assuming steady state is starting to become clearer and clearer, which allows us to, in the period that we're in, improve kind of the accuracy of the revenue that we're recording, right? So I think we've done a really, really good job. And quite frankly, even prior, as I mentioned before, prior to arbitration, this is the way we've captured revenue to the best recent historical data, assuming things remain consistent for similar acuity, similar insurance payers, similar location, right?

我的意思是，這是一個很好的問題，托馬斯。事實是，我想說我們在觀察這個過程時並不知道。我可以告訴你，正如我之前提到的，我認為實現部分的解決，假設穩定狀態開始變得越來越清晰，這使得我們在所處的時期內，提高我們記錄的收入的準確性，對嗎？所以我認為我們做得非常非常好。坦白說，甚至在仲裁之前，正如我之前提到的，這是我們根據最近的歷史數據獲取收入的方式，假設情況在相似的敏銳度、相似的保險支付者、相似的地點保持一致，對嗎？

We're doing it down to the granular level. So what happens is as we see things like, okay, maybe there was an additional amount in the current quarter or current month that may be related to a previous month or a previous quarter. What that does is it helps us update the model, and it could be up or down. In this case, there's clearly, it's a little bit higher, but I think it's helping us to better align, better identify and better predict really what's going to happen. I think we've done a really good job up to this point and we're continuing to get better and better, but a lot of it depends on the timing of cash coming in.

我們正在將其細化到細節層面。所以，正如我們所見，也許本季或本月有額外的金額，這可能與上個月或上一季有關。這樣做的目的是幫助我們更新模型，它可以上升也可以下降。在這種情況下，顯然，它會稍微高一點，但我認為這有助於我們更好地調整、更好地識別和更好地預測真正會發生什麼。我認為到目前為止我們做得非常好，而且我們會繼續做得越來越好，但這很大程度上取決於現金到位的時機。

And each of the different payers, right, we have different situations with each one. Some might pay slightly quicker, some slower and there's all sorts of individual situations one by one. So -- but on a consistent trend basis, I think that previous period component should continue to work its way down, but that's always going to be there. Because you're taking -- someone's walking in the door today. And potentially, if it goes through the arbitration process, it could be five months before you ultimately get final payments.

對於不同的付款人，我們處理的情況也各有不同。有的可能付款稍快一些，有的可能付款稍慢一些，各種具體情況都各有不同。所以 - 但從一致的趨勢來看，我認為前一時期的成分應該會繼續下降，但這將一直存在。因為你今天要接待──有人走進門。而且，如果經過仲裁程序，你可能需要等待五個月才能最終收到最終付款。

So you're anticipating well, maybe might get -- you get a piece of that in 30 to 45 days, which is how it works and then you go into the process and then you got to wait four months after that to potentially get paid. So it will just be watching that and managing that in each of the different -- watching it closely with different payers and the different levels of acuity and also different locations in different states that we're in.

所以你預計可能會得到——你會在 30 到 45 天內得到一部分，這就是它的運作方式，然後你進入流程，然後你必須等待四個月才能獲得報酬。因此，我們只需觀察並管理不同的付款人、不同的敏銳度水平以及我們所在州的不同地點。

So long answer to your short question is, I can't predict exactly what we'll be to expect, say, in the second and third quarter. But I can tell you that I feel like we're getting tighter and tighter on the realization based on the more data that now we're getting that we've now had a solid -- if you think about the first payment coming in, in September, October of last year. Now we've got six, seven months of payments and by the time we close out second quarter, it will be up to close to nine months of payments on this process.

所以對於你的簡短問題的長答案是，我無法準確預測我們在第二季和第三季將會發生什麼。但我可以告訴你，根據我們現在獲得的更多數據，我感覺我們越來越確信，我們現在已經有一個堅實的基礎——如果你想想去年 9 月、10 月收到的第一筆付款。現在我們已經有六、七個月的付款了，到第二季結束時，這個過程的付款將接近九個月。

So I think we'll have a much better feel for it. But I think you see the trending, and I think you have an idea of kind of where it's heading and I think you're on target with your thought process.

所以我認為我們會對此有更好的感受。但我認為你看到了趨勢，我認為你對它的發展方向有所了解，而且我認為你的思考過程是正確的。

Understood. I appreciate that color. And how should we be looking at the addition of new eligible arbitrators? Do you think this could accelerate the arbitration process or in any way shift your strategy for submitting claims?

明白了。我很欣賞那個顏色。我們該如何看待新合格仲裁員的增加？您認為這是否會加速仲裁程序或以某種方式改變您提交索賠的策略？

Yes, it's a great question. We believe ultimately that will only help us, right? Because I think one of the things that we've been -- we've been in a couple of different seminars speaking at some and listening to other groups, including a couple of these [IDRs] in particular, a couple of the larger ones, along with the government. And they all indicate that the most important thing that needs to happen is that they need to find some additional arbitrating groups that can be certified and come in and help with some of the backlog because there's no doubt that the backlog is there, and you can see it in industry data as well, we see it too. So they have been picking that pace up a little bit.

是的，這是一個很好的問題。我們相信最終這只會對我們有幫助，對嗎？因為我認為我們所做的事情之一——我們參加過幾次不同的研討會，在一些研討會上發言並聽取其他團體的意見，特別是其中幾個 [IDR]，幾個較大的團體，以及政府的意見。他們都表示，最重要的事情是，他們需要找到一些額外的、經過認證的仲裁小組，來幫助解決一些積壓問題，因為毫無疑問積壓問題確實存在，你也可以在行業數據中看到它，我們也看到了。因此他們已經稍微加快了步伐。

Several of them have done a great job. There's a couple that have lagged and they're actually being communicated with to try to help them get resources and improve on that, plus then they've added, potentially as you mentioned, adding a couple more. I think adding a couple more will only help the situation, and we'll have to watch their impact and their communication in the process as we start using them because each one is a little bit distinct and different. And so we have to kind of watch their approach to how they handle the information that we provide them when it comes to their resolution of who wins or who loses. But we think it will only be a positive as you move down the road as they add more and more of these, and they are getting better at it, which is good and most of them are adding resources as we speak.

他們中的一些人做出了出色的工作。有幾個已經落後了，實際上我們正在與他們溝通，試圖幫助他們獲得資源並改進這一點，此外，他們可能像你提到的那樣，增加了幾個。我認為添加更多只會對情況有所幫助，我們在開始使用它們時必須觀察它們的影響和它們在過程中的溝通，因為每一個都有點獨特和不同。因此，在決定誰勝誰負時，我們必須觀察他們如何處理我們所提供的資訊。但我們認為，隨著時間的推移，這將只是一件積極的事情，因為他們會添加越來越多的內容，並且他們在這方面做得越來越好，這是件好事，而且正如我們所說，他們中的大多數都在增加資源。

Understood. And last question, then I'll hop back in queue. Just looking at the acuity mix, one of the largest drivers of mature hospital growth as well as the increased inpatient and observation visits. So you guys have added specialists to kind of facilitate this and continue to drive growth in that regard. I'm just curious, do you think that you're now operating at kind of a steady run rate in terms of acuity mix and inpatient volume?

明白了。最後一個問題，然後我會回到佇列。僅從敏銳度組合來看，這是成熟醫院成長的最大驅動力之一，也是住院和觀察訪問增加的最大驅動力之一。因此，你們增加了專家來促進這一點並繼續推動這方面的成長。我只是好奇，您是否認為就敏銳度組合和住院量而言，您現在的運作速度比較穩​​定？

Would you expect that to continue to ramp as we move through 2025? And if you do expect it to continue to ramp, maybe just touch on some of the key points that are going to -- that you expect to drive continued growth in acuity or high-level acuities and inpatient and observation visits.

您預計到 2025 年這數字還會繼續上升嗎？如果您確實希望它繼續增長，那麼也許只需觸及一些關鍵點 - 您預計這些關鍵點將推動敏銳度或高級敏銳度以及住院和觀察訪問的持續增長。

Thomas, this is Tom. First of all, thank you for following us, and thank you for covering us. So I'll elaborate a little bit on that question, and then I'll pass it over to Josh. But the way to think about this is that we still have a very high capacity in our inpatient capacity. So in other words, as we ramp up these hospitals to be able to admit more patients, and that includes getting more specialists on, getting the proper equipment, getting the proper software technology, so on and so forth.

湯瑪斯，這是湯姆。首先感謝您對我們的關注，感謝您對我們的報道。因此我將稍微詳細地解釋這個問題，然後將其交給喬希。但我們應該考慮的是，我們的住院容量仍然很高。換句話說，隨著我們擴大這些醫院的規模以便能夠接收更多的病人，這包括獲得更多的專家、獲得適當的設備、獲得適當的軟體技術等等。

We feel that there's room to grow, not just on the volume side on the ER side, but also on the inpatient side. So Josh, do you have anything else to add from that standpoint?

我們認為還有成長空間，不僅在急診室的數量方面，而且在住院方面也是如此。那麼喬希，從這個角度來看，你還有什麼要補充的嗎？

No, not much on -- well said. I would just add that, as Tom said, we do have bed capacity, and we are increasing our reputation the (technical difficulty) as being prepared to take care of most patients (technical difficulty), but the specialist component is a big component, adding cardiologists, adding neurologists and other specialties has helped us take care of more patients, more observation and inpatients. So we expect that to grow. We haven't put out guidance on that yet, but that will continue to grow over the next coming quarters.

不，沒什麼——說得好。我想補充一點，正如湯姆所說，我們的床位確實有容量，而且我們正在提高我們的聲譽（技術難度），準備照顧大多數患者（技術難度），但專家部分是一個很大的組成部分，增加心臟病專家、增加神經科醫生和其他專科醫生幫助我們照顧更多的患者、更多的觀察患者和住院患者。因此我們預計這一數字將會成長。我們尚未發布這方面的指導，但在接下來的幾個季度裡，這一數字將繼續增長。

Gene Mannheimer, Freedom Capital.

吉恩‧曼海默，《自由資本》。

Congratulations, guys, another above average quarter. Appreciate it. The arbitration payments, right, that we've been discussing when you get those in a successful dispute, is there a penalty payment that you are receiving in that, that you would not otherwise receive if the bill was paid right the first time? And I guess where I'm going with that question is, over time, right, as arbitration revenue moderates and perhaps it's offset by higher base reimbursement, does that make year-over-year comps tougher, right, when we get out to, say, 2026?

恭喜大家，又一個季度表現高於平均。非常感謝。我們一直在討論的仲裁付款，當您在成功的爭議中獲得這些付款時，您是否會收到罰款，如果第一次就正確支付了賬單，那麼您就不會收到這筆罰款嗎？我想問的是，隨著時間的推移，隨著仲裁收入的減少，也許會被更高的基本報銷額所抵消，這是否會使同比競爭變得更加艱難，對吧，到 2026 年呢？

Yes. So Gene, great question. On the first piece, in the arbitration concept and how that process works, right? Right now, there is no penalty for them to pay, pay timely or not pay timely. I know Tom indicated one of the acts earlier, the Murphy Act and one of the components of that listed and has in there is somewhat punitive penalty concept that I think is important and something that is if and when that gets put in will significantly improve the timeliness of payments.

是的。所以 Gene，這個問題問得好。第一部分是關於仲裁概念以及仲裁流程如何運作，對嗎？目前，無論他們是否及時付款，都不會受到任何處罰。我知道湯姆之前提到過其中一項法案，即《墨菲法案》，其中列出的一個組成部分包含某種懲罰性罰款的概念，我認為這很重要，如果該法案得以實施，將大大提高付款的及時性。

So first question -- answer to your first question is it should not have in our numbers, it's basically us providing the support for every -- each component of the visit itself, supporting the value of the services that we're providing. And that's what's going on to the arbitrator now.

所以第一個問題——第一個問題的答案是它不應該出現在我們的數字中，基本上是我們為訪問本身的每個組成部分提供支持，支持我們所提供服務的價值。這就是現在仲裁人所面臨的情況。

There is the ability you'll see in the NSA, it specifically says this, you can include cost to collect because you have to go through this process and you have potential to have to get lawyers or just spend time and effort. So you are able to include some type of cost component in addition to the services that you have, which in a lot of cases, that is included in and the ultimate argument that ultimately goes to that arbitrator and part of the 80-plus percent wins that we do get. But there is no penalty as you asked at this point for them not paying or not paying timely.

您會在國家安全局中看到這種能力，它明確指出了這一點，您可以包括收集成本，因為您必須經歷這個過程，並且您可能需要聘請律師或花費時間和精力。因此，除了您擁有的服務之外，您還可以包含某種類型的成本組成部分，在許多情況下，這都包含在最終的辯論中，最終將提交給仲裁員，這也是我們確實獲得的 80% 以上勝訴的一部分。但是，正如您所說，他們並沒有因為沒有付款或沒有及時付款而受到處罰。

So I guess the answer based on that, then you asked about how that would affect '26, I don't think there would be any necessarily impact in future periods based on that changing other than certainly, if they do put in place the action for a punitive measure to the -- for the payers if they don't pay timely, then they will -- that certainly will increase the ability to have additional revenue. But at this point, that is not the case in the way we do our current process.

所以我想答案是基於這一點的，然後你問這將如何影響'26，我認為基於這種變化，未來時期不會有任何必然的影響，除非他們確實採取了懲罰措施 - 對於付款人，如果他們不及時付款，那麼他們 - 這肯定會增加獲得額外收入的能力。但目前，我們目前的流程並非如此。

And my follow-on is really more in the core business. You cited a 5.3% increase in the mature hospital visits, which is strong. I'm just wondering if there was any element of outsized seasonality there? In other words, was the flu season worse this Q1 than last Q1, and therefore, maybe played a bigger factor?

我的後續工作實際上更集中在核心業務上。您提到成熟醫院就診人數增加了 5.3%，這個數字很強。我只是想知道那裡是否有任何超常的季節性因素？換句話說，今年第一季的流感季節是否比去年第一季更嚴重，因此可能發揮了更大的作用？

Yes, I can answer that, and maybe Josh can chime in. By the way, Gene, thank you once again for following us and covering us. So this year's flu season was quite interesting. So what we saw was that the flu season started later, I would say, mid-December and it progressed through February and maybe even early March. And it was not just the flu, but there was RSV, there was, obviously, COVID also and some GI bugs that was also involved.

是的，我可以回答這個問題，也許喬希也可以插話。順便說一句，吉恩，再次感謝你關注和報道我們。所以今年的流感季節相當有趣。因此，我們看到流感季節開始得較晚，我想說是在 12 月中旬，並持續到 2 月，甚至 3 月初。而且不只是流感，還有呼吸道合胞病毒，顯然還有新冠病毒，以及一些腸胃病毒。

So the point is that, yes, this flu season was a little bit longer than last year. But even then, if you compare it quarter-to-quarter, like year-over-year, and that successive quarter, we still achieved a 5% increase. And so I think that's basically to Josh's point that the communities are more aware of our services. We still provide fantastic services to the community. I mean if you take a look at any of our, say, Google review, we consistent 4.5 to five stars, which is very unusual in health care.

所以重點是，是的，今年的流感季節比去年稍長。但即便如此，如果進行季度與季度之間的比較，例如與去年同期相比，以及與連續一個季度相比，我們仍然實現了 5% 的成長。所以我認為這基本上符合喬希的觀點，即社區更加了解我們的服務。我們仍然為社區提供優質的服務。我的意思是，如果你看一下我們的任何評論，例如Google評論，我們都會給出 4.5 到 5 星的評分，這在醫療保健領域非常不尋常。

And so as the further we continue to operate in each community, the more the word gets out of how greater hospitals are so that more patients continue to come. Josh, any more color on that?

因此，隨著我們在每個社區的運作不斷深入，我們醫院的優質程度就得到越來越多的宣傳，從而吸引更多的患者前來就診。喬希，還有更多詳情嗎？

Yes, Tom. Well said a couple of things. One, about 1.5 years ago, we really -- and I have to give credit to our teams, really started a big business development effort, which continues to bear fruit. Our challenge really is getting the word out on our hospitals. We feel that we have the best service in the industry.

是的，湯姆。好吧，說了幾件事。首先，大約一年半前，我們必須對我們的團隊表示讚賞，我們真正開始了一項大規模的業務發展努力，並且正在繼續取得成果。我們面臨的真正挑戰是讓大家了解我們的醫院。我們認為我們提供業內最好的服務。

So once a patient comes in, they see how great it is, they get the concierge care, they're going to come back, they're going to bring their family back. So we continue to try and get the word out to educate the community on all the services we provide, and I think that's why you're seeing the continued mature hospital growth as well as increased observation and inpatients.

因此，一旦病人進來，他們就會看到這裡有多棒，他們會得到禮賓服務，他們會回來，他們會帶著家人回來。因此，我們繼續努力向社區宣傳我們提供的所有服務，我認為這就是您看到醫院持續成熟發展以及觀察和住院病人增加的原因。

Yes. That's great. Congratulations on that progress. And if I could just squeeze one more in. The three new hospitals planned this year.

是的。那太棒了。恭喜你取得這項進展。如果我能再擠進一個就好了。今年計劃新建三所醫院。

Can you just share maybe the timing of when you think those will open?

您能否分享一下您認為這些項目何時開放？

Yes, so I could elaborate on that. So all three hospitals this year will be third and fourth quarter. All three of them are going to be in Texas. One of them is going to be in Houston, where our corporate office is. So it's essentially our backyard.

是的，所以我可以詳細說明一下。所以今年三家醫院都會是第三季和第四季。他們三人都將前往德克薩斯州。其中一個將設在我們公司辦公室所在的休士頓。所以它本質上就是我們的後院。

The second hospital is going to be in San Antonio. And the third hospital is going to be in Sherman, Texas, which is located in north of Dallas on the Texas and Oklahoma border. So all three are very fast-growing areas with very good job growth for each of the communities, and we think that we could make a difference by bringing our brand of medicine to all three of those areas this year.

第二家醫院將設在聖安東尼奧。第三家醫院將設在德州謝爾曼，位於達拉斯北部，德州和俄克拉荷馬州邊境。因此，這三個地區都是發展非常迅速的地區，每個社區的就業成長都非常好，我們認為，如果今年將我們的品牌藥品帶到這三個地區，我們就能有所作為。

Joshua Cohen, [Westbury] Capital.

約書亞·科恩（Joshua Cohen），[Westbury] Capital。

Congrats on the strong quarter. Going back to the discussion around the excess cash, could you talk through the options you guys are considering and whether capital return could be in the cards?

恭喜本季業績強勁。回到有關過剩現金的討論，您能否談談您正在考慮的選擇以及是否有可能實現資本回報？

Yes. Absolutely. In addition to the things that we talked about earlier, thanks Josh for the question. We're always looking at whatever is going to make sense from a shareholder perspective to add value. So we have discussions about whether there'll be share buyback certainly happen.

是的。絕對地。除了我們之前討論的內容之外，感謝 Josh 提出的問題。我們始終從股東的角度考慮一切能夠增加價值的措施。因此，我們討論了是否會進行股票回購。

We've talked about things like dividends at some point down the road, whether that would happen anytime soon. But certainly, along with those, as we mentioned earlier, certainly, the investments in our current hospitals and maybe growing that pipeline a little bit quicker, the population health side, which I think is a great opportunity there to take on some situations that will help us really add value quickly. So those are a couple of different areas, Tom, you can add to that.

我們已經討論過未來某個時候的股息等問題，以及這是否會很快發生。但當然，正如我們之前提到的，當然還有對我們現有醫院的投資，也許可以更快地擴大這一渠道，在人口健康方面，我認為這是一個很好的機會，可以採取一些有助於我們真正快速增加價值的情況。所以這些是幾個不同的領域，湯姆，你可以補充一下。

Yes. No, thank you, Josh, for following us. So to Jon's point, we have a lot of options. Obviously, we need to be very cautious with our cash and maximize shareholder value. But the way that I see it, I mean, obviously, we could talk about dividend share buyback and all those are on the table.

是的。不，謝謝你，喬希，關注我們。所以正如喬恩所說，我們有很多選擇。顯然，我們需要非常謹慎地使用現金並最大化股東價值。但在我看來，顯然我們可以討論股息股票回購，而這一切都在討論之中。

But a more interesting way of looking at this is maybe to increase more in our development pipeline and increased growth and so there's several levels for that. I mean the first lever is adding more de novo hospitals. But the problem with that is that it's all development and construction. So -- and by what I mean is that even if you want to grow faster today, it still takes about two years to build these hospitals from ground up because these hospitals do not exist. We're the pioneer in the country in building these hospitals.

但從更有趣的角度來看，也許可以增加我們的開發管道並增加成長，因此這有幾個層次。我的意思是，第一個手段是增加更多的新發醫院。但問題在於，這一切都是開發和建造。所以——我的意思是，即使你今天想要發展得更快，從頭開始建造這些醫院仍然需要大約兩年的時間，因為這些醫院並不存在。我們是全國建造此類醫院的先驅。

And so unless we want to build a hospital, we can operate the hospital. And so you have to build it from the ground up. And so as you can tell, building these, developing these is challenging. Not that we can't do it, it's just that there's only a certain amount that you could do even if you want to start now. And so the second question is, is there M&A activities?

因此，除非我們想建造一所醫院，否則我們可以運作這家醫院。所以你必須從頭開始建造它。所以正如你所看到的，建構這些、開發這些是具有挑戰性的。並不是說我們做不到，只是即使你現在想開始，能做的也有限。那麼第二個問題是，是否有併購活動？

Or is there acquisition opportunities? Once again, from a hospital standpoint, there's just no hospital out there to be bought. So even if you want to buy a hospital, they don't exist unless you buy these very massive big traditional hospitals. But then a lot of these hospitals may have failed for a certain reason, and they don't have the same sort of model that we do with the smaller and less number of beds and more cost efficient. And so that's a little bit of a limitation.

或是否有收購機會？再說一次，從醫院的角度來看，根本沒有醫院可以購買。因此，即使你想買一間醫院，它們也不存在，除非你買下這些非常龐大的傳統醫院。但許多這樣的醫院可能因為某些原因而失敗了，而且它們不像我們那樣擁有規模較小、床位更少、成本效益更高的模式。所以這是一個小小的限制。

And so the third lever is to maybe increase our number of IPAs as to what Warren was talking about. But that is a possibility. And currently, we have four IPAs in Houston, Phoenix, Los Angeles and Miami, and we have 24 hospitals. And so the idea is that if we could put an IPA around each of the hospital that may be doable. But once again, we don't want to -- we need to be very prudent in our spending and only look at certain businesses that will have a good correlation as well as benefit our current hospital.

因此，第三個槓桿可能是增加我們的 IPA 數量，正如沃倫所說的那樣。但這是有可能的。目前，我們在休士頓、鳳凰城、洛杉磯和邁阿密擁有 4 個 IPA，並且擁有 24 家醫院。因此，我們的想法是，如果我們可以在每家醫院周圍建立 IPA，這可能是可行的。但再次強調，我們不想——我們需要非常謹慎地支出，只專注於那些具有良好相關性且對我們現有醫院有利的某些業務。

And so my point is we look at all options at this point.

所以我的觀點是我們現在要考慮所有的選擇。

Okay. Yes. And one additional follow-up. And I appreciate that you guys are only halfway through the quarter here. But on the accounts receivable, curious if you could provide any additional color on both the confidence for collection and then also the expectations for pacing manner.

好的。是的。還有一個額外的後續行動。我很感激你們才剛度過本季的一半。但對於應收帳款，我很好奇您是否可以提供有關收款信心以及步調方式預期的更多細節。

Yes. I mean good question, Josh. As I kind of talked about earlier on one of the previous questions, when I think about AR and I think about where we were at the end of the year and doing based on early information on how realizability was happening through then and then now watching it after first quarter, I'm pretty confident, much more confident in what we had at the year-end, which is fantastic, and then it's continuing into the first quarter because I think the trending has been pretty consistent.

是的。我問得好，喬希。正如我之前在回答前面一個問題時談到的，當我想到 AR 時，我會思考我們在年底的狀況，並根據當時可實現性如何的早期信息進行思考，然後觀察第一季度之後的情況，我非常有信心，對我們在年底所取得的成績更加有信心，這非常棒，並且這種趨勢將持續到第一季度，因為我認為趨勢一直非常一致。

And as we watch it, of course, payers can change their behavior or situations can happen, but I think the time lines that it takes to collect in the current environment that we're in, somewhere on average, all in, it's four months, but you get the piece that doesn't go through arbitration coming in just like it did before, and that normally would come in, in the 60- to 70-day mark. If you remember back into 2023 or even early 2024, most of that -- our collection time period for a lot of it was in that 60 to 75 a day, but that was pre arbitration.

當然，正如我們所觀察的，付款人可能會改變他們的行為，或者情況可能會發生變化，但我認為，在當前環境下，收回款項所需的時間，平均而言，總共需要四個月，但你可以獲得那些不經過仲裁的部分，就像以前一樣，通常會在 60 到 70 天內到賬。如果你還記得 2023 年甚至 2024 年初，其中大部分 - 我們的收集時間段是每天 60 到 75 個，但那是在仲裁之前。

And then now the arbitration clearly has extended that because it can take from date of walking in the door up to five-plus months for the final payment to come in. Now you still get the first payment after that 30 to 45 days, and then you just have to wait from there. So long answer to your short question is the average of that comes to somewhere in the 120-day mark is what we're seeing overall blended.

現在仲裁顯然已經延長了期限，因為從走進門之日起可能需要五個多月的時間才能收到最後一筆付款。現在您仍然可以在 30 到 45 天後收到第一筆付款，然後您只需等待即可。所以對於您的簡短問題的長答案是，我們看到的總體混合是 120 天左右的平均值。

And we'll watch it closely with some of that coming in, in that normal 60- to 75-day period and a larger chunk of the arbitration coming on the back end between the four or five and sometimes slightly longer than five-month process to get paid from day one. So hopefully, that helps.

我們將密切注意其中的一些情況，正常的60到75天期間內會出現這種情況，而大部分仲裁會在四到五個月甚至更長的時間內在後端進行，從第一天開始支付款項。希望這能有所幫助。

But I think what we were anticipating at the end of the year, which we were sort of seeing that early on with limited numbers continued into the first quarter. And I think that substantiated kind of where we had finished the year, and I feel pretty confident that what we have sitting at the end of March is continuing on that run rate and barring any major changes that the time period that collects all of this will continue to stay on the kind of period time line that I described.

但我認為，我們在年底所預期的情況，也就是我們在年初看到的數量有限的情況，在第一季也一直持續著。我認為這證實了我們今年的業績表現，而且我非常有信心，截至 3 月底的業績將繼續保持這一增長速度，除非發生重大變化，否則收集所有這些數據的時間段將繼續保持在我所描述的時間段內。

This now concludes the question-and-answer session. I'd like to turn the floor back over to Jennifer Rodriguez for closing comments.

問答環節到此結束。我想把發言權交還給詹妮弗·羅德里格斯，請她發表最後評論。

Thank you all for those valuable questions and answers. For all those joining us today, if you have more questions, please email us at investors@nutexhealth.com, and we'll get back to you promptly.

感謝大家提出這些寶貴的問題和答案。對於今天加入我們的所有人，如果您有更多問題，請發送電子郵件至 investors@nutexhealth.com，我們會及時回覆您。

On behalf of the Nutex management team, thank you all for joining us for our first quarter 2025 earnings call. We've covered a lot, growth, strategy, challenges and our vision, and we appreciate your time and interest. A recording of this call will be available on our website for a limited time, so feel free to revisit it.

我代表 Nutex 管理團隊感謝大家參加我們的 2025 年第一季財報電話會議。我們已經討論了很多內容，包括成長、策略、挑戰和我們的願景，我們感謝您的時間和興趣。本次通話的錄音將在我們的網站上限時提供，歡迎隨時再次造訪。

Take care, everyone, and we look forward to keeping you updated on our journey.

大家保重，我們期待向您通報我們的旅程進展。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。