Option Care Health Inc (OPCH) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Option Care Health fourth-quarter 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference it is being recorded. I would now like to hand the conference over to your speaker today, Mike Shapiro, Chief Financial Officer. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加 Option Care Health 2023 年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的發言人、財務長 Mike Shapiro。請繼續。

Good morning. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations, we encourage you to review the information in today's press release as well as in our Form 10-K filed with the SEC, regarding the specific risks and uncertainties

早安.請注意，今天的討論將包括某些反映我們當前假設和預期的前瞻性陳述，包括與我們未來財務表現以及行業和市場狀況相關的假設和預期。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期存在重大差異，我們鼓勵您查看今天的新聞稿以及我們向 SEC 提交的 10-K 表格中有關以下內容的資訊：具體風險和不確定性

We do not undertake any duty to update any forward-looking statements, except as required by law. And during the call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. You can find additional information on these non-GAAP measures in this morning's press release posted on the Investor Relations portion of our website.

除法律要求外，我們不承擔更新任何前瞻性聲明的義務。在電話會議期間，我們將使用非公認會計準則財務指標來談論公司的表現和財務狀況。您可以在今天早上發佈在我們網站投資者關係部分的新聞稿中找到有關這些非公認會計準則措施的更多資訊。

With that, I'll turn the call over to John Ridemakerz, Chief Executive Officer.

接下來，我會將電話轉給執行長 John Ridemakerz。

Thanks, Mike, and good morning, everyone.

謝謝麥克，大家早安。

To say that 2023 was an eventful year for Option Care Health is quite the understatement. It was a dynamic year for the team and we advanced our mission to set the pace in home and alternate site infusion care and treat more patients by providing innovative services designed to improve outcomes, reduce costs and deliver hope for our patients and their families.

說 2023 年對 Option Care Health 來說是不平凡的一年，這是相當輕描淡寫的。對於團隊來說，這是充滿活力的一年，我們推進了我們的使命，即引領家庭和替代站點輸液護理的步伐，並通過提供旨在改善結果、降低成本並為我們的患者及其家人帶來希望的創新服務來治療更多病人。

In 2023, we treated more than 270,000 distinct patients and expanded our portfolio of life-saving therapies through our collaboration with referral sources, payers and biopharma partners. As always, Mike will dive into the financials in a few minutes, but it could not be more pleased with the effort, dedication and results generated by devoted colleagues that option Carecast. For the full year, we delivered a revenue of $4.3 billion, representing 9.1% growth over the prior year.

2023 年，我們治療了超過 270,000 名不同的患者，並透過與轉診來源、付款人和生物製藥合作夥伴的合作擴大了我們的救生療法組合。像往常一樣，Mike 將在幾分鐘內深入了解財務狀況，但他對選擇 Carecast 的忠誠同事所付出的努力、奉獻精神和所取得的成果感到非常滿意。全年我們營收 43 億美元，比上年成長 9.1%。

Adjusted EBITDA of $425 million, representing 24% growth over 2022 and significantly exceeded the initial expectations we articulated in early [2020] since the merger in August of 2019, the Option Care Health team has consistently delivered solid growth and met or exceeded our commitments to our shareholders, reflecting back on 2023.

自2019 年8 月合併以來，調整後EBITDA 為4.25 億美元，比2022 年增長24%，大大超出了我們在[2020] 年初闡明的最初預期，Option Care Health 團隊持續實現穩健增長，達到或超出了我們對我們的股東回顧 2023 年。

Beyond the solid financial results, I'd like to highlight a number of key accomplishments and milestones. In the second quarter. We launched naviHealth, one of the largest infusion nursing platforms in the industry comprised of more than 1,500 clinical projects. Nuvion is a critical component in our mission to serve more patients and strategically, the platform is vital to our continued success. We continue to invest in our ambulatory infusion suites footprint.

除了堅實的財務表現之外，我還想強調一些關鍵成就和里程碑。在第二季。我們推出了 naviHealth，這是業界最大的輸液護理平台之一，由 1,500 多個臨床項目組成。Nuvion 是我們服務更多患者使命的關鍵組成部分，從策略上講，該平台對於我們的持續成功至關重要。我們繼續投資於流動輸液套件的佔地面積。

And in 2023, we expanded our network to 164 suites and over 660 carriers nationwide. Again, this is a key investment strategy designed to enable continued growth while unlocking clinical labor efficiency. We advanced our use of advanced analytics and repetitive process automation within our pharmacy and revenue cycle management operations to reduce waste and improve cash velocity.

2023 年，我們將網路擴展到全國 164 間套房和 660 多家營運商。同樣，這是一項關鍵的投資策略，旨在實現持續成長，同時提高臨床勞動力效率。我們在藥局和收入周期管理營運中推進了先進分析和重複流程自動化的使用，以減少浪費並提高現金週轉率。

We also recently announced our multiyear collaboration with talent here to deploy their artificial intelligence technology across our operations to drive efficiencies and improve the patient experience. We launched a number of new therapies in 2023 through our collaborations with biopharma, including by V with Gart biopsy and CCAvenue, but to name a few, we believe our integrated national network of state-of-the-art pharmacies and expanded number of infusion suites combined with the clinical know-how and our leading technology platform continues to resonate with the biopharma partners and positions us well to continually expand our portfolio.

我們最近也宣布與這裡的人才進行多年合作，在我們的營運中部署他們的人工智慧技術，以提高效率並改善患者體驗。我們透過與生物製藥公司的合作，在2023 年推出了許多新療法，包括V 與Gart biopsy 和CCAvenue 的合作，但僅舉幾例，我們相信我們最先進的藥房的綜合全國網絡和擴大的輸注數量套件與臨床專業知識和我們領先的技術平台相結合，繼續與生物製藥合作夥伴產生共鳴，並使我們能夠不斷擴大我們的產品組合。

Every member of the Option Care Health team understands that behind every dose is a local and behind the scenes is a comprehensive team of pharmacists, pharmacy technicians, dietitians, infusion nurses, patient support professionals and supply chain experts. Their focus dedication and collaboration help ensure that we deliver unparalleled care in the comfort and convenience of our patients' homes for one of our infusions making certain we are an employer of choice and a destination for health care professionals is also critical to our continued success in 2023.

Option Care Health 團隊的每位成員都明白，每一劑藥物的背後都是本地人，幕後是一個由藥劑師、藥房技術人員、營養師、輸液護士、患者支持專業人員和供應鏈專家組成的綜合團隊。他們的專注奉獻和協作有助於確保我們在患者家中舒適和方便地為我們的一次輸液提供無與倫比的護理，確保我們成為首選雇主和醫療保健專業人員的目的地，這對於我們在2023 年。

we were thrilled to have earned the designation of the gallop exceptional workplace and a Military Friendly Employer. These recognitions affirm our relentless focus on recruiting our team every day and delivering extraordinary care to our patients. As the old saying goes, you can do well by doing good. And we believe that our financial results for 2023 demonstrate that we are doing just exiting 2023. Our balance sheet has never been stronger and our liquidity position is in great shape.

我們很高興獲得馳騁卓越工作場所和軍事友善雇主的稱號。這些認可肯定了我們堅持不懈地致力於每天招募我們的團隊並為我們的患者提供非凡的護理。俗話說，積德行善，積德行善。我們相信 2023 年的財務表現顯示我們剛結束 2023 年。我們的資產負債表從未如此強大，我們的流動性狀況也處於良好狀態。

During 2023, both S&P and Moody's upgraded our credit profile to the highest ratings yet our net debt leverage profile is well under two times, and we generated more than $370 million in operating cash flow in 2023 and deployed $250 million towards the share repurchase. So reflecting on 2023, we continued to deliver strong growth while investing in this unique platform and our capabilities to enable sustainable growth.

2023 年，標準普爾和穆迪都將我們的信用狀況提升至最高評級，但我們的淨債務槓桿率遠低於兩倍，我們在2023 年產生了超過3.7 億美元的營運現金流，並部署了2.5 億美元用於股票回購。因此，回顧 2023 年，我們繼續實現強勁成長，同時投資於這個獨特的平台和我們實現永續成長的能力。

As we outlined in our 2024 guidance this morning. We expect to continue this trend of delivering strong financial performance as we grow and serve more patients. I've never been prouder of the Option Care Health team and the level of service that we deliver to our patients every single day, and I remain confident in the road ahead.

正如我們今天早上在 2024 年指南中概述的那樣。隨著我們的發展和為更多患者提供服務，我們預計將繼續保持這種提供強勁財務業績的趨勢。我對 Option Care Health 團隊以及我們每天為患者提供的服務水準感到無比自豪，我對未來的道路仍然充滿信心。

With that, Mike will provide additional color on the results.Mike

這樣，麥克將為結果提供額外的顏色。

Thanks and good morning, everyone. As John mentioned, we're quite encouraged by the solid finish to 2023 fourth quarter revenue of $1,124.4 million, representing 9.5% growth over Q4 of 2022. Performance was solid across the portfolio, and execution in the field was very strong. Full year revenue of just over $4.3 billion was up 9.1% despite a number of headwinds we've talked about throughout last year, including two exited therapies and the impact of the divested respiratory therapy assets.

謝謝大家，早安。正如 John 所提到的，我們對 2023 年第四季營收 11.244 億美元的穩健業績感到非常鼓舞，比 2022 年第四季成長 9.5%。整個產品組合的表現都很穩健，而且現場執行力非常強大。儘管我們在去年討論了許多不利因素，包括兩種退出療法以及剝離的呼吸治療資產的影響，但全年收入略高於 43 億美元，增長了 9.1%。

So overall, we're quite pleased with the top line performance. Q4 gross margin of 22% represented dollar growth of 6.9% as we saw some mix shift impact towards the chronic portfolio as well as a smaller procurement benefit in the quarter.

總的來說，我們對營收表現非常滿意。第四季毛利率為 22%，美元成長率為 6.9%，因為我們看到長期投資組合受到一些混合轉變的影響，並且本季採購效益較小。

In recent quarters, I've spoken about the favorable procurement dynamic that persisted in 2023 and in Q4, we estimate we realized approximately $8 million benefit related to the dynamic. For the year we estimate that we realized $33 million to $35 million of these transitory procurement benefits, which we believe will not continue into 2024.

最近幾個季度，我談到了 2023 年和第四季度持續的有利採購動態，我們估計我們實現了與該動態相關的約 800 萬美元的收益。我們估計今年我們實現了 3,300 萬至 3,500 萬美元的臨時採購收益，我們認為這種情況不會持續到 2024 年。

SG&A of $147.8 million actually declined versus Q4 of 2022 and spending leverage improved to 13.1% of revenue, which we believe affirms the scalability of the platform and adjusted EBITDA of $111.6 million in Q4 representing 9.9% of revenue and was up 18.4% over the prior year.

SG&A 為1.478 億美元，實際上比2022 年第四季有所下降，支出槓桿率提高至營收的13.1%，我們認為這證實了該平台的可擴展性，第四季度調整後EBITDA 為1.116 億美元，佔營收的9.9%，較上一季成長18.4%年。

Again, Q4 adjusted EBITDA included roughly an $8 million procurement benefit. Beyond the P&L we generated more than $370 million of cash flow from operations for the year, which again includes approximately $85 million from the Emeritus transaction termination fee net of related expenses. During the year, we deployed $250 million towards share repurchases and still finished the year with approximately $344 million of cash on hand and a net leverage ratio of 1.8 times.

同樣，第四季度調整後的 EBITDA 包括約 800 萬美元的採購收益。除了損益表之外，我們今年還從營運中產生了超過 3.7 億美元的現金流，其中又包括扣除相關費用後的約 8,500 萬美元的 Emeritus 交易終止費用。年內，我們部署了 2.5 億美元用於股票回購，年底仍持有約 3.44 億美元的現金，淨槓桿率 1.8 倍。

This is the fifth year end that we have reported as Option Care Health and reflecting back to 2019 when we completed the merger, we socialized the combined enterprise at the time is generating roughly $2.7 billion in revenue and roughly $200 million in pro forma adjusted EBITDA. Four years later, we've increased revenue by 50% to $4.3 billion and more than doubled adjusted EBITDA to $425 million.

這是我們以Option Care Health 名義報告的第五個年終，回顧2019 年我們完成合併時，我們對合併後的企業進行了社會化，當時合併後的企業產生了約27 億美元的收入和約2 億美元的預計調整後EBITDA。四年後，我們的營收成長了 50%，達到 43 億美元，調整後 EBITDA 增加了一倍多，達到 4.25 億美元。

We've also driven dramatic improvements in our balance sheet reduced the leverage profile by more than two-thirds from 6.2 times to 1.8 times and slashed net interest expense by more than half from $110 million to $51 million. And while we're proud of how far we've come, we're equally excited about the road ahead.

我們也大幅改善了資產負債表，將槓桿率降低了三分之二以上，從 6.2 倍降至 1.8 倍，並將淨利息支出削減了一半以上，從 1.1 億美元降至 5,100 萬美元。雖然我們為所取得的成就感到自豪，但我們同樣對未來的道路感到興奮。

As disclosed in this morning's press release, we anticipate delivering another year of solid growth for our shareholders. In 2024, we expect to generate revenue of $4.6 billion to $4.8 billion. We expect to generate adjusted EBITDA of $425 million to $450 million, and we expect to generate cash flow from operations of at least $300 million.

正如今天早上的新聞稿中所揭露的，我們預計將為股東帶來另一個穩健成長的一年。到 2024 年，我們預計將產生 46 億至 48 億美元的收入。我們預計調整後的 EBITDA 為 4.25 億至 4.5 億美元，預計營運現金流至少為 3 億美元。

To provide some additional data points. We expect net interest expense of $55 million to $60 million, approximately $45 million in stock comp expense and an effective tax rate of 26% to 28%. So overall, 2023 was a very productive year, and we expect to continue our track record of leverage growth into 2024. With that, we're happy to take your question. Operator.

提供一些額外的數據點。我們預計淨利息支出為 5,500 萬至 6,000 萬美元，股票補償支出約為 4,500 萬美元，有效稅率為 26% 至 28%。因此，總體而言，2023 年是非常富有成效的一年，我們預計槓桿成長的記錄將延續到 2024 年。至此，我們很高興回答您的問題。操作員。

As a reminder and ask a question, please press star one one on your telephone and wait for your name to be announced to withdraw your question, please press star one. Once again, please stand by while we compile the Q&A roster.

作為提醒並提出問題，請在電話上按星一一，並等待宣布您的名字以撤回您的問題，請按星一。再次請大家耐心等待，我們正在整理問答名單。

Our first question comes from Lisa Gill with JPMorgan. Your line is now.

我們的第一個問題來自摩根大通的麗莎吉爾。你的線路現在是。

Thanks very much and good morning and congratulations. Just really want to understand a couple of things a little bit better as we think about 2024 and the first would be just the mix. So I think, Mike, you noted in the quarter a stronger growth in chronic versus acute, which had an impact on the mix. How do we think about mix going forward? Would be my first question.

非常感謝，早安，恭喜您。當我們思考 2024 年時，我真的想更好地理解一些事情，而第一件事就是混合。所以我認為，麥克，您在本季注意到慢性病比急性病有更強勁的成長，這對組合產生了影響。我們如何看待未來的混合？這是我的第一個問題。

And then secondly, as it plays into that, how do we think about the swing factor between the $425 million and for $450 million on the EBITDA line for guidance?

其次，當它發揮作用時，我們如何考慮 EBITDA 線上 4.25 億美元和 4.5 億美元之間的波動因素作為指導？

Yes, good morning, Lisa. Maybe I'll give it a start here. Like I mean, as we've talked about consistently within our two portfolios of therapies, we see the growth trajectory of the chronic portfolio being in that low double digit ZIP code with the acute therapies being those those therapies are really a more mature category. That's growing in the low single digits. Having said that, obviously, during 2023 and 2022, there are some pretty interesting market dynamics with some competitive closures, which accelerated some of the reported acute growth.

是的，早上好，麗莎。也許我會從這裡開始。就像我的意思是，正如我們在兩個治療組合中一致討論的那樣，我們看到慢性組合的增長軌跡處於低兩位數郵政編碼中，而急性療法是那些療法實際上是一個更成熟的類別。這一數字正在以較低的個位數成長。話雖如此，顯然，在 2023 年和 2022 年期間，存在一些非常有趣的市場動態，其中包括一些競爭性關閉，這加速了一些報告的急劇增長。

I think as we're going into 2024 is absent any of those large shocks to the comparables are like the exit therapies we talked about I think we're back to what we see are the underlying therapy growth dynamics, which is to say we see that acute category growing in the low single digits. And at the other end of the barbell, the chronic therapies have grown low double digits, given the fact that the chronic, as we've talked about consistently carries a lower gross margin rate.

我認為，隨著我們進入2024 年，不會出現任何對可比較市場的重大衝擊，就像我們談到的退出療法一樣，我認為我們又回到了我們所看到的潛在治療成長動態，也就是說，我們看到了這個急劇增長的類別以較低的個位數增長。而在槓鈴的另一端，慢性療法的毛利率一直較低，因此慢性療法的毛利率一直較低，因此慢性療法的毛利率一直較低。

We would expect going forward that there's going to be some some mix shifts towards that lower chronic our therapy, profitable profitability profile. Having said that, obviously, you know, we fight for every every basis point and the way we really focuses on maximizing the the dollar growth and we're giving the I'd say about $425 million to $450 million. Look, there's a lot of dynamics.

我們預計，未來將會出現一些混合轉變，以降低我們的治療慢性化、獲利的獲利狀況。話雖如此，顯然，你知道，我們為每一個基點以及我們真正專注於最大化美元增長的方式而奮鬥，我想說，我們提供了大約 4.25 億至 4.5 億美元。你看，有很多動態。

Obviously, we have some some new emerging therapies that we're still ramping up on, given the fact that on the acute side, the duration of our therapy is from two to six weeks, we haven't met the majority of the acute patients that will have the privilege of treating this year. And so on and behind the scenes, there's always $1 million moving dynamics on that that we're trying to manage on the procurement and payer and and local competitive front. So I wouldn't I wouldn't attribute it anything more than just the typical volatility of the markets that we're operating at.

顯然，我們仍在加強一些新興療法，因為在急性方面，我們的治療持續時間為兩到六週，我們還沒有遇到大多數急性患者今年將有幸得到治療。等等，在幕後，我們試圖在採購、付款人和當地競爭方面進行管理，總有 100 萬美元的動態。所以我不會將其歸因於我們所經營的市場的典型波動性。

And then just last quarter, you talked about again strong cash flow and you've obviously just guided to strong cash flow of $300 million for 2024 for John, when we think about the strategy around acquisitions, I know last quarter you talked about look, there's kind of a sweet spot for us and tuck-in and some other things. But maybe can you just update us on how you're thinking about capital allocation and how you're thinking about any kind of potential strategy around acquisitions in '24?

就在上個季度，您再次談到了強勁的現金流，顯然您剛剛為約翰指導了 2024 年 3 億美元的強勁現金流，當我們考慮圍繞收購的戰略時，我知道上個季度您談到了，對我們來說，這裡有一個最佳地點，可以吃東西，還有其他一些事情。但也許您可以向我們介紹一下您如何考慮資本配置以及您如何考慮 24 年圍繞收購的任何潛在策略嗎？

Yes, Lisa, good morning. We are continuing to do a lot of work to understand those market dynamics and what's the U.S. What's in the pipeline for consideration as we move forward. I think one of the biggest things Mike and I have talked about we talked about it on the last quarter call as well is being very disciplined in the approach that we take, we are looking at things both strategically and economically.

是的，麗莎，早安。我們正在繼續做大量工作來了解這些市場動態以及美國在我們前進的過程中正在考慮什麼。我認為麥克和我談到的最重要的事情之一是我們在上個季度的電話會議上談到的，以及我們採取的方法非常自律，我們正在從戰略和經濟角度看待事物。

It must meet those of those hurdles on both and as we're looking at that and we're going to kiss a lot of frogs before we find a prince in that in that process. And we really pride ourselves in the discipline that we that we adhere to as we're looking at that there aren't many books that are out there that we don't get a look at. And we have been very active in our corporate development process and the ability to take a look at opportunities, but we apply that discipline and we're going to continue to do that as we've talked about before.

它必須滿足這兩方面的障礙，正如我們正在考慮的那樣，我們將親吻很多青蛙，然後才能在過程中找到王子。我們為我們所遵守的紀律感到自豪，因為我們看到沒有很多書我們看不到。我們在企業發展過程中一直非常積極，並且有能力尋找機會，但我們應用了這項規則，並且我們將繼續這樣做，正如我們之前談到的那樣。

And as we outlined in the third quarter and the press release coming in the fourth quarter, we exhausted the $250 million of the original authorization. We have an additional offer that authorization of $250 million for share repurchase. We will continue to balance that priority of making certain that we're doing everything we can to maximize the value to our shareholders and whether that's through deployment for M&A or whether it's through continued share repurchase as well as from our our investments into our businesses, part of our normal flow of Capa CapEx, we will continue to balance across those dimensions and maximize the value for our shareholders.

正如我們在第三季和第四季的新聞稿中所概述的那樣，我們用完了最初授權的 2.5 億美元。我們還有一項額外要約，就是授權 2.5 億美元用於股票回購。我們將繼續平衡這一優先事項，確保我們正在盡一切努力為股東實現價值最大化，無論是透過併購部署還是透過持續股票回購以及我們對業務的投資，作為我們正常Capa 資本支出流程的一部分，我們將繼續平衡這些維度，並為股東實現價值最大化。

I appreciate the comments.

我很欣賞這些評論。

Thank you.

謝謝。

Pito Chickering with Deutsche Bank lines now.

Pito Chickering 現在與德意志銀行通話。

Good morning, guys. Thanks for taking my questions. Just looking at the midpoint of '24 guidance, if we exclude the say at $34 million procurement benefits EBITDA guidance is a blended 20% growth. Are there any one-timers in next year we should be thinking of thinking about as we think about 2025 does e-procurement benefit this really stop on January first on the chronic side, what are the new other merchant therapies you just reference? Nor are there any therapies that we should be aware of for honor on the negative side. And on the chronic side, we saw pretty strong inpatient utilization in 2023 producing that continues into 2024.

早上好傢伙。感謝您回答我的問題。僅看 24 年指引的中點，如果我們排除 3,400 萬美元的採購收益，EBITDA 指引將實現 20% 的綜合成長。明年我們是否應該考慮一下，就像我們考慮 2025 年一樣，電子採購的好處是否真的會在 1 月 1 日停止？ 您剛才提到的其他新的商業療法是什麼？也沒有任何療法值得我們注意以獲取負面的榮譽。在慢性病方面，我們看到 2023 年住院患者的使用率相當強勁，並將持續到 2024 年。

Thanks, Pito. While one question and 15 parts appreciate that.

謝謝，皮托。雖然有一個問題和 15 個部分對此表示讚賞。

Hey, listen, I look at the midpoint a good thing and I think you've heard this in some of our public comments. A good thing going into 2024. We don't have the prior year comp challenges, the exited respiratory therapy assets, the exited therapies. So I think the growth algorithm and this story is a lot cleaner and a lot more digestible for all of you to to get your hands on.

嘿，聽著，我認為中點是一件好事，我想您已經在我們的一些公開評論中聽到了這一點。進入 2024 年是一件好事。我們沒有上一年的競賽挑戰、退出的呼吸治療資產、退出的療法。所以我認為成長演算法和這個故事對大家來說更清晰、更容易理解。

Naturally, the one thing I would say is look growth is going to be a little more muted in the first half, just given the fact that we did have some of those Makena and Rod cover revenue in the first half of the year. So but overall, I think it's just a much it's a much cleaner story going forward. So the short answer is no no big box cars on the track that you guys have tried to model with and without them.

當然，我要說的一件事是，考慮到我們上半年確實有一些 Makena 和 Rod 封面收入，上半年的外觀成長將會更加溫和。所以，但總的來說，我認為這只是一個更清晰的故事。所以簡短的回答是，你們在賽道上嘗試過使用或不使用大型貨車進行建模時，不可以使用大型貨車。

So yes, Pito, on the on on the chronic side and some of the therapies that we outlined, we continue to see strong progress from our commercial team our focus around reach and frequency and making certain that we are developing those relationships and deepening them with our referral sources continues to be a high priority and an execution path or the team.

所以，是的，皮托，在慢性方面和我們概述的一些療法方面，我們繼續看到我們的商業團隊取得了巨大進展，我們專注於覆蓋範圍和頻率，並確保我們正在發展這些關係並加深它們我們的推薦來源仍然是一個高度優先的事項，也是一個執行路徑或團隊。

We continue to see a focus by the payers around thinking about site of care and making certain that they're maximizing wherever they can achieve high-quality care at an appropriate cost in a setting in which patients want to receive it. So we think that the market dynamics will remain strong for us on that. And we're going to continue our execution path of being that partner of choice and being able to onboard those patients and continue to provide them them care.

我們繼續看到付款人的焦點是考慮護理地點，並確保他們在患者希望接受的環境中以適當的成本最大限度地獲得高品質的護理。因此，我們認為市場動態對我們而言仍將保持強勁。我們將繼續我們的執行路徑，成為首選合作夥伴，並能夠幫助這些患者並繼續為他們提供護理。

And Peter, the only thing I'd add is looked at specific on your question around any positives negatives, look, there's always going to be some incremental therapies that we're looking at. I wouldn't say there's anything in the hopper that I would say, is a major needle mover in the 1st year. And on the negative side looking, we've had this conversation with folks repeatedly.

彼得，我唯一要補充的是，具體針對您關於任何積極消極的問題，看，我們總是會考慮一些增量療法。我不會說料斗中有什麼東西是第一年的主要推動者。從消極的一面來看，我們已經多次與人們進行過這樣的對話。

There's there. This is a dynamic marketplace, and there's always therapies that will be going subcutaneous that will have different delivery methodologies, and that's all something that we're never surprised by that. And that's fully accommodated in our guidance range.

就在那裡。這是一個充滿活力的市場，總有一些療法會採用不同的給藥方法進行皮下注射，我們對此並不感到驚訝。這完全符合我們的指導範圍。

Okay. Great. And then sort of you, John, a follow-up to the payer commentary. Are you seeing any different behavior from payers that own infusion companies, so CVS, Aetna or obviously United and our relevance with their infusion? Or have you seen any changes of how those referrals are changing now that there's maybe have to have their own their own options as well? So thanks so much.

好的。偉大的。然後是你，約翰，付款人評論的後續行動。您是否發現擁有輸液公司（例如 CVS、Aetna 或顯然是 United）的付款人有任何不同的行為，以及我們與他們的輸液的相關性？或者您看到這些推薦的方式發生了任何變化，因為他們可能也必須有自己的選擇？非常感謝。

Yes, as we always have, we are vigorous competitors. And so we take all of that into a full full full view as we're approaching the marketplace. And one of the things that we bring to all of the payer community is that consistency of care. We've talked before about our ability on a national basis, both leverage our platform to provide that high consistency and high quality care, whether you're a patient in Portland, Oregon or Portland, Maine.

是的，一如既往，我們是充滿活力的競爭對手。因此，當我們接近市場時，我們會全面了解所有這些。我們為所有付款人社區帶來的事情之一就是護理的一致性。我們之前已經討論過我們在全國範圍內的能力，無論您是俄勒岡州波特蘭還是緬因州波特蘭的患者，都可以利用我們的平台提供高度一致性和高品質的護理。

And so that ability that we have to provide a consistent, high quality care across the country is something that they seek. Our ability to be in-network with those payers is something that we work very hard to make certain that we achieve that were focusing around key areas of pharma, delivering high quality care of providing access to their members of driving high member satisfaction or patient satisfaction. When we have the opportunity to serve their members and so we will never discount, you know, the competitive dynamics that we operate within.

因此，我們在全國範圍內提供一致、高品質的護理的能力正是他們所尋求的。我們與這些付款人建立網絡的能力是我們非常努力確保我們實現的目標，我們專注於製藥的關鍵領域，提供高品質的護理，為其會員提供訪問機會，從而提高會員滿意度或患者滿意度。當我們有機會為他們的會員提供服務時，我們永遠不會低估我們營運的競爭動態。

But on the other side of that, we provide a very valuable service, especially when you look at the breadth of the product that we can provide on both the acute and the chronic portfolio. And we will continue to foster those relationships and be a partner of choice for the plans as they're trying to find a place for their members to receive high-quality care.

但另一方面，我們提供非常有價值的服務，特別是當您看到我們可以在急性和慢性投資組合上提供的產品廣度時。我們將繼續培養這些關係，並成為這些計劃的首選合作夥伴，因為他們正在努力為其會員尋找高品質護理的地方。

Right. Thanks so much.

正確的。非常感謝。

Thanks, Peter, and thanks, Bill.

謝謝，彼得，謝謝，比爾。

Thank you. One moment for our next question.

謝謝。請稍等一下我們的下一個問題。

Our next question comes from Brian Tanquilut with Jefferies. Your line is now open.

我們的下一個問題來自 Jefferies 的 Brian Tanquilut。您的線路現已開通。

Hey, good morning, guys. I guess my first question, maybe sort of a follow-up to Peter's question as we think about Mike, the and like the normalized growth rate going forward, obviously, there are a few moving parts for 2024. And how are you thinking about how investors should be modeling or thinking about your growth going forward and what the drive for those drivers should be?

嘿，早上好，夥計們。我想我的第一個問題可能是彼得問題的後續，當我們考慮麥克時，就像未來的正常化成長率一樣，顯然，2024 年有一些變化。您如何看待投資者應該如何建模或思考您未來的成長以及這些驅動因素的驅動力應該是什麼？

Yes, Brian, thanks for the question. Like the way we've consistently articulated. What we view is a reasonable way to think about the growth horsepower of this platform is we see this as a high single digit top line enterprise. That's on a broader market growth. And I know you have 15 people what they think the infusion markets grow and you'll get 20 answers. But as we look at the therapies in the areas of focus.

是的，布萊恩，謝謝你的提問。就像我們一貫表達的方式。我們認為，考慮該平台成長能力的合理方式是，我們將其視為高個位數營收的企業。這是更廣泛的市場成長。我知道你們有 15 個人對輸液市場的成長有何看法，你們會得到 20 個答案。但當我們專注於重點領域的療法時。

We see this industry growing in the mid-single digits, call it the 5% to 7%. We think with our unique platform and and competitive strengths, we think folks should expect us to consistently deliver in the high single digits on the top line, given the scalability of the platform and the investments we've made, we think we can consistently deliver leverage growth. And on an organic basis, that should manifest in low double digit earnings growth as kind of a our medium term growth outlook.

我們看到這個行業以中個位數成長，稱之為 5% 到 7%。我們認為，憑藉我們獨特的平台和競爭優勢，我們認為人們應該期望我們能夠始終如一地實現高個位數的營收，考慮到平台的可擴展性和我們所做的投資，我們認為我們能夠始終如一地交付槓桿增長。從有機的角度來看，這應該體現在低兩位數的獲利成長上，作為我們的中期成長前景。

Got it. And then yes, during the quarter it's clear that the G&A line was very well managed as we think about that rate. I think some of that is probably the benefits from your infusion suite strategies. How should we be thinking about the remaining opportunity to open infusion suites into Boston, but the gross margin compression from just the growth in chronic?

知道了。然後，是的，在本季度，很明顯，當我們考慮這個比率時，G＆A 線管理得非常好。我認為其中一些可能是您的輸液套件策略的好處。我們該如何考慮在波士頓開設輸液室的剩餘機會，以及慢性病成長帶來的毛利率壓迫？

Yes. Look, I'll start and let John jump in like we fight for every dollar. And we always have and we always will come with the with the spending actually coming down versus the prior year. Admittedly, we did move some of the investments, some of some of the more discretionary investments on new programs earlier in the year as we knew that we had some some margin favorability of note in the fourth quarter that does have some year-over-year burden from the 20 or so infusion suites that we opened during the year.

是的。聽著，我會開始讓約翰加入，就像我們為每一塊錢而戰一樣。我們一直以來並且始終會伴隨著支出與前一年相比實際下降。誠然，我們確實在今年早些時候轉移了一些投資，其中一些對新項目的可自由支配的投資，因為我們知道我們在第四季度有一些值得注意的利潤率優惠，這與去年同期相比確實有所提高我們在這一年裡開設了 20 多個輸液室，減輕了負擔。

And again, from a P&L geography, the cost of those facilities resides in SG&A, the rent, utilities, insurance, et cetera. The benefit through the the nursing leverage actually is in the gross margin line. So with the SG&A, as we reported, it has the gross increase from the infusion suite investment, but the benefit is actually north up in the up and the gross profit line.

再說一次，從損益表來看，這些設施的成本屬於SG&A、租金、水電費、保險等。透過照護槓桿帶來的好處實際上是在毛利率線上。因此，正如我們所報導的那樣，SG&A 帶來了輸液套件投資的總成長，但收益實際上在上升和毛利線上向上。

So look, we're going to continue to drive leverage growth at the SG&A line and a lot of the results in the fourth quarter beyond some of the intra-year timing are that the efficiencies and as John mentioned, the investments and in technology and automation, which which has manifested in much more efficient spending.

所以看，我們將繼續推動 SG&A 線的槓桿增長，第四季度的許多結果超出了一些年內的時間，效率以及正如約翰提到的，投資和技術以及自動化，這體現在更高效的支出上。

Yes. The only other thing I'd add, Brian, is on the infusion suite side continued really great progress by the team of opening the new facility. As you know, as we've talked before, we do a thorough analysis. When we're looking at the market, we look at density maps of patient subpopulations. And we're really selective in the way that we're looking at where we place them and how to utilize them.

是的。布萊恩，我唯一要補充的是，在輸液套件方面，開設新設施的團隊繼續取得了巨大的進步。如您所知，正如我們之前所說，我們進行了徹底的分析。當我們觀察市場時，我們會觀察患者亞群的密度圖。我們在考慮將它們放置在何處以及如何利用它們的方式上確實是有選擇性的。

In the quarter, about 30% of our nursing interventions were done in not in one of our infusion suites with that growing population of chronic patients as well as our ability to serve some of the acute patients that may need a dressing change or a lab draw or those types of things. We're going to continue to maximize that as we move forward.

本季度，我們約 30% 的護理幹預不是在我們的輸液室中完成的，因為慢性病患者人數不斷增加，而且我們有能力為一些可能需要更換敷料或實驗室抽血的急性患者提供服務或那些類型的事情。隨著我們的前進，我們將繼續最大限度地發揮這一點。

So as we built out the network, we're getting closer and closer to not having the full sum this that we are that we want there will continue to make investments on that, but I wouldn't set the stage that that may start to slow as we are then utilizing and optimizing the infrastructure that we have. We added over our almost 100 chairs and over the year. And so now the trick for the team is really focused around the execution of utilizing capacity that we have there as we continue to build out probably at a bit slower pace than what you've seen over 22 and 23

因此，當我們建立人脈時，我們越來越接近沒有我們所希望的全部資金，我們將繼續對此進行投資，但我不會設定可能開始的階段速度很慢，因為我們當時正在利用和優化我們擁有的基礎設施。我們在這一年增加了近 100 多把椅子。因此，現在團隊的訣竅實際上集中在利用我們現有的能力，因為我們繼續以比您在 22 和 23 年中看到的速度慢一些的速度進行建設

U.S. I'm thinking of getting spring front.

我們。我正在考慮爭取春天的到來。

Thank you. One moment for our next question.

謝謝。請稍等一下我們的下一個問題。

Our next question comes from Matt Larew with William Blair. Your line is now open.

我們的下一個問題來自馬特·拉魯和威廉·布萊爾。您的線路現已開通。

Good morning. And just wanted to ask about kind of the other piece of the gross profit line beyond procurement, which would be labor costs and maybe a sense for what your expectations are 2024 and sort of within that question, maybe an update on how Nathan helps it's helping you better manage your labor needs.

早安.只是想問一下除採購之外的毛利潤線的其他部分，這將是勞動力成本，也許是對 2024 年您的期望的了解，在這個問題中，也許是關於內森如何幫助它的最新信息您可以更好地管理您的勞動力需求。

Hey, good morning, Matt. Look, it's we've tried to be as transparent as possible. And again, this isn't binary in the fourth quarter as expected. We saw that transitory situation that we tried to be as open as we could. From a competitive perspective, it pretty much dissipated down to nothing by the end of the fourth quarter. And so but in that it was real. It was a great it was a great milestone for our procurement team who we think are the best in the business.

嘿，早上好，馬特。看，我們已經盡力做到盡可能透明。再說一遍，第四季的情況並不像預期的那樣是二元的。我們看到了這種暫時的情況，因此我們試圖盡可能地保持開放。從競爭的角度來看，到第四季末它幾乎消失殆盡。所以，但它是真實的。這對我們認為是業界最優秀的採購團隊來說是一個偉大的里程碑，這真是太棒了。

And well, you know, part of it is you know our direct relationship with manufacturers and biopharm that John talked about in the prepared remarks. Going forward, we're always looking for coins in the sofa cushions and the procurement team is constantly looking. And as we've said, there's always procurement puts and takes it typically nets in a typical year to a modest tailwind well below the numbers we talked about in 2023.

嗯，你知道，部分原因是你知道約翰在準備好的演講中談到的我們與製造商和生物製藥的直接關係。展望未來，我們一直在沙發墊中尋找硬幣，採購團隊也不斷在尋找。正如我們所說，總會有採購看跌期權，並且通常會在典型年份中實現適度的順風，遠低於我們在 2023 年討論的數字。

And I think that's kind of how we're expecting 2024 to shape up. So I mean, we it was great while it lasted it manifested in real earnings and cash in the bank and the team gets knocked us off and looks for those next opportunities.

我認為這就是我們對 2024 年的預期。所以我的意思是，我們在它持續的時候非常棒，它體現在銀行的實際收益和現金上，團隊讓我們失望並尋找下一個機會。

Yes, Matt, it's John. On the uneven standpoint, again, continued really great progress from that platform standpoint, we've made investments into the technology that continues into 2024. We're really excited about some of the efficiencies and effectiveness that that can help to maximize the capacity and the utilization of that to that workforce to support not only Option Care Health, but other market participants from that platform.

是的，馬特，是約翰。從不平衡的角度來看，從平台的角度來看，我們仍然取得了巨大的進步，我們對這項技術進行了投資，這種投資將持續到 2024 年。我們對一些效率和有效性感到非常興奮，這些效率和有效性有助於最大限度地提高員工的能力和利用率，不僅支持 Option Care Health，還支持該平台的其他市場參與者。

And that has been part of our overall growth story is the ability to have access to highly qualified nurses to be able to oversee the infusions and oversee the care for our patients is something that it enables us to continue to grow. So a lot of focus not only internally on Option Care Health around recruiting our team members every day of recruiting and creating a great place to work. But then also the investments that we're making in need and will allow us to have that additional capacity and that additional growth driver for us as we move ahead.

這是我們整體成長故事的一部分，能夠獲得高素質的護士來監督輸液並監督對患者的護理，這使我們能夠繼續成長。因此，我們不僅在 Option Care Health 內部關注每天招募團隊成員以及創造一個良好的工作場所。但我們正在進行的投資也是有需要的，這些投資將使我們在前進過程中擁有額外的產能和額外的成長動力。

I had a question that has been asked before it got from a turnover. And from that standpoint, just across the board, we have seen a significant improvement really from 22 as we exited 23 around, you know, our retention rates and U.S. and reducing of overall turnover. We do a lot of work to focus around the employee value proposition, and we have a really great dedicated team of HR professionals that are thinking about what are the Total Rewards and what are the type of programs to not only invest in our people to help them develop and grow in their roles and responsibilities, but also on the culture and those aspects that make it a great place to work.

我有一個問題在營業額發生之前就已經被問到了。從這個角度來看，從整體上看，我們從 22 家公司中看到了顯著的改善，因為我們退出了 23 家公司，你知道，我們的保留率和美國以及整體營業額的減少。我們做了很多工作來關注員工的價值主張，我們擁有一支由人力資源專業人士組成的非常出色的敬業團隊，他們正在考慮什麼是總獎勵以及什麼類型的計劃不僅投資於我們的員工來幫助他們不僅在自己的角色和責任方面得到發展和成長，而且在文化和使其成為理想工作場所的方面也得到發展和成長。

So as I announced in my prepared remarks, really excited about some of the designations that we were awarded in 2023. And we know that as much as we invest into our technology. We are a people business. We need highly skilled clinicians and we need highly skilled professionals across our organization. And that will continue to be a top priority for me and the leadership team to make certain we're doing everything we can to be an employer of choice.

正如我在準備好的演講中所宣布的那樣，我對 2023 年獲得的一些頭銜感到非常興奮。正如我們對科技的投資一樣，我們也知道這一點。我們是一家以人為本的企業。我們需要高技能的臨床醫生，我們整個組織都需要高技能的專業人員。這將繼續成為我和領導團隊的首要任務，以確保我們盡一切努力成為首選雇主。

Okay, thank you. And then the follow-up is on G&A and obviously down nearly $10 million sequentially in the fourth quarter and down year over year. I just want to make sure we have the right sort of jumping off point, if there were any one-time benefits in that quarter, if there's anything from the fourth quarter to the first quarter with respect to incentive comp reset or other dynamics. And we've kind of given us the procurement piece on the gross margin line but anything to think about as we model out G&A for the

好的謝謝。接下來是一般管理費用，第四季明顯較上季減少了近 1,000 萬美元，年比也有所下降。我只是想確保我們有正確的起點，如果該季度有任何一次性收益，如果從第四季度到第一季在激勵補償重置或其他動態方面有什麼變化。我們已經給了我們毛利率線上的採購部分，但在我們為 G&A 建模時需要考慮的任何事情

year, you're not and not so much, Matt, it's a good question. You know, some of it has to do more with the fourth quarter of 2022 to remember, we had a respiratory therapy business that did have some SG&A burden. You know that that obviously went away as we rightsized from that we scaled a little bit and shifted some dollars after we exited a couple of our therapies. But for the most part, I think it's a pretty clean jump up.

今年，你不是也不是那麼多，馬特，這是一個很好的問題。你知道，其中一些需要在 2022 年第四季做更多的事情，要記住，我們的呼吸治療業務確實有一些 SG&A 負擔。你知道，隨著我們在退出幾種療法後進行了一些規模調整並轉移了一些美元，這種情況顯然就消失了。但在大多數情況下，我認為這是一個相當乾淨的跳躍。

Okay.

好的。

Thanks, Matt.

謝謝，馬特。

David MacDonald with Truist your lines now.

大衛麥克唐納 (David MacDonald) 與 Truist 為你這句台詞。

Hey, guys, good morning and congrats for this expedite pulled back from that, but I'm just two quick questions I wanted to ask about just the durability of profitability improvement given kind of the ongoing growth in chronic relative to acute. Sounds like you guys aren't expecting anything meaningful in terms of percentage growth or between products in 2024.

嘿，夥計們，早上好，祝賀這次快速撤回，但我只是想問兩個簡單的問題，即考慮到慢性相對於急性的持續增長，盈利能力改善的持久性。聽起來你們並不期望 2024 年的百分比成長或產品之間有任何有意義的成長。

I was wondering if you can talk about the ambulatory infusion suite footprint and as that matures is your labor productivity are improving from either increased utilization of existing earnings. It's the maturation issue that you guys have kind of talked about at roughly 10% lift historically a bill and that presumably just wondering if you could comment on that.

我想知道您是否可以談談流動輸液套件的足跡，隨著它的成熟，您的勞動生產力正在透過提高現有收入的利用率而提高。這是你們談論過的成熟度問題，歷史上大約有 10% 的提升，大概只是想知道你們是否可以對此發表評論。

Yes. They've been more has had listened, as we've talked about, and we always get challenged a little bit around, hey, 10% labor productivity for these investment teams, you know, seems a little conservative. Just just a quick reminder. We've really only started our our infusion suite aggressive expansion strategy. We've been at it for just or just a hair over two years. And so we're seeing in some of those more mature centers, labor product, clinical labor, productivity of 20% or more.

是的。正如我們所討論的，他們更多地傾聽了，我們總是受到一些挑戰，嘿，這些投資團隊的 10% 勞動生產力，你知道，似乎有點保守。只是一個快速提醒。我們實際上才剛開始我們的輸液套件積極擴張策略。我們在這方面只花了兩年多的時間。因此，我們在一些較成熟的中心看到，勞動產品、臨床勞動、生產力達到 20% 或更高。

Again, we're not paying for windshield time with many therapies we can infused concurrently. And so those later tranches or the earlier tranches, which are really only around two years old. We're still ascending to cruising altitude, and we still have capacity in those centers remarkably. And so the ultimate target for how we think about those from unlocking labor productivity, which not only helps our margins, but also obviously creating 10% to 20% more nursing labor units.

再說一遍，我們不會為擋風玻璃時間付費，因為我們可以同時注射多種療法。因此，那些較晚的部分或較早的部分實際上只有兩年左右的時間。我們仍在上升到巡航高度，我們在這些中心仍然擁有顯著的容量。因此，我們的最終目標是釋放勞動生產力，這不僅有助於提高我們的利潤，而且顯然還能增加 10% 至 20% 的護理勞動力單位。

That's why you hear us talking so much about about the strategy and I would just finish up, look, it not only does it help us from an economies of scale, but it helps us from an economies of scope because as we think about other therapies like infusible that require healthcare professional oversight, utilizing those as a strategic platform to think about therapies that frankly, you wouldn't send a nurse for hours in the car to to administer all of a sudden clinically and economically are viable in the suites. And that's something that's helped us from a portfolio management perspective.

這就是為什麼你聽到我們如此多地談論該策略，我只想結束，看，它不僅幫助我們實現規模經濟，而且還幫助我們實現範圍經濟，因為當我們考慮其他療法時就像需要醫療保健專業監督的輸液一樣，利用這些作為戰略平台來思考坦率地說，你不會派護士在車裡待上幾個小時來進行治療，但突然間在套房中臨床和經濟上都是可行的。從投資組合管理的角度來看，這對我們有幫助。

Yes. The only other thing I'd add to that, Dave is certainly along the questions that you asked for the infusion suite and utilization and helping to drive that. We also focus a lot around just the productivity of our entire labor force, right? So we're always working through and looking for ability to drive that productivity and efficiency across the platform. And we talked before about some of the U.S. deployments of the technology, both in the prepared remarks, but in previous calls, comments around repetitive process automation and efficiencies up to really help our teams take some of the more routine and road aspects out and drive higher productivity and efficiency across the platform. And we'll continue to focus on that in 24.

是的。我要補充的唯一一件事是，戴夫肯定會回答您提出的有關輸液套件和利用率的問題，並幫助推動這一點。我們也非常關注整個勞動力的生產力，對嗎？因此，我們一直在努力尋找提高整個平台生產力和效率的能力。我們之前在準備好的演講中談到了美國的一些技術部署，但在之前的電話會議中，圍繞重複流程自動化和效率的評論確實幫助我們的團隊消除了一些更常規和道路方面的問題並推動整個平台更高的生產力和效率。我們將在 24 小時繼續關注這一點。

But we believe there's still opportunities for us to drive those operating efficiencies. And with every deployment of technology or the releases that our technology team has, it's putting into the environment and we're looking for ways to to maximize the the licensure of our workforce of the capabilities and capacity of the workforce. And we'll continue to do that unrelenting because we know there's opportunities to take cost and waste out of the process.

但我們相信我們仍然有機會提高營運效率。隨著我們技術團隊的每一次技術部署或發布，它都被投入到環境中，我們正在尋找方法來最大限度地授權我們的員工的能力和能力。我們將繼續堅持不懈地這樣做，因為我們知道有機會減少流程中的成本和浪費。

And then guys, I guess just to follow up on the ambulatory infusion suite, is there a specific timing breakpoint, you know, let's say, 12 months, 18 months before you start to see it at 10% lift are to drift higher towards the 20? And then it sounds like you've obviously have meaningfully expanded the footprint over the last couple of years as it sounds like that's slowed a touch. You guys digest more of these. Is there any reason to think at the overall book just because you'll have fewer new starts so to speak, shouldn't continue to lift higher in terms of nursing productivity?

然後夥計們，我想只是為了跟進動態輸液套件，是否有一個特定的時間斷點，你知道，比方說，在你開始看到10% 提升之前的12 個月、18 個月，會向更高的方向漂移20？聽起來你在過去幾年裡顯然已經有意義地擴大了足跡，因為聽起來這減緩了接觸速度。你們多消化一下這些。有沒有理由去思考整本書，只是因為您的新開始會減少，可以說，不應該繼續提高護理生產力？

Yes. I mean, we look we have a very disciplined model with expectations on utilization and adoption. That's one of the reasons why we don't just go out and open 600 of these overnight because as we're being rather surgical and methodical and local ops and commercial leadership are held accountable to fill the centers. And so what we've said is typically by the first anniversary on average, these are breaking even so the nurse productivity covers the cost of rent insurance utilities and just operating costs.

是的。我的意思是，我們看起來有一個非常嚴格的模型，對利用率和採用有期望。這就是為什麼我們不只是在一夜之間就開設 600 個這樣的中心的原因之一，因為我們相當外科手術和有條不紊，並且當地運營和商業領導層有責任填補這些中心。因此，我們所說的通常是平均到一週年，這些都達到收支平衡，因此護理師的生產力涵蓋了租金保險公用事業成本和營運成本。

And typically, you know, by that 18 to 24 months, they're they're generating a net 10% profit. We've had some that have have moved faster, but we we make sure they're there following the expected trajectory. And so I'd say conservatively you of somewhere after the second anniversary. And again, it's not a it's not an exact science on those are going to be close to that 20% productivity uplift.

通常，您知道，到 18 到 24 個月，他們就會產生 10% 的淨利潤。我們有一些進展更快，但我們確保它們遵循預期的軌跡。所以我保守地說，你會在兩週年紀念日之後的某個地方。再說一遍，這並不是一門精確的科學，它可以讓生產力接近 20% 的提升。

The great thing is, as John highlighted, we open 20 new centers in 2023. We still have a tremendous amount of proof of capacity within the roughly 170 centers we have across the country. And so it's not as our ability to drive leverage and value from these is it necessarily corresponding to how many are reopening every single quarter to now that we have a truly national network of 170 centers across the country, how do we also continue to drive utilization within the existing footprint.

正如 John 所強調的，最棒的是，我們將在 2023 年開設 20 個新中心。我們在全國大約 170 個中心中仍然擁有大量的容量證明。因此，我們從這些中心中提高槓桿率和價值的能力並不一定與每個季度重新開放的中心數量相對應，到目前為止，我們在全國擁有一個由170 個中心組成的真正的全國網絡，我們如何繼續提高利用率在現有的足跡範圍內。

And so I think that at some point, we'll hit a point where we feel good, but we're not capital constrained. And if we see an opportunity, local market will be very quick to open an additional center.

所以我認為在某個時候，我們會達到一個感覺良好的點，但我們不會受到資本的限制。如果我們看到機會，當地市場很快就會開設一個額外的中心。

And then guys, just last question. You mentioned earlier this kind of conversations with players. I'm curious in those conversations, we've seen a willingness by the payers to put a little bit more teeth around site of service redirection, whether that's plan design or whatever on with regards to the regulatory infusion suite, is there an opportunity? I mean, you talked about other services outside of confusion, but was there an opportunity and an appetite for potentially some non infused products, maybe some injectables where there's interesting component? Just any color there would be helpful.

夥計們，最後一個問題。您之前提到過與玩家的這種對話。我很好奇，在這些對話中，我們看到付款人願意在服務重定向網站上採取更多措施，無論是計劃設計還是監管注入套件方面的其他內容，是否有機會？我的意思是，您在混亂之外談到了其他服務，但是是否有機會和興趣潛在地購買一些非注射產品，也許是一些含有有趣成分的注射劑？任何顏色都會有幫助。

Yes, Dave. So the conversations that we've had and continue to have with the payer community around site of carry. I would I would say there's a broad range of those conversations. We are seeing certain circumstances where some of the payers are directing with a little bit more heavy hand and the utilization of these lower sites or lower costs of sites of care and and putting that into the way that they're up, they're managing their membership.

是的，戴夫。因此，我們已經並將繼續與攜帶站點周圍的付款人社區進行對話。我想說這些對話的範圍很廣。我們看到某些情況下，一些付款人的指導力度更大一些，並且利用這些較低的站點或較低成本的護理站點，並將其納入他們的管理方式中。 他們的會員資格。

I wouldn't say that widespread across the entire industry, but we are starting to see that uptake in local pockets or some of the more regional players on that. So we're trying to stay ahead of that. We are in active conversations and we believe that with some of the focused around medical loss ratios, especially in some of the capitated programs that the payers are dealing with.

我不會說這種情況在整個行業中普遍存在，但我們開始看到當地或一些更區域性的參與者對此有所了解。因此，我們正在努力保持領先地位。我們正在進行積極的對話，我們相信其中一些重點是醫療損失率，特別是在付款人正在處理的一些按人頭付費的計劃中。

We offer a really valuable solution to them of offering that high-quality care at a more appropriate cost than some of the other settings in which the patients could receive it. So we expect that that will be an impetus for us to have those conversations. And we're going to continue to talk about the values and the virtue that we can bring to them through that process.

我們為他們提供了一個非常有價值的解決方案，以比患者可以接受的其他一些環境更合適的成本提供高品質的護理。因此，我們希望這將成為我們進行這些對話的動力。我們將繼續討論我們可以透過這個過程為他們帶來的價值觀和美德。

And the second part of your question, we are doing that today, Dave, where again, we take a look at the portfolio within the infusion suite itself, where there are either products that may not be infused, but they may be injectables that require a health care professional oversight. We are doing those in in the infusion suite. One of the products I called out that Kevin NuVa is a part of that really fits within that, that category that requires that HCP. two to provide that oversight.

你問題的第二部分，我們今天正在這樣做，戴夫，我們再次看看輸液套件本身的產品組合，其中有些產品可能無法輸注，但它們可能是需要注射的產品醫療保健專業人員的監督。我們正在輸液套件中進行這些操作。我指出 Kevin NuVa 是其中一個真正適合該類別的產品的一部分，該類別需要 HCP。兩個提供這種監督。

And we'll continue to look for those opportunities and continue to partner upstream with biopharma as being a channel partner for those type of products as well as continue to discuss the the the cost value of being able to provide care to their members to the payers and why they should help to choose that as a site of care as they're moving forward.

我們將繼續尋找這些機會，並繼續與生物製藥上游合作，作為此類產品的通路合作夥伴，並繼續討論能夠為付款人的會員提供護理的成本價值以及為什麼他們應該在前進的過程中幫助選擇該地點作為護理地點。

Yes, John, the better way to ask that would have been just in terms of the growth around that end of the non infused products, are you seeing any kind of meaningful on acceleration, increased acknowledgment of the services that you guys provide, increased appetite for manufacturers, et cetera?

是的，約翰，更好的提問方式就是圍繞著非注射產品這一端的增長，您是否看到任何有意義的加速、對你們提供的服務的更多認可、增加的胃口對於製造商等？

It's incorporated in the guidance that we provided. I mean, we've there are some positive aspects of that. But nothing that I'd say is a is a major needle mover on that are disproportionate, but we're going to continue to look for every opportunity we can to, as Mike said, build the chairs and utilize the capacity that we have in an efficient and effective way.

它已納入我們提供的指南中。我的意思是，我們有一些積極的方面。但我想說的是，這並不是不成比例的主要推動因素，但我們將繼續尋找一切可能的機會，正如麥克所說，建造椅子並利用我們擁有的能力一種高效且有效的方法。

That's very much.

就這麼多了。

Thanks.

謝謝。

Joanna Gajuk with Bank of America. Your line is now.

美國銀行的喬安娜‧加尤克 (Joanna Gajuk)。你的線路現在是。

Hi, good morning. Thanks so much for taking the questions. So I guess first on the follow-up, just to clarify, as you said, the procurement benefit was some $8 million sort of sounds like maybe a little bit less than what you were expecting. So like I saw, is that right? And then was that and also, can you remind us what was it for the full year? And also with that, the source rock is zero benefit in January or in Q1?

早安.非常感謝您提出問題。因此，我想首先要澄清的是，正如您所說，採購收益約為 800 萬美元，聽起來可能比您的預期要少一些。就像我看到的那樣，是嗎？然後，您能提醒我們全年的情況嗎？而且，源岩在一月或第一季的效益為零？

Good morning, Joanna. Yes, it's Mike. Yes. So we in my prepared remarks, I mentioned that we estimate and again, this isn't an exact science because you have moving patient census. It's multiple codes across a number of different payers. Some that are ASP., some that are AWP., but to the best of our estimation, we estimate that we had approximately $8 million of benefit in the quarter and so on our best estimate is when you when you look in the $425 million that we reported there's roughly $33 million to $35 million of total benefit.

早安，喬安娜。是的，是麥克。是的。因此，我們在準備好的發言中提到，我們進行了估計，這不是一門精確的科學，因為您正在進行不斷變化的患者普查。它是多個不同付款人的多個代碼。有些是 ASP，有些是 AWP，但根據我們的最佳估計，我們估計本季的收益約為 800 萬美元，因此我們的最佳估計是當您查看 4.25 億美元時，據我們報道，總收益約為3300 萬至3500 萬美元。

Again, it doesn't show up the first day of a quarter doesn't go away the last day of the quarter. And so it really dissipated throughout Q4 as we had expected. And so I think as we talked about on our third quarter call, I think our commentary that you're using you roughly at three 90 jump-off point. Normalizing for those transitionary benefits is a logical a baseline. There are no benefits going into it. Specific to this situation. There is there are no benefits going into 2024. So it's a it will be a clean break.

同樣，它不會在季度的第一天出現，也不會在季度的最後一天消失。因此，正如我們預期的那樣，它確實在第四季度消散了。因此，我認為，正如我們在第三季電話會議上討論的那樣，我認為我們的評​​論是，您大約在三個 90 的起點上使用您。這些過渡性好處的正常化是一個合乎邏輯的基線。這沒有任何好處。具體針對這種情況。到 2024 年，沒有任何好處。所以這將是一次徹底的決裂。

Great. Thank you for that. And I guess it's somewhat related because you mentioned right of the 24, it's more of a normalized year. You don't have any major headwinds or tailwinds that you had in 23. Because on one hand, you you exit a business and there were some therapies going way, but then you have this benefit from procurement, but 24, maybe not.

偉大的。謝謝你。我想這有點相關，因為你提到了 24 日，這更像是一個正常化的年份。你沒有像 23 年那樣遇到任何重大逆風或順風。因為一方面，你退出一家企業，並且有一些療法正在進行中，但你可以從採購中獲得這種好處，但 24 可能不會。

But I guess the sort of couple of things, I guess going a going on in the markets are like there's a biosimilar, I guess, for one of the infusions to sharply on coming to the market. So I guess how meaningful this could be or maybe that's just a wash because maybe there's new therapies coming in and I guess NPV accretive to a data on those until the makers of those structures work in a subcutaneous formulation, mainly those are not coming 24 maybe later.

但我想，市場上正在發生的事情就像有一種生物相似藥，我想，其中一種輸液在進入市場後會急劇上漲。所以我猜這可能有多有意義，或者也許這只是一次清洗，因為也許有新的療法出現，我猜NP​​V 會增加這些數據，直到這些結構的製造商在皮下製劑中工作，主要是那些不會出現24之後。

But I guess as it relates to our subcutaneous on kind of what do you expect the launches to actually happen and how would this impact your business and to the point? And last point you were making around a suite and using dose for injectables. Is this something that you would have the interior and curriculum example, it's a continuous battle formulations being utilized in both location. Thank you.

但我想，因為這與我們的皮下業務有關，您期望發布實際發生什麼，這將如何影響您的業務和重點？最後一點，您正在圍繞一套套件進行製作並使用注射劑的劑量。這是您將擁有的內部和課程範例嗎？謝謝。

Yes, Joe, I know look, the one thing that we tried to underscore as we engage with investors is this is a very dynamic marketplace. It is not a static portfolio of therapies. And if you look at what we will infuse and inject into that our patients in 2024. It's markedly different than it was five years ago and is probably markedly different than what it will be five years from now, our business development team. Again, we have very direct lines into manufacturers.

是的，喬，我知道，當我們與投資者接觸時，我們試圖強調的一件事是，這是一個非常活躍的市場。它不是靜態的治療組合。如果你看看 2024 年我們將輸注和注射什麼給我們的病人。我們的業務開發團隊與五年前明顯不同，也可能與五年後的情況明顯不同。同樣，我們與製造商有非常直接的聯繫。

Nothing comes to market, no new administration method. No filing is hitting that. That is of a major surprise to us. And so as we look whether it's two months or 20 months out, we're constantly trying to anticipate the dynamics in the marketplace. And so a lot of the manufacturers, you talked the used products you quoted, we have regular dialogues with them and we fully anticipate and have incorporated into our guidance on therapies that will go subcutaneous arm or that will eventually have biosimilar entrants. And so that that's something that we stay well ahead of.

沒有任何東西進入市場，也沒有新的管理方法。沒有任何文件可以滿足這一點。這對我們來說是一個很大的驚喜。因此，當我們考慮兩個月或 20 個月後的情況時，我們會不斷嘗試預測市場的動態。因此，許多製造商，您談論了您引用的二手產品，我們與他們定期對話，我們充分預期並將其納入我們對皮下注射或最終將有生物仿製藥進入的療法的指導中。因此，我們在這方面遙遙領先。

And when something and again, just to remind just when when something goes subcutaneous to John's point, you need to read the labels because sometimes someone goes subcutaneous that still requires health care, professional oversight and so on. And even if it doesn't require an HCP oversight, that still remains within our clinical model, admittedly, maybe with some different economics. And so and all of those are developments that we're constantly anticipating and incorporating into our commercial and operational strategy.

當某件事一次又一次地發生時，只是提醒一下，當某件事進入皮下達到約翰的觀點時，你需要閱讀標籤，因為有時有人進入皮下，仍然需要醫療保健、專業監督等。誠然，即使不需要 HCP 監督，這仍然屬於我們的臨床模型，也許有一些不同的經濟原理。因此，所有這些都是我們不斷預期的發展，並將其納入我們的商業和營運策略。

Again, if I may last last follow-up, I guess on the commentary around that, it's very strong cash flow. You still expect for 24, right, vis-a-vis a year-over-year headwind of the of the termination fee that you got in 23, it's not going to repeat, but when it comes to acquisitions, can you have any latest updates in terms of things that will be of interest you know, how far away are you willing to veer off of the core home infusion business? I mean, are there any considerations for report and it may be expanding and the drugs that you deliver say, I mean, we talk about the injectables, but maybe more of the oncology drugs. So any color of things kind of are you looking at on that date. Good to hear. Thank you.

再說一遍，如果我可以進行最後一次跟進，我想根據圍繞這一點的評論，現金流非常強勁。你仍然期望24年，對吧，相對於你在23年收到的終止費的逐年逆風，它不會重複，但當涉及到收購時，你能有任何最新的消息嗎？事情進行更新，您願意偏離核心家庭輸液業務多遠？我的意思是，報告是否有任何考慮因素，它可能會擴大，並且您提供的藥物說，我的意思是，我們談論注射劑，但也許更多的是腫瘤藥物。所以你在那一天看到的任何顏色的東西。很高興聽到。謝謝。

Yes, Joanna, I mean, we're constantly focused on how do we grow and we think that driving top line and bottom line growth is a surefire way to create value for our shareholders, whether it's organic and utilizing our suites and infrastructure to add therapies to the bag, so to speak or deploying capital through and M&A strategy and I think, look, I think we've tried to alleviate concerns and reinforce our strategy on the corporate development front, which is to say, look simply by generating more cash that doesn't lower the bar and John has preached that things have to be both strategic and economic value that we can articulate to our shareholders.

是的，喬安娜，我的意思是，我們一直關注如何成長，我們認為推動營收和利潤成長是為股東創造價值的必由之路，無論是有機的還是利用我們的套房和基礎設施來增加價值療法，可以這麼說，或者透過併購策略部署資本，我認為，看，我認為我們已經試圖減輕擔憂並加強我們在企業發展方面的策略，也就是說，看起來只是透過產生更多現金不會降低標準，約翰宣揚，事情必須具有我們可以向股東闡明的策略和經濟價值。

We're very active on that front. We're going to be very, very disciplined. There's a lot that we could do that's strategic that that doesn't represent an economic proposition and vice versa. And so we see a number of opportunities I think, frankly, without laying out our playbook, we're going to be disciplined and patient. The great thing is the base business we expect based on our guidance to perform very well this year.

我們在這方面非常積極。我們將非常非常自律。我們可以做很多策略性的事情，但不代表經濟主張，反之亦然。因此，我們看到了很多機會，坦白說，即使沒有製定我們的策略，我們也將保持紀律和耐心。很棒的是，根據我們的指導，我們預計基礎業務今年將表現良好。

And so there isn't the anxiety or pressure to do a deal just for the sake of doing a deal and done given given our capital structure, I think we're in a very advantageous position. And as John also highlighted, we also have the pressure valve of a share repurchase authorization. That's another channel through which we can deploy capital for our shareholders.

因此，考慮到我們的資本結構，我們並不存在為了達成交易而達成交易的焦慮或壓力，我認為我們處於非常有利的地位。正如約翰也強調的那樣，我們還擁有股票回購授權的壓力閥。這是我們為股東配置資本的另一個管道。

Thank you.

謝謝。

Jamie Perse with Goldman Sachs. Your line is now open.

高盛的傑米·珀斯。您的線路現已開通。

Thanks. Good morning. John, you rattled off a number of therapies that are driving chronic growth at the moment. Can you spend a little more time on a few of those the faster growing or larger categories and where you think they are in their own life cycle, what visibility that gives you for chronic growth over the next couple of years?

謝謝。早安.約翰，您列舉了一些目前正在推動慢性成長的療法。您能否花更多時間關注其中一些成長較快或較大的類別，以及您認為它們在自己的生命週期中所處的位置，以及在未來幾年內為您帶來長期成長的可見性？

And just your sense of innovation upstream with biopharma for infusible drugs?

您對生物製藥上游輸液藥物的創新意識如何？

Yes. So in prepared remarks, I called out, you know, some of the products that we had launched, we had talked about us by Cubic in previous earnings calls, a biopsy did guard as well as cabin NuVa. I wouldn't say these are outsized growth proportion on it. We feel privileged to have the partnership that we do with an organization like crystal and helping to be a channel partner to serve their their patients or patients that require their gene therapy across the entire fleet.

是的。因此，在準備好的發言中，我提到了我們推出的一些產品，我們在之前的財報電話會議上由 Cubic 討論過我們，活檢確實保護了 NuVa 的安全。我不會說這些成長比例太大。我們很榮幸能夠與 Crystal 這樣的組織建立合作夥伴關係，並幫助成為渠道合作夥伴，為他們的患者或整個艦隊需要基因治療的患者提供服務。

On the chronic side, again, we continue to have a very diverse and a broad portfolio of products there. And as Mike just called out there, they don't move in tandem and we have things that are moving up. We have things that are moving down that it is a dynamic environment there. We really appreciate. And but we continue to hear and work with the biopharma partners is around the platform that we're able to provide that high quality clinical knowledge and know how the logistics and the national platform in which we can serve patients.

從長期來看，我們仍然在那裡擁有非常多樣化和廣泛的產品組合。正如麥克剛才所說，他們不會同步行動，而我們的事情正在上升。我們的事情正在發生變化，那裡是一個充滿活力的環境。我們真的很感激。但我們繼續聽到並與生物製藥合作夥伴合作，圍繞這個平台，我們能夠提供高品質的臨床知識，並了解我們可以為患者提供服務的物流和國家平台。

And that ability now to have an expanded capability set to not only serve patients in the home, but in IA, the infusion suites all puts us in a really strong position to continue to work with biopharma to be a channel partner and to be able to continue to expand our list of limited distribution drugs or expand the list of products that we have within our portfolio.

現在，我們擁有擴展的能力，不僅可以為家庭患者提供服務，而且可以在IA 中提供輸液套件，這一切都使我們處於非常有利的地位，可以繼續與生物製藥公司合作，成為通路合作夥伴，並能夠繼續擴大我們的有限分銷藥物清單或擴大我們的產品組合中的產品清單。

So the focus of our business development team is around those relationships of continue to focus around on maximizing the value of our platform and we'll continue to look for those opportunities with new and emerging products as you that second part of your question, we're actively managing and monitoring of what is that pipeline of new products.

因此，我們業務開發團隊的重點是圍繞這些關係繼續專注於最大化我們平台的價值，我們將繼續尋找新興產品的機會，正如您問題的第二部分一樣，我們'我們正在積極管理和監控新產品的渠道。

What of those products have the characteristics that fit well within our platform and are active in conversations with are those biopharma partners around the role that we can play in helping to support the launch of those products, the support of existing products and the ability to serve the patients in one of the settings that our clinical team is well-equipped to serve.

這些產品的哪些特徵非常適合我們的平台，並且積極與那些生物製藥合作夥伴進行對話，我們可以在幫助支持這些產品的推出、現有產品的支持和服務能力方面發揮作用我們的臨床團隊裝備精良，可以為患者提供服務。

Okay. Great. And then, Mike, I had one follow-up on the procurement benefits. I know you guys are hesitant to talk about this too much while you're in the midst of getting those benefits, but at this point or are you able to is safe if the benefits came from a branded drug or biosimilar? And I'm on a question, I know you guys have been asked many times over the years, just the the impact on gross margin from biosimilar or generic events on this experience over the last six months, give us a signal on how those events might impact your profitability?

好的。偉大的。然後，麥克，我對採購效益進行了跟進。我知道你們在獲得這些好處時不願意過多談論這個問題，但在這一點上，如果這些好處來自品牌藥物或生物相似藥，您是否能夠安全？我有一個問題，我知道多年來你們已經被問過很多次了，過去六個月生物仿製藥或仿製藥事件對毛利率的影響，請給我們一個關於這些事件如何影響的信號可能會影響您的獲利能力？

Yes, Jamie, look, I mean, obviously for competitive purposes, we're going to be reluctant. All I'll say is, you know, it wasn't one drug. It was one code. It was a little bit of a confluence of a limited number of therapies that have gone away. And again, I would say we always have some puts and takes. There's also some areas last year where we had some some procurement headwinds on some of the nutritional therapies that we support and the team tries to do their best to to mitigate logo.

是的，傑米，你看，我的意思是，顯然出於競爭的目的，我們會不太情願。我要說的是，你知道，這不是一種藥物。這是一個代碼。這是已經消失的有限數量的療法的一點融合。再說一遍，我想說我們總是有一些投入和收穫。去年，在某些領域，我們支持的一些營養療法在採購方面遇到了一些阻力，團隊試圖盡最大努力減輕識別問題。

And on a yes, on the biosimilar front, again, no two biosimilar events are exactly the same. It typically isn't a bad development from our perspective we we provide therapy and we build payers based on ANASPAW. peer wax brides. So as as a category becomes more competitive, typically there's a SP. and AWP. pressure over time. It's not overnight, which you know, typically as headwind on our on our revenue. However, when you have multiple manufacturers and providers that typically tips the scale from a procurement leverage and we can typically drive a gross margin rate expansion.

是的，在生物相似藥方面，沒有兩個生物相似藥事件是完全相同的。從我們的角度來看，這通常不是一個糟糕的發展，我們提供治療並基於 ANASPAW 建立付款人。同行蠟新娘。因此，當一個類別變得更具競爭力時，通常就會出現一個 SP。和 AWP。隨著時間的推移壓力。這不是一朝一夕的事，你知道，這通常是我們收入的逆風。然而，當您擁有多個製造商和供應商時，通常會透過採購槓桿來擴大規模，我們通常可以推動毛利率擴張。

How that manifests in dollars. All I'll say is, look, it's very much more of a revenue event for us than it is a gross profit dollar event and it from a supply chain risk management. It typically de-risks our supply chain. And given our direct relationships with virtually all of the manufacturers we can we can be very responsive as payers want to actively manage formularies and can pretty much turn on a dime.

這如何以美元體現。我想說的是，看，這對我們來說更多的是收入事件，而不是毛利事件，而且它來自供應鏈風險管理。它通常會降低我們供應鏈的風險。鑑於我們與幾乎所有製造商的直接關係，我們可以非常敏感地回應，因為付款人希望積極管理處方集並且幾乎可以立即轉變。

Okay, great. I'll leave it there. Thank you.

好的，太好了。我會把它留在那裡。謝謝。

Thanks, and thanks, David.

謝謝，謝謝，大衛。

Michael Petusky with Barrington Research. Your line is now open for

巴靈頓研究公司的麥可‧佩圖斯基。您的線路現已開通

Good morning. Sorry. Let me ask one more real quick. On the 33 or 35 throughout. It feels like most of 23, the but you did say I think Mike, typically you do get sort of am I live here some bit? Yes.

早安.對不起。讓我快點再問一個。整個33或35。感覺就像 23 歲的大多數人一樣，但你確實說過我認為麥克，通常你確實會覺得我住在這裡嗎？是的。

Can you just talk about what historically I mean that number and mean like $5 million, $10 million? What's the what's the typical?

您能否談談歷史上我對這個數字的理解，例如 500 萬美元、1000 萬美元？典型的是什麼？

Yes. I mean, it's probably in the ZIP Code, Mike. I mean, again, there's there's there's puts and takes every year. You know it, you know, on on the scale that we have, it's somewhere in the ZIP code of what you articulated.

是的。我的意思是，它可能在郵政編碼中，邁克。我的意思是，每年都會有投入和支出。你知道，你知道，就我們所擁有的規模而言，它就在你所說的郵遞區號中的某個地方。

Great. And then just one more quick one. Just in terms of you sort of 12, great history of Hyatt as anything in terms of 24 guys, your methodology for price more aggressive or has it essentially the methodology that you've historically used to get to your initial guide?Sorry.

偉大的。然後再快一點。就您而言，凱悅酒店的 12 名偉大歷史與 24 名員工的任何事物一樣，您的價格方法更加激進，或者本質上是您過去用於獲取初始指南的方法？

Well, yes.

嗯，是。

Thanks, Mike. I think it's not lost on us that, you know, we've built a reputation of laying out expectations that we have a high degree of confidence going into the year that we can deliver. And our track record is one that we're proud of. We have a very robust process looking at a number of dynamics that.

謝謝，麥克。我認為我們並沒有忘記，我們已經建立了良好的聲譽，我們對今年能夠實現的目標充滿信心。我們的業績記錄是值得我們驕傲的。我們有一個非常穩健的流程，著眼於許多動態。

Yes, as we get bigger, there's a little bit of a bigger range from a from a plus minus perspective. But the fundamental approach of how we approach communicating expectations for the year has not changed.

是的，隨著我們變得更大，從正負角度來看，範圍會更大一些。但我們傳達今年預期的基本方法並沒有改變。

Thanks, guys. Congrats on a great year.

多謝你們。恭喜您度過了美好的一年。

Thanks. Thanks, Mike.

謝謝。謝謝，麥克。

Thanks, Mike.

謝謝，麥克。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to management for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我現在想將其轉回給管理層以供結束語。

Thank you all for joining us this morning and participating on our call. As we outlined, 2023 was a very productive year and our team continued to execute at a very high level. We understand the important role that are that we play in delivering care to our patients and their families. And we look forward to serving even more patients in 2024. Take care and have a great day. Thank you.

感謝大家今天早上加入我們並參加我們的電話會議。正如我們所概述的，2023 年是非常富有成效的一年，我們的團隊繼續以非常高的水平執行。我們了解我們在為患者及其家人提供護理方面發揮的重要作用。我們期待在 2024 年為更多患者提供服務。保重，祝你有美好的一天。謝謝。

This concludes today's conference call. Thank you for participating. You may now. Disconnect.

今天的電話會議到此結束。感謝您的參與。你現在可以了。斷開。