Pacs Group Inc (PACS) 2024 Q2 法說會逐字稿

Hello, and welcome to the PACS Group Inc second quarter fiscal year 2024 earnings conference call and webcast.

您好，歡迎參加 PACS Group Inc 2024 財年第二季財報電話會議及網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Derick Apt, CFO.

現在我很高興將電話轉給財務長 Derick Apt。

Please go ahead, Derick.

請繼續，德里克。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

Thank you for joining us for our second quarter 2024 earnings call.

感謝您參加我們的 2024 年第二季財報電話會議。

I'm joined today by Jason Murray, our Chairman and CEO; and Josh Jergensen, our President and COO.

今天我們的董事長兼執行長傑森·穆雷 (Jason Murray) 也加入了我的行列。以及我們的總裁兼營運長 Josh Jergensen。

Before we begin the prepared remarks, we'd like to remind you that this afternoon, PACS Group issued a press release announcing its second quarter 2024 results, an investor presentation was published and is available on the Investor Relations section of pacs.com.

在我們開始準備好的發言之前，我們想提醒您，今天下午，PACS 集團發布了一份新聞稿，宣布其2024 年第二季度業績，並發布了一份投資者演示文稿，可在pacs.com的投資人關係部分查看。

I'd also like to remind everyone that during the course of today's conference call, we'll discuss certain forward-looking information.

我還想提醒大家，在今天的電話會議中，我們將討論某些前瞻性資訊。

Any forward-looking statements made today are based on management's current expectations, assumptions and beliefs about our business and the environment in which we operate.

今天做出的任何前瞻性陳述均基於管理層目前對我們的業務和營運環境的預期、假設和信念。

These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call.

這些陳述存在風險和不確定性，可能導致我們的實際結果與今天電話會議中明示或暗示的結果有重大差異。

In addition to any risks highlighted during this call, you should carefully consider other important risk factors and disclosures that may affect PACS Group's future results as described in our quarterly report on Form 10-Q for the quarter ended June 30, and our other reports filed with or furnished to the SEC.

除了本次電話會議期間強調的任何風險外，您還應仔細考慮可能影響PACS 集團未來業績的其他重要風險因素和披露信息，如我們截至6 月30 日的季度10-Q 表格季度報告以及我們提交的其他報告中所述與或提供給 SEC。

Listeners should not place undue reliance on forward-looking statements and are encouraged to review our SEC filings for a more complete discussion of factors that could impact our results, except as required by federal securities law, PACS Group and its affiliates do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, changing circumstances or for any other reason.

聽眾不應過度依賴前瞻性陳述，並鼓勵聽眾查看我們向 SEC 提交的文件，以更全面地討論可能影響我們業績的因素，除非聯邦證券法要求，PACS 集團及其附屬公司不承諾公開披露如果因新資訊、未來事件、情況變化或任何其他原因而發生變化，則更新或修改任何前瞻性陳述。

Information discussed on this call concerning PACS Group's industry competitive position in the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates, which are derived from publicly available information released by independent industry analyst and other third-party sources as well as data from PACS Group's internal research and are based on reasonable assumption and computations made upon reviewing such data in our experience and knowledge of our industry end markets.

本次電話會議討論的有關PACS 集團在我們經營所在市場中的行業競爭地位的信息基於獨立行業和研究機構、其他第三方來源和管理層估計的信息，這些信息源自獨立行業分析師發布的公開資訊和其他第三方來源以及來自 PACS 集團內部研究的數據，並且基於我們根據我們的行業終端市場經驗和知識審查這些數據而做出的合理假設和計算。

By definition, assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimates.

根據定義，假設受到不確定性和風險的影響，可能導致結果與估計中表達的結果有重大差異。

During this call, we'll discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDAR.

在本次電話會議中，我們將討論某些非 GAAP 財務指標，包括調整後 EBITDA 和調整後 EBITDAR。

These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP.

這些非公認會計原則財務措施應被視為根據公認會計原則制定的措施的補充，而不是替代。

For a reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measures, please refer to the earnings release and the appendix in the investor relations presentation, which are both published and available on the Investor Relations section of PACS Group's website.

有關本次電話會議期間討論的非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，請參閱收益報告和投資者關係演示文稿中的附錄，這些內容均在PACS Group 的投資者關係部分發布和提供。

I'll now turn the call over to Jason.

我現在將電話轉給傑森。

Thanks, Derick, and thank you all for attending today's call.

謝謝德里克，也謝謝大家參加今天的電話會議。

We continue to take great pride and responsibility with our mission of delivering better post-acute clinical care across the country and ensuring we elevate care for America's most vulnerable.

我們繼續感到非常自豪和責任，我們的使命是在全國範圍內提供更好的急性後臨床護理，並確保我們提高對美國最弱勢群體的護理水平。

We're proud of the work of our more than 38,000 employees across the country provide each day, and we are inspired by their commitment to quality and excellence.

我們為全國 38,000 多名員工每天所做的工作感到自豪，他們對品質和卓越的承諾也讓我們深受鼓舞。

They are the foundation of our success.

它們是我們成功的基礎。

We're proud to report that we have built upon our strong first quarter performance into the second quarter of this year.

我們很自豪地報告，今年第二季我們已經在第一季強勁的業績基礎上再接再厲。

We saw an increase in the number of buildings with four or five star quality measure ratings as well as continued strong financial performance from our buildings.

我們看到獲得四星級或五星級品質評價的建築物數量有所增加，並且我們建築物的財務業績持續強勁。

Clinically, our teams continue to push for better outcomes for our patients and residents.

在臨床上，我們的團隊繼續努力為我們的患者和住院醫生爭取更好的結果。

Our leading indicator of better clinical results as the CMS quality measure or QM star rating.

我們作為 CMS 品質衡量或 QM 星級評定的更好臨床結果的領先指標。

Over the second quarter, we had seven buildings move into four-star rating resulting in [165% or 175%] of our skilled nursing portfolio, having achieved a four or five star CMS QM rating.

第二季度，我們有 7 棟建築進入四星級評級，導致我們熟練護理產品組合的 [165% 或 175%] 獲得了四星級或五星級 CMS QM 評級。

To better illustrate our facility dedication and quality, I'd like to share a quick anecdote from one of our facilities.

為了更好地說明我們設施的奉獻精神和質量，我想分享一個來自我們設施的軼事。

In Q1 of this year, we acquired a highly distressed facility in the state of California.

今年第一季度，我們收購了加州一家陷入困境的工廠。

The facility lacked the clinical capability to admit higher acuity patients resulting in a depressed census of less than 60%.

該機構缺乏收治病情嚴重程度較高患者的臨床能力，導致人口普查結果低於 60%。

Since the acquisition, the facility leadership has invested heavily in the recruitment, the training and education of staff as well as adding additional tools and resources to improve care.

自收購以來，設施領導層在員工招聘、培訓和教育方面投入了大量資金，並增加了額外的工具和資源以改善護理。

These efforts have yielded impressive results and more importantly, the facility has earned a higher level of confidence in the community it serves.

這些努力取得了令人印象深刻的成果，更重要的是，該設施為其服務的社區贏得了更高的信心。

So as a result, during Q2, the facility achieved and maintained an average daily census of over 95% and had increased its skilled mix from less than 10 patients daily at acquisition to over

因此，在第二季度，該機構實現並維持了超過 95% 的日均普查率，並將其技術人員組合從每天採集時的不到 10 名患者增加到超過 10 名患者。

[60].

[60]。

The facility has recently approached by one of their local hospitals and asked if they'd like to be a preferred partner to take care of their higher acuity patients.

最近，當地一家醫院與該機構接洽，詢問他們是否願意成為首選合作夥伴來照顧病情嚴重的患者。

The facility now has the staff and the clinical competence to service community in a meaningful way.

該機構現在擁有以有意義的方式為社區服務的工作人員和臨床能力。

The improvement of clinical outcomes is truly the most important factor in our financial strength.

臨床結果的改善確實是我們財務實力的最重要因素。

This is represented in our revenue growth year-over-year of 29.1% or $221.2 million for the second quarter and a 30.5% increase or $447.5 million year over year for the first six months of the year.

這體現在我們第二季度的營收年增 29.1%（即 2.212 億美元）和今年前 6 個月的營收年增 30.5%（即 4.475 億美元）。

Our revenue was driven higher by several factors when compared with the same quarter last year.

與去年同期相比，我們的收入受到多種因素的推動。

In addition to maintaining 90%-plus occupancy in our ramping and mature facilities, we also saw revenue per patient day increases.

除了在我們不斷擴建和成熟的設施中保持 90% 以上的入住率之外，我們還看到每位患者每天的收入增加。

For example, our average daily Medicare rates increased by 9.5% for the second quarter of 2024 compared to the second quarter of 2023 and 10.3% for the six months ended June 30, 2024, compared to the same period last year.

例如，與2023 年第二季相比，我們2024 年第二季的平均每日醫療保險費率比2023 年第二季增加了9.5%，與去年同期相比，截至2024 年6 月30 日的六個月增加了10.3%。

And our average Medicaid rates over the same period increased 3.5% and 4.3% over the same periods, respectively, due to the state reimbursement increases and our participation in supplemental Medicaid payments and quality improvement programs.

由於國家報銷增加以及我們參與補充醫療補助付款和品質改進計劃，我們同期的平均醫療補助費率分別增長了 3.5% 和 4.3%。

Both increases come from our efforts to keep health care local by recognizing and serving patients acuity needs locally.

這兩項成長都來自於我們透過認識和服務本地患者的急性需求來維持醫療保健本地化的努力。

This also allows us to properly meet the continuing shift of higher-acuity patients being discharged from acute care settings into skilled nursing facilities.

這也使我們能夠正確滿足病情較高的患者從急診機構出院到熟練護理機構的持續轉變。

Outlook for continued growth remained strong with a robust acquisition pipeline and continued improvements both clinically and financially in the operations we've recently acquired.

憑藉強大的收購管道以及我們最近收購的業務在臨床和財務方面的持續改進，持續成長的前景依然強勁。

To support further growth, we continue to focus efforts on our robust administrator and training program where we have a pool of talent ready to take on leadership roles at new facilities.

為了支持進一步的成長，我們繼續將重點放在強大的管理人員和培訓計劃上，我們擁有一群準備在新設施中擔任領導角色的人才。

The AIT program success includes roughly 200 PACS hired since our founding.

AIT 計劃的成功包括自我們成立以來僱用的約 200 名 PACS。

With a 157 still employed with us and licensed administrator and other leadership positions, a retention rate of about 75%, which we're very proud of.

我們仍然僱用 157 名持有執照的管理員和其他領導職位，保留率約為 75%，我們對此感到非常自豪。

We currently have 31 AITs in our program to help facilitate further strengthening existing facilities and to support our growth.

目前，我們的計劃中有 31 個 AIT，以幫助進一步加強現有設施並支持我們的發展。

In addition to training new leaders, the PACS leadership model allows our local leaders to make operational decisions as close to our patients and employees as possible, which is ultimately better for the residents and community in which they live.

除了培訓新的領導者之外，PACS 領導模式還允許我們的當地領導者做出盡可能貼近患者和員工的營運決策，最終對居民和他們所居住的社區來說是更好的。

With support from pack services, our back office clinical compliance and business support team, our teams are able to stay laser focused on providing quality clinical care while creating a culture that attracts the best employees to our sector.

在 Pack services、後台臨床合規和業務支援團隊的支持下，我們的團隊能夠專注於提供優質的臨床護理，同時創造一種吸引最優秀員工加入我們行業的文化。

Not only is our growth supported by our leadership pipeline and robust clinical processes, the PACS also enables our facilities with technology and data-enabled resources that allow our clinicians and administrators to make decisions more quickly with a higher positive impact on patient care.

我們的成長不僅得到我們的領導管道和強大的臨床流程的支持，PACS 還為我們的設施提供了技術和數據支援的資源，使我們的臨床醫生和管理人員能夠更快地做出決策，對患者護理產生更大的正面影響。

We provide real-time data that allows both our local teams and PACS services to prioritize the most important KPIs that lead to more consistent clinical outcomes for better financial performance.

我們提供即時數據，使我們的本地團隊和 PACS 服務能夠優先考慮最重要的 KPI，從而獲得更一致的臨床結果，從而獲得更好的財務表現。

So we look forward to the second half of 2024, the improvements that we have planned and the 28 new facilities we've already added in Q3.

因此，我們期待 2024 年下半年，我們計劃的改進以及我們在第三季度已經添加的 28 個新設施。

The quality of our people helps ensure we stay in a strong business position moving forward.

我們員工的素質有助於確保我們在未來保持強大的業務地位。

So with that, I'll now turn the call back over to Derick to cover our financial highlights from the quarter.

因此，我現在將把電話轉回給 Derick，介紹我們本季的財務亮點。

Thank you, Jason, and thank you to our employees for continuing to push to meet our mission of excellence in serving our patients, residents and communities where we operate.

謝謝你，傑森，也感謝我們的員工繼續努力實現我們的卓越使命，為我們經營所在的患者、居民和社區提供服務。

First, I wanted to highlight since the close of the second quarter on June 30, we have successfully completed the acquisition of 28 additional facility operations and entered into four new states.

首先，我想強調自 6 月 30 日第二季結束以來，我們已成功完成對 28 個額外設施營運的收購，並進入了四個新州。

Additionally, we closed on a JV investment which purchased the real estate of 37 facilities.

此外，我們還完成了一項合資投資，購買了 37 個設施的房地產。

A few financial highlights from the quarter, we had $981.8 million of revenue for the three months ended June 30, a 29.1% increase over prior year period.

本季的一些財務亮點顯示，截至 6 月 30 日的三個月，我們的營收為 9.818 億美元，比去年同期成長 29.1%。

And we have $1.9 billion of revenue for the first six months of the year, a 30.5% increase over the same period in 2023.

今年前六個月我們的營收為 19 億美元，比 2023 年同期成長 30.5%。

Adjusted EBITDAR was $318 million and adjusted EBITDA was $188.2 million, respectively for the first six months ended June 2024.

截至 2024 年 6 月的前六個月，調整後 EBITDAR 為 3.18 億美元，調整後 EBITDA 為 1.882 億美元。

Adjusted EBITDA grew by 53.8% year over year for the first six months.

前六個月調整後 EBITDA 年成長 53.8%。

And last, our earnings per share for the quarter was negative $0.07, which was driven by an increase in stock compensation expenses of $90.9 million associated with the restricted stock units granted at the time of our IPO in April.

最後，我們本季的每股盈餘為負 0.07 美元，這是由於與 4 月 IPO 時授予的限制性股票單位相關的股票補償費用增加了 9,090 萬美元。

Total facility occupancy was 91% during the second quarter compared to an industry average of 76%.

第二季設施總入住率為 91%，而產業平均為 76%。

Specifically, our ramping and mature facility occupancy increased by 1.4% and 1% respectively over the prior year quarter, while our new facilities ended the quarter with 84.2% occupancy, a 0.9% increase over the prior quarter.

具體而言，我們的擴建設施和成熟設施入住率比去年同期分別成長了 1.4% 和 1%，而我們的新設施本季末入住率達到 84.2%，比上一季成長 0.9%。

Historically, this occupancy improved to 90%-plus during the first three years of PACS operations.

從歷史上看，在 PACS 營運的前三年，該入住率提高到 90% 以上。

We attribute our revenue growth in part to adding 3,947 operating beds to the company over the past year, which represents 24.8% increase in patient days.

我們將收入成長部分歸功於公司去年增加了 3,947 個手術床位，這意味著患者日數增加了 24.8%。

Additionally, we realized improvement on revenue per patient day in our mature and ramping facilities.

此外，我們在成熟且不斷擴建的設施中實現了每個患者日收入的提高。

We continue the growth of our overall bed count in the second quarter with the addition of two new operations.

我們在第二季增加了兩個新業務，繼續實現整體床位數量的成長。

And as previously mentioned, we added 28 facilities since June 30, which have added 1,450 skilled nursing beds and 831 assisted living and senior living beds to our portfolio.

如前所述，自 6 月 30 日以來，我們新增了 28 個設施，其中包括 1,450 個熟練護理床位以及 831 個輔助生活和老年生活床位。

Our average Medicare revenue per patient day grew through the second quarter across all facilities at $952 per patient day compared to $870 in Q2 of 2023.

第二季度，我們所有機構的每位患者每天的平均醫療保險收入增長至每位患者每天 952 美元，而 2023 年第二季度為 870 美元。

And our overall revenue per patient day for Q2 was $459 per patient day.

第二季每個患者日的總收入為每位患者日 459 美元。

Our teams continue to make operational improvements in our newly acquired facilities, which resulted in a 29% year-over-year increase in cost of services.

我們的團隊繼續對新收購的設施進行營運改進，導致服務成本年增 29%。

Additionally, net of stock compensation expenses, we realized a 15% decrease in G&A over the same period prior year and an 18% for the first six months of 2024 over the same period in 2023.

此外，扣除股票補償費用後，我們的一般管理費用比去年同期減少了 15%，2024 年前六個月比 2023 年同期減少了 18%。

Finally, we exercised two purchase options and acquired one additional real property in the quarter.

最後，我們在本季度行使了兩項購買選擇權並額外購買了一處房產。

The addition of these facilities brings our total owned facilities to 38.

這些設施的增加使我們擁有的設施總數達到 38 個。

We currently own or have joint venture real estate interest and purchase options on 37.7% of our beds with a long-term goal of owning 50% of our overall portfolio.

目前，我們擁有或擁有合資房地產權益以及 37.7% 床位的購買選擇權，長期目標是擁有我們整體投資組合的 50%。

Of our office facilities that we leased, we have an average of 14 years remaining on the initial term.

我們租賃的辦公設施的初始期限平均還剩 14 年。

And now I'll turn to guidance.

現在我將轉向指導。

We look forward to a great second half for 2024 with our growth year to date, including the closing of 22 operations in the last six weeks.

我們期待 2024 年下半年取得輝煌業績，今年以來我們將實現成長，包括在過去六週內關閉 22 家工廠。

We are updating our guidance for the full year as follows.

我們正在更新全年指導如下。

We expect annual revenue to be between $3.85 billion and $3.95 billion.

我們預計年收入將在 38.5 億美元至 39.5 億美元之間。

The midpoint of this range is a 25% increase over 2023 revenue.

該範圍的中點是比 2023 年營收成長 25%。

And we expect adjusted EBITDA to be between $370 million and $380 million for 2024.

我們預計 2024 年調整後 EBITDA 將在 3.7 億美元至 3.8 億美元之間。

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

我現在將把電話轉回傑森。

Thanks, Derick.

謝謝，德里克。

With that, operator, I believe we're ready for questions

接線員，我相信我們已經準備好回答問題了

(Operator Instructions) David MacDonald, Truist Securities.

（操作員指示）David MacDonald，Truist 證券公司。

Hey, guys.

嘿，夥計們。

Cuple of questions.

一系列問題。

Just curious, look, M&A has been a little bit more robust since the IPO than we had expected.

只是好奇，看，自首次公開募股以來，併購活動比我們預期的要強勁一些。

I guess just any general comments on the opportunity that you see among skilled mix, occupancy, et cetera, within either the recent or even the pending acquisitions relative to the overall company?

我想，您在最近的收購或即將進行的收購中，在技術組合、佔用率等方面看到的機會是否與整個公司有關？

And then I get one or two others.

然後我再找一兩個。

Okay.

好的。

Well, thanks, Dave.

嗯，謝謝，戴夫。

Good to hear from you.

很高興收到你的來信。

And yeah, the opportunities out there continue to be robust.

是的，那裡的機會仍然很大。

It's the best way to describe our M&A pipeline since IPO and even prior to that.

這是描述我們自首次公開募股以來甚至在此之前的併購管道的最佳方式。

But the acquisitions that we've announced for Q2 and then more robustly and already in Q3, the opportunity to move skilled mix in those buildings is pretty large.

但我們在第二季宣布了收購，然後在第三季更加強勁地宣布了收購，在這些建築中轉移熟練人員的機會相當大。

For the most part, the buildings are operating less than 50% of where we operate our skilled mix at and the occupancy is much lower than our average.

在大多數情況下，這些建築的營運面積不到我們熟練組合營運面積的 50%，而且入住率也遠低於我們的平均水準。

It's closer to a national average.

它更接近全國平均水平。

So we see a lot of upside in these opportunities to execute on the PACS playbook of both increasing the clinical outcomes, moving the occupancy and skilled mix slash the acuity of those patients to yield better financial results as we acquire these and mature them through our process.

因此，我們看到在PACS 劇本上執行這些機會有很多好處，既可以提高臨床結果，也可以提高入住率和技術組合，降低這些患者的敏銳度，從而在我們獲得這些並通過我們的流程使它們成熟時產生更好的財務結果。

And then guys, I guess just one quick follow up on that is when we hear about -- it sounds like the pipeline's pretty full.

然後夥計們，我想這只是一個快速跟進，當我們聽說時——聽起來管道已經滿了。

How do we think about the internal governors in terms of M&A?

我們如何看待併購的內部管理者？

Obviously, it's a decentralized model.

顯然，這是一種去中心化的模式。

So it's not what we traditionally think about is there's only a certain amount that you can do in a certain period of time.

所以這並不是我們傳統上認為的在特定時間內只能做一定數量的事情。

So I'm just curious how you think about the pacing of potential further M&A on a go forward basis and how you think about that just given, again, what our checks suggest is a pretty full opportunity in terms of ongoing consolidation?

因此，我只是很好奇，您如何看待未來潛在的進一步併購的節奏，以及您如何看待剛剛給出的情況，我們的檢查表明，就持續整合而言，這是一個相當充分的機會？

Yeah.

是的。

Great follow-up question there, Dave.

戴夫，這是一個很好的後續問題。

From our perspective, when we review opportunities, we stay disciplined and strategic in looking at the most opportune set of buildings that we could acquire, whether that's in a new state or that's a tuck-in in an existing region.

從我們的角度來看，當我們審查機會時，我們會保持紀律和策略性，尋找我們可以收購的最合適的建築群，無論是在新州還是現有地區。

And typically, when we sit down to discuss that through, we're looking at what does the deal cost, is the real estate involved or not, is there any limits on the balance sheet and the capital?

通常，當我們坐下來討論這個問題時，我們會考慮交易成本是多少，是否涉及房地產，資產負債表和資本是否有任何限制？

And then also we always bring in the human capital component right, because we have to have the human capital to make the necessary clinical outcome changes to get our product the best it can to yield those financial results.

然後，我們總是正確地引入人力資本成分，因為我們必須擁有人力資本來進行必要的臨床結果改變，以使我們的產品能夠最好地產生這些財務結果。

So as we look to the future, we're always evaluating that, whether that's only adding two buildings in Q2 or you're adding the 28 we have so far in Q3, and we'll continue to go through that same process for every deal that we look at.

因此，當我們展望未來時，我們始終會進行評估，無論是在第二季度僅添加兩座建築物，還是在第三季度添加迄今為止的28 座建築物，我們將繼續對每棟建築物執行相同的流程我們所關注的交易。

As we roll out, it's hard to predict the future as far as what buildings are going to come through the pipeline.

當我們推出時，很難預測未來將會有哪些建築物通過管道。

And I think we've talked in the past and throughout this year, we've always guided towards we feel that there's a pretty easy path to acquiring 20 buildings per year, and that's within our out year models because at the end of the day, those can be tucked into our existing regions without the presence of good M&A for maybe an expansion to a new state or a new region because those deals take a little longer to diligence and we have to wait for the right opportunity to be able to expand the actual geographic footprint.

我想我們過去和今年都曾討論過，我們一直認為每年收購 20 棟建築有一條相當簡單的途徑，這在我們的年度模型中，因為歸根結底，這些可以隱藏在我們現有的地區，而無需進行良好的併購，以便擴展到新的州或新的地區，因為這些交易需要更長的時間來進行調查，我們必須等待合適的機會來擴張實際的地理足跡。

So as of today, we're not changing from that's what we believe the future path will be.

因此，截至今天，我們並沒有改變我們所相信的未來道路。

Now that number may go up and down depending on the quarter.

現在這個數字可能會根據季度的不同而上下波動。

But from our perspective, we're going after the best opportunities that are in front of us versus chasing a specific deal or building count.

但從我們的角度來看，我們正在追求擺在我們面前的最佳機會，而不是追逐特定的交易或建築數量。

And then guys just last one from me.

然後大家就是我的最後一個。

When you look at the quality scores, can you just talk about a little bit the impact that has on the conversations with payers and especially as you start entering new states, new markets, the halo effect that potentially has just in terms of, again, the overarching conversations that you're having with some of the payers in your markets?

當您查看品質分數時，您能否談談對與付款人的對話的影響，特別是當您開始進入新的州、新的市場時，可能會產生的光環效應，再次，您與市場中的一些付款人進行的整體對話？

Yeah.

是的。

Good question there, Dave.

這個問題問得好，戴夫。

This is Josh Jergensen.

這是喬許·傑根森。

I'll take that one here.

我會把那個拿過來。

We talk often as a company, and you hear us discuss quality measures and in general quality care because it is what we do with our product.

作為一家公司，我們經常交談，您會聽到我們討論品質措施和一般品質護理，因為這就是我們對產品所做的事情。

We lead out with that all the time.

我們一直以此為主導。

We genuinely believe having operated nursing homes for a long time that if that is the primary focus of the company and each individual facility then the financial results follow.

我們真誠地相信，長期經營療養院，如果這是公司和每個設施的主要關注點，那麼財務表現就會隨之而來。

One of those results is the ability to get a seat at the table when you're talking to managed care providers as well as other referring partners.

其中一個結果是，當您與管理式醫療服務提供者以及其他推薦合作夥伴交談時，您能夠獲得一席之地。

Managed care has a certain set of criteria that they want to see a facility perform at that involves things like star rating, quality measure rating, rehospitalization rates, other things that all revolve around care.

管理式醫療有一套特定的標準，他們希望看到設施執行這些標準，其中涉及星級評定、品質衡量評級、再住院率以及所有與護理有關的其他事項。

And I think you understand the reason they do that is they want to make sure that there's a financial incentive as well for them to get great outcomes for their patients.

我想你明白他們這樣做的原因是他們希望確保有經濟誘因來為他們的患者獲得良好的結果。

And so, we believe that as we continue to improve particularly in these new facilities that we take on, the quality of care, improving quality metrics that we'll be able to go to those providers, gain confidence in them, either negotiate for the first time or renegotiate contracts that will allow for us to take on a more clinically acute patient, take a higher volume of those patients, improve reimbursement rates and continue to build a positive reputation with them in the community to take care of those patients.

因此，我們相信，隨著我們繼續改進，特別是我們所採用的這些新設施，護理質量，提高質量指標，我們將能夠與這些提供者聯繫，獲得對他們的信心，或者就首次或重新談判合同將使我們能夠接收臨床上更急迫的患者，接收更多的患者，提高報銷率，並繼續在社區中與他們建立積極的聲譽來照顧這些患者。

So for sure, we're seeing an impact.

所以可以肯定的是，我們看到了影響。

You see that in the revenue, the increased revenue that we're pointing towards.

您可以在收入中看到我們所指的收入增加。

We believe all of that is ultimately a result of the care that we provided.

我們相信這一切最終都是我們提供護理的結果。

Scott Fidel, Stephens.

斯科特·菲德爾，史蒂芬斯。

Great.

偉大的。

Thanks.

謝謝。

Hey, everyone.

嘿，大家。

First question, just -- thought it would be helpful if you want to give us some of your thinking around the pacing of EBITDA in 3Q and 4Q that's embedded in the implied guide without giving obviously explicit quarterly guidance.

第一個問題，如果您想向我們提供一些關於第三季度和第四季度EBITDA 節奏的想法，這些想法嵌入在隱含指南中，但沒有給出明顯明確的季度指導，那將會很有幫助。

But just thinking in particular about one, just seasonality or indicators in the KPIs for the buildings that you had in force through the end of the second quarter.

但只要特別考慮一個問題，即截至第二季末有效的建築物的 KPI 中的季節性或指標。

And then second, just the pacing of the new acquisitions.

其次，就是新收購的節奏。

Clearly, I would assume that probably has a little bit more dilutive effect on EBITDA in the 3Q relative to 4Q just as you start the integration of those facilities?

顯然，我認為，當您開始整合這些設施時，相對於第四季度，第三季度的 EBITDA 可能會產生更大的稀釋效應？

Yeah.

是的。

Certainly, Scott.

當然，斯科特。

This is Derek.

這是德里克。

And starting from the last going backwards.

並且從最後一個開始倒退。

The EBITDA accretion from newly acquired facilities is pretty much negligible to maybe a little bit.

新收購設施帶來的 EBITDA 成長幾乎可以忽略不計，甚至可能有一點點。

You're talking a couple million dollars because at the end of the day, our goal is to transition these buildings from 0 to 18 months and build that from a breakeven to negative EBITDA in some situations to low single digit EBITDA margins.

你說的是幾百萬美元，因為歸根結底，我們的目標是將這些建築從0 個月過渡到18 個月，並將其從盈虧平衡變為負EBITDA（在某些情況下）到低個位數的EBITDA 利潤率。

And so, our EBITDA uptick in our guidance really isn't driven from new acquisitions, but it's driven from, as you see in the results, both our mature and our ramping cohorts, the occupancy has not seen a cyclical seasonal drop that we did most summers.

因此，我們指導中的EBITDA 上升實際上並不是由新收購推動的，而是由我們的成熟群體和不斷增長的群體推動的，正如你在結果中看到的那樣，入住率並沒有出現我們所做的周期性季節性下降大多數夏天。

The occupancies remained strong.

入住率依然強勁。

The skilled mix has hung in there.

熟練的組合已經掛在那裡。

And most importantly, our revenue per patient day continues to grow with capturing the acuity mix across the patient population.

最重要的是，隨著捕獲患者群體的敏銳度組合，我們每位患者每天的收入持續成長。

So really the EBITDA uptick is driven from that.

所以 EBITDA 的上升其實是由此推動的。

And then go into your first question on how that breaks down for later in the year.

然後回答你的第一個問題，即今年稍後會如何分解。

I mean, quickly speaking the winter months typically are better with higher acuity just due to more respiratory viruses and or illnesses going through the communities.

我的意思是，快速地說，由於社區中出現更多的呼吸道病毒和/或疾病，冬季通常情況會更好，病情更加嚴重。

So I would anticipate maybe it picks up a little stronger towards the end of the year versus where we're pacing right now on a quarterly basis.

因此，我預計到今年年底，與我們現在每季的節奏相比，它可能會稍微強勁一些。

But really what that blends out to for the second half of the year is making up the rest of the guidance versus what we've done for the first half of the year of $188 million.

但實際上，下半年的指導意見與我們上半年所做的 1.88 億美元的預算相比較。

Okay, great.

好的，太好了。

And then following up on that and implied in your comment Derick around the acquisitions that you've done in 3Q really not contributing to EBITDA.

然後對此進行跟進，並在 Derick 的評論中暗示，您在第三季度所做的收購實際上並沒有為 EBITDA 做出貢獻。

I thought it would be helpful if you wanted to give us an update on when thinking about the embedded EBITDA in the acquired facilities.

我認為如果您想向我們提供有關所收購設施中嵌入 EBITDA 的最新信息，將會很有幫助。

Clearly, a quarter or so ago, you had sort of $100 million -- [up to $100 million] of embedded EBITDA opportunity in the recent tranches of deals.

顯然，大約一個季度前，在最近的幾批交易中，您擁有約 1 億美元——[高達 1 億美元]的嵌入 EBITDA 機會。

Looks like you're already harvesting that nicely in the first half.

看起來你在上半場就已經收穫豐富了。

So just interested in how you're thinking about that embedded EBITDA opportunity, just given the new facilities that you're bringing on right now with very little EBITDA that are going to ramp up the forward embedded EBITDA opportunity looking out to 2025, for example?

因此，我只想知道您如何看待嵌入式 EBITDA 機會，例如，考慮到您現在以很少的 EBITDA 投入使用的新設施，將增加展望 2025 年的遠期嵌入式 EBITDA 機會？

Yeah.

是的。

And not to because we're still refining our '25 and '26 guidance.

並不是因為我們仍在完善 '25 和 '26 指導方針。

With Dave's questions and yours, obviously, the opportunity set of M&A was a little more robust than we originally started out in the year.

顯然，根據戴夫和你的問題，併購的機會集比我們今年最初開始時要強勁一些。

So as we are looking to the future, what I would point to roughly speaking is our newbuildings, we typically see somewhere between 0%, 2% to 3% EBITDA margin that ramping, which is 18 to 36 months of ownership.

因此，當我們展望未來時，我粗略地說是我們的新造船，我們通常會看到 EBITDA 利潤率在 0%、2% 到 3% 之間增長，即擁有 18 到 36 個月的所有權。

That builds the high single digit EBITDA margin.

這就形成了高個位數的 EBITDA 利潤率。

And then as we're seeing right now in our mature facilities as well as some of the ramping facilities that are near the end of their maturity in moving into that mature bucket by the end of the year.

然後，正如我們現在所看到的，我們的成熟設施以及一些接近成熟期的爬坡設施將在年底前進入成熟階段。

Those buildings producing low-teens EBITDA margin.

這些建築的 EBITDA 利潤率較低。

And so, ultimately, as we point to that, you think you bring in 28 so far in the quarter and the rest of the prestige deal, we'll be closing here by the end of Q3.

因此，最終，正如我們指出的那樣，您認為本季到目前為止您已經帶來了 28 筆交易，而剩下的聲望交易，我們將在第三季末完成。

You fast forward a year, those building should be producing 3% to -- 2% to 3% EBITDA margins as we roll into late '25.

快進一年，當我們進入 25 年末時，這些建築應該會產生 3% 到 2% 到 3% 的 EBITDA 利潤率。

And that's what we're refining now as we look forward.

這就是我們現在正在改進的，我們期待著。

But I think ultimately, we wouldn't be doing the deal if we didn't think it fit the road map of maturing the buildings that we've experienced over the other 220 buildings we have acquired prior to these.

但我認為最終，如果我們認為這不符合我們在先前收購的其他 220 棟建築中經歷過的建築成熟路線圖，我們就不會進行這筆交易。

Great.

偉大的。

And I guess since Dave started the precedent of a third question.

我想自從戴夫開始提出第三個問題的先例以來。

I'll continue that trend and sneak one more in here.

我將繼續這一趨勢，並在這裡再偷偷地放一個。

Just thought it would be helpful, you talked about 3.5% rate growth for Medicaid in the first half.

只是覺得這會有所幫助，您談到上半年醫療補助成長率為 3.5%。

I'm interested if you could give us what you're seeing on visibility into Medicaid rates in the back half of the year and as you're seeing some of the FY25 rates come in and how you would think about that underlying Medicaid rate trend in the back half of the year compared to the first half?

我很感興趣，您能否向我們提供您對今年下半年醫療補助費率的了解以及您看到的一些 25 財年費率的情況，以及您如何看待潛在的醫療補助費率趨勢下半年與上半年相比？

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Yeah. no, and that's great.

是的。不，那太好了。

And I think part of the -- we revised guidance because the performance, some of the Medicaid rate increases, both from base rates and also from acuity/quality mix.

我認為，我們修訂了指導方針的一部分是因為績效，一些醫療補助費率的增加，既來自基本費率，也來自敏銳度/品質組合。

Rate increases were a little stronger.

利率上漲幅度稍大一些。

I think as I reviewed prior our model in the out years kind of shows a 2%, maybe 2.5% depending on the state growth in Medicaid.

我認為，正如我之前回顧的那樣，我們的模型在過去幾年中顯示了 2%，也許 2.5%，具體取決於各州醫療補助的成長。

But as we enter more states with case mix index, we have the ability to control that and control our own destiny with taking higher acuity long-term patients.

但隨著我們進入更多具有病例混合指數的州，我們有能力控制這一點，並透過接受更高敏銳度的長期患者來控制我們自己的命運。

And as you look at the rest of this year, we have had some strong rate increases in a couple of states specifically, Kentucky and Colorado just had larger rate increases in July.

看看今年剩下的時間，我們在幾個州出現了一些強勁的升息，特別是肯塔基州和科羅拉多州在 7 月的升息幅度更大。

We also had another rate increase in Ohio.

俄亥俄州也再次升息。

And so, we anticipate that to continue.

因此，我們預計這種情況會持續下去。

And then as we blend through making sure that the case mix and we're capturing the acuity that we need in those longer-term patients then we should see a healthy growth in that Medicaid rate.

然後，當我們透過確保病例組合進行混合併捕獲這些長期患者所需的敏銳度時，我們應該會看到醫療補助率的健康增長。

Now further out than that, it's super hard to predict mainly because we cannot sit here and tell you we know exactly what different Medicaid programs or state politicians will do.

現在更進一步，預測非常困難，主要是因為我們不能坐在這裡告訴你我們確切地知道不同的醫療補助計劃或州政客會做什麼。

But as we look to the future, we'll probably be continue with our modeling of 2% to 2.5% Medicaid rate increases independent on our operators to make sure they're maximizing that in capturing any additional rate that could be possible from quality programs or acuity program.

但當我們展望未來時，我們可能會繼續獨立於我們的營運商對醫療補助費率增加 2% 至 2.5% 進行建模，以確保他們最大限度地獲取優質計劃可能帶來的任何額外費率或敏銳度計劃。

Jason Cassorla, Citi.

賈森·卡索拉，花旗銀行。

Great, thanks.

太好了，謝謝。

Good afternoon, guys.

下午好，夥計們。

Congrats on the quarter.

恭喜本季。

Maybe just picking up on the rate side.

也許只是在利率方面有所回升。

I wanted to ask about the 2025 Medicare rate known as up a strong 4.2% at the headline level.

我想問一下 2025 年醫療保險費率，總體而言，該費率大幅上漲 4.2%。

I guess just curious on how you're thinking about how that rate translates for you guys?

我想只是好奇你們如何看待這個比率對你們來說如何轉換？

Is there any considerations in terms of the wage index changes or any components of the rule that are worth noting at this points?

目前在工資指數變化或規則的任何組成部分方面是否有任何值得注意的因素？

Thanks.

謝謝。

Hey, Jason, this is Derick.

嘿，傑森，這是德里克。

I don't think there's anything that jumps out worth noting.

我認為沒有什麼值得注意的地方。

Anecdotally, if you look back last year, I believe the rate increase from CMS overall was under 3%.

有趣的是，如果你回顧去年，我相信 CMS 的整體成長率低於 3%。

But as you see, our Medicare rate for the first half of the year, we were able to drive up, I believe 9% -- 9.5%.

但正如你所看到的，我們上半年的醫療保險費率得以提高，我相信是 9% - 9.5%。

And really that comes from capturing higher acuity.

這實際上來自於更高的敏銳度。

With PDPM, we're getting rewarded financially for taking care of those clinical needs of the higher acuity patients.

透過 PDPM，我們因滿足高風險患者的臨床需求而獲得經濟獎勵。

So instead, just taking a base Medicare patient if somebody with co-morbidities Medicare is paying for that.

因此，如果患有合併症的人由醫療保險支付費用，則只需接受基本醫療保險患者即可。

And that's really our model is, taking the higher acuity needs of the local patients in the communities and making sure that we're satisfying them with good quality outcomes.

這確實是我們的模式，滿足社區當地患者更高的敏銳度需求，並確保我們以優質的結果滿足他們。

Okay, great.

好的，太好了。

Maybe just shifting gears a little bit.

也許只是稍微改一下。

Wanted to ask about the purchase option opportunity on your book.

想詢問您的書上的購買選項機會。

It looks like you have 31 currently, but maybe could you just help unpack that opportunity set for you?

目前您似乎有 31 個機會，但也許您可以幫助您挖掘這個機會？

What timing on executing those options would look like?

執行這些選項的時機會是什麼樣子？

Just any other color as we think about the purchase options as the source of EBITDA upside down the line?

當我們將購買選項視為 EBITDA 的來源時，是否還有其他顏色？

Yeah.

是的。

This is Derek.

這是德里克。

So the options, as we view them, all the options are that we have in front of us are really fixed purchase price options.

因此，正如我們所看到的，我們面前的所有選擇都是真正固定購買價格的選擇。

And as we view those, over the next, I believe it's three to four years by the time they all kind of option windows open.

當我們看到這些時，我相信在接下來的三到四年裡，他們所有的選擇視窗都會打開。

If the goal would be to step in and exercise those options because ultimately, as we have the ability to step in and capture that, that internal rent that we're paying to third parties provides incremental upside for us.

如果目標是介入並行使這些選擇權，因為最終，由於我們有能力介入並抓住這一點，我們向第三方支付的內部租金為我們提供了增量上行空間。

Instead of having that rent go elsewhere, we're able to capture that in the EBITDA upside

我們能夠在 EBITDA 上漲中捕捉到這一點，而不是讓租金流向其他地方

So that number will continue to evolve as we get more and more options because if we're not purchasing the real estate, we push hard in our deal structures to have options or access to real estate.

因此，隨著我們獲得越來越多的選擇，這個數字將繼續發展，因為如果我們不購買房地產，我們就會努力推動交易結構以獲得選擇或獲得房地產的機會。

At some point in the future to be able to capitalize on the equity upsides that we're generating through the strong financial results.

在未來的某個時候，我們能夠利用我們透過強勁的財務表現所產生的股本優勢。

Ben Hendrix, RBC.

本‧亨德里克斯，加拿大皇家銀行。

Thank you very much, guys.

非常感謝你們，夥伴們。

Just a quick follow-up on that last one.

只是對最後一個的快速跟進。

Would the same be true for the joint venture that you entered into for the old real estate of the latest acquisition.

您為最近收購的舊房地產而成立的合資企業也是如此。

I think it was about 25% of that you own.

我認為這大約是你擁有的 25%。

Would you be looking to increase your ownership percentage of that JV overtime?

您是否希望增加您對該合資企業的持股比例？

Yeah.

是的。

As of now, we're not entering into it to look to kind of change the ownership spectrum.

到目前為止，我們還沒有進入這個領域來尋求改變所有權範圍。

We have a good relationship with our partner on that JV investment.

我們與該合資企業投資的合作夥伴有著良好的關係。

It's the same partner that we've utilized in a prior investment in South Carolina.

這與我們之前在南卡羅來納州的投資中使用的是同一合作夥伴。

As we look through the portfolio and trying to make sure we're maximizing both the leverage and the JV investment.

當我們審視投資組合併試圖確保我們最大化槓桿和合資投資時。

We have the ability to work closely with them.

我們有能力與他們密切合作。

For example, in the South Carolina, some of those buildings have been taken to HUD, with HUD financing mortgages and others we purchased and just put on our balance sheet versus staying in the JV.

例如，在南卡羅來納州，其中一些建築物已交給 HUD，HUD 為抵押貸款提供融資，而我們購買的其他建築物則直接列入資產負債表，而不是留在合資企業中。

So it's something that we're constantly under evaluation, but we really don't start evaluating or trying to maximize the JV investment return until the buildings are at a stable point.

因此，我們一直在評估這一點，但在建築物達到穩定點之前，我們實際上不會開始評估或嘗試最大化合資企業的投資回報。

And we believe we're getting close to stabilization and maximization of those financial results from the underlying buildings.

我們相信，我們正在接近底層建築財務表現的穩定與最大化。

Great, thank you.

太好了，謝謝。

And sorry, just one more.

抱歉，還有一個。

I appreciate the corollary you offered on that.

我很欣賞你就此提出的推論。

One California facility and its ability to kind of ramp up into a preferred provider relationship.

加州的一家工廠及其逐步成為首選供應商關係的能力。

I wanted to get the landscape of the four new states that you're in, what the provider relationships are there that exist and your opportunity to get more of a preferred relationship in those regions -- you know those regions well?

我想了解您所在的四個新州的概況、存在哪些提供者關係以及您在這些地區獲得更多首選關係的機會 - 您很了解這些地區嗎？

Thank you.

謝謝。

Good question.

好問題。

I mean, this is Josh.

我是說，這是喬許。

For us, as we enter into these new states, it's always important that we begin establishing relationship in the community.

對我們來說，當我們進入這些新狀態時，開始在社區中建立關係總是很重要的。

I already mentioned the quality measures that we start with.

我已經提到了我們開始時的品質措施。

But as we go in there, that's a key component.

但當我們進入那裡時，這是一個關鍵組成部分。

Unfortunately, in this situation, as we've evaluated, not only the states that we're in but we also evaluate the operator and the facilities that were purchasing to see what their relationship was before.

不幸的是，在這種情況下，正如我們評估的那樣，我們不僅評估了我們所處的狀態，而且還評估了運營商和購買的設施，以了解他們之前的關係。

We're fortunate because in this particular deal, there were actually some very beneficial relationships that we feel we're going to be able to enter into and leverage.

我們很幸運，因為在這筆特殊的交易中，實際上我們認為我們能夠建立和利用一些非常有益的關係。

Relationships with hospitals that have wanted to work with these facilities.

與希望與這些機構合作的醫院的關係。

Part of the reason is quality.

部分原因是品質。

We think there's still some areas that we can improve.

我們認為仍有一些領域可以改進。

But we also recognize that the outgoing provider has worked hard to build density in key markets.

但我們也意​​識到，即將離任的供應商一直在努力提高關鍵市場的密度。

And so, when you look at these states, a number of them are new for us.

因此，當您查看這些狀態時，您會發現其中許多狀態對我們來說都是新的。

You have Alaska, Washington and Kansas or most recent ones that we feel there's nice density from the location of the facility is close to hospitals.

阿拉斯加、華盛頓和堪薩斯，或最近的那些，我們認為由於設施位置靠近醫院，密度很高。

So as we hit the ground in any of these places is we're driving care and quality.

因此，當我們在這些地方落地時，我們正在推動護理和品質。

We're also going out into the community and making sure people are aware that there has been a change and that they understand what our intentions are as far as investment into the people, to the systems, to the physical plants in these environments so that we can build confidence in those communities.

我們也將走進社區，確保人們意識到已經發生了變化，並了解我們對這些環境中的人員、系統和實體工廠進行投資的意圖，以便我們可以在這些社區中建立信心。

So as we've done that, we feel with the ones we've just recently taken on the we're already making great progress in the couple of weeks that we've been there, and we intend on the remainder of those buildings to execute the same game plan.

因此，當我們這樣做時，我們覺得我們最近剛採取的那些建築物在我們在那裡的幾週內已經取得了很大的進展，並且我們打算將這些建築物的其餘部分執行相同的遊戲計劃。

Tao Qiu, Macquarie.

邱濤，麥格理。

Thank you.

謝謝。

Good afternoon.

午安.

I think I heard you have 31 leaders in the AIT program.

我想我聽說 AIT 專案中有 31 位領導者。

You are acquiring at a faster pace when we account for the Prestige transaction.

當我們考慮到 Prestige 交易時，您的收購速度會更快。

Do you feel like you have adequate leadership pipeline to continue the brisk pace on acquisitions?

您是否認為自己有足夠的領導梯隊來繼續加快收購步伐？

And also, maybe remind us how fast you're turning out these leaders and how you make sure they adhere to the same culture and operating models?

另外，也許提醒我們您培養這些領導者的速度有多快，以及您如何確保他們遵循相同的文化和營運模式？

Thank you.

謝謝。

Yeah.

是的。

This is an area that we emphasize internally, and we talk about often because we believe this is an area where we have a significant advantage to go and grow.

這是我們內部強調的一個領域，我們經常談論這個領域，因為我們相信這是我們擁有顯著優勢並且可以發展的領域。

And as we evaluate talent in these facilities, each deal is a little bit different.

當我們評估這些設施中的人才時，每筆交易都略有不同。

Again, as we look at this particular deal that we just most recently did, although the facility count is high, we feel that there are a number of leaders that were already in place that are doing a lot of good things and will be a good fit in our model.

再次，當我們審視我們最近剛完成的這項特殊交易時，儘管設施數量很多，但我們認為有許多領導者已經到位，他們正在做很多好事，並且將是一個很好的選擇。 。

We want to be prepared with a bench of talent in the event we need to make changes.

我們希望擁有一批人才，以因應需要做出改變的情況。

But in this particular deal, we've met with a number of the administrators, they're local to the areas that I mentioned.

但在這次特殊的交易中，我們會見了一些管理員，他們是我提到的地區的本地人。

A number of them have great relationships with the hospitals.

其中許多人與醫院有著良好的關係。

There's certainly an adjustment as they come into our more decentralized model, but we believe a number of these individuals are capable to adapt to our model and get good results.

當他們進入我們更加去中心化的模式時，肯定會進行調整，但我們相信其中許多人有能力適應我們的模式並取得良好的結果。

And so, in the event that happens that we maintain a higher number of administrators that are already in place.

因此，如果發生這種情況，我們將保留更多數量的現有管理員。

That just continues to allow the bench to be deeper as we evaluate other deals that we're looking at into the future.

當我們評估我們未來考慮的其他交易時，這只會繼續讓替補席變得更深。

Got it.

知道了。

That's helpful.

這很有幫助。

And then a clarification.

然後進行澄清。

You initiated the stock incentive program this quarter.

您本季啟動了股票激勵計劃。

Help us understand what will be the run rate of stock-based comp going forward?

請幫助我們了解未來股票比較的運作率是多少？

Any G&A target you can provide?

您可以提供任何一般管理費用目標嗎？

That's a great question.

這是一個很好的問題。

So of the $90 million that we booked in Q2, approximately $80 million -- about $80 million was for immediate vesting on IPO and the remainder was for May and June entries.

因此，在我們第二季預訂的 9,000 萬美元中，大約有 8,000 萬美元——大約 8,000 萬美元用於 IPO 的立即歸屬，其餘的則是 5 月和 6 月的資金。

So roughly -- and slightly part of April for accrual for vestings next year.

粗略地說，明年的兌現權應計時間是四月的一小部分。

So that run rate comes out a little over $4 million a month.

因此，每月的運行費用略高於 400 萬美元。

And last question from me.

我的最後一個問題。

In terms of the Medicaid supplemental program, could you size up the impact for the quarter from that program?

就醫療補助補充計劃而言，您能否評估該計劃對本季的影響？

Specifically in which state or overall?

具體在哪個州或總體？

Overall.

全面的。

I mean California is probably a big piece there, but if you can provide any color, that would be helpful.

我的意思是，加州可能是那裡的一大塊，但如果你能提供任何顏色，那會很有幫助。

Thank you.

謝謝。

In Q2 is negligible in Q1, we had some entries from the [W equip] program, but California stage the payment of those this year.

在第二季度，第一季度的影響可以忽略不計，我們從 [W 裝備] 計劃中獲得了一些條目，但加州今年分階段支付了這些條目。

And so, some was paid out at the end of Q1, and the remainder is set for the state to be paid in September.

因此，部分資金已在第一季末支付，其餘部分將由國家在 9 月支付。

And so, we have not recognized all of that on to our revenue for the books until the state actually pays us.

因此，在國家實際向我們支付費用之前，我們還沒有將所有這些收入計入我們的帳本收入。

Okay.

好的。

How much of that is in the guidance?

指南中有多少內容？

None of that is in the guidance due to -- we wait for the state because there's been years past where California stretches out for many months and several years back, they stretches clear until the next year.

這些都沒有出現在指導中，因為——我們等待州的批准，因為過去幾年加州的延期已經有好幾個月了，幾年前，它們可以清楚地延期到明年。

So we have taken the approach to wait for that to be paid before we recognize that to ensure that the state is going through with their commitment to pay.

因此，我們採取的方法是先等待付款，然後再認識到這一點，以確保國家履行其付款承諾。

Thank you.

謝謝。

We reached end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over to management for any further or closing comments.

我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

Thank you, operator.

謝謝你，接線生。

We appreciate that and thank you all for joining us.

我們對此表示讚賞，並感謝大家加入我們。

We look forward to speaking with you soon.

我們期待盡快與您交談。

Have a great rest of your day.

祝您有個愉快的一天。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。