Pacs Group Inc (PACS) 2025 Q3 法說會逐字稿

Hello, and welcome to PACS Group's third quarter 2025 earnings conference call. (Operator Instructions) The speakers on today's call are PACS Group's Chief Executive Officer, Jason Murray; Mark Hancock, Interim Chief Financial Officer; and Josh Jergensen, President and Chief Operating Officer.

大家好，歡迎參加 PACS 集團 2025 年第三季財報電話會議。（操作員說明）今天電話會議的發言人有：PACS 集團執行長 Jason Murray；臨時財務長 Mark Hancock；以及總裁兼營運長 Josh Jergensen。

The call today is being recorded, and a replay of the call will be available on the PACS Group Investor Relations website an hour after the completion of this call. A replay of this webcast will be available for approximately 30 days. Information to access the replay is listed on today's press release, which is available on our website under the Investor Relations section.

今天的電話會議正在錄音，會議結束後一小時，PACS集團投資者關係網站將提供會議錄音回放。本次網路直播的錄影將保留約30天。有關回放的資訊已列於今天的新聞稿中，該新聞稿可在我們網站的「投資者關係」部分找到。

Before we begin, I would like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance. I'd now like to turn the conference over to Mark Hancock, Interim Chief Financial Officer. Please go ahead.

在開始之前，我想提醒大家，在今天的電話會議中，我們將對未來事件和財務表現做出前瞻性陳述。現在我將把會議交給臨時財務長馬克漢考克。請繼續。

Thank you, and good afternoon, everyone. Thank you all for joining us for this earnings call. Before we begin our prepared remarks, we would like to remind you this afternoon that PACS Group issued a press release announcing its third quarter 2025 results and other filings. An investor presentation was published and is available on the Investor Relations section of our website at pacs.com.

謝謝大家，大家下午好。感謝各位參加本次財報電話會議。在我們開始正式發言之前，我們想提醒各位，PACS 集團今天下午發布了一份新聞稿，公佈了其 2025 年第三季業績和其他文件。投資人簡報已發布，可在公司網站 pacs.com 的投資者關係版塊查閱。

I'd also like to remind everyone that during the course of today's conference call, we will discuss certain forward-looking information that is based on our current expectations, assumptions and beliefs about our business.

我還想提醒大家，在今天的電話會議中，我們將討論一些基於我們目前對業務的預期、假設和信念的前瞻性資訊。

Any forward-looking 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. You should carefully consider the risk factors that may affect our future results as described in our 2024 Form 10-K and our other SEC filings. During this call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDAR.

任何前瞻性陳述都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上明示或暗示的結果有重大差異。您應該仔細考慮可能影響我們未來業績的風險因素，這些風險因素已在我們的 2024 年 10-K 表格和我們向美國證券交易委員會提交的其他文件中進行了描述。在本次電話會議中，我們將討論一些非GAAP財務指標，包括調整後的EBITDA和調整後的EBITDAR。

These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. 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 included in the investor presentation, which are both published and available on the Investor Relations section of PACS Group's website.

這些非GAAP財務指標應被視為依照GAAP編製的指標的補充，而不是替代。如需了解本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節情況，請參閱收益報告和投資者簡報中的附錄，這兩份文件均已發布，並可在 PACS 集團網站的投資者關係部分取得。

I'll now turn the call over to Jason.

現在我將把電話交給傑森。

Thanks, Mark, and thank you all for joining us today. Today, as you might imagine, is an exciting day for all of us at PACS Group. I'd like to extend our collective appreciation for your patience and support. We have worked expeditiously over the past several months and are once again current with all of our reporting obligations. We're ready to move forward with a renewed commitment to our mission of delivering high-quality care to our patients and driving value for our shareholders.

謝謝馬克，也謝謝各位今天蒞臨現場。正如您所料，今天對於PACS集團的所有人來說都是激動人心的一天。我謹代表我們全體成員，感謝大家的耐心與支持。過去幾個月，我們有效率地完成了各項工作，目前已再次履行了所有報告義務。我們已準備好繼續前進，並重申我們對使命的承諾，即為患者提供高品質的醫療服務，並為股東創造價值。

Our results, which we will detail shortly, demonstrate that our team rose to the occasion. Together, we've navigated through recent challenges and turned those into momentum and motivation. With the previously announced restatement now completed and our internal controls strengthened in the process, we're operating today from a position of strength, transparency and discipline. I'd like to thank everyone on the PACS team for their hard work, focus and dedication throughout this period. We feel we have the best team in the business, and I'm excited about the opportunities that are ahead.

我們稍後將詳細介紹我們的結果，結果顯示我們的團隊不負眾望。我們共同克服了近期的挑戰，並將這些挑戰轉化為前進的動力和熱情。隨著先前宣布的財務報表重述工作完成，並且在此過程中加強了內部控制，我們今天以實力雄厚、透明和嚴謹的態度開展業務。我要感謝PACS團隊的每一位成員在這段時間的辛勤工作、專注和奉獻。我們認為我們擁有業內最好的團隊，我對未來的機會感到興奮。

In November 2024, the company's independent Audit Committee supported by external counsel and advisers began an independent investigation of the allegations made in the short seller report. That work has concluded. The committee's work and its resulting recommendations, which have been or are being implemented, reinforced our commitment to transparency, accountability and strong governance.

2024 年 11 月，公司獨立審計委員會在外部律師和顧問的支持下，開始對做空機構報告中提出的指控進行獨立調查。那項工作已經結束了。委員會的工作及其提出的建議（這些建議已經或正在實施）強化了我們對透明度、問責制和強有力治理的承諾。

Now our focus is squarely on the future, executing our strategy, delivering exceptional care and continuing to build trust with our stakeholders. PACS moves forward with confidence, strength and an unwavering commitment to doing things the right way.

現在，我們全部的精力都集中在未來，執行我們的策略，提供卓越的醫療服務，並繼續與我們的利害關係人建立信任。PACS 以自信、實力和堅定不移的決心，以正確的方式做事，穩步前進。

In short, today is the start of a new chapter for PACS. As I noted, we remain focused on executing our strategy and our results demonstrate the strong progress we have made. We delivered a tremendous start to fiscal year 2025 and delivered another quarter of growth and execution in the third quarter.

簡而言之，今天是 PACS 新篇章的開始。正如我所指出的，我們仍然專注於執行我們的策略，而我們的成果也證明了我們取得了顯著進展。我們在 2025 財年取得了巨大的開局，並在第三季又實現了成長和執行。

In fact, we delivered record revenue and adjusted EBITDA in the first nine months of 2025. We believe this record performance validates PACS core strengths, our commitment to clinical and operational excellence, our industry-leading talent and a strategy designed for sustainable growth.

事實上，我們在 2025 年頭九個月實現了創紀錄的收入和調整後 EBITDA。我們相信，這項創紀錄的業績證明了 PACS 的核心優勢、我們對臨床和營運卓越性的承諾、我們領先業界的人才以及旨在實現永續成長的策略。

I'll touch on all of these themes throughout my remarks, and Mark will also provide more specifics on our financial performance and full year 2025 outlook. But first, I want to take a step back and talk briefly about PACS business and our strategy. We're a leading post-acute health care company, primarily focused on delivering high-quality skilled nursing care through a portfolio of locally operated facilities.

我將在我的演講中談到所有這些主題，馬克也將提供更多關於我們財務業績和 2025 年全年展望的具體資訊。但首先，我想退一步，簡要談談 PACS 業務和我們的策略。我們是一家領先的康復後醫療保健公司，主要致力於透過旗下本地運營的機構提供高品質的專業護理服務。

Our mission is to be the leading provider of post-acute clinical care across the country and elevate care for America's most vulnerable. This has been our mission since I co-founded the company with Mark, starting with two facilities in 2013.

我們的使命是成為全國領先的康復後臨床護理提供者，提升美國最弱勢群體的護理水平。自從我和馬克共同創立公司以來，這一直是我們的使命，公司最初在 2013 年只有兩家工廠。

Over the last decade, PACS team has worked to create value, trust and confidence for our patients and residents. We are now at 320 facilities across the country, and we feel like our journey is just starting. We're very thankful for the more than 47,000 employees across the country who provide care to over 30,000 residents each day.

過去十年，PACS 團隊一直致力於為我們的患者和居民創造價值、信任和信心。目前我們在全國擁有 320 家機構，我們感覺我們的旅程才剛開始。我們非常感謝全國各地超過 47,000 名員工，他們每天為超過 30,000 名居民提供護理服務。

We're inspired and driven by their commitment to quality and excellence, and they are the foundation behind our success. We believe that health care is local, and we recognize that every patient, facility and community is unique. For that reason, PACS operates with a locally led, centrally supported model that empowers local leaders to make day-to-day operational and clinical decisions at the facility level, ensuring that care is responsive, personal and community driven.

他們對品質和卓越的追求激勵著我們，也激勵我們不斷前進，他們是我們成功的基石。我們認為醫療保健是在地化的，我們也認識到每個患者、醫療機構和社區都是獨一無二的。因此，PACS 採用在地主導、中央支持的模式，賦予本地領導者在機構層面做出日常運作和臨床決策的權力，確保照護具有回應性、個人化和社區驅動性。

At the same time, we maintain robust regional and central support systems that provide resources, oversight and regulatory expertise, establishing clear guardrails to help our local teams remain compliant with local, state and federal requirements. This coordinated model, local leadership supported by strong centralized systems enables us to deliver excellent clinical outcomes, operational consistency and the highest standards of integrity across the organization. Our model is centered on what matters most, which is putting patients first, empowering strong bedside leadership and holding ourselves accountable at every level. It's a simple approach, but it's very powerful.

同時，我們維持強大的區域和中央支援系統，提供資源、監督和監管專業知識，建立明確的保障措施，幫助我們的本地團隊遵守地方、州和聯邦的要求。這種協調模式，即由強大的集中系統支援的地方領導，使我們能夠在整個組織內提供卓越的臨床結果、營運一致性和最高的誠信標準。我們的模式以最重要的事情為中心，那就是把病人放在第一位，賦予強大的床邊領導力，並在各個層面上承擔責任。這是一種簡單的方法，但非常有效。

It's what makes PACS different, and it's why we're confident in our ability to deliver exceptional value to our patients and the communities we serve. We're proud of what this team has built, and we're excited to keep raising the bar of what's possible for PACS. We're applying these competitive strengths to a compelling market opportunity.

這就是 PACS 的獨特之處，也是我們有信心為我們的患者和我們服務的社區提供卓越價值的原因。我們為這個團隊所取得的成就感到自豪，我們很高興能夠持續提高 PACS 的可能性標準。我們將這些競爭優勢應用於一個極具吸引力的市場機會。

The skilled nursing industry or SNF, is large and growing, with CMS expecting total industry expenditures to increase to $337.4 billion by 2032. At the same time, America is experiencing a significant demographic shift with estimates showing that nearly 20% of the US population will be aged 65 or older by 2030. This aging curve, driven by the baby boomer generation is expected to meaningfully increase demand for post-acute and long-term care services over the coming decade.

專業護理產業（SNF）規模龐大且不斷發展，美國醫療保險和醫療補助服務中心 (CMS) 預計到 2032 年，該產業的總支出將增加到 3,374 億美元。同時，美國正經歷重大的人口結構變化，據估計，到 2030 年，美國近 20% 的人口將達到或超過 65 歲。受嬰兒潮世代的影響，人口老化趨勢預計將在未來十年顯著增加對復健護理和長期照護服務的需求。

As one of the largest SNF operators in the US, we believe that our increasing scale and focus on clinical and operational excellence, coupled with our disciplined and sustainable growth strategy, uniquely positions PACS to capitalize on these demographic trends and drive further growth, both organically and through acquisitions. Taken together, we believe our competitive strengths will continue to drive our growth and success, delivering meaningful value to health care stakeholders, employees and shareholders alike.

作為美國最大的養老院營運商之一，我們相信，我們不斷擴大的規模和對臨床及營運卓越性的關注，加上我們嚴謹且可持續的成長策略，使 PACS 能夠獨具優勢地利用這些人口趨勢，並透過內生成長和收購來推動進一步成長。我們相信，綜合來看，我們的競爭優勢將繼續推動我們的成長和成功，為醫療保健利害關係人、員工和股東創造有意義的價值。

Now let's turn to an update on some of our recent operational and clinical advances. We continue to prioritize exceptional clinical outcomes across both our mature and newly acquired facilities, and that focus is reflected in our quality ratings. Based on CMS quality measure or QM star ratings, 192 of our facilities, representing 68.6% of our skilled nursing portfolio are rated four or five stars.

現在讓我們來了解一下我們近期在營運和臨床方面的一些進展。我們始終將卓越的臨床療效放在首位，無論是在我們成熟的醫療機構還是新收購的醫療機構中，而這一重點也體現在我們的品質評級中。根據 CMS 品質指標或 QM 星級評定，我們旗下 192 家機構（占我們專業護理機構總數的 68.6%）被評為四星或五星。

This sustained improvement across the organization underscores the strength of our teams and supports the strong financial performance we continue to deliver. To better illustrate our facility's dedication to quality, I'd like to share a quick anecdote that highlights how our teams consistently rise to meet the needs of the communities we serve.

組織內部持續的進步凸顯了我們團隊的實力，也支撐了我們持續的強勁財務表現。為了更好地說明我們工廠對品質的承諾，我想分享一個小故事，它突顯了我們的團隊是如何不斷提升自身能力以滿足我們所服務社區的需求的。

In Q3 of 2023, we acquired a facility in Colorado. At the time of acquisition, the facility was on CMS' special focus facility list and members of the local community openly shared that it had been considered by some to be the worst skilled nursing facility in the state. For many operators, this combination of reputational and clinical challenges would have been a reason enough to walk away. But for us, it represented exactly the kind of opportunity where our model can make the deepest impact.

2023年第三季度，我們收購了科羅拉多州的一個設施。收購時，該機構被列入 CMS 特別關注機構名單，當地社區成員公開表示，有些人認為它是該州最糟糕的專業護理機構。對於許多業者來說，聲譽和臨床方面的挑戰疊加在一起，足以成為他們退出市場的理由。但對我們來說，這正是我們的模式能夠發揮最大作用的那種機會。

More importantly, we believe without hesitation that the residents, families and communities deserved better. After many months of focused efforts and dedicated caregivers and leadership team at this facility, supported closely by the regional PACS team, execute a comprehensive operational and clinical turnaround.

更重要的是，我們毫不猶豫地認為，居民、家庭和社區應該得到更好的待遇。經過數月的集中努力，以及該機構敬業的護理人員和領導團隊的辛勤付出，並在區域 PACS 團隊的密切支持下，執行了全面的營運和臨床轉型。

By Q3 of 2024, they had passed their second consecutive health inspection survey, meeting the requirements to graduate from the special focus facility program. As of March of this year, the facility officially came off the special focus facility list, and the team has since achieved a four-star overall CMS rating, which is remarkable, milestone given where the facility started just a couple of years ago at acquisition. This example is just one that reflects a broader pattern across our portfolio.

到 2024 年第三季度，他們通過了第二次連續的健康檢查調查，達到了從特殊重點設施計劃畢業的要求。截至今年 3 月，該機構正式從特別關注機構名單中移除，並且該團隊已獲得 CMS 四星級整體評級，考慮到該機構幾年前被收購時的狀況，這是一個了不起的里程碑。這個例子只是我們投資組合中更廣泛模式的縮影。

These types of clinical success stories are becoming increasingly common, underscoring the strength of our clinically driven operating model and the dedication of our caregivers in every market. In fact, through the first nine months of 2025 alone, five additional facilities that were acquired while on the special focus facility candidate list have successfully graduated from the list.

這類臨床成功案例越來越常見，凸顯了我們以臨床為導向的營運模式的優勢以及我們各個市場醫護人員的奉獻精神。事實上，光是 2025 年的前九個月，就有 5 家在特殊重點設施候選名單上收購的設施成功從名單中畢業。

Each has its own unique story, it's different challenges, different starting points, different community needs, but all share a common thread, the ability of our teams to restore stability, rebuild trust and deliver meaningful improvements in patient care. These results reinforce what we believe at PACS. When supported with the right structure, leadership and resources, even the most challenged facilities can achieve dramatic sustained improvement.

每個案例都有其獨特的故事，不同的挑戰，不同的起點，不同的社區需求，但所有案例都有一個共同點，那就是我們的團隊有能力恢復穩定，重建信任，並在患者護理方面帶來有意義的改進。這些結果印證了我們在PACS的信念。只要有正確的組織架構、領導和資源支持，即使是最困難的設施也能有顯著的持續改善。

And most importantly, our patients and communities are better served because of it. These clinical achievements reflect the same operational discipline and team excellence that continue to drive momentum across our broader portfolio, momentum that has been especially evident over the last 15 months as we've expanded our footprint, strengthened operations and integrated a significant number of newly acquired facilities.

最重要的是，我們的患者和社區因此受益匪淺。這些臨床成就體現了我們一貫的營運紀律和團隊卓越性，這種紀律和卓越性也持續推動著我們更廣泛的業務組合的發展，尤其是在過去 15 個月中，隨著我們擴大業務範圍、加強運營和整合大量新收購的設施，這種發展勢頭更加明顯。

Our third quarter performance reflects both sustained operational strength and the growth of the business through the meaningful expansion of our portfolio over the last 15 months. In that time, we've executed a series of strategic acquisitions, strengthened our presence in key markets and continued delivering high occupancy in our mature facilities.

第三季業績反映了我們持續的營運實力，以及過去 15 個月以來透過大幅擴展產品組合所實現的業務成長。在此期間，我們進行了一系列策略性收購，加強了在重點市場的地位，並繼續保持成熟設施的高入住率。

In the second half of 2024 alone, we acquired 94 facilities as part of 106 total acquisitions for the full year. The largest of these was the acquisition of the Prestige portfolio, which added 53 facilities across eight states, five of which were new markets for us, significantly expanding our geographic footprint. In total, the acquisitions completed during the back half of 2024, added 7,424 skilled nursing beds and 1,334 assisted living units, more than 8,700 beds overall.

光是 2024 年下半年，我們就收購了 94 家工廠，而全年收購總數為 106 家。其中規模最大的收購是 Prestige 資產組合，該組合在八個州新增了 53 家工廠，其中五個州是我們的新市場，大大擴大了我們的地理覆蓋範圍。2024 年下半年完成的收購共增加了 7,424 張專業護理床位和 1,334 個輔助生活單元，總共增加了 8,700 多張床位。

This expansion meaningfully increased our scale and broadened the reach of our operating model. In 2025, we've continued to deploy capital to fuel growth, rooted in a disciplined approach focused on driving returns from our investments. Year-to-date, we've acquired the operations of seven additional facilities. Today, our portfolio includes 35,202 total operating beds, 32,677 skilled nursing beds and 2,525 assisted living beds across 17 states, reflecting a significantly expanded geographic footprint. Portfolio performance remains strong.

此次擴張顯著提升了我們的規模，並拓寬了我們營運模式的影響範圍。2025年，我們持續投入資金以推動成長，這源自於我們嚴謹的投資策略，旨在提高投資回報。今年以來，我們已收購了另外七家工廠的營運權。目前，我們的業務組合包括遍布 17 個州的 35,202 張營運床位、32,677 張專業護理床位和 2,525 張輔助生活床位，這反映出我們的地理覆蓋範圍顯著擴大。投資組合表現依然強勁。

Total occupancy stands at 89% with our mature facilities delivering exceptional 95% occupancy, up from 94% last year. Occupancy in our new facilities, those acquired within the last 18 months, including the large 2024 acquisitions, is 81% compared with 83% in the prior year. This reflects the intentional onboarding period as newly acquired facilities begin adopting PACS operating systems and clinical processes.

整體入住率為 89%，其中成熟設施的入住率高達 95%，高於去年的 94%。我們新設施（包括過去 18 個月內收購的設施，以及 2024 年的大型收購項目）的入住率為 81%，而上一年為 83%。這反映了新收購的醫療機構在開始採用 PACS 作業系統和臨床流程時，需要經歷一個有計劃的過渡期。

As these facilities progress through stabilization and ultimately move into ramping status, we expect to see continued improvement in both occupancy and skilled mix over time. Our locally led centrally supported model is foundational to driving increased occupancy, which prioritizes matching patient acuity with the right clinical capabilities at each facility.

隨著這些設施逐步穩定並最終進入逐步提升階段，我們預計入住率和技能型人才比例將隨著時間的推移而持續改善。我們以本地為主導、中央支持的模式是提高入住率的基礎，優先考慮將患者的病情嚴重程度與每個醫療機構的適當臨床能力相匹配。

As hospitals continue to discharge higher acuity patients into skilled nursing settings, our team remains well positioned to meet that need, which supports both patient outcomes and continued occupancy strength. That means we also continue to invest in leadership development through our administrator and training or AIT program, better equipping local leaders to deliver responsive, personal and community-driven care, which ultimately drives higher occupancy.

隨著醫院不斷將病情較重的患者轉入專業護理機構，我們的團隊仍然能夠很好地滿足這一需求，這既有利於患者的治療效果，也有利於入住率的持續維持。這意味著我們將繼續透過我們的管理人員和培訓或 AIT 計劃投資於領導力發展，更好地為當地領導者提供響應迅速、個性化和以社區為導向的護理，從而最終提高入住率。

Since our founding, we have hired 261 AITs with 203 currently employed in licensed administrator or other leadership roles, reflecting an approximate 78% retention rate. We now have 36 AITs in the program, providing a strong pipeline of leaders to support both existing operations and future growth. We enter the fourth quarter of 2025 with confidence and momentum.

自公司成立以來，我們已聘用了 261 名 AIT，其中 203 名目前擔任持證管理員或其他領導職務，留任率約為 78%。目前該計畫共有 36 名 AIT（高級培訓生），為現有營運和未來發展提供了強大的領導人才儲備。我們滿懷信心和勢頭進入2025年第四季。

But most importantly, the depth and quality of our people gives us a competitive advantage that can't be replicated. Our teams are motivated, they're focused, and they're ready to prove once again that PACS doesn't just adapt to challenges, we turn them into fuel. We're building on strength, executing with urgency and driving toward being the best in our sector. I'll now turn the time back over to Mark to cover our financial highlights for the quarter.

但最重要的是，我們員工的深度和素質賦予了我們無法複製的競爭優勢。我們的團隊充滿動力，目標明確，他們準備再次證明，PACS 不僅能夠適應挑戰，還能將挑戰轉化為動力。我們正在鞏固自身優勢，以緊迫感執行各項任務，並努力成為業界翹楚。現在我將時間交還給馬克，讓他來介紹我們本季的財務亮點。

Thank you, Jason. And I'd like to echo your sentiments in that when we first started PACS, we did it with the intention of building a legacy sustainable company in the post-acute health care sector. This is our life's work. And so I want to express my gratitude to our Audit Committee and advisers for their work and recommendations that have helped accelerate our maturation as a public company. We remain confident that our locally led centrally supported model, coupled with enhanced compliance and controls will increase our ability to deliver high-touch, high-quality care to our patients and strengthen our communities.

謝謝你，傑森。我非常同意你的觀點，我們當初創辦 PACS 的初衷，就是要在急性後期醫療保健領域打造一家可持續發展的家族企業。這是我們畢生的事業。因此，我要感謝我們的審計委員會和顧問們，感謝他們的工作和建議，這些都幫助我們加快了作為一家上市公司的成熟進程。我們仍然相信，我們以本地為主導、中央支持的模式，加上加強合規和控制，將提高我們為患者提供優質、人性化護理的能力，並增強我們社區的實力。

With our exceptionally talented team, we are focused on continuing to execute our strategy to drive value for shareholders and the rest of the health care ecosystem. Our third quarter and year-to-date 2025 results reflect the operational and clinical excellence across our portfolio that continues to drive demand for our services. I will now highlight a few key financial metrics for the three months ended September 30, 2025. In the third quarter, we realized $1.3 billion of revenue, a 31% increase over the same period of the prior year. Adjusted EBITDAR for the third quarter was $226.6 million, while adjusted EBITDA was $131.5 million.

憑藉我們才華橫溢的團隊，我們致力於繼續執行我們的策略，為股東和整個醫療保健生態系統創造價值。我們2025年第三季和年初至今的業績反映了我們產品組合在營運和臨床方面的卓越表現，這持續推動對我們服務的需求。接下來，我將重點介紹截至 2025 年 9 月 30 日止三個月的一些關鍵財務指標。第三季度，我們實現了 13 億美元的收入，比去年同期成長了 31%。第三季調整後 EBITDAR 為 2.266 億美元，調整後 EBITDA 為 1.315 億美元。

Net income for the same period was $52.3 million. And lastly, our diluted earnings per share for the quarter was $0.32. In addition to our third quarter performance, I'd like to take a moment to highlight our year-to-date 2025 results. These further demonstrate the consistency of our growth and operating strength throughout the year. So for the first nine months ended September 30, 2025, we realized $3.9 billion of total revenue.

同期淨利為5,230萬美元。最後，本季稀釋後每股收益為0.32美元。除了第三季的業績之外，我還想重點介紹我們2025年迄今的業績。這些進一步證明了我們全年成長的穩定性和營運實力。因此，截至 2025 年 9 月 30 日的前九個月，我們實現了 39 億美元的總收入。

This represents a 36% increase over the same period in 2024. Year-to-date 2025 adjusted EBITDAR was $646.2 million, while adjusted EBITDA was $363.0 million. Net income for the same period was $131.7 million. And lastly, our diluted earnings per share through the first three quarters of 2025 was $0.80. As Jason noted, total facility occupancy across our portfolio was 89% for the first three quarters of 2025, well above the industry average of 79%.

這比 2024 年同期成長了 36%。截至 2025 年末，調整後 EBITDAR 為 6.462 億美元，調整後 EBITDA 為 3.63 億美元。同期淨利為1.317億美元。最後，截至2025年前三個季度，我們的稀釋後每股收益為0.80美元。正如Jason所指出的，截至2025年前三個季度，我們所有物業的總入住率為89%，遠高於79%的行業平均水平。

A meaningful number of facilities advanced into our mature category this year, and it's encouraging to see occupancy and skilled mix remain strong through that transition. Mature facilities continue to perform exceptionally well, achieving 95% occupancy, up from 94% occupancy last year, while skilled mix increased from 32% to 34% in 2025.

今年有相當數量的設施進入了我們的成熟類別，令人欣慰的是，入住率和技能組合在這段過渡時期仍然保持強勁。成熟設施持續表現出色，入住率達到 95%，高於去年的 94%，而技能型設施的比例在 2025 年從 32% 增加到 34%。

Ramping facilities reported 86% occupancy and 23% skilled mix, reflecting the impact of several newer markets such as Colorado that continue to strengthen as operational initiatives take hold. New facilities ended the third quarter at 81% occupancy versus 83% in 2024, while skilled mix improved to 25% from 22% last year. The slight dip in occupancy reflects the expected transition following the large portfolio integrations completed in late 2024.

坡道設施的入住率為 86%，熟練工人佔比為 23%，這反映了科羅拉多州等幾個新興市場的影響，隨著營運措施的落實，這些市場正在不斷加強。截至第三季末，新設施的入住率為 81%，而 2024 年的入住率為 83%；同時，技能型設施的入住率從去年的 22% 提高到 25%。入住率略有下降，反映了在 2024 年底完成的大規模投資組合整合之後預期的過渡情況。

As Jason mentioned, 2024 was an extraordinary year of growth for us. We completed 106 facility acquisitions, which is more than four times our historical annual average, including 94 in the second half of 2024 alone. In comparison, during the first three quarters of 2025, we completed seven acquisitions, all of which were strategic add-ons within the existing footprint of the states we operate in.

正如傑森所說，2024年對我們來說是成長迅猛的一年。我們完成了 106 項設施收購，是歷史年均水準的四倍多，其中僅在 2024 年下半年就完成了 94 項。相較之下，在 2025 年前三個季度，我們完成了七項收購，所有這些收購都是在我們現有業務所在州的現有版圖內進行的策略性補充。

This lower level of activity in 2025 has provided time to assimilate the significant volume of transactions completed in 2024 and demonstrates our intentional focus on integrating that large cohort. In 2025, our cost of services increased by 32% year-over-year as we continue to invest in staffing and quality initiatives.

2025 年較低的交易量為我們提供了時間來消化 2024 年完成的大量交易，也表明了我們有意專注於整合這一龐大群體。2025年，由於我們持續投資於人員配備和品質改善措施，我們的服務成本年增了32%。

This increase aligns with our growth and reflects our ongoing efforts to make operational and clinical improvements across our portfolio, including in our newly acquired facilities. In addition to growing our operations in 2025, we purchased the underlying real estate of five facilities, further strengthening our balance sheet and our ownership position within our portfolio.

這一成長與我們的成長相符，也反映了我們不斷努力改善旗下所有業務（包括新收購的設施）的營運和臨床方面的現​​狀。除了在 2025 年擴大業務規模外，我們還收購了五處設施的底層房地產，進一步加強了我們的資產負債表和我們在投資組合中的所有權地位。

As of the end of the third quarter, we now wholly own or partially own through joint ventures, the real estate interest in 100 of the facilities that we operate. In total, we currently own, have purchase options or have future rights to almost half of the properties that we operate. This continued expansion of real estate ownership achieved while maintaining consistent lease structures and financial terms underscores our disciplined approach to capital allocation and long-term value creation.

截至第三季末，我們目前已完全擁有或透過合資企業部分擁有我們經營的 100 個設施的房地產權益。目前，我們擁有、擁有購買選擇權或擁有未來權利的近一半我們經營的物業。在維持租賃結構和財務條款一致的情況下，我們不斷擴大房地產所有權，這凸顯了我們在資本配置和長期價值創造方面的嚴謹態度。

Of the facilities that we lease, the average remaining tenor of our operating leases and our finance leases is 13 years and 19 years, respectively. Now turning to guidance. As we look forward to a great fourth quarter and finishing out the year,-- based on our recent results and current expectations, we are providing guidance for the full year 2025 as follows. We expect annual revenue to be between $5.25 billion and $5.35 billion in 2025. The midpoint of this range would be a 30% increase over 2024 revenue.

在我們租賃的設施中，營業租賃和融資租賃的平均剩餘期限分別為 13 年和 19 年。現在進入指導環節。展望第四季並順利完成全年業績，基於我們最近的業績和目前的預期，我們對 2025 年全年業績做出如下預測。我們預計到 2025 年，年收入將在 52.5 億美元至 53.5 億美元之間。該範圍的中點將比 2024 年營收成長 30%。

For the full year 2025, we expect adjusted EBITDA to be between $480 million and $490 million. In summary, we expect these to be record results for the company. I'll now turn the call back over to Jason.

我們預計 2025 年全年調整後 EBITDA 將在 4.8 億美元至 4.9 億美元之間。總之，我們預期這將是公司創紀錄的業績。現在我將把通話轉回給傑森。

Thanks, Mark. And as Mark mentioned, we expect the full year to deliver record revenue and adjusted EBITDA, and our performance year-to-date has already reached record levels for the company. This continued momentum highlights the strength of our model and our teams throughout the country. We intend to continue proving that strength quarter after quarter, and we're energized and moving forward with discipline and focus and look forward to demonstrating our ability to execute and deliver results for our patients and shareholders. So with that, operator, I believe we're ready for questions.

謝謝你，馬克。正如馬克所提到的，我們預計全年營收和調整後 EBITDA 將創歷史新高，而該公司今年迄今的業績已經達到歷史最高水平。這一持續成長勢頭凸顯了我們模式的實力以及我們遍布全國的團隊的實力。我們打算繼續每個季度都證明這一實力，我們充滿活力，以嚴謹的態度和專注的精神向前邁進，期待著向我們的患者和股東展示我們的執行能力和成果。那麼，操作員，我想我們已經準備好回答問題了。

David MacDonald, Truist.

David MacDonald，Truist。

Thank you, good afternoon, guys, I got a handful of questions. First, guys, can you just talk a little bit about-- you mentioned the momentum in the business a couple of times. If we look at the occupancy and skilled mix opportunity in the new and ramping, can you just spend a minute on that? And then kind of as we head towards 2026, is there any areas that you would call out in terms of areas of disproportionate investment?

謝謝，下午好，各位，我有一些問題。首先，各位，能不能簡單談談──你們之前幾次提到了公司目前的業務發展動能。如果我們看一下新建和擴建項目的入住率和技能組合機會，您能花一分鐘時間談談這方面的情況嗎？那麼，隨著我們邁向 2026 年，您認為有哪些領域有投資不平衡的情況呢？

Yeah, This is Josh. I'll take the first part of that question. As we look at occupancy, I think we refer often to our mature facilities. And as you know, those are facilities that we've had for over 37 months.

是的，我是喬希。我來回答這個問題的第一部分。當我們考察入住率時，我認為我們經常會參考我們成熟的設施。如您所知，這些設施我們已經使用了超過 37 個月。

And as reported, that occupancy has remained incredibly strong, and so has the skilled mix. What we've learned over the process of our acquisitions is that it takes time to implement and deploy our policies, procedures, our model of increasing the clinical capabilities of our facilities and the team's confidence in their ability to provide care to high acuity patients at a level where we can continue to operate and ensure that the patients and their family members are getting exceptional care outcomes.

據報道，入住率一直非常強勁，高技能人才的比例也保持穩定。我們在收購過程中了解到，實施和部署我們的政策、程序、提高我們設施臨床能力的模式以及團隊對自身為重症患者提供護理能力的信心，都需要時間，這樣我們才能繼續運營並確保患者及其家人獲得卓越的護理效果。

And so as we look at our ramping and new facilities, we still feel that there's a lot of opportunity for us to strengthen those teams to deploy the appropriate systems that we need. You heard, obviously, the number-- the sheer number of facilities that we took on, creates challenges for us to ensure that those teams are supported in a way that allow them to have the confidence to increase both skilled mix and occupancy.

因此，當我們審視產能提升和新設施時，我們仍然覺得有很多機會可以加強這些團隊，以部署我們需要的適當系統。顯然，你們都聽到了這個數字——我們接管的設施數量之多，給我們帶來了挑戰，我們需要確保這些團隊得到支持，使他們有信心提高技能組合和入住率。

So I still-- and we still feel very confident that as you look at those cohorts of new and ramping that our expectation would be and the history of our company would show that those continue to increase and move towards where our mature facilities are performing, and we would expect that to be the case.

所以，我仍然——而且我們仍然非常有信心，當你觀察這些新一批正在擴建的工廠時，我們的預期以及我們公司的歷史表明，這些工廠將繼續增長，並朝著我們成熟工廠的運行水平邁進，我們預計情況會是這樣。

Sure, And David, I would just-- this is Mark here. I'd just layer in that to your question about kind of any disproportionate relationships there. Just emphasizing what Josh said about the fact that we grew at over 106 facilities last year, which basically one third of our portfolio represents that new bucket. And so there's a lot of embedded potential for organic growth there.

當然，還有大衛，我只想說──這位是馬克。我只想把這一點補充到你關於是否存在不成比例關係的問題中。我只是想強調 Josh 所說的，去年我們在 106 個以上的設施中實現了成長，這基本上占我們投資組合的三分之一，代表了這個新領域。因此，那裡蘊藏著巨大的有機成長潛力。

Okay. And then, guys, just I guess, second question, when you think about some of the changes the company has made relative to controls, what would you call out as the one or two changes that you view as most impactful?

好的。那麼，各位，我想問第二個問題，考慮到公司在管控方面做出的一些改變，你們認為其中一兩項改變的影響最大？

Yeah, that's a good question, David. And I would maybe point to one thing that stands out as I think through that. Number one, there's been a lot of lessons that we've learned through this process. But I would say the one that stands out to me is our ability to continue to develop and strengthen our compliance within the organization.

嗯，問得好，大衛。而我思考這個問題時，或許會指出一件特別突出的事情。第一，我們在這個過程中學到了很多經驗。但我認為最突出的是我們有能力不斷發展和加強組織內部的合規性。

And that's an area that we feel passionate about, and I think it aligns with our mission as an organization as well. And it's something that we, over the last year, have worked tirelessly to improve. And I think why that's notable is because it allows additional support for our locally led and centrally supported model, where we have administrators making decisions at the local level to support their patients and their staff.

這是我們充滿熱情的一個領域，我認為這與我們作為一個組織的使命也是一致的。在過去一年裡，我們為此付出了不懈的努力。我認為這一點之所以值得注意，是因為它為我們本地主導、中央支持的模式提供了額外的支持，在這種模式下，管理人員在地方層面做出決策，以支持他們的病人和員工。

Having those additional support mechanisms in place to make sure that they're making good decisions, that's incredibly important to us. And so I'm very proud of the progress that we've made and the advancements that we've made in that area over the last year. And I would say that's probably the most notable in my opinion.

建立這些額外的支持機制，確保他們做出正確的決定，這對我們來說至關重要。因此，我對過去一年我們在該領域的進展和成就感到非常自豪。我覺得這可能是最值得注意的一點。

Okay, And then, guys, just last one for me, I guess, a two-part question. One, if I look at year-to-date cash flow generation, it looked very strong. Anything that you would flag or call out there that's driving that? And then secondly, if you could just touch quickly on M&A.

好的，那麼，各位，我想這是我最後一個問題了，這個問題分成兩個部分。第一，如果我看一下今年迄今為止的現金流生成情況，它看起來非常強勁。您認為造成這種情況的原因或因素是什麼？其次，能否請您簡單談談併購方面的問題？

If you look at the number of facilities that you guys have integrated and you look at the activity year-to-date in '25, just an update on kind of the pipeline, how that's looking and how you guys are thinking about M&A on a go-forward basis?

如果看看你們已經整合的設施數量，再看看 2025 年至今的活動，以及你們目前的併購計畫進度，以及你們對未來併購的考慮，會發現什麼？

Yeah David, So I'll take the first part and maybe let Josh take the part about M&A. But on the question about cash, so yes, I mean, cash provided by operations for the first nine months was $407 million. And we ended the quarter at September 30 with over $350 million n (sic – see press release, "$355.7 million") of cash and cash equivalents versus $157 million at the end of 2024. And that included, by the way, paydown of our line of credit throughout this year.

是的，大衛，那我來負責第一部分，也許讓喬許負責併購那部分。但關於現金的問題，是的，我的意思是，前九個月的經營活動提供的現金為 4.07 億美元。截至 9 月 30 日，我們本季末的現金及現金等價物超過 3.5 億美元（原文如此，請參閱新聞稿，「3.557 億美元」），而 2024 年底僅為 1.57 億美元。順便一提，這其中也包括我們今年償還的信用額度。

And David, as far as M&A goes, I think Jason said it well as he was talking a little bit about the heavy amount of acquisition that we did at the end of 2024. And if you look historically at our organization, we kind of averaged out and talk about acquisitions around the 20 a year. Those have been somewhat cyclical as we've, in some years, grown a little bit more than that. And certainly, 2024, the second half of it would be one of those years.

至於併購方面，David，我認為Jason說得很好，他談到了我們在2024年底進行的大量收購。從我們公司的歷史來看，我們平均每年進行約 20 次收購。這些成長在某種程度上是週期性的，因為在某些年份，我們的成長幅度會更大一些。當然，2024 年下半年肯定就是這樣的年份之一。

It's important for us as we grow that those facilities feel supported, that they feel that they are appropriately integrated into what makes our company special, that they get full access to our systems, to policies and procedures and understand how we go about providing training and education to ensure these facilities have the capabilities in order to be strong centers of excellence in the communities that they serve.

隨著公司的發展，對我們來說，重要的是讓這些機構感受到支持，讓他們覺得自己被恰當地融入到我們公司的獨特之處中，讓他們能夠充分訪問我們的系統、政策和程序，並了解我們如何提供培訓和教育，以確保這些機構有能力成為其服務社區的卓越中心。

And so that was a big part, along with what we've been going through in the investigation and prioritizing that and the recommendations that came from it that led to acquisitions being very strategic with the seven that we acquired. As we move forward and feel that we are in the strongest position as an organization that we've ever been in, and we have a deep bench, as Jason mentioned, 36 AITs.

因此，這在很大程度上促成了我們的收購，包括我們在調查過程中所做的工作、對調查的優先排序以及由此提出的建議，這些都使我們最終以非常具有戰略意義的方式收購了七家公司。隨著我們不斷前進，我們感覺我們作為一個組織正處於有史以來最強大的地位，而且我們擁有強大的後備力量，正如傑森所提到的，有 36 名 AIT（高級實習生）。

We are incredibly excited because we're passionate and feel that the work that we do truly makes a difference. And so as we've continued to evaluate deals during this period and been very selective, I would imagine that we would continue to increase the amount of deals that we're looking at again, assuring that we stay disciplined in our approach, but also resilient in the efforts that we're making to ensure that the communities and people who are underserved right now can have the advantage of having PACS come in and deploy resources that help improve these facilities.

我們感到無比興奮，因為我們充滿熱情，並且覺得我們所做的工作確實能帶來改變。因此，在此期間，我們一直在評估交易並非常謹慎地進行選擇。我認為，我們將繼續增加我們正在考察的交易數量，以確保我們的方法保持嚴謹，同時也要堅持不懈地努力，以確保目前服務不足的社區和人們能夠受益於 PACS 的介入和資源部署，從而幫助改善這些設施。

And so as we look to what we've done historically, I think that you can look towards those historical numbers and use those as reference what we plan on doing as we move forward.

因此，當我們回顧過去所做的事情時，我認為我們可以參考這些歷史數字，並以此作為我們未來計劃的參考。

Okay, thanks very much.

好的，非常感謝。

Thanks David.

謝謝你，大衛。

Benjamin Rossi, JPMorgan.

班傑明‧羅西，摩根大通。

Hey, great, thanks for the question here. So just thinking about long-term growth, with the changes to your baseline revenue and earnings structure (inaudible) 2025 outlook now implying that 30% top line growth and EBITDA growing further underneath that, what is the right way to think about your long-term growth algorithm? Is the previous framing of maybe low double digits across revenue and EBITDA still kind of roughly applicable?

嘿，太好了，謝謝你的提問。因此，考慮到長期成長，以及您基準收入和獲利結構的變化（聽不清楚），2025 年的展望現在意味著 30% 的營收成長，以及 EBITDA 在此基礎上進一步成長，那麼，思考您的長期成長演算法的正確方法是什麼？先前關於營收和 EBITDA 可能實現兩位數低成長的預測現在是否仍然大致適用？

And then I think you kind of confirmed it here, but regarding your M&A with the seven facilities year-to-date, I think you mentioned 20 facilities per year going forward is still the right way to think about inorganic?

然後我覺得你在這裡也算是證實了這一點，但是關於你今年迄今為止的七家工廠的併購，我想你提到過未來每年收購 20 家工廠仍然是考慮非有機增長的正確方式？

Yeah, so, yeah, thanks Ben, So the growth, I think that the models that you have are in line with our current performance, meaning take out the restatement for 2024, and I think we're tracking according to what you've been analyzing before. So-- but to your question-- to your point about we've given guidance of 20 facility acquisitions per year. We have far exceeded that in 2024.

是的，謝謝 Ben。關於成長，我認為你提供的模型與我們目前的業績相符，也就是說，剔除 2024 年的重述，我認為我們正按照你之前分析的情況進行追蹤。所以——但回到你的問題——關於你提到的我們每年給出的收購20個設施的指導意見。到了 2024 年，我們已經遠遠超過這個目標。

And over the years, historically, we've had years of kind of larger chunkier growth and followed by years of kind of a simulation. So that historical average gets smoothed out a little bit, but we have probably outpace that 20 facility guidance. We're not, at this point, prepared to change that guidance as far as the number of facility counts go. We kind of look to continue to be opportunistic in that. So we never set like goals on that.

從歷史上看，我們經歷過幾年比較大幅度的成長，然後幾年比較平穩的成長。因此，歷史平均值會被稍微平滑一些，但我們可能已經超過了20家工廠的預期目標。目前，我們暫不准備改變有關設施數量的指導方針。我們似乎打算繼續在這方面採取機會主義的做法。所以我們從來沒有在這方面設定過類似的目標。

But as far as the top line guidance of 30%, I think that will be consistent with what previous models have suggested.

但就30%的營收成長預期而言，我認為這與先前的模型預測是一致的。

Got it. Okay. And then across M&A, I appreciate your comments about activity progressing nicely over the past year. I guess just when thinking about your cohorts, what is the current embedded EBITDA opportunity across your new and ramping cohorts? And then when thinking about the 100-plus facilities you've added since last year, can you give any color on the embedded EBITDA opportunity across those newly acquired facilities?

知道了。好的。在併購方面，我很欣賞您對過去一年來該領域活動進展順利的評價。我想，在考慮你的客戶群時，你目前在新客戶群和正在發展中的客戶群中蘊含的 EBITDA 機會是什麼？那麼，考慮到自去年以來新增的 100 多個設施，您能否就這些新收購設施所蘊含的 EBITDA 機會發表一些看法？

Yeah, We've shared that generally, each acquisition is a little bit different depending on the state, depending on kind of how reimbursement works on the Medicaid side for each of those states. And so sometimes that's difficult to identify exactly, Ben, as we talk about that. One of the things that we have pointed to is kind of a margin number that each of these cohorts generally find themselves historically living in. And we've shared that the new facilities usually find themselves around 2% to 3%.

是的，我們之前也提到過，一般來說，每次收購的情況都會因州而異，這取決於每個州的醫療補助報銷機制。所以，本，當我們談到這個問題時，有時很難準確地確定這一點。我們指出的一點是，每個群體在歷史上通常都會處於某種程度的差距之中。我們也提到，新設施的佔比通常在 2% 到 3% 左右。

And then as they kind of graduate into the mature, we see them somewhere in between 6% and 8% margin. And then as they move towards maturity, they usually are in the low double digits and sometimes get as high as the low teens. And what I can share with you is that the historical averages continue to be consistent with what we're seeing as those facilities kind of graduate through those cohorts.

然後，隨著他們逐漸成熟，我們看到他們的利潤率在 6% 到 8% 之間。然後，隨著他們逐漸成熟，他們的年齡通常在兩位數左右，有時甚至會達到十幾歲。我可以告訴大家的是，歷史平均值與我們所看到的這些設施逐步完成這些批次的培養後的情況基本一致。

Great. And then if I could just sneak in one last one here. Just on the Medicaid rate development. Just thinking about rate development going into next year, how are you modeling growth relative to your historical trend at maybe 2% year-over-year? And what are any of your maybe embedded assumptions for the Medicaid supplemental program?

偉大的。最後，如果我能再補充一句的話。僅就醫療補助費率發展而言。考慮到明年的利率走勢，您如何預測相對於歷史趨勢（例如每年 2%）的成長？那麼，您對醫療補助補充計畫有哪些可能存在的固有假設呢？

And then for maybe some of the larger states like California, South Carolina or Washington, are you hearing any updates from your state counterparts on how they're factoring some of the related policy changes from the OBBBA as part of their budgeting?

那麼對於像加州、南卡羅來納州或華盛頓州這樣的大州，您是否從州政府同行那裡了解到，他們是如何將 OBBBA 的一些相關政策變化納入預算編制的？

Yeah, Medicaid is something that we keep a very close eye on. And Ben, obviously, you do as well as you're knowledgeable in asking the right questions. One of the things that we do in the acquisition process is we ensure that we're evaluating the states from a number of different perspectives. And one of those is identifying reimbursement associated with the state Medicaid programs and targeting opportunities where we feel like the reimbursement is modeled in a way where our model of taking a higher acuity patient is actually rewarded and appropriately reimbursed.

是的，我們對醫療補助計劃（Medicaid）非常關注。顯然，本，你也做得很好，因為你很擅長提出正確的問題。在收購過程中，我們所做的一件事就是確保從多個不同角度對目標州進行評估。其中一項是確定與州醫療補助計劃相關的報銷情況，並尋找我們認為報銷模式符合我們接收病情更重患者的模式，從而獲得實際獎勵和適當報銷的機會。

And so you see from some of the growth in states like Oregon and Washington, California that have quality incentive programs, Texas that has that. There's a number of states that we look at where we're identifying that program, how it's reimbursed. And one of the things that we've identified as well is a case mix component to the Medicaid program, where essentially you're capturing patient acuity levels.

因此，從俄勒岡州、華盛頓州、加利福尼亞州以及德克薩斯州等擁有高品質激勵計劃的州的增長情況可以看出，這些州也都有類似的激勵計劃。我們會考察一些州，了解這些州的計畫是如何實施的，以及報銷方式。我們也發現，醫療補助計劃中存在病例組合因素，本質上是在衡量患者的病情嚴重程度。

So in a state like Kentucky and Ohio, where we've recently done some acquisitions in Ohio, the case mix allows a provider to be rewarded for taking a more clinically acute and complex patient. And most-- many providers shy away from going into states like that because their model isn't based on educating, training, building confidence in the clinical staff to take on those patients.

因此，在肯塔基州和俄亥俄州這樣的州（我們最近在俄亥俄州進行了一些收購），病例組合允許醫療服務提供者因接收臨床病情更嚴重、更複雜的患者而獲得獎勵。而且大多數醫療機構都不願意進入這樣的州，因為他們的模式並非基於教育、培訓和建立臨床人員的信心來接納這些患者。

And so each of the states that we've entered into in this last year, we actually feel incredibly good about the Medicaid basis and programs and our ability to have an impact on those and ensure that not only our skilled patients and revenue flowing to the bottom line, but also on the Medicaid front being rewarded for the patients that we're taking. And so you'll see that in the growth that we had in 2024 that we particularly identified states that we felt strong about their Medicaid programs.

因此，在過去一年裡，我們進入的每個州，我們都對醫療補助計劃的基礎和項目以及我們對這些計劃的影響能力感到非常滿意，並確保不僅我們訓練有素的患者和收入能夠轉化為利潤，而且在醫療補助方面，我們接收的患者也能得到獎勵。因此，你會看到，在我們 2024 年的成長中，我們特別確定了我們認為其醫療補助計劃實力雄厚的州。

Great, appreciate all the additional color here thanks.

太好了，謝謝，這裡增添了這麼多色彩。

Yes, you got it, thanks.

是的，你明白了，謝謝。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，加拿大皇家銀行資本市場。

Great. Thanks, guys, and great to have you back. Just a quick question about your local market strategy. You guys have talked extensively about the local market model, the ability to form really strong referral relationships in those models and how that helps with your payer relationships, too.

偉大的。謝謝各位，很高興你們回來。關於貴公司的本地市場策略，我有個小問題。你們已經深入探討了在地市場模式，以及在這些模式下建立非常牢固的轉診關係的能力，以及這如何幫助你們與付款方建立關係。

Just wanted to talk a little bit about how those relationships in the various markets kind of fared across the audit process and if there were any changes that you had to make with regard to some key referral sources or key payers in your various markets and how those relationships held up through this process?

我想稍微談談在審計過程中，您在各個市場中的這些關係進展如何，以及您是否需要對各個市場中的一些關鍵轉診來源或關鍵付款方做出任何更改，以及這些關係在此過程中是否保持穩定？

Yes. Ben, good to talk with you. So Jason here. So I think that's one of the beauties of the model that we have where it's locally led, centrally supported, that model where administrators and we try to keep health care local, administrators making decisions locally to support their patients and their staff as well. And I think what that means is they also have the ability to adapt to the local needs of that particular market.

是的。本，很高興和你聊天。我是傑森。所以我認為，我們這種模式的優點之一就是它由地方主導，中央支持。在這種模式下，管理者們努力讓醫療保健留在當地，管理者們在當地做出決策，以支持他們的病人和員工。我認為這意味著他們也有能力適應特定市場的當地需求。

I think over this last year, we've seen our model shine amidst very challenging times to operate. What I would point to is our census numbers. You look across our portfolio, we have very strong census numbers, and I think that's a key indication that we are the provider of choice in the markets where we operate.

我認為在過去一年裡，我們看到我們的模式在極具挑戰性的營運環境下大放異彩。我想指出的是我們的人口普查數據。縱觀我們的投資組合，我們的人口普查數據非常強勁，我認為這有力地表明，在我們運營的市場中，我們是首選的供應商。

So as we evaluated that very closely and kept track of those KPIs very closely over this last year, it was evident that our model works and that our people are special, and they have the ability to execute even in the challenging times that we were working through. It was inspiring to see, frankly.

因此，在過去一年裡，我們對此進行了非常仔細的評估，並密切追蹤了這些關鍵績效指標，很明顯，我們的模式是有效的，我們的員工很特別，即使在我們經歷的充滿挑戰的時期，他們也有能力執行。坦白說，這很鼓舞人心。

And so I would say that those relationships continue to be strong in the markets where we operate, and that's something we're very proud of.

因此，我認為我們在營運的市場中，這些關係依然牢固，我們對此感到非常自豪。

Great thanks and in light of some of the operational changes you put into place as a result of the audit, are there any change in thinking about the types of M&A targets you're looking at, specifically how you're thinking about balancing deep turnaround opportunities like what you discussed in Colorado in your prepared remarks versus like another Signature, for example, which may be already performing well. Any thoughts on how you're balancing those opportunities?

非常感謝。鑑於您因審計而實施的一些營運變更，您在考慮併購目標類型方面是否有任何變更？特別是，您如何考慮平衡像您在科羅拉多州準備好的發言稿中討論的那種深度扭虧為盈的機會，與像另一家 Signature 公司那樣可能已經表現良好的公司之間的平衡？你對如何平衡這些機會有什麼想法嗎？

So I think the short answer is no. As far as we evaluate deals, we continue to use the same discipline that we've used historically, which is we have a group of team members that consist of our investment committee. And that group meets regularly, and we talk through and evaluate deals. And as we work together as a committee, as we underwrite those opportunities, we ultimately settle on a decision there. And that structure has been a part of our company for a while now.

所以我覺得簡短的答案是否定的。在評估交易方面，我們繼續沿用以往的做法，即由投資委員會成員組成的團隊負責評估交易。該小組定期開會，我們會討論和評估交易。當我們作為一個委員會共同努力，為這些機會提供擔保時，我們最終會做出決定。這種組織架構在我們公司已經存在了一段時間。

And I think what that does is it provides the appropriate levels of control to make sure that we're doing good deals and staying disciplined with that. And so as we continue to use that same structure to vet deals, we anticipate that we'll continue to take deep turnarounds. Like I shared in the anecdote in my narrative, we feel very good about who we are as a company.

我認為這樣做可以提供適當的控制水平，以確保我們進行良好的交易並保持自律。因此，在我們繼續使用相同的結構來審查交易的同時，我們預計我們將繼續進行深度轉型。正如我在敘述中的軼事中提到的那樣，我們對我們公司本身的定位感到非常自豪。

And we like to think that we are very good at what we do. And I think that is an indication in the examples that we provided to take facilities that are struggling clinically and ultimately financially as well and to deploy our model into those and to breathe new life into those facilities and to see them transform and to see the quality metrics improve, that's incredibly rewarding for us.

我們喜歡認為自己非常擅長自己所做的事情。我認為，我們提供的這些例子表明，對於那些在臨床上和最終在財務上都舉步維艱的機構，我們可以將我們的模式應用到這些機構中，為這些機構注入新的活力，看到它們發生轉變，看到質量指標得到改善，這對我們來說是無比值得的。

And so we will continue to do that moving forward in a very disciplined manner like we have historically.

因此，我們將繼續以一貫的嚴謹態度來推進這項工作。

Great thanks guys.

非常感謝各位。

That concludes today's question-and-answer session. I'd like to turn the call back to Jason Murray for closing remarks.

今天的問答環節到此結束。我想把電話轉回給傑森·莫瑞，請他作總結發言。

Yeah, thank you operator and and thank you all again for joining us. Have a nice rest of your day.

是的，謝謝接線員，也再次感謝各位的參與。祝您今天餘下的時間愉快。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。