PACS Group, Inc. (PACS) 2026 Q2 法說會逐字稿

Hello, and welcome to PACS Group's Second Quarter 2026 Earnings Conference Call. (Operator Instructions) Speakers on today's call are Jason Murray, PACS Group's Chief Executive Officer; Carey Hendrickson, Chief Financial Officer; Josh Jergensen, President and Chief Operating Officer; and Ryan Welch, Director of Corporate Finance.

您好，歡迎參加 PACS Group 2026 年第二季財報電話會議。（接線員指示）今天與會的講者包括：PACS Group 執行長 Jason Murray；財務長 Carey Hendrickson；總裁兼營運長 Josh Jergensen；以及企業財務總監 Ryan Welch。

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 the webcast will be available for 30 days. Information to access the replay is listed in yesterday's press release, which is available on our website under the Investor Relations section.

今天的電話會議將進行錄音，並將於本次會議結束後一小時在 PACS Group 投資人關係網站提供重播。網路直播的重播將提供 30 天。重播的存取資訊已列於昨日的新聞稿中，該新聞稿可在我們網站的投資人關係專區取得。

Before we begin, I would like to remind everyone that during today's call, we'll be making forward-looking statements regarding future events and financial performance. I'd now like to turn the conference over to Ryan Welch, Director of Corporate Finance. Please go ahead.

在開始之前，我想提醒各位，在今天的電話會議中，我們將就未來事件與財務表現發表前瞻性陳述。接下來我想把會議交給企業財務總監 Ryan Welch。請開始。

Thank you, and good morning, everyone. Thank you for joining us for our earnings call. Before we begin the prepared remarks, we would like to remind you that yesterday, PACS Group issued a press release announcing its second quarter 2026 results. An investor presentation was published and is available on the Investor Relations section of pacs.com.

謝謝，各位早安。感謝各位參加我們的財報電話會議。在開始預先準備的發言之前，我們想提醒各位，昨日 PACS Group 已發布新聞稿，公布其 2026 年第二季業績。同時也已發布投資人簡報，並可於 pacs.com 的投資人關係專區取得。

I'd also like to remind everyone that during the course of today's conference call, we will discuss certain forward-looking information, including our expectations for 2026 revenue and adjusted EBITDA that is based on our current expectations, assumptions and beliefs about our business.

我也想提醒各位，在今天電話會議的過程中，我們將討論若干前瞻性資訊，包括我們對 2026 年營收與調整後 EBITDA 的預期，該等預期係基於我們目前對業務的期望、假設與信念。

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 annual report on Form 10-K for the year ended December 31, 2025, and our other SEC filings.

任何前瞻性陳述均受風險與不確定性影響，可能導致我們的實際結果與今日電話會議中明示或暗示者存在重大差異。請您審慎考量可能影響我們未來結果的風險因素，相關內容載於我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及我們其他向 SEC 提交的文件。

During this call, we will discuss certain non-GAAP financial measures, including adjusted net income, adjusted earnings per share, adjusted EBITDA, adjusted EBITDAR and net leverage. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標，包括調整後淨利、調整後每股盈餘、調整後 EBITDA、調整後 EBITDAR 以及淨槓桿。這些非 GAAP 財務衡量指標應作為依 GAAP 編製之衡量指標的補充，而非替代。

For a reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measure, 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. I'll now turn the call over to Jason Murray, Chairman and CEO.

如需將本次電話會議中討論的非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節，請參閱財報新聞稿以及投資人簡報所附附錄；兩者均已發布並可於 PACS Group 網站的投資人關係專區取得。接下來我把電話會議交給董事長兼執行長 Jason Murray。

Thanks, Ryan, and thanks, everyone, for joining us this morning. We're pleased to report another strong quarter for PACS and to close out the first half of 2026 with continued momentum across the organization. Building on the strong start we delivered in the first quarter, our second quarter results reflect the sustainability of our operating model, the continued execution of our teams and the meaningful progress we're seeing across facilities at every stage of our maturity cohorts.

謝謝你，Ryan，也謝謝各位今天早上加入我們。我們很高興報告 PACS 再度交出強勁的一季，並以全組織持續的動能結束 2026 年上半年。在第一季強勁開局的基礎上，我們第二季的成果反映了我們營運模式的可持續性、團隊持續的執行力，以及我們在各成熟度梯隊（maturity cohorts）不同階段的機構所看到的顯著進展。

Throughout the first half of the year, our teams remain focused on strengthening performance across the existing portfolio, advancing recently acquired facilities toward mature operating levels and continuing to invest in the people and infrastructure required to support our growth.

在上半年期間，我們的團隊持續專注於強化既有投資組合的表現、推動近期收購的機構邁向成熟的營運水準，並持續投資於支持成長所需的人才與基礎設施。

That focus is showing up in our results. Our existing portfolio continues to perform very well. Quality outcomes are improving, and the strength of our leadership bench and balance sheet is allowing us to pursue the next phase of growth from a position of strength.

這樣的專注已反映在我們的成果上。我們既有投資組合持續表現優異。品質成果正在改善，而我們領導人才梯隊與資產負債表的強健，使我們能在優勢地位上推進下一階段的成長。

Revenue increased 9.1% in the second quarter, while adjusted EBITDA grew 25% compared to the prior year. That relationship is important because it demonstrates that the growth we are generating is translating into meaningful margin improvement as our facilities mature, occupancy increases, patient mix strengthens and our teams continue to operate with discipline.

第二季營收成長 9.1%，而調整後 EBITDA 較去年同期成長 25%。這樣的關係很重要，因為它顯示我們所創造的成長，正隨著機構逐步成熟、入住率提升、病患組合改善，以及團隊持續自律營運，而轉化為顯著的利潤率提升。

Just as importantly, the performance this quarter was driven by the existing portfolio. Our same-store facilities delivered revenue growth of 5.8%, while same-store occupancy increased by 150 basis points. Across the broader portfolio, overall occupancy increased by 180 basis points, and skilled mix improved by 100 basis points compared to 2025. We believe these results provide continued evidence of the organic growth embedded within our portfolio and the strength of our locally led centrally supported operating model.

同樣重要的是，本季的表現主要由既有投資組合所驅動。我們的同店（same-store）機構營收成長 5.8%，同店入住率提升 150 個基點。在更廣泛的投資組合中，整體入住率提升 180 個基點，且相較 2025 年，專業護理（skilled）占比提升 100 個基點。我們相信，這些結果持續證明我們投資組合中內嵌的有機成長動能，以及我們「在地領導、中央支援」營運模式的強健。

As of June 30, PACS operated 324 healthcare facilities across 17 states, with 35,631 total beds, including 32,790 skilled nursing beds and 2,841 assisted living beds. Across this platform, our teams care for more than 31,900 patients each day, supported by approximately 48,000 employees. Our scale provides meaningful geographic diversity, leadership depth and access to clinical and operational resources.

截至 6 月 30 日，PACS 在 17 個州營運 324 家醫療照護機構，總床位數 35,631 床，其中包含 32,790 床專業護理床位與 2,841 床輔助生活（assisted living）床位。在此平台上，我們的團隊每日照護超過 31,900 名病患，並由約 48,000 名員工提供支援。我們的規模帶來有意義的地理多元性、領導深度，以及取得臨床與營運資源的能力。

However, we believe the more important differentiator is how that scale is organized. Healthcare is local. Our administrators and facility leadership teams are empowered to make decisions closest to the patient where they can have the greatest impact.

然而，我們認為更重要的差異化在於這樣的規模如何被組織。醫療照護是地方性的。我們授權管理者與機構領導團隊在最接近病患之處做出決策，因為那裡能產生最大的影響。

PACS Services and our regional teams provide the technology, systems and clinical resources, compliance framework and administrative support that allow these local leaders to operate effectively and consistently. This structure enables PACS to retain the responsiveness and accountability of a locally operated healthcare organization, while benefiting from the infrastructure and resources of a scaled national platform.

PACS Services 與我們的區域團隊提供技術、系統與臨床資源、法遵架構以及行政支援，使這些在地領導者能有效且一致地運作。此一架構讓 PACS 在受益於具規模的全國性平台之基礎設施與資源的同時，仍能保有在地營運醫療組織的即時反應與問責性。

Across the portfolio, facilities continue to progress through our integration life cycle. At the end of the quarter, our skilled nursing portfolio included 184 mature facilities, 100 ramping facilities and six new facilities.

在整體投資組合中，各機構持續推進我們的整合生命週期。於本季末，我們的專業護理投資組合包含 184 家成熟機構、100 家爬坡中（ramping）機構，以及 6 家新機構。

This mix reflects the significant progress we've made integrating the facilities acquired during our 2024 expansion. As facilities gain tenure within the PACS model, our local and regional teams remain focused on strengthening leadership, implementing our clinical and operating systems and building trusted relationships within their healthcare communities.

此一組合反映了我們在整合 2024 年擴張期間所收購機構方面取得的重大進展。隨著機構在 PACS 模式下的任期（tenure）增加，我們的在地與區域團隊仍專注於強化領導力、導入我們的臨床與營運系統，並在其醫療社區中建立值得信賴的關係。

We continue to believe that this progression represents an important source of organic growth within our existing portfolio and demonstrates the scalability of our operating model. We are also encouraged by the continued improvement in quality across our facilities.

我們持續相信，這樣的進程代表我們既有投資組合中一個重要的有機成長來源，並展現我們營運模式的可擴展性。我們也對各機構品質的持續改善感到鼓舞。

At the end of the second quarter, 239 or 83.6% of our skilled nursing facilities with reported CMS quality measure ratings were rated four or five stars. Our mature facilities achieved an average CMS quality measure rating of 4.5, meaningfully above the industry average of 3.7.

在第二季末，在具有 CMS 品質衡量評等（quality measure ratings）申報資料的專業護理機構中，有 239 家（占 83.6%）獲評為四星或五星。我們成熟機構的 CMS 品質衡量平均評等為 4.5，顯著高於產業平均的 3.7。

We are proud of these important clinical measures, which are the product of the disciplined execution of our caregivers, administrators and clinical leaders, and regional teams every day. We believe these results distinguish PACS as a leader in clinical quality and reinforce our long-held view that delivering exceptional patient outcomes is not separate from financial success. It is one of the primary drivers.

我們以這些重要的臨床指標為榮，這些成果來自我們照護人員、管理者與臨床領導者，以及區域團隊每日自律且一致的執行。我們相信，這些結果使 PACS 在臨床品質方面脫穎而出，並強化我們長期以來的觀點：提供卓越的病患結果並非與財務成功相分離，而是其主要驅動因素之一。

When a facility delivers strong clinical outcomes, it builds trust with hospitals, payers, patients and families. That trust supports admissions, occupancy, patient mix and ultimately, the long-term financial performance of the facility. We believe this creates a virtuous cycle centered on delivering excellent care.

當一個機構能交出強勁的臨床成果時，便能與醫院、支付方、病患與家屬建立信任。這份信任支持收治（admissions）、入住率、病患組合，並最終支撐機構的長期財務表現。我們相信，這會形成一個以提供優質照護為核心的良性循環。

To bring that model to life, I'd like to highlight the progress made at one of our facilities in California. PACS acquired this large skilled nursing facility while it was already designated as a Special Focus Facility, a designation reserved for nursing homes with a history of significant quality concerns and regulatory noncompliance. The facility's regulatory history and Special Focus designation were significant enough that many potential operators chose not to pursue what was otherwise a highly attractive portfolio transaction.

為了讓這個模式更具體呈現，我想強調我們在加州其中一家機構所取得的進展。PACS 收購這家大型專業護理機構時，它已被指定為「特別關注機構」（Special Focus Facility），此一指定保留給具有重大品質疑慮與法規不合規歷史的護理之家。該機構的監管歷史與特別關注指定嚴重到使許多潛在營運者選擇不追求這筆原本極具吸引力的投資組合交易。

PACS viewed the opportunity differently. We believe our operating model is uniquely designed to improve clinically and operationally challenged facilities, allowing us to pursue opportunities that others often cannot. We recognize both the challenge and the importance of preserving access to care for a uniquely vulnerable patient population, and we committed the resources necessary to execute a long-term turnaround.

PACS 對此機會有不同看法。我們相信，我們的營運模式在設計上具有獨特優勢，能改善在臨床與營運上面臨挑戰的機構，使我們得以追求其他人往往無法把握的機會。我們同時認知到，為特別脆弱的病患族群保留照護可近性（access to care）既具挑戰也極其重要，因此我們投入必要資源，以執行長期的翻轉計畫。

The facility is specifically designated to serve behavioral health patients and includes a fully secured unit, allowing it to care for some of the most fragile and clinically complex patients in the community. Many residents live with serious mental illness. Only a small percentage have active family involvement and many entered the facility following periods of housing instability or homelessness.

該機構被特別指定用於服務行為健康（behavioral health）病患，並設有全封閉的安全單位，使其能照護社區中最脆弱且臨床最複雜的部分病患。許多住民患有嚴重精神疾病。只有少數比例有家屬積極參與，且許多人是在經歷居住不穩定或無家可歸期間後進入該機構。

The facility had experienced years of operational instability, repeated leadership turnover and an extensive history of regulatory deficiencies prior to our acquisition. While meaningful improvements have been made over time, it had been unable to demonstrate the sustained performance necessary to graduate from the Special Focus Facility program.

在我們收購之前，該機構曾經歷多年營運不穩定、領導層反覆更迭，並有大量的監管缺失紀錄。雖然隨時間推移已取得顯著改善，但仍未能展現足以自「特別關注機構」計畫畢業所需的持續性表現。

The severity of the situation became clear in March of 2025 when the facility received written notice of the potential termination of its Medicare and Medi-Cal provider agreements. At one point, CMS communicated in writing its intent to decertify the facility, underscoring both the seriousness of the challenges and the amount of work that still remained. Such an action would have displaced more than 250 highly vulnerable residents and created significant uncertainty for the facility's more than 500 employees.

情勢的嚴重性在 2025 年 3 月變得明朗，當時該機構收到書面通知，指出其 Medicare 與 Medi-Cal 服務提供者協議可能遭到終止。某一時點，CMS 亦以書面方式表達其擬取消該機構認證（decertify）的意圖，凸顯挑戰的嚴重程度以及仍需完成的工作量。此類行動將迫使超過 250 名高度脆弱的住民被迫轉置，並為該機構超過 500 名員工帶來重大不確定性。

Rather than stepping back, the local leadership team supported by PACS Services intensified its efforts with a clear objective: elevate the quality of care, create organizational stability, preserve this critical community resource and successfully graduate the facility from the Special Focus Facility program. The turnaround required more than new procedures.

當地領導團隊在 PACS Services 的支持下，並未選擇退縮，而是以明確目標加大投入：提升照護品質、建立組織穩定性、保全這項關鍵的社區資源，並成功讓該機構自「特別關注機構（Special Focus Facility）」計畫中畢業。這場扭轉局勢不僅僅需要新的流程。

It required a fundamental cultural transformation. The leadership team aligned employees around a shared purpose, established clear expectations, reinforced accountability and committed to delivering consistent, high-quality care across every department.

它需要一場根本性的文化轉型。領導團隊讓員工圍繞共同使命對齊，建立清晰的期望，強化問責，並承諾在各部門提供一致且高品質的照護。

With close support from the clinical, operational and regulatory expertise of PACS Services and through ongoing collaboration with CMS and the California Department of Public Health and other technical assistance partners, the team strengthened systems, processes and clinical outcomes across the organization. Those efforts culminated on June 29, 2026, when the facility successfully graduated from the Special Focus Facility program.

在 PACS Services 提供臨床、營運與法規專業的密切支持下，並透過與 CMS、加州公共衛生部（California Department of Public Health）及其他技術協助夥伴的持續協作，團隊強化了全組織的制度、流程與臨床成果。這些努力於 2026 年 6 月 29 日達到成果，該機構成功自「特別關注機構」計畫中畢業。

This outcome represents far more than a regulatory milestone. It reflects years of commitment from local caregivers and PACS support teams who refused to accept that the facility's challenges were insurmountable. Most importantly, it preserves continuity of care in a highly vulnerable resident population and protected an essential healthcare resource within the community.

這項成果遠不僅是一個法規里程碑。它反映了多年來當地照護人員與 PACS 支援團隊的承諾，他們拒絕接受該機構的挑戰無法克服。最重要的是，它維持了高度脆弱住民族群照護的連續性，並保護了社區內一項不可或缺的醫療資源。

We believe this example reflects what our model is designed to accomplish: step into difficult situations, establish strong local leadership, provide the necessary clinical and operational support, create accountability throughout the organization and drive sustainable improvement over time. We are proud of the facilities team and grateful for the discipline, resilience and commitment they demonstrated throughout the process.

我們相信，這個案例體現了我們的模式旨在達成的目標：在艱難情境中挺身而出、建立強而有力的在地領導、提供必要的臨床與營運支援、在全組織建立問責，並隨時間推動可持續的改善。我們為該機構團隊感到自豪，也感謝他們在整個過程中展現的紀律、韌性與承諾。

The strength of our operating platform and leadership bench also gives us confidence as we return to a more active period of acquisition growth. As previously announced, PACS entered into a definitive agreement to acquire the operations of 34 skilled nursing facilities from Eduro Healthcare.

我們營運平台的實力與領導梯隊的深度，也讓我們在回到更積極的併購成長階段時充滿信心。如先前所宣布，PACS 已簽訂具約束力的最終協議，將自 Eduro Healthcare 收購 34 家專業護理機構的營運。

The portfolio includes 3,633 skilled nursing beds across Texas, Montana, South Dakota, North Dakota, New Mexico and Utah. On August 1, we closed on the operations of the first 20 facilities in Texas. We currently expect the remaining facilities to close during the third and fourth quarters.

該投資組合涵蓋德州、蒙大拿州、南達科他州、北達科他州、新墨西哥州與猶他州，共 3,633 張專業護理床位。8 月 1 日，我們完成了德州首批 20 家機構營運的交割。我們目前預期其餘機構將於第三季與第四季完成交割。

The transaction adds significant density in Texas, where we can leverage established regional leadership, clinical resources and referral relationships and operating infrastructure. It also expands our presence across several existing and adjacent markets and creates an opportunity to apply the PACS operating model across a meaningful group of facilities.

此交易在德州增加了顯著的規模密度，使我們能運用既有的區域領導、臨床資源與轉介關係以及營運基礎設施。它也擴大了我們在若干既有及相鄰市場的布局，並創造機會將 PACS 的營運模式應用於一組具規模意義的機構。

Our acquisition strategy remains highly disciplined. We focus on opportunities where we can recruit and deploy strong local teams, invest in operational excellence, improve clinical quality and create meaningful long-term value through the support and resources of PACS Services. We believe this transaction is consistent with that approach and provides an opportunity to create additional clinical and financial value over time.

我們的併購策略仍然高度自律。我們聚焦於能招募並部署強而有力在地團隊、投資營運卓越、提升臨床品質，並透過 PACS Services 的支援與資源創造具意義長期價值的機會。我們相信此交易符合該方法，並提供隨時間創造額外臨床與財務價值的機會。

Our existing portfolio remains the primary driver of our earnings growth. The strength of that performance, together with our leadership depth and operating capabilities, positions us to pursue disciplined acquisitions that can create additional clinical and financial value over time.

我們既有投資組合仍是獲利成長的主要驅動力。該表現的強勁，加上我們領導深度與營運能力，使我們得以追求自律的併購，並隨時間創造額外的臨床與財務價值。

Before I turn the call over, I'd like to briefly address our previously disclosed government investigations. These matters continue to progress through the normal course, and we remain fully cooperative and engaged with the government throughout the process. While we're unable to estimate the timing of resolution, we remain confident in our ability to navigate these matters responsibly and thoughtfully, just as we have navigated other challenges throughout our history.

在我把電話會議交給下一位之前，我想簡要說明我們先前揭露的政府調查。這些事項仍依正常程序推進，我們在整個過程中持續與政府充分合作並保持投入。雖然我們無法估計結案時程，但我們仍有信心能以負責且審慎的方式處理這些事項，就如同我們在公司歷史中處理其他挑戰一樣。

Importantly, the investments we've made to strengthen our organization, enhance our infrastructure and reinforce our compliance and reporting processes have positioned the company well for the future. Our focus remains squarely on executing our strategy, supporting our local leaders and caregivers and delivering high-quality care while continuing to build value for our stakeholders.

重要的是，我們為強化組織、提升基礎設施，以及加強法遵與申報流程所做的投資，已使公司為未來做好良好準備。我們的重點仍然是落實策略、支持在地領導與照護人員、提供高品質照護，同時持續為利害關係人創造價值。

With that, I'll turn the call over to Carey.

接下來，我把電話會議交給 Carey。

Thank you, Jason. We're very pleased with our second quarter performance and the strong momentum we've maintained throughout the first half of 2026. And importantly, we expect to sustain that momentum through the rest of the year. The consistency of our results reflects the strength of the PACS platform, the disciplined execution of our operations team and the meaningful earnings potential embedded across our portfolio.

謝謝你，Jason。我們對第二季的表現以及 2026 年上半年維持的強勁動能感到非常滿意。更重要的是，我們預期在今年剩餘期間將延續這股動能。我們結果的一致性反映了 PACS 平台的實力、營運團隊自律的執行力，以及我們投資組合中蘊含的可觀獲利潛力。

Our second quarter results demonstrate continued operational improvement across our existing portfolio, with strong revenue growth translating into meaningful earnings growth and margin expansion. For the second quarter of 2026, our revenue was $1.43 billion, which was an increase of $118.8 million or 9.1% growth year-over-year.

我們第二季的結果顯示既有投資組合持續改善營運，強勁的營收成長轉化為具意義的獲利成長與利潤率擴張。2026 年第二季，我們營收為 14.3 億美元，較去年同期增加 1.188 億美元，年增 9.1%。

Our net income was $76.4 million, an increase of $25.4 million or 50% from the second quarter of last year. Our adjusted EBITDA was $166.8 million, up $32.9 million or 25% from last year, and our adjusted EBITDAR was $261.5 million.

我們淨利為 7,640 萬美元，較去年第二季增加 2,540 萬美元，增幅 50%。調整後 EBITDA 為 1.668 億美元，較去年增加 3,290 萬美元，增幅 25%；調整後 EBITDAR 為 2.615 億美元。

Our adjusted EBITDA margin expanded by 150 basis points year-over-year from 10.2% to 11.7% as our revenue growth outpaced our expense growth due to same-store occupancy improvement, favorable patient mix and disciplined cost management.

由於同店入住率改善、有利的病患組合以及自律的成本管理，使營收成長快於費用成長，我們的調整後 EBITDA 利潤率較去年同期擴張 150 個基點，從 10.2% 提升至 11.7%。

Beginning this quarter, you noted in the release that we introduced two new non-GAAP measures: adjusted net income and adjusted EPS. These metrics are widely used by our peers in skilled nursing and across the broader healthcare services sector, and we believe they provide investors with additional transparency into the underlying earnings power of the business and enhanced comparability across companies.

自本季起，正如你在新聞稿中所注意到的，我們引入兩項新的非 GAAP 指標：調整後淨利與調整後每股盈餘（adjusted EPS）。這些指標在專業護理同業及更廣泛的醫療服務產業中被廣泛使用，我們相信它們能為投資人提供更多透明度，以了解業務的基礎獲利能力，並提升公司間的可比性。

Our adjusted net income increased 29.6% year-over-year in the second quarter, and our adjusted EPS increased 34% from $0.47 in the second quarter of last year to $0.63 in the second quarter of this year. We also included a new line below our adjusted EBITDA calculation as additional information, which notes the amount of our noncash lease expense in each period presented. Our adjusted EBITDA includes rent expense on a straight-line accrual basis, which in the second quarter of this year was $10.2 million higher than our actual cash lease expense.

我們第二季調整後淨利年增 29.6%，調整後 EPS 年增 34%，由去年第二季的 0.47 美元提升至今年第二季的 0.63 美元。我們也在調整後 EBITDA 計算下方新增一行作為補充資訊，說明各呈列期間的非現金租賃費用金額。我們的調整後 EBITDA 以直線法應計基礎納入租金費用，而今年第二季該金額比實際現金租賃費用高出 1,020 萬美元。

Looking at our same-store operating performance, our same-store portfolio includes 284 skilled nursing facilities that we operated as of the beginning of 2025. Given the significant movement of facilities that have progressed from new to ramping to mature, we believe these same-store results provide the most meaningful year-over-year view of our underlying portfolio performance.

就同店營運表現而言，我們的同店投資組合包含 284 家專業護理機構，這些機構自 2025 年初起即由我們營運。鑑於機構從新設、爬坡期到成熟期的移動幅度顯著，我們認為這些同店結果能提供最具意義的年對年視角，以觀察我們基礎投資組合的表現。

Our same-store skilled nursing revenue increased 5.8% to $1.35 billion compared with $1.27 billion in the prior year. This is consistent with our same-store revenue growth in the first quarter, which was up a similar 6.1%, excluding supplemental WQIP payments from California.

我們同店專業護理營收成長 5.8% 至 13.5 億美元，較去年同期的 12.7 億美元增加。這與第一季同店營收成長一致；第一季在排除加州補充性 WQIP 付款後，亦有相近的 6.1% 成長。

Our same-store occupancy increased to 90.6% from 89.1%, which was an improvement of 150 basis points. And our same-store skilled mix increased to 29.7% from the previous 29.2%. The meaningful improvement in each of these metrics provides a clear view of the underlying strength of the existing portfolio and demonstrates that our growth continues to be supported by internally driven operating improvements.

我們同店入住率由 89.1% 提升至 90.6%，改善 150 個基點；同店專業護理（skilled）占比由先前的 29.2% 提升至 29.7%。這些指標的顯著改善清楚展現既有投資組合的內在強勁，並證明我們的成長持續由內生的營運改善所支撐。

For the total skilled nursing portfolio, occupancy increased to 90.4% compared with 88.6% in the prior year. This represents an improvement of 180 basis points and remains significantly above the industry average of 79.5%. Our overall skilled mix increased by 100 basis points to 30% compared with 29% in the second quarter of 2025.

就整體專業護理投資組合而言，入住率提升至 90.4%，高於去年同期的 88.6%，改善 180 個基點，且仍顯著高於產業平均的 79.5%。我們整體的專業護理（skilled）占比提升 100 個基點至 30%，相較於 2025 年第二季的 29%。

As Jason noted, we ended the period with 184 mature facilities, 100 ramping facilities and six new facilities. As expected, our occupancy increases as we move across these cohorts, with new facilities occupancy at 78.7%, ramping facilities at 87.7% occupancy and mature facilities at 93.8% occupancy.

如 Jason 所提，我們期末共有 184 家成熟機構、100 家爬坡期機構以及 6 家新設機構。如預期，隨著我們在這些群組間推進，入住率會提高：新設機構入住率為 78.7%，爬坡期機構為 87.7%，成熟機構為 93.8%。

Skilled mix was 27.2% for new facilities, 26.9% for ramping facilities and 31.9% for mature facilities. Advancing facilities through this integration life cycle represents an important source for organic growth within our existing portfolio with plenty of upside still to come, particularly from our 106 new and ramping facilities.

專業護理（skilled）占比方面，新設機構為 27.2%，爬坡期機構為 26.9%，成熟機構為 31.9%。推動機構在此整合生命週期中向前進展，是我們既有投資組合內生性成長的重要來源，且仍有相當大的上行空間，特別是來自我們 106 家新設與爬坡期機構。

From a cost perspective, cost of services totaled $1.09 billion, an increase of 6.7% compared with the prior year. Our general and administrative expense was $114.3 million compared with $100.3 million in the prior year. That increase reflects continued investment in the personnel, systems and compliance infrastructure necessary to support the scale and complexity of our organization, as well as higher stock-based compensation expense.

從成本角度來看，服務成本合計 10.9 億美元，較去年增加 6.7%。一般及行政費用為 1.143 億美元，去年同期為 1.003 億美元。該增幅反映我們持續投資於支撐組織規模與複雜度所需的人員、系統與法遵基礎設施，以及較高的股票基礎薪酬費用。

Taken together, our total operating expenses increased 7.3% year-over-year. We believe these results demonstrate our ability to continue investing in the infrastructure necessary to support long-term growth while generating meaningful operating leverage across the platform.

綜合而言，我們總營運費用年增 7.3%。我們相信，這些結果展現了我們在持續投資長期成長所需基礎設施的同時，仍能在整個平台上產生具意義的營運槓桿。

Turning to cash flow and the balance sheet. We generated $371.8 million of cash from operating activities during the first six months of 2026. During the second quarter, we deployed $104.3 million to acquire real estate within our operating footprint, bringing our total real estate investment to $190.8 million for the first six months of the year. We've exercised a few other real estate purchase options since the quarter end, and we currently own the underlying real estate associated with 64 of our operated facilities.

接著談現金流與資產負債表。2026年前六個月，我們自營運活動產生了3.718億美元的現金。第二季期間，我們投入1.043億美元收購位於我們營運版圖內的不動產，使今年前六個月的不動產投資總額達到1.908億美元。自季末以來，我們也行使了其他幾項不動產購買選擇權，目前我們擁有與我們所營運之64家設施相關的底層不動產。

As of June 30, we had $756.6 million of available liquidity, including $164.5 million of cash and cash equivalents. We had nothing drawn on our $600 million line of credit at June 30. We ended the quarter with net leverage of 0.1 times.

截至6月30日，我們可用流動性為7.566億美元，其中包括1.645億美元的現金及約當現金。6月30日，我們在6億美元的信用額度下未有任何動用。季度末我們的淨槓桿為0.1倍。

Our conservative leverage profile and substantial liquidity provide meaningful flexibility to invest in our existing facilities, support the integration of our newly acquired operations, selectively increase real estate ownership and pursue acquisition opportunities that meet our clinical, operational and financial criteria. We believe our ability to pursue growth, while maintaining this balance sheet position remains an important strategic advantage.

我們保守的槓桿結構與充裕的流動性，為我們在既有設施上的投資、支持新收購營運的整合、選擇性提高不動產持有比例，以及追求符合我們臨床、營運與財務標準的收購機會，提供了實質的彈性。我們相信，在維持此一資產負債表狀況的同時仍能推動成長的能力，仍是重要的策略優勢。

Regarding our previously disclosed material weaknesses in internal control over financial reporting, we are actively advancing our remediation plan and have made substantial progress, and we expect to have them remediated by the end of the year. We're strengthening our leadership team, enhancing our compliance department and implementing additional controls across key areas of the business, particularly within our revenue processes.

關於我們先前揭露之財務報導內部控制的重大缺失，我們正積極推進改善計畫並已取得顯著進展，預期將在年底前完成改善。我們正在強化領導團隊、提升法遵部門，並在業務關鍵領域（特別是收入流程）導入更多控制措施。

Importantly, our financial statements continue to be prepared in accordance with GAAP, and we believe the results that we reported this quarter fairly present the financial position and performance of the company.

重要的是，我們的財務報表仍依據GAAP編製，我們相信本季所報告的結果，已公允表達公司的財務狀況與經營績效。

As we look at the back half of the year, we expect to continue to perform at a high level, and therefore, we're increasing both our full year revenue and our adjusted EBITDA guidance. As noted in our earnings release, we're increasing our full year revenue guidance to a range of $5.75 billion to $5.85 billion, which is up $100 million on both ends of the range from our previous range of $5.65 billion to $5.75 billion. At the new midpoint of $5.8 billion, our revenue guidance represents 10% growth in revenue for the full year over 2025.

展望下半年，我們預期將持續維持高水準表現，因此上調全年營收與調整後EBITDA指引。如同我們在財報新聞稿中所述，我們將全年營收指引上調至57.5億至58.5億美元區間，較先前56.5億至57.5億美元的區間上下限各增加1億美元。以新的中位數58億美元計算，我們的營收指引代表2026全年相較2025年營收成長10%。

We're also increasing our adjusted EBITDA guidance to a range of $640 million to $660 million, which is up $35 million on both ends of the range from our previous range of $605 million to $625 million. At the midpoint of the range, this represents a 29% increase in our adjusted EBITDA over the full year 2025.

我們也將調整後EBITDA指引上調至6.40億至6.60億美元區間，較先前6.05億至6.25億美元的區間上下限各增加3,500萬美元。以區間中位數計算，這代表我們2026全年調整後EBITDA較2025全年增加29%。

Our guidance methodology remains consistent with the approach we introduced last quarter, under which we include the expected contribution from transactions that have been completed as of the date of this guidance while excluding transactions that remain pending. Our updated guidance, therefore, includes a modest contribution from the 20 Texas facilities that we acquired from Eduro on August 1, for the portion of the year in which we'll operate those facilities.

我們的指引方法論仍與上季介紹的做法一致：納入截至本次指引發布日已完成交易的預期貢獻，同時排除仍在進行中的未完成交易。因此，我們更新後的指引包含了我們於8月1日自Eduro收購的德州20家設施在本年度我們營運期間的適度貢獻。

However, the remaining 14 facilities associated with the Eduro transaction are not reflected in our current guidance because those acquisitions have not yet closed. We currently expect those facilities to close during the third and fourth quarters, subject to customary closing conditions and regulatory approvals.

然而，與Eduro交易相關的其餘14家設施尚未反映在我們目前的指引中，因為這些收購尚未完成交割。我們目前預期這些設施將於第三季與第四季完成交割，但仍須符合慣常交割條件與監管核准。

We continue to see a robust pipeline of acquisition opportunities and remain actively engaged in evaluating potential transactions that align with our strategic, operational and financial criteria. Beyond the remaining Eduro facilities, we expect to announce and close on other facilities before year-end.

我們持續看到強勁的收購機會管線，並仍積極評估符合我們策略、營運與財務標準的潛在交易。除Eduro其餘設施外，我們預期在年底前還會宣布並完成其他設施的收購。

Overall, our updated guidance reflects confidence in the underlying performance of our existing portfolio and in our ability to integrate acquired operations while maintaining financial and operational discipline. With that, I'll turn the call back to Jason.

整體而言，我們更新後的指引反映了我們對既有投資組合基本面表現的信心，以及在維持財務與營運紀律下整合收購營運的能力。有了這些，我把電話交回給Jason。

Thanks, Carey. We're pleased with our performance through the first half of the year and remain focused on carrying that momentum into the second half. And so with that, operator, we're ready with questions.

謝謝，Carey。我們對今年上半年的表現感到滿意，並將重點放在把這股動能延續到下半年。因此，接線員，我們準備開始問答。

(Operator Instructions)

（接線員指示）

Benjamin Rossi, JPMorgan.

Benjamin Rossi，摩根大通。

Just regarding the updated guidance outlook, when we think about your 2026 guidance range and outlook for the back half of the year, it sounds like you're incorporating the beat in 2Q and then assuming stronger core trends. On a consolidated basis, it looks like unit costs are in check and rates are developing nicely, particularly for Medicaid.

關於更新後的指引展望，當我們看你們2026年的指引區間以及下半年的展望時，聽起來你們把第二季的超預期表現納入，並假設核心趨勢更為強勁。從合併口徑來看，單位成本似乎控制得宜，費率也發展得不錯，特別是Medicaid。

Can you just walk us through what you're seeing with your business and how trends year-to-date have given you this added confidence in your earnings growth during the back half of the year?

能否請你們說明一下你們在業務上看到的情況，以及今年迄今的趨勢如何讓你們對下半年獲利成長更有信心？

Sure. Yes. Ben, we feel very good about the momentum in our business. But we do want to be disciplined in our guide. So the range reflects the continued strength we saw across all of our cohorts in the first half, including occupancy, skilled mix, quality and cash flow.

當然。是的。Ben，我們對業務動能感到非常樂觀。但我們也希望在提供指引時保持紀律。因此，這個區間反映了我們在上半年於所有分組中看到的持續強勁表現，包括入住率、專業護理占比、品質與現金流。

We do have -- the second half includes integration activity related to the Eduro transaction. Our guidance only includes a modest contribution from those 20 Texas facilities that we closed on August 1. It doesn't include, as I mentioned, the remaining Eduro facilities that we've yet to close or any other future acquisitions. So we feel good about that guidance range, and we're just accounting for normal execution and integration considerations in that guidance.

下半年確實包含與Eduro交易相關的整合活動。我們的指引僅納入8月1日完成交割的德州20家設施的適度貢獻。如我所提，尚未納入仍待交割的其餘Eduro設施或任何其他未來收購。因此，我們對這個指引區間感到良好，同時也在指引中納入一般執行與整合方面的考量。

Got it. Okay. I guess I just want to spend some time then on the ramping cohort, in particular, during 2Q. Looked like ramping occupancy and skilled mix stood out versus my modeling. I saw some noticeable rate growth on the Medicaid side, too, within ramping that stood out compared to the rest of the group.

了解。好的。我想再花點時間談談「ramping」這一組，特別是第二季。看起來ramping組的入住率提升與專業護理占比表現，較我模型預期更突出。我也看到ramping組在Medicaid端有相當明顯的費率成長，相較其他組別更為突出。

Can you just walk through what's changed operationally across this cohort for things like facility mix, clinical programs, staffing and improvements to your referrals or rate design? And then maybe what's expected in the go-forward for this segment for the remainder of the year?

能否請你們說明一下，這一組在營運面有哪些改變，例如設施組合、臨床方案、人力配置，以及轉介或費率設計的改善？另外，對於今年剩餘期間，這個分部接下來的預期是什麼？

Yes, I'll take that one. This is Josh. Thanks for the question, Ben. I appreciate you recognizing that. This is a cohort we're incredibly proud of. Obviously, the numbers have increased in this cohort. And as we would expect, as facilities mature along those cohorts, they're set up that particular way because we expect as these facilities enter ramping that they have solid facility leadership that, that leadership has started to build a reputation in the community of consistent care outcomes of quality, of customer service. And that reputation, as we often talk about, leads to an increased confidence in the consumers and our partners and our payers.

好的，這題我來回答。我是Josh。謝謝你的問題，Ben。我也很感謝你注意到這點。這是一個我們非常引以為傲的分組。顯然，這一組的數字已經提升。而且如同我們的預期，當設施沿著這些分組逐步成熟時，我們之所以這樣設定，是因為我們預期這些設施進入ramping階段時，會具備穩健的設施領導團隊，而該領導團隊已開始在社區中建立起一致的高品質照護成果與客戶服務的口碑。正如我們常說的，這樣的口碑會提升消費者、合作夥伴與付款方對我們的信心。

And so you do see increased activity around executed managed care agreements, and we have those in place in those ramping facilities. We've proven that we can be good partners and they can rely upon us for excellent outcomes. And so you see, again, not only occupancy increase, but skilled mix increase. As those facilities also stabilize, you see stabilization in labor and overtime, double time, agency usage.

因此，你會看到已簽署的管理式照護協議活動增加，而我們在這些ramping設施中已建立相關協議。我們證明了我們能成為良好的合作夥伴，他們也能依賴我們提供優異的成果。所以你會看到，不僅入住率上升，專業護理占比也提高。隨著這些設施逐步穩定，你也會看到人力與加班（含雙倍工時）、以及派遣人力使用的穩定。

And so not only do you see the expansion in revenue, but you also see expanded margin, particularly there in ramping. And so as we've seen the progress in that cohort, we're excited for that to continue as those mature even inside of that cohort.

因此，你不僅會看到營收擴張，也會看到利潤率擴張，特別是在ramping這一組。隨著我們看到該分組的進展，我們很期待這樣的趨勢持續，因為即使在該分組內部，這些設施也仍在走向更成熟。

But as they move towards maturity metrics, we still see there to be substantial upside because we've seen these facilities as they get even more established in our portfolio and in their communities, that there's still upside for them to capitalize on, and we would anticipate those ramping facilities as they move towards maturity to continue along those same metrics.

但當它們朝成熟指標邁進時，我們仍認為還有相當大的上行空間，因為我們看到這些設施在我們的投資組合與其社區中更加站穩腳步後，仍有可把握的成長空間；我們也預期這些ramping設施在走向成熟的過程中，會持續沿著相同的指標改善。

David McDonald, Truist Securities.

David McDonald，Truist Securities。

A couple of quick questions. One, Jason, can you just talk a little bit more about when you have conversations with payers and your referral sources, just how critical the quality metrics that you guys are posting right now is in terms of either working on contracting or just kind of securing referral sources? And then I got one or two quick follow-ups.

兩個簡短問題。第一個，Jason，你能否再多談一點，當你們與付款方以及轉介來源對話時，你們目前呈現的品質指標在簽約談判或確保轉介來源方面，到底有多關鍵？然後我還有一兩個簡短追問。

Sure. Yes, Dave. Thanks for the question. Yes, it is incredibly important. I think the way that we talk about quality is that it is the fundamental basis behind our entire business thesis, right? Like we need to make sure that we are very good at providing high-quality care and high-quality outcomes.

當然。是的，Dave，謝謝你的問題。是的，這非常重要。我認為我們談品質的方式是：品質是我們整個商業論點背後的根本基礎，對吧？也就是說，我們必須確保自己非常擅長提供高品質照護與高品質成果。

And the reason that's important is not only for the outcome of the patient, but also, it allows us to be more competitive in the way that we negotiate our managed care contracts and other payer contracts. What we have found is there are many of these different payers who have thresholds of when they will allow providers to participate in their plans, quality thresholds that is.

而這之所以重要，不僅是為了病患的治療結果，同時也讓我們在協商管理式照護合約及其他付款方合約時更具競爭力。我們發現，許多不同的付款方都有門檻，決定何時允許服務提供者參與其計畫——也就是品質門檻。

And so if you are performing below those thresholds, then you typically are excluded from conversations around those new contracts. And so that's why it's very important for us to make sure that we're executing well on that front is because we want to have a seat at the table when we are looking at different payer contracts, and we want to make sure that we're in the best seat available when we are negotiating.

因此，如果你的表現低於那些門檻，通常就會被排除在關於那些新合約的討論之外。所以這也是為什麼我們必須確保在這方面執行到位非常重要，因為當我們檢視不同的付款方合約時，我們希望能在談判桌上有一席之地，也希望在協商時能坐在最有利的位置。

And the best way that you have the ability to negotiate with our payers is, number one, quality. And then I would point to number two being density in the different markets where we operate. And so it all starts and ends with quality, though.

而你能夠與我們的付款方談判的最佳方式，第一是品質；第二我會指出是在我們營運的不同市場中的密度。因此，一切的起點與終點仍然是品質。

And then guys, just a couple of other ones. One, just on, kind of, automation/AI, can you give us any sense in terms of how you guys are thinking about that, maybe not in the context of direct care, but more in the context of providing more efficiency so you free up your clinical people to spend more time just on direct care?

另外各位，再問幾個。第一，關於自動化／AI，你們能否讓我們了解一下你們如何看待這件事？也許不是在直接照護的脈絡下，而是更偏向提升效率，讓臨床人員能騰出更多時間投入直接照護？

Dave, I think that's exactly it. There are certainly really good use cases for AI. We have to be mindful of, obviously, the compliance element, as everyone is aware that AI being integrated into healthcare. There's a number of questions around that and how it works.

Dave，我想你說得正是重點。AI 確實有一些非常好的使用情境。不過我們也必須留意，顯然還有合規面的因素；大家都知道 AI 正在被整合進醫療照護，這裡面有很多問題需要釐清，以及它如何運作。

And so fortunately, with the additional resources we've added to our compliance team, people with specific experience around privacy and other sorts of things that matter as it relates to AI are able to help ensure that the tools that we are exploring, and some of them now using and have integrated into our systems, are keeping the organization away from any of those potential risks.

所幸的是，隨著我們為合規團隊增補了更多資源，加入了在隱私與其他與 AI 相關重要議題上具備特定經驗的人員，他們能協助確保我們正在評估的工具——其中有些我們現在已在使用並整合進系統——能讓組織遠離任何潛在風險。

But we have seen some good use cases where it's doing exactly what you mentioned. It's allowing us to identify what patients need, what level of care they need based on their history and physical that comes from a hospital. To be able to scan that information and ensure not only save time for the clinicians, but ensure that we're capturing every element of care that, that patient needs when they come into our facility.

但我們確實看到一些很好的使用案例，正如你提到的那樣。它讓我們能辨識病人需要什麼、根據從醫院提供的病史與理學檢查判斷他們需要何種照護層級。能夠掃描這些資訊，不僅為臨床人員節省時間，也能確保病人進入我們機構時，他所需要的每一個照護要素都被完整掌握。

And as you do that and as you provide the care and have the clinicians that are capable to do it at a high level, your quality measures increase. The return rates to the hospitals decrease. All of the metrics that, as Jason mentioned, these payer sources are looking for, we're able to actually make improvements.

而當你這樣做、提供照護，並且有能力在高水準執行的臨床人員時，你的品質指標就會提升；回到醫院的再入院率會下降。所有如 Jason 所提到、這些付款來源在意的指標，我們都能實際做出改善。

We envision there to be additional ways for us to implement AI as it looks to scrubbing documentation to ensure we're documenting things correctly. And so there's just a number of opportunities and use cases. And I think you'd see consistent with PACS, and one of the things that differentiates us, is that we lean fully into technology and the uses. We've built integrated dashboards, as we've talked about historically. And so there's been a full lean-in where historically, our space hasn't seen people do that.

我們也預期未來還有更多方式可以導入 AI，例如用於清理（scrubbing）文件以確保我們的紀錄正確。因此機會與使用情境很多。我想你會看到，這與 PACS 一貫的作法一致；而我們的差異化之一，就是我們全面擁抱科技及其應用。我們建立了整合式儀表板，如同我們過去談到的。因此我們是全面投入，而歷史上我們這個領域並不常見有人這麼做。

And we would anticipate with what we've seen so far and what we continue to see into the future, an ability for us to layer these things on and make us more efficient in the way that we operate, hopefully leading to margin expansion as well and to free up clinicians so they can do what they should be doing, which is have as much touch and interaction with the patient as possible.

而基於我們目前所看到的，以及未來持續看到的趨勢，我們預期能把這些工具一層層疊加，讓營運更有效率，並希望也能帶來利潤率擴張，同時釋放臨床人員，讓他們能做他們應該做的事——也就是盡可能多地與病人接觸與互動。

Okay. And guys, just last question. Look, obviously, the operating environment broadly across healthcare has been fairly dynamic over the last couple of years. I'm just curious, when you look at your pipeline, can you just provide us a little bit more detail? Is the breadth of the pipeline bigger than it's kind of been historically? Any chunkier assets kind of coming into the pipeline? Just any additional detail in terms of what you're seeing would be helpful.

好的。各位，最後一個問題。很明顯，過去幾年整體醫療照護的營運環境相當動態。我想請教的是，當你們看你們的案源管線（pipeline）時，能否提供更多細節？管線的廣度是否比過去歷史水準更大？是否有更「大塊頭」的資產進入管線？任何你們所看到的額外細節都會很有幫助。

Yes. I think that -- I'll take that question. This is Jason. The -- I think what we're seeing is just, again, another high level of activity with M&A. It's been very busy, especially since getting back in compliance with the SEC with our filings. We've seen more and more activity come our way.

是的。我來回答這題。我是 Jason。我想我們看到的是——再一次——併購（M&A）活動維持在很高的活躍度。非常忙碌，尤其是在我們向 SEC 提交文件、重新回到合規狀態之後，我們看到越來越多的案子找上門。

And I would characterize it, Dave, as being kind of a mixed bag of everything, from smaller one-off deals to smaller kind of regional operators to large chunky deals. We really are seeing pretty significant diversity in the types of deals that we're looking at. And so that's encouraging to us because it gives us the optionality that we would want when trying to be disciplined and strategic with -- when we're thinking about our growth.

而我會把它形容為，Dave，是各式各樣的混合：從較小的單一交易、較小的區域型營運商，到大型、規模很大的交易。我們確實看到我們正在評估的交易類型具有相當顯著的多樣性。這讓我們感到鼓舞，因為在我們思考成長、並希望保持紀律與策略性時，這能提供我們想要的選擇權（optionality）。

AJ Rice, UBS.

AJ Rice，UBS。

Maybe just first to ask you about what you are seeing on the payer side, we know the Medicare rates that have been proposed. But any comment on what you're seeing on a go-forward basis in your discussions with your various states about Medicaid updates? I know in the quarter, you were up 3%. Is that sort of the rate type of dynamic you're seeing?

我先問一下你們在付款方端看到的情況。我們知道已提出的 Medicare 費率。但你們能否談談，往前看，你們與各州就 Medicaid 更新的討論中看到什麼？我知道本季你們成長了 3%。這是否就是你們看到的那種費率動態？

And then managed care, there's been some discussion about managed care contracting, generally, in the industry. You had a healthy rate increase in this quarter. What are you seeing in contracting there?

另外是管理式照護（managed care），產業裡最近對 managed care 合約簽訂有一些討論。你們本季的費率上調幅度不錯。你們在那邊的簽約情況看到什麼？

Yes. I'll maybe start, AJ., this is Josh. I'll start with just the underwriting process that we go through as we evaluate, particularly to talk about the Medicaid. We specifically identify states that we think that we have an opportunity to make improvements on Medicaid rate reimbursement. And we've been fortunate to enter a number of those states where they incentivize quality, not just in quality payments, but there's an element of the rate that includes your ability to provide quality care to your long-term population, the Medicaid base.

是的。我先開始回答，AJ。我是 Josh。我先談我們在評估時所走的承保（underwriting）流程，特別是針對 Medicaid。我們會明確鎖定那些我們認為有機會改善 Medicaid 費率給付的州。我們也很幸運進入了其中一些州；這些州會以品質作為激勵，不僅是在品質獎勵金上，費率本身也包含你為 Medicaid 基礎的長期照護族群提供高品質照護的能力。

And we've seen those increases. And it's come because of the efforts of our clinical teams, ensuring that we're capturing appropriate care, taking, generally, even on a long-term custodial basis, a more clinically acute patient and being able to be reimbursed appropriately for the services being provided to them. And so it is not a surprise to us that we've seen increase in our Medicaid rates.

而我們確實看到這些上調。這來自我們臨床團隊的努力，確保我們有捕捉到適當的照護；即便是在長期的照護／照護型（custodial）情境下，我們也能接收臨床上更急性（acute）的病人，並就所提供的服務獲得適當的給付。因此，我們看到 Medicaid 費率上升，對我們而言並不意外。

We've also been very active, like many other operators, in ensuring that we get in front of the individuals at the state level, making decisions on how they reimburse nursing homes. And we think we've positioned that narrative very well, that we are the lowest-cost institutional setting for people to receive care, and they can receive that care in a very quality setting. And that's what I think PACS has done to differentiate.

我們也像許多其他營運商一樣非常積極，確保能與州政府層級、負責決定如何給付護理之家的人士直接溝通。我們認為我們把敘事定位得很好：我們是讓人們接受照護的最低成本機構型場域，而且他們能在高品質的環境中接受照護。我想這就是 PACS 用來做出差異化的地方。

And so we're grateful for the recognition that those people at the state level have paid attention to and ensured that they've included appropriate rate reimbursement for the services being provided. And so that 3%, we anticipate continuing to see growth in that regard. And as we underwrite new deals, we look to ensure that on the Medicaid front, we continue to see that rate expansion.

因此，我們很感謝州政府層級的人士注意到並認可這點，並確保把所提供服務的適當費率給付納入其中。至於那 3%，我們預期在這方面仍會持續看到成長。而當我們承保新的交易時，我們也會確保在 Medicaid 這一端，我們能持續看到費率擴張。

On the Medicare and managed care side, like you mentioned, you see the increase. We've continued to be increased. I think at the federal level, they're seeing that nursing homes can provide care to highly acute patients who are in need of those services, and appropriately are giving us an increase yet again this year, which has been consistent for the sector.

在 Medicare 與 managed care 方面，如你所提到的，你看到費率上調。我們也持續受惠於上調。我認為在聯邦層級，他們看到護理之家能為需要這些服務的高度急性病人提供照護，因此今年再次給予我們上調，這也與整個產業趨勢一致。

On the managed care front, Jason, I think, nailed it when he said these managed care providers more than ever are paying attention to the people that they are contracting with, the providers they're contracting with. They're looking for a couple of things.

在 managed care 方面，我想 Jason 說得很到位：這些 managed care 供應商比以往更關注他們簽約的對象，也就是他們合作的服務提供者。他們主要在看幾件事。

First and foremost, they're looking for quality outcomes. They're basing rate and the willingness to reimburse a certain provider in that contract based on your quality outcomes.

第一也是最重要的，他們在看品質結果（quality outcomes）。他們會依據你的品質結果來決定費率，以及在合約中願意對某個提供者給付到什麼程度。

They're also looking at density. And as we talk about growth and strategic growth in areas where we can have density, bed density, bed availability for these providers, they are very interested in ensuring that they have access for their patients with beds. And that's, again, another differentiator for PACS as we go into these contract negotiations, that we're able to negotiate favorably for us when we give them bed density combined with the quality metrics that we've seen historically.

他們也在看密度。當我們談到在能形成密度的區域進行成長與策略性成長——床位密度、床位可用性——這些付款方非常在意能確保他們的病人有床位可用。這同樣是 PACS 在進入這些合約談判時的另一個差異化：當我們能提供床位密度，再加上我們歷來的品質指標表現，我們就能為自己爭取更有利的談判結果。

Okay. That was helpful. Maybe also just to ask you on your largest expense item, what the dynamics are around labor, availability of supplies, need to rely on temporary staff and other things, wage updates. Any commentary around there and any initiatives you have underway related to labor?

好的，這很有幫助。我也想再問一下你們最大的費用項目：勞動力方面的動態如何？供應品的可得性如何？是否需要依賴臨時人員等，以及薪資調整。對這些方面有什麼評論？以及你們是否有任何與勞動力相關、正在推動的措施？

The general dynamics of the labor market are continuing to improve. And I know we referenced post-COVID, that was the most recent challenge that the industry have had. And since that point, not only across the nation for all providers, but for us specifically, we've actually seen that numerically have an impact. We don't have a major issue with job postings and responses to those job postings, which we had once upon a time.

勞動市場的整體動態持續改善。我知道我們提到過後疫情時期，那是這個產業最近一次面臨的挑戰。自那之後，不僅在全國範圍內對所有服務提供者而言如此，對我們而言更是如此，我們實際上也看到在數字上產生了影響。我們在職缺刊登以及對這些職缺的回應方面沒有重大問題，而這在過去某個時期曾經是個問題。

As we look at our labor, oftentimes, we measure that as a percentage of revenue. And our contract labor in Q2 was the lowest it had been in any of the past two years. And so as we look at those trends, we're incredibly encouraged to see that those labor dynamics are leading to increased margin expansion as our facilities continue to operate at the level that they are.

在檢視我們的人力時，我們常常以營收的百分比來衡量。而我們第二季的合約人力成本是過去兩年中最低的一次。因此，當我們觀察這些趨勢時，我們非常受到鼓舞，因為這些人力動態正帶動利潤率進一步擴張，因為我們的設施持續以目前的水準運作。

Raj Kumar, Stephens.

Raj Kumar，Stephens。

Maybe just trying to, kind of, parse out the 20 Eduro facilities in Texas and kind of the embedded contribution into guidance. Maybe just any helpful color around revenue and earnings contribution here in 2026. And maybe just any qualitative commentary around how those facilities, kind of, compared to your, kind of, existing five facilities that you've had in Texas?

我想試著把德州的 20 家 Eduro 設施拆解一下，以及它們在財測指引中隱含的貢獻。能否提供一些有用的補充說明，關於 2026 年的營收與獲利貢獻？另外，也想聽聽一些定性的評論：這些設施與你們在德州既有的 5 家設施相比，大致表現如何？

Thank you, Raj. This is Carey. Thanks for the question. Yes, our guidance, as I noted, it includes a modest contribution from the 20 Texas facilities that we've closed so far. And I'd say it's modest because there is some integration that has to occur in the first several months of an acquisition. Revenue is contributing more than EBITDA in our guide. But the Eduro facilities still had a lot of upside, a lot of upside. And I'll let Josh actually talk about where they are now and where we think they can get to.

謝謝你，Raj。我是 Carey。謝謝你的問題。是的，如我所提到，我們的指引包含了目前已完成交割的 20 家德州設施的適度貢獻。我說適度，是因為在併購後的前幾個月需要進行一些整合。在我們的指引中，營收的貢獻大於 EBITDA。不過，Eduro 的設施仍有很大的上行空間，很大的上行空間。我會讓 Josh 來談談它們目前的狀況，以及我們認為它們可以達到的水準。

Yes. This is an acquisition that we were underwriting for a while. And although there's a strong foundation in the Eduro team, maybe different than some of the acquisitions that we've done historically, where you sense more distress when you walk into these facilities, the Eduro team worked hard on prioritizing care and outcomes and actually did have positive EBITDA margins. With that being said, we still recognize that as we underwrote this deal, we saw opportunities for the uniqueness of PACS model to actually add particularly on certain KPIs.

是的。這是一項我們評估（underwriting）了一段時間的收購案。雖然 Eduro 團隊有很強的基礎，但可能不同於我們過去做過的一些收購——那些收購你走進設施時會感受到更大的困境（distress）。Eduro 團隊在優先照護與成效方面投入很多努力，而且確實有正向的 EBITDA 利潤率。即便如此，我們在評估這筆交易時仍看到了機會，PACS 模式的獨特性可以在某些 KPI 上帶來額外提升。

On the quality measure front, we think there's room for improvement. And as we make those improvements in quality measures, we believe that we can see expansion in both occupancy and skilled mix, particularly in these 20 facilities, as example, they run in about the mid-60% occupancy and around 10% to 11% skilled mix.

在品質衡量指標方面，我們認為仍有改善空間。當我們在品質指標上做出改善時，我們相信在入住率與專業護理（skilled）組合方面都能看到擴張，特別是在這 20 家設施上。舉例來說，它們目前入住率約在 60% 中段，專業護理占比約在 10% 到 11% 左右。

And so when you compare them to other new facilities that we've taken on, they have similar metrics in that regard. And we believe as they begin to progress with the PACS' specific attention to those areas, we're going to see them move from the new and the ramping and to the mature cohorts. And so as each of you look at that and model it just like we have done, you can count on those facilities following a similar path to what you've seen historically from our acquisitions.

因此，若將它們與我們接手的其他新設施相比，在這些指標上是相近的。我們相信，隨著它們在 PACS 對這些領域的特別關注下開始進展，我們將看到它們從「新接手」與「爬坡期」進入「成熟期」群組。因此，各位在檢視並建模時，就像我們所做的一樣，可以預期這些設施會走出與我們歷史收購案相似的路徑。

And then maybe as my follow-up, just kind of thinking about or tying the topics of quality and then reimbursement. I think Ohio had finalized the three calculations of some prior year quality incentive payments. So curious on any kind of sizing color you could kind of provide on that and whether this kind of been baking in for those payments?

接著我的追問，想把品質與給付（reimbursement）這兩個主題連在一起。我想俄亥俄州已經完成了某些前一年度品質獎勵付款的三項計算。想請教你們能否提供一些規模上的說明，以及這些付款是否已經在你們的預期中（baking in）？

Yes. Thank you, Raj. Yes, those payments haven't come yet, so we don't know exactly what they're going to be. We have not been accruing for them because of that very fact. We don't know how much they're going to be and we don't know when we're going to receive them. We've had some -- we thought we might have received them actually before now and the amounts have varied from time to time. So that's why we have not accrued anything for those.

是的。謝謝你，Raj。是的，那些款項還沒進來，所以我們不確定確切金額。我們也沒有為此提列應計（accrue），原因正是如此：我們不知道金額會是多少，也不知道何時會收到。我們曾經——我們原本以為可能在現在之前就會收到，而且金額也曾隨時間有所變動。所以這就是我們沒有為此提列任何應計的原因。

I would say we do expect to receive them in the second half of the year, but we've not included any of that in our guidance. So I think that would be upside to where we are. I know it would be upside to where we are because we've not included any of it in our guidance.

我會說，我們確實預期會在下半年收到，但我們沒有把任何這部分納入指引。因此我認為這會是我們目前水準的上行空間。我知道這會是上行空間，因為我們的指引中完全沒有包含。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，RBC Capital Markets。

Just one more question on the new facilities in the guidance. You mentioned some integration costs. And I imagine there's more expense kind of coming on associated with those facilities. Just wanted to see if we could parse that out a little bit in terms of are we expecting a step-up in agency utilization as we bring those on versus your legacy platform?

再問一個關於指引中新設施的問題。你提到一些整合成本。我想也會有更多與這些設施相關的費用逐步納入。想請教能否稍微拆解一下：在接手這些設施時，相較於你們既有平台，我們是否預期會看到派遣人力（agency）使用率上升？

Is there any kind of degree that we have additional overhead and administrative costs and then versus costs related to local leadership change? Do you expect to have to put a meaningful portion of or replace a meaningful portion of the local leaders with some of your leaders in training? Any kind of thoughts on the geography of those costs would be great.

另外，我們是否會有額外的總部/管理間接費用與行政成本？以及相較於與當地領導層變動相關的成本。你們是否預期需要用你們培訓中的領導者來替換相當比例的當地管理團隊？若能分享這些成本在地理分布上的一些想法也會很有幫助。

I don't see anything -- you mentioned labor. I don't see any sort of increase in agency labor. When we take on new acquisitions and this transaction, although slightly different, won't be different than how we handle these. We go in, we evaluate the teams in place. I think these teams generally have a little more strength than we've historically seen in some of the more distressed assets that we've taken on.

我沒有看到任何——你提到人力，我沒有看到派遣人力有任何增加。當我們接手新的收購案時，而這筆交易雖然略有不同，但在處理方式上不會不同於我們一貫的做法。我們會進去評估現有團隊。我認為這些團隊整體上比我們過去接手的一些更困難資產（distressed assets）所看到的更有實力。

And we are going to grow those platforms strategically to ensure that whatever we're doing that relates to census or additional labor that may be needed that, that's done very strategically prioritizing care. So we're going to go and assess the teams. We're going to deploy our systems, policies, procedures, things that we would do in any acquisition, and then we will begin building responsibly on top of that.

而且我們會策略性地擴展這些平台，以確保無論是與住民數（census）相關，或可能需要的額外人力，都會以非常審慎的方式進行，並以照護為優先。我們會去評估團隊，導入我們的系統、政策、流程與程序，以及我們在任何收購案中都會做的事情，然後再在此基礎上負責任地逐步建設。

And so specific costs outside of what Carey mentioned, just the integration of IT network and infrastructure and other things that come with any acquisition, especially large-scale that you do, I would anticipate that the operational metrics aren't going to change on the cost side substantially. I think we're going to see over time, consistent with what you've seen, new moving to ramping, ramping to mature, that these facilities are going to follow a similar track.

因此，除了 Carey 提到的特定成本之外，也就是 IT 網路與基礎設施的整合，以及任何收購案（尤其是大型收購）都會伴隨的其他事項，我預期在成本端的營運指標不會出現大幅變化。我認為隨著時間推移，會與你們過去看到的一致：從新接手到爬坡期、從爬坡期到成熟期，這些設施會走出相似的軌跡。

And Ben, as a follow-up to your question about the Ohio supplemental payments, just as a reminder, we do expect another -- at least one more California WQIP payment in 2026. We haven't accrued it again, same thing, because we don't know the amount, and we don't know exactly when we're going to receive it. We've started receiving some of that in the third quarter. So I think we will receive some in the third.

Ben，作為你關於俄亥俄州補充付款問題的延伸提醒一下，我們確實預期在 2026 年還會有另一筆——至少一筆——加州 WQIP 付款。我們同樣沒有提列應計，原因一樣，因為我們不知道金額，也不確定確切何時會收到。我們已經在第三季開始收到其中一部分。因此我認為我們會在第三季收到一些。

And then the second payment related to that will be either late this year or early in 2027. But we -- again, we're not accruing that. It's not in the guidance because we don't know what those amounts will be.

然後與此相關的第二筆付款會在今年稍晚或 2027 年初。但我們——再次強調——沒有提列應計。它不在指引中，因為我們不知道金額會是多少。

And to be sure, those will be reflected in your same-store revenue growth?

確認一下，這些會反映在你們的同店營收成長中嗎？

Yes, they will, just like they were in the first quarter.

是的，會的，就像第一季一樣。

This now concludes our question-and-answer session. I would like to turn the floor back over to Jason Murray for closing comments.

現在問答環節到此結束。我想把時間交還給 Jason Murray 作結語。

Yes. Thank you, operator. And again, thanks, everyone, for joining us today. We appreciate your support of PACS. Have a nice rest of your day.

是的。謝謝你，接線員。再次感謝各位今天加入我們。我們感謝大家對 PACS 的支持。祝各位今天剩下的時間愉快。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。