P3 Health Partners Inc (PIII) 2026 Q1 法說會逐字稿

Good morning, and welcome to the P3 Health Partners first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Gabby Gabel. Thank you, and over to you.

早安，歡迎參加 P3 Health Partners 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 Gabby Gabel。謝謝，交給你。

Thank you, operator, and thank you for joining us today. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the US federal securities laws, including statements regarding our financial outlook and long-term target.

謝謝接線員，也謝謝各位今天加入我們。在我們開始之前，我想提醒大家，本次電話會議中所作的某些陳述，依據美國聯邦證券法屬於前瞻性陳述，包括關於我們的財務展望與長期目標的陳述。

These forward-looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.

這些前瞻性陳述僅為預測，主要基於我們目前對未來事件與財務趨勢的期待與推估；我們相信這些因素可能影響我們的業務、財務狀況與經營成果。這些陳述存在風險與不確定性，可能導致實際結果與歷史經驗或目前預期出現重大差異。

Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof, and the company undertakes no obligation to update or revise these forward-looking statements.

有關可能導致實際結果與本次電話會議所述內容不同的因素之更多資訊，載於我們向 SEC 提交的定期報告中。本次電話會議中的前瞻性陳述僅截至本日為止，公司不承擔更新或修訂此等前瞻性陳述的任何義務。

We will refer to certain non-GAAP financial measures on this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per member per month, normalized adjusted EBITDA, medical margin, medical margin per member per month and cash flow.

本次電話會議將提及若干非 GAAP 財務衡量指標，包括調整後營業費用、調整後 EBITDA、每會員每月調整後 EBITDA、常態化調整後 EBITDA、醫療毛利、每會員每月醫療毛利以及現金流。

These non-GAAP financial measures are in addition to and not a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures.

這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，並非替代，亦不優於 GAAP 指標。使用這些非 GAAP 財務衡量指標存在若干限制。

For example, other companies may calculate similarly titled non-GAAP financial measures differently. Please refer to the appendix of our earnings release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. Information presented on this call is contained in the press release that we issued today in our SEC filings, which may be accessed from the Investors page of the P3 Health Partners website.

例如，其他公司可能以不同方式計算名稱相近的非 GAAP 財務衡量指標。請參閱我們財報新聞稿的附錄，以取得這些非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表。本次電話會議所呈現的資訊載於我們今日發布的新聞稿及我們向 SEC 提交的文件中，可自 P3 Health Partners 官網的投資人頁面取得。

I will now turn the call over to Aric Coffman, CEO of P3 Health Partners.

現在我把電話會議交給 P3 Health Partners 執行長 Aric Coffman。

Thanks, Gabby. Good afternoon, and thank you for joining us today to discuss our first quarter results. Q1 represents an inflection point for the business and reflects the continued execution of the two-year framework we have discussed over the past several quarters.

謝謝你，Gabby。各位午安，感謝各位今天加入我們，一同討論第一季業績。第一季代表公司業務的轉折點，反映我們在過去幾季所討論之兩年框架的持續落實與執行。

The results of which delivered $26 million of adjusted EBITDA in Q1, exceeding internal expectations. The strength of the first quarter, combined with the momentum we are carrying into the rest of the year, provide us confidence to raise our full year 2026 outlook.

其成果是在第一季實現 2,600 萬美元的調整後 EBITDA，超出內部預期。第一季的強勁表現，加上我們延續至今年其餘時間的動能，使我們有信心上調 2026 全年展望。

It has been 24 months since I began leading P3, and we have fundamentally repositioned the organization through contract restructuring, market optimization, operational redesign and tighter alignment between our clinical and financial infrastructure. The financial results this quarter demonstrate that these structural changes are now translating into measurable economic performance.

自我開始領導 P3 以來已過 24 個月，我們透過合約重整、市場最佳化、營運重新設計，以及臨床與財務基礎設施之間更緊密的對齊，從根本上重新定位了組織。本季的財務結果顯示，這些結構性變革如今正轉化為可衡量的經濟表現。

Importantly, the improvements we are seeing here are not being driven by temporary factors. It is the result of deliberate operational and strategic actions that are now embedded within the business model. The underlying business generated significant positive earnings during the quarter and our operating fundamentals continue to mature.

重要的是，我們目前看到的改善並非由短期因素所驅動。這是有意識的營運與策略行動的成果，且如今已內嵌於商業模式之中。本季核心業務產生顯著的正向獲利，我們的營運基本面也持續成熟。

I would like to acknowledge the hard work and dedication from our teams that made this happen day in and day out. They deepened the relationships with our clinical and payer partners to unlock the potential in the business, buttressed by the improvement in the macro environment.

我想肯定我們團隊日復一日的辛勤付出與投入，促成了這一切。在宏觀環境改善的支撐下，他們深化了與臨床及付款方合作夥伴的關係，進一步釋放業務潛力。

From here, our focus is straightforward, continue expanding medical margin, continue improving contract economics, continuously improve operating execution and scale the platform and markets and partnerships where our model performs best. Three primary drivers contributed to the improved underlying performance this quarter. First is the improvement in our payer contract structures.

接下來，我們的重點很明確：持續擴大醫療毛利、持續改善合約經濟性、持續提升營運執行力，並在我們模式表現最佳的平台、市場與合作夥伴關係上擴張規模。本季基礎表現改善主要由三項驅動因素所貢獻。第一項是我們付款方合約結構的改善。

Over the past 18 months, we have significantly redesigned how risk funding and cost accountability are structured across our payer and network relationships. This includes improved alignment around medical cost accountability, enhanced funding mechanisms, revised risk sharing structures, greater operational coordination with our payer partners and a path to delegation in our go-forward contracts.

在過去 18 個月，我們大幅重新設計了在付款方與網路關係中，風險資金提供與成本責任的架構方式。這包括：在醫療成本責任上的更佳對齊、強化的資金機制、修訂的風險分攤架構、與付款方夥伴更高程度的營運協同，以及在未來合約中邁向委派（delegation）的路徑。

These are not temporary tailwinds. They represent a structural repositioning of the economic framework of the business. We are increasingly seeing payers recognize the value our model creates when operational accountability and economic incentives are fully aligned.

這些並非短期順風。它們代表公司經濟框架的結構性重新定位。我們愈來愈常看到付款方認可：當營運責任與經濟誘因完全對齊時，我們的模式所創造的價值。

As a result, MA funding rates improved approximately 15% year-over-year. Delegated functions expanded across 63% of membership in 2026, and contract alignment improved meaningfully across several of our largest relationships. These changes position the business for more durable and sustainable profitability going forward.

因此，MA（Medicare Advantage，聯邦醫療保險優勢計畫）資金給付率年增約 15%。2026 年委派職能已擴大至覆蓋 63% 的會員，且在我們數個最大合作關係中，合約對齊程度也顯著提升。這些變化使公司在未來具備更持久且可持續的獲利能力。

Second is operational execution. Over the last two years, we have focused heavily on building a disciplined operating model centered around medical cost management, quality execution, provider engagement and risk accuracy.

第二項是營運執行。過去兩年，我們高度聚焦於建立一套嚴謹的營運模式，核心在於醫療成本管理、品質執行、醫療提供者（provider）參與，以及風險精準度。

We are now seeing those efforts translate into improved financial performance. Across the organization, burden of illness capture and documentation accuracy continue to improve. Stars performance is tracking ahead of our internal glide path. Tier 1 provider concentration continues to increase, care management engagement amongst our highest acuity populations continues to expand and operational workflows across utilization management and payment integrity are increasingly effective across markets.

我們現在看到這些努力正轉化為更佳的財務表現。在整個組織中，疾病負擔捕捉與文件紀錄的準確性持續改善。Stars（星級評等）表現正領先於我們內部的既定進度路徑。第一級（Tier 1）醫療提供者集中度持續提高；在我們最高病情嚴重度族群中的照護管理參與持續擴大；而在各市場中，利用管理與支付完整性（payment integrity）的營運流程也愈來愈有效。

Q1 MA medical expense trend was roughly flat compared to full year 2025 medical expense trend. At a time when payers and peer organizations have generally guided to a 7% trend or higher, our trend reflects the compounding impact of Tier 1 provider concentration, delegated utilization management, disciplined payment integrity, and we expect it to remain a durable point of differentiation.

第一季 MA 醫療費用趨勢與 2025 全年醫療費用趨勢相比大致持平。在付款方與同業組織普遍指引約 7% 或更高趨勢的情況下，我們的趨勢反映了第一級（Tier 1）醫療提供者集中度、委派式利用管理、嚴謹的支付完整性所帶來的複利效應；我們預期這將持續成為一項持久的差異化優勢。

This isn't a one-quarter result, evidenced by our full year 2025 MA trend, which was under 2% across both Medicare Advantage and ACO populations. At the same time, our operating expense structure remains controlled. We continue to invest selectively in frontline clinical capabilities, provider engagement, and data infrastructure while maintaining focus on overall cost efficiency.

這並非單一季度的結果，從我們 2025 全年 MA 趨勢即可看出：在 Medicare Advantage 與 ACO 族群中均低於 2%。同時，我們的營業費用結構仍維持受控。我們在維持整體成本效率的同時，持續選擇性投資於第一線臨床能力、醫療提供者參與，以及資料基礎設施。

The third item is the improving macro environment. The 2026 CMS benchmark update improved the underlying economics of the Medicare Advantage market and reinforce the sustainability of value-based care models that can effectively manage quality and medical cost performance. In addition, benefit design rationalization across the industry is creating more sustainable utilization dynamics across MA populations.

第三項是宏觀環境的改善。2026 年 CMS 基準更新改善了 Medicare Advantage（MA）市場的基本經濟面，並強化了能有效管理品質與醫療成本表現之價值導向照護（value-based care）模式的可持續性。此外，產業整體的給付福利設計合理化，正在 MA 人群中形成更可持續的醫療利用動態。

We believe the current environment increasingly favors organizations that have the following, strong provider alignment, local market operating capabilities, effective medical cost management, and a scalable clinical infrastructure. P3 is well positioned within that group.

我們認為，當前環境愈來愈有利於具備以下特質的組織：強健的醫療提供者（provider）一致性、在地市場營運能力、有效的醫療成本管理，以及可擴展的臨床基礎設施。P3 在該群體中具備良好定位。

Looking forward, we believe Medicare Advantage environment continues to move in a constructive direction. For organizations like P3 that effectively manage medical costs and execute on quality, this environment increasingly supports long-term margin expansion opportunities. The industry has moved into a period where operational execution and the ability to manage the cost of care effectively is what matters, not simply scale. As we look toward the rest of '26, and 2027, the actions we have taken over the last two years position us to compete and win in that environment. Our payer relationships remain central to our success.

展望未來，我們認為 Medicare Advantage 的環境將持續朝建設性的方向發展。對於像 P3 這樣能有效管理醫療成本並落實品質執行的組織而言，這樣的環境愈來愈支持長期利潤率擴張的機會。產業已進入一個重視營運執行與有效管理照護成本能力的階段，而不僅僅是規模。展望 2026 年剩餘期間以及 2027 年，我們過去兩年採取的行動，使我們能在該環境中競爭並勝出。我們與支付方（payer）的關係仍是成功的核心。

One of the clearest lessons we have learned is that our model performs best when operational accountability and economic accountability are aligned through delegation. When we control key delegated functions particularly claims payment, utilization management and care management, we consistently produce stronger medical cost performance, better quality outcomes, improved member engagement and more favorable economic outcomes for both P3 and our payer partners.

我們學到最清楚的一課是：當透過委任（delegation）使營運責任與經濟責任一致時，我們的模式表現最佳。當我們掌控關鍵的委任職能，特別是理賠支付、利用管理與照護管理時，我們能持續產生更強的醫療成本表現、更佳的品質結果、更高的會員參與度，並為 P3 與支付方合作夥伴帶來更有利的經濟成果。

As a result, we will prioritize markets and payer relationships with a clear pathway toward deeper delegation stronger economic alignment, density and long-term partnership stability. The depth of operational control, this model affords us particularly the integration of claims payment utilization management and care management within our platform is a structural differentiator within the value-based care landscape and one that is difficult to replicate. This level of delegation simplifies our data sharing and meaningfully improves our cash flows to help us realize surplus more quickly.

因此，我們將優先聚焦於具備明確路徑、可朝更深度委任、更強經濟一致性、更高密度，以及長期合作穩定性的市場與支付方關係。此模式所賦予的營運控制深度——尤其是將理賠支付、利用管理與照護管理整合於我們的平台之中——是價值導向照護領域的結構性差異化優勢，且難以複製。這種委任程度可簡化我們的資料共享，並顯著改善現金流，協助我們更快實現盈餘（surplus）。

This disciplined approach materially improves long-term margin quality, predictability and shareholder value creation. Our Nebraska partnership, which added an additional 28,600 lives under management, reflects exactly this type of disciplined expansion strategy. The implementation remains on track, operational readiness milestones continue to progress as planned and the partnership reinforces our ability to enter new geographies through structured delegation oriented growth pathways.

這種嚴謹的方法能實質提升長期利潤率品質、可預測性與股東價值創造。我們在內布拉斯加州的合作夥伴關係新增了 28,600 名受管理人數（lives under management），正是此類嚴謹擴張策略的體現。導入作業仍按計畫進行，營運就緒里程碑持續依規劃推進，且該合作夥伴關係強化了我們透過結構化、以委任為導向的成長路徑進入新地理市場的能力。

Over time, partnerships structured in this manner will become meaningful contributors to long-term earnings growth and market expansion. These partnerships solve for one of the major issues around growth in value-based care, establishing cash flow to the business and contractual elements that are mutually beneficial for P3 and the payer partner.

隨著時間推進，以此方式架構的合作夥伴關係將成為長期獲利成長與市場擴張的重要貢獻者。這些合作夥伴關係解決了價值導向照護成長中的一項主要問題：為企業建立現金流，以及建立對 P3 與支付方合作夥伴皆互利的合約要素。

Overall, our first quarter was strong. We have three quarters ahead of us, and our focus remains on sustaining execution. The results reinforce our confidence that the business has moved into a phase of improving operational consistency and earnings quality.

整體而言，我們第一季表現強勁。我們前方還有三個季度，我們的重點仍是維持執行力。這些結果強化了我們的信心：公司已進入營運一致性與獲利品質改善的階段。

The core economic levers that drive the business are increasingly within our control. And while our work is never done, the economic framework for 2026 is solid within the business. We remain focused on executing with discipline against that opportunity.

驅動業務的核心經濟槓桿正愈來愈多地掌握在我們手中。雖然我們的工作永無止境，但就公司內部而言，2026 年的經濟架構是穩健的。我們仍專注於以紀律執行，把握該機會。

With that, I'll turn the call over to Amir to discuss our clinical performance.

接下來，我把電話會議交給 Amir，請他討論我們的臨床表現。

Thank you, Aric. I want to spend a few minutes on the clinical work that is driving the financial performance Leif will discuss shortly. The nearly flat MA medical cost trend that we are seeing in the quarter is not accidental. It is a result of deliberate clinical programs, improved utilization management workflows and enhanced payment integrity capabilities. The clinical foundation driving our approach centers on our care enablement model embedded within our Tier 1 provider network.

謝謝你，Aric。我想花幾分鐘談談推動財務表現的臨床工作，Leif 稍後會進一步說明。我們在本季看到的 MA 醫療成本趨勢幾乎持平並非偶然。這是刻意設計的臨床計畫、改善的利用管理工作流程，以及強化的支付正確性（payment integrity）能力所帶來的結果。支撐我們方法的臨床基礎，核心在於嵌入我們第一級（Tier 1）醫療提供者網絡中的照護賦能（care enablement）模式。

Execution across four areas is tracking ahead of plan. First, our Stars performance is tracking ahead of our internal glide path for gap closures across all markets, signaling that our quality trajectory is on track heading into the second half of the year and provides confidence in achieving our goals.

在四個領域的執行進度均超前於計畫。第一，我們的 Stars 表現，在所有市場的缺口補齊（gap closures）方面均超前於內部既定的進度路徑（glide path），顯示我們的品質走勢在進入下半年時仍按軌道前進，並讓我們對達成目標更有信心。

Second, total members seen across all markets through quarter one is ahead of plan by approximately 5%, which directly supports burden of illness documentation and our ability to manage care for the highest complexity members.

第二，第一季在所有市場中完成就診的會員總數較計畫高出約 5%，這直接支持疾病負擔（burden of illness）文件化，並提升我們管理最高複雜度會員照護的能力。

Third, our Tier 1 provider concentration continues to deepen. The share of members attributed to Tier 1 providers has increased from 56% in Q1 '25, to 62% in '26, reflecting continued progress in aligning our network around practices with the highest level of clinical integration and accountability.

第三，我們第一級（Tier 1）醫療提供者的集中度持續加深。歸屬於第一級提供者的會員占比，已從 2025 年第一季的 56% 提升至 2026 年的 62%，反映我們持續推進，將網絡對齊至臨床整合與問責程度最高的診所。

These providers consistently demonstrate more effective chronic disease management and better overall cost performance. And lastly, our high-risk program provides intensive support for our most complex members. A core feature of the program is a dedicated 24/7 clinical call center, giving members and their caregivers direct access to clinical guidance before seeking higher cost care.

這些提供者一貫展現更有效的慢性病管理與更佳的整體成本表現。最後，我們的高風險計畫為最複雜的會員提供密集支持。該計畫的核心特色之一是專屬的 24/7 臨床客服中心，讓會員及其照護者在尋求更高成本照護之前，即可直接獲得臨床指引。

This capability is designed to reduce avoidable ED visits and inpatient admissions by ensuring members have a supported lower acuity pathway when issues arise. This program was introduced in late 2025 and continues to ramp in the early part of 2026.

此能力旨在於問題發生時，確保會員有一條獲支持、較低急性度的處置途徑，從而降低可避免的急診（ED）就診與住院收治。該計畫於 2025 年底推出，並在 2026 年初期持續擴大推進。

In addition to our clinical foundation, we have strengthened our utilization management infrastructure across the network with a focus on high-cost settings, including inpatient post-acute care and readmissions. The result is a more consistent cost-effective care experience across our markets. We've also made meaningful progress on payment integrity, implementing process improvements that ensure we are paying accurately for the services our members receive.

除臨床基礎外，我們也在整個網絡中強化利用管理基礎設施，聚焦於高成本照護場景，包括住院、急性後期照護（post-acute care）以及再入院。其結果是在各市場提供更一致且具成本效益的照護體驗。我們也在支付正確性（payment integrity）方面取得實質進展，導入流程改善，以確保我們能就會員所接受的服務進行正確支付。

This is an area where operational discipline translates directly to medical margin, and the work we have done over the past several quarters is now showing up in our results. Lastly, our P3 Restore program, where we provide a three-month individualized coaching engagement to provider partners has reached across all of our markets, with lasting impact on provider engagement and practice sustainability.

這是一個營運紀律可直接轉化為醫療利潤率的領域，而我們在過去數個季度所做的工作，如今已反映在成果中。最後，我們的 P3 Restore 計畫——為提供者合作夥伴提供為期三個月的個人化教練式輔導——已推展至我們所有市場，並對提供者參與度與診所永續性帶來長期影響。

With that, I'll turn the call over to Leif to walk you through our financials.

接下來，我把電話會議交給 Leif，請他帶各位了解我們的財務表現。

Thank you, Amir, and good afternoon. Q1 was a strong start to the year. We delivered $26 million of adjusted EBITDA, exceeding internal expectations for the quarter. The results reflect the cumulative impact of the work Aric described, including improved payer economics, disciplined clinical execution and strategic portfolio decisions such as smart, deliberate market growth.

謝謝你，Amir，下午好。第一季是今年強勁的開局。我們實現了2,600萬美元的調整後EBITDA，超出本季內部預期。這些結果反映了Aric所描述工作的累積成效，包括改善付款方經濟效益、嚴謹的臨床執行，以及如審慎且有策略的市場成長等策略性投資組合決策。

This afternoon, I will cover three areas, first, our financial performance for the quarter including an update on our medical cost trends; second, our capital position and liquidity; and third, our revised outlook for the remainder of 2026.

今天下午，我將涵蓋三個面向：第一，本季的財務表現，包括我們醫療成本趨勢的最新情況；第二，我們的資本狀況與流動性；第三，我們對2026年剩餘期間的修訂展望。

Starting with membership. Total at-risk membership at the end of Q1 was approximately 106,000 compared to 118,000 in Q1 2025. The year-over-year decline reflects the deliberate portfolio actions that we took throughout 2025, including the exit of arrangements that did not meet our economic thresholds.

先從會員數開始。第一季末的總承擔風險會員數約為106,000人，較2025年第一季的118,000人下降。年減反映了我們在2025年期間採取的審慎投資組合行動，包括退出未達我們經濟門檻的合作安排。

The membership base we are operating from today is more concentrated in relationships where our model performs best. In addition to our at-risk membership, we currently manage approximately 29,000 lives under management service arrangements, bringing the total lives under management to approximately 135,000.

我們目前所運作的會員基礎，更集中於我們模式表現最佳的合作關係。除了承擔風險會員外，我們目前亦在管理服務安排下管理約29,000名受管理人員，使受管理總人數約為135,000人。

Going forward, we intend to provide total managed lives as an additional operating metric to better reflect the broader scale of our platform and the expanding scope of services we provide across our payer and provider relationships. Moving to revenue. Q1 revenue was $386 million, compared to $373 million in the same period of 2025.

展望未來，我們打算提供「受管理總人數」作為額外的營運指標，以更好反映我們平台更廣的規模，以及我們在付款方與醫療提供者關係中所提供服務範疇的擴大。接著談營收。第一季營收為3.86億美元，較2025年同期的3.73億美元增加。

Despite a lower membership base, per member funding for our Medicare Advantage population, improved approximately 15% year-over-year, reflecting rate progression, contractual restructuring and continued maturation of our burden of illness documentation across our networks. Medical claims expense for the quarter was $306 million.

儘管會員基礎較低，我們Medicare Advantage（MA）族群的每會員資金挹注年增約15%，反映費率推進、合約重整，以及我們在各網路中對疾病負擔（burden of illness）文件化的持續成熟。本季醫療理賠費用為3.06億美元。

The results include approximately $17 million of favorable prior year development and payer settlements. Q1 2026, MA medical cost trend is approximately flat to the full year 2025 baseline when adjusted for the prior year items. Medical margin for the quarter was $74 million, medical loss ratio for the quarter was 85.2%, when adjusted for the favorable prior year development and payer settlement noted above.

本季結果包含約1,700萬美元的有利前期年度發展（prior year development）與付款方結算。在剔除前期年度項目後，2026年第一季MA醫療成本趨勢相較2025年全年基準約為持平。本季醫療毛利為7,400萬美元；在調整上述有利前期年度發展與付款方結算後，本季醫療損失率（MLR）為85.2%。

These results reflect the structural contract improvements, clinical execution and enhanced payment integrity workflows, along with utilization management progression previously described. Adjusted operating expense for the quarter was $25 million, consistent with the cost structure we have established over the prior 18 months.

這些結果反映了合約結構性改善、臨床執行與強化的支付完整性（payment integrity）工作流程，以及先前所述的利用率管理進展。本季調整後營運費用為2,500萬美元，與我們過去18個月建立的成本結構一致。

We continue to direct investments towards frontline capabilities that drive medical costs and quality performance. Adjusted EBITDA for Q1 was $26 million compared to a loss of $22 million in the same period of 2025. Excluding the prior year items, underlying Q1 adjusted EBITDA was $8 million, reflecting the core operating performance of the business.

我們持續將投資導向能驅動醫療成本與品質表現的第一線能力。2026年第一季調整後EBITDA為2,600萬美元，較2025年同期的虧損2,200萬美元改善。剔除前期年度項目後，第一季基礎調整後EBITDA為800萬美元，反映業務的核心營運表現。

On the balance sheet, we ended the quarter with $25 million in cash and equivalents. Consistent with the liquidity framework we have communicated, we continue to manage capital with discipline while maintaining focus on operational execution and financial stability.

在資產負債表方面，我們於季末持有2,500萬美元的現金及約當現金。依照我們已溝通的流動性框架，我們在維持對營運執行與財務穩健的專注下，持續以紀律管理資本。

Of additional note, we recently completed a series of strategic capital structure transactions designed to improve financial flexibility and address the Nasdaq minimum stockholders' equity requirement. On April 28, approximately $250 million of debt was converted to preferred equity. While not reflected on the March 31, 2026, balance sheet, it materially improves stockholders equity.

另外值得一提的是，我們近期完成一系列策略性的資本結構交易，旨在提升財務彈性並因應納斯達克（Nasdaq）最低股東權益要求。4月28日，約2.5億美元的債務已轉換為優先股權。雖未反映於2026年3月31日的資產負債表中，但將實質提升股東權益。

Separately, we have an agreement to issue up to $70 million in additional preferred equity, $30 million of which has been issued to date. Collectively, we believe these actions bring stockholders equity above the Nasdaq minimum compliance threshold, materially strengthening the company's financial position and enhance the long-term balance sheet flexibility.

此外，我們已達成協議，將額外發行最多7,000萬美元的優先股權，其中3,000萬美元迄今已發行。整體而言，我們相信這些行動使股東權益高於納斯達克最低合規門檻，實質強化公司的財務狀況，並提升長期資產負債表的彈性。

Now moving to our updated 2026 outlook. We are revising our full year 2026 adjusted EBITDA outlook to a range of $20 million to $60 million with a midpoint of $40 million. The revision reflects both the favorable prior year development and payer settlements recognized in Q1 and our confidence in the underlying operating trajectory of the business through the remainder of the year.

接著談我們更新後的2026年展望。我們將2026年全年調整後EBITDA展望修訂為2,000萬至6,000萬美元區間，中位數為4,000萬美元。此修訂同時反映第一季認列的有利前期年度發展與付款方結算，以及我們對今年剩餘期間業務基本營運走勢的信心。

Our confidence in the full year is rooted in the same pillars we outlined at the start of 2026. The structural contract improvements now flowing through our economics, continued clinical execution across cost management, quality and stars performance and the operating discipline we have established across the business.

我們對全年展望的信心，根基於我們在2026年初所概述的相同支柱。合約結構性改善如今已反映在我們的經濟效益中；在成本管理、品質與星級（Stars）表現方面持續的臨床執行；以及我們在全公司建立的營運紀律。

The width of the range reflects the normal variability in claims development and full year cost expectations. Results within the range are contingent on cost trend development throughout the year and execution against medical cost initiatives.

區間寬度反映理賠發展與全年成本預期的正常變動性。落在該區間內的結果，取決於全年成本趨勢的發展，以及我們對醫療成本倡議的執行成效。

With that, I'll turn it back to Aric for closing comments.

接下來，我把時間交回給Aric作結語。

Thank you, Leif. Before we open the line for questions, I want to leave you with three takeaways from this quarter. First, the structural work is producing results. The contract restructuring, network concentration and operational redesign we have executed over the past two years are showing up in our economics. Additional structural work remains a priority in 2026, and we are executing against it.

謝謝你，Leif。在我們開放提問之前，我想用本季的三個重點作結。第一，結構性工作正在產生成果。我們在過去兩年所執行的合約重整、網路集中化與營運再設計，已反映在我們的經濟效益上。2026年仍將以進一步的結構性工作為優先事項，我們也正據此推進執行。

Second, our clinical model, utilization management and payment integrity processes are differentiators. At a time when the industry is broadly guiding to 7% or higher medical cost trend, P3 delivered flat trend in the quarter following a sub-2% trend in 2025. That outcome is driven by the clinical and operational infrastructure Amir described. We expect it to remain a point of differentiation as we move forward. Third, the setup for the remainder of 2026 is strong.

第二，我們的臨床模式、利用率管理與支付完整性流程是差異化優勢。在產業普遍指引醫療成本趨勢為7%或更高之際，P3在2025年低於2%的趨勢之後，本季實現持平的趨勢。這一結果由Amir所描述的臨床與營運基礎設施所驅動。我們預期在未來推進過程中，這仍將是我們的差異化重點。第三，2026年剩餘期間的布局強勁。

We are raising our full year outlook. Our operating fundamentals continue to mature and the predictability of our performance has improved. We have plenty of work ahead, but we are executing with confidence. With that, operator, please open the line for questions.

我們上調全年展望。我們的營運基本面持續成熟，且表現的可預測性已提升。前方仍有許多工作要做，但我們正以信心執行。接下來，請接線員開放提問。

(Operator Instructions)

（接線員指示）

Ryan Langston, TD Cowen.

Ryan Langston，TD Cowen。

Hey, thanks. On the utilization point, can you maybe just talk about what you saw in the first quarter in terms of A and B versus Part D? And then, I guess, if it's still logical to expect that Part D MLRs are going to trend higher as we move through the year just as members hit their out-of-pocket maximums.

嗨，謝謝。關於利用率這點，能否談談你們在第一季看到的 Part A 與 Part B 相較於 Part D 的情況？另外，我想確認一下，是否仍合理預期 Part D 的 MLR 會在今年接下來的時間走高，因為會員會陸續達到自付額上限。

Hey, Ryan, thanks for the question. This is Aric. I'll have Leif give a little more detail. One thing I want to remind on that Part D part is we've significantly reduced our Part D exposure and are continuing to reduce our Part D exposure in all of our contracts beyond 2026, but we'll still I think Leif is looking for an answer here for you.

嗨，Ryan，謝謝你的提問。我是 Aric。我會請 Leif 補充更多細節。關於 Part D 我想提醒的一點是，我們已大幅降低 Part D 的曝險，並且在 2026 年之後所有合約中持續降低 Part D 的曝險；不過我們仍會——我想 Leif 會在這裡給你一個答案。

Thanks for the question. Appreciate it. On kind of the MedEx trend side of things, we actually saw a bigger reduction across Part B in our book of business proactively when we look at in year 2025 versus in year 2026. It was where Part A was predominantly flat.

謝謝你的問題。很感謝。就 MedEx 趨勢這一塊來看，當我們比較 2025 年度內與 2026 年度內的情況時，我們其實在業務組合中主動在 Part B 看到更大的降幅。而 Part A 則大致持平。

And then you break out I think it was around $18 million of positive PYD and payer settlement. Are you able to tell us what each of those were? And in terms of the positive PYD good to see, was anything reestablished back in reserves above and beyond what the amount was that was included in the results for 1Q? Thanks.

然後你們拆出大約 1,800 萬美元的正向 PYD 與付款方結算。你們能否告訴我們各自是多少？另外，正向 PYD 很高興看到；是否有任何金額在準備金中重新建立，且超出第一季結果中已包含的金額？謝謝。

Ryan, I didn't catch the last half of that, but let me answer the first half of the question. The first half of the question is that split between those two items is about 65-35, meaning 65% of that $17 million is related to change related to prior year -- favorable prior year development of our reserves and about 35% relates to some payer settlements.

Ryan，我沒有聽清楚你後半段的問題，但我先回答前半段。前半段是那兩個項目之間的拆分大約是 65/35，也就是說，那 1,700 萬美元中約 65% 與前一年相關的變動——也就是我們準備金的有利前期年度發展（favorable prior year development）有關，約 35% 則與一些付款方結算有關。

Okay. The second part was just did you reestablish any positive PYD back into reserves? Or did that all flow through into the results for the first quarter?

好的。第二部分只是，你們有把任何正向 PYD 重新建立回準備金嗎？還是全部都流入第一季的結果？

What we disclosed is what flowed through the period in the quarter. And we stayed consistent with our reserve methodology. We did not reduce any of our pads or our estimates from an IBNR process perspective.

我們揭露的就是在該季度期間流入的金額。而且我們的準備金方法論維持一致。從 IBNR 流程的角度來看，我們沒有降低任何緩衝（pads）或我們的估計。

Okay, got it. Thank you very much.

好的，了解。非常感謝。

Benjamin Haynor, Lake Street Capital.

Benjamin Haynor，Lake Street Capital。

Good afternoon, gentlemen. Thanks for taking the questions and congrats on the quarter. First off for me, just thinking about potential payer partners expansion with the existing ones. Do you think that or to what extent do you think that they take notice of kind of the results for the quarter just reported, conversion to preferred stock and kind of see a much more financially sound partner and does that benefit you guys to what degree might that benefit you guys?

各位下午好。謝謝接受提問，並恭喜本季表現。我首先想談談與既有付款方合作夥伴的潛在擴張。你們認為他們是否、或在多大程度上，會注意到剛公布的本季結果、轉換為優先股等，並因此把你們視為財務狀況更健全的合作夥伴？這對你們有什麼好處、以及大概能帶來多大程度的助益？

Hey, Ben, thanks for being on. Appreciate the question. Yes, I think our ability to demonstrate positive momentum and an improved balance sheet, it does help prospects as you think about growth to have a healthy balance sheet. It also supports part of our strategy as we move forward in expanding delegation and that one is so important, not just for the data side of it, but for claims delegation, it also speeds up the timing that you have to get the dollars that you've impacted in the business as well as improved cash flow in the business, obviously, as well.

嗨，Ben，謝謝你參與。感謝你的問題。是的，我認為我們展現正向動能與改善後的資產負債表的能力，確實有幫助；當你在思考成長時，擁有健康的資產負債表會讓潛在合作對象更有信心。這也支持我們接下來擴大委任（delegation）的策略；這點非常重要，不只是資料面，對理賠委任也很關鍵，同時也能加快你把對業務造成影響的金額回收的時間點，並改善業務的現金流，當然也是如此。

Makes sense. And then just you mentioned the delegation. I guess, what's kind of the pathway? I know you have the set pathway and the newer managed services contract. But otherwise, what's kind of the pathway to get that beyond 63%?

了解。另外你提到委任。我想問一下大概的路徑是什麼？我知道你們有既定路徑以及較新的受管理服務合約。但除此之外，要把比例提升到超過 63% 的路徑大概是什麼？

Yeah, Ben, good question. And so the standout market, we have one particular geography in which our current delegation is very, very limited. And so we've approached that contractually with those payers. And we have a glide path to get to delegation with each one of those payers based on the internal timetables that they have.

是的，Ben，問得好。在一個特別突出的市場中，我們在某個特定地理區域的現行委任非常、非常有限。因此我們已在合約層面與那些付款方進行處理。而且我們有一個逐步推進的路徑（glide path），會依各付款方內部的時程表，逐一達成委任。

So that's not something that will just flip on each one of these needs things like pre-delegation audit, and then there's testing that has to happen and then you move into a full delegation. So I expect that to be stair-stepped over the next probably two years, to be honest.

所以這不是每一個都會立刻切換上線；每一個都需要像是委任前稽核（pre-delegation audit），接著還要進行測試，然後才會進入全面委任。老實說，我預期這會在接下來大概兩年以階梯式方式逐步推進。

Okay, that's helpful. That's all I had, gentlemen. Congrats again on the quarter. That's very nice.

好的，很有幫助。我就這些，各位。再次恭喜本季表現。非常不錯。

Thanks so much, man. Appreciate it. Thank you.

非常感謝，老兄。很感激。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Aric Coffman for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Aric Coffman，請他做任何結語。

Thank you so much. I appreciate everyone joining, and thanks for listening to our first quarter results.

非常感謝。感謝各位參與，也謝謝收聽我們第一季的業績結果。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。