Pennant Group Inc (PNTG) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Pennant Group first quarter 2025 earnings. (Operator Instructions) I would now like to hand the conference over to your speaker today, Kirk Cheney, Executive Vice President.

您好，感謝您的支持。歡迎閱讀 Pennant Group 2025 年第一季財報。（操作員指示）現在，我想將會議交給今天的發言人，執行副總裁柯克·切尼 (Kirk Cheney)。

Thank you, Josh. Welcome everyone, and thank you for joining us today. You're with me today. I have Brent Guerisoli, our CEO; John Gochnour, our President and COO; and Lynette Walham, our CFO. Before we begin, I have a few housekeeping matters.

謝謝你，喬希。歡迎大家，感謝大家今天的到來。今天你就和我在一起。我是我們的執行長 Brent Guerisoli；我們的總裁兼營運長 John Gochnour；以及我們的財務長 Lynette Walham。在我們開始之前，我有一些家務事。

We filed our earnings press release in 10-Q yesterday. This announcement is available on the investor relations section of our website at www.pennantgroup.com. A replay of this call will also be available on our website until 5:00 P.M. Mountain time on May 6, 2026.

我們昨天在 10-Q 提交了收益新聞稿。此公告可在我們網站 www.pennantgroup.com 的投資者關係部分查閱。本次通話的重播也將在我們的網站上提供，直至下午 5:00。 2026 年 5 月 6 日山區時間。

We want to remind anyone who may be listening to a replay of this call that all statements are made as of today, May 7, 2025, and these statements will not be updated after today's call.

我們想提醒任何可能正在收聽本次電話會議重播的人，所有聲明均截至今天（2025 年 5 月 7 日）做出，並且這些聲明在今天的電話會議之後將不會更新。

Also, any forward-looking statements made today are based on management's current expectations, assumptions, and beliefs about our business and the environment in which we operate. These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call.

此外，今天所做的任何前瞻性陳述均基於管理層對我們的業務和經營環境的當前預期、假設和信念。這些聲明受風險和不確定性的影響，可能導致我們的實際結果與今天電話會議上表達或暗示的結果有重大差異。

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

聽眾不應過度依賴前瞻性陳述，並鼓勵聽眾查閱我們向美國證券交易委員會 (SEC) 提交的文件，以便更全面地了解可能影響我們業績的因素，除非聯邦證券法另有規定，否則 Pennant 及其附屬公司不承諾公開更新或修改任何前瞻性陳述，因為新資訊、未來事件、情況變化或任何其他原因會導致這些陳述發生變化。

In addition, the Pennant Group Incorporated is a holding company with no direct operating assets, including employees or revenues. Certain of our independent subsidiaries collectively referred to as a service center provide accounting, payroll, human resources, information technology, legal, risk management, and other services to the other operating subsidiaries through contractual relationships with such subsidiaries.

此外，Pennant Group Incorporated 是一家控股公司，沒有直接經營資產，包括員工或收入。我們的某些獨立子公司統稱為服務中心，透過與其他營運子公司建立合約關係，為這些子公司提供會計、薪資、人力資源、資訊科技、法律、風險管理和其他服務。

The words pennant company, we our and us refer to the Pennant Group, Inc. and its consolidated subsidiaries. All of our operating subsidiaries and the service center are operated by separate independent companies that have their own management, employees, and assets.

彭南特公司、我們、我們的這些字詞指的是彭南特集團公司及其合併子公司。我們所有的營運子公司和服務中心均由獨立的公司經營，這些公司擁有自己的管理階層、員工和資產。

References here into the consolidated company and its assets and activities, as well as the use of the terms we, us, our in similar terms do not imply that the Pennant Group Inc. has direct operating assets, employees or revenue, or that any of the subsidiaries are operated by the Pennant Group.

這裡對合併公司及其資產和活動的引用，以及類似術語「我們」、「我們的」的使用，並不意味著 Pennant Group Inc. 擁有直接經營資產、員工或收入，也不意味著任何子公司由 Pennant Group 經營。

Also, we supplement our GAAP reporting with non-GAAP metrics. When viewed together with our GAAP results, we believe that these measures can provide a more complete understanding of our business, but they should not be relied upon to the exclusion of GAAP reports.

此外，我們也以非 GAAP 指標來補充我們的 GAAP 報告。與我們的 GAAP 結果一起查看時，我們相信這些指標可以更全面地了解我們的業務，但不應依賴它們而排除 GAAP 報告。

The GAAP to non-GAAP reconciliation is available in yesterday's press release and is available in our 10-Q and 10-K.

昨天的新聞稿中提供了 GAAP 與非 GAAP 的對帳表，也可以在我們的 10-Q 和 10-K 報表中找到。

And with that, I will turn the call over to Brent Guerisoli, our CEO. Brent?

說完這些，我將把電話轉給我們的執行長布倫特·格里索利 (Brent Guerisoli)。布倫特？

Thanks, Kirk. Good morning, everyone, and welcome to our first quarter 2025 earnings call. To begin, I want to recognize all the contributions and efforts of our incredible partners across the Pennant footprint. Always, especially in periods of dramatic growth, the work our teams do can be demanding and so inspired to see our people daily rising to the challenge.

謝謝，柯克。大家早安，歡迎參加我們 2025 年第一季財報電話會議。首先，我要感謝 Pennant 各地所有傑出合作夥伴的貢獻和努力。總是，特別是在急劇增長的時期，我們的團隊所做的工作可能是艱鉅的，因此看到我們的員工每天都在迎接挑戰，我們感到鼓舞。

We are pleased to report another record-breaking quarter with strong performance across our business, resulting in revenue of $209.8 million, an increase of $52.9 million, or 33.7% over the prior year quarter; consolidated adjusted EBITDA of $16.4 million, an increase of $5.1 million, or 45.9% over the prior year quarter; and adjusted diluted earnings per share of $0.27, an increase of $0.07, or 35% over the prior year quarter.

我們很高興地報告本季再創紀錄，整個業務表現強勁，營收達 2.098 億美元，較去年同期增加 5,290 萬美元，增幅達 33.7%；合併調整後 EBITDA 為 1640 萬美元，比去年同期增加 510 萬美元，增幅為 45.9%； 35%。

Our first quarter success can be attributed to our consistent focus on five key initiatives: leadership development, clinical excellence, employee experience, margin improvement, and growth. As we make progress in each of these areas, the flywheel also continues to turn in each of our business segments, allowing us to opportunistically add and transition new operations as our existing operations drive strong performance and organic growth.

我們第一季的成功歸功於我們持續專注於五項關鍵措施：領導力發展、臨床卓越、員工體驗、利潤率提高和成長。隨著我們在各個領域取得進展，飛輪也會繼續在我們的各個業務部門中轉動，使我們能夠在現有業務推動強勁業績和有機增長的同時，抓住機會增加和轉變新的業務。

This is primarily a product of our innovative operating model and multiyear focus on leadership development and building a robust pipeline of leaders. As we've explained before, Pennant is a leadership company committed to providing life-changing opportunities for local leaders to achieve C-level performance in their operations and become owners in Pennant.

這主要是我們創新的營運模式以及多年來專注於領導力發展和建立強大的領導者團隊的產物。正如我們之前所解釋的，Pennant 是一家領導力公司，致力於為當地領導者提供改變生活的機會，使他們在營運中達到 C 級績效並成為 Pennant 的所有者。

Our local CEOs and other C-level leaders earn this designation by demonstrating true ownership and creating clinical, financial, and cultural value. In the process, they typically generate higher annual earnings than our non-CEO executive directors, along with better clinical and cultural outcomes.

我們當地的執行長和其他 C 級領導者透過展示真正的所有權並創造臨床、財務和文化價值而獲得此頭銜。在此過程中，他們通常比我們的非執行長執行董事產生更高的年收入，同時獲得更好的臨床和文化成果。

Since January of last year, 52 local leaders earned C-level designations in their operations, including 19 local CEOs. In 2025, we are ahead of our year-to-date goals to recruit CEOs in training and elevate clinical leadership through our Clinical Operations Leadership Training program.

自去年 1 月以來，已有 52 名當地領導人在其營運中獲得 C 級職位，其中包括 19 名當地執行長。2025 年，我們將提前實現年初至今的目標，透過臨床營運領導力培訓計畫招募培訓中的 CEO 並提升臨床領導力。

By investing in our leaders and continuously recruiting new ones, we position ourselves to be ready when unique and compelling situations arise. For example, in January, we completed the second stage of the Signature Healthcare transaction, which included several locations across Oregon.

透過投資我們的領導者並不斷招募新的領導者，我們能夠在獨特和緊迫的情況出現時做好準備。例如，今年一月，我們完成了 Signature Healthcare 交易的第二階段，其中包括俄勒岡州的多個地點。

At Signature, as in all our transitions, our first focus has been on leadership and culture. Signature's leaders have joined clusters with existing Pennant leaders, allowing them to share best practices and peer accountability.

在 Signature，就像我們所有的轉型一樣，我們首先關注的是領導和文化。Signature 的領導者已與現有的 Pennant 領導者一起加入集群，從而可以分享最佳實踐和同儕責任。

Leveraging Pennant's locally driven operating model, Signature's operations have quickly and successfully integrated, and as a result, the Signature transition is ahead of schedule. We have proven countless times over many years that our model works well when applied to single site or tuck-in acquisitions. And the Signature experience is proving that it also works well at scale in multisite and platform acquisitions.

利用 Pennant 的本地驅動營運模式，Signature 的業務已快速且成功地整合，因此 Signature 的轉型提前完成了。多年來，我們已經無數次證明，我們的模型在應用於單一網站或臨時收購時非常有效。Signature 的經驗證明它在多站點和平台收購中也能發揮良好的作用。

What is notable about our recent performance is that we achieved these tremendous results in the midst of adding 36 new operations since January of 2024 across both business segments and most of our markets. Many of these acquisitions are already performing above our initial expectations.

我們近期表現值得注意的是，自 2024 年 1 月以來，我們在兩個業務部門和大多數市場增加了 36 個新業務，並取得了這些巨大的成果。許多收購的表現已經超出了我們最初的預期。

Based on our strong performance in Q1, the early progress we're seeing in our recent acquisitions and the continued momentum we're experiencing across our businesses, we would point you to the upper end of our 2025 guidance range.

根據我們在第一季的強勁表現、我們在最近的收購中取得的早期進展以及我們各項業務持續呈現的勢頭，我們將向您指出 2025 年指導範圍的上限。

As we continue to monitor our results and navigate economic uncertainties, we will revise guidance as appropriate.

隨著我們繼續監測我們的結果並應對經濟不確定性，我們將根據需要修改指導。

Now I'll turn the call over to John Gochnour, our President and COO, to provide more detail on our first quarter operational results. John?

現在，我將把電話轉給我們的總裁兼營運長 John Gochnour，以提供有關我們第一季營運表現的更多詳細資訊。約翰？

Thanks, Brent. I'm pleased to report strong performance across both operating segments in the first quarter. Our focus on leadership has allowed us to pair robust organic growth with the effective transition of newly acquired operations, leading to exceptional financial and clinical results.

謝謝，布倫特。我很高興地報告第一季兩個營運部門均表現強勁。我們對領導力的關注使我們能夠將強勁的有機成長與新收購業務的有效轉型結合起來，從而取得卓越的財務和臨床成果。

Our Home Health and Hospice segment delivered another record-setting quarter. In Q1, segment revenue reached $159.9 million, up $43.4 million, or 37.2%, and adjusted EBITDA rose to $25.1 million, an increase of $7.3 million, or 40.6%, each over the prior year quarter.

我們的家庭保健和臨終關懷部門又創下了新紀錄。第一季度，該部門營收達到 1.599 億美元，比去年同期增加 4,340 萬美元，增幅 37.2%；調整後 EBITDA 增至 2,510 萬美元，比去年同期增加 730 萬美元，增幅 40.6%。

We also remain steadily focused on improved clinical outcomes and strong cost discipline at the local level, resulting in an adjusted EBITDA margin of 15.8%, a 10 basis point improvement, even as we experienced rapid growth and significant acquisition activity.

我們也持續專注於改善臨床結果和在當地嚴格控製成本，即使在經歷了快速成長和重大收購活動的情況下，調整後的 EBITDA 利潤率仍達到 15.8%，提高了 10 個基點。

The growth in our hospice programs reflected this momentum. Hospice admissions rose to 3,783, an increase of 22.8%, and average daily census climbed to 3,794, up 28.1% each over the prior year quarter. Organic growth was a key contributor to this improvement, as length of stay increased and same-store average daily census rose 10.4% over the prior year quarter.

我們的臨終關懷計畫的成長反映了這種勢頭。臨終關懷入院人數上升至 3,783 人，增幅為 22.8%，每日平均入院人數較去年同期上升至 3,794 人，增幅為 28.1%。有機成長是這項改善的關鍵因素，因為顧客停留時間增加，同店日均客流量較去年同期成長 10.4%。

Among other drivers, these results reflect our ongoing investment in developing geriatric primary care, palliative care, and specialty clinical care programs in several of our communities. These locally-led programs, supported by our provider services resource team, are designed to address critical gaps in local care continuums and ensure that patients receive the right care in the right setting at the right time to improve clinical outcomes and patient satisfaction.

除其他驅動因素外，這些結果反映了我們在多個社區持續投資開發老年初級保健、安寧療護和專科臨床護理計畫。這些由當地主導的計畫由我們的提供者服務資源團隊提供支持，旨在解決當地護理連續性中的關鍵差距，並確保患者在正確的時間在正確的環境中接受正確的護理，以改善臨床結果和患者滿意度。

In many cases, these provider-driven programs have helped us open new doors and expand referrals across the care continuum. The proposed 2026 hospice rule released last month includes a 2.4% rate increase. Based on our initial modeling, we expect to receive a similar 2.42% upward adjustment, which is consistent with our previously released guidance. Our Home Health segment continues to be a pillar of strength.

在許多情況下，這些由提供者驅動的計劃幫助我們打開了新的大門並擴大了整個護理過程中的轉診。上個月發布的 2026 年臨終關懷規則提案包括 2.4% 的費率成長。根據我們的初步模型，我們預計將獲得類似的 2.42% 上調，這與我們先前發布的指引一致。我們的家庭保健部門繼續成為我們強勁的支柱。

Total admissions grew to 18,878, an increase of 4,229, or 28.9%. Medicare admissions rose 19.7% and Medicare revenue per episode increased by 9.3%, each over the prior year quarter. Strong transitions, including those at Signature and Muir Home Health helped drive this outsized growth, along with continued performance at our same-store operations, where we saw admissions increase 12.2%, Medicare admissions increase 5%, and Medicare revenue per episode increase 5.9%, each over the prior year quarter.

總入場人數增至 18,878 人次，增加 4,229 人次，增幅為 28.9%。與去年同期相比，醫療保險入院人數增加了 19.7%，每次醫療保險收入增加了 9.3%。強勁的轉型（包括 Signature 和 Muir Home Health 的轉型）推動了這一超額增長，同時同店營運也繼續表現出色，與去年同期相比，入院人數增加了 12.2%，醫療保險入院人數增加了 5%，每次醫療保險收入增加了 5.9%。

Clinical quality continued to set our home health operations apart with a CMS reported average star rating of 4.1, significantly above the industry average of 3 stars and a potentially preventable hospitalization rate of just 8.7%, well below the industry average of 10%.

臨床品質繼續使我們的家庭保健業務脫穎而出，CMS 報告的平均星級為 4.1，遠高於行業平均水平的 3 星，潛在可預防住院率僅為 8.7%，遠低於行業平均水平的 10%。

Our senior living business continues to gather steam as our flywheel of operational improvement, coupled with opportunistic acquisitions, picks up speed. We continue to methodically expand and deepen our bench of entrepreneurial leaders, and we are seeing progress resulting from these efforts. Senior Living segment revenue of $50 million increased by $9.5 million, or 23.6% over the prior year quarter; adjusted EBITDA of $4.9 million increased by $1.4 million, or 40.8%; and segment adjusted EBITDA margin increased to 9.9%, a 120 basis point improvement over the prior year quarter.

隨著我們營運改善的飛輪和機會性收購的加速，我們的老年生活業務繼續蓬勃發展。我們將繼續有條不紊地擴大和深化我們的企業家領袖隊伍，並且我們正在看到這些努力所帶來的進展。老年生活部門營收為 5,000 萬美元，比去年同期增加 950 萬美元，或 23.6%；調整後的 EBITDA 為 490 萬美元，增加 140 萬美元，即 23.6%；調整後的 EBITDA 為 490 萬美元，增加 140 萬美元，即 40.8%；分部調整後 EBITDA 利潤率增至 9.9%，較去年同期提高 120 個基點。

Over the same period, occupancy was essentially flat as we intentionally focused on capturing high-quality revenue, leading revenue per occupied room to increase 11.3% over the prior year quarter. While our senior living performance is solid, we also see significant latent potential that we can unlock as we improve occupancy and margin.

在同一時期，由於我們有意專注於獲取高品質收入，入住率基本上持平，導致每間入住客房的收入比去年同期增長了 11.3%。雖然我們的老年生活表現穩健，但我們也看到了隨著入住率和利潤率的提高可以釋放的巨大潛力。

Turning to growth. As Brent mentioned and as we discussed on our prior earnings call, on January 1, we completed the acquisition of Signature Healthcare, bringing the Oregon operations into our portfolio. As we expected, Signature has been an excellent fit with Pennant. And operationally and clinically, we have made significant progress since acquisition, including completing the transition to our systems and instance of Homecare Homebase.

轉向增長。正如布倫特提到的以及我們在先前的收益電話會議上討論的那樣，1 月 1 日，我們完成了對 Signature Healthcare 的收購，將俄勒岡州的業務納入我們的投資組合。正如我們所料，Signature 與 Pennant 非常契合。自收購以來，我們在營運和臨床方面取得了重大進展，包括完成向我們的系統和 Homecare Homebase 實例的過渡。

This transition was driven by our local Northwest portfolio companies with significant support from our exceptional Service Center. The early success in retaining leaders, employees and patients reflects our ability to successfully acquire and transition multistate, multisite operations to our unique operating model.

此次轉變是由我們當地的西北投資組合公司推動的，並得到了我們卓越的服務中心的大力支持。在留住領導者、員工和患者方面取得的早期成功反映了我們成功收購多州、多站點營運並將其轉變為我們獨特營運模式的能力。

Also mentioned on our prior earnings call, on February 1, 2025, we announced that we acquired through long-term triple-net leases senior living operations in Nampa, Idaho; Kerrville, Texas; and Palmview, Texas. These two are off to a great start.

我們在先前的收益電話會議上也提到，2025 年 2 月 1 日，我們宣布透過長期三重淨租賃收購了位於愛達荷州南帕的老年生活業務；德克薩斯州克爾維爾；以及德克薩斯州的 Palmview。這兩個人已經有了一個很好的開始。

On April 1, 2025, we announced our acquisition of The Villages at Red Mountain Senior Living in Mesa, Arizona, adding 128 units in this key state. In addition to the operations, Pennant purchased the underlying real estate. Red Mountain had underperformed under prior ownership and been placed in the state receivership, allowing us to purchase this relatively new and attractive facility for a favorable price and become a solution for the receiver, the residents, and the local community.

2025 年 4 月 1 日，我們宣布收購位於亞利桑那州梅薩的 The Villages at Red Mountain Senior Living，為這個關鍵州增加了 128 個單位。除了營運之外，Pennant 還購買了基礎房地產。紅山在先前的所有權下表現不佳，並被置於國家接管之下，這使我們能夠以優惠的價格購買這個相對較新且有吸引力的設施，並為接管人、居民和當地社區提供解決方案。

This acquisition highlights our ability to navigate unique transitions and unlock significant value in complex circumstances. Finally, on May 1, 2025, we issued an 8-K related to our agreement with UnitedHealth Group and Amedisys to acquire certain assets connected to their planned transaction.

此次收購凸顯了我們在複雜情況下應對獨特轉型和釋放巨大價值的能力。最後，2025 年 5 月 1 日，我們發布了一份 8-K 文件，與我們與 UnitedHealth Group 和 Amedisys 達成的協議有關，該協議旨在收購與其計劃交易相關的某些資產。

This opportunity remains subject to the closing of United and Amedisys' broader transaction and other customary closing conditions. We will disclose additional information related to this transaction as the process unfolds. Beyond the UnitedHealth-Amedisys deal, we continue to evaluate a strong pipeline of acquisition opportunities in both segments.

這一機會仍取決於 United 和 Amedisys 更廣泛的交易的完成以及其他慣例成交條件。隨著交易進程的展開，我們將揭露與此交易相關的更多資訊。除了 UnitedHealth-Amedisys 交易之外，我們還將繼續評估這兩個領域的大量收購機會。

As always, we will approach these opportunities with discipline, pursuing only those we believe we have the leadership capacity and operational strength to support.

像往常一樣，我們將有紀律地對待這些機會，只追求那些我們認為我們擁有領導能力和營運實力來支持的機會。

With that, I'll turn it over to Lynette for a review of the financials. Lynette?

說完這些，我會把它交給 Lynette 來審查財務狀況。莉奈特？

Thank you, John, and good morning, everyone. Detailed financial results for the three months ended March 31, 2025, are included in our 10-Q and press release filed yesterday. Key metrics for the three months ended March 31, 2025, include $56.7 million drawn on our revolving line of credit with $193.3 million available and $5.2 million in cash on hand at quarter end, and a 0.83 times net debt to adjusted EBITDA.

謝謝你，約翰，大家早安。截至 2025 年 3 月 31 日的三個月的詳細財務結果包含在我們昨天提交的 10-Q 和新聞稿中。截至 2025 年 3 月 31 日的三個月的關鍵指標包括：我們的循環信貸額度已提取 5,670 萬美元，季度末可用金額為 1.933 億美元，庫存現金為 520 萬美元，淨債務與調整後 EBITDA 之比為 0.83 倍。

The company's cash flows used in operations was $21.2 million, a decrease of operating cash flow of $21.8 million compared to the prior year quarter. This was due to significant acquisitions we made in the first quarter of 2025, which come with elevated accounts receivable due to revenue growth and normal transition-related payment reconciliation processes.

該公司經營活動所用現金流為 2,120 萬美元，與去年同期相比經營活動現金流減少 2,180 萬美元。這是因為我們在 2025 年第一季進行了重大收購，由於收入成長和正常的過渡相關付款對帳流程，應收帳款增加。

In addition, first quarter operating cash flows were impacted by our annual incentive payouts and payroll accrual timing. In short, this swing is a function of acquisitions and accrual timing and not a fundamental change in our longer-term operating cash flow expectation.

此外，第一季的營運現金流受到我們的年度獎勵支出和薪資累積時間的影響。簡而言之，這種波動是收購和應計時間的函數，而不是我們長期經營現金流預期的根本變化。

Cash collections remain strong as our days sales outstanding have improved year-over-year and over the sequential quarter. We expect our 2025 cash flows from operations to be between $35 million and $45 million. We have sufficient available funds on our revolver to execute on the UnitedHealth-Amedisys transaction and remain well within our covenants.

由於我們的未償銷售週轉天數與去年同期和上一季相比都有所改善，因此現金回款依然保持強勁。我們預計 2025 年經營現金流將在 3,500 萬美元至 4,500 萬美元之間。我們的循環信貸資金充足，可以執行 UnitedHealth-Amedisys 交易，並且能夠很好地履行我們的契約。

With our strong operating results in Q1, we are trending towards the upper end of our 2025 guidance. As a reminder, our guidance includes revenue of $800 million to $865 million, adjusted EBITDA of $63.1 million to $68.2 million, and adjusted EPS of $1.03 to $1.11.

憑藉第一季強勁的營運業績，我們預計將實現 2025 年預期的上限。提醒一下，我們的預期包括 8 億至 8.65 億美元的收入、6,310 萬美元至 6,820 萬美元的調整後 EBITDA 以及 1.03 美元至 1.11 美元的調整後 EPS。

I would now like to spotlight a few of our leaders in our organization who earned the Flag Award in 2024, which is Pennant's most prestigious award to recognize an outstanding achievement in all facets of an operation. Their stories demonstrate the remarkable progress that can occur when local leaders build strong culture and develop high-performing teams of C-level leaders in their businesses.

現在，我想重點介紹我們組織中幾位獲得 2024 年旗幟獎的領導者，這是彭南特最負盛名的獎項，旨在表彰在行動各個方面取得的傑出成就。他們的故事表明，噹噹地領導者建立強大的文化並在其企業中培養高績效的 C 級領導團隊時，可以取得顯著的進步。

At Symbii Home Health & Hospice in Idaho Falls, Idaho, CEO, Josh Bradshaw; CCO, Selize Serr; and CMO, Christina Darrah, have built a remarkable culture and have become a provider of choice in Eastern Idaho.

愛達荷州愛達荷瀑布市 Symbii Home Health & Hospice 執行長 Josh Bradshaw；首席商務長 Selize Serr；和首席行銷長 Christina Darrah 建立了卓越的文化，並成為愛達荷州東部的首選供應商。

Symbii's culture is the foundation of its success, as is evidenced by a 100% employee engagement score and 90% employee satisfaction score. Symbii is building a continuum of care in its local community, which includes not just home health and hospice, but also in-home provider services and wound care. By offering this effective continuum, Symbii has increased its revenue 46.6% and its EBITDA 120.3% each over the prior year.

Symbii 的文化是其成功的基礎，100% 的員工敬業度得分和 90% 的員工滿意度得分就是明證。Symbii 正在其當地社區建立連續護理服務，其中不僅包括家庭保健和臨終關懷，還包括家庭服務提供者和傷口護理。透過提供這種有效的連續性，Symbii 的收入和 EBITDA 分別比前一年增加了 46.6% 和 120.3%。

In Tucson, Arizona, at Sherwood Village Assisted Living and Memory Care, CEO, Russell Sylvester; CWO, Kimberly Fraijo; and CMO, Jennie Fay continue to create a legacy of incredible care. By elevating culture and providing an exceptional resident experience, they continue to be a solution to their local community, as demonstrated by their 91% occupancy rate.

位於亞利桑那州圖森的 Sherwood Village 輔助生活和記憶護理中心，首席執行官 Russell Sylvester；首席戰官，金伯利·弗雷霍 (Kimberly Fraijo)；和首席營銷官 Jennie Fay 繼續創造令人難以置信的護理傳統。透過提昇文化和提供卓越的居民體驗，他們繼續為當地社區提供解決方案，91% 的入住率證明了這一點。

Engaged employees tend to drive strong results, and Sherwood is no exception. Sherwood's turnover is significantly below industry standard, and its employee satisfaction is 85%. Financial success has followed, with EBITDA growth of 25.7% in 2024. With that, I'll turn the call back over to Brent for concluding comments

敬業的員工往往會帶來出色的業績，Sherwood 也不例外。Sherwood 的營業額遠低於業界標準，員工滿意度為 85%。隨後，公司取得了財務上的成功，2024 年 EBITDA 成長率達到 25.7%。好了，我將把電話轉回給布倫特，請他發表總結性評論

Thanks, Lynette. As we conclude, I'd like to once again thank all the operators and clinicians who, like those highlighted above, dedicate themselves daily to providing life-changing service to our patients and residents. You are truly making a difference in the lives and communities we serve, and it is an honor to work alongside you.

謝謝，Lynette。最後，我想再次感謝所有的操作員和臨床醫生，就像上面提到的那樣，他們每天致力於為我們的患者和居民提供改變生活的服務。您確實為我們服務的生活和社區帶來了改變，能夠與您共事是我的榮幸。

With that, we'll open it up for questions. Josh, can you please instruct the audience on the Q&A procedure?

接下來，我們將開始回答問題。喬希，您能向觀眾介紹問答環節的流程嗎？

(Operator Instructions)

（操作員指示）

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Hi, thanks. I just wanted to start with the reacceleration of same-store growth, particularly in the home health and hospice business. It looked a lot more like the growth you had in the early part of last year than maybe the growth you saw in the fourth quarter. I was wondering if there's anything that you would call out in the first quarter, specifically as a driver of that reacceleration or anything as you look back at the fourth quarter that gives you maybe a sense that there was something about the fourth quarter that was a little bit of a one-off dynamic that you've now worked through. Maybe we could start there, and I have a couple of follow-ups.

你好，謝謝。我只是想從同店成長的重新加速開始，特別是在家庭健康和臨終關懷業務方面。它看起來更像是去年年初的成長，而不是第四季的成長。我想知道，在第一季度，您是否會指出什麼，特別是作為重新加速的驅動因素，或者當您回顧第四季度時，您可能會感覺到第四季度有一些一次性的動態，而您現在已經解決了。也許我們可以從那裡開始，我還有一些後續問題。

Yeah, thanks for the question, Stephen. And I think as you look at the trajectory that we experienced last year, that same-store growth was strong throughout the year. And we really believe that, that is consistent with our unique approach to being a locally driven solution in the community.

是的，謝謝你的提問，史蒂芬。我認為，當你回顧我們去年的發展軌跡時，你會發現全年同店銷售額成長強勁。我們確實相信，這與我們在社區中尋求本地驅動解決方案的獨特方法是一致的。

Every year in the fourth quarter, we experience some seasonal decline during the holiday season as patients and their families often are reticent to choose hospice and sometimes even home health. And then we see that pick back up in the first quarter and so.

每年第四季度，假期期間我們都會經歷一些季節性下降，因為患者及其家人往往不願意選擇臨終關懷，有時甚至不願意選擇家庭保健。然後我們看到第一季的情況有所回升。

I don't think there's anything there more than seasonal change. But as far as you look year-over-year, we've continued to have that double-digit growth from an ADC standpoint on the hospice side and on the home health admissions side. And so we think that it reflects some really positive trends in the community choosing us. And we're excited to see it building steam in the first quarter.

我認為除了季節變化之外，沒有其他變化。但就同比來看，從臨終關懷和家庭保健入院方面的 ADC 角度來看，我們繼續保持兩位數的成長。因此我們認為這反映了社區選擇我們的一些真正積極的趨勢。我們很高興看到它在第一季蓬勃發展。

Okay, I appreciate that. And then just hoping that maybe you could expand a little bit on the guidance expectations. Loud and clear that you're now expecting to be in the upper part of the range. Just as we think about the outperformance, would you call out maybe one business as maybe a bigger contributor than the other in terms of the segments? Are we thinking EBITDA margins are also higher or the same kind of EBITDA margins that were embedded on the initial guidance, but potentially just higher revenue against that? Like, how do we think about the moving pieces inside the guidance as well? Thank you.

好的，我很感激。然後只是希望您能夠稍微擴展一下指導預期。很顯然，您現在期望處於該範圍的上部。正如我們所思考的優異表現一樣，您是否會說，從細分市場來看，某項業務的貢獻可能比另一項業務更大？我們是否認為 EBITDA 利潤率也會更高，或與初始指引中的 EBITDA 利潤率相同，但可能只是收入更高？例如，我們如何看待指導內部的移動部分？謝謝。

Yeah, I might. This is Brent. And I might let Lynette respond on specifics in the guidance model. What I would say is both of our segments have performed really well. So we're excited about the progress, the revenue quality on the senior living side, and in addition to some of the margin improvement.

是的，我可能會。這是布倫特。我可能會讓 Lynette 根據指導模型中的具體內容做出回應。我想說的是，我們的兩個部門都表現得非常好。因此，我們對老年生活方面的進展、收入品質以及利潤率的提高感到非常興奮。

We've had really outsized performance as well on the home health and hospice side. And we called out Signature, the transition of those -- that larger acquisition. Part of the reason for -- I mean, at this point, we're essentially pointing to the top end of the guidance. We're really excited about the progress that we've made. But with any new transition, we're always -- we want to be conservative and ensure that the trends continue.

我們在家庭保健和臨終關懷方面也取得了非常出色的成績。我們呼籲 Signature，這是更大規模收購的轉變。部分原因是——我的意思是，目前，我們基本上指向指導的最高端。我們對所取得的進展感到非常興奮。但對於任何新的轉變，我們總是——我們希望保持保守並確保趨勢能夠持續下去。

So we would expect, if we continue to perform well, to see opportunities on the guidance front. So at this point, we're really excited about the progress we've made. Obviously, we had a really strong quarter, and we're seeing strong improvement in both segments at the same time. So all in all, it's just really good momentum across the businesses.

因此，如果我們繼續表現良好，我們預計會看到指導方面的機會。因此，目前我們對所取得的進展感到非常興奮。顯然，我們本季表現非常強勁，我們同時看到兩個部門都取得了強勁的改善。總而言之，各個企業都呈現出良好的發展動能。

Okay, I'll get back in the queue then thank you.

好的，我會回到隊列中，謝謝。

(Operator Instructions) And I'm not showing any further questions at this time. I would like to turn the call back -- we have one question. One moment please.

（操作員指示）目前我不會再提出任何其他問題。我想回電話——我們有一個問題。請稍等。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Yeah, hey, thanks. I had a couple more maybe to touch on if there's the time for it. So I was hoping -- I'm not sure how much you can really say at this point in time around the Optum transaction that there was the announcement on. Just philosophically, as you think about your willingness to look at a transaction, it looks like that. Would love to get a little bit of color about what goes into the evaluation of that. I mean, how we should think about that looking in terms of potentially requiring new clusters versus folding into existing geographies.

是的，嘿，謝謝。如果有時間的話我可能還會談到其他一些事情。所以我希望——我不確定你現在能對 Optum 交易的公告說多少。從哲學角度來看，當您考慮是否願意查看交易時，它看起來就是這樣的。我很想了解一下對此進行評估的具體細節。我的意思是，我們應該如何從可能需要新的集群而不是融入現有地理位置的角度來考慮這個問題。

I'd love to just get the company's philosophical perspective on looking at a transaction that may be a little bit different than other ones you've pursued in the past.

我很想了解公司對這筆交易的哲學觀點，這可能與您過去進行過的其他交易略有不同。

Yeah, Stephen, it's a great question. Obviously, we've already mentioned it. We filed the 8-K, and due to the ongoing antitrust process, we're pretty limited on what we're going to be discussing. We're certainly excited to partner with UHG and Amedisys.

是的，史蒂芬，這是一個很好的問題。顯然，我們已經提到它了。我們提交了 8-K 表格，由於正在進行的反壟斷程序，我們將要討論的內容非常有限。我們非常高興能與 UHG 和 Amedisys 合作。

We see these as high-quality assets. And it doesn't give us an opportunity to expand in new and compelling markets. Beyond that, we'll refer you to the 8-K on any additional details. The one thing I'll say just in general about the way that we evaluate any acquisitions is really the opportunity to have great leaders step into place.

我們認為這些都是優質資產。這並沒有給我們在新興和有吸引力的市場擴張的機會。除此之外，我們將向您推薦 8-K 以了解更多詳細資訊。關於我們評估任何收購的方式，我想說的一件事是，這實際上是一個讓偉大的領導者上任的機會。

So we've been building a leadership pipeline over time. And so we feel confident that we'll have -- we have leaders, and we'll continue to develop leaders to be able to step into those opportunities and that we can support it through our current operations.

因此，我們一直在建立領導力管道。因此，我們有信心，我們擁有領導者，我們將繼續培養領導者，使他們能夠抓住這些機遇，並且我們可以透過目前的運作為其提供支援。

And so those are two of the key factors. And then, obviously, it has to be a compelling opportunity overall. And so as we evaluate this deal along with any other deal, that's kind of the way that we process it. The other thing I would point to, obviously the Signature transaction was a larger transaction for us, and we've been really positive with the early returns in that, and it's given us confidence to continue to build on a larger platform and especially where you've got strong assets and performing assets, to be able to fold in strong assets and create opportunities for local leaders.

所以這是兩個關鍵因素。然後，顯然，這總體上必須是一個引人注目的機會。因此，當我們評估這筆交易以及任何其他交易時，這就是我們處理它的方式。我想指出的另一件事是，顯然 Signature 交易對我們來說是一筆更大的交易，我們對其中的早期回報非常樂觀，它給了我們信心繼續在更大的平台上建設，特別是在擁有強大資產和高性能資產的情況下，能夠整合強大的資產並為當地領導者創造機會。

It creates a pretty compelling story. And so those are just a couple of the factors that we consider as we evaluate a deal such as this.

它創造了一個非常引人入勝的故事。這些只是我們在評估此類交易時考慮的幾個因素。

Got it. Okay, and then I'll just lob in a couple of other ones. In terms of thinking about the level of, I guess, rate growth that you saw in the senior living business in the first quarter, I think obviously, that's a very strong number. Obviously, the first quarter occurred before a lot of the current (inaudible) macro and maybe market uncertainty that we're dealing with right now.

知道了。好的，然後我再補充幾個其他的。從第一季老年生活業務的費率成長水準來看，我認為這顯然是一個非常強勁的數字。顯然，第一季發生在我們目前正在處理的許多當前（聽不清楚）宏觀和市場不確定性之前。

Just remind us philosophically how to think about the senior living's economic sensitivity and how to think about these people are obviously dealing with a fixed income situation here as they're considering the potential changes. Just in general, what's the right way to think about your ability to maybe continue to realize the strong price growth in the back half of the year and whether the macro gives you any concern or there's risk to that as a result.

只是從哲學上提醒我們如何思考老年生活的經濟敏感性，以及如何思考這些人在考慮潛在變化時顯然正在處理固定收入狀況。總的來說，您應該如何看待自己能否在下半年繼續實現強勁的價格成長，以及宏觀經濟是否會為您帶來任何擔憂，或是否有風險。

Yeah, there's always some sensitivity to the macroenvironment, especially in particular for our private pay residents. That being said, and we kind of talked about it in the call. Our focus over the last really couple of years has been improving our revenue quality. That could mean by payer, it could mean by just ensuring that we're charging the right rates at the local operations.

是的，宏觀環境總是比較敏感的，特別是對我們的私人付費居民。話雖如此，我們在通話中也談論過這個問題。過去幾年我們的重點是提高收入品質。這可能意味著付款人，也可能意味著只是確保我們在當地營運中收取正確的費率。

And so, we've had a pretty robust effort to improve, and that's why you've seen such robust -- we were over 11% this quarter year-over-year. And so, from that standpoint, there is sensitivity, but there's also sort of a balance between in many of the markets that we have. We do have roughly about 30% of our business that is Medicaid or state labor program.

因此，我們付出了相當大的努力來改進，這就是你所看到的如此強勁的表現——本季度我們的成長率超過 11%。因此，從這個角度來看，存在敏感性，但在我們擁有的許多市場中也存在某種平衡。我們的業務中大約有 30% 是醫療補助或國家勞工計劃。

And so there's an -- and oftentimes, those programs are robust enough that they create value. And so from that standpoint, we've been able to partner in the right way with the right programs to create opportunities there. So that does impact a little bit some of that sensitivity because we can go and find a partner with some of these programs and still, in many cases, get reimbursed at or near private pay rates.

因此 — — 很多時候，這些程式夠強大，能夠創造價值。因此從這個角度來看，我們能夠以正確的方式與正確的專案合作，在那裡創造機會。所以這確實會對一些敏感度產生一些影響，因為我們可以去尋找這些專案的合作夥伴，而且在很多情況下，仍然可以獲得相當於或接近私人支付率的報銷。

And then from an occupancy standpoint, we've been pretty flat, and I think it's primarily because of that focus on really getting the right level of revenue quality. One of the things that we're really, really focused on now is thinking about that price sensitivity, ensuring that we can couple increase RevPOR growth with occupancy growth. And so we've targeted a mid-single-digit RevPOR growth over the year. Obviously, we're trending above that right now, and so that's a good sign.

從入住率的角度來看，我們的表現相當平穩，我認為這主要是因為我們專注於真正獲得正確的收入品質水準。我們現在真正關注的事情之一是考慮價格敏感性，確保我們能夠將 RevPOR 成長與入住率成長結合。因此，我們的目標是今年的 RevPOR 成長率達到中等個位數。顯然，我們現在的趨勢是高於這個水平，所以這是一個好兆頭。

But it also means that there may be some opportunity to drive census growth as we manage that RevPOR growth at the same time.

但這也意味著，我們在管理 RevPOR 成長的同時，也可能有機會推動人口普查的成長。

Thank you. And then maybe the last one for me would just be, it would be great to get an update on what you're seeing in the hiring environment, whether you feel like there's been any change in the trends that you've maybe discussed more recently. That's probably it for me. Thank you.

謝謝。對我來說，最後一個問題是，如果您能了解一下你在招募環境中看到的最新情況，以及你是否覺得最近討論過的趨勢發生了任何變化，那就太好了。對我來說可能就是這樣了。謝謝。

Yeah, no, appreciate that. And what I would say, Stephen, is that we have seen strong trends both in hiring and retention, and we're excited about that. Because any time you're experiencing the type of growth that we are experiencing, it comes back to our ability to attract and retain talent. And so adding more than 200 net nurses in the first quarter year-over-year is something that we're excited about.

是的，不，我很感激。史蒂芬，我想說的是，我們在招募和留任方面都看到了強勁的趨勢，我們對此感到興奮。因為任何時候，當你經歷我們所經歷的成長時，它都取決於我們吸引和留住人才的能力。因此，第一季護理師淨人數年增 200 多名，這讓我們感到非常興奮。

It shows our capacity to retain those existing talented clinicians who have entrusted us with their careers, also to add new clinicians, both from Signature and across the platform. And so really strong trends on that side of the business. Similarly, in senior living, we've been able to continue to staff and be prepared for growth as that occurs.

這顯示我們有能力留住那些將職業生涯託付給我們的現有優秀臨床醫生，同時也能從 Signature 和整個平台增加新的臨床醫生。因此，該業務的趨勢確實強勁。同樣，在老年生活方面，我們能夠繼續配備人員，並為隨之而來的成長做好準備。

And so we feel pretty excited about where we stand right now. Obviously, there's a lot of economic dislocation that could happen as things trend over the year. And so we're watching it very closely. But the trend so far this year have been positive.

因此，我們對目前的狀況感到非常興奮。顯然，隨著一年來事態的發展，可能會出現許多經濟混亂。因此我們正在密切關注。但今年迄今的趨勢是正面的。

On the labor inflation side, we continue to see somewhat elevated labor cost inflation, particularly on the senior living side, I would say, where we saw about just under 5% labor inflation, on the home health and hospice side, we saw it was a little more normalized in the 3.2% range. And so we continue to see a little bit of normalization, and that's going to be an important piece in us continuing the growth that we've experienced throughout the last few years.

在勞動力通膨方面，我們繼續看到勞動成本通膨上升，特別是在老年生活方面，我想說，我們看到勞動力通膨略低於 5％，在家庭健康和臨終關懷方面，我們看到它稍微正常化在 3.2％ 的範圍內。因此，我們繼續看到一點正常化，這將是我們繼續過去幾年所經歷的成長的重要因素。

Okay, got it, thanks so much.

好的，知道了，非常感謝。

Thank you. I would now like to turn the call back over to Brent Guerisoli for any closing remarks.

謝謝。現在我想將電話轉回給布倫特·格里索利 (Brent Guerisoli)，請他做最後發言。

Right. Well, thank you, Josh, and thank you, everyone, for joining us today.

正確的。好吧，謝謝你，喬希，也謝謝大家今天加入我們。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。