Pennant Group Inc (PNTG) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Pennant Group second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kirk Cheney, Executive Vice President. Please go ahead.

您好，感謝您的支持。歡迎參加 Pennant Group 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。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)。請繼續。

Thank you, Didi. Welcome, everyone, and thank you for joining us today. Here with me today, I have Brent Guerisoli, our CEO; John Gochnour, our President and COO; and Lynette Walbom, our CFO. Before we begin, I have a few housekeeping matters. We filed our earnings press release and 10-Q yesterday.

謝謝你，滴滴。歡迎大家，感謝你們今天的到來。今天和我一起在場的有我們的執行長 Brent Guerisoli、我們的總裁兼營運長 John Gochnour 和我們的財務長 Lynette Walbom。在我們開始之前，我有一些家務事。我們昨天提交了收益新聞稿和 10-Q 報表。

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 PM Mountain Time on August 6, 2026. We want to remind anyone who may be listening to a replay of this call that all statements are made as of today, August 7, 2025, and these statements will not be updated after today's call. Also, any forward-looking statements made today are based on management's current expectations about our business and the environment in which we operate.

本公告可在我們網站 www.pennantgroup.com 的投資人關係版塊查閱。本次電話會議的重播也將在我們的網站提供，直至 2026 年 8 月 6 日下午 5:00（美國山區時間）。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 8 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。此外，今天所做的任何前瞻性陳述都是基於管理層對我們的業務和經營環境的當前預期。

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

這些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, we do not publicly update or revise any forward-looking statements where changes arise from new information, future events or for any other reason. In addition, the Pennant Group Inc. is a holding company with no direct operating assets, employees or revenues. Certain of our independent subsidiaries, collectively referred to as the service center, provide administrative services to the other operating subsidiaries through contractual relationships.

聽眾不應過度依賴前瞻性陳述，並鼓勵他們查看我們向美國證券交易委員會提交的文件，以便更全面地討論可能影響我們結果的因素。除聯邦證券法要求外，我們不會對因新資訊、未來事件或任何其他原因而引起的任何前瞻性聲明的變更進行公開更新或修改。此外，Pennant Group Inc. 是一家控股公司，沒有直接經營資產、員工或收入。我們的某些獨立子公司（統稱為服務中心）透過合約關係向其他營運子公司提供行政服務。

The words Pennant, company, we, are and us refer to the Pennant Group, Inc. and its consolidated subsidiaries.

Pennant、公司、我們、是和我們的字眼指的是 Pennant Group, Inc. 及其合併子公司。

Our operating subsidiaries and the service center are operated by separate independent companies that have their own management, employees and assets. References herein to the consolidated company and its assets and activities as well as the use of the terms we, us, our and similar terms do not imply that the Pennant Group, Inc. has direct operating assets, employees or revenues or that any of the subsidiaries are operated by the Pennant Group. 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.

我們的營運子公司和服務中心由獨立的公司經營，這些公司擁有自己的管理階層、員工和資產。本文中對合併後的公司及其資產和活動的引用以及「我們」、「我們的」和類似術語的使用並不意味著 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。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。

A GAAP to non-GAAP reconciliation is available in yesterday's press release and is available in our 10-Q. And with that, I'll turn the call over to Brent Guerisoli, our CEO. Brent?

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 中找到。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, and welcome, everyone, to our second quarter 2025 earnings call. Building on a robust first quarter, we are pleased to report continued strong results and momentum across each of our service lines. Our positive performance reflects the consistent effort we have applied to every aspect of our business through our five key focus areas, leadership development, clinical excellence, employee engagement, margin and growth. We have been talking about these initiatives on our earnings calls for many quarters, and these focus areas continue to be the catalyst for relentless improvement. In Q2, we generated revenue of $219.5 million, an increase of $50.8 million or 30.1% and adjusted EBITDA of $16.4 million, an increase of $3.2 million or 24.5% each over the prior year quarter.

謝謝柯克，歡迎大家參加我們 2025 年第二季財報電話會議。基於第一季的強勁表現，我們很高興地報告，我們各服務線繼續保持強勁的業績和發展勢頭。我們的積極表現反映了我們透過五個關鍵關注領域（領導力發展、臨床卓越、員工敬業度、利潤和成長）對業務各個方面所做的持續努力。我們已經在多個季度的收益電話會議上討論過這些舉措，這些重點領域繼續成為不斷改進的催化劑。第二季度，我們的營收為 2.195 億美元，比去年同期增加 5,080 萬美元（30.1%），調整後 EBITDA 為 1,640 萬美元，比去年同期增加 320 萬美元（24.5%）。

We are operators.

我們是營運商。

We have succeeded and continued and continue to perform in all kinds of environments through inflation, reimbursement cuts, a global pandemic, regulatory changes, multiple presidential administrations, market disruptions, emerging payer trends and more. Through it all, we have grown and thrived and created more and more opportunities for local teams to build amazing operations that benefit their communities, residents and patients. At this moment, CMS' misguided and counterproductive 2026 proposed home health rule has generated negative investor sentiment about home health. We agree that the proposed rule is seriously flawed, and we are engaged in an urgent effort to improve the final rule. But we would also urge you to dig beneath that narrative and examine the strength of our home health operations and the diversity of our business.

我們在各種環境下都取得了成功，並繼續表現出色，包括通貨膨脹、報銷削減、全球流行病、監管變化、多屆總統政府、市場混亂、新興付款人趨勢等等。透過這一切，我們不斷成長和發展，並為當地團隊創造了越來越多的機會，以建立令人驚嘆的業務，造福他們的社區、居民和患者。目前，CMS 於 2026 年提出的誤導性和適得其反的家庭健康規則已引起投資者對家庭健康的負面情緒。我們同意擬議的規則有嚴重缺陷，我們正在緊急努力改進最終規則。但我們也敦促您深入研究這一敘述，並檢查我們的家庭保健業務的優勢和業務的多樣性。

Despite years of flat or modestly negative rate updates, our home health business has continued to grow organically and by acquisition. Our hospice service line continues to achieve record-breaking success. Our senior living operations are now in a much stronger position and have positive momentum. Pennant continues its steady upward trajectory. Our announced purchase of divested assets from Amedisys and UnitedHealth Group demonstrates the abiding potential we continue to see in home health.

儘管多年來利率持平或略微下降，但我們的家庭保健業務仍透過有機成長和收購持續成長。我們的臨終關懷服務線持續取得破紀錄的成功。我們的老年生活業務現在處於更強大的地位，並且呈現出積極的勢頭。彭南特繼續穩步上升。我們宣布收購 Amedisys 和 UnitedHealth Group 剝離的資產，顯示我們繼續看到家庭保健領域的巨大潛力。

Home health services are a vital component of America's health care strategy.

家庭保健服務是美國醫療保健策略的重要組成部分。

Their importance will only increase as more seniors age into these services and governmental leaders look for solutions to reduce the nation's overall health care spend. Patients want to receive care in the home. Lawmakers want to reduce deficits and improve health outcomes. Home health is a solution for both issues. Regarding our acquisition connected to the Amedisys UnitedHealth divestiture, we understand that just moments ago, an order was filed on the court's docket in the District of Maryland, outlining United's settlement with the Department of Justice in the antitrust matter.

隨著越來越多的老年人開始享受這些服務，並且政府領導人尋求減少國家整體醫療保健支出的解決方案，它們的重要性只會增加。患者希望在家中接受護理。立法者希望減少赤字並改善健康狀況。家庭保健是解決這兩個問題的一種方法。關於我們與 Amedisys UnitedHealth 資產剝離相關的收購，我們了解到，就在剛才，馬裡蘭州地區法院的案卷上提交了一項命令，概述了聯合健康公司與司法部在反壟斷問題上達成的和解。

As you will see in the order, we are purchasing a large portfolio of agencies from United and Amedisys, primarily in Tennessee with additional locations in Alabama and Georgia. We view it as a very compelling transaction that will take us into attractive markets and create a center of strength in the Southeast.

正如您在訂單中看到的，我們正在從 United 和 Amedisys 購買大量代理商，主要在田納西州，並在阿拉巴馬州和喬治亞州設有分支機構。我們認為這是一項非常引人注目的交易，它將使我們進入有吸引力的市場並在東南部建立一個實力中心。

We are well prepared to execute on this expansion as we have continued to deepen our leadership bench through our CEO and training and clinical leadership training programs, build momentum across our business lines and have a healthy balance sheet with ample capacity. John will provide more specific details on the acquisition in a moment. As announced in yesterday's press release, we are raising annual guidance based on the momentum in the business, the operations we have added or expanded and the significant upside in our existing operations. We anticipate full year revenue in the range of $852.8 million to $887.6 million and adjusted earnings per share in the range of $1.09 to $1.15. The midpoint of $1.12 represents a $0.05 increase over our original 2025 guidance and a 19.1% increase over our 2024 adjusted earnings per share.

我們已做好充分準備執行此次擴張，因為我們透過執行長培訓和臨床領導力培訓計劃不斷深化我們的領導力，在我們的業務線上建立發展勢頭，並擁有健康的資產負債表和充足的產能。約翰稍後將提供有關此次收購的更多具體細節。正如昨天的新聞稿中所宣布的，我們將根據業務發展勢頭、新增或擴展的業務以及現有業務的顯著優勢來提高年度指導。我們預計全年營收將在 8.528 億美元至 8.876 億美元之間，調整後每股收益將在 1.09 美元至 1.15 美元之間。 1.12 美元的中間值比我們最初的 2025 年指引高出 0.05 美元，比 2024 年調整後每股收益高出 19.1%。

With today's announcement of the UnitedHealth Amedisys settlement, we anticipate updating guidance once again as we gain additional clarity regarding closing conditions and timing. With solid performance across the portfolio, exciting growth opportunities and a healthy balance sheet, we are excited for the remainder of 2025 and beyond.

隨著今天 UnitedHealth Amedisys 和解協議的宣布，隨著我們對成交條件和時間表有了更清晰的了解，我們預計將再次更新指導。憑藉整個投資組合的穩健表現、令人興奮的成長機會和健康的資產負債表，我們對 2025 年剩餘時間及以後充滿期待。

With that, I'll turn the call over to John to provide more detail on our second quarter operational results.

說完這些，我將把電話轉給約翰，讓他提供更多關於我們第二季度營運業績的細節。

Thank you, Brent, and good morning, everyone. Pennant's local leaders continue to drive inspiring clinical and operational results across the organization. Our results reflect strong organic growth even as we onboarded a record number of new operations. In our Home Health and Hospice segment, our excellent clinical and cultural performance continues to translate to record financial results. Top line segment revenue in the second quarter was $166 million, an increase of $40.7 million or 32.5% and adjusted EBITDA was $25.5 million, an increase of $5.9 million or 29.9% each over the prior year quarter.

謝謝你，布倫特，大家早安。彭南特的當地領導人繼續在整個組織內推動鼓舞人心的臨床和營運成果。儘管我們開展了創紀錄數量的新業務，但我們的業績仍反映出強勁的有機成長。在我們的家庭健康和臨終關懷部門，我們出色的臨床和文化表現繼續轉化為創紀錄的財務表現。第二季營業收入為 1.66 億美元，比去年同期增加 4,070 萬美元（32.5%），調整後 EBITDA 為 2,550 萬美元，比去年同期增加 590 萬美元（29.9%）。

While we are pleased with these strong results, we continue to see opportunities to drive improvement in each of our five focus areas that will help us realize the extraordinary potential inherent in each of our operations. On the hospice side, we continue to see strong progress and growth. Hospice revenue was $73.8 million, an increase of $14.4 million or 24.3% over the prior year quarter. Hospice admits increased 14.7%. Average daily census increased 21.4% and revenue per day increased 3.3% each over the prior year quarter.

雖然我們對這些強勁的業績感到滿意，但我們仍然看到在五個重點領域中推動改進的機會，這將有助於我們發揮每項業務所固有的非凡潛力。在臨終關懷方面，我們繼續看到強勁的進步和成長。臨終關懷收入為 7,380 萬美元，比去年同期增加 1,440 萬美元，增幅為 24.3%。臨終關懷醫院的入院人數增加了 14.7%。與去年同期相比，每日平均人口普查數量增加了 21.4%，每日平均收入增加了 3.3%。

Our mature operations continued to expand and deepen their impact in their communities as same-store admissions grew 4.5% and ADC increased 6.6%, each over the prior year quarter.

我們的成熟業務持續擴大並深化其對社區的影響，同店入場人數比去年同期增長 4.5%，ADC 增長 6.6%。

These results demonstrate the alignment inherent in our unique operating model as operators drive significant growth in our mature portfolio even as they help support acquisitions and transition new operations. While our hospice results are strong, as described in our last call, our results continue to be impacted by hospice cap expense at a limited number of operations in California. As we continue to make progress in resolving these exposures, the underlying strength of our hospice performance will be more evident. While overall cap expense remains elevated, we are pulling the appropriate levers and have made solid progress tapering our 2025 cap exposure in the state. Despite the difficult reimbursement environment and sustained expense pressure, our home health business has continued to perform well.

這些結果證明了我們獨特的營運模式所固有的一致性，因為營運商在幫助支援收購和轉型新業務的同時，也推動了我們成熟產品組合的顯著成長。雖然我們的臨終關懷業績強勁，但正如我們上次電話會議中所述，我們的業績仍然受到加州有限數量的臨終關懷機構上限費用的影響。隨著我們在解決這些問題上不斷取得進展，我們臨終關懷表現的潛在優勢將更加明顯。儘管整體上限費用仍然很高，但我們正在採取適當的措施，並在減少該州 2025 年上限風險方面取得了堅實的進展。儘管報銷環境艱難且費用壓力持續存在，但我們的家庭保健業務仍然表現良好。

We are knitting ever more patients, managing episodes and optimizing referral flow at the local level to ensure we deliver care as efficiently and effectively as possible. As a result, our home health revenue grew to $79.2 million, an increase of $17.6 million or 28.5% over the prior year quarter. Total home health admissions increased 26.1%, Medicare admissions increased 21.6% and revenue per episode increased 5.9%, each over the prior year quarter. Our mature home health operations continued their steady growth story as same-store admits increased 6%. Medicare admissions increased 2.9% and revenue per episode increased 5.5%, each over the prior year quarter.

我們正在收治越來越多的患者，管理病情並優化地方層級的轉診流程，以確保我們盡可能有效率、有效地提供照護。因此，我們的家庭保健收入成長至 7,920 萬美元，比去年同期增加 1,760 萬美元，增幅為 28.5%。與去年同期相比，家庭保健入院總數增加了 26.1%，醫療保險入院人數增加了 21.6%，每次就診收入增加了 5.9%。我們成熟的家庭保健業務持續保持穩定成長，同店營業額成長了 6%。與去年同期相比，醫療保險入院人數增加了 2.9%，每次就診收入增加了 5.5%。

We are a clinical business, and our clinical quality continues to be essential to unlocking new opportunities for us, including our joint ventures and the United Amedisys transaction.

我們是一家臨床企業，我們的臨床品質對於我們開啟新機會至關重要，包括我們的合資企業和 United Amedisys 交易。

Our quality scores remain excellent with an average CMS star rating of 4.1 compared to the national average of 3.0 and a reported potentially preventable hospitalization rate of 8.6%, which compares favorably to the national average of 9.9% and peer group average of 10.3% -- we also continue to succeed in CMS' home health value-based purchasing program, where we have experienced positive revenue impacts at our mature operations. Turning to regulatory updates. On the hospice side, CMS recently issued its final hospice rule with a 2.6% rate increase.

我們的品質評分仍然出色，平均 CMS 星級為 4.1，而全國平均為 3.0，報告的潛在可預防住院率為 8.6%，優於全國平均水平 9.9% 和同行平均水平 10.3%——我們還繼續在 CMS 的家庭健康價值採購計劃中取得成功，在我們成熟的運營中，我們的收入受到了積極的影響。轉向監管更新。在臨終關懷方面，CMS 最近發布了最終臨終關懷規則，費率上漲了 2.6%。

As applied to Pennant, our modeling of the rules impact anticipates an increase in our revenue per day of approximately 2.5%. This increase applies effective October 1, 2025, and will provide a tailwind for our hospice results in Q4 and into 2026. As those listening to this call are likely aware, in late June, CMS issued the proposed 2026 home health rule, which proposes to reduce aggregate payments to home health agencies by a net 6.4% in 2026. This net reduction includes a payment update of positive 2.4%, offset by a 3.7% negative permanent behavioral adjustment, an estimated 4.6% negative proposed temporary adjustment and a 0.5% decrease based on a proposed update to the FDL ratio. CMS' proposal is seriously misguided, is based on flawed methodology and data and works against the administration's stated goals of reducing deficits and preserving access to care.

應用於 Pennant 後，我們對規則影響的建模預計我們的每日收入將增加約 2.5%。此次上調將於 2025 年 10 月 1 日生效，並將為我們第四季及 2026 年的臨終關懷業績帶來助力。收聽此次電話會議的人可能已經知道，6 月底，CMS 發布了擬議的 2026 年家庭保健規則，該規則提議到 2026 年將支付給家庭保健機構的總金額淨減少 6.4%。這一淨減少包括 2.4% 的正向支付更新，抵消了 3.7% 的負向永久性行為調整、估計 4.6% 的負向擬議臨時調整以及基於 FDL 比率擬議更新的 0.5% 的減少。CMS 的提議是嚴重誤導的，基於有缺陷的方法和數據，並且違背了政府減少赤字和維護醫療服務可近性的既定目標。

If enacted, the proposed rule will have several negative effects.

一旦頒布，擬議規則將產生若干負面影響。

First, these extreme cuts will significantly reduce home health access for vulnerable patients, particularly in rural areas where agencies already struggle for financial viability. Second, these cuts, when contrasted with reimbursement increases for other provider types over the same period will reduce the competitiveness of home health agencies in recruiting and retaining talented clinical staff. Third, the cuts will cause an overall increase in health care spend as patients are unable to receive high-quality home health services timely, resulting in greater spending in higher cost settings. Along with the National Alliance for Care at Home and industry partners, we have mobilized a vigorous and urgent advocacy response at all levels of government.

首先，這些大幅削減將大大減少弱勢患者的家庭醫療服務，特別是在那些醫療機構已經為財務生存而苦苦掙扎的農村地區。其次，與同期其他類型的醫療服務提供者的報銷增加相比，這些削減將降低家庭保健機構在招募和留住優秀臨床工作人員方面的競爭力。第三，由於患者無法及時獲得高品質的家庭保健服務，削減開支將導致醫療保健支出整體增加，從而導致在成本更高的環境中支出增加。我們與全國家庭護理聯盟和行業合作夥伴一起，在各級政府中發起了強大且緊急的宣傳響應。

Through these efforts, we believe there is good reason to hope that the reimbursement established in the final rule will better reflect the vital role of home health in our nation's care continuum. We are also mindful that each of CMS' last three proposed rules initially reflected deeper cuts than those ultimately included in the final rules. As devastating as these cuts would be for the home health industry, traditional Medicare home health revenue represents only approximately 18% of our total revenue in the second quarter of 2025.

透過這些努力，我們相信有充分的理由希望最終規則中建立的報銷制度將更好地反映家庭保健在我國護理過程中的重要角色。我們也注意到，CMS 最後提出的三項規則最初反映的削減幅度都比最終規則中包含的削減幅度更大。儘管這些削減對家庭保健行業來說是毀滅性的，但傳統的醫療保險家庭保健收入僅占我們 2025 年第二季總收入的約 18%。

Whatever the result of the 2026 final rule may be, our strong growth, diversified revenue streams and transparent operating model have helped us consistently thrive through disruption. Our local teams have already begun preparing operation-by-operation plans for adjusting their businesses to the impacts of the proposed rule. At every level of the organization, we are laser-focused on adjusting our operations and controlling the things that we can control. As we have shared repeatedly, our portfolio has been built during a period of dynamic changes to the regulatory and reimbursement environment in our industries.

無論 2026 年最終規則的結果如何，我們強勁的成長、多樣化的收入來源和透明的營運模式幫助我們在動盪中持續蓬勃發展。我們的當地團隊已經開始製定具體的營運計劃，以根據擬議規則的影響調整他們的業務。在組織的每個層面，我們都專注於調整我們的營運並控制我們能夠控制的事情。正如我們反覆分享的那樣，我們的投資組合是在行業監管和報銷環境動態變化的時期建立的。

As demonstrated time and again, our operating model is uniquely suited to adapt to challenges and find competitive advantage in difficulty. Our Senior Living segment continued its excellent progress as revenue improved to $53.5 million, an increase of $10 million or 23.1% over the prior year quarter. Segment adjusted EBITDA improved to $5.1 million, a $1.1 million or 25.7% increase over the prior year quarter. These improvements have more than offset the phaseout of pandemic era support programs, which contributed over $1 million of incremental funds in the second quarter of 2024. We are pleased to note that same-store occupancy grew 90 basis points sequentially and now exceeds 80%, even as we have shored up pricing and strengthened our revenue quality over the past two years.

正如一次又一次證明的那樣，我們的營運模式非常適合適應挑戰並在困難中找到競爭優勢。我們的老年生活部門持續取得優異進展，營收增至 5,350 萬美元，比去年同期增加 1,000 萬美元，增幅為 23.1%。分部調整後的 EBITDA 增至 510 萬美元，比去年同期增加 110 萬美元，增幅為 25.7%。這些改進足以抵消疫情時期支持計畫的逐步取消，該計畫在 2024 年第二季貢獻了超過 100 萬美元的增量資金。我們很高興地註意到，儘管我們在過去兩年中提高了定價並增強了收入質量，但同店入住率仍環比增長了 90 個基點，目前已超過 80%。

In Q2, average monthly revenue per occupied room rose to $5,188, an increase of $398 or 8.3% over the prior year quarter. Our resurgent senior living business reflects the strength of our operating model to drive improvement across multiple care settings. The strength of our local leaders and teams is the foundation of these financial improvements. We are pleased to see an increased depth in our bench of C-level leaders driving results across the segment. Turning to acquisitions and growth.

第二季度，每間客房平均月收入上漲至 5,188 美元，比去年同期增加 398 美元，增幅為 8.3%。我們復甦的老年生活業務反映了我們的營運模式在推動多種護理環境改善方面的實力。我們當地領導和團隊的力量是這些財務改善的基礎。我們很高興看到我們的 C 級領導團隊的深度不斷增加，從而推動整個部門的表現。轉向收購和成長。

Signature Healthcare at Home, the large multisite acquisition we completed on January 1, continued to progress in its successful transition to Pennant. The transition highlights the ability of our seasoned Pennant operational leaders to support new leaders while continuing to perform at strong levels in their existing operations.

Signature Healthcare at Home 是我們於 1 月 1 日完成的大型多站點收購，目前其向 Pennant 的轉型正在繼續推進。此次過渡凸顯了我們經驗豐富的 Pennant 營運領導者支持新領導者的能力，同時繼續在現有營運中保持強勁表現。

Many of the Signature operations are led by pre-acquisition leaders who have now completed our leadership training program and embraced our unique operating model. Our core principles of local ownership, peer accountability, transparent data sharing and strong resource support have had an immediate impact on the clinical, operational and community results in these businesses, leading to an accretive transition that has strengthened our platform in the Pacific Northwest. We see parallels between the Signature experience and the opportunities that lay ahead of us in the new markets through the United Amedisys divestiture.

Signature 的許多業務都由收購前的領導者領導，他們現在已經完成了我們的領導力培訓計劃並接受了我們獨特的營運模式。我們的核心原則是本地所有權、同儕問責、透明資料共享和強大的資源支持，這些原則對這些企業的臨床、營運和社區成果產生了直接影響，從而實現了增值轉型，加強了我們在太平洋西北地區的平台。我們看到了 Signature 的經驗與 United Amedisys 資產剝離後我們在新市場中面臨的機會之間的相似之處。

Pursuant to the court order, we are purchasing divested Amedisys and United LHC assets in Tennessee, Georgia and Alabama. The package will include between 38 and 50 locations, primarily in the state of Tennessee. We anticipate that our final asset package will be closer to 50 locations. Approximately 2/3 of the revenue is connected to home health and 1/3 to hospice. The purchase price is between $113 million and $147 million, which is based on an EBITDA multiple that is comfortably within our target range of 4 to 8x.

根據法院命令，我們正在收購田納西州、喬治亞州和阿拉巴馬州剝離的 Amedisys 和 United LHC 資產。該計劃將涵蓋 38 至 50 個地點，主要位於田納西州。我們預計最終的資產組合將接近 50 個地點。大約 2/3 的收入與家庭保健有關，1/3 與臨終關懷有關。購買價格在 1.13 億美元至 1.47 億美元之間，這是基於 EBITDA 倍數，該倍數在我們的目標範圍 4 至 8 倍之內。

We have ample capacity on our revolver to execute the transaction well within our leverage covenants. We anticipate closing the transaction in the fourth quarter.

我們的循環信貸額度充足，可以在槓桿契約範圍內順利完成交易。我們預計將在第四季完成交易。

We have a transition services agreement in place to facilitate a smooth transition and have been preparing for this moment for several months as we've waited for the antitrust process to play out. We are excited to bring these agencies into our portfolio and bring the Pennant operating model to the Southeast United States. As discussed in our previous earnings call, on April 1, 2025, we acquired Red Mountain Senior Living in Mesa, Arizona. This acquisition included 128 units, along with the underlying real estate. We continue to transition this attractive but previously underperforming community in a key market of strength for Pennant, and we look forward to further unlocking its significant potential.

我們已製定過渡服務協議以促進平穩過渡，並且我們已為這一刻準備了幾個月，等待反壟斷程序的完成。我們很高興將這些機構納入我們的投資組合，並將 Pennant 營運模式帶到美國東南部。正如我們之前的財報電話會議中所討論的，2025 年 4 月 1 日，我們收購了位於亞利桑那州梅薩的 Red Mountain Senior Living。此次收購包括 128 個單位以及相關房地產。我們將繼續推動這個具有吸引力但之前表現不佳的社區轉型，使其成為彭南特的關鍵優勢市場，我們期待進一步釋放其巨大潛力。

Immediately after quarter end, on July 1, 2025, we acquired GranCare Home Health, which provides home health care in Los Angeles, Orange and Riverside counties. GranCare enjoys a well-deserved reputation for providing excellent patient care in its markets and enjoys strong relationships with key acute care systems across its service area. The acquisition expands Pennant's service area in a region where we have a number of senior living communities creating a unique opportunity to build a Pennant care continuum. We look forward to continuing to grow GraanCare's impact on the community as it benefits from Pennant's operating model, peer support and world-class resources.

季度結束後，即 2025 年 7 月 1 日，我們立即收購了 GranCare Home Health，該公司為洛杉磯、奧蘭治和河濱縣提供家庭保健服務。GranCare 因其在市場上提供優質患者護理而享有盛譽，並與其服務區域內的主要急性護理系統保持良好的關係。此次收購擴大了 Pennant 在該地區的服務範圍，該地區擁有眾多老年生活社區，為建立 Pennant 護理連續體創造了獨特的機會。我們期待繼續擴大 GraanCare 對社區的影響，因為它受益於 Pennant 的營運模式、同儕支持和世界一流的資源。

With that, I'll hand 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 June 30, 2025, are contained in our 10-Q and press release filed yesterday. For the quarter ended June 30, 2025, we reported total GAAP revenue of $219.5 million, an increase of $50.8 million or 30.1% over the prior year quarter. GAAP diluted earnings per share of $0.20 and adjusted diluted earnings per share of $0.27. Our year-to-date results put us on pace to exceed the top end of our full year guidance.

謝謝你，約翰，大家早安。截至 2025 年 6 月 30 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 6 月 30 日的季度，我們報告的 GAAP 總收入為 2.195 億美元，比去年同期增加 5,080 萬美元，即 30.1%。GAAP 稀釋每股收益為 0.20 美元，調整後稀釋每股收益為 0.27 美元。年初至今的業績可望超越全年預期上限。

Accordingly, we are revising and raising our full year 2025 guidance as follows. Full year total revenue is anticipated to be between $852.8 million and $887.6 million.

因此，我們將修改並提高 2025 年全年指引如下。預計全年總收入在 8.528 億美元至 8.876 億美元之間。

Full year adjusted earnings per diluted share is anticipated to be between $1.09 and $1.15 and full year adjusted EBITDA is anticipated to be between $69.1 million and $72.7 million. This updated guidance incorporates current operations and organic growth, diluted weighted average shares outstanding of approximately 35.7 million and a 26% effective tax rate. This guidance includes additional expenses in anticipation of the transaction with UnitedHealth Group and Amedisys, but no additional earnings because of the uncertainty surrounding the timing of our closing on that transaction.

預計全年調整後每股攤薄收益在 1.09 美元至 1.15 美元之間，全年調整後 EBITDA 預計在 6,910 萬美元至 7,270 萬美元之間。該更新後的指引涵蓋了當前營運和有機成長、約 3,570 萬股的稀釋加權平均流通股和 26% 的有效稅率。該指引包括預期與 UnitedHealth Group 和 Amedisys 進行交易的額外費用，但由於我們完成該交易的時間存在不確定性，因此不包含額外收益。

The guidance assumes, among other things, reimbursement rate adjustments and no unannounced acquisitions. It excludes the tax-affected cost startup of start-up operations, share-based compensation, acquisition-related costs and gain loss on disposition of assets and impairments. As Brent mentioned earlier, we will issue additional 2025 guidance updates that will reflect the impact of the UnitedHealth Group Amedisys transaction in the coming weeks. Key metrics for the three months ended June 30, 2025, include $41.2 million drawn on our revolving line of credit and $14.4 million cash on hand at quarter end, 0.38x net debt to adjusted EBITDA and cash flows provided from operations of $13.4 million year-to-date, including $34.6 million in Q2.

該指南假設，除其他事項外，報銷率會進行調整，並且不會發生未宣布的收購。它不包括受稅收影響的新創營運成本、股權激勵、收購相關成本、資產處置損益和減損。正如布倫特之前提到的，我們將發布額外的 2025 年指導更新，以反映未來幾週聯合健康集團 Amedisys 交易的影響。截至 2025 年 6 月 30 日的三個月的關鍵指標包括：循環信用額度提取 4,120 萬美元、季度末現金 1,440 萬美元、淨債務與調整後 EBITDA 之比為 0.38 倍，年初至今經營活動產生的現金流為 1,340 萬美元，其中第二季為 3,460 萬美元。

I would now like to spotlight a few leaders in our organization who have achieved exceptional results. 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 operations. At the Shores of Sheboygan in Wisconsin, newly awarded CEO, Susan TeStroete; and CCO, Tanya Grunow, are creating a community that stands out among its peers. Susan, Tanya and team have invested in culture and community. The shores lives our core value of customer second with a greater than 90% favorable rating among employees and a turnover rate among the lowest in the company.

現在，我想重點介紹一下我們組織中取得傑出成就的幾位領導者。他們的故事表明，噹噹地領導者建立強大的文化並在營運中培養高績效的 C 級領導團隊時，可以取得顯著的進步。在威斯康辛州希博伊根海岸，新任執行長蘇珊·特斯特羅特 (Susan TeStroete) 和首席商務官塔尼婭·格魯諾 (Tanya Grunow) 正在創建一個在同行中脫穎而出的社區。蘇珊、塔妮亞和團隊對文化和社區進行了投資。Shores 秉持著「顧客至上」的核心價值觀，員工好評率超過 90%，員工流動率在公司中處於最低水準。

This positive culture has promoted a strong reputation in the community, leading to 96% occupancy.

這種積極的文化在社區中贏得了良好的聲譽，入住率達到 96%。

Financial results have followed as revenues at the shores increased 22% and EBITDA increased 187% each over the prior year quarter. At Riverside Home Health & Hospice in Grants Pass, Oregon, CEO, Will Johns, clinical leaders, Heather Hodges and Jenny Phillips; and CMO, Sabrina Zehe have created a center of strength in Southern Oregon. Over the last two years, Riverside has invested significantly in clinical leadership. These investments have strengthened their ability to recruit and retain the best clinical staff, improved clinical outcomes and allowed them to add geriatric primary and palliative care to our continuum of care. Riverside's strong culture and clinical outcomes have led to a 25.5% increase in home health census and a 115% increase in hospice ADC.

財務結果顯示，海岸收入比去年同期成長了 22%，EBITDA 成長了 187%。在俄勒岡州格蘭茨帕斯的 Riverside Home Health & Hospice，執行長 Will Johns、臨床負責人希瑟·霍奇斯 (Heather Hodges) 和珍妮·菲利普斯 (Jenny Phillips) 以及首席營銷官薩布麗娜·澤赫 (Sabrina Zehe) 在俄勒岡州南部創建了一個實力中心。在過去的兩年裡，Riverside 在臨床領導力方面投入了大量資金。這些投資增強了他們招募和留住最優秀臨床人員的能力，改善了臨床結果，並使他們能夠將老年初級護理和安寧療護添加到我們的連續護理中。里弗賽德的強大文化和臨床成果使得家庭健康普查增加了 25.5%，臨終關懷 ADC 增加了 115%。

Great clinical outcomes, strong culture and growth have led to improved financial performance as revenue increased 45% and EBITDA has increased 292% each over the prior year quarter. Safe Harbor Home Care in San Diego, California demonstrates the important role that nonmedical home care plays in our communities and in the patient journey. Under the leadership of CEO, Jesse Madera; and Director of Operations, Luke Madera, Safe Harbor has become a provider and employer of choice in San Diego County.

良好的臨床結果、強大的文化和成長帶來了財務表現的提升，營收比去年同期成長了 45%，EBITDA 成長了 292%。加州聖地牙哥的 Safe Harbor Home Care 展示了非醫療家庭護理在我們的社區和患者旅程中發揮的重要作用。在執行長 Jesse Madera 和營運總監 Luke Madera 的領導下，Safe Harbor 已成為聖地亞哥縣的首選供應商和雇主。

Safe Harbor's deep commitment to its employees is illustrated by its employee satisfaction rating of almost 90% in a period where headcount grew dramatically and in an industry with historically high turnover. Clinically, Safe Harbor has differentiated itself with a unique focus on the social determinants of health and exceptional customer service. Through partnerships with home health, hospice, assisted living, skilled nursing and acute care systems, Safe Harbor has become an essential part of its local health care continuum. As a result, Q2 revenue increased 84% and EBITDA increased almost 183%, each over the prior year quarter. Safe Harbor is making a real impact in the lives of vulnerable populations in Southern California, including many veterans and is showing that it is possible in nonmedical home care.

在員工數量急劇增長且行業人員流動率居高不下的時期，Safe Harbor 的員工滿意度仍高達近 90%，這充分體現了公司對員工的堅定承諾。從臨床角度來看，Safe Harbor 以其對健康社會決定因素的獨特關注和卓越的客戶服務而脫穎而出。透過與家庭保健、臨終關懷、輔助生活、專業護理和急性護理系統的合作，Safe Harbor 已成為當地醫療保健系統的重要組成部分。因此，第二季營收比去年同期成長了 84%，EBITDA 成長了近 183%。安全港正在對南加州弱勢群體（包括許多退伍軍人）的生活產生真正的影響，並表明非醫療家庭護理是可行的。

With that, I'll turn the call back over to Brent for concluding comments.

說完這些，我會把電話轉回給布倫特，請他發表最後評論。

Thanks, Lynette. Before we transition to questions, I want to thank our employees whose daily efforts create the results we share on these calls. You are vitally important work truly changes lives and makes the world better. With that, we'll open it up for questions. Didi, can you please instruct the audience on the Q&A procedure?

謝謝，Lynette。在我們進入提問環節之前，我想感謝我們的員工，是他們的日常努力創造了我們在電話會議上分享的成果。你們所做的至關重要的工作確實改變了生活，讓世界變得更美好。有了這些，我們就可以開始提問了。Didi，您能為觀眾介紹問答流程嗎？

(Operator Instructions)

（操作員指示）

Ben Hendrix, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ben Hendrix。

Great, thank you very much Great. I appreciate the comments on the United Nmedisys deal. Given the color that you just provided and the concentration of assets you expect to enter into Tennessee, I wonder if you could give us a little background on how you view the Tennessee market, how you view the payer landscape there? And then on the provider side, just how you -- to what degree did the Ensign Pennant Care Continuum relationship you have already established in the West influence your decision there and what kind of benefits that could bring? I appreciate the comments on the United Metasys deal given the color that you just provided and the concentration of assets, you enter into Tennessee.

太好了，非常感謝。太好了。我很欣賞對 United Nmedisys 交易的評論。鑑於您剛才提供的背景以及您預計進入田納西州的資產集中度，我想知道您是否可以向我們介紹一下您如何看待田納西州市場以及您如何看待那裡的付款人狀況？那麼，從供應商的角度來看，你們在西部已經建立的Ensign Pennant Care Continuum關係在多大程度上影響了你們在那裡的決策，以及這種關係能帶來哪些好處？我很欣賞你們對United Metasys交易的評論，考慮到你們剛才提供的資料以及你們在田納西州的資產集中情況。

I wonder if you could give us a little background on how you view the Tennessee market the how you view the payer landscape there? And then on the provider side, just how you to what degree did the Ensign Pennant Care Continuum relationship you have already established in the West influence your decision there? And what kind of benefits that could bring. Thank you.

我想知道您是否可以向我們介紹一下您對田納西州市場的看法以及您對那裡的付款人狀況的看法？那麼從提供者方面來看，您與西方已經建立的 Ensign Pennant Care Continuum 關係在多大程度上影響了您的決策？以及這能帶來什麼樣的好處。謝謝。

Well, thanks for the question, Ben. And I think you hit the nail on the head a little bit in why we were so interested in the Tennessee portion of this divestiture. We believe the Tennessee market is unique, that there's an immense amount of talent in our industries in that particular state and in the region. And we're excited about the Alabama and Georgia assets as well and having a foothold in those regions, but we're really excited about the scale that we will have in Tennessee and the opportunities it will give us to impact that care continuum, interact with payers and become a resource to the communities in that state.

嗯，謝謝你的提問，本。我認為您一針見血地指出了我們為何對此次資產剝離中田納西部分如此感興趣。我們相信田納西州市場是獨一無二的，該州和該地區的行業擁有大量人才。我們對阿拉巴馬州和喬治亞州的資產以及在這些地區的立足點感到興奮，但我們真正興奮的是我們在田納西州的規模以及它將為我們提供的影響護理連續性、與付款人互動並成為該州社區資源的機會。

I think one of the things that was attractive was that Ensign had recently entered the state. Obviously, we shared DMA and our operating model. We use the same principles. And they've seen tenant they found to be a very successful state. And a state that has a need for quality providers.

我認為其中一個吸引人的地方是 Ensign 最近進入了該州。顯然，我們共享 DMA 和我們的營運模式。我們採用相同的原則。他們發現租戶是一個非常成功的州。並且該州需要優質的供應商。

And so one of the things that we find advantageous is the opportunity to build an enzyme pending care continuum in Tennessee. But overall, we're just excited about the deal. We're excited about how it positions us with a center of strength from which we can grow in the Southeast. And we believe that these are high-quality assets that are making an impact in the community and most importantly, they have great teams that deliver high-quality care to their patients.

因此，我們發現有利的事情之一是能夠在田納西州建立一個酵素等待護理連續體。但總的來說，我們對這筆交易感到非常興奮。我們很高興它能為我們提供一個實力中心，讓我們能夠在東南部成長。我們相信，這些都是對社區產生影響的高品質資產，最重要的是，他們擁有優秀的團隊，為患者提供高品質的照護。

Great, thank you for that. And just a follow-up on your comments around the proposed clawback in home health. I appreciate the commentary that it really directly impacts 18% of the business. But I was just wondering what's the potential for a clawback of that magnitude to trickle through some of your capitated relationships with managed care payers.

太好了，謝謝你。這只是對您關於家庭保健擬議回扣的評論的後續跟進。我很欣賞這樣的評論，它確實直接影響了 18% 的業務。但我只是想知道，如此大規模的追回可能會如何影響您與管理式醫療付款人的一些人頭關係。

Yes. So any time we face an adjustment from a Medicare rate perspective, it affects both traditional fee-for-service material and then any of our contracts that are managed Medicare or commercial contracts that are capitated at 1% of the Medicare rate. And so there is modest potential for that also to affect some of our commercial revenue. What I would say is we still have a variety of levers that we can pull as we seek to offset these cuts.

是的。因此，任何時候我們從醫療保險費率的角度面臨調整，它都會影響傳統的按服務收費材料，以及我們的任何管理醫療保險的合約或按醫療保險費率 1% 計算的商業合約。因此，這也有可能對我們的部分商業收入產生一定影響。我想說的是，我們仍然可以利用各種手段來抵銷這些削減。

And I think we highlighted some of them in the call, we're a diversified business. Our hospice business continues to grow and thrive. Our senior living business has just produced extraordinary progress over the last few quarters. And so we look at it and we see we continue to believe in home health. We think that those services are essential to continuum of care and that reimbursement, while cyclical, will end up providing the reimbursement that's necessary to ensure that those services are delivered to patients.

我認為我們在電話會議中強調了其中的一些，我們是一家多元化的企業。我們的臨終關懷業務持續成長和繁榮。我們的老年生活業務在過去幾個季度取得了非凡的進展。因此，我們觀察了一下，發現我們仍然相信家庭保健。我們認為這些服務對於持續護理至關重要，而報銷雖然具有週期性，但最終將提供必要的報銷，以確保向患者提供這些服務。

And so that's really the our belief is that there is impact from this rule that stretches across our traditional fee-for-service business and through some of our capitated contracts. But that we have opportunities to, one, affect the actual implementation of the final rule through the advocacy efforts that I mentioned, and two, that we've got opportunities operationally to deliver care more efficiently and effectively across our diversified business.

因此，我們確實相信，這項規定的影響將延伸到我們傳統的按服務收費業務以及一些按人頭計費的合約。但是，我們有機會，第一，透過我提到的宣傳努力來影響最終規則的實際實施；第二，我們有機會在營運上透過多元化業務更有效率、更有效地提供醫療服務。

David MacDonald, Truist.

大衛麥克唐納，Truist。

Good afternoon everyone. A couple of questions. First, I just want to start actually in the senior living business. Can you talk a little bit just about the ongoing strength and revenue per occupied bed, I mean you guys have been driving that metric for a number of years now. And looking at occupancy, obviously, demand is pretty meaningful. But can you just talk about the sustainability of that longer term, should we think about that being more kind of a mid-single digit?

大家下午好。有幾個問題。首先，我只是想真正地開始從事老年生活業務。您能否簡單談談目前的實力和每張床位的收入，我的意思是你們多年來一直在推動這項指標。從入住率來看，顯然需求相當大。但是您能否談談長期的可持續性，我們是否應該認為這是一個中等個位數的成長？

Or just any commentary there?

或只是任何評論？

Yes, David, it's a great question. We have spent a significant amount of time really focusing on revenue quality. And we've talked about it a little bit in past calls that part of the reason there was kind of flat occupancy growth is because of sort of the challenge or the efforts to make sure that the revenue quality that's coming in is offset by sort of transitioning or getting to a better point of strength from a RevPOR standpoint.

是的，大衛，這是一個很好的問題。我們花了大量時間真正關注收入品質。我們在過去的電話會議中討論過這個問題，入住率成長持平的部分原因是由於某種挑戰或努力，以確保收入品質能夠透過某種轉型或從 RevPOR 的角度達到更好的優勢點來抵消。

So overall, those efforts have paid off. And the other thing is -- we are also really focused on providing a better experience in each of those communities. And so it's just been a really positive experience overall, I think, and that's a reflection of that increase over time. We have seen double-digit growth, it's tapered down to high single digits. The number that you reflected in the mid-single digits, that's kind of what we anticipate on an ongoing basis.

總的來說，這些努力已經獲得了回報。另一件事是——我們也非常注重為每個社區提供更好的體驗。所以我認為，總的來說，這是一次非常積極的體驗，而且這也是隨著時間的推移而不斷增長的體現。我們看到了兩位數的成長，現在逐漸下降到高個位數。您反映的數字處於中等個位數，這正是我們持續預期的。

But we also are encouraged by the short-term growth that we saw sequentially from our same-store occupancy growth, and we anticipate that our occupancy will continue to grow as well.

但我們也對同店入住率連續成長的短期成長感到鼓舞，我們預期我們的入住率也將持續成長。

Okay. And then just two on the home health side. One, just with regards to the AMED United deal, can you talk about some areas where you guys are doing some spending in front of that closing and areas where you can kind of get in front of some things. And so this kind of hits the ground running and maybe able to pull some of the synergy capture forward, et cetera, once the deal is actually done and you guys take control of the assets.

好的。然後是家庭健康方面的兩個問題。首先，關於 AMED United 交易，您能否談談在交易完成之前你們在哪些方面進行了支出，以及在哪些方面您可以領先一步。因此，一旦交易真正完成並且你們控制了資產，這種做法就會立即開始，也許能夠帶來一些協同效應等等。

Yes, it's a great question, David. And I think you saw us call out some of that spend when Lynette was discussing guidance. And that's because we are preparing for the deal even now, investing in the right resources at the service center as well as we've invested significantly in our operational training program. We've hired more CIT this year than we've ever hired before because we knew this potential growth would come in.

是的，這是一個很好的問題，大衛。我想當 Lynette 討論指導意見時，您已經看到我們提到了其中的一些支出。這是因為我們現在正在為這筆交易做準備，在服務中心投資合適的資源，並且在我們的營運培訓計劃上投入了大量資金。我們今年僱用的 CIT 比以往都多，因為我們知道這種潛在的成長將會到來。

And so I'd say our primary investments have been to date from a resource perspective and from a leadership perspective with field leaders, we anticipate additional investments across the service center and additional investments from a shared services standpoint, ensuring that we're able to continue supporting these agencies in the same way that they've been supported by United and Amedisys but of course, we'll be implementing our locally driven operating model.

因此我想說，迄今為止，我們的主要投資是從資源角度和從現場領導的領導角度進行的，我們預計將在服務中心進行額外投資，並從共享服務的角度進行額外投資，以確保我們能夠繼續支持這些機構，就像 United 和 Amedisys 支持他們一樣，但當然，我們將實施我們的本地驅動運營模式。

And so those investments will vary and be a little bit different than than maybe what they were under Amedisys and United. And so our focus really to date has been leadership and in certain key resource areas, things like collections and finance, as we get closer, we've got significant investments planned across the service center and the field.

因此，這些投資將會有所不同，與 Amedisys 和 United 旗下的投資略有不同。因此，迄今為止，我們的重點一直是領導力和某些關鍵資源領域，例如收藏和財務，隨著我們越來越接近目標，我們計劃在服務中心和現場進行大量投資。

And then I guess just last question, a little bit more of a philosophical one. If the final rule doesn't get candidly a lot more reasonable. Can you guys talk a little bit about just how you think about the balance of potential M&A versus just sitting back and gaining market share as your competitors struggle with this dramatically more than you do? Just any high-level comments in terms of how you balance that.

然後我想這是最後一個問題，有點哲學性。如果最終規則不能坦率地變得更合理。你們能否稍微談談你們如何看待潛在併購與僅僅袖手旁觀、搶佔市場份額之間的平衡，因為你們的競爭對手在這方面的掙扎程度遠遠超過你們？關於如何平衡這一點，請提出任何高層評論。

Yes. I mean we talked a little bit about the diversity of our business. And we believe in home health. I mean, anytime something like this happens, there's multiple different effects. Obviously, the direct effect is on reimbursement.

是的。我的意思是我們談論了我們業務的多樣性。我們相信家庭健康。我的意思是，每當發生這樣的事情時，都會產生多種不同的影響。顯然，其直接影響就是報銷。

But on the flip side of that, it's going to create probably a disruption in agencies and their ability to function.

但另一方面，它可能會擾亂各機構及其運作能力。

And so there's an opportunity from an organic standpoint to really grow in markets if there's a drop off in a number of agencies. But also from a valuation standpoint, there'd be a reasonable expectation that there would be opportunities there. But again, we always focus our growth on three factors. One, do we have leaders in place, ready to step in to do we have strength in operations to be able to support new opportunities? And then third, is it does the deal make sense and so as long as we meet those three criteria, whether it's home health, hospice or senior living, we will continue to grow.

因此，從有機角度來看，如果代理商數量下降，那麼市場就有機會真正成長。但從估值的角度來看，我們也有理由預期那裡會存在機會。但同樣，我們的成長重點始終集中在三個因素上。第一，我們是否有合適的領導者，隨時準備接手？我們是否擁有雄厚的營運實力來支持新的機會？第三，這筆交易是否合理，只要我們符合這三個標準，無論是家庭保健、臨終關懷或老年生活，我們都會繼續發展。

And frankly, I think it will probably create more momentum or opportunity we will have to look and see, though, right?

坦白說，我認為這可能會創造更多的動力或機會，我們必須拭目以待，對嗎？

Every deal that we do, we value and we're pretty meticulous in the process and making sure that we can get the return that we're looking for. But I do think that it will create additional opportunity for us in the future. But again, it will be a little tempered early on as we kind of understand what the actual outcome of the the final rule is.

我們重視每一筆交易，並且在整個過程中非常細緻，確保我們能夠獲得我們想要的回報。但我確實認為它將來會為我們創造更多機會。但同樣，隨著我們逐漸了解最終規則的實際結果，我們將在早期對其進行一些緩和。

Okay, thank you very.

好的，非常感謝。

Much.

很多。

Raj Kumar, Stephens.

拉吉·庫馬爾，史蒂芬斯。

Hey, good morning. Just kind of focusing on senior living. Just kind of looking at the overall year-to-date progression from a same-store perspective, kind of being up 10 bps occupancy-wise and then being up high single digits from a RevPAR perspective. Maybe if you could help us kind of bridge what's embedded into this new guidance for senior living from an occupancy and RevPOR perspective? And then maybe also from a margin seasonality perspective as well.

嘿，早安。只是關注老年人的生活。從同店角度來看，今年迄今的整體進展是，入住率上升了 10 個基點，而 RevPAR 則上升了高個位數。也許您能幫助我們從入住率和 RevPOR 的角度來理解老年生活新指南中的內容？然後也許從利潤季節性的角度來看也是如此。

Thanks, Raj. When we're talking the margin side, we do see more flowing through on margin for senior revenue as we continue to improve our occupancy right, as we drive that occupancy, it does allow us to drive more through the bottom line. So that is some of the improvement that you're seeing on the EBITDA side.

謝謝，拉傑。當我們談論利潤方面時，我們確實看到隨著我們繼續提高入住率，高級收入的利潤率會更高，隨著我們提高入住率，它確實使我們能夠透過底線獲得更多收益。這就是您在 EBITDA 方面看到的一些改進。

And then when we're talking rates, what's been built into the model is roughly about a 6%, still consistent with where we had reported to earlier, but about a 6% increase. And then on the occupancy front, again, still trending towards that. So and then on the occupancy front, it's about 30 to 50 basis points is what we had at the beginning of the year and still continue to see that we'll be able to drive occupancy both on the senior living the same store and also as we're bringing these newer operations in driving occupancy there.

然後，當我們談論利率時，模型中估算的利率約為 6%，這與我們先前報告的利率仍然一致，但增加了約 6%。然後在入住率方面，仍然呈現這樣的趨勢。因此，在入住率方面，我們年初的入住率大約為 30 到 50 個基點，並且我們仍然能夠看到，我們能夠在同一家商店的老年生活區提高入住率，並且隨著我們引入這些較新的業務來提高那裡的入住率。

Got it. And then just as a follow-up, just seeing that the Symenasys asset is coming online, does that, in the near term stop progression around the typical turnaround operations that are core to the M&A story? Or so essentially, the question is, it's like, is that in the back burner until Amedisys gets integrated? Or that's still kind of active in going?

知道了。然後作為後續問題，看到 Symenasys 資產上線，這是否會在短期內阻止併購故事核心的典型扭虧為盈操作的進展？或者本質上，問題是，在 Amedisys 整合之前，這個問題是否會被擱置？或者說仍在積極行動？

So I think, Raj, and clarify if I'm getting this wrong, but as far as integration of previously acquired assets, this doesn't change anything related to our approach to how we integrate, how we support and how we drive improved performance at our recently acquired assets. So whether that's whether they're not signature, whether it's Grand care, whether it's the management agreement that we worked on in Hartford, our focus and energy remains deeply committed to ensuring outstanding results in those locations. That's what our flywheel that's central to our flywheel. As far as new acquisitions, I think you'll see a focus for us on these new assets. The pipeline is robust.

所以我認為，Raj，如果我理解錯了，請澄清一下，但就整合以前收購的資產而言，這不會改變我們如何整合、如何支持以及如何提高我們最近收購的資產的績效的方法。因此，無論是非簽名，還是 Grand Care，還是我們在哈特福德達成的管理協議，我們的重點和精力仍然致力於確保在這些地方取得優異的成果。這就是我們的飛輪，它是我們飛輪的核心。就新收購而言，我想您會看到我們關注這些新資產。管道非常堅固。

There's a lot of opportunities right now. we felt like from a geographic location from a scale and density and a quality of asset, this was the right acquisition for us to pursue. And so our much of our time, focus and attention will be on ensuring that these assets transition and become a strength to the overall Pennant platform. And so you may not see the volume kind of the traditional one or two or three a month that we have executed on over the past couple of years. But as far as previously integrated assets, I think our plans remain completely the same with how we're supporting them, how we're driving improvement and ensuring that they deliver outstanding clinical, financial culture and community results.

現在有很多機會。我們覺得從地理位置、規模、密度和資產品質來看，這對我們來說是值得追求的正確收購。因此，我們將把大部分時間、精力和注意力放在確保這些資產轉型並成為整個 Pennant 平台的優勢。因此，您可能不會看到我們過去幾年執行的傳統每月一到兩次或三次的交易量。但就先前整合的資產而言，我認為我們的計劃完全相同，包括我們如何支持它們、如何推動改進以及確保它們提供出色的臨床、財務文化和社區成果。

And Raj, I would just add I'd just remind you of our model. We have multiple portfolio companies spread out across the country with leaders that are focused on finding additional leaders for the local operations as well as implementing growth strategies. And so in the case of as it was with Signature and now as it will be with the Amedisys United operations, we do have some of those portfolio companies that will be supporting those acquisitions and those transitions.

拉傑，我只是想補充一下，提醒你我們的模型。我們在全國各地擁有多家投資組合公司，其領導者致力於為當地業務尋找更多領導者以及實施成長策略。因此，就像 Signature 的情況一樣，現在 Amedisys United 營運的情況也是如此，我們確實有一些投資組合公司將支援這些收購和轉型。

But then we'll also have other portfolio leaders and portfolio companies that are focused on growth of their own. And so anyway, that's just been our model over time. And of course, most of our focus will be on transitioning because it's such a large number of agencies. But at the same time, as John said, the flywheel continues and it's why we're structured the way that we are so that we can sort of operate independent of each other in each of those respective portfolio companies.

但我們也會有其他專注於自身成長的投資組合領導者和投資組合公司。無論如何，這只是我們長期以來的模式。當然，由於機構數量眾多，我們大部分的精力將放在轉型上。但同時，正如約翰所說，飛輪仍在繼續運轉，這就是我們採用這種結構的原因，這樣我們就可以在各自的投資組合公司中彼此獨立地運作。

Yeah, thank you for calling.

是的，謝謝您的來電。

Steven Baxter, Wells Fargo.

富國銀行的史蒂文·巴克斯特。

Hi, thanks for the questions. Just wanted to ask a couple, I guess, about the guidance that haven't really been touched on yet. I guess in terms of the revenue raise, it would be great if maybe we could help understand how much of the revenue raise comes from organic versus acquired revenue? And then I do believe you went into the year expecting same-store growth both your segments to be approximately 7%. Obviously, you outperformed that in the first half of the year. I was wondering if you could update us on the same-store growth expectations that are now factored in for both home health and hospice and for senior living. And then I have a follow-up. Thank you.

你好，謝謝你的提問。我想，只是想問幾個關於尚未真正涉及的指導的問題。我想，就收入成長而言，如果我們能夠幫助了解收入成長中有多少來自有機收入，有多少來自獲得的收入，那就太好了？然後我確實相信，您預計今年兩個部門的同店成長率都將達到 7% 左右。顯然，你們在上半年的表現優於這個水準。我想知道您是否可以向我們介紹一下目前已考慮到家庭保健和臨終關懷以及老年生活的同店增長預期。然後我有一個後續問題。謝謝。

Thanks for the question, Stephen. I think as we're talking about revenue. There's a piece when we look at what was guidance at the beginning of the year to current time the update on revenue. We have additional revenue coming in from our Grand care operation, which was acquired in July that would not be included in kind of that what we're looking at a same store from the beginning of the year. and that would be about $6 million in revenue from Grand care.

謝謝你的提問，史蒂芬。我認為我們正在談論收入。當我們回顧年初的指導意見以及當前收入更新時，我們發現了其中一部分。我們從 7 月收購的 Grand Care 業務中獲得了額外的收入，這筆收入不會計入我們年初以來關注的同一家店的收入中。 Grand Care 的收入約為 600 萬美元。

And then as we're looking at the revenue growth, still looking at about on the home health front roughly 7% to 8% revenue growth for home health and hospice front. And then on the senior living front, we're looking at, again, like I said, occupancy growth in that 30 to 50 basis points and also between 6% to 7%, 8% on the RevPAR growth for senior living.

然後，當我們觀察收入成長時，我們仍然關注家庭保健方面的收入成長，家庭保健和臨終關懷方面的收入成長約為 7% 到 8%。然後在老年生活方面，正如我所說，我們正在關注老年生活的入住率成長 30 到 50 個基點，以及老年生活的 RevPAR 成長率在 6% 到 7% 或 8% 之間。

Okay. Got it. If we were to maybe look, I guess, at the EBITDA or maybe more specifically the EBITDA margin in the first half of the year, looks like those were relatively flat year-over-year, maybe up 10 basis points. And then I think in the back half of the year, they are up a bit more. I think we were doing math to use more like 70 basis points year-over-year in the second half.

好的。知道了。我想，如果我們看一下 EBITDA，或者更具體地說是今年上半年的 EBITDA 利潤率，看起來它們與去年同期相比相對持平，可能上漲了 10 個基點。然後我認為在下半年，它們會再上漲一點。我認為，我們計算的下半年成長率將比去年同期高出 70 個基點。

And I think you also have to overcome some of these additional costs on the acquisitions that you're speaking about here. Could you help us just understand what, if anything, should we think about as the key drivers of the year-over-year margin improvement in the back half. I think also maybe the discussion around Hopscape adjusted, maybe you're lapping some of the bigger exposure that you might have had in the back half of this year. Just trying to better understand the progression of margins throughout the year.

我認為您還必須克服您在此談到的收購的一些額外成本。您能否幫助我們了解一下，我們應該考慮哪些因素作為下半年利潤率年增的關鍵驅動因素？我認為也許圍繞 Hopscape 的討論已經進行了調整，也許您正在重疊今年下半年可能已經獲得的一些更大的曝光。只是想更了解全年利潤率的進展。

Yes, great question. So there's a handful of levers that we expect Paul in the second half of the year. The first one, it always starts with our operations. We think we can drive and we expect to drive some additional operational levers that will drive improved margin. We kind of addressed some of those points related to the in our preparation for a potential home health reimbursement change.

是的，很好的問題。因此，我們預計保羅將在下半年採取一些措施。第一個，它總是從我們的營運開始。我們認為我們可以推動並且我們期望推動一些額外的營運槓桿來提高利潤率。在為潛在的家庭健康報銷變化做準備時，我們解決了一些相關的問題。

But overall, we've got a lot of efforts across each of our business segments to improve there. Secondly, we have factored in a decline in the overall GAAP amount going into the second half of the year that should have a positive impact relative to the first half of the year. Of course, we've factored in the additional hospice final rule, that 2.5, roughly 2.5% increase on our Medicare revenue there.

但總體而言，我們在每個業務部門都付出了很多努力來改進。其次，我們已經考慮到下半年整體 GAAP 金額的下降，這應該會對上半年產生正面影響。當然，我們已經將臨終關懷的額外最終規則考慮在內，即我們的醫療保險收入將增加 2.5% 左右，約 2.5%。

And then the other thing I would say is just that we've got signature that continues to optimize. We've got this new acquisition in Grand Care each of those should meaningfully contribute in a greater way in the second half of the year. And then we are also seeing momentum in our Senior Living segment. So that, in particular, will drive margin improvement as well.

我想說的另一件事是，我們已經獲得了持續優化的簽名。我們在 Grand Care 進行了新的收購，其中每一項都將在今年下半年做出更大的貢獻。我們也看到老年生活領域正在蓬勃發展。因此，這尤其會推動利潤率的提高。

Okay, got it, thank.

好的，知道了，謝謝。

You so much for the color.

你太喜歡這個顏色了。

Thank you. I am showing no further questions at this time. I'd like to turn it back to Brent Guerisoli for closing remarks.

謝謝。我目前沒有其他問題。我想請布倫特·格里索利 (Brent Guerisoli) 做最後發言。

Okay. Well, thank you, Didi, and thank you, everyone, for joining us today.

好的。好吧，謝謝你，迪迪，也謝謝大家今天加入我們。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。