Select Medical Holdings Corp (SEM) 2025 Q3 法說會逐字稿

Good morning and thank you for joining us today for Select Medical Holdings Corporation's earnings conference call to discuss the third-quarter 2025 results and the company's business outlook.

早安，感謝各位今天參加 Select Medical Holdings Corporation 的收益電話會議，我們將討論 2025 年第三季業績和公司業務展望。

Presenting today are the company's Executive Chairman and Co-Founder, Robert Ortenzio; the company's Chief Executive Officer, Thomas Mullin; and the company's Executive Vice President and Chief Financial Officer, Michael Malatesta. Also, on the conference line is the company's Senior Executive Vice President of Strategic Finance and Operations, Martin Jackson. Management will give you an overview of the quarter and then open the call for questions.

今天出席的有公司執行董事長兼聯合創始人羅伯特·奧滕齊奧；公司首席執行官托馬斯·穆林；以及公司執行副總裁兼首席財務官邁克爾·馬拉泰斯塔。此外，該公司負責策略財務和營運的高級執行副總裁馬丁傑克森也參加了電話會議。管理階層將向大家概述本季的情況，然後開放提問環節。

Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events or the future financial performance of the company, including, without limitation, statements regarding operating results, growth opportunities, and other statements that refer to Select Medical's plans, expectations, strategies, intentions, and beliefs. These forward-looking statements are based on the information available to management of Select Medical today, and the company assumes no obligation to update these statements as circumstances change.

在會議開始之前，我們想提醒各位，本次電話會議可能包含有關未來事件或公司未來財務業績的前瞻性陳述，包括但不限於有關經營業績、成長機會以及其他涉及 Select Medical 的計劃、預期、戰略、意圖和信念的陳述。這些前瞻性聲明是基於Select Medical管理層目前掌握的信息，公司不承擔因情況變化而更新這些聲明的義務。

At this time, I will turn the conference over to Mr. Robert Ortenzio. Please go ahead.

此時，我將把會議交給羅伯特·奧滕齊奧先生。請繼續。

Thanks. Thank you, operator. Good morning, everyone. Welcome to Select Medical's third-quarter, 2025 earnings call. As our custom, I'll provide some overview of the quarter and comment on our development efforts, and then I'll turn the call over to our CEO, Tom Mullin.

謝謝。謝謝接線生。各位早安。歡迎參加 Select Medical 2025 年第三季財報電話會議。按照慣例，我將概述本季的情況並評論我們的發展工作，然後我將把電話交給我們的執行長湯姆·穆林。

Let me begin with a regulatory update that affects our Critical Illness Recovery Hospital segment. On September 22, CMS denounced the deferment of its expanded Medicare outlier reconciliation criteria, what we commonly refer to -- have referred to as the 20% transmittal rule.

首先，我想介紹一項影響我們重症復健醫院業務的監管更新。9 月 22 日，CMS 譴責推遲實施其擴大的 Medicare 異常值協調標準，也就是我們通常所說的 20% 傳輸規則。

It was originally slated to apply to cost reporting periods beginning on or after October 1, 2024. This rule will now be effective for periods beginning on or after October 1, 2025. The rules deferral resulted in a favorable revenue adjustment recorded this quarter.

原計劃適用於 2024 年 10 月 1 日或之後開始的成本報告期間。該規則自 2025 年 10 月 1 日起生效。由於規則延期實施，本季度確認了有利的收入調整。

We are pleased with the delay of the transmittal and expect the rule to have much less of an impact as labor costs are more stabilized in the cost years now affected by the change. This should result in fewer of our hospitals subjected to an outlier payment reconciliation.

我們對延遲發布感到滿意，並預計隨著勞動力成本在目前受此變化影響的成本年份中更加穩定，該規則的影響將大大減少。這樣一來，因支付異常值而被要求結算的醫院數量就會減少。

While we are pleased with CMS's decision to delay the implementation of the 20% transmittal rule, we believe further reform is needed to ensure Medicare policy supports treatment of high-acuity patients in our long-term acute care hospitals. We will continue to actively advocate for policies that enable us to provide critical care for these patients.

雖然我們對 CMS 推遲實施 20% 轉嫁規則的決定感到高興，但我們認為需要進一步改革，以確保 Medicare 政策支持我們長期急性護理醫院中重症患者的治療。我們將繼續積極倡導相關政策，以便為這些患者提供重症監護。

I would now like to turn to an update on development. During the third quarter, we acquired a 30-bed Critical Illness Recovery Hospital in Memphis, Tennessee and grew our Outpatient portfolio by three clinics. Future development efforts remain focused on our Inpatient Rehabilitation segment.

現在我想報告研發進度。第三季度，我們在田納西州孟菲斯收購了一家擁有 30 張床位的重症復健醫院，並將我們的門診業務增加了三家診所。未來發展重點仍將放在我們的住院復健業務領域。

Between now and the first half of 2027, we expect to add 395 Inpatient Rehabilitation beds to a combination of new openings and strategic bed additions. This month, we opened our fourth Rehab Hospital with our joint venture partners, the Cleveland Clinic, which operates 32 new beds.

從現在到 2027 年上半年，我們預計將新增 395 張住院復健床位，其中包括新開床位和策略性床位增加。本月，我們與合資夥伴克利夫蘭診所共同開設了第四家復健醫院，新增 32 張病床。

By year end, we expect to open a 45-bed Rehabilitation Hospital in Temple, Texas and a 32-bed acute rehab unit in Orlando, Florida. We also anticipate adding 10 beds to an existing Rehab Hospital with our joint venture partner Riverside in Virginia.

預計到今年年底，我們將在德州坦普爾開設一家擁有 45 張床位的復健醫院，並在佛羅裡達州奧蘭多開設一家擁有 32 張床位的急性復健病房。我們還計劃與我們的合資夥伴 Riverside 在維吉尼亞州的一家現有復健醫院增加 10 張床位。

Moving to 2026, we expect to open three new inpatient rehab hospitals, including a 58-bed facility in Tucson, Arizona in partnership with Banner Health. A 63-bed hospital in Ozark, Missouri with CoxHealth, and a 60-bed hospital with AtlantiCare in New Jersey. Additionally, we plan to add two acute rehab units and two neurotransitional units to further enhance our continuous care and rehabilitation.

展望 2026 年，我們預計將開設三家新的住院復健醫院，其中包括與 Banner Health 合作在亞利桑那州圖森市開設的一家擁有 58 個床位的復健醫院。位於密蘇裡州奧扎克的一家擁有 63 張床位的醫院（隸屬於 CoxHealth），以及位於新澤西州的一家擁有 60 張床位的醫院（隸屬於 AtlantiCare）。此外，我們計劃增設兩個急性復健單元和兩個神經過渡單元，以進一步加強我們的持續照護和復原。

Looking ahead to 2027, we're preparing to launch a 76-bed rehab hospital in Jersey City, New Jersey under the Kessler brand. Beyond these projects, our pipeline remains active and promising with additional opportunities under various stages of development.

展望 2027 年，我們正準備在新澤西州澤西市開設一家擁有 76 個床位的復健醫院，品牌為 Kessler。除了這些項目之外，我們的專案儲備仍然活躍且前景光明，還有許多其他機會處於不同的開發階段。

As we advance these initiatives, we will remain focused on strategic investments that drive sustainable growth and long-term value for our shareholders. In addition to development, we continue to evaluate opportunities to increase the return on capital to our shareholders through share repurchase and cash dividends.

在推動這些舉措的同時，我們將繼續專注於能夠推動永續成長並為股東創造長期價值的策略投資。除了研發之外，我們還將繼續評估透過股票回購和現金分紅來提高股東資本回報的機會。

This quarter, the Board of Directors approved a cash dividend of $0.0625 per share, which is payable on November 25, 2025, to stockholders of record as of November 12, 2025. These actions reflect our ongoing commitment to enhancing shareholder value and positioning the company for continued success.

本季度，董事會批准派發現金股息每股 0.0625 美元，將於 2025 年 11 月 25 日支付給截至 2025 年 11 月 12 日登記在冊的股東。這些措施體現了我們不斷致力於提升股東價值並為公司持續成功奠定基礎的承諾。

This concludes my remarks, and I'll now turn the call over to Tom Mullin for additional remarks regarding financial performance for the quarter of each of our segments.

我的演講到此結束，現在我將把電話交給湯姆·穆林，請他補充說明我們各個業務部門本季的財務表現。

Thank you, Bob, and good morning, everyone. On a consolidated basis, revenue grew over 7% to $1.36 billion, compared to $1.27 billion in the prior year. Adjusted EBITDA also increased over 7% to $111.7 million, up from $103.9 million. Earnings per common share from continuing operations rose over 21% to $0.23, compared to $0.19 per share in the same quarter last year.

謝謝你，鮑勃，大家早安。合併後的營收成長超過 7%，達到 13.6 億美元，而去年同期為 12.7 億美元。調整後 EBITDA 也成長超過 7%，達到 1.117 億美元，高於 1.039 億美元。持續經營業務的每股普通股收益成長超過 21%，達到 0.23 美元，去年同期為每股 0.19 美元。

Moving into our segment results, we will start with the Inpatient Rehab Hospital division where we delivered another strong quarter. Revenue increased 16% year-over-year to $328.6 million and adjusted EBITDA was up 13% to $68 million. Our revenue per patient day increased nearly 5% and our average daily census rose 11%. Occupancy improved to 83% from 82%, with same-store occupancy rising to 86% from 85%. Our adjusted EBITDA margin declined slightly to 20.7% from 21.3%.

接下來，我們來看各業務板塊的業績，首先是住院復健醫院部門，該部門又取得了強勁的季度業績。營收年增 16% 至 3.286 億美元，調整後 EBITDA 成長 13% 至 6,800 萬美元。我們每位患者每日的收入增加了近 5%，平均每日住院人數增加了 11%。入住率從 82% 提高到 83%，同店入住率從 85% 提高到 86%。我們調整後的 EBITDA 利潤率從 21.3% 小幅下降至 20.7%。

In our Outpatient Rehab division, revenue increased 4% to $325.4 million, which was driven by over 5% growth in our patient visits. Net revenue per visit decreased to $100 from $101 in the same quarter last year. The decrease in net revenue per visit was driven by a reduction in our Medicare reimbursement and an unfavorable shift in payer mix. Adjusted EBITDA decreased over 14% to $24.2 million, with margin declining from 9.1% to 7.4%.

在我們的門診復健部門，收入成長了 4%，達到 3.254 億美元，主要得益於患者就診量成長超過 5%。每次訪問的淨收入從去年同期的 101 美元下降到 100 美元。每次就診淨收入下降的原因是醫療保險報銷減少以及支付方組合的不利變化。調整後 EBITDA 下降超過 14% 至 2,420 萬美元，利潤率從 9.1% 下降至 7.4%。

In our Critical Illness Recovery Hospital division, our revenue increased over 4% to $609.9 million, while adjusted EBITDA rose over 10% to $56.1 million, up from $50.8 million in the same quarter of last year. Our adjusted EBITDA margin increased to 9.2% from 8.7%. Occupancy remains steady at 65% with our emissions up 2.1%.

在我們的重症復健醫院部門，我們的收入成長超過 4%，達到 6.099 億美元，而調整後的 EBITDA 成長超過 10%，達到 5,610 萬美元，高於去年同期的 5,080 萬美元。我們調整後的 EBITDA 利潤率從 8.7% 提高到 9.2%。入住率保持在 65% 的穩定水平，而我們的排放量增加了 2.1%。

That concludes my remarks, and I will turn the call over to Mike Malatesta for additional financial details before we open the call up for questions.

我的演講到此結束，接下來我將把電話交給麥克馬拉泰斯塔，讓他介紹更多財務細節，之後我們將開放提問環節。

Thank you, Tom, and good morning, everyone. At the end of the quarter, we had $1.8 billion of debt outstanding and $60.1 million of cash on the balance sheet. Our debt at quarter end includes $1.04 billion in term loans, $150 million in revolving loans, $550 million in 6.25% senior notes through 2032, and $47.1 million of other miscellaneous debt.

謝謝你，湯姆，大家早安。截至季末，我們的未償債務為 18 億美元，資產負債表上的現金為 6,010 萬美元。截至季末，我們的債務包括 10.4 億美元的定期貸款、1.5 億美元的循環貸款、5.5 億美元的 6.25% 優先票據（到期日為 2032 年）以及 4,710 萬美元的其他雜項債務。

We ended the quarter with net leverage of 3.4 times under our senior secured credit agreement and have $419.1 million availability on our revolving loans. Our term loan carries an interest rate of SOFR plus 200 basis points and matures on December 3, 2031. Interest expense was $30 million, compared to $31.4 million in the same quarter last year.

本季末，根據我們的優先擔保信貸協議，我們的淨槓桿率為 3.4 倍，循環貸款可用額度為 4.191 億美元。我們的定期貸款利率為 SOFR 加 200 個基點，到期日為 2031 年 12 月 3 日。利息支出為 3,000 萬美元，而去年同期為 3,140 萬美元。

For the quarter, cash flow from operating activities was $175.3 million. Our day sales outstanding or DSO from continuing operations with 56 days at September 30, 2025, compared to 60 days at September 30, 2024, and 58 days at December 31, 2024.

本季經營活動產生的現金流量為 1.753 億美元。截至 2025 年 9 月 30 日，我們持續經營業務的應收帳款週轉天數 (DSO) 為 56 天，而截至 2024 年 9 月 30 日為 60 天，截至 2024 年 12 月 31 日為 58 天。

Investing activities used $32.6 million, which includes $53.1 million used for purchases of property and equipment, offset by $22.1 million of proceeds from the sale of interest in one of our hospitals. Financing activities used $135 million, including $100 million in net repayments on a revolving line of credit, $7.7 million in dividends, $17 million in net distributions to non-controlling interest, and $2.6 million in term loan repayments.

投資活動使用了 3,260 萬美元，其中包括用於購買房產和設備的 5,310 萬美元，被出售我們一家醫院的權益所得的 2,210 萬美元所抵消。融資活動使用了 1.35 億美元，其中包括 1 億美元的循環信貸淨償還款、770 萬美元的股息、1700 萬美元的向非控股股東的淨分配款，以及 260 萬美元的定期貸款償還款。

We are reaffirming our business outlook for both revenue and adjusted EBITDA for 2025. We expect revenue to be in the range of $5.3 billion to $5.5 billion and adjusted EBITDA to be in the range of $510 million to $530 million. We are increasing our estimate for earnings per common share to be in the range of $1.14 to $1.24. Excluding capital expenditures subsequently contributed to non-consolidating joint ventures, we still expect capital expenditures to be in the range of $180 million to $200 million.

我們重申對 2025 年營收和調整後 EBITDA 的業務展望。我們預計營收將在 53 億美元至 55 億美元之間，調整後 EBITDA 將在 5.1 億美元至 5.3 億美元之間。我們將每股普通股收益的預期上調至 1.14 美元至 1.24 美元之間。若不計入隨後投入非並表合資企業的資本支出，我們仍預期資本支出將在 1.8 億美元至 2 億美元之間。

This concludes our prepared remarks. At this time, we'd like to turn the call back to the operator to open the line for questions.

我們的發言稿到此結束。此時，我們希望將電話轉回給接線生，以便接聽提問。

(Operator Instructions) Ben Hendricks, RBC Capital Markets.

（操作員說明）Ben Hendricks，RBC Capital Markets。

I appreciate the opening commentary about the 20% transmittal delay. I wanted to see if you could focus a little bit on the ongoing impact of the high-cost outlier, what it's doing to the admission volume, occupancy, and what types of mitigation tactics you guys can employ to help offset that? And then just close with any developed conversations in Washington. Thank you.

我很欣賞開頭關於20%傳輸延遲的評論。我想請您重點談談高成本異常值持續產生的影響，它對入院人數、入住率的影響，以及您可以採取哪些緩解措施來抵消這種影響？最後，總結華盛頓方面正在進行的任何對話。謝謝。

This is Tom Mullin. I'll start with your question. To your point about the high-cost outlier and the fixed loss threshold continuing to increase at a pretty dramatic rate over the last four years and now sitting at just under $79,000, it does have a negative impact on our [LTCH] business because whenever you think of how our LTCHs are positioned across the country, many of our LTCHs are with some of the largest academic medical centers that carry the highest case index and most acute patients across the country.

這是湯姆·穆林。我先回答你的問題。你說的高成本異常值和固定損失閾值在過去四年中持續以相當驚人的速度增長，現在已接近 79,000 美元，這確實對我們的 [LTCH] 業務產生了負面影響，因為當你想到我們在全國各地的 LTCH 的佈局時，你會發現我們的許多 LTCH 都隸屬於一些最大的醫療中心，這些指數和全國最高的醫療中心

So as we see that fixed loss threshold continue to go up, we're unable to accommodate as many of those very acutely ill patients just because there's so much more loss to get to any outlier reimbursement. So it has had an effect on our ADC and some of the mitigation efforts that we have.

因此，隨著固定損失閾值的不斷提高，我們無法接納那麼多病情非常嚴重的患者，因為要達到任何異常報銷額度，損失就更大。因此，它對我們的ADC和我們的一些緩解措施產生了影響。

We're fortunate that we have Inpatient Rehab Hospitals in those shared markets, in most of our shared markets with the large academic medical centers that we partner with. And we're able to use those as downstream opportunities to get some of the patients moved from the LTCH to the inpatient rehab as they're able to take more acutely ill patients and we get our rehabs able to do that.

我們很幸運，在這些共享市場中，以及在我們與大型學術醫療中心合作的大多數共享市場中，都有住院復健醫院。我們可以利用這些機會，將一些患者從長期照護醫院轉移到住院復健中心，因為住院復健中心能夠接收更多病情危重的患者，而我們的復健中心也能夠做到這一點。

So we've seen, year over year, our patient days or our length of stay on some of these -- on those patients has decreased by 1.5 days on our patients. As a result of that, our ADC is down slightly, but our admissions are up. So obviously we're going to continue to focus on that high-cost outlier threshold.

因此，我們看到，逐年來看，我們部分病患的住院天數或住院時長減少了 1.5 天。因此，我們的平均每日住院人數略有下降，但我們的入院人數卻上升。所以很顯然，我們將繼續關注高成本異常值閾值。

And I'll let Bob comment on what we're doing in DC to try and combat some of those efforts.

至於我們在華盛頓特區為應對這些舉措所做的努力，就讓鮑勃來談談吧。

The environment in DC is one that I think I characterize it as better than it's been historically. I think we have more open channels with both CMS and the committees of jurisdiction in the House and Senate.

我認為華盛頓特區的環境比歷史上任何時候都要好。我認為我們與聯邦醫療保險和醫療補助服務中心 (CMS) 以及眾議院和參議院的相關委員會之間建立了更開放的溝通管道。

Our energy, most recently, has been to try to get the deferment of the 20% transmittal so that it would be applied a bit more fairly because of the nature of our cost reports and the high labor costs coming out of the pandemic. So as I mentioned in my earlier comments, we are pleased with that.

最近，我們一直努力爭取推遲 20% 的稅收轉移，以便更公平地應用這項稅收轉移，因為我們的成本報告性質特殊，而且疫情導致勞動力成本居高不下。正如我之前提到的，我們對此感到滿意。

However, it does not solve, really, more of the long-term challenges that we have. Just to point out that that fixed loss threshold in the last four years has gone from $38,000 to $59,000, then to $77,000. And then, we did get, I think, a bit of a break with it being at $79,000, still quite an increase, but a bit more modest when you consider that the proposed rule had the fixed loss threshold of being $91,000, which would have been extremely punitive had that been implemented in the last proposed rule.

然而，它並不能真正解決我們面臨的更多長期挑戰。需要指出的是，在過去四年中，固定損失門檻已從 38,000 美元提高到 59,000 美元，然後提高到 77,000 美元。然後，我認為我們確實得到了一些喘息之機，賠償金額降至 79,000 美元，雖然仍然是相當大的增幅，但考慮到擬議規則中固定損失門檻為 91,000 美元，這已經算是比較溫和的了。如果上一次擬議規則中真的實施了這個門檻，那將是極其嚴厲的懲罰。

So as always in this industry, we are holding our breath for the proposed rules to come out and then that is an avenue for us to comment. But it is true that while the regulatory environment is difficult because the outlier pool is supposed to stay at a little bit below 8% and the mechanism that CMS has is to continue to push up the fixed loss threshold to try to come within that legislative mandate of the 8%.

所以，和業內其他公司一樣，我們都在屏息等待擬議規則的出台，然後我們就可以對此發表意見了。但監管環境確實很困難，因為異常值池應該保持在略低於 8% 的水平，而 CMS 的機制是不斷提高固定損失門檻，以努力達到 8% 的立法要求。

But on the other hand, it works against the policy for LTCH, the overreaching policy for LTCH, which is to have them take the higher acuity patient. So there's a push and pull there that I think is difficult to reconcile, and the only thing that we can do is continue to advocate on behalf of the sickest of the sick patients that go into the -- particularly to our LTCHs.

但另一方面，這與長期照護醫院的政策，也就是讓長期照護醫院接收病情更嚴重的病人，背道而馳。所以這裡存在著一種難以調和的拉鋸戰，我們唯一能做的就是繼續為那些病情最嚴重的病人爭取權益，特別是那些進入長期照護醫院的病人。

I hope that answers your question, but if you have a follow-up, please ask.

希望我的回答能解答你的疑問，如果你還有其他問題，請隨時提出。

No, I think that covers it. Thank you very much.

不，我想這樣就夠了。非常感謝。

(Operator Instructions) Justin Bowers, DB.

（操作員說明）賈斯汀·鮑爾斯，DB。

So I'll just stick with two quick ones on LTCH. So, number one, Bob and Tom, is there -- has there been any discussion with CMS or in DC about raising the targeted amount of payments for that 8% threshold to something higher in terms of like percentage of outlier patients?

所以我只簡單介紹一下LTCH上的兩個問題。所以，第一點，鮑勃和湯姆，有沒有和 CMS 或在 DC 討論過將 8% 閾值的目標支付金額提高到更高的水平，例如提高異常患者的比例？

And then, two, there's a lot of moving parts with reimbursement, but you did get an increase for 2026 and modest increase for the HCO. Are the trends that we're seeing now as it relates to like length of stay and ADC, is it just -- is that a good way to think about like how the business should trend on the go-forward absent any other big changes?

其次，報銷涉及許多方面，但 2026 年確實有所成長，HCO 也有小幅成長。我們現在看到的與住院時間和平均每日住院人數 (ADC) 相關的趨勢，是否只是——在沒有其他重大變化的情況下，思考業務未來發展趨勢的好方法？

It's a great question, and I think the best way for me to respond is to say this. There are lots of levers in a very complicated reimbursement system. As I've said before on this call, the LTCH reimbursement has become mind numbingly complicated and I think we hear that from our shareholders and from the analyst community because there are -- if you go with the fixed loss threshold, you go with site neutral, you look at the compliance requirement of 20-day, 25-day length of stay, you look at an 8% outlier pool.

這是一個很好的問題，我認為我最好的回答方式是這樣說。在一個非常複雜的報銷系統中，有許多控製手段。正如我之前在電話會議上所說，長期護理醫院的報銷已經變得極其複雜，我認為我們從股東和分析師群體中都聽到了這種說法，因為——如果你採用固定損失閾值，你採用地點中立原則，你查看20天、25天的住院時長合規要求，你查看8%的異常值池。

These are all levers that can be pulled for us, for Select. And I think for most of the industry, we'd be happy for relief to come from any of those levers. And for me, just from a strategically, I'd like to propose to policymakers ranges of options that they could do to help the industry that is no secret over the last four or five years has struggled as an industry.

這些都是我們可以為Select公司採取的措施。我認為對於業內大多數企業來說，我們樂於看到任何一種措施能夠帶來緩解。就我個人而言，從策略角度來看，我想向政策制定者提出一系列方案，幫助他們為這個在過去四、五年舉步維艱的產業提供幫助，這已不是什麼秘密。

And so we are -- we're putting all options on the table for relief. And it's hard oftentimes for us to know, either from a legislative or regulatory standpoint, what are the paths of least resistance for regulators. As sometimes we don't always know, from a transparency standpoint, of what they feel they can do more easily.

所以，我們正在考慮所有可能的救濟方案。而且，從立法或監管的角度來看，我們往往很難知道監管機構採取阻力最小的措施是什麼。從透明度的角度來看，我們有時並不總是知道他們認為自己可以更容易做到什麼。

Sometimes the regulatory CMS feels that they're restricted by some legislative constraints and the legislative branch doesn't want to, oftentimes, impose too much on what they view as a regulatory playing field and encroach upon that. So we try to work with the rest of the industry to put as many options on the table.

有時，監管機構 CMS 會感到受到某些法律約束的限制，立法部門通常也不想過多幹預他們眼中的監管領域，以免侵犯該領域。因此，我們努力與業內其他企業合作，盡可能提出多種選擇。

Obviously, you hear about the ones that are most difficult for us. I mean it is trying when the fixed loss threshold has been going up as dramatically as it has over the last couple of years. So that's obviously an easy one, but that may not be the easiest one for CMS to solve for. So we obviously put other options on the table.

顯然，你聽到的都是那些對我們來說最困難的事。我的意思是，過去幾年固定損失門檻大幅上升，這確實令人頭痛。所以這顯然是個很簡單的問題，但對於內容管理系統來說，這可能不是最容易解決的問題。所以我們顯然也考慮了其他方案。

Thank you. I appreciate that. And then just pivoting, there's a lot of development activity, especially on the [IRF] side over the next couple of years. Can you help us understand how much of the CapEx this year is maintenance versus growth?

謝謝。我很感激。然後，接下來幾年將有很多發展活動，尤其是在[IRF]方面。您能否幫我們了解今年的資本支出中，有多少是用於維護，有多少是用於成長？

I'll take that question to Mike Mal.

我會把這個問題轉交給麥克馬爾。

Maintenance for this year and we're projecting, overall, $180 million to $200 million. Maintenance is going to range that $100 million to $105 million range. The remainder is related to --

今年的維護費用，我們預計總共將達到 1.8 億美元至 2 億美元。維護費用預計在 1 億美元到 1.05 億美元之間。其餘部分與…有關--

Ann Hynes, Mizuho Securities.

安海恩斯，瑞穗證券。

I know you said in the prepared remarks that you had a revenue benefit from the delay of the 20% transmitter rule. What was the impact in the quarter from a revenue and EBITDA perspective?

我知道您在準備好的發言稿中說過，由於 20% 發射機規則的延遲實施，您獲得了收入效益。從營收和 EBITDA 的角度來看，本季受到了哪些影響？

So the net impact when we take into account the revenue and some expense reversals was in the $12 million to $15 million range.

因此，考慮到收入和一些支出衝回，淨影響在 1200 萬美元到 1500 萬美元之間。

For EBITDA?

EBITDA 呢？

EBITDA for the quarter.

本季 EBITDA。

Okay. And then what about for the year? Because you didn't raise that. Like I would assume this would have been a benefit to guidance. Is there something else going on that you didn't raise guidance for the positive change?

好的。那麼，一年的計畫是什麼呢？因為你沒有提出這個問題。我想這應該對指導工作有幫助。是否有其他原因導致你沒有提出指導意見來促成正向的改變？

Well, as you saw, we had some softness in our Outpatient segment this quarter. So while we're comfortable raising EPS guidance, we thought it was prudent just to maintain EBITDA guidance.

正如你所看到的，本季我們的門診業務板塊表現疲軟。因此，雖然我們樂於提高每股盈餘預期，但我們認為維持 EBITDA 預期更為謹慎。

Okay. And then -- and just from a year impact like what was the delay? I know that was the quarter of the $12 million to $15 million, but what impact did it have on your guidance for the total year?

好的。然後──僅僅一年時間，就會產生什麼樣的影響，例如延誤會造成什麼後果？我知道那是 1200 萬至 1500 萬美元中的四分之一，但這對你們全年的業績預期產生了什麼影響？

So for the year, we really did not -- we had just a negligible amount de minimis impact for Q4 because I think as we -- as Bob alluded to earlier that as the timeline progressed, it had less of a significant impact, the 20% transmittal rule because we have more labor periods to compare against.

所以就全年而言，我們實際上並沒有——第四季度受到的影響微乎其微，因為我認為正如鮑勃之前提到的，隨著時間推移，20% 的傳遞規則的影響越來越小，因為我們有更多的勞動週期可以進行比較。

Okay. And maybe you mentioned Outpatient, maybe can you give us some more detail on what type of softness you're seeing and the impact? And what do you think is driving it?

好的。您剛才提到了門診，能否詳細說明您觀察到的軟化類型及其影響？你認為是什麼原因導致這種情況？

Yeah. We did have a nice increase in volume of approximately 5%. But we did have pressure on rate. And Medicare has been a headwind that we've had to deal with for all of 2025 and actually the last few years. It's significant.

是的。我們的銷量確實增長了約 5%，這是一個不錯的增長。但我們的利率確實面臨壓力。而醫療保險一直是我們在 2025 年以及過去幾年必須面對的阻力。這意義重大。

But we also did see deterioration in our mix for this quarter. We look to get that back on track. But just not the mix within categories but sometimes the mix within the mix of certain geographic areas managed care commercial payers.

但我們也看到本季產品組合出現了惡化。我們希望能夠讓這件事重回正軌。但不僅是類別內部的組合，有時還包括某些地理區域內管理式醫療商業支付方的組合。

Okay. And then maybe focusing on 2026. I know you're not giving guidance today but are there any high-level headwinds and tailwinds that you want to call out?

好的。然後或許會把重點放在2026年。我知道您今天不打算給予指導意見，但您能否指出一些重要的利多和不利因素？

I think the one thing with outpatients that we have not experienced in the last five years is that even though it's modest, there will be an increase for Medicare and Medicare Advantage payer. So that is -- I consider that some type of a slight tailwind. And also I think, Tom can speak to this too, the significant development that we've communicated going into next year.

我認為過去五年裡，我們在門診病人方面沒有遇到的一件事是，儘管增幅不大，但醫療保險和醫療保險優勢計劃的支付方將會提高費用。所以，我認為這算是某種程度上的順風。而且我認為，湯姆也可以談談這一點，也就是我們明年將要宣布的重大發展計畫。

I think starting just with LTCH briefly we'll have the 20% transmittal back in place starting October 1 and rolling in by cost year. So that will be a bit of a headwind but far less because of the point Mike just made about the labor markets and being farther from the pandemic labor costs. So we will be able to mitigate that far more than what we would have experienced prior past year.

我認為，先從 LTCH 開始，我們將從 10 月 1 日起恢復 20% 的傳輸率，並按成本年度逐步實施。所以這會是一個小小的阻力，但正如麥克剛才提到的，由於勞動市場以及遠離疫情期間的勞動成本，阻力會小得多。因此，我們將能夠比去年同期更好地緩解這種情況。

And as it relates to Inpatient Rehab, there's a fair amount of development that to -- get started in 2026 with new hospitals and there's also consideration for converting more of our LTCH beds in markets where there's rehab demand to add an ARU within our LTCH. So you'll see a fair amount of rehab growth in the next year.

至於住院康復，我們計劃在 2026 年開始建造新的醫院，並考慮在有康復需求的地區，將更多長期護理醫院的床位改造成急性康復病房。所以，明年你會看到復健治療領域有相當大的成長。

All right, maybe one more question just on rehab. Can you remind us like when you build a development hospital, how long to break even and how long do you get to your like peak margin profile?

好的，或許可以再問一個關於復原的問題。你能提醒我們一下，例如建造發展型醫院，需要多長時間才能達到損益平衡，又需要多長時間才能達到利潤高峰嗎？

Hi, Ann. It's Mike Malatesta again. It's approximately six months until we get to about break even. For full maturity, it's around a three-year (technical difficulty) we're at that 85% occupancy that we have for our core hospitals.

嗨，安。又是麥克·馬拉泰斯塔。大約還需要六個月才能達到收支平衡。要完全成熟，大約需要三年時間（技術難題），我們的核心醫院入住率才能達到 85%。

(Operator Instructions) Joanna Gajuk, Bank of America.

（操作員說明）Joanna Gajuk，美國銀行。

A couple of follow-ups. So on the 20% transmittable delayed implementation, so because of the more recent cost reports will be used, should we think about that, I guess, the headwind, much smaller than the $12 million to $15 million you saw in the first half of '25?

還有一些後續問題。因此，關於 20% 可轉移的延遲實施，由於將使用最新的成本報告，我們是否應該考慮這一點，我想，不利因素遠小於 2025 年上半年看到的 1200 萬至 1500 萬美元？

Hi, Joanna. I think your question is that is the -- is for next year, we project the impact to be much less in '26 than it would have been if it was implemented for '25. Yeah, and we think the impact will be -- maybe approximately be a third of what we would have anticipated if it was put in place for this year and not rescinded.

你好，喬安娜。我認為你的問題是——是指明年，我們預計 2026 年的影響將比 2025 年實施的影響小得多。是的，我們認為其影響可能只有我們預期的三分之一左右，如果這項措施在今年實施並且沒有被撤銷的話。

Okay. That's super helpful. And I guess to Bob's comment there around DC environment, maybe a little bit warming up or at least open channels, so that's positive. And I guess as we think about heading into next year and the proposal for fiscal '27, so any indication whether the CMS would propose again to increase the outlier refold to $90,000 or you think that's off the table? How should we think about that?

好的。這太有幫助了。我覺得鮑伯剛才提到的華盛頓特區環境可能正在稍微緩和一些，或至少溝通管道已經打開，這是個正面的訊號。我想，當我們展望明年以及 2027 財年的提案時，CMS 是否會再次提議將異常值補償金提高到 9 萬美元，或者您認為這已經不可能了？我們該如何看待這個問題？

Well, the short answer is no idea that there is -- these schools are just absolutely blacked out. I mean this is why they become such a big event for us every year because there is literally no discussion ever that comes out of CMS on the proposed rules for reasons which you can appreciate.

簡而言之，我們對此一無所知——這些學校完全被封鎖了。我的意思是，這就是為什麼它們每年對我們來說都是一件大事，因為出於您能理解的原因，CMS 根本沒有就擬議規則進行任何討論。

Those things are locked down. They get drafted. They circulate around the administration. Before then, they're released under, I think, the most extreme confidentiality.

那些東西都被封鎖了。他們被徵召入伍。它們在政府部門內部流傳。在此之前，我認為它們會在最嚴格的保密措施下發布。

Okay. So I guess we just have to wait and see. All right. That's fine. I was just checking.

好的。所以我想我們只能拭目以待了。好的。沒關係。我只是確認一下。

And if I may, couple more follow-ups. On the Outpatient Rehab, so you said that the weakness in that segment was because of the -- it sounds like a tail mix. So what exactly is happening? Is it just -- like you said, there's something with different markets going differently or there's some like managed care denying care or not paying or anything else that's going on there?

如果可以的話，我還想問幾個後續問題。關於門診康復，您說該部分的不足之處在於——聽起來像是尾音混合。那麼究竟發生了什麼事？是不是就像你說的，不同的市場情況不一樣，或者像醫療管理機構拒絕提供醫療服務、不支付費用或其他什麼原因造成的？

Well, the first part is with Medicare, there's over a 3% decrease this year, so that's the challenge that our operators had to face the entire year. For this particular quarter though, we did see a slight shift in mix to Medicare, Medicare Advantage.

首先，醫療保險方面，今年下降了 3% 以上，這是我們營運商全年面臨的挑戰。不過，就本季而言，我們確實看到醫療保險和醫療保險優勢計劃的比例略有上升。

And also, it depends which -- geographically, which areas have -- comprised a little more of your volume. And also within managed care commercial, that's a wide basket. Certain payers pay different rates, higher and lower than others.

此外，也要看地理位置，哪些地區在你的銷售中佔比較大。而且在醫療保險商業領域，這也是一個涵蓋範圍很廣的領域。不同付款方的付款費率不同，有的高於其他付款方，有的則低於其他付款方。

So this this quarter we did -- had, as we say, a shift in our mix, but along with our sustained Medicare cut that we've had to endure all year. And again that is going away next year where we'll have a modest increase.

所以，本季度我們確實——正如我們所說，我們的產品組合發生了變化，但與此同時，我們不得不忍受一整年的持續的醫療保險削減。明年這種情況將再次消失，取而代之的是小幅成長。

Right. Because that was my other follow-up, but before I ask that, so on this payment, so should we think this is something that could persist in terms of these margins, all the way down to 7%? And is there something you can do to mitigate that headwind?

正確的。因為那是我另一個後續問題，但在我問這個問題之前，關於這筆付款，我們是否應該認為這種利潤率可能會持續到 7%？那麼，有什麼辦法可以減輕這種不利影響嗎？

Well, we don't think this is something that's going to persist. Again, with Medicare, that's going to help with Medicare and Medicare Advantage with an increase. But on our -- we've also talked about in the past putting investments into our systems and this is where, going into next year, with our investment in our scheduling module, that should facilitate a -- plus, there is a focus to rectify the deterioration.

我們認為這種情況不會持續下去。同樣，對於聯邦醫療保險（Medicare）和聯邦醫療保險優勢計劃（M​​edicare Advantage）來說，增加繳費將有助於提高繳費額度。但是，我們過去也談到對我們的系統進行投資，而明年，隨著我們對調度模組的投資，這將促進——此外，我們還將重點糾正這種惡化局面。

And then you might follow-up on the Outpatient Rehab Medicare rates next year, right? So we don't have the final rate yet, right, I guess, might be delayed. But based on the proposal -- say, the proposal is finalized as proposed without any changes, but what would be the rate of that for your rehab therapy codes? I mean, we were estimating -- it's got to be 2.6% to 2.8%? but any estimate that you can share for us? Thank you.

然後，您明年可能會關注門診復健醫療保險費率，對嗎？所以我們現在還沒有最終利率，對吧，我想可能會延遲公佈。但是，根據該提案——假設該提案最終按提案內容確定，沒有任何修改，那麼對於您的康復治療代碼來說，該費率是多少？我的意思是，我們估計──應該是2.6%到2.8%吧？您能否提供一些估算數據？謝謝。

Actually, with the mix of codes, and there's just a few codes that predominantly make up the base of revenue, over 95% of your revenue mix for therapy codes. We're a little more modest. We're around that 1.8%, 1.75% increase for next year. We need to take all factors into account for Medicare.

實際上，由於代碼種類繁多，只有少數幾個代碼構成了收入的主要來源，超過 95% 的收入來自治療代碼。我們則比較謙虛。我們預計明年的增幅在 1.8% 到 1.75% 之間。我們需要考慮所有與醫療保險相關的因素。

Okay. But it's still better than the console, I guess. Yeah. And if I may, the very last question, it's just talking about how the segment did versus your internal sufficiency. You said the Outpatient was a little worse and then the LTCH business or the Critical Illness Hospitals sounds like we're better because of this reversal. But outside of the reversal, how were the trends in the Critical Illness Hospitals and also how did the [IRF] segmented versus your internal? Thank you.

好的。但我覺得它還是比遊戲機好。是的。如果可以的話，最後一個問題，就是想談談這個部分的表現與你們內在的滿足程度相比如何。你說門診部的情況稍微糟糕一些，但長期護理醫院或重症醫院的情況似乎因為這種轉變而有所改善。但除了這種逆轉之外，重症醫院的趨勢如何？ [IRF] 細分市場與你們內部市場相比又如何？謝謝。

Well, I think -- and Tom can maybe elaborate on Critical Illness, but I think we're all in agreement for Inpatient Rehab, it just continues to exceed our expectations this year.

嗯，我想——湯姆或許可以詳細說說重症監護方面的情況，但我認為我們都同意，住院康復治療今年的表現繼續超出我們的預期。

And in Critical Illness, we did see occupancy increase compared to prior year, but as everyone on this call knows, in the Critical Illness business, there's a fair amount of seasonality. And we're always going to see a decrease in the third quarter and then we start to really pick back up as we enter October in the fourth quarter.

在重疾險領域，我們確實看到入住率比上一年有所增加，但正如所有參加此次電話會議的人都知道的那樣，重疾險業務具有相當大的季節性。第三季度總是會出現下滑，然後到了第四季度，也就是十月份，就會開始真正回升。

As the seasons start to change, we start to see respiratory volumes start to pick up. So we saw that the normal trend that we see every year in Critical Illness, but compared to the prior year same period, occupancy was ahead. Admissions were ahead. And revenue was ahead. But, obviously, the 20% transmittal deferment played into the rate increase.

隨著季節更替，我們開始看到呼吸量開始增加。因此，我們看到重疾險的正常趨勢與每年一樣，但與去年同期相比，入住率有所上升。招生人數領先。而且營收也領先。但很顯然，20%的傳輸延期導致了費率上漲。

(Operator Instructions) AJ Rice, UBS.

（操作說明）AJ Rice，瑞銀集團。

First, let me just ask you, on the rehab IRF development pipeline, do you have a sense of what the relative startup costs that you experienced this year and how that might compare to next year? Is that number going to be a tailwind/headwind for you?

首先，我想問一下，關於復健機構 (IRF) 的發展規劃，您是否了解今年的啟動成本相對是多少，以及與明年相比會有什麼變化？這個數字對你來說是順風還是逆風？

And your biggest peer in that segment is talking about potentially changing the footprint model a little bit large, smaller facilities, et cetera, to go into a new market. Are you -- anything going on in the -- in your approach to the sizing of these development locations that's worth calling out?

而你在該領域最大的競爭對手正在討論是否要稍微改變一下佈局模式，例如採用規模較大的設施，規模較小的設施等等，以進入新市場。您在確定這些開發地點的規模方面，是否有任何值得一提的情況？

Hey, AJ. It's Mike. In regards to losses, we've had a pretty consistent cadence from last year and projected into next year where we're projecting approximately $15 million to $20 million of startup losses per annum. So that's going to be fairly consistent. Tom's going to speak to our strategy on the size of the hospitals.

嘿，AJ。是麥克。關於虧損方面，從去年到明年，我們的虧損額一直保持著相當穩定的水平，預計每年新創公司虧損約 1,500 萬至 2,000 萬美元。所以這一點應該會相當穩定。湯姆將就我們醫院的規模策略發表演說。

Our focus will remain partnership-focused and looking to expand partnerships with the larger health systems across the country. So you'll see more new partners added in the coming year or two across the country. You'll also see us in our markets where we're running at or near capacity. With existing partners, we'll be adding new hospitals, like Bob spoke to in his opening remarks, where we added a fourth Rehab Hospital with Cleveland Clinic that just opened earlier this week.

我們將繼續專注於合作，並尋求擴大與全國各大醫療系統的合作。因此，在未來一兩年內，你會看到全國各地新增更多合作夥伴。您也會在產能已達或接近滿載運轉的市場中看到我們。我們將與現有合作夥伴一起增加新的醫院，就像鮑勃在開幕致詞中提到的那樣，我們與克利夫蘭診所合作新增了第四家康復醫院，該醫院於本週早些時候開業。

So there will be additions in our existing markets, but we'll be looking to add large new academic medical centers with Inpatient Rehab as well. We typically build 60-bed Rehab Hospitals, but we're considering 80- to 100-bed Rehab Hospitals in future markets where the demand deems it necessary.

因此，我們將在現有市場增加業務，同時也尋求增加大型的、提供住院復健服務的學術醫療中心。我們通常會建造60床的復健醫院，但在未來市場需求需要時，我們會考慮建造80至100床的復健醫院。

Okay. Interesting. Thanks. Any thoughts on labor? I think you've tangentially commented on a couple of times across different business lines, but what are you seeing there as you think about '26? It sounds like it's probably more stable labor environment that you've seen in a number of years, but I just don't want to put words in your mouth. What -- the cost trend on labor that you're seeing this year and for the different business lines and do you see it being pretty stable going into next year?

好的。有趣的。謝謝。關於分娩有什麼想法嗎？我認為您曾在不同的業務領域間接地評論過幾次，但您展望 2026 年時看到了什麼？聽起來這可能是你近幾年來見過的最穩定的勞動環境，但我不想替你做決定。今年不同業務線的勞動成本趨勢如何？您認為明年這種趨勢會比較穩定嗎？

So AJ, I mean, if we're going to go back to what we call the agency crisis or challenges we had in '22 in the first half of '23, agency within our Critical Illness division has -- utilization has been consistently around 15%, so that's been very stable.

所以 AJ，我的意思是，如果我們回顧一下我們在 2022 年到 2023 年上半年所經歷的代理危機或挑戰，我們重疾部門的代理利用率一直穩定在 15% 左右，所以非常穩定。

Our agency rates, again, are back to pre-COVID levels. And full time -- I think with full-time increases for full-time equivalents across all three business lines, it's been fairly consistent and actually a little under 3%. So it it's a much more stable environment than we encountered a couple of years ago.

我們的代理費率再次恢復到新冠疫情前的水平。至於全職員工——我認為，在所有三個業務線中，全職員工的薪酬都有所提高，而且增幅相當穩定，實際上略低於 3%。所以，現在的環境比幾年前我們遇到的環境穩定得多。

Okay. Interesting. The last question, on leverage, you're down to 3.4 times now at this point is -- what -- how should we think about that going forward from here? Is that a stable area, roughly, that's comfortable? And as you get pay down, maybe, is less of a priority, does it change your thinking about capital allocation in any way?

好的。有趣的。最後一個問題，關於槓桿，目前槓桿率已經降到了 3.4 倍——那麼——我們該如何看待接下來的發展？那是相對穩定、舒適的區域嗎？隨著還款額的減少，還款的優先順序可能會降低，這是否會以任何方式改變你對資本配置的看法？

No, AJ. This is Bob. The 3.4 times is a stable, comfortable leverage. We can take it down, but as you've heard Marty and I in the past talk about it, it's opportunistic. I mean, divided by the -- CapEx for development is obviously our number one priority and then you've got dividends.

不，AJ。這是鮑伯。3.4倍槓桿是穩定、舒適的槓桿倍數。我們可以把它撤下來，但正如你過去聽我和馬蒂談論過的那樣，這是一種投機取巧的行為。我的意思是，除以——開發資本支出顯然是我們的首要任務，然後你就能獲得股利。

You've got stock buybacks. And you've got debt reduction is then on the list. And we'll take advantage of the one that is the most advantageous to us, and we we'll take the one that Mike gives us.

你們有股票回購計畫。那麼，減少債務就列入你的待辦事項清單了。我們會選擇對我們最有利的那個，我們會接受麥克給我們的那個。

Justin Bowers, DB.

賈斯汀·鮑爾斯，後衛。

I just wanted to follow-up on PT. So Mike, what percentage of your MA rates are pegged to the Medicare fee schedule?

我只是想跟進物理治療的情況。麥克，你們的醫療保險優勢計畫費率中有多少百分比是與聯邦醫療保險收費標準掛鉤的？

And then the follow-up to that would be, do you have a sense of -- I mean, Medicare has been a headwind for quite a few years now. Any sense of what drag that's been on EBITDA in the division over the last few years? And then, what can you do to get this back to double-digit margins?

接下來的問題是，您是否覺得——我的意思是，醫療保險（Medicare）多年來一直是個不利因素。過去幾年，這給該部門的 EBITDA 造成了多大的拖累？那麼，如何才能將利潤率恢復到兩位數呢？

Okay. So let me take, I think, there's three questions there, Justin. So the first question is, approximately 80% of our Medicare Advantage is linked directly to the Part BC schedule.

好的。那麼，讓我來回答一下，我想，這裡有三個問題，賈斯汀。所以第一個問題是，我們大約 80% 的 Medicare Advantage 計劃與 BC 部分計劃直接相關。

So -- and then I think your next question, I remember, was what -- I'm sorry, can you just repeat your two questions again, your last two?

所以——然後我想你的下一個問題是——對不起，你能再重複一次你的兩個問題嗎，你最後兩個問題？

Yeah. So it was just -- there's been -- I think there's been, what, a decrease in the -- there's been headwinds for what, four or five years now?

是的。所以，情況就是──我認為，已經出現了某種程度的下降──已經面臨逆風四、五年了？

The decrease in the last four or five years and the metric we look at is if we just had a 2% increase, a modest increase over the last five years versus the cuts that we had, we calculate it's always $65 million directly to our bottom line.

過去四、五年來的下滑，以及我們關注的指標是，如果我們過去五年只增長了 2%，也就是適度增長，而我們卻削減了開支，我們計算得出，這將直接為我們的利潤增加 6500 萬美元。

Okay. And then is this -- the rate increase is going to help. Any other levers that you can pull to like -- to get this thing back to double-digit margins?

好的。然後，利率上漲將會有所幫助。還有其他辦法能讓利潤率恢復到兩位數嗎？

Well, the focus and the focus going into '26 is going to be on productivity. So that's where we've invested in our systems in the scheduling module. But just minor increases in productivity will have a large impact on our bottom line. So that productivity enhances our systems. Our front-end system is going to be a focus for Outpatients in the year to come.

嗯，2026 年的重點將是提高生產力。所以，我們在調度模組的系統方面投入了資金。但即使生產效率只有小幅提升，也會對我們的利潤產生巨大影響。這樣一來，生產力就能提升我們的系統。未來一年，我們的前端系統將成為門診的重點。

Thank you. And this does conclude today's Q&A session. I would like to go ahead and turn the call back over to Mr. Ortenzio for closing remarks. Please go ahead, sir.

謝謝。今天的問答環節到此結束。接下來，我想把電話轉回給奧爾滕齊奧先生，請他作總結發言。請繼續，先生。

Thank you, operator. There are no closing remarks. We'll look forward to updating you next quarter.

謝謝接線生。沒有結束語。我們期待下個季度再向您報告最新情況。

This concludes today's program. You may all disconnect.

今天的節目到此結束。你們可以斷開連結了。