環球健康 (UHS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2026 Universal Health Services earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您稍候。歡迎參加 Universal Health Services 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the conference over to your speaker for today, Darren Lehrich. Please go ahead.

現在我想把會議交給今天的講者 Darren Lehrich。請開始。

Thank you. Good morning, and welcome to Universal Health Services second-quarter 2026 earnings conference call. I'm Darren Lehrich, Vice President of Investor Relations. With me this morning are our President and CEO, Marc Miller; and our Chief Financial Officer, Steve Filton. Marc and Steve will provide some prepared remarks, and then we will open it up for Q&A.

謝謝。各位早安，歡迎參加 Universal Health Services 2026 年第二季財報電話會議。我是投資人關係副總裁 Darren Lehrich。今天早上與我一同出席的有我們的總裁兼執行長 Marc Miller，以及財務長 Steve Filton。Marc 與 Steve 將先發表準備好的談話，接著我們將開放問答。

During today's conference call, we will be using words such as believes, expects, anticipates, estimates and similar words that represent forecasts, projections and forward-looking statements. For anyone not familiar with the risks and uncertainties inherent in these forward-looking statements, we recommend a careful reading of the section on Risk Factors and Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended March 31, 2026.

在今天的電話會議中，我們將使用例如 believes（相信）、expects（預期）、anticipates（預估）、estimates（估計）以及其他類似字詞，這些字詞代表預測、推估與前瞻性陳述。若您不熟悉此類前瞻性陳述所固有的風險與不確定性，我們建議您仔細閱讀我們截至 2025 年 12 月 31 日止年度之 Form 10-K，以及截至 2026 年 3 月 31 日止季度之 Form 10-Q 中「風險因素」與「前瞻性陳述與風險因素」章節。

In addition, we may reference during today's call, measures such as EBITDA, adjusted EBITDA, adjusted EBITDA net of NCI and adjusted net income attributable to UHS, which are non-GAAP financial measures. Information and reconciliations of these non-GAAP financial measures to net income attributable to UHS can be found in yesterday's press release and our supplemental materials on our website.

此外，在今天的電話會議中，我們可能會提及如 EBITDA、調整後 EBITDA、扣除 NCI 的調整後 EBITDA，以及歸屬於 UHS 的調整後淨利等指標，這些皆為非 GAAP 財務衡量指標。關於這些非 GAAP 財務衡量指標與歸屬於 UHS 的淨利之對帳資訊，可見於昨日的新聞稿以及我們網站上的補充資料。

With that, let me now turn it over to Marc for some introductory remarks.

接下來，讓我把時間交給 Marc，請他先做一些開場說明。

Thanks, Darren. Good morning, and thank you for joining today's call. I'm pleased to share some operational and strategic highlights from the second quarter before Steve discusses financial highlights.

謝謝你，Darren。各位早安，感謝各位參加今天的電話會議。在 Steve 討論財務重點之前，我很高興先分享第二季的一些營運與策略亮點。

Overall, our second quarter of 2026 featured a rebound in Acute Care volumes, Behavioral Health volumes that were consistent with recent trends, continued expense management and exchange trends that progressed in line with our expectations. During the quarter, we also benefited from the approval of the Florida DPP program for 2025, which was not contemplated in our original outlook.

整體而言，我們 2026 年第二季呈現急性照護（Acute Care）量能回升、行為健康（Behavioral Health）量能與近期趨勢一致、費用管理持續推進，以及交易所（exchange）趨勢依照我們的預期發展。本季我們也受惠於佛羅里達州 2025 年 DPP 計畫獲得核准，這在我們原先的展望中並未納入。

From an operational perspective, I want to highlight the investments we are making to expand capacity in the communities that we serve. We continue to see favorable demand trends across our markets, supporting confidence in the long-term need for capacity in both inpatient and outpatient service lines in our Acute Care and Behavioral Health segments, allowing us to extend our footprint with access points that are convenient to our patients and help further align us with physician stakeholders.

從營運角度來看，我想強調我們正在進行的投資，以擴增我們所服務社區的產能。我們持續在各市場看到有利的需求趨勢，支持我們對急性照護與行為健康兩大事業中，住院與門診服務線長期產能需求的信心；這也讓我們能透過更貼近病患、便利的服務據點擴大版圖，並進一步與醫師利害關係人更緊密地對齊。

In Acute Care, we added 177 licensed beds in three hospitals during the second quarter. These new beds represent a 2.5% increase to our same-facility bed capacity and position us to respond to strong demand in these communities. In May, we officially opened the Alan B. Miller Medical Center in Palm Beach Gardens, Florida, and we are very pleased to have achieved joint commission accreditation for this de novo hospital in July, reflecting sound execution by our local team.

在急性照護方面，我們於第二季在三家醫院新增 177 張核准床位。這些新床位使我們同院（same-facility）床位產能增加 2.5%，並使我們能回應這些社區的強勁需求。5 月，我們在佛羅里達州棕櫚灘花園（Palm Beach Gardens）正式開幕 Alan B. Miller Medical Center；我們也很高興這家新設（de novo）醫院於 7 月取得 Joint Commission 認證，反映我們當地團隊的良好執行力。

We've experienced a strong reception from the Palm Beach Gardens community, and are excited to serve this fast-growing area of Florida with the newest and one of the most advanced medical campuses in the region.

我們在棕櫚灘花園社區獲得熱烈回響，也很期待以本區最新、且最先進的醫療園區之一，服務佛羅里達州這個快速成長的地區。

Within our Behavioral Health segment, we continue to make strong progress in our integration planning for the pending Talkspace acquisition, which we expect to close in mid-August of this year. Talkspace represents not only a unique opportunity for us to accelerate our presence in the outpatient market, but also creates the nation's first end-to-end continuum of behavioral health care services, from acute inpatient and residential services, inpatient, in-person, outpatient care and soon with Talkspace virtual services nationally.

在行為健康事業方面，我們持續在待完成的 Talkspace 收購案整合規劃上取得良好進展，預期將於今年 8 月中旬完成交割。Talkspace 不僅為我們加速拓展門診市場提供獨特機會，也將打造全美第一個端到端的行為健康照護服務連續體，涵蓋急性住院與住宿式服務、住院、面對面門診照護，並且很快將透過 Talkspace 在全國提供虛擬服務。

As Steve will detail shortly, we've increased our professional and general liability reserves and now assume higher anticipated operating losses at our de novo hospital in Washington, DC as well as San Diego -- I'm sorry, San Antonio, Texas behavioral hospital that we are in the process of recertifying in order to reestablish much-needed mental health services capacity in that region of Texas. Accountability and delivery of high-quality care are at the core of our purpose. We are deeply committed to excellence and to addressing any instances that fall short.

如 Steve 稍後將詳細說明，我們已提高專業責任與一般責任準備金，並且目前假設我們在華盛頓特區的新設（de novo）醫院，以及聖地牙哥——抱歉，是德州聖安東尼奧（San Antonio）的行為健康醫院，將出現更高的預期營運虧損；該院我們正進行重新認證（recertifying），以便在德州該地區重建急需的心理健康服務產能。問責與提供高品質照護是我們使命的核心。我們對卓越表現深具承諾，並致力於處理任何未達標準的情況。

Overall, the broad portfolio continues to perform well operationally and clinically, and we have a 46-year track record of strong quality and safety performance across both our Behavioral Health and Acute Care divisions.

整體而言，我們多元的資產組合在營運與臨床面持續表現良好；在行為健康與急性照護兩大事業中，我們也擁有 46 年強勁的品質與安全表現紀錄。

Before passing it over to Steve, I want to make a brief comment about our share repurchase activity during the second quarter, which accelerated to $320 million as compared to $127 million in the first quarter of 2026.

在交給 Steve 之前，我想簡短談一下我們第二季的庫藏股回購活動；回購金額加速至 3.20 億美元，相較於 2026 年第一季的 1.27 億美元。

The recent dislocation in our share price represents a compelling opportunity to deploy capital and retire UHS shares at heavily discounted levels. Given the strength of our balance sheet and the confidence we have in our ability to generate cash flow, we intend to remain highly active with our share repurchase program at these levels.

近期我們股價的錯位（dislocation）提供了極具吸引力的機會，讓我們得以運用資本，在大幅折價的水準回購並註銷 UHS 股票。鑑於我們資產負債表的強勁，以及我們對自身創造現金流能力的信心，我們打算在目前水準下，持續非常積極地執行股票回購計畫。

In closing, I want to thank the UHS team for their focus on quality patient care and for their ability to adapt in such a dynamic 2026 operating environment. I want to emphasize that our strategy remains steadfast, to invest in high-growth markets, expand access to care, operate efficiently and create long-term value for patients, employees and shareholders.

最後，我要感謝 UHS 團隊專注於高品質病患照護，並能在 2026 年如此動態的營運環境中靈活應變。我想強調，我們的策略依然堅定：投資於高成長市場、擴大照護可近性、提升營運效率，並為病患、員工與股東創造長期價值。

I remain very optimistic about our long-term outlook, given the quality and strength of our portfolio, the experience of our management team and the underlying demand characteristics of the markets that we serve.

基於我們資產組合的品質與實力、管理團隊的經驗，以及我們所服務市場的基本需求特性，我對我們的長期展望仍然非常樂觀。

With that, I'll now turn the call over to Steve Filton for more details on the quarter.

接下來，我把電話會議交給 Steve Filton，請他就本季提供更多細節。

Thanks, Marc. I will highlight a few financial and operational trends before opening the call up to questions.

謝謝你，Marc。在開放提問之前，我將先說明幾項財務與營運趨勢重點。

The company reported adjusted EPS of $5.98 for the second quarter of 2026, representing growth of 12% on a year-over-year basis. Second quarter adjusted EBITDA less NCI was $678 million, representing growth of 5% on a year-over-year basis.

公司 2026 年第二季調整後 EPS 為 5.98 美元，年增 12%。第二季扣除 NCI 的調整後 EBITDA 為 6.78 億美元，年增 5%。

When excluding the $100 million out of Florida -- out-of-period, Florida DPP benefit not contemplated in our guidance, our Q2 adjusted EBITDA less NCI fell short of our internal expectations, primarily attributable to three items, approximating $63 million, including $28 million attributable to higher professional and general liability reserves, approximately $20 million attributable to the San Antonio behavioral facility, and approximately $15 million attributable to a continued slower ramp-up of our Cedar Hill Medical Center de novo facility in Washington, DC.

若排除佛羅里達州 DPP 的 1.00 億美元——屬於跨期（out-of-period）的佛州 DPP 受益，且未納入我們的財測指引——我們第二季扣除 NCI 的調整後 EBITDA 低於我們內部預期，主要歸因於三項因素，合計約 6,300 萬美元，包括約 2,800 萬美元來自較高的專業責任與一般責任準備金、約 2,000 萬美元來自聖安東尼奧行為健康設施，以及約 1,500 萬美元來自我們位於華盛頓特區 Cedar Hill Medical Center 新設（de novo）院區持續較慢的爬坡速度。

At the segment level, on a same-facility basis, adjusted admissions in our Acute Care hospitals increased 2.9% as compared to the second quarter of 2025. Volume performance improved sequentially from the first quarter of 2026 and was broad-based geographically.

以事業別來看，在同院（same-facility）基礎下，我們急性照護醫院的調整後入院人次（adjusted admissions）較 2025 年第二季增加 2.9%。量能表現相較 2026 年第一季呈現逐季改善，且在地理分布上相當廣泛。

Same-facility Acute Care emergency department visits increased 4%, while same-facility surgeries decreased 0.8% as compared to the second quarter of 2025. Although surgical volumes continue to be somewhat muted, the trend in the second quarter improved slightly compared to the past several quarters.

同院急性照護急診就診人次增加 4%，而同院手術量較 2025 年第二季下降 0.8%。雖然手術量仍略顯疲弱，但第二季的趨勢相較過去幾季略有改善。

From a service line perspective, we experienced positive trends in certain higher acuity inpatient service lines, notably urology, neurology and cardiology as compared to last year's second quarter. Payer mix trends remain consistent with recent quarters with stronger growth in Medicare and Managed Medicare, modest growth in managed care volumes, excluding the exchanges, and slightly lower Medicaid volumes.

從服務線角度來看，與去年第二季相比，我們在部分較高病情嚴重度的住院服務線呈現正向趨勢，尤其是泌尿科、神經科與心臟科。付款方組合（payer mix）趨勢與近幾季一致：Medicare 與 Managed Medicare 成長較強；排除交易所（exchanges）後，管理式照護（managed care）量能溫和成長；Medicaid 量能則略為下降。

Year-to-date, facility -- year-to-date same-store facility Acute Care adjusted admissions growth through the second quarter of 2026 was 1.4%, and we believe it's appropriate to fine-tune our volume guidance for the full year to a range of 1.5% to 2.5% or 50 basis points lower at the midpoint of our prior range to reflect the year-to-date trends.

年初至今，就同店口徑而言，截至2026年第二季，急性照護（Acute Care）調整後入院人次的年初至今成長為1.4%，我們認為有必要針對全年量能指引進行微調，將區間調整為1.5%至2.5%，亦即在我們先前區間的中點下調50個基點，以反映年初至今的趨勢。

On a same-facility basis, net revenue in our Acute Care segment during the second quarter of 2026 increased 8.2% and increased 5.9%, excluding the impact of our health plan. Acute Care same-facility revenue per adjusted admission increased by 3.0% during the second quarter of 2026 on a reported basis, and increased 2.7% after excluding net out-of-period Medicaid supplemental benefits from both periods. Acute Care rate growth continues to track in line with our expectations overall.

以同院區（same-facility）口徑計算，2026年第二季我們急性照護事業部的淨營收成長8.2%；若排除健康保險計畫的影響，則成長5.9%。以報表口徑計算，2026年第二季急性照護同院區每調整後入院人次營收成長3.0%；若將兩期的跨期（out-of-period）Medicaid補充給付淨額排除後，則成長2.7%。整體而言，急性照護費率成長仍持續符合我們的預期。

Operating expenses were well managed across labor, supply and other expense categories. Same-facility Acute Care salaries, wages and benefits expense for adjusted admission increased 2.7% and supply expense per adjusted admission decreased 2.5% over last year's second quarter. Contract labor was 2.5% of Acute Care segment revenue or 20 basis points lower year-over-year. Other operating expenses increased primarily due to our health plan, which experienced revenue growth of approximately 35%.

在勞動力、供應品及其他費用類別方面，營運費用控管良好。同院區急性照護每調整後入院人次的薪資、工資與福利費用較去年第二季增加2.7%，而每調整後入院人次的供應品費用較去年第二季下降2.5%。約聘勞務成本占急性照護事業部營收的2.5%，年減20個基點。其他營運費用增加主要來自我們的健康保險計畫，其營收成長約35%。

For the second quarter of 2026, our Acute Care performance resulted in 8.2% same facility segment EBITDA growth. Excluding the out-of-period supplemental program benefit from both periods, second quarter 2026 same-facility Acute Care segment EBITDA increased 6.3% on a year-over-year basis.

2026年第二季，我們急性照護的表現帶動同院區事業部EBITDA成長8.2%。若將兩期的跨期補充計畫利益排除，2026年第二季同院區急性照護事業部EBITDA年增6.3%。

In our Acute Care segment, the net out-of-period benefit related to supplemental payments was approximately $7 million, comprised of approximately $23 million in the second quarter of '26 from the Florida program as compared to approximately $16 million of out-of-period amounts in the second quarter of '25 related to other state programs.

在急性照護事業部中，與補充付款相關的跨期淨利益約為700萬美元，其中包括2026年第二季來自佛羅里達州計畫約2,300萬美元，相較之下，2025年第二季與其他州計畫相關的跨期金額約為1,600萬美元。

With respect to health insurance exchange trends during the second quarter of 2026, we estimate an impact of approximately $20 million, which was in line with our expectations. Exchange volumes declined approximately 15% as compared to the second quarter of 2025. The reduction in the number of exchange volumes corresponds to the increase in self-pay volumes during the second quarter.

就2026年第二季健康保險交易所（exchange）趨勢而言，我們估計其影響約為2,000萬美元，符合我們的預期。交易所投保量較2025年第二季下降約15%。交易所投保量的減少，對應到第二季自費（self-pay）量的增加。

Based on the trends during the first half of 2026, we expect the full year pretax impact to be within the upper half of our originally contemplated guidance range or approximately $85 million. While the first half decline in exchange volumes was below the 25% plus range in our original forecast, we believe our impact estimate is supported by the trends we have observed year-to-date in our business and other dynamics such as shifts in the metal tier that are playing out within the exchange market.

根據2026年上半年的趨勢，我們預期全年稅前影響將落在我們原先指引區間的上半部，約為8,500萬美元。雖然上半年交易所投保量的下滑幅度低於我們原始預測的25%以上區間，但我們認為我們的影響估計有年初至今在業務中觀察到的趨勢，以及其他動態（例如交易所市場內金屬層級（metal tier）轉移）作為支撐。

As it relates to our Acute Care de novo hospitals, our Palm Beach Gardens facility opened in May and second quarter start-up losses at this facility were in line with our expectations. In Washington, DC, Cedar Hill Regional Medical Center entered the same-facility hospital group in the second quarter and continue to ramp at a slower-than-expected pace. Second quarter performance at Cedar Hill represented an improvement of approximately $15 million year-over-year, although results there were similar to our first quarter.

就我們急性照護的新設（de novo）醫院而言，Palm Beach Gardens院區已於5月開幕，且該院區第二季的開辦期虧損符合我們的預期。在華盛頓特區，Cedar Hill Regional Medical Center於第二季納入同院區醫院群組，但其爬坡速度仍低於預期。Cedar Hill第二季表現較去年同期改善約1,500萬美元，惟其結果與第一季相近。

Turning to our Behavioral Health segment results. During the second quarter of 2026, same-facility net revenue increased 7.4%, supported by a 6.1% increase in same facility revenue per adjusted patient day and a 1.4% increase in same-facility adjusted patient days as compared to the second quarter of 2025. Year-to-date, same facility adjusted patient day growth through the second quarter of 2026 was 1.5%, and we believe it's appropriate to fine-tune our volume guidance for the full year to a range of 1.0% to 2.0% or 100 basis points lower than the prior range at the midpoint to reflect year-to-date trends and an outlook for second half volumes to be similar to Q2 performance.

接著說明我們行為健康（Behavioral Health）事業部的結果。2026年第二季，同院區淨營收成長7.4%，主要受同院區每調整後病人日（adjusted patient day）營收成長6.1%以及同院區調整後病人日較2025年第二季增加1.4%所支撐。年初至今，截至2026年第二季，同院區調整後病人日成長為1.5%，我們認為有必要針對全年量能指引進行微調，將區間調整為1.0%至2.0%，亦即在先前區間的中點下調100個基點，以反映年初至今趨勢，並反映我們對下半年量能展望將與第二季表現相近。

Same facility Behavioral Health segment EBITDA increased 9.0% in the second quarter of 2026. Excluding the net benefit from out-of-period supplemental payments, same-facility revenue per adjusted patient day increased 5.3% and same facility segment EBITDA increased 5.7% on a year-over-year basis.

2026年第二季，同院區行為健康事業部EBITDA成長9.0%。若排除跨期補充付款的淨利益，同院區每調整後病人日營收成長5.3%，且同院區事業部EBITDA年增5.7%。

In our Behavioral Health segment, the net add of period benefit related to supplemental payments was approximately $18 million, comprised of approximately $77 million in the second quarter of 2026 from the Florida program as compared to approximately $59 million of out-of-period amount in the second quarter of 2025 related primarily to the Tennessee program.

在行為健康事業部中，與補充付款相關的跨期淨增加利益約為1,800萬美元，其中包括2026年第二季來自佛羅里達州計畫約7,700萬美元，相較之下，2025年第二季主要與田納西州計畫相關的跨期金額約為5,900萬美元。

For the second quarter of 2026, Behavioral Health segment facilities, salaries, wages and benefits per adjusted patient day increased 4.8% on a year-over-year basis, showing improvement on a sequential basis as head count moderated further to 2% growth.

2026年第二季，行為健康事業部院區每調整後病人日的薪資、工資與福利年增4.8%；隨著人力編制增幅進一步放緩至2%，該項指標較前一季呈現改善。

In California, based on our success in hiring and training, we remain on track with the $35 million impact that we contemplated in our original 2026 outlook with respect to the state's nurse staffing ratio requirements that went into effect June 1.

在加州，基於我們在招募與訓練方面的成果，針對6月1日生效的州護理人員配置比例要求，我們仍按計畫達成原先在2026年展望中所預估的3,500萬美元影響。

As it relates to our Behavioral Health hospital in Texas that is in the process of getting recertified, we stopped receiving reimbursement at the end of April and do not expect to receive reimbursement from government or managed care sources until we regain certification, which we anticipate in 2027. The facility will operate, in the meantime, with limited patient census and therefore, we will incur operating losses and will be excluded -- and the facility will be excluded from our same facility performance.

就我們位於德州、正在重新認證（recertified）流程中的行為健康醫院而言，我們已於4月底停止收到給付，且在重新取得認證之前（我們預期於2027年取得），不預期會從政府或管理式照護（managed care）來源收到給付。在此期間，該院區將以有限的住院人數（patient census）營運，因此我們將產生營運虧損，且該院區將被排除在我們的同院區績效之外。

During the second quarter of 2026, pretax losses at this facility totaled approximately $10 million, including staff severance costs. We expect operating losses to run between $5 million and $10 million per quarter for the balance of 2026. During calendar year '25, this facility's EBITDA was approximately $25 million.

2026年第二季，該院區稅前虧損合計約1,000萬美元，其中包含員工資遣費用。我們預期在2026年剩餘期間，每季營運虧損約介於500萬至1,000萬美元。在2025曆年，該院區的EBITDA約為2,500萬美元。

Moving on to cash flow and balance sheet highlights. Second quarter cash generated from operating activities was $44.3 million as compared to $549 million during the same period last year. During the second quarter of 2026, we spent $228 million on capital expenditures, reflecting the de novo hospital opening and bed capacity expansions Marc referred to earlier.

接著說明現金流與資產負債表重點。第二季營運活動產生的現金為4,430萬美元，去年同期為5.49億美元。2026年第二季，我們資本支出為2.28億美元，反映先前Marc提到的新設醫院開幕及床位容量擴增。

During the second quarter of 2026, we acquired 1.89 million of our shares at a total cost of $320 million. As of June 30, 2026, we had $978 million of repurchase authorization available pursuant to our stock buyback program, and we expect to remain active with share repurchase throughout 2026.

2026年第二季，我們以總成本3.20億美元回購189萬股自家股票。截至2026年6月30日，依據我們的股票回購計畫，尚有9.78億美元的回購授權額度可用，我們預期在2026年將持續積極進行股票回購。

From a balance sheet perspective, we ended the quarter with cash of $139 million, total debt of $4.85 billion and net leverage of 1.8 times. As of June 30, 2026, we had $1.27 billion of additional borrowing capacity available pursuant to our revolving credit facility.

就資產負債表而言，我們於季末持有現金1.39億美元、總負債48.5億美元，淨槓桿倍數為1.8倍。截至2026年6月30日，依據我們的循環信用額度（revolving credit facility），尚有12.7億美元的額外借款能力可用。

Turning to our outlook for 2026. We are updating our financial operating forecast to reflect year-to-date performance and recent developments. The components of our updated 2026 guidance compared to our previous forecast can be found in our second quarter earnings press release and our supplemental earnings material.

接著說明我們對2026年的展望。我們正在更新財務營運預測，以反映年初至今的表現與近期發展。更新後的2026年指引各項組成與先前預測的比較，請參閱我們第二季財報新聞稿及補充財報資料。

Our updated guidance represents approximately 7% revenue growth, 3% EBITDA less NCI growth and 6% EBITDA -- EPS growth at the midpoint. Focusing my remarks specifically on adjusted EBITDA less NCI, our updated 2026 forecast is in a range of $2.61 billion to $2.72 billion, representing a decrease of approximately $50 million from our prior outlook at the $2.66 billion midpoint.

我們更新後的指引在中位數下，代表約 7% 的營收成長、3% 的 EBITDA（扣除 NCI）成長，以及 6% 的 EBITDA -- EPS 成長。若將我的評論聚焦於調整後 EBITDA（扣除 NCI），我們更新後的 2026 年預測區間為 26.1 億美元至 27.2 億美元，較先前展望在 26.6 億美元中位數下約減少 5,000 萬美元。

At a high level, we include approximately $150 million of additional Medicaid supplemental net benefit for the full year that is offset by approximately $200 million of adverse items not originally contemplated in our outlook. The primary drivers of these factors are as follows.

從整體來看，我們納入全年約 1.5 億美元的 Medicaid 補充款項淨效益，但同時被先前展望中未原先納入的約 2 億美元不利項目所抵銷。這些因素的主要驅動如下。

First, we now expect the net benefit from Medicaid supplemental funding to be approximately $1.5 billion for the year or an increase of approximately $150 million from our prior outlook. This $150 million is comprised primarily of the $100 million net benefit from Florida recognized in the second quarter, growth in other programs during the first half of 2026 and approximately $25 million related to the Texas Atlas program that we expect to record in the third quarter. It is worth noting that more than one-fifth of the $1.5 billion total is derived from state-based programs not subject to the reductions in the OBBA legislation.

第一，我們目前預期 Medicaid 補充資金的全年淨效益約為 15 億美元，較先前展望增加約 1.5 億美元。這 1.5 億美元主要由第二季認列的佛羅里達州 1 億美元淨效益、2026 年上半年其他計畫的成長，以及我們預期將於第三季入帳、與德州 Atlas 計畫相關的約 2,500 萬美元所構成。值得注意的是，15 億美元總額中超過五分之一來自不受 OBBA 立法削減影響的州層級計畫。

Second, we now include $50 million of impact associated with the Texas behavioral health facility that is in the process of being recertified. This includes the loss of approximately $30 million in earnings originally budgeted for this year and approximately $20 million of operating losses assumed for the full year while we work towards recertification. Approximately $20 million of this impact was in the second quarter and the remaining $30 million is expected to impact the second half of 2026.

第二，我們目前納入與正在重新認證中的德州行為健康設施相關的 5,000 萬美元影響。其中包括今年原先預算的約 3,000 萬美元獲利損失，以及在我們推進重新認證期間，假設全年將產生約 2,000 萬美元的營運虧損。此影響約有 2,000 萬美元發生在第二季，其餘 3,000 萬美元預期將影響 2026 年下半年。

Third, we are adjusting the year-over-year tailwind related to Cedar Hill Regional Medical Center in Washington, DC from $50 million to $20 million. Our original guidance assumed Cedar Hill would be breakeven during the first half and have positive earnings in the second half of 2026, which would have yielded a $50 million de novo tailwind net of anticipated start-up losses at the Palm Beach Gardens de novo hospital.

第三，我們將與華盛頓特區 Cedar Hill Regional Medical Center 相關的年對年順風，從 5,000 萬美元調整為 2,000 萬美元。我們原先的指引假設 Cedar Hill 在上半年損益兩平、並於 2026 年下半年轉為正向獲利，扣除 Palm Beach Gardens 新設醫院預期的開辦虧損後，將帶來 5,000 萬美元的新設（de novo）順風。

The $50 million difference in our guidance now assumes Cedar Hill will reach breakeven during the fourth quarter and therefore, approximately $20 million of start-up losses at our Florida hospital will not be contained by second half operating gains at Cedar Hill as originally contemplated in our prior. Approximately $20 million of this impact was in the first half of 2026 and the remaining $30 million is expected to impact the second half of '26.

我們指引中的這 5,000 萬美元差異，現在假設 Cedar Hill 將於第四季達到損益兩平；因此，原先預期由 Cedar Hill 下半年營運獲利所抵銷的佛羅里達州醫院約 2,000 萬美元開辦虧損，將無法如先前所設想般被吸收。此影響約有 2,000 萬美元發生在 2026 年上半年，其餘 3,000 萬美元預期將影響 2026 年下半年。

Fourth, we are increasing our professional and general liability expense estimate for the full year by approximately $50 million, of which $28 million was recognized during the second quarter of 2026, and the remainder represents increases to our quarterly expense going forward. It is important to point out that the increase to our reserve and additional expense for the balance of 2026 is split somewhat evenly between our Acute Care and Behavioral Health segments and reflects industry-wide trends generally associated with higher claim severity across all health care settings. The PLGL adjustments are in connection with our semiannual third-party actuarial review process conducted during the second quarter.

第四，我們將全年專業責任與一般責任（PLGL）費用估計上調約 5,000 萬美元，其中 2,800 萬美元已於 2026 年第二季認列，其餘則反映未來各季費用的上升。需要強調的是，2026 年剩餘期間準備金增加與額外費用的增幅，在我們的急性照護與行為健康兩大部門之間大致平均分配，並反映整體產業趨勢：在各類醫療照護場域中，理賠嚴重度普遍上升。這些 PLGL 調整與我們於第二季進行的半年一次第三方精算審查流程相關。

Finally, we are fine-tuning other aspects of the 2026 outlook, including the same facility volume assumptions for both segments, which resulted in EBITDA less NCI impact of approximately $50 million. As mentioned earlier, we now expect Acute Care adjusted admissions to be in a range of 1.5% to 2.5% and Behavioral Health adjusted patient days to be in a range of 1% to 2% as compared to our prior range of 2% to 3% for both segments.

最後，我們也在微調 2026 年展望的其他面向，包括兩個部門的同院（same facility）量能假設，導致 EBITDA（扣除 NCI）影響約 5,000 萬美元。如先前所提，我們目前預期急性照護調整後入院人次區間為 1.5% 至 2.5%，行為健康調整後住院日數區間為 1% 至 2%，相較於我們先前對兩個部門皆為 2% 至 3% 的區間。

We believe centering our same-facility volume outlook at approximately 2% for Acute Care and 1.5% for Behavioral Health still reflects a healthy demand environment, while being respectful of our more recent performance.

我們認為，將同院量能展望的中心值設定為急性照護約 2%、行為健康約 1.5%，仍反映健康的需求環境，同時也尊重我們近期的表現。

Operator, that concludes our prepared remarks, and we're pleased to answer questions at this time.

接線員，我們的預先準備發言到此結束，現在很樂意回答問題。

(Operator Instructions)

(接線員指示)

Ann Hynes, Mizuho.

Ann Hynes，Mizuho。

Sorry about that. I was on mute. Just -- my question is focused on your Acute Care volume change. Is that non-ACA-related, meaning you're seeing some pressure just in your base business? And if that's the case, to you, just provide a little bit more detail on what you think is happening. Thanks.

抱歉。我剛剛在靜音。我的問題聚焦在你們急性照護量能變動。這是否與 ACA 無關，也就是說，你們在基礎業務上正看到一些壓力？如果是的話，能否再多提供一些細節，談談你們認為正在發生什麼？謝謝。

Yes. So I think as we said, Ann, in our remarks, we're just trying to be practically reflective of our first half performance. Acute Care volumes sort of trended in that 2% adjusted admission range for the first half. I think we're seeing continued shift of certain elective and outpatient procedures into alternate site settings, ASCs, freestanding imaging, et cetera. And I think that's the primary contribution.

是的。Ann，我想如同我們在發言中所說，我們只是試圖務實地反映上半年的表現。急性照護量能在上半年大致落在調整後入院成長約 2% 的趨勢。我認為我們持續看到某些選擇性與門診手術轉移到其他場域，例如 ASC（門診手術中心）、獨立影像中心等。我想這是主要的貢獻因素。

But we're pleased overall with our Acute Care volume growth in Q2, pleased with the surgical volumes in Q2, which both overall volumes and surgical volumes rebounded in Q2. So we feel good about that, but felt like we were being, I think as our comments indicated, sort of respectful of the first half performance by slightly lowering the midpoint of our admission growth for the back half of the year.

不過，我們整體上對第二季急性照護量能成長感到滿意，也對第二季手術量感到滿意；無論是整體量能或手術量都在第二季回升。因此我們對此感覺良好，但也覺得如同我們的評論所指出，略微下調下半年入院成長的中位數，是對上半年表現的一種尊重。

Andrew Mok, Barclays.

Andrew Mok，Barclays。

Hi, good morning. When we contemplate all the puts and takes to the guidance revision for this year, it looks like underlying EBITDA growth accelerates several hundred basis points in the back half. Can you walk us through the drivers of that back half acceleration? Thanks.

嗨，早安。當我們把今年指引修訂的各項正負因素都納入考量時，看起來基礎 EBITDA 成長在下半年加速了數百個基點。你能帶我們了解一下，下半年加速的驅動因素嗎？謝謝。

Sure, Andrew. I think as we contemplated the revised guidance, we felt like we identified a number of positive developments that should occur during the second quarter. One, which we referenced in our prepared remarks, was the new capacity. We added 177 beds across three markets in our acute facilities during the second quarter. Those projects will continue to ramp up as the year goes on.

當然可以，Andrew。我想在我們思考修訂後的指引時，我們認為已辨識出一些應會在第二季發生的正面進展。其中之一，如同我們在預先準備發言中提到的，是新增產能。我們在第二季於急性照護設施的三個市場新增了 177 張病床。這些專案將隨著年度推進而持續爬坡。

The initial openings of all three of those projects, I think, indicated strong demand. And so we're very positive about that. And those beds, again, I think as Marc mentioned in his comments, represent about a 2.5% increase in our bed capacity. So that's one item.

我認為這三個專案的初期開放都顯示出強勁需求。因此我們對此非常正面。而這些病床，如同 Marc 在他的評論中提到的，約代表我們病床產能增加 2.5%。這是其中一項。

I think, both Marc and I mentioned that Cedar Hill -- that benefit will continue to grow as the year goes on. If you recall, we lost $25 million in the third quarter of last year at Cedar Hill. We're expecting Cedar Hill to be at breakeven this year. So that's another positive swing there.

我想 Marc 和我都提到，Cedar Hill 的效益會隨著年度推進而持續增加。如果你還記得，去年第三季 Cedar Hill 虧損了 2,500 萬美元。我們預期今年 Cedar Hill 將達到損益兩平。因此這也是另一個正向的變動。

In Behavioral Health, I think I said in my comments, that our head count growth was 3% in the first quarter, moderated to 2% in the second quarter. We expect the head count and labor cost growth to continue to moderate during the second half.

在行為健康方面，我想我在評論中提到，我們的人頭數成長在第一季為 3%，第二季放緩至 2%。我們預期下半年人頭數與人力成本成長將持續放緩。

And finally, our comparison in the second half in Nevada, particularly in the fourth quarter, had seasonally softer trends during 2025. And we continue to see more normal growth trends in Nevada during 2026. So that's another opportunity for accelerated growth in the back half of the year.

最後，我們在下半年、特別是第四季，內華達州的比較基期在 2025 年呈現季節性較疲弱的趨勢。而我們在 2026 年持續看到內華達州更為正常的成長趨勢。因此，這也是下半年成長加速的另一個機會。

Great, thank you.

太好了，謝謝。

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

Hey, thanks for the question. For the Florida DPP program, I heard that you booked the ['25] portion in the second quarter. If this program is renewed for fiscal '26, with the sizing of the '26 program be about the same? And I think bigger picture, I just wanted to better understand if there are more opportunities with DPP to be recognized during 2026?

嗨，謝謝這個問題。關於佛羅里達州的 DPP 計畫，我聽說你們在第二季認列了['25]那一部分。如果這個計畫在 26 會計年度續辦，'26 計畫的規模大概會差不多嗎？另外從更宏觀的角度，我也想更了解在 2026 年是否還有更多 DPP 可被認列的機會？

So I think the answer, Matthew, is we're not certain what the impact of the 2026 approved program would be, which is partly why we have not either recorded any benefit in '26 or included it in our guidance. Obviously, if the program is approved, we will record it and we'll be benefited by that.

所以我想答案是，Matthew，我們不確定 2026 年已核准計畫會帶來什麼影響，這也是我們部分原因在於，既沒有在 '26 認列任何利益，也沒有把它納入我們的指引。顯然，如果該計畫獲得核准，我們會予以認列，並因此受益。

As far as other programs, there was a recent approval of a California program that we've been recording. I don't think we think that has a material impact on us. There are a couple of other states that are contemplating either new programs or expanded programs. I don't know that any of them at this point would be material and certainly none of them are included in our guidance.

至於其他計畫，最近加州有一個計畫獲得核准，我們一直在認列。我不認為我們覺得那對我們有重大影響。還有幾個州正在考慮推出新計畫或擴大既有計畫。我不知道目前其中任何一個會是重大的，當然也沒有任何一個被納入我們的指引。

Got it. And then as a quick follow-up, Steve, can you give us a sense for how we should think about the ramp of the facility in San Antonio once it gets the CMS certification back in 2027?

了解。接著快速追問一下，Steve，你能否讓我們大致了解，一旦聖安東尼奧的設施在 2027 年重新取得 CMS 認證後，我們應該如何看待其爬坡速度？

Yes. That's hard to do at this point, Matthew. Obviously, we don't know when the facility would or could be recertified. We don't know if it will be recertified with certain sort of conditions as to its ramp, et cetera. So as we go through the process of getting surveyed of dealing with the regulatory environment as we learn more about it, we'll be relaying that to you all, both in terms of timing and ramp expectations, et cetera.

可以。Matthew，現階段很難說。顯然，我們不知道該設施何時會或能夠重新取得認證。我們也不知道是否會在附帶某些條件（例如爬坡節奏等）的情況下重新取得認證。因此，隨著我們走完受查核流程、並在監管環境中推進、且我們了解更多資訊時，我們會把這些回饋給各位，包括時程與爬坡預期等。

The one thing that I will say is just reiterate what Marc said and that is, we've had a lot of support from the broad San Antonio community. The beds at Laurel Ridge Hospital represent about half of the behavioral beds in the market. And so they are sorely missed in the community by the population, by referral sources, et cetera.

我唯一想補充的是，再次重申 Marc 所說的：我們獲得了廣泛的聖安東尼奧社區的大力支持。Laurel Ridge Hospital 的病床約占該市場行為健康病床的一半。因此，這些病床在社區中非常被需要，無論是民眾、轉介來源等都很想念它們。

So our hope would be, and our expectation, that the demand will be there when and if we get recertified, and we would be prepared to ramp up relatively quickly and efficiently, but we'll continue to keep you posted on the timing of that.

所以我們希望、也預期，一旦我們在取得重新認證之時（若能取得），需求會在那裡；而我們也會準備好相對快速且有效率地爬坡，但我們會持續向各位更新相關時程。

Thank you.

謝謝。

Jason Cassorla, Guggenheim Partners.

Jason Cassorla，Guggenheim Partners。

Great, thanks. Good morning. Maybe, just hoping you can discuss behavioral volumes, just how that 1.4% compared to your internal expectations, I guess, particularly after the head count increases you've had over the past few quarters. Anything changing on the demand front? Or is this very much like more of the same as you've flagged before around outpatient preference or outpatient shifts? Just any thoughts on the Behavioral Health volume demand environment would be helpful, too. Thanks.

很好，謝謝。早安。也許想請你們談談行為健康的量能/量（volumes），這個 1.4% 與你們內部預期相比如何？我想特別是在過去幾季你們增加人力之後。需求面有任何變化嗎？還是這基本上就是你們之前提到的情況延續，例如偏好門診或向門診移轉？也請分享一下你們對行為健康量需求環境的看法，會很有幫助。謝謝。

Yes. Jason, I mean, in the case of Behavioral, I think the 1% to 2% change to our estimated volume range is very consistent with what we have been running for now a number of quarters. I think we had originally anticipated a slightly higher growth rate, largely based on increases in outpatient demand. And I think to date, outpatient has been growing at about the same rate as inpatient. To your point, we've added some head count in order to allow us to accommodate more outpatient capacity. I think it's just growing a little bit slower than we originally imagined.

是的。Jason，就行為健康而言，我認為我們把預估量的區間調整 1% 到 2%，與我們已經連續好幾季的表現非常一致。我想我們原本預期成長率會稍高一些，主要是基於門診需求增加。但截至目前，門診的成長速度大約與住院相同。如你所說，我們增加了一些人力，以便能承接更多門診容量。我想只是成長比我們原先想像的稍慢一些。

As we, I think, talked about in the last couple of calls, we do expect the acquisition of Talkspace to be a significant accelerant to our outpatient growth, really providing our patients this virtual option for outpatient treatment and outpatient care that we really weren't able to offer before in any sort of sizable way. So obviously, the Talkspace acquisition won't be completed till August.

正如我們在最近幾次電話會議中提到的，我們預期收購 Talkspace 將會顯著加速我們的門診成長，真正為病患提供一個門診治療與照護的虛擬選項，而這是我們過去無法以任何具規模的方式提供的。當然，Talkspace 的收購要到 8 月才會完成。

It will take a little bit of time to complete that integration fully. But I feel like at that point in time, we may revisit our outlook for, particularly for outpatient growth. But yes, I think the change that we made was largely really just to recognize that that's kind of the environment that we've been operating in for some time.

要把整合完全完成還需要一點時間。但我覺得到那個時間點，我們可能會重新檢視我們的展望，特別是門診成長的展望。不過是的，我想我們這次的調整主要是為了反映：這就是我們一段時間以來所處的營運環境。

Got it. Thanks. Very helpful. And then if I could follow up, I just wanted to ask about the malpractice reserve headwinds. It looks like increases to those reserves have had like a 2% to 3% annual EBITDA headwind over the past few years. I guess just stepping back, do you think these types of hefty increases will be like simply structural moving forward? Or are there any developments that could give some sort of visibility into a deceleration in those costs? Or any thoughts around that would be helpful. Thanks.

了解。謝謝。非常有幫助。如果我可以再追問一下，我想問關於醫療疏失準備金（malpractice reserve）的逆風。看起來過去幾年，這些準備金的增加每年對 EBITDA 造成約 2% 到 3% 的逆風。我想退一步問，你認為這類大幅增加未來會成為結構性常態嗎？或者是否有任何發展能讓我們對這些成本增速放緩有一些能見度？任何相關想法都會很有幫助。謝謝。

Difficult for us to predict, Jason. What I would say is, we include in our guidance and in our budget, the amounts from our third-party actuaries. We don't independently come up with those numbers. And then, of course, we have, on a twice a year basis, a third-party actuarial review of where our expense and reserves stand. And to your point, they've been increasing.

Jason，這對我們來說很難預測。我想說的是，我們在指引與預算中納入的是第三方精算師提供的金額。我們不會自行獨立推算這些數字。當然，我們每年兩次會由第三方精算機構審視我們的費用與準備金水位。而如你所說，它們一直在上升。

As we said in our prepared remarks, I think the main reason they've been increasing has been an overall increase in the severity of claims across health care providers of all sorts, including Acute and Behavioral. I don't think this is anything UHS-specific.

正如我們在事先準備的發言中所說，我認為它們上升的主要原因，是各類醫療服務提供者（包括急性照護與行為健康）在理賠案件嚴重程度（severity）上整體提高。我不認為這是 UHS 特有的問題。

In terms of the things that we do to control that, obviously, internally, we have significant risk management programs to reduce the number of negative outcomes, et cetera, and are very focused on that. But in terms of the broader sort of environment where cases are just worth more, both in settlements and in verdicts, difficult for us to control that. There is a significant amount of lobbying going on by the industry for malpractice and tort reform at both the state and federal levels, but very difficult to predict how that will turn out.

就我們用來控管的作法而言，顯然在內部我們有相當完善的風險管理計畫，以降低不良結果的發生數量等，我們也非常專注於此。但就更廣泛的環境而言，案件本身的金額變得更高，無論是和解金或判決金，我們很難控制。產業在州與聯邦層級都投入大量遊說，推動醫療疏失與侵權改革（tort reform），但結果如何很難預測。

Got it. Thank you.

了解。謝謝。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

Good morning, guys, A question on surgical volumes. Can you talk about the emergent versus elective surgeries that you saw in the 2Q and split out between inpatient and outpatient? And what do you think the demand set up is for that in the back half of the year?

各位早安，關於手術量的問題。你們能談談第二季看到的緊急（emergent）與選擇性（elective）手術的情況，並區分住院與門診嗎？以及你們認為下半年這方面的需求態勢會如何？

So Peter, we don't necessarily track elective versus nonelective surgeries. What we said in our prepared remarks was overall surgical volume was down 0.8% in the quarter. That's a bit of an improvement from the first quarter sequentially. On a blended basis, it reflects an increase in inpatient surgeries and a slight decline in outpatient surgeries.

所以 Peter，我們不一定會追蹤選擇性與非選擇性手術的區分。我們在事先準備的發言中提到，該季整體手術量下滑 0.8%。相較第一季，這在季比上算是有所改善。以混合口徑來看，反映的是住院手術增加、門診手術小幅下降。

What I would say is that surgical performance or our surgical volumes seem to be a little bit better than some of our peers. Always hard to know exactly why that is. I will say that internally, we've been very focused in the last several quarters, maybe the last year on, in an environment where we are otherwise, I think, trying to be very tight on expense control and capital spending.

我想說的是，我們的手術表現或手術量似乎比一些同業略好一些。為什麼會這樣，總是很難確切知道。我會說，在內部，我們在過去幾個季度、也許過去一年裡一直非常專注於——在一個我們除此之外、我認為正努力非常嚴格控管費用與資本支出的環境下。

We've been very focused on investing in those equipment and other investments that will be revenue producing, whether that's robotics, whether that's more advanced imaging equipment, et cetera. And it feels like that is having some impact -- some positive impact. So we're pleased with that.

我們一直非常專注於投資那些設備以及其他能帶來收入的投資，不論是機器人手術，或是更先進的影像設備等等。而且感覺這正在產生一些影響——一些正面的影響。所以我們對此感到滿意。

Then a follow-up there. I mean, I guess, are there any areas within specific or weaknesses because you don't track emergent versus elective. I guess, just overall, are there any sort of categories that were sort of stronger or weaker within the quarter?

那我再追問一下。我的意思是，我想，是否有任何特定領域或弱點——因為你們不追蹤急診（emergent）與選擇性（elective）的區分。我想問的是，整體而言，本季是否有任何類別相對更強或更弱？

And then you talked about this in the script, but how should we think about the continued focus from CMS to push outpatient procedures into the ASC and kind of how do you guys combat that? And how do you view, I guess, sort of medium-term outpace and surgical growth? Thanks.

另外你在講稿裡也提到，但我們應該如何看待 CMS 持續推動把門診手術移到 ASC（門診手術中心）的重點，以及你們大概如何因應？以及你們如何看待，我想，中期的門診滲透（outpace）與手術成長？謝謝。

Yes. So we didn't necessarily comment specifically on surgeries, but having talked about service line growth in areas like urology and neurology and cardiology. I would suggest that those are areas where procedural volumes were strong as well.

是的。所以我們不一定特別針對手術做評論，但既然談到像泌尿科、神經科與心臟科等服務線的成長，我會認為這些領域的處置量（procedural volumes）也同樣強勁。

Obviously, the shift to outpatient is nothing new, as you know, Pito, I think we combat that in a number of ways. We continue to invest in ambulatory surgery centers where they're appropriate and where they make economic sense. We certainly have at least one ASC in every single one of our markets, and in many cases, multiple ASCs.

顯然，轉向門診並不是新鮮事，如你所知，Pito，我認為我們用多種方式來因應。我們持續在適當且具經濟效益的地方投資門診手術中心（ASC）。我們當然在每一個市場至少都有一間 ASC，而且很多情況下有多間 ASC。

We continue to expand. And like I said, invest in our own outpatient surgical capacity, whether that's physical capacity, building more OR suites or whether that's investing in equipment, responsive to the needs of our procedure list.

我們持續擴張。而且如我所說，投資我們自己的門診手術量能，不論是實體量能——興建更多手術室（OR）套間——或是投資設備，以回應我們手術清單的需求。

And we continue to do that. And I think, obviously, based on the second quarter performance, I would say, do it effectively. But the shift to outpatient certainly is going to continue, and we'll continue to pursue the initiatives that we've been pursuing to counter that.

我們也持續在做這些事。而且我想，顯然從第二季的表現來看，我會說我們做得有效。但轉向門診肯定會持續，我們也會持續推進我們一直在推動的各項措施來因應。

Great. Thanks so much.

很好。非常感謝。

Ryan Langston of TD Cowen.

TD Cowen 的 Ryan Langston。

Thanks. Sounds like you had fairly strong same-store ED volumes, Steve, I think I heard you say around 4%, but a little less growth in inpatient admissions and surgical procedures. Anything in particular driving that sort of slightly lower ED conversion to inpatient rate?

謝謝。Steve，聽起來你們同店急診（ED）量相當強勁，我想我聽到你說大約 4%，但住院收治（inpatient admissions）與手術處置的成長稍微低一些。是否有什麼特定因素導致急診轉入住院的比率略低？

No. I think, Ryan, that's, again, that's not a new phenomenon. I think the issue is that for a good portion of the population who don't have their own primary care doctors, they use hospital ERs as their primary care doctors. And as a consequence, those visits are not necessarily sort of traditionally emergent. And so we can, while we continue to see a lot of acutely ill patients in our ERs, we also continue to see patients who are coming there for what traditionally have been more like a PCP visit.

沒有。我想，Ryan，這同樣不是新現象。我認為問題在於，有相當一部分沒有自己的基層照護醫師（PCP）的族群，會把醫院急診室當作他們的基層照護醫師。因此，這些就診不一定屬於傳統意義上的緊急狀況。所以我們在急診室持續看到許多急性病患的同時，也持續看到一些病患是為了傳統上更像 PCP 門診的需求而來。

Got it. And then just a quick follow-up. I appreciate the comments on the share repurchase and prepared remarks. Any way to size how much of the 978 million authorization you may use through the rest of the year and maybe how much you've repurchased quarter-to-date? Thanks.

了解。再快速追問一下。我很感謝你們在股票回購與事先準備的發言中的評論。能否大概說明一下，今年剩餘時間你們可能會使用 9.78 億美元授權額度中的多少，以及本季迄今已回購多少？謝謝。

Yes. So we're not in the practice of sort of reporting share repurchase on an intra-quarter basis. I think we went into the year with the notion that we've repurchased somewhere in the $800 million to $900 million worth of shares. We'll certainly meet that, if not exceed that. We don't have a specific plan, but we'll continue to monitor the market.

好的。所以我們不習慣在季度進行中（intra-quarter）披露股票回購情況。我想我們在年初的想法是，今年會回購約 8 億到 9 億美元的股票。我們肯定會達到，甚至可能超過這個水準。我們沒有具體計畫，但會持續觀察市場。

As Marc indicated in his comments, we view the current share dislocation price as a compelling opportunity. We'll continue to be active. We'll continue to evaluate it against other capital deployment opportunities we might have. But again, in this environment, what we certainly are committed to remaining an active acquirer of our own shares.

如 Marc 在他的評論中所指出的，我們認為目前股價的錯位（dislocation）提供了很有吸引力的機會。我們會持續積極進行。我們也會把它與其他可能的資本配置機會一併評估。但再次強調，在這樣的環境下，我們確實承諾會持續作為自家股票的積極買方。

AJ Rice, UBS.

UBS 的 AJ Rice。

Hi, thanks, everyone. First, this is something we get asked a lot about, so I'll throw it out. I know it's out there. But you sort of sized your EBITDA from supplemental payments. Obviously, in 2028, they'll start to ratchet down somewhat because of the One Big Beautiful Bill. Are you doing anything to sort of think about that?

嗨，謝謝各位。首先，這是我們常被問到的，所以我也提出來。我知道外界有在談。你們大致量化了補充性支付（supplemental payments）對 EBITDA 的貢獻。顯然到了 2028 年，因為《One Big Beautiful Bill》，這些支付會開始逐步下調一些。你們有在做任何準備或思考嗎？

I know there's a chance that Congress could ask act and delay it, the implementation. But how do you think about how that might impact your long-term growth rate? And I know there's technology investments you're doing and other things like that. Just wondering how you think about that? And are there things you're doing now to prepare to offset that?

我知道國會有可能採取行動並延後實施。但你們如何看待這可能對你們長期成長率的影響？我也知道你們正在做科技投資以及其他類似的事情。只是想了解你們怎麼思考這件事？以及你們現在是否有在做一些準備，以抵銷那樣的影響？

So AJ, that's a pretty comprehensive question. I'm going to try and answer it at a high level, probably can explore it in more detail in some other setting. So one, I think Marc talked about the fact that, and my comments as well, that there was, I think, strong, from our perspective, strong expense management in the quarter. A number of initiatives to control productivity, make it more efficient. Supply expense on the acute side on a per adjusted admission basis was actually down in the quarter. All those initiatives leading to that, I think, strong expense outcomes will continue, and we'll build on those and compound those.

AJ，這是一個相當全面的問題。我會嘗試用較高層次來回答，可能在其他場合可以更深入探討。第一，我想 Marc 提到、我也提到，我們從自身角度看，本季的費用管理很強。我們有多項措施來控管人力生產力、提升效率。急性照護（Acute）端以每調整後住院（per adjusted admission）計算的供應費用在本季其實是下降的。所有促成這些、我認為強勁費用成果的措施都會持續，我們也會在此基礎上加碼並累積成效。

I think in previous calls, we've talked about a significant amount of investments in technology, both AI and non-AI technology, that is leading us to productivity improvements to improvements in our revenue cycle management.

我想在先前的電話會議中，我們談過在科技方面的大量投資，包括 AI 與非 AI 的技術，這正帶來生產力提升，也改善我們的收入循環管理（revenue cycle management）。

We've undertaken a significant review of our entire revenue cycle management on the Acute side with the aid of a third-party consultant. That has yielded some, I think, significant and measurable results and improvements. We're currently just beginning a similar process on the Behavioral side, where I think there are equal opportunities.

我們在第三方顧問的協助下，對急性照護端的整體收入循環管理進行了重大檢視。我認為這帶來了一些顯著且可衡量的成果與改善。我們目前也才剛開始在行為健康（Behavioral）端進行類似流程，我認為那裡也有同等的機會。

And then I think the third very broad piece is, as we think about the OBB pressures, which are largely on the Medicaid revenue reimbursement, I think particularly in the Behavioral business, we are looking at a lot of different ways to manage our exposure to Medicare. I think the emphasis on outpatient growth in Behavioral is a result of an acknowledgment that, that's where the demand is growing, and we want to treat people where they want to be treated and where their insurers want them to be treated.

第三個非常宏觀的面向是，當我們思考 OBB 的壓力——主要是在 Medicaid 的收入給付（reimbursement）上——我認為特別是在行為健康業務中，我們正在尋找許多不同的方法來管理我們對 Medicare 的曝險。行為健康門診成長的重點，反映出我們認知到需求正在那裡成長；我們希望在病患想被治療的地方、以及其保險人希望他們被治療的地方提供治療。

But also, we acknowledge that outpatient revenue in Behavioral tends to be much more Medicare centric and managed care centric than Medicaid centric. So all those issues, all of them consume a fair amount of focus and time, are ways in which where anticipating and trying to stay ahead of those OBB reductions that are scheduled to start beginning in 2028.

但同時，我們也承認，行為健康（Behavioral）的門診收入往往更偏向以 Medicare 與管理式照護為主，而不是以 Medicaid 為主。因此，所有這些議題——每一項——都會耗費相當多的關注與時間，也是在預期並試圖領先因應那些預計自 2028 年初開始的 OBB 減幅的方式。

Okay. And maybe just a follow-up, a more specific question around results. You gave some comments about your payer mix, and it doesn't sound like the public exchange impact is as materially different as we saw for some of the other peers. Are you seeing any uptick? You didn't really mention uncompensated care in your comments on payer mix. Are you seeing any meaningful shift in your uncompensated care burden?

好的。也許再追問一下，針對結果更具體的問題。你提到一些關於付款方組合（payer mix）的看法，聽起來公共交易所（public exchange）的影響，並不像我們在其他同業身上看到的那樣有顯著差異。你們有看到任何上升趨勢嗎？你在談付款方組合時其實沒有特別提到無償照護（uncompensated care）。你們是否看到無償照護負擔有任何具意義的變化？

What was fairly apparent in the second quarter, AJ, was that the decline in exchange volumes was offset almost on a direct one-for-one basis to an increase in self-pay volumes. So it felt like virtually everyone who lost their exchange coverage became an uninsured patient. We had assumed in our original assumptions that a small percentage of those folks, maybe 10% to 20% of them, would replace their exchange coverage with other commercial coverage. We felt more likely, coverage through their employers. That didn't seem to be true.

AJ，第二季相當明顯的一點是，交易所投保量的下滑，幾乎以一比一的方式被自付（self-pay）量的增加所抵消。所以感覺幾乎所有失去交易所保險的人，都變成了無保險病患。我們在最初假設中原本認為，其中一小部分人——可能 10% 到 20%——會用其他商業保險來替代交易所保險。我們覺得更可能是透過雇主取得的保險。但看起來並非如此。

And probably that phenomenon is what gave rise to the $10 million increase in our exchange impact projection from $75 million to $85 million. But yes, that's been the primary sort of observation about self-pay and its relationship to the exchange subsidies lapsing.

而且很可能正是這個現象，使我們對交易所影響的預估增加了 1,000 萬美元，從 7,500 萬美元提高到 8,500 萬美元。但沒錯，這一直是我們對自付與交易所補貼到期之間關係的主要觀察。

Craig Hettenbach, Morgan Stanley.

Craig Hettenbach，Morgan Stanley。

Yes, thank you. Just following up on the comments of the kind of advanced integration planning of Talkspace ahead of that closure in a few weeks here. Anything else you would add in terms of things that you think you'll be able to kind of hit the ground running? And how are you thinking about kind of that outpatient ramp next 12, 18 months?

是的，謝謝。我想延續你們剛才提到的，在幾週後 Talkspace 關閉之前所做的較前置的整合規劃。就你認為能夠讓你們「一上線就能運作」的部分，還有什麼可以補充的嗎？另外，你們如何看待未來 12 到 18 個月門診業務的爬坡（ramp）？

Yes. I mean what we've talked about, I think, in previous calls, Craig, is that one of the things that or maybe a couple of things that limit our ability to capture, particularly the step-down business, that is the business that's created by patients who are discharged from our inpatient facilities but require certain amounts of follow-up care. There are often limitations that prevent them from getting that care from us, and they tend to be really fall into two categories.

是的。Craig，我想我們在之前的電話會議中談過，其中一件事——或許是幾件事——限制了我們的能力，特別是在承接（step-down）業務上；也就是由從我們住院機構出院、但仍需要一定程度後續照護的病患所帶來的業務。他們常常會受到一些限制，導致無法從我們這裡取得照護，而這些限制大致可分為兩類。

One is geographic. They may live 2 hours from our facility. And while they were willing to come there as an inpatient, making that track two days, three days, five days a week as an outpatient is more difficult. So that if we can offer them a virtual alternative or even another in-person alternative through our 1,000 branches initiative, that's helpful to us.

第一類是地理因素。他們可能住在距離我們院區 2 小時車程的地方。雖然他們願意以住院身分前來，但若作為門診每週往返兩天、三天、五天就更困難。因此，如果我們能提供虛擬替代方案，或透過我們的「1,000 個據點」計畫提供另一個實體替代方案，對我們就很有幫助。

The other is simply, oftentimes, we just don't have the available therapist capacity to offer those follow-up services. And one of the great advantages of Talkspace is that they have a panel of over 6,000 therapists that can be available to our patients once the acquisition is completed. So I think those two items really is -- kind of cemented our view that the Talkspace acquisition should help accelerate our growth in outpatient.

第二類則很單純：很多時候我們就是沒有足夠的治療師產能來提供那些後續服務。而 Talkspace 的一大優勢在於，他們擁有超過 6,000 名治療師的名單，一旦收購完成，就能提供給我們的病患使用。所以我認為這兩點確實——算是鞏固了我們的看法：收購 Talkspace 應能協助加速我們門診業務的成長。

Got it. And then just following up on the Acute side. You mentioned kind of the new capacity, 177 new licensed beds. Any update on the freestanding emergency rooms in terms of investments there? And you also kind of talked about ASC, kind of at least one in each market. Just curious about the outpatient investments that you're making.

了解。接著再追問急性照護（Acute）這一塊。你提到新增產能，新增 177 張取得執照的病床。關於獨立式急診室（freestanding emergency rooms）的投資，有沒有最新進度？你也提到 ASC（門診手術中心），大概每個市場至少一個。想請教你們正在進行的門診投資方向。

Yes. Our investments in freestanding emergency departments have really been among our best investments in the last, I'm going to say, five-year period. We have, unfortunately, I don't have the data right in front of me, but somewhere around 40 FEDs currently operating with probably another 5 to 10 on the, in some form, stage of development.

是的。我們在獨立式急診部門（freestanding emergency departments）的投資，確實是過去——我想說——五年期間我們最好的投資之一。很可惜我手邊沒有即時數據，但目前大約有 40 間 FED 正在營運，另外可能還有 5 到 10 間正處於某種形式的開發階段。

And again, I think those facilities are, just as I talked about in the sense of behavioral outpatient, we're treating patients where they want to be treated in the most cost-efficient setting. And again, we have found that patient demand for these freestanding EDs is significant. Payers are receptive to them. Care is being delivered more efficiently. And again, as I said, one of our best investments over the last decade or so.

再者，我認為這些設施就像我談到行為健康門診時所說的：我們是在病患想要被治療的地方、以最具成本效率的場域來治療病患。而且我們也發現，病患對這些獨立式急診的需求相當可觀。付款方也願意接受。照護提供得更有效率。同樣地，如我所說，這是我們過去十年左右最好的投資之一。

Got it. Thank you.

了解。謝謝。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，RBC Capital Markets。

Hey, great. Thank you very much. We've heard some of your peers talk about higher professional fees, specifically, higher subsidies related to radiology and anesthesiology, hospitalist, et cetera, amid service line mix shift. I was wondering if you could elaborate on kind of what you're seeing in that department? Thanks.

嗨，很好。非常感謝。我們聽到一些同業談到專業費用（professional fees）較高，特別是與放射科、麻醉科、住院醫師（hospitalist）等相關的補貼更高，且在服務線組合轉移（service line mix shift）的背景下更為明顯。想請你們說明一下，你們在這方面看到的情況是什麼？謝謝。

Yes. The comment that we've made about professional fees, both in our guidance and our actual results is that we did see significant increases in professional fees, I think, as did many of our peers in the back half of 2023 and into 2024, I think beginning in '25 and now into '26, what's embedded in our guidance is generally an inflationary maybe slightly higher than inflationary uptick in professional fees, so maybe something in the 7%, 8%, 9% increase range annually. That's, I think, relatively reflective of our experience in '26 and I think what we would continue to expect to see.

是的。我們在指引（guidance）與實際結果中對專業費用的評論是：我們確實看到專業費用顯著上升，我想許多同業在 2023 年下半年到 2024 年也有同樣情況。我認為從 2025 年開始、到現在 2026 年，我們指引中所反映的是：專業費用大致呈現通膨水準、或略高於通膨的上升幅度，可能每年約 7%、8%、9% 的增幅區間。我想這相當符合我們在 2026 年的經驗，也符合我們對未來持續看到的預期。

I will say, we're getting that pressure and we feel that pressure. We're responding to it in many different ways, in some cases, by hiring the hospital-based physicians, in putting those contracts out to bid and trying to control the amount of locums coverage we have to use, which is very expensive. So it is a challenge for our operators, but I think they have responded well. And as I said, are keeping the increase to a manageable level in the upper single digits.

我會說，我們確實承受這個壓力，也感受到這個壓力。我們用很多不同方式回應；有些情況下是聘用院內醫師（hospital-based physicians），也會把那些合約拿去重新招標，並嘗試控制我們必須使用的代班醫師（locums）覆蓋量，因為那非常昂貴。所以這對我們的營運團隊是個挑戰，但我認為他們應對得很好。而且如我所說，正把增幅控制在可管理的水準，也就是高個位數。

Thank you.

謝謝。

Andrew Cooper, Raymond James.

Andrew Cooper，Raymond James。

Hey, everyone. Thanks for the question. A lot covered already. So maybe just one, I want to touch on Cedar Hill. If you could give a little bit more color on what the drags are, whether it's demand versus cost, just kind of the friction of getting up and fully running. And then what does that mean for the way we think about, I know new bed additions are different, but how we think about the ramp for these 177 beds you talked about adding and maybe a little bit more color on where those are geographically?

嗨，各位。謝謝讓我提問。前面已經涵蓋很多了。所以我可能就問一個：我想談談 Cedar Hill。如果可以的話，能否多提供一些細節，說明拖累因素是什麼——是需求面還是成本面，或是啟動並全面運轉過程中的摩擦？另外，這對我們思考你提到將新增的 177 張病床的爬坡（ramp）意味著什麼——我知道新增病床的情況不同——以及能否再多說一些這些病床在地理位置上分布在哪裡？

Sure. So as far as Cedar Hill goes, I think the issue is we, in partnership with the District of Columbia who built the Cedar Hill facility, the notion was they built it in an underserved area of the district in Ward 7 and 8. We thought, think and they thought that the demand there would be significant, and it has been, I think, as reflected in our emergency room volumes. Almost from the outset from the day we opened, we had a busy emergency room.

當然。就 Cedar Hill 而言，我認為問題在於：我們與華盛頓特區（District of Columbia）合作，由特區興建 Cedar Hill 設施；當初的想法是，他們把它建在特區服務不足的區域，也就是第 7 與第 8 選區（Ward 7 and 8）。我們當時認為——現在也仍然認為——他們也認為那裡的需求會很可觀，而事實上也確實如此，我想從我們急診室的就診量就能反映出來。幾乎從一開始、從我們開業那天起，我們的急診室就非常忙碌。

What I think has been lacking in the Cedar Hill region is an established physician base, primary physicians, specialists, et cetera, who just have generally been treating those patients in other facilities across the district. And we've been building up the physician component in that region. It takes some time and then patients have to sort of reorient bare utilization practices, et cetera.

我認為在 Cedar Hill 地區一直較為欠缺的是已建立的醫師基礎，包括基層醫師、專科醫師等等；整體而言，這些病患過去多是在本區域內其他院所接受治療。而我們一直在該地區強化醫師端的配置。這需要一些時間，之後病患也必須在就醫與使用習慣等方面重新調整。

But that's occurring, and that's why I think we have the view that by the end of this year, the facility will be at breakeven, just taking a little bit longer than we thought. I think our long-term view of the prospects of that hospital remain quite positive because we believe that, that population really needs a hospital facility, and we'll use it fully as all the physician components are in place.

但這正在發生，因此我認為我們的看法是，到今年年底該院所將達到損益兩平，只是比我們原先預期花的時間稍長。我認為我們對那家醫院長期前景仍相當正面，因為我們相信那個人口群確實需要一個醫院設施；當所有醫師端的組成到位後，他們會充分使用該院所。

As far as it's sort of comparison and relevant to the 177 beds that we added, I think it's really not related. The 177 beds we added at Lakewood Ranch Hospital in Florida and Henderson Hospital in Las Vegas and the inland Rancho facility in Southern California are all additions to existing facilities where there was already demonstrated demand. And it just really requires sort of a ramp up hiring of staff, et cetera. But I think the ramp-ups and the opening of (Inaudible - microphone inaccessible) will occur much, much faster.

至於與我們新增的 177 張病床之比較與關聯，我認為其實沒有關係。我們在佛州的 Lakewood Ranch Hospital、拉斯維加斯的 Henderson Hospital，以及南加州內陸的 Rancho 院區新增的 177 張病床，都是在既有院所中擴增，且先前已證明有需求。而這主要只是需要逐步擴編人力、聘用員工等。但我認為這些擴編與（聽不清楚—麥克風無法收音）的開院爬坡會快得多、快非常多。

Okay. Great. That's helpful. And maybe somewhat related, and it's been touched on a little bit, but curious if you could give a little bit more on the way you're thinking about capital allocation and how it's changed? When you look at the current environment, some of the potential challenges in the state Medicaid supplemental programs and work requirements next year, et cetera, does that change the focus from whether it's acute facilities that are de novo versus bed additions, outpatient in the freestanding EDs? Just kind of what's the latest thinking on where the best use of the dollar is today?

好的。很好。這很有幫助。另外也許有點相關，雖然剛才已稍微提到，但想請你再多談一些你們對資本配置的思考方式，以及它如何改變？在目前環境下，考量到州 Medicaid 補充計畫可能面臨的一些挑戰，以及明年的工作要求等，這是否會改變你們的重點：例如急性照護設施是新建（de novo）還是增床、門診、獨立式急診中心（freestanding EDs）？也就是說，現在每一塊錢最好的用途，你們最新的想法是什麼？

Yes. I mean I think if you look at the way the capital has been allocated over the last several years, for us, it's had an emphasis on organic capital spending versus, let's say, M&A, we have not done, especially prior to Talkspace, a lot of external M&A. Obviously, the focus has shifted more to outpatient. I think we're doing more investment in outpatient.

是。我的意思是，如果你看過去幾年我們資本配置的方式，對我們而言，重點一直放在內生成長的資本支出，而不是例如併購（M&A）；我們並沒有做很多外部併購，尤其是在 Talkspace 之前。很明顯地，重心已更多轉向門診。我想我們正在加大對門診的投資。

We've already talked about some of those things on the call, freestanding EDs on the Acute side of the business, freestanding outpatient Behavioral clinics, we describe as our 1,000 branches initiative on the Behavioral side.

我們在本次電話會議中已談到其中一些項目：在急性照護業務方面的獨立式急診中心（freestanding EDs），以及在行為健康業務方面的獨立式門診行為健康診所；我們把它稱為行為健康端的「1,000 個據點」倡議。

So there's been that shift. And we've been a very active acquirer of shares as well because that's been a compelling investment for us. So I don't really see it changing dramatically or changing dramatically in response to OB3 or any of the other sort of regulatory changes other than what we already discussed, which is emphasis on outpatient, emphasis on services and service lines that are probably somewhat less Medicaid-centric perhaps than we've invested in historically.

所以確實有這樣的轉變。此外，我們也非常積極地回購股票，因為那對我們而言一直是很具吸引力的投資。因此我不太認為會出現劇烈改變，或因 OB3 或其他監管變動而大幅改變；除了我們已討論過的部分，也就是更強調門診、更強調服務與服務線，這些可能相較於我們過去的投資而言，對 Medicaid 的依賴程度略低。

Thank you.

謝謝。

Benjamin Rossi, JPMorgan.

Benjamin Rossi，摩根大通（JPMorgan）。

Great. Thanks for the question. Sticking to the de novo discussion, just this time on the Florida facility. You previously mentioned that facility would carry start-up losses that offset the improvement to Cedar Hill. For Florida specifically with the changes in Cedar Hill, where are you today on your initial census trajectory, the staffing readiness and ability to ramp with expectations? And then is that facility eligible for the Florida DPP under the approved program for 2025? And does that at all change your thoughts on that ramp? Thanks.

很好。謝謝讓我提問。延續新建（de novo）的討論，這次想聚焦在佛州的院所。你先前提到該院所會有開辦初期的虧損，會抵銷 Cedar Hill 的改善。就佛州而言，隨著 Cedar Hill 的變化，你們目前在初期住院人數（census）走勢、 staffing 準備度，以及依照預期進行爬坡的能力方面，現況如何？另外，該院所是否符合佛州 DPP（在核准的 2025 年計畫下）的資格？這是否會改變你們對爬坡速度的看法？謝謝。

So the Florida DPP program, as you said, was a 2025 program. The new hospital was not opened in 2025. So that's sort of a moot point. I think we said in our comments, the hospital's drag in Q2 was about $15 million. That was very consistent with our expectations.

所以佛州 DPP 計畫，如你所說，是 2025 年的計畫。而這家新醫院並不是在 2025 年開院。所以這點其實就不適用。我想我們在評論中提到，該院在第二季的拖累約為 1,500 萬美元。這與我們的預期非常一致。

The hospital got its Medicare certification, in, I believe, late June, opened in July. We're seeing patients, the volumes are building. We have every expectation that, and our guidance presumes that it will perform consistent with our initial expectations and the expectations in our original guidance.

該院在我記得是 6 月下旬取得 Medicare 認證，並於 7 月開院。我們已開始收治病患，量能正在增加。我們完全預期，而且我們的指引也假設，它的表現將與我們最初的預期，以及原始指引中的預期一致。

Great. And just a quick follow-up on denial trends. How did denial rates and net yield trend during 2Q? And are you expecting these denial trends to improve or worsen during the back half of the year? Thanks.

很好。另外快速追問一下關於拒付（denial）趨勢。第二季拒付率與淨回收率（net yield）的走勢如何？你們預期今年下半年這些拒付趨勢會改善還是惡化？謝謝。

Yes. I mean I think as we've said in previous quarters, I'm not sure we're seeing any significant change in denials, payer behavior, patient status changes. Payers continue to be aggressive in the way that they approved treatments and that they process claims. But as in my comments previously indicated, we've been pretty aggressive in investing in our own revenue cycle initiatives, both people or all people, process and technology. So feel like we're at least trying to stay even with the payers. And again, not as reflected in things like denials and patient status changes, not seeing huge changes.

是。我的意思是，正如我們在前幾季所說，我不確定我們是否看到拒付、保險支付方行為、病患身分（patient status）變更方面有任何顯著變化。支付方在核准治療以及處理理賠申請的方式上，仍然相當強勢。但如我先前的評論所指出，我們也相當積極地投資於自身的營收循環（revenue cycle）改善措施，涵蓋人員、流程與科技。因此我們覺得至少是在努力跟上支付方的步調。再說一次，從拒付與病患身分變更等指標來看，並沒有看到很大的變化。

Thank you. That does conclude today's Q&A session. I would like to turn the call back to Darren Lehrich for closing remarks. Please go ahead.

謝謝。以上即為今天的問答環節。我想把電話交回 Darren Lehrich 作結語。請開始。

Yes. Thanks, everyone, for participating in the call today and for your interest in UHS. Have a great rest of your day.

是。謝謝各位今天參與本次電話會議，也謝謝大家對 UHS 的關注。祝各位今天剩下的時間愉快。

This concludes today's program, and thank you so much for joining. You may now disconnect.

今天的節目到此結束，非常感謝各位加入。您現在可以掛線。