US Physical Therapy Inc (USPH) 2013 Q4 法說會逐字稿

Welcome to the U.S. Physical Therapy fourth-quarter and year-end earnings conference call.

歡迎參加美國物理治療公司第四季和年終收益電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Mr. Chris Reading, President and Chief Executive Officer. Please go ahead, sir.

我現在將電話轉給總裁兼執行長克里斯·雷丁先生。請繼續，先生。

Thank you. Good morning, everyone, and welcome to U.S. Physical Therapy's fourth-quarter and 2013 earnings call. With me here in Houston, Larry McAfee, our Executive Vice President and Chief Financial Officer; Glenn McDowell, our Chief Operating Officer; Rick Binstein, our Vice President and General Counsel; Jon Bates, Vice President and Controller. Before I begin with some prepared remarks, I'll ask Jon to cover a brief disclosure statement. Jon, if you would?

謝謝。大家早安，歡迎參加 U.S. Physical Therapy 的第四季和 2013 年收益電話會議。和我一起在休士頓的還有我們的執行副總裁兼財務長 Larry McAfee； Glenn McDowell，我們的營運長； Rick Binstein，我們的副總裁兼總法律顧問；喬恩‧貝茨，副總裁兼財務長。在我開始發表一些準備好的言論之前，我將請喬恩做一份簡短的披露聲明。喬恩，如果你願意的話？

Thanks, Chris. This presentation contains forward-looking statements, which involve certain risks and uncertainties. These forward-looking statements are based on the Company's current views and assumptions. The Company's actual results can vary materially from those anticipated. Please see the Company's filings with the Securities and Exchange Commission for more information.

謝謝，克里斯。本簡報包含前瞻性陳述，涉及某些風險和不確定性。這些前瞻性陳述是基於公司目前的觀點和假設。公司的實際結果可能與預期有重大差異。請參閱該公司向美國證券交易委員會提交的文件以了解更多資訊。

Thanks, Jon. Before I provide some color on the quarter and the year, I want to cover a very brief review of the tangible factors impacting our industry this year. This will be important to understand when reviewing our results.

謝謝，喬恩。在對本季度和本年度進行一些介紹之前，我想對今年影響我們行業的有形因素進行一個非常簡短的回顧。在查看我們的結果時，理解這一點非常重要。

In January of 2013, Congress announced the payment reduction that we will refer to on this call and in our release as MPPR. This began after Q1 of 2013. Accompanying that was the impact of the sequester, also enacted by our Congress. The total three-quarter impact of those issues for us was approximately $0.22 in 2013, April through December. So, as you look at the fourth quarter, as well as the full year for 2013, that perspective will be helpful to provide further context.

2013 年 1 月，國會宣布了付款減少，我們將在本次電話會議和我們的新聞稿中將其稱為 MPPR。這開始於 2013 年第一季之後。隨之而來的是我們國會頒布的自動減支措施的影響。 2013 年 4 月至 12 月，這些問題對我們四分之三的總影響約為 0.22 美元。因此，當您審視 2013 年第四季以及全年時，這種觀點將有助於提供進一步的背景資訊。

For the fourth-quarter, revenue increased 10% due to a slightly greater than 11% visit improvement offset partially by a small net rate per visit decrease to $105.47. Same-store visit growth was strong, up about 4% for the quarter, which in turn put us in solidly positive territory on the year for same-store growth. Gross margin for the fourth quarter improved 12.2%. Operating income increased 12.9% compared to the fourth quarter of 2012.

第四季度，由於訪問量改善略高於 11%，收入增長了 10%，但每次訪問淨費率小幅下降至 105.47 美元，部分抵消了這一影響。同店客流量成長強勁，本季成長約 4%，這反過來又使我們今年的同店成長處於穩定的正值區間。第四季毛利率提高12.2%。營業收入較2012年第四季成長12.9%。

This improvement was achieved and included a Company-found overpayment by a payer amounting to approximately $850,000 in one of our large partnerships, which we have provided notice of and which is in the process of being refunded.

這項改進已經實現，其中包括公司發現付款人在我們的一個大型合作夥伴關係中多付了約 85 萬美元，我們已對此發出通知，並且正在退款。

Also affecting this fourth quarter is a tax adjustment true-up involving 2012 and 2013, which increased our effective 2013 tax rate to a little over 40%. Larry will cover that aspect in more detail here in a few minutes.

影響第四季的還有 2012 年和 2013 年的稅收調整調整，將我們 2013 年的有效稅率提高到略高於 40%。幾分鐘後，拉里 (Larry) 將更詳細地介紹這方面的內容。

For the year, revenues increased 5.8% despite the significant MPPR and sequester impact on our final three quarters of 2013. Our industrial-targeted programs through Fit2WRK continue to assist us in gaining new large clients and in improving our net rate and moving market share. For the year, we saw a slight increase on the net rate and continued improvement in our work comp payer mix.

儘管MPPR 和自動減支對我們2013 年最後三個季度產生了重大影響，但今年的收入仍增長了5.8%。我們透過Fit2WRK 實施的工業目標計劃繼續幫助我們贏得新的大客戶並提高我們的淨利率和行動市場份額。今年，我們看到淨利率略有上升，工作補償付款人組合持續改善。

During the year, we were on a short runway position to respond to the MPPR and sequester reductions. However, we made considerable, albeit probably not complete, progress with respect to adjusting our cost structure. We'll discuss this further in just a minute as I provide further additional color and context to our results.

在這一年裡，我們在應對 MPPR 和隔離減支方面處於一個短跑道位置。然而，我們在調整成本結構方面取得了相當大的進展，儘管可能並不完全。我們將在一分鐘內進一步討論這個問題，因為我將為我們的結果提供進一步的附加顏色和背景。

Overlaying all of this, we had a terrific year in 2013 with respect to development. We made five great purchases of wonderful companies, three early in the year and two, including the Atlanta Falcons deal and another large work comp-centric deal, announced late in December. These newest partnerships will be a tremendous addition to our Company, providing us with additional further opportunity for continued organic growth and program expansion for the future.

綜上所述，我們在 2013 年的發展方面度過了輝煌的一年。我們買了五家出色的公司，其中三家是在年初，另外兩家是收購亞特蘭大獵鷹隊的交易和 12 月底宣布的另一項以工作補償為中心的大型交易。這些最新的合作夥伴關係將為我們公司帶來巨大的補充，為我們未來的持續有機成長和專案擴展提供更多機會。

Our largest and final acquired partnership of last year fits in well with the continued focus we have under our national Fit2WRK umbrella. This group, led by a talented and energetic group of men and women, have developed the network of facilities and have been very responsive and successful in meeting the needs of industry. All of these deals, completed in 2013, in combination with our strong base of organic legacy partnerships, helps to position our Company well for the future.

去年我們最大也是最後一次獲得的合作關係與我們在全國 Fit2WRK 保護傘下的持續關注非常吻合。該團隊由一群才華橫溢、充滿活力的男女領導，開發了設施網絡，並在滿足行業需求方面反應迅速並成功。所有這些交易均於 2013 年完成，再加上我們強大的有機傳統合作夥伴關係基礎，有助於為我們公司的未來做好準備。

Back to the cost structure. Relative to our cost structure, we added a great many organic and acquired locations in 2013. For new and acquired clinics, our costs grew by $6.3 million. At the same time, we made real, although probably not complete progress, realigning our costs of our 2012 and earlier partnerships and facilities, reducing those costs by approximately $4.7 million, excluding the cost of repayment of approximately $850,000 on the overpayment discovered by us in the fourth quarter.

回到成本結構。相對於我們的成本結構，我們在 2013 年增加了許多有機和收購的診所。對於新的和收購的診所，我們的成本增加了 630 萬美元。同時，我們取得了真正的進展，儘管可能不是完全的進展，重新調整了2012 年及之前的合作夥伴關係和設施的成本，將這些成本減少了約470 萬美元，其中不包括我們在2012年發現的超額付款的約85 萬美元的償還成本。第四季。

Looking forward, we see continued, mounting challenges for smaller private practices, which we believe will be a further catalyst toward consolidation of our industry. We see continued opportunity with our long-tenured partners to grow and further densify existing markets with additional organic and program-based expansion. We see much continued opportunity with our Fit2WRK initiatives. We see a great deal of opportunity to continue to attract outstanding private practice owners to join our growing network of successful partnerships.

展望未來，我們看到小型私人診所面臨持續不斷的挑戰，我們相信這將進一步促進我們行業的整合。我們看到與我們的長期合作夥伴繼續有機會透過額外的有機和基於計劃的擴張來發展和進一步密集現有市場。我們透過 Fit2WRK 計劃看到了許多持續的機會。我們看到了巨大的機會來繼續吸引優秀的私人執業業主加入我們不斷發展的成功合作夥伴網絡。

Shifting gears a bit, this past year was one of facing significant headwinds on a very short runway and also making good foundational progress to position the Company for continued growth and opportunity. While some of this wasn't always pretty, I think we largely achieved that goal for 2013. Starting this year, we face continued challenges due to the extreme weather that has consistently and so persistently been in the news around the country thus far this winter, including an ice storm even in south Texas just this past week.

稍微改變一下態度，過去的一年是在很短的跑道上面臨重大阻力的一年，但也取得了良好的基礎進展，為公司的持續成長和機會奠定了基礎。雖然其中一些並不總是美好的，但我認為我們在2013 年基本上實現了這一目標。從今年開始，我們面臨著持續的挑戰，因為今年冬天迄今為止，極端天氣一直出現在全國各地的新聞中。 ，包括上週在德克薩斯州南部發生的一場冰暴。

Our guidance provided in our press release, and covered in detail momentarily by Larry, accounts for this Q1 weather impact in our annual-guidance numbers. Remember, we don't provide quarterly guidance. Also embedded in that guidance is the impact of MPPR and sequester for this first quarter of 2014, which as I mentioned earlier, was not in effect during Q1 of 2012 -- that is approximately a $0.07 to $0.08 impact.

我們在新聞稿中提供的指導（拉里立即詳細介紹）在我們的年度指導數據中解釋了第一季天氣的影響。請記住，我們不提供季度指導。該指引中還包含 MPPR 和自動減支對 2014 年第一季的影響，正如我之前提到的，該影響在 2012 年第一季期間並未生效，即約 0.07 至 0.08 美元的影響。

Let me wrap up my comments by saying that, while this is not an easy time to be in healthcare, we still see much opportunity to grow and expand our Company. We are blessed with terrific partner groups around the country and an equally terrific team of talented and passionate people on the management-support side of our business. We expect further growth and opportunity as we look ahead.

在結束我的評論時，我想說的是，雖然現在醫療保健行業並不容易，但我們仍然看到了許多發展和擴大公司的機會。我們有幸擁有遍佈全國的優秀合作夥伴團體，以及我們在業務管理支援方面同樣優秀的才華洋溢、充滿熱情的團隊。展望未來，我們期待進一步的成長和機會。

With that, I'll conclude my prepared comments and ask Larry to cover the financials in more detail.

至此，我將結束我準備好的評論，並請拉里更詳細地介紹財務狀況。

Thanks, Chris. Chris hit many of the highlights of the fourth quarter, so I'll just run through the annual results. If anybody has any questions relating to the fourth quarter or the full year, then we can respond to them.

謝謝，克里斯。克里斯講述了第四季度的許多亮點，所以我只簡單介紹年度業績。如果有人對第四季度或全年有任何疑問，我們可以回覆他們。

For the year, net revenues increased 5.8% to $264.1 million due to a 5.5% increase in visits to 2.4 million and an increase in our average net-patient revenue per visit to $105.83 from $105.50. Total clinic operating costs were $199.4 million, or 75.5% of net revenue in 2013, as compared to $186.7 million, or 74.8% of revenue in 2012. The increase was attributable to operating costs of new clinics.

今年，淨收入成長了 5.8%，達到 2.641 億美元，原因是就診次數增加了 5.5%，達到 240 萬人次，每次就診的平均患者淨收入從 105.50 美元增加到 105.83 美元。 2013 年診所總營運成本為 1.994 億美元，佔淨收入的 75.5%，而 2012 年為 1.867 億美元，佔收入的 74.8%。這一增長歸因於新診所的營運成本。

As Chris mentioned, included in the fourth-quarter and year 2013 operating costs is a pre-tax charge of $850,000 related to an estimated refund due to a payer for overpayments to a partnership clinic group over a four-year period. Without this charge, operating costs for clinics that were acquired prior to 2012 would have been reduced by $4.7 million, as Chris mentioned. Many of you know we had set a target of $5 million for the year. So, as Chris related, we came up little short.

正如 Chris 所提到的，2013 年第四季和全年營運成本中包括 85 萬美元的稅前費用，該費用與付款人在四年內向合作診所集團多付款項的估計退款相關。 Chris 提到，如果沒有這筆費用，2012 年之前收購的診所的營運成本將減少 470 萬美元。你們很多人都知道我們今年設定了 500 萬美元的目標。所以，正如克里斯所說，我們的成績還差一些。

Clinic salaries and related costs were 53.7% of net revenue in 2013 versus 52.7% in 2012. Rent, clinic supplies, contract labor and other costs were 20% in 2013 versus 20.1% in 2012. Our provision for doubtful accounts was 1.7% in 2013 versus 1.9% a year earlier.

2013 年診所薪資和相關成本佔淨收入的53.7%，而2012 年為52.7%。租金、診所用品、合約工和其他成本2013 年佔20%，2012 年為20.1%。2013 年我們的呆帳撥備為1.7%而一年前為 1.9%。

The Company's gross margin increased by $1.8 million in 2013 to $64.7 million. The gross margin percentage for the year was 24.5% as compared to 25.2% a year earlier. Corporate office costs were 9.8% of revenue in both 2013 and 2012. Operating income in 2013 was $38.8 million.

2013 年，該公司的毛利率增加了 180 萬美元，達到 6,470 萬美元。本年度的毛利率為24.5%，去年同期為25.2%。 2013 年及 2012 年公司辦公室成本均佔營收的 9.8%。2013 年營業收入為 3,880 萬美元。

Our provision for income taxes for the year was 40.8% as compared to 38.1% in 2012. For 2013, the tax provision, including an adjustment of $393,000, were related to the tax true-up for 2012. You'll remember that, in some years, we have a benefit, some years it's adverse. Typically, it doesn't move our tax rate by more than 1%. That said, we see, based on our mix of business, that our state and local taxes will probably be a bigger issue going forward. So, for the quarter and for the year 2013, we accrued at an effective 40% tax rate, excluding the true-up. We expect in 2014 that we'll be at a comparable tax rate.

我們當年的所得稅撥備為 40.8%，而 2012 年為 38.1%。2013 年，稅務撥備（包括 393,000 美元的調整）與 2012 年的稅務調整有關。您會記得，在有些年份，我們有好處，有些年份則不利。通常情況下，我們的稅率變動不會超過 1%。也就是說，我們認為，根據我們的業務組合，我們的州稅和地方稅可能會成為未來更大的問題。因此，對於 2013 年季度和全年，我們按 40% 的有效稅率計提，不包括實際稅率。我們預計 2014 年我們將採用可比較的稅率。

Net income was $17.5 million in 2013. This compared to $18.2 million in 2012. Our diluted earnings per share for the year were $1.45 as compared to $1.53 for 2012.

2013 年淨利為 1,750 萬美元。相較之下，2012 年為 1,820 萬美元。本年度稀釋後每股收益為 1.45 美元，而 2012 年為 1.53 美元。

For the year, our same-store visits increased 1.5%. Our same-store revenue increased 1%, while the average net rate per visit was down about $0.52. As I noted in the release, we had a nice pick up in patient volume in the fourth quarter. Unfortunately, this was somewhat overshadowed by the $0.09 per share impact from the combination of the payer refund and the tax adjustment.

今年，我們的同店客流量成長了 1.5%。我們的同店收入成長了 1%，而每次造訪的平均淨費用下降了約 0.52 美元。正如我在新聞稿中指出的那樣，我們在第四季度的患者數量有了很大的增長。不幸的是，這在一定程度上被付款人退款和稅收調整帶來的每股 0.09 美元的影響所掩蓋。

In the release we gave earnings guidance for 2014. We expect our earnings this year to be in a range of $18.8 million to $19.6 million in net income, and $1.54 to $1.60 in diluted earnings per share. This is net of approximately $0.07 to $0.08 from the impact of having MPPR and sequestration in effect an extra quarter in 2014 as compared to 2013.

在新聞稿中，我們給出了 2014 年的獲利指引。我們預計今年的淨利潤將在 1880 萬美元至 1960 萬美元之間，稀釋每股收益將在 1.54 美元至 1.60 美元之間。與 2013 年相比，2014 年多實施一個季度的 MPPR 和隔離措施，扣除約 0.07 至 0.08 美元的淨費用。

Additionally, as Chris referred to, through March 5, we estimate that our new patient referrals have been not only solid but actually slightly ahead of plan. Due to adverse weather conditions in many parts of the country, we've lost at least 10,000 patient visits and an estimated earnings impact -- and I stress this -- of at least $0.04 per share. Because, if this weather persists, it will be a bigger number than that.

此外，正如 Chris 所提到的，截至 3 月 5 日，我們估計我們的新患者轉診不僅穩定，而且實際上略超於計劃。由於全國許多地區的惡劣天氣條件，我們失去了至少 10,000 名患者就診，預計收益影響（我強調這一點）至少為每股 0.04 美元。因為，如果這種天氣持續下去，這個數字將會更大。

The Company announced that it's increasing its quarterly dividend by 20%, from $0.10 to $0.12 per share. That first dividend for this year will be paid on April 4 to shareholders of record as of March 19.

該公司宣布將季度股息提高 20%，從每股 0.10 美元增至 0.12 美元。今年的第一筆股利將於 4 月 4 日支付給截至 3 月 19 日在冊的股東。

Thank you, Larry. With that, we'd like to open it up for questions and comments. Operator, if you would queue that up for us, please.

謝謝你，拉里。至此，我們願意開放它以供提問和評論。接線員，請幫我們排隊。

(Operator Instructions)

（操作員說明）

Brooks O'Neill, Dougherty & Company.

布魯克斯·奧尼爾，多爾蒂公司。

I have a couple of questions. First, obviously 2013 was a very successful year for acquisitions. You expanded the line of credit.

我有一些問題。首先，2013 年顯然是收購非常成功的一年。您擴大了信用額度。

Can you just give us a feel for where you stand with regard to the outlook for 2014 in terms of pipeline? Perhaps more importantly, appetite from your perspective for continuing to be aggressive out there?

您能否為我們介紹一下您對 2014 年管道前景的看法？也許更重要的是，從你的角度來看，你是否有繼續積極進取的慾望？

Yes. A little color and context. Those of you that have been on the call in prior quarters and years know that we don't give acquisition-related guidance.

是的。一點顏色和背景。那些在前幾個季度和前幾年參加過電話會議的人都知道，我們不提供與收購相關的指導。

I will tell you, as I mentioned in my prepared comments, that we see continued consolidation in the marketplace relative to our appetite. We wouldn't have increased the credit facility if we didn't expect to continue to selectively do as we have before very good accretive deals for us and for the shareholders.

正如我在準備好的評論中提到的那樣，我會告訴您，相對於我們的胃口，我們看到市場持續整合。如果我們不希望繼續有選擇性地像以前那樣為我們和股東提供非常好的增值交易，我們就不會增加信貸額度。

We see continued activity, as you have seen from us in the past. It won't be one a month. We're going to continue to be selective. We're continuing to be in dialogue with good people.

正如您過去從我們身上看到的那樣，我們看到了持續的活動。不會是一個月一次。我們將繼續進行選擇性。我們正在繼續與好人對話。

The market continues to provide opportunity. As we attract lots of really talented people, I think that's further catalyst to continue to do the same for the near future. So I see it as unchanged compared to what we have done the last few years.

市場繼續提供機會。由於我們吸引了許多真正有才華的人，我認為這將進一步推動我們在不久的將來繼續做同樣的事情。因此，我認為與我們過去幾年所做的相比，它沒有變化。

Great. Secondly, and this is a little bit of a detail, but I think when we were looking at our model, obviously there was some quarter-to-quarter impact in prior quarters for the discontinued operations.

偉大的。其次，這是一個細節，但我認為當我們查看我們的模型時，顯然前幾季的已終止業務產生了一些季度影響。

I am just curious if, Larry, you plan to help us with restated quarterly numbers over, let's say, 2012 and 2013 or something?

我只是好奇拉里，你是否打算幫我們重述 2012 年和 2013 年的季度數據？

Yes, we can do that. The K will be filed, I think -- what? Tuesday of next week, Jon?

是的，我們可以做到。我想 K 會被歸檔──什麼？下週二，喬恩？

Yes.

是的。

There will be additional information in that.

其中會有更多資訊。

We didn't have any additional charges related to discontinued ops in the fourth quarter, so it is kind of a look in the rearview mirror thing; but we can give you whatever detail you need.

我們沒有任何與第四季度停止營運相關的額外費用，所以這是回顧後視鏡的事情；但我們可以為您提供您需要的任何細節。

Larry, what I'm speaking about is I think my associate told me that when we looked at the way you presented fourth quarter last year, the numbers were different than the numbers we have in our model.

拉里，我想說的是，我認為我的同事告訴我，當我們查看您去年第四季度的呈現方式時，這些數字與我們模型中的數字不同。

Correct, because you've got --

正確，因為你有——

The discontinued --

已停產的——

The ops one and not in the other. Again, if you look at the K and give us a call, Brooks, after the K comes out, we can walk through with you what the differences are.

操作之一，而不是另一個操作。再說一次，如果你看看 K 並給我們打電話，布魯克斯，K 出來後，我們可以和你一起了解它們之間的差異。

Cool. That will be very helpful. Last thing I'm just curious about, I just want to be 100% clear I am listening to you properly.

涼爽的。這將非常有幫助。最後一件事我只是好奇，我只是想百分之百清楚我正在正確地聽你說話。

I think you are saying $0.78 negative impact from the Q1 impact of MPPR and sequester, and $0.04 plus Q1 impact from weather.

我認為您是說 MPPR 和自動減支對第一季的影響帶來了 0.78 美元的負面影響，加上天氣帶來的第一季影響帶來了 0.04 美元的負面影響。

All things being equal, we should take us somewhere $0.11, $0.12 or more cents out Q1, but still end up in the $1.50, whatever it was, $1.54 to $1.60 range for the year?

在所有條件相同的情況下，我們應該在第一季將我們帶到 0.11 美元、0.12 美元或更多美分，但最終仍然在 1.50 美元，無論是什麼，今年的 1.54 美元到 1.60 美元範圍？

Correct.

正確的。

Okay, thank you very much.

好的，非常感謝。

Larry Solow, CJS Securities.

拉里·索洛，CJS 證券。

4% same-store growth in the quarter was actually pretty solid. I realize maybe that had Sandy last year, so maybe the comp helped a little bit.

該季度 4% 的同店成長實際上相當穩健。我意識到也許去年有桑迪，所以也許比賽有一點幫助。

What is you're embedded outlook, rough ballpark? What do you think your volumes due in 2014, realizing it's off to a little bit of a slow start with the weather?

您的嵌入式前景是什麼，大致狀況如何？由於天氣原因，您認為 2014 年的銷售量會下降？

I can tell you referrals have been really strong, despite the weather. Still, the referrals have been strong.

我可以告訴你，儘管天氣不好，推薦量還是非常大。儘管如此，推薦仍然很強烈。

We have struggled a little bit, as you might expect, on the visit side just with the mean weather that we have had. I expect this to be, as I did last year, and we pulled it out a little bit late, but I expect this to be a positive year, same store.

正如您所預料的那樣，我們在訪問方面遇到了一些困難，只是因為我們遇到了惡劣的天氣。我預計這會是，就像我去年所做的那樣，我們把它拿出來有點晚了，但我預計今年將是積極的一年，同一家商店。

We don't have any big environmental catalysts that are negative, meaning economy and other things. Economy is kind of tepid, but it is not negative.

我們沒有任何重大的負面環境催化劑，即經濟和其他方面。經濟有些不溫不火，但也不至於消極。

I am a little bit reticent, particularly without having day-to-day complete granularity with exactly how many visits we are missing yet in the first quarter, to pick a number for the year. I think I expect us to be positive this year.

我有點沉默寡言，尤其是在沒有掌握第一季我們到底錯過了多少次訪問的日常完整粒度的情況下，來選擇今年的數字。我想我希望今年我們能保持積極的態度。

In may be negative in the first quarter because of this. Again, based on the referrals as Chris alluded to, we should have a better last nine months.

因此第一季可能會出現負數。再次，根據克里斯提到的推薦，我們應該在過去的九個月裡過得更好。

We're hoping for a quick thaw, just put it that way. We expect to be able to make some hay when the sun shines.

我們希望快速解凍，就這麼說吧。我們希望在陽光明媚的時候能夠製作一些乾草。

Great. In terms of the cost-cutting initiatives, I know you had announced early when the MPPR stuff came out in early 2013, you spoke of cuts and maybe reaching $5 million. It sounds like you had some nice progress towards that.

偉大的。就削減成本舉措而言，我知道您在 2013 年初 MPPR 內容推出時就已宣布，您談到了削減成本，可能達到 500 萬美元。聽起來你在這方面取得了一些不錯的進展。

You also left the door open. Do you still have ongoing things? Or is it just stuff that annualized this year that you didn't have in the back half of last year?

你也把門開著。你還有正在進行的事情嗎？還是只是今年年化的東西，去年下半年沒有？

We created some additional tools for our partners to keep things really dialed in. I'm a little hesitant to say that we have a lot of extra room, particularly with the slow quarter.

我們為我們的合作夥伴創建了一些額外的工具，以確保事情真正順利進行。我有點猶豫地說我們有很多額外的空間，特別是在增長緩慢的季度。

We have people that are full-time that we've got to keep even if we are in a state of emergency and the facility is closed. Going forward, we have come up with I think a tool that, I am really happy with, that gives our partners some real-time visual perspective on exactly where they are helping them to better control part-time and hourly people.

即使我們處於緊急狀態且設施關閉，我們也必須保留全職人員。展望未來，我們想出了一個我真的很高興的工具，它為我們的合作夥伴提供了一些即時的視覺視角，幫助他們更好地控制兼職和小時工。

Obviously, I have not pegged the number. But we continue to focus on being appropriately staffed on a real-time basis.

顯然，我還沒有確定這個數字。但我們繼續專注於即時配備適當的人員。

Okay. Lastly, outlook for revenue per patient, obviously we are going to get a year-over-year drop in Q1.

好的。最後，每位患者的收入前景，顯然我們第一季將同比下降。

Sequentially you have been in this $105 million, $106 million area last two quarters. Is that a good place to start?

過去兩個季度，您一直處於 1.05 億美元、1.06 億美元的區域。這是一個好的起點嗎？

I would say, I wouldn't think materially one way or the other we are going to be far off. It may be up or down a little bit, as we tend to be quarter to quarter anyway, but in that ballpark.

我想說的是，我不會認為我們會在物質上離我們很遠。它可能會有所上升或下降，因為無論如何我們傾向於季度與季度，但在這個範圍內。

Yes. Further to your question about costs and Chris' discussion about part-time employees. To put that in perspective, as many of you know, it's kind of like nursing. There are a lot of part-time clinical, as well as we use part-time receptionists and other admin staff.

是的。關於您關於成本的問題以及克里斯關於兼職員工的討論。從長遠來看，正如你們許多人所知，這有點像護理。有很多兼職臨床人員，我們也使用兼職接待員和其他行政人員。

As you will see in the K next week, right now we are at 2,800 employees; but 1,000 of those are part-time. It gives you some flexibility on your staffing model.

正如您下週在 K 中看到的那樣，目前我們有 2,800 名員工；但其中 1,000 人是兼職。它為您的人員配備模型提供了一定的靈活性。

Great, thanks so much.

太好了，非常感謝。

(Operator Instructions)

（操作員說明）

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Chris, just a question for you on the last acquisition that you guys did. Obviously, it looks like a really good asset.

克里斯，我想問你一個關於你們上次收購的問題。顯然，它看起來是一項非常好的資產。

As we think about your strategy going forward, is that an area where you would want to get bigger? Meaning, are you looking for deals such as that asset that you did, where it is heavy on the workman's comp side?

當我們考慮您的未來策略時，您是否希望在這個領域擴大規模？意思是，您是否正在尋找諸如您所做的資產之類的交易，其中對工人的補償方面影響很大？

I would say this; my first short answer is, sure. My second answer, which will qualify the first answer, is there probably aren't a lot out there like that.

我會這麼說；我的第一個簡短回答是，當然。我的第二個答案將限定第一個答案，可能沒有很多這樣的答案。

I think all these are unique. They all have their own flavor. This group had uniquely positioned themselves, very capably, to almost their entire focus was on comp. It was almost their entire payer mix.

我認為所有這些都是獨一無二的。他們都有自己的味道。這支隊伍對自己有著獨特的定位，非常有能力，幾乎他們的全部注意力都集中在比賽上。這幾乎是他們的全部付款人組合。

We will have opportunity further diversifying that over the year and years to come. Sure, we are obviously interested, as we have said for a while now, in growing our comp base. I think that was a fairly unique property.

在今年和未來的幾年裡，我們將有機會進一步實現多元化。當然，正如我們已經說過一段時間的那樣，我們顯然對擴大我們的競爭基礎感興趣。我認為這是一個相當獨特的財產。

I don't know that there are a lot of facilities out there to just go pick from the work comp tree on. But, yes, it continues to be a focus for our Company.

我不知道有很多設施可以從工作補償樹中挑選。但是，是的，它仍然是我們公司的重點。

Then related to that, Larry, your last comment on the revenue per encounter or revenue per visit. I'm guessing that that acquisition folds your average up a little, so if you don't just mind walking us through what --?

然後與此相關的是，拉里，您對每次接觸收入或每次訪問收入的最後評論。我猜這次收購會讓你的平均水平提高一點，所以如果你不介意帶我們了解一下——？

It makes our average net rate about $1 higher per visit.

這使得我們每次訪問的平均淨費用提高了約 1 美元。

We didn't get much affect. We didn't get really almost any effect in last year, but going forward.

我們沒有受到太大影響。去年我們幾乎沒有收到任何效果，但未來會繼續。

Yes, but as we get our budget for this year -- Jon, correct me if I'm wrong. It has that effect of almost exactly $1.

是的，但是當我們得到今年的預算時——喬恩，如果我錯了，請糾正我。它的效果幾乎剛好是 1 美元。

About $1, okay, got it.

大約1美元，好的，明白了。

From a pricing perspective, how should we be thinking about your commercial trend on pricing right now?

從定價的角度來看，我們現在該如何考慮你們的商業定價趨勢？

I think pricing is, I would say, generally neutral. There's certainly a little pressure here and there.

我認為定價總體上是中性的。確實到處都有一點壓力。

We're trying to fight our way through that. Offsetting that, I think, a little bit or maybe helping to equalize that is the beneficial movement that we are getting through our comp program.

我們正在努力解決這個問題。我認為，我們正在透過我們的補償計劃來抵消這一點，或者可能有助於平衡這一點，這是有益的。

It's not an easy environment. But I think for us, it should be roughly a net-neutral year or thereabouts.

這不是一個輕鬆的環境。但我認為對我們來說，這應該是大約網路中立的一年。

Chris, last one for you.

克里斯，最後一張給你。

As we think about one of your larger competitors had difficulties last year, obviously now out of bankruptcy. As we look back to the last year and as we look to go forward, is there any impact on the industry from that?

當我們想到你的一個較大的競爭對手去年遇到了困難，顯然現在已經擺脫了破產。回顧過去的一年，展望未來，這對產業有什麼影響嗎？

Is there any fall out from that bankruptcy that could potentially benefit your business? Or just as an industry dynamic change because of that?

這次破產帶來的後果是否有可能使您的企業受益？或只是因此而發生產業動態變化？

No, I don't think the market looks at that company's challenge, which as you mentioned, they have come through bankruptcy. I don't think that impacts the market. I don't think it impacts people's view of the market.

不，我不認為市場會關注該公司面臨的挑戰，正如你所提到的，他們已經經歷了破產。我認為這不會影響市場。我認為這不會影響人們對市場的看法。

I think it is isolated to that particular group. I don't think it is endemic of what happens or is happening in the marketplace. I think people understand it in context.

我認為它與那個特定群體是孤立的。我認為這並不是市場上正在發生或正在發生的事情的普遍現象。我認為人們在上下文中理解它。

Got it, all right, thank you.

明白了，好的，謝謝

Mitra Ramgopal, Sidoti.

米特拉·拉姆戈帕爾，西多蒂。

Just a few questions.

只是幾個問題。

Chris, you saw some really nice metrics in the fourth quarter relating to same store. I'm just wondering if there is anything specific, any initiatives you are doing that you are having success with?

克里斯，您在第四季度看到了一些與同一家商店相關的非常好的指標。我只是想知道您正在採取的任何具體舉措是否取得了成功？

Working really hard. (laughter) Everybody is working really hard.

工作真的很努力。 （笑聲）每個人都非常努力。

We take our responsibility to our shareholders seriously. The sales team and the partners, Glenn's got a five-point sales plan that he has been beating the drum on with everybody.

我們認真對待對股東的責任。銷售團隊和合作夥伴，格倫制定了一個五點銷售計劃，他一直在向每個人鼓吹。

Our partners have great relationships, so it's just a matter of getting them out and in front of people. That is a difference maker. There is no magic dust. It is just a lot of hard work, and it's execution.

我們的合作夥伴擁有良好的關係，因此只需將他們帶到人們面前即可。這是一個改變者。沒有魔法塵埃。這只是大量的艱苦工作，而且是執行力。

And just touching on the sales team, as you look related to expansion there, should we be expecting a lot more bodies there. Or you pretty much have the sales force you need in place?

就談到銷售團隊，當你看起來與那裡的擴張有關時，我們是否應該期待那裡有更多的團隊。或是您已經擁有所需的銷售團隊？

No, it's incremental. We are not making any seismic shifts with respect to our sales program. They still do wonderful job, still important to us.

不，它是增量的。我們不會對我們的銷售計劃做出任何重大改變。他們仍然做得很好，對我們仍然很重要。

Many of our acquired partnerships don't have sales we continue to find, or don't have sales in a way that we deliver sales. We see continued opportunity there.

我們收購的許多合作夥伴都沒有我們繼續尋找的銷售，或者沒有以我們提供銷售的方式獲得銷售。我們在那裡看到了持續的機會。

Obviously, as we get density in some of these markets, we have incremental opportunity. But it is not a seismic shift.

顯然，隨著我們在其中一些市場的密度增加，我們就有了更多的機會。但這並不是一個巨大的轉變。

Okay. Switching gears a little, you have been having some nice success with the Fit2WRK initiative. Could you just give us a sense as to the potential you see from that?

好的。換個角度，您已經透過 Fit2WRK 計畫取得了一些不錯的成功。您能否讓我們了解您從中看到的潛力？

Again, how early are we if you had to use a baseball analogy in terms of the inning?

再說一次，如果你必須用棒球來比喻局局的話，我們現在還早到什麼時候呢？

God bless them, they are doing a great job, a really hard-working group. A good team effort. Great leadership.

上帝保佑他們，他們做得很好，是一個非常努力工作的團隊。良好的團隊努力。偉大的領導。

We are early. We are early. We are still scratching the surface, and we are chewing our way through; but it is early.

我們還早。我們還早。我們還處於淺嚐輒止的階段，我們正在慢慢摸索。但現在還早。

One thing I will note, with the acquisition we made in December, whereas workers comp had been about 17% to 18% of our total net patient revenue, it will jump up to close to 20%.

我要注意的一件事是，隨著我們在 12 月進行的收購，雖然工人薪酬約占我們患者總淨收入的 17% 至 18%，但它將躍升至接近 20%。

Also something else related to commercial and Brian's question a minute ago, I just did a quick calc. For the year, our average net-patient revenue per visit for commercial income, obviously insurance payers, is right at $99.

還有一些與商業和布萊恩一分鐘前的問題相關的事情，我剛剛做了一個快速計算。今年，我們的商業收入（顯然是保險付款人）每次就診的平均患者淨收入為 99 美元。

And in Q4 it was slightly over $100. It can vary from quarter to quarter, but there's nothing to suggest there is a negative trend right now.

第四季略高於 100 美元。每個季度的情況可能有所不同，但目前沒有任何跡象表明存在負面趨勢。

Thanks. Larry, as you are on the subject PO mix, I don't know if you have handy what it looked like at the end of the year?

謝謝。 Larry，正如您所討論的 PO mix 主題，我不知道您是否知道年底時的情況？

I will give it to for the quarter and the year, not much difference between the two. In the fourth quarter, commercial was 54%, workers comp was 17%; but remember we did not do the deal until the end of the quarter.

我會給出季度和年度的數據，兩者之間沒有太大差異。第四季度，商業佔54%，工人佔17%；但請記住，我們直到本季末才完成這筆交易。

Medicare and Medicaid were 23%, and Other was 6%. For the year, commercial was 53%, workers comp was 18%, Medicare/Medicaid 23% again, and another 6% again.

醫療保險和醫療補助為 23%，其他為 6%。今年，商業費用為 53%，工人費用為 18%，醫療保險/醫療補助為 23%，另外為 6%。

Thanks. The final question, again on acquisitions.

謝謝。最後一個問題，還是關於收購。

As you look at opportunities, is this going to be driven in terms of factors -- things like payer mix, geographic expansion, etc? What are probably some of the critical things you are looking for aside from just looking to expand at the nice valuation?

當您審視機會時，這是否會受到付款人組合、地理擴張等因素的驅動？除了只想以良好的估值進行擴張之外，您可能還在尋找哪些關鍵的東西？

It's a great question, and I appreciate you asking it. It is not payer mix other than we want diversification.

這是一個很好的問題，我很感謝你提出這個問題。除了我們想要多元化之外，這不是付款人組合。

We are looking for great, high-quality individuals. We're looking for people with integrity. We're looking for people that have a passion for fitness and a belief that with more resources they can continue to make a difference in their world and in the market.

我們正在尋找優秀、高素質的人才。我們正在尋找正直的人。我們正在尋找對健身充滿熱情並相信憑藉更多資源可以繼續為自己的世界和市場帶來改變的人。

We're looking for people with energy and excitement, even in light of some of the challenges for the future. Really looking for high-quality owner/operators, clinicians, that want a good long-term home. That is really the principal driver.

即使未來面臨一些挑戰，我們也在尋找充滿活力和熱情的人才。真正尋找高素質的業主/經營者、臨床醫生，希望擁有一個好的長期住宅。這確實是主要驅動力。

Thanks a lot.

多謝。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Chris, just a follow up to Mitra's question there.

克里斯，只是米特拉問題的後續。

Clearly, you have a pretty good pipeline of what seems like high-quality deals. How do we balance the fact that you are looking to cut costs and maintain your cost structure or bring it down actually and the integration that you are doing with some large deals that you did in the back half of 2013?

顯然，您擁有相當不錯的高品質交易管道。我們如何平衡以下事實：您希望削減成本並維持成本結構或實際降低成本，以及您正在整合 2013 年下半年的一些大型交易？

The question is, from a timing perspective, are there limits to what you can do early in the year because of your capacity to do it plus the integration that is going on with those last deals?

問題是，從時機的角度來看，由於你的能力以及與最後交易正在進行的整合，你在今年年初可以做的事情是否受到限制？

It's another good question.

這是另一個好問題。

Chewing my way through that, these deals are in different parts of the country. They, obviously, as Larry referenced, they have different net rates and they have different cost structures.

經過仔細研究，這些交易分佈在全國不同地區。顯然，正如拉里所提到的，他們有不同的淨利率和不同的成本結構。

When we buy something, we are buying into the historic structure that they have been operating under. In the case of our most -- the deal that we talked about the end of the year, very high net rate, a little bit higher cost structure, bigger facilities. Because they're in an intensely focused area on work comp, lower productivity.

當我們購買某些東西時，我們就是在購買它們一直在運作的歷史結構。就我們最常見的情況而言——我們在年底討論的交易，淨利率非常高，成本結構略高，設施更大。因為他們處於高度關注工作補償的領域，因此生產力較低。

We are not trying to remake these companies overnight. We are not doing these deals based upon gathered synergies that we expect to deploy immediately with headcount reductions and the like. We keep our teams intact. That is one of the reasons we are able to grow forward.

我們不會試圖在一夜之間重塑這些公司。我們並不是基於所收集的協同效應來進行這些交易，我們希望透過裁員等方式立即部署這些協同效應。我們保持我們的團隊完好無損。這是我們能夠向前發展的原因之一。

That cost number is likely to move around a little bit. It is somewhat dependent upon the companies that we bring into the fold. With respect to our ability to integrate, we're really proud of our group here. They have done a wonderful job.

該成本數字可能會略有變動。這在某種程度上取決於我們納入的公司。就我們的整合能力而言，我們為我們這裡的團隊感到非常自豪。他們做得非常出色。

They've grown over the years. They're able to assimilate these very effectively with the right demeanor and without having a bunch of plates drop in the process. I expect us to be able to continue to do what we have done.

這些年來他們已經成長了。他們能夠以正確的舉止非常有效地吸收這些內容，並且在此過程中不會出現一堆盤子掉落的情況。我希望我們能夠繼續做我們已經做過的事情。

You guys keep using the pipeline word, which never comes out of my mouth. We continue to be active. I just want to make it clear that we have not talked about a certain number.

你們一直在使用「管道」這個詞，但這個詞從來沒有從我嘴裡說出過。我們繼續活躍。我只是想澄清一下，我們還沒有討論過某個數字。

We are going to have a good year this year, I expect, in terms of acquisitions. We are going to continue to be picky and selective with who we want to do business with. Whether that's a pipeline or not, I am not sure. That is how we view it.

我預計，就收購而言，今年我們將度過美好的一年。我們將繼續對我們想要與之開展業務的人保持挑剔和選擇性。這是否是管道，我不確定。我們就是這樣看待它的。

Sounds good. Thanks, guys.

聽起來不錯。多謝你們。

Peter van Roden, Spitfire Capital.

彼得·範·羅登（Peter van Roden），噴火戰鬥機資本公司。

Just a quick question on operating margins.

只是一個關於營業利潤率的簡單問題。

It seems like year over year, operating margins were down a little bit. Can you talk a little bit about your ability to grow operating margins at the clinic level, given a tough net-revenue price environment going forward?

與去年同期相比，營業利潤率似乎略有下降。鑑於未來嚴峻的淨收入價格環境，您能否談談您在診所層級提高營業利潤的能力？

The margins were down largely because of the revenue reduction. As we talked about earlier, we actually took costs out.

利潤率下降主要是因為收入減少。正如我們之前談到的，我們實際上扣除了成本。

Now, we did some large acquisitions last year. So that will cause some of the numbers to change around. I would expect our margins to be better this year than last year.

現在，我們去年進行了一些大型收購。所以這會導致一些數字改變。我預計今年我們的利潤率會比去年更好。

Some of that will be additional cost cutting, and some of it will just be the change in the mix with more workers comp.

其中一些將是額外的成本削減，而另一些將只是與更多工人薪酬組合的變化。

Generally speaking, I don't think any of us expect any dramatic moves one way or the other.

一般來說，我認為我們中的任何人都不會期待任何戲劇性的舉動。

Honestly, as to what Chris was talking about earlier, when we do an acquisition, we pro forma it based on their existing cost structure.

老實說，正如克里斯之前所說，當我們進行收購時，我們會根據他們現有的成本結構進行預估。

The largest acquisition we ever did was STAR. When we bought them their margins weren't that good. Today, their net rate is up significantly. Their margins are much better.

我們做過的最大的收購是 STAR。當我們購買它們時，它們的利潤率並不好。如今，他們的淨利率大幅上升。他們的利潤要好得多。

Oftentimes, we look at it as an opportunity if the margins are slightly lower on an acquisition than our average.

通常，如果收購的利潤率略低於我們的平均水平，我們會將其視為一個機會。

Got it That's all I had, guys. Thanks.

明白了，這就是我所擁有的一切，夥計們。謝謝。

At this time, there are no further questions. I will now return the call to Management for any additional or closing remarks.

目前，沒有其他問題了。我現在將向管理層回電，詢問任何補充或結束語。

Thanks, everybody. We appreciate your time and attention this morning. You had great questions.

謝謝大家。感謝您今天早上的時間和關注。你有很好的問題。

Larry and I and the rest of the group will be here the rest of the day, if you have any follow-up issues. Have a great day.

如果您有任何後續問題，拉里和我以及團隊的其他成員將在當天剩餘的時間裡待在這裡。祝你有美好的一天。

Thank you for participating in today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。