US Physical Therapy Inc (USPH) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the US Physical Therapy first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您撥冗等候。歡迎參加 US Physical Therapy 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I'd now like to turn the call over to Chris Reading, Chairman and CEO. Please go ahead, sir.

現在我想把電話交給董事長兼執行長 Chris Reading。先生，請開始。

Welcome to our 2026 first-quarter earnings call. With me on the line this morning include Jason Curtis, our Interim CFO, Senior Vice President, Finance and Accounting. I look forward to many of you getting to meet Jason for the first time around this earnings process and call, and subsequent investor calls and meetings. He's done just a tremendous job jumping in really without a lot of warning and keeping all the plates spinning in his normal job and doing a terrific job, both with reporting and the Board and all the many things, including the redo of our credit agreement, very instrumental in all that.

歡迎參加我們 2026 年第一季財報電話會議。今天早上與我一同在線的有 Jason Curtis，我們的代理財務長、財務與會計資深副總裁。我期待在這次財報流程與電話會議，以及後續的投資人電話會議與會面中，許多朋友能第一次認識 Jason。他在幾乎沒有太多預警的情況下就投入其中，仍能在本職工作中把所有事情都維持運轉，並在財務報告、董事會以及許多事項上都表現出色，包括我們信用協議的重新修訂，他在其中也扮演了非常關鍵的角色。

So, I look forward to you guys getting to know him a little bit. Along with Jason, Eric Williams, our President and COO; Rick Binstein, our Executive Vice President and General Counsel; and Kate Venturina, our Vice President and Controller. Before we discuss the results for this past quarter, as usual, we need to cover a brief disclosure statement.

所以，我也期待各位能更了解他一些。除了 Jason 之外，還有我們的總裁兼營運長 Eric Williams；執行副總裁兼總法律顧問 Rick Binstein；以及副總裁兼財務控管長 Kate Venturina。在我們討論本季結果之前，照例需要先進行簡短的揭露聲明。

So, Kate, if you would, please.

那麼，Kate，麻煩妳。

Thank you, Chris. Today's presentation includes 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 may vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.

謝謝你，Chris。今天的簡報包含前瞻性陳述，涉及若干風險與不確定性。這些前瞻性陳述係基於公司目前的觀點與假設。公司的實際結果可能與預期有重大差異。更多資訊請參閱公司向美國證券交易委員會提交的文件。

This presentation also includes certain non-GAAP measures as defined in Regulation G, and the related reconciliations can be found in the company's earnings release and the company's presentations on our website. Chris?

本簡報亦包含《G 規則》(Regulation G) 所定義的若干非 GAAP 指標，相關調節表可在公司的財報新聞稿以及我們網站上的公司簡報中找到。Chris？

Thanks, Kate. So let me start off by covering some of the key objectives that we are neck deep in and working on and established as priorities prior to the start of the year. These objectives include semi virtualization of our front desk, which is and will produce savings in both labor as well as overall efficiency and improved authorization consistency, the latter of which ultimately has an impact on rate.

謝謝，Kate。我先從幾項我們正全力投入、並在年初前就確立為優先事項的關鍵目標談起。這些目標包括前台的半虛擬化，這將在勞動力與整體效率上帶來節省，並提升授權一致性；而後者最終會影響費率。

AI-assisted ambient listening documentation technology, which will help our clinicians spend less head downtime on their computers. Obviously, that has an impact both potential impact on productivity and rate through unit capture, again, with direct patient interface. Re-engagement with remote therapeutic monitoring for our traditional Medicare population after CMS revised the rules in late 2025, beginning 2026 this year in January.

AI 輔助的環境聆聽式病歷紀錄技術，將幫助臨床人員減少在電腦前低頭處理文書的時間。顯然，這會對生產力以及透過單位量捕捉（unit capture）所帶來的費率產生潛在影響，同時仍能維持與病患的直接互動。在 CMS 於 2025 年底修訂規則後，我們自 2026 年 1 月起，重新推動針對傳統 Medicare 族群的遠距治療監測（remote therapeutic monitoring）。

Expansion of our cash-based programs across a great number of our top partnerships. We initially rolled this out last year in the spring, another partner meeting in April this year with a large swath of our top 30, top 40 partners where a significant part of our growth in income comes from surrounding that were growth opportunities and one of those was cash-based program deployment. So that is rolling out as we speak.

在我們眾多頂尖合作夥伴中擴展自費（cash-based）方案。我們去年春季首次推出，今年 4 月又與我們前 30、前 40 大合作夥伴中的一大部分舉行了另一場夥伴會議；我們收入成長的相當一部分來自這些合作夥伴周邊的成長機會，而其中之一就是自費方案的導入。因此，這項計畫正如我們所說持續推進中。

And finally, a strong investment and effort directionally to create opportunity with large hospitals and systems similar to the two that were previously announced, including NYU and another one in the Gulf Coast region. Those efforts are going very well. And in fact, we just started the NYU transition process for our initial set of clinics and we'll be rolling facilities in over the next few months across both opportunities.

最後，我們也在方向上投入大量資源與努力，致力於與大型醫院及醫療系統創造機會，類似先前已宣布的兩個案子，包括 NYU 以及墨西哥灣沿岸地區的另一個案子。這些努力進展非常順利。事實上，我們剛啟動 NYU 的初始診所交接流程，未來幾個月將在這兩個機會中陸續導入更多據點。

These initiatives are on track, and we believe will produce the results we have discussed as the year progresses. This, in combination with continuing ramp-up of visits across the company gives us the confidence to reaffirm our original guidance. In fact, we finished Q1 right on budget. And for some of you, I know you had a different Q1 expectation, but we were where we expected to be exiting this first-quarter.

這些計畫均按進度推進，我們相信將隨著年度進展產生我們先前討論過的成果。再加上全公司就診人次持續爬坡，讓我們有信心重申原先的財測指引。事實上，我們第一季的表現正好符合預算。我知道其中一些人對第一季有不同的預期，但我們在第一季結束時確實達到我們原先預期的位置。

First-quarter highlights include revenue increase in physical therapy of 7.3% with a 2.5% same-store increase. This was driven from a 6.9% bump in patient volume, which for the quarter increased our visits per clinic per day to 31.8%. And I'll note just for some perspective that demand was strong this Q1. We lost over 31,000 visits to weather, which, as you know, impacts not just revenue, but the vast majority of our highest state people, we have to pay to sit at home during these events, which has a drag on margins.

第一季重點包括：物理治療營收成長 7.3%，同店成長 2.5%。這主要由病患量年增 6.9% 所帶動，使本季每家診所每日就診次數提升至 31.8%。我也補充一些背景：本季需求強勁。我們因天候因素流失超過 31,000 次就診；如各位所知，這不僅影響營收，也影響我們大多數最高層級的員工成本——在這些事件期間，我們仍需支付他們在家待命的薪資，對毛利率造成拖累。

All of that is now in the rearview mirror as we ramp into the busiest period of the year. The net rate for the quarter rose to $106.49, up from $105.66 prior year. The biggest positive influencers there include a nice 3.4% year-over-year increase in our commercial rates, coupled with a small Medicare pricing increase that we are ramping into as the year begins.

這些影響如今都已成為過去，我們正邁入一年中最繁忙的時期。本季淨費率上升至 106.49 美元，高於去年同期的 105.66 美元。其中最大的正向因素包括：商業保險費率年增 3.4% 的良好表現，以及隨著年初開始逐步反映的一小幅 Medicare 定價上調。

Pulling against that a little bit on a blended basis was a small drop in our Medicaid rate. We're going to have to watch that also as the year progresses. Injury prevention saw a number of good things for the quarter. Revenue increased 11.8%, which included a partial quarter contribution from our latest IIP New York-based acquisition earlier announced.

在綜合口徑下，略為抵銷上述利多的是 Medicaid 費率的小幅下滑。我們也必須在接下來一年持續觀察這一點。傷害預防業務在本季也有多項正面進展。營收成長 11.8%，其中包含我們先前宣布、最新一筆位於紐約的 IIP 收購案所貢獻的部分季度營收。

Same-store revenue increased 8.2%, while margin increased 180 basis points compared to our Q1 2025 numbers. On the development front, in addition to the New York City-based IIP deal, we added in a Nine-Clinic therapy partnership in the Pacific Northwest. It's going to do very well for us. In addition, we opened seven de novo clinics in the quarter, we have more to come in both the hospital area as well as acquisitions.

同店營收成長 8.2%，而相較於 2025 年第一季，利潤率提升 180 個基點。在開發方面，除了位於紐約市的 IIP 交易外，我們也在太平洋西北地區新增了一個包含 9 家診所的治療合作夥伴。這將為我們帶來非常好的表現。此外，本季我們新設（de novo）開出 7 家診所；後續在醫院合作領域以及併購方面都還會有更多進展。

Recently, and we have already announced this, but I'll cover it, we completed the renegotiation of our five-year credit facility, which in addition to providing even better pricing and terms compared to what we had before, which was already a very favorable facility, but we were able to expand our capacity so that we can continue to invest in growth opportunities without compromise.

近期（且我們已經公告過），我們完成了五年期信用融資額度的重新協商；除了相較於先前（本就相當有利的）融資條件提供更好的定價與條款外，我們也擴大了額度，使我們能在不受限制的情況下持續投資成長機會。

Finally, in the quarter, as Jason will later discuss, related to the credit facility and our borrowings, we repurchased equity in two very strong partnerships with a total spend of a little more than $14 million, where we continue to have strong founding partners who are taking some chips off the table due to their extraordinary growth over time in one case and another at a point of planned retirement with a strong owner base still intact.

最後，在本季，正如 Jason 稍後將說明的，與信用融資額度及我們的借款相關，我們回購了兩個非常強勁合作夥伴中的股權，總支出略高於 1,400 萬美元；在這些合作夥伴中，我們仍有強大的創始合夥人——其中一個案例是因多年來的卓越成長而選擇部分獲利了結，另一個則是在規劃退休的時間點進行，但仍保有穩固的所有權基礎。

Our strong capital structure allows us to be flexible and take advantage of these opportunities without compromising our ability to run the company or pursue a variety of growth opportunities. Part of the reason we feel confident in our ability to continue to grow through organic as well as acquisition-related partner-centric development is that we have a great balance sheet.

我們強健的資本結構讓我們能保持彈性，把握這些機會，同時不會犧牲公司營運能力或追求多元成長機會的能力。我們之所以對持續透過有機成長以及與併購相關、以合作夥伴為核心的發展來擴張充滿信心，其中一部分原因在於我們擁有非常良好的資產負債表。

As we've discussed, our improved and expanded credit facility gives us the dry powder to make good decisions about our growth and provides us with the resources and capital that we need to run the company, grow and expand where it makes sense in PT and industrial injury prevention and invest in new technologies, resources and people to make our growth plan happen, all of which we are doing in real time.

如同我們先前討論的，我們已改善並擴大的信貸融資額度，讓我們擁有充足的「乾粉」以便就成長做出正確決策，並為我們提供經營公司所需的資源與資本，使我們能在PT與工業傷害預防等合理領域進行成長與擴張，並投資於新技術、資源與人才以落實我們的成長計畫，而我們也正即時地推進這一切。

This, along with our continued high demand for our services and our progress across key initiatives gives us the confidence to reaffirm our guidance for 2026. As I wrap up my prepared comments, as I always do, it's important to do because our clinicians, our partners, they're doing such a great job around the country every day to make a difference in the lives of our patients who they are positively impacting, make a difference in the lives of our injury prevention clients and their workers, keep them safe and healthy.

再加上我們服務需求持續強勁，以及在各項關鍵計畫上的進展，讓我們有信心重申我們對2026年的財測指引。在結束我事先準備的發言時——我一向都會這麼做——我認為這很重要，因為我們的臨床人員與合作夥伴每天在全國各地都做得非常出色，為我們所正面影響的病患生活帶來改變，也為我們的傷害預防客戶及其員工帶來改變，讓他們保持安全與健康。

And all of that helps us to attract the kinds of new opportunities, including our hospital partners like NYU and others, which will be an accelerant to our growth rate as we finish this year and look forward, especially into 2027.

而這一切也有助於我們吸引各類新的機會，包括像NYU等醫院合作夥伴，這將在我們完成今年並展望未來、尤其是邁向2027年時，加速我們的成長率。

Jason, please go ahead and walk through the financials in a little bit more detail before we open it up for questions.

Jason，請你在我們開放提問之前，先更詳細地帶大家看一下財務數據。

Thanks, Chris, and good morning, everyone. Turning to the details of the first-quarter 2026 income statement. Total revenue was $198 million, a 7.9% increase versus 2025. Daily visits per clinic increased to 31.8 in the first-quarter 2026 compared to 31.2 in Q1 2025. Total patient visits in the first-quarter 2026 were 1,543,000, a 6.9% increase versus last year.

謝謝你，Chris，各位早安。接下來說明2026年第一季損益表的細節。總營收為1.98億美元，較2025年成長7.9%。2026年第一季每家診所每日就診人次提升至31.8，較2025年第一季的31.2增加。2026年第一季總病患就診次數為1,543,000次，較去年成長6.9%。

Net patient revenue per visit was $106.49 in the first-quarter of 2026, an $0.83 increase versus the prior year. This growth was driven by a 3.4% increase in commercial revenue per visit. This lift is made even more meaningful by the fact that commercial payers represent nearly 50% of our total payer mix.

2026年第一季每次就診的淨病患收入為106.49美元，較前一年增加0.83美元。此成長主要由每次就診的商業保險收入增加3.4%所帶動。考量到商業保險付款方約占我們整體付款方組合近50%，這項提升更具意義。

We also benefited from the early impact of our expected 1.75% Medicare rate increase. As a reminder, the majority of the benefit from the hospital initiatives will impact net revenue per visit and first-quarter results do not yet include any impact from these affiliations. Total first-quarter 2026 physical therapy revenue was $168 million, a 7.2% increase versus prior year first-quarter.

我們也受惠於預期1.75% Medicare費率調升的早期影響。提醒一下，醫院合作計畫帶來的大部分效益將反映在每次就診的淨收入上，而第一季的結果尚未包含這些合作關係的任何影響。2026年第一季物理治療總營收為1.68億美元，較前一年第一季成長7.2%。

Mature clinic revenue increased 2.5% in Q1 2026, continuing the sequential quarter-over-quarter build from 2025. Adjusted physical therapy payroll cost per visit were $64.20 in the first-quarter of 2026 compared to $63.53 in the first-quarter of 2025. Adjusted physical therapy operating cost per visit were $90.31 in the first-quarter of 2026 compared to $88.77 in the first-quarter 2025.

成熟診所營收在2026年第一季成長2.5%，延續自2025年以來逐季累積的成長動能。2026年第一季調整後的每次就診物理治療薪資成本為64.20美元，較2025年第一季的63.53美元增加。2026年第一季調整後的每次就診物理治療營運成本為90.31美元，較2025年第一季的88.77美元增加。

Adjusted physical therapy margin decreased to 16.1% in Q1 2026 compared to 16.8% in Q1 2025. IFP revenue was $31 million in Q1 2026, an 11.8% increase versus the prior year. Excluding the Q1 2026 IIP acquisition, IIP revenue increased 8.2%. IIP margin increased to 20.4% in Q1 2026 compared with 18.6% in Q1 2025.

調整後物理治療毛利率在2026年第一季降至16.1%，低於2025年第一季的16.8%。2026年第一季IFP營收為3,100萬美元，較前一年成長11.8%。若排除2026年第一季IIP併購案，IIP營收成長8.2%。IIP毛利率在2026年第一季提升至20.4%，高於2025年第一季的18.6%。

Adjusted corporate expense as a rate to revenue was 8.8% in Q1 2026 compared to 8.5% in Q1 2025. We continue to make progress on our Workday ERP implementation and expect to go live at the beginning of 2027. We are implementing Workday in both human resources and finance and are looking forward to modernizing our systems, increasing efficiency and improving the user experience.

調整後公司費用占營收比率在2026年第一季為8.8%，高於2025年第一季的8.5%。我們持續推進Workday ERP導入，並預期於2027年初正式上線。我們將在人力資源與財務兩個領域導入Workday，期待藉此現代化我們的系統、提升效率並改善使用者體驗。

Interest expense was $2.8 million in the first-quarter of 2026 compared to $2.3 million in Q1 2025. The increase was driven by cash usage associated with the two first-quarter acquisitions as well as $14 million in purchases of non-controlling interest, as Chris mentioned. Income tax in Q1 2026 was 32.3% compared to 28.1% in Q1 2025.

2026年第一季利息費用為280萬美元，較2025年第一季的230萬美元增加。增加主要來自兩項第一季併購所伴隨的現金使用，以及如Chris所提到的1,400萬美元非控股權益收購。2026年第一季所得稅率為32.3%，相較之下2025年第一季為28.1%。

The Q1 2026 tax rate is elevated due to the negative impact of discrete tax items on comparatively lower pretax income. Adjusted EBITDA in Q1 2026 was $20.2 million, a $0.7 million increase compared to Q1 2025. Operating results per share was $0.46 in the first-quarter of 2026 compared to $0.48 in the first-quarter of 2025.

2026年第一季稅率偏高，係因一次性稅務項目對相對較低的稅前所得造成負面影響。2026年第一季調整後EBITDA為2,020萬美元，較2025年第一季增加70萬美元。2026年第一季每股營運成果為0.46美元，較2025年第一季的0.48美元略降。

Net income attributable to USPH shareholders was $5 million in Q1 2026 compared to $9.9 million for Q1 2025. Included in pretax income for Q1 2026 was a loss on change in fair value of contingent earn-out considerations of $2 million versus a gain of $4.8 million in Q1 2025. The Q1 2026 loss was driven by stronger performance in recent acquisitions, which increases our earn-out liability.

2026年第一季歸屬於USPH股東的淨利為500萬美元，較2025年第一季的990萬美元下降。2026年第一季稅前所得包含或有對價（earn-out）公允價值變動損失200萬美元，而2025年第一季則為收益480萬美元。2026年第一季的損失主要由近期併購案表現更強所致，因而提高我們的earn-out負債。

GAAP loss per share was $0.12 in the first-quarter 2026 compared to earnings per share of $0.80 in the first-quarter of 2025. Earnings per share in Q1 2026 was negatively impacted by revaluation of redeemable non-controlling interest compared to a benefit in Q1 2025. Under GAAP, increases or decreases in the value of redeemable non-controlling interest are not included in net income but are included in the calculation of per share metrics.

2026年第一季GAAP每股虧損為0.12美元，相較之下2025年第一季每股盈餘為0.80美元。2026年第一季每股盈餘受到可贖回非控股權益重估的負面影響，而2025年第一季則為正面貢獻。依GAAP規定，可贖回非控股權益價值的增減不計入淨利，但會納入每股指標的計算。

Stronger performance in Q1 2026 increased the value of these ownership interest, negatively impacting per share metrics. As Chris mentioned, we completed two significant acquisitions in the first-quarter. At the beginning of January, we acquired a 50% interest in an Eight-Clinic Physical Therapy practice with $8 million in revenue and 66,000 visits.

2026年第一季較強的表現提高了這些所有權權益的價值，進而對每股指標造成負面影響。如Chris所提到，我們在第一季完成了兩項重要併購。1月初，我們收購了一家擁有8家診所的物理治療機構50%股權，該機構營收為800萬美元、就診次數為66,000次。

At the end of January, we acquired a 70% interest in an industrial injury prevention business with $7 million in business. Turning to the balance sheet. Cash and cash equivalents at the end of Q1 2026 were $28 million compared to $36 million at the end of 2025. Borrowings on our credit facility were $204 million in Q1 2026 compared to $162 million at the end of 2025.

1月底，我們收購了一家工業傷害預防業務70%股權，該業務規模為700萬美元。接下來看資產負債表。截至2026年第一季末，現金及約當現金為2,800萬美元，較2025年年底的3,600萬美元下降。2026年第一季在我們信貸融資額度下的借款為2.04億美元，較2025年年底的1.62億美元增加。

As noted, the increase in borrowings was driven by our two first-quarter acquisitions as well as the $14 million in purchases of non-controlling interest. On April 15, 2026, we announced a five-year $450 million credit facility with a maturity date of April 14, 2031. Based on strong lender support, the facility was upsized from its initial $400 million launch amount, and we achieved improved pricing compared to our previous facility.

如前所述，借款增加主要由兩項第一季併購以及1,400萬美元非控股權益收購所帶動。2026年4月15日，我們宣布一項為期五年的4.5億美元信貸融資額度，到期日為2031年4月14日。在放款機構強力支持下，該融資額度自最初推出的4億美元上調，且相較於我們先前的融資額度，我們也取得了更優惠的定價條件。

Our lender group consists of Bank of America, Regions, JPMorgan Chase, Citizens, US Bank and BankUnited. This larger facility compared to our previous $325 million facility provides us with additional flexibility as we need to grow our portfolio of partnerships and return capital to shareholders. The June 2027 maturity date for our existing interest rate swap remains unchanged.

我們的貸款機構團隊包括美國銀行（Bank of America）、Regions、摩根大通（JPMorgan Chase）、Citizens、美國銀行（US Bank）以及 BankUnited。相較於我們先前的 3.25 億美元融資額度，這個更大的融資安排為我們在擴大合作夥伴組合並向股東返還資本時，提供了額外的彈性。我們現有利率交換合約的 2027 年 6 月到期日維持不變。

Our first-quarter results were in line with our expectations, and we expect the impact of the 2026 objectives which Chris discussed to ramp up throughout the course of the year. As such, we are reaffirming our full year 2026 adjusted EBITDA guidance of $102 million to $106 million.

我們第一季的結果符合我們的預期，我們預期 Chris 所談到的 2026 年目標所帶來的影響將在全年逐步加速顯現。因此，我們重申 2026 全年調整後 EBITDA 指引為 1.02 億美元至 1.06 億美元。

With that, I will turn the call back to Chris.

接下來，我把電話交回給 Chris。

Thanks, Jason. Great job. Operator let's go ahead -- I know we'll have questions. So let's go ahead and open up the line.

謝謝，Jason。做得很好。接線員，我們開始吧——我知道會有提問。那就請開放線路。

(Operator Instructions) Joanna Gajuk, Bank of America.

(接線員指示) 美國銀行的 Joanna Gajuk。

So, first, I guess, on Q1, the guidance, Chris, but -- so you said the weather was $3 million to $4 million revenues, right, and you cut your cost. So, kind of how should we think about the EBITDA headwind? And importantly, was this quarter sort of as you had included in your guidance? Because I think when you gave the guidance, kind of knew about the January weather situation.

那麼，首先，我想問第一季與指引的部分，Chris——你說天氣因素影響營收約 300 萬到 400 萬美元，對吧，而且你們也削減了成本。所以，我們應該如何看待 EBITDA 的逆風幅度？更重要的是，這一季是否大致如你們在指引中所納入的情境？因為我想你們在給出指引時，大概已經知道 1 月的天氣狀況。

So, kind of explain to us how this quarter came versus your original expectations? And how should we think about what was the actual headwind to cost to EBITDA really.

所以，請跟我們說明這一季的表現相較於你們原先的預期如何？以及我們應該如何理解實際對成本與 EBITDA 的影響（逆風）到底是多少。

So first of all, importantly, the quarter came in almost exactly where we had budgeted the quarter to be. Now there were a couple of puts and takes. But at the end of the day, from an earnings perspective, we came in right where we expected to be. We lost about 31,000 visits, some of those coming in some of our high net rate markets like New York, which also, by the way, impacted our injury prevention acquisition right out of the gate a little bit with weather and mobile units there.

首先，很重要的一點是，本季的結果幾乎完全符合我們的預算。當然中間有一些正負因素互相抵銷。但就最終的獲利角度而言，我們的表現正如預期。我們少了大約 31,000 次就診，其中一部分發生在像紐約這類淨費率較高的市場；順帶一提，這也讓我們的傷害預防收購案在一開始就受到一些影響，因為那邊的天氣與行動單位（mobile units）運作。

And so, when we look at that blended average rate, it's somewhere north of $3 million, $3.3 million if you use our average rate. And understanding that we've got to pay most of our folks, maybe not everybody, every dollar with some of our hourly people, although occasionally, we do that as well, depending on circumstances. But our salary people get paid regardless.

因此，若以綜合平均費率來看，影響金額大概超過 300 萬美元；若用我們的平均費率計算，大約是 330 萬美元。而且要理解的是，我們仍必須支付大多數員工的薪資——也許不是每個人、也不是每一塊錢，對部分按時計薪員工而言有些彈性，雖然在某些情況下我們也會照付。但領薪制（salary）的員工不論如何都會領到薪水。

So, demand was high for the first-quarter. It was a tough weather quarter, but that's behind us. Demand has continued to build, meaning volumes have built, and we're not going to have weather anymore. And so, coming out of it in combination, we made some investments and continue to make some investments in some of these initiatives.

所以，第一季的需求其實很強。天氣確實讓這一季很艱難，但那已經過去了。需求持續增溫，也就是量能持續上升，而且接下來不會再有天氣因素。因此，在走出這段期間的同時，我們也做了一些投資，並持續在這些計畫上投入。

Those investments include both people and other investments in products and other things. That's in the cost numbers as well, but we feel confident those are going to bear the fruit that we expect them to bear and that we've begun to see already as things ramp up. So, I don't know if that answers your question, Joanna.

這些投資包含人力，以及在產品與其他事項上的投入。這些也反映在成本數字中，但我們有信心它們會如我們預期般開花結果，而且隨著各項計畫逐步推進，我們已經開始看到成效。Joanna，不知道這樣是否回答了你的問題。

That's helpful. Right. So, you did kind of assume this was a headwind in your guidance originally that you gave us and the quarter was sort of in line. So yes, you want to comment on that. Okay. Good. And then from here, right, how should we think about the ramp of the rest of the year? I mean it sounds like, yes, you guys are kind of up a couple of things, but I don't know if there's some numbers to put around because when you do that the rough math, so Q1 EBITDA was about, call it, 19% of the full year guidance.

這很有幫助。好的。所以，你們在原先給我們的指引中，確實已經把這個逆風納入假設，而本季表現也大致符合。所以，是的，你可以再評論一下。好的。很好。那接下來，我們應該如何看待今年剩餘期間的爬坡（ramp）？我的意思是，聽起來你們確實有幾個項目在推進，但我不確定是否有一些數字可以量化；因為如果做個粗略計算，第一季 EBITDA 大約占全年指引的 19%。

But the last couple of years, it was more like 20% or above 20%. So, I guess it was lower than typical. And then if you would kind of assume typical seasonality, which obviously things get skewed because there's different level of acquisitions and things like that. But if we do some rough math, we can get to like maybe less than $100 million for the year. Then obviously, you have like the hospital alliances.

但過去幾年，這個比例比較像是 20% 或高於 20%。所以我想這次低於典型水準。如果再假設典型的季節性——當然會因為不同程度的收購等因素而被扭曲——但如果做些粗算，全年可能會不到 1 億美元。然後你們還有像是醫院聯盟（hospital alliances）。

So, if you also could maybe quantify how much actually like in this year because you do talk about $7 million, but that's obviously when you like fully annualize it and fully ramped up. So, I don't know if there's something like in this guidance included for this. And lastly, there are also these acquisitions. I want to make sure like they were already in guidance and how much, if anything, they add also the rest of the year?

所以，如果你也能量化一下今年實際會貢獻多少，因為你們提到 700 萬美元，但那顯然是完全年化、且完全爬坡後的數字。所以我不確定這份指引中是否已經包含今年的某個金額。最後，還有這些收購案。我想確認它們是否已經納入指引，以及它們在今年剩餘期間還會增加多少（如果有的話）？

Because essentially, what I'm trying to bridge is from Q1, how are you going to get to your $102 million to $106 million for the year because I'm getting more like a couple of million dollars short, I'm thinking maybe that's the hospitals and acquisitions that help explain the delta.

因為我基本上想把第一季到全年 1.02 億到 1.06 億美元之間的橋接（bridge）做出來；我算起來好像少了幾百萬美元，我在想也許是醫院合作與收購案有助於解釋這個差額（delta）。

Yes. A couple of things. So, to try to tease that apart. So, the acquisitions, I believe, which closed in January and the end of February were included in our guidance numbers. We gave our guidance, I don't remember exactly, first week of March, end of February, first week of March. And so those were included in the guidance numbers. We have more activity to come, the activity to come certainly not been included.

是的。有幾點。我試著把它拆開來說。收購案方面，我相信 1 月與 2 月底完成交割的那些已經包含在我們的指引數字中。我們發布指引的時間我不太記得確切日期，大概是 3 月第一週，或 2 月底、3 月第一週。所以那些已納入指引。我們後續還會有更多活動，而接下來的活動當然尚未納入。

And in terms of the hospital ramp-up, Jason, I don't know if you have that at your fingertips, but we're estimating we gave the $7 million 2027 number on the full year basis, we had to estimate when these would begin to phase in. And so just literally last week, we began to phase in our very first Metro facilities into the NYU deal. And things are going well, but we've got a lot more to do.

至於醫院合作的爬坡，Jason，我不確定你手邊是否有數字；但我們在提供 2027 年 700 萬美元（以全年計）的數字時，必須估算這些合作會在何時開始逐步導入。而就在上週，我們才剛開始把第一批 Metro 設施逐步納入 NYU 的合作案。目前進展良好，但我們還有很多工作要做。

On the Gulf Coast opportunity, the other hospital opportunity, that depending upon how things go over the next couple of weeks, could begin in June or could begin in July. And so, there's several million dollars worth of additional hospital contribution. But obviously, we're not getting a full year. We're getting a half year at most or part year, not even really fully a half year because we've got to layer in these facilities, and that will take a few months, particularly in Metro's case.

至於墨西哥灣沿岸（Gulf Coast）的機會，也就是另一個醫院合作機會，視接下來幾週的進展而定，可能在 6 月開始，也可能在 7 月開始。因此，醫院端還會帶來數百萬美元的額外貢獻。但很明顯，我們拿不到一整年的貢獻。最多也只是半年的貢獻，甚至不到完整半年，因為我們必須逐步把這些設施一層層導入，而這會需要幾個月時間，尤其是 Metro 的情況。

But all that was fully baked into our guidance when we did it originally. I can't give you a whole lot more granularity by quarter just because we don't do it. I mean we have those numbers, but we haven't guided by quarter in a long time. And I understand we're a little out of sync with you guys this first-quarter, but that's where we are.

但我們在最初提出指引時，這些都已完整納入考量。我無法按季度提供更多細分資訊，因為我們不這麼做。我的意思是，我們有那些數字，但我們已經很久沒有按季度給指引了。而且我理解在這個第一季我們跟各位的節奏有點不同步，但現況就是如此。

Jason, do you have the -- if you don't, that's fine. We can follow up. The estimated contribution on the hospital contracts this year? I know we announced it on the last call.

Jason，你手上有沒有——如果沒有也沒關係。我們可以之後再跟進。今年醫院合約的預估貢獻是多少？我知道我們在上一次電話會議已經公布過。

Yes. So we talked about there being a portion of the annualized $7 million impact. And the way I would think about it, Joanna, is we are in the process right now in the second-quarter of implementing these clinics, converting these clinics to the hospital affiliations. We expect to be materially complete by the end of the third-quarter.

有。所以我們談到年度化 700 萬美元影響中的一部分。Joanna，我會這樣看：我們目前正在第二季推動這些診所的導入作業，把這些診所轉換為醫院合作關係。我們預期在第三季末前會在實質上完成。

So in the fourth-quarter, you'll begin to see something like the full impact of the fourth-quarter impact of the $7 million. So the benefit of the hospital initiatives will ramp up sequentially quarter-over-quarter as we proceed throughout 2026.

因此到了第四季，你會開始看到接近完整的影響，也就是 700 萬美元在第四季的完整影響。所以，隨著我們在 2026 年持續推進，醫院相關計畫的效益將會逐季、按季序列性地拉升。

Jack Slevin, USPH.

Jack Slevin，USPH。

Jack from Jefferies here. Maybe one, just to needle a little bit tightly on the numbers. The rent supplies and other line ran a little bit hot to what we were expecting. I guess, as did the corporate expenses. Just a little curious. I know you talked about some of the things you're doing to modernize the business. But on those two lines, anything to call out in terms of what's driving some of the year-over-year growth in those expense lines?

我是 Jefferies 的 Jack。也許先問一個，稍微更精準地追問一下數字。租金、用品及其他這一行的費用比我們預期高了一些。我想公司費用也是如此。只是有點好奇。我知道你們談到一些正在做的事情來讓業務現代化。但就這兩個費用項目而言，有沒有什麼值得特別指出的因素，推動了這些費用項目的年增？

Yes. Q1, again, we had a little bit worse weather impacts, a little bit lighter revenue than we expected, although in the balance, came out at the end of the day where we thought. But we did have in a few partnerships a little bit more contract labor than we expected to deal with the volume that we had in those particular partnerships. And so that was part of the expense car.

有。第一季，我們再次受到較差天氣影響，營收也比我們預期略低，雖然整體而言，最終結果仍符合我們的預期。但在少數合作夥伴關係中，為了因應那些特定合作夥伴的業務量，我們使用了比預期更多的合約人力。所以那是費用上升的一部分原因。

Jason, I don't know if you have anything else that you want to add.

Jason，我不知道你是否還有其他想補充的。

I would just say that we are making some upfront investments in our 2026 initiatives that are going to pay off as we ramp up the benefit throughout the balance of the year as well as the weather impact that Chris mentioned would have a greater impact in terms of deleveraging on the fixed costs, some of the stuff you were mentioning, Jack, that will not continue as the -- we enter into the summer -- spring and summer season, and we don't have these weather headwinds against us.

我只想說，我們正在為 2026 年的計畫做一些前期投資，隨著我們在今年剩餘期間逐步放大效益，這些投資會帶來回報；另外，Chris 提到的天氣影響，會在固定成本的去槓桿方面造成更大的影響——也就是你提到的那些項目，Jack——當我們進入春夏季節、沒有這些天氣逆風時，這些情況就不會持續。

Got it. Yes, I totally appreciate that. That makes a ton of sense. And maybe one more to follow up, Chris. I think the messaging sounded very positive on your confidence in potentially more hospital partnerships and on the M&A front rolling through the year. Is there any way to think about the cadence of that? Or can you just give a little bit more color on sort of what's driving the level of confidence in those two things to be able to keep adding via those two avenues?

了解。是的，我完全理解。這非常合理。再追問一個，Chris。我覺得你們的訊息聽起來很正面，對於今年可能會有更多醫院合作，以及在併購（M&A）方面的推進都很有信心。有沒有什麼方式可以思考其節奏？或者你能否再多提供一些背景，說明是什麼驅動你對這兩件事的信心，讓你們能透過這兩條路徑持續增加？

Yes. Look, the cadence for you guys, and I'm sure for some it's frustrating, is not going to be something that's absolutely predictable because good opportunities sometimes take a little time to bring them fully together. But I do feel confident given the number and the depth and the range of conversations that we're having -- that we're going to have more things done on the hospital side.

是的。你們所看到的節奏——我也確定對某些人來說會覺得挫折——不會是完全可預測的，因為好的機會有時需要一些時間才能把各個面向完整整合。但就我們正在進行的對話數量、深度與範圍而言，我確實有信心——我們在醫院端會完成更多事項。

And while we don't get fully granular on what we have from an acquisition perspective, you'll see us continue to be active there as well. And as we have in the past. So no real deviation there. But these hospital opportunities, they're chunky and they make a really nice difference. And so it do take a little while to put together.

而且，雖然我們不會把併購面向的內容講得非常細，但你們也會看到我們在那方面持續保持活躍。而且就像我們過去一樣。所以那裡沒有真正的偏離。不過這些醫院機會，單筆規模大，能帶來很不錯的差異化貢獻。因此確實需要一些時間來促成。

We're dealing with big academic, in some cases, medical center institutions with a lot of constituents and big legal teams, and they do their appropriate work and it takes a little time. But as we continue to add more of these, as you will see, I think you'll understand the impact as we go forward. It's a nice impact.

我們面對的是大型學術機構，在某些情況下是醫學中心體系，牽涉許多利害關係人與龐大的法務團隊；他們會做應做的盡職作業，因此需要一些時間。但隨著我們持續增加更多這類合作——你們也會看到——我想你們會在往後理解其影響。這是很不錯的影響。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Just following up on that question on the hospital alliances, and I realize the cadence and timing is impossible to predict and especially the share. But ultimately, I think if you do the math, it's like 10% today if you do with these two initial alliances. What's the potential? How many total clinics do you think that could be using rough numbers over a three- to five-year period that you think you could potentially line up with big hospital organizations?

延續剛才關於醫院聯盟的問題，我理解節奏與時點很難預測，尤其是占比。但最終我想如果你把數字算一算，光是這兩個初始聯盟，今天大概就是 10% 左右。那潛力有多大？以粗略數字來看，在三到五年的期間內，你認為總共可能有多少家診所能與大型醫院組織建立合作？

And also the second question on that one is just on the volume growth that you can potentially drive as you join up with these hospitals? Because I know your EBITDA assumptions are based on just current volumes, right? But that's -- so if you could just give us a little bit more color on potential volume growth as you line up with these hospital partners.

另外第二個問題是，當你們與這些醫院合作後，可能帶動的量（volume）成長如何？因為我知道你們的 EBITDA 假設是以目前的量為基礎，對吧？但那——所以如果可以的話，請再多給我們一些背景，談談當你們與這些醫院夥伴對接後，潛在的量成長。

Yes. So it's a little bit of a tricky question, and I have to be a little bit careful. And for one reason that I don't know for sure. But if you took what we've done just in the last year and you say, Okay, with these two, that represents X, and you mentioned 10%. So Metro was 550,000 or 600,000 visits in a year, probably be significantly more than that when we get to the end of this year, it will be the other group of clinics with, I think, a 10 clinic group, smaller number of clinics.

是的。這問題有點棘手，我必須稍微謹慎一些。其中一個原因是我也不確定。但如果你看我們過去一年所做的事情，然後說：好，這兩個合作代表 X，而你提到是 10%。那麼 Metro 一年大約是 55 萬或 60 萬次就診，到今年年底可能會顯著高於這個數字；另一個則是一個診所群，我想是 10 家診所的群組，診所數較少。

But if you blend those two together, and if you could do that level every year over three years or five years, it's a pretty good increase. And so, we're looking to do these where we can where it makes sense, where we can generate interest. And so far, interest has been strong. And so, I think it will get to be a decent chunk of what we do in the foreseeable future for sure.

但如果把這兩個加總平均起來，而且如果你能在三年或五年內每年都做到這樣的水準，那會是相當不錯的增長。因此，我們會在合理且有意義、也能引發興趣的地方推動這些合作。到目前為止，市場興趣一直很強。所以我認為在可預見的未來，這肯定會成為我們業務中相當可觀的一部分。

I know that doesn't help you do the model, although we sent your model around a couple of weeks ago, which I thought was, again, hypothetical, but pretty realistic overview. And so I think you have a pretty good handle.

我知道這可能無法幫你把模型算得很精準，雖然我們在幾週前把你的模型轉發了一下；我認為那仍是假設性的，但相當貼近現實的概覽。所以我想你們已經掌握得相當不錯了。

Okay. Good. I appreciate the confidence. Just second question, just on the -- I know the quarter was relatively in line. It sounds like right in line with your expectations. You don't guide for the quarter. I think the Street clearly probably led by me kind of underestimated the impact of weather. But just curious, the pricing also, I know you've kind of discussed that the price per patient -- revenue per patient was up less than 1% and commercial was really strong.

好的。很好。我感謝你們的信心。第二個問題，關於——我知道本季表現大致符合預期。聽起來確實與你們的預期一致。你們不提供單季指引。我想華爾街很明顯（可能包括我）低估了天氣的影響。但我也想了解一下定價；我知道你們提過每位病患的價格——每位病患的收入增幅不到1%，而商業保險表現非常強勁。

Medicare, it sounds like you got a little bit not the full benefit. But I guess the Medicaid piece, which is a much smaller piece, right, I think 5% of business. Is that a drag? Are you worried about that continuing for the year? And could that -- pricing outlook.

至於Medicare，聽起來你們沒有完全享受到全部的好處。但我想問的是Medicaid這一塊——它是更小的一塊，對吧，我記得大概占業務的5%。這會是拖累嗎？你們擔心這種情況會在今年持續嗎？以及這對——定價展望的影響。

Yes. So again, for the first-quarter, you blend -- it's like a vegetable soup, you blend it all together and you get what you expected, but the proportionality in some cases, was a little bit slightly different than we thought. And one of those areas was rate was a little bit less than we expected. Medicare was not the full benefit of the 1.7% as we look back, I think understandably, number one, our Medicare patients don't pay as quickly as the first of the year because they're trying to sort out their deductibles and there's just kind of a delay.

是的。所以再說一次，第一季你把各種因素混在一起——就像蔬菜湯一樣，把它們全部混合起來，結果符合你的預期，但在某些情況下，各項占比與我們原先想的略有不同。其中一個領域就是費率比我們預期的稍微低一些。回頭看，Medicare並沒有完全反映1.7%的全部效益；我想這也可以理解，第一，我們的Medicare病患在年初付款不會那麼快，因為他們在處理自付額（deductibles），所以會有一些延遲。

So, the way we do our contractual adjustments has to do, in some cases, with our payment and payment timing. So, in Q1, you're straddling there you gave in December, which comes in the form of payment in January. It takes time to upload the new fee schedule. So, there's a lag and a delay and things get pushed out.

因此，我們做合約調整（contractual adjustments）的方式，在某些情況下與收款及收款時點有關。所以在第一季，你會跨在那個時間點上：你在12月提供的服務，會以1月收款的形式進來。新的費率表（fee schedule）上傳也需要時間。因此會有落後與延遲，部分項目就會被往後推。

So, we have a data point that we expect to continue to increase to around that 1.75% number as the year progresses, and we saw that last year. And then around Medicaid, I think Medicaid was down a few percent. It was a single-digit number. Again, not a big part of our business. One data point, we'll have to watch it. So we'll have to watch in Q2 to see if it was -- we'll have to do a little bit more work on it to see if it was a regional mix, which changed, which kind of skewed the blended number or whether there's some pricing differences in there as a result of states, which have made some changes.

所以，我們有一個數據點顯示，隨著年度推進，我們預期會持續上升，接近約1.75%的水準；去年我們也看到同樣的情況。至於Medicaid，我認為Medicaid下降了幾個百分點。是個位數的幅度。同樣地，它不是我們業務中很大的一部分。這是一個需要觀察的數據點。所以我們會在第二季觀察，看看這是否——我們需要再多做一些分析，判斷是否是區域組合（regional mix）改變，導致加權後的數字被扭曲，或是是否因為某些州做了調整而產生一些定價差異。

So, I wish I could tell you exactly at this point. We'll do more work on that as we have more color, we'll get with you guys and try to give you an update. But it's not going to be a big driver, particularly as Medicare is fully in there and commercial is strong. more comp, frankly, continues to be strong overall in general. And so may move a little bit, but I don't think it will swing.

所以此刻我希望我能告訴你確切原因。等我們掌握更多細節後會再多做一些工作，並與各位聯繫，嘗試提供更新。但這不會是很大的驅動因素，尤其是當Medicare的影響完全反映進來、而商業保險又很強勁時。坦白說，整體而言商業保險的補償（comp）仍然持續強勁。因此可能會有些微變動，但我不認為會造成大幅波動。

Right. And I know price moved around a little bit. And I imagine Q1 the resets on deductibles and seasonality already low. I imagine that kind of could skew this one way or the other, too.

了解。我也知道價格會有一些波動。我想第一季自付額重置（resets on deductibles）以及季節性本來就偏低。我想這也可能讓數字往某個方向偏移。

I mean if you look at last year, we had some pricing build through the year. We budgeted a pricing build through this year. We expect that we'll see that. Again, it's tough when you have just one data point, but we fully expect we'll get to where we thought we would be.

如果你看去年，我們的定價是逐季走高的。我們也在今年的預算中規劃了定價逐步提升。我們預期會看到這個趨勢。同樣地，只有一個數據點時很難下結論，但我們完全預期最終會回到我們原先認為應該達到的水準。

Benjamin Rossi, JPMorgan.

Benjamin Rossi，摩根大通（JPMorgan）。

I'm thinking about PT operating costs on a cost per visit basis were just north of, call it, like $90 a visit during 1Q. As we're thinking about this back half ramp, how should we be thinking about the run rate for operating cost per visit into 2Q and into the back half as you have your volumes been really normalizing and then some of your technology and hospital initiatives are scaling in there as well?

我在想，第一季PT營運成本以每次就診（per visit）計算，略高於——大概每次90美元左右。當我們思考下半年爬坡時，你們認為第二季以及下半年每次就診的營運成本的常態化水準（run rate）應該怎麼看？因為你們的量已經在恢復正常，另外一些科技與醫院相關的計畫也在擴大規模。

Yes. I think to what probably you guys expected it to be in a more normal rate and basis, a little bit high degree for Q1 we won't have any of the weather that we experienced in Q2. Visits have picked up even comparatively beyond that. And so, I think that will normalize. One of the things that we've worked really hard on the operations team, Eric Williams worked really hard on with our recruiting group is number one, the recruiting side of the business, but we've really focused on the retention side.

是的。我想大致會回到各位預期的、較正常的水準與基礎；第一季偏高一些，而第二季不會再有我們在第一季遇到的那種天氣狀況。就診量已經回升，甚至相較之下還更高。所以我認為會正常化。我們在營運團隊上非常努力的一件事——Eric Williams也和我們的招募團隊非常努力——第一是業務的招募端，但我們也非常聚焦在留任端（retention）。

And I'll tell you that for the first-quarter, and the numbers have come down, down being in a good direction in terms of turnover. For the first-quarter, those numbers are now sub 18%, which is as low as we've ever had since we've been measuring it in terms of turnover. And so we're doing a better job hanging on to our people.

我可以告訴你，第一季離職率相關的數字已經下降——下降是好的方向，代表流動率降低。第一季這些數字現在已低於18%，這是我們自開始衡量離職率以來最低的水準。因此我們在留住人才方面做得更好。

That will make a difference during the blow and go months when we're the busiest, which is currently Q2 right now is a great example. So I think those cost numbers will normalize. We have invested at the corporate office in some of these initiatives in terms of both people and resources, I'll call them. And so while there's a little bit of a displacement between when revenue begins and when resource allocation has to come in, in order to make those other good things happen downstream, those two will eventually catch up.

這會在我們最忙的「衝刺月份」（blow and go months）產生影響，而目前第二季就是很好的例子。所以我認為那些成本數字會正常化。我們也在總部對其中一些計畫投入了人力與資源——我就統稱為資源。因此，雖然在收入開始進來與資源配置必須先到位、以便讓後續其他好事情發生之間，會有一點時間差，但這兩者最終會追上並趨於一致。

Okay. So some normalization and the turnover to impact the labor side. I suppose flipping over to the weather-related drag. You mentioned the 31,000 visits lost due to weather. Can you break that impact down by month? Did you see volumes rebound in March? And then do you have any commentary on how volumes trended to exit the quarter and have started in April so far as you enter this busier season?

好的。所以會有一些正常化，而離職率會影響勞動成本端。我想再切換到天氣相關的拖累。你提到因天氣損失了31,000次就診。你能按月份拆分這個影響嗎？你們在3月看到量反彈了嗎？另外，能否評論一下季度末的量走勢，以及進入更忙的季節後，4月到目前為止的量表現如何？

Yes. I don't have a month-by-month breakdown, unfortunately, at my fingertips to be able to give you. But I will tell you that visits have rebounded nicely in April and in fact, even progressed within the month. And that has been really good to see. So I don't -- I apologize, but I don't have a month-by-month below-by-blow allocation on the lost visits.

是的。很遺憾，我手邊沒有按月拆分的明細可以提供。但我可以告訴你，4月的就診量反彈得很好，事實上在月內也持續走高。看到這點非常好。所以我沒有——抱歉，我沒有按月逐一（below-by-blow）分配的損失就診量資料。

(Operator Instructions) Constantine Davides, Citizens.

（接線員指示）Constantine Davides，Citizens。

One more follow-up on the hospital and health system side. And I appreciate your commentary around those being chunky and hard to predict. But when you look at the pipeline, are there other NYU sized opportunities in there? Or is the Gulf Coast deal you alluded to perhaps more representative of the scale of the partnerships that you're exploring right now?

再追問一個關於醫院與醫療體系端的問題。也感謝你提到這些案子通常金額很大、而且很難預測。但當你看目前的案源管線時，裡面還有其他像 NYU 這種規模的機會嗎？或者你先前提到的墨西哥灣沿岸那筆交易，是否更能代表你們目前正在探索的合作夥伴關係的規模？

Let me answer it this way. So there are bigger opportunities in NYU. Part of the reason NYU in and of itself, when you look at that enterprise value of what that's going to do, it's a big opportunity. Is that the biggest opportunity that we'll have? I don't -- it won't be. Part of the reason that the impact to us is smaller even on the big NYU opportunity is we only own 50% of that business.

我用這個方式來回答。所以，確實有比 NYU 更大的機會。NYU 之所以本身是一個大機會，部分原因是你看它的企業價值，以及它將帶來的影響。那會是我們能拿到的最大機會嗎？我不——不會是。而且即便是很大的 NYU 機會，對我們的影響相對較小，部分原因是我們只持有該業務 50% 的股權。

In other parts of our company where we own 70%, 80%, even 90% of some of these partnerships, large partnerships, if you took just and dropped in, again, using NYU as an example, the NYU lift from an enterprise perspective and you apply that to a partnership where we had an 85% or 90% ownership interest, obviously, the impact to us is much more significant.

在我們公司其他部分，有些合作夥伴關係我們持有 70%、80%，甚至 90% 的股權——這些都是大型合作。

But to answer the question broadly, there are markets where we think the opportunity is going to be even greater than the NYU deal and it will not necessarily follow a typical small lift like the Gulf Coast deal.

但更廣泛地回答你的問題：有些市場我們認為機會甚至會大於 NYU 這筆交易，而且不一定會像墨西哥灣沿岸那筆交易那樣只是典型的小幅提升。

Great. And then in the beginning of the call, I think you've touched on this in the past, but I just wanted to flesh out the cash-based program initiative and a little more color on what programs have been deployed and the traction there.

很好。另外在電話會議一開始，我想你過去也提過，但我想更深入了解一下現金自費方案（cash-based program）的推動計畫，以及目前已部署了哪些方案、進展如何。

Yes. I'm going to kick it, Eric, if you're able, you're front and center with this initiative, you and Graham. And so you want to go ahead and take that.

好的。Eric，如果你方便的話我把問題交給你，你和 Graham 是這項計畫的核心負責人。所以你要不要先來回答。

Yes, sure. And again, something we've really been pushing with all of our partners. It was the main focal point for the partner meeting that we held in April of 2025, and we just had 30 of our top 40 partnerships in Houston in April with a whole list of items that we covered, including the rollout of welcome ware and the AI documentation and the other centerpiece again was cash-based programs.

好的，當然。這也是我們一直在推動所有合作夥伴採用的方向。它是我們在 2025 年 4 月舉辦的合作夥伴會議的主要焦點；我們在 4 月於休士頓召集了前 40 大合作夥伴中的 30 家，討論了一長串議題，包括 welcome ware 的上線、AI 病歷文件（documentation），而另一個核心重點同樣就是現金自費方案。

The two that people are the most excited about and the one that definitely has the most traction are laser programs. You've probably seen lasers utilized in a variety of different settings. It's a cash-based service, not reimbursed by insurance companies. And we see a lot of patients coming in with the typical commercial insurance who have add-on services provided, laser shockwave probably being the biggest two and then dry needling is something we've been doing for a while, but we have a lot more partners being trained on that.

大家最興奮、而且確實最有進展的兩項是雷射方案。你可能看過雷射在各種不同場景中的應用。這是一項自費服務，不由保險公司給付。我們看到很多原本有一般商業保險的病患，會加購額外服務；其中雷射與震波（shockwave）可能是最大的兩項，另外乾針（dry needling）我們做了一段時間，但現在有更多合作夥伴正在接受相關訓練。

So I would tell you that those are the three biggest ones that people are flashing out to right now. And we've got partners who've been enormously successful on it, running hundreds of thousands of dollars a year in cash-based services starting from zero. And as much as we talk about it, when our partners hear other partners talking about it and how they've been able to implement it and get their clinicians to buy in and get patients to have an interest really carries a lot of weight.

所以我會說，這三項是目前大家最積極在推展的。而且我們有些合作夥伴在這方面非常成功，從零開始做到每年數十萬美元的自費服務收入。我們再怎麼宣導都比不上：當合作夥伴聽到其他合作夥伴分享他們如何落地執行、如何讓臨床人員認同、以及如何讓病患產生興趣——這種經驗分享的說服力非常大。

And right after the partner meeting, we had a bunch of partners who really not launch cash-based programs, reach out and have an interest in finding out more about the lasers, where to get them and how to launch the program. So it's going to be something that we continue to push. We're certainly not the only ones in the industry that are pushing this. But I think we have a pretty good approach in terms of how we're going to expand it.

在合作夥伴會議結束後，很多原本尚未推出自費方案的合作夥伴主動聯繫我們，表示想更了解雷射，包括去哪裡採購、以及如何啟動方案。所以這會是我們持續推動的重點。我們當然不是業界唯一在推這件事的公司。但我認為我們在擴展方式上有相當不錯的方法。

And let me just say this, and I think it's important to just get this out there and Eric believes in this as well. This isn't -- for you guys, you're interested in what are the economics and what's the possibility. For us, the reason to do this is because it works. It works for patients. It has great patient response, as Eric reflected. It has great patient demand.

我再補充一句，我覺得這點很重要，也同樣是 Eric 所相信的。這不是——對各位來說，你們關心的是經濟效益以及可能性。但對我們而言，之所以做這件事，是因為它有效。它對病患有效。如 Eric 所說，病患回饋非常好。病患需求也很強。

They see patients on the table next to them getting treatment and talking about the difference they made from the treatment before and they want to sign up. And so like anything else, sometimes it takes a while for insurance companies to kind of get the drift, they don't want to pay. There are technologies out there that are very, very clinically effective. That's why they're used. And secondarily, we're able to monetize that because it works, and that's the foundational element to all of it.

他們看到旁邊治療床上的病患正在接受治療，並談論治療前後帶來的差異，他們就會想要報名。所以就像其他事情一樣，有時保險公司需要一段時間才會跟上趨勢，他們不想付費。市面上有一些技術在臨床上非常、非常有效。這也是為什麼它們會被使用。其次，我們也能因為它有效而將其變現，而這就是整件事的基礎要素。

That's a great call. I mean the clinical efficacy behind all of these programs is well supported and documented. And that's the first thing that's presented to our partners around the opportunity to utilize these different types of services.

這個說得很好。我的意思是，這些方案背後的臨床療效都有充分的支持與文件佐證。而這也是我們向合作夥伴介紹使用這些不同類型服務機會時，首先會呈現的內容。

And there are no additional questions at this time. I'd like to turn the program back to Chris Reading for any other comments.

目前沒有其他問題。我想把會議交回給 Chris Reading，看看是否還有其他補充。

Okay. Listen, thanks, everybody. I know I've got follow-up meetings, Jason and I do with a number of you over the next several days, and we're happy to spend time on the phone. So let us know. We thank you for your time and attention today, and we hope you have a great rest of your week. Take care. Bye now.

好的。各位，謝謝大家。我知道接下來幾天 Jason 和我會與各位中的一些人安排後續會議，我們也很樂意花時間通話。有需要請告訴我們。感謝各位今天的時間與關注，也祝各位本週剩下的時間一切順利。保重。再見。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗參與。您現在可以掛線。