Surgery Partners (SGRY) 1 Mar 232022 Q4 Earnings call transcript

Greetings, and welcome to the Surgery Partners, Inc. Fourth Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

pleasure your my Dave now is to host, introduce Doherty. It ahead, sir. go Please

Good fourth me Surgery call. to DeVeydt, morning, welcome and Chairman. Partners' Evans, and Doherty, company's our Executive Eric I'm the quarter CFO. is With today CEO; Wayne Dave earnings XXXX

we reports forward-looking described from materially the this statements. release file those results factors are impact this SEC. does statements. currently that morning's The and differ call, duty not During and results could to Risk with the undertake may in press forward-looking statements to we cause will make actual future company such update projected any

in during Additionally, should in considered measures these results at in release, is in we reconciliation posted accordance useful on evaluating morning's non-GAAP certain report when can filed. our be and a most A with isolation performance. or not website measures, be as press of prepared discuss substitute in this information which on today's Form The which for our believe additional of be call, our XX-K we recent annual can GAAP. presentation found will this surgerypartners.com

to With call that, over Wayne. I'll the turn Wayne?

year-over-year early performed the ventures, of than benefit excess in XXX,XXX non-recurring despite or XXXX, growing our from Good specialties we when XXXX $XXX.X joining Omicron we in expectations, all thank approximately and today. This growth all adjusting higher line than full us XXXX, our impact XX% Including million, for and morning, joint Dave. non-consolidating you XX% adjusted year, XX% you, the with are Thank over report morning to of cases variant. of nearly more the grants. XXXX pleased for year EBITDA prior the in

growth adjusted $X.XX deployment, targeted organic combined levers on This double-digit these XX% and from rates for billion, to growth in net expansion an on go contribute growth with representing expected controllable costs higher a of revenue few our and grants. story as when capital recent XXXX. will adjusted results margin strong top-line continue of our top-line into contributions XXXX. over us long-term an than in of XX growth, report acquisitions, in these improvement combination EBITDA allowed algorithm EBITDA greater for margin relies resulted in Dave adjusting XX%, The case of minutes. and focus our point and basis each XXXX detail The growth, improved to

and our to from provide revenues stakeholders. Our proposition fourth results XXXX. $XXX business affirm recruiting year XX% efforts value quarter our the of compared the with and to prior million same continue Physician XX% to increased revenues fourth we specialties XXX. to the in than almost nearly facility power prior XXX recruiting model Net increasing over high-growth the The all in new of a is recruits and spans more volume higher quarter, cohorts. our bringing new yielded of cases core XXXX XXXX our overall surgeons class recruiting generating to bringing revenue

the the recruiting from compounding contributions example, years. first for year's revenue cohort. as there our earnings on from For an year contribution Based our last one effect cohorts was cohort the revenue than XX% higher XXXX experience year mature, is net multiple

As XXXX. evidenced, in growth XXXX delivered recruited cases and more XXX% XXX% the class more in revenue

grow in high continue have both XXXX confidence will and that We cohorts XXXX to XXXX.

compared to we XXX% were as the the year the traditional are cases transition up Finally, the not the setting, acute setting full return hospital exit seeing care Joint the XX% quarter in pandemic. to our to those procedures of we year fourth and from almost we continue prior from the XXXX. ASCs benefit for XXXX in-patient out replacements of for and

site our novo investments. de on significant shift focus recruiting of efforts, this in to and care continue acquisitions in will We

years, five total at us outpatient the infrastructure $XXX a to shift team, billion management with to within moving has market. setting the focus capture on story, deploying on Xx shy tenacious the Our at continues the and built past growth execution, acquisitions executing our positioned finished addressable coupled Rounding down. And multiples, our multiple. isn't out the M&A has team of million attractive which just M&A to over sourcing of significant we've its $XXX approach XXXX engine care slowing a important strategically disciplined sub our and

a excess in managing potential currently is targets team of $XXX million. Our robust of pipeline

a our interest new reduced flow million operational long-term but $XX annual incredible generate free detail on equity. by of will our execution in in raised of from our and conversion, the and the we strong portion November existing in a significant use to of in in million offering, $XXX with repaying over $XXX $XXX the debt, to of cash Combined million. cash expect flow cash of Dave we costs exceed investors, XXXX. provide over north support free cash we XXXX primary flow by by greater With million annual and offering proceeds

long-term operating over our flow, like to we $XXX point. cash I'd company. addition conviction continued us XXXX million position projected the of into to emphasize that behalf start On liquidity Board, This growth the liquidity. the in with further In gives of

in of billion. will and net greater EBITDA fourth million of growth ability be investments, with We successfully that the $XXX Partners. growth. anticipate strength challenges of Off more anticipated inorganic and on executes macroeconomic have adjusted current significant growth strategies environment, outlook high to confidence is Surgery prospects $X.XX and demonstrate it our in detail. to year-over-year long-term continued This navigate exceeding management than continues results the their our team inclusive to provide and quarter headwinds the to revenue organic This Dave of reported XXXX discuss as we tailwinds the

in was achieving. an started has XXXX that we adjusted has XXX basis challenging results growth cultural improved of as to been of the the XX% experienced on five the company company years. aggregate has with and company conclude in for past me The compound capable macro observation journey margins Let the EBITDA a the demonstrated our backdrop, points. Despite believe shift by

our five confidence with team with importantly, strong over determination and and to is this grit continue years. the brimming the double-digit growth More next

the physician remain and are all this partners and our for team shift Our presents opportunity business industry prepared future. aligned on the leadership excited and for our that

With let the turn to Eric? call over Eric. me that,

Thanks, beyond. morning, fourth Wayne's pleasure results with as will everyone. echo multiyear will extend Wayne. I we our And good and and our quarter that execution trajectory into positive XXXX continued

clinical where physician to and expect, the Our empowers continuously corporate all refined was in cost line perspective, case with be, our to the volume strong the we partners surgical From while convenience stakeholders. results by our specialty year. all efficiency expectations more care our leaders, our in facility-level and operating it an X.X% financial of operational on delivering than growth system supported for want over with focus best delivering our patients quarter, last XXX,XXX is with mix right cases

the On XX% a same grew quarter. by facility in fourth basis, almost net revenue

operational our growth position we serve, superior mix tailwinds and over a case. X.X%, resulted the Our in case in macro strong in markets revenue drove per X% competitive same-facility execution healthy of broader and growth

$XXX.X company. of of Our into the coupled initiatives, growth year $XXX.X for Dave all-time this organic past detail, and but both adjusted the a EBITDA represent highs about translated will the our talk more top growth with new year this million million for line in quarter acquisitions strong XX%. for over our very nearly completed have

in or grants, year full were grew When CARES from results XXXX material grants XXXX. in were looking quarter the purely than company's adjusted by in fourth recognized XXXX. they EBITDA not more the as Income at without XX%

in monitor impacts react labor and Our to us accordingly to costs. and data-driven inflationary closely disciplined proactive, and approach has enabled supply

premium the as market premium as quarter, labor labor is salaries, labor the in abating, of in that wages a demanding. with most we of utilization overall fourth contract reduction of the rates of percentage On front, an overall and our benefits labor the is markets the experienced

be benefits, As a total continue labor fluid premium choice an salaries, we this and in wages of labor X% employer environment. represents of our and reminder, to approximately

favorable on we Our known patient experience facilities, maintaining to our experience quality in we are jobs and us recruit the able faster high days average. When approximately enabler serve. the clinical in communities and the turnover allows XX we in a for environment are exceptional is posted to do workplace key we fill to

we organization with quarter points to impact proactively lower it. better in remain purchasing businesses. to quarter, costs, factors could our not this supplies and price but basis it XX are to in risk As suppliers that vigilant relates than costs initiatives mitigate have point, address were third points XXX basis last group At than continue active fourth inflationary the work to we revenue, managing large to we In supply year. key underway and risk seeing net deliveries, approximately commodities, or our endpoint the of unusual XX.X% this increases any

organic our levers. growth to on Moving

recruitment physician expansions. on our service We continue facility focus benefit to level from targeted and line relentless and

margin revenue contribute to, Wayne per our well generate case rates highest overall alluded efforts as As contribution portfolio. as for these higher to the

Our has demand physician physicians. highest meeting quality targeting increased the team recruitment new for physicians the been by

of part value teams, that proposition clinical partners physician unique As us contrast eyes consistently office alternatives and our we our demonstrated often have front to from cost-effectively staff recruits, with the separates our new facilities to with and ability our a predictably and of in industry. in high-quality and capabilities

added specialties, our our surgeons In key new nearly physicians XXX XXX total the quarter, over new our we XXXX fourth using to spanning bringing facilities.

our and we cohorts recruiting recruiting year by are each class. current year-over-year highlighted, strength continues our encouraged strong of the Wayne of As drive growth, to

As that strong average last revenue is XXXX net than a XX% point year. the reference, cohort already more per physician we recruited very XXXX the of the in cohort

And in returning our over more nor as not over expect next for that next performed All inpatient We have we to procedures earnest year. in procedures fuel in do settings wave of we MSK the are almost joint ASCs. starting We this preparing quarter, to total of cases years. the cardiac migrate prior our are to slowing, helped XX,XXX setting. growth than outpatient growth procedures, this has we see cases orthopedic discussed, X particularly seeing the XX% we this

at efforts authorized the We as moving to development M&A short-stay robotic cost, are sourcing surgical and in value partnerships partnerships forward pipeline, and are With upon well level in on often de the of as health equipment, the we including share expanding progresses. in and into as investments updating facility strong high-quality, the and well as capture fair options are investments our select ROI look hospital an leveraging the only considering with procedures you is a facilities, spend, we financed as of novo determine share, facilities build our increase lower near when year require health ongoing to to that systems, These orthopedic minimal and robust facilities. managing the term. cardiac the existing system all

$XXX deployed million deployment of for acquisitions than average $XXX $XXX capital less of Since XXXX and expanding with we in nearly an million on commitment of earnings, Our Texas York. annual Xx our our million. New have multiple footprints exceeded California, XXXX, acquisitions

high-growth, capital We have selectively complications with This portfolio our optimizing optimized continue in we unlock to for our introduce XXXX, assets. as approach does short-stay surgical portfolio but us to develop will and the the a for for both versus revenue minority we by which stake. facilities timing of consolidating which a affected growth, of projections in our interest well number as is as acquisitions purchased redeployment divestitures,

challenges to the growth projection on long-term adjusted future. prioritize and bottom timing-related and the Despite XXXX both line EBITDA continues team our for revenue,

acquisition As capital Wayne and future to will mentioned, deployment targets, to of contributions pipeline manage robust XXXX to meaningful approach beyond. and continue in our earnings provide we a

detail we more macro of and a that in guidance could that laid challenging period still and considers a inflation prudently XXXX Dave Wayne Our margins. pressure environment shortly, discuss are in that out in will

can these manage through can you are we risks. our from confident see As in XXXX, we effectively results

market. our to across are teams continue and initiatives increasing on managed of and care, in and an cycle win operations highly share recruiting, rapidly our development, the shifting procurement, Our are goals aligned, business revenue executing to we achieve

accomplishments In year team's this and full the XXXX. summary, I am for proud quarter of of the

provides company a provide of patient-centered cost-efficient, meaningful in our Our surgical stakeholders. that environment short-stay value high-quality purpose-built, and all key facilities to

outlook. XXXX I Dave to will our turn color that the to additional as on over well results as said, financial Dave? provide our call With

with facilities, talk before our financial the the in if all providing for revenue. line, on detail cases. about that an we Eric. These cases at more our included I year. cases with X.X% over Starting in will specialties, I fourth cases quarter, performed period top only grew consolidated fourth XX.X% orthopedics are Thanks, last than liquidity nonconsolidated we include XXX,XXX XXX,XXX spanned focus our XXXX. same the in by performed These results outlook But where cases we and performed first surgical across versus year. prior quarter increasing our are

case combination this current factors growth and contributions the to growth, acquisitions organic over described, attributed year and Wayne and from last $XXX to we of saw a Largely year This Eric growth revenues in XX.X% facilities. rise is prior million. consolidated our

facilities XXXX, of in excellence time. us reminder to were our and acquisitions a over many that performance opportunity As through to buy enhance in provide the operational non-consolidating up

we not acquisitions, their in include consolidated net these do revenue. So our revenue

We we the with the focus will agnostic assets of high-quality multiple to our continue targeted most favorable be high-growth, is treatment specialties to assets accounting aligned to our since at acquired the possible. acquire

acuity On a increased at was revenue report basis, year, higher with last which procedures. quarter case X.X% on XX.X% same-facility higher basis, fourth growth than adjusted X.X%. revenue in day’s primarily we the per a by Net total driven case

and volume total year, rate. was same-facility growth contributions the X.X%, For with both strong from revenue

full a margin XX.X%. was million in $XXX.X line Adjusted the $XXX.X with us a was for the with expectations. of Adjusted in EBITDA EBITDA XX% fourth our margin, quarter, year giving million

of in the basis and for basis fourth Act margins quarter impact the CARES XX grants, points XX Excluding from by income expanded year. the points

We inflationary continue to proactively affecting supply pressures costs. labor and our manage

Although reporting are morning. we immune, this to these the factors were not we not results are material

revenue As points as in of benefits, costs, supply benefit wages of of with and costs. of medical Eric well our improvement compared basis salaries, mentioned, improvement were as XX a and both quarter as our points supply basis fourth wages XXX lower XXXX, to in costs, and the salaries, percentage

cost factors, continue help Given mitigation monitor the potential will proactively carefully offset market pressure. we these dynamics, to tactics to deploying cost

these November late equity of cash transaction primary This was in $XXX proceeds immediately that our two ratio you almost of total deleveraging, offering completed million. know, taking net our million we generated As off approximately turns and net repay long-term to balance. to in Pine the Hospital, the with cash consolidated Specialty debt of included acquisition EBITDA. of debt our proceeds approximately $XXX remaining utilized and We proceeds Kansas finalized

$XX of in our resulted our XXXX. agreement being loan interest to credit cost, quarter it in in annual elimination cash fourth X.Xx, would a due debt-to-EBITDA million calculated as maturity a These have of transactions net a ratio company's the springing total under the and term brought reduction that

over in remains the our capacity along bringing joining syndicate under total banking borrowing our capacity million, that enhance to with liquidity revolving expand our new credit we to with $XXX January, syndicate, the under Further, position to facility, members which undrawn. worked the just instrument

quarter million We ended $XXX the with cash. of

liquidity our to accretive navigate $XXX our enhancing ability confidence macroeconomic XXXX, current in position enter than we and our As is to environment, this greater million, continue fund M&A.

million fourth spend of the a We was of reported negative our free and due timing cash receivable the flows in accrued for the growth $X of initiatives, payroll interest for portions connection which million of early $XX payment $XX payment quarter, tax agreement, with deferred long-term in on the million debt, payments. for tax to the retirement

year flow our the million, For negative we cash expectations. XXXX, consistent with free generated of $XX

ability significant not spend growth you we expect of exception do cash for remain which these in than impact of we our as cash debt greater future. our free forward, million flows free Xx deliver of the progress XXXX. by the With target XXXX, leverage our outflows flow on end We net unusual in and the in to will mid going initiatives, in isolate lower $XXX we confident to to

are to our XX procedures de our trends primarily deployed growth times support excluding centers are multiple. MSK a on and These have at sub in $XXX XXXX, million strengthen novo X future transactions we In same-facility on investments, years. well-positioned focused and

as market relatively to from align a high be assets multiple multiple prior low will with growth we the incremental mentioned capital redeployed M&A, at sell divestiture we any as redeploy trends. then certain growth as intend continually relatively to at asset stronger Additionally, a calls, and our with portfolio Proceeds refresh in long-term activity future prospects.

we timing M&A full divestiture activity predict, conservative our outlook year and be the of related reflects can While to XXXX our challenging believe revenue view.

the gross corporate debt billion the debt On in ended at $X.X less than the year front, we level. with

All interest benefit to the swaps years, of no interest fixed as favorable with in of at fluctuations. is of effectively incremental rate rate the we this into us exposure leaving result entered X.X% a debt prior

the the interest January with of connection of term corresponding amount rate loan, in down our million In terminated $XXX we pay caps. our

no debt With free our significant rate cash exposed risks, to maturing material in are rate confidence another XXXX. is today’s not environment, until We interest us have factor, we flow growth. which giving

growth to We are initial momentum XXXX XX% the greater million, are representing finish And over carrying of into to XXXX. XXXX adjusted the $XXX strong EBITDA we our XXXX. for guidance setting than

the expect line, billion. revenue On top we to be $X.XX than XXXX greater

the on portfolio on at capital We any underway. least of depending of million spend deploy expect management with timing to additional M&A, $XXX opportunities

revenue and chain case growth of efforts balance growth results a supply and EBITDA initiatives. adjusted revenue physician we’ve informed investments care recruitment, from made cycle, Our growth a managed by as and organic is in guidance rate of

XXXX projected and The from we contributions our to in-process novos, our including Idaho community pandemic. the hospital XXXX annualization in opened maturation during of of de acquisitions, a continued in the addition acquisition activity

XXXX we about guide to programs government and EBITDA today’s pressures optimistic given pandemic, are growth, revenue macroeconomic environment. end our economic the sequestration, we prudent, and that of are be further from headwinds these the the of environment and of and adjusted fundamentals driving While the related impact related will elimination to the initial believe

confident been remain appropriate have is feel prudently the have these our our right managing these teams to for We in guidance. to mitigate conservative past of this it headwinds but line risks, years at remain the few and time sight

speaking. relatively seasonal our lower commercial the payers first a to results the quarter deductibles tend that pattern in and annual has for natural higher skew resetting fourth, our in business reminder, a by As largely driven

full with quarter XX% XXXX EBITDA XX%, We adjusted an are and our with revenue, and guidance. representing pattern estimated first will respectively, seasonality of projecting year have consistent XXXX, a

have opportunity we we powerful model trends, a now We and and business consolidation. believe for fragmented that from benefits stated favorable organic that ample years have marketplace unique a for demographics provides that

strength our to results we operations believe that on the our XXXX, we in XXXX momentum. that to of speak and capitalize continue Our will model. And business

to I’d turn the that, for With questions. call operator to like over back Operator? the

Thank you. from question, proceed We’ll comes Please conducting with your Jason be [Operator now Cassorla first The Citigroup. session. Instructions] from a Jason. question-and-answer question

Thanks my Hey, morning. for good question. taking

Ben here for You actually Jason. Rossi have on

across about XXXX? your thinking of think billion $X.XX how volumes, looking at your volume So guidance we XXXX in in revenue, should facilities demand when about

growth volume about the basis, for that of a for organic Should suggested acceleration X% we previously some context but difficult above You see comp? target X% growth normalized XXXX. of nuances a X% should to on in there about XXXX? we of, that be including mindful Are some

and you question. Ben, morning, for thank Hey, good the

Let that which that to same-store year. by X% always is and simplicity rate, that X% exceeded pursue, algorithm we about the as better. XXXX, to closer have us always if we’ve we range, me in X% would X% basis, of the saying high for put from the not volume that we which start talked concluded end the And you to of the know, a full

big our that the volume year basis fact was on X.X%. a full And portion a that was of to closer

being by As X% But do our an continue we’ve but standpoint, we algorithm that we X% our progresses, would upcoming plans January through We’ll of it encouraged already. in at better. seen to how us we Again, it’s early what volume, posture. see in the outlook are the if believe our not year. for end on conservative year, from we will the high support built remain

Got you. it. Thank

arrangements. Just for your demand value-based as some quick a follow-up of on

care demand seeing Just those terms share for care from on are you’re what Any And you you turning managed what seeing arrangements? or practices? to the in value-based side primary of more commercial can color contracting.

This a things. questions. is say I would the couple of Appreciate Eric. Yes.

everyone always start I a remind the about care care that all, are value-based we value-based talk of to player fee-for-service world. in First we

side just care moving stay XX%. tends to XX% So of cases to to our

way? why there’s would interest. So can it the before when say that I we start you continued always savings about risk anything I drive take that else, might

you As with we partnership Health. know, have a Value

gaining that facilities traction that are We in have area. some

over more It’s in physician the do there’s, that. allows are That of cost savings the us savings. I be I you’re our to expect revenue that thing partners we going good but create. through for next do continued several years, set to to participate we flow us our to tends see and early just It believe a innings, again, because interest.

because that mentioned, were care whether it value-based be natural that groups – in that are in large right driving providers of for the that. we independent that. provider, an interested as be – interested pure-play we So a catchers hedges are you in We we of mid that be tend tend payers to be, sort whether to or or kind primary for care surgical are

but continues slow it’s So overwhelming migration. moment, interest of and say think, I not there’s a at be, would lot a I the to steady

the color there. Okay. Great. Really appreciate

next comes The proceed from Please question, Kevin. of you. Bank from with Kevin your Thank question America. Fischbeck

on would number you up get about Have new from Great, and an seems physician’s It when surgery like to seen perspective, to thanks. the view competitive that. I your you source things anything to I story change open a there’s a And to perspective? guess, of little your there go companies market? differentiate centers bit do love how you that ability just from a centers multiple looking color now. right of a backdrop buy and

to Good Kevin. voice. your Thanks, Hey. hear

that the of facilities all the facilities the the in start saying available any are available, we by me slowdown changes first Let number seeing at multiples. or no in quality of

importantly than knowing medicinal more how quality on aspects. around of are So difference But advantages getting surgery one The side perspective, a is I bring it I versus run, the aspects really the scale. others from actually create highlight the huge that business both between like the the the question, would to engaging. of your running center though, would clinical importantly, sounds even to more thing say, and there’s acquiring value,

the XX the to that highlight that could intentional platform today. our real it true that acquisitions five that to of simply size to moat is for this have bring and plug-and-play that at get we you effort is I value to last took it so our a a do say Surgery of probably that and biggest building that And And years immediately. in asset really patients Partners through years, a the scale

in I great facilities So funds more Eric quality we’re process. say, that their changing their that self-selection. simply don’t in by sell get are There’s are or with all. interested retirement with and us health knock importantly, we’re care And that rather, from those not long-term. nice facilities Those for that at But are to really always dynamic. assets. aligned us, removing those the I pursue. align down costs reminds are looking our really dynamic those more self-selection to would But want a those the the concerned general, to the all pursuing ones really there’s pipeline system. that at to looking the see slowing And

I on add I conflicts. that in with by operator competitive Kevin, only we value being question. differentiate Yes, any would situation come proposition ourselves mean the doesn’t independent that centers for

a by system. owned We’re not health

They that These health created owned conflicts. that We’re a have didn’t reason. did by plan. want centers. successful not a for physicians very independent They

so allows not to we do move any other adding to kind create on want, value we the line to without service of us reasons moving quickly And that that. can any most

a that’s think differentiator I for us. So

And I of on as we’ve I would that think to continue Wayne’s us. quick comments our to say anything, for if bit We’re been also positioned better. play probably And agree wholeheartedly we’re want. all as that But ever move centers well things to the those well with pipeline is we opportunities. very in ability a the win a majority would I

Great. well. that years. I right. an dynamics pricing the eye outlook Thanks. things, forward? then an the last just guess, mentioned side the of on the managing have rate And spoken you’re What re-contracting over keeping on guess guys All going that’s and And about you you something on pretty I few inflation update is that

first of X% we the X% the we and to of be So back to X% the to rate, to go north clearly to expect the simplicity X% rate. as foremost, then algorithm and X% X% on volume of

final came front we our think on commercial with in. through, I and high more what us that we’re to Medicare coupled on confidence. Dave, the you seeing let I that you the – the initiatives importantly, would tell side and chime both rates I’m going give

the shareholders we just think we go some into other be our our of that as I high to we board confidence believe year will under have shared contract with north to you same-store. why the that day, currently idea this percentage stat the X% in the that X% what give we on

Yes, XXXX. happy go going that this the into to And confidence into does to. we speak

Our managed constantly care underway. initiatives

As we – off-cycle. in, pop kind of every do, we’ll market and generally years, Kevin then three find there’s speaking, opportunities an you know, exist. It’s in that we’re we and that way outside of

most of we rate component into part, that we’re the as forward XX% in. so kind locked for project we And in other rate is, XXXX. environment, locked of our head going In words, our environment what and

some see sector bring we acquire we companies to obviously, bear for the and difference, opportunity that there’s we’ll new care additional as those. Now that managed

labor chain we’ve the And P&L, the talked side, supply the on of every last the labor about side on side other and year. of on quarter course,

our which what similar for is the you on cost is there. chain think we side, in dynamic us. supply very most story has have favorable by protected the our be of But know proven I the that to GPO,

inflation. we’re the that those contract, And up renewal GPO. that given and for in to going Generally, so high contracts to inside seeing contracts enormous contract, be can where care predict similar degree outside three-year cycle. we our an then of amount generally us are a it’s the again, of HPG certainty that they are follow relationship our inside of visibility HPG with with And a managed GPO, has

pretty isolate already a is higher cost costs XXXX. you in of rate clearly living. than a of so in spend, can locked supply our for may majority of to be And fact, And which increase subject large normal those

out look visibility supply to the our on forward strong good chain again, side and So inflation.

high as still supply side cost strong not is Although as the on care side. managed very the rate

managed one the color a side might transparency favorable to for Yes, just Number care couple us. I add A pricing just little get just the more on things rules. there. is are David, that of

bedded data to through almost we’re gets rate in an increases of public creating. the opportunity As us a that’s to for a about – for gives that more for right? winner It us, market, talk kind value every appropriate value story push our

We discussion. volume player. to We versus the always be value payers balance rate with a want

to want never want leader, the steer price a be find certainly be ways they with grow want business We’re we going us. to place to to to but and to

would I four point the And payers three lines: then the the years continue health acuity difference opportunity value is for ASC the add system. show provides space thing it in cardiac, or the and the spine, dynamic last for that’s I creation as the for out us last higher to service think, we the Joint, really to changed,

So our to our share very allow to fair us of rate, capture novo value. favorable non-trended applies in and just de opportunities pure with savings, the a come work make those to we also That sure facility.

use So things algorithm to that is those we Wayne X% conservative. all dynamic, our said X% confident, of that affect we’re in as but very rate that that

All right. Great. Thank you.

with comes question from your Qiu question, next Stifel. Tao. The from Tao you. Thank Please proceed

Good morning. you. Thank

of could catching bit terms more what focus I you’re color additional multiples market? a heard kind provide contemplated and little divestitures the in in the you specialty think I Any of XXXX. you in there

the of Tao, out what year recruitment Yes, thanks for look is highlight several appropriate to or have opportunity understand and question. comment we business build. is drivers next further core growth facilities think ecosystems that we believe thing every our want over physician we or years to I that and around the part one

generally growth high with turn would every markets year, their multiple hit assets that are higher at the analysis, so and that a in and assets think we multiple opportunities. high physician would we have we a prune than acquire in recruitment that we doing new And pruning idea growth have

We to this invest talked about more again hear simply during stabilized was and XXXX, the much were all was it we this And this not continue again, and it. difficult a that around energy XXXX initial on of doing has XXXX, not in more about year. sure last only efforts to year, there the start see and that that and continue you’ll lot focus COVID year time. but and really of business our then making because

But four pre-synergy EBITDA, of the that year I We category. are Xx to or turn EBITDA. multiples and that redeploy it we we months that and XX generally have into you that generally put will then Xx sell would that trailing Xx every three around will Xx to tell we north facilities at for

growth portfolio these not end but be the to So value-added, being up only reposition every in the highest ultimately facility. year

It’s a with assets. the don’t from runway acquisition also to they lumpy. these So know, generally the with trajectory. But growth need are how them We divestiture on on really applies we have the thing, They sell you M&A quality assets. look side. much as though, side do at

if to can we a And value the we more of that get brought the can those find higher recognizes will owner facility us year. the that multiple you and better throughout that see transact

million to for at deploying point to though, redeployment important least The are year, divest. $XXX of is exclusive committed anything we this; of this we M&A take away, question your from

to we we additive the million divest that that would the to EBITDA the So sold. to $XXX replenish be something, extent

helpful. very That’s you. Got

up to Just investment on comment. follow the

year that a I debt have your think pipeline? you now minority business at investment flow Thank more of how What’s you you you did kind point? straight of this minority you. in little million down look bit your I thoughts on acquisitions for this cash XXXX. in XXXX, change $XX strong at and terms know that your your $XXX million investment to does by view forecast on operating and paid going very

It outlook. necessarily our change doesn’t

like the we not but managers investments facilities, are specialties in these only and very very in And generally One the as continue large of the investment into facilities. that a of the and of a these is minority XXXX, XXXX, operators facilities. probably become attractive will take do things the right, today about we the reminder, many unless we minority not of

importantly, So we We our opportunities buy-up a quality and over to we potentially. into get have towards position these bring basically to time clinical move And to more these. our processes get to synergies procedurals. majority bring

view in attractive. We on penetrate multiples we these to flexibility just another would view that tool as attractive necessarily M&A. from I us mutually as gives the But So them new broader and real toolbox our say markets. opportunities really highly exclusive not

Great. Thank you.

Hendrix RBC Ben ahead you. next The go from Ben. Capital comes Please question Thank your from question, Markets. with

give more wondering a the us little about was you the outlook I could if detail you. CapEx year. Thank for Great.

And about support in capabilities talked recruiting. other investments past the viewing and to robotics how you’re You’ve in kind of I’m wondering for that XXXX?

the Dave. and hand Ben I’ll start, it thanks I’ll to question. for then

about is of programs, the on CapEx if a basis you funded really general with those light. lease ROI. are kind even existing or locally capital strong across Our robotics most really think portfolio And the of

in the see don’t of any difference I kind core So capital.

look, can of But a novos and time. normal about. of outside that and near the if add we do of makes line us de for kind expand in all we occasionally course term, service talk sense ORs a will We that’s that the where we add the it couple

on Dave, health you care certainly, CapEx, in out kind where compared the about But how very specifics. And bit plays think adding constraints. ORs we general in be services capacity you we if just adding So of continue a maybe industry. CapEx-light pretty opportunistic about to that have can to talk technology or

Thanks, sure. Yes, Eric.

includes CapEx like know If the that CapEx. the to into you applying So $XX update with million million market and normal existing we it do. door robotics, Growth go adjacent is for investment, as all the the the approach over And building we us either of known next under of of footprint, ended year. We going we and number the know we out to again growth think we maintenance is any to with to disciplined year, dollars us that what novos: we of includes form trajectory. $XX that existing opportunity year year, which physicians. have normal ended just we expand easiest of to portion growth -- the but really $XX is our to the course roughly know de if also we the the facility the An of well; investment CapEx have this CapEx, make that kind have it, the as we’ll or properties million remaining that for almost we’ll the like of we that

of coming are we’ll a And in a couple year, that talk those I that noteworthy will little about bit have forward. we the more going think

we the out as of million good that and a $XX just steady-state have That’s visibility way it. this portfolio, maintenance head million so between into you to split that. would But we’ll we XXXX, CapEx. somewhere in $XX So, normally about think

Appreciate Great. that.

year method of should increase expect the follow-up equity income much question. Just quick there? related that an ValueHealth Thanks. this we on to minority a prior in in How partnership interest

and acquisitions pipeline did, will you But recognize It’s majority I call how I our additional is for versus give tell pipeline Ben, and is what build how that with at Consistent point, would couldn’t facilities because aspects. Yes, though think at exact each many I will we’re non-consolidating since looking we you past is we revenue the of we quarter highlight what now. top-line an know effects practice you you kind what our we minority this of number. real. out there. I the

right in already LOI on due under many but midst have We the of now. diligence facilities, we’re minority the

little were acquisitions And of I minority consolidating about mind we top might, don’t not. don’t prepared Yes, in asset as the the whether owned bit a I in year, -- if they’re we’re or earlier Last over you come quarter a to if remarks, assets. I our there. I mentioned interest hope agnostic

each a which the a of that us for of consolidated it in position. opportunity the may like assets. include to story We to future, get buy one provides potential underlying And growth the these

you our no see pipeline revenue but is that a the cautiousness might that’s of potentially the forms that earnings. that. for will Wayne bit include mentioning It revenue, be So equity little because is does in it the reason with why of all guide both that one

that And that But there’s it’s visibility noting as mentioned, of will forward a we complete we that. into possibility going Wayne XXXX. acquisitions worth provide as so

Thank you.

question next proceed Benchmark. Sutherland from Bill. with Please The you. Thank your comes Bill from question,

Good there eye growth would fourth your morning it as case That you caught you. the the compares factors guys. I’ve volume seen. really for growth order to the What in market my in the case quarter? rank that Thank quarter strong

is say the I first about mind efforts. effect that Bill, thing with recruiting the I would in we would keep that say compounding talk

more And for so February, had the you in in while you year, that docs And can facilities number know, throughout entire year comfortable January, though, and them many those what the May. came we docs, a around throughout your added as March large XXX-plus year of do the QX, XXX-plus just throughout the we in, ultimately, with them. of get

get You where time to their out. get more aligned they block want with

into up XXX-plus QX. And compounding to and And the high cohort, so from effect the that’s that that getting course, year And the was much for heard add organic how previous really of us. by XXXX, start that of you percent. volume cohort you all compound of coming north XXXX on effect

I so we foremost, that seeing expect. in recruiting produce XXXX. to and continues results are we And at would the would slowdown the level is say, optimal and that first working And engine not

highlight de three would up we’re two is putting keep small I been that each second novos The or novos. we’ve year, in our thing mind that clearly, de putting

Hospital. We have Community our Idaho Falls

point to are of an call two would add going I normal extra or trends. those what All over

there. and to continue from of And to grow, we course, so continue elevate those,

or algorithm trends while well. consistent into the think have opportunity said, do see As Directors X% to the I we going that current a year, forward. of we’ve that volume, supports would of really either X% basis Board I those an on to And to be exceed that is the like the as and a think we expectation continue behind

whether was different you do companies mean or programs, they again, -- what why matched on of lines. it the or speak Bill, built we it’s we in that new quarter, system. is we I’d real fourth on are just it continues to we -- the to our operating I had, based of kind expected expect where we long-term recruitment we growth and of the consistency into where can’t in all say, be are. how trend build that service our came expectations other This Yes. kind This look, knew to I where our market expectation. is guys what And it

in were We with a execution fourth it general, the Obviously, this. on execute happy new it’s to continue big strategy. to service the continued lines. seasonally quarter. had on always expect some long-term We just we is quarter. But So,

is and at is this the majority of it you as And -- of at look it. mix your and the a otherwise, point? MSK Got Cardiac pipeline investments, largely

weighted. weighted yes. Heavily Heavily

mean service higher lines expand those certainly into existing acuity an I look we’ll at facility. where we can other with

absolutely won’t I if it’s all buy. them, weight MSK, to So, cardio you But it’s weighted. we’ll say wanted

Okay, thanks guys.

your Lisa. The you. Gill next Thank question, proceed from with Lisa Please from JPMorgan. question comes

can statement to about Great. much very partnerships, Thanks and how that talked for Wayne think early flows you comments. to just I economic model good your back how the the about Surgery talk hospital wanted and through income morning. you go about to Partners?

Hi, Lisa.

and means about talk a me optimistic us. announcing let number first partnership, that on being signed be that a actually will So what we this to partnerships some year. when we foremost, talk And feel of I items. Again, close hospital we’re about

those where to have continuing a the around first those the need have needs aligned quality facilities be be unique But we to market. about what play that is to but be we in operators patients’ to near means met have at facilities. to that Two metrics able to that are today, be health talk Surgery the able like-minded. So to is systems the have ownership value supporting those hopefully have foremost, not us a we And be term. we we that be we’ll have Partners very and to only to and of like-minded ecosystems in

systems, So when this, a the us. know of facilities. those a we what And health time that trajectory and through most the energy that minority markets would expand here choice we new is becoming and as facilities it And to I us waste I to taking last that partnerships, available for versus growth all view piece of highlight. systems. then that into we to finally, ownership those in within you go we And would there’s are effort with health about alternatives tell want existing operator likely those, talk as but

three of I’m attractive And but we these those cases, optimistic. on relationships when very as view align many like-minded again, we – kind in so And scenarios.

would Eric be would think this, we – that you Eric, this announcing he’s the some nodding as will I saying say I partnerships year. we’re same think

to be And standpoint, would saying correctly, we listening be to similar you’re see you’re Wayne, today materially sounds it economic facility, wouldn’t when what if that different, it correct? it the I’m from a is like – an running you that

they’ll mean, say that’s would are I the generally and do to today. what I these going that’s obviously, they be company, to we’re we not accretive correct. minority Clearly So at anything partnerships. attractive weighted not are more than

different. a So would bit that’s say I

defense accretive being will lot about kind is But I there conflict certainly typically never that and partners. provider. a system ways advantage might difficult So otherwise One thing be at are are tell be think be business. markets think health us of like-minded it’ll offense. talk be margin economics. partners we and that in independent, our partners allow mentioned, no there. that They as about in as play markets to here trying very the be it current of any places, least Again, this Wayne this enter expect you majority to just play good we And economics our can centers to are we have to go I our as are want would those those we’d not there helpful. who

about for like Is about mixed? guidance you level XXXX, that the margin. about more then I in visibility around Okay. when improvement spend of margin And that be XXXX? today, the in labor basis around XX there’s your in think that would visibility look I do Is just improvement that just one of talking looks and now time how points like a of costs, lot EBITDA last you have follow-up at it which

Yes, on comment it. look, I’ll Dave let

the some our you thing last margins over though migrate against put I that high mostly one And you obviously, The to unusual tell tell really think industry. it’s can teens. mix. the have he’ll we years I broader would believe time headwinds said have two we is

been through. continue already of to to Dave we in shine our the a completely. locked forward And so of we’ve now structure. some of that those putting been much I Especially and fully know to And create pricing things think the of true our lot because for kind going you’re year, value mentioned, the able see come know we hasn’t really cost has of as underlying

line Dave, And want can pretty to sight we so of that. get you anything comment, that Lisa? But good on highlight

maybe right. a couple Yes, just things,

core in about to but Wayne, Just its emphasize DNA. company you does margin point talk still this that made expansion

specifically to believe So is we do XXXX. more available there us more opportunity fundamentally that there entire

way will of normal of rates a and that [ph]. right in do the cost of But we held minority opportunities. acquisitions supply full are last managing again, levers a growth those margin our at also now better from expect the enhancement managing which just flowing top margin just impact are and enhancement year entities, which in interest pure house through the You’re terms perspective, year’s through

things basis So you should those that margin see of cited. elements of point impacting XX you both increase in that

Okay, great. Thank you.

comes question Taylor with from Please Cowen Gary Company. next question, The proceed your and you. Thank from Gary.

labor a just guys. One appreciate employer few. environment of good of about some comments I was I Hey, choice. your the morning easing remaining and had seeing

that sense either of in wrapping you could FTE us wage saw per Just in kind XXXX? per a growth, you’re how give case, what or you versus about thinking or XXXX wondering,

to in represents de which of generally premium probably of topic think we highlighting in been, XXXX I SWB. X% Let me that has Gary by first our X% start – total volume our see labor, the jure

material component. first not and foremost, just it’s And so a

was stay to that’s and you’ll advantage really fill all fourth X%, notice that it fact, and versus the QX X% weekends need. open quarter we that historically on of but take big because around In in a some

that small in for labor that cutting provider’s really it premium And side. the really it’s would portion though, that that to highlight so distortions one has a some I been us the when comes to say

timeframe. A $XXX to closer And the would’ve like to They peak of and the you migrated that you to couple abated. use I’ll an much seen it’s during how $XX look XXX earlier though, got if hour in in examples at more And range. California, wages has year this $XX, an to it north state were a hour. premium

want that but fully to would the So yet, clearly migrating you not levels to abated see.

like mentioned QX. our out we’re Relative we little and did And we more growth in like structure, we're would Eric in can we we to filling at. we data feel there. to so the can in from it when don’t in add that add But within say track clearly because really continue posting preferred know And or Dave our we it. remarks, our Eric we’re But be you doing than perspective, have as I want to you we’re only and nurses differentiator – wage use his to past. facility a between a monitor important XX days. it’s paying it want we to filling recognize I work broader how But prepared a anything to

highly only, Friday compensating comes the facility through I would hours one versus say at associates We're when generally balanced Monday are distortedly to side the equilibrium open hasn't the other it to predictable. our level.

wants Our on the create be on. And environment and focused higher versus want the does to can favorable surgeons much somebody to do to nurses want exactly simply facilities and specialties who in really they move with. wage more they work a those earn that a

I to But else anything don't know you want add?

a add maybe just would I of Yes. things. couple

would purposes, first we've certain still are we've we So what improvement. Wayne's some there has done we year. as we've of pop-up comments. see up believe we've pressures done assumed or leverage this similar just markets of general, the – is to I quick seen of will where job of And totally the scale has that expand our and we I Clearly, in with have that it, be say kind managing get relatively I been for guidance but is margin we some typically to a that expansion. match. we But because covered agree good reason in what say all, things

for think assume remain. that we'd you is this I can pressure to year, – that assume going

question did is think we've manage have, we taken you that on appropriately time. quite kind will that I we as we'll an abates. The system, leverage that conservative just quickly we XXXX. which as if posture think how our well get says well over it about operating in And of But

business than think that in even direction to way so there's I an a would there move be it positive upside has which today. we're looking more the the opportunity to have at

else anything to add? there's if Dave, know, don't you'd I want

We – in just know And of to we one Partners saw this we've right? the thing And in point, about you other. about maybe is react to culture all is should advance. in the level, talked No, coming this past. started out again, down back and everybody XXXX, watching way kind of this is for facility this Surgery partnership the each the is where a one

And that that philosophy kind we're protected is so of to going inside is we sure there system this make have. that the everybody

just in case So we XXXX we that have less in started just we there. picking defensive bit up we ported acting kind and saw and hedging of and proactively. more started we have XXXX, more this a trend opportunities little In some out continuing as

higher? been quick that well mix, Class A that you've primarily is specialists location obviously, you'd one that there Or bragging you'd that? because appropriately you'd that could something so case a more point trending much their Is else I on done. XXXX add how revenue If hope is On in replicate of to why function your to they've one. or

Yes.

We pipeline? our kinds quickly in we it we where just target we to We how to exactly recruitment the So facilities. are understand use into our I all convert data. every team. would How use refine in ways of say, them people continue year

we I can higher acuity go we acuity we to we positions have attract every think Clearly, year. that it facilities. grow more better at get as our

add cardiology physicians service orthopedics up new of proposition. we clients, or unique whole a we window add as that with value opens So a

we it's that approach So It to think forward. a recruitment moving showing facilities, as growing in that database about is I acuity and numbers, about up will refine think really we higher and continue targeting certainly it's our definitely our targeting. that's mix

you. Thank

from The Securities. with Mayo Whit Whit. you. Thank Please from proceed question, question SVB next your comes

Thanks. Hey.

denominator any question. high. on up to to hear class follow the last have growth, Is which XXXX? the cases XXX% generated a XXXX on wanted there were frame or that on the Just you sense Gary's very, in But either on that of XXXX is I I very way of don't of percentage the this. from

idea year? driven growth overall So just to get that case for the may trying systemwide much I'm of an the how have

can you if see to trying I'm to quick. sitting it I it just – find I pull see trying real That's if for real Yes. while can if can I up here, we're quick

was year. grew starting how XXXX. from XX,XXX-plus the XXXX cases So actually last And cohort was point then into those

XX,XXX, You put can the just obviously percentage there, on the in more you'll range. XX,XXX be and

is I'll a plays So you bit out? this that little but of for to each kind cohort year-to-year. give feel of or going how gives just example flavor obviously you of a vary But one of an it,

really That's helpful. Yes.

of all you The just Dave. XXXX the to this for influencing non-recurring items is just remind that I'm are trying second back the cash lower just question year. are easier trying adding I cash keep $XX items to non-recurring up me a the the can with flow little million Can make that flow should the we here? in XXXX? cash items of what bit And this I'm into get interest. year? sure then I separate to bridge be

Yes. Yes. mean that. you appreciate any I is next news have the this No, year I won't good of noise.

So year, conversation; has have long because this a to things us. hopefully, next you we where have that this affected been that some have had won't ask run question we've

start agreement to the entered had $X think of quarter, a was our and was that related were receivable things quarter Most the in of the in million That CARES about in – into notably last largest things TRA payroll back couple of Act million. the happening. just XXXX. We the you we tax taxes. had deferred XXXX, north $XX I'll a that In had payment, the about fourth we we

of tranche was second in – repaid the December. final second The and repaid in that tranches

accelerated We payment still total, year, in interest have from $XX was the in this XXXX. long-term that quarter, in we normal because the down it Medicare paid a accrued advance number its big And got repayments debt, fourth was million. that

another inside kind of the big other those our was into flow kind million are puts factor ones through that of So takes, a but There's cash $XX handful it, and that year. the came that of into bridge.

are other from separate Okay. of that this we as the items recur than won't that Any savings? reference think XXXX other cash interest

in interest will that And No. way, by the cash recur.

guide us. So that's for good permanent a

– wouldn't read the at And adjusted you correct. your EBITDA? then Correct, sort of reason EBITDA on cash your any grow flow least with in line

our That's plan.

thanks Okay, guys.

comes Christian question, Thank Jefferies. you. The proceed your last Schuman with Please Christian. from question from

congrats Jefferies. morning it you're guys. quarter. in Brian I on recruitment, and Good looks today? pitch what Tanquilut lot pipeline the lets win about about we've guess, So Wayne, I Surgery right? that And how your about think talked Partners involved game, today. to as from think that, know I ball Hey I the very speak? do that so what's that in like you differentiates a

Yes.

unique, in great of first we soon pursue. Couple start are the just think of us target are your and But some hear to others. together sexier Nashville. we hopefully want do I I forward that how Brian, we So all, most maybe physicians basic, that voice. to Look with in data-driven markets make things than to getting highlight would

facilities. we rates what know of do. reimbursed versus commercial We We on are. our what Medicare each know we get our know facilities what So can

acuity and physicians their data outline want percentage to then Medicaid. then we we there Medicare that overlay higher commercial what with versus business the what out versus are is follow. procedures we all of And And

may all just while us, not we ago. better that something in special at more seem that get truly five something for years started refined though unique actually is you differentiator it. at using or And when we it, And or data, itself you believe and different, that of it is a way it start

differently target market in actually pursuing. you're have to that You target recruiters start your those to ways ways surgeons understanding the

as recruit make actually all this about with been we to knows our some Taparo, ASCs facility who is the of run two that actually into real over decades, The Tony our And us, second Tony, of integrated of a difference In that them? has been it surgeons who and to thing, case, leaders. they're has said, for EVPs we though, and over that part a I runs, used these that one think actually want interacting of somebody we maker understand pursue we half we business. ASC our sure is when just actually took who really too, for of how

really last and And we have is efforts to onboarding then you thing satisfaction tell then shifted the efforts. really I would

how he provider a is just scheduling, that do aspects creating we when the I'll So call them which what of we the their whole do back-end about ensuring block of added it's on not satisfaction we high. this, do really how how them kind new of Eric, surgeon, came recruit time. their get the level But is in get

isn't And when what we impact can it? high, And not that. it's do why to

seeing the think And so organic every to I that And strong we tub, talk should recruiting enough fact what leaving that us. about that just right? is leaky you're replenish our in year, docs were also the those growth we're

has years. diminished leaving grown And we're last are exponentially us in And that that to four meaningfully the those recruiting during period. of has three course, what

teams basic those And but a It's recruitment blocking and that And Every quarter, execution week. data-driven not so once what with are it's goals they're every at week. once having how aligned though tackling. simple it's and it's month, a compensated. every week, we look

guys one commercial Advantage Wayne. like we to rolling? about those things share start too interest think my and kind that that same payers of Eric, with excitement see credits CMS follow-up, I reimbursing for about Medicare the But I us and that obviously the there cardio your cardio gain see of ball you're we the hope to And Ortho, now you get any to I Or seeing from is traction, approval? saw I appreciate optimism in it's that, think just guess yes, the opportunity. for as the as need Nashville. to catalyst I about

think should great CMS procedures; say has the would it's is that move. the I I thing the approved a PCI actually, Yes, volume question. largest

a of health year. cardiac to specialty. seeing at our the this we programs rhythm tied kind started, new was is think highly Not what is employed cardiologists. employed, from management it of the pace think here clearly very, I is There's beginning I in ASCs very by five the systems. lot highly interest we're And this but happily a initially slow employed

bring over So investing, cardiologists checking coming starting maybe even out, to or us over devices.

figure it, here, big But the have what really their can a safely for they the and wave really Brian good to can at ownership move out patients is what as of value space. doctors they

As much that, a going this is We're small off – to like slow. number, flywheel. a did I learn a is nice they think starting really see with It's we this growth Orthopedics.

half going different Medicare. still less a of opportunity because this very states, optimistic is restrictions that it just more going do and those cost I control believe large. to more be to cardiologists on change on, large states, happens. savings remain I paces. work the value on system, and Almost for active health than are the restrictive so is for independent half, all the be It About the little have active in legislation than there will is so that.

things line. kind a this in opportunity. big have these optimism; it's of both of all So fall And and you I definitely share to think I

this a will of system, value it creates it amount the the states Some a for natural than foothold get Once people will and faster starts to health realize be push. others. go

it think it mass. of will going when a critical going up. like percentage, difficult the within be to five slowly you're years, It predict. to tick much always to be I question The joints, of kind it's So see growth that nice is but will hit next

But will you and prepared, to we build tell those side. already are the will management having this, be foundation the on starting we cardiac conversations I and rhythm

guys. and again Awesome. Thanks congrats

it Brian. Appreciate Thank you.

the I'd to the does over This sir. question you. to call Thank remarks. session. closing turn for now Thank Eric you, like Evans conclude

this away, of all take we walk X,XXX you. XX,XXX to colleagues morning. like would just I appreciate before recognize Thank and everybody's efforts moment excellence a physicians. our nearly to I and time all And to commitment the

most patients for procedures for the responsibility privilege and the in vulnerable of environment the highest heart is clinical providing moments. to best take serve perform over XXX,XXX what their to to we Collectively, exceptional quality, physicians often the

and partnership. so to mission a have all these joining great of proud call alongside you fully I you quality work work morning, enhance patient hope for day. again as Thank the deliver our to on we talented I'm through life professionals to more this

Thank teleconference. concludes you, sir. today's This

participation. your your at thank disconnect for you may You and this lines time very much