0001125376-26-000034
SEC filing营收与利润双位数增长，收购扩张驱动，经营杠杆显现。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,440,481K | $1,227,769K | +17.3% |
| Gross Profit | $1,306,807K | $1,115,411K | +17.2% |
| Gross Margin | 21.3% | 20.8% | +50 bps |
| Operating Income | $122,504K | $103,902K | +17.9% |
| Operating Margin | 8.5% | 8.5% | 0 bps |
| Net Income | $99,834K | $84,466K | +18.2% |
| Diluted EPS | $1.68 | $1.44 | +16.7% |
| Adjusted EBITDA | $181,149K | $146,611K | +23.6% |
| Operating Cash Flow | $272,108K | $227,950K | +19.4% |
| Free Cash Flow | $183,807K | $135,429K | +35.7% |
营收增长17.3%主要由收购驱动，新增46家机构贡献$133.5M，同时Same Facility和Transitioning Facility的入住率分别提升2.7%和2.3%，显示有机增长强劲。Skilled Services营收增长17.6%，其中Same Facility增长6.6%，Transitioning增长6.1%，收购贡献显著。
毛利率提升50bps至21.3%，主要得益于成本控制，尤其是劳动力成本改善和agency费用下降。Skilled Services的cost of services占营收比例下降0.6%至78.9%，反映经营杠杆。但General and administrative expense占营收比例上升0.4%至6.0%，部分受系统实施成本影响。
盈利质量良好，经营现金流增长19.4%至$272.1M，超过净利润增长，FCF转化率约92%。Non-GAAP EPS $1.92，剔除一次性项目后增长20.8%，显示核心盈利能力更强。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Skilled Services | $1,379,912K | +17.6% | $179,621K | 13.0% | 入住率提升、收购 |
| Standard Bearer | $44,133K | +40.2% | $12,070K | 27.4% | 租金收入增长、FFO $24.7M |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $320.8M | -$251.6M |
| Total Debt | $139.7M | -$2.1M |
| Operating Cash Flow | $272.1M | +$44.2M |
| Capex | $88.3M | -$4.2M |
| Free Cash Flow | $183.8M | +$48.4M |
| FCF 转化率 | 92% | — |