0001193125-26-347842
SEC filing营收增长13.7%但毛利率下滑，净利大增49.1%至$40.3M，主因利息费用大降。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $670,483K | $589,553K | +13.7% |
| Gross Profit | $218,525K | $210,800K | +3.7% |
| Gross Margin | 32.6% | 35.8% | -320bps |
| Operating Income | $79,980K | $80,034K | -0.1% |
| Operating Margin | 11.9% | 13.6% | -170bps |
| Net Income | $40,293K | $27,025K | +49.1% |
| Diluted EPS | $0.18 | $0.13 | +38.5% |
| Operating Cash Flow | $85,277K | $42,937K | +98.6% |
| Free Cash Flow | $79,430K | $39,460K | +101.3% |
本季度营收增长强劲，主要受PDS业务量增12.3%及HHH业务量增18.5%驱动，但毛利率下滑320bps至32.6%，主因PDS成本率上升7.8%（含护理人员成本及专业责任准备金增加）。净利大增49.1%至$40.3M，主要得益于利息费用净额下降26.1%（利率降低及债务再定价）及衍生品估值损失减少。
经营现金流同比大增98.6%至$85.3M，主要因经营利润改善及营运资本管理优化。剔除一次性项目（收购成本、债务再定价费用）后，核心盈利能力有所提升。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| PDS | $553,929K | +14.0% | — | 28.9% | 量增12.3%，成本率升7.8% |
| HHH | $69,023K | +14.8% | — | 53.9% | 总episodes增18.5% |
| MS | $47,531K | +9.4% | — | 45.1% | 量增4.4%，价增5.0% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $97,196K | -$96,064K |
| Total Debt | $1,483,375K | -$3,312K |
| Net Debt | $1,386,179K | +$92,752K |
| Operating Cash Flow | $85,277K | +$42,340K |
| Capex | $5,847K | +$2,370K |
| Free Cash Flow | $79,430K | +$39,970K |
| FCF 转化率 | 96.9% | — |
Net Debt/EBITDA（TTM）约4.2倍，杠杆水平较高但呈下降趋势。