CYH · CYH Q2 FY2026 earnings call record财报电话会记录

“Results for the quarter include the benefits from recently approved Medicaid state-directed payment programs in Indiana and Florida, which were offset by a prior period adjustment to the Arizona State-Directed Payment program and an unexpected increase in uninsured volumes and continued softness in demand for elective surgical procedures among commercially insured patients, which we attribute to continued consumer insecurity related to geopolitical instability and inflationary pressures.”

“Adjusted EBITDA for the second quarter was $330 million, with a margin of 11.7% versus 12.1% in the prior year period.”

“Supplies expense was well controlled, declining 70 basis points year-over-year to 14.2% of net revenue on a same-store basis, reflecting both the decline in elective surgical volumes and continued improved procurement under our ERP.”

“Medical specialist fees, meanwhile, increased approximately 19% year-over-year on a same-store basis and represented 5.6% of net revenue, which was up from 4.8% in the prior year period and outpaced our forecast for 5%-8% growth.”

“In May, we completed a tender offer using proceeds from recent divestitures to repurchase approximately $368 million of the 4.75% senior secured notes due 2031 and $231 million of the 10.875% senior secured notes due 2032.”

“The revised ranges reflect several puts and takes, most notably the full year's benefits from new Medicaid state-directed payment programs in Georgia, Indiana, and Florida, which are more than offset by increased headwinds from macroeconomic factors and disenrollment from Affordable Care Act plans.”

“For the full year, just to clarify for everyone, we had initially estimated that the net revenue impact from HIX disenrollment would be between $90 million and $110 million, and the Adjusted EBITDA impact would be between $20 million and $30 million.”

“We estimate the quarter impact on the EBITDA front to be $20 million negative in the quarter and about $25 million for the first quarter, so $25 million for the first half of the year.”

“The volume declines are consistent with what we expected in HIX, and the revenue's still in our range.”

“I feel comfortable with our increased range, which now sits between $50 million and $75 million of impact on an annual basis.”

“We took the second half down by $60 million-$70 million, and both those reductions are inclusive of the higher estimated HIX impact that I just mentioned of $50 million-$75 million.”

“It does seem like these costs will pressure you regardless if volume trends are favorable or unfavorable to your enterprise.”