Core Viewpoint - The article highlights the journey of Pan Haonan, a young man who has embraced the profession of a sewage worker, aiming to change societal perceptions of this often-misunderstood industry [2][4][9]. Group 1: Personal Journey and Professional Development - Pan Haonan, a 28-year-old sewage worker from Ningbo, gained popularity through short videos showcasing the daily life of sewage workers, transforming the image of this profession from being looked down upon to being appreciated [4][5]. - Despite facing initial resistance from family regarding his career choice, Pan decided to follow in his father's footsteps, who has been a sewage worker for over 20 years, emphasizing the dignity of labor [6][7]. - The work is physically demanding, often involving unpleasant conditions, yet it provides a significant income, with Pan earning around 400,000 yuan annually [6][7]. Group 2: Industry Recognition and Advocacy - Pan aims to establish a "Sewage Workers Association" by 2026 to combat misconceptions about the industry and promote the social value of sewage workers [9][10]. - He emphasizes the need for recognition and respect for all professions, stating that sewage workers are essential to urban functioning and deserve dignity [9][10]. - Through his videos and community service, Pan has garnered a following and has trained over ten apprentices, fostering a sense of pride and professionalism within the industry [8][9]. Group 3: Future Plans - In addition to his advocacy work, Pan plans to marry his fiancée in 2026, who has been supportive of his career choice [10]. - His vision includes not only personal milestones but also a commitment to elevating the status of sewage workers in society [9][10].

Financial Data and Key Metrics Changes - VITAS net revenue was $407.7 million in Q3 2025, an increase of 4.2% compared to the prior year period, driven by a 2.5% increase in days of care and a 4.1% increase in Medicare reimbursement rates [12] - Adjusted EBITDA for VITAS, excluding Medicare cap, totaled $70.4 million, a decline of 3.8% year-over-year, with an adjusted EBITDA margin of 17.0%, down 157 basis points from the prior year [13] - Roto-Rooter revenue increased by 1.1% in Q3 2025 compared to the same period in 2024, with residential plumbing revenue up 8.2% [7][8] Business Line Data and Key Metrics Changes - VITAS admissions totaled 17,714 in Q3 2025, a 5.6% improvement from Q3 2024, with hospital-based admissions at 44.5%, the highest since the pandemic [5][6] - Roto-Rooter branch residential revenue was $150.9 million, an increase of 3.4%, while commercial revenue totaled $55 million, up 2.8% [13][14] - Revenue from independent contractors declined by 4.7% in Q3 2025 compared to the same period in 2024 [14] Market Data and Key Metrics Changes - The average daily census for VITAS was 22,327 patients, an increase of 2.5%, with hospital-directed admissions up 10.4% [17] - The average revenue per patient day for VITAS was $205.08, an increase of 298 basis points year-over-year [12] Company Strategy and Development Direction - The company is focusing on increasing hospital-based admissions to mitigate Medicare cap billing limitations, with expectations of no cap limitations for the Florida program in 2026 [6][16] - Roto-Rooter is implementing operational initiatives to improve margins and stabilize growth, with a focus on managing costs effectively [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fourth quarter, anticipating it to be the best quarter for VITAS due to seasonal factors and new rate increases [23][24] - The company is optimistic about returning to a predictable growth trajectory for Roto-Rooter, despite current margin pressures [11][15] Other Important Information - The company expects to open a new location in Pinellas County in early November 2025, which is anticipated to contribute positively to growth [7] - Management reiterated guidance of $22 to $22.30 per share, excluding non-cash expenses and other discrete items [16] Q&A Session Summary Question: Insights on demand and cost trends for Q4 - Management noted that Q4 typically sees higher demand and margins for both VITAS and Roto-Rooter due to seasonal factors [22][24] Question: Thoughts on receivables and cash collections - Management indicated that elevated DSO is primarily a timing issue related to Medicaid payments, not a deterioration in collection efforts [30] Question: Outlook for 2026 margins and growth rates - Management stated that the fourth quarter will inform the strategy for 2026, with expectations of revenue growth in the 8% range and margins around 17.5% to 18% [36][40] Question: Competitive dynamics in Roto-Rooter - Management highlighted improved competitive dynamics, with a shift towards paid leads resulting in better lead generation and potential margin recovery [44][46] Question: Sustainable margins in Roto-Rooter - Management believes that Roto-Rooter can achieve long-term EBITDA margins of 25% to 26%, despite current pressures from marketing costs [54] Question: Clarification on VITAS's Medicare cap liability - Management explained that the strategy of increasing hospital admissions and the current reimbursement environment gives confidence in managing Medicare cap liabilities [66][69]