Fourth Quarter 2025 Supplemental Information March 4, 2026 Disclaimers Forward looking statements This presentation contains historical information, as well as forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that involve known and unknown risks and relate to, among other things, future events, projections, financial guidance, legislative or regulatory developments ...

Financial Data and Key Metrics Changes - For Q4 2025, total company revenue was $3.6 billion, representing a 29% increase year-over-year [25] - Full year 2025 total revenue reached $12.9 billion, reflecting a 28% growth from 2024 [28] - Adjusted EBITDA for Q4 was $184 million, a 41% increase compared to Q4 2024, while full year adjusted EBITDA was $618 million, up 34% year-over-year [29][11] - The adjusted EBITDA margin for the company was 4.8%, a 20 basis point increase from 2024 [11] Business Line Data and Key Metrics Changes - Pharmacy Solutions segment revenue for Q4 was $3.2 billion, achieving 32% year-over-year growth, while full year revenue was $11.4 billion, up 31% [25][28] - Provider Services segment revenue in Q4 was $394 million, representing a 13% increase year-over-year, with home healthcare revenue growing 19% to $217 million [27][20] - In the Pharmacy Solutions segment, infusion and specialty revenue was $2.6 billion, growing 43% year-over-year, while home and community pharmacy revenue declined 1% to $593 million [26] Market Data and Key Metrics Changes - The average daily census in home healthcare grew 15% to almost 35,000 in Q4, driven by strong quality metrics and strategic acquisitions [21] - Specialty and infusion script growth was 30% year-over-year in Q4, with total pharmacy script volume at 10.8 million [17] Company Strategy and Development Direction - The company plans to divest the community living business to streamline operations and focus on core patient populations [6] - The acquisition of Amedisys and LHC Home Health Assets is expected to enhance the company's home health capabilities, contributing approximately $30 million to adjusted EBITDA in 2026 [13][35] - The company aims to build a unique and scaled home and community healthcare platform, emphasizing quality outcomes and operational best practices [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of home health and hospice, anticipating a strong growth trajectory over the next 5 to 10 years [50] - The company expects total revenue growth of approximately 14% year-over-year for 2026, with adjusted EBITDA growth of about 25% [13][34] - Management highlighted the importance of executing sales investments and operational efficiencies to drive volume growth and margin expansion [38][39] Other Important Information - The company achieved a leverage ratio of 2.99 times as of December 31, 2025, down from 4.16 times in 2024, indicating improved financial health [32] - The company is initiating a foundation to support community and patient activities, reflecting its commitment to social responsibility [14] Q&A Session Summary Question: Variability in 2026 Outlook - Management noted consistency in Q1 and emphasized the importance of executing strategies to drive volume growth across businesses [37] Question: LDD Introductions and Landscape - Management confirmed expectations for 16-20 new LDD introductions over the next 12-18 months, with a focus on expanding capabilities [40][41] Question: EBITDA and Margins for Segments - Management indicated broad-based margin expansion is expected due to operational efficiencies and favorable product mix [45][46] Question: Home Health Rate Environment - Management expressed optimism about home health rates, projecting a flat baseline with potential for future increases [50] Question: Specialty Drug Launches and Margins - Management highlighted the multifactorial growth in specialty pharmacy, including brand LDDs and generic conversions, which improve margins [55] Question: Amedisys Asset Margins - Management acknowledged the lower margin profile of the Amedisys assets but expressed confidence in improving margins through integration [61][62] Question: Pharmacy Revenue Guidance Components - Management outlined expected revenue headwinds from IRA impacts and generic conversions but anticipated strong growth across pharmacy businesses [70][71] Question: Infusion Business Update - Management reported double-digit growth in the infusion business and plans for significant investments to enhance capabilities [73][75]

Financial Data and Key Metrics Changes - For Q4 2025, total company revenue was $3.6 billion, representing a 29% increase year-over-year [25] - Full year 2025 total revenue reached $12.9 billion, reflecting a 28% growth compared to 2024 [28] - Adjusted EBITDA for Q4 was $184 million, up 41% from the previous year, while full year adjusted EBITDA was $618 million, a 34% increase [29] - The adjusted EBITDA margin for the company was 4.8%, a 20 basis point increase from 2024 [11] Business Line Data and Key Metrics Changes - Pharmacy Solutions segment revenue in Q4 was $3.2 billion, achieving 32% year-over-year growth [25] - Provider Services segment revenue for Q4 was $394 million, representing a 13% increase compared to the prior year [26] - Home Health care revenue grew 19% year-over-year to $217 million in Q4 [27] - Rehab revenue increased by 8% year-over-year, while personal care revenue grew 4% [27] Market Data and Key Metrics Changes - Home health care represented approximately 55% of revenue in the Provider Services segment, with an average daily census growth of 15% [21] - Specialty and infusion script growth was 30% year-over-year in Q4, with total pharmacy script volume at 10.8 million [17] - The company expects to see continued growth in home health, hospice, and infusion markets over the next five to ten years [50] Company Strategy and Development Direction - The company plans to divest the community living business to streamline operations and focus on core patient populations [6] - The acquisition of Amedisys and LHC Home Health Assets is expected to enhance the company's home health capabilities [7] - BrightSpring aims to build a unique and scaled home and community healthcare platform that demonstrates leading quality outcomes [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of home health and hospice, citing a strong runway for growth [50] - The company anticipates total revenue growth of approximately 14% year-over-year for 2026, with adjusted EBITDA expected to grow by about 25% [13] - Management highlighted the importance of executing sales investments and operational efficiencies to drive volume growth [38] Other Important Information - The company achieved a leverage ratio of 2.99x as of December 31, 2025, down from 4.16x the previous year [32] - The expected net cash proceeds from the community living sale are approximately $715 million, which will primarily be used for debt paydown [33] Q&A Session Summary Question: Variability in 2026 Outlook - Management noted consistency in Q1 and emphasized the importance of executing strategies to drive volume growth across businesses [37][38] Question: LDD Introductions and Landscape - Management confirmed expectations for 16-20 new LDD introductions over the next 12-18 months, with a focus on quality and service [40][41] Question: EBITDA and Margins by Segment - Management indicated broad-based margin expansion is expected due to operational efficiencies and favorable product mix [45][46] Question: Home Health Rate Environment - Management remains optimistic about home health rates, projecting a flat baseline with potential for future increases [50] Question: Specialty Drug Launches and Margins - Management highlighted the multifactorial growth in specialty pharmacy, including brand LDDs and generic conversions, which improve margins [56] Question: Amedisys Asset Margins - Management acknowledged the lower margin profile of the Amedisys assets but expressed confidence in improving margins through integration [61][62] Question: Pharmacy Revenue Guidance Components - Management outlined expected revenue headwinds from IRA impacts and brand-to-generic conversions, but still anticipates strong growth across pharmacy businesses [70][71] Question: Infusion Business Update - Management reported double-digit growth in the infusion business and plans for significant expansion in specialty hubs [73][75]

Financial Data and Key Metrics Changes - The company reported full-year consolidated revenue of $947.7 million, an increase of $252.5 million, or 36.3% year-over-year [8] - Adjusted EBITDA for the full year was $72.5 million, up $19.2 million, or 36% [8] - Adjusted earnings per share for the full year reached $1.18, exceeding the midpoint of the updated annual guidance of $1.16 [7] Business Line Data and Key Metrics Changes - In the home health and hospice segment, Q4 revenue was $233.3 million, an increase of $91.3 million, or 64.3% year-over-year [14] - Adjusted EBITDA for the home health segment in Q4 was $33.7 million, up $12.4 million, or 58.2% [14] - The senior living segment saw full-year revenue improve to $215 million, an increase of $39.2 million, or 22.3% [17] Market Data and Key Metrics Changes - The average daily census in the hospice segment grew to 5,060, a 46.9% increase over the prior year quarter [16] - Same-store Medicare admissions in home health grew by 8.2%, with a 3.7% increase in Medicare revenue per episode [15] - All-store occupancy in the senior living segment rose to 80.6%, with same-store occupancy increasing to 82.1% [18] Company Strategy and Development Direction - The company is focused on optimizing performance and driving operational excellence while remaining open to selective acquisitions [10] - Key focus areas include leadership development, clinical excellence, employee experience, margin improvement, and growth [9] - The company plans to continue expanding its senior living business, with significant growth potential identified [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trajectory of the business despite reimbursement headwinds [15] - The company anticipates a full-year revenue guidance for 2026 in the range of $1.13 billion to $1.17 billion, reflecting a 22.4% increase at the midpoint [12] - Management highlighted the importance of local leadership in driving growth and maintaining strong clinical outcomes [59] Other Important Information - The company completed two senior living acquisitions in Q4, reinforcing its strategic commitment to expanding high-quality senior care [21][22] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 1.7 times, well under the covenant limit [24] Q&A Session Summary Question: Is the guidance conservative due to the Amedisys/LHCG integration? - Management confirmed that the guidance reflects a conservative approach due to expected initial noise during the transition [32] Question: How do joint ventures perform compared to non-JV agencies? - Management stated that joint ventures are treated like any Pennant business, focusing on local leadership and collaboration with health system partners [34] Question: What are the expectations for the Amedisys UNH asset ramp-up compared to Signature? - Management noted similarities in leadership quality and operational readiness, expressing confidence in the transition process [41] Question: What is the expected same-store revenue growth for 2026? - Management indicated a projected 7% increase in home health and hospice revenue for 2026 [53] Question: What is the competitive backdrop in the hospice segment? - Management highlighted a normalization in growth trends and emphasized the opportunity presented by the aging population [80]

Financial Data and Key Metrics Changes - The company reported full-year consolidated revenue of $947.7 million, an increase of $252.5 million, or 36.3% year-over-year [8] - Adjusted EBITDA for the full year was $72.5 million, up $19.2 million, or 36% compared to the previous year [8] - Adjusted earnings per share for the full year reached $1.18, exceeding the midpoint of the updated annual guidance of $1.16 [7][8] Business Line Data and Key Metrics Changes - In the home health and hospice segment, Q4 revenue was $233.3 million, an increase of $91.3 million, or 64.3% year-over-year, with adjusted EBITDA of $33.7 million, up $12.4 million, or 58.2% [14] - The senior living segment saw full-year revenue improve to $215 million, an increase of $39.2 million, or 22.3% over the prior year [17] - Q4 senior living segment revenue was $56.1 million, an increase of $9.2 million, or 19.6% year-over-year [17] Market Data and Key Metrics Changes - The average daily census in hospice grew to 5,060, a 46.9% increase over the prior year quarter [16] - Same-store Medicare admissions in home health grew by 8.2%, with a 3.7% increase in Medicare revenue per episode [15] - All-store occupancy in senior living rose by 200 basis points to 80.6%, with same-store occupancy increasing by 250 basis points to 82.1% [18] Company Strategy and Development Direction - The company aims to optimize performance and drive operational excellence while remaining open to selective acquisitions [10] - Focus areas include leadership development, clinical excellence, employee experience, margin improvement, and growth [9] - The company plans to continue expanding its senior living business, capitalizing on the upward trajectory of occupancy and revenue [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trajectory of the business despite reimbursement headwinds [15] - The company anticipates a full-year revenue guidance of $1.13 billion to $1.17 billion for 2026, reflecting a 22.4% increase at the midpoint [12] - Management highlighted the importance of local leadership and community engagement in driving growth and clinical outcomes [59] Other Important Information - The company completed the acquisition of Signature Healthcare at Home and over 50 locations from UnitedHealth and Amedisys, enhancing its operational reach [8][9] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 1.7 times, well below the covenant limit [24] Q&A Session Summary Question: Is the guidance conservative due to the integration of AMED LHCG? - Management confirmed that the guidance reflects expected initial noise during the transition of operations [32] Question: How do joint ventures perform compared to non-JV agencies? - Management stated that joint ventures are treated like any Pennant business, focusing on local leadership and collaboration with health system partners [34] Question: What are the expectations for the ramp-up of Amedisys UNH assets? - Management noted similarities with previous acquisitions and expressed confidence in local leaders and teams to facilitate a smooth transition [41][42] Question: What is the outlook for same-store revenue growth in home health and hospice? - Management indicated a projected 7% increase in same-store home health and hospice revenue for 2026 [53] Question: What is the competitive backdrop in the hospice segment? - Management highlighted a normalization in growth trends and the opportunity presented by the aging population [80]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $373.1 million, a 25.6% increase from $297.1 million in Q4 2024 [5] - Adjusted earnings per share for Q4 2025 was $1.77, up 28.3% from $1.38 in Q4 2024 [6] - Adjusted EBITDA for Q4 2025 was $50.3 million, a 33.3% increase from $37.8 million in Q4 2024 [8] - Total revenue for 2025 was approximately $1.4 billion, a 23.2% increase from approximately $1.1 billion in 2024 [7] - Adjusted EBITDA for 2025 was $180 million, compared to $140.3 million in 2024, marking a 28.3% increase [8] Business Line Data and Key Metrics Changes - Personal Care Services revenue was $284.1 million, accounting for 76.5% of total revenue in Q4 2025 [22] - Hospice care revenue was $70 million, representing 18.9% of total revenue [23] - Home Health revenue was $17.1 million, making up 4.6% of total revenue [23] - Same-store revenue growth for Personal Care was 6.3% compared to Q4 2024 [11] - Hospice same-store revenue increased by 16% compared to Q4 2024 [12] Market Data and Key Metrics Changes - Texas and Illinois have recently increased rates for Personal Care Services, with Texas seeing a 9.9% increase effective September 1, 2025, and Illinois a 3.9% increase effective January 1, 2026 [9][18] - The average daily census for Hospice increased to 3,885 in Q4 2025, up from 3,472 in the same period last year, an increase of 11.9% [13] Company Strategy and Development Direction - The company aims to create geographic density and scale while focusing on the full continuum of Home Care [8] - The strategy includes pursuing acquisitions that complement organic growth and align with the company's goals [31] - The company is optimistic about the potential repeal of the 80/20 provision of the Medicaid Access Rule, which could positively impact the industry [10][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value proposition of Personal Care Services and the company's ability to be a cost-effective partner for states and managed Medicaid payers [9] - The company anticipates continued growth opportunities in home-based care due to heightened awareness of its value [16] - Management noted stable hiring trends and a positive outlook for the labor market, with 101 hires per business day in Q4 2025 [10][43] Other Important Information - Cash flow from operations for Q4 2025 was $18.8 million, with cash on hand of approximately $81.6 million [8][30] - The company ended Q4 2025 with bank debt of $124.3 million, resulting in a net leverage of under 1x adjusted EBITDA [8] Q&A Session Summary Question: Rate backdrop in states like New Mexico and Tennessee - Management indicated a potential 4% to 5% rate increase in New Mexico is awaiting the governor's signature, which could benefit the company in the latter half of the year [34][35] Question: Margin flow-through from New Mexico - Management noted that while there isn't a mandatory pass-through rule in New Mexico, some portion of the rate increase will likely be passed through to caregivers [41] Question: Hiring trends and caregiver retention - Management reported stable hiring trends and good progress in hiring, with no significant difficulties noted [44] Question: Acquisition pipeline and opportunities - Management is optimistic about more acquisition opportunities in 2026, focusing on deals that create density in existing markets [47][48] Question: Impact of fraud and abuse focus on business growth - Management views the focus on fraud and abuse as an opportunity for growth, as smaller players may struggle to comply with regulations [61] Question: Update on Addus Connect app and its impact - Management reported positive momentum in service percentage due to the app, with ongoing rollout in New Mexico and Texas [64][65] Question: Home Health and Hospice bridging program - Management highlighted ongoing focus on the bridging program, with positive results expected as they continue to drive growth in key markets [88][92]

Financial Performance - In Q4, revenue increased by 9.9% to $1.5 billion, and adjusted EBITDA rose by 15.9% to $335.6 million, driven by 5.3% discharge growth and a 4.1% increase in net revenue per discharge [1][5] - For the full year 2025, revenue grew by 10.5%, with EBITDA increasing by 14.9%, supported by operating leverage and disciplined expense management [3][5] - Adjusted free cash flow for the full year was $818 million, reflecting an 18.5% increase [9] Labor and Operational Efficiency - Premium labor costs decreased significantly, down more than $21 million year-over-year in 2025, with Q4 premium labor at $23.8 million, the lowest since Q1 2021 [2][5][7] - The company added approximately 300 same-store registered nurses (RNs) during 2025, contributing to improved operational efficiency [7] Capacity Expansion and Growth Strategy - Management plans to add 517 beds in 2025 through new hospitals and expansions, with ongoing investments expected to meet a growing target demographic [12] - A new 24-bed small-format hospital prototype is set to launch in 2027 as part of a hub-and-spoke strategy [13] 2026 Guidance - For 2026, management guided net revenue of $6.365–6.465 billion, adjusted EBITDA of $1.34–1.38 billion, and adjusted EPS of $5.81–6.10, with a leverage target of approximately 1.83x [4][18] Regulatory and Payer Dynamics - The company reported a 93% affirmation rate for its Alabama hospitals under the RCD model, indicating effective engagement with CMS [16] - Management expressed concerns about challenges with a national Medicare Advantage payer, which affected conversion rates despite referral growth [20]

Financial Data and Key Metrics Changes - The company reported revenues of $229 million for Q3 2025, an increase of $48.4 million, or 26.8% year-over-year [5] - Adjusted EBITDA was $17.3 million, up $2.2 million, or 14.5% compared to the prior year quarter [5] - Adjusted EPS increased to $0.30, reflecting a $0.04 increase, or 15.4% year-over-year [5] - Full-year revenue guidance was raised to between $911.4 million and $948.6 million, with adjusted EBITDA expected between $70.9 million and $73.8 million [10][25] Business Line Data and Key Metrics Changes - Home Health and Hospice segment revenue reached $173.6 million, a 27.9% increase, with adjusted EBITDA of $26.8 million, up 22.7% [12] - Senior Living segment revenue was $55.5 million, up 23.2% year-over-year, with adjusted EBITDA increasing 26.2% [15] - Same-store occupancy in senior living reached 81.8%, with all-store occupancy at 80.9% [15] Market Data and Key Metrics Changes - The average CMS reported star rating for home health was 4.1, compared to the industry average of three stars [12] - Potentially preventable hospitalizations decreased to 8.4%, below the national average of 9.9% [12] - Hospice quality composite score improved to 97%, exceeding the national average of 92% [12] Company Strategy and Development Direction - The company is focused on integrating the recently acquired UnitedHealth Amedisys operations and enhancing local leadership [5][33] - There is a strong emphasis on empowering local clinical leaders to drive operational success and improve clinical outcomes [9][12] - The company plans to continue pursuing acquisition opportunities in senior living and home health, maintaining a disciplined approach [23][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term value of home health services despite current regulatory uncertainties [19] - The company anticipates some lumpiness in results due to integration efforts but expects significant long-term potential from recent acquisitions [6][10] - Management highlighted the importance of local leadership and community engagement in driving operational success [9][48] Other Important Information - The company closed on a $100 million term loan to enhance balance sheet capacity [24] - The acquisition of UnitedHealth Amedisys included 54 locations with trailing 12-month revenues of $189.3 million [21] - The company is actively advocating against proposed regulatory changes that could negatively impact the industry [9][18] Q&A Session Summary Question: What are the top priorities for integration after the Amedisys transaction? - The focus is on identifying and elevating leaders, ensuring exceptional support for agencies, and developing a joint venture with the University of Tennessee [33][34] Question: How should we think about margins in senior living going forward? - As occupancy increases, there is an expectation for improved margins, with a focus on operational efficiency and revenue quality [38] Question: What dynamics are affecting margin guidance? - NCI growth and elevated G&A expenses are impacting EBITDA margins, with adjustments made for these factors [40][41] Question: What is driving the increase in hospice length of stay? - The increase reflects a return to pre-pandemic levels and improved identification of appropriate patients for hospice services [42][43] Question: How is the internal reception of the Amedisys assets? - Employees have shown excitement and commitment, with minimal turnover and strong performance during the transition [46][49] Question: What is the competitive landscape for senior living acquisitions? - There is increased activity in the senior living space, with a mix of opportunities within the company's target range [60][62]

Q3 2025 Performance Highlights - Consolidated net service revenue increased by 3.9% year-over-year to $263.6 million[19, 20] - Adjusted EBITDA grew by 10.2% year-over-year to $27.0 million, with an Adjusted EBITDA margin of 10.2%[19, 20] - Net income attributable to Enhabit, Inc was $11.1 million, a 110.1% increase compared to the previous year[19, 20] - Adjusted diluted EPS was $0.17, a 466.7% increase compared to the previous year[19, 20] Home Health Segment - Home health net service revenue was $200.5 million, a decrease of 0.2% year-over-year[19, 20] - Total admissions increased 3.6% year-over-year[18, 68] - Medicare admissions decreased by 5.1% year-over-year, while non-Medicare admissions increased by 10.4%[19, 68] - Cost per patient day improved by 2.1% year-over-year[19, 68] Hospice Segment - Hospice net service revenue increased by 20.0% year-over-year to $63.1 million[19, 20] - Adjusted EBITDA increased 72.0% year-over-year[19] - Average daily census grew by 12.6% year-over-year[18, 38] - Cost per patient day improved by 3.1% year-over-year[19, 44] Balance Sheet and Guidance - Reduced bank debt by $15.0 million in Q3, exiting with a 3.9x leverage ratio[19] - Total debt reduced by $100 million since Q4 2023[51] - Updated 2025 net service revenue guidance to $1.058 billion to $1.063 billion[56]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $362.3 million, a 25% increase from $289.8 million in Q3 2024 [6] - Adjusted earnings per share rose to $1.56, up 20% from $1.30 in the previous year [6] - Adjusted EBITDA increased by 31.6% to $45.1 million compared to $34.3 million in Q3 2024 [6][18] - Operating cash flow exceeded $50 million for the quarter, with cash on hand of approximately $102 million as of September 30, 2025 [6][25] - Net leverage was under one times adjusted EBITDA, providing flexibility for strategic acquisitions [6] Business Line Data and Key Metrics Changes - Personal Care segment revenues were $275.8 million, accounting for 76.1% of total revenue, with same-store revenue growth of 6.6% [21] - Hospice segment revenues increased by 19% year-over-year, with same-store average daily census rising to 3,872, up 9.5% from the previous year [13][20] - Home Health segment revenues were $17.6 million, representing 4.9% of total revenue, with a 2.8% decrease in same-store revenue compared to Q3 2024 [14][22] Market Data and Key Metrics Changes - Texas and Illinois announced rate increases for personal care services, with Texas effective October 1, 2025, and Illinois set for January 1, 2026 [8][19] - The hospice reimbursement rate update effective October 1, 2025, is expected to increase rates by approximately 3.1% [20] - Proposed home health payment rule indicates a 6.4% aggregate reduction in Medicare payments for 2026 [10] Company Strategy and Development Direction - The company continues to pursue strategic acquisitions to enhance geographic coverage and density, with recent acquisitions including Del Cielo Home Care Services [15][21] - Focus on maintaining a balanced approach to organic growth and acquisitions, particularly in overlapping markets for home health and hospice services [16][68] - Emphasis on the value of home-based care and the benefits of personal care services in reducing overall care costs [8][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the growth potential in personal care services due to favorable rate increases and strong hiring trends [19][40] - The company anticipates continued organic growth momentum into 2026, supported by recent rate increases and hiring performance [41] - Management acknowledged challenges in the home health segment but remains focused on improving operational efficiencies and profitability [50][52] Other Important Information - The company reported a gross margin percentage of 32.2%, an increase from 31.8% in Q3 2024 [22] - Adjusted G&A expenses were 19.8%, a decrease from 20% in the prior year [23] - The company maintains a strong balance sheet with total bank debt of $154.3 million, down from the previous quarter [25] Q&A Session Summary Question: About same store volume growth in Personal Care - Management noted improvements in fill rates and billable hours, attributing part of the 6.6% same store revenue growth to these factors [28][33] Question: On cash flow and DSOs - Management indicated that fluctuations in DSOs are typical and attributed the strong cash flow to timing rather than specific changes in payer behavior [34] Question: Organic growth expectations for 2026 - Management expressed confidence in maintaining above 2% year-over-year volume growth, supported by strong hiring and rate increases [40][41] Question: Home health and hospice asset allocation - Management remains interested in home health acquisitions that complement existing personal care and hospice services, despite current market uncertainties [44] Question: Hospice revenue per patient day and Medicare cap dynamics - Management confirmed that the absence of cap liability this quarter positively impacted revenue per patient day, with expectations for similar dynamics in Q4 [104]