Financial Data and Key Metrics Changes - For Q4 2025, total company revenue was $3.6 billion, representing a 29% growth from the prior year period [25] - Full year 2025 total revenue was $12.9 billion, reflecting a 28% year-over-year growth [10] - Adjusted EBITDA for Q4 was $184 million, an increase of 41% compared to Q4 2024 [28] - Full year adjusted EBITDA was $618 million, representing a 34% growth year-over-year [28] - The adjusted EBITDA margin for the company was 4.8%, a 20 basis point increase versus 2024 [10] 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% growth compared to the prior year [26] - Home Health care revenue grew 19% year-over-year to $217 million in Q4 [26] - Rehab revenue grew 8% year-over-year to $75 million in Q4 [26] - Personal care revenue grew 4% year-over-year to $102 million in Q4 [26] Market Data and Key Metrics Changes - Home healthcare represented approximately 55% of revenue in the provider segment, growing 19% year-over-year [20] - Average daily census in home healthcare grew 15% to almost 35,000 in Q4 [20] - Specialty and infusion script growth was 30% year-over-year in Q4 [16] Company Strategy and Development Direction - The company plans to divest the community living business to streamline operations and focus on core patient populations [5] - The acquisition of Amedisys and LHC Home Health Assets closed in Q4 2025, expected to enhance the home health business [6] - The company aims to build a unique and scaled home and community healthcare platform demonstrating leading quality outcomes [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of home health and hospice, anticipating a strong runway over the next 5 to 10 years [51] - The company expects total revenue to grow approximately 14% year-over-year in 2026, with adjusted EBITDA expected to grow approximately 25% [11] - Management highlighted the importance of executing sales investments and operational efficiencies to drive volume growth [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 [32] - The company anticipates receiving approximately $715 million in net cash proceeds from the community living sale [33] Q&A Session Summary Question: What are the points of variability in the 2026 outlook? - Management noted consistency in Q1 and emphasized the importance of executing strategies to drive volume growth across businesses [38] Question: Can you discuss the expected EBITDA and margins for each segment? - Management indicated broad-based margin expansion is expected due to operational efficiencies and favorable product mix [46][48] Question: What is the impact of specialty drug launches on earnings? - Management explained that while prices may decline with generic launches, margins could improve due to better negotiation capabilities [56] Question: How will the Amedisys acquisition impact margins? - Management acknowledged the current margin profile of the acquired assets and expressed confidence in improving margins through integration efforts [63] Question: What is the outlook for the infusion business? - Management reported strong growth in the infusion business and plans to expand resources and capabilities in this area [76]