Financial Data and Key Metrics Changes - The adjusted EBITDA for Q4 2025 was $66 million, aligning with the upwardly adjusted guidance, while the full-year adjusted EBITDA reached $276 million [5][6] - The consolidated revenue decreased due to net non-same-unit activity of $26 million, but same-unit growth was 4% with pricing up just under 7% [7][8] - Operating cash flow for Q4 was $115 million, down from $135 million in the prior year, primarily due to decreases in cash flow from accounts payable and accrued liabilities [9] Business Line Data and Key Metrics Changes - Patient service volumes decreased by just under 3%, with NICU days down about 2% [7][8] - Despite volume declines across service lines, pricing was driven by solid revenue cycle management cash collections and favorable payer mix [7][8] Market Data and Key Metrics Changes - The company anticipates full-year revenue for 2026 to be approximately $1.9 billion, in line with 2025 [10] - The G&A expense for 2026 is projected to be between $230 million and $240 million, compared to $241 million in 2025 [10] Company Strategy and Development Direction - The company is focusing on quality care and has introduced new programs to align physicians with the organization, including cash bonuses and stock price tracking elements [12][13] - There are plans to leverage telemedicine and expand in NICUs and maternal-fetal medicine, with a strong presence in OB hospital medicine [14][15] Management's Comments on Operating Environment and Future Outlook - Management expects steady metrics for 2026, including volume, acuity, and payer mix, with a preliminary outlook of adjusted EBITDA between $280 million and $300 million [6][10] - The company is monitoring potential impacts from ACA subsidies and government enrollment changes, but currently sees no significant changes in payer mix [29][30] Other Important Information - The company ended Q4 with cash of $375 million and net debt of just over $220 million, reflecting a net leverage of just under 1x [9] - The company has not factored any contributions from M&A activity into the 2026 guidance but is open to opportunities that align with its core strengths [11][41] Q&A Session Summary Question: Drivers of revenue growth for 2026 - Management indicated that the revenue growth assumes flat volume and pricing, with no significant changes expected [18] Question: Reasons for negative patient volume year-over-year - The decrease in volume was attributed to tough comparisons from the previous year's fourth quarter [20] Question: Details on variable compensation expenses - Management noted that various factors influenced fourth-quarter operations, emphasizing alignment with physicians rather than smoothing effects [26] Question: Insights on pricing strength and sustainability - Pricing was up just under 7%, driven by strong RCM collections and favorable payer mix, with expectations for stability moving into 2026 [47][50]