Financial Data and Key Metrics Changes - Consolidated net sales for Q4 2025 increased by $7.7 million, approximately 8% gain over the previous year's Q4, driven by an additional week in the current period [5] - For fiscal 2025, consolidated net sales were $397.5 million, a decrease of $35.8 million or 0.3% compared to the previous fiscal year [7] - Consolidated operating loss was $18.1 million for the year, primarily due to lower sales volumes and $10.8 million in charges [8] Business Line Data and Key Metrics Changes - Hooker branded sales increased by 2% and Home Meridian sales increased by 13% based on average net sales per shipping day [6] - Hooker branded Q4 net sales rose by $3.8 million or 10% from the prior quarter, driven by a 14% increase in unit volume [17] - Home Meridian Q4 net sales increased by $6.3 million or 0.7% year over year, driven by strong hospitality sales [19] - Domestic upholstery Q4 net sales decreased by $2 million or about 7% year over year due to soft demand [20] Market Data and Key Metrics Changes - All three reportable segments experienced sales decreases driven by weak demand and a depressed housing market [8] - Year-end backlog fell 22%, driven mostly by a significantly improved in-stock position [18] - Cash and cash equivalents stood at $6.3 million, a decrease of $36.9 million from the previous year-end [22] Company Strategy and Development Direction - The company is focused on gaining market share and creating a pathway for profitability despite the ongoing furniture retail downturn [12] - Cost reduction initiatives are being accelerated, including the planned exit of the Savannah warehouse, expected to save $4 to $5.7 million annually beginning in fiscal 2027 [15][10] - The company is also opening a new leased facility in Vietnam to improve product flow and support margin expansion [15] Management's Comments on Operating Environment and Future Outlook - Management noted significant macroeconomic headwinds, including the weakest housing market in 50 years and lower consumer confidence [14] - Despite challenges, the company believes it is positioned to continue gaining market share through merchandising efforts and speed to market initiatives [28] - Management is evaluating strategies to mitigate the current economic environment, including potential additional tariffs [26] Other Important Information - The company expects to record net charges of between $3 million to $4 million in fiscal 2026 related to the Savannah warehouse exit [10] - The completion of cost reduction plans is expected by the second half of fiscal 2026, with total savings projected between $18 and $20 million [11] Q&A Session Summary Question: Insights on Hooker Branded's sales improvements - Management noted that the October market had a significant positive impact, particularly on Hooker case goods, with two new collections performing well [32] Question: Opportunities in domestic upholstery due to tariffs - Management sees a tremendous opportunity in domestic upholstery and has capacity to grow in this area [35] Question: Future gross margins for Home Meridian - Management indicated that there is a strong focus on growing Pulaski and Samuel Lawrence furniture, which is contributing to margin expansion [39] Question: Backlog comparison to pre-pandemic levels - Management did not provide specific figures but emphasized a focus on the right products and avoiding low-margin items [40] Question: Strategic inventory build and nimbleness - Management had already strategically increased inventory, which positioned the company well for current market conditions [46] Question: Market share growth sustainability - Management believes they can improve market share growth beyond the current 3 to 15 basis points pace [49]

Evotec SE (NASDAQ:EVO) Q4 2024 Earnings Conference Call April 17, 2025 8:00 AM ET Company Participants Volker Braun - Head of Investor Relations Christian Wojczewski - Chief Executive Officer Paul Hitchin - Chief Financial Officer Cord Dohrmann - Chief Scientific Officer Aurélie Dalbiez - Chief People Officer Conference Call Participants Christian Ehmann - Warburg Research Michael Ryskin - Bank of America Charles Weston - RBC Capital Markets Brendan Smith - TD Cowen Joseph Hedden - Rx Securities Operator La ...

Financial Data and Key Metrics Changes - FMB reported net income available to common shareholders of $116.5 million, or $0.32 per share, with tangible book value per share growth of 12% to $10.83 [7][36] - Total revenue for the quarter was $411.2 million, driven by net interest income growth and solid non-interest income [8] - The CET1 ratio reached 10.7%, and tangible common equity to tangible assets was 8.4% [7][36] Business Line Data and Key Metrics Changes - Total loans and leases ended the quarter at $34.2 billion, a 3.5% annualized linked quarter increase, driven by $224 million in consumer loans and $72 million in commercial loans [27] - Non-interest income totaled $87.8 million, consistent with the year-ago quarter [32] - Wealth management revenues increased 8.4% year-over-year to a record $21.2 million [33] Market Data and Key Metrics Changes - The first quarter annualized loan and deposit growth was 3.5% and 1.4% respectively, indicating success in growing client relationships and market share [10] - Non-interest-bearing demand deposits increased 1.1% and comprised 26.5% of total deposits, up 19 basis points from the fourth quarter [29] Company Strategy and Development Direction - The company is focused on diversifying revenue streams, active balance sheet management, and maintaining a balanced loan portfolio [7] - Recent acquisition of a critique investment banking firm aims to enhance financial advisory services [9] - The company is prioritizing high-touch services and superior digital delivery channels to become clients' primary operating bank [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining a diversified deposit base and sound risk management practices amid economic uncertainty [12][25] - The company is prepared for potential impacts from tariffs and has conducted stress tests to ensure strong coverage and ample liquidity [13][20] - Management expressed confidence in achieving mid-single-digit loan growth despite current economic challenges [38] Other Important Information - The efficiency ratio for the first quarter remained solid at 58.5%, with expectations for improved performance in the second half of 2025 [35] - The company repurchased 741,000 shares during the quarter and plans to pursue opportunistic share repurchase activity [37] Q&A Session Summary Question: NII outlook and swap maturities - Management discussed the impact of swap maturities on NII, indicating a gradual decline in benefits from swaps over the quarters [46][54] Question: Loan growth risks - Management acknowledged a softer pipeline year-over-year but expressed confidence in achieving mid-single-digit loan growth based on diverse geographic operations [64][76] Question: Credit exposure to tariffs - Management reported that less than 5% of exposures were at risk from tariffs and emphasized proactive communication with clients to manage potential impacts [82][86] Question: Expense guidance and flexibility - Management explained that the second quarter expense guidance reflects seasonal expenses and that there is flexibility to reduce expenses if revenues fall short [93][96] Question: Fee income guidance - Management highlighted various areas contributing to fee income, including capital markets, derivatives, and mortgage business, while anticipating an acceleration in M&A activity [102][106]

Financial Data and Key Metrics Changes - The company reported earnings of $0.75 per share, a decrease from $0.78 sequentially [6] - Revenue for Q1 decreased to $133.8 million from the prior quarter, primarily due to lower average AUM and a lower day count [6][7] - The effective fee rate improved slightly to 59 basis points, up from the prior quarter [8] - Operating margin was 34.7%, down from 35.5% in the prior quarter [8] - Ending AUM increased to $87.6 billion from $85.8 billion at the prior quarter end, driven by net inflows and market appreciation [9][10] - Total expenses decreased, mainly due to a reduction in compensation and benefits, resulting in a compensation ratio of 40.5% [10][11] - Liquidity at the end of Q1 totaled $295 million, a decrease from the prior period [11] Business Line Data and Key Metrics Changes - The company experienced net inflows of $222 million firm-wide, with open-end funds leading at $585 million [35][36] - Institutional advisory saw net outflows of $108 million, attributed to new mandates and account terminations [39] - The unfunded pipeline ended at $61 million, significantly lower than the previous quarter [39] Market Data and Key Metrics Changes - U.S. equities declined 4.3% in Q1, while developed market ex-U.S. equities rose 5.4% [16] - U.S. REITs gained 2.8%, and global listed infrastructure rose 4.8%, outperforming corresponding broad equity indices [16] - The company noted a rotation into defensive assets, including utilities and gold, amid macroeconomic concerns [17] Company Strategy and Development Direction - The company remains focused on growth despite market volatility and potential recession risks [32] - There is a growing case for real assets due to persistent inflation, with a focus on enhancing market position through strategic initiatives [35][48] - The company plans to launch additional active ETFs and explore partnerships for new investment vehicles [41][90] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about a potential recession due to recent tariff announcements and their impact on economic growth [21][32] - The company anticipates a slowdown in economic growth and higher inflation, which may affect investment strategies [21][65] - Management emphasized the importance of liquidity and the opportunity costs associated with illiquidity in the current market environment [27][30] Other Important Information - The company launched its first three active ETFs in February, targeting real estate, preferreds, and natural resource equities [41] - The company is seeing increased interest in real assets from retirement segments and model builders [50] - The company is committed to investing in distribution capabilities, particularly in the wealth channel [52] Q&A Session Summary Question: What is the current state of the Wealth Manager channel? - Management noted that the market has been volatile, leading to uncertainty and a less robust flow environment, but there is interest in U.S. REITs and listed infrastructure [57][58] Question: What are the second-order impacts from tariffs? - Management indicated that the indirect effects would include slower economic growth and higher inflation, with infrastructure being a stagflationary strategy [65][66] Question: How is the company responding to potential recession risks? - Management stated that they are not making rash short-term changes but are focused on strategic hires and maintaining strong client interactions [68][70] Question: What is the outlook for the unfunded pipeline? - Management expressed confidence in the future, noting that while the current pipeline is low, there are good levels of activity and new allocations expected [84][86] Question: What are the company's acquisition strategies? - Management is open to exploring acquisitions or partnerships, particularly in light of changing dynamics in the wealth channel [90][92]

Financial Data and Key Metrics Changes - The company reported strong quarterly earnings of $465 million, resulting in earnings per share of 51 cents and adjusted earnings of $487 million with adjusted earnings per share of 54 cents [5] - Pre-tax, pre-provision income increased by 21% year-over-year to $745 million, with a return on tangible common equity of 18% [6][10] - Average loans remained stable quarter-over-quarter, while ending loans declined by 1% [14] - Average deposit balances grew by 1% quarter-over-quarter, and ending balances increased by 3% [16] Business Line Data and Key Metrics Changes - Average consumer loans decreased by approximately 1% in the first quarter due to lower seasonal production in home improvement finance and residential mortgage [16] - Adjusted non-interest income remained stable, with growth in most categories offset by lower capital markets revenue [25] - Adjusted non-interest expense increased by approximately 1% compared to the prior quarter, primarily driven by a 1% increase in salaries and benefits [27] Market Data and Key Metrics Changes - The company experienced favorable performance in both core and priority markets, with good participation in money market offers boosting interest-bearing deposits [17] - The outlook for unemployment has increased, with expectations for a pronounced slowdown in GDP growth [12] Company Strategy and Development Direction - The company remains committed to strategic priorities of soundness, profitability, and growth, which support long-term performance [7] - The company has strengthened its soundness through enhancements in risk management frameworks and operational practices [8] - The strategic plan includes investments in talent, technology, products, and services to further grow the business [8] Management's Comments on Operating Environment and Future Outlook - Management noted that clients remain optimistic about economic improvement, but current conditions have created uncertainty, leading to delayed investments [13] - The company expects average loans to be relatively stable in 2025 compared to 2024 due to economic uncertainty [16] - Management indicated that while net interest income declined in the first quarter, it is expected to grow approximately 3% in the second quarter [23] Other Important Information - The company executed $242 million in share repurchases and paid $226 million in common dividends during the quarter [33] - The common equity Tier 1 ratio was estimated at 10.8%, increasing to 9.1% when adjusted for AOCI [33] Q&A Session Summary Question: Customer engagement regarding investments and strategic decisions - Management indicated that customers are in a wait-and-see mode due to volatility and uncertainty, with clarity on tariffs needed for re-engagement [38] Question: Context on lower expense growth rate - Management explained that lower expense growth is due to lower headcount and offsetting investments, not actual cuts [44] Question: Loan side guidance and line utilization - Management noted that pipelines are mixed, with some sectors softening, and line utilization remains flat as customers carry excess liquidity [52] Question: Capital buyback pace outlook - Management stated that if loan demand remains muted, capital will be used for buybacks, with confidence in capital levels to support business [57] Question: Customer sentiment and tariff clarity - Management suggested that stability is needed for customers to act, likely taking 90 days to six months for clarity [67] Question: Service charge line growth drivers - Management highlighted growth in customer accounts and treasury management relationships as key drivers of service charge income [76] Question: Reserve expectations and unemployment rates - Management provided current unemployment expectations around 4.2% to 4.3%, with a qualitative component factored into reserves [83] Question: Economic outlook and credit portfolios - Management identified retail trade and manufacturing as areas to monitor closely for potential impacts in a slower growth environment [98]

Financial Data and Key Metrics Changes - The company reported earnings per share of 71 cents, or 73 cents excluding certain items, exceeding consensus estimates [7] - Pre-provisioned net revenue (PPNR) grew by 5% year-over-year, with an adjusted return on equity of 11.2% [7] - Tangible book value per share increased by 15% over the prior year, despite the 10-year treasury rate remaining unchanged [8] - Net interest income (NII) grew by 4% year-over-year, with net interest margins expanding for the fifth consecutive quarter [10] Business Line Data and Key Metrics Changes - Total loans grew by 3% year-over-year, driven by strong middle market commercial and industrial (C&I) production and balanced growth across consumer-secured lending categories [9] - Commercial payments revenue increased by 6%, while wealth and asset management revenue grew by 7%, supported by a 10% growth in assets under management (AUM) [10] - Adjusted non-interest income increased by 1% compared to the prior year, driven by growth in wealth and commercial payments [30] Market Data and Key Metrics Changes - Core deposits remained stable, with total household growth of 2% and 5% growth in the Southeast [9] - Average core deposits decreased by 2% sequentially, primarily due to normal seasonality and commercial factors [26] - The loan-to-core deposit ratio was 75%, up 2% from the prior quarter, indicating strong liquidity management [28] Company Strategy and Development Direction - The company aims to achieve record NII within existing guidance, even without rate cuts or further loan growth [16] - Focus on maintaining a resilient business mix and managing the balance sheet defensively to adapt to changing conditions [12] - Continued investments in Southeast branches and growth in commercial payments are expected to enhance operational deposit funding [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering stability, profitability, and growth amid uncertain economic conditions [7] - The company is preparing for potential economic slowdowns by maintaining a diversified loan origination platform and proactive credit management [12][13] - Management anticipates that inflation may rise while growth could slow down, but unemployment may remain stable [63] Other Important Information - The company has a high allowance for credit losses (ACL) coverage ratio of 2.07%, among the highest in its peer group [38] - The CET1 ratio was maintained at 10.5%, exceeding the minimum buffer requirement [39] - The company plans to repurchase $400 million to $500 million of stock in the second half of 2025, depending on loan growth [50] Q&A Session Summary Question: Can you share insights on interactions with commercial customers amid economic uncertainty? - Management noted that commercial customers are concerned about tariffs and are likely to push prices to cover costs, with no indications of layoffs among clients [56][62] Question: What areas aside from credit is the company focusing on to navigate a potential slowdown? - Management emphasized the importance of deposit funding and disciplined expense management as key focus areas [68][69] Question: Can you provide details on the increase in non-performing loans (NPLs)? - The increase was primarily due to two ABL loans, but management remains confident in the overall health of the portfolio [75][80] Question: How is the company managing costs without impairing growth plans? - Management indicated that cost reductions would come from variable compensation adjustments and operational efficiencies, while continuing to invest in growth areas [95] Question: What is the outlook for the U.S. consumer and associated risks? - Management highlighted that lower-income consumers are under stress, while higher-income individuals are likely to reduce spending, but the middle class remains stable as long as unemployment does not rise significantly [125][132]

Financial Data and Key Metrics Changes - Core FFO was 62 cents per share, representing 7% growth both sequentially and year-over-year [21] - The company maintains its full year 2025 core outlook of $2.37 to $2.41 per share [21] - Net debt to EBITDA reduced to 3.9 times due to the settlement of $400 million of forward equity raised at $49 per share [25] Business Line Data and Key Metrics Changes - Executed 2.4 million square feet of leases with net effective and cash rent spreads of 24% and 15% respectively [9] - Overall absorption in the quarter was a positive 125,000 square feet with an 82% tenant retention rate, the highest level over the past year [9] - Market rents across the portfolio declined 2.8% sequentially and 9.4% year-over-year, while the overall market experienced a decline of 4.7% sequentially and 12.1% year-over-year [10] Market Data and Key Metrics Changes - Market rents for smaller format spaces under 50,000 square feet showed resilience, supported by limited supply [10] - Leasing activity at the start of the year had picked up, with activity on approximately 80% of vacant spaces [12] Company Strategy and Development Direction - The capital allocation strategy focuses on stabilizing assets at above-market yields and selling properties at low cap rates to drive cash flow growth [13] - The company expects $70 million of incremental NOI from 3.2 million square feet of projects under construction or in lease-up [14] - The portfolio is well-positioned for long-term value creation, particularly in Southern California, where supply-demand dynamics favor the company [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened uncertainty due to new tariffs but believes the portfolio is well-positioned for the medium to long term [15] - The tenant base is diverse, serving various industries, which helps mitigate risks associated with economic fluctuations [17] - Management remains optimistic about the underlying business health of tenants despite concerns over consumer demand [36] Other Important Information - The company has approximately $1.6 billion of liquidity, including $608 million in cash [24] - The company has no acquisitions under contract or accepted offers, focusing instead on dispositions [14] Q&A Session Summary Question: Future rent decline expectations - Management noted nominal pressure on market rents but emphasized that they are not giving away space and have strong leasing activity [29] Question: Guidance stress test details - Management conducted a stress test based on historical downturns and feels confident about the bottom end of their guidance [43] Question: Cash leasing spreads going negative - The negative cash leasing spread was attributed to a unique lease circumstance and a small sample size of comparable leases [48] Question: Pace of redevelopment and repositioning - Management expects a more ratable pace of redevelopment throughout the year, with a net NOI contribution of $15 million expected [54] Question: Lease terminations and watch list - Termination revenue was tied to two tenants, primarily from an office property acquired for redevelopment [58] Question: Resilience of infill locations - Management highlighted the scarcity of space in Southern California, which contributes to the resilience of their tenant base during downturns [72]

D.R. Horton, Inc. (NYSE:DHI) Q2 2025 Earnings Conference Call April 17, 2025 8:30 AM ET Company Participants Jessica Hansen - SVP, Communications Paul Romanowski - President and CEO Michael Murray - EVP and COO Bill Wheat - EVP and CFO Conference Call Participants Stephen Kim - Evercore ISI John Lovallo - UBS Alan Ratner - Zelman & Associates Carl Reichardt - BTIG Sam Reid - Wells Fargo Michael Rehaut - JPMorgan Eric Bosshard - Cleveland Research Matthew Bouley - Barclays Rafe Jadrosich - Bank of America Tr ...

Financial Data and Key Metrics Changes - In Q1 2025, revenue was $4.1 billion, down 5% year-over-year in constant currency [12] - Reported EBITDA for the quarter was $36 million, while adjusted EBITDA was $52 million, representing a decrease of 32% in constant currency year-over-year [12][19] - Adjusted earnings per share decreased 51% year-over-year in constant currency, with reported EPS at $0.12 and adjusted EPS at $0.44 [13][20] Business Line Data and Key Metrics Changes - On an organic constant currency basis, the Manpower brand declined 2%, the Experience brand declined 5%, and the Talent Solutions brand declined 2% [22] - The RPO business within Talent Solutions experienced a slight revenue decrease, while the MSP business recorded a strong double-digit revenue increase [22] - Gross profit margin was 17.1%, with staffing margin contributing to a 10 basis point reduction due to mixed shifts and lower bench utilization [23] Market Data and Key Metrics Changes - Revenue in the Americas segment was $1.1 billion, representing a 5% increase year-over-year in constant currency [28] - Southern Europe revenue was $1.8 billion, reflecting a 5% decrease in constant currency [33] - Northern Europe segment revenue decreased 14% in constant currency, with the UK market experiencing a 16% decline [37][39] Company Strategy and Development Direction - The company is focused on diversifying, digitizing, and innovating, with plans to showcase technology advancements at VivaTech in Paris [51] - Emphasis on building tailored solutions with a focus on candidate experience and data privacy [52] - The company aims to manage costs effectively while driving profitable revenue growth through organizational alignment [54] Management's Comments on Operating Environment and Future Outlook - Management noted increased uncertainty due to recent trade policy announcements, leading clients to adopt a wait-and-see approach [9][10] - Despite challenges, there is optimism for growth in specific markets like LATAM and APME, with a focus on skills development as AI adoption accelerates [16] - The forecast for Q2 2025 anticipates continued challenges in Europe and North America, with EPS expected to be in the range of $0.65 to $0.75 [46][47] Other Important Information - Free cash flow represented an outflow of $167 million compared to an inflow of $104 million in the prior year, influenced by timing of payables [43] - The company ended the quarter with cash of $395 million and total debt of $1.07 billion, resulting in a net debt of $677 million [45] Q&A Session Summary Question: Impact of pending tariffs on future performance - Management indicated that a resolution of U.S. tariffs could lead to a quick turnaround in employer confidence and demand [60][65] Question: Signs of layoffs and hiring freezes - Management noted that while there is caution among employers, they are not significantly letting go of workforces, focusing instead on specialized skills [69][71] Question: Client mindset regarding tariff policy - Clients are adopting a wait-and-see approach, anticipating a negotiated settlement rather than a permanent change [82][86] Question: Restructuring actions in Northern Europe - Management discussed restructuring charges and expected payback periods, indicating a focus on improving profitability in challenging markets [91][95] Question: Impact of immigration policy on business - Management stated that current immigration policies have not significantly impacted business performance [135]

Financial Data and Key Metrics Changes - The company revised its adjusted earnings per share outlook for 2025 to $26 to $26.50, reflecting performance challenges primarily in its Medicare businesses [7][29] - The consolidated revenue outlook remains at $450 billion to $455 billion, with expectations for UnitedHealthcare and Optum Rx revenues to exceed initial views, offsetting a reduced outlook for Optum Health [30][31] - The full year medical care ratio is now expected to be 87.5% plus or minus 50 basis points, indicating higher utilization across senior populations [31] Business Line Data and Key Metrics Changes - UnitedHealthcare's Medicare Advantage business is projected to serve an additional 800,000 people in 2025, while Optum Health aims to add 650,000 net new patients to value-based care arrangements [16][43] - Optum Rx revenues grew by 14%, exceeding $35 billion for the quarter, with script growth of 3% driven by customer retention and new customer wins [44] Market Data and Key Metrics Changes - The company noted a significant increase in care activity in its Medicare Advantage business, with first quarter indications suggesting care activity increased at twice the rate anticipated [10][29] - The company experienced a sharp increase in elective care activity, particularly in the group Medicare Advantage segment, attributed to higher member premiums driven by Medicare funding cuts [36][66] Company Strategy and Development Direction - The company is focusing on improving engagement with complex patients and enhancing clinical workflows to transition effectively to the new CMS risk model [15][39] - The company continues to innovate in its service offerings, such as the HouseCalls program, which provides in-home clinical visits to seniors [21][22] - The company emphasizes the importance of transparency and affordability in healthcare, aiming to reduce costs for consumers while maintaining high-quality care [28][132] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with current performance but remains committed to improving results throughout 2025 and into 2026, targeting long-term earnings per share growth of 13% to 16% [46][47] - The management acknowledged the challenges posed by recent Medicare funding cuts and the need to better anticipate and address second-order effects in the market [90][96] Other Important Information - The company is actively engaging with state customers to address Medicaid funding issues and is optimistic about recent rate adjustments aligning more closely with member acuity [41][130] - The company is concerned about legislative changes affecting pharmacy benefit managers (PBMs) and their potential impact on patient access to medications [126][127] Q&A Session Summary Question: Medicare Advantage cost trend expectations - Management indicated that care levels were anticipated to be consistent with 2024 but have seen a significant increase in the first quarter, particularly in physician and outpatient services [49][55] Question: Connection between primary care visits and Optum Health performance - Management clarified that while primary care visits have increased, the challenges in Optum Health are due to the profile of new value-based patients and the impact of the V28 phase [58][68] Question: Impact of elevated care on group Medicare Advantage - Management confirmed that the elevated care activity is primarily observed in community and group Medicare Advantage, influenced by premium increases [98][102] Question: Long-term growth rate recovery - Management expressed confidence in returning to long-term growth rates, supported by improved 2026 rates and ongoing engagement with state partners [106][110] Question: Medicare Advantage margins and timeline for recovery - Management stated that margins for Medicare Advantage are still within targeted ranges for 2025, with expectations to return to historical planning targets in 2026 [114][118] Question: Policy implications of PBM reform and Medicaid funding - Management highlighted their leadership in transparency and affordability in the PBM space and emphasized the importance of maintaining access to medications for patients [122][130]