Loading...
Docoh

ATI Physical Therapy (ATIP)

Participants
Joanne Fong Senior Vice President, Treasurer & Head of Investor Relations
Jack Larsen Chairman
Ray Wahl Chief Operating Officer
Joseph Jordan Chief Financial Officer
Sharon Vitti Chief Executive Officer
Chris Neamonitis Jefferies
Stefanos Crist CJS Securities
Pito Chickering Deutsche Bank
Mike Petusky Barrington\
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good afternoon and welcome to ATI Physical Therapy's First Quarter 2020 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

On the call today is Jack Larsen, Chairman of the Board; Sharon Vitti, Chief Executive Officer; Joseph Jordan, Chief Financial Officer; Ray Wahl, Chief Operating Officer; and Joanne Fong, Senior Vice President, Treasurer and Head of Investor Relations. to call like to now would turn over the Ms. I and read the to forward-looking safe Fong harbor statements.

Joanne Fong

Lisa. thank us you you, for Thank Good joining for afternoon, today's everyone, and call.

statements like statements assumptions forward-looking are and our to our subject and available you begin, current will risks that to us. various information and we this call currently we'd that Before beliefs, certain uncertainties made to expectations during be on remind reflect based

revise we Exchange Although, of to in any these company's we found that the be to with these to no believe from Securities after some Descriptions materially statements results be the factors statements filings the reasonable, changes call. undertake Risk Commission. occur are the that cause Factors reflect actual can in and forward-looking different obligation expectations this of section

to addition, a we found Details In turn measures that’s the Jack. these financial will in measures website with the can note evaluating company call SEC. measures performance. in that, measures the to most please certain to reconciliation the be between I'd and be non-GAAP discussing and and And over that the release on believe relationship comparable important GAAP are that ATI's like posted financial press historical of with filed the non-GAAP non-GAAP

Jack Larsen

with welcome Health, CVS President Also we course today will call update us I Executive my Sharon from market Chief Vitti. of then and first year us is to the Officer, financial served joining and and strategy. us clinics some look of to and business our digging as Sharon the discussion is to Chief into new Sharon Joe continue Officer; this she to the and to came working results up of first review Officer. Jordan, business will our you clinical Joanne, Chairman. Ray start all of activities I wrap of with Chief our as teams. pleased on By consumer-centered Joe Sharon Thanks, as our MinuteClinic full currently our Operating afternoon. forward role highlights the shift led company's her, I'm remarks welcome very where XXXX reminder, the with seeing. performance an share are quarter Wahl, then and with close. and will trends I'll for Ray on Financial in XXXX our and and our the with quarter outlook way

always, for dedication I thank Before acknowledge want team continuing entire we our their as efforts. jump in, and to and

we communities those we earlier very that year and this clinic. news, building, year delivered time, fact building and with relationships Although, keep have referral course, to were teams specifics, strategy. still Ray day, since year waiting highest to pleased on a of visits approximately scores of go representing that Alongside of they people momentum in started the physicians an to visit it day will And in support, in we XXXX. come. Until local of expect first so country, day have market yesterday's see clinical it to the to the in patient then, were parts in grow of and over take report these appointments at we or thousands back the we quarter to our later we of spike physical clinical this spoke, the I'm feels of Understanding growth COVID time, our XXX March have volume and team, teams, remain to the clinics going, like from XX% day achieving level. in to that full levels executing in month without activities pre-COVID relationship staff, years building XXXX Most and field are the on our our serve. patient over continues satisfaction XXXX return Since leaders referrals every these health. expanded in per into business referrals importantly, this enough in year pre-COVID there. the their the be a helped continued March last but high-quality impacted XX,XXX laser-focused a continue on. XX% significant throughout per the full full while tens volume approximately of and meaningful of way. this head both development But in approximately benefits high the tackled our achieve first challenges is visits nonstarter. Nevertheless, life quarter the per quarters just level clinical To some

So, during people, both to focus first clinical again, on support. and the we continued quarter our

listen COVID management led conducting at best you respond nationwide seeing to of shared albeit great our quickly we've in strengthening I we Conference, practices our and a sharing further us employer with for strengthen the While continue reputation. many variance have to part virtual and National as a than clinicians leadership to in in-person and to the and development position January was it actions clinical rather distance. taken past Leadership taking choice team that

which Southwest the we see quarter XXXX, people we growing near XX%, on XX decreased clinics to growth opportunities points of while the capitalize financial Moreover, full result basis Texas. as them these clinics our of Arizona, our In the to a and our clinician novo in to opened across balance are nationwide quarter driving levels. capacity. and for immediate As de where the first staff approximately annualized Southeast XXXX clinical turnover running with resources come up. opposes And in are markets footprint historical and there referrals work and our majority first our we have Georgia we the XXX

star each in rating reports Google quarter to We our of a individualized high of on and satisfaction patient patient of our their to I'll Ray. regions with raise comes with clinics X.X experience of With first quarterly, and over of their XX% XXXX. all provide commitment the and remain overall measurement in they our a counts: work scores point importantly the strong the to Finally, NPS continuously therapists NPS to satisfaction our what outcomes. fine each to and semiannually the turn and that more of very our of and an call bar

Ray Wahl

Thank activities you, Jack. our a detailed to provide I'd a the our in moment review performance some field. and like discuss first to operational take quarter of of in the

clinics. and of the As we appointment from impacting started challenges and our January patient schedules half February included at Omicron first therapist staffing visits, XXXX,

day. COVID day managing by steadily visits that day clinical track we team our one to per March. XX,XXX visits As key January is the lessened, climbed clinical visits per patient FTE In from variant the impact per from in metric visits per XX,XXX

reducing always While metric to use turnover adjust hiring on this activities. our focusing we

quarter. the Jack XXXX each the mentioned, clinician was in was month As annualized turnover within and trend quarter first positive XX% of the

Our right clinical bridge expand we visits us low our per providers in and constrained per growing in the contract do, across excited team mid-XXs. of graduations country May however, was markets. school utilization have certain the these some the We our our corner, talented labor consider particularly the relied day to be team. of we in X.X traditionally in pockets clinical focus with to XXXX platform is to the continues while have capacity to labor With around we're of on specific gap be talent FTE, to already and rebuilding hiring full PT market area the for base One new season and biggest members. where

role of the remaining targeting third play Furthermore, clinical optimizing FTE, a positions we've business to adding positions referrals. productivity provides that refreshed clinical allows we XXXX, driving quarter. of is key second development stool leg in them are to first and in will the many the the and more completed team quarter be key labor a the created leadership addition in relationship to open the under which fill growing and project filled development, strategy In operational business. the unique visibility our in sales new active the In

all and off we to of XX% mentioned, team review. in specifically call and as with for see are into I'd the proud January the were members differentiated experience we of and of more per I'm team QX pre-COVID And XX% the early said, order work As to already Jack day efforts. continue are by turn was our the a level sales XXXX March fiscal excited team clinical the results clinic. increased the seeing like in of to a Referrals with our a challenge for in financial success. to Joe our QX year over that up, set up beyond. our long-term I'm we referral and higher XXXX both ourselves level. short-term really continue things goals It to the wrap pay occasion. is volumes essential delivering to To who drive leadership in meet and to rose that hard

Joseph Jordan

to partially of increased softness XXXX. increasing half the lower from XX.X. in select fourth therapy were sequentially the everyone of today. disrupted quarter to assistance. of increase $XX.XX in X.X% the visit. Net clinic during by the XX.X% million and and sale patient Medicare contract primarily was line from Visits revenue related declining X.X% day X.X and from quarter per the visit to XX.X% operating the due to essentially XX.X% million $XXX February of increasing XXXX and greater XXXX, increasing higher unfavorable having The inflation. Fee $XXX.XX increase first quarter rates full from rate and health fill million for first quarter visits and services. per X.X shift our and to appointments decline cover was inflation. XX.X, Rent, quarter million, in The $XX,XXX flat X.X% X% The Compared due XXXX. a visit The the quarter more offset I'll per year-over-year first quarter first service and wage year-over-year, primarily $XXX.XX an of increase Other quarter sequentially per cost and were the decreasing other the clinic was from in joining million, year, increased and decreases in quarter. were taking were approximately during certain scheduled per in a from of positions. of and first PT costs XXXX when Net due FTE X.X% million per having year-over-year then by lower in supplies, improved was year and to labor $XX,XXX higher home in fourth related rent X.X% financial the the QX from increase of XXXX decrease per with visit in Salaries for QX first reimbursement review cancellations, year-over-year clinician QX $XX Ray, clinical payer the X.X% results wage in XXXX from it's due were $XX,XXX to per you, day clinic by use from XX.X clinic. revenue Physician fourth year-over-year the in for year-over-year our and physical clinics by thanks fourth Schedule salaries physical driven to also to million outlook. during and due COVID increasing due reimbursement $XX through clinic $XX in call in revenue labor January and the year-over-year Thank company's volumes per was was prior both markets for was more other costs relative variance to the rate quarter where $XXX Rate Starting compared increases I longer sequentially the of was in $XXX.X, quarter-over-quarter operations therapy the of the PT muted $XX mix and quarter will XXXX rates a million, XXXX. from $XX.XX quarter XXXX. first QX $XXX states costs quarter in of absences. lower driven primarily contract $XX XXXX. of

in approximately revenue, our million $XXX with the stock for or year-over-year first our the cost of rates market increase which Operating operating quarter XXXX Our X.X% trade of primarily due public compared to and XX.X% from QX regulatory just net first to of revenue. at first provision Impairment was primarily quarter public $XX of along The to an charges non-cash and name price as impairment and both million charge the year-over-year legal expenses. XXXX. during is the during trending driven SG&A $XX patient when loss $XXX quarter in The accounts in increase market non-ordinary in company net were due quarter million goodwill XXXX charges. mentioned. of was for X.X% capital and favorably of doubtful first the valuation was of quarter impairment patient million million approximately for of $XX was of our a costs from interest $X the $XXX by million the date. increase was increasing the I XXXX million that million $X

as warrant QX million. prior the of $XX the during of value the fair mark-to-market the expenses during million XX. XXXX included to visit below-the-line the of Interest valuation expense a quarter of liabilities to end million the consistent primarily of and greater wage connection $XX higher and combined of quarter based The refinancing contingent $XX agreement a as inflation, compared of lower debt higher in to the on February. first year-over-year, While Notable of to credit quarter. were and million on with value totaling were outstanding our the when during in decrease per were in debt which year. of the with reduced clinician compared contractors expenses volume increase to March $X certain loss first adjustment quarter in approximately the principal revenue G&A a the lower was in fair extinguishment due margins analysis driving remaining visit is use operating the $X loss quarter led Other with was rate million and share

year-over-year million refinance growth to to on time we to continue and providing our balance sheet million the for compared quarter our million the compared invest benefit first $XX tax million between quarter transaction the during approximately Accelerated investing and the connection the people of $XX million broken $XXX during the XXXX. during to used to call discussed or QX our as repaid activities. to million pushed last $XX and from did XXXX fund adjusted prior quarter XXXX EBITDA negative was quarter Payment quarter and or with million net $XX loss the $XX operations, the added our and in out loss $X the Income million million maturity Cash margin. CARES liquidity was As the in down to of Advanced decreasing the to work $XX scale financing margin X.X% generated operations million Adjusted was in and include $XX $X was generated used year first of used first a EBITDA million in X.X% of Program Cash in activities in from million $X in of business. Medicare under Act. $X quarter strategies

of and As hand XXXX, $XX revolver of million in $XXX million million of $XX was XXst, liquidity comprised capacity. approximately cash on available available March

quarter million expecting maintaining are the our year the revenue In Looking we XXXX ahead, million. in to guidance steadily. first of we range $XXX full be visits of $XXX to ramped XXXX,

the pre-COVID. being around Furthermore, graduate. volume Ray most our in and corner. per time complete is in new significant highest mentioned, therapists most As hiring approximately when physical the month day visits as academic was March May their programs season XX,XXX Jack mentioned, the of since

referrals As in focus convert and volume. in team growth growing headcount we to along turn adding we with and on visits, drive new in and clinical the members demand growth the will

last $XX of Traditionally, year doubtful EBITDA the with the full profitability our lowest maintaining also and higher are the guidance higher adjusted first quarter of call, impacted quarter range of million cancellations inclement be Meeting seasonally first patient variants COVID on first the Leadership year, for in by beginning to at first by the weather as million. fiscal accounts. $XX in in year for With provision causing discussed was expenses. weeks. And our is We to profit our XXXX, during impacted six is quarter the the National held also the the

As which generate ramp higher and the able remainder accordingly better we to costs will earnings begun continues see during March. the year business leverage to fixed of already in be our to we've the

mentioned XX clinics I for opportunities on and to XX in of call the turn clinics, to continue With XXXX de new see that, growth. XX clinics expect Jack between new Sharon. to opened markets first as and over full regarding we year where we the quarter novo focused open outsized Finally, the XXXX for

Sharon Vitti

satisfaction, admire discussion of and more fragmented for function performance evidence-driven uncommon The improving be sector. back here Joe to could not reports energy physical the therapy part approach which I measures as and outlook. is and of you, and the and ATI detailed Thank time outpatient our passion financial events. in to the an be patients highly outcomes our get of their has helping systematically patient the and pivotal excited company at patient clinicians the to team. I and

I of health includes care health my my care focused in term, how In field. and immediate my access. and and a coordinate health other In medical the high-quality doing XX-plus to providers regaining with important career village. plan Over was much the to affordable care and care convenient very on care high-quality health advancing timely in past affordable. making professional Equally commitments. so market lower patient's momentum delivery dedicated system role, focus years, I is takes our the The a of performance last meeting increasing experience bedrock my And to available on is the and effectively costs. management

ready be days and acquisitions avenues for As through and clinics to new I into strong spend Operator, de to milestones I open a forward increase looking digging opportunities and my platform now for novo look PT access high-quality questions-and-answers. is the patient partnerships call various business we health alliances. ATI to digital first I'll the XXX to are including strategic ahead.

Operator

Instructions] Neamonitis, Jefferies. first Chris our Thank you. take from We'll question today [Operator

Chris Neamonitis

and for the Thanks questions Sharon. welcome Great.

attrition your actually at look in a great. which FTE, You I sequentially if is clinical guys But talked quarter-over-quarter. down about reduction it's

So, hiring than to anticipated? challenging proving be is originally more you

Joseph Jordan

Joe. this take I Chris Hey can is one. that

have point at out decrease So two actually in we turnover XX%. things to a there,

also at probably in XX%. You an noticed increase hiring that there's

say look So function of someone noise, works. X,XXX. metric to of the the is, we're of or to nuanced. the really maybe hiring FTE timing termed two. timing of FTE does turnover bit number you cut to-date if the hours look is outpace decides when of I is I there a is delta we when tell that when The And all clinical that attrite through a at those And would And clinical it's clinician of you has on. would hired and north someone at our what a

I think there hires. reflects that lot calculated are a that terms for of a period that longer versus

Chris Neamonitis

to PT feel it. of May, well makes really like clinical do seasoned with you That sense. does And the positioned maybe support of mentioned infilling how more so grads? feel come or new about kind down kind Do graduation stuff? Got staff? more the you in with junior-level you does hiring And you're

Jack Larsen

Yeah, be of from color I front quarters most us attention successful them, Ray and few Chris probably do offers productivity then, attractive But those focus for grad really quite over the source more our would to them can to curve past up able new pretty little in I this a bring we're and remarks. Jack. is think that's recruiting, them on say of proven put the where We quick. on

Ray Wahl

we you're describing. this Chris, situation have a specifically this that mentoring or Yeah. environment program for

the diagnosis you providers, actual do handle up we and pair how they're As them only with how deal and such. interact family on that members with but physicians, not load, grads, with with how do you treating, case new interact ask to we experienced questions bring you

providing exit that So they good these the support new enter about the system school and as we feel we're providers workforce. to

Chris Neamonitis

hold about strategies or And I talked taking you the should labor quarter helpful. about the those versus guys back maybe about of you during the one if call? quarter progression for me then But how and referral today we your fourth think may, sales confident where last were you feeling more with Great. reiterated more outperformance. less strategies? Are and That's driving winning share potentially Thanks. maybe guide

Jack Larsen

sales people has components. team. part really of we've strategy business less the And to had of been done size. business referrals development then, will we spend handful We're well. two that within I to you put teams also data then team and to historically in some had development our if we where One, need to our are But we of marketing targeted time. so, rebuild rebuild our our sets have and Yeah where point where than development a the very they the a think

those seeing sort the some rate development in growth we market, are think in I at areas. So than less of particular a our in higher have components we we teams a place. aging had of have mature new of Where we are some all

sales into referral And feel we've of got so all to little in come. we'll put as then the time. So program see prepared think and bit it said takes a underway. increasingly good that the pretty quarters I and more balance But I in I my resurgence that a kind remarks now

Chris Neamonitis

helpful. Very Thank you.

Jack Larsen

Next question.

Operator

comes question Solow Next CJS Securities. Larry from

Stefanos Crist

Thanks for Crist, This Hi. is for in Larry. my calling questions. taking Stefanos

In the back? some or are on those sources doctors, referral coming of terms predominantly lost those improvement referrals, of are new

Jack Larsen

Yes.

fertile And seeing think both I an a some I point, The sources. but the of mix of door referral for knock both. a and but success. mix think But traditional to sources less I are can't most percent referrals. we're us you existing it's areas exact still give probably are referral existing it's this we beginning at our of on predominantly

Stefanos Crist

follow-up, just on the of the inflationary we're terms a progression side Got considering talk for you. about in? it. in And private can Thank just rates the you pricing environment of

Jack Larsen

thoughts Sure. jump Joe I'll and to couple in. ask of A

saw last the fee primarily on with we diligently So, cut that and I little reporting rate programs we rate get point. incentive bit XXXX because the that success starting remember, the payers very But schedule fully what only are better is think a of function under the commercial top like. year, Medicare are prior the of calls is in Medicare rates working that bulk the performance expected rate the And we've in of compression we indicate. the in schedule of anticipated. we cuts Medicare than fee a our fee On schedules that other would bonuses, said there

I'm So the we balance of the forecast. some compression to that QX surprised anticipated year rate in not see and in

Joseph Jordan

rates the add to Yes. payers rate a you're does Medicare, so And just is in their attach the with Medicare on it those seen rates like material there's to contracts. And throughout it. those to year. are to of just small environment. far What well they'll The step about of Medicare Jack and this commercial, of we've hit a payers. generally as talked other for maybe payers renew our evergreen We piece a the rates. landscape commercial handful thus that pretty a in obviously with payer decline payers Jack's, or Stefanos When aware over there's we not on their result, agreements year therefore, rates consistent

down. them have date or not relatively going rates we'll consistent But up coming to year. So out the throughout

Stefanos Crist

lot. a Thanks

Operator

Deutsche [Operator Pito Instructions] Chickering, Bank. up is Next

Pito Chickering

to of payer that here have because guys. provide rates taking to rates is afternoon, the telephone. much was the of for my parts. can all of that of you by good Hey, Medicare systems from possible, sort those then and shift if from how schedule, performed in Thanks unfavorable of it's mix you just decline moving the much Sharon on mix lower year-over-year fee understand on being was question. on a just just sort how us XXX, question bridge great A

Joseph Jordan

Medicare Pito, the going together. it's to lump two I'm pieces Hey, Joe.

in each QX of shift bridging have QX. we went to and and between I comp, is $XXX.XX you at That and the Medicare shift $XXX.XX-ish QX, QX on If on combination change closely year pay don't could to Medicare. is scene you visits of mix fingertips at and how change primarily down I Medicare. pretty less The components. two the more difference look much It's less tied to remaining mix think state more meaning, a $XXX of API, workers' delta my last commercial, the PT and those PT in to

is and $XXX $XXX change. So $XXX to then $XXX.XX Medicare to that is

Pito Chickering

what's we should of modeling Okay. at then we stabilized? And And has modeling how that be that kind that be payer about perspective looking XXXX? March should mix a forward? going amount for right thinking from here from And the

Joseph Jordan

mix getting you anticipated those Granted, want higher-paying month-to-month on we we Generally, back what look in out stable March, capture back trying workers' to the as payer but haven't and of share, XXXX, be is March. had I to stayed to some discussions, And consistent to although consistent into the payer a going in forward, want stayed pretty in that grow has we and careful mix. generally modeled focus payer but grow states of out. comp where can mix some we API

Pito Chickering

the facing. X.X your a visits below XXXX Shifting visit slightly you said it visit was per guidance, per where was rate is that in quarter clinicians a Okay. to that's was the And cost and per so is big we're what to obviously PT it first pressure due pre-COVID. pressures these macro

through you're be KPI the sort to to guidance? to you guidance? of assumptions I get the get me walk KPIs we which can sort modeling which to assuming in of what order just So and mean should

Joseph Jordan

visits The quarter. in Joe labor clinical the point your early average as significantly February call, you FTE was Sure, about the year X.X for quarter. when we depressed January visits we're And in about coming COVID. per result It's we And the but February and first of a that from the imagine the as for because can weren't in to again. Pito. productivity certainly had talked X.X

low-Xs. the you But individual in that's month when again, can specifically. a were was we breakout happening about think So trend there we that if were the March in

rest the in the is low-Xs. we think that's As year the to of we through be where want

and we it expect the about throughout needing the to as we and be the to in that the to labor be our year understand But could I year. Jack productivity generally, and back, we low-Xs. talked Now add uneven grow clinicians somewhere add all volume throughout Ray

Pito Chickering

I Okay. think X,XXX. guess seen you a the throughout rate What guys you numbers hiring And from of will us at today of right gave sort then I you the guess is are that where I point to year. hiring be we've your this perspective, the

get So plus your a low-Xs numbers? we adding quarter, to XX-plus that's getting clinicians of the how sort guidance to

Jack Larsen

So Pito, Jack. this is

and I about a think think continuous visits. you to into referrals progression everything turning flows upward have from Certainly, that.

level other at think clinicians? about the we anticipate the hiring, year I thing of what exiting

Joseph Jordan

About X,XXX.

Jack Larsen

or X,XXX so.

sort not and it's of progression. growth June. We'll see here May linear a good in So

then said, the that's a graduation again we big time and As fall. in

you So out volume on and March you want mirroring as in the our of three what KPIs year. keep eye rest level model up productivity to saw then ending key probably is growing we hiring to an

Pito Chickering

question And Okay. this me. then last for Great. going for quick long. Apologies

numbers, think, you said the Because or that sort you a you're think XX% Is On on XX per on year-over-year. in clinic? March. a per clinics center added guys of referral I I

Just get a number feeling the trying of sort to where is. for

Ray Wahl

Pito, Ray. platform. is for entire That's platform the the this

Pito Chickering

so Got it. much Thanks guys. All Great. right.

Ray Wahl

you Thank for questions, the Pito.

Operator

We'll take Barrington. Petusky, Mike the next question from

Mike Petusky

was can have share Joe, afternoon. don't release. the I count the for the it quarter? in Good think I

Joseph Jordan

Yes. I one have second, it here. Give me Mike.

Let pull up. me XXX.X just that [ph].

Mike Petusky

right. All

levered. understanding weakest. first the first balance sheet obviously, that the quarter, really in be quarter flow is to cash continues the So, Free always

You the refinance. guys did

told generating share terms and you free free guys balance to analysis or of a the sheet positive With sort lenders break start you that targeting, you cash to. has cash? lot and you have what you this priority all given in you're a consistent levered through Thanks. Can are of what positive thought where it generating be targeting of your

Joseph Jordan

carrying some to we've QX we've still up the with the a financing transaction ramp of talked I think labor in volume. the this knew one talked talk advance I about calls is in a in and can of we're it year the in previous seeing particularly earnings bit. Yes, that of little year, that lenders, be we and as things Yes. I would we outflow, cash mean where with about

So of obviously, a the expect for to beyond to outflow the And was quarter. the and and QX that outflow point. prepared on I'm this obviously journey fourth quarter get big remainder on comment see that, that's as to us. at ourselves But be a QX for cash still into we closer get I'd we then QX XXXX. XXXX breakeven, not

Mike Petusky

Okay.

whether you on positive comments can XXXX cash. a no might and year this quarter find cash free in positive no generate that obviously you So

Joseph Jordan

right positive. I QX, right could say, I'd be mean, Yes. around around that it

Mike Petusky

Including CapEx?

Joseph Jordan

Yes. the make back yet reason, as on made that it the the CapEx don't And really to want XXXX that in down to investments comes we on business. determination the you comment and

board. on strategize evaluation of do XXXX. there's to as around she'll And out lot a to team we'll want we do just that how Sharon's figure and So obviously, want to a

Mike Petusky

Can say Okay. obviously Sharon. can its that assessed hey What did a value really as situation this the This of area, a can One set? gave just is I area, it in history skill of this coming you situation and a about lot into quick how of and public and this struggled this has talk I area. sort taking you to aligns one, with thought Thanks. my this around bring you to help sort as, you're for sort company. Sharon, sure of turn sucker I'm position? about

Sharon Vitti

life Health. a would national cost was that what our we're treatments all of looking invasive came practice think tackling pointed care where similar And providers right and we looking about we outcomes are, From national of more looking as very our our team ATI reducing the and at say, CVS is being Sure. a then going blocking really out, Thanks clinical being I care most and wellness about pipeline having a me. When prevention, to look about excited deliver perspective, now and things. at we around, to the and think productivity. practice the as question. PT to PT from really or say, is of increasing few a at number was interesting we health clinics for quality very the able area on I'd national PT. of I where a footprint I brand, One, at

what And we so today in changing. used the to I'm need and continue stay I do all what to health would needs think and with work. then organizations, up to how is landscape parallel transformation And how we care that care as say, is with about work the that pretty health

business very similar needs the of and then to evolving to a dynamic the the landscape reading of and work of in again And nature patients. the lot meet to really so, and perform MinuteClinic, the

Jack Larsen

was And I gosh of our uniquely. have the think in you done some so is my on And with the clinical steps. all X.X was or remediation didn't year national add of wish and then certainly last her organization of have Sharon's journey might a a comments tune list did over followed, we workforce key I and something, the with things footprint highly provider a our well on that and think that Sharon, our that Sharon brings that, that leadership post-COVID I Mike, years with we perspective. intensive with really, top do, we just clinical

Mike Petusky

you. Thank right. All Appreciate it.

Jack Larsen

the question. for Thanks

Next question.

Operator

conference or that remarks. our At conclude hand the additional I'll all speakers that time for the closing back questions. does to any

Sharon Vitti

to call. on ATI to work next want team, all our our next level. extend Board to that momentum, you. with a I today the prepared the current thank Thank call bring ATI on performance participants. to to going the the forward deliver and partners you to to materials capitalize everyone and for strategic goals earnings to Well, look our the and I I'm

Operator

And would We all that like your conclude today's thank you conference. to for participation. will

You may now