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    Jack Senft • William Blair

    Jack Senft's questions to Privia Health Group Inc (PRVA) leadership

    Jack Senft's questions to Privia Health Group Inc (PRVA) leadership • Q4 2024

    Question

    Jack Senft asked about the company's growth focus, wanting to know if management is prioritizing new market entry or increasing density in existing markets, especially since the guidance excludes new market entries.

    Answer

    CEO Parth Mehrotra clarified that organic growth in existing markets is funded through the P&L and does not require capital deployment. He explained that capital would be used for M&A to increase density in existing states or to enter new states. The current guidance prudently excludes any impact from such business development activities, which would be additive if they occur.

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    Jack Senft's questions to Healthcare Services Group Inc (HCSG) leadership

    Jack Senft's questions to Healthcare Services Group Inc (HCSG) leadership • Q4 2024

    Question

    Jack Senft, on for Ryan Daniels, asked for a breakdown of the mid-single-digit growth guidance by segment and whether this rate is a sustainable long-term baseline. He also inquired about the client retention rate for Q4 and the full year 2024.

    Answer

    Executive Matthew McKee explained that while the education market presents an opportunity, the core healthcare segment will be the primary growth driver in 2025, with a balanced pipeline between environmental and dining services. He reiterated that the cross-sell opportunity remains significant. Executive Theodore Wahl confirmed that mid-single-digit growth is the baseline expectation for the next 3-5 years, with SG&A leverage expected to enhance earnings. He also stated that client retention was greater than 90% for 2024, trending higher in the second half of the year.

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    Jack Senft's questions to Healthcare Services Group Inc (HCSG) leadership • Q3 2024

    Question

    Jack Senft, on for Ryan Daniels, asked for an update on demand for environmental and education services, the company's manager training pipeline for supporting growth, and the long-term opportunity in the mental health and substance abuse markets.

    Answer

    Executive Theodore Wahl stated that 2025 growth is expected to mirror the current revenue mix, with the dining cross-sell being the 'lowest hanging fruit.' He affirmed the company is well-positioned with its manager training program, which he identified as the primary gating factor for growth. Executive Matthew McKee added that for adjacent markets like behavioral health, the company targets inpatient facilities of sufficient scale to support an on-site manager, noting growing demand for outsourcing in these areas.

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    Jack Senft's questions to LifeStance Health Group Inc (LFST) leadership

    Jack Senft's questions to LifeStance Health Group Inc (LFST) leadership • Q3 2024

    Question

    Speaking for Ryan Daniels, Jack Senft inquired about LifeStance's capital allocation priorities between debt paydown, de novo clinics, and M&A. He also asked for details on payer negotiations and whether the recent G&A expense level is a sustainable run rate.

    Answer

    CFO David Bourdon stated that the primary uses of capital will be funding internal growth (de novos, technology) and acquisitions, with no plans to pay down debt. He also indicated G&A would step up in Q4 for strategic investments. CEO Ken Burdick added that payer negotiations are successful due to ongoing dialogue and strong employer demand for mental health access, which serves as a key lever.

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    Jack Senft's questions to Pediatrix Medical Group Inc (MD) leadership

    Jack Senft's questions to Pediatrix Medical Group Inc (MD) leadership • Q3 2024

    Question

    Jack Senft of William Blair asked about the staffing levels for the new hybrid revenue cycle management (RCM) structure, the sustainability of favorable payer mix and hospital contract fees, and the key drivers of strong same-unit revenue growth.

    Answer

    CFO Kasandra Rossi confirmed that RCM staffing is complete at approximately 135 employees, which is deemed appropriate. CEO James Swift noted that hospital contract revenue is stable following renegotiations, while Rossi described the favorable payer mix as a multi-quarter 'reset' that is expected to level off. Rossi also attributed same-unit revenue strength to market-driven neonatology volumes and higher acuity in maternal-fetal medicine, which is expected to continue.

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