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    Jason Cassorla • Citigroup Inc.

    Jason Cassorla's questions to Ardent Health Partners Inc (ARDT) leadership

    Jason Cassorla's questions to Ardent Health Partners Inc (ARDT) leadership • Q2 2025

    Question

    Jason Cassorla of Guggenheim Partners inquired about the managed care environment, specifically the timeline for lapping denial headwinds and the impact of terminating certain exchange contracts. He also asked for details on Ardent's ambulatory expansion strategy and its expected contribution to volume growth.

    Answer

    President & CEO Marty Bonick confirmed terminating one larger exchange plan due to unfavorable rates but did not quantify the percentage of admissions affected. CFO Alfred Lumsdaine added that year-over-year comparisons for payer denials should ease and noted the focus is on replacing this volume with better-paying sources. Regarding the ambulatory strategy, Bonick explained the goal is to grow the number of unique patients served in each market to drive downstream care, highlighting that a previous urgent care acquisition brought in 45% new patients to Ardent.

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    Jason Cassorla's questions to Acadia Healthcare Company Inc (ACHC) leadership

    Jason Cassorla's questions to Acadia Healthcare Company Inc (ACHC) leadership • Q2 2025

    Question

    Jason Cassorla asked how to reconcile the increased bed addition guidance with a lower CapEx forecast and inquired about the appropriate 2025 EBITDA base to use for modeling 2026 growth.

    Answer

    CFO Heather Dixon explained the lower 2025 CapEx is due to pausing early-stage projects, while the bed addition increase reflects accelerating the opening of projects already underway. For 2026, she advised that the recurring run-rate benefit from the Tennessee program is $40-45 million and that startup costs are expected to step down significantly from the 2025 peak.

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    Jason Cassorla's questions to Cigna Group (CI) leadership

    Jason Cassorla's questions to Cigna Group (CI) leadership • Q2 2025

    Question

    Jason Cassorla of Guggenheim Partners inquired about Evernorth's margin dynamics, particularly the drivers behind PBM margin pressure, and asked about the expected margin profile for the growing medical-side specialty business.

    Answer

    EVP and CFO Ann Dennison attributed the PBM margin pressure to client mix, as large clients grow faster at lower margins, and drug mix, with high-cost drugs boosting revenue more than earnings. President and COO Brian Evanko explained the medical specialty opportunity has a dual margin profile: the CuraScript distribution business is low-margin, while the associated fee-based enablement services are high-margin.

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    Jason Cassorla's questions to Universal Health Services Inc (UHS) leadership

    Jason Cassorla's questions to Universal Health Services Inc (UHS) leadership • Q2 2025

    Question

    Jason Cassorla of Guggenheim Partners asked about the strategy for growing outpatient behavioral market share, specifically regarding de novo build-outs versus other methods. He also inquired about acute care volume growth trends across different payer cohorts and the persistence of payer mix benefits.

    Answer

    Executive VP & CFO Steve Filton detailed a two-pronged outpatient strategy: improving 'step down' referrals from their inpatient facilities and expanding their 'step in' footprint with 10-15 new freestanding outpatient facilities per year. On the acute side, Filton noted that Q2 revenue growth was in line with expectations, with a favorable payer mix driven by lower Medicaid and higher commercial exchange volume, which contributed to stronger pricing.

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    Jason Cassorla's questions to Molina Healthcare Inc (MOH) leadership

    Jason Cassorla's questions to Molina Healthcare Inc (MOH) leadership • Q2 2025

    Question

    Jason Cassorla from Guggenheim Partners asked for clarity on how much of the $8.65 per share in embedded earnings could be realized in 2026. He also inquired if the recent spike in inpatient and outpatient utilization represents a new, accelerated trend and a higher cost baseline.

    Answer

    CFO Mark Keim reiterated that roughly one-third of the embedded earnings could be realized next year, with $1 per share being a guaranteed reversal of implementation costs, but the remainder is dependent on the rate cycle. CEO Joseph Zubretsky confirmed that core inpatient and outpatient utilization, which began trending up in Q1, spiked significantly in Q2, warranting a specific call-out as a key driver of the higher medical costs.

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    Jason Cassorla's questions to Pacs Group Inc (PACS) leadership

    Jason Cassorla's questions to Pacs Group Inc (PACS) leadership • Q2 2024

    Question

    Jason Cassorla questioned how the 2025 Medicare final rate increase of 4.2% would translate for PACS and inquired about the company's purchase option opportunities, including timing and potential EBITDA upside.

    Answer

    Executive Derick Apt clarified that PACS's Medicare rate growth consistently outpaces the headline CMS rate because their model focuses on capturing higher acuity patients under the PDPM system. Regarding real estate, he confirmed the company holds fixed-price purchase options which it intends to exercise over the next 3-4 years. Executing these options is expected to provide significant EBITDA upside by internalizing rent payments.

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    Jason Cassorla's questions to Pacs Group Inc (PACS) leadership • Q2 2024

    Question

    Jason Cassorla questioned how the 2025 Medicare rate increase would translate for PACS, considering factors like wage index changes, and also asked about the opportunity set and timing for exercising the company's real estate purchase options.

    Answer

    Executive Derick Apt clarified that PACS's realized Medicare rate growth often exceeds the headline CMS rate because their model focuses on capturing higher acuity patients under the PDPM system. Regarding real estate, he confirmed that the company holds fixed-price purchase options and intends to exercise them over the next 3-4 years to capture the rent spread as incremental EBITDA, a key part of their long-term strategy.

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    Jason Cassorla's questions to Pacs Group Inc (PACS) leadership • Q1 2024

    Question

    Jason Cassorla asked about the sustainability of the high occupancy rates in the mid-90s for Mature and Ramping facilities and the expected timeline for the 'New' cohort to reach its 90%+ target. He also inquired about the company's positioning regarding California's proposed healthcare spending cap.

    Answer

    President and COO Josh Jergensen expressed confidence in sustaining high occupancy, crediting the company's quality outcomes and nimble, localized leadership model. He noted that new facilities take time to improve staffing and care systems before occupancy can ramp. Regarding California, he stated that PACS's strong market density, leadership, and quality outcomes position it well to adapt to any potential regulatory or reimbursement changes in the state.

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    Jason Cassorla's questions to Pacs Group Inc (PACS) leadership • Q1 2024

    Question

    Jason Cassorla of Citigroup Inc. questioned the sustainability of the mid-90s occupancy levels in Mature and Ramping facilities and asked about the timeline for the New cohort to reach 90% occupancy. He also inquired about the company's positioning regarding a proposed healthcare spending cap in California.

    Answer

    President and COO Joshua Jergensen expressed confidence in maintaining high occupancy, driven by quality outcomes and a nimble local leadership model. He noted that new facilities take time to ramp up. Regarding California, he stated that PACS's density, quality, and strong provider relationships position it well to adapt to any potential reimbursement changes.

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