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- **Revenue & EBITDA beat expectations**: Q3 revenue up 22.2% to $622M, EBITDA up 67.5% to $80.1M, with 2025 outlook raised to >$2.375B and >$300M. 
- **Preferred payer strategy driving growth**: 56% of PDS MCO volumes under preferred payers, +5 agreements added in Q3, targeting 30+ by year-end. 
- **Thrive acquisition success**: $100M+ annual contribution, fully integrated by end-2025, expanding into 2 new states. 
- **Balance sheet strength**: $479M liquidity, 75% of debt hedged, $86.2M free cash flow YTD. 
- **Regulatory risks**: Medicaid headwinds from OBBBA, but diversified state footprint and advocacy efforts mitigate impact.

**【CEO Summary Section】**
- Q3 2025 revenue: $622 million (22.2% YoY growth), Adjusted EBITDA: $80.1 million (67.5% YoY increase). 
- Preferred payer strategy success: 56% of PDS MCO volumes now under preferred payer agreements, up from 46% in Q2. 
- Thrive Skilled Pediatrics acquisition: Adds 2 new states (Kansas, New Mexico) and $100M+ annual revenue, fully integrated by end of 2025. 
- Regulatory focus: 10 state rate enhancements in PDS, advocacy for Medicaid rate integrity, and opposition to proposed Medicare home health cuts. 
- 2025 outlook raised to >$2.375B revenue and >$300M EBITDA, driven by rate wins and cost efficiencies. 

**【CFO Financial Commentary】**
- Segment performance: 
  - PDS: $514M revenue (25.6% YoY), 29% gross margin, $12.62/hour spread. 
  - Home Health: $62.4M revenue (15.3% YoY), 53.3% gross margin, 77% episodic mix. 
  - Med Solutions: $45.1M revenue (flat YoY), 45% gross margin, targeting 42-44% margin. 
- Liquidity: $479M (including $146M cash, $227M undrawn revolver). 
- Debt refinancing: Extended $1.325B term loan to 2032, hedged 75% of variable rate debt. 
- Cash flow: $76.1M operating cash flow, $86.2M free cash flow YTD. 

**【Q&A Highlights】**
- Q4 guidance: Similar to Q3, with 53rd week adding ~$20M revenue. 
- Preferred payer momentum: 30 PDS agreements (goal 30+ in 2026), 45 in home health, 18 in Med Solutions. 
- Regulatory risks: Medicaid headwinds from OBBBA, but diversified state footprint mitigates impact. 
- M&A strategy: Focus on tuck-in acquisitions (e.g., Thrive) at 7-10x EBITDA, with $227M undrawn revolver. 
- Spread normalization: PDS spread expected to stabilize at 26-28% as wage pass-through subsides. 
- Medicare rule uncertainty: Final 2026 home health rule expected to have minimal impact on Aveanna, but industry-wide cuts opposed.

Aveanna Healthcare Holdings Inc. (AVAH) Q3 2025 Earnings Call Transcript

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AVAH

AVAH fundamentals

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