ATI Physical Therapy, Inc.

Good afternoon, everyone, and welcome to ATI Physical Therapy's third quarter 2024 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. To ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, you can press star one again. And please note that this event is being recorded. On the call today is Sharon Vitti, Chief Executive Officer, Emily Tansey, Chief People Officer, and Joseph Jordan, Chief Financial Officer. I will now turn the call over to Mr. Jordan.

Good afternoon, everyone, and thank you for joining us today. Before we begin, I'd like to remind everyone that certain statements made during this call will be forward-looking and subject to various risks and uncertainties. The statements reflect our current expectations based on our beliefs assumptions, and information currently available to us. And while we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements can be found in the risk factors section of the company's filings with the FCC. In addition, please note that we'll be discussing certain non-GAAP financial measures that we believe are important to evaluating our performance. Details on the relationship between those non-GAAP financial measures to the most comparable GAAP measures, as well as a reconciliation between the two, can be found in the earnings press release that is posted on ATI's website and filed with the SEC. With that, I'll turn the call over to Sharon to kick us off.

Thank you, Joe. Good afternoon, everyone. I appreciate you taking time to join us today. So, I will present today along with Joe Jordan and Emily Tansey, and we also have Chris Cox, Eric Cantz, and Scott Gregerson on the call today. Earlier today, we reported our third quarter 2024 results and provided financial guidance for the fourth quarter. I'm super excited to share that ATI delivered another strong quarter. Let me start by providing an overview of our key performance highlights and ongoing initiatives before handing it over to Joe to cover our financials in more detail and to discuss our expectations on the remainder of the year. To begin, we saw revenue and adjusted EBITDA grow year over year. We continue to see positive momentum across the business and are pleased to once again achieve both our revenue and adjusted EBITDA guidance for the third quarter. This demonstrates the continued strength of our business and the growing demand for ATI services. The trust we have built with referring physicians and patients remains a key driver of our performance. Our patient referrals per day in the quarter grew more than 5% year over year. Our clinic saw over 1,400 more patient visits per day compared to Q3 of last year. And this uptick in patient volume is truly a testament to the strength of our clinical teams and the value we're able to provide to the communities we serve, driving access to high-quality patient care. One of the key highlights of this quarter was the continued expansion of our clinical teams, supported by our ongoing people strategies and culture refresh. Emily Tansey, our Chief People Officer, will share more on this later. So our attention remains fixed on continuous operational improvements. With robust demand and more stability around our workforce, we continue to build on our insights and fine tune our operations. Clinician productivity improved by more than 0.1 when compared to Q3 of last year. This is driven by operational enhancements such as better resource allocation and streamlined clinic workflows. We improved access for patients without sacrificing quality of care. Our clinics are busier year over year, seeing over two more visits per day per clinic compared to Q3 of last year. And while some clinics still have excess capacity, we strive to match demand with supply and to leverage our clinical real estate and fixed costs. In the quarter, we continued to execute on our strategic real estate plan to refine our geographic footprint aligned with patient population needs. We closed eight clinics and divested one as part of that plan. Our strategies have clearly delivered results in the third quarter. I'm pleased about how our teams have maintained our standard of care throughout this growth. Our Google Star rating remains an impressive 4.9 out of 5. which speaks to the high level of patient satisfaction we consistently achieve. Patient experience is important and at the heart of our purpose. This rating is a direct reflection of our commitment to deliver exceptional care at every visit to every patient. I'm very proud of the incredible people we have at ATI who are committed to enhancing the lives of our patients every day. They are the foundation of what we've achieved. I'm honored to be a part of this outstanding organization that continues to lead in the musculoskeletal care space and is driven by our shared purpose of making every life an active life. With that, I'll turn the call over to Emily.