Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the CareMax fourth quarter 2022 financial results conference call. Today's conference is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press the star key followed by one on your telephone keypad. If you would like to withdraw your question, press star one once again. Thank you, and I will now turn the conference over to Samantha Swerdlin, Vice President of Investor Relations. You may begin. Thank you, good morning, everyone. Welcome to CareMax's fourth quarter and full year 2022 earnings call. I'm Samantha Swerdlin, Vice President of Investor Relations, and I'm joined this morning by Carlos DeSolo, our Chief Executive Officer, and Kevin Wirges, our Chief Financial Officer. During the call, we will be discussing certain forward-looking information. These forward-looking statements are based on assumptions and assessments made by CareMax's management in light of their experience and assessment of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. Any forward-looking statements made during this call are made as of today, and CareMax undertakes no duty to update or revise such statements, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results, developments, and business decisions to differ materially from the forward-looking statements are described in the company's filings with the SEC, including the section entitled Risk Factors. In today's remarks by management, we will be discussing certain non-GAAP financial metrics. A reconciliation of these non-GAAP financial metrics to the most comparable GAAP measures can be found in this morning's earnings press release. With that, I'd now like to turn the call over to Carlos. Thank you, Samantha. Good morning, everyone, and thank you for joining our call today. 2022 was a great year for CareMax, marked by significant growth and national expansion. We exceeded our guidance on revenue and membership, delivered Adjusted EBITDA within our guidance range, and added 17 new centers, ending with 62 locations across four states. We also took a major step forward in accelerating our national presence with the acquisition of Steward value-based care and expanded our MSO platform to 10 states with 245,000 lives in value-based care arrangements and approximately 2,000 primary care providers in our network. We have made tremendous progress integrating Steward and are very excited about the opportunity. We believe our hybrid model of a capital-light MSO, combined with our high-touch centers, provides us with a strong platform for leadership in the industry as we transition to value-based care across the country. Turning to some highlights from the quarter. Medicare Advantage membership increased to 93,500, and we're pleased to report that our Medical Expense Ratio for the quarter was 69.5%. It's worth noting that center-level MER remained at approximately 70% for the year. These metrics reflect our continued commitment to providing high-quality care while maintaining operational efficiency. We continued to deliver strong operational performance during the quarter. We remain focused on ensuring members across our CareMax family have access to consistent, high-quality care. Our physical rebranding efforts are well underway, with 80% of our footprint already rebranded to enhance our One CareMax value proposition. We continue to benefit from investments we've made in patient experience, as evidenced by our five-star rating in quality across all of our Florida centers in 2022. We believe this underscores our ability to maintain best-in-class care as we grow rapidly. Further, we received a Net Promoter Score of over 97 for member satisfaction and saw 93% of patients during the year, a testament to our efforts to provide accessible, patient-centered care. Among other initiatives, we continue to build out the specialty services offered at our centers in areas such as cardiology, diagnostic services, pulmonology, endocrinology, and gastroenterology. We believe that by offering these services in-house, we can significantly reduce total cost of care and allow for better and more seamless care coordination between primary care physicians and specialists. We understand that building strong relationships with our primary care providers is critical to delivering exceptional care to our patients. That's why we're proud to report that we achieved an impressive 94% retention rate for our employed providers over 2022. We believe that our strong success in retaining providers is directly attributable to the comprehensive range of services and support that we provide. From technology to streamlined administrative processes, we're committed to making it easy as possible for our providers to focus on what they do best: caring for patients. At CareMax, we're committed to delivering comprehensive care solutions that meet the unique needs of our patients. As part of this commitment, we've been expanding our in-house pharmacy operations. Recently, we launched a pharmacy for our central Florida locations and are currently in the process of creating a standard pharmacy offering throughout the region. Our investment in expanding our pharmacy offering goes beyond just providing medication to our patients. By having a larger pharmacy presence, we're able to manage a patient's total cost of care. We also provide medication adherence program, helping to ensure that our members take their medications as prescribed and stay healthy. Overall, we're excited about the progress we've made in expanding our pharmacy operations, and we believe that these efforts will help us deliver better outcomes for our patients and drive continued growth. Early in 2022, we began opening up centers outside of our core Florida market. We have expanded our presence to Memphis and Houston and continue to build density in New York City, where we now have seven centers, including our first center in the Bronx, which opened during Q4. The results we've seen from the centers opened earlier in the year have been very encouraging. We have exceeded our membership goals and now have 1,000 patients in New York City, driven by strong organic sales from our team and hiring of PCPs with deep roots in their respective communities. We've also had success in Memphis, where we now have approximately 500 Medicare Advantage patients. Our growth in both markets has been driven by our focus on providing high-quality care and building strong relationships with patients, their families, and the broader community. Looking ahead, we're excited about the growth opportunities in our new markets. I'd like to update you on the progress of Steward integration efforts, which have been gaining momentum since our acquisition in November. The acquisition of Steward's value-based care business provided us immediate scale to deliver value-based care across the country. Our expanded network now comprises approximately 2,000 providers and over 200,000 Medicare value-based care patients in 10 states and 30 markets. To support this growth, we onboarded 65 full-time employees to ensure a smooth transition. We are encouraged to see that local practices in the Steward network are eager to adopt value-based care, and we have been working closely with them to provide education and resources they need to successfully transition this model of care. On the payer side, we've made significant progress in transitioning Steward's Medicare Advantage fee-for-service beneficiaries into Medicare Advantage value-based care arrangements. We have also moved some of the legacy Steward value-based care contracts into contracts with higher levels of risk-sharing. We are pleased to report that our payer partners are receptive to aligning with our glide path full risk strategy. We believe that our momentum in this area will continue as more payers seek to shift their business into value-based arrangements, and that this puts us in a strong position to ultimately shift a significant portion of the Steward Medicare Advantage fee-for-service population into risk-based arrangements over time. Since the founding of CareMax, we have been committed to taking an innovative approach to healthcare delivery, which includes our proprietary system of blending targeted technology with comprehensive high-touch care. This unique approach has been a key driver of our strong results. As we continue to pursue deliberate growth plans, we believe that our hybrid delivery model of a capital-light MSO integrated with our high-performing centers sets us apart from others in the healthcare industry. As we look ahead to the next several years, we couldn't be more excited about the momentum we've established and the opportunities that lie ahead for us. Over the past year, we've made significant strides in transforming our business, expanding our operations to a national scale, and establishing ourselves as one of the largest value-based care operators in the country. We believe that our focus on delivering high-quality value-based care will continue to drive significant growth and value for our shareholders, and that we have the opportunity to unlock $400 million-$550 million in Adjusted EBITDA value over the next 5-10 years. Now, I wanna take a moment to discuss our upcoming Investor Day on March 13th. We have a great day planned for you, which will include presentations from many members of our leadership team. We hope you will come away with a deeper understanding of our business, vision, and strategy, and the deep impact we have on the communities we serve. We are looking forward to seeing you in Miami next week. Before I hand over the call to Kevin, I wanna thank our incredible team members for all their hard work and dedication over the past year. They continue to exceed our expectations with their commitment to growing the business while going above and beyond to deliver exceptional healthcare and always keeping the needs of our members first. With that, I'll turn it over to Kevin to provide greater detail on our fourth quarter financial performance. Thanks, Carlos, good morning. As those of you who have followed us know, we had big ambitions to bring our differentiated care platform to seniors in new markets, and we've done just that. With 17 de novo clinics open to date across New York City, Memphis, Tennessee, Houston, Texas, and the Space Coast in Florida, we're now serving over 2,000 new Medicare members in our de novos as of year-end 2022, all while continuing to grow membership and EBITDA in our core Florida centers. Now we are taking our next step in growth with the integration of the national MSO from Steward. I will first recap our results in the fourth quarter and full year of 2022 and then provide financial guidance for 2023. As a reminder, a reconciliation of GAAP to non-GAAP metrics like Adjusted EBITDA can be found in our earnings release and presentation. All year-over-year comparisons with 2021 are pro forma for the combination of CareMax and IMC Health as if they had occurred at the beginning of 2021. Before going into the fundamentals, I'd like to note that we recognized a $70 million goodwill impairment charge in the fourth quarter, offset by a gain of approximately equal size related to the remeasurement of earn-out liabilities from the Steward transaction. These items may arise due to fluctuations in our stock price, but they have no impact on our cash or non-GAAP financials. We reported fourth quarter revenue of $164 million, up 39% from the fourth quarter of 2021. This puts full year revenue at $631 million, up 57% from 2021, coming above the high end of our latest guidance and exceeding the midpoint of our original guidance by 15%. Medical Expense Ratio for the quarter was 69.5%, bringing full year MER to 72.7%. For clarity, MER figures exclude de novo or acquired national MSO patients that are not full risk. Importantly, MER in 2022 was approximately 70% for members in our centers and approximately 85% for members in our existing MSO, both in line with historical and long-term targeted performance. Platform Contribution in the fourth quarter was $25.6 million, growing approximately 60% over the fourth quarter of 2021. Full year Platform Contribution was $85.1 million, up approximately 71% over 2021 and rebounding as we had expected from COVID-related headwinds in 2021. As a reminder, Platform Contribution represents a blend of centers at different stages of maturity, including some of our most established centers at over 20% Platform Contribution margin. We continue to see opportunity to scale not just de novos, but also less mature core Florida centers to a 20% Platform Contribution margin or better. As for Adjusted EBITDA, we've adopted a change in our reporting that no longer adds back de novo pre-opening costs and post-opening losses in the figure. Had we done this for 2022, our Adjusted EBITDA guidance would have been $10 million-$20 million, reflecting expected de novo post-opening losses of approximately $10 million and another $10 million of internally budgeted pre-opening costs, which include one-time expenses to enter new markets and build out related professional fees. Together, these de novo costs and losses were approximately $13 million for 2022, putting our Adjusted EBITDA at $22 million or over $7 million favorable to the midpoint of our recast guidance. What this shows is our team has done a great job deploying capital judiciously towards de novo growth. By leveraging the national MSO, we believe there are opportunities to be even more efficient in growing membership in new markets. Cash as of the end of December was $42 million. As a reminder, we pulled down $45 million from our delayed draw term loan facility in November to help fund the Steward VBC acquisition. This week, we entered into an amendment with our term loan lenders to add an additional delayed draw facility of $60 million, together with the $65 million of remaining capacity under our current DDTL and $42 million of cash as of year-end, we would have had $167 million of total liquidity to continue our de novo expansion and invest in value creation in our MSO. On top of that, we have worked with our lenders to increase our ability to raise a further $45 million in revolving credit from $30 million previously to fund additional working capital needs. Amidst the challenging macro backdrop, we are fortunate to be in partnership with long-term oriented stakeholders that have high conviction in the financial viability of our business. With these sources of liquidity, we expect to be able to fund our current growth strategy for the foreseeable future. Let me turn to 2023 guidance. We plan to continue executing on Medicare Advantage member growth across both our centers and MSO, reaching 110,000-120,000 MA VBC members by the end of 2023, representing 23% growth at the midpoint over our year-end 2022 membership. This reflects a combination of organic growth in our core and de novo markets and collaborative efforts with payers and providers to transition Medicare fee-for-service beneficiaries into value-based care plans. We expect full year revenue of $700 million-$750 million or 15% growth over 2022 at the midpoint. As noted in previous calls, 2022 revenue included favorable impacts from true-ups and GAAP risk revenues due to the retrospective recognition of full risk membership in certain health plans. We consider $600 million as an appropriate annual run rate for the pre-Steward CareMax business exiting Q4. To reach the midpoint of the guidance, we assume low double-digit% growth off of this run rate and the remainder coming from the acquired national MSO revenues. As most of our MSO lives are not yet in full risk arrangements, GAAP revenues from MSSP, ACO REACH, and Medicare Advantage partial risk contracts will primarily be recognized on a net basis, effectively as if external provider costs were already deducted from premiums. We expect full year Adjusted EBITDA fully burdened by de novo post-opening losses and pre-opening costs of $25 million-$35 million, or 36% gross at the midpoint. This includes approximately $25 million of de novo costs and losses, reflected continued center openings and a full year of operating losses for the 2022 cohort. We plan to take a measured and opportunistic approach towards center openings, as we believe our MSO provides us a pipeline of high-performing providers to seed new locations. Finally, similar to last year, we expect revenue to be distributed relatively evenly throughout the year. Adjusted EBITDA should also be roughly consistent between the first half and the second half, as favorable seasonality and external provider costs in the second half partially offsets increased de novo losses. Even with the greater de novo investment this year, our ability to grow Adjusted EBITDA reflects the immediate earnings accretion from the National MSO acquisition, as well as continued growth in our core Florida membership, improvement in PMPM economics and operating leverage over corporate general and administrative expenses. As Carlos noted, integration with the National MSO is well underway, with provider engagement and clinical teams already in close collaboration with key MSO accounts, with a goal to drive improvements in medical utilization and shared savings. Since the 2022 MSSP receivable will go toward repayment of the Steward AR facility, we expect to reinvest most of this year's cash flows from the national MSO into human and technological capital to support taking increasing risk under our new Medicare Advantage contracts. We look forward to going into more detail on financial drivers of the national MSO next Monday at our Investor Day. We feel well positioned to execute on our multi-pronged strategy and are excited to demonstrate how our efforts have the potential to unlock significant earnings and cash flow for the coming years. Operator, we will now open it up for questions. Thank you. As a reminder, if you would like to ask a question, press star then one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. We will take our first question from Joshua Raskin with Nephron Research. Your line is open. Hi. Thanks. Good morning. Just a quick clarification to make sure we get this all right. If I recast the reported EBITDA for 2022, the $22 million, and then, you know, from the slides, I add back the $5.9 million in de novo post-op opening losses and the other $7.1 million for the pre-opening cost, that's the $35 million. Is that comparable to the old guidance? Is that the right way to think about it? Hey, good morning, Josh. Yeah, that sounds right. I mean, what we're doing now, the company is no longer reporting EBITDA with the add back of the de novos. There was some clarifying guidance from the SEC additionally on December. We also think it makes it more clear this way. The way we're reporting moving forward is without adding back those de novo losses. That's true. Okay. That's easy enough. The external MLR, you know, that was down, say, 570 basis points sequentially, came in below 70%. I just would have expected with, you know, a little bit of a flu season in December, then I don't know what you guys are booking on the, on the ACO REACH or the MSSP lives, I assume that's higher, you know, added from Steward. I would have thought maybe there would have been a little bit more pressure. The 70% was a little bit favorable. I guess the question is, was that favorable to your expectations? If so, maybe you could talk a little bit about the cost drivers and what you're seeing in terms of underlying medical costs. Hey, Josh, it's Kevin. That's right. It came in a little favorable to our expectations. I would note that, you know, from a flu standpoint, in South Florida, we typically don't feel that impact until Q1 of 2023. You know, we'll see that coming in the next quarter. You know, you talked about the MSSP and ACO rates. You know, those, as we look at them, are deemed partial risk contracts because of the risk-sharing arrangement there. They're not actually calculated in our MER calculations. We're only taking full risk in there. Anything that we have substantially all risk for, we're booking full gross revenues and medical expenses. The MSSP, ACO REACH, and even the Medicare Advantage partial risk contracts are all being recorded kind of net. Therefore, you know, the revenue PMPM on those is significantly lower. That's why when you look at the MER standpoint, those aren't included. The other thing I would tell you is, you know, one of the reasons we believe it came in favorable to our expectations, typically on the MSO side, which is, you know, obviously a little bit more of our population now and has been during 2022, it's been one of our folks growth. You know, those tend to have those patients in that contracting tend to have a higher MER just due to how the calculation works. Just the mix shift alone, we would have expected a little bit higher of an MER, but we're very pleased at where we came in at 69.5%. All right. Perfect. Thanks. We will take our next question from Andrew Mok with UBS. Your line is open. Hi. Good morning. The 2023 revenue guide of $700 million-$750 million, I think, is about $70 million-$120 million below the proxy revenue in the deal filings. Can you help us understand the change in that outlook and the clinic expansion built into the 2023 revenue guide versus your previous expectations of, I think, 25 new clinics for 2023? Thanks. Maybe I'll take the first part. I think when you think about our revenue, it's all about our glide path to risk. We wanted to make sure that we guide it conservatively as we shift our membership from partial risk to full risk. The company's taken a prudent approach, which has put us in a very, very strong position, you know, to not have those, you know, that deterioration in earnings from assuming risk too early. I think what you're seeing there is our ability to, you know, our ability to increase that revenue will come if we elect to take risks sooner. Generally, our contracts are taking risks from 18 months to a 24-month period, but we have the ability to trigger risk before that, depending on if we have favorability in those specific markets. There is the opportunity for favorability in that, in that guidance, but we wanna make sure that we're guiding prudent because it could, you know, definitely carry over to, you know, the first quarter of the following year, et cetera. We just wanna make sure that we're taking that same kind of prudent and conservative approach as we guide to revenue moving forward. Do you expect to open the same level of clinics for 2023? Maybe just any color. I think what we're gonna be doing with our clinics, and I've said this on previous calls, is we're gonna be very opportunistic now on how we open clinics. We're still in growth mode, but because of the fact that we now have this very large MSO, we're looking at areas where we have that density in those specific markets and identifying those physicians that have sizable panels between 100 and 300 Medicare Advantage members so that we can open what we call, you know, seeded de novos. This is really gonna allow us to open in a capital efficient way, so we don't have that cash burn on the OpEx that really affects those de novos in those first several years. With 2,000 physicians under our platform, you know, we think there's gonna be a lot of exciting opportunities this year. Got it. On the 2024 MA rate notice, would love to hear your preliminary thoughts on the impact to your business and where you think you sit in relation to the -3% industry risk model adjustment. Thanks. Yeah. Hey, Andrew, it's Kevin. Yeah, we're still in the process of evaluating. I think there's still one that's, you know, the initial call letter, wanna understand how the final's gonna shake out. The other piece is, you know, we've had a significant growth this year. It's very important to understand exactly which HCCs these new patients have attributed. As we get, you know, those final estimate or the, the actual final sweeps that come in, mid-year, for 2022 payment year, which will reflect, you know, specifically which HCCs those new patients have. We have a good understanding of them, but there's additional HCCs that are coming in from, you know, specialists and hospitals as well. From our standpoint, we wanna make sure that we have all the data when we aggregate that information. More to come on that one. Got it. Thanks for all the color. We will take our next question from Jailendra Singh with Truist Securities. Your line is open. Thank you, and thanks for all the color. Just a one quick clarification question. I guess you guys talked about, around assumption that 1/3 of the around 387,000 Medicare fee-for-service lives will convert into partial risk cap agreements with some upside for 2023. I'm just curious, like, what portion of lives actually converted? Was it in line with expectation or were there any variances there? Yeah. We're still converting. I mean, that's part of our plan for 2023, 2024 and beyond. Actually, I think on Monday when we do our Investor Day presentation, we're going to walk everybody in detail to how we're going to convert this membership and kind of that glide path to moving the members into value-based care arrangement. I think a lot more information to come there, but so far, everything has been kind of in line with the expectations and we look forward to really explaining how we're going to, you know, move that membership and as I mentioned, we'll also be giving 2026 guidance on the entire business and the Steward acquisition. Okay. A quick follow-up on Andrew's question around MSO. You know, as we think about the pipeline for future owned physicians with your affiliated physicians under the MSO model, and again, you might convert this on Monday, talk about this on Monday, but what is the opportunity to convert those physicians over to the own model? How are these acquisitions typically structured? How do you evaluate them? Like, is there some time you wait for them? Just curious, like if you can spend some time on the strategy there. Yeah. all that happens, boots on the ground. what I can tell you is that we're very encouraged by what we're hearing from a lot of those physicians on the ground in all of the various different markets in Florida, Massachusetts, Texas, really embracing value-based care. I think the initial reception has been very positive and our team and our business development team works on the ground, specifically identifying all of those independent practices that we are working with and identifies, you know, the right physicians, the right fit, and the right panel size. we expect there to be a lot of interest in being able to tuck in or acqui-hire, you know, opportunities into our future de novo clinics or new de novo clinics. Okay. The last quick one, just going back to the goodwill impairment of $70 million, can you provide a little bit more color, like what exactly it relates to? Jailendra, it's Kevin. As I'm sure you've heard from a lot of folks over the last few weeks, the biggest component when you estimate that goodwill impairment really is the stock price. As the stock price fluctuates, and especially how it ended December 31st, has a major impact on that calculation. You know, that's probably the number one driver of that goodwill impairment. All right. Thanks, guys. As a reminder, it is star one if you would like to ask a question, and we will take our next question from Jessica Tassan with Piper Sandler. Your line is open. Hi. Thank you guys for taking the questions. Of the, like, roughly 19,500 full risk MA ads over the course of the year, can you just help us understand the cadence of those ads, and then how many of those are coming from recruitment at CareMax de novo centers versus conversion of some of the Steward value-based care lives? Hey, Jessica, it's Kevin. The cadence on those, we'll have a little bit of a tranche come January. As you know, we've been working with all of our payer partners, specifically on the national MSO side, from a contract conversion, flipping those Medicare Advantage fee-for-service contracts into Medicare Advantage value-based care contracts. Once that conversion happens, those patients, we begin to attribute them to us, and we add them to our Medicare Advantage line item. What I would tell you is that, you know, we have big ambitions on the MSO side. I would say it's consistent growth within our legacy core business, the core 45 in South Florida. There's a, you know, a few thousand, for our de novo clinics that are open in 2022 and opening in 2023. The bulk, a significant amount of that membership growth is gonna be coming from those contract conversions and also working with our payer partners and providers in converting those panels to fee-for-service. Got it. Just kinda given the different Platform Contribution of the center-based versus MSO, MA patients, are you gonna clarify going forward what that mix looks like? Yeah, it's a great question. I'm not sure we have an answer for that just yet. Obviously, it's something that we're looking into. From a Platform Contribution standpoint, you know, the way we've looked at it historically, specifically MSO is typically around the 15%, and the centers are typically around the 20%. Obviously, we have, you know, some high performing, the legacy centers are high performing, getting closer to 25% from a Platform Contribution standpoint. You know, MER, I think, is where there's a big variation in that, you know, 85%-70%. I think from a Platform Contribution standpoint, they're similar. Something that we're definitely evaluating, and we'll let you know. Yeah. I think not to give too much away, but you'll see some of that in the Investor Day presentation as you think about mature, you know, medical margins on the different lines of business and as we think about guidance for 2023 and 2026. You'll have some information kind of back into that as well. Got it. My last one is just, can you kind of explain how you went about identifying or deciding which of the fee-for-service MA patients from Steward will be moved into full risk? Just like whether these decisions are being made on a provider by provider basis or just how we should think about that. Then of the 17 centers built or opened year to date, how many of those are kind of built in collaboration with Steward and how many are standalone CareMax? Thank you, guys. Sorry, can you repeat that last, the beginning of the question, Jessica? Yeah. How many of the centers year- to- date, and then maybe for the full year, are gonna be standalone kind of CareMax centers, and how many will be built in Steward geographies in collaboration with the that sub? I think when we think about, as I answered the question before, I think because we're gonna be opportunistic on the new centers, we're not gonna guide to a specific number. The intent is really to identify opportunity by opportunity as we think about which clinics to open. You know, what I could tell you is the majority of our de novo clinics that we open will be seeded de novos with membership, either from our existing MSO in the, you know, in the Florida business or the additional membership that we added on the MSO and all the various different markets. Thank you. We'll take our next question from Gary Taylor with Cowen. Your line is open. Hi. Good morning. I was wondering if you could give us some color on, you know, the cash from ops in the 4Q which, you know, the loss seemed to be larger there, and just kind of what you're thinking about 2023 cash from ops and free cash flow? Hey, hey, Gary, it's Kevin. Yeah. As you think about our cash flow, one of the leading components that we always look at, obviously, is, you know, from an MSSP standpoint, there is a delay in receiving that payment. We talked about this on the call a little bit, but, you know, essentially what we earn on the MSSP side for 2023, obviously we'll be accruing those. Those will be hitting accounts receivable, but the government doesn't pay that until really Q4 of 2024, right? That receivable is gonna continue to get larger and larger. As we think about cash flow and cash flow projections, you know, our core business continues to perform. We do have those de novo centers that were opened kinda late this year or during this year, but most of them late this year. Those operating losses are gonna continue. If you remember the J-curve that we've always talked about, those operating losses will continue into 2023. There's gonna be a drag on cash, which we anticipated. You know, I think as we think about the cash flow component to this, it's really, you know, when that MSSP payment comes in kinda Q4 of 2024 is really what we think is kinda like the break-even point. At that point, you know, we will be in a position where we're cash flow positive, going forward. The other way to think about it is if, you know, if MSSP paid similar to how, you know, Medicare Advantage pays, meaning, you know, there's only a 3 or 4-month lag from our Medicare Advantage plans, then that payment would be pushed forward, meaning we would probably break even a little sooner. There's just a little bit of a delay, and it's such a material amount of our business now, it's causing a little bit of a cash drag. It's really why we need to be very prudent in how we deploy capital this year specifically, and that's why we're reinvesting really all those fees that we're getting on the MA side from the MSO, really just reinvesting those and making sure that we're prepared to take risks next year. We also didn't wanna over-invest because we know that that cash flow is gonna be a little bit of a burden. The AR growth in the 4-Q, I think a lot of that or maybe most of that attributed to Steward, is that all Is that receivable, you know, largely, would be collected in 4Q of 2023 then? Yeah. The bulk of that, probably close to $50 million or so that's specifically around the Steward receivables. Not all of that is MSSP. Yes, that would be collectible and collected in Q4 of 2023. Remember, there is an AR facility that we entered into where Those funds are technically owed to Steward, but we also have an AR facility where we prepaid those. Essentially those funds are gonna go to pay back that AR facility that we took out. Does that make sense? Yeah. The best way to think about it, Gary, is in 2023 and the last two months of 2022, the dates of service that we actually owned the MSSP platform will actually receive the payment in Q4 of 2024. You're really looking at almost two years, just under two years of a lag in payments. That's really just the cash flow and why Kevin went into the kinda cash flow positive Q4 of 2024 rather than potentially even, you know, one year sooner. Okay. I just wanna go back to the risk score model change for a minute because I think it's could be, you know, really important for 2024, particularly how it seems to maybe impact some of the Florida physician groups, maybe not yours, but some. I mean, I understand that you don't have full, you know, risk score settlement on, you know, patients that you have that you've gained this year, but certainly you've been able to take your population, you can run it through the new risk score model and sort of see what the, you know, the impact is. Even before that final, you know, those final sweeps and settlements, is there any, you know, indication that, you know, you look better or worse than sort of that national average - 3% that CMS has promulgated? Yeah. Nothing we can do- Go ahead. I was just going to add something, but I'll add it- No. Yeah. No, I was gonna say, yeah, we're still in the process of evaluating that. I think the other important, Carlos, this is probably where you were going. I think the other important piece of this is there's gonna be some impact to risk score. We've gotta understand what that is. That 3% also includes the CMS normalization, so we need to understand, you know, when we segment those two things out, what's really that fee-for-service adjuster. Ultimately, that's the national average. We need to understand exactly what that means for our patients. That's kinda the first step. I think the other step is, as you think about health plans and how they bid, build their bids, right? Those bids have to be normalized to a 1.0 using the acuity of the population, which has to be recast under this new methodology, right? There's gonna be some flexibility in the health plans on how they build their bids, and how they're going to attribute, you know, what gets, you know, into rebates, what goes to the AB at a 1.0. Ultimately from there's some wiggle room that the health plans are gonna have. Whatever the impact, and again, we're still evaluating, whatever that impact is from a top-line standpoint, we think there's some impact also offsetting the impact on the medical expense side. We're still evaluating. Yeah. That's right. Yeah. I just wanted to make that point clear that RAF scoring is also part of the calculation when setting the bids. I think there is gonna be some potential relief to, you know, to the extent of what that is, we don't know yet. Okay. Thank you. As a reminder, press star one if you would like to ask a question. We will take our next question from Brian Tanquilut with Jefferies. Your line is open. Hey, good morning, guys. Carlos, I know you're gonna lay out a lot of things, on Investor Day on Monday, but as we think about, you know, Steward and the integration and the strategizing around that, just maybe if you can share with us kinda like the milestones for success. At least for the next, you know, 12-24 months that you're thinking about to say, "Okay, we're on the right path and we're hitting our strides with Steward. Yeah. I think when we think about that, it's all gonna boil down to boots on the ground, the integration. I'm gonna talk specifically on some of the things that we've already done, and we're gonna talk about the membership on Monday. A lot more detail to come there. It's really gonna be integrating our technology, our workflows. All that process has already begun. You know, negotiating the value-based care agreements and making sure that we took advantage of potential arbitrage. Most of those have actually already been done as well. We're really tracking very positively and probably ahead of schedule in some of these areas. Additionally, it's gonna be how quickly we're able to transition the membership from the Medicare Advantage fee-for-service to Medicare Advantage value-based care. Finally, how quickly we can make an impact into moving memberships from partial risk to full risk arrangements. As I mentioned earlier, the majority of our contracts are negotiated with an 18-24 month glide path to risk, meaning we have that time. We can also elect to go into risk at our discretion earlier. There is some wiggle room for favorability, both on the earnings and the revenue, if we're able to, if we're able to execute sooner than what's expected. Those are really the metrics that we're looking at. We've deployed a lot of folks. We, you know, we've brought in 67 new full-time employees just to focus that are dedicated on the Steward integration. Making sure that we have the right amount of folks on the ground working with provider to provider, physician to physician, identifying those physician leaders. A lot of work has been done and a lot more work to be done, but we're really excited that, you know, everything seems to be ahead of schedule right now. I appreciate that. You guys talked about, you know, expansions in new markets in New York obviously and Memphis among others. If you can share with us, you know, the learning and the portability of the model into markets outside of Florida. Just anything you can share with us in terms of what those clinics look like today and how they're performing. Thanks. Again, there we're exceeding expectations as well. New York, we're already over 1,000 patients. We have seven medical centers and, you know, we're really excited. I mean, it's... There's just such a huge opportunity. You know, there really isn't any density with, you know, true value-based care delivery systems like ours. I think the opportunity there is huge and you don't have to deal with the same competition that you have in Florida. Arguably a lot easier in a lot of ways and the ability then to impact, you know, patient behavior, which we're doing successfully as well, is really where we're putting most of our attention and focus and really educating the communities and, you know, and the physicians on how to practice in a value-based care environment to really, you know, create those better outcomes that we've been so successful here in Florida. We're really encouraged by what we've seen in New York and in Memphis as well. We think in many ways, the portability of it is actually gonna be easier, outside of Florida. Awesome. Thank you, guys. There are no further questions at this time, I will now turn the call back to Carlos de Solo for closing remarks. I'd like to thank you all for joining the call today and for your continued support. We're excited for the year ahead as we execute on our strategy and work to realize the significant benefits of the Steward acquisition. We believe we will drive sustainable long-term growth and increase value for our shareholders and stakeholders. We look forward to seeing you all on Monday at our Investor Day in Miami. Thanks, and have a great day. Ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.