Ladies and gentlemen, thank you for standing by. Welcome to the MEDNAX First Quarter 2021 Earnings Conference Call. At this time, your telephone lines are in a listen only mode. Later, we will have an opportunity for questions and answers with instructions given at that time. If you should require assistance during the conference call, please press star then zero, and an AT&T specialist will assist you offline. As a reminder, your call today is being recorded. I'll now turn the conference call over to your host, Charles Lynch. Please go ahead. Thanks, operator, and good morning, everyone. Welcome to our first quarter earnings call. With me today are Mark Ordan, our CEO, and Marc Richards, our CFO. I'll quickly read our forward-looking statements, and then we'll get into the call. Certain statements and information during this conference call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and assessments made by MEDNAX'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 MEDNAX undertakes no duty to update or revise any 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 forward-looking statements are described in the company's most recent annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K, including the sections entitled Risk Factors. In today's remarks by management, we will be discussing non-GAAP financial metrics. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in this morning's earnings press release, our quarterly reports on 10-Q, and our annual report on Form 10-K. With that, I'll turn the call over to Mark Ordan. Thanks, Charlie, and good morning, everyone. Along with Charlie, joining me this morning are Marc Richards, Dr. Mack Hinson, Dr. Jim Swift, Dominic Andreano, and John Pepia. My comments this morning will be in three areas: the results we reported this morning, the essence of what we do as a company, and how we're strengthening and reshaping MEDNAX. I'm of course pleased with our results for the quarter, which were ahead of what we could have foreseen when we talked to you in February. Our patient volume strengthened through the quarter, ramping up through March and into April. I'm sure most of you saw the statistics published this week by the CDC, which indicated a sharp downturn in nationwide births in the fourth quarter of 2020. As you know, we experienced the same trajectory at the end of last year, but to a significantly lesser degree. We believe this reflects the typical profile of the hospitals where we provide neonatology services, which tend to be larger in bigger markets and with extensive labor and delivery services, including robust neonatal ICUs. It may also reflect our geographic footprint, which has a heavier weighting in faster-growing states and markets. Fast-forward to the first quarter, and for the roughly 400 hospitals that make up our own birth statistics, this downward trajectory in births did not continue. Adjusting for the leap year, total births at the hospitals where we provide NICU services were essentially unchanged in Q1, which is better than what we reported in late 2020. Lastly, while it's too early to make a final call, the improvement in our payer mix so far suggests that the volatility we experienced in November and December could have been more of an anomaly. To give you one quick insight into how this rebound in trends impacted our results, our revenue for the quarter, excluding the CARES money we recorded, was over $30 million ahead of our internal expectations, which translated into meaningful year-over-year growth in adjusted EBITDA, versus the expectation we shared with you in February that it could easily be down versus 2020. Looking ahead to our full year 2021 expectations, we expect that our 2021 adjusted EBITDA will be at or above $220 million. I will explain. I said last quarter that we are looking closely at our 2019 adjusted EBITDA of $265 million before the pandemic as the best available benchmark for how our business is recovering, as well as backing out our estimate that the 2020 impact of the pandemic was roughly $40 million-$50 million. If you look at the first quarter of 2021, our adjusted EBITDA of $45 million was still below the first quarter of 2019. That's when we also reported $50 million in adjusted EBITDA. When you exclude the roughly $4 million in contribution from the CARES fund we recorded this quarter, we were roughly 18% below Q1 2019. While I'm certainly pleased with our results, it's still clear that we're not back to normal and, in fact, that our first quarter results reflect a similar run rate of COVID impact to what we experienced last year. I don't think this should be surprising given the unique nature of the services we provide and the time lag of this COVID impact, and since much of our patient volume is based on pregnancies and childbirth timing. Lastly, I'll add that our operating results for the past two quarters have been unusually volatile, so we're also mindful of the still uncertain nature of how fast or consistently we'll see things recover. Now, I've talked for a couple of quarters about my confidence that we can achieve a run rate of $270 million in adjusted EBITDA once we move past the impact of COVID-19 pandemic. Our results bolster our confidence that we will reach and exceed that run rate. I'm not confident just because we saw better trends over the past couple of months. I'm confident because we continue to push our operating plans and because we are reshaping how we do things here. Our singular focus at MEDNAX is to reinforce our position as the foremost provider of women's and children's healthcare in the markets we serve, and to do so efficiently and as the best partner we can be to the patients we serve, as well as to the payers and health systems we work with. Let me talk about what we've been focused on and speak to you about our core pediatrics and obstetrics medical groups. It's all about the patient. Since MEDNAX first began caring for mothers and babies in their most challenging times over 40 years ago, the only absolute imperative that our founder and board member, Dr. Medel, prescribed has been, take great care of the patient. Much of my time is spent with our clinicians, hospital partners, prospective partners, and of course, with my team. I can attest to this unwavering commitment. There is an unshakable conviction at MEDNAX that if we always take great care of the patient, everything else will follow. That's easier said than done. To take the best care of the patients, the mothers, babies, and children, requires a lot of work and investment. First, we have to recruit and retain the finest physicians and clinicians. Second, to do this, we try to provide more support for our affiliated clinicians than anyone else in our field. Third, we have the foremost independent research organization in our field of medicine, including complex newborn screenings. One in four babies in the U.S. are patients of ours. We have more knowledge and data in these areas than anyone else. Since our care is provided, of course, at the very local level, we have to provide more support for our affiliated clinicians in each market where we are in than anyone else. Finally, we must always lead in our field. For example, one of the most critical and active parts of our organization is our clinical support group. This group, along with our full support team, make sure that we can continue to advance our skill and knowledge for the sake of our patients. In two weeks, as we did even during the depth of the pandemic last year, we will be holding our annual medical directors meeting, where over 2,000 clinicians will actively participate and will learn from research, quality, and clinical experts. On top of these areas, we provide system support, recruiting support, and every other kind of help to allow our clinicians to, again, take great care of the patients. This long-winded tour of what we do is what I believe makes us the choice among our nation's hospitals. This is what makes us a leading choice of partner for great medical practice. This is what makes us the leading referral choice of physicians who want their patients to be in our care during their most difficult minutes, days, and weeks. I've spoken about our drive to employ our practice data and therefore to improve patient access. This has and continues to be of paramount importance to us. It's a steady drumbeat. We want to be certain that a patient who needs care from one of our affiliated physicians gets that care as soon as possible. I'm sure anyone on this call can relate to how a medical appointment process can win or lose loyalty, and we know as business leaders and owners the effect that this can have on volume. We're working with all of our practices to help them make scheduling as driven and efficient as we can. Making sure that appointments are kept, immediately rescheduling no-shows, backfilling cancellations, using our scheduling tools to open additional slots, staggering staff, outreach, and referral management. They're all part of this necessary equation. We've already seen improvements in many practices, particularly in terms of higher percentages of kept appointments and reductions in no-shows. This focus is also helping us to share best practices and create benchmarking capabilities so we can measure how effective our data has on practice scheduling and every measurable factor beyond just the post-COVID recoveries we've recently seen. We also recently welcomed a new leader in telehealth to help make that buzzword a truly active part of what we are for our patients. We all know that a physical visit is not always needed or possible, and we will make our telehealth process fluid to help our patients and attract new patients. This efficiency and effectiveness also applies to our growth plans. Our sales and business development team has re-engineered a focused market-by-market approach that's driven by local intelligence and relationships. We've also added resources to this team to make sure that we're highly integrated, not just in identifying and winning new business, but providing services quickly and seamlessly to the partners who put their trust in us and in Pediatrix-affiliated physicians. In my view, we've lacked until now two other major ingredients to propel us forward. First, our patient relationships have not extended past our subspecialty practices. We need to make sure as well as we can that when a patient needs to see a physician in our network, they can do so as quickly and easily as possible. We're moving forward in pediatric urgent care to develop plans for expansion of their business in markets where we have a significant presence, and we will expand with our brand name, Pediatrix. We believe that providing pediatric primary and urgent care in patient-friendly, dedicated clinics will allow us to give patients easier access to the exceptional specialists across our organization when they need it, and will also help strengthen our relationships with the communities where we provide services and with our hospital partners. Maybe most significantly, we believe nobody knows how to care for babies, children, and mothers like we do, and we want to fully extend the types of relationships we currently have. When a mother and child want to find the best primary and urgent care practice, our answer should be and will be right here with us at Pediatrix. Our brands, pediatrics and obstetrics, are not widely known. We do believe our hospital partners know our names very well, and more importantly, they know that they can rely on us for what we can do for their patients. Patients learn about us and count on us at their most challenging times, and then they move on. Our prospective practices and clinicians do not always think about who we are and what we provide as they plot their career paths. To address this, and all of our work, we've launched a marketing campaign, and its obvious key theme is trust. Our ads are going to be widespread, and they're completely authentic. They feature only our own doctors who speak about why people should trust them and trust us. We will continue to reach out to reinforce the very unique importance of pediatrics and obstetrics. In hospitals, pediatrics and obstetrics mean trust, life-saving, world-class clinicians. Our brand will be known for that. I'll finish this morning where I started. We're working to ensure that MEDNAX can be the best possible partner to the patients we serve and to the physicians, payers, and health systems we work with, all driven by our mission to take great care of the patient, while at the same time taking great care of the business. This isn't always easy, but we have a long track record of working hard for the best solution when we need to. With that, I'll turn the call over to Marc Richards to provide some more details. Thanks, Mark, good morning, everyone. I'll add some detail to our first quarter results, including some of the benchmarking versus 2019 that Mark mentioned, and touch on some of our G&A expectations as we move through the second quarter. Lastly, I'll touch on our financial position as it stands today. Turning to the quarter, at the top line, our net revenue grew by $5.5 million, or just over 1% year-over-year. We recorded about $8 million in revenue from the Provider Relief Fund established by the CARES Act during the quarter. Overall, same unit revenue increased by 2.5% year-over-year, or 3.6% after excluding the additional calendar day in February 2020 for the 2020 leap year. Same unit volumes declined 2.5% year-over-year or 1.4% adjusted for the leap year, compared to a 6.6% year-over-year decline in the 2020 fourth quarter. The table in our press release provides some detail breaking down our hospital-based versus office-based patient volumes, and I'll add a little more color. First, as Marc mentioned, patient volumes improved throughout the quarter, such that we saw same unit growth in March across all of our service lines, with the exception of PICU and pediatric hospitalist services. Second, our NICU days for the quarter as a whole were down slightly more than total births at the hospitals where we provide NICU coverage. This reflects a modest year-over-year decline in average length of stay, partially offset by a year-over-year increase in rate of admission. I know that the rate of admission was an area of interest for many of you following our fourth quarter release. I'll point out that in Q1, our admit rate reverted to its historical level after being modestly lower through the latter part of 2020. Lastly, I'd like to address our 2021 volume relative to 2019. Our first quarter same unit volume was down approximately 3% as compared to the same period in 2019, with hospital-based volume down to a greater degree than office-based volume. We'll continue to look at this two-year comparison throughout this year, since it's likely that comparisons to 2020 will not be relevant based on the pandemic-related disruptions we experienced last year. On the pricing side, we had a couple of favorable items in addition to our usual rate growth, which has been typically in the 1%-2% range based on managed care and administrative fee revenues. First, the CARES revenue we recorded added a little under 2% to our pricing growth. Second, as we detailed in our press release, our payer mix was 110 basis points favorable compared to 2020, which added roughly an additional $5 million in revenue, or a little more than 1% to pricing growth for the quarter. On the expense side, our practice level salary, wage, and benefit expense was up by $2.7 million, or about 85 basis points year-over-year. This increase mostly reflects variable incentive compensation tied to practice level revenues, partially offset by decrease in malpractice expense, which was higher in 2020. Our G&A expense was down nearly $1 million year-over-year, despite incurring approximately $5 million of costs related to transitional services we provided to the buyers of our anesthesia and radiology medical groups. The reimbursement for those expenses is reflected in our investment and other income line item. There's minimal impact to our adjusted EBITDA, but those costs do inflate our reported G&A expense. In the near term, I'll note that while the radiology TSA arrangement has concluded, we do anticipate that we'll continue providing services under our anesthesiology TSA, at least through the second quarter of this year. You should expect a similar expense and reimbursement dynamic in the second quarter. We expect to wind down the anesthesiology TSA services sometime after the second quarter, at which point we'll also be able to begin winding down the expenses we're incurring and move toward that future state expectation for G&A. Again, there may be some period of time when we're still incurring some of those expenses, but not being reimbursed for them. Lastly, our balance sheet reflects our reduced leverage profile and strong liquidity position. We ended the quarter with $270 million in cash and net debt of $730 million, implying leverage just north of three times. With that, now I'll turn the call back over to Mark. Thanks, Marc. I think we are ready to take questions. Charlie? Ladies and gentlemen, if you do have questions please press one then zero on your touch-tone phone. You'll hear an indication that you've been placed into the queue, and you may remove yourself from the queue by repeating the one then zero command. Please make sure your phone is unmuted before pressing any button. Once again, for questions press one then zero. Your first question comes from the line of, pardon me, Kevin Fischbeck with Bank of America. Go ahead, please. Okay, great. Thanks. Just wanted to understand a little bit the way that you're thinking about volumes coming back for the rest of the year. I know you guys talked about COVID having an impact on volume. Just trying to see if you could tease out exactly how much you thought about that and the fact that the volumes in the non-hospital setting are coming back faster. Is that a bullish sign for births coming back, or is that really just a reflection of how quickly you're growing that business if it was under-penetrated? Trying to understand if that's a leading indicator or not. Well, Kevin, it's Mark. I'd start by saying that, look, I talked about volatility, and we've seen in the last two quarters volatility, obviously with an upward trend. We're trying to see where all of this shakes out. As I mentioned, because of the markets we serve, and since we tend to be in larger hospitals with Level III and Level IV NICUs, we think that that helps boost what we do in an otherwise sluggish period. I'm not making a bullish pronouncement here. That we don't have a basis to see. We are certainly working the operating initiatives that we talked about that are mostly in our ambulatory practices, we think will obviously increase volume and efficiency. That would have the effect of having them take up a larger part of our business. I would say that we're doing everything we can to maximize our results in uncharted territory. I might ask Mack Hinson to comment on any thoughts about what we're seeing in our practices that could help shed some light here. Yeah, I would agree with Mark. I think the volatility makes it difficult to comment on definitively on a trend. Historically, the markets we are in, we have been less affected by the total birth rate because The total national birth rate being down, we've tended to be in markets that were a little more favorable to us. Certainly on the ambulatory side, there's a whole host of work. Again, the initiatives we've discussed before and the ability to see in real-time the data about what's happening in our ambulatory practices, I think are making us significantly more efficient, and we believe that may drive our unique patient volume. Okay. I guess as far as the TSA goes, I understand you're kind of backing it out of the number, again, you mentioned that the reimbursement will drop as the year goes on. It may not be one for one. That's how quickly you're cutting costs. Does your guidance assume it's a net zero, or does your guidance assume that there is a net drag from that in the back half of the year? We really don't have guidance out there, but our ongoing assumption is that as we wind down the TSA, there will be a residual cost component that will flow through the remainder of 2021, where we're not collecting fees for some of those stranded costs. The bulk of what we have here, aside from human capital, is really IT-related costs that are under various contracts. There will be a lag. It's not one for one, but it's materially in that range. Yeah, no, the only other thing I would add looking forward is once we're past the TSA, since a lot of the work that we've been doing, while we're reimbursed for it does take a lot of our team's time and attention, as it needs to. I do think that as we move past it, we will find a lot of ways to be much more efficient then. I would also say it's going to enable our team to be less distracted by outside interests, to be fully focused on our needs. I would expect that it's going to be a net positive. Okay, I might as well ask a quick one. You mentioned about 5% down year-over-year. Was that in your view because last year was inflated, or how do we think about what you saw this quarter? I didn't hear it. Yeah. Hi, Kevin. Is that on that now. Yeah, Kevin, our mal expense was a little bit above trend in the first quarter last year on a temporary basis. What we pointed out is that, for this quarter, we were generally in trends, and that's where we got the tailwind for this quarter. Nothing unusual in 2021. Okay, perfect. Thank you. One moment, please. Our next question will be from A.J. Rice with Credit Suisse. Go ahead. Hi, everybody. A couple of quick questions here. The pickup in the commercial mix, are you rationalizing that basically the people that made decisions to sort of postpone extending families or starting families tended to be people that were more commercially covered and maybe therefore a little more sensitive to the economy and therefore, as you see it come back, you're going to get that pickup in commercial, and that's something that will persist? Or is there something about this quarter that drove that commercial mix improvement? What I would say is, as I commented, A.J., that we now look at the results in the latter part of the fourth quarter and say those were more of an anomaly. I would say that what we see is that the payer mix is more in line with what we've expected before, not that there's a difference, a new trend. I think that so far, and it's still early in the year, if the fourth quarter was an anomaly, then we would say that we're going back to the kind of payer mix that we've experienced in the past. Okay. Any update on the deal pipeline and acquisitions? Obviously, with your leverage where it is, you've got plenty of firepower. I think you spent about $6 million in the first quarter. Is there anything to comment on what you expect for the rest of the year there? Yeah. Actually, I might ask Jim, Dr. Swift to make a couple of comments. As I said, we are operating in a more organized fashion, I think, than ever before with obviously the first time in years where all of our focus in growth is in pediatrics and obstetrics. We do see a very strong pipeline, and I would say a full-court press from all of us to make that happen. Jim, you might want to- Yeah, I think that both on the acquisitive side and on the organic growth side, we've seen, in the first quarter, especially on the organic growth side, an acceleration in terms of contract signings with our hospital partners. On the acquisitive side, I think we'll see the pipeline's very full right now. In the second quarter, we'll have some execution on some of the current priorities, and that will accelerate into the third and fourth quarter. We're not calling out numbers on this right now. Growth in pediatrics and obstetrics was relatively small in 2019 and in 2020. We do think that's going to become a more meaningful part of our story going forward. Okay. Just last question. I know in the prepared remarks, you're saying you expect 2021 adjusted EBITDA to be at or above $220 million. We look back, and it looks like in a more normal year, who knows what a normal year is, you get about 15%-20% of your earnings in the business in Q1. If you were to apply the midpoint of that, you'd probably end up with an EBITDA range, given what you reported in Q1, more in the $245 million range. I know you said something about you're just giving the volatility being conservative, is there anything specific that you know now that suggests the trend in the quarters over the course of this year might be different than the normal seasonality or anything factoring? Well, A.J., you hit the nail on the head. We've looked at this every way we can under with every different shade of light. It's not a normal time, and 2020 wasn't normal. We can only go by our current trends and say, and look and compare that to 2019 and say, not that we're trying to be conservative, but to say that we don't have a basis to project that what we saw in Q1 of 2021 is the start of a normal pattern. As we've gone a month into Q2, I see that for Q2, the consensus seems to be around $50 million, $55 million of EBITDA, and we think that's looking like that's about right. $220 million, without providing guidance, seems like not a conservative number, but a justifiable outlook. We don't have a reason to think that yet that the quarters will follow a traditional pattern where we've had the volatility we've had, and we're coming off of what we have. That's why I wouldn't be throwing out numbers in the 240s and 250s. That seems a bit robust. Okay. All right. Thanks a lot. We'll go next to Brian Tanquilut with Jefferies. Go ahead, please. Hi. Thanks. It's Jack Slevin on for Brian. Congrats on a good quarter. I think I just want to piggyback on A.J.'s M&A question here. More looking at it from a strategy perspective, seeing what you did with NightLight. I guess, trying to understand how you're thinking about balancing tuck-ins and smaller acquisitions that you can then take the blueprint and push it over to the organic growth side of the equation versus maybe slightly more sizable deals, given the flexibility you have on the balance sheet now. Well, we're always open to more sizable deals. The key to MEDNAX is to be the best partner in our markets that we possibly can be. We think that starts with tuck-ins and being able to do things that make our relationships with our hospitals really deeper and more lasting. That's why our focus is absolutely on that, to make sure that our core business is as strong as we can be and we're being the best possible partner, and that we have a physician in each of these markets so that a clinician or a physician who's looking for a place to land wants it to be with one of our affiliated practices. That's our thrust there. As we've spoken about for the last few quarters, it's sort of a frustration that we take care of mothers and babies, and then we wish them well. We know that there's an enormous opportunity in many of our markets, we lead in pediatrics and obstetrics, to be able to build that part of our business. Strategically, we think it's a major plus to be able to be in a combination of primary and urgent care. We think it's a natural extension of what we do. We think we have more local knowledge about that than anybody else, and we have the best relationships with local hospitals than anybody else. We think that's a major strategic advantage. Certainly, we could do that in a combination of organic growth and acquisitions. The most important thing is to get it right, is to get the combination of primary to urgent care right so that we're in great locations, in facilities that are really welcoming, that are very patient-friendly, where we're backed by systems and apps that enable you to make appointments and do the things that we all know have been vexing before the pandemic, and certainly heightened by the pandemic. This is unscripted. Jim, do you have anything to leave out here? No. We see that primary care piece fitting nicely into our subspecialty support and the other subspecialty areas where, again, that's more of an intermittent road in terms of care. The primary care and subspecialty care, we'll tie that in with urgent care. Okay, great. That's super helpful. Next one I wanted to touch on just on that delta between births and NICU days. Appreciate all the color on admission rates and length of stay. Maybe just looking back to the last quarter, you talked about no changes in clinical protocols. With three more months to look back and reflect, any color you can give on that delta normalizing, and perhaps, what exactly the anomaly was in Q4? It's Charlie. Let me just give a quick point of clarity on that, because I know this was a question last quarter. Our rate of admission, the percent of deliveries in a hospital that are admitted into the NICU is in the low to mid-teens. When we discussed rate of admission being down a little bit to the back half of last year, to put that in perspective, in the fourth quarter, our rate of admission was down by 30 basis points. It was not an exorbitant difference or any kind of significant departure from trend, but it did nonetheless depress our NICU days versus births. I just want to put that into context. On a pure percent basis, it had begun trending upward from the second quarter to the third quarter to the fourth, but was still below year-over-year. As we got to the first quarter here, it appears to be right back on the trend line, a longer-term, multi-year trend line, and was up year-over-year. I hope that's a little bit helpful. I might turn it to Mack to talk about protocols and the like, but just from the statistical side, that's what we saw. Yeah. I don't think that we can point to any substantive differences on how babies are evaluated and admitted to the NICU. It's a case-by-case basis, based on best available evidence-based medicine that our clinicians are making in bedside. There's certainly nothing we would point to systemically that would be different than our normal course of business. Okay, great. Thanks. We'll next go to the line of Pito Chickering with Deutsche Bank. Go ahead, please. Good morning, guys. Nice quarter on a very challenging quarter. A couple of questions here. The first one is, it seems a lot of aspects of this business are fairly hard to manage, whether it's payer mix or acuity or, to your point, pace mixes into the NICU or the stay in the NICU. Looking at your first quarter guidance you gave us in mid-February versus what you guys just posted, obviously huge reflections there on, I think, mostly driven by the payer mix you're talking about. I just wanted to see if you can give us some color on how much visibility and control you guys have on EBITDA, or is it more macro-driven for who shows up into the hospital? Well, I think it's no different than in the past. I think we can look at our core business, the trends in our core business. Normally, payer mix has a more linear pattern than we've seen. I think, again, that the last several months, saw more volatility than we're accustomed to. As far as it being a difficult business to manage, I don't want Mack to hit me up for a raise, but yeah, there are a lot of components to what we do. I do think it tends to be, especially in the major markets that we're in, I think it tends to be relatively predictable. Unless we use different tactics, because the different tactics in both growth and in managing the business with the analytics that we have are the real changes. It's not that it's so unpredictable. We obviously are subject to the birthrate in the hospitals that we serve. Beyond that, I think other than what looks like, again, the anomaly in the fourth quarter, it's generally predictable. Obviously, the wild card is COVID. We have aspects of our business where, like in pediatric intensive care and other areas, where children haven't been getting as sick as they traditionally do, which is a good thing overall, but not robust for our business. We'll see how that comes back. Certainly, a pandemic has a lot of varied effects on a healthcare company. Beyond that, we're trying to just run as steady as we can and with very close contact with our NICUs, our ambulatory practices to see how things are shaping up. As a follow-up on, as you think about revenues and costs relative to 2019 levels, can you remind us how much salaries and practices increase each year via the contracts you have with doctors? What is the mix of the pay the doctors on fixed versus variable? That'd be great. Yeah, Pito, when you look at that practice level, SW&B, it has a number of components in it. Probably the largest is the underlying salaries for the clinicians at all the practices that are part of MEDNAX. There's necessarily going to be some inflationary pressure on that. Clinicians move up within the practice. There is greater seniority and the like, somewhat offset by physician turnover on retirement and the like. It does have an upper track, and I would call that comfortably in the low single digits. The other component is variable incentive compensation. For MEDNAX as a whole today, and we can follow up in somewhat greater specifics, that level of compensation expense in that line is significantly above $100 million. It moves and is tied to practice-level financial results. That's where you see us call out pretty consistently, in the fourth quarter, as we saw revenue constraints and declines, that they were buffered quite a bit by that variable compensation expense. Here in the first quarter, when we did see some return of growth, and a specific call-out is the Provider Relief Fund that we received, variable compensation expenses. There is a layer of variability in there, and we've been trying to call that out. Okay. The last question for me, I believe you guys are blessing second quarter consensus with a lot of moving parts here. Thanks so much. Yeah. A preliminary basis, without being specific, it just so happens that we're. I don't think I'm going to be in a position to comment on the top line right now. Yeah, I think more than anything, what we're trying to do is to be as transparent as we can be, and we just don't want things to run ahead of themselves without an analytical basis for it. We have a better-than-expected quarter, and the natural tendency would be for people to say, "Well, why don't we annualize that and look at what you get?" We just don't see the analytical underpinning for that. As we start into the second quarter, we see that we think we'd be right around that low to mid-50s number, which happens to be, as Charlie said, where consensus is falling out. Again, I would still say that it's way too early to think that we're out of the woods. I'm not saying that to be cute. I'm saying that because it's way too early to say we're out of the woods. I think that projecting anything meaningfully above 220-ish area, to us, we don't see the underpinning for it. I can't rule it out, but we don't see it, so I don't want to get people ahead of themselves from the results of one quarter in a volatile period. If there are any additional questions, please take this opportunity now to press one, then zero on your touchtone phone. Speakers, we have no one else queuing up at this time. You may proceed. Great. Thank you everybody for your support tuning in this morning. We will keep you posted, and stay safe. Ladies and gentlemen, that will conclude your conference call for today. Thank you for your participation and for using AT&T Event Teleconferencing. You may now disconnect.