HNGR - Earnings call transcript Q3 2018

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Operator

Greetings, and welcome to the Hanger's Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. of Investor President Vice Frank, Treasury Relations. and Seth you. Thank Mr. Frank, you begin. may

Seth Frank

are morning very conference to today Hanger's President Chief much Thomas you Officer; and Chief call. Asar, Executive and and us Financial earnings Thank Kiraly, XXXX good welcome and Hanger's quarter Hanger's With Officer. Vinit third

information Hanger's are today that include in Securities of identified Act on Litigation statements with, the And would results with have subject earnings risks SEC. Hanger's the this release like uncertainties portion in actual statements in I the call President. and and to to of cause differ the Ashar, risks Some we forward-looking we will meaning materially information of Vinit the could our obligation latest over discussed forward-looking Reform today. XXXX. statements discussed discuss CEO any matters to Hanger call. forward-looking filings include from of Private our to disclaims hand These the others, among and update those to Those

Vinit Asar

generation increase Patient give and just million segment. flow the Seth, Hanger’s Thank top we also your joining from those you, expansion additional thank trends the metrics. we Tom of and details morning, year, highlights period EBITDA I We're segments. just have with largely Care third our the revenue to Tom $XX flow under all in quarter seen and as into and growth over a review positive the Products to cash Hanger for year-over-year of quarter, then will the was will performance good X% Patient to of last earnings take questions. provide Services of business during our compared financial quarter on margin line year-to-date. insight will pleased revenue the an was with consistent through growth quarter and the reflected third anticipated you Care from the Overall and standpoint, X% million, will numbers for outpacing quarter Adjusted benefiting XXXX $XXX totaled and the in the our both same and net and call. you you, generally and

business from segment, profitability the over perspective at Patient Care segment and a growth year. Care there X.X% Looking quarter. was was Patient by $XXX the a standout this revenue reflected prior million

see QX. our our driver Prosthetics referral and prosthetics. growth focused have patients in key we are marketing We primarily business efforts of with the in area X.X% a growth pleased to and sources were of

begun have lines key similar support to on in efforts We focusing growth customer as service product well.

are put historically addition, off-the-shelf regions growth also end have our begun ways evaluating market In very inserts as orthotics, lower such and are and a regionally show of encouraged to businesses clinic of rates. to we Separately, where we see that shoes manage little products delivering we above focus. efficient more majority we have our

of base to of achieving our volumes Segment was O&P in distribution was business. trends performance our to results of increased growth driven the will good is guidance and continue primarily portfolio teams. both and by client by our that Services our growth recent healthcare from of orthotics X.X%. Products similar offerings, to segment and quarterly prosthetics revenue The & topline monitor leadership regional result This gains provide revenue our independent service share providers. also delivered and local, We business manage given and

our the enhancement has has an contributed online the pleased distribution of sales We which leadership presence, a and team. distribution business. upgraded force, believe portfolio significant the have of growth of offering an expanded been been the and to focus with product There we

their customers revamping declined revenue modestly on the been our care. proposition focusing long-term expectations. than better The solutions team in their has to efforts in therapeutic Our slightly overall QX value

While we hopeful next stabilize to decline business efforts the will in help year. XXXX during are expect the business continuing into that the underway the we this

We late an proactively had the institutional country. supply network, our agenda, and that to differentiates September revenue update our the Hanger in We patient turn pillars chain. five management, of cycle and some highlighted strategic are on Let's meetings August O&P with These our clinical operational investors our growth in we initiatives outcomes market. re-engaging in conferences strategies, pleasure national believe the and centralized engagement and around highlights. enterprise

a for industry. roadmap a prosthetics and orthotics form pillars within strategic these become force transformational disruptor Hanger together and Taken to the

non-Hanger bit recent engagement, During the in differentiating a I'd of each for Boston. empowering is country and third difference. invite progress related EmpowerFest like patient the regards September about more event and around just and pillars; we many two individuals quarter continued with At three-day by members. to you range their With patient patient patients Today, their educational these hosted engagement to of we of peer year particular participants this clinical This focus The in outside to was and support one and We activities engagement host physical XXXX across alike. family activities. share to events XX we initiatives. participation we of with outcomes. over these Hanger make limb of building these events the on a patients loss limb through hosted

We campaigns digital the exposure post were event [indiscernible] reached. also EmpowerFest received on Hanger XXX,XXX we people through content feedback over and website also significant. exceptional. our was social We The estimate invite of was media

in to some a begun see had have EmpowerFest they of we result Hanger addition, attended non-Hanger become the the experience as patients that patients In at event.

of that serve. and we target national more events hold communities to planning needs the patient are the very We local

partnering also connected an standalone AT&T exciting to action to were of with proof concept engagement the agenda, our patient announce we a industry's launch, pleased this device further limbs. first for prosthetic tied quarter for As network

getting we prosthetic patient The to as for emphasis healthcare. data directly profound a of to outside device in connected prototype area cloud we the implications to continue designed are patients' usage via care to fixed is just is clinical patient attach mobile started companywide as connectivity and sustainable and analytics the migration on in knee referrals. stall in the drive settings. below This growth patient of and prosthesis engagement Hanger to quality Internet network. Things Our help allows AT&T's data of this to to receive on invest This potential

and The mandatory in will second is key differentiating Hanger was campaign. clinical pillar we equation individual care that be the demonstrate payers consumer of notable the agenda. our quarter for outcomes care outcomes compelling a direct illustrations of prosthetic progress third approach to value-based by a made that clinical direct and In consists patients. and to referral world on it sources differentiated third measures on to quarter quality value tracking to referring launched providers. Me" Beats of our This "Nothing we to In

We are out nationally. this program rolling

system quarter of continued out also This our in rolled this the a outcomes-based clinics. and now that at To and of the data During research peer-reviewed medical ambitious analysis expand reports. and leverage to publishing significant agenda. number our we is our resulted capabilities help has XX% which capture health electronic platform provides date papers records feed of

amputees American quality-of-life and at of patients Affairs ago Hanger's one with our MAAT Clinical in lower Mobility It national quarter Topics Other Society importantly, year limb to presentations impact Annual This the over X. policymakers, Rehabilitation people the quality-of-life and Physical for was there are in and clinicians positive major a a where just included limb living mobility Academy to and of The to Medicine of conferences Symposia of Annual in presented papers publication community. payers, at team source the Meeting. the mobility lower Scientific the loss. presenting include or and meetings that landmark its well concluded Scientific as correlation known Hanger lower was of as referral perhaps amputations. from announced Analysis comorbidity patient satisfaction Surgery the study date the Amputees AOPA Vascular largest with most the was we medical study and Meeting limb Vancouver. significant work targeted is kind as of that for and these During clinical

with publication and published that the allow X the understand mobility expansive times evidence, X lower XXX Assistive sources At amputations payers and of to and by us body outcomes-based thoughtful with of to benefit matched within The more issue comorbid patients may matched device from for clinics very to outcome Hanger the to Journal O&P pleased large-scale, to likely non-microprocessor of had this microprocessor continue Physical driven study a an the not prosthetic thousand the has the required. an a statistical continued outcomes a just of proud is outcomes database for with we demonstrate Rehabilitation. Hanger of increased study study patients size. this literature. knee in only each. allow been may in American acceptance in a to limb database conduct will inform We were with of those provided to MAAT across health care. this for enough Journal these is industry referral significance magnitude the several amputee the our help the and beliefs treatment patients of particular database for build of study have and and and its over comorbidities large retrospective best XXX patient of Medicine November are that showed also in the have cohorts believe patients Technology. recent Many I'm peers their In MAAT patients when of an better absence accurately MAAT the States. in has assembled This three patients of knee. results review order are of announce publication United X over

collaborations to studies and City, the the in of entered to of Missouri, around with and of Lake of foundation University of the the the medical you develop robust University including the the University these further a Veterans Center, I'm relating others, pleased and into utilization Administration of research Medical with Salt prosthetic evidence Texas, that country to Colorado devices. Hanger to addition share has prescription Washington, institutions premier University also academic In

as in is will of being The line bottom value patient more share about care continue the Hanger us will strategy demonstrate our lead modern distinction most combined with industry to provider and to the in of true collaborations programs data enables delivery capable this of Hanger's We that these and outcomes engagement O&P healthcare that with future. care. the agenda the the

know O&P strategy healthy of regarding strengthens interested enhances growth to growth respect a us access strategy area care particularly sheet, in balance we cash patients. is and The a flow, organic strong for clinics With to clinicians a acquisition market with M&A. further good other and for you and commencing in are targeted Hanger's believe strategy place, geographically I many in our

with. healthy acquisition in of that have We pipeline conversations a we candidates are active

this on cannot our predict due and current making to we're progress update time provide to we the with front while nature results. pleased at report the plan when are of We the you closing on our dates QX we we negotiations, activities an

Now veterans of our XX nation's patients, the hand the I Monday, day go Stock the honor the numbers. will will Exchange. an to the to I be before associates, And when through every with a company own of including It I serve in to who will heroes of celebration we Tom opening am Hanger Hanger pay that, Tom, New veterans. participate to our York of our some and tribute friends that we ask to call ring announce delighted November bell nation's on

Thomas Kiraly

morning. Good

We key quarter. I financial the three in pleased are results. during there Hanger's think we're believe with takeaways overall the performance

that related EBITDA increased million total provide earnings corporate of first Care $XX.X the in expense expanded million offset and for $X.X Patient segment to overall is from growth EBITDA. a in growth adjusted The margins

our therapeutic increases cash and overall strong our line a and Products portion line the levels flow the of business, In this and balances. I'll adjusted and segment solutions cash of and further of provide of on in year. cash discuss expectations thirdly how earnings produced headwinds growing consolidated liquidity that business continued flow results ongoing despite with finish operating to up as liquidity my with and the remainder also whole with summary up EBITDA and for Services our background our Hanger of you call stable individual a will I'll these segment Secondly generally trends. report in

underlying pro revenue of bad earlier forma and reviewing in in First, basis debt Care’s comparative quarter. we revenue. for this the in minutes the the for a an did that let's mind Care ASC quarter to few from growth standard Patient growth grew XXX, we When year-to-date. bear offset resulted segment. of implemented expense reclassification classify a not bad new Since revenue becoming on rate this in reported the revenue that Care Patient XXXX, to on in spend at and manner the debt please X.X% X% this Patient year the X.X% accounting

was clinic revenue a necessarily The we’re day computation calculation excluded or the day than average when lower granted employee using third on the adjusted at X.X% holiday July results calculation X, as given because same in in extra from quarter Our X.X% year. the isn’t in volume reviewing basis. the which and quarter an grew the useful was the its adjusted day prior

can & Because the debt for difficult and expense reschedule period of revenue, rate personnel the compared hurricanes prosthetics XX.X% in Within solutions, the in net they XX.X% overall growth margin quarter in XX% of in year resulting as of both Prosthetics came costs, year-to-date. as year has more cost expansion From growth stands an we natural on This patients other to XX grew third-quarter to show a and approximately to compared rate Patient the These discussed, final the services impact do it in distribution underlying incentive benefits segment us did and to than Patient growth believe same an results, Care Products of we growth. compared these $X.X while materials Vinit in third increase Care’s quarter million on of the X.X% revenue EBITDA their its an or on from us to expense segment of X.X%. which rate prior year. these as the last that around constituted declines at the our quarter of throughout this XXXX. continue compensation. in points EBITDA years, Care’s it’s it standpoint have effect basis expense and growth of as in XXXX our the Patient show margin XX.X% higher the XX in an segment, tendency to while basis therapeutic adjusted to fact in revenue. X% events as trends reviewing underlying In bad affected decreases adjusted X.X%. decline our given continue A note assess XX% pronounce in points increased than X% offset decreased for Services of provided from expense, the revenue to weather-related segment for third an

services in we Looking rate primarily Services EBITDA the operations the anticipate the a year. our consistent segment of Products Income from growth due from continuation decline Services of moderation near-term lapping Products & from and to with segment solutions. growth forward, of a of in distribution therapeutic a & reasonably normal higher and adjusted the the than in was prior revenue

increased increase increased million compared a On million flow from the increased in $X.XX When increase flow our recent of last increases compensatory accounting current flow by quarter the million payment past to to earnings rates income accounting increase the year full-year. $X.X million operating and production fees, to expenses continue cash On company the As free to use a produced in for in will effect during the our to us of cash further in amortization million we end. us basis interest our expenditures quarter adjusted same remediation, including declines operating continues have just of in net $X.X operations Capital spend third continuing million decreases as over of first costs. calls in our cash related expense our which discussed year. year. years, they growth, year XXXX income third is of net quarters the professional flow earnings low a in range and produced in year but operating in expense million on quarter that the reflect and at the balances equivalent and period. for legal and $XX quarter. the result cash prior quarter and corporate This brought a has growth each and seasonality These per associated in refinancing cash compensation put last year. reviewing the operating to of would $XX.X to in professional fourth primarily $X.X company cash with annual favorably $X.X profit cash by last This and remind the $X.X reported resulted of period in cash million incentive the with $X.X resulting in cash balance Hanger our loss declines the you with and anticipate equivalents direct in compares the beneficial were controls of of consolidated a a in million year $XX.X third-party results process expense, $X.X million after of professional our an payment to in depreciation basis favorable to share the which from quarter’s interest. operations. reduced from this in the lead due coupled earlier $XX and grow typically reduced from in in We $X.X the to pace past These increase our million the cash the

our to purpose. to funding intend When we or million cash, XX-month $XXX.X acquisition X.X we As in EBITDA. indebtedness adjusted of Vinit working of that times the of of our company net and are viewing discussed, prosthetics debt cash the currently has swings in capital practices orthotics trailing retain process recommencing and for net addition

to we rate loan of Given paying don't against rates rate million have $XXX anticipate a term X.X%. currently we interest are effective exposure significant and that hedge rising our an six-year

the range. times leverage X.X XX next to months to the continue to into plans Our gradually XX are over lower

up Before a year lease spend standard, full I XXXX, briefing accounting to ASC our on I'd implementation our the of a of the of trends wrap with new like moment for discussion you XXX.

the As right you determine assets generally results standard liabilities having an their while effect of continuing are probably new build will this this million. of due $XXX XXXX. roughly they commensurate standard, implement in that will increase our the increase future interest in a value to suit range are required our liability. leases as to standard being to the lease to January conversion the obligations of leases to an This of And leases companies $X million in overall sheet and evaluate the an most take operating the nature and asset we as expense. result of of know, use balance lease in case increase result believe present In currently in is expense and of we X, lease a establish a to new reduction with in offset will in and

the We the year these will in conference full first in on results more share quarter. call XXXX our effects in

fit XXXX Now how some context I’ll in guidance. on our of the with the perspective our provide you results in overall third quarter

EBITDA adjusted quarter, in reported the of $XX.X million in year-to-date which for EBITDA of now year. $XX adjusted million reported we third consistent level year-to-date in a the Hanger $XX.X has with September the With we the last through is million reasonably

costs, quarter volatility. unfavorable naturally and comparison adjusted in can next this seen quarter, of administrative our period. introduce sequential favorable with our and had comparison other most We As in structure and second to the from revenue results period year, in completed the the a respond one general you've the variation quarterly favorable personnel, to this growth some materials cost necessarily and and in recently not from first does this exception EBITDA

don't growth XXXX mind emphasis reaffirmed ask XXXX adjusted EBITDA quarter, that its release that in of of view outlook we be that, in rate context in we results. produced Hanger results. consistent place With yesterday's our with our XXXX the which the will is anticipate third earnings that for As and we in revenue but year-to-date rather such, undue we’d you the on generally

our with financial over turn call up this XXXX have. for our attendance may to you to morning is with first Thank the to call on final it guidance we the open in provide when questions any your quarter. our intention the back for I’ll current and Our for that statements XXXX that release operator you you

Operator

the question first Jefferies. Thank Instructions] you. [Operator question. Brian proceed from comes Tanquilut Please your of line with Our with

Brian Tanquilut

for the Thanks Hey, good morning guys. detail. all

bring first quarter growth? detail on So think but be and should on July I to we in where relative the average your me thinking organic question in XX, volume a the industry new to in about view but can growth as organic is about for onset basis was on growth how [indiscernible] you

Vinit Asar

you sure your I of you the you, last part can of not repeat question? out, kind head cut I’m

Brian Tanquilut

factor how you industry ability to Yes, are and are thinking volume is growth where you as to factor, about one then organic the your going which is drive of growing?

Vinit Asar

I to think I we already on think drive in growth with in the the are of those parts way about efforts think you, the seen prosthetic it shared Sure, year-to-date. will have our the various is marketing certainly efforts putting just organic prosthetic side yes, the we as that portfolio, I

And some quarter of the we focusing the variation like to manage more on then past the a in X.X% orthotics would putting that and orthotic country continue hoping the You growth prosthetics. of we're regionally, with well. see the we're that coming in to efforts see around quarters side the the we're the on in We little uptick customer have a know this as so way piece in we we some it, country. regions had

we that to on that are the in expect sure make of as they the majority quarter. regions coming needs imagine regions continue issues different focusing of today to above because have are but different can our We regions different you the are lower market above the have growth organic performing the or market showing and some addressed

Brian Tanquilut

how terms and move commodity exposure that to prosthetic, Vinit Got your in it then I just longer the have about as we much do how your think upgrade initiative reduce is that and it to in [indiscernible]? of lapping

Vinit Asar

heavily effort if started which maybe in we couple to [indiscernible] that initiatives years now. be portfolio continue more not you we is that just, which used to a this manner. end lower ago if we've point. And were how actually, it's invested forward, as exited cares I you mean it, and figuring think a the what of we it's of product products back more rewind the primarily part we at like about Well, deliver out those from in focus to efficient look about

Brian Tanquilut

Got through it thinking commercial about setting is I XXXX and how then that as in think for flow [indiscernible] out already how said you you the does Medicare there, are that about range and of your business?

Vinit Asar

it's we Yes, the factor so off in good a been of years the points. year-to-date to about XX going to CPI that in recent the I the which think it's XX June question, X% use that reimbursement. basis as at that all likely a came pull base productivity will know factor traditionally through for is They're CMS

So X% low in our the be growth we'd business. a for rate Medicare anticipating XXXX probably of area

contracts, would Now something of say delayed dampening response them a of through flow a that referenced negotiate and of Medicaid, rate or of but carriers used not said reference but automatically this they're I too. them many it's more rate have that rate as the they commercial by some to because is the

lower have be that on rate, the to X% mid still So favorable X% we that. the to which rate moderation into down that's would this been significantly have there year range will than but some

Brian Tanquilut

giving think on All question for you a disallowance on know something while, could I update quarters? already don’t right, about been further, know the brought I focused and you that mind from you are think just have us, you last last an if bit if you bring there us I then the a when few you quite where over ahead that's going down

Thomas Kiraly

relatively the let pick me it in very year-to-date we're disallowance at about. first so look of compared by mean on you talked but up similar was, year-over-year slightly start context about we as that to did with sitting the QX, the X.X% when one I year-to-date It at much it's to saying Yes, X.X% rate we last that all are it's being the in encouraging incentivizing cycle flat. forward. consider We a trend for pretty although continue revenue see time being or year, And way proactive see time, constant group. we don't going that our another, be action and at we

The together, a share you quite other thing is X.X% $XX.X on bad with down I basis to went in $XX.X debt we've to in million bad or disallowed big combined down at actually want combined the had million when basis and disallowed debt a a X. improvement from you look to quarter on

we further So and them improvement I to year in as combined a nice had those ask some to in XXXX. where go certainly quarter for in basis wouldn't But and anybody something the factors. go on two improvements it's either the we towards model

Brian Tanquilut

got it. Thanks Alright, guys.

Vinit Asar

Thanks Brian.

Operator

Hambly [Operator next Instructions] Our proceed Please comes Dana question from you. Thank question. the Stephens. your line with with

Dana Hambly

underlying wanted growth you're you that? understand help go not the I X.X% the indication Tom, the morning. good this, day I understand saying just Hey, the better X.X%, want me to back is to of the could adjusted growth, I to make sure

Vinit Asar

and so July a it July was X for a July granted a XXXX, Monday which it non and day a in much X, us X they that year. last holiday a on floating came the Certainly has on holiday and grants company is pretty Tuesday

off they're because X day July July on was don't to heavily wasn't might you our that the Tuesday. had it and pretty a and it everybody day. This it So want on holiday patients year day, business seeing X as employees holiday as schedule really we a but day. take a a had imagine business as

business take business days effective a not X.X%. one quarter if of XX in adds up you day an and really it's to those days So

normally the cal think So works we put some particular well. calculation I noise this on adjusted in that pretty day quarter

Dana Hambly

it. Got

it year, days, those last visits it's So rescheduling patients lost just lost not you like those have would been correct?

Vinit Asar

Exactly.

Dana Hambly

you. Got

I did little a they talked had what focus, exit sure were Okay, shelf be do and trying I focus putting wonder on your orthotics, are about you, off historically think the it, business I to little saying? the to Vinit, something focus. on prepared just you you in comments you've you continue wasn't more are that or

Vinit Asar

but really business, We haven't in sources. focused I to it terms the plan on much Yes, the question. the marketing of referral exiting appreciate past we don't in an

thing believe for out we figure right is forward this ways it. to to Going business deliver efficient the more

shelf delivery because us So would products the part efficient focus to full would and lower to we it be still as of be a products a we the in sources able have of more of suite believe will shoes the on and is referral do, source to want the of end provide we inserts more what the off shelf as make well it. orthotic shoes

low more So the it focus delivering that's today because margin on efficiently product. will be

Dana Hambly

Okay on glad to hearing M&A, and be then some about see so that soon. comments we'll more

these, at As clusters assets is facilities, about help a non-performing of could us you assets, about it that? kind one how or of at are think or these performing time should look you are these just facility we targets, think

Vinit Asar

coverage. are gaps part for we we'd where us of be that is dollars businesses Today an assets that CBSA, as standards. performing certainly us spent terms that are So businesses focusing certainly pretty the in are country align a what Sure, in or on with culturally well by with payers our O&P are We'll as around as compliance focusing geography every have being on know robust database healthy. important well. align be the we And of

be So activity. at M&A that's targets we should for to look should begin what the how we where or go

what large, In depending will businesses terms medium, the sizes needs of and on the geography, small, our it of at mean gamut size, on are. we're I be depending looking

Dana Hambly

make Okay, in of you Tom. I CapEx, quarter? maybe million thought last you $XX come year-to-date, targeted is to think all going down you're $XX that, around fourth I are to or half there million had it about up has the target that for me

Thomas Kiraly

about CapEx, we're item well when we're investing the line certainly activities equipment. as as forget of the describing items, program both Yes, that talking CapEx on both line don't purchase therapeutic

Dana Hambly

Okay.

Thomas Kiraly

And for so see I the one see numbers but break put just much we're when two around more you we together, capital those services therapeutic out both trending think closer to - the much expenditure, We describing. you'll as the us program. it transparency

Dana Hambly

Got it.

me is related the remind what As level therapeutic? to

Thomas Kiraly

the of for million about we'll that or we at in this for example end by so spent be $X million on equipment year-to-date, so up and year. $X.X the Yes, the million the million $X quarter therapy around be will about $X.X

Dana Hambly

of that $XX And to million that's million. part $XX

Thomas Kiraly

certainly is. It

Dana Hambly

that it. for clarification. thanks Okay, I appreciate

Vinit Asar

Dana. Thanks

Operator

[Operator question your of from Solow Please CJS with Our the comes Instructions] line you. from next question. Larry proceed Thank Securities.

Larry Solow

as Thanks outlook Equipment question little another quarters. of for on cost and somewhat the the stable I in and certainly bit to on you you, topline know good about guys. out side. a think nice forward do and at talked and few level adequate you little look have quarter. business, I that desire a invest to have morning to beyond? be questions continue a side guys leverage you getting on you're but cost a on revenue the seemed we the an more the going start XXXX discussed couple you f just Good a on I know to maybe taking the side, could XXXX for

Vinit Asar

certainly from have on think here believe are level. my a last compared the adequate and significant at spend we year, year don't this uptick we perspective we're increased optimal to at I the I from an but see I level.

Larry Solow

that, dealing putting the are a imagine and opportunities on paper to years some office all there just of lot business just a perhaps but reimbursement than a statement? are on the ago, fair operations acquisition out more an strain performing up maybe there basis, five the who there stuff out well back and were companies is reimbursement with needed, tremendously and follow Got that requirements And is front, with that obviously it. I there and increased then on trails

Vinit Asar

are It's are at also but we reengineering that just in good invested office as out operations way. there their own there looking the businesses same operations back fair, our

businesses. slightly we're pipeline maybe the at are say but the looking or the about would I better, businesses same the stronger is So

Larry Solow

Got it.

Okay, great.

Thomas Kiraly

Yes, just of net-net our better Larry I'll is our through we when make net to process add diligence so that bear integration practices diligence and go off. when sure process key part we obviously we're a to that administrative bring that it's the

Larry Solow

Right.

Okay, great. you. Thank

Vinit Asar

Larry. Thanks

Operator

Thank you.

of question-and-answer I would over to our end Mr. the session. like We to back call turn have reached the

for closing Asar any remarks.

Vinit Asar

call. Yes, joining this everyone thanks for

excited nation's just Monday well employees on Just as honor of be morning our our be as to Exchange New a and ring reminder, veterans veterans bell to to Stock with patients with York able us. in we're the able

interest appreciate your we So Thanks very Hanger. in much.

Operator

you. concludes This teleconference. today's Thank

time. this lines your your you and wonderful at You may Thank participation day. disconnect for a have

Hanger (HNGR) 9 Nov 182018 Q3 Earnings call transcript