...Good scale with 21 acute care hospitals in 13 states. Patient volume over at least the next 12 months likely to remain below pre- pandemic levels. Sole provider in several rural markets. We expect discretionary cash flow deficits in 2022 and 2023. Highly leveraged above 6x in 2022 and 2023. We expect discretionary cash flow deficits over the next two years, but liquidity is sufficient. Inclusive of capital expenditures, we expect Quincy Health LLC's cash flow deficits will be about $50 million in 2022 and $10 million in 2023. Nonetheless, we believe the company has sufficient liquidity to cover its fixed costs over the next 12 months. The company had $93 million in cash on hand and about $19 million available under its $130 million asset-based lending (ABL) facility ($72 million drawn as of Dec. 31, 2021). The company may receive a further boost to liquidity as it agreed to sell four hospitals for about $30 million with closing expected in 2022. Quincy also no longer needs to pay quarterly...
