Accolade Inc (ACCD) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Accolade's Second Quarter 2024 Earnings Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Todd Friedman, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Accolade 2024 年第二季獲利結果電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Todd Friedman。請繼續。

Thanks, operator. Welcome, everyone, to our fiscal second quarter earnings call, with -- in our Houston office today are our Chief Executive Officer, Rajeev Singh; and our Chief Financial Officer, Steve Barnes. Dr. Shantanu Nundy, our Chief Health Officer will join for the question-and-answer portion of the call later.

謝謝，接線生。歡迎大家參加我們的第二季財報電話會議，我們的執行長拉吉夫辛格 (Rajeev Singh) 今天在我們的休士頓辦公室；和我們的財務長史蒂夫·巴恩斯。我們的首席衛生官 Shantanu Nundy 博士稍後將參加電話會議的問答部分。

Before turning the call over to Rajeev, please note that we will be discussing certain non-GAAP financial measures that we believe are important when evaluating Accolade's performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and the reconciliations thereof can be found in the press release that is posted on our website.

在將電話轉給 Rajeev 之前，請注意，我們將討論某些我們認為在評估 Accolade 業績時非常重要的非 GAAP 財務指標。有關這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準之間的關係及其調節的詳細信息，請參閱我們網站上發布的新聞稿。

Also, please note that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results or calculated to differ materially from those expressed or implied on this call. For additional information, please refer to our cautionary statement in our press release and our filings with the SEC, all of which are available on our website. And with that, I will turn the call over to our CEO, Rajeev Singh.

另請注意，本次電話會議期間所做的某些陳述將屬於1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。此類前瞻性陳述受到風險、不確定性和其他可能導致實際結果或結果的因素的影響。經計算與本次電話會議中明示或暗示的內容有重大差異。如需了解更多信息，請參閱我們新聞稿中的警告聲明以及我們向 SEC 提交的文件，所有這些均可在我們的網站上獲取。接下來，我會將電話轉給我們的執行長 Rajeev Singh。

Thank you, Todd, and thank you, everyone, for joining us today. Having now completed the first half of our fiscal year, there are 4 clear takeaways we'd like our shareholders to take from this call.

謝謝托德，也謝謝大家今天加入我們。現在我們的上半財年已經結束，我們希望我們的股東從這次電話會議中得到 4 個明確的結論。

First, we came in ahead of guidance and consensus in Q2 on both revenue and adjusted EBITDA. Second, with each passing quarter, we're closer to crossing the threshold of becoming a profitable, scalable business, that will improve people's lives by changing the way Health Care's experience. Third, the demand environment for our solutions remains strong. And fourth, we're presenting the market with a unique and differentiated perspective, grounded in our roots and advocacy and powered by care delivery that our competition does not offer.

首先，我們在第二季的營收和調整後 EBITDA 都領先於指引和共識。其次，隨著每個季度的過去，我們越來越接近成為一家盈利、可擴展的企業的門檻，這將透過改變醫療保健的體驗方式來改善人們的生活。第三，我們的解決方案的需求環境仍然強勁。第四，我們以獨特和差異化的視角向市場展示，以我們的根源和倡導為基礎，並以我們的競爭對手無法提供的護理服務為動力。

That differentiation is bearing us fruit today and will continue into the future. I'll give you more color on those bullets in a moment, but first, let's hit the second quarter highlights. First, revenue and adjusted EBITDA were both ahead of our guidance for Q2. Revenue in the quarter was $96.9 million, with an adjusted EBITDA loss of $8.8 million, both ahead of our previous guidance.

這種差異化今天正在為我們帶來成果，並將持續到未來。我稍後會為您提供更多有關這些項目符號的信息，但首先，讓我們來看看第二季的亮點。首先，營收和調整後 EBITDA 均高於我們第二季的指引。該季度營收為 9,690 萬美元，調整後 EBITDA 虧損為 880 萬美元，均高於我們先前的指引。

Revenue highlights in the quarter were marked by continued strength in our virtual primary care and mental health offerings and some early recognition of performance-based revenues. Steve will give you all the details in his prepared remarks shortly.

本季度的收入亮點是我們的虛擬初級保健和心理健康產品的持續強勁以及對基於績效的收入的一些早期認可。史蒂夫很快就會在他準備好的演講中向您提供所有細節。

Over the past couple of months, there's been a number of consistent questions and themes in our investor meetings. I'll take this time today to hit on those topics and provide some current color. The first question we usually hear is about the selling season. The demand environment remains strong and the selling season continues at a solid pace.

在過去的幾個月裡，我們的投資人會議上出現了許多一致的問題和主題。我今天將利用這個時間來討論這些主題並提供一些當前的顏色。我們通常聽到的第一個問題是關於銷售季節的。需求環境依然強勁，銷售季節持續穩定推進。

I'll remind investors here that with the growth of our middle market business and customer selling motion, selling season is a year-long process at Accolade now. We've seen strength across verticals and customer size. As we've said before, more of the deals in the pipeline include multiple offerings and one or more trusted partner solutions. We view this as a powerful validation of our overall vision as well as the importance of embracing the ecosystem.

在這裡我要提醒投資者，隨著我們中間市場業務的成長和客戶銷售活動的成長，現在Accolade的銷售季節是一個長達一年的過程。我們已經看到了跨行業和客戶規模的優勢。正如我們之前所說，更多正在醞釀中的交易包括多種產品和一個或多個值得信賴的合作夥伴解決方案。我們認為這是對我們整體願景以及擁抱生態系統重要性的強大驗證。

This is reflective of continued interest in our category and our ability to win more than our fair share of the market with our differentiated personalized health care suite. The customer additions continue in both our traditional direct channel as well as our rapidly growing health plan business. On the direct side, advocacy and bundled deals have included brand name manufacturers, retail, automotive, CPG, medical, real estate, public sector, financial services and many others.

這反映了人們對我們的類別的持續興趣，以及我們透過差異化的個人化醫療保健套件贏得超過公平份額的市場份額的能力。我們傳統的直接管道以及快速成長的健康規劃業務都在持續增加客戶。在直接方面，宣傳和捆綁交易涉及品牌製造商、零售、汽車、消費品、醫療、房地產、公共部門、金融服務等。

And our health plan channel has delivered both quantity and quality, including some notable competitive takeaways. Through a combination of our direct sales force, expansions of existing relationships and new logos through our health plan partners, Accolade Expert MD has added fantastic customers, including Nissan North America, Tyson Foods, Philips, TIAA, Spirit Airlines, Mutual of Omaha and Clorox this quarter.

我們的健康計劃管道提供了數量和質量，包括一些值得注意的競爭優勢。透過結合我們的直銷隊伍、擴大現有關係以及透過我們的健康計畫合作夥伴推出新商標，Accolade Expert MD 增加了出色的客戶，包括Nissan North America、Tyson Foods、Philips、TIAA、Spirit Airlines、Mutual of Omaha和Clorox本季。

We also signed another major Health Plan partner to resell our Advocacy and Care Solutions. In the quarters ahead, we'll give you more visibility into this partnership and how we see the target addressable market within our health plan relationships continuing to grow. We view these partnerships as incredible opportunities to drive sustainable growth for years to come.

我們還簽署了另一個主要健康計劃合作夥伴來轉售我們的倡議和護理解決方案。在接下來的幾個季度中，我們將讓您更深入地了解這種合作夥伴關係，以及我們如何看待我們的健康計劃關係中的目標可尋址市場的持續增長。我們認為這些合作關係是推動未來幾年永續成長的絕佳機會。

Next, let's talk about the competitive landscape and do it on a couple of vectors. First, in a traditional employer sales driven by consultant RFP in the strategic and enterprise account space, our competitors remain the usual suspects we've talked about in the past. Our win rate remains strong as evidenced by our growth in bookings over the last several years.

接下來，我們來談談競爭格局，並從幾個方面進行討論。首先，在策略和企業客戶領域由顧問 RFP 驅動的傳統雇主銷售中，我們的競爭對手仍然是我們過去談論過的常見嫌疑犯。過去幾年我們的預訂量成長證明了我們的贏率依然強勁。

Second, in pursuit of health plan relationships, our breadth of product offerings, our technology stack and our open platform oftentimes have us competing with low engagement tech-only platforms, instead of advocacy competitors, and our win rate there is very high. Why are win rates strong, because we're deeply differentiated from the rest of the market.

其次，在追求健康計畫關係的過程中，我們廣泛的產品供應、我們的技術堆疊和開放平台經常使我們與低參與度的純技術平台競爭，而不是與宣傳競爭對手競爭，而且我們在那裡的勝率非常高。為什麼勝率很高，因為我們與市場其他公司有著深刻的差異。

Our customers know that one of the primary underlying causes of the dysfunction in the health care system is the complete fragmentation of the patient experience. From understanding their benefits to how they're passed through from the care journey from specialists to specialists with little coordination or empathy. A fundamental principle of Accolade's strategy is to embed the physician in the entire care journey and to do so with Advocacy at the core.

我們的客戶知道，醫療保健系統功能失調的主要原因之一是患者體驗的完全碎片化。從了解他們的好處到他們如何從專家到幾乎沒有協調或同理心的專家的護理旅程。 Accolade 策略的一個基本原則是將醫生融入整個護理過程，並以倡導為核心。

Accolade connects physicians longitudinally with members through our Advocacy and Health Care services. Accolade's treating physicians are uniquely positioned to connect brick-and-mortar positions with members' benefits and pharmacy coverage through claims and benefit specialists. We can refer to and provide collaborative care with specialists, therapists and point solutions for specific medical conditions that are covered under the member's employer health plan.

Accolade 透過我們的宣傳和醫療保健服務將醫生與會員縱向聯繫起來。 Accolade 的治療醫生擁有獨特的優勢，可以透過理賠和福利專家將實體職位與會員福利和藥房保險聯繫起來。我們可以參考專家、治療師並提供協作護理，並針對會員雇主健康計畫承保的特定醫療狀況提供單點解決方案。

This is a unique role that only Accolade plays with our customers by providing the benefit of Advocacy and navigation services their members need, to fully leverage their health care options. As well as operating a large and growing care delivery organization, we can fully engage the population, identify and reach high-risk members and guide them down care pathways for major cost and misery drivers like cancer, MSK, diabetes and more in a measurable, scalable and deeply differentiated way.

這是只有 Accolade 才能與我們的客戶一起發揮的獨特作用，為他們的會員提供所需的宣傳和導航服務的好處，以充分利用他們的醫療保健選擇。除了經營一個不斷發展的大型護理服務組織外，我們還可以充分吸引人群，識別並接觸高風險成員，並以可衡量的方式引導他們針對主要成本和痛苦驅動因素（例如癌症、MSK、糖尿病等）採取護理途徑可擴展且深度差異化的方式。

This is the next generation of advocacy and Accolade is leading the way. Recently, we've also felt there's a number of questions about GLP-1 drugs and their impact on our business. On this topic, the health care industry, employers and consumers continue to learn from their experience with treatment regimens, usage patterns and drug availability. Drug availability has clearly driven some fluctuation in usage on a month-over-month basis, and we expect that volatility both upward and downward to continue in the quarters ahead. That said, demand continues to be strong, and we've also seen the growing attractiveness of nonpharmaceutical alternatives like Virta, a company in our trusted partner ecosystem that we profiled in our Capital Markets Day that specializes in diabetes reversal.

這是下一代的倡導，Accolade 正在引領潮流。最近，我們也感到存在許多關於 GLP-1 藥物及其對我們業務的影響的問題。在這個主題上，醫療保健產業、雇主和消費者繼續學習他們在治療方案、使用模式和藥物供應方面的經驗。藥品供應量顯然導致了使用量的逐月波動，我們預計未來幾季這種向上和向下的波動都將持續。也就是說，需求持續強勁，我們也看到像Virta 這樣的非藥物替代品的吸引力越來越大，Virta 是我們值得信賴的合作夥伴生態系統中的一家公司，我們在資本市場日中介紹了該公司，專門從事糖尿病逆轉。

We're also beginning to see new approaches to managing the cost and prescription of these drugs. The University of Texas System decided to stop covering weight loss drugs after seeing its costs for the drugs increased from $1.5 million monthly to more than $5 million monthly over 18 months. And BCBS of Michigan has changed its policy so that patients will be required to be on a lifestyle modification program for at least 6 months before granting approval for weight loss drug therapy.

我們也開始看到管理這些藥物的成本和處方的新方法。德州大學系統在發現減肥藥物的費用在 18 個月內從每月 150 萬美元增加到每月 500 萬美元以上後，決定停止承保減肥藥物。密西根州 BCBS 改變了政策，要求患者在批准減肥藥物治療之前至少接受 6 個月的生活方式改變計劃。

But all of these data points reflect is the clear importance of engaging physicians in the weight loss treatment and a strong advocacy program to help ensure proper usage and program adherence.

但所有這些數據點都反映出讓醫生參與減肥治療的明顯重要性以及強有力的宣傳計劃，以幫助確保正確使用和遵守計劃。

Finally, regarding the DHA T-5 agreement, we continue to await the final resolution of Health Net's protest, which we expect to hear over the coming months, and we'll have more to report after that process resolves. With that, I'm going to turn the call over to Steve to review the financials. Steve?

最後，關於 DHA T-5 協議，我們繼續等待 Health Net 抗議的最終解決方案，我們預計將在未來幾個月內聽到該解決方案，並且在該過程解決後我們將有更多報告。這樣，我將把電話轉給史蒂夫來審查財務狀況。史蒂夫？

Thanks, Raj. First, I'll recap the results for the fiscal second quarter and then provide details on the rest of fiscal 2024. As, Raj noted earlier, we generated $96.9 million in revenue in the second quarter of fiscal 2024, representing 11% growth year-over-year or 19% pro forma growth, excluding the impact of a large customer termination in fiscal '23.

謝謝，拉傑。首先，我將回顧第二財季的業績，然後提供2024 財年剩餘時間的詳細資訊。正如Raj 早些時候指出的那樣，我們在2024 財年第二季創造了9,690 萬美元的收入，同比增長11%。預計年增 19%，不包括 23 財年大量客戶終止的影響。

Revenue highlights in the second quarter included strong contributions across our offerings, reflecting the strength of a diversified personalized health care platform with multiple revenue streams. Notably, GLP-1 demand remained strong in the quarter. However, not at the surge level we saw in Q1, which contributed to a slight sequential decline in utilization based revenues from fiscal Q1 to Q2.

第二季的營收亮點包括我們的產品的強勁貢獻，反映了具有多種收入來源的多元化個人化醫療保健平台的實力。值得注意的是，本季 GLP-1 需求依然強勁。然而，並沒有達到我們在第一季看到的激增水平，這導致從第一財季到第二財季基於利用率的收入略有下降。

And in fiscal Q2, we also recognized approximately $2 million in performance guarantee-related revenue earlier than expected. We had initially forecasted these particular PGs to be earned in the amount of about $1 million in each of fiscal Q3 and Q4. As we've discussed previously and highlighted in our Capital Markets Day presentation on May 8, at the start of the fiscal year, we generally forecast that savings-related PGs will be recognized in our fiscal Q4.

在第二財季，我們也比預期提前確認了約 200 萬美元的履約保證相關收入。我們最初預測這些特定的 PG 在第三財季和第四財季每季的營收約為 100 萬美元。正如我們之前討論並在 5 月 8 日資本市場日演講中強調的那樣，在本財年開始時，我們普遍預測與儲蓄相關的 PG 將在我們的第四財季得到認可。

And when we earn those PGs earlier, we call them out to the extent they are notable. As a reminder, we had a similar pull-forward dynamic of about $1.5 million in last year's fiscal Q2. So adjusting for both of those as well as the customer termination, yield pro forma revenue growth of that same 19% noted earlier.

當我們提前獲得這些 PG 時，我們會根據他們的顯著程度來稱呼他們。提醒一下，我們在去年第二財季也有類似的約 150 萬美元的前移動態。因此，在對這兩個因素以及客戶終止進行調整後，預計收入成長率將達到前面提到的 19%。

Fiscal Q2 adjusted gross margin was 44.2% compared to 44.7% in the prior year period. The year-over-year change was driven by investments in our frontline care teams including investments to launch our enterprise virtual primary care capability. There are also some duplicative staffing costs in Q2, associated with the workforce realignment actions we took at the end of fiscal 2023, as we transition some roles to new geographic locations.

第二財季調整後毛利率為 44.2%，去年同期為 44.7%。同比變化是由對我們的第一線護理團隊的投資所推動的，包括啟動我們的企業虛擬初級護理能力的投資。第二季也存在一些重複的人員配置成本，這與我們在 2023 財年末採取的勞動力重組行動有關，因為我們將一些角色轉移到新的地理位置。

And as we discussed in Capital Markets Day, as well as our prior earnings call, we expect to see the benefits of the workforce realignment materialize in our P&L beginning in the second half of fiscal 2024. Adjusted EBITDA in the second quarter of fiscal 2024 was a loss of $8.8 million.

正如我們在資本市場日以及之前的財報電話會議中所討論的那樣，我們預計從2024 財年下半年開始，勞動力重組的好處將在我們的損益表中實現。2024 財年第二季度調整後的EBITDA 為損失880萬美元。

The positive performance versus our guidance reflects the revenue overperformance, as well as a keen focus on spend management as we continue on our path to profitability. And turning to the balance sheet. Cash and cash equivalents totaled $292 million at the end of the second fiscal quarter.

與我們的指導相比，積極的業績反映了收入的超額表現，以及我們在繼續盈利的道路上對支出管理的高度關注。並轉向資產負債表。截至第二財季末，現金及現金等價物總額為 2.92 億美元。

And as a reminder, our convertible notes are not due for about 2.5 years. Finally, we currently have approximately 76.2 million shares of common stock outstanding. Now turning to guidance. We remain optimistic about our outlook on growth as well as our continued drive towards profitability. And with that, we are maintaining our full fiscal year 2024 revenue guidance in a range of $410 million to $414 million, representing pro forma year-over-year growth of approximately 21% at the midpoint.

提醒一下，我們的可轉換票據大約還有 2.5 年到期。最後，我們目前擁有約 7,620 萬股已發行普通股。現在轉向指導。我們對成長前景以及獲利能力的持續成長保持樂觀。因此，我們將 2024 財年全年營收指引維持在 4.1 億至 4.14 億美元之間，預計中位數將年增約 21%。

We are also maintaining our full year outlook on the bottom line, for an adjusted EBITDA loss for fiscal '24 in a range of $6 million to $12 million. With respect to the fiscal third quarter, Keep in mind my earlier comment that we recognized about $2 million of PG revenue in fiscal Q2 that shifted about $1 million revenue each from fiscal Q3 and Q4.

我們也維持對全年獲利的展望，即 24 財年調整後 EBITDA 損失在 600 萬美元至 1,200 萬美元之間。關於第三財季，請記住我之前的評論，我們在第二財季確認了約200 萬美元的PG 收入，這從第三財季和第四財季各轉移了約100 萬美元的收入。

And with that, we're providing fiscal Q3 guidance today of revenue in the range of $95 million to $97 million and adjusted EBITDA loss in the range of $5 million to $8 million. Tying this adjusted EBITDA guidance to our full year target, we are forecasting positive adjusted EBITDA in the fourth fiscal quarter, between $17 million and $20 million. When we earn the bulk of our PG revenues in that fourth quarter, and realized the impact of new customer launches on January 1, as we outlined in depth on Capital Markets Day.

因此，我們今天提供的第三季營收指引為 9,500 萬美元至 9,700 萬美元，調整後 EBITDA 損失為 500 萬美元至 800 萬美元。將調整後的 EBITDA 指引與我們的全年目標連結起來，我們預計第四財季調整後的 EBITDA 為正值，介於 1,700 萬美元至 2,000 萬美元之間。當我們在第四季度賺取大部分 PG 收入，並意識到 1 月 1 日新客戶推出的影響時，正如我們在資本市場日深入概述的那樣。

This projection for fiscal Q4, combined with our fiscal year-to-date performance on our bottom line, give us visibility and confidence in our projections for 2% to 4% adjusted EBITDA positive in fiscal year 2025 and growing profitably thereafter. And with that, we'll open the call to questions.

對第四財季的預測，加上我們財年迄今的獲利表現，讓我們對 2025 財年調整後 EBITDA 為正值 2% 至 4% 以及此後盈利增長的預測充滿信心。接下來，我們將開始提問。

(Operator Instructions) And our first question will come from the line of Jeff Garro from Stephens. Jeff Garro your line is open.

（操作員說明）我們的第一個問題將來自史蒂芬斯的傑夫·加羅（Jeff Garro）。傑夫·加羅，您的線路已開通。

Our next question will come from the line of Craig Hettenbach from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Craig Hettenbach。

Raj, you mentioned a few competitive wins. Can you just touch on kind of what's differentiating relative to competitors in the marketplace? And then also, any additional color on the multiple offerings? What else you see getting pulled through when customers choose to have more than one offering from you?

Raj，你提到了一些競爭性的勝利。您能談談相對於市場上競爭對手的差異化嗎？另外，多種產品還有其他顏色嗎？當客戶選擇向您購買不只一種產品時，您認為還能解決什麼問題？

Thanks, Craig. I think the core of our differentiation that we're seeing manifest in many of our platform sale deals where people are buying our Advocacy service plus other services is the differentiation associated with having physicians embedded in the care teams, number one; number two, the capacity to engage with brick-and-mortar care teams from those physician interactions to drive longitudinal care and improve the fragmentation or actually alleviate the issues, especially with fragmentation in the health care system.

謝謝，克雷格。我認為我們的差異化核心體現在我們的許多平台銷售交易中，人們購買我們的倡導服務和其他服務，這是與讓醫生融入護理團隊相關的差異化，第一；第二，透過醫生互動與實體照護團隊互動的能力，以推動縱向照護並改善片段化或實際緩解問題，特別是在醫療保健系統碎片化的情況下。

Our value proposition is built off of our incredible capabilities from an advocacy perspective that we've built over the years. Now adding the incremental services and the incremental capabilities associated with physicians, behavioral health specialists and specialists associated with our Expert Medical Opinion service.

我們的價值主張建立在我們多年來建立的從倡議角度來看令人難以置信的能力之上。現在加入與我們的專家醫療意見服務相關的醫生、行為健康專家和專家相關的增量服務和增量功能。

As it relates to the capabilities for the product offering, we're seeing strength in Advocacy. In terms of new bookings, we're seeing strength in Advocacy, Expert Medical Opinion and customers taking advantage of our Accolade Care service. And so incrementally, we mentioned in the script or in the prepared remarks earlier that an increasing number of customers is taking advantage of the trusted partner ecosystem as well.

由於它與產品的功能有關，我們看到了倡導的力量。在新預訂方面，我們看到了宣傳、專家醫療意見和客戶利用我們的 Accolade Care 服務的優勢。因此，我們在腳本或先前準備的評論中逐漸提到，越來越多的客戶也在利用值得信賴的合作夥伴生態系統。

And our next question will come from the line of Jessica Tassan from Piper Sandler.

我們的下一個問題將來自派珀·桑德勒 (Piper Sandler) 的傑西卡·塔桑 (Jessica Tassan)。

Congrats on the strong quarter. I was hoping if you could maybe clarify, are you still expecting to see core navigation ex Comcast return to about 20% growth in FY '24? And maybe just how much visibility do you have into that kind of 4Q ramp at this point? And any update on the annual growth rate for each of the businesses would be really helpful if they're changed relative to prior expectations.

恭喜季度表現強勁。我希望您能澄清一下，您是否仍然期望看到康卡斯特的核心導航在 24 財年恢復到 20% 左右的增長？也許此時您對第四季的成長有多少了解？如果每項業務的年增長率相對於先前的預期有所變化，那麼任何更新都會非常有幫助。

Hi Jess, this is Steve. So first of all, with respect to fiscal 2024. Yes, we're still expecting that the growth rate overall to be in that range of 20%, 21% at the midpoint for the year and lining up around the offerings where Advocacy would be in the neighborhood of 20%, growth rate and EMO or the Expert Medical Opinion offering in the range of 20% as well and the virtual primary care business growing a bit faster than that.

嗨，傑西，我是史蒂夫。首先，就 2024 財年而言。是的，我們仍然預計今年中點的整體成長率將在 20% 至 21% 的範圍內，並與倡導服務的產品保持一致增長率在20% 左右，EMO 或專家醫療意見服務的成長率也在20% 左右，虛擬初級保健業務的成長速度比這要快一些。

We've got good visibility to that number. As Raj mentioned in his prepared remarks, the selling season has been -- the demand environment is strong -- selling season. We've had several good wins. Selling season continues right through here, but we've got good visibility to that for the end of this fiscal year and then visibility towards our 20% long-term growth rate that we've spoken about for next year, in particular.

我們對這個數字有很好的了解。正如 Raj 在他準備好的演講中提到的那樣，銷售季節一直是——需求環境強勁——銷售季節。我們取得了幾場不錯的勝利。銷售旺季一直持續到這裡，但我們對本財年末的銷售旺季有很好的了解，尤其是我們談到的明年 20% 的長期成長率。

And our next question will come from the line of Jailendra Singh from Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Jailendra Singh。

Congratulations on a strong quarter. I just want to go back to the selling season commentary. We have heard this year that there has been some delay in employer decision-making in terms of deciding on benefits for next year. Just curious if you have seen anything on that line among your client base or just the market in general.

恭喜季度表現強勁。我只想回到銷售季評論。今年我們聽說雇主在決定明年的福利方面出現了一些延遲。只是好奇您是否在您的客戶群或整個市場中看到類似的情況。

And related to that, clearly addressing the GLP-1 medications demand is on top of mind for most employers. So are you seeing that outsized piece of wallet or mind share impacting the discussion on other areas in any way? Clearly, new client wins for you guys don't seem to reflect any impact, but just curious your thoughts on both the items.

與此相關的是，明確解決 GLP-1 藥物需求是大多數雇主的首要任務。那麼，您是否看到巨大的錢包或思想份額以任何方式影響其他領域的討論？顯然，你們贏得的新客戶似乎並沒有反映出任何影響，而只是好奇你們對這兩個項目的想法。

Yes. Jailendra, I think, one, we're continuing to see a strong demand environment. We're continuing to see customers who buy for the 3 core reasons that they've always purchased solutions -- our solutions.

是的。 Jailendra，我認為，第一，我們將繼續看到強勁的需求環境。我們不斷看到客戶出於 3 個核心原因而購買解決方案——我們的解決方案。

First, they desire to control trend line; second, they desire to improve the employee experience; and third, they desire to improve outcomes as it relates to health care outcomes for their employees.

首先，他們渴望控制趨勢線；其次，他們希望改善員工體驗；第三，他們希望改善與員工醫療保健結果相關的結果。

The commentary on GLP-1 is actually tied pretty nicely into that in many ways, Jailendra. Meaning what our employees definitely experiencing is this idea that a new medication that's come on to the market that's driving health care costs. They've got to adjust both from a policy perspective and understand how they're going to apply the appropriate clinical rigor, to get the outcomes that they want and to drive the value for their employees that's necessary, while controlling costs.

Jailendra，對 GLP-1 的評論實際上在許多方面都與此緊密相關。這意味著我們的員工肯定會經歷這樣一種想法：市場上出現的一種新藥物會推高醫療成本。他們必須從政策角度進行調整，並了解如何應用適當的臨床嚴謹性，以獲得他們想要的結果，並為員工帶來必要的價值，同時控製成本。

And so we think in some ways -- absolutely, it's driving an incremental spend, which employers are going to have to fund from somewhere. But incrementally, it actually drives real demand for services like ours. I'll use this opportunity as a moment to defer to our Chief Health Officer, Shantanu Nundy, to talk a little bit about our clinical view on how to drive value for corporations as it relates to GLP-1 and the cost of GLP-1. Shantanu?

因此，我們認為，從某些方面來說，這絕對會推動增量支出，而雇主將不得不從某個地方為此提供資金。但逐漸地，它實際上推動了對像我們這樣的服務的實際需求。我將利用這個機會聽取我們的首席衛生官 Shantanu Nundy 的意見，談談我們對如何為企業推動價值的臨床觀點，因為它與 GLP-1 和 GLP-1 的成本相關。山塔努？

Yes, absolutely, Raj. Jailendra, always good to hear from you and a fantastic question. Yes, I think the key that we're hearing from employers, and I think for me is a practicing physician makes sense clinically, is that we want to use the demand for GLP-1 to really create a much more comprehensive evaluation and a much more comprehensive plan for these members, right?

是的，絕對如此，拉吉。 Jailendra，很高興收到你的來信，這是一個很棒的問題。是的，我認為我們從雇主那裡聽到的關鍵，而且我認為對我來說，執業醫師在臨床上是有意義的，是我們希望利用GLP-1 的需求來真正創建一個更全面的評估和一個更全面的評估。為這些成員制定更全面的計劃吧？

I think too many actors in the health care system are sort of taking a patient who's interested in a GLP-1 and saying, okay, well, let me just prescribe that for you. And I think what we're able to do is we have nutritionist on our staff. We are able to -- we have mental health therapists. So some of these folks, their underlying core issue is actually not related to a metabolic issue, but much more related to their mental health.

我認為醫療保健系統中的太多參與者都會對對 GLP-1 感興趣的患者說，好吧，好吧，讓我為您開藥方。我認為我們能夠做的是我們的員工中配備營養師。我們有能力－我們有心理健康治療師。因此，其中一些人的根本核心問題實際上與代謝問題無關，而與他們的心理健康更相關。

We have people, like we alluded to in the opening remarks, who are actually just interested in addressing obesity and they're not aware of nonpharmacologic means like reversal of diabetes. And so I think our ability to be able to take them -- that moment of people's interest in sort of what's become a fad, really use that as a way to open up this much more longitudinal relationship. And then have a very broad set of clinical tools and interventions at our disposal. I think it's ultimately serving what members want and serving that employers interest in managing costs and improving outcomes.

正如我們在開場白中提到的那樣，我們有些人實際上只是對解決肥胖問題感興趣，而不了解像逆轉糖尿病這樣的非藥物手段。所以我認為我們有能力抓住它們——人們對某種已經成為時尚的事物感興趣的那一刻，真正利用它作為打開這種更縱向的關係的一種方式。然後我們就有一套非常廣泛的臨床工具和介入措施可供使用。我認為它最終是為了滿足會員的需求，並滿足雇主對管理成本和改善結果的興趣。

Our next question will come from the line of Jared Haase from William Blair.

我們的下一個問題將來自威廉布萊爾的賈里德哈斯。

Yes. This is Jared Haase on for Ryan Daniels. Two-part question here. And just sticking with the demand environment, favorability here. I'm curious if there's been any changes in terms of sort of the themes that are driving that environment? Or is it still largely focused on cost savings, just especially when we think about the expected price increases coming on next year.

是的。我是瑞恩·丹尼爾斯的賈里德·哈斯。這裡分為兩部分的問題。只要堅持需求環境，這裡的好感度就可以了。我很好奇推動該環境的主題是否有任何變化？或者它仍然主要關注節省成本，特別是當我們考慮明年預期的價格上漲時。

And then related to that, as we think about sort of your ability to communicate ROI around cost savings, is there anything that's kind of meaningfully changed in terms of how you actually communicate that with clients? Do you have any additional sort of tools in the tool bag, so to speak, to really showcase that to prospects?

與此相關的是，當我們考慮您圍繞成本節省傳達投資回報率的能力時，在您與客戶實際溝通的方式方面是否有任何有意義的改變？可以說，您的工具包中是否有任何其他類型的工具可以真正向潛在客戶展示這一點？

Thanks, Jared. As it relates to the first question, it -- certainly trend line is always an issue. What's also true and it's been -- is increasingly true, post the 2020 pandemic and shutdown is that health care is becoming increasingly complex.

謝謝，賈里德。由於它涉及第一個問題，因此趨勢線當然始終是一個問題。在 2020 年大流行和政府關閉之後，醫療保健變得越來越複雜，這也是事實，並且已經越來越真實。

And so while costs are always a driver, even before 2023, 2024 and the forecast of increased trend line, the increasing fragmentation associated with the increased point solution, fragmentation associated with the complexity of health care and the growth of third-party solutions that create that fragmentation is another real driver.

因此，儘管成本始終是一個驅動因素，甚至在2023 年、2024 年之前以及趨勢線增加的預測、與增加的點解決方案相關的日益分散、與醫療保健的複雜性相關的分散以及第三方解決方案的成長這種碎片化是另一個真正的驅動因素。

And that is a driver that points directly to solutions like ours that act as an umbrella to the health care system, [paper] over the fragmentation using tools like our average CPM team powered by physician. And so I think it's a combination of both of those things that's really driving the demand for our services and perhaps any mismatch between the demand you might be hearing about for services that are more point solution-oriented or in other categories.

這是一個直接指向像我們這樣的解決方案的驅動因素，這些解決方案充當醫療保健系統的保護傘，[論文]使用由醫生支持的普通 CPM 團隊等工具來解決碎片化問題。因此，我認為這兩件事的結合真正推動了對我們服務的需求，也許您可能聽到的對更面向點解決方案或其他類別的服務的需求之間存在任何不匹配。

As it relates to your second question, we are consistently showing our customers, our value proposition as it relates to the interventions and the engagements that we're driving, but start there, how much of their population are we engaging? The interventions that we drive on their behalf, leading to the claim savings that actually we derive on their behalf as well. And so that's been very consistent over the years, and our performance has been extraordinarily consistent as well.

由於涉及到你的第二個問題，我們不斷向客戶展示我們的價值主張，因為它與我們正在推動的干預措施和參與有關，但從這裡開始，我們與他們的人口有多少接觸？我們代表他們採取的干預措施，實際上也代表他們節省了索賠費用。因此多年來一直非常穩定，我們的表現也非常穩定。

Our next question will come from the line of Gregn (sic) [Glen] Santangelo from Jefferies.

我們的下一個問題將來自 Jefferies 的 Gregn（原文如此）[Glen] Santangelo。

Steve, I have to follow up with you on a couple of financial questions. When we look at your long-term guidance that you provided, that 5-year look out to fiscal '29, I think the assumption was, right, you're assuming 20% compounded annual revenue growth getting to a 10% to 15% margin in that year.

史蒂夫，我必須跟進你的幾個財務問題。當我們查看您提供的長期指導（即 29 財年的 5 年展望）時，我認為您的假設是正確的，您假設年複合收入增長率為 20%，達到 10% 至 15%當年的利潤。

Should we assume that the progression to get there will be somewhat linear? And is it also a fair assumption to assume that your cash flow will somewhat equate to your adjusted EBITDA, similar to maybe how it's trended this year? And I guess the reason I'm asking right is because I think, as you mentioned in your prepared remarks, you said the converts are only 2.5 years away into 2026.

我們是否應該假設實現這一目標的進程在某種程度上是線性的？假設您的現金流量在某種程度上等於調整後的 EBITDA（與今年的趨勢類似），這也是一個公平的假設嗎？我想我問得對的原因是因為我認為，正如您在準備好的發言中提到的，您所說的轉變距離 2026 年只有 2.5 年了。

And basically, the amount of converts are almost exactly equal with the cash that you have and those converts are trading somewhere in the low 80s. And so I'm kind of curious as to what the plan is and how we think about profitability and cash generation in the next kind of couple of years to prepare to basically refinance or do something with those converts? Sorry, a lot of questions here. My bad, I'll stop.

基本上，皈依者的數量幾乎與你擁有的現金完全相等，而這些皈依者的交易價格在 80 多歲左右。所以我有點好奇這個計劃是什麼，以及我們如何考慮未來幾年的盈利能力和現金生成，以準備基本上再融資或對這些轉換者做些什麼？抱歉，這裡有很多問題。我的錯，我會停下來。

Yes, yes. But all closely tied together. So I appreciate -- I'll kind of wrap them altogether, Glen. First of all, you have it right that, that 20% growth rate CAGR that we're seeing is all based upon the demand environment and our execution over the past several years and what we're seeing, as Raj was just describing.

是的是的。但所有這些都緊密地聯繫在一起。所以我很感激——我會把它們完全包裹起來，格倫。首先，你說得對，我們看到的 20% 的複合年增長率完全基於需求環境和我們過去幾年的執行情況以及我們所看到的，正如 Raj 剛才所描述的那樣。

And so we're expecting that to continue, call it, over that foreseeable future, particularly that 5-year period you talked about, which is back in our Investor Day back in May, we laid out that path to 20% growth towards $1 billion. And fairly linear projection is how our progression is how we're thinking about that EBITDA bottom line as we break through into next year in the positive territory there and adjusted EBITDA. Our guidance is in the range of 2% to 4% of revenue and would expect as we always do, balancing growth with profitability as we've done historically on our way to breakeven and into profitability.

因此，我們預計這種情況將在可預見的未來繼續下去，特別是您提到的 5 年期間，即 5 月份投資者日，我們制定了實現 20％ 增長至 1 美元的道路十億。相當線性的預測是，當我們進入明年的正值區域並調整 EBITDA 時，我們的進展是如何考慮 EBITDA 底線的。我們的指導範圍是收入的 2% 至 4%，並且會像我們一貫所做的那樣，平衡增長與盈利能力，就像我們歷史上在實現盈虧平衡和盈利的過程中所做的那樣。

And then going forward, there's a big opportunity in front of us, so we want to make sure we invest accordingly, which we will do, but also drive profitability on that path. As to your other part of your question around free cash flow and balance sheet, yes, we would expect free cash flow to be within range of adjusted EBITDA. There are always puts and takes around working capital timing. But the CapEx on the business is fairly modest.

展望未來，我們面前有一個巨大的機會，因此我們希望確保我們進行相應的投資，我們將會這樣做，但同時也會提高這條道路上的盈利能力。至於您關於自由現金流和資產負債表的問題的其他部分，是的，我們預計自由現金流將在調整後的 EBITDA 範圍內。營運資金的時間安排總是存在一些變化。但該業務的資本支出相當有限。

Typically, a few million dollars a year or a percentage point or 2 of revenue, and that's usually with respect to things like capitalized software and normal kind of workstation CapEx for employees, but that's really the extent of it.

通常情況下，每年幾百萬美元或收入的一個百分點或兩個百分點，這通常涉及資本化軟體和員工正常類型的工作站資本支出，但這實際上就是它的範圍。

With respect to the balance sheet, you're right, we've got about $292 million in cash on the balance sheet as we ended the August quarter. The converts are due in 2.5 years in August of 2026. And we would expect by that time to be well into cash flow-positive and have a lot of optionality around whether we pay it down in part or in full or refinance it.

關於資產負債表，你是對的，截至 8 月季度結束時，我們的資產負債表上有大約 2.92 億美元的現金。轉換計畫將於 2.5 年後（即 2026 年 8 月）到期。我們預計到那時我們將充分實現正現金流，並且無論我們是否部分或全部償還債務或進行再融資，都有很多選擇餘地。

We'll certainly be looking about that and talking about with investors over the coming quarters. As that becomes closer, but we feel we'll have lots of optionality around that as we break through into cash flow positive and profitability.

我們肯定會在未來幾季關注這一問題並與投資者討論。隨著這一目標變得越來越接近，但我們認為，當我們突破正現金流和獲利能力時，我們將有很多選擇。

Our next question will come from the line of Allen Lutz from Bank of America.

我們的下一個問題將來自美國銀行的艾倫·盧茨（Allen Lutz）。

One for Raj or Steve. Raj, you talked about the rapidly growing health plan channel, is there a way to frame how much of the 19% growth you saw in the quarter is coming from the Health Plan channel? And then, I guess, over time, is the expectation that, that's going to grow as a percentage of growth, and then one for Steve.

一份給拉傑或史蒂夫。 Raj，您談到了快速增長的健康計劃管道，有沒有辦法確定您在本季度看到的 19% 增長中有多少來自健康計劃管道？然後，我想，隨著時間的推移，人們預計，這將按照增長的百分比增長，然後是史蒂夫的增長百分比。

I guess is there anything to call out related to the GLP-1 dynamic and why GLP-1-related activity declined quarter-over-quarter?

我想有什麼與 GLP-1 動態相關的事情需要指出嗎？為什麼 GLP-1 相關活動會逐季度下降？

Yes, sure. On the first question, associated with breaking out health plan new bookings versus our employer or government new bookings. We haven't broken them out that way, Allen. What I will say is when we talk about the announcement of a new partner like we talked about today, what we're really talking about is the expansion of our TAM, new opportunities to go into a health plan book of business, in this case, for Advocacy, Care and our Expert Medical Opinion capabilities.

是的，當然。關於第一個問題，與打破健康計畫的新預訂與我們的雇主或政府的新預訂有關。艾倫，我們還沒有這樣分解它們。我要說的是，當我們像今天討論的那樣談論新合作夥伴的宣佈時，我們真正談論的是 TAM 的擴展，以及進入健康計劃業務的新機會，在這種情況下，用於宣傳、護理和我們的專家醫療意見能力。

And that opportunity manifests over quarters and years, and we expect that we're really excited about this particular opportunity, more to come in terms of commentary around that TAM in future quarters. We would expect over time absolutely, that the health plan channel, which was relatively nascent, if you knew our company 4 years ago, there wasn't much of a health plan channel in terms of our go-to-market motion today.

這個機會會在幾個季度和幾年內顯現出來，我們預計我們會對這個特殊的機會感到非常興奮，並且在未來幾個季度中圍繞 TAM 的評論將會出現更多。隨著時間的推移，我們絕對會期望健康計劃管道相對較新，如果您四年前就了解我們公司，那麼就我們今天的上市動議而言，沒有太多健康計劃管道。

If you look across our book of business, it's a pretty material part of how we go forward and we're -- and we believe we're competing very effectively in terms of winning new opportunities to approach health plan books of business. So yes, we expect it to be a growing percentage of our new bookings in years ahead. Steve, do you want to grab the GLP-1?

如果你瀏覽我們的業務手冊，你會發現這是我們前進的一個非常重要的部分，而且我們相信，我們在贏得接觸健康計劃業務手冊的新機會方面正在非常有效地競爭。所以，是的，我們預計未來幾年它在我們的新預訂中所佔的比例將會不斷增長。史蒂夫，你想拿到 GLP-1 嗎？

Sure. And Allen, to your question about GLP-1, both Raj and I had some elements of comments in here that, overall, this has been a driver of interest and strength around our -- particularly around our primary care capabilities as consumers and employees of our commercial customers have inquired about and sought advice and prescriptions for that.

當然。艾倫，對於你關於GLP-1 的問題，拉吉和我在這裡都有一些評論，總的來說，這一直是我們的興趣和力量的驅動力——特別是我們作為消費者和員工的初級保健能力。我們的商業客戶對此進行了詢問並尋求建議和處方。

We had quite a big surge for it in Q1. Growth continues there, but not quite at that same level. So as in Q2, as we have read, I think even perhaps in one of your pieces recently about some supply constraints happening that may affect some of those prescriptions and for [ask] visits.

我們在第一季出現了相當大的成長。那裡的增長仍在繼續，但並不完全達到同樣的水平。正如我們所讀到的，正如第二季度一樣，我認為甚至可能在您最近的一篇文章中提到發生的一些供應限制可能會影響其中一些處方和[詢問]就診。

But I think what we are really positive about here as we think about the strength of the performance of the company on the back of a diversified platform. That in any given quarter is not dependent upon outsized growth in any one of those. Importantly, the Advocacy offering continues to grow at attractive rates seen with Expert Medical Opinion and primary care, all growing along the lines of those growth rates we outlined in the past and certainly in depth on our Investor Day. So that's a bit about what we're seeing specifically with GLP-1, in terms of financially and more broadly across the platform.

但我認為，當我們考慮公司在多元化平台的支持下的業績實力時，我們真正對此感到樂觀的是。在任何特定季度，這並不依賴其中任何一個的超額成長。重要的是，倡導服務繼續以專家醫療意見和初級保健的有吸引力的速度增長，所有這些增長都沿著我們過去概述的增長率，當然也在投資者日進行了深入的探討。這就是我們在 GLP-1 方面所看到的具體情況，無論是在財務方面還是在整個平台上更廣泛的方面。

Our next question will come from the line of Jeff Garro from Stephens. Jeff, your line is open. You may be on mute.

我們的下一個問題將來自史蒂芬斯的傑夫加羅。傑夫，您的線路已開通。您可能處於靜音狀態。

Our next question will come from the line of David Larsen from BTIG.

我們的下一個問題將來自 BTIG 的 David Larsen。

Can you give a little bit of color around your ACV, or annual contract value in your pipeline? I think it came in at $309 million at the end of the last fiscal year. So if we increase that by 20%, should we expect $371 million for fiscal '24?

您能否對您的 ACV 或管道中的年度合約價值進行一些說明？我認為上一財年末的營收為 3.09 億美元。那麼，如果我們將其增加 20%，我們是否應該預期 24 財年的營收將達到 3.71 億美元？

And then your bookings, I think, were trending at around $70 million annually. Should we expect that number to be like $84 million for fiscal '24 annually? Which would be up 20%. Just any color there would be very helpful.

我認為，您的每年預訂量趨勢約為 7000 萬美元。我們是否應該預期 24 財年的數字約為每年 8,400 萬美元？這將上漲 20%。任何顏色都會非常有幫助。

I'll kick it off, Raj,and feel free to jump in. Of course, Dave. So with respect to bookings, Raj talked about selling season. The fact is we're right in the midst of selling season right now and continuing to close deals around that. But -- you're right in the data you're quoting as far as end of year or last year, ACV and ARR, but we report out on those at the end of the fiscal year.

我會開始，拉吉，然後隨意加入。當然，戴夫。因此，在預訂方面，拉吉談到了銷售季節。事實上，我們現在正處於銷售季節，並繼續圍繞該季節完成交易。但是，您引用的截至年底或去年的 ACV 和 ARR 數據是正確的，但我們在財政年度結束時報告了這些數據。

So we'll come back to you, given that those are key metrics that we hit in the fourth quarter call. But in terms of color, as we both were commenting on in various ways, got good visibility towards our current year outlook in terms of our guidance for the year and towards that 20% top line growth rate, that we've been speaking about consistently.

因此，考慮到這些是我們在第四季度電話會議中達到的關鍵指標，我們會再聯絡您。但就顏色而言，正如我們都以各種方式評論的那樣，我們對今年的展望以及我們一直在談論的 20% 的營收成長率有了很好的了解。

Our next question will come from the line of Stan Berenshteyn from Wells Fargo.

我們的下一個問題將來自富國銀行的 Stan Berenshteyn。

Maybe sticking with virtual primary care. Can you share what percent of new PlushCare members in the quarter joined as a result of those members seeking GLP-1-related care?

也許堅持虛擬初級保健。您能否分享本季新加入的 PlushCare 會員中因尋求 GLP-1 相關護理而加入的百分比是多少？

And we haven't -- we haven't broken out membership by conditions that they're seeking. What we can tell you what we talked about in the past quarters is that a double-digit percentage of those business came from or were associated with GLP-1 or weight loss, and that trend continued into this quarter.

我們還沒有——我們還沒有按照他們所尋求的條件來打破會員資格。我們可以告訴您的是，我們在過去幾季中討論過的是，這些業務中有兩位數的百分比來自GLP-1 或減肥或與GLP-1 或減肥相關，這種趨勢持續到本季度。

And our next question will come from the line of Robert Simmons from D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Robert Simmons。戴維森。

Can you talk a bit about the kind of the ramp and traction that you're seeing with virtual primary care and with taking plush to the enterprise?

您能談談您在虛擬初級保健和為企業帶來的好處方面所看到的成長和吸引力嗎？

Yes, absolutely. Happy to. I think which -- one of the parts of the business that when we took Accolade Care or taking PlushCare to the enterprise as you put it in -- last year that we were most excited about the opportunity to go live with, call it, 0.5 million people or so at the beginning of the year.

是的，一點沒錯。高興。我認為，當我們去年將 Accolade Care 或 PlushCare 引入企業時，我們最興奮的是其中一個業務部分，即 0.5年初時約有 10 萬人。

What we're seeing, and I'll give Dr. Nundy an opportunity to weigh in here as well. What we're seeing is, first, that not only do we go live with that base, but that we saw the kind of utilization that we would expect on that base, in the first 7, 8 months since we've gone live.

我們所看到的，我也會給 Nundy 博士一個表達意見的機會。首先，我們看到的是，我們不僅在該基地上投入使用，而且在我們投入使用後的前 7、8 個月內，我們還看到了我們對該基地所期望的利用率。

The second thing we learned a lot. We learned a lot about incremental ways in which people were engaging with our solution which has led us to really refine our value proposition associated with physicians being embedded in our Advocacy Care teams. And the reason for that is just the use cases that customers and members are identifying through their usage that we're really excited about. Shantanu, would you like to add a little bit more color there?

第二件事我們學到了很多。我們學到了很多關於人們參與我們的解決方案的漸進方式，這使我們真正完善了與醫生融入我們的倡導護理團隊相關的價值主張。原因在於客戶和會員透過他們的使用來識別我們真正感到興奮的用例。 Shantanu，你想在那裡添加一點顏色嗎？

Yes, absolutely. And such a great question. Yes. I mean, just to give a couple of clinical examples of areas where like Raj alluded to, I mean I think we anticipated -- we know that 20%, 30% of Americans don't have primary care physicians, and we -- that our solution -- because we're delivering primary care virtually, comprehensively would be a great option for them.

是的，一點沒錯。這是一個很好的問題。是的。我的意思是，只是舉幾個像 Raj 提到的領域的臨床例子，我的意思是我認為我們預計 - 我們知道 20%、30% 的美國人沒有初級保健醫生，而我們 -我們的解決方案——因為我們正在虛擬、全面地提供初級保健，這對他們來說是一個不錯的選擇。

I think some of the learnings beyond that was we started seeing members who have primary care physicians, but just weren't able to access them or weren't able to get sort of the solutions from those primary care physicians, come to us. So one example is patients being discharged from the hospital. It's very well studied that patients get better outcomes if they see their PCP within 48 hours of discharge from the hospital, but because of the access issues, a lot of times people weren't able to see their doctors in that shorter period of time.

我認為除此之外的一些教訓是，我們開始看到那些擁有初級保健醫生但無法聯繫到他們或無法從這些初級保健醫生那裡獲得某種解決方案的會員來找我們。一個例子是病人出院。充分研究表明，如果患者在出院後 48 小時內去看 PCP，他們會得到更好的治療結果，但由於獲取問題，很多時候人們無法在這麼短的時間內去看醫生。

And so our physicians were able to see those members right in that critical moment. And I think resulting in downstream reductions and things like readmissions. A second example is pretty commonly members can't get in to see their physicians around a time where they need to refill. And we're finding that that's an opportunity to actually talk to those members about the chronic conditions that they're getting the refill for and inform them about some of the trusted partners that we have that can also help complement sort of the pharmacologic option.

因此，我們的醫生能夠在關鍵時刻看到這些成員。我認為這會導致下游的減少和重新入院等事情。第二個例子是，會員通常無法在需要補充藥物的時間去看醫生。我們發現這是一個機會，可以與這些會員真正討論他們正在接受補充的慢性病，​​並向他們介紹我們擁有的一些值得信賴的合作夥伴，這些合作夥伴也可以幫助補充某種藥物選擇。

So just some examples of where we're able to drive value for employers and sort of those moments of need. And really lean into that sort of physician-led advocacy approach.

這裡僅舉一些例子，說明我們能夠在哪些方面為雇主創造價值，以及在哪些需要的時刻。並且真正傾向於那種由醫生主導的倡導方法。

And our next question comes from the line of Jack Wallace from Guggenheim Partners.

我們的下一個問題來自古根漢合夥人公司的傑克華萊士。

You got some of the beat. Speaking of the beat, you beat by more than the $2 million pull forward, but you kept the full year guidance. I'm just wondering if you could help us think about the kind of the buckets of where the -- you can end up in the higher end of the range or the lower end of the range, just thinking of whether it's the performance guarantees new wins?

你有一些節拍。說到節奏，您超出了 200 萬美元的預期，但保留了全年指導。我只是想知道您是否可以幫助我們考慮一下您最終可以處於範圍的高端或範圍的低端，只需考慮性能是否能保證新的贏了？

Or even some of the utilization fees and those assumptions in the back half of the year? And on that point, just how much of that might be a swing factor related to the GLP-1 space.

甚至是下半年的一些使用費和這些假設？在這一點上，其中有多少可能是與 GLP-1 空間相關的搖擺因素。

Jack, it's Steve. So you're right, we beat the range by a little bit more than the performance guarantee beat. Remember, just walking you back a quarter ago, we raised guidance last quarter.

傑克，這是史蒂夫。所以你是對的，我們超出了範圍，比性能保證超出了一點。請記住，就在一個季度前，我們提高了上季的指導。

We're reaffirming that guidance as we're here moving through selling season and driving growth across the business as we head into the back half of the year. certainly, the variables on the business are around the items you talked about virtual primary care, utilization and EMO utilization in PG we factor into our guidance, historical performance. And what we're seeing this year as well into the guidance and have good confidence in that number. And we'll certainly report back on how we progress there. But the important point here is that we raised guidance last quarter, and we're reaffirming that today.

我們正在重申這項指導方針，因為我們正在經歷銷售季節，並在進入今年下半年時推動整個業務的成長。當然，業務上的變數圍繞著您談到的虛擬初級保健、PG 中的利用率和 EMO 利用率的項目，我們將其納入我們的指導和歷史業績中。我們今年也看到了指導意見，並對這個數字充滿信心。我們一定會報告我們在這方面的進展。但這裡重要的一點是，我們上季度提高了指導意見，今天我們重申了這一點。

Our next question will come from the line of John Pinney from Canaccord Genuity.

我們的下一個問題將來自 Canaccord Genuity 的 John Pinney。

John Pinney on for Richard Close. Congrats on the quarter. I guess going back to virtual primary care, is that 20%, 21% that you're calling for in guidance? Is that like consistent across commercial and consumer is it like commercial kind of coming off a smaller base, is it going to be bigger? Any color around that would be great.

約翰·平尼 (John Pinney) 替補理查德·克洛斯 (Richard Close)。恭喜本季。我想回到虛擬初級保健，您在指導中要求的是 20%、21% 嗎？這在商業和消費者領域是否一致，是否像商業類從較小的基礎發展出來的，它會更大嗎？周圍的任何顏色都會很棒。

Sure. So first of all, the 20% to 21% growth rate that's for the entire business, the way to think about that is that we've got the 3 different offerings that are driving growth in the business.

當然。首先，整個業務的成長率為 20% 到 21%，思考這個問題的方法是，我們有 3 種不同的產品來推動業務成長。

The Advocacy business itself is -- will be in the neighborhood of 20% and virtual primary care business growing faster than 20%. And the enterprise primary care will be growing quite a bit faster than that, but it's off of a small base because we're in our first year there. So when you take that together with the consumer business, you put those together, it's growing faster than that, call it, mid-20s and then Expert Medical Opinion offering growing in the neighborhood of 20%. So all of that together gets you to that about 20% to 21% growth for this year with the virtual premier care business growing a bit faster than that.

倡導業務本身將成長 20% 左右，而虛擬初級保健業務的成長速度將超過 20%。企業初級保健的成長速度將比這快得多，但基礎很小，因為我們正處於第一年。因此，當你將其與消費者業務放在一起時，你會發現它的成長速度比這更快，稱之為 20 多歲，然後專家醫療意見服務成長了 20% 左右。因此，所有這些加在一起將使您今年實現約 20% 至 21% 的成長，其中虛擬高級護理業務的成長速度比這要快一些。

And our next question will come from the line of Ryan MacDonald from Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Ryan MacDonald。

Maybe just to touch on the T-5 contract. I mentioned that you're still awaiting the decision on the Health Net appeal here. But given that the Congressional Research Service had provided an updated time line now, does that give you any increased confidence on we're sort of nearing a conclusion, [when] you're actually going to get a final decision on the appeal and that we can start moving forward with this process?

也許只是觸及 T-5 合約。我曾提到您仍在等待健康網上訴的決定。但鑑於國會研究服務處現在提供了更新的時間表，這是否會讓您對我們即將得出結論更有信心，[當]您實際上將對上訴做出最終決定時我們可以開始推進這個過程嗎？

Ryan, there's one thing certain. We know this can't last forever. We expect to see a conclusion to the appeals process and -- but I would expect it to be a reasonable time frame call it -- over the course of the next 3 to 6 months.

瑞安，有一件事是確定的。我們知道這不會永遠持續下去。我們預計上訴程序會在接下來的 3 到 6 個月內得出結論，但我希望這是一個合理的時間框架。

As the government has proven over the course of the last year, it's difficult to bank on those types of time lines, even though there is expressions of a desire to get to the NPA appeals process. But yes, we'd agree, we'd expect over the course of the next 6 months or so that we're going to get to some sort of conclusion and that -- at that point, we're going to be in a place where we're well positioned to grow our business within the government.

正如政府在去年所證明的那樣，儘管有人表示希望進入 NPA 上訴程序，但很難指望這些類型的時間表。但是，是的，我們同意，我們預計在接下來的 6 個月左右的時間裡，我們將得出某種結論，並且 - 到那時，我們將處於一個我們有能力在政府內部發展我們的業務。

And I'm not showing any further questions in the queue. With that, I'll turn the call back over to Rajeev Singh for any closing remarks.

我不會在隊列中顯示任何其他問題。接下來，我會將電話轉回拉吉夫辛格 (Rajeev Singh)，讓其結束語。

I appreciate everyone being here. Thanks for the time, and we look forward to talking with you next quarter.

我很感謝大家來到這裡。感謝您抽出時間，我們期待下個季度與您交談。

And this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。

Good bye.

再見。