Accolade Inc (ACCD) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Accolade, first quarter 2025 earnings results conference call.

歡迎參加 Accolade 2025 年第一季財報電話會議。

(operator instructions)

（操作員說明）

I would now like to turn the call over to Todd Friedman.

我現在想把電話轉給托德·弗里德曼。

Sir, you may begin.

先生，您可以開始了。

Thanks, operator.

謝謝，接線生。

Welcome, everyone, to our fiscal first quarter earnings call.

歡迎大家參加我們第一財季的財報電話會議。

With me on the call today are Chief Executive Officer, Rajeev Singh, our Chief Financial Officer, Steve Barnes.

今天與我一起參加電話會議的是執行長拉吉夫辛格 (Rajeev Singh) 和財務長史蒂夫巴恩斯 (Steve Barnes)。

Before I turn the call over to Rajeev, please note that we'll be discussing certain non-GAAP financial measures that we believe are important to evaluating our company's performance.

在我將電話轉給 Rajeev 之前，請注意，我們將討論某些我們認為對評估我們公司業績非常重要的非 GAAP 財務指標。

Details of the relationship between these non-GAAP measures, the most comparable GAAP measures, the reconciliations thereof can be found in the press release that's posted on our website.

有關這些非 GAAP 衡量標準、最具可比性的 GAAP 衡量標準及其調節之間關係的詳細信息，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 in the Private Securities Litigation Reform Act of 1995.

另請注意，本次電話會議中所做的某些陳述將屬於 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

Such forward-looking statements are subject to risks, uncertainties, other factors that could cause the actual results for Accolade to differ materially from those expressed or implied in this call.

此類前瞻性聲明受到風險、不確定性和其他因素的影響，這些因素可能導致 Accolade 的實際結果與本次電話會議中明示或暗示的結果有重大差異。

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.

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。

With that, I'd like to turn the call over to Rajeev.

說到這裡，我想把電話轉給拉吉夫。

We continue to operate in a large market with an opportunity to grow at attractive rates.

我們繼續在一個巨大的市場中運營，並有機會以有吸引力的速度成長。

Customers continue to find tangible value in the services that we deliver.

客戶不斷在我們提供的服務中發現有形的價值。

For the market leader in our category and our objective is to create long-term value for our customers, partners, employees and shareholders by adapting our strategy and the best interests of that objective.

作為我們類別的市場領導者，我們的目標是透過調整我們的策略和實現該目標的最佳利益，為我們的客戶、合作夥伴、員工和股東創造長期價值。

With that in mind, this quarter, we've adjusted our revenue expectations for the year while maintaining our adjusted EBITDA outlook.

考慮到這一點，本季我們調整了今年的營收預期，同時維持調整後的 EBITDA 前景。

Our rationale is simple.

我們的理由很簡單。

We recognize current financial market factors and the need for reliable bottom line's earnings, bottom-line earnings forecasts.

我們認識到當前的金融市場因素以及可靠的獲利底線和獲利預測的必要性。

With today's guidance, we're creating a higher level of certainty on profitability while maintaining an attractive growth rate and the upside for our market.

根據今天的指導，我們正在創造更高水準的獲利確定性，同時保持有吸引力的成長率和市場的上行空間。

More details on the specific specifics in C-section later in this call.

稍後將在本次電話會議中詳細介紹剖腹產的具體細節。

Here's what you should take away from today's call.

以下是您應該從今天的電話會議中獲得的資訊。

First, we're de-risking our business while maintaining attractive growth rates in our market, improving sight lines to our profitability objectives and positioning ourselves well for the long term.

首先，我們正在降低業務風險，同時保持市場有吸引力的成長率，改善我們對獲利目標的視線，並為自己做好長期定位。

Second, by aligning this way, we give ourselves greater certainty on our out year profitability and cash flows as well.

其次，透過這種方式調整，我們對全年的獲利能力和現金流也有了更大的確定性。

We plan to give you more depth on our long-term plan in an Analyst Day later this year.

我們計劃在今年稍後的分析師日向您提供有關我們長期計劃的更多深入資訊。

Third, the category of personalized health care build off of and advocacy platform is now well-established in the marketplace.

第三，基於倡導平台的個人化醫療保健類別現已在市場上確立。

Demand continues to be strong.

需求持續強勁。

It is true in every new market.

每個新市場都是如此。

As you past the point of category creation market leaders are established with Advantage accruing to leaders.

當你過了品類創建階段後，市場領導者就會建立起來，領導者的優勢也會跟著增加。

I believe we're the first and only company in our category to reach the public markets.

我相信我們是該類別中第一家也是唯一一家進入公開市場的公司。

We are now demonstrating scale and growth and profitability that reinforces our standing as a leader in the market moving forward.

我們現在展示的規模、成長和獲利能力，鞏固了我們作為市場領導者的地位。

Establishing a new market and cementing a leadership position in health care services is a messy business and not every company chooses the same path or the same discipline, but history dictates that those companies that choose extraordinary focus on their customers, smart growth tactics and scalable profitability always emerge as the winners.

建立新市場並鞏固醫療保健服務領域的領導地位是一項混亂的業務，並非每家公司都會選擇相同的道路或相同的學科，但歷史表明，那些選擇特別關注客戶、明智的成長策略和可擴展獲利能力的公司總是成為贏家。

Finally, as I mentioned earlier, were the next stage of building an attractive market, and we're doing so in a period of massive technological innovation, still companies better positioned than Accolade to turn generative artificial intelligence and virtual services by primary care, expert medical opinion, and a trusted partner platform into a mainstay of how healthcare is delivered in the years ahead.

最後，正如我之前提到的，下一階段是建立一個有吸引力的市場，我們是在大規模技術創新的時期這樣做的，但公司仍然比Accolade 更有能力將初級保健、專家提供的生成人工智慧和虛擬服務轉變為人工智慧和虛擬服務。

I'll now hand it over to Steve for the financial details, and I'll return shortly for closing remarks.

我現在將把財務細節交給史蒂夫，我很快就會回來發表結束語。

Thanks, Raj.

謝謝，拉吉。

I'll recap fiscal Q1 results and then comment on our forward guidance.

我將回顧第一季財報，然後評論我們的前瞻性指引。

In fiscal Q1, we generated approximately $110.5 million in revenue, representing 18% growth over Q1 fiscal 24.

在第一財季，我們創造了約 1.105 億美元的收入，比 24 財年第一季成長了 18%。

The outperformance in Q1 was largely driven by timing of revenue recognition.

第一季的優異表現很大程度上是由收入確認的時間所推動的。

Excluding that timing impact, Q1 revenue was within the guidance range, we previously provided.

排除時間影響，第一季收入處於我們先前提供的指導範圍內。

That revenue recognition timing also had a corresponding positive impact from adjusted EBITDA and adjusted gross margin.

此收入確認時間也對調整後的 EBITDA 和調整後的毛利率產生了相應的正面影響。

With that adjusted EBITDA loss for the quarter was $3.3 million.

經調整後，本季 EBITDA 損失為 330 萬美元。

Adjusted gross margin increased to 47.8% from 43.5% in the prior year.

調整後毛利率從上年的43.5%增加至47.8%。

Turning to the balance sheet, cash, cash equivalents and marketable securities totaled $231 million at the end of the first fiscal quarter.

就資產負債表而言，第一財季末現金、現金等價物及有價證券總計 2.31 億美元。

Our cash balance, combined with our turn to profitability, continue to provide us confidence in the strength of our balance sheet and plan to manage our convertible notes, which mature in April 2026.

我們的現金餘額加上我們的獲利能力，繼續讓我們對資產負債表的實力充滿信心，併計劃管理將於 2026 年 4 月到期的可轉換票據。

Now, turning to guidance, we are revising our fiscal year 2025 revenue guidance to a range of $460 million to 475 million, representing year-over-year growth in the range of 11% to 15%.

現在，轉向指導，我們正在將 2025 財年收入指引修改為 4.6 億至 4.75 億美元，年增 11% 至 15%。

We are also affirming our guidance for positive adjusted EBITDA in fiscal 2025 in the range of $15 million to $20 million.

我們也確認 2025 財政年度正調整後 EBITDA 的指引為 1,500 萬至 2,000 萬美元。

Let me take a moment to provide a few key points about the guidance.

讓我花點時間提供有關該指南的一些要點。

First, we are de-risking the revenue guide while preserving our profitability goals.

首先，我們正在降低收入指南的風險，同時保持我們的獲利目標。

We've used this word de-risking a few times today.

今天我們已經多次使用「去風險」這個詞。

So let me be clear about what we're saying.

所以讓我澄清一下我們在說什麼。

The feedback from the Street was consistent last quarter that the number one thing the market will tolerate in the current environment is uncertainty.

華爾街上個季度的回饋是一致的，即市場在當前環境下所能容忍的第一件事就是不確定性。

We're reducing that uncertainty by moderating the top line while reinforcing our commitment and confidence in achieving our profitability goals.

我們正在透過調整營收來減少這種不確定性，同時加強我們對實現獲利目標的承諾和信心。

Both accurately business and the broader navigation market continue to have the potential to go faster.

準確的業務和更廣泛的導航市場都繼續有發展得更快的潛力。

So we're taking the approach to focus first on growing EBITDA and then driving incremental revenue upside as the business matures.

因此，我們採取的方法首先專注於成長 EBITDA，然後隨著業務的成熟推動增量收入的成長。

Secondly, we are taking into account a few factors in our revised guidance.

其次，我們在修訂後的指導中考慮了一些因素。

One is this focus on profitable growth.

一是對獲利成長的關注。

We are looking at all marketing spend to focus on the most profitable quarters -- to focus on the most profitable opportunities.

我們正在考慮所有行銷支出，以關注最有利可圖的季度——關注最有利可圖的機會。

In that vein, we expect to grow our consumer plus Care business, approximately 20% this year, which represents industry leading growth rates for virtual care and that's also a bit lower than what our guidance contemplated in April and will result in reduced associated marketing spend in fiscal 2025.

本著這種精神，我們預計今年的消費者加護理業務將增長約 20%，這代表了虛擬護理行業領先的增長率，也略低於我們 4 月份的指導預期，並將導致相關營銷支出減少2025 財年。

The same is true when it comes to driving increased usage base revenue for DMO and enterprise primary care.

在推動 DMO 和企業初級護理的使用基礎收入增加方面也是如此。

This is largely what we refer to as platform connected revenue and it will continue to grow faster than the overall business, but with a judicious view on balancing marketing spend against our profit objectives.

這在很大程度上就是我們所謂的平台相關收入，它將繼續比整體業務成長得更快，但我們會明智地平衡行銷支出與我們的利潤目標。

The third factor is customer mix and unit economics.

第三個因素是客戶組合和單位經濟效益。

As Raj said, the market is large, and while it is early in the traditional selling season, our pipeline remains strong.

正如 Raj 所說，市場很大，雖然現在還處於傳統銷售季節的早期，但我們的管道仍然強勁。

We recently signed a multimillion dollar advocacy field to give you a sense of the selling season is off to a good start.

我們最近簽署了價值數百萬美元的宣傳領域，讓您感覺到銷售季節已經有了一個很好的開始。

That said, we are not compelled to chase business at margin profiles that do not align with our goals for profitable growth.

也就是說，我們不會被迫追逐與我們的獲利成長目標不符的利潤率業務。

We are building for the long term and believe strongly that discipline around pricing and margins is the right way to build a healthy business.

我們著眼於長期發展，並堅信圍繞定價和利潤的紀律是建立健康業務的正確方法。

Along with those revenue factors, we continue to be laser focused on cost management, continuing the conversation we started with you a year ago, we are constantly looking at ways to improve operating efficiency, including by means of our office strategy, our use of technology and the location of our recruiting efforts.

除了這些收入因素之外，我們繼續高度關注成本管理，繼續我們一年前與您開始的對話，我們不斷尋找提高營運效率的方法，包括透過我們的辦公室策略、我們對技術的使用以及我們招聘工作的地點。

The combination of these factors and a view towards balancing growth and profitability are the underlying reasons why we are maintaining our profitability targets while moderating the revenue guide.

這些因素的結合以及平衡成長和獲利能力的觀點是我們維持獲利目標同時調整收入指引的根本原因。

Next, we are providing fiscal Q2 guidance today, of revenue in the range of $104 million to $106 million and adjusted EBITDA loss in the range of $8 million to $10 million.

接下來，我們今天提供第二季財務指引，營收在 1.04 億美元至 1.06 億美元之間，調整後 EBITDA 損失在 800 萬美元至 1,000 萬美元之間。

Note, that the previously mentioned revenue recognized -- recognition timing in Q1 is a key factor for the sequential revenue decline in Q2, along with our approach around balancing growth and profitability.

請注意，前面提到的第一季營收確認時間以及我們平衡成長和獲利能力的方法是第二季營收連續下降的關鍵因素。

Consistent with the outlook we provided in April, we expect adjusted EBITDA to be approximately breakeven in the fiscal third quarter with significant positive adjusted EBITDA in Q4, reflecting our ramp in revenue from savings PG recognition which occurs predominantly in Q4 along with revenue contributions from new customers we expect to launch in January 2025.

與我們4 月份提供的前景一致，我們預計第三財季調整後EBITDA 將大致實現盈虧平衡，第四季度調整後EBITDA 顯著為正，反映出我們主要發生在第四季度的儲蓄PG 確認收入的成長以及新業務的營收貢獻。

Finally, for your longer-term models, we recommend a mid 10s revenue growth rate while projecting the same adjusted EBITDA margin expansion of 300 basis points to 400 basis points per year that we have guided to previously.

最後，對於您的長期模型，我們建議採用 10 年代中期的收入成長率，同時預期調整後的 EBITDA 利潤率與我們先前指導的每年 300 個基點至 400 個基點相同。

With that, I'll turn the call back to Rajeev before taking questions.

這樣，我將在回答問題之前將電話轉回拉吉夫。

We existed a healthcare market that clearly requires innovative new companies and categories to deliver better health care outcomes for individuals and their families as we approach $0.5 billion in revenues and profitability from creating one of those companies and one of those categories.

我們存在一個醫療保健市場，顯然需要創新的新公司和類別來為個人及其家庭提供更好的醫療保健結果，因為我們透過創建其中一家公司和其中一個類別而獲得的收入和盈利能力接近5 億美元。

To creation stages of markets, especially in healthcare in the United States are not straight lines or necessarily smooth growth.

市場的創建階段，尤其是美國的醫療保健領域，並不是直線的，也不一定是平穩成長的。

As every entrepreneur business person knows if everything's a priority that nothing gets a priority, in markets like these, the best companies choose their priorities and execute in the face of headwinds.

每個企業家都知道，如果一切都是優先事項，那麼就沒有什麼事情可以優先考慮，在這樣的市場中，最好的公司會選擇自己的優先事項並在逆風中執行。

Steadfast in their commitment to these principles.

堅定地致力於這些原則。

Today, were choosing smart, profitable growth and certainty on the bottom line.

今天，我們選擇明智的、獲利的成長和確定性的利潤。

That approach accrued the most value to our customers, employees partners and shareholders over the long term.

從長遠來看，這種方法為我們的客戶、員工、合作夥伴和股東帶來了最大的價值。

We continue to lean forward in every way as it relates to evolving and growing our business and most importantly, for serving our members and our customers.

我們繼續在各個方面向前邁進，因為這與發展和發展我們的業務有關，最重要的是，為我們的會員和客戶提供服務。

Our investments in artificial intelligence, tightly integrated offerings and market-leading clinical quality and capabilities will continue.

我們將繼續對人工智慧、緊密整合的產品以及市場領先的臨床品質和能力進行投資。

Today.

今天。

We have more than 1,200 customers and 14 million members who rely on us to improve their health care every day.

我們擁有超過 1,200 名客戶和 1,400 萬名會員，他們每天依靠我們來改善他們的醫療保健。

We have an incredibly dedicated group of more than 2000 employees focused on creating a fundamentally improved healthcare experience for those companies and members.

我們擁有一支由 2000 多名員工組成的極其敬業的團隊，致力於為這些公司和會員創造從根本上改善的醫療保健體驗。

That focus has served us well as we've built our business over the last 15 years, and it will continue to serve us well moving forward.

在我們過去 15 年的業務發展過程中，這種專注對我們很有幫助，並將繼續對我們的未來有幫助。

With that, operator, we'll now open the call to questions.

接線員，我們現在開始提問。

(operator instructions)

（操作員說明）

Richard Close, Canaccord.

理查德·克洛斯，Canaccord。

Thanks for the questions.

感謝您的提問。

Steve, I was wondering if you can maybe go over the three reasons you called out for the lower revenue guidance, maybe a little bit more details there and ranked them in terms of the impact on the guidance.

史蒂夫，我想知道您是否可以回顧您呼籲降低收入指導的三個原因，也許有更多細節，並根據對指導的影響對它們進行排名。

And then with respect to not chasing on the advocacy side, not chasing business.

然後關於不追逐宣傳方面，不追逐業務。

Are you seeing pricing pressures there?

您是否看到那裡的價格壓力？

And maybe a little bit more detail around that comment.

也許還有關於該評論的更多細節。

I start with that answer, and then I'll turn it over to Steve to give you more depth of the P&L.

我從這個答案開始，然後我會把它交給史蒂夫，讓你更深入地了解損益表。

The first thing to point out is.

首先要指出的是。

The change in our guidance for the quarter and for the years, our choice based on our view, we look at, we're constantly assessing our strategy and evolving our strategy.

我們對本季和多年來的指導的變化，我們的選擇基於我們的觀點，我們不斷地評估我們的策略並不斷發展我們的策略。

If we look at all the constituencies of the business, customers, members, partners, employees.

如果我們看看企業的所有支持者、顧客、會員、合作夥伴、員工。

And specifically in this instance, we're talking about shareholders.

具體來說，在這種情況下，我們談論的是股東。

Last quarter, we outlined our guidance for the year and we've outlined our profitability targets for the year.

上個季度，我們概述了今年的指導方針，並概述了今年的獲利目標。

One of the things we've heard from shareholders directly in conversations with some of our shareholders as well as obviously, watching the performance of the equity over the last three months since our last earnings call was that there was concern about the top line of the business, having putting pressure on the capacity to achieve our bottom line profitability and cash flow targets.

我們在與我們的一些股東的直接對話中從股東那裡聽到的一件事是，顯然，自我們上次財報電話會議以來，觀察過去三個月的股票表現，人們對公司的營收感到擔憂。

And so we made a choice in between this call and the last call to relieve some of that pressure.

因此，我們在這次通話和最後一次通話之間做出了選擇，以減輕一些壓力。

Acknowledging we're still growing at attractive rates.

承認我們仍在以有吸引力的速度成長。

Number one number two, we're still growing in a market that we think it can support even higher growth rate.

第一第二，我們仍然在一個我們認為可以支持更高成長率的市場中成長。

And number three, we can give ourselves access or availability to upside in that plan, but ensuring that we built a plan that de-risks our capacity to achieve the bottom line.

第三，我們可以讓自己獲得該計劃的優勢，但要確保我們制定的計劃能夠降低我們實現盈利能力的風險。

Without I'll let Steve answer some questions about what specifically we did to ensure our capacity to achieve that bottom line.

如果沒有的話，我將讓史蒂夫回答一些關於我們具體做了什麼來確保我們有能力實現這一底線的問題。

So Richard, as we made that decision Raj just spoke about, we then assess where are the opportunities to take provide more certainty that our profitability.

因此，理查德，當我們做出拉吉剛才談到的決定時，我們會評估哪些機會可以為我們的獲利能力提供更多的確定性。

Remember this our 1st year breaking through into adjusted EBITDA, positive territory and growing profitably or profitable growth from here.

請記住，今年是我們突破調整後 EBITDA、正值領域並從這裡開始獲利成長或獲利成長的第一年。

So we look at it as, whereas the call at least sufficient marketing spend in particular to acquire revenue and where can we take some of that de-risk some of that top line and also ensure the bottom line.

因此，我們認為，至少要有足夠的行銷支出，特別是為了獲得收入，以及我們可以在哪裡採取一些措施來降低部分收入的風險，並確保利潤。

So when we looked at that, we looked at a few places.

所以當我們看這個的時候，我們看了幾個地方。

Number one, we looked at the DTC business, which we guided last quarter that we expect to grow, call it mid 20s or even higher 20s growth rate.

第一，我們研究了 DTC 業務，我們在上個季度指導該業務預計將成長，稱之為 20 年代中期甚至更高的成長率。

We're dialing that back closer to 20 with our guidance today that allows us to pull back on some associated marketing spend and put that towards the bottom line while we also de-risked the top line of the business.

根據今天的指導，我們將這一數字調回接近 20，這使我們能夠減少一些相關的行銷支出，並將其計入利潤，同時我們也降低了業務收入的風險。

Secondly, we talked last quarter a lot about platform connected revenues.

其次，上季我們討論了許多關於平台相關收入的問題。

Remember, those are expert medical opinion, virtual primary care and partner revenues on top of our advocacy platform.

請記住，這些是我們倡導平台之上的專家醫療意見、虛擬初級保健和合作夥伴收入。

Those revenues have been growing rapidly over the past three years and will continue to grow rapidly this year, but they do have associated spend in order to outreach to members and driving both to those certain programs.

這些收入在過去三年中一直在快速增長，今年也將繼續快速增長，但它們確實有相關支出，以便擴大會員範圍並推動這些計劃的開展。

We can similarly look at where we can dial back some spend that the margin in order to drive those revenues while still growing them attractively is there are two areas.

同樣，我們可以看看我們可以在哪些方面削減一些支出，以推動這些收入，同時仍然有吸引力地增加收入，有兩個領域。

And then to your third point around their pricing pressure in the market in large part we see prices holding up where they've been.

然後，關於市場定價壓力的第三點，我們看到價格在很大程度上保持在原來的水平。

We have seen a couple of large deals.

我們已經看到了幾筆大交易。

You've probably seen about the CalPERS deal that had a particularly aggressive pricing profile that we have discipline around where we are willing to go on deals in order to have the commitments to the business in terms of delivering value to customers and members and also the shareholders.

您可能已經看到 CalPERS 的交易具有特別激進的定價概況，我們對願意進行交易的領域有嚴格的紀律，以便在為客戶和會員以及為客戶和會員提供價值方面對業務做出承諾。

So we're maintaining all of that profile while we go after.

因此，我們在追求的過程中會保持所有這些特徵。

But in large part, the commercial market deals, we're seeing pricing be relatively steady to where it's been over the past couple of years.

但在很大程度上，在商業市場交易中，我們看到定價相對穩定於過去幾年的水平。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

A question on the platform connected revenue, usage-based fees.

關於平台的一個問題涉及收入、基於使用的費用。

Can you just talk about on this new guidance, just what your visibility is into those drivers, number one.

您能談談這個新指南嗎？

And then on the advocacy front, what are your expectations for this year and kind of on a multiyear like, what's the growth rate trending to that core business?

然後在宣傳方面，您對今年以及多年的期望是什麼，核心業務的成長率趨勢是多少？

Thanks for the question, Craig.

謝謝你的提問，克雷格。

So first of all, on the usage-based revenues, we have good visibility to those, particularly again, when we dial back the growth rate a bit.

因此，首先，在基於使用的收入方面，我們對這些收入有很好的了解，特別是當我們稍微降低成長率時。

That gives us even more confidence in being able to see those.

這讓我們更有信心能夠看到這些。

So we I think those have been growing.

所以我認為這些一直在增長。

We've mentioned in the last call, they doubled two years in a row.

我們在上次電話會議中提到，它們連續兩年翻了一番。

We expect this to continue to grow more rapidly than the rest of the business even this year.

我們預計即使在今年，該業務的成長速度也將繼續快於其他業務。

Again, when we look at that on a cohort basis, we have good visibility.

同樣，當我們以隊列為基礎來看待這一點時，我們有很好的可見性。

We know that when a new customer launches with expert medical opinion on top of an advocacy platform, for example, we can predict with relative certainty around where we'll get to in terms of our threshold in year one and year two and year three.

例如，我們知道，當新客戶在倡議平台上推出並提供專家醫療意見時，我們可以相對確定地預測第一年、第二年和第三年我們將達到的門檻。

And when we push on that for our members who need it, we can drive that growth rate higher.

當我們為有需要的會員推動這一點時，我們可以推動成長率更高。

And that's very much where I'm talking about where we can pull back a bit on the associated outreach and with risk.

這就是我所談論的，我們可以在相關的外展和風險方面稍微縮減一點。

And that's very much where I'm talking about where we can pull back a bit on the associated outreach.

這就是我所說的我們可以在相關外展方面稍微縮減的地方。

With respect to the advocacy market, again, we think of it the business overall in terms of the B2B distribution channel and D2C, on the B2B side, it's often advocacy sold in connection with other capabilities, EMOVPC and and partners.

關於宣傳市場，我們再次將其視為 B2B 分銷管道和 D2C 方面的整體業務，在 B2B 方面，它通常與其他功能、EMOVPC 和合作夥伴一起銷售宣傳。

And that business has been growing.

而且這項業務一直在成長。

The ARR on the business, which is all the B2B revenues, has grown 20% to 30% over the last couple of years, and we're optimistic on the growth profile for this year again.

該業務（即所有 B2B 收入）的 ARR 在過去幾年中成長了 20% 至 30%，我們再次對今年的成長前景感到樂觀。

Again, all of that in the context of the growth rate that we're laying out today, we see that as a it consistent with the growth rate of the overall business in terms of the opportunity this year.

同樣，在我們今天列出的成長率的背景下，我們認為這與今年機會的整體業務成長率是一致的。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Afternoon.

下午。

Thanks for taking the question.

感謝您提出問題。

I want to go back to Richard's question in particular, the difference in the in your revenue changes were so used to your model being one with high predictable revenue, where the big variation tends to be outperformance which we saw this quarter executing ahead of pace for your customers.

我想特別回到理查德的問題，你的收入變化的差異已經習慣於你的模型是一個具有高可預測收入的模型，其中最大的變化往往是表現出色，我們看到本季度的執行速度領先您的客戶。

So as we see the difference in numbers and the de-risking dynamic for the year, how much of that is tied specifically to advocacy.

因此，當我們看到今年的數字差異和去風險動態時，其中有多少與宣傳具體相關。

The reason I'm asking that is I'm not used to seeing a meaningful deviation for a full year revenue on advocacy based on the PMPM dynamics.

我問這個問題的原因是我不習慣看到基於 PMPM 動態的全年宣傳收入出現有意義的偏差。

It's either in my view, either lost customers, which you could have walked away from or something tied to the risk weighting on the performance guarantees.

在我看來，要嘛是失去了客戶（你本來可以放棄這些客戶），要嘛是與履約保證的風險權重有關。

So just want to make sure we can appropriately bridge what the whole the $22.5 million revenue change, not a huge number at the midpoint, which understand the why behind it specifically type of efficacy, if we can?

所以只是想確保我們能夠適當地彌合整個 2250 萬美元的收入變化，而不是中間的一個巨大數字，從而了解其背後的具體類型功效的原因，如果我們可以的話？

I'll start.

我開始吧。

This is Steve.

這是史蒂夫。

I think you should think of the change in the revenue outlook as primarily usage-based revenue.

我認為您應該將收入前景的變化主要視為基於使用的收入。

So again, those would be visit fees or case rate fees.

再說一次，這些將是訪問費或案件費率。

And in this case, we're talking about in the direct to consumer business, dialing the growth rate back to a still attractive growth rate of about 20%, but dialing that back, there's associated marketing spend.

在這種情況下，我們談論的是直接面向消費者的業務，將成長率回撥到仍然有吸引力的約 20% 的成長率，但回撥這一點，會產生相關的行銷支出。

That's a big chunk along with that.

這是一個很大的塊。

That's a big part of the revenue reduction as well and that's one.

這也是收入減少的很大一部分，僅此而已。

Secondly, platform connected revenues, which would sit on top of the advocacy business -- the core platform revenues are the other big part of the biggest part of the revenue reduction here.

其次，平台相關收入將位於宣傳業務之上——核心平台收入是這裡收入減少的最大部分的另一個重要部分。

So think of it as usage-based revenues, not necessarily the ACV, PMPM that you're talking about associated with the traditional advocacy customer base.

因此，請將其視為基於使用的收入，而不一定是您所談論的與傳統倡導客戶群相關的 ACV、PMPM。

Those are the two core drivers.

這是兩個核心驅動力。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Good afternoon and thanks for taking the questions.

下午好，感謝您提出問題。

As you've talked about de-risking the growth outlook, one thing we haven't heard about is any change in assumptions around retention or bookings growth and retention.

正如您談到降低成長前景風險時，我們還沒有聽說的一件事是有關保留或預訂成長和保留的假設有任何變化。

I think previously you talked about next year or I guess this current year and going forward returning to 90% plus gross dollar retention and on bookings growth, you roughly you alluded to growth in line with your long-term target.

我想之前您談到了明年，或者我猜是今年，並展望未來將恢復到 90% 以上的總美元保留率和預訂增長，您大致提到了與長期目標一致的增長。

So with the change in this year's revenue growth outlook and the moderation of longer-term revenue growth expectations, I wanted to see if you could dig deeper on those key assumptions around retention and bookings growth?

因此，隨著今年營收成長前景的變化以及長期營收成長預期的放緩，我想看看您是否可以更深入地挖掘有關保留和預訂成長的關鍵假設？

Thanks for the question, Jeff.

謝謝你的提問，傑夫。

Nothing really changes as it relates to our view on our gross dollar retention from what we talked about last quarter and the ongoing view there.

沒有什麼真正改變，因為這與我們對上季度討論的美元保留總額的看法以及那裡的持續看法有關。

We deliver a lot of value for our customers and we do a great job retaining them on a long-term basis.

我們為客戶提供了很多價值，並且在長期留住他們方面做得很好。

In terms of ARR bookings growth, as Steve mentioned in his prepared remarks, the overall demand environment for the services remains strong.

就 ARR 預訂成長而言，正如 Steve 在準備好的演講中所提到的那樣，服務的整體需求環境仍然強勁。

We continue to grow.

我們不斷成長。

We've closed more than our fair share of business in the early stages of the year and that and we expect telecom to be successful.

今年早些時候，我們已經關閉了超過應有份額的業務，我們預計電信業務將會成功。

We'd expect bookings on an ongoing basis to be pretty close to the growth rate of the business on an ongoing basis.

我們預計持續預訂量將非常接近業務的持續成長率。

And so you saw bookings grow from [$54 million to $86 million] over the last three years, that's reflective of that demand environment.

因此，您可以看到過去三年的預訂量從 [5400 萬美元增長到 8600 萬美元]，這反映了這種需求環境。

And so really where you looking for any changes in the way we're thinking about guidance this year.

因此，您確實希望我們今年考慮指導的方式發生任何變化。

As Steve mentioned, this year or next year.

正如史蒂夫所提到的，今年或明年。

What we're really saying is we're de-risking the usage base component of the revenue stream.

我們真正想說的是，我們正在降低收入流中使用基礎部分的風險。

And by de-risking, we're saying we're only going to spend X amount of dollars with the appropriate amount of dollars in order to drive those usage-based revenues and to the degree there's upside that could yield there.

通過去風險，我們說我們只會花費 X 美元和適當的美元來推動這些基於使用的收入，並達到可以產生收益的上行空間。

We are we think those will be assets prices for our investors showers.

我們認為這些將是我們投資者的資產價格。

Ryan Daniels, William Blair.

瑞恩·丹尼爾斯、威廉·布萊爾。

Thanks for taking the question.

感謝您提出問題。

I'll continue down this path of questions, on the revenue outlook.

我將繼續就收入前景提出問題。

I think last quarter you actually mentioned 30% to 35% usage based 65% to 70% access fees.

我想上個季度您實際上提到了 30% 到 35% 的使用率，基於 65% 到 70% 的訪問費。

And we can probably back into this, but I'll just ask directly on the call.

我們可能可以回到這個主題，但我會直接在電話中詢問。

How should we think about those percentages, both this year and then maybe going forward given increased focus on marketing yield and kind of getting the appropriate accounts in the door?

鑑於我們更加關注行銷收益和獲得適當的客戶，我們應該如何考慮今年和未來的這些百分比？

Thanks for your question, Ryan.

謝謝你的提問，瑞安。

Yeah, I think for this year.

是的，我想今年。

You can see it's still think of those percentages as rough ranges, although I pay for the usage based revenues towards the lower end of that range for this year.

您可以看到，儘管我為今年基於使用情況的收入支付了接近該範圍下限的費用，但它仍然將這些百分比視為粗略範圍。

And then given that there is usage-based revenues, which include platform, connecting revenues and D2C was growing faster than the business that those will climb up over the coming years, but in call it the lower end of that range this year, that 30% to 35% is our current expectation.

然後考慮到基於使用的收入（包括平台、連接收入和 D2C）的增長速度快於未來幾年增長的業務，但稱之為今年該範圍的下限，這 30 % 到 35% 是我們目前的預期。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist 證券公司。

I actually want to double-click on the lowered expectations of PlushCare.

我實際上想雙擊 PlushCare 降低的期望。

Maybe if you can provide some color, how much of that is related to lack of GLP-1 related revenue, which actually did help you guys last fiscal year because of branded drugs in short supply and where we are on that topic.

也許您可以提供一些信息，其中有多少與缺乏 GLP-1 相關收入有關，這實際上在上個財年對你們有所幫助，因為品牌藥物供應短缺，以及我們在該主題上的進展。

I mean, Raj, I'm curious on your thoughts around your conversation with employers, weight management around weight management, GLP-1 in general and given your new partnership recently announced?

我的意思是，Raj，我很好奇您對與雇主的對話、體重管理、整體 GLP-1 以及您最近宣布的新合作夥伴關係的看法？

The decision around how we're thinking about consumer revenues, largely around customer acquisition costs and capping at what level we think the right long-term lifetime value of the customer versus customer acquisition, cost ratio is and being very, very disciplined about that.

圍繞著我們如何考慮消費者收入的決定，主要圍繞著客戶獲取成本，以及我們認為客戶與客戶獲取的正確長期生命週期價值的上限，成本比率是非常非常嚴格的。

We have in the past, but we are ultimately looking at that as one of the opportunities to drive profitability alongside revenue growth.

我們過去曾經這樣做過，但我們最終將其視為在收入成長的同時提高獲利能力的機會之一。

And so that's the fundamental driver of that change.

這就是這項變化的根本驅動力。

And I'll just reiterate what I had was I spoke about early in the first question, we made a choice in terms of the way we're thinking about our strategy, all about ensuring we're going to deliver attractive growth rates with certainty of bottom line performance.

我只想重申我在第一個問題早些時候談到的內容，我們根據考慮策略的方式做出了選擇，所有這些都是為了確保我們能夠確定地實現有吸引力的成長率底線績效。

Based on the way, we believe that the way we believe we have to take care of all of the relevant stakeholders of our business.

基於這種方式，我們相信我們必須照顧我們業務的所有相關利害關係人。

As it relates to GLP-1 it's continues to be a driver of interest in the enterprise space.

由於它與 GLP-1 相關，因此它仍然是企業領域的興趣驅動因素。

Customers are buying our solution because they want to control that among other costs to the business.

客戶購買我們的解決方案是因為他們希望控制企業的其他成本。

It's also a driver of insurance from a consumer perspective as well.

從消費者的角度來看，它也是保險的驅動力。

We talked in the past that it is a driver of volume in both areas.

我們過去曾說過，它是這兩個領域銷售的驅動因素。

In the enterprise space, though, remember, we are abiding by the policies associated with that our customers derive for their members, including things like preauthorization, et cetera.

但請記住，在企業領域，我們遵守與客戶為其成員制定的相關政策，包括預授權等。

To tie out to the customer's trend line performance requirements, et cetera.

符合客戶的趨勢線效能要求等。

So nothing tangibly different in terms of the demand environment associated with GLP-1 and I wouldn't attribute any of what we're talking about here today to GLP-1.

因此，就與 GLP-1 相關的需求環境而言，沒有任何明顯的不同，我不會將我們今天在這裡討論的任何內容歸因於 GLP-1。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

Thanks for taking the question.

感謝您提出問題。

I was hoping to dig in a little bit about the CalPERS deal.

我希望深入了解 CalPERS 的交易。

There are some details out there publicly so another navigation vendors able to offer a 5.5% cost trend target in '25, and lowering about 60 bps each year from '26 to '29.

有一些公開的細節，因此其他導航供應商能夠在 25 年提供 5.5% 的成本趨勢目標，並從 26 年到 29 年每年降低約 60 個基點。

I guess just it's actually view those cost trend targets or those guarantees as aggressive.

我想它實際上認為這些成本趨勢目標或那些保證是激進的。

How close can you guys get to that approximately 60 basis points cost trend improvement every year and just are are you enhancing the platform or making or kind of endeavoring to match those types of targets in the future?

你們距離每年大約 60 個基點的成本趨勢改善有多近？

Just curious on your views on what is achievable and anything you're doing to kind of if that's what the competitors offering and that's what the market kind of looks like at this point.

只是好奇您對可實現的目標以及您正在做的事情的看法，如果這就是競爭對手提供的產品以及目前市場的情況。

How quickly can you all get there?

你們能多快到達那裡？

Appreciate the question, Jeff.

感謝這個問題，傑夫。

A few thoughts.

一些想法。

First performance trend line as it relates to cost trend is one of the factors that's associated with customers making a buying decision.

第一條與成本趨勢相關的績效趨勢線是與顧客做出購買決定相關的因素之一。

In the case CalPERS the deal is specifically referenced.

在 CalPERS 案例中，該交易被特別提及。

A few things to note, large opportunities like that one, oftentimes at the customer and the consultant with the prospect of a consultant dictating staffing ratios, they say the number of interactions per person, et cetera.

有幾件事需要注意，像這樣的大機會，通常是在客戶和顧問那裡，顧問會規定人員配置比例，他們會說每個人的互動次數等等。

Putting extraordinary depth into what they require from a service delivery perspective, including staffing ratios.

從服務交付的角度，特別深入了解他們的需求，包括人員配置比例。

When we bid that business, we've bid at a level that was associated with our standard performance guarantees and in the neighborhood of where we traditionally are as it relates to the percentage of fees at risk.

當我們對該業務進行投標時，我們的投標水平與我們的標準績效保證相關，並且與我們傳統的水平相近，因為它與風險費用的百分比相關。

If you review what the the ultimate winning proposal was, we think it's safe to say it was tangibly lower and by tangibly, I mean materially lower from an all in fees perspective, number one, number two, it put a significantly higher amount of their total fees at risk.

如果你回顧最終獲勝的提案是什麼，我們認為可以肯定地說，它明顯較低，我的意思是，從所有費用的角度來看，明顯較低，第一，第二，它投入了明顯更高的金額風險總費用。

And number three, it made an assurance around frontline, are we capable of driving trend line guarantees like the one that were described there.

第三，它在前線做出了保證，我們是否有能力推動趨勢線保證，就像那裡描述的那樣。

Of course, we are.

當然，我們是。

Our capacity to do so depends on how the customer configures our solution the way we deliver the solution engagement rates we deliver for the solution.

我們這樣做的能力取決於客戶如何配置我們的解決方案以及我們為解決方案提供的解決方案參與率。

Doing so when we're delivering at, let's call it materially materially lower top line fees and with an extraordinary amount of fees at risk.

當我們交付時，我們可以稱之為大幅降低頂線費用，並且面臨大量費用的風險。

We didn't feel in our view was appropriately balancing all of our constituencies, shareholders, employees, customers, members, partners.

我們認為我們沒有適當地平衡我們所有的支持者、股東、員工、客戶、成員、合作夥伴。

So we chose to bid it up at a higher, much higher number with less fees at risk and the performance guarantees that we put at risk we think are very competitive to the way the customer ultimately purchased.

因此，我們選擇以更高、更高的價格出價，風險費用更少，而且我們認為我們所承擔的風險性能保證與客戶最終購買的方式相比非常有競爭力。

So I wouldn't say that was the driving force of why the customer made the selection that they made.

所以我不會說這是客戶做出選擇的動力。

Why are other companies potentially being more aggressive from a top line fees perspective and from a fees at risk perspective that I can't answer for you.

為什麼從頂線費用的角度和風險費用的角度來看，其他公司可能會更加激進，我無法為您解答。

But what I can tell you is in the sense of opportunity for we're going to be disciplined about the way we approach things when we have seen in the past is when companies have been undisciplined two years from now three years from now, those deals come back our way we've seen it happen multiple times over the last five years.

但我可以告訴你的是，從機會的意義上來說，我們將在處理事情的方式上受到紀律約束，就像我們過去看到的那樣，當公司在兩年後三年後不遵守紀律時，這些交易回到我們的方式來，我們在過去五年中已經多次看到這種情況發生。

And we expect to have whether this deal or other deals, we'll see it happen again over time.

我們預計無論是這筆交易還是其他交易，隨著時間的推移，我們都會看到它再次發生。

Disciplined behavior from a delivery perspective, not yield small term businesses and so answering your question, Jess, yeah, we're already capable of delivering those kinds of trend line to do so we're going to do it by delivering a service we know will make our customers happy and that we know we can deliver profitably.

從交付角度來看，紀律行為不會產生小額業務，所以回答你的問題，傑西，是的，我們已經有能力提供此類趨勢線，因此我們將通過提供我們知道的服務來做到這一點將使我們的客戶滿意，我們知道我們可以實現盈利。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

I'm curious as we've talked to more of the digital hub point solution vendors more recently, it seems like that one area of surprise, as we've gone through this year has been around employee staffing levels at customers with sort of the layoffs to start the year and some of the turnover there, having maybe an unexpected impact?

我很好奇，因為我們最近與更多的數位中心點解決方案供應商進行了交談，這似乎是一個令人驚訝的領域，因為我們今年經歷的一直是圍繞客戶的員工人員配置水平，年初的裁員和一些人員流動，可能會產生意想不到的影響？

Are you seeing any of those impacts in terms of employee accounts in your calculation with the out your guidance or for the updated guidance?

在沒有您的指導或更新的指導的情況下，您在計算中是否看到了員工帳戶方面的任何影響？

And then secondly, as you talk about pulling back on marketing costs within the customer base, is there any risk here to your ability to hit some of those performance guarantees targets that are signed that are associated with engagement as we go through the year based on some of the pullback in spend here?

其次，當您談到削減客戶群內的行銷成本時，您是否有能力實現與我們在這一年中基於參與度相關的一些績效保證目標？

So first point around employee staffing levels, we have seen some noise about we've seen some customers shrinking in that employee base.

因此，關於員工人員配置水準的第一點，我們已經看到一些關於我們看到員工基礎中的一些客戶萎縮的噪音。

We saw also have seen offsetting growth modest growth, but growth to offset that in a sense of our same store member growth across our book has remained relatively flat over the last couple of years, including this year to date.

我們也看到了抵消性成長的溫和成長，但從某種意義上說，抵消成長的成長在我們的帳簿上的同店會員成長在過去幾年中保持相對平穩，包括今年迄今為止。

So that's not a large impact.

所以影響不大。

We also don't build in an assumption about massive growth there in the current macro environment.

我們也不會假設當前的宏觀環境會出現大規模成長。

To your second point about marketing spend and being able to achieve operational [PGs] or even savings PGs.

關於行銷支出和能夠實現營運 [PG] 甚至儲蓄 PG 的第二點。

We've taken that all into account and are not not reducing to that level, but we're reducing as call it, the marginal incremental marketing spend to drive incremental usage and incremental revenues to hit the higher revenue goal that we have reduced today and not to put our current customer base at risk in terms of operating PGs or savings PGs.

我們已經考慮到了所有這些，並且不會減少到這個水平，但我們正在減少所謂的邊際增量行銷支出，以推動增量使用和增量收入，以實現我們今天減少的更高收入目標，不要讓我們目前的客戶群面臨營運PG 或儲蓄PG 的風險。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Just given the funding environment and your comments around not pursuing unprofitable businesses being a little bit.

只是考慮到融資環境和您關於不追求無利可圖的業務的評論有點。

I wanted to ask this more directly, are you still seeing any irrational competitors in the market that's driving this aggressive pricing or are you starting to see a limiting factor around customer willingness to pay due to macro?

我想更直接地問這個問題，您是否仍然看到市場上有任何非理性的競爭對手推動了這種激進的定價，或者您是否開始看到由於宏觀原因而導致客戶支付意願的限制因素？

And since you've talked a lot more about your opportunities within your base versus outside of the base, do you have any opportunity to lean further into cross-selling with your SG&A dollars maybe benefit next year's growth via your existing base?

由於您已經更多地談論了您的基地內和基地外的機會，您是否有機會進一步利用 SG&A 資金進行交叉銷售，也許可以透過您現有的基地受益於明年的成長？

Thank you for the questions. but let's start with the the second question.

謝謝你的提問。但讓我們從第二個問題開始。

Personnel.

人員。

(multiple speakers)

（多個發言者）

Start with the second question first, we absolutely have an opportunity to continue to grow as the customer base.

首先從第二個問題開始，我們絕對有機會繼續擴大客戶群。

Last quarter, we talked about the growth in platform, connected revenues, platform, connected revenues continue to grow tangibly and outpace the overall growth rate of the business platform.

上個季度，我們談到了平台、互聯收入的成長，平台、連網收入持續大幅成長，並且超過了業務平台的整體成長率。

Connected revenues is really where you're looking at growth inside the customer base.

互聯收入實際上是您專注於客戶群內部成長的地方。

Other companies that have different looking company by pulp are cross-selling.

其他具有不同紙漿公司外觀的公司正在交叉銷售。

So that's part one answering question number two, first.

這是第一部分回答第二個問題。

Question number one, are we seeing a combination or standardization of pricing in the market where by and large, we're seeing rational pricing in the marketplace?

第一個問題，我們是否看到市場上定價的組合或標準化，總的來說，我們在市場上看到合理的定價？

The answer to that question is yes.

這個問題的答案是肯定的。

That said, there will be there will always be opportunities where companies might see places where they might be more aggressive or tangibly more aggressive offer, whatever reasons their business might dictate.

也就是說，無論其業務出於什麼原因，公司總會有機會看到他們可能會更加積極或明顯更加積極的報價。

And in those situations, what we've decided, and we've decided this over the last several years is we're building a long-term business for building a long-term business that we think can grow attractively with discipline because most customers not all customers, but most customers, we'll look at track record.

在這種情況下，我們在過去幾年中做出的決定是，我們正在建立一項長期業務，以建立一項我們認為可以透過紀律實現有吸引力增長的長期業務，因為大多數客戶不是所有客戶，而是大多數客戶，我們會查看追蹤記錄。

We'll look at referenceability.

我們將看看可參考性。

We'll look at historical performance against trend line improvement and performance guarantees.

我們將根據趨勢線改進和績效保證來查看歷史績效。

We'll look at consulting relationships and consultants, credibility associated with the services that we deliver and choose the market leader at price points that can sustain the business.

我們將專注於諮詢關係和顧問、與我們提供的服務相關的可信度，並以能夠維持業務的價格點選擇市場領導者。

We're attempting to build.

我們正在嘗試建造。

And 9 times out of 10 and 8 times out of 10, we see that behavior of manifesting in the marketplace.

十分之九和十分之八，我們都會在市場上看到這種行為。

There will be out occasion deals that are worn where it where the opportunity is large and some competitors are coming in materially lower than what other competitors are coming in.

在機會很大的地方，有些競爭對手的收入大大低於其他競爭對手的收入，就會出現一些臨時交易。

When those happen.

當這些發生時。

We maintain our discipline, run our business and acknowledge that overtime all of these things and it worked themselves out in the end.

我們維持我們的紀律，經營我們的業務，並承認所有這些事情都在加班加點，最終會自行解決。

Stan, Wells Fargo Securities.

斯坦，富國銀行證券。

Maybe circling back to direct-to-consumer PlushCare guided 20% growth.

也許回到直接面向消費者的 PlushCare 指導的 20% 成長。

Can you just walk us through how much of that growth is expected to come from member growth versus pricing?

您能否向我們介紹一下，預計成長中有多少來自會員成長與定價？

I guess you could think of that primarily as a member of visit growth, and that's across all the different reasons that consumers come to see a doctor whether even whether it's a prime for a primary care doctor to be there or launched, you know, provider for it's an acute need that then can roll into becoming a PlushCare patients for weight loss, GLP-1 type of opportunity, but predominantly you're looking at increases in visits and associated subscription fees.

我想你可能會認為這主要是訪問量增長的一部分，這涵蓋了消費者去看醫生的所有不同原因，無論是初級保健醫生在那裡還是推出了，你知道，提供者因為這是一種迫切的需求，然後可能會成為PlushCare 患者的減肥機會，GLP-1 類型的機會，但主要是您會看到訪問量和相關訂閱費用的增加。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Can you talk about the nature of the timing of the revenue impact in the quarter, I'm assuming that was a performance guarantee.

您能否談談本季營收影響的時間性質，我假設這是績效保證。

Is that correct?

那是對的嗎？

And if so, can you size it?

如果是這樣，你能確定它的尺寸嗎？

And then also, I think one of your analyst days you'd guided to $1 billion in revenue for fiscal '29.

另外，我認為您在分析師的一天中指導 29 財年的收入達到 10 億美元。

Is that sort of withdrawn?

這是一種退縮嗎？

I'm assuming it is.

我假設是這樣。

And then can you just sort of comment the broader market.

然後你可以對更廣泛的市場進行一些評論嗎？

It seems like we're in an unusual period, walgreens had a tough quarter this morning traded down 25%.

我們似乎正處於一個不尋常的時期，沃爾格林今天早上經歷了一個艱難的季度，股價下跌了 25%。

The health plans are under pressure with utilization and MA rates is that going into like potentially a more difficult operating environment where they're driving tougher pricing just.

健康計畫面臨利用率和 MA 費率的壓力，這可能會導致一個更困難的營運環境，他們只是在推動更嚴格的定價。

I think thanks very much.

我想非常感謝。

Appreciate it.

欣賞它。

Let me hit you have a few questions in their Q1, as a longer term outlook and then maybe more of an environment question.

讓我在第一季向您提出一些問題，作為長期前景，然後可能更多是環境問題。

So first of all, Q1 rest, yeah, the the timing revenue recognition timing we're talking about is predominantly a performance guarantee type of item that was timing that we would have had in our models originally to have been earned over the rest of the year, there was about $6 million.

因此，首先，第一季休息，是的，我們談論的收入確認時間主要是績效保證類型的項目，該項目最初在我們的模型中是在其餘時間中獲得的。

So my reference in the in the in the call as to the fact that they have excess number we've been in the about the middle of the range of the guidance that we provided.

因此，我在電話中提到，他們的人數過多，我們一直處於我們提供的指導範圍的中間。

And you've seen this before from us.

您之前已經從我們這裡看到過這一點。

We've had times in which we when we have a performance guarantee or other revenue recognition items associated with 606 accounting essentially, we're going to call that out.

有時，當我們有與 606 會計相關的績效保證或其他收入確認項目時，我們會指出這一點。

So The street understands the revenue versus the guidance.

因此，華爾街了解收入與指導。

And so that's where that is most of it would have been in Q4.

這就是第四季的大部分情況。

Some of that would have been in Q2 and Q3 as well, but the bulk of it would have been in Q4.

其中一些也將發生在第二季度和第三季度，但大部分將發生在第四季度。

Secondly, with respect to our longer term plan, do you think that mid 10s growth rate and run it out, you'd see $1 billion plus or the coming through at about a year later than that.

其次，就我們的長期計劃而言，您是否認為 10 年代中期的成長率並用完它，您會看到 10 億美元以上或大約一年後實現。

But importantly, our view is we'll continue to drive EBITDA growth or adjusted EBITDA growth along the same pattern that we laid out before.

但重要的是，我們的觀點是，我們將按照我們先前製定的相同模式繼續推動 EBITDA 成長或調整後 EBITDA 成長。

So we would expect by that five years out that will achieve that up to that 15% to 20% target range and growing thereafter.

因此，我們預計到五年後，這一數字將達到 15% 至 20% 的目標範圍，並在此後繼續增長。

That's the long-term model that we're seeing today with this guidance cut down back towards the mid 10s.

這就是我們今天看到的長期模型，指導值已回落到 10 左右。

With respect to the I haven't had a chance to read up on the Walmart and Walgreens.

關於我還沒有機會閱讀有關沃爾瑪和沃爾格林的資訊。

No, but in terms of the overall environment, I think the biggest thing we are seeing is employers recognizing that costs are continuing to rise this year.

不，但就整體環境而言，我認為我們看到的最大的事情是雇主認識到今年成本持續上升。

We expect high single digit growth in healthcare spend, which continues to put at the forefront companies like Accolade, we can provide a service that when combined can get members to better health care to do so at lower costs that continues to drive the opportunity for us.

我們預計醫療保健支出將出現高個位數成長，這將繼續使像Accolade 這樣的公司處於領先地位，我們可以提供一項服務，合併後可以讓會員以更低的成本獲得更好的醫療保健，這將繼續為我們帶來機會。

So that's a bit on on your three questions there, Dave.

戴夫，這就是你的三個問題的一部分。

Jack Wallace with Guggenheim.

傑克華萊士與古根漢。

Just a double click again into the guidance and the environment here.

只需再次雙擊即可進入此處的指南和環境。

How should we think about your win rates, your expected win rates this year.

我們應該如何考慮您今年的獲勝率和預期獲勝率。

And that further than that, how much of a potential change or lowering your win rates are going to be.

更重要的是，潛在的變化或降低你的勝率將會有多大。

Accolade related in terms of not wanting to or being on unwilling to drop price, you put more fees at risk in the deals.

與不想或不願降價相關的榮譽，您在交易中面臨更多費用的風險。

So it's called non-regrettable losses versus regrettable losses were you're bidding you think competitively you're ultimately losing to a competitor or the company not choosing to not go an advocacy partner?

因此，如果您在競價時認為您最終會輸給競爭對手，或者公司沒有選擇不成為宣傳合作夥伴，那麼這就是所謂的“不可遺憾的損失”與“令人遺憾的損失”？

Thank you.

謝謝。

Yes, thanks for the question, Jack.

是的，謝謝你的提問，傑克。

The vast majority of our pipeline continues to behave as it always has, and we continue to win what are called majority of the transactions that we play, and we'd expect that win rate to continue.

我們的絕大多數管道繼續像往常一樣運作，我們繼續贏得我們所進行的大多數交易，我們預計獲勝率將繼續下去。

As we've had this conversation periodically, Jack with the market, there's been opportunities where we've talked about, hey, that's a deal this particular deal in this particular case, CalPERS, where we were higher priced than the competition of paying to ensure that we're all aligned.

正如我們定期與市場進行對話一樣，傑克與市場之間存在著一些機會，我們已經討論過，嘿，這是一筆交易，在這種特殊情況下，CalPERS，我們的價格比支付給競爭對手的價格更高。

We are higher priced than the competition, but offering very competitive performance, guarantees and incentives associated with achievement.

我們的價格高於競爭對手，但提供非常有競爭力的性能、保證和與成就相關的激勵措施。

But acknowledging that in a deal or in a specific deal where the customer is specifically mandating staffing requirements, et cetera.

但要承認，在一項交易或一項特定交易中，客戶明確規定了人員配備要求等。

Pricing should be relatively consistent across the board on occasion it won't be and our customers are going to have to make a decision process to make a decision about.

定價應該全面相對一致，但有時情況並非如此，我們的客戶將不得不制定一個決策過程來做出決定。

And I feel can tangibly reliably deliver that service on an ongoing basis.

我認為可以持續可靠地提供該服務。

So those one-off situations, yes, we're going to stay disciplined and we might put ourselves more at risk of not taking on that business.

因此，對於那些一次性的情況，是的，我們將保持紀律，並且我們可能會面臨不承擔這項業務的更大風險。

But I'd call that to your point not regret in the vein of regrettable losses, I would not expect the take rate to change at all, our team continues to be very competitive our product continues to be differentiated and we'll keep winning our fair share of those deals.

但我想說的是，對於你的觀點來說，不要因為令人遺憾的損失而感到遺憾，我不希望採取率發生任何變化，我們的團隊仍然非常有競爭力，我們的產品繼續保持差異化，我們將繼續贏得我們的勝利這些交易的公平份額。

And then in terms of no decisions, again, I think one of the things I tried to call out in the prepared remarks, this is now a category that is defined, created and growing every single year has been for the last five years.

然後，就沒有決定而言，我想我在準備好的演講中試圖指出的一件事是，這個類別現在每年都被定義、創建和增長，在過去的五年裡一直如此。

And so no decisions continued to climb as a percentage of the overall pipeline.

因此，沒有任何決定在整個管道中所佔的百分比繼續攀升。

But nonetheless, we'll see some percentage of prospects.

但儘管如此，我們還是會看到一定比例的前景。

Choosing carrier solutions at lower prices, but that's always been the case.

以較低的價格選擇營運商解決方案，但情況一直如此。

Nothing new there.

那裡沒有什麼新鮮事。

Thank you.

謝謝。

Ladies and gentlemen, I'm showing no further questions in the queue.

女士們先生們，我不會在隊列中顯示任何其他問題。

I would now like to turn the call back over to management for closing remarks.

我現在想將電話轉回給管理階層進行總結發言。

Thank you all for being here.

感謝大家來到這裡。

We look forward to follow-up conversations.

我們期待後續對話。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。