Accolade Inc (ACCD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Accolade's second-quarter 2025 earnings results conference call.

歡迎參加 Accolade 2025 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Todd Friedman, Senior Vice President of Investor Relations.

現在我想將會議交給投資者關係高級副總裁 Todd Friedman。

Please go ahead.

請繼續。

Thanks, Michelle.

謝謝，米歇爾。

Welcome, everyone, to our fiscal second-quarter earnings call.

歡迎大家參加我們的第二季財報電話會議。

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

今天與我一起參加電話會議的是我們的執行長 Rajeev Singh；和我們的財務長史蒂夫·巴恩斯。

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.

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。

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.

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 the call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

另請注意，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。

Such forward-looking statements are subject to risks, uncertainties, and 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。

One more note before I hand the call over to the team, after talking to a number of you about the time and logistics, we've decided to move the Analyst Day to the spring in a more accessible location.

在將電話轉交給團隊之前，還有一點需要注意的是，在與你們中的一些人討論了時間和後勤工作之後，我們決定將分析師日移至春季更方便的地點。

More details will come closer to the event.

更多細節將在活動臨近時公佈。

And 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。

Thank you, Todd, and thank you, everyone, for joining us today on our fiscal 2025 second-quarter earnings call.

謝謝托德，也謝謝大家今天參加我們的 2025 財年第二季財報電話會議。

We're speaking to you today from our office in Prague.

我們今天在布拉格的辦公室與您交談。

We appreciate you joining us before the market opens, and we'll be brief in our remarks so we can get to Q&A in short order.

我們感謝您在開市前加入我們，我們的演講將很簡短，以便我們可以盡快進行問答。

Before I get into the quarter review, I'd like to give you first our perspective on the opportunity we see ahead of Accolade.

在進行季度回顧之前，我想先向您介紹我們對 Accolade 之前看到的機會的看法。

I'll use a recent customer presentation to illustrate our view.

我將使用最近的客戶演示來說明我們的觀點。

Last month, DeVry University, an Accolade customer, participated in a Q&A with one of our analysts to talk about their experience with Accolade.

上個月，Accolade 客戶德瑞大學 (DeVry University) 參加了我們的一位分析師的問答，談論他們使用 Accolade 的體驗。

Since going live with us four years ago, they've expanded the health and benefit services they offer their employees to include a number of partner offerings, seen incredible results in terms of employee satisfaction and engagement, and created excitement across the entire executive team at DeVry for their approach, the whole while keeping medical trend to roughly 2% in a world where healthcare costs are growing 6% to 10% every year.

自從四年前與我們合作以來，他們擴大了為員工提供的健康和福利服務，包括許多合作夥伴產品，在員工滿意度和敬業度方面取得了令人難以置信的成果，並在整個管理團隊中引起了興奮。

DeVry chose Accolade many years ago because they recognized that a robust technology stack leveraging AI was the best way to augment human care teams and scale with the growth they anticipated for their business.

DeVry 多年前選擇了 Accolade，因為他們認識到利用人工智慧的強大技術堆疊是增強人類護理團隊並根據他們預期的業務成長進行擴展的最佳方式。

That, in and of itself, is the future of healthcare, physician-led advocacy that closes the position gap and helps people live their healthiest lives while driving lower healthcare costs.

這本身就是醫療保健的未來，由醫生主導的倡議縮小了地位差距，幫助人們過上最健康的生活，同時降低醫療成本。

That is the company we're building.

這就是我們正在建立的公司。

Disruption in healthcare in the United States at scale is no small feat.

美國醫療保健的大規模破壞絕非易事。

It requires an understanding that building a great business in a market with massive, powerful incumbents is not an up-and-to-the-right exercise.

我們需要認識到，在擁有大量強大老牌企業的市場中建立一家偉大的企業並不是一項正確的做法。

It requires perseverance and a firm commitment to a differentiated vision.

它需要毅力和對差異化願景的堅定承諾。

The future of healthcare is clearly aligning with Accolade's view of the world, a collaborative ecosystem sharing longitudinal data to improve the total healthcare experience, lower total costs, and help people live their healthiest lives.

醫療保健的未來顯然與 Accolade 的世界觀一致，這是一個共享縱向數據的協作生態系統，以改善整體醫療保健體驗、降低總成本並幫助人們過上最健康的生活。

Every day, we see that vision deliver tangible results with our customers like DeVry.

每天，我們都看到這個願景為 DeVry 等客戶帶來了實際的成果。

It's that success with customers and the continued interest of new customers and partners that steal our commitment to building our business.

正是客戶的成功以及新客戶和合作夥伴的持續興趣竊取了我們對發展業務的承諾。

With that, let's talk about the quarter.

說到這裡，我們來談談本季的情況。

We had a solid second quarter with revenue above our guided range and adjusted EBITDA well ahead of our forecast.

我們第二季的業績表現強勁，營收高於我們的指導範圍，調整後的 EBITDA 也遠遠超出了我們的預測。

We also generated a little bit more than $3 million of cash this quarter.

本季我們也創造了略高於 300 萬美元的現金。

Steve will provide more color on the financials, but we're affirming our guidance for the year on the strength of these results and the activity within our business.

史蒂夫將提供更多有關財務數據的信息，但我們將根據這些業績和業務活動的實力確認我們今年的指導。

Now, turning to the selling season and an update on our commentary from last quarter.

現在，轉向銷售季節以及我們上季度評論的更新。

As we've said consistently, the selling season is a year-round process, but there is still a concentration of activity in the summer and fall as employers aim to roll out new plans and services for January 1.

正如我們一直所說的那樣，銷售旺季是一個全年的過程，但活動仍然集中在夏季和秋季，因為雇主計劃在 1 月 1 日推出新的計劃和服務。

The pipeline remains strong, and we've seen a number of exciting new wins.

管道仍然強勁，我們已經看到了許多令人興奮的新勝利。

The most exciting might have been this past month, we won a significant new deal for 2nd.MD that was a notable competitive takeaway in the expert medical opinion space.

最令人興奮的可能是上個月，我們為 2nd.MD 贏得了一項重要的新交易，這在專家醫學意見領域是一個值得注意的競爭優勢。

A number of larger deals are still in flight, which is consistent with what we've seen in past years, including some deals not tied to a January 1, 2025 go-live.

許多較大的交易仍在進行中，這與我們過去幾年所看到的情況一致，包括一些與 2025 年 1 月 1 日上線無關的交易。

In those situations, the customers are not as pressed to make a decision for a November-December open enrollment window.

在這種情況下，客戶不會那麼迫切地決定是否開放 11 月至 12 月的註冊窗口。

There continues to be good activity across all segments -- strategic, enterprise, health plans, and government.

所有領域——戰略、企業、健康計劃和政府——都繼續保持良好的活動。

Our diversification across those segments is in fact a strength and differentiator of our business.

事實上，我們在這些領域的多元化是我們業務的優勢和差異化因素。

The pipeline, our win rates, and the pace of discussions gives us confidence in our short- and long-term financial targets.

管道、我們的勝率和討論的節奏讓我們對我們的短期和長期財務目標充滿信心。

Turning briefly to our comments from last quarter, as you can see from our reaffirmation of guidance, the actions we took to keep Accolade on a solid path to profitability are having the intended effect.

簡要回顧我們上季度的評論，正如您從我們重申的指導中看到的那樣，我們為使 Accolade 走上堅實的盈利道路而採取的行動正在產生預期的效果。

We've made some changes in our office location strategy, as noted, as well as adjusted our marketing spend to focus on the most efficient opportunities in terms of return on investment or spend.

如上所述，我們對辦公地點策略進行了一些改變，並調整了我們的行銷支出，以專注於投資回報或支出方面最有效的機會。

Some of those changes are already visible in the quarter's results, while others will continue to have an impact as the year goes on, particularly where it applies to integrating our tech staff or managing headcount by function or location.

其中一些變化已經在本季度的業績中顯現出來，而另一些變化將隨著時間的推移繼續產生影響，特別是在整合我們的技術人員或按職能或地點管理員工人數方面。

Importantly, we're taking steps to constantly improve the member experience and achieve the performance guarantees we set with our customers.

重要的是，我們正在採取措施不斷改善會員體驗並實現我們與客戶設定的績效保證。

We expect you'll continue to see the results as we march towards positive adjusted EBITDA and cash flow this year.

我們預計，隨著我們今年邁向正調整 EBITDA 和現金流，您將繼續看到結果。

If you model the guidance we provided last quarter for revenue growth and adjusted EBITDA expansion, you'll see a business doubling adjusted EBITDA in each of the next two years.

如果您對我們上季度提供的收入成長和調整後 EBITDA 擴張的指導進行建模，您將看到業務在未來兩年中每年翻一番。

So as I turn the call over to Steve, I've never been more bullish about the strength of the market we compete in, the scale and the leverage of our model, and the team we have aligned to execute against our vision.

因此，當我把電話轉給史蒂夫時，我對我們所競爭的市場的實力、我們模型的規模和影響力，以及我們為實現我們的願景而團結起來的團隊感到前所未有的樂觀。

We're going to stay focused on building a great and enduring business.

我們將繼續專注於建立一個偉大而持久的業務。

Steve, over to you, sir.

史蒂夫，交給你了，先生。

Thanks, Raj.

謝謝，拉吉。

In the spirit of your opening remarks, I'm going to keep my comments brief as well.

本著您開場白的精神，我也會保持簡短的評論。

Revenue for the quarter was $106.4 million and above the top of our range, while adjusted EBITDA was well ahead of guidance.

該季度的營收為 1.064 億美元，高於我們的區間上限，而調整後的 EBITDA 也遠高於指引。

There were some early recognized PG revenue in the quarter which had a positive impact on both revenue and adjusted EBITDA.

本季有一些提前確認的 PG 收入，這對收入和調整後 EBITDA 產生了積極影響。

Adjusted EBITDA also benefited from solid expense control, including diligent management of marketing spend that we discussed last quarter, as well as some timing of operating expenses being pushed out to the second half of the fiscal year.

調整後的 EBITDA 也受益於穩健的費用控制，包括我們上季度討論的對行銷支出的勤奮管理，以及將營運費用的一些時間推遲到本財年下半年。

Aided by timing of collections of receivables and other items, we generated positive free cash flow in the quarter of approximately $3.1 million.

在應收帳款和其他項目收款時機的幫助下，我們在本季產生了約 310 萬美元的正自由現金流。

Cash, cash equivalents, and marketable securities totaled more than $234 million at the end of the second fiscal quarter.

截至第二財季末，現金、現金等價物及有價證券總額超過 2.34 億美元。

This puts us in a net cash position of more than $23 million relative to our convertible notes, and we expect to generate positive cash flow on a full-year basis.

這使我們的可轉換票據淨現金部位超過 2,300 萬美元，我們預計全年將產生正現金流。

To put that in context, between our operating results, rigorous cash and expense management, and the positive impact of our note repurchase last year, we have improved our net cash position by nearly $20 million compared to this time last year.

考慮到我們的經營業績、嚴格的現金和費用管理以及去年票據回購的正面影響，與去年同期相比，我們的淨現金部位增加了近 2,000 萬美元。

This leaves us in a strong position as we plan refinancing or retirement of our convertible notes that are not due until April 2026.

這使我們處於有利地位，因為我們計劃對 2026 年 4 月到期的可轉換票據進行再融資或註銷。

Especially as we begin generating positive cash flow this year and beyond, we don't need to carry as much cash on the balance sheet to execute our strategy as we currently have, call it a need for about $100 million in total cash on hand, plus access to cash via credit facilities or otherwise.

特別是當我們今年及以後開始產生正現金流時，我們不需要像目前那樣在資產負債表上保留那麼多現金來執行我們的戰略，我們稱其需要大約 1 億美元的手頭現金總額，加上透過信貸或其他方式獲得現金。

Based on our market diligence, there appear to be favorable options available that will allow us to retire the debt and maintain a strong balance sheet at favorable terms to execute on our plan.

根據我們的市場調查，似乎有有利的選擇，使我們能夠以有利的條件償還債務並維持強勁的資產負債表，以執行我們的計劃。

Now, turning to guidance, for the third fiscal quarter, we are providing the following guidance: revenue in the range of $104 million to $107 million and adjusted EBITDA loss between $3 million and $5 million.

現在，轉向第三財季的指導，我們提供以下指導：營收在 1.04 億美元至 1.07 億美元之間，調整後的 EBITDA 損失在 300 萬美元至 500 萬美元之間。

Note that early PG recognition in Q2 primarily came out of Q3, impacting both revenue and adjusted EBITDA for Q3, while not impacting our full-year forecast.

請注意，第二季度的早期 PG 確認主要來自第三季度，影響了第三季度的收入和調整後 EBITDA，但不影響我們的全年預測。

With respect to full-year guidance, we are reiterating our fiscal year 2025 revenue guidance of $460 million to $475 million and adjusted EBITDA of positive $15 million to $20 million.

關於全年指導，我們重申 2025 財年營收指引為 4.6 億至 4.75 億美元，調整後 EBITDA 為正 1,500 萬至 2,000 萬美元。

I would like to make a comment about the full-year guide and revenue range.

我想對全年指南和收入範圍發表評論。

As we've said before, we believe it's critical for a business our size to prove the scale and sustainability of our long-term model.

正如我們之前所說，我們認為對於我們這樣規模的企業來說，證明我們長期模式的規模和永續性至關重要。

And to that end, we are very focused on driving to profitability as our primary objective.

為此，我們非常注重將獲利作為我們的首要目標。

We are operating in a dynamic market and will continue to balance revenue growth against our profit objectives.

我們在一個充滿活力的市場中運營，並將繼續在收入成長與利潤目標之間取得平衡。

We have consistently proven our ability to manage our cost structure and investments to meet and exceed our bottom-line targets.

我們不斷證明我們有能力管理成本結構和投資，以達到並超越我們的底線目標。

To that point, the revenue range is a bit wider than we historically have shown at this time of the year.

就這一點而言，收入範圍比我們每年這個時候歷史上顯示的要寬一些。

I remind you of our past comments about the growing contribution of usage-based revenues in primary care, EMO, and our trusted partner ecosystem, which are more variable based on how we choose to spend marketing dollars to drive those revenues.

我提醒您，我們過去關於初級保健、EMO 和我們值得信賴的合作夥伴生態系統中基於使用的收入貢獻不斷增長的評論，根據我們選擇如何花費營銷資金來推動這些收入，這些收入的變化更大。

They can also be variable based on how health plan partners choose to go live with new customers and members.

它們還可以根據健康計劃合作夥伴選擇與新客戶和會員一起使用的方式而變化。

The key message is that we remain confident in our proven track record of managing the business to deliver against our bottom-line goal within our revenue guidance range.

關鍵訊息是，我們對管理業務以實現收入指導範圍內的底線目標的良好記錄仍然充滿信心。

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

至此，我們將開始提問。

(Operator Instructions) Michael Cherny, Leerink Partners.

（操作員說明）Michael Cherny，Leerink Partners。

Great.

偉大的。

Thank you.

謝謝。

This is Dan Clark on for Mike.

這是麥克的丹·克拉克。

Just had a question on the selling season.

剛剛有一個關於銷售季節的問題。

Can you just talk about where kind of navigation is slotting in relative to other big priorities of corporates this year, whether it's GLP-1s or anything else?

您能否談談相對於今年企業的其他重大優先事項，導航類型的定位，無論是 GLP-1 還是其他？

Thank you.

謝謝。

Hey, Dan.

嘿，丹。

Thanks for the question.

謝謝你的提問。

I'll grab that one, Steve and Todd.

我會抓住那個，史蒂夫和托德。

In terms of interest in the market, oftentimes, things like GLP-1s will actually spawn more interest in advocacy and primary care because of the necessity for navigation in those complex care situations to be driven by primary care positions powered by advocacy teams and driving value.

就市場興趣而言，通常情況下，像GLP-1 這樣的東西實際上會激發人們對倡導和初級保健的更多興趣，因為這些複雜的護理情況中的導航需要由倡導團隊支持的初級保健職位和驅動價值來驅動。

And so we continue to see trends like GLP-1s be drivers of demand for services like ours.

因此，我們繼續看到 GLP-1 等趨勢成為我們這樣的服務需求的驅動力。

And oftentimes, I think what's unique about our opportunity in those situations, Dan, is that customers can start with primary care.

通常，我認為在這些情況下我們的機會的獨特之處在於，丹，客戶可以從初級保健開始。

They can start with advocacy or they can choose to bundle a package and go all in on everything that we offer.

他們可以從宣傳開始，也可以選擇捆綁套餐並全力投入我們提供的一切。

That makes us unique in many respects from our competition and is positive as it relates to our win rate in the market.

這使我們在許多方面在競爭中脫穎而出，並且是積極的，因為它與我們在市場上的獲勝率有關。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Yes, thank you.

是的，謝謝。

Just a follow-up question on that selling season, and Raj, you talked about kind of start time, sometimes in January, sometimes subsequent to that.

只是關於銷售季節的後續問題，拉傑，您談到了開始時間，有時在一月份，有時在一月份之後。

So just curious how your visibility is shaping up right here and anything else from a feedback from customers that you're hearing that's resonating.

所以只是好奇你在這裡的知名度是如何形成的，以及你聽到的引起共鳴的客戶反饋中的其他任何內容。

Thanks for the question, Craig.

謝謝你的提問，克雷格。

And I think that a part of what's unique about our business and the diversification that we've created over the course of the last four years is that our new ARR -- our new business growth in our B2B segment is really driven across a multitude of channels.

我認為，我們業務的獨特之處以及我們在過去四年中創造的多元化的一部分是我們的新 ARR——我們 B2B 領域的新業務成長確實是由眾多管道。

You're seeing that in the enterprise and strategic segment, on the employer space.

您可以在企業和策略領域以及雇主領域看到這一點。

You see that in the health plan business and you see it in the government business.

你可以在健康計劃業務和政府業務中看到這一點。

And with each of them, deployment timeframes are somewhat different.

對於它們中的每一個，部署時間都有些不同。

What we're seeing is resoundingly strong demand across each of the core platforms.

我們看到每個核心平台的需求都非常強勁。

And by that, I mean expert medical opinion, primary care, particularly in the health plan space for both of those offerings, as well as advocacy and all of the associated platform connected revenues in the employer space.

我指的是專家醫療意見、初級保健，特別是在這兩種產品的健康計畫領域，以及倡議和所有與雇主領域收入相關的相關平台。

What we're seeing across the health plan space is, oftentimes, the deployment timeframes will not be January 1.

我們在健康計畫領域看到的情況是，部署時間表通常不會是 1 月 1 日。

They'll be later in the fiscal year or later in the calendar year, depending upon their rollouts to those populations and which populations they're serving.

它們將在本財年晚些時候或日曆年晚些時候推出，具體取決於它們向這些人群的推出以及它們所服務的人群。

But the positive news is really strong demand across each of those channels.

但好消息是每個管道的需求確實強勁。

Helpful.

有幫助。

Thank you.

謝謝。

Jailendra Singh, Truist.

賈蘭德拉·辛格，真理主義者。

Thank you.

謝謝。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

So basically, I wanted to get the topic of selling season clearly beyond GLP-1 impact.

所以基本上，我想讓銷售季節的話題明顯超出 GLP-1 的影響。

Just in general, I mean, there have been some recent developments in the employee benefits market where you've seen some vendor consolidation, maybe some pricing going on.

總的來說，我的意思是，員工福利市場最近出現了一些發展，您可以看到一些供應商整合，也許正在進行一些定價。

But just curious if you're willing to share any key observation in terms of how employers have approached their benefits -- employee benefit this year versus last year.

但只是好奇您是否願意分享有關雇主如何處理其福利（今年與去年的員工福利）方面的任何關鍵觀察。

And have you seen any dramatic change in your competitive landscape in terms of your competitors, either direct competitors or health plans, in terms of pricing, offering?

您是否看到您的競爭對手（無論是直接競爭對手還是健康計劃）在定價和產品方面的競爭格局發生了巨大變化？

Any more color beyond just GLP-1 will be helpful.

除了 GLP-1 之外，任何其他顏色都會有所幫助。

Yeah, of course.

是的，當然。

Of course, Jailendra, and thank you for the question.

當然，Jailendra，謝謝你的提問。

In each of the different market segments that we play in, so let's just speak to it.

在我們參與的每個不同的細分市場中，讓我們談談它。

In the government, the strength of our relationships and the existing relationships in market give us some insulation from pricing pressures based on the long-term nature of the relationships in our current service relationships in those markets.

在政府中，我們的關係強度和市場上現有的關係使我們在一定程度上免受定價壓力，這是基於我們目前在這些市場上的服務關係的長期性質。

In the health plan segment, as you think about it -- and the reason I answer it this way, Jailendra, is because if you look at the breadth of our ARR, it comes across all three of those segments.

在健康計劃部分，正如你所想，Jailendra，我之所以這樣回答，是因為如果你看看我們 ARR 的廣度，它涵蓋了所有這三個部分。

In the health plan segment, we're exceptionally effective selling into partners.

在健康計劃領域，我們向合作夥伴的銷售非常有效。

You probably saw the recent Celeste announcement, but also our work with Blue Shield of California, et cetera, exceptionally good at selling into those plans and then expanding the relationship post that based on the success we've had with their existing customers.

您可能看到了最近的 Celeste 公告，還有我們與加州 Blue Shield 等公司的合作，他們非常擅長銷售這些計劃，然後根據我們與他們現有客戶取得的成功擴大關係。

Again, a relatively insulated price environment where the distribution power of those health plan partners allows us to have great access to their customer base.

同樣，在相對絕緣的價格環境中，這些健康計劃合作夥伴的分銷能力使我們能夠很好地接觸他們的客戶群。

Finally, in the employer segment, employers are wrestling with trend line and significant increases in healthcare costs.

最後，在雇主領域，雇主正在努力應對趨勢線和醫療成本的大幅成長。

That's pushing employers to push on ROI guarantees in a way that perhaps is even more rigorous than it has been in the past but, fortunately, we believe leans into our strength.

這促使雇主以一種可能比過去更加嚴格的方式推動投資回報率保證，但幸運的是，我們相信這取決於我們的實力。

All ROI guarantees are not created equal.

並非所有投資報酬率保證都是平等的。

Some competitors of ours or others in different categories will calculate those things in different ways.

我們的一些競爭對手或不同類別的其他競爭對手會以不同的方式計算這些內容。

We've got a lot of clinical rigor and actuarial rigor associated with the way we calculate our ROI, and we're quite comfortable leaning more into those ROI guarantees this year and then even in last year.

我們在計算投資回報率的方式上有很多臨床嚴謹性和精算嚴謹性，而且我們很樂意在今年甚至去年更加傾向於這些投資回報率保證。

We do that, though, with a really keen eye, Jailendra, on our path to profitability and ensuring that we're signing good long-term business where we can meet the needs of the customer on a long-term basis.

不過，Jailendra，我們以非常敏銳的眼光來做到這一點，在我們的盈利之路上，並確保我們簽署良好的長期業務，從而能夠長期滿足客戶的需求。

But I would say, a shorter answer to your question, because I think your question was very focused on the employer space, there's more focus on rigor associated with ROI, more focus on at-risk revenues and pushing in that direction.

但我想說，對你的問題的回答更簡短，因為我認為你的問題非常關注雇主領域，更多地關注與投資回報率相關的嚴格性，更多地關注風險收入並朝這個方向推動。

And we're quite comfortable going in that direction as long as the customer is willing to come along with us on the journey associated with actuarial rigor and understanding how to calculate ROI.

只要客戶願意與我們一起踏上與精算嚴謹性相關的旅程並了解如何計算投資回報率，我們就很樂意朝這個方向前進。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Yeah.

是的。

Good morning, or good afternoon, Prague.

早安，或下午好，布拉格。

Thanks for taking the question.

感謝您提出問題。

Maybe one housekeeping item before my more substantive question.

在我提出更實質的問題之前，也許是一件家務事。

Was hoping, Steve, you could give us the detail on the utilization-based revenue in the quarter.

史蒂夫，希望您能為我們提供本季度基於利用率的收入的詳細資訊。

Sure.

當然。

Good morning, Jeff.

早安，傑夫。

And so usage-based revenue in the quarter was similar to how it's been tracking.

因此，本季基於使用情況的收入與追蹤的情況類似。

We're running around 35% or so of the total, and it comes from a few places.

我們運行的大約佔總數的 35% 左右，而且它來自幾個地方。

It comes from both on the employer or the B2B side.

它來自雇主方或 B2B 方。

We generate those from EMO and VPC end partners and as well on the direct-to-consumer side of the business.

我們從 EMO 和 VPC 最終合作夥伴以及直接面向消費者的業務方面產生這些資訊。

So we're seeing that come in in the neighborhood of -- in the 30s.

所以我們看到這種情況在 30 年代左右出現。

As a percentage of revenue, I think it was around 32% of total revenue for the quarter.

從佔收入的百分比來看，我認為它佔本季總收入的 32% 左右。

And it continues to trend about as we've seen in prior quarters, a few dynamics.

正如我們在前幾個季度看到的那樣，它繼續呈現一些動態趨勢。

One would be we're driving those revenues off of the advocacy platform, selling in bundles.

其一是我們將這些收入從宣傳平台上剝離出來，進行捆綁銷售。

Secondly, we are seeing EMO customers shifting from PMPM or PEPM contracts over to usage-based contracts.

其次，我們看到 EMO 客戶從 PMPM 或 PEPM 合約轉向基於使用的合約。

So those both contribute to a growing percentage of revenues there.

因此，這兩者都對那裡的收入貢獻了越來越大的比例。

And then finally, on the D2C side, we're certainly managing those customer acquisition costs as we described in the last quarter.

最後，在 D2C 方面，我們確實正在管理這些客戶獲取成本，正如我們在上個季度所描述的那樣。

How about you take your next question as well, Jeff, on a more substantive side?

傑夫，你也從更實質的方面來回答你的下一個問題怎麼樣？

Yeah, thanks for providing that detail and the additional color.

是的，感謝您提供細節和額外的顏色。

We've had a few questions on selling season, but maybe to ask on the other side of that coin about retention, just curious if you can give us some comments on how much of the book is up for renewal this year versus last year.

我們對銷售季節有一些疑問，但也許是想問一下硬幣的另一面關於保留的問題，只是好奇你是否能給我們一些關於今年與去年相比這本書有多少內容需要續訂的評論。

And you've alluded to this a little bit in some of your comments, but would love to hear more on whether we should expect another round of sorting out partners that aren't completely aligned on Accolade's value proposition and around the appropriate unit economics that allow you to hit your long-term profitability goals.

您在一些評論中提到了這一點，但您很想聽聽更多關於我們是否應該期待另一輪篩選合作夥伴的信息，這些合作夥伴與 Accolade 的價值主張和適當的單位經濟效益不完全一致。讓您實現長期獲利目標。

Thanks.

謝謝。

Absolutely.

絕對地。

I'll try that one, Steve, and maybe you can chime in on any incremental.

我會嘗試一下，史蒂夫，也許你可以加入任何增量。

Bottom line is, Jeff, as we've talked about before, in the enterprise book of business, we've got a D2C business and a B2B business.

Jeff，最重要的是，正如我們之前談到的，在企業業務手冊中，我們有 D2C 業務和 B2B 業務。

In the B2B business, our contracts are typically about three years, and so in that context, about a third of your contracts are up for renewal in any given year.

在 B2B 業務中，我們的合約通常約為三年，因此在這種情況下，每年大約有三分之一的合約需要續約。

And as we illustrated with the DeVry point, we offer exceptional value to our customers.

正如我們透過 DeVry 點所說明的那樣，我們為客戶提供卓越的價值。

And therefore, the retention rates, we'd expect to be in that 90% or above range.

因此，我們預計保留率將在 90% 或以上的範圍內。

We call that -- that's the number we talk about as gross seller retention, and we'd expect that to be in that same area this year.

我們稱之為——這就是我們所說的總賣家保留率的數字，我們預計今年也會出現在同一領域。

You're correct.

你是對的。

Over the last two years, we did some work around identifying customer contracts that we thought weren't consistent with our path to profitability, but we feel like we're in the next stage of our growth now.

在過去的兩年裡，我們做了一些工作來確定客戶合同，我們認為這些合同與我們的盈利之路不一致，但我們覺得我們現在正處於增長的下一個階段。

We're now in the process of growing and growing with sustainable, strong new business, and so I think that stage of our business is behind us.

我們現在正處於不斷發展壯大的過程中，擁有可持續的、強大的新業務，所以我認為我們業務的這個階段已經過去了。

Richard Close, Canaccord.

理查德·克洛斯，Canaccord。

Yeah, thanks for the questions.

是的，謝謝你的提問。

With respect to, I guess, your book of business in terms of new business being government, health plan, and the employer side, it sounds like maybe health plan is a little bit more robust and it sounds like it could maybe be launching at various times during the year.

我想，就你的業務手冊而言，新業務是政府、健康計劃和雇主方面，聽起來健康計劃可能更穩健一些，而且聽起來可能會在不同的地方推出。

So how are you thinking about growth in the core advocacy as we look into the next fiscal year?

那麼，當我們展望下一個財年時，您如何看待核心倡議的成長？

It sounds like it may be a little bit softer than historical trends.

聽起來可能比歷史趨勢軟一些。

Hey.

嘿。

Thanks for the question, Richard, and I'll take -- we'll probably tag team this one, as I can see Steve's chomping at the bit to answer at least a component of it.

謝謝你的問題，理查德，我會接受——我們可能會把這個問題標記為團隊，因為我可以看到史蒂夫正在急切地回答至少其中的一個組成部分。

But let me start with this.

但讓我從這個開始。

The positive news associated with the health plan growth is that health plan growth can happen across all of the product segments.

與健康計劃成長相關的正面消息是，健康計劃的成長可以發生在所有產品領域。

Many of our health plan partners are offering advocacy, offering primary care and expert medical opinion, or offering some combination of those bundles.

我們的許多健康計劃合作夥伴都在提供宣傳、初級保健和專家醫療意見，或提供這些服務的某種組合。

So there's breadth there.

所以那裡有廣度。

So just because it's health plan doesn't mean it's not going to have a positive impact on advocacy growth.

因此，僅僅因為它是健康計劃並不意味著它不會對宣傳成長產生積極影響。

That's part one.

這是第一部分。

Part two, you're correct.

第二部分，你是對的。

They're going to deploy in cycle with their customer contracts to the degree they're going live to fully insured populations.

他們將根據客戶合約進行循環部署，以達到向完全保險人群提供服務的程度。

They're going to go live based on the operational needs and the needs of their customers in those books.

他們將根據這些書中的營運需求和客戶的需求來上線。

And while we'll have some impact on working with them as a partner on when they're going to deploy, we acknowledge that ultimately that choice is going to be left up to those plans.

雖然我們將在部署時作為合作夥伴對他們的合作產生一些影響，但我們承認最終的選擇將取決於這些計劃。

The great news underneath that, while we have less control of the deployment timeframes, is the opportunities are oftentimes very substantive with very large populations that can have an opportunity to impact things.

好消息是，雖然我們對部署時間框架的控制較少，但機會往往非常實質性，因為大量人口有機會影響事物。

We haven't really given -- we obviously haven't given any guidance for next year's revenues per se.

我們還沒有真正給出——我們顯然沒有給出任何關於明年收入本身的指導。

But I think with that color in mind, we'd expect that you're going to continue to see growth in the enterprise primary care and the expert medical opinion businesses alongside of the advocacy business, and the long-term growth rates of those three businesses, which we've called out in the past, remain intact.

但我認為考慮到這種顏色，我們預計您將繼續看到企業初級保健和專家醫療意見業務以及宣傳業務的增長，以及這三個業務的長期增長率我們過去呼籲的企業仍然完好無損。

Steve, anything you'd add?

史蒂夫，你還有什麼要補充的嗎？

Yeah.

是的。

I think you hit it with that last point, Raj.

我認為你最後一點說得對，拉傑。

We've given -- to a point, we've hit the last couple of quarters that continues to prevail is the selling of bundled deals.

在某種程度上，我們已經看到過去幾季捆綁交易的銷售繼續盛行。

So advocacy on its own is becoming rarer and rarer.

因此，倡議本身變得越來越少。

Customers are leaning into -- when you think about those ROI needs that customers have given the elevated cost environment, they recognize that advocacy is attractive, but purchasing other elements along with it really is the bundled kind of deal.

客戶正在傾向於——當你考慮客戶在高成本環境下的投資回報率需求時，他們認識到宣傳很有吸引力，但隨之而來的其他元素的購買實際上是一種捆綁交易。

So we don't necessarily think of it as just straight up advocacy.

因此，我們不一定將其視為直接的倡議。

We look at it as B2B going to market with an integrated solution.

我們將其視為透過整合解決方案進入市場的 B2B。

So if you look at our bookings growth over time, that's really the indication for what we think of as one of the underlying health points of the health of the business and driving revenue growth overall by increasing those platform revenues year over year.

因此，如果你看看我們的預訂量隨著時間的推移而增長，這確實表明了我們認為業務健康的潛在健康點之一，並透過逐年增加這些平台收入來推動整體收入成長。

Jessica Tassan, Piper.

傑西卡·塔桑，派珀。

Hi, guys.

嗨，大家好。

Thank you for taking the question.

感謝您提出問題。

I wanted to ask, just when we think about the selling season and FY25 bookings ARR for '26 conversion, how much of the bookings number is guaranteed revenue or PMPM revenue versus variable?

我想問，當我們考慮銷售季節和 26 財年預訂 ARR 時，有多少預訂量是保證收入或 PMPM 收入與可變收入？

And is that mix in line with the historical two-thirds, one-third?

這個比例符合史上的三分之二、三分之一嗎？

And then how should we, going forward, think about the coverage of the low end of your revenue guide versus your high visibility or PMPM revenue visibility?

那麼，展望未來，我們應該如何考慮收入指南低端的覆蓋範圍與高可見度或 PMPM 收入可見度的覆蓋範圍？

Thanks.

謝謝。

Hi, Jess.

嗨，傑西。

This is Steve.

這是史蒂夫。

I'll start it off.

我就開始吧。

So first of all, in terms of selling season this year, with it not being complete to Raj's point yet, there's still cards to be turned over.

首先，就今年的銷售季節而言，由於拉吉所說的銷售季節尚未完成，因此仍有待翻牌。

But if I look back, historically, particularly over the last couple of years, more of the business has become the opportunity we have with health plans that are not the same as an employer going live, let's say, on January 1.

但如果我回顧歷史，特別是過去幾年，更多的業務已經成為我們擁有健康計劃的機會，這與雇主在 1 月 1 日開始實施的計劃不同。

So a bit more of the percentage tends to lean that way as part of that dynamic.

因此，作為這種動態的一部分，更多的百分比傾向於傾向於這種方式。

So one, you have a launch date that might be different than January 1.

因此，您的發布日期可能與 1 月 1 日不同。

And two, more of an opportunity, whether it's a hunting license to partner with that health plan to acquire customers together or to launch a program like Virtual Blue into an individual and family plan network, those can ramp over time.

第二，更多的機會，無論是與健康計劃合作獲得客戶的狩獵許可證，還是在個人和家庭計劃網絡中推出 Virtual Blue 等計劃，這些都可以隨著時間的推移而增加。

So that's a dynamic that persists.

所以這是一種持續存在的動力。

In terms of the ranges of guidance that we provide, in terms of when you think about the PEPM versus the usage-based revenues, when we look at, for example, this year, the full-year guide on the fourth quarter, I'd say it's a very similar dynamic that we've had in prior quarters.

就我們提供的指導範圍而言，當您考慮 PEPM 與基於使用的收入時，例如，當我們查看今年第四季度的全年指南時，我想說這與我們前幾季的情況非常相似。

We look at that fourth quarter, there's about 30 -- low 30s% of the total year's revenues expected in there.

讓我們來看看第四季度，預計全年總收入的 30% 左右，低至 30%。

And that's driven by savings PGs, which are really PEPM revenues, although we have to achieve them.

這是由儲蓄 PG 推動的，這實際上是 PEPM 收入，儘管我們必須實現它們。

They're typically measured on a calendar year basis, new launches of ARR, and then finally, the variable or the usage-based revenues across EMO, VPC, and then direct to consumer.

它們通常按日曆年、新推出的 ARR 進行衡量，最後是跨 EMO、VPC 的變數或基於使用的收入，然後直接面向消費者。

I would say those dynamics are pretty similar this year than we've seen in last year and years prior, as far as our assumptions on that range.

我想說，就我們對該範圍的假設而言，今年的動態與我們去年和前幾年看到的非常相似。

Jared Haase, William Blair.

賈里德·哈斯，威廉·布萊爾。

Hey, guys.

嘿，夥計們。

Thanks for taking the questions.

感謝您提出問題。

And this is Jared on for Ryan Daniels.

這是賈里德替補瑞恩丹尼爾斯的發言。

A lot of good questions around the selling environment.

關於銷售環境的許多好問題。

Maybe I'll just ask one relative to the model.

也許我會問一位與模型相關的人。

It looks like the gross margin declined sequentially in the second quarter.

看起來第二季的毛利率季減。

I assume a lot of that is related to performance guarantees, but maybe I'd just ask for any additional color you'd share there, and then any expectations as to how we should think about the second half modeling balance between gross margin and OpEx relative to your EBITDA guidance.

我認為其中許多與性能保證有關，但也許我只是要求您在那裡分享任何其他顏色，然後對我們應該如何考慮下半年毛利率和運營支出之間的建模平衡有任何期望相對於您的EBITDA 指導。

Got it.

知道了。

Good morning, Jared.

早上好，賈里德。

So yeah, the sequential decline is almost completely attributable to the fact that in Q1, we had a significant pull forward of a PG of about $6 million, which is really 100% margin.

所以，是的，連續下降幾乎完全歸因於這樣一個事實：在第一季度，我們將 PG 大幅提前了約 600 萬美元，這實際上是 100% 的利潤率。

So if you normalize for that and look at the full year, we expect to be approaching or coming up on 50% gross margins for the year.

因此，如果你對此進行正常化並查看全年，我們預計今年的毛利率將接近或達到 50%。

And so it's typical for us to be in the mid-40s%, upper 40s% in Qs 1, 2, and 3, and then above that range for Q4 as we recognize more performance guarantee revenue, which is high margin or 100% margin in many cases.

因此，我們通常在第1、2 和第3 季處於40% 左右、40% 以上，然後在第四季度高於該範圍，因為我們認識到更多的績效保證收入，即高利潤率或100%利潤率在很多情況下。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey, guys.

嘿，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

I want to dig into that 2nd.MD takeaway comment.

我想深入研究 2nd.MD 的外送評論。

This is now the second selling season where we've had a decent amount of takeaway commentary.

現在是第二個銷售季節，我們收到了大量的外帶評論。

So first part, when you're winning the takeaways, is it generally against the narrower point solutions or are you seeing a mix of platform takeaways as well?

所以第一部分，當你贏得外賣時，它通常是針對較窄的單點解決方案還是你也看到了平台外帶的混合？

And secondly, when you look at the broader selling season, are you seeing more a mix of greenfield versus takeaways in your opportunity set, or are you seeing it kind of lean one way as you've expanded your channels like the health plan channel?

其次，當你觀察更廣泛的銷售季節時，你是否會在你的機會集中看到更多的未開發與外賣的混合，或者當你擴展健康計劃渠道等渠道時，你是否看到它有點精益？

Yeah.

是的。

Thanks for the question, Stephanie.

謝謝你的提問，史蒂芬妮。

And let's start with the second question first because I think it's the most important.

讓我們先從第二個問題開始，因為我認為這是最重要的。

The majority of opportunities we're closing continue to be of the greenfield variety, new opportunities being created by customers who haven't yet really experienced the power of a personalized healthcare platform who, maybe in the past, have been seeking those types of solutions from their carriers, but are now looking at healthcare disruptors like Accolade as viable alternatives and driving the growth of our business.

我們即將關閉的大多數機會仍然是未開發的品種，新的機會是由尚未真正體驗過個性化醫療平台的力量的客戶創造的，他們也許在過去一直在尋求這些類型的解決方案從他們的運營商那裡，但現在正在將像Accolade 這樣的醫療保健顛覆者視為可行的替代方案並推動我們業務的成長。

That said, there are competitive takeaways.

也就是說，有競爭力的外賣。

We talked last quarter about one.

上個季度我們討論過其中一個。

We talked this quarter about one.

我們本季討論了其中一個。

In one case was a platform takeaway and us becoming the advocacy and navigation solution, which included -- and ultimately, a core reason for our takeaway last quarter was the breadth of our platform, the integration of that platform, and the advanced nature of our technology strategy as related to weaving partners in that moved that customer from a different vendor over to Accolade.

在一個案例中，我們成為了一個平台外賣，而我們成為了宣傳和導航解決方案，其中包括——最終，我們上個季度外賣的一個核心原因是我們平台的廣度、該平台的整合以及我們的先進性。

This quarter was -- I wouldn't call it a point solution in that it's an expert medical opinion opportunity that gives us an opportunity to expand into other areas of their business.

這個季度——我不會稱其為單點解決方案，因為這是一個專家醫療意見機會，使我們有機會擴展到他們業務的其他領域。

And so we view every opportunity with a customer, whether it's expert medical opinion, primary care, or advocacy, as the first step in demonstrating our value and then expanding inside that customer to drive what we call platform connected revenues as it relates to our P&L.

因此，我們將與客戶的每一個機會視為展示我們價值的第一步，無論是專家醫療意見、初級保健還是宣傳，然後在該客戶內部擴展，以推動我們所說的與我們的損益相關的平台相關收入。

And so in both cases, I think what's most important as a wrapper around the answer is in the vast majority of our new wins are greenfield opportunities because the market continues to expand on a macro basis.

因此，在這兩種情況下，我認為最重要的是，作為答案的包裝，我們的絕大多數新勝利都是綠地機會，因為市場在宏觀基礎上繼續擴張。

Where we're seeing takeaways are customers who might've been lured by lower prices, by ROI guarantees in the past, now returning to a level of oh, we understand what proven results look like.

我們看到的要點是，過去可能被較低價格和投資回報率保證所吸引的客戶，現在又回到了「哦，我們了解經過驗證的結果是什麼樣子」的水平。

We understand what referenceability looks like, and we're leaning into proven results like those that Accolade can deliver in any of the different solutions that we're offering.

我們了解參考性是什麼樣的，我們正在傾向於經過驗證的結果，例如 Accolade 可以在我們提供的任何不同解決方案中提供的結果。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good morning, and thanks for taking the questions.

早上好，感謝您提出問題。

Raj, can you expand a little bit on the DeVry relationships?

Raj，可以詳細介紹一下 DeVry 的關係嗎？

It seems like they've expanded with you, and obviously, you talked about their low medical trend.

看起來他們已經和你一起擴張了，顯然，你談到了他們的低醫療趨勢。

Can you talk about maybe opportunities to use their model or what you've done with them, and what's the opportunity there to expand with your other customers that maybe aren't using the broader set of solutions?

您能否談談使用他們的模型的機會或您對它們所做的事情，以及與可能不使用更廣泛的解決方案集的其他客戶一起擴展的機會是什麼？

Thanks.

謝謝。

Yeah.

是的。

I love that question and I appreciate it very much.

我喜歡這個問題並且非常感激。

I think DeVry is an incredible customer because they're so leaned into partnering with us to define a healthcare strategy for their employees on a macro basis, where Accolade, as the platform, is a driver.

我認為 DeVry 是一個令人難以置信的客戶，因為他們非常願意與我們合作，從宏觀為他們的員工製定醫療保健策略，而 Accolade 作為平台，是一個驅動力。

Accolade is a platform inclusive of the data that we collect on their behalf as a driver of their overall strategy as it relates to plan design, as it relates to partnerships, as it relates to how they're defining co-pays and deductibles with their employees.

Accolade 是一個平台，其中包含我們代表他們收集的數據，作為他們整體策略的驅動因素，因為它與計劃設計、合作夥伴關係以及他們如何定義共同支付和免賠額有關。

All of that work in partnership with us has given them -- and obviously, we should give credit where credit is due, the DeVry benefits team and HR team has been exceptional in managing trend using our platform, but also in terms of educating their employees and weaving together the right set of benefits and partners.

與我們合作的所有工作都給了他們 - 顯然，我們應該給予應有的讚揚，DeVry 福利團隊和人力資源團隊在使用我們的平台管理趨勢方面表現出色，而且在教育員工方面也表現出色並將正確的利益和合作夥伴組合在一起。

In that context, I believe we have a role to play with all of our customers in that very same regard.

在這種情況下，我相信我們在這方面可以與所有客戶一起發揮作用。

And you'll see us doing that more and more with customers.

您會看到我們越來越多地與客戶一起這樣做。

DeVry's webinar, which is, by the way, for those who haven't listened to it, also on the Accolade website at accolade.com, is the first opportunity for us to enunciate for the rest of our customer base and for new partners or new customers down the road that we can play a broader role than just delivering the technology and personalized healthcare platform.

順便說一句，對於那些還沒有聽過的人來說，DeVry 的網路研討會也在Accolade 網站accolade.com 上，這是我們第一次有機會向我們的其他客戶群以及新合作夥伴或合作夥伴闡明這一點。

We can actually be strategic advisors in helping you define how you want your program to work, where you want trend line to be, and why you think it should work that way.

我們實際上可以成為策略顧問，幫助您定義您希望您的計劃如何運作、您希望趨勢線在哪裡，以及為什麼您認為它應該這樣運作。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to touch on the optimization of marketing spend and as you kind of roll that into the model in practice now.

我想談談行銷支出的優化，現在你可以將其融入實踐中的模式。

Are you seeing any differences in utilization rates across whether it's D2C PlushCare or platform-connected revenues on the enterprise side?

無論是 D2C PlushCare 還是企業端的平台連線收入，您是否發現使用率有任何差異？

And then, as you're going through the selling season, how are you sort of messaging, especially on the platform-connected revenue side, to prospective customers, and what kind of feedback are you getting from that thus far?

然後，當您正在經歷銷售季節時，您如何向潛在客戶傳達訊息，特別是在與平台相關的收入方面，以及到目前為止您從中得到了什麼樣的回饋？

Thanks.

謝謝。

Yeah.

是的。

Steve, if it makes sense to you, I'll start with that one, and then you can jump in there.

史蒂夫，如果你覺得有意義，我會從那個開始，然後你可以跳進去。

Let's start with the direct-to-consumer business.

讓我們從直接面向消費者的業務開始。

That's a week-over-week exercise, Ryan, of us monitoring the customer acquisition costs, acknowledging that different cohorts of customers will drive different lifetime values, and therefore, we're going to be very smart about marrying up lifetime value of a customer against customer acquisition costs.

Ryan，這是我們每週監控客戶獲取成本的工作，承認不同的客戶群將驅動不同的終身價值，因此，我們將非常明智地結合客戶的終身價值對抗客戶獲取成本。

And on a week-over-week basis, particularly in a market like this one where there's intense competition for weight loss customers, or you name it, we're going to stay disciplined, as we've talked about in the past, and on occasion, it'll impact the utilization.

每週，特別是在像這樣的市場，減肥客戶競爭激烈，或者你能想到的，我們將保持紀律，正如我們過去談到的那樣，有時，它會影響利用率。

To the degree it does, what we're finding is we're continuing to be able to attract and retain customers in that direct-to-consumer business at an attractive clip on the long-term lifetime value of the customer.

就其確實而言，我們發現我們繼續能夠在直接面向消費者的業務中以有吸引力的方式吸引和留住客戶的長期終身價值。

As it relates to platform-connected revenues and the marketing spend associated with driving new member acquisition for platform-connected revenues which, for everyone else on the call, as a reminder, is defined as anything on the advocacy platform, primary care visits, expert medical opinion cases, or trusted partner enrollments, oftentimes, that conversation with our customers is tied in tandem with a question that we just talked about.

因為它涉及平台相關收入以及與推動新會員獲取平台相關收入相關的營銷支出，對於電話中的其他人來說，提醒一下，它被定義為倡導平台上的任何內容、初級保健訪問、專家醫療意見案例或值得信賴的合作夥伴註冊，通常情況下，與客戶的對話與我們剛才討論的問題緊密相關。

How much trend line are we trying to drive?

我們想要推動多少趨勢線？

Where are you against what you're trying to achieve for the year?

與你今年想要實現的目標相比，你在哪裡？

It's October.

現在是十月。

What are we trying to achieve in the back half of the year when most of your members have already gone through their deductible and are starting to consume healthcare at pace?

當您的大多數會員已經支付了自付額並開始快速消費醫療保健時，我們在今年下半年想要實現什麼目標？

In those situations, we're actually working in that vein, Ryan, to go to customers to share in costs.

在這種情況下，瑞安，我們實際上就是以這種方式工作，讓客戶分擔成本。

Would you like to run more campaigns into your book and help us defray some of those costs because we believe it will drive trend line value for you on a long-term basis?

您是否願意在您的書中進行更多活動並幫助我們支付其中一些費用，因為我們相信這將長期為您帶來趨勢線價值？

That's a relatively new motion for us.

這對我們來說是一個相對較新的動議。

Because we have so much data, we can actually point to where we think the opportunity is and where we think the spend should be allocated, but so far, those conversations have been very productive with our customers.

因為我們擁有如此多的數據，所以我們實際上可以指出我們認為機會在哪裡以及我們認為支出應該分配在哪裡，但到目前為止，與客戶的這些對話非常有成效。

Steve, anything you'd add?

史蒂夫，你還有什麼要補充的嗎？

Just doubling down on the health plan side of that as well, Raj.

拉傑，在健康計畫方面也加倍努力。

I think in the end, this is a joint effort oftentimes with us and our customer or partner.

我認為最終，這是我們和我們的客戶或合作夥伴經常共同努力的結果。

So we do our own outbound marketing, our own programs, and also, it's important that the customer lean in with whether it be helping us reach their members, promoting through incentives or otherwise to populations.

因此，我們進行自己的對外行銷、我們自己的計劃，而且重要的是，客戶的參與是否可以幫助我們接觸他們的會員、透過激勵措施或其他方式向大眾推廣。

We have that type of dynamic, and the DeVry example is really a perfect one in which the payer, in this case, DeVry, is so completely aligned with believing in that these will lead to better health outcomes, but also, they need to play a part in promoting and supporting the program.

我們有這種動力，德弗里的例子確實是一個完美的例子，其中付款人（在本例中為德弗里）完全相信這些將帶來更好的健康結果，而且，他們需要發揮作用參與推廣和支持該計劃。

When that happens, we can also spend our dollars really widely in terms of stratifying populations, doing outreach programs, whether they be online and/or, in some cases, mail-mail, depending on the type of population.

當這種情況發生時，我們還可以廣泛地把錢花在對人群進行分層、開展外展計劃上，無論是在線的還是在某些情況下通過郵件進行的，具體取決於人口的類型。

All those coming together are important to driving those revenues at an efficient rate.

所有這些聚集在一起對於高效推動這些收入非常重要。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

If we look at the direct-to-consumer business, can you just comment, under the hood, if we look at the demand drivers there, any changes in themes, to what extent does GLP-1 perhaps contribute to the demand that you're seeing, and any changes versus the last 12 months there?

如果我們看看直接面向消費者的業務，您能否在幕後評論一下，如果我們看看那裡的需求驅動因素，主題的任何變化，GLP-1 可能在多大程度上對您的需求做出貢獻？與過去12 個月相比，有什麼改變嗎？

Thanks.

謝謝。

Yeah.

是的。

Thanks for the question, Stan.

謝謝你的提問，史丹。

I would say, given the timeframe that you just laid out in terms of the last 12 months, I wouldn't say there's any tangible change.

我想說，考慮到您剛剛列出的過去 12 個月的時間框架，我不會說有任何實際的變化。

There's ebbs and flows associated with changes in that demand cycle based on drug shortages, et cetera.

由於藥品短缺等原因，需求週期的變化會帶來潮起潮落。

But by and large, GLP-1 demand has been kind of a constant in the overall flow of consumer primary care.

但總的來說，GLP-1 需求在消費者初級保健的整體流程中一直是個常數。

I think most importantly in that story, and you've heard it from us before, so I'll say it briefly, most companies out there that are offering GLP-1 alternatives are doing so in a very transactional, drug-oriented or focused model.

我認為在這個故事中最重要的是，您之前已經從我們這裡聽說過，所以我會簡單地說，大多數提供GLP-1 替代品的公司都是以非常交易性、以藥物為導向或專注於模型。

We are a primary care service, and so customers come to us because they're seeking a primary care physician in a longitudinal relationship.

我們是一家初級保健服務機構，因此客戶來找我們是因為他們正在尋找縱向關係的初級保健醫生。

In some of those cases, when they're looking for a primary care doc, they also are looking for that medication.

在某些情況下，當他們尋找初級保健醫生時，他們也在尋找該藥物。

But there's a notable difference in why they come to us versus why companies might be going to other places that are maybe more focused on acquiring customers for just the purpose of delivering GLP-1 medications.

但他們來找我們的原因與公司可能會去其他地方的原因有顯著差異，這些地方可能更專注於獲取客戶，只是為了提供 GLP-1 藥物。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hey.

嘿。

Congratulations on the good quarter and delivering good trend line for your clients.

恭喜您取得了良好的季度業績並為您的客戶提供了良好的趨勢線。

Can you talk about the trusted partners ecosystem a bit more?

能多談談值得信賴的合作夥伴生態系統嗎？

What is the revenue model there?

那裡的收入模式是什麼？

Any sense for how much revenue contribution there was from your trusted partners?

您知道您值得信賴的合作夥伴貢獻了多少收入嗎？

And then just maybe any highlights or anecdotes.

然後可能只是一些亮點或軼事。

It seems to me like one of the values Accolade brings to clients is you're a one-stop shop, which includes plugging in best of breeds when possible.

在我看來，Accolade 為客戶帶來的價值之一是您是一站式商店，其中包括盡可能插入最好的品種。

So any color there would be very helpful.

所以任何顏色都會非常有幫助。

Thank you.

謝謝。

Yeah.

是的。

Dave, thank you for the question.

戴夫，謝謝你的提問。

If you think about why Accolade is so powerful as it relates to being a [healthcare customers], it's, of course, the advocacy service and the relationships we build, our own primary care and expert medical opinion services, but also this incredibly rich ecosystem that we've woven together across a wide variety of condition-oriented solutions.

如果您思考為什麼 Accolade 如此強大，因為它與[醫療保健客戶]有關，當然是我們的宣傳服務和建立的關係，我們自己的初級保健和專家醫療意見服務，而且還有這個極其豐富的生態系統我們將各種以條件為導向的解決方案編織在一起。

Sometimes people refer to them as point solutions.

有時人們將它們稱為點解決方案。

Those solutions have been curated with an eye towards clinical rigor, trend line improvement, and exceptional service.

這些解決方案的設計著重於臨床嚴謹性、趨勢線改善和卓越服務。

And because we've done that curation on behalf of our customers, many of our customers, majority of our customers, choose in some way, shape, or form to acquire partners or to acquire those solutions on Accolade paper.

因為我們代表我們的客戶進行了策劃，所以我們的許多客戶，我們的大多數客戶，選擇以某種方式、形式或形式來獲取合作夥伴或在Accolade紙上獲取這些解決方案。

Now, the reason they do that beyond the clinical rigor value, et cetera, that I just spoke to, is we actually integrate with those solutions.

現在，他們這樣做的原因超出了我剛才談到的臨床嚴謹性價值等，是我們實際上與這些解決方案整合了。

And so while the industry is rife with press releases about partnerships, very rarely do those partnerships turn into the level of integration that our partners have committed to with Accolade, where we're seeing a round trip or what we call closed-loop reporting.

因此，儘管業界充斥著有關合作夥伴關係的新聞稿，但這些合作夥伴關係很少會轉變為我們的合作夥伴所承諾的與Accolade 的整合水平，即我們看到的往返或我們所說的閉環報告。

We understand not only whether someone's been referred to a program, but whether they actually enrolled in the program, when they enrolled in the program, if they graduated, if that is a concept of that program, and the value that we achieve from it.

我們不僅了解某人是否被推薦到某個項目，還了解他們是否真正參加了該項目、他們何時參加該項目、他們是否畢業、這是否是該項目的一個概念，以及我們從中實現的價值。

And we do that with the vast majority of our partners.

我們與絕大多數合作夥伴一起這樣做。

That level of integration gets deeper each year as we align more R&D resources to building out depth with our partners.

隨著我們調整更多的研發資源與合作夥伴建立深度，這種整合程度逐年加深。

What's that allow us to do?

這讓我們可以做些什麼？

It allows us to improve clinical engagement, to drive better ROI for the customer, and in turn, directly have an impact on trendline.

它使我們能夠提高臨床參與度，為客戶帶來更好的投資報酬率，進而直接對趨勢線產生影響。

Now, that's going to be different for every customer based on their need.

現在，每個客戶的需求都會有所不同。

If you're a customer with a large diabetic population, then a particular segment of our partner solutions might be most valuable to you.

如果您是擁有大量糖尿病人口的客戶，那麼我們合作夥伴解決方案的特定部分可能對您最有價值。

The same story is true if you've got a particular challenge with musculoskeletal.

如果您在肌肉骨骼方面遇到特殊挑戰，同樣的情況也適用。

Our capacity to understand your need, guide you to the right partner, and then prove that that partner is exceptionally valuable through closed-loop reporting and the integration we've built with our trusted partners is why we're differentiated in the market and why customers are really flocking to those solutions via Accolade as opposed to buying them independently.

我們有能力了解您的需求，引導您找到合適的合作夥伴，然後透過閉環報告證明該合作夥伴具有非凡的價值，並且我們與值得信賴的合作夥伴建立的整合是我們在市場上脫穎而出的原因和原因客戶確實透過Accolade 湧向這些解決方案，而不是單獨購買它們。

Jack Wallace, Guggenheim.

傑克華萊士，古根漢。

Hey.

嘿。

Thanks for taking my question.

感謝您提出我的問題。

You called out in your prepared remarks a step-up in some expenses in the second half of the year.

您在準備好的演講中提到下半年將增加一些開支。

How should we think about the bucketing and the cadence of those costs?

我們應該如何考慮這些成本的儲存和節奏？

Thank you.

謝謝。

Hey, Jack.

嘿，傑克。

Good morning.

早安.

This is Steve.

這是史蒂夫。

So a couple things.

有幾件事。

You mentioned, I think you said the back half of the year, a step-up in some costs.

你提到，我想你說的是今年下半年，一些成本的增加。

Really, what I'm thinking about there is I spoke earlier about the gross margin line.

確實，我正在考慮的是我之前談到的毛利率線。

We expect that to be at or right around 50% gross margin.

我們預計毛利率將達到或接近 50%。

So if you look at sequential operating expenses, we had a very favorable Q2.

因此，如果你看看連續的營運費用，我們的第二季非常有利。

In terms of bottom line, we had a favorable Q1.

就利潤而言，我們的第一季業績良好。

What I'm thinking about there is timing of marketing spend, primarily around direct to consumer.

我正在考慮的是行銷支出的時機，主要是圍繞著直接面向消費者的支出。

To Rajesh's point earlier, we're being very disciplined about when and to what extent we invest there.

正如拉傑什之前所說，我們對投資的時間和程度非常嚴格。

And also, on the B2B side as well, whether that be marketing programs or opportunities that we see during the year, where there's some movement along those lines.

而且，在 B2B 方面，無論是行銷計劃還是我們在這一年中看到的機會，都出現了一些變化。

So if you look at the Q3 guide, the adjusted EBITDA loss of about $4 million at the midpoint, that would be consistent with that point.

因此，如果您查看第三季指南，調整後的 EBITDA 損失中點約為 400 萬美元，這與該點一致。

When we had a beat in Q2, some of that was due to the revenue comment that I made earlier.

當我們在第二季取得好成績時，部分原因是我之前發表的收入評論。

A bit of that is due to operating expenses that will move from Q2 into Q3 and Q4.

其中一部分是由於營運費用將從第二季轉移到第三季和第四季。

And maybe just a final point would be, given our incredible focus on profitability this year, we'll evaluate every opportunity, whether that pushes to Q3 or perhaps even to Q4.

也許最後一點是，鑑於我們今年對盈利能力的難以置信的關注，我們將評估每一個機會，無論是推到第三季度還是甚至推到第四季度。

That is the governor for us at this point in time, to be very focused on achieving profitability within that revenue range.

這就是我們目前的目標，即非常注重在該收入範圍內實現盈利。

At this time, I would now like to turn the call back over to Rajeev for closing remarks.

現在，我想將電話轉回拉吉夫進行結束語。

We appreciate all of you being here today and look forward to our follow-up conversations, and we'll talk to you shortly.

我們感謝大家今天來到這裡，並期待我們的後續對話，我們很快就會與你們交談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。