American Well Corp (AMWL) 2022 Q4 法說會逐字稿

Good evening. My name is Savannah, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Amwell Q4 2022 Earnings Call. (Operator Instructions) Thank you.

晚上好。我叫 Savannah，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Amwell Q4 2022 財報電話會議。 （操作員說明）謝謝。

And I would now like to hand the call over to Sue Dooley, Head of Investor Relations of Amwell. You may begin.

我現在想把電話轉給 Amwell 投資者關係主管 Sue Dooley。你可以開始了。

Hello, everyone. Welcome to Amwell's conference call to discuss our fourth fiscal quarter and year-end of 2022. This is Sue Dooley of Amwell Investor Relations. And joining me today are Amwell's Chairman and CEO, Dr. Ido Schoenberg; and Bob Shepardson, our CFO. Earlier today, we distributed a press release detailing our announcement. This release is posted on our website at investors.amwell.com and is also available from normal news sources. This conference call is being webcast live on the IR page of our website where a replay will be archived.

大家好。歡迎參加 Amwell 的電話會議，討論我們的第四財季和 2022 年底。我是 Amwell 投資者關係部的 Sue Dooley。今天加入我的是 Amwell 的董事長兼首席執行官 Ido Schoenberg 博士；和我們的首席財務官 Bob Shepardson。今天早些時候，我們發布了一份新聞稿，詳細介紹了我們的公告。本新聞稿發佈在我們的網站 investors.amwell.com 上，也可從正常新聞來源獲取。此電話會議正在我們網站的 IR 頁面上進行網絡直播，重播將在該頁面上存檔。

Before we begin our prepared remarks, I'd like to take this opportunity to remind you that during the course of this call, we will make forward-looking statements regarding projected operating results and anticipated market opportunities. This forward-looking information is subject to the risks and uncertainties described in our filings with the SEC, and actual results or events may differ materially. Except as required by law, we undertake no obligation to update or revise these forward-looking statements. On this call, we'll refer to both GAAP and non-GAAP financial measures. A reconciliation of our GAAP to non-GAAP financial measures is provided in our posted earnings release.

在我們開始準備好的發言之前，我想藉此機會提醒您，在本次電話會議期間，我們將就預計的經營業績和預期的市場機會做出前瞻性陳述。該前瞻性信息受我們向美國證券交易委員會提交的文件中描述的風險和不確定性的影響，實際結果或事件可能存在重大差異。除法律要求外，我們不承擔更新或修改這些前瞻性陳述的義務。在這次電話會議上，我們將同時提及 GAAP 和非 GAAP 財務指標。我們發布的收益報告中提供了我們的 GAAP 與非 GAAP 財務指標的對賬。

With that, I would like to turn the call over to Ido.

有了這個，我想把電話轉給 Ido。

Thank you, Sue, and hello, everyone. I'm pleased to report that in Q4, we successfully capped off an important and strategic year for Amwell. On many levels, it was an incredible year. We rallied as a company and executed well, making meaningful progress in the transition to Converge, our software platform that we believe will enable and empower the future of hybrid care and which has already been embraced and implemented by some of the most demanding and innovative health care organizations.

謝謝你，蘇，大家好。我很高興地報告，在第四季度，我們成功地結束了 Amwell 重要且具有戰略意義的一年。在許多層面上，這是令人難以置信的一年。我們團結一致，執行良好，在向 Converge 的過渡中取得了有意義的進展，我們相信我們的軟件平台將實現混合護理的未來，並且已經被一些最苛刻和創新的健康領域所接受和實施護理組織。

I would like to begin by reviewing a few highlights of the quarter. Then I'll take a moment to discuss the market for our solution and describe key priorities for 2023. After that, Bob will review some key metrics, our financial results and our 2023 guidance. Then we'll be pleased to take your questions. To begin, here are some highlights. In Q4, we had another great quarter for client migrations and Converge is scaling well. Specifically, visits on Converge continue to rise and grew from 16% of total visits for the quarter in Q3 to 28% of total visits in Q4. In fact, all of our key operating metrics are trending favorably, and we'll let Bob review that in a moment.

首先，我想回顧一下本季度的一些亮點。然後，我將花點時間討論我們解決方案的市場，並描述 2023 年的主要優先事項。之後，Bob 將回顧一些關鍵指標、我們的財務業績和 2023 年的指導方針。那麼我們很樂意回答您的問題。首先，這裡有一些亮點。在第 4 季度，我們又迎來了一個很棒的客戶端遷移季度，Converge 的擴展性很好。具體而言，Converge 上的訪問量繼續上升，從第三季度佔總訪問量的 16% 增長到第四季度佔總訪問量的 28%。事實上，我們所有的關鍵運營指標都呈有利趨勢，我們稍後會讓 Bob 回顧一下。

Our solution is resonating across all segments of the market. We continue to strengthen our relationships with strategic clients. In one standout example of this from Q4, we formally extended our long-term strategic partnership with Elevance Health. We are proud to be an important part of their digital platform for health, which aims to attract, engage and retain more clients while also achieving operational goals. We believe this validates the benefits of Amwell as the strategic partner that can empower and enable the future of care, and we look forward to the future of this important relationship to help advance innovation from a visionary strategic partner.

我們的解決方案在市場的各個領域引起共鳴。我們繼續加強與戰略客戶的關係。在第四季度的一個突出例子中，我們正式延長了與 Elevance Health 的長期戰略合作夥伴關係。我們很自豪能成為他們健康數字平台的重要組成部分，該平台旨在吸引、吸引和留住更多客戶，同時實現運營目標。我們相信，這證實了 Amwell 作為戰略合作夥伴的好處，它可以增強和實現未來的護理，我們期待這一重要關係的未來，以幫助推動有遠見的戰略合作夥伴的創新。

While endorsement for clients like Elevance in the high end of the market lift the visibility of Converge, our value proposition extends to clients of all sizes. For example, Northern Light Health, located in Maine is leveraging Converge to drive some of their system-wide goals around access to care, provider experience and internal efficiencies by consolidating technologies and streamlining workflows. Northern Light is a brand-new client, which has rapidly deployed to Converge integrated schedule visit experience across many practice areas with more to come.

雖然在高端市場中對 Elevance 等客戶的認可提高了 Converge 的知名度，但我們的價值主張擴展到各種規模的客戶。例如，位於緬因州的 Northern Light Health 正在利用 Converge 通過整合技術和簡化工作流程來推動他們圍繞獲得護理、提供者體驗和內部效率的一些全系統目標。 Northern Light 是一個全新的客戶，它已迅速部署到 Converge 的集成計劃訪問體驗，涵蓋許多實踐領域，未來還會有更多。

Our Physician Champion reports an improved clinical delivery experience with quality and efficiency gains compared to previous telehealth alternatives. And we continue to deliver powerful new solutions in partnership with our clients. For example, with Northwell, we extended their existing roster of robust automated care programs to include an AI-driven pregnancy program aimed at reducing mortality. The chatbot called Northwell Pregnancy Chat identifies potential urgent concerns links to care teams for evaluation and analysis and accelerates time to care for women during and after pregnancy. Northwell delivers 1% of babies in the United States. And so far, the chatbot has been used by over 1,600 patients with satisfaction rate of over 95%.

我們的 Physician Champion 報告說，與以前的遠程醫療替代方案相比，臨床交付體驗有所改善，質量和效率都有所提高。我們將繼續與客戶合作提供強大的新解決方案。例如，對於 Northwell，我們擴展了他們現有的強大的自動化護理程序名冊，以包括旨在降低死亡率的 AI 驅動的懷孕程序。名為 Northwell Pregnancy Chat 的聊天機器人可識別潛在的緊急問題鏈接，供護理團隊進行評估和分析，並加快在懷孕期間和產後照顧女性的時間。 Northwell 接生了美國 1% 的嬰兒。到目前為止，該聊天機器人已被超過 1600 名患者使用，滿意度超過 95%。

In one powerful example of the benefits of this solution, Northwell helped escalate life-saving care for preeclampsia for a pregnant woman who reported high blood pressure in the chat. This is a great example of our enabling partner model. We collaborate around meaningful products that provide value, deliver outcomes and empower our clients to set new standards for care. We are pleased with the consistent positive feedback on Converge that is flowing in from our clients. We are executing well, and we have put many of the platform transition-related challenges behind us while building on our track record as the enabling partner for hybrid care.

在該解決方案優勢的一個有力示例中，Northwell 幫助升級了一名在聊天中報告患有高血壓的孕婦的先兆子癇的救生護理。這是我們支持合作夥伴模型的一個很好的例子。我們圍繞有意義的產品開展合作，這些產品可提供價值、交付成果並使我們的客戶能夠制定新的護理標準。我們很高興看到客戶對 Converge 的一致積極反饋。我們執行得很好，並且在建立我們作為混合護理支持合作夥伴的記錄的同時，我們已經將許多與平台過渡相關的挑戰拋在腦後。

Turning the page to 2023. It is increasingly clear to me that we made the right decision to replatform our solution. Now I'd like to speak to the broader environment for a moment and how I see our own role in it. We just completed our annual sales meeting, which was filled with the energy of a new year, the promise of our Converge platform and the many strong client and partner endorsements of our approach. A lot has changed in the past few years. Our teams are motivated by the certainty, the digital-first care is rapidly becoming the main highway for a variety of care modalities offered by all types of providers and services and our role in this evolution is a significant one.

翻到 2023 年。我越來越清楚，我們做出了重新構建解決方案平台的正確決定。現在我想談談更廣泛的環境，以及我如何看待我們自己在其中的作用。我們剛剛結束了年度銷售會議，會議充滿了新的一年的活力、我們的 Converge 平台的承諾以及許多強大的客戶和合作夥伴對我們方法的認可。過去幾年發生了很多變化。我們的團隊受到確定性的激勵，數字優先護理正迅速成為各種類型的提供者和服務提供的各種護理方式的主要高速公路，我們在這一演變中的作用是重要的。

Yet across our industry, we are facing uncertain times. As we see it in Amwell, economic uncertainty creates both headwinds and tailwinds for us. We know hospital budgets are constrained and yet the challenges facing providers and payers drive an urgent need to leverage technology to achieve their operational goals. In our sales approach, we're striving every conversation to convey to prospects and clients that our solutions are the must-have engine to resolve their pain points today and deliver on their strategic aspirations for the long run. We understand that ROI and outcomes that materialize quickly are a must in today's environment, and at Amwell, demonstrating ROI is in our DNA. This approach resonates with health systems, which are prioritizing digital care to achieve important goals around staff burnout, retention, new sources of revenue and streamlining workflows.

然而，在我們的整個行業中，我們都面臨著不確定的時期。正如我們在 Amwell 中看到的那樣，經濟不確定性給我們帶來了逆風和順風。我們知道醫院預算有限，但供應商和付款人面臨的挑戰促使迫切需要利用技術來實現其運營目標。在我們的銷售方法中，我們努力在每次對話中向潛在客戶和客戶傳達我們的解決方案是解決他們今天的痛點並實現他們長期戰略願望的必備引擎。我們知道，在當今環境中，投資回報率和快速實現的成果是必不可少的，而在 Amwell，證明投資回報率是我們的 DNA。這種方法與衛生系統產生共鳴，衛生系統正在優先考慮數字護理，以實現圍繞員工倦怠、保留、新收入來源和簡化工作流程的重要目標。

We support and embrace patients with our automated programs, engaging them to improve outcomes. We enable models of care that allow our clients to differentiate their own approach to care. Every day, I speak with health care industry leaders who are struggling to unify fragmented technologies and define emerging digital care models. They require a partner to work closely with, a partner to simplify the staff, a partner who can imply a clinical approach to the underlying software infrastructure and best practices to advance their goals.

我們通過我們的自動化程序支持和接納患者，讓他們參與進來以改善結果。我們啟用護理模型，使我們的客戶能夠區分他們自己的護理方法。每天，我都會與醫療保健行業的領導者交談，他們正在努力統一零散的技術並定義新興的數字醫療模式。他們需要一個合作夥伴密切合作，一個合作夥伴來簡化員工，一個合作夥伴可以暗示對底層軟件基礎設施和最佳實踐的臨床方法來推進他們的目標。

At Amwell, our differentiation is clear. We have the clinical experience to understand the challenges our clients face. Our platform is purpose-built and future-ready, founded only years of investing and understanding the needs of our clients. Our approach to the market sets us apart. We are a trusted partner. We enable and empower our clients and never compete with them to deliver new and exciting ways to provide care while achieving important operational goals. As we deliver on Converge and the market response, we are solidifying our role as a digital transformation partner supporting our clients in defining and accelerating their strategies and aspirations that differentiate their own offerings.

在 Amwell，我們的差異化很明顯。我們擁有豐富的臨床經驗，可以了解客戶面臨的挑戰。我們的平台是專門為未來而設計的，僅在多年投資和了解客戶需求的基礎上建立。我們對市場的態度使我們與眾不同。我們是值得信賴的合作夥伴。我們支持並授權我們的客戶，從不與他們競爭，以提供令人興奮的新方式來提供護理，同時實現重要的運營目標。隨著我們交付 Converge 和市場響應，我們正在鞏固我們作為數字轉型合作夥伴的角色，支持我們的客戶定義和加速他們的戰略和願望，使他們自己的產品與眾不同。

Regardless of the environment, we have used this highly dynamic period in history to undertake our own transformation, one that we believe has earned us a leading role to deliver on the promise of our mission and our long-term model. I'd like to take a moment to share a couple of key priorities for the coming year. As we begin 2023, we are laser-focused on achieving progress toward our long-term financial model with the following 3 top priorities. First, a top priority remains migrating the balance of our clients on to Converge. We will strive to ensure the successful migration of our remaining provider clients on to Converge and deployments for payer clients have already begun. Another important initiative for us in 2023 will be to ensure the success of our strategic clients. As we continue with these large and complex deployments, we will provide a shining example for clients and prospects of all sizes who look to us for partnership, enablement and acceleration of their digital care delivery plans.

無論環境如何，我們都利用歷史上這個充滿活力的時期來進行我們自己的轉型，我們相信這一轉型為我們贏得了領導作用，以實現我們的使命和長期模式的承諾。我想花點時間分享來年的幾個關鍵優先事項。在 2023 年開始之際，我們將專注於通過以下 3 個首要任務在我們的長期財務模型方面取得進展。首先，當務之急仍然是將我們的客戶餘額遷移到 Converge。我們將努力確保我們剩餘的提供商客戶成功遷移到 Converge，並且已經開始為付款人客戶進行部署。我們在 2023 年的另一項重要舉措是確保我們的戰略客戶取得成功。隨著我們繼續進行這些大型和復雜的部署，我們將為各種規模的客戶和潛在客戶提供一個光輝的榜樣，他們希望我們建立合作夥伴關係，實現和加速他們的數字護理交付計劃。

Finally, our sites are set on pursuing the tremendous opportunity to win new clients across the payer and provider universe while expanding our footprint within our existing client base. Reflecting this, we are arming our teams with powerful new selling tools to enable the sales dialogue, and we are upskilling our teams to master the enterprise level solution-based selling environment we are in. As we pursue these initiatives, we are further empowered by knowing the hard work of 2022 is behind us and we have achieved a lot. We have completed the core elements of Converge. We have retained the lion's share of our clients. We have effectively migrated clients and grown our percent of visits on Converge. Our client list includes our industry's most far-reaching and innovative organizations, and experienced industry leaders have joined our company and hit the ground running, partnering effectively with our existing talented teams. We look to 2023, aiming to fulfill the promise of our vision of enabling the transformation in health care to true hybrid digital care.

最後，我們的網站致力於尋求巨大的機會，在付款人和提供商領域贏得新客戶，同時擴大我們在現有客戶群中的足跡。反映這一點，我們正在為我們的團隊配備強大的新銷售工具以實現銷售對話，並且我們正在提升我們的團隊的技能以掌握我們所處的企業級基於解決方案的銷售環境。在我們追求這些舉措的過程中，我們得到了進一步的授權知道2022年的辛苦已經過去，我們收穫頗豐。我們已經完成了 Converge 的核心元素。我們保留了大部分客戶。我們有效地遷移了客戶並增加了我們在 Converge 上的訪問百分比。我們的客戶名單包括我們行業影響最深遠和最具創新性的組織，經驗豐富的行業領導者已加入我們公司並開始運作，與我們現有的人才團隊有效合作。我們展望 2023 年，旨在實現我們的願景承諾，即實現醫療保健向真正的混合數字護理的轉變。

With that, I would like to turn the call over to Bob for a review of our financials, some key metrics and our guidance for the year. Bob?

有了這個，我想把電話轉給鮑勃，讓他審查我們的財務狀況、一些關鍵指標和我們今年的指導。鮑勃？

Thank you, Ido, and hello, everyone. I'll start with a review of our operating metrics and financial results for the fourth quarter and the year, then I'll discuss our outlook and guidance for 2023. I'm pleased to report that all of our key operating metrics are trending in a healthy direction. Active providers is an important metric of the sustained value our clients see in our platform. We ended the fourth quarter with over 107,000 active providers, representing growth of over 11% compared to a year ago.

謝謝你，Ido，大家好。我將首先回顧我們第四季度和全年的運營指標和財務業績，然後我將討論我們對 2023 年的展望和指導。我很高興地報告，我們所有的關鍵運營指標都呈趨勢一個健康的方向。活躍的供應商是衡量我們的客戶在我們的平台上看到的持續價值的一個重要指標。第四季度結束時，我們擁有超過 107,000 家活躍的供應商，與一年前相比增長了 11% 以上。

As a subset, active providers employed by our clients grew 12% versus last year. We anticipate that our number of active providers will continue to rise as we migrate and implement existing and new clients onto our Converge platform. Another important metric is our average annual contract value or ACV, which is a good indicator of the value we are delivering to our clients and the success of our land and expand strategy. Health plan ACV increased over 19% to $863,000 in 2022 compared to 2021. ACV for health systems saw a 13% increase to $401,000. This is in line with our expectations during this time of the Converge transition as clients focused on migrating to Converge.

作為一個子集，我們客戶僱用的活躍供應商比去年增長了 12%。我們預計，隨著我們將現有和新客戶遷移並實施到我們的 Converge 平台上，我們的活躍供應商數量將繼續增加。另一個重要指標是我們的平均年度合同價值或 ACV，這是衡量我們為客戶提供的價值以及我們的土地和擴張戰略成功與否的良好指標。與 2021 年相比，2022 年健康計劃 ACV 增加了 19% 以上，達到 863,000 美元。衛生系統的 ACV 增加了 13%，達到 401,000 美元。這符合我們在 Converge 過渡時期的預期，因為客戶專注於遷移到 Converge。

We expect ACV to continue to expand as we look to grow our footprint within existing clients and add new clients over time. Total visits were approximately 1.7 million in the fourth quarter, an increase of 10% compared to last year. Urgent care visits drove most of this increase in what was the first real flu season since the onset of the pandemic. This surge in on-demand urgent care visits resulted in scheduled visits being 63% of the total, down from a prior range of 70% to 75% over the last couple of years, but still up significantly from approximately 30% pre-COVID. For the year, scheduled visits comprised 70% of total visits. We continue to make steady progress migrating our clients to the new platform, and we are proceeding according to plan. In Q4, successful migrations drove visits on Converge for the quarter to 28% of total and that number has continued to increase during Q1.

隨著我們希望在現有客戶中擴大我們的足跡並隨著時間的推移增加新客戶，我們預計 ACV 將繼續擴大。第四季度的總訪問量約為 170 萬，與去年相比增長了 10%。自大流行開始以來的第一個真正的流感季節，緊急護理就診推動了這一增長的大部分。按需緊急護理就診的激增導致預定就診佔總數的 63%，低於過去幾年之前 70% 至 75% 的範圍，但仍遠高於 COVID 之前的約 30%。全年，預定訪問量佔總訪問量的 70%。我們繼續在將客戶遷移到新平台方面取得穩步進展，我們正在按計劃進行。在第 4 季度，成功的遷移使本季度 Converge 的訪問量佔總訪問量的 28%，並且該數字在第 1 季度繼續增加。

And now on to our financial results. In a transition year with many moving elements, we are pleased to have been able to achieve our revenue guide and exceed our adjusted EBITDA guide for 2022. Total revenue was $79.2 million for the quarter, which represents growth of 9% over Q4 of last year. Total revenue for the year grew 10% compared to last year to $277.2 million. Subscription revenue was $30.7 million in Q4, relatively flat compared to the year ago quarter. For the year, subscription revenue grew 12% to $120.9 million.

現在談談我們的財務業績。在充滿許多變化因素的過渡年，我們很高興能夠實現我們的收入指南並超過我們調整後的 2022 年 EBITDA 指南。本季度總收入為 7920 萬美元，比去年第四季度增長 9% .與去年相比，全年總收入增長 10%，達到 2.772 億美元。第四季度訂閱收入為 3070 萬美元，與去年同期相比持平。全年訂閱收入增長 12% 至 1.209 億美元。

During the year, subscription revenue growth was positively impacted by the inclusion of a full year of revenue from our 2021 acquisitions of SilverCloud and Conversa and was challenged by the temporary impact on bookings we had expected, while we focused on completing the Converge build-out, successfully migrating our existing client base, plus strategic client deployments. The diversity of our revenue stream proved to be a real asset in 2022 as AMG and client-related implementation services delivered strong growth for the year, supporting our overall growth rate during this time.

在這一年中，訂閱收入增長受到我們 2021 年收購 SilverCloud 和 Conversa 的全年收入的積極影響，並受到我們預期的臨時預訂影響的挑戰，同時我們專注於完成 Converge 擴建，成功遷移了我們現有的客戶群，以及戰略性客戶部署。事實證明，我們收入來源的多樣性在 2022 年成為一項真正的資產，因為 AMG 和與客戶相關的實施服務在這一年實現了強勁增長，支持了我們這段時間的整體增長率。

Moving to visits. In Q4, AMG visit revenue was 12% higher than last year at $35.1 million. Visit revenue was strong this quarter and in fact, was just shy of Amwell Medical Group's all-time high of $36 million in the second quarter of 2020 at the peak of the pandemic, demonstrating the enduring value of this service to our clients. For the year, visit revenue grew 7% to $124.3 million.

移動到訪問。第四季度，AMG 訪問收入比去年高出 12%，達到 3510 萬美元。本季度的訪問收入強勁，事實上，僅略低於 Amwell Medical Group 在 2020 年第二季度大流行高峰期創下的 3600 萬美元的歷史新高，這向我們的客戶展示了這項服務的持久價值。這一年，訪問收入增長了 7%，達到 1.243 億美元。

Now on to some detail on visits. AMG visits grew 23% for the quarter and 11% for the year, with average revenue per visit at $71 and $76, respectively. As I mentioned, the early onset of an unusually heavy flu season drove urgent care volumes higher and hence, revenue per visit lower for the quarter. As we have said previously, while our AMG business is an important differentiator in the market and critical to many of our clients, our primary focus going forward is to drive high-margin recurring revenue associated with sales of the Converge platform plus a growing number of modules, automated care programs and services like AMG.

現在談談訪問的一些細節。本季度 AMG 訪問量增長了 23%，全年增長了 11%，每次訪問的平均收入分別為 71 美元和 76 美元。正如我所提到的，異常嚴重的流感季節提前到來，導致緊急護理量增加，因此本季度每次就診的收入下降。正如我們之前所說，雖然我們的 AMG 業務是市場上的重要差異化因素並且對我們的許多客戶至關重要，但我們未來的主要重點是推動與 Converge 平台銷售相關的高利潤經常性收入以及越來越多的模塊、自動化護理程序和服務，如 AMG。

Our services and Carepoints revenue grew 18% to $13.5 million in the quarter and 14% for the year. This strength was driven substantially by professional services revenue we earned as we implemented strategic clients on to Converge. As we have discussed on prior calls, revenues of this type highlight the strategic long-term nature of our client relationships and the ROI they see in deploying our platform.

我們的服務和 Carepoints 收入在本季度增長 18% 至 1350 萬美元，全年增長 14%。這種實力主要是由我們在 Converge 上實施戰略客戶時獲得的專業服務收入推動的。正如我們在之前的電話中所討論的那樣，這種類型的收入突出了我們客戶關係的戰略長期性質以及他們在部署我們平台時看到的投資回報率。

Turning to profitability. Fourth quarter gross profit margin increased 250 basis points versus last year to 42.4%. For the year, gross profit margin increased 80 basis points to 42.1%. Gross margins may continue to fluctuate a bit from quarter-to-quarter depending on revenue mix. Contributing to the increase for the quarter were a higher proportion of urgent care visits at AMG and a higher margin mix of services and Carepoints revenue. Over the long run, it's our goal to drive a steady revenue mix shift towards high-margin recurring software revenue in pursuit of our long-term model.

轉向盈利能力。第四季度毛利率較去年同期增長 250 個基點至 42.4%。全年毛利率上升80個基點至42.1%。根據收入組合，毛利率可能會繼續從一個季度到另一個季度略有波動。促成本季度增長的是 AMG 更高比例的緊急護理就診以及服務和 Carepoints 收入的更高利潤率組合。從長遠來看，我們的目標是推動穩定的收入組合轉向高利潤率的經常性軟件收入，以追求我們的長期模式。

Turning to operating expenses. During the fourth quarter, our progress in developing Converge across the meaningful threshold in our overall project plan. As required by GAAP, we capitalized $10.2 million of development-related efforts in the quarter. Adjusting for these capitalized software development costs, R&D expense increased by $1.6 million in the quarter to $37.8 million. As we have discussed, we believe that 4Q '22 represented our peak R&D spend. And given our progress in delivering Converge, we expect that R&D spend will decline sequentially on an absolute basis over the course of 2023.

轉向運營費用。在第四季度，我們在開發 Converge 方面取得的進展跨越了我們整體項目計劃中有意義的門檻。根據 GAAP 的要求，我們在本季度將 1,020 萬美元用於與開發相關的工作。調整這些資本化的軟件開發成本後，本季度研發費用增加了 160 萬美元，達到 3780 萬美元。正如我們所討論的，我們認為 22 年第四季度代表了我們的研發支出高峰。鑑於我們在交付 Converge 方面取得的進展，我們預計研發支出在 2023 年的絕對基礎上將連續下降。

Fourth quarter sales and marketing expense increased 9% compared to a year ago. This was driven by higher sales and marketing activity across the board as we prepared for our January commercial kickoff meeting and ramped our overall sales efforts, reflecting the completion of Converge. We made some changes in our sales teams to align our resources around solution selling, which are aimed at driving pipeline development, deal velocity and deal size.

與去年同期相比，第四季度銷售和營銷費用增長了 9%。這是由於我們為 1 月份的商業啟動會議做準備並加大了整體銷售力度，反映了 Converge 的完成，全面增加了銷售和營銷活動。我們對銷售團隊進行了一些調整，以圍繞解決方案銷售調整我們的資源，旨在推動管道開發、交易速度和交易規模。

G&A increased 9% sequentially, driven primarily by the recognition of deferred noncash compensation associated with the terms of our SilverCloud acquisition. Adjusted EBITDA for the quarter was negative $43.4 million, bringing the metric for the year to negative $175.3 million. As we discussed on our third quarter call, Q4 completed a full year of careful expense management around headcount, and we achieved synergies from the early integration of our recent acquisitions. As a result, we achieved better-than-anticipated adjusted EBITDA, both relative to our preliminary guide for the year as well as versus our updated guidance last quarter. Transitioning to the balance sheet, we ended the quarter with $538.5 million of cash and marketable securities. We are fortunate to have a substantial cash position as it provides the resources to fund this temporary period of investing and the flexibility to pursue strategic opportunities that are aligned with our goals.

G&A 環比增長 9%，這主要是由於確認了與我們的 SilverCloud 收購條款相關的遞延非現金薪酬。本季度調整後的 EBITDA 為負 4340 萬美元，使全年該指標為負 1.753 億美元。正如我們在第三季度電話會議上所討論的那樣，第四季度圍繞員工人數完成了全年的謹慎費用管理，並且我們通過近期收購的早期整合實現了協同效應。因此，我們實現了好於預期的調整後 EBITDA，無論是相對於我們今年的初步指南還是我們上個季度更新的指南。過渡到資產負債表，我們在本季度結束時擁有 5.385 億美元的現金和有價證券。我們很幸運擁有大量現金頭寸，因為它提供了為這一臨時投資期提供資金的資源，以及尋求符合我們目標的戰略機會的靈活性。

Turning now to our 2023 outlook. 2022 ended with puts and takes for our business, which we carefully assessed in arriving at our guidance range. First, we experienced both continued impact from COVID and an early and severe flu season, which may not recur this year. As a result, we took a conservative approach and are assuming normalized AMG visit activity of 1.45 million to 1.65 million visits. We also look carefully at the spending environment, taking into account conversations with our clients. As Ido mentioned earlier, a challenging macro environment presents us with headwinds and tailwinds.

現在轉向我們的 2023 年展望。 2022 年我們的業務以看跌期權結束，我們在達到我們的指導範圍時仔細評估了這一點。首先，我們經歷了 COVID 的持續影響和早期嚴重的流感季節，這種情況今年可能不會重演。因此，我們採取了保守的方法，並假設標準化的 AMG 訪問活動為 145 萬至 165 萬次訪問。我們還仔細研究消費環境，考慮與客戶的對話。正如 Ido 之前提到的，充滿挑戰的宏觀環境給我們帶來了逆風和順風。

On the one hand, the heart of our value proposition and our partnering approach directly addresses the budgetary and operational challenges our clients and prospects are facing today. This is driving demand. On the other hand, these challenges may also impact expansion and deployment cycles for our solution that are difficult to predict at this time. Finally, we anticipate steadiness in our services and Carepoints revenue, which we believe will remain at approximately 10% of total revenue.

一方面，我們價值主張的核心和我們的合作方式直接解決了我們的客戶和潛在客戶今天面臨的預算和運營挑戰。這正在推動需求。另一方面，這些挑戰也可能影響我們目前難以預測的解決方案的擴展和部署週期。最後，我們預計我們的服務和 Carepoints 收入將保持穩定，我們認為這將保持在總收入的 10% 左右。

Considering these factors, we expect revenue to be in the range of $275 million to $285 million for the year. Given sales cycle timing, we anticipate the majority of the bookings we generate this year will come in the second half of the year. So a portion of the bookings momentum we aim to generate this year will translate to revenue growth in 2024.

考慮到這些因素，我們預計全年收入將在 2.75 億美元至 2.85 億美元之間。鑑於銷售週期的時間安排，我們預計今年產生的大部分預訂將在下半年到來。因此，我們計劃在今年產生的部分預訂勢頭將轉化為 2024 年的收入增長。

Next, some color on subscription software revenue growth, which is a primary goal for us. As we emerge from this time of transition and continued migration, we are turning our attention to reaccelerating client bookings via expanded use of new modules on Converge. With Converge ready and reference clients building, we anticipate a return to strong software bookings momentum. Therefore, we believe software revenue will grow faster than our overall business in 2023.

接下來，訂閱軟件收入增長的一些顏色，這是我們的主要目標。隨著我們從這個過渡時期和持續遷移中脫穎而出，我們將注意力轉向通過擴大使用 Converge 上的新模塊來重新加速客戶預訂。隨著 Converge 就緒和參考客戶的建立，我們預計將恢復強勁的軟件預訂勢頭。因此，我們認為 2023 年軟件收入的增長速度將快於我們的整體業務。

Now on to our guidance for our progress toward profitability. For the full year 2023, we expect our adjusted EBITDA to be in the range of negative $150 million to $160 million. Much of the expected improvement in adjusted EBITDA will come from the anticipated reduction in R&D spending layering in over the course of the year as we have planned. Wrapping up our guidance, we are encouraged by our progress to date. All of our key metrics are trending favorably, and we have put much of the risk of our transition behind us. Our teams are executing in product and client migrations, and we have earned the validation that our anchor clients ascribed to our approach to the market. The clients we have implemented on to Converge report a very high level of patient and provider satisfaction and technical success, and they give us valuable referenceability with our prospects. Our ROI case studies are fueling robust conversations with our substantial pipeline of upsells and new logos.

現在開始我們對盈利進展的指導。對於 2023 年全年，我們預計調整後的 EBITDA 將在負 1.5 億美元至 1.6 億美元之間。調整後 EBITDA 的大部分預期改善將來自我們計劃的全年研發支出分層的預期減少。總結我們的指南，我們對迄今為止取得的進展感到鼓舞。我們所有的關鍵指標都呈有利趨勢，我們已經將大部分轉型風險拋諸腦後。我們的團隊正在執行產品和客戶遷移，我們已經贏得了我們的主要客戶對我們進入市場的方法的認可。我們在 Converge 上實施的客戶報告了非常高的患者和提供者滿意度以及技術成功，他們為我們的前景提供了寶貴的參考。我們的 ROI 案例研究正在推動與我們大量的加售和新徽標管道的有力對話。

Before I conclude my remarks, I would like to comment on our long-term model as we outlined a year ago. As we enter the next chapter of our transition, we remain confident in the components of our long-term model, which describes our path to cash flow breakeven and remains our goal. We believe our differentiated approach to enabling digital care delivery positions us well to deliver sustained revenue growth and expanding profitability over the long-term.

在我結束髮言之前，我想對我們一年前概述的長期模型發表評論。當我們進入轉型的下一章時，我們對長期模型的組成部分仍然充滿信心，該模型描述了我們實現現金流盈虧平衡的路徑，並且仍然是我們的目標。我們相信，我們實現數字護理交付的差異化方法使我們能夠在長期內實現持續的收入增長和擴大盈利能力。

Thank you for listening. With that, I'd like to turn the call back to Ido for some closing remarks. Ido?

謝謝你的聆聽。有了這個，我想把電話轉回給 Ido 做一些結束語。我願意？

Thank you, Bob. Before we conclude our prepared remarks and take your questions, I want to take a moment to thank our teams. They dedicate their talents to developing and deploying our solution, extending our market reach, delivering thought leadership around our mission and finally, contributing to our unique company culture.

謝謝你，鮑勃。在我們結束準備好的發言並回答您的問題之前，我想花點時間感謝我們的團隊。他們致力於開發和部署我們的解決方案，擴大我們的市場範圍，圍繞我們的使命提供思想領導力，並最終為我們獨特的公司文化做出貢獻。

In closing, we have driven every day at Amwell to continue along this path to achieving our goals and pursuing our mission. Our solution is in high demand because it solves important problems for innovative health care organizations seeking to evolve to hybrid digital care. We begin 2023 on strong footing. While there remain broader environmental uncertainties in our world today, it's early days for digital-first health care. Our role is unique and differentiated in the opportunity before us has never been brighter.

最後，我們在 Amwell 的每一天都在推動著這條道路繼續前進，以實現我們的目標和追求我們的使命。我們的解決方案需求量很大，因為它為尋求發展到混合數字護理的創新醫療保健組織解決了重要問題。我們以堅實的基礎開始 2023 年。雖然當今世界仍然存在更廣泛的環境不確定性，但數字優先醫療保健還處於早期階段。我們的角色是獨一無二的，在我們面前的機遇中與眾不同。

With that, we are ready to conclude our formal remarks. Thank you for listening today. Operator, we are ready to open the line for questions. Thank you.

至此，我們準備結束我們的正式發言。感謝您今天的收聽。接線員，我們準備好打開問題熱線。謝謝。

(Operator Instructions) And our first question will come from Craig Hettenbach with Morgan Stanley. Craig, your line is open. And we will move on to our next question from Charles Rhyee with Cowen.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Craig Hettenbach。克雷格，你的線路是開放的。我們將繼續討論 Charles Rhyee 和 Cowen 提出的下一個問題。

This is Lucas on for Charles. I wanted to dive into the 2023 revenue guide implies growth that's a bit lower than we had expected. Obviously, it's well documented the difficulty that health systems are dealing with right now. I kind of wanted to dive into conversations you guys are having with your customers? Is the -- is there something slowing with the migration to Converge our customers to link things on their end? Is it more of customers pulling back or are they just putting projects at hold for second half? If you could give more color around that, that would be great?

這是查爾斯的盧卡斯。我想深入研究 2023 年收入指南，這意味著增長略低於我們的預期。顯然，有據可查的是衛生系統目前正在處理的困難。我有點想深入了解你們與客戶的對話？是 - 遷移到 Converge 我們的客戶以鏈接他們的東西是否有什麼放緩？是更多的客戶退縮了，還是他們只是將項目擱置到下半年？如果你能給它更多的顏色，那會很棒嗎？

Thank you, Lucas. I appreciate the opportunity to talk about that. As I mentioned in our prepared remarks, we are actually executing very much exactly or even better than our plan. 2022 was a year of transformation, where we replatformed our major offering. This is a high-risk time for any company, and the risks include the potential churn, the delivery of the new platform, the ability to migrate clients to the new platform to name a few. As I mentioned before, we did that [in some].

謝謝你，盧卡斯。我很高興有機會談論這個。正如我在準備好的發言中提到的，我們實際上執行得非常準確，甚至比我們的計劃更好。 2022 年是轉型的一年，我們重新調整了主要產品的平台。這對任何公司來說都是高風險時期，風險包括潛在客戶流失、新平台的交付、將客戶遷移到新平台的能力等等。正如我之前提到的，我們[在某些方面]做到了。

We finished the year with a solution that is ready for prime time. And not only that, we were able to convert 28% of our traction into the new platform that is dramatically more efficient, more sticky and more expandable with very significant wallet share same-store growth opportunity going forward. Because of the initial -- and very importantly, maybe to add, we did that while retaining the lion's share of our customers and practically 100% of our strategic customers, which is far from obvious.

我們以一個準備好迎接黃金時段的解決方案結束了這一年。不僅如此，我們還能夠將 28% 的吸引力轉化為新平台，該平台效率更高、粘性更強、可擴展性更強，未來錢包份額同店增長機會非常可觀。由於最初——而且非常重要的是，也許要補充一點，我們這樣做是在保留大部分客戶和幾乎 100% 的戰略客戶的同時，這遠非顯而易見。

In addition to that, we're able to have some very sophisticated large clients like CVS, Elevance and others that we did not disclose yet make a long-term decision on the new platform. So looking back, we couldn't have asked for a better outcome for the year. At the beginning of the year, we were able to part ways with an army of contractors that help us create the core components of the platform that is already now being deployed, adding to the efficiency. Because of these dynamics, we always knew that '23 will be a muted year only because you are unable to sell a platform that is not yet finished and all the dynamics that I just shared.

除此之外，我們還可以讓一些非常複雜的大客戶，如 CVS、Elevance 和其他我們沒有透露的客戶在新平台上做出長期決定。所以回顧過去，我們不可能要求今年有更好的結果。今年年初，我們得以與一大群承包商分道揚鑣，他們幫助我們創建了現在已經部署的平台的核心組件，從而提高了效率。由於這些動態，我們一直都知道 23 年將是平靜的一年，因為您無法出售尚未完成的平台以及我剛剛分享的所有動態。

Adding to that, there were 2 trends, headwinds that I'd like to point out that weren't as apparent last year and maybe also related to your own expectations. One is the macro. The macro obviously is unknown as it relates to 2023, but it has the potential to impact sales cycles, deployment cycles, velocity of expansion and things of that nature. While our solution is the must-have and our clients keep telling us this, this potentially could become a barrier for further growth this year. In addition to that, we noticed interesting dynamics as it relates to the flu and the pandemic in Q4 of this year, it actually turned out to be very positive in the sense that it was a very strong flu season and associated revenue with it, but just as easily play the other way this year.

除此之外，還有 2 個趨勢，我想指出的不利因素在去年並不明顯，可能也與您自己的期望有關。一是宏觀。該宏顯然是未知的，因為它與 2023 年有關，但它有可能影響銷售週期、部署週期、擴張速度和類似性質的事物。雖然我們的解決方案是必不可少的，而且我們的客戶不斷告訴我們這一點，但這有可能成為今年進一步增長的障礙。除此之外，我們注意到今年第 4 季度與流感和大流行有關的有趣動態，從某種意義上說，它實際上是非常積極的，因為這是一個非常強勁的流感季節和相關的收入，但是就像今年輕鬆地以另一種方式玩一樣。

We felt it was responsible to take those 2 headwinds into account as we present our guidance protecting our downside. Also because of those headwinds, we felt that it's not prudent to include a long list of tailwinds that we see. We know our platform is scaling well. We know it's been very much -- very high demand. It is validated by so many sophisticated organizations, and it's very timely in way of market that is very well positioned to grow very aggressively over the next few years. So that's maybe a long answer to your short question, but that's really how we ended up with the guidance that we just shared.

我們認為，在我們提出保護不利因素的指導意見時，有責任將這兩個不利因素考慮在內。同樣由於這些不利因素，我們認為將我們看到的一長串有利因素包括在內是不明智的。我們知道我們的平台擴展性很好。我們知道這是非常 - 非常高的需求。它得到了眾多成熟組織的驗證，並且非常及時地進入市場，在未來幾年內非常積極地發展。所以這可能是對你的簡短問題的一個長答案，但這確實是我們最終得到我們剛剛分享的指南的方式。

Okay. Yes, that's helpful. And then in terms of your profitability guide, it seems like OpEx is going to be in a similar range to our expectations and the Street's expectations. I wanted to hear if we should still think about adjusted EBITDA breakeven by year 2025 and if that expectation has changed at all?

好的。是的，這很有幫助。然後就您的盈利能力指南而言，OpEx 似乎與我們的預期和華爾街的預期處於相似的範圍內。我想知道我們是否仍應考慮到 2025 年調整後的 EBITDA 收支平衡，以及這種預期是否已經完全改變？

Lucas, I'll take that. It's Bob. So just taking the opportunities to rewind the clock a little bit to about a year ago when we put out that guidance, there were -- there were 3 kind of core assumptions underlying that path to profitability framework. And all of them at the time had different degrees of risk. The first was a continued strong demand for digital care enablement. And as we sit here today, we believe that the market opportunity is only better than we thought a year ago. And large strategics are voting with their feet on that.

盧卡斯，我會接受的。是鮑勃。因此，當我們發布該指導時，抓住機會將時鐘稍微倒回大約一年前，有 3 種核心假設支撐著通往盈利框架的道路。而且他們當時都有不同程度的風險。首先是對數字護理支持的持續強勁需求。當我們今天坐在這裡時，我們相信市場機會只比我們一年前想像的要好。大型戰略公司正在用腳投票。

The second one -- second key assumption underlying that model was that we would deliver Converge and migrate customers -- begin to migrate customers over 2022 to get us on a path to where we can sunset the legacy platform and realize the efficiencies associated with that. The proof in the pudding there is from a standing start, we went to 28% of our visits this quarter -- or this past quarter on the new platform, and that's continued to trend higher. So I think that's a check there, too.

第二個——該模型的第二個關鍵假設是我們將交付 Converge 並遷移客戶——在 2022 年開始遷移客戶，讓我們走上一條可以淘汰遺留平台並實現與之相關的效率的道路。布丁中的證據是從一個站著開始的，本季度我們的訪問量達到了 28%——或者說上個季度在新平台上，而且這一數字繼續呈上升趨勢。所以我認為這也是一張支票。

And then on the last key assumption there was that once we delivered the core components of Converge that R&D would normalize. And that's happening. You'll see that in the first quarter, start to present and it will continue to get better as we were able, as Ido said, to sunset the contractors that had really been the backbone of a lot of that incremental spend on Converge. So all of that kind of provides the foundation for bookings and revenue acceleration and our margin improvements.

然後根據最後一個關鍵假設，一旦我們交付了 Converge 的核心組件，研發就會正常化。這正在發生。你會在第一季度看到，開始呈現，並且它將繼續變得更好，因為我們能夠，正如 Ido 所說，讓承包商落伍，而這些承包商確實是 Converge 上大量增量支出的支柱。因此，所有這些都為預訂和收入加速以及我們的利潤率提高奠定了基礎。

And as we sit here today, visibility on all of that is much better than it was a year ago. But there are things we don't control like the macro that Ido just went through, and that can influence the pace positively or negatively to when we get to that breakeven path. If there is a delay, we're certainly well equipped to handle that. We've got the balance sheet to weather that. And also, now that we've got a commercial platform in the market, a lot of our spend, you could consider discretionary. And we have much -- a lot more levers to play with than we have over the last couple of years when so much of our spend has been driven by delivering Converge. So in summary, we can get there. But if we're delayed, we don't see any change in the fundamentals.

當我們今天坐在這裡時，所有這些的可見性都比一年前好得多。但有些事情我們無法控制，比如 Ido 剛剛經歷的宏觀，當我們到達盈虧平衡路徑時，這會對步伐產生積極或消極的影響。如果有延遲，我們當然有能力處理。我們有資產負債表來應對。而且，既然我們在市場上有了一個商業平台，我們的很多支出，你可以考慮酌情考慮。與過去幾年相比，我們有更多的槓桿可以發揮作用，當時我們的大部分支出都是由交付 Converge 驅動的。所以總而言之，我們可以到達那裡。但如果我們被推遲，我們看不到基本面有任何變化。

And our next question will come from Ryan MacDonald with Needham & Company.

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

This is Matt Shea on for Ryan MacDonald. I wanted to follow up on the '23 guidance and start with -- start with the revenue. So we were a little bit surprised to see platform revenue decline sequentially in the fourth quarter. And then based on some of the building blocks for '23, it looks like it's going to come in lower than expectations in '23 as well. So just curious, was there a churn in the quarter that caused the sequential declines or the outlook for '23 or is this solely just a bookings timing consideration? And then maybe you could remind us what the bookings conversion cycle looks like for Converge bookings to revenue?

這是 Ryan MacDonald 的 Matt Shea。我想跟進 23 年的指導並從——從收入開始。因此，我們對第四季度平台收入環比下降感到有些驚訝。然後基於 23 年的一些構建基塊，它看起來也將低於 23 年的預期。只是好奇，本季度是否存在導致連續下降或 23 年前景的流失，或者這僅僅是一個預訂時間考慮因素？然後也許您可以提醒我們 Converge 預訂到收入的預訂轉換週期是什麼樣的？

Thanks. I'll take that, too. I think what you ended with was really the most important aspect of the answer to the question. Again, this is -- 2022, very much a transition year, and with it brings challenges beyond the macro. We did see customer churn at the low end, especially at the low end where the switching costs are a lot less in the market. And beyond that limited amount of churn that we saw at the low end, customer expansions are by their nature with the replatforming delayed and new prospects want to evaluate the new platform before they sign up for multiyear contracts.

謝謝。我也要那個我認為你的結尾確實是問題答案中最重要的方面。再次強調，2022 年是一個非常重要的過渡年，它帶來了宏觀之外的挑戰。我們確實看到了低端的客戶流失，尤其是在市場上轉換成本要低得多的低端。除了我們在低端看到的有限數量的流失之外，客戶擴展本質上是延遲的重新平台化，新的潛在客戶希望在簽署多年合同之前評估新平台。

And so that dynamic is very much evident in -- really, we've been living with that for a lot of the last almost couple of years at this point. We're now at a point where we have a commercial platform in the market. And that plus a lot of tools in the toolkit for our sales force, we think is going to allow us to really start to inflect on the bookings side, which is going to drive, obviously, revenue growth.

因此，這種動態非常明顯——實際上，在過去近幾年的大部分時間裡，我們一直在忍受這種情況。我們現在正處於市場上擁有商業平台的地步。再加上我們銷售人員工具包中的許多工具，我們認為這將使我們真正開始影響預訂方面，這顯然會推動收入增長。

To give you a sense for the time from booking to revenue, it really depends on how large the customer is and how complicated the implementation, but a reasonable expectation there, taking into account scheduling on the customer side, our side and then the work is probably 5 months to 6 months on average. So you can imagine with bookings building over the course of the year and then revenue starting to present from that more in the back half of the year and then driving really growth into 2024, the -- that's the dynamic going on with what's perceived to be, I think muted guidance for the year on the top line.

為了讓您了解從預訂到收入的時間，這實際上取決於客戶有多大以及實施的複雜程度，但合理的期望是考慮到客戶方面的安排，我們方面然後工作是平均大概5個月到6個月。因此，您可以想像，隨著一年中預訂量的增加，然後收入在下半年開始出現更多，然後真正推動增長到 2024 年，這就是人們認為的動態，我認為今年的指導方針是最重要的。

Got it. That is super helpful. And then keeping in mind, it sounds like same-store growth is going to be a big focus, and you guys have talked about some of the changes to the sales force to align with that. And previously, you've talked about maybe a cadence of [15] weeks to 20 weeks where a customer comes on to Converge realizes the value and then you guys can upsell additional modules. Have you guys seen some clients complete this journey? And if so, what does it kind of look like? Maybe what are they -- what modules are the highest demand for them to upsell to? And how do you see that trending going forward?

知道了。這非常有幫助。然後記住，聽起來同店增長將成為一個重點，你們已經討論了銷售人員的一些變化以與此保持一致。之前，您談到了可能 [15] 周到 20 週的節奏，客戶來到 Converge 時會意識到其價值，然後你們可以追加銷售其他模塊。你們見過一些客戶完成這個旅程嗎？如果是這樣，它看起來像什麼？也許他們是什麼——他們追加銷售的最高需求是什麼模塊？您如何看待這種趨勢？

Sure, Matt. So it's hard to compare Converge to our legacy platforms. Converge is so much bigger, can do so much more and has so many modules that really cater to a very wide spectrum of needs. Of course, not all our clients need everything at once. It's very common that they focus on the pain points that are important to them today, but they take great comfort knowing that they can really expand in a very material way to many, many directions.

當然，馬特。因此很難將 Converge 與我們的傳統平台進行比較。 Converge 更大，能做的更多，並且擁有真正滿足廣泛需求的模塊。當然，並非我們所有的客戶都同時需要一切。他們專注於對他們來說很重要的痛點是很常見的，但他們知道他們真的可以以非常物質的方式擴展到很多很多方向，這讓他們感到非常欣慰。

Another trend that is very apparent is our success with very, very large customers. Those customers usually buy from the get-go many, many use cases, although the deployment is stage, they throttle up. It's not binary. They don't do everything at once just because of operational reasons. But they do have a healthy appetite, and the ACV in those clients is significantly higher than what we've seen before. Our -- when we think about it, we really want to make sure that we maintain our very large footprint in the U.S. health care that we had before. And that certainly seems to be the case and they all look better and better every day and really establish a trusting lifelong or at least very, very long relationship with those clients is we serve their needs as a partner as the need really involves.

另一個非常明顯的趨勢是我們在非常非常大的客戶方面取得的成功。這些客戶通常從一開始就購買很多很多用例，儘管部署處於階段，但他們會加速。它不是二進制的。他們不會僅僅因為操作原因而一次做所有事情。但他們確實有健康的胃口，而且這些客戶的 ACV 明顯高於我們之前看到的水平。我們的 - 當我們考慮它時，我們真的想確保我們保持我們以前在美國醫療保健領域的巨大足跡。情況確實如此，他們看起來每天都越來越好，並且真正與這些客戶建立了信任的終生關係，或者至少是非常非常長期的關係，我們作為合作夥伴滿足他們的需求，因為需要真正涉及。

Saying it another way, if you think about digital care delivery, it's really hard to overstate the proportion and the importance of that transformation in the proportion of business of our customers. So the net of it, it really depends on different clients. We see examples all over the spectrum. We believe it's a timing issue. Some of the larger organizations, especially payers have the capability to deploy more and the need to differentiate faster and accomplish more. Others are a little bit more careful in that environment, but they all trend in the direction of good appetite.

換句話說，如果您考慮數字化護理服務，那麼無論怎樣強調這種轉變在我們客戶業務中所佔的比例和重要性都不為過。因此，歸根結底，它確實取決於不同的客戶。我們看到了各種例子。我們認為這是一個時間問題。一些較大的組織，尤其是付款人有能力部署更多，並且需要更快地實現差異化並完成更多。其他人在那種環境下稍微小心一點，但都朝著胃口好的方向發展。

I'm pleased to also share that even in our smallest clients with simpler use cases, some of which we lost to transition, we see a trend of coming back as they discover the need to buy more modules that are more sophisticated. To give you more color on that, maybe to be more specific, the -- when you look at payers, the enablement of digital-first navigation, we feel is very much is in mind today. Obviously, it allows them to offer a phenomenal member experience and also very efficient way throughout those members financially and clinically to the most appropriate physical, virtual or automated intervention.

我也很高興與大家分享，即使在我們使用案例更簡單的最小客戶中，我們也看到了一些回歸的趨勢，因為他們發現需要購買更多更複雜的模塊。為了給你更多的顏色，也許更具體地說，當你看到付款人時，數字優先導航的啟用，我們覺得今天非常重要。顯然，它使他們能夠提供非凡的會員體驗，並在財務和臨床上為這些會員提供最合適的物理、虛擬或自動干預的非常有效的方式。

And the benefit of that is that all those modalities work in harmony around a single patient experience. When we think about health systems, as Bob mentioned earlier that we care very much about staff retention. These days, patient experience, improve efficiency and the opportunity to diversify revenues by going beyond their catchment area and begin to trade information and services with other segments, very often payers that they can serve. So that's another very important trend. The platform is very wide. There are many, many examples.

這樣做的好處是所有這些方式都圍繞著單一的患者體驗協調工作。當我們考慮衛生系統時，正如 Bob 之前提到的，我們非常關心員工保留。如今，患者體驗、提高效率以及通過超越服務區域並開始與其他部門（通常是他們可以服務的付款人）交易信息和服務來實現收入多樣化的機會。這是另一個非常重要的趨勢。平台非常廣泛。有很多很多例子。

The power of the platform is the fact the single platform that serves the entire market. And really, our clients are coming with new and innovative ways to leverage that, that trend is likely to greatly accelerate and expand going forward. To net it all, we believe that we are in the very early innings in the very early days of realizing the potential of the same-store growth with our existing customers.

平台的力量在於服務於整個市場的單一平台。事實上，我們的客戶正在以新的創新方式來利用這一點，這種趨勢可能會大大加速和擴大。總而言之，我們相信我們正處於實現現有客戶同店增長潛力的早期階段。

(Operator Instructions) And then our next question will come from Craig Hettenbach with Morgan Stanley.

（操作員說明）然後我們的下一個問題將來自摩根士丹利的 Craig Hettenbach。

Can you hear me okay?

你能聽到我說話嗎？

Yes, Craig, good to see you.

是的，克雷格，很高興見到你。

Craig, yes.

克雷格，是的。

Great. Apologize for the audio issues before. Just wanted to follow up on the comments around ACV and the growth that you saw this year, particularly as you kind of play out this year and going forward, just how you're thinking about the momentum behind ACV in any particular modules that, that you would call out, whether it's an update on the behavioral health side or saying that you feel the most, where you're seeing the best customer response?

偉大的。為之前的音頻問題道歉。只是想跟進有關 ACV 的評論和你今年看到的增長，特別是當你今年和未來的表現時，你是如何看待 ACV 在任何特定模塊中背後的勢頭的，那您會大聲疾呼，無論是行為健康方面的更新還是說您感受最深，您看到最佳客戶響應的地方？

Well, just on the -- Craig, I'll just take a little bit on ACV, and then Ido can address maybe some of the specifics around modules and behavioral. But we did see, especially on the health plan side, very nice growth in ACV driven -- actually both by existing customers taking more, so same-store sales and new logos. And so that's very much in line with our plan and what we expect going forward. On the health plan side -- I'm sorry, on the health systems side, a little bit more complicated of a story, still a nice tick-up there, but there are a number of moving pieces on the health systems side.

好吧，關於——克雷格，我將稍微介紹一下 ACV，然後 Ido 可以解決一些關於模塊和行為的細節。但我們確實看到，特別是在健康計劃方面，ACV 驅動的增長非常好——實際上既有現有客戶拿走更多，也有同店銷售和新標識。因此，這非常符合我們的計劃和我們對未來的期望。在健康計劃方面——對不起，在衛生系統方面，故事有點複雜，但仍然是一個不錯的選擇，但在衛生系統方面有許多移動的部分。

We had some benefit from consolidating a full year of revenue from SilverCloud and Conversa for their customers on the health systems side. We also, unfortunately, did see some churn at the low end, as we've said a number of times here, and Ido did mention that we're starting to see some come back, but that did impact positively because we lost some small inputs to the average, the ACV there. So puts and takes there and obviously, some movement around upsells as well was helpful, but it netted out to a reasonably attractive growth on the ACV side for systems.

我們從 SilverCloud 和 Conversa 為他們的健康系統方面的客戶整合了一整年的收入中獲得了一些好處。不幸的是，我們也確實在低端看到了一些流失，正如我們在這裡多次說過的那樣，Ido 確實提到我們開始看到一些人回來了，但這確實產生了積極影響，因為我們失去了一些小的輸入到平均值，那裡的 ACV。所以放在那裡，顯然，圍繞加售的一些運動也很有幫助，但它在系統的 ACV 方面實現了相當有吸引力的增長。

And again, we expect with bookings and revenue growth on the health systems side, the bookings more this year driving revenue growth in the second half and into next year that also tick up. So we expect growth on both. It's a key driver for revenue growth for us, along with new logo signings. And so I think that's really, I think an explanatory around the movement this year. Ido, if you want to provide some color around where that growth is as Craig is asking, we expect that to come from, from a module perspective.

同樣，我們預計隨著衛生系統方面的預訂和收入增長，今年更多的預訂將推動下半年和明年的收入增長，這也將有所上升。所以我們預計兩者都會增長。它是我們收入增長的關鍵驅動力，還有新的標誌簽名。所以我認為這真的可以解釋今年的運動。 Ido，如果你想像 Craig 所要求的那樣在增長的地方提供一些顏色，我們希望它來自模塊的角度。

Absolutely. So essentially, there are many areas of unmet need for the U.S. patients or really patients around the globe. Our unique approach is not to try to fix it with the service ourselves, but rather enable the connectivity to the trusted sources of care and empower them to focus their time significantly more efficiently. You raised a really important therapeutic area, which is behavioral health, and unfortunately, we see a full-fledged crisis. And now in the United States that drives different types of demand, including rise in out-of-pocket DTC payments for different modalities of care with mix results.

絕對地。因此，從本質上講，美國患者或全球患者的需求在許多方面都未得到滿足。我們的獨特方法不是試圖通過我們自己的服務來修復它，而是讓他們能夠連接到可信賴的護理來源，並使他們能夠更有效地集中時間。你提出了一個非常重要的治療領域，即行為健康，不幸的是，我們看到了一場全面的危機。現在在美國，這推動了不同類型的需求，包括對不同護理方式的自付費 DTC 支付的增加，結果混合。

We have a clear vision on how this should play out, but essentially, the method is similar to any other therapeutic area that we enable, which is to take the -- to leverage the trusted providers that we know that are integrated in our normal main path of care and just allow them to be dramatically more effective. So a good example, case in point, in SilverCloud that we acquired last year. SilverCloud, as you may remember, was able in the U.K. to dramatically increase the ratio between the number of therapies and the number of patients that they can care for more than fourfold, more than 4x. And as a result, a dramatic decline in the cost per intervention.

我們對這應該如何發揮作用有一個清晰的願景，但從本質上講，該方法類似於我們啟用的任何其他治療領域，即採取 - 利用我們知道的可信賴的供應商，這些供應商已集成在我們的正常主護理路徑，讓它們變得更加有效。一個很好的例子，就是我們去年收購的 SilverCloud。您可能還記得，SilverCloud 在英國能夠將治療數量與他們可以照顧的患者數量之間的比率顯著提高四倍以上，超過 4 倍。結果，每次干預的成本急劇下降。

And we did that not by hiring an army of psychiatrists and psychologists, but rather empowering the existing therapies to be much more effective with their time by automating a lot of tasks. That's the Amwell way in many ways. We see very strong demand for behavioral health enablement and efficiency, and we definitely believe, as you rightfully guessed that this is going to be a very high demand module as Converge is being deployed this year. There are many other examples beyond the plans we have out there.

我們做到這一點並不是通過聘請一大批精神病學家和心理學家，而是通過自動化大量任務，使現有療法能夠更有效地利用他們的時間。這在很多方面都是 Amwell 的方式。我們看到對行為健康支持和效率的非常強烈的需求，我們絕對相信，正如您正確猜測的那樣，這將是一個非常高的需求模塊，因為今年將部署 Converge。除了我們現有的計劃之外，還有許多其他示例。

And our next question will come from Jack Wallace of Guggenheim Securities.

我們的下一個問題將來自古根海姆證券公司的傑克華萊士。

Just want to ask the ACV question as it relates to the guide just a little bit differently. It sounds like you don't expect many new logos this year. It's an expansion in the client base here. Within that expansion, my sense is that this is mostly upsells versus, say, intensity of use or your clients using the core platform across whether it's more facilities or more settings. Is that the case?

只想問 ACV 問題，因為它與指南的關係略有不同。聽起來您預計今年不會有很多新徽標。這是這裡客戶群的擴展。在這種擴展中，我的感覺是，這主要是追加銷售與使用強度或您的客戶在更多設施或更多設置中使用核心平台。是這樣嗎？

Not at all. I'm not sure how you got this impression, we maybe weren't clear enough. We see extraordinary demand for Converge by both existing clients and new ones. The decision to migrate is not an obvious decision. It takes time and integration, training and things of that nature. The fact that in these uncertain times, we see such strong adoption for the new platform is very encouraging. But CVS definitely was not alone as the new organization that understood the value of the Amwell, the new Amwell platform, and we definitely plan to see others.

一點也不。我不確定你是怎麼得到這個印象的，我們可能還不夠清楚。我們看到現有客戶和新客戶對 Converge 的非凡需求。遷移的決定不是一個顯而易見的決定。這需要時間和整合、培訓和類似的東西。事實上，在這些不確定的時期，我們看到新平台得到如此廣泛的採用，這一事實非常令人鼓舞。但 CVS 絕對不是唯一一個了解 Amwell 價值的新組織，新的 Amwell 平台，我們肯定計劃看到其他人。

The guidance is focused on revenues, not on bookings. We definitely see that as a year of significant acceleration as it relates to bookings, the recognition of which is dependent on various factors, including the macro and the pace of our customers that we need to be careful in predicting. But I would love for all of you to be with us to hear the (inaudible) what the Converge clients are saying these days in the level of enthusiasm and encouragement, and that's true not only for existing customers but definitely true also for new ones.

該指南的重點是收入，而不是預訂量。我們肯定認為這是與預訂相關的顯著加速的一年，其識別取決於各種因素，包括我們在預測時需要謹慎的宏觀和客戶的步伐。但我希望你們所有人都能和我們一起聽到（聽不清）Converge 客戶這些天在熱情和鼓勵中所說的話，這不僅適用於現有客戶，也適用於新客戶。

And our next question will come from the line of Hanna Lee with Bank of America.

我們的下一個問題將來自美國銀行的 Hanna Lee。

This is Hanna Lee on for Allen Lutz. Just I was wondering if you can provide additional color on the composition of revenue growth for 2023. Is it primarily coming from subscriptions or visits?

這是 Allen Lutz 的 Hanna Lee。我只是想知道您是否可以提供更多有關 2023 年收入增長構成的顏色。它主要來自訂閱還是訪問？

We -- Hanna, thanks. We provided guidance for visit -- for the number of visits that we expect for AMG, for Amwell Medical Group. So you'll see that, that is fairly conservative relative to what we posted this past year primarily because we don't want to aggressively assume that we again see COVID spikes as well as early and severe flu in 2023. So I think we've been conservative there.

我們——漢娜，謝謝。我們為訪問提供了指導——我們對 AMG 和 Amwell 醫療集團的訪問次數。所以你會看到，相對於我們去年發布的內容，這是相當保守的，主要是因為我們不想激進地假設我們會在 2023 年再次看到 COVID 峰值以及早期和嚴重的流感。所以我認為我們'在那裡一直很保守。

And then on the -- I guess we would expect -- I would give a little bit of guidance that we would expect that our software line item, subscription revenue would grow faster than the overall revenue growth that is assumed for the entire organization. So I think that gives you a sense as to, I guess, what's going to drive and what the components of it look like.

然後 - 我想我們會期望 - 我會給出一些指導，我們希望我們的軟件項目，訂閱收入的增長速度將快於整個組織假設的整體收入增長。所以我認為這讓你了解，我想，將要驅動什麼以及它的組件是什麼樣的。

And our next question will come from Jailendra Singh with Truist Securities.

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

This is [Jay] on for Jailendra. I kind of want to touch upon CVS there. So it is clearly a huge implementation. So I'm wondering if you can talk about what kind of contribution is assumed in your guidance? And additionally, anything to share in terms of how the rollout has been so far? And how do you think about the opportunities this might open up to CVS on additional areas?

這是 Jailendra 的 [Jay]。我有點想在那裡談談 CVS。所以這顯然是一個巨大的實施。所以我想知道你是否可以談談你的指導中假設了什麼樣的貢獻？此外，就目前的推出情況而言，有什麼可以分享的嗎？您如何看待這可能為 CVS 在其他領域帶來的機會？

Sure. So as many of the participants know, we are very careful not to talk specifically about our customers. We are an enablement platform that participates in realizing important business goals for our customers, and they usually like to share it when they're ready. We -- CVS already shared that we are the backdrop of the very large cost company initiatives for digital care enablement, and we can't be more grateful.

當然。因此，正如許多與會者所知，我們非常小心，不要專門談論我們的客戶。我們是一個支持平台，參與為我們的客戶實現重要的業務目標，他們通常喜歡在準備好時分享它。我們 - CVS 已經分享了我們是非常大的成本公司數字護理支持計劃的背景，我們非常感激。

Our relationship with this partner is very strong, and we are very optimistic about its future and its potential for expansion. I would say more generally and not necessarily about them, but really true for many customers, especially the bigger ones. Usually, our business model is such that there is a start-up recurring fee for the baseline, and then as more traction, more use, larger addressable audiences participate and the client throttle up, we are increasing our value and revenue capture from there. And really, there is no traction to this business model.

我們與該合作夥伴的關係非常牢固，我們對其未來及其擴張潛力非常樂觀。我會更籠統地說，不一定是關於他們，但對於許多客戶來說確實如此，尤其是大客戶。通常，我們的商業模式是這樣的，有一個啟動經常性費用作為基線，然後隨著更多的牽引力、更多的使用、更多的可尋址受眾參與和客戶節流，我們正在增加我們的價值和收入捕獲。實際上，這種商業模式沒有吸引力。

The potential for the likes of CVS to grow within their own very large footprint already and even impact the entire ecosystem in various ways could not be overstated. However, we cannot automatically assume anything. And our guidance per design is really assuming things that we have extremely high visibility to -- there is nothing unnatural in our guidance and the visibility is only for things that we think are extremely likely to happen. Although there is enormous amount of upside that we believe in, we're just not sure exactly how it's going to play out in real timing and [RevRec].

CVS 之類的公司已經在自己非常大的足跡內成長，甚至以各種方式影響整個生態系統的潛力怎麼強調都不為過。但是，我們不能自動假設任何事情。我們對每個設計的指導實際上是在假設我們對這些事情有極高的可見性——我們的指導中沒有任何不自然的地方，可見性只針對我們認為極有可能發生的事情。儘管我們相信有巨大的上行空間，但我們只是不確定它在實際時間和 [RevRec] 中將如何發揮作用。

And our next question will come from Eric Percher with Nephron Research.

我們的下一個問題將來自 Nephron Research 的 Eric Percher。

This is Dolph on for Eric. All my questions have been asked already. But with respect to the services revenue expected to go to 10% of revenue this year. I just want to gain an understanding of how temporal in nature that is and how much continues -- would be expected to continue into next year?

這是埃里克的多爾夫。我所有的問題都已經問過了。但就服務收入而言，預計今年將達到收入的 10%。我只是想了解這在本質上有多短暫，還有多少會持續——預計會持續到明年？

Dolph, I just want to make sure I'm understanding the question. Are you asking a quarterly question or is it how much -- are you asking how the quarters lay out? I'm not sure. I'm not so sure.

Dolph，我只是想確保我理解這個問題。你問的是季度問題還是多少——你是在問季度如何佈局？我不知道。我不確定。

I'm sorry. I think I caught that services revenue were expected to be 10% of total revenue this year. Is that -- did I hear that? Is that -- so if we think about what's driving that revenue, is that something that we would expect to continue to grow in future years or is there any kind of lumpiness to this year versus future years that we should be kind of considering?

對不起。我想我注意到今年服務收入預計將佔總收入的 10%。那是——我聽到了嗎？那是——所以如果我們考慮是什麼推動了收入的增長，那是我們希望在未來幾年繼續增長的東西，還是今年與我們應該考慮的未來幾年相比有任何差異？

Well, it was -- I guess, in 2022, it was more than 10%. And there was some lumpiness in that. We -- and the lumpiness really is mostly attributable to large complex custom integrations that we take on. And so pegging when those are going to happen or how often they're going to happen is difficult, but that's just a component. It kind of drives up or down the percentage of revenue. The other components of it, obviously, are Carepoints, which have kind of an attach rate to how we're doing on sales to or bookings to health systems.

好吧，它是——我想，到 2022 年，它超過了 10%。那裡面有一些腫塊。我們 - 並且這種塊狀實際上主要歸因於我們進行的大型複雜定制集成。因此，很難確定這些事件何時發生或發生的頻率，但這只是一個組成部分。它會提高或降低收入的百分比。顯然，它的其他組成部分是 Carepoints，它對我們在醫療系統的銷售或預訂方面的表現有一定的附加率。

And then there's also some marketing campaigns that we help out on for our -- for a number of our clients. Those have been a very regular component of our revenue through the years as well. So the marketing revenues and the Carepoints revenues, I expect those to continue much as they have in the past. And then the implementation type revenues, lumpy, tougher to predict very high value as they're really indicative of a good forward indicator of revenue to come, but I can't really give you much beyond that.

然後還有一些我們為我們的一些客戶提供幫助的營銷活動。多年來，這些也是我們收入的一個非常規律的組成部分。因此，營銷收入和 Carepoints 收入，我希望這些收入能像過去一樣繼續下去。然後是實施類型的收入，塊狀的，更難預測非常高的價值，因為它們確實表明了未來收入的良好前瞻性指標，但除此之外我真的不能給你太多。

And our final question will come from the line of David Larsen with BTIG.

我們的最後一個問題將來自 BTIG 的 David Larsen。

It's my understanding that Converge is a very comprehensive platform. It is a full digital-first solution. That's one of the reasons why CVS selected you to be one of their key vendors going forward. I agree with that strategy. Can you maybe talk about how many sort of different kinds of modules beyond sort of pure telehealth are now part of Converge? So like is there like diabetes, cholesterol, and mental health? Are there maybe like 10 or 20 additional sort of digital health modules that have plugged into Converge? And then is there a higher price point depending on how many different modules your clients select? And just any color around sort of the incremental revenue contribution for those would be very helpful?

據我了解，Converge 是一個非常全面的平台。這是一個完整的數字優先解決方案。這就是為什麼 CVS 選擇您作為他們未來的主要供應商之一的原因之一。我同意這個策略。您能否談談現在 Converge 的一部分，除了純粹的遠程醫療之外，還有多少種不同類型的模塊？那麼就像糖尿病、膽固醇和心理健康一樣嗎？是否有大約 10 或 20 個其他類型的數字健康模塊已插入 Converge？然後是否有更高的價格點取決於您的客戶選擇了多少不同的模塊？圍繞這些增量收入貢獻的任何顏色都會非常有幫助嗎？

David, you're absolutely correct. There are really 2 things here to bear in mind. One is Converge is indeed a platform and it's a very open platform. And it's designed to really bring together the patients, providers, other participants around the entire spectrum and types of care that are physical, virtual and automated, but also across the entire care continuum in an integrated way. So it's quite a task.

大衛，你完全正確。這裡真的有兩件事要記住。一是Converge 確實是一個平台，而且是一個非常開放的平台。它旨在真正將患者、提供者和其他參與者聚集在一起，圍繞物理、虛擬和自動化的整個範圍和類型的護理，而且還以集成的方式跨越整個護理連續體。所以這是一項艱鉅的任務。

Obviously, we don't expect ourselves to offer all those services nor do we think that's the right way to go at all. But rather, we are enabling the connectivity, the integration, the orchestration more than anything else. In that way, Amazon is much closer to Amwell than Epic, for example, in the way of -- in the way that we operate. Converge is very easily open to third-party, whether it's medical devices or different type of programs and so on. We don't count them anymore if they are in the hundreds of more of those packages, if you will. Many of them are made not by Amwell. They're made by the like of Sword and TytoCare and the Cleveland Clinic and really many, many other entities that want to participate in the integrated experience.

顯然，我們不希望自己提供所有這些服務，也不認為這是正確的做法。相反，我們比其他任何事情都更能實現連接、集成和編排。通過這種方式，亞馬遜比 Epic 更接近 Amwell，例如，在我們的運營方式上。 Converge 非常容易向第三方開放，無論是醫療設備還是不同類型的程序等等。如果您願意的話，如果它們在數百個這樣的包裹中，我們就不再計算它們了。其中許多不是由 Amwell 製造的。它們是由 Sword 和 TytoCare 以及克利夫蘭診所以及許多其他想要參與綜合體驗的實體製作的。

The integrated experience is extremely important for our buyers. CIOs today struggle with enormous fragmentation and everybody else is suffering, including patients and providers by needing to log to multiple apps and services, these are often not connected, the source of errors and cost in customer acquisition and in other ways. As we grow, we definitely plan to include some anchor application, some services like automated vehicle health, which we think are very, very important or second opinion through our JV with Cleveland Clinic is great examples and use cases for the ecosystem.

綜合體驗對我們的買家來說極其重要。今天的首席信息官們在巨大的碎片化中苦苦掙扎，其他人都在受苦，包括患者和提供者，他們需要登錄多個應用程序和服務，這些應用程序和服務通常沒有連接，這是客戶獲取和其他方面的錯誤和成本的來源。隨著我們的成長，我們肯定計劃包括一些錨定應用程序，一些我們認為非常非常重要的服務，例如自動車輛健康，或者通過我們與克利夫蘭診所的合資企業提供的第二意見是生態系統的很好的例子和用例。

But we fully expect a really limitless amount of programs and services to be offered by others. We definitely plan to monetize the value of integration, both by the impact it has on risk bears on the one hand, and that's the important part, but also by allowing access to different vendors and innovators that really dramatically reduce their entry point into the covered services in the audiences that our clients represent. I hope that's a little bit clear.

但我們完全期望其他人能夠提供真正無限量的程序和服務。我們肯定計劃通過集成的價值貨幣化，一方面是通過它對風險承擔的影響，這是重要的部分，但也通過允許訪問不同的供應商和創新者，這確實大大減少了他們進入涵蓋的切入點為我們的客戶所代表的受眾提供服務。我希望這有點清楚。

And that will conclude today's question-and-answer session. Ido Schoenberg, I turn the call back over to you.

今天的問答環節到此結束。 Ido Schoenberg，我把電話轉給你。

Thank you very much, operator. Thank you very much, everyone. We really appreciate your support of Amwell and our journey to Converge. And we look forward to talking you -- with you again soon. Have a nice evening.

非常感謝你，接線員。非常感謝大家。我們非常感謝您對 Amwell 的支持以及我們的 Converge 之旅。我們期待與您交談——很快再次與您交談。祝你今晚愉快。

And this concludes today's conference. Folks, you may now disconnect.

今天的會議到此結束。伙計們，你們現在可以斷開連接了。