American Well Corp (AMWL) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Amwell Third Quarter 2024 Earnings Call. (Operator Instructions) Thank you.

女士們、先生們，午安。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Amwell 2024 年第三季財報電話會議。（操作員指示）謝謝。

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

現在，我想將電話交給 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 third fiscal quarter of 2024. This is Sue Dooley of Amwell Investor Relations, and joining me today are Amwell's Chairman and CEO, Dr. Ido Schoenberg; and Mark Hirschhorn, our CFO. Earlier today, we distributed a press release detailing our announcement.

大家好。歡迎參加 Amwell 的電話會議，討論我們的 2024 財年第三季。我是 Amwell 投資者關係部門的 Sue Dooley，今天與我一起的還有 Amwell 的董事長兼首席執行官 Ido Schoenberg 博士；以及我們的財務長馬克·赫希霍恩（Mark Hirschhorn）。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。

Our earnings release is posted on our website at investors.amwell.com and is also available through normal news sources. The conference call is being webcast live on the IR page of our website, where a replay will be archived. Before we begin our prepared remarks, I'd like to take this opportunity to remind you that during the 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. Actual results or events may differ materially.

我們的收益報告發佈在我們的網站 investor.amwell.com 上，也可以透過正常的新聞來源取得。電話會議將在我們網站的 IR 頁面上進行網路直播，並將存檔重播。在我們開始準備好的發言之前，我想藉此機會提醒您，在電話會議中，我們將就預計的經營業績和預期的市場機會做出前瞻性的陳述。此前瞻性資訊受我們向美國證券交易委員會提交的文件中所描述的風險和不確定性的影響。實際結果或事件可能有重大差異。

Except as required by law, we undertake no obligation to update or revise these forward-looking statements. On the call, we'll refer to both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release. With that, I would like to turn the call over to Ido.

除法律要求外，我們不承擔更新或修改這些前瞻性聲明的義務。在電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。我們在公佈的收益報告中提供了 GAAP 與非 GAAP 財務指標的對帳表。說到這裡，我想把電話轉給伊多 (Ido)。

Thank you, Sue, and good evening, everyone. To begin tonight's call, I would like to take a moment to welcome Mark Hirschhorn to Amwell as our Chief Financial Officer. Many of you may already know Mark. We have known and respected Mark for many years and believe he is the right leader for Amwell at our current stage of transformation. We thank Bob Shepardson for his contributions as Amwell's CFO and to working to ensure a seamless transition.

謝謝你，蘇，大家晚上好。在今晚的電話會議開始時，我想花點時間歡迎 Mark Hirschhorn 加入 Amwell 擔任我們的財務長。你們當中的許多人可能已經認識馬克了。我們認識馬克多年，並且尊敬他，相信他是 Amwell 目前轉型階段的合適領導者。我們感謝 Bob Shepardson 在擔任 Amwell 財務長期間所做的貢獻以及為確保順利過渡所做的努力。

Q3 was a busy quarter for our company. We continue to execute on the key strategies that support our path to cash flow positive. Here are the headlines. First, for the Defense Health Agency, we announced their go-live with Converge scheduled visits in late August. With our latest partners, we are proceeding according to plan towards full enterprise go-live anticipated in Q4.

第三季對我們公司來說是一個繁忙的季度。我們將繼續執行支持我們實現現金流正成長的關鍵策略。以下是標題。首先，對於國防衛生局，我們宣布他們將於 8 月底開始使用 Converge 進行預定的訪問。與我們最新的合作夥伴一起，我們正按計劃推進，預計在第四季度實現整個企業的上線。

Second, we have continued to align our cost structure to fit our strategy with great focus on efficiency and effectiveness. And finally, we have positioned our growth organization to deliver high-quality growth in 2025 with an eye on higher-margin revenue. In Q3, we delivered value for our clients as we maintained and grew existing deployments while implementing new logos. Our solution is resonating in the market and sums up patient and provider ratings across Converge deployments remained well over 90%. Now let me go into a little more detail on this progress.

其次，我們不斷調整成本結構以適應我們的策略，高度重視效率和效益。最後，我們將我們的成長組織定位為在 2025 年實現高品質成長，並著眼於更高的利潤收入。在第三季度，我們在實施新標誌的同時維護和發展了現有部署，為客戶創造了價值。我們的解決方案在市場上引起了共鳴，總結一下，Converge 部署中的患者和提供者評分仍然保持在 90% 以上。現在讓我更詳細地介紹一下這項進展。

We reached an important milestone in the initiative of modernizing the military health system for Defense Health Agency, working closely with our latest partners. In Q1, we previously shared that we went live with our behavioral health programs, the first major milestone in this initiative. Today, we can add that we have completed the second milestone. Converge scheduled and group visits are now also live and being used by members of the Armed Forces and their dependents. Based on this progress, we are planning for enterprise-wide deployment for the DHA by the end of 2024.

我們與最新的合作夥伴密切合作，在國防衛生局軍事衛生系統現代化計畫中取得了重要里程碑。在第一季度，我們之前曾分享過我們已啟動的行為健康計劃，這是該計劃的第一個重要里程碑。今天，我們可以補充說，我們已經完成了第二個里程碑。Converge 定期訪問和團體訪問目前也已上線，可供軍隊成員及其家屬使用。基於這項進展，我們計劃在 2024 年底前在企業範圍內部署 DHA。

Serving our women and men in uniform is a true honor and privilege. As we strive to offer them the best possible care, we believe that together with our latest partners, we are also unlocking exciting growth opportunities for Amwell in the government sector. Next, implementing our cost-based transformation is reflected in our improved 2024 EBITDA guidance that was reported in tonight's release. We are focused on this metric that adds visibility to our financial strength, especially when you consider our strong balance sheet with ample cash and no debt. Mark will provide you with more details shortly.

為我們的軍人服務是一種真正的榮譽和權利。在我們努力為他們提供最好的護理的同時，我們相信，與我們的最新合作夥伴一起，我們也將為 Amwell 在政府領域釋放令人興奮的成長機會。接下來，實施基於成本的轉型反映在今晚發布的改進的 2024 年 EBITDA 指引中。我們專注於這項指標，它增加了我們財務實力的可見性，特別是當你考慮到我們擁有充足的現金且沒有債務的強勁資產負債表時。馬克很快就會向您提供更多詳細資訊。

Finally, we are driving growth changes, resulting in good visibility into accelerating high-margin growth in 2025. Our pipeline quality is improving and RFP traction is increasing. For example, notable Q3 expansions included Stanford Health and Wellstar for virtual nursing. We also had a sizable win with Capital Blue Cross for integrating Sword Health Musculoskeletal Program. In parallel, we documented significant renewals, including Baystate Health, AdventHealth and Children's Medical Center of Dallas.

最後，我們正在推動成長變革，為 2025 年加速高利潤成長帶來良好的可見性。我們的管道品質正在提高，RFP 牽引力正在增加。例如，第三季值得注意的擴展包括史丹佛健康和 Wellstar 虛擬護理。我們還與 Capital Blue Cross 合作整合了 Sword Health 肌肉骨骼計劃，獲得了巨大的成功。同時，我們也記錄了重大續約，包括 Baystate Health、AdventHealth 和達拉斯兒童醫療中心。

Wrapping up my remarks, I would like to speak for a moment about the market for digitally enabled health care. At this time, it is evident that more and more people are going online first for their interactions with their health care providers. Based on our recent discussions with our clients and partners, it is clear that they expect this secular trend to accelerate over the next few years. They also believe participating in the opportunities it creates is critical to their business. Yet realizing digitally enabled care is difficult.

總結我的發言，我想談談數位化醫療保健市場。目前，顯然越來越多的人首先透過網路與醫療保健提供者互動。根據我們最近與客戶和合作夥伴的討論，很明顯他們預計這一長期趨勢將在未來幾年加速。他們也認為，參與其所創造的機會對他們的業務至關重要。然而，要達到數位化護理十分困難。

Payers struggle with offering a true digitally enabled whole-person solution that spans across the care continuum and includes effective care orchestration. They are also hard-pressed to report and prove ROI for clinical interventions. Providers are also looking for ways to participate in this new digitally enabled care transformation, but want to ensure that patients are engaged while their workflows and reimbursements are maintained. Consumer acquisition is expensive and digitally enabled programs are fragmented and constantly evolving. Also, the current state of both patient and provider experiences are isolated, cumbersome and not always personalized.

付款人難以提供真正的數位化全人解決方案，涵蓋整個護理過程並包括有效的護理協調。他們也很難報告並證明臨床幹預的投資報酬率。服務提供者也在尋找參與這項新的數位化護理轉型的方法，但希望確保患者參與其中，同時維持他們的工作流程和報銷。獲取消費者的成本很高，而且數位化專案支離破碎且不斷發展。此外，目前患者和醫療服務提供者的體驗都是孤立、繁瑣且不總是個人化的。

We believe that our Converge platform addresses many of these pain points for our customers and helps them realize their digitally enabled care aspirations. We empower them to form a single clinical consumer engagement pathway to many, if not all, clinical programs. We aim to enable the provision of exceptional patient experience while providing efficient engagement within the broader care journey. Then through a layer of navigation and orchestration capabilities, we facilitate access to a growing number of Amwell and third-party clinical programs. In this way, we offer value to payers, their employer accounts, patients and the clinical program innovators who seek to extend their clinical footprints.

我們相信，我們的 Converge 平台能夠為客戶解決許多痛點，並幫助他們實現數位化照護願望。我們授權他們形成一條單一的臨床消費者參與途徑，涵蓋許多（如果不是全部）臨床項目。我們的目標是提供卓越的患者體驗，同時在更廣泛的護理過程中提供高效的參與。然後，透過一層導航和編排功能，我們可以輕鬆存取越來越多的 Amwell 和第三方臨床專案。透過這種方式，我們為付款人、他們的雇主帳戶、患者以及尋求擴大臨床足跡的臨床專案創新者提供價值。

Finally, through offering clinical programs for health systems, we aim to complement EHRs in areas that relate to patient engagement and health system efficiency. Embedded in providers' EHR, we create a pathway for payers and employers to seamlessly offer hybrid care programs featuring trusted provider brands. In summary, we are pursuing a well-defined and singular differentiated approach to the market. It empowers participants in the health care ecosystem to realize the efficiency gains and improve outcome that this new digitally enabled health care landscape promises. With that, I would like to turn to Mark to review our financials, some key metrics and our guidance.

最後，透過為醫療系統提供臨床計劃，我們旨在在與患者參與和醫療系統效率相關的領域補充 EHR。透過嵌入提供者的 EHR，我們為付款人和雇主創建了一條途徑，可以無縫提供具有值得信賴的提供者品牌的混合護理計劃。總而言之，我們正在推行明確且獨特的差異化市場方法。它使醫療保健生態系統的參與者能夠實現效率提升並改善這一新的數位化醫療保健格局所承諾的結果。接下來，我想請馬克來回顧我們的財務狀況、一些關鍵指標和指導。

Mark?

標記？

Thank you, Ido, and good afternoon to everyone on the call. It's a real honor to be back in the CFO seat at such an equally exciting and critical time to support Amwell's mission of enabling the digital care aspirations of health care organizations. I'm inspired to move the company forward and to constructively engage with all of you on this exciting journey. I want to thank Ido and the Board for their vote of confidence and most importantly, my new Amwell colleagues who have welcomed me with genuine enthusiasm. The team here is so very talented and great teams win every time.

謝謝你，Ido，祝電話會議中的各位嘉賓下午好。在如此令人興奮且關鍵的時刻再次擔任財務長一職，支持 Amwell 實現醫療機構數位化照護願望的使命，我深感榮幸。我深受鼓舞，致力於推動公司向前發展，並在這段激動人心的旅程中與大家進行建設性的交流。我要感謝 Ido 和董事會對我的信任，最重要的是，感謝我的新 Amwell 同事們以真誠的熱情歡迎我。這裡的團隊非常有才華，每次都是優秀的團隊獲勝。

I'd like to first focus on Amwell's financial results and visit metrics from our third quarter. Then I'll review our guidance for the remainder of the year. Most importantly, we have demonstrated continued progress with our most strategic objective, specifically the cost alignment initiatives that reinforce our confidence in our path to being cash flow positive in 2026. Furthermore, I will also address some headwinds in our visits business. So now let me share some of our Q3 financial results.

我想先關注 Amwell 的財務表現並了解我們第三季的指標。然後我將回顧我們今年剩餘時間的指導。最重要的是，我們在最具策略性的目標上取得了持續進展，特別是成本調整舉措，這增強了我們對 2026 年實現現金流為正的信心。此外，我還將討論我們在訪問業務中遇到的一些困難。現在讓我分享一下我們的第三季財務表現。

Total revenue was $61 million for the quarter, which is flat to the year ago quarter. Subscription revenue was $26.2 million in Q3, down 5% from last quarter. As was mentioned on the Q2 results call, we had a $1.5 million benefit related to the change in the timing of our revenue associated with certain contracts. So Q3 is, in fact, in line with our expectations. We expect a material uplift in Q4 subscription software revenue, and we expect that total subscription software revenue for the year will come in at approximately flat to 2023.

本季總營收為 6,100 萬美元，與去年同期持平。第三季訂閱營收為 2,620 萬美元，較上一季下降 5%。正如在第二季業績電話會議上提到的那樣，我們因與某些合約相關的收入時間變化而獲得了 150 萬美元的收益。因此第三季實際上符合我們的預期。我們預計第四季度的訂閱軟體收入將大幅提升，並且我們預計全年的訂閱​​軟體總收入到 2023 年將基本持平。

Turning to visit metrics. We completed approximately 1.4 million visits in the third quarter, which is 4.6% lower than a year ago. We have seen some market-wide and client execution-related softness in visits and expect this to continue through this Q4. Scheduled visits represented 70% of our total visits, continuing to highlight the evolution of our company from providing virtual on-demand urgent care to a platform provider enabling hybrid care. Visit volume on Converge held steady at approximately 70% of total Q3 visits.

轉向訪問指標。我們在第三季完成了約140萬次訪問，比去年同期下降了4.6%。我們發現整個市場和客戶執行相關的訪問量有所疲軟，預計這種情況將持續到第四季度。預約就診占我們總就診量的 70%，繼續彰顯了我們公司從提供虛擬按需緊急護理到提供混合護理的平台提供者的演變。Converge 的訪問量保持穩定，約佔第三季總訪問量的 70%。

AMG visit revenue trended slightly higher than last year at $27.5 million in Q3. However, the number of AMG visits was slightly lower than a year ago. Average revenue per visit was $83, which is 7% higher this quarter than last year. This increase was driven by a mix shift within AMG visits focused on specialty programs. Our AMG business continues to be strategically important to enabling client expansion and supporting new client wins.

AMG 訪問收入在第三季略高於去年，達到 2,750 萬美元。不過，AMG 的造訪次數比一年前略有下降。每次造訪的平均收入為 83 美元，本季比去年同期高出 7%。這一增長是由 AMG 訪問量向專業項目集中的變化所推動的。我們的 AMG 業務對於實現客戶擴張和支援贏得新客戶繼續具有戰略重要性。

Our Services and Carepoint's revenue was $7.3 million for the quarter versus $6.6 million last quarter. The increase was driven primarily by increased professional services associated with our government business. Historically, our Services and Carepoint's revenues vary from quarter-to-quarter. The nature of our business drives variable revenues from customer buying patterns for marketing programs and for Carepoint's as well as the timing of professional Services milestones that precede deployments. Services and Carepoint's revenue are projected to represent approximately 10% of our total 2024 revenue.

我們的服務和 Carepoint 本季的收入為 730 萬美元，而上一季的收入為 660 萬美元。成長主要得益於與我們的政府業務相關的專業服務的增加。從歷史上看，我們的服務和 Carepoint 的收入每季都會有所不同。我們的業務性質決定了我們的收入來源，包括客戶行銷計劃和 Carepoint 的購買模式以及部署之前的專業服務里程碑的時間表。服務和 Carepoint 的收入預計將占我們 2024 年總收入的 10% 左右。

Turning to gross profit. Our third quarter gross profit margin remained at 37%, flat to Q2. For the full year, we expect our gross margin to approximate the levels we saw in 2023. My Amwell colleagues have done excellent work towards normalizing R&D spending. Despite gearing up for our government business and all the related spend, our GAAP R&D expense in Q3 declined 5% compared to Q2.

轉向毛利。我們第三季的毛利率維持在37%，與第二季持平。我們預計全年毛利率將接近 2023 年的水平。我的 Amwell 同事為規範研發支出做出了卓越的貢獻。儘管我們為政府業務和所有相關支出做好了準備，但我們第三季的 GAAP 研發費用與第二季相比下降了 5%。

This is 6% lower than the previous quarter after adjusting for $4.7 million of capitalized software development costs. Compared to a year ago, capitalized software development costs is 11.5% lower. We continue to expect total R&D expenses to decline at a mid-teens percent this year versus 2023, with much of the remaining decline to be in Q4 and into Q1 of 2025 as we proceed to complete the bulk of our software configuration work for our government customers. Sales and marketing expenses were $16.8 million. That's $1.6 million lower than last quarter, driven by our enhanced focus on cost initiatives.

調整 470 萬美元的資本化軟體開發成本後，這一數字比上一季下降了 6%。與一年前相比，資本化軟體開發成本下降了 11.5%。我們繼續預計，今年的總研發費用將比 2023 年下降百分之十幾，剩餘的降幅大部分將出現在第四季度和 2025 年第一季度，因為我們將為政府客戶完成大部分軟體配置工作。銷售和行銷費用為 1680 萬美元。這比上一季降低了 160 萬美元，這得益於我們更加重視成本措施。

Overall, we expect GAAP sales and marketing costs to decline mid-single digits year-over-year. Consistent with Amwell's other primary cost components, G&A expense was $25.2 million, which is $3.3 million lower than last quarter. You may recall that our Q2 G&A expense was artificially high due to a onetime transformation charge. Fortunately, we are now experiencing reduced G&A expenses as we realize the benefits from our transformation initiatives, and we expect to further reduce our costs as we continue to organize the company around a new lower cost structure. Lastly, as far as noncash charges are concerned, we don't expect any material changes in this category through year-end.

總體而言，我們預計 GAAP 銷售和行銷成本將同比下降中等個位數。與 Amwell 的其他主要成本組成部分一致，G&A 費用為 2,520 萬美元，比上一季低 330 萬美元。您可能還記得，由於一次性轉型費用，我們第二季的 G&A 費用人為地較高。幸運的是，隨著我們意識到轉型措施帶來的好處，我們現在的一般及行政開支正在減少，而且隨著我們繼續按照新的低成本結構組織公司，我們預計成本將進一步降低。最後，就非現金費用而言，我們預計到年底這一類別不會有任何重大變化。

There's a great energetic team here at Amwell that is fully aligned with creating the novel health care products, services and efficiencies that we successfully deliver to our clients every single day. We're delivering on the promise of our planned cost initiatives, and we are well on our way through reshaping our foundational cost basis. As a result, adjusted EBITDA for the quarter was negative $31 million versus negative $35 million last quarter and negative $39 million for Q3 in 2023. A quick note on our balance sheet. We ended the third quarter with $245 million in cash and marketable securities and 0 debt.

Amwell 擁有一支充滿活力的優秀團隊，他們全力致力於創造新穎的醫療保健產品、服務和效率，並每天成功地將這些產品、服務和效率交付給我們的客戶。我們正在履行計劃成本措施的承諾，並且正在順利重塑我們的基礎成本基礎。因此，本季調整後的 EBITDA 為負 3,100 萬美元，上一季為負 3,500 萬美元，2023 年第三季為負 3,900 萬美元。關於我們的資產負債表的簡要說明。截止第三季度，我們擁有現金和有價證券 2.45 億美元，且無債務。

Let me wrap up with a few words on our outlook. While we have made significant progress this year towards ensuring a path to being cash flow positive in 2026, I did note earlier that we have seen softness in visits as certain clients face their own executional challenges in the market. With this in mind, this afternoon, we are revising our 2024 revenue guide. And based on our strong execution on costs, we're also raising our adjusted EBITDA guidance. We now expect full year 2024 revenue to be in the range of $247 million to $252 million.

最後，讓我再簡單談談我們的展望。雖然我們今年在確保 2026 年實現正現金流方面取得了重大進展，但我之前確實注意到，由於某些客戶在市場上面臨自身的執行挑戰，我們的訪問量有所下降。考慮到這一點，今天下午，我們正在修改 2024 年的收入指南。並且基於我們在成本方面的強勁執行力，我們也上調了調整後的 EBITDA 指引。我們現在預計 2024 年全年營收將在 2.47 億至 2.52 億美元之間。

Importantly, the strategic elements of our revenue base remain on track, and we continue to anticipate subscription revenue to be roughly equivalent to what we generated in 2023. Our revised range for AMG visits is between 1.4 million and 1.5 million visits compared to the previous range of 1.6 million and 1.7 million visits. And now for our improved guidance on adjusted EBITDA. Now that the third quarter is behind us, we have better clarity on our expectations for Q4. So we are bettering our guide for full year 2024 adjusted EBITDA to a negative $142 million to $137 million from our prior range of negative $150 million to $145 million.

重要的是，我們收入基礎的策略要素仍在正軌上，我們繼續預期訂閱收入將大致相當於我們在 2023 年創造的收入。我們修改後的 AMG 訪問量範圍為 140 萬至 150 萬次訪問，而之前的訪問量範圍為 160 萬至 170 萬次訪問。現在我們來看看我們對調整後 EBITDA 的改進指引。現在第三季已經過去，我們對第四季的預期更加清晰了。因此，我們將 2024 年全年調整後 EBITDA 預期從先前的負 1.5 億美元至 1.45 億美元上調至負 1.42 億美元至 1.37 億美元。

We are currently in the process of planning for next year, and will provide 2025 guidance when we report our Q4 2024 results next February. We are encouraged by the strides we have made in our business. And in Q3, we made solid progress towards the goals which support our confidence in our path to generating positive cash flow in 2026. Thank you all for listening. With that, I'd like to turn the call back to Ido for some closing remarks.

我們目前正在製定明年的計劃，並將在明年 2 月報告 2024 年第四季業績時提供 2025 年的指導。我們對自己業務所取得的進步感到非常鼓舞。在第三季度，我們朝著目標取得了堅實的進展，這增強了我們對 2026 年實現正現金流的信心。感謝大家的聆聽。最後，我想請伊多發表一些結束語。

Ido?

我願意？

Thank you, Mark. With Q3 behind us, we are well on our way to executing on key strategic deliverables for the year. These include excellence in our work for the government, our sales transformation efforts and a meaningful realignment of our cost structure, all of which propel us along our path to cash flow positive in 2026. We will now open the call for questions. Operator, please go ahead.

謝謝你，馬克。隨著第三季的結束，我們正在順利執行今年的關鍵策略成果。這些包括我們為政府提供的卓越服務、我們的銷售轉型努力以及我們成本結構的有意義的調整，所有這些都推動我們在 2026 年實現現金流為正。我們現在開始提問。接線員，請繼續。

Thank you.

謝謝。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

（操作員指示） Craig Hettenbach，摩根士丹利。

Yes. Ido, on your comments of focusing on high-quality profitable growth in 2025, can you just expand on that? Is that a comment on just competitive backdrop that you're seeing or anything Amwell specific in terms of strategy that you're gearing towards that for next year?

是的。Ido，關於您提到的 2025 年重點關注高品質獲利成長的評論，您能詳細闡述一下嗎？這是對您所看到的競爭背景的評論，還是對 Amwell 明年的策略的具體安排？

Craig, it's definitely the latter. We did a lot of work focusing on the strategy that enhances our ability to grow our core services that are subscription heavy for our addressable market in both payers and providers. From where we stand today, we have very good visibility into high-quality growth already in '25 that is dominated by subscription revenue and is less vulnerable for a visit fluctuation. That's not only true in way of onetime, we believe that's going to be a multiyear trend going forward where the enabling functions of our platform of Converge and its related services are going to be the hallmark of what we sell, deemphasizing any other businesses and focuses that are less accretive and less relevant to our overall strategy.

克雷格，絕對是後者。我們做了很多工作，專注於制定策略，以增強我們發展核心服務的能力，這些核心服務對於我們面向付款人和提供者的目標市場來說都是訂閱量很大的。從目前的情況來看，我們已經非常清楚，25 年將實現以訂閱收入為主導的高品質成長，而且不太容易受到訪問量波動的影響。這不僅是一次性的事實，我們相信這將成為未來的多年趨勢，我們的 Converge 平台及其相關服務的支援功能將成為我們銷售產品的標誌，淡化任何不太具有增值性且與我們的整體策略不太相關的其他業務和重點。

Eric Percher, Nephron Research.

Eric Percher，腎元研究機構。

This is Dolph on for Eric. Mark, I just want to clarify your comments around the cash flow positive for 2026. It seems like you're confirming your -- the company still has that target. And when you look at the path to achieving that target, what type of risk do you see?

這是 Dolph 代替 Eric 上場。馬克，我只是想澄清你關於 2026 年現金流為正的評論。看起來你在確認你的——公司仍然有那個目標。當您審視實現該目標的道路時，您看到什麼類型的風險？

Sure. I am confirming the 2026 cash flow positive results for the year. And the execution risks associated with achieving that target will likely be twofold. One is obviously seeing some of that new revenue come together. As Ido alluded to, we've got great visibility into 2025 revenue.

當然。我確認 2026 年年度現金流量將為正值。而實現該目標的執行風險可能將是雙重的。人們顯然看到了一些新收入的累積。正如 Ido 所提到的，我們對 2025 年的收入有著非常清晰的認識。

We'll need to see some additional revenues come together to achieve the type of gross margin levels we'll need at our new stabilized cost base. So it will continue to be a focus on achieving overall revenue growth and continuing to find that level of costs that we've been working so hard through 2024 to achieve and are currently on that run rate to see that significant reduction for full year 2025.

我們需要看到一些額外的收入結合在一起，以實現我們在新的穩定成本基礎上所需的毛利率水準。因此，我們將繼續專注於實現整體收入成長，並繼續尋找我們在 2024 年一直努力實現的成本水平，並且目前正按照這一運行率實現 2025 年全年的大幅削減。

Ryan MacDonald, Needham & Company.

瑞安·麥克唐納 (Ryan MacDonald)，尼德漢姆公司。

Maybe just to get a clarifying point on the -- as you're looking at the DHA contract rollout, I think that obviously, the expectation all along has been sort of a fourth quarter enterprise-wide deployment, but I think you heard the comment by year-end. Should we be reading into that at all as sort of maybe a slight pushback in that deployment time frame? And then as we think ahead to 2025, just any updates on sort of the contract renewal process with the DHA as well?

也許只是為了澄清一點——當您查看 DHA 合約推出時，我認為顯然一直以來的預期是在第四季度進行全企業部署，但我想您在年底時聽到了這一評論。我們是否應該將其解讀為部署時間框架的輕微延遲？然後當我們展望 2025 年時，與 DHA 的合約續約流程​​有什麼更新嗎？

Ryan, so the answer is no. We did not mean anything by the nomenclature we used to describe the end of the year. Overall, we did deploy this very large project on time with good results and hopefully, happy customers and partners as we continue. So we have all the reasons to believe that the important milestone of going enterprise-wide is going to still be maintained on time. Having said that, the final decision on the exact timing and scope is always with the customer, and there could be some changes, although we don't have any reason to believe that there will be changes at this time.

瑞安，所以答案是否定的。我們用這個術語來描述年底並沒有任何意義。總的來說，我們確實按時部署了這個非常大的項目，並取得了良好的成果，希望隨著我們繼續開展工作，客戶和合作夥伴能夠感到滿意。因此，我們有充分的理由相信，企業範圍推行這一重要里程碑仍將按時實現。話雖如此，具體時間和範圍的最終決定權始終在於客戶，而且可能會有一些變化，儘管我們沒有任何理由相信此時會改變。

As you remember, the current funding vehicle that we are using continues until roughly next summer. And in order to continue, it needs to be renewed by the DHA. We are partners with the Leidos partnership, and they are the primary on this relationship. Recently, the DHA announced its intent to offer sole source to Leidos and even named our products in that intent. To be clear, intent is not yet final.

大家應該還記得，我們​​目前使用的融資工具將持續到大約明年夏天。為了繼續下去，它需要得到 DHA 的續約。我們是 Leidos 合夥公司的合作夥伴，他們是這項合作關係的主要參與者。最近，DHA 宣布有意 Leidos 提供獨家供應，甚至以此為我們的商品命名。需要明確的是，意圖尚未最終確定。

This is a process that needs to go through, but is likely to get finalized in the not-so-distant future. Once it's finalized and assuming that everything goes well, Leidos will win the sole source opportunity. And we don't see any reason to believe that we will not continue to be part of that project long-term. Our track record of deployment, the KPIs we achieved, the complexity of this project that is going well, all keeps us fairly optimistic that this is heading in the right direction. But of course, it's not yet certainty and some changes can happen going forward.

這是一個需要經歷的過程，但很可能在不久的將來完成。一旦最終確定並且一切進展順利，Leidos 將贏得唯一來源機會。我們沒有理由相信我們不會長期參與該計畫。我們的部署記錄、我們實現的 KPI 以及這個進展順利的專案的複雜性，都讓我們相當樂觀地認為這個專案正朝著正確的方向發展。但當然，這還不確定，未來可能會發生一些變化。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

Mark, congratulations on the new seat. I was hoping you guys could just help us understand how does SilverCloud kind of interact or get integrated with other virtual behavioral health providers in a given network? Basically, can you help us understand why the coexistence of SilverCloud and an alternative virtual care provider in the behavioral health space would not be cannibalistic and instead might be complementary?

馬克，恭喜你獲得新職位。我希望你們可以幫助我們了解 SilverCloud 如何與給定網路中的其他虛擬行為健康提供者互動或整合？基本上，您能幫助我們理解為什麼 SilverCloud 與行為健康領域的替代虛擬護理提供者的共存不會互相衝突而是互補嗎？

Sure. Jessica, that's an interesting question. I would generalize it a little bit and then I'll answer specifically. Our main purpose is to offer our customers a singular pathway for consumers to basically engage in the routing to a growing number of clinical programs. Some of those programs are offered by Amwell like SilverCloud or urgent care or virtual primary care or therapy or many others.

當然。傑西卡，這是一個有趣的問題。我先概括一下，然後具體回答。我們的主要目的是為客戶提供一條獨特的途徑，讓消費者基本上可以參與越來越多的臨床計畫。Amwell 提供其中一些項目，例如 SilverCloud、緊急護理、虛擬初級護理、治療等。

Others are offered by third parties. And in some cases, some are even offered by our own clients. Our role is really to make sure that we match the patient with the right program, bring this patient to the program with as much information to hit the ground running and start the program well and be able to move from one program to another in a way that takes the whole-person in account and is able to report on the ROI back to the sponsors. SilverCloud, which was selected by the DHA, and we have a recent example, but many others like the NHS and so on, has a proven clinical program with very good return over many, many years. So we feel good about that clinical program.

其他由第三方提供。在某些情況下，有些甚至是由我們自己的客戶提供的。我們的職責實際上是確保為患者匹配正確的項目，為患者提供盡可能多的信息，以便他們能夠立即開始行動，順利啟動項目，並能夠以全人的角度考慮項目從一個項目轉移到另一個項目，並能夠向贊助商報告投資回報率。SilverCloud 被 DHA 選中，我們有最近的一個例子，但許多其他人，如 NHS 等，都有一個經過驗證的臨床項目，多年來獲得了非常好的回報。因此我們對該臨床項目感到滿意。

However, it's very possible that some of our customers will have alternative programs that they prefer for various reasons. And that does not cannibalize into the main value proposition of Amwell, which is the orchestration of the singular experience and the singular care orchestration to a large number of clinical programs. Having a lot of native programs fully embedded in what we offer really helps many of our customers to sign a one-stop shop agreement with us. So we think that's an advantage. But we fully expect some not to use all our programs and SilverCloud would be a good example.

然而，我們的一些客戶很可能會因為各種原因而選擇他們喜歡的其他方案。但這不會損害 Amwell 的主要價值主張，即為大量臨床項目提供單一體驗和單一護理協調。我們提供的產品中嵌入了大量原生程序，這確實有助於許多客戶與我們簽署一站式購物協議。因此我們認為這是一個優勢。但我們完全預料到有些人不會使用我們的所有程序，而 SilverCloud 就是一個很好的例子。

Stan Berenshteyn, Wells Fargo.

富國銀行的 Stan Berenshteyn。

Mark, welcome. Ido, a question for you on the platform as it pertains to DHA. So when you're talking about orchestration and routing capabilities, you're routing to these third parties. Presumably, you're also providing revenue opportunities for these third parties. Do you have an opportunity to monetize that routing capacity in the sense of getting like a finder's fee in those instances?

馬克，歡迎光臨。我好，我想問您一個有關 DHA 的平台問題。因此，當您談論編排和路由功能時，您正在路由到這些第三方。據推測，您也為這些第三方提供了收入機會。在這些情況下，您是否有機會將路由容量貨幣化，以獲得類似中介費的形式？

Absolutely, Stan. The answer is yes. As you know, the cost of acquisition of a patient is very high. And very often, those programs really need to engage with those consumers directly, and that's expensive and simply hard because access to some of those individuals is not always available. Also trying to engage into a single topic like back pain or things of that nature is much more difficult than engaging to a pathway that can take of your entire set of needs.

當然，史丹。答案是肯定的。眾所周知，獲取一個病人的成本非常高。通常，這些項目確實需要直接與消費者接觸，但這不僅成本高昂，而且很難，因為有些個體並不總是能夠接觸到。此外，嘗試參與諸如背痛或類似性質的事情之類的單一主題比參與可以滿足您的所有需求的途徑要困難得多。

The value proposition is much stronger. So we, together with our customers, create one path. And then through this one path, we route the patient to the program. We also allow for passing information when applicable and getting information back to us so we can turn back and offer a report to the payer sponsors that is unified, which is harder than it may sound. The net of it is that acquisition of a consumer to us, to any clinical program vendor is much cheaper and the stickiness is much higher.

價值主張更強大。因此，我們與客戶一起創造一條道路。然後透過這條路徑，我們將患者引導至該計劃。我們還允許在適用時傳遞訊息並將訊息回饋給我們，以便我們可以回頭向付款方贊助商提供統一的報告，這比聽起來要難。結果是，對於我們以及任何臨床項目供應商來說，獲取消費者的成本要低得多，而且黏性要高得多。

And eventually, we already have agreements in place with long list of partners like Sword that we announced tonight or Dario or many others. And we do rev share some of the revenues to finance the acquisition of the patients and the integration of reporting and other elements that we provide to them. Many a while ago, I gave the analogy of an App Store, and there is a lot similar in that way that the rev share opportunity is there, and we fully expect that to grow over the years to come.

最後，我們已經與眾多合作夥伴達成了協議，例如我們今晚宣布的 Sword，以及 Dario 等。我們確實分享了部分收入來資助患者的獲取以及報告和我們為他們提供的其他要素的整合。很久以前，我曾以應用程式商店 (App Store) 為例，它與應用程式商店有許多相似之處，都存在著收入分成機會，我們完全預期這種機會在未來幾年內會成長。

So just to put a finer point on it, you're going to expect a kind of a steady run rate from DHA specifically, but this would be incremental, right? These finder's fees that you would get by pushing volumes or Sword or Dario or what have you, that would be incremental to the subscription revenue you're generating. Is that correct?

因此，更詳細地說，您會期望 DHA 的運行率保持穩定，但這將是漸進的，對嗎？透過推銷書籍、《劍》或《達裡奧》或其他作品，你可以獲得這些中介費，這些費用會增加你產生的訂閱收入。那正確嗎？

No. So I gave you a general answer as it relates to our relationship with clinical program. The DHA agreement is really enabling the connectivity between DHA military providers and men and women in uniform and their family around the globe. We are not selling any specific therapy with exception of automated programs like SilverCloud. When we -- currently, our agreement is comprehensive.

不。因此我給了你一個一般性的答案，因為它與我們與臨床計畫的關係有關。DHA 協議確實促進了 DHA 軍事服務提供者與全球軍人及其家人之間的聯繫。除了 SilverCloud 等自動化程序外，我們不出售任何特定療法。當我們——目前，我們的協議是全面的。

A long list of automated programs and automated behavioral health programs of SilverCloud plus many other features and functions are all baked in into one agreement that will go live globally, hopefully, by the end of this year. So the nature of relationship is much more comprehensive here and much more binary, which is different from how we work with other payers and providers.

SilverCloud 的一系列自動化程序和自動化行為健康程序以及許多其他特性和功能都包含在一份協議中，希望該協議能在今年年底前在全球範圍內上線。因此，這裡的關係性質更加全面，更加二元化，這與我們與其他付款人和提供者合作的方式不同。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Apologies if I missed this, but I want to talk about GLP-1 medication, weight management solutions, et cetera. This is clearly one of the major focus for employers and payers these days. I know this is not your core focus, but just curious if you see any opportunities in that area given your provider and payer partnerships either in terms of working with the PBMs or various third-party weight management vendors. Any thoughts there would be really helpful.

如果我錯過了這個，請原諒，但我想談談 GLP-1 藥物、體重管理解決方案等等。這顯然是當今雇主和付款人關注的重點之一。我知道這不是您的核心關注點，但我只是好奇，考慮到您的供應商和付款人合作夥伴關係，無論是與 PBM 還是各種第三方體重管理供應商合作，您是否看到該領域的任何機會。任何想法都會非常有幫助。

Jailendra, absolutely. So maybe referring back to my answer with Stan really demonstrate the same idea. We don't necessarily have any expertise or advantage in providing GLP weight management solution ourselves. However, there are plenty of vendors, some of which we are interacting with that provide different programs, some are better than the others. Weight management is one element of a whole-person care that we facilitate.

絕對是 Jailendra。因此，也許回顧我與史丹的回答確實可以闡明同樣的想法。我們自己不一定具備提供GLP體重管理解決方案的專業知識或優勢。然而，有許多供應商，我們正在與其中一些供應商互動，他們提供不同的程序，有些比其他的更好。體重管理是我們提供的全人照護的要素。

Our mission and value in the ecosystem is to provide this one path of access to one orchestration to dynamic set of clinical programs. Saying it another way, if a large payer would want to add one GLP program versus the other, we really strive to make it incredibly simple and easy to embed that program in this singular experience to allow for bidirectional exchange of information to improve the program outcomes and to report on returns, plus sometimes a cycle between different programs for the same patient to increase efficiency and effectiveness and improve outcomes. We saw some specifically GLP weight loss programs that were successful. We actually saw recently one that was incredibly unsuccessful. And we really don't opine, it's our clients who decide what programs to use or change over time.

我們在生態系統中的使命和價值是提供一條通往動態臨床項目集的統一編排的途徑。換句話說，如果一個大額付款人想要添加一個 GLP 計劃而不是另一個，我們會盡力使將該計劃嵌入到這一單一體驗中變得非常簡單和容易，以允許雙向交換信息來改善計劃結果和報告回報，此外有時還可以針對同一患者在不同的計劃之間進行循環，以提高效率和有效性並改善結果。我們看到了一些成功的GLP減肥計劃。事實上，我們最近見到的一次嘗試是非常不成功的。我們確實不發表意見，而是我們的客戶決定使用什麼程式或隨著時間的推移改變什麼程序。

Charles Rhyee, TD Cowen.

查爾斯·瑞（Charles Rhyee），TD Cowen。

Yes. Apologies if I missed this earlier. But looking at the revised guidance and looking at the midpoint, it kind of implies a lower sequential step-up in 4Q revenues relative to sort of historicals. It seems like it suggests maybe a smaller potential seasonal benefit. Is this a function of sort of the business softness you kind of referred to earlier related to other drivers or potentially sort of a new normal type of cadence going forward?

是的。如果我之前沒有註意到這一點，請見諒。但查看修訂後的指引並查看中點，這意味著第四季度收入的環比增幅相對於歷史水準較低。這似乎表明潛在的季節性收益可能較小。這是您之前提到的與其他驅動因素相關的業務疲軟的一種表現，還是未來可能出現的一種新常態節奏？

Charles, it's Mark. That softness that we saw in Q3, and of course, we're now 1/3 of the way through Q4 is continuing. And as we feel and believe that it's both a contribution from a number of clients, overall, in the macro environment, we do see just a lower overall pull-through in visits. The nice thing about our buildup of our 2025 revenues is that there's far less dependence on those variable revenues, and we have a very significant contribution of incremental subscription revenue. So it will not have the same type of impact as it had throughout 2024.

查爾斯，我是馬克。我們在第三季看到的疲軟趨勢當然還在繼續，現在我們已經度過了第四季的三分之一。而且我們認為並相信，這是來自眾多客戶的貢獻，總體而言，在宏觀環境下，我們確實看到訪問量總體下降。我們 2025 年營收成長的優點在於，對那些可變收入的依賴會大大減少，而且增量訂閱收入的貢獻非常顯著。因此它不會產生像 2024 年那樣的影響。

Okay. Got it. And one of your competitors is in the midst of a rollout with TRICARE for virtual behavioral care. Can you talk about what kind of impact this could have on maybe the automated programs that you're providing to DHA?

好的。知道了。您的一個競爭對手正在與 TRICARE 合作推出虛擬行為護理。您能談談這會對您向 DHA 提供的自動化程序產生什麼樣的影響嗎？

Yes, absolutely. I think it's wonderful that the TRICARE members have the optionality among multiple vendors, but we are far from a vendor. We are actually an operating partner. We are not one of many that can be selected. We are, in fact, the de facto provider through Leidos and through this DHA contract, we have a guaranteed subscription revenue month-over-month in what will hopefully be this multiyear contract, where we are, by default, enabling the government to provide these services to the military and their dependents.

是的，絕對是如此。我認為 TRICARE 成員可以在多個供應商之間進行選擇，這很棒，但我們距離供應商還很遠。我們實際上是營運合作夥伴。我們並不是眾多可以被選中的一個。事實上，我們透過 Leidos 成為事實上的提供者，透過這份 DHA 合同，我們可以保證每個月都有訂閱收入，希望這份合約能持續多年，在這份合約中，我們默認政府能夠向軍隊及其家屬提供這些服務。

The addition of any vendors to TRICARE, again, is wonderful as there's new choices, but it is just an addition of yet another vendor providing choice to their members.

再次強調，TRICARE 增加任何供應商都是好事，因為有了新的選擇，但這只是增加了另一個供應商來為會員提供選擇。

(Operator Instructions) David Larsen, BTIG.

(操作員指示) David Larsen，BTIG。

Congratulations, Mark, for joining the Amwell team. I think it's great that they have somebody in the seat with prior public company CFO experience. Can you maybe talk a little bit about -- you mentioned the phrase a leaner sort of cost efficient or cost reduction program that you envision for Amwell. Just any more details or color around that would be great. And then did I hear you reaffirm the '25 sort of EBITDA guide?

恭喜馬克加入 Amwell 團隊。我認為他們能聘請到具有上市公司財務長經驗的人真是太好了。您能否稍微談一下——您提到了您為 Amwell 設想的一種更精簡的成本效益或成本削減計劃。只要再多一些細節或色彩就更好了。然後我是否聽到您重申'25 類型的 EBITDA 指南？

I think it was minus $35 million to minus $45 million with breakeven EBITDA in '26. Any color there would be helpful.

我認為 1926 年的 EBITDA 為負 3,500 萬美元到負 4,500 萬美元，達到損益兩平。任何顏色都有幫助。

Sure. Well, thank you for the kind words. I'm also extremely excited being here. You had a couple of questions. So one is the -- let's say, the confirmation of us being cash flow positive in 2026 is correct.

當然。嗯，謝謝你的好意。我也非常高興來到這裡。您有幾個問題。所以，一是──比方說，確認我們在 2026 年的現金流為正是正確的。

However, I did not reconfirm any figures for 2025. That will come in February of 2025 when we share our Q4 results as well as our plan for all of 2025 guidance. The question you had referred to our cost initiatives. Those were set into place earlier this year, but they continue. I have the privilege now through the Board and of course, with Ido's direction to turn over every stone and look to rightsize the company's cost basis, knowing that we're evaluating every aspect of the business, leaning towards repeatable, higher value revenue streams in 2025 and beyond.

不過，我沒有重新確認2025年的任何數據。我們將在 2025 年 2 月分享第四季度業績以及 2025 年全年指導計畫。您提到的問題與我們的成本措施有關。這些措施已於今年初實施，但仍在繼續。我現在很榮幸透過董事會，當然還有 Ido 的指導，竭盡全力並尋求合理調整公司的成本基礎，同時知道我們正在評估業務的各個方面，傾向於在 2025 年及以後實現可重複的、更高價值的收入流。

The focus on this quality revenue exercise is likely going to enable us to find other opportunities to redirect resources, and we are all aligned with the focus on reducing costs further each sequential quarter.

對這項優質收入活動的關注可能會使我們能夠找到其他機會來重新分配資源，並且我們都一致致力於每個季度進一步降低成本。

That's very helpful. And then just one quick follow-up. Can you talk a bit about the relationships that you have with key clients, in particular, do you meet with them on like, let's say, a monthly basis? Or do you provide them executive dashboard data on a real-time basis where they can see, okay, these are my members, these are the gaps in care that have been closed, these are the avoidable hospital admissions or ER visits that were actually avoided and my cost trend is improving by x amount. I mean, what we've been hearing from health plans loud and clear is that they're migrating away from the PMPM or PEPM model and they're moving towards what is the sort of clinical outcome benefit that's being delivered?

這非常有幫助。然後只需快速跟進一次。您能否談談您與主要客戶的關係，特別是您是否每月與他們見面一次？或者您是否向他們提供即時的執行儀表板數據，他們可以看到，好的，這些都是我的會員，這些是已經彌補的護理差距，這些是實際上可以避免的住院或急診室就診，並且我的成本趨勢正在改善 x 量。我的意思是，我們從健康計劃中清楚地聽到的是，他們正在擺脫 PMPM 或 PEPM 模式，而是轉向提供什麼樣的臨床結果效益？

Just any more color there would be helpful.

只要有更多的顏色就會有幫助。

Sure, David. So our relationship with our client is fairly intimate. We've been operating for almost two decades. We know the players well. We understand their business, and it's fairly close.

當然，大衛。因此我們與客戶的關係相當親密。我們已經營業近二十年了。我們非常了解這些球員。我們了解他們的業務，而且相當接近。

You're absolutely right that at the heart of the service that we provide, being able to understand ROI, measure outcomes is key. And there could be models of payment with value-based arrangements that are beneficial for everybody. And that's why our focus is so great on improving and making the consumer experience much better, creating orchestration layer that is central to all clinical programs. So we know where people go and monitor their outcome. And that information is indeed in very high demand.

您完全正確，我們提供的服務的核心是能夠了解投資報酬率 (ROI) 和衡量成果，這是關鍵。而且可能存在基於價值的支付模式，對每個人都有益。這就是為什麼我們如此專注於改善和提高消費者體驗，創造所有臨床項目的核心編排層。所以我們知道人們去哪裡並監控他們的結果。而這些資訊確實非常受歡迎。

Our clients vary, and there are so many use cases. So I'm hard-pressed to say that every client wants all the data all the time and uses it in the same level of effectiveness. But as a general trend, there is no question that what you alluded to is where the market is going and some of our more advanced customers are actually leveraging us in that way. The report of the activity on this magical moment when a member becomes a patient and is managed effectively online through hybrid care, monitoring it very, very carefully and proving ROI is really a key feature and key part of what our customers expect us to do and a key investment area for the company, and that's really part of our high-quality, high-margin revenue that we focus on in the next quarter and years to come.

我們的客戶各不相同，並且有很多用例。因此，我很難說每個客戶都希望始終獲得所有數據並以相同的效率使用這些數據。但作為整體趨勢，毫無疑問，您提到的就是市場的發展方向，而我們的一些更先進的客戶實際上正在以這種方式利用我們。當會員成為患者並透過混合護理在線上進行有效管理時，對這一神奇時刻的活動進行報告，非常非常仔細地監控並證明投資回報率確實是客戶期望我們做的一個關鍵特徵和關鍵部分，也是公司的一個關鍵投資領域，這實際上是我們下一季和未來幾年關注的高品質、高利潤收入的一部分。

Jack Wallace.

傑克華萊士。

Mark, welcome to the team. There are two things that I was paying attention to coming into this quarter. One was the expense line, and it looks like we had a another good quarter there and a raising of the EBITDA guide. The second was the subscription revenue line, which looked like it came in, you're right where you had message coming into the quarter. But then maybe more importantly is the full year guidance for the subscription revenue appears to be reiterated.

馬克，歡迎加入團隊。本季我關注了兩件事。一是費用線，看起來我們又度過了一個良好的季度，並且提高了 EBITDA 指南。第二個是訂閱收入線，看起來它已經進來了，你正處於進入本季的訊息中。但或許更重要的是，全年訂閱收入預期似乎會被重申。

Now that implies a, call it, a mid- to high single-digit million dollar sequential step-up in 4Q over 3Q. My understanding coming into the quarter was very little, if any, contribution is expected by the enterprise rollout for the NHS in that step-up. Mark, can you kind of help us better understand the sources of the sequential increase in expected subscription revenue in the fourth quarter and really what that means for a jumping off point for next year?

這意味著，第四季的銷售額將比第三季增加數百萬到上千萬美元。據我了解，進入本季度，企業對 NHS 的推廣預計貢獻很小，甚至沒有。馬克，您能否幫助我們更好地理解第四季度預期訂閱收入環比增長的原因，以及這對明年的起點意味著什麼？

Certainly. You're correct in assuming that, that subscription revenue contribution is new. That is coming from -- as we expect to begin recognizing revenue from our new contract as we continue through this quarter and achieve the milestone that we believe we will. We've got no indication to suggest that we're going to miss the milestone as we've been executing on target throughout this year. We closed this year with anticipation towards going enterprise.

當然。您的假設是正確的，訂閱收入貢獻是新的。這是因為——我們預計隨著本季的進行，我們將開始確認新合約的收入，並實現我們認為將會實現的里程碑。我們沒有跡象表明我們將無法實現這一里程碑，因為我們今年一直在按目標執行。我們對今年的結束抱持滿懷期待，即將進入企業界。

And as we meet that milestone, we are then in a great position to engage and begin billing for the full enterprise value commencing in January. So we have both tremendous confidence in our ability to do that, and we're equally pleased with our ability to add that material amount of subscription revenue for full year 2025.

當我們達到這一里程碑時，我們將處於有利地位，可以從一月份開始參與並開始為全部企業價值開立帳單。因此，我們對自己做到這一點的能力充滿信心，並且我們同樣對我們在 2025 年全年增加如此可觀的訂閱收入的能力感到高興。

And ladies and gentlemen, that concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Ido Schoenberg for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我想將會議交還給伊多·勳伯格先生，請他致最後總結。

Thank you, operator, and thank you, everyone, for joining. We look forward to talking with you soon. Take care.

謝謝接線生，也謝謝大家的參與。我們期待很快與您交談。小心。

And this concludes today's conference call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。