American Well Corp (AMWL) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Amwell second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Amwell 2025 年第二季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your speaker today, Sue Dooley, Head of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係主管 Sue Dooley。

Hello, everyone. Welcome to Amwell's conference call to discuss our second fiscal quarter of 2025. This is Sue Dooley of Amwell Investor Relations. Joining me today are Amwell's Chairman and CEO, Dr. Ido Schoenberg; and Mark Hirschhorn, our CFO and Chief Operating Officer.

大家好！歡迎參加Amwell的電話會議，討論我們2025財年第二季的業績。我是Amwell投資者關係部門的Sue Dooley。今天與我一起參加會議的還有Amwell董事長兼執行長Ido Schoenberg博士，以及我們的財務長兼營運長Mark Hirschhorn。

Earlier today, we distributed a press release detailing our announcement. Our earnings report is posted on our website at investors.amwell.com and is also available through normal news sources. This conference call is being webcast live on the IR page of our website, where a replay will be archived.

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。我們的收益報告已發佈在我們的網站 investors.amwell.com 上，您也可以透過常規新聞管道取得。本次電話會議將在我們網站的投資者關係 (IR) 頁面上進行網路直播，屆時將提供重播存檔。

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 and actual results or events may differ materially.

在我們開始準備發言之前，我想藉此機會提醒大家，在電話會議中，我們將就預計的營運表現和預期的市場機會做出前瞻性陳述。這些前瞻性資訊受我們向美國證券交易委員會 (SEC) 提交的文件中所述的風險和不確定性的影響，實際結果或事件可能與此有重大差異。

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 GAAP to non-GAAP financial measures is provided in our posted earnings release.

除法律要求外，我們不承擔更新或修訂這些前瞻性聲明的義務。在本次電話會議中，我們將同時提及 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 財務指標的對帳表已在已發布的收益報告中提供。

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

說完這些，我想把電話轉給 Ido。

Thank you, Sue, and good evening, everyone. Q2 was a productive quarter for our company. It was marked by progress on many fronts. Our focus and execution are strong as we deliver on key strategies and financial initiatives. They support our guidance and path to accomplishing our goal of positive cash flow from operations in 2026.

謝謝Sue，大家晚上好。第二季度對我們公司來說是一個富有成效的季度，在許多方面都取得了進展。我們專注於重點領域，執行力強，關鍵策略和財務計畫得以實施。這些都支持我們實現2026年營運現金流為正的目標，並為我們指明了方向。

In a dynamic time for our industry, we believe that the drive to reduce the cost of care, while making it better and more easily accessible is going to broadly inspire and inform the spending priorities of healthcare organizations.

在我們行業充滿活力的時期，我們相信降低醫療成本，同時使其變得更好、更容易獲得的動力將廣泛地激勵和指導醫療保健組織的支出重點。

Our goals at Amwell remain closely aligned with these priorities and our mission to transform healthcare with technology has never been more relevant. In addition, we believe artificial intelligence represents the most significant and rising catalyst to prepare the evolution of tech-enabled care. Our approach is to partner across healthcare to tech-enable our clients in order to help them evolve and deliver the efficiencies and better clinical outcomes they require.

Amwell 的目標始終與這些優先事項緊密契合，我們以科技變革醫療保健的使命從未如此重要。此外，我們相信，人工智慧是推動科技賦能醫療變革的最重要且日益增長的催化劑。我們的方法是與醫療保健領域各界合作，以科技賦能我們的客戶，幫助他們不斷發展，實現其所需的效率和更佳的臨床療效。

To begin tonight's call, I'd like to provide you with some more detail on our recent performance and I will discuss what we're seeing in the market. From there, Mark will review our financial results and our guidance. Q2 was characterized by client success, new client wins and progress in our efforts on our path to positive cash flow. Here are some highlights of tonight's news.

今晚的電話會議開始，我想先向大家詳細介紹我們近期的業績，並討論一下市場行情。接下來，馬克將回顧我們的財務表現和業績展望。第二季度，我們取得了客戶成功，贏得了新客戶，並在實現正現金流方面取得了進展。以下是今晚新聞的一些亮點。

First, together with our latest partners, we received the anticipated extension of our engagement to deliver our SaaS software platform powering the Military Health System's digital first initiatives for one year. We are proud of our track record with this important client and our on-time and on budget deployment.

首先，我們與最新的合作夥伴如期延長了合作期限，將為軍事衛生系統的「數位優先」計畫提供SaaS軟體平台，為期一年。我們為與這位重要客戶的良好合作記錄以及按時按預算完成的部署感到自豪。

I would like to expand a bit more on our joint success to date. The MHS' legacy Video Connect System is now decommissioned and we are the fundamental infrastructure powering MHS provider video visits. Since going live on our platform, virtual visits have nearly tripled and provider and patient satisfaction is very high. Recently, we completed a successful expansion beyond DHA sites to include MHS beneficiaries in the US Coast Guard and MEPCOM, the Military Entry Processing Command.

我想進一步闡述我們迄今為止共同取得的成功。 MHS 原有的視訊連接系統現已退役，我們是支援 MHS 醫療服務提供者視訊問診的基礎設施。自從平台上線以來，虛擬問診量幾乎增加了兩倍，醫療服務提供者和患者的滿意度都很高。最近，我們成功完成了一項擴展，將服務範圍從 DHA 站點擴展到美國海岸警衛隊和軍事入境處理司令部 (MEPCOM) 的 MHS 受益人。

In the DHA first, MHS providers began successfully conducting virtual visits from deployed units in combat zone connected to a military hospital in the United States. At Amwell, we are inspired by the alignment of our mission with that of the DHA as we collaborate to achieve important and enduring goals for members of the military and their families.

在DHA，MHS服務提供者首次成功地開展了與美國軍醫院相連的戰區部署部隊的虛擬探訪。在Amwell，我們與DHA的使命高度契合，這讓我們深受鼓舞，我們攜手合作，為軍人及其家屬實現重要而持久的目標。

A development I want to share with you tonight is that the 2026 contract extension excluded our behavioral health and automated care programs due to budget restrictions being broadly enforced by the Department of Defense. This is reflected in our revised guidance tonight. We hold strong conviction around the clinical, cost and operational benefits of these solutions.

今晚我想與大家分享的一個進展是，由於國防部廣泛實施的預算限制，2026年的合約延期將我們的行為健康和自動化護理計畫排除在外。這反映在我們今晚修訂的指導方針中。我們對這些解決方案的臨床、成本和營運效益充滿信心。

During the performance period, we've validated their effectiveness across all aspects of measurement and we believe the efficacy strongly supports enterprise-wide adoption. In our conversations, the DHA maintains an unwavering commitment to providing the high-quality, tech-enabled care that is the foundation of its digital first initiative. We, therefore, believe that in a more normalized budgeting environment, our programs represent additional software revenue expansion opportunity beyond the current extension contract value.

在績效期間內，我們已驗證了這些方案在各個衡量指標方面的有效性，並相信其有效性將有力地支持其在全企業範圍內的推廣。在我們的溝通中，DHA 始終堅定不移地致力於提供高品質的、技術支援的醫療服務，這是其「數位優先」計劃的基礎。因此，我們相信，在更標準化的預算環境下，我們的方案將代表超越目前續約合約價值的額外軟體收入成長機會。

Overall, a major strategic focus of ours continues to be expanding our role as a significant contributor to healthcare modernization and efficiency across the broader federal market landscape for years to come. Second and moving to highlights from our growth organization, I'm delighted to share the news of a highly strategic win with Florida Blue, a regional Blue that is known for innovation.

總體而言，我們的主要策略重點是在未來幾年繼續擴大我們在更廣泛的聯邦市場中作為醫療保健現代化和效率的重要貢獻者的角色。其次，談到我們成長型組織的亮點，我很高興與大家分享與佛羅裡達藍調公司（Florida Blue）達成高度策略性合作的消息，佛羅裡達藍調公司是一家以創新而聞名的區域藍調公司。

Blue Cross Blue Shield of Florida selected Amwell because of our ability to white label their brand to provide easy, unified access and navigation to integrated clinical programs through our platform. We had another healthy quarter of continuing to build pipeline and we also drove client renewals, including Children's Hospital of Pennsylvania for our automated care programs and OSF HealthCare for digital behavioral health. Our teams are seeing pipeline traction with clear indication that our solution is resonating across payers and health systems.

佛羅裡達州藍十字藍盾之所以選擇Amwell，是因為我們能夠為其品牌貼牌，從而透過我們的平台提供便利、統一的整合臨床專案存取和導航。我們又一個季度保持了良好的業績成長，繼續建立產品線，並推動了客戶續約，包括與賓州兒童醫院合作開發自動化護理項目，以及與OSF HealthCare合作開發數位行為健康項目。我們的團隊看到了產品線的吸引力，這清楚地表明我們的解決方案在付款人和醫療系統之間產生了共鳴。

And finally, we continue to make progress in the cost initiatives we have outlined as part of our path to positive cash flow from operations in 2026. These initiatives resulted in another steady, better than expected quarterly improvements in our adjusted EBITDA.

最後，我們繼續在成本計劃方面取得進展，這些計劃是我們實現 2026 年營運現金流為正的一部分。這些計劃使我們的調整後 EBITDA 再次實現穩定、好於預期的季度成長。

We are streamlining our teams, while challenging them to harness the power of artificial intelligence to reshape how they work. As an example of quick and effective solutioning, we just rolled out Amwell Navigate, our new digital first customer experience designed to empower our clients and enable our teams to cost effectively deliver quality support at scale.

我們正在精簡團隊，同時挑戰他們利用人工智慧的力量重塑工作方式。作為快速有效解決方案的一個例子，我們剛剛推出了 Amwell Navigate，這是我們全新的數位化優先客戶體驗，旨在賦能客戶，並使我們的團隊能夠以經濟高效的方式大規模提供優質支援。

We are also successfully transforming our revenue mix and our profitability profile. Contributing to our EBITDA strength this quarter was a sizable jump in our mix of subscription software revenues associated with our DHA execution, which Mark will go into shortly. We are targeting meaningful margin expansion this year.

我們也成功地實現了收入結構和獲利狀況的轉型。本季EBITDA強勁成長的貢獻來自於與DHA執行相關的訂閱軟體收入組合的大幅成長，Mark稍後將對此進行詳細介紹。我們的目標是今年實現利潤率的大幅提升。

And with another strong EBITDA performance under our belts in Q2, we take a step closer to our goal to improve our adjusted EBITDA by over 60% this year as compared to 2024. On the heels of this progress in Q2, we entered Q3 with momentum and focus and market dynamics working in our favor.

憑藉第二季再次取得的強勁 EBITDA 業績，我們距離今年將調整後 EBITDA 與 2024 年相比提高 60% 以上的目標更近了一步。在第二季度取得這一進展的基礎上，我們進入了第三季度，勢頭強勁，重點突出，市場動態對我們有利。

I would like to speak to these for a brief moment. We continue to believe that people are going to experience a dramatic shift from brick-and-mortar into technology-enabled care. Consumers are seeking care online and the inventory of technology-enabled clinical programs, especially AI-powered, is quickly expanding.

我想簡單談談這些。我們始終相信，人們將經歷一場從實體醫療到科技賦能醫療的重大轉變。消費者正在線上尋求醫療服務，科技賦能的臨床項目，尤其是人工智慧賦能的項目，正快速擴張。

Adoption of technology-enabled care is growing and it is increasingly accepted as the main catalyst needed to achieve better, more efficient care. While this transformation presents major opportunities, it also creates challenges to healthcare organizations.

科技賦能醫療服務的應用日益廣泛，並日益被視為實現更優質、更有效率醫療服務的主要催化劑。這種轉變雖然帶來了重大機遇，但也為醫療機構帶來了挑戰。

Such challenges include the need to drive better consumer engagement, addressing service and data fragmentation, achieving regulatory compliance and care coverage, all while accomplishing and documenting goals around clinical and financial outcomes.

這些挑戰包括需要推動更好的消費者參與、解決服務和資料碎片化問題、實現法規遵循和護理覆蓋，同時實現和記錄臨床和財務結果方面的目標。

Meanwhile, clinical program vendors struggle with high customer acquisition costs and a rising pressure to integrate their point solutions into broader whole-person care models. We believe Amwell plays the central role in solving these challenges and delivering on the promise of technology-enabled healthcare as our clients imagine it through our unified platform.

同時，臨床專案供應商面臨著高昂的客戶獲取成本，以及將其單點解決方案整合到更廣泛的全人護理模式中日益增長的壓力。我們相信，Amwell 在解決這些挑戰，並透過我們統一的平台，兌現客戶對科技賦能醫療保健的美好願景方面發揮著核心作用。

In a rising dynamic, in our view, is that artificial intelligence is a new dramatic catalyst that will advance the movement to tech-enabled healthcare. At Amwell, we envision enabling our clients to leverage AI to deliver improvements across multiple fronts, including experience, efficiency, clinical decision-making, and data analytics.

我們認為，人工智慧正日益成為推動醫療保健向科技賦能轉型的全新催化劑。 Amwell 的願景是賦能客戶，使其能夠利用人工智慧在體驗、效率、臨床決策和數據分析等多個領域實現改進。

This means empowering our clients with the potential of going beyond replacing the mundane and the repetitive towards gathering and presenting full set of patient data and context, while optimizing provider time and informing clinical decision-making.

這意味著賦予我們的客戶超越平凡和重複的潛力，收集和呈現全套患者數據和背景，同時優化提供者的時間並為臨床決策提供資訊。

The value of our platform approach to technology-enabled care is meaningful to all players. We believe that our large customer footprint, deep integrations and vast deployments form long-term bonds with healthcare organizations across the commercial and government sectors that make up a big part of the US ecosystem.

我們以平台化方式實現技術賦能醫療的價值對所有參與者都意義非凡。我們相信，我們龐大的客戶群、深度整合和廣泛的部署，能夠與構成美國生態系統重要組成部分的商業和政府部門的醫療保健機構建立長期的聯繫。

We believe we are exceptionally well positioned to take advantage of these market forces. We see this reflected in our conversations out in the market, in our growing pipeline for new business and across our own clients, where we are targeting an attractive opportunity for expansion growth with a new level of operational focus and efficiency.

我們相信，我們已做好準備，充分利用這些市場力量。這一點體現在我們與市場、不斷成長的新業務管道以及與自身客戶的溝通。我們正以全新的營運重點和效率，瞄準極具吸引力的擴張成長機會。

With that, I would like to turn the call over to Mark for a review of our financials and our guidance. Mark?

說到這裡，我想把電話轉給馬克，讓他檢視一下我們的財務狀況和指導。馬克？

Thank you, Ido, and good afternoon to everyone on the call. I will begin this section by walking you through a few operating metrics and financial results from the second quarter and then review our guidance. The financial highlights for our second quarter include progress toward our key strategic initiatives.

謝謝您，Ido，各位下午好。本節我將先介紹第二季度的一些營運指標和財務業績，然後回顧我們的業績指引。第二季的財務亮點包括我們關鍵策略舉措的進展。

Our software revenue grew over 47% from Q2 of last year as we continue to drive strategic client deployments and meet important milestones. Also, we accelerated our adjusted EBITDA improvements for the fifth quarter in a row as we pursue our goal of cash flow positive during 2026.

我們的軟體營收較去年第二季成長超過47%，這得益於我們持續推動策略客戶部署並實現重要里程碑。此外，我們連續第五個季度加快了調整後EBITDA的成長速度，力爭在2026年實現正現金流的目標。

Most importantly, as Ido highlighted, we have demonstrated continued progress with our most strategic objectives. Specifically, we received the anticipated extension of our engagement to deliver our SaaS software platform, powering the Military Health Systems' digital-first initiative.

最重要的是，正如伊多所強調的，我們在實現最具戰略意義的目標方面持續取得進展。具體來說，我們如期延長了交付SaaS軟體平台的合作期限，為軍事衛生系統的「數位優先」計畫提供支援。

We also built on the cost initiatives that put us further down the path to generating positive cash flows from operations during 2026. We have committed ourselves to executing these initiatives that will ultimately drive value to our company. So now let me share some of our second quarter financial results.

我們也進一步推動了成本控制舉措，力爭在2026年實現營運現金流正成長。我們致力於執行這些舉措，最終將為公司創造價值。現在，我來分享我們第二季的部分財務表現。

Total revenue was $70.9 million for the quarter, which is 13% higher than Q2 of 2024. Normalizing for the sale of Amwell Psychiatric Care or APC, Q2 revenue was 25% higher than a year ago. Revenue mix here is the more important metric.

本季總營收為7,090萬美元，較2024年第二季成長13%。考慮到安威爾精神科護理（Amwell Psychiatric Care，簡稱APC）的銷售額，第二季營收較去年同期成長25%。收入結構才是更重要的指標。

Subscription software revenue was 57% of total revenue at $40.4 million, up 47% from a year ago and compared to $32.2 million from Q1. Similar to Q1 of this year, our Q2 software revenue benefited from a material uplift in subscription software revenue related to deploying our solution across the Military Health System.

訂閱軟體營收佔總營收的57%，達4,040萬美元，較去年同期成長47%，而第一季為3,220萬美元。與今年第一季類似，我們第二季的軟體收入受益於訂閱軟體收入的大幅成長，這與我們在軍事衛生系統中部署解決方案有關。

A significant portion of this was non-recurring and related to the timing of certain go-lives and the initial expectation that the contract expansion would have occurred. Turning to visit metrics. We completed approximately 1.2 million visits in the second quarter, which is approximately 22.3% lower than a year ago. Visits in the second quarter were in line with our expectations for the quarter. Amwell Medical Group or AMG visit revenue was 20.8% lower than last year at $22.8 million.

其中很大一部分是非經常性支出，與某些項目上線的時間以及最初預期合約會延期有關。談到就診量指標。我們在第二季完成了約120萬次就診，較去年同期下降約22.3%。第二季的就診量符合我們對本季的預期。安威爾醫療集團（Amwell Medical Group，簡稱AMG）的就診收入為2,280萬美元，較去年同期下降20.8%。

Normalizing for the sale of APC, however, visits were flat to a year ago. Average revenue per visit was $73, which is 9% lower this quarter compared to last year's Q2. However, average revenue per visit was 8.3% higher than last year after normalizing for the APC sale.

然而，考慮到APC銷售正常化，本季的訪問量與去年同期持平。平均每次造訪收入為73美元，較去年第二季下降9%。不過，考慮到APC銷售正常化後，平均每次造訪收入比去年同期成長了8.3%。

This increase was driven by a mix shift within AMG visits towards virtual primary care and specialty programs. This is something we view as favorable to overall ongoing adoption and supports our growth thesis and acceptance of tech-enabled care.

這一增長得益於AMG就診量向虛擬初級保健和專科項目轉變。我們認為這有利於整體醫療應用的持續推進，並支持我們的成長理念和對科技賦能醫療的接受度。

Every quarter, I reinforce one main point to keep in mind about AMG. Our AMG business is foundational to our overall business. It is highly visible to us and it is strategically important to enabling client expansions and new client wins and for the overall support of our efforts to attract and grow recurring software revenues.

每個季度，我都會強調關於AMG的一個重點。 AMG業務是我們整體業務的基礎。它對我們來說非常引人注目，對於拓展客戶、贏得新客戶以及全面支持我們吸引和增加經常性軟體收入的努力具有戰略重要性。

Our Services and Carepoint revenue was $7.7 million for the quarter versus $8 million last quarter. The nature of our business drives variable revenues due to customer buying patterns for marketing programs and for Carepoints as well as the timing of professional service milestones that precede deployments.

本季我們的服務和護理點收入為 770 萬美元，上季為 800 萬美元。我們的業務性質決定了收入的波動，這既取決於客戶對行銷計畫和護理點的購買模式，也取決於部署前專業服務里程碑的達成時間。

Turning now to gross profit, which was a real bright spot in Q2. Our second quarter gross margin was 56.1%, higher by 3.3 percentage points compared to Q1, reflecting higher software mix and also the benefits of our ongoing cost initiatives. On to operating expenses. Our consistent efforts in reducing and aligning our costs are positively impacting our bottom line. We continue to make substantial progress towards normalizing R&D spending.

現在談談毛利，這是第二季的亮點。我們第二季的毛利率為56.1%，較第一季成長3.3個百分點，這反映了軟體組合的提升以及我們持續的成本控制措施帶來的效益。接下來是營運費用。我們持續致力於降低和調整成本，這對我們的獲利產生了積極的影響。我們在研發支出正常化方面持續取得實質進展。

Our R&D expenses in the second quarter were $18.3 million. This represents a decline of approximately 12.2% compared to the $20.8 million we spent in Q2 of 2024 and a decline of 17.2% compared to $22.1 million last quarter.

我們第二季的研發費用為 1,830 萬美元，較 2024 年第二季的 2,080 萬美元下降約 12.2%，較上一季的 2,210 萬美元下降 17.2%。

Sales and marketing expenses were $12.5 million. This is approximately 32% lower than last year's second quarter. And G&A expenses were $21.2 million, approximately 8.8% lower than last quarter and nearly 25.7% lower than last year's second quarter.

銷售和行銷費用為1,250萬美元，比去年第二季下降約32%。一般及行政費用為2,120萬美元，較上一季下降約8.8%，較去年第二季下降近25.7%。

G&A costs continue to be a meaningful component of our cost initiatives. So we have now completed another consecutive quarter that underscores our key strategic initiatives. We are delivering on the promise of growing our subscription revenue, while being well on our way to reshaping our foundational cost basis.

一般及行政費用 (G&A) 仍然是我們成本計劃的重要組成部分。因此，我們又完成了一個連續季度的業績，這凸顯了我們的關鍵策略舉措。我們正在兌現增加訂閱收入的承諾，同時穩步推動重塑基礎成本基礎的進程。

As a result, adjusted EBITDA for the quarter was a negative $4.7 million versus a negative $35 million in Q2 of last year. Finally, with respect to cash and liquidity, our cash burn was reduced to $3 million in Q2 and we ended the quarter with $219 million in cash and marketable securities, with 0 debt.

因此，本季調整後的EBITDA為負470萬美元，而去年第二季為負3,500萬美元。最後，在現金和流動性方面，我們第二季的現金消耗減少至300萬美元，本季末我們持有2.19億美元的現金和有價證券，且負債為零。

And now I would like to turn to our revised guidance for 2025. This year, the high-margin revenue growth we are guiding for is underscored by our focus on expanding our mix of subscription software revenues, while also taking a conservative view on visit volumes, and, of course, reducing costs.

現在，我想談談我們對 2025 年的修訂指導。今年，我們預期的高利潤率收入成長源於我們專注於擴大訂閱軟體收入組合，同時對訪問量持保守態度，當然還有降低成本。

With this in mind and reflecting new expectations around contributions from our government business, we are revising our guidance for 2025 as follows: we expect revenue for the full year to be in the range of $245 million to $250 million compared to our prior range of $250 million to $260 million.

考慮到這一點，並反映出我們對政府業務貢獻的新期望，我們將對 2025 年的指導意見進行如下修改：我們預計全年收入將在 2.45 億美元至 2.5 億美元之間，而之前的預期為 2.5 億美元至 2.6 億美元。

We anticipate subscription software revenue to represent 53% of total 2025 revenues compared to slightly over 45% of total revenues in 2024. Our range for AMG visits remains unchanged between 1.3 million and 1.35 million visits.

我們預計訂閱軟體收入將佔 2025 年總收入的 53%，而 2024 年這一比例略高於 45%。我們對 AMG 訪問量的範圍保持不變，在 130 萬至 135 萬次訪問之間。

Our guidance for adjusted EBITDA is also informed by our new expectations around our government business. We are narrowing our previous adjusted EBITDA guidance to a range of negative $50 million to negative $45 million from our previous range of negative $55 million to negative $45 million, which demonstrates a 65% improvement in our EBITDA performance year over year.

我們對調整後EBITDA的指引也基於我們對政府業務的新預期。我們將先前的調整後EBITDA指引從先前的-5500萬美元至-4500萬美元區間縮窄至-5000萬美元至-4500萬美元區間，這表明我們的EBITDA業績同比增長了65%。

As a reminder, here's some additional context around our assumptions. We are on track to further reduce our R&D expense by more than 10% this year versus 2024 as we streamline and complete the bulk of our software configuration work for our existing commitments. Overall, we expect sales and marketing costs to decline over 25% year over year.

提醒一下，以下是一些關於我們假設的補充資訊。隨著我們精簡並完成現有承諾的大部分軟體配置工作，我們預計今年將研發費用較2024年進一步降低10%以上。整體而言，我們預期銷售和行銷成本將年減25%以上。

We expect to reduce our G&A expense beyond 20% for the year as we continue to organize the company around a new lower cost structure. Now our guidance for Q3 of this year. We expect revenue for the third quarter of 2025 to be in the range of $53 million to $56 million.

隨著我們繼續圍繞新的低成本結構對公司進行重組，我們預計今年的一般及行政費用將減少20%以上。以下是我們對今年第三季的業績預期。我們預計2025年第三季的營收將在5,300萬美元至5,600萬美元之間。

As to adjusted EBITDA, we expect our Q3 adjusted EBITDA to be in the range of negative $15 million to negative $13 million. As I look to wrap up my commentary, we are encouraged by the strides we have taken to strengthen our business.

至於調整後的EBITDA，我們預計第三季調整後的EBITDA將在負1,500萬美元至負1,300萬美元之間。在我即將結束我的評論之際，我們對我們在強化業務方面取得的進展感到鼓舞。

And in the second quarter, we made solid progress towards the goals, which support our confidence in our path to generating positive cash flows from operations during 2026. We continue to anticipate that Amwell will end 2025 with approximately $190 million in cash.

在第二季度，我們朝著目標取得了堅實的進展，這增強了我們對 2026 年實現正營運現金流的信心。我們仍然預計，到 2025 年底，Amwell 將擁有約 1.9 億美元的現金。

On behalf of myself and Ido, I would like to thank the great passionate team here at Amwell for their continued execution and commitment to delivering the novel healthcare products, services and efficiencies that we successfully provide to our clients every single day. Thank you for your time this afternoon. And with that, I'd like to turn the call back to Ido for some closing remarks.

我謹代表我本人和Ido，感謝Amwell充滿熱情的優秀團隊，感謝他們持續的執行和奉獻，致力於提供我們每天都成功提供給客戶的全新醫療保健產品、服務和效率。感謝您今天下午抽出時間。接下來，我想把電話轉回Ido，請他做最後總結。

Ido?

我願意？

Thank you, Mark. Before we take your questions, I'd like to briefly wrap up. We entered Q3 with a strong sense of purpose and unprecedented focus on unlocking value in our company and pursuing our mission.

謝謝馬克。在回答大家的提問之前，我想先簡單總結一下。進入第三季度，我們帶著強烈的使命感和前所未有的專注力，致力於釋放公司價值，追求我們的使命。

To summarize, our solution is operational across the global military health system and the contract extension is in place. We believe this represents a model for our industry on the value of modernizing healthcare and the power of technology-enabled care.

總而言之，我們的解決方案已在全球軍事醫療系統內投入使用，合約續約也已到位。我們相信，這將成為我們產業在醫療現代化價值和科技賦能醫療力量方面的典範。

The extension is the foundation for important improvements in our revenue mix as we pursue opportunities to advance our market presence within both the commercial and government sectors. We have taken important steps to make our company leaner and more focused. These are showing up in quarterly EBITDA improvements.

此次合約延期是我們收入結構重大改善的基礎，我們將積極尋求機會，提昇在商業和政府領域的市場影響力。我們已採取重要措施，精簡公司架構，提升公司業務重點。這些措施已體現在季度EBITDA的成長。

Our teams are focused and inspired by the promise of how artificial intelligence will transform and magnify their contributions to our company. As we bring our differentiated solution into a very large yet underpenetrated market opportunity, we are set to achieve our goal of positive cash flow from operations during 2026 as well as for long-term profitable growth for many years to come.

我們的團隊專注於人工智慧如何改變並擴大他們對公司的貢獻，並為此感到振奮。隨著我們將差異化的解決方案帶入一個巨大但尚未完全滲透的市場機遇，我們預計在2026年實現營運現金流為正的目標，並在未來數年實現長期獲利成長。

With that, I would like to open the call to questions. Operator, please go ahead. Thank you.

好了，現在開始提問環節。請接線生繼續提問。謝謝。

(Operator Instructions) Stan Berenshteyn, Wells Fargo Securities.

（操作員指示） 斯坦‧貝倫什泰因 (Stan Berenshteyn)，富國證券。

Hi. Good evening and thanks for taking my questions. I'll maybe try to turn this into a two-parter. But on the DHA contract extension, can you just share with us how does the revenue run rate of the extended contract compared to the pilot contract? And then related to this, are there any KPIs that you'll be measured against over the coming year that the government will rely upon to decide whether to renew the contract into 2027? Thank you.

大家好。晚上好，感謝您回答我的問題。我可能會嘗試把這個問題分成兩個部分。關於DHA合約延期，您能否與我們分享一下，與試點合約相比，延期合約的收入運行率如何？此外，與此相關的是，在未來一年，政府會根據哪些關鍵績效指標（KPI）來衡量你們的表現，並決定是否將合約續約至2027年？謝謝。

Well, just as a reminder, the DHA pilot, if you will, was a long time ago for our platform and it covered the first five regions. This initial deployment was very successful and resulted in a decision to expand globally to serve 9.6 million people.

嗯，提醒一下，DHA 試點計畫對於我們的平台來說已經是很久以前的事了，當時涵蓋了最初的五個地區。最初的部署非常成功，最終我們決定將其擴展到全球，服務 960 萬人。

Both during the initial deployment and the global deployment, obviously, the client was extremely satisfied with the scale and results of how our platform is operating, which I'm sure was an important factor in the decision to further expand the contract today.

無論是在初始部署還是全球部署期間，客戶顯然都對我們平台運作的規模和結果非常滿意，我相信這也是今天決定進一步擴大合約的重要因素。

I believe that our performance, as I mentioned, are going to continue to be at least as good as the performance that resulted in those important decisions. And we shared one factor, for example, where our platform was able to almost triple the traction of the system that was decommissioned before we installed ours.

正如我之前提到的，我相信我們的表現至少會繼續保持與做出這些重要決策時一樣出色。例如，我們有一個共同點：我們的平台能夠將先前已退役的系統的牽引力提高近三倍。

So we don't expect any major changes going forward. We expect to continue to deliver at least as well as we did until now.

因此，我們預計未來不會有任何重大變化。我們預計至少能繼續維持目前的表現。

Is there a dollar amount that you can share with us in terms of what the run rate is with this extended contract versus the outgoing pilot contract? Thank you.

您能否與我們分享一下，與即將到期的試點合約相比，此次續約合約的營運成本是多少？謝謝。

Stan, it's Mark. What I can tell you is that the annualized value of the contract today for the subscription revenue is slightly greater than what it had been based on the prior billings. So there's a small increase that the government provided for and that's what we'll be looking at for the next 12 months.

史丹，我是馬克。我可以告訴你的是，今天合約的訂閱收入年化價值略高於基於先前帳單的水平。所以，政府提供了小幅成長，這也是我們未來12個月將關注的。

Great. Thanks so much.

太好了！非常感謝。

You're welcome.

不客氣。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Hi. This is Lucas on for Charles. Thanks for taking the question. I want to make sure, one, I guess, I'm backing into the expected subs revenue for 2025. One, does that indicate a decline of roughly $22 million to $30 million in expected subs revenue for 2025? And I guess what is driving that decrease? Is it the changed scope on the DHA contract? If you can give us any color there, that would be really helpful. Thanks.

大家好。我是盧卡斯，請查爾斯回答問題。感謝您的提問。我想確認一下，首先，我估計我支持2025年的預期訂閱收入。這是否意味著2025年的預期訂閱收入將下降約2,200萬至3,000萬美元？是什麼導致了這種下降？是因為DHA合約範圍的變更嗎？如果您能提供一些細節，我們將非常感激。謝謝。

Yeah. I think you need to check your math on the subscription revenue. We reflected the expected decrease from the extension of the go-live times for automated care and behavioral health, which had been included in our projections for five months of 2025. That results in the narrowing of the range that we provided in the prepared remarks a few minutes ago. That would be the only item that was taken into consideration for the revised guidance.

是的。我覺得你需要檢查一下訂閱收入的計算。我們反映了自動化照護和行為健康上線時間延長所帶來的預期下降，這部分數據已包含在我們對2025年五個月的預測中。這導致我們幾分鐘前在準備好的發言稿中給出的區間縮小。這將是修訂後的指引中唯一考慮的項目。

Got you. I'll double check my math on that. And then I guess in terms of thinking about your cash flow from operations breakeven target for 2026. How should we think about your ability to realize that target? Would it be through incremental revenue contracts in health plans and health systems, further OpEx? I guess if you could bridge the gap from where we are now until then, that would be helpful.

明白了。我會再核實一下我的計算。然後我想談談您2026年營運現金流損益平衡的目標。我們應該如何看待您實現這目標的能力？是透過醫療計劃和醫療系統的增量收入合同，還是進一步的營運支出？我想，如果您能彌補目前和那時之間的差距，那將會很有幫助。

So Lucas, achieving this very important milestone that we remain very committed to includes multiple parts. They all revolve around focus. The first focus is product focus. You noticed that we divested APC. We are continuing to focus on our modern platforms and trying to deemphasize, divest older solutions that are harder to deploy and support and don't generate the same high-quality, high revenue results.

所以盧卡斯，實現這個非常重要的里程碑，我們仍然致力於實現它，這包含多個面向。它們都圍繞著重點。第一個重點是產品重點。你注意到我們剝離了APC。我們將繼續專注於我們的現代平台，並試圖淡化、剝離那些部署和支援難度更高、無法產生同樣高品質、高收入結果的舊解決方案。

Number two, we match those modern solutions and modern platforms centered around the Amwell platform with the right market segments. So there is renewed focus on areas where our right to win is maximized to create maximum value for our customers, and as a result, also much higher margins for us.

第二，我們將以Amwell平台為中心的現代解決方案和現代平台與正確的細分市場相匹配。因此，我們重新聚焦於能夠最大程度提升我們獲勝能力的領域，為客戶創造最大價值，從而大幅提高我們的利潤率。

Number three and very importantly, is the focus around our team and our method. We talked earlier about some reductions in force that's related to flattening our company spends and layers, things of that nature that also connect to different ways that we operate that include liberal embracement of AI and other technologies and new methods like self-service for our customers that we discussed in the prepared remarks and a migration from very expensive one-time customization efforts into a much more centralized configured platform.

第三點，也是非常重要的一點，是圍繞著我們的團隊和方法展開的。我們之前談到了一些與削減公司支出和層級相關的裁員，這些裁員也與我們不同的營運方式息息相關，包括對人工智慧和其他技術的積極擁抱，以及我們在準備好的發言中討論過的客戶自助服務等新方法，以及從非常昂貴的一次性定制工作遷移到更加集中化的配置平台。

The end result is a cost structure that is much smaller with a revenue mix that is much favorable with a value proposition that is much stronger, and in aggregate, give us visibility and confidence in achieving our goal as advertised.

最終的結果是成本結構變得更小，收入組合變得更有利，價值主張變得更強，整體而言，讓我們對實現所宣傳的目標有了更清晰的認識和信心。

Got it. Thanks for the questions.

明白了。謝謝你的提問。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you. Congrats on the extension. Ido, I'd be curious for your take on the decision on behavioral and automated care. Do you view that as easily severable or do you think that they have to come back to it in order to achieve the goals here? And then, Mark, I'll have a financial follow-up.

謝謝。恭喜續約。 Ido，我很想知道您對行為和自動化護理的決定有何看法。您認為這很容易分割嗎？還是您認為為了實現目標，他們必須重新考慮這個問題？然後，Mark，我會跟進一下財務方面的問題。

Hi, Eric. I will never say anything is easy in our business or certainly as it relates to government agreements. Everything is taking the time it is due. But what we know for sure is that those programs were very well received and resulted in very good impact for the DHA.

你好，埃里克。在我們這個行業，我從來不會說任何事情是容易的，尤其是在與政府協議相關的領域。一切都需要時間。但我們確信的是，這些項目受到了熱烈歡迎，並為內政部（DHA）帶來了良好的影響。

We have every reason to believe that the lack of inclusion of those programs at this stage for the next iteration is related to broad budget reason much more than anything else. Our platform is there and adding programs to our platform is how the platform operates.

我們完全有理由相信，這些程序在現階段未能納入下一輪迭代，主要是因為預算原因，而非其他原因。我們的平台已經存在，添加程式到平台上是平台的運作方式。

So we certainly have great expectations for those programs and other programs to be added later on because we know they generate important savings and important improvement in access and care for this incredibly important cohort.

因此，我們當然對這些項目以及以後增加的其他項目抱有很大的期望，因為我們知道它們將為這個極其重要的群體帶來重要的節約，並在獲取和護理方面帶來重要的改善。

Okay. And Mark, I wanted to make sure I caught you right on the comment that the guidance change, if I heard it correctly, at the EBITDA line reflects only the MHS scale change. And my follow-up question there, was there any pull forward to the first half that you expected in the second half?

好的。馬克，我想確認一下我是否理解您的觀點。如果我沒聽錯的話，EBITDA 的指導性變化僅反映了 MHS 規模的變化。我的後續問題是，下半年的業績是否比您預期的上半年回升？

So, Eric, for your first question, the impact from the government contract is what had moved the top line revenue guidance. The flow-through to the bottom line is the net effect of that revenue being delayed and the positive impact of making reductions to our cost base earlier in June.

艾瑞克，關於你的第一個問題，政府合約的影響導致了營收預期的變動。而對淨利的影響，則是這筆收入的延遲，以及6月初削減成本基數的正面影響。

Okay. And then is there any element from the divestiture that was reflected in prior -- not reflected in prior guidance, reflected now at the revenue or EBITDA line?

好的。那麼，此次資產剝離是否有任何因素反映在先前的指引中，而沒有反映在先前的指引中，現在反映在收入或 EBITDA 線上呢？

No, none at all.

沒有，一點也沒有。

Thank you.

謝謝。

You're welcome.

不客氣。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

Thank you and congrats on the extension of DHA contract. So last quarter, you guys highlighted a lower than expected churn and then the selling season was showing strong demand across both payer and provider markets. Any update to share on the trends there? Just wondering if any of the recent macro developments, uncertainty and various regulations impacting providers are having any impact on your sales pipeline?

謝謝，也祝賀DHA合約續約。上個季度，你們強調了客戶流失率低於預期，而銷售旺季也顯示出支付方和供應商市場的需求強勁。請問有什麼最新趨勢可以分享嗎？我想知道最近的宏觀經濟狀況、不確定性以及影響供應商的各種法規是否對你們的銷售管道產生了影響？

Well, we announced some nice examples of our market traction this evening. In addition to the DHA, we did win Blue Cross Crusader, Florida, which is a major Blue plan with our new platform that has significant upside as it's now going to serve this large audience and hopefully with more and more clinical programs. The market today is very focused on cost. There's no question about it.

嗯，我們今晚公佈了一些很好的市場吸引力案例。除了DHA之外，我們還贏得了佛羅裡達州的Blue Cross Crusader項目，這是一個重要的Blue Cross計劃，它採用了我們新的平台，具有巨大的優勢，因為它現在將服務於如此龐大的受眾群體，並有望推出越來越多的臨床項目。現今的市場非常注重成本，這是毫無疑問的。

And the need for a platform that is very efficient in the way that it engages with the consumers and retain them and matches them with the most optimal clinical programs with the ability to track the savings and make amendments and optimization is certainly something that people pay attention to.

人們需要一個非常高效的平台來與消費者互動、留住他們，並為他們匹配最優化的臨床方案，同時能夠追蹤節省並進行修改和優化，這無疑是人們關注的事情。

Our clients are also very aware of the enormous potential of using AI to achieve those goals and our ability to embed it liberally pretty much in everything we do in an iterative process is something that we believe is a factor that really is helpful in our conversations in the market today.

我們的客戶也非常清楚使用人工智慧來實現這些目標的巨大潛力，並且我們能夠將其自由地嵌入到迭代過程中我們所做的每一件事中，我們相信這是對我們今天在市場上的對話真正有幫助的一個因素。

So overall, we are really encouraged by our dialogue. We're encouraged by what we see. I think the market is seeing the traction that we have and the size and scale of what we are winning and that's a serious consideration. People look at Amwell as a trusted partner and people look at our solution as future-ready and able to deliver on important savings in time where savings are really celebrated.

總的來說，我們真的對這次對話感到鼓舞。我們看到的成果也讓我們備受鼓舞。我認為市場看到了我們的發展勢頭，以及我們贏得的成果的規模和規模，這是一個值得認真考慮的問題。人們將Amwell視為值得信賴的合作夥伴，他們認為我們的解決方案面向未來，能夠及時實現重要的成本節約，而這些節約是真正值得稱讚的。

Great. And then a quick follow-up for Mark. And apologies if you covered this already. How should we think about R&D expenses into next year? And does the extension of the DHA contract change your existing plans for R&D point of view?

好的。接下來我想快速跟進馬克的問題。如果您已經提到了這個問題，請見諒。我們該如何規劃明年的研發支出？ DHA 合約的延期是否會改變您現有的研發計畫？

Jailendra, we noted in the prepared remarks that we would see at least a 10% decrease year over year 2025 compared to 2024. That focus of decreasing our cost base and making it as efficient as possible will continue through 2026 as there is a required contribution from cost savings in addition to top line new revenue in order to achieve that cash flow breakeven from operations in 2026.

賈倫德拉先生，我們在準備好的評論中指出，與 2024 年相比，2025 年的成本將至少下降 10%。我們將持續專注於降低成本基礎並盡可能提高效率，直到 2026 年，因為除了新增營收外，還需要成本節約的貢獻，才能在 2026 年實現營運現金流收支平衡。

Great. Thanks, guys.

太好了！謝謝大家。

You're welcome.

不客氣。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Hey. This is Matt Shea on for Ryan. Congrats on the DHA extension. If the DHA wanted to reinclude automated care and/or behavioral health in a future extension, would that be relatively turnkey given the prior implementation work or what would that look like?

嘿。我是 Matt Shea，為 Ryan 報道。祝賀 DHA 的延期。如果 DHA 想在未來的延期中重新納入自動化護理和/或行為健康，考慮到先前的實施工作，這是否相對容易實現？或是具體是什麼樣子的？

And then maybe beyond behavioral health and automated care, how do you think about incremental programs you could sell to the DHA in future extensions? And would that implementation work be similar to how you launch programs in the past where it would start with a few sites before scaling or could it be quicker now given your existing footprint within the DHA?

那麼，除了行為健康和自動化護理之外，您如何看待未來可以向 DHA 銷售的增量項目？這些專案的實施過程是否與您過去啟動專案的方式類似，即先在幾個網站啟動，然後再進行擴充？或者，考慮到您在 DHA 現有的業務，現在的實施速度會更快嗎？

Hi, Matt. Thank you for this question. And based on the question, I know you know the answer, but I'll reconfirm it anyway. You're absolutely correct. Adding those programs, we are ready. Those programs are deployed in GovCloud.

你好，馬特。謝謝你的提問。根據你的問題，我知道你知道答案，但我還是想再確認一下。你說得完全正確。添加這些程序後，我們就準備好了。這些程式已部署在GovCloud中。

They're certified. They generate good results. it's almost a flip of a switch once the DHA or other government entities are interested in including them. The whole point of the Amwell platform is making it easy to add clinical programs, whether it's Amwell clinical programs or third-party clinical programs.

它們都經過認證，療效顯著。一旦DHA或其他政府機構有意將它們納入，幾乎是輕而易舉的事。 Amwell平台的重點在於讓增加臨床項目變得簡單，無論是Amwell的臨床項目還是第三方臨床項目。

And as you do that, you don't forgo the elegance and effectiveness of having one pipe, one consumer experience that navigate to all those different clinical programs with ability to have common data set to report and optimize the outcomes.

當你這樣做的時候，你不會放棄擁有一個管道、一個消費者體驗的優雅和有效性，它可以導航到所有不同的臨床程序，並能夠擁有通用數據集來報告和優化結果。

So we certainly expect all our clients, and the DHA is no exception, to use our platform to add more and more technology-enabled care programs to really benefit from the savings and improve the clinical outcomes that they bring.

因此，我們當然希望所有客戶（DHA 也不例外）能夠利用我們的平台來添加越來越多的技術支援的護理計劃，從而真正從節省的成本中受益，並改善其帶來的臨床結果。

Got it. That's helpful. And then maybe based on the past couple of calls, you've talked about just broader optimism about the government pipeline in general. Would love to just get an update on that and how this DHA extension maybe serves as a beachhead to keep penetrating that end market? Thanks, guys.

明白了。這很有幫助。然後，也許根據過去幾次電話會議，您談到了對政府管道整體的樂觀態度。請問您能了解這方面的最新進展，以及DHA的延期如何成為繼續滲透終端市場的先頭部隊？謝謝大家。

So Matt, I would say only this, we definitely have very strong validation now in the government sector. We have good results and ability to scale on time and on budget. We have amazing partner in Leidos and other people that are part of it.

所以，馬特，我只想說，我們現在在政府部門確實獲得了非常強大的認可。我們取得了良好的業績，並且能夠按時按預算實現擴張。我們在Leidos和其他參與者擁有非常出色的合作夥伴。

And this configuration of the relationship between Oracle, Leidos, us and others works really well and could be very relevant to adjacent organizations. So we think we have a very nice opportunity both within the DHA and outside the DHA in similar environments to reproduce the value that we created.

Oracle、Leidos、我們以及其他公司之間的這種合作關係非常有效，並且可能對相關組織也具有重要意義。因此，我們認為，無論是在DHA內部還是在DHA外部，在類似的環境中，我們都擁有非常好的機會來複製我們創造的價值。

And I will stop here. I think that time will tell the extent and the time line of those additions, but we are certainly optimistic.

我就講到這裡。我認為時間會告訴我們這些新增功能的具體程度和時間表，但我們當然對此持樂觀態度。

John Park, UBS -- I'm sorry. John Park, Morgan Stanley.

瑞銀的約翰·帕克——抱歉。摩根士丹利的約翰·帕克。

Hey, guys. Thank you for taking my question. I'm stepping on for Craig. I wanted to ask about the third-party clinical solutions that you guys offer. Did this -- did the offerings and the third-party solutions contribute any material effect to gross margins? And could you also remind us what the value prop is to go through Amwell while accessing these partners versus going directly to partners?

大家好。感謝您回答我的問題。我代替 Craig 發言。我想問一下你們提供的第三方臨床解決方案。這些產品和第三方解決方案對毛利率有任何實質影響嗎？您能否提醒我們，透過 Amwell 接觸這些合作夥伴，與直接接觸合作夥伴相比，其價值主張為何？

Thank you, John. This is a great question, which I'm happy to answer, of course. As you know, many of those clinical programs operate today as a stand-alone, which means that the sponsors need to integrate them and engage patients separately.

謝謝，約翰。這個問題問得很好，我當然很樂意回答。如你所知，如今許多臨床項目都是獨立運作的，這意味著申辦者需要整合這些項目，並分別與病人互動。

So if you have an MSK program, for example, you need to hear from the MSK vendor independently, they need to acquire the consumer, then they need to report on the results and this result is not integrated with the whole person with integrated care. And in some cases, the back problem may have some relation to your compliance as a diabetic patient and so on and so forth.

例如，如果你有一個MSK項目，你需要獨立聽取MSK供應商的意見，他們需要獲得消費者，然後需要報告結果，而這個結果並沒有與患者的整體綜合護理相結合。在某些情況下，背部問題可能與你作為糖尿病患者的依從性有關，等等。

So our ability to basically create one type of engagement that is extremely personalized, delightful and easy and then connect that in a very simple way to the entire set of elements, the entire care continuum through various program is extremely helpful, first and foremost, for patients and members, but also very efficient in way of customer acquisition cost.

因此，我們基本上能夠創建一種極其個性化、令人愉快和輕鬆的參與方式，然後以非常簡單的方式將其與所有元素相連接，透過各種計劃實現整個護理過程，這首先對患者和會員非常有幫助，而且在客戶獲取成本方面也非常有效。

In addition to that, many of the sponsors are struggling to stitch together the outcomes, things as basic as identity of members between the different programs is a real struggle. We solve for that. So we add -- we bring a report that brings together all the programs so you can see your entire individual, and of course, the entire cohort as well. From the vantage point of the clinical program vendor, when they are integrated on our platform, they get a steady stream of members that they didn't spend to acquire, if you will.

除此之外，許多申辦方正在努力整合成果，像在不同專案之間辨識成員這樣基本的問題都很難解決。我們解決了這個問題。因此，我們添加了——我們提供了一份匯總所有項目的報告，以便您可以查看您的所有個人，當然還有整個隊列。從臨床專案供應商的角度來看，當他們整合到我們的平台上時，他們就能獲得穩定的會員流，而這些會員是他們無需花費大量資金獲得的。

And in addition to that, they can refer the patient and also get referred patients or members to them in order to basically treat the patient holistically and that creates stickiness. So I would say that in essence, the -- our ability to create this ecosystem and allowing the sponsor to take out vendors that don't perform and replace them very easily without changing the experience and the infrastructure for the members is really helpful for all players.

除此之外，他們還可以轉診患者，並接收轉診的患者或會員，從而實現對患者的全面治療，並建立客戶黏性。所以，我想說，從本質上講，我們能夠創建這個生態系統，允許贊助商輕鬆淘汰表現不佳的供應商並進行替換，而無需改變會員的體驗和基礎設施，這對所有參與者都非常有幫助。

As it relates to the business model, because we are saving so much for each clinical vendor, they are happy to share with us the enablement revenue of bringing these patients to them and that translates into high margin, very sticky revenue for Amwell without taking anything away from the cost to the sponsor. The cost of the sponsor remains the same. So it's really a win-win-win for all parties.

就商業模式而言，由於我們為每個臨床供應商節省了大量成本，他們很樂意與我們分享將這些患者帶給他們所帶來的賦能收入，這轉化為Amwell的高利潤，非常穩定的收入，而且不會從贊助商的成本中扣除任何費用。贊助商的成本維持不變。所以這對各方來說真的是一個三贏的局面。

Great. Thank you. I had a follow-up to the earlier question that was asked about macro. It seems like there's a lot of factors going on both in the provider and payer level. Have you seen this translate into any type of like sales cycle elongation or perhaps pricing changes just to capture their attention?

太好了，謝謝。我之前問過一個關於宏觀經濟的問題，想跟進一下。看來供應商和付款方層面都有很多因素在運作。您是否看到過這種情況導致銷售週期延長或價格調整，只是為了吸引他們的注意力？

I would suggest that the main change is the focus on the different unmet needs. If at times in the past, member experience, clinical outcomes were the discussion starter. In the market today, it's all about cost savings. If we're able to create a much more efficient experience that results in better not only clinical, but also financial outcomes, that wins the day. And we can do that and we've done it for many years.

我認為主要的改變在於關注各種尚未滿足的需求。過去，會員體驗和臨床結果是討論的焦點。而如今，市場的焦點是成本節約。如果我們能夠創造更有效率的體驗，不僅帶來更好的臨床效果，還能帶來更好的財務結果，那我們就能贏得市場。我們能夠做到這一點，而且我們已經堅持了很多年。

And with recent enhancements and technology, we can do it better than ever and we're going to get -- make it better and better every quarter and every year to come. And our ability to do it in a dependable way, I think, is a key factor in decision-making that makes the sales cycle be relatively at least as good as it was before, if not accelerating.

憑藉最近的改進和技術，我們可以做得比以往更好，而且我們將在未來的每個季度和每年都做得越來越好。我認為，我們能否以可靠的方式做到這一點，是決策的關鍵因素，它能讓銷售週期至少與以前一樣好，甚至更快。

Our ability to make it very easy for our customers with modern platform to deploy and to configure their solution through self-service, I think, is another factor. It's easier to work with Amwell. It's easier to deploy with Amwell and it's easier to get support very quickly to what you need. And these are some things that are coming up again and again in conversation in the market today.

我認為，我們能夠透過現代化平台，讓客戶透過自助服務輕鬆部署和配置解決方案，這也是另一個因素。與 Amwell 合作更加便捷。使用 Amwell 進行部署更加便捷，並且能夠快速獲得所需的支援。這些都是當今市場上反覆出現的問題。

Great. Thank you.

太好了，謝謝。

(Operator Instructions) Kevin Caliendo, UBS.

（操作員指示）瑞銀 (UBS) 的 Kevin Caliendo。

Yeah. Hey, guys. This is Jack Senft on for Kevin. Thanks for taking the question. Similar to Eric's first question, on the DHA contract, you mentioned the renewals only for one year. I'm just curious, do these renewals typically happen in one-year increment or was this more like a stopgap funding type of renewal to keep care continuous just given the initial leadership change? Just curious if anything surprised you here. Thanks.

是的。大家好。我是傑克·森福特，代替凱文回答問題。感謝您回答這個問題。與埃里克的第一個問題類似，關於DHA合同，您提到續約只持續一年。我只是好奇，這些續約通常都是一年一續約嗎？還是說，考慮到最初的領導層變動，這更像是一種權宜之計，為了維持醫療服務的連續性而進行的續約？我只是好奇這裡面有什麼讓您感到驚訝的地方。謝謝。

Well, Jack, as you can imagine, this is a much larger vehicle that includes much bigger participants than Amwell, including the EHR deployment for the DHA. So this negotiation, which we were not part of between Leidos and others and the DHA that included even higher up like the Pentagon is something that had many budget consideration, very broad budget considerations that we were not part of. We know our solution is very helpful. We know it's sticky. We know it's needed going forward.

傑克，你可以想像，這是一個比Amwell規模更大、參與方也更大的項目，包括為內政部（DHA）部署電子病歷（EHR）。所以，這場Leidos等公司與內政部（DHA）之間的談判，我們並沒有參與，甚至包括五角大樓等更高層級的談判，涉及很多預算考量，非常廣泛的預算考量，而我們並沒有參與其中。我們知道我們的解決方案非常有效，也知道它很棘手，也知道它是未來發展的必要。

And we believe from where we sit that we're going to continue and serve this and other similar clients for many years to come. You're right to suggest that typically, those agreements are multiyear. We're seeing this year with the new administration in place and the new flavor of negotiation, they wanted to create this vehicle and to continue to negotiate going forward and that resulted in where we landed. We don't think that reflects in any way their perception on the value or the readiness to work with Amwell as a partner for many more years.

我們相信，就目前情況而言，我們將在未來許多年繼續為這家公司以及其他類似的客戶提供服務。您說得對，這些協議通常都是多年期的。我們看到，今年隨著新政府的上台和談判方式的改變，他們希望建立這種機制，並在未來繼續談判，最終導致了我們最終的協議。我們認為，這絲毫不反映他們對Amwell未來多年合作價值或意願的看法。

Okay, understood. Thank you. Just a quick financial follow-up then. Gross margins expanded from last quarter. As we look into second half, what are your expectations on gross margin from here? I think you mentioned -- I think maybe last call that you expect them to expand going forward.

好的，明白了。謝謝。接下來我簡單問一下財務方面的問題。毛利率比上一季上升。展望下半年，您對下半年的毛利率預期是多少？我想您上次提到過——我想您上次可能提到過，您預計未來毛利率會繼續上升。

But I mean adjusted EBITDA still looks a little flattish just given everything you guys talked about. Can you just walk us through how we should think about gross margins going forward? And then maybe if this should continue into next year? Thanks, again.

但考慮到你們討論的內容，調整後的EBITDA看起來仍然有點平淡。您能否介紹一下我們未來該如何考慮毛利率？這種情況是否會持續到明年？再次感謝。

Yeah. The margin range will likely remain consistent with the guidance that we gave at the beginning of the year. The second quarter's margins were positively impacted by a significant amount of implementation work and software revenue that we were able to recognize. So we will, in fact, be somewhat flattish for the remainder of the year. And when we come into the beginning of 2026, we'll give guidance for margin direction at that point.

是的。利潤率區間很可能與我們年初給出的指引保持一致。第二季的利潤率受到了大量實施工作和軟體收入的正面影響。因此，今年剩餘時間我們的利潤率實際上將保持穩定。到2026年初，我們將提供利潤率方向的指引。

Thank you. And I'm currently showing no further questions at this time. I'd like to hand the call back over to Ido Schoenberg for closing remarks.

謝謝。目前我沒有其他問題。我想把發言權交還給伊多·勳伯格，請他做最後發言。

Thank you, operator, and thank you, everyone, for joining us this evening. We really appreciate your support and your attention. Have a good evening.

謝謝接線生，也謝謝大家今晚的參與。非常感謝大家的支持與關注。祝大家晚上愉快。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。