American Well Corp (AMWL) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Amwell's conference call to discuss their third fiscal quarter of 2025. Joining us on the call today are Amwell's Chairman and CEO, Dr. Ido Schoenberg; and Mark Hirschhorn, Amwell's CFO and Chief Operating Officer.

大家好，歡迎參加Amwell公司2025財年第三季電話會議，我們將討論公司業績。今天參加電話會議的有 Amwell 的董事長兼執行長 Ido Schoenberg 博士；以及 Amwell 的財務長兼營運長 Mark Hirschhorn。

Earlier today, a press release was distributed detailing their announcement. The earnings report is posted on the Amwell 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 the website, where a replay will be archived.

今天早些時候，他們發布了一份新聞稿，詳細介紹了他們的公告。獲利報告已發佈在 Amwell 官網 investors.amwell.com 上，也可透過常規新聞管道取得。本次電話會議正在網站的投資者關係頁面上進行現場直播，並將在頁面上存檔回放。

Before they begin 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 the filings with the SEC. Actual results or events may differ materially. Except as required by law, we undertake no obligation to update or revise these forward-looking statements.

在他們開始發表準備好的發言之前，我想藉此機會提醒各位，在電話會議期間，我們將就預計的經營業績和預期的市場機會發表前瞻性聲明。這些前瞻性資訊受到向美國證券交易委員會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。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。

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 the earnings release.

在本次電話會議中，我們將同時提及GAAP財務指標及非GAAP財務指標。獲利報告中提供了GAAP財務指標與非GAAP財務指標的調節表。

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

接下來，我想把電話交給伊多。

Thank you, Operator, and good afternoon, everyone. For the third quarter, our results compared favorably to the guidance we provided. We showed steady progress in executing our plan, which is designed to achieve cash flow breakeven by the end of 2026 and to ultimately resume profitable growth.

謝謝接線員，大家下午好。第三季度，我們的業績優於我們先前給出的預期。我們在執行計劃方面取得了穩步進展，該計劃旨在到 2026 年底實現現金流收支平衡，並最終恢復盈利增長。

Our plan is based on two main work streams. First, focusing on our enterprise-grade, mature, and well-differentiated new platform to generate considerable value in our select market segments. Second, ensuring that all our operations are extremely efficient and effective. Both efforts rely heavily on the integration and adoption of rapidly evolving technologies, primarily enterprise-grade AI infrastructure.

我們的計劃基於兩個主要工作流程。首先，我們將專注於我們企業級、成熟且差異化程度高的新平台，以在我們選定的細分市場中創造可觀的價值。第二，確保我們所有的營運都非常有效率且有效。這兩項努力都高度依賴快速發展的技術的整合和採用，主要是企業級人工智慧基礎設施。

In recent years, we have invested significantly in recruiting exceptional talent and establishing strong governance, compliance, and operational frameworks. We have also committed substantial resources and continue to do so towards building ecosystem interoperability that enables seamless data exchange and deep integration with existing EHRs and clinical systems. These investments help position Amwell as a highly dependable, secure, and scalable technology-enabled care platform for our customers.

近年來，我們投入大量資金招募傑出人才，並建立了強大的治理、合規和營運框架。我們也投入了大量資源，並將繼續投入資源，以建立生態系統互通性，從而實現與現有電子病歷和臨床系統的無縫資料交換和深度整合。這些投資有助於將 Amwell 定位為一個高度可靠、安全且可擴展的技術賦能型護理平台，為我們的客戶提供服務。

We enable our customers to align our technology with measurable economic value while helping them address critical challenges such as clinician burnout, staffing shortages, and operational inefficiencies. Additionally, we position them to capitalize on emerging opportunities, including the integration of algorithm-based health care services, comprehensive care coordination, and new digital therapeutic solutions. These integrations may help our customers leverage predictive AI to reduce costly interventions and hospitalizations.

我們幫助客戶將我們的技術與可衡量的經濟價值相結合，同時幫助他們應對臨床醫生倦怠、人員短缺和營運效率低下等關鍵挑戰。此外，我們幫助他們掌握新興機遇，包括整合基於演算法的醫療保健服務、全面的護理協調以及新的數位治療解決方案。這些整合可以幫助我們的客戶利用預測性人工智慧來減少代價高昂的干預措施和住院治療。

Our efforts are beginning to pay off as reflected in our results, and we believe the impact will only accelerate going forward. For our first work stream in Q3, we began socializing our product focus areas through 2026 with our clients and prospects. We are committed to making the new Amwell platform the most effective and valuable hybrid care backbone we have ever offered them. Our mission is to help our customers reduce care costs, improve clinical outcomes, and offer the highest member engagement and satisfaction through exceptional user experience. We strive to achieve this through the following focus areas:

我們的努力開始取得成效，這從我們的成果中可見一斑，我們相信這種影響未來只會加速發展。在第三季度，我們的第一個工作重點是與客戶和潛在客戶溝通，介紹我們到 2026 年的產品重點領域。我們致力於將全新的 Amwell 平台打造成為我們迄今為止為他們提供的最有效、最有價值的混合醫療骨幹平台。我們的使命是透過卓越的使用者體驗，幫助客戶降低醫療成本、改善臨床結果，並提供最高的會員參與度和滿意度。我們力求透過以下重點領域來實現這一目標：

First, we are moving AI into the core workflow layer. We're responsibly implementing enterprise-grade AI and other technologies to transform patient intake, personalized dialogue, and navigation, as well as clinical program matching and onboarding. Our efforts benefit from almost 2 decades of telehealth experience and access to an incredible data and knowledge repository driven by many millions of digital-first care encounters.

首先，我們將人工智慧引入核心工作流程層。我們正在負責任地實施企業級人工智慧和其他技術，以改變病患入院、個人化對話和導航，以及臨床計畫配對和入職流程。我們的努力得益於近 20 年的遠距醫療經驗，以及數百萬次數位化優先護理實踐所累積的龐大數據和知識庫。

Second, we are enhancing and simplifying the way we work with our own and third-party partner clinical programs. This enhanced program integration is expected to help offer our customers even more options across the care continuum while adding more value to our clinical program partners.

其次，我們正在改進和簡化我們與自身及第三方合作夥伴臨床計畫的合作方式。此次加強的計劃整合有望為我們的客戶提供更多貫穿整個護理過程的選擇，同時為我們的臨床計劃合作夥伴創造更多價值。

Also, clients will be able to seamlessly integrate clinical programs they've already committed to into their Amwell platform with unprecedented ease. As noted on our earlier calls, these third-party partners represent an important high-margin flywheel growth opportunity for Amwell. Our own clinical programs are likely to be the first to benefit from these changes and further improve our offering across urgent care, virtual primary care, comprehensive behavioral health, nutrition, lactation, and more.

此外，客戶將能夠以前所未有的便利性，將他們已經承諾的臨床項目無縫整合到他們的 Amwell 平台中。正如我們在先前的電話會議中所提到的，這些第三方合作夥伴為安威爾帶來了重要的高利潤飛輪式成長機會。我們自己的臨床計畫很可能率先受益於這些變化，並進一步改善我們在急診、虛擬初級保健、綜合行為健康、營養、哺乳等方面的服務。

Third, we are investing in and will remain heavily committed to our data and analytics infrastructure. We plan to offer our customers even better ways to measure and improve financial and clinical outcomes across all programs while offering patients an even more personalized, simple, and relevant journey. As payers, employers, and health systems look to consolidate their technology-enabled care strategy, we offer a unique and reliable solution. It allows them to realize their financial, clinical, and member engagement goals while maintaining full flexibility to dynamically choose and replace the clinical programs that work best for them in the simplest, most scalable, and reproducible way.

第三，我們正在投資並將繼續大力投入我們的數據和分析基礎設施建設。我們計劃為客戶提供更好的方法來衡量和改善所有項目的財務和臨床結果，同時為患者提供更個人化、簡單和相關的就醫體驗。隨著支付方、雇主和醫療系統尋求整合其技術賦能的醫療保健策略，我們提供了一種獨特而可靠的解決方案。它使他們能夠實現財務、臨床和會員參與目標，同時保持充分的靈活性，以最簡單、最可擴展和可複製的方式動態選擇和替換最適合他們的臨床課程。

Our second work stream is centered around relentless focus and commitment to efficiency and quality. We are further improving our platform to make it even easier to deploy, maintain, and support. Self-management and automation tools for our customers are a good example of this commitment. These tools empower clients to do more faster while simultaneously reducing our own cost of deployment.

我們的第二個工作流程以對效率和品質的不懈追求和堅定承諾為中心。我們正在進一步改進我們的平台，使其更易於部署、維護和支援。我們為客戶提供的自助管理和自動化工具就是我們這項承諾的一個很好的例子。這些工具能夠幫助客戶更快完成更多工作，同時降低我們自身的部署成本。

As we carefully define what we focus on, we are decisively divesting non-core assets. Earlier this year, we announced the sale of Amwell Psychiatric Care, or APC, and are currently pursuing other actions to divert access resources away from non-core assets. It is important to note that we plan to continue to fully support and maintain legacy assets that still provide value to our customers. These customers have expressed comfort from the stability and reliability of our trusted legacy solutions. We hope to see them gradually migrate to our core offering over time when they are ready.

在仔細明確我們的關注重點的同時，我們正在果斷剝離非核心資產。今年早些時候，我們宣佈出售 Amwell Psychiatric Care（簡稱 APC），目前正採取其他措施，將資源從非核心資產轉移出去。值得注意的是，我們計劃繼續全力支持和維護那些仍然為我們的客戶提供價值的傳統資產。這些客戶對我們值得信賴的傳統解決方案的穩定性和可靠性表示滿意。我們希望在他們準備好後，隨著時間的推移，看到他們逐步遷移到我們的核心產品。

In parallel, we systematically analyzed our own efficiency across all our operations. We were able to find opportunities to improve efficiency, including with widespread AI adoption, while rightsizing headcount across the board. These reductions in force were made possible through various interventions, including careful reallocation of talent across the company.

同時，我們有系統地分析了我們所有營運環節的效率。我們找到了提高效率的機會，包括廣泛採用人工智慧，同時全面調整了員工人數。透過各種幹預措施，包括精心重新分配公司內部的人才，才使得這些裁員成為可能。

Now I'll take a step back to look broadly at the macro environment. In 2025, we continue to see clear signs that the market is shifting in our favor. Consumer demand for digital health is accelerating. Mental health telehealth utilization reached 27.8% in July, according to the Epic Research data tracker. And 79% of Gen Z now use health technology monthly, according to PwC 2025 Healthcare Consumer Insight survey. At the same time, digital clinical programs are demonstrating real results.

現在我將退後一步，從宏觀角度審視環境。2025年，我們繼續看到明顯的跡象表明市場正在朝著對我們有利的方向轉變。消費者對數位醫療的需求正在加速成長。根據 Epic Research 數據追蹤器顯示，7 月心理健康遠距醫療的使用率達到 27.8%。根據普華永道2025年醫療保健消費者洞察調查，79%的Z世代現在每月都會使用健康科技產品。同時，數位化臨床項目也展現了實際的效果。

Research shows digital disease management can reduce 30-day readmission rates by 50%. This effectiveness is driving significant investment. AI start-ups, many of which could be considered clinical program themselves, capture 60% of all digital health funding in Q1, according to the AHA Center for Health Innovation. However, payers, employers, and health systems are struggling with fragmentation.

研究表明，數位化疾病管理可以將 30 天內再入院率降低 50%。這種有效性正在推動大量投資。據美國心臟協會健康創新中心稱，人工智慧新創公司（其中許多本身可以被視為臨床項目）在第一季度獲得了 60% 的數位健康資金。然而，支付方、雇主和醫療系統正努力應對醫療體系碎片化的問題。

Employers now manage an average of 4 to 9 point solutions, yet only 22% trust these vendors to act in their best interest, according to Evernorth Insights. This fragmentation carries real cost. For example, inefficient data exchange costs healthcare organizations up to $20 million annually. As a result, integration has become a strategic imperative. 62% of health plan leaders identify integrated solutions as a top 2025 priority according to HealthEdge's annual survey.

根據 Evernorth Insights 的數據，雇主現在平均管理 4 到 9 個解決方案，但只有 22% 的雇主信任這些供應商會以他們的最佳利益行事。這種碎片化會帶來實際的代價。例如，低效率的資料交換每年會對醫療機構造成高達 2,000 萬美元的損失。因此，整合已成為一項策略要務。根據HealthEdge的年度調查，62%的健康計畫領導者將整合解決方案列為2025年的首要任務。

Organizations need help managing technology, engagement, reporting, and the commercial burden of multiple vendors, and that's exactly the gap we are positioned to fill. In that setting, the Amwell platform promises much-needed relief by maintaining future-ready flexibility with the efficiency, effectiveness, and peace of mind of offering one relationship, one user experience, and one data and reporting infrastructure across a dynamic and open-ended array of clinical programs and vendors.

組織需要協助來管理技術、互動、報告以及多個供應商帶來的商業負擔，而這正是我們能夠填補的空白。在這種情況下，Amwell 平台承諾提供急需的緩解，它保持面向未來的靈活性，同時提供高效、有效和安心的體驗，涵蓋動態且開放的臨床項目和供應商，提供單一關係、單一用戶體驗以及單一數據和報告基礎設施。

Our unique business model never forces our clients to only use Amwell clinical programs. This aligns our interests and positions us well as their long-term partner. While many of our competitors feature their brands to members, we enable our customers to use their own white-labeled experience. Their Amwell platform inside allows them to offer a unified customer-branded gateway to all their covered programs.

我們獨特的商業模式從不強迫客戶只能使用Amwell的臨床項目。這使我們的利益保持一致，並使我們成為他們長期的合作夥伴。雖然我們的許多競爭對手都向會員展示自己的品牌，但我們卻允許客戶使用自己的白標體驗。他們內部的 Amwell 平台使他們能夠為所有涵蓋的項目提供統一的客戶品牌入口。

Finally, and importantly, our ability to supplement automated programs with trusted in-network certified providers at scale enables and accelerates the safe and effective adoption of these new AI-driven solutions. Our special architecture is helpful in making customer acquisition costs more effective and in improving the customers' overall brand value and stickiness by associating it with a wide array of helpful services and exceptional platform experience.

最後，也是非常重要的一點，我們能夠大規模地利用值得信賴的網路內認證供應商來補充自動化程序，從而實現並加速這些新的人工智慧驅動解決方案的安全有效應用。我們獨特的架構有助於提高客戶獲取成本的有效性，並透過將其與各種有用的服務和卓越的平台體驗聯繫起來，提高客戶的整體品牌價值和黏性。

Our ability to help customers obtain a clear view of whole-person and cohort outcomes and offer them tools to continuously improve results by switching programs and matching them with the right cohorts is highly desirable and appreciated. In our conversations in the market, our strategy resonates. As we look forward, we fully expect our competitive advantages to become increasingly visible and compelling as we continue to roll out our new Amwell platform. We believe that our long journey is in many ways only beginning, and we are excited about what the future brings to our loyal and sophisticated supporters, our customers, and our company.

我們能夠幫助客戶清晰地了解個人和群體的整體結果，並為他們提供工具，透過切換專案和將他們與合適的群體配對來不斷改進結果，這非常受歡迎，也備受讚賞。在與市場的交流中，我們的策略引起了共鳴。展望未來，隨著我們不斷推出新的 Amwell 平台，我們完全有信心我們的競爭優勢將變得越來越明顯和引人注目。我們相信，我們的漫長旅程在許多方面才剛開始，我們對未來將為我們忠誠而睿智的支持者、我們的客戶和公司帶來的種種機會感到興奮。

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

接下來，我想把電話交給馬克，讓他回顧我們的財務狀況和績效指引。標記？

Thanks, Ido, and good afternoon to everyone on the call. On today's call, I will walk through a few key operating metrics and financial results from the third quarter and then provide an update to our guidance for the remainder of this year. In the third quarter, we delivered results ahead of expectations for both revenue and adjusted EBITDA, reflecting stronger subscription retention, increased visit volume in specialty care, and virtual primary care, and meaningful cost efficiencies driven by the successful execution of our restructuring. Our progress this quarter reinforces that the actions we began earlier this year are translating into durable financial improvement and accelerating operating leverage.

謝謝伊多，也祝所有參加電話會議的朋友們下午好。在今天的電話會議上，我將介紹第三季的一些關鍵營運指標和財務業績，然後更新我們對今年剩餘時間的業績預期。第三季度，我們的營收和調整後 EBITDA 均超出預期，反映出訂閱用戶留存率提高、專科護理和虛擬初級保健就診量增加，以及重組成功實施帶來的顯著成本效益。本季的進展進一步證實，我們今年稍早開始採取的行動正在轉化為持久的財務改善和加速的營運槓桿作用。

Today, I will walk you through our quarterly performance, highlight the financial impact of these strategic actions and provide an updated view on our guidance for the balance of 2025. Total revenue was $56.3 million, which represents an 8% decrease year-over-year and includes the step-down in contribution from Leidos and the divestiture of APC. Normalizing for the sale of APC, Q3 revenue would have increased 1.3%.

今天，我將帶大家了解我們的季度業績，重點介紹這些策略行動的財務影響，並就我們對 2025 年剩餘時間的業績指引提供最新觀點。總收入為 5,630 萬美元，年減 8%，其中包括 Leidos 貢獻的減少和 APC 的剝離。如果將 APC 的銷售額正常化，第三季營收將成長 1.3%。

Subscription revenue of $30.9 million increased 18% year-over-year and represented 55% of total revenue compared to 43% of total revenue a year ago. Total visit volume of approximately 1.1 million visits in the third quarter was down 21% from a year ago, although in line with our expectations. Amwell Medical Group, or AMG visit revenue was 23% lower than last year at $21.2 million. Normalizing for the sale of APC, however, visits were down 3.5% from a year ago. Average revenue per visit was $71, which is 14% lower this quarter compared to last year's Q3. But when normalizing for the sale of APC, average revenue per visit was 3.5% higher, driven by a continued mix shift to higher-priced virtual primary care and specialty care visits.

訂閱收入為 3,090 萬美元，年增 18%，佔總收入的 55%，而一年前這一比例為 43%。第三季總訪問量約為 110 萬次，比去年同期下降了 21%，但符合我們的預期。Amwell Medical Group（簡稱 AMG）的就診收入比去年下降了 23%，為 2,120 萬美元。但若將 APC 的銷售量正常化，則訪問量比一年前下降了 3.5%。每次造訪的平均收入為 71 美元，比去年第三季下降了 14%。但若將 APC 的銷售額正常化，則每次就診的平均收入高出 3.5%，這主要得益於價格更高的虛擬初級保健和專科護理就診的組合持續變化。

GAAP gross margin expanded to 52% compared to 37% a year ago as a result of greater software and services revenue generating stronger margin contribution than last year's comparable quarter revenue mix and divestiture of APC.

由於軟體和服務收入的成長帶來了比去年同期更強勁的利潤貢獻，以及剝離了 APC，GAAP 毛利率從去年同期的 37% 增長至 52%。

Our operating expenses totaled $58.9 million in the quarter, a decrease of 16% compared to last year, comprised of a 6% reduction in R&D, a 46% decrease in sales and marketing and a 14% decrease in G&A expenses. We remain focused on optimizing our resources, and we are clearly moving in the right direction and getting closer to our foundational cost basis.

本季我們的營運支出總計 5,890 萬美元，比去年同期下降 16%，其中研發支出減少 6%，銷售和行銷支出減少 46%，一般及行政費用減少 14%。我們將繼續專注於優化資源配置，顯然我們正朝著正確的方向前進，並且越來越接近我們的基本成本基礎。

Adjusted EBITDA was a loss of $12.7 million for the quarter, which compared favorably to a loss of $31 million a year ago, evidence of our acute focus and execution of our cost containment initiatives. In terms of cash and liquidity, we reported a cash burn of approximately $18 million in Q3 and ended the quarter with approximately $201 million in cash and marketable securities with 0 debt.

本季調整後 EBITDA 虧損 1,270 萬美元，與去年同期虧損 3,100 萬美元相比有所改善，證明了我們對成本控制措施的高度重視和有效執行。就現金和流動性而言，我們在第三季報告現金消耗約 1800 萬美元，季末現金和有價證券約為 2.01 億美元，無債務。

Finally, to wrap up my comments today, I'll share our revised guidance outlook. With just two months remaining in the year, we now expect our full year revenue to be between $245 million and $248 million versus the prior range of $245 million to $250 million.

最後，為了結束我今天的發言，我將分享我們修訂後的業績展望。今年只剩下兩個月了，我們現在預計全年收入將在 2.45 億美元至 2.48 億美元之間，而先前的預期範圍為 2.45 億美元至 2.5 億美元。

Adjusted EBITDA in the range of a negative $45 million to negative $42 million versus the prior range of negative $50 million to negative $45 million. Our range for AMG visits remained steady between 1.3 million and 1.35 million visits. Our full year guidance assumes the reduction of R&D expenses by more than 10% this year versus 2024 as we streamlined and completed the bulk of our software configuration to our existing build and integration commitments.

調整後 EBITDA 為負 4,500 萬美元至負 4,200 萬美元，而先前的範圍為負 5,000 萬美元至負 4,500 萬美元。AMG 的訪問量一直穩定在 130 萬到 135 萬次之間。我們全年業績預期假設，與 2024 年相比，今年的研發費用將減少 10% 以上，因為我們精簡並完成了大部分軟體配置，以履行我們現有的建置和整合承諾。

At the same time, we continue to expect sales and marketing costs to decline more than 25% year-over-year and G&A expense to decline at least 20% for the year as we continue to organize the company around a new lower cost structure. We now project Q4 revenue in the range of $51 million to $54 million and adjusted EBITDA between negative $15 million to negative $12 million. We have made meaningful progress rightsizing the cost structure while diligently working to position Amwell for longer-term success. We have quite a bit of work left to do, but we remain committed to our goal of generating positive cash flow from operations during 2026. I want to thank our entire team for their commitment and passion to our overarching mission of increasing access to affordable, high-quality health care.

同時，我們預期銷售和行銷成本將年減超過 25%，一般及行政費用將年減至少 20%，因為我們將繼續圍繞新的低成本結構重組公司。我們現在預計第四季營收在 5,100 萬美元至 5,400 萬美元之間，調整後 EBITDA 在負 1,500 萬美元至負 1,200 萬美元之間。我們在調整成本結構方面取得了實質進展，同時努力使 Amwell 能夠取得長期的成功。我們還有很多工作要做，但我們仍然致力於實現2026年營運現金流為正的目標。我要感謝我們整個團隊，感謝他們對我們「增加人們獲得負擔得起的高品質醫療保健的機會」這一總體使命的投入和熱情。

Thank you all for your time and attention. I'd now like to turn the call back to Ido for his closing remarks. Ido?

感謝各位抽出寶貴時間關注。現在我想把電話轉回伊多，請他做總結發言。我願意？

Thank you, Mark. We're seeing a remarkable transformation in our market. As AI health care solutions proliferate both within and beyond Amwell, they're delivering significantly better patient outcomes with greater accessibility and affordability. In this evolving landscape, Amwell's role as an integrated backbone has never been more vital. Our unique ability to seamlessly blend intelligent automation with certified trusted clinicians provide a safe, effective pathway to superior care outcomes today and tomorrow.

謝謝你，馬克。我們的市場正在發生顯著的變化。隨著人工智慧醫療保健解決方案在 Amwell 內外的普及，它們正在以更高的可及性和經濟性帶來顯著更好的患者治療效果。在不斷變化的環境中，Amwell 作為一體化支柱的角色從未像現在這樣至關重要。我們獨特的能力，能夠將智慧自動化與經過認證和值得信賴的臨床醫生無縫結合，為現在和未來提供安全、有效的卓越護理成果。

Our clients value our proven track record of delivering measurable economic value while ensuring compliance and providing essential support to overburdened health care providers. Through enterprise-grade workflow automation, we're enhancing both access and operational efficiency. We are proud of our mission and firmly believe it's more relevant now than ever before.

我們的客戶重視我們過往的業績記錄，我們能夠創造可衡量的經濟價值，同時確保合規性，並為不堪重負的醫療保健提供者提供必要的支援。透過企業級工作流程自動化，我們正在提高存取效率和營運效率。我們為我們的使命感到自豪，並堅信它在今天比以往任何時候都更重要。

With that, I'll open the call for questions. Operator?

接下來，我將開始接受提問。操作員？

(Operator Instructions) Stan Berenshteyn, Wells Fargo Securities

（操作說明）史丹貝倫斯坦，富國證券

A couple for me. First, I actually wanted to go back to the prior quarter where you had announced a Florida Blues plan win. I was curious if you can give us some color regarding how you won that? Was that a competitive takeaway? And are you seeing any similar opportunities for you going forward?

給我一對。首先，我其實想回到上個季度，當時你宣布佛羅裡達藍調隊計畫獲勝。我很好奇您能否詳細介紹一下您是如何贏得那場比賽的？那是一項有競爭力的成果嗎？你認為未來還會有類似的機會嗎？

Stan, yes, we are very pleased with this important win. It was a competitive situation, and we are deinstalling a major competitor in this setting. The drivers for this really demonstrate everything I spoke about in the prepared remarks. I believe that Florida Blue, like many other payers understood that there is enormous fragmentation, enormous opportunity in AI programs, but they need to create one infrastructure under their brand that will allow for one efficient consumer engagement solution that will be able to drive care with their own choices of clinical program, including maybe different choices for different ASOs or different cohorts and one report and one infrastructure.

史丹，是的，我們對這場重要的勝利感到非常高興。這是一個競爭激烈的局面，而我們正在這種環境下淘汰一個主要競爭對手。推動這事件發生的因素，恰恰印證了我事先準備好的發言稿中所提到的一切。我相信，像許多其他支付者一樣，佛羅裡達藍十字藍盾也意識到人工智慧專案存在巨大的碎片化和巨大機遇，但他們需要在其品牌下創建一個基礎設施，以實現一個高效的消費者互動解決方案，從而能夠根據他們自己的臨床項目選擇來推動醫療服務，包括針對不同的ASO或不同的隊列的不同選擇，以及一份報告和一個基礎設施。

They, like many other people, existing customers and people that we talk with during our dialogue with the pipeline, really talk about vendor fatigue and complexity. There is a tami of amazing programs, some are better than the others. Many of them have enormous opportunity, but many of them are risky, and there is real need for one technology-enabled care infrastructure, which is an integrator and a distributor, if you will, for members. So all those important value points based on our dialogue with this very important customer, in my opinion, we're leading to this win and are indicative of a future demand that is likely to grow as more AI-driven program proliferate.

他們和許多其他人一樣，包括現有客戶和我們在與潛在客戶溝通時接觸的人，都經常談到供應商疲勞和複雜性。有很多很棒的節目，有些比其他的更好。其中許多都蘊藏著巨大的機會，但也存在著風險，因此，我們確實需要一個技術賦能的醫療保健基礎設施，它可以作為會員的整合者和分銷商。因此，我認為，基於我們與這位非常重要的客戶的對話，所有這些重要的價值點，都促成了這次成功，並且預示著未來隨著更多人工智慧驅動的程式普及，這種需求可能會增長。

And then a follow-up for me here. Regarding the comments you made in the prepared remarks around potential further divestiture of noncore assets. Can you give us any insight as to what those assets might be? And are you in any active discussions here? Or is this more of a theoretical process?

接下來我還有一個問題。關於您在準備好的發言稿中就可能進一步剝離非核心資產所做的評論。您能否透露一下這些資產可能是什麼？你在這裡參與任何討論嗎？還是這更多的是一個理論過程？

So this is very practical. Let's start there. The key conclusion is that the opportunity we spoke about with Florida Blue and many others is very, very exciting. And because of that, we decided to focus all our efforts around it because we believe that's the best ROI for Amwell and the best way we can create value for our customers. We do have a long list of legacy products that do the job but do the job well. Examples are automated programs for hospitals or inpatient solutions and so on and so forth. These are good products that are secure and reliable and dependable, and we plan to continue and use them, but we are going to spend less, significantly less in growing these market segments in comparison to this very clear enormous opportunity that I shared earlier. And that's really part of our strategy that we are implementing as we speak.

所以這非常實用。我們就從這裡開始吧。最主要的結論是，我們與佛羅裡達藍十字藍盾保險公司和其他許多公司討論的機會非常非常令人興奮。正因如此，我們決定將所有精力集中在此，因為我們相信這是 Amwell 獲得最佳投資報酬率的方式，也是我們為客戶創造價值的最佳方式。我們確實有很多老舊產品，它們不僅能完成任務，而且完成得很好。例如，醫院的自動化程序或住院解決方案等等。這些都是安全可靠、值得信賴的好產品，我們計劃繼續使用它們，但與我之前提到的這個非常明顯的巨大機會相比，我們將減少在這些細分市場的發展上的投入，而且投入會大幅減少。而這正是我們正在實施的策略的一部分。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

You talked about AI and implementing that across the enterprise and other technology to sort of inform patient intake, navigation, et cetera. Can you talk a little bit about how that can be monetized? Is that something that you are charging extra for? What is sort of the model as we think about that? And maybe, Mark, I know it's still probably a little early. How should we think about maybe any kind of guardrails to think about when looking out to '26 at all, at least from a top line perspective?

您談到了人工智慧以及如何在整個企業中實施人工智慧和其他技術，以指導患者入院、就診流程等等。您能談談如何將其商業化嗎？這項服務需要額外收費嗎？我們思考這個問題時，設想的模型是什麼樣的？馬克，也許我知道現在可能還太早。展望 2026 年，至少從整體來看，我們應該如何考慮一些必要的限制？

Absolutely, Charles. So suffice to say that AI is influencing everything we do and everything that happens in our ecosystem. It's very, very dramatic. Let's start with the product, and let's start with third-party partners. When you think about someone like Sword, for example, their ability to predict with AI likelihood of someone getting surgery very soon is incredibly important.

當然，查爾斯。因此，可以說人工智慧正在影響我們所做的一切以及我們生態系統中發生的一切。真是太戲劇化了。讓我們先從產品說起，再從第三方合作夥伴說起。例如，想想像 Sword 這樣的機構，他們利用人工智慧預測某人近期接受手術的可能性是非常重要的。

Our ability to route this patient to Sword and then document these savings and report it back to the likes of Elevance and others is incredibly, incredibly valuable. The same is true for other partners like HelloHeart that is able to use predictive modeling to manage medication adherence better, and there are many other such examples.

我們能夠將這位病人轉診到 Sword 公司，然後記錄這些節省的費用並向 Elevance 等公司匯報，這非常非常有價值。對於像 HelloHeart 這樣能夠利用預測模型來更好地管理藥物依從性的其他合作夥伴來說，情況也是如此，還有許多其他這樣的例子。

So first and foremost, AI is influencing both Amwell and non-Amwell clinical programs themselves. In addition to that, AI is allowing us to create a dramatically different experience for consumers. It can be highly personalized. You can get immediate attention as a person and have a very simple, easy, attentive, personalized navigation to programs that are likely to be helpful for you.

首先，人工智慧正在影響 Amwell 和其他機構的臨床計畫本身。除此之外，人工智慧也使我們能夠為消費者創造截然不同的體驗。它可以高度個性化。您可以立即獲得個人化的關注，並享受非常簡單、輕鬆、周到、個人化的導航服務，找到可能對您有幫助的程式。

So that's another area where AI has enormous value. The monetization of such value, both things actually really increase ROI for our customers and increase traction. So when a great experience is leading to a virtual primary care experience at over 30 days saving $500 for our customers, that's very good for Amwell. That's very good for our customers as well.

所以，這是人工智慧具有巨大價值的另一個領域。這兩點都能真正提高我們客戶的投資報酬率並增加用戶成長。因此，當良好的體驗帶來超過 30 天的虛擬初級保健體驗，為我們的客戶節省 500 美元時，這對 Amwell 來說就非常好了。這對我們的客戶來說也非常好。

In addition to that, using of AI for data analytics so you can push information about outcomes in a very coherent way across different programs for a whole person and whole cohort is allowing our customers to choose the right programs and refine them over time. It also allows us to further personalize the experience for consumers and getting more use -- even more use and more higher NPS over the next.

除此之外，利用人工智慧進行數據分析，可以以非常連貫的方式將有關結果的資訊推送給不同項目、針對個人和整個群體，這使得我們的客戶能夠選擇合適的項目，並隨著時間的推移不斷改進這些項目。它還可以讓我們進一步個性化消費者體驗，並獲得更多使用——在接下來的幾年裡獲得更多使用和更高的 NPS。

So all those examples in program essentially increase the value and the traction of our platform. We don't necessarily charge more for our platform directly in order to do that, although we may be able to do that in the future. But much more importantly, as we share the value of this traction in this traffic, each time we refer someone to Sword, for example, we get some rev share from this company, which is good for us and much better than the alternative customer acquisition cost.

因此，程式中的所有範例從根本上提高了我們平台的價值和吸引力。我們目前不一定會為了實現這一點而直接提高平台收費，儘管將來我們可能會這樣做。但更重要的是，當我們分享這種流量帶來的價值時，例如，每次我們向 Sword 推薦某人時，我們都會從該公司獲得一些收入分成，這對我們來說是好事，而且比其他客戶獲取成本要好得多。

So overall, all those investments are really creating more value for our own platform. In addition to that, like any other company, we brought some wonderful talent from big tech, people like Amazon and others. And we are looking at every part of our operation, whether it's core generation, QA, product management, sales, deployment, support and so on and so forth. And like many others, we are investing much in order to implement those solutions in order to be better, more effective, more efficient. And that work is ongoing and has more and more impact.

總而言之，所有這些投資實際上都為我們的平台創造了更多價值。除此之外，和其他公司一樣，我們也從亞馬遜等大型科技公司引進了一些優秀人才。我們正在審視營運的每一個環節，包括核心產生、品質保證、產品管理、銷售、部署、支援等等。和許多其他公司一樣，我們也投入了大量資金來實施這些解決方案，以便變得更好、更有效、更有效率。這項工作仍在進行中，影響越來越大。

I would just suggest that if you need to quantify the most important financial impact, and our relevance going forward, I would suggest that our ability to tie together hybrid solution between certified humans like our national network and other solutions together with AI-driven programs that as a result, create much better financial and clinical outcomes with much lower cost and much higher engagement is the heart of the influence of AI on our financial performance.

我建議，如果您需要量化最重要的財務影響以及我們未來的相關性，我認為，我們能夠將認證人員（例如我們的全國網絡）與其他解決方案以及人工智能驅動的程序結合起來，從而以更低的成本和更高的參與度創造更好的財務和臨床結果，這才是人工智能對我們財務業績影響的核心所在。

But I guess it sounds like then maybe, Mark, in terms of how should we think about next year? And also if we're not necessarily charging more for these innovations and obviously demonstrating more ROI for customers, how should we think about margins at least? Is the current rate, I think it was 52% here in the quarter. Is that sort of the right level we should be thinking about next year? Or maybe any kind of thoughts there would be helpful.

但我想，馬克，從長遠來看，我們該如何看待明年？而且，如果我們不打算為這些創新收取更高的費用，而且顯然沒有為客戶帶來更高的投資報酬率，那麼我們至少該如何考慮利潤率？目前的利率，我記得本季是 52%。明年我們應該考慮的水平是不是差不多？或許任何想法都會有所幫助。

Yes. Charles, I don't believe the introduction of the AI features and the attributes that we're looking to implement throughout the year are going to have any meaningful impact on our margins. What's going to lead to the margin probably variation from '25 to '26 will be exactly what we saw in '25, which was the greater ability to bring more software revenues into the top line. Clearly, we had significant to the tune of tens of millions of dollars of implementation revenues generating very high margins. They impacted the margin profile tremendously. And that's why we're exiting at these stronger margins compared to '24. '26, I believe, will be consistent with the '25 margin profile.

是的。查爾斯，我不認為我們計劃在今年內實施的人工智慧功能和屬性的引入會對我們的利潤率產生任何實質的影響。2025 年到 2026 年利潤率的變化可能與 2025 年的情況完全相同，即軟體收入的增加將更有效地計入總收入。顯然，我們獲得了數千萬美元的巨額實施收入，產生了非常高的利潤率。它們對利潤率產生了巨大影響。這就是為什麼我們退出時的利潤率比 2024 年更高的原因。我認為，2026 年的利潤率將與 2025 年的利潤率保持一致。

And maybe one last one, if I could. You talked about sort of divesting sort of noncore assets. Obviously, APC was an example. Is there a lot of other assets still that you would consider in that noncore bucket? And is there a sense for timing? Is this something that we'd like to do very soon? Or is this when you can get something a good value for it?

如果可以的話，也許還能再加一個。你剛才提到要剝離一些非核心資產。顯然，APC就是一個例子。在您看來，非核心資產類別中還有很多其他資產需要考慮嗎？他對時機有把握嗎？這是我們近期想做的事嗎？或者，這正是你能以優惠價格買到東西的時候嗎？

It's more the latter, Charles. We're not in the market with either of these, what I would suggest are a couple of defined assets that can be bifurcated from the rest of the business without losing any focus, without challenging any of the clients right now with removing some of these. These are distinct assets that have a certain profile of clients that we could, in fact, cordon off, we could run them separately. But I think throughout '26, we will try to, again, narrow our focus in those areas that Ido shared in his prepared remarks.

更確切地說是後者，查爾斯。我們目前沒有這兩項投資，我的建議是，將一些明確的資產從公司其他業務中剝離出來，這樣既不會分散注意力，也不會因為移除這些資產而給任何客戶帶來麻煩。這些都是獨特的資產，它們擁有特定的客戶群體，我們實際上可以將它們隔離出來，單獨運作。但我認為在整個 2026 年，我們將再次嘗試把重點放在伊多在準備好的演講稿中提到的那些領域。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

This is Jenny on for Jailendra. Just had a question around macro with all the macro noise, tariffs and economic uncertainty. Have you seen any impact on your sales pipeline as health systems continue to evaluate their IT budgets? Just curious how that conversation has been going in terms of the last couple of months? And related to that, can you talk about your direct tariff exposure?

這裡是珍妮，為您報道賈倫德拉。鑑於目前宏觀經濟情勢嘈雜、關稅和經濟不確定性，我有一個關於宏觀經濟的問題。隨著醫療系統不斷評估其 IT 預算，您的銷售管道是否受到了影響？只是好奇過去幾個月裡，你們的談話進展如何？另外，您能否談談貴公司面臨的直接關稅風險？

Jenny, well, essentially, what we see in the market is that our solution is serving very important pain points that many of the customers using the new ones see as obligatory in the sense that if you think about it for a payer, the ability to have reliable, effective solution around hybrid care and technology-enabled care is a tool that is demanded by the sponsors, by employers and others and generate enormous savings. Implementing effective AI-driven care programs is not a question of if, it's really a question of how. You must do it, and that's very clear for our customers.

珍妮，嗯，基本上，我們在市場上看到的是，我們的解決方案正在解決一些非常重要的痛點，許多使用新產品的客戶認為這是必不可少的。如果你從支付方的角度來看，擁有一個可靠、有效的混合護理和技術賦能護理解決方案的能力，是贊助商、雇主和其他人所需要的工具，可以節省大量資金。實施有效的AI驅動型護理計劃不是是否實施的問題，而是如何實施的問題。你必須這樣做，這一點我們的客戶非常清楚。

That's very dangerous. It's very confusing. It's error-prone. We offer our customers an ability to create less noise by having one platform that is embedded in their infrastructure and much less vendor fatigue by allowing us to do the heavy lifting of connecting to more and more solutions and making it still part of one experience and one report.

那非常危險。這太令人困惑了。它容易出錯。我們為客戶提供了一種能力，即透過一個嵌入到他們基礎設施中的平台來減少噪音，並透過讓我們承擔連接越來越多的解決方案的繁重工作，並使其仍然成為單一體驗和單一報告的一部分，從而大大減少供應商疲勞。

So when we talk to them, that's not a line item they are likely to pass upon even if pressed. As it relates to health systems, we definitely believe that when we look at things like workflow automation, inpatient solutions, hardware solutions, things of that nature, there's definitely some resistance right now and some caution because of the economical impact. And that's one of the reasons why we are moving away resources from promoting such solutions into our core offering.

所以當我們和他們談這件事時，即使我們追問，他們也不太可能放棄這個選項。就醫療系統而言，我們絕對認為，當我們審視工作流程自動化、住院解決方案、硬體解決方案等類似事物時，目前確實存在一些阻力，並且由於經濟影響而持謹慎態度。這也是我們逐漸減少將此類解決方案推廣到我們核心產品中的資源的原因之一。

At the same time, when you look at delivery network that are implementing value-based care, when you look at their competition for patients, their need to add, for example, behavioral health to their core offering, things of that nature, their ability to expand their reach beyond catchment areas, all these things directly influence revenues, directly influence their livelihood and are considered as essential. And therefore, we see that we still have an offering that resonates and is relevant right now.

同時，當你觀察那些實施基於價值的醫療服務的機構時，當你觀察他們與患者的競爭時，當你觀察他們需要在其核心服務中添加行為健康等服務時，當你觀察他們將服務範圍擴展到服務區域之外的能力時，所有這些都直接影響收入，直接影響他們的生計，並被認為是至關重要的。因此，我們看到，我們仍然擁有能夠引起共鳴且與時俱進的產品或服務。

As it relates to tariffs, very minimal impact. We have a tiny business line that still has some hardware outside the United States. And that, of course, is impacted, but it has a negligible impact on our performance. We are proudly creating our software as a US firm and therefore -- and our businesses in the US as well. So we don't see any meaningful impact -- direct impact as it relates to tariffs. Of course, it may influence the market and the macro like everyone else, but it's not Amwell specific.

就關稅而言，影響微乎其微。我們有一個規模很小的業務部門，其部分硬體設備仍位於美國境外。當然，這會受到影響，但對我們的業績影響微乎其微。我們是一家自豪的美國公司，我們開發自己的軟體，因此—我們的業務也在美國開展。因此，我們沒有看到任何實質的影響——就關稅而言，沒有看到任何直接影響。當然，它可能會像其他人一樣對市場和宏觀經濟產生影響，但這並非安威爾特有的現象。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

This is Jack Senft on for Kevin. I wanted to go back to the comments on diverting resources away from the noncore assets. So just to clarify, this is something that's not embedded in guidance this year, correct? And then maybe as a second part to that, is this -- if it's not, is this something that could move up your time line on being cash flow breakeven next year? Or is this something that could even meaningfully move up cash flow expectations? If you can just comment on kind of what your expectations are there, that would be great.

這裡是傑克森夫特，他替凱文報道。我想回到之前關於將資源從非核心資產轉移出去的評論。所以，為了確認一下，這方面的內容今年還沒有納入指導方針，對嗎？其次，如果不是這樣，這是否能加快您明年實現現金流量收支平衡的進程？或者，這是否有可能顯著提升現金流預期？如果您能簡單說說您對此有何期望，那就太好了。

Yes. This is not included in any of the guidance that you've seen throughout 2025 or the new guidance we provided for the final quarter this year. The impact that it would likely have would not be substantial to the degree that it would change our perspective on cash flow breakeven from operations in the end of 2026.

是的。這並未包含在您在整個 2025 年看到的任何指導意見中，也沒有包含在我們今年最後一個季度提供的新指導意見中。它可能會產生的影響不會很大，以至於會改變我們對 2026 年底營運現金流收支平衡的看法。

And then maybe just a quick follow-up. I know your sales and marketing expense, it took a nice step down sequentially this quarter. I know you're still targeting the declines of at least 25% plus this year. But maybe as we look at each like kind of line item in the operating expenses here, are these kind of good run rates to think about going forward? Or is there still additional leverage that you can pull next year? I think you touched on it a little bit briefly, but if you can just talk a little bit more about it, that would be great.

然後或許只需要一個簡單的後續問題。我知道你們的銷售和行銷費用，本季環比有所下降。我知道你今年的目標仍然是至少下跌 25% 以上。但也許當我們逐項查看營運費用中的類似項目時，這些是否是值得考慮的未來發展方向的良好運作率？或者，明年你還有其他可以利用的籌碼嗎？我覺得你剛才已經稍微提過了，但如果你能再多談談，那就太好了。

Yes, sure. As you pointed out, right, we had we really optimized the spend and reduced significantly the sales and marketing costs quarter-over-quarter, but obviously, compared to last year, that's material. I think there's still some meaningful opportunity to take out some costs in 2 other areas, probably G&A. We -- another significant area, probably the most from an absolute dollar perspective was in our costs and the delivery functioning. That's where we're likely going to be benefiting from the implementation of AI tools, both clinical operations, clinical delivery. We'll be able to scale the growth at a lower cost. And I think that will be visible throughout 2026 and beyond.

當然可以。正如您所指出的，沒錯，我們確實優化了支出，並大幅降低了銷售和行銷成本，但顯然，與去年相比，這是一個很大的變化。我認為在其他兩個方面，可能還有削減一些成本的有意義的機會，那就是一般及行政費用。我們－另一個重要領域，從絕對金額來看可能是最大的，是我們的成本和交付運作。這就是我們很可能從人工智慧工具的應用中受益的地方，包括臨床操作和臨床服務。我們將能夠以更低的成本擴大成長規模。我認為這種情況在 2026 年及以後都會持續存在。

John Park, Morgan Stanley.

約翰‧帕克，摩根士丹利。

I know you guys talked about the cash flow breakeven target in '26. And also given the noncore divestitures that are conversations that are going on, if you had to prioritize or rank the factors going into this -- going into that target, factors such as customer renewals, perhaps price increases, service mix, maybe some other factors that I'm not considering right now, how would you rank those?

我知道你們討論過 2026 年的現金流損益兩平目標。此外，考慮到目前正在進行的關於非核心資產剝離的討論，如果您必須對實現該目標的因素進行優先排序或排名，例如客戶續約、價格上漲、服務組合，以及我目前沒有考慮到的其他一些因素，您會如何對這些因素進行排名？

Are you asking how we would rank those in consideration of our target for cash flow breakeven next year? Or how do we rank them purely from a top to bottom priority?

您是想問我們如何根據明年現金流量收支平衡的目標來對這些項目進行排序嗎？或者我們如何純粹按照優先順序從高到低對它們進行排序？

Yes. Like how would you prioritize those things? Obviously, the divesting noncore assets is probably going to get you a decent chunk there, but just wondering how -- any other factors to consider to reach that target?

是的。你會如何對這些事情進行優先排序？顯然，剝離非核心資產可能會讓你獲得相當可觀的收入，但我只是想知道如何才能實現這個目標——還有其他因素需要考慮嗎？

Yes. The divestiture of those non-core assets will certainly help to focus the company on our core initiatives and would obviously provide some additional dry powder for the balance sheet on top of our $200 million that we just ended the quarter with. And again, we have no debt. So that gives us a little bit more leverage. But I think we primarily have to focus on client retention, ensuring that our platform is delivering and our teams are handling the requests, the growth, the other opportunities for ROI that our clients are demanding. So I'd probably tell you retention is number one. And then, of course, some of the growth initiatives on the product side would then likely be ranked as the number two priority

是的。剝離這些非核心資產肯定有助於公司專注於我們的核心業務，並且顯然會為資產負債表提供一些額外的可用資金，加上我們剛結束的季度末的 2 億美元。而且，我們沒有任何債務。這樣我們就有了更多談判籌碼。但我認為我們主要還是要專注於客戶留存，確保我們的平台能夠正常運作，我們的團隊能夠處理客戶提出的各種需求、成長以及其他投資報酬率方面的機會。所以我會告訴你，客戶留存率是最重要的。當然，產品方面的一些成長計劃很可能會被列為第二優先級。

I know you mentioned Sword as kind of a way to implement more partners. Is there any areas or topics that you would not want to partner where you would want to just own outright versus integrate with third party?

我知道你提到Sword是為了吸引更多合作夥伴。是否存在一些領域或主題，您不希望與第三方合作，而是希望完全自主開發，而不是與第三方整合？

So our service to our customers is the ability to help them under the brand, create one customer acquisition cost gateway connected to programs of their choosing. The fact that we come out of the box with a very long list of solutions across the full continuum doesn't hurt. But even more exciting is the fact that we can very easily add anything they want to or their clients want to implement.

因此，我們為客戶提供的服務是幫助他們在品牌下創建一個客戶獲取成本門戶，並將其與他們選擇的項目聯繫起來。我們一開始就提出了涵蓋所有方面的一長串解決方案，這無疑是個好消息。但更令人興奮的是，我們可以非常輕鬆地添加他們想要的任何內容，或他們的客戶想要實施的任何內容。

So as long as our customers believe that the solution is logistic, it's secure, it's compliant with different regulations, things of that nature, we will gladly implement it as part of their solution so they can benefit and monitor the value of such implementation.

只要我們的客戶相信解決方案在物流方面是可行的、安全的、符合各種法規的，等等，我們就很樂意將其作為他們解決方案的一部分來實施，以便他們能夠從中受益並監控這種實施的價值。

I'm showing no further questions at this time. I would now like to turn it back to Ido for closing remarks.

我目前沒有其他問題要問。現在我想把時間交還給伊多，讓他做總結發言。

Thank you, everyone, for joining. We really appreciate your time. It's interesting to see how relevant Amwell is in a time of great change, and it's exciting to see how this will grow even more as we go forward. Thank you again, and have a good evening.

謝謝大家的參與。非常感謝您抽出時間。在當今瞬息萬變的時代，Amwell 的重要性令人矚目，而隨著我們不斷向前發展，它還將取得更大的成就，這令人興奮不已。再次感謝，祝您晚安。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Thank you.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。謝謝。