American Well Corporation (AMWL) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to Amwell's conference call to discuss their first fiscal quarter of 2026. (Operator Instructions) 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.

各位好，歡迎參加 Amwell 的電話會議，討論其 2026 會計年度第一季的業績。(接線員指示) 今天與會者包括 Amwell 董事長兼執行長 Ido Schoenberg 醫師，以及 Amwell 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 the normal news sources. This conference call is being webcast live on the IR page of the website, where a replay will be archived.

今天稍早，公司已發布新聞稿，詳述本次公告內容。財報已公布於 Amwell 網站 investors.amwell.com，亦可透過一般新聞來源取得。本次電話會議將於網站投資人關係（IR）頁面進行線上直播，並將提供重播存檔。

Before we 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 those forward-looking statements. On this call, we'll refer to both GAAP and non-GAAP financial measures.

在開始預先準備的發言之前，我想藉此提醒各位：在本次電話會議中，我們將就預期的營運結果與預估的市場機會發表前瞻性陳述。此等前瞻性資訊受我們向美國證券交易委員會（SEC）提交文件中所述之風險與不確定性影響。實際結果或事件可能存在重大差異。除法律另有規定外，我們不承擔更新或修訂此等前瞻性陳述之義務。在本次電話會議中，我們將同時引用 GAAP 與非 GAAP 財務衡量指標。

A reconciliation of GAAP to non-GAAP financial measures is provided in the earnings release.

GAAP 與非 GAAP 財務衡量指標之調節表已載於本次財報新聞稿中。

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

接下來，我想把電話交給 Ido。

Thank you, operator. Good evening, everyone. Over the past 12 months, we focus on what matters most, solving clear urgent customer needs. We deliver dependable, unified platform, and the market is responding. Elevance renewed for three years. DHA deployed globally. Our pipeline is growing. CMS is increasingly making telehealth flexibilities permanent.

謝謝接線員。各位晚安。過去 12 個月，我們專注於最重要的事：解決客戶明確且迫切的需求。我們提供可靠、整合一致的平台，市場也正做出回應。Elevance 續約三年。DHA 已在全球部署。我們的商機管線正在成長。CMS 正日益將遠距醫療的彈性措施永久化。

And in 2025, we reduced losses by $100 million. We also significantly grew our subscription revenue mix. We have ample cash, no debt and a clear path to cash flow breakeven in Q4 with real confidence in multiyear growth beyond it. Amwell entered 2026 with one focus, consolidate our platform and deliver what payer and provider customers need most today and in the future.

而在 2025 年，我們將虧損減少了 1 億美元。我們也大幅提高訂閱收入的占比。我們現金充裕、無負債，並且有明確路徑在第四季達成現金流損益兩平，且對其後多年成長具備真正的信心。Amwell 以單一焦點進入 2026 年：整合我們的平台，並交付付款方與醫療提供者客戶在當下及未來最需要的能力。

The market opportunity is real and urgent. Payers are under serious margin pressure. Premiums are not keeping pace with the total cost of care. Technology-enabled care and AI-powered clinical programs, in particular, are now one of the most critical levers payers have. They help control costs.

市場機會真實且迫切。付款方正承受嚴重的利潤率壓力。保費成長未能跟上整體醫療照護成本。以科技賦能的照護與 AI 驅動的臨床方案，尤其是，已成為付款方最關鍵的槓桿之一。它們有助於控制成本。

They help improve outcomes. They help payers compete for members and sponsors. This is no longer speculative. It is a survival imperative, but adoption remains hard.

它們有助於改善成效。它們有助於付款方爭取會員與贊助方。這不再只是推測。這是攸關生存的必要條件，但採用仍然困難。

Despite strong demand, customers are struggling. Vendor sprawl is a real burden. Legacy tech stacks and internal silos make it expensive to integrate point solutions. The result, fragmented member experiences and very limited visibility into what actually works. Customers cannot easily measure performance across their programs.

儘管需求強勁，客戶仍面臨困境。供應商過度分散確實是一項沉重負擔。既有技術堆疊與內部孤島，使得整合各種點狀解決方案的成本高昂。其結果是：會員體驗碎片化，且對於哪些方案真正有效的能見度非常有限。客戶無法輕易衡量其各項方案的整體績效。

Switching between them or optimizing member attribution is slow, expensive and painful. That is exactly where we step in. Amwell solves this. We offer a trusted, proven technology-enabled care infrastructure, a unified digital stack that lets health care sponsors act as their own system integrators. Customers white label and embed the clinical programs their members need directly within their own digital front door. They control navigation, they monitor results. And those results go to the heart of their business, lower costs, better outcomes and stronger market share.

在不同方案間切換或最佳化會員歸因的過程緩慢、昂貴且痛苦。這正是我們介入之處。Amwell 解決這個問題。我們提供值得信賴、經驗證的科技賦能照護基礎設施：一套整合一致的數位技術堆疊，使醫療照護贊助方能夠充當自己的系統整合商。客戶可採白標方式，並將會員所需的臨床方案直接嵌入其自有的數位入口。他們掌控導覽流程，也監測成果。而這些成果直指其業務核心：更低成本、更佳成效與更強的市占率。

With Amwell, customers get one unified engagement and navigation platform. It reduces acquisition and retention costs. It matches each patient with the most effective program based on client-defined rules. And it aims to deliver unified analytics across every program, so clients can see what works, document outcomes and adjust quickly. Clients can adjust service attribution by member, group or cohort.

透過 Amwell，客戶可獲得一個整合一致的互動與導覽平台。它可降低獲客與留存成本。它會依據客戶自訂規則，為每位病患匹配最有效的方案。並致力於在每個方案之間提供一致的分析能力，使客戶能看見哪些有效、記錄成效並快速調整。客戶可依會員、群組或同質群（cohort）調整服務歸因。

They can add Amwell native clinical programs, third-party programs or their own preferred programs. That level of control and agility is highly valued and desired. The Amwell platform is built for where AI is going next. The industry is moving fast from generative AI to agentic AI. These are systems that don't just create content.

他們可以加入 Amwell 原生臨床方案、第三方方案，或其自有偏好的方案。這種程度的掌控力與敏捷性極具價值且備受期待。Amwell 平台是為 AI 下一步發展而打造。產業正快速從生成式 AI 走向代理式 AI（agentic AI）。這些系統不僅僅是產生內容。

They execute tasks autonomously across complex workflows. Our customers are preparing for this shift. The Amwell platform is positioned to be the governed environment where these agents operate safely, effectively and at scale. We are not positioning Amwell as an AI feature. We are the infrastructure layer where AI-powered care becomes operational and measurable. A critical enabler of effective AI is data. Because our platform serves as a common infrastructure across all programs, we aim to maintain a unified data structure that is unique in our industry.

它們能在複雜工作流程中自主執行任務。我們的客戶正在為這項轉變做準備。Amwell 平台定位為受治理的環境，使這些代理能安全、有效且可規模化地運作。我們並非將 Amwell 定位為一項 AI 功能。我們是 AI 驅動照護得以落地運作並可衡量的基礎設施層。有效 AI 的關鍵促成因素是資料。由於我們的平台作為所有方案的共同基礎設施，我們致力於維持一套在本產業中獨特的統一資料結構。

Before care begins, we look to share relevant member information with clinical programs, which the patient has selected so they can engage effectively from the first interaction. After care is delivered, we aim to collect and consolidate outcomes data across all programs. That data improves attribution, drives personalization and makes every AI-driven program more effective over time. This unified data foundation may create a significant and durable competitive advantage for us. We also have powerful validation at scale.

在照護開始之前，我們希望與病患所選擇的臨床方案分享相關的會員資訊，使其能從第一次互動起就有效投入。在照護提供之後，我們致力於蒐集並彙整所有方案的成效資料。這些資料可改善歸因、推動個人化，並使每一個 AI 驅動方案隨時間推移更為有效。這個統一的資料基礎，可能為我們創造顯著且持久的競爭優勢。我們也擁有在大規模情境下的強力驗證。

Elevance Health, one of the largest payers in the country, has renewed with Amwell for three more years. That is a strong vote of confidence in our platform and the value we deliver in one of the most sophisticated operating environments in the market. We also have powerful validation on the government side. The military health system contract extension in August 2025 put our platform in front of 9.6 million military beneficiaries across the globe, connecting deployed units in and outside combat zones with military hospitals.

Elevance Health 是全美最大的付款方之一，已與 Amwell 續約三年。這是在市場上最成熟、最複雜的營運環境之一中，對我們平台及我們所交付價值的強力信任投票。我們在政府端也有強力驗證。2025 年 8 月的軍事健康系統合約延長，使我們的平台面向全球 960 萬名軍方受益人，連結戰區內外的部署部隊與軍事醫院。

That level of security, scale and mission-critical reliability is exactly what other government entities, payer and health system clients are looking for. The regulatory environment is now working in our favor. CMS has made telehealth permanently accessible. Rural geographic restrictions are gone. Home-based telehealth is extended through at least 2027. Virtual behavioral health is now a permanent part of Medicare.

這種等級的安全性、規模與任務關鍵可靠性，正是其他政府機構、付款方與醫療體系客戶所尋求的。監管環境如今正朝有利於我們的方向發展。CMS 已使遠距醫療永久可及。偏鄉地理限制已取消。居家遠距醫療已延長至少至 2027 年。虛擬心理／行為健康服務如今已成為 Medicare 的永久組成部分。

New reimbursement code for advanced primary care management and behavioral health integration are creating further incentives to shift care into virtual and community-based settings. This is a direct tailwind for our platform. We have also transformed how we operate. Alongside strengthening our platform, we made meaningful operational improvements, sharper focus, significant organizational changes and more efficient ways of working.

針對進階初級照護管理與行為健康整合的新報銷代碼，正在創造更多誘因，推動照護轉向虛擬與社區型場域。這對我們的平台而言是直接的順風。我們也改造了我們的營運方式。在強化平台的同時，我們也進行了具實質意義的營運改善、更聚焦的策略、重大的組織調整，以及更高效率的工作方式。

In 2025, we reduced net loss and adjusted EBITDA losses by approximately $100 million. Subscription revenue grew to 53% of total revenue, a recurring stable income stream. And the market is responding. Renewals are strong, pipeline growth is significant. Our offering is resonating with existing customers and new ones alike.

在2025年，我們將淨虧損與調整後EBITDA虧損合計降低約1億美元。訂閱收入成長至總收入的53%，成為可重複且穩定的收入來源。市場也正在回應。續約表現強勁，管線成長顯著。我們的產品同時獲得既有客戶與新客戶的共鳴。

We enter this next phase with $182 million in cash, no debt, a clear path to cash flow breakeven in Q4 of this year and a view towards multiyear growth beyond that milestone. We have a clear strategy, a mature and highly relevant platform, an efficient operation and financial stability that gives us the runway to execute. We are excited about what is ahead.

我們以1.82億美元現金、零負債進入下一階段，並有明確路徑在今年第四季達成現金流損益兩平，同時展望在該里程碑之後的多年成長。我們擁有清晰的策略、成熟且高度相關的平台、高效率的營運，以及提供我們執行跑道的財務穩健性。我們對未來充滿期待。

And now I would like to turn to Mark for a closer review of our performance. Mark?

接下來我想請Mark更深入檢視我們的表現。Mark？

Thanks, Ido, and good afternoon, everyone. On today's call, I'll start with a few highlights from the first quarter, walk through our financial results in detail and close with an update on our second quarter and full year 2026 outlook. In the first quarter, we delivered strong results across revenue, gross margin and adjusted EBITDA. The outperformance was driven by strong visit volumes in urgent care and clinical programs with continued cost discipline.

謝謝，Ido，各位下午好。在今天的電話會議上，我會先分享第一季的幾項重點，接著詳細說明我們的財務結果，最後更新我們對2026年第二季與2026全年展望。第一季，我們在營收、毛利率與調整後EBITDA方面都交出強勁成果。優於預期主要來自急診照護與臨床方案的強勁就診量，同時持續維持成本紀律。

These results demonstrate continued progress on our path toward profitability and reinforce our confidence in the trajectory of our business. Total revenue for the first quarter was $54.9 million, down approximately 18% year-over-year. Subscription revenue was $24.9 million, down approximately 23% year-over-year, driven primarily by previously disclosed churn. Encouragingly, renewals and retention were higher than budgeted in the first quarter, providing greater confidence in the stability of our subscription base going forward.

這些結果顯示我們在邁向獲利的道路上持續取得進展，並強化我們對業務走勢的信心。第一季總營收為5,490萬美元，年減約18%。訂閱收入為2,490萬美元，年減約23%，主要受先前已揭露的客戶流失影響。令人鼓舞的是，第一季的續約與留存高於預算，讓我們對未來訂閱基礎的穩定性更有信心。

Amwell Medical Group, or AMG visit revenue was $28.9 million, up approximately 9% year-over-year. AMG paid visits totaled approximately 382,000 visits, up slightly year-over-year with revenue per visit of approximately $76 up approximately $5 per visit year-over-year, reflecting the growing contribution of our clinical programs and the broader shift in our visit mix toward higher acuity, higher-value care.

Amwell Medical Group（AMG）就診收入為2,890萬美元，年增約9%。AMG付費就診量約為382,000次，較去年同期小幅增加；每次就診收入約76美元，年增約5美元，反映我們臨床方案的貢獻提升，以及就診組合更廣泛地轉向更高病情嚴重度、價值更高的照護。

Virtual primary care continued its strong growth trajectory with visits up approximately 57% year-over-year, underscoring the increasing adoption of our VPC offering across our client base. Total platform visits were 1 million visits, down approximately 19% year-over-year, which is in line with the portfolio changes we have previously discussed. Gross profit was $28 million with a gross margin of 51%, down approximately 180 basis points year-over-year from 52.8% in the first quarter of 2025.

虛擬初級照護延續強勁成長軌跡，就診量年增約57%，凸顯我們VPC產品在客戶群中的採用度持續提升。平台總就診量為100萬次，年減約19%，與我們先前討論過的產品組合變動一致。毛利為2,800萬美元，毛利率為51%，較2025年第一季的52.8%年減約180個基點。

Near term, our existing revenue mix will likely generate a margin profile similar to what we just generated. We continue to see our projected revenue mix shifting toward higher-margin SaaS offerings, which we believe will support margin expansion over the next several years as our scale improves. Total operating expenses were $45.4 million, down approximately 31% year-over-year. As a percentage of revenue, operating expenses improved to 82.6% from 98.3% in Q1 of 2025, reflecting the benefits of our transformation actions and continued cost discipline.

短期內，我們現有的營收組合可能會產生與剛才相近的毛利率輪廓。我們持續看到預期的營收組合正轉向毛利率更高的SaaS產品，我們相信隨著規模提升，未來幾年將支持毛利率擴張。總營運費用為4,540萬美元，年減約31%。以營收百分比計，營運費用占比由2025年第一季的98.3%改善至82.6%，反映我們轉型措施的效益與持續的成本紀律。

Adjusted EBITDA for the first quarter was a loss of $3.1 million compared to a loss of $12.2 million in Q1 of 2025, representing a $9.1 million improvement. Operating loss was $17.4 million compared to $30.4 million in Q1 of 2025, an improvement of approximately 43% year-over-year. Now turning to the balance sheet. We reported cash burn of approximately $3.1 million, down from $19 million last quarter. We ended the quarter with $179 million in cash and investments with 0 debt.

第一季調整後EBITDA為虧損310萬美元，相較2025年第一季虧損1,220萬美元，改善910萬美元。營業虧損為1,740萬美元，相較2025年第一季的3,040萬美元，年減約43%。接著看資產負債表。我們的現金消耗約310萬美元，較上一季的1,900萬美元下降。本季末我們持有1.79億美元的現金與投資，且零負債。

Now turning to guidance. For the second quarter of 2026, we expect revenue in the range of $48 million to $52 million and an adjusted EBITDA loss in the range of negative $4 million to negative $2 million. This Q2 outlook reflects normal seasonality in visit volumes and the continued step down in subscription revenue impacted by previously discussed churn. Additionally, for the full year, we are reiterating our revenue outlook and updating our expectations for adjusted EBITDA. The revised adjusted EBITDA range reflects the progress we've made in the first quarter and that which we expect to continue throughout 2026.

接下來談指引。對於2026年第二季，我們預期營收介於4,800萬至5,200萬美元之間，調整後EBITDA虧損介於負400萬至負200萬美元之間。此第二季展望反映就診量的正常季節性，以及受先前討論的客戶流失影響、訂閱收入持續下滑。此外，針對全年，我們重申營收展望，並更新對調整後EBITDA的預期。修訂後的調整後EBITDA區間反映我們第一季取得的進展，以及我們預期在2026年持續延續的改善。

We now expect full year 2026 to generate revenue in the range of $195 million to $205 million and adjusted EBITDA loss of $16 million to $12 million compared to our previous range of a loss of $24 million to $18 million. The strength of Q1 gives us increased confidence in our goal of achieving positive cash flow from operations in the fourth quarter of this year.

我們目前預期2026全年營收介於1.95億至2.05億美元之間，調整後EBITDA虧損介於1,600萬至1,200萬美元之間；相較先前預期虧損2,400萬至1,800萬美元。第一季的強勁表現讓我們對於在今年第四季達成營運活動正向現金流的目標更有信心。

In summary, Q1 was a promising start to the year. Visit volume momentum, stable subscription revenue and a leaner cost structure give us confidence that we are on the right path. I want to thank the entire Amwell team for their hard work and dedication. These results reflect their efforts.

總結來說，第一季是今年一個令人鼓舞的開端。就診量動能、穩定的訂閱收入以及更精實的成本結構，讓我們有信心我們正走在正確的道路上。我要感謝整個Amwell團隊的辛勤付出與投入。這些成果反映了他們的努力。

With that, I'll turn it back to Ido.

接下來我把時間交還給Ido。

Thank you, Mark. We are encouraged by our progress. It was made possible by the amazing team at Amwell. We feel privileged to help improve care for millions of patients and especially for the men and women in our military and their families around the globe. Amwell is playing an important role in transforming health care.

謝謝你，Mark。我們對於進展感到振奮。這一切得以實現，歸功於Amwell優秀的團隊。我們很榮幸能協助改善數百萬名病患的照護，尤其是全球各地的軍中男女官兵及其家屬。Amwell在推動醫療照護轉型方面扮演重要角色。

What we do matters, and we believe it will only become more valuable going forward. We are proud of what we've accomplished, and we are truly excited about the road ahead.

我們所做的事很重要，而我們相信未來其價值只會更高。我們為已完成的成果感到自豪，也對前方道路感到非常期待。

With that, I'd like to open the call for questions. Operator, please go ahead.

接下來，我想開放提問。接線員，請開始。

(Operator Instructions)

（接線員指示）

John Park, Morgan Stanley.

John Park，摩根士丹利。

Hi. Thanks, guys. On the DHA relationships, could you remind us or help us understand if there's any dependencies on the broader DHA's GENESIS or partners like Leidos and if that ecosystem dynamic would influence any renewal decision in the near future?

嗨。謝謝，各位。關於與DHA的合作關係，能否請你們提醒我們或協助我們理解：是否存在對更廣泛的DHA之GENESIS或像Leidos這類合作夥伴的任何依賴？以及這種生態系的動態是否會在近期影響任何續約決策？

I believe, Ido, may be having some tech problems.

我想，Ido 可能遇到一些技術問題。

I'm sorry, I'm back, I apologize for this. Can you hear me now?

抱歉，我回來了，為此致歉。你們現在聽得到我嗎？

Loud and clear.

很清楚。

Okay. So essentially, when we take this incredibly important customer, the DHA, we really focused on delivering on their very specific and high expectations. We are privileged to have many other players involved, but our focus remains on making sure that first and fore, we put the customer first. There are many changes happening in different areas, but the service that we are providing and the integration into the backbone of the DHA remains constant.

好的。基本上，當我們面對這位極其重要的客戶DHA時，我們確實專注於滿足他們非常具體且高標準的期望。我們很榮幸有許多其他參與者共同投入，但我們的重點仍是確保首先、最重要的是把客戶放在第一位。不同領域正在發生許多變化，但我們所提供的服務以及與DHA骨幹系統的整合始終保持不變。

From where we sit and we strongly believe that based on our performance and relationship, we would likely hope and believe we are going to renew and continue to serve this customer for many years, recognizing that not all the players -- other players may or may not continue in the same format, but we are fairly confident and hopeful that we will, although we can never take it for granted and we work every day to continue and justify their trust.

就我們的立場而言，我們也堅信，基於我們的表現與合作關係，我們很可能希望並相信能夠續約，並在未來多年持續服務這位客戶；同時也要認知到並非所有參與者——其他參與者可能會或不會以相同形式繼續，但我們相當有信心也抱持希望我們會繼續，儘管我們永遠不能視為理所當然，我們每天都在努力持續證明並不辜負他們的信任。

Got it. My just follow-up would be, you talked about perhaps the broader pipeline. I remember perhaps the broader government pipeline you talked in the past. When you think about the rural health transformation initiative, I was wondering if you see any opportunities that this program could serve as a diversification lever relative to the broader government portfolio?

了解。我接著追問一下，你提到可能更廣泛的案源。我記得你過去談過更廣泛的政府端案源。當你想到「鄉村健康轉型倡議」時，我想請教你是否看到這個計畫能成為相對於更廣泛政府組合的一個多元化槓桿的機會？

You're absolutely correct, John. In general, as we focus our efforts on our single platform and related products, I mentioned in my prepared remarks that people have great clarity. about the value that we bring and see the urgency in fulfilling that value that we believe we provide fairly uniquely. That's true for health system. It's certainly very true for commercial payers.

你說得完全正確，John。整體而言，當我們把努力聚焦在單一平台及其相關產品時，我在事先準備的發言中提到，人們對我們帶來的價值有非常清晰的認知，也看到了實現該價值的迫切性，而我們相信我們所提供的價值在相當程度上是獨特的。這對醫療體系而言是如此。對商業保險支付方而言更是如此。

And now that we have demonstrated in very large scale in a very unique and challenging environment of the GovCloud, our ability to operate there, that's not lost on government entities.

而且，既然我們已在GovCloud這個非常獨特且具挑戰性的環境中，以非常大規模證明了我們在那裡運作的能力，政府機構也不會忽視這一點。

From where we see it, we certainly believe that we are going to continue to grow in the commercial space, but also in the government space going forward. We are trying to submit RFPs to many of the opportunities that you mentioned in rural health. This is a long process. We believe we are well positioned, but the jury is still out as to the results, and we'll just have to wait patiently with everybody else. That's not the only opportunity in government that we are pursuing.

就我們所見，我們確實相信未來我們將持續在商業領域成長，同時也會在政府領域成長。我們正嘗試針對你提到的鄉村健康相關機會提交多項RFP。這是一個漫長的流程。我們相信自身具備良好定位，但結果仍未定，我們只能和其他人一樣耐心等待。而且政府端我們追求的不只這一個機會。

We're pursuing other opportunities as well. And that's certainly part of the pipeline I talked about and Mark mentioned as well. Thank you.

我們也在追求其他機會。這也確實是我提到、Mark也提到的案源管線的一部分。謝謝。

Corey DeVito, Wells Fargo.

Corey DeVito，富國銀行。

Hi, This is Corey on for Stan Berenshteyn. Two questions on my end. One, any update on upselling the scope of the current DHA contract? And then the second one, what's the driver of the sequential increase in deferred revenue? I believe it's up $7 million quarter-over-quarter.

嗨，我是Corey，代替Stan Berenshteyn提問。我這邊有兩個問題。第一，關於擴大目前DHA合約範圍的加值銷售（upsell），有沒有最新進展？第二，遞延收入（deferred revenue）季對季增加的驅動因素是什麼？我相信季對季增加約700萬美元。

I'll take the first, and Mark will answer the second part of your question, Corey. Thank you. As it relates to the DHA, we are laser focused, as I mentioned earlier, on renewing our agreement for the current scope, and we are hopeful that, that's going to be the case. As it relates to further expansion, especially behavioral health, what we know is that we did deploy that successfully in the past, quite significantly in different demonstrative regions.

Corey，我先回答第一個，第二個部分由Mark回答。謝謝。就DHA而言，如我先前提到的，我們高度聚焦於以目前的合約範圍續約，我們也希望會是如此。至於進一步擴張，特別是行為健康（behavioral health），我們知道過去我們確實已成功部署，而且在不同示範區域相當大規模地推行。

And we know that it delivered on the value. The decision, of course, lies with the customer, and we hope they will expand at some point, but we don't have any specific information as to if and when at this point. And with that, I'll turn to Mark for the second part of your question.

我們也知道它確實交付了價值。當然，決策權在客戶手上；我們希望他們在某個時間點會擴大範圍，但目前我們沒有任何具體資訊能說明是否以及何時會發生。接下來我把第二個問題交給Mark。

Yes. The deferred revenue is purely a result of timing based on the renewals of some of our largest clients, those which took place in the first quarter as compared to prior year, which took place at the end of the calendar year.

是的。遞延收入完全是時間點所致，源於我們部分最大客戶的續約時點；這些續約發生在第一季，而相較之下，前一年則是在曆年年底發生。

Great. Thank you.

很好。謝謝。

You're welcome.

不客氣。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Yeah, thanks for taking the questions and congrats on all the progress that you've made so far. Ido, you made the comment earlier that the pipeline is growing and obviously, where subs and renewal and retention better than expected. So kind of giving you confidence in sort of the model as it goes forward. But maybe to dive into the pipeline a little bit more. Can you give us a sense on the mix of what that pipeline is maybe from a -- maybe a dollar standpoint to think through how much is health plans, health systems, government?

是的，謝謝讓我提問，也恭喜你們目前取得的所有進展。Ido，你先前提到案源管線正在成長，而且顯然訂閱與續約、留存都優於預期。因此讓你對未來模型更有信心。不過我想更深入談談案源管線。你能否從組合角度給我們一些概念——也許以金額角度來看，健康保險計畫、醫療體系、政府各占多少？

Because when we look at 2025 revenues, Elevance obviously, is your largest customer, a fairly significant mix. DHA is not too far behind. And then there's a decent concentration in the top 10 as well. So just trying to understand, as we think forward, as we get through this period and we think about where growth is coming from, if you could help us understand where the opportunities you think are sort of the easiest to go after and sort of what that -- and how does that pipeline kind of reflect that? Thanks.

因為我們看2025年的營收時，Elevance顯然是你們最大客戶，占比相當高。DHA也緊追在後。前十大客戶也有不小的集中度。所以只是想了解，往前看，當我們度過這段期間並思考成長來源時，如果你能協助我們理解你認為哪些機會最容易切入，以及——以及該案源管線如何反映這一點？謝謝。

Absolutely, Charles, and thank you for joining. Good to hear your voice. As it relates to the pipeline, as we mentioned earlier, it is significant and very different from the past years. I'll talk about it a little bit qualitatively. Essentially, the exciting news is that our new platform, the Amwell platform resonates really, really well across the market.

當然可以，Charles，也謝謝你加入。很高興聽到你的聲音。就案源管線而言，如我們先前提到的，它規模可觀，且與過去幾年非常不同。我會用較偏質性的方式談一談。基本上，令人振奮的消息是，我們的新平台——Amwell平台——在市場上引起非常、非常強烈的共鳴。

And that's a tool that allows us not only to have subscription revenues, but also to grow the related clinical services, Amwell and non-Amwell services that we also generate revenue from when we do that.

而這是一項工具，不僅讓我們能取得訂閱收入，也能在我們這麼做的同時，帶動相關臨床服務的成長，包括Amwell與非Amwell服務，而這些也會為我們帶來收入。

I mentioned earlier that while this technology and these services are relevant to health systems, to payers and to government entities across the board, we really believe that the most pressing need, obviously, is with large payers. They clearly need an infrastructure like that. And when that happens, two things happen.

我先前提到，雖然這項技術與這些服務對整體而言都與醫療體系、支付方以及政府機構相關，但我們確實相信，最迫切的需求顯然是在大型支付方身上。他們顯然需要那樣的基礎設施。而當那發生時，會有兩件事發生。

One, we have some new logos, but much more importantly, as they deploy our platform, it contributes to same-store growth, as it becomes more and more efficient in creating engagement with more members, and it is built to increase same user utilization of the clinical programs I discussed, encouraging the sponsors to continue and finance both engagement and coverage as we are able to demonstrate and prove outcomes, financial and clinical outcomes that also drive success in open enrollment and market expansion.

第一，我們會新增一些新客戶標誌（logos），但更重要的是，當他們部署我們的平台時，會帶動同店成長，因為平台在與更多會員建立互動方面變得越來越有效率；而且它的設計是為了提升我先前提到的臨床方案之同一使用者使用率，鼓勵贊助方在我們能夠展示並證明成果（財務與臨床成果）時，持續投入並資助互動與保障，這些成果也會推動開放投保期間的成功與市場擴張。

So I believe that it's very refreshing for us to see a product mix that used to be many, many products across vast markets narrowed down to essentially one platform and related services and still generates a very healthy growth in pipeline and a healthy level of enthusiasm by existing in a new potential customers.

因此，我認為，看到產品組合從過去在廣大市場中有非常非常多的產品，收斂到本質上是一個平台與相關服務，但仍能在商機管線中帶來非常健康的成長，以及既有與新潛在客戶的高度熱情，對我們而言是非常令人振奮的。

Is there any way -- can you share maybe sort of what that kind of growth looks like? Are we talking double-digit growth in the pipeline maybe since last year? Or anything you can share in terms of sort of the growth outlook?

有沒有什麼方式——你能否分享一下那種成長大概長什麼樣子？我們是在談管線可能自去年以來有雙位數成長嗎？或是你能分享任何關於成長展望的資訊？

Charles, I would just jump in and suggest that the pipeline is a multiple of what it had been last year. So it would be closer to triple digit as a result of those opportunities that Ido addressed. And again, primarily, it falls in line with what we believe will be principally components of government opportunities.

Charles，我想我可以補充一下：目前的商機管線是去年的好幾倍。因此，因為 Ido 提到的那些機會，成長會更接近三位數。而且同樣地，主要是符合我們認為將以政府相關機會為主的組成。

Okay. And maybe just one more, if I may. I think to a previous question, getting an update on DHA. Can you remind us the time lines of when you would expect to get a decision on, a, the renewal? And remind us in the off chance that there isn't a renewal, what is the fallback for the government?

好的。如果可以的話，我再問一個。我想回到先前一個問題，關於 DHA 的最新進度。你能提醒我們，預期何時會就（a）續約做出決定的時間表嗎？另外也請提醒我們，萬一沒有續約，政府端的備援方案是什麼？

Because the DoD because my understanding is they don't really have one. And then lastly, can you kind of remind us what the opportunities are for expansion with this renewal? Would they come together? Or would those be 2 separate decisions? Thanks.

因為國防部（DoD）——依我的理解——其實並沒有真正的備援方案。最後，你能否也提醒我們，這次續約在擴張方面有哪些機會？它們會一起決定嗎？還是會是兩個分開的決策？謝謝。

Yeah, Charles. So the renewal, we think, is going to be very straightforward. We believe that will be completed at the end of the quarter, start of the third quarter, perhaps July. We also believe that the opportunity to expand that will take place after the initial renewal. And as Ido alluded to earlier, whether that's a direct contract, whether we continue to work with our Leidos partners, irrespective of who ends up being the contracting party, we feel very confident that, that renewal is going to commence within that time frame I just spoke to.

好的，Charles。續約我們認為會非常直接。我們相信會在本季末、第三季初完成，可能在 7 月。我們也相信，擴張的機會會在初步續約之後進行。而且如 Ido 先前提到的，不論是直接簽約，或是我們繼續與 Leidos 夥伴合作，不管最後由誰成為簽約方，我們都非常有信心，續約會在我剛提到的時間範圍內啟動。

Great. Appreciate it. Thanks a lot, guys.

很好。感謝。非常謝謝，各位。

Thank you. You're welcome.

謝謝。不客氣。

Jailendra Singh, Truist Securities.

Truist Securities 的 Jailendra Singh。

Thank you, and thanks for taking my questions. My first question is around the visit volume in the quarter, around 1.1 million. How did that track compared to your internal expectations? And what's driving the full year guidance of $1.3 million to $1.37 million? Some providers have talked about soft volume trend. They saw soft flu season, some weather disruption, which might have been a tailwind for you.

謝謝，也謝謝讓我提問。我的第一個問題是關於本季的就診量，大約 110 萬次。這與你們內部預期相比表現如何？以及全年指引 130 萬到 137 萬次的驅動因素是什麼？有些供應商談到就診量趨勢偏軟。他們提到流感季偏弱、一些天氣干擾，這可能反而對你們是順風。

Just curious like puts and takes you saw in Q1 and how we think about the trends for the rest of the year?

只是好奇你們在第一季看到哪些正負因素，以及我們該如何看待今年剩餘時間的趨勢？

Hi, Jailendra, it's Mark. The trends were positive in both regards to premium-priced visits. So those that represented more higher-priced care specifically those clinical programs and virtual primary care as opposed to what had been the vast majority of our revenue-producing visits coming from urgent care in prior periods. We've also seen a nice high single-digit growth in volume.

嗨，Jailendra，我是 Mark。趨勢在兩個面向都很正向，尤其是高單價就診。也就是那些代表較高單價照護的就診，特別是那些臨床方案與虛擬家庭醫療（virtual primary care），相較於先前期間我們絕大多數帶來營收的就診主要來自急診照護（urgent care）。我們也看到就診量有不錯的高個位數成長。

So we did not experience what some others may have told you was soft. We actually saw a nice seasonal boost that brought us through to the end of the quarter. And now we're obviously seeing the expected seasonality set in. So it was a nice surprise. It was one that I think was supported by the fact that we've got some additional ASO clients participating in the offerings that we've introduced.

因此，我們沒有經歷其他人可能跟你說的那種疲弱。我們其實看到一個不錯的季節性拉抬，讓我們一路延續到季末。而現在我們顯然看到預期中的季節性開始出現。所以這是個令人驚喜的結果。我認為這也受到我們新增一些 ASO 客戶參與我們推出的產品所支持。

So the trend is positive, and we expect it to continue throughout the year.

因此趨勢是正向的，我們預期全年都會持續。

Great. And then my follow-up, your comments around a number of meaningful renewals and strong pipeline. How often do AI capabilities come up in your client discussions now? And is the behavior different when you're talking to a health plan versus health system? And related to that, when clients evaluate your AI capabilities, are they willing to pay explicitly for those?

很好。接著追問，你提到有多項重要續約以及強勁的商機管線。現在在與客戶的討論中，AI 能力多常被提起？以及當你與健康保險計畫（health plan）對談，和與醫療體系（health system）對談時，行為是否不同？另外，當客戶評估你們的 AI 能力時，他們是否願意為此明確付費？

Or they're saying like they should be bundled in your current platform and pricing? Just how are those conversations evolving?

還是他們會說這應該被打包在你們現有的平台與定價中？這些對話是如何演變的？

Hi, Jailendra, that's a great question. So essentially, the answer is a little bit complex in this -- when people buy the platform, some of the AI capabilities that we use directly relate to things like consumer experience, streamlining navigation, providing sophisticated analytics and things of -- such things. Interestingly enough, not all our customers are ready to accept those modules. Some of them actually are very cautious about those models and really focus on the reoccurring, stable, proven parts of our platform as their main interest.

嗨，Jailendra，這是個很好的問題。基本上，答案在這裡有點複雜——當人們購買平台時，我們使用的一些 AI 能力會直接關聯到像是消費者體驗、簡化導覽、提供進階分析等事項。有趣的是，並非所有客戶都準備好接受那些模組。其中一些其實對那些模型非常謹慎，並把平台中可重複、穩定、已被驗證的部分視為主要興趣。

However, all our customers, without exceptions, are eager and ready to test AI-driven clinical programs on our platform. And the reason is that we built the platform such that integration is very fast and the integration and replacement is even faster without changing many things like the consumer experience or the analytics. So there is a general recognition that AI clinical programs are necessary in order to achieve improved clinical and financial outcomes and they prove them.

然而，我們所有客戶無一例外都很渴望、也準備好在我們的平台上測試 AI 驅動的臨床方案。原因是我們打造的平台使整合非常快速，而整合與替換甚至更快，且不需要改變很多事情，例如消費者體驗或分析。因此，大家普遍認知到，AI 臨床方案是達成更佳臨床與財務成果所必需的，而且他們也能證明這些成果。

But that does not necessarily need to be expressed in the risks related to the actual platform, but rather more to the different programs that people test. So while we have a healthy bit of AI in our own offering, which we deploy to customers who are ready to benefit from it, the most important value that we bring is the safe, reproducible, scalable way for our customers to test different options. Most of them are AI-driven, not necessarily for a full cohort, but rather to certain ASOs versus others and so on and so forth and then really manage risk while having access to all the opportunities that all those innovations bring to them.

但這不一定需要以平台本身的風險來呈現，而是更多體現在人們所測試的不同方案上。因此，雖然我們自有產品中也有相當程度的 AI，並會部署給準備好從中受益的客戶，但我們帶來的最重要價值，是讓客戶能以安全、可重複、可擴展的方式測試不同選項。其中多數是 AI 驅動的，不一定針對完整族群，而是針對某些 ASO 相對於其他 ASO 等等，然後在掌握所有創新所帶來機會的同時，真正地管理風險。

Perfect. Thanks a lot.

太好了。非常感謝。

David Larsen, BTIG.

David Larsen，BTIG。

Can you talk a little bit more about the Defense Health Agency contract? I think there was a component in there. I think it was mental health that didn't renew, that might renew in the future and expand. What is the annual dollar value amount of that, please?

你能再多談一點國防健康署（DHA）的合約嗎？我記得裡面有一個組成部分。我想是心理健康那一塊沒有續約，但未來可能會續約並擴大。請問那部分每年的金額規模是多少？

David, we can't speak to the exact dollar value of that, but we would expect it to represent in excess of 15% to 20% of the total value of the platform today. That's based on the experience that we had at the beginning of 2025 when the DHA was actively using those services. We are fully engaged in the discussion around reintroducing those services. However, we believe that will likely take place after the effective renewal of the base services earlier this summer.

David，我們無法談及其確切的金額，但我們預期它在今天平台總價值中所占比重將超過15%到20%。這是基於我們在2025年初、DHA積極使用那些服務時的經驗。我們正全面投入於重新導入那些服務的討論。不過，我們認為這很可能會在今年夏季稍早基礎服務有效續約之後才會發生。

And can you please talk about the nature of those services? Is it mental health? Is that correct? And I would think there's no greater need that the military has the mental health services given sort of the nature of their roles and their jobs. And I would think that the federal government would be very sympathetic towards supplying whatever support they can to serve our men and women in uniform.

另外，能否請你談談那些服務的性質？是心理健康嗎？是這樣沒錯吧？我想軍方在心理健康服務上的需求再大不過了，考量到他們的角色與工作性質。我也認為聯邦政府應該會非常願意提供其所能提供的一切支持，以服務我們的現役官兵。

David, this is Ido. Obviously, I totally agree with you, and we are very hopeful that's going to happen. The sequence is as follows: we are very grateful to be in a position to be the backbone and the infrastructure for technology-enabled care for the US military. That relates to the core connection between any member of this wonderful family and their doctors, wherever they are.

David，我是Ido。顯然我完全同意你的看法，我們也非常希望這會發生。順序如下：我們非常感謝能夠成為美國軍方科技賦能照護的骨幹與基礎設施。這關係到這個大家庭中任何一位成員與其醫師之間的核心連結，不論他們身在何處。

So that's Amwell.

所以那就是Amwell。

In addition to that, one of the clinical programs that fits, obviously, as a native solution, totally integrated in our solution is our behavioral -- automated behavioral health program that one of its main benefits is that it allows for a handful of therapies to reach dramatically more patients. So -- and that's a giant problem. There is a giant supply and demand in behavioral health in general, and that also includes an environment like this environment.

除此之外，其中一個臨床方案也很契合；顯然，作為原生解決方案，它已完全整合進我們的解決方案中，那就是我們的行為健康——自動化行為健康方案，其主要效益之一是能讓少數治療師的幾種療法觸及大幅更多的病患。所以——而這是一個巨大的問題。行為健康整體存在巨大的供需落差，而在這樣的環境中也同樣如此。

And this is not theoretical. I mean we've tried it in this environment. We integrated it and it works and it's needed. The customer decided because of their own reasons to defer that deployment after we've proven that it works well and fully integrated, and that's perfectly fine. Should the client decide to add that again, the speed is going to be very, very quick.

而這不是理論。我的意思是，我們已在這樣的環境中試過。我們把它整合起來，運作良好，而且確有需求。客戶基於他們自身的原因，在我們證明其運作良好且已完全整合之後，決定延後部署，這完全沒問題。若客戶決定再次加入該方案，推進速度會非常、非常快。

We believe it's going to be very helpful, and it does make sense.

我們相信這會非常有幫助，而且確實合理。

But these are totally the decisions of the customer, not our decisions. We know that it worked really well, not only in places like the DHA, but for example, in the National Health Service, the NHS in the U.K. where studies proven that we could dramatically change the ratio between therapists and patients. And that's obviously a wonderful thing, both in way of cost, but more importantly, in way of accelerating access that is such a pain point for everybody.

但這些完全是客戶的決策，不是我們的決策。我們知道它運作得非常好，不僅是在DHA這樣的地方，例如在英國的國民保健署（NHS），研究也證明我們能大幅改變治療師與病患之間的比例。這顯然是一件很棒的事，不僅在成本方面，更重要的是能加速取得服務的速度，而這正是每個人都非常痛苦的痛點。

And then for 2027, would you expect revenue to grow on a year-over-year basis? And I understand there's been some churn. I guess, any more color around the churn that has already occurred? Why has it occurred? Is it maybe one or two clients?

那麼到了2027年，你們預期營收會年增嗎？我了解之前有一些流失。能否再多提供一些已經發生的流失情況的細節？為什麼會發生？是否可能是一兩個客戶造成的？

And then would you expect revenue to grow in '27 relative to '26?

另外，你們是否預期27年的營收會比26年成長？

Sure. 2026 churn has been immaterial. We would always expect low single-digit churn as we would in any business in a competitive market. We do have significant expectations for revenue growth. I had alluded to that even at the end of last year that even if a part of our pipeline converts this year, we expect to have meaningful revenue improvement in 2027 coming from these new government contracts.

當然。2026年的流失影響不大。在競爭市場中的任何業務，我們一向預期會有低個位數的流失率。我們對營收成長有相當高的期待。我在去年年底就曾提到，即使我們的管線只有一部分在今年轉換，我們也預期2027年將因這些新的政府合約而帶來顯著的營收改善。

And one more quick one. Mark, fantastic job getting a lot of these costs under control. Just are you sort of there? Or how much more in incremental annualized cost can you pull out of the business and nice work, by the way.

再快速問一個。Mark，你在把許多成本控制住方面做得非常出色。你們算是已經到位了嗎？或者說，你們還能再從業務中額外削減多少按年化計算的增量成本？另外，做得很好。

I appreciate that. Of course, I speak on behalf of all my colleagues as well because, as you know, it takes teams, essentially a village to get there. People have done much more with far less in this company over the past 18 months. We are all very pleased with where we are. However, everybody understands that the job is not finished yet.

謝謝，我很感激。當然，我也代表所有同事發言，因為如你所知，這需要團隊合作，基本上需要整個群體共同努力才能做到。過去18個月裡，公司用更少的資源做了更多的事。我們都對目前的狀況非常滿意。不過，每個人都明白工作還沒有完成。

We have the next couple of quarters to ensure that we complete some of the initiatives that we've invested in over the past several quarters, but we do have a step down of costs, which means a lower operating cost basis coming out of the third quarter.

接下來幾個季度，我們要確保完成過去幾個季度所投入的一些計畫，但我們確實會有一個成本下台階，也就是在第三季之後，營運成本基礎會更低。

So we are well on our way. You could probably tell that we're very optimistic and excited about achieving that milestone, but we're also very excited about what we believe is going to be meaningful growth next year.

所以我們進展順利。你大概也看得出來，我們對達成那個里程碑非常樂觀且興奮，但我們也同樣對我們相信明年將出現的顯著成長感到非常振奮。

Okay. Thanks a lot. I'll hop back in the queue.

好的。非常感謝。我回到隊列裡。

Thank you.

謝謝。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

I'm showing no further questions at this time. So I would like to return it to Ido for closing remarks.

目前沒有其他提問。因此我想把時間交還給Ido作結語。

Thank you, Ari, and thank you, everyone, for joining. We truly appreciate your many years of support in Amwell and look forward to talking with you all soon. Take care.

謝謝你，Ari，也謝謝各位的參與。我們由衷感謝各位多年來對Amwell的支持，也期待很快再與各位交流。保重。

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

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。