Claritev Corp (CTEV) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Claritev Corporation first quarter 2026 earnings conference call. I am Frans, and I'll be the operator assisting you today. (Operator Instructions).

早安，歡迎參加 Claritev Corporation 2026 年第一季財報電話會議。我是 Frans，今天將擔任協助各位的會議主持人。（主持人指示）

Thank you. I would now like to turn the call over to Todd Friedman, Vice President of Investor Relations. Please go ahead.

謝謝。現在我想把電話會議交給投資人關係副總裁 Todd Friedman。請開始。

Thank you, operator. Good morning, everyone, and welcome to Claritev's first quarter 2026 earnings call. Joining me today are Travis Dalton, President and Chief Executive Officer; and Doug Garis, our Chief Financial Officer.

謝謝，主持人。各位早安，歡迎參加 Claritev 2026 年第一季財報電話會議。今天與我一同出席的有總裁暨執行長 Travis Dalton，以及財務長 Doug Garis。

During our call, we will refer to the supplemental slide deck that's available on the Investors portion of our website, along with the first quarter 2026 earnings press release issued earlier this morning. Our remarks and responses to questions today include forward-looking statements.

在本次電話會議中，我們將參考我們網站投資人專區提供的補充簡報投影片，以及今天稍早發布的 2026 年第一季財報新聞稿。我們今天的發言與問答包含前瞻性陳述。

These forward-looking statements represent management's beliefs and expectations only as of the date of this call. Actual results may differ materially from these forward-looking statements due to a number of risks.

這些前瞻性陳述僅代表管理階層截至本次電話會議日期的信念與預期。由於多項風險因素，實際結果可能與這些前瞻性陳述有重大差異。

A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description in our annual report on Form 10-K and other documents we file with the SEC.

這些風險的摘要可見於補充簡報投影片第 2 頁，更完整的說明則載於我們的 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交的文件中。

We will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Claritev's underlying operating results.

我們也將提及若干非 GAAP 指標，我們相信這些指標能讓投資人更完整地理解 Claritev 的基本營運成果。

An explanation of these non-GAAP measures and reconciliations to the comparable GAAP measures can be found in the earnings press release and in the supplemental slide deck.

這些非 GAAP 指標的說明，以及與可比 GAAP 指標的調節表，可在財報新聞稿與補充簡報投影片中找到。

With that, I would now like to turn the call over to Travis

接下來，我想把電話會議交給 Travis。

Good morning, and thank you for joining us. It was great to see so many of you at our Investor Day in March. We appreciate the feedback you provided and look forward to keeping that dialogue going throughout the year.

各位早安，感謝各位加入我們。3 月在投資人日見到許多各位，令人非常高興。我們感謝各位提供的回饋，也期待在今年持續保持這樣的對話。

There were a number of themes that we highlighted in New York, but I want to reiterate a few of those that we'll cover on the call today.

我們在紐約強調了多個主題，但我想重申其中幾點，這些也將是我們今天電話會議會談到的內容。

First and foremost, we're entering this year with confidence, confidence in our business, in our strategy and the durability of the foundation that we built.

首先也是最重要的，我們以信心迎接今年——對我們的業務、策略，以及我們所建立之基礎的韌性充滿信心。

This was a strong quarter that reflects not just performance but progress. Second, at the heart of that confidence is our competitive position, one that is grounded in our long-standing client relationships, scaled data ecosystem, deep domain expertise and increasingly, our differentiated application of AI.

這是一個強勁的季度，反映的不僅是表現，更是進展。第二，這份信心的核心在於我們的競爭地位——建立在我們長期的客戶關係、具規模的資料生態系、深厚的產業領域專業，以及日益突出的差異化 AI 應用之上。

In a market where accuracy, trust and outcomes matter, those advantages are not easily replicated. And third, we've expanded our markets and our offerings to connect all phases of the health care life cycle that expansion has been critical to diversifying our revenue streams and in doing so, building a foundation for quality earnings driven by sustainable long-term growth.

在一個重視準確性、信任與成果的市場中，這些優勢並不容易被複製。第三，我們擴展了市場與產品服務，以串聯醫療照護生命週期的各個階段；這項擴張對於分散我們的營收來源至關重要，並藉此建立由可持續長期成長所驅動的高品質獲利基礎。

At the heart of that effort is the reinvigorated growth and strengthening of our core, which is most evident in our outstanding Q1 results.

這項努力的核心，是重新激發成長動能並強化我們的核心業務，而這在我們第一季的亮眼成果中最為明顯。

We believe strongly that Claritev's growth originates from those core offerings and gives us the foundation and time to execute against our growth and expansion initiatives.

我們堅信 Claritev 的成長源自這些核心產品與服務，並為我們執行成長與擴張計畫提供基礎與時間。

I'm going to touch on each of these themes in my remarks and explain why they are driving record bookings, organic growth and expanding market presence.

我將在發言中逐一談到這些主題，並說明它們如何推動創紀錄的訂單、內生成長以及市場版圖的擴大。

First, I'll touch on the financials and results. This marks another quarter of consistent growth with both revenue and EBITDA ahead of our expectations, demonstrating that our strategy is not only sound but executable with focus.

首先，我先談財務與業績表現。本季再次展現一致性的成長，營收與 EBITDA 皆優於我們的預期，證明我們的策略不僅正確，而且能在專注執行下落地實現。

Our growth team had a strong start to the year, closing more than $40 million in annual contract value bookings in Q1 and showing diversity and momentum across our portfolio.

我們的成長團隊在今年開局表現強勁，第一季完成超過 4,000 萬美元的年度合約價值（ACV）訂單，並在整體產品組合中展現多元性與動能。

Doug will touch on the ACV later, but we saw strength across the portfolio with wins in our core, particularly in our MSA business with providers and in the public sector.

Doug 稍後會談到 ACV，但我們看到整體產品組合普遍強勁，核心業務的勝出尤為突出，特別是在我們面向醫療提供者的 MSA 業務以及公部門。

Importantly, our pipeline continues to grow, and our close rates have remained strong, giving me great confidence in our $80 million to $100 million ACV sales target for this year, which will represent a 20% to 50% increase over last year's sales results.

重要的是，我們的銷售管線持續成長，成交率也維持強勁，讓我對今年 8,000 萬至 1 億美元的 ACV 銷售目標充滿信心；這將較去年銷售成果成長 20% 至 50%。

At our Investor Day in March, we announced that we had signed an agreement with GDIT to provide a custom network for the World Trade Conter Health Program.

在 3 月的投資人日，我們宣布已與 GDIT 簽署協議，為世界貿易中心健康計畫（World Trade Conter Health Program）提供客製化網路。

This is an exciting moment for Claritin as it represents two important evolutions in the business. One, it is leveraging one of our core solutions to serve a new market, the public sector.

這對 Claritin 而言是令人振奮的時刻，因為它代表公司業務的兩項重要演進。第一，它運用我們的一項核心解決方案，服務一個新市場——公部門。

We see a number of opportunities in this vertical and hope to share more good news as the year progresses and two, it demonstrates our capacity to create new partner relationships with a shared goal of making health care more affordable and accessible to those who need it the most.

我們在這個垂直領域看到許多機會，也希望隨著年度推進能分享更多好消息；第二，它展現我們建立新夥伴關係的能力，並以共同目標為導向——讓最需要的人能以更可負擔、可取得的方式獲得醫療照護。

Another bit of news we see at Investor Day was our signing of a top 5 health system, one that operates more than 700 total facilities, including hospitals, ambulatory surgery centres and outpatient centres and sites of care.

投資人日的另一則消息，是我們簽下了一家前五大健康系統客戶；該系統營運超過 700 個據點，包括醫院、門診手術中心與門診中心，以及各類照護場域。

This is an exciting addition for Claritas that fortifies our position in our provider vertical. We look forward to sharing more about this exciting relationship in the future.

這是 Claritas 一項令人振奮的新增客戶，進一步鞏固我們在醫療提供者垂直領域的地位。我們期待未來能分享更多關於這段令人期待的合作關係。

But I'd note that this relationship came about directly as a result of our acquisition of OPCG in the fourth quarter, which is the cornerstone of our newly launched services offering.

不過我要指出，這段合作關係的促成，直接源自我們在第四季完成對 OPCG 的收購；這也是我們新推出之服務產品線的基石。

Next, let me discuss our strong position in the market, bolstered by industry trends moving in our favour. There is a clear focus on driving affordability across the health care ecosystem.

接下來，我想談談我們在市場中的強勢地位，以及有利於我們的產業趨勢。整個醫療照護生態系正明確聚焦於提升可負擔性。

We know from our experience that the best way to achieve that objective is through transparency, where we have been a leader for many years with a long-tenured client relationships and results.

依我們的經驗，達成該目標的最佳方式是透過透明化；而我們多年來一直是此領域的領導者，擁有長期的客戶關係與成果。

We're seeing a clear industry shift. Platform consolidation is accelerating and clients are moving toward fewer, more integrated partners with scale data and end-to-end capability.

我們看到明顯的產業轉變：平台整併正在加速，客戶正轉向更少、但更整合的合作夥伴——具備規模化資料與端到端能力。

This trend plays directly to our strengths. Our unified data architecture driven by our digital transformation and network strategy position us well to lead in this environment.

這一趨勢正好發揮我們的優勢。我們由數位轉型與網路策略所驅動的統一資料架構，使我們在此環境中具備領先地位。

AI is another powerful tailwind, but it's not a rising tide that lifts all boats equally. In regulated high-stakes industries like health care, AI disproportionately benefits incumbents with trusted data, compliance expertise and established relationships.

AI 也是一股強勁的順風，但它並不是能平均抬升所有人的浪潮。在醫療照護這類受監管且高風險的產業中，AI 對於擁有可信資料、合規專業與既有關係的既有業者更具不成比例的助益。

That's where we operate, and that's where we deliver value. There's also a tremendous benefit to how we run our own business.

這正是我們所處的位置，也是我們創造價值的地方。同時，AI 也為我們自身的營運方式帶來巨大的效益。

Last quarter, when we reviewed the code output of the engineering teams that are fully leveraging AI coding tools, we have found that we are nearly doubling coding capacity of those teams without any increase in headcount.

上個季度，當我們檢視充分運用 AI 程式碼工具的工程團隊之程式碼產出時，我們發現在不增加人力編制的情況下，這些團隊的開發產能幾乎翻倍。

We are building a foundation for scalable, profitable, sustainable growth. The operating leverage we are seeing from the widespread adoption of AI tools is an important lever in achieving our long-term objectives.

我們正在建立可擴展、可獲利且可持續的成長基礎。我們從廣泛採用 AI 工具所看到的營運槓桿，是達成長期目標的重要推動力。

If you think about our formula for success, it's straightforward. Data rights combined with a scalable workflow embedded platform anchored in trust and amplified by AI. Let me give you a few concrete examples.

如果你思考我們的成功方程式，其實很直接：資料權利，加上可擴展的工作流程嵌入式平台——以信任為基礎，並由 AI 放大效益。讓我舉幾個具體例子。

Within our claims intelligence solutions, we get tens of thousands of claims every month that don't have a provider ID.

在我們的理賠智慧解決方案中，每個月會收到數以萬計沒有提供者 ID 的理賠資料。

When that happens, the claim can't be processed through the standard workflow because it's highly manual process.

當發生這種情況時，該筆理賠無法透過標準工作流程處理，因為它會變成高度仰賴人工的流程。

Our team built a provider contact agent that achieves research level accuracy, appends the provider contact ID, reduces process time by more than half and saves more than 2,000 hours of processing time at a fraction of the cost.

我們的團隊打造了一個醫療提供者聯絡代理（provider contact agent），可達到研究等級的準確度，補上提供者聯絡 ID，將處理時間縮短超過一半，並以極低成本節省超過 2,000 小時的處理工時。

Another area that gets a lot of attention is the IDR process, the high-volume workload heavy process with which you are familiar.

另一個備受關注的領域是 IDR 流程——你們熟悉的高量、工作負荷沉重的流程。

Using AI, we have automated the invoice extraction and reconciliation process for accounts payable IDR in workflows.

透過 AI，我們已在應付帳款的 IDR 工作流程中，自動化發票擷取與對帳流程。

We're now handling thousands of invoices each day, automating 100% of the daily processing in less than an hour, achieving nearly 100% accuracy and uptime. For our clients, this is a level of execution that builds trust.

我們現在每天可處理數千張發票，在不到一小時內完成每日處理的 100% 自動化，並達到接近 100% 的準確率與系統可用性（uptime）。對客戶而言，這樣的執行水準能建立信任。

For Claritev, it freed up resources for higher-value work while eliminating late fees and accelerating collections.

對 Claritev 而言，這讓資源得以釋放投入更高價值的工作，同時消除滯納金並加速回收款項。

These are just a few examples with many more projects currently in progress, yielding growth potential and savings. Our investments in technology, data architecture and AI are deliberate and disciplined, strengthening our market position and are beginning to generate meaningful high-value -- high-impact value.

以上只是少數例子，還有更多專案正在進行中，帶來成長潛力與成本節省。我們在技術、資料架構與 AI 的投資是有意識且有紀律的，正在強化我們的市場地位，並開始產生具意義的高價值——高影響力的價值。

We have AI teams working across all our solutions to deliver more value and performance to our clients and integrating deeply into our own operations, including sales and finance to build scale and efficiency.

我們在所有解決方案中都配置了 AI 團隊，為客戶提供更高的價值與效能，並深度整合至我們自身的營運之中，包括銷售與財務，以建立規模與效率。

Our strategy is working. We're executing with a combination of horizontal capabilities like our network, payment and revenue integrity, data platform and analytics and deep vertical expertise across key health care markets.

我們的策略正在奏效。我們正結合橫向能力（如我們的網路、支付與收入完整性、資料平台與分析）以及在關鍵醫療保健市場的深厚縱向專業來推進執行。

Our recent wins with the World Trade Center and the top 5 health system demonstrate our direction and allow us to scale efficiently while remaining highly relevant to our core clients.

我們近期在世界貿易中心以及前五大醫療體系的勝利，證明了我們的方向，並使我們能在維持對核心客戶高度相關性的同時，高效率地擴大規模。

Furthermore, we see a significant opportunity to expand our presence widely within the TPA market. This is another strategic client base where our existing solutions can deliver immediate tangible value to improve the health care experience for millions of consumers.

此外，我們看到在 TPA 市場大幅擴展我們布局的重大機會。這是另一個策略性客戶基礎，我們現有的解決方案可立即提供具體可衡量的價值，改善數百萬消費者的醫療保健體驗。

To this end, we added a key industry leader late in 2025 to drive our TPA market forward. Dallas Scrip is a highly regarded industry veteran joining Claritev after nearly 20 years in the industry, including his most recent role where he was President and COO of the TPA that was focused on using AI throughout the TPA client life cycle.

為此，我們在 2025 年底延攬了一位關鍵產業領袖，以推動我們在 TPA 市場的發展。Dallas Scrip 是備受推崇的資深產業人士，在產業深耕近 20 年後加入 Claritev；其最近一個職務為某家 TPA 的總裁兼營運長（COO），該 TPA 專注於在 TPA 客戶生命週期中全面運用 AI。

We're already seeing faster pipeline growth under his leadership and are excited by his energy and vision for this market. Looking ahead, our priorities remain clear.

在他的領導下，我們已看到更快的管線成長，並對他在此市場的活力與願景感到振奮。展望未來，我們的優先事項依然明確。

We're focused on driving organic growth, continuing to invest in the business and scaling our platform to capture the opportunities in front of us.

我們專注於推動有機成長，持續投資於業務，並擴大我們的平台規模，以掌握眼前的機會。

At the same time, we remain committed to deleveraging over time. I'll repeat what I said at our Investor Day. We are operating against Vision 2030, not Vision 20 minutes.

同時，我們仍致力於隨時間推進去槓桿。我會重申我在投資人日所說的話：我們是以「2030 願景」在營運，而不是「20 分鐘願景」。

Strength in our core business, key wins in our expansion areas, strategic operating investments and world-class team are the foundation for driving Claritev along the path we outlined at Investor Day for our short, mid- and long-term targets.

我們核心業務的強勁表現、在擴張領域的關鍵勝利、策略性的營運投資，以及世界級團隊，構成了推動 Claritev 沿著我們在投資人日所闡述路徑前進的基礎，以達成短、中、長期目標。

This is a business built to last, built to grow and built to deliver the long-term cash flow and deleveraging that will ultimately drive major shareholder value.

這是一門為長久而打造、為成長而打造、並為交付長期現金流與去槓桿而打造的業務，最終將驅動重大的股東價值。

With that, I'll turn it over to Doug to walk through the financials in more detail.

接下來，我把時間交給 Doug，請他更詳細地說明財務狀況。

Great. Thank you, Travis, and good morning, everyone. It was great to see many of you at the Investor Day in New York.

很好。謝謝你，Travis，各位早安。很高興在紐約的投資人日見到在座許多朋友。

The event we held in March at the NYSE is our first full Investor Day in nearly two years, and it was a great opportunity for everyone to hear from our talented leadership team, some of our key partners and importantly, some of our best clients. The story is getting simpler, sharper and is starting to resonate in the public markets.

我們在三月於紐約證券交易所（NYSE）舉辦的活動，是近兩年來首次完整的投資人日；這是一次很好的機會，讓大家聽到我們優秀的領導團隊、部分關鍵合作夥伴，且更重要的是，一些最優質客戶的分享。我們的故事正變得更簡單、更聚焦，也開始在公開市場引起共鳴。

At the event, we spoke about the diversification of our business that is driving our momentum. We also tethered our presentation to the health care life cycle and how our comprehensive suite of solutions play an important role in helping us deliver affordability and transparency in health care, all the way from benefit plan design to claims payment.

在該活動中，我們談到推動動能的業務多元化。我們也將簡報與醫療保健生命週期連結，說明我們完整的解決方案組合如何在醫療保健中協助提供可負擔性與透明度，從福利計畫設計一路到理賠支付。

We strongly feel that we have one of the most unique and impactful set of assets across the health care technology ecosystem, and we're excited to share our progress because our first quarter results were yet another reason to believe that our strategy is working.

我們堅信，在醫療保健科技生態系中，我們擁有最獨特且最具影響力的一組資產之一；我們也很高興分享進展，因為第一季的業績再次證明我們的策略正在奏效。

In Q1, we outperformed our internal expectations for revenue, adjusted EBITDA and ACV. As Travis indicated in his opening remarks, we are running our business with a multiyear view in mind, and we're very pleased with the early pace and progress to begin 2026. Total revenue in the quarter was $244.7 million, up 5.8% year-over-year. Growth in Q1 came from both our core business and expansion areas.

在第一季（Q1），我們在營收、調整後 EBITDA 與 ACV 方面均優於內部預期。如 Travis 在開場致詞中所提到，我們以多年期視角經營業務，並對 2026 年初期的步伐與進展感到非常滿意。本季總營收為 2.447 億美元，年增 5.8%。Q1 的成長來自核心業務與擴張領域兩方面。

In particular, we saw a solid outperformance in our flagship reference-based pricing solution Data iSight within claims intelligence service line, which in total was up 8.4% in the quarter.

尤其是，我們在理賠智慧（claims intelligence）服務線中的旗艦參考定價解決方案 Data iSight 表現亮眼，帶動該服務線本季整體年增 8.4%。

Additionally, our network and payment revenue integrity service lines performed at or slightly above internal expectations in the quarter.

此外，我們的網路與支付收入完整性（revenue integrity）服務線在本季的表現達到或略高於內部預期。

Our growth in Q1 was strong. And keep in mind, we had about $2 million of onetime revenue benefit in our P&C business last year, which falls into the network service line. Adjusted EBITDA was $146.9 million for the quarter, up 3.4% year-over-year at a 60% margin. We generated $36.8 million of unlevered free cash flow, up 181% or $23.7 million and had a use of $92.5 million of free cash flow lower by $23.6 million in the quarter.

我們在 Q1 的成長強勁。請記得，去年我們的 P&C（財產與意外險）業務約有 200 萬美元的一次性營收挹注，該部分歸入網路服務線。本季調整後 EBITDA 為 1.469 億美元，年增 3.4%，利潤率為 60%。我們產生 3,680 萬美元的無槓桿自由現金流，年增 181%（增加 2,370 萬美元）；本季自由現金流為淨使用 9,250 萬美元，較去年同期減少使用 2,360 萬美元。

Recall, since the debt refinancing transaction concluded in January of last year, we expect Q1 and Q3 to be cash consumption quarters and Q2 and Q4 to be cash-generating quarters in the near to midterm.

回顧一下，自去年一月完成債務再融資交易以來，我們預期在近至中期內，Q1 與 Q3 會是現金消耗季度，而 Q2 與 Q4 會是現金產生季度。

Q1 notably also included a more fulsome and now fully annualized Q1 cash interest payment schedule from the refinancing last year.

值得注意的是，Q1 也納入了去年再融資後更完整、且如今已完全年化的 Q1 現金利息支付時程。

Modest working capital increases and normalization of the cash interest payment schedule on our debt largely drove the increase in -- use of cash in the quarter versus last year.

本季相較去年現金使用增加，主要由溫和的營運資金增加，以及我們債務現金利息支付時程的正常化所驅動。

Our diversification strategy continues to be supported by strong sales momentum, highlighted by another record bookings quarter.

我們的多元化策略持續受到強勁銷售動能的支持，並以再創紀錄的訂單（bookings）季度作為亮點。

We outlined an aggressive bookings growth target of $80 million to $100 million in ACV at Investor Day, representing 20% to 50% growth.

我們在投資人日提出積極的訂單成長目標：ACV 達 8,000 萬至 1 億美元，代表 20% 至 50% 的成長。

With $44.1 million of bookings in Q1, we are well on track to achieve this aspiration. Importantly, Q1 bookings reflected the underlying strategy we presented at Investor Day with a balanced mix of expansion with existing clients and new client acquisition. Cross-sell and upsell activity accounted for 73% of bookings, while 27% came from net new clients.

Q1 訂單為 4,410 萬美元，使我們非常有望達成此一目標。重要的是，Q1 訂單反映了我們在投資人日所提出的策略：在既有客戶擴張與新客戶取得之間保持均衡。交叉銷售與加購（upsell）活動占訂單的 73%，而 27% 來自淨新增客戶。

A few additional highlights on Q1 bookings performance. Pipeline growth remained strong, increasing 70% year-over-year alongside continuous improvements in lead qualification and sales execution.

關於 Q1 訂單表現的幾項額外亮點：在持續改善潛在客戶資格判定與銷售執行的同時，銷售管線成長依然強勁，年增 70%。

We closed 19 deals over $100,000 ACV and nine deals over $1 million ACV, representing a 350% increase in seven-figure deals this past quarter.

我們完成了 19 筆 ACV 超過 10 萬美元的交易，以及 9 筆 ACV 超過 100 萬美元的交易，代表本季七位數交易數量年增 350%。

Beyond the large deals, virtually all of our key sales metrics were favorable. Our average deal size has more than doubled, sales cycle times from lead gen to deal close are materially compressing and our win rates continue to improve.

除了大型交易之外，幾乎所有關鍵銷售指標都表現良好。我們的平均交易規模已超過翻倍；從線索產生到成交的銷售週期時間明顯縮短；而我們的贏單率也持續改善。

We exited Q1 with a substantial pipeline, providing strong visibility into future bookings. We also noted significant ACV bookings from our new provider and public sector markets.

我們在 Q1 結束時擁有可觀的管線，為未來訂單提供強勁能見度。我們也注意到來自新供應商（provider）與公共部門市場的顯著 ACV 訂單。

We believe continued transparency into bookings and ACV to revenue conversion metrics will serve as an important leading indicator towards our 2028 top line revenue target exceeding $1.1 billion and broader Vision 2030 financial glide path.

我們相信，持續揭露訂單以及 ACV 轉換為營收的指標，將成為重要的領先指標，有助於衡量我們在 2028 年營收目標（超過 11 億美元）以及更廣泛的「2030 願景」財務路徑（glide path）上的進展。

In our supplemental deck, you'll find on our website, you'll see the continuing trend in our PSAV revenue where modest volume declines in Q1 were more than offset by favourable trends in rate mix and augmented by our ability to leverage AI and innovation to identify and deliver more savings in the claims we analyse.

在我們網站上的補充簡報中，您會看到 PSAV 營收的持續趨勢：Q1 的小幅量（volume）下滑，已被費率組合（rate mix）的有利趨勢所抵銷，並且我們也藉由運用 AI 與創新，在我們分析的理賠中識別並交付更多節省，進一步帶來增益。

The key takeaway is that our PSAV business is an increasingly mixed and acuity-driven model where growth is not necessarily driven by more claims, rather it's driven by more complex, higher cost claims, which is where our solutions perform exceedingly well.

關鍵重點是，我們的 PSAV 業務正日益成為一種更混合、且由病情嚴重度（acuity）驅動的模式；成長不一定由更多理賠件數帶動，而是由更複雜、成本更高的理賠帶動，而這正是我們解決方案表現極為出色的領域。

We will continue to provide additional details on a quarterly basis as we track rate mix and volume changes to our PSAV business.

我們將持續按季提供更多細節，追蹤 PSAV 業務的費率組合與量的變化。

Turning to guidance.

接著談指引。

We are raising the bottom end of our guide range by -- revenue guide range by $5 million with a new range of $985 million to $1 billion.

我們將營收指引區間的下緣上調 500 萬美元，新的區間為 9.85 億至 10 億美元。

Reviewing the current analyst models, we are comfortable with adding Q1 revenue outperformance to your existing models within the revised guidance range.

檢視目前分析師模型後，我們認為可在修訂後的指引區間內，將 Q1 營收優於預期的部分納入您既有的模型。

Remember when building your models that the second, third and fourth quarters of '25 each had approximately $5.4 million of onetime revenue that was recognized at 100% adjusted EBITDA margin, which will impact the year-over-year comparisons for the balance of the year.

在建立模型時請記得，2025 年第二、第三與第四季各自約有 540 萬美元的一次性營收，且以 100% 調整後 EBITDA 利潤率認列，這將影響今年剩餘期間的年對年比較。

With a quarterly revenue cadence due to the revenue outperformance in Q1 and the $5 million headwind from last year, we expect Q2 revenue to be relatively flat sequentially, largely consistent with current analyst models.

由於第一季營收優於預期，以及去年帶來的 500 萬美元逆風影響，使得我們的營收呈現季度節奏變化；我們預期第二季營收與前一季相比將大致持平，整體上與目前分析師模型大致一致。

Then as revenue from new ACV ramps, we expect our growth rate to increase to between 3% to 5% for the second half of the year, adding up to the full year guide.

接著，隨著新增 ACV 所帶來的營收逐步放量，我們預期下半年成長率將提升至 3% 至 5%，加總後符合全年指引。

We have included a summary in the supplemental deck to help bridge the major revenue drivers this year. It provides more color on how you should model gross revenue retention, expansion, ACV conversion to get to our full year revenue guide range.

我們已在補充簡報中納入摘要，以協助銜接今年主要的營收驅動因素。內容提供更多細節，說明你應如何建模總營收留存率（gross revenue retention）、擴張（expansion）、以及 ACV 轉換為營收的節奏，以推導出我們的全年營收指引區間。

We are maintaining full year adjusted EBITDA guidance of $605 million to $615 million with margins of 61% to 62%. When normalizing for the impact of the $18 million in onetime P&C revenue and EBITDA contribution last year, our guidance implies 3.5% to 5% adjusted EBITDA growth -- dollar growth on a like-for-like basis.

我們維持全年調整後 EBITDA 指引為 6.05 億至 6.15 億美元，利潤率為 61% 至 62%。若將去年一次性 1,800 萬美元的 P&C 營收與 EBITDA 貢獻影響予以常態化處理，我們的指引意味著調整後 EBITDA 成長 3.5% 至 5%——也就是在可比基礎上的美元增長。

As we previously stated, we're going to continue to invest while running our business with prudence, balancing positive cash flow and earnings with investments required for future growth.

如同我們先前所述，我們將在審慎經營的同時持續投資，在維持正向現金流與獲利之間，與未來成長所需的投資取得平衡。

This is especially true as it relates to ramping up sales and operations to support the growth in ACV. New bookings take on average 6 to 12 months to convert to revenue, which means we are investing in '26 for those new and expansion revenue drivers that are largely -- that largely begin contributing to our top line in '27.

這點在擴充銷售與營運以支援 ACV 成長方面尤其明顯。新簽訂的訂單平均需要 6 到 12 個月才能轉換為營收，這表示我們在 '26 年所做的投資，是為了那些新增與擴張的營收驅動因素；而這些因素大多——也就是大多會在 '27 年開始對我們的營收（top line）做出貢獻。

With our recent sales momentum, I would expect us to continue to seek attractive options to bolster our go-to-market posture. For example, Travis mentioned our increased focus on the TPA market. We see significant upside in this vertical. We have also demonstrated success with investments in AI and automation as detailed earlier. Finally, the launch of our services business has already helped us gain a foothold in both the provider and public sector markets.

在近期銷售動能的帶動下，我預期我們將持續尋找具吸引力的選項，以強化我們的市場進入（go-to-market）布局。例如，Travis 提到我們對 TPA 市場的關注提升；我們在這個垂直領域看到顯著上行空間。我們也如先前所述，已在 AI 與自動化投資上展現成功。最後，我們服務業務的推出，已協助我們在醫療服務提供者與公共部門市場取得立足點。

We left our '26 guidance for total capital and free cash flow unchanged with capital at $160 million to $170 million and positive free cash flow.

我們維持 '26 年總資本支出與自由現金流指引不變：資本支出為 1.6 億至 1.7 億美元，且自由現金流為正。

In '26, we expect to deliver operating and unlevered free cash flow growth with adjusted cash conversion normalizing to pre-2025 levels by the end of the year.

在 '26 年，我們預期可實現營運現金流與無槓桿自由現金流成長，且調整後現金轉換率將在年底前回歸至 2025 年以前的水準。

All of this aligns with our guiding principle to diversify and accelerate, expanding our solutions, verticals and channels to drive growth while also delivering and derisking our business to enhance cash flow and operating agility.

上述一切都與我們的指導原則一致：多元化並加速成長，透過擴展解決方案、垂直領域與通路來推動成長，同時也交付成果並降低業務風險，以提升現金流與營運敏捷性。

With that, I'll turn it back over to Travis for some final remarks before taking your questions.

接下來，在進入問答之前，我把時間交還給 Travis 做最後的結語。

Thanks, Doug. I'll just close with a few closing thoughts and reiterate some of my earlier points. We entered '26 with confidence in our business.

謝謝，Doug。我最後補充幾點並重申先前的一些重點。我們帶著對業務的信心進入 '26 年。

The foundation is laid and our strategy is working. Our priorities for the business remain clear, continued growth and investment in our core, diversification of our revenue base with new market verticals and delivering the business over time.

基礎已經打好，我們的策略正在奏效。我們對業務的優先事項依然清晰：持續成長並投資核心業務、透過新的市場垂直領域使營收基礎多元化，以及隨時間推進持續交付業務成果。

We are executing the way up with clarity alignment focus, continuing to improve how we operate, grow and deliver for our clients, which collectively will strengthen the durability of the business over time.

我們以清晰、對齊與專注來推進執行，持續改善我們的營運方式、成長方式，以及為客戶交付成果的方式；這些合力將在時間推移中強化業務的韌性與持久性。

Finally, I want to thank our 3,000 Claritev associates who have made this journey possible for their continued dedication and commitment to our clients.

最後，我要感謝我們 3,000 位 Claritev 同仁，正是你們讓這段旅程得以實現；也感謝你們持續對客戶的投入與承諾。

With that, I'll turn the call over to the operator for questions.

接下來，我把電話會議交給接線員進行提問。

(Operator Instructions) Jason Cassorla, Guggenheim.

（接線員指示）Jason Cassorla，Guggenheim。

Great, thanks. Good morning. Maybe just on the margin side, obviously, strong top line and EBITDA outperformance in the quarter.

很好，謝謝。早安。也許先從利潤率面來看，顯然本季營收與 EBITDA 都有強勁的超預期表現。

You've got investments that are earmarked as you ramp up your ACV. But maybe can you just help with the puts and takes in terms of margins in the quarter, how those investments balance against the stronger rate and mix falling to the bottom line?

你們在 ACV 放量的同時也有已規劃的投資。能否協助說明本季利潤率的增減因素（puts and takes）：這些投資如何與更強的費率與組合（rate and mix）對損益表底線的貢獻相互平衡？

Maybe if you accelerated any of those investment spend early in the year that may have burdened margins near term, but maybe perhaps allowing for a better setup in the second half of the year as the ACV contribution ramps. Any help there on the margin side would be helpful.

另外，如果你們在年初加速了部分投資支出，可能在短期內壓抑利潤率，但也許能讓下半年在 ACV 貢獻放量時有更好的布局。關於利潤率面向，若能提供一些說明會很有幫助。

Hey, Jason. Thanks for your question. This is Doug, and good morning. Yes. So I think we indicated in Q4, we had really started investing. And when you look at kind of the run rate and annualized OpEx of the business, it was adjusted EBITDA expenses were approximately $385 million.

嗨，Jason。謝謝你的提問。我是 Doug，早安。是的，我想我們在第四季已提到，我們確實開始投資。當你看業務的營運費用（OpEx）運行率與年化水準時，調整後 EBITDA 的費用大約是 3.85 億美元。

So part of the investment that we started delivering to help deliver the ACV growth. We really started making those investments in Q4. I think we were pleasantly surprised by the continued improvements to the mix. And I think with respect to our internal targets, we slightly outperformed both revenue and EBITDA. So we actually have a pretty tight guide range on EBITDA this year as we thread the needle.

因此，部分投資是我們為了推動 ACV 成長而開始投入並逐步落地的；我們確實在第四季就開始做這些投資。我想我們也對組合持續改善感到驚喜。就我們的內部目標而言，營收與 EBITDA 都略優於預期。因此，今年我們在 EBITDA 上給出的指引區間相當緊，因為我們需要在多項因素間精準拿捏。

I would expect the rate of investment to be ratable quarter-to-quarter, maybe say for $1 million to $2 million here or there. And as our ACV starts to really convert to revenue and pick up in the second half of the year, I would expect us to keep stable, if not slightly improving margins in the back half.

我預期投資的節奏會在各季之間相對平均（ratable），可能每季上下差個 100 萬到 200 萬美元。隨著我們的 ACV 在下半年開始更明顯地轉換為營收並加速，我預期我們在下半年能維持穩定、甚至略有改善的利潤率。

Got it. Okay, it's helpful. And then maybe as my follow-up, obviously encouraging to see the strong top-line growth this quarter.

了解。好的，這很有幫助。接著作為追問，本季看到強勁的營收成長確實令人鼓舞。

Can you discuss what you're seeing in terms of utilization broadly? I know there's been a weaker respiratory system, some weather events impacted, volumes across providers broadly, but I'm not sure if you're seeing that, but maybe if you could just any color on the utilization environment, and then maybe a little bit deeper on some of the rate and mix benefits that you're seeing currently would be helpful. Thanks.

你能談談你們對整體利用率（utilization）的觀察嗎？我知道呼吸道疾病季節較弱、以及一些天候事件影響，可能讓各家醫療提供者的量能（volumes）普遍受影響；我不確定你們是否也看到類似情況。若能就利用率環境提供一些顏色（color），並再深入談談目前看到的部分費率與組合效益，會很有幫助。謝謝。

Yeah, sure. So I'll take that. So if you look at slide 10 and 11 on our supplemental deck, it gives some color on kind of the rate, mix, and volume dynamics of our business.

好的，當然。我來回答。如果你看我們補充簡報的第 10 與第 11 頁，會提供一些關於我們業務在費率、組合與量（rate, mix, and volume）動態的說明。

I think the continuous trend, and we covered this a little bit at Investor Day, in the outpatient setting for the higher acuity claims. We saw, I would say maybe a little bit less volume than we would have expected, but strong performance on a savings, identified savings in revenue and savings per claim.

我認為持續的趨勢——我們在投資人日也稍微談到——是在門診場景中、針對較高嚴重度（higher acuity）的理賠。我們看到的量可能比我們原先預期略少一些，但在節省表現上很強，包括已識別的節省（identified savings）所帶來的營收，以及每件理賠的節省（savings per claim）。

It was really some of the mix that I would say has compounded over the last five quarters. In the outpatient setting, from an inpatient facility perspective, we saw a little bit higher in room and board.

我會說主要是組合因素在過去五個季度持續疊加。在門診場景中，從住院機構（inpatient facility）的角度來看，我們看到病房與膳食（room and board）略高一些。

Don't know if that's impacted by weather per se. It was a little bit better than we had internally modelled. But really, when you look at kind of the last five quarters in slide 11, that continuous pacing and trend of the higher acuity areas, especially in the outpacing setting, is about where 80% of our identified savings in revenue play.

不確定這是否與天候有關；表現比我們內部模型略好。但實際上，當你看第 11 頁過去五個季度的走勢，那些較高嚴重度領域的持續節奏與趨勢——尤其在門診場景——大約是我們已識別節省所帶來營收貢獻的 80% 所在。

We've seen consistent elevated trends in those higher acuity areas, including behavioural health. Nothing in the quarter kind of indicated that there was an aberration or disruption to underlying volumes due to events like weather.

我們在這些較高嚴重度領域（包含行為健康）看到持續偏高的趨勢。本季並沒有任何跡象顯示，像天候這類事件對底層量能造成異常或干擾。

Jessica Tassan, Piper Sandler.

Jessica Tassan，Piper Sandler。

I'm curious on a few things. If you could first maybe give us a sense of the mix of services bookings within your $80 million to $100 million bookings target, and then just how do the margins look on those services bookings maybe at contract launch and then over the course of the contract lifespan, and how would you expect the margins to progress?

我想請教幾點。首先，你們能否大致說明在 8,000 萬到 1 億美元的 bookings 目標中，服務（services）類 bookings 的組合占比？另外，這些服務 bookings 的利潤率表現如何——例如在合約啟動時，以及在合約存續期間的變化；你們預期利潤率會如何演進？

Hey, Jess, I'll take a stab at that. Maybe if Travis wants to get any color he can. So when we look at Q1 of our $44 million. The provider and public sector contributed about 20% of the bookings. So these were kind of flagship wins that we announced at Investor Day.

嗨，Jess，我先嘗試回答；如果 Travis 想補充任何細節也可以。以第一季的 4,400 萬美元來看，醫療提供者與公共部門合計貢獻了約 20% 的 bookings。這些算是我們在投資人日宣布的旗艦型（flagship）得標案。

We had indicated, too, and I think maybe you had asked the question at Investor Day what the margin profile of services is.

我們也曾提到——我想你在投資人日也問過——服務業務的利潤率輪廓（margin profile）是什麼。

We expect it to be roughly kind of half the core business as we ramp and scale. When I look at the full year, the $80 million to $100 million, we expect growth from these areas, and especially services, to be meaningful.

我們預期在我們逐步爬坡並擴張規模的過程中，它大致會占核心業務的約一半。當我看全年時，針對 8,000 萬至 1 億美元的部分，我們預期這些領域（尤其是服務）帶來的成長將會相當有意義。

But the total mix of bookings is still going to be around, I'd say, probably 20-ish percent of our total number at the midpoint.

但整體預訂（bookings）的組合占比仍將大約在中位數約 20% 左右，占我們總量的比例。

These investments are critically important to us. To us, which is why we announced the additional $20 million to $25 million in investment this year. We see significant opportunity in the provider and public sector markets.

這些投資對我們至關重要。也正因如此，我們才宣布今年額外投入 2,000 萬至 2,500 萬美元。我們在醫療服務提供者（provider）與公共部門市場看到了顯著的機會。

The midpoint of those bookings will be about 20% of our total, and we expect margins to be roughly half of our core business.

這些預訂在中位數將約占我們總量的 20%，而我們預期其毛利率大致約為核心業務的一半。

Yeah, I'll just add a couple of things. So one is, with the health system that we sign, we do that as very strategic. I mean, we'll be providing.

是的，我再補充幾點。第一，我們與醫療體系簽約時，是以非常策略性的方式來做。我是說，我們將會提供。

Managed services for their EMR, which is a new service line of business for us. So we've got the people, we've got the talent, and we've acquired OPCG in order to create those relationships.

為其 EMR 提供託管服務（managed services），這對我們而言是一條新的服務業務線。我們有人才、也有能力，並且我們收購了 OPCG 以建立這些關係。

So we'll also be deeply embedded in our workflow, complex problems they're trying to solve and even more so, a few things are important.

因此，我們也會深度嵌入到他們的工作流程中，協助解決他們試圖處理的複雜問題；而且更重要的是，有幾件事很關鍵。

One is it's a high level of recurrence and some of these opportunities we have on recurring revenue, services, you get some immediate revenue benefit. You can sign an opportunity like that and you start it quickly.

第一是高度的經常性（recurrence），而且在我們的一些經常性收入機會上，服務能帶來立即的收入效益。你可以簽下這樣的機會，並且很快就能啟動。

So we're not having to constantly just wait for the revenue to flow, which is so seasonal and cyclical in some of our core business.

因此我們不必一直只是等待收入流入；在我們部分核心業務中，收入具有很強的季節性與循環性。

It also gives us the opportunity to pull through, again, horizontal and vertical. I can't stop talking about it and I won't, but we can pull through, our horizontal products into those organizations we're working with on a services basis to help them with efficiency.

這也讓我們有機會帶動（pull through）產品銷售，再次強調橫向與縱向。我一直在談這件事，而且我也不會停止；但我們可以把我們的橫向產品帶入那些我們以服務方式合作的組織，協助他們提升效率。

So products like complete View, our transparency products. So it's not a pure services play to me, it's advisory, strategic, and thoughtful as it relates to the ability to pull through more products with high margin profiles to manage the entirety of our margin view over time.

例如 Complete View、我們的透明度產品等。所以對我而言，這不是純粹的服務打法，而是顧問式、策略性且深思熟慮的做法；其核心在於能夠帶動更多具高毛利特性的產品銷售，並隨時間推移管理我們整體的毛利視角。

Got it. That's helpful and then I guess just my follow-up. So we have one of our MAOs kind of talk about these changes to concurrent reviews in the 2026 MA final rule and so I'm just curious, I think these are mostly in network, but I guess, do you guys have exposure to like retrospective reviews in '25 that are essentially.

了解。這很有幫助。那我接著追問一下：我們有一家 MAO 提到 2026 年 MA 最終規則中，對同步審查（concurrent reviews）的變更；所以我想請教，這些大多是在網內（in network），但我想問的是，你們是否在 2025 年有接觸到像是回溯審查（retrospective reviews）的曝險，而這些在 2026 年會變得。

Less frequent in 2026, and just any comments on whether changes to inpatient determinations within the 2026 MA final rule has any impact on your claims volume, the 8% year-over-year ESAB claims volume decline. Thank you.

頻率更低？另外，2026 年 MA 最終規則中對住院判定（inpatient determinations）的變更，是否會對你們的理賠量產生任何影響？例如 ESAB 理賠量年減 8%。謝謝。

Thanks, Jeff. Limited impact. We think MA could be an opportunity kind of mid and long-term for us, but as it relates to the kind of quarterly progression limited if, close to zero volume impact from that one, quarter to quarter.

謝謝你，Jeff。影響有限。我們認為 MA 對我們而言在中長期可能是一個機會，但就季度進展而言，這項變更對量的影響有限，幾乎為零，季度對季度也是如此。

Thanks, Jeff.

謝謝你，Jeff。

(Operator Instructions) Stan Berenstain, Wells Fargo.

（接線員指示）Wells Fargo 的 Stan Berenstain。

Hi, good morning. Thanks for taking my questions. First, on ACV, you're already halfway there on your ACV goals for the year. I'm just wondering, how's your visibility into your remaining go-get? Do you expect any changes in the mix of upsells versus new logos? Just any color you can add there would be helpful.

嗨，早安。謝謝回答我的問題。第一個關於 ACV：你們今年的 ACV 目標已經完成一半了。我想請問，你們對剩餘需要達成的部分（go-get）的可視性如何？你們是否預期加購（upsells）與新客（new logos）的組合會有任何變化？如果能補充一些細節會很有幫助。

Yeah, great. Thanks for the question, Stan. So I'll take that first stab. So I think the 70/30 approximate split, we actually covered. That was our mix on upsell/cross-sell versus net new logos.

好的，很棒。謝謝你的問題，Stan。我先回答。我認為大約 70/30 的拆分我們其實已經提過了，那就是加購／交叉銷售（upsell/cross-sell）相對於淨新增客戶（net new logos）的組合。

On the $67.3 million of bookings that we landed in '25, that trend has been pretty consistent. I think the most compelling piece of that is we have a ton of white space within the payer and TPA segment and so we are expanding our products and solutions to new markets, including provider, public sector, international.

就我們在 2025 年拿下的 6,730 萬美元預訂而言，這個趨勢一直相當一致。我認為其中最有吸引力的一點是，在付款方（payer）與 TPA（第三方管理機構）細分市場中，我們仍有大量的白地（white space），因此我們正把產品與解決方案擴展到新市場，包括醫療服務提供者、公共部門與國際市場。

We think these are great long-term areas for growth and diversification. But make no mistake, our core business is still most of where the bookings are occurring and I think the Q1 bookings number was anchored by a lot of large deals, actually.

我們認為這些是長期成長與多元化的絕佳領域。但不要誤會，我們的核心業務仍是預訂發生的主要來源；而且我認為第一季的預訂數字其實是由許多大型交易所支撐的。

I think we had nine deals over a million ACVs. Last year, we had 108 deals over 100,000 ACVs the funnel we have, the funnel's efficiency is multi-nine figures. So we feel very confident with $80 million to $100 million on the full year.

我想我們有 9 筆交易的 ACV 超過 100 萬美元。去年我們有 108 筆交易的 ACV 超過 10 萬美元；我們的銷售漏斗（funnel）效率達到數億美元等級（multi-nine figures）。因此，對於全年 8,000 萬至 1 億美元的目標，我們非常有信心。

Quarter-to-quarter, there might be some seasonality and trending, but I would expect us to continue to deliver strong bookings growth for the foreseeable future.

季度之間可能會有一些季節性與趨勢波動，但我預期在可預見的未來，我們將持續交出強勁的預訂成長。

I'll just add one comment, Stan Strauss. We had 30 new logos last year and six new logos in the first quarter.

我再補充一句，Stan Strauss。去年我們有 30 個新客戶標誌（new logos），第一季有 6 個新客戶標誌。

Focusing on the core and what was said, we see a significant white space, Doug just reiterated that. But we're also, really focused on creating more diverse, sustainable growth over time, and that starts with new clients.

回到核心以及剛才所說的，我們看到顯著的白地，Doug 也再次強調了這點。但同時，我們也非常專注於隨時間建立更為多元且可持續的成長，而這要從新客戶開始。

We have a lot more telemetry into our business as it relates to our forecast, our processes, our win and close rates, the data with which we operate, and we have significantly more coverage, pipeline coverage to quota. Than we had two years ago, almost 4.8 times, which is a significant number.

就預測而言，我們對業務有更多的遙測（telemetry），包括我們的流程、贏單與結案率（win and close rates）、以及我們運作所依據的數據；而且我們的覆蓋度顯著提升，管線覆蓋配額（pipeline coverage to quota）比兩年前高出將近 4.8 倍，這是個很大的數字。

I think it was closer to 1.5 times. And so more pipeline, more coverage, better visibility. And the last thing I'll say is we have the confidence to invest in the business because we can see the top-line and so you're confident enough to make decisions like we made in Q4 this year, and we're confident in our margin profile for the year because we have good visibility to our top-line growth and revenue conversion.

我記得當時更接近 1.5 倍。因此，更多管線、更高覆蓋度、更好的可視性。最後我想說的是，我們有信心投資於業務，因為我們看得到營收端（top-line）；因此你才會有足夠信心做出像我們今年第四季所做的決策。而且我們對今年的毛利結構也有信心，因為我們對營收成長與收入轉換（revenue conversion）有良好的可視性。

So that's a great leading indicator for us, and we have clear visibility and confidence in our numbers for the year.

因此，這對我們而言是很好的領先指標（leading indicator），我們對今年的數字有清楚的可視性與信心。

Appreciate that. Helpful. As my follow-up, just wanted to ask on Medicare Advantage. Obviously there's some rate pressure, forcing payers to be a bit more mindful of, admin savings and things like that. Are you seeing that translate into increased demand for payment integrity solutions? Is that driving some more intensity with the payers? Just wanted to get some color on that as well. Thank you.

感謝，這很有幫助。我的追問是關於 Medicare Advantage。顯然目前有一些費率壓力，迫使付款方更留意行政成本節省等事項。你們是否看到這轉化為對支付完整性（payment integrity）解決方案需求的提升？是否讓付款方投入更高強度？也想請你們補充一些細節。謝謝。

Thanks again. Yes, absolutely. When you look at our PRI business, had nice growth last year, we expect a similar growth rate this year. You look at, I would say, maybe 25% to a third of the opportunities are in payment revenue integrity.

再次感謝。是的，絕對如此。當你看我們的 PRI 業務，去年有不錯的成長，我們預期今年也會有類似的成長率。你看機會來源，我會說大概有 25% 到三分之一的機會是在支付收入完整性（payment revenue integrity）方面。

We have one of the most comprehensive set of solutions from prepay, payment revenue integrity, and claims editing all the way through post-pay.

我們擁有業界最全面的解決方案之一，從預付（prepay）、支付收入完整性與理賠編輯（claims editing），一路延伸到事後支付（post-pay）。

We feel very bullish on the prospects of that business, medium to long-term, and a good portion of our funnel is in the payment revenue integrity space.

我們對該業務在中長期的前景非常樂觀，而且我們的銷售漏斗中有相當一部分是在支付收入完整性領域。

Great. Thanks so much.

很好。非常感謝。

Thank you. I'm not showing any further questions in the queue. I will now turn back over to management for closing remarks.

謝謝。目前我看到隊列中沒有其他問題。我現在把時間交回管理層做結語。

Thank you. This is Travis. Let me just close by saying thank you for your time and attention today. Thanks for the questions and the interest in the company. And as noted, we feel like we're in a good place, and we're confident in our year. Look forward to talking to you again here soon. Thank you.

謝謝。我是 Travis。最後我想說，感謝各位今天撥冗參與並專注聆聽。謝謝各位的提問以及對公司的關注。如同先前所提，我們覺得目前處於良好位置，並且對今年充滿信心。期待很快再與各位交流。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。