Evolent Health Inc (EVH) 2025 Q1 法說會逐字稿

Welcome to the Evolent Health conference call for the first quarter ended March 31, 2025.

歡迎參加截至 2025 年 3 月 31 日的第一季 Evolent Health 電話會議。

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

Your host for the call, today, from Evolent are Seth Blackley, Chief Executive Officer; and John Johnson, Chief Financial Officer.

今天，Evolent 的電話會議主持人是執行長 Seth Blackley 和財務長 John Johnson。

This call will be archived and available later this evening and for the next week, via the webcast on the company's website in the section titled Investor Relations.

此次電話會議將存檔，並於今晚晚些時候以及下週透過公司網站「投資者關係」欄目的網路廣播提供。

This conference call will contain forward-looking statements, under the US Federal law. These statements are subject to risks and uncertainties that could cause actual results to differ, materially, from historical experience or present expectations.

根據美國聯邦法律，本次電話會議將包含前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與歷史經驗或當前預期有重大差異。

A description of some of the risks and uncertainties can be found in the company's reports that are filed with the Securities and Exchange Commission, including cautionary statements included in our current and periodic filings.

一些風險和不確定性的描述可以在公司向美國證券交易委員會提交的報告中找到，包括我們目前和定期提交的警告聲明。

For additional information on the company's results and outlook, please refer to our first-quarter press release, issued earlier today.

有關公司業績和前景的更多信息，請參閱我們今天早些時候發布的第一季度新聞稿。

Finally, as a reminder, reconciliations of non-GAAP measures discussed during today's call to the most direct comparable GAAP measures are available in the summary presentation available in the Investor Relations section of the website or in the company's press release issued today and posted on the Investor Relations website, ir.evolent.com, and the Form 8-K filed by the company with the SEC earlier today.

最後，提醒一下，今天電話會議上討論的非 GAAP 指標與最直接可比較的 GAAP 指標的對賬可以在公司網站投資者關係部分的摘要介紹中找到，也可以在公司今天發布並發佈在投資者關係網站 ir.evolent.com 上的新聞稿中找到，也可以在公司今天早些時候向美國證券交易委員會提交的 8-K 表格中找到。

In addition to these reconciliations, we provide details on the numbers and operating metrics for the quarter in both our press release and supplemental investor presentation.

除了這些對帳之外，我們還在新聞稿和補充投資者報告中提供了本季的數位和營運指標的詳細資訊。

Now, I will turn the call over to Evolent's CEO, Seth Blackley.

現在，我將把電話轉給 Evolent 的執行長 Seth Blackley。

Good evening, everybody. Thanks for joining the call.

大家晚上好。感謝您參加電話會議。

I'm happy to be here tonight to discuss Evolent's strong start to 2025, with Q1 financial results at the high end of our expectations and a favorable outlook for the rest of the year.

我很高興今晚能在這裡討論 Evolent 在 2025 年的強勁開局，第一季度的財務業績達到了我們預期的高位，並且對今年剩餘時間的前景看好。

As is typical, our prepared comments are structured around our three shareholder value-creation focus areas of: one, organic growth; two, expanding profitability; and three, optimal capital allocation.

通常情況下，我們準備的評論圍繞著三個股東價值創造重點領域：一、有機成長；二、擴大獲利能力；三、優化資本配置。

Starting with organic growth. We believe we're positioned as one of the largest and most effective providers of Specialty Condition Management in the country, with 84.8 million product lives on the platform. We believe health plans, providers, and members all demand and deserve a clinically-oriented approach that encourages a holistic view of a person's journey through cancer, cardiovascular disease, or musculoskeletal conditions. And we think Evolent is uniquely positioned to offer those solutions.

從有機成長開始。我們相信，我們已成為國內最大、最有效的特殊病症管理提供者之一，平台上的產品生命週期達 8,480 萬次。我們相信，健康計畫、提供者和會員都需要並值得採用以臨床為導向的方法，鼓勵人們全面了解一個人對抗癌症、心血管疾病或肌肉骨骼疾病的歷程。我們認為 Evolent 具有提供這些解決方案的獨特優勢。

The strength of our offering led to five new revenue agreements this quarter, covering each of our three major condition areas as follows: first, we had two new health plans that are rolling out our Surgical Management Solutions for commercial lines of business.

我們產品的優勢促成了本季五項新的收入協議，涵蓋了我們以下三個主要條件領域：首先，我們有兩個新的健康計劃，正在為商業業務線推出我們的外科手術管理解決方案。

One is a Blues plan located in the South. And one is a large national plan rolling out the solutions, initially, to two of its large southern states. We are particularly excited to add these contracts, as they are both first-time logos. And we look forward to the opportunity to expand with these partners, over time.

一個是位於南部的藍調計劃。一是製定了一項大型全國性計劃，首先在南部兩個大州推廣這些解決方案。我們特別高興能夠添加這些合同，因為它們都是首次出現的標誌。我們期待有機會與這些合作夥伴一起進一步擴大規模。

Third, we expanded the geographic reach of our existing Medical Oncology Technology and Services solution, with one of our national payer clients, to cover an additional 800,000 Medicare Advantage lives.

第三，我們與一位全國付款人客戶合作，擴大了現有醫學腫瘤技術和服務解決方案的地理覆蓋範圍，以涵蓋另外 80 萬名醫療保險優勢計劃 (Medicare Advantage) 受益者。

Fourth, an existing partner in the southern state will be adding Technology and Services solution for advanced imaging and cardiac imaging for approximately 100,000 lives in their Medicaid line of business.

第四，南部州的現有合作夥伴將在其醫療補助業務線中為約 10 萬人增加先進影像和心臟影像技術和服務解決方案。

Fifth and finally, we expanded our musculoskeletal services to the Medicare Advantage line of business for an existing partner in the northeast, expected to add over 100,000 lives.

第五，也是最後一點，我們將肌肉骨骼服務擴展到東北地區現有合作夥伴的醫療保險優勢業務線，預計將增加 10 萬多人的生命。

Altogether, we expect these expansions to represent annualized Specialty Technology and Services revenue of approximately $10 million and new lives on the platform of approximately $1 million.

總而言之，我們預計這些擴展將帶來約 1000 萬美元的年度專業技術和服務收入以及約 100 萬美元的平台新生命。

Renewals with our existing customer base also continued to be very strong, with one of our top 10 customers recently renewing through the year 2030.

我們與現有客戶群的續約也持續保持強勁勢頭，我們的十大客戶之一最近與我們的合約續約至 2030 年。

More broadly, the selling environment continues to feel very good across both Technology and Services and the Performance Suite.

更廣泛地說，技術與服務以及性能套件的銷售環境繼續保持良好。

The Performance Suite pipeline, in particular, is the largest it's been in the firm's history. And our updated Performance Suite model, with the additional protections and a narrow corridor, is getting great traction in the market. And we are confident we'll be able to continue to have sales success with that new contract structure and with the Performance Suite, more broadly.

尤其是 Performance Suite 管道，這是該公司歷史上最大的管道。我們升級的 Performance Suite 車型具有額外的保護功能和狹窄的走廊，在市場上獲得了極大的關注。我們有信心，透過新的合約結構和更廣泛的性能套件，我們將能夠繼續取得銷售成功。

Finally, as a reminder: even with today's new announcements, Evolent remains less than 5% penetrated in its broader revenue opportunity across all products, including oncology. Given the current traction of our solutions and the challenges that payers face in managing these specialty costs, I continue to feel confident in meeting or exceeding our long-term growth targets.

最後，提醒一下：即使今天發布了新公告，Evolent 在包括腫瘤學在內的所有產品更廣泛的收入機會中的滲透率仍然不到 5%。鑑於我們解決方案目前的吸引力以及付款人在管理這些專業成本方面面臨的挑戰，我仍然有信心達到或超過我們的長期成長目標。

Turning now to our second pillar of expanding profitability. We're on track with both core initiatives, which are: one, Performance Suite margin maturation; and two, AI-led automation within our Technology and Services Suite.

現在來談談擴大獲利能力的第二個支柱。我們正在按計劃推進兩項核心計劃，即：一、性能套件利潤率成熟度；二、技術和服務套件中以人工智慧為主導的自動化。

First, regarding the Performance Suite margin maturation. Our leading indicators for the first quarter tracked slightly favorable to our expectations. As John will discuss in this section, we are not yet fully recognizing this favorability in our medical expense accruals. But the initial data is a promising sign for a potential faster return to higher-performance suite margins.

首先，關於 Performance Suite 利潤成熟度。我們第一季的領先指標略微符合我們的預期。正如約翰將在本節中討論的那樣，我們還沒有完全認識到醫療費用累積中的這種有利因素。但初步數據是一個好兆頭，表明可能更快地恢復到更高性能套件的利潤率。

Second, regarding our automation efforts in the Technology and Services Suite. We deployed our off-Intel AI solution on over 200,000 reviews during the quarter, leading to higher clinician satisfaction, faster patient response times, and enhanced productivity.

第二，關於我們在技術和服務套件中的自動化工作。本季度，我們在超過 20 萬則評論中部署了非英特爾人工智慧解決方案，從而提高了臨床醫生的滿意度、加快了患者的回應時間並提高了工作效率。

While these initiatives are still early, covering a small fraction of [RVUs] completed during the quarter, I am encouraged by the results to date and our outlook for the ultimate value of these efforts remains unchanged.

雖然這些舉措仍處於早期階段，僅涵蓋本季度完成的 [RVUs] 的一小部分，但我對迄今為止的成果感到鼓舞，我們對這些努力的最終價值的展望保持不變。

Moving to our third pillar: capital allocation. As we communicated at the beginning of the year, our primary use of capital during 2025 is balance sheet management, both debt paydown and the cash reconciliation of certain loss-making in Performance Suite contracts in 2024 that have since been restructured.

轉向我們的第三個支柱：資本配置。正如我們在年初所傳達的那樣，我們在 2025 年的主要資本用途是資產負債表管理，包括償還債務以及對 2024 年 Performance Suite 合約中某些虧損進行現金調節（這些合約後來進行了重組）。

In addition, as I'll discuss in a moment, we are purchasing the oncology navigation assets of one of our joint ventures, pursuant to a previously negotiated put-call structure to accelerate our oncology strategy.

此外，正如我稍後將討論的那樣，我們正在根據先前協商好的看跌期權結構購買我們其中一家合資企業的腫瘤導航資產，以加速我們的腫瘤學策略。

As John will discuss, we anticipate positive operating cash flow for the rest of the year. And we're well positioned to continue investing in driving organic growth into the future.

正如約翰將要討論的，我們預計今年剩餘時間的經營現金流將為正值。我們已做好準備，繼續投資推動未來的有機成長。

While we continue to see M&A as an attractive way to accelerate our strategy in the long term, we do not currently anticipate any new transactions in the near term.

雖然我們仍然認為併購是加速我們長期策略的一種有吸引力的方式，但我們目前預計短期內不會有任何新的交易。

In addition to updating you on our three pillars of strategic value creation, I'd like to also highlight the early success of our work, deploying a unique integrated condition management model in oncology.

除了向您介紹我們策略價值創造的三大支柱之外，我還想強調我們工作的早期成功，即在腫瘤學領域部署獨特的綜合病情管理模式。

Let's first review how our existing operating model functions across our specialties, using oncology as an example. We [work with] treating oncologists with a shared goal of approving adherence to evidence-based pathways, where we have a track record of consistently increasing adherence by 20 percentage points more and more.

讓我們先以腫瘤學為例，回顧我們現有的營運模式如何在我們的專業領域中發揮作用。我們與腫瘤治療專家合作，共同的目標是批准遵守實證治療途徑，我們在這方面有持續提高 20 個百分點以上的記錄。

While these interventions leverage the utilization management process to drive business engagement, about 85% of our savings opportunity, today, in oncology is created through [non-UM] efforts like peer-to-peer consults, provider quality incentives, other practice transformation initiatives, and unique Evolent technologies, with the balance of 15% through utilization management.

雖然這些幹預措施利用利用率管理流程來推動業務參與，但目前我們在腫瘤學領域約 85% 的節約機會是透過 [非 UM] 努力創造的，例如點對點諮詢、提供者品質激勵、其他實踐轉型舉措和獨特的 Evolent 技術，其餘 15% 是透過利用率管理創造的。

We grouped these techniques into two broad toolkits of: one, clinical decision support, which includes, but is not limited, to [UM]; and two, provider alignment and engagement.

我們將這些技術分為兩大類工具包：一是臨床決策支持，包括但不限於 [UM]；二是提供者協調和參與。

Given the work we are already doing with AI and automation on the first leg of the stool around clinical decision support, we expect that [UM] will continue to quickly shrink, as a share of the value we create for our customers, from 15% today to a much smaller number in the near term; while the total value we create across our platform for our customers will continue to go up.

鑑於我們在臨床決策支援方面已經在人工智慧和自動化方面開展了初步工作，我們預計 [UM] 在我們為客戶創造的價值中所佔的份額將繼續快速縮小，從目前的 15% 降至短期內的更小數字；而我們在整個平台上為客戶創造的總價值將繼續上升。

As we have previously discussed, we have also been making important investments to add a third leg to this stool, which is bringing innovative, patient-facing navigation services to combine with our clinical decision support and provider alignment solutions. We believe this combination will be the most comprehensive solution on oncology management in the market.

正如我們之前所討論的，我們也一直在進行重要的投資，為這個凳子增加第三條腿，即將創新的、面向患者的導航服務與我們的臨床決策支援和提供者協調解決方案相結合。我們相信這種組合將成為市場上最全面的腫瘤管理解決方案。

To build this model, we have worked, over the last 18 months, with representatives from across the care continuum to find what works. And I'm pleased to announce the official launch of our oncology navigation solution that combines three important components: first, navigation protocols that we developed internally, in close collaboration with one of our largest payers over the last 18 months; two, we announced today that we are purchasing the assets of oncology care partners through a previously negotiated put-call structure, bringing the best of what oncology care partners develop with practicing community oncologists into Evolent's model; and three, as we have discussed on previous calls, we have the exclusive US partnership license with Careology, whereby their digital cancer navigation app is integrated into our solutions.

為了建立這個模型，我們在過去 18 個月與整個護理領域的代表一起努力尋找有效的方法。我很高興地宣布，我們的腫瘤導航解決方案正式推出，該解決方案結合了三個重要組成部分：首先，我們在過去 18 個月中與我們最大的付款人之一密切合作，內部開發的導航協議；其次，我們今天宣布，我們正在通過之前協商的看跌期權結構購買腫瘤護理合作夥伴的資產，將腫瘤護理合作夥伴與社區討論過社區的最佳產品，正如我們所擁有的最佳產品，正如我們在英國的會議上討論過社區在美國的獨家合作許可，他們的數位癌症導航應用程式被整合到我們的解決方案中。

We've been piloting this approach for some time. And by the end of May, we expect to be live with our integrated solution across 300,000 members. We are already seeing inspiring results.

我們已經試行這種方法有一段時間了。到五月底，我們預計我們的整合解決方案將涵蓋 30 萬名會員。我們已經看到了鼓舞人心的成果。

Let me give you a couple of examples of the power of this fully-integrated approach. First, through [our] approach refined by oncology care partners, we've been able to integrate our pathways directly into practice EMRs and support those pathways with innovative value-based compensation models.

讓我舉幾個例子來說明這種完全整合方法的威力。首先，透過腫瘤護理合作夥伴改進的方法，我們能夠將我們的途徑直接整合到實踐 EMR 中，並透過創新的基於價值的補償模型支持這些途徑。

A study we published in the Journal of Clinical Pathways demonstrated significantly higher adherence to our value-based initiatives when these integrations are in place, relative to a control group. We're excited to build on this foundation in the time ahead.

我們在《臨床路徑雜誌》上發表的一項研究表明，與對照組相比，當這些整合到位時，對我們的基於價值的舉措的遵守程度明顯更高。我們很高興在未來能在此基礎上繼續發展。

As a second example, many cancer treatments leave members with a weakened immune system. They and their caregivers live with a high level of uncertainty in which simple common cold symptoms might be fine or might be a severe even life-threatening condition.

第二個例子是，許多癌症治療會導致患者的免疫系統變弱。他們和他們的護理人員生活在高度的不確定性中，簡單的感冒症狀可能沒事，也可能發展成嚴重的甚至危及生命的疾病。

A member [and their] caregivers need to decide, in real time, whether their symptoms are manageable at home or they need to go immediately to the emergency department.

會員及其照護者需要即時決定他們的症狀是否可以在家中控制，或者是否需要立即去急診室。

Our solution, powered by the Careology platform and Evolent care navigators, can use real-time member symptom information to trigger interventions and take the guess work out of these decisions for the member.

我們的解決方案由 Careology 平台和 Evolent 護理導航器提供支持，可以使用即時會員症狀資訊來觸發乾預措施，並消除會員對這些決策的猜測。

In this example, we're able to provide peace of mind to the member of the family, help ensure immediate action that were clinically-indicated, while also helping avoid unnecessary hospital visits.

在這個例子中，我們能夠讓家人安心，幫助確保立即採取臨床指示的行動，同時也幫助避免不必要的醫院就診。

Going forward, we expect to deploy this platform to customers in both Technology Services and in the Performance Suite models. Under both models, we believe our oncology navigation solution will drive meaningful ROI to Evolent and our plans; in part, by increasing the dollar pool of medical costs [we can influence], while also improving member quality and experience.

展望未來，我們希望將該平台部署給技術服務和效能套件模型中的客戶。在這兩種模式下，我們相信我們的腫瘤導航解決方案將為 Evolent 和我們的計劃帶來有意義的投資回報；部分是透過增加[我們可以影響的]醫療成本美元池，同時也提高會員品質和體驗。

This innovation is also an example of the differentiation we seek to drive across our platform, prioritizing care quality and focusing on creating clinical value for our members and health plan partners.

這項創新也是我們尋求在整個平台上實現差異化的一個例子，我們優先考慮護理品質並致力於為我們的會員和健康計劃合作夥伴創造臨床價值。

Before handing it over to John to go through the numbers, I want to recognize the efforts of the 4,500 professionals at Evolent, who focus day in and day out on driving outcomes for our members and customers and ensuring that each of our members receive the care that we would want for our family members.

在交給約翰來審核這些數字之前，我想先表揚一下 Evolent 的 4,500 名專業人員所做的努力，他們日復一日地致力於為我們的會員和客戶帶來成果，並確保我們的每位會員都能得到我們希望為家人提供的護理。

Our recent 2025 employee survey showed an engagement rate of 89%, which is a very strong score, relative to benchmarks, and one of the highest scores in our history. I also believe that engagement is a leading indicator of our ability to deliver for our customers, our patients and members, and our shareholders.

我們最近進行的 2025 年員工調查顯示，員工敬業度達到了 89%，相對於基準而言，這是一個非常高的分數，也是我們歷史上最高的分數之一。我也相信，參與度是我們為客戶、病患、會員和股東提供服務的能力的主要指標。

We also continue our normal course Board refreshment activities. And I'm excited by our recent Board of Directors' nomination of Shawn Guertin to stand for election at our Annual Shareholder Meeting in June.

我們也將繼續正常的課程委員會茶點活動。我很高興我們董事會最近提名肖恩·格爾廷 (Shawn Guertin) 參加 6 月份年度股東大會的競選。

Shawn is an experienced health care executive, with a career spanning some of the top brands in the industry, including most recently as the Chief Financial Officer of CBS; and we believe, upon his election, will be a significant value-add to Evolent.

肖恩是一位經驗豐富的醫療保健主管，其職業生涯涉及行業內的一些頂級品牌，最近擔任哥倫比亞廣播公司的首席財務官；我們相信，他的當選將為 Evolent 帶來巨大的價值。

With that, let me pass it to John.

說完這些，讓我把它傳給約翰。

Thanks, Seth.

謝謝，塞思。

I will comment on four areas this evening before turning to guidance: one, revenue dynamics affecting actual results in the quarter, as well as associated PMPM trends; two, medical cost trend in our Performance Suite; three, our outlook for cash generation in 2025; and four, sizing potential policy impacts on our near- and medium-term outlook.

在轉向指導之前，今晚我將對四個方面進行評論：第一，影響本季度實際結果的收入動態，以及相關的 PMPM 趨勢；第二，我們的 Performance Suite 中的醫療成本趨勢；第三，我們對 2025 年現金產生的展望；第四，評估潛在政策對我們近期和中期前景的影響。

First, on revenue. Q1 revenue of $483.6 million in the quarter was impacted by two partially offsetting items. Without these items, revenue would have been approximately $450 million, in the middle of our guidance range.

首先，關於收入。本季第一季營收為 4.836 億美元，受到兩項部分抵銷項目的影響。如果沒有這些項目，收入將約為 4.5 億美元，處於我們指導範圍的中間。

First, recall that we anticipated that contractual changes which shifts the accounting for two Performance Suite contracts from gross to net. Those contractual changes are now complete, with one effective on January 1 and the second effective April 1.

首先，回想一下，我們預計合約變更將使兩個 Performance Suite 合約的會計核算從總額轉變為淨額。這些合約變更現已完成，其中一項於 1 月 1 日生效，第二項於 4 月 1 日生效。

Therefore, the extra quarter of gross revenue recorded in Q1 for the contracts that converted on April 1, contributed approximately $55 million in revenue, with no impact on adjusted EBITDA.

因此，4 月 1 日轉換的合約在第一季記錄的額外季度總收入貢獻了約 5500 萬美元的收入，對調整後的 EBITDA 沒有影響。

The second revenue item in the quarter was related to true-ups for Performance Suite launches during 2024. In all new Performance Suite launches, we trued up our capitation rate to reflect actual experience immediately prior to our go-live date.

本季的第二項收入與 2024 年推出的 Performance Suite 相關。在所有新的 Performance Suite 發布中，我們都調整了人頭費率，以反映上線日期之前的實際體驗。

We finalized these true-ups for 2024 Performance Suite launches during the first quarter and experienced final capitation rates that were, on average, lower than our initial estimates.

我們在第一季完成了 2024 年 Performance Suite 發布的這些調整，最終的人頭費率平均低於我們最初的估計。

In total, we recognized a retroactive revenue impact of minus $12.9 million and released associated claims reserves of $13.4 million, for a favorable net adjusted EBITDA impact of $0.4 million in the quarter from prior year development.

總體而言，我們確認了負 1290 萬美元的追溯收入影響，並釋放了 1340 萬美元的相關索賠準備金，與去年同期相比，本季度的淨調整後 EBITDA 影響為 40 萬美元。

Finally, the updated capitation rates for 2024 launches lowers our estimated revenue for '25 by approximately $33 million, including $8.4 million in Q1, again, on an EBITDA neutral basis.

最後，根據 2024 年發射的最新人頭費率，我們對 25 年的預期收入降低了約 3,300 萬美元，其中包括第一季的 840 萬美元，同樣是基於 EBITDA 中性基礎。

Note that as previewed on our last call, the contractual changes coming into this year, including the conversion of one Performance Suite contracts to Tech and Services affect our reported PMPM stats. In particular, our Q1 performance suite has a lower mix of Medicare Advantage revenue than last year; and has a correspondingly lower average PMPM fee.

請注意，正如我們上次電話會議所預測的那樣，今年的合約變更（包括將 Performance Suite 合約轉換為技術和服務合約）會影響我們報告的 PMPM 統計數據。具體來說，我們的 Q1 績效套件中的醫療保險優勢收入組合比去年低；並且平均 PMPM 費用也相應較低。

To be clear, though, our same-store PMPMs demonstrates continued pricing strength. For example, on a same-store basis, our largest oncology contracts saw year-over-year increases of over 20% versus the first quarter of last year.

但需要明確的是，我們的同店 PMPM 顯示出持續的定價實力。例如，以同店計算，我們最大的腫瘤學合約與去年第一季相比同比增長了 20% 以上。

Turning to medical cost trends. Both leading indicators and claims completion for Q1 suggests an oncology trend that is modestly lower than our overall expectation of 12%. While we are pleased to see signs of trend moderation, we have not fully reflected this favorability in our results for the quarter.

轉向醫療成本趨勢。第一季的領先指標和索賠完成情況均顯示腫瘤學趨勢略低於我們 12% 的整體預期。雖然我們很高興看到趨勢緩和的跡象，但我們尚未在本季度的業績中充分反映出這種有利情況。

We also are not yet updating our assumption in our guidance and continue to guide based on a 12% oncology trend for April through December.

我們還沒有更新指導中的假設，並繼續根據 4 月至 12 月的 12% 腫瘤趨勢進行指導。

Favorability on these oncology trends is driven both by modestly lower disease prevalence and strong performance on our clinical management initiatives.

這些腫瘤學趨勢的有利因素包括疾病盛行率略低以及我們的臨床管理措施的強勁表現。

Cardiology expense trends are tracking according to our expectations, so far, this year.

今年到目前為止，心臟病學費用趨勢符合我們的預期。

Turning to the balance sheet. We ended the quarter with cash of $247 million and revolver capacity of $62.5 million for total liquidity of over $300 million, resulting in a net leverage ratio of 4.1 times our last 12-month adjusted EBITDA.

轉向資產負債表。本季末，我們的現金為 2.47 億美元，循環信貸額度為 6,250 萬美元，總流動資金超過 3 億美元，淨槓桿率為過去 12 個月調整後 EBITDA 的 4.1 倍。

We generated $4.6 million in cash from operations in the quarter, a result driven by strong customer collections and the timing of Performance Suite claims reconciliations.

本季度，我們從營運中獲得了 460 萬美元的現金，這得益於強勁的客戶收款和 Performance Suite 索賠對帳的時機。

Looking out across the rest of the year, we anticipate a modest increase in net debt across the April through December period, generating approximately $40 million in cash flow from operations, after funding reconciliation payments for 2024 Performance Suite contracts that have since been restructured or converted to Tech and Services arrangements; and using $51 million to purchase the rest of oncology care partners in Q2.

展望今年剩餘時間，我們預計 4 月至 12 月期間淨債務將小幅增加，在為 2024 年 Performance Suite 合約（後來重組或轉換為技術和服務安排）支付對賬單後，將產生約 4000 萬美元的運營現金流；並使用 5100 萬美元在第二季度收購其餘的腫瘤治療合作夥伴。

Following the retirement of our 2025 convertible notes in Q4 of this year, we anticipate ending the year with cash in excess of $85 million and a net leverage ratio approximating our current level. After these liability management activities this year, we have no outstanding maturities until 2029.

繼今年第四季我們的 2025 年可轉換票據退出市場後，我們預計今年年底的現金將超過 8,500 萬美元，淨槓桿率接近目前水準。經過今年的這些負債管理活動，到 2029 年為止，我們沒有未償還的到期債務。

Regarding oncology care partners. This joint venture had two components: a portfolio of oncology clinics and a member navigation and practice alignment arm.

關於腫瘤護理合作夥伴。該合資企業由兩部分組成：腫瘤診所組合和會員導航與實踐協調部門。

As Seth mentioned, we are excited to integrate the member navigation and practice alignment capabilities from OCP into our condition management model and believe they will meaningfully enhance our differentiated approach to the market.

正如 Seth 所提到的，我們很高興將 OCP 的會員導航和實踐協調功能整合到我們的條件管理模型中，並相信它們將顯著增強我們對市場的差異化方法。

Prior to bringing the JV fully in-house, we made the decision to close the oncology practices, themselves, to avoid both channel conflicts with our network providers, as well as future capital investment requirements associated with brick-and-mortar models.

在將合資企業完全納入我們內部之前，我們決定關閉腫瘤科診所，以避免與我們的網路供應商發生管道衝突，以及與實體模式相關的未來資本投資需求。

Closing the clinics contributed to a one-time loss on our income statement during the quarter. Despite the strategic value, the navigation and practice alignment work.

關閉診所導致我們本季的損益表出現一次性損失。儘管具有戰略價值，導航和實踐協調仍然有效。

As Seth mentioned earlier, the navigation and practice alignment capabilities we acquired will be very important to our oncology condition management model.

正如Seth之前提到的，我們獲得的導航和實踐協調能力對於我們的腫瘤病情管理模式非常重要。

Before turning to guidance, a few words on the impact of potential policy initiatives to get ahead of frequently-asked-questions.

在轉向指引之前，我們先來談談潛在政策措施的影響，以解答常見問題。

First, our business is generally unimpacted by tariffs. In the vast majority of our contracts, to the extent that there is a significant change in pharma unit costs driven by international trade dynamics, our Performance Suite contracts contain clauses allowing us to update our rates, accordingly.

首先，我們的業務通常不受關稅的影響。在我們的絕大多數合約中，如果受國際貿易動態驅動，製藥單位成本發生重大變化，我們的 Performance Suite 合約就會包含允許我們相應更新費率的條款。

Second, regarding potential changes in value-based programs from CMS. The only program that we participate in, today, is the Medicare Shared Savings Program through our ACO Evolent Care Partners.

第二，關於 CMS 基於價值的計劃的潛在變化。今天，我們參與的唯一項目是透過 ACO Evolent Care Partners 參與的醫療保險共享儲蓄計劃。

We see the commentary from CMS, to date, as largely encouraging for MSSP, which is a permanent program legislated by Congress as a part of the Affordable Care Act. Commentary from the administration around prioritizing affordability and clinical quality, to us, reinforces the importance of value-based contracting.

我們認為，迄今為止，CMS 的評論對 MSSP 來說基本上是令人鼓舞的，MSSP 是美國國會作為《平價醫療法案》的一部分立法通過的永久性計劃。對我們來說，政府關於優先考慮可負擔性和臨床品質的評論強調了基於價值的合約的重要性。

Third, regarding potential changes to Medicaid. The policy briefings released in April by CMS leadership suggests that some form of work requirements may be implemented, over time.

第三，關於醫療補助的潛在變化。CMS 領導層於 4 月發布的政策簡報表明，隨著時間的推移，可能會實施某種形式的工作要求。

We have estimated the potential impact of work requirements on our book, if rolled out across the nation, had less than 5% of Medicaid membership, which will translate to $8 million to $10 million in adjusted EBITDA for us, today.

我們估計了工作要求對我們帳簿的潛在影響，如果在全國範圍內推廣，醫療補助會員人數不到 5%，這將為我們今天的調整後 EBITDA 帶來 800 萬至 1000 萬美元的影響。

We believe that Medicaid is a critical program for tens of millions of Americans and remain steadfast in our support of these programs.

我們相信醫療補助計劃對於數千萬美國人來說是一項至關重要的項目，我們將堅定不移地支持這些項目。

Further, our diversification across Medicaid, Medicare Advantage, and commercial lines of business helps to insulate us from potential policy swings.

此外，我們在醫療補助、醫療保險優勢和商業業務方面的多元化有助於我們免受潛在的政策波動的影響。

Finally, we do not currently expect any prospective changes to Medicaid policy that would impact our fiscal 2025 results.

最後，我們目前預期醫療補助政策不會發生任何影響我們 2025 財年業績的變化。

Now, let me go through guidance before we open it up for questions.

現在，在我們開始提問之前，讓我先介紹一下指導。

While we are encouraged by the strength we saw in Q1, we believe it is important to see another quarter of claims completion data, before altering our 2025 assumptions on cost trend or our full-year guidance.

雖然我們對第一季的強勁表現感到鼓舞，但我們認為，在改變 2025 年成本趨勢假設或全年指引之前，重要的是要查看另一個季度的索賠完成數據。

As a result, we are reiterating our adjusted EBITDA outlook for 2025 of between $135 million and $165 million. To be clear, this guidance continues to assume a 12% oncology trend for Q2 through Q4, despite Q1 coming in lower.

因此，我們重申 2025 年調整後的 EBITDA 預期，即 1.35 億美元至 1.65 億美元。需要明確的是，儘管第一季的腫瘤學趨勢較低，但該指南仍假設第二季至第四季的腫瘤學趨勢為 12%。

Our revenue range for the year is also unchanged, between $2.06 billion and $2.11 billion, supported by planned go-lives in the Performance Suite in the back half of the year.

我們今年的營收範圍也沒有變化，在 20.6 億美元至 21.1 億美元之間，這得益於下半年計劃上線的 Performance Suite。

For Q2 specifically, the EBITDA-neutral Performance Suite true-ups, I mentioned earlier, results in a top-line guide of between $440 million and $470 million in revenue, with corresponding adjusted EBITDA of between $33 million and $40 million.

具體來說，對於第二季而言，我之前提到的 EBITDA 中性 Performance Suite 調整結果顯示，營收指引在 4.4 億美元至 4.7 億美元之間，相應的調整後 EBITDA 在 3,300 萬美元至 4,000 萬美元之間。

With that, we'll open it up for questions.

接下來，我們將開始回答問題。

(Operator Instructions)

（操作員指示）

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

This is [Jack Doney] on for Kevin. In your prepared remarks, you mentioned a sequential decline in Performance with PMPM, due to a lower mix of MA revenue in the Performance Suite segment.

我是 [Jack Doney]，為 Kevin 主持。在您準備好的發言中，您提到 PMPM 的性能連續下降，這是由於性能套件部門的 MA 收入組合較低。

Given this is -- previously announced contractual and, like, membership changes, is this PMPM level a good baseline, going forward? Or, maybe, how should we think about this for the remainder of the year?

鑑於這是 - 先前宣布的合約和會員變更，這個 PMPM 水平是否是一個良好的基準，可以繼續發展？或者，也許，我們該如何思考今年剩餘時間的問題？

Great question. This is a good baseline level for now. We have previously announced a rather large new Performance suite go live later this year, which is in MA for oncology.

好問題。目前這是一個很好的基準水準。我們之前已經宣布，一個相當大的新性能套件將於今年稍後上線，該套件將用於 MA 中的腫瘤學。

So when that goes live, I would expect it to tick back up, a little bit.

因此，當它上線時，我預計它會稍微回升。

Matthew Gillmor, KeyBanc.

馬修·吉爾摩（Matthew Gillmor），KeyBanc。

I wanted to ask about the visibility you have to the oncology trends. John, can you give us a sense for how complete the paid claims are? I would assume that's through February.

我想問一下您對腫瘤學趨勢的了解程度。約翰，您能告訴我們已付款的索賠是否完成嗎？我估計那是到二月了。

And then, can you give us a sense for the leading indicators you track? Just what the nature of those indicators are. That would be great.

那麼，您能讓我們了解一下您所追蹤的領先指標嗎？這些指標的本質到底是什麼。那太好了。

That's a good question, Matt. Let me highlight two things.

這是個好問題，馬特。讓我強調兩點。

The first is on the leading indicators. These are authorizations that happen before the service is performed. And so, that gives us prospective insights into the level of utilization. And that is down a little bit, relative to our forecast of being up by 12%.

首先是領先指標。這些是在服務執行之前進行的授權。因此，這為我們提供了有關利用率水準的前瞻性見解。與我們預測的 12% 的增長相比，這一數字略有下降。

Now, we make a second assumption there, which is the rate at which those authorizations translate into claims, over time. And that's the thing that is ultimately proven out in the claims, when we receive them.

現在，我們做出第二個假設，即隨著時間的推移，這些授權轉化為索賠的速度。當我們收到索賠時，這一點最終會在索賠中得到證明。

When we close a quarter, we are typically about 55%, 60% complete for that quarter; meaning, that the claims that are incurred on our income statement for the quarter, the total claims expense is [55%] to 60% actual claims in the balance IBNR.

當我們結束一個季度時，通常該季度的完成度約為 55% 到 60%；這意味著，該季度損益表中發生的索賠，總索賠費用佔餘額 IBNR 中實際索賠的 [55%] 到 60%。

That was true and consistent for this quarter. So that's the level of visibility that we have.

這對於本季而言是真實且一致的。這就是我們所擁有的可見程度。

I think you heard us, in the prepared remarks, be pretty bullish on what we're seeing, so far; and wanting to see some incremental claims completion, relative to what we have now, to affirm that [oath] to claim the completion rate.

我想您在準備好的發言中聽到了我們對迄今為止所看到的情況非常樂觀；並且希望看到相對於我們現在所擁有的，索賠完成率有所增加，以確認[誓言]索賠完成率。

Ryan Daniels, William Blair.

瑞安丹尼爾斯、威廉布萊爾。

Congrats on the solid start to the year. I wanted to go into a little bit more detail on the expansion of the oncology products. I'm hoping you could tie, into the existing products, how the navigation solution will work and what value multiplier you might see by adding that.

恭喜您今年取得了良好的開端。我想更詳細地介紹一下腫瘤產品的擴展。我希望您能夠將導航解決方案與現有產品結合起來，了解其工作原理以及添加導航解決方案後可能帶來的價值倍增。

And then, as a derivative there, I'd also like to talk a little bit about how you could potentially tie that into your broader PS contracts, over time, to help with oncology cost trends there, with this novel solution set.

然後，作為那裡的衍生品，我還想稍微談談如何將其與更廣泛的 PS 合約聯繫起來，隨著​​時間的推移，透過這套新穎的解決方案來幫助那裡的腫瘤學成本趨勢。

Yeah. Thanks, Ryan. Let me start by just saying a little bit about the market, Ryan, which is the selling environment fuel is really good, as I mentioned. Our weighted pipeline for the Performance Suite, overall, has more than doubled from what it was a year ago, which I think is really indicative of the demand and the opportunity -- and a lot of that: around oncology.

是的。謝謝，瑞安。首先，我先簡單介紹一下市場狀況，瑞安，如我所提到的，燃料的銷售環境非常好。總體而言，我們 Performance Suite 的加權管道比一年前增加了一倍多，我認為這確實表明了需求和機會——其中很大一部分圍繞著腫瘤學。

And if you think about the demand in the market, I think a lot of that is around helping manage the cost and the clinical decision support that we talked about and the provider alignment.

如果你考慮市場需求，我認為其中許多都圍繞著幫助管理成本和我們討論過的臨床決策支援以及提供者協調。

But I think there is a, for a whole host of reasons, interest and demand in this third leg of the stool on the navigation side. And so, we've obviously officially launched that.

但我認為，出於多種原因，人們對導航方面的第三條腿很感興趣，也有需求。因此，我們顯然已經正式啟動了該計劃。

I'm really excited about it. The team is excited about it. I think it's going to have a really helpful impact on the sales environment.

我對此感到非常興奮。團隊對此感到非常興奮。我認為這會對銷售環境產生真正有益的影響。

And then, to your point, I do think it increases, probably, a reasonable estimate by 10% to 20%, the value or savings opportunity that you might see by adding the ability to engage the patient in the way that I described during the prepared remarks.

然後，關於您的觀點，我確實認為，透過增加以我在準備好的發言中描述的方式與患者互動的能力，您可能會看到的價值或節省機會可能會增加 10% 到 20%（合理的估計）。

And a lot of that starts to get at the Part A savings, in particular; whereas, our traditional solution has been more Part B as in [buoy-focused].

其中許多都開始體現在 A 部分的節省上；而我們的傳統解決方案更多的是 B 部分，就像[以浮標為中心]。

So I think it's in the context of this market opportunity, which is really attractive, we think, right now. It increases, I think, our ability to translate pipeline to close deals. And I think we'll also increase our ability to drive total savings dollars.

所以我認為這是在這種市場機會的背景下，我們認為現在這真的很有吸引力。我認為，它提高了我們轉換管道以達成交易的能力。我認為我們還將提高推動總儲蓄的能力。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

So I was just hoping on two things you might be able to clarify. We were a little bit off on our first-quarter Performance Suite lives estimate. So I'm just wondering: Can you describe the quarter-over-quarter cadence of Performance Suite lives? And what was the gross reduction from recontracting versus any offsetting growth?

所以我只是希望您能夠澄清兩件事。我們對第一季性能套件壽命的估計有點偏差。所以我只是想知道：您能描述一下 Performance Suite 的季度環比節奏嗎？重新簽約造成的總減幅與抵銷性成長相比是多少？

And then, secondarily, just on the retained profitable Performance Suite business in 2025. I think our understanding is that that business would be priced to normal trend. So margins would degrade, slightly, in that portion of the business year over year. When would you expect to be able to reprice that profitable and retained Performance Suite business, such that you recapture or, at least, are trending on a PMPM basis, back in line with the annual trends you're observing?

其次，我們只討論 2025 年保留的獲利 Performance Suite 業務。我認為我們的理解是該業務的定價將符合正常趨勢。因此，該部分業務的利潤率將逐年略有下降。您預計何時能夠重新定價盈利且保留的 Performance Suite 業務，以便您重新獲得或至少在 PMPM 基礎上呈現趨勢，重新與您觀察到的年度趨勢保持一致？

Yeah. Great question. On the first one, we had about 600,000 lives convert out of the Performance Suites into Technology and Services. There was additionally a few tens of thousands of lives that were a result of partner plan exits, as we previewed at the beginning of the year.

是的。好問題。第一次，我們讓大約 60 萬人的生活從績效套件轉向技術和服務。另外，正如我們在年初預測的那樣，還有數萬人的生命因合作夥伴計劃退出而喪生。

Those two items are offset by other growth in the line. That's to answer the first question.

這兩項產品被該產品線的其他成長所抵消。這就是回答第一個問題。

On the second question, on overall Performance Suite contracting, timing, and cadence. We really think of that on an annual cycle, where each year, because of the structure of our arrangements, we are now seeing automatic increases or changes in our capitation rates, as the population changes.

第二個問題是關於整體 Performance Suite 的承包、時間和節奏。我們實際上是按照年度週期來考慮這個問題的，每年，由於我們的安排結構，隨著人口的變化，我們都會看見人頭費率自動增加或變化。

So to the extent that there is an increase in cancer mix, for example, towards a more expensive set of diagnosis, that would result in a year-over-year increase in our revenue. So that's the cadence upon which we think about it.

因此，隨著癌症組合的增加（例如，診斷費用更高），我們的收入將逐年增加。這就是我們思考這個問題的節奏。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

I wanted to ask about any potential variation in Performance Suite gross margins, either by payer mix or by geography?

我想問一下 Performance Suite 毛利率是否有潛在變化，無論是按付款人組合還是按地理位置？

And then, given the results, I'm presuming you haven't hit the lower or upper bounds of any of the new risk corridors on renegotiated arrangements. But I wanted to confirm that as well.

然後，根據結果，我假設您還沒有達到重新談判安排的任何新風險走廊的下限或上限。但我也想確認這一點。

Yeah. Let me take those in reverse order.

是的。讓我按相反的順序來做。

You are right: not currently sitting in any corridor position this early in the year.

你說得對：今年年初的時候，你還沒有擔任任何要職。

On the gross margin variation, I'll say a couple of things.

關於毛利率變化，我想說幾點。

Any individual rate sell level -- so that might be [tenet] for oncology, in a particular state for a particular payer -- there is some variation at that level of granularity.

任何單獨的費率銷售水平 - 這可能是腫瘤學的[原則]，在特定的州對於特定的付款人 - 在粒度級別上存在一些變化。

At the more macro level, are there variations between state A or state B that are predictable and consistent or between line of business A or line of business B? Generally, we do not see that. We see consistent margin opportunity, both across the country and also across line of the business -- as a percentage basis.

在更宏觀的層面上，狀態 A 和狀態 B 之間，或者業務線 A 和業務線 B 之間是否存在可預測且一致的變化？一般來說，我們不會看到這種情況。我們看到，無論是在全國範圍內，還是在各個業務線上，都存在著持續的利潤機會——以百分比計算。

Of course, in MA, the PMPMs are higher. So the [PM's] dollar opportunity is a little higher than it is in Medicaid. But consistent percent savings opportunities across all of our populations.

當然，在 MA 中，PMPM 更高。因此，[總理] 的美元機會比醫療補助計劃要高一點。但我們所有人口都有一致的儲蓄機會。

Anne Samuel, JPMorgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

This is Kyle Aikman, on for Annie. I was curious if you could dig more into the oncology cost trend you experienced in 1Q. You noted cost trended below 12%. What was your original function for trends in the quarter? Was it the same as the 12% for the year or other comparison nuances there?

我是凱爾艾克曼 (Kyle Aikman)，代替安妮。我很好奇您是否可以更深入地了解第一季經歷的腫瘤學成本趨勢。您注意到成本趨勢低於 12%。您最初負責本季的趨勢是什麼？它與年度的 12% 或其他比較細微差別相同嗎？

And on that lower-than-expected costs, would you say that's driven by changes in prevalence or cost of care? Is there any [concentration] there?

對於低於預期的成本，您是否認為這是由盛行率或照護成本的變化所致？那裡有[濃度]嗎？

Yeah. All of the trend numbers that were given tonight are in reference to that 12%, which we would think of as the normalized trend, excluding Medicaid redeterminations; which, last year, was a [unitary] event.

是的。今晚給出的所有趨勢數字都是針對那 12% 而言的，我們認為這是正常化趨勢，不包括醫療補助重新確定；去年，這是一個 [單一] 事件。

And on the sources of variation, the -- I highlighted two.

關於變化的來源，我強調了兩個。

The first is on prevalence, which is generally up; but it is up less than we expected it to be. Again, this early in the year. But it's nice to see.

第一個是盛行率，整體呈上升趨勢，但上升幅度低於我們的預期。再一次，這是今年年初的事了。但很高興看到。

The second area is around cost per case, which is also up a little less than we had forecasted it to be, based on our leading indicators.

第二個領域是每個病例的成本，根據我們的領先指標，這項成本也比我們預測的要低一些。

And I think a couple of things there: there's some local dynamics that contribute to that. But as we evaluate the data, a fair bit of that outperformance seems to be coming from real success at our clinical interventions, at guiding practicing oncologists towards what we believe to be the highest-quality lower-cost options.

我認為有幾件事：一些當地的動態導致了這種情況。但當我們評估數據時，我們發現這種優異表現似乎很大程度來自於我們臨床介入的真正成功，引導腫瘤科醫師選擇我們認為品質最高、成本最低的治療方案。

And so, we're really proud of that. And excited to keep pushing that across this year.

因此，我們對此感到非常自豪。我很高興今年能繼續推動這項進程。

Matthew Shea, Needham.

馬修·謝伊，尼德姆。

Congrats on the quarter. Nice to see two more wins in the commercial space.

恭喜本季取得佳績。很高興看到商業領域又取得兩場勝利。

Understanding commercial and employer, the newer end market. Curious what demand has been like there? Are you seeing interest primarily in the surgical management solutions? Or what does the scope of discussions look like?

了解商業和雇主，較新的終端市場。好奇那裡的需求如何？您是否主要對外科手術管理解決方案感興趣？或是討論的範圍是什麼樣的？

And has this end market for commercial and employer required incremental sales capacity? Or are you targeting these deals with existing staff?

這個商業和雇主終端市場是否需要增量銷售能力？還是您是針對現有員工進行這些交易的？

It would be good to just understand what investments you're making, as you penetrate the employer space.

當你進入雇主領域時，最好了解你正在進行的投資。

Great. Yeah. Thank you for the question.

偉大的。是的。謝謝你的提問。

I think, on your first one: the market, I'd say, across the board -- Medicare, Medicaid, and commercial -- particularly for oncology, is very strong, right now.

關於你的第一個問題，我認為：現在，整個市場——醫療保險、醫療補助和商業——特別是腫瘤學市場都非常強勁。

In some of the other categories like surgical, musculoskeletal, cardio: I think there's also strength. And I think the surgical one, in particular, has been strong on the commercial side.

在其他一些類別中，例如外科、肌肉骨骼、心臟，我認為也存在力量。我認為外科手術在商業方面表現尤其強勁。

So it's been pretty broad-based and consistent across these different lines of business.

因此，它在這些不同的業務線上具有相當廣泛和一致的基礎。

It's not that surprising, right? The pain points that are created for Medicare Advantage [point] also exists for a commercial plan.

這並不奇怪，對吧？醫療保險優勢計劃 (Medicare Advantage) 產生的痛點也存在於商業計劃中。

I would say most of these opportunities that we're seeing -- not all, but most -- are on the fully-insured commercial side. So they're going through larger health plans.

我想說，我們看到的大多數機會——不是全部，但大多數——都屬於完全投保的商業領域。因此他們正在考慮更大的健康計劃。

And to answer your second question: therefore, we don't really see a need to increase staffing on the sales side to address those opportunities. Because they're part of our same conversations with the larger plans around the country.

回答您的第二個問題：因此，我們確實認為沒有必要增加銷售方面的人員來應對這些機會。因為它們是我們與全國各地更大計劃的相同對話的一部分。

The last thing I'd say is we -- I did just recently see a survey about top issues for self-funded employers: ASO accounts and oncology's right at the top of that list. It is an area that we're exploring a little bit of thinking about ways to better and more fully address that area. But it's not reflected in the announcement today, as all those were fully insured.

我要說的最後一件事是，我最近確實看到一項關於自籌資金雇主面臨的首要問題的調查：ASO 帳戶和腫瘤學位居榜首。我們正在探索這個領域，並思考如何更好、更全面地解決這個領域問題。但這並沒有反映在今天的公告中，因為所有這些都已完全投保。

Constantine Davides, Citizens.

康斯坦丁大衛斯，公民。

Just wanted to maybe drill into some of the automation investments, Seth, you referenced earlier.

只是想深入了解您之前提到的一些自動化投資，Seth。

Maybe, just a little bit more color on how those are impacting efficiencies and some of the early engagements; and just your updated expectations around spend there and impact as we exit the year.

或許，只是稍微詳細地說明一下這些是如何影響效率和一些早期的參與的；以及您對今年結束時在那裡的支出和影響的最新預期。

Great. Yeah. Good question. So I'll just start with the headline first, which is: we continue to see a very significant opportunity, here, on AI and automation. Rolling into '26, I think it will be a material, very significant contributor. And we're very focused on it.

偉大的。是的。好問題。因此，我首先從標題開始，即：我們繼續看到人工智慧和自動化方面的一個非常重要的機會。進入 26 年，我認為它將成為一項實質、非常重要的貢獻者。我們對此非常關注。

Consistent with our original plans that we laid out last year when we first announced this, there are two pieces of it that -- I would just break the opportunity into two.

與我們去年首次宣布這項計劃時制定的最初計劃一致，該計劃包含兩個部分——我將把這個機會分成兩部分。

One is around making the experience for the provider and the patient, the member, and our internal reviewer more efficient, right? So fewer number of minutes spent getting to an answer, shorter amount of time getting to an answer. And that is absolutely playing out in what we're seeing already.

一是為了讓服務提供者、病患、會員和我們的內部審查員的體驗更有效率，對嗎？因此，花在尋找答案的時間更少，找到答案所需的時間也更短。而這確實已經從我們目前所看到的情況中顯現出來。

And then, the second one is, I think, in a lot of ways, more exciting; which is the ability to get an immediate resolution or which you think of as automation, right, of the review. Full automation, where a physician or one of our reviewers doesn't need to touch it. And that's great for the patient and the treating provider because they get the answer immediately, right? And that would be auto-authorization.

然後，我認為第二個在很多方面都更令人興奮；那就是能夠立即得到解決方案，或者你認為是審查的自動化。完全自動化，醫生或我們的審核員無需觸摸它。這對患者和治療提供者來說都很好，因為他們可以立即得到答案，對嗎？這就是自動授權。

So it's the combination of those two things. Both are really important to us. And we're really excited about what we're doing.

所以這是這兩件事的結合。兩者對我們來說都非常重要。我們對於自己所做的事情感到非常興奮。

The last thing I'd note, just in case it isn't obvious, is that everything we're doing with AI automation is only on the approval side, right? So we'd never use AI to deny care or restrict care in any way.

最後我要指出的是，以防萬一它不明顯，我們利用人工智慧自動化所做的一切都只是在審批方面，對嗎？因此，我們絕不會使用人工智慧來拒絕護理或以任何方式限制護理。

And throughout everything we're doing, we're trying to work through a model that gets the right savings for the system. But in a way that gets patients and physicians immediate answers and the care they need, as fast as possible.

在我們所做的一切事情中，我們都在嘗試制定一個能夠為系統帶來正確節省的模型。但要以患者和醫生能夠立即得到答案並儘快獲得他們所需的護理的方式。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Maybe, just going back to oncology trend. Right now, you're running below what you initially expected. Would you imagine -- so at what point do you think that that's sort of the ongoing trend?

也許，只是回到腫瘤學趨勢。目前，您的運行情況低於最初的預期。你能想大象嗎——那麼在什麼時候你認為這是一種持續的趨勢？

And, maybe, any color in that regard -- what you've seen, so far, in April, in regards to authorizations.

也許，在這方面有任何顏色——到目前為止，您在四月就授權方面已經看到了什麼。

Yeah. On April, specifically, we're seeing similar patterns on the leading indicators that we saw during the first quarter.

是的。具體來說，四月份，我們看到領先指標的模式與第一季類似。

On experience, I would look to Q2 for an update on that.

根據經驗，我會關注 Q2 的更新情況。

Implicitly, based on my comments earlier that we're 55% complete, as we close Q1, I think [we've] got about 1.5 months of claims.

隱含地，根據我先前的評論，我們已經完成了 55%，當我們結束第一季時，我認為 [我們] 有大約 1.5 個月的索賠。

And after another quarter here, that will significantly increase; therefore, giving us meaningfully more data to update these forecasts.

再過一個季度，這個數字將會大幅增加；因此，我們將獲得更多有意義的數據來更新這些預測。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Congrats on the strong quarter here.

恭喜本季業績強勁。

I was wondering if you could talk a little bit about how the competitive environment has evolved more recently, particularly as you limit how much risk you take in your Performance Suite.

我想知道您是否可以談談最近競爭環境是如何演變的，特別是當您限制在 Performance Suite 中承擔的風險時。

Clearly, there's still a lot of demand for the Performance Suite, despite the corridors. But curious if you're running up against Managed Care solutions like Carelon Specialty or EviCore more often; and if there's been any shift in win rates or anything like that, with the new version of Performance Suite.

顯然，儘管走廊很窄，但性能套房的需求仍然很大。但我很好奇，您是否經常遇到像 Carelon Specialty 或 EviCore 這樣的託管醫療解決方案；以及新版 Performance Suite 的勝率或類似情況是否有任何變化。

Great. Thanks, Daniel.

偉大的。謝謝，丹尼爾。

I'd say the short answer is it really has not changed very much, over the last couple of years on the competitive environment.

我想簡單回答一下，過去幾年的競爭環境確實沒有太大變化。

I think the things that we are doing, I'd say particularly in oncology but across the board, feel really unique.

我認為我們所做的事情，尤其是在腫瘤學領域，但總的來說，感覺真的很獨特。

The win rates and conversion rates have been consistent with what they've been over the last few years, even if we have shifted the Performance Suite model and narrowed the corridors, in both directions.

即使我們已經改變了 Performance Suite 模型並縮小了兩個方向的差距，贏率和轉換率仍然與過去幾年的水平保持一致。

So there's some benefits to the plan to ride in that new model. And, so, it really has not shifted.

因此，乘坐新車型的計劃有一些好處。所以，它實際上並沒有改變。

I think that comment I made earlier about the Performance Suite weighted pipeline being over twice as big as it was a year ago, points to that.

我認為我之前關於性能套件加權管道比一年前大兩倍的評論就說明了這一點。

And I think some of that, again, is the market is struggling how to manage the oncology spend, in general. And I think some of it is the competitive differentiation.

我認為，部分原因是市場整體上正在努力管理腫瘤學支出。我認為其中一部分是競爭差異化。

That is not going to be a static picture. Obviously, we're going to continue to innovate every quarter, every year. I think the navigation work that we announced today is part of that -- our ability to automate more and make lives better for the treating providers part of that.

這不會是一幅靜態的圖畫。顯然，我們每年、每季都會持續創新。我認為我們今天宣布的導航工作就是其中的一部分——我們能夠實現更多自動化，並讓治療提供者的生活變得更好。

We're going to continue to try to stay ahead. But I feel like we're ahead, right now. And that translates into the weighted pipelines and conversion rates that we've been indicating.

我們將繼續努力保持領先。但我覺得我們現在領先了。這轉化為我們一直指出的加權管道和轉換率。

(Operator Instructions)

（操作員指示）

David Larsen, BTIG.

BTIG 的 David Larsen。

Can you please talk a bit about the potential impact of 25% tariffs, across the pharma industry? How would impact that your model, if at all? Would that increase your own COGS? And then, could you pass that through to your plan clients?

您能否談談 25% 關稅對整個製藥業的潛在影響？如果有的話，這會對您的模型產生什麼影響？這會增加你自己的銷貨成本 (COGS) 嗎？然後，您能將其傳遞給您的計劃客戶嗎？

Just any color there would be very helpful.

任何顏色都會很有幫助。

Generally, in our Performance Suite arrangements, we have clauses that allow us to update our capitation rates, in the event of a significant change in unit costs; which, a tariff, like you indicate, would certainly count as.

一般來說，在我們的 Performance Suite 安排中，有一些條款允許我們在單位成本發生重大變化時更新人頭費率；正如您所指出的，關稅肯定會算作單位成本。

And so, I would not expect a meaningful impact on our profitability from something like that, if it were to come to pass.

因此，如果這樣的事情真的發生，我預計不會對我們的獲利能力產生重大影響。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over for any closing remarks.

我想將會議交回，以便發表結束語。

All right. Thanks for joining tonight, everybody.

好的。感謝大家今晚的參加。

We look forward to connecting over the next few days. Have a good evening.

我們期待在接下來的幾天內進行聯繫。祝您晚上愉快。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。