Health Catalyst, Inc. (HCAT) 2026 Q1 法說會逐字稿

Welcome to the Health Catalyst first-quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加 Health Catalyst 2026 年第一季財報電話會議。(接線員指示)

I would now like to turn the call over to Stephanie St. Clair, Senior Vice President of Finance and Investor Relations.

現在我想把電話交給財務與投資人關係資深副總裁 Stephanie St. Clair。

Good afternoon, and welcome to Health Catalyst's earnings call for the first quarter of 2026, which ended March 31, 2026. My name is Stephanie Sinclair, Finance and Investor Relations Senior Vice President. With me on the call today are Ben Albert, our Chief Executive Officer; and Jason Alger, our Chief Financial Officer. A complete disclosure of our results can be found in our press release issued today, as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website at ir.healthcatalyst.com. As a reminder, today's call is being recorded, and a replay will be available following the conclusion of the call.

各位下午好，歡迎參加 Health Catalyst 2026 年第一季（截至 2026 年 3 月 31 日）財報電話會議。我叫 Stephanie Sinclair，擔任財務與投資人關係資深副總裁。今天與我一同參與電話會議的還有我們的執行長 Ben Albert，以及財務長 Jason Alger。我們的完整業績揭露可見於今日發布的新聞稿，以及同日提交給美國證券交易委員會（SEC）的相關 Form 8-K；兩者皆可在我們網站的投資人關係專區 ir.healthcatalyst.com 查閱。提醒各位，今天的電話會議將被錄音，會議結束後將提供重播。

During today's call, we will make forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Regarding our future growth, financial outlook for the second quarter and full year 2026 market conditions, AI initiatives, bookings, retention, operational priorities, strategic and restructuring initiatives, client migrations, and the general anticipated performance of our business. These forward-looking statements are based on management's current views and expectations as of today and should not be relied upon as representing our views as of any subsequent date.

在今天的電話會議中，我們將依據 1995 年《私人證券訴訟改革法案》的安全港條款發表前瞻性陳述。內容涉及我們未來成長、2026 年第二季與全年財務展望、市場狀況、AI 計畫、訂單（bookings）、留存、營運優先事項、策略與重整計畫、客戶遷移，以及我們業務的一般預期表現。這些前瞻性陳述係基於管理層截至今日的觀點與預期，不應被依賴為代表任何後續日期的觀點。

We disclaim any obligation to update any forward-looking statements or outlook. Actual results may materially differ. Please refer to the risk factors in our most recent Form 10-K for the full year 2025 filed with the SEC on March 12, 2026, and our Form 10-Q for the first quarter of 2026 filed today. We will also refer to certain non-GAAP financial measures to provide additional information to investors.

我們不承擔更新任何前瞻性陳述或展望的義務。實際結果可能存在重大差異。請參閱我們於 2026 年 3 月 12 日向 SEC 提交的 2025 全年最新 Form 10-K，以及今日提交的 2026 年第一季 Form 10-Q 中的風險因素。我們也將引用若干非 GAAP 財務衡量指標，以向投資人提供額外資訊。

Non-GAAP financial information is presented for supplemental purposes only and for limitations as an analytical tool and should not be considered in isolation or a substitute for financial information presented in accordance with GAAP. A reconciliation of our non-GAAP financial measures to their most comparable GAAP measures is provided in our press release. We will provide forward-looking guidance for certain non-GAAP financial measures in this earnings call and are not providing forward-looking guidance for the most directly comparable GAAP measures, and therefore, have not provided reconciliations because they are items that may impact the comparable GAAP measures that are not within our control or cannot be really forecasted.

非 GAAP 財務資訊僅供補充用途，且作為分析工具具有其限制，不應單獨使用，亦不應取代依 GAAP 編製的財務資訊。我們的非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表已載於新聞稿中。在本次財報電話會議中，我們將提供部分非 GAAP 財務衡量指標的前瞻性指引；但不提供與其最直接可比之 GAAP 指標的前瞻性指引，因此未提供調節，因為可能影響可比 GAAP 指標的項目不在我們控制範圍內或無法合理預測。

With that, I'll turn the call over to Ben.

接下來，我把電話交給 Ben。

Thank you, Stephanie, and thank you to everyone for joining us today. We are pleased to report a strong first quarter with solid bookings and results that exceeded expectations on both revenue and adjusted EBITDA. We ended the quarter in a strong cash position and combined with the cost saves from streamlining our operations. We are making progress as we position the company for durable and efficient growth. We are also introducing a new performance metric that we believe provides a clear benchmark of success and issuing full year guidance as promised.

謝謝你，Stephanie，也感謝各位今天加入我們。我們很高興報告第一季表現強勁，訂單穩健，營收與調整後 EBITDA 皆超出預期。本季結束時我們的現金部位強勁，並結合精簡營運所帶來的成本節省。我們正持續取得進展，讓公司具備更持久且更有效率的成長定位。我們也將推出一項新的績效指標，我們相信它能提供清楚的成功基準，並如承諾發布全年指引。

Jason will detail our performance and outlook in his remarks. But first, I'd like to spend a few minutes sharing learnings from our initial assessment and the actions we've taken and will continue to take with urgency to transform the company's operating model simplify our organizational structure and align resources around our highest conviction technology opportunities.

Jason 將在他的談話中詳述我們的表現與展望。但首先，我想花幾分鐘分享我們初步評估的學習，以及我們已採取並將持續以緊迫感推動的行動，以轉型公司的營運模式、簡化組織結構，並將資源對準我們最具信心的技術機會。

Over the last few months, we have begun examining every dimension of the business. from our cost structure and our product portfolio to our go-to-market approach, organizational design, leadership, technology infrastructure and how we deliver value to clients. This review has reinforced the strength of our foundation and the need to operate differently.

在過去幾個月裡，我們已開始檢視業務的每一個面向：從成本結構與產品組合，到市場進入策略、組織設計、領導團隊、技術基礎設施，以及我們如何為客戶交付價值。這項檢視強化了我們基礎的優勢，也凸顯我們需要以不同方式運作。

One of the most significant findings from that review was the direct connection between our previous migration strategy and the revenue pressure we are managing this year. Setting a rigid time line for migration efforts over the last two years has created a churn dynamic, which is heavily impacted in 2026. It is the area we've addressed most aggressively prioritizing client success and retention to build a more durable revenue base.

該檢視中最重要的發現之一，是我們先前的遷移策略與今年我們正在承受的營收壓力之間存在直接關聯。過去兩年為遷移工作設定僵化的時間表，造成了客戶流失（churn）的動態，而其影響在 2026 年特別明顯。這是我們最積極處理的領域：以客戶成功與留存為優先，建立更持久的營收基礎。

As we shared in our March earnings call, we stopped managing the migration as a one-size-fits-all program and conducted a line-by-line review of every remaining client. We developed a tailored plan for each client specific situation and have strengthened the teams dedicated to taking clients through this process, including options where clients stay on us for an extended period of time. The initial review is now complete and gives us a new level of visibility into a path forward.

正如我們在 3 月的財報電話會議中分享的，我們已停止將遷移管理視為一體適用的方案，並對每一位尚未完成的客戶逐項逐行進行檢視。我們針對每位客戶的具體情況制定量身打造的計畫，並強化專責團隊以帶領客戶完成此流程，包括讓客戶在我們平台上延長使用期間的選項。初步檢視現已完成，讓我們對未來前進路徑有了新的能見度。

As we look at our business holistically, we believe that Health Catalyst has exceptional core assets including 18 years of proprietary health care improvement data, deep client relationships, proven outcomes and a team that genuinely cares about improving health care. However, these assets were hampered by a fragmented and cumbersome business structure that created friction and lack focus for clients and teammates. While this accumulated complexity will take time to unwind and will create short-term revenue pressure, we are focused and confident in our plan of action.

從整體來看，我們相信 Health Catalyst 擁有卓越的核心資產，包括 18 年的專有醫療照護改善資料、深厚的客戶關係、經驗證的成果，以及一支真心致力於改善醫療照護的團隊。然而，這些資產受到分散且繁瑣的業務結構所拖累，對客戶與同仁造成摩擦並缺乏聚焦。雖然這些累積的複雜性需要時間才能拆解，且會帶來短期營收壓力，但我們對行動計畫保持專注並充滿信心。

Ultimately, we believe this short-term impact is necessary to achieve more profitable growth long term. Importantly, we are building a leadership team that is equipped and eager to execute this plan. We've added significant experience across nearly every function, bringing in operators with vision, executional discipline and a track record of results. We also recently promoted our new Chief Marketing Officer, who is already transforming our messaging, product positioning, and how to take our solutions to market, and our new Chief Growth Officer, who is bringing her excitement and data-driven leadership to our growth function.

最終，我們相信這種短期影響是達成長期更具獲利性的成長所必需的。重要的是，我們正在打造一支具備能力且渴望執行此計畫的領導團隊。我們在幾乎每個職能領域都增添了豐富經驗，引進具備願景、執行紀律與成果實績的營運人才。我們也近期晉升了新的行銷長（Chief Marketing Officer），他已在轉變我們的訊息傳達、產品定位，以及我們如何將解決方案推向市場；同時也任命了新的成長長（Chief Growth Officer），她正以熱忱與數據驅動的領導力帶動我們的成長職能。

At the Board level, we've also made significant changes. We recently welcomed Steve Nelson, who currently serves as the President of Aetna and brings deep health care expertise and public company leadership experience. He previously served as Chief Executive Officer of UnitedHealthcare, Gen Med and Duly Health in Care building and scaling delivery models where health outcomes, provider experience, cost discipline, clinical performance and consumer engagement operated as a single integrated strategy.

在董事會層級，我們也做出了重大調整。我們近期歡迎 Steve Nelson 加入，他目前擔任 Aetna 總裁，具備深厚的醫療照護專業與上市公司領導經驗。他先前曾擔任 UnitedHealthcare、Gen Med 與 Duly Health in Care 的執行長，並在建立與擴展交付模式方面有豐富經驗，能將健康結果、提供者體驗、成本紀律、臨床表現與消費者參與整合為單一的整體策略。

Out of our seven current Board members, he is one of four Board members who have joined us in the last year, including a new Chair. The Board refresh brings fresh perspective outside expertise and strategic insight.

在我們現任七位董事中，他是過去一年加入的四位董事之一，其中也包括一位新任董事長。董事會更新帶來了新的觀點、外部專業與策略洞見。

Moving forward, our focus is being a technology business that wins in the market, operating with efficiency and discipline and investing in our AI intelligence that differentiates our solutions. Two weeks ago, we announced a comprehensive operational and business restructuring we're calling Project NEXUS. Is a strategic initiative designed to fundamentally transform our operating model, improve our cost structure and advance each of these priorities. This initiative is expected to generate annual run rate cost savings of approximately $30 million and accelerate the progress we've already made to integrate our core functions and consolidate our operations under one company with one commercial approach, one client-facing team and one set of standards.

展望未來，我們的重點是成為一家能在市場上勝出的科技公司，以效率與紀律運作，並投資於能讓我們解決方案差異化的 AI 智能。兩週前，我們宣布一項全面性的營運與業務重整計畫，稱為 Project NEXUS。這是一項策略性倡議，旨在從根本上轉型我們的營運模式、改善成本結構，並推進上述各項優先事項。預期此倡議將帶來約 3,000 萬美元的年度執行率（run rate）成本節省，並加速我們已在推動的整合核心職能進程，將營運整併於同一家公司之下，採用單一商業模式、單一面向客戶的團隊，以及一套一致的標準。

On the engineering side, we piloted a new development model, utilizing highly efficient pods and proprietary AI development agents. In initial pilots, development teams increased story points delivered by as much as 100% per developer, allowing us to simultaneously reshape our cost structure and accelerate product innovation.

在工程端，我們試行了一種新的開發模式，運用高效率的 pod 團隊以及自有的 AI 開發代理。在初期試點中，開發團隊每位開發者交付的 story points 最高提升達 100%，使我們得以同時重塑成本結構並加速產品創新。

Finally, we are introducing total bookings as a simplified operating metric. We consider investor feedback carefully and believe it is one of the most direct indicators of whether our commercial engine is working. Combined with our guidance and continue to focus on adjusted technology gross margin and cash generation, we believe our metrics will give you a clear and consistent framework to track the success of this transformation.

最後，我們將引入「總預訂額」（total bookings）作為更簡化的營運指標。我們審慎看待投資人回饋，並相信這是最直接的指標之一，用以判斷我們的商業引擎是否運作良好。結合我們的指引，並持續聚焦於調整後的技術毛利率與現金創造能力，我們相信這些指標將為各位提供一個清晰且一致的框架，以追蹤這項轉型的成功。

Now let me tell you how the work we are doing positions us for the opportunity ahead and why I took this job. Healthcare is at the inflection point. The financial pressure on health systems, voting margins, shifting payer mix, rising labor costs is structural, not cyclical. In this environment, organizations are looking for more than incrementally better tools. They are looking for a partner who can help them reduce costs, improve clinical quality and grow consumer relationships while delivering meaningful outcomes. That is the market we are built for and AI strengthens our ability circuit. Health care data infrastructure has increasingly commoditized.

現在讓我說明，我們正在進行的工作如何讓我們為前方的機會做好定位，以及我為何接下這份工作。醫療保健正處於拐點。醫療體系所承受的財務壓力、投票差距、付款方組合的變化、勞動成本上升，這些都是結構性的，而非週期性的。在這樣的環境下，組織尋求的不只是些微更好的工具。他們在尋找一位合作夥伴，能協助降低成本、提升臨床品質並深化消費者關係，同時交付有意義的成果。這正是我們所打造以服務的市場，而 AI 也強化了我們的能力迴路。醫療保健資料基礎設施正日益商品化。

Durable advantage lies in the intelligence built on top of it. And our advantage, on something no one else has, our wealth improvement data, the link between an intervention, its cost and its measured outcome. -- years and thousands of improvement engagements later, our proprietary data set compounds, building our competitive advantage. A new entrant cannot manufacture this data set retrospectively. These engagements include an evidence base that tells us what reduces cost, improves clinical quality, and grow consumer engagement and then can be calibrated to each systems case mix cost structure, workforce, and starting point.

持久的優勢在於其上層所建立的智慧。而我們的優勢在於一項無人能及的資產：我們的改善資料（improvement data），也就是介入措施、其成本與可衡量成果之間的連結。經過多年、數千次改善專案之後，我們的專有資料集持續累積，進一步鞏固競爭優勢。新的進入者無法事後回溯地製造出這樣的資料集。這些專案包含一套證據基礎，告訴我們哪些作法能降低成本、提升臨床品質並增進消費者參與，並可依各醫療體系的病例組合、成本結構、勞動力與起點進行校準。

The result is a prescriptive road map that identifies opportunities sized in dollars and interventions ranked by Impac sequenced foundations are in place before the harder work begins. That is the foundation of our AI strategy. We are building a growing suite of genetic AI models across cost management, clinical quality, consumer experience and ambulatory growth embedded in our domain-specific application. These improvement agents will confine multiple layers of machine learning models and LLMs to service the right opportunities for each health system, quantify the impact and guide execution.

其結果是一份具處方性的路線圖，能以金額衡量機會規模，並依影響力（Impact）對介入措施排序，且在更艱難的工作開始前，先確保基礎到位。這就是我們 AI 策略的基礎。我們正在成本管理、臨床品質、消費者體驗與門診成長等領域，打造一套不斷擴充的生成式 AI 模型組合，並嵌入我們的領域專用應用中。這些改善代理將整合多層機器學習模型與 LLM，以為每個醫療體系鎖定正確的機會、量化影響並引導執行。

We are building a moat by combining our depth of improvement data with purpose-built AI agents at scale. Both that once required months of consulting services and manual effort is being embedded in our technology solutions, and recalculate daily as conditions change, improving with every outcome delivered.

我們正透過結合深厚的改善資料與可規模化的專用 AI 代理來建立護城河。過去需要數月顧問服務與大量人工投入的工作，如今正被嵌入我們的技術解決方案中，並可隨條件變化每日重新計算，且每交付一次成果就持續改進。

I want to add something more personal. I believe that a thriving health system is foundational, as essential as education, as central to the fabric of the community as any institution have. For the communities they serve, health systems provide care, they provide employment and they provide resilience. When they struggle, communities feel it in ways that go far beyond health care. That reality is under threat today, and many communities do not yet see it coming.

我想補充一些更個人的想法。我相信，一個蓬勃的醫療體系是基礎性的存在，與教育同等重要，並如同任何機構一樣，是社區結構的核心。對其所服務的社區而言，醫療體系提供照護、提供就業，也提供韌性。當它們陷入困境時，社區所感受到的影響遠遠超出醫療本身。這個現實如今正受到威脅，而許多社區尚未意識到風險正在逼近。

Health Catalyst exists to help health systems sustain and strengthen that role. Our improvement data is the foundation and AI will allow us to make that expertise efficient scalable and accessible to every system that needs it. That is the company we are building.

Health Catalyst 的存在，就是為了協助醫療體系維持並強化這樣的角色。我們的改善資料是基礎，而 AI 將使我們的專業更有效率、可擴展，並能讓每一個需要它的體系都能取得。這就是我們正在打造的公司。

In conclusion, we asked for time and we used it to conduct a thorough assessment of the business. We are acting on what we found. We are transforming the company's operating model by simplifying our organizational structure and aligning resources around our highest conviction technology opportunities. We have increased visibility into the [docued] migration impact, and we expect that the majority of that revenue pressure will be absorbed in 2026. These changes to our operating model position us to enter 2027 with a more efficient organization and a commercial engine that will be aligned to where we believe we will win.

總結來說，我們請求時間，而我們也用這段時間對業務進行了全面評估。我們正在針對所發現的問題採取行動。我們正透過簡化組織結構，並將資源對齊至我們最有把握的技術機會，來轉型公司的營運模式。我們已提升對 [docued] 遷移影響的可視性，並預期大部分的營收壓力將在 2026 年被吸收。這些營運模式的調整，使我們得以在 2027 年以更有效率的組織，以及一個與我們認為將勝出的方向一致的商業引擎，進入新的一年。

With that, I'll turn it over to Jason.

接下來，我把時間交給 Jason。

Thanks, Ben. I want to start by putting the Q1 results in context. Ben described the transformation we are undertaking and the framework we are using to measure it.

謝謝你，Ben。我想先把 2026 年第一季的結果放在脈絡中說明。Ben 描述了我們正在推動的轉型，以及我們用來衡量轉型的框架。

The financials this quarter reflect the very early stages of that work. We exceeded our guidance on both revenue and adjusted EBITDA. We are reporting strong Q1 bookings, which gives us confidence our commercial simplification work is gaining traction, and our cost discipline continues to show up in the numbers.

本季的財務表現反映了這項工作非常早期的階段。我們在營收與調整後 EBITDA 兩方面都超越了指引。我們公布了強勁的第一季預訂額，這讓我們對商業簡化工作的推進更有信心；同時，我們的成本紀律也持續反映在數字上。

Let me walk through the details. For the first quarter of 2026, total revenue was $70.8 million, exceeding the high end of our guided range of $68 million to $70 million. Technology revenue was $49.5 million, and professional services revenue was $21.3 million.

我來說明細節。2026 年第一季總營收為 7,080 萬美元，超過我們指引區間 6,800 萬至 7,000 萬美元的上緣。技術營收為 4,950 萬美元，專業服務營收為 2,130 萬美元。

On the top line, I would point to a few things. Our revenue trajectory is beginning to show some of the revenue pressure that Ben discussed that was partially offset by milestone delivery-based revenue and new client revenue. Professional services revenue continues to decline as expected, as we shift toward a more technology-led model, which is by design.

在營收端，我想指出幾點。我們的營收走勢開始呈現 Ben 所提到的部分營收壓力，但其中一部分被里程碑交付型營收與新客戶營收所抵銷。隨著我們轉向以技術為主導的模式，專業服務營收如預期持續下降，這是刻意為之的設計。

Adjusted gross margin for the first quarter was 51.5%, compared to 49.2% in the prior year period. Adjusted technology gross margin was 55.3%, and adjusted professional services gross margin was 19.4%.

第一季調整後毛利率為 51.5%，高於去年同期的 49.2%。調整後技術毛利率為 55.3%，調整後專業服務毛利率為 19.4%。

Adjusted technology gross margin reflects duplicate hosting costs as we migrate clients to Ignite and heavy data loading costs associated with HIE client deployments before revenue can be recognized. We are laser focused on margin expansion as part of the transformation to streamline delivery and optimize our cost structure. We expect that the operational changes that Ben described, which include certain head count and non-headcount changes that impact cost of revenue will begin to show up in Q2 results and will become more evident in the second half of 2026.

調整後技術毛利率反映了在將客戶遷移至 Ignite 過程中的重複託管成本，以及在 HIE 客戶部署、尚未能認列營收前所產生的大量資料載入成本。作為轉型的一部分，我們高度聚焦於毛利率擴張，以精簡交付並優化成本結構。我們預期 Ben 所描述的營運調整（包括影響營收成本的部分人力與非人力變動）將在第二季開始反映於結果中，並在 2026 年下半年更為明顯。

Adjusted operating expenses in Q1 were $27.3 million, representing 39% of revenue compared to $32.8 million or 41% of revenue in Q1 2025. We have been disciplined about cost management while protecting investments in areas that directly support the transformation.

第一季調整後營業費用為 2,730 萬美元，占營收 39%；相較之下，2025 年第一季為 3,280 萬美元，占營收 41%。我們在成本管理上保持紀律，同時保護對直接支持轉型之領域的投資。

Adjusted EBITDA for the first quarter was $9.1 million exceeding the high end of our guided range of $7 million to $8 million compared to $6.3 million in Q1 2025.

第一季調整後 EBITDA 為 910 萬美元，超過我們指引區間 700 萬至 800 萬美元的上緣；相較之下，2025 年第一季為 630 萬美元。

Adjusted net income per share was $0.02, with a weighted average share count of $72.6 million.

調整後每股淨利為 0.02 美元，加權平均股數為 7,260 萬股。

Turning to the balance sheet. We ended the quarter with approximately $108.8 million of cash, cash equivalents and short-term investments. As Ben noted, cash generation is a central focus. This Q1 cash, cash equivalents and short-term investments value reflects a $13.1 million increase compared to December 31, 2025. Although we don't anticipate this level of cash generation every quarter, we are managing liquidity carefully, and we expect the restructuring actions we are taking will meaningfully improve our ability to generate cash.

接著看資產負債表。本季末我們持有約 1.088 億美元的現金、約當現金與短期投資。如 Ben 所提，現金創造是核心重點。第一季的現金、約當現金與短期投資餘額，較 2025 年 12 月 31 日增加 1,310 萬美元。雖然我們不預期每一季都能有同等水準的現金創造，但我們正審慎管理流動性，並預期正在採取的重整措施將顯著提升我們創造現金的能力。

Let me walk to the math of Project Nexus because I think it is important for investors to see how these actions connect to the financial trajectory we are targeting. We expect total second quarter restructuring charges of approximately $4 million, this program spans workforce actions, infrastructure consolidation, and go-to-market realignment. We expect the majority of these charges to be incurred in Q2 with the restructuring substantially complete by year-end.

我想帶大家梳理一下 Project Nexus 的數學邏輯，因為我認為投資人理解這些行動如何與我們所鎖定的財務軌跡相連非常重要。我們預期第二季重組費用合計約為 400 萬美元；此計畫涵蓋人力相關措施、基礎設施整併，以及上市策略（go-to-market）重新對齊。我們預期大部分費用將在第二季認列，並在年底前基本完成重組。

Project NEXUS is expected to generate annualized run rate savings of approximately $30 million, inclusive of direct savings of approximately $22 million from the 9% reduction in head count and reductions in non-headcount spend, such as infrastructure, subscriptions and contractors and indirect savings of approximately $8 million from the closing of open head count and cancellation of other previously planned expenses.

Project NEXUS 預期可帶來約 3,000 萬美元的年化執行率節省（annualized run rate savings），其中包含約 2,200 萬美元的直接節省（來自 9% 的人力縮減，以及非人力支出如基礎設施、訂閱與承包商費用的降低），以及約 800 萬美元的間接節省（來自關閉未補實的職缺與取消其他先前規劃的支出）。

It is important to note that these savings are annualized, so not all of the benefit will be seen in 2026. As we think about 2026, we expect our quarterly adjusted operating expenses to decrease by $3 million to $4 million compared to Q1. We also expect our quarterly adjusted cost of revenue to decrease by $1 million to $2 million. These quarterly impacts will start to take effect in Q2 and will ramp throughout the year. We are making meaningful structural changes to how this company operates and what it costs to run.

需要特別說明的是，這些節省是以年化計算，因此並非所有效益都會在 2026 年反映出來。就 2026 年而言，我們預期每季調整後營運費用將較第一季下降 300 萬至 400 萬美元。我們也預期每季調整後營收成本將下降 100 萬至 200 萬美元。這些每季影響將自第二季開始生效，並在全年逐步放大。我們正在對公司的營運方式與營運成本結構進行具實質意義的結構性調整。

Today, we are providing full year 2026 guidance. I want to walk through not just the numbers, but how we expect the year to unfold because the shape of the year matters as much as the totals. For full year 2026, we currently expect total revenue of $260 million to $265 million, adjusted EBITDA of $30 million to $33 million. For Q2 2026, we currently expect total revenue of $68 million to $70 million, adjusted EBITDA of $9 million to $10 million.

今天，我們提供 2026 全年指引。我想不只帶大家看數字，也說明我們預期這一年將如何展開，因為年度走勢的形狀與總量同樣重要。就 2026 全年而言，我們目前預期總營收為 2.60 億至 2.65 億美元，調整後 EBITDA 為 3,000 萬至 3,300 萬美元。就 2026 年第二季而言，我們目前預期總營收為 6,800 萬至 7,000 萬美元，調整後 EBITDA 為 900 萬至 1,000 萬美元。

Our full year revenue guidance reflects the weight of short-term revenue pressure related to the previous migration strategy as what the TAMs and professional services-related revenue reductions and the assessment that Ben described. The churn that we are working through today is largely the result of prior decisions that force clients into an accelerated decision point on the migration before we had the right retention program and client-facing structure in place.

我們的全年營收指引反映了短期營收壓力，該壓力與先前的遷移策略有關，包括 TAM 與專業服務相關營收的下滑，以及 Ben 所描述的評估結果。我們目前正在處理的流失（churn），很大程度上源自過去的決策：在我們尚未建立完善的留存方案與面向客戶的組織架構之前，就迫使客戶在遷移上進入加速的決策時點。

On our previous earnings call, we shared certain data points related to the DAS to Ignite migration, including the $12.5 million of ARR notified downselling churn and approximately $52 million of potentially at-risk ARR. Following the client by client review, we anticipate retaining at least $22 million of the previously identified $52 million of at-risk ARR. /This leaves approximately $30 million of at-risk ARR, which we are focused on retaining through dedicated account plans tailored to each client's needs. The current expected impact will be approximately $20 million in 2026 and $10 million in 2027.

在上一通財報電話會議中，我們分享了與 DAS 轉移至 Ignite 相關的若干數據點，包括已通知的 ARR 降售流失（downselling churn）1,250 萬美元，以及約 5,200 萬美元可能面臨風險的 ARR。在逐一客戶審視後，我們預期可至少保留先前所辨識之 5,200 萬美元風險 ARR 中的 2,200 萬美元。/因此仍有約 3,000 萬美元的風險 ARR，我們正透過針對各客戶需求量身打造的專屬帳戶計畫，聚焦於留存。目前預期影響約為 2026 年 2,000 萬美元、2027 年 1,000 萬美元。

For simplicity, we've provided this detail in a chart in our earnings release. We would note that a number of clients will continue to use our application solutions going forward even after transitioning to their own infrastructure. As we previously noted, the migration impact is temporary we expect to be generally through the strength of the migration at the end of 2027. This does not mean every migration is complete as we are extending the availability of DAS, but it means we will transition each client when the time is right on what products make sense. Additionally, the changes we have put in place are helping us to build a more durable revenue base exiting 2027.

為求簡明，我們已在新聞稿中以圖表提供上述細節。我們也要指出，許多客戶即使在轉移至自有基礎設施之後，未來仍會持續使用我們的應用解決方案。如先前所述，遷移的影響屬於暫時性；我們預期整體而言將大致延續至 2027 年底遷移高峰期結束。這並不代表每一項遷移都已完成，因為我們正在延長 DAS 的可用性；但這代表我們會在適當時點，依據哪些產品最合理，逐一完成每位客戶的轉換。此外，我們已導入的變革正協助我們在 2027 年結束時建立更具韌性的營收基礎。

As we prioritize a mix shift to higher-margin technology revenue, we continue to work with clients on the right services approach. In certain cases, it makes sense for clients to in-source team members, which aligns with our technology-led strategy and improves our margin profile. Our best estimate today is that exiting 2026, our Services segment will be between $55 million and $65 million in revenue annually.

在我們優先推動營收組合轉向更高毛利的科技營收之際，我們也持續與客戶合作，採取合適的服務模式。在某些情況下，客戶將團隊成員內部化（in-source）是合理的，這與我們以科技為主導的策略一致，並改善我們的毛利結構。我們目前的最佳估計是，到 2026 年底，我們的服務事業部（Services segment）年度營收將介於 5,500 萬至 6,500 萬美元。

Our Q1 bookings were strong, and our pipeline supports moderate bookings in Q2 and positive bookings momentum in the second half. Over the course of 2026, we expect $22 million to $26 million in new bookings, which includes all ARR and non-recurring revenue. We use new bookings as an operating metric and define it further in our Form 10-Q filed today. We will report results for this new metric on an annual basis. we aim to turn bookings into revenue promptly for the advantage of our clients and our business.

我們第一季的簽約（bookings）表現強勁，而我們的銷售管線支持第二季溫和的簽約表現，以及下半年正向的簽約動能。在 2026 年全年，我們預期新增簽約金額為 2,200 萬至 2,600 萬美元，包含所有 ARR 與非經常性營收。我們將新增簽約作為營運指標，並在今日提交的 Form 10-Q 中進一步定義。我們將以年度為基礎揭露此新指標的結果。

From an adjusted gross margin standpoint, we expect adjusted technology gross margin to fluctuate modestly quarter-to-quarter and to finish the year in the mid-60s. Technology margin expansion is a key focus area of our business moving forward, but it will take time to realize improvement in our financials given duplicate costs from the Ignite migrations and heavy data loading costs associated with HIE client deployments. We anticipate that our adjusted professional services gross margin will decline over the course of the year, as we continue to work through the migrations with a full year margin expectation in the mid- to low teens.

就調整後毛利率而言，我們預期調整後科技毛利率將在各季之間小幅波動，並在年底落在 60% 中段。科技毛利率擴張是我們未來業務的關鍵聚焦領域，但由於 Ignite 遷移造成的重複成本，以及 HIE 客戶部署所伴隨的大量資料載入成本，我們的財務改善需要時間才能顯現。我們預期調整後專業服務毛利率將在全年逐步下滑；全年毛利率預期落在十幾個百分點的中段至低段。

We are targeting adjusted EBITDA that reflects changes to the operating model taking hold. This is the financial case for why the short-term Microson related revenue pain is worth it. We believe our new structure will allow us to lean into high-priority opportunities and realize improving leverage and growth returns. We are managing this business for durable value creation and believe the actions we are taking in 2026 are laying the foundation for that.

我們鎖定的調整後 EBITDA，將反映營運模式變革逐步落地的效果。這就是為什麼短期內與 Microson 相關的營收陣痛是值得承受的財務論點。我們相信新的組織結構將使我們能更聚焦於高優先級機會，並實現更佳的營運槓桿與成長回報。我們以創造可持續的價值為目標來經營這項業務，並相信我們在 2026 年採取的行動正在為此奠定基礎。

With that, I'll turn the call back to Ben.

接下來，我把電話交回給 Ben。

Thanks, Jason. In closing, I want to thank our clients for their continued partnership and our team members for their commitment during this period of progress and transition. We are energized by the transformation underway and our Board and management team are fully aligned on driving shareholder value. We have a clear plan and are executing with urgency and discipline. We remain confident in the direction of the business and in our ability to create long-term value for our clients and shareholders.

謝謝，Jason。最後，我要感謝客戶在這段進展與轉型期間持續的合作夥伴關係，也感謝我們的團隊成員的投入與承諾。我們對正在進行的轉型感到振奮，我們的董事會與管理團隊在推動股東價值方面完全一致。我們有清晰的計畫，並以緊迫感與紀律執行。我們對業務方向以及為客戶與股東創造長期價值的能力仍充滿信心。

Operator, we are now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Stan Berenshteyn, Wells Fargo.

(接線員指示) Stan Berenshteyn，富國銀行（Wells Fargo）。

Hi, thanks for taking my question. On the prepared remarks, you mentioned a bigger focus on the technology business. Are there any value-added services that are still part of this vision or is the expectation here that services is going to shrink as a mix of total revenue? Thank you.

您好，謝謝讓我提問。在事先準備的發言中，您提到會更聚焦於科技業務。在這個願景中，是否仍包含任何加值服務？還是預期服務業務在總營收中的占比將會縮小？謝謝。

Thank you for the question. The expectation is that services will shrink as we go forward in terms of as a percentage of revenue as we invest in technology-driven opportunities for the company overall. But we certainly see -- and we'll continue to see areas of opportunity for our services in the business and area of example as a chart abstraction.

謝謝你的問題。我們的預期是，隨著我們在公司整體上投資於科技驅動的機會，服務業務作為營收占比將在未來逐步縮小。但我們確實看到——而且也將持續看到——服務在業務中的一些機會領域，例如圖表抽取（chart abstraction）等。

And while we might infuse more AI into the process of our charter abstraction work, we will still have wraparound services to support that because our intention is to meet our clients where they are. And sometimes, that will require utilizing some services in the business. But we will see a mix shift. As we go forward, especially with the AI strategy we're unfolding and how we're really taking advantage of the highest technology opportunities the business has.

而且，即使我們可能會在我們的章程摘要（charter abstraction）工作流程中導入更多 AI，我們仍會提供周邊配套服務來支援，因為我們的意圖是以客戶所在的狀態與需求為出發點。而有時候，這將需要運用業務中的某些服務。但我們會看到組合發生轉移。隨著我們向前推進，特別是我們正在展開的 AI 策略，以及我們如何真正把握企業所擁有的最高技術機會。

Right. Thank you.

好的。謝謝。

John Pinney, Canaccord Genuity.

John Pinney，Canaccord Genuity。

Hi, I'm John Pinney on for Richard Close. Thanks for taking questions. I guess I just wanted to get greater detail on -- you said like the shift like the shift from DOS to Ignite as kind of a sticking point is trying to force that shift on to people. I guess, like, what is the hesitation of people shifting? Is it just like the flux that it would create during that shift? Is there something about us that they want to stick with that Ignite doesn't have?

嗨，我是 John Pinney，代 Richard Close 提問。感謝接受提問。我想我只是想更深入了解——你提到從 DOS 轉到 Ignite 的轉換，某種程度上的卡點在於試圖把這個轉換強加到人們身上。我想問的是，人們對於轉換的猶豫點是什麼？是因為轉換期間會造成的波動嗎？還是他們想繼續使用我們目前的某些東西，而 Ignite 沒有提供？

Thanks for the question. There are a couple of things we can answer that with. But DAS provides a lot of value to our clients and our clients have invested a lot in DAS over time. And taking on that transition to a new platform, whether it be Ignite or other is just a lot of work and it requires a tremendous amount of effort.

謝謝你的問題。我們可以從幾個面向來回答。但 DAS 為我們的客戶提供了很大的價值，而客戶也長期在 DAS 上投入了很多。要轉換到新平台，不論是 Ignite 或其他平台，工作量都非常大，且需要投入極大的努力。

And they get tremendous value from DAS today. So for many clients, they're excited to stay on DAS. And over time, they may move over to Ignite. And we want to just be able to meet them where they are and support them through that transition as we go forward. So DAS does provide a lot of value, and I think that's what we're seeing.

而他們今天從 DAS 獲得了巨大的價值。所以對許多客戶而言，他們很樂意繼續使用 DAS。隨著時間推移，他們可能會轉到 Ignite。而我們希望能以客戶所在的狀態為出發點，並在未來推進過程中支援他們完成這個轉換。因此，DAS 的確提供了很多價值，我認為這就是我們所看到的情況。

Now as it relates to the second part of the question, the data platform level has been commoditized a bit. And the value really is in the intelligence that sits on top of the data platform. And we've got this 18 years proprietary improvement data that sits on top of the data platform, and this is on top of Ignite, of course, that we're enabling these AI capabilities off of across these three really critical areas of helping our clients manage cost helping them improve the consumer engagement and growth from the ambulatory side of the business and also driving clinical quality.

至於問題的第二部分，資料平台層已在某種程度上商品化。真正的價值在於位於資料平台之上的智慧層。而我們在資料平台之上擁有 18 年的專有改善資料——當然這也建立在 Ignite 之上——我們正以此在三個非常關鍵的領域啟用這些 AI 能力：協助客戶管理成本、協助他們在門診端業務提升消費者互動與成長，以及推動臨床品質。

As we invest in AI and use that improvement layer that sits on top of the data platform, we will see more and more take advantage of what Ignite has to offer.

隨著我們投資 AI，並運用位於資料平台之上的改善層，我們將看到越來越多人充分利用 Ignite 所提供的能力。

Jeff Garro, Stephens.

Jeff Garro，Stephens。

Yeah. Good afternoon. Thanks for taking the question. I want to ask about feedback so far on Ignite Intelligence. Curious, what are you hearing from customers in terms of kind of overall budgeting for AI and then feedback on your offering versus efforts or investigations they might have into building it themselves or buying from someone else? Thanks.

是的。下午好。謝謝接受提問。我想問一下目前對 Ignite Intelligence 的回饋。我很好奇，客戶在 AI 的整體預算規劃上你們聽到什麼？以及相較於他們可能自行建置、或向其他供應商購買、或進行相關評估，你們的方案回饋如何？謝謝。

Sure. Thanks, Jeff. The the feedback has been really, really positive as it relates to the initial rollout of our AI capabilities, particularly on the cost management side of the equation, which is very early innings there. And the feedback has been excellent, and we continue to invest more and more in that work to unearth these capabilities that we can provide.

當然。謝謝你，Jeff。就我們 AI 能力的初期推出而言，回饋非常、非常正面，特別是在成本管理這一塊——目前仍在非常早期的階段。回饋非常好，我們也持續在這項工作上投入更多資源，以挖掘我們能提供的這些能力。

And as we talk about what differentiates us and how it really drives measurable improvement for our clients, that's really all about that 18 years of proprietary intelligence that we have on top of the data. That improvement data is what we call it. And 18 years of projects, thousands of projects to help improve our clients across how they better manage their costs, how they better manage their labor, how better manage their clinical quality and how they better manage their consumer experience.

而當我們談到我們的差異化，以及它如何為客戶帶來可衡量的改善時，核心就在於我們在資料之上擁有的那 18 年專有智慧。我們稱之為「改善資料」。這 18 年來的專案、數千個專案，協助客戶在如何更好地管理成本、如何更好地管理人力、如何更好地管理臨床品質，以及如何更好地管理消費者體驗等方面取得改善。

We have that data, and we can enable our clients to utilize that in our AI agents that really will make our solutions much more robust and help them manage the changes going forward. And there's a lot of excitement, and we believe that will be a huge component of our future growth.

我們擁有這些資料，並且能讓客戶在我們的 AI 代理（AI agents）中運用它，這將使我們的解決方案更為強健，並幫助他們管理未來的變化。市場上有很高的期待，我們相信這將成為我們未來成長的重要組成部分。

Jessica Tassan, Piper Sandler.

Jessica Tassan，Piper Sandler。

Hi, guys. Thanks for taking the questions and I appreciate you reinstating the guide. So kind of a multipart question. Are you able to disclose how many DOS and Ignite customers you have today? And what is the average ARR for DOS customers in '26 versus Ignite customers in '26?

嗨，各位。謝謝接受提問，也感謝你們恢復了指引。所以這是一個多段式問題。你們能否揭露目前有多少 DOS 與 Ignite 客戶？以及在 2026 年，DOS 客戶的平均 ARR 與 Ignite 客戶的平均 ARR 分別是多少？

And then just when you say data infrastructure is commoditized, I guess, when did that occur? Who are the competitors on the data infrastructure side -- and how much of the DOS or Ignite ARR would you ascribe to data infrastructure versus the intelligence layer.

另外，當你說資料基礎設施已商品化時，我想問這是從什麼時候開始發生的？在資料基礎設施端的競爭對手是誰——以及在 DOS 或 Ignite 的 ARR 中，你們會把多少歸因於資料基礎設施、多少歸因於智慧層？

Hey, Jess. Really appreciate the question. I mean, what we have provided in the prepared remarks as well as in the earnings release document, is full detail around what we expect from a downsell and churn perspective. We don't have a logo count that we'll be disclosing at this point in time. But we'll keep we'll keep everyone apprised of how we're projecting there.

嗨，Jess。非常感謝這個問題。我們在事先準備的講稿以及財報新聞稿文件中，已提供了我們對降售（downsell）與流失（churn）面向的完整細節。目前我們不會揭露客戶標誌（logo）數量。但我們會持續讓大家了解我們在這方面的預測情況。

It does continue to still be less common for an enterprise client to exit entirely. What we are saying is that clients are generally continuing even if we do see that down sell or churn on the data infrastructure side, we are continuing to maintain those application relationships with us.

企業客戶完全退出的情況仍然相對少見。我們要表達的是，即使我們在資料基礎設施端確實看到降售或流失，客戶通常仍會持續合作，我們也會繼續維持與他們的應用層關係。

And I would just add to the fact you mentioned when did the data platform become commoditized. I think as we've talked on prior calls and indicated that the folks like Databricks coming in and Snowflake and cross-industry tech vendors who are working to really enable that data platform layer, but they lack the intelligence that sits on top. So we're building the infrastructure layer to support these organizations, and that's happening at times. We can still do the whole thing for clients who need that.

我也補充你提到的「資料平台何時商品化」這點。我想如同我們在先前的電話會議中所談到並指出的，像 Databricks、Snowflake 以及跨產業的科技供應商正在進入並致力於強化資料平台層，但他們缺乏位於其上的智慧層。因此，我們正在建置基礎設施層來支援這些組織，而這在某些情況下確實正在發生。對於需要我們提供端到端服務的客戶，我們仍然可以完成整套。

But ultimately, what we do now is we have that intelligence layer that can sit on top of that data platform. So that Ignite Intelligence can enable our clients and future clients with a much greater improvement opportunity through the intelligence we provide.

但最終，我們現在所做的是擁有能夠位於該資料平台之上的智慧層。因此，Ignite Intelligence 能透過我們所提供的智慧，為現有與未來客戶帶來更大的改善機會。

Aidan Conniff, Stifel.

Aidan Conniff，Stifel。

Hi, all. Thanks for taking the questions. I have a two-parter. First, in the $30 million of anticipated churn in downsell, is that entirely the data infrastructure layer. And then secondly, thanks for providing the bookings metrics. How quickly are you expecting those to then convert to revenue?

嗨，各位。謝謝接受提問。我有兩個問題。第一，在預期的 3,000 萬美元流失與降售中，是否完全來自資料基礎設施層？第二，謝謝你們提供預訂（bookings）指標。你們預期這些預訂會以多快的速度轉換為營收？

Hey, Aidan. I appreciate the question. Yeah, related to the $30 million in anticipated churn or downsell, I would say it's heavily focused on the data infrastructure side. it's not 100% data infrastructure. We are seeing some of that churn come out of the application side as well, but primarily focused more on data infrastructure.

嗨，Aidan。感謝你的提問。是的，關於預期的3,000萬美元流失或降級（downsells），我會說它主要集中在資料基礎設施這一端，但也不是100%都在資料基礎設施。我們也看到部分流失來自應用端，但主要仍更集中在資料基礎設施。

And then to the to the second part of that question. I'm sorry. Could you repeat that second part, Aidan? apologize?

然後回到那個問題的第二部分。不好意思。Aidan，你可以重複一下第二部分嗎？抱歉？

Yeah. Just in terms of the bookings you guys provided, how are you thinking about those then converting to revenue in terms of the time frame we should see them peer?

好的。就你們提供的訂單（bookings）而言，你們如何看待它們轉換為營收的情況？也就是我們應該在什麼時間範圍內看到它們體現在營收上？

Got it. Yes, I appreciate you repeating Yes. So we would expect bookings to convert into revenue. Typically, it takes about 3 to 6 months for those bookings to convert into revenue. It really does depend on the project or on the technology that we're deploying, but that would be most common would be 3 or 6 months.

了解。是的，謝謝你再說一次。所以我們預期訂單會轉換為營收。通常這些訂單轉換為營收大約需要3到6個月。這確實取決於專案或我們正在部署的技術，但最常見的是3或6個月。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗。

Hey. Thank you for taking questions. This is (inaudible) on for Daniel. I know you mentioned earlier in the call that your pipeline supports moderate bookings in 2Q and positive momentum. This positive momentum represent like a change in behavior among the tetra clients relative to your initial expectations? Or could you characterize those payer overall study and there's still a little bit addicting the market? Thanks.

嗨。謝謝你們接受提問。我是代替Daniel的（聽不清）。我知道你們在電話會議前面提到，你們的銷售管線支持第二季有溫和的訂單表現，且動能轉正。這個正向動能是否代表相較於你們最初的預期，Tetra客戶的行為出現了變化？或者你能否描述一下整體付款方（payer）的研究情況，市場是否仍有些許不確定性？謝謝。

I think it can be attributed to just our approach. I mean, we recently added a new head of Marketing. We've got a new Chief Growth Officer. And we're really focused on how we are taking our platform and our capabilities to market and how we're messaging those solutions in markets. So people understand exactly what it is that we do as an organization.

我認為這可以歸因於我們的方法。我的意思是，我們最近新增了一位新的行銷主管。我們也有一位新的成長長（Chief Growth Officer）。我們非常專注於如何把我們的平台與能力推向市場，以及我們如何在市場中傳達這些解決方案。讓大家清楚了解我們作為一個組織究竟在做什麼。

Health systems are still making purchases today. But the bar is definitely higher. The ROI threshold is higher. They don't want just one solution. They want a partner who can provide multiple solutions like we can across cost intelligence labor intelligence or clinical intelligence, consumer intelligence.

醫療體系今天仍在採購。但門檻確實更高了。投資報酬率（ROI）的門檻更高。他們不想只要單一解決方案。他們想要一個能提供多種解決方案的合作夥伴，就像我們能在成本洞察、勞動力洞察或臨床洞察、消費者洞察等方面提供的一樣。

And so when you can come to them with a message of how well we understand you is 18 years in health care with tremendous improvement data that sits on top of it and then the ability to convert that data into meaningful outcomes and measurable improvement for them across multiple areas of their business. That capability is truly unique and differentiated in the market. And we do anticipate that driving the back half of the year.

因此，當你能帶著一個訊息去跟他們溝通：我們對你們的理解有多深——我們在醫療照護領域深耕18年，並擁有其上層的大量改善數據——以及我們有能力把這些數據轉化為有意義的成果，並在他們業務的多個領域帶來可衡量的改善。這種能力在市場上確實是獨特且具差異化的。我們也預期這將帶動下半年的表現。

Understood. Thank you.

了解。謝謝。

(Operator Instructions) Ryan Daniels, William Blair.

（接線員指示）Ryan Daniels，William Blair。

Yeah, thanks for taking the quesiton, all the color thus far. One for you. I just wanted to dig into the dots related ARR churn and potential buy down. Can you talk a little bit more about the $52 million? What actually delineates the $22 million you anticipate to retain versus the $30 million? What are the characteristics defining your ability to retain some of that ARR versus the potential risk?

好的，謝謝接受提問，也謝謝目前為止提供的所有補充說明。我有一題想問你。我想更深入了解與ARR流失以及可能降級（buy down）相關的細節。你能再多談談這5,200萬美元嗎？你們預期可保留的2,200萬美元與那3,000萬美元之間，實際上是以什麼來區分？有哪些特徵界定你們保留部分ARR的能力，相對於潛在風險？

And then what are you guys doing to mitigate that risk going forward? Or is it just likely gone at this point given some of the conversion structure is already in place? Thanks.

另外，你們接下來打算如何降低這個風險？還是說，鑑於某些轉換結構已經到位，這部分在此時點可能就已經流失得差不多了？謝謝。

Thanks for the question. We are working hard to retain as much of that as we can. And as we did our assessment over the last really few months. We went line by line against every dose to Ignite migration account and put a plan together to support them. And so we're not going to lose them all. Some will downsell as opposed to full churn, obviously.

謝謝你的問題。我們正努力盡可能保留其中的金額。在過去幾個月我們進行評估時，我們逐一檢視每一個Dose to Ignite遷移帳戶，並制定計畫來支援他們。因此我們不會全部都流失。當然，有些會是降級（downsells）而不是完全流失（full churn）。

But ultimately, we do have an approach, and we are hopeful to make some inroads there. We just want to make sure we're communicating clearly we're building credibility and making sure that we're setting the right expectations in the market. But we do have a plan to go and try and retain as much of that revenue as we can through those account by account approaches.

但最終我們確實有一套方法，也希望能在那裡取得一些進展。我們只是想確保溝通清楚、建立可信度，並確保我們在市場上設定正確的預期。不過，我們確實有一個計畫，會以逐一帳戶的方式去盡可能保留這些營收。

Thank you. There are no further questions at this time. I'm happy to turn the floor back over to Ben Albert for additional or closing remarks.

謝謝。目前沒有其他問題。我很高興把時間交回給Ben Albert，請他做補充或結語。

I'd like to thank everybody for joining us today. I think we're super excited about what health catalyst can become as we go forward. We're very focused right now on the fundamentals, the launch of Project NEXUS to transform our operating model and drive our company forward. We're investing in the areas that we believe will drive growth for our organization. We're trying to provide as much transparency as we possibly can.

我想感謝大家今天加入我們。我認為我們對Health Catalyst未來能成為什麼樣子感到非常興奮。我們目前非常專注於基本面，並啟動Project NEXUS來轉型我們的營運模式、推動公司向前。我們正在投資於我們相信能帶動組織成長的領域。我們也試著盡可能提供最大的透明度。

So you can all really understand where our business is and where our business is going. And we recognize that our performance hasn't been where we want it and that we're going to be judged by the performance that we create here, and we're very focused on executing against that. So thank you all very much for joining us today. Appreciate it.

讓各位能真正了解我們的業務現況，以及我們的業務將走向何方。我們也認知到我們的表現尚未達到我們想要的水準，而我們將會以我們在此創造的績效來被評價，因此我們非常專注於落實執行。所以非常感謝各位今天加入我們。謝謝。

This concludes today's Health Catalyst first-quarter 2026 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

以上為Health Catalyst 2026年第一季財報電話會議的全部內容。請於此時掛斷電話，祝各位有美好的一天。