Health In Tech Inc (HIT) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Health In Tech second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. (Operator Instructions)

各位女士、先生，大家好。感謝各位耐心等候，歡迎參加 Health In Tech 2026 年第二季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將進行錄音。(接線員指示)

Now I would like to turn the conference over to Ms. Lori Babcock, Chief of Staff for the company. Ms. Babcock, please proceed.

現在我想將電話會議交給公司幕僚長 Lori Babcock 女士。Babcock 女士，請開始。

Thank you, operator, and hello, everyone. Welcome to Health In Tech's second-quarter 2026 earnings conference call. Joining us today are Mr. Tim Johnson, Chief Executive Officer; and Ms. Julia Qian, Chief Financial Officer.

謝謝接線員，大家好。歡迎參加 Health In Tech 2026 年第二季財報電話會議。今天與會者包括執行長 Tim Johnson 先生，以及財務長 Julia Qian 女士。

Full details of our results can be found in our earnings press release and in our related Form 10-Q recently filed with the SEC. These documents will be available on our Investor Relations website at healthintech.investorroom.com. As a reminder, today's call is being recorded, and a replay will be available on our IR website as well.

我們的業績完整細節可見於財報新聞稿，以及近期向美國證券交易委員會（SEC）提交的相關 10-Q 表格季度報告。這些文件將公布於我們的投資人關係網站 healthintech.investorroom.com。提醒各位，今天的電話會議將進行錄音，並且也會在我們的投資人關係網站提供重播。

Before we continue, please note that today's discussion includes forward-looking statements made pursuant to the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on information available as of today and involve risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied, including those discussed in our quarterly report on Form 10-Q for the period ended June 30, 2026, filed with the SEC.

在我們繼續之前，請注意今天的討論包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作出的前瞻性陳述。這些陳述係基於截至今日可得之資訊，並涉及風險、不確定性與假設，可能導致實際結果與明示或暗示之內容存在重大差異，包括我們向 SEC 提交、截至 2026 年 6 月 30 日期間的 10-Q 表格季度報告中所討論者。

Please review the forward-looking and cautionary statements section at the end of our earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. Except as expressly required by the federal securities law, we undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events.

請查閱我們財報新聞稿末尾的前瞻性與警示性陳述章節，其中列示可能導致實際結果與今日電話會議中所作前瞻性陳述存在重大差異的各項因素。除非聯邦證券法明確要求，否則我們不承擔更新之任何義務，並明確否認有義務更新該等前瞻性陳述，以反映本次電話會議日期之後的事件或情況、反映新資訊或反映未預期事件的發生。

We may also refer to certain financial measures not in accordance with generally accepted accounting principles such as adjusted EBITDA for comparison purposes only. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release.

我們也可能僅為比較目的而提及某些不符合一般公認會計原則（GAAP）的財務衡量指標，例如調整後 EBITDA。我們的 GAAP 結果以及 GAAP 與非 GAAP 指標之調節表可見於我們的財報新聞稿。

With that, I now turn the call over to our CEO, Mr. Tim Johnson.

接下來，我把電話交給我們的執行長 Tim Johnson 先生。

Thanks, Lori, and good afternoon, everyone. We appreciate you joining us today. Before I get into the quarter, I want to take some time to reiterate because I think it's important for everyone on this call to understand exactly what kind of company we are building. Health In Tech is a young and very dynamic company. We are still early in our journey, but we operate with a business model, a technology foundation and a market opportunity in front of us that we believe will continue to drive enterprise value for the company. That is not about next quarter. It is a statement about the architecture and foundation of this business. And I want to spend some time explaining why we believe that because I think it matters more than any single quarter's revenue print.

謝謝你，Lori，各位下午好。感謝各位今天加入我們。在我談本季之前，我想花一些時間再次強調，因為我認為讓所有參與本次電話會議的人清楚了解我們正在打造的是一家什麼樣的公司非常重要。Health In Tech 是一家年輕且非常具動能的公司。我們仍處於旅程的早期階段，但我們所採用的商業模式、技術基礎以及眼前的市場機會，我們相信將持續為公司帶來企業價值。這不是在談下一季。這是一個關於本業務架構與基礎的陳述。我也想花些時間說明我們為何如此相信，因為我認為這比任何單一季度的營收數字更重要。

Let's start with the macro picture. We are living through the most consequential technology shift in enterprise software in a generation. Every industry that has historically run on manual, paper-based relationship-only processes is being rebuilt around artificial intelligence, and insurance and self-funded health insurance specifically is one of the most underdeveloped, most opaque corners of the broader economy.

先從宏觀面開始。我們正經歷一代以來企業軟體最具關鍵性的技術轉變。所有過去仰賴人工、紙本、僅靠人際關係流程運作的產業，都正在以人工智慧為核心被重新建構；而保險，尤其是自籌資金（self-funded）的健康保險，正是更廣泛經濟體中最不成熟、最不透明的角落之一。

As we've discussed before, self-funding health plans are estimated to generate around 20% to 30% savings for business employers through actively managing vendors and customizing its health plans. It represents nearly $1 trillion self-funded insurance market distributed through more than 1 million insurance brokers nationwide. And today, our platform works with 933 of them. That is a fraction of 1% of the addressable distribution universe. Most AI implementations you read about in the news today are bolted onto legacy systems built to automate a single task or wrapped around a call center. That is not what we have built. We have built a marketplace that is connecting brokers, third-party administrators and carriers into one secured AI-enabled health insurance platform that's efficient, transparent and ultimately reduces cost through removing frictions. That distinction matters enormously in this market.

如同我們先前所討論，自籌資金健康計畫估計可透過主動管理供應商並客製化健康計畫，為企業雇主帶來約 20% 至 30% 的節省。這代表一個接近 1 兆美元的自籌資金保險市場，並透過全美超過 100 萬名保險經紀人進行分銷。而目前，我們的平台與其中 933 名經紀人合作。這僅占可觸及分銷版圖的不到 1%。你今天在新聞中讀到的大多數 AI 導入案例，往往只是加裝在為自動化單一任務而建的舊系統上，或是包裹在客服中心周邊。那不是我們打造的東西。我們打造的是一個市場平台，將經紀人、第三方管理機構（TPA）與保險公司整合連結到同一個安全、AI 賦能的健康保險平台之中，使流程更有效率、更透明，並最終透過消除摩擦來降低成本。在這個市場中，這項差異極其重要。

I want to direct something not every company that says AI has actually built something differentiated. A lot of passes for AI in the financial services and insurance today is a thin layer of automation on top of decades old infrastructure. What we have built in health and tech goes well beyond that. Our platform doesn't just speed up a form, it ingests census data, parses experience data automatically, enables the carrier to build its specific underwriting criteria in system in real time and returns a bindable execution-ready quote in a fraction of the time it takes using legacy tools. That is fundamentally different value proposition than what brokers have access to historically. And it is a fundamentally different value proposition than most of what our would-be competitors have brought to the market.

我想指出一點：並非每一家宣稱 AI 的公司，實際上都打造了具差異化的產品。目前金融服務與保險領域中許多所謂的 AI，其實只是覆蓋在數十年老舊基礎設施之上的一層薄薄自動化。我們在健康保險與科技所打造的，遠不止於此。我們的平台不只是加快表單處理；它能匯入名冊（census）資料、自動解析理賠/經驗（experience）資料，讓保險公司可在系統中即時建立其特定核保標準，並在使用傳統工具所需時間的一小部分內，回傳可承保、可執行的報價。這對經紀人而言，是與過往可取得的工具截然不同的價值主張。而這也與我們潛在競爭對手帶到市場上的大多數方案，有著根本性的不同。

I want to spend time here to talk about our Chief Technology Officer. Sri Rajagopalan and the engineering team he has built, Sri spent the majority of his career at SAP and IBM, 2 of the largest enterprise software companies in the world, leading enterprise architecture and large-scale platform engineering for global mission-critical systems. That is exactly the caliber of technical leadership a company like ours needs as we scale from a promising platform serving hundreds of brokers to critical infrastructure serving thousands of brokers, larger carriers and larger employer groups.

我想花點時間談談我們的技術長。Sri Rajagopalan 以及他所建立的工程團隊——Sri 的職涯大多數時間在 SAP 與 IBM 這兩家全球最大的企業軟體公司任職，負責全球關鍵任務系統的企業架構與大規模平台工程。當我們從一個服務數百名經紀人的具潛力平台，擴展為服務數千名經紀人、更大型保險公司與更大型雇主團體的關鍵基礎設施時，這正是像我們這樣的公司在擴張過程中所需要的技術領導力等級。

Under Sri's leadership and through our partnership with Ciklum, and Amazon Web Services Advanced Tier Service Partner, we have spent this year upgrading the front and back-end architecture of our platform, consolidating quoting, underwriting, administration and analytics in a single unified environment and building the data infrastructure that will allow us to layer in increasingly sophisticated AI capabilities without having to re-architecture the platform every time we do it. That is the kind of investment that doesn't always show up in a single quarter's income statement, but it's exactly the kind of investment that determines whether a platform company can actually scale or whether it's hitting a ceiling. We do not intend to hit a ceiling.

在 Sri 的領導下，並透過我們與 Ciklum（Amazon Web Services Advanced Tier Service Partner）的合作，我們今年投入升級平台前後端架構，將報價、核保、管理與分析整合於單一統一環境中，並建置資料基礎設施，使我們能在不必每次都重新改造平台架構的情況下，逐步疊加更精密的 AI 能力。這類投資不一定會在單一季度的損益表中立刻顯現，但它正是決定一家平台型公司能否真正擴張、或是否會碰到天花板的關鍵投資。我們無意碰到天花板。

I'm also proud of what this has translated into for our distribution partners and practice. In the second quarter, we grew our distribution partner network to 933 brokers. Third-party administrators and agencies are up nearly 20% from a year ago, and we've rolled out a significant platform update that included enhanced census insights, expanded large group quoting functionality, automated experience data parsing, AI-driven risk insights and direct broker to underwriter messaging inside the platform itself. Brokers are telling us in real time that this is changing how they work. The adoption curve is leading indicator for everything else we are going to talk about today.

我也為這些成果在我們的分銷合作夥伴與業務實務上的落地感到自豪。在第二季，我們將分銷合作夥伴網路擴大至 933 名經紀人。第三方管理機構與代理機構較去年同期成長近 20%，我們也推出了一次重要的平台更新，包含強化的名冊洞察、擴充的大型團體報價功能、自動化的經驗資料解析、AI 驅動的風險洞察，以及平台內經紀人與核保人員的直接訊息溝通功能。經紀人即時回饋，這正在改變他們的工作方式。採用曲線是我們今天將要討論的其他一切的領先指標。

Now I want to spend a meaningful amount of time on why we are changing how we talk about our business because I think this is a single most important thing for investors to understand about where Health In Tech is today.

現在我想花相當多且有意義的時間，說明為什麼我們正在改變我們談論業務的方式，因為我認為這是投資人理解 Health In Tech 目前所處位置最重要的一件事。

For the last several quarters, we have talked about Health In Tech primarily as a revenue growth story. And to be fair, we earned that framing. But a revenue growth story on its own undersells what is actually happening inside the business. And frankly, we believe it paints a limited picture quarter-to-quarter because of how GAAP revenue recognition and reacts with the way our policies are actually sold and onboarded.

在過去幾個季度，我們主要將 Health In Tech 描述為一個營收成長的故事。公平地說，這樣的定位是我們應得的。但單純的營收成長敘事，低估了公司內部實際正在發生的事情。坦白說，由於 GAAP 營收認列方式與我們保單實際銷售與導入流程之間的互動，這也使得逐季呈現的畫面相當有限。

Here's the reality. This is not a company we believe should be judged quarter-by-quarter on a single reported revenue line. This is a young, still evolving platform business, continuing to establish itself in the small cap world with a business model that generates contractually locked in revenue well ahead of when that revenue actually gets recognized on our income statement. When we sell a policy, we don't recognize that revenue all at once. It gets recognized ratably month by month over the 12 to 36 month life of that policy. That means the revenue we report in any given quarter is really a lagging indicator of the underlying momentum of the business.

現實情況是這樣。我們認為，這不是一家應該僅以單一已揭露的營收數字、逐季被評斷的公司。這是一個年輕、仍在演進的平台型企業，持續在小型股市場中建立自身定位；其商業模式會在相關營收實際於損益表上被認列之前，就先產生以合約鎖定的收入。當我們銷售一張保單時，我們不會一次性認列全部營收。該營收會在該保單 12 至 36 個月的存續期間內，按月平均（比例）認列。這意味著，我們在任何一個季度所報告的營收，其實是公司基本面動能的落後指標。

In our review, the leading indicator, the one that actually tells you where this company is headed is what we've contracted and what we've sold and what is already locked in and simply waiting to be recognized. That is precisely what happened this quarter, and I want to explain it plainly rather than let anyone read more into a single number than they should.

在我們看來，真正的領先指標、能告訴你這家公司將走向何處的，是我們已簽約的、已售出的，以及已經鎖定、只是等待被認列的部分。這正是本季發生的情況，我想把它講清楚，而不是讓任何人對單一數字做過度解讀。

During the second quarter, we onboarded a new carrier partner. And as part of that onboarding, the effective dates of a number of policies -- policy placements shifted into subsequent quarters. That timing shift is the primary reason our reported GAAP revenue for the second quarter came in at $8.1 million, down from $9.3 million a year ago. I want to be unambiguous. This was not a demand problem. This was a churn problem and was not a platform problem. It was a timing factor tied to onboarding a new carrier into our platform. The very kind of carrier expansion that we discussed in last quarter is core to our long-term growth strategy because more carriers means more underwriting choice, better pricing outcomes for employers and higher conversions for our brokers.

在第二季期間，我們導入了一家新的保險承保公司（carrier）合作夥伴。作為導入的一部分，若干保單的生效日——保單承保落點——被移轉到後續季度。這個時點的移轉，是我們第二季 GAAP 已認列營收為 810 萬美元、低於去年同期 930 萬美元的主要原因。我想明確表示。這不是需求問題。這不是流失（churn）問題，也不是平台問題。這是一個與將新 carrier 導入我們平台相關的時點因素。而這種 carrier 擴張，正如我們在上季所討論的，是我們長期成長策略的核心，因為更多 carrier 代表更多核保選擇、為雇主帶來更好的定價結果，並為我們的經紀人帶來更高的轉換率。

This is exactly why we believe contracted revenue and pipeline revenue are metrics that actually help tell you what's happening inside the Health In Tech. And it's why you should expect us to highlight these metrics from this point forward.

這也正是為什麼我們相信，「已簽約營收」與「管線營收」才是能真正幫助你理解 Health In Tech 內部正在發生什麼的指標。也因此，從現在開始，你應該會看到我們更著重強調這些指標。

Contracted revenue, meaning revenue that is contractually committed under active policies and that simply has not yet been recognized under GAAP totaled $32.3 million for the first half of '26. Beyond what's already contracted, our pipeline revenue, policies currently in quoting or binding status plus policies contracted since quarter end stood at $66.3 million as of July 31 this year. Julia is going to walk you through the details in a moment because I want to spend more of our time today on where business is going, not rehashing a single quarter.

已簽約營收，亦即在有效保單下已由合約承諾、但尚未依 GAAP 認列的營收，於 2026 年上半年合計為 3,230 萬美元。除已簽約部分之外，我們的管線營收——目前處於報價或承保綁定（binding）狀態的保單，加上季末後已簽約的保單——截至今年 7 月 31 日為 6,630 萬美元。Julia 稍後會帶你看細節，因為我希望今天把更多時間放在業務將走向何處，而不是反覆檢討單一季度。

Let me talk about what's coming because this is where I think the growth story really comes into focus. We made a genuine proof point this quarter on our three year rate stabilization program. We contracted, secured our first employer group under that program, taking it from concept to a live bound plan. This is an important milestone as we advance toward the program's anticipated launch in the capital markets. The program is designed to provide budgetary certainties for health care costs, often the second largest expense on the P&L for many corporations.

我來談談接下來的進展，因為我認為成長故事在這裡才真正聚焦。本季我們在三年期費率穩定計畫上取得了實質的驗證成果。我們在該計畫下完成簽約，並成功取得第一個雇主團體，將其從概念推進到已正式綁定生效的方案。這是我們朝向該計畫預期在資本市場推出的重要里程碑。該計畫旨在為醫療保健成本提供預算確定性；對許多企業而言，醫療保健成本往往是損益表上第二大的費用項目。

For large enterprises, particularly governmental agencies and municipalities, multiyear budget certainty is well received compared to the potential for unpredictable annual health care cost types. We are certainly engaged -- currently engaged in several high-profile government organizations evaluating participation, and we expect to provide additional updates in the coming months. We also remain on track to officially launch HitRix in the second half of this year.

對大型企業而言，特別是政府機關與地方自治體，多年期的預算確定性相較於每年可能不可預測的醫療保健成本變動，更容易被接受。我們確實正在與數個具指標性的政府組織接洽，評估其參與意願，並預期在未來幾個月提供更多更新。我們也仍按計畫在今年下半年正式推出 HitRix。

This platform is genuinely new because HitRix is not an incremental feature update, we believe it is the first true marketplace built for large group self-funded stop-loss market, which is a segment defined by claims data complexity, multiple managing general underwriters and carriers competing for business and a manual fragmented process that has not meaningfully changed in decades.

這個平台確實是全新的，因為 HitRix 不是漸進式的功能更新；我們相信它是第一個真正為大型團體自籌資金（self-funded）停損（stop-loss）市場打造的市集平台。該市場的特徵包括理賠資料的高度複雜性、多家管理型一般核保代理（MGA/Managing General Underwriters）與 carrier 競爭業務，以及一個數十年來未有實質改變、仍然仰賴人工且高度碎片化的流程。

To put this in context, eDIYBS, our existing platform, serves the small group market where the process is very different. The small group market itself is highly concentrated with only a handful of stop-loss carriers. HitRix conversely is purposely built for large groups, generally 100 lives on plan and above, where the underwriting process is fundamentally different and the marketplace opportunity is much larger.

為了提供背景，eDIYBS（我們現有的平台）服務的是小型團體市場，其流程截然不同。小型團體市場本身高度集中，停損 carrier 只有少數幾家。相對地，HitRix 是專為大型團體打造，通常是計畫涵蓋 100 名被保人（lives）以上；其核保流程在本質上不同，而市場機會也大得多。

HitRix Introduces several first-of-the-kind capabilities to this market, proprietary data parsing that transforms hours of broker preparation into minutes, a competitive marketplace that lets brokers efficiently reach an unlimited number of underwriters simultaneously, real-time comparison and analytics tools that no other platform in the market offers today and a buy now function that can compress what has historically been a week-long negotiation into a single day close. It is a marketplace distinct from anything we have brought to the platform to date and we believe it opens up a meaningful new growth avenue for this company. We expect and look forward to sharing more at launch.

HitRix 為此市場引入多項首創能力：專有資料解析，可將經紀人原本需耗費數小時的準備工作縮短至數分鐘；競爭型市集，讓經紀人能同時高效率觸及不限數量的核保人；即時比較與分析工具，為目前市場上其他平台所不具備；以及「立即購買」功能，可將過去通常需要一週的談判壓縮為一天內完成成交。這是一個與我們迄今帶到平台上的任何產品都不同的市集，我們相信它為公司開啟了一條重要的新成長途徑。我們預期並期待在正式推出時分享更多內容。

I also want to set the stage for how we intend to fund the next phase of growth. I want to close my remarks the way I opened them. Health In Tech is a fast-growing young company. We have a technology foundation built by world-class engineering team, a business model that generates real contractually locked in revenue well ahead of recognition, a distribution network that is growing nearly 20% year-over-year and a market opportunity measured in the hundreds of billions of dollars where our current penetration remains below 0.1%. We believe the combination of these four key things should help us continuously drive the enterprise value of the company. That is the story we are building, and I could not be more excited about where this is headed.

我也想為我們打算如何為下一階段成長提供資金做個鋪陳。我想用我開場的方式來結束我的發言。Health In Tech 是一家快速成長的年輕公司。我們擁有由世界級工程團隊打造的技術基礎、一個能在認列之前就產生真實且以合約鎖定收入的商業模式、一個年增近 20% 的通路網路，以及一個以數千億美元衡量的市場機會，而我們目前的滲透率仍低於 0.1%。我們相信，這四個關鍵要素的組合，將有助於我們持續提升公司的企業價值。這就是我們正在打造的故事，我對未來的發展感到無比振奮。

Before Julia walks through the financials, let me give you a little bit more on how our distribution engine performed this quarter. To put a finer point on the partner number I mentioned earlier, we ended the second quarter at 933 distribution partners, brokers, third-party administrators and agencies, up 19.9% from 778 a year ago.

在 Julia 帶大家看財務數字之前，我先補充一下本季我們的通路引擎表現。更精確地說明我先前提到的合作夥伴數量：我們在第二季末共有 933 家通路合作夥伴——包括經紀人、第三方管理機構（TPA）與代理商——較去年同期的 778 家成長 19.9%。

That growth came from the same way it has all year through a capital-light partner-driven model where our in-house team focuses on onboarding and activating partners rather than selling directly into the employer accounts. That's why -- that's what allows us to keep growing our distribution footprint with a linear increase in fixed costs.

這項成長來源與今年以來一致：透過一個資本投入較輕、以合作夥伴驅動的模式，我們的內部團隊專注於導入並啟用合作夥伴，而非直接向雇主客戶銷售。這也是——這正是讓我們能在固定成本線性增加的情況下，持續擴大通路版圖的原因。

The carrier onboarding that affected the timing of some of this quarter's revenue is a good example of the trade-off we were willing to make. Short term, it shifted some policy effective dates into later quarters. Long term, it gives our brokers more underwriting choice on the same employer groups, which we believe improves close rates and strengthens retention. We will make that trade every time.

影響本季部分營收認列時點的承保公司（carrier）導入流程，是我們願意做出取捨的一個很好的例子。短期來看，它把部分保單生效日推遲到後續季度。長期來看，它讓我們的經紀人能在相同的雇主團體上有更多承保選擇，我們相信這能提高成交率並強化留存。這樣的取捨我們每次都會做。

We continue to see this industry as a relationship-driven today, but structurally underserved by technology, and that is the gap we intend to keep closing through direct broker engagement, industry conferences and a platform that keeps getting easier for brokers to use and harder for them to walk away from.

我們仍然認為這個產業目前是以關係為驅動，但在結構上長期缺乏科技支援；而這正是我們打算透過直接與經紀人互動、參與產業會議，以及持續打造讓經紀人更容易使用、也更難離開的平台，來不斷縮小的缺口。

With that, I will now turn it over to Julia.

接下來，我把時間交給 Julia。

Thank you, Tim, and good afternoon, everyone. I'm going to keep my remarks focused and brief because Tim has already walked you through certain of the consideration around this quarter's number. I want to use my time simply to talk through the figures itself through lenses of the metrics we introduced last quarter, contracted revenue and platform place-to-plan value because those are the numbers we believe quietly holistically reflect on the health of this business.

謝謝你，Tim，各位下午好。我會把發言聚焦且簡短，因為 Tim 已經帶各位走過本季數字背後的一些考量。我想利用這段時間，透過我們上季引入的指標——已簽約營收（contracted revenue）與平台投放計畫價值（platform place-to-plan value）——來說明這些數字本身，因為我們相信這些數字能在不張揚的情況下，更全面地反映這項業務的健康狀況。

Contracted revenue means the revenue that is contractually committed under the active policies that simply has not been recognized under GAAP accounting. There are total $32.3 million for the first half of '26. Of that, $17.3 million was already recognized as GAAP revenue in the first half of this year, with the remaining $14 million expected in the second half of this year and $1 million in 2027.

已簽約營收是指在有效保單下、已於合約上承諾但依 GAAP 會計準則尚未認列的營收。2026 年上半年合計為 3,230 萬美元。其中 1,730 萬美元已在今年上半年認列為 GAAP 營收，剩餘 1,400 萬美元預計在今年下半年認列，另有 100 萬美元將於 2027 年認列。

Beyond what already contract, our pipeline revenue policies current in quoting or binding stage or plus the policy contracted single quarter end stood at $66.3 million as of July 31, of which $1.9 million was contracted, the remaining $64.4 million with an expected conversion rate of 15% to 40%.

除已簽約部分之外，我們的管線營收（pipeline revenue）——包含目前處於報價或承保（binding）階段的保單，以及截至季度末已簽約的保單——截至 7 月 31 日為 6,630 萬美元，其中 190 萬美元已簽約，其餘 6,440 萬美元的預期轉換率為 15% 至 40%。

Now with five more months remaining in 2026, the expanded sales team will continue to sell to expand its pipeline revenue through adding more brokers, TPAs and our distribution partner. Together, these numbers, I would encourage you to assess for the future revenue visibility, and they underpin our decision to reaffirm full year 2026 revenue guidance of $45 million to $50 million. That is real forward revenue visibility extend well into next year, and we believe it provides a more extensive picture than just a single quarter top line print can tell you.

隨著 2026 年還剩下五個月，擴編後的銷售團隊將持續銷售，透過新增更多經紀人、TPA（第三方管理機構）以及我們的分銷合作夥伴來擴大管線營收。綜合這些數字，我鼓勵各位用它們來評估未來營收能見度；這也支撐我們決定重申 2026 全年營收指引為 4,500 萬至 5,000 萬美元。這是真實的前瞻性營收能見度，並可延伸到明年；我們相信它能提供比單一季度營收表現更完整的圖像。

Now running to platform placed plan value or PPPV, which represents the aggregate contractual value of the self-funded stop-loss plan placed through our platform, including premium, claim funding and administrative fee. Measure our overall each plan's full contracted term, PPPV stood at $84 million as of June 30, 2026. I want to be clear that PPPV is a measurement of platform transaction value, not indicated our own revenue or take rate.

接著談平台投放計畫價值（PPPV），它代表透過我們平台投放的自籌資金止損（self-funded stop-loss）計畫之合約總價值，包含保費、理賠資金（claim funding）與管理費。以每個計畫的完整合約期間衡量，截至 2026 年 6 月 30 日，PPPV 為 8,400 萬美元。我要明確說明，PPPV 衡量的是平台交易價值，並不代表我們自身的營收或抽成率（take rate）。

On reported GAAP revenue, total revenue for the second quarter was $8.1 million, down 13.5% from $9.3 million in the second quarter of last year. As Tim explained, this decrease reflects the timing of the new carrier onboarding that shifted certain policy effective date into the future period, not a change in underlying demand. The onboarding of the new carrier and certain related portfolio transfer between the carrier were designed to provide great options and flexibility to our employer customers.

就已揭露的 GAAP 營收而言，第二季總營收為 810 萬美元，較去年第二季的 930 萬美元下降 13.5%。如 Tim 所說，這一下降反映的是新承保公司導入時點造成部分保單生效日延後至未來期間，而非底層需求的改變。新承保公司的導入，以及承保公司之間某些相關的保單組合移轉，目的在於為我們的雇主客戶提供更好的選項與彈性。

As a result, the number of accounts receivable day or AR days in the first half of the year was 55 days versus 20 days in the first half of 2025, which is not uncommon to us. We have ample experience and the track record of managing accounts receivable day. For example, there were 42 days accounts receivable day in 2023, and then we bring down to 29 in 2024 and further down 14 accounts receivable days in 2025. So it's a remarkable change in the improvement once the carrier was starting to work with us. We actively manage these financials as well. For the first six months of 2026, total revenue was $16.8 million compared to $17.3 million for the first half of the year last year.

因此，今年上半年應收帳款天數（AR days）為 55 天，而 2025 年上半年為 20 天；這對我們而言並不罕見。我們在管理應收帳款天數方面有充足經驗與良好紀錄。例如，2023 年應收帳款天數為 42 天，之後我們在 2024 年降至 29 天，並在 2025 年進一步降至 14 天。因此，一旦承保公司開始與我們合作，改善幅度相當顯著。我們也會主動管理這些財務項目。2026 年前六個月總營收為 1,680 萬美元，去年同期為 1,730 萬美元。

Turning to the profitability. Adjusted EBITDA was negative $1.3 million for the quarter and negative $2.6 million for the first half of the year compared to the positive EBITDA of $1.6 million and $2.8 million, respectively. In the prior year period, net loss for the quarter was $2.5 million or $0.04 per diluted share compared to net income of $0.6 million or $0.01 per diluted share. And the net loss -- for the same period -- compared with the same period, the net loss was $1.4 million for the first half of '26 or $0.07 per diluted share compared to the net income of $1.1 million or $0.02 per diluted share. This reflects our continued planned investment in sales, marketing and technology to support long-term growth, consistent with what we have described entering into this year.

接著談獲利能力。本季調整後 EBITDA 為負 130 萬美元，全年上半年為負 260 萬美元；相較之下，去年同期 EBITDA 分別為正 160 萬美元與 280 萬美元。去年同期本季淨損為 250 萬美元或每股稀釋後虧損 0.04 美元，相較之下，淨利為 60 萬美元或每股稀釋後盈餘 0.01 美元。而淨損——就同一期間而言——2026 年上半年淨損為 140 萬美元或每股稀釋後虧損 0.07 美元，相較之下，去年同期淨利為 110 萬美元或每股稀釋後盈餘 0.02 美元。這反映我們持續按計畫在銷售、行銷與科技方面投入，以支持長期成長，與我們在今年開始時所描述的一致。

Our total operating expenses for the quarter were $7.3 million compared to $5.6 million for the same period last year. Sales and marketing expenses were $2.2 million compared to $1.2 million for the same period last year. As we continue to invest in expanding our distribution footprint, the sales expanding has increased.

本季總營業費用為 730 萬美元，去年同期為 560 萬美元。銷售與行銷費用為 220 萬美元，去年同期為 120 萬美元。隨著我們持續投資擴大分銷版圖，銷售擴編也有所增加。

General and administrative expenses was $4.3 million compared to $3.8 million for the same period last year. And the research and development expenses were $0.9 million, and we capitalized $0.8 million of the software development costs compared to $0.6 million and $0.9 million, respectively, for the same period of last year, reflecting continued investment in our technology platform under Sri's leadership.

一般及行政費用為 430 萬美元，去年同期為 380 萬美元。研發費用為 90 萬美元；我們將 80 萬美元的軟體開發成本資本化，相較去年同期分別為 60 萬美元與 90 萬美元，反映在 Sri 的領導下我們持續投資於技術平台。

Turning to our balance sheet. We ended the quarter with $6.5 million in cash and cash equivalents and $11.8 million in working capital compared to $8.1 million in cash and cash equivalents and $9.5 million in working capital a year ago. Operating cash used improved to $2.9 million in the second quarter compared to $3.3 million in the first quarter, reflecting continued discipline in working capital management. Total assets at the quarter end were $29.6 million and total stockholder equity was $19.4 million compared to $22.2 million and $16.4 million, respectively, for the same period of last year. Our balance sheet remains healthy and positioned to execute on our product and development plan.

接著看資產負債表。本季末我們持有 650 萬美元的現金及約當現金，營運資金為 1,180 萬美元；相較一年前分別為 810 萬美元的現金及約當現金與 950 萬美元的營運資金。第二季營運現金流出改善至 290 萬美元，相較第一季為 330 萬美元，反映我們在營運資金管理上持續保持紀律。季末總資產為 2,960 萬美元，股東權益總額為 1,940 萬美元；去年同期分別為 2,220 萬美元與 1,640 萬美元。我們的資產負債表仍然健康，並已就執行我們的產品與開發計畫做好準備。

In summary, this was a quarter of continued deliberate investment. The GAAP revenue number reflects a timing shift, not a change in the trajectory for the business. And we believe contracted revenue, platform-based revenue are clear windows into where the company is actually heading. We also reported pipeline revenue give you more visibility of where the company, the trajectory is.

總結來說，本季我們持續進行審慎且有意識的投資。GAAP 營收數字反映的是時點移轉，而非業務發展軌跡的改變。我們相信已簽約營收、平台相關營收是清楚的窗口，能看出公司實際的前進方向。我們也揭露了管線營收，讓各位更能掌握公司未來走勢與軌跡。

With that, now I turn it back to Lori.

那麼，接下來我把時間交還給 Lori。

Thank you, Julia and Tim, for these prepared remarks. And now we would like to open the call up to our community for any questions they might have.

謝謝 Julia 和 Tim 的這些準備好的發言。現在我們想把電話會議開放給我們的社群，看看大家是否有任何問題。

(Operator Instructions) George Sutton, Craig-Hallum.

(接線員指示) George Sutton，Craig-Hallum。

So Tim, a lot of this confusion on the timing, I think, relates to a stop-loss carrier change you made and you were really improving the capabilities that your customers would have with a stop-loss carrier going forward and the ratings involved. Can you just kind of walk through that outcome?

Tim，我認為關於時程的許多困惑，與你們做的一次停損保險承保商（stop-loss carrier）更換有關；你們其實是在提升客戶未來使用停損承保商的能力，以及相關的評等。你能否大致帶我們走一遍這個結果？

Sorry, guys, I was on mute. Yes. Good to talk to you, George. Thanks for the question. So understanding how insurance carriers are rated and even stop-loss carriers have a rating, certain brokers around the country and especially the bigger ones we call the alpha houses, they require to -- under their corporate charter to only write business with A carriers. And we weren't with a carrier that they were admitted, they just didn't have an A rating. So we are changing carriers that financially can support an A rating, and we hope to have that done in the next -- I don't know, in the next 30 days, probably at the far end. We're very close. I was on the phone with them earlier. So we can pick up more business with larger brokers that are requiring that rating, and that's one of the reasons why we switched.

抱歉，各位，我剛剛在靜音。是的。很高興跟你聊，George。謝謝你的問題。所以，了解保險承保商如何被評等很重要，甚至停損承保商也有評等；全國各地的一些經紀商，尤其是我們稱為「alpha houses」的大型經紀商，他們依其公司章程規定，只能與 A 級承保商承作業務。而我們之前合作的承保商雖然是他們可接受的，但就是沒有 A 級評等。因此我們正在更換到在財務上能支撐 A 級評等的承保商；我們希望在接下來——我不知道，大概最晚在未來 30 天內完成。我們已經非常接近了。我稍早還在跟他們通電話。這樣我們就能從要求該評等的大型經紀商那裡承接更多業務，這也是我們更換的原因之一。

And just help us understand the impact of having that A rating and what that might mean broadly for the business opportunity.

再請你幫我們理解一下，擁有 A 級評等的影響，以及這對整體業務機會可能意味著什麼。

Yes. I mean, Zain, our Chief Growth Officer, is sitting on the sideline with a lot of business that people want to put with us. It's a significant amount of business. So I would say that our projections, we try to be conservative in our projections, but it will bump our projections at least, I don't know, 20% to 30% higher if we can get an A carrier. It just depends on how fast you get it because the sales cycle takes a while. Once you get -- once you start talking to a broker than a client, as we're coming up in January, January is our biggest time of the year by far. Most effective dates are in January. So we will -- yes, we're going to pick up a lot more business, and I'm trying to not be too direct with that answer. I don't think I'm supposed to be on here.

是的。我的意思是，Zain，我們的首席成長官，目前手上有很多業務在等著，很多人想把業務放到我們這裡。那是一個相當可觀的業務量。所以我會說，我們的預測一向盡量保守，但如果我們能取得 A 級承保商，我不知道，至少會把我們的預測往上推 20% 到 30%。這也取決於你取得的速度，因為銷售週期需要一些時間。一旦你開始跟經紀商、再到客戶洽談，隨著我們接近一月，一月是我們一年中最重要的時點，遠遠超過其他月份。大多數生效日都在一月。所以我們——是的，我們會承接更多業務；我也盡量不要把答案講得太直接。我想我不應該在這裡講這麼多。

Yes. So George, I want to add on a little bit, right, because the small group is really normally people pay less attention of the category of the carrier, which we add on one more. That's also the reason. Even the pipeline revenue we reported, it's all not relating to adding on more A carrier, which we're also working on.

是的。George，我想再補充一點，對吧，因為小型團體（small group）通常大家對承保商類別的關注度比較低，而我們會再新增一個。這也是原因之一。甚至我們所揭露的管線收入（pipeline revenue），也都還沒有反映新增更多 A 級承保商的部分，而這部分我們也正在推進。

So just to give a little bit of background, our software, we talk about HitRix is really real market in the large group. So not only just that we expand dramatically our addressable market, but also that means we can offer the total complete solution, including the small employers and the mid and large employers. So that will dramatically change how our business outlook is when we have a pipeline revenue, we do not even include that part.

所以再提供一點背景，我們的軟體——我們談到 HitRix——在大型團體（large group）市場是真正的市場產品。因此不只是我們大幅擴張了可服務市場（addressable market），也代表我們能提供完整的整體解決方案，涵蓋小型雇主以及中型與大型雇主。所以當我們有管線收入時，這將大幅改變我們對業務前景的看法，而我們甚至還沒有把那一部分納入。

On the HitRix platform, which I understand is a dramatic improvement on what exists out there today. Can you just talk about how quickly you think you can bring users on that platform? What do you think that does for the business once it's up and running?

關於 HitRix 平台，我的理解是它相較於目前市面上的既有方案有顯著提升。你能談談你認為能多快把使用者導入這個平台嗎？一旦它上線運作，你覺得會對業務帶來什麼影響？

Good question. Well, the existing 933 brokers are automatically because we're -- as I said in the discussion we just had, they're all going to get access to it immediately, which means, and Julia has pointed out, it's the larger market space. And they can now market to multiple MGUs as easy as it was to create a submission on the small group side. This marketplace that we've created is it's just not out there today. So all 933 brokers that are on it and TPAs and other access distribution points will have immediate access in the next -- it's supposed to be launched coming up and I'm looking at my calendar in the next two, three weeks.

好問題。嗯，現有的 933 位經紀商會自動——因為我們——如同我在剛才的討論中所說，他們都會立刻取得使用權；這也意味著，如 Julia 所指出的，這是更大的市場空間。他們現在可以同時向多家 MGU 行銷，就像在小型團體端建立一份投保申請（submission）那麼容易。我們打造的這個市集（marketplace），目前市面上真的沒有。因此，平台上的 933 位經紀商、TPA（第三方管理機構）以及其他通路接入點，將在接下來——預計即將上線，我看一下我的行事曆——大概兩到三週內就能立即使用。

So that will come on. We're doing our UAT testing and everything right now. And we already know some other people who want to use it, some MGUs that are waiting to get it. We've done lots of demos of -- we have a demo page we created, and we're doing demos for everybody now. So there's a lot of excitement on that product.

所以那會上線。我們現在正在做 UAT 測試以及所有相關工作。而且我們已經知道還有一些其他人想用它，有些正在等待取得它的 MGU。我們做了很多展示——我們建立了一個展示頁面，現在也在為所有人做 demo。所以大家對這個產品非常興奮。

Okay. And then lastly for me, the three year stabilization program, that's something we're very excited about and see great applicability, particularly in municipal governments, for example. Can you just give us a sense of what that pipeline looks like and what the feedback has been since you signed this first customer?

好的。最後一個問題，三年期穩定化計畫（three year stabilization program）是我們非常期待的項目，也看到很強的適用性，特別是在例如市政政府等場景。你能否讓我們了解一下這個管線大概長什麼樣子，以及自從你們簽下第一位客戶後，回饋如何？

Yes. I can tell you the pipeline -- one of our partners in the program Ascend that the actuary who helped create and build this program. They've hired specific salespeople for it. We have trained our sales guys on it. The anticipation in the word is that we'll probably have about 30 submissions a month or more. And these are large, as you can imagine, they are municipalities, government agencies, counties, cities, all the -- everything in between. They're not small.

可以。我可以告訴你管線——我們在這個計畫中的合作夥伴之一 Ascend，是協助創建並建構這個計畫的精算團隊。他們已為此聘請了專門的業務人員。我們也已經訓練了我們的業務團隊。目前的預期與市場上的說法是，我們可能每月會有大約 30 份或更多的投保申請（submissions）。而且如你所想，這些都是大型案子——它們是市政機關、政府機構、郡縣、城市，以及介於其間的各種單位。它們不小。

So our pipeline is already -- I can't tell you who we're talking to. You would know everybody that we're already talking to and they are -- yes, there are cities that everybody on this call would know for sure. Some probably live in them. So it's a big opportunity that's coming in really fast.

所以我們的管線已經——我不能告訴你我們正在跟誰談。你們會認得我們正在洽談的每一個對象，而且他們——是的，裡面有一些城市是這通電話上每個人肯定都知道的。有些人可能就住在那裡。所以這是一個正在非常快速湧入的重大機會。

Allen Klee, Maxim Group.

Allen Klee，Maxim Group。

When you were talking about the change in the insurance rating, did you make a comment that you thought that impacted your results by a certain amount, not having that? Or I'm not sure.

你剛才談到保險評等的變更時，你是否提到你認為沒有那個評等，對你們的業績造成了某個幅度的影響？或者我不太確定。

Yes, because a lot of our growth in the large and small, I mean, the -- we call them alpha, the bigger brokerage firms, they don't write anything if they won't be able to participate in our programs if we don't have an A carrier. it's just in their charter and it's -- people say it's in their E&O policy. There's different reasons for it. But that's why we're going to grow if we can get that A carrier. The faster we can get an A carrier on, the sooner we can start picking up more business from those alpha houses.

是的，因為我們在大型與小型市場的很多成長——我的意思是——我們稱之為 alpha 的大型經紀公司，如果我們沒有 A 級承保商，他們就不會承作任何業務，也就無法參與我們的計畫；這就是他們章程裡的規定，而且——有人說這也寫在他們的 E&O（錯誤與疏漏）保險條款裡。原因有很多。但這就是為什麼如果我們能取得 A 級承保商，我們就會成長。我們越快導入 A 級承保商，就能越早開始從那些 alpha houses 承接更多業務。

Yes. I mean as a former Moody's senior analyst covering insurance companies, I appreciate the value of the higher ratings. But did you make a statement that it hurt the particular quarter 2Q by a certain amount? Or was it more like going forward, it has this opportunity?

是的。我的意思是，作為一名前穆迪（Moody's）負責保險公司的資深分析師，我很能體會較高評級的價值。但你們是否曾表示它在特定季度、也就是第二季（2Q），造成了某個金額的影響？還是更像是：往前看，它有這樣的機會？

It's more going forward.

比較偏向往前看。

Yes. So we clearly mentioned on the call because of the adding additional carrier, it's not a demand problem. It's shifting, right? Because now within the new income carriers and the preparation and the old carriers, that's the reason we're reporting even the pipeline revenue to see what is pipeline here. It's a timing shift.

是的。所以我們在電話會議上已清楚提到，因為新增了額外的承保公司（carrier），這不是需求問題。而是移轉，對吧？因為現在在新的收入承保公司、準備作業以及舊的承保公司之間移轉，這就是我們甚至要揭露管線收入（pipeline revenue）的原因，好讓大家看清楚管線在這裡是什麼。這是時點上的移轉。

As you know, for the GAAP accounting, it's really based on the amortization upon effective date. When you shift a quarter, some revenue is going to shift a quarter to the next year. It's just the fact even you can sell the mostly you can sell. So that's why we reported the pipeline revenue when we're looking at -- we have 5 more months to continue to sell. So the revenue itself already give people pretty good indication on this year and what the possibility and the range and beyond.

如你所知，就 GAAP 會計而言，主要是依生效日（effective date）進行攤銷。當你把一個季度往後移，有些收入就會從這一季移到下一季、甚至移到下一年度。這就是事實，即使你大多數都能賣出去，你也只能賣到那個程度。所以這就是為什麼我們在看——我們還有 5 個月可以繼續銷售——時會揭露管線收入。因此，收入本身已經能讓大家對今年的情況、以及可能性與區間、乃至於更往後，有相當不錯的指標。

Okay. And how do you feel about your preparation with your offerings and having the time to educate the brokers and the clients for the big -- the amount of renewals at the end of -- towards the end of the year. How do you feel like you're going to be fully able to work on that and be successful?

好的。那你對於你們在產品方案上的準備情況、以及是否有時間去教育經紀人與客戶，以因應年底——接近年底——大量續約，有什麼看法？你覺得你們能否充分投入並取得成功？

That's a very good question. So I never feel like I have enough time just between us. But this time frame right now, it needs to come out because everybody is starting to market their one-one business, they go out with the larger groups. That's what HitRix is. So that's a new product for them. I wish that it could have been done six months ago. I want my tech bill yesterday. I always do. But we're going to by one-one, we'll have a lot more opportunity running through it because of HitRix. Again, I wish I could have built it a year ago. It just takes time to get it done. But right now, we have sufficient time to get into that space because everybody is just now getting their groups out and everybody is starting to look at them, how they run it, what are they doing, and we'll be -- we're hitting it right, just right.

這是個非常好的問題。坦白說，我從來不覺得時間夠用。但就目前這個時間點來看，它必須推出，因為大家都開始行銷他們的 one-one 業務，並且帶著較大的團體客戶出去。這就是 HitRix。所以對他們來說這是一個新產品。我希望它能在六個月前就完成。我希望我的技術帳單昨天就能到。我一直都是這樣。但我們會以 one-one 的方式推進，因為 HitRix，我們會有更多機會一路跑通。再說一次，我希望我一年前就能把它做出來。只是把它做完就是需要時間。但現在，我們有足夠的時間切入那個市場，因為大家現在才剛把他們的團體方案推出去，大家也才開始看他們怎麼運作、在做什麼，而我們——我們切入得剛剛好，正是時候。

I mean, again, I wish it was done three months ago, but we're hitting it at the right time right now. It's so easy to use. The people already using our system, they're going to see a better look, a better feel, a better flow. And really, it's just point click. It's in drag and drop. We've made it so easy for them to submit the opportunity in the system. Yes, there should be no real training on it, people who are already using it. The new people, it's really quick. We do a lot of demos every day.

我的意思是，我同樣希望它三個月前就完成，但我們現在切入的時點是對的。它非常容易使用。已經在用我們系統的人，會看到更好的外觀、更好的體驗、更順的流程。而且真的就是點選操作。也支援拖拉（drag and drop）。我們把它做得非常容易，讓他們能在系統裡提交商機。是的，對於已經在使用的人來說，基本上不需要什麼訓練。新使用者也很快就能上手。我們每天都做很多示範（demo）。

That's great. And then if you could -- just help me understand the path to getting to your guidance a little. You said that contracted revenues that's going to show up in the second half, you believe is going to be $14 million. And then you said pipeline revenue based on conversion rates could be $3 million to $8 million. So if you add those two pieces up, that gets you to $17 million to $22 million. And then in the first half, you did $17 million. So if you add both of them up, you're not quite at the $45 million. So what is -- is it just new business in addition that, as you mentioned, the pipeline? Or what gets you to the -- from what I just said to your target?

太好了。接著如果你能——幫我稍微理解一下你們達到指引（guidance）的路徑。你說下半年會認列的已簽約收入（contracted revenues），你認為會是 1,400 萬美元。然後你又說，依轉換率（conversion rates）估算的管線收入可能是 300 萬到 800 萬美元。所以把這兩部分加起來，就是 1,700 萬到 2,200 萬美元。而上半年你們做了 1,700 萬美元。所以把兩邊加起來，還不到 4,500 萬美元。那麼——是除了你提到的管線之外，還有額外的新業務嗎？或者是什麼因素，能讓你們從我剛剛說的數字到達你們的目標？

Yes, that's a great question, Allen. What you're looking at is as of June and the one month of the pipeline. That's get us, right? So we have five more months to continue to sell, to continue to build the pipeline to convert to the business. So that's the reason we even give the range to look at that. And our conversion rate is the range of about 15% to 40%. So when you do the calculation and clearly, we were adding more salespeople with five more months to go. These number you provided do not have five more months, the sales. The pipeline we built is as of July.

是的，這是個很好的問題，Allen。你現在看到的是截至 6 月、以及管線的一個月數據。那會把我們帶到那裡，對吧？所以我們還有 5 個月可以繼續銷售、繼續建立管線，並把它轉換成業務。這也是我們為什麼要給出一個區間來看這件事。而我們的轉換率區間大約是 15% 到 40%。所以當你做計算時，而且很明顯地，我們在剩下 5 個月的時間裡還會增加更多業務人員。你提供的這些數字並沒有包含接下來 5 個月的銷售。我們建立的管線是截至 7 月。

That makes perfect. That's what I thought. And then maybe I know as you use more referral partners, which is essentially some sales and marketing for you, your gross margin goes down, but you benefit other ways. Is -- so your gross margin this quarter was like 48.7% that compared to like 51.4% in the first quarter. Is it reasonable to think that, that may kind of stay at a lower level than it had been like in the past based on this quarter?

完全說得通。這就是我原本的理解。另外，也許我知道當你們使用更多推薦合作夥伴（referral partners）時——本質上等於替你們做了一部分銷售與行銷——你們的毛利率會下降，但你們會在其他方面受益。那——你們本季毛利率大約是 48.7%，相較第一季約 51.4%。是否可以合理地認為，基於本季的情況，毛利率可能會維持在比過去偏低的水準？

Yes. So when we offer the plan and work with various partners, inevitably, there will be the compromise of the gross margin. That's trade-off of spending through our distribution partner. But at least I want to point that this is a very asset-light of distribution. We do not have these people on payroll fixed. So it really go through whatever we can grow quickly with very little investment we have into the sales team. So we don't have all the sales team sell force but through the partner.

是的。所以當我們提供方案並與各種合作夥伴合作時，毛利率不可避免會有所折讓。這是透過我們的分銷合作夥伴來拓展所付出的取捨。但我至少想指出，這是一種非常輕資產（asset-light）的分銷模式。我們沒有把這些人以固定薪資列入薪資名冊。所以實際上，我們可以用很少的投入就快速成長，因為我們在銷售團隊上的投資很有限。因此我們不是靠完整的內部銷售隊伍，而是透過合作夥伴。

And they also, in future, we should be seeing when we have HitRix offering in the market, we have a different way, there will be a mix of the gross margin, which should be around the range of 45% to 50% on the gross margin, still pretty healthy considerably for our sectors.

另外，未來當我們把 HitRix 方案推向市場時，我們會有不同的方式，毛利率組合（mix）也會有所變化；毛利率應該會落在 45% 到 50% 的區間，對我們這個產業來說仍然相當健康。

Okay. So 45% to 46% in the future is what you're thinking? Is that what I heard?

好的。所以你認為未來會是 45% 到 46%？我聽到的是這個意思嗎？

Yes.

是的。

Okay. Great. And one last question. On the three year stabilization, which I'm praying my company will do this next year. That's a side question. If a lot of that's going to municipalities, remind me the government year-end, is that like September? Or when are the year-ends for a lot of these that kind of the focus is to try to win a lot of this?

好的。很好。最後一個問題。關於三年期穩定（three year stabilization），我祈禱我公司明年也能做這個——這是題外話。如果其中很多是面向市政單位（municipalities），提醒我一下，政府的會計年度結束日是像 9 月嗎？或者這些很多案子的年度結束通常是什麼時候，因為重點似乎是要在那個時間點附近爭取贏下很多案子？

Yes. Typically, they all run towards the year-end as well. A lot of them are in July. So -- but to be honest with you, the people we're talking to, they're -- none of these effective dates that we're talking to right now. I don't know if they're -- because we really don't talk to them a lot about their effective date on their stop-loss policy. They're more concerned about figuring out how to do this faster and get it above their existing one. Even if it's in place today, because we're agnostic to the carrier, even the effective date, but really -- even the effective date of their policy, it really works better if you do have it that way. But some of the people we're talking to, it's just math, and we can figure out how to move it around.

是的。通常它們也都會集中在年底前後。其中很多是在七月。所以——但老實跟你說，我們正在談的這些人，他們——目前我們談到的都不是這些生效日。我不確定他們是否——因為我們其實不太會跟他們深入討論他們停損保單的生效日。他們更關心的是如何更快把這件事做起來，並且把它放在他們現有方案之上。即使今天就已經生效，因為我們對承保公司是中立的，甚至對生效日也是——但其實——就連他們保單的生效日，如果能那樣安排，效果會更好。不過我們正在談的一些人，這就是數學問題，我們可以算出如何把它調整移動。

M. Marin, Zacks.

M. Marin，Zacks。

So I wanted to drill down a little bit on some of what you've already discussed during the Q&A, which is the difference between contracted revenue and pipeline revenue. And pipeline has reached the stage where you've already provided a quote or some other element that revolves around actual commitment. So is it fair to think that if you do get this new partner that you've been talking about, that could have a significant impact on the pipeline revenue and then the conversion?

所以我想再深入一點探討你在問答中已經談到的一些內容，也就是已簽約收入與管線收入之間的差異。而管線已經到了你們已提供報價或其他與實際承諾相關要素的階段。那麼是否可以這樣理解：如果你們真的拿下你們一直在談的這個新合作夥伴，這可能會對管線收入以及後續的轉換率產生顯著影響？

Yes, that's absolutely, yes. And I want to remind everybody again, this pipeline revenue as of July -- so when we continue to execute and adding on the A carrier more, you should see a much higher pipeline and also the higher conversion rate. So the pipeline revenue means there are the employer plan proposal being quoted, some at different stage of implementation, some in the stage of being reviewed. So this is really representing a huge part of opportunities run through our system.

是的，完全是的。我也想再次提醒大家，這個管線收入是截至七月——因此當我們持續執行、並且更多地加入A級承保公司時，你們應該會看到更高的管線，同時也會看到更高的轉換率。所以管線收入的意思是：有雇主方案提案正在報價中，有些處於不同的導入階段，有些處於審核階段。因此這其實代表了大量透過我們系統運行的機會。

And obviously, contracted revenue means through the effective date, it's already contracted and the policy bonded and everything is signed. So we are really commissioned to recognize all the revenue through the effective date of the next either 12 months or 36 months depends on the term of the policy.

而很明顯地，已簽約收入是指到了生效日，已經完成簽約、保單已出單，且所有文件都已簽署。因此我們確實會在下一個12個月或36個月（取決於保單期限）內，按生效日來認列所有收入並計提佣金。

Okay. That's helpful. And can you also give us a sense of what you would say the sales cycle is, how long it takes to get to that stage where something is placed in the pipeline revenue category. I'm thinking that it doesn't just happen on day 1 when an inquiry is made or when there's outreach, it takes a little while before you actually get to that stage, and it doesn't happen with every touch point. So do you have a sense for what -- how long that process takes?

好的。這很有幫助。另外你們能否也讓我們了解一下你們所說的銷售週期大概是什麼樣子，也就是要花多久才會進到被歸類為管線收入的那個階段。我想這不會是在第一天有人詢問或你們開始接觸時就立刻發生；在真正到達那個階段之前需要一些時間，而且也不是每一次接觸都會發生。所以你們是否能提供一個概念——這個流程大概需要多久？

I will let Tim to address that question.

我讓Tim來回答這個問題。

Yes. So it depends on the size of the group. Appreciate the question. Small groups, small groups are -- they'll make a decision in a day. If it's a larger group, you're right. The conversation takes longer with talking about plan designs, carriers, everything that goes into it. Some of the smaller groups, and you can see that from the business that we have, we can -- our brokers are writing new business daily through simple conversations because of the way we set it up with the -- they already have their plan designs and everything in there. It's really just point and click. Here's all the options are taken away from them. It's just easier for them to pick the cost versus what PBM, what TPA, all these other things.

好的。這取決於團體的規模。謝謝你的提問。小型團體——小型團體可能一天內就會做決定。如果是較大型的團體，你說得對。因為要討論方案設計、承保公司，以及所有相關要素，對話會更久。一些小型團體——你也可以從我們現有的業務看到——我們的經紀人可以透過簡單的對話每天寫進新業務，因為我們的設定方式是——他們的方案設計等資料都已經在系統裡了。基本上就是點選操作。所有選項都已經替他們整理好。他們只需要更容易地在成本與PBM、TPA以及其他這些因素之間做選擇。

So the larger groups, yes, it's a 90 day turn probably from a conversation. The smaller guys I mean, I've got producers that walk around with their computer and do it walk into a company and they'll sell it right while they're sitting there talking to them because the machine can quote that fast.

所以大型團體，是的，從開始對話起算，可能大約需要90天完成。至於小型客戶，我有業務員帶著電腦到處走，走進一家公司，坐下來談的同時就能把單賣出去，因為系統報價速度就是這麼快。

Okay. That's helpful. And then those are quantitative numbers. I mean you can actually identify where a contract or potential contract is in the process. You've touched upon already in your -- in the Q&A as well as, I think, in the prepared remarks. If you were to give us a sense of the kind of feedback you're getting given all of the improvements you made to the platform and your new products that are coming online, if you would give us a sense of the kind of positive feedback you're seeing, can you try to put some -- not numbers around it, but where do you think that might go over the next year or two in terms of taking up some of these pipeline and contract figures?

好的。這很有幫助。接著那些是量化數字。也就是你們其實可以辨識一份合約或潛在合約在流程中的位置。你們在問答中以及我想在事先準備的講稿裡也提到過。如果你們要讓我們了解，在你們對平台所做的所有改進以及即將上線的新產品之下，你們收到的回饋大概是什麼樣子；如果你們能描述一下你們看到的正面回饋類型，能否試著用某種方式——不是用數字，而是用方向感——說明未來一到兩年，這可能會如何反映在管線與已簽約這些數字的提升上？

I'll let Julia answer that. I'll get myself in trouble.

我讓Julia來回答。不然我可能會把自己說到惹麻煩。

Okay. And can you just reaffirm your question again, so I could --

好的。你可以再重申一次你的問題嗎，這樣我可以--

Yes. So the numbers you provided and you've termed contracted and pipeline, those are quantifiable. You have a certain number of potential contracts that are already in the stage where you're providing a quote or where it's moving forward. But given how early days, would it be right to think that if you were to give us a number that was not quantifiable, but that was qualitative in terms of the feedback you're getting from your partners, from the brokers and even from the market, if you were to give us a sense of the feedback that you're getting, the number, the qualitative number could grow significantly over the next, I don't know, several quarters.

可以。你們提供的數字並且稱之為已簽約與管線，這些都是可量化的。你們有一定數量的潛在合約，已經進到你們提供報價或正在推進的階段。但考量到目前仍屬早期階段，如果你們要給我們一個不可量化、而是質性的指標——例如你們從合作夥伴、經紀人甚至市場端收到的回饋——如果你們能讓我們了解你們收到的回饋情況，這個質性的指標是否可能在未來幾個季度大幅成長？

Yes, that's right. So one thing I want to just reemphasize, the contract revenue is the revenue we already contract from effective date in the last six months, right? So it's actual sales. It's not something it's going to sell, will be sold. It is contract is sold. We are collecting revenue for during the 12 months or 36 months.

是的，沒錯。所以我想再強調一點：合約收入是我們在過去六個月內，從生效日起已經簽約的收入，對吧？所以那是實際銷售。不是「將要賣」或「可能會賣」的東西。而是合約已經賣出。我們會在12個月或36個月期間內收取收入。

Yes, with the new anticipated the platform launch and the carrier at A-rated, you should be able to see the pipeline revenue increase because the pipeline revenue we reported is as of July. So we have five more months to build out. As a matter of fact, if you ask me at the end of the August now, the revenue will be dramatically different, improved. Also, there will be some of the pipeline convert to sales and the $66 million on the pipeline, when we do the earnings call, we already have $1.9 million already inked to the contract. So with the sales cycle is about three months, it's for the large group, and we can ink the contract earlier, we have effective date in September, maybe October, but the contract already signed.

是的，隨著預期中的平台上線以及A級評等的承保公司加入，你們應該會看到管線收入增加，因為我們所報告的管線收入是截至七月。所以我們還有五個月可以持續建置擴充。事實上，如果你現在問我截至八月底的情況，收入會有顯著不同、也會改善很多。另外，也會有部分管線轉換為銷售；而在6,600萬美元的管線中，當我們進行財報電話會議時，我們已經有190萬美元已經正式簽成合約。所以以大型團體而言，銷售週期大約是三個月；我們也可以更早把合約簽下來，生效日可能在九月、也可能十月，但合約已經簽署完成。

So those are included in the pipeline because it's not on the financial reporting period, then we were just able to say this is the pipeline $60.6 million and then $1.9 million is already sold. The rest is being sold with the conversion rate. When we look at the conversion rate, we look back what is the conversion rate, actual conversion rate from January to June, then we know the range, the lower end is 15%, the high end of 40%. But with all the improvements, that would drive two things. One is the pipeline will continue to build. There's four months -- five more months to go for the year. And the conversion rate should be a little bit higher because now we are offering a paper solution, there are other employees really like to enter into. So if I give some of the commentary about the trajectory of the business, this is a conservative review we're looking at. The pipeline will be growing and the conversion rate will be higher.

因此，這些被納入管線，是因為它不在財務報導期間內；所以我們就能說管線是 6,060 萬美元，而其中 190 萬美元已經售出。其餘部分將依轉換率持續售出。當我們看轉換率時，我們會回頭看 1 月到 6 月的實際轉換率，然後就知道區間：低端是 15%，高端是 40%。但隨著所有改善，將會帶動兩件事。第一，管線會持續累積。今年還剩四個月——還有五個月的銷售月份。而轉換率應該會略高一些，因為我們現在提供紙本解決方案，還有其他員工也很想加入。所以如果我對業務走勢做一些評論，我們現在看的這份是保守的檢視。管線會成長，轉換率也會更高。

Yes. The feedback is from the demos because, again, the product is getting launched here in the next 15, 20 days. If we're talking about HitRix, the three year one is already out there, but the HitRix one, if that's what you're talking about, the feedback is great. It just -- we're really selling a lot of convenience here, and it's making the brokers' lives easier to do their job, and that's what they like about it.

是的。回饋來自於示範（demo），因為同樣地，產品將在接下來 15 到 20 天內推出。如果我們談的是 HitRix，三年期的那個已經在市場上了；但 HitRix 這個版本——如果你指的是這個——回饋非常好。只是——我們在這裡賣的其實是大量的便利性，讓經紀人的工作更容易完成，而這正是他們喜歡的地方。

That is what I was trying to get at. In other words, the contracted revenue is already in hand. The pipeline revenue, there'll be a conversion rate, which could be significant. But beyond that, there's probably pre, before it even hits that stage of pipeline revenue, there's a lot of feedback that you're getting right now from partners and -- and I'm just trying to gauge, you've mentioned that it's positive. I'm just trying to gauge what it could mean to that pipeline as it develops going forward. That was it, and I think you answered that.

這就是我想問的重點。換句話說，已簽約的收入已經到手。管線收入會有一個轉換率，而這可能相當可觀。但除此之外，在它甚至進入管線收入那個階段之前，你現在從合作夥伴那裡收到很多回饋——我只是想衡量一下，你提到回饋是正面的。我只是想衡量，隨著管線未來持續發展，這可能對管線意味著什麼。就是這樣，我想你已經回答了。

And then my last question is, you mentioned a couple of times that there are five more selling months in the year. Just remind us, please, in terms of the seasonality of your -- the selling of these products. Are we in a heavier selling period now in the back half of the year?

然後我最後一個問題是，你提到好幾次今年還有五個銷售月份。請再提醒我們一下，就你們這些產品的銷售季節性而言。我們現在是在下半年較旺的銷售期間嗎？

It will pick up in November and December for the small group for sure. Yes, for sure, because when the ACA happened, there was a lot of groups that moved because they wanted to get grandfathered in years ago before January 1, so they would have to pay the price for the ACA plans and everything else. So we have a lot of business in November and December. But between now and then, it will be moderate on the small group, they can change and they do frequently change or pull themselves out of fully insured, but it isn't as high as it's July, for example, June and July. August is a down month. But yes, we had a -- I think our August was -- I don't remember what our August was, to be honest with this time. But I know our September was pretty good and it's starting to pick up now as we transition to this new carrier.

小型團體（small group）在 11 月和 12 月肯定會加速成長。是的，肯定會，因為當 ACA（平價醫療法案）上路時，很多團體在多年前 1 月 1 日之前就轉移了，因為他們想被納入既有（grandfathered）條款，否則就得承擔 ACA 計畫以及其他所有內容的成本。所以我們在 11 月和 12 月有很多業務。但在那之前，小型團體的狀況會比較溫和；他們可以變更，而且也確實經常變更，或把自己從全保（fully insured）中移出來，但不會像例如 6、7 月那麼高。8 月是淡月。但對，我們 8 月——老實說我不太記得當時 8 月的表現。但我知道 9 月相當不錯，而且現在隨著我們轉換到這家新的承保公司（carrier），業務開始回升。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Johnson for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想把電話會議交回給 Johnson 先生，請他做任何結語。請開始。

Thanks, operator, and thanks to everybody for joining us today. Before we close, I'd like to leave you with this. Health In Tech was not built to be a marginally better version of how self-funded health insurance has always been sold. We built this company to replace a process that has been slow, opaque and expensive for employers for decades, and we are doing exactly that every single day at scale.

謝謝接線員，也謝謝各位今天加入我們。在結束之前，我想留給各位這段話。Health In Tech 的成立，並不是為了把自籌資金（self-funded）健康保險一向以來的銷售方式做得「稍微好一點」。我們打造這家公司，是為了取代一個數十年來對雇主而言緩慢、不透明且昂貴的流程，而我們每天都在以規模化的方式做到這一點。

Every quote our platform generates in minutes instead of weeks, every carrier we add widen competitive pricing, every plan we streamline into a single transparent framework, that is real money staying in the pockets of businesses and employees who trust us with their health care plans. Collectively, our platform has already helped employers avoid hundreds of thousands of dollars in unnecessary costs and as we scale into larger employer groups and expand our carrier network, that number grows with us.

我們的平台每一份報價從數週縮短到數分鐘產出、我們每新增一家承保公司（carrier）就擴大競爭性定價、我們每把一個方案精簡到單一且透明的架構中——這些都是真金白銀，留在把醫療保健計畫託付給我們的企業與員工口袋裡。整體而言，我們的平台已經幫助雇主避免了數十萬美元不必要的成本；而當我們擴展到更大型的雇主團體並擴大承保公司網路時，這個數字也會隨著我們一起成長。

This team -- this team knows how to execute. We have grown this business profitably. We have built and shipped technology most companies our size couldn't attempt, and we have done it with capital discipline every step of the way. We are not asking to take -- we're not asking you to take our growth story on faith. We are asking you to look at what we've already built and to measure us against what we do next. We are just getting started. Thank you all for continued partnership and trust. We look forward to updating you again next quarter.

這個團隊——這個團隊知道如何落地執行。我們以獲利的方式成長了這門業務。我們打造並交付了多數與我們同等規模的公司無法嘗試的技術，而且我們在每一步都保持資本紀律。我們不是要——我們不是要你們憑信念接受我們的成長故事。我們希望你們看我們已經打造出的成果，並用我們接下來的表現來衡量我們。我們才剛剛開始。感謝各位持續的合作與信任。我們期待在下個季度再次向各位更新。

With that, I'll turn it over to Lori for the closing statement.

接下來，我把時間交給 Lori 做結語。

This is all the time that we have for today. This concludes the Health In Tech Q2 2026 investor earnings conference call. We encourage our community to continue to reach out to us, and we can answer any questions that you have individually. You can send your questions to us at ir@healthintech.com.

今天的時間就到這裡。這結束了 Health In Tech 2026 年第二季（Q2 2026）投資人財報電話會議。我們鼓勵社群持續與我們聯繫，我們可以逐一回答各位的任何問題。你們可以將問題寄到 ir@healthintech.com。

We would like to thank our listeners, shareholders, analysts and others who have taken the time to listen to our earnings call. We urge you to refer to our latest SEC filings for any information that you need. This call will be available from our website in the Investors section, and you will find the link there. To be alerted to news, events and other information in a timely manner, we recommend following us on all of our social media channels, sign up to our newsletter and explore our website at www.healthintech.com. Thank you, everyone, for participating and listening to the call today.

我們要感謝聽眾、股東、分析師以及其他撥冗收聽本次財報電話會議的各位。我們建議各位如需任何資訊，請參考我們最新的 SEC 申報文件。本次電話會議的錄音將在我們網站的投資人（Investors）專區提供，你們可以在那裡找到連結。為了及時收到新聞、活動及其他資訊的通知，我們建議在所有社群媒體平台追蹤我們、訂閱電子報，並瀏覽我們的網站 www.healthintech.com。感謝各位今天參與並收聽本次電話會議。

Thank you all again. This concludes the call. You may now disconnect.

再次感謝各位。本次電話會議到此結束。各位現在可以掛線。