Healthequity Inc (HQY) 2023 Q2 法說會逐字稿

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（技術難度）

Second Quarter Fiscal year 2023 Earnings Conference Call. My name is Richard Putnam, and I do Investor Relations here for HealthEquity.

2023 財年第二季度收益電話會議。我的名字是 Richard Putnam，我在這里為 HealthEquity 做投資者關係。

Joining me today, we have Jon Kessler, who's our President and CEO; Dr. Steve Neeleman, who is our Vice Chair and Founder of the company; and Tyson Murdock, the company's Executive Vice President and CFO.

今天加入我的還有 Jon Kessler，他是我們的總裁兼首席執行官； Steve Neeleman 博士，我們的副主席和公司創始人；和公司執行副總裁兼首席財務官泰森默多克。

Before I turn the call over to Jon, I have 2 important reminders. First, a press release announcing our financial results for the second quarter of fiscal year 2023 was issued after the market closed this afternoon. The financial results in the press release include contributions from our wholly owned subsidiary, WageWorks and the accounts at administers. The press release also includes definitions of certain non-GAAP financial measures that we will reference here today. A copy of today's press release, including the reconciliation of those non-GAAP measures with comparable GAAP measures and a recording of this webcast can be found on our Investor Relations website, which is ir.healthequity.com.

在我將電話轉給 Jon 之前，我有 2 個重要提醒。首先，今天下午收市後發布了一份宣布我們 2023 財年第二季度財務業績的新聞稿。新聞稿中的財務業績包括我們的全資子公司 WageWorks 和管理人員的賬戶。新聞稿還包括我們今天將在此處引用的某些非公認會計準則財務指標的定義。今天的新聞稿副本，包括這些非 GAAP 措施與可比較的 GAAP 措施的對賬以及該網絡廣播的錄音，可以在我們的投資者關係網站 ir.healthequity.com 上找到。

Second, our comments and responses to your questions today reflect management's view as of today, September 6, 2022, and will contain forward-looking statements as defined by the SEC, including predictions, expectations, estimates or other information that might be considered forward-looking. There are many important factors relating to our business, which could affect the forward-looking statements made today. These forward-looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from statements made here today.

其次，我們今天對您的問題的評論和答復反映了管理層截至 2022 年 9 月 6 日的觀點，並將包含 SEC 定義的前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息——看著。與我們的業務相關的許多重要因素可能會影響今天做出的前瞻性陳述。這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與今天在此做出的陳述存在重大差異。

We caution you against placing undue reliance on these forward-looking statements, and we also encourage you to review the discussion of these factors as well as other risk factors that may affect our future results or the market price of our stock, and they are detailed in our latest annual report on Form 10-K and subsequent periodic reports filed with the SEC. We assume no obligation to revise or update these forward-looking statements in light of new information or future events. And at the conclusion of our prepared remarks, we will open up the call for Q&A with the help of our operator.

我們告誡您不要過分依賴這些前瞻性陳述，我們還鼓勵您審查對這些因素以及可能影響我們未來業績或我們股票市場價格的其他風險因素的討論，它們是詳細的在我們最新的 10-K 表格年度報告和隨後提交給 SEC 的定期報告中。我們不承擔根據新信息或未來事件修改或更新這些前瞻性陳述的義務。在我們準備好的評論結束時，我們將在我們的接線員的幫助下打開問答電話。

So let's get started by turning this over to our CEO, Jon Kessler.

因此，讓我們開始將其交給我們的首席執行官 Jon Kessler。

Thank you, Richard, and thanks, everyone, for joining us this afternoon. Today, we are announcing solid results for HealthEquity's fiscal 2023 second quarter on the back of strong performance in our core HSA business, and we're also raising our full year outlook. I will discuss Q2 operating results, and Tyson will review the financial results in detail and provide updated guidance. And then Steve is here for Q&A.

謝謝你，理查德，也謝謝大家今天下午加入我們。今天，由於我們核心 HSA 業務的強勁表現，我們宣布 HealthEquity 2023 財年第二季度的穩健業績，我們還提高了全年展望。我將討論第二季度的經營業績，泰森將詳細審查財務業績並提供更新的指導。然後史蒂夫來到這裡進行問答。

Let's start with the 5 key metrics that drive our business. As always, revenue of $206.1 million, grew 9% versus the second quarter last year, driven by strong organic and acquisitive growth in HSA members and assets, and that was notwithstanding nonrecurring regulatory drivers of CDB service fees in the year ago period. Excluding these nonrecurring factors, revenue grew 15% year-over-year. Adjusted EBITDA of $67.0 million grew 2% versus the second quarter of last year, weighed down the absence of those regulatory drivers and the timing of synergies from the further acquisition. Total accounts grew to $14.5 million, up 11% compared to Q2 last year. HSA members reached $7.5 million, up 26% year-over-year. And HealthEquity's HSA members grew their assets to a record $20.5 billion at quarter's end, which is up an even larger 33% from a year ago.

讓我們從推動我們業務發展的 5 個關鍵指標開始。與往常一樣，收入為 2.061 億美元，與去年第二季度相比增長 9%，這得益於 HSA 成員和資產的強勁有機和收購性增長，儘管去年同期國開行服務費的非經常性監管驅動因素仍然如此。排除這些非經常性因素，收入同比增長 15%。調整後的 EBITDA 為 6,700 萬美元，較去年第二季度增長 2%，這對缺乏這些監管驅動因素以及進一步收購產生協同效應的時機造成了壓力。總賬戶增長至 1450 萬美元，與去年第二季度相比增長 11%。 HSA 成員達到 750 萬美元，同比增長 26%。 HealthEquity 的 HSA 成員在本季度末將其資產增加到創紀錄的 205 億美元，比一年前增長了 33%。

Team Purple continued its strong FY '23 sales effort, adding 196,000 HSAs, which is 9% more than we added in the second quarter of last year. Organic account growth of 12% over the past year is, we believe, well ahead of the market. Looking forward to year-end, we are particularly excited about pipeline growth from network partners, conversion of enterprise cross-sell opportunities and enterprise uptakes of max enroll, which is our package of virtual education and live support for clients' employees considering stepping up to an HSA qualified health plan and an HSA during this open enrollment season.

紫色團隊繼續其強大的 23 財年銷售努力，增加了 196,000 個 HSA，比我們去年第二季度增加的 9%。我們認為，過去一年 12% 的有機賬戶增長遠遠領先於市場。展望年底，我們對網絡合作夥伴的管道增長、企業交叉銷售機會的轉換以及最大註冊的企業吸收感到特別興奮，這是我們為考慮加強的客戶員工提供的虛擬教育和實時支持包在這個開放招生季節，一個 HSA 合格的健康計劃和一個 HSA。

Despite volatile market conditions, HSA invested assets grew $111 million in the quarter, HSA investing members grew 28% and the average balance of our HSA members overall grew 5% year-over-year. Custodial revenue growth was very strong. On top of the small favorable impact of in-quarter increases in the overnight Fed funds rate, robust adoption by HSA members of HealthEquity's enhanced rates offering in Q2, puts us on track to meet or exceed our target of having 20% of HSA cash in enhanced rates by the end of the fiscal year. Both macro conditions and the team's efforts are, we believe, creating the opportunity for years of custodial growth to come.

儘管市場條件動盪，HSA 投資資產在本季度增長了 1.11 億美元，HSA 投資成員增長了 28%，我們 HSA 成員的平均餘額整體同比增長 5%。託管收入增長非常強勁。除了隔夜聯邦基金利率在季度內上調的小幅有利影響之外，HSA 成員在第二季度大力採用 HealthEquity 的增強利率產品，使我們有望達到或超過我們擁有 20% 的 HSA 現金的目標在財政年度結束前提高利率。我們相信，宏觀條件和團隊的努力都為未來多年的託管增長創造了機會。

Robust card fee growth suggests that inflationary pressures in the broader economy have not put a dent in consumption of medical and other coverage services by consumers to date. As you may recall, card fees in the year ago period were high due to the timing of pandemic extended runoffs, particularly FSAs and HRAs. We're, of course, carefully monitoring for signs of inflation or a COVID resurgence, crimping member spend beyond the usual seasonality that we see in Q3.

強勁的卡費增長表明，迄今為止，更廣泛的經濟中的通脹壓力並未削弱消費者對醫療和其他保險服務的消費。您可能還記得，由於大流行延長徑流的時間，特別是 FSA 和 HRA，一年前的信用卡費用很高。當然，我們正在仔細監測通貨膨脹或新冠疫情復甦的跡象，從而使會員支出超出我們在第三季度看到的通常季節性。

Today's results and the guidance Tyson will detail in a moment, would be even stronger but for softness in CDB administration services. As you know, HealthEquity offers CDB services to increase core HSA opportunities. And indeed, cross-selling and bundled selling have helped drive record HSA sales, as I discussed a moment ago. However, service fees from CDBs themselves declined through the first half of fiscal '23 versus the same period in fiscal '22, primarily due to onetime COBRA subsidy driven income in the year ago period and greater-than-expected CDB fee attrition from the now completed WageWorks platform migrations.

今天的結果和泰森將在稍後詳述的指導，如果不是國開行管理服務的軟弱，將會更加強大。如您所知，HealthEquity 提供 CDB 服務以增加核心 HSA 機會。事實上，正如我剛才討論的那樣，交叉銷售和捆綁銷售幫助推動了創紀錄的 HSA 銷售。但是，與 22 財年同期相比，CDB 本身的服務費在 23 財年上半年有所下降，這主要是由於去年同期 COBRA 補貼驅動的收入以及從現在起超出預期的 CDB 費用減損完成 WageWorks 平台遷移。

Service costs declined sequentially in Q2, as promised, and we believe there is more opportunity in efficiencies as well as commuters slow but steady recovery. As pandemic and WageWorks integration impacts finally recede, we believe that CDBs can bring net unit growth and a larger contribution to gross profits alongside the great things that are happening in the HSA core.

正如承諾的那樣，服務成本在第二季度環比下降，我們相信效率和通勤者復蘇緩慢但穩定的機會更多。隨著大流行和 WageWorks 整合的影響最終消退，我們相信 CDB 可以帶來淨單位增長和對毛利潤的更大貢獻以及 HSA 核心正在發生的偉大事情。

With that, I will turn it over to Tyson to review the financial details and give us some guidance.

有了這個，我會把它交給泰森來審查財務細節並給我們一些指導。

Thank you, Jon. I'll review our second quarter GAAP and non-GAAP financial results. A reconciliation of GAAP measures to non-GAAP measures is found in today's press release.

謝謝你，喬恩。我將回顧我們第二季度的 GAAP 和非 GAAP 財務業績。在今天的新聞稿中發現了 GAAP 措施與非 GAAP 措施的對賬。

Second quarter revenue increased 9% year-over-year with lower service revenue more than offset by robust custodial and interchange growth. Service revenue was $103 million, down $6.1 million or 6% year-over-year. Last year's second quarter included approximately $10 million of nonrecurring revenue attributed to the COBRA subsidy.

第二季度收入同比增長 9%，服務收入下降被強勁的託管和交換增長所抵消。服務收入為 1.03 億美元，同比下降 610 萬美元或 6%。去年第二季度包括大約 1000 萬美元的非經常性收入歸因於 COBRA 補貼。

Excluding the nonrecurring subsidy impact, Q2 service revenue grew approximately 4%, primarily from strong HSA growth and an uptick in commuters returning to work, offsetting about $5 million of FSA and COBRA revenue attrition that Jon mentioned. Custodial revenue grew 34% to $65.6 million in the second quarter, benefiting from 30% growth in average HSA cash and 37% growth in average HSA investments combined with an uptick in the annualized yield on HSA cash. The annualized interest rate yield on HSA cash was 180 basis points during the second quarter of this year, and 175 basis points year-to-date compared to 177 and 178, respectively, for last year.

排除非經常性補貼影響，第二季度服務收入增長約 4%，主要來自 HSA 的強勁增長和重返工作崗位的通勤者增加，抵消了 Jon 提到的 FSA 和 COBRA 收入損失約 500 萬美元。第二季度託管收入增長 34% 至 6560 萬美元，這得益於 HSA 現金平均增長 30% 和 HSA 平均投資增長 37% 以及 HSA 現金年化收益率的上升。今年第二季度，HSA 現金的年化利率收益率為 180 個基點，今年迄今為 175 個基點，而去年分別為 177 和 178 個基點。

This yield is a blended rate for all HSA cash during the quarter and represents a better-than-expected yield due to rate hikes in June and July, impacting the variable rate portion of our HSA cash combined with higher enhanced rate balances in the quarter. Interchange revenue grew 20% to $37.5 million compared to $31.1 million in the same quarter last year. As Jon mentioned, interchange revenue in the year-ago period benefited from accelerated spend as FSA rollover extensions expire, year-over-year growth in Q2 benefited from growth in average total accounts with cards and increased spend per account.

該收益率是本季度所有 HSA 現金的混合利率，由於 6 月和 7 月的加息，該收益率好於預期，影響了我們 HSA 現金的可變利率部分以及本季度更高的利率餘額。交換收入增長 20% 至 3750 萬美元，而去年同期為 3110 萬美元。正如喬恩所說，去年同期的交換收入受益於隨著 FSA 展期延期到期而加速支出，第二季度的同比增長受益於平均持卡賬戶總數的增長和每個賬戶支出的增加。

Gross profit was $117.8 million compared to $112 million in the second quarter of last year. Gross margin was 57% in the second quarter this year versus 59% in the year ago period and service costs decreased $6 million sequentially as we executed on our commitment to address our overstaffing and member services, as we discussed with you approximately 90 days ago.

毛利潤為 1.178 億美元，而去年第二季度為 1.12 億美元。今年第二季度的毛利率為 57%，而去年同期為 59%，並且服務成本環比下降了 600 萬美元，因為我們履行了解決人員過多和會員服務問題的承諾，正如我們在大約 90 天前與您討論的那樣。

However, we have work to do to bring our expectations of service costs in line with revenue in future periods. This includes realizing additional efficiency from the integration work and managing the impact of inflation on service costs. In addition, we are committed to delivering the $15 million of synergies connected to the further integration, the bulk of which is associated with the exit of the transition services agreement and the consolidation of the platform expected to be realized in fiscal '24 and '25.

但是，我們有工作要做，以使我們對服務成本的預期與未來期間的收入保持一致。這包括從整合工作中實現額外的效率，並管理通貨膨脹對服務成本的影響。此外，我們致力於提供與進一步整合相關的 1500 萬美元協同效應，其中大部分與過渡服務協議的退出以及預計在 24 財年和 25 財年實現的平台整合有關.

Operating expenses were $120.2 million or 58% of revenue, including amortization of acquired intangible assets and merger integration expenses, which together represented 15% of revenue. Loss from operations was $2.4 million. Net loss for the second quarter was $10.7 million or a loss of $0.13 per share on a GAAP EPS basis compared to a net loss of $3.8 million or $0.05 per share in the prior year.

運營費用為 1.202 億美元，佔收入的 58%，包括所購無形資產的攤銷和合併整合費用，合計佔收入的 15%。運營損失為 240 萬美元。第二季度的淨虧損為 1070 萬美元或每股虧損 0.13 美元（按 GAAP 每股收益計算），而去年的淨虧損為 380 萬美元或每股 0.05 美元。

Our non-GAAP net income was $28.1 million for the second quarter this year compared to $33.4 million a year ago. Non-GAAP net income per share was $0.33 per share compared to $0.40 per share last year. Adjusted EBITDA for the quarter was $67 million and adjusted EBITDA margin was 33%. For the first 6 months of fiscal '23, revenue was $411.8 million, up 10% compared to the first 6 months of last year. GAAP net loss was $24.3 million or $0.29 per share -- diluted share, non-GAAP net income was $50.8 million or $0.60 per diluted share, and adjusted EBITDA was $125.4 million, up 1% from the prior year, resulting in 30% adjusted EBITDA margin for the first half of this fiscal year.

我們今年第二季度的非 GAAP 淨收入為 2810 萬美元，而一年前為 3340 萬美元。 Non-GAAP 每股淨收益為每股 0.33 美元，而去年為每股 0.40 美元。本季度調整後的 EBITDA 為 6700 萬美元，調整後的 EBITDA 利潤率為 33%。在 23 財年的前 6 個月，收入為 4.118 億美元，與去年前 6 個月相比增長了 10%。 GAAP 淨虧損為 2430 萬美元或每股 0.29 美元——攤薄後的股份，非 GAAP 淨收入為 5080 萬美元或每股攤薄後的 0.60 美元，調整後 EBITDA 為 1.254 億美元，比上年增長 1%，調整後 EBITDA 為 30%本財年上半年的利潤率。

Turning to the balance sheet. As of July 31, 2022, we had $177 million of cash and cash equivalents with $928 million of debt outstanding net of issuance costs. This includes $346 million of variable rate debt. There are no outstanding amounts drawn on our $1 billion line of credit. We are providing the following revision to our guidance for fiscal '23. We are increasing our revenue estimates for fiscal '23 to range between $834 million and $844 million. We are maintaining non-GAAP net income to be between $103 million and $111 million, reflecting increased interest expense offsetting the benefit of higher operating income.

轉向資產負債表。截至 2022 年 7 月 31 日，我們擁有 1.77 億美元的現金和現金等價物，其中扣除發行成本後的未償債務為 9.28 億美元。這包括 3.46 億美元的浮動利率債務。我們的 10 億美元信貸額度中沒有未提取的金額。我們正在對 23 財年的指導進行以下修訂。我們正在將 23 財年的收入預期提高到 8.34 億美元至 8.44 億美元之間。我們將非 GAAP 淨收入維持在 1.03 億美元至 1.11 億美元之間，反映出增加的利息支出抵消了更高的營業收入帶來的好處。

This results in non-GAAP diluted net income between $1.23 and $1.32 per share based upon an estimated 84 million shares outstanding for the year. We are raising our adjusted EBITDA estimate to be between $252 million and $262 million. Today's guidance includes our most recent estimate of service, custodial and interchange revenue and expense based on results today.

根據當年估計的 8400 萬股流通股，這導致非 GAAP 攤薄後的每股淨收入在 1.23 美元至 1.32 美元之間。我們將調整後的 EBITDA 估計提高到 2.52 億美元至 2.62 億美元之間。今天的指導包括我們根據今天的結果對服務、保管和交換收入和費用的最新估計。

On service revenue, today's guidance reflects the continued solid performance of core HSA offsetting the full year impact of the roughly $5 million per quarter of CDB service fee attrition observed in the first half. We remain cautious on increased commuter uptake. Based on the strong sales outlook Jon discussed in continuing labor market tightness, today's guidance assumes incremental service costs during peak season comparable to those experienced in prior years.

在服務收入方面，今天的指導反映了核心 HSA 的持續穩健表現，抵消了上半年觀察到的每季度約 500 萬美元的 CDB 服務費減損對全年的影響。我們對通勤率增加保持謹慎。基於喬恩在勞動力市場持續緊張中討論的強勁銷售前景，今天的指導假設旺季期間的增量服務成本與往年的水平相當。

On custodial revenue, today's guidance assumes a full year yield on HSA cash of at least 80 basis points, pointing to a stronger second half based upon current conditions. As in the past, our guidance does not assume further increases in the overnight funds rate or other changes in macroeconomic policy for the remainder of the fiscal year. Additional rate hikes would have only a modest impact this year, but would have a much greater impact on fiscal '24 and beyond as we roll over fixed rate contracts and place new HSA cash from growth at the end of the fiscal year.

在託管收入方面，今天的指導假設 HSA 現金的全年收益率至少為 80 個基點，這表明根據當前情況，下半年將走強。與過去一樣，我們的指引不假設在本財年剩餘時間內隔夜基金利率或宏觀經濟政策的其他變化會進一步上升。今年額外的加息只會產生適度的影響，但會對 24 財年及以後產生更大的影響，因為我們會展期固定利率合同並在本財年末從增長中獲得新的 HSA 現金。

In the same vein, today's guidance reflects additional interest expense on HealthEquity's variable rate debt for the second half of fiscal '23 based on current conditions, but not for their rate hikes. On interchange, we want to remind you that Q3 has historically been our weakest interchange revenue quarter. We expect the normal sequential decline in spend in Q3 with a rebound in Q4 due to use or lose spending and January growth.

同樣，今天的指導反映了 HealthEquity 根據當前情況在 23 財年下半年的浮動利率債務的額外利息支出，但不是因為他們的加息。在交換方面，我們想提醒您，第三季度歷來是我們交換收入最弱的季度。我們預計第三季度支出會出現正常的連續下降，但由於使用或損失支出以及 1 月份的增長，第四季度會出現反彈。

Finally, we assume a projected statutory income tax rate of approximately 25% and a diluted share count of $84 million in our calculation of non-GAAP net income and earnings per share. As we've done in recent reporting periods, our full year guidance includes a detailed reconciliation of GAAP to the non-GAAP metrics provided in the earnings release and a definition of all such items is included at the end of the earnings release. In addition, while the amortization of acquired intangibles is being excluded from non-GAAP net income, the revenue generated from those acquired intangible assets is not excluded.

最後，在我們計算非公認會計原則的淨收入和每股收益時，我們假設預計的法定所得稅率約為 25%，稀釋後的股份數為 8400 萬美元。正如我們在最近的報告期內所做的那樣，我們的全年指導包括將 GAAP 與收益發布中提供的非 GAAP 指標進行詳細核對，並且所有此類項目的定義都包含在收益發布的末尾。此外，雖然收購的無形資產的攤銷不包括在非公認會計原則的淨收入中，但不排除那些收購的無形資產產生的收入。

With that, I'll turn the call back over to Jon for some closing remarks.

有了這個，我會把電話轉回給 Jon 做一些結束語。

You should have a button which just says that. It's like a little recorded button. Anyway. So before we go to Q&A, I'd like to just take a second on behalf of Team Purple to thank Ted Bloomberg, who is our former COO. We truly appreciate, I truly appreciate, everything that Ted has done in furtherance of our mission to connect health and wealth. Through the WageWorks integration, the pandemic, the acquisition of further launch of enhanced rates and other milestones. We all truly wish Ted the best.

你應該有一個按鈕，它只是這麼說。它就像一個錄製的小按鈕。反正。因此，在我們進行問答之前，我想代表 Purple 團隊感謝 Ted Bloomberg，他是我們的前首席運營官。我們真的很感激，我真的很感激泰德為推進我們連接健康和財富的使命所做的一切。通過與 WageWorks 的整合、大流行、收購進一步推出增強費率和其他里程碑。我們都真心祝愿泰德一切順利。

The team and our partners and clients are all now focused on delivering a deep purple open enrollment and onboarding season. Hopefully, that will not get me in copyright trouble. I've said before that present sales are the best predictor of future sales. And on that basis, given what I've said today, and what we're reporting today, we expect a very busy and productive rest of the fiscal year.

團隊以及我們的合作夥伴和客戶現在都專注於提供深紫色的開放註冊和入職季節。希望這不會給我帶來版權問題。我之前說過，現在的銷售額是未來銷售額的最佳預測指標。在此基礎上，鑑於我今天所說的以及我們今天報告的內容，我們預計本財年的剩餘時間將非常忙碌且富有成效。

Thank you. Operator?

謝謝你。操作員？

(Operator Instructions) Our first question comes from C. Gregory Peters with Raymond James.

（操作員說明）我們的第一個問題來自 C. Gregory Peters 和 Raymond James。

So I guess, let's start off with the sales results. And I'm just trying to unpack the strong new HSA number that you reported for the second quarter and trying to figure out the components of what are existing customers just from new employees, new accounts coming on board? Just trying to break apart what led to the, I would think, better-than-expected result there.

所以我想，讓我們從銷售結果開始。而且我只是試圖解開您在第二季度報告的強大的新 HSA 數字，並試圖從新員工和新客戶的加入中找出現有客戶的組成部分？只是試圖分解導致那裡的結果好於預期的原因。

Yes, it's a great question. Thank you, Greg. So just kind of for sake of summary, if I look at the first half of the year as a whole, we've added 355,000 accounts or opened 355,000 accounts, and account closures have been very much under control. And that 355,000 is 20% plus relative to last year, which itself was obviously the best we've ever had for the first half. And kind of if you -- you've been with us kind of from the beginning here, and you remember when we would report 400,000 for a year and be pretty happy about it. So reporting this kind of number for the first half feels pretty good. And to your question, if I look at the components of that and try and break it down, as we said at the end of the first quarter, the fact that the labor market has remained strong is definitely a factor...

是的，這是一個很好的問題。謝謝你，格雷格。所以只是為了總結一下，如果我看一下整個上半年，我們已經增加了 355,000 個帳戶或開設了 355,000 個帳戶，並且帳戶關閉已經得到了很好的控制。與去年相比，這 355,000 人增加了 20% 以上，這本身顯然是我們上半年有史以來最好的一次。如果你——你從一開始就和我們在一起，你記得我們什麼時候會報告一年的 400,000 並且對此感到非常高興。所以上半年報這樣的數字感覺還不錯。對於你的問題，如果我查看其中的組成部分並嘗試對其進行分解，正如我們在第一季度末所說的那樣，勞動力市場保持強勁的事實絕對是一個因素......

(technical difficulty)

（技術難度）

Hello?

你好？

One moment, please.

稍等一會兒。

Something happened on the phone?

電話裡出事了？

Please remain on the line. Your conference will resume shortly.

請保持在線。您的會議將很快恢復。

I'm not sure that Greg will still be on the microphone, so I'm going to answer his questions and then -- his question and then, operator, we'll go to -- we'll have to work on getting Greg's part B through L. But...

我不確定 Greg 是否還會在麥克風上，所以我要回答他的問題，然後 - 他的問題，然後，接線員，我們會去 - 我們必須努力獲得 Greg 的B到L部分。但是......

Greg is now on the open line.

格雷格現在在公開線上。

Jon, can you hear me? Let's start over.

喬恩，你能聽到我說話嗎？讓我們重新開始。

We can hear you. All right. This is fun. When I was doing this in my neighbor's bedroom, right at the pandemic start, it was much more reliable than what we got built on now that we're all back traveling the way we used to. Anyways, so Greg, your question, why don't you reask first part of your question, and I'll start the answer over.

我們可以聽到你的聲音。好的。這個很有趣。當我在我鄰居的臥室裡做這件事時，就在大流行開始時，它比我們現在建立的基礎要可靠得多，因為我們現在都回到了以前的旅行方式。無論如何，格雷格，你的問題，你為什麼不重新問你問題的第一部分，我會重新開始回答。

Okay. So I was -- my question was focused on the net new sales result for HSAs in the second quarter, and definitely running stronger than probably what most were looking for. And so what I was looking -- the question was about unpacking what caused that result to be so strong. Was there some anomalies in some existing accounts with new employees coming on that won't repeat itself? Were there are new accounts, new employers that came on that bolstered the result? Just trying to unpack the components of the sales result for new HSAs.

好的。所以我是 - 我的問題集中在第二季度 HSA 的淨新銷售結果上，並且肯定比大多數人所尋找的要強。所以我在看什麼 - 問題是關於解開導致結果如此強大的原因。一些現有賬戶中是否存在一些不會重複出現的新員工的異常情況？是否有新的客戶、新的雇主來支持結果？只是試圖解開新 HSA 的銷售結果的組成部分。

Yes. So to repeat a little bit, and then I'll get to the new stuff. We -- if I look at the first half of the year as a whole, we added 355,000. We opened 355,000 new accounts. And that's 20% over year-over-year. And obviously, last year was pretty good, too. As your question suggest, Greg, the strong labor market, in particular, continued strong job adds as people come back into the workforce and so forth, definitely played a role, and you can see that in the growth of existing clients that is existing logos at the client level.

是的。所以重複一點，然後我會談到新的東西。我們——如果我看一下整個上半年，我們增加了 355,000 個。我們開設了 355,000 個新賬戶。這比去年同期增長了 20%。顯然，去年也相當不錯。正如你的問題所暗示的那樣，格雷格，強勁的勞動力市場，特別是隨著人們重返勞動力市場等持續強勁的就業增加，肯定發揮了作用，你可以看到現有客戶的增長是現有的標誌在客戶端級別。

And as we said after we reported -- truthfully after we reported the fourth quarter and again, after we reported the first, we did want to caution people kind of not to go crazy with this because obviously, that can turn around on us. That having been said, even without that factor, we had a very strong quarter. And there wasn't anything in particular, no 50,000 account thing that came on or anything along those lines. But rather, we -- in particular, what continues to perform well, Greg, is our -- if I look across our channels, the stuff that focuses on the middle market, where you can see new adds in the middle of the year, new client logos in the middle of the year continues to perform well. And fantastically, what we're reporting HSAs.

正如我們在報告後所說的那樣——在我們報告了第四季度之後，在我們報告了第一季度之後，我們確實想提醒人們不要對此發瘋，因為顯然，這可能會反過來影響我們。話雖如此，即使沒有這個因素，我們也有一個非常強勁的季度。並沒有什麼特別的東西，沒有出現 50,000 個帳戶的事情或任何類似的事情。但更確切地說，我們 - 特別是繼續表現良好的，格雷格，是我們的 - 如果我查看我們的渠道，專注於中間市場的東西，你可以在年中看到新的添加，年中的新客戶標識繼續表現良好。奇妙的是，我們正在報告 HSA。

But as I look -- I commented in the prepared remarks, from a pipeline perspective, as I look towards the end of the year, I'm also quite enthusiastic notwithstanding the current softness about the new sales on the CDB side. We have some really, really good opportunities to close here and close, meaning, ultimately, get the member input from them. And we'll also see if we get some -- finally see some post pandemic rebound in the FSAs that we haven't yet seen. So -- but no, there isn't some single factor outside of, obviously, employment growth giving us a boost here that we've commented on the first quarter as well.

但正如我所看到的——我在準備好的評論中評論說，從管道的角度來看，當我展望今年年底時，儘管目前國開行方面的新銷售疲軟，但我也非常熱情。我們有一些非常非常好的機會在這里關閉並關閉，這意味著最終從他們那裡獲得會員的意見。我們還將看看我們是否得到了一些——最終在我們尚未看到的 FSA 中看到一些大流行後的反彈。所以 - 但不，顯然，除了就業增長之外，沒有任何單一因素給我們帶來提振，我們也在第一季度發表了評論。

Okay. Got it. I guess the second question is probably directed more towards Tyson, but probably Steve or Jon, you'll chime in on this. So you've raised your revenue guidance for the year, you've raised your adjusted EPS guidance, but -- your adjusted EBITDA guidance. But you've kept your EPS guidance flat. So I'm just trying to reconcile the different moving parts why 2 components are going up and the other isn't. Does that make sense?

好的。知道了。我想第二個問題可能更多地針對泰森，但可能是史蒂夫或喬恩，你會插話的。因此，您已經提高了今年的收入指導，您已經提高了調整後的每股收益指導，但是——調整後的 EBITDA 指導。但是您的 EPS 指導保持不變。所以我只是試圖調和不同的運動部件，為什麼 2 個組件會上升而另一個不會。那有意義嗎？

There we go. Yes. I mean this is really about the interest expense that we have on the other side, right? That compounded with the fact that you tax affect non-GAAP net income, and then also just going back to the service costs that we talked about as well and really building in, those are in there plus some additional travel cost.

我們去吧。是的。我的意思是這實際上是關於我們在另一邊的利息費用，對吧？再加上您徵稅會影響非公認會計原則的淨收入，然後再回到我們談到的服務成本並真正建立起來，這些成本就在那裡加上一些額外的旅行成本。

There just was a place where we were like, we don't want to get ahead of ourselves on that, even though we're generating a lot of good high-margin revenue. We realize that, that is not falling down to the bottom line. But those are the reasons why. And it's really thinking about that debt cost coming in and the rates increasing on the $350 million TOA.

只是有一個地方我們喜歡，我們不想在這方面超越自己，即使我們產生了很多可觀的高利潤收入。我們意識到，這並沒有下降到底線。但這就是原因。它真的在考慮債務成本的到來以及 3.5 億美元 TOA 的利率增加。

A way to think about it is, yes, we raised EBITDA by 3. You've got roughly 2 of -- that translates into about 2 after tax, and that's about the same as the interest expense increase that we're projecting. Again, in both cases, without the assumption of future Fed ratings.

一種思考方式是，是的，我們將 EBITDA 提高了 3 倍。您大約有 2 倍 - 相當於稅後大約 2 倍，這與我們預計的利息費用增加大致相同。同樣，在這兩種情況下，都沒有假設未來的美聯儲評級。

And just a point of clarification on that, Tyson. How much was -- how much of the debt is variable?

泰森，只是澄清一點。有多少——有多少債務是可變的？

$350 million. So if you think about how that calculates out, that's about $2.5 million of additional interest costs. And then you think about the other piece of that is the tax effect of the rest of the stuff falling down through non-GAAP EPS. So that's about $3 million worth of items that don't get added back in that reconciliation versus they do in the EBITDA reconciliation.

3.5億美元。因此，如果您考慮如何計算，那就是大約 250 萬美元的額外利息成本。然後你想想另一部分是通過非公認會計原則每股收益下降的其他東西的稅收效應。因此，與 EBITDA 對賬相比，沒有在該對賬中添加回的項目價值約為 300 萬美元。

Our next question comes from Allen Lutz with Bank of America.

我們的下一個問題來自美國銀行的 Allen Lutz。

I guess my first question here on the sequential increase in custodial revenue, about $6 million here. Is there any way to frame what percent of that is coming from that increase in the Fed funds, Jon, you mentioned? And then what percent is coming from enhanced yield and if there's anything else that's in there, too?

我想我的第一個問題是關於託管收入的連續增長，這里約為 600 萬美元。喬恩，你提到過，有什麼辦法可以確定其中百分之多少來自聯邦基金的增加？然後，提高產量的百分比是多少，如果還有其他東西在那裡呢？

Yes. So you basically have it right in terms of the 2 contributors. When you look at the rate increases from the Fed, I just sort of generally think about those as policy factors. Those are contributing the bulk of it. And as a reminder, right, where we get the benefit of those is really on the variable cash that we have out there, which can be as high as $1 billion. It starts to dwindle off as we get towards the end of the year a little bit. But in any event, so that factor, if you do the math, is more than 50% of it. Enhanced rates is -- if you kind of think about it is what their -- really accounts for the rest. And enhanced rates, we're really pleased with where we are. I mean this is something where I think if these trends continue, we'll be in really great shape at the end of the year. Of course, most of that won't show up as a benefit in the current year.

是的。因此，就 2 個貢獻者而言，您基本上是正確的。當您查看美聯儲的加息時，我通常將其視為政策因素。這些貢獻了大部分。提醒一下，對，我們從中受益的地方實際上是我們擁有的可變現金，可能高達 10 億美元。隨著我們接近年底，它開始減少。但無論如何，如果你算一算，這個因素超過了 50%。提高利率是——如果你想一想這就是他們的——真正佔其餘部分的原因。並且提高了利率，我們對我們所處的位置感到非常滿意。我的意思是，我認為如果這些趨勢繼續下去，我們將在今年年底處於非常好的狀態。當然，其中大部分不會在今年顯示為收益。

But there are 3 things that are performing well here. Operationally, the product is performing well in terms of all of the liquidity controls and the like that we want to have on it. Secondly, in terms of rate performance for HealthEquity in the members, it's -- the product is doing precisely what we predicted. And then I think, third, in terms of uptake, which is the thing I highlighted in the comments, we're very confident about our 20% goal for the end of the year and hoping to give you more than that.

但是這裡有 3 件事表現良好。在操作上，該產品在我們希望對其進行的所有流動性控制等方面表現良好。其次，就會員中 HealthEquity 的利率表現而言，該產品的表現完全符合我們的預期。然後我認為，第三，就吸收而言，這是我在評論中強調的事情，我們對今年年底達到 20% 的目標非常有信心，並希望給你更多。

And the benefit of that, as I said earlier, will be as you look out into '24, '25, et cetera, I mean, these are -- you know the term of these agreements. So we're kind of locking in benefits at a very fortuitous time, I think, for a long period of time to come.

正如我之前所說，這樣做的好處是，當您查看 24 年、25 年等時，我的意思是，這些是 - 您知道這些協議的條款。因此，我認為，在未來很長一段時間內，我們都會在一個非常偶然的時間鎖定福利。

And then kind of on the core HSA business. Obviously, we have a Devenir report coming out soon. In 2020 and 2021, the industry was growing, call it, mid-single digits. As we think about kind of what you think the industry grew at so far year-to-date, is there any reason to think that we've deviated from there? I know you mentioned that kind of the mid-market was strong to HealthEquity, but is there anything that you're seeing there that would kind of make you think that the market growth rate is changing one way or another?

然後是核心 HSA 業務。顯然，我們很快就會發布一份 Devenir 報告。在 2020 年和 2021 年，該行業正在增長，稱之為中個位數。當我們考慮到您認為該行業今年迄今為止的增長情況時，是否有任何理由認為我們已經偏離了那裡？我知道你提到那種中端市場對 HealthEquity 來說很強大，但是你在那裡看到的任何東西會讓你認為市場增長率正在以一種或另一種方式發生變化？

I wouldn't be surprised if we saw a little bit of an uptick in market growth, maybe high single digits, but I don't -- they don't send us an advanced copy. They're more likely to send you an advanced copy. So I'm hoping they're not doing that either, but you never know. But I think that wouldn't surprise me on the basis of our results.

如果我們看到市場增長略有上升，我不會感到驚訝，也許是高個位數，但我沒有——他們沒有給我們發送高級副本。他們更有可能向您發送高級副本。所以我希望他們也不會那樣做，但你永遠不知道。但根據我們的結果，我認為這不會讓我感到驚訝。

And as I said in answer to Greg's question, look, I think there's a piece of that, that is growth in -- where -- I said last quarter, we were almost back to pre-pandemic levels of total benefit eligible employment or total civilian employment. And we're now kind of just a little bit above those, which is great. We also have a lot more people who reentered the labor force and haven't yet found work. But given the availability of jobs, they're likely to find work, which is great.

正如我在回答格雷格的問題時所說的那樣，看，我認為其中有一部分是增長 - 我上個季度說過，我們幾乎回到了大流行前的水平，即符合條件的總福利就業或總平民就業。我們現在比那些稍微高一點，這很棒。我們還有更多的人重新進入勞動力市場，但還沒有找到工作。但是考慮到工作的可用性，他們很可能會找到工作，這很好。

And so from my perspective, I wouldn't be surprised to see a little bit of an uptick, but I'm not sure it matters that much either way. Either way, if you look at it on an organic basis, we're -- and I mean, obviously, we reported 26% growth year-over-year in total, 12% organic growth year-over-year in accounts, and that's going to be well ahead of whatever the market delivers. And when you combine that with very high asset growth, notwithstanding market volatility, that's kind of what we're trying to deliver.

所以從我的角度來看，看到一點點上升我不會感到驚訝，但我不確定這兩種方式有多大關係。無論哪種方式，如果你從有機基礎上看，我們是——我的意思是，很明顯，我們報告的總收入同比增長 26%，賬戶有機增長 12%，並且這將遠遠領先於市場提供的任何東西。當您將其與非常高的資產增長相結合時，儘管市場波動很大，這就是我們正在努力實現的目標。

Our next question comes from Stephanie Davis with SVB Securities.

我們的下一個問題來自 SVB 證券的 Stephanie Davis。

Talk to me about your commuter revenues. You're in the office, you're having IT issues, I'm in the office, my teams in the office. Are you seeing commuter fully come back? And what are you baking in the guidance?

跟我談談你的通勤收入。你在辦公室，你有 IT 問題，我在辦公室，我的團隊在辦公室。你看到通勤者完全回來了嗎？你在指導中烤的是什麼？

I must first say for my IT team that we are not in the office. We are at a -- other bank's conference. So I won't name them, so it's not to throw anyone's IT under the bus, but this is one case where the HealthEquity technology team and corporate infrastructure team, hardworking and long suffering are off of.

我必須首先對我的 IT 團隊說，我們不在辦公室。我們正在參加其他銀行的會議。所以我不會說出他們的名字，所以這不是把任何人的 IT 丟在公共汽車上，但這是 HealthEquity 技術團隊和企業基礎設施團隊努力工作和長期受苦的一個案例。

They were quick to ask if we needed help though. There were a lot of immediate tests. But in any event, commuter. So look, commuter revenue is -- continues to grow at a kind of modest but steady clip. And you see the growth on the interchange side, which, as you know, is the smaller component of commuter revenue. And then obviously, on the service fee side. And as you know, and we just took a look at this actually, if I look throughout the pandemic period and so forth, pricing on commuter has held up really well. Some of the things we try to do to even out for the future, for the next -- I don't know what's after Omicron. Mu, I don't know what's next. Is it Mu? I don't know. I think -- and whatever the next one is, we've tried to set it up so things will be much more even, if not perfectly even.

他們很快問我們是否需要幫助。有很多直接的測試。但無論如何，通勤者。所以看，通勤收入 - 繼續以適度但穩定的速度增長。你會看到換乘方面的增長，正如你所知，這是通勤收入的較小部分。然後很明顯，在服務費方面。如您所知，我們實際上只是看了一下，如果我看整個大流行期間等等，通勤者的定價一直保持得很好。我們嘗試做一些事情來平衡未來，下一個——我不知道 Omicron 之後會發生什麼。穆，我不知道接下來會發生什麼。是穆嗎？我不知道。我認為 - 無論下一個是什麼，我們都試圖設置它，這樣事情會更加均勻，即使不是完全均勻。

So I have, Stephanie, very high hopes for commuter. That having been said, hope is not a plan. And so from a forecasting perspective, we're going to continue to be, as we said when we gave our first guidance for the year, what is that, once bitten, twice bitten. I don't know how many times we've been bitten by this, but a couple of times. So we're very shy and we're going to just kind of see what we get each quarter and then bake that level into our forecast and that's that.

所以，斯蒂芬妮，我對通勤者寄予厚望。話雖如此，希望不是計劃。因此，從預測的角度來看，正如我們在給出今年的第一個指導時所說的那樣，我們將繼續這樣做，那是什麼，一次被咬，兩次被咬。我不知道我們被這個咬了多少次，但有幾次。所以我們非常害羞，我們將看看我們每個季度得到什麼，然後將這個水平納入我們的預測中，就是這樣。

But it's certainly -- after HSA, it is, in percentage terms, our fastest-growing component of the book and we did a lot of work over the pandemic to, a, get -- improve ultimately margins from that business as it grows; and then b, make it a more flexible product, as you know. So I think there's a lot of opportunity there. And it's a product that if you had asked me 6 months ago, I probably would have said, in fact, I did say, while ultimately it will recover, who knows where it's going to be.

但它肯定是——在 HSA 之後，以百分比計算，它是我們書中增長最快的部分，我們在大流行中做了很多工作，以最終提高該業務的利潤。然後 b，如您所知，使其成為更靈活的產品。所以我認為那裡有很多機會。如果你在 6 個月前問過我這款產品，我可能會說，事實上，我確實說過，雖然最終它會恢復，但誰知道它會在哪裡。

I feel somewhat more optimistic about where this product really ends up than I would have 6 months ago. It's not that I really think people are being dragged back to the office full time. Clearly, that's not happening. But when you look at our cases that have been around a while, as people kind of get used to the hybrid thing and figure out how to use the commuter benefit recognizing that most of the revenue comes from service fees, those service fees are starting to come back. So again, slow, slow, slow relative to what one might have expected a while back, but feeling somewhat optimistic about the trajectory there.

與 6 個月前相比，我對這款產品的真正結局感到更加樂觀。這並不是說我真的認為人們被全職拖回辦公室。顯然，這不會發生。但是，當您查看我們已經存在了一段時間的案例時，隨著人們習慣於混合動力並弄清楚如何使用通勤福利，認識到大部分收入來自服務費，這些服務費開始回來。因此，相對於不久前的預期，緩慢，緩慢，緩慢，但對那裡的軌跡感到有些樂觀。

Got it. So thrice bitten, incredibly shy, but still more optimistic than we were before. We're just not baking it in yet. So with that...

知道了。被咬了三次，非常害羞，但仍然比以前更樂觀。我們只是還沒有烘烤它。所以有了那個...

Yes. As you know, we're all pretty shy people around here anyway.

是的。如你所知，不管怎樣，我們在這裡都是很害羞的人。

Of course. So wait, with that in mind, then I look at your guidance and you raised by more than the beat, which is pretty uncommon versus what you guys historically did. So it -- is that a change in philosophy? What was that?

當然。所以等等，考慮到這一點，然後我看看你的指導，你的加註幅度超過了節拍，這與你們歷史上所做的相比是非常罕見的。所以它——這是哲學的改變嗎？那是什麼？

In the [mod] years, that would -- no, Tyson, do you want to speak to this?

在 [mod] 年代，那會 - 不，泰森，你想談談這個嗎？

Yes. I think what it is, is it just kind of calculates out. So if you think about what we've said about the variable portion of the cash, which is $500 million to $1 billion. If you kind of go to the midpoint, do the math on the raises, you get a number that's underneath that 7 plus the enhanced rate portion that comes in there.

是的。我認為它是什麼，它只是一種計算出來的。因此，如果您考慮一下我們所說的現金的可變部分，即 5 億至 10 億美元。如果你去到中點，對加註進行數學計算，你會得到一個低於 7 的數字加上那裡的增強率部分。

And so in my mind, it's just the math working out. And then like I said before, it's just how much can we get to come down to margin. And as we get more acceleration, we get placements at the end of the year, we're going to make more and more progress against that. We just need the rates to just stay where they're at or get a little better, and that's a very positive thing for us, all in.

所以在我看來，這只是數學運算。然後就像我之前說的，這就是我們可以降到多少利潤。隨著我們獲得更多的加速，我們在年底獲得安置，我們將在這方面取得越來越多的進展。我們只需要費率保持在原來的水平或稍微好一點，這對我們來說是一件非常積極的事情，全力以赴。

All right. Positive change in philosophy.

好的。哲學的積極變化。

Let's not go crazy with the positive change in philosophy, but it does pencil out. I mean it is -- if you look at the change that we made in yield guide on the custodial side and run that out, it kind of explains what we do.

讓我們不要為哲學的積極變化而發瘋，但它確實是鉛筆劃的。我的意思是-如果您查看我們在保管方面的收益指南中所做的更改並將其執行完畢，它就可以解釋我們的工作。

So if you run that out, I actually get $9 million of upside versus including the 2QB.

因此，如果你用完它，與包括 2QB 相比，我實際上獲得了 900 萬美元的上漲空間。

You're using $1 billion to do the calculation.

您正在使用 10 億美元進行計算。

Yes. Just make -- as I said in the earlier somewhere, the marginal cash starts dwindling off a little as you get to the end of the year. So there's less. It's not a full $1 billion at the end of the year.

是的。只是做 - 正如我在早些時候所說的那樣，當你到年底時，邊際現金開始減少一點。所以少了。到年底還不到 10 億美元。

Our next question comes from David Larsen BTIG.

我們的下一個問題來自 David Larsen BTIG。

Congratulations on a very, very good quarter here. What was the revenue and earnings contribution from health savings administrators and also further?

祝賀這裡有一個非常非常好的季度。健康儲蓄管理者的收入和收入貢獻是多少？

Yes. So I don't think we've ever -- we've broken out health savings on an annual basis, and it contributed for most of this quarter, maybe all of it, actually, but it's small. I mean you're talking about $1 million or $2 million, something like that, a couple of million bucks. With regard to further, Tyson, do you want to hit that one?

是的。所以我認為我們從來沒有 - 我們已經每年計算健康儲蓄，它為本季度的大部分時間做出了貢獻，實際上可能是全部，但它很小。我的意思是你說的是 100 萬美元或 200 萬美元，類似的，幾百萬美元。關於進一步，泰森，你想打那個嗎？

Yes. I mean I'd just go back to what we had stated at the beginning. We haven't really come out and given a refreshes on that, but it was about a $60 million business with a 20% EBITDA margin. We're working on improving that margin with the $15 million of synergies that will come in over time. So it gets to be like a 40% margin at some point off of that -- off of those dollars.

是的。我的意思是我會回到我們一開始所說的。我們還沒有真正出來並對此進行更新，但這是一項約 6000 萬美元的業務，EBITDA 利潤率為 20%。隨著時間的推移，我們正在努力通過 1500 萬美元的協同效應來提高利潤率。因此，在某些時候，它會像 40% 的利潤 - 從這些美元中扣除。

And right now, we're in the middle of getting through the TSA, and we'll do a technology platform shift in '24 and '25. And so we'll make those improvements there. And that will help not only the servicing costs get better also revenue improvement that they're selling, but also the technology line item will get better because of those synergies.

現在，我們正在通過 TSA，我們將在 24 年和 25 年進行技術平台轉移。因此，我們將在那裡進行這些改進。這不僅有助於提高服務成本，提高他們銷售的收入，而且由於這些協同效應，技術項目也會變得更好。

I mean one of the flip side, I'll just say, of the sales side of things that we talked about is we're seeing very good production and good partnership from the 10 new health plans that we became partners with as a result of the further acquisition. And a piece of that is having taken, I think, a very collaborative approach to how we're approaching the platform work that we have to do, the features they're going to get, talking to them about how we can deliver more value, being able to deliver the full CDB bundle that they kind of didn't really have with further.

我的意思是，我們談到的銷售方面的另一面是，我們從 10 個新的健康計劃中看到了非常好的生產和良好的合作夥伴關係，我們成為合作夥伴的結果是進一步的收購。我認為，其中一部分是採用非常協作的方法來處理我們必須做的平台工作，他們將獲得的功能，與他們討論我們如何提供更多價值，能夠提供他們真正沒有的完整 CDB 捆綁包。

And we had a meeting, actually our first live customer event since pandemic, back in July with all of our Blues partners. And obviously, that group makes up a big chunk of that. And so I think that taking it a little bit slow on the further synergy, which we said we would take slow at the very outset is paying dividends on the sales side. And so that seems like it's okay.

早在 7 月，我們就與所有 Blues 合作夥伴舉行了一次會議，這實際上是自大流行以來我們的第一次現場客戶活動。顯然，這個群體佔了很大一部分。所以我認為在進一步的協同作用上放慢一點，我們一開始就說我們會放慢速度，這會給銷售方面帶來紅利。所以這似乎沒關係。

Great. So it sounds like you're generating good revenue synergies from both of those transactions. That's great. And then there's a lot of chatter in the market about the risk of a recession, potential slowdown in hiring. I mean, are you seeing any of this at all? Or is this actually working to your benefit with people maybe saving more and obviously an increase in interest rates? I mean, any thoughts there would be great.

偉大的。所以聽起來你從這兩項交易中產生了良好的收入協同效應。那太棒了。然後市場上有很多關於經濟衰退風險、招聘潛在放緩的討論。我的意思是，你看到這些了嗎？或者這實際上對你有好處，人們可能會儲蓄更多，而且顯然會增加利率？我的意思是，任何想法都會很棒。

Yes. I love this question because I get to play like macroeconomists, which is a joke. But -- especially if you ever try to teach me macro. But first, I would say, the slowdown in hiring does not appear in our data and does not appear in the national data. I mean last month's numbers were 350,000 new jobs. I think consensus was like 352,000, right? And those are -- when you think about that like steady state is something, given current demographics, is something between 100 to 150. What's really happening is people are coming back into the labor force and those jobs being created.

是的。我喜歡這個問題，因為我可以像宏觀經濟學家一樣玩，這是個笑話。但是——尤其是如果你曾經試圖教我宏觀。但首先，我要說的是，招聘放緩並沒有出現在我們的數據中，也沒有出現在國家數據中。我的意思是上個月的數字是 350,000 個新工作崗位。我認為共識是 352,000，對吧？這些是 - 當你考慮到穩定狀態時，考慮到當前的人口統計數據，介於 100 到 150 之間。真正發生的是人們正在重返勞動力市場並創造了這些工作。

So I don't -- I mean, we have not seen that in the data. But I think ultimately, as Chairman Powell said, employment is going to be a piece of the pain, right? The relevant question is not so much the -- for us, it's not so much the unemployment rate. It's the pace of job creation. And a way to look at that within our book of business is to say, okay, are we going to grow our new HSAs by 20% year-over-year. I don't think so. I mean that would be a tremendous outcome.

所以我沒有——我的意思是，我們沒有在數據中看到這一點。但我認為最終，正如鮑威爾主席所說，就業將成為痛苦的一部分，對吧？相關問題與其說是——對我們來說，不如說是失業率。這是創造就業機會的速度。在我們的業務書中查看這一點的一種方法是說，好吧，我們是否將我們的新 HSA 同比增長 20%。我不這麼認為。我的意思是這將是一個巨大的結果。

But to do that, you would have to see the second half, have a as much job out creation as the first. And I don't think that's the idea. So I would certainly -- certainly, when we do our forecasting, we're looking at having a -- by historical standards, a very, very strong end of the year, but I don't think we're expecting to have this tailwind for the full fiscal year.

但要做到這一點，你必須看到下半場，創造與上半場一樣多的就業機會。我不認為那是想法。所以我當然會 - 當然，當我們進行預測時，我們正在考慮有一個 - 按照歷史標準，一個非常非常強勁的年底，但我認為我們預計不會有這個整個財年的順風順水。

But as I say, even if you look at August, neither our data nor the national data tell the story of reduced employment growth or much reduction employment growth. So that -- the second part of your question was about spend. I do think that -- what you would expect is in the context of inflation, right, that the balanced growth on a per HSA basis would slow down, and that's exactly what we've seen, right? So we grew balances on average about 10%, 11%, 12 percent-ish in the last few years. On a year-over-year basis, this year, we're looking at about 5%. I mean, a big piece of that is simply a reduction in equity net asset values during the quarter. But nonetheless, it's still the case that when you have an inflationary period, people are less -- savings rates go down. It's a little bit counterintuitive, but the same thing that when you have a quick economic shocks, savings rates go up.

但正如我所說，即使你看 8 月份，我們的數據和全國數據都沒有說明就業增長下降或就業增長大幅下降的情況。所以——你問題的第二部分是關於支出的。我確實認為 - 你所期望的是在通貨膨脹的背景下，對，每個 HSA 基礎上的平衡增長會放緩，這正是我們所看到的，對吧？因此，在過去幾年中，我們的餘額平均增長了 10%、11%、12% 左右。與去年同期相比，今年我們預計約為 5%。我的意思是，其中很大一部分只是本季度股權淨資產價值的下降。但儘管如此，當你有一個通貨膨脹時期，人們仍然會減少——儲蓄率會下降。這有點違反直覺，但同樣的情況是，當您遭受快速的經濟衝擊時，儲蓄率會上升。

So we've seen that average balance growth trickled back into the single digits, but still at very healthy levels, again, particularly when you factor in that during the quarter, there were significant reductions in asset value, and now we're at the place where roughly 1/3 of total assets are in debt and equity securities. So that's kind of what's going on there.

因此，我們看到平均餘額增長回落至個位數，但仍處於非常健康的水平，尤其是當您在本季度考慮到這一點時，資產價值顯著下降，現在我們處於大約 1/3 的總資產是債務和股本證券。這就是那裡正在發生的事情。

Our next question comes from Glen Santangelo with Jefferies.

我們的下一個問題來自傑富瑞的 Glen Santangelo。

Jon, I want to ask you about the service fee portion of the business. I mean, it seems like there's obviously a lot of good things going on, on the HSC and custodian side. But if -- I think I heard you correctly, it kind of sounds like some of that strength is being offset by lower service fees.

喬恩，我想問你關於業務的服務費部分。我的意思是，在 HSC 和託管方方面，似乎有很多好事正在發生。但是，如果 - 我想我沒聽錯，聽起來有些優勢正在被較低的服務費所抵消。

And I think, Tyson, in your prepared remarks, you suggested you're seeing $5 million quarter in service fee deterioration. I think you gave some numbers on a year-over-year basis, normalizing for the COBRA subsidy that you got last year. So I was wondering if you could just elaborate a little bit more on the service fee portion of the business and kind of what you're seeing and assuming through the balance of the year.

我認為，泰森，在你準備好的講話中，你建議你看到服務費下降了 500 萬美元。我認為您提供了一些同比數據，將您去年獲得的 COBRA 補貼正常化。因此，我想知道您是否可以詳細說明一下業務的服務費部分以及您在今年餘下時間所看到和假設的內容。

Why don't you start this one, Tyson?

你為什麼不開始這個，泰森？

Yes. I mean that we wanted to lay those out pretty concisely in the script, and I think you did a good restatement of it, Glen. So I appreciate that. I won't regurgitate that back. But really what we're trying to say is that there is some revenue decline related to migration, some of the attrition that occurred there as we got that done. And so we want to make sure people are aware of that. And so just calling out specifically the CDBs relative to that $5 million decline per quarter.

是的。我的意思是我們想在劇本中簡明扼要地列出這些內容，格倫，我認為你對它做了很好的重述。所以我很感激。我不會反省。但我們真正想說的是，與移民有關的收入有所下降，在我們完成這項工作時發生了一些減員。因此，我們希望確保人們意識到這一點。因此，只需特別指出與每季度 500 萬美元下降相關的國家開發銀行。

I mean the thing you need to keep in mind, too, is it's really there's headwind automatically there because you have the $10 million of subsidy revenue from last Q2 on the COBRA side from the legislation, that's not there this year. And then you also have that decline we're talking about on the COBRA side. So COBRA comes down quite a bit because of low unemployment rate and the subsidy coming off. And then you have some FSA decline because of the way that we did the migrations and just some fall off there.

我的意思是你也需要記住的事情是，它真的自動存在逆風，因為你從立法中獲得了去年第二季度在 COBRA 方面的 1000 萬美元補貼收入，而今年不存在。然後你也有我們在COBRA方面談論的下降。因此，由於失業率低和補貼取消，COBRA 下降了很多。然後你有一些 FSA 下降，因為我們進行遷移的方式，只是有些下降。

So we wanted to call that out. We called out service expense in Q1 as a little overstated. We got that under control. That was the $5 million to $7 million. But I still think there's opportunities there when you think about bringing that service costs in line with that revenue. I know that wasn't particular to your question necessarily, but it really, to me, is kind of wholesale running that part of it. So I don't know, maybe there's a follow-on there. Jon can add to that.

所以我們想把它說出來。我們將第一季度的服務費用稱為有點誇大其詞。我們得到了控制。那是500萬到700萬美元。但是我仍然認為，當您考慮使服務成本與收入保持一致時，那裡是有機會的。我知道這不一定是您的問題所特有的，但對我來說，這確實是批發運行其中的一部分。所以我不知道，也許那裡有後續。喬恩可以補充。

Yes. I mean I would just -- the way I sort of look at it, and again, I think this is consistent with the prepared remarks is let me first -- let me ask you back up first. This is all in. The HSA side of service fees, which is the minority of service fees, but nonetheless, it's something we talk about a lot and have answered many questions on over the years was rock solid, second quarter and first quarter. HSA, if you were to look at it, and we don't break down service revenue by product, et cetera, it would be very difficult for us to do that in a way that we can consistently report to you.

是的。我的意思是我會-- 我的看法是這樣，我認為這與準備好的評論一致，讓我先- 讓我先請你支持一下。這一切都在。服務費的HSA方面，這是服務費的少數，但儘管如此，這是我們經常談論的東西，多年來回答了很多問題，第二季度和第一季度堅如磐石。 HSA，如果您要查看它，並且我們不按產品等細分服務收入，那麼我們很難以能夠始終如一地向您報告的方式做到這一點。

But suffice it to say that in rough terms, HSA attributable service revenue grew by the same percentage of HSA accounts. And so that's a good news story, and I think reflects a lot of work on the team's part to make sure that the revenue efficiency associated with our HSA business remains strong. Now -- and that's notwithstanding the obviously, the increase in rates.

但可以粗略地說，HSA 歸屬服務收入在 HSA 賬戶中的增長比例相同。所以這是一個好消息，我認為反映了團隊為確保與我們的 HSA 業務相關的收入效率保持強勁而付出的大量工作。現在 - 儘管很明顯，利率增加了。

So what we had is really 2 factors on the CDB side. And now I'm thinking about the first -- the full first half and just extending out for the full year. One that I think is easy to understand is the COBRA subsidy that we had last year, we didn't have this year. I think everyone understood that. About $10 million and in the second quarter. And obviously, there is no COBRA subsidy this year. So $10 million, that's easy.

因此，我們所擁有的實際上是 CDB 方面的兩個因素。現在我正在考慮第一個 - 整個上半年，並且只是延長到全年。我認為很容易理解的是我們去年有的 COBRA 補貼，今年我們沒有。我想每個人都明白這一點。大約 1000 萬美元，在第二季度。顯然，今年沒有 COBRA 補貼。所以1000萬美元，這很容易。

The second factor is that as we kind of got into this year, and this was reflected in our earlier year guidance. It's not a surprise to us at this point. But as we got into the year, it was clear that in our work to assure that we completed our migrations as promised, we have made a big deal both internally and externally to say are going to complete the WageWorks related platform migrations work in -- we said we had a big deal of saying we were going to substantially complete that in fiscal '22 to the point where we told you, for example, that we would not include those costs, any WageWorks integration costs, in the integration add back after the end of fiscal '22, and we haven't.

第二個因素是，隨著我們進入今年，這反映在我們早年的指導中。在這一點上，這對我們來說並不奇怪。但隨著我們進入這一年，很明顯，在我們確保按承諾完成遷移的工作中，我們在內部和外部都做出了很大的努力，說將完成 WageWorks 相關平台遷移工作 -我們說過我們有很多話要說，我們將在 '22 財年基本完成，直到我們告訴你，例如，我們不會將這些成本、任何 WageWorks 整合成本包括在整合中'22財政年度結束，我們還沒有。

And in fact, just to that point, when you finally get to look -- when you look at our -- the detailed reporting, you'll see that we're actually spending just a teeny bit less than we thought on integrations and you kind of get the idea. But having done all of that work and really focused on getting it done for the benefit of our customers, for the benefit of our team, et cetera, as we look at it and how it all unfolded, we have about $5 million in each quarter of this year, $5 million in the first, $5 million in the second.

事實上，就在那一點上，當你終於看到 - 當你看到我們的 - 詳細報告時，你會發現我們實際上在集成上的花費比我們想像的要少一點，而你有點明白了。但是，在完成所有這些工作並真正專注於為我們的客戶、我們的團隊等利益而完成這些工作之後，當我們審視它以及這一切是如何展開的時候，我們每個季度大約有 500 萬美元今年，第一次是 500 萬美元，第二次是 500 萬美元。

And again, our guidance reflects the idea that this will continue in the third and fourth that is primarily FSA and then also some COBRA revenues that we're not going to see, notwithstanding the fact that accounts, CDB accounts are basically flat to slightly up.

再一次，我們的指導反映了這樣的想法，即這將在第三和第四階段繼續，主要是 FSA，然後還有一些我們不會看到的 COBRA 收入，儘管賬戶，CDB 賬戶基本上持平或略有上升.

And I could -- if someone was really interested, I could go into the details, except that -- but what I'll start by saying is simply that when you kind of get into the nuances of platform movements, there are decisions that we made to make sure we could get this done and get it done right for customers. And as we made those decisions while obviously, revenue efficiency was a material factor, we also wanted to make sure we were doing right, that we weren't leaving people in weird pricing setups or what have you. And so -- and that we were focused on delivering great service.

我可以——如果有人真的感興趣，我可以詳細介紹，除了那個——但我首先要說的是，當你了解平台運動的細微差別時，我們會做出一些決定確保我們可以完成這項工作並為客戶正確完成。當我們做出這些決定時，顯然收入效率是一個重要因素，我們還想確保我們做得正確，我們不會讓人們陷入奇怪的定價設置或你有什麼。所以——我們專注於提供優質的服務。

So that does seem to be paying off for us in terms of cross-sell and the fact that even on the CDB side, sales look very strong this year. But the way I would look at it going forward beyond this year is now we're done with this. And we told you that the WageWorks -- what we first told you the WageWorks thing would take into fiscal '23, we finished it in fiscal -- at the end of fiscal '22. It's done.

因此，就交叉銷售而言，這似乎確實為我們帶來了回報，而且即使在國開行方面，今年的銷售看起來也非常強勁。但我對今年以後的看法是，現在我們已經完成了。我們告訴過你，WageWorks——我們首先告訴你的 WageWorks 將納入 23 財年，我們在 22 財年結束時完成了它。完成。

And now what I think you should be asking of us, it's up to you in terms of what you should expect, but what you should be asking of us is that the CDB business as a whole, which is primarily made up of service fees and then some interchange and a little bit of custodial, that the CDB business as a whole contributes to the overall growth story, right, which we didn't expect it to, and in fact, it hasn't in either fiscal '21 or fiscal '22, and that was before the pandemic, which did its own damage.

現在我認為你應該問我們什麼，取決於你應該期待什麼，但你應該問我們的是整個國開行業務，主要由服務費和然後是一些交流和一點點保管，CDB 業務作為一個整體為整體增長故事做出了貢獻，對，這是我們沒想到的，事實上，在 21 財年或財政年度中都沒有'22，那是在大流行之前，它造成了自己的損害。

And so as I get into fiscal '24, that's the way I sort of look at it is the bar that we are setting is that CDB as a whole starts to contribute to growth. And I think it can. But there's still some work to do. And then as Tyson mentioned, while if I sort of cost, basically, cost per seat per account are basically flat, right, which is great, meaning service cost per account, that's great.

因此，當我進入 24 財年時，我的看法是，我們設定的標準是國開行作為一個整體開始為增長做出貢獻。我認為可以。但仍有一些工作要做。然後正如泰森所說，如果我算成本的話，基本上，每個賬戶的每個座位的成本基本持平，對，這很好，這意味著每個賬戶的服務成本，這很好。

We managed to take care of our teammates from an inflation perspective, get some efficiencies and so forth, we can do a little better than that. And the ways we can do a little better than that are: one, by ultimately completing the further integration that we still have left to do, which will -- it's more focused, obviously, but does have real savings in service and tech. And then secondly, by continuing to get advantages from an efficiency perspective from all of the streamlining that we've done over the last couple of years here. So -- and then obviously enrolling the portion of -- so anyways, yes.

我們設法從通貨膨脹的角度來照顧我們的隊友，獲得一些效率等等，我們可以做得更好一點。我們可以做得比這更好的方法是：一，通過最終完成我們仍然要做的進一步整合，這將 - 顯然它更加專注，但確實在服務和技術方面有真正的節省。其次，通過我們在過去幾年在這裡所做的所有精簡工作，繼續從效率的角度獲得優勢。所以 - 然後顯然是註冊的部分 - 所以無論如何，是的。

Yes. I really appreciate all that detail. Super helpful. I just want to ask one quick follow-up on fiscal '24. And I know you don't want to comment or give any guidance, but obviously, everybody's so focused on the rate curve. And if you look at the current rate curve and you go back and compare it to December 2019, I mean, we're conservatively up 120 to 130 basis points plus from where we were.

是的。我真的很感激所有這些細節。超級有幫助。我只想問一下關於 24 財年的快速跟進。我知道你不想發表評論或提供任何指導，但顯然，每個人都非常關注利率曲線。如果您查看當前的利率曲線，然後將其與 2019 年 12 月進行比較，我的意思是，我們保守地上漲了 120 至 130 個基點，再加上我們之前的水平。

And so I think what most people want to do is look at your 3-year duration portfolio and assume you're going to replace or reinvest roughly $4 billion at these much higher rates, right, so we can do the math and assume the type of impact that will have on the overall yield curve of your portfolio. Is that logic correct? I mean -- or should we think about it any differently? And I know you don't want to get in the business of forecasting future rates or giving guidance. I'm just sort of looking at where rates are today.

所以我認為大多數人想要做的是查看你的 3 年久期投資組合，並假設你將以更高的利率替換或再投資大約 40 億美元，對，所以我們可以做數學並假設類型對您投資組合的整體收益率曲線的影響。這個邏輯正確嗎？我的意思是——或者我們應該以不同的方式思考它嗎？而且我知道您不想從事預測未來利率或提供指導的業務。我只是在看看今天的利率在哪裡。

I mean I think the basic logic is correct. The only thing I would -- in terms of the potential for custodial growth, the only thing I would be cautious about is it's not a 1/3 of our current portfolio, it's 1/3 of what our portfolio was at that time. And so though I don't -- I have to admit, I don't have the numbers sitting in front of me. I don't -- I'm not trying to guide to it. But as you do the math, you want to look at what our cash looked like 3 years ago and say, well, roughly 1/3 of that is that repriced. And that will be helpful in fiscal '24. And the -- well, I'll just stop there. That will be helpful in fiscal '24. So I think the basic logic is right, and it's just a question from my perspective of getting right, a, what we replace that and, b, also having the right number rolling over.

我的意思是我認為基本邏輯是正確的。我唯一會 - 就託管增長的潛力而言，我唯一要謹慎的是，它不是我們當前投資組合的 1/3，而是我們當時投資組合的 1/3。所以雖然我沒有——我不得不承認，我面前沒有數字。我不——我不想引導它。但是當您進行數學計算時，您想看看我們 3 年前的現金情況，然後說，大約 1/3 是重新定價的。這將有助於 '24 財年。還有——好吧，我就停在那裡。這將有助於 '24 財年。所以我認為基本邏輯是正確的，從我的角度來看，這只是一個問題，a，我們替換它，b，還有正確的數字滾動。

Our next question comes from Stan Berenshteyn with Wells Fargo.

我們的下一個問題來自富國銀行的 Stan Berenshteyn。

I guess not surprising to see the revenue guidance one up on variable rate exposure. I was a little surprised that EBITDA guidance was not up as much. I thought a lot of that would maybe go through to the bottom line. Is there anything offsetting EBITDA guidance for moving higher on your end?

我想看到可變利率風險敞口的收入指引增加並不奇怪。我對 EBITDA 指導沒有增加多少感到有點驚訝。我認為其中很多可能會達到底線。是否有任何東西可以抵消 EBITDA 指導以幫助您走高？

I think the biggest factor is the one we've mentioned, which is that it's really back to that service revenue component. I commented in the -- and then I'll ask Tyson to elaborate since it's kind of a guidance question. But in the prepared remarks, I said that our -- I think both the quarter we delivered and the full year would -- I think in the initial draft, I used some word like spectacular and then Richard got a hold of it and said, maybe that wasn't the best thing.

我認為最大的因素是我們提到的那個，那就是它真的回到了服務收入部分。我在 - 然後我會請泰森詳細說明，因為這是一個指導性問題。但在準備好的評論中，我說我們的 - 我認為我們交付的季度和全年都會 - 我認為在初稿中，我使用了諸如壯觀之類的詞，然後理查德抓住了它並說，也許那不是最好的事情。

But that's the other factor that is really out there. And again, it's not really a cost problem. It's really that we have -- we're doing the work, but we made some decisions that as we wanted to get these platforms integrated, declare victory and move on and optimize for future sales that, in the short term, cost us a little bit of revenue, and that is what it is. So that's the only other factor that's out there.

但這是另一個真正存在的因素。再說一次，這並不是真正的成本問題。我們確實擁有——我們正在做這項工作，但我們做出了一些決定，因為我們希望整合這些平台，宣布勝利，繼續前進並優化未來的銷售，在短期內，這會讓我們付出一點代價一點收入，就是這樣。所以這是唯一的其他因素。

I guess maybe I would just say one other thing, which is as we thought about particularly as you trace this down to EBITDA and then you go down to, as Tyson commented, down to non-GAAP net income and then so forth, we are -- well, if I thought that we were under from a cost perspective, massive inflation pressure, I would say so. We are going to do what we need to do to take care of our team and in particular, to take care of our customers during busy season.

我想也許我會說另一件事，正如我們所考慮的那樣，特別是當您將其追溯到 EBITDA 時，正如泰森所評論的那樣，您會下降到非 GAAP 淨收入等等，我們是- 好吧，如果我認為從成本的角度來看我們處於巨大的通脹壓力之下，我會這麼說。我們將做我們需要做的事情來照顧我們的團隊，特別是在旺季照顧我們的客戶。

And so we were probably more detailed in the prepared remarks here than we've ever been in terms of what we've assumed about the amount we will spend at the end of the year. Now I think we've been cautious in that regard. We basically assumed, as Tyson said in the prepared remarks, that the spending increase that you will see in Q4 over Q3, and the service line is kind of give or take, the same as last year.

因此，我們在這裡準備好的評論中可能比以往任何時候都更詳細地說明了我們對年底將花費的金額的假設。現在我認為我們在這方面一直很謹慎。正如泰森在準備好的評論中所說，我們基本上假設您將在第四季度看到的支出增長將超過第三季度，並且服務線與去年相同。

And as you will recall, last year had some really unique factors. So have we -- I think that's an area where we're being cautious to give ourselves room to not be having a discussion that is like, hey, we need to serve our customers, but we need that last penny of non-GAAP EPS. So that's probably another factor that's just out there recognizing that the flip side of the sales numbers being good is we're ramping up to take care of those customers. Now I think we can ultimately do a little better than we forecast, but we want to have those contingencies, so we're never talking about trading service levels for a quarterly beat or not beat. Tyson, anything on that?

你會記得，去年有一些非常獨特的因素。我們也有——我認為這是一個我們謹慎地給自己留出空間不進行討論的領域，就像，嘿，我們需要為我們的客戶服務，但我們需要最後一分錢的非公認會計準則每股收益.因此，這可能是另一個因素，即認識到銷售數字良好的另一面是我們正在加緊照顧這些客戶。現在我認為我們最終可以做得比我們預期的要好一些，但我們希望有這些意外情況，所以我們從不談論交易服務水平的季度節拍或不節拍。泰森，有什麼嗎？

I think that's right. And the only thing I keep in mind is we're talking about that cost number just that obviously, there's more accounts even from the acquisitions and what we've added over the course of the first couple of quarters and what we will add going through there.

我認為這是對的。我唯一要記住的是，我們正在談論的成本數字很明顯，甚至還有更多來自收購的賬戶，我們在前幾個季度添加的內容以及我們將添加的內容那裡。

And then I would say you can't go without saying that there's additional travel. Jon mentioned the partner conference. We're seeing all of our teammates out in the field. We're just -- we're doing things a little bit different like everybody else. And so I've got to build in some wiggle room for us to be able to do that.

然後我會說你不能不說還有額外的旅行。喬恩提到了合作夥伴大會。我們看到我們所有的隊友都在場上。我們只是——我們做的事情和其他人有點不同。所以我必須建立一些迴旋的空間讓我們能夠做到這一點。

And then as we hire people over the course of this year, I think there is a little bit of inflationary pressure on payroll as we do that, and then we'll have to get into next year and see how that plays out. But that's why you don't see that fall down. I think as time grows by, you'll -- we're going to figure out how to have more and more of that fall down to the bottom line.

然後當我們在今年招聘人員時，我認為我們這樣做時工資單上有一點通脹壓力，然後我們必須進入明年，看看結果如何。但這就是為什麼你看不到它掉下來的原因。我認為隨著時間的推移，你會 - 我們將弄清楚如何讓越來越多的東西落入底線。

Got it. And then maybe just a quick one on member growth and your sales pipeline. On membership, obviously, it was pretty strong this quarter. Is there any change in the mix of employers that are offering high deductible health plans or maybe the mix of employees that are adopting those plans versus maybe historical trends?

知道了。然後可能只是關於會員增長和您的銷售渠道的快速介紹。顯然，在會員資格方面，本季度非常強勁。提供高免賠額健康計劃的雇主組合或採用這些計劃的員工組合與歷史趨勢是否有任何變化？

And can you maybe also comment on the RFPs that you're seeing? Are there any differences in what employers are requesting versus, let's say, a year or 2 ago?

您能否也對您看到的 RFP 發表評論？雇主的要求與一年或兩年前的要求有什麼不同嗎？

Steve, do you want to take this one?

史蒂夫，你想拿這個嗎？

Sure, as long as you can hear me. I know there's been all those technical issues. Good. Great. Yes. So yes, thanks for the question. I think one of the things that's been a little bit different this year is that over the last 18 months is we've become much more effective in reaching individuals. And so we've seen some significant increase in the number of individual HSA holders. And I think it's just because a lot of people have had HSAs for a while, and we think the time is right to get out there and market to them. And we love the individual counselors we bring on because their balances are high, and they're very committed to the product.

當然，只要你能聽到我的聲音。我知道存在所有這些技術問題。好的。偉大的。是的。所以是的，謝謝你的問題。我認為今年有點不同的一件事是，在過去的 18 個月裡，我們在接觸個人方面變得更加有效。因此，我們看到個人 HSA 持有者的數量顯著增加。我認為這只是因為很多人已經有一段時間了 HSA，我們認為是時候走出去向他們推銷了。我們喜歡我們帶來的個人顧問，因為他們的餘額很高，而且他們非常致力於產品。

And then we are seeing, we think, really some nice traction in the sub-500 market. And I think largely, this is because we're finally getting the message out about the bundle and the fact that sometimes we think a 500 live employer is pretty small. They're really not. I mean that's a significant employer that's fairly complex. Usually, they're understaffed when it comes to their -- the folks who are running their HR department and things like that. And so they may have 3 or 4 people that are looking after the whole group of workers.

然後我們看到，我們認為，在低於 500 的市場中確實有一些不錯的吸引力。我認為很大程度上，這是因為我們終於得到了關於捆綁的信息，而且有時我們認為一個 500 的活雇主非常小。他們真的不是。我的意思是，這是一個相當複雜的重要雇主。通常，當涉及到他們的人手時，他們的人手不足——管理他們的人力資源部門的人等等。所以他們可能有 3 或 4 個人在照顧整個工人群體。

And so for us to come in with a complete solution that includes not just the health savings account but also these things are very important, whether it be COBRA or FSAs, these live sale accounts, I think, are meaningful for even those larger employers in kind of the SMB space. And so I think that's where we've seen some real nice traction. We continue to have rate wins in the enterprise space and in those kind of the 500 to 5,000 space, too, but those would be the ones that I think are growing the most. I mean, Jon, do you agree with that or any other color?

因此，對於我們來說，提供一個完整的解決方案，不僅包括健康儲蓄賬戶，而且這些東西都非常重要，無論是 COBRA 還是 FSA，我認為這些實時銷售賬戶甚至對那些較大的雇主也很有意義一種SMB空間。所以我認為這就是我們看到一些真正好的牽引力的地方。我們繼續在企業領域以及在 500 到 5,000 人的領域中贏得率，但我認為這些領域增長最快。我的意思是，喬恩，你同意那個顏色還是其他顏色？

Yes. I mean this is -- one of the things that we -- I look at last open enrollment season. We, with all kinds of heroics and maybe over heroics in some cases, we managed to hold it together for our members despite all of the factors, the pandemic, omicron, et cetera. We had much more difficulty with our clients and our brokers. And they themselves have their own challenges.

是的。我的意思是——這是我們的一件事——我看看上一個公開招生季節。儘管有各種因素，包括大流行病、歐姆龍等，我們擁有各種英雄主義，在某些情況下甚至可能是英雄主義，我們設法為我們的成員團結起來。我們與我們的客戶和我們的經紀人有更多的困難。他們自己也有自己的挑戰。

And what I guess I've been fairly gratified about, particularly in this second quarter versus the first is hearing very positive commentary coming from the brokers that serve the market Steve is describing about what we've been able to do as we came out of last year's busy season again, in terms of our client service and really stepped up to servicing them.

我想我已經相當滿意了，特別是在第二季度與第一季度相比，聽到了來自服務市場的經紀人的非常積極的評論，史蒂夫描述了我們走出困境時能夠做的事情去年又是旺季，就我們的客戶服務而言，真的加緊為他們服務。

And so the result -- the reason I mentioned all that is to say it kind of goes hand-in-hand with our strategy on the health plan side. The health plans talk to the brokers. The brokers talk to the health plans. And sometimes you don't exactly know which conversation it was of yours that got you the sale, but it's the sum of activities that creates relative to our competition, a brand where I think there's confidence on both sides of that equation that we actually care about these people, that we've made real decisions with real trade-offs that have helped -- that are in their interest and we'll continue to do so. And I think that's something we're seeing as a notable strength that's helped us throughout this so far this year.

所以結果 - 我提到所有這些的原因是說它與我們在健康計劃方面的戰略密切相關。健康計劃與經紀人交談。經紀人與健康計劃交談。有時你並不完全知道是你的哪次談話為你帶來了銷售，但它是相對於我們的競爭對手創造的活動的總和，我認為這個等式的雙方都有信心，我們真正關心的品牌關於這些人，我們已經做出了真正的決定，並做出了真正的權衡，這符合他們的利益，我們將繼續這樣做。我認為這是我們認為的一種顯著優勢，今年到目前為止一直在幫助我們。

I feel like I want to start calling analyst names who haven't asked questions yet.

我覺得我想開始打電話給尚未提問的分析師姓名。

Our next question comes from Sandy Draper with Guggenheim.

我們的下一個問題來自古根海姆的 Sandy Draper。

Jon, I assume I was definitely going to be the next one you're going to call on.

喬恩，我想我肯定會成為你要拜訪的下一個。

I mean, the truth is I don't know where you are half the time. I think you're out biking, you're like rigged. You're like Superman on a bike.

我的意思是，事實是我有一半時間不知道你在哪裡。我想你是在騎自行車，你就像被操縱了一樣。你就像騎自行車的超人。

So most of my questions have actually been asked. I'll just a couple of quick ones. I just want to make sure I understand when you're talking about the service fee attrition, is it actual accounts going away? Or is it pricing pressure in that? So that's the first part.

所以我的大部分問題實際上已經被問到了。我只是幾個快速的。我只是想確保我理解當您談論服務費流失時，實際帳戶會消失嗎？或者是定價壓力？這是第一部分。

But then also, Jon, I heard you, I think, in the prepared remarks, say based on the sales and some other things, you expect to see CDBs starting to be a growth factor. Again, I would assume that's not the back half of this year, but you're talking about maybe next year or the year out that you would expect CDBs to start to actually be a positive growth contributor.

但是，喬恩，我聽說你在準備好的評論中說，基於銷售額和其他一些事情，你希望看到 CDB 開始成為一個增長因素。同樣，我認為這不是今年下半年，但您可能會在明年或後年談論您預計 CDB 將開始真正成為正增長的貢獻者。

Those are -- I really appreciate both of those questions because it's a great opportunity to clarify. Your first question, Sandy, was is the weakness that we've seen on CDB service fees, a function of account attrition or competitive fee pressure. And the truth is the answer is a lot of either of those things.

這些是 - 我真的很感激這兩個問題，因為這是一個澄清的好機會。桑迪，您的第一個問題是我們在國開行服務費方面看到的弱點，這是賬戶流失或競爭費用壓力的結果。事實是，答案是其中的很多。

Yes, there's always a little bit of fee pressure out there, especially in times like these, but we've handled that pretty well. Yes, of course, we saw some incremental account attrition that offset our sales. But if you look at accounts on the CDB side, extent of COBRA where you have some subsidy impacts right? They're basically flat to up across all of the CDBs, and you'll see that in the published stuff.

是的，總會有一點費用壓力，尤其是在這樣的時候，但我們已經很好地處理了。是的，當然，我們看到一些增加的帳戶流失抵消了我們的銷售額。但是，如果您查看國家開發銀行方面的賬戶，COBRA 的範圍內您有一些補貼影響，對嗎？它們在所有 CDB 中基本上都是平的，您會在已發布的資料中看到這一點。

Really, what we've got here is 2 factors. One is the one I don't need to belabor, that is the subsidy. But the second factor really is as we move business, a lot of -- and parenthetically, all of our CDB migrations occurred, I won't say all, let's say, substantially all of our CDB migrations occurred in the second half of fiscal '22 sort of culminating in -- at the end of the year, right? As we moved all that business over and tried to do it in a scalable way so that we would be down to our go-forward platforms and we wouldn't be talking about WageWorks migrations anymore, right? We did have revenue that fell out primarily, and I guess I'm going to -- without suggesting that we weren't billing what we could or what have you, I'm going to call it fee efficiency. So -- and I'm going to use an example to help illustrate and Tyson will tell me when I get on that. You will, right?

真的，我們在這裡得到的是兩個因素。一種是我不需要費力的，那就是補貼。但第二個因素確實是當我們轉移業務時，很多——順便說一句，我們所有的 CDB 遷移都發生了，我不會說全部，比方說，基本上我們所有的 CDB 遷移都發生在財政的下半年。 22 種在年底達到高潮，對吧？當我們將所有業務轉移並嘗試以可擴展的方式進行時，我們將使用我們的前進平台，並且我們不會再談論 WageWorks 遷移，對嗎？我們確實有主要下降的收入，我想我會這樣做 - 沒有暗示我們沒有按我們的能力或你有什麼計費，我將稱之為費用效率。所以——我將用一個例子來幫助說明，泰森會在我開始的時候告訴我。你會的，對吧？

Yes.

是的。

It won't matter. I'll just keep skating, but you'll tell me.

沒關係。我會繼續滑冰，但你會告訴我的。

Right.

正確的。

I mean even Mott couldn't. Even the same that Darcy Mott could not. We're talking about him like he's gone. He's listening to this call and grading us but harshly, no doubt. But in any event. An example of this point, Sandy, is we have billings for runout accounts. And as you might imagine, when you're moving accounts over at the end of the year, right? You have to make decisions like how much effort am I going to put into migrating the runout accounts and then migrating the billing for the runout accounts. Well, it's an area where, as a team, we chose to put some effort, but recognizing that it's something that once we were through the year, we would kind of be done with.

我的意思是即使莫特也不能。甚至達西莫特也做不到。我們談論他就像他走了一樣。他正在聽這個電話並對我們進行評分，但無疑是嚴厲的。但無論如何。桑迪，這點的一個例子是我們有用完賬戶的賬單。正如您可能想像的那樣，當您在年底轉移帳戶時，對嗎？您必須做出決定，例如我將投入多少精力來遷移超出帳戶，然後遷移超出帳戶的計費。嗯，這是一個領域，作為一個團隊，我們選擇付出一些努力，但認識到一旦我們度過了這一年，我們就會完成一些事情。

And so we didn't put a ton of effort into that for the purpose of maximizing billings in FY '23, right? That factor will have -- by the time we're done with the full year, it will have cost us a not immaterial sum. And there are a couple of other items like that where when we moved from Platform A to Platform B, the revenue in full just didn't follow us. And so it's not really a case of fee pressure.

因此，為了在 23 財年最大化賬單，我們並沒有為此付出太多努力，對吧？這個因素將會——當我們完成全年的時候，這將花費我們一筆不小的數目。還有其他一些類似的項目，當我們從平台 A 轉移到平台 B 時，全部收入並沒有跟隨我們。因此，這並不是真正的費用壓力。

I mean, there's -- again, there's always some, but it's not really a case of fee pressure on the CDB side or a case of a loss of volume on net of sales, it's really -- I think of it as revenue efficiency here that we have. And then we -- obviously, I'll make one last point, which is there are cases where in light of some of the service challenges that we and everyone in just about every business had, particularly in the first quarter, there were certainly some cases where we were willing to give some fee concessions, but you kind of get the idea.

我的意思是，有 - 再說一遍，總是有一些，但這並不是國開行方面的費用壓力，也不是銷售淨額減少的情況，這真的是 - 我認為這是收入效率我們有。然後我們 - 顯然，我會提出最後一點，即在某些情況下，鑑於我們和幾乎所有業務中的每個人都面臨的一些服務挑戰，特別是在第一季度，肯定有一些我們願意給予一些費用優惠的情況，但你有點明白。

So as you look to next year, which was the second part of your question, I do think from where we are today, there are a couple of things that should help us focusing on the CDB side of the business. The first is that we won't have the negative effects of you move platforms and you do lose some accounts. So sales versus churn should be a net positive for us, whereas it's been basically a net neutral in the last couple of years here.

因此，當您展望明年，這是您問題的第二部分時，我確實認為從我們今天的情況來看，有幾件事可以幫助我們專注於業務的 CDB 方面。首先是我們不會對您移動平台產生負面影響，並且您確實會丟失一些帳戶。因此，銷售與流失對我們來說應該是一個淨積極因素，而在過去的幾年裡，它基本上是一個淨中性的。

The second thing is that. And I think I'm going to say I feel confident in that in part because the sales activity on CDB has been pretty strong thus far this year. Looking at the pipeline, most of this stuff shows up on January 1, as you know. The second thing that we should have going for us, but this is a sort of -- we'll have to show you is from the perspective of enrollment, and this is particularly in FSAs, we have not rebounded at all from the pandemic lows. In other words, you look at percent uptake, right?

第二件事就是這樣。我想我會說我對此充滿信心，部分原因是今年迄今為止國開行的銷售活動相當強勁。如您所知，查看管道，大部分內容都會在 1 月 1 日出現。我們應該為我們做的第二件事，但這是一種 - 我們必須向您展示的是從入學的角度來看，尤其是在 FSA 中，我們根本沒有從大流行的低點反彈.換句話說，你看的是吸收百分比，對嗎？

We're still at the pandemic lows, and that's not surprising because those enrollments only happen once a year, and you had people who kind of got burned during the first pandemic year. So a little bit of a bounce back there would be extremely helpful. And we're not just waiting for that to happen. Our marketing team led by Tia Padia and her education team, led by (inaudible) Florida native. There are a few of us. So she's from like that Northern like forgotten coast part. So I don't know what's going on with that. But it's not quite lower Alabama, but it's not lower Alabama, if you know what I mean.

我們仍處於大流行的低谷，這並不奇怪，因為這些註冊每年只發生一次，而且在大流行的第一年，有些人就被燒死了。所以一點點反彈將非常有幫助。我們不只是在等待這種情況發生。我們的營銷團隊由 Tia Padia 和她的教育團隊領導，由（聽不清）佛羅里達本地人領導。我們有幾個。所以她來自北方，就像被遺忘的海岸一樣。所以我不知道這是怎麼回事。但它不是低於阿拉巴馬州，但也不是低於阿拉巴馬州，如果你明白我的意思的話。

But that whole team -- that team is putting effort into education around our existing FSA members, either those who are enrolled now to reenroll for next year or those who are enrolled in the past to come back, and we'll see how that goes. But -- and then lastly, the pieces of the CDB business that have been healthy again, from the perspective of post-pandemic, HRA has been healthy. And of course, commuter, if you reset the baseline at this point, as I commented earlier, continues to grow.

但是整個團隊——那個團隊正在圍繞我們現有的 FSA 成員進行教育，無論是現在註冊明年重新註冊的人，還是過去註冊的人回來，我們會看看情況如何.但是 - 最後，從大流行後的角度來看，CDB 業務的部分再次健康，HRA 一直是健康的。當然，通勤者，如果你在這一點上重新設置基線，正如我之前評論的那樣，它會繼續增長。

So I think it is -- a way to think about it, Sandy, is like at the time of when we kind of rebalance the business to have the CDB component, our promise to you was that we would grow the HSA business way faster than the CDB business, and that happened, right, both in accounts and revenue to the point where HSA is going to be well over 60% of revenue this year. And that will continue.

所以我認為這是 - 一種思考方式，桑迪，就像在我們重新平衡業務以擁有 CDB 組件的時候，我們對您的承諾是，我們將以更快的速度發展 HSA 業務國開行業務，這是正確的，在賬戶和收入方面，HSA 今年將佔收入的 60% 以上。這將繼續下去。

But we also promised you that CDB growth would be a positive number and not just a black zero. And so if we can get to that place in fiscal '24 and beyond, then it just makes the underlying HSA story all that better. So that's something we're working very hard at. I mean, if I'm you, I'm like, well, that's great, guys deliver it, then I'll be convinced of it. But that's certainly the way I think about it myself, but I think that's entirely reasonable given where we are.

但我們也向您保證，國開行的增長將是一個正數，而不僅僅是一個黑零。因此，如果我們能在 24 財年及以後到達那個地方，那麼它只會讓潛在的 HSA 故事變得更好。所以這是我們非常努力的事情。我的意思是，如果我是你，我會說，好吧，那太好了，伙計們交付它，那麼我就會相信它。但這當然是我自己的想法，但考慮到我們所處的位置，我認為這是完全合理的。

Our next question comes from Sean Dodge with RBC.

我們的下一個問題來自 RBC 的 Sean Dodge。

Jon, maybe on the last point you're making about the CDBs contributing to growth. There's, of course, a few dimensions there as you pointed out. But -- and to better appreciate the opportunity there to help dimension that out. I guess maybe where should we start? How many multiproduct -- I guess how was multiproduct adoption changed over the last couple of years? What proportion of clients have multiple products in place where we could see meaningful upside as things like FSA use returns to sort of amount of normal fee post pandemic? How is that multiproduct adoption changed now versus where it was in 2019? And maybe where do you think it could go?

喬恩，也許是關於 CDB 促進增長的最後一點。當然，正如您所指出的那樣，那裡有幾個維度。但是 - 為了更好地欣賞那裡的機會來幫助解決這個問題。我想也許我們應該從哪裡開始？有多少多產品——我猜多產品的採用在過去幾年中發生了怎樣的變化？有多大比例的客戶擁有多種產品，我們可以看到有意義的上漲，因為 FSA 使用大流行後的正常費用恢復到某種程度？與 2019 年相比，現在的多產品採用情況有何變化？也許你認為它可以去哪裡？

I think Tyson commented on this in an earlier question, and I'm going to give you an answer and then invite Steve to -- from a kind of market perspective to elaborate. But I think that the market has largely followed us, and I'm not trying to brag in that regard. I just -- it is a statement of fact to the idea that the bundle is kind of -- it's not maybe the norm in all cases, but it's getting close. And you see this in terms of the percent of new deals that get signed, et cetera.

我認為泰森在較早的問題中對此發表了評論，我將給你一個答案，然後邀請史蒂夫 - 從某種市場角度進行詳細說明。但我認為市場在很大程度上跟隨我們，我並不是在這方面吹噓。我只是 - 這是對捆綁的想法的事實陳述 - 這可能不是所有情況下的規範，但它正在接近。你可以從簽署的新交易的百分比等方面看到這一點。

And so I guess my view is that that's the key behavioral change at the employer level. At the employee level, we still -- on the CDB side, HSA adoption is moving along fairly swimmingly, right? But we still have a ways to go to get back to pre-pandemic behavior. Whether that's expressed in terms of people enrolling in user lose health FSAs, independent care FSAs or obviously in commuter.

所以我想我的觀點是，這是雇主層面的關鍵行為改變。在員工層面，我們仍然——在 CDB 方面，HSA 的採用進展得相當順利，對吧？但是，要恢復大流行前的行為，我們還有很長的路要走。無論是通過註冊用戶失去健康 FSA、獨立護理 FSA 還是顯然在通勤中來表達。

And then COBRA itself is probably -- our business will continue to grow, but COBRA uptake, that has been for central people who actually take COBRA, which is a portion of our COBRA fees. That piece is going to be low as long as employment markets remain tight and as long as people -- a lot of people have access to highly subsidized plans in the ACA marketplace, which they are going to have, at least for the next few years. So those are the -- so from an individual perspective, putting the COBRA point aside, I think the big picture is that we will eventually see some positive trend here. We're seeing that in commuter. Truthfully, I think we are -- in terms of accounts, we're seeing -- I mean, if you look at the FSA book, it's up year-over-year. right? It's just up very modestly, and that's reflective of some of the factors I talked about earlier.

然後 COBRA 本身可能是 - 我們的業務將繼續增長，但 COBRA 的吸收是針對實際使用 COBRA 的核心人員，這是我們 COBRA 費用的一部分。只要就業市場仍然緊張，只要人們——很多人能夠在 ACA 市場上獲得高補貼的計劃，至少在接下來的幾年裡，他們將擁有這些計劃，那部分就會很低。 .所以這些是 - 所以從個人的角度來看，撇開 COBRA 的觀點不談，我認為大局是我們最終會在這裡看到一些積極的趨勢。我們在通勤中看到了這一點。老實說，我認為我們 - 就賬戶而言，我們正在看到 - 我的意思是，如果你看一下 FSA 的書，它會同比增長。正確的？它只是非常溫和，這反映了我之前談到的一些因素。

The big thing that kind of -- I feel like we would already be talking about this as a win. But for the fact that we made decisions that prioritize, getting these migrations done over sort of billing efficiency, fee efficiency. And so be it, we should reap the benefits of those going forward. Steve, do you want to add anything to that or...

那種大事——我覺得我們已經在談論這是一場胜利。但事實上，我們做出了優先級決策，完成這些遷移而不是計費效率和費用效率。就這樣吧，我們應該從未來的發展中獲益。史蒂夫，你想添加任何東西還是...

Sean, just -- great question. Just to remind you, when we first did the deal with Wedge, about 10% of their book with HSAs, and they had like 7 million accounts, right, in total. And about 10% of our book was CDBs, and we had about 4 million accounts in total. And we're just getting started on that cross-sell. Obviously, we put a premium just because of the higher revenue and the kind of the sweet spot of HSA there to our business on cross-selling HSAs into the Wedge book, but we still got a lot of wood to chop when it comes to crossing CDBs back into our kind of legacy HealthEquity, but even though we don't use that language really more around our shop.

肖恩，只是——很好的問題。提醒您一下，當我們第一次與 Wedge 進行交易時，他們大約 10% 的賬簿與 HSA 合作，他們總共擁有大約 700 萬個賬戶。我們的書大約 10% 是 CDB，我們總共有大約 400 萬個帳戶。我們才剛剛開始進行交叉銷售。顯然，我們只是因為更高的收入和 HSA 的那種甜蜜點對我們在 Wedge 書中交叉銷售 HSA 的業務進行了溢價，但在交叉銷售方面我們仍然需要砍伐大量木材CDB 回到了我們的傳統 HealthEquity，但即使我們在我們的商店中並沒有更多地使用這種語言。

And so there's just a lot of opportunity. We're just kind of getting started. And just as we're getting rolling and total happen and so it kind of sloping down. But on our sales huddle today, Jon was on it, I was on it, a lot of huge amounts of activity and quite a bit of it is now starting to see that cross-sell into our really strong long-tenured HSA customers, things like the CDBs, LSAs, HRAs, things like that. So we're pretty excited about it.

所以有很多機會。我們只是開始。就在我們開始滾動並完全發生時，它有點傾斜。但在我們今天的銷售會議上，喬恩參與其中，我參與其中，大量的活動，其中相當一部分現在開始看到交叉銷售給我們真正強大的長期 HSA 客戶，事情像 CDB、LSA、HRA 之類的東西。所以我們對此感到非常興奮。

I mean all that having been said, I mean, HSA is going to continue to outgrow this. So I want to be clear about that, right? HSA is where is the growth driver of this business. It's just that if you kind of say, well, that's great. Now if I can just have this thing contributing a single-digit number, right, that's not a 0, right, that's black, you're in really good shape. That's really the way to think about it.

我的意思是說了這麼多，我的意思是，HSA 將繼續超越這一點。所以我想明確一點，對吧？ HSA 是這項業務的增長動力。只是如果你能說，嗯，那太好了。現在，如果我可以讓這個東西貢獻一個個位數，對，那不是 0，對，那是黑色，你的狀態真的很好。這才是真正的思考方式。

Okay. And is that -- is this -- the bundle is the new normal, the cross-selling opportunities, is that the case across all client tiers? Or are there nuances here where large employers are maybe approaching is a little bit different than medium-sized and small-sized?

好的。是不是 - 這是 - 捆綁是新常態，交叉銷售機會，是所有客戶層的情況嗎？或者這裡是否存在細微差別，大型雇主可能接近與中型和小型雇主有點不同？

The smaller the employer, the more likely (inaudible) particularly that like not quite tiny, but that 500-person group that Steve mentioned earlier. Also, my phone/watch/everything blew up. I'm sorry, a fellow Gator Nation. Tom Petty is from Gainesville, and it's still been 13.7 billion years since the last time Utah beat Florida.

雇主越小，就越有可能（聽不清），特別是像史蒂夫之前提到的那個 500 人的小組，不是很小，而是。另外，我的手機/手錶/所有東西都炸了。對不起，鱷魚國家的同胞。湯姆佩蒂來自蓋恩斯維爾，距離猶他州上一次擊敗佛羅里達州已有 137 億年。

Our next question comes from Cindy Motz with Goldman Sachs.

我們的下一個問題來自高盛的 Cindy Motz。

I really appreciate it. So you guys have given some really good detail about the revenues and everything. But just in terms of quantifying maybe with the absolute growth rate down the road, do you think it grows at like single digits? Or is it mid- to high single digits like Devenir?

對此，我真的非常感激。所以你們已經提供了一些關於收入和一切的非常好的細節。但就量化而言，也許隨著未來的絕對增長率，你認為它會以個位數的速度增長嗎？還是像 Devenir 這樣的中高個位數？

And then I had a question, too, on gross profit, Tyson, just with the service gross profit, like should we expect to see that you made some good progress this quarter. Like is that going to stay in the range of like maybe 27%, 28%? And then where can it go from there?

然後我也有一個關於毛利潤的問題，泰森，就服務毛利潤而言，我們是否應該期望看到你在本季度取得一些良好進展。會不會保持在 27%、28% 的範圍內？然後它可以從那裡去哪裡？

And then just lastly, with EBITDA margin. Congrats on raising the guidance on EBITDA and revenues. But just curious because it still is off from last year, where do you see it going? And obviously, it depends on the mix shift with custodial taking over, it will probably go up. But if you could give us any guidance like even at mid-30s, like where you see that going, all that would be helpful.

最後是 EBITDA 利潤率。恭喜您提高 EBITDA 和收入的指導。但只是好奇，因為它仍然從去年開始，你認為它會去哪裡？顯然，這取決於監管接管的混合轉變，它可能會上升。但是，如果你能在 30 多歲時給我們任何指導，比如你看到的情況，那一切都會有所幫助。

Why don't I do top line and you go from there? How does that sound?

為什麼我不做頂線，你從那裡去？聽上去怎麼樣？

Sounds great.

聽起來很棒。

There was a lot there. So from a top line perspective, a way to look at it, Cindy, is that ex the COBRA subsidy, top line revenue on a year-over-year basis relative to what was a -- in other instances, still a strong Q2 last year was up double digits. We're actually up 9%, take the $10 million from COBRA and you're up -- I don't know, what is it, 12% to 15%. That sounds good.

那裡有很多。因此，從頂線的角度來看，辛迪，一種看待它的方式是，除 COBRA 補貼外，頂線收入與去年同期相比 - 在其他情況下，去年第二季度仍然強勁年增長了兩位數。我們實際上上漲了 9%，從 COBRA 拿到 1000 萬美元，你就上漲了——我不知道，它是什麼，從 12% 到 15%。聽起來不錯。

I don't think the top line is going to consistently grow -- well, let's say, we have not suggested that top line is going to grow 15% year-over-year out into the terminal period. But we do have -- what we have said for a while is -- and obviously, we had acquisition growth and so that helped certainly. But from my perspective, I think we have a couple of things that ultimately will help us from a top line perspective.

我認為收入不會持續增長——好吧，比方說，我們並沒有暗示收入會在末期同比增長 15%。但我們確實 - 我們已經說過一段時間了 - 顯然，我們有收購增長，所以這肯定有幫助。但從我的角度來看，我認為我們有幾件事最終會從頂線的角度幫助我們。

The first is -- and I mentioned this in the prepared remarks and on an earlier question, is the health of the HSA business itself, which is, again, pushing somewhere -- lined up somewhere between 60% and 70% of total revenue this year, right? And the fact that, that business itself, for us, has been growing double digits and grew double digits here. And we're sort of just getting started in terms of the benefits of the rate cycle in that and then also the benefits of our migration -- we use that, probably you shouldn't use that word, our offering and our members' adoption of enhanced rates.

第一個是 - 我在準備好的評論和之前的一個問題中提到了這一點，是 HSA 業務本身的健康狀況，這又是在推動某個地方 - 排在總收入的 60% 到 70% 之間年，對吧？事實上，對我們來說，該業務本身一直在增長兩位數，並且在這裡增長了兩位數。就利率週期的好處以及我們遷移的好處而言，我們才剛剛開始——我們使用它，也許你不應該使用這個詞，我們的產品和我們的會員的採用的增強率。

And Tyson mentioned it's kind of interesting. I'm like that's it and said, well, so we're up, what, 3 basis points from this time last year. Now that's pretty good considering when we started the year, that wasn't our plan, right? And a few years ago, people were like, when you get to that fiscal '23 as the bottom going to drop out of rates.

泰森提到這很有趣。我就是這樣，然後說，好吧，所以我們比去年這個時候上漲了 3 個基點。考慮到我們年初的時候，這已經很不錯了，那不是我們的計劃，對吧？幾年前，人們就像是，當你進入 23 財年時，利率將下降。

So obviously, we feel pretty good about that. But it's -- we're just getting started in terms of those benefits. So I think that's the first reason to feel the HSA business at core is the first reason to feel good about the growth opportunity. The second, I think, again, it just boils down to if the ancillary businesses can contribute a black single-digit number, that will be very helpful, and they should be able to do that. And if I put those 2 together, obviously, you're going to end up in that kind of give or take 10% range.

很明顯，我們對此感覺很好。但它 - 我們才剛剛開始獲得這些好處。所以我認為這是感受 HSA 業務為核心的第一個原因，也是對增長機會感覺良好的第一個原因。第二，我想，再一次，歸根結底，如果輔助業務可以貢獻一個黑色的個位數，那將非常有幫助，他們應該能夠做到。如果我把這兩個放在一起，很明顯，你最終會在那種給予或接受 10% 的範圍內。

And then lastly, I would say is -- and this is where I'll turn to Tyson, notwithstanding the fact that we want to deliver more for you from a margin perspective, and we think we can, we're generating good cash. There were questions at the end of the first quarter, if you recall, from a cash flow operation perspective, first quarter wasn't as great. Second quarter was really strong. And ultimately, that cash will be reinvested in the growth of the business.

最後，我想說的是——這就是我要求助於泰森的地方，儘管我們希望從利潤率的角度為你提供更多，而且我們認為我們可以，但我們正在產生大量現金。如果您還記得，從現金流運營的角度來看，第一季度末存在問題，第一季度並沒有那麼好。第二季度真的很強大。最終，這些現金將重新投資於業務增長。

So that, too, that's sort of the way to look at it to the extent that we're able to fund those smaller inorganic opportunities or smaller investments in organic growth, that works out pretty good. So all of those are reasons, I think, to be fairly optimistic about the long run top line of the business. And -- but now I'll leave to Tyson to do the hard part.

因此，這也是一種看待它的方式，即我們能夠為那些較小的無機機會或較小的有機增長投資提供資金，結果非常好。因此，我認為所有這些都是對業務的長期收入相當樂觀的原因。而且——但現在我要讓泰森去做最難的部分了。

Now how do we turn it into profit? I appreciate the question the way you asked about service margins. Just to reflect on full year performance (inaudible) just keep on going (inaudible). So the margin is very high. The same is true with interchange. Those are contract-based costs. There's our treasury and banking ops team that's in there and a few other people, but it scales very well. So you have those as drivers and the rate, particularly as the biggest driver gross margin.

現在我們如何把它變成利潤？我很欣賞你問的關於服務利潤率的問題。只是為了反映全年的表現（聽不清），繼續前進（聽不清）。所以利潤率非常高。互換也是如此。這些是基於合同的成本。那裡有我們的財務和銀行運營團隊以及其他一些人，但它的擴展性非常好。所以你有這些作為驅動因素和利率，特別是作為最大的驅動因素毛利率。

But the real work and where most of the people in our organization are focused and where the people that are in our organization where their costs are in that service cost line item. And so really garnering efficiency there when you think about trying to reduce contacts, but still have great service.

但是真正的工作以及我們組織中大多數人的關注點以及我們組織中的人員的成本在該服務成本項目中的位置。因此，當您考慮嘗試減少接觸時，確實可以提高效率，但仍然可以提供優質的服務。

When you think about the platform migrations that we've made and the technology improvements that we'll make over time, putting those efficiencies in there and actually getting them into a volume forecast that we have less people in there serving at a better rate is the way to improve that. And I think we can, we will improve that service margin over time.

當您考慮我們已經進行的平台遷移以及我們將隨著時間的推移進行的技術改進時，將這些效率放在那裡並實際上將它們納入到數量預測中，即我們在那里以更好的速度服務的人更少是改善它的方法。我認為我們可以，隨著時間的推移，我們將提高服務利潤率。

Now if you look at the service margin and the EBITDA margin, they're both up about 500 basis points sequentially. They kind of go together because the rest of it is kind of moving along. But I think we can still make improvement there. So watch for that. Also the further synergies we've already talked a lot about that, but that's another thing that will come in overtime and help improve those margins.

現在，如果您查看服務利潤率和 EBITDA 利潤率，它們都連續上漲了約 500 個基點。他們有點走到一起，因為其餘的部分是一起移動的。但我認為我們仍然可以在那裡進行改進。所以注意這一點。此外，我們已經談論了很多進一步的協同作用，但這是另一件將在加班時出現並有助於提高利潤率的事情。

And then I go back to kind of one of our original statements, which is we're going to -- when it comes down -- we're going to try to grow EBITDA margins a little faster than revenue. So Jon talked about revenue. And when you have interest rates at the right into the scale, that's what helps us to accomplish that.

然後我回到我們最初的聲明之一，那就是我們將 - 當它下降時 - 我們將嘗試將 EBITDA 利潤率增長得比收入快一點。所以喬恩談到了收入。當您的利率處於合適的規模時，這就是幫助我們實現這一目標的原因。

And so now like another person had asked, I think it was Sandy, those interest rates are higher than they were back in '19. We've actually changed the way that we monetize the custodial assets when you think about enhanced rates and other things that we've done to improve the way we monetize. So not only do we have the higher rates, we're going to be -- we do it in a better way, and we've changed the structure of the business to do that. So I am optimistic about being able to improve margins and continue to have that tailwind over the course of the subsequent years here.

所以現在就像另一個人問的那樣，我認為是桑迪，這些利率比 19 年時要高。當您考慮提高利率和我們為改善我們的貨幣化方式所做的其他事情時，我們實際上已經改變了我們通過託管資產貨幣化的方式。因此，我們不僅擁有更高的利率，而且我們將——我們以更好的方式做到這一點，我們已經改變了業務結構來做到這一點。因此，我對能夠提高利潤率並在接下來的幾年中繼續保持順風持樂觀態度。

Our next question comes from Mark Marcon with Baird.

我們的下一個問題來自 Mark Marcon 和 Baird。

Just curious a little bit about the fall season coming up and what you're -- how you're thinking about that, particularly in terms of some of the initiatives around medium-sized enterprises and just the approach that you're going to take. And if there's going to be any sort of changes with some of the (inaudible) be part of the team anymore.

只是對即將到來的秋季以及您的身份感到好奇-您對此有何看法，尤其是在圍繞中型企業的一些舉措以及您將要採取的方法方面.如果有一些（聽不清）有任何形式的變化，請成為團隊的一部分。

So a couple of thoughts. Thank you, Mark, for the question. But let me start with where you finish there. So as I said on the -- in the introduction and it was sincere, Ted's helped us and supported the team and its mission through a lot of hard operational stuff. And he's going to be extremely successful wherever he goes. And so our focus during this period is -- and we have our longtime veteran Brad Bennion, who stepped up and is serving that role on an interim basis. And Brad's been with the company longer than I have 16, 17 years, and just knows everything. And Brad's focus really is on delivering for our clients, for our members and for our team and for also our fellow team members, a really outstanding peak season, right?

所以有幾個想法。謝謝你，馬克，這個問題。但是讓我從你在那裡完成的地方開始。因此，正如我在介紹中所說的那樣，Ted 很真誠地幫助了我們，並通過大量艱苦的運營工作支持了團隊及其使命。而且無論走到哪裡，他都會非常成功。因此，我們在此期間的重點是 - 我們有我們長期的老將布拉德本尼恩，他加強並臨時擔任該角色。布拉德在公司工作的時間比我 16 年、17 年還要長，他什麼都知道。 Brad 的重點確實是為我們的客戶、我們的成員、我們的團隊以及我們的團隊成員提供一個非常出色的旺季，對嗎？

We internally -- Angelique Hill, who runs operations, is trying to get us to rename it growth season. It hasn't stuck yet, at least with me. But I'm working on it with Angelique. But we think that this is -- the best thing we can do from the perspective of growing our business long term, of taking care of our teammates long term and frankly, cementing the impression that our brand has because what I see in our industry right now is a lot of people are running around, trying to do all kinds of stuff to kind of -- I don't -- it sounds a little bit raggy, I don't mean it this way, but to kind of catch up with some of what we've done, whether it's enhanced rates or being able to -- or having a bundle or whatever.

我們在內部——負責運營的安吉麗克·希爾正試圖讓我們將其重新命名為增長季節。它還沒有卡住，至少對我來說是這樣。但我正在和 Angelique 合作。但我們認為這是 - 從長期發展業務的角度來看，我們可以做的最好的事情，長期坦率地照顧我們的隊友，鞏固我們品牌的印象，因為我在我們的行業中看到的是正確的現在很多人都在四處奔波，試圖做各種各樣的事情——我不——聽起來有點破爛，我不是這個意思，而是為了趕上與我們所做的一些事情，無論是提高利率還是能夠 - 或者擁有捆綁或其他任何東西。

And a lot of the -- it all sounds good when you're selling it. It's harder when you have -- where the poop hits the fan is when you get to that peak season. And so we feel like where as some of our competitors, including established competitors are going to struggle there, we have the opportunity having kind of been through that to deliver a truly differentiated experience for everyone, for the brokers, et cetera.

還有很多——當你出售它時，這一切聽起來都不錯。當你有的時候就更難了——當你到達那個旺季時，便便擊中了球迷。因此，我們覺得我們的一些競爭對手，包括老牌競爭對手將在那裡掙扎，我們有機會為每個人、經紀人等提供真正差異化的體驗。

And so honestly, Mark, that's probably -- we try to do that every year, of course. But I think, in particular, with -- in this period, this for us is everything we're talking about, every -- we're -- I was going to say to you, we're like, for example, I'll be in Milwaukee on Wednesday talking to and listening to our teammates. We have a couple of hundred teammates in Milwaukee and where you are and -- or where you are sometimes. And all we're going to be talking about is the baseball game. Now all we're going to be talking about is really about having an outstanding peak season for all involved. And I just think that's the best thing we can do in the near term.

老實說，馬克，這可能是——當然，我們每年都嘗試這樣做。但我認為，特別是，在這個時期，這對我們來說就是我們正在談論的一切，每個 - 我們都是 - 我要對你說，例如，我週三將在密爾沃基與我們的隊友交談和傾聽。我們在密爾沃基有幾百名隊友，你在哪裡——或者你有時在哪裡。我們要談論的只是棒球比賽。現在我們要談論的實際上是為所有參與者創造一個出色的旺季。我只是認為這是我們在短期內能做的最好的事情。

Beyond that, the other thing that I would read from the broader moves we're making, and you can see this if you -- anyone who observes broadly the personnel changes that we've made over the last year and we'll continue to make, this should become apparent is that we really believe that whereas the health care and benefits industries tend to be slower adopters of technology that we are starting to see very -- in relative terms, rapid adoption of things like API-driven workflows and the like, that really play to our advantage as a partnering organization versus a closed garden organization, kind of a walled garden.

除此之外，我會從我們正在採取的更廣泛的舉措中讀到另一件事，如果你 - 任何廣泛觀察我們在過去一年中所做的人事變動的人，你就會看到這一點，我們將繼續使，這應該變得顯而易見的是，我們真的相信，雖然醫療保健和福利行業往往是我們開始看到的技術的較慢採用者 - 相對而言，快速採用諸如 API 驅動的工作流程和就像，這確實發揮了我們作為合作組織的優勢，而不是封閉的花園組織，有點像圍牆花園。

And nothing wrong with wall gardens as we've discussed in the past, but that's not our ship. And so if you look at what we're doing, we're trying to, for lack of a better term, tilt the organization to have a greater focus on taking those technologies that we now have available that our partners and clients are now more interested in deploying them more widely, and the effect of that is going to be twofold.

正如我們過去討論的那樣，圍牆花園沒有錯，但這不是我們的船。因此，如果你看看我們正在做什麼，我們正試圖，由於缺乏更好的術語，使組織更加專注於採用我們現在可用的那些技術，而我們的合作夥伴和客戶現在更多有興趣更廣泛地部署它們，其影響將是雙重的。

First of all, it allows us to be a better part of threefold. It allows us to be a better partner, it allows us to partner more deeply and sell our services and have them consumed at different places, and we've talked about that a little over the course of the year.

首先，它讓我們成為三倍體中更好的一部分。它使我們能夠成為更好的合作夥伴，它使我們能夠更深入地合作並銷售我們的服務並讓它們在不同的地方消費，我們在這一年中已經談到了一點。

And then lastly, it allows us to be more efficient from a servicing perspective because, for example, I look at -- we made a commitment and then I'll be done with this. We made a commitment 2 years ago to bring all of our live voice work onshore. We thought it was the right thing for our customers and the right thing for our country, and that was not a cheap choice to make.

最後，從服務的角度來看，它讓我們更有效率，因為例如，我看 - 我們做出了承諾，然後我會完成這個。 2 年前，我們承諾將我們所有的現場語音工作帶到岸上。我們認為這對我們的客戶和我們的國家來說都是正確的事情，而且這不是一個便宜的選擇。

But that having been said, one of the ways we're able to -- we are increasingly able to offset those costs and will be more so in the future is that you have more activity that's going on using chat, using AI, using technology to get people to the right person as opposed to a more generic person. And all that ultimately shows up in better service and then ultimately lower service costs as well.

但話雖如此，我們能夠做到的方式之一——我們越來越能夠抵消這些成本，而且在未來會更加如此，那就是你有更多的活動正在使用聊天、使用人工智能、使用技術進行讓人們找到合適的人，而不是更普通的人。所有這些最終都體現在更好的服務中，然後最終也降低了服務成本。

So I guess, generically, I would say a little bit of a tilt within the company towards using the technology skills that we have and our unique position as a partnering organization among the leaders in our industry to really drive that competitive advantage is what you should expect to see. So short term, peak season, longer term, a bit of a tilt towards using tech to really drive the competitive advantages we have.

所以我想，一般來說，我會說公司內部有點傾向利用我們擁有的技術技能和我們作為行業領導者之間合作組織的獨特地位來真正推動競爭優勢是你應該做的期待看到。所以短期，旺季，長期，有點傾向於使用技術來真正推動我們擁有的競爭優勢。

Terrific. Jon, thanks a lot for the thorough response. I appreciate it.

了不起。喬恩，非常感謝您的徹底回复。我很感激。

Thanks, Mark. Wednesday, Milwaukee Brewers, be there, I'll buy a sausage if I'm allowed to do that, if you're compliance people let me do that.

謝謝，馬克。星期三，密爾沃基釀酒人隊，在那兒，如果我被允許這樣做，我會買一根香腸，如果你是合規的人讓我這樣做。

And I'm not showing any further questions at this time. I would now like to turn the call back over to Jon Kessler for any further remarks.

我目前沒有提出任何進一步的問題。我現在想將電話轉回給 Jon Kessler 以獲取任何進一步的評論。

Well, an hour and 39 minutes, that may be a record. I'm not sure when we want to repeat, but with some interruptions, Thanks, everyone, for being patient with the technical difficulties that our connectivity provider had today. And I was just kidding about the other firm, the firm that sponsored this conference, they had nothing to do with it. And I don't say that just because they're supposed to buy me dinner later. .

嗯，一小時39分鐘，這可能是一個記錄。我不確定我們什麼時候想重複，但有一些中斷，謝謝大家，感謝大家對我們的連接提供商今天遇到的技術困難保持耐心。我只是在開玩笑說另一家公司，贊助這次會議的公司，他們與這無關。我這麼說並不是因為他們應該稍後請我吃飯。 .

But again, thanks, everyone. We do feel like we reported a really strong quarter. We do feel, as you can hope tell here, like there's more work we can do to correct on some of these revenue efficiency issues on the CDB side and -- but we can do those things, and I was saying this was added it out earlier. I really do think we're in a position over the next few years to report spectacular results to you, and we look forward to actually showing you that.

但再次感謝大家。我們確實覺得我們報告了一個非常強勁的季度。我們確實覺得，正如您希望在這裡所說的那樣，我們可以做更多的工作來糾正國家開發銀行方面的一些收入效率問題，而且——但我們可以做這些事情，我是說這是被添加的早些時候。我真的認為我們能夠在未來幾年向您報告驚人的結果，我們期待著向您展示這一點。

That's it. Bye-bye. See you later.

而已。再見。回頭見。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。