Healthequity Inc (HQY) 2023 Q3 法說會逐字稿

Good day, and welcome to the HealthEquity Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 HealthEquity 2023 年第三季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Richard Putnam. Please go ahead.

我現在想將會議轉交給理查德·普特南 (Richard Putnam)。請繼續。

Thank you, Sarah. Happy holidays to everybody and welcome to HealthEquity's Third Quarter Fiscal Year 2023 Earnings Conference Call. My name is Richard Putnam, I do investor relations for HealthEquity. Joining me today is Jon Kessler, President and CEO; Dr. Steve Neeleman, Vice Chair and Founder of the company; and Tyson Murdock, the company's Executive Vice President and CFO.

謝謝你，莎拉。祝大家節日快樂，歡迎來到 HealthEquity 2023 財年第三季度收益電話會議。我叫 Richard Putnam，我為 HealthEquity 做投資者關係。今天加入我的是總裁兼首席執行官 Jon Kessler；公司副董事長兼創始人Steve Neeleman博士；以及公司執行副總裁兼首席財務官 Tyson Murdock。

Before I turn the call over to Jon, I have 2 important reminders. First, the press release announcing our financial results for the third quarter of fiscal year 2023 was issued after the market close this afternoon. The financial results in the press release include the contributions from our wholly owned subsidiary, WageWorks, and accounts and administers.

在我把電話轉給喬恩之前，我有兩個重要的提醒。首先，宣布我們 2023 財年第三季度財務業績的新聞稿是在今天下午收市後發布的。新聞稿中的財務結果包括我們的全資子公司 WageWorks 以及客戶和管理人員的貢獻。

The press release also includes definition of certain non-GAAP financial measures that we will reference here today. A copy of today's press release, including reconciliations of these 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.

新聞稿還包括我們今天將在此處引用的某些非 GAAP 財務措施的定義。可在我們的投資者關係網站 ir.healthequity.com 上找到今天新聞稿的副本，包括這些非 GAAP 措施與可比較的 GAAP 措施的對賬以及本次網絡廣播的錄音。

Second, our comments and responses to your questions today reflect management's view as of today, December 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 the statements made here today. We caution against placing undue reliance on these forward-looking statements.

其次，我們今天對您問題的評論和答復反映了管理層截至 2022 年 12 月 6 日的觀點，並將包含美國證券交易委員會定義的前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息-看著。有許多與我們的業務相關的重要因素，可能會影響今天所做的前瞻性陳述。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與今天在此作出的陳述存在重大差異。我們告誡不要過分依賴這些前瞻性陳述。

We also encourage you to review the discussion of these factors and other risks that may affect our future results or the market price of our stock, which are detailed in our latest annual report on Form 10-K and also 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.

我們還鼓勵您查看可能影響我們未來業績或我們股票市場價格的這些因素和其他風險的討論，這些在我們最新的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的定期報告中有詳細說明.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。

At the conclusion of our prepared remarks, we will open up the call for Q&A, and Sarah will help us with that process. So let's get started by turning the call over to our CEO, Jon Kessler.

在我們準備好的發言結束時，我們將開啟問答環節，Sarah 將幫助我們完成這個過程。因此，讓我們開始將電話轉交給我們的首席執行官 Jon Kessler。

Thank you, Richard. Hello, everyone, and thanks for joining us this afternoon. Today, we are announcing strong results for HealthEquity's fiscal 2023 third quarter. We're raising our full year outlook for fiscal 2023, and we are providing an early view, a preview to some, to fiscal 2024. I'll discuss Q3 operating results. Tyson will review the financial results in detail and provide updated guidance. And Steve is here for Q&A.

謝謝你，理查德。大家好，感謝今天下午加入我們。今天，我們宣布 HealthEquity 2023 財年第三季度的強勁業績。我們正在提高 2023 財年的全年展望，我們正在提供 2024 財年的早期觀點，對某些人進行預覽。我將討論第三季度的經營業績。泰森將詳細審查財務結果並提供更新的指導。史蒂夫來這裡是為了問答。

Let's start with reviewing the 5 key metrics that drive our business. Revenue of $216.1 million in the quarter grew 20% versus the third quarter of last year. Thanks to strong growth in HSA members, their assets and improving custodian yields and the inclusion of the acquired further business. Adjusted EBITDA of $73.4 million also grew 20% versus the third quarter of last year, reflecting revenue growth. Total accounts grew to 14.5 million, up 9% compared to last Q3. HSA members reached 7.7 million, up 23% year-over-year. And HealthEquity HSA members grew their assets to $20.2 billion at quarter's end, which was also up 23% from a year ago.

讓我們從回顧推動我們業務發展的 5 個關鍵指標開始。本季度收入為 2.161 億美元，比去年第三季度增長 20%。由於 HSA 成員的強勁增長，他們的資產和託管收益率的提高以及收購的進一步業務的納入。調整後的 EBITDA 為 7340 萬美元，與去年第三季度相比也增長了 20%，反映了收入的增長。總賬戶數增長至 1450 萬，比上一季度增長 9%。 HSA 會員達到 770 萬，同比增長 23%。截至季度末，HealthEquity HSA 成員的資產增長至 202 億美元，同比增長 23%。

Team Purple continued its strong FY '23 sales effort, adding 170,000 HSAs, up 13% from 151,000 new HSAs opened in Q3 last year. Organic account growth of 12% over the last year is well ahead of the market's 9% growth reported in Devenir's midyear assessment, which was published in September. As we complete open enrollment, we're particularly excited about what appears to be a strong showing from our network partners and conversion of enterprise cross-sell opportunities as well as increasing usage by our enterprise clients of our MaxEnroll engagement product.

Team Purple 繼續其 23 財年的強勁銷售努力，增加了 170,000 個 HSA，比去年第三季度開設的 151,000 個新 HSA 增長了 13%。去年 12% 的自然賬戶增長率遠遠高於 Devenir 9 月份發布的年中評估報告的 9% 的市場增長率。當我們完成公開註冊時，我們特別興奮的是，我們的網絡合作夥伴似乎表現強勁，企業交叉銷售機會的轉化，以及我們的企業客戶對我們 MaxEnroll 參與產品的使用增加。

Continued volatile market conditions contributed to a sequential decline in HSA invested assets of $333 million, even while HSA investing members grew 23% year-over-year and continue to fund their HSA investments. The average HSA balance of our members increased slightly year-over-year. Custodial revenue growth was very strong with higher-than-expected custodial yields in the quarter driven by robust adoption of HealthEquity's enhanced rates offering and the actions of Federal Reserve. We continue to build our enhanced rates partnerships, which will allow us to further grow HSA cash balances in that product, adding to yields in the future.

持續動蕩的市場狀況導致 HSA 投資資產連續下降 3.33 億美元，儘管 HSA 投資成員同比增長 23% 並繼續為其 HSA 投資提供資金。我們會員的平均 HSA 餘額同比略有增加。由於大力採用 HealthEquity 的增強利率產品和美聯儲的行動，託管收入增長非常強勁，本季度託管收益率高於預期。我們將繼續建立增強的利率合作夥伴關係，這將使我們能夠進一步增加該產品中的 HSA 現金餘額，從而增加未來的收益率。

Today's results and the guidance Tyson will detail in a moment include the softness in CDB administration services that we highlighted last quarter. Year-to-date service fees from CDBs themselves declined in fiscal '23 versus the same period in fiscal '22. However, with premier growth and partially recovering some of the FSA revenue attrition we saw earlier in the year in Q3, we are reporting a sequential and year-over-year increase in service fees. Excluding COBRA accounts, CDB accounts grew 3%, and we remain optimistic that our CDB services can continue to grow.

今天的結果和 Tyson 稍後將詳細介紹的指導包括我們上個季度強調的 CDB 管理服務的軟性。與 22 財年同期相比，23 財年 CDB 本身的年初至今服務費有所下降。然而，隨著第一季度的增長和部分恢復我們今年早些時候在第三季度看到的一些 FSA 收入流失，我們報告服務費連續和同比增長。不包括 COBRA 賬戶，CDB 賬戶增長了 3%，我們仍然樂觀地認為我們的 CDB 服務可以繼續增長。

With that, I will turn the call over for -- to Tyson for more details. Tyson?

有了這個，我將把電話轉給泰森了解更多細節。泰森？

Thank you, Jon.

謝謝你，喬恩。

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

我將回顧我們第三季度的 GAAP 和非 GAAP 財務業績。在今天的新聞稿中可以找到 GAAP 措施與非 GAAP 措施的調節。

Third quarter revenue increased 20% year-over-year, led by robust custodial revenue growth. Service revenue was $108.6 million, up $5.8 million or 6% year-over-year. Q3 service revenue growth included an uptick in commuters returning to work, a small increase in FSA and continued softness in COBRA revenue, as Jon mentioned.

第三季度收入同比增長 20%，主要得益於託管收入的強勁增長。服務收入為 1.086 億美元，同比增長 580 萬美元或 6%。正如喬恩提到的，第三季度服務收入增長包括重返工作崗位的通勤者增加、FSA 小幅增長以及 COBRA 收入持續疲軟。

Please note that we made an adjustment in how we calculate COBRA accounts, resulting in a $0.2 million sequential reduction in COBRA contribution to total accounts, but with no material impact on revenue or expense. Custodial revenue grew 52% to $74.6 million in the third quarter, benefiting from growth in average HSA cash combined with an uptick in annualized yield on HSA cash, partially offset by a decrease in average HSA investments.

請注意，我們對計算 COBRA 賬戶的方式進行了調整，導致 COBRA 對總賬戶的貢獻連續減少 20 萬美元，但對收入或支出沒有重大影響。第三季度託管收入增長 52% 至 7460 萬美元，這得益於平均 HSA 現金的增長以及 HSA 現金年化收益率的上升，部分被平均 HSA 投資的減少所抵消。

The annualized interest rate yield on HSA cash was 200 basis points during the third quarter of this year and 183 basis points year-to-date compared to 172 and 176, respectively, for last year. This yield is a blended rate for all HSA cash during the quarter and represented better-than-expected yield due to rate hikes, benefiting the variable rate portion of our HSA cash combined with higher enhanced rate balances in the quarter. HSA assets table of today's press release provides additional details.

今年第三季度 HSA 現金的年化利率收益率為 200 個基點，年初至今為 183 個基點，而去年分別為 172 和 176。該收益率是本季度所有 HSA 現金的混合利率，表示由於加息而產生的收益率好於預期，這有利於我們 HSA 現金的可變利率部分以及本季度更高的利率餘額。今天新聞稿的 HSA 資產表提供了更多詳細信息。

Interchange revenue grew 16% to $32.9 million compared to $28.2 million in the same quarter last year. Year-over-year growth in Q3 benefited from growth in average total accounts with cards and increased spend per account. Gross profit was $126.9 million compared to $103.3 million in the third quarter of last year. Gross margin was 59% in the third quarter of this year versus 57% in the year ago period, benefiting from increased custodial revenue and reflecting the efforts we discussed last quarter to control service costs and improved margins.

交換收入增長 16% 至 3290 萬美元，而去年同期為 2820 萬美元。第三季度的同比增長得益於平均持卡賬戶總數的增長和每個賬戶支出的增加。毛利潤為 1.269 億美元，而去年第三季度為 1.033 億美元。今年第三季度的毛利率為 59%，而去年同期為 57%，這得益於託管收入的增加，並反映了我們上個季度討論的控制服務成本和提高利潤率的努力。

Operating expenses were $121.3 million or 56% of revenue including amortization of acquired intangible assets and merger integration expenses, which together represented 14% of revenue. Operating income was $5.5 million in the third quarter compared to a loss of $0.4 million in the third quarter last year. Net loss for the third quarter was $1.6 million or a loss of $0.02 per share on a GAAP EPS basis compared to a net loss of $5 million or $0.06 per share in the prior year.

營業費用為 1.213 億美元，佔收入的 56%，包括所收購無形資產的攤銷和合併整合費用，它們合計佔收入的 14%。第三季度營業收入為 550 萬美元，而去年第三季度為虧損 40 萬美元。第三季度淨虧損為 160 萬美元或按 GAAP 每股收益計算每股虧損 0.02 美元，而去年同期為淨虧損 500 萬美元或每股虧損 0.06 美元。

Our non-GAAP net income was $32.4 million for the third quarter of this year compared to $28.9 million a year ago. Non-GAAP net income per share was $0.38 per share compared to $0.35 per share last year. Higher interest rates also increased the rate of interest we pay on the remaining $343 million Term Loan A with the current effective rate of 6.38%. Adjusted EBITDA for the quarter was $73.4 million, and adjusted EBITDA margin was 34%.

我們今年第三季度的非 GAAP 淨收入為 3240 萬美元，而一年前為 2890 萬美元。非 GAAP 每股淨收入為每股 0.38 美元，而去年為每股 0.35 美元。更高的利率也提高了我們為剩餘的 3.43 億美元定期貸款 A 支付的利率，當前有效利率為 6.38%。本季度調整後的 EBITDA 為 7340 萬美元，調整後的 EBITDA 利潤率為 34%。

For the first 9 months of fiscal '23, revenue was $627.9 million, up 13% compared to the first 9 months of last year. GAAP net loss was $25.9 million or $0.31 per diluted share. Non-GAAP net income was $83.2 million or $0.99 per diluted share, and adjusted EBITDA was $198.7 million, up 7% from the prior year resulting in 32% adjusted EBITDA margin for the first 9 months of the fiscal year.

在 23 財年的前 9 個月，收入為 6.279 億美元，比去年前 9 個月增長 13%。 GAAP 淨虧損為 2590 萬美元或每股攤薄虧損 0.31 美元。非 GAAP 淨收入為 8320 萬美元或每股攤薄收益 0.99 美元，調整後的 EBITDA 為 1.987 億美元，比上年增長 7%，導致本財年前 9 個月的調整後 EBITDA 利潤率為 32%。

Turning to the balance sheet. As of October 31, 2022, we had $210 million of cash and cash equivalents with $927 million of debt outstanding net of issuance costs. This includes the $343 million of variable rate debt. There are no outstanding amounts drawn on our $1 billion line of credit.

轉向資產負債表。截至 2022 年 10 月 31 日，我們擁有 2.1 億美元的現金和現金等價物，扣除發行成本後的未償還債務為 9.27 億美元。這包括 3.43 億美元的可變利率債務。我們 10 億美元的信貸額度中沒有未清償的金額。

We are providing the following updates to our guidance for fiscal '23. We are increasing our revenue estimates for fiscal '23 to range between $850 million and $860 million. We expect our GAAP net loss to be in the range of $34 million to $27 million. We are increasing non-GAAP net income to be between $106 million and $114 million, reflecting increased interest expense, partially offsetting the benefit of higher operating income. Resulting in non-GAAP diluted net income between $1.26 and $1.35 per share based upon an estimated 84 million shares outstanding for the year. We are raising our adjusted EBITDA estimate to be between $261 million and $271 million.

我們正在為我們的 23 財年指南提供以下更新。我們正在將 23 財年的收入預估上調至 8.5 億美元至 8.6 億美元之間。我們預計我們的 GAAP 淨虧損將在 3400 萬至 2700 萬美元之間。我們將非 GAAP 淨收入增加到 1.06 億美元至 1.14 億美元之間，這反映了利息支出的增加，部分抵消了營業收入增加的好處。根據本年度估計的 8400 萬股流通股，導致非 GAAP 每股攤薄淨收益在 1.26 美元至 1.35 美元之間。我們將調整後的 EBITDA 估計值提高到 2.61 億美元至 2.71 億美元之間。

Today's guidance includes our most recent estimate of service, custodial and interchange revenue and expense based on results to date. On service revenue, today's guidance reflects continued solid performance of core HSA offering, offsetting the full year impact of the same COBRA service fee headwinds observed year-to-date.

今天的指南包括我們根據迄今為止的結果對服務、保管和交換收入和費用的最新估計。在服務收入方面，今天的指引反映了核心 HSA 產品的持續穩健表現，抵消了年初至今觀察到的相同 COBRA 服務費逆風的全年影響。

We remain cautious on increased commuter uptick. Based on the strong sales outlook Jon discussed and continuing labor market tightness, today, the guidance assumes incremental service costs during Q4 comparable to those experienced last year. On custodial revenue, today's guidance assumes a full year yield on HSA cash of approximately 190 basis points based upon current conditions and expected HSA cash placements in the fourth quarter.

我們對通勤率上升持謹慎態度。基於喬恩討論的強勁銷售前景和持續的勞動力市場緊張，今天，該指南假設第四季度的增量服務成本與去年相比。在託管收入方面，今天的指引假設 HSA 現金的全年收益率約為 190 個基點，基於當前狀況和第四季度預期的 HSA 現金安置。

Our guidance for this year does not assume additional increases or decreases in the overnight debt funds rate or other changes in macroeconomic policy for the remainder of the fiscal year. Our guidance reflects the continued shift of our HSA member building and moving HSA assets to investments. Nonetheless, with current rates rising, our market-driven formula push the interest rates that we pay our members on their HSA cash balances up 5 basis points for the upcoming fourth quarter this year. We expect increases of a similar magnitude will continue over time under current conditions. In the same vein, today's guidance reflects additional interest expense for HealthEquity's variable rate debt for the remainder of fiscal '23 based on current conditions without factoring in additional overnight Fed fund's rate hikes for the remainder of the year.

我們今年的指引不假設隔夜債務基金利率或本財年剩餘時間內宏觀經濟政策的其他變化。我們的指引反映了我們 HSA 成員建設和將 HSA 資產轉向投資的持續轉變。儘管如此，隨著當前利率的上升，我們以市場為導向的公式將我們支付給會員的 HSA 現金餘額利率在即將到來的今年第四季度提高了 5 個基點。我們預計在當前條件下，隨著時間的推移，類似幅度的增長將持續下去。同樣，今天的指引反映了根據當前情況，HealthEquity 在 23 財年剩餘時間的可變利率債務的額外利息支出，而不考慮今年剩餘時間隔夜美聯儲基金的額外加息。

We assume a projected statutory income tax rate of approximately 25% and a diluted share count of 84 million. We are also providing the following initial guidance for fiscal year 2024. We expect revenue to be between $950 million and $970 million. We expect margin will expand with adjusted EBITDA growing to approximately 33% to 34% of revenue in fiscal 2024. This initial guidance is based on an estimated HSA cash yield of 225 basis points based on our view of interest rate conditions during that period. Today's guidance does not include any additional portfolio acquisitions in fiscal '23 or '24, and reflects anticipated inflationary impacts on costs including continued higher interest rates paid to HSA members and health care usage rates reported in this quarter and included in our fiscal '23 guidance.

我們假設預計的法定所得稅稅率約為 25%，稀釋後的股份數為 8400 萬股。我們還為 2024 財年提供以下初步指導。我們預計收入將在 9.5 億美元至 9.7 億美元之間。我們預計利潤率將隨著調整後的 EBITDA 增長到 2024 財年收入的 33% 至 34% 左右而擴大。這一初步指導是基於我們對該期間利率狀況的看法所估計的 225 個基點的 HSA 現金收益率。今天的指南不包括 23 財年或 24 財年的任何額外投資組合收購，並反映了預期的通貨膨脹對成本的影響，包括本季度報告的支付給 HSA 成員的持續更高的利率和醫療保健使用率，並包含在我們的 23 財年指南中.

As we have done in recent reporting periods, our full fiscal 2023 guidance includes a 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 intangible assets is being excluded from non-GAAP net income, the revenue generated from those acquired intangibles is not excluded. However, a reconciliation of our adjusted EBITDA outlook for the fiscal year ending January 31, 2024, to net income, its most directly comparable GAAP measure is not included because our net income outlook for this future period is not available without unreasonable efforts as we are unable to predict the ultimate outcome of certain significant items excluded from this non-GAAP measure, such as depreciation and amortization, stock-based compensation and income tax provision or benefit.

正如我們在最近的報告期所做的那樣，我們完整的 2023 財年指南包括 GAAP 與收益發布中提供的非 GAAP 指標的對賬，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被排除在非 GAAP 淨收入之外，但這些收購的無形資產產生的收入並未被排除在外。然而，我們對截至 2024 年 1 月 31 日的財政年度的調整後 EBITDA 展望與淨收入的調節，其最直接可比的 GAAP 衡量指標未包括在內，因為如果沒有不合理的努力，我們無法獲得這一未來時期的淨收入展望，因為我們無法預測排除在該非 GAAP 措施之外的某些重要項目的最終結果，例如折舊和攤銷、基於股票的薪酬和所得稅撥備或福利。

With that, I'll turn it over to Jon. Thanks.

有了這個，我會把它交給喬恩。謝謝。

That part at the end is good. It was good.

最後那部分很好。這很好。

I'd like to close the formal part of this by thanking our individual contributors, both at HealthEquity and from our clients and partners that have, to date, delivered a deep purple open enrollment season, are finishing that up and getting ready to deliver an equally impressive onboarding season in January. It's their work that has set us up for what we expect to be a very busy and productive end of this year, and as Tyson's indicated, a very healthy next year. And so I thought it was appropriate just to say thank you.

我想通過感謝我們在 HealthEquity 以及我們的客戶和合作夥伴的個人貢獻者來結束正式部分，他們迄今為止已經完成了深紫色的開放註冊季，正在完成並準備交付一月份同樣令人印象深刻的入職季節。正是他們的工作讓我們為今年年底的預期非常忙碌和富有成效，以及正如泰森食品所指出的那樣，明年非常健康。所以我認為說聲謝謝是合適的。

With that, let's open the call up to questions. Operator?

有了這個，讓我們打開問題的電話。操作員？

(Operator Instructions) Our first question comes from Stephanie Davis with SVB Securities.

（操作員說明）我們的第一個問題來自 SVB 證券公司的斯蒂芬妮戴維斯。

I was a little surprised to see preliminary guidance this soon, one, and two, see the preliminary guidance factors in what feels like a relatively conservative yield assumption. So I was hoping you could tell us a little bit more about the decision process and what weighs into all of that.

我有點驚訝地看到初步指導，第一，第二，在相對保守的收益率假設中看到初步指導因素。所以我希望你能告訴我們更多關於決策過程的信息，以及所有這些過程中的權重。

Tyson, you want to speak to the reason to do guidance?

泰森，你要講道理做指導？

Yes, yes. Stephanie, good to hear from you. We wanted to get guidance out a little bit earlier this year just to give people a view into next year based on the conversations that we've had about placements and those type of things. One thing to keep in mind directly to your question on yield is we're estimating that based on our current view of what the consensus says about the macroeconomy.

是的是的。斯蒂芬妮，很高興收到你的來信。我們想在今年早些時候發布一些指導意見，以便根據我們就安置和此類事情進行的對話讓人們對明年有一個看法。對於你關於收益率的問題，要直接記住的一件事是，我們正在根據我們目前對宏觀經濟的共識所說的看法進行估計。

And the other thing, Stephanie, that's important to keep in mind on that is that we're going to have a lot less variable cash, HSA cash as well, so there won't be as much impact from that. It's kind of been a very different year in fiscal '23, with the Fed rate movements, moving that yield up and then subsequently having us raise guidance based off of that. We're doing it a little bit different this year with regards to the fact that there's less of that cash share because we've been able to place it due to the demand, and then also just considering the way that we're actually doing guidance, we're trying to get a wholesale view on the year.

斯蒂芬妮，另一件事，重要的是要記住，我們將擁有更少的可變現金，HSA 現金，所以不會有那麼大的影響。在 23 財年，這是非常不同的一年，美聯儲利率變動，使收益率上升，然後我們據此提高了指導。今年我們的做法有點不同，因為現金份額較少，因為我們已經能夠根據需求放置它，然後也只是考慮我們實際做的方式指導，我們正試圖對這一年有一個全面的了解。

So thinking about the kind of delta and guidance philosophy between FY '24 versus FY '23, is it safe to just assume that you're not assuming as much potential upside? Or is there anything else to call out an enhanced rate floating, all the other toggles that have been so beneficial this year?

因此，考慮 24 財年與 23 財年之間的增量和指導理念，是否可以安全地假設您沒有假設那麼多的潛在上行空間？或者還有什麼可以呼籲提高利率浮動，所有其他今年如此有益的切換？

Well, I mean, we're -- or if you look at it from a midpoint to midpoint perspective, Stephanie, we're forecasting double-digit top line growth and profitability on an EBITDA basis that's like twice as -- with EBITDA growing twice as fast as that year to date. And...

好吧，我的意思是，我們 - 或者如果你從中點到中點的角度來看，斯蒂芬妮，我們預測 EBITDA 的兩位數增長和盈利能力是 - EBITDA 增長的兩倍是當年迄今為止的兩倍。和...

I know. It's like a punk bringing this up and being like, "It's not high enough, guys. What is this?"

我知道。這就像一個朋克提出這個問題，然後說，“這還不夠高，伙計們。這是什麼？”

Right. Right. So like -- I'm kind of like -- we felt like this will be the first time we've ever given guidance ahead of the year. The reason that we're doing that is -- as Tyson suggested is, one, because we have a great deal of confidence in the year; two, because we have a great deal of visibility; and three, to set a baseline. And we'll have plenty of opportunities to take more bites at this apple and we'll see how both -- obviously, our sales season finishes up in the past. We've, I think, generally underpredicted our sales season, which is sort of how we do things, as you know. But we'll see how our sales season finishes up. We'll see how things like FSA enrollment finishes up. Obviously, we'll see what happens in the broader economy. But we thought that this set a pretty darn healthy baseline for going into fiscal '24.

正確的。正確的。所以就像——我有點像——我們覺得這將是我們第一次提前給出指導。我們這樣做的原因是——正如泰森所說，第一，因為我們對這一年充滿信心；第二，因為我們有很高的知名度；第三，設定基線。我們將有很多機會在這個蘋果上多咬一口，我們會看到這兩個 - 顯然，我們的銷售季節在過去結束了。我認為，我們通常低估了我們的銷售季節，正如您所知，這就是我們做事的方式。但我們會看到我們的銷售季節將如何結束。我們將看看 FSA 註冊之類的事情是如何完成的。顯然，我們將看到更廣泛的經濟領域會發生什麼。但我們認為這為進入 24 財年設定了一個非常健康的基線。

Our next question comes from Anne Samuel with JPMorgan.

我們的下一個問題來自摩根大通的安妮塞繆爾。

Thanks for providing the guidance, really helpful. I was wondering if maybe you could talk about how your selling season is shaping up this year and just what conversations with your customers are like just given the current macro environment.

感謝提供指導，真的很有幫助。我想知道您是否可以談談今年的銷售季節如何形成，以及在當前的宏觀環境下與客戶的對話是什麼樣的。

Steve, do you want to on this one?

史蒂夫，你想听這個嗎？

Sure. Anne, yes, look, I mean, I was in the field yesterday with a bunch of our sales leaders and one of our partners, and I think there's some real genuine enthusiasm the way that the year is finishing up. Just as you know, we -- it was still unsettled over the last 2 or 3 cycles because of everything that's going on in the economy.

當然。安妮，是的，你看，我的意思是，昨天我和我們的一群銷售主管和我們的一位合作夥伴一起在現場，我認為今年結束的方式有一些真正的熱情。正如你所知，我們 - 由於經濟中發生的一切，在過去的 2 或 3 個週期中它仍然不穩定。

Now of course, there's concern about the upcoming recession and whether that may impact some sales. But I can tell you that both from our direct sales to clients and ourselves through our partners, our health and partners and their partners. And then even we mentioned a little bit in the prepared remarks about this MaxEnroll process. And I think we're really kind of excited with the way the year is turning out.

當然，現在人們擔心即將到來的經濟衰退以及這是否會影響某些銷售。但我可以告訴你，無論是通過我們的合作夥伴、我們的健康和合作夥伴以及他們的合作夥伴，我們直接向客戶和我們自己銷售。然後我們甚至在準備好的評論中提到了一點有關此 MaxEnroll 流程的內容。我認為我們對這一年的結果感到非常興奮。

And obviously, we won't know all the numbers. We say this every year at this time until we've -- actually, were close to January. And last January was such a bumper crop year that we've got a lot of work to do to even keep those numbers, but we're feeling pretty good about the year.

顯然，我們不會知道所有的數字。我們每年的這個時候都這麼說，直到我們——實際上，接近一月份。去年 1 月是一個豐收年，我們需要做很多工作才能保持這些數字，但我們對這一年感覺非常好。

That's great to hear. And then I was hoping maybe just one on the enhanced rate products. One, how should we be thinking about that yield relative to your overall yield? And how should we be thinking about what the contribution was to the yield that you guided? I think last year, 10% penetration gave you about 10 basis points of yield.

聽到這個消息我很高興。然後我希望也許只有一個關於提高利率的產品。第一，我們應該如何考慮相對於您的總收益率的收益率？我們應該如何考慮對您指導的產量的貢獻是什麼？我想去年，10% 的滲透率給了你大約 10 個基點的收益率。

Yes, we've previously said that our goal was to get to about 20% penetration by the end of the year and that we felt like we were likely to exceed that. And I still think that's true. So it did make a contribution.

是的，我們之前曾說過，我們的目標是到今年年底達到 20% 左右的滲透率，我們覺得我們可能會超過這個目標。我仍然認為這是真的。所以它確實做出了貢獻。

And as we've talked about before, the enhanced rate product produces gross yield that give or take, and we've talked about this before, maybe a 75-ish basis point premium to what we're seeing from our deposit products. And so I think you can kind of do a little bit of math from there. The way we look at it, though, 1 of the biggest -- well, 2 thoughts. One is -- we have a long way to go with this. This is going to be a benefit to -- this is going to be a tailwind for us for many years to come.

正如我們之前討論過的那樣，提高利率產品產生的總收益率是給予或接受的，我們之前已經討論過這一點，可能比我們從存款產品中看到的溢價 75 個基點。所以我認為你可以從那裡做一些數學運算。不過，我們看待它的方式是最大的 1 個——好吧，2 個想法。一是——我們還有很長的路要走。這將是一個好處——這將成為我們未來許多年的順風。

As Tyson commented, we've added incremental partners this period to the enhanced rates product, sort of the equivalent of adding banks in the early days on the deposit side. It makes all of our placements more competitive. And that's just a good thing, both in terms of aggregate rates, but I think also in terms of stability, as you see all this kind of variability on rates back and forth.

正如 Tyson 評論的那樣，我們在此期間將增量合作夥伴添加到增強利率產品中，這相當於早期在存款方面添加銀行。它使我們所有的展示位置更具競爭力。就總利率而言，這是一件好事，但我認為就穩定性而言也是如此，因為你會看到所有這些利率來回變化。

So it helped us a little bit going into fiscal '24. It helped us a little bit in fiscal '23. I mean you'll recall at the start of the year, we were -- what were we guiding to at the start of the year? 150 basis points? 155 basis points? I can't remember now.

因此，它對我們進入 24 財年有所幫助。它在 23 財年對我們有所幫助。我的意思是你會記得在年初，我們 - 我們在年初指導什麼？ 150個基點？ 155個基點？我現在不記得了。

165.

165.

165, thank you. That's Richard, sir Richard. And so it helped us along with the Fed's actions this year. And again, whatever the Fed does, this will continue to be a nice tailwind for us for a long time to come.

165，謝謝。那是理查德，理查德爵士。因此，它與美聯儲今年的行動一起幫助了我們。再一次，無論美聯儲做什麼，這將在未來很長一段時間內繼續成為我們的順風車。

The next question comes from Greg Peters with Raymond James.

下一個問題來自 Greg Peters 和 Raymond James。

Team Purple and sir Richard, I guess the first question I wanted to ask is about just the HSA total assets that you reported as of October 31, 2022. In the press release, you commented on the growth on a year-over-year basis. But if I look at the number relative to where it was at January 31, 2022, it's not growing as fast. So maybe you can speak to the cadence of total HSA asset growth.

紫色團隊和理查德爵士，我想我想問的第一個問題是關於您截至 2022 年 10 月 31 日報告的 HSA 總資產。在新聞稿中，您評論了同比增長.但如果我看一下相對於 2022 年 1 月 31 日的數字，它的增長速度就沒有那麼快了。所以也許你可以談談 HSA 總資產增長的節奏。

Yes. The primary factor that has been driving the deceleration in asset growth during the -- on a sequential basis has really been -- it's something we commented on in the text, and that's a decline in asset values over the period. So I think we actually tried to quantify that a little bit in the text.

是的。在連續的基礎上，推動資產增長減速的主要因素確實是——這是我們在文本中評論的內容，即在此期間資產價值的下降。所以我認為我們實際上試圖在文本中對此進行一些量化。

And what, I guess, I would say is remarkable and helpful is that during that period, that we haven't seen fundamental changes in consumer contribution behavior or the like, I do think there's been a little bit of a pullback that's just based on exactly what you would expect when you have high inflation, you tend to have those savings rates, that kind of thing. But that is very modest. And the biggest effect that we've seen there is market net asset value. So those have a way of, as you well know, kind of reverting to a mean. So we're just going to keep trying to do our thing. And I think over time, that will work itself out just fine.

而且，我想，我想說的是值得注意和有幫助的是，在那段時間裡，我們沒有看到消費者貢獻行為等方面的根本變化，我確實認為有一點回調只是基於正是你在高通脹時所期望的那樣，你往往會有那些儲蓄率，諸如此類。但這是非常謙虛的。我們看到的最大影響是市場淨資產價值。因此，正如您所知，它們有一種回歸均值的方式。所以我們將繼續努力做我們的事情。而且我認為隨著時間的推移，這會很好地解決問題。

Okay. And then, I guess, my follow-up question from the macro perspective. Last time rates started to move up, which was some time ago, we started to see some changes in competitive behavior around their attitudes of service revenue versus custodial revenue versus interchange. And I thought -- I was just wondering if there's been any noticeable change in the competitive landscape favoring custodial versus service considering the movement in rates, et cetera.

好的。然後，我想，我從宏觀角度提出的後續問題。上一次費率開始上升是在一段時間之前，我們開始看到圍繞他們對服務收入、保管收入和交換的態度的競爭行為發生了一些變化。我想——我只是想知道，考慮到費率的變動等，競爭格局是否有利於保管與服務的明顯變化。

I'd like to believe, Greg, that people have gotten a lot smarter about this, recognizing that rates go up and rates go down. What I do think is the case that it is that if you look at this, let's say, 3 -- well, certainly at the start of the pandemic, right, as you'll recall, I remember you asking a question about negative rates. Obviously, it's not just that we're far from that. It's that I think it's fair to say that the consensus of what a normalized rate environment looks like actually is probably not -- it's a -- it's clearly, it is not 0, it is not 1, it is not 2.

格雷格，我想相信人們在這方面變得更加聰明，認識到利率上升和下降。我認為的情況是，如果你看看這個，比方說，3 - 好吧，當然是在大流行開始時，對，正如你記得的那樣，我記得你問過一個關於負利率的問題.顯然，不僅僅是我們離那很遠。我認為可以公平地說，關於標準化利率環境實際上是什麼樣子的共識可能不是——它是——很明顯，它不是 0，不是 1，不是 2。

And so I think people kind of understand that a little better. And so we're not seeing quite of the same sort of, I'm going to call it -- where some people were like, "Oh, this is going to last forever. Let's do X, Y or Z on 5-year agreements." But it's a piece of the puzzle in terms of aggregate service fees.

所以我認為人們有點理解這一點。所以我們沒有看到完全相同的類型，我將稱之為 - 有些人就像，“哦，這將永遠持續下去。讓我們在 5 年內做 X、Y 或 Z協議。”但就總服務費而言，這是一個難題。

I also point out, too, that, as you know, but others might not, our service fee revenue today comes primarily from our CDB products. Our HSA service revenue on a year-over-year basis is growing at more or less -- as I think I said in the commentary, it's more or less the rate of account growth. CDB is where we've been more challenged as we discussed last quarter and the quarter before, which is not fundamentally about competition, it's fundamentally about some of our challenges as we finished up the CDB side of the WageWorks migration.

我還指出，正如你所知，但其他人可能不知道，我們今天的服務費收入主要來自我們的 CDB 產品。我們的 HSA 服務收入同比增長或多或少——正如我在評論中所說，這或多或少是賬戶增長率。正如我們在上個季度和前一個季度討論的那樣，CDB 是我們面臨更大挑戰的地方，這從根本上與競爭無關，它從根本上與我們完成 WageWorks 遷移的 CDB 方面的一些挑戰有關。

But look, I've always said there's some level of, for lack of a better term, elasticity between service fees and rates. But I do think people are a little bit -- let's say, I think, a little bit smarter about the fact that they have to look at normalized rates over an extended period of time as opposed to what yesterday's Fed funds rate was.

但是你看，我總是說服務費和費率之間存在一定程度的彈性，因為沒有更好的術語。但我確實認為人們有點 - 比方說，我認為，他們必須在較長一段時間內關注正常化利率，而不是昨天的聯邦基金利率。

The next question comes from Glen Santangelo with Jefferies.

下一個問題來自 Jefferies 的 Glen Santangelo。

Jon and Tyson, I just wanted to unpack this '24 guidance in a little bit more detail. If you look at sort of this -- the third quarter results, you put up a 34% gross margin and your initial fiscal '24 guidance is calling for an EBITDA margin of 33% to 34%. So it looks like it takes a little bit of a step back, which is a little bit surprising just given the growth in the custodial revenues and given the gross margins around that custodial business. So Tyson, I was wondering if you could unpack the margins a little bit and give us a sense for what you're assuming in '24 because I don't know if it's pricing, I don't know if it's a mix of business lines that may be driving that margin one way or another.

喬恩和泰森，我只是想更詳細地解開這份 24 世紀指南。如果你看一下這個——第三季度的結果，你提出了 34% 的毛利率，而你最初的 24 財年指導要求 EBITDA 利潤率為 33% 到 34%。所以它看起來有點後退了一步，考慮到託管收入的增長和託管業務的毛利率，這有點令人驚訝。所以泰森，我想知道你是否可以稍微拆開利潤率，讓我們了解你在 24 年的假設，因為我不知道它是否定價，我不知道它是否是業務組合可能以某種方式推動利潤率的線路。

Yes, I mean, the first thing to really keep in mind -- I mean, one thing just don't look at last year Q4 and just the seasonality of our business. And so when you look at -- if you backed into the margin for Q4 of last year, it's essentially 25% EBITDA. Now we're trending a little better because we've got the custodial revenue element in there, but this is really about the service costs coming into play. And I mentioned in the script that they'd be pretty much equivalent in the Q4 time period as to what they were last year as far as that increase that happens between Q3 and Q4.

是的，我的意思是，首先要真正記住的是——我的意思是，有一件事不要看去年第四季度，也不要看我們業務的季節性。所以當你看——如果你支持去年第四季度的利潤率，它基本上是 25% 的 EBITDA。現在我們的趨勢好一些，因為我們在那裡有託管收入元素，但這實際上是關於服務成本的影響。我在腳本中提到，就第三季度和第四季度之間發生的增長而言，它們在第四季度的時間段與去年的情況幾乎相當。

So blending the quarters together, Q3 is always going to be a strong EBITDA margin quarter versus Q4 and say -- particularly even Q1 of this year, we talked about some of the service costs that we had thrown into that blend. And so that's why -- so when you then blend that together for that guidance for next year and you think about a 33% to a 34%, it's essentially picking up all those quarters, if you will, but still having that same seasonality trending across the respective quarters. Hopefully, that helps.

因此，將這些季度混合在一起，與第四季度相比，第三季度始終是一個強勁的 EBITDA 利潤率季度，並且說 - 特別是今年第一季度，我們談到了我們投入其中的一些服務成本。這就是為什麼 - 所以當你將它們混合在一起以獲得明年的指導時，你會想到 33% 到 34%，如果你願意的話，它基本上會增加所有這些季度，但仍然具有相同的季節性趨勢跨越各自的季度。希望這會有所幫助。

And the other thing...

還有一件事……

Let me just say one -- just on the implied guide, I just wanted to make a -- you had said gross margin. It's -- on the EBITDA margin side, it is like, what, 33%?

讓我只說一個 - 就隱含指南而言，我只是想做一個 - 你說過毛利率。它是 - 在 EBITDA 利潤率方面，它就像，什麼，33%？

Yes. If you looked in our guide now, it's like 31%, 32% for this year for FY '21. So I look at that like a 200 basis point expansion.

是的。如果您現在查看我們的指南，今年的 21 財年大約為 31%、32%。所以我將其視為 200 個基點的擴張。

Exactly, yes. I just wanted to make sure that...

沒錯，是的。我只是想確定...

I mean that's the core point, we're forecasting in this thing, give or take, depending on what midpoint, whatever, somewhere between 200- and 300-point expansion in EBITDA margins. And that doesn't seem shabby. It's obviously the case that we -- our view is that we're going to look at how we do this fourth quarter, and that will have some impact on our -- on any guidance revisions as well, ultimately, unit sales and all that kind of stuff. But similar to the -- to Stephanie's question, it seems like a good start.

我的意思是這是核心點，我們預測這件事，給予或接受，取決於什麼中點，無論如何，EBITDA 利潤率在 200 到 300 點之間的某個地方擴張。這看起來並不寒酸。很明顯，我們 - 我們的觀點是我們將研究第四季度的表現，這將對我們 - 任何指導修訂以及最終的單位銷售和所有這些產生一些影響那種東西。但與斯蒂芬妮的問題類似，這似乎是一個好的開始。

Yes, I think I get it. I just wanted to make sure that I wasn't missing anything. And Jon, just one other I wanted to ask you was, for better or worse, many investors are just looking at the stock as a rate trade. I was wondering if you could maybe take a step back and give us some thoughts around the CDB businesses.

是的，我想我明白了。我只是想確保我沒有遺漏任何東西。喬恩，我想問你的另一個問題是，無論好壞，許多投資者只是將股票視為利率交易。我想知道你是否可以退後一步，給我們一些關於國開行業務的想法。

Clearly, maybe they've been a little bit slower to recover than what you maybe would have thought. I'm just trying to get your sense for how we think about that on a go-forward basis and how those CDB businesses should impact the growth algorithm in '24 and beyond.

顯然，他們的恢復速度可能比您想像的要慢一些。我只是想讓你了解我們如何在前進的基礎上考慮這一點，以及這些 CDB 業務應該如何影響 24 世紀及以後的增長算法。

Yes. Let me first say, I think that while I understand why investors may do that, particularly if they're modeling out many years, whatever rate you apply times corpus of 0 equal 0. And mostly what this company has done over the course of time is it has managed to grow the underlying asset base that it manages of what are ultimately a large number of very small accounts and then -- in terms of the cash.

是的。首先讓我說，我認為雖然我理解為什麼投資者可能會這樣做，特別是如果他們已經建模了很多年，但無論你應用什麼比率乘以 0 的語料庫都等於 0。主要是這家公司在一段時間內所做的事情它是否已經成功地擴大了它管理的基礎資產基礎，最終是大量非常小的賬戶，然後——就現金而言。

And so I do think that the sort of underlying -- the first underlying point before you get to CDBs and all of that, is the underlying growth in what you might think of as units. In this case, units are accounts, HSAs and dollars. And those have -- as we reported today, I think, over time, consistently grown pretty well, both in -- just on their own terms and then relative to market.

因此，我確實認為，在你進入 CDB 之前的第一個基礎點是你可能認為的單位的潛在增長。在這種情況下，單位是賬戶、HSA 和美元。正如我們今天報導的那樣，我認為，隨著時間的推移，它們一直保持良好的增長，無論是在他們自己的條件下，還是在相對於市場的情況下。

Specific to the CDB business, we said at the -- first of all, we said at the beginning of the year that we were going to see softness this -- in this business. And we talked about basically trying to grow the HSA component of the business to get to a place where by the end of the year, it was through 60% of total revenue. We're basically there through 3 -- into this third quarter, and that growth will continue into the fourth.

具體到 CDB 業務，我們在 - 首先，我們在今年年初表示，我們將看到這一業務的疲軟。我們談到了基本上試圖增加業務的 HSA 部分，到年底達到總收入的 60%。我們基本上是通過 3 - 進入第三季度，這種增長將持續到第四季度。

So the first point I want to make on this one is, is that we are very focused on growing the HSA business, which is our core and where we're a market leader. What I think we are on CDB is -- and I tried to allude to this in the commentary is -- we wanted to get this to a place where it was sort of stable, where we weren't talking about this legislative thing or that transition thing or that platform thing causing a $5 million surprise here or there. And I think that, that's the way I would look at the performance thus far.

因此，我想就此提出的第一點是，我們非常專注於發展 HSA 業務，這是我們的核心，也是我們的市場領導者。我認為我們在 CDB 上的情況是——我試圖在評論中提到這一點——我們想讓它達到一個穩定的狀態，我們不在討論這個或那個立法問題過渡事物或平台事物在這里或那裡引起了 500 萬美元的驚喜。我認為，這就是我看待迄今為止表現的方式。

And the next step in this, in my mind, will be to see what actually we get out of consumer enrollment in the CDB products, particularly the FSA, which is the biggest component of all of that, right, in the current open enrollment season. We -- the assumption underlying our current look at '24 is I'm going to say -- I don't want to say conservative, that's not the right word, but it reflects what we've seen to date and -- but we'll see what we actually get.

在我看來，下一步將是看看我們實際上從 CDB 產品的消費者註冊中得到了什麼，特別是 FSA，這是所有這些產品中最大的組成部分，對吧，在當前的開放註冊季節.我們——我們目前對 24 世紀的看法所依據的假設是——我不想說保守，這不是正確的詞，但它反映了我們迄今為止所看到的——但是我們會看到我們實際得到的。

And we'll be able to talk about it at JPM in a few weeks and then ultimately, refine our guidance accordingly. But I think that's the next step is to see enrollment growth at the consumer level. And we've done some things this year that really should help us there around how we engage with consumers that -- kind of maybe their egg got scrambled a little bit on this one during the pandemic, but -- and we're hoping to see real benefits from that, but I want to actually see them first before I project it.

我們可以在幾週後在摩根大通討論它，然後最終相應地完善我們的指導。但我認為下一步是看到消費者層面的入學率增長。今年我們做了一些事情，這些事情確實應該幫助我們解決如何與消費者互動的問題——在大流行期間，他們的雞蛋可能在這個雞蛋上有點亂，但是——我們希望從中看到真正的好處，但我想在投影之前先實際看到它們。

Our next question comes from Scott Schoenhaus with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Scott Schoenhaus。

Jon and team, apologies, I'm fighting a cold here. So apologies for the nasal voice.

喬恩和他的團隊，抱歉，我感冒了。所以為鼻音道歉。

They say it's a cold, but you never know. Like that's the problem. Everyone says it's a cold or allergies or something. But you're on the phone, so I guess it's okay.

他們說這是感冒，但你永遠不知道。就像這就是問題所在。每個人都說這是感冒或過敏什麼的。但你正在打電話，所以我想沒關係。

I tested negative so far, we'll see what it develops into.

到目前為止，我的測試結果為陰性，我們將看看它會發展成什麼。

Turn it in nonetheless.

儘管如此，請將其打開。

We want to see it. I'm kidding.

我們想看到它。我在開玩笑。

By the way, [in our company -- it works over at this point, that's the problem].

順便說一句，[在我們公司——它在這一點上工作，這就是問題所在]。

Yes, yes. We want a full battery of tests.

是的是的。我們想要一整套測試。

All right. Go ahead. Do what's easier.

好的。前進。做更容易的事情。

And I did pick this up from my daughter at day care so it might be RSV. But anyway, so I'm not going to ask you a question about rate. I just wanted to talk about the interchange revenue. It came down 12% sequentially. I think that's more than normal trends. What's driving that? What are you seeing so far in November and December? I'm just trying to kind of extrapolate the spending behavior from customers on the health care system. Obviously, it's a broader talking point in health care, weaker or better-than-expected volumes heading into this 4Q -- calendar 4Q. So any color would be appreciated.

我確實在日託中心從我女兒那裡得到了這個，所以它可能是呼吸道合胞病毒。但無論如何，所以我不會問你關於費率的問題。我只想談談交換收入。它連續下降了 12%。我認為這超出了正常趨勢。是什麼推動了它？到目前為止，您在 11 月和 12 月看到了什麼？我只是想從某種程度上推斷客戶在醫療保健系統上的消費行為。顯然，這是醫療保健領域的一個更廣泛的話題，進入這個第四季度 - 日曆第四季度的數量低於或高於預期。所以任何顏色都會受到讚賞。

Yes. It's -- we're up -- let me just say we're up, I want to say, 16% or 17%, something like that year-on-year. Thank you. And so that's good. But I think typically, Q3 is seasonally our softest quarter for interchange revenue. And that was true here. We saw a little -- if you look at the different account types, there was a little more softness on the FSA side than in the HSA world.

是的。它——我們上升了——我只想說我們上升了，我想說，16% 或 17%，與去年同期相比。謝謝你。所以這很好。但我認為通常情況下，第三季度是我們交換收入最疲軟的季節性季度。這就是事實。我們看到了一點——如果你看一下不同的賬戶類型，FSA 方面比 HSA 世界更柔軟。

But your -- this is a tough one to predict, and it does bounce around just a little bit to the tune of a couple of hundred thousand dollars here and/or there in either direction in a given month. So that's kind of my thought about it. I mean ultimately, what's going to drive interchange over the long term is having more accounts and having people comfortable contributing to those accounts -- and that's what ultimately they're spending, if that makes any sense.

但是你的——這是一個很難預測的事情，它確實在給定的月份裡在這里和/或那裡向任何一個方向反彈了幾十萬美元。這就是我的想法。我的意思是，最終，從長遠來看，推動交流的是擁有更多的賬戶，並讓人們樂於為這些賬戶做出貢獻——如果這有意義的話，這就是他們最終要花的錢。

But Tyson, anything to really add to that?

但是泰森，還有什麼要補充的嗎？

I don't really have anything to add other than to say I think you're doing some math on that. I don't think it exceeded my expectations by any means. And I think it was maybe a little lighter, but I think it was well within the window of how I think about forecasting and think of it as that. So I didn't see anything particularly other than what Jon mentioned there. I mean the commuter stuff continue to increase a little bit, so that's always a positive sign that, that continues to kind of be a tailwind. That's probably the last comment I'll make on it.

除了說我認為你正在做一些數學運算之外，我真的沒有什麼要補充的。我認為它無論如何都沒有超出我的預期。而且我認為它可能更輕一些，但我認為它完全在我如何看待預測並認為它是那樣的範圍內。因此，除了 Jon 在那裡提到的內容之外，我沒有看到任何特別的內容。我的意思是通勤者的東西繼續增加一點，所以這始終是一個積極的信號，這仍然是一種順風。這可能是我要對此發表的最後評論。

Great. Just my last follow-up, I wanted to look to kind of the self-help story of your margins. Is the further acquisition now complete as we enter the 1-year anniversary? Are there any cost synergies that are taking the guidance at this point? And then secondly, are you guys still consolidating more real estate?

偉大的。只是我的最後一次跟進，我想看看你的利潤率的自助故事。在我們進入 1 週年之際，進一步的收購現在是否已經完成？目前是否有任何成本協同效應正在採取指導方針？其次，你們還在整合更多的房地產嗎？

Yes. On the further one, just to go back to other comments we've made, we still have -- the bulk of the synergies are out a couple of years. So when we think about '24 and '25 and getting our arms around what they did with technology and getting that migrated over onto our platforms and some of those things landed where we really get the synergies out of it, those things remain to be seen.

是的。另一方面，回到我們所做的其他評論，我們仍然有——大部分協同效應已經過幾年了。因此，當我們考慮 24 世紀和 25 世紀，並了解他們在技術方面所做的事情並將其遷移到我們的平台上時，其中一些事情落在了我們真正從中獲得協同效應的地方，這些事情還有待觀察.

And you can see us kind of spending our way through the $55 million of M&A costs that we said would be there as well as we kind of put that in order. But there will be more synergy out in the future relative to that business. That kind of was in different -- that -- usually, you might see it more upfront. This was more of a tail because it's on the technological side.

你可以看到我們在某種程度上花費了我們所說的 5500 萬美元的併購成本，我們也將其整理好。但未來會有更多與該業務相關的協同效應。那種是不同的——通常，你可能會更直接地看到它。這更像是一條尾巴，因為它是在技術方面。

And then second question was -- I think was about our -- was about the real estate we...

然後第二個問題是——我認為是關於我們的——關於我們的房地產……

Yes. When I was visiting you guys out in person this summer, I saw a lot of consolidation. I was wondering if there was more plans for condensing office space.

是的。今年夏天我親自拜訪你們時，我看到了很多整合。我想知道是否有更多壓縮辦公空間的計劃。

I mean I think we're in a good spot with what we have. We've got a beautiful building here in Draper and business space down in Texas and largely gotten out of most of the other of it. The stuff you see being back to EBITDA is really the stuff that relates to WageWorks, right? It's not everything. And so you'll see our -- you can see also in our financial renewal through there that it really fixed that, that cost, it capitalized, are coming down. And we're going to run the business in a much more vertical way, and less capital is always better.

我的意思是我認為我們在現有的情況下處於有利地位。我們在德雷珀這裡有一座漂亮的建築，在德克薩斯州有商業空間，並且基本上擺脫了其他大部分。您看到的回到 EBITDA 的東西實際上是與 WageWorks 相關的東西，對嗎？這不是一切。所以你會看到我們 - 你也可以在我們的財務更新中看到它確實解決了這個問題，它資本化了，正在下降。我們將以更垂直的方式經營業務，資本越少越好。

But if you're interested, we do have some if you'd like to come out and check it out, again, we can do a full tour. Actually, if -- anyone listening to this call can. So there is some opportunity there, but we'll see.

但如果你有興趣，我們確實有一些，如果你想出來檢查一下，我們可以進行一次完整的遊覽。實際上，如果 - 任何聽到此電話會議的人都可以。所以那裡有一些機會，但我們會看到。

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。

Appreciate the preliminary guidance you provided. Can you perhaps share with us where are you in the process of actually rolling over into new custodial terms? And when do you expect to be sufficiently completed with that process? And then I have a follow-up.

感謝您提供的初步指導。您能否與我們分享您在實際轉入新監護條款的過程中處於什麼階段？您預計什麼時候可以充分完成該過程？然後我有一個後續行動。

Tyson?

泰森？

Yes. I mean that -- it's a good question. When we do this throughout Q4, right, but the majority of the assets come in, in that end of December, January time frame when they're actually placed. So when you think about them going in -- for example, our enhanced rate program and actually starting to drive revenue off of that, it's in the January time frame that, that occurs. And then, of course, we're signing FDIC-type contracts over the course of those -- the last part of December, first part of January time frame. So we kind of get through that by the end of January when we've got all those assets placed and generating revenue.

是的。我的意思是——這是個好問題。當我們在整個第四季度這樣做時，對，但是大部分資產在 12 月底，即實際放置的 1 月時間框架內進入。因此，當您考慮他們進入時 - 例如，我們的增強費率計劃實際上開始推動收入減少，這是在 1 月份的時間框架內發生的。然後，當然，我們將在這些過程中籤署 FDIC 類型的合同——12 月下旬，1 月上旬。因此，我們在 1 月底之前完成了所有這些資產並產生了收入。

Got it. And then for my follow-up, so short-term rates are at 15-year highs, debatable whether we've seen peak rates at this point. But I'm sure Jon has opinions on that. But I'm just curious, are you inclined at all to increase the duration of your custodial deposits given where rates are versus prior 10, 15 years of history?

知道了。然後對於我的後續行動，短期利率處於 15 年高位，我們此時是否已經看到峰值利率值得商榷。但我確定 Jon 對此有意見。但我很好奇，鑑於利率與之前 10 年、15 年的歷史相比，您是否傾向於增加保管存款的期限？

No.

不。

Stick to the plan.

堅持規劃。

Yes. I mean it's -- I mean, I don't -- at this point, I don't think duration is -- I mean, you've got an inverted curve, I don't think duration is our friend. But even if it were the normal version, we're basically of the view that you don't pay us to gamble on that, and shareholders don't pay us to gamble on that. We're trying to stay consistent, and there's enough other moving pieces out there.

是的。我的意思是 - 我的意思是，我不 - 在這一點上，我不認為持續時間是 - 我的意思是，你有一條倒轉曲線，我不認為持續時間是我們的朋友。但即使是正常版本，我們基本上認為你不會付錢給我們賭，股東也不會付錢給我們賭。我們正在努力保持一致，並且還有足夠多的其他移動部件。

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。

A nice quarter, and thank you for the preliminary guidance for '24. Did just want to ask a little bit more about '24, not to beat a dead horse. But is it fair to say that basically, what you're doing is you're anticipating passing through maybe higher rates or some of the rates, and you want to see how it goes in terms of balancing the growth? Because, obviously, you want to retain customers and -- or members and then balance it. But maybe has it gotten a little more competitive? I mean is it fair to characterize it like that's what you're doing and like when you say you're just sort of going to look and see how it goes?

一個不錯的季度，感謝您對 24 年的初步指導。只是想多問一點關於 24 的事情，而不是想打死馬。但是，基本上可以公平地說，你正在做的是你預計可能會通過更高的利率或一些利率，並且你想看看它在平衡增長方面的進展如何？因為，很明顯，你想留住客戶和 - 或成員，然後平衡它。但也許它變得更具競爭力了？我的意思是這樣描述它是否公平，就像你正在做的那樣，就像你說你只是想看看它是怎麼回事一樣？

Yes. It might be worth noting here with regard specifically to the custodial expense that what we think of as our crediting rates, I mean, those are mathematically determined and meaning they're based on what our competitors do there. We have not seen a lot of what one might call deposit beta nor did we in prior upswings. But there's a little, and we've tried to reflect that in our guidance as Tyson commented, both for the remainder of '23 and '24.

是的。關於保管費用，這裡可能值得注意，我認為我們的貸記利率是數學上確定的，這意味著它們基於我們的競爭對手在那裡所做的事情。我們沒有看到很多可能被稱為存款 beta 的東西，我們在之前的上漲中也沒有看到。但是有一點，我們試圖在泰森評論的指導中反映這一點，包括 23 年和 24 年的剩餘時間。

I think more broadly, I mean, what we've tried to do is basically reflect our view of the growth that is resulting from the sales cycle that we're now finishing and understanding things -- like we're trying to be thoughtful about what the needs of our teammates are going to be as we go into wage cycle and all that. And tried to take a -- what I think is a very sober view of what fiscal '24 might look like and use that as a baseline. That seems like a useful -- again, useful thing to do.

我認為更廣泛地說，我的意思是，我們試圖做的基本上反映了我們對銷售週期所帶來的增長的看法，我們現在正在完成和理解事情——就像我們試圖深思熟慮一樣當我們進入工資週期等等時，我們隊友的需求是什麼。並試圖採取一種——我認為是對 24 財年可能是什麼樣子的非常清醒的看法，並將其用作基線。這似乎是一件有用的事情——再一次，有用的事情。

And then just in terms of the overall margin, so what -- so that's what we're seeing. There's nothing else going on in terms of other expenses and things like that. It's just basically the mix. I mean obviously, it's very strong margin improvement that I guess you -- I mean, I know you're not going to give us '25 guidance, but I would expect that, that would continue as the mix shifts into '25, maybe similar improvement.

然後就整體利潤率而言，那又怎樣——這就是我們所看到的。在其他費用和類似的事情方面沒有其他事情發生。基本上就是混合。我的意思是很明顯，我猜你的利潤率提高非常強勁——我的意思是，我知道你不會給我們 25 年的指導，但我希望隨著組合轉變為 25 年，這種情況會繼續下去，也許類似的改進。

I think it's -- I mean, our general view has been that as we see mix shift in a number of different ways, that we have an opportunity to expand margin. So I think your conclusion would be consistent with that view.

我認為這是 - 我的意思是，我們的總體觀點是，當我們看到組合以多種不同方式發生變化時，我們有機會擴大利潤率。所以我認為你的結論與那個觀點是一致的。

The only thing I would add to that, too, just to make a point of it is that the contracts that will be placed in fiscal '25 are not this January, but next. Or the contracts that were placed in 0 interest rate environment, they were negotiated in a 0 interest rate environment.

我唯一要補充的是，為了說明這一點，將在 25 財年簽訂的合同不是今年 1 月，而是明年 1 月。或者放在0利率環境下的合同，是在0利率環境下談判的。

So if rates stay steady, they stay at the averages. It will be an improvement over those contractual placements in that period. So there should be acceleration there. We've talked about that before.

因此，如果利率保持穩定，它們就會保持在平均水平。這將比那個時期的那些合同安置有所改善。所以那裡應該有加速。我們之前談過這個。

And then the other thing, Cindy, that I'll just make a point, too, since you brought it up, just on the custodial cost side. And it is interesting because we've been in the 0 interest rate environment for a long time. And so we saw this move that I pointed out in the script that increased the cost by 5 basis points. That undoubtedly will happen again just based on that mathematical calculation where we use inputs from what our competitors are doing, and it's right in the small print of the member agreement. And we'll increase that rate as our competitors increase the rate. So those should be being built into models and so forth based on what we think will happen there.

然後是另一件事，Cindy，我也想說明一點，因為你提出了它，只是在保管成本方面。這很有趣，因為我們已經在零利率環境中呆了很長時間。因此，我們看到了我在腳本中指出的這一舉措，將成本提高了 5 個基點。毫無疑問，僅基於我們使用競爭對手正在做的事情的輸入的數學計算，這將再次發生，並且它在成員協議的小字中是正確的。隨著我們的競爭對手提高利率，我們也會提高這一利率。因此，應該根據我們認為會在那裡發生的情況將這些構建到模型中。

Our next question comes from George Hill with Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治希爾。

I hope you can hear me okay and I hope I'm not about to embarrass myself as I try to do math from the back of a cab. But my question is also on the fiscal '24 guide and the rate environment. And if I'm doing the math right, your annualized custodial yield this quarter was about 2.3% and you guys are guiding to 2.25% for fiscal '24. So I guess, can you either walk me through the expectation of rate cadence? Or should I think of that as conservatism as -- with respect to rates? And I have a quick follow-up.

我希望你能聽到我的聲音，我希望我在出租車後座嘗試做數學時不會讓自己難堪。但我的問題也與財政 24 指南和利率環境有關。如果我沒算錯的話，你們本季度的年化託管收益率約為 2.3%，而你們在 24 財年的目標是 2.25%。所以我想，你能告訴我對速率節奏的期望嗎？還是我應該將其視為保守主義——就利率而言？我有一個快速的跟進。

All right. I'll give you the correct numbers. I'm watching Richard because I'd be looking at the piece of paper. So for Q3, it was 200 basis points even for Q3 that we just reported. And then for the annualized number, Richard, was it...

好的。我會給你正確的數字。我在看理查德，因為我在看那張紙。因此，對於第三季度，即使我們剛剛報告的第三季度也是 200 個基點。然後對於年化數字，Richard，是不是……

190 on annual, which implies a little better than like 210 for Q4.

全年 190，這意味著比第四季度的 210 好一點。

Yes. 190 million was our guidance for the full period, right?

是的。 1.9億是我們整個時期的指導，對吧？

For the FY '23.

對於 23 財年。

9 months ended, it was 183 or something like that, right? So those are the yields off of this year. So that math is a little -- I just said that's the level set on the math. And then, of course, the guidance has been $225 million for the next annualized period.

9 個月結束時，它是 183 或類似的東西，對嗎？所以這些是今年的收益率。所以數學有點——我只是說這是數學的水平。然後，當然，下一年度的指導價為 2.25 億美元。

I think George was including the tip.

我認為喬治包括了小費。

Oh, the tip. I -- yes, yes.

哦，小費。我——是的，是的。

(inaudible) plus 15%. And then they set up if you look [at other].

（聽不清）加 15%。然後，如果你看 [at other]，他們就會成立。

Like I said, guys, math from the back of a cab. I'm sorry about that. And then Jon, I'll give you a 2-part follow-up, which is, number one, 1 of your larger competitors in the space seems to be targeting health care financial services as a growing market opportunity, while, of course, that would kind of validate HealthEquity's market opportunity. It seems like they're trying to jam more into their card and what it can do.

就像我說的，伙計們，從出租車後面的數學。對此我感到很抱歉。然後喬恩，我會給你一個分為兩部分的跟進，第一，你在這個領域的一個更大的競爭對手似乎將醫療保健金融服務作為一個不斷增長的市場機會，當然，這將驗證 HealthEquity 的市場機會。看起來他們正試圖將更多東西塞進他們的卡中以及它可以做什麼。

So I'd love for you to talk a little bit about the competitive environment as it relates to services facing what I'd call the commercial market. And then, Jon, my joking question was going to be on the real estate that you guys are getting rid of, how close are you guys to go skiing?

因此，我希望您談談競爭環境，因為它與面向我所謂的商業市場的服務有關。然後，喬恩，我開玩笑的問題是關於你們正在擺脫的房地產，你們距離滑雪還有多遠？

I actually didn't hear that side.

我實際上沒有聽到那邊。

To go skiing.

去滑雪。

To go skiing. Yes, well, I mean, again, we've got very attractive real estate. And I mean we could chalet this thing if you needed to. We can...

去滑雪。是的，我的意思是，我們有非常有吸引力的房地產。我的意思是，如果您需要，我們可以租用這東西。我們可以...

You can see the snow. We're going to build a tram from the parking lot.

你可以看到雪。我們要從停車場建造一輛有軌電車。

I was talking about that earlier today, a tram like for you. We would do that for you, George. But it's a 10 in improvement is what it is. But on your first question, what was that first question?

我今天早些時候在談論那個，像你一樣的電車。我們會為你做的，喬治。但它的改進是 10 分。但是關於你的第一個問題，第一個問題是什麼？

Competitive.

競爭的。

Oh, yes.

哦是的。

Competitive environment.

競爭環境。

I think that -- look, my basic view is that there's opportunity there. There's opportunity with regard to how we all think about like -- where we're ultimately headed and we don't do product announcements and that kind of -- that's not how we do it. But ultimately, I think you're going to want to think about less about the card as a physical piece of plastic and more as something that's residing in the digital wallets we're all carrying around.

我認為 - 看，我的基本觀點是那裡有機會。關於我們所有人的思考方式，有機會——我們最終會走向何方，我們不做產品公告之類的——這不是我們做事的方式。但最終，我認為您將不再將卡視為一塊物理塑料，而將其更多地視為存在於我們隨身攜帶的數字錢包中的東西。

And what's nice about that is it does open up some opportunities. That having been said, right, what we're not going to do is our -- I do see some of our competitors getting all hot and hungry for the idea of issuing what amounts to high interest revolving credit, and that does not interest us at all. In other words, I'm not -- there is place for that. But I think what we want to do is get to a place where consumers can use these products, so they're not putting these things on their consumer credit cards. And rather than provide more or less the same thing with different use plastics.

這樣做的好處是它確實帶來了一些機會。話雖這麼說，對，我們不會做的是我們的 - 我確實看到我們的一些競爭對手對發行相當於高息循環信貸的想法感到非常熱切和渴望，而我們對此並不感興趣根本。換句話說，我不是——有地方可以這樣做。但我認為我們想要做的是讓消費者可以使用這些產品，這樣他們就不會把這些東西放在他們的消費信用卡上。而不是用不同用途的塑料提供或多或少相同的東西。

So I guess my basic view is there is opportunity there and the fact that others are talking about it, is somewhat validative of that, and that's where -- if you look at what we're looking at in terms of sort of growth revenue streams, I'm sure we'll have more to say about that as time goes on.

所以我想我的基本觀點是那裡有機會，而其他人正在談論它的事實在某種程度上證明了這一點，那就是——如果你從增長收入流的角度來看我們正在看的東西，我相信隨著時間的推移，我們會有更多的話要說。

The next question comes from Mark Marcon with Baird.

下一個問題來自 Mark Marcon 和 Baird。

Team Purple, there's lots of discussion among companies about basically trying to reduce expenses, increase margins. To what extent does that end up building a little bit of the preference from a health care benefits mix over to HSAs? Are you seeing any of that this quarter? And then I've got a follow-up.

紫色團隊，公司之間有很多關於基本上試圖減少開支、增加利潤的討論。這最終會在多大程度上建立起一點點從醫療保健福利組合到 HSA 的偏好？這個季度你看到了嗎？然後我有一個後續行動。

Steve?

史蒂夫？

Yes. Thanks, Mark. I think there's always been this probably unappreciated benefit for these types of accounts, even over a 401(k) in that the money that people put in out of their own paycheck into a health savings account reduces the employer's cost, not for every 1 of their employees but for a big chunk up in the majority of their employees by roughly 8%. So if I put $100 in my HSA, my employer saves $8 on payroll taxes and I save $8 in payroll taxes, plus I saved my debt taxes and my state taxes in -- I think in all the 2 states, California and New Jersey.

是的。謝謝，馬克。我認為這些類型的賬戶總是有這種可能未被重視的好處，即使是超過 401(k)他們的員工，但大部分員工增加了大約 8%。因此，如果我在我的 HSA 中投入 100 美元，我的雇主可以節省 8 美元的工資稅，我可以節省 8 美元的工資稅，另外我還可以節省我的債務稅和州稅——我想是在所有 2 個州，加利福尼亞州和新澤西州。

The one where I live, that's the one.

我住的那個，就是那個。

Jon doesn't get a state tax section. But anyway, so you get to save on taxes, but then we still believe that if you look at plans that have what I would consider to be kind of mass adoption, these health savings account plans, Mark, they just tend to have better trends than plans that are heavier benefited plans that are rich with benefit. And so if you can save 2%, 3% on trend, over the course of your entire employee base plus some cash on taxes, it does make sense for you to do that.

喬恩沒有州稅部門。但無論如何，這樣你就可以節省稅款，但我們仍然相信，如果你看看那些我認為是大規模採用的計劃，這些健康儲蓄賬戶計劃，馬克，它們往往會有更好的趨勢比受益更豐富的計劃更重。因此，如果您可以在整個員工基礎的過程中節省 2%、3% 的趨勢，再加上一些稅收現金，那麼您這樣做確實有意義。

And so that's why in past recessions, even though you always hate the thought of folks laying off employees and then that would naturally be our growth or it could impact our growth a little bit, we have seen employers be more aggressive towards going towards successive plans and promoting them.

這就是為什麼在過去的經濟衰退中，儘管你總是討厭人們裁員的想法，但那自然會是我們的增長，或者它可能會影響我們的增長一點點，我們已經看到雇主更積極地實施連續計劃並推廣他們。

And I think what's different this year -- in fact, in the last couple of years that we've had in the previous 18 years at HealthEquity was we didn't really have the tools to say to an employer, "Okay, [if it induces] thing, let's go after it." And then to use some of these products. We talked about MaxEnroll and our HSA Optimizer and just our overall digital marketing effort.

我認為今年有什麼不同——事實上，在過去 18 年的 HealthEquity 的最後幾年裡，我們真的沒有工具可以對雇主說，“好吧，[如果它誘發了]東西，我們去追吧。”然後使用其中一些產品。我們談到了 MaxEnroll 和我們的 HSA 優化器，以及我們的整體數字營銷工作。

So I do think that, that's a way for employers that are feeling like, look, I still need to offer my -- our people great benefits, but I still -- but I need to watch the dollar a little bit more than I did maybe last year as I to go towards such trends.

所以我確實認為，對於那些感覺的雇主來說，這是一種方式，看，我仍然需要為我的 - 我們的員工提供巨大的福利，但我仍然 - 但我需要比以前更多地關注美元也許去年我就走向了這樣的趨勢。

Did that help contribute to the 170,000 that you ended up adding?

這對您最終添加的 170,000 個有幫助嗎？

Well, I think it was a little earlier. I mean the recession was -- it's not really a recession yet, I guess. But I mean there's no question that employers are trying to be thoughtful about how their people benefit. But I think overall, the biggest driver for those 170,000 is employers are figuring out, this is actually the richest benefit in kind of a neurotic way.

好吧，我認為它更早了一點。我的意思是經濟衰退是——我猜它還不是真正的經濟衰退。但我的意思是，毫無疑問，雇主正在努力考慮他們的員工如何受益。但我認為總的來說，這 170,000 人的最大驅動力是雇主正在弄清楚，這實際上是一種神經質方式的最豐厚的福利。

I mean if you can do a well-designed -- we've got this Pfizer case study that's out there now, we kind of -- we've heard about it. And when -- they thought about this thing for 18 years before they did it. Finally, they did it and they said, "We're not doing this as a takeaway. We're doing it because you can leverage a tax code and you can leverage some other features of this to actually make it the richest benefit." And so I think that's one -- I don't know, Jon, if you'd agree with it, but I think more and more recent growth is not I want to save some bucks. It's -- I want to give the best benefit I possibly can to my people.

我的意思是，如果你能做一個精心設計的——我們現在已經有了這個輝瑞案例研究，我們有點——我們聽說過它。什麼時候——他們在做這件事之前考慮了 18 年。最後，他們做到了，他們說，“我們這樣做不是為了外賣。我們這樣做是因為你可以利用稅法，你可以利用它的其他一些特徵來真正讓它成為最豐厚的利益。”所以我認為這是一個 - 我不知道，喬恩，如果你同意它，但我認為越來越多的最近的增長並不是我想節省一些錢。這是——我想盡我所能為我的人民提供最好的利益。

I just think it -- what is true is that -- we win when our clients on the benefit side need to be creative, whether it's creative to retain people or creative to manage costs or whatever. Like creativity is our friend. And this is a cycle, and I expect next cycle will be such where people are going to have to be creative. And what are they really trying to do ultimately? They're trying to deliver the most value to their teammates. And that's what people go into benefits to do. They want to deliver real value. They don't just want to cut it off. And to Steve's point, these are ways to do it, whether it's promoting stuff that already exists or fiddling around with it. There's real value here, and that's what people are looking to do.

我只是認為——這是真的——當我們的客戶在利益方面需要創造性時，我們就贏了，無論是留住人才的創造性還是管理成本的創造性等等。就像創造力是我們的朋友一樣。這是一個週期，我預計下一個週期將是人們必鬚髮揮創造力的周期。他們最終真正想做什麼？他們正在努力為隊友提供最大的價值。這就是人們獲得福利要做的事情。他們想提供真正的價值。他們不只是想切斷它。就史蒂夫的觀點而言，這些都是實現它的方法，無論是推廣已經存在的東西還是擺弄它。這裡有真正的價值，而這正是人們想要做的。

Great. And what does your guidance imply in terms of new adds for the fourth quarter?

偉大的。就第四季度的新增產品而言，您的指導意味著什麼？

I do -- I don't think -- we don't literally give sales guidance, but I guess what I would say is as Tyson commented earlier, if you look at last year, we ended up selling in the full year, I want to say, a little over 900,000 accounts. And what -- if you look at each quarter this year, while -- the new ads have slowed down, as you might expect, as the labor market slowed down a little bit, they've been on a really good pace.

我確實 - 我不認為 - 我們並沒有真正給出銷售指導，但我想我會說的是泰森早些時候評論的，如果你看看去年，我們最終全年銷售，我要說，90萬多一點的賬號。而且 - 如果你看看今年的每個季度 - 新廣告已經放緩，正如你所料，隨著勞動力市場的放緩，它們的步伐非常好。

So it's probably similar to the message I would have given you on this topic at this point last year, which is do I think that we're going to blow through 1 million accounts? No, I don't. There's just not enough accounts out there, but we should have a very healthy year sort of -- kind of certainly as healthy as last year.

因此，這可能與我去年此時就此主題向您傳達的信息類似，即我認為我們會破壞 100 萬個帳戶嗎？不，我不知道。只是沒有足夠的賬戶，但我們應該有一個非常健康的一年——肯定和去年一樣健康。

Next question comes from Allen Lutz with Bank of America.

下一個問題來自美國銀行的 Allen Lutz。

I guess on the OpEx side, technology and development as a percent of revenue has kind of steadily ramped since fiscal '15, I think it was around 12% of revenue then. And then even pre-COVID, it was about 15%, and now it's 21%. I guess just to level set, what exactly are the increases in tech and development being spent on? And then, I guess, is there any chance -- or I guess what's the timing around when we can see some operating leverage from that part of the business?

我想在運營支出方面，技術和開發佔收入的百分比自 15 財年以來穩步上升，我認為當時約為收入的 12%。然後甚至在 COVID 之前，它大約是 15%，現在是 21%。我想就級別設置而言，技術和開發的增加究竟花在了哪些方面？然後，我想，有沒有機會——或者我猜想什麼時候我們可以從這部分業務中看到一些運營槓桿？

Yes, that's a good question. Thanks for asking it. You have -- you were exactly right on the numbers. We are up like that. How to deal with namely the acquisitions, right? So you think about wage and then further as well, those say a big part of that, the amortization of the capitalized development that's in there, the security build-out that we've done. We have built a very good security team over the course of my tenure here and spent quite a few dollars, putting that in place. And I think it's good a selling tool as anything, so that's in there.

是的，這是個好問題。謝謝你問。你有 - 你在數字上完全正確。我們就這樣起來了。如何處理即收購，對不對？所以你考慮工資，然後再考慮工資，那些說其中很大一部分，那裡的資本化開發的攤銷，我們已經完成的安全建設。在我任職期間，我們已經建立了一支非常優秀的安全團隊，並花費了大量資金，將其部署到位。而且我認為它是一個很好的銷售工具，所以它就在那裡。

So I don't think there's no chance that it goes back to where it was before. And I don't think that would be the right thing to do for the business. I do think it's sort of leveling off.

所以我認為它不可能回到以前的狀態。而且我認為這對企業來說不是正確的做法。我確實認為它有點趨於平穩。

The other thing I would say in there, too, is that a lot of it has to do with stock comp coming through in the talent grab that we need to make in that particular area. And so you see that playing into that as well. Of course, that's getting back down to the EBITDA margin side, so you don't see the impact of it there, but a lot of that increase will be in that area. And then really, when you think about other things that are in there, there's not any large investment in there necessarily. There's just the merit and the associated costs of the folks that are in there and then how much we end up capitalizing relative to what we're building.

我還要在那裡說的另一件事是，這在很大程度上與我們需要在該特定領域進行的人才爭奪中通過的股票補償有關。所以你也看到了這一點。當然，這又回到了 EBITDA 利潤率方面，所以你看不到它在那裡的影響，但很多增長將在那個領域。然後真的，當你考慮那裡的其他東西時，那裡不一定有任何大的投資。只有那裡的人的優點和相關成本，然後我們最終相對於我們正在建設的東西資本化了多少。

I don't know, Jon, if there's anything else you want to add to this -- there.

喬恩，我不知道你是否還有什麼要補充的—— 那裡。

I mean the only other -- look, I think big picture, I mean, it's kind of gotten about as high as it's going to get is the way I like put it, at low 20s percent of revenue. It's kind of funny. I mean when we were at 15, as I recall, 1 of -- Allen, 1 of your predecessors was like, "It doesn't sound like enough for a growth company."

我的意思是唯一的其他 - 看，我認為大局，我的意思是，它有點像我喜歡說的那樣高，佔收入的 20% 低。這有點好笑。我的意思是，當我們 15 歲的時候，我記得，其中一位——艾倫，你的一位前任就像，“對於一家成長型公司來說，這聽起來還不夠。”

And from -- the way I kind of look at it is I do think when you sort of go apples-to-apples, we have increased spend in this area and the sources of increased spend, I think, are ultimately threefold versus -- it's -- I'm sorry, it's security, as Tyson mentioned. I think the second is the fact that we -- is the fact that we're -- we are actually investing more to innovate around the business, and you've seen that in what the business has done over the course of time in any number of areas, and we'll continue to do. We talked about some in our earnings call.

從——我看待它的方式來看，我確實認為當你從蘋果到蘋果時，我們增加了在這個領域的支出，我認為增加支出的來源最終是三倍的——這是 - 對不起，正如泰森提到的那樣，它是安全的。我認為第二個事實是我們 - 事實上我們 - 我們實際上正在投資更多來圍繞業務進行創新，而且你已經看到業務在一段時間內所做的任何事情很多領域，我們會繼續做。我們在財報電話會議上談到了一些。

And then the last thing that is worth mentioning is that in practice, in the near term anyway, the conversion to cloud on the IT side is -- as you're doing it, it does have a -- it does hurt you a little bit. Now over time, that works itself out and that should be a tailwind, but I think the -- that plus kind of having -- kind of now getting through the amortization of acquisition-related technology spend and all that, I think you're going to see this number start to come down as a percentage of total revenue over time without like Herculean efforts on our part.

最後值得一提的是，在實踐中，無論如何在短期內，IT 方面向雲的轉換是——當你這樣做時，它確實有——它確實對你造成了一點傷害少量。現在隨著時間的推移，這會自行解決，這應該是一個順風，但我認為 - 加上有點 - 現在有點通過與收購相關的技術支出的攤銷等等，我認為你是隨著時間的推移，我們將看到這個數字佔總收入的百分比開始下降，而無需我們付出巨大的努力。

Okay. That's helpful. And then there was a $9 million sequential benefit in custodial revenue. I think we talked about this last quarter. There's a couple of different buckets that are driving that enhanced yields. And then the SOFR, LIBOR increases. And then you're also guiding for a 5% quarter-over-quarter increase in yield from 2% to 2.10%, I believe, or 2.1%. Obviously, some of that's going to be from the repricing.

好的。這很有幫助。然後還有 900 萬美元的託管收入連續收益。我想我們在上個季度討論過這個問題。有幾個不同的桶正在推動提高產量。然後是 SOFR，LIBOR 增加。然後你還指導收益率環比增長 5%，從 2% 到 2.10%，我相信，或 2.1%。顯然，其中一些將來自重新定價。

But I guess as we think about the benefit that you saw over the course of fiscal '23, a lot of cash being deployed, how should we think about the step-ups quarter-over-quarter in fiscal '24? Is that going to be more of a kind of flattish year where the yield you get exiting the fiscal fourth quarter this year is going to be more or less the yield that you're going to have over the course of the year? Is there anything else we should be thinking about modeling for that?

但我想，當我們考慮到你在 23 財年期間看到的好處，即部署了大量現金時，我們應該如何考慮 24 財年的季度環比增長？今年第四財季結束時的收益率將或多或少與全年的收益率持平嗎？還有什麼我們應該考慮為此建模的嗎？

Well, just to make sure the guide for the year is 190 basis points, so I just wanted to make sure that's clear. I know we put a lot of yield numbers out there, so we're just all kind of getting level set on those.

好吧，只是為了確保今年的指南是 190 個基點，所以我只是想確保這一點很清楚。我知道我們在那裡放了很多產量數字，所以我們只是在這些數字上設定了水平。

And I think when you think about Q4, right, there's a -- it's a partial quarter, and you have those placements and you have the roll-off of the latter coming through there, Allen. So you do get a little bit of upside relative to those new placements on the old contracts that were there because we're going to place it at higher rates, and we're going to place it at higher enhanced rates as well. So it would -- you'll have some increase there. But again, it's built into the guide that I gave already on that. And I...

我認為，當你考慮第四季度時，對，有一個——這是一個部分季度，你有那些安置，你有後者的滾降，艾倫。因此，相對於舊合同上的那些新配售，你確實得到了一點好處，因為我們將以更高的利率放置它，我們也將以更高的增強利率放置它。所以它會 - 你會在那裡有所增加。但同樣，它內置在我已經給出的指南中。和我...

I think what Allen was asking is really about with regard to fiscal '23, we had this -- relative to where we started the year, we had this pretty big step-up quarter-over-quarter in yield and HSA cash. And I think Allen was sort of asking about how to think about that [220-type quarter to 225]?

我認為艾倫問的是關於 23 財年的問題，我們有這個 - 相對於我們今年開始的地方，我們的收益率和 HSA 現金環比有了相當大的提升。而且我認為 Allen 是在問如何看待 [220-type quarter to 225]？

Oh, I see. Yes, I mean, the one thing that won't be there as well -- I don't know if it will be there or not, but we try to take this into account is the fact that we'll have less variable cash. And I don't -- whether the Fed continues to raise rates, it will be on less variable HSA cash that's in there. So that was one of the things that you saw continually kind of pushing that rate quarter-on-quarter. So that would -- back to your question, Allen, it would temper that because it wouldn't be as big a base number on that Fed yield improvement, if that were to occur.

我懂了。是的，我的意思是，有一件事也不會存在——我不知道它是否會存在，但我們試圖考慮到這一點，即我們將擁有更少的可變現金.而且我不——無論美聯儲是否繼續加息，它都將依賴於那裡的可變性較小的 HSA 現金。所以這是你看到的不斷推動季度環比增長的因素之一。因此，回到你的問題，艾倫，它會緩和這一點，因為如果發生這種情況，美聯儲收益率改善的基數不會那麼大。

But it probably -- it's probably safe to say, without 7-year territory that there is still some quarterization just less dramatic than this year, and that's going to be reflected in the fact that our view is that over time, these under any mainstream economic scenario, these yields are going to continue to go up as we're still -- we're going to be replacing these contracts during -- that came in during the pandemic and all that kind of stuff. So there is going to be some level of tilt from first quarter to fourth quarter. This won't be as dramatic as it was this year.

但它可能 - 可以肯定地說，沒有 7 年的領土，仍然有一些四分之一比今年更不那麼引人注目，這將反映在我們的觀點是隨著時間的推移，這些在任何主流下在經濟情景下，這些收益率將繼續上升，因為我們仍然——我們將在大流行期間和所有類似的東西期間更換這些合同。所以從第一季度到第四季度會有一定程度的傾斜。這不會像今年那樣戲劇化。

On that variable side, yes.

在可變方面，是的。

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。

Not a lot less to ask here, but maybe just a balance sheet question. On the other side of the interest environment, you mentioned, Tyson, variable rate debt. Could we be thinking about -- it looks like you're on track to do, I don't know, say, round numbers, $100 million of free cash flow this year, that would likely grow next year. Is the primary focus going to be on paying down the debt? And how should we be thinking about -- speaking about the cash, that free cash flow and how great we want to bring that debt down?

在這裡要問的問題不少，但也許只是一個資產負債表問題。在利率環境的另一邊，泰森，你提到了可變利率債務。我們是否可以考慮 - 看起來你正在做，我不知道，比如說，今年有 1 億美元的自由現金流，明年可能會增長。主要重點是償還債務嗎？我們應該如何考慮——談論現金、自由現金流以及我們希望將債務減少到何種程度？

Yes, I mean, I -- we're going to generate a lot of cash flow over the next couple of years, right? So when you think about how that works, it is going to be one of the top items that I'll be thinking about to pay down that debt relative to, obviously, portfolio acquisition opportunities as they come to market. But again, those may be a little slower just given the negotiations that occur over a terminal value and things like that, Sandy.

是的，我的意思是，我 - 我們將在未來幾年內產生大量現金流，對嗎？因此，當你考慮它是如何運作時，這將是我將考慮償還債務的首要項目之一，顯然，當它們進入市場時，投資組合收購機會。但是，桑迪，考慮到最終價值和類似事情的談判，這些可能會稍微慢一些。

So I got say those 2 things are top of mind. I'd love to make some pay down on that TLA so we can kind of get rid of that headwind. So it's there. I mean than cash balance is starting to raise to a place where we may make that on it from a perspective, just get a little bit in the weeds. And from a terms perspective, we get to deduct about $350 million that kind of caps out there of cash to do the turns on our debt, if that makes sense. It's in our queue, if it doesn't. So I won't get too close to that before we start making a paydown or an acquisition.

所以我說這兩件事是最重要的。我很樂意為該 TLA 付出一些代價，這樣我們就可以擺脫這種不利因素。所以它就在那裡。我的意思是，現金餘額開始增加到一個我們可以從一個角度來看的地方，只是在雜草中加入一點點。從條款的角度來看，如果合理的話，我們可以從現金中扣除大約 3.5 億美元的上限來償還我們的債務。它在我們的隊列中，如果沒有的話。所以在我們開始支付或收購之前，我不會太接近那個。

Our next question comes from Sean Dodge with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Sean Dodge。

This is Thomas Kelliher on for Sean. So first one, and I know there's nothing factored into fiscal '24 of guidance, and you just touched on it a little bit. But as you all think about HSA account growth over the next year or 2, do you expect M&A could still be a meaningful driver? Or are most of the bigger near-term opportunities for consolidation kind of off the table at this point?

這是肖恩的托馬斯凱利赫。所以第一個，我知道 24 財年指導中沒有任何因素，你只是稍微觸及了一下。但是當你們都在考慮未來一兩年的 HSA 賬戶增長時，你們認為併購仍然是一個有意義的驅動力嗎？還是目前大多數更大的近期整合機會都已不復存在？

No. I think that M&A still has a role to play, and we continue to have very active discussions. Obviously, this is -- as we talked about earlier in the year, this is an environment where we want to be disciplined about what we do, and we -- it can be harder for a buyer and seller to come to an agreement.

不，我認為併購仍然可以發揮作用，我們繼續進行非常積極的討論。顯然，正如我們在今年早些時候談到的那樣，在這種環境下，我們希望對自己的所作所為保持紀律，而且我們 - 買賣雙方可能更難達成協議。

But I think the counter way to that is the sellers can look at where they stand on the league tables and understand apropos of the investment discussion, a few questions ago, whether it's CapEx or OpEx. They also understand what they're putting in the business and -- versus what we are and what other leading players are, and so there's that to it, too.

但我認為與之相反的方法是，賣家可以查看他們在聯盟表中的位置，並了解投資討論的主題，幾個問題之前，無論是資本支出還是運營支出。他們還了解他們在業務中投入的是什麼——與我們和其他領先企業的對比，所以也是如此。

And I think -- so I guess my basic view is if I had to guess about our use of cash, I would guess that we'd be more likely to be utilizing cash on acquisition opportunities that have high returns for you all and the shareholders. And certainly if we can, that's what we want.

而且我認為 - 所以我想我的基本觀點是，如果我不得不猜測我們對現金的使用，我想我們更有可能將現金用於收購機會，這對你們所有人和股東都有高回報.當然，如果可以的話，這就是我們想要的。

All right. That's helpful. And then a question on the investment accounts. Have you seen any changes in like adoption or interest there, given you've got other options like the enhanced field product, I guess, maybe versus your internal expectations? Or thinking about it in a different way, are you making any more of an effort around education on the merits of one versus the other?

好的。這很有幫助。然後是關於投資賬戶的問題。考慮到您有其他選擇，例如增強型現場產品，您是否看到那裡的採用或興趣有任何變化，我想，這可能與您的內部期望相反？或者以不同的方式考慮它，你是否在圍繞教育做出更多努力，以了解一個人與另一個人的優點？

We don't -- we're very careful not to give guidance to our members or advice to our members with regard to should I be in investments, should I be in cash and that kind of thing. So we do give advice with regard to -- through our registered investment adviser with regard to if you're in investments, what you should be in. And generally, we are -- we will do a lot in terms of education to help people understand the long-term value of being in investments.

我們不會——我們非常小心，不要就我是否應該投資、是否應該持有現金等問題向我們的成員提供指導或建議。因此，我們確實會通過我們的註冊投資顧問就您是否在投資以及您應該投資什麼提供建議。一般來說，我們會在教育方面做很多工作來幫助人們了解投資的長期價值。

I guess my view is that if I look at HSA behavior relative to the behavior of other types of investment accounts that are out there during this year's period of -- where we've had -- there hasn't really been a great place to hide in terms of your stock and broadly speaking, equity is fixed income, et cetera, my view is that our members have held up remarkably well. Ultimately, we're looking at -- first of all, in terms of the aggregates, I mean, we're looking at 23% asset growth. If you look at average account balance, average account balance at HealthEquity has actually grown by a little bit on a year-over-year basis, notwithstanding the fact that both -- that within our industry more broadly, certainly, that has not been the case for Devenir.

我想我的觀點是，如果我看一下 HSA 的行為與其他類型的投資賬戶的行為相關，這些賬戶在今年的期間——我們曾經有過——真的沒有什麼好地方可以就你的股票而言，從廣義上講，股票是固定收益，等等，我認為我們的成員表現得非常好。最終，我們正在考慮——首先，就總量而言，我的意思是，我們正在考慮 23% 的資產增長。如果你看一下平均賬戶餘額，HealthEquity 的平均賬戶餘額實際上同比增長了一點，儘管事實上，在我們的行業中，更廣泛地說，這並不是Devenir 的案例。

And then if you look at, again, much more broadly at traders or pay balances, I think it's fair to say that those folks would be very happy with their -- with flat year-over-year or slightly up year-over-year account balances. So I'm pretty pleased with the predictability of behavior that we've seen around the products.

然後，如果你再一次更廣泛地觀察交易員或支付餘額，我認為可以公平地說，這些人會對他們的交易非常滿意——同比持平或略有上升賬戶餘額。因此，我對我們在產品周圍看到的行為的可預測性感到非常滿意。

Our next question comes from David Larsen with BTIG.

我們的下一個問題來自 BTIG 的 David Larsen。

Can you please talk about health card revenue and also commuter revenue? How is that trending this quarter relative to expectations? And what's baked in the guidance? And I think as sort of the peak headwind year, there was like a $30 million headwind for those 2 businesses. Just any color around how that's trending relative to your expectations.

你能談談健康卡收入和通勤收入嗎？相對於預期，本季度的趨勢如何？指南中包含什麼？而且我認為，作為逆風高峰年，這兩家企業遭受了 3000 萬美元的逆風。只是關於相對於您的期望的趨勢的任何顏色。

I mean I think, overall, they're in the range of how we think about forecasting them. They're definitely not exceeding our expectations in any event, that stuff is kind of slowly coming back through, and I'm not going to really ever think about getting ahead of that again. I think it kind of is what it is. It's becoming a very small part of the business, when you think about low single-digit contributions even though it is a high margin from the perspective of the product.

我的意思是，我認為，總的來說，它們在我們考慮預測它們的範圍內。他們在任何情況下都絕對沒有超出我們的預期，這些東西正在慢慢恢復，我不會真的考慮再次超越它。我認為它就是這樣。它正在成為業務的一個非常小的部分，當你考慮低個位數的貢獻時，即使從產品的角度來看它是一個高利潤。

And from a card perspective, we're talking about this a little earlier in the Q&A, probably a little light in Q3. But again, within the range of reasons, we're talking about a few hundred thousand dollars a month for us where it's just kind of a little bit below expectations. So I don't know what to make of that. It's hard to forecast anyway because it's transactional. And so I think it was, again, in the realm of reason, it was.

從卡片的角度來看，我們在問答環節中稍早一點討論了這個問題，可能在第三季度討論得比較輕鬆。但同樣，在各種原因中，我們談論的是每月幾十萬美元，只是有點低於預期。所以我不知道該怎麼做。無論如何都很難預測，因為它是交易性的。所以我認為這又是在理性領域，它是。

And Q4 is interesting because that's used as a "lose it" quarter, and so you kind of see what people do and then that's the heaviest quarter of spend. And I guess the last thing I'd say is, I think -- and Jon has already mentioned this, again, more on the FSA side versus the HSA side. The HSA side seems to be very steady. People use that in a much more steady way because it's a longer-term account. You get the volatility on the FSA side when you kind of get the reactionary things to whether it be legislation or use it or lose it.

第四季度很有趣，因為它被用作“失去它”的季度，所以你可以看到人們在做什麼，然後這是支出最多的季度。我想我想說的最後一件事是——喬恩已經再次提到了這一點，更多是在 FSA 方面與 HSA 方面。 HSA 方面似乎非常穩定。人們以更穩定的方式使用它，因為它是一個長期賬戶。當你對它是立法還是使用它還是失去它有點反動時，你就會在 FSA 方面出現波動。

And then in terms of wage synergies, I think the guidance had called for $80 million in annual synergies. Where are you at that $80 million? And how much sort of incremental benefit are you expecting for next year for fiscal '24?

然後就工資協同效應而言，我認為指南要求每年產生 8000 萬美元的協同效應。那8000萬美元你在哪裡？您預計明年的 24 財年會有多少增量收益？

This -- I mean, we've done the work. We hit the number. We reported that $80 million. So as far as like the contribution, it's in there and it's full run rate through. So that $80 million is there.

這 - 我的意思是，我們已經完成了工作。我們命中了這個數字。我們報告了 8000 萬美元。就貢獻而言，它就在那裡，而且是全速運行。所以那裡有 8000 萬美元。

What I would say, too, though, is there's -- when you think about revenue, there's not a revenue synergy as part of the $80 million. So when you think about the bundled sales approach and the fact that we're selling HSAs up in the $900,000 range over the last years here versus down $700,000 range, there's a macro element to that. There's also the strategy change that came from wage, so that's a benefit of that along with other things that's just to get from scale. Whether it be better rates on interchange, whether it be other things that we can get relative to scale, including, I think, the enhanced rate partnerships and having enough cash to really go out and get multiple partners in that area, too.

不過，我也想說的是——當你考慮收入時，8000 萬美元中沒有收入協同效應。因此，當你考慮捆綁銷售方式以及過去幾年我們在這里以 900,000 美元的價格銷售 HSA 而不是以 700,000 美元的價格銷售 HSA 時，這是一個宏觀因素。還有來自工資的戰略變化，所以這是一個好處，以及其他只是從規模中獲得的東西。無論是更好的交換率，還是我們可以獲得相對於規模的其他東西，包括，我認為，增強的費率合作夥伴關係以及有足夠的現金來真正走出去並在該領域獲得多個合作夥伴。

So there's a lot of synergies that aren't quantified there, but as far as that $80 million, we're done with that. And we're also done with the spend as well relative to the wage deal and you see that further spend, which was a much smaller number, working its way through, but decreasing. And so therefore, the cash that comes from that -- the business generates more cash thanks to the decreasing merger and integration spend.

所以有很多協同效應沒有在那裡量化，但就那 8000 萬美元而言，我們已經完成了。我們也完成了與工資交易相關的支出，你會看到進一步的支出，這是一個小得多的數字，正在努力完成，但正在減少。因此，由此產生的現金——由於合併和整合支出的減少，該業務產生了更多的現金。

Okay. As a unified product, your go-to-market strategy, I think, is probably more effective. It's certainly more sales. That's great. And then just my last question. In terms of like the overall interest rate environment, I think the federal funds rate is at about 3.8% right now. If you look at the Fed's projections, they were -- yes, they were calling for around 4.8% by the end of like calendar '23. That's 100 basis points up. We're at 6% core inflation. They want to get it to 2%.

好的。作為一個統一的產品，我認為你的上市策略可能更有效。這當然是更多的銷售。那太棒了。然後是我的最後一個問題。就整體利率環境而言，我認為聯邦基金利率目前約為 3.8%。如果你看看美聯儲的預測，他們是——是的，他們要求在 23 年日曆結束時達到 4.8% 左右。那是100個基點。我們的核心通脹率為 6%。他們想把它提高到 2%。

So my view is interest rates might go up well above 100 basis points next year. Any thoughts around that, just broadly speaking? And then let's say we do end up at around 5% at the federal funds rate, does that mean your yield is going to be 500 basis points at some point in time?

所以我的觀點是明年利率可能會上升到 100 個基點以上。籠統地說，有什麼想法嗎？然後假設聯邦基金利率最終達到 5% 左右，這是否意味著您的收益率在某個時間點將達到 500 個基點？

Well, you're getting into fiscal '25 guide. But the consistent message there is we're -- as we said before on this call, is we'll be replacing those contracts that were negotiated in that 0 interest rate environment with whatever the rates are at that time. So if they're higher at that time, not this January, but next, that's going to be great for the business. And if there -- continues to be high for '26, '27, '28, eventually, you've got to do the math and things -- you're not necessarily wrong, it's just math, right? But it works its way through the ladder both ways, up and down. So it's a reasonable thing to talk about, it's just it's not really there.

好吧，你正在進入 25 財年指南。但一致的信息是——正如我們之前在本次電話會議上所說的那樣，我們將用當時的任何利率替換那些在零利率環境中談判達成的合同。因此，如果他們當時更高，不是今年 1 月，而是明年，那將對企業有利。如果那裡——26 年、27 年、28 年繼續保持高位，最終，你必須做數學和事情——你不一定是錯的，這只是數學，對吧？但它在梯子上的工作方式是雙向的，向上和向下。所以談論它是一件合理的事情，只是它並不存在。

This concludes our question-and-answer session. I'd like to turn the conference back over to Jon Kessler for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Jon Kessler 的閉幕詞。

Well, we managed to do that in not quite under an hour, but we're working on it. Thanks all, and happy holidays to everyone and looking forward to talking to a bunch of you in the next few days. And if we don't, then again, please, everyone, wishing -- wish you a safe and hopefully, family-oriented time at the end of December. Enjoy.

好吧，我們設法在不到一個小時的時間內做到了這一點，但我們正在努力。謝謝大家，祝大家節日快樂，期待在接下來的幾天裡與你們中的許多人交談。如果我們不這樣做，那麼再次請大家祝愿 - 祝你們在 12 月底度過一個安全、充滿希望的家庭時光。享受。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。