Healthequity Inc (HQY) 2024 Q3 法說會逐字稿

Hello and welcome to the HealthEquity third-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the call over to Richard Putnam.

大家好，歡迎參加 HealthEquity 2024 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想把電話轉給理查普特南。

Thanks, MJ. Hello, everyone, and welcome to HealthEquity third quarter of fiscal year 2024 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 James Lucania, Executive Vice President and CFO.

謝謝，喬丹。大家好，歡迎參加 HealthEquity 2024 財年第三季財報電話會議。我叫理查‧普特南。我為 HealthEquity 做投資者關係工作。今天加入我的是總裁兼執行長喬恩‧凱斯勒 (Jon Kessler)； Steve Neeleman博士，公司副主席兼創辦人；執行副總裁兼財務長詹姆斯‧盧卡尼亞 (James Lucania)。

Before I turn the call over to Jon, I have two important reminders. First, a press release announcing the financial results for our third quarter of fiscal 2024 was issued after the market closed this afternoon. These financial results include the contributions from our wholly owned subsidiaries and accounts that they administer. The press release also includes definitions of certain non-GAAP financial measures that we will reference today. A copy of today's press release, including reconciliations of these non-GAAP measures with the comparable GAAP measures, and a recording of this webcast can be found on our investor relations website, which is ir.healthequity.com.

在將電話轉給喬恩之前，我有兩個重要的提醒。首先，今天下午收盤後發布了一份新聞稿，宣布了 2024 財年第三季的財務表現。這些財務業績包括我們全資子公司及其管理的帳戶的貢獻。新聞稿還包括我們今天將引用的某些非公認會計準則財務指標的定義。您可以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 衡量標準與可比較 GAAP 衡量標準的調整表，以及本次網路廣播的錄音。

Second, our comments and responses to your questions today reflect management's view as of today, December 5, 2023. It 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 risk and uncertainties that may cause our actual results to differ materially from statements made here today. We caution against placing undue reliance on these forward-looking statements. We also encourage you to review the discussion of these factors and other risk that may affect our future results or the market price of our stock as 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. Now, over to Jon.

其次，我們今天對您的問題的評論和答覆反映了截至今天（2023 年12 月5 日）管理層的觀點。它將包含SEC 定義的前瞻性陳述，包括預測、預期、估計或可能被視為前瞻性的其他資訊-看著。有許多與我們業務相關的重要因素可能會影響今天所做的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致我們的實際結果與今天所做的陳述有重大差異。我們警告不要過度依賴這些前瞻性陳述。我們也鼓勵您查看對這些因素以及可能影響我們未來業績或股票市場價格的其他風險的討論，詳情請參閱我們向 SEC 提交的最新 10-K 表格年度報告和後續定期報告。我們不承擔根據新資訊或未來事件修改或更新這些前瞻性聲明的義務。現在，轉到喬恩。

Thank you, Richard. Your emphasis on the word caution made me feel like you know more than you let on, but I know you know a lot. So, hello, everyone, and thank you for joining us, and happy holidays. I will discuss performance against Q3 key metrics and management's view of current conditions. Richard doesn't know anything more than he's letting on, by the way. Jim will detail Q3 financial results, and then he will provide our raised guidance for fiscal '24 and an initial outlook for fiscal '25, and Steve, of course, is here for Q&A.

謝謝你，理查。你對「謹慎」這個詞的強調讓我覺得你知道的比你表現出來的要多，但我知道你知道的很多。那麼，大家好，感謝您加入我們，祝大家節日快樂。我將根據第三季的關鍵指標和管理層對當前狀況的看法來討論績效。順便說一句，理查德除了他所透露的之外，並不知道更多的事情。吉姆將詳細介紹第三季的財務業績，然後他將提供我們對 24 財年提出的指導意見和對 25 財年的初步展望，當然，史蒂夫也會在這裡進行問答。

In Q3, the team delivered double-digit year-over-year growth in revenue, which was plus 15%. Adjusted EBITDA grew double that at 30%. HSA assets grew 12% year-over-year, and HSA members, again, also at fiscal quarter end, grew 8%. Total accounts grew 5%. HealthEquity ended Q3 with 8.3 million HSA members, 22.6 billion in HSA assets, and 15.3 million total accounts.

第三季度，該團隊實現了兩位數的年收入成長，增幅達 15%。調整後 EBITDA 成長了一倍，達到 30%。 HSA 資產年增 12%，HSA 成員在財季末同樣成長 8%。總帳戶增加了 5%。截至第三季度，HealthEquity 擁有 830 萬 HSA 會員、226 億 HSA 資產和 1,530 萬帳戶總數。

Turning to sales, the team added 163,000 new HSA members in the third quarter, which narrowed the year-on-year GAAP relative to last year to 4%. As we begin to lap the TOR job growth and quit rates from Q1 and Q2, new logo growth, driven by a strong performance of our team, as well as our expanded network partner footprint, helped HSA growth in Q3, just as it has throughout fiscal '24 to date. HSA assets ended Q3 at 2.0, sorry, they ended Q3 $2.4 billion higher than a year ago, reflecting not only account, but also balance growth.

談到銷售，該團隊在第三季新增了 163,000 名 HSA 會員，這使得 GAAP 較去年同期縮小至 4%。隨著我們開始記錄第一季和第二季的TOR 就業成長和離職率，在我們團隊的強勁表現以及我們擴大的網路合作夥伴足蹟的推動下，新商標的成長幫助HSA 在第三季實現成長，就像它在整個季度中所做的那樣24 財年至今。 HSA 資產在第三季結束時為 2.0，抱歉，第三季結束時比一年前增加了 24 億美元，這不僅反映了帳戶成長，還反映了餘額成長。

Sequentially, invested HSA assets declined during the fiscal quarter by 0.6 billion, due to negative market action, and total assets, therefore, declined by the same amount. Members continue to invest their HSA balances, however, partially offsetting market declines. Year-over-year, 12% more of our HSA members became investors. Helping to drive up invested assets by 21%. In fact, invested assets now account for nearly 40% of HSA assets.

隨後，由於市場的負面影響，HSA 投資資產在本財季減少了 6 億美元，總資產也因此減少了 6 億美元。然而，會員繼續投資其 HSA 餘額，部分抵消了市場下跌的影響。與去年同期相比，成為投資者的 HSA 會員增加了 12%。幫助推動投資資產增加 21%。事實上，投資資產目前佔 HSA 資產的近 40%。

As you know, we believe that our members, our mission, and our long-term financial performance all benefit from the continued growth of investing in HSAs. We also continue to see more members choose enhanced rates for their HSA cash, leading to a higher for longer custodial yield, and we believe less cyclicality. While custodial fee growth drove Q3 revenue and margin performance, the team also delivered modest progress on the service line. Service costs actually declined year-over-year, and sequentially, despite higher volumes, of course, to help drive modest margin expansion.

如您所知，我們相信我們的會員、我們的使命以及我們的長期財務表現都受益於 HSA 投資的持續成長。我們也繼續看到越來越多的會員選擇提高其 HSA 現金利率，導致長期託管收益率更高，而且我們認為週期性較小。雖然託管費成長推動了第三季的營收和利潤率表現，但該團隊在服務領域也取得了一定進展。儘管銷量增加，但服務成本實際上比去年同期下降，當然，這有助於推動利潤率的適度擴張。

Interchange revenue grew strongly year-over-year, and on a sequential basis, and is now following its pre-COVID seasonal pattern as we expected, with strength in Q1, followed by softness in Q2, and especially in Q3. We expect sequential strengthening again in Q4. Our new CFO will detail our raised outlook for fiscal '24 and preview fiscal '25, in addition to providing more detail on Q3 results.

交換站營收年比和季比強勁成長，目前正遵循新冠疫情前的季節性模式，正如我們預期的那樣，第一季度強勁，第二季疲軟，尤其是第三季。我們預計第四季將再次連續走強。除了提供有關第三季業績的更多詳細資訊外，我們的新任財務長還將詳細介紹我們對 24 財年的展望和對 25 財年的預覽。

You know, double-digit revenue growth and margin expansion is a pretty good first act. However, Jim would be quick to point out that HealthEquity's current trajectory was years in the making. The team raised the trajectory of HSA growth by adding C and B capabilities at scale through WageWorks. It grew the value of HSA by pioneering affordable and accessible HSA investing, and creating the Enhanced Rates Program for HSA cash. It increased market responsiveness and resiliency by integrating with network, client, and ecosystem partners at every turn. And it enabled accretive allocation of your capital by uncovering HSA portfolio acquisitions, including Benefit Wallet, which, upon completion, will be our largest such transaction ever. Today, the team is innovating the value drivers of tomorrow. Applying cloud, API, data science, and, yes, AI technology to HealthEquity's mission to save and improve lives by empowering healthcare consumers.

你知道，兩位數的營收成長和利潤率擴張是一個非常好的第一步。然而，吉姆很快指出，HealthEquity 目前的發展軌跡是經過多年醞釀而成的。該團隊透過 WageWorks 大規模添加 C 和 B 功能，從而提高了 HSA 的成長軌跡。它透過開創負擔得起且易於獲得的 HSA 投資以及為 HSA 現金創建增強利率計劃來增加 HSA 的價值。它透過在每個環節與網路、客戶和生態系統合作夥伴整合來提高市場響應能力和彈性。它還透過發現 HSA 投資組合收購（包括 Benefit Wallet）來增加您的資本配置，該交易完成後將成為我們有史以來最大的此類交易。今天，該團隊正在創新明天的價值驅動因素。 HealthEquity 將雲端、API、資料科學，當然還有人工智慧技術應用於透過賦予醫療保健消費者權力來拯救和改善生命的使命。

With that, I will turn it over to Jim. Jim.

這樣，我就把它交給吉姆了。吉姆.

Thank you, Jon. First, let me say it's been a pleasure to join the HealthEquity team and have the opportunity to meet many of our investors over the past three months. The results we're reporting today are directly linked to the commitment our team makes every day to deliver purple service to our clients and members.

謝謝你，喬恩。首先，我很高興加入 HealthEquity 團隊，並有機會在過去三個月見到我們的許多投資者。我們今天報告的結果與我們團隊每天為客戶和會員提供紫色服務的承諾直接相關。

I'll highlight our third quarter GAAP and non-GAAP financial results. As always, we provide a reconciliation of GAAP measures to non-GAAP measures in today's press release. Third quarter revenue increased 15% year over year. Service revenue was $107.5 million, down 1% year over year. Custodial revenue grew 43% to $106.6 million in the third quarter. The annualized interest rate on HSA cash was 258 basis points for the quarter. Interchange revenue grew 7% to $35.1 million.

我將重點介紹我們第三季的 GAAP 和非 GAAP 財務表現。像往常一樣，我們在今天的新聞稿中提供了 GAAP 衡量標準與非 GAAP 衡量標準的調整表。第三季營收年增15%。服務收入為1.075億美元，年減1%。第三季託管收入成長 43% 至 1.066 億美元。本季 HSA 現金年化利率為 258 個基點。交換收入成長 7%，達到 3,510 萬美元。

Gross profit as a percentage of revenue was 64% in the third quarter this year, up from 59% in the third quarter last year. Net income for the third quarter was $14.7 million, or $0.17 per share, on a GAAP EPS basis. Our non-GAAP net income was $52.2 million, or $0.60 per share, for the third quarter, up versus $0.38 per share last year.

今年第三季毛利佔營收的比例為64%，高於去年第三季的59%。根據 GAAP 每股盈餘計算，第三季淨利為 1,470 萬美元，即每股 0.17 美元。我們第三季的非 GAAP 淨利潤為 5,220 萬美元，即每股 0.60 美元，高於去年的每股 0.38 美元。

While higher interest rates increased custodial yields and generated additional interest income, they also increased the rate of interest we pay on the remaining $287 million term loan A, to approximately 6.7%. Adjusted EBITDA for the quarter was $95.6 million, and adjusted EBITDA as a percentage of revenue was 38%, more than 440 basis point improvement over the same quarter last year.

雖然較高的利率提高了託管收益率並產生了額外的利息收入，但它們也將我們為剩餘的 2.87 億美元定期貸款 A 支付的利率提高到約 6.7%。該季度調整後 EBITDA 為 9,560 萬美元，調整後 EBITDA 佔營收的百分比為 38%，比去年同期提高了 440 個基點以上。

For the first nine months of fiscal '24, revenue was $737.2 million, up 17% compared to the first nine months of last year. GAAP net income was $29.3 million, or $0.34 per diluted share. Non-GAAP net income was $140.5 million, or $1.62 cents per diluted share, up 69% compared to the same period last year. And adjusted EBITDA was $270.3 million, up 36% from the prior year, resulting in adjusted EBITDA as a percentage of revenue of 37% for the first nine months of this fiscal year.

24 財年的前 9 個月，營收為 7.372 億美元，比去年前 9 個月成長 17%。 GAAP 淨利為 2,930 萬美元，或攤薄後每股收益 0.34 美元。非 GAAP 淨利為 1.405 億美元，即每股攤薄收益 1.62 美分，較去年同期成長 69%。調整後 EBITDA 為 2.703 億美元，比上年增長 36%，導致本財年前 9 個月調整後 EBITDA 佔收入的比例為 37%。

Turning to the balance sheet, as of October 31, 2023, cash on hand was $334 million, boosted by $57 million of cash flow generated from operations in Q3, and $166 million year-to-date. The company had $874 million of debt outstanding net of issuance costs. We continue to have a $1 billion undrawn line of credit available, and we anticipate using both cash and drawing on the line of credit in fiscal 2025 in connection with the closing of the benefit wallet HSA acquisition.

轉向資產負債表，截至 2023 年 10 月 31 日，手頭現金為 3.34 億美元，得益於第三季營運產生的 5,700 萬美元現金流和年初至今的 1.66 億美元。扣除發行成本後，該公司的未償債務為 8.74 億美元。我們繼續擁有 10 億美元的未提取信貸額度，並且我們預計在 2025 財年，在完成福利錢包 HSA 收購時，使用現金和提款的信貸額度。

These strong results, combined with expectations for our Q4 busy season, allow us to raise fiscal 2024 guidance as follows. Revenue in a range between $985 and $995 million. GAAP net income in a range of $34 to $39 million, or $0.39 to $0.45 per share.

這些強勁的業績，加上對第四季旺季的預期，使我們能夠將 2024 財年指引提高如下。收入在 985 美元至 9.95 億美元之間。 GAAP 淨利潤範圍為 3,400 至 3,900 萬美元，即每股 0.39 至 0.45 美元。

We expect non-GAAP net income to be between $181 and $188 million, resulting in non-GAAP diluted net income between $2.08 and $2.16 per share, based upon an estimated 87 million shares outstanding for the year. We expect adjusted EBITDA to be between $350 and $360 million.

我們預計非 GAAP 淨利潤將在 181 至 1.88 億美元之間，根據今年預計已發行股票 8,700 萬股計算，非 GAAP 攤薄後淨利潤將在每股 2.08 美元至 2.16 美元之間。我們預計調整後 EBITDA 將在 3.5 億至 3.6 億美元之間。

Our fiscal 2024 revenue increase is primarily based on revised expectations for the average yield on HSA cash to approximately 245 basis points for fiscal 2024. As a reminder, we base custodial yield assumptions embedded in guidance on an analysis of forward-looking market indicators, such as the secured overnight financing rate, mid-duration treasury forward curves, and the Fed Funds futures. These are, of course, subject to change.

我們2024 財年的營收成長主要基於將2024 財年HSA 現金平均報酬率修訂為約245 個基點的預期。提醒一下，我們將指導中嵌入的託管收益率假設建立在前瞻性市場指標分析的基礎上，例如如有擔保隔夜融資利率、中期國債遠期曲線和聯邦基金期貨。當然，這些可能會改變。

Our guidance also reflects the expectation of higher average interest rates on health equities variable rate debt versus last year, primarily offset by the reduced amount of variable rate debt upstanding. We assume a projected statutory non-GAAP income tax rate of approximately 25%, and a diluted share count of 87 million, which now includes common share equivalents as we expect positive GAAP net income this year.

我們的指引也反映了與去年相比，健康股票可變利率債務的平均利率較高的預期，這主要被可變利率債務金額的減少所抵消。我們假設預計法定非 GAAP 所得稅稅率約為 25%，稀釋後股票數量為 8700 萬股，其中現在包括普通股等價物，因為我們預計今年 GAAP 淨利潤將為正值。

As we have discussed, moving to positive GAAP net income impacts our GAAP tax rate strangely this year. Discrete tax items may also impact the calculated tax rate on a low level of pre-tax income. Based on our current full-year guidance, we expect a GAAP tax rate for fiscal '24 slightly below 40%.

正如我們所討論的，今年的 GAAP 淨利潤轉向正值對我們的 GAAP 稅率產生了奇怪的影響。離散稅項也可能影響低稅前收入的計算稅率。根據我們目前的全年指引，我們預計 24 財年的 GAAP 稅率將略低於 40%。

As we have done in recent reporting periods, our full fiscal 2024 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 intangible assets is included.

正如我們在最近的報告期間內所做的那樣，我們完整的 2024 財年指導包括 GAAP 與收益發布中提供的非 GAAP 指標的調節，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準則淨利潤中，但包括了收購的無形資產產生的收入。

We're also providing the following initial guidance for fiscal year 2025. We expect revenue to be between $1.14 and $1.16 billion. We expect margins will expand with adjusted EBITDA growing to approximately 38% to 39% of revenue in fiscal 2025. This initial guidance is based on an estimated average HSA cash yield of about 3%.

我們也為 2025 財年提供以下初步指引。我們預計營收將在 11.4 至 11.6 億美元之間。我們預計，隨著 2025 財年調整後 EBITDA 成長至營收的約 38% 至 39%，利潤率將擴大。這項初步指引基於 HSA 約 3% 的平均現金收益率估計。

Based on our outlook of interest rate conditions, current forward yields for next year, and the anticipated migration of the benefit wallet HSAs in fiscal 2025. We expect benefit wallet ramp-up costs will, in effect, extend our busy season further into the new fiscal year than usual, with net positive impacts expected to begin by Q2.

根據我們對利率狀況的展望、明年的當前遠期收益率以及福利錢包 HSA 在 2025 財年的預期遷移。我們預計福利錢包增加成本實際上將把我們的繁忙季節進一步延長到新的財政年度。財年好於往年，預計從第二季開始產生淨正面影響。

A reconciliation of our adjusted EBITDA outlook for the fiscal year ending January 31, 2025, 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're unable to predict the ultimate outcome of certain significant items excluded from this non-GAAP measure, such as depreciation and amortization, stock-based compensation expense, and income tax provision or benefit.

我們對截至2025 年1 月31 日的財年調整後的EBITDA 前景與淨利潤（其最直接可比較的GAAP 指標）的調節不包括在內，因為如果沒有不合理的努力，我們就無法獲得這一未來期間的淨利潤前景，因為我們無法預測排除在非公認會計準則衡量標準之外的某些重要項目的最終結果，例如折舊和攤銷、基於股票的補償費用以及所得稅撥備或福利。

Before we launch into Q&A, let me give another plug for our investor day, scheduled for February '22, at our offices in Draper, Utah. We expect to share information about HealthEquity's multi-year strategic initiatives to deliver remarkable experience, deepen partner relationships, and drive health and financial outcomes, and the impact we anticipate these initiatives may have on our business model and financial performance over the next several years. You will see product innovations being shared with our clients and partners, as well as a deep dive into our plans to accelerate the transition to enhance rates. We're nearing capacity, so if you want to be there and you do want to be there, you will need to register quickly. Please see our IR website or contact Richard.

在我們開始問答之前，讓我再介紹一下定於 22 年 2 月在猶他州德雷珀辦公室舉行的投資者日活動。我們希望分享有關 HealthEquity 多年戰略舉措的信息，以提供卓越的經驗、深化合作夥伴關係並推動健康和財務成果，以及我們預計這些舉措可能對我們未來幾年的業務模式和財務業績產生的影響。您將看到與我們的客戶和合作夥伴分享的產品創新，以及深入了解我們加速轉型以提高利率的計劃。我們已接近滿員，因此，如果您想參加並且確實想參加，則需要快速註冊。請參閱我們的 IR 網站或聯絡 Richard。

With that, we know you have a number of questions, so let's go right to our operator to kick off Q&A.

至此，我們知道您有很多問題，所以讓我們直接聯絡我們的接線員開始問答。

(Operator Instructions) Greg Peters, Raymond James.

（操作員說明）Greg Peters、Raymond James。

Well, good afternoon, Jon, Steve, Jim, and Richard. Hello. I'll kick off the first question with a state of the market as it relates to M&A. I know you're working, will be working to close BenefitWallet in the first half of next year, but another large competitor of yours, maybe more, have commented on the possibility of monetizing their HSA asset through a sale. So can you talk about what your appetite looks like for additional M&A and maybe just how you view your market players behaving in this environment?

嗯，下午好，喬恩、史蒂夫、吉姆和理查德。你好。我將從與併購相關的市場狀況開始第一個問題。我知道你們正在努力，並將努力在明年上半年關閉 BenefitWallet，但你們的另一個大競爭對手，也許更多，已經評論了透過出售其 HSA 資產貨幣化的可能性。那麼您能否談談您對額外併購的興趣以及您如何看待市場參與者在這種環境下的行為？

Yeah, I mean, I think, first of all, thank you, Greg, for the question. I think the first point is that I think this reflects a trend that has been going on for a while, which is continued kind of, for lack of a better term, consolidation of the market around a couple of strong scale players. And we're really pleased to be at the head of that group at this point and have worked very hard for it over time.

是的，我的意思是，我想，首先，謝謝格雷格提出的問題。我認為第一點是，我認為這反映了一種已經持續了一段時間的趨勢，由於缺乏更好的術語，這種趨勢正在持續，市場圍繞著幾個強大的規模參與者進行整合。我們非常高興此時能夠成為該團隊的負責人，並且長期以來一直為此付出了巨大的努力。

And one of the things that we've done over this period is really kind of honed our thinking about how we deploy shareholders' capital when we look at competitive transactions. And so we're in a very fortunate position that to the extent that something else is out there and to the extent that, you know, one is that you should feel confident that we're going to be able to evaluate it effectively without, you know, kind of having to resort to, you know, investment banker magic.

在此期間我們所做的事情之一確實磨練了我們在考慮競爭性交易時如何部署股東資本的想法。因此，我們處於一個非常幸運的位置，在某種程度上，還有其他東西存在，並且在某種程度上，你知道，其中之一是你應該相信我們將能夠有效地評估它，而無需，你知道，有點不得不求助於投資銀行家的魔法。

And that secondly, and I think BenefitWallet demonstrated this, that we're going to shape transactions in a way that is a win for the seller, but also a win for our shareholders in terms of the timing of accretion and all that kind of thing. So I think that puts us in a good position if transactions kind of start to happen.

其次，我認為 BenefitWallet 證明了這一點，我們將以對賣方有利的方式來塑造交易，而且在增值的時機和所有類似的事情上也對我們的股東有利。因此，我認為，如果交易開始發生，這將使我們處於有利地位。

I think secondly, you know, if you, and we'll obviously talk about this a little more at the investor day, but I think external models suggest that and certainly our forward guidance envisions that the company will continue to generate significant cash flow from operations and free cash flow generally, and that those numbers will only grow. So, you know, as I've said before, this is an ideal place for us to deploy capital in ways that generate real return to earnings and ultimately, we believe to our shareholders. So we'd be very interested in that.

我認為其次，你知道，如果你，我們顯然會在投資者日更多地討論這一點，但我認為外部模型表明，當然我們的前瞻性指引設想該公司將繼續產生大量現金流總體而言，營運和自由現金流，而且這些數字只會成長。所以，你知道，正如我之前所說，這是我們部署資本的理想場所，能夠產生真正的收益回報，並最終讓我們的股東相信。所以我們對此非常感興趣。

That having been said, I think we also benefit from the fact that, you know, we've been beating these bushes for a very long time and we also know where our, you know, sometimes why something comes to market, where our competitors might be more challenged and those things are going to be reflected in our view evaluation. So that's, I guess, my way of saying, Greg, that if you see something happen, you know, I don't know, mid next year, late next year, and to be clear, I don't, I have no idea, genuinely.

話雖這麼說，我認為我們也受益於這樣一個事實，你知道，我們已經在這些灌木叢中摸索了很長時間，我們也知道我們的，你知道，有時為什麼某些東西進入市場，我們的競爭對手在哪裡可能會面臨更多挑戰，這些事情將反映在我們的觀點評估中。所以，我想，格雷格，我的表達方式是，如果你看到有什麼事情發生，你知道，我不知道，明年年中，明年年底，而且要明確的是，我不，我沒有想法，真誠的。

And it's not with us. It's not going to be because we didn't take a look at it. It's going to be because we carefully evaluated the price and decided not to do that and we've done that in the past as well. So we're happy to hear those kind of rumors. We think they present great opportunities for our shareholders. We're also going to evaluate them carefully.

而且它不屬於我們。這不會是因為我們沒有看過它。這是因為我們仔細評估了價格並決定不這樣做，我們過去也這樣做過。所以我們很高興聽到這類謠言。我們認為它們為我們的股東提供了巨大的機會。我們還將仔細評估它們。

That makes sense. I have a follow-up question, assuming that Richard, the enforcer, will permit it.

這就說得通了。我有一個後續問題，假設執法者理查德會允許。

Can I ask you a favor? I'll be the, let's do one, but I want to, we did get more murmurings of challenges and I, you know, it's like Mr. Bigglesworth, we don't want you to be angry. So let's do one. We'll go from there.

可以請你幫個忙嗎？我會，讓我們做一個，但我想，我們確實收到了更多挑戰的抱怨聲，我，你知道，就像比格斯沃思先生一樣，我們不希望你生氣。那我們來做一個吧。我們將從那裡出發。

One follow-up?

一個後續行動？

Yeah.

是的。

Perfect. Just, you made a comment in your opening remarks about how the enhanced yield product will give you higher for longer custodial yield. One of the popular questions that comes inbound is how your custodial yield might perform if interest rates were to start to go down. So maybe you can help us explain what you meant by that comment. That's my last question.

完美的。只是，您在開場白中評論了增強收益產品將如何為您提供更高的長期託管收益。收到的熱門問題之一是，如果利率開始下降，您的託管收益率可能會如何表現。所以也許你可以幫我們解釋一下你的評論的意思。這是我的最後一個問題。

Well, let me first, oh, actually, Jim, why don't you take this one?

好吧，讓我先說，哦，實際上，吉姆，你為什麼不拿這個？

Yeah, yeah, sure, I can. Yeah, so the, I mean, obviously the initial outlook that we provided is based on forward-looking expectations of rates and the market has for some time expected rates will come down next year and that's reflected in our outlook and we will have a small headwind. We expect to have a small headwind on our client-held funds, right, the deposits that are really held short-term in overnight cash. So that's a small headwind to our yield next year, but we're still seeing the reinvestment rates at significantly higher rates than the cash is maturing at. So we are growing average HSA yields in a declining interest rate, short-term interest rate environment.

是的，是的，當然，我可以。是的，所以，我的意思是，顯然我們提供的初步前景是基於對利率的前瞻性預期，一段時間以來市場預期利率將在明年下降，這反映在我們的前景中，我們將有一個小的逆風。我們預計我們的客戶持有的資金（對的，即真正以隔夜現金形式短期持有的存款）將面臨較小的阻力。因此，這對我們明年的收益率來說是一個小小的阻力，但我們仍然看到再投資率明顯高於現金到期時的利率。因此，在利率下降、短期利率環境下，我們正在提高 HSA 的平均收益率。

Okay, but in your comment, you said the enhanced yield gives it higher for longer. I was just, I'm sorry, I've expired my two questions, thanks.

好的，但在您的評論中，您說提高的產量可以使其在更長時間內更高。我只是，對不起，我的兩個問題已經過期了，謝謝。

I'm guessing, I'm guessing there might be another one about this topic, so we're happy to, we're happy to go into more. Who's next?

我猜，我猜可能還有關於這個主題的另一個主題，所以我們很高興，我們很高興能深入探討更多。誰是下一個？

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

Hi, thanks for taking my questions. Okay. Maybe first on the preliminary, hi, on the preliminary guidance, I guess first, how should we think about the benefit wallet assets that are flowing in? Can you give us a sense of, you know, the timing of when these tranches are going to come in? To what extent are we getting the benefit through the year? And associated with that, maybe I'll layer a couple more questions in here. Do you have to pay any fees on those assets moving into your custodial accounts? I will start there.

您好，感謝您回答我的問題。好的。也許首先是初步的，嗨，初步的指導，我想首先，我們應該如何考慮正在流入的利益錢包資產？您能否讓我們了解一下這些資金的發放時間？這一年我們能在多大程度上受益？與此相關，也許我會在這裡提出更多問題。您需要為轉移到託管帳戶的資產支付任何費用嗎？我將從這裡開始。

Yeah, I think I can take this one. So let me start with the second part of your question, Stan, as you recall, in prior transactions, we've had a component where there's a seller, a third-party custodian that we have to pay. We had that in the WageWorks transaction, we have that here. That's a based into, technically the way it works in this case is it's the seller paying the fees, and we have agreed as part of, and I think we disclosed this at the time the agreement was signed. We've agreed to cover, I believe, someone correct me if I'm wrong, $20 million of such fees within the purchase price. So that doesn't impact our projection of go-forward income or the income statement in any way. It's just a purchase price accounting issue.

是的，我想我可以接受這個。因此，讓我從你問題的第二部分開始，斯坦，正如你所記得的，在之前的交易中，我們有一個組件，其中有一個賣方，一個我們必須付款的第三方託管人。我們在 WageWorks 交易中擁有這一點，我們在這裡也擁有這一點。這是一個基礎，從技術上講，在這種情況下，它的工作方式是由賣方支付費用，我們已經同意作為其中的一部分，我認為我們在簽署協議時披露了這一點。我相信，如果我錯了，我們已經同意在購買價格中支付 2000 萬美元的此類費用。因此，這不會以任何方式影響我們對未來收入或損益表的預測。這只是一個採購價格會計問題。

And then with regard to the first part of your question, the way to think about this, I think, is that, and Jim mentioned this briefly in his opening remarks, is that we will see incremental service expense, effectively our busy season extending into the first bit of the fiscal year as we prepare to bring on these accounts. It would be silly to fully ramp down and then ramp back up again. So there'll be some, and even if we were doing that, we would still see incremental costs. So you'll see some incremental service costs. And then in Q2, we should start to kind of net out to a positive here as we begin to onboard these accounts. And so our guidance kind of reflects that idea that these placements, sorry, these transitions will occur kind of in that timeframe, and by the second half of the year, we'll be at a great run rate. And as we've discussed elsewhere, this kind of accretes very quickly. So if that's helpful for you, we can't, I would say that there's some uncertainty here as there often is, but that's our current expectation.

然後，關於你問題的第一部分，我認為，思考這個問題的方法是，吉姆在他的開場白中簡要提到了這一點，我們將看到服務費用的增加，實際上我們的繁忙季節延伸到我們準備記入這些帳目的本財政年度的第一部分。完全下降然後再次上升是愚蠢的。所以會有一些，即使我們這樣做，我們仍然會看到增量成本。因此，您會看到一些增量服務成本。然後在第二季度，當我們開始加入這些帳戶時，我們應該開始獲得積極的淨收益。因此，我們的指導反映了這樣一種想法，即這些展示位置，抱歉，這些過渡將在那個時間範圍內發生，到今年下半年，我們將處於良好的運行速度。正如我們在其他地方討論過的那樣，這種增長速度非常快。因此，如果這對您有幫助，我們不能，我會說這裡存在一些不確定性，但這是我們目前的期望。

That's helpful. Thank you. Maybe just a quick one on services gross margin. Clearly, you're making some progress here. Can you maybe share any updates on the adoption of your text-based communications with your members and whether or not that's, you know, you're recognizing some tangible improvements on the gross margin side there?

這很有幫助。謝謝。也許只是簡單介紹一下服務毛利率。顯然，您在這裡取得了一些進展。您能否與您的會員分享有關採用基於文字的通訊的任何最新情況，以及您是否認識到毛利率方面有一些切實的改進？

Yeah. Well, Jim talked about the progress on gross margin generally. I think obviously if you look at service expense and the like, you know, the ability to kind of be in a good spot here relative to volume growth speaks to the point that you're making, particularly given that, you know, we're also fighting things like wage growth that are headwinds in this area.

是的。吉姆總體上談到了毛利率的進展。我認為顯然，如果你看看服務費用等，你知道，相對於銷量增長，在這裡處於有利位置的能力說明了你所提出的觀點，特別是考慮到，你知道，我們還與工資增長等在該領域面臨的阻力作鬥爭。

And so, yeah, I commented elsewhere that we've made, you know, we look at this month over month and what we're really trying to do is ultimately it's not just, it's in part the move from voice to chat, but it's also ultimately the move from live to automated in areas where members really get value out of that. And there are clearly a lot of those and so we continue to see kind of, I would just say quarter over quarter progress. It's not, and we've never suggested it was a magic bullet, but the ultimate opportunity to take significant costs out of service delivery while delivering actually a better experience for members through digitization, this is, as I've said elsewhere, is a no-brainer in terms of, it's sort of ironic to say this, in terms of the applications for generative alternative AI. It just, you know, damn, this stuff really works. And so we think that that will continue and we think that what we do is actually an excellent application for it because precisely because it's not, you know, it's always as simple and people's questions aren't always as, you know, formed in exactly the same way and yet you want to be able to generate the right answers.

所以，是的，我在其他地方評論說，我們已經做了，你知道，我們逐月審視這個月，我們真正想做的最終不僅僅是從語音到聊天的轉變，而且最終，在會員真正從中獲得價值的領域，這也是從即時到自動化的轉變。顯然有很多這樣的事情，所以我們繼續看到，我想說的是季度與季度之間的進展。事實並非如此，我們也從未說過這是一顆靈丹妙藥，但這是一個最終的機會，可以降低服務交付的大量成本，同時透過數位化為會員提供更好的體驗，正如我在其他地方所說的那樣，這是一個就生成式替代人工智慧的應用而言，這麼說有點諷刺，這是理所當然的。只是，你知道，該死，這東西確實有效。因此，我們認為這種情況將會繼續下去，我們認為我們所做的實際上是它的一個出色的應用程序，因為正是因為它並不總是那麼簡單，而且人們的問題並不總是像你知道的那樣形成。同樣的方式，但你希望能夠產生正確的答案。

Thanks, Stan.

謝謝，斯坦。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Hey, Allen. Thanks for taking the questions and welcome, Jim. A couple on the financial side. So I just want to ask on the 3% custodial yield guide for next year, how much of those contracts have already been set? And then one follow-up related to the financials, is Benefit Wallet fully incorporated into the fiscal '25 guide? And then I have a follow-up.

嘿，艾倫。感謝您提出問題並歡迎，吉姆。財務方面的一對夫婦。所以我只想問一下明年3%的託管收益率指導，其中有多少合約已經確定了？然後是與財務相關的一個後續問題，Benefit Wallet 是否已完全納入 25 財年指南？然後我有一個後續行動。

That sounds like three, that's three.

聽起來是三，那是三。

Yeah. So, yeah, so as Jon said, our expectation about the both the ramp-up cost, the transition cost, migration cost, and then of course the benefit of having the accounts on our platform are built in to the 2025 guide as are the, you know, those assets will be invested at market rates, which will obviously pull up the average rate, the average rate earned on HSA yield. So, yes, Benefit Wallet is a contributor to revenue and to the higher yield that we're going to be guiding to here.

是的。所以，是的，正如喬恩所說，我們對啟動成本、過渡成本、遷移成本的期望，當然還有在我們平台上擁有帳戶的好處，都內置在 2025 年指南中，你知道，這些資產將以市場利率進行投資，顯然會拉高平均利率，即HSA 收益率賺取的平均利率。所以，是的，Benefit Wallet 是我們將在這裡引導的收入和更高收益的貢獻者。

And then just to the first part of your question about placements, the math is a little different with enhanced rates now where we can do placements, you know, throughout the year. So it's a little less relevant, but a way to think about it is that we will do, we do placements mostly when money moves in terms of when rates are cut. So about a third of that happens in the, if you sort of think about that year-end bulk, about a third of it's in the Fiscal Q4, or I'm sorry, Calendar Q4, and then, you know, two-thirds is in, kind of in that January period.

然後，就你關於安置的問題的第一部分而言，數學有點不同，現在我們可以全年進行安置，你知道，提高了費率。因此，它的相關性有點小，但一種思考方式是，我們會這樣做，我們主要是在資金因利率下調而流動時進行配售。因此，大約三分之一發生在，如果你考慮年底的大部分，大約三分之一發生在第四財季，或者對不起，第四季度日曆，然後，你知道，三分之二是在一月期間。

But I would caution that, I just want to say I would caution on that last point. Enhanced rates does have a benefit that allows us to draw that out a little bit. And so, you know, over time, what you'll have to get used to is that, and I think this will be good, is that, you know, it's not going to be sitting and waiting for, you know, what the rate is on a given day. It's going to matter as much for those kinds of placements.

但我要警告的是，我只想說我要警告最後一點。提高利率確實有一個好處，可以讓我們稍微拉長一點。所以，你知道，隨著時間的推移，你必須習慣的是，我認為這會很好，你知道，它不會坐著等待，你知道，什麼利率是在給定的一天。這對於此類展示位置也同樣重要。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi. Congratulations on an excellent quarter. Can you maybe just talk a little bit about expectations for yield longer term? Obviously, I wouldn't ask for guidance for fiscal '26, but since it takes three years to recontract your book of business, let's say rates hold steady or decline slightly next year, maybe they decline slightly in fiscal '26, could your yield still go up, which would obviously benefit custodial in fiscal '26?

你好。恭喜您度過了一個出色的季度。能否簡單談談對長期收益率的預期？顯然，我不會要求 26 財年的指導，但由於重新收縮您的業務需要三年時間，假設明年利率保持穩定或略有下降，也許它們在 26 財年略有下降，您的收益率可以嗎仍然上升，這顯然有利於26 財年的託管？

Jim, you want to hit this one?

吉姆，你想打這個嗎？

Simple answer is yes. Obviously, it depends how far rates decline, but yeah, I think you said if rates remain stable, then yes, we'd expect the average rate to continue. There are strong tailwinds in that number.

簡單的答案是肯定的。顯然，這取決於利率下降的程度，但是，是的，我想你說過，如果利率保持穩定，那麼是的，我們預計平均利率將繼續下去。這個數字有很強的推動力。

The key issue is that one of the things that we really do get benefit of, if you think about it, I appreciate your point about three years, but think about, like, the duration contracts, if you think about what we're going to be replacing next year, those duration contracts next year will be the first ones that we're replacing, right, that are pandemic era, so the stuff that's being repriced is going to be repriced very favorably.

關鍵問題是，我們真正受益的事情之一，如果你仔細想想，我很欣賞你關於三年的觀點，但想想，比如，合約期限，如果你想想我們要做什麼明年要更換，那些明年的期限合約將是我們首先要更換的合同，對吧，那是大流行時代，所以要重新定價的東西將會非常優惠地重新定價。

Beyond that, if I take current market projections about where rates will be in a year or what have you, as sort of consistent with your question, we will still be placing new money at rates well above our current guide of 3%, and so those will continue to be, I think, pretty significant tailwinds for yield for quite some time, actually, again, without wanting to give particular guidance, I mean, those are the key factors, and it's what you can replace money at relative to what you had it at before and what you're placing new money at, and both of those appear to be tailwinds for quite a while under, you know, any current reasonable scenario over the course of the next several years.

除此之外，如果我對目前的市場預測一年內的利率水準或你的情況與你的問題一致，我們仍然會以遠高於我們目前 3% 指導值的利率投入新資金，所以我認為，在相當長的一段時間內，這些將繼續成為收益率的相當大的推動因素，實際上，再次，不想給出特別的指導，我的意思是，這些是關鍵因素，這是你可以相對於什麼來替代貨幣你之前的情況以及你投入新資金的情況，在未來幾年的任何當前合理情況下，這兩者似乎都會在相當長一段時間內成為順風車。

Okay, great, and I think Richard will allow me one more, maybe, so it was nice to see interchange revenue up, I think, 7% year over year for service revenue, I think it was down maybe 1% year over year, but I think there's some unusual things causing that. When should we expect to see growth in service revenue sort of return to a more normalized rate? What is the driver of that, and what would you expect sort of that longer term normalized service revenue growth rate to be? Thanks very much.

好吧，太好了，我想理查德也許會允許我再多一個，所以很高興看到交換收入增長，我認為，服務收入同比增長 7%，我認為它可能同比下降 1%，但我認為有一些不尋常的事情造成了這種情況。我們什麼時候應該看到服務收入的成長恢復到更正常化的水平？其驅動因素是什麼？您預期長期標準化服務收入成長率是多少？非常感謝。

Want to hit that one, Jim?

吉姆，想打那個嗎？

Yeah, sure, I can take that one. Yeah, so I think, yeah, you really hit right on the story for Q3. We've effectively helped serve on that line with revenue slightly down, cost slightly down, the margin slightly up, but there's a lot of moving parts and stories within those headline numbers, so you sort of look at it, and we do look at it by product, and you see a price volume mix story occurring there where price has been a headwind, especially in RA. As buyers look at this as a bundle, really, they understand we're making a much higher revenue on the custodial cash and the HSA cash. They understand we're making good margin on the interchange, and this is the release valve on price.

是的，當然，我可以接受。是的，所以我認為，是的，你確實擊中了第三季的故事。我們有效地幫助了這條線的服務，收入略有下降，成本略有下降，利潤略有上升，但這些標題數字中有很多變化的部分和故事，所以你看看它，我們也確實看看按產品劃分，您會看到價格一直是不利因素的價格數量混合故事，尤其是在RA 中。當買家將其視為捆綁產品時，他們實際上知道我們透過託管現金和 HSA 現金獲得了更高的收入。他們知道我們在換乘上獲得了豐厚的利潤，這是價格的釋放閥。

So, we're seeing a little bit of price per unit price headwind. We see the impact of the mixed shift, especially towards HSA. As we're growing HSA significantly higher, that's always been the lowest fixed dollar fee product as it's got the highest percentage of interchange and custodial revenue attached to it. So, as our business mix towards that, we're going to see that pressure on the revenue line and that margin line, and you can call that sort of a half-and-half impact, price and mix, and then being offset by our much higher volumes. So, negative price, negative mix, positive volume, that's out to just about a million-dollar delta on the revenue line.

因此，我們看到單位價格出現了一些逆風。我們看到了混合轉變的影響，尤其是對 HSA 的影響。隨著我們顯著提高 HSA，它始終是固定費用最低的產品，因為它具有最高比例的交換和託管收入。因此，隨著我們的業務組合朝著這個方向發展，我們將看到收入線和利潤線受到壓力，你可以稱之為價格和組合的一半影響，然後被抵消我們的產量要高得多。因此，負價格、負組合、正銷量，這相當於收入線上約一百萬美元的增量。

Thanks, David.

謝謝，大衛。

Anne Samuel, JPMorgan.

安妮‧塞繆爾，摩根大通。

Hi, guys. Congrats on the quarter, and thanks for the question. In the past, you've kind of talked about a gradual increase for your deposits going into the enhanced rates product, but with the benefit wallet, you're going to see kind of a big jump up in that mix. Are you where you want to be now, or should we expect that to continue to kind of increase as a percentage of the mix over time? Where are you hoping to get with that?

嗨，大家好。恭喜本季度，並感謝您的提問。過去，您談到了進入加息產品的存款逐漸增加，但有了福利錢包，您將看到這種組合的大幅躍升。您現在處於您想要的位置嗎？還是我們應該期望隨著時間的推移，您在組合中所佔的百分比會繼續增加？你希望能得到什麼結果？

\You should expect it to increase as a percentage of the mix over time. And if you're willing to make the step out to Salt Lake City or listen in, I think we'll talk more about that so people can get a clear view of it over time. But we're extremely pleased with a couple of aspects of this program, Annie. One is that on a voluntary basis, the consumer adoption has been great. I think consumer acceptance of what we're trying to do has been great. I feel like employers, those who pay attention to this, understand that the fact that we've done this has really kept us from having to impose other costs on them and also see us reinvesting in the business.

\您應該預期它在混合中所佔的百分比會隨著時間的推移而增加。如果您願意前往鹽湖城或傾聽，我想我們會更多地討論這一點，以便隨著時間的推移人們可以清楚地了解它。但我們對這個計劃的幾個方面非常滿意，安妮。一是在自願的基礎上，消費者的採用率很高。我認為消費者對我們正在努力做的事情的接受程度非常高。我覺得雇主，那些關注這一點的人，明白我們所做的這一事實確實使我們不必向他們強加其他成本，也看到我們對業務進行再投資。

I'm extremely pleased with, I just don't know how to say it any other way, with the work that the team has done to educate the best possible partners we can have for this product. And we went into this with the biggest question in our mind was, actually, what's going to be the receptivity within what is appropriately a very conservative market on the insurance side to a product that has a lot of great attributes for them that they just haven't had before? And the receptivity has been great. It's been great among very high-quality names. And the stable there continues to grow. And so we're absolutely looking at options to accelerate, if anything, the shift into this product. And we'll talk a little more about that, I'm guessing, at the investor day and its impact in the out years.

我對團隊為培養該產品的最佳合作夥伴所做的工作感到非常滿意，我只是不知道如何用其他方式表達。事實上，我們腦子裡最大的問題是，在保險方面一個非常保守的市場中，對於一種對他們來說具有許多他們剛剛沒有的優秀屬性的產品的接受度會是多少？以前沒有過嗎？而且接受度非常好。它在非常高品質的名字中非常出色。而且那裡的穩定性還在持續成長。因此，我們絕對會尋找加速向該產品轉變的選項（如果有的話）。我猜，我們將在投資者日進一步討論這一點及其在未來幾年的影響。

That's really helpful then. And I guess as we kind of think about, as you get bigger and bigger with this product, is it still right to think of it as kind of a 50 to 75 basis point premium to your kind of traditional yield? Or can that change over time as well?

那真的很有幫助。我想，當我們思考這個產品的規模越來越大時，認為它比傳統收益率有 50 到 75 個基點的溢價仍然是正確的嗎？或者這也會隨著時間而改變嗎？

I think that's still probably right. I mean, I think that's still probably right, the answer.

我認為這可能仍然是正確的。我的意思是，我認為這個答案可能仍然是正確的。

Thanks, Anne.

謝謝，安妮。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Hey, good evening, guys. And just a couple of housekeeping questions, actually, for me. I guess, number one, Jon or Jim, could you guys talk about the expected EBITDA contribution from BenefitWallet in fiscal '25?

嘿，晚上好，夥計們。實際上，對我來說，這只是幾個家務事。我想，第一，喬恩或吉姆，你們能談談 BenefitWallet 在 25 財年的預期 EBITDA 貢獻嗎？

And my follow-up is, I know you guys have some lumpiness of cash rolling off to be redeployed as we look out over the next 12 to 18 months. Could you just kind of remind us on the big pieces that kind of come off being committed and get recommitted so we can kind of fine-tune our models around the waterfall? Thanks for that. Thanks.

我的後續行動是，我知道你們有一些現金需要重新部署，我們展望未來 12 到 18 個月。您能否提醒我們一些重大的事情會被提交並重新提交，以便我們可以圍繞瀑布微調我們的模型？感謝那。謝謝。

Why don't I, you want me to take the first half and you take the second half, Jim?

為什麼我不，你想讓我上半場，你來下半場，吉姆？

Sure. Yeah, sure.

當然。好，當然。

Okay. So a way to think about BenefitWallet is that, as I suggested earlier, we're going to get a little bit more than half a year impact. Maybe you could say, I don't know, maybe say two-thirds of a year impact, I don't know, somewhere around there, this year. And this product, this transaction, like prior transactions that we've done, is going to be highly accretive. So it's certainly, we were already anticipating that we would be delivering a nice, you know, a nice, implied boost in EBITDA margins. And I think this has just helped us accelerate, for lack of a better term, you know, where we ultimately felt we would get to as we have, you know, accounts mature and so forth.

好的。因此，考慮 BenefitWallet 的一種方式是，正如我之前所建議的，我們將獲得半年多一點的影響。也許你會說，我不知道，也許會說一年三分之二的影響，我不知道，就在今年附近的某個地方。這個產品、這個交易，就像我們之前所做的交易一樣，將會帶來高度的增值。因此，可以肯定的是，我們已經預計我們將實現 EBITDA 利潤率的大幅提升。我認為這只是幫助我們加速，因為缺乏更好的術語，你知道，我們最終覺得我們會達到我們所擁有的，你知道的，帳戶成熟等等。

So, you know, the way I think about the first question is, and I would, you know, encourage someone to do their own modeling, but I think, you know, I remember, George, you asking me several years back, you know, whether the company could return at some point, and I think you were being a little bit, what's the word I want, you were sort of poking me a little bit, saying, you know, can you guys return to EBITDA margins with a poor handle? We're offering guidance right now for next year between 30 and 39. And so this has sort of accelerated some of that process, and that seems like a good thing.

所以，你知道，我思考第一個問題的方式是，我會，你知道，鼓勵某人做自己的建模，但我想，你知道，我記得，喬治，你幾年前問過我，你知道，公司是否可以在某個時候回歸，我認為你們有點，我想要什麼詞，你們有點戳我，說，你們知道，你們能回到 EBITDA 利潤率嗎？手柄不好？我們現在正在為明年的 30 到 39 之間提供指導。因此，這在某種程度上加速了這一過程，這似乎是一件好事。

\Jim, on the second half, you want to take that one, which was about, I think, about the timing of asset redeployment.

吉姆，在下半年，你想採取那個，我認為，這與資產重新部署的時間有關。

Yeah, yeah, exactly, reinvestments. And yeah, you're exactly right, like there's sort of a block of wage bumps in assets that are going to be maturing actually not so much in next fiscal year. We've got a relatively smaller block of assets maturing Q4 of this year and throughout next fiscal year, and it will be the following two years where some of those lumpier blocks are going to be maturing, or being reinvested is a better word to say.

是的，是的，沒錯，再投資。是的，你說得完全正確，就像資產中存在一定程度的工資上漲一樣，這些資產在下一個財年實際上不會到期太多。我們有相對較小的資產在今年第四季和整個下一財年到期，在接下來的兩年裡，其中一些較大的資產將到期，或者更好的說法是「再投資」 。

Thanks, George.

謝謝，喬治。

A way to think about that just is since we deployed the original wage assets in, I'm going to say, calendar 21, no, calendar 20. And the kind of core piece of that is five-year, right? You'll see a lot of that rollover in the middle of calendar '25. There's a little of it this year, but you get the idea. And we'll rollover well, because we all know where we were in 20. Sorry.

思考這個問題的一種方式是，自從我們在日曆 21，不，日曆 20 部署了原始工資資產以來。其中的核心部分是五年，對吧？你會在 25 年曆中期看到很多這樣的翻轉。今年有一點，但你明白了。我們會很好地翻滾，因為我們都知道我們在 20 世紀的處境。抱歉。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Good afternoon, and thanks for taking my question. And let me add my congratulations. Just wondering if you can talk a little bit about, you know, you had good new logo sales. Wondering if you can talk a little bit more about what you're seeing on the enterprise side, just in terms of both from a competitive perspective, but also in terms of the desire to shift, you know, part of the employee population to, you know, HDHPs, you know, particularly in light of the accelerating, you know, healthcare costs that are coming through. And then I've got a follow-up.

下午好，感謝您提出我的問題。讓我表達我的祝賀。只是想知道您是否可以談談，您知道，您的新徽標銷售情況良好。想知道您是否可以多談談您在企業方面所看到的情況，不僅從競爭的角度來看，而且還從希望將部分員工轉移到，你知道，HDHP，你知道，特別是考慮到醫療費用正在加速成長。然後我有一個後續行動。

You want to hit this one?

你想打這個嗎？

Sure. Happy to. Hey, Mark. How are you? I expect you'll be out in February.

當然。高興。嘿，馬克。你好嗎？我預計你會在二月出去。

Absolutely.

絕對地。

Because we did get our first big snowstorm this weekend. Anyway, so kind of in order. Yeah, I mean, we talked about in the comments that we're seeing some good progress on bringing on these new enterprise logos. This has been a lot of work, a lot of time into it. We've not only refined our marketing message and, you know, brought on some great sales team members that are hustling there, but also, I think our product suite has continued to evolve to take care of their needs. I mean, we're doing some really nice things there. So I think the bottom line is we're pleased with the progress we've made in the new logos.

因為這個週末我們確實遭遇了第一場大風雪。無論如何，一切都井井有條。是的，我的意思是，我們在評論中談到，我們看到在引入這些新的企業徽標方面取得了一些良好進展。這需要大量的工作、大量的時間。我們不僅完善了我們的行銷訊息，而且聘請了一些優秀的銷售團隊成員，而且我認為我們的產品套件不斷發展以滿足他們的需求。我的意思是，我們正在那裡做一些非常好的事情。所以我認為最重要的是我們對新標誌所取得的進展感到滿意。

Now, I'm continually amazed at, and maybe it's just because, as you know, Mark, every year, I'll tell you a little fact that this is from the Kaiser study. The average high deductible plan that is HSA qualified in the country is about $4,800 for a family plan. And the average non-HSA deductible, let's say for a PPO plan, is about $2,900. So as those numbers keep getting closer, it really doesn't make a heck of a lot of sense for people not to opt into the HSA, right?

現在，我一直感到驚訝，也許這只是因為，馬克，你知道，每年我都會告訴你一個來自凱撒研究的小事實。在該國，符合 HSA 資格的家庭計劃的平均高免賠額計劃約為 4,800 美元。以 PPO 計劃為例，非 HSA 的平均免賠額約為 2,900 美元。因此，隨著這些數字越來越接近，人們不選擇加入 HSA 確實沒有太大意義，對吧？

And so we just keep helping the employers. And then in kind of the perfect world, they allow us to then speak directly to their employees about the benefits, tax benefits, and everything else around a health savings account. And, you know, with the deductibles narrowing like that, with the delta narrowing, it's really hard not to argue they should just sign up for it because they're going to basically close that GAAP on any contributions they can get from their employer, and then also, of course, tax savings, right? So we just keep promoting it, and we're seeing some great uptake in our relationship management team, our marketing team are doing a great job delivering that message. And so, you know, our work's never complete. There's still employers and sectors that tend to be slower adopters, which means there's still a lot of fruit in the tree, but we're continuing to do everything we can to shake the trees, and this is a great time of year, and we're making good progress with our messaging. So I'd say, you know, thumbs up in both cases. Good new logo growth, and then also good work with the enterprise team, and actually new market and bringing on more growth.

所以我們只是繼續幫助雇主。然後在完美的世界中，他們允許我們直接與他們的員工談論福利、稅收優惠以及健康儲蓄帳戶的其他一切。而且，你知道，隨著免賠額的縮小，隨著增量的縮小，真的很難不爭論他們應該簽署它，因為他們基本上將關閉從雇主那裡獲得的任何繳款的公認會計原則，當然，還有節稅，對吧？因此，我們繼續推廣它，我們看到我們的關係管理團隊對此有很大的了解，我們的行銷團隊在傳遞這一訊息方面做得很好。所以，你知道，我們的工作永遠不會完成。仍然有雇主和部門採用速度較慢，這意味著樹上仍然有很多果實，但我們將繼續盡一切努力來撼動樹木，這是一年中的美好時光，我們的消息傳遞取得了良好進展。所以我想說，你知道，這兩種情況都豎起大拇指。良好的新標誌成長，然後與企業團隊的良好合作，實際上是新市場並帶來更多成長。

That's fantastic. And then can you just comment a little bit more about the competitive environment? I mean, obviously, there's big players that may get consolidated, but then in addition to that, there's other big players, you know, with rates going up, you know, how should we think about, you know, service fees, you know, over the next year and things of that nature. Obviously, you're gaining more than your fair share of the market and continue to gain share, but just wondering if you can give us more comments on that.

這太妙了。那麼您能多評論一下競爭環境嗎？我的意思是，很明顯，有一些大的參與者可能會被整合，但除此之外，還有其他大的參與者，你知道，隨著費率的上升，你知道，我們應該如何考慮，你知道，服務費，你知道，在接下來的一年以及類似性質的事情。顯然，您獲得的市場份額超出了您的公平份額，並且還在繼續獲得份額，但只是想知道您是否可以就此向我們提供更多評論。

Yeah, Jon, how do you want to break that up?

是的，喬恩，你想如何打破這個局面？

Why don't you talk about the competition piece, and I'll hit the service fee discussion.

為什麼不談競賽部分，我來討論服務費。

Perfect, yeah. So, you know, the competition has evolved a little bit, you know, partly because there's been some consolidation, as you mentioned. I mean, you know, a lot of these companies that we used to see as pretty good competitors, whether it be wage or some of the more recent ones we've added are now part of the HealthEquity family, which is pretty awesome. And so that being said, I mean, we do have some powerful competitors out there, but it's kind of the same message. You know, if somebody is buying their health care services from a large health plan out there that is one of our competitors, then, you know, that large health plan will push pretty hard.

完美，是的。所以，你知道，競爭已經發生了一些變化，部分原因是正如你所提到的，出現了一些整合。我的意思是，你知道，許多我們過去認為是相當好的競爭對手的公司，無論是工資方面還是我們最近添加的一些公司現在都是 HealthEquity 家族的一部分，這非常棒。話雖這麼說，我的意思是，我們確實有一些強大的競爭對手，但傳達的訊息是一樣的。你知道，如果有人從我們的競爭對手之一的大型健康計劃那裡購買醫療保健服務，那麼，你知道，那個大型健康計劃將會非常努力。

We do win in that environment because I think people know that HealthEquity has got this kind of single focus on empowering health care consumers, and that's kind of what's carried us now for 20 years, right? Being that kind of independent, single focus provider that can really nail the HSAs and the CDBs and with the bundle and things like that. You know, we have the same threat on the retirement side, but that's where I think we are more than level playing field is with our partnerships, right? Because we've got a great, I mean, the health plan partnership list, I think, is pretty storied in HealthEquity land. You all know that success we've been able to have and take care of those health plan partners, and they bring us a lot of, you know, even a broader footprint than you might get if you're a large health plan and you can kind of fish within your own pond. But we get to fish in many ponds. And then on the retirement side, we've got some great partners there, too.

我們確實在這種環境下獲勝，因為我認為人們知道 HealthEquity 一直專注於為醫療保健消費者提供支持，這就是我們 20 年來的動力，對嗎？作為那種獨立、單一焦點的提供者，可以真正解決 HSA 和 CDB 以及捆綁等問題。你知道，我們在退休方面也面臨同樣的威脅，但我認為這就是我們與合作夥伴的公平競爭環境，對吧？因為我認為，我們有一個很棒的健康計劃合作夥伴名單，這在 HealthEquity 領域是相當有名的。你們都知道，我們已經取得了成功，並照顧了這些健康計劃合作夥伴，他們給我們帶來了很多，你知道，甚至比你是一個大型健康計劃並且你可能獲得的足跡更廣泛。可以在自己的池塘裡養魚。但我們可以在很多池塘裡釣魚。在退休方面，我們也有一些很棒的合作夥伴。

So, look, I don't think it's evolved much. I'd love to see if Jon sees it differently, but it's kind of the same thing. It's just it has been consolidating, and we've been, I think, up in our game on some of the things we're doing, like I mentioned earlier around our product set and things like that.

所以，看，我認為它沒有進化太多。我很想知道喬恩是否有不同的看法，但其實是一樣的。只是它一直在鞏固，我認為我們在我們正在做的一些事情上一直在努力，就像我之前提到的關於我們的產品集和類似的事情。

Yeah, I mean, I love what's going on with the product. There's some really cool stuff that we're talking about with clients and working on and rolling out and, you know, and that just is, I mean, no, it's not rocket science, but it is about helping consumers do the right things with these products and also helping employers understand what's actually going on within their base, not just in finance, but on the health side, you know, are people using the free stuff that they're supposed to be using in these plans, preventative, et cetera.

是的，我的意思是，我喜歡這個產品所發生的事情。我們正在與客戶討論、研究和推出一些非常酷的東西，我的意思是，不，這不是火箭科學，而是幫助消費者做正確的事情這些產品，還可以幫助雇主了解他們的基礎內實際發生的情況，不僅是在財務方面，而且在健康方面，你知道，人們是否使用了他們應該在這些計劃中使用的免費物品，預防等等等。

So, I do think relative to what our competitors do or the bulk of our competitors, we do more of it and we do more of it without dictating what the rest of your ecosystem is. And that's always been where we succeed, and I think, you know, we'll continue to succeed.

因此，我確實認為，相對於我們的競爭對手或我們的大部分競爭對手所做的事情，我們做得更多，而且我們做得更多，但沒有規定生態系統的其餘部分是什麼。這一直是我們成功的地方，我認為，我們將繼續取得成功。

As far as pricing, you know, we are, as I think Jim commented in the prepared remarks, but certainly we're always going to be, you know, in an environment where the effective custodial yields continue to expand and obviously balance continue to grow. You know, if you think about it from the employer's perspective or whatnot, you know, one way to, you know, the first place you look in terms of sort of a, you know, a cost elasticity is, you know, you look at the fees that you actually pay. And so, you know, we've done a number of things over time, I think quite successfully to stabilize that. But, you know, as Jim commented earlier, right, if you look at the current quarter, right, you've got roughly speaking, you can do the math, you know, you got on a, if you look at total accounts on a unit basis, right, you've got, you know, give or take 5% lower year over year, about half of that is mixed and half of it is actual fee reduction. You know, the mixed stuff will come and go, you know, will we sell more HRAs versus FFTAs next year? I don't know. But the fee component is there and we're going to roll with that.

就定價而言，正如我認為吉姆在準備好的發言中評論的那樣，我們肯定會處於有效託管收益率繼續擴大且顯然平衡繼續惡化的環境中。生長。你知道，如果你從雇主的角度或其他角度思考，你知道，你知道的第一個地方，你知道，成本彈性是，你知道，你看您實際支付的費用。所以，你知道，隨著時間的推移，我們做了很多事情，我認為非常成功地穩定了這一點。但是，你知道，正如吉姆早些時候評論的那樣，對，如果你看看當前季度，對吧，粗略地說，你可以做數學計算，你知道，如果你看看總帳戶以單位為基礎，對吧，你知道，年減5%，其中大約一半是混合的，一半是實際費用減少。你知道，混合的東西會來來去去，你知道，明年我們會比 FFTA 銷售更多的 HRA 嗎？我不知道。但費用部分已經存在，我們將繼續這樣做。

So, I don't, I think, you know, we're trying to be, I think, conservative and what we're assuming there is certainly realistic, because we don't really want to be losing business over fees. We want to be treating people fairly on fees, recognizing that, particularly with our core product, there's a lot of ways to make money. At the same time, I think, and I'll stop, as you may recall, in some of our ancillary products where, you know, as a result of the wages, not wage works and such, we felt like profitability wasn't really there, you know, Cobra being an example. We had a very large project over the course of, and it's still, the impact of which is still rolling out and will help us a little bit next year, but nonetheless, to raise fees. So, we're not afraid to do it. We just want to do it where it makes sense. And where it makes sense is in areas like that. It makes sense for us to be competitive when it comes to HSAs.

所以，我認為，你知道，我們試圖變得保守，我們的假設當然是現實的，因為我們真的不想因為費用而失去業務。我們希望在費用方面公平對待人們，並認識到，尤其是我們的核心產品，有很多賺錢的方法。同時，我想，我會停止，你可能還記得，在我們的一些輔助產品中，你知道，由於工資，而不是工資工作等，我們覺得盈利能力並不好。確實存在，你知道，眼鏡蛇就是一個例子。我們在這個過程中進行了一個非常大的項目，而且它的影響仍在不斷擴大，並將在明年對我們有所幫助，但儘管如此，還是會提高費用。所以，我們不害怕這樣做。我們只想在有意義的地方做這件事。有意義的地方就是在這樣的領域。在 HSA 方面，我們具有競爭力是有意義的。

The last thing I'd say that gives us some level of stability here, but again, I don't think unit fees are, like, rising substantially, you know, but the stability is the diversity of our distribution. And what that does is it produces a client base that has enterprise where things are extremely competitive, as I've said before, because they come with assets and therefore, you know, you can underwrite that, you know, versus your smaller employers and the like where you can't do that. And so, you know, there's going to be more of a fee base. And then, of course, you know, you have retail. And so, that level of diversity of distribution and of account and so forth, you know, that actually also lends to stability in that service fee line.

我要說的最後一件事給我們帶來了一定程度的穩定性，但同樣，我不認為單位費用會大幅上漲，你知道，但穩定性在於我們分佈的多樣性。這樣做的作用是，它產生了一個擁有企業的客戶群，這些企業的競爭非常激烈，正如我之前所說，因為他們擁有資產，因此，你知道，你可以承保，你知道，與你的小雇主相比，就像你不能那樣做的地方。所以，你知道，將會有更多的收費基礎。當然，你知道，還有零售業。因此，您知道，分配和帳戶等的多樣性實際上也有助於服務費用線的穩定。

So, I guess that's a long way of saying our guidance reflects a little bit of conservatism there, consistent with kind of the numbers we're reporting here in terms of price impact, maybe not so much mixed impact, but fundamentally, I think, if you look at it big picture, it's a relatively modest price to pay for the benefits of what we see as ultimately a product that's obviously becoming more profitable, and you can see that in terms of what we're dropping the bottom line.

因此，我想這很長一段時間表明我們的指導反映了一點保守主義，與我們在這裡報告的價格影響方面的數字一致，也許沒有那麼複雜的影響，但從根本上來說，我認為，如果你從大的角度來看，你會發現這是一個相對適中的價格，我們認為最終產品的利潤顯然會變得更高，而且你可以從我們放棄的底線中看到這一點。

Thanks, Mark.

謝謝，馬克。

Jack Wallace, Guggenheim.

傑克華萊士，古根漢。

Hey, how's it going? Congrats, Team Purple. Another great quarter.

嘿，怎麼樣？恭喜，紫隊。又一個偉大的季度。

Thank you.

謝謝。

Got a couple of model monkey questions for you. I just wanted to make sure we're clearing up the yield understanding here. First one on when cash gets deployed, is it on a five-year duration, or is it three-year, or is three-year the duration of the book on average?

有幾個猴子模型問題想問你。我只是想確保我們在這裡澄清了對產量的理解。第一個關於現金何時部署的問題，是五年期限，還是三年期限，還是這本書的平均期限是三年？

Yeah, I mean, the answer is, historically, it's been, yes, all of the above, three, four, five-year contracts, but I think you should generally be modeling five-year as our baseline investment product.

是的，我的意思是，答案是，從歷史上看，是的，以上所有合約都是三年期、四年期、五年期合約，但我認為您通常應該將五年期合約建模為我們的基準投資產品。

Excellent. That's how we're going to end it.

出色的。這就是我們要結束它的方式。

Yeah, by using five-year treasury as your baseline rate.

是的，使用五年期公債作為基準利率。

Excellent. And then, for the fourth quarter this year, it looks like there's an implied sequential step down in the daily cash AUM yield. Is that just related to, say, some of the cash that's exposed to the front end of the curve, or is there something else going on there? You're thinking about also the comment earlier about a third of the cash that's exposed to the front end of the curve is being spent on the AUM yield. You're thinking about also the comment earlier about a third of the AUM that gets repriced, so to speak, in December. I would think that would have a positive impact versus a negative one.

出色的。然後，今年第四季度，每日現金資產管理規模報酬率似乎隱含持續下降。這是否僅僅與暴露於曲線前端的一些現金有關，或者還有其他事情發生？您還會想到先前的評論，即曲線前端暴露的三分之一現金都花在了資產管理規模收益率上。您也在考慮先前關於三分之一的 AUM 會在 12 月重新定價的評論。我認為這會產生積極的影響而不是消極的影響。

I don't think there's a step down in Q4. I could be wrong. Maybe, Jim, if you have the numbers in front of you, if not. No, yeah, no. There's nothing that stands out. If you're talking about the client-held funds short end there, we may see some dollars coming down as the impact of our ascent that we talked about last quarter. But no, we're not assuming any big shifts in the short rate.

我認為第四季不會出現下降。我可能是錯的。也許，吉姆，如果你面前有數字的話，如果沒有的話。不，是的，不。沒有什麼突出的地方。如果您談論的是客戶持有的資金空頭，我們可能會看到一些美元下跌，這是我們上季度談到的上漲的影響。但不，我們不假設短期利率有任何重大變化。

Maybe we can revert to you offline and make sure you've got the map. To get to 3 next year, the HSA cash rate will be higher in Q4 than it has been here to date. On CHF in Q4, you know what short rates are going to be in the rest of Q4. There's not a lot going on there.

也許我們可以離線回覆您並確保您已獲得地圖。為了明年達到 3，HSA 現金利率在第四季度將高於迄今為止的水平。就第四季的瑞郎而言，您知道第四季剩餘時間的短期利率將會是多少。那裡沒有發生太多事情。

Thank you.

謝謝。

Thanks, Jack.

謝謝，傑克。

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

我們的問答環節到此結束。我想將電話轉回給喬恩·凱斯勒（Jon Kessler），讓他作結束語。

I didn't know we were done. Wow. Okay. So, I just wanted to say that I tried to get Jim in his opening remarks to say that Investor Day was going to be better than CAPS and he wouldn't do it. And I'm kind of on doubt about that. And if you care about making me feel better, then come to our Investor Day. And if you can't do that, or even if you can, we'll be at certain unnamed conferences in January, no doubt, with Annie. And before that, we've got a bunch of other investor activity happening. This is a great time to be where we are. And the credit for that, in my mind, really does belong to our team, as well as to our clients and partners.

我不知道我們已經完成了。哇。好的。所以，我只是想說，我試圖讓吉姆在開場白中說投資者日會比 CAPS 更好，但他不會這麼做。我對此有點懷疑。如果您想讓我感覺好一點，那就來參加我們的投資者日吧。如果你做不到這一點，或者即使你能做到，我們也會在一月份與安妮一起參加某些未命名的會議。在此之前，我們還發生了許多其他投資者活動。這是我們所處的偉大時刻。在我看來，這一切的功勞確實屬於我們的團隊、我們的客戶和合作夥伴。

I'm so pleased at the level of partnership we're seeing with our employers and our health plans, retirement plans, and then the level of partnership on our team right now. We're doing a lot of tough stuff behind the scenes to set the company up for expansion, not just next year, not just following year, but for many years to come. And you may not see it all, but it's a ton of work. And it doesn't all go perfectly, but it all gets done. And it all gets done with people who are working really hard. So, I just wanted to spend a minute to say thank you on that.

我對我們與雇主、我們的健康計劃、退休計劃以及我們團隊現在的合作夥伴關係的水平感到非常高興。我們在幕後做了很多艱難的事情，讓公司為擴張做好準備，不僅僅是明年，不僅僅是下一年，而是未來很多年。你可能看不到全部，但這需要大量的工作。一切並不完美，但一切都完成了。這一切都是由那些非常努力工作的人完成的。所以，我只是想花一點時間來表達感謝。

The conference is 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。您現在可以斷開連線。