Healthequity Inc (HQY) 2024 Q4 法說會逐字稿

Hello, and welcome to the HealthEquity fourth-quarter 2024 earnings conference call.

您好，歡迎參加 HealthEquity 2024 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the call to Richard Putnam.

我現在想把電話轉給理查普特南。

Please go ahead.

請繼續。

Thank you, MJ.

謝謝你，喬丹。

Hello, everyone.

大家好。

Happy vernal equinox and welcome to HealthEquity's fourth-quarter and fiscal year-end 2024 earnings call -- conference call.

春分快樂，歡迎參加 HealthEquity 第四季和 2024 財政年度終收益電話會議。

My name is Richard Putnam, Investor Relations for HealthEquity.

我是 HealthEquity 投資者關係部的 Richard Putnam。

And joining me today is Jon Kessler, President and CEO; Jim -- James Lucania, Executive Vice President and CFO; and Dr. Steve Neeleman, Vice Chair and Founder of the company.

今天加入我的是總裁兼執行長喬恩‧凱斯勒 (Jon Kessler)； Jim－詹姆斯·盧卡尼亞（James Lucania），執行副總裁兼財務長；以及公司副主席兼創辦人 Steve Neeleman 博士。

Before I turn the call over to Jon, I have a couple of reminders.

在將電話轉給喬恩之前，我有幾個提醒。

First, a press release announcing the financial results for our full-year and fourth-quarter of fiscal 2024 was issued after the market closed this afternoon.

首先，我們在今天下午收盤後發布了一份新聞稿，宣布了 2024 財年全年和第四季度的財務表現。

These financial results include the contributions from our wholly-owned subsidiaries and accounts they administer, but do not include any impact from BenefitWallet HSA portfolio acquisition.

這些財務表現包括我們全資子公司及其管理的帳戶的貢獻，但不包括 BenefitWallet HSA 投資組合收購的任何影響。

The press release includes definitions of certain non-GAAP financial measures that we will reference today.

新聞稿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。

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.

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，請造訪我們的投資者關係網站 ir.healthequity.com。

Second, our comments and responses to your questions today reflect management's view as of today, March 19, 2024, and will contain forward-looking statements as defined by the SEC, including predictions, expectations, estimates, or other information that might be considered forward-looking.

其次，我們今天對您的問題的評論和答覆反映了截至今天（2024 年3 月19 日）管理層的觀點，並將包含SEC 定義的前瞻性陳述，包括預測、預期、估計或可能被視為前瞻性的其他資訊-看著。

There are many important factors relating to our business, which could affect the forward-looking statements made today.

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。

These forward-looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from statements made here today.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天的陳述有重大差異。

We caution against placing undue reliance on these forward-looking statements, and 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 as detailed in our latest annual report on Form 10-K and any subsequent periodic reports filed with the SEC.

我們告誡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和其他可能影響我們未來業績或我們股票市場價格的討論，如我們最新年度報告中詳述的那樣。 K 表和任何後續定期報告。

We assume no obligation to revise or update these forward-looking statements in light of new information or future events.

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。

With that out of the way, let's turn the call over to Jon Kessler.

解決這個問題後，讓我們將電話轉給喬恩·凱斯勒。

Jon?

喬恩？

Hi, there.

你好呀。

Thank you, Richard.

謝謝你，理查。

Today is also a baseball major -- in addition to being a vernal equinox, it's also a baseball's opening day.

今天也是棒球大滿貫——除了春分，也是棒球的開賽日。

Should be a national holiday.

應該是國定假日。

The good news is you do not need the permission of Major League Baseball to reproduce or account this call.

好消息是您不需要美國職棒大聯盟的許可即可複製或解釋此通話。

You don't mean anyone's permission.

你的意思不是任何人的許可。

You can just do it.

你就可以這麼做。

So with that, thank you for joining us.

因此，感謝您加入我們。

And since we just held our Investor Day, Jim and I are going to keep prepared remarks brief, and of course, Steve is here for Q&A.

由於我們剛剛舉行了投資者日，吉姆和我將保持簡短的準備發言，當然，史蒂夫也會在這裡進行問答。

In fiscal '24, the team delivered double-digit year-over-year growth in revenue, 16% and reached the $1 billion in revenue milestone.

在 24 財年，該團隊實現了兩位數的年收入成長（16%），並達到了 10 億美元的收入里程碑。

Adjusted EBITDA grew more than twice as fast at 36%.

調整後 EBITDA 成長速度是其兩倍多，達到 36%。

And in sales, as we previously reported, new logo growth and network partner production drove a record Q4 and a strong year overall.

在銷售方面，正如我們之前報導的那樣，新徽標的成長和網路合作夥伴的生產推動了第四季度創紀錄的銷售業績和全年的強勁表現。

Members and assets grew 9% and 14%, respectively, in fiscal '24, and the team opened 949,000 new HSAs from sales.

在 2024 財年，成員和資產分別成長了 9% 和 14%，團隊透過銷售開設了 949,000 個新的 HSA。

HealthEquity ended the fiscal year with 8.7 million HSA members in total, more than 30% of HSA cash is now in enhanced rates, investing members and invested assets grew 13% and 28%, respectively.

截至本財年，HealthEquity 共有 870 萬 HSA 會員，超過 30% 的 HSA 現金目前處於提高利率狀態，投資會員和投資資產分別成長 13% 和 28%。

Total HSA assets reached $25.2 billion and total accounts grew 5%, including from organic CDB net growth for the first time since the pandemic began.

HSA 總資產達到 252 億美元，總帳戶成長 5%，其中包括自大流行開始以來國開行首次有機淨成長。

Now, if you weren't at our Investor Day or if you were dazzled by the mountain views, listen up.

現在，如果您沒有參加我們的投資者日或您對山景感到眼花繚亂，請聽好。

Management aims to continue strong top line growth and competitive outperformance, while doubling non-GAAP net income per share from fiscal '24 levels over the next three years.

管理層的目標是繼續保持強勁的營收成長和競爭優勢，同時在未來三年內將非公認會計準則每股淨利潤從 24 財年的水平提高一倍。

To do this, we have focused capital investment on our proprietary health accounts platform and the ecosystem to which it connects it, leveraging foundations in the cloud, in data science, and an API technology to deliver remarkable experiences, deepen partnerships, and to drive member outcomes.

為此，我們將資本投資重點放在我們專有的健康帳戶平台及其連接的生態系統上，利用雲端、數據科學和 API 技術的基礎來提供卓越的體驗、深化合作夥伴關係並推動會員結果。

We call those 3Ds.

我們稱這些為 3D。

We further leverage our platform through opportunistic HSA portfolio acquisitions such as BenefitWallet, the transition of which we expect to complete in Q2.

我們透過機會主義的 HSA 投資組合收購（例如 BenefitWallet）進一步利用我們的平台，我們預計將在第二季完成過渡。

This three-year strategy will, we believe, not only build shareholder value, but also advanced HealthEquity's mission, which is to save and improve lives by empowering health care consumers.

我們相信，這項三年策略不僅將創造股東價值，還將推進 HealthEquity 的使命，即透過賦予醫療保健消費者權力來拯救和改善生活。

It's important stuff.

這是很重要的事。

Now to Jim to detail other important stuff, which is our Q4 and fiscal '24 performance and enhanced guidance for fiscal '25.

現在請吉姆詳細介紹其他重要內容，即我們的第四季度和 24 財年業績以及 25 財年的增強指導。

Jim.

吉姆.

Thank you, Jon.

謝謝你，喬恩。

First, I just want to thank all of you that joined us for our Investor Day last month.

首先，我想感謝上個月參加我們投資者日的所有人。

I hope you've found it informative.

我希望您已經發現它內容豐富。

I'll briefly highlight fourth-quarter fiscal year GAAP and non-GAAP financial results.

我將簡要介紹第四季度會計年度的 GAAP 和非 GAAP 財務表現。

As always, we provide a reconciliation of GAAP measures to non-GAAP measures in today's press release.

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。

As a reminder, the results presented here reflect the reclassifications of our income statement we described in an 8-K filed on February 21, both for fiscal '24 and the prior year for comparison.

提醒一下，這裡提供的結果反映了我們在 2 月 21 日提交的 8-K 中描述的損益表的重新分類，包括 24 財年和上一年的損益表，以進行比較。

Fourth-quarter revenue increased 12% year over year.

第四季營收年增12%。

Service revenue was $118.6 million, down 1% year over year, reflecting the final runoff of National Emergency activity.

服務收入為 1.186 億美元，年減 1%，反映了國家緊急活動的最終結果。

Custodial revenue grew 35% to $105.4 million in the fourth quarter.

第四季託管收入成長 35%，達到 1.054 億美元。

The annualized interest rate yield on HSA cash was 268 basis points for the quarter.

本季 HSA 現金年化利率收益率為 268 個基點。

Interchange revenue grew 6% to $38.4 million.

交換收入成長 6%，達到 3,840 萬美元。

Gross profit as a percentage of revenue was 62% in the fourth quarter this year, up from 58% in the fourth quarter last year.

今年第四季毛利佔營收的比例為62%，高於去年第四季的58%。

Net income for the fourth quarter was $26.4 million or $0.30 per share on a GAAP EPS basis.

第四季淨利為 2,640 萬美元，以 GAAP 每股收益計算每股 0.30 美元。

Our non-GAAP net income was $55 million or $0.63 per share versus $0.37 per share last year.

我們的非 GAAP 淨利潤為 5500 萬美元，即每股 0.63 美元，去年為每股 0.37 美元。

Adjusted EBITDA for the quarter was $98.8 million and adjusted EBITDA as a percentage of revenue was 38%, a 620 basis point improvement over the same quarter last year.

該季度調整後 EBITDA 為 9,880 萬美元，調整後 EBITDA 佔營收的百分比為 38%，比去年同期提高 620 個基點。

For the full fiscal year of 2024, revenue was $999.6 million, which Jon generously rounded up to $1 billion, up 16% compared to last year.

2024 年整個財年的收入為 9.996 億美元，Jon 慷慨地將其四捨五入至 10 億美元，比去年增長 16%。

GAAP net income was $55.7 million or $0.64 per diluted share, and non-GAAP net income was $195.5 million or $2.25 per diluted share, up 71% and 65%, respectively, compared to last year.

GAAP 淨利潤為 5,570 萬美元，稀釋每股收益 0.64 美元，非 GAAP 淨利潤為 1.955 億美元，稀釋每股收益 2.25 美元，分別比去年增長 71% 和 65%。

Adjusted EBITDA was $369.2 million, up 36% from the prior year, resulting in adjusted EBITDA as a percentage of revenue of 37% for this fiscal year.

調整後 EBITDA 為 3.692 億美元，比上年增長 36%，導致本財年調整後 EBITDA 佔營收的比例為 37%。

Turning to the balance sheet.

轉向資產負債表。

As of January 31, 2024, our cash on hand was $404 million, boosted by $243 million of cash flow from operations for the full fiscal year.

截至 2024 年 1 月 31 日，我們的手頭現金為 4.04 億美元，得益於整個財年營運現金流 2.43 億美元。

The company had $875 million of debt outstanding net of issuance cost.

扣除發行成本後，該公司的未償債務為 8.75 億美元。

We continue to have a $1 billion undrawn line of credit available.

我們仍然擁有 10 億美元的未提取信貸額度。

We anticipate using both cash and drawing on the line of credit over the next few months in connection with the closings of the BenefitWallet HSA portfolio acquisition.

我們預計在未來幾個月內使用現金和信用額度來完成 BenefitWallet HSA 投資組合收購。

Today's fiscal '25 guidance reflects the carry forward of stronger than expected Q4 sales and efficiencies from the technology investments Jon mentioned, offset by slightly higher mix of investments versus cash in HSA assets.

今天的 25 財年指導反映了喬恩提到的技術投資帶來的第四季度銷售和效率強於預期的結轉，但被 HSA 資產投資與現金的比例略有增加所抵消。

We expect revenue in a range between $1.14 billion and $1.16 billion.

我們預計營收在 11.4 億美元至 11.6 億美元之間。

GAAP net income in a range of $73 million to $88 million or $0.83 to $0.99 per share.

GAAP 淨利潤範圍為 7,300 萬美元至 8,800 萬美元，即每股 0.83 至 0.99 美元。

We expect non-GAAP net income to be between $247 million and $262 million or $2.79 and $2.96 per share, based upon an estimated $89 million shares outstanding for the year.

我們預計非 GAAP 淨利潤將在 2.47 億美元至 2.62 億美元之間，即每股 2.79 美元至 2.96 美元之間，基於今年已發行股票的估計價值 8,900 萬美元。

This is a big deposit towards our goal of doubling non-GAAP net income per share to our $4.50 goal by fiscal '27.

這是實現我們到 27 財年將非 GAAP 每股淨利潤翻一番至 4.50 美元的目標的一大筆押金。

Finally, we expect adjusted EBITDA to be between $438 million and $458 million.

最後，我們預計調整後 EBITDA 將在 4.38 億美元至 4.58 億美元之間。

Our guidance reflects an expectation for an average yield on HSA cash of approximately 300 basis points for fiscal '25.

我們的指導反映了 25 財年 HSA 現金平均收益率約為 300 個基點的預期。

As a reminder, we based custodial yield assumptions embedded in guidance on an analysis of forward-looking market indicators, such as the secured overnight financing rate and mid-duration treasury forward curves.

提醒一下，我們在指引中嵌入的託管殖利率假設是基於對前瞻性市場指標的分析，例如擔保隔夜融資利率和中期國債遠期曲線。

These are, of course, subject to change and not perfect predictors of future market conditions.

當然，這些可能會發生變化，並且不能完美地預測未來市場狀況。

As Jon mentioned, we ended fiscal '24 with about 30% of HSA cash and enhanced rates and expect that mix shift from basic rates to continue as over 80% of new deposits flow into enhanced rates.

正如 Jon 所提到的，我們在 24 財年結束時使用了約 30% 的 HSA 現金和提高利率，並預計隨著超過 80% 的新存款流入提高利率，這種混合利率將繼續從基本利率轉變。

Our guidance also includes the expected impacts of the benefit while an HSA portfolio acquisition anticipated to be completed in multiple tranches by the end of Q2.

我們的指導還包括收益的預期影響，同時 HSA 投資組合收購預計將在第二季末分批完成。

Cost impacts include interest expense due to an increase in the amount of variable rate debt outstanding and drawdown of corporate cash to fund the acquisition and onboarding costs beyond normal seasonal costs to serve in Q1 and Q2.

成本影響包括因可變利率未償債務金額增加而產生的利息支出，以及為收購和入職成本提供資金而提取的企業現金，超出了第一季和第二季服務的正常季節性成本。

We expect full rate run rate benefit in Q3 and beyond.

我們預計第三季及以後的全面運作率將受益。

We assume a non-GAAP income tax rate of approximately 25% and a diluted share account of $89 million, including common share equivalents.

我們假設非 GAAP 所得稅率約為 25%，稀釋後的股票帳戶為 8,900 萬美元，包括普通股等價物。

Based on our current full-year guidance, we project a GAAP tax rate for fiscal 2025 at about 28%.

根據我們目前的全年指引，我們預計 2025 財年的 GAAP 稅率約為 28%。

As we've done in recent reporting periods, our full fiscal '25 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.

正如我們在最近的報告期間內所做的那樣，我們完整的 25 財年指引包括 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。

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.

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。

With that, we know you have a number of questions, so let's go right to our operator for 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進行問答。

(Operator Instructions) George Hill, Deutsche Bank.

（操作員指令）喬治·希爾，德意志銀行。

Jon, I might be in trouble here because I think you guys called me in the queue faster than I can type.

喬恩，我可能在這裡遇到麻煩了，因為我認為你們在隊列中給我打電話的速度比我打字的速度還快。

When I look at the custodial revenue in my model for the quarter, it looks like it was down a touch sequentially while a lot of the KPIs that underpin that -- yes, again, I'm hoping I didn't fat-finger my model here.

當我查看本季度模型中的託管收入時，它似乎連續下降了一些，而支撐這一點的許多關鍵績效指標 - 是的，再次，我希望我沒有誤判我的收入模型在這裡。

Could you just break down what metrics that drove the sequential decline in custodial revenue?

能否詳細分析哪些指標導致託管收入持續下降？

We're given the company's strong performance and also the KPIs.

我們獲得了該公司強勁的業績和 KPI。

I would have expected that to be up.

我本來預計會上漲。

Yeah, so let me give a partial response and then ask Jim to lay it along.

是的，所以讓我給出部分答复，然後請吉姆將其記錄下來。

I believe, George, that one of the things that will be important for everyone this quarter to remember is that we have, as we outlined in an 8-K around our Investor Day and then discussed it in Investor Day, we've made a few changes in how we -- in revenue classification within the three buckets of revenue on our income statement.

喬治，我相信，本季度每個人都應該記住的重要一件事是，正如我們在投資者日的 8-K 中概述的那樣，然後在投資者日討論了這一點，我們已經制定了我們在損益表的三類收入中進行收入分類的方式幾乎沒有變化。

And I believe that what you may be looking at is a little bit of an apples-to-oranges as a result of that because one of the things that we've done is -- I think appropriately so, given its growth, is we're treating the revenue that we generate from the service of managing invested assets as what it is, which is a service.

我相信你可能會看到一點蘋果與橘子的結果，因為我們所做的事情之一是——我認為，考慮到它的增長，我們是適當的我們將投資資產管理服務所產生的收入視為一項服務。

And conversely, a benefit of doing that is that now the custodial line is more purely two things.

相反，這樣做的好處是，現在的監管線更純粹是兩件事。

It's revenue generated from yield on HSA cash and revenue generated from yield on client health funds.

它的收入來自 HSA 現金收益和客戶健康基金收益。

And so that's a big piece of what you're describing, I believe.

我相信這是你所描述的一個重要部分。

Jim, you want to elaborate on that or on any other factors?

吉姆，您想詳細說明這一點或任何其他因素嗎？

Yeah.

是的。

No, that's precisely what it's going to be.

不，事實正是如此。

And so you'll -- and for the benefit of everyone on the call, the details of the shifting components in the prior periods will be outlined in a footnote in the 10-K, which we'll hope to get on file as soon as possible in the next few days or so hopefully.

因此，為了每個參加電話會議的人的利益，之前各時期的變化組成部分的詳細信息將在 10-K 的腳註中概述，我們希望盡快將其歸檔希望在接下來的幾天左右盡可能地進行。

Yeah.

是的。

And Jon, you got -- Jon and Jim, you guys detailed that, and I should have remembered that as I was working my way through the model.

喬恩，你們——喬恩和吉姆，你們詳細說明了這一點，當我研究模型時我應該記住這一點。

And then I guess if I could just do a quick follow-up.

然後我想我是否可以做一個快速的跟進。

The enhanced rates progress -- on the enhanced rates product, I guess would just love any comments that you have about like the selling season as you push forward and continued demand around that.

提高利率的進展——關於提高利率的產品，我想我會喜歡你對銷售季節的任何評論，因為你在推動和圍繞這一點持續需求。

Yeah, we -- well, actually, Jim, do you want to comment on this?

是的，我們——好吧，實際上，吉姆，你想對此發表評論嗎？

Yeah.

是的。

Sorry, you broke up a little bit there, but the question is about enhanced progress of moving toward growing the enhanced rate mix?

抱歉，你們在那裡有點分手，但問題是在提高利率組合方面取得了更大的進展？

Yeah, that was it.

是的，就是這樣。

Yeah, yeah.

是啊是啊。

So that -- yeah, I think what we've outlined, nothing has really changed in the strategy.

所以——是的，我認為我們已經概述了，戰略沒有任何真正的改變。

So we'll get a little bit of a more of a step function bump up in that percentage because of the upcoming BenefitWallet placements.

因此，由於即將推出的 BenefitWallet 安置，我們將在該百分比中獲得更多的階梯函數提升。

So getting a big slug of dollars that we can more than 80% place in enhanced rates is the expectation.

因此，獲得大量美元，我們可以將 80% 以上的資金用於提高利率，這是我們的預期。

And then the same, the organic growth in the business is also being contributed almost 80%-plus into enhanced rates.

同樣，業務的有機成長也貢獻了近 80% 以上的成長率。

So you're going to see that number come up and we've shared our goal is in that same three-year timeframe where we're trying to double non-GAAP net income per share.

所以你會看到這個數字出現，我們已經分享了我們的目標是在同樣的三年時間範圍內，我們試圖將非公認會計原則每股淨利潤翻一番。

We're also trying to increase the percentage or the mix of cash, HSA cash, and enhanced rates from 30% up to 60%.

我們也嘗試將現金、HSA 現金和優惠利率的比例或組合從 30% 提高到 60%。

So will it be nice and even quarterly growth?

那麼季度成長會很好嗎？

No.

不。

But will -- that's the objective to get from 30% to 60% in the next three years.

但我們的目標是在未來三年內將這一比例從 30% 提高到 60%。

Thanks, George.

謝謝，喬治。

Thank you.

謝謝。

That was super helpful.

這非常有幫助。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

Hey, Stan.

嘿，史丹。

Hi.

你好。

Thanks for answering my questions.

謝謝回答我的問題。

Maybe sticking with the enhanced rates.

也許堅持提高費率。

It looks like annuities are holding up a bit better than five-year treasuries.

看起來年金的表現比五年期公債好一些。

Just curious, what spread are you seeing over five-year treasuries as you're locking in these enhanced rate products right now?

只是好奇，當您現在鎖定這些升息產品時，您看到的五年期公債利差是多少？

Jim?

吉姆？

Yeah.

是的。

Again, also at an Investor Day, we outlined our average expected spread is five-year T plus 75 basis points on average.

同樣在投資者日，我們概述了我們的平均預期利差為五年期國庫券加平均 75 個基點。

So are some a little higher, some a little lower.

所以有的高一點，有的低一點。

But these spreads don't actually change, right?

但這些價差其實並沒有改變，對吧？

When we have a partner, we negotiate the formula.

當我們有合作夥伴時，我們會協商方案。

And so we're not shopping in the retail market each time we place these assets.

因此，我們每次放置這些資產時都不會在零售市場上購物。

Okay.

好的。

Helpful.

有幫助。

And maybe for the follow-up.

也許是為了後續行動。

At the Investor Day, there was definitely some excitement over the chat-based communications that you're pushing forward with members.

在投資者日，您與會員進行的基於聊天的溝通肯定令人興奮。

I'm just curious, what percentage of inbound member comes are text-based now?

我只是好奇，現在入境會員中有多少百分比是基於文字的？

And how has that changed over same time last year?

與去年同期相比有何變化？

Yes.

是的。

Let me first say that I think the long-term vision is that chat is just one mechanism for this stuff.

首先我要說的是，我認為長期願景是聊天只是這些東西的機制。

There's -- and by long term, I don't mean the Jetsons, I mean, over our strategic horizon here.

從長遠來看，我指的不是傑森一家，我的意思是，在我們的策略範圍內。

The -- although I guess now the Jetsons would be in the past, I don't know.

雖然我猜現在傑森一家已經成為過去，但我不知道。

But -- so I'm going to answer your question in terms of both chat and other automated forms of handling calls.

但是，所以我將透過聊天和其他自動處理通話的形式來回答您的問題。

And so that number is still relatively low in terms of true automation ignoring just IVR type stuff.

因此，就真正的自動化而言，忽略 IVR 類型的內容，這個數字仍然相對較低。

But low might be -- we're up to 15% to 20%.

但可能很低——我們達到了 15% 到 20%。

And in addition, we've also, in the last couple of months here, rolled out a similar functionality for our client services center that handles inbounds from our clients as well as many of our brokers that we deal with.

此外，在過去的幾個月裡，我們還為我們的客戶服務中心推出了類似的功能，該中心處理來自我們的客戶以及與我們打交道的許多經紀人的入站資訊。

And which I frankly did not expect would be a big hit but has been used rather aggressively.

坦白說，我沒想到它會大受歡迎，但它的使用相當積極。

So -- and that number has increased from, let's say, roughly 1,000 basis points over the last year, so 10%.

所以——這個數字比去年增加了約 1,000 個基點，即 10%。

And we're going to try and drive it further and faster.

我們將嘗試推動它走得更遠、更快。

And the keys to doing that in our view are: one, is to continue to use the technology for what it's great at, which is improving the quality of the dialogue.

我們認為做到這一點的關鍵是：第一，繼續利用這項技術的優勢，也就是提高對話的品質。

And the main way we do that is by continuing to train the technology on actual experiences back with our VOC data as well as with the -- all of the data in our existing systems.

我們做到這一點的主要方法是繼續根據我們的 VOC 資料以及現有系統中的所有資料的實際經驗來訓練技術。

The second way that we expand this is by, as I suggested a moment ago, expanding beyond the chat format.

正如我剛才所建議的，我們擴展此功能的第二種方法是擴展到聊天格式之外。

So we are -- we actually just went live in the last couple of days here with our first iteration of work on the voice side.

所以我們——實際上我們在過去幾天剛剛在這裡進行了語音方面的第一次迭代工作。

I wish I could explain the details of it, but I can't.

我希望我能解釋它的細節，但我不能。

I do know that it's using a wonderful product from our partner Google, and Google is a customer of ours and also a great partner on this work, but -- and that it leverages our existing cloud infrastructure.

我確實知道它使用的是我們的合作夥伴谷歌的出色產品，谷歌是我們的客戶，也是這項工作的出色合作夥伴，但是 - 它利用了我們現有的雲端基礎設施。

But -- so we think this number can continue to grow.

但是——所以我們認為這個數字可以繼續成長。

And the results, in our view, can be three things.

我們認為，結果可能是三件事。

One is obviously lower costs.

一是成本明顯降低。

But the second is not only a better experience for our members and clients, but actually a better experience for our agents who -- the agents that are part of this, ultimately, while it obviously reduces the total number, the agents who are there can be better paid and really use their skills.

但第二個不僅為我們的會員和客戶提供了更好的體驗，而且實際上為我們的代理商提供了更好的體驗，最終，雖然它明顯減少了總數，但在那裡的代理商可以獲得更好的報酬並真正發揮他們的技能。

And then lastly, looked at from the perspective of our partner ecosystem, I think we mentioned this on a call -- on Investor Day, there are opportunities for both customization and personalization of messaging with items that are of interest to our partners.

最後，從我們合作夥伴生態系統的角度來看，我想我們在投資者日的電話會議上提到了這一點，有機會對我們合作夥伴感興趣的專案進行客製化和個人化訊息傳遞。

And that can be as simple as branding, but sometimes -- but I think more importantly, you can get to areas like doing more personalization of what you're talking about than any human could ever do.

這可以像品牌一樣簡單，但有時 - 但我認為更重要的是，你可以進入諸如對你所談論的內容進行比任何人都可以做的更多個性化的領域。

And so I feel great about the fact that we stepped out on this a little bit before there was a buzzword called AI or truthfully -- or generative AI, at least or at least before I even knew it was generative AI.

因此，我對我們在「人工智慧」或「生成式人工智慧」這個流行詞出現之前就已經涉足這一領域感到高興，至少在我知道它是生成式人工智慧之前。

But we're in a great spot, and we're leveraging our partners at Microsoft on the infrastructure side.

但我們處於有利位置，並且我們正在基礎設施方面利用 Microsoft 的合作夥伴。

And then obviously, with this new data on the application side of Google and doing some really unique stuff.

顯然，Google應用程式方面的這些新數據正在做一些非常獨特的事情。

Thanks, Jon.

謝謝，喬恩。

Thanks.

謝謝。

Glen Santangelo, Jefferies.

格倫桑坦傑洛，傑弗里斯。

Yeah.

是的。

Listen, I -- obviously, a lot of good news to talk about on the custodial revenue side, but I was hoping we could maybe dig in a little bit to the service and interchange revenues, with service revenues being down a little bit relative to the account growth that you had last year.

聽著，我 - 顯然，在託管收入方面有很多好消息要談論，但我希望我們可以稍微挖掘一下服務和交換收入，服務收入相對於您去年的帳戶增長。

I'm curious if you could talk about the pricing environment in terms of what you saw this selling season.

我很好奇您是否可以根據您在本銷售季節看到的情況來談談定價環境。

Then on the interchange side, I don't know if there's anything related to Change Healthcare and that issue that may have impacted the quarter, and I'll stop there.

然後在交換方面，我不知道是否有任何與 Change Healthcare 相關的事情以及可能影響本季的問題，我就到此為止。

Thanks.

謝謝。

Jim, why don't you hit the first part of Glen's question, I'll hit the second part.

吉姆，你為什麼不回答格倫問題的第一部分，我來回答第二部分。

Yeah.

是的。

So on the service side, what you're seeing is a couple of things.

因此，在服務方面，您看到的是幾件事。

So yeah, certainly, the market competition remains the same, right?

所以，是的，市場競爭當然保持不變，對嗎？

Nothing has changed there.

那裡什麼都沒有改變。

So we face competition on large market RFPs, and we're going to continue to face a little bit of pricing headwinds on a per product average revenue per user on the service line.

因此，我們面臨著大型市場 RFP 的競爭，我們將繼續面臨服務線上每個產品每個用戶平均收入的一些定價阻力。

The other piece you're seeing is the end of the National Emergency that like I mentioned in my comments.

您看到的另一篇文章是國家緊急狀態的結束，就像我在評論中提到的那樣。

So you think of that as an FSA account that we have with a member that's open for several years because of the extension.

因此，您可以將其視為我們與會員建立的 FSA 帳戶，由於延期，該帳戶可以開放數年。

You might have a '23, a '22, and '21, and a '20 year open.

您可能有“23”、“22”、“21”和“20”年份。

We count that as one account, but we're getting revenue for each of those years.

我們將其視為一個帳戶，但我們每年都會獲得收入。

So with all of those National Emergency items coming to an end in Q4, you don't see the accounts go away, but the revenue per account does go away in that case.

因此，隨著所有這些國家緊急項目將在第四季度結束，您不會看到帳戶消失，但在這種情況下，每個帳戶的收入確實會消失。

And then the last piece is just mix shift, right?

然後最後一段只是混音，對吧？

HSA is a low service fee product relative to CDBs.

相對於 CDB，HSA 是服務費較低的產品。

So as we continue to grow HSAs faster than CDBs, we will see blended average revenue per total accounts come down.

因此，隨著 HSA 的成長速度繼續快於 CDB，我們將看到每個總帳戶的混合平均收入下降。

So you have a multiple headwind there on price.

因此，價格方面存在多重阻力。

Aside from all of the pricing impacts, service revenue does grow with accounts.

除了所有的定價影響之外，服務收入確實隨著客戶的成長而成長。

So acknowledge that that's a little more challenging to forecast.

因此，要承認預測這一點更具挑戰性。

But that's -- we think of service and interchange together as our service revenue streams, they do grow with accounts.

但這是——我們將服務和交換視為我們的服務收入來源，它們確實隨著客戶的成長而成長。

The piece we call service has that little extra headwind of pricing pressure and mix shift.

我們稱之為服務的部分幾乎沒有定價壓力和混合轉變的額外阻力。

And I was -- with regard to the question on change, which I prefer to call often for reasons that should be obvious, but nonetheless, we'll use change here.

我是——關於變革的問題，我更喜歡經常提到這個問題，原因應該是顯而易見的，但儘管如此，我們將在這裡使用變革。

We have not seen any -- on the revenue side, interchange flow side, we have not seen any impact in the first quarter thus far.

我們還沒有看到任何影響——在收入方面、交換流量方面，到目前為止，我們還沒有看到第一季受到任何影響。

We certainly took a look at particularly the last couple of days of February when this started out.

當這一切開始時，我們當然特別關注了二月的最後幾天。

And so, so far, I think so good on that front.

到目前為止，我認為這方面做得很好。

And -- but in addition, I will say that since a lot of the public discourse and appropriately so here has been about the speed with which providers are getting paid and pharmacies are getting paid, and therefore, being able to get people access to medications and med services.

而且 - 但除此之外，我要說的是，由於大量的公眾討論和適當的情況，這裡一直是關於提供者獲得報酬和藥房獲得報酬的速度，因此，能夠讓人們獲得藥物和醫療服務。

We have not had any disruption in the payments that we issue, and that includes the fact that we utilize change as our partner for what we call virtual cards.

我們發行的支付沒有受到任何干擾，其中包括我們利用零錢作為我們所謂的虛擬卡的合作夥伴。

So these are payments to physicians.

所以這些是支付給醫生的費用。

The virtual card systems that changed.

改變的虛擬卡系統。

We're not impacted by this incident.

我們沒有受到這次事件的影響。

And so we continue to be able to pay -- get our providers paid and get our members reimbursed and get our pharmacies paid, and that seems like a good thing.

因此，我們繼續能夠支付——讓我們的提供者付費，讓我們的會員報銷，讓我們的藥房付費，這似乎是一件好事。

And maybe I'll just as long as you raise the topic, I'll say one other thing about it, which is that from a security perspective while Optum United change have not come forth with much clarity with regard to the underlying vulnerability that was the source of this, we have -- there's been a lot of discussion in the intelligence community about -- in the cyber intelligence community about what it might be.

也許只要你提出這個話題，我就會說另一件事，那就是從安全角度來看，雖然 Optum United 的變化還沒有很清楚地說明潛在的漏洞，關於其來源，我們在情報界進行了很多討論，在網路情報界關於它可能是什麼。

And I suppose one benefit of that is that it's identified a number of what would have otherwise been zero-day vulnerabilities, and our team has been very active in as those come out in that world, and we monitor those through our own resources and third parties.

我認為這樣做的一個好處是，它發現了許多原本是零日漏洞的漏洞，我們的團隊在這些漏洞出現時一直非常積極，我們透過自己的資源和第三方來監控這些漏洞。

As we monitor those items, we identify whether they are threat to their own systems.

當我們監控這些項目時，我們會確定它們是否對自己的系統構成威脅。

And if there are any threats with their own systems, we take action.

如果他們自己的系統有任何威脅，我們就會採取行動。

But at the end of the day, it's yet another reminder of the fact that there's a reason why we spend more on cybersecurity than we do on marketing.

但歸根結底，這再次提醒我們一個事實，即我們在網路安全上的花費比在行銷上的花費更多是有原因的。

It's both the right thing to do, and it's an appropriate thing to do.

這既是正確的事情，也是適當的事。

And if you're going to be a market leader, you're going to have to step up to that, particularly in an industry where you have both health and financial data in your systems.

如果您想成為市場領導者，您必須採取行動，特別是在系統中同時擁有健康和財務數據的行業。

Okay.

好的。

Thanks for the details.

感謝您提供詳細資訊。

See you Thursday.

星期四見。

Greg Peters, Raymond James.

格雷格彼得斯，雷蒙德詹姆斯。

Hey, Greg.

嘿，格雷格。

Hey.

嘿。

Good afternoon, everyone.

大家下午好。

I think this is a good segue.

我認為這是一個很好的延續。

So you just were talking about cybersecurity and it's -- your focus on that, and it's been important.

所以你剛剛談論了網路安全，你對此的關注，這很重要。

I wanted to pivot to credit risk, not only with your depository but also your enhanced yield partners.

我想將重點轉向信用風險，不僅是與您的存管機構，還包括您的收益增強合作夥伴。

And the reason why is because you're seeing some continuing challenges inside some of the bank companies.

原因是你看到一些銀行公司內部持續有挑戰。

And then secondly, there's this persistent concern about commercial real estate exposures.

其次，人們對商業房地產風險的持續擔憂。

And when -- I'm just curious how you evaluate your partners, both on the depository enhanced yield in the context of these types of external risks that we read about?

我只是很好奇，在我們讀到的這些類型的外部風險背景下，您如何評估您的合作夥伴，包括存款機構提高的收益率？

It seems like almost every day.

似乎幾乎每天都是如此。

Yeah.

是的。

You want me to start with that one, Jon?

你想讓我從那個開始嗎，喬恩？

Look, yeah, look, I mean, I think this is the purpose of our -- we have a custodial cash committee within the company and the Board also provides oversight of the activities of that custodial cash committee, right?

聽著，是的，聽著，我的意思是，我認為這就是我們的目的——我們在公司內部設有一個託管現金委員會，董事會還對該託管現金委員會的活動進行監督，對嗎？

This is what we do.

這就是我們所做的。

We try to diversify the portfolio of partners that we work with, and we do monitor the activity of each of those partners.

我們努力使合作夥伴的組合多樣化，並且我們確實監控每個合作夥伴的活動。

On the bank deposit side, we're not placing -- these deposits are not treated as mass deposits of health equity into the member bags.

在銀行存款方面，我們不會將這些存款視為健康資產的大量存款放入會員的袋子中。

They're treated as many small deposits that are fully FDIC insured by the federal government.

它們被視為由聯邦政府完全由聯邦存款保險公司 (FDIC) 承保的許多小額存款。

So they add up to $2,000 here and there adds up to a large deposit with the bank.

因此，他們在這裡和那裡總共存入了 2,000 美元，這就是銀行的一大筆存款。

And then on the insurance side, I think as we've talked about, right, we are at the start of this program working with highly rated, the bluest of blue-chip insurance company partners here.

然後在保險方面，我認為正如我們所討論的，我們正處於該計劃的開始階段，與這裡評價最高、最藍籌的保險公司合作夥伴合作。

And we are adding another criteria there of being a small percentage of their -- of any of our insurance partners' balance sheet, right?

我們還添加了另一個標準，即占我們任何保險合作夥伴資產負債表的一小部分，對嗎？

It's not just diversifying the dollars across our partners.

這不僅僅是讓我們的合作夥伴的資金多元化。

We are trying to make sure that we're a very small part of the liabilities of said insurance company.

我們正在努力確保我們只佔該保險公司責任的一小部分。

But yes, I acknowledge that as we mix shift towards more insurance partner, our ability to risk manage becomes marginally heightened there as we don't have the FDIC pass-through.

但是，是的，我承認，隨著我們向更多的保險合作夥伴轉變，我們的風險管理能力會略有增強，因為我們沒有 FDIC 的傳遞。

Okay.

好的。

This is great.

這很棒。

Did we get back Jon?

我們找回喬恩了嗎？

Yes, I'm back.

是的，我回來了。

Okay.

好的。

Thanks.

謝謝。

Sorry, Greg.

對不起，格雷格。

Go ahead.

前進。

That's all right.

沒關係。

Jon, did you want to add anything?

喬恩，你想補充什麼嗎？

Or should I just plow into my follow-up question?

或者我應該深入探討我的後續問題？

Plow ahead, sir.

繼續前進吧，先生。

All right.

好的。

So BenefitWallet is the integration is underway.

BenefitWallet 的整合正在進行中。

So again, when you're dealing with M&A and you guys have a track record of this, there's always surprises and interesting challenges.

再說一次，當你處理併購並且有這方面的記錄時，總是會有驚喜和有趣的挑戰。

Has anything popped up on your radar that you want to call out that has been unusual so far?

到目前為止，您的雷達上有沒有出現任何您想要指出的異常情況？

I know you've identified the expectation of when we get -- expect to transfer everything over.

我知道你已經確定了當我們得到時的期望——期望將所有東西轉移過來。

But just curious if it's meeting plans or where there's been some deviations.

但只是好奇是否符合計劃或哪裡有偏差。

Yes.

是的。

I think by and large, Greg, so far so good.

我認為總的來說，格雷格，到目前為止一切都很好。

As you know, and others may not, I know you do.

正如你所知，其他人可能不知道，我知道你知道。

But one of the things we did with this transaction is that we structured it such that we're not acquiring any technology systems or the like.

但我們在這筆交易中所做的一件事是，我們對其進行了結構化，這樣我們就不會收購任何技術系統等。

And that has a number of benefits.

這有很多好處。

First of all, it significantly reduces the possibility of surprises.

首先，它大大降低了意外的可能性。

But in addition, it also reduces things like temporary cybersecurity threat environments, those things.

但除此之外，它還減少了諸如臨時網路安全威脅環境之類的事情。

And it's been a good model for us for smaller transactions.

對於我們的小額交易來說，這是一個很好的模式。

This will be the largest of -- not only -- in fact, this will be the largest HSA transfer, I believe, ever done, but certainly the largest of this type.

這將是最大的——不僅是——事實上，我相信這將是有史以來最大的 HSA 轉移，而且肯定是此類轉移中最大的一次。

And so, so far, so good.

到目前為止，一切都很好。

What we will do is once the transaction is complete, as we do with other transactions, we'll give you a precise reporting of accounts, assets, or precisely on work.

我們要做的是，一旦交易完成，就像我們處理其他交易一樣，我們將為您提供準確的帳戶、資產或工作報告。

But we'll give you a final tally of accounts and assets so that you're able to understand the distinction between organic and these kinds of acquisitions.

但我們將為您提供帳戶和資產的最終統計，以便您能夠了解有機收購和此類收購之間的差異。

There was -- if you look back, we talked about where these numbers might end up, but also the agreement itself contemplates the possibility of them being slightly higher or slightly lower, depending on any number of factors.

如果你回顧一下，我們討論了這些數字可能最終會達到什麼結果，但協議本身也考慮了這些數字可能略高或略低，具體取決於多種因素。

And so you'll be able to get a pretty clear view of how this thing ends up and that will be that.

這樣你就能夠非常清楚地了解這件事的結局，以及那件事的結局。

But so far, the team, and Brad, Mike Reske, Kelly King, and the whole team at HealthEquity as well as BenefitWallet, the conduit team there have done a great job of moving this thing forward and we're really excited about the fact that we now begin to welcome members as we've begun to do in the last couple of weeks as each of these tranches is getting the 10-K or 8-K I should say.

但到目前為止，該團隊、Brad、Mike Reske、Kelly King 以及 HealthEquity 的整個團隊以及 BenefitWallet、那裡的頻道團隊在推動這件事上做了出色的工作，我們對此感到非常興奮我們現在開始歡迎成員，就像我們在過去幾週開始做的那樣，我應該說，這些部分中的每一部分都獲得了10-K 或8-K。

Thanks, guys.

多謝你們。

Sean Dodge, RBC Capital Markets.

肖恩·道奇，加拿大皇家銀行資本市場部。

Yeah.

是的。

Thanks.

謝謝。

Maybe just coming at the pricing service fee question in a little bit different way.

也許只是以稍微不同的方式來回答定價服務費問題。

If we look at revenue per customer, on one of the last calls, Jon, you talked about customer fields, so fields being fees per field.

如果我們查看每個客戶的收入，喬恩，在最後一次通話中，您談到了客戶字段，因此字段是每個字段的費用。

As yields have increased, how much pushback or skin, I guess, if you had to give up on the fee side, maybe catalyze more by the higher yield and not necessarily from any change in the competitive landscape.

隨著產量的增加，我想，如果你不得不放棄費用方面的阻力或皮膚，也許會透過更高的產量來催化更多，而不一定是來自競爭格局的任何變化。

Has there been -- I guess, has there been a meaningful shift there.

我想，那裡是否發生了有意義的轉變？

And then over the longer run, should we think about average revenue per customer outside of cross-selling being pretty stable, where lower fees offset higher yields?

然後從長遠來看，我們是否應該考慮交叉銷售之外的每個客戶的平均收入是否相當穩定，較低的費用抵消了較高的收益？

Or do you think there's some net gamer yields you don't necessarily have to give all of it back in fees, or some lower fees?

或者您認為有些淨玩家收益不一定需要全部以費用的形式返還，或者一些較低的費用？

What your question suggest, Sean, is -- and it is an important observation is that there is some -- I'm an economist, so I'll say it this way.

肖恩，你的問題顯示——這是一個重要的觀察——我是經濟學家，所以我會這樣說。

There is some cross elasticity between what's happening with yields and in particular, what's happening with the spot market, right, and pricing pressure.

收益率的變化，特別是現貨市場的變化，與定價壓力之間存在著一定的交叉彈性。

That's a natural thing, and it makes a lot of sense for -- from the perspective, particularly of larger customers.

這是很自然的事情，而且從角度來看，特別是對於大客戶來說，它很有意義。

But I actually think when you look at it, I've been somewhat underwhelmed, I'll say, by the extent to which there has been that kind of competitive pricing pressure.

但我實際上認為，當你看到它時，我會說，我對這種競爭性定價壓力的程度感到有點不知所措。

I think the bigger issue is that is two issues.

我認為更大的問題是兩個問題。

One is that -- and as it relates to this year and one is more generally is that is the pace of, for lack of a better term, mix shift as Jim put it earlier, and that mix shift being towards HSA, which in terms of total revenue per customer is awesome, right.

一個是——因為它與今年有關，更普遍的是，由於缺乏更好的術語，混合轉變的步伐，正如吉姆早些時候所說的那樣，而這種混合轉變是朝著HSA 方向發展，就而言每位客戶的總收入真是太棒了，對吧。

Our total margin per customer, however you want to think about it's awesome per account.

我們每個客戶的總利潤，但是你想認為每個帳戶的總利潤都很棒。

But if I focus solely on service revenues, right, it's a little bit of a downer because HSAs tend to have the lowest monthly fees.

但如果我只專注於服務收入，對吧，這有點令人沮喪，因為 HSA 的月費往往是最低的。

And then there are a few other things.

還有其他一些事情。

Now you've got the fees from investments in there.

現在你已經從那裡的投資中獲得了費用。

But they're going to be lower service fees, whereas conversely, for example, the highest service fee per account product is commuter, right, fantastic and as well as COBRA, right?

但他們的服務費會較低，而相反，例如，每個帳戶產品服務費最高的是commuter，對吧，太棒了，以及COBRA，對吧？

But I don't think anyone would say that COBRA is a big margin maker, right?

但我認為沒有人會說 COBRA 是一個大利潤創造者，對嗎？

So -- and it's because you don't have a bunch of other revenue sources there.

所以——這是因為你沒有很多其他收入來源。

And so I think that's really the biggest factor.

所以我認為這確實是最重要的因素。

And so as you model this, I mean, there should be some correlation between the pace of relative growth of HSA versus the rest of our business in terms of accounts, right?

因此，當您對此進行建模時，我的意思是，HSA 與我們其他業務在帳戶方面的相對增長速度之間應該存在某種相關性，對吧？

And the pressure that you might see on these -- for lack of a better term, unit services.

您可能會在這些方面看到壓力 - 由於缺乏更好的術語，單位服務。

Second point is that I think now more unique to this year is that as we reported, we did very, very well with -- relative to our expectations this year with our new logo business and particularly with our enterprise.

第二點是，我認為今年更獨特的是，正如我們所報導的那樣，相對於我們今年的新標誌業務，特別是我們的企業的預期，我們做得非常非常好。

And of course, enterprise where you get new logos is where you're going to be most competitive, particularly when those logos are coming with existing assets.

當然，獲得新徽標的企業將最具競爭力，特別是當這些徽標與現有資產一起提供時。

And so the fact that we did well on assets, right, is in part reflected your -- the other side of that coin is that you're going to be more competitive on your HSA fees for that business.

因此，我們在資產方面表現良好的事實在一定程度上反映了您的情況——硬幣的另一面是，您在該業務的 HSA 費用方面將更具競爭力。

So that's a thing that's worth considering in particular for this year, but it doesn't move the needle that much.

因此，這是今年特別值得考慮的事情，但它並沒有帶來太大的推動作用。

I don't know.

我不知道。

I mean, expressed on a service fee for total account basis, maybe it's moved the needle 0.5%, I don't know.

我的意思是，以總帳戶的服務費來表示，也許會增加 0.5%，我不知道。

And then the last point I'd make is a little bit into our strategic planning horizon, so thinking about beyond fiscal '25, it is very much our goal or a goal of ours to grow the non-custodial line.

我要說的最後一點是我們的策略規劃視野，因此考慮到 25 財年之後，擴大非託管線在很大程度上是我們的目標或我們的目標。

Remember, we think about service revenue as inclusive of interchange.

請記住，我們認為服務收入包括交換收入。

And the reason we break out interchange from the rest of service revenue is just that it's big, it's material, right?

我們從其他服務收入中分離出交換的原因只是因為它很大，很重要，對吧？

But if you look at that line as a whole or for that matter, exclude interchange if you want to, right, our goal is very much to see that line grow.

但是，如果您將該線路視為一個整體，或者就此而言，如果您願意的話，可以排除換乘，對吧，我們的目標是看到該線路的增長。

And the way that's going to happen is several fold.

而這種情況發生的方式有好幾種。

The first is, as we talked about at the Investor Day, it's going to be about the growth of incremental services, right, as we talked about, both new and then turning that CDD growth from -- okay, now it's a -- we've got it to the place where notwithstanding the National Emergency type stuff.

第一個是，正如我們在投資者日談到的那樣，這將是關於增量服務的增長，對，正如我們所談到的，既是新的，又是CDD 增長從——好吧，現在是——我們儘管發生了國家緊急狀態，但我們已經到達了這樣的地方。

It's a blast, maybe it's a one.

這是一場爆炸，也許是一場爆炸。

I don't know.

我不知道。

It's at least a [black] zero, but it's not a perfect number, that will be helpful, but also incremental services around data analytics and the like that we talked about at Investor Day.

它至少是一個[黑色]零，但它不是一個完美的數字，這會有所幫助，而且還會提供圍繞數據分析的增量服務以及我們在投資者日討論的類似服務。

So over time, we do want this thing to grow.

所以隨著時間的推移，我們確實希望這個東西能夠成長。

We're never going to shy away from the fact that the custodial businesses, the component of revenue is and should be a growth engine for the business, particularly as balances continue to grow and that we're able -- we've been able to and I think we're going to continue to be able to make it both more productive and less cyclical, but it's not like we're forgetting about the service revenue.

我們永遠不會迴避這樣一個事實，即託管業務（收入的組成部分）現在是而且應該成為業務的成長引擎，特別是隨著餘額持續成長，而且我們能夠——我們已經能夠我認為我們將繼續能夠提高生產力和減少週期性，但這並不是說我們忘記了服務收入。

We're going to try and grow this over time.

隨著時間的推移，我們將努力發展這一點。

Okay.

好的。

That's helpful context.

這是有用的背景。

Thanks, Jon.

謝謝，喬恩。

Thank you.

謝謝。

Thanks, Jon.

謝謝，喬恩。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

I don't know -- sorry, are we going to see Sean tomorrow?

我不知道——抱歉，我們明天要去見肖恩嗎？

We're going to hear from Jon.

我們會收到喬恩的來信。

I think we are.

我想我們是。

Is that my imagination?

這是我的想像嗎？

That's your imagination.

那是你的想像。

Well, we should be.

嗯，我們應該如此。

We should be.

我們應該。

I'm sorry, Jon.

對不起，喬恩。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

Thanks, Allen.

謝謝，艾倫。

I guess for Jon or Jim here, the technology and development spend has increased pretty dramatically over the past two years.

我想對喬恩或吉姆來說，過去兩年技術和開發支出大幅增加。

But if you look at this past quarter, it was flat year over year.

但如果你看看過去一個季度，你會發現與去年同期持平。

And at Investor Day, you talked about a lot of the investments you're making in digital CBB cards, cost transparency, cybersecurity.

在投資者日上，您談到了在數位 CBB 卡、成本透明度和網路安全方面進行的大量投資。

So I guess as we think about this fourth quarter number here and we think about what's embedded in the fiscal 2025 guidance, do you expect the technology and development spend to be more flattish?

因此，我想，當我們思考第四季度的數字以及 2025 財年指導中包含的內容時，您是否預計技術和開發支出會更加平穩？

Or is that going to continue the growth trajectory it has over the past 24 months.

或者說，這會繼續保持過去 24 個月的成長軌跡嗎？

Yeah, fire away.

是的，開火吧。

Yes, sure.

是的，當然。

I can take that.

我可以接受。

Yes.

是的。

So no, you should definitely not assume that the second debt spend is going to be flat.

所以不，你絕對不應該假設第二筆債務支出會持平。

I think what we've talked about in the past and Jon has talked about before my time here is that we're reaching -- we were reaching the peak last fiscal year of the spending as a percentage of revenue.

我認為我們過去討論過的以及喬恩在我來到這裡之前討論過的內容是，我們正在達到——我們正在達到上一財年支出佔收入百分比的峰值。

So we're a little above 22%, kind of 22%-ish now.

所以我們的比例略高於 22%，現在大概是 22% 左右。

So we should start seeing more efficiency.

所以我們應該開始看到更高的效率。

But no, we're going to continue to invest.

但不，我們將繼續投資。

We're going to continue to invest in the business.

我們將繼續投資該業務。

So the idea is efficiency at the margin level, not trying to flatten the raw dollars of tech and dev spend.

因此，我們的想法是在利潤水平上提高效率，而不是試圖壓平技術和開發支出的原始資金。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Allen.

謝謝，艾倫。

MJ, you have another question?

MJ，你還有問題嗎？

Maybe we lost MJ.

也許我們失去了MJ。

Does that happen?

會發生這種情況嗎？

Without MJ, we got nothing.

沒有MJ，我們什麼都得不到。

Yeah, I can't bring up the question.

是的，我不能提出這個問題。

MJ have to do that.

喬丹必須這麼做。

I think funny though.

不過我覺得很有趣。

This call is very adventurous so far, everybody.

到目前為止，大家這個電話還是非常冒險的。

So there's a lot of -- someone's transcribing me saying this right now, aren't they?

所以現在有很多人正在抄寫我的話，不是嗎？

Yeah.

是的。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Maybe MJ didn't put me on because she knows how sticky you guys are answering all my questions.

也許 MJ 沒有讓我參加，因為她知道你們對我所有問題的回答有多黏。

I think

我認為

(inaudible).

（聽不清楚）。

You got us to Miami, my hometown.

你帶我們去了我的家鄉邁阿密。

Stephanie got us to within like literally my hometown of well, I guess, in my case, Miami Beach, which is where we were.

史蒂芬妮帶我們走進了我的家鄉，我想，就我而言，邁阿密海灘，這就是我們所在的地方。

So that was -- we were like 50 blocks or something from where I was on can't do better than that.

所以那就是——我們距離我所在的地方大約有 50 個街區之類的地方，沒有比這更好的了。

Congrats on the quarter, but for the man, Jon, I have a question.

恭喜這個季度，但對於喬恩這個人，我有一個問題。

When I think about your recent Investor Day versus the last Investor Day you had, there was way less CDB talk.

當我想到你們最近的投資者日與上一次投資者日相比，國開行的談話要少得多。

And I'm looking at your CDB line, and we're actually seeing account growth they got this year.

我正在查看你們的 CDB 線路，我們實際上看到了他們今年的帳戶成長。

So I love a little bit of a look back on how that industrial logic of marrying HSAs and CDBs played out.

因此，我喜歡回顧一下 HSA 和 CDB 結合的工業邏輯是如何發揮作用的。

And when we think about the future, do you think we get to the same level of accounts we saw during the wage transaction?

當我們思考未來時，您認為我們會達到薪資交易期間看到的相同水平的帳戶嗎？

Or where does this -- where does that line go?

或是這條線去哪裡？

Thank you.

謝謝。

I really appreciate that question, actually.

事實上，我真的很感激這個問題。

I mean, (technical difficulty) but this one Yes, I do.

我的意思是，（技術難度）但是這個是的，我願意。

Because you noticed something that as we looked at Investor Day and things like -- sometimes things just happen as you go through it and you don't quite notice them, and this is one of them.

因為你注意到了一些事情，當我們關注投資者日之類的事情時，有時事情會在你經歷的時候發生，而你並沒有完全注意到它們，這就是其中之一。

And so here's my thought.

這就是我的想法。

First, the core logic was not -- we are going to -- like we have leg one and now we're going to have leg two like that sort of thing.

首先，核心邏輯不是——我們將會——就像我們有第一條腿，現在我們將有第二條腿之類的事情。

It was that acquiring the CDB business at scale gave us the opportunity to grow our HSA business in two ways: one, by playing on more fields and two, by -- that we weren't able to play on before; and two, of course, by giving us clients to cross-sell to.

大規模收購 CDB 業務讓我們有機會透過兩種方式發展我們的 HSA 業務：一是涉足更多領域，二是我們以前無法涉足的領域；當然，第二是透過為我們提供交叉銷售的客戶。

And all evidence is that that happened.

所有證據都顯示這件事發生了。

And the easiest way to see that is that when you look at HSA at either gross HSA openings or net adds, whatever you want to look at, right, when you look at our sales numbers, right, notwithstanding the fact that the HSA market is still growing by the same amount year over year instead of capturing roughly 20% of that growth as we were pre-waged, right?

看到這一點的最簡單方法是，當您以 HSA 總空缺或淨增加來查看 HSA 時，無論您想查看什麼，對吧，當您查看我們的銷售數據時，對吧，儘管 HSA 市場是每年仍以相同的速度增長，而不是像我們預付工資時那樣獲得大約20% 的增長，對嗎？

Now we're capturing -- and we'll see -- I noted that Stephanie put out there, we're going to have our market announcement like five minutes before this earnings call.

現在我們正在捕捉——我們將會看到——我注意到史蒂芬妮在那裡指出，我們將在本次財報電話會議前五分鐘發布我們的市場公告。

So I'm guessing maybe they listen to the earnings call, and they use some of this information and like a couple of weeks, they have their thing, but they're wonderful people and I shouldn't tease that way.

所以我猜也許他們聽了財報電話會議，他們使用了其中一些信息，幾週後，他們就有了自己的東西，但他們是很棒的人，我不應該這樣取笑。

But let's say, from an account perspective, we're capturing one-third of the market and maybe in the aggregate, 30%.

但假設從客戶角度來看，我們佔了三分之一的市場份額，也許總共佔了 30%。

And so like it works.

就像它起作用一樣。

That having been said, I think we -- what I would have would have been did say at the time of the transaction having at least some amount of expertise in that business was that the CDB business itself was extraordinarily steady.

話雖如此，我想我們——如果我在交易時至少擁有一定的業務專業知識的話，我會說 CDB 業務本身非常穩定。

And it turned out it wasn't.

但事實證明並非如此。

And it wasn't primarily as a result of -- and I don't want to be cheeky about it.

這主要不是因為——而且我不想對此厚顏無恥。

I mean it's primarily as a result of -- I don't want to duck responsibility, but it's primarily the result of pandemic.

我的意思是，這主要是由於——我不想逃避責任，但這主要是大流行的結果。

And even at the outset of the pandemic, as you'll recall, we didn't anticipate the level of unsteadiness of that business.

正如您所記得的那樣，即使在大流行一開始，我們也沒有預料到該業務的不穩定程度。

And so obviously, there's a commuter component that people talk about.

顯然，人們談論的是通勤部分。

But in addition to that, there's the fact that the dependent care, which is part of the FSA piece, went -- kind of disappeared for a while and is still well below its prior levels.

但除此之外，事實上，作為 FSA 一部分的家屬護理已經消失了一段時間，而且仍然遠低於之前的水平。

And then thanks to some of the recovery legislation, right?

然後感謝一些恢復立法，對吧？

We got a brief blip in COBRA that then went away.

我們在 COBRA 中遇到了一個短暫的現象，然後就消失了。

And then in addition to that, we've got the fact that the ACA marketplaces are subsidized, and that subsidy appears like it's going to continue.

除此之外，我們也了解到 ACA 市場有補貼，而且這種補貼似乎會持續下去。

And so actual COBRA relative to -- which is a portion of COBRA revenues came down.

因此，實際 COBRA 相對於 COBRA 收入的一部分下降了。

And so like that's a lot of movement that we were not anticipating having to deal with.

就好像我們沒有預料到要處理的大量移動。

And so as we look at it going forward, what we want to be doing, as I said in an earlier answer is we want to be growing the CDB business.

因此，當我們展望未來時，正如我在先前的回答中所說，我們想要做的就是發展 CDB 業務。

We want to be taking market share.

我們希望佔據市場份額。

And since the business as a whole is I'm going to put commuter side, whatever, let's assume it's where it is, right?

由於整個業務我將把通勤側放在一邊，無論如何，讓我們假設它就在那裡，對吧？

But broadly seeking, it's only going to grow at the way of workforce, which is like what percent -- we want to be growing at a quicker number, that means we're taking market share, right?

但從廣義上講，它只會以勞動力的方式成長，就像百分之幾一樣——我們希望以更快的速度成長，這意味著我們正在佔據市場份額，對嗎？

And I think we're well positioned to do that.

我認為我們完全有能力做到這一點。

We have more scale than anyone else.

我們的規模比任何人都大。

We're actually investing in the product because as a result of all of our investments, two examples being we are -- have -- and these are not future examples.

我們實際上正在投資該產品，因為作為我們所有投資的結果，我們現在有兩個例子，而這些都不是未來的例子。

They have already happened.

它們已經發生了。

We are rolling out -- we're in the midst of rolling out, we've got halfway through our chip cards and like people say chip card, what's a big deal.

我們正在推出——我們正在推出，我們的晶片卡已經使用了一半，就像人們所說的晶片卡一樣，有什麼大不了的。

Well, let's -- so far, no one else has done something where we have a sack card that is also a chip card that will actually also be available on mobile wallet.

好吧，到目前為止，還沒有其他人做過這樣的事情：我們有一張麻袋卡，它也是一張晶片卡，實際上也可以在行動錢包上使用。

What does that mean?

這意味著什麼？

It means that you can have two or three of our products on the same card and there doesn't even have to be a card, right?

這意味著您可以在同一張卡上擁有我們的兩到三個產品，甚至不必有卡，對嗎？

Now it's also not easy because it turns out that unlike regular chip cards, there's not as much standardization as the Mastercard and Visa people think there is out there in the retail world, and so there's some bumpiness there.

現在這也不容易，因為事實證明，與普通晶片卡不同，零售界並沒有萬事達卡和維薩卡人們想像的那麼標準化，因此存在一些坎坷。

But it's a great product.

但這是一個很棒的產品。

Second example is through the use of AI, we've got to a place where you can take, as you saw at Investor Day, take a picture of a receipt from public, can have whatever on there.

第二個例子是透過人工智慧的使用，我們已經有了一個地方，你可以像你在投資者日看到的那樣，拍一張公眾收據的照片，裡面可以有任何東西。

We can tell you what it is, and we can approve it right then.

我們可以告訴您它是什麼，然後我們就可以批准它。

And that's the biggest pinpoint with the largest of the CDB products, which is the FSA.

這是 CDB 最大產品（即 FSA）的最大特點。

So I think it's reasonable to believe that we can get to a place where we're at single-digit growth in that product.

因此，我認為有理由相信我們可以在該產品上實現個位數成長。

And -- so that's the plan.

這就是計劃。

We'll also look -- Stephanie, we will continue to look carefully at what do we need to own, what do we not need to own.

我們也將繼續仔細研究我們需要擁有什麼，不需要擁有什麼。

But it's always going to be in the context at least as far as I'm concerned, it's going to be in the context of strengthening our core business.

但至少就我而言，它總是在加強我們核心業務的背景下進行的。

Everything we talked about at Investor Day in terms of new product, the health payment account product we talked about, which is a form of smoothing deductible costs for people who don't -- who do but also don't have the benefits of HSAs.

我們在投資者日上談論的一切都是關於新產品，我們談論的健康支付帳戶產品，這是一種為那些沒有享受HSA 福利但又沒有享受到HSA 福利的人提供平滑免賠成本的一種形式。

It's always going to be in service of two things.

它總是服務於兩件事。

One is our core product, which is our custodial accounts and the second is the mission of helping people -- helping empower consumers and in doing so and saving them -- really saving and improving lives when we listen to what people say.

一是我們的核心產品，即我們的託管帳戶，二是幫助人們的使命——幫助賦予消費者權力，並透過這樣做並拯救他們——當我們傾聽人們的意見時，真正拯救和改善生活。

So that being the case, that's how we -- that's the framework through which we look at it.

既然如此，這就是我們看待它的框架。

And I think that's a reasonable view of what you should be expecting from us over time.

我認為，隨著時間的推移，您對我們的期望是合理的。

I would very much have expected to and liked to have gotten to that place quicker than we have.

我非常希望能夠比我們更快到達那個地方。

It's easy for me to blame the pandemic, but we have some responsibility for that, too, including myself.

我很容易將責任歸咎於這場流行病，但我們也對此負有一些責任，包括我自己。

No, that's helpful.

不，這很有幫助。

It shows it's more -- it's nothing you're not focusing on just that's not an area of innovation as much, which is more the focus for the forward.

它表明它更重要的是——沒有什麼是你不關注的，只是這不是一個創新領域，這更多的是未來的焦點。

What I think is if you look at -- for us -- let me say it this way, a piece of -- in order to achieve the three-year target that we laid out, this is one of the things that in all likelihood that we're going to achieve.

我認為，對我們來說，讓我這樣說，為​​了實現我們所設定的三年目標，這很可能是其中之一我們將要實現的目標。

That is to say to go back to, I think it was Allen's question, I could be wrong, if I am, I apologize.

也就是說回到過去，我認為這是艾倫的問題，我可能錯了，如果我錯了，我道歉。

But regarding service revenue, one of the things we're going to have to achieve to get there is we're going to have to grow that service revenue.

但就服務收入而言，要實現這一目標，我們必須實現的目標之一是我們必須增加服務收入。

We can grow service revenue by innovating new products and innovating and by growing our CDB space, and we can innovate within the CDB space similar.

我們可以透過創新新產品和創新以及擴大我們的 CDB 空間來增加服務收入，我們也可以在 CDB 空間內進行類似的創新。

And given that, again, I don't think the hurdle is like super high, but I do think it's probably fair that it's also true that at the margin, these are not as profitable products, right?

再次考慮到這一點，我認為障礙並不是很高，但我確實認為這可能是公平的，從邊際來看，這些產品的利潤率並不高，對吧？

So is it always going to be the first thing on a priority list?

那麼它總是會成為優先事項清單上的第一件事嗎？

No.

不。

That's fair.

這還算公平。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

Can I sneak one for Jim?

我可以偷一個給吉姆嗎？

Or is this -- I mean that was a long answer.

或者是——我的意思是這是一個很長的答案。

That most have happened

大多數都發生過

(multiple speakers)

（多個發言者）

Sure.

當然。

Go for it.

大膽試試吧。

All right.

好的。

Let me annoy you with this one.

讓我用這個來煩你吧。

So you've given us a ton of clarity in our custodial revenue.

所以你已經讓我們非常清楚地了解了我們的託管收入。

So if I look at the incremental EBITDA dollars in your guidance compared to your incremental custodial profit, there is a pretty big build in that even compared to prior years which doesn't really square with the whole shifting of R&D dollars as opposed to like adding new headcount.

因此，如果我看看您的指導中的增量EBITDA 美元與增量託管利潤相比，即使與前幾年相比，也有相當大的積累，這與研發美元的整體轉移並不真正相符，而不是像增加新的員工人數。

So is there anything beyond conservatism to call out there about why there would be maybe a lower conversion rate.

那麼，除了保守主義之外，還有什麼可以指出為什麼轉換率可能會較低。

So maybe a little more clarity because I didn't give you guidance on custodial profit dollars.

所以也許更清楚一點，因為我沒有給你關於託管利潤美元的指導。

But you have given us clarity on the custodial AUM, how it trends.

但您已經讓我們清楚地了解了託管資產管理規模及其趨勢。

You've given us clarity on what graduating and you've also

您已經向我們明確說明了畢業內容，並且您還

(multiple speakers)

（多個發言者）

Let me stop you there Stephanie.

讓我阻止你，史蒂芬妮。

I think one factor that is important to consider in this whole discussion is the other element of custodial, which is the CHF.

我認為在整個討論中需要考慮的一個重要因素是託管的另一個要素，即瑞士法郎。

In CHF world, right, custodial revenue from CHF is going to decline this year, right?

在瑞士法郎的世界裡，瑞士法郎的託管收入今年將會下降，對嗎？

Well that's because per if -- depending on what one believes, but for the forward SOFR curve playing an old forward curve that CNBC talked about all day, we're going to have lower short rates later in the year.

好吧，那是因為如果——取決於人們的看法，但對於 CNBC 整天談論的舊遠期曲線，遠期 SOFR 曲線，我們將在今年晚些時候獲得更低的短期利率。

And that hasn't occurred yet, obviously, but that's reflected in our guide and so forth.

顯然，這還沒有發生，但這已經反映在我們的指南等中。

So that's the one area in which that short cash area is the one area where you'll see sensitivity.

因此，這就是現金短缺的領域，也是您會看到敏感度的領域。

I think that's -- I'm guessing that that is the biggest source of the variance that you're describing.

我認為這是——我猜這是你所描述的差異的最大來源。

Makes sense.

說得通。

Thank you much.

非常感謝。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hey, congratulations on the quarter.

嘿，恭喜這個季度。

Can you talk a little bit about your Care Coordination software solution?

您能談談您的護理協調軟體解決方案嗎？

I think it's really interesting how you can compare prices at different providers and hospitals for different procedures that ties in perfectly with like the needs that high-deductible account members might have.

我認為非常有趣的是，您可以比較不同提供者和醫院不同程序的價格，這些程序與高免賠額帳戶會員可能擁有的需求完美契合。

I think it ties in great with what health plans are trying to accomplish.

我認為這與健康計劃試圖實現的目標密切相關。

How many plans is that deployed to, please?

請問部署到了多少個計畫？

And just any thoughts on like the uptake rate of it and the impact you could have on total cost trend.

以及任何關於它的採用率以及對總成本趨勢可能產生的影響的想法。

Thanks a lot.

多謝。

So let me say first, and we tried to make this distinction at Investor Day.

首先我要說的是，我們試著在投資人日上做出這種區分。

This item is still in beta.

該項目仍處於測試階段。

So it's a deployment today, it's very limited.

所以今天的部署是非常有限的。

And I would describe it more as a feature in my mind than a product.

我更願意將其描述為我心目中的一個功能，而不是一個產品。

And the reason I say this is that, that business follows.

我這麼說的原因是，生意隨之而來。

There are people who've tried to build businesses out of this, as you will know.

如您所知，有些人試圖以此為基礎開展業務。

And for the most part, they have failed.

在大多數情況下，他們都失敗了。

And if -- and certainly, in the public markets, they have not done well.

如果——當然，在公開市場上，他們表現不佳。

And the way we've approached it is the view that you can get 80% of the benefit with 20% of the stuff now that you have the benefits of ML for the business logic and generative AI for the US to some extent.

我們的觀點是，既然你在某種程度上從美國的業務邏輯和生成人工智慧中受益，你就可以用 20% 的東西獲得 80% 的好處。

And so that's what we're really trying to do.

這就是我們真正想做的事。

And we're going to try and do this across multiple applications.

我們將嘗試在多個應用程式中執行此操作。

And we're not -- I wouldn't -- I don't really think of it as a unique threat to the businesses that are in that space.

我們不——我不會——我真的不認為它對該領域的企業構成獨特的威脅。

They're going to face that threat one way or the other, right?

他們將以某種方式面對這項威脅，對吧？

And so our approach is to partner.

因此，我們的方法是合作。

So this -- for example, I mean this solution is, as we said at Investor Day, it's not -- it's us being able to access some of that logic through APIs and the like and then also access some of the ML and AI services to make it as good as we can.

因此，例如，我的意思是這個解決方案，正如我們在投資者日所說，它不是 - 我們能夠通過 API 等訪問一些邏輯，然後還訪問一些 ML 和 AI 服務盡我們所能做到最好。

So I guess I'll just say, one, this is something that's in beta; two, I would look at it as principally as a source of support for competitive differentiation versus it's going to be in the near term, its own revenue line.

所以我想我只想說，第一，這是測試版；第二，我主要將其視為競爭差異化的支持來源，而不是在短期內將其視為自己的收入線。

We will, I think, ultimately have some kind of a broad analytics and services business that we'll talk about more, and we began to talk about it at Investor Day, but it's early for that.

我認為，我們最終將擁有某種廣泛的分析和服務業務，我們將對此進行更多討論，我們在投資者日開始討論它，但現在還為時過早。

And so I think the way I'd look at it is exactly as you said, which is it's -- I think it's just it's a good, strong feature, and it's an ability to deliver something that people want in a way that's easier for them to consume and that's ultimately less expensive than it's been delivered in the past, which is means then made more available.

所以我認為我看待它的方式正如你所說，這就是它——我認為它只是一個很好的、強大的功能，並且它能夠以一種更容易的方式提供人們想要的東西他們可以消費，最終比過去交付的價格便宜，這意味著可以變得更容易獲得。

To your -- the last part of your question, David, about the impact on broader health care trend.

大衛，你問題的最後一部分是關於對更廣泛的醫療保健趨勢的影響。

Here's my view.

這是我的觀點。

And again, I will say as someone who's been part of and observed the battles about all of the massive -- all the ways that people have that are supposedly going to bend trend, which, for the most part, haven't done swap over the years.

再說一次，我會說，作為一個參與並觀察了所有大規模鬥爭的人——人們所擁有的所有方式都被認為會扭轉趨勢，而在大多數情況下，趨勢還沒有完成。

Here's an interesting fact.

這是一個有趣的事實。

When -- and I'm sorry for the long answer, but we did keep the earlier comments short in the prepared remarks.

當——我很抱歉回答太長，但我們確實在準備好的評論中保持了先前的評論簡短。

When you -- if you look at health care as a percentage of US GDP in 2010, it was 17.2%, and the projection was that by now, it would be 24%.

如果你看看 2010 年醫療保健占美國 GDP 的百分比，你會發現它是 17.2%，而現在的預測是 24%。

It's still 17%.

仍然是17%。

Nobody talked about that, but it's true.

沒有人談論過這一點，但這是事實。

What happened?

發生了什麼事？

What changed?

發生了什麼變化？

It's not -- I mean the Affordable Care Act did a bunch of good things in my view.

我的意思是，在我看來，《平價醫療法案》做了很多好事。

But it did not do much to bend the cost curve.

但這並沒有對改變成本曲線產生太大作用。

That was not for the objective.

那不是為了目的。

It enhanced access.

它增強了存取能力。

The biggest change that's occurred over that period of time has been two things.

那段時間發生的最大變化有兩件事。

One is the incremental involvement of consumers in health care.

一是消費者越來越多地參與醫療保健。

And the second is the reduction in cost of many of the everyday type pharmaceuticals and procedures that we do in part because consumers are involved in part because of all of the push towards generics and the like, even as obviously, there are certain drugs that are expensive.

第二個是我們所做的許多日常藥物和程序的成本降低，部分原因是消費者參與其中，部分原因是所有對仿製藥等的推動，即使很明顯，有些藥物是昂貴的。

And so the way I look at it is, it's not that any of these tools per se bends the trend, it's that they all make the involvement of consumers more effective.

因此，我的看法是，這些工具本身並不會改變趨勢，而是它們都使消費者的參與更有效。

And that, in the whole is what has a positive effect on the trend among other things, right?

總的來說，這就是對趨勢產生正面影響的因素之一，對吧？

And so that's the way we look at it.

這就是我們看待它的方式。

And when I look at our clients who have been most effective and tried the hardest to utilize tools effectively over the course of not one year or two years, but five years or 10 years or in the case of, I think, about one client that we've had now for 17 years.

當我觀察我們的客戶時，他們在不是一年或兩年，而是五年或十年的時間內最有效並最努力地有效利用工具，或者我認為，關於一個客戶我們已經有17年了。

It's not like special and it doesn't have only a young population, all that stuff, that high-tech type situation.

它並不特殊，也不只有年輕人口，所有這些東西，那種高科技類型的情況。

They've been successful at holding health care inflation to CPI and not just when CPI was 6%, right, or 8.4%, whatever it wasn't last year.

他們成功地將醫療保健通膨控制在消費者物價指數(CPI) 水準上，而不僅僅是在消費者物價指數(CPI) 為6%（對，或8.4%）（無論去年不是這樣）的情況下。

And so you can do this.

所以你可以這樣做。

And it's not going to be the magic that heals all of health care, but it's absolutely part of the toolbox.

它不會成為治癒所有醫療保健的魔法，但它絕對是工具箱的一部分。

And our job is to -- we didn't create this tool, but we can sharpen it.

我們的工作是──我們沒有創造這個工具，但我們可以改進它。

And in doing so, we sharpen every other tool, whether that tool is wellness program, transparency type stuff, telemedicine, whatever it may be, generics.

在這樣做的過程中，我們改進了所有其他工具，無論該工具是健康計劃、透明類型的東西、遠距醫療，無論是什麼，還是仿製藥。

What we do sharpens every one of those tools, and that's how we help bend the trend, which ultimately makes health care more affordable and by helping people understand it, make some better news.

我們所做的事情使每個工具都更加完善，這就是我們幫助扭轉這一趨勢的方式，最終使醫療保健變得更加負擔得起，並透過幫助人們理解它來傳播一些更好的消息。

Thanks, David.

謝謝，大衛。

I feel like Richard is getting really mad at me now.

我覺得理查現在對我很生氣。

He's getting mad.

他要生氣了。

Answer way too long.

回答太長了。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

We got some really long questions.

我們有一些很長的問題。

I'm just kidding.

我只是在開玩笑。

So just relative to BenefitWallet, any updates that you can provide there just in terms of the way of what you expect -- Conduent had a call.

因此，相對於 BenefitWallet，您可以按照您期望的方式提供任何更新 - Conduent 接到了電話。

Is there any reason why you shouldn't be able to achieve the same level of profitability or the same interest rates on the funds that they've achieved?

您是否有任何理由無法實現與他們所實現的基金相同的獲利水準或相同的利率？

Is there anything structurally different?

結構上有什麼不同嗎？

Or is there any portion of the BenefitWallet portfolio that isn't coming over to you?

或者 BenefitWallet 投資組合中是否有任何部分沒有交給您？

So I think I can give a short answer to this one.

所以我想我可以對這個問題做一個簡短的回答。

To the last part of your question, yes, the answer is -- well, there are two parts: one is, the non-HSA component of the business so that they have some FSAs and the like, and they are not part of this transaction. and they will continue to be managed by Conduent's broader human resources outsourcing business.

對於你問題的最後一部分，是的，答案是——嗯，有兩個部分：一個是業務的非 HSA 組成部分，因此他們有一些 FSA 等，但他們不屬於這個部分。他們將繼續由 Conduent 更廣泛的人力資源外包業務管理。

And then secondly, of course, as in all transactions, there will be some attrition, both in the midst of the transaction and some that minor shortly thereafter.

其次，當然，就像在所有交易中一樣，在交易過程中以及交易後不久就會出現一些輕微的損耗。

But that -- we'll try to account for that, and we certainly have tried to account there in our thinking.

但是，我們會嘗試解釋這一點，並且我們當然已經嘗試在我們的思維中解釋這一點。

As to the first part of your question, I do think it's important to note, and I have to admit I have not looked at the transcript of Conduent's call, but I know that the executive team there is very entertaining.

至於你問題的第一部分，我確實認為值得注意，我必須承認我沒有看過Conduent的通話記錄，但我知道那裡的執行團隊非常有趣。

So I'm guessing it was more fun than ours.

所以我猜這比我們的更有趣。

But I would note that like many of our competitors, the way that Conduent -- or let me say it this way, genericized.

但我要指出的是，就像我們的許多競爭對手一樣，Conduent 的方式——或者讓我這樣說，是通用化的。

Many of our competitors, the way that they -- their strategy for deployment of funds is that they are deployed in banks and importantly, they are deployed at short rates.

我們的許多競爭對手，他們的資金部署策略是將資金部署在銀行，重要的是，它們以短期利率部署。

So that means much more variability.

所以這意味著更多的可變性。

And so if you look at fiscal, let's say, or I say, calendar '23, like that was an awesome strategy in calendar '23.

因此，如果你看一下財政，比如說，或者我說，23 日曆，就像 23 日曆中的一個很棒的策略一樣。

And it continues to be an awesome strategy, right, until it isn't.

它仍然是一個很棒的策略，對吧，直到它不是。

It would have been a very, very difficult strategy in, let's say, calendar '20.

比如說，在 20 世紀，這將會是一個非常非常困難的策略。

So as , we deploy on the ladder, and we've taken a number of steps to make sure that's a smooth as possible.

因此，我們在梯子上進行部署，我們採取了許多步驟來確保盡可能順利。

So that will be different.

所以情況會有所不同。

I would not -- I don't know what Conduent said off the top of my head with regard to this, but you should think about us as deploying these assets in accordance with the latter and process that Jim has described earlier on.

我不會——我不知道 Conduent 對此有何看法，但您應該認為我們是根據吉姆之前描述的後者和流程來部署這些資產的。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

Jack Wallace, Guggenheim.

傑克華萊士，古根漢。

Hey, guys.

大家好。

I'll keep this quick.

我會盡快保持這一點。

Jim, I think this one is going to be directed at you.

吉姆，我想這個是針對你的。

Just wanted to get a high-level puts and takes net of any of the reclassifications of it looks to be about a 50 basis point lift of the EBITDA guide for the year.

只是想得到一個高水準的看跌期權和扣除任何重新分類的淨值，今年的 EBITDA 指南看起來大約有 50 個基點的提升。

Just wondering if that's mostly some of the benefits from the technology investments that Jon mentioned earlier if there's anything else we should be thinking about.

只是想知道這是否主要是喬恩之前提到的技術投資帶來的一些好處，是否還有其他我們應該考慮的事情。

Thank you.

謝謝。

Yeah.

是的。

No, nothing huge, right?

不，沒什麼大不了的，對吧？

What we're trying to do is roll in the -- being a little bit ahead on sales, a little bit ahead on accounts and trying to factor in the comment that I made during the discussion about when markets are good, you see a little bit of shift towards investment from cash and just small adjustments down the cost line.

我們正在努力做的是——在銷售上領先一點，在帳戶上領先一點，並嘗試考慮我在討論市場何時好時所做的評論，你會看到一點從現金投資轉向投資，並在成本線上進行小幅調整。

So yeah, 50 basis points I want to call within the rounding error there, but just providing you a little more precision and with more perfect information here.

所以，是的，我想在舍入誤差內調用 50 個基點，但只是在這裡為您提供更精確一點和更完美的資訊。

Got it.

知道了。

Thank you.

謝謝。

Thanks, Jack.

謝謝，傑克。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the call back over to Jon Kessler for closing remarks.

我想將電話轉回給喬恩·凱斯勒（Jon Kessler）做結束語。

Okay.

好的。

An hour and five minutes, not bad.

一小時五分鐘，還不錯。

Thanks, everyone, for joining us.

謝謝大家加入我們。

We will be releasing our 10-K shortly, working hard to get that done for you, recognizing that there are some changes this year, and I'm sure it will be a real page turner.

我們很快就會發布 10-K，並努力為您完成這項任務，認識到今年發生了一些變化，我相信這將是真正令人翻頁的。

So thanks all very much.

非常感謝大家。

Thank you all.

謝謝你們。

The conference has now concluded.

會議現已結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines and have a nice day.

現在您可以斷開線路並祝您度過愉快的一天。