Healthequity Inc (HQY) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the HealthEquity first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.

下午好，歡迎參加 HealthEquity 2025 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想把會議交給理查普特南。請繼續。

Thank you, Gary. Very fine job. Hello, everyone, and welcome to HealthEquity's first quarter of fiscal year 2025 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.

謝謝你，加里。非常好的工作。大家好，歡迎參加 HealthEquity 2025 財年第一季財報電話會議。我叫理查‧普特南。我負責 HealthEquity 的投資者關係工作。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 a couple of reminders as we usually do. First, the press release announcing the financial results for first quarter of fiscal 2025 was issued after the market closed this afternoon. These financial results included the contributions from our wholly owned subsidiary and accounts administer. The press release includes definitions of certain non-GAAP financial measures that we reference today.

在將電話轉給喬恩之前，我像往常一樣有一些提醒。首先，今天下午收盤後發布了公佈 2025 財年第一季財務業績的新聞稿。這些財務表現包括我們全資子公司和帳戶管理部門的貢獻。新聞稿包括我們今天引用的某些非公認會計準則財務指標的定義。

You can find on our investor relations website, a copy of today's press release, including reconciliations of these non-GAAP measures with comparable GAAP measures and a recording of this webcast. That website is ir.healthequity.com. Second, our comments and responses to your questions today reflect management's view as of today, June 3, 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.

您可以在我們的投資者關係網站上找到今天新聞稿的副本，包括這些非公認會計準則衡量標準與可比較公認會計準則衡量標準的調節表以及本次網絡廣播的錄音。網站是 ir.healthequity.com。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6 月3 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、估計或其他可能被視為前瞻性的資訊。

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.

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 the 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以及可能影響我們未來業績或我們股票市場價格的其他風險的討論，詳情請參閱表格中的最新年度報告10-K 以及向SEC提交的任何後續定期報告。

We assume no obligation to revise or update these forward-looking statements in light of new information or future events. With that out of the way. Over to Jon Kessler.

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。就這樣吧。交給喬恩·凱斯勒。

Hi everybody, and thank you, for joining us for this healthy start to fiscal 2025. That was Richard Putnam. You may not want to quit your day job. I will discuss Q1 key metrics and progress against our strategy. Jim will touch on Q1 results and detail our raised guidance for fiscal '25. And Steve is here for today. So here we go.

大家好，感謝大家加入我們，為 2025 財年帶來健康的開局。您可能不想辭去日常工作。我將根據我們的策略討論第一季的關鍵指標和進展。 Jim 將談到第一季的業績，並詳細介紹我們提出的 25 財年指引。史蒂夫今天就在這裡。那麼我們就開始吧。

In Q1, the team delivered again double-digit year over year growth across nearly all of HealthEquity's key metrics, including revenue, which was 18%-plus, adjusted EBITDA, which was 36%-plus, that's at 2 times as much and HSA assets, which was 22%-plus -- which were 22%-plus.

第一季度，該團隊在 HealthEquity 的幾乎所有關鍵指標上再次實現了兩位數的同比增長，包括收入（增長 18% 以上）、調整後 EBITDA（增長 36% 以上）（是其兩倍）以及 HSA資產，超過22%－超過22%。

HSA members grew 13% from strong HSA sales and BenefitWallet, each of which I will detail in a moment. Strong HSA growth drove total accounts up 7%. HealthEquity ended Q1 with 16 million total accounts, including 9 million HSAs holding $27 billion in HSA assets.

由於 HSA 銷售和 BenefitWallet 的強勁銷售，HSA 會員數量增長了 13%，稍後我將詳細介紹其中每一項。 HSA 的強勁成長帶動總帳戶成長 7%。截至第一季，HealthEquity 帳戶總數為 1,600 萬個，其中 900 萬個 HSA 持有 270 億美元的 HSA 資產。

HSA assets overall -- worry about those can translate to I think. HSA assets overall increased $2.1 billion in the quarter, including $0.4 billion of organic growth, [1%] more of our HSA members became investors year over year, helping to drive invested assets up 39%.

HSA 整體資產—我認為這些擔憂可以轉化為。本季 HSA 資產整體增加了 21 億美元，其中包括 4 億美元的有機成長，[1%] 我們的 HSA 會員成為投資者的人數逐年增加，幫助推動投資資產成長 39%。

And by the way, this quarter, our HSA investors gained access to $0 brokerage trading of individual stocks and yes. Returning to HSA growth, team Purple started the selling year off with 194,000 new HSAs, a record for a first quarter and 60,000 or 45%, more than Q1 last year.

順便說一句，本季度，我們的 HSA 投資者獲得了 0 美元的個股經紀交易機會，是的。回到 HSA 成長，Purple 團隊以 194,000 台新 HSA 開始新一年的銷售，創下第一季的紀錄，比去年第一季增加 60,000 台，即 45%。

So what happened? First accounts from existing clients and partners grew very nicely, even more so than during the banner macro-driven Q1 two years ago. In particular, we got the boost from the Blues health plan partners that joined HealthEquity from further a little more than two years ago and are now more accustomed to working with us.

所以發生了什麼事？現有客戶和合作夥伴的第一批客戶成長非常好，甚至比兩年前宏觀驅動的第一季成長得更快。特別是，我們得到了 Blues 健康計劃合作夥伴的推動，他們在兩年多前加入了 HealthEquity，現在更習慣與我們合作。

Second, accounts from new logos. It was mostly small and midsized employers at this time of year, continuing the positive trend we saw over the course of fiscal '24. beyond the organic HSAs, the team transitioned in two of the three tranches of BenefitWallet in Q1, adding approximately 400,000 HSAs and $1.6 billion of HSA assets.

其次，新識別的說明。每年這個時候，主要是中小型雇主，延續了我們在 24 財年看到的正面趨勢。除了有機 HSA 之外，該團隊在第一季對 BenefitWallet 的三部分中的兩部分進行了轉型，增加了約 40 萬個 HSA 和 16 億美元的 HSA 資產。

The final benefit wallet transfer occurred last month that was at the beginning of Q2 and by timely completing what is the largest HSA portfolio transfer ever to our knowledge, HealthEquity's, tiny, but mighty core dev team and thank you guys has raised our visibility to FY25 results has opened up opportunity for CDB cross sales [Engage360 and benefits], which is new name for MaxEnroll deployments into fiscal '26 and laid an anchor to windward on custodial yields for years to come, that's notable.

最後一次福利錢包轉帳發生在上個月，即第二季度初，透過及時完成據我們所知有史以來最大的HSA 投資組合轉賬，HealthEquity 的核心開發團隊規模雖小，但強大，感謝你們，提高了我們對25 財年的知名度結果為CDB 交叉銷售[Engage360 和收益] 提供了機會，這是MaxEnroll 部署到26 財年的新名稱，並為未來幾年的託管收益率奠定了基礎，這一點值得注意。

CDB account decreased 1% compared to Q1 last year, preceding the ending of the national emergency in May and account runoff later last year excluding that factor, we again delivered positive CDB growth year over year. The key metrics support our longer term strategy and the team advance that multiyear strategy, which you've heard about and which we call 3Ds.

與去年第一季相比，國開行帳戶下降了 1%，在 5 月國家緊急狀態結束之前，以及去年底帳戶徑流（排除這一因素）後，我們再次實現了國開行同比正增長。關鍵指標支持我們的長期策略，團隊推進多年策略，您已經聽說過，我們稱之為 3D。

The first D is delivering remarkable experience virtualizing our service, digitizing paper and plastic, our cloud-based health accounts platform in order to reduce service expense without sacrificing member delay.

第一個 D 是提供卓越的體驗，虛擬化我們的服務、數位化紙張和塑膠、我們基於雲端的健康帳戶平台，以便在不犧牲會員延遲的情況下降低服務費用。

Q1 saw service costs as a percentage of revenue fall 400 basis points year-over-year. We launched more AI driven service tech. We expanded our claims automation for FSA members that you saw at Investor Day. We deploy also to select enterprise clients, HealthEquity's staff, account card for iOS and Android mobile wallets, pretty cool.

第一季服務成本佔營收的百分比年減 400 個基點。我們推出了更多人工智慧驅動的服務技術。我們為 FSA 會員擴展了索賠自動化，正如您在投資者日看到的那樣。我們也為選定的企業客戶、HealthEquity 的員工、iOS 和 Android 行動錢包的帳戶卡部署，非常酷。

Second D is deepening partnerships across the ecosystem to grow sales without sacrificing margins and it continued and in addition to continuing work on the technology backbone of APIs that we also discussed at Investor Day. In the partnership category, we added insurer partners and capacity in the advanced rates program that accommodate a greater than expected adoption as more than 85% of new BenefitWallet members, HSA cash in Enhanced Rates

Second D 正在深化整個生態系統的合作夥伴關係，以在不犧牲利潤的情況下增加銷售額，並且除了我們還在投資者日討論的 API 技術支柱方面的繼續工作之外，它還在繼續。在合作夥伴類別中，我們在高級費率計劃中增加了保險公司合作夥伴和能力，該計劃的採用率超出了預期，因為超過 85% 的 BenefitWallet 新會員、HSA 兌現了增強費率

The third D is driving member outcomes through new data-driven services that give clients and partners insight and engage members to act. During Q1, we gained important client and partner feedback. Thank you to our clients and partners who participated in these sessions live. On our analyzer, transparency, health payment account and other new services in development, all of this added up for adds up to a quarter of investment for the future within the envelope of robust top line margin and cash flow from operations growth in the present which conveniently enough. Jim will now detail. Jim?

第三個 D 是透過新的數據驅動服務推動會員成果，為客戶和合作夥伴提供洞察力並吸引會員採取行動。在第一季度，我們獲得了重要的客戶和合作夥伴回饋。感謝現場參加這些會議的客戶和合作夥伴。在我們的分析器、透明度、健康支付帳戶和其他正在開發的新服務中，所有這些加起來相當於未來四分之一的投資，在目前強勁的頂線利潤率和來自營運成長的現金流的範圍內足夠方便。吉姆現在將詳細介紹。吉姆？

Jon. I will briefly highlight our first quarter fiscal year GAAP and non-GAAP financial results. As always, we provide a reconciliation of GAAP measures to non-GAAP measures in today's press release. As a reminder, the results presented here reflect the reclassifications of our income statement we described in our fiscal year 2024 10-K, both for fiscal year '24 and '25 for comparison.

喬恩.我將簡要介紹我們第一季會計年度的 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。提醒一下，這裡提供的結果反映了我們在 2024 財年 10-K 中描述的損益表的重新分類，兩者均針對財年 '24 和 '25 進行比較。

First quarter revenue increased 18% year-over-year. Service revenue was $118.2 million, up 6% year-over-year, reflecting a higher number of HSAs and invested HSA assets, partially offset by the runoff of national emergency CDB activity.

第一季營收年增18%。服務收入為 1.182 億美元，年增 6%，反映出 HSA 數量和投資的 HSA 資產增加，但部分被國家緊急 CDB 活動的減少所抵消。

Service revenue also benefited from a $2.5 million catch-up accrual of investment record-keeping fees in the quarter that will not be repeated in subsequent. Custodial revenue grew 37% to $121.6 million in the first quarter. The annualized interest rate yield on HSA cash was 2.93% for the quarter. Interchange revenue grew 6% to $47.7 million.

服務收入也受惠於本季 250 萬美元的投資記錄保存費追繳費用，後續不會重複。第一季託管營收成長 37%，達到 1.216 億美元。本季 HSA 現金年化利率收益率為 2.93%。交換收入成長 6%，達到 4,770 萬美元。

Gross profit as a percent of revenue was 65% in the first quarter this year, up from 61% in the first quarter last year. Net income for the first quarter was $28.8 million, or $0.33 per share on a GAAP EPS basis. Our non-GAAP net income was $70.3 million, or $0.8 per share versus $0.5 per share last year. GAAP results reflect the impact of a difference in the timing of stock compensation expense from performance stock units granted during the quarter compared to those granted in prior years.

今年第一季毛利佔營收的比例為 65%，高於去年第一季的 61%。第一季淨利為 2,880 萬美元，以 GAAP 每股收益計算每股 0.33 美元。我們的非 GAAP 淨利潤為 7,030 萬美元，即每股 0.8 美元，而去年為每股 0.5 美元。公認會計準則結果反映了本季授予的績效股票單位與前幾年授予的股票補償費用時間差異的影響。

Adjusted EBITDA for the quarter was $117.4 million, up 36% compared to Q1 last year. And adjusted EBITDA as a percentage of revenue was 41%, a 540 basis points improvement over the same quarter last year.

該季度調整後 EBITDA 為 1.174 億美元，比去年第一季成長 36%。調整後的 EBITDA 佔營收的百分比為 41%，比去年同期提高了 540 個基點。

Turning to the balance sheet as of the quarter ended April 30, 2024 cash on hand was $251 million as we generated $65 million of cash flow from operations and used $199 million of cash for the first to BenefitWallet closings in the quarter. The company had $926 million of debt outstanding net of issuance costs, including $50 million drawn on our line of credit in connection with the BenefitWallet safe portfolio acquisition.

轉向截至2024 年4 月30 日的季度的資產負債表，手頭現金為2.51 億美元，因為我們從營運中產生了6500 萬美元的現金流，並使用了1.99 億美元的現金用於本季度第一次BenefitWallet 結帳。在扣除發行成本後，該公司的未償債務為 9.26 億美元，其中包括因收購 BenefitWallet 安全投資組合而從我們的信用額度中提取的 5,000 萬美元。

The third and final BenefitWallet tranche was funded with an additional $175 million draw on the line of credit subsequent to the quarter end. Today's fiscal 2025 guidance reflects the carryforward of our strong sales trajectory, higher expected custodial revenue and operational efficiencies resulting from our technology investments.

BenefitWallet 的第三筆也是最後一筆資金是在季末後從信貸額度中額外提取的 1.75 億美元。今天的 2025 財年指引反映了我們強勁的銷售軌跡、更高的預期託管收入和技術投資帶來的營運效率。

We expect revenue in a range between $1.16 billion and $1.18 billion. GAAP net income in a range of $90 million to $105 million or $1.01 to $1.18 per share. We expect non-GAAP net income to be between $261 million and $276 million or $2.93 and $3.10 per share based upon an estimated 89 million shares outstanding for the year.

我們預計營收在 11.6 億美元至 11.8 億美元之間。 GAAP 淨利潤範圍為 9,000 萬美元至 1.05 億美元，即每股 1.01 美元至 1.18 美元。我們預計非 GAAP 淨利潤將在 2.61 億美元至 2.76 億美元之間，或每股 2.93 美元至 3.10 美元（基於今年已發行股票的估計 8,900 萬股）。

Finally, we expect adjusted EBITDA to be between $454 million and $474 million. The placement of the benefit wallet, HSA cash complete, we're raising our guidance for an average yield on HSA cash between 3% and 3.05% for fiscal 2025.

最後，我們預計調整後 EBITDA 將在 4.54 億美元至 4.74 億美元之間。福利錢包、HSA 現金的安置完成後，我們將 2025 財年 HSA 現金的平均收益率指引提高到 3% 至 3.05% 之間。

As a reminder, we based custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers, the schedule of which is contained in today's release and analysis of forward-looking market indicators, such as the secured overnight financing rate and mid duration treasury forward curves. These are, of course, subject to change and not perfect predictors of future market conditions.

提醒一下，我們基於 HSA 預計現金部署和展期指南中嵌入的託管收益率假設，其時間表包含在今天發布的前瞻性市場指標和分析中，例如擔保隔夜融資利率和中期國庫券遠期曲線。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。

Our guidance also includes the expected impact of our now completed BenefitWallet HSA portfolio acquisition on the remainder of the fiscal year, including higher revenue and earnings, along with higher net interest expense due to an increase in the amount of variable rate debt outstanding and draw down of corporate cash to fund the acquisition.

我們的指導還包括我們現已完成的BenefitWallet HSA 投資組合收購對本財年剩餘時間的預期影響，包括收入和收益的增加，以及由於未償還可變利率債務和提款金額增加而導致的淨利息支出增加公司現金為收購提供資金。

We expect to pay this variable rate debt down with cash from operations over the next several quarters. We assume a non-GAAP income tax rate of approximately 25% and a diluted share count of 89 million, including common share equivalents. Based on our current full year guidance, we're now we now project a GAAP tax rate for fiscal 2025 at about 25%. As well as we've done in previous reporting periods our full fiscal 2025 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.

我們預計將在未來幾季用營運現金償還可變利率債務。我們假設非 GAAP 所得稅率約為 25%，稀釋後股票數量為 8,900 萬股，包括普通股等價物。根據我們目前的全年指引，我們現在預計 2025 財年的 GAAP 稅率約為 25%。與我們在先前的報告期間內所做的一樣，我們完整的 2025 財年指引包括收益發布中提供的 GAAP 與非 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 easy.

此外，雖然收購的無形資產的攤銷被排除在非公認會計準則淨利潤之外，但從這些收購的無形資產中產生的收入很容易。

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)

（操作員說明）

Glen Santangelo, Jefferies.

格倫桑坦傑洛，傑弗里斯。

Thanks for taking my question. Hi Johnny, I had a high level question based on the feedback we getting, all the metrics that you reported were obviously up in that thing on that contributed to the top line and EBITDA beat. But some were pushed back and make the case that may be the better results are more acquisition driven or more rates oriented.

感謝您提出我的問題。嗨，約翰尼，根據我們收到的回饋，我有一個高級問題，您報告的所有指標顯然都在這方面，這對營收和 EBITDA 有所貢獻。但有些人卻反駁說，更多的收購驅動或更多的利率導向可能會帶來更好的結果。

And so I guess the question to you is what's the message to investors that may be concerned about the level of organic growth and maybe concerned that rates are coming down in the near to intermediate term? Just would love to get your high-level take on how you think about the organic growth and the risk that rates come down later this year? Thanks.

因此，我想您面臨的問題是，向那些可能擔心有機成長水平並可能擔心利率在中短期內下降的投資者傳遞什麼訊息？只是想聽聽您對有機成長和今年稍後利率下降風險的看法嗎？謝謝。

Well boy, how do they get at it so quickly? who are these people?

好吧，孩子，他們怎麼這麼快就明白了？這些人是誰？

I can lower -- but I will.

我可以降低——但我會的。

I'll bet. I wonder if they might have a rating interest on. Let's see. Let me first say you can't please everyone. Second say some respectfully, we included about that wallet transaction in our prior guidance, and we can talk about it others -- have others really want to delve into the details of that versus expected and all of that. But we guided at the end of March, we had already done the first round and then I believe.

我打賭。我想知道他們是否會對評級感興趣。讓我們來看看。首先我要說的是你不可能取悅所有人。其次，恭敬地說，我們在先前的指導中包含了有關錢包交易的內容，我們可以與其他人討論——讓其他人真正想深入研究與預期相比的細節以及所有這些。但我們在三月底進行了指導，我們已經完成了第一輪，然後我相信。

And the second tranche was on April 9. So probably it would be hard to take the view that we had somehow came to some different result than we were expecting. As to the broader question of rate sensitivity of our performance, the answer is, in my view that the right way to look at this is that the relevant question is, what is the long term custodial bandwidth that we'll receive from a growing sort of corpus of accounts and assets.

第二次付款是在 4 月 9 日。至於我們性能的速率敏感性這一更廣泛的問題，在我看來，答案是，看待這個問題的正確方法是，相關問題是，我們將從不斷增長的類別中獲得的長期託管頻寬是多少？帳戶和資產的主體。

And I think what you -- I think the answer is that's more evidence that more evidence comes. And it suggests that that number is at the very least a lot higher than people thought it was a few years ago. And in any case, as Jim has said many times and as the schedules that we provide support irrespective of any within the bounds of current economic forecast of any place within those forecasts, we will over the next.

我認為答案是，更多的證據會帶來更多的證據。這顯示這個數字至少比人們幾年前想像的要高得多。無論如何，正如吉姆多次說過的那樣，正如我們提供支持的時間表，無論任何地方的當前經濟預測範圍內的任何地方，我們都會在接下來的時間內提供支持。

I don't know what you what would define the near or medium term as well. But the next two years, whatever, three years, maybe something like that in these we have not yet, I think it's fair to say we have not yet reached what is the current, let's call it non-cyclical rate much less the peak rate, which of course, will lag from the market peak.

我不知道你會如何定義近期或中期。但接下來的兩年，無論如何，三年，也許我們還沒有達到這樣的水平，我認為公平地說我們還沒有達到目前的水平，讓我們稱之為非週期性利率，而不是峰值利率當然，這會滯後於市場高峰。

But I guess I would characterize that broadly as of perhaps investors who were others who have to gain a complete understanding of how this model works now and how we've engineered it to work over the last several years. So that's kind of my response. Jim, would you add anything to that?

但我想我會廣泛地描述這一點，也許投資者是其他人，他們必須完全了解這個模型現在如何運作，以及我們如何設計它在過去幾年中發揮作用。這就是我的回應。吉姆，你能補充點什麼嗎？

No, I wouldn't add anything to that, right. Like we keep updating that repricing table, which is in this Q right. So just as Jon said, right, we're repricing our placements into mid 1% range for the next couple of fiscal years after this one is over. Based on where we've guided to where we think we'll be in basic Enhanced Rate mix. You can impute that the spread we're earning over treasuries. So as Jon said, we're still a ways away from neutral, at least in current. Current reasonable ranges of bounds of what neutral might be.

不，我不會添加任何內容，對吧。就像我們不斷更新重新定價表一樣，它位於這個問題右側。因此，正如 Jon 所說，在本財年結束後，我們將在接下來的幾個財年中將我們的配​​售重新定價到 1% 的中間範圍。根據我們所指導的情況，我們認為我們將處於基本的增強費率組合中。您可以將我們賺取的利差歸因於國債。正如喬恩所說，我們距離中立還有很長的路要走，至少目前是這樣。當前中立的合理界線範圍。

Well congrats. Thanks for the thoughts, much appreciated.

好吧，恭喜。感謝您的想法，非常感謝。

Thank you Glen.

謝謝格倫。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Hey, good afternoon. Thanks for taking the questions. I think if we back out wallet tranches, you grew accounts 8.1% in the quarter that we back out those two tranches. Can you kind of talk about how quickly the markets growing as we kind of turn the calendar to 2024? And then any changes that you're seeing this year versus last? Thanks.

嘿，下午好。感謝您提出問題。我認為，如果我們退出錢包部分，那麼在我們退出這兩部分的季度，您的帳戶增長了 8.1%。您能否談談當我們將日曆轉向 2024 年時市場的成長速度有多快？那麼今年與去年相比有什麼改變嗎？謝謝。

I think if you're going to do that calculation. You also have to exclude accounts that were came over with those tranches, but we have deduced or whatever the right term. So the number's a little higher than that. But from if I look at the market as a whole, the seven years last estimate is the market for on the account side is growing around 6% to 8%, something like that, 6%. And so obviously we're doing a little better than that. I'm going to say, and I would invite Steve to comment on this.

我想如果你要做這個計算的話。您還必須排除那些隨這些批次而來的帳戶，但我們已經推斷或任何正確的術語。所以這個數字比這個高一點。但從整個市場來看，最近七年的估計是帳戶方面的市場成長了 6% 到 8% 左右，大約是 6%。顯然我們做得比這更好。我要說的是，我會邀請史蒂夫對此發表評論。

One of the things we're seeing in the early part of the sales season here is from a lot of energy around of the accounts that we are the accounts that we get from new small group and the like. And maybe, Steve, you could comfortably from our health plans and maybe Steve you could comment a little bit about what you think is behind that.

我們在銷售季節初期看到的一件事是來自我們從新的小團體等獲得的客戶的大量精力。也許，史蒂夫，您可以輕鬆地享受我們的健康計劃，也許史蒂夫，您可以評論一下您認為背後的原因。

Sure. Hey Allen Lutz. Answer your question. We just constantly look at what the addressable market is and these health plans. It all always impressive to me that if you look at our standard health plan partners, we just have not penetrated their core base very deeply I mean, the bottom line is we have lots of opportunity with them.

當然。嘿艾倫·盧茨。回答你的問題。我們只是不斷地關注潛在市場和這些健康計劃。這一切總是讓我印象深刻，如果你看看我們的標準健康計劃合作夥伴，我們只是沒有深入滲透他們的核心基礎，我的意思是，底線是我們與他們有很多機會。

I think it's a combination of companies that haven't fully embraced health savings accounts, and we have offered it over the years is kind of an option. Typically that people in the finance department get the tax benefits immediately, but it takes a little longer for people and more broadly speaking to understand that every dollar that goes into an HSA, you get kind of like 35% to 40% more spending power than if you are paying out of pocket out of the regular savings account or something like that. And so we just keep seeing that chug along.

我認為這是尚未完全接受健康儲蓄帳戶的公司的組合，而我們多年來提供的健康儲蓄帳戶是一種選擇。通常情況下，財務部門的人員會立即獲得稅收優惠，但人們需要更長的時間，更廣泛地說，才能了解進入HSA 的每一美元，您的消費能力比普通人高出35% 到40% 。所以我們一直看到這種情況繼續發生。

And I think when you couple Medicare inflation with that, I mean, again, when you're taking a bite out of every dollar, you have to spend because inflation and you can get [five] bites back because of our of having great tax benefits, more spending, priority tasks with the messages coming loud and clear. And I think that whether we're at 30% market adoption, you look at different studies or 35% and it just depends on how we use the denominator.

我認為，當你將醫療保險通貨膨脹與此結合起來時，我的意思是，當你花掉每一美元時，你必須花錢，因為通貨膨脹，而且你可以得到[五]的回報，因為我們有很高的稅收福利、更多支出、優先任務以及響亮而清晰的訊息。我認為，無論我們的市場採用率是 30%，還是 35%，你都會查看不同的研究，這取決於我們如何使用分母。

We sell a lot of room to grow and you got to understand most of these health plans that we've only been partnered with probably on average just a few years if you take all of the new wins we received with the further deal and we have a fantastic team that's been working them for the team's amazing income from service on a common for the team, our team that came through that transaction and then just the additional ones we've added over the years I mean, we just have tremendous opportunity.

我們出售了很大的成長空間，您必須了解大多數健康計劃，如果您了解我們透過進一步交易獲得的所有新勝利，我們平均只與這些計劃合作了幾年，並且我們有一個出色的團隊一直在為團隊提供驚人的服務收入，我們的團隊經歷了這筆交易，然後是我們多年來添加的額外交易，我的意思是，我們擁有巨大的機會。

And I think the key is just doing what we're doing day after day, getting out in front of the brokers and consultants and then the health plan, sales reps and health plan account executives and taking our solution to them. And then they realize that by partner HealthEquity, they can win more business and they can retain more business and we have a great partnership.

我認為關鍵在於日復一日地做我們正在做的事情，站在經紀人和顧問面前，然後是健康計劃、銷售代表和健康計劃客戶主管，並將我們的解決方案帶給他們。然後他們意識到，透過合作夥伴 HealthEquity，他們可以贏得更多業務，也可以保留更多業務，而且我們擁有良好的合作關係。

We have wonderful just fairly recent plant summer where most of our Blues plan showed up, and we'll have be having meetings with our non-Blues plans of the course of the year. And so tremendous opportunity. But it really is interesting to see how much opportunity we have. Lots of meat left on the bone when it comes to the working with these plans and then working with the employers that need some reasonably priced side coverage with great tax benefits.

我們剛剛度過了最近的工廠夏季，我們的大部分藍調計劃都已完成，我們將與全年的非藍調計劃舉行會議。如此巨大的機會。但看看我們有多少機會確實很有趣。當涉及到與這些計劃合作，然後與需要一些價格合理的附帶保險和巨大稅收優惠的雇主合作時，留下了很多肉。

Great. Thanks, Steve

偉大的。謝謝，史蒂夫

Thanks, Steve

謝謝，史蒂夫

Greg Peters, Raymond James.

格雷格彼得斯，雷蒙德詹姆斯。

Good afternoon, Everyone. I'll focus my only question on -- was your adjusted EBITDA margin improvement, which was at least ahead of our estimates I guess what I'm curious about given the updated guidance, is there any sort of seasonality that will flow through margins as we think about the remaining three quarters because first quarter was quite strong.

大家下午好。我唯一的問題是——調整後的 EBITDA 利潤率是否有所改善，這至少超出了我們的估計。考慮剩下的三個季度，因為第一季相當強勁。

Yes. And yes, for sure, right. So I think the normal seasonal trends of the interchange line, of course, are obviously strong to start off the year. We obviously had that that true up that I mentioned in the service revenue line, that's not going to occur. But I think what you're seeing is a great, great progress on costs. But a bit of that, especially in that tech and dev line, we'd like to be we'd like to be moving faster on a few things got some open roles. And so you'll see that that line normalize throughout the year. So you are seeing a bit of a high number versus what we call a normalized Q1.

是的。是的，當然，對。因此，我認為轉乘線路的正常季節性趨勢當然在今年年初就明顯強勁。顯然，我們在服務收入線中提到的這一點是正確的，但這種情況不會發生。但我認為你所看到的是成本方面的巨大進步。但其中一點，特別是在技術和開發領域，我們希望在一些有空缺職位的事情上加快步伐。所以你會看到這條線全年都正常化。因此，與我們所說的標準化第一季相比，您看到的數字有點高。

Got it. Thank you.

知道了。謝謝。

I think we've commented the only other thing I mentioned is that we did have this accounting item and that's $2.5 billion or so. And I think about revenue at roughly $1 billion, this amount becomes easy from here. So it does play a role. And I mean, what are we guiding to a 40 point -- midpoint is 40 point something of guide and we delivered 41%.

我想我們已經評論過我提到的唯一一件事是我們確實有這個會計項目，大約是 25 億美元。我認為收入大約是 10 億美元，從這裡開始這個數字變得很容易。所以它確實發揮了作用。我的意思是，我們對 40 點的指導是什麼——中點是 40 點的指導，我們交付了 41%。

So I think I would expect a version of our broad seasonal pattern that you see where the fourth quarter will be substantially lower. But also keep in mind, we're as we said, one of the benefits of what we're trying to do from a technology perspective is the flat now that bump in expense a little bit and maybe make a little bit of progress on that this year and there's some upside opportunity. Thank you.

因此，我認為我預計我們的整體季節性模式會出現一個版本，即第四季度的價格將大幅下降。但也要記住，正如我們所說，從技術角度來看，我們試圖做的事情的好處之一是現在費用增加了一點，也許在這方面取得了一點進展今年有一些上升的機會。謝謝。

Greg got two answers with one question.

格雷格用一個問題得到了兩個答案。

Yeah, that was two with one question. Well done.

是的，這是兩個人同問一個問題。做得好。

Got it. Guys. Have a good afternoon.

知道了。夥計們。祝你下午好。

Missed you at Shake Shack last night, Greg.

格雷格，昨晚在 Shake Shack 很想你。

Yes.

是的。

Yes, I visited in your honor.

是的，我是為了紀念你才來的。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Yes, good afternoon, guys, and thanks for taking the question. I guess, first is you guys had a goal to get to 80% of dollars from the BenefitWallet acquisition in the Enhanced Rates product. I guess I just wanted to ask about your progress on that and then I have a quick follow-up

是的，下午好，夥計們，感謝您提出問題。我想，首先，你們的目標是從增強費率產品中的 BenefitWallet 收購中獲得 80% 的美元。我想我只是想詢問您在這方面的進展，然後我會進行快速跟進

Sure. Wait, follow-up? Then Greg -- we're have to go back to Greg for follow up.

當然。等等，後續？然後格雷格——我們必須回到格雷格那裡進行跟進。

I'm taking Greg's follow-up.

我正在跟進格雷格的後續行動。

And so we did end up around 85% on BenefitWallet relative to 80% and some that is helpful. And it's 5% on -- 60 basis points on -- not a huge number in the grand scheme of things, but it's helpful. And I think it's also look, as we commented, that was enabling that in our view, is two things.

因此，我們最終在 BenefitWallet 上獲得了 85% 左右的收益，相對於 80% 來說，有些是有幫助的。 5%——60個基點——在宏偉的計劃中並不是一個很大的數字，但它很有幫助。我認為，正如我們所評論的那樣，在我們看來，這也是兩件事。

The first is what we're trying to do in terms of articulating the program and so forth. And then the second is the strength of the stable of partners that I really think this is feeling like of what we did in the early days that Steve can well relate to with regard to banks where the trick was don't rely on one, get a nice diverse portfolio that you can then you have a nice open market and so forth.

第一個是我們在闡明計劃等方面試圖做的事情。第二個是穩定的合作夥伴的力量，我真的認為這就像我們早期所做的那樣，史蒂夫可以很好地理解銀行的訣竅是不要依賴一個，得到一個不錯的多元化投資組合，然後你就可以擁有一個不錯的開放市場等等。

And I think I got to give credit to the team of people. We don't name so that the recruiters don't get after that. They know that they are fit to do this work both to explain the program and so forth.

我認為我必須讚揚我們的團隊。我們不透露姓名，以免招聘人員發現。他們知道他們適合做這項工作來解釋程序等等。

Thanks, Jon. And my quick follow-up would be is I'm kind of trying to hit on the utilization team that we're all keeping track of here in health care land. And did the BenefitWallet acquisition having meaningful impact on interchange revenue and what I'm trying to get to is organic interchange growth.

謝謝，喬恩。我的快速後續行動是，我正在嘗試聯繫我們在醫療保健領域都在追蹤的利用團隊。 BenefitWallet 的收購是否對交換收入產生了有意義的影響，我想要實現的是交換的有機成長。

And this whole thing is a backwards way of question is, are you guys seeing utilization in your HSA book of business as people increasingly buying stuff we should finish up in the interchange revenue line, which looks like it could have been a little money this quarter through the acquisition?

整件事情是一個倒退的問題，你們是否看到你們的HSA 業務簿中的利用率，因為人們越來越多地購買我們應該在交換收入線中完成的東西，這看起來本季度可能是一筆小錢透過收購？

Yes, I think the short answer is I'm not going to get to the end of your question and go back to the beginning. We're not seeing I think there's a sort of hypothesis around GLP-1s or I don't know. Maybe there's some other thing people could be buying. Having a huge impact on particularly HSA spend. And actually, if you look into the thing on a unit basis, HSA spend this quarter was actually a bit lower than we might have expected.

是的，我認為簡短的回答是我不會講完你的問題並回到開頭。我認為我們沒有看到關於 GLP-1 的某種假設，或者我不知道。也許人們還可以購買其他一些東西。尤其是對 HSA 支出產生巨大​​影響。事實上，如果你以單位為單位進行調查，你會發現 HSA 本季的支出實際上比我們預期的要低一些。

And FSA HRA spend was a bit higher even after factoring in the fact that, that spend is going to be high in this quarter for reasons related to seasonality and runoffs and so forth. So I just don't -- because we get asked this question, Richard, get that some version of it often becoming something of a GLP-1 experts within --

即使考慮到由於季節性和徑流等相關原因，本季度的支出將會很高，FSA HRA 支出仍略高。所以我只是不——因為我們被問到這個問題，理查德，我知道它的某些版本經常成為 GLP-1 專家的東西——

I'm not taking.

我不拿。

Richard doesn't eat anything. So that's his solution. But, I guess my it all seriousness, I don't see it. And then with regard to just the first part of the question, which was BenefitWallet, I think the answer is a little. I mean, you had a period of time where people didn't have access to their accounts and so forth. And that may explain why HSA underperform just a little bit. But I think if the question is does this quarter either provide any anything that would support or address this sort of thesis? I don't know how to kill this thesis of, but I can't are there any evidence for it.

理查不吃任何東西。這就是他的解決方案。但是，我想我這一切都是嚴肅的，我沒有看到它。關於問題的第一部分，即 BenefitWallet，我認為答案是一點。我的意思是，有一段時間人們無法存取他們的帳戶等等。這或許可以解釋為什麼 HSA 表現稍差。但我認為，如果問題是本季是否提供了任何支持或解決此類論文的內容？我不知道如何扼殺這個論點，但我不能有任何證據證明這一點。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦（Stan Berenshteyn），富國銀行證券公司。

Hi. Thanks for taking my questions. Maybe on digital wallets, if I may. Jon, at the Investor Day, you spend obviously a lot of time in the team talking about the capabilities. I was just wondering if you could give us a sense of whether the digital wallet rollout had an -- type of impact that had on member adoption reception and whether it had any help for you in terms of driving client conversions? Thanks.

你好。感謝您回答我的問題。如果可以的話，也許在數位錢包上。喬恩，在投資者日，您顯然花了很多時間在團隊中討論功能。我只是想知道您能否讓我們了解數位錢包的推出是否對會員採用接收產生了某種影響，以及它在推動客戶轉換方面是否對您有任何幫助？謝謝。

Client conversions was certainly helpful. It's still very early for digital wallet. And in particular, it is the way this is working stand is we're doing kind of two things at once right? Thing one is that we're consolidating various processor agreements we had into one. So that's for those of our 17 million-odd members who are 16 million members who are cardholders, that's a card conversion. Our card conversions are a little more complicated, actually, three things.

客戶轉換肯定是有幫助的。對於數位錢包來說，現在還為時過早。特別是，這就是我們同時做兩件事的工作方式，對嗎？第一件事是我們正在將我們擁有的各種處理器協定整合為一個。因此，對於我們 1700 萬多名持卡會員中的 1600 萬會員來說，這是一次卡片轉換。我們的卡牌轉換有點複雜，實際上是三件事。

Two, we've added chip, which in normal banking world, no big deal at this point in our world, a little bit more big deal because there is it turns out not standard logic at the merchant level for how to deal with chip, particularly the pharmacy. And so and we talked about that last quarter as something we would have to overcome and we did a good job.

第二，我們添加了晶片，這在正常的銀行業世界中，在我們的世界中目前沒什麼大不了的，但有點大了，因為事實證明，在商家層面上，如何處理晶片並不是標準邏輯，特別是藥房。因此，我們談到上個季度我們必須克服的問題，並且我們做得很好。

And then lastly, mobile putting all of that, including stacked card on mobile. I think ultimately, the way this will help us is twofold. First is -- I think at the moment, it's primary benefit is innovation that people can talk about in both new client sales and particularly FSA conversions where we have an HSA client and we can stack that FSA on office and we don't report FSA sales figures. But suffice it to say we're doing well so far this year on our pipeline there. And I guess we don't report any pipeline. I think that's one way in which it will help.

最後，行動裝置將所有這些，包括行動裝置上的堆疊卡。我認為最終，這將為我們帶來雙重幫助。首先是——我認為目前，它的主要好處是人們可以在新客戶銷售和特別是 FSA 轉換中談論創新，其中我們有 HSA 客戶，我們可以將該 FSA 放在辦公室，我們不報告 FSA銷售數據。但我只想說，今年到目前為止，我們在那裡的管道做得很好。我想我們沒有報告任何管道。我認為這是有幫助的一種方式。

The second is ultimately on the expense and member experience side, as we've discussed, a lot of these expenses associated with open enrollment are driven by the need to produce cards, get amount there and so forth. And I want to be clear, we're still going to do all of that this year. We're not forcing anyone into mobile wallet. But eventually we will mobile wallet will be the default. And at that point, busy season will become more like busy week and busy week is a lot easier to handle than busy season.

第二個最終是在費用和會員體驗方面，正如我們所討論的，與公開註冊相關的許多費用是由製作卡片、獲取金額等的需要驅動的。我想明確的是，我們今年仍將完成所有這些工作。我們不會強迫任何人使用手機錢包。但最終我們會將手機錢包當作預設值。到那時，繁忙季節將變得更像繁忙的一周，而繁忙的一周比繁忙的季節更容易處理。

Got it. Very helpful. Maybe just a quick follow-up on. So obviously, you're talking about digital wallets, lots of flexibility usability there that's opening up with on the mobile side. I'm just curious, does this alliance expand maybe into lifestyle spending accounts? And is this something that you've considered?

知道了。很有幫助。也許只是快速跟進。顯然，您談論的是數位錢包，它在行動端開放了許多靈活性可用性。我只是好奇，這個聯盟是否會擴及到生活方式支出帳戶？這是你考慮過的嗎？

We have a lifestyle product today and it does, okay. I think there's a little bit of -- it's probably safe to say there's more smoke than fire on the lifestyle accounts. But we have that product. It does fine and it's something that is a stackable on the wallet. So for those folks here, this is the way lifestyle works. There are some folks who don't really want to use the card for it for a number of reasons.

今天我們有一款生活方式產品，它確實如此，好吧。我認為有一點——可以肯定地說，生活方式帳戶上的煙多於火。但我們有那個產品。它效果很好，而且可以堆疊在錢包上。所以對這裡的人們來說，這就是生活方式。由於多種原因，有些人並不真正想使用該卡。

But, I guess my short answer is sure that having been said, our focus in the company broadly and certainly in this regard is really around helping people is around empowering consumers of health care. And there's some significant overlap between lifestyle and healthcare, but it's growing that LSA category is not a huge focus for us. It doesn't quite move the needle. And I think our view is there's some stuff there, but it's not enough to fill the Thanksgiving dinner -- Thanksgiving tables.

但是，我想我的簡短答案是肯定的，我們在公司的廣泛關注點，當然在這方面確實是圍繞著幫助人們，圍繞著賦予醫療保健消費者權力。生活方式和醫療保健之間存在一些顯著的重疊，但 LSA 類別逐漸不再是我們的重點。它並沒有完全改變現狀。我認為我們的觀點是那裡有一些東西，但不足以填滿感恩節晚餐——感恩節餐桌。

Thanks Stan.

謝謝斯坦。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hey, congratulations on a great quarter . Can you talk a little bit about your take rate or your yield sort of by investment category? And if you don't want to get too specific. I totally understand that. But like you have cash, you have Enhanced Rates and then you have what I think of as like your legacy sort of investment accounts.

嘿，恭喜您度過了一個出色的季度。您能按投資類別談談您的接受率或收益率嗎？如果您不想太具體。我完全理解這一點。但就像你有現金一樣，你有增強利率，然後你就有我認為的傳統投資帳戶。

And I sort of thought that your yield was lower on invested assets. So as more money goes into the enhanced reach products, could that potentially pressure your yield or earn on your yield seems fine, but just any color there would be very helpful? Thank you.

我覺得你的投資資產報酬率較低。因此，隨著更多的資金投入到增強覆蓋範圍的產品中，這可能會對您的產量造成壓力，或者從您的產量中獲利似乎不錯，但任何顏色都會非常有幫助嗎？謝謝。

Yes, I'll kind of take that in pieces. There's no custodial revenue from the investments anymore like that. That's the thing we shifted. So the custodial line is the blend of the HSA cash yield on Enhanced Rates and basic rates and we've sort of talked about on average, we're doing five year treasury plus, call it [75] on Enhanced Rates and 5-year treasury plus 10 or so on basic rates. And obviously, the key is at the time of placements. So you're going to have a big mix there.

是的，我會把它分成幾個部分。這樣的投資不再有託管收入。這就是我們轉移的東西。因此，託管線是 HSA 增強利率和基本利率現金收益率的混合，我們已經討論了平均利率，我們正在做五年期國庫券，稱之為 [75] 增強利率和 5 年期國債國庫加10左右的基本費率。顯然，關鍵在於安置的時間。所以你會在那裡有一個很大的混合。

On the investment side, yes, of course, right. We're earning about 30 bps headline rate on invested. I think we blend out to 28 basis points or so. That is in the service revenue line. And I don't -- I tend to not think of it the way that you phrased the question, right? It's not a matter of our members are going to take all of their cash and move it into the investment account, ready to say it's a cash account coupled with a brokerage accounts.

在投資方面，是的，當然是對的。我們的投資收益率約為 30 個基點。我認為我們會混合到 28 個基點左右。那是在服務收入線中。我不——我傾向於不按照你提出問題的方式來思考這個問題，對嗎？這並不是我們的會員將所有現金轉移到投資帳戶，準備好說這是一個現金帳戶加上經紀帳戶的問題。

And so as our members continue to save higher balances, they become investors. So it's not one or the other, right? We grow cash balance and then they become investors. And yes, like on the marginal dollar, we only earn considerably less on the next investment. But that's the right thing for the member to do at that point.

因此，隨著我們的會員繼續儲蓄更高的餘額，他們就成為投資者。所以這不是一個或另一個，對吧？我們增加現金餘額，然後他們成為投資者。是的，就像邊際美元一樣，我們在下一次投資中賺的錢只會少很多。但這是該成員此時應該做的正確的事。

Over the long term, I like being leveraged to the US markets right in that investment line and we help the member grow that account and hopefully they become managed account clients as well, and we can actively help them grow that balance. But they're not -- it's not one or the other, right? It's as a member moves along in its maturity, that's how they become investors.

從長遠來看，我喜歡在該投資領域利用美國市場的槓桿，我們幫助會員擴大該帳戶，希望他們也成為管理帳戶客戶，我們可以積極幫助他們增加餘額。但它們不是——不是一個或另一個，對吧？隨著成員的成熟，他們就會成為投資者。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, David.

謝謝，大衛。

Thanks, David.

謝謝，大衛。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey guys. Thank you for taking my question. Congrats on the quarter, Jon, I have to ask this whole mobile wallet call out, you know how much I take -- I hate take my HealthEquity card on the subway. Does this mean I'm going to actually just use it?

大家好。感謝您回答我的問題。恭喜這個季度，喬恩，我必須要求整個行動錢包都喊出來，你知道我帶了多少錢——我討厭在地鐵上帶我的 HealthEquity 卡。這是否意味著我實際上只會使用它？

It works now.

現在可以了。

It finally works? Apple Wallet? We' re done?

終於起作用了？蘋果錢包？我們完成了嗎？

Yes.

是的。

Okay

好的

Yes, I will say on the thank you for that really belongs to New York MTA. It was easy to underestimate the complexity of what they're doing with this product. And we went through this whole thing where there were some nonstandard programming in their system and yada, yada, yada and MTA did a great job of getting their folks, their contractors in gear in a way that I don't think we all normally expect from the New York City subway. But I do appreciate that because I'm taking the subway back to my hotel.

是的，我會說謝謝，這確實屬於紐約 MTA。人們很容易低估他們使用該產品所做的事情的複雜性。我們經歷了整個事情，他們的系統中有一些非標準編程，yada、yada、yada 和MTA 做得很好，讓他們的員工、他們的承包商以一種我認為我們通常沒有想到的方式做好了工作從紐約地鐵。但我確實很感激，因為我要搭地鐵回飯店。

Okay. So let's put this framework in mind. You talked about chip cards in one of your early question answers chip cards aren't cheap tissue. Are you going to find a way to have users opt out of the card overall, you can get rid of that cost from your whole expense algorithm or am I getting ahead of my skis?

好的。因此，讓我們牢記這個框架。您在早期問題答案之一中談到了晶片卡，晶片卡不是廉價的紙巾。您是否會找到一種方法讓用戶整體選擇退出該卡，您可以從整個費用演算法中消除該成本，還是我領先於我的滑雪板？

I mean, the answer is yes. We will ultimately, as I said in the commentary, would be our ultimate aim and I will admit my people who do open enrollment when we talk about this look will be like, Jon, that's harder than you think. You can imagine that we get that look at carefully. But we think that's the right answer, particularly when you actually look at it.

我的意思是，答案是肯定的。正如我在評論中所說，我們最終將成為我們的最終目標，我承認，當我們談論這種情況時，公開招生的人會說，喬恩，這比你想像的要難。你可以想像我們會仔細觀察。但我們認為這是正確的答案，尤其是當你真正看到它時。

I know people have families are complex, so it might be that where there's a one card is going, remember, there's another that's going to just get over it. But why not our view is that ultimately the idea that the piece of plastic is somehow an advertisement and is sort of passed its due date. And that ultimately that's going to be mobile is going to be your default, which by the way means you're going to get your card earlier.

我知道人們的家庭很複雜，所以可能有一張卡片要去的地方，請記住，還有另一張卡片會克服它。但為什麼我們的觀點是，最終認為這塊塑膠在某種程度上是一種廣告，並且已經過了它的到期日。最終，移動將成為您的默認設置，這意味著您將更早獲得卡片。

It's going to be easier to update when it rolls over. We just there's a lot of good that comes from that. That having been said, Stephanie, I think the biggest -- while it is true that those darn ships are not free of we do get to amortize them at least, but of a couple of years anyway.

當它翻轉時，更新會更容易。我們只是從中得到了很多好處。話雖這麼說，史蒂芬妮，我認為最大的——雖然那些該死的船確實沒有擺脫，但我們至少可以攤銷它們，但無論如何要攤銷幾年。

But I think the bigger point is the costs that we incur and the hassles that members and clients incur in this process that goes on from December from roughly the beginning of December to the beginning of January, where you're translating from an open enrollment decision that a member made to the client closing open enrollment and processing their stuff or their vendor processing their stuff on to data that comes to us to card issuance to card printing to card packaging to the mail at Christmas time, just not --

但我認為更重要的一點是我們產生的成本以及會員和客戶在這個過程中產生的麻煩，這個過程從 12 月初持續到 1 月初，在這個過程中，你正在從公開註冊決定進行翻譯會員向客戶要求關閉公開註冊並處理他們的資料，或者他們的供應商將他們的資料處理到我們收到的數據上，從發卡到卡片打印，到卡片包裝，再到聖誕節期間的郵寄，只是不是——

Get rid of it all.

擺脫這一切。

Not a scalable process. So we're trying to get rid of that. And I think that will help that as I said, I think the way you have a sense of that is you look at that bump that we have at the end of the year. And in the fourth quarter and typically in February and first quarter as we wind down. And if we can make that bump kind of go away or be less lumpy, that will be a good thing and that gives you a sense of order of magnitude.

不是一個可擴展的過程。所以我們正在努力擺脫這種情況。我認為這將有所幫助，正如我所說，我認為你對此有感覺的方式是你看看我們在今年年底遇到的衝擊。在第四季度，通常是在二月和第一季度，當我們結束時。如果我們能讓這種凹凸消失或不那麼凹凸不平，那將是一件好事，這會給你一種數量級的感覺。

So, that kind of leads into my follow-up. You're talking about these AI opportunities in the prepared remarks. You've got like I feel like a pretty obvious card issuance and statement thing opportunity. Like what is your what is the cost savings roadmap that helps your margin beyond -- Just the leverage that you keep getting from rates?

所以，這就是我的後續行動。您在準備好的演講中談論了這些人工智慧機會。我覺得你有一個非常明顯的發卡和聲明的機會。就像您的成本節約路線圖是什麼，可以幫助您的利潤超越——只是您從利率中不斷獲得的槓桿作用？

And this is a question I ask Jim a lot. Now he's had like six months. So now I can just throw things at him.

這是我常問吉姆的問題。現在他已經有六個月了。所以現在我可以丟東西給他了。

I'll tell you the same thing that I say to Jon, right, is the we're -- like we're not going to parse out the list, right? So, there's a long list --

我會告訴你我對喬恩說的同樣的話，對吧，我們不會解析列表，對吧？所以，有一個很長的清單——

You tell Jon that?

你告訴喬恩嗎？

Yes, of course, some efficiency opportunities. But what is the objective of not just the finance team, the objective of the service delivery teams is to drive down every year, their unit cost to serve account, and that's going to come in a number of places.

是的，當然，還有一些提高效率的機會。但不僅僅是財務團隊的目標是什麼，服務交付團隊的目標是每年降低服務帳戶的單位成本，這將出現在許多地方。

And it's math that you guys can do as well, right. You can look at our service costs and divide it by our total accounts and watch that trend line because that's the same trend line that our service leaders are looking at every month in their results and making sure they're continuing to drive progress there.

你們也可以做數學，對吧。您可以查看我們的服務成本，並將其除以我們的總帳戶，然後觀察該趨勢線，因為我們的服務領導者每個月都會在其結果中查看該趨勢線，並確保他們繼續推動進展。

We're talking about these big things because, yes, like if we can eliminate card printing completely and paper and envelopes and postage and reissue because address has changed the new members forgot to tell us that they move right? Yes, there's the large bucket of costs there. Will it all be removed in one single quarter?

我們談論這些大事是因為，是的，就像我們可以完全消除卡片印刷、紙張、信封、郵資和重新發行一樣，因為地址已經改變，新成員忘記告訴我們他們搬家了？是的，那裡有大量的成本。會在一個季度內全部刪除嗎？

It will not right? So as part of -- this is the long-term objective of our investments on the cost side and the service teams drive to efficiency, right like this, old-school Lean Six Sigma process improvement, continuous improvement work.

不會吧？因此，作為我們在成本方面投資和服務團隊提高效率的長期目標的一部分，就像這樣，老式精益六西格瑪流程改善、持續改善工作。

New tool, same height, same weight.

新工具，相同的高度，相同的重量。

Exactly, yeah.

沒錯，是的。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

Hey, thank you, guys.

嘿，謝謝你們，夥計們。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Hey, good afternoon. My congratulations for the quarter. With regards to I had similar questions. Just with regards to like trying to disaggregate the benefit that you ended up getting in terms of the gross margin, if we think about it roughly speaking in terms of scale versus reducing unit costs, would it be fair to say that we're still at the really early stages with regards to reducing unit costs? That's one question.

嘿，下午好。我對這個季度表示祝賀。關於我也有類似的問題。就像試圖分解您最終獲得的毛利率收益一樣，如果我們粗略地從規模與降低單位成本的角度來考慮，可以公平地說我們仍然處於降低單位成本的真正早期階段？這是一個問題。

And then the follow up is, can you talk specifically about what happened on the interchange, our gross profit margin because gross margins were terrific, but that one was a little bit faster than the year ago. So just trying to fully understand that?

接下來是，您能具體談談交換站上發生的情況嗎？那麼只是想完全理解這一點嗎？

Yeah, maybe I'll start with that one.

是的，也許我會從那個開始。

That's a really good call out.

這真是一個很好的呼籲。

Yeah, very good call out. So interchange actually Jon sort of talk about that in a in the commentary. He mentioned that, that we're in the process of moving to both a new and a single card processor on it. So you're seeing a bit of we're operating on multiple card processors now and not just the service cost of multiple processors, but we have some development costs related to the interchange shifts there that hits that line. So that's what you're seeing --

是的，非常好的呼聲。所以實際上喬恩在評論中談到了這一點。他提到，我們正在轉向使用新的單卡處理器。因此，您會看到我們現在在多個卡處理器上運行，而不僅僅是多個處理器的服務成本，而且我們還有一些與觸及該線的交換班次相關的開發成本。這就是你所看到的——

That's going to -- will be done. We have said this before, it will be done with this transition in August. So that's that you're going to see a little bit of that. And you're going to see a similar thing in the second quarter and the first bit of the third quarter of the same thought where we're basically paying to processors at work.

這將會——將會完成。我們之前已經說過，這將在八月完成過渡。所以你會看到一些這樣的情況。你會在第二季和第三季的第一季看到類似的事情，我們基本上是在向工作中的處理器付費。

Yeah, the other side on the -- I think it's not like a -- there's a start in the end, right? Like the point of continuous improvement on our service cost side is that there's continuous improvement. So like there's not a day where I say well done, guys, you're done, you don't have to tried to be more efficient. So we've the sales and retention side of the house has to deliver their part of that, right?

是的，另一邊——我認為這不像——最後有一個開始，對吧？就像我們服務成本持續改善的一點就是不斷改進。所以就像沒有一天我會說幹得好一樣，夥計們，你們已經完成了，你們不必試圖提高效率。所以我們的銷售和保留方面必須履行他們的職責，對吧？

Of course, growing accounts helps become more efficient and not just driving down the cost, but that does work those work hand-in-hand. So I can't say that we walk through and say this much is related to us continuing to grow versus this much is that as related to our improvements we're trying to do both of those things? Its driving out calls from the call center, more self-service, more automation these work hand-in-hand.

當然，不斷增加的客戶數量有助於提高效率，而不僅僅是降低成本，而且這確實可以使這些工作齊頭並進。所以我不能說我們走過來並說這與我們的持續成長有關，而這與我們正在努力做這兩件事的改進有關？它消除了來自呼叫中心的呼叫，更多的自助服務，更多的自動化，這些並進。

I think Mark is driving to this conference tomorrow. So we're going to see that. Are you driving from Wisconsin to New York? Are you on the Ohio Turnpike?

我想馬克明天會開車去參加這個會議。所以我們將會看到這一點。您從威斯康辛州開車前往紐約嗎？您在俄亥俄州收費公路嗎？

No, I'm in New York right now.

不，我現在在紐約。

Okay.

好的。

I'm looking forward to see you tomorrow.

我期待著明天見到你。

No, that's is a non-denial. Like that is just --

不，這是不否認的。就像那樣——

Yeah, you are not saying how you got here (multiple speakers)

是的，你沒有說你是如何來到這裡的（多個發言者）

I flew this morning. Thank you.

我今天早上飛的。謝謝。

All right, okay.

好吧，好吧。

We do have planes.

我們確實有飛機。

All right.

好的。

Jack Wallace, Guggenheim.

傑克華萊士，古根漢。

Thanks, team for taking my questions. Hi there. So just to circle back on the BenefitWallet transfer and just relative to your expectations you coming into the quarter? How the account retention fared to the cash AUM are the retained accounts and then the time and cost to transfer? Again, just trying to get a feel for it looked like this was slightly better across most metrics, but you tell me it sound like this was done in a pretty efficient manner?

謝謝團隊回答我的問題。你好呀。那麼，回顧一下 BenefitWallet 轉賬，以及您對本季的預期？帳戶保留對現金資產管理規模的影響如何？ 保留的帳戶以及轉移的時間和成本如何？再說一次，只是想感受一下，在大多數指標上，這看起來都稍微好一些，但你告訴我，這聽起來像是以一種非常有效的方式完成的？

I mean, we had the virtual guiding in March and like we have already done part of it. We're doing part of it a couple of days and we have data from the other side. I'll take that if that. Yes, we that's the kind of forecast. I think of that's probably fair. The one thing that we want you to be mindful of as you get into the rest of the year is that we would expect to see some incremental attrition here, whether that attrition affects assets very much. Don't know, right?

我的意思是，我們在三月進行了虛擬指導，就像我們已經完成了其中的一部分一樣。我們花了幾天時間完成其中的一部分，我們從另一方獲得了數據。如果是的話我會接受的。是的，我們就是這樣的預測。我認為這可能是公平的。在進入今年剩餘時間時，我們希望您注意的一件事是，我們預計這裡會出現一些增量損耗，無論這種損耗是否對資產產生很大影響。不知道，對吧？

But, it's always the case that we assume in these larger transactions, some post account attrition. It's not -- I don't think it's going to be in the nature of the WagerWorks thing because in the WagerWorks case, it was already like by the time it was already two years after the transaction.

但是，我們總是假設在這些較大的交易中，會出現一些帳戶損耗。這不是——我認為這不會是 WagerWorks 事件的本質，因為在 WagerWorks 案例中，交易已經過去了兩年。

Right here is have more of our conventional portfolio acquisition, which really minimize that stuff. But just something to think about over the remainder of the year, particularly as we get into the December quarter, as I said, as of the date of the Jan 31 quarter.

這裡有更多我們傳統的投資組合收購，這確實最大限度地減少了這些東西。但這只是今年剩餘時間需要考慮的事情，特別是當我們進入 12 月季度時，正如我所說，截至 1 月 31 日季度的日期。

But look, I guess my short answer is the one item where the transaction really ended up doing better than we expected at least guide really is the one I highlighted in the commentary, which is that we had assumed about 80% of Enhanced Rates penetration. We are 85% and then you can one can calculate the delta on that pretty readily.

但是看，我想我的簡短回答是交易真正最終表現得比我們預期更好的一項，至少指南確實是我在評論中強調的一項，即我們假設了大約80% 的增強費率滲透率。我們是 85%，然後你就可以輕易地計算出增量。

That's helpful. And then just a double-click into the attrition. Your comment there. So by my math, we had about 49,000 accounts or so that didn't transfer over. Is it fair to just assume that that would have hit the attrition line in the first quarter or is there within that bucket some to come over?

這很有幫助。然後只需雙擊即可進行磨損。你的評論在那裡。據我計算，我們大約有 49,000 個帳戶沒有轉移。假設這會在第一季達到消耗線是否公平，或者在這個範圍內是否有一些可以克服？

Yeah, good call out there. Yeah, from when we originally announced right that we crossed the benefit here, right? So that benefit while it had some attrition before we acquired it. But yes, we sort of assume --

是的，很好的呼籲。是的，從我們最初宣布我們在這裡劃線的時候開始，對吧？因此，雖然在我們獲得它之前它有一些消耗，但它還是有好處的。但是，是的，我們有點假設——

There are also accounts like that --

還有這樣的帳號——

Zero balance.

零餘額。

Zero balance or like that we didn't that were long ago and they don't have any of the health claims data or the like or so there was no point in bringing those over. So there were no, that's real. Those are, but that's not really what we're talking about yet. We're talking about like in the in the quarter right from there, about 40,000 accounts.

零餘額或類似的情況我們很久以前就沒有了，他們沒有任何健康聲明數據或類似數據，所以沒有必要將這些數據帶過來。所以沒有，那是真的。這些是，但這還不是我們真正討論的內容。我們談論的是從那時起的本季度，大約有 40,000 個帳戶。

That were some were BenefitWallet accounts that came over. So they're in the number in the 400,000 that we close, right? The bulk of those were, but more than 50% mainly were actually cases where there was already a HealthEquity accounts on that side and so we merged them. We don't have to be charged in --

其中一些是 BenefitWallet 帳戶。那麼他們的數量就在我們關閉的 40 萬個之內，對吧？其中大部分是，但超過 50% 實際上主要是那邊已經有 HealthEquity 帳戶的情況，所以我們將它們合併。我們不必被指控——

So it looks in our numbers, like you might say, oh, like the closed accounts are higher like no, there were not actually closed accounts. We didn't net acquire the full amount because they already existed on platform. But we brought the assets and had just merged them into the existing HealthEquity account.

所以從我們的數據來看，就像你可能會說的那樣，哦，就像關閉的帳戶更高一樣，不，實際上沒有關閉的帳戶。我們沒有淨獲取全部金額，因為它們已經存在於平台上。但我們帶來了這些資產，並將它們合併到現有的 HealthEquity 帳戶中。

It's probably also a good place to mention one other thing here. I should probably. It's also in the quarter, we're getting ready for the next wave of the further platform, which is called [Sam], I don't know what Sam is. Maybe it's a Lord of the Rings thing. I don't know, but in any event, Sam is leaving us. So we're moving that business over in cooperation with our health plans.

這可能也是在這裡提到另一件事的好地方。我也許應該。也是在這個季度，我們正在為下一波進一步的平台做準備，這個平台叫做[Sam]，我不知道Sam是什麼。也許這是指環王的事情。我不知道，但無論如何，山姆要離開我們了。因此，我們將配合我們的健康計劃轉移該業務。

And so we also did a little cleanup on that platform of accounts that for some of the same reasons, yes, we are this doesn't make sense to bring over at this point. And so that elevated our term of a little a few more which made sense because there was more original accounts.

因此，我們也在該平台上的帳戶進行了一些清理，出於某些相同的原因，是的，我們現在這樣做沒有意義。因此，我們的任期增加了一點，這是有道理的，因為有更多的原始帳戶。

Yes, around 70,000 further a zero balance accounts we closed.

是的，我們關閉了大約 70,000 個零餘額帳戶。

Outside of that. It was a normal quarter.

除此之外。這是一個正常的季度。

Got it. Thank you. Appreciate it

知道了。謝謝。欣賞它

You got more than you bargained for on that one.

你得到的比你討價還價的要多。

Constantine Davides, JMP.

康斯坦丁·戴維茲，JMP。

Hi, thanks. Good afternoon, a good start to the year in terms of new HSA accounts. I'm just wondering if you could expand on your comments around a couple of the more recent Blues partners and how they're contributing a bit more of this year to talk just a little more color on that. And then I think you also referenced some small and midsize momentum in terms of new accounts and just wondering if the pipeline composition is a little more skewed to that part of the market this year? Thanks.

你好謝謝。下午好，HSA 新帳戶今年開局良好。我只是想知道您是否可以詳細闡述您對幾個最近的藍調合作夥伴的評論，以及他們今年如何做出更多貢獻，以對此進行更多討論。然後我認為您也提到了新客戶方面的一些中小型動力，只是想知道今年的管道組成是否更偏向這部分市場？謝謝。

Yeah, I'll hit the second part and then invite Steve to maybe just talk broadly about our strategy as it relates to our commitment to the Blues and what we've tried to do to make that commitment very clear and that choice. But just on the pipeline question, while we don't -- other than in the text of the pandemic, we don't guide pipelines and we don't tend to like to talk about pipelines other than in the very abstract.

是的，我將進入第二部分，然後邀請史蒂夫廣泛地談論我們的戰略，因為它關係到我們對藍軍的承諾，以及我們為使這一承諾和選擇變得非常明確而所做的努力。但就管道問題而言，雖然我們不這樣做，但除了大流行的文本之外，我們不指導管道，而且除了非常抽象的情況外，我們往往不喜歡談論管道。

I think it's fair to say that if you look at our pipeline now for sales for the remainder of the year, and you're both and you segment it from both SMB and enterprise are -- these are for new logos to be clear are at or ahead of where we were a year ago. I think they're actually both slightly ahead of where we are in terms of pipeline.

我認為可以公平地說，如果您現在查看我們今年剩餘時間的銷售管道，並且您將其從中小企業和企業中細分出來 - 這些都是為了讓新徽標清晰可見或領先於一年前的水平。我認為他們實際上在管道方面都稍微領先於我們。

I guess I'd stress that new logos. And in any given year, new logos only make up a give or take a quarter of new accounts. The rest come from growth in existing. But Steve, you want to talk a little bit about our whole way we approach the Blues and how that's relevant here?

我想我會強調新標誌。在任何一年中，新徽標僅佔新帳戶的四分之一。其餘的則來自現有的成長。但是史蒂夫，你想談談我們對待藍調的整個方式以及這與這裡有何相關性？

Absolutely. Thanks, Constantine. Yes. So I mean, just in general, you can imagine is most of the Blues plans are non-profits. There is certainly a large for-profit Blue plan that the lot of these folks, they just we've always, I think love the idea of being able to have come back, HealthEquity come in and bring us consumer platform that is what we would refer to as integrated platform.

絕對地。謝謝，康斯坦丁。是的。所以我的意思是，總的來說，你可以想像大多數藍調計劃都是非營利性的。當然有一個大型的營利性藍色計劃，這些人中的許多人，他們就是我們一直以來，我認為喜歡能夠回來的想法，HealthEquity 進來並為我們帶來消費者平台，這就是我們想要的簡稱綜合平台。

Meaning that when somebody decides to go down the road either a higher-deductible plan just a qualified or anything that would allow for a CDB suite of products that it needs to be easy to use these and so integrated enrollment and then ultimately integrated claims and then integrated investments and just all of these different solutions we brought to market.

這意味著，當有人決定走上這條道路時，要么是一個合格的更高免賠額計劃，要么是任何允許使用CDB 套件的產品，它需要易於使用這些產品，因此整合註冊，然後最終整合索賠，然後綜合投資以及我們推向市場的所有這些不同的解決方案。

And it needs to be seamless. And by doing that. It allows us to compete against some of the big national plans that historically have been able to invest more money in the solution. And so you can imagine that in order to create not only the pipes and plug along together make this integrated experience, but then also to start training salespeople on why they can take this to market and really compete when it comes to going head to head with some of the more named carriers that are out there. It just takes a little time and it takes some trust.

而且它需要是無縫的。透過這樣做。它使我們能夠與一些歷史上能夠在解決方案上投入更多資金的大型國家計劃競爭。因此，您可以想像，不僅要創建管道和插頭一起創造這種整合體驗，還要開始培訓銷售人員，讓他們了解為什麼他們可以將其推向市場，並在與其他產品正面競爭時真正競爭。比較知名的業者。這只是需要一點時間，並且需要一些信任。

And one of the things that's happened historically is that when it was an unintegrated experienced an unintegrated, it didn't work so well. So sometimes doesn't count managers were more inclined to say, you know what? I'll just let this thing kind of lie. And if somebody ends up with the HSA qualified plan and they go to their local bank of their local credit union or they end up with one of our competitors, then it's just kind of in their opinion, there's less noise.

歷史上發生的事情之一是，當它是一個未整合的經驗時，它的效果就沒那麼好。所以有時候經理們更傾向於說，你知道嗎？我就讓這件事撒個謊吧。如果有人最終獲得了 HSA 合格計劃，然後他們去了當地信用合作社的當地銀行，或者他們最終選擇了我們的競爭對手之一，那麼在他們看來，噪音就會減少。

But they've also found out is that when seeking to try maybe have a less noise in the sales process because they're not introducing an integrated like HealthEquity, it does put them at a strategic disadvantage. And so that's what we spend our time on. We have people throughout the whole country working these Blues partnerships.

但他們也發現，當他們試圖嘗試減少銷售過程中的噪音時，因為他們沒有引入像 HealthEquity 這樣的整合系統，這確實使他們處於戰略劣勢。這就是我們花時間的地方。我們在全國各地都有人致力於這些藍調合作關係。

And we've talked about our Blues map. I mean, it basically goes from the East Coast all the way across the West Coast. We have great representation in the different sectors of the country, the Southeast and the Mid-Atlantic, that kind of the Sunbelt states and the Northeast has always been a stronghold for us, and we've made great strides up in the Northwest.

我們已經討論了我們的藍調地圖。我的意思是，它基本上是從東海岸一直穿過西海岸。我們在全國不同地區、東南部和大西洋中部地區都有很大的代表性，陽光地帶各州和東北部一直是我們的據點，我們在西北地區也取得了長足的進步。

And so it's just I mean, I wish I could say it was like some secret magic code we figured out, but it's not. It's going back to what we've been doing now for over 20 years at HealthEquity, which is providing what we believe is the best seamless integrated experience for people that are going into these types of arrangements and then having the best customer service 24/7, 365.

所以這只是我的意思，我希望我能說這就像我們想出的一些秘密魔法代碼，但事實並非如此。這要追溯到我們 20 多年來在 HealthEquity 所做的事情，即為參與此類安排的人們提供我們認為最好的無縫整合體驗，然後獲得最好的 24/7 客戶服務，365。

And so when the nice thing is when we can actually go in and provide that to a Blues plan in this case, talking about Blues Network and their employees, we do it also for non-Blue plans, vertically integrated plans. When they actually start to segue experts myself, then they're willing to go out and sell it to the clients.

因此，在這種情況下，當我們真正可以進入並將其提供給 Blues 計劃時，談論 Blues Network 及其員工，我們也會為非 Blues 計劃、垂直整合計劃這樣做。當他們真正開始自己尋找專家時，他們就願意出去把它賣給客戶。

And so and I think that it did take a little while because of all we had going on with the WageWorks acquisition that -- we're coming up actually on our fifth year now in another few months, Constantine will be five years into that and then further followed that. So it has taken a little bit of time to dedicate resources to it, but we're getting more and more integrated in a single platform with all of these plants every day.

因此，我認為這確實需要一段時間，因為我們對 WageWorks 的收購正在進行中——再過幾個月，我們實際上就進入了第五個年頭，康斯坦丁將迎來第五個年頭，然後進一步跟進。因此，我們花了一點時間來投入資源，但我們每天都在與所有這些工廠越來越多地整合在一個平台上。

Jon, is there anything else you would add? I mean, I want to make sure I'm covering with.

喬恩，您還有什麼要補充的嗎？我的意思是，我想確保我已經覆蓋了。

No, I don't think I could have made that point better.

不，我認為我無法更好地闡述這一點。

No, that's great color. Thanks for the perspective.

不，那是很棒的顏色。感謝您的觀點。

Thank you, Constantine.

謝謝你，康斯坦丁。

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

我們的問答環節到此結束。我想將會議轉回喬恩·凱斯勒（Jon Kessler）發表閉幕詞。

Yes, I -- there are a lot of people at HealthEquity at our partners, at our clients that are working their butts off right now. And I mean, it is we're entering a time of year where there was a long there used to be a little bit of a lull this time of year. Those days are gone. It's super busy and I think busy in a very productive way. And so I'm very confident that our long-term shareholders and our long-term analysts and our long-term shareholders and analysts to be appreciate that.

是的，我——HealthEquity、我們的合作夥伴、我們的客戶中有很多人現在正在拼命工作。我的意思是，我們正在進入一年中的一個時期，每年的這個時候都會有很長的平靜。那些日子已經一去不復返了。它非常忙碌，而且我認為忙碌的方式非常有成效。因此，我非常有信心我們的長期股東和長期分析師以及我們的長期股東和分析師會欣賞這一點。

But we also very much appreciate your support. It's been a few quarters since I've been able to genuinely say thank you and have the time for that in this call, but I'm glad I'm able to do it here. So I guess that's a great way to close, or at least it's my way to close. Thank you, everyone.

但我們也非常感謝您的支持。自從我能夠在這次電話會議中真誠地表達謝意並有時間表達謝意以來，已經有幾個季度了，但我很高興能夠在這裡做到這一點。所以我想這是一個很好的結束方式，或者至少是我的結束方式。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。