Healthequity Inc (HQY) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the HealthEquity second-quarter 2025 earnings conference call. (Operator Instructions)

下午好，歡迎參加 HealthEquity 2025 年第二季財報電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.

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. Appreciate it. Hello, everyone. Welcome to HealthEquity's second 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 -- one-year anniversary, James -- Executive Vice President and CFO.

謝謝你，加里。欣賞它。大家好。歡迎參加 HealthEquity 2025 財政年度第二季財報電話會議。我叫理查‧普特南。我為 HealthEquity 做投資者關係工作。今天加入我的是總裁兼執行長喬恩‧凱斯勒 (Jon Kessler)； Steve Neeleman博士，公司副主席兼創辦人；詹姆斯·盧卡尼亞（James Lucania）——一周年紀念日，詹姆斯——執行副總裁兼財務長。

Before I turn the call over to Jon, I have a couple of reminders. First, the press release announcing the financial results for our second quarter of fiscal 2025 was issued after the market closes this afternoon. These financial results include contributions from our wholly-owned subsidiaries and accounts they administer. The press release includes definitions of certain non-GAAP financial measures that we will reference today.

在將電話轉給喬恩之前，我有幾個提醒。首先，我們在今天下午收盤後發布了宣布 2025 財年第二季財務業績的新聞稿。這些財務業績包括我們全資子公司及其管理的帳戶的貢獻。新聞稿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。

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. Website is ir.healthequity.com.

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。網址是 ir.healthequity.com。

Second, our comments and responses to your questions today reflect a management's view as of today, September 3, 2024, and they will contain forward-looking statements as defined by the SEC, including predictions, expectations, estimates, and other information that might be considered forward-looking. There are many important factors relating to our business which could affect the forward-looking statements made today.

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9 月3 日）管理層的觀點，其中將包含SEC 定義的前瞻性聲明，包括預測、期望、估計和其他可能的信息。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 risk and uncertainties that may cause the actual results to differ materially from statements made here today. So we caution you 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 subsequent periodic reports filed with the SEC. We assume no obligation to revise or update these forward-looking statements in light of new information or future events.

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。因此，我們提醒您不要過度依賴這些前瞻性陳述，我們也鼓勵您回顧對這些因素以及可能影響我們未來業績或股票市場價格的其他風險的討論，詳情請參閱我們最新的年度報告。 10-K 表報告和後續定期報告。我們不承擔根據新資訊或未來事件修改或更新這些前瞻性聲明的義務。

Now over to Jon.

現在輪到喬恩。

Thank you, Richard. Well done. Hello, everybody. Today is the day after Labor Day and that's the unofficial start of fall. And for some, that means leaves turning or the start of football season. For us on Team Purple, it also means open enrollment and busy season are right around the corner. Based on the numbers that we're reporting today, we're looking forward to a very busy and very productive busy season.

謝謝你，理查。幹得好。大家好。今天是勞動節的第二天，這是秋天的非正式開始。對某些人來說，這意味著樹葉的轉變或足球賽季的開始。對我們紫色團隊來說，這也意味著開放報名和繁忙的季節即將到來。根據我們今天報告的數字，我們期待著一個非常繁忙且富有成效的繁忙季節。

I will discuss Q2's momentum and key metrics and progress towards our strategic goals. Jim will touch on Q2 financial results before detailing our raised guidance and a little bit about our share repurchase authorization. And Steve is here for Q&A on the state of the market at mid-sales cycle and also on recent developments in our nation's capital.

我將討論第二季的勢頭和關鍵指標以及實現我們戰略目標的進展。吉姆將先介紹第二季的財務業績，然後詳細介紹我們提出的指導意見以及我們的股票回購授權。史蒂夫在這裡就銷售週期中期的市場狀況以及我們國家首都的最新發展進行問答。

Let's get to it. In Q2, the team again delivered double-digit year-over-year growth across most key metrics, including revenue plus 23% year over year; adjusted EBITDA plus 46%; and HSA assets plus 27%. HSA members grew 15% from strong HSA sales and closing the final tranche of BenefitWallet. Strong HSA growth drove total accounts up 9%.

讓我們開始吧。第二季度，該團隊在大多數關鍵指標上再次實現了兩位數的年成長，包括營收年增 23%；調整後 EBITDA 加 46%； HSA 資產加 27%。 HSA 會員因 HSA 銷售強勁以及 BenefitWallet 的最後一部分完成而成長了 15%。 HSA 的強勁成長推動總帳戶成長 9%。

HealthEquity ended Q2 with over 16 million total accounts, including 9 million HSAs, holding $29 billion in HSA assets. HSA assets overall increased $2.2 billion in the quarter and, of course, $6.3 billion year over year. And we grew the number of our HSA members that invest faster than accounts, in fact, by 24% year over year, helping to drive invested assets up 43% year over year to over $13 billion.

截至第二季度，HealthEquity 帳戶總數超過 1,600 萬個，其中包括 900 萬個 HSA，持有 290 億美元的 HSA 資產。本季 HSA 資產整體增加了 22 億美元，當然年比也增加了 63 億美元。事實上，我們投資速度快於帳戶的 HSA 會員數量年增了 24%，幫助推動投資資產年增 43%，達到超過 130 億美元。

Turning to sales, Team Purple added 187,000 new HSAs from sales in the quarter, 20% more than Q2 of last year, resulting in a record first half for our sales and relationship management team. And we remain very positive about this year's selling season. Beyond the organic growth in HSAs, we reported in June that the team had transitioned the last of three tranches of BenefitWallet at the start of Q2, adding approximately 216,000 HSAs and $1.0 billion of HSA assets in the second quarter.

談到銷售，Team Purple 在本季度新增了 187,000 個 HSA，比去年第二季度增加了 20%，為我們的銷售和關係管理團隊帶來了創紀錄的上半年業績。我們對今年的銷售季節仍然非常樂觀。除了HSA 的有機成長之外，我們在6 月報道稱，該團隊已在第二季初過渡了BenefitWallet 的三部分中的最後一部分，在第二季度增加了約216,000 個HSA 和10 億美元的HSA資產。

The timely completion of transferring HSAs and assets from BenefitWallet, for which I thank the team and our clients and our partners at BenefitWallet greatly, has opened up opportunity for CDB cross-sales into FY26 and locked in strong custodial yields on these assets for years to come. That is good. Thank you.

及時完成從 BenefitWallet 轉移 HSA 和資產的工作，我非常感謝 BenefitWallet 的團隊、我們的客戶和合作夥伴，這為 CDB 交叉銷售到 2026 財年提供了機會，並多年來鎖定了這些資產的強勁託管收益率來。那很好。謝謝。

CDB account growth turned positive with 1% year-over-year growth in Q2, even though we haven't quite lapped the final runoff of the Extended Life National Emergency Accounts, which will occur later this year. CDB sales into the plan year beginning January 1 also look very robust. Results this quarter also represent a down payment on the multi-year 3Ds strategy -- that's 3Ds -- we discussed at Investor Day.

儘管我們還沒有完全完成將於今年稍後進行的延長生命週期國家緊急帳戶的最終決算，但第二季度國開行帳戶增長轉正，同比增長 1%。從 1 月 1 日開始的計劃年度的 CDB 銷售看起來也非常強勁。本季的業績也代表了我們在投資者日討論的多年 3D 策略（即 3D）的首付。

And each of the Ds represents kind of a transformation within the company. The first D, which is delivering remarkable experiences, is about the digital transformation of service delivery. In Q2, the team delivered flat year-over-year service expense on 9% total account growth. That's really good.

每個 D 代表公司內部的某種轉變。第一個 D 提供卓越的體驗，涉及服務交付的數位轉型。第二季度，該團隊的服務費用較去年同期持平，總帳戶成長率為 9%。那真是太好了。

A new mobile app launched, continuing our rollout of claims AI. And last month, in August -- I can't believe that's last month; it seems like it was just two days ago -- our card processor migration wrapped up -- thank you, team, for that -- which enables stack cards on major digital wallets and next year instant card issuance, which I'm really excited about.

推出了新的行動應用程序，繼續推出理賠人工智慧。上個月，八月——我不敢相信那是上個月；似乎就在兩天前——我們的卡處理器遷移結束了——謝謝團隊，這使得主要數位錢包上的堆疊卡和明年的即時發卡成為可能，對此我感到非常興奮。

The second D, deepening partnerships, is about the digital transformation of sales and the deepening of our partnerships around the health benefits ecosystem. In addition to record HSA openings and strong CDB results, the team continued work towards scaling partner facing APIs with a new third-party developer portal.

第二個 D，深化合作夥伴關係，涉及銷售的數位轉型以及深化我們圍繞健康福利生態系統的合作夥伴關係。除了創紀錄的 HSA 職缺和強勁的 CDB 業績外，該團隊還繼續致力於透過新的第三方開發者入口網站擴展以合作夥伴為導向的 API。

It's coming. It's coming a little later this year, maybe in the third quarter. I think the third quarter. The team -- just try and transcribe that. The team also expanded our stable of blue chip-enhanced rates partners -- speaking of partners -- to keep up with adoption of enhanced rates, especially by new HSA members.

它來了。今年晚些時候，可能會在第三季推出。我認為是第三季。團隊——嘗試並記錄下來。團隊還擴大了我們穩定的藍籌增強費率合作夥伴（說到合作夥伴），以跟上增強費率的採用，特別是新的 HSA 成員。

The third D, driving member outcomes, is about extending HealthEquity's differentiation as a utilization accelerator not only of health accounts and health savings, but of our partners' health benefits point solutions more broadly, something we've been doing for a long time. And we're now in a position to do even more of.

第三個D，推動會員成果，是為了擴大HealthEquity 的差異化，不僅作為健康帳戶和健康儲蓄的利用加速器，而且更廣泛地作為我們合作夥伴的健康福利點解決方案的加速器，這是我們長期以來一直在做的事情。我們現在可以做更多的事情。

One of those outcomes that doesn't get talked about enough actually, though, is dignity. And this morning, we announced the formal launch of HPAs. Yeah, HPAs or HPAs? HPAs, spelled H-P-A, apostrophe, S. A no interest and no fee option for employees to pursue medical care with flexible payment terms. Your credit score should not influence your access to care. This is a way for employers to make that happen.

然而，實際上沒有得到足夠討論的結果之一是尊嚴。今天早上，我們宣布正式啟動 HPA。是啊，HPA還是HPA？ HPA，拼寫為 H-P-A，撇號，S。您的信用評分不應影響您獲得照護的機會。這是雇主實現這一目標的一種方式。

A version of it already was put into law for Medicare Part D recipients and the commercial market employers should have it. And we're bringing it to them and we're really excited about it. All this adds up to a quarter of investment and promise for the future within the envelope of robust growth in the present in terms of HealthEquity's top line, its margins, and its cash flow from operations as Jim is about to detail. Jim?

它的一個版本已經被寫入針對 Medicare D 部分受益人的法律，商業市場雇主應該擁有它。我們將其帶給他們，我們對此感到非常興奮。所有這些加起來相當於四分之一的投資，並在目前 HealthEquity 的營收、利潤率和營運現金流強勁增長的範圍內對未來做出了承諾，正如吉姆即將詳細介紹的那樣。吉姆？

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

謝謝你，喬恩。大家好。我將簡要介紹我們第二季度公認的會計準則和非公認會計準則財務表現。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 10K 財年中描述的損益表的重新分類，包括 24 財年和 25 財年的損益表，以進行比較。

Second-quarter revenue increased 23% year over year. Service revenue was $116.7 million, up 4% year over year, reflecting growth in total accounts, HSA investor accounts, and invested assets, and lower average unit service revenue due to mixed shift toward HSAs.

第二季營收年增23%。服務收入為 1.167 億美元，年增 4%，反映出帳戶總數、HSA 投資者帳戶和投資資產的成長，以及由於混合轉向 HSA 導致平均單位服務收入下降。

Custodial revenue grew 50% to $138.7 million in the second quarter. The annualized interest rate yield on HSA cash was 3.1% for the quarter as a result of the BenefitWallet placements and continued mixed shift to enhanced rates. Interchange revenue grew 14% to $44.5 million, notably faster than account growth as members drive more payment activity to card than from cash reimbursement.

第二季託管營收成長 50%，達到 1.387 億美元。由於 BenefitWallet 安置和繼續混合轉向提高利率，本季 HSA 現金的年化利率收益率為 3.1%。交換收入成長了 14%，達到 4,450 萬美元，明顯快於帳戶成長，因為會員透過卡片進行的支付活動多於現金報銷。

Gross profit as a percent of revenue was 68% in the second quarter this year, up from 62% in the second quarter last year. Net income for the second quarter was $35.8 million, or $0.40 per share on a GAAP EPS basis. Our non-GAAP net income was $76.3 million, or $0.86 per share, versus $0.53 per share last year.

今年第二季毛利佔營收的比例為 68%，高於去年第二季的 62%。第二季淨利為 3,580 萬美元，以 GAAP 每股盈餘計算每股收益為 0.40 美元。我們的非 GAAP 淨利潤為 7,630 萬美元，即每股 0.86 美元，去年為每股 0.53 美元。

Adjusted EBITDA for the quarter was $128.3 million, up 46% compared to Q2 last year, and adjusted EBITDA as a percentage of revenue was 43%, a 650 basis point improvement over the same quarter last year.

該季度調整後 EBITDA 為 1.283 億美元，比去年第二季成長 46%，調整後 EBITDA 佔營收的百分比為 43%，比去年同期提高 650 個基點。

Turning to the balance sheet, as of quarter end July 31, 2024, cash on hand was $327 million as we generated a $174 million of cash flow from operations in the first half of fiscal year '25 and used $200 million of cash for the BenefitWallet acquisition. The company had $1.1 billion of debt outstanding net of issuance, including $225 million drawn on our line of credit in connection with the BenefitWallet acquisition.

轉向資產負債表，截至2024 年7 月31 日季度末，手頭現金為3.27 億美元，因為我們在25 財年上半年的運營中產生了1.74 億美元的現金流，並為BenefitWallet 使用了2 億美元的現金獲得。該公司的未償債務淨額為 11 億美元，其中包括因收購 BenefitWallet 而從我們的信用額度中提取的 2.25 億美元。

As was reported in an 8-K filing last month, post Q2, we refinanced and consolidated our credit facilities, retiring the Term Loan A and amending and extending the revolving credit facility. The new facility extends maturities to 2029 and provides additional flexibility in terms and conditions commensurate with the company's enhanced scale and credit quality.

正如上個月 8-K 文件中所報告的，第二季度後，我們對信貸安排進行了再融資和整合，取消了定期貸款 A，並修改和延長了循環信貸安排。新貸款將期限延長至 2029 年，並在條款和條件方面提供額外的靈活性，以適應公司規模和信用品質的增強。

Today's fiscal 2025 guidance reflects the carry forward of our strong sales trajectory, operational efficiencies resulting from our technology investments, and recent changes in interest rates markets. We expect revenue in a range between $1.165 billion and $1.185 billion.

今天的 2025 財年指引反映了我們強勁的銷售軌跡、技術投資帶來的營運效率以及利率市場的近期變化。我們預計營收在 11.65 億美元至 11.85 億美元之間。

GAAP net income in a range of $94 million to $109 million, or $1.05 to $1.22 per share. We expect non-GAAP net income to be between $265 million and $280 million, or $2.98 and $3.14 per share, based upon an estimated 89 million shares outstanding for the year.

GAAP 淨利潤在 9,400 萬美元至 1.09 億美元之間，即每股 1.05 美元至 1.22 美元。我們預計非 GAAP 淨利潤將在 2.65 億美元至 2.8 億美元之間，即每股 2.98 美元至 3.14 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 $458 million and $478 million. We expect the average yield on HSA cash will be approximately 3.05% for fiscal '25. As a reminder, we base custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers; the schedule of which is contained in today's release.

最後，我們預計調整後 EBITDA 將在 4.58 億美元至 4.78 億美元之間。我們預計 25 財年 HSA 現金的平均殖利率約為 3.05%。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的發布中。

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.

以及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。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 impacts 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 drawdown of corporate cash to fund the acquisition. Our guidance also includes the commencement of share repurchases as part of the $300 million repurchase authorization announced today.

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金額的增加和提款而導致的淨利息支出的增加。我們的指導還包括開始股票回購，作為今天宣布的 3 億美元回購授權的一部分。

We expect both to return capital to shareholders and reduce revolver borrowings in the remaining two quarters of the fiscal year. With our new revolver and continuing strong cash flows, we'll maintain ample capacity for portfolio acquisitions should they become available. We assume a non-GAAP income tax rate of approximately 25% and a diluted share count of 89 million, including common share equivalents.

我們預計在本財年剩餘的兩個季度中，雙方將向股東返還資本並減少循環借款。憑藉我們的新左輪手槍和持續強勁的現金流，我們將保持充足的投資組合收購能力（如果有）。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。

Based on our current full-year guidance, we now project a GAAP tax rate for fiscal 2025 at about 25% as well. As we have 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.

根據我們目前的全年指引，我們現在預計 2025 財年的 GAAP 稅率也約為 25%。正如我們在先前的報告期間所做的那樣，我們完整的 2025 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原則淨利潤中，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。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

Anne Samuel, JPMorgan.

安妮‧塞繆爾，摩根大通。

Hi, thanks for the question and congrats on a great quarter. I was hoping you could provide a little bit more detail on the launch of your health payment accounts and maybe think about how those might contribute to the P&L. And is that going to be part of your selling season this year?

您好，感謝您的提問，並祝賀您度過了一個美好的季度。我希望您能提供有關啟動健康支付帳戶的更多詳細信息，並可能考慮一下這些帳戶對損益表的貢獻。這會成為你們今年銷售季的一部分嗎？

So let me just start with the longer term and work our way back to the short term. What this product really does is intended to assure that when people, particularly those who are in employer-based health plans, but the product also works for plan-sponsored individual plans, if there's demand there.

因此，讓我先從長期來看，然後再回到短期。該產品的真正作用是確保人們，特別是那些參加基於雇主的健康計劃的人，但如果有需求，該產品也適用於計劃贊助的個人計劃。

But when folks are going to pay their out-of-pocket expenses, their ability to get care at that point really shouldn't be limited by their credit limit or credit score. It's just not the right answer in our view. And the product gives employers and health plans a very cost-effective way to get to avoid that.

但是，當人們要支付自付費用時，他們當時獲得護理的能力確實不應該受到信用額度或信用評分的限制。我們認為這不是正確的答案。該產品為雇主和健康計劃提供了一種非常經濟有效的方式來避免這種情況。

And so my view is that this will have relatively broad applicability out there, both to people who might be using HSAs or the other health accounts, but also to the broader population, including those that don't. And remember that even at market maturity, right, we don't expect that everyone is going to have an HSA or the like.

因此，我的觀點是，這將具有相對廣泛的適用性，既適用於可能使用 HSA 或其他健康帳戶的人，也適用於更廣泛的人群，包括那些不使用的人群。請記住，即使在市場成熟時，我們也不期望每個人都會擁有 HSA 等。

And so we think that over time, this could be rather significant. And the midterm goal we've set kind of internally is -- and this is -- in my view, part of sort of establishing this as part of benefits package that standard is we'd like to see within the next three, four years here, 1% of those in group coverage have access to that. That seems like a highly achievable goal.

因此，我們認為隨著時間的推移，這可能會相當重要。在我看來，我們內部設定的中期目標是，將其作為我們希望在未來三四年內看到的標準福利計劃的一部分。這似乎是一個非常容易實現的目標。

That seems fine for the relatively near term and then go from there. So it's establishing something new that in a way is back to the past. When folks had HMO plans with little choice and whatnot, they typically -- these costs were being covered in the same way. They were just in premiums. And so it's sort of in a way going back to that from a cash flow management perspective.

對於相對近期的情況來說，這似乎不錯，然後從那裡開始。所以它正在建立一些新的東西，在某種程度上又回到了過去。當人們擁有 HMO 計劃而幾乎沒有選擇之類的時候，他們通常會以同樣的方式支付這些費用。他們只是保費。因此，從某種程度上來說，這又回到了現金流管理的角度。

The short term -- with regard to -- obviously, no impact in fiscal '25, we do anticipate a modest impact in fiscal '26 as observers of our release can see on this topic. There are clients of ours who have been testing out this product, including large ones and with, in my mind, really good response, both in terms of the quantity and also, I think, more importantly, the quality of how it's being used. And so we do think there'll be a modest impact in '26, a more significant impact as the thing catches on in '27 and '28.

短期來看，顯然，對 25 財年沒有影響，我們確實預計對 26 財年會產生適度影響，正如我們發布的觀察者所看到的那樣。我們的一些客戶一直在測試該產品，包括大型產品，在我看來，無論是在數量方面，還是在我認為更重要的是它的使用品質方面，都得到了很好的反響。因此，我們確實認為 26 年會產生一定的影響，隨著 27 年和 28 年流行，影響會更大。

So we'll certainly reflect that as we get to '26 guidance. But this is a good product. And we've been thinking about how to do this -- Steve, how long does it go back that we've been mucking around with products to solve this problem? 10 years? Maybe longer?

因此，當我們制定 26 年指導方針時，我們肯定會反映這一點。但這是一個好產品。我們一直在思考如何做到這一點 - 史蒂夫，我們花了多久的時間來研究解決這個問題的產品？ 10年？也許更長？

Yes, longer. I think 2008 is when we first started thinking about it. We had a large client that wanted them and then the world melted at the end of 2008. So it's been, Jon, I think, 16 years since we've been thinking about it.

是的，更長。我認為2008年是我們第一次開始思考這個問題的時候。我們有一個大客戶想要它們，然後世界在 2008 年底融化了。

When I practiced, it was heartbreaking to have patients come in and say they were delaying care because they couldn't afford their deductible. And we think the HSA is the best way to fund the deductible, but for people that are just getting started. These work great, too. So we're thrilled with our team.

當我執業時，病人進來說他們因為付不起免賠額而推遲了護理，這令人心碎。我們認為 HSA 是為免賠額提供資金的最佳方式，但對於剛起步的人來說。這些也很有效。所以我們對我們的團隊感到非常興奮。

Yes, exactly. Thanks for asking.

是的，完全正確。謝謝你的詢問。

Okay. Very helpful. Congrats on the launch.

好的。非常有幫助。恭喜發布。

Glen Santangelo, Jefferies.

格倫桑坦傑洛，傑弗里斯。

Thanks for taking my question. Jon, I want to focus on the custodial rates a little bit. And as we look out to next year, right, I think you have almost $1.8 billion that needs to be renegotiated at the end of the year. which you're replacing 3.7% cash. And so not that I want to want you to talk about next year at all. But as I think about the yield curve, like investors are continuously concerned about the decline in rates.

感謝您提出我的問題。喬恩，我想稍微關註一下託管費率。當我們展望明年時，我認為年底有近 18 億美元需要重新談判。您將替換 3.7% 的現金。所以我根本不想讓你談論明年的事情。但當我思考殖利率曲線時，就像投資人持續擔心利率下降一樣。

So it seems like where you sit right now that your yield on your custodian revenue shouldn't really move that much given that the five years at [$364]. And even with the benefit of enhanced rates, you'd obviously get another 75 basis points on top of that. Am I thinking about all that kind of correctly?

因此，從你現在的情況來看，考慮到五年來的[364 美元]，你的託管收入收益率實際上不應該有太大變化。即使有提高利率的好處，您顯然還會再獲得 75 個基點。我對這些問題的思考正確嗎？

I think that I'll put on to Jim. The only part that you lost me a little bit on was the rate at which -- the rate that that cash is currently earning that will reflect.

我想我會向吉姆求助。你唯一讓我有點失落的部分是——現金目前賺取的利率將反映出來。

Yes, that's right. Yes. So well, I think that was -- the remainder of this year, yes, you're right, Glenn. Yes. So kind of mid-3s is going to reprice at mid-3s plus a spread. So there's some tailwind to that number heading into next year.

是的，沒錯。是的。好吧，我想那是——今年剩下的時間，是的，你是對的，格倫。是的。因此，中 3 美元的價格將重新定價為 3 美元中美元加上價差。因此，進入明年這個數字將會有一些推動作用。

But obviously, yes, that is dwarfed by the potential tailwind over the next couple of years, about $6.5 billion over the next two fiscal years that's currently priced in the high 1s, right? And that you can look at the forward curves as well as we can. If it's 3.5 plus that spread, that's still a great number when we're rolling off at 1.9%.

但顯然，是的，與未來幾年潛在的順風車相比，這相形見絀，未來兩個財年約 65 億美元，目前的定價為高 1 美元，對嗎？您可以像我們一樣查看遠期曲線。如果是 3.5 加上這個利差，當我們以 1.9% 的利率滾動時，這仍然是一個很大的數字。

And Jim, did I miss the split on enhanced rates this quarter? Because I know that number has been climbing every quarter. And should we think about the volatility of rates having any greater or lesser effect based on the continued shift towards enhanced rates?

吉姆，我錯過了本季升息費率的分割嗎？因為我知道這個數字每季都在攀升。我們是否應該考慮利率波動會因利率持續轉向升息而產生更大或更小的影響？

No. We've not provided a number other than we told you our goal is to get 30% at the end of last fiscal year, which we achieved. And we guided to trying to get to 60% over our three-year double non-GAAP net income per share objective, and we're well on track there.

沒有。我們的目標是努力實現三年非 GAAP 每股淨利潤雙倍目標的 60%，而且我們正在順利實現這一目標。

Obviously, those are going to be a little lumpy. It's not going to be a straight line. It's going to move based on when cash is deployed. But we feel really, really good about that objective to getting to about 60% by the time of our objective. And it should increase any extra volatility, right? Like the whole -- one of the benefits of moving to enhanced rates, it should reduce volatility over time.

顯然，這些會有點凹凸不平。它不會是一條直線。它將根據現金的部署時間而變化。但我們對這個目標感覺非常非常好，在我們的目標實現時達到了 60% 左右。它應該會增加額外的波動性，對嗎？與整體一樣，提高利率的好處之一是隨著時間的推移，它應該會減少波動性。

Sean Dodge, RBC Capital Markets.

肖恩·道奇，加拿大皇家銀行資本市場部。

Thanks. Good afternoon. Maybe just on the guidance. If we look at what you all did in a quarter revenue, EBITDA, EPS wise, all of those came in well ahead of consensus. But the magnitude of the adjustment in the guidance for the full year was less than this Q2 beat or upside that we saw.

謝謝。午安.也許只是在指導上。如果我們看看大家在季度收入、息稅折舊攤提前利潤 (EBITDA) 和每股盈餘 (EPS) 方面的表現，所有這些都遠遠超出了共識。但全年指導調整的幅度小於我們看到的第二季的表現或上行幅度。

Are there some onetime items that we should be aware of in Q2 that won't necessarily flow into the back half of the year? Or is there something else that kind of explains this difference between the Q2 upside and the guidance adjustment?

是否有一些我們在第二季度應該注意的一次性項目不一定會流入下半年？或者還有其他東西可以解釋第二季的上漲和指導調整之間的差異嗎？

Yes. Thanks for that question. Yes, look, I think the first point is that I think the consensus is probably a little bit conservative on the Q2 side. So that sort of quarterly phasing of our prior guidance didn't quite align with our internal expectations.

是的。謝謝你提出這個問題。是的，我認為第一點是，我認為第二季的共識可能有點保守。因此，我們先前的指導的這種季度階段並不完全符合我們的內部預期。

But if we think about it, about $10 million of upside for the year versus our expectations is kind of how we would think about it and then offset by about a $5 million movement in the other direction based on the downward shift in the forward rate curves for the back half of the year.

但如果我們考慮一下，與我們的預期相比，今年大約有1000 萬美元的上漲，這是我們的想法，然後根據遠期利率曲線的向下移動，被另一個方向上大約500 萬美元的變動抵銷今年下半年。

And where does that $5 million come from? It's not really materially driven by the maturity schedule that we just talked -- we talked about on the prior question. It's really driven by the floating rate component of HSA cash, of which there's about $600 million at the end of the quarter, $800 million and change of client health funds.

這 500 萬美元從哪裡來？它實際上並不是由我們剛才談到的成熟度時間表所驅動的——我們在上一個問題上談到了這一點。它實際上是由 HSA 現金的浮動利率部分推動的，其中季度末約為 6 億美元，8 億美元以及客戶健康基金的變化。

These are placed in short-term deposits. And then a little bit of the placement in the back half of the year, there's $2 billion be placed -- replaced in the second half of the year. Obviously, those will be replaced at slightly lower dollars than the 90-day go guide would have hinted.

這些資金被存入短期存款。然後是下半年的一點安置，有 20 億美元的安置——在下半年更換。顯然，這些產品的更換價格將比 90 天指南所暗示的價格略低。

So we think of it sort of in that manner. We're achieving better than our expectations across the three revenue lines to the magnitude of about $10 million and then offset by the $5 million shift in rates.

所以我們就是這樣想的。我們在三個收入線中取得的成績比我們的預期要好，達到約 1000 萬美元，然後被 500 萬美元的費率變化所抵消。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

Hi, thanks for taking my questions. Jon, you called out flat services margins on 9% top-line growth within services. Can you just unpack for us the leverage mechanisms there? Is this just a function of automating chat communications? Any stats on progress on that you can give for us? That would be helpful. Thanks.

您好，感謝您回答我的問題。喬恩（Jon），您指出服務業的營收成長率為 9%，服務業利潤率持平。您能為我們解開其中的槓桿機制嗎？這只是自動化聊天通訊的功能嗎？您可以為我們提供任何有關進展的統計數據嗎？那會有幫助的。謝謝。

Yes. I mean, first, it's not flat margins; it's flat cost. Yes.

是的。我的意思是，首先，這不是平坦的利潤；這是固定成本。是的。

Yes. Correct.

是的。正確的。

I hesitate to say maybe let's not all get so used to. And if you look at this thing called service gross margin, which isn't really a thing for us, but nonetheless -- Jim is giving thumbs down. But that number has gone up quite a bit year over year.

我猶豫著說也許我們都不太習慣。如果你看看這個叫做服務毛利率的東西，這對我們來說並不是真正的事情，但儘管如此——吉姆還是持反對態度。但這個數字逐年上升了不少。

But in any event -- so what caused that, the first answer to your question is yes. So broadly speaking, what we have tried to do is to be somewhat ahead of the curve on our investments in particularly digitization where generative AI ultimately plays a role. And as we've said in the past couple of quarters, it's kind of working. And you can see that in things like -- just month after month, quarter after quarter, with the people who -- we don't like this term, but it is a term of our -- in the call in the world to talk about, avoidance rates. That's a member whose needs are handled electronically.

但無論如何——那麼是什麼原因造成的，你的問題的第一個答案是肯定的。從廣義上講，我們試圖做的就是在投資方面保持一定的領先地位，特別是在數位化方面，生成式人工智慧最終將發揮作用。正如我們在過去幾個季度所說的那樣，它正在發揮作用。你可以在這樣的事情中看到這一點——就在月復一月、季復一季的情況下，我們不喜歡這個詞，但這是我們的一個詞——在世界各地的呼籲中進行對話關於，迴避率。這是一個以電子方式處理其需求的成員。

And look, we've still got investment to make that will make this better. It's nice to see, for example, they're competing different clouds out there or competing AI. There's Einstein from Salesforce, and there's -- and CCAI from Google, and they each have their place in all of this.

看，我們仍然有投資來讓這一切變得更好。例如，很高興看到他們正在與不同的雲端或人工智慧競爭。有來自 Salesforce 的 Einstein，還有來自 Google 的 CCAI，他們在這一切中各有自己的位置。

But the second thing that, as I look forward, Stan, another factor that's kind of also in the vein of digitization that's going to start helping us out as we go into the second half of the year, particularly and then into next year is -- and I mentioned this in my comments, is the fact that we've completed our processor transition. And we're going to have more digital issuance on the cards.

但是，史丹，正如我所期待的，第二件事也是數位化的另一個因素，它將在我們進入今年下半年，特別是進入明年時開始幫助我們擺脫困境 - - 我在評論中提到了這一點，我們已經完成了處理器過渡。我們將在卡片上發行更多的數位貨幣。

Ultimately, we've talked about getting to an instant issuance as a default. The value of that is that it cuts off some of that hump at the end of the year of expense. We won't get there this year, and we never said we would. But at least we've got all the infrastructure in place.

最終，我們討論了將即時發行作為預設設定。這樣做的價值在於，它可以在年底減少部分開支。今年我們不會實現這一目標，我們也從未說過我們會實現。但至少我們已經擁有了所有基礎設施。

And so I think there's a long -- still a very long way to go here. But again, the number that I kind of look at is that -- again, terrible term. But when you look at your avoidance rates, they keep going up. And then you look at the satisfaction members, we're utilizing these services where we are deploying them. And we're not deploying them where they -- we don't think they'll be satisfactory at this point.

所以我認為這裡還有很長的路要走。但我再一次看到的數字是——再一次，可怕的術語。但當你觀察你的迴避率時，你會發現它們一直在上升。然後你看看滿意度成員，我們正在部署這些服務。我們不會將它們部署在它們所在的地方——我們認為它們目前不會令人滿意。

And the CSAT and the like remain quite high. So I think this progress is particularly noteworthy in a quarter where we have plenty of stuff to deal with.

而且CSAT之類的還是很高。因此，我認為在我們有很多事情需要處理的季度中，這項進展尤其值得注意。

Thanks. And maybe just a quick one on the third-party developer platform. Any ideal kind of use cases we can expect emerge from that? Thank you.

謝謝。也許只是第三方開發者平台上的一個快速的。我們可以期待從中出現任何理想的用例嗎？謝謝。

Yes. I mean the easiest ones are -- I'll just say are things that we already support today, but just not in a scalable way, right? So balances and recent transactions and the like going out and some other stuff coming in, this is going to help us do that stuff.

是的。我的意思是最簡單的 - 我只想說我們今天已經支持的東西，但只是不是以可擴展的方式，對嗎？因此，餘額和最近的交易等出去以及其他一些東西進來，這將幫助我們做這些事情。

But I think the more interesting opportunities are over time and not so much over time. Some of them are here right now are, for example, API-based enrollment is a really great example where it's -- again, that's why this is about broadening our sales reach, is you've got partners where they want to do member enrollment and in some cases, even client enrollment on their side of the fence. And we can offer that as a service through an API debt portal. That's pretty good.

但我認為更有趣的機會是隨著時間的推移而出現的，而不是隨著時間的推移而產生的。其中一些現在就在這裡，例如，基於 API 的註冊就是一個非常好的例子，再次強調，這就是為什麼這是為了擴大我們的銷售範圍，您是否有合作夥伴想要進行會員註冊在某些情況下，甚至客戶註冊也站在他們這邊。我們可以透過 API 債務入口網站將其作為服務提供。那很好。

So a lot of the things we're looking at here are really about, again, the building of -- for lack of better term, continuing to build off of what's always been our differentiation, and that's been in partnerships and the value we can bring to partners just as they bring value up.

因此，我們在這裡關注的許多事情實際上都是關於建立 - 由於缺乏更好的術語，繼續建立我們一直以來的差異化，這就是合作夥伴關係和我們可以實現的價值為合作夥伴帶來價值，就像他們為合作夥伴帶來價值一樣。

So those are the kinds of things, I think, that I find particularly near term, exciting. And I would expect that within some amount of time measured in months rather than years that we'll see the first of those enrollment-type API things come online.

因此，我認為這些都是我認為近期特別令人興奮的事情。我預計，在幾個月而不是幾年的時間內，我們將看到第一個註冊類型的 API 上線。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good afternoon and thanks for taking the questions. I want to follow up on Stan's question around the service gross margin. All the commentary on the digitization is helpful here. And obviously, going back to the Investor Day, the commentary there. How should we think about the service gross margin over the course of the remainder of the year?

下午好，感謝您提出問題。我想跟進斯坦關於服務毛利率的問題。所有關於數位化的評論在這裡都有幫助。顯然，回到投資者日，那裡的評論。我們該如何看待今年剩餘時間內的服務毛利率？

And then I guess, a higher-level question, how should we think about the incremental service cost now that you've started to put in these cost mitigation efforts on new members moving forward? Thanks.

然後我想，一個更高層次的問題是，既然您已經開始對新成員採取這些降低成本的措施，我們應該如何考慮增量服務成本？謝謝。

I'll give a start. I would just say, there will still be the same seasonality that we always have. We have not gotten rid of that second half hump of expense, which -- and I've said a number of times, really comes down to the fact that you're enrolling new people, but I think, in particular, is around the delivery of cards and the luck to those individuals.

我先開始吧。我只想說，我們仍然會遇到同樣的季節性。我們還沒有擺脫下半年的開支高峰，我已經說過很多次了，這實際上可以歸結為你正在招收新人，但我認為，尤其是圍繞向這些人交付卡片和運氣。

And so we didn't say we would get rid of that this year, and we won't. And the proof of that is that we're starting our ramp up now for that in terms of hiring and the like. But over time, that can have a significant impact. And maybe beyond that, you can -- the question was really about the rest of this year, you can kind of speak to it.

所以我們沒有說今年會取消它，我們也不會。證據就是我們現在正在開始在招募等方面加強。但隨著時間的推移，這可能會產生重大影響。也許除此之外，你可以——問題實際上是關於今年剩下的時間，你可以談談它。

Yes. No, I think that's right. It's going to be hard to keep costs flat in perpetuity, especially because we do absorb real costs, right? And Jon talked about what's the potential future value of digital issuance and instant issuance, right? The postal service in July increased cost by 7.5%, right? So every one of those card mailings now cost 7.5% more than it did last month, right?

是的。不，我認為這是對的。永遠保持成本不變是很困難的，特別是因為我們確實吸收了實際成本，對嗎？ Jon 談到了數位發行和即時發行的潛在未來價值是多少，對吧？ 7月份的郵政服務費用增加了7.5%，對吧？那麼現在每張卡片郵寄費用都比上個月高出 7.5%，對吧？

So the potential future value of all these investments is that inflation avoidance, right? And the people in the service center call avoidance doesn't mean no service people. It actually means highly skilled service people handling the most complex calls, not handling the annoying, I lost -- I forgot my password, I lost my card, like all of that can be handled digitally.

那麼所有這些投資的潛在未來價值就是避免通貨膨脹，對嗎？而服務中心的人迴避呼叫並不代表沒有服務人員。它實際上意味著高技能的服務人員處理最複雜的呼叫，而不是處理煩人的、我丟失的——我忘記了密碼、我丟失了我的卡，就像所有這些都可以數位化處理一樣。

So I think I'm just going to reiterate what I've said over and over each quarter: our objective every quarter is to drive down the unit cost to serve an account. Now we're doing that at a product level. You guys can see that across the aggregate level, but both of those remain true. We're trying to drive down the cost to serve each account each year.

因此，我想我將在每個季度一遍又一遍地重申我所說的話：我們每季的目標是降低服務帳戶的單位成本。現在我們正在產品層面上這樣做。你們可以在總體層面上看到這一點，但這兩點仍然是正確的。我們正在努力降低每年為每位客戶提供服務的成本。

And it's going to be many, many levers to pull to get there. But yes, I think this is a particularly strong quarter and a really, really strong first half, keeping costs as flat as we've done and the team has done an amazing job.

要達到這個目標需要使用很多很多的槓桿。但是，是的，我認為這是一個特別強勁的季度，也是一個非常非常強勁的上半年，像我們所做的那樣保持成本平穩，團隊做得非常出色。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

Hi guys, thanks for taking my question. Just curious what drove the investment growth this quarter. Was it from new accounts that you automatically were trying to push towards there? Just kind of want to talk about the dynamics on why you saw such strong investment account growth? And then I have a second question on kind of the job market and all the recent data, but that's my first question.

大家好，感謝您提出我的問題。只是好奇是什麼推動了本季的投資成長。是來自您自動嘗試推向那裡的新帳戶嗎？只是想談談為什麼您會看到如此強勁的投資帳戶成長？然後我有第二個問題關於就業市場和所有最近的數據，但這是我的第一個問題。

Sure. On the first question, I think certainly, the rolling over and transition of the BenefitWallet accounts, the last tranche was helpful in that it gave us an opportunity to present a set of -- from our perspective, a set of investment options that weren't all available on the prior platform, and that was probably quite helpful.

當然。關於第一個問題，我當然認為，BenefitWallet 帳戶的展期和過渡，最後一部分是有幫助的，因為它讓我們有機會提出一組——從我們的角度來看，一組投資選擇，這些選擇不是「所有這些都可以在先前的平台上使用，這可能非常有幫助。

Generally, I think beyond that, as you well know, while we don't give people capital A advice on the allocation as between investments and HSA cash, as we call it, we nonetheless want -- we're not shy about the fact that we think that investing is the right answer for long-term dollars.

一般來說，我認為除此之外，正如您所知，雖然我們不向人們提供關於投資和HSA 現金（我們稱之為）之間分配的建議，但我們仍然希望— — 我們並不羞於承認這一事實我們認為投資是長期美元的正確答案。

And so we continue to promote that. And one way that we are kind of, for lack of a better term, we're refining some of the digital out week strategies that we've used at open enrollment to be used year-round. That's, I guess, why it's been called the Gauge 360. Is that degrees or days? I'm not sure; it's one or the other. Maybe 365.

所以我們繼續推動這一點。我們的一種方式是，由於缺乏更好的術語，我們正在完善我們在公開招生中使用的一些數位化週策略，以供全年使用。我想這就是為什麼它被稱為 Gauge 360​​ 那是度數還是天數？我不知道;這是其中之一或另一個。也許是365。

We take five days off days.

我們休息五天。

But in all seriousness, getting people at the right moment on this stuff is pretty valuable. So as we've said many times, we think that the people who invest -- the investment is sort of additive to on the average to people's cash balances and they're stickier customers. They hang around longer. And they're doing the right thing for themselves and for the broader mission of the organization. So I think that was helpful.

但說實話，讓人們在正確的時機了解這些東西是非常有價值的。正如我們多次說過的，我們認為投資的人——平均而言，投資是人們現金餘額的補充，而且他們是更黏性的客戶。他們停留的時間更長。他們正在為自己和組織更廣泛的使命做正確的事。所以我認為這很有幫助。

I mean, obviously, there were market gains during the quarter, though less so on July 31 than today, maybe not today, but then before today. So that played a role as well in terms of the growth there, but not to the number of accounts.

我的意思是，很明顯，本季市場有所上漲，儘管 7 月 31 日的漲幅比今天要小，也許不是今天，但在今天之前。因此，這對那裡的增長也發揮了作用，但對帳戶數量沒有影響。

Yes. My follow-up -- and that's really helpful, Jon. I appreciate it. My follow-up is: what are you seeing right now in the market from the employer front from both HSAs and CEDs, given all the data that suggests we're in the early stage of a softening job market? Does your guidance contemplate further softening of the labor market from an asset growth perspective in the back half? Just kind of want to get your thoughts here on all this data that we're getting.

是的。我的後續行動——這真的很有幫助，喬恩。我很感激。我的後續問題是：考慮到所有數據顯示我們正處於就業市場疲軟的早期階段，您對 HSA 和 CED 雇主方面目前的市場有何看法？您的指導意見是否考慮下半年從資產成長的角度來看勞動市場進一步疲軟？只是想了解您對我們獲得的所有這些數據的想法。

Yes. I'll answer the last part of your question and then ask Steve to comment on real time what's going on in the marketplace. We generally try and take a -- in terms of constructing our guidance, take a kind of macro neutral view. The truth is it's unlikely that any view we would take is going to have much impact on our guide. So it's not that far to do.

是的。我將回答您問題的最後一部分，然後請史蒂夫對市場上正在發生的即時情況發表評論。在建構我們的指導意見方面，我們通常會嘗試採取一種宏觀中立的觀點。事實上，我們採取的任何觀點都不可能對我們的指南產生太大影響。所以這並不是那麼遙遠的事。

But that's kind of the way we approach it. I'll just say, generally, the view that we're hearing from clients in terms of their thinking about the macro is that one of the things you have is you have these extraordinarily low churn rates. And that's kind of impacting things in terms of the pace of new hiring and the like.

但這就是我們處理問題的方式。我只想說，一般來說，我們從客戶那裡聽到的關於宏觀想法的觀點是，你所擁有的事情之一就是你的客戶流失率非常低。這對新招聘的速度等方面產生了影響。

But in any event, Steve, maybe you can talk about how -- what you see in the market this year?

但無論如何，史蒂夫，也許你可以談談你今年在市場上看到了什麼？

Sure. Thanks, Jon. Not by design, but by happenstance, we have our weekly sales huddle this morning. So I got to listen in as I typically do. And I can tell you there's a lot of enthusiasm among our sales team. We had a nice quarter and we're getting into the second half of the year, which is when we really get after it and they are getting after it, which is exciting.

當然。謝謝，喬恩。今天早上我們舉行了每週一次的銷售活動，這不是故意的，而是偶然的。所以我必須像往常一樣傾聽。我可以告訴您，我們的銷售團隊充滿熱情。我們度過了一個不錯的季度，我們即將進入下半年，這是我們真正追求它的時候，他們也在追求它，這令人興奮。

I think that one of the things we've seen, we've been through several cycles now with HealthEquity. I mean, even going back to the 2008 downturn and others. And we are protected a little bit because when the job market softens, we don't like it. But when it softens, we do have employers that say, look, we need to, again, kind of take a look at our costs, what's the best and most efficient way to have people get really good benefits by -- but it still save some money for them on their premiums. And also save some money for the employer in premiums and ultimately trend. And it all comes back to these consumer-directed plans, CDBs with HSAs being kind of in the pole position.

我認為我們所看到的事情之一是，我們現在已經經歷了 HealthEquity 的幾個週期。我的意思是，甚至可以追溯到 2008 年的經濟低迷時期和其他時期。我們受到了一點保護，因為當就業市場疲軟時，我們不喜歡這樣。但當它軟化時，我們確實有雇主說，看，我們需要再次審視我們的成本，什麼是讓人們獲得真正良好福利的最佳和最有效的方式 - 但它仍然節省給他們一些保費的錢。還可以為雇主節省一些保費和最終趨勢的錢。這一切都回到了這些以消費者為導向的計劃，CDB 和 HSA 處於領先地位。

So look, there's a lot of enthusiasm. We continue to expand our distribution partner base. We're doing a really, really good job of integrating all of the new plans. And we've been able to bring into the HealthEquity family through the acquisitions and things like that.

所以你看，大家的熱情很高漲。我們繼續擴大我們的分銷合作夥伴基礎。我們在整合所有新計劃方面做得非常非常好。我們已經能夠透過收購等方式將 HealthEquity 納入 HealthEquity 家族。

So I would say that if you were to ask HealthEquity sales or a team member on the sales team, they would say, look, I'm as excited now as ever have been despite some of the things that you're in redevelopment.

所以我想說，如果你問 HealthEquity 銷售人員或銷售團隊的團隊成員，他們會說，看，我現在和以前一樣興奮，儘管你正在重新開發一些東西。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi. Congratulations on the great quarter. What are the total dollars invested in the enhanced rates product now? And I'm assuming that that's in the investment bucket, not the cash bucket, is that correct?

你好。恭喜這個偉大的季度。現在投資於升息產品的總金額是多少？我假設這是在投資桶中，而不是現金桶中，對嗎？

It's the other way around. It's in the HSA cash bucket. Because it behaves like cash in the sense that it is a principal guarantee eat in this case by private insurer rather than buying the FDIC. And second, that you can swipe your card and go get, which you can't do with investments.

恰恰相反。它在 HSA 的現金桶裡。因為它的行為就像現金一樣，在這種情況下，它是私人保險公司而不是購買 FDIC 的主要保證。其次，你可以刷卡就可以得到，這是投資做不到的。

So we have roughly -- if I have this right, a little under $16 billion in HSA cash, are over a little over $6 billion. That's been -- and our goal is to -- see, I was just adding 13 and 29, that's all I can do. But our goal at the end of this year is to be at 40% of our total being in enhanced rates --

因此，如果我沒記錯的話，我們的 HSA 現金大約略低於 160 億美元，略高於 60 億美元。我們的目標是——看，我只是將 13 和 29 相加，這就是我所能做的。但我們今年年底的目標是提高利率佔總利率的 40%——

Our goal is to be 60% by the end of [2025].

我們的目標是到 [2025] 年底達到 60%。

Sorry, thank you. Is to be 60% within three years and/or specifically in FY27. And as Jim said in his commentary, you can kind of interpolate that. I would maybe just add the color that as Jim said in his commentary, since it's a little bit lumpy as -- to some extent, as cash contracts expire. As you can see in our sheet there, that's a little forward loaded into fiscal '26. And so I think we'll get -- we'll make more progress in this year and next and the last sprint in '27.

抱歉，謝謝。將在三年內和/或特別是在 2027 財年達到 60%。正如吉姆在他的評論中所說，你可以對此進行插值。我可能會添加吉姆在評論中所說的顏色，因為在某種程度上，隨著現金合約到期，它有點不穩定。正如您在我們的表格中看到的那樣，這有點提前加載到 26 財年。所以我認為我們會在今年、明年以及 27 年的最後一個衝刺中取得更多進展。

So I think we don't release a breakdown every quarter. But suffice it to say, we're very much on track to meet that goal. And maybe, Jim, you can clean up.

所以我認為我們不會每個季度都發布細分數據。但我只想說，我們正在朝著實現這一目標的方向前進。吉姆，也許你可以清理乾淨。

Yes. No, I think that's right. Obviously, we placed a good amount of enhanced rates with the BenefitWallet cash coming in. So we got a good head start on our progress towards that goal. Now there's not a whole lot of cash being placed at this part of the year. So the mix doesn't really move that much.

是的。不，我認為這是對的。顯然，我們透過 BenefitWallet 現金的流入提高了利率。現在，今年這個時候並沒有投入大量現金。所以混合並沒有真正移動那麼多。

And as Jon said, towards the end of the year, we have a bunch of cash being placed towards the end of next year. We'll have a bunch of cash being placed. So it will be quite lumpy, but we feel good about the trajectory to getting to that 60% goal.

正如喬恩所說，到年底時，我們將在明年年底存入大量現金。我們將投入大量現金。因此，這將是相當不穩定的，但我們對實現 60% 目標的軌跡感到滿意。

Okay. So it would be 60% of the total, which is like $30 billion, so that would be around like --

好的。所以這將是總額的 60%，相當於 300 億美元，所以大約是——

Of the cash. Sorry, sorry. No. Of the cash. HSA cash only, is percentage enhanced rates, percentage basic rates. And the investment's totally separate.

現金的。對不起，對不起。現金數量。 HSA 僅限現金，為百分比增強利率、百分比基本利率。而且投資是完全分開的。

Yes. Okay. And then how much of that $16 billion is short term in nature?

是的。好的。那麼這 160 億美元中有多少是短期性質的呢？

Okay. Yes. So I encourage you to take a look in the Q. We have a breakdown of that $16.4 billion, I think, is what it is of how it reprices the remainder of this fiscal year as well as the next three fiscal years and then a big there after bucket.

好的。是的。因此，我鼓勵您看一下 Q。 。

There is about $600 million of that cash that is in floating rate investments. So that will be pulled out of the chart. So I think you'll see $15.8 million, is the total HSA cash with -- that's outlined in the maturity schedule with interest rates average interest rates for each of the years. So we've got about $2 billion repricing in the remainder of this current fiscal year. $1.9 billion, I think it was.

其中約 6 億美元現金用於浮動利率投資。所以這將從圖表中刪除。因此，我認為您會看到 1580 萬美元是 HSA 現金總額，在到期時間表中概述，利率為每年的平均利率。因此，在本財年剩餘時間內，我們將進行約 20 億美元的重新定價。我認為是 19 億美元。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey guys, congrats on the quarter. Thanks for taking my questions. Can I be annoying and go back to that guidance question again?

嘿夥計們，恭喜本季。感謝您回答我的問題。我可以煩人並再次回到那個指導問題嗎？

You may. See if you get a better answer.

您可以。看看是否能得到更好的答案。

I was hoping. Look, the implied second half margin implies a 5-point step down from 2Q levels. And I get what you said, there's this $5 million delta on yield, but you raised your yield guidance. And when I look at that 5-point step down, it's a $30 million profit delta.

我滿懷希望。看，下半年的隱含利潤率意味著比第二季的水準下降了 5 個百分點。我明白你所說的，收益率有 500 萬美元的增量，但你提高了收益率指引。當我看到 5 個百分點的下降時，利潤增量為 3000 萬美元。

Is that investments that are just of that scale that I didn't appreciate? Is there some conservatism baked into the numbers? What is what is getting the margin so much lower than the first half of the year?

如此規模的投資是否是我不欣賞的？這些數字中是否存在一些保守主義成分？是什麼原因導致利潤率比上半年低這麼多？

Well, I'd say -- let me start with the one. We did not change our HSA yield guidance. So we just still --

好吧，我想說——讓我從這個開始。我們沒有改變 HSA 產量指導。所以我們仍然——

We took off the bottom end.

我們把底端去掉了。

Yes, still 3.05.

是的，還是3.05。

Versus 3 to 3.05, which I --

與 3 到 3.05 相比，我——

Definitely clearly planned this question.

這個問題肯定是計劃得很清楚的。

No. Look, I think there's a couple of parts. So Jon alluded to -- well, obviously, the yield, we are going to take that little bit of downward step with the interest rate curve moving down. I think that's back-end weighted into the year.

不，聽著，我認為有幾個部分。所以喬恩提到——嗯，很明顯，收益率，隨著利率曲線向下移動，我們將採取一點向下的步驟。我認為這是今年的後端加權。

We talked about on the service side that, yes, this was a fantastic service cost performance quarter. Like as Jon alluded to, we can't count on that for every quarter into perpetuity. And I think we haven't talked a lot about the below gross profit costs as well.

我們在服務方面談到，是的，這是一個出色的服務性價比季度。就像喬恩提到的那樣，我們不能永遠指望每個季度都會如此。我認為我們也沒有過多討論以下毛利成本。

So I'll maybe pre-empt one of the questions coming is on the tech and dev spend, right? So that tech and dev spend as a percentage of revenue has come down pretty significantly. And more so than we would like it to be, right?

因此，我可能會先回答即將到來的問題之一是關於技術和開發支出的，對嗎？因此，技術和開發支出佔收入的百分比已大幅下降。而且比我們希望的還要多，對吧？

So we have a little bit of timing of projects, okay, that we're pushing out to the back half of the year. But there's also quite some open positions in tech and dev world that we would like to fill, and we are planning to fill in the back half of the year.

所以我們有一些項目的時間安排，好吧，我們將推遲到今年下半年。但我們希望填補技術和開發領域的一些空缺職位，我們計劃在今年下半年填補。

So we talked about kind of peaking out at 22%-ish of revenue is where we hit tech and dev last year. We said that's likely to be the high watermark as a percentage of revenue. We're sort of 20%-ish right now, and that's light, right? So we're going to get that back to where we think it should be.

所以我們談到去年我們在科技和開發領域的收入達到了 22% 左右的高峰。我們說過這可能是佔收入百分比的高水位線。我們現在大概有 20% 左右，這很輕，對吧？所以我們要把它恢復到我們認為應該的狀態。

I was just going to go and harass more about the tech and dev spend.

我只是要去騷擾更多有關技術和開發支出的問題。

That's what I was going to talk about.

這就是我要講的。

Well, so you talked about there's a lot of open positions that you want to go install them. So when I think about the cadence of your second half margin because that's hiring, is that going to be a more stable straight line down? Or is there any big pockets to call out where you're trying to do it in a more rapid fashion, just given that the pretty big step still?

嗯，所以你談到有很多空缺職位你想要去安裝它們。因此，當我考慮下半年利潤率因招募而產生的節奏時，這是否會是一條更穩定的直線下降？或者是否有任何大的口袋可以指出你試圖以更快的方式做到這一點，只是考慮到仍然是相當大的一步？

Yes. Stephanie, I have to admit, the answer is I'm not sure. I think that it's probably fair to say that the fourth quarter is going to see -- there's a little bit of ramp activity. Though look, what I would -- my less financy version of what Jim said is, there's -- we have projects. I mean, as you can tell from some of the other commentary, that are very high-return projects that we want to be moving faster than they're moving.

是的。史蒂芬妮，我必須承認，答案是我不確定。我認為可以公平地說，第四季將會出現一些成長活動。不過，我想說的是——我對吉姆所說的不太財務的版本是——我們有專案。我的意思是，正如您從其他一些評論中可以看出的那樣，這些都是回報率非常高的項目，我們希望其進展速度比他們的進展更快。

And that's reflected in the fact that that T&D spend is a little bit. For the first half is a little bit light, as Jim was saying, and we're going to fix that. It doesn't mean we're going to exactly like make it all up, right? But we're going to get back to where we need to be.

這反映在 T&D 支出很小這一事實上。正如吉姆所說，前半部分有點輕鬆，我們將解決這個問題。這並不意味著我們會完全喜歡編造這一切，對吧？但我們會回到我們需要去的地方。

And the reason to be there is because of the return on these stats, so whether it's in any event. So I think that's about -- I think that issue alone is about a third of what you're talking about. The second issue, of course, is that above the gross margin line, we're going to have service expense in Q3 and Q4, like we all do right?

在那裡的原因是因為這些統計數據的回報，所以無論在任何情況下都是如此。所以我認為這就是——我認為這個問題就佔了你所討論內容的三分之一。當然，第二個問題是，在毛利率線之上，我們將在第三季和第四季產生服務費用，就像我們都做的那樣，對吧？

And that's probably another a third of that. And I'm going to say, then you just -- we took the $5 million that we took off is all drops to the bottom line. So probably that's close enough.

這可能是其中的另外三分之一。我想說的是，那麼我們拿走的 500 萬美元就全部降到了底線。所以可能已經夠接近了。

All right. Thank you guys.

好的。謝謝你們。

Thank you. She still doesn't believe it. She's like I don't believe any --

謝謝。她還是不相信。她就像我什麼都不相信——

You wait for the call back; it's not going to be fun. (laughter)

您等待回電；這不會很有趣。 （笑聲）

And I don't know what you're talking about.

我不知道你在說什麼。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Well, that was a tough one to follow up on. I did exactly -- I mean, we've all gone through the math.

嗯，這是一個很難跟進的問題。我確實這麼做了——我的意思是，我們都已經完成了數學計算。

But then you want to do it more.

但隨後你想做更多。

I mean, there's one other possibility in terms of the guidance, which is just conservatism. One thing that I was wondering is you talked about some elements of the guidance going all the way out to fiscal '27 like the 60% on the enhanced yield.

我的意思是，在指導方面還有另一種可能性，那就是保守主義。我想知道的一件事是，您談到了一直延續到 27 財年的指導方針的一些內容，例如 60% 的增強收益率。

Just given some of the changes that we've seen with regards to yields, is there anything that you're seeing today, and obviously things can always dramatically change, but anything that you're seeing today that would take you off of your expectation of doubling non-income -- non-GAAP net income by fiscal '27 relative to fiscal '24?

考慮到我們在收益率方面看到的一些變化，您今天看到的是否有任何事情，顯然事情總是會發生巨大的變化，但您今天看到的任何事情都會讓您偏離預期相對於24 財年，27 財年的非收入（非GAAP 淨利）翻倍？

I think there are puts and takes. The short answer is no. That is to say that would remain our view. And what are the puts and takes? It's actually pretty simple.

我認為有放有放。簡短的回答是否定的。也就是說，這仍然是我們的觀點。賣出和賣出是什麼？其實很簡單。

The pluses are the performance of the business. If you look at this quarter, there's -- as Jim likes to say, there's a lot of small green bars, and they obviously add up, right? But a lot of small green bars here, and that's the way you want it. I mean service performed well, interchange performed well. Custodial wasn't the dominant force for once, which is good, but performed just fine. Enhanced rates is going fine.

優點是業務績效。如果你看看這個季度，你會發現——正如吉姆喜歡說的那樣，有很多綠色的小條，而且它們顯然加起來了，對嗎？但這裡有很多小綠條，這就是你想要的方式。我的意思是服務表現良好，交換錶現良好。保管隊一度不再是主導力量，這很好，但表現也不錯。提高費率進展順利。

We had a few bumps. The team worked through those. So sales greater. So I think that's the good stuff. And then the pace at which we're like everyone else, the pace at which rates come down, will have an impact on the business in terms of, for lack of a better term, the pace at which revenues go up and margins.

我們遇到了一些坎坷。團隊解決了這些問題。所以銷售量更大。所以我認為這是好事。然後，我們與其他人一樣的速度，即利率下降的速度，將對業務產生影響，因為缺乏更好的術語，即收入成長的速度和利潤率。

So that's a happy problem to have. but it's one we think about. But I think if I look at it, by and large, we're without trying to reiterate multiyear guidance, there's nothing here that would -- I'm going to say everything here that makes us feel like this was a good commitment to make for the business.

所以這是一個令人高興的問題。但這是我們思考的一個問題。但我認為，如果我看一下，總的來說，我們沒有試圖重申多年的指導，這裡沒有什麼可以——我要說的一切都讓我們覺得這是一個很好的承諾為了生意。

And by the way, I'll say the other thing not to be missed in all of that is, we're doing all this within the envelope of making investments that will grow the business for years beyond that, whether that is something that kind of is very modelable, like the transition to enhance rates, which has a -- forget the short-term impact, has a permanent impact to increasing the value of the business, or something that's harder to model some of the new product stuff we talked about today, the efforts to grow that service revenue minus service cost thing, et cetera, et cetera. Those are all things that are likely to help us well beyond the sort of horizon of that goal. So that's my slightly longer answer.

順便說一句，我要說的是，在所有這一切中，另一件不容錯過的事情是，我們正在做所有這一切，進行投資，這些投資將使業務在未來幾年內得到增長，無論是那種類型的投資是非常可建模的，就像提高費率的過渡一樣，它具有——忘記短期影響，對增加業務價值具有永久性影響，或者對我們談論的一些新產品進行建模更困難關於今天，努力增加服務收入減去服務成本等等。這些都是可能幫助我們遠遠超出該目標範圍的事情。這就是我的稍微長一點的答案。

Great. And then I was just wondering, can Steve comment a little bit in terms of what the chatter is capital held just with regards to? There's various scenarios in terms of how the election could go. But let's take a -- if we have a blue sweep and -- how do you think that ends up impacting decision-making with regards to potentially switching over to HSAs or expanding high deductible healthcare accounts?

偉大的。然後我只是想知道，史蒂夫能否就資本持有的討論內容發表一些評論？選舉的進展有多種情況。但是，讓我們考慮一下——如果我們獲得了藍色的勝利——您認為這最終會如何影響有關可能轉向 HSA 或擴大高免賠額醫療保健帳戶的決策？

Sure, Mark. Good to hear your voice. I think we've always taken the approach that HSA should be more bipartisan than maybe people realize. I mean if you go way, way back, 20 years ago or more, 30 years ago, actually back when Jon was in D.C., a long time ago. Sorry, Jon.

當然，馬克。很高興聽到你的聲音。我認為我們一直認為 HSA 應該比人們意識到的更加兩黨合作。我的意思是，如果你追溯到很久很久以前，20 年前或更早，30 年前，實際上是很久以前喬恩在華盛頓的時候。對不起，喬恩。

See now, Steve. (laughter)

現在看看，史蒂夫。 （笑聲）

Had to do it to you. (laughter) It was a bipartisan effort. I mean, the whole concept of the medical care security account, as I think is what they call it came out of a bipartisan effort. This was back in Tom Daschle days.

不得不對你做這件事。 （笑聲）這是兩黨共同努力的結果。我的意思是，醫療保障帳戶的整個概念，正如我所認為的那樣，是兩黨共同努力的成果。那是在湯姆·達施勒時代。

And fast forward 30 years, we actually have a really nice bipartisan effort that's come forward. And I don't know if you saw it, Mark, but just during the August recess on August 23, while people are off playing around and wherever they were the Hamptons. There were fix congressmen bipartisan from all over the country, Pennsylvania, Utah, California, Nebraska that came together and they put together what's called the HOPE Act.

快進 30 年，我們實際上已經做出了非常好的兩黨努力。我不知道你是否看到了，馬克，但就在 8 月 23 日的八月休會期間，人們都在漢普頓到處玩耍。來自賓州、猶他州、加州、內布拉斯加州等全國各地的兩黨國會議員聚集在一起，制定了所謂的《希望法案》。

You can look it up House Bill 93, 94. It was led by Blake Moore here in Utah and then by Jimmy Panetta in California. And we think there's -- it's a great piece of legislation. And I think it kind of answers your question. Can Democrats and Republicans come together and work on legislation that can really help Americans? And so I think that bill is well positioned, whether it's all blue or all red or half blue and half red or however you think about it.

你可以查一下眾議院第 93、94 號法案。我們認為這是一項偉大的立法。我認為這可以回答你的問題。民主黨和共和黨能否齊心協力製定真正能幫助美國人的立法？所以我認為這張鈔票的位置很好，無論它是全藍還是全紅，或者半藍半紅，或者無論你怎麼想。

Just a note on that, Bill, the way we do the math, there's about 100 million working Americans and about a third of them have access to an HSA, but that means that there's about two-thirds that don't. And there's 70 million American families roughly don't have access to health saving account right now.

比爾，請注意，根據我們的計算方式，大約有 1 億美國工人，其中大約三分之一有 HSA，但這意味著大約三分之二的人沒有。目前約有 7,000 萬美國家庭無法使用健康儲蓄帳戶。

And there's another 70 million Americans that are in Medicare, and they don't have access to an HSA. But the HOPE Act would start to fill some of those gaps. And so keep your eye on that.

還有另外 7,000 萬美國人享有 Medicare，但他們無法獲得 HSA。但希望法案將開始填補其中一些空白。所以請密切注意這一點。

I think it's one that could move, and we're going to be supportive as we can. But I think there's tremendous opportunity to continue to expand this concept of a personally owned portable investable account, like an HSA and some of our other healthcare accounts. But now there's something out there that is a bipartisan effort.

我認為這是一個可能發生的事情，我們將盡我們所能提供支持。但我認為有巨大的機會繼續擴展個人擁有的便攜式可投資帳戶的概念，例如 HSA 和我們的一些其他醫療保健帳戶。但現在有一些事情是兩黨共同努力的。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Hey, good afternoon, guys. Just two quick ones for me. I'll just ask for comments on. Number one is the launch of the share repo, just does the start of the share repo at all change how you guys think about cap deployment? And does it say anything about the price that you guys are seeing for assets in the market?

嘿，下午好，夥計們。對我來說只有兩個快速的。我只是徵求意見。第一個是股票回購的啟動，股票回購的啟動是否會改變你們對上限部署的看法？它是否說明了你們在市場上看到的資產價格？

And then, Jon, maybe just an update on what I'll call like digital wallet, digital card and retail partnerships. And kind of the ability to more seamlessly integrate them into the platform for transactability. Thanks.

然後，喬恩，也許只是我所說的數位錢包、數位卡和零售合作夥伴關係的更新。並且能夠將它們更無縫地整合到平台中以實現可交易性。謝謝。

Yes, maybe I'll take the first one. Yes. So I would not read into any signal about pricing in the market. I think we are the logical buyer of HSA portfolios that come to market. I think what we've -- Jon and I have been pretty consistent about is we are not going to drive assets to market by bidding up the price, right?

是的，也許我會選擇第一個。是的。所以我不會解讀任何有關市場定價的訊號。我認為我們是上市 HSA 投資組合的合理買家。我認為我們——喬恩和我一直非常一致地認為，我們不會透過抬高價格來將資產推向市場，對嗎？

So I think we're very -- we have a disciplined approach to portfolio M&A as evidenced by the BenefitWallet transaction. I think that was quite accretive to the business. And we will continue to aggressively pursue similar opportunities. So it's not reflective of our lack of desire or pricing being out of whack, right?

因此，我認為我們對投資組合併購採取了嚴格的方法，BenefitWallet 交易證明了這一點。我認為這對業務來說是相當有利的。我們將繼續積極尋求類似的機會。所以這並不反映我們缺乏慾望或定價不正常，對嗎？

I think we'll continue to try to add accretive assets to the portfolio. And we have ample capability to do so. So I think of the share repurchases in addition to the strategy that we've been executing.

我認為我們將繼續嘗試在投資組合中添加增值資產。我們有足夠的能力去做。因此，除了我們一直在執行的策略之外，我還考慮了股票回購。

And on your first point -- or on your second point, we're not -- I'll just say this, we're not really waiting for the digitization of the -- meeting for the virtualization of the plastic there. We've created a number of partnerships out there that basically are designed to just make it easier for people to do what they need to do, whether that's with firms that are in the space of helping providers collect member out-of-pocket that's owed. Or things like the folks who buy a lot of HSA or FSA eligible stuff at the end of December and the like and want to do that easily online.

關於你的第一點——或者關於你的第二點，我們不是——我只是說，我們並不是真的在等待塑膠虛擬化的數位化會議。我們已經建立了許多合作夥伴關係，基本上都是為了讓人們更容易做他們需要做的事情，無論是與那些幫助提供者自付費用的公司合作。或者是那些在 12 月底購買大量符合 HSA 或 FSA 資格的東西的人等等，並且希望在網路上輕鬆地做到這一點。

And so we think there's a lot more to do there, but those have been helpful. And they either -- they both tend to reduce service cost and they also feed service revenue a little bit. So that's a good thing. And it's something that we'll continue.

因此，我們認為這方面還有很多工作要做，但這些都是有幫助的。它們要麼——它們都傾向於降低服務成本，同時也增加一點服務收入。所以這是一件好事。我們將繼續這樣做。

Greg Peters, Raymond James.

格雷格彼得斯，雷蒙德詹姆斯。

Thanks. This is Sid on for Greg. Curious on the -- yes, on the enhanced rate product, just thinking about getting to the 60% allocation or most of the assets moving into that product coming from new HSA assets? Or are you also seeing existing members reallocate assets into that product?

謝謝。這是格雷格的席德。對——是的，對提高利率的產品感到好奇，只是考慮達到 60% 的分配，或者大部分資產轉移到該產品中，來自新的 HSA 資產？或者您也看到現有成員將資產重新分配到該產品中？

Yes. Great question there. So yes, this year, primarily, it is new assets. So that's obviously the bulk of that being the BenefitWallet acquisition, a lion's share of that cash went into enhanced rates. It is new members, new clients being added.

是的。這是一個很好的問題。所以，是的，今年主要是新資產。因此，很明顯，其中大部分是對 BenefitWallet 的收購，其中大部分現金都用於提高利率。這是新成員、新客戶的增加。

But you are hitting on the pulse right. That is the next phase in order to get to 60%, we will begin migrating members who are in maturing basic rate contracts. We'll be presenting the enhanced rate option as the default as bank contracts mature. So we're not braking bank contracts to try and move that faster; we're going to operate on the maturity schedule. And that's why it will be a little lumpy, but it's also why we're comfortable with the 60% target that we're on pace there.

但你的脈搏是正確的。下一階段，為了達到 60%，我們將開始遷移基本費率合約到期的會員。當銀行合約到期時，我們將提供增強利率選項作為預設選項。因此，我們並不是為了更快地推進這項進程而終止銀行合約；而是要這樣做。我們將按照到期時間表進行操作。這就是為什麼它會有點不穩定，但這也是為什麼我們對目前的 60% 目標感到滿意。

Something that you said at the Investor Day that's always worth reminding people is that the biggest break on this thing is navigating the maturity of our basic rates agreements. We don't want to be in the position of -- even where it might be profitable to do so -- of breaking these agreements, particularly at a time when bank deposits are thin.

您在投資者日說過的話始終值得提醒人們，這件事上最大的突破是推動我們基本利率協議的成熟。我們不想違反這些協議，即使這樣做可能有利可圖，尤其是在銀行存款較少的時候。

And so we just don't think that's a good look to our regulators or it would be partners in the future. So we've chosen to operate that way by and large. And it's not the presentation or the uptake that's going to keep us from getting there. It's just managing that maturity and liquidity.

因此，我們認為這對我們的監管機構來說並不好，也不會成為未來的合作夥伴。所以我們大體上選擇了這種運作方式。阻礙我們實現這一目標的並不是演示或接受。它只是管理成熟度和流動性。

And then I also wanted to say that I wanted to name one of my kids Sid. And my wife wouldn't let me do it, but I still think it's the coolest. Sid is a solid name. So whatever you do with your life, Sid, it's going to be solid.

然後我還想說我想為我的一個孩子命名為 Sid。我的妻子不讓我這樣做，但我仍然認為這是最酷的。 Sid是一個可靠的名字。所以，無論你的生活做什麼，Sid，它都會是堅實的。

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. Well, I just wanted to take a second. We thought we might have a chance to do this in the Q&A to again, but to thank the team for something we haven't discussed, which is the response to the -- and I'd say here, both our team and our clients and partners for the response to the cyber incident that we disclosed during the quarter.

是的。好吧，我只是想花一點時間。我們認為我們可能有機會在問答中再次這樣做，但要感謝團隊我們沒有討論過的事情，這是對——我想在這裡說，我們的團隊和我們的客戶的回應以及合作夥伴對我們在本季揭露的網路事件的回應。

We were -- I think I personally was truly humbled by the sort of very constructive nature in which folks really focused on supporting members who might need support. And I think this is how it should be done. So that's very much appreciated.

我想我個人對這種非常有建設性的性質感到非常謙卑，人們真正專注於支持可能需要支持的成員。我認為應該這樣做。非常感謝。

And beyond that, go Dolphins. And sitting in Boston, so maybe that wasn't the best idea. But the Dolphins are the strongest September team there is. So it should be good. See you all in a few months. Thank you, everyone.

除此之外，還有海豚。坐在波士頓，所以也許這不是最好的主意。但海豚隊是九月最強的球隊。所以應該不錯。幾個月後再見。謝謝大家。

Thanks, Gary.

謝謝，加里。

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。