Healthequity Inc (HQY) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the HealthEquity third-quarter 2025 earnings conference call.

下午好，歡迎參加 HealthEquity 2025 年第三季財報電話會議。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

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

我現在想把會議交給理查普特南。

Please go ahead.

請繼續。

Thank you, Nick.

謝謝你，尼克。

Hello, everyone.

大家好。

Welcome to HealthEquity's third-quarter of fiscal year 2025 earnings conference call.

歡迎參加 HealthEquity 2025 財政年度第三季財報電話會議。

My name is Richard Putnam, Investor Relations for HealthEquity.

我是 HealthEquity 投資者關係部的 Richard Putnam。

And joining me today is Jon Kessler, President and CEO; Dr. Steve Neeleman, Vice Chair and Founder of the company; James Lucania, Executive Vice President and CFO; Scott Cutler, recently appointed successor President and CEO beginning in January.

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)，執行副總裁兼財務長；斯科特卡特勒 (Scott Cutler) 最近被任命為繼任總裁兼首席執行官，任期從 1 月開始。

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

在將電話轉給喬恩之前，我有幾個提醒。

First, a press release announcing the financial results for our third quarter of fiscal 2025 was issued after the market closed this afternoon.

首先，今天下午收盤後發布了一份新聞稿，宣布了 2025 財年第三季的財務表現。

These financial results include the contributions of our wholly owned subsidiaries and accounts they administer.

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。

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

新聞稿包括我們今天將在此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.

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。

That website is ir.healthequity.com.

網站是 ir.healthequity.com。

Second, our comments and responses to your questions today reflect management's view as of today, December 9, 2024, and will contain forward-looking statements as defined by the SEC, including predictions, expectations, estimates, or other information that might be considered forward-looking.

其次，我們今天對您的問題的評論和答覆反映了截至今天（2024 年12 月9 日）管理層的觀點，並將包含SEC 定義的前瞻性陳述，包括預測、預期、估計或可能被視為前瞻性的其他資訊-看起來。

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

有許多與我們業務相關的重要因素可能會影響今天所做的前瞻性陳述。

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

這些前瞻性陳述存在風險和不確定性，可能導致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.

我們警告不要過度依賴這些前瞻性陳述。

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 in subsequent periodic reports filed with the SEC.

我們也鼓勵您查看對這些因素以及可能影響我們未來業績或股票市場價格的其他風險的討論，詳情請參閱我們最新的 10-K 表格年度報告以及隨後向 SEC 提交的定期報告。

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

我們不承擔根據新資訊或未來事件修改或更新這些前瞻性聲明的義務。

Now over to Mr. Jon Kessler.

現在請喬恩·凱斯勒先生發言。

Thank you, Richard.

謝謝你，理查。

Well done as always.

一如既往地做得好。

Hi, everybody, and happy holidays.

大家好，祝大家節日快樂。

I will briefly discuss Q3's momentum in key metrics, and then we've got a cavalcade of stars.

我將簡要討論第三季關鍵指標的勢頭，然後我們將迎來一眾明星。

Steve, who'll describe post-election paths to health account expansion.

史蒂夫，他將描述選舉後擴大醫療帳戶的路徑。

You're going to want to hear about that.

你一定想聽聽這個。

Jim will detail Q3 financial results, raised FY25 guidance, and preview FY26.

Jim 將詳細介紹第三季的財務表現、上調 25 財年指引並預覽 2026 財年。

I know you're going to hear about that.

我知道你會聽到這個。

And then, we're privileged to have Scott Cutler here with us with a few words of introduction.

然後，我們很榮幸邀請到 Scott Cutler 和我們一起做一些介紹。

Let's get to it.

讓我們開始吧。

In Q3, the team again delivered double-digit year-over-year growth across most key metrics, including revenue, which was plus 21%, adjusted EBITDA plus 24%, and HSA assets plus 33%.

第三季度，該團隊在大多數關鍵指標上再次實現了兩位數的同比增長，包括收入增長 21%、調整後 EBITDA 增長 24%、HSA 資產增長 33%。

HSA members grew 15%, driving total accounts up 8%.

HSA 會員成長 15%，帶動總帳戶成長 8%。

HealthEquity ended Q3 with 16.5 million total accounts, including 9.5 million HSAs, building $30 billion in HSA assets, which is a lot.

截至第三季度，HealthEquity 總帳戶數為 1,650 萬個，其中包括 950 萬個 HSA，建立了 300 億美元的 HSA 資產，這是一個很大的數字。

In fact, the HSA assets increased $7.4 billion year over year.

事實上，HSA 資產年增了 74 億美元。

And we grew the number of our HSA members who invest by 21% year over year, helping to drive invested assets up 58% to $13.6 billion.

我們的 HSA 投資會員數量年增了 21%，幫助推動投資資產成長 58%，達到 136 億美元。

And if you subtract that from $30 million, you know that HSA cash reached $16.4 billion.

如果你從 3000 萬美元中減去這個數字，你就會知道 HSA 的現金達到了 164 億美元。

With sales and digital member education in action, I wanted to say like firing on all cylinders, but there was a lawyer problem with that, so I didn't say that.

隨著銷售和數位會員教育的實施，我想說的是全力以赴，但律師對此有疑問，所以我沒有這麼說。

I'm not even sure what the lawyer problem was.

我甚至不確定律師的問題是什麼。

In any case, Team Purple opened 186,000 new HSAs organically in the quarter, and that's 14% more than Q3 last year.

無論如何，Team Purple 在本季有機地開設了 186,000 個新 HSA，比去年第三季增加了 14%。

Our HSA members added $0.5 billion in assets compared to a $0.6 billion decline in Q3, which is typically a lighter quarter organically.

我們的 HSA 成員增加了 5 億美元的資產，而第三季則減少了 6 億美元，這通常是有機資產減少的季度。

In fact, average HSA balance has grown by double digits over the past 12 months, which is awesome for our members and awesome for our mission.

事實上，在過去 12 個月裡，平均 HSA 餘額增加了兩位數，這對我們的會員來說非常棒，對我們的使命來說也非常棒。

Net CBs were up $0.1 million quarter over quarter, though flat year over year which is a reminder of the impact of CDB comps -- on CDB comps, clearly meaning the wrong thing, of runoff of national emergency accounts.

淨可轉債環比增長 10 萬美元，但同比持平，這提醒人們注意國家緊急帳戶徑流對國開行比較的影響，這顯然意味著錯誤的事情。

This will be the last time I will have to say that, not only because it's my last earnings call, but because we are lapping those comps.

這將是我最後一次這麼說，不僅因為這是我最後一次財報電話會議，而且因為我們正在研究這些比較。

We faced a monster year-over-year new HSA sales comp in Q4.

我們在第四季度面臨與去年同期相比巨大的新 HSA 銷售競爭。

It's a monster.

這是一個怪物。

We had an incredible Q4 last year.

去年我們的第四季表現令人難以置信。

But the team's performance over the first three quarters of fiscal '25 gives it a really good chance to break the full year record for new HSAs, which would be incredible.

但該團隊在 25 財年前三個季度的表現使其有機會打破新 HSA 的全年記錄，這將是令人難以置信的。

Our operations teams were also very busy in Q3, completing the final wave of single card processor consolidation while battling a sophisticated and persistent fraud actor.

我們的營運團隊在第三季度也非常忙碌，完成了最後一波單卡處理器整合，同時與複雜且持續的詐欺行為者作鬥爭。

These broad activities led to excess of both of these kinds of activities, I'm sorry, led to excess onetime service expense, which Jim will detail a top seasonal spend for new partner and client implementations and hiring and training and testing for a successful open enrollment season, which is now very much underway.

這些廣泛的活動導致了這兩種類型的活動過多，很抱歉，導致了一次性服務費用過高，吉姆將詳細說明新合作夥伴和客戶實施以及招聘、培訓和測試的最高季節性支出，以確保成功開放招生季即將到來。

You should feel confident, though, that the underlying trend of service cost reduction through remarkable digital experience continues with AI transforming more member contacts and claims interactions and mobile wallet integration supplanting more plastic.

不過，您應該相信，透過卓越的數位體驗降低服務成本的基本趨勢仍在繼續，人工智慧改變了更多的會員聯繫和索賠互動，行動錢包整合取代了更多的塑膠。

If you have a HealthEquity card and it's not your mobile wallet, you got to do it.

如果您有 HealthEquity 卡，但它不是您的手機錢包，則您必須這樣做。

Time to do it.

是時候去做了。

(inaudible) Jim?

（聽不清楚）吉姆？

Not yet.

還沒有。

Because you don't spend any of it.

因為你一分錢都不花。

No.

不。

Okay.

好的。

All right.

好的。

We need to work on that.

我們需要為此努力。

Richard, you've done it?

理查德，你做到了嗎？

Nope.

沒有。

Steve?

史蒂夫？

Steve's done it.

史蒂夫已經做到了。

Absolutely.

絕對地。

I know Steve's done it.

我知道史蒂夫已經做到了。

(multiple speakers)

（多個發言者）

Okay.

好的。

All right.

好的。

I've done it.

我已經做到了。

It's awesome.

太棒了。

You should do it, too.

你也應該這樣做。

Speaking of busy, it's election day behind us, Steve and the advocacy team are now supporting multiple efforts to expand American's access to personal portable health accounts.

說到忙碌，選舉日已經過去了，史蒂夫和倡導團隊現在正在支持多項努力，以擴大美國航空對個人便攜式健康帳戶的訪問範圍。

Let's hear about it.

讓我們聽聽看。

Steve Neeleman.

史蒂夫·尼爾曼。

Thank you, Jon, as always, a fantastic kickoff then.

謝謝你，喬恩，一如既往，這是一個精彩的開局。

We're going to miss it.

我們會想念它的。

All right.

好的。

Anyway, we now see three approaches to expanding access to personal portable health accounts.

不管怎樣，我們現在看到了三種擴大個人便攜式健康帳戶存取範圍的方法。

These include bipartisan legislation, budget reconciliation by the Republican majority, and rulemaking by the new administration.

其中包括兩黨立法、共和黨多數派的預算協調以及新政府的規則制定。

The bipartisan HOPE Act, formerly known as HR 9394 would enable all Americans with ACA qualified health insurance that isn't HSA-compatible, including all Medicare recipients to save and invest tax-free for medical expenses and it encourages employers to contribute to the savings of low and middle class income employees.

兩黨共同通過的HOPE 法案（以前稱為HR 9394）將使所有持有ACA 合格健康保險但不與HSA 兼容的美國人（包括所有Medicare 受益人）能夠免稅儲蓄和投資醫療費用，並鼓勵雇主為儲蓄做出貢獻中低收入僱員。

Introduced in August by three Democrats and three Republicans.

八月由三名民主黨人和三名共和黨人提出。

The HOPE Act now has the endorsement of the House problem solvers caucus, which includes 32 Democrats and 27 Republicans.

HOPE 法案現已獲得眾議院問題解決核心小組的支持，其中包括 32 名民主黨人和 27 名共和黨人。

HOPE has also been endorsed by diverse interests, including the American Benefits Council, whose members include 430 of the nation's largest employers, a few labor organizations and the US Chamber of Commerce, which is the country's largest business organization.

HOPE 也獲得了不同利益團體的認可，包括美國福利委員會（其成員包括 430 家美國最大的雇主）、一些勞工組織以及美國最大的商業組織美國商會。

Another path is budget reconciliation.

另一條途徑是預算調節。

This has been used by Democratic and Republican majorities in recent years, to pass wide-ranging tax and spending bills because it is not subject to filibuster, and the next Congress is likely to produce multiple reconciliation bills.

近年來，民主黨和共和黨多數派都利用這一點來通過廣泛的稅收和支出法案，因為它不會受阻撓，而且下一屆國會可能會提出多項和解法案。

Also, the HSA Modernization Act and the bipartisan HSA Improvement Act, which were both passed by the House Ways and Means Committee in the current Congress are examples of HSA expansion, the majority can attach to a reconciliation bill.

此外，本屆國會眾議院籌款委員會通過的《HSA現代化法案》和兩黨的《HSA改進法案》都是HSA擴張的例子，多數可以附加到和解法案中。

These two bills would expand HSA access to working seniors on Medicare.

這兩項法案將擴大 HSA 向在職老年人提供醫療保險的機會。

It would also include expansion to VA beneficiaries and Americans with Indian health service coverage, would also provide for HSA funding from unspent FSAs and HRAs, it would raise annual HSA contribution limits as well as making spending from HSAs more flexible and consumer-friendly.

它還將包括擴大到VA 受益人和擁有印度醫療服務覆蓋範圍的美國人，還將為未使用的FSA 和HRA 提供HSA 資金，提高年度HSA 繳款限額，並使HSA 的支出更加靈活和對消費者友好。

And finally, the incoming administration can use its rule-making authority within existing HSA law to expand access to the accounts.

最後，即將上任的政府可以利用現有 HSA 法律中的規則制定權來擴大對帳戶的存取。

For example, by further expanding the wellness and preventative care that HSA-compatible plans may cover outside of the required deductible or recognizing the actual value of insurer contributions to HSAs offered with plans on the ACA exchanges and also approving HSA-compatible plan designs in Medicare Advantage.

例如，透過進一步擴大HSA 相容計劃在所需免賠額之外可能涵蓋的健康和預防性護理，或認識到保險公司對ACA 交換計劃中提供的HSA 繳款的實際價值，並批准Medicare 中的HSA相容計劃設計優勢。

These are all ways that they can do that.

這些都是他們可以做到這一點的方法。

The administration may also expand HSA's eligibility to wellness and fitness expenses.

政府還可能擴大 HSA 的健康和健身費用資格。

Finally, Americans with access that have HSAs make health care more affordable and exhibit more of the healthy behaviors that reduce health care costs.

最後，擁有 HSA 的美國人可以更負擔得起醫療保健，並表現出更多降低醫療成本的健康行為。

Moreover, personally owned portable and investable health accounts are widely popular among young and old, liberal and conservative.

此外，個人擁有的便攜式和可投資健康帳戶在年輕人和老年人、自由派和保守派中廣泛流行。

So we are quite optimistic about legislative and regulatory action to expand access and will continue to support through advocacy, expert advice and credible research.

因此，我們對擴大准入的立法和監管行動非常樂觀，並將繼續透過宣傳、專家建議和可信研究提供支持。

I'll now turn the time over to Jim for our results and guidance.

現在我將把時間交給吉姆，以獲取我們的結果和指導。

Jim, take it away.

吉姆，把它拿走。

Yeah.

是的。

Thanks, Steve.

謝謝，史蒂夫。

Thanks, Jon.

謝謝，喬恩。

I will briefly highlight our fiscal third quarter GAAP and non-GAAP financial results.

我將簡要介紹我們第三財季的 GAAP 和非 GAAP 財務表現。

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

像往常一樣，我們在今天的新聞稿中提供了 GAAP 衡量標準與非 GAAP 衡量標準的調整表。

As a reminder, the results presented here reflect the reclassifications of our income statement we described in our fiscal year 2024 10-K, both for fiscal '24 and '25 for comparison.

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 24 財年和 25 財年進行了比較。

Third quarter revenue increased 21% year over year.

第三季營收年增21%。

Service revenue was $119.2 million, up 4% year over year, reflecting growth in total accounts, HSA investor accounts and invested assets and lower average unit service revenue as product mix continues to shift toward lower headline fee HSAs.

服務收入為 1.192 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，以及由於產品組合繼續轉向較低費用 HSA 導致平均單位服務收入下降。

Custodial revenue grew 41% to $141 million in the third quarter.

第三季託管營收成長 41% 至 1.41 億美元。

The annualized yield on HSA cash was 3.17% for the quarter as a result of higher replacement rates and continued mix shift to enhance rates.

由於更高的替代率和持續的組合轉變以提高利率，本季 HSA 現金的年化收益率為 3.17%。

Interchange revenue grew 15% to $40.3 million, again, notably faster than account growth as members increased contributions and distributions and conducted more payments on HealthEquity's card and platform versus requesting cash reimbursement for payments made off platform.

交換收入再次增長15%，達到4030 萬美元，明顯快於帳戶增長，因為會員增加了捐款和分配，並在HealthEquity 的卡和平台上進行了更多付款，而不是要求對平台外付款進行現金報銷。

Gross profit was of $197 million was 66% of revenue in the third quarter this year, up from 64% in the third quarter last year.

今年第三季毛利為 1.97 億美元，佔營收的 66%，高於去年第三季的 64%。

As Jon mentioned, in addition to seasonal factors, gross profit during the quarter was reduced by approximately $8 million of excess service costs incurred to protect members from and reimburse those impacted by sophisticated fraud activity and to assist members during the final and largest phase of our card processor consolidation.

正如喬恩所提到的，除了季節性因素外，本季的毛利還減少了約800 萬美元的超額服務成本，這些成本是為了保護會員免受複雜詐欺活動的影響並補償那些受到複雜詐欺活動影響的會員，並在我們的最後和最大階段為會員提供幫助。

While the seasonal ramp-up continues as a result of the sales success as Jon discussed, we believe these event-driven costs are largely behind us and expect only modest carryover into Q4.

正如喬恩所討論的那樣，儘管由於銷售成功而導致季節性增長繼續，但我們相信這些事件驅動的成本基本上已經過去，並且預計只會適度結轉到第四季度。

Net income for the third quarter was $5.7 million or $0.06 per share on a GAAP EPS basis and included the $30 million onetime settlement of the WageWorks lease termination lawsuits that we disclosed on Form 8-K in November.

第三季淨利為 570 萬美元，以 GAAP EPS 計算每股 0.06 美元，其中包括我們在 11 月在 8-K 表格中披露的 WageWorks 租賃終止訴訟的一次性和解金額 3,000 萬美元。

Non-GAAP net income was $69.4 million or $0.78 per share versus $0.60 per share last year, which excludes that onetime cost.

非 GAAP 淨利潤為 6,940 萬美元，即每股 0.78 美元，而去年為每股 0.60 美元，其中不包括一次性成本。

Adjusted EBITDA for the quarter was $118.2 million, up 24% compared to Q3 last year, and adjusted EBITDA as a percentage of revenue was 39%, up from 38% in the third quarter last year. but of course, was impacted by the event-driven service costs I referenced earlier.

本季調整後 EBITDA 為 1.182 億美元，較去年第三季成長 24%，調整後 EBITDA 佔營收的比例為 39%，高於去年第三季的 38%。但當然，受到我之前提到的事件驅動服務成本的影響。

Turning to the balance sheet.

轉向資產負債表。

As of quarter end, October 31, 2024, Cash on hand was $322 million as we generated $264 million of cash flow from operations in the first nine months of fiscal year '25.

截至 2024 年 10 月 31 日季度末，手頭現金為 3.22 億美元，因為我們在 25 財年的前 9 個月從營運中產生了 2.64 億美元的現金流。

The company repaid $25 million of revolver borrowings during the quarter, leaving approximately $1.1 billion of debt outstanding net of issuance costs.

該公司在本季償還了 2,500 萬美元的循環借款，扣除發行成本後，未償還債務約 11 億美元。

The company also repurchased $60 million of its outstanding shares during the quarter under the previously announced $300 million authorization, leaving $240 million remaining.

該公司還在本季根據先前宣布的 3 億美元授權回購了 6,000 萬美元的已發行股票，剩餘 2.4 億美元。

Today's fiscal '25 guidance reflects the carryforward of our strong sales trajectory, operational efficiencies resulting from our technology investments and current forward interest rate curves.

今天的 25 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當前的遠期利率曲線的延續。

We expect revenue in a range between $1.185 billion and $1.195 billion.

我們預計營收在 11.85 億美元至 11.95 億美元之間。

GAAP net income in the range of $88 million to $96 million or $0.99 to $1.08 per share and includes the $30 million settlement mentioned earlier.

GAAP 淨利潤範圍為 8,800 萬美元至 9,600 萬美元，即每股 0.99 美元至 1.08 美元，包括前面提到的 3,000 萬美元和解金。

We expect non-GAAP net income to be between $274 million and $281 million or $3.08 and $3.16 per share based upon an estimated 89 million shares outstanding for the year.

我們預計非 GAAP 淨利潤將在 2.74 億美元至 2.81 億美元之間，或每股 3.08 美元至 3.16 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 $470 million and $480 million.

最後，我們預計調整後 EBITDA 將在 4.7 億美元至 4.8 億美元之間。

We now expect the average yield on HSA cash will be approximately 3.1% for fiscal '25.

我們現在預計 25 財年 HSA 現金的平均殖利率約為 3.1%。

As a reminder, we based custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers, a schedule of which is contained in today's release as well as analysis of forward-looking market indicators such as the secured overnight financing rate and mid-duration treasury forward curves.

提醒一下，我們基於 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，以及對前瞻性市場指標（例如擔保隔夜融資利率和中期期限）的分析國庫遠期曲線。

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

當然，這些可能會發生變化，並且不能完美地預測未來市場狀況。

Seasonally, our fourth quarter is usually our highest service cost quarter of the year as are busy onboarding season peaks.

從季節性來看，我們的第四季度通常是一年中服務成本最高的季度，因為這是繁忙的入職季節高峰。

Our guidance also includes additional expected share repurchases under the $300 million repurchase authorization.

我們的指引還包括根據 3 億美元的回購授權進行額外的預期股票回購。

We expect both to return capital to shareholders and reduce revolver borrowings in the remaining quarter of the fiscal year.

我們預計在本財年剩餘季度中，雙方將向股東返還資本並減少循環借款。

With continued strong cash flows and available borrowings on our revolver, we will maintain ample capacity for portfolio acquisitions should they become available.

憑藉持續強勁的現金流和我們左輪手槍的可用借款，我們將保持足夠的能力進行投資組合收購（如果可用）。

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

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

Based on our current full year guidance, we now project a GAAP tax rate for fiscal '25 at about 20%.

根據我們目前的全年指引，我們現在預計 25 財年的 GAAP 稅率約為 20%。

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 the definition of all such items is included at the end of the earnings release.

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。

We're also providing the following initial guidance for fiscal year 2026.

我們也為 2026 財年提供以下初步指導。

We expect revenue to be between $1.275 billion and $1.295 billion.

我們預計營收將在 12.75 億美元至 12.95 億美元之間。

We expect margins will expand with adjusted EBITDA growing to approximately 41.5% to 42.5% of revenue in fiscal 2016.

我們預計，隨著 2016 財年調整後 EBITDA 增至營收的 41.5% 至 42.5% 左右，利潤率將擴大。

This initial guidance is based on an average HSA cash yield range of 3.4% to 3.5%.

此初步指引基於 3.4% 至 3.5% 的 HSA 平均現金收益率範圍。

Based on our outlook of interest rate conditions, current forward interest rate curves for the year ahead and the continued mix shift for basic rates from basic rates to enhanced rates.

基於我們對利率狀況的展望、未來一年當前的遠期利率曲線以及基本利率從基本利率轉變為強化利率的持續組合。

A reconciliation of our adjusted EBITDA outlook for the fiscal year ending January 31, 2026 to net income, its most directly comparable GAAP measure is not included because our net income outlook for this future period is not available without unreasonable efforts that we're unable to predict the ultimate outcome of certain significant items excluded from these non-GAAP measures, such as stock-based compensation expense and income tax provision or benefit.

我們對截至2026 年1 月31 日的財年調整後EBITDA 前景與淨利潤的調節，其最直接可比較的GAAP 指標不包括在內，因為如果沒有我們無法做到的不合理努力，我們就無法獲得未來一段時間的淨利潤前景。

Like all these introductions to other people who people want -- this is the closest any of us are ever going to get to hosting the Oscars.

就像所有這些對人們想要的其他人的介紹一樣——這是我們中最接近舉辦奧斯卡頒獎典禮的一次。

So thanks, Jim.

謝謝，吉姆。

It's now my pleasure genuinely so to introduce Scott Cutler, whom, as you know, or who, as you know, we did that to me -- who, as you know, will succeed me as President and CEO on January 6.

現在我真的很高興向大家介紹斯科特·卡特勒（Scott Cutler），正如你所知，他，或者你知道，我們對我做了這樣的事——如你所知，他將於1月6 日接替我擔任總裁兼執行長。

Given that Scott is still at work managing a smooth transition at StockX, we are super grateful that he is in the office in the saddle joining today's call to introduce himself to you.

鑑於 Scott 仍在 StockX 負責平穩過渡，我們非常感謝他在辦公室裡參加今天的電話會議，向大家介紹自己。

Scott?

史考特？

Thanks, Jon.

謝謝，喬恩。

Thanks, everybody.

謝謝大家。

Great to join Team Purple.

很高興加入紫色團隊。

I am humbled, honored thrilled to be joining HealthEquity at this time, certainly filling some big sneakers from Jon in this transition, pun intended, Jon, I'm excited about three things in joining Team Purple right now.

我很榮幸、很榮幸、很興奮能夠在這個時候加入HealthEquity，當然，在這個轉變中，我肯定會為Jon 提供一些大運動鞋，雙關語，喬恩，我現在對加入紫色團隊感到興奮的三件事。

First, I am inspired by the mission of the company, which was infused into every conversation throughout this process.

首先，我受到公司使命的啟發，這項使命融入整個過程中的每一次對話中。

to save and improve lives by empowering health care consumers.

透過賦予醫療保健消費者權力來拯救和改善生活。

I'm excited to work alongside Steve fulfilling this Mission.

我很高興能與史蒂夫一起完成這項使命。

Second, I'm excited to be joining the leading company in this space and continuing to strive to deliver outperformance in the market.

其次，我很高興能夠加入該領域的領先公司，並繼續努力在市場上取得優異的業績。

Third, I'm excited to be joining the team in this next stage of growth at a time when the future holds so much opportunity for tech innovation.

第三，在未來擁有如此多的技術創新機會之際，我很高興能加入團隊進入下一階段的發展。

My career journey has been defined by digital and technology transformation across various industries, and HealthEquity will be the next chapter in the industry in that journey.

我的職業生涯是由各行業的數位和技術轉型所決定的，而 HealthEquity 將成為該行業這一旅程的下一個篇章。

I'm looking forward to continuing to drive our tech-enabled 3D strategy. first, delivering remarkable experiences.

我期待著繼續推動我們的技術支援 3D 策略。第一，提供卓越體驗。

This is using data science and technology to digitize our remarkable Purple service and education while securing members' assets and information.

這是利用數據科學和技術將我們卓越的 Purple 服務和教育數位化，同時保護會員的資產和資訊。

Second is deepening partnerships using more advanced technologies to connect and extend the competitive advantage of our intelligent integrated ecosystem with our network partners.

二是深化合作關係，利用更先進的技術，連結並擴大我們與網路合作夥伴的智慧整合生態系統的競爭優勢。

And third, driving member outcomes by combining proprietary technology, data science and integrated partnerships to empower members to make better health and financial decisions.

第三，透過結合專有技術、數據科學和綜合合作夥伴關係來推動會員成果，使會員能夠做出更好的健康和財務決策。

I really want to thank Jon, Steve and Team Purple for welcoming me and their support in this transition process.

我真的要感謝喬恩、史蒂夫和紫色團隊對我的歡迎以及他們在這個過渡過程中的支持。

I'm excited to be working with the team to deliver on our commitments to partners, clients and members to our investors, to each of you.

我很高興能與團隊合作，兌現我們對合作夥伴、客戶、會員、投資者和你們每個人的承諾。

I look forward to meeting many of you in upcoming conferences and reporting to you our progress towards our outlined objectives.

我期待在即將舉行的會議上與你們中的許多人見面，並向你們報告我們在實現既定目標方面取得的進展。

Thanks, Scott, and a nice start on the puns, well done, the company may continue.

謝謝，斯科特，雙關語的良好開端，幹得好，公司可以繼續下去。

Let's go to Q&A.

讓我們進入問答環節。

Operator?

操作員？

(Operator Instructions) Gregory Peters, Raymond James.

（操作員說明）Gregory Peters、Raymond James。

Well, good afternoon, everyone.

嗯，大家下午好。

Good afternoon.

午安.

Let's have it.

讓我們來吧。

Let us have it, man.

讓我們擁有它吧，夥計。

Come on.

快點。

Let you have it.

讓你擁有它。

Well, I have one question in seven parts.

嗯，我有一個問題，分成七個部分。

Jon, that will give you an opportunity to give me along with, I'm sure, a number of the other sell-side analysts are hard time for the remainder of the hour.

喬恩，這將給你一個機會，讓我和其他一些賣方分析師一起在剩下的時間裡度過難關。

Welcome aboard, Scott.

歡迎加入，斯科特。

My one question in several parts is the big picture is the revenue guidance on fiscal year '26.

我在幾個部分中提出的一個問題是，總體情況是 26 財年的收入指導。

If I'm not mistaken, it's probably a little bit below consensus, reflects high single-digit year-over-year growth.

如果我沒記錯的話，它可能略低於共識，反映出較高的個位數年成長。

So maybe you could give us some color on the several parts that are comprising the fiscal year '26 guidance.

因此，也許您可以為我們介紹 26 財年指導的幾個部分。

Do you want to take this one first?

你想先拿這個嗎？

Sure.

當然。

Well, yeah, I think on the main port -- like the key part of the guide is our expectation on the custodial yield, right?

嗯，是的，我認為在主要港口 - 就像指南的關鍵部分是我們對託管收益率的預期，對嗎？

[3.25%, 3.5%] I think it's the logical build.

[3.25%, 3.5%] 我認為這是合乎邏輯的建構。

You have the refresh of our HSA cash maturity schedule.

您可以更新我們的 HSA 現金到期時間表。

You see what's maturing.

你會看到什麼正在成熟。

You see where the five-year is today and a reasonable premium to that placed in a combo of enhanced in basic rates.

您可以看到今天的五年期利率，以及與增強基本利率組合相比的合理溢價。

So the pickup on those maturing assets is not as big, so call it roughly $4 billion being replaced in the next year for round numbers at today's rates and you're rolling off roughly 3.2% average rate.

因此，這些到期資產的回升幅度並不大，因此，以今天的利率計算，明年大約有 40 億美元被替換，平均利率約為 3.2%。

So I think you can do that math and comfortably get inside our range there.

所以我認為你可以做一下數學計算並輕鬆地進入我們的範圍內。

And I think on the other main line, like we are significantly outperforming in the interchange line.

我認為在另一條主幹線上，我們在轉乘線上的表現明顯優於我們。

Big step-up in spend per account, right?

每個帳戶的支出大幅增加，對吧？

Remember that we consider that as service revenue.

請記住，我們將其視為服務收入。

You'd expect it to normally grow with account growth, ex COBRA, which doesn't have a card.

您預計它通常會隨著帳戶的增長而增長，例如 COBRA，它沒有卡。

But this year, we're really outperforming that.

但今年，我們的表現確實超越了這個水準。

And so I think it's prudent for us to be cautious about future contributions and spend in that line.

因此，我認為我們對未來的捐款和這方面的支出持謹慎態度是明智的。

We're seeing contributions up.

我們看到貢獻不斷增加。

We're seeing spend up.

我們看到支出不斷增加。

We're seeing average ticket up.

我們看到平均票價上漲。

We're seeing usage of the card versus reimbursements up and I think it's reasonable to expect that to dial back down in the forward year.

我們看到該卡的使用率與報銷率有所上升，我認為預計這一比例在未來一年會回落是合理的。

And then don't forget, we've had tremendous, tremendous market action this year that you can't just annualize and roll forward into the next year.

然後不要忘記，今年我們已經發生了巨大的市場變化，你不能只是將其年化並滾動到下一年。

So bringing all of those drivers back into expected normalized growth, I think they'll come out to something close to what we just guided you to.

因此，將所有這些驅動因素帶回預期的正常成長，我認為它們的結果將接近我們剛剛指導您的結果。

Yeah.

是的。

And I would just add, just conceptually you always talk about outgrowing the market and then outgrowing our top line on bottom line and top line.

我想補充一點，從概念上講，你總是談論超越市場，然後超越我們的淨利潤和營收。

And I think here, what we've tried to do is we always do with this first guide.

我認為，我們一直在嘗試做的就是我們始終使用第一個指南。

We've only been doing the first guide for, what, three years earlier, and we started it during COVID.

我們三年前才開始製作第一個指南，並且是在新冠疫情期間開始的。

And we always have this challenge that is what we try to do is we guide at this point to what we see.

我們總是面臨這樣的挑戰，那就是我們試圖做的就是我們在這一點上引導我們所看到的。

And so what Jim is -- and I think that's particularly true this year because I'm not going to write checks that I can't cash that I'm not going to be around to deal with, I messed up the metaphor but you know what I'm saying.

所以吉姆是什麼——我認為今年尤其如此，因為我不會寫我無法兌現的支票，我不會在場處理，我搞砸了這個比喻，但你知道我在說什麼。

And so when you really look at it, the yield is yield.

所以當你真正審視它時，產量就是產量。

We've given you the data that you can compute it and based on Q3 and if you're -- if you do the math, you're going to get -- you're going to understand our range pretty well.

我們已經為您提供了可以計算的數據，並且基於第三季度，如果您——如果您進行數學計算，您將會得到——您將很好地理解我們的範圍。

And if someone wants to ask about that, we can walk through it.

如果有人想問這個問題，我們可以討論一下。

That really leaves, I think, two variables that Jim highlighted that we're going to learn more about it, and I'll maybe add a third.

我認為，這確實留下了吉姆強調的兩個變量，我們將更多地了解它，我可能會添加第三個變量。

But the first is actual average cash, right?

但第一個是實際平均現金，對吧？

Over the course of this last year, we've wobbled a bit in terms of an item is difficult to forecast, which is the amount of cash that goes into investments versus not.

在去年的過程中，我們在一個難以預測的項目方面有點搖擺不定，即用於投資的現金數量與不用於投資的現金數量。

Right now, we have a rip in market.

現在，我們的市場出現裂痕。

And the result of that, in my mind, has been some excess flow relative to our expectations, and that was certainly true earlier in the year.

在我看來，其結果是流量相對於我們的預期有所過剩，今年稍早確實如此。

I think maybe a little less so late in the last quarter.

我認為上個季度這麼晚的情況可能會少一些。

But nonetheless, that's something that's very hard for us to forecast.

但儘管如此，這對我們來說是很難預測的。

And so what we'd rather do is, let's give it a little time before we give our first true guidance.

因此，我們寧願做的是，在給出第一個真正的指導之前，先給它一點時間。

And the second thing that Jim mentioned is interchange.

吉姆提到的第二件事是交換。

And we had a tremendous year on interchange at least up through three quarters this year.

今年至少有四個季度的時間裡，我們在交流方面度過了精彩的一年。

And it's a function of a lot of little things.

這是很多小事的作用。

But as many good things are, and the team has really worked on this.

但正如許多好事一樣，團隊也確實在這方面做出了努力。

But ultimately, we can't -- what we'd rather see is let's -- and we can, let's see how January goes as part of the fourth quarter and whatnot, and that will give the team an opportunity to refine.

但最終，我們不能——我們更願意看到的是——我們可以，讓我們看看一月份作為第四季度的一部分以及諸如此類的事情會如何進行，這將為團隊提供一個改進的機會。

I think if I throw in on top of those two things, just total account growth where you all can make your assessments.

我想如果我把這兩件事加上去的話，那就是總帳戶成長，大家都可以做出評估。

I think you should be able to get to a place that you feel is totally reasonable for fiscal '26.

我認為您應該能夠達到您認為 26 財年完全合理的水平。

Was that one part of the multi part?

這是多部分的一部分嗎？

Or was that the multi part.

或是多部分。

I think -- that was the multipart.

我想——這就是多部分的。

Thanks for the answer.

感謝您的回答。

Good luck, Jon.

祝你好運，喬恩。

Thank you.

謝謝。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

All right.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

Jon, of course, wishing you best in retirement.

喬恩，當然，祝你退休後一切順利。

I just want to say your insights and jovial flare that you brought to the earnings calls will be missed.

我只想說，我們將懷念您在財報電話會議上帶來的見解和熱情。

I do have the two follow-up questions actually on what Jim just discussed.

我確實有兩個關於吉姆剛才討論的後續問題。

Well, first, as it relates to the custodial revenue.

嗯，首先，因為它與託管收入有關。

As we think about next year, I believe there is some wage work assets there.

當我們考慮明年時，我相信那裡有一些工資工作資產。

And I'm just curious, is the pacing of the reset for fiscal year '26 assets in any way different than what we've seen this past year?

我只是很好奇，26 財年資產重置的節奏與我們去年看到的有什麼不同嗎？

And the follow-up is, I'll just throw it in it right now.

後續行動是，我現在就把它丟進去。

The follow-up is if we think about interchange revenue, just touched on that, it wasn't surprising to see, I guess, a sequential decrease in revenue, 10% quarter-on-quarter, but gross margin went up, I think, over 400 basis points.

後續是，如果我們考慮交換收入，我想，看到收入連續下降，季度環比下降 10%，並不奇怪，但我認為毛利率上升了，超過400個基點。

Can you just talk about what drove the significant increase in the gross margin line?

能簡單談談是什麼推動了毛利率線的大幅成長嗎？

Thanks.

謝謝。

Okay.

好的。

Yeah, let me take the first part first.

是的，讓我先講第一部分。

And yes, well, obviously, there are some wage works assets that were placed more in the middle of -- or will be replaced more in the middle of '26 than like a typical year.

是的，顯然，與往常相比，有些工資工作資產在 26 年中期被放置得更多，或者將在 26 年中期被替換。

Obviously, '25, we had a big slug of wage -- of a benefit wall of cash that came in.

顯然，25 歲時，我們的薪水很高——有大量的現金福利。

So this is not quite a normal year of placements either.

所以今年也不是一個正常的安置年份。

But I will -- like one thing that we are definitely taking advantage of is seeing those big billion slugs of maturities in the next couple of years.

但我會——我們肯定會利用的一件事是在未來幾年內看到數十億美元的到期。

We will take the opportunity and have taken the opportunity to pull forward some of those repricings.

我們將利用這個機會，並且已經利用這個機會來推進其中一些重新定價。

And so when the market gives us that opportunity, like we treat that as a hedge without having to purchase a hedge from all of your -- the banking side of all of your houses.

因此，當市場給我們這個機會時，我們會將其視為對沖，而不必從您所有房屋的銀行方面購買對沖。

So we have taken advantage of that, and we will continue to take advantage of that if the market gives us that opportunity.

所以我們已經利用了這一點，如果市場給我們這個機會，我們將繼續利用這一點。

So expect to see some of those maturities pulled forward and therefore, reinvested earlier than the maturity date.

因此，預計其中一些到期日會提前，因此會在到期日之前進行再投資。

So I think that derisks as we've talked about many times, like this is $7 billion maturing over the next two fiscal years in very large slugs like that is one of our largest market risks.

因此，我認為，正如我們多次討論過的那樣，我們最大的市場風險之一就是在未來兩個財年到期的 70 億美元的大筆資金。

It's not that the -- it's hard to move the corpus that's invested.

這並不是說——很難移動所投資的語料庫。

The yield on that is pretty well known, right?

其收益率是眾所皆知的，對吧？

But those -- but the five-year treasury on any point in time, 24 months out, I don't have a clue what that's going to be.

但那些——但 24 個月後的任何時間點的五年期國債，我都不知道那會是什麼。

And if I can have a clue, well, it's

如果我能找到線索的話，那就是

--

--

Like the first clue in the Scooby Doo.

就像《史酷比》中的第一條線索。

It's not the last -- definitely not the last clue.

這不是最後一條——絕對不是最後一條線索。

All I know is whatever I forecast that rate to be or the forward curve forecast that rate to be, it's going to be wrong.

我所知道的是，無論我預測的利率是什麼，或者遠期曲線預測的利率是什麼，它都會是錯誤的。

So to the extent we can pull forward some of that, we'll do that.

因此，只要我們能夠推進其中的一些工作，我們就會這樣做。

But -- and we're going to keep pushing that transition to enhance rates forward over time.

但是，我們將繼續推動這一轉變，以隨著時間的推移提高利率。

But yet.

但還沒有。

Like I'd like to get to that finish line as fast as possible.

就像我想盡快到達終點一樣。

And sorry

抱歉

--

--

You want me to take the second part?

你想讓我拍第二部嗎？

Yeah, sure, the gross margin.

是的，當然，毛利率。

Yeah.

是的。

So fundamentally, I mean, the thing that is driving higher gross margin in the aggregate is the mix shift to HSAs and fundamentally.

所以從根本上來說，我的意思是，推動整體毛利率提高的因素是向 HSA 的混合轉型，從根本上來說。

And we've been saying that for quite a while, and it's been true for quite a while.

我們已經這麼說了很長一段時間了，而且這也確實是事實。

I think if I focus in on this quarter, as both of us commented on in the text, the -- there are some things that caught us a little bit.

我認為，如果我專注於本季度，正如我們倆在文中評論的那樣，有些事情讓我們有點著迷。

That's also why we guide the way we guide is because as we've said many times, there's only one tail there.

這也是我們引導的方式的原因，因為正如我們多次所說的，那裡只有一條尾巴。

So -- but fundamentally, -- what's happening is that -- two things are happening simultaneously.

所以——但從根本上來說，——正在發生的事情是——兩件事同時發生。

You've got the HSA is outgrowing the rest of the business.

HSA 的成長速度超過了其他業務。

Command HSAs are becoming more valuable, period.

指揮 HSA 正變得越來越有價值。

And that's a function of enhanced rates.

這是提高費率的函數。

It's a function of coming out of the COVID period, et cetera.

這是走出新冠疫情時期等的一個功能。

And so -- and that process still has a ways to go.

所以——這個過程還有很長的路要走。

So we said early on that we thought that we would bring EBITDA margins into the 40s and fiscal '25 died implies exactly that.

因此，我們很早就說過，我們認為我們會將 EBITDA 利潤率提高到 40 多歲，而 25 財年的消亡恰恰意味著這一點。

Glen Santangelo, Jefferies.

格倫桑坦傑洛，傑弗里斯。

Yeah.

是的。

Thanks for taking my question, and Jon, good luck in retirement.

感謝您提出我的問題，喬恩，祝您退休好運。

I did want to ask you and Steve about this Hope Act.

我確實想問你和史蒂夫關於《希望法案》的事。

I mean, essentially, could you give us a sense for maybe how big the TAM is for HSA accounts today?

我的意思是，本質上，您能否讓我們了解一下今天 HSA 帳戶的 TAM 有多大？

And then, Steve, based on your understanding of the Hope Act, how much you think that TAM expands.

然後，Steve，根據您對《希望法案》的理解，您認為 TAM 擴展了多少。

And then, Jon, I don't know if you've had any conversations with anyone on the hill.

然後，喬恩，我不知道你是否與山上的任何人進行過任何對話。

I don't know how you handicap the likelihood of this moving forward or how you expect this to play out in the new administration in 2025.

我不知道您如何阻礙這一進展的可能性，也不知道您期望這在 2025 年新政府中如何發揮作用。

Thanks.

謝謝。

Steve, why don't you get started on this one?

史蒂夫，你為什麼不開始做這個呢？

Sure.

當然。

Thanks, Glen.

謝謝，格倫。

Yeah.

是的。

So I mean, look, as we watched this for the last 20 years, we have a pretty good handle on the TAM, of HSA is headed.

所以我的意思是，看，正如我們在過去 20 年中觀察到的那樣，我們對 TAM 和 HSA 的發展有很好的把握。

And we've always said that we think a market maturity going, it will be around 60 million, 65 million accounts.

我們一直說，我們認為市場正在成熟，帳戶數量將達到 6,000 萬至 6,500 萬左右。

It's in that same range of where you see employer-sponsored retirement accounts land.

它與雇主資助的退休帳戶的範圍相同。

But there's over 100 million households in the United States, 120 million households.

但美國有超過1億個家庭，1.2億個家庭。

And so we've really tried to dig in and say who could benefit from personal portable accounts that can't either because they're in a government plan.

因此，我們確實試圖深入探討哪些人可以從個人便攜式帳戶中受益，而哪些人也不能從個人便攜式帳戶中受益，因為它們屬於政府計劃。

I have a good buddy of mine that used to fly Black Hawk helicopters.

我有一個好朋友，曾經駕駛過黑鷹直升機。

And after 20 years in the military, came out and went -- took us first private sector job at age 45 and they offered him HSA and he you couldn't have it, it's ridiculous.

在軍隊服役 20 年後，他在 45 歲時出櫃並離開，為我們提供了第一份私營部門的工作，他們為他提供了 HSA，但他卻得不到，這太荒謬了。

And so -- because he was disqualified because he has access to military coverage.

所以——因為他被取消了資格，因為他可以獲得軍事報道。

And so long story short is we think that this will increase the TAM from where we think even if HSAs keep growing because there are some differences we can talk about HSAs and what the legislators have proposed with the HOPE Act, there's some slight differences, not the least of which is that any ACA credible coverage can have a hope account, whereas with an HSA, you have to be in this high deductible plan.

長話短說，我們認為即使 HSA 繼續增長，這也會增加 TAM，因為我們可以談論 HSA 和立法者在 HOPE 法案中提出的建議，有一些細微的差異，而不是最重要的是，任何ACA 可信保險都可以有一個希望帳戶，而對於HSA，您必須加入這個高免賠額計劃。

But we think it could increase the TAM by as much as 40 million to 45 million households in these, which would be really exciting for people that are on Medicare, even Medicaid TRICARE, any health services, et cetera.

但我們認為這可以使 TAM 增加多達 4000 萬至 4500 萬個家庭，這對於享受 Medicare、甚至 Medicaid TRICARE、任何醫療服務等的人來說確實令人興奮。

And then there's just a bunch of union plans and things like that, that do not offer high-deductible plans.

然後只有一堆工會計劃和類似的東西，不提供高免賠額計劃。

Exchanges, there's a lot of people that go into exchanges and I think well, I'm going to jump into an HSA too, but because of the way the plans set up on an exchange, they can't have an HSA.

交易所，有很多人進入交易所，我想，我也打算加入 HSA，但由於交易所製定的計劃的方式，他們無法擁有 HSA。

So that's the big picture.

這就是大局。

We think it takes the TAM from the total addressable market of these personally owned portable investable accounts from $60 million, $65 million accounts to over $100 million.

我們認為，這將使這些個人擁有的便攜式可投資帳戶的總潛在市場中的 TAM 從 6,000 萬美元、6,500 萬美元帳戶增加到超過 1 億美元。

Jon, did you want to add something else, and we can talk a little bit about the sausage-making out there that's going on that we're seeing, but did you want to add anything?

喬恩，你想添加其他東西嗎？ 我們可以談談我們正在看到的香腸製作過程，但是你想添加什麼嗎？

Well why don't you comment on that?

那麼為什麼不對此發表評論呢？

Go ahead.

前進。

Yeah.

是的。

So I mean, look, we were thrilled in the middle of the August recess legislators came together and they introduced the bill, and they've been working on it for a couple of years.

所以我的意思是，看，我們很高興在八月休會期間立法者聚集在一起，他們提出了該法案，並且他們已經為此工作了幾年。

They were certainly talking to the industry and saying, what can we do to get more people covered because out-of-pocket expenses are real.

他們當然是在與業界交談，並說，我們可以做些什麼來讓更多的人得到保障，因為自付費用是真實存在的。

The average deductible for a family, Glen, in a PPO plan that is not HSA qualified is about $3,000.

Glen 一個家庭在不符合 HSA 資格的 PPO 計劃中的平均免賠額約為 3,000 美元。

It's real money to an American family when the median household income in this country is about $70,000.

當美國家庭收入中位數約為 7 萬美元時，這對一個美國家庭來說是一筆真金白銀。

It's a lot of money, $3,000.

這是很多錢，3000美元。

The median -- I'm sorry, the average deductible for someone in a high deductible plan, an HSA Qualified plan is about $5,000.

中位數 - 抱歉，參加高免賠額計劃（HSA 合格計劃）的人的平均免賠額約為 5,000 美元。

So it's higher but still $3,000, $5,000 a lot of money for people.

所以價格更高，但 3,000 美元、5,000 美元對人們來說仍然是很多錢。

And so legislators know that.

所以立法者知道這一點。

They know how to pocket expenses are very, very costly.

他們知道如何節省開支是非常非常昂貴的。

And so they've been looking for different ways to do this.

因此，他們一直在尋找不同的方法來做到這一點。

And so they came together, they talk to their colleagues in Congress.

於是他們聚集在一起，與國會的同事交談。

They talk to people on the other side of the aisle.

他們與過道另一邊的人交談。

And so when the house introduced, these house members introduced the bill back in August, we were pretty pleased.

因此，當眾議院提出該法案時，這些眾議院成員在八月提出了該法案，我們非常高興。

And then it's been neat to see more and more have added.

然後很高興看到越來越多的內容被添加。

I think there's now over 20 bipartisan legislators.

我認為現在有超過 20 名兩黨立法者。

It's right down the middle of Republicans and Democrats that are supporting this thing.

共和黨人和民主黨人都支持這件事。

And then they did a vote in the problem solvers coccus about 60 legislators there that weighed in.

然後他們對問題解決者進行了投票，大約 60 名立法者參與了投票。

And again, very bipartisan group.

再說一次，這是一個非常兩黨合作的團體。

They're right in the middle, which when you look at the count numbers in Congress, and we're basically even with a few folks that are waiting to see if they can get appointed that have given up their seats.

他們就在中間，當你看看國會的計票數字時，我們基本上與一些正在等待是否可以被任命的人已經放棄了席位。

I mean, it's a 50-50 split.

我的意思是，這是 50-50 的分配。

That means when you get a block of 60 legislators in the middle that actually want to get some stuff done.

這意味著當中間有 60 名立法者實際上想要完成一些事情時。

It's pretty encouraging.

這非常令人鼓舞。

And then we're starting to see a lot of other groups come in, as I mentioned in my prepared remarks, like American Benefits Council and some labor groups and things like that, that are coming in and saying, hey, we think this is a great idea.

然後我們開始看到很多其他團體進來，正如我在準備好的演講中提到的那樣，例如美國福利委員會和一些勞工團體以及類似的組織，他們進來並說，嘿，我們認為這是一個好主意。

So with that type of momentum, then the question is, well, how do you get this done?

因此，有了這種動力，那麼問題是，如何完成這件事？

And there's going to be stuff that will start moving.

並且將會有一些東西開始移動。

Obviously, you need to see the new Congress in January.

顯然，你需要在一月份看到新國會。

And then it's where can you find a bill that can help tens of millions of Americans that hopefully will not break the budget, and that's where we think the HOPE act can fit that bill.

然後你可以在哪裡找到一項可以幫助數千萬美國人的法案，希望不會超出預算，而這就是我們認為 HOPE 法案可以滿足該法案的地方。

They still need to go through a scoring process and finalize that.

他們仍然需要經歷評分過程並最終確定。

But the score should be lower than what we've seen in some of the other HSA expansion stuff just because of the nature of the HOPE account.

但由於 HOPE 帳戶的性質，該分數應該低於我們在其他一些 HSA 擴展內容中看到的分數。

But I think that hopefully gives you a little bit of an overview and happy to ask -- take another question or Jon, and I certainly refer to you since you've been in the middle of that sausage factory.

但我認為這希望能給你一點概述，並很樂意提出問題——再問一個問題，或者喬恩，我當然會提到你，因為你一直在那個香腸工廠中間。

There's a young graduate.

有一個年輕的畢業生。

Jon was making

喬恩正在做

(multiple speakers)

（多個發言者）

Richard doesn't want me to talk any more about this, but I'm going to.

理查不想讓我再談論這件事，但我還是要說。

(inaudible)

（聽不清楚）

I am.

我是。

But I want -- I'm going to say something different, okay?

但我想說──我要說一些不同的話，好嗎？

But you're right, this is totally selling through the well -- put something that the inverse of what Steve just said is what happens when somebody out-of-pocket expenses, which every commercial plan in the United States has, right, which Medicare has, et cetera, et cetera, right?

但你是對的，這完全是透過井銷售——與史蒂夫剛才所說的相反，當有人自付費用時會發生什麼，美國的每個商業計劃都有，對，這醫療保險有等等，對吧？

And they don't have access to one of these kinds of accounts.

他們無權存取其中一種帳戶。

The answer is for every dollar that you're paying out of pocket, you almost have to earn to right?

答案是，你自掏腰包付的每一美元，你幾乎都必須賺到，對嗎？

When you get through with the tax -- the federal taxes, the state taxes, the payroll taxes, social security taxes, right?

當你完成稅收時——聯邦稅、州稅、工資稅、社會安全稅，對嗎？

Uncle Same, take a bite.

一樣的叔叔，咬一口。

And that's one of the reasons by the pain of out-of-pockets without access to these accounts or without using the well seems so disproportionate because you actually have to earn so much more to do it.

這就是原因之一，因為無法存取這些帳戶或不使用井而自掏腰包的痛苦似乎是不成比例的，因為你實際上必須賺更多的錢才能做到這一點。

It's just crazy that we would not be giving people this access, and it's time to do it.

我們不向人們提供這種訪問權限真是太瘋狂了，現在是時候這樣做了。

And so that emotional visceral what if we don't do this, right, plus Steve's very tactical, he's really gotten into this very tactical how do we do it?

因此，如果我們不這樣做，內心情感會怎樣，對吧，再加上史蒂夫非常有策略，他真的很注重這種戰術，我們該怎麼做？

It's the thing that led me to make, I think, pretty positive comments about this last quarter, which I believe this quarter even more so.

我認為正是這一點讓我對上個季度做出了相當積極的評價，我相信本季更是如此。

Thanks, Glen.

謝謝，格倫。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good afternoon.

午安.

Thanks for taking questions.

感謝您提出問題。

Jon, I'm going to miss the one liners.

喬恩，我會想念那些單行線的。

So congrats on the retirement.

所以恭喜你退休了。

One question for Steve.

有個問題想問史蒂夫。

Going back to the potential Medicare expansion.

回到潛在的醫療保險擴張。

Can you remind us just how that could theoretically work for HealthEquity?

您能否提醒我們這在理論上如何適用於 HealthEquity？

How should we think about your exposure to employers with Medicare populations as well as your exposure to health plan populations that have access to Medicare.

我們應該如何考慮您與擁有 Medicare 人群的雇主的接觸以及您與有權享受 Medicare 的健康計劃人群的接觸。

Trying to understand how is the selling process to this type of population different or the same relative to your current customer base?

嘗試了解針對此類人群的銷售流程與您目前的客戶群有何不同或相同？

Thanks, Allen.

謝謝，艾倫。

Great question.

很好的問題。

So we get questions every day in our service center about that 65-year-old that inadvertently enrolled in Medicare Part A because Medicare told them we needed to or she needed to maintain their Medicare rates, but it turns out they really didn't need to, and now they're making contributions into an HSA and they're doing the role, so they're ineligible.

因此，我們的服務中心每天都會收到關於那位 65 歲老人無意中加入 Medicare A 部分的問題，因為 Medicare 告訴他們我們需要或她需要維持他們的 Medicare 費率，但事實證明他們真的不需要到，現在他們正在向HSA 捐款並且他們正在履行這一職責，所以他們沒有資格。

And so there'll be an immediate savings to be able to say, hey, look, we can rectify that situation.

因此，可以立即節省資金，以便能夠說，嘿，看，我們可以糾正這種情況。

And really, that would remain true -- I mean, they could roll -- we could say, let's get those dollars into a HOPE account or even with the HSA expansion efforts to pass the House Ways and Means Committee next year, that would help those working seniors that are in Medicare.

事實上，這仍然是事實——我的意思是，他們可以滾動——我們可以說，讓我們把這些美元存入HOPE 帳戶，甚至通過HSA 的擴張努力來明年通過眾議院籌款委員會，這將有所幫助那些參加醫療保險的在職老年人。

That was included in the bill that was passed through the House Ways and Means Committee.

這已包含在眾議院籌款委員會通過的法案中。

So in either one of those avenues, we feel confident we could ramp up pretty quickly to take care of those folks.

因此，無論透過哪一種途徑，我們都相信我們可以很快地加強努力來照顧這些人。

As far as broader distribution, we -- as you know, HealthEquity we're very lucky and blessed to have the largest group of partners, health plan partners in the United States.

就更廣泛的分銷而言，我們—如您所知，HealthEquity 我們非常幸運和幸運，擁有美國最大的合作夥伴群體，即健康計劃合作夥伴。

We've talked a lot about these.

關於這些我們已經談了很多了。

In the past, many, many hospital systems and hospital system owned health plans and the Blues Association were -- these are some of our closest partners and most of these are nonprofits.

過去，許多許多醫院系統和醫院系統擁有健康計畫和藍調協會——這些是我們最親密的合作夥伴，其中大多數是非營利組織。

Most of these folks do have Medicare populations, pretty significant Medicare populations.

這些人中的大多數人都有醫療保險人口，相當多的醫療保險人口。

In fact, I would tell you that most of our health plans, if you ask them, what is your fastest-growing book of business, at least one of them in the top couple would be Medicare, MA, and the like.

事實上，我會​​告訴你，我們大多數的健康計劃，如果你問他們，你成長最快的業務範圍是什麼，其中至少有一個是醫療保險、MA 等。

And so we would use our same distribution channel, which is fantastic.

因此，我們將使用相同的分銷管道，這非常棒。

We would go to them and say, look, we think we've built a great chassis to sell more commercial products.

我們會去找他們說，看，我們認為我們已經製造了一個很棒的底盤來銷售更多的商業產品。

And now -- we've got HOPE accounts are now part of the equation or the expanded Medicare HSAs that we've mentioned, and let's go after this.

現在 - 我們已經有了 HOPE 帳戶，現在它已經成為我們提到的擴展 Medicare HSA 的一部分，讓我們繼續努力。

And so as a company that thinks about this thought leader, I mean, our people are thinking about it every day.

因此，作為一家考慮這位思想領袖的公司，我的意思是，我們的員工每天都在考慮這個問題。

We have to be very thoughtful about spending money that until this legislation's passed, but I can tell you, there's a lot of thinking about it.

在這項立法通過之前，我們必須非常謹慎地花錢，但我可以告訴你，我們對此進行了很多思考。

That's for sure.

這是肯定的。

Thank you, Steve, and thanks, Allen.

謝謝你，史蒂夫，謝謝你，艾倫。

Anne Samuel, JPMorgan.

安妮‧塞繆爾，摩根大通。

Hi, guys.

嗨，大家好。

Thanks for the question.

謝謝你的提問。

I'm hoping -- I know you're not providing guidance at this point, but was hoping maybe you could just speak qualitatively to how you're selling season wrapped up?

我希望——我知道你現在沒有提供指導，但希望你能定性地談談你如何銷售季節結束的？

And was there anything notably different this year versus prior years?

今年與往年相比有什麼顯著不同嗎？

Yeah.

是的。

So let me say, first of all, as we just repeat first comment, careful observers will note that this is the first time I've ever made a comment in 50-plus of these things about a future sales number.

所以我要說的是，首先，當我們重複第一條評論時，細心的觀察者會注意到，這是我第一次對未來銷售數字的 50 多項這樣的事情發表評論。

I did it obliquely -- is that the right word?

我是間接地這樣做的──這個詞正確嗎？

I'm too sweet.

我太甜了

I don't know, one of those words completely one of those.

我不知道，其中一個字完全是其中之一。

I did it.

我做到了。

And I think that does reflect the view that we feel.

我認為這確實反映了我們的感受。

If you had asked us at the beginning, well, you did at the beginning or maybe it was Mark on who did.

如果你一開始就問過我們，那麼你一開始就問了，或者也許是馬克問的。

But somebody asked us at the beginning of the year, how we felt about the year-on-year sales comp, we said it was a very tough comp.

但年初有人問我們，我們對年比銷售對比有何感受，我們說這是一個非常艱難的對比。

And to be in a position beat it and perhaps to beat the record from two years ago was pretty good.

能夠打破它，或許打破兩年前的紀錄，已經是相當不錯了。

I think if I look at within sales, there are a couple of things I would point out.

我想如果我看看銷售內部，我會指出一些事情。

I think the biggest is that the opportunity that we saw this year was -- and it goes back to the question that was asked earlier about margin growth. was given the success that we are having at increasing the value of an HSA.

我認為最大的機會是我們今年看到的機會——這又回到了先前提出的關於利潤成長的問題。我們在增加 HSA 價值方面取得了成功。

And now that's real and it's there. as well as the related products that we've talked about that are starting to be in market and starting to get some traction, we felt like we could be particularly aggressive about HSA pricing in particularly not just in enterprise, but it's upper middle market and so forth.

現在它是真實的並且就在那裡。以及我們討論過的開始進入市場並開始獲得一些關注的相關產品，我們認為我們可以在 HSA 定價方面特別積極，尤其是不僅在企業領域，而且在中高端市場和等等。

And frankly, with distribution with the brokers and the like on our -- who have been who've been great partners to us.

坦白說，透過與經紀人等的分銷，他們一直是我們偉大的合作夥伴。

And so -- and we were.

所以——我們確實是這樣。

Conversely, where we have lower margins, right, which is some of our CDB products, we held the line. and, as you know, in some cases, increase prices.

相反，當我們的利潤率較低時（右圖），也就是我們的 CDB 產品，我們會堅守陣地。如您所知，在某些情況下，還會提高價格。

And so I think that's the right answer.

所以我認為這是正確的答案。

If you're -- we want to sell what we think is durable business that's going to be good for the company, good for our mission and so forth for a long period of time.

如果你——我們想出售我們認為持久的業務，這將在很長一段時間內對公司、對我們的使命等都有好處。

And so those -- that's probably the first and most important trend that we saw.

因此，這可能是我們看到的第一個也是最重要的趨勢。

And the result of that is we saw a lot more activity.

結果是我們看到了更多的活動。

You may recall last year, middle market was a little bit soft for us.

您可能還記得去年，中間市場對我們來說有點疲軟。

And I did -- well, we saw a lot more upper middle market, middle market activity.

我確實做到了——嗯，我們看到了更多的中高端市場、中端市場活動。

And that's good.

這很好。

Enterprise is probably not quite as strong as last year because I think everyone is trying to be as competitive as they can in enterprise land.

企業可能不像去年那麼強大，因為我認為每個人都在努力在企業領域保持盡可能的競爭力。

And again, there are areas where we're going to hold the line where it's a stand-alone business that doesn't make sense for us.

再說一遍，在某些領域，我們將堅守立場，因為它是一項對我們來說沒有意義的獨立業務。

So -- but again, I think the big picture is increasingly adjusting our pricing as well as other aspects of what we're offering to compare profitability.

所以，但我再次認為，大局是越來越多地調整我們的定價以及我們提供的產品的其他方面來比較盈利能力。

The last thing I'll say here is that we were really happy to be in a position where we could start talking with our clients and showing our clients and, in some cases, selling and incenting our clients on our new product pipeline.

我在這裡要說的最後一件事是，我們真的很高興能夠開始與我們的客戶交談並向我們的客戶展示，在某些情況下，銷售和激勵我們的客戶使用我們的新產品管道。

And so I mean you talk a little more about that if someone wants to.

所以我的意思是，如果有人願意的話，你可以多談談這個問題。

But that not only I think, has made a difference for us but, the goal in fiscal -- in this sales cycle will get to a place where we're starting to get a little revenue next year from this stuff where we had really good like some people call [bell cow] clients.

但我認為，這不僅對我們產生了影響，而且，在這個銷售週期中，財政目標將達到明年我們開始從這些我們曾經非常好的產品中獲得一點收入的地方就像有些人稱之為“鈴牛”客戶一樣。

I'm not sure that doesn't sound as good as it is, the bell cow is actually pretty good pilot.

我不確定這聽起來是否那麼好，鐘牛實際上是非常好的飛行員。

Look, pilot implies money.

看，飛行員意味著金錢。

Yeah.

是的。

That's not good.

那不好。

Early adopters.

早期採用者。

Early adopters, there you go, thank you.

早期採用者，就這樣，謝謝。

And we've always been here for me for at least for the last five, six quarters.

至少在過去的五、六個季度裡，我們一直在我身邊。

And so look, that's, I think, really valuable and is useful for us this year, but I think we'll be even more so next year.

所以，我認為，這對我們今年來說非常有價值和有用，但我認為明年我們會更是如此。

Thanks, Anne.

謝謝，安妮。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

(multiple speakers) You got to watch out this operator.

（多位發言者）你必須留意這個接線生。

He's like you talk, and that's it.

他就像你說話一樣，僅此而已。

Mix on this.

混合於此。

So if you -- doesn't come out at the beginning, it ain't coming out apparently.

因此，如果你一開始沒有表現出來，那麼顯然就沒有表現出來。

Yeah.

是的。

But Jon, did you guys change the hold music?

但是喬恩，你們改變了保持音樂嗎？

Like that's not really my core question, but it sounded like the waiting music before the call start.

好像這不是我的核心問題，但這聽起來就像是通話開始前的等待音樂。

I thought you guys used to do a Spanish guitar thing?

我以為你們以前彈過西班牙吉他？

It's interesting you mentioned this because I personally have lobbied for Snoopy for a long time.

有趣的是你提到了這一點，因為我個人已經為史努比遊說很久了。

And there's a company, I won't name them, but that is oftentimes affiliated with Snoopy that is now one of our enhanced rates partners.

還有一家公司，我不會說出他們的名字，但它通常與史努比有關聯，現在是我們的優惠合作夥伴之一。

And maybe we can get that for next quarter.

也許我們可以在下個季度實現這一目標。

Well, first of all, I wish you well.

嗯，首先，我祝你一切順利。

I'll say, Scott, welcome aboard.

我會說，斯科特，歡迎加入。

And I hope that you keep the flavor of this call the same, and I might pepper you with an SDN question.

我希望您保持這次通話的風格不變，我可能會向您提出 SDN 問題。

Every call and again.

每次通話一次又一次。

And if there's a pair of StrangeLove dunks laying around at StockX on your way out the door, I'm a size 9.5. Two quick questions.

如果你出門時在 StockX 上放著一雙 StrangeLove dunk，我穿的就是 9.5 碼。兩個簡單的問題。

He's writing that down, George.

他正在寫下來，喬治。

9.5.

9.5。

I like it, like I said, 9.5. Jim, as it relates to the $8 million impact that you cited related to the fraud impact.

我喜歡它，就像我說的，9.5。吉姆，因為這涉及到您提到的與詐欺影響相關的 800 萬美元影響。

So am I just reading the financials right that you guys basically absorbed that reported gross profit numbers in the quarter, so numbers effectively would have been higher.

那麼，我剛剛讀到的財務數據是否正確，你們基本上吸收了本季報告的毛利數據，所以數字實際上會更高。

And then Jon and Steve, on the expansion into the Medicare space, one of the things I think about when I look at that space is, I assume you guys are talking about the traditional Medicare A+B business and not the MA business as a lot of those guys offer a lot of their own cards.

然後喬恩和史蒂夫，關於向醫療保險領域的擴張，當我看到這個領域時，我想到的一件事是，我假設你們談論的是傳統的醫療保險A+B 業務，而不是作為醫療保險領域的MA 業務。

So the question would be, do you see this as something supplemental?

所以問題是，你認為這是補充嗎？

Is it something that would be portable in addition to those benefits that tend to expire at year-end?

除了那些往往在年底到期的福利之外，還有什麼可以攜帶的東西嗎？

Or is there an opportunity to work with the carriers to provide something that looks enhanced because I'm sure that you guys will know what's going on depending legislation better than I do?

或者是否有機會與運營商合作，提供一些看起來有所增強的東西，因為我相信你們會比我更了解立法的情況？

And I'll drop it right there.

我會把它扔在那裡。

Why don't you take the first one, Jim, and I'll take the second one.

吉姆，你為什麼不拿第一個，我就拿第二個。

Yes, well done sneaking in two questions there.

是的，偷偷提出兩個問題做得很好。

So let me just clarify on the -- so the $8 million, that was excess service costs across the board, so ahead of our expectations.

因此，讓我澄清一下——800 萬美元是全面超額的服務成本，超出了我們的預期。

Yeah, it was absorbed into the number.

是的，它被吸收到了數字中。

But that is not just related to the fraud activity that we mentioned, but also elevated member contacts, yeah, some of that related to fraud, but also some of that related to, as Jon mentioned, this was our largest wave of the card migration.

但這不僅與我們提到的詐欺活動有關，而且還增加了會員聯繫，是的，其中一些與詐欺有關，但也有一些與喬恩提到的有關，這是我們最大的卡片遷移浪潮。

We put new chip cards, mobile wallet ready cards into many, many mediums.

我們將新的晶片卡、行動錢包卡放入許多許多媒介中。

And of course, perhaps we should have anticipated some of that incremental volume that would come our way just as the normal noise of a big of a big operational project like that, but we did not.

當然，也許我們應該預料到一些增量量會像這樣的大型營運項目的正常噪音一樣出現，但我們沒有。

So the two pieces there, I just want to highlight that, that's $8 million of just excess service costs related to both of those items.

因此，我只想強調一下，與這兩個項目相關的超額服務成本為 800 萬美元。

Yeah.

是的。

And on your second question, I think you're getting to the front of this, which is -- and it does go back a little bit to the question about distribution.

關於你的第二個問題，我認為你已經說到了這個問題的前面，這確實有點回到了關於分配的問題。

So one of the values in my view of having the stack card infrastructure now entirely in place is, let's say you have an MA product that what comes with it is $200 of out-of-pocket assistance, right?

因此，我認為現在完全就位的堆疊卡基礎設施的價值之一是，假設您有一款 MA 產品，附帶 200 美元的自付費用援助，對嗎？

Well, now we can put that alongside of -- if we had hoped, we put that alongside of a HOPE account or it might be the case that $200 could be $300 if it were contributed into the HOPE account, right?

好吧，現在我們可以把它放在一起——如果我們希望的話，我們把它放在 HOPE 帳戶旁邊，或者如果存入 HOPE 帳戶，200 美元可能會變成 300 美元，對嗎？

Because it's not just money for anything a thing.

因為這不僅僅是金錢。

So I think that there's opportunity in MA as well as in conventional Medicare for these products.

所以我認為這些產品在馬薩諸塞州和傳統醫療保險中都有機會。

It's -- and we're trying to position the infrastructure to support both those opportunities.

我們正在努力定位基礎設施來支持這兩個機會。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Hey.

嘿。

Good afternoon, everybody.

大家下午好。

Jon, we're going to absolutely miss you best wishes in retirement.

喬恩，我們絕對會想念你退休後最美好的祝福。

Scott, welcome aboard, heard great things about you from the colleagues that I work with that have worked with you in the past.

斯科特，歡迎加入，我從過去與我共事的同事那裡聽到了關於你的偉大事蹟。

So looking forward to working with you.

非常期待與您合作。

Question relates to the guidance.

問題與指導有關。

specifically, Jim or Jon, could you discuss a little bit about like what your expectations are that go into the '26 guidance with regards to account growth?

具體來說，吉姆或喬恩，您能否討論一下您對 26 年有關帳戶增長的指導的期望是什麼？

And are there any things that are changing?

有什麼事情正在改變嗎？

It sounds like the selling season went really well.

聽起來銷售季節進展得非常順利。

And so I'm wondering what could potentially change that trajectory?

所以我想知道什麼可能會改變這個軌跡？

Has there been any -- is client retention staying strong?

有沒有－客戶保留率是否保持強勁？

Has there been any negative impact with regards to fraud activity?

詐欺活動是否有任何負面影響？

Any color that you could provide there in terms of what drives the HSA growth for next year?

您能提供什麼顏色來推動明年 HSA 的成長嗎？

Yeah.

是的。

So from a -- let's just start with HSA retention.

因此，讓我們從 HSA 保留開始。

We feel real good about where we are going into fiscal '26 here.

我們對 26 財年的進展感到非常滿意。

There's nothing -- there's not a shoe that we're not dropping here.

沒有什麼——沒有一隻鞋子是我們不會丟在這裡的。

On the CDB side, this is the flip side of of incremental price increases that have now had the ability to work through the system and some of what I said earlier.

在國開行方面，這是增量價格上漲的另一面，增量價格上漲現在已經能夠透過系統以及我之前所說的一些內容發揮作用。

There, I think as we go through fiscal '26, I think we could see some healthy churn.

我認為，當我們經歷 26 財年時，我們可能會看到一些健康的流失。

Anytime there's churn, CEOs always say it's healthy.

每當出現客戶流失時，執行長總是說這是健康的。

And in this case, that's virtually true.

在這種情況下，這幾乎是正確的。

And so I think there's some of that, but there's nothing -- I don't think there's any -- I think the gist of your question is, is there a big shoe to drop there?

所以我認為有一些，但什麼都沒有——我不認為有任何——我認為你問題的要點是，有沒有大鞋子可以掉在那裡？

I don't think so.

我不這麼認為。

And that's why if you look at -- it's one of the reasons that margin gets substantially healthier next year.

這就是為什麼如果你看看——這就是明年利潤率變得更健康的原因之一。

I mean you're looking at in the middle of the range here, 42% EBITDA margins, and then, I guess, to your point, we don't see much in the way of trailing costs from the incidents that we've seen nor have they really impacted our sales cycle, although I mean it's -- I don't have a counterfactual in front of me.

我的意思是，你在這裡看到的是這個範圍的中間，42% 的EBITDA 利潤率，然後，我想，就你的觀點而言，我們並沒有看到從我們所看到的事件中產生太多的追蹤成本。 它們也沒有真正影響我們的銷售週期，儘管我的意思是——我面前沒有反事實。

So I'm sure that there has been some -- probably some cases where these have had an impact on either retention or sales.

因此，我確信在某些情況下，可能會對保留率或銷售量產生影響。

I know they've had an impact on our team.

我知道他們對我們的團隊產生了影響。

They've worked their butt off.

他們已經竭盡全力了。

But -- so I think things are looking -- I think when you see the account totals coming into '26, I think you'll -- I'm hoping certainly our forecast is that you'll feel good about them.

但是 - 所以我認為事情正在發展 - 我想當你看到 26 年的帳戶總數時，我想你會 - 我當然希望我們的預測是你會對它們感覺良好。

And -- but we will be a little bit on the lookout for some attrition in the CDB side simply because we have raised price.

而且——但我們會稍微留意國開行方面的一些人員流失，只是因為我們提高了價格。

Thanks, Mark.

謝謝，馬克。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Jon, I'm sorry, I won't have an opportunity to work with you more, but I appreciate all your help as we've gotten up to speed here and look forward to following the stock going forward and seeing whatever it is you do next.

喬恩，很抱歉，我不會再有機會與您合作，但我感謝您的所有幫助，因為我們已經加快了速度，並期待著跟踪股票的未來發展並看看您是誰接下來做。

And maybe as I just transition here.

也許當我剛剛過渡到這裡時。

I know there are a lot of questions about the '26 guidance but maybe you could talk through a little bit more detail how we should think about capital allocation, both internal and external as you roll forward here.

我知道關於 26 年的指導意見存在很多問題，但也許您可以更詳細地討論一下，當您在此推進時，我們應該如何考慮內部和外部的資本配置。

You've obviously done some acquisitions like the WageWorks one and a few others over time that have paid benefits here to the company.

顯然，隨著時間的推移，您已經完成了一些收購，例如 WageWorks 和其他一些收購，這些收購為公司帶來了好處。

You've seen a big year here of increases in operating expenses across technology and development as well as sales and marketing.

今年是技術和開發以及銷售和行銷方面的營運費用增加的重要一年。

So how should we think about your resource prioritization and how that fits into the growth rates you've laid out here for '26 and beyond?

那麼，我們應該如何考慮您的資源優先順序以及它如何適應您在這裡列出的 26 年及以後的成長率？

I mean I'll just say first and then throw to Jim, your question reminded me of something that we could have stressed, which is our fiscal '26 does not assume M&A activity because that isn't how we do it, either large ball, small ball, whatever size ball, but that doesn't mean we won't try.

我的意思是，我先說一下，然後告訴吉姆，你的問題讓我想起了我們本可以強調的事情，那就是我們的26 財年不假設併購活動，因為這不是我們這樣做的方式，無論是大球還是大球，小球，無論大小的球，但這並不意味著我們不會嘗試。

So yeah, exactly.

是的，確實如此。

And we've talked about many times before that sales and marketing, we try to operate in an envelope, and it's been operating in an envelope of 8%-ish percent of revenue, a little bit light of that thus far this year.

我們之前已經多次討論過銷售和行銷，我們嘗試在一個信封內運營，並且它一直在收入的 8% 左右的信封內運營，今年到目前為止，這個比例有點輕。

Tech and dev, we've talked about 22% is percent being the high watermark.

技術和開發方面，我們已經討論過 22% 是高水位線。

We're spending quite a bit lower than that.

我們的支出比這低得多。

And last quarter, we talked about, hey, we'd actually like that to be a little bit more but it takes time to ramp resources and some timing of project starts.

上個季度，我們談到，嘿，我們實際上希望多一點，但需要時間來增加資源和專案啟動的一些時間。

So you shouldn't expect anything materially different from that going forward.

因此，您不應期望未來會出現任何實質不同。

And then on -- yes, capital allocation Jon alluded to it and I did in the remarks, right, we're obviously returning capital to shareholders currently.

然後 - 是的，資本分配喬恩提到了這一點，我在評論中也提到了這一點，對，我們目前顯然正在向股東返還資本。

We've got an authorization in place.

我們已獲得授權。

We are paying down the revolver.

我們正在付清左輪手槍的錢。

We've talked to before, like, hey, we borrowed a couple of hundred plus million dollars to fund the BenefitWallet acquisition.

我們之前談過，嘿，我們借了幾十億美元來資助 BenefitWallet 的收購。

Let's get that paid off over time with excess cash flow.

隨著時間的推移，讓我們用多餘的現金流得到回報。

And that is -- that revolver becomes a nice bucket to be able to finance the next deal of that size?

那就是——那把左輪手槍變成了一個很好的桶，能夠為下一筆同樣規模的交易提供資金？

Should it come and then aiming for a leverage profile our leverage profile gets better and better each quarter as we're growing the denominator of the leverage ratio?

是否應該出現這種情況，然後隨著槓桿率分母的增加，我們的槓桿狀況每季都會變得越來越好？

And that leaves us ample capital if a larger opportunity were to come its way, right?

如果有更大的機會出現，這給我們留下了充足的資本，對嗎？

I still fundamentally believe that some of these HSA portfolio acquisitions are some of the best ROI investments we can make but we're continuing to fund the business within the envelope of cost in sales and marketing and tech and dev that we have and continuing to drive EBITDA margin enhancement along the way.

我仍然從根本上相信，其中一些HSA 投資組合收購是我們可以做出的最佳投資回報率投資，但我們將繼續在我們擁有並繼續推動的銷售、行銷、技術和開發成本範圍內為業務提供資金EBITDA 利潤率一路走高。

So I think that's the sum of all of those things are very positive for the story.

所以我認為所有這些事情的總和對這個故事來說是非常積極的。

Thanks, David.

謝謝，大衛。

David Larsen, BTIG.

大衛‧拉森，BTIG。

I was hoping Scott Cutler could talk a little bit about what your most proud of with what you did at StockX and maybe what do you think you can bring to HealthEquity related to those accomplishments?

我希望 Scott Cutler 能談談您在 StockX 所做的事情中最讓您感到自豪的是什麼，也許您認為您可以為 HealthEquity 帶來與這些成就相關的什麼？

Thanks so much.

非常感謝。

Great.

偉大的。

A StockX question.

一個 StockX 問題。

Love that.

喜歡那個。

No, I mean, as I stated in my prepared remarks, I think what's excited me about my career journey has really been about leveraging technology and applying it to both different markets and different problems from financial services to consumer e-commerce, and I'll have to figure out a way to get George those sneakers.

不，我的意思是，正如我在準備好的發言中所說的那樣，我認為我的職業生涯中真正讓我興奮的是利用技術並將其應用於從金融服務到消費者電子商務的不同市場和不同問題，而且我'我得想辦法給喬治買那雙運動鞋。

But I think what really gets me excited about the opportunity here is really just the continued use of technology, and we're probably in the most exciting time to be able to leverage technologies around data and AI, particularly for the member and the client, the partner experience.

但我認為真正讓我對這裡的機會感到興奮的是技術的持續使用，我們可能正處於能夠利用數據和人工智慧技術的最令人興奮的時刻，特別是對於會員和客戶來說，合作夥伴的經驗。

And so I, for one, am really excited about the platform, the strength of HealthEquity's market position and also equally excited about the continued use of technology to make that service more widely available and a better service.

因此，我對這個平台、HealthEquity 的市場地位的實力感到非常興奮，並且同樣對繼續使用技術來使該服務更廣泛地提供和提供更好的服務感到興奮。

I mean in a nutshell is what I was most proud about in lots of the different chapters in my career.

我的意思是，簡而言之，這是我在職業生涯的許多不同章節中最引以為豪的事情。

And certainly, what I hope to be able to bring here.

當然，我希望能夠為這裡帶來什麼。

And so I'm excited about that.

所以我對此感到興奮。

Steven Valiquette, Mizuho Securities.

史蒂文·瓦利奎特，瑞穗證券。

Great.

偉大的。

Thanks.

謝謝。

Good afternoon, everyone.

大家下午好。

Jon, congrats on your retirement and Scott, congrats on joining the company shortly here as CEO.

喬恩（Jon），祝賀您退休，斯科特（Scott），祝賀您不久後加入公司擔任首席執行官。

Really, my questions here are just more on the just confirmation on the dollar amount of HSA cash custodial asset contract are pricing each fiscal year.

事實上，我的問題更多的是關於每個財政年度 HSA 現金託管資產合約定價的美元金額的公正確認。

Your previous slide deck, you had $3.4 billion for fiscal '26.

您先前的投影片顯示，26 財年的預算為 34 億美元。

Now the 10-Q shows it went down a little bit, but then fiscal '27 went up a little bit.

現在 10 季顯示它略有下降，但隨後 27 財年略有上升。

The yields are still about the same.

收益率仍然大致相同。

But really, my question is just to try to reconcile for -- so as of right now, the $3.2 billion that's set to reprice in fiscal '26, how much of that will happen early in the year versus potentially later in the year, just to figure out how much is baked into the guidance or will be recognized in fiscal '26.

但實際上，我的問題只是試圖調和 - 因此，截至目前，26 財年重新定價的 32 億美元，其中有多少將在今年年初發生，而有可能在今年晚些時候發生，只是弄清楚有多少內容被納入指導或將在26 財年得到認可。

And then the on a vein, you talked earlier on the call about pulling forward some of these repricings, I'm assuming some of that might have been the fiscal '27 maturities, unless I'm wrong.

然後，你早些時候在電話會議上談到了推遲其中一些重新定價，我假設其中一些可能是 27 財年的到期日，除非我錯了。

But again, just to confirm, is any of that baked into the fiscal '26 guidance?

但再次確認一下，這些內容是否已納入 26 財年指引中？

Or would that be upside relative to your initial view that you gave today on FY26.

或者說，相對於您今天對 2026 財年給出的最初觀點來說，這會是有利的嗎？

Yeah.

是的。

Thanks for that question.

謝謝你提出這個問題。

Yes, good to clarify.

是的，很高興澄清。

So yes, seasonally, very little revenue, very little of the HSA cash would mature in a normal year early in the year.

所以，是的，從季節性來看，在正常年份的年初，收入非常少，HSA 現金也非常少。

Most of it happens later in the year.

大部分發生在今年晚些時候。

This, as you rightfully say, '26 has got some legacy WageWorks cash that was placed five years prior.

正如您所說，'26 擁有一些五年前遺留的 WageWorks 現金。

So we do have a slug that matures in the middle of the year.

所以我們確實有一種在年中成熟的蛞蝓。

Those are the types of things like that $6 million, $9 million one year out type of maturities that we'd be looking to potentially pull forward to reprice, not two-plus years -- not two-plus years out, like those contracts would be a little tougher to modify with that longer runway.

這些是諸如 600 萬美元、900 萬美元一年到期類型的東西，我們希望有可能提前重新定價，而不是兩年多 - 不是兩年多，就像那些合同那樣跑道更長，修改起來會有點困難。

But yes, all of these expected actions would be priced into our current guidance, right, like there's not a

但是，是的，所有這些預期的行動都將計入我們目前的指導中，對吧，就像沒有一個

(multiple speakers)

（多個發言者）

Right.

正確的。

And if you think about it, like if you were buying -- again, these are not real hedges or you'd see it that way.

如果你想一想，就像你在購買一樣，這些都不是真正的對沖，否則你會這樣看。

But if you say, well, let's move this up six months.

但如果你說，好吧，讓我們把這個時間提前六個月吧。

Well, okay, what's going to be the true cost of that?

好吧，真正的成本是多少？

It's going to be the red value of that six month and what would be that six-month hedge.

這將是該六個月的紅色值以及該六個月的對沖值。

And where we can get a deal that's much better than that.

我們可以在哪裡獲得比這更好的交易。

We're going to pull the trigger on it, where we can't, we're not.

我們將扣動扳機，如果我們不能扣動扳機，我們就不會扣動扳機。

And so we baked in some assumptions that some of these dollars would come a little earlier, but they would probably come at some percentage of that cost for lack of a better term, as a discount.

因此，我們做出了一些假設，其中一些美元會提前一點到達，但由於缺乏更好的術語，它們可能會以折扣的形式到達成本的某個百分比。

So I would not be looking for a ton of up or down on this topic.

所以我不會在這個主題上尋找太多的好或壞。

It's just -- what it really is, is Steve, and you of all people know this one is our goal longer term is to create more stability in this line, right?

這只是——它到底是什麼，史蒂夫，你們都知道我們的長期目標是在這一行創造更多的穩定性，對嗎？

Because it really ultimately is a fee.

因為它最終確實是收費的。

So if we can do that by bringing things a little bit forward, then that's the reason we're doing it.

因此，如果我們可以透過把事情向前推進一點來做到這一點，那麼這就是我們這樣做的原因。

It's not to get a few extra dollars.

並不是為了多賺幾塊錢。

Sean Dodge, RBC Capital Markets.

肖恩·道奇，加拿大皇家銀行資本市場部。

Hey.

嘿。

Good afternoon.

午安.

This is Tom Kelliher on for Sean.

我是湯姆凱利赫 (Tom Kelliher) 替肖恩 (Sean) 發言。

I guess first, welcome, Scott, and congratulations, Jon, on retiring.

我想首先，歡迎斯科特，並祝賀喬恩退休。

So I'll switch gears a bit here and do a quick check in on the commuter offering.

因此，我將在這裡稍微切換一下，並快速檢查通勤產品。

Where do we stand relative to the pre-pandemic levels there?

相對於疫情大流行前的水平，我們處於什麼位置？

And how should we be thinking about that business in fiscal 2016 and beyond?

我們該如何考慮 2016 財年及以後的業務？

I'll give a quick answer to this one.

我將快速回答這個問題。

It's been pretty stable at, call it, 60% of maybe 65% of its pre-pandemic revenue base.

它相當穩定，可以稱之為大流行前收入基礎的 65% 或 60%。

And it grows a little bit, but it's not going crazy.

它會增長一點點，但不會瘋狂。

We'll see it some of the -- we'll be happy to see the federal employees seem to be going back to work, that would be good.

我們會看到一些——我們會很高興看到聯邦僱員似乎重返工作崗位，那會很好。

But that's about it.

但僅此而已。

We're not going -- and in truth, it's not terribly material, the delta one way or the other.

我們不會去——事實上，三角洲無論是哪種方式，都不是很重要。

It's a good business, but it's a good, especially in terms of service margin.

這是一門好生意，但確實很好，尤其是在服務利潤方面。

It's a really good business.

這真是一筆好生意。

But that's what I'd expect.

但這正是我所期望的。

That will conclude our question-and-answer session.

我們的問答環節就到此結束。

I would like to turn the conference back over to Jon Kessler for any closing remarks.

我想將會議轉回喬恩·凱斯勒（Jon Kessler）發表閉幕詞。

Okay.

好的。

Well that is a wrap for this B+ comedian.

嗯，這就是這位 B+ 喜劇演員的總結。

And I'm going to say I'm leaving the stage here, but I do not want to do so without everyone here understanding the team that has overdelivered again and again and that, that team is stronger and deeper than it's ever been before.

我想說我要離開這裡的舞台，但如果這裡的每個人都不了解這支一次又一次超額交付的球隊，並且這支球隊比以往任何時候都更強大、更有深度，我不想這樣做。

And with Scott and Steve, it has leaders who are intensely committed, intensely committed to team success.

史考特和史蒂夫的領導者都非常致力於團隊的成功。

And at the same time, both of these individuals, in my observation, in one case, over a long time in the other case over a medium time, are genuinely personally humble about their role in that and their role being serving leadership.

同時，根據我的觀察，這兩個人在一個案例中，在很長一段時間內，在另一個案例中，在中等時間內，對於他們在其中的角色以及他們為領導服務的角色都真誠地謙虛。

It's really a remarkable combination that I believe as a shareholder is going to serve this company very, very well.

這確實是一個了不起的組合，我相信身為股東將為這家公司提供非常非常好的服務。

So to the whole team, all of Team Purple, I really want to just end by saying, thank you not for what you've done, but for what it is that I believe in my heart is going to be done in pursuit of our mission as well as I can say so in pursuit of value for us, we, shareholders.

因此，對於整個團隊，所有紫色團隊，我真的想在最後說，謝謝你們，不是因為你們所做的事情，而是因為我內心相信，為了追求我們的目標，我會做的事情。這樣說，為​​我們，我們，股東追求價值。

Is it us or we?

是我們還是我們？

And with that, I'll -- I think that's the best way I could possibly end is by thanking the team.

說到這裡，我想——我認為最好的結束方式就是感謝團隊。

So thanks all, and have fun.

謝謝大家，祝大家玩得開心。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。