Healthequity Inc (HQY) 2026 Q1 法說會逐字稿

Good day, and welcome to the HealthEquity first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.

大家好，歡迎參加 HealthEquity 2026 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給理查普特南。請繼續。

Thanks, Ashia. This is Richard Putnam. Hello, everyone. Welcome to our first quarter fiscal year 2026 earnings call. With me today, I have Scott Cutler, President, CEO; Dr. Steve Neeleman, Vice Chair and Founder of the company; James Lucania, Executive Vice President and CFO. Before I turn the call over to Scott, we note that a press release announcing the financial results of our first quarter of fiscal 2026 was issued after the market closed this afternoon.

謝謝，Ashia。我是理查德·普特南。大家好。歡迎參加我們 2026 財年第一季財報電話會議。今天與我一起的有公司總裁兼首席執行官斯科特·卡特勒 (Scott Cutler)、公司副董事長兼創始人史蒂夫·尼爾曼 (Steve Neeleman) 博士以及執行副總裁兼首席財務官詹姆斯·盧卡尼亞 (James Lucania)。在我將電話轉給史考特之前，我們注意到，今天下午股市收盤後發布了一份新聞稿，宣布了我們 2026 財年第一季的財務業績。

These financial results include contributions from our wholly owned subsidiaries and accounts they administer as well as certain non-GAAP financial measures that we will reference here today. You can find a copy of today's press release on our Investor Relations website, which is ir.healthequity.com. And it will include reconciliations of these non-GAAP measures with comparable GAAP measures.

這些財務結果包括我們全資子公司及其管理的帳戶的貢獻以及我們今天將在此引用的某些非公認會計準則財務指標。您可以在我們的投資者關係網站 ir.healthequity.com 上找到今天的新聞稿副本。新聞稿中將包含這些非 GAAP 指標與可比較 GAAP 指標的對帳表。

We also note that our comments and responses to your questions today reflect management's view as of today, June 3, 2025, and will contain forward-looking statements as defined by the SEC, including predictions, expectations, estimates, or other information that might be considered forward-looking. There are many important factors relating to our business, which could affect the forward-looking statements made today. These forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from statements made here today.

我們還注意到，我們今天對您提出的問題的評論和回應反映了管理層截至今天（2025 年 6 月 3 日）的觀點，並將包含美國證券交易委員會定義的前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的資訊。與我們的業務相關的重要因素有很多，可能會影響今天所做的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致我們的實際結果與今天在此作出的陳述有重大差異。

We caution against placing undue reliance on these forward-looking statements, and we also encourage you to review the discussion of these factors, and other risks that may affect our future results or the market price of our stock as detailed in our latest annual report on Form 10-K and 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.

我們提醒您不要過度依賴這些前瞻性陳述，我們也鼓勵您查看這些因素的討論，以及可能影響我們未來業績或股票市場價格的其他風險，詳見我們向美國證券交易委員會提交的 10-K 表最新年度報告和後續定期報告。我們不承擔根據新資訊或未來事件修改或更新這些前瞻性聲明的義務。

Now over to Scott.

現在輪到史考特了。

Thanks, Richard. Welcome, everyone. We're off to a great start for fiscal 2026. I will discuss the key metrics reflecting that great start. Steve will then give a brief update on HSA expanding provisions included in the proposed budget bill passed by the House a couple of weeks ago. And Jim and I will detail Q1 financial results and our raised outlook for fiscal year '26.

謝謝，理查。歡迎大家。我們為 2026 財年取得了良好的開端。我將討論反映這個好開始的關鍵指標。史蒂夫隨後將簡要介紹幾週前眾議院通過的預算法案中有關 HSA 擴展條款的內容。吉姆和我將詳細介紹第一季的財務表現以及我們對 26 財年的預期。

The team again delivered strong year-over-year growth across our key metrics in Q1, including revenue up 15%, adjusted EBITDA up 19%, HSAs grew 9%, CDB accounts grew 4%, driving total accounts up 7% and HSA assets up 15%. HealthEquity ended Q1 with over 17 million total accounts, including net CDB account growth of 260,000 year-over-year, 9.9 million HSAs, holding over $31 billion in HSA assets. HSA assets increased $4 billion year-over-year. The number of our HSA members who invest grew by 16% year-over-year, helping to drive invested assets up 24% to $14.2 billion. HSA cash reached $17.1 billion. The average balances of our HSA members grew by 6% this year.

在第一季度，團隊在各項關鍵指標上再次實現了強勁的同比增長，包括收入增長 15%、調整後 EBITDA 增長 19%、HSA 增長 9%、CDB 帳戶增長 4%，推動總賬戶增長 7%，HSA 資產增長 15%。截至第一季，HealthEquity 的總帳戶數超過 1,700 萬個，其中 CDB 帳戶淨增加 26 萬個，HSA 帳戶數為 990 萬個，持有的 HSA 資產超過 310 億美元。HSA資產年增40億美元。我們的 HSA 投資會員數量年增 16%，推動投資資產成長 24%，達到 142 億美元。HSA現金達到171億美元。今年，我們的 HSA 會員的平均餘額增加了 6%。

Team Purple opened 150,000 new HSAs from sales in the quarter, down from Q1 of our record-setting last year, reflecting softer macroeconomic conditions. While we are still early in this year's selling season, we continue to see a strong enterprise pipeline build and more SMB companies adopting HSA qualified health plans. We are driving an enrollment and contribution strategy to grow from our existing client base, especially during uncertain times, which have historically brought stronger selling seasons.

紫色團隊在本季開設了 15 萬個新的 HSA，低於去年第一季創下的紀錄，反映出宏觀經濟狀況較弱。雖然今年的銷售季節還處於初期，但我們繼續看到強勁的企業通路建設和越來越多的中小型企業採用 HSA 合格的健康計劃。我們正在推行招募和貢獻策略，以擴大現有客戶群，特別是在不確定的時期，歷史上這些時期的銷售季節更為強勁。

We are helping employers reduce health care costs while empowering employees to build real health security. As employers are seeking solutions to manage health care costs that are growing faster than wages, we believe our message to optimize plan design and employee engagement can drive growth from our existing and new client base. The 2024 year-end Devenir report continues to reflect this market growth and HSA expansion with HealthEquity again taking market share as we now serve nearly a quarter of all HSAs in the USA.

我們正在幫助雇主降低醫療成本，同時授權員工建立真正的健康保障。由於雇主正在尋求解決方案來管理成長速度快於工資的醫療保健成本，我們相信，優化計劃設計和員工參與度的信息可以推動我們現有和新客戶群的增長。2024 年年終 Devenir 報告繼續反映這一市場成長和 HSA 擴張，HealthEquity 再次佔據市場份額，因為我們現在為美國近四分之一的 HSA 提供服務。

Team Purple also made great progress expanding our member-first secure mobile experience during the first quarter. We are leveraging investments in mobility and AI by expanding our award-winning expedited claims, which uses AI technology to automate claim adjudication. With this AI technology, we now serve more than 7,000 clients, and we are processing millions of dollars in reimbursements, while also driving member satisfaction scores up and reducing processing costs.

第一季度，紫色團隊在擴展會員優先的安全行動體驗方面也取得了巨大進展。我們正在利用對行動和人工智慧的投資來擴展我們屢獲殊榮的快速索賠服務，該服務使用人工智慧技術來自動化索賠裁決。借助這項人工智慧技術，我們現在為 7,000 多名客戶提供服務，處理數百萬美元的報銷款項，同時也提高會員滿意度分數並降低處理成本。

Our AI chat and AI agent support are accelerating service delivery to our members and accurately addressing their needs and questions while reducing call wait time and volume. We are building on the recently updated stacked chip card, which we rolled out last year to deliver on our promise of expanding into a digital wallet in the future.

我們的 AI 聊天和 AI 代理支援正在加速向我們的會員提供服務，並準確解決他們的需求和疑問，同時減少呼叫等待時間和數量。我們正在開發去年推出的最近更新的堆疊晶片卡，以兌現我們未來擴展為數位錢包的承諾。

Custom brokerage investing in your HSA was also launched on the mobile app this quarter. These technologies are transforming the way Team Purple improves our members experiences while reducing our cost to serve them. We're very pleased with our team's efforts to drive down successful fraud attacks on our HSA members. The launch of a number of added security measures and greater adoption of our member-first secure mobile experience has reduced direct fraud service costs from about $11 million in Q4 to about $3 million in Q1. This is still too high.

本季度，行動應用程式上也推出了針對您的 HSA 的客製化經紀投資服務。這些技術正在改變 Team Purple 改善會員體驗的方式，同時降低為他們服務的成本。我們很高興看到我們的團隊為減少針對 HSA 成員的成功詐欺攻擊所做的努力。透過推出一系列額外的安全措施以及更廣泛地採用會員優先的安全移動體驗，直接詐欺服務成本從第四季度的約 1,100 萬美元降低到第一季的約 300 萬美元。這還是太高了。

However, under the direction of Sunil, our CSO, and his dedicated security and fraud team, we have reprioritized our investments in advanced security and fraud detection and prevention technologies to drive the fraud run rate exiting this quarter towards our goal of 1 basis point of total HSA asset per year. We have seen each month this year lower sequential fraud as our controls take hold and more of our members move to a secure mobile experience.

然而，在我們的 CSO Sunil 及其專門的安全和詐欺團隊的指導下，我們重新調整了對先進安全和詐欺檢測和預防技術的投資優先順序，以推動本季度的詐欺運行率朝著每年 HSA 總資產 1 個基點的目標邁進。隨著我們的控制措施逐漸生效，越來越多的會員轉向安全的行動體驗，我們今年發現連續詐欺行為每個月都在減少。

We also are driving more of our HSA members to our newly relaunched app. We are modernizing our multifactor authentication across our member logins through the mobile experience and are committed to continually updating our defenses as threats evolve. We are optimistic of the actions taken thus far and the continued strengthening and implementation of controls.

我們也正在吸引更多 HSA 會員使用我們新推出的應用程式。我們正在透過行動體驗對會員登入的多因素身份驗證進行現代化改造，並致力於隨著威脅的發展不斷更新我們的防禦措施。我們對迄今採取的行動以及持續加強和實施的控制措施感到樂觀。

A number of our Purple teammates joined Steve and me in Washington, D.C. last month to speak with national leaders as they consider measures that will expand access to and provide greater flexibility of HSAs for millions of American families. It was serendipitous the House released their draft of the budget bill while we were there. We are excited to see these HSA market expanding provisions move forward.

上個月，我們的幾位紫色團隊成員與史蒂夫和我一起在華盛頓特區與國家領導人進行了交談，他們正在考慮採取措施，擴大數百萬美國家庭使用 HSA 的機會，並為 HSA 提供更大的靈活性。非常幸運，我們在那裡時，眾議院公佈了預算法案草案。我們很高興看到這些 HSA 市場擴展條款正在取得進展。

Steve, can you briefly walk us through what we've seen so far and what to expect as they work through the budget bill process.

史蒂夫，您能否簡單介紹一下我們目前看到的情況以及在預算法案過程中可以期待什麼。

Sure. Thanks, Scott. It was an exciting time to have so many from Team Purple show up in Washington that week. This work that we've been engaged with to expand HSA is important as there have not been any substantive legislative changes to the HSA rules and regs since 2006. As many of you have seen in the budget bill passed by the house, there are a number of provisions that if they became law would expand the use of HSAs.

當然。謝謝，斯科特。那一周，紫隊有這麼多隊員來到華盛頓，真是令人興奮。我們為擴大 HSA 而進行的工作非常重要，因為自 2006 年以來，HSA 規則和法規並沒有發生任何實質的立法變化。正如你們許多人在眾議院通過的預算法案中所看到的，其中有許多條款如果成為法律，將會擴大 HSA 的使用範圍。

The largest proposed change is granting our working seniors eligible for Medicare Part A the ability to make contributions to an HSA while they remain on their employers HSA qualified health plan. According to the US Census Bureau, this population represents about 20% of the current workforce and it is expected to be the fastest-growing population in the workforce over the next several years. In fact, over the next five years, over 20 million Americans will become Medicare eligible, and many of these people are currently funding HSAs and they can continue to do so while working within the legislation.

提議的最大變化是允許符合 Medicare Part A 資格的在職老年人在繼續享受其雇主的 HSA 合格健康計劃的同時，向 HSA 繳納供款。根據美國人口普查局的數據，這群人約佔當前勞動力的 20%，預計未來幾年將成為勞動力中成長最快的群體。事實上，在未來五年內，將有超過 2000 萬美國人獲得醫療保險資格，其中許多人目前正在為 HSA 提供資金，他們可以在立法範圍內繼續這樣做。

Other provisions in the proposed HSA section of the bill include an expanded use of HSAs on exchanges, all bronze and catastrophic plans would become HSA eligible, allowing HSAs to be used in conjunction with employer on-site medical clinics and with direct primary care arrangements without jeopardizing HSA eligibility, expanding the use of HSAs to pay for gym membership and fitness programs, allowing unspent money in workers FSAs and HRAs to fund HSAs, allowing taxpayers that are 55 years and older to have catch-up contributions by both spouses to be deposited into the same HSA and allowing members earning under $75,000 per year individually or $150,000 per year per family to increase their maximum contribution up to double the current prescribed amount into their HSAs.

該法案中擬議的 HSA 部分的其他條款包括擴大 HSA 在交易所的使用範圍、所有青銅級和災難性計劃都將成為 HSA 的合格對象、允許 HSA 與雇主現場醫療診所和直接初級保健安排一起使用而不會損害 HSA 資格、擴大 HSA 的使用範圍以支付健身房費用和健身計劃、允許工人 FSA 和 HRA 中未動的健身房資金歲及以上的納稅人將配偶雙方的補繳款存入同一個 HSA、允許個人年收入低於 75,000 美元或每個家庭年收入低於 150,000 美元的會員將其最高繳款額提高至目前規定金額的兩倍。

These contributions would phase out as taxpayers make $100,000 individually and $200,000 as a family per year. Our industry believes that these provisions could allow up to 20 million more American families to have access to the remarkable benefits provided by HSAs, and that would be the largest expansion of the regulatory framework in the last 20 years for HSAs. We believe many of these provisions will make it easier for employers to offer and to promote HSAs. That would be great. And if they become lost, these provisions are a good down payment on our commitment to help all Americans have personally owned health care accounts.

當納稅人個人年收入達到 10 萬美元、家庭年收入達到 20 萬美元時，這些繳款將逐漸減少。業界認為，這些規定可以讓多達2000萬個美國家庭享受到HSA帶來的顯著福利，這將是過去20年來HSA監管框架的最大一次擴展。我們相信，其中的許多規定將使雇主更容易提供和推廣 HSA。那太好了。如果這些規定失效，那麼這些規定就是我們幫助所有美國人擁有個人醫療保健帳戶的承諾的良好首付。

We'll, of course, watch this closely as the Senate unveils their version of the tax bill. And of course, the bills will then need to be combined in reconciliation, and our goal is to see all of these HSA provisions and other similar accounts remain in the bill, and we want to make sure that we're following and how they're impacted in the bill before they can send it on to the President for signature.

當然，我們將密切關注參議院公佈其版本的稅收法案。當然，這些法案隨後需要合併進行協調，我們的目標是看到所有這些 HSA 條款和其他類似帳戶都保留在法案中，我們希望確保我們正在關注這些條款以及它們在法案中的影響，然後才能將其提交給總統簽署。

We will continue to work hard to educate legislators and regulators on the benefits of HSAs and continue to press for other ways to expand these accounts to new populations. We, of course, remain confident that HSAs and other tax advantage health accounts are popular on both sides of the political aisle and we'll continue to advocate for all Americans to have the opportunity to have access to them.

我們將繼續努力向立法者和監管者宣傳 HSA 的好處，並繼續尋求其他方式將這些帳戶擴展到新的人群。當然，我們仍然相信，HSA 和其他稅收優惠健康帳戶在兩黨政治中都受到歡迎，我們將繼續倡導所有美國人都有機會享受這些服務。

I'll now turn the time over to Jim, and he'll go over the financials. Jim?

現在我將時間交給吉姆，他將討論財務狀況。吉姆？

Thanks, Steve. I'll briefly highlight our first quarter of 2026 fiscal year GAAP and non-GAAP financial results. As always, we provide a reconciliation of GAAP measures to non-GAAP measures in today's press release. First quarter -- first quarter revenue increased 15% year-over-year. Service revenue was a record $119.8 million, up 1% year-over-year.

謝謝，史蒂夫。我將簡要介紹我們 2026 財年第一季的 GAAP 和非 GAAP 財務業績。像往常一樣，我們在今天的新聞稿中提供了 GAAP 指標與非 GAAP 指標的對帳。第一季－第一季營收年增15%。服務收入達到創紀錄的 1.198 億美元，年增 1%。

Custodial revenue grew 29% to a record $156.5 million in the first quarter. The annualized yield on HSA cash was 3.50% for the quarter as a result of higher replacement rates and continued increase in the number of accounts participating in enhanced rates. Interchange revenue grew 14% to $54.6 million, notably faster than the 7% account growth as members increased both contributions and distributions and conducted more payments on platform versus requesting cash reimbursement for payments made off platform.

第一季託管營收成長 29%，達到創紀錄的 1.565 億美元。由於替代率上升以及參與增強利率的帳戶數量持續增加，本季 HSA 現金的年化收益率為 3.50%。交換收入成長 14% 至 5,460 萬美元，明顯高於 7% 的帳戶成長，因為會員增加了繳款和分配，並且在平台上進行了更多付款，而不是要求對平台外的付款進行現金報銷。

Gross profit of $224.3 million was 68% of revenue in the first quarter, up from 65% in the first quarter last year. Service costs incurred in the first quarter included, as Scott mentioned, approximately $3 million of fraud reimbursements to members, down from about $11 million in the fourth quarter last year, reflecting our improved capabilities and identifying and preventing the sophisticated fraud activity our members experienced in the prior two quarters.

第一季毛利為 2.243 億美元，佔營收的 68%，高於去年第一季的 65%。正如史考特所提到的，第一季發生的服務成本包括向會員支付約 300 萬美元的詐欺賠償，低於去年第四季的約 1100 萬美元，這反映了我們能力的提高以及識別和防止會員在前兩個季度經歷的複雜詐欺活動的能力。

We continue to invest in fraud prevention and detection capabilities and drive higher adoption of our secure mobile experience, and we believe these efforts will normalize service costs in the second half of fiscal year '26.

我們將繼續投資於詐欺預防和偵測能力，並推動更廣泛地採用我們的安全行動體驗，我們相信這些努力將在 26 財年下半年將服務成本正常化。

Net income for the first quarter was $53.9 million or $0.61 per share on a GAAP basis. Non-GAAP net income was $85.8 million or $0.97 per share. Adjusted EBITDA for the quarter was $140.2 million, up 19% compared to Q1 last year, and adjusted EBITDA as a percentage of revenue was 42% compared to 41% in the first quarter last year.

根據 GAAP 計算，第一季淨收入為 5,390 萬美元，即每股 0.61 美元。非公認會計準則淨收入為 8,580 萬美元，即每股 0.97 美元。本季調整後 EBITDA 為 1.402 億美元，較去年第一季成長 19%；調整後 EBITDA 佔營收的百分比為 42%，而去年第一季為 41%。

Turning to the balance sheet. As of April 30, 2025, cash on hand was $288 million. We generated $65 million of cash flow from operations in the first quarter of FY26. The company ended the quarter with approximately $1.1 billion of debt outstanding net of issuance costs. The company repurchased approximately $60 million of its outstanding shares during the quarter and has approximately $118 million remaining on our previously announced $300 million share repurchase authorization.

轉向資產負債表。截至 2025 年 4 月 30 日，庫存現金為 2.88 億美元。我們在 26 財年第一季產生了 6,500 萬美元的營運現金流。本季末，該公司扣除發行成本後的未償還債務約為 11 億美元。該公司在本季回購了約 6,000 萬美元的流通股，而我們先前宣布的 3 億美元股票回購授權還剩餘約 1.18 億美元。

Before I detail our raised guidance and assumptions, a word on our HSAs cash maturity schedule that was updated and included in today's earnings release. As we have indicated in previous earnings calls and our Investor Day last year, enhanced rates while providing higher yields are more about reducing the volatility of our yield on HSA cash.

在我詳細說明我們提出的指導和假設之前，我想先談談我們今天的收益報告中更新並包含的 HSA 現金到期時間表。正如我們在先前的收益電話會議和去年的投資者日中所指出的，提高利率在提供更高收益的同時，更多的是為了降低 HSA 現金收益的波動性。

To further reduce volatility and rate exposure, in the fourth quarter last year, we amended and extended maturities on some of the $3.2 billion of depository custodial contracts maturing in FY26. In essence, pulling forward those maturities into what we believe is a better rate environment. The remaining $1.7 billion of maturing contracts this fiscal year are largely scheduled to be replaced into new contracts at the end of this year.

為了進一步降低波動性和利率風險，去年第四季度，我們修改並延長了 2026 財年到期的 32 億美元存管合約的部分期限。本質上，將這些到期日提前到我們認為更好的利率環境中。本財年剩餘的17億美元到期合約大部分計劃在今年底更換為新合約。

We also have $4 billion of HSA cash and contracts maturing next year FY27. In order to further derisk expected interest rate volatility on the combined remaining $5.7 billion maturing over the next 20 months, we have entered into some forward treasury contracts during Q2 and that essentially locked in five-year treasury base rates at approximately 4% net of hedging costs on $500 million of these maturities. We anticipate further derisking transactions over the remainder of FY26.

我們還有 40 億美元的 HSA 現金和合約將於明年 27 財年到期。為了進一步降低未來 20 個月到期的剩餘 57 億美元債券的預期利率波動風險，我們在第二季度簽訂了一些遠期國債合約，並將五年期國債基準利率鎖定在約 4% 的水平，扣除其中 5 億美元的到期債券的對沖成本。我們預計 26 財年剩餘時間內交易風險將進一步降低。

We expect the average yield on HSA cash will be approximately 3.5% during fiscal '26. As a reminder, we based custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers, schedule of which is contained in today's release as well as an 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.

我們預計 26 財年 HSA 現金的平均殖利率將約為 3.5%。提醒一下，我們根據預期的 HSA 現金部署和展期指南中的託管收益率假設，其時間表包含在今天的發布中，以及對有擔保隔夜融資利率和中期國債遠期曲線等前瞻性市場指標的分析。當然，這些可能會發生變化，並且不能完美預測未來的市場狀況。

Our fiscal '26 guidance reflects the expected carryforward of the trajectories for revenue and margins for the remainder of this year, including technology and security investments to reduce fraud and drive operational efficiencies as well as relatively stable forward interest rate curves. We expect revenue in a range between $1.285 billion and $1.305 billion. GAAP net income in a range of $173 million to $188 million or $1.96 to $2.13 per share. We expect non-GAAP net income to be between $320 million and $335 million or $3.61 and $3.78 per share based upon an estimated 88.5 million shares outstanding for the year. Finally, we expect adjusted EBITDA to be between $530 million and $550 million.

我們對 26 財年的指引反映了今年剩餘時間收入和利潤率預期的延續，包括技術和安全投資以減少詐欺和提高營運效率，以及相對穩定的遠期利率曲線。我們預計營收將在 12.85 億美元至 13.05 億美元之間。GAAP 淨收入在 1.73 億美元至 1.88 億美元之間，或每股 1.96 美元至 2.13 美元。我們預計，基於今年流通股數預計為 8,850 萬股，非 GAAP 淨收入將在 3.2 億美元至 3.35 億美元之間，或每股 3.61 美元至 3.78 美元。最後，我們預計調整後的 EBITDA 將在 5.3 億美元至 5.5 億美元之間。

We continue to invest in protecting our members' assets and data while providing them with remarkable experience. We're pleased with how we exited Q1 and look to make additional progress in Q2 towards normalizing fraud costs to our target of 1 basis point on total assets per annum.

我們繼續投資保護會員的資產和數據，同時為他們提供卓越的體驗。我們對第一季的結束感到滿意，並期待在第二季取得進一步進展，將詐欺成本正常化至每年總資產 1 個基點的目標。

Our guidance includes additional expected share repurchases under the $300 million repurchase authorization and potential reductions in revolver borrowings during the fiscal year. With continued strong cash flows and available borrowings on our revolver, we will maintain ample capacity for portfolio acquisitions should they become available.

我們的指導包括根據 3 億美元回購授權進行的額外預期股票回購以及財政年度內循環借款的潛在減少。憑藉持續強勁的現金流和循環信貸額度，我們將保持充足的能力進行投資組合收購（如有）。

We assume a GAAP and a non-GAAP income tax rate of approximately 25% and diluted share count of 88.5 million, including common share equivalents. As we've done in previous reporting periods, our fiscal 2026 guidance includes a reconciliation of GAAP to the non-GAAP metrics provided in the earnings release and a definition of all such items is included at the end of the earnings release. In addition, while the amortization of acquired intangible assets is being excluded from non-GAAP net income, the revenue generated from those acquired intangible assets is included.

我們假設 GAAP 和非 GAAP 所得稅率約為 25%，稀釋股數為 8,850 萬股，包括普通股等價物。正如我們在先前的報告期間所做的那樣，我們的 2026 財年指引包括 GAAP 與收益報告中提供的非 GAAP 指標的協調，並且在收益報告末尾包含了所有此類項目的定義。此外，雖然非公認會計準則淨收入不包括收購無形資產的攤銷，但包括了收購無形資產所產生的收入。

With that, let's go to the operator for your questions.

好了，讓我們聯絡接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

I guess, Scott, I'd probably start off with the slowdown in the HSA selling conditions. Are you just thinking that this is a tough comp? Or is there something macro that you're attributing this to and kind of would love any kind of forward visibility on how you're thinking about the environment?

斯科特，我想，我可能會從 HSA 銷售狀況的放緩開始。您是否認為這是一場艱難的比賽？或者您將此歸因於某種宏觀因素，並希望了解您對環境的看法？

Yes. Thanks, George. So 150,000 in new HSA sales a little bit lighter than last year at 194,000. But again, recognizing that it's substantially higher than the 134,000 in Q1 of fiscal year '24. So we actually feel pretty good. I think when we look at the pipeline of what we see currently, we are optimistic about that pipeline in enterprises, as I said in my comments, and I think in other economic downturns, we've actually seen the opportunity to lean into the message.

是的。謝謝，喬治。因此，新 HSA 銷量為 150,000 輛，比去年的 194,000 輛略有下降。但再次，我們要認識到，這一數字遠高於 24 財年第一季的 134,000。所以我們實際上感覺非常好。我認為，當我們審視目前所看到的管道時，我們對企業管道持樂觀態度，正如我在評論中所說的那樣，而且我認為在其他經濟衰退中，我們實際上看到了傾聽訊息的機會。

And what we're driving in terms of our value proposition with employers is that with effective plan design and greater adoption, we can help drive down their health care costs that are growing faster than wages. So I guess what I would say is that there's really nothing to see here relative to our either short or longer-term view of the market. We're optimistic about the selling season. We feel like we've got a good enterprise pipeline.

就我們向雇主提出的價值主張而言，透過有效的計畫設計和更廣泛的採用，我們可以幫助他們降低成長速度快於薪資的醫療保健成本。所以我想說的是，相對於我們對市場的短期或長期看法，這裡確實沒有什麼好看的。我們對銷售旺季持樂觀態度。我們覺得我們已經擁有了良好的企業管道。

But if anything, we're cautious about the macro impact overall for job creation, slower GDP growth as that relates to new account sales.

但如果有什麼不同的話，我們對就業創造、GDP 成長放緩等整體宏觀影響持謹慎態度，因為這與新帳戶銷售有關。

That's helpful. And Jim, if I could sneak in a real quick follow-up. You talked about locking in the 4% rate net of hedging costs, I might have missed this. Did you say what the duration on that was? Like what's -- is that the typical two- to three-year holding period or is that longer?

這很有幫助。吉姆，如果我可以偷偷地快速跟進一下的話。您談到了鎖定扣除對沖成本後的 4% 利率，我可能錯過了這一點。您有說過持續時間是多久嗎？例如——這是典型的兩到三年的持有期還是更長？

Yes. So what we've done is we have entered into forward treasury contracts for five-year treasuries. So effectively locking in the base rate for a basic rate to enhanced rate migration. So yeah, it's locking in the T portion of those maturities that are happening in Q4 of this year and Q4 of next year.

是的。因此，我們所做的就是簽訂五年期公債的遠期公債合約。因此，可以有效地鎖定基本利率，以實現從基本利率到增強利率的遷移。是的，它鎖定了今年第四季和明年第四季到期的 T 部分。

Okay. I appreciate that. I'll hop back in the queue. Thanks.

好的。我很感激。我會重新回到隊列中。謝謝。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Jim, the fraud costs were about $9 million better than we expected, but the EBITDA raise was only about $5 million. Can you talk about how much of the fraud costs above that 1 basis point are still included in the guide? Or I guess if I put it in another way, if 2Q goes back to that 1 basis point of fraud cost run rate for the full year, how much upside to the current guide is there?

吉姆，詐欺成本比我們預期的要好 900 萬美元左右，但 EBITDA 增幅僅為 500 萬美元左右。您能否談談超過 1 個基點的詐欺成本中有多少仍包含在指南中？或者我想如果我換個說法，如果第二季全年詐欺成本運行率回到 1 個基點，那麼目前指南的上行空間有多大？

Yeah, let me try to unpack that. So yes. So while we may have been ahead of your expectation, we're pretty much like right on where we expected to be at this point in the year on our outlook. So we're trying to get to a 1 basis point exit rate, which we think we can get to in the back half of this year.

是的，讓我試著解開它。是的。因此，儘管我們可能超出了您的預期，但我們對今年此時的展望基本上符合我們的預期。因此，我們正努力實現 1 個基點的退出利率，我們認為我們可以在今年下半年實現這一目標。

We're not signing up for being there right now, obviously not there right now with $3 million of expense in the quarter. So I'm not going to try to do the -- what if we got there, what if we got their math. But we haven't really changed our outlook from -- on a fraud perspective from the last guy because this quarter happened exactly as we thought it would happen.

我們目前還沒有簽約，顯然目前還沒有足夠的資金，因為本季的支出為 300 萬美元。所以我不會嘗試去做——如果我們到達那裡會怎樣，如果我們得到他們的數學會怎麼樣。但從上一位分析師的詐欺角度來看，我們並沒有真正改變我們的看法，因為本季發生的事情正如我們所想的那樣。

Okay. That makes sense. And a follow-up for Steve. Around the, I guess, the size of the increase of the addressable market here, a clarification question here. I think you said that if the legislation goes through 20 million more families through Medicare Part A could continue to contribute, which would expand the market by 20 million.

好的。這很有道理。以及對史蒂夫的後續報道。我想，關於這裡可尋址市場的成長規模，這裡有一個澄清問題。我想您說過，如果該法案獲得通過，將有 2000 萬個家庭可以透過 Medicare Part A 繼續繳費，這將使市場擴大 2000 萬。

But then you also say that the overall expansion could be 20 million. Is that 40 million total? Because I guess the way that I'm thinking about it is, will those 20 million would just sort of age out, I guess, of HSAs. Just trying to understand if this is a net 20 million or a net 40 million increase in the addressable market.

但您也說整體擴張規模可能達到 2,000 萬。總共是 4000 萬嗎？因為我想我的想法是，這 2000 萬人是否會因為 HSA 年齡增長而過期？只是想了解這是否意味著可尋址市場的淨增長為 2000 萬或淨增長為 4000 萬。

No problem, Allen. So it's really net 20 million. And it's a combination of Medicare Part A people that when they turn 65 would typically drop out of the workforce or at least out of workforce HSAs. Plus, you've got these folks on the exchanges that are allowed to do it. So it's a net 20 million, not net 40 million. And that's the way we see it -- that's the way the industry has been promoting it as 20 million net.

沒問題，艾倫。所以實際淨利是2000萬。這是醫療保險 A 部分人口的組合，當他們年滿 65 歲時，他們通常會退出勞動市場，或至少退出勞動力 HSA。另外，交易所裡也有這些人被允許這麼做。因此淨利潤是 2000 萬，而不是 4000 萬。這就是我們的看法——這就是業界一直宣傳的 2000 萬淨額。

Anne Samuel, JPMorgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

Great to hear some positive movement on HSAs. I was hoping maybe you could just give a little bit of an update on how you're tracking towards your goal of getting current members to download the app? And kind of how you're thinking about that around kind of security and kind of fraud expenses as you move towards the next onboarding season?

很高興聽到 HSA 方面取得了一些積極的進展。希望您能稍微介紹一下您如何實現讓現有會員下載應用程式的目標？在進入下一個入職季時，您如何考慮安全和詐欺費用？

Yes. Thanks, Anne. So again, just a reminder, the priority for us over the course of this year that certainly I came into at the beginning of the year has been, number one, fraud on the platform. Number two, it's just been stabilization of the platform given the experience in Q4. And the way we're getting after that is with this mobile orientation around member-first secure mobile experience.

是的。謝謝，安妮。所以，再次提醒一下，我年初就提到，今年我們的首要任務就是打擊平台上的詐欺行為。第二，根據第四季的經驗，平台已經趨於穩定。我們實現這一目標的方式是透過這種以會員為先的安全移動體驗為導向的行動定位。

In combination with the efforts that we're making with fraud, in addition to the mobile download, we know that it's going to drive better engagement with members, and we know the outcome is a more secure access or authentication into our platforms. What we expect over the course of this year on the mobile side is that, call it by the fall, any member accessing or authenticating our platforms will be authenticating through a password list, pass key authentication method through the mobile experience. And we know that experience is secure.

結合我們在打擊詐欺方面所做的努力，除了行動下載之外，我們知道它將推動與會員更好的互動，並且我們知道結果是更安全地訪問或驗證我們的平台。我們預計，今年秋季，行動端的任何成員在存取或驗證我們的平台時都將透過密碼清單進行身份驗證，並透過行動體驗傳遞金鑰身份驗證方法。我們知道這種體驗是安全的。

And we're also driving a strategy towards driving greater engagement with our members which I think we also see the benefit of driving mobile adoption is putting us in a better position to help our members save, invest and spend in an integrated app experience overall. So the mobile strategy is certainly tied to the security posture, but the end of it is a real benefit in terms of the member experience.

我們也正在推行一項策略，以加強與會員的互動，我認為我們也看到了推動行動應用的好處，這讓我們能夠更好地幫助我們的會員在整體的綜合應用體驗中進行儲蓄、投資和消費。因此，行動戰略肯定與安全態勢息息相關，但最終它會為會員體驗帶來真正的好處。

We have seen an increase in app downloads. We highlighted about 1.2 million app downloads at the end of Q1. We're going to be driving more app download adoption. Although I think the metric that we look at for success on the security side is not necessarily just app downloads, but it's actually have we secured the perimeter, meaning you're going to be required to download the app to interact with our platforms.

我們看到應用程式下載量增加。我們強調，第一季末應用程式下載量約為 120 萬次。我們將推動更多應用程式的下載。雖然我認為我們衡量安全方面成功的標準不一定只是應用程式下載量，而是我們是否真正保護了周邊環境，這意味著你需要下載應用程式才能與我們的平台互動。

Really helpful. Thank you.

真的很有幫助。謝謝。

Greg Peters, Raymond James.

格雷格彼得斯、雷蒙詹姆斯。

I wanted to go back to the comments on the selling season and integrate it with the fraud situation. Just curious from an enterprise level, if you've seen any fallout -- the elevated levels of fraud in your HSAs. And I'm curious if you could give us a sense on how the retention of your enterprise customers is proceeding in the context of the elevated fraud levels for -- to help us map out what's going on there.

我想回顧一下有關銷售季節的評論，並將其與欺詐情況結合起來。只是從企業層面好奇，您是否看到了任何後果——您的 HSA 中的欺詐程度有所提高。我很好奇，您是否可以告訴我們，在詐騙程度上升的背景下，您的企業客戶的保留情況如何——以幫助我們了解那裡發生的事情。

Yeah. Thanks, Greg. So in direct answer to your question, we have seen no fallout from fraud on the platform. our retention rates actually to date this year are higher than they've been in years past. So high 90%s in terms of retention.

是的。謝謝，格雷格。所以直接回答你的問題，我們沒有看到平台上的詐騙行為造成任何影響。今年到目前為止，我們的保留率實際上比過去幾年都要高。保留率高達 90%。

I think when it comes down to selling this in the enterprises is certainly with Sunil on board, and we built out an incredible leadership team around Sunil in application security and in fraud. We're also communicating very directly with our enterprise clients, the why of what we're doing around all of the measures that we're taking.

我認為，當談到在企業中銷售這款產品時，Sunil 肯定會參與其中，並且我們圍繞 Sunil 建立了一個在應用安全和反詐欺方面非常出色的領導團隊。我們也與我們的企業客戶進行非常直接的溝通，以解釋我們採取的所有措施的原因。

And so I certainly look at any incident of fraud erodes trust and at the same time as we're able to deploy the prevention measures and as we're driving towards is oval-first experience I believe enterprises are going to be looking at that as a positive change for HealthEquity, positive change to increase security in all of our interaction with our enterprise clients effectively suggest that.

因此，我當然認為任何詐騙事件都會削弱信任，同時，我們能夠部署預防措施，並且我們正在努力實現橢圓優先的體驗，我相信企業將此視為 HealthEquity 的積極變化，積極的變化可以提高我們與企業客戶的所有互動中的安全性，這有效地表明了這一點。

And so again, I think it's really important that we emphasize the importance and the priority of security clear that we're making the investments around security and it's being integrated seamlessly into the experience itself to build trust.

因此，我再次強調，我們必須強調安全的重要性和優先性，明確我們正在圍繞安全進行投資，並將其無縫整合到體驗本身中以建立信任。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

My first one is just a housekeeping question. You cited the $3 million in reimbursements for the quarter, which came down a lot. But what was the sort of the reimbursements from the insurance? And then what was the overall costs as you try to invest in the quarter? If you could break all those other buckets down?

我的第一個問題只是一個常規問題。您提到本季的報銷金額為 300 萬美元，下降了很多。但保險的報銷金額是什麼樣的呢？那麼，當您嘗試在本季進行投資時，總成本是多少？如果您可以把所有其他桶都打破呢？

Yes. So we had -- what we talked about in terms of what we experienced is $3 million in direct fraud versus $11 million in Q4. It's not a reimbursement and -- us reimbursing members for fraud. Yeah. So -- and we have no update on the insurance recovery.

是的。因此，就我們所經歷的情況而言，直接詐欺金額為 300 萬美元，而第四季為 1,100 萬美元。這不是退款，我們不會因詐欺行為向會員提供補償。是的。所以——我們還沒有關於保險恢復的最新消息。

Yes, nor is any reflected in our outlook.

是的，我們的展望中也沒有體現這一點。

Okay. And then I guess, what are you seeing -- what did you see in April in your -- the resources now that you're using you've deployed or invested in for sort of detection, walk us through how cases where you've seen elevated activity or able to prevent activity in the recent months with these new investments?

好的。然後我想，您看到了什麼——您在四月份看到了什麼——您現在正在使用的、已經部署或投資用於某種檢測的資源，請向我們介紹一下在最近幾個月中，透過這些新投資，您看到了哪些活動增加或能夠阻止哪些活動？

Yeah. So what we've been able to do is deploy resources into our security team. Importantly, it has not impacted our percentage of T&D spend relative to revenue which we had mentioned on our last call. And so the resources that we've deployed, again, have been driving a sequential reduction in the fraud rates month-to-month over the course of this year, which we feel really good about.

是的。因此，我們能夠做的就是將資源部署到我們的安全團隊。重要的是，它並沒有影響我們在上次電話會議上提到的運輸與配送支出佔收入的百分比。因此，我們再次部署的資源在今年內推動了詐欺率逐月下降，我們對此感到非常高興。

The main fraud vectors that we've been attacking have been general account takeovers which we'd be able to make great progress against and also preventing if an account was taken over from funds moving to or an unassociated bank account, which we've also been able to stop.

我們一直在攻擊的主要詐欺媒介是一般帳戶接管，我們能夠在這方面取得很大進展，並且還可以防止帳戶被接管而資金轉移到不相關的銀行帳戶，我們也能夠阻止這種情況。

The other area, given that we've got millions of cards out in circulation is actually stopping and preventing fraudulent transaction, largely from card-not-present transactions across our network. And they're, again, deploying fraud detection tools to be able to effectively not authorize transactions that we know are fraudulent is the way that we've been attacking fraud that's coming through the card network.

另一個領域是，考慮到我們有數百萬張卡在流通，實際上就是阻止和防止詐欺交易，主要是透過我們的網路進行的無卡交易。他們再次部署了詐欺偵測工具，以便能夠有效地不授權我們知道是詐欺的交易，這是我們攻擊透過卡片網路進行的詐欺的方式。

The last piece, we really think of it as top of the funnel has really been around protecting access to the platform through our mobile security efforts. And again, we're beginning our journey there as we drive more adoption to the mobile app. And as we require access to our platforms through that and that's going to happen in the later part of the year.

最後一部分，我們確實認為漏斗的頂端實際上是透過我們的行動安全措施來保護對平台的存取。再次，隨著我們推動更多人採用行動應用程序，我們的旅程也由此開始。我們需要透過這種方式訪問我們的平台，這將在今年稍後實現。

And so those are the things that we're doing to prioritize it. I'm very optimistic about the progress that we've made against those. And again, with the sequential fraud rates coming down month-to-month are certainly encouraged by that progress that we've made since the beginning of the year.

這些就是我們正在優先考慮的事情。我對我們在這方面取得的進展非常樂觀。而且，隨著詐欺率逐月下降，我們自今年年初以來的進展無疑令人鼓舞。

Great. Thank you so much.

偉大的。太感謝了。

Stephen Valiquette, Mizuho Securities.

瑞穗證券的 Stephen Valiquette。

Congrats on the results. I guess just for -- just coming back to your comments regarding all the positive HSA proposals in the house version of the budget bill. I just want to drill in a little bit deeper on the doubling of the maximum annual contributions for individuals earning under $75,000 to $100,000 a year and families under -- making under $150,000 to $200,000.

恭喜取得成果。我想只是為了——回到你對眾議院版本的預算法案中所有積極的 HSA 提案的評論。我只是想更深入地探討一下將年收入低於 75,000 美元至 100,000 美元的個人和年收入低於 150,000 美元至 200,000 美元的家庭的最高年度繳款額增加一倍的問題。

I guess I was just curious if you guys had any numbers around that, just a number of people in existing accounts that fall into those income thresholds because I sort of view it as a multiplier on the HSA assets could almost be more important to your earnings than the number of eligible people that can open accounts. So I just wanted to a little more color around that, if you have any estimates.

我想我只是好奇你們是否有這方面的數字，只是現有帳戶中符合這些收入門檻的人數，因為我認為它是 HSA 資產的乘數，這對您的收入來說幾乎比可以開設帳戶的合格人數更重要。因此，如果您有任何估計，我只是想對此進行更詳細的說明。

Yes. Maybe Steve, maybe I'll say a couple of things then you can add to it. I think when you think about it, one thing that we remind everybody is that when you look at HSA contributions, only about 4% of members contribute at the max. And so one of the key things we're trying to do is drive awareness that you should be contributing to the max. Obviously, here in the expansion, the increase of health savings account contribution limits for individuals, middle to lower incomes.

是的。也許史蒂夫，也許我會說幾件事，然後你可以補充。我想，當你考慮這一點時，我們要提醒大家的一件事是，當你查看 HSA 貢獻時，只有大約 4% 的會員貢獻了最高金額。因此，我們正在嘗試做的一個關鍵事情就是提高人們的意識，讓他們知道你應該盡最大努力做出貢獻。顯然，在擴張中，增加了中低收入個人的健康儲蓄帳戶繳款限額。

I think from a score perspective, that's been scored at a cost of $8 billion over 10 years. But we do think it's modestly impactful in terms of the messaging of the power of having an HSA account as well as contributing to the max. Steve, I don't know if you'd have more to add to that.

我認為從得分角度來看，這是在 10 年內花費 80 億美元實現的。但我們確實認為，就傳達擁有 HSA 帳戶的力量以及做出最大貢獻而言，它具有一定的影響力。史蒂夫，我不知道你是否還有更多要補充的。

Just a couple of things. Look, I think -- I think it's a good question. Last time, we looked at the median household income of our account holders. It's around $72,000. So the vast majority would actually fit into this rubric. Now the question was to what Scott's pointed out, is how do you contribute more? And I really think it comes back to a plan design issue.

僅舉幾例。瞧，我認為──我認為這是個好問題。上次，我們查看了帳戶持有人的家庭收入中位數。大約是 72,000 美元。因此，絕大多數實際上都符合這項標準。現在的問題是，正如史考特所指出的，你如何做出更多貢獻？我確實認為這又回到了計劃設計問題。

One of the things that gets us most excited about these provisions is we could we could actually come to employers, and we're doing that right now. I mean this is part of our recession-proof part of our business is to talk to employers during these economic downturns and say, hey, this is a way for you to save money and say, really, there's an opportunity here for you to change the way you make contributions to HSAs to help maybe lower income people get into these accounts, and so the employers can fund and you can do variable funding.

這些規定最讓我們興奮的事情之一是，我們可以真正為雇主提供幫助，我們現在正在這樣做。我的意思是，這是我們業務中抵禦經濟衰退的部分，即在經濟低迷時期與雇主溝通，告訴他們，嘿，這是一種省錢的方法，並且說，真的，這裡有一個機會讓他們改變向 HSA 繳款的方式，以幫助低收入人群進入這些賬戶，這樣雇主可以提供資金，您可以進行可變資金。

We have employers that will give more money to lower income people and they do for higher-income people, which we think is a good strategy to drive higher adoption that way, people aren't afraid of the higher deductible that comes with the HSA.

我們的雇主會向低收入者提供更多資金，也會向高收入者提供更多資金，我們認為這是推動更高採用率的良好策略，這樣人們就不會害怕 HSA 帶來更高的免賠額。

And so look, short answer is a lot of our account holders would fall into this. The longer answer is, do people really have the money to put in these accounts. And I think the answer is if they start looking at the tax advantages of the HSAs compared to even the 401(k) because it is a lot stronger from that perspective that we can start to tell that story.

所以，簡而言之，我們的許多帳戶持有人都會陷入這種情況。更長的答案是，人們真的有錢存入這些帳戶嗎？我認為答案是，如果他們開始考慮 HSA 相對於 401(k) 的稅收優勢，因為從這個角度來看，它要強大得多，我們就可以開始講述這個故事。

But the biggest thing we can do is to get employers and health plans to start driving to higher adoption in these accounts, more full replace solutions for employers because that's where they're going to not only provide we think the richest benefit for their folks and also draw down the cost. But -- so I think it just opens the door, Stephen, for a lot more innovation when it kind of is to plan design.

但我們能做的最重要的事情是讓雇主和健康計畫開始推動這些帳戶的更高採用率，為雇主提供更全面的替代解決方案，因為這不僅可以為員工提供我們認為最豐厚的福利，還可以降低成本。但是——所以我認為這只是打開了大門，史蒂芬，為規劃設計時的更多創新打開了大門。

Okay. That's very helpful. Thank you.

好的。這非常有幫助。謝謝。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Jamie on for David this afternoon. Wanted to see if you could unpack just the growth between custodial cash and HSA investment cash. The latter is growing a lot quicker. And if you can just help us think through the unit economics as the investment side grows quicker than the custodial cash.

今天下午傑米將代替大衛上場。想看看您是否可以解開託管現金和 HSA 投資現金之間的成長。後者的成長速度更快。如果您能幫助我們思考單位經濟學，因為投資方面的成長速度比託管現金更快。

Yes, no problem. So obviously, the custodial cash we're making the yield on HSA cash, which we've disclosed to you guys and sort of think of the investment cash as something more like high 20s basis points on average, right? We have some clients who have reached the max fee who are paying less, but in a typical dollars coming in at 30 or so basis points. So it moves up and down, but high 20s basis points on investors.

是的，沒問題。顯然，我們正在透過託管現金獲得 HSA 現金的收益，我們已經向你們披露了這一點，並認為投資現金的平均收益率更像是 20 多個百分點，對嗎？我們有一些客戶已經達到了最高費用，他們支付的費用較少，但典型的金額約為 30 個基點左右。因此，它會上下波動，但對投資者而言，其影響高達 20 個基點。

So I think the spirit of the question is like that we don't -- these are not sort of transferable buckets and we tend to think of our account holders as in one or two different cohorts, right? You're either a saver/spender, you're an investor and a spender or you're just an investor and those groups behave very, very differently.

所以我認為問題的核心在於，我們不會——這些都不是可轉移的儲存桶，我們傾向於將我們的帳戶持有人視為一個或兩個不同的群體，對嗎？您要么是儲蓄者/消費者，要么是投資者/消費者，要么只是投資者，這些群體的行為非常非常不同。

So to the member that is growing their cash balance, helping us grow our custodial cash balance is a different member than the member that is contributing the 8,000-plus family per year into the investment balance. We take care of all of those populations and each one of those populations is growing.

因此，對於增加現金餘額、幫助我們增加託管現金餘額的會員來說，與每年為 8,000 多個家庭貢獻投資餘額的會員來說是不同的。我們照顧所有這些人口，並且每個人口都在增加。

Okay. Great. And then I just wanted to focus on the Medicare Type A seniors for a minute. And obviously, given the life cycle stage of those -- that population, how would you ever think about the propensity, those types of patients to save in HSAs? Is there a benchmark or a similar population that you'd compare it to in terms of propensity of those -- of that population to invest in HSAs?

好的。偉大的。然後我想花一分鐘時間關註一下 A 類醫療保險的老年人。顯然，考慮到這些人的生命週期階段，您會如何看待這些類型的患者在 HSA 中儲蓄的傾向？就該族群投資 HSA 的傾向而言，是否存在一個基準或類似人群可供您比較？

Do you want me to address that, Scott?

史考特，你想讓我談談這個問題嗎？

Yeah, go ahead, Steve.

是的，繼續吧，史蒂夫。

Look, I think a general rule is people have a longer tenure with HealthEquity. I can't speak for the other companies in our space. But I know with HealthEquity, the longer tenure they have with us and a little bit older they get the more income they have to put in their HSAs. And so we love folks that are in their 50th -- sixth decade of life that have been in HSAs for four, five years because they are really pounding the money in because they know. And it kind of makes sense, right?

聽著，我認為一般規則是人們在 HealthEquity 任職的時間更長。我不能代表我們這個領域的其他公司發言。但我知道，對於 HealthEquity 來說，他們與我們合作的時間越長，年齡越大，他們需要存入 HSA 的收入就越多。因此，我們喜歡那些 50 到 60 歲、已經在 HSA 中存了四到五年的人，因為他們確實在投入資金，因為他們知道。這很有道理，對吧？

At that point, they probably have a lot of dependents at home. I don't know those types of things. They're probably a little bit healthier than they will be later in their life. And so they're putting as much money into these accounts as possible. By the time they've been with us for four or five years, they're starting to understand that they've got an extra dollar, they should put in their HSA.

那時，他們家裡可能還有很多需要撫養的人。我不知道這些事。他們現在的健康狀況可能比以後好一些。因此他們盡可能地將錢存入這些帳戶。當他們與我們合作了四、五年之後，他們開始明白，他們有多餘的一美元，他們應該將其存入 HSA。

And so we do think there's a real opportunity here. Now, the reality is, is that not everyone that is 65 is still in an employer sponsored plan or a high deductible plan, but there's a lot that are there's a lot that are. And one of the things that happens is that they tend to kind of -- they get the notices from the government. It says you better sign up for Medicare, or if they enroll in social security, they get auto enrolled in Medicare Part A.

因此我們確實認為這是一個真正的機會。現在，現實情況是，並不是所有 65 歲的人都仍然參加雇主贊助的計劃或高免賠額計劃，但還是有很多人參加。其中一種情況是，他們往往會收到政府的通知。它說你最好註冊醫療保險，或者如果他們註冊社會安全保障，他們就會自動註冊醫療保險 A 部分。

And all of a sudden, they reach out to us and say, hey, I got a problem here. I just met with my accountant, and I've been funding my account for the last six months, and I can't -- I got to get the money out of it because I can't do it because I've been disqualified by being in Part A. And again, they get auto enrolled when they start with security like that.

突然間，他們聯絡我們說，嘿，我遇到了一個問題。我剛剛和我的會計師見了面，過去六個月我一直在為我的帳戶注資，但我不能——我必須把錢從裡面取出來，因為我不能這樣做，因為我已經被取消了 A 部分的資格。再說一次，當他們開始有這樣的安全保障時，他們就會自動註冊。

So we think there's a lot of opportunity, a lot of educational that we can do. One of my favorite storage is about somebody that just turned 55 and put $47 in his HSA. He sent me a note when he turned 65 and he said, I now have over $100,000 in my HSA savings and I'm going to work for another five years because I want to get this thing up high as I possibly can so that when I really do truly go into active retirement, I have the money I need to take care of my health care expenses. So it's a great question. We're going to keep chopping away at that tree, but this just gives us a little bit of a sharper axe as we do so.

因此我們認為有很多機會，有很多教育工作可以做。我最喜歡的存儲之一是關於某人剛滿 55 歲並在其 HSA 中存入 47 美元的故事。在他 65 歲生日時，他給我發了一張便條，上面寫著，我現在的 HSA 儲蓄中有超過 10 萬美元，我還要再工作五年，因為我想盡可能地提高我的 HSA 儲蓄，這樣當我真正進入積極的退休狀態時，我就有足夠的錢來支付我的醫療費用。這是一個很好的問題。我們會繼續砍伐那棵樹，但這只會讓我們的斧頭變得更鋒利。

Great. Thank you.

偉大的。謝謝。

Stan Berenshteyn, Wells Fargo.

富國銀行的 Stan Berenshteyn。

First, on the forward contracts, I'm just curious, do you still get upside if rates move higher from here?

首先，關於遠期合約，我很好奇，如果利率從現在開始走高，是否還能獲得上行空間？

Well, we will get upside and then we will pay that upside to our counterparty on the hedge that we entered. So effectively, we've locked in treasury rate -- forward treasury rates on $500 million of maturing bank contracts. And the rationale there is, right, we've got $5.7 billion of point-in-time risk on reinvestment or replacement of those maturing basic rate contracts.

好吧，我們會獲得收益，然後我們會將收益支付給我們進行對沖的交易對手。因此，我們實際上鎖定了國債利率——5 億美元到期銀行合約的遠期公債利率。其理由是，我們在再投資或更換這些到期基本利率合約時面臨 57 億美元的即時風險。

And we're not making a sort of speculative trading decision. What we're doing is trying to derisk that point in time risk a bit and locking in a treasury rate that we believe is significantly above what we view as neutral. So it's locking in a good HSA yield. Could it be maximizing HSA yield? Perhaps. Could it be under maximizing HSA yield? Perhaps. But we're locking in -- effectively locking in the forward curve today, to reduce that maturity wall.

我們不會做出某種投機性交易決定。我們正在做的是嘗試降低該時間點的風險，並鎖定我們認為遠高於中性的國債利率。因此它鎖定了良好的 HSA 收益。它能最大化 HSA 產量嗎？也許。這會不會降低 HSA 產量的最大化？也許。但我們正在鎖定——有效地鎖定今天的遠期曲線，以降低成熟度障礙。

Got it. Okay. And then another one here on the legislation. So past couple of years, the market has added about 2 million new HSAs per year. So if this legislation passes, how accretive do you expect the current pace of growth to become? Any thoughts on that?

知道了。好的。這裡還有另一個關於立法的問題。過去幾年，市場每年增加約 200 萬個新的 HSA。那麼，如果這項立法獲得通過，您預計目前的成長速度將會有多快？對此有什麼想法嗎？

We don't know. One of the things that -- and again, we focus a lot on the Medicare Part A stuff. We talked a little bit about the exchanges. But there's other provisions in this legislation, which I think are equally as exciting. I mean everyone knows that follow HealthEquity that we have over 100,000 employers, and they really do drive a lot of our growth.

我們不知道。其中一件事是——我們再次強調，我們非常關注醫療保險 A 部分的內容。我們談論了一些有關交流的事情。但我認為這項立法中還有其他條款同樣令人興奮。我的意思是，關注 HealthEquity 的每個人都知道我們擁有超過 100,000 名雇主，他們確實推動了我們的巨大成長。

But to be able to go to an employer, again, if all these provisions stay in there and say things like, hey, did you know that the money that people are putting in their HSAs can now be used to both pay for direct primary care up to a certain amount per month as in the legislation. And the very existence of the being in the direct primary care arrangement does not excluding them from having an HSA. Same thing with using HSA dollars for gym passes and things like that.

但是，如果所有這些規定都保留下來，那麼能夠去找雇主並說這樣的話，嘿，你知道嗎，人們存入 HSA 的錢現在可以用來支付直接初級保健費用，每月最高可達一定數額，就像立法中規定的那樣。並且直接初級保健安排的存在並不排除他們擁有 HSA。使用 HSA 美元購買健身房通行證等也是同樣的事情。

Or we've had a lot of employers that have come to us, and said it's really frustrating for us that we want to offer an on-site medical clinic, actually, a good colleague of Scott and mine that we both have known for years, has on-site medical clinics to a bunch of the tech companies perhaps Silicon Valley and it's frustrating for them because they want to provide this upfront medical care, sometimes free of charge for people that are working. And you can imagine the same situation in factories and things like that.

或者有很多雇主來找我們，說我們想要提供現場醫療診所真是令人沮喪，實際上，斯科特和我的一位好同事，我們都認識多年，為許多科技公司（也許是矽谷）提供現場醫療診所，這讓他們很沮喪，因為他們想提供這種前期醫療服務，有時還免費為正在工作的人提供。你可以想像工廠和類似場所的相同情況。

And yet that could disqualify them from having an HSA unless they charge a market rate at their own medical clinic, which just adds a level of complexity. So I don't know to get to your base question, we obviously keep our eye very closely on that number of new HSAs created. And as much as we like to always capture market share like we've been doing, we want to still capture market share when the market be bigger [dog on it]. And that's what this is all about.

然而，這可能使他們沒有資格擁有 HSA，除非他們在自己的醫療診所收取市場價格，這只會增加一定程度的複雜性。所以我不知道如何回答你的基本問題，我們顯然密切關注新創建的 HSA 的數量。儘管我們希望像以前一樣始終佔據市場份額，但當市場變得更大時，我們仍然希望佔據市場份額[狗在上面]。這就是這件事的意義。

And so I don't know how we can drive up that number, but I just want to try to convey to you, it's not just about the Med Part A people. It's not just about the exchanges. It's about going to employers with a different value proposition, saying, have your on-site medical clinics, do direct primary care arrangements -- again, if these provisions stay in there and let's still have HSAs and let's really go after this. And let's just go for a replace. That's the easiest thing.

所以我不知道我們如何提高這個數字，但我只是想向你們傳達，這不僅僅與地中海 A 部分的人有關。這不僅涉及交流。這是為了向雇主提出不同的價值主張，比如說，設立現場醫療診所，安排直接的初級保健——再說一次，如果這些規定保留下來，我們仍然保留 HSA，我們就可以真正地去實現這一點。讓我們去替換一下。這是最簡單的事。

Go for replace, everyone's in, created a nice benefit for folks you're going to save probably a few million bucks a year depending on the size of the employer, and your people are going to now have a better benefit. So that's what I think it's all about. But I don't know if that addresses your question, Stan, but that's the way I see it.

去替換，每個人都參與其中，為人們創造了一個很好的福利，根據雇主的規模，你每年可能會節省幾百萬美元，而且你的員工現在會得到更好的福利。我認為這就是全部內容。但我不知道這是否回答了你的問題，斯坦，但這就是我的看法。

Directionally, it does. I appreciate the comment. Thanks so much.

從方向上看，確實如此。我很感謝你的評論。非常感謝。

[Matthew Angus], RBC.

[馬修·安格斯]，RBC。

Love to see the service costs come in really strong. I was wondering, is the AI chat and agent support as well as the AI claims already meaningful to that service cost strength? And if so, can you maybe size that for us and give us a sense of how impactful that could be this year as you expand it?

很高興看到服務成本的大幅成長。我想知道，AI 聊天和代理支援以及 AI 索賠是否對該服務成本實力有意義？如果是的話，您能否為我們估算一下，並讓我們了解今年擴大規模後可能產生多大的影響？

Yes. We don't break out the exact costs associated with the AI deployment. What I would say is, obviously, we're trying to bend the curve on service costs over time, automate as many of the interactions that drive value to the member experience as possible. I love the fact that we had an award-winning product in AI around claims.

是的。我們不會公佈與人工智慧部署相關的具體成本。我想說的是，顯然，我們正在嘗試隨著時間的推移降低服務成本，並盡可能實現能夠為會員體驗帶來價值的互動的自動化。我很高興我們在索賠領域的人工智慧領域擁有一款獲獎產品。

When you think about that claims process, that claims process itself would be filling out a form, having somebody look at a form, it might take a week or two weeks to adjudicate that form and then it might take a day or two to receive the reimbursement, and we've collapsed all of that to be real-time instantaneous through that process on the phone in a mobile device, not touching a human.

當您考慮索賠流程時，索賠流程本身就是填寫表格，讓某人查看表格，可能需要一周或兩週的時間來裁決該表格，然後可能需要一兩天的時間才能收到報銷，而我們已經將所有這些都簡化為通過移動設備上的手機實時即時完成的流程，而無需人工操作。

So we think that's a great experience for our members and obviously, at a lower cost. And then when we look at the application of AI in the rest of our service efforts, we have a service modernization strategy which is looking at how we're actually serving those customers and looking at how we actually drive value to what the customer expectations are.

因此我們認為這對我們的會員來說是一次很棒的體驗，而且顯然成本較低。然後，當我們研究人工智慧在其他服務工作中的應用時，我們有一個服務現代化策略，即研究我們如何真正為這些客戶服務，以及如何真正推動價值滿足客戶的期望。

And when we think about this customer today, 70% of the workforce in the next couple of years is going to be millennial and Gen Z. Their expectation is digital first, certainly, mobile don't really want to interact on the phone want to be able to use AI, generative AI in their interactions. And today, the reality is most of our contacts are phone-based.

當我們今天考慮這個客戶時，未來幾年 70% 的勞動力將是千禧世代和 Z 世代。他們的期望是數位化優先，當然，行動裝置不想在手機上進行交互，而是希望能夠在互動中使用人工智慧、產生人工智慧。而今天，現實情況是我們大多數的聯絡方式都是透過電話進行的。

And so we're going to be looking at how we use AI to actually have more self-service opportunities more opportunities in e-mail and in chat -- generative chat to be able to get answers quickly where our members want those answers. And again, over time, we would expect that to drive down our service costs. And so that really is our strategy that starts with the value proposition that we have to our members to provide a remarkable experience.

因此，我們將研究如何使用人工智慧在電子郵件和聊天中提供更多自助服務機會——產生聊天，以便能夠快速獲得會員想要的答案。而且，隨著時間的推移，我們預計這會降低我們的服務成本。這就是我們的策略，它始於我們為會員提供非凡體驗的價值主張。

Awesome. Thank you so much.

驚人的。太感謝了。

David Larsen, BTIG.

BTIG 的 David Larsen。

Is the chip-enabled stacked card fully live? And then can you also talk a little bit about Navigator and analyzes and momentum, are those all GA? And if not, when will they be?

支援晶片的堆疊卡是否完全可用？然後您能否也談談 Navigator、分析和動量，這些都是 GA 嗎？如果不是，那什麼時候會是？

Yes. So the chip card actually Q3, Q4 last year, that's been rolled out. for new members that are signing up. They're getting that new stack card experience. Again, the road map associated with that is over time, moving to a digital wallet. It's already integrated, for example, with Apple Pay. And so we're really making that seamless opportunity to spend dollars in ways that consumers already do today. I think that's one of the drivers for the strength that we're seeing on the interchange side. And so that's a key part of our strategy overall.

是的。晶片卡實際上是在去年第三季、第四季推出的，面向新註冊的會員。他們正在獲得新的堆疊卡片體驗。再次，與此相關的路線圖是隨著時間的推移，轉向數位錢包。例如，它已經與 Apple Pay 整合。因此，我們確實創造了一種無縫的機會，讓消費者可以按照當今已經使用的方式消費。我認為這是我們在交換方面看到的實力驅動因素之一。這是我們整體策略的關鍵部分。

And then just quickly, we announced last quarter the assist portfolio maybe building on some comments that I made around HSAs and Steve built in. We're really trying to drive a very strong value proposition to our enterprise clients around the opportunity with optimal plan design around how an employer can see their costs. And this is really important, particularly in this environment today.

然後很快，我們上個季度宣布了輔助投資組合，這可能是基於我對 HSA 和史蒂夫所做的一些評論。我們確實在努力透過圍繞雇主如何看待其成本的最佳計劃設計，向我們的企業客戶提出非常強大的價值主張。這確實很重要，特別是在當今環境下。

And so analyzer today has rolled out. It's generally available to all of our clients that have 50 HSAs or more, and it's essentially using data and insights, benchmarking, best-in-class to show with data to that enterprise here's how you compare from a plan design perspective to best-in-class. Here's what your investment percentages, contribution percentages, enrollment percentages look like. And then ultimately, how much money you could save and what is the benefit that you could provide to your employees if you drive more greater adoption.

因此，分析儀今天已經推出。它通常適用於擁有 50 個或更多 HSA 的所有客戶，並且它本質上是使用數據和見解、基準測試、一流水平，透過數據向該企業展示您從計劃設計角度與一流水平進行比較的情況。您的投資百分比、貢獻百分比和入學百分比如下。最終，如果您推動更廣泛的採用，您可以節省多少錢以及您可以為您的員工提供什麼好處。

That's a really strong message that we're driving through our enterprise sales conversations this year. So analyzers out there. We love the uptake of that product. Navigator, again, sort of a tool that we've highlighted is focused on the member experience and making more like transparent decisions around health care outcomes. Again, that's available to our members, and that's also driven by our transparency mandate as well.

這是我們今年在企業銷售對話中傳達的一個非常強烈的訊息。所以分析儀就在那裡。我們喜歡該產品的受歡迎程度。再次強調，Navigator 是一種我們強調的工具，它專注於會員體驗，並圍繞醫療保健結果做出更透明的決策。再次強調，這對我們的會員是可用的，而且這也是由我們的透明度要求所驅動的。

So we're early in the assist portfolio overall, but I really like -- this is now introducing products that we're providing to our members and to our enterprises that ultimately drive greater adoption, enrollment, and participation in our products.

因此，我們總體上還處於輔助產品組合的早期階段，但我真正喜歡的是——我們現在正在向我們的會員和企業推出產品，這些產品最終將推動我們產品的更廣泛採用、註冊和參與。

I think it's great. I think this is why Congress supports what you're doing and why all these expansions are in the bill here. And then just quickly, for your 9.9 million HSA members, what I'm hearing is, by the end of the fall, everybody is going to have to be using the app to -- and there will be dual factor authentication through the app by the end of the fall, which will completely sort of solve your fraud problem here. Did I hear that correctly?

我認為這很棒。我認為這就是國會支持你們所做的事情以及為什麼所有這些擴展都包含在法案中的原因。然後很快地，對於你們的 990 萬 HSA 成員，我聽到的是，到秋季末，每個人都必須使用該應用程序 - 並且到秋季末將通過該應用程序進行雙因素身份驗證，這將徹底解決你們的欺詐問題。我沒聽錯吧？

And how many people have the app now of those 9.8 million lives? I heard numbers around like 1 million or 2 million, which sounds a little bit low if everybody is going to have to use the app by the end of the fall for authentication purposes.

那麼在這 980 萬人中，現在有多少人安裝了該應用程式？我聽到的數字大約是 100 萬或 200 萬，如果到秋季末每個人都必須使用該應用程式進行身份驗證，那麼這個數字聽起來有點低。

Yeah. So again, a really important point here. Number one, I think we are going to be driving app downloads. It's going to be really important. What we're going to be looking at is any active member. So this would be a member that is accessing the platform. Maybe they're checking a balance or they want to change some of their information in order to do any of those actions or engagement on the platform, you're required to authenticate through the mobile app. And so access will only come through the mobile app.

是的。所以，再次強調，這是一個非常重要的觀點。首先，我認為我們將推動應用程式下載量。這將會非常重要。我們要關注的是任何活躍成員。因此這將是訪問該平台的成員。也許他們正在檢查餘額，或者他們想要更改某些資訊以便在平台上執行任何操作或參與，您需要透過行動應用程式進行身份驗證。因此只能透過行動應用程式進行存取。

I caution though to necessarily look at app downloads as a reflection of the security because effectively, once access to platform goes through that experience, it's obviously a lot more secure. And so that's what we're looking at in terms of like how do we secure the perimeter. But you're right in terms of the overall HSA accounts as an example, at $10 million, we have 1.2 million downloads today.

不過，我提醒大家，一定要將應用程式下載視為安全性的反映，因為實際上，一旦平台訪問經歷了這種體驗，它顯然會更加安全。這就是我們正在研究的如何保護週邊安全的問題。但您說得對，以整個 HSA 帳戶為例，當金額為 1000 萬美元時，我們今天的下載量為 120 萬次。

And again, one other comment. We have a lot of members, for example, that could be investors and they set it and forget it and don't actually access the platform. But again, access is going to be coming through that mobile authentication before the end of the year.

再次，還有一則評論。例如，我們有很多成員，他們可能是投資者，他們設定了它然後就忘記了，實際上並沒有訪問該平台。但同樣，訪問將在今年年底前透過行動身份驗證實現。

Congrats on great quarter.

恭喜本季取得如此出色的成績。

Constantine Davides, Citizens.

康斯坦丁大衛斯，公民。

Maybe just changing gears a little bit towards the CDB side. You've now delivered three quarters in a row of pretty good sequential account increases. Can you just talk about where you're seeing growth opportunities right now within those products? Any differences in terms of how you're going to market with CDB? And then do you sort of expect this growth to be sustainable across the balance of the year?

也許只是稍微向 CDB 方面轉換一下。您現在已經連續三個季度實現了相當不錯的帳戶連續成長。您能否談談目前在這些產品中看到的成長機會是什麼？您與 CDB 的行銷方式有何不同？那麼，您是否預計這種成長在今年全年都能夠持續下去？

Yes. So again, as we reported out the growth that we're seeing in our other product areas. Again, just a reminder that we sell this as a bundled product. And so as we look at how we're selling that to the enterprise, we're driving that, you have the actual had in the account --

是的。正如我們報告的那樣，我們在其他產品領域也看到了成長。再次提醒您，我們將其作為捆綁產品出售。因此，當我們研究如何將其銷售給企業時，我們正在推動這一點，您在帳戶中擁有實際的--

Yeah, that's strong, I think it might not be up yet, but the investor presentation that Richard puts on the IR site, we'll have the detailed breakdown of the other accounts, but pretty similar story. It's been the core bundle, right, the RA products. HRA has been strong for some time now, and it continues to be strong. But notably, we're growing the FSA accounts. again, which had been a drag really since the WageWorks acquisition on that FSA line. So it's good to see the core CDH bundle growing.

是的，這很有力，我認為它可能還沒有出現，但理查德在 IR 網站上發布的投資者演示文稿中，我們將對其他帳戶進行詳細分類，但故事非常相似。它一直是核心捆綁產品，對吧，RA 產品。HRA 已經強勁發展了一段時間，並將繼續保持強勁勢頭。但值得注意的是，我們正在增加 FSA 帳戶。自從 WageWorks 收購 FSA 業務以來，這確實一直是個拖累。因此很高興看到核心 CDH 捆綁包不斷增長。

Now I think on the -- the other accounts on the COBRA side, we've talked about for some time, like we've been we've been sort of running off a bit of that business, some of the less profitable books of that business. So that's a bit of a drag on service revenue because it's a high unit service unit service revenue product, but less profitable at the bottom line. So all that the unregretted churn there.

現在，我認為，關於 COBRA 方面的其他帳戶，我們已經討論了一段時間，就像我們一直在處理一些該業務，一些利潤較低的業務帳簿。因此，這對服務收入造成了一定拖累，因為它是一種高單位服務收入產品，但底線利潤較低。所以所有那些毫無悔意的事情都在那裡發生。

And then commuter, I think, obviously, you saw a lot of growth over the last few years with return to office. But I think that story is largely complete at this point. And so while company X, Y, Z in New York goes from three to four days in the office. That person is already buying their monthly metro cards. So it's just not that much of a list anymore. The benefit was when it went from 0 to 1 and from 1 to 3. So I think that extra growth from commuter, which drove it in the past couple of years is now being driven by the core products.

然後是通勤者，我認為，顯然，在過去幾年中，隨著通勤者重返辦公室，他們的數量有了很大的增長。但我認為故事到這裡已經基本結束了。因此，紐約的 X、Y、Z 公司的工作時間從三天增加到四天。那個人已經在買地鐵月票了。所以它不再是一個完整的清單了。好處是當它從 0 到 1，再從 1 到 3 時產生的。因此，我認為過去幾年推動其成長的通勤額外成長現在是由核心產品推動的。

Got it. And then if I can just sneak one last one in here. Just following up on the earlier question around some of the newer assist solutions that you've launched this year. Can you also give us an update on the HPA initiatives that you launched last year and just how that's being received in the market?

知道了。然後如果我能偷偷地把最後一個放進去的話。我只是想繼續回答之前關於您今年推出的一些較新的輔助解決方案的問題。您能否向我們介紹一下您去年推出的 HPA 計劃的最新進展以及市場對其的反應如何？

Yeah. So again, I think this is a great product that goes to the enterprise. Again, as we think about what we're trying to accomplish here is to drive enrollment and adoption of a high-deductible health plan. And one of the historical barriers to that has obviously been the high deductible nature of that plan. And so HPA as a product is meant to effectively eliminate that as a barrier.

是的。所以，我再次認為這是一款適合企業的優秀產品。再次，當我們思考我們在這裡試圖實現的目標時，就是推動高免賠額健康計畫的註冊和採用。而其中一個歷史障礙顯然是該計劃的高免賠額性質。因此，HPA 作為一種產品，旨在有效消除這一障礙。

And so we're going to the market there through partnership with patient the uptake that we see with some of our large enterprise clients is very high in terms of, again, a new value proposition that we're selling to the enterprise. So we like the uptake of that as a product.

因此，我們將透過與患者的合作進入那裡的市場，我們看到一些大型企業客戶的接受度非常高，這再次表明我們向企業銷售了新的價值主張。因此，我們很高興看到該產品被廣泛採用。

And again, I think if we're successful in this value proposition, I think the outcome hopefully for employees as they go through the open enrollment process is actually be better educated about the difference between effectively a low deductible plan and a high deductible plan that we need to take into account the premiums, the contributions that effectively, the out-of-pocket cost can be net neutral.

再說一次，我認為如果我們在這個價值主張上取得成功，那麼員工在經歷開放註冊過程時，希望能夠更好地了解低免賠額計劃和高免賠額計劃之間的區別，我們需要考慮保費、繳款，這樣自付費用就可以保持淨中性。

And then therefore, having an HSA, which prepares you for a future medical event and you've been able to overcome any concern that you might have in the first year with contribution levels that you can drive greater adoption. So that strategically is how all of it fits together for us. And so we like the value proposition.

因此，擁有 HSA 可以幫助您為未來的醫療事件做好準備，並且您可以克服第一年可能遇到的任何擔憂，因為貢獻水平可以推動更廣泛的採用。所以從戰略上來說，這就是我們把所有一切結合在一起的方式。因此我們喜歡這個價值主張。

This concludes the question-and-answer session. I would like to turn the conference back over to Scott Cutler for any closing remarks. Please go ahead.

問答環節到此結束。我想將會議交還給 Scott Cutler 做最後發言。請繼續。

Well, thank you, everybody. That was a very engaging conversation. We appreciate your support. I particularly want to thank our team, Team Purple for the remarkable results this quarter. I'm really pleased about the progress as I personally look back on the last five months, I'm more confident that as we've now strengthened and built our team, increased our operational strength in rigor, execute on our strategy we can make meaningful progress against our mission of saving and improving lives by empowering health care consumers. So thank you, everybody.

好的，謝謝大家。那是一次非常有趣的對話。感謝您的支持。我特別要感謝我們的團隊，Team Purple 本季取得的卓越成績。當我回顧過去五個月時，我對取得的進展感到非常高興，我更加有信心，隨著我們現在已經加強和建立了我們的團隊，提高了我們的嚴謹運營實力，執行了我們的戰略，我們可以在通過賦予醫療保健消費者權力來拯救和改善生命的使命方面取得有意義的進展。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。