Healthequity Inc (HQY) 2026 Q2 法說會逐字稿

Good afternoon and welcome to the HealthEquity Second 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.

下午好，歡迎參加 HealthEquity 2026 年第二季財報電話會議。（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。

Thank you, Gary. Appreciate it. I appreciate you hosting us today. Hello, everyone. Thanks for joining us this afternoon.

謝謝你，加里。非常感謝。感謝您今天接待我們。大家好。感謝您今天下午加入我們。

As Gary said, this is HealthEquity Second Quarter of Fiscal Year 2026 Earnings Conference Call. My name is Richard Putnam, I do Investor Relations for HealthEquity. Joining me today is also Scott Cutler, President and CEO; and Dr. Steve Neeleman, Vice Chair and Founder of the company; and James Lucania, Executive Vice President and CFO. .

正如加里所說，這是 HealthEquity 2026 財年第二季財報電話會議。我叫理查‧普特南 (Richard Putnam)，負責 HealthEquity 的投資人關係。今天與我一起出席的還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)。。

Before I turn the call over to Scott for prepared remarks, we note that a press release announcing the financial results of our second quarter of fiscal 2026 was issued after the market closed this afternoon. These financial results include certain non-GAAP financial measures that we will reference today. You can find a copy of today's press release on our Investor Relations website, which is ir.healthequity.com. And it will also include the reconciliation of these non-GAAP measures with comparable GAAP measures.

在我將電話轉給斯科特發表準備好的發言之前，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 財年第二季度的財務業績。這些財務結果包括我們今天將參考的某些非 GAAP 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。新聞稿中還將包含這些非公認會計準則 (non-GAAP) 指標與可比較公認會計準則 (GAAP) 指標的對帳。

We also note that our comments and responses to your questions today reflect management's view as of today, September 2, 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 9 月 2 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 any subsequent periodic reports filed with the SEC. We assume no obligation to revise or update these forward-looking statements in light of new information.

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和其他可能影響我們未來業績或股票市場價格的風險的討論，詳見我們最新的 10-K 表年度報告以及向美國證券交易委員會提交的任何後續定期報告。我們不承擔根據新資訊修改或更新這些前瞻性聲明的義務。

With that out of the way, let's get on with this. Now over to Scott Cutler.

解決了這個問題之後，我們繼續吧。現在輪到史考特·卡特勒了。

Thanks, Richard, and welcome, everybody. For the last 10 years or so, HealthEquity has traditionally reported our second fiscal quarter of the day after Labor Day. For many, this day is the first unofficial day of the fall season, which means getting kids back to school, football, leaves changing colors and the welcome relief of cooler weather. For Team Purple, it is the start of our busy growth season. But before previewing the preparations we have made for our bus decision, I will discuss the key metrics reflecting a strong start to fiscal 2026.

謝謝，理查德，歡迎大家。在過去的 10 年左右的時間裡，HealthEquity 通常會在勞動節後的第二天公佈我們的第二個財政季度財報。對許多人來說，這一天是秋天的第一天，這意味著孩子們回到學校，踢足球，樹葉變色，涼爽的天氣令人欣慰。對於紫色團隊來說，這是我們繁忙成長季節的開始。但在預覽我們為公車決策所做的準備之前，我將討論反映 2026 財年強勁開局的關鍵指標。

Steve will provide details on HSA expanding provisions included in the budget bill passed in July, and Jim will detail Q2 financial results and our raised outlook for fiscal year '26.

史蒂夫將提供 7 月通過的預算法案中包含的 HSA 擴展條款的詳細信息，而吉姆將詳細介紹第二季度的財務業績以及我們對 26 財年的預期。

The team again delivered strong year-over-year growth and margin expansion across our key metrics in Q2, including revenue up 9%; net income, up 67%; adjusted EBITDA, up 18% to an all-time quarterly company high that also included record gross margin of 71% and near record adjusted EBITDA margin of 46%. HSAs grew 6%, CDB accounts grew 4%, driving total accounts up 5% and HSA assets were up 12%. HealthEquity ended Q2 with over 17 million total accounts, including net CDB account growth of $255,000 year-over-year and just under 10 million HSAs holding over $33 billion in HSA assets. HSA assets increased $3.7 billion year-over-year. The number of our HSA members who invest grew by 10% year-over-year helping to drive invested assets up 23% to $16.1 billion.

團隊在第二季度再次實現了各項關鍵指標的強勁同比增長和利潤率擴張，包括收入增長 9%；淨收入增長 67%；調整後 EBITDA 增長 18%，達到公司季度歷史最高水平，其中毛利率達到創紀錄的 71%，調整後 EBITDA 利潤率接近創紀錄的 46%。HSA 成長 6%，CDB 帳戶成長 4%，帶動總帳戶成長 5%，HSA 資產成長 12%。截至第二季度，HealthEquity 的總帳戶數超過 1,700 萬個，其中 CDB 淨帳戶數年增 255,000 美元，HSA 帳戶數接近 1,000 萬個，持有的 HSA 資產超過 330 億美元。HSA資產年增37億美元。我們的 HSA 投資會員數量年增 10%，推動投資資產成長 23%，達到 161 億美元。

HSA cash reached $17 billion. The average balances of our HSA members grew by 6% year-over-year.

HSA現金達到170億美元。我們的 HSA 會員的平均餘額年增了 6%。

From a macro perspective, after accounting for adjustments, the labor market is underperforming relative to expectations and softer than the pace of hiring in calendar 2024 and 2023. Despite this macro environment, Team Purple opened 163,000 new HSAs from sales in the quarter. Early indicators of this year's selling season show strong new enterprise wins as well as retention of our existing clients. We also continue to see signs that more SMB companies are adopting HSA-qualified health plans. Improved data analytics combined with upsell or cross-sell opportunities are helping our sales and relationship management teams deliver market-leading tools to help employers manage health care costs that continue to grow at 2 times to 3 times the growth in wages.

從宏觀角度來看，經過調整後，勞動市場的表現不如預期，並且比2024年和2023年的招募速度慢。儘管宏觀環境如此，紫色團隊仍在本季度透過銷售開設了 163,000 個新的 HSA。今年銷售旺季的早期指標顯示，新創企業業績強勁成長，現有客戶也得以保留。我們也不斷看到有跡象表明，越來越多的中小企業正在採用 HSA 合格的健康計劃。改進的數據分析與追加銷售或交叉銷售機會相結合，幫助我們的銷售和關係管理團隊提供市場領先的工具，幫助雇主管理持續以工資增長 2 倍到 3 倍的速度增長的醫療保健成本。

We are in a unique position to benchmark and recommend the most effective components of health plan plus HSA design given the size of our data set and our expertise across client engagements. Powered by our analyzer tool and expert consultants, these recommendations can maximize health plan and tax savings for the employer, while increasing health care affordability for their employees.

鑑於我們的資料集規模以及我們在客戶參與方面的專業知識，我們處於獨特的地位，可以對健康計劃和 HSA 設計中最有效的組成部分進行基準測試並推薦。在我們的分析工具和專家顧問的支持下，這些建議可以最大限度地提高雇主的健康計劃和稅收節省，同時提高員工的醫療保健負擔能力。

We continue to see better benefits plan cost performance for clients with higher HSA adoption rates within our client base. We are pleased to see a number of clients utilizing health payment accounts or HPA in connection with higher HSA adoption, providing members with an added safety net when first starting their HSA journey. Team Purple also made great progress expanding our member first secure mobile experience during the quarter while reducing our cost to serve. Since launching our award-winning expedited claims, which uses AI technology to automate claims adjudication, we have processed millions of dollars in reimbursements while driving member satisfaction scores up and reducing processing costs. This is just the beginning of our AI journey and a new phase to our service modernization.

我們繼續看到，在我們的客戶群中，HSA 採用率越高，客戶的福利計劃成本績效就越好。我們很高興看到許多客戶利用健康支付帳戶或 HPA 來提高 HSA 的採用率，為會員在首次開始 HSA 之旅時提供額外的安全網。本季度，紫色團隊也取得了巨大進展，擴大了會員優先的安全移動體驗，同時降低了服務成本。自從推出屢獲殊榮的快速索賠服務以來，我們利用人工智慧技術實現索賠裁決自動化，已處理了數百萬美元的報銷金額，同時提高了會員滿意度並降低了處理成本。這只是我們人工智慧之旅的開始，也是我們服務現代化的新階段。

We expect to further leverage Agentic AI in our voice channel to drive greater automation and enhance the member experience, accelerating service delivery to our members and accurately addressing their needs and questions while reducing call wait time. These expanded AI service capabilities can potentially accelerate our efforts to further drive down our service costs. Over this past year, we have increased our service levels, reduced the fraud impacting our members and launched expedited claims, which all enhance the members' experience with 9% fewer teammates this year compared to a year ago. We also celebrated the completion of moving our B5 platform to be 100% cloud-based this quarter, resulting in 92% faster response times, 5x more stability to the platform and an 80% reduction in delays. We are very pleased with our team's efforts to drive down successful fraud attacks on our HSA members.

我們希望在語音管道中進一步利用 Agentic AI 來推動更大程度的自動化並增強會員體驗，加快向會員提供服務的速度並準確解決他們的需求和疑問，同時減少呼叫等待時間。這些擴展的人工智慧服務能力可以潛在地加速我們進一步降低服務成本的努力。在過去的一年裡，我們提高了服務水平，減少了影響我們會員的詐欺行為，並推出了快速索賠服務，這些都提升了會員的體驗，但與去年相比，今年的團隊成員減少了 9%。我們也慶祝了本季 B5 平台 100% 雲端遷移的完成，這使得回應時間提高了 92%，平台穩定性提高了 5 倍，延遲減少了 80%。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。

Under the direction of Sunil Sashadre, our Chief Security Officer and his dedicated security and fraud teams, we launched a number of added security measures, including greater adoption of our member first secure mobile experience app which now boasts 1.7 million downloads to reduce direct fraud service costs from $3 million in Q1 and to an exit run rate in Q2, near our goal of 1 basis point of total HSA assets per year. The first phase of additional pass key authentication capabilities was rolled out during the quarter, and we anticipate that many of our members will authenticate through this past key technology by the end of the year. The introduction of pass key will enhance trust and improve the log-in and authentication experience across our platforms with the benefit to our members of a streamlined log-in process and no longer being required to remember passwords.

在我們的首席安全官 Sunil Sashadre 及其專門的安全和欺詐團隊的指導下，我們推出了一系列額外的安全措施，包括更廣泛地採用我們的會員優先安全移動體驗應用程序，該應用程序目前下載量已達 170 萬次，從而將直接欺詐服務成本從第一季度的 300 萬美元降低到第二季度的退出運行率，我們每年 1 個基礎的退出運行率。第一階段的附加金鑰認證功能已於本季推出，我們預計到今年年底，我們的許多會員將透過這項金鑰技術進行身份驗證。金鑰的引入將增強信任並改善我們平台上的登入和身分驗證體驗，使我們的會員受益於簡化的登入流程，不再需要記住密碼。

We continue to see lower sequential fraud each month this year as our controls take hold and more of our members move to a secure mobile experience. We are committed to continually updating our defenses as threats evolve. We are optimistic about the actions taken thus far and the continued strengthening and implementation of controls. These experience enhancements are part of HealthEquity's broader strategy shift to consumer experiences to secure consumer-centric to secure our consumer-centric mobile app. As part of the mobile-first strategy, new members who sign up through their employers open enrollment process, will be able to set up their HSA account through the HealthEquity mobile app.

隨著我們的控制措施逐漸生效，以及越來越多的會員轉向安全的行動體驗，我們今年每月的連續詐欺率持續下降。隨著威脅的演變，我們致力於不斷更新我們的防禦措施。我們對迄今為止採取的行動以及持續加強和實施的控制措施感到樂觀。這些體驗增強是 HealthEquity 更廣泛策略轉變的一部分，即從消費者體驗轉向以消費者為中心，以確保我們以消費者為中心的行動應用程式的安全。作為行動優先策略的一部分，透過雇主開放註冊流程註冊的新會員將能夠透過 HealthEquity 行動應用程式設定他們的 HSA 帳戶。

This process will be faster, seamless and secured with industry-leading pass key technology.

借助業界領先的金鑰技術，這個過程將更快、更無縫、更安全。

On the legislative front, the budget bill passed in early July delivered a number of wins for HSAs. Steve and our government affairs team did a remarkable job of educating our legislators and their staff about the benefits of HSAs and the growing demand for greater access to them from American families. Thank you, Steve, for your leadership in this effort. Please help us understand what this means for this year and beyond.

在立法方面，7 月初通過的預算法案為 HSA 帶來了許多好處。史蒂夫和我們的政府事務團隊出色地完成了工作，向我們的立法者和他們的工作人員介紹了 HSA 的好處以及美國家庭對更多使用 HSA 的需求日益增長。史蒂夫，謝謝你在這項工作中所扮演的領導角色。請幫助我們理解這對今年及以後意味著什麼。

Thank you, Scott. It has been a busy and exciting time December 13 in Washington. The budget bill that was passed and signed into law in July, included key provisions that expand the use of HSAs granting wider access to more American families. The bill expanded the market for HSA adoption by allowing direct primary care or DPC arrangements and the use of low-cost telehealth before consumers meet their deductibles. Both of these provisions have been popular with health plans and employers to provide greater access to lower-cost health care for consumers while keeping overall cost for payers in check.

謝謝你，斯科特。12月13日是華盛頓忙碌又令人興奮的一天。7 月通過並簽署成為法律的預算法案包括擴大 HSA 使用範圍的關鍵條款，允許更多美國家庭更廣泛地使用 HSA。該法案允許消費者在達到免賠額之前直接進行初級保健或 DPC 安排以及使用低成本的遠距醫療，從而擴大了 HSA 的採用市場。這兩項規定都受到醫療計劃和雇主的歡迎，因為它們可以為消費者提供更多低成本的醫療保健服務，同時控制支付方的整體成本。

Previously, DPC and low-cost telemedicine were both disqualifying plan design elements for HSA eligibility. These provisions provide employers more flexibility in plan design and greater access to affordable health care. We expect these changes will help our partners and clients drive greater HSA adoption. The bill also significantly expands HSA eligibility for individuals and families who purchase health insurance offered on ACA exchanges. All individual bronze and catastrophic plans will be allowed to be coupled with HSAs beginning January 1, 2026.

此前，DPC 和低成本遠距醫療都是不符合 HSA 資格的計畫設計要素。這些規定為雇主在計劃設計方面提供了更大的靈活性，並使其更容易獲得負擔得起的醫療保健。我們期望這些變化將幫助我們的合作夥伴和客戶推動更廣泛的 HSA 採用。該法案還大大擴大了在 ACA 交易所購買健康保險的個人和家庭的 HSA 資格。從 2026 年 1 月 1 日起，所有個人青銅計劃和災難計劃均可與 HSA 結合使用。

There are currently over 7 million people enrolled in Bronze health plans, approximately 90% of these plans are not eligible to open HSAs. This will change in January, and our teams are working hard to capitalize on this opportunity. Furthermore, with subsidies on the exchanges being reduced or going away, higher health care trend rates driving up premiums, the added benefit of funding out-of-pocket expenses to an HSA and the lower-cost bronze premiums, this may all lead to more people opting into these plans. We believe HealthEquity is uniquely positioned to deliver with our network partners a streamlined enrollment process that can help Bronze plans enrollees easily enroll in HealthEquity HSAs. The benefit from our industry-leading solution.

目前有超過 700 萬人參加了青銅級健康計劃，其中約 90% 的計劃沒有資格開設 HSA。這種情況將在一月發生改變，我們的團隊正在努力利用這個機會。此外，隨著交易所補貼的減少或取消、醫療保健趨勢利率的提高推高保費、向 HSA 提供自付費用的額外福利以及較低的銅牌保費，這些都可能導致更多人選擇這些計劃。我們相信 HealthEquity 具有獨特的優勢，可以與我們的網路合作夥伴一起提供簡化的註冊流程，幫助青銅計畫的註冊者輕鬆註冊 HealthEquity HSA。我們業界領先的解決方案帶來的好處。

In addition, targeted consumer marketing campaigns in key markets will raise awareness of new eligibility and benefits. HealthEquity is building a redesigned enrollment and onboarding experience for all HSA qualified individuals, including the new bronze and catastrophic plan consumers. This new redesign will provide faster, secure and mobile responsive experience to sign up for HSA and a seamless funding process. Because of these changes in the OBBB, we believe these provisions will -- could allow 3 million to 4 million more American families to have access to the remarkable benefits of HSAs. This is the largest expansion of the regulatory framework for HSAs in the last 20 years.

此外，在主要市場開展的有針對性的消費者行銷活動將提高人們對新資格和福利的認識。HealthEquity 正在為所有符合 HSA 資格的個人（包括新的青銅計劃和災難計劃消費者）建立重新設計的註冊和入職體驗。此次重新設計將為註冊 HSA 和無縫融資流程提供更快、更安全和更適合行動裝置的體驗。由於 OBBB 的這些變化，我們相信這些規定將可以讓 300 萬到 400 萬個美國家庭享受 HSA 的顯著好處。這是過去20年來對HSA監管框架的最大一次擴展。

These changes will make it easier for employees to offer and promote HSAs. These provisions are a good down payment by our legislators to help all Americans have personally owned health accounts. We will, of course, continue to work hard to educate legislators and regulators on the benefits of HSAs and continue to press for a number of other HSA market expanding provisions.

這些變化將使員工更容易提供和推廣 HSA。這些規定是我們立法者為幫助所有美國人擁有個人健康帳戶而支付的一筆很好的首付款。當然，我們將繼續努力向立法者和監管者宣傳 HSA 的好處，並繼續推動其他一些 HSA 市場擴展條款。

We remain confident that tax-advantaged health accounts like HSAs that help consumers pay for their out-of-pocket costs or popular on both sides of the political aisle and we will continue to advocate for all Americans to have access to them. Now I'll pass over to Jim to discuss our financials. Jim?

我們仍然相信，像 HSA 這樣的稅收優惠健康帳戶可以幫助消費者支付自付費用，並且在兩黨政治中都受到歡迎，我們將繼續倡導所有美國人都能享受這些服務。現在我將把話題交給吉姆來討論我們的財務狀況。吉姆？

Thanks, Steve. Before I jump into the financial review, I just want to echo Scott and personally thank Steve and our government affairs team for the awesome job they did helping our lawmakers better understand the value of HSA plans and the impact they have in making health care for American families more affordable. Great job to Steve and the team. Now let's talk about our second quarter fiscal 2026 GAAP and non-GAAP financial results. As always, we provide a reconciliation of GAAP measures to non-GAAP measures in the press release.

謝謝，史蒂夫。在我開始財務審查之前，我只想附和斯科特的觀點，並親自感謝史蒂夫和我們的政府事務團隊所做的出色工作，他們幫助我們的立法者更好地理解 HSA 計劃的價值以及它們對使美國家庭的醫療保健更加負擔得起的影響。史蒂夫和他的團隊做得很好。現在讓我們來談談我們 2026 財年第二季的 GAAP 和非 GAAP 財務業績。與往常一樣，我們在新聞稿中提供了 GAAP 指標與非 GAAP 指標的對帳。

Second quarter revenue increased 9% year-over-year. Service revenue increased 1% to $117.9 million. Custodial revenue grew 15% to a record $159.9 million in the second quarter. The annualized yield on HSA cash was 3.51% for the quarter as a result of higher replacement rates and continued increase in balances and number of accounts participating in enhanced rates. Interchange revenue grew 8% to $48.1 million, notably faster than the 5% total account growth as members increased both contributions and distributions with more payments on platform versus requesting cash reimbursement for payments made off platform.

第二季營收年增9%。服務收入成長 1% 至 1.179 億美元。第二季託管營收成長 15%，達到創紀錄的 1.599 億美元。由於替代率上升以及參與增強利率的帳戶餘額和數量持續增加，本季 HSA 現金的年化收益率為 3.51%。交換收入成長 8%，達到 4,810 萬美元，明顯高於 5% 的總帳戶成長率，因為會員增加了繳款和分配，更多是在平台上支付，而不是要求對平台外支付的款項進行現金報銷。

Gross profit of $232.6 million was a record 71% of revenue in the second quarter up from 68% in the second quarter last year. Service costs declined year-over-year in the quarter, both on a reported basis and excluding fraud and fraud accruals.

第二季毛利達到 2.326 億美元，佔營收的 71%，高於去年第二季的 68%，創歷史新高。本季服務成本年減，無論是依報告基礎計算或不包括詐欺和詐欺應計費用。

The second quarter included approximately $1.2 million of fraud reimbursements to members, and we had a net release of our fraud reserve of approximately $1 million in the quarter. As Scott mentioned, we remain on pace to achieve our goal to exit fiscal year '26 with a run rate of 1 basis point of total assets in fraud cost per annum. 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 fraud impact on service costs in the second half of fiscal year '26. As Scott mentioned earlier, the actions taken during our first half of this fiscal year to drive efficiency in our operations, we exited the quarter with 9% fewer teammates compared to the prior year and expect to carry those savings into fiscal year '27. Net income for the second quarter was $59.9 million or $0.68 per share on a GAAP EPS basis.

第二季我們向會員支付了約 120 萬美元的詐欺賠償金，並且本季我們淨釋放了約 100 萬美元的詐欺準備金。正如史考特所提到的，我們仍有望實現我們的目標，在 26 財年結束時，每年詐欺成本的運作率為總資產的 1 個基點。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使詐欺對 26 財年下半年服務成本的影響正常化。正如史考特先前所提到的，我們在本財年上半年採取了一系列措施來提高營運效率，與去年相比，本季末我們的團隊成員數量減少了 9%，我們預計這些節省下來的資金將延續到 27 財年。第二季淨收入為 5,990 萬美元，以 GAAP EPS 計算每股盈餘為 0.68 美元。

Non-GAAP net income was $94.6 million or $1.08 per share. Adjusted EBITDA for the quarter was $151.1 million, up 18% compared to Q2 last year, and adjusted EBITDA as a percentage of revenue was 46%. Near an all-time record for us and up compared to 43% in the second quarter last year.

非公認會計準則淨收入為 9,460 萬美元，即每股 1.08 美元。本季調整後 EBITDA 為 1.511 億美元，較去年第二季成長 18%，調整後 EBITDA 佔營收的百分比為 46%。這接近我們的歷史最高紀錄，與去年第二季的 43% 相比有所上升。

Turning to the balance sheet. As of July 31, 2025, cash on hand was $304 million, as we generated $200 million of cash flow from operations in the first half of fiscal '26. We ended the quarter with approximately $1 billion of debt outstanding net of issuance cost after paying down $50 million of the revolver during the quarter. We also repurchased approximately $66 million of our outstanding shares during the quarter, and we have approximately $352 million remaining on our previously announced share repurchase authorizations. One provision in the budget bill that Steve did not discuss is the immediate tax deduction for domestic research and experimental expenses beginning in fiscal year '26.

轉向資產負債表。截至 2025 年 7 月 31 日，現金餘額為 3.04 億美元，因為我們在 26 財年上半年從營運中產生了 2 億美元的現金流。在本季償還了 5,000 萬美元的循環信貸後，我們在本季末的未償還債務淨額約為 10 億美元（扣除發行成本）。我們也在本季回購了約 6,600 萬美元的流通股，我們先前宣布的股票回購授權還剩餘約 3.52 億美元。史蒂夫沒有討論的預算法案中的一項規定是從 26 財年開始對國內研究和實驗費用立即減稅。

Our initial analysis indicates that accelerating these tax deductions may reduce our federal cash taxes paid over the next two fiscal years by $65 million to $75 million.

我們的初步分析表明，加速這些稅收減免可能會使我們在未來兩個財政年度繳納的聯邦現金稅減少 6,500 萬至 7,500 萬美元。

The corporate income tax provisions included under the budget bill will not materially impact our income statement, our earnings per share or our forward income tax rate guidance as the accelerated cash tax savings will be captured through deferred taxes on our balance sheet. However, this adds to our increased cash flow from operations to accelerate funding strategic growth and technology initiatives, debt paydowns and stock repurchases. For the first six months of fiscal '26, revenue was $656.7 million, up 12% compared to the first six months of last year. GAAP net income was $113.8 million or $1.29 per diluted share. Non-GAAP net income was $180.4 million or $2.05 per diluted share, and adjusted EBITDA was $291.3 million, up 19% from the prior year, resulting in 44% adjusted EBITDA margin for the first half of this fiscal year.

預算法案中包含的公司所得稅條款不會對我們的損益表、每股盈餘或遠期所得稅率指引產生重大影響，因為加速現金稅節省將透過我們資產負債表上的遞延稅款實現。然而，這增加了我們的營運現金流，以加速為策略成長和技術計劃、債務償還和股票回購提供資金。26 財年前六個月的營收為 6.567 億美元，比去年同期成長 12%。GAAP 淨收入為 1.138 億美元，即每股 1.29 美元。非公認會計準則淨收入為 1.804 億美元，即每股攤薄收益 2.05 美元，調整後 EBITDA 為 2.913 億美元，較上年增長 19%，導致本財年上半年調整後 EBITDA 利潤率為 44%。

Before I detail our raised guidance and assumptions, let me give you an update on the interest rate forward contracts that we discussed in June during our Q1 earnings call. As a reminder of what we said in June, we expect that these contracts will have little to no impact on our fiscal year '26 income statement. They will further derisk expected interest rate volatility on future HSA cash placement contracts as we have, in essence, pulled forward the placement rate. We have entered into treasury bond forward contracts during the quarter with a notional amount of $1.2 billion tied to basic rate contract maturities between January '26 and January '27, with an average rate lock on the five-year treasuries of just over 4%. This obviously does not include the negotiated premium that we receive above the five-year treasury benchmark for both our basic rates and enhanced rates deposits.

在我詳細說明我們提出的指導和假設之前，讓我先向您介紹一下我們在 6 月份第一季財報電話會議上討論過的利率遠期合約的最新情況。回顧我們在六月所說的內容，我們預期這些合約對我們的 26 財年損益表幾乎沒有影響。他們將進一步降低未來 HSA 現金配售合約預期利率波動的風險，因為我們實質上已經提前了配售利率。我們在本季度簽訂了名目金額為 12 億美元的國債遠期合約，與 2026 年 1 月至 2027 年 1 月之間的基本利率合約到期日掛鉤，五年期國債的平均利率鎖定略高於 4%。這顯然不包括我們在基本利率和增強利率存款方面獲得的高於五年期國債基準的協商溢價。

Historically, we've seen corporate spreads widen as treasury yields decreased we anticipate doing additional derisking transactions over the remainder of fiscal year '26.

從歷史上看，隨著國債殖利率下降，我們看到企業利差擴大，我們預計在 26 財年剩餘時間內將進行額外的去風險交易。

We expect the average yield on HSA cash will be approximately 3.5% for fiscal '26. As a reminder, we based custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers, the schedule of which is contained in today's release. We also consider 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 are not perfect predictors of future market conditions. Our fiscal '26 guidance reflects the expected carryforward of the trajectories for revenue and margins for the remainder of this year, including increased technology and security investments as we enhance our member for secure mobile experience, deliver innovative products across the platform and improve the member experience as we strive to drive our strategy of helping our members better save, spend and invest for health care.

我們預計 26 財年 HSA 現金的平均殖利率約為 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。我們也考慮分析前瞻性市場指標，例如擔保隔夜融資利率和中期國債遠期曲線。當然，這些可能會發生變化，並且不能完美預測未來的市場狀況。我們對 26 財年的預期反映了今年剩餘時間的收入和利潤軌蹟的預期結轉，包括增加技術和安全投資，因為我們增強了會員的安全移動體驗，在整個平台上提供創新產品並改善會員體驗，我們努力推動我們的策略，幫助我們的會員更好地為醫療保健儲蓄、消費和投資。

We also expect additional investments in sales and marketing efforts that Steve discussed related to Bronze plan HSA expansion. We, of course, will also be lapping last year's fraud impact on service costs in the second half as we continue to close attack vectors and help our members secure their assets.

我們還期望在史蒂夫討論的與青銅計劃 HSA 擴展相關的銷售和營銷工作方面進行額外投資。當然，隨著我們繼續關閉攻擊媒介並幫助我們的會員保護他們的資產，我們也將在下半年彌補去年詐欺對服務成本的影響。

We expect revenue in a range between $1.29 billion and $1.31 billion. GAAP net income in a range of $185 million to $200 million or $2.11 to $2.28 per share. We expect non-GAAP net income to be between $329 million and $344 million or $3.74 and $3.91 per share based upon an estimated 88 million shares outstanding for the year. Finally, we expect adjusted EBITDA to be between $540 million and $560 million. We continue to invest in protecting our members' assets and data while providing them with a remarkable experience.

我們預計營收將在 12.9 億美元至 13.1 億美元之間。GAAP 淨收入介於 1.85 億美元至 2 億美元之間，或每股 2.11 美元至 2.28 美元。我們預計，基於今年預計的 8,800 萬股流通股，非 GAAP 淨收入將在 3.29 億美元至 3.44 億美元之間，或每股 3.74 美元至 3.91 美元。最後，我們預計調整後的 EBITDA 將在 5.4 億美元至 5.6 億美元之間。我們將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。

We're pleased with how we exited Q2 and look to make additional progress in the second half of '26 towards normalizing fraud costs to our target of 1 basis point on total HSA assets per annum. Our guidance includes additional expected share repurchases under the remaining $352 million cumulative repurchase authorization and potential additional 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.

我們對第二季的業績感到滿意，並期待在 26 年下半年取得進一步進展，將詐欺成本正常化至每年 HSA 總資產 1 個基點的目標。我們的指導包括根據剩餘的 3.52 億美元累積回購授權進行額外的預期股票回購，以及財政年度內循環借款的潛在額外減少。憑藉持續強勁的現金流量和循環信貸中的可用借款，我們將維持充足的投資組合收購能力（如有）。

We assume a GAAP and a non-GAAP income tax rate of approximately 25% and a diluted share count of 88 million, including common share equivalents. As we've done in previous reporting periods, our fiscal '26 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. 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 8,800 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 26 財年指引包括將 GAAP 與收益報告中提供的非 GAAP 指標進行協調，並且所有此類項目的定義都包含在收益報告的末尾。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 questions.

好了，讓我們去找接線員詢問吧。

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

我們現在開始問答環節。（操作員指示）

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特（Brian Tanquilut），傑富瑞集團。

Hey, good afternoon guys. Congrats on the quarter. Maybe just a follow-up to your comments about the fraud -- kind of like HSA fraud. Are there any milestones that we have to achieve or sticking points can address you that we're looking at as we think about the next few quarters in terms of that goal?

嘿，大家下午好。恭喜本季取得佳績。也許只是對您關於詐欺的評論的後續——有點像 HSA 詐欺。當我們考慮未來幾季實現這一目標時，是否有任何我們必須實現的里程碑或癥結點可以解決？

So I guess what I would say around the experience itself is that we've been driving towards the strategy of a member-first secure mobile experience. And the secure part is really important because, number one, we've been driving our members to an app that we introduced a year ago. We've already started rolling out pass key which pass key is a more secure authentication method it also provides a better, more seamless experience for our members to be able to get onto the app. And so as we continue to roll out the app experience over the course of this year, the introduction of pass key we think it's going to result in an improved overall experience. And so as we look at the overall journey, it starts with the app.

所以我想就體驗本身來說，我們一直在推動以會員為先的安全移動體驗策略。安全性非常重要，因為首先，我們一直在引導我們的會員使用我們一年前推出的一款應用程式。我們已經開始推出金鑰，金鑰是一種更安全的身份驗證方法，它還為我們的會員提供更好、更無縫的應用程式使用體驗。因此，隨著我們在今年繼續推出應用程式體驗，我們認為密碼的引入將帶來整體體驗的改善。因此，當我們回顧整個旅程時，它始於應用程式。

For us, as we look at the progress that we've made, as we highlighted just here previously, we've been making great progress under our frauded security team, both top of funnel and bottom of funnel. We'll continue to make enhancements and improvements to the security and the fraud posture, and we're really pleased with the progress that we've been able to make, where month so far this year is seeing sequential decline in the actual fraud numbers overall. But ultimately, for us, it's about an improved and more secure member experience accessing our platforms. So there's no particular milestone that would stand out. It would just be continued progress along our strategy of delivering a member for secure mobile experience.

對於我們來說，當我們回顧所取得的進展時，正如我們之前強調的那樣，在我們的反詐騙安全團隊的領導下，無論是在漏斗的頂部還是底部，我們都取得了巨大的進展。我們將繼續加強和改進安全和反詐欺措施，我們對所取得的進展感到非常滿意，今年到目前為止，實際詐欺數量總體呈現連續下降趨勢。但最終，對我們來說，這是為了提供會員更好、更安全的平台存取體驗。因此，沒有什麼特別突出的里程碑。這只是我們為會員提供安全移動體驗的策略的持續進步。

I appreciate it. And then if I can throw a follow-up. Just as I think about the OBBBA, obviously, HSA access was not part of the file bill. As we think down -- think through the continuing resolution coming up here or other legislative opportunities or catalysts coming up, I mean, do you foresee any incremental opportunities to get HSA reform or HSA access improvement included in any of those future legislations?

我很感激。然後我是否可以進行後續跟進。正如我所想到的 OBBBA，顯然，HSA 訪問不是文件法案的一部分。當我們仔細思考——思考即將出台的持續決議或即將出現的其他立法機會或催化劑時，我的意思是，您是否預見到任何漸進的機會可以將 HSA 改革或 HSA 訪問改進納入未來的任何立法中？

Well, let me just speak to the existing opportunity, and then I'll ask Steve to comment on the future. What we're excited about is that what was passed is the largest HSA expansion for decades. And I think what we're being prepared for as we look at more individual families available under catastrophic ACA plans, broad plans that we are improving the actual experience. So we're redesigning our enrollment and our onboarding experience for these new types of consumers. So we're excited about the expansion opportunity we're going to be leaning into it with an improved experience onboarding flow as well as marketing dollars to, again, prepare for a new set of customers that are now HSA eligible.

好吧，我先談談現有的機會，然後我會請史蒂夫對未來發表評論。令我們興奮的是，這項法案的通過是幾十年來最大規模的 HSA 擴展法案。我認為，我們正在為更多家庭在災難性的 ACA 計劃下獲得幫助做好準備，我們正在製定廣泛的計劃來改善實際體驗。因此，我們正在針對這些新類型的消費者重新設計我們的註冊和入職體驗。因此，我們對擴展機會感到非常興奮，我們將利用改進的體驗入職流程以及行銷資金來再次為現在符合 HSA 資格的新客戶做好準備。

So I think we're excited about what was passed, and maybe Steve can give a comment on how we look at the future.

所以我認為我們對所通過的決議感到興奮，也許史蒂夫可以就我們如何看待未來發表評論。

Yes. So Brian, look, we're actually pretty -- as we've unpacked, we're pretty excited about what was passed. And I couldn't tell from your question if you thought there wasn't HSA expansion. There clearly was and --

是的。所以布萊恩，你看，我們實際上非常——正如我們所看到的，我們對所通過的內容感到非常興奮。從您的問題中我無法判斷您是否認為沒有 HSA 擴充。顯然有，並且--

I mean Medicare sorry, Steve, Medicare.

我的意思是醫療保險，對不起，史蒂夫，醫療保險。

Okay. I didn't hear the word Medicare. Yes. So yes, Medicare wasn't in there. As we looked at it, it was probably a little bit of a smaller piece.

好的。我沒有聽到「醫療保險」這個詞。是的。是的，醫療保險不在其中。當我們看它時，它可能只是一小塊。

We wanted to get that in there because there's they see about 25% of seniors right now that are working or people that are Medicare eligible are working still. But then if you kind of have to chop that down or the people that are in that group that actually have an HSA, it's smaller. But we're going to keep hammering away at that. We do think that there was some interest in that. There was some questions about do they want to really get into the Medicare question on this bill because it was so strictly tax focused.

我們希望將這一點納入其中，因為他們發現目前大約有 25% 的老年人正在工作，或者符合醫療保險資格的人仍在工作。但是如果你必須削減這個數字，或者削減實際上擁有 HSA 的群體中的人數，那麼這個數字就會更小。但我們會繼續努力。我們確實認為人們對此感興趣。有人質疑他們是否真的想深入探討該法案中的醫療保險問題，因為該法案過於注重稅收。

They thought once they start opening up and ors box and dealing with Medicare could bring in some other questions and attraction and stuff like that. That said though, everyone realizes that if you really want to save money from Medicare because Medicare is a very expensive program, as we know. It's get people that can stand their employers plan, which is what would happen to stay on the plan, and then that saves money for Medicare because if you work for an employer that offers you -- I think it's more than 20 employees that offers you both to stay on the plan and you enroll in Medicare and then you have expenses, the employers plan pays first. And so that's a great way to actually address the cost of Medicare. And so, as we kind of look at the next openings, whether it's another reconciliation bill probably next year, or whether it's even some year-end bills and need to go through and things like that, we're going to be looking for every opportunity to expand, whether it be Medicare or some of the other provisions.

他們認為，一旦他們開始開放並處理醫療保險問題，就會帶來一些其他問題和吸引力之類的東西。儘管如此，每個人都意識到，如果你真的想從醫療保險中省錢，因為我們知道醫療保險是一個非常昂貴的項目。它讓人們能夠忍受雇主的計劃，這就是繼續留在計劃中的結果，然後為醫療保險節省資金，因為如果你為一個雇主工作，該雇主為你提供 - 我認為有超過 20 名員工為你提供繼續留在計劃中，並且你參加醫療保險，然後你有費用，雇主計劃會先支付。所以這其實是解決醫療保險費用的好方法。因此，當我們考慮下一步的開放時，無論是明年的另一項和解法案，還是一些需要通過的年終法案等等，我們都會尋找每一個擴展的機會，無論是醫療保險還是其他一些條款。

But I'm telling you the ones that went in that I highlighted in my comments, whether it's direct primary care, the telemed stuff or certainly the bronze plans, we think there's a real opportunity here to go after it. And we're thrilled. As Scott said, it's biggest expansion we've seen in 20 years. And we've been at it since day one. And so we've been following this very closely.

但我告訴你們，我在評論中強調的那些，無論是直接初級保健、遠距醫療還是青銅計劃，我們都認為這裡有一個真正的機會去追求它。我們非常激動。正如斯科特所說，這是我們 20 年來見過最大規模的擴張。從第一天起我們就一直致力於此。因此我們一直密切關注此事。

But thanks for the question.

但感謝您的提問。

Thanks.

謝謝。

Greg Peters, Raymond James.

格雷格彼得斯、雷蒙詹姆斯。

Hey, good afternoon, everyone. So I wanted to go back to your comments about how you locked in your rate for the next year. So I'm looking at your repricing schedule and I think it's $1.3 billion comes up this year remaining and $4.1 billion next year. Should I think about that 4% relating to the -- all of what comes due next year? And obviously, there's a 4% lock or 4% plus lock that you referenced, does that relate just to the enhanced yield product? Or is that the traditional FDIC product as well?

嘿，大家下午好。所以我想回到你關於如何鎖定明年利率的評論。因此，我正在查看您的重新定價計劃，我認為今年剩餘的金額為 13 億美元，明年為 41 億美元。我是否應該考慮與明年到期的所有款項有關的 4%？顯然，您提到的 4% 鎖定或 4% 以上的鎖定，這是否僅與增強收益產品有關？還是這也是傳統的 FDIC 產品？

Yes, thanks for the question. So yes, it's both -- like you should think of it as we are locking the repricing of basic rates contracts that are maturing. So as we would expect, like all of the basic rate contracts that have been maturing that the lion's share of those dollars will roll into enhanced rate at the time of their maturity. But also, as I said in the remarks, they are primarily centralized around January of '26. So Q4 of '26, fiscal '26 and January of '27.

是的，謝謝你的提問。是的，兩者皆有——你應該認為我們正在鎖定即將到期的基本利率合約的重新定價。因此，正如我們所預料的那樣，就像所有已經到期的基本利率合約一樣，其中大部分美元將在到期時轉為增強利率。但正如我在評論中所說，它們主要集中在 26 年 1 月左右。因此是 26 年第四季、26 財年和 27 年 1 月。

So Q4 of '27, like we are locking specific basic rate maturities in those time periods. And as we said, sort of the average across those -- the average across that was about a 4% lock on the five-year treasury. And as you said, yes, we earn we can roll those to enhance rates, we earn about a 75 basis point spread on top of that. So effectively locking $475 million on assets that are yielding currently 1.7% to 2%.

因此，在 27 年第四季度，我們鎖定了這些時間段內的特定基本利率到期日。正如我們所說，這些平均值——五年期國債的鎖定利率約為 4%。正如您所說，是的，我們可以賺取這些利潤來提高利率，在此基礎上，我們還可以賺取約 75 個基點的利差。因此有效地鎖定了 4.75 億美元的資產，目前收益率為 1.7% 至 2%。

Excellent. Thanks for that clarification. And as my follow-up question, I just wanted to pivot to the HSA, the net new HSAs and AUM growth that you posted in the second quarter. Just wondering if there's any timing differences. I know Scott, you called out strong new enterprise wins and retention.

出色的。感謝您的澄清。作為我的後續問題，我只想轉到 HSA，即您在第二季度發布的淨新 HSA 和 AUM 增長。只是想知道是否存在時間差異。我知道史考特，你呼籲新企業取得強勁勝利並留住人才。

Just curious if there's any nuances to the second quarter results you wanted to call out.

我只是好奇您是否想指出第二季度業績的任何細微差別。

No, I wouldn't say there's any nuance to it. I mean I think when we look at the 163,000, we are ahead of maybe where we thought we would be given the macro environment that we've highlighted here for the last couple of quarters. I think when you look at that level relative to historical quarters, this year looks a lot like fiscal year '24. And so I think in light of the macro I think we're leaning in aggressively. I'd say that aggressiveness is going to show up, obviously, in the marketing dollars that we're going to be spending here in Q3 and Q4 to go after the expanded opportunity that we see through the expansion that we just talked about.

不，我不會說這其中有什麼細微差別。我的意思是，我認為，當我們看到 163,000 這個數字時，我們可能已經領先於我們在過去幾季強調的宏觀環境下所認為的水平。我認為，當你從歷史季度來看這個水平時，今年看起來很像 24 財年。因此，我認為從宏觀角度來看，我們正在積極採取行動。我想說，這種積極性顯然會體現在我們將在第三季和第四季投入的行銷資金中，以抓住我們剛才談到的擴張所帶來的擴大機會。

That's why we're investing also an improved enrollment experience. And I think what we see from our existing client base probably reflects the macro. But I would say that we're encouraged by the signs that we've had with our enterprise sales pipeline and the retention that we've had from our existing customers certainly coming through some of the challenges last year. So I feel good about how we're positioned to end the year or enter the busy season. So I think from here on out, to be honest, Greg, it's simply about our execution against the market opportunity that's going to be available to us.

這就是我們投資改善招生體驗的原因。我認為我們從現有客戶群中看到的情況可能反映了宏觀情況。但我想說的是，我們的企業銷售管道和現有客戶的保留情況令我們感到鼓舞，我們肯定在去年經歷了一些挑戰。因此，我對我們結束今年或進入繁忙季節的準備感到滿意。所以我認為從現在開始，說實話，格雷格，這只是關於我們如何抓住即將面臨的市場機會的執行情況。

And so we can go after that within the things that we control, which I think the most important thing is the actual product experience itself and then how we're bringing our partners to the clients that we're trying to win business from.

因此，我們可以在自己能夠控制的範圍內實現這一目標，我認為最重要的是實際的產品體驗本身，以及我們如何將合作夥伴帶給我們想要贏得業務的客戶。

Thanks, Greg.

謝謝，格雷格。

Thank you.

謝謝。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

This is perfect.

這太完美了。

So clearly, the investments in driving app downloads are driving really nice gross margins. I think you mentioned 1.7 million members now have downloaded the app, which is in line with the data we track. Where do you see your ceiling here? I mean, can we expect to see 50% or more of your members using the app over the next several years? And then how should we think about the incremental margin opportunity here as you approach more broader adoption?

顯然，對推動應用程式下載的投資正在帶來非常可觀的毛利率。我想您提到現在已有 170 萬會員下載了該應用程序，這與我們追蹤的數據一致。您在這裡看到天花板在哪裡？我的意思是，我們是否可以預期在未來幾年內看到 50% 或更多的會員使用該應用程式？那麼，當您走向更廣泛的採用時，我們應該如何看待這裡的增量利潤機會？

Yes. I don't see an incremental necessarily a gross margin improvement from app adoption. What we're really looking for is simply active, engaged members. And so maybe similar as to you look at a 90-day active users, those that are actively engaged in the app, that's certainly what our target is. Very much in line with the mission of empowering health care consumers, we want them to be engaged.

是的。我認為應用程式的採用並不一定會帶來毛利率的提高。我們真正尋找的是活躍、參與的會員。因此，也許與您看到的 90 天活躍用戶類似，那些積極參與應用程式的用戶，這當然是我們的目標。我們希望他們參與進來，這與賦予醫療保健消費者權力的使命非常一致。

So we think the best experience that we're going to be providing over time is going to be in the app we know that accessing any of our platforms is going to be required to download the app and go through the pass key authentication. That's going to be a better experience. And then what we're really driving is helping that member save spend and invest more seamlessly. And so as I look at it, it's really the improvement in the engagement and the experience. And so as you think about actual penetration, just look at the number of account holders that we have, but it's really going to be those that are active that want access to their account are going to have to download the app to be able to access their account.

因此，我們認為，隨著時間的推移，我們將要提供的最佳體驗將在應用程式中，我們知道訪問我們的任何平台都需要下載應用程式並通過金鑰認證。這將是一次更好的體驗。我們真正要做的是幫助會員節省開支並更無縫地進行投資。因此，在我看來，這確實提高了參與度和體驗。因此，當您考慮實際滲透率時，只需查看我們擁有的帳戶持有人數量，但真正想要存取其帳戶的活躍用戶必須下載應用程式才能存取他們的帳戶。

So when we think about the penetration rate, it's more going to be more reflective of how many active members there are against that account base.

因此，當我們考慮滲透率時，它更能反映出該帳戶群中有多少活躍會員。

That's helpful. Thank you.

這很有幫助。謝謝。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Hey, good afternoon guys. And thanks for taking the question. I guess, Scott, it sounds like you talked about a disconnect between the employer market and employment trends growing slower than expectations. And at the same time, you guys kind of outperformed expectations and raised guidance. So I guess the two things I'm wondering if you can throw some numbers around our can you talk about the order of magnitude by which kind of the employer market employment seems to be growing slower than you guys expected to see? And then kind of what's driving the outperformance. I can probably guess the answer is there.

嘿，大家下午好。感謝您提出這個問題。我想，史考特，聽起來你談論的是雇主市場和就業趨勢之間的脫節，成長速度低於預期。同時，你們的表現超出了預期並提高了指導。所以我想問的是這兩件事，您能否提供一些數字，談談雇主市場就業成長速度似乎比您預期的要慢的數量級？那麼是什麼推動了這種優異的表現呢？我大概能猜到答案就在那裡。

It's going to be all the Team Purple stuff. But like I'm really in kind of the disconnect here is kind of the theme of the question I want to get with, like what you're seeing on the employer side versus the outperformance of you guys? Thank you.

這將是所有紫色團隊的東西。但我真的覺得這裡的脫節是我想要提出的問題的主題，例如你在雇主方面看到了什麼，而你們的表現又如何？謝謝。

Yes, great. I think, again, we've kind of highlighted just the macro environment overall. And I guess the HSA market is a function of new employment, job growth, people be able to move between jobs. And so when you look at the labor statistics that are showing employment growth down 40% year-to-date year-over-year through July. I think I would say that the macro environment for job growth has been tough.

是的，很棒。我認為，我們再次強調了整體宏觀環境。我猜 HSA 市場是新就業、就業成長以及人們能夠在工作之間轉換的功能。因此，當你查看勞工統計數據時，你會發現截至 7 月份，就業成長率比去年同期下降了 40%。我想說的是，就業成長的宏觀環境一直很艱難。

And so -- but that being said, I think we've been able to lean into our sales pipeline as well as our relationships with clients and partners to be able to go to market. Again, the 163,000 new HSAs is not a record for us. It's more muted than we would love to see but we're still actually pleased with the progress that we're making. And so I'm not sure I see it as like a total disconnect because we certainly see and feel the macro. But what we're trying to do to offset that is focus on a great experience, I think also delivering a great service.

所以——但話雖如此，我認為我們已經能夠依靠我們的銷售管道以及與客戶和合作夥伴的關係來進入市場。再次強調，163,000 個新的 HSA 對我們來說並不是一個紀錄。它比我們希望看到的要安靜，但我們仍然對所取得的進展感到滿意。因此我不確定我是否認為這是一種完全脫節，因為我們確實看到並感受到了宏觀。但為了彌補這項缺陷，我們努力專注於提供出色的體驗，同時提供出色的服務。

This has obviously been a big focus of ours for the year. And I think one of the things that I'm most proud of as you look at how we're serving our customers, as you look at NPS or CSAT we're seeing nice improvement on both of those metrics, which is those members that are contacting us, how well we're serving. We're obviously doing that more efficiently on a year-over-year basis with the use of technology and having a better product experience, which I'm really proud of, which I do think contributes to us in our leadership position. And then again, I think as the market leader in this space, I would hope that we would continue to outpace growth of the market overall as the market leader. And I think so far this year, I believe that's what you're seeing.

這顯然是我們今年關注的重點。我認為，我最自豪的事情之一是，當您看到我們如何為客戶服務時，當您查看 NPS 或 CSAT 時，我們看到這兩個指標都有了顯著的改善，即聯繫我們的會員數量，以及我們提供的服務品質。顯然，透過利用技術和提供更好的產品體驗，我們每年都在更有效率地完成這項工作，對此我感到非常自豪，我認為這有助於我們保持領先地位。再說一次，我認為作為這個領域的市場領導者，我希望我們能夠繼續以市場領導者的身份超越整個市場的成長速度。我認為今年到目前為止，我相信這就是你們所看到的。

I appreciate it. Thank you.

我很感激。謝謝。

Thanks, Scott.

謝謝，斯科特。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good afternoon. Thanks for taking the question.

午安.感謝您回答這個問題。

Scott, I want to follow up on George's question there. And the last comment you made about outperforming market growth you've grown accounts by 7%, 8% year-to-date. Can you talk about how fast do you think the market is growing? And obviously, the market growth rate has evolved over the past several years. As you think about the market's growth rate today, can you talk about the -- your confidence that the market can sustain the growth rates in accounts that we're seeing this year into the next couple of years.

斯科特，我想跟進喬治的問題。您最後提到，今年迄今為止，您的帳戶成長了 7% 到 8%，超過了市場成長。您能談談您認為市場成長速度有多快嗎？顯然，過去幾年市場成長率已經發生了變化。當您考慮當今市場的成長率時，您能否談談—您對市場能夠在未來幾年維持今年的帳戶成長率的信心？

I guess whether or not does that include contributions from the OBBB, just trying to get a sense of what your expectations are on market growth from here. Thanks.

我猜這是否包括來自 OBBB 的貢獻，只是想了解您對現在的市場成長有何期望。謝謝。

Yes. So yes, a couple of things. I think where is it that we see the opportunity. Obviously, we talked about expansion of the market that happens as a result of OBBB, we're going to be going after that. We're going to be going after that, as I've said, through marketing, going after maybe a different set of potential members, also through plan partners.

是的。是的，有幾件事。我認為我們在哪裡看到了機會。顯然，我們討論了 OBBB 帶來的市場擴張，我們將繼續努力。正如我所說的，我們將透過行銷來實現這一目標，也可能透過計劃合作夥伴來尋找不同的潛在會員。

So we're going to be going after that through marketing broadly speaking, top-of-funnel brand recognition as well as through our traditional channels. So I think what we see is that the market is expanding. We'll see over the course over the next several quarters, how much that expansion from OBBB shows up in terms of growth in the industry. I think there's a couple of things that are maybe more important even than new accounts. And if you look at the industry overall and you look at contribution levels, we have lower participation across the industry for high deductible health plans.

因此，我們將透過廣義的行銷、漏斗頂端的品牌認知以及我們的傳統管道來實現這一目標。所以我認為我們看到的是市場正在擴大。在接下來的幾個季度中，我們將看到 OBBB 的擴張對產業成長的影響有多大。我認為有幾件事甚至比新帳戶更重要。如果你縱觀整個行業並查看繳費水平，你會發現整個行業對高免賠額健康計劃的參與度較低。

And so we're trying to introduce or lower the barrier for people to select high deductible health plans. We're doing a lot to educate our employers in a more difficult market this year to be able to manage their health care costs through smart plan design. And so our analyzer product, as an example, we're taking that to market as a really strong value proposition to employers. What ultimately we're trying to do is to get people to contribute at the Max that they're allowed today in the market overall, only 4% of members contribute at the Max. So large market, underpenetrated in terms of those members that participate at the Max.

因此，我們正在嘗試引入或降低人們選擇高免賠額健康計畫的門檻。今年，在更困難的市場環境下，我們正在做大量工作來教育我們的雇主，使他們能夠透過智慧計畫設計來管理他們的醫療保健成本。因此，以我們的分析儀產品為例，我們將其作為對雇主真正強大的價值主張推向市場。我們最終想要做的是讓人們以目前市場允許的最高限額進行捐款，總體而言，只有 4% 的會員以最高限額進行捐款。市場如此之大，但就參與 Max 的會員而言，滲透率卻很低。

Across the market overall, only 8% of members are investors. We see a big opportunity for our members to become investors, and we've seen strong growth from our members to become investors. And so I think as you look at, Allen, us growing the business overall, there's baseline of the business that comes through account growth. But if we can have a more engaged consumer or engaged member, which we think is going to come through that mobile app experience, we're going to help them save spend and invest, which should lead to a higher contribution higher account balances, higher investors, more engaged consumers. So I think all of those will drive growth in the industry overall above just account growth.

在整個市場中，只有 8% 的會員是投資者。我們看到了會員成為投資者的巨大機會，我們也看到會員成為投資者的勢頭強勁增長。因此，艾倫，我認為，當你看到我們整體業務的成長時，業務的基線是透過帳戶成長而實現的。但是，如果我們能夠擁有更多參與的消費者或參與的會員（我們認為這將透過行動應用程式體驗實現），我們將幫助他們節省開支和進行投資，這將帶來更高的貢獻、更高的帳戶餘額、更多的投資者和更多參與的消費者。因此我認為所有這些都將推動整個行業的成長，而不僅僅是帳戶成長。

Great. Thanks, Scott.

偉大的。謝謝，斯科特。

Mark Marcon, Baird

馬克馬孔，貝爾德

Good afternoon. And thanks for taking my questions. And let me add my congratulations. Really great quarter. I was wondering, when we take a look at the HSA cash, we've had a couple of quarters where it's dipped a little bit. And at the same time, obviously, HSA investments have been growing significantly. And I was wondering to what extent would you say the dip in HSA cash is due to account holders shifting over to more investment behavior versus just dealing with higher health care inflation and therefore, dipping into their accounts?

午安.感謝您回答我的問題。讓我也向您表示祝賀。真是一個很棒的季度。我想知道，當我們查看 HSA 現金時，我們發現有幾個季度它的現金有所下降。與此同時，HSA 投資顯然也在大幅成長。我想知道，您認為 HSA 現金的下降在多大程度上是由於帳戶持有人轉向更多的投資行為，而不是僅僅為了應對更高的醫療保健通膨，從而動用他們的帳戶資金？

And how are you thinking about the algorithm for HSA cash growth going forward?

您如何看待未來 HSA 現金成長的演算法？

Yes. Thanks, Mark. I can take that one. So I mean the answer is a little bit of all that. So obviously, as Scott just said, we want more than 80% of our HSA members to be investors.

是的。謝謝，馬克。我可以接受那個。所以我的意思是答案是，所有這些都有一點。顯然，正如斯科特剛才所說，我們希望超過 80% 的 HSA 成員成為投資者。

Investors are the most engaged with the platform. They have the highest balances. So there's certainly a piece of that of HSA members realizing that value and becoming investors. So we're growing the number of investors faster than we're growing the number of accounts. And then there's also a part of that is, like you said, like there is spending.

投資者對該平台的參與度最高。他們的餘額最高。因此，HSA 成員肯定會意識到這一價值並成為投資者。因此，投資者數量的成長速度比帳戶數量的成長速度更快。然後還有一部分，就像你說的，就是支出。

We have contributions up, we have spending up, the other side of slightly lower cash balances or slower growth in cash balances to put it better is that, that interchange continues to grow at faster than the rate of account growth. So as Scott, I think, just summarized that the revenue growth story here is more than just how fast can we grow accounts, how fast do we grow HSA cash, it's all of the lines. We're going to grow accounts, HSA cash, invested balances and spend through the platform. So not really reading any more into it than that. And then, of course, the time of the year when cash inflows come in is at our fiscal Q4.

我們的繳款增加了，支出增加了，現金餘額略有下降或現金餘額成長放緩的另一面，更確切地說，就是互換額的成長速度繼續快於帳戶成長率。因此，我認為，正如斯科特所總結的那樣，這裡的收入成長故事不僅僅是我們能以多快的速度增加帳戶，我們能以多快的速度增加 HSA 現金，而是所有的線路。我們將透過該平台增加帳戶、HSA 現金、投資餘額和支出。因此，實際上不要再進一步解讀了。當然，一年中現金流入的時間是我們的財政第四季。

So it is very, very lumpy. So sort of quarter-to-quarter views are to be held with the grain to sand.

所以它非常非常粗糙。因此，季度間的觀點應當一絲不苟。

Thanks, Mark.

謝謝，馬克。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

Thank you. Good afternoon. I appreciate your taking the question. I wanted to pick up on something that you said early in their prepared remarks about how to think through the implications of likely significant increases in premiums that come through next year and the potential benefit that you might see with increased HSA enrollment. And then how you contrast that with the comments you made around kind of current macroeconomic conditions. Is that kind of net us out in the same place around this mid-single-digit growth in underlying HSAs? How are you guys thinking about putting these kind of countervailing pieces together?

謝謝。午安.感謝您回答這個問題。我想談談您在準備好的演講中早些時候提到的內容，關於如何思考明年保費可能大幅上漲的影響，以及增加 HSA 註冊人數可能帶來的潛在好處。然後，您如何將其與您對當前宏觀經濟狀況的評論進行比較。這種淨收入是否使我們的基礎 HSA 的成長率處於中等個位數左右？你們是怎麼考慮把這些相互抵銷的部分整合在一起的？

Yes. So in a more challenging environment macro, I think, a challenging environment for most employers is the rising cost of health care and health care premiums that for many employers have a hard time passing that along or bearing all of that. when those health care costs are going 2 times to 3 times faster, that's a challenge for anybody running a business and running a P&L and that's where we think our role and the elevation of our message becomes more important. And so we've been out there having a conversation to be able to say, well, how is it that you can manage the overall health care cost better. And it's by having a smart plan design that has an HSA-qualified plan associated with it, if you're an employer.

是的。因此，我認為，在更具挑戰性的宏觀環境中，對於大多數雇主來說，一個具有挑戰性的環境是醫療保健成本和醫療保險費的上漲，許多雇主很難將這筆費用轉嫁或承擔所有這些費用。當這些醫療保健成本以 2 到 3 倍的速度成長時，這對任何經營企業和營運損益表的人來說都是一個挑戰，這就是我們認為我們的角色和資訊的提升變得更加重要的地方。因此，我們一直在進行討論，如何更好地管理整體醫療成本。如果您是雇主，那麼就需要有一個智慧計畫設計，其中包含與之相關的 HSA 合格計畫。

We have plenty of case studies with employers that by doing that, they've been able to reduce that annual decline to manageable levels. I think, in a more challenging environment that, that value proposition becomes a lot stronger, David. And so I think what we have found, at least historically in that -- in more challenging macro times, the value proposition for HSAs becomes stronger. And so I think if you look at this business over a much longer period of time, then you would also look at the macro as this is just kind of like this current moment in time. Our most valuable members are those members that have been with us for a long period of time.

我們有大量關於雇主的案例研究，透過這樣做，他們已經能夠將年度下降幅度降低到可控水平。我認為，在更具挑戰性的環境中，這種價值主張會變得更強大，大衛。因此我認為，至少從歷史上看，我們發現在更具挑戰性的宏觀時期，HSA 的價值主張變得更強。因此，我認為，如果你從更長遠的角度來看待這項業務，那麼你也會從宏觀角度來看待它，因為它就像是當前的時刻。我們最有價值的會員是那些與我們在一起很長時間的會員。

And so this might be just one small layer in the onion for us overall. And so how is it that we continue to grow this business faster than today's environment. It's actually having all of our cohorts of members become more active and engaged. And I do think if we can actually drive the engagement metric, we'll increase contributions, we'll increase participation we'll educate our employers more about how this is a valuable product in good times and bad, and then we'll become closer to serving the mission that this company was started for. And so again, I'm cautious to saying the macro environment has a long-term effect on this business.

所以，對我們來說，這可能只是洋蔥的一小部分。那麼，我們該如何繼續以比當今環境更快的速度發展這項業務呢？這實際上使我們所有的成員群體變得更加活躍和投入。我確實認為，如果我們能夠真正提高參與度指標，我們就會增加貢獻，增加參與度，我們就會讓雇主更多地了解這款產品在順境和逆境中是多麼有價值，然後我們就會更接近於完成這家公司創立的使命。因此，我再次謹慎地說宏觀環境對這項業務有長期影響。

It doesn't. It's simply how all of our -- it's more a reflection of how do all of our cohorts combine over time by engaging on our platform.

事實並非如此。這只是我們所有人——它更多地反映了我們所有的群體如何隨著時間的推移透過參與我們的平台而結合在一起。

Thank you.

謝謝。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Thanks. Good afternoon, everybody. Thanks for taking the question here. So one thing I want to touch on a little bit, just to follow up a bit more on the kind of the forward contracts and the hedging. You talked about $1.2 billion notional kind of signed since the last update. Just wondering, what are the gating factors on signing more of that as far as just the pace of that? Is it more just finding other willing third parties and the other end of the contract? Or was it more -- is there still a heavy negotiation on that rate, just over 4%?

謝謝。大家下午好。感謝您在這裡提出這個問題。因此，我想稍微談一下，只是想進一步了解遠期合約和避險的種類。您談到自上次更新以來已簽署了 12 億美元的名義金額。我只是想知道，就速度而言，簽署更多此類協議的限制因素是什麼？是否只是尋找其他願意的第三方和合約的另一端？或者說——關於這個略高於 4% 的利率，是否還有激烈的談判？

Just curious kind of how the ebb and flow of that goes, if you could provide any color. Thanks.

我只是好奇這種現像是如何發生的，如果你能提供一些細節的話。謝謝。

Yes, sure. No. Like this is like treasury forward curves is like the most liquid market on earth. So no, there's not no counterparty issue. It's just sort of legging into lagging into the hedge.

是的，當然。不。就像國債遠期曲線是地球上流動性最強的市場。所以，不存在交易對手問題。這只是一種落後於樹籬的行為。

So we sort of view it as sort of insurance contracts. We've traded $1.2 billion in total across many transactions over the quarter. And as I said in the remarks, you should expect that, that amount will continue. Just sort of dollar cost averaging into the yield is how you should think about how we've executed that program.

所以我們把它看作是一種保險合約。本季度，我們透過多筆交易累積交易額達 12 億美元。正如我在評論中所說，你應該預料到，這個數字將會持續下去。您應該考慮我們如何執行該計劃，只需將美元成本平均計入收益率即可。

Okay, thanks.

好的，謝謝。

David Larsen, BTIG.

BTIG 的 David Larsen。

Congratulations on the next quarter. Can you talk about the good increase in service gross margin? It looks like your costs were very good, including sales and marketing.

恭喜下個季度。您能談談服務毛利率的良好成長嗎？看起來您的成本非常好，包括銷售和行銷。

Yes. So I think, David, in service gross margin, yes, you'll note that, obviously, our costs on a year-over-year basis on the service side growing much slower than revenue. And I think the effort there is efforts that we have across the board on delivering our service more efficiently in terms of how we're staffing. It also goes to the quality of the service that we're providing. When we have a service that doesn't require our members to call us for difficult reasons that lowers our cost to serve.

是的。所以我認為，大衛，在服務毛利率方面，是的，你會注意到，顯然，我們服務方面的成本同比增長速度遠低於收入的增長速度。我認為我們在人員配備方面做出了全方位的努力，以便更有效地提供服務。這也與我們提供的服務品質有關。當我們提供一項服務時，我們的會員不需要因為困難的原因而打電話給我們，從而降低了我們的服務成本。

We've also been making investments in technologies to become more efficient. And on that piece that I'm really excited about. I really feel as though we're at the very beginning of our journey there. We talked a lot about claims automation and using AI and claims automation. We just got some awards on HSA answers, which is leveraging chat on our home page to be able to answer questions.

我們也一直在技術方面進行投資，以提高效率。我對那件作品感到非常興奮。我真的感覺我們才剛開始這段旅程。我們討論了很多有關索賠自動化以及使用人工智慧和索賠自動化的問題。我們剛剛在 HSA 答案上獲得了一些獎項，這些答案利用我們主頁上的聊天功能來回答問題。

And I think we're at the very beginning of our journey of automating other manual and repeatable processes through technology. That should, over time, reduce that service cost even further. So in many respects, I believe that we're at the beginning of our journey of modernizing the product and modernizing the service experience with AI. And so I'm optimistic that we can continue to make improvements there.

我認為我們正處於透過技術實現其他手動和可重複流程自動化的旅程的開始階段。隨著時間的推移，這將進一步降低服務成本。因此，在許多方面，我相信我們正處於利用人工智慧實現產品現代化和服務體驗現代化的旅程的開始階段。因此，我樂觀地認為我們能夠繼續取得進步。

Great, thanks very much. And then even though you're performing really well, the stock seems to be trading sort of sideways I think that maybe there's some concern if -- like let's say interest rates decline by 50 basis points by the end of calendar '25, and let's say, 75 basis points or 100 basis points by the end of calendar '26. Can you sort of size what impact that could potentially have on your book like perhaps on custodial revenue, would that impact that $4.1 billion, so the $4.75 billion could maybe go to $4 billion on that $4.1 billion for fiscal '27?

太好了，非常感謝。然後，即使你的表現非常好，股票交易似乎也處於橫盤狀態，我認為也許存在一些擔憂——比如說，到 25 年底利率下降 50 個基點，到 26 年底下降 75 個基點或 100 個基點。您能否大致估算一下這可能會對您的帳簿產生什麼影響，例如對託管收入的影響，這會影響 41 億美元嗎？那麼 27 財年的 47.5 億美元可能會變成 40 億美元嗎？

Yes. I mean I think the short answer is we're not going to get into those modeling questions on the call here. But yes, I mean, obviously, our -- we replace rates to the extent we haven't hedged them. The placement rates will be done on the day that they're placed. So it matters what the five-year treasury is on the day that, that assets are placed.

是的。我的意思是，我認為簡短的回答是我們不會在這次電話會議上討論這些建模問題。但是是的，我的意思是，顯然，我們會在尚未對沖的範圍內替換利率。安置費率將在安置當天確定。因此，資產放置當天的五年期國庫券金額很重要。

So you can all have your own forecast on the direction of the five-year treasury like that. It's not what the forward market says the direction of five-year treasuries are today. So again, we're not going to get into all of the speculating cases.

因此，大家可以對五年國庫券的走向做出自己的預測。五年期國債的走勢並非由遠期市場所預測。所以，我們不會深入探討所有的推測案例。

Okay.

好的。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦 (Stan Berenshteyn)，富國證券。

Yes, hi. Thanks for taking my questions.

是的，你好。感謝您回答我的問題。

Yes. First, maybe for Steve. On the ACA opportunity, do you just have any initial expectations as to the $7 million opportunity that you have in front of you, how much of that do you conceivably expect to convert into an next year? Any thoughts on that? And related to that, Jim, do you plan to break out the lives that you capture from the ACA plans separately from your regular accounts? Thanks.

是的。首先，也許對史蒂夫來說。關於 ACA 機會，您對擺在您面前的 700 萬美元機會有什麼初步預期嗎？您預計其中有多少可以轉化為明年的收益？對此有什麼想法嗎？與此相關，吉姆，您是否計劃將從 ACA 計劃中獲取的生命與常規帳戶分開列出？謝謝。

You want to answer that first, Jim and I'll --

你想先回答這個問題嗎？吉姆，我會--

Yes. I can answer the easy question first is no. We will not separately break it out. And HSA is an HSA.

是的。我可以先回答一個簡單的問題：不是。我們不會單獨將其分解。而 HSA 就是 HSA。

I thought your answer would be -- not for -- so Stan, on ours, I mean, we think -- I mean the good news is there's pretty good data out there because there's -- the public use files not only show that there are 7 million people in these bronze plans right now. It also shows how many people are in the silver plans. But none of the -- I mean we went through them pretty meticulously. And as I mentioned in my comments, that very few less than 10% that we could find of the bronze plans that are offered right now in market are currently HSA-qualified. And then so if you -- let's say they already were at 10% were, I mean, you get a little bit of a haircut, but then you give it a haircut down to households and then you gave a little bit of a haircut based upon households that could actually pay to fund the account.

我以為你的答案是——不是——所以斯坦，就我們而言，我的意思是，我們認為——我的意思是好消息是那裡有相當不錯的數據，因為——公共使用文件不僅顯示目前有 700 萬人參加了這些青銅計劃。它還顯示了有多少人參與了銀計劃。但沒有一個——我的意思是，我們對它們進行了非常細緻的檢查。正如我在評論中提到的那樣，我們發現目前市場上提供的青銅計劃中只有不到 10% 符合 HSA 資格。那麼如果你——假設他們已經達到 10%，我的意思是，你會得到一點點折扣，但然後你再把它折扣到家庭，然後你根據實際上可以支付帳戶資金的家庭給予一點點折扣。

But just in case anyone on this call doesn't realize this, if you've got money to go pay for a bronze plan, you're not like typically Medicaid eligible and things like that. Otherwise, you're just going to Medicaid. I mean these are a lot of the folks that we live and work with, right? These are -- everyone from doctors and lawyers have small practices that need to have coverage. They've got assets to protect and so they'd much prefer to be covered through the ACA to Uber drivers, gate workers, things like that.

但萬一有人在電話中沒有意識到這一點，如果你有錢去支付青銅計劃，那麼你就不像通常的醫療補助計劃那樣有資格獲得諸如此類的東西。否則，您只能申請醫療補助。我的意思是，這些人和我們一起生活和工作，對吧？這些都是——從醫生到律師，每個人都有需要保險的小診所。他們有資產需要保護，因此他們更願意透過 ACA 來保護 Uber 司機、門衛等。

These are people that have assets. And so the question is, is how many of them can we capture? What's the real market? I think in households, as I said, it could be -- if you add that to the other expansions with the DPC and the telemedicine, we think the 3 million to 4 million households are out of the gate that we can go after now. It's going to take some work because you need to first educate these people that said, hey, congratulations, you got a bronze plan.

這些人有資產。那麼問題是，我們能捕獲多少人？真正的市場是什麼樣的？我認為在家庭中，正如我所說的，這是可能的——如果將其添加到 DPC 和遠距醫療的其他擴展中，我們認為我們現在可以覆蓋 300 萬到 400 萬個家庭。這需要一些工作，因為你需要先教育這些人，讓他們說，嘿，恭喜你，你得到了一個青銅計劃。

And now if you have any medical expenses at all, gone, run it through the bronze plan. I mean, as we've repeated several times on this call that the way we do business is we help people save, spend and invest for health care. And obviously, we'd love to get those dollars accumulating. But the best way to get them to accumulate is to help people understand that if that money touches down in an HSA stand for even like a day and then rolls off to pay for something. They're going to get a 30% to 40% tax savings on that dollar right then -- or let's say, savings, 30% to 40% savings on that dollar, just gives them incredibly more purchasing power to pay for their health care.

現在，如果您有任何醫療費用，可以透過青銅計劃來支付。我的意思是，正如我們在這次電話會議上多次重申的那樣，我們開展業務的方式是幫助人們為醫療保健儲蓄、消費和投資。顯然，我們希望這些美元能夠持續累積。但讓這些錢累積起來的最好方法是幫助人們理解，如果這些錢在 HSA 中停留一天，然後就可以用來支付某些東西。他們將獲得 30% 到 40% 的稅收節省——或者說，節省 30% 到 40% 的稅收節省，將為他們提供更大的購買力來支付醫療費用。

And it can be for obviously typical health care things like meds or surgery or doctor visits and things like that, but it can also be for some of the things we talked about in other settings where people are now pretty interested in can I go and get a GLP-1 for a good price and kind of use this money. And so we're absolutely committed to finding these people, letting them know that, yes, you're in an HSA-qualified plan. Yes, you can open and fund that account right now, even if it's a little bit later, we're going to continue our marketing efforts because we have our else partners who are going to be helping us with this, too, and we'll be finding these people and getting them to fund it, health plans and the doctors and the hospitals are totally aligned with this because they want these people to be able to pay their out of pockets as well. So we're going to tap every channel we can find, and we have the broadest channel in the market to find these folks, get them book in the account and fund it. Now all that said, I can't give you a number, and you know we're not going to.

它顯然可以用於典型的醫療保健事項，如藥物、手術或醫生就診等，但它也可以用於我們在其他場合討論的一些事項，人們現在非常感興趣的是，我能否以優惠的價格購買 GLP-1 並使用這筆錢。因此，我們絕對致力於找到這些人，讓他們知道，是的，您參加了 HSA 合格計劃。是的，您現在就可以開設並存入該帳戶，即使稍晚一些，我們也會繼續我們的行銷努力，因為我們還有其他合作夥伴也會幫助我們，我們會找到這些人並讓他們為其提供資金，健康計劃、醫生和醫院完全同意這一點，因為他們希望這些人也能夠自掏腰包支付費用。因此，我們將利用我們能找到的每一個管道，我們擁有市場上最廣泛的管道來找到這些人，讓他們登記帳戶並為其提供資金。現在說了這麼多，我無法給你一個數字，而且你知道我們不會給你。

But I'm telling you, we're talking about several millions. We don't know exactly how many millions we'll find out more American families that now can immediately open an HSA. And dug on it, we've been working on this for 20 years to get this type of expansion. So -- so I don't know. We'll be seeing and we'll be watching it and we have resources that we will deploy.

但我告訴你，我們談論的是幾百萬。我們不知道究竟有多少美國家庭現在可以立即開設 HSA。為了實現這種擴張，我們已經努力了 20 年。所以——所以我不知道。我們將會觀察並關注它，並且我們擁有可以部署的資源。

We've already deployed them as far as building out our solution. and we're going to continue getting ready on the marketing spend. And if it's successful, we'll spend more. And we'll test it. We're going to learn a lot, and we're really excited about this opportunity, Stan.

我們已經部署它們來建立我們的解決方案。我們將繼續為行銷支出做好準備。如果成功的話，我們就會投入更多。我們將對其進行測試。我們將學到很多東西，我們對這個機會感到非常興奮，斯坦。

Thanks for the question.

謝謝你的提問。

Thanks so much.

非常感謝。

Matthew Inglis, RBC Capital Markets.

馬修·英格利斯，加拿大皇家銀行資本市場。

Hey guys, thanks for taking my question. You kind of touched on this before, but on the AI initiatives, you've talked about the expected claims and the Agentic AI voice channel. Can you talk about the magnitude of the cost benefits from these rollouts? How much of that is maybe already playing into the year-over-year decrease in service costs? And then outside of those, what are the other big opportunities remaining for further cost reduction through automation and AI?

嘿夥計們，謝謝你們回答我的問題。您之前曾提到過這一點，但關於人工智慧計劃，您談到了預期的索賠和 Agentic AI 語音管道。能談談這些措施帶來的成本效益有多大嗎？其中有多少可能已經影響到服務成本的逐年下降？除此之外，還有哪些重大機會可以透過自動化和人工智慧進一步降低成本？

Yes. Great question. So as I said, I really believe that we're just on the very beginning of our journey on AI. So we've already been able to deflect costs through claims automation using AI we're going to be investing within the framework of our tech and dev spending on APIs and data to unlock further opportunities around AI pretty much in every function of our company. We're looking at AI solutions that can automate any process that is a repeatable process that can be run on data across AI.

是的。好問題。正如我所說，我真的相信我們才剛開始人工智慧之旅。因此，我們已經能夠透過使用人工智慧的索賠自動化來降低成本，我們將在技術和開發支出框架內對 API 和數據進行投資，以在我們公司的幾乎每個職能部門中釋放圍繞人工智慧的更多機會。我們正在尋找可以自動化任何流程的人工智慧解決方案，這些流程是可以在人工智慧資料上運行的可重複流程。

I think the biggest opportunity that we see is in the service center because when we look at a lot of the things that some of our members are calling on us on a lot of those interactions we can automate and take care of our members instantaneously through AI. And so again, I don't think -- we're not going to provide guidance on where we think that opportunity is. But again, probably where I see the biggest opportunities within the enterprise really starts in service center expands in terms of us becoming more efficient in our product and development in terms of our engineers be able to write code faster, more efficiently and then for us to be able to envision other areas within the company that we can do smarter. So I think overall, what should be the net benefit of that an improved experience and enhanced experience, a faster experience and a more efficient cost structure to do so.

我認為我們看到的最大機會是在服務中心，因為當我們看到一些會員在許多互動中向我們提出要求時，我們可以透過人工智慧自動化並立即為我們的會員提供服務。所以，我再說一遍，我認為——我們不會就我們認為的機會在哪裡提供指導。但是，我認為企業內部最大的機會可能真正開始於服務中心的擴展，這讓我們的產品和開發變得更加高效，我們的工程師能夠更快、更有效率地編寫程式碼，然後我們能夠設想公司內部可以做得更聰明的其他領域。所以我認為總的來說，這樣做的淨收益應該是改善體驗、增強體驗、更快的體驗和更有效率的成本結構。

Thanks, Matt.

謝謝，馬特。

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

我們的問答環節到此結束。我想將會議交還給 Scott Cutler 做結束語。

Well, hey, I want to thank everybody for really engaging conversation there. I mostly want to thank our teammates for these remarkable record results. We are thrilled about the opportunity in front of us have a lot of execution for the second half of the year and into next year as we reach and influence and help more of our clients and members realize the benefits associated with HSAs. I'm confident and energized to fulfill our mission of saving and improving lives by empowering health care consumers. So thank you, everybody, for participating in this conference call.

好吧，嘿，我想感謝大家在那裡進行的真正有趣的對話。我最想感謝的是我們的隊友們創造了這些非凡的紀錄。我們對眼前的機會感到非常興奮，我們將在今年下半年和明年執行大量工作，接觸、影響並幫助更多的客戶和會員實現與 HSA 相關的好處。我有信心並充滿活力地完成我們的使命，即透過賦予醫療保健消費者權力來拯救和改善生命。感謝大家參加這次電話會議。

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。