HealthStream, Inc. (HSTM) 2026 Q1 法說會逐字稿

Good morning, and welcome to HealthStream's first-quarter 2026 earnings conference call. At this time, I would like to inform you that this conference is being recorded. (Operator Instructions)

各位早安，歡迎參加 HealthStream 2026 年第一季財報電話會議。此刻我想提醒各位，本次會議將被錄音。（接線員指示）

I will now turn the conference over to Mollie Condra, Head of Investor Relations and Corporate Communications. Please go ahead, Ms. Condra.

接下來我將把會議交給投資人關係與企業傳播主管 Mollie Condra。Condra 女士，請開始。

Thank you, and good morning. Thank you for joining us today to discuss our first-quarter 2026 results. Also in the conference call with me is Robert A. Frist, Jr., CEO and Chairman of HealthStream; and Scotty Roberts, CFO and Senior Vice President of Finance and Accounting.

謝謝，各位早安。感謝各位今天加入我們，一同討論 2026 年第一季的業績表現。與我一同參與本次電話會議的還有 HealthStream 執行長暨董事長 Robert A. Frist, Jr.，以及財務長兼財務與會計資深副總裁 Scotty Roberts。

I would also like to remind you that the conference call may contain forward-looking statements regarding future events and the future performance of HealthStream that could involve risks and uncertainties that could cause the actual results to differ materially from those projected in the forward-looking statements.

我也要提醒各位，本次電話會議可能包含有關未來事件及 HealthStream 未來表現的前瞻性陳述；此類陳述可能涉及風險與不確定性，並可能導致實際結果與前瞻性陳述中所預期或推估者出現重大差異。

Information concerning these risks and other factors that could cause the results to differ materially from those forward-looking statements are contained in the company's filings with the SEC, including Forms 10-K, 10-Q and our earnings release.

關於這些風險以及其他可能導致結果與前瞻性陳述出現重大差異的因素之資訊，載於本公司向美國證券交易委員會（SEC）提交的文件中，包括 10-K、10-Q 表格以及我們的財報新聞稿。

Additionally, we may reference certain non-GAAP financial measures relating to the company's past and future expected performance on this call. The most directly comparable GAAP financial metrics and reconciliations are included in the earnings release that we issued yesterday.

此外，我們在本次電話會議中可能會提及若干與公司過去及未來預期表現相關的非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務指標及調節表，已包含在我們昨日發布的財報新聞稿中。

So with that start, I'll now turn the call over to CEO, Bobby Frist.

那麼在此開場之後，我現在把電話會議交給執行長 Bobby Frist。

Good morning, everyone. We do have a lot to cover this morning, and I'll ask Scotty and Mollie on guard in case I have a coffee set, working off a bit of a cold. That's my issue. I'm going to get through it though just in case Mollie ready. All right.

各位早安。今天早上我們要談的內容很多；我會請 Scotty 和 Mollie 隨時待命，以防我需要喝口咖啡——我有點感冒。這是我的狀況。不過我會撐過去的；以防萬一，Mollie 也準備好了。好。

Well, good morning, everyone, to our first quarter 2026 earnings call. We have a lot to go over starting with the strong financial growth we delivered in the quarter, which included record-setting revenues of $81.2 million. That's up 10.5% year-over-year and record-setting adjusted EBITDA, which has just pushed through the $20 million to $20.1 million. That's up 24.1% year-over-year.

那麼，各位早安，歡迎參加我們 2026 年第一季財報電話會議。我們有很多內容要說，先從本季強勁的財務成長談起：我們創下 8,120 萬美元的營收新高，年增 10.5%；同時也創下調整後 EBITDA 新高，剛突破 2,000 萬美元，達到 2,010 萬美元，年增 24.1%。

Operating income grew 71.6% year-over-year. The strong performance in Q1 is allowing us to increase investment kind of beyond our original plan as we started the year, including in growth initiatives related to our current products, new products on the horizon, and accelerated use of AI. I'm going to talk about some of those investments towards the end of my section.

營業利益年增 71.6%。第一季的強勁表現，使我們得以把投資提高到超出年初原先規劃的水準，包括投入與現有產品相關的成長計畫、即將推出的新產品，以及加速導入 AI。我會在我這段的後半部分談到其中一些投資。

We're reaffirming our 2026 full year guidance and continue to anticipate revenue between $323 million to $330 million, net income between $20.4 million and $22.8 million and adjusted EBITDA between $73 million and $77 million. Our strong cash balance of $66.5 million and untapped line of credit and no long-term debt continue to position us well to take advantage of M&A opportunities as they arise as well as other capital deployment strategies that we believe will benefit our shareholders.

我們重申 2026 年全年財測，仍預期營收介於 3.23 億至 3.30 億美元之間，淨利介於 2,040 萬至 2,280 萬美元之間，調整後 EBITDA 介於 7,300 萬至 7,700 萬美元之間。我們強勁的現金餘額 6,650 萬美元、尚未動用的信用額度，以及無長期負債的資本結構，持續使我們具備良好條件，可在併購（M&A）機會出現時把握機會，並採取我們認為能為股東帶來效益的其他資本配置策略。

As a reminder, last quarter, I described four reasons why HealthStream's sees real opportunity in today's rapidly expanding AI environment. As AI continues to develop, I am pleased to reaffirm our increasing belief in each of those four reasons today.

提醒各位，上季我曾描述 HealthStream 為何在當今快速擴張的 AI 環境中看見真正機會的四個原因。隨著 AI 持續發展，我很高興今天再次確認，我們對這四個原因的信心正持續提升。

First, our health care user base continues to expand. Unlike companies facing seat compression from AI agents, health care keeps hiring and keeps growing with roughly one-quarter of all new US jobs over the next decade projected to come from the health care industry. And nurses, our largest user base, are leading that growth. AI is not expected to reduce demand for nurses if anything, it should free them to spend more time with patients and less time documenting.

第一，我們的醫療照護使用者基礎持續擴大。不同於一些公司因 AI 代理導致席位（seat）被壓縮，醫療照護產業仍在持續招募並持續成長；預估未來十年美國所有新增工作中，約四分之一將來自醫療照護產業。而護理人員——我們最大的使用者族群——正引領這波成長。預期 AI 不會降低對護理人員的需求；若有的話，AI 應能讓他們把更多時間用在病患身上、減少文書紀錄時間。

Second, our data profile remains a meaningful differentiator. Our customers utilize our enterprise applications as a system of record for managing their learning, credentialing and scheduling programs. The data in these applications serves as a source of truth for our customers as they carry out their operations. I believe they'll use that source truth and training their own AI.

第二，我們的資料輪廓（data profile）仍是重要的差異化因素。我們的客戶將我們的企業級應用作為管理其學習、證照與排班計畫的紀錄系統（system of record）。這些應用中的資料，作為客戶執行營運時的單一事實來源（source of truth）。我相信他們會運用這個事實來源來訓練他們自己的 AI。

Third, in parallel -- well, in addition, around the data profile, in parallel, our career networks, which is going to be an area of investment, generate proprietary individual-level data that we believe is valuable for finding, developing, retaining and engaging the health care workforce. NurseGrid alone, for example, now reaches roughly one in five US nurses, telling us where, when and for whom they want to work.

第三，除了資料輪廓之外，同步地，我們的職涯網路（career networks）——這將是我們的投資領域——會產生專有的個人層級資料；我們相信這些資料對於尋找、培育、留任並提升醫療照護人力的投入度具有價值。以 NurseGrid 為例，目前已觸及約五分之一的美國護理人員，讓我們了解他們想在何處、何時、為誰工作。

Third, our HealthStream platform is built to incorporate AI as a core element rather than bolting it on. Platform elements like the hStream ID, which we've talked about extensively in the past. And our growing API footprint serve as essential infrastructure to help enable AI-driven innovation in health care workforce technology.

第三，我們的 HealthStream 平台在設計上是把 AI 作為核心要素來整合，而不是事後再外掛。平台要素如我們過去多次談到的 hStream ID，以及我們持續擴大的 API 佈局，都是促成醫療照護人力科技中 AI 驅動創新的關鍵基礎設施。

Fourth, our ecosystem ties it all together. Millions of caregivers, thousands of health care organizations and dozens of industry partners, combined with more than 30 years of domain experience and the hStream technology platform creates something difficult to replicate. AI cannot manufacture an ecosystem like HealthStream, but it can enhance it and turn our ecosystem.

第四，我們的生態系把一切串聯起來。數百萬名照護人員、數千家醫療照護機構與數十家產業合作夥伴，再加上超過 30 年的領域經驗與 hStream 技術平台，共同形成一個難以複製的體系。AI 無法憑空打造像 HealthStream 這樣的生態系，但它可以強化它，並讓我們的生態系更上一層樓。

In turn, our ecosystem can enhance AI in what we believe will be a virtuous loop of value creation for our customers and investors alike. Building on that foundation, I'm pleased to share that we have meaningfully expanded our internal rollout of AI across the company and are making great progress.

反過來，我們的生態系也能強化 AI；我們相信這將形成一個良性循環，為客戶與投資人共同創造價值。在此基礎上，我很高興分享：我們已在公司內部大幅擴大 AI 的推行範圍，並取得很大進展。

Adoption is broadening across teams. Our employees are putting these tools to work in their day-to-day and we are encouraged by the early productivity and quality benefits we are already seeing. It's still early days in terms of realizing the benefits of AI and with driving innovation as one of our company's six constitutional values, I believe our employees are on the front foot of ensuring that HealthStream is an innovator in this promising area.

採用正在擴展到更多團隊。我們的員工正把這些工具運用在日常工作中，而我們也對目前已看到的早期生產力提升與品質效益感到鼓舞。就實現 AI 效益而言仍屬早期階段；而「推動創新」是我們公司六項憲章價值（constitutional values）之一，我相信員工正站在第一線，確保 HealthStream 在這個充滿前景的領域成為創新者。

Before we go further in our call, I want to briefly summarize our business for the benefit of anyone who's new to the HealthStream story, and I hope there's lots of you on the call today.

在我們進一步進行之前，我想先為任何剛接觸 HealthStream 故事的新朋友，簡要總結一下我們的業務；也希望今天電話上有很多新朋友。

First and foremost, HealthStream is a health care technology company dedicated to developing, credentialing and scheduling the health care workforce through technology solutions, each of which are becoming more valuable because of the interoperability they're achieving through our hStream technology platform.

首先也是最重要的，HealthStream 是一家醫療照護科技公司，致力於透過技術解決方案來培育、認證（credentialing）並排班醫療照護人力；而這些解決方案因透過我們的 hStream 技術平台所達成的互通性（interoperability）而變得更具價值。

We have also started to open our sales channels directly to health care professionals and nursing students through our three career networks. These help nurses, CNAs and students throughout their career journey. The company holds 20 patents for its innovative products, which have been awarded over 40 Brandon Hall Awards.

我們也已開始透過三個職涯網路，將銷售通路直接開放給醫療照護專業人士與護理學生。這些網路協助護理師、護理助理（CNA）與學生在其職涯旅程中各階段獲得支持。本公司針對其創新產品共持有 20 項專利，並已獲得超過 40 項 Brandon Hall Awards。

Historically, we sell our solutions on a subscription basis under contracts that average three to five years in length, which makes our revenues recurring and predictable. In fact, 97% of our revenues are subscription-based. We are profitable, have no interest-bearing debt and reported a strong cash balance of $66.5 million at the end of the first quarter of 2026.

歷來我們以訂閱制方式銷售解決方案，合約平均期限為三至五年，使我們的營收具備經常性與可預測性。事實上，我們 97% 的營收來自訂閱。我們具備獲利能力，沒有任何計息負債，並在 2026 年第一季末報告強勁的現金餘額 6,650 萬美元。

This strong cash balance allows us to allocate capital to product development, M&A, share repurchases, and dividends. We are solely focused on health care and more specifically, the health care workforce and those preparing to enter it. The 12.5 million health care professionals and nursing students in the United States comprised the core total addressable market for our solutions.

這筆強勁的現金餘額使我們能將資本配置於產品開發、併購（M&A）、庫藏股回購與股利。我們專注於醫療照護領域，更具體而言是醫療照護人力，以及那些正準備進入該領域的人。在美國的 1,250 萬名醫療照護專業人士與護理學生，構成我們解決方案的核心總可服務市場（TAM）。

At this time, I'll turn it over to Scotty Roberts, will turn our attention to our financials and hear a report from Scotty. Scotty, take a look at 2026 first quarter and give us your financial outlook.

此時，我將把時間交給 Scotty Roberts，接下來我們將把重點放在財務表現，並聽取 Scotty 的報告。Scotty，請先看看 2026 年第一季，並向我們說明你的財務展望。

All right. Thanks, Bobby, and good morning, everyone. I'll be happy to cover our financial results for the first quarter with you this morning.

好的。謝謝你，Bobby，各位早安。今天早上我很樂意向各位說明我們第一季的財務結果。

And for the first quarter, our revenues were a record of $81.2 million, which was up 10.5%, operating income was $7.5 million and it was up 71.6%. Net income was $5.9 million, up 36.4%. Earnings per share came in at $0.20 per share, which is up from $0.14 per share, and adjusted EBITDA was also a new record of $20.1 million, which was up 24.1%.

第一季我們的營收創下 8,120 萬美元的新高，年增 10.5%；營業利益為 750 萬美元，年增 71.6%。淨利為 590 萬美元，年增 36.4%。每股盈餘為每股 0.20 美元，高於每股 0.14 美元；調整後 EBITDA 亦創下 2,010 萬美元的新高，年增 24.1%。

Our revenues increased by $7.7 million or 10.5% and were $81.2 million compared to $73.5 million in the prior year. Revenues from subscription products were up $7.6 million or 10.7%, while professional service revenues were up $0.1 million or 4.3%. Our organic revenue growth rate was 5.8%, and the inorganic growth rate was 4.7% in the first quarter. Inorganic revenues are associated with the Virsys12 and MissionCare Collective acquisitions that we completed in the fourth quarter of 2025.

我們的營收增加 770 萬美元（或 10.5%），達 8,120 萬美元，相較去年同期為 7,350 萬美元。訂閱型產品營收增加 760 萬美元（或 10.7%），專業服務營收增加 10 萬美元（或 4.3%）。第一季有機營收成長率為 5.8%，非有機成長率為 4.7%。非有機營收與我們在 2025 年第四季完成的 Virsys12 與 MissionCare Collective 併購案相關。

The first quarter of 2026 is the first full quarter with both operating as part of HealthStream. I'm pleased to report that both post-acquisition integrations are progressing well. Virsys12 is extending our reach into payer credentialing, a meaningful expansion of our addressable market and my CNA jobs is building momentum, connecting CNAs and home care providers with the organizations that need them.

2026 年第一季是兩者皆以 HealthStream 一部分營運的第一個完整季度。我很高興報告，兩項併購後整合進展順利。Virsys12 正在將我們的觸角延伸至付款方（payer）資質認證（credentialing），這是對我們可服務市場（addressable market）的重要擴張；而 my CNA jobs 正在累積動能，連結 CNA 與居家照護提供者，與有需求的機構進行媒合。

Together, these two acquisitions contributed $3.4 million in revenue in the first quarter, and we continue to see compelling opportunities to cross-sell and integrate their capabilities into the broader HealthStream platform.

合計而言，這兩項併購在第一季貢獻了 340 萬美元營收；我們也持續看到具吸引力的交叉銷售機會，並將其能力整合至更廣泛的 HealthStream 平台之中。

In addition to the revenue contributions from these two recent acquisitions, our core business was supported by strong subscription growth performance from CredentialStream, which grew by 19%; Shiftwizard, which grew by 29% and Competency Suite, which grew by 17%.

除了這兩項近期併購帶來的營收貢獻外，我們的核心業務亦受惠於強勁的訂閱成長表現，包括 CredentialStream 成長 19%、Shiftwizard 成長 29%，以及 Competency Suite 成長 17%。

Revenues from our legacy credentialing and legacy scheduling products approximated $7.6 million of our first quarter revenues and declined by 16% compared to the first quarter of last year, as we continue our efforts to migrate customers from those solutions.

我們傳統（legacy）的資質認證與排班產品營收約占第一季營收的 760 萬美元，較去年第一季下滑 16%，因我們持續推動客戶自這些解決方案遷移。

Our remaining performance obligations were $687 million as of the end of the first quarter compared to $613 million for the same period of last year. We expect approximately 39% of the remaining performance obligations will be converted to revenue over the next 12 months and that 67% will be converted over the next 24 months.

截至第一季末，我們的剩餘履約義務（remaining performance obligations）為 6.87 億美元，去年同期為 6.13 億美元。我們預期約 39% 的剩餘履約義務將在未來 12 個月內轉為營收，約 67% 將在未來 24 個月內轉為營收。

Gross margin was 65.8% compared to 65.3% in the prior year quarter and this improvement was primarily related to the growth in revenues and including contributions from the recent acquisitions.

毛利率為 65.8%，去年同期為 65.3%。此改善主要與營收成長以及近期併購帶來的貢獻有關。

Operating expenses, excluding cost revenues, increased by 5.3% or $2.3 million and product development increased by $1.6 million or 12.9%. Sales and marketing increased by $0.8 million or 6.7%. Depreciation and amortization increased by $0.6 million or 5.7%, while G&A expenses declined by $0.7 million or 7.7%. These operating expense increases were partially impacted by the recent acquisitions, while the G&A expense decline resulted from our office sublease.

營業費用（不含營收成本）增加 5.3%（或 230 萬美元）；其中產品開發增加 160 萬美元（或 12.9%）。銷售與行銷增加 80 萬美元（或 6.7%）。折舊與攤銷增加 60 萬美元（或 5.7%），而一般及行政（G&A）費用則下降 70 萬美元（或 7.7%）。上述營業費用增加部分受到近期併購影響；G&A 費用下降則源自我們的辦公室轉租（sublease）。

To wrap up, our net income was $5.9 million and was up 36.4% over the prior year, and adjusted EBITDA improved to a record high of $20.1 million and was up 24.1% and the adjusted EBITDA margin was 24.8% compared to 22% last year.

總結來說，我們淨利為 590 萬美元，較去年成長 36.4%；調整後 EBITDA 提升至創紀錄的 2,010 萬美元，年增 24.1%；調整後 EBITDA 利潤率為 24.8%，去年為 22%。

So we ended the quarter with cash and investment balances of $66.5 million compared to $57 million last quarter. And during the first quarter, we paid $7.5 million for capital expenditures. We returned $1 million to shareholders through our dividend program, and we repurchased $7.5 million of our common stock under the share repurchase program that we announced in November 2025 and March 2026.

本季結束時，我們的現金與投資餘額為 6,650 萬美元，較上季的 5,700 萬美元增加。第一季我們支付 750 萬美元資本支出。我們透過股利計畫向股東回饋 100 萬美元，並依據我們於 2025 年 11 月與 2026 年 3 月宣布的庫藏股（股份回購）計畫，回購了 750 萬美元的普通股。

In addition, we made $1.8 million of the minority investments in companies that we expect to leverage our ecosystem and our platform.

此外，我們也對少數股權投資（minority investments）投入 180 萬美元，投資於我們預期可運用我們生態系與平台的公司。

Our day sales outstanding were 39 days for the first quarter compared to 37 days in the prior year first quarter. Our objective is to maintain our DSO in the 40 to 45 day range or better and I'm pleased with our continued progress in this area.

第一季的應收帳款週轉天數（DSO）為 39 天，去年第一季為 37 天。我們的目標是將 DSO 維持在 40 至 45 天區間或更佳，我對我們在此方面持續的進展感到滿意。

Cash flows from operations came in at $27.1 million for both the current year and the prior year first quarter. Cash flows were partially impacted by the minor increase in DSO that I just mentioned as well as higher payments for sales commissions following the strong bookings that we achieved in the fourth quarter of last year.

營運活動現金流在本年度與去年第一季皆為 2,710 萬美元。現金流部分受到我剛提到的 DSO 小幅上升影響，以及因去年第四季達成強勁訂單（bookings）後，銷售佣金支付增加所致。

Our free cash flow was $19.7 million, which is up from $18.2 million from last year, which is an increase of 7.9% and our capital expenditures came in at $7.5 million compared to $8.8 million last year. Ending the quarter with $66.5 million of cash and investments, free cash flows and no debt, we are well positioned to deploy capital to improve our shareholder value.

我們的自由現金流為 1,970 萬美元，高於去年的 1,820 萬美元，增加 7.9%；資本支出為 750 萬美元，去年為 880 萬美元。以季末 6,650 萬美元的現金與投資、自由現金流以及零負債的狀況，我們具備良好條件運用資本以提升股東價值。

As a reminder, we maintain a disciplined approach to capital allocation and how we prioritize our use of capital. Our utmost priority is making organic investments back into the business, which is evident by our annual capital expenditure and R&D plans.

提醒各位，我們在資本配置上維持嚴謹且有紀律的方法，並明確排序資本使用的優先順序。我們最優先的是對業務進行有機投資，這可從我們年度資本支出與研發（R&D）計畫中看出。

The second is pursuing acquisition opportunities, which we have a long track record of executing. The third is returning a portion of profits back to shareholders in the form of cash dividends and our fourth priority is that our Board may authorize share repurchase programs.

第二是尋求併購機會，我們在此方面有長期且成功的執行紀錄。第三是以現金股利形式將部分獲利回饋給股東；第四個優先順序則是董事會可能核准股份回購計畫。

Yesterday as announced in our earnings release, our Board of Directors declared a quarterly cash dividend of $0.035 per share to be paid on May 29 to holders of record on May 18. And during the first quarter, we made share repurchases of 7.5 million under two Board authorized share repurchase programs. We repurchased the remaining 5 million under a $10 million share repurchase program that was authorized by the Board of Directors in November of 2025.

如同昨日在我們的財報新聞稿中所宣布，董事會宣告每股 0.035 美元的季度現金股利，將於 5 月 29 日支付給 5 月 18 日登記在冊的股東。此外，在第一季我們在兩項經董事會核准的股份回購計畫下進行了 750 萬美元的回購。我們已回購完畢 2025 年 11 月由董事會核准之 1,000 萬美元回購計畫中剩餘的 500 萬美元額度。

And in March 2026, the Board authorized a new $10 million repurchase program, and we made 2.5 million of repurchases under this plan during the first quarter, and we've continued to make repurchases during the second quarter.

並且在 2026 年 3 月，董事會核准新的 1,000 萬美元回購計畫；第一季我們在此計畫下回購了 250 萬美元，且我們在第二季仍持續進行回購。

This program will terminate on the earlier of September 12, 2026, or when the maximum dollar amount under the program has been extended. We may suspend or discontinue making purchases under the program at any time.

本計畫將於 2026 年 9 月 12 日或計畫下可回購的最高金額用罄（以較早者為準）時終止。我們可在任何時間暫停或停止依本計畫進行買回。

And I'll finish up this morning by just recapping our financial outlook for 2026, which we are reiterating the guidance that we previously announced in February. We continue to expect our consolidated revenues to range between $323 million and $330 million; net income to range between $20.4 million and $22.8 million; adjusted EBITDA to range between $73 million and $77 million; and capital expenditures to range between $31 million and $34 million.

最後，我簡要重申我們對 2026 年的財務展望；我們重申先前於 2 月公布的指引。我們仍預期合併營收介於 3.23 億至 3.30 億美元；淨利介於 2,040 萬至 2,280 萬美元；調整後 EBITDA 介於 7,300 萬至 7,700 萬美元；資本支出介於 3,100 萬至 3,400 萬美元。

For the second quarter, we expect our revenue growth rate will approximate 9.5% and adjusted EBITDA margin will approximate 23%. Consistent with our operating budget for the year, we have several planned operating expenses that will begin in the second quarter, including higher labor costs, higher marketing costs from trade show, sponsorship and attendance and new technology investments to support our infrastructure, among others.

就第二季而言，我們預期營收成長率約為 9.5%，調整後 EBITDA 利潤率約為 23%。依照我們年度營運預算的規劃，我們有數項已規劃的營運費用將自第二季開始發生，包括較高的人力成本、因參展、贊助與出席活動而增加的行銷成本，以及為支援我們的基礎設施而進行的新技術投資等。

In addition, our strong performance in the first quarter provides us with additional capacity to accelerate investments towards several initiatives, such as our career networks. These guidance expectations do not include the impact of any acquisitions or dispositions that we may complete during the year, gains or losses from changes in the fair value of non-marketable equity investments or contingent consideration or impairment of long-lived assets that we may complete during the year.

此外，我們第一季的強勁表現也讓我們有額外的能力加速對多項計畫的投資，例如我們的職涯網路。上述指引預期不包含我們在年度內可能完成之任何併購或處分的影響、不具市場報價之股權投資或或有對價公允價值變動所產生的損益，亦不包含我們在年度內可能進行之長期資產減損。

That's all I have for today. Thanks for your time this morning. And Bobby, I'll go ahead and turn the call back over to you for some more updates.

我今天的內容就到這裡。感謝各位今天早上的時間。Bobby，我接下來把電話會議交回給你，請你再提供一些更新。

Thank you, Scotty. I'm going to start this section of the call as we usually do with some business updates that highlight successes we've achieved in the learning, credentialing, and scheduling areas, along with updates on our career networks.

謝謝你，Scotty。我將如同往常一樣，以一些業務更新作為本段開場，重點說明我們在學習、證照管理與排班領域所達成的成果，並同時更新我們的職涯網路進展。

Let's start with the learning product family, which includes the Competency Suite. Many customers are increasingly taking advantage of the opportunity to purchase a bundle of several of our most popular workforce applications and content libraries, which we call the competency Suite. Customers purchase a subscription of the Competency Suite for all of their employees that are applicable, particularly the clinical staff, which comes with unlimited use.

先從學習產品家族開始，其中包含 Competency Suite。許多客戶愈來愈多地把握機會，購買我們多款最受歡迎的人力應用程式與內容資料庫的組合套裝，我們稱之為 Competency Suite。客戶會為其所有適用的員工（特別是臨床人員）購買 Competency Suite 的訂閱，並享有不限次使用。

We saw strong momentum of this product in the first quarter with a 17.3% increase in revenues achieved. Our American Red Cross Resuscitation Suite continues to be in demand by customers. In the first quarter, we provided the marketplace with 18 updated courses, which included education content in our BLS, ALS and PALS programs. The updated content was deployed simultaneously across the entire customer network in a single day, all aligned to the new core science guidelines.

我們在第一季看到該產品強勁動能，營收成長達 17.3%。我們的 American Red Cross Resuscitation Suite 持續受到客戶需求。第一季我們向市場提供了 18 門更新課程，包含我們 BLS、ALS 與 PALS 計畫中的教育內容。更新內容在同一天同步部署至整個客戶網路，並全面對齊新的核心科學指引。

Among the sales successes we had in Q1 with the Resuscitation Suite was a decision by Cedars-Sinai Medical Center to renew and expand their number of users by 50%. We also informed us that the expansion will be beneficial as they have been named the official medical provider to the 2028 LA Olympic and Paralympic games. That's super exciting for our teams as well.

在第一季 Resuscitation Suite 的銷售成果中，Cedars-Sinai Medical Center 決定續約，並將其使用者數量擴增 50%。他們也告知我們，這項擴增將帶來助益，因為他們已被指定為 2028 年洛杉磯奧運與帕運的官方醫療提供者。這對我們的團隊而言也非常令人振奮。

Now let's move to credentialing where our flagship product CredentialStream continued its strong menu in the first quarter. Revenues from sales of CredentialStream in the first quarter were up approximately 19% over the same quarter last year.

接著談到證照管理，我們的旗艦產品 CredentialStream 在第一季延續強勁動能。第一季 CredentialStream 的銷售營收較去年同期成長約 19%。

One thing we love to see is to see our customers growing along with us and some of our customers meaningfully expanded through the M&A last year. In fact, two of our largest CredentialStream sales in the quarter were significant expansions due to M&A and enterprise-wide standardization, on CredentialStream.

我們很樂見的一件事，是看到客戶與我們一同成長，而部分客戶在去年透過併購（M&A）有顯著擴張。事實上，本季兩筆最大的 CredentialStream 銷售案，都是因併購與全企業標準化而帶來的重大擴增，並統一採用 CredentialStream。

We take it as a strong but of confidence on our customers trust and rely on CredentialStream so much as a system of record that they choose to stop using solutions from our competitors and standardize on CredentialStream when they expand their operations.

我們將此視為客戶對 CredentialStream 的高度信心，因為他們如此信任並依賴 CredentialStream 作為記錄系統（system of record），以至於在擴張營運時選擇停止使用競品解決方案，並改以 CredentialStream 作為標準。

We are dedicated to repaying that mode of confidence by helping these customers improve their operating results by reducing the time it takes to onboard enroll credential and privilege their physicians. There's just huge economic benefit when a health system or one of our customers can show demonstrable improvement in the time to revenue on these physicians. We believe our software plays an essential role in getting that outcome.

我們致力於回報這份信任，協助客戶改善營運成果，縮短醫師到職（onboard）、投保/登錄（enroll）、證照審核（credential）與授權（privilege）所需時間。當醫療體系或我們的客戶能在這些醫師的「到營收時間」（time to revenue）上展現可衡量的改善時，將帶來巨大的經濟效益。我們相信，我們的軟體在達成此成果上扮演關鍵角色。

Virsys12, which we recently acquired in order to expand our market share, that product offering and expertise in the payer credentialing space also delivered one of our top three credentialing wins in the quarter. We're still in the earlier phases of our expansion to the payer market, and we are pleased to see Virsys12 already contributing to that effort.

我們近期收購的 Virsys12，旨在擴大我們的市占率、產品供給，以及在付款方（payer）證照管理領域的專業能力；該產品也在本季貢獻了我們前三大的證照管理勝案之一。我們仍處於拓展付款方市場的較早階段，很高興看到 Virsys12 已開始為此努力做出貢獻。

Let's move to scheduling, where our core product, ShiftWizard, continues to deliver strong revenue growth with first quarter revenues up approximately 29% versus the first quarter of the previous year. It continues to be our top-performing product in our scheduling application suite.

接著談到排班，我們的核心產品 ShiftWizard 持續帶來強勁的營收成長，第一季營收較前一年度第一季成長約 29%。它仍是我們排班應用套件中表現最佳的產品。

Our top two ShiftWizard deals in the quarter were once again take out of a competitor that is horizontally focused that is only focused on health care. Our sales leaders attribute these wins to the fact that our growing ShiftWizard customer base is increasingly touting the value of the health care specific solution that ShiftWizard provides.

本季 ShiftWizard 兩筆最大交易，再次是從一家橫向通用、且並非專注醫療的競爭對手手中取代而來。我們的銷售主管將這些勝利歸因於：ShiftWizard 不斷成長的客戶基礎，愈來愈多地宣傳 ShiftWizard 所提供之醫療專用解決方案的價值。

When the rubber hits the road, scheduling and staffing clinicians are simply different than scheduling, the labor pool for retail or factory shifts and the market is taking note of that.

實際落地時，臨床人員的排班與人力配置，確實不同於零售或工廠輪班的排班與勞動力池，而市場也正在注意到這一點。

Now let's turn to our career networks. They include myClinicalExchange, NurseGrid and my CNA jobs. Importantly, career networks directly benefit both individual health care professionals as well as the health organizations seeking to employ and engage them.

現在談到我們的職涯網路，包含 myClinicalExchange、NurseGrid 與 myCNA jobs。重要的是，職涯網路能直接同時讓個別醫療專業人員，以及尋求聘用並與其互動的醫療機構受益。

For individuals, HealthStream career network serve as a career catalyst through every stage of their pre-professional and professional journey. Last year alone, myClinicalExchange connected over 364,000 nursing and allied health students to clinical placements.

對個人而言，HealthStream 職涯網路在其成為專業人士之前與之後的每個階段，都能作為職涯催化劑。僅去年一年，myClinicalExchange 就協助超過 364,000 名護理與醫事相關科系學生媒合臨床實習安排。

NurseGrid, the number one app for nurses in the Apple App Store, engaged over 683,000 monthly active users and myCNA jobs, which connected approximately 70% of America's direct care workforce in the home caregiver space.

NurseGrid 作為 Apple App Store 上排名第一的護理師 App，每月活躍使用者超過 683,000 人；而 myCNA jobs 則連結了美國約 70% 的直接照護人力，涵蓋居家照護者領域。

In doing so, these solutions guided caregivers through every stage of their career journey, helping them discover their path, build meaningful professional relationships, access focused learning and advance to what's next in their career.

透過這些方式，這些解決方案引導照護人員走過其職涯旅程的每個階段，協助他們探索方向、建立有意義的專業關係、取得聚焦式學習，並邁向職涯下一步。

For health care organizations, our career networks provide employers with direct access to the largest, most engaged audience of nurses and caregivers through targeted recruitment, development pathways and in-app promotion.

對醫療機構而言，我們的職涯網路透過精準招募、發展路徑與 App 內推廣，讓雇主能直接接觸到規模最大、參與度最高的護理師與照護人員受眾。

myClinicalExchange served as the first touch point for helping over 715 health organizations and over 1,900 schools seeking to place nurses and allied health students into clinical rotations.

myClinicalExchange 作為第一個接觸點，協助超過 715 家醫療機構與超過 1,900 所學校，將護理與醫事相關科系學生安排進入臨床輪調。

NurseGrid was utilized by nurses in approximately 37,000 unique clinical sites as NurseGrid users manage their professional calendars and engagement across those sites.

NurseGrid 被護理師用於約 37,000 個獨特的臨床據點，因為 NurseGrid 使用者會在這些據點間管理其專業行事曆與互動。

Finally, myCNA jobs helped over 8,000 health care organizations access our home caregiver and CNA community to promote work and learning opportunities. To date, the usage of our career networks has created over 450,000 hStream IDs and counting among students, nurses, and allied health workers.

最後，myCNA jobs 協助超過 8,000 家醫療機構接觸我們的居家照護者與 CNA 社群，以推廣工作與學習機會。迄今為止，我們的職涯網路使用已在學生、護理師與醫事相關工作者之間建立超過 450,000 個 hStream ID，且仍在持續增加。

In aggregate, Career Networks contributed approximately $3.78 million in the quarter. While this is modest compared to the company's total revenue, we believe that growth potential, differentiation and diversification of Career Networks makes them an important area for incremental investment. We are already enrolling some of the profits from the quarter's outperformance into new sales hires for this area, the Career Networks and into scaling the three solutions.

整體而言，職涯網路本季貢獻約 378 萬美元。雖然相較公司總營收仍屬不大，但我們相信職涯網路的成長潛力、差異化與多元化價值，使其成為值得追加投資的重要領域。我們已將本季超預期表現帶來的部分利潤，投入於該領域的新銷售人員招募（職涯網路），並用於擴大三項解決方案的規模。

I'm pleased to announce the promotion of Michael Collier as we wrap up this quarter's news from Executive Vice President, Corporate Strategy Development and Operations to Chief Operating Officer and Executive Vice President.

我很高興在本季消息的最後宣布，Michael Collier 獲得晉升，從執行副總裁（企業策略發展與營運）升任營運長（Chief Operating Officer）兼執行副總裁。

In this expanded role, Michael will lead Enterprise Operations across HealthStream, including customer experience, corporate development and M&A, implementations, legal, human resources and other critical areas, he's taken on a lot.

在此擴大的職責中，Michael 將領導 HealthStream 的企業營運（Enterprise Operations），涵蓋客戶體驗、企業發展與併購（M&A）、導入（implementations）、法務、人力資源及其他關鍵領域，他承擔了許多工作。

He also served as executive sponsor for the company's AI transformation, driving AI readiness across operational teams. Since joining HealthStream in 2011, Michael has been instrumental in our growth, including leading more than two dozen successful acquisitions. We look forward to his continued leadership in this expanded capacity.

他也擔任公司 AI 轉型的執行贊助人，推動各營運團隊的 AI 就緒。自 2011 年加入 HealthStream 以來，Michael 一直是我們成長的重要推手，包括主導完成二十多起成功的收購案。我們期待他在此擴大職務下持續展現領導力。

Before we move on, I want to remind our shareholders and investors that if you're already a shareholder, then you know that our Annual Shareholders Meeting is scheduled to take place virtually on Thursday, May 28, at 2:00 PM Central. Notifications of the meeting and access to the proxy statement, 10-K and show a letter were sent out on April 13. We encourage you to vote your shares and participate in the future of our company.

在我們繼續之前，我想提醒各位股東與投資人：如果您已經是股東，那麼您知道我們的年度股東大會預定於 5 月 28 日（星期四）下午 2:00（美國中部時間）以線上方式舉行。會議通知以及委託書說明書、10-K 與股東信的存取方式已於 4 月 13 日寄出。我們鼓勵您為您的持股投票，並參與公司未來的發展。

And now I want to close the same reminder I share with you every quarter. If you are interested in a highly and recurring revenue, a profitable health care technology company that expects to deliver growth that HealthStream may be the right investment for you.

現在我想以我每一季都會與各位分享的同一段提醒作結。如果您對一家具備高度且經常性收入、獲利的醫療保健科技公司有興趣，並且該公司預期能帶來成長，那麼 HealthStream 可能是適合您的投資。

If you're interested in a company whose core user base, the clinical workforce expanding faster than any other sector in the job market then maybe HealthStream is the right investment for you. If you like a company whose software serves in the system of record on behalf of health care customers in HealthStream may be a company for you. If you favor ecosystems over point solutions then maybe HealthStream is the right investment for you.

如果您對一家其核心使用者族群——臨床人力——擴張速度快於就業市場任何其他產業的公司有興趣，那麼 HealthStream 也許是適合您的投資。如果您喜歡一家其軟體代表醫療保健客戶作為「系統紀錄（system of record）」來提供服務的公司，那麼 HealthStream 可能適合您。如果您偏好生態系而非單點解決方案，那麼 HealthStream 也許是適合您的投資。

For all of these reasons, HealthStream is positioned for another exciting year, helping the nation's top health systems find, develop, credential, schedule, onboard and retain this growing health care workforce. Maybe HealthStream is the right investment for you.

基於以上所有原因，HealthStream 已為另一個令人振奮的一年做好準備，協助全美頂尖醫療體系尋找、培育、認證（credential）、排班、到職導入（onboard）並留任這支持續成長的醫療人力。HealthStream 也許是適合您的投資。

I'll turn it over to our sponsor and the operator to begin the Q&A session. Thank you.

我將把時間交給我們的贊助方與接線員，開始問答環節。謝謝。

(Operator Instructions) Matt Hewitt, Craig-Hallum Capital Group.

（接線員指示）Matt Hewitt，Craig-Hallum Capital Group。

Congratulations on the strong start of the year. Maybe first up, obviously, a nice pop in gross margin sounds like some of the acquisitions or the acquisitions we're aiding in that. Should we anticipate a little bit more lift here in Q2? And longer term, how could that play out? I mean, are you anticipating annual improvement in gross margins? Or is it more about driving operating leverage as you kind of go forward?

恭喜今年開局強勁。也許先從這裡開始：顯然毛利率有不錯的跳升，聽起來部分是因為併購案或我們正在整合的併購案帶來的幫助。我們是否應該預期在第二季還會再有一些提升？以及更長期來看，可能會如何發展？我的意思是，你們是否預期毛利率每年都會改善？還是說，重點更在於隨著你們往前推進，去帶動營運槓桿？

Scotty, I'll let you take that one to start.

Scotty，我先請你回答這題。

Yes. Really, Matt, no significant expectation of improvement in gross margin. I think the 65.8% what we delivered in Q1 was probably a little bit ahead of where we expected to be in the quarter, and it's just revenue mix got a little bit of improvement in revenue in the first quarter, a variety of things. Some of that's timing things that we anticipated to come in and say, Q2 or Q3 kind of move forward in the year.

好的。Matt，整體而言，我們並沒有對毛利率有顯著改善的預期。我認為第一季我們交出的 65.8% 可能略高於我們原先對該季的預期，主要是收入組合在第一季稍微改善，還有各種因素共同作用。其中一部分是時點因素——我們原本預期會在第二季或第三季入帳的項目，隨著年度推進而移動。

Some of that's just early activations from customers that we had sold in, Q4 some consumption-based revenue, things like that, we're pulling forward. So we got a little bit of improvement in margin because of that.

另外一部分則是一些客戶的提前啟用——例如我們在第四季售出的產品，有些按使用量計費（consumption-based）的收入等，被我們提前拉進來。因此毛利率也因此有些改善。

Some other ambitions for moving to the cloud could compare margins a little bit over time as it makes some of those transitions, but that's still a good ways in front of us to see how that plays out, but that's just something that's on our to-do list for this year to begin this year anyway.

此外，轉向雲端的一些目標，隨著我們完成部分轉換，長期來看可能會讓毛利率有些變化；但距離我們真正看清楚結果還有一段時間。不過這確實是我們今年待辦事項清單上的一項工作，至少今年會開始推動。

Got it. And then maybe a question for you, Bobby, since you addressed it in your prepared remarks, but you spoke to how AI is expected to drive increasing efficiencies with nurses. What do you think will be the downstream effect of that? Will that allow them more time to care for patients? Will that allow more time for them to work on their training and education and those types of things from a hospital's perspective?

了解。接著也許問你一題，Bobby，因為你在事先準備的發言中有提到：你談到 AI 預期將提升護理人員的效率。你認為這會帶來哪些下游影響？這是否會讓他們有更多時間照護病患？是否會讓他們有更多時間投入訓練與教育等事情——從醫院的角度來看？

Does that mean if the nurses are becoming more efficient, maybe they don't need to hire as many? I'm just trying to think what the downstream effects of AI adoption by the nursing group would be.

這是否也意味著，如果護理人員變得更有效率，也許就不需要聘用那麼多？我只是想理解護理團隊採用 AI 之後可能產生的下游效應。

Yes. Overall, we see a shortage of nurses and we see the early successes of the deployment of AI in our customer base are around ambient listening and ambient listening definitely frees up more time for the nurses and caregivers to spend with patients, which I think is greatly appreciated by all patients and helping the health systems put a more friendly face on their adoption of technology.

是的。整體而言，我們看到護理人力短缺；而在我們客戶群中，AI 部署的早期成功案例主要集中在「環境聆聽（ambient listening）」上。環境聆聽確實能釋放護理人員與照護者更多時間，讓他們能花更多時間陪伴病患；我認為這會受到所有病患的高度肯定，也能幫助醫療體系在採用科技時呈現更友善的一面。

So I think the early use and adoption is in areas that will directly impact the patient experience in a positive way. As far as demand for nurses go, I and every report that I read, seem to think that there's far more demand than there will be supply for the next five years plus. And so I don't see fewer caregivers. I see more and a better opportunity to be more personalized in the care delivery.

因此我認為早期的使用與採用，會在能直接、正向影響病患體驗的領域。至於護理人力需求，我以及我讀到的每一份報告似乎都認為，未來五年以上的需求將遠高於供給。所以我不認為照護者會變少；我看到的是更多照護者，以及在照護提供上能更個人化的更好機會。

So we view that as an opportunity to be a close allied to all those health systems. We've kind of continued to expand the value that we provide by these career networks, helping house tools not just develop and retain the ones they have and, say, for example, through our learning capabilities, but now helping find, identify, match new talents for them to employ.

因此我們把這視為一個機會，去成為所有這些醫療體系的緊密盟友。我們透過這些職涯網路持續擴大我們提供的價值，協助醫院不只是培育並留任既有人才——例如透過我們的學習能力——現在也協助他們尋找、辨識、媒合新的人才以供聘用。

So we're certainly seeing more of the continuum of the workforce need and at a time of great need for more workforce. So we think we're well positioned with the mixture of our product sets to be a great ally to these health systems.

所以我們確實看到人力需求的連續光譜（continuum），而且正值對更多人力需求極高的時期。我們認為，憑藉我們產品組合的搭配，我們很有條件成為這些醫療體系的強力盟友。

John Pinney, Canaccord Genuity.

John Pinney，Canaccord Genuity。

It's Richard Close, here. Just -- Scott, maybe a question on the revenue, $3.4 million acquired revenue. I'm curious, is it okay to annualize that to get to $13.6 million expected contribution from the acquisitions this year? I'm just trying to get a sense of like the organic growth that is embedded in the annual guidance.

我是 Richard Close。Scott，想請教一個關於營收的問題：併購帶來的營收是 340 萬美元。我想確認一下，是否可以把它年化，推算今年併購案預期貢獻約 1,360 萬美元？我只是想掌握年度指引中所隱含的有機成長大概是多少。

Yes. I believe our expectation we mentioned this, I think on last quarter's call was for the two acquisitions, we were targeting around $13 million for the full year. So maybe the annualization of Q1 might be slightly ahead of that $13 million, but I think $13 million is where we would still try to forecast it too.

可以。我相信我們的預期——我們在上一季的電話會議中有提到——對於這兩項併購，我們全年目標大約是 1,300 萬美元。所以把第一季年化可能會略高於 1,300 萬美元，但我認為我們仍會以 1,300 萬美元作為預測基準。

Okay. Great. That's helpful. Thanks for the reminder there. And then you've been providing some, I guess, commentary on the legacy license drag in the past. I'm just curious if there's any update in terms of what the impact there was in the first quarter?

好的，很好。這很有幫助，謝謝你提醒。接著你們過去也提供了一些關於舊版授權（legacy license）拖累的評論。我想請問第一季這部分的影響是否有任何更新？

Yes. I think, let me pull up my remarks, but I think it was around total -- one thing we did disclose this quarter was the amount of revenue from those legacy applications in the quarter. I think it was around $7.6 million. The decrease was, I think, around just 16%, 17% versus first quarter of last year. So I'll try to give a little more color on the magnitude of that bucket of revenue relative to consolidated revenue and also the continued rate of decline.

有的。我先翻一下我的講稿，但我想大概是——我們本季確實揭露了該季來自那些舊版應用的營收金額，我記得大約是 760 萬美元。降幅我記得大約是相較去年第一季下滑約 16% 或 17%。我會再補充一些細節，說明這一桶營收相對於合併營收的規模，以及持續下滑的速度。

But again, we continue to look for opportunities to migrate those customers to the new applications. So we do see some trade-offs there in that decline. Some of that's moving into the credential stream and ShiftWizard, but there's still some attrition going on as well.

不過同樣地，我們仍持續尋找機會把這些客戶遷移到新應用上。因此在這個下滑過程中確實存在一些取捨：其中一部分會轉移到 CredentialStream 與 ShiftWizard，但同時也仍有一些客戶流失（attrition）。

Okay. And then, I guess, my final question, clearly, if you annualize the first quarter EBITDA gets you above the high end of the annual range. So I appreciate you calling out investments. Maybe a little bit more details on those investments and the timing of them? Is it like spread out all throughout the year? Just trying to better understand like what the cadence of EBITDA will be 2Q through 4Q?

好的。最後一題：很明顯，如果把第一季 EBITDA 年化，會高於全年區間的上緣。我也理解你提到會有投資支出。能否再多談一些這些投資的內容與時點？是全年分散進行嗎？我想更好地理解第二季到第四季 EBITDA 的節奏會是如何。

Yes, let me start and then Scotty can add some color to it. I think the first area of investment we looked at was we had a budgeted plan as we ended the year to hire in the sales organization. And specifically, we've decided after this Q1 performance that we're going to add to that original plan. And so -- and even more specifically in the Career Networks area, we think the products warrant a stronger and bigger sales organization. So we're going to go ahead and start building that in the first half of the year, particularly in Q2.

是的，讓我先開始，然後 Scotty 可以再補充一些細節。我認為我們檢視的第一個投資領域是：在年度結束時，我們原本有一個已編列預算的計畫，要在銷售組織進行招募。更具體地說，在看到第一季（Q1）的表現之後，我們決定在原先計畫的基礎上再加碼。也就是說——更明確地在 Career Networks（職涯網路）領域，我們認為產品值得配置更強、更大的銷售組織。因此，我們將在上半年開始建置，特別是在第二季（Q2）。

So from a timing standpoint, we're going to post some new positions in the sales area around our Career Networks and try to hire them. Secondarily, the area is a high-growth area for us. And to keep it current and stay with it, we're going to increase our planned investments in the technology infrastructure specifically around my clinical exchange. We've got some work to do there. That was an acquired product originally.

就時程而言，我們將在 Career Networks 相關的銷售領域發布一些新職缺並嘗試招募。其次，這個領域對我們來說是高成長領域。為了保持產品的即時性並跟上市場節奏，我們將增加在技術基礎設施上的既定投資，特別是圍繞 my clinical exchange。我們在那裡還有一些工作要做；那原本是一個併購而來的產品。

We've continued to enhance it. This will give us a chance to enhance it even faster and expand it. The constituent base for that is growing rapidly. And we want to make sure that it meets the needs of that expanding market. We've had some unique opportunities present in the market, where we think we're well positioned against some competitors there.

我們持續在強化它。這將讓我們有機會更快地強化並擴展它。其使用者／客群基礎正在快速成長。我們希望確保它能滿足這個擴張中市場的需求。市場上也出現了一些獨特機會，我們認為相較某些競爭對手，我們在那裡具備良好的定位。

And so now is the time to both invest in the sales organization and the technical infrastructure for that category of product and even more specifically, so that's career networks in general, but more specifically, even my clinical exchange, we're looking for putting more into the tech stack there as well.

因此，現在正是同時投資該產品類別的銷售組織與技術基礎設施的時機；更具體地說，這是針對 Career Networks 整體，但再更具體一點，針對 my clinical exchange，我們也會在那裡的技術堆疊（tech stack）投入更多。

So, now remember, that's interesting software. It has three constituent audiences. The students are a user, the nursing schools are a user and the health care orgs are users. So it's an interesting kind of network effect piece of software that has a kind of a market effect as the school adopts it, the hospitals in the region adopts it and not get the students to use it as well. So there's a lot there to do technologically, and we're going to go ahead and increase our rate of investment in that tech stack.

所以，請記得，那是一套很有意思的軟體。它有三個使用者族群：學生是使用者、護理學校是使用者、醫療照護機構也是使用者。因此它是一種具有網路效應的軟體，當學校採用、區域內的醫院採用，並帶動學生也使用時，就會產生某種市場效應。所以在技術面有很多事情可以做，我們將提高在該技術堆疊上的投資速度。

Is that front loaded into the second quarter? Or is all that spread out -- sort of through --

這會集中在第二季前段投入嗎？還是會分散——算是——在整個期間？

That part of the spread out, it will include a mixture of CapEx and OpEx to enhance the platform, the application suite.

那部分會分散進行，並會包含資本支出（CapEx）與營運支出（OpEx）的組合，用於強化平台與應用程式套件。

The sales team will be as fast as we can hire and onboard them. So, -- and we already have several open positions in the sales team, we're trying to fill. So we're using some outside recruitment to go faster there as well as our incredible internal teams to try to find the talent we need to staff it up.

銷售團隊方面，我們會以能招募並完成到職培訓（onboard）的最快速度推進。所以——我們目前在銷售團隊已經有好幾個職缺正在招募中。我們也會使用一些外部招募資源來加快速度，同時也依靠我們非常出色的內部團隊，去找到我們需要的人才，把團隊補齊。

I'd like to see that be front half loaded on the sales organization so that we might get some back half benefit. Certainly, we'll get benefit early next year, but sales people take a little bit of time to ramp up and get productive and closing deals.

我希望銷售組織的投入能在上半年更偏前置，這樣我們或許能在下半年看到一些效益。當然，我們在明年初一定會看到效益，但銷售人員需要一些時間爬坡，才能提升生產力並完成成交。

(Operator Instructions) Vince Colicchio, Barrington Research.

（接線員指示）Vince Colicchio，Barrington Research。

Bobby, what differentiated ShiftWizard in the competitive takeout wins? And were any of the large -- any of the wins involving large enterprises of ShiftWizard in the quarter?

Bobby，在競爭性替換（takeout）勝出案中，ShiftWizard 的差異化是什麼？另外，本季是否有任何涉及大型企業的 ShiftWizard 勝出案例？

On a relative basis, we did have some larger wins. They're not massive systems, but a 10,000 employee system went with ShiftWizard in the quarter. That was a huge win. And so yes, we're seeing more of the larger to medium-sized -- medium, large, I'll call them, not the super-sized health systems make that decision. That was nice to see a couple of wins there, yes.

相對而言，我們確實拿下了一些較大的案子。它們不是超大型系統，但本季有一家擁有 10,000 名員工的系統選擇了 ShiftWizard。那是一個很大的勝利。所以是的，我們看到更多中大型——我會稱之為中型到大型，而不是超大型——的醫療體系做出這個決定。很高興看到那裡有幾個勝出案例，是的。

So just in general, we think the -- as I mentioned on the call, the vertical specific nature of the software, is just, we think, more appropriate for the environment. And we have a great long-term vision for the software as well. We're starting to outline a little bit more of that on some of the work we're doing to work to integrate our career networks with our scheduling systems, which aren't done yet, but I think we're getting some excitement around the future direction of where we're going with this platform, integrating both our applications and hopefully, also our career networks. And so there's some positive energy around that messaging as well.

總體來說，我們認為——如同我在電話會議中提到的——這套軟體的垂直領域專屬特性，我們覺得更適合當前環境。而且我們對這套軟體也有很好的長期願景。我們開始在一些工作上更清楚地勾勒這個方向，例如推動把我們的 Career Networks 與我們的排班系統整合；這件事還沒完成，但我認為我們正讓市場對我們這個平台未來的方向感到興奮：整合我們的應用程式，並希望也能整合我們的 Career Networks。因此，這樣的訊息傳遞也帶來了一些正向動能。

And can you give us an update on your bundling effort in the small hospital market and somewhat related, how is the Competency Suite doing in the competency center doing in that part of the market?

你能否更新一下你們在小型醫院市場的綑綁（bundling）推動進展？以及有點相關的是，Competency Suite 在那個市場區塊的表現如何，competency center 的表現又如何？

In the small market, we're seeing a little bit of uptake. We have -- we created several what we call market bundles. These are specific to the skilled nursing space, the long-term care space, the small hospital space that are called the critical access hospitals. We're seeing some uptake. We're wrapping. We're investing in the sales team there and getting some good bundle selling.

在小型市場，我們看到一些採用量的提升。我們——我們建立了幾個我們稱為市場套組（market bundles）的方案。這些方案分別針對專業護理（skilled nursing）領域、長期照護（long-term care）領域，以及小型醫院領域（也就是所謂的關鍵可近性醫院 critical access hospitals）。我們看到一些採用。我們正在推進、也在那裡投資銷售團隊，並取得一些不錯的套組銷售成果。

And so we're pleased with that. It's the bigger bundle as you point out in the Competency Suite that are really helping drive growth. But I like adding the users of those smaller clinics facilities because we're an ecosystem. We want all these health care professionals because they may change jobs over time.

因此我們對此感到滿意。正如你所指出的，真正帶動成長的是 Competency Suite 這種較大的套組。但我也喜歡把那些小型診所／機構的使用者納入，因為我們是一個生態系。我們希望所有這些醫療專業人員都在我們的網路中，因為他們可能會隨著時間更換工作。

We want them in our network even at the small hospitals, but the revenue growth is coming from, say, the bundling of the Competency Suite to the mid-market and bigger health systems where we're seeing an uptick in the Resuscitation Suite, when we see a medium to large health system switch to the Red Cross solution.

我們希望他們即使在小型醫院也在我們的網路裡，但營收成長主要來自於——例如——把 Competency Suite 套組銷售給中型市場與更大型的醫療體系；同時，當我們看到中大型醫療體系從紅十字（Red Cross）解決方案轉換過來時，我們也看到 Resuscitation Suite 的採用提升。

And so the actual -- I think the revenue growth contributions are coming from the mid-market and above. But the small markets are very important to us. We're getting much better at both having the appropriate mix of products for them. And we view the market holistically like I think a physician in an urban or rural market are important to have in our network as well as the nurses in these rural centers, because, again, they do -- they are mobile over their careers, and we think of it as servicing the totality of the health care workforce, not just the urban centers.

因此，實際上——我認為營收成長的貢獻主要來自中型市場及以上。但小型市場對我們非常重要。我們在為他們提供合適的產品組合方面做得越來越好。我們以更整體的方式看待市場：我認為無論是都市或鄉村市場的醫師，都同樣重要、都應該在我們的網路中；同樣地，這些鄉村中心的護理人員也很重要，因為——再說一次——他們在職涯中具有流動性。我們把它視為服務整體醫療照護勞動力，而不只是都市中心。

Thank you. I'm showing no further questions at this time. So I would now like to turn it back to CEO, Bobby Frist, for closing remarks.

謝謝。目前我這邊顯示沒有其他提問。因此我現在想把電話交回給執行長 Bobby Frist，請他做結語。

Well, thank you, everyone, and especially to our -- a little over 1,100 employees who are delivering these great results. We have an exciting year in front of us and look forward to reporting the next earnings report here in another 90 days or so. Thank you all. We'll see you throughout the quarter.

好的，謝謝各位，特別是我們——略多於 1,100 位員工——他們交出了這些優異成果。我們面前有令人振奮的一年，也期待在大約 90 天後的下一次財報電話會議再向各位報告。謝謝大家。我們在本季期間會再與各位見面。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝各位參與今天的電話會議。本次議程到此結束，您現在可以掛線。