LifeStance Health Group Inc (LFST) 2025 Q2 法說會逐字稿

Hello, and welcome to the LifeStance Health second-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 LifeStance Health 2025 年第二季財報電話會議。（操作員指示）

Now I would like to turn the call over to Monica Prokocki. You may begin.

現在我想把電話轉給莫妮卡·普羅科茨基 (Monica Prokocki)。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's second quarter 2025 earnings conference call. I'm Monica Prokocki, Vice President of Finance and Investor Relations.

謝謝您，接線生。大家早安，歡迎參加 LifeStance Health 2025 年第二季財報電話會議。我是財務與投資者關係副總裁莫妮卡‧普羅科茨基 (Monica Prokocki)。

Joining me today are Dave Bourdon, Chief Executive Officer; and Ryan McGroarty, Chief Financial Officer. Ken Burdick, our Executive Chairman, is also with us.

今天與我一起出席的還有執行長 Dave Bourdon 和財務長 Ryan McGroarty。我們的執行主席肯·伯迪克 (Ken Burdick) 也和我們在一起。

We issued the earnings release and presentation before the market opened this morning. Both are available on the Investor Relations section of our website, investor.lifestance.com. In addition, a replay will be available following the call.

我們在今天早上市場開盤前發布了收益報告和簡報。這兩份會議紀錄均可在我們網站 investor.lifestance.com 的投資者關係板塊查閱。此外，會議結束後還將提供重播。

Before turning over to management for their prepared remarks, please direct your attention to the disclaimers about forward-looking statements included in the earnings press release and SEC filings. Today's remarks contain forward-looking statements, including statements about our financial performance outlook, business model and strategy. Those statements involve risks, uncertainties and other factors as noted in our periodic filings with the SEC that could cause actual results to differ materially.

在向管理層提交準備好的評論之前，請注意收益新聞稿和美國證券交易委員會 (SEC) 文件中包含的有關前瞻性陳述的免責聲明。今天的評論包含前瞻性陳述，包括有關我們的財務表現前景、商業模式和策略的陳述。這些聲明涉及風險、不確定性和我們向美國證券交易委員會提交的定期文件中指出的其他因素，這些因素可能會導致實際結果大不相同。

Please note that we report results using non-GAAP financial measures, which we believe provide additional information for investors to help facilitate comparison of current and past performance. A reconciliation to the most directly comparable GAAP measures is included in the earnings press release tables and presentation appendix. Unless otherwise noted, all results are compared to the comparable period in the prior year.

請注意，我們使用非公認會計準則財務指標報告結果，我們相信這為投資者提供了更多信息，有助於比較當前和過去的業績。收益新聞稿表和簡報附錄中包含了與最直接可比較的 GAAP 指標的對帳。除非另有說明，否則所有結果均與去年同期進行比較。

At this time, I'll turn the call over to Dave Bourdon, CEO of LifeStance. Dave?

現在，我將把電話轉給 LifeStance 執行長 Dave Bourdon。戴夫？

Thanks, Monica, and thank you all for joining us today. I'm incredibly proud of the LifeStance team for the strong results achieved in the second quarter. We met or exceeded each of our guided metrics. We grew our clinician base by over 170 clinicians, while at the same time improving productivity. We delivered double-digit organic revenue growth, along with 10% adjusted EBITDA margins.

謝謝，莫妮卡，也謝謝大家今天加入我們。我為 LifeStance 團隊在第二季取得的出色表現感到無比自豪。我們達到或超過了每個指導指標。我們的臨床醫生隊伍增加了 170 多名，同時提高了生產力。我們實現了兩位數的有機收入成長，以及 10% 的調整後 EBITDA 利潤率。

Given the outperformance in the first half of the year, we are raising full year guidance for adjusted EBITDA. We now expect to achieve double-digit margins for the full year. We also delivered exceptionally strong free cash flow of $57 million, our highest in LifeStance's history which provides additional capacity to further invest in the business.

鑑於上半年的優異表現，我們上調了全年調整後 EBITDA 預期。我們現在預計全年利潤率將達到兩位數。我們還實現了異常強勁的 5700 萬美元自由現金流，這是 LifeStance 歷史上的最高水平，這為進一步投資業務提供了額外的能力。

Our model with the ability to deliver both in-person and virtual care along with a focus on patients covered by commercial payers continues to demonstrate its resilience and differentiation. We remain well positioned to navigate a dynamic health care environment as we focus on expanding access to high-quality and affordable mental health care. This quarter, we made meaningful progress to drive improvements in the performance of the business.

我們的模式能夠提供面對面和虛擬護理，同時關注商業付款人承保的患者，並繼續展現其彈性和差異化。我們致力於擴大獲得高品質且負擔得起的心理健康護理的機會，因此我們仍處於有利地位，可以應對動態的醫療保健環境。本季度，我們在推動業務業績改善方面取得了有意義的進展。

From an operational perspective, our clinicians' commitment to delivering high-quality patient care continues to be the driving force behind our success. We're proud to have a team of over 7,700 clinicians, an increase of 173 just this quarter, which is further validation that our value proposition is continuing to resonate.

從營運角度來看，我們的臨床醫生致力於提供高品質的患者護理，這仍然是我們成功的驅動力。我們很自豪擁有一支由 7,700 多名臨床醫生組成的團隊，僅本季度就增加了 173 名，這進一步證明了我們的價值主張正在繼續引起共鳴。

We previously shared that this year, in addition to continuing to grow our clinician base, we have a number of initiatives to better fill clinicians' calendars to drive improved productivity. For example, in May, we launched our clinician cash incentive program to reward clinicians for improving access and quality. We have recently implemented a patient engagement platform that improves acquisition and retention by fostering a stronger connection with the patient.

我們之前曾分享過，今年除了繼續擴大我們的臨床醫生基礎外，我們還採取了多項措施來更好地填補臨床醫生的日程，以提高工作效率。例如，5月份，我們啟動了臨床醫生現金獎勵計劃，以獎勵改善醫療服務品質的臨床醫生。我們最近實施了一個患者參與平台，透過與患者建立更緊密的聯繫來提高患者獲取率和保留率。

Additionally, we are enhancing our Care Matching capabilities to support an even better clinical fit between patients and providers. This is another important step toward delivering the right care with the right match from the very beginning. When the clinical match is strong, we see better patient engagement, fewer cancellations and no shows and a more satisfying experience for both clinicians and patients.

此外，我們正在增強我們的護理配對能力，以支持患者和提供者之間更好的臨床匹配。這是從一開始就提供正確護理和正確配對的另一個重要步驟。當臨床匹配度高時，我們會看到患者參與度更高、取消和缺席的情況更少，臨床醫生和患者的體驗更令人滿意。

These are just a few examples of the concerted effort within the organization to ensure that we effectively utilize the capacity of our talented and dedicated clinicians.

這些只是組織內部齊心協力的幾個例子，以確保我們有效地利用才華橫溢、敬業的臨床醫生的能力。

In the second quarter, we saw improvement in productivity and believe there will be further improvement in the back half of the year as a result of these and other initiatives.

在第二季度，我們看到了生產力的提高，並相信由於這些舉措和其他舉措，今年下半年將進一步改善。

From a technology perspective, we're entering a new chapter of our tech enablement, including a greater emphasis on AI and digital solutions. For example, as part of our continued focus on operational efficiency and effectiveness, we have begun to leverage AI tools to improve accuracy and automate tasks in our revenue cycle processes and to improve the quality and responsiveness of our patient scheduling team.

從技術角度來看，我們正在進入技術支援的新篇章，包括更加重視人工智慧和數位解決方案。例如，作為我們持續關注營運效率和效力的一部分，我們已經開始利用人工智慧工具來提高準確性和自動化收入週期流程中的任務，並提高患者安排團隊的品質和回應能力。

We're also investing in AI solutions to help our clinicians be more effective with documentation. While we're still evaluating options, this will ultimately enhance clinician satisfaction and allow clinicians to focus on what they love; providing excellent, compassionate care to our patients. We are confident that these investments in technology will unlock value by improving the patient and clinician experience while also driving operating leverage.

我們還投資了人工智慧解決方案，以幫助我們的臨床醫生更有效地進行文件記錄。雖然我們仍在評估各種選擇，但這最終將提高臨床醫生的滿意度，並使臨床醫生能夠專注於他們所熱愛的事情；為我們的患者提供優質、富有同情心的護理。我們相信，這些技術投資將透過改善患者和臨床醫生的體驗來釋放價值，同時提高營運槓桿。

Also on the technology front, I would like to highlight the recent appointment of Vaughn Paunovich as our new Chief Technology Officer. Vaughn has extensive expertise in leading digital transformation initiatives, enabling AI-powered insights and streamlining digital tools to enhance health care delivery.

另外在技術方面，我想強調一下最近任命 Vaughn Paunovich 為我們的新首席技術長。沃恩在領導數位轉型計劃、實現人工智慧洞察和簡化數位工具以增強醫療保健服務方面擁有豐富的專業知識。

His experience and commitment to innovation makes him the right individual to lead our technology organization, ensuring that LifeStance delivers a best-in-class experience for our patients and clinicians.

他的經驗和對創新的承諾使他成為領導我們技術組織的合適人選，確保 LifeStance 為我們的患者和臨床醫生提供一流的體驗。

In closing, this was a strong quarter and we feel good about the momentum heading into the second half of the year.

總而言之，這是一個強勁的季度，我們對下半年的發展勢頭充滿信心。

As we look ahead to 2026, we remain confident in our ability to deliver on mid-teens revenue growth while expanding margins. We expect a low to mid-single-digit rate improvement, continued organic growth of our clinician base and strong visit volumes as the demand for mental health services continues to increase. In addition, with the efficiencies we're driving, we expect to generate further operating leverage.

展望 2026 年，我們仍有信心實現中等收入成長並擴大利潤率。隨著心理健康服務需求的不斷增加，我們預計治療率將出現低至中等個位數的改善，臨床醫師隊伍將繼續自然成長，就診量也將大幅增加。此外，隨著我們效率的提高，我們預計將產生進一步的營運槓桿。

With that, I'll turn it over to Ryan to provide additional commentary on our financial performance and outlook. Ryan?

接下來，我將把主題交給瑞安 (Ryan)，讓他對我們的財務表現和前景提供更多評論。瑞安？

Thanks, Dave. I'm pleased with the team's operational and financial performance in the second quarter. We delivered strong growth across revenue, visit volume and clinician count. Revenue grew 11% year-over-year to $345 million. This outperformance was driven by slightly better-than-expected clinician productivity and total revenue per visit.

謝謝，戴夫。我對團隊第二季度的營運和財務表現感到滿意。我們的收入、就診量和臨床醫生數量都實現了強勁成長。營收年增 11% 至 3.45 億美元。這一優異表現得益於略好於預期的臨床醫生生產力和每次就診的總收入。

Visit volumes of $2.2 million increased 12% year-over-year, driven primarily by clinician growth. We added 173 clinicians this quarter, an 11% increase year-over-year, bringing our total to 7,780 clinicians.

就診量達 220 萬美元，年增 12%，主要得益於臨床醫師數量的成長。本季我們增加了 173 名臨床醫生，年增 11%，使我們的臨床醫生總數達到 7,780 名。

With regard to clinician productivity, it was slightly ahead of our expectations in the second quarter. While it is still early, we're encouraged by the initial progress on our productivity initiatives. Total revenue per visit decreased year-over-year as expected. It was $157, which was down 1%, driven by the impact from the single outlier payer dynamic that we previously disclosed, partially offset by rate increases with other payers.

就臨床醫生的生產力而言，第二季略高於我們的預期。雖然現在還為時過早，但我們對生產力計劃的初步進展感到鼓舞。正如預期，每次訪問的總收入同比下降。該數字為 157 美元，下降了 1%，這歸因於我們先前披露的單一異常付款人動態的影響，但其他付款人的費率上漲部分抵消了這一影響。

Turning to profitability. Center margin of $108 million increased 11% year-over-year and was 31.4% as a percentage of revenue. The outperformance in the quarter was driven by the modest revenue beat. The expense for our new cash-based clinician incentive program, which launched in May, is reflected in these results.

轉向盈利能力。中心利潤率為 1.08 億美元，年成長 11%，佔營收的 31.4%。本季的優異表現得益於適度超出預期的收入。這些結果反映了我們在五月推出的新的現金臨床醫生激勵計劃的費用。

Adjusted EBITDA of $34 million in the quarter exceeded our expectations. This 19% year-over-year increase brings our adjusted EBITDA as a percentage of revenue to 9.8%. The outperformance in the quarter was primarily attributable to favorable center margin and slightly lower G&A spending than expected.

本季調整後的 EBITDA 為 3,400 萬美元，超出了我們的預期。與去年同期相比，這一 19% 的成長使我們的調整後 EBITDA 佔營收的百分比達到 9.8%。本季的優異表現主要歸因於良好的中心利潤率以及略低於預期的一般及行政開支。

Turning to liquidity, in the second quarter, free cash flow was exceptionally strong at $57 million, the highest we've delivered in any quarter to date. We exited the quarter with a solid cash position of $189 million and net long-term debt of $273 million. We have additional capacity from an undrawn revolver of $100 million.

談到流動性，第二季度，自由現金流異常強勁，達到 5700 萬美元，這是我們迄今為止任何一個季度的最高水平。本季結束時，我們的現金狀況為 1.89 億美元，長期淨債務為 2.73 億美元。我們擁有 1 億美元未動用的循環信貸額度作為額外能力。

DSO for the quarter improved significantly to 34 days, a sequential improvement of four days. We remain confident in our ability to generate meaningful positive free cash flow for the full year. Our leverage ratios are strong and continue to improve with net and gross leverage of 0.7 times and 2.2 times, respectively.

本季的 DSO 大幅改善至 34 天，比上一季改善了 4 天。我們仍然有信心，我們有能力在全年創造有意義的正自由現金流。我們的槓桿率強勁且持續改善，淨槓桿率和總槓桿率分別為 0.7 倍和 2.2 倍。

This represents meaningful progress from the 2.2 times net and 3.2 times gross leverage in Q2 of last year. We have significant financial flexibility to run the business and fully execute on our strategy, including potential acquisitions.

這與去年第二季的淨槓桿率 2.2 倍和總槓桿率 3.2 倍相比，取得了有意義的進步。我們擁有極大的財務靈活性來經營業務並全面執行我們的策略，包括潛在的收購。

In terms of our outlook for the full year, we are maintaining our guidance range of $1.4 billion to $1.44 billion for revenue. We are raising our guidance range for center margin to $441 million to $465 million. Given the outperformance in the first half, we are raising our adjusted EBITDA guidance range by $5 million at the midpoint to $140 million to $150 million.

就全年前景而言，我們維持 14 億美元至 14.4 億美元的營收預期範圍。我們將中心利潤指引範圍上調至 4.41 億美元至 4.65 億美元。鑑於上半年的出色表現，我們將調整後的 EBITDA 指引範圍中位數上調 500 萬美元，至 1.4 億美元至 1.5 億美元。

This puts us on track for 60 basis points of margin expansion year-over-year and double-digit margins for the full year. In addition, we continue to expect stock-based compensation of approximately $70 million to $85 million.

這使得我們的利潤率有望年增 60 個基點，全年利潤率可望達到兩位數。此外，我們繼續預期股票薪酬約為 7,000 萬至 8,500 萬美元。

For the third quarter, we expect revenue of $345 million to $365 million, center margin of $105 million to $119 million and adjusted EBITDA of $33 million to $39 million.

對於第三季度，我們預計營收為 3.45 億美元至 3.65 億美元，中心利潤率為 1.05 億美元至 1.19 億美元，調整後 EBITDA 為 3,300 萬美元至 3,900 萬美元。

As previously communicated, our annual guidance assumes year-over-year revenue growth driven primarily by higher visit volumes with total revenue per visit being roughly flat. For the second half, we expect modest rate improvement and continued growth in clinicians. Additionally, as noted, we are also focused on better filling existing clinician calendars.

如前所述，我們的年度指導假設同比收入增長主要受訪問量增加的推動，而每次訪問的總收入基本上持平。對於下半年，我們預計費率將適度提高，臨床醫生數量將繼續增長。此外，如上所述，我們也致力於更好地填補現有的臨床醫生日程表。

Our guidance contemplates a step-up in productivity in the third quarter with further improvements in the fourth quarter, driven by the ongoing initiatives Dave mentioned earlier. The combination of these drivers will lead to higher revenue in the back half of the year.

我們的預期是，在戴夫之前提到的持續舉措的推動下，第三季生產力將有所提高，第四季將進一步改善。這些驅動因素的結合將帶來下半年更高的收入。

As we shared last quarter and as implied in our guidance, we expect earnings to build in the back half of the year, driven by modest rate improvement, increased visit volumes and growth in specialty revenue. We expect to see a step-up in adjusted EBITDA margins in the second half over the first half. We previously guided to exiting the year with double-digit margins and are now pleased to expect to achieve double-digit margins for the full year.

正如我們上個季度所分享的以及我們的指導中所暗示的，我們預計盈利將在下半年增加，這得益於適度的費率提高、訪問量增加和專業收入的增長。我們預計下半年調整後的 EBITDA 利潤率將比上半年上升。我們之前預計今年的利潤率將達到兩位數，現在我們很高興地預計全年利潤率也將達到兩位數。

Looking ahead, we feel confident in 2026 and the coming years. We expect to benefit from industry tailwinds, including increasing demand for mental health services and patient trends from cash paid towards commercial insurance.

展望未來，我們對2026年及未來幾年充滿信心。我們預計將受益於行業順風，包括對心理健康服務日益增長的需求以及患者從現金支付轉向商業保險的趨勢。

At LifeStance, we are well positioned to take advantage of the macro trends and anticipate growing revenue in the mid-teens through increased visit volumes, rates and specialty services. We remain confident that 15% to 20% margins are achievable in the long term as we drive center margin expansion and operating leverage in the business.

在 LifeStance，我們已做好準備，充分利用宏觀趨勢，透過增加就診量、費率和專業服務，預計收入將增加 15% 左右。我們仍然相信，隨著我們推動中心利潤率擴張和業務營運槓桿，長期內可以實現 15% 至 20% 的利潤率。

With that, I'll turn it back to Dave for his closing comments.

說完這些，我會把話題轉回給戴夫，請他作最後的總結發言。

Thanks, Ryan. In closing, this was a great quarter for LifeStance. We met or exceeded each of our guided financial metrics, delivered strong organic revenue growth and adjusted EBITDA margins and generated our highest quarter of free cash flow ever.

謝謝，瑞安。總而言之，對於 LifeStance 來說這是一個很棒的季度。我們達到或超越了每項指導性財務指標，實現了強勁的有機收入成長和調整後的 EBITDA 利潤率，並產生了有史以來最高的季度自由現金流。

Our progress to date and the incredible dedication of each of our clinicians and team members serve to reinforce our confidence in the future as we focus on expanding access to high-quality affordable mental health care.

我們迄今為止的進展以及我們每位臨床醫生和團隊成員的非凡奉獻精神增強了我們對未來的信心，因為我們致力於擴大獲得高品質、負擔得起的心理健康護理的機會。

Operator, we'll now take questions.

接線員，我們現在來回答問題。

(Operator instructions) Craig Hettenbach, Morgan Stanley.

（操作員指示）摩根士丹利的 Craig Hettenbach。

Just a question on the implied ramp for Q4. And I appreciate all the color in the prepared remarks, but you should probably have some improvement from as the payer reduction headwind abates and you talked about productivity. So just looking for kind of your confidence level into that back half ramp and things that you're seeing in the business that builds that.

我只想問一下關於第四季隱含的成長坡度。我很欣賞您準備好的發言中所展現出的各種色彩，但隨著付款人減少的阻力逐漸減弱以及您談到生產力，您的情況應該會有所改善。因此，只需看看您對後半段坡道的信心水平以及您在構建該坡道的業務中所看到的事物即可。

Perfect. This is Ryan. I appreciate the question. So going to the point of your question, we're super pleased with our performance in the first half for the year, and we have meaningful momentum going into the second half of the year, driving up a step-up in revenue as you kind of acknowledged in your question.

完美的。這是瑞安。我很感謝你提出這個問題。所以回到你的問題，我們對今年上半年的表現非常滿意，而且我們在下半年有著顯著的成長勢頭，推動收入的成長，正如你在問題中承認的那樣。

In addition to revenue contribution from clinician rate, we continue to plan to drive productivity in the second half of the year. So to help to mention this, from the first half to the second half, we expect roughly $60 million of revenue growth and the way you can think about that is driven by 10% from rate and 90% from visit volume.

除了臨床醫生費率的收入貢獻外，我們還計劃在下半年繼續提高生產力。為了幫助說明這一點，從上半年到下半年，我們預計收入增長約為 6000 萬美元，你可以這樣想，其中 10% 來自費率，90% 來自訪問量。

And so kind of further to mention that, when you think of 90% that's related to visit volume, you can think of that as approximately 60% is coming from clinician ads and then 40% is coming from productivity. As we mentioned in previous quarters and our prepared comments, we're prioritizing filling existing clinician calendars, which we believe will result in increased productivity in the second half.

進一步說，當您想到 90% 與訪問量相關時，您可以認為大約 60% 來自臨床醫生廣告，而 40% 來自生產力。正如我們在前幾季和我們準備好的評論中提到的那樣，我們優先考慮填補現有的臨床醫生日曆，我們相信這將提高下半年的生產力。

Dave went through a number of initiatives that we have in place to drive the filling of the schedules in his prepared comments. And then to your question, just in terms of Q3 versus Q4, clinician ads will be a meaningful driver in both quarters. When you get to Q4, you will see a higher contribution for productivity as the initiatives that are in play have more time to make a meaningful impact.

戴夫在準備好的評論中介紹了我們為推動日程安排的完成而採取的一系列舉措。然後回答您的問題，僅就第三季和第四季而言，臨床醫生廣告將成為兩個季度的重要推動力。當您進入第四季度時，您將看到對生產力的更高貢獻，因為正在進行的舉措有更多的時間來產生有意義的影響。

And then from a rate perspective, going to that part of your question, we expect modest growth in rates in first half to second half. And it really is driven by further rate negotiations with some specialty services in there. So then overall, we've absorbed the one unique payer dynamic. And so overall, we're still guiding to flat TRPV for the year. But as you get into future years, we expect to return to low to mid-single digits from a rate perspective. So to close the comments on here, we feel really good about our growth in the first half and the momentum going into the second half.

然後從利率角度來看，針對您問題的這一部分，我們預計上半年至下半年利率將溫和成長。這實際上是由與一些專業服務進行進一步的費率談判所推動的。因此總體而言，我們吸收了獨特的付款人動態。因此總體而言，我們仍然預計今年的 TRPV 將保持穩定。但隨著進入未來幾年，我們預計利率將回到低點至中位數個位數。所以，最後，我們對上半年的成長和下半年的發展動能感到非常滿意。

Very helpful details. And then just as my follow-up, can you just talk about the backdrop in terms of clinician ads and retention, kind of what you're seeing in the marketplace? And maybe what are some of the things that are resonating to the LifeStance platform?

非常有用的細節。然後作為我的後續問題，您能否談談臨床醫生廣告和保留方面的背景，以及您在市場上看到的情況？那麼，LifeStance 平台可能引起哪些共鳴呢？

Craig, it's Dave. I'll take that one. In regards to the clinician recruiting retention dynamics, first of all, we feel good about our clinician net ads in Q1 and Q2. They were consistent with our expectations. And that's really the result of stable retention and strong recruiting, which are consistent with the dynamics that we've seen play out now for quite a while.

克雷格，我是戴夫。我要那個。關於臨床醫生招募保留動態，首先，我們對第一季和第二季的臨床醫生網路廣告感到滿意。它們與我們的預期一致。這確實是穩定的保留和強大的招募的結果，這與我們目前看到的相當長一段時間的動態一致。

So there's nothing new that I would point to that in the overall environment, it remains a competitive -- highly competitive environment for the recruiting and retention of clinicians. And I think with the net growth that you're seeing from us, it's just further validation that our value prop is resonating.

因此，我要指出的是，在整體環境下，臨床醫生的招募和留任仍然處於激烈的競爭環境中，這並不是什麼新鮮事。我認為，您從我們這裡看到的淨成長進一步證明了我們的價值主張引起了共鳴。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

I just wanted to go back to a couple of things. One, on your comment, Ryan, I think that you made around cash pay shifting towards commercial. Do you have any updates on managed care contracting, contracting around that. And just curious, is it that we're seeing expansion of the benefit that that comment was made around what you're seeing for cash pay going into the commercial volumes?

我只是想回顧幾件事。首先，關於你的評論，瑞安，我認為你談論的是現金支付向商業支付的轉變。您是否有關於管理式醫療承包以及相關承包的最新資訊？只是好奇，我們是否看到了您所看到的有關現金支付進入商業量的好處的擴大？

Lisa, it's Dave. I'll take that one. So in Ryan's remarks about the tailwinds that we're seeing in the industry, and we expect to see as we step into '26, '27, there were two things you referenced. The first was increasing demand overall for mental health services. And the second, which is what you're referencing, is a shift from cash pay to insurance.

麗莎，我是戴夫。我要那個。因此，在 Ryan 關於我們在行業中看到的順風的評論中，我們預計在進入 26 年、27 年時會看到這種順風，您提到了兩件事。首先是整體對心理健康服務的需求不斷增加。第二，也就是您提到的，從現金支付轉向保險支付。

And the point we're making there is that you still have a very high percentage of clinicians today who do not accept insurance. And that is a financial challenge, makes it less affordable for patients. And so what we've seen in recent years and we expect to see in coming years is further migration of the patients from a cash pay environment to using their insurance. And obviously, that trend would benefit LifeStance as we focus on patients that have insurance.

我們要指出的是，目前仍有很大比例的臨床醫生不接受保險。這是一個財務挑戰，使得患者更難以負擔治療費用。因此，我們在最近幾年看到的情況以及我們預計在未來幾年將看到的情況是，患者將進一步從現金支付環境轉向使用保險。顯然，這種趨勢將使 LifeStance 受益，因為我們關注的是擁有保險的患者。

And do you feel, Dave, that you have the capacity to take on that incremental patient volume. I think that rate historically, it's been -- you've been bringing on clinicians and you kind of build their book. Do you feel like you have a lot of capacity today? Just curiosity from a capacity standpoint, how do I think about that?

戴夫，您是否覺得自己有能力接收不斷增加的患者數量？我認為從歷史上看，這個比率一直是——你一直在引進臨床醫生，然後為他們建立書籍。您覺得今天您的能力強嗎？只是從容量的角度感到好奇，我該如何看待這個問題？

We do. We feel good about the capacity that we have in our clinicians -- existing clinicians. That's why we're actually focused on productivity and better filling out their calendars. The reality is, in many markets, we could probably hire more clinicians if we felt that the patient demand was going to be there. Again, it's always a balancing act around how many clinicians we hire because we need to make sure that we're ramping them at a good pace or they get dissatisfied and leave, which would drive up turnover. And obviously, that's one of the areas that we're focused on improving with retention.

是的。我們對我們的臨床醫生—現有的臨床醫生的能力感到滿意。這就是為什麼我們真正關注的是生產力和更好地填寫他們的日曆。實際情況是，在許多市場中，如果我們認為患者有需求，我們可能會僱用更多的臨床醫生。再次強調，我們始終需要在僱用多少名臨床醫生之間尋找平衡，因為我們需要確保以良好的速度增加他們的人數，否則他們會不滿意並離開，從而增加人員流動率。顯然，這是我們致力於提高保留率的領域之一。

Jamie Perse, Goldman Sachs.

高盛的傑米·珀斯 (Jamie Perse)。

I wanted to follow up on the first question around implied guidance for 4Q. I think if we take the midpoint of 3Q and the full year, that implies about 19% revenue growth in the fourth quarter. You said about 90% of that is coming from volume, so high teens volume growth. Can you just comment on sort of the sustainability of that? And you mentioned some of the productivity initiatives you're putting in place that support the ramp to that type of volume growth exiting the year.

我想跟進第四季度隱含指引的第一個問題。我認為，如果我們取第三季和全年的中點，那就意味著第四季的營收成長約為 19%。您說其中約 90% 來自銷量，因此銷量成長率高達十幾歲。您能否評論一下這種做法的可持續性？您提到了正在實施的一些生產力舉措，這些舉措支持了今年年底產量的大幅成長。

Can you just spend a minute on what those are and your assumptions around how those initiatives translate into the improved volume growth?

您能否花一點時間解釋一下這些舉措是什麼，以及您對這些舉措如何轉化為銷售成長的假設？

Yes. Sure, Jamie. So this is Ryan. I'll start off, and then Dave will provide a little bit more color in terms of some of the initiatives that we're doing in totality. So you got the quantum right, in terms of -- if you kind of go back and kind of think of the progression of revenue, revenue grew Q1 to Q2 by $12 million, Q2 to Q3 we're expecting $10 million and then from Q3 to Q4 we're expecting roughly $30 million.

是的。當然，傑米。這就是瑞安。首先由我來介紹，然後戴夫將詳細介紹我們正在實施的一些措施。因此，就數量而言，您得到的是正確的——如果您回顧收入的增長情況，那麼從第一季度到第二季度，收入增長了 1200 萬美元，從第二季度到第三季度，我們預計收入將增長 1000 萬美元，而從第三季度到第四季度，我們預計收入將增長約 3000 萬美元。

And the way I kind of have you think about that -- similar to my second half, first half commentary is think about 75% to 80% is coming from clinician ads and productivity and roughly split for that 70%, 80%, 50-50 to productivity.

我讓你思考的方式與我的下半部類似，上半部的評論是認為 75% 到 80% 來自臨床醫生廣告和生產力，並粗略地將 70%、80% 和 50-50 分成生產力。

So as you kind of put in your question, we've got a number of initiatives in play, both around the incentive program that we put in, Care Matching, better just practice operation type stuff that really impacts the ability to get folks filled into the clinician schedule. And so we're pleased with the progress that we've shown today. We had productivity improvement Q2 over Q2 of last year.

所以，正如您在問題中提到的那樣，我們已經採取了許多舉措，包括我們實施的激勵計劃、護理匹配，以及更好的實踐操作類型的措施，這些措施確實會影響人們是否能夠填滿臨床醫生的日程安排。因此，我們對今天的進展感到非常滿意。與去年第二季相比，我們第二季的生產效率有所提高。

And so we like the momentum that we're seeing around productivity and then the initiatives kind of ramping up and taking hold through Q3 into Q4. So Dave, I don't know if there's anything further you want to put on the initiatives.

因此，我們喜歡看到的生產力方面的勢頭，以及在第三季到第四季期間各項舉措的加速和落地。那麼戴夫，我不知道您是否還有什麼要補充的。

That was well said. One thing I'd just close on is just a reminder of why we're doing this. So we're trying to improve retention of our clinicians, and we're listening to them around where their pain points are. And one of the big ones that they've highlighted for us is they'd like their calendars to be more full. And so that's the focus on productivity.

說得好。最後我想說的一件事就是提醒一下我們為什麼要這樣做。因此，我們正在努力提高臨床醫生的保留率，並傾聽他們的意見，了解他們的痛點所在。他們向我們強調的其中一項重要內容是，他們希望自己的行程安排得更滿。這就是對生產力的關注。

This isn't something we're forcing on them. This is something they're asking for. Now the additional benefit to us as LifeStance's, obviously, that makes us more efficient, if we're able to have our existing clinicians be more productive.

這不是我們強迫他們做的事情。這是他們所要求的。現在，LifeStance 為我們帶來的額外好處顯然是，如果我們能夠提高現有臨床醫生的工作效率，這將使我們更有效率。

Okay. That's helpful. And then just one on the free cash flow, you guys mentioned this a couple of times in the script, $57 million generated in the quarter. It looks like there was a pretty good working capital performance on things like accounts payable and accrued payroll. Just anything to call out there in terms of being onetime.

好的。這很有幫助。然後關於自由現金流，你們在腳本中提到過幾次，本季產生了 5700 萬美元。看起來，應付帳款和應計薪資等方面的營運資本表現相當不錯。只要是一次性的東西就可以了。

And then if I look at free cash flow on a year-to-date basis, conversions around 68%. I think that normalizes for some of these timing elements. How would you just generally frame free cash flow outlook going forward, free cash flow conversion on a sustainable basis?

然後，如果我查看年初至今的自由現金流，轉換率約為 68%。我認為這對於一些時間元素來說是正常化的。您通常如何規劃未來的自由現金流前景以及可持續的自由現金流轉換？

Yes. Sure, Jamie. This is Ryan, again. You captured some of the headline points. Clearly, we achieved exceptional kind of free cash flow here in the first half, but we do feel good about the trajectory kind of the -- as we kind of think through the full year.

是的。當然，傑米。我又是瑞安。您抓住了一些主要要點。顯然，我們在上半年實現了非凡的自由現金流，但當我們回顧全年時，我們對未來的發展軌跡感到滿意。

So in the first half, and as you referenced, we drove $46 million year-to-date, included $57 million in Q2. I do want to point out, in Q3 it will be down meaningful from the strong Q2 cash flow and it really is related to the 401(k) match. So the 401(k) match hits in Q3, higher CapEx as it relates to the timing and the phasing of rolling out de novos. And then also just some timing just in terms of improved payroll.

因此，正如您所提到的，在上半年，我們今年迄今已實現收入 4,600 萬美元，其中第二季實現收入 5,700 萬美元。我確實想指出，第三季的現金流將比第二季強勁的現金流大幅下降，這確實與 401(k) 匹配有關。因此，401（k）匹配在第三季度達到頂峰，其資本支出更高，因為它與推出新計劃的時間和階段有關。然後，在改善工資方面也有一些時間安排。

But overall, we feel really good just in terms of the trajectory of the cash flow for the business. Last year was our first year of positive free cash flow. And we're pleased now to be in the second year of strong cash flow generation, which provides us the flexibility to execute on our overall strategic priorities.

但總體而言，就業務現金流的走勢而言，我們感覺非常好。去年是我們自由現金流首次呈現正值。我們很高興現在已經進入強勁現金流產生的第二年，這為我們執行整體策略重點提供了靈活性。

Yes. And one thing I'd pile on to Ryan's comments is that I want to make sure we don't walk past it is the strength of the operational performance of the team with DSO now at 34 days, and we were over 50 at one point last year. And just tremendous work by our team. And each one of those days is worth roughly $3.5 million to $4 million of cash.

是的。我想補充瑞安 (Ryan) 的評論的一點是，我想確保我們不會忽視團隊的營運表現實力，目前 DSO 為 34 天，而去年我們曾一度超過 50 天。我們的團隊做出了巨大的努力。而每一天的價值約為 350 萬至 400 萬美元現金。

Ryan Daniels, William Blair.

瑞安丹尼爾斯、威廉布萊爾。

This is Matthew Mardula on for Ryan Daniels. And this is more of a top-level question. But in the past few weeks, we've seen a noticeable increase in state-level legislation around the use of AI in therapy sessions and just broader AI participation in the mental health industry. I'm curious, do you believe this evolving regulatory environment poses any potential headwinds or opportunities for your business?

這是 Ryan Daniels 的 Matthew Mardula。這更像是高層問題。但在過去幾週，我們看到關於在治療過程中使用人工智慧以及人工智慧在心理健康行業更廣泛參與的州級立法明顯增加。我很好奇，您是否認為這種不斷變化的監管環境會對您的業務造成任何潛在的阻力或機會？

Matthew, it's Dave. It's a great question, and it's really early days around AI and its impact on health care in total and then specific to the mental health space. The way we think about AI and technology in general is that we're going to be able to use that to support our clinicians and how they practice care and improve their experience and the patient experience. We do not view AI as a replacement for the care that our clinicians provide. And so I think that's really the bottom line for us.

馬修，我是戴夫。這是一個很好的問題，人工智慧及其對整個醫療保健以及具體到心理健康領域的影響還處於早期階段。我們對人工智慧和技術的總體看法是，我們將能夠利用它們來支援我們的臨床醫生以及他們如何實踐護理並改善他們的體驗和患者體驗。我們並不認為人工智慧可以取代臨床醫生提供的照護。所以我認為這確實是我們的底線。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Just curious, I mean, are you seeing any dynamics in the recruitment front that are impacting some of these metrics that you're seeing? I understand some of the comments from earlier, but anything we should be thinking about that could be changing fundamentally in terms of what's happening in the clinician side.

只是好奇，我的意思是，您是否看到招聘方面的任何動態正在影響您所看到的一些指標？我理解之前的一些評論，但我們應該考慮的是，從臨床醫生的角度來看，這可能會發生根本性的改變。

It's Dave, I'll take that. As mentioned earlier, the environment for recruiting of clinicians remains very competitive and we're successful in that environment by providing a comprehensive value prop, everything from compensation and benefits to clinical and administrative support to the clinicians. And that recruiting of new clinicians has been the primary driver of our net clinician growth in the last couple of years, including this quarter, while we've gotten the retention to a stable level. So nothing new that I would point to in the market.

是戴夫，我接受。如前所述，臨床醫生的招募環境仍然競爭非常激烈，我們透過提供全面的價值主張（從薪酬和福利到對臨床醫生的臨床和行政支持）在這種環境中取得了成功。招募新的臨床醫生是我們過去幾年（包括本季）臨床醫生淨成長的主要驅動力，同時我們已將留任率提高到穩定水平。因此我認為市場上沒有什麼新鮮事。

Got it. And then maybe as I think about cash flows, strong performance during the quarter, anything to call out there that I should be thinking about as we model for the back half of the year on free cash flow.

知道了。然後，也許當我考慮現金流、本季的強勁表現時，在我們為下半年的自由現金流建模時，我應該考慮任何值得注意的事情。

Yes. As it relates to cash flow, Brian, similar to the answer that I provided around that, obviously, really strong cash flow in the first half of the year with $46 million year-to-date. As you think about Q3, we will see some downward meaningful kind of change to cash flow just as it relates to the -- as I mentioned, the 401(k), higher CapEx as it relates to rollout of de novos and then also just some timing as it relates to accrued payroll, but don't want that to take away from the messaging just as it relates to -- this is our second year with really strong cash performance and looking forward to future periods, just in terms of our cash generation ability.

是的。至於現金流，布萊恩，與我提供的答案類似，顯然，今年上半年的現金流非常強勁，年初至今已達 4,600 萬美元。當您考慮第三季時，我們將看到現金流出現一些向下的、有意義的變化，就像我提到的 401(k) 計劃一樣，與推出 de novos 相關的資本支出增加，以及與應計工資單相關的一些時間，但不希望這些影響到我們所傳遞的信息——這是我們第二年現金表現非常強勁，就我們的預期現金創造的能力而言，我們的預期現金表現非常強勁，就我們的期望現金表現非常強勁，就我們的期待現金創造的能力而言，我們的預期現金表現非常強勁，就我們的期望現金表現非常強勁，就我們的期待現金創造能力而言，我們的期待現金表現非常強勁，就我們的期待現金的能力而言，我們的預期創造能力。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yes. Thanks for the questions. Obviously, higher mental health utilization has been called out a handful of times here by managed care in the quarter, in the first half. You seem pretty positive on the rate environment and the tailwinds in your business. I guess I'm just curious your thoughts on the potential for managed care trying to rein in the rising cost trends in mental health and just you come from that side of the business previously. Just curious what your perspectives are.

是的。感謝您的提問。顯然，在本季上半年，管理式醫療已多次呼籲提高心理健康服務的使用率。您似乎對利率環境和業務順風非常樂觀。我想我只是好奇您對管理式醫療試圖控制精神健康成本上升趨勢的潛力的看法，而您之前也從事過這個行業。只是好奇你的觀點是什麼。

Richard, it's Dave. I'll take that one. First, I'd like to say in the payer -- the payer environment and that dynamic, there's really not been a material change. Payers certainly have financial pressure, that's not new. It may be even more heightened for some of them.

理查德，我是戴夫。我要那個。首先，我想說，在付款人環境和動態方面，其實並沒有發生實質的變化。付款人肯定有財務壓力，這並不是什麼新鮮事。對某些人來說，這種感覺可能更加強烈。

But again, it's not a new dynamic, and that's something that we've been dealing with them now for a period of time. I'd also say as payers continue to focus on access and increasing access for both their employer clients and their members, so you have that as a counterbalance to the financial pressures.

但這並不是什麼新情況，這是我們一段時間以來一直在處理的事情。我還想說，隨著付款人繼續專注於訪問並增加其雇主客戶和會員的訪問，您可以將其視為對財務壓力的平衡。

And additionally, I would say there's a few of the payers that are more thought-leading that are starting to focus on quality in mental health and we expect that the market in the coming years will gradually shift toward access, quality and outcomes. And really, we welcome that change, and we believe we're very well positioned if the market goes in that direction.

此外，我想說，一些更具思想領先的付款人開始關注心理健康的質量，我們預計未來幾年市場將逐漸轉向獲取、品質和結果。事實上，我們歡迎這種變化，我們相信，如果市場朝這個方向發展，我們將處於非常有利的地位。

And where you started your question is as previously stated, we feel good about our ability to negotiate reimbursement reflective of the value that our clinicians are providing and next year, we expect to return to that low to mid-single-digit rate increase.

正如您之前提到的，我們對我們協商報銷的能力感到滿意，這反映了我們的臨床醫生所提供的價值，明年，我們預計報銷率將恢復到低到中等個位數的增長。

Okay. That's helpful. And then maybe as a follow-up, just back on the productivity programs that you implemented. Just a clarification, on the patient engagement, is that the same offering that you rolled out earlier in the year. You had mentioned acquisition and retention.

好的。這很有幫助。然後也許作為後續，回顧一下您實施的生產力計劃。關於患者參與，需要澄清的是，這是否與您今年早些時候推出的服務相同。您曾經提到過獲取和保留。

Just want a clarification there. And then on the care management capabilities that you talked to or talked about, is that new? Is that something new? And do you have any like details on any pilots that you did in terms of the improved productivity? Any maybe percentage improvement or whatnot, would be helpful.

我只是想澄清一下。那麼，您所談到的護理管理能力是新的嗎？這是新鮮事嗎？您是否可以透露一下在提高生產力方面所進行的任何試點的詳細資訊？任何百分比的改善或其他方面都會有所幫助。

This is Dave. I'll take that. There are a number of pieces there. So first of all, on the patient engagement, this is different than the digital patient check-in tool, which I think is what you were referencing, think of that as more administrative in nature for patients as they're checking in both for a virtual appointment or for an in-person appointment.

這是戴夫。我會接受的。那裡有很多碎片。首先，就病患參與度而言，這與數位病患登記工具不同，我認為這就是您所提到的，將其視為對病患更具管理性質的工具，因為他們既可以登記虛擬預約，也可以登記面對面預約。

It allows us to get insurance cards and ID cards, updated addresses, form sign, things like that. So that's more what that tool was, so it was administrative in nature. This is really more of a patient CRM marketing tool, and it's allowing us to communicate with patients in a more systematic way, a more structured standardized way, both engaging with a new patient before they've showed up to the -- to their first appointment as well as existing patients and ongoing communications with them around mental health and allowing the clinician to engage with the patient as well. So there's a lot to that. We're very excited.

它使我們能夠獲得保險卡和身分證、更新的地址、表格簽名等。這就是該工具的本質，本質上是管理性的。這實際上更像是一種患者 CRM 行銷工具，它使我們能夠以更系統化、更結構化、標準化的方式與患者溝通，既可以在新患者首次就診前與他們進行接觸，也可以與現有患者進行持續的心理健康溝通，同時也允許臨床醫生與患者進行交流。這其中有很多內容。我們非常興奮。

It's something that we don't do today in a standard way throughout the country.

如今，我們在全國不再以標準方式做這樣的事。

And then in regards to the matching, we do matching today. And we do a decent job on matching our patients and our clinicians. However, we believe there is opportunity for improvement in improving that match. And if we're able to do that, what we'll end up with is patients will be stickier with their clinicians and stay with the care, which will improve their health outcomes. It will also reduce cancellation, no-show rates and things like that.

然後關於匹配，我們今天進行匹配。我們在匹配患者和臨床醫生方面做得很好。然而，我們相信這場比賽還有改進的機會。如果我們能夠做到這一點，最終患者將更加信賴他們的臨床醫生並接受治療，這將改善他們的健康狀況。它還將減少取消率、未入住率以及類似情況。

I wouldn't quote any stats, but we have looked at this from a number of different angles, and we do believe that as we roll this out in the second half of the year, that it will improve, again, that clinician experience, the patient experience, the stickiness and will drive improved productivity as it better fills our clinicians' calendars.

我不會引用任何統計數據，但我們已經從多個不同角度研究了這個問題，我們確實相信，隨著我們在下半年推出這項服務，它將再次改善臨床醫生的體驗、患者的體驗和粘性，並將提高生產力，因為它可以更好地填補我們臨床醫生的日程安排。

Congratulations.

恭喜。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Last quarter, you introduced the idea of potentially starting the M&A engine again. You didn't do any this quarter it appears. But can you maybe talk about where you stand with that, how valuations are now or opportunities are now compared to when you were doing them years ago? How -- what the pipeline looks like?

上個季度，您提出了可能再次啟動併購引擎的想法。看來你本季沒有做任何事。但是，您能否談談您的立場，與幾年前相比，現在的估值或機會如何？管道是什麼樣的？

Kevin, it's Dave. Thanks for the question. We did signal that in the last quarter, and we are active in exploring M&A. Our focus right now is primarily tuck-in acquisitions in geographies that are new to us or where we're very subscale. So this is really more of a beachhead and for geographic expansion, that's -- those opportunities are really exciting to us, whether that's entering a new MSA and a new state.

凱文，我是戴夫。謝謝你的提問。我們確實在上個季度發出了這樣的信號，我們正在積極探索併購。我們目前的重點主要是在那些對我們來說很陌生或規模很小的地區進行收購。因此，這實際上更像是一個灘頭陣地，對於地理擴張而言，這些機會對我們來說真的令人興奮，無論是進入新的 MSA 還是新的州。

So -- that's the focus. The pipeline is pretty robust, and we are actively working through a number of opportunities, but I wouldn't signal at this point timing on when you'll see those coming through. But again, that is a big focus area for us and there's a lot of positive activity there.

所以——這就是重點。管道非常健全，我們正在積極把握各種機會，但目前我還無法預示何時能看到這些機會的到來。但同樣，這是我們關注的一個重點領域，那裡有很多積極的活動。

And just to -- I just want to understand, none of the guidance assumes any M&A, right? Like it's all organic, what you're talking about in the guidance that you provided?

只是想了解一下，沒有任何指導假設會發生任何併購，對嗎？就像一切都是有機的一樣，您在提供的指導中談論的是什麼？

That's correct.

沒錯。

And then just a follow-up. The margin expansion that you've shown has been great and better I think than we had modeled. Was this -- was it easier to get the kind of margin expansion that you got this year? I'm just -- I'm not asking you for guidance on margin expansion in '26 or '27 or beyond, but like when we think about margin expansion, in terms of magnitude, is it incremental? Was this year just the first step? Like where are we along the margin expansion pathway longer term?

然後只是後續行動。我認為，您所展示的利潤率擴張非常出色，而且比我們模擬的還要好。今年的利潤率擴張是不是比較容易實現？我只是——我不是在要求您對 26 年或 27 年或以後的利潤率擴張提供指導，但是當我們考慮利潤率擴張時，就幅度而言，它是漸進的嗎？今年只是第一步嗎？例如，從長遠來看，我們在利潤率擴張道路上處於什麼位置？

Yes. So I'd be happy to answer that one. I appreciate the question. So if you kind of think through like, yes, so we're pleased with the margin expansion that we've achieved here in 2025, even given the fact the meaningful decrease from the one unique payer to kind of flatten out your TRPV but still being able to expand margin, we're pretty proud of that. And that's on top of expansion of last year, 400 bps just in terms of expansion.

是的。所以我很樂意回答這個問題。我很感謝你提出這個問題。所以如果你仔細想想，是的，我們對 2025 年實現的利潤率擴張感到滿意，即使考慮到從一個唯一付款人到壓平 TRPV 的顯著減少，但仍然能夠擴大利潤率，我們對此感到非常自豪。這是在去年擴張的基礎上，光是擴張就達到了 400 個基點。

As we start thinking through the long-term kind of growth algorithm that we have here, we definitely see a path to margins to 15% to 20% from an adjusted EBITDA perspective, which will be done both through center margin expansion, through rate growth, a little bit of operating leverage on center margin and specialty services, but then there's still further opportunity to expand our leverage through the G&A line. And so overall, kind of getting to that long-term destination of 15% to 20%. Again, we feel really good in terms of what the growth algorithm and even proven out like in a difficult year, still being able to expand out margins year-over-year.

當我們開始思考我們所擁有的長期成長演算法時，從調整後的 EBITDA 角度來看，我們確實看到了將利潤率提高到 15% 到 20% 的途徑，這將透過中心利潤率擴大、透過利率成長、中心利潤率和專業服務的少量營運槓桿來實現，但仍然有進一步的機會透過 G&A 線來擴大我們的槓桿作用。因此總體而言，我們能夠達到 15% 到 20% 的長期目標。再次，我們對成長演算法感到非常滿意，即使在困難的一年也證明了這一點，仍然能夠逐年擴大利潤率。

David Larsen, BTIG.

BTIG 的 David Larsen。

Congratulations on the good quarter. So for the digital patient check-in solution, is that 100% deployed or is it maybe 50% deployed? How far along are you in that process? And then you also used the phrase CRM. Is there a - technology administrative solution that will assist in like a scheduling process to facilitate filling calendars, those two technology components, I think, are very important.

恭喜本季取得良好業績。那麼對於數位病人登記解決方案，是否已 100％ 部署，還是可能部署了 50％？您目前進展到哪一步了？然後您也使用了短語 CRM。是否有技術管理解決方案可以協助安排日程，方便填寫日曆，我認為這兩個技術組件非常重要。

Dave, this is Dave. I'll take your questions. So first of all, on the digital patient check-in, that is fully rolled out. That process was completed earlier in the year. In regards to the patient CRM, I think of this as more of a marketing CRM, it is not connected to our scheduling system.

戴夫，我是戴夫。我會回答你的問題。首先，數位化病人登記系統已經全面推出。該過程已於今年早些時候完成。關於患者 CRM，我認為這更像是一種行銷 CRM，它與我們的排程系統無關。

Or said a different way, the scheduling component is not part of that. And scheduling would be more connected to what I was discussing in that matching the -- matching initiative, the enhanced matching that we're doing. So this is really about marketing and communications with our patients.

或者換句話說，調度組件不屬於其中的一部分。並且調度將與我在匹配中討論的內容更加相關——匹配計劃，我們正在進行的增強匹配。所以這其實與我們的患者的行銷和溝通有關。

Okay. And then in terms of like the [ one health ] plan where there's a little bit of a rate reset, that will be final [ 11 26 ] and then you would expect an increase in rates from that payer [11 26] for the year. Is that correct?

好的。然後，就[單一健康]計劃而言，其中有一些費率重置，這將是最終的[11月26日]，然後你可以預期該付款人的費率將在今年[11月26日]增加。對嗎？

Yes. So this is Ryan. So the last of the 3 rate decreases went into effect on March 1 of this year. And so that's the driving force between the flattish TRPV from [25 over 24]. As it relates to kind of future.

是的。這就是瑞安。因此，最後一次降息於今年 3 月 1 日生效。這就是扁平的 TRPV 和[25 比 24]。因為它與未來有關。

So like we're in rate negotiations across our overall payer portfolio. Not all of our contracts kind of line up to [11], so they're more scattered throughout the year in totality.

因此，我們正在就整個付款人組合進行利率協商。並不是我們所有的合約都符合 [11] 的規定，所以它們總體上在全年中比較分散。

Okay. And then just any thoughts on like the proposed Medicare fee schedule. It looks to me like the conversion factor could increase by 3% to 4% and then the -- in some codes for some psych visits, also look like they'd be going up mid-single digits. So it looks like reimbursement is looking pretty good for next year. Just any thoughts on that or the big beautiful bill and the impact that, that might have, if any, on your business?

好的。然後就擬議的醫療保險費用表提出任何想法。在我看來，轉換係數可能會增加 3% 到 4%，然後——在某些心理訪問的代碼中，看起來它們也會上升到中等個位數。因此看起來明年的報銷情況相當不錯。您對此有何看法？或者說，您對此有何看法？或者說，您對此有何看法？或者說，您對此有何看法？

This is Dave. I'll take those questions. So first of all, in regards to the Medicare rates, you're reading the signals correctly. And again, I would say it's very early and we'll see how that plays out. And obviously, we'll know the final numbers as we get towards the end of the year.

這是戴夫。我會回答這些問題。首先，關於醫療保險費率，您讀取的訊號是正確的。我想再說一次，現在還為時過早，我們拭目以待。顯然，到年底時我們就會知道最終的數字。

I think the good news is that there appears to be really strong bipartisan support around mental health. And again, early signals being that it's positive -- a positive rate increase for next year, but we will wait and see how they finalize.

我認為好消息是，兩黨似乎對心理健康問題給予了強而有力的支持。再次強調，早期訊號是積極的——明年利率將有所上調，但我們將拭目以待，看看最終結果如何。

In regards to the other legislation, the concern around that bill is the reductions to exchange and Medicaid and we have limited exposure to those business lines. A reminder, we have about 5% of our total revenue is the government as a payer. And then we do have some exchange and Medicaid business with commercial payers, making that being a small percentage of our total revenue.

關於其他立法，人們對該法案的擔憂在於其對交易所和醫療補助的削減，而我們對這些業務線的接觸有限。提醒一下，我們總收入的約 5% 是政府支付的。然後，我們確實與商業付款人有一些交易和醫療補助業務，這只占我們總收入的一小部分。

Congrats on a good quarter.

恭喜本季取得良好業績。

Steven Dechert, KeyBanc.

史蒂文·德切特（Steven Dechert），KeyBanc。

I want to ask about the AI tools you mentioned in your prepared remarks, when do you expect to see the full cost reduction of those benefits going to effect from those tools? And then as a follow-up, I was hoping you could give an update on your new EHR initiative.

我想問一下您在準備好的發言中提到的人工智慧工具，您預計什麼時候能看到這些工具帶來的效益完全降低成本？然後作為後續事宜，我希望您能介紹一下您的新 EHR 計劃的最新進展。

Steve, this is Dave. I'll take those. So in regards to AI, we referenced a few things in our prepared remarks. So first of all, more from an efficiency perspective, we are starting to use AI in our revenue cycle, and we're using it in our patient scheduling team. Now some of that is for efficiency.

史蒂夫，這是戴夫。我會接受這些。關於人工智慧，我們在準備好的評論中提到了一些事情。因此，首先，從效率的角度來看，我們開始在我們的收入週期中使用人工智慧，並在我們的患者安排團隊中使用它。現在其中一些是為了提高效率。

Some of that is for quality and effectiveness. It's starting to come through in cost savings. But again, I wouldn't say all of that is not about cost. Some of that is about improving quality. And it's one of the areas where -- again, we're early, but we expect to help us in driving operating leverage as we step into '26, '27 and beyond.

其中一些是為了品質和效率。它開始體現出成本節省的效果。但再次強調，我不會說這一切都與成本無關。其中一些是為了提高品質。這是我們尚處於起步階段的領域之一，但我們預計，隨著我們進入 26、27 年及以後，它將幫助我們提高經營槓桿率。

And then the other use case around AI that we referenced in the prepared remarks was related to clinician documentation. And again, I would not point to this as a savings, I would point to this more as part of our value proposition to clinicians. This is a mundane task that they don't like -- that they don't enjoy doing. And we believe by rolling out AI documentation that will improve their day-to-day and allow them to really focus on what they enjoy doing, which is delivering great care to our patients.

然後，我們在準備好的評論中提到的另一個關於人工智慧的用例與臨床醫生文件有關。再次強調，我不會將此視為一種節省，我更願意將此視為我們向臨床醫生提供的價值主張的一部分。這是他們不喜歡的、不樂意做的平凡任務。我們相信，透過推出人工智慧文檔，這將改善他們的日常工作，讓他們真正專注於他們喜歡做的事情，那就是為我們的患者提供優質的護理。

And then your second question was around the EHR. Nothing new to point to there. We're still in the process of evaluating the various solutions and we expect to have that decision made in the second half of this year.

您的第二個問題是關於 EHR 的。沒有什麼新東西可以指出。我們仍在評估各種解決方案，預計今年下半年將做出決定。

And there are no further questions at this time. I will now turn the call back over to Dave Bourdon, Chief Executive Officer, for closing remarks.

目前沒有其他問題。現在我將把電話轉回給執行長戴夫‧布爾登 (Dave Bourdon)，請他作最後發言。

Thank you, operator. I'd like to thank our over 10,000 mission-driven teammates who make sure that our patients get the quality care that they need and deserve. I continue to be inspired by the passion and the resilience that you all bring every day. Our services are needed more than ever, and we look forward to furthering the positive impact that we can have on the millions of Americans whose lives can be improved by the high-quality mental health care services that LifeStance provides. Thank you for joining us today.

謝謝您，接線生。我要感謝我們 10,000 多名以使命為導向的隊友，他們確保我們的患者得到他們需要和應得的優質護理。你們每天展現的熱情和韌性不斷激勵著我。我們的服務比以往任何時候都更受需要，我們期待進一步對數百萬美國人產生積極影響，透過 LifeStance 提供的高品質心理健康護理服務，他們的生活將得到改善。感謝您今天加入我們。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。