LifeStance Health Group Inc (LFST) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the LifeStance Health third-quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝您的耐心等待。我是科爾比，今天將擔任本次電話會議的接線生。現在，我謹代表LifeStance Health公司歡迎您參加2025年第三季財報電話會議。 （接線生操作說明）

I would now like to turn the call over to Monica Prokocki. Please go ahead.

現在我將把電話交給莫妮卡·普羅科茨基。請開始吧。

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's third-quarter 2025 earnings conference call.

謝謝接線生。各位早安，歡迎參加LifeStance Health 2025年第三季財報電話會議。

I'm Monica Prokocki, Vice President of Finance, and Investor Relations. Joining me today are Dave Bourdon, Chief Executive Officer and Ryan McGroarty, Chief Financial Officer.

我是財務和投資者關係副總裁莫妮卡·普羅科基。今天與我一同出席的還有執行長戴夫·布爾頓和財務長瑞安·麥格羅蒂。

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.

今天早上股市開盤前，我們發布了獲利報告和簡報。這兩份文件均可在公司網站 investor.lifestance.com 的投資者關係頁面查閱。此外，電話會議結束後也將提供錄音回放。

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.

在轉而請管理層發表準備好的演講之前，請注意盈利新聞稿和提交給美國證券交易委員會的文件中包含的關於前瞻性陳述的免責聲明。

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.

今天的發言包含前瞻性陳述，包括關於我們財務表現展望、商業模式和策略的陳述。這些陳述涉及風險、不確定性和其他因素，正如我們在定期向美國證券交易委員會提交的文件中所述，這些因素可能導致實際結果與預期有重大差異。

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（非GAAP）財務指標報告業績，我們認為這些指標能夠為投資者提供更多信息，有助於比較當前業績與過往業績。績效新聞稿表格和簡報附錄中包含與最直接可比較的公認會計準則（GAAP）指標的調節表。除非另有說明，否則所有業績均與上年同期進行比較。

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的執行長戴夫·布爾頓。戴夫？

Thanks, Monica, and thank you all for joining us today. I'm incredibly proud of the LifeStance team for the exceptional results we delivered in the third-quarter. For the past three years, we have met or exceeded our guided metrics, a testament to our consistency, execution, and the resilience of our commercial pay hybrid model.

謝謝莫妮卡，也謝謝各位今天蒞臨。我為LifeStance團隊在第三季取得的卓越業績感到無比自豪。過去三年，我們始終達到或超越既定目標，這充分證明了我們始終如一的穩健表現、高效的執行力以及我們商業支付混合模式的強大韌性。

Offering both in-person and virtual care continues to be a key differentiator, especially in a fluid landscape that favors providers like LifeStance who can deliver high-quality care in both settings. Additionally, given our focus on commercial insurance, we have minimal exposure to government pay, largely insulating us from legislative shifts and stroke of the pen risks. Our business model positions us well in a dynamic health care environment.

同時提供線上和線下醫療服務仍然是一項關鍵的競爭優勢，尤其是在瞬息萬變的醫療環境中，像LifeStance這樣能夠在兩種環境下都提供高品質醫療服務的機構更具優勢。此外，由於我們專注於商業保險，因此我們幾乎不受政府支付的影響，這在很大程度上使我們免受立法變化和政策變化的風險。我們的商業模式使我們在充滿活力的醫療保健環境中佔有有利地位。

Now turning to our quarterly results. This was a quarter of records for LifeStance. First, the team delivered remarkable organic visit growth of 17%, providing increased access for patients. This was driven by both record organic clinician net adds and clinician productivity improvement. This growth reflects the strong demand for our services and the effectiveness of our model.

現在來看我們的季度業績。 LifeStance本季創下多項紀錄。首先，團隊實現了17%的顯著自然成長，為患者提供了更多就診機會。這主要得益於臨床醫師淨增人數的創紀錄成長以及臨床醫師工作效率的提升。這一成長反映了市場對我們服務的強勁需求以及我們模式的有效性。

Additionally, we achieved adjusted EBITDA of $40 million and margins of 11% in the quarter. Both are the highest since we went public in 2021. Given the outperformance in the third-quarter, we are once again raising full year guidance for adjusted EBITDA.

此外，本季我們實現了4000萬美元的調整後EBITDA和11%的利潤率，這兩項指標均為2021年上市以來的最高水準。鑑於第三季的優異表現，我們再次上調了全年調整後EBITDA預期。

From an operational perspective, our record organic net clinician growth in the quarter has resulted in a team of now roughly 8,000 clinicians, validating that our value proposition continues to resonate strongly in the market. At the same time, we are continuously looking to improve that value proposition as our clinicians' unwavering commitment to delivering high-quality patient care remains the cornerstone of our success.

從營運角度來看，本季我們創紀錄的臨床醫生淨成長使我們的團隊規模達到約8000人，這驗證了我們的價值主張在市場上持續獲得認可。同時，我們也不斷尋求提升這一價值主張，因為我們臨床醫生對提供高品質病患照護的堅定承諾仍然是我們成功的基石。

Earlier this year, we outlined several initiatives designed to better fill the time clinicians give us to see patients. I'm pleased to report that these efforts are paying off. In the third-quarter, we achieved the largest improvement of quarterly organic productivity in our company's history.

今年早些時候，我們制定了幾項旨在更好地利用臨床醫師診療時間的措施。我很高興地報告，這些努力正在發揮成效。第三季度，我們實現了公司史上最大的季度有機生產力提升。

For example, one of the initiatives is our Cash Incentive Program launched in May, which has been highly effective in rewarding clinicians for improving access and quality. We also saw strong patient acquisition and improved retention, which was partially driven by the new engagement platform, which fosters deeper connections with patients.

例如，我們在五月啟動的現金獎勵計劃就是一個很好的例子，該計劃在獎勵臨床醫生改善醫療服務可及性和品質方面取得了顯著成效。此外，我們還看到患者數量顯著增長，患者留存率也有所提高，這部分得益於新的互動平台，有助於與患者建立更深的聯繫。

Additionally, we have implemented a tech platform to assist our phone scheduling team. This has delivered a meaningful improvement in conversion of phone calls to booked appointments, which also results in a higher number of new patients. By providing live guidance and summary AI, our team members are able to automate documentation, capture critical insights and focus on more meaningful patient interactions. The result is stronger conversion rates, higher patient satisfaction, and greater workforce efficiency.

此外，我們也部署了一個技術平台來輔助電話預約團隊。這顯著提高了電話諮詢轉化為預約的轉換率，同時也帶來了更多新患者。透過提供即時指導和人工智慧摘要，我們的團隊成員能夠自動完成文件記錄，獲取關鍵訊息，並專注於更有意義的患者互動。最終實現了更高的轉換率、更高的患者滿意度和更有效率的工作效率。

Through multiple initiatives we've implemented this year, we have been responsive to clinician feedback to better optimize their schedules while at the same time, expanding access to high-quality mental health care for our patients. This milestone of meaningfully improved productivity underscores the strength of our operational strategy and our commitment to operational and clinical excellence.

今年，我們實施了多項舉措，積極回應臨床醫生的回饋，優化他們的工作安排，同時擴大患者獲得高品質心理健康服務的管道。這一顯著提升的生產力里程碑，凸顯了我們營運策略的優勢以及我們對卓越營運和臨床服務的承諾。

We also recently announced our partnership with Calm, a leading evidence-based mental health company. This collaboration allows Calm Health members to be seamlessly referred to LifeStance when higher acuity care is needed and is an example of new referral partners giving us access to patients we may not see through our existing channels.

我們近期也宣布與領先的實證心理健康公司 Calm 建立合作關係。這項合作將使 Calm Health 會員在需要更高等級的照護時能夠無縫轉診至 LifeStance，這也體現了新的轉診合作夥伴如何幫助我們接觸到現有管道可能無法觸及的患者。

For patients, this will streamline access to trusted, personalized support through both virtual and in-person care. Together, we're expanding access to mental health care and empowering individuals to take proactive steps towards wellness.

對於患者而言，這將簡化他們透過線上和線下方式獲得值得信賴的個人化支持的途徑。我們將攜手擴大心理健康服務的覆蓋範圍，並賦能個人積極主動地追求身心健康。

As we look ahead to 2026 and beyond, we will continue to advance operational and clinical excellence to further differentiate ourselves in the marketplace. In addition, we remain focused on deepening strategic partnerships with payers, health systems, and partners from other channels like Calm, while also building on our position to be the employer of choice for clinicians. By combining disciplined execution with innovation and care delivery, we aim to strengthen our leadership in outpatient mental health and create lasting value for patients, providers, and shareholders.

展望2026年及以後，我們將持續提升營運和臨床水平，進一步增強我們在市場中的差異化優勢。此外，我們將繼續致力於深化與支付方、醫療系統以及其他通路合作夥伴（例如Calm）的策略合作，同時鞏固我們作為臨床醫生首選雇主的地位。透過將嚴謹的執行、創新和優質的醫療服務結合，我們旨在強化在門診精神健康領域的領先地位，並為患者、醫療服務提供者和股東創造持久價值。

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

接下來，我將把發言權交給瑞恩，讓他對我們的財務表現和前景做進一步評論。瑞恩？

Thanks, Dave. I am pleased with the team's operational and financial performance in the third-quarter. We delivered strong growth across revenue, visit volume and clinician count. Revenue grew 16% year-over-year to $364 million. This outperformance was driven by visit volumes.

謝謝戴夫。我對團隊第三季的營運和財務表現非常滿意。我們在收入、就診量和臨床醫生數量方面都實現了強勁增長。營收年增16%，達到3.64億美元。這一優異表現主要得益於就診量的成長。

Visit volumes of 2.3 million increased 17% year-over-year. This outperformance was primarily driven by better-than-expected clinician productivity as well as net clinician adds. Our visits per average clinician increased 5% year-over-year. This was achieved while at the same time adding a record 288 organic clinicians, an 11% increase year-over-year, bringing our total to 7,996 clinicians. Total revenue per visit of $158 was flat year-over-year as expected.

就診量達230萬人次，較去年成長17%。這一優異表現主要得益於臨床醫師工作效率超出預期以及新增臨床醫師數量增加。每位臨床醫師平均就診量較去年同期成長5%。同時，我們新增了創紀錄的288名臨床醫生，年增11%，使臨床醫生總數達到7,996名。每次就診總收入為158美元，與預期持平。

Turning to profitability. Center margin of $117 million increased 16% year-over-year and was 32% as a percentage of revenue. The outperformance in the quarter was driven by the revenue beat. Adjusted EBITDA of $40 million in the quarter exceeded our expectations. This 31% year-over-year increase resulted in our adjusted EBITDA as a percentage of revenue of 11.1%.

再來看獲利能力。中心利潤為1.17億美元，年增16%，佔營收的32%。本季業績超預期主要得益於營收超出預期。本季調整後EBITDA為4000萬美元，超出預期。這一31%的年成長使得調整後EBITDA佔營收的比例達到11.1%。

As Dave mentioned, the adjusted EBITDA margins we achieved this quarter were the highest in our history as a public company. The outperformance in the quarter was primarily attributable to favorable center margin.

正如戴夫所提到的，我們本季調整後的EBITDA利潤率創下了公司上市以來的最高紀錄。本季業績的優異表現主要歸功於中心業務利潤率的提升。

Additionally, we delivered meaningful operating leverage on the G&A line for the second consecutive quarter with our adjusted General & Administrative Expenses increasing only 10% in the quarter versus 16% revenue growth. After making strategic investments in 2023 and 2024, we said we would drive operating leverage on the G&A line, and that's exactly what we're delivering.

此外，我們連續第二季在一般及行政費用方面實現了顯著的營運槓桿效應，經調整後的一般及行政費用在本季度僅增長了10%，而同期收入增長了16%。在對2023年和2024年進行策略性投資後，我們承諾將提升一般及行政費用的營運槓桿效應，而我們目前也確實做到了這一點。

These results validate our disciplined approach and position us well to continue expanding margins while achieving sustainable growth. We also finished with positive net income of $1.1 million in the quarter. This is the second-quarter this year and in our history as a public company that we achieved positive net income. We view this as a key profitability metric for our business, and our progress this year increases our confidence in delivering positive net income and earnings per share for the full year in 2026.

這些業績驗證了我們嚴謹的經營策略，並為我們持續擴大利潤率、實現永續成長奠定了堅實的基礎。本季我們實現了110萬美元的淨利潤。這是我們今年以及上市以來第二個實現淨利為正的季度。我們認為淨利潤是衡量公司獲利能力的關鍵指標，而今年的進展也增強了我們對2026年全年淨利潤和每股收益為正的信心。

Turning to liquidity. In the third-quarter, free cash flow remained solid at positive $17 million. We exited the quarter with a strong cash position of $204 million and net long-term debt of $269 million. This cash balance, which is roughly double of our position from last year, is the result of the strength of our operating cash flows this quarter and year-to-date.

再來看流動性方面。第三季度，自由現金流維持穩健，為正1700萬美元。截至季末，我們擁有2.04億美元的強勁現金儲備和2.69億美元的淨長期債務。這項現金餘額約為去年同期的兩倍，主要得益於本季及年初至今強勁的經營現金流。

We have additional capacity from an undrawn revolver of $100 million. DSO for the quarter improved once again and is now down to 31 days, an improvement of 3 days sequentially and 16 days year-over-year. This DSO is the lowest since we went public, and we remain confident in our ability to deliver strong positive free cash flow for the full year. We are pleased with our leverage ratios and continue to deliver with net and gross leverage of 0.6 and 2 times, respectively. We have significant financial flexibility to run the business and fully execute on our strategy, including potential acquisitions.

我們擁有1億美元未提取循環信貸額度，可額外提供融資能力。本季應收帳款週轉天數（DSO）再次改善，目前已降至31天，較上季改善3天，較去年同期改善16天。這是自上市以來最低的DSO，我們對全年實現強勁的正自由現金流充滿信心。我們對目前的槓桿率感到滿意，淨槓桿率和總槓桿率分別為0.6倍和2倍。我們擁有充足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 the midpoint of our revenue range of $1.41 billion to $1.43 billion. We are raising our center margin range by $2 million at the midpoint to $448 million to $462 million and raising our adjusted EBITDA guidance range by $4 million at the midpoint to $146 million to $152 million. This puts us on track for approximately one point of margin expansion year-over-year and double-digit margins for the full year.

展望全年業績，我們維持營收預期區間中位數14.1億美元至14.3億美元不變。我們將中心利潤率預期區間中位數上調200萬美元至4.48億美元至4.62億美元，並將調整後EBITDA預期區間中位數上調400萬美元至1.46億美元至1.52億美元。這將使我們有望實現全年利潤率年增約1個百分點，並維持兩位數成長。

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 fourth-quarter, we expect revenue of $368 million to $388 million, center margin of $113 million to $127 million and adjusted EBITDA of $37 million to $43 million. We expect the step-up in revenue quarter-over-quarter to be driven primarily by continued growth in our clinician base and modest sequential rate improvement.

如同先前所述，我們的年度績效指引是基於營收年增率的假設，主要得益於就診量增加，而每次就診的總收入則基本持平。我們預計第四季營收為3.68億美元至3.88億美元，中心利潤為1.13億美元至1.27億美元，調整後EBITDA為3,700萬美元至4,300萬美元。我們預計營收環比增長的主要驅動力是臨床醫生數量的持續增長以及收費標準的小幅環比改善。

We are pleased with the productivity gains delivered in the third-quarter, and we expect to maintain those elevated productivity levels in the fourth-quarter. These factors position us to deliver another strong quarter of revenue growth to close out the year.

我們對第三季所取得的生產力提升感到滿意，並預計第四季將保持這一高水準的生產力。這些因素將使我們能夠在年底前實現另一個強勁的營收成長季度。

Based on the adjusted EBITDA outperformance so far this year, we have flexibility through the remainder of the year to make additional investments to better position us to achieve our 2026 growth objectives. Additionally, we continue to expect stock-based compensation of approximately $70 million to $85 million. We now expect to open 20 to 25 new centers in 2025, modestly lower than our previous range of 25 to 30 due to shifts in timing.

基於今年迄今調整後 EBITDA 的優異表現，我們在今年剩餘時間內擁有更大的靈活性，可以進行額外投資，從而更好地實現 2026 年的成長目標。此外，我們仍預期股權激勵支出約為 7,000 萬至 8,500 萬美元。由於時間安排有所調整，我們現在預計 2025 年將開設 20 至 25 家新中心，略低於先前預期的 25 至 30 家。

Looking ahead to 2026, we continue to anticipate mid-teens revenue growth. We expect this to be driven by low double-digit visit volume increases and low to mid-single-digit rate improvements. We plan to drive volume growth with continued clinician expansion balanced with year-over-year productivity improvements, supported by strong demand for mental health care.

展望2026年，我們預期營收將維持兩位數中段的成長。我們預計這一增長將主要得益於就診量兩位數的低段增長以及單次治療費用個位數中段的提升。我們計劃透過持續擴充臨床醫師隊伍，並結合逐年提升的醫療效率，在強勁的心理健康服務需求支撐下，推動就診量的成長。

At the same time, while our full year guidance implies exceeding our initial expectations for 2025 margin expansion, we expect continued expansion in 2026 and beyond. These will be driven by the operational efficiencies we have been introducing as we enter a new chapter of tech enablement such as leveraging AI and digital solutions to automate processes, improve accuracy and support our clinicians.

同時，儘管我們全年的業績指引表明，2025年的利潤率增長將超出我們最初的預期，但我們預計2026年及以後利潤率將繼續增長。這將得益於我們不斷提升營運效率，並開啟技術賦能的新篇章，例如利用人工智慧和數位化解決方案實現流程自動化、提高準確性並為臨床醫生提供支援。

These initiatives, combined with disciplined execution and technology-driven operating leverage will strengthen our financial profile and support sustainable profitable growth.

這些舉措，加上嚴謹的執行和技術驅動的營運槓桿，將增強我們的財務狀況，並支持可持續的獲利成長。

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

接下來，我將把麥克風交還給戴夫，請他作總結發言。

In closing, this was another outstanding quarter for LifeStance. While we are pleased with what we've accomplished, we feel the best is yet to come. Our progress this year 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.

綜上所述，LifeStance 又迎來了一個卓越的季度。我們對已取得的成就感到滿意，但我們相信未來會更好。今年我們取得的進展，以及每位臨床醫生和團隊成員的辛勤付出，都增強了我們對未來的信心，我們將繼續致力於擴大高品質、可負擔的心理健康服務的覆蓋範圍。

Operator, we'll now take questions.

操作員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

I wanted to touch on clinician productivity, the context of 17% growth in visits versus 11% clinician adds. And just how you're thinking about the durability of that in terms of being able to continue to see leverage there?

我想談談臨床醫師的工作效率，以及就診量增加17%而臨床醫師新增人數僅成長11%的情況。您認為這種成長能否持續，能否繼續從中獲益？

Craig, this is Dave. I'll take that one. So first of all, we feel great about the productivity improvement that we saw in the quarter. As we mentioned in the prepared remarks, it was a record increase for us. And we achieved that while also having really strong net clinician adds in the quarter. And that just shows that we're able to balance both productivity and the net clinician adds and drive what you noted, the 17% visit growth. And that's a testament to our value prop as well.

克雷格，我是戴夫，我來回答這個問題。首先，我們對本季生產力的提升感到非常滿意。正如我們在準備好的發言稿中提到的，這是我們創紀錄的成長。而且，我們在本季度也實現了非常強勁的臨床醫生淨成長。這表明我們能夠平衡生產力提升和臨床醫生淨增長，並推動您提到的17%的就診量增長。這也證明了我們的價值主張。

And as we think about the initiatives that drove that, I mentioned a few on the call, it was the Cash Incentive Program that incentivizes access and quality, the Patient Engagement platform and then some new things around tech and AI that we're implementing that's driving new patient volumes. All of those are durable.

當我們思考推動這一趨勢的舉措時，我在電話會議上提到了一些，包括激勵醫療服務可及性和品質的現金獎勵計劃、患者參與平台，以及我們正在實施的一些圍繞技術和人工智慧的新舉措，這些舉措都推動了新患者數量的增長。所有這些舉措都將持續有效。

They're not onetime in nature. We feel really good about those continuing. And we still have additional initiatives like our Care Matching Enhancements and things like that, that will be coming online in the fourth-quarter and as we step into next year.

這些項目並非一次性的。我們對這些項目的持續進行感到非常滿意。此外，我們還有其他舉措，例如「護理配對改進」等，這些項目將在第四季以及明年陸續上線。

And then just as a follow-up on operating leverage, consistent with how you've been talking about the business the last couple of years in terms of that increase in investment in the business, and then you'll see that in G&A. So encouraging to see it kind of come through. Can you maybe just expand a little bit more on kind of productivity on the AI side of things, understanding it's kind of early days, but just how much of a lever that adds on the operating leverage front?

然後，關於經營槓桿，我想就此做個後續探討。正如您過去幾年一直談到業務投資增加時所說的那樣，您會在一般及行政費用中看到這一點。看到這些成長有所體現，令人鼓舞。能否再詳細談談人工智慧方面的生產力提升？我知道現在還處於早期階段，但它究竟能在多大程度上提升經營槓桿？

Yes, Craig, I'll take this one as well. I wouldn't dimension it with specifics. It is definitely part of the story as when we think about getting to margins of 15% to 20% in the out years, the expansion of operating leverage that's a big part of that story. We are a heavily manual business when you think about the work we do behind the scenes to support our clinicians and even what our clinicians do is very manual.

是的，克雷格，我也接受這個看法。我不會具體說明細節。這絕對是故事的一部分，因為當我們展望未來幾年實現15%到20%的利潤率時，營運槓桿的提升是其中的關鍵因素。考慮到我們幕後為支持臨床醫生所做的工作，以及我們臨床醫生自身的工作也大多是手工操作，我們是一家高度依賴人工的公司。

So there's a lot of opportunity for us to be able to implement technology, digital AI-type tools and we do expect those to, again, to be a big part of the story of driving that operating leverage.

因此，我們有許多機會可以實施技術、數位人工智慧類型的工具，我們也希望這些工具能再次成為推動營運槓桿作用的重要組成部分。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

I just want to dig in a little bit on the revenue per visit, which increased more than we anticipated. I think previously, you talked about it being roughly flattish. Dave, I think I just heard you talk about when we think about '26 being flattish. Can you talk about what you saw in the quarter on the revenue per visit? Is it a higher acuity? Is there any change from a managed care contracting or anything else we need to keep in mind when we think about that?

我想深入探討每次就診收入，它比我們預期的成長幅度還要大。我記得之前您說過它大致持平。戴夫，我好像聽到您說我們預計2026年的收入將持平。能談談本季每次就診收入的具體情況嗎？是患者病情嚴重程度提高了嗎？管理式醫療合約方面是否有任何變化？或是有其他什麼因素需要考慮嗎？

This is Ryan. So I'll be happy to address that question. So when you think of TRPV like for the quarter, it was relatively flat, as you mentioned, and kind of sequentially stepped up like $1.3 overall. And so this was in line with our expectations. When you kind of look ahead, so this, obviously, we had the unique payer situation this year. So as you kind of look ahead, so from a full year perspective, we expect TRPV to be flat overall for the full year.

我是Ryan，我很樂意回答這個問題。正如您所說，本季TRPV（總收入每影片觀看次數）基本持平，環比增長約1.3美元，這與我們的預期相符。展望未來，由於今年的支付方情況特殊，我們預期全年TRPV將保持穩定。

And then when we get into '26, we start to see the low to mid-single-digit rate increases as we get back to a more normalized kind of environment. So, we're really encouraged with the dialogue and the discussions that we're having with the payers right now. So again, so as you kind of go out into the next year, you get to that low to mid-single digits.

到了2026年，隨著經濟環境逐漸恢復正常，我們預期費率將出現個位數低至中等的成長。因此，我們對目前與支付方進行的對話和討論感到非常鼓舞。所以，展望未來一年，費率將達到個位數低至中等的水平。

That's very helpful. And then just as a follow-up, the comments around potential acquisitions. I'm just curious around what you see out in the marketplace today. Are valuations reasonable? Is it you're looking for geographic coverage, you're looking for adding up clinicians? How do I think about your strategy on the acquisition side?

這很有幫助。另外，關於潛在的收購，我還想問一下。我很好奇您目前在市場上看到的情況。估值合理嗎？您是看重地域覆蓋範圍，還是希望增加臨床醫師數量？我該如何看待您在收購方面的策略？

Lisa, it's Dave. I'll take that one. So, first of all, I appreciate where your question is coming from, which is we're excited about the free cash flow generation that we have and the strength of the balance sheet, which gives us a lot of flexibility to be able to deploy capital to enable the business and M&A is certainly a part of that.

麗莎，我是戴夫。我來回答這個問題。首先，我理解你的提問意圖，我們對目前的自由現金流和穩健的資產負債表感到非常興奮，這讓我們在運用資本發展業務方面擁有很大的靈活性，而併購當然是其中的一部分。

And we right now have a really good pipeline of opportunities for potential acquisitions that we're working through. The valuations for the ones that make our cut are what we feel is appropriate. We're being very thoughtful and disciplined. And to where you were going, the primary purpose of these acquisitions is for geographic expansion.

目前我們有許多優質的潛在收購機會正在洽談中。我們對最終入選的收購項目估值都非常合理。我們一直秉持著審慎和嚴謹的態度。至於您剛才提到的，這些收購的主要目的是為了拓展地域版圖。

So, establishing beachheads in new MSAs or states, things like that. That's our focus area. But again, we feel really good about M&A being complementary to our organic growth. Organic growth is still going to be the primary driver in the coming years. And I think we'll have more to share in the coming quarters around M&A.

所以，在新成立的大都會統計區或州建立灘頭陣地等等，是我們關注的重點領域。但我們仍然非常看好併購能夠與我們的內生成長形成互補。內生成長在未來幾年仍將是主要驅動力。我認為在接下來的幾個季度裡，我們會分享更多關於併購的資訊。

Ryan Daniels, William Blair.

瑞安·丹尼爾斯，威廉·布萊爾。

This is Matthew Mardula on for Ryan Daniels. So I want to focus more on the clinician retention side of the productivity initiatives. And you've mentioned previously that a key objective of your productivity initiatives is improving clinician retention. Can you share how much of an impact these initiatives are having on retention? And then looking out in the future, how much these initiatives could kind of provide an improvement for clinician retention?

這裡是馬修·馬杜拉，代瑞恩·丹尼爾斯。我想重點談談提高生產力措施中關於臨床醫師留任率的部分。您之前提到過，提高生產力措施的關鍵目標是提升臨床醫師的留任率。您能否分享一下這些措施對留任率的影響程度？展望未來，這些措施在多大程度上能夠提升臨床醫師的留任率？

Matthew, this is Dave. I'll take that one. So as we mentioned, we had a really strong performance in the quarter with net adds of 288 clinicians. That was driven by stable retention and the strength of recruiting of adding new clinicians. So that's a similar story to what we've talked about in previous quarters with retention being what we call is like stubbornly stable.

馬修，我是戴夫。我來回答這個問題。正如我們之前提到的，本季我們業績非常強勁，淨增288名臨床醫生。這主要得益於穩定的醫生留存率和強勁的新醫生招聘。這與我們前幾季討論的情況類似，醫生留存率依然保持著我們所謂的「頑強穩定」。

At the same time, we're continuing to focus on enhancing the clinician experience and the value proposition for them. We talked about a number of initiatives, both last quarter as well as even in our prepared remarks. So that continues to be a big focus area for us. And as we think about the future, we still believe that we can move the needle on clinician retention.

同時，我們將持續致力於提升臨床醫師的體驗和價值主張。我們在上個季度以及事先準備好的發言稿中都談到了多項措施。因此，這仍然是我們關注的重點領域。展望未來，我們仍相信能夠有效提高臨床醫師的留任率。

And I'd say what gives me hope is when I look at our various regional businesses across the country, we have a region that is running at about 87% retention. So we've talked about that North Star being in the mid to high 80s. We can actually see that happening in one of our regions. We just got to get the other ones up to that similar level.

讓我感到鼓舞的是，當我審視我們在全國各地的各個區域業務時，發現有一個區域的客戶留存率達到了87%左右。我們之前討論過，我們的目標客戶留存率應該要達到80%以上。現在，我們已經看到其中一個區域實現了這個目標。我們只需要讓其他區域也達到類似的水平。

Great. And then regarding the Specialty Services, how has those offerings progressed throughout the year and the quarter? And how should we think about its progression into 2026? And lastly, how has the reception been from centers both in terms of adoption and overall engagement?

好的。那麼關於專科服務，這些服務在過去一年和本季進展如何？我們該如何看待它們在2026年的發展？最後，各中心對這些服務的接受度和整體參與度如何？

Yes. Matthew, it's Dave. I'll take that one as well. So, first of all, just to ground, Specialty Services is about $50 million of our revenue. So, from an annual perspective. So that's, it's meaningful, but it's still not a major portion of our business. We're excited about this as an opportunity to increase services to our patients and to improved care. The focus right now has been neuro-psych testing and services around treatment-resistant depression, so primarily Spravato and TMS.

是的，馬修，我是戴夫。我也來回答這個問題。首先，簡單介紹一下，專科服務約占我們年收入的5,000萬美元。從年收入來看，這筆收入雖然可觀，但仍不是我們業務的主要組成部分。我們很高興能藉此機會增加對病人的服務，並改善他們的照護。目前，我們的工作重點是神經心理測驗和難治性憂鬱症的相關服務，主要包括Spravato和TMS治療。

And we have been rolling those out in phases, and that will continue actually for the coming years. The receptivity has been really great. The clinicians like it because it's more services that they can provide to be able to deliver better care for their patients and the patients obviously like it. It's one-stop shopping. And we expect these services to grow at a much higher rate than our core business in the coming years.

我們一直在分階段推出這些服務，而且這項進程將在未來幾年持續進行。目前的反應非常好。臨床醫生很喜歡，因為這讓他們能夠提供更多服務，從而更好地照顧患者；患者顯然也很喜歡。這相當於一站式服務。我們預計，未來幾年這些服務的成長速度將遠超我們的核心業務。

And when we get to maturity, these will have higher margins than our standard psychiatry and therapy services.

等到技術成熟後，這些服務的利潤率將高於我們標準的精神病學和心理治療服務。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Ryan, maybe first question, as I think about the revenue guidance, obviously, you had a good Q3 here. The organic adds on clinicians in theory, would drive productivity gains to carry over into the quarter. Just curious, what are the moving pieces that factored into maintaining the revenue guide? I know you cut the new clinic openings guidance, but just curious what you can share with us on that.

Ryan，或許我的第一個問題是，考慮到你們的營收預期，顯然你們第三季的業績不錯。理論上，臨床醫生數量的自然成長會推動生產力提升，並將這種提升延續到下一季。我只是好奇，有哪些因素促成了你們維持營收預期不變？我知道你們下調了新診所開業的預期，但我很想知道你們能否就此分享一些資訊。

Perfect, Brian. Yes, this is Ryan. So I'll be happy to take that question as well. So overall, just starting off, we're super pleased with the outperformance in the quarter as it relates to revenue, which was largely driven, as you mentioned, just in terms of productivity. And again, like if you take a step back, we're also very pleased that we're able to raise our full year EBITDA guide by the $4 million.

太好了，布萊恩。是的，我是瑞恩。我也很樂意回答這個問題。總的來說，首先，我們對本季營收的超預期表現非常滿意，正如你所說，這主要得益於生產效率的提升。另外，從整體來看，我們也很高興能夠將全年 EBITDA 預期上調 400 萬美元。

So, to go back to our Q2 call, we talked a lot about the step-up in second half over first half from an overall revenue perspective of approximately $60 million. So that step-up still holds. Essentially, all we've really done is just rebalance between the quarters versus anything else. And so, when you look at the fourth-quarter in isolation, it's still really attractive when you look at the year-over-year growth of 16%, and it's a nice sequential step-up from Q3 as well of about $14 million.

回到我們第二季的電話會議，我們重點討論了下半年整體營收較上半年成長約6000萬美元的情況。這一成長勢頭依然強勁。實際上，我們所做的只是對各季度進行了重新平衡，除此之外沒有其他改變。因此，單獨來看第四季度，其年增16%，依然非常亮眼，且季增約1,400萬美元。

And so, we really feel good about the team's progress in Q3 around productivities. And as Dave mentioned in his prepared remarks, the ability to not only get productivity but have net clinician adds at such a high point bodes well as we kind of move into the fourth-quarter this year.

因此，我們對團隊在第三季的生產力提升感到非常滿意。正如戴夫在事先準備好的發言稿中所提到的，能夠在如此高的效率水平下不僅提高生產力，還能實現臨床醫生淨增人數的增長，這預示著我們今年進入第四季度時將取得良好的發展前景。

Got it. And then, Dave, maybe I know you alluded to your partnership with Calm. If you can just share with us how that works? And what are you expecting in terms of growth contribution or also the profile of the patients that Calm brings to LifeStance?

明白了。還有，戴夫，我知道你之前提到過你和Calm的合作。可以跟我們分享一下你們的合作模式嗎？你們預期Calm能為LifeStance帶來哪些成長貢獻，以及Calm能為LifeStance帶來哪些類型的病人？

Yes, Brian. So, we're really excited about the partnership with Calm. And this is great for patients and their customers. And it's an example of a different kind of referral partner for us than what we normally get through our existing channels. And we're uniquely positioned for these kinds of new partnerships with our large-scale and hybrid model.

是的，布萊恩。我們非常高興能與Calm建立合作關係。這對患者及其客戶來說都是一件好事。這與我們通常透過現有管道獲得的轉診合作夥伴類型有所不同。憑藉我們的大規模混合模式，我們在建立此類新型合作關係方面具有獨特的優勢。

And in regard to the types of patients, we actually think this will have a different profile, like a younger demographic than what we typically get through our partnerships with health systems and primary care practices and things like that.

至於患者類型，我們認為這將具有不同的特徵，例如，與我們通常透過與醫療系統和初級保健機構等合作所獲得的患者相比，患者群體會更年輕。

Richard Close, Canaccord Genuity Corp.

Richard Close，Canaccord Genuity Corp.

Congratulations on a great quarter there. Just curious your thoughts with respect to behavioral health has been called out over the last several quarters, I guess, by Managed Care. And I'm just curious your perspective, if you think this is a risk to LifeStance or why not? And then maybe also confidence in that rate commentary for 2026.

恭喜你們本季業績出色。我很好奇，過去幾季以來，行為健康問題似乎一直受到醫療管理機構的關注。我想聽聽你們的看法，你們認為這會對LifeStance構成風險嗎？或不會？另外，你們對2026年的利率預測有信心嗎？

Richard, it's Dave. I'll take that. So, agree, you've had multiple payers in recent quarters that have mentioned higher mental health utilization. And it really varies by payer and by service line. So, for example, a lot of the commentary has been directed towards Medicaid and towards the autism, the AVA services. We have very little exposure to both of those business lines. And so, it's not as relevant for us as it is to some of our competitors that are in the space.

理查德，我是戴夫。好的。沒錯，最近幾季有好幾家支付方都提到心理健康服務的使用率上升。而且情況確實因支付方和服務項目而異。例如，許多評論都集中在醫療補助計劃（Medicaid）和自閉症服務（AVA）。我們在這兩方面業務都很少涉足。因此，對我們來說，這不像對我們一些競爭對手那麼重要。

And then you always have to take a step back and think about there's still a significant unmet need in society today for mental health services. So that's going to continue to drive higher utilization as we come into the next few years as well as another trend that benefits LifeStance is the move from cash pay to insurance as it becomes more of an affordability issue for individuals and still wanting to be able to get care.

然後，你總要退一步思考，當今社會對心理健康服務仍有巨大的未滿足需求。因此，在未來幾年，這將繼續推動心理健康服務的使用率上升。此外，另一個有利於LifeStance的趨勢是，隨著個人負擔能力日益下降，人們從現金支付轉向保險支付，這有利於他們獲得醫療服務。

So those are probably some of my big points that go to the recent commentary around the higher trends. As far as rates, the one thing that I'd always highlight is that payers continue to focus on access for their employer clients and members. They're still getting a lot of pressure for them around access.

以上大概就是我對近期有關上漲趨勢的評論的一些主要看法。至於費率方面，我一直強調的一點是，支付方仍然專注於為他們的雇主客戶和會員提供便利的醫療服務。他們仍然面臨著來自各方的巨大壓力。

And then what we're starting to see is a few thought-leading payers that are focusing on quality. And we expect that the market will gradually shift towards quality and outcomes, and we welcome that change, and we think we're positioned really well for the market to go in that direction.

現在我們開始看到一些前瞻性的支付方開始關注醫療品質。我們預計市場將逐步轉向以品質和結果為導向的模式，我們歡迎這種轉變，並且我們認為我們已做好充分準備，迎接市場朝著這一方向發展。

Okay. And as a follow-up, obviously, great adds, clinician adds in the quarter. What are you hearing from the clinicians in terms of why they're choosing LifeStance? Any changes that you're seeing in the marketplace? Just curious there.

好的。接下來我想問的是，本季新增的臨床醫師數量非常可觀。您從臨床醫生那裡了解到，他們選擇 LifeStance 的原因是什麼？您在市場上觀察到了哪些變化？我只是好奇而已。

Yes. It's Dave. I'll take that one as well. I wouldn't point to anything new in regards to the recruiting and retention dynamics. It's still a very competitive marketplace for mental health clinicians. And our value proposition continues to resonate. We're not for everyone. We're looking for a certain profile of clinicians. But within that profile, we certainly are doing very well from both a retention and a recruiting perspective.

是的，是戴夫。我也接受這個回答。關於招募和留任方面，我沒有什麼新的變化。心理健康臨床醫師市場競爭依然非常激烈。而我們的價值主張也持續受到認可。我們並不適合所有人。我們尋找的是特定類型的臨床醫生。但就我們尋找的這類醫生而言，無論從留任或招募的角度來看，我們都做得非常好。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

My first one, just looking at the implied guidance for 4Q, the gross profit and adjusted EBITDA margins are down a little bit sequentially. Normally, 4Q is a better quarter in terms of margin. I'm just wondering, you mentioned investments. Is there anything in particular there that's prompting that change or anything to call out?

首先，我看了看第四季的業績指引，毛利率和調整後EBITDA利率較上季略有下降。通常來說，第四季的利潤率會更高一些。您提到了投資，請問有什麼特別的原因導致了這種變化嗎？或是有什麼需要特別注意的地方嗎？

Yes, Kevin, this is Ryan. So, to your question, so you got it right. So, there is a little bit of a step down in margins going from Q4 from Q3. And overall, the way to think about that is an increase in G&A. And so, we as a team are looking at items and pulling forward some of the investment that helps get off to a strong start in 2026 just in terms of execution of our plan and going back to the delivery of mid-teens revenue growth.

是的，凱文，我是瑞恩。關於你的問題，你答對了。第四季的利潤率確實比第三季略有下降。總的來說，這主要是由於一般及行政費用（G&A）的增加。因此，我們團隊正在研究一些項目，並提前撥出部分投資，以確保我們在2026年能夠強勁開局，更好地執行我們的計劃，並最終實現兩位數中段的營收成長。

So, an example of that, Kevin, would be accelerating our Business Development team, right? So, folks that we want to get on board to be able to kind of work out in the local MSA and the local community just to make sure that the LifeStance brand is out there with the community partners. So that's just an example. So, it provides some flexibility just in terms of some of the investments that are positive from a return perspective, kind of getting a jump start on those from '26.

凱文，舉個例子來說，加速我們的業務拓展團隊建立就是如此，對吧？我們希望招募一些能夠深入當地MSA（大都會統計區）和社區的人員，確保LifeStance品牌能夠與社區合作夥伴建立聯繫。這只是一個例子。這樣一來，它就為一些回報豐厚的投資提供了更大的靈活性，讓我們能夠提前啟動2026年的計畫。

And the obvious logical follow-up question is you're pulling forward some spending, you're getting the productivity improvements that you said you're going to get and delivered on. You got better payer rates next year. When we think about the impact to margin next year, you said you expect the margin to expand, but should we think about expansion being greater than what we saw in '25? Is there any kind of color you can provide us in terms of an outline of where you think margins can be next year?

一個顯而易見的後續問題是，您提前支付了一些費用，並且實現了您承諾的生產力提升目標。明年的付款率也會更高。當我們考慮這些措施對明年利潤率的影響時，您表示預期利潤率會提高，但我們是否應該認為利潤率的增幅會超過2025年的水平？您能否就明年利潤率的預期大致給出一些建議？

So, really looking forward to providing more specific '26 guidance in our 4Q call. Overall, I kind of go back to some of the points that we've made is really like the momentum that we have going into '26 and then anchoring back to the mid-teens as it relates from a revenue perspective in terms of what the revenue growth is. When you look at it from an operating leverage perspective, we've had really nice momentum on that. We look forward to continuing to expand out the leverage, but we'll get more specific with guidance as we get into the conversation for the 4Q call.

所以，我非常期待在第四季財報電話會議上提供更具體的2026年業績指引。總的來說，我想重申我們之前提到的幾點，那就是我們進入2026年後的發展勢頭強勁，並且從營收角度來看，我們預計營收成長將達到15%左右。從營運槓桿的角度來看，我們也取得了非常好的成長動能。我們期待繼續提升槓桿率，但具體指引將在第四季財報電話會議上公佈。

David Larsen, BTIG.

David Larsen，BTIG。

Congratulations on the good quarter. Can you expand, maybe on your comments around business development and in terms of filling the top of the funnel and patient volumes? And can you maybe touch on, number one, the Managed Care piece; number two, getting referrals in from other providers in the area? And then number three, any sort of digital selling efforts that might be going on? It's my understanding that Google has sort of maybe changed some algorithms recently.

恭喜你們本季業績出色。能否詳細談談您在業務拓展、客戶轉換率提升以及病患數量的看法？另外，能否談談以下幾點：第一，醫療管理方面；第二，如何從其他醫療機構獲得轉診？第三，目前有哪些數位化銷售方面的措施？據我了解，谷歌最近似乎調整了一些演算法。

This is Dave. I'll take your question. So first of all, as I mentioned earlier, there's really strong patient demand in the marketplace for mental health services. And it's that unmet need that is out there, and we have this demand supply imbalance. And so again, we feel very good about our model.

我是戴夫，我來回答你的問題。首先，正如我之前提到的，市場上對心理健康服務的需求非常旺盛。目前存在著未被滿足的需求，導致供需失衡。因此，我們對我們的模式感到非常滿意。

And then you put on top of that, what we're trying to provide is high-quality care that's affordable. And so that's people being able to use their insurance versus cash pay, which also adds some additional patient opportunity for us.

此外，我們努力提供的是高品質且價格合理的醫療服務。這意味著人們可以使用保險而不是現金支付，這也為我們增加了更多的患者機會。

So we continue to feel very good about the fourth-quarter, and as we step into next year in regards to patient supply or new patient supply. As far as the channels, our primary channel of how we get new patients is through referral partners that are medical practices. And we continue to strengthen that, as Ryan mentioned, in that, that's what we call the business development team. These are the feet on the street. They're out there working with those medical practices to be able to provide a referral channel for their patients.

因此，我們對第四季度以及明年的患者供應或新患者供應情況仍然充滿信心。就管道而言，我們獲取新患者的主要管道是透過醫療機構等轉診合作夥伴。正如瑞恩所提到的，我們將繼續加強這方面的合作，這其中包括我們所謂的業務拓展團隊。這些團隊成員深入一線，與醫療機構合作，為他們的患者提供轉診管道。

And we continue to enhance that year-over-year to continue to drive higher volumes. And we certainly do a little bit of the paid search. And I'll remind you that we spend less than 2% of revenue on marketing and acquiring of new patients. So again, the bulk of our patients are coming organic or through the referral partners. And again, we expect that to continue into 2026.

我們持續改進，逐年提升服務水平，以推動業務量成長。當然，我們也進行一些付費搜尋。我還要提醒各位，我們在行銷和新患者獲取方面的支出不到收入的2%。所以，我們的患者大多是透過自然流量或轉診合作夥伴帶來的。我們預計這種情況將持續到2026年。

And then do you participate in like risk or ACOs or any sort of value-based care arrangements? It's obviously an important part of Primary Care in Medicare for the new physician fee schedule for '26. Just any thoughts around that?

那麼，您是否參與風險管理、責任醫療組織（ACO）或任何類型的基於價值的醫療服務安排？顯然，這對於2026年新的醫生收費標準而言，是聯邦醫療保險（Medicare）初級保健的重要組成部分。您對此有何看法？

We do not. So we do not take risk today. And we have very limited exposure to government as a payer, right? That's about 5% of our total revenue for all government channels in regards to them being a payer. So we have very limited exposure to that segment.

我們不這樣做。所以我們今天不承擔風險。而我們作為支付方，政府業務的佔比非常有限，對吧？就所有政府管道的支付方收入而言，這部分收入大約只占我們總收入的5%。所以我們在這個領域的佔比非常低。

Steve Dechert, KeyBanc Capital Markets.

史蒂夫·德切特，KeyBanc Capital Markets。

I just want to ask another one around the guidance. What does the high end of your 4Q revenue guidance imply in terms of visit volumes and TRPV? And then could you provide a little bit more color on the 2026 strategic investments you mentioned earlier to meet your revenue goals?

我還想問一個關於業績指引的問題。您第四季營收指引的上限值，在就診量和每人每次就診總收入（TRPV）方面意味著什麼？另外，您能否更詳細地說明一下您之前提到的為實現營收目標而進行的2026年策略投資？

Yes. So Steve, I appreciate the question. This is Ryan. So the first piece, we don't provide specific guidance to that, just in terms of the range and kind of how to think through the numbers. As it relates to the 2026 investment, so we continue to make investments.

是的。史蒂夫，感謝你的提問。我是瑞恩。首先，我們不提供具體的指導，只提供範圍以及如何分析這些數字的建議。至於2026年的投資，我們會繼續進行投資。

So we mentioned the business development. So all health care is local. And so being able to be out there with the key referral partners, as Dave mentioned earlier. And then a whole host of just investments that drive efficiency, so continue to be able to drive operating leverage.

我們剛才提到了業務拓展。醫療保健都是本地化的。正如戴夫之前提到的，要與重要的轉診合作夥伴保持聯繫。此外，還要進行一系列旨在提高效率的投資，從而持續提升營運槓桿。

So again, we're pleased with the momentum that we have overall just in terms of being able to drive leverage. And so the investments that we make will continue to have that orientation as well.

所以，我們對目前整體的發展動能感到滿意，尤其是在利用槓桿效應方面。因此，我們未來的投資也將持續秉持這個方向。

And with no further questions in queue, I'd like to turn the call back over to Dave Bourdon, CEO, for any closing remarks.

由於沒有其他問題需要提問，我想把電話轉回給執行長戴夫布爾頓，請他作總結發言。

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 commitment that you all bring every day. Have a great day, everyone.

謝謝接線生。我要感謝我們超過一萬名以使命為導向的團隊成員，正是他們確保我們的患者獲得他們需要且應得的優質醫療服務。你們每天展現的熱情和奉獻精神一直激勵著我。祝大家今天一切順利。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。