LifeStance Health Group, Inc. (LFST) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator for today. (Operator Instructions)

您好，感謝您耐心等候。我叫 Mark，今天將擔任本次電話會議的接線員。（接線員指示）

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

謝謝。現在我想把電話交給 Monica Prokocki。請開始。

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's first-quarter 2026 earnings conference call. I'm Monica Prokocki, Vice President of Finance, and Investor Relations.

謝謝，接線員。各位早安，歡迎參加 LifeStance Health 2026 年第一季財報電話會議。我是 Monica Prokocki，財務副總裁兼投資人關係負責人。

Joining me today are Dave Bourdon, Chief Executive Officer; and Ryan McGroarty, Chief Financial Officer. 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.

今天與我一同出席的有執行長 Dave Bourdon，以及財務長 Ryan McGroarty。我們已於今天早上開盤前發布財報新聞稿與簡報。兩者皆可於我們網站的投資人關係專區 investor.lifestance.com 取得。此外，會後也將提供重播。

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.

在把電話交給管理團隊進行事先準備的發言之前，請各位留意財報新聞稿與向美國證券交易委員會（SEC）申報文件中所載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、商業模式與策略的陳述。這些陳述涉及風險、不確定性及其他因素，如我們向 SEC 定期申報文件所述，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 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 GAAP 財務衡量指標報告結果；我們相信這能為投資人提供額外資訊，以利比較當期與過往表現。與最直接可比的 GAAP 指標之調節表，已包含於財報新聞稿表格與簡報附錄中。除非另有說明，所有結果皆與去年同期可比期間相比。

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

現在，我將把電話交給 LifeStance 執行長 Dave Bourdon。Dave？

Thanks, Monica, and thank you all for joining us today. We had an exceptional start to the year at LifeStance. We exceeded each of our guided metrics with strong revenue growth of over 21% and more than $50 million in adjusted EBITDA, a 48% increase over last year. We grew our clinician base by more than 300 in the quarter to over 8,300 clinicians. We also delivered meaningful year-over-year improvements in clinician productivity, reflecting the continued impact of the initiatives we implemented last year.

謝謝你，Monica，也感謝各位今天加入我們。LifeStance 在今年有一個非常出色的開局。我們在各項指引指標上都超出預期，營收強勁成長超過 21%，調整後 EBITDA 超過 5,000 萬美元，較去年增加 48%。本季我們的臨床人員規模增加超過 300 人，總數超過 8,300 名臨床人員。我們也在臨床人員生產力方面實現顯著的年增改善，反映出我們去年推動的各項措施持續發揮成效。

Given the out-performance in the quarter, we are raising our full year guidance across all metrics. And later, Ryan will provide the details on our improved view of 2026. From a macro environment perspective, we continue to see a growing demand for high-quality mental healthcare, as well as patients seeking more affordable solutions, driving a shift from cash pay to insurance coverage.

鑑於本季表現優於預期，我們上調全年所有指引指標。稍後 Ryan 將提供我們對 2026 年展望改善的細節。從總體環境來看，我們持續看到對高品質心理健康照護的需求增加，同時患者也在尋求更可負擔的方案，推動從自費轉向保險給付的趨勢。

LifeStance is uniquely positioned to meet these needs. We're seeing this through our success in growing our clinician base, attracting new patients, and driving clinical and operational excellence. Regarding operational execution, the momentum we established in 2025 with strong visit growth and clinician productivity carried into the first-quarter. These efforts centered around enhancements to new patient conversion and engagement. Importantly, these initiatives are embedded in our operating model and supported by clinician level visibility, education, and incentives, giving us confidence in their durability as we continue to scale our clinician base.

LifeStance 具備獨特優勢來滿足這些需求。我們從臨床人員規模成長、吸引新患者，以及推動臨床與營運卓越的成果中看到了這一點。在營運執行方面，我們於 2025 年建立的強勁就診量成長與臨床人員生產力動能延續至第一季。這些努力聚焦於提升新患者轉換率與參與度。重要的是，這些措施已嵌入我們的營運模式，並由臨床人員層級的可視性、教育與激勵機制所支持，使我們對其可持續性充滿信心，並能在持續擴大臨床人員規模的同時穩健推進。

Turning to technology. We continue to apply digital and AI tools in focused, practical ways to improve patient access, clinician experience, and operational efficiency. Across the organization, digital and AI tools, including digital patient check-in, AI-driven workflows and robotic process automation support operational excellence, particularly in areas with heavy manual processes such as revenue cycle management.

接著談科技。我們持續以聚焦且務實的方式運用數位與 AI 工具，以改善患者可近性、臨床人員體驗與營運效率。在整個組織中，數位與 AI 工具（包括數位化患者報到、AI 驅動工作流程與機器人流程自動化）支援營運卓越，特別是在如收入循環管理等高度依賴人工流程的領域。

In addition, AI-enabled scheduling tools support our new patient telephone booking process, resulting in converting more calls to appointments. We are also rolling out AI-assisted clinical documentation to reduce administrative burden and cognitive load for clinicians, enabling them to spend more time with patients, which should improve patient and clinician satisfaction.

此外，AI 賦能的排程工具支援我們的新患者電話預約流程，使更多來電能轉換為預約。我們也正在推行 AI 輔助的臨床文件撰寫，以降低臨床人員的行政負擔與認知負荷，讓他們能把更多時間投入患者照護，進而提升患者與臨床人員的滿意度。

As per our new EHR, last quarter, we announced the selection of a best-in-class vendor with implementation expected to begin this year and the transition occurring during 2027. Our focus has now shifted to organizational readiness and early clinician engagement. The transition to the new EHR will support our ability to scale efficiently, integrate AI more seamlessly and improve the consistency of both the clinician and patient experience, while delivering clinical excellence.

關於我們新的電子病歷系統（EHR），上季我們宣布已選定業界領先的供應商，預計今年開始導入，並於 2027 年進行轉換。我們目前的重點已轉向組織準備度與早期臨床人員參與。轉換至新的 EHR 將支援我們更有效率地擴張、更無縫地整合 AI，並提升臨床人員與患者體驗的一致性，同時提供卓越的臨床照護。

There remains a tremendous opportunity for technology to further enable the business. We will remain focused on prioritizing use cases with clear clinical and operational impact as we deploy these tools more broadly across the organization. This approach to technology strengthens LifeStance's leadership position, while reinforcing clinician trust and the quality of care we deliver to patients.

科技在進一步賦能業務方面仍有巨大的機會。隨著我們在全組織更廣泛部署這些工具，我們將持續聚焦並優先推動對臨床與營運具有明確影響的使用情境。這種科技策略強化 LifeStance 的領導地位，同時鞏固臨床人員的信任與我們提供給患者的照護品質。

Turning to geographic expansion. We see a significant opportunity ahead to increase both density within our existing markets and to expand our geographic footprint. As we've discussed, tuck-in acquisitions are our preferred way of entering new MSAs. And after three years, we're back to executing on M&A, with a disciplined and targeted approach. We have established a strong pipeline of potential acquisitions and expect tuck-ins going forward to be a meaningful part of our geographic expansion strategy.

接著談地理擴張。我們看到未來有顯著機會，既能提升既有市場的密度，也能擴大我們的地理版圖。如同我們先前所討論，補強型併購（tuck-in acquisitions）是我們進入新都會統計區（MSA）的首選方式。在暫停三年後，我們已重新開始執行併購（M&A），並採取嚴謹且聚焦的策略。我們已建立強勁的潛在併購案來源管道，並預期未來補強型併購將成為我們地理擴張策略中重要的一環。

We're pleased that during the first-quarter, we opened two new markets through acquisitions, adding high-quality practices that align well with our model and our culture. While these deals will contribute a nonmaterial amount of revenue this year, they establish new market entry points to support future growth in 2027 and beyond. Where attractive tuck-in opportunities are not available to us, we'll continue to enter new geographies with a de novo approach.

我們很高興在第一季透過併購開拓了兩個新市場，納入與我們模式與文化高度契合的高品質診所。雖然這些交易今年對營收的貢獻不具重大性，但它們建立了新的市場切入點，以支持 2027 年及之後的成長。在沒有適合的補強型併購機會時，我們將持續以新設（de novo）的方式進入新的地理區域。

Finally, I'd like to highlight our progress on clinical excellence. Our clinicians and the positive impact we're having on patients is the foundation of everything we do at LifeStance. Measuring how we're improving patient outcomes at scale is critical to ensuring our care is effective, and we also use these findings to identify opportunities to improve that care.

最後，我想強調我們在臨床卓越方面的進展。我們的臨床人員以及我們對患者帶來的正向影響，是 LifeStance 一切工作的基礎。衡量我們如何在規模化的情況下改善患者治療結果，對於確保照護有效性至關重要；我們也會運用這些發現來找出進一步改善照護的機會。

In April, we published new clinical outcomes data from nearly 180,000 LifeStance patients that showed roughly 3/4 benefited from clinically significant improvements in their anxiety and depression, further validating our commitment to clinical excellence.

在 4 月，我們發布了近 18 萬名 LifeStance 患者的最新臨床結果數據，顯示約四分之三的患者在焦慮與憂鬱方面獲得具臨床意義的改善，進一步驗證我們對臨床卓越的承諾。

These clinical outcomes, combined with strong patient satisfaction as reflected in our over 4.7 out of 5 Google Stars rating for our over 575 centers, reinforce that our model is working. And importantly, these strong patient outcomes and high satisfaction scores are the direct result of the dedication of our clinicians and our ongoing commitment to enable our clinicians to deliver high-quality care to patients.

這些臨床結果，加上強勁的患者滿意度（反映在我們超過 575 個中心於 Google 的評分達 5 顆星中 4.7 顆以上），再次證明我們的模式正在發揮作用。更重要的是，這些優異的患者結果與高滿意度評分，直接來自我們臨床人員的投入，以及我們持續致力於賦能臨床人員為患者提供高品質照護。

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

那麼，我把時間交給 Ryan，請他就我們的財務表現與展望提供補充說明。Ryan？

Thanks, Dave. I am pleased with the team's operational and financial performance in the first-quarter, which exceeded our expectations.

謝謝，Dave。我對團隊在第一季的營運與財務表現感到滿意，結果超出我們的預期。

For the quarter, revenue grew 21% to $403 million. Revenue surpassed our expectations from both better-than-expected total revenue per visit and visit volumes. Visit volumes of 2.5 million increased 18%. The out-performance was driven by a combination of better-than-expected clinician productivity and net clinician adds. Total revenue per visit of $163 increased 3% and was modestly ahead of our expectations.

本季營收成長 21%，達到 4.03 億美元。營收超出我們的預期，主要來自單次就診總營收優於預期以及就診量高於預期。就診量為 250 萬次，成長 18%。優於預期的表現是由臨床人員生產力優於預期與臨床人員淨增加的組合所帶動。單次就診總營收為 163 美元，成長 3%，並略高於我們的預期。

Our visits per average clinician were strong once again, increasing 7% year-over-year for the second consecutive quarter. This was achieved while at the same time adding 309 clinicians in the first-quarter, bringing our total clinician base to 8,349, representing growth of 11%.

每位平均臨床人員的就診次數再次表現強勁，連續第二季年增 7%。同時，我們在第一季新增 309 名臨床人員，使臨床人員總數達到 8,349 名，代表成長 11%。

Turning to profitability. Center Margin of $136 million in the quarter increased 24% and was 33.7% as a percentage of revenue. This came in ahead of our expectations, primarily due to the revenue beat as well as lower spending in center costs. Adjusted EBITDA increased 48% to $51 million in the quarter, which was very strong and exceeded our expectations. This resulted in a margin as a percentage of revenue of 12.7%. The out-performance in the quarter was attributable to favourable Center Margin. We also finished with positive net income of $14 million in the quarter as compared to $1 million last year.

接著談獲利能力。本季中心毛利（Center Margin）為 1.36 億美元，成長 24%，占營收比重為 33.7%。此結果高於我們的預期，主要因為營收優於預期，以及中心成本支出較低。本季調整後 EBITDA 成長 48% 至 5,100 萬美元，表現非常強勁並超出我們的預期。因此，占營收比重的利潤率為 12.7%。本季優於預期主要歸因於有利的中心毛利。此外，本季淨利為 1,400 萬美元，相較去年同期為 100 萬美元。

Turning to liquidity. We generated robust free cash flow of $22 million in the first-quarter, which was an improvement of $32 million from the first-quarter of last year. We exited the quarter with a strong balance sheet, including a cash position of $195 million and net long-term debt of $263 million.

接著談流動性。第一季我們產生強勁的自由現金流 2,200 萬美元，較去年第一季改善 3,200 萬美元。本季結束時，我們的資產負債表維持強勁，包括現金部位 1.95 億美元，以及長期淨負債 2.63 億美元。

Importantly, that cash balance reflects $49 million deployed towards share repurchases during the quarter following the Board's $100 million authorization in February. With net leverage of 0.5 times and gross leverage of 1.6 times, we believe we are well positioned with significant financial flexibility to support the business and execute on our strategic priorities.

重要的是，該現金餘額反映了本季在董事會於 2 月核准 1 億美元授權後，用於股票回購的 4,900 萬美元。以淨槓桿 0.5 倍與總槓桿 1.6 倍來看，我們認為公司具備充足的財務彈性，可支持業務並執行我們的策略優先事項。

In terms of our outlook for the full year, we are raising our revenue range by $25 million at the midpoint to $1.64 billion to $1.68 billion. The midpoint of the revenue guidance implies a growth rate of 17%. We are also raising our Center Margin range by $21 million at the midpoint to $547 million to $571 million and raising our adjusted EBITDA range by $15 million at the midpoint to $200 million to $220 million. The midpoint of the adjusted EBITDA guidance implies a margin as a percentage of revenue of 12.7%, which is over 150 basis points of margin expansion year-over-year.

就全年展望而言，我們將營收區間的中位數上調 2,500 萬美元至 16.4 億至 16.8 億美元。營收指引中位數意味著 17% 的成長率。我們也將中心毛利區間的中位數上調 2,100 萬美元至 5.47 億至 5.71 億美元，並將調整後 EBITDA 區間的中位數上調 1,500 萬美元至 2.00 億至 2.20 億美元。調整後 EBITDA 指引中位數意味著占營收比重的利潤率為 12.7%，年增超過 150 個基點的利潤率擴張。

As we previously communicated, our annual guidance assumes year-over-year revenue growth driven primarily by higher visit volume, combined with low to mid-single-digit increases to our total revenue per visit.

如我們先前所溝通，我們的年度指引假設營收年增主要由更高的就診量帶動，並搭配單次就診總營收的低至中個位數增幅。

Additionally, we continue to expect stock-based compensation of approximately $60 million to $70 million this year. For the second-quarter, we expect revenue of $405 million to $425 million; Center Margin of $135 million to $147 million; and adjusted EBITDA of $50 million to $60 million. As we look beyond 2026, we continue to expect annual revenue growth in the mid-teens and to achieve mid-teens adjusted EBITDA margins by full year 2028. The macro trends we're seeing across mental healthcare, along with the momentum in our performance, reinforce our confidence in that outlook.

此外，我們仍預期今年的股票基礎薪酬約為 6,000 萬至 7,000 萬美元。就第二季而言，我們預期營收為 4.05 億至 4.25 億美元；中心毛利為 1.35 億至 1.47 億美元；調整後 EBITDA 為 5,000 萬至 6,000 萬美元。展望 2026 年之後，我們仍預期年度營收將維持約中十位數（mid-teens）的成長，並在 2028 全年達成中十位數的調整後 EBITDA 利潤率。我們在心理健康照護領域看到的總體趨勢，加上我們表現的動能，進一步強化我們對該展望的信心。

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

那麼，我把時間交回給 Dave，請他做結語。

Thanks, Ryan. This is an exciting time for LifeStance. Demand for mental healthcare is growing while affordability is increasingly important for patients. Our model is differentiated and delivers high-quality outcomes. This combination gives us confidence to meet the needs of patients and provide a compelling place to practice for clinicians.

謝謝，Ryan。這對 LifeStance 來說是令人振奮的時刻。心理健康照護的需求正在成長，同時對病患而言，可負擔性也愈來愈重要。我們的模式具差異化，並能帶來高品質的成果。這樣的組合讓我們有信心滿足病患需求，並為臨床人員提供具吸引力的執業平台。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions)

(接線員指示)

Craig Hettenbach, Morgan Stanley.

Craig Hettenbach，摩根士丹利。

Clinician growth was a bit above expectations in the quarter. So any tailwinds you would call out in the quarter? And then more broadly, just some of the things you're doing to kind of attract and retain clinicians to the platform.

本季臨床人員成長略高於預期。所以本季是否有任何你們會特別指出的順風因素？另外更廣泛來看，你們為了吸引並留任臨床人員加入平台，正在做哪些事情？

Craig, this is Dave. I'll take that one. So we did have strong, we had very strong results around clinicians in the first-quarter, as you noted, not just in the clinician adds, which were over 300, but also saw the third-quarter in a row of strong productivity improvements. We grew that about 7% year-over-year.

Craig，我是 Dave。我來回答這題。如你所提到，我們第一季在臨床人員方面確實有很強勁的成果，不僅新增臨床人員超過 300 名，也連續第三季看到顯著的生產力改善。我們年增約 7%。

In regards to the clinician growth that we saw, nothing new to point to there, primarily driven by the strength of our recruiting along with stable retention.

至於我們看到的臨床人員成長，沒有什麼新的因素需要特別指出，主要是由我們招募的強勁表現以及穩定的留任所驅動。

Got it. And then when I think through on the margin front, so delivering some good operating leverage here, the 15% to 20% longer-term EBITDA margins, how are you thinking about all the things you're doing from a technology perspective? I know you touched on the EHR investment. But just how do you envision kind of some of the efficiencies in AI kind of layering into kind of that path to the longer-term margins?

了解。再來談到利潤率面向，你們在這裡展現了不錯的營運槓桿；長期 15% 到 20% 的 EBITDA 利潤率，你們如何看待從科技角度所做的各項工作？我知道你們提到 EHR 的投資。但你們如何想像 AI 帶來的一些效率，會如何疊加到通往長期利潤率的路徑上？

Yes, Craig, this is Ryan. So overall, so technology is a key lever, right, in terms of being able to deliver the long-term margins. But you framed it exactly right. So when we've stand out, we've talked about long-term margins in the 15% to 20% range. Overall, we further time to mention that to hitting adjusted EBITDA margins of mid-teens by 2028. And so we look at the leveraging. So to get to those margins, you get continued expansion around your Center Margin.

是的，Craig，我是 Ryan。整體而言，科技是一個關鍵槓桿，對於實現長期利潤率非常重要。不過你提問的框架完全正確。我們一直提到長期利潤率在 15% 到 20% 的區間。我們也進一步提到，目標是在 2028 年達成中十位數的調整後 EBITDA 利潤率。因此我們看待槓桿的方式是：要達到那些利潤率，你需要中心毛利持續擴張。

And then you also get continued leveraging through your G&A line, which does come from items such as AI enablement, technological initiatives that kind of make us more efficient in being able to get the scale growth overall. So it is a key component just as we think about the long-term margin profile of the business.

同時，你也需要在 G&A（一般與行政費用）項目上持續產生槓桿效益，而這來自於例如 AI 賦能、各項科技計畫等，讓我們在推動整體規模成長時能更有效率。因此，當我們思考公司長期利潤率輪廓時，這確實是一個關鍵組成。

Ryan Daniels, William Blair.

Ryan Daniels，William Blair。

This is Matthew Mardula on for Ryan. Congrats on a great quarter. It's great to hear about all the productivity initiatives continuing to work well. But when we look ahead, are there still new productivity initiatives planned by the company to be released in the upcoming quarters that are in the company's pipeline? Or is the strategy more focused to work on the current productivity initiatives that are already established and going well instead of maybe adding new ones?

我是 Matthew Mardula，代替 Ryan 發言。恭喜本季表現亮眼。很高興聽到各項生產力提升措施持續發揮良好成效。但展望未來，公司是否仍規劃在接下來幾季推出新的生產力提升措施（目前已在公司規劃管線中）？還是策略會更著重於持續推進目前已建立且運作良好的生產力措施，而不是再新增新的措施？

Matthew, it's David. I'll take that one, and thanks for the congrats on the quarter. We're really pleased with the strong start to the year.

Matthew，我是 David。這題我來回答，也謝謝你對本季的祝賀。我們對今年強勁的開局感到非常滿意。

In regards to the clinician productivity, we have numerous initiatives that are underway. We've talked about that a lot in the back half of last year. The thing I always start with is remember, this is about visit growth. And what we're doing is an intentional balancing of using the available capacity of our existing clinicians versus hiring new clinicians. And the higher productivity benefits, both the clinician as well as the LifeStance.

就臨床人員生產力而言，我們有多項正在推進的措施。我們在去年下半年已經談了很多。我一開始總會先提醒：這主要是關於就診量（visit）成長。我們正在有意識地在運用現有臨床人員的可用產能與增聘新臨床人員之間做平衡。而更高的生產力對臨床人員以及 LifeStance 都有好處。

So we're going to continue to look for new opportunities to improve productivity, while we're also continuing to execute on the initiatives that we've talked about for the past half year, of which all of those are durable and are continuing. You're seeing that in our results. But I always come back to it that intentional balancing. And when we think about the long-term growth algorithm, we still point to that that's going to be primarily driven by net clinician adds versus productivity and with productivity just being complementary.

因此，我們會在持續執行過去半年所談到的各項措施（這些措施都具持久性且仍在延續）的同時，也會繼續尋找新的機會來提升生產力。你們也在我們的業績結果中看到了這點。但我總會回到那個「有意識的平衡」。而當我們思考長期成長方程式時，我們仍認為主要驅動力會是臨床人員淨增加（net clinician adds），生產力只是輔助性的。

Great. And then regarding visits, with that coming in strong at, I think, roughly 18% growth in Q1. And then given the last two quarters before Q1, we've seen visit growth around that 16% to 18% growth. And when we think about your guidance of that low double-digit visit growth going forward, should we maybe be expecting visits not to accelerate as seen in the past quarters in the back half? And that might just be because of the productivity initiatives that were established and gaining maturity in the second half of last year.

了解。接著關於就診量，第一季表現強勁，我想大約成長了 18%。而在第一季之前的兩個季度，就診量成長大約也在 16% 到 18% 之間。當我們看你們對未來的指引是低雙位數的就診量成長時，我們是否應該預期下半年就診量不會像過去幾季那樣加速？而這可能只是因為去年下半年建立的生產力措施已逐步成熟所致。

But if you could just kind of help me understand, what you're thinking about visit growth for the rest of the year? And any color into that given what we've seen in the past couple of quarters would be great.

但如果你能幫我理解一下，你們對今年剩餘期間的就診量成長是怎麼思考的？也希望能就過去幾季的表現提供一些補充說明。

Yes. So perfect. This is Ryan. I'll jump in there for that one. So first and foremost, just as you talk about the guide, overall, we're very pleased with the guide. So just you take it from a top line from a revenue perspective, growing at the midpoint at 17%. And then if you go down the P&L to adjusted EBITDA of 33%.

好的。非常好。我是 Ryan。這題我來補充。首先，談到整體指引，我們對這份指引非常滿意。從營收的角度看，以中位數計算成長 17%。再往下看損益表，調整後 EBITDA 成長 33%。

When you think about revenue, so I'll start there is, obviously, we've raised our guidance by $25 million. When you think about the 17% year-over-year growth, it takes on a more normal shape to some of our consistent patterns that we've had in terms of revenue being approximately 50/50 first half versus second half, with second half being modestly higher. And so that plays into the whole visit volume.

談到營收，我先從這裡開始：很明顯地，我們把指引上調了 2,500 萬美元。以年增 17% 來看，營收的季節性走勢會更接近我們一貫較正常的型態，也就是上半年與下半年大約各占 50/50，而下半年會略高一些。因此這也會影響到整體就診量。

So we do have -- and you referenced this in your question, as you get into the second half of the year, you do lap your productivity initiatives. And as Dave mentioned, our growth will always be primarily from net clinician adds complemented by productivity, and you see more of that dynamic kind of happening in the second half versus the big gains in productivity that we saw in the second half of last year and the first half that we're expecting this year.

所以我們確實有——你在問題中也提到——進入下半年後，會遇到生產力措施的比較基期（lap）。如 Dave 所說，我們的成長主要永遠會來自臨床人員淨增加，生產力則作為補充；而你會看到這種動態在下半年更為明顯，相較之下，去年下半年以及我們預期今年上半年所看到的生產力大幅提升會較少。

Richard Close, Canaccord.

Richard Close，Canaccord。

Yes, John Pinney on for Richard Close. Congrats on the quarter. First, on the clinician adds, do you have any sense of, like where a majority of the strong quarter, 309 adds sequentially, where a majority of them are coming from? And how many are attributable to the tuck-in acquisitions? Are they mostly like new adds? Are they moving from private practice? Or just any other sense of the source?

是的，我是 John Pinney，代替 Richard Close 發言。恭喜本季表現。首先關於臨床人員新增，你們是否能大致說明一下，本季強勁表現（連續季增加 309 人）主要來自哪些來源？其中有多少可歸因於補強式併購（tuck-in acquisitions）？主要是新招募的人員嗎？是從私人診所轉過來的嗎？或是其他來源？想請你們分享一些看法。

John, this is Dave. I'll take that one. So first of all -- I'll take the last part of your question first. M&A did contribute in the quarter to net clinician adds, but very modest. So as mentioned in our prepared remarks, M&A is immaterial to two tuck-ins from a contribution perspective. So the net clinician growth is primarily driven by organic hiring, again, with stable retention.

John，我是 Dave。這題我來回答。我先從你問題的最後一部分說起。本季併購確實對臨床人員淨增加有貢獻，但幅度非常小。如同我們在事先準備的講稿中提到，從貢獻角度來看，併購（兩個補強式併購）影響並不重大。因此，臨床人員淨成長主要是由有機招募所驅動，同時留任率保持穩定。

Now your first part of the question, where are those clinicians coming from? No real change in that dynamic. We continue to see clinicians coming from three buckets. The first is and the largest being clinicians that are $10.99, small practice, and they're looking for more support and a stronger connection to our practice. And so they're joining us.

至於你問題的第一部分：這些臨床人員從哪裡來？這個動態沒有太大改變。我們持續看到臨床人員主要來自三個類別。第一類也是最大宗，是在小型診所執業的臨床人員，他們希望獲得更多支援，並與我們的診所體系建立更緊密的連結。因此他們加入我們。

The second bucket I'd highlight is the clinicians that are salaried, this is a smaller bucket. These are ones that are at hospital systems or practices like that, and they're looking for more flexibility, but while still retaining some of those W-2 benefits in regards to health, health care, matching 401(k), those kinds of things.

第二類我想強調的是領薪（salaried）的臨床人員，這一類相對較小。他們原本在醫院體系或類似的機構/診所工作，正在尋求更大的彈性，但同時仍希望保留部分 W-2 的福利，例如健康保險、醫療保險、401(k) 雇主提撥配對等這些項目。

And then the third bucket is new graduates. So individuals that are just graduating from school, then getting their licensure and coming to work at LifeStance. We continue to have a strong pipeline across all 3 of those categories. And again, I wouldn't point to anything new in the first-quarter.

第三類是新畢業生。也就是剛從學校畢業、取得執照後，來 LifeStance 工作的人。我們在這三個類別上都持續有強勁的人才管線。同樣地，我不會特別指出第一季有任何新的變化。

All right. And then on the EBITDA guidance, it looks like margin at the midpoint steps up with the 2Q guidance. And for the full year, it stays pretty consistent with what was achieved in first-quarter. Is there anything to like keep in mind when modelling in the second half of the year?

了解。接著關於 EBITDA 指引，看起來以中位數來看，第二季指引的利潤率有所提升。而就全年而言，則大致維持在第一季達成的水準附近。在建立下半年模型時，有沒有什麼需要特別留意的？

Yes. So this is Ryan. So I'll jump in on that question. So you got it right, like overall. One thing kind of as you're thinking about your models is that G&A does step up $6 million from our previous guidance. We're very thoughtful about, like the investments that support our growth.

是的。我是 Ryan。我來回答這題。你整體理解得沒錯。在你建模時，有一點需要注意：相較於我們先前的指引，G&A（一般及行政費用）會增加 600 萬美元。我們對於支持成長的投資項目一直都非常審慎。

As it relates to G&A, there's really nothing significant to point to as it relates to -- we talked about this a little in Craig's question just around continued investment around AI and technology and then also in patient acquisition on a BD perspective. But when you're looking at just the sequencing the phasing second half versus first half, that is something that's notable just in terms of kind of key difference between first half and second half.

就 G&A 而言，基本上沒有什麼特別重大的事項可指出——我們在 Craig 的提問中也稍微談到，主要是持續在 AI 與科技方面投資，另外也從 BD 的角度在病患獲取上投入。但當你看下半年相對於上半年的排序與節奏（phasing）時，這點就比較值得注意，算是上半年與下半年之間的一個關鍵差異。

David Larsen, BTIG.

David Larsen，BTIG。

Congrats on another great quarter. Can you talk a little bit about the technology infrastructure and basically the conversion from inbound inquiries from prospective patients to first visit? And maybe just talk about how that process is evolving or improving or how it's changed over the years and what your expectations are for it going forward?

恭喜又交出一個很棒的季度。能否談談科技基礎設施，以及基本上如何把潛在病患的入站諮詢轉換為首次就診？也請談談這個流程如何演進或改善、這些年來有何變化，以及你們對未來的預期？

Dave, this is Dave. I'll take that one. So in regards to the conversion of patients seeking care to a booked appointment, one of our big focus areas for online booking is we've rolled out what we're calling Care Matching 2.0. And we had piloted the new solution. It's a new algorithm, with a little bit of new technology in the back half of last year and the beginning of this year, and that went really well. What we're seeing is an improvement in conversion of patients seeking care to a book appointment by about 5%.

Dave，我是 Dave。我來回答這題。關於把尋求照護的病患轉換為已預約的門診，我們在線上預約的一個重點是推出我們稱為 Care Matching 2.0 的功能。我們已先行試點這個新方案。這是一個新演算法，並在去年下半年到今年年初導入了一些新的後端技術，效果非常好。我們看到，尋求照護的病患轉換為成功預約的轉換率提升了約 5%。

And so as a result, we're now rolling out that new Care Matching algorithm and online tool across the country and have that rolled out completed in the next couple of months. So we're really pleased with that.

因此，我們現在正把這套新的 Care Matching 演算法與線上工具在全國範圍內推廣，預計在接下來幾個月內完成部署。我們對此非常滿意。

We won't stop there. It's really a journey. We'll also be looking at the patient experience online as they're going through that process and are there opportunities to reduce friction. And we'll be doing some of that exploration in the back half of this year.

我們不會就此止步。這其實是一段旅程。我們也會檢視病患在線上走完整個流程時的體驗，看看是否有機會降低摩擦。今年下半年我們會進行部分探索。

Great. And then can you talk a little bit about how you measure results like the functionality of the patient themselves? And I guess, I don't know, perhaps like performance with activities of daily living. Are they tracking health improvement metrics? And do you have an app where the members can sort of correspond with the docs on a real-time basis and track and measure habits so that you can sort of see and track how all the patients are doing and if they're improving? And if so, like by how much?

很好。另外，你們能否談談如何衡量像是病患本身功能狀態之類的結果？我想例如日常生活活動（activities of daily living）的表現。你們是否在追蹤健康改善指標？以及你們是否有 App 讓會員能以即時方式與醫師互動，並追蹤與衡量習慣，讓你們可以觀察與追蹤所有病患的狀況以及是否在改善？如果有的話，大概改善多少？

Yes. This is Dave. I'll take that one as well. There are a couple of things there. So first of all, from a measurement perspective, and I talked about in my prepared remarks, the study that we published based on data we had across 180,000 patients, and that data was from last year. What we're doing now is on a regular basis, monthly, we're checking in with our patients, and they're completing surveys primarily around anxiety and depression, and that allows us to track their progress.

有的。我是 Dave。這題我也來回答。這裡面有幾個面向。首先在衡量方面，我在事先準備的發言中提到我們發表的研究，該研究基於我們涵蓋 180,000 名病患的資料，而那份資料來自去年。我們現在做的是定期、每月與病患進行追蹤，他們主要會完成與焦慮和憂鬱相關的問卷，這讓我們能追蹤他們的進展。

And if it's going great, then we stay the course. But obviously, if their health is not improving, then what we're doing is we're exploring from a care pathway perspective, what are other options that our clinicians could provide to those patients to improve their health. And that survey is taken by the patients in our digital patient check-in tool. So that's where the patient interacts and fills out that information.

如果進展很順利，我們就維持既定方向。但很明顯地，如果他們的健康沒有改善，我們就會從照護路徑（care pathway）的角度去探索：臨床人員還能提供哪些其他選項來改善這些病患的健康。而這份問卷是由病患透過我們的數位病患回訪（check-in）工具填寫。也就是病患在那裡互動並填入相關資訊。

In regards to an app, we do not have that, so we do not have that capability you described. That is something that we're exploring. And we think about it as almost a continuum of care and what are ways that we can interact with and support the patient in between the visits that they're having with their clinicians. So more to come on that. And we do believe that that will eventually improve the outcomes for patients and potentially get them healthier faster. But that's more of an in the exploration phase at this stage.

至於 App，我們目前沒有，所以也沒有你所描述的那種功能。這是我們正在探索的方向。我們把它視為一種照護的連續體（continuum of care），思考有哪些方式能在病患與臨床人員每次就診之間，持續互動並支持病患。所以後續會有更多進展。我們也相信，這最終會改善病患的治療結果，並可能讓他們更快恢復健康。但目前仍處於探索階段。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO Capital Markets。

Maybe just staying on that outcome study, Dave, you just mentioned, how do you leverage those findings now? Is this more of a tool that helps with negotiations, and coverage and rates from managed care? Or is this something that maybe more helps with like competitive positioning, competitive differentiation and driving more referral volumes from primary care? Or is it kind of all of the above? Just how do you kind of like operationalize this now?

或許就你剛提到的那項結果研究延伸一下，Dave，你們現在如何運用那些發現？這更多是用來協助與管理式照護（managed care）在承保與費率上的談判工具嗎？還是說它更有助於競爭定位、競爭差異化，並帶動來自基層醫療（primary care）的更多轉介量？或者是以上皆是？你們現在大概如何把它落地到營運上？

Yes. It's Dave. I'll take that one, Sean. You nailed it. It's really all of the above, right? So first of all, as I was just talking about, it's going to become a more increasingly important part of how we provide care to patients because it's rich data that our clinicians can use in the treatment of their patients and understanding how their health is improving or not improving. So that starts there.

是的。我是 Dave。Sean，我來回答。你說得沒錯。基本上就是以上皆是。首先，如同我剛剛提到的，這會成為我們提供病患照護方式中愈來愈重要的一部分，因為這是豐富的資料，臨床人員可用於治療病患，並了解他們的健康是否在改善。所以先從這裡開始。

And then sure, it becomes a proof point for us as we're working with referral partners or prospective referral partners about them sending their patients to us. It's part of establishing that trust. And then in regards to the payer dynamic, today, most payers are still focused on access. They need access for their members and they're hearing it from their corporate clients around that access to outpatient mental healthcare.

接著，當然，當我們與轉介合作夥伴或潛在轉介合作夥伴合作、討論把病患轉介給我們時，這些結果就成為我們的佐證。這也是建立信任的一部分。至於付款方（payer）的動態，目前大多數付款方仍然聚焦在可近性（access）。他們需要為其會員提供可近性，也從企業客戶那裡聽到對門診心理健康照護可近性的需求。

But we believe that it will become increasingly important to be able to demonstrate quality outcomes. And that's why we have such a big focus on clinical excellence. And we're going to continue to put a lot more emphasis on that this year and in the coming years. We believe there's a lot of opportunity for us to be able to differentiate ourselves versus other practices.

但我們相信，能夠證明高品質的治療結果將會變得愈來愈重要。這也是為什麼我們如此重視臨床卓越。今年以及未來幾年，我們會持續在這方面投入更多重點。我們相信，我們有很大的機會能相較其他診所（practices）形成差異化。

Okay. Great. And then maybe going back to the clinician productivity enhancements. You talked about one of the other maybe less direct benefits of that being improved clinician satisfaction and that leading to less turnover since they're getting the hours they want as they're seeing more patients. I guess, with having a couple of quarters of kind of that behind you now, these improved productivity tools, have you seen any change in clinician retention or clinician churn, or is it maybe still a little too early to tell?

好的。很棒。另外回到臨床人員生產力提升這件事。你提到其中一個較不直接的好處是提升臨床人員滿意度，進而因為他們在看更多病患的同時也能拿到想要的工時，而降低離職率。我想問的是，在你們已經有幾個季度的經驗、這些生產力工具也推行一段時間後，你們是否看到臨床人員留任或流失（churn）有任何變化？還是可能仍然有點太早下結論？

I think it's too early to tell. What we're seeing is continued stable retention. We are anecdotally getting very positive feedback from clinicians around us better filling their calendars, the new cash incentive program that's tied to both productivity and quality.

我認為現在下結論還太早。我們看到的是留任率持續穩定。我們也從臨床人員那裡零星（anecdotally）收到非常正面的回饋，包含我們更有效地把他們的行事曆排滿，以及新的現金獎勵計畫，該計畫同時與生產力與品質掛鉤。

So again, we're continuing to get anecdotally positive feedback from the clinicians, but we have not seen anything meaningfully move in regards to retention.

所以再說一次，我們仍持續從臨床醫師那裡聽到一些口碑上的正面回饋，但在留任率方面，我們尚未看到任何有意義的變化。

Congratulations on the quarter.

恭喜本季表現。

Jack Slevin, Jefferies.

Jack Slevin，Jefferies。

Congrats on the really strong quarter. Maybe I'll just tack two into one here. I guess looking at the stack of the guidance, a lot of commentary on the productivity efforts and other things. But maybe just more granularly thinking about care margin, I think, it assumes sort of a higher year-over-year step-up based on how that trended last year when you look at the last three quarters.

恭喜你們交出非常強勁的一季。我想把兩個問題合併問一下。我想從指引的組成來看，市場上有很多關於提升生產力與其他事項的評論。但若更細緻地從照護毛利（care margin）來看，我認為它似乎假設了較高的年對年提升幅度，因為回頭看去年最後三個季度的趨勢。

Can you maybe just talk a little bit about what drives that or what in the baseline from last year may not necessarily be the right thing to comp against as you think about the care margin performance that's implied in the new guidance?

你能否談談是什麼因素驅動這點？或者在你們思考新指引所隱含的照護毛利表現時，去年基期中有哪些部分未必是最適合拿來做比較的基準？

And then the second one, we noticed over the last, call it, five or six months that payers have been broadening access for TMS or some of the higher acuity services that you provide. Can you maybe just talk a little bit about how that's trending for you or if you see potential for that to accelerate? Optum quite recently made it possible for NPs to bill for that service, which they previously had not allowed in a number of states. I'd just love to think about that broadly and if those good trends can continue or if there's potential to accelerate.

第二個問題，我們注意到在過去大約五、六個月，付款方（payers）正在擴大對 TMS 或你們提供的一些較高急性度服務的可近性。你能否談談這對你們而言目前的趨勢如何，或你是否看到有加速的可能？Optum 最近讓 NP（執業護理師）可以就該服務進行請款，而先前在許多州並不允許。我很想更廣泛地了解這件事，以及這些正向趨勢是否能延續，或是否有加速的空間。

Jack, this is Ryan. I'll start off on the first question. I think Dave will jump in on the second part of your question. So as it relates to Center Margin, just as it relates to the step-up that we're seeing there. So when you look on a year-over-year basis, Center Margin approximately has improved about 130 bps. So went from last year, 32.4% to implied in our guide is 33.7% this year.

Jack，我是 Ryan。我先回答第一個問題。我想 Dave 會補充你問題的第二部分。就中心毛利（Center Margin）而言，關於我們看到的提升幅度。以年對年來看，中心毛利大約改善了 130 個基點。也就是從去年的 32.4%，提升到我們今年指引所隱含的 33.7%。

When you think about some of the components just in terms of the favourability, it really is from rate, operating leverage from volume, which includes some of the productivity initiatives that we've talked at length about, and then also just some favourable spending kind of within that bucket.

談到有利因素的組成，主要來自費率（rate）、量能帶來的營運槓桿（包括我們先前詳細談過的一些生產力計畫），以及在該項目中一些較有利的支出表現。

When you think about the spending, I wouldn't point to anything specific on that. But to go back to like we're really pleased with the progression just as it relates to being able to expand our Center Margin, and it's tied back to just Center Margin expansion in addition to G&A leveraging gets us to our long-term growth algorithm. And I'll turn it over to Dave to answer the specialty question.

至於支出面，我不會特別指向某一個具體項目。但回到重點，我們對於能夠持續擴大中心毛利的進展感到非常滿意；這與中心毛利擴張以及一般與行政費用（G&A）的槓桿化相結合，能支持我們的長期成長算法。我把問題交給 Dave 來回答專科服務的部分。

Yes. So in regards to specialty, just from a grounding, last year, we did about $50 million in revenue from specialty services, and we expect that to grow to roughly $70 million this year or about 40% year-over-year increase. The majority of the $50 million is neuropsych testing, where we're the national leader in that particular service.

好的。就專科服務而言，先提供一些背景：去年我們的專科服務營收約為 5,000 萬美元，我們預期今年將成長到約 7,000 萬美元，約為年對年 40% 的增幅。這 5,000 萬美元中的大部分來自神經心理測驗（neuropsych testing），而我們在該服務領域是全國領導者。

But then when you step into 2026, the higher growth rate versus regular book of business is driven by the TMS and Spravato services, which we're in the early stage on from a rollout perspective. We're adding new TMS chairs and Spravato sites every quarter, and we'll continue to do that for some time to come.

但當你展望 2026 年，相較於一般既有業務更高的成長率，將由 TMS 與 Spravato 服務所驅動；從推廣（rollout）的角度來看，我們仍處於早期階段。我們每一季都會新增 TMS 治療椅與 Spravato 服務據點，並且在未來一段時間會持續這麼做。

The other thing I would point to, Jack, is we're really set up well for these specialty services, whether it's TMS Spravato or if there is new things that are approved in the future, like psychedelics because we have over 575 centers. And so this ends up being a very low capital intensity for us because we're able to leverage those centers, and it works well for our model and providing holistic treatment for our patients, especially for the patients that need these services.

另外我想指出的是，Jack，我們在這些專科服務上其實具備很好的佈局，不論是 TMS、Spravato，或未來若有新核准的療法，例如迷幻藥物（psychedelics），因為我們擁有超過 575 家中心。因此對我們而言資本密集度非常低，因為我們能夠利用既有中心的資源；這也很符合我們的商業模式，並能為病患提供更全面的治療，特別是需要這些服務的病患。

Congrats again on the strong results.

再次恭喜你們的強勁成果。

Peter Warndorff, Barclays.

Peter Warndorff，Barclays。

You guys opened six centers this year -- this quarter and you had two tuck-in acquisitions. So I was just curious what the cadence might look like for the rest of the year.

你們今年——本季——新開了六家中心，並完成了兩筆補強式收購（tuck-in acquisitions）。所以我想了解一下，今年剩餘時間的節奏大概會是如何。

And then when it comes to that M&A, I know you've talked about recently how some of the larger businesses in that kind of $200 million to $250 million range maybe had higher valuations than private markets. I mean, are you seeing anything differently there?

另外談到併購（M&A），我知道你們最近提到，一些規模較大的企業（大約 2 億到 2.5 億美元營收區間）其估值可能高於私募市場。我的意思是，你們在這方面有看到任何不同的變化嗎？

Peter, this is Dave. I'll take that. So in regards to the first-quarter, firstly, you had your facts right. So we opened 6 centers, and we had the two tuck-in acquisitions. In regards to the rest of the year, what we've talked about is opening up 20 to 30 centers for the full year. We're still on pace for that.

Peter，我是 Dave。我來回答。就第一季而言，首先，你的資訊是正確的。我們開了 6 家中心，也完成了兩筆補強式收購。至於今年剩餘時間，我們先前談到的是全年新開 20 到 30 家中心；目前仍在這個進度上。

And then from an M&A perspective, we have a strong pipeline of tuck-in opportunities that we're evaluating. Obviously, there's a lot of moving pieces there. So I don't want to make any commitments in regards to the timing on those. But we do expect the tuck-in acquisitions to be a meaningful part of our geographic expansion strategy going forward and we do intend to do those on a regular basis.

而從併購角度來看，我們有一條強勁的補強式機會管線正在評估。當然其中有很多變動因素。所以我不想對時點做任何承諾。但我們確實預期，補強式收購將會是我們未來地理擴張策略的重要一環，而且我們也打算定期進行。

In regards to the overall M&A environment, no change to what we said last quarter, and that is we see meaningful opportunity in the tuck-in type acquisitions, or down market. We do not see meaningful opportunity for us -- as you get into that next or the biggest tier of our competitors that are in that $200 million, $250 million of annual revenue.

至於整體併購環境，與我們上季所說的沒有改變：我們在補強式收購、或較低市場（down market）的收購類型上看到顯著機會。但當你進一步到下一層級、也就是我們最大一檔競爭對手那種年營收約 2 億到 2.5 億美元的規模時，我們並未看到對我們而言有顯著機會。

And the reason we don't see an opportunity there is because there's a lot of geographic overlap between us and them. And so there's just not meaningful synergy or value creation in the combining of those practices with us. It's just much more financially effective for us to grow organically rather than trying to do an acquisition of one of those larger practices.

我們之所以看不到那裡的機會，是因為我們與他們在地理分布上有很高的重疊。因此把那些診所與我們合併，並不會產生顯著的綜效或價值創造。對我們而言，與其嘗試收購其中一家較大型的機構，透過有機成長反而在財務上更有效率。

Got it. Okay. And then on the visit rate side, you had a nice bump in 1Q, up about 3% year-over-year. Just curious, I think that last year, you had the last customer pricing impact that came through in March. So maybe there was a bit of a headwind still in 1Q. How should we think about the cadence of that over the remainder of the year?

了解。好的。另外在就診率（visit rate）方面，你們在第一季有不錯的提升，年對年約增加 3%。我想了解的是，我記得去年最後一波客戶定價影響是在 3 月反映出來。所以第一季可能仍有一些逆風。我們應該如何看待今年剩餘時間這部分的節奏？

Yes. So Peter, again, your facts set is right. So we're actually really pleased with the TRPV. You referenced the 3% year-over-year. So we did $163 from a TRPV perspective. So sequentially, that grew $3.80. This is key as we think about just rate in general. This is one of the reasons why we raised our revenue $25 million and also EBITDA by the $15 million for the full year was on the strength of rate increases.

是的。所以 Peter，再次，你的事實基礎是正確的。所以我們其實對 TRPV 非常滿意。你提到了年增 3%。所以從 TRPV 的角度來看，我們做到 163 美元。所以按季來看，增加了 3.80 美元。這一點很關鍵，因為我們在思考整體費率時會納入考量。這也是我們把全年營收上調 2,500 萬美元、同時把 EBITDA 上調 1,500 萬美元的原因之一，主要是受惠於費率上調的力道。

As we think about the balance of the year, we're still guiding too low to mid-single digit as it relates to rate. We still have some work to do as it relates to kind of executing on the rate and payer negotiations. I would kind of frame the overall environment consistent to like our prior calls just around it's very constructive, and we're getting really good response from the payers.

當我們思考今年剩餘期間時，就費率而言，我們仍指引為低到中個位數成長。在費率執行與付款方談判方面，我們仍有一些工作要做。我會把整體環境描述得與我們先前電話會議一致：整體非常具建設性，而且我們從付款方那裡得到非常好的回應。

So again, when you think about this year, guiding too low to mid-single digits. And again, it's also a critical component to our long-term growth algorithm kind of in that same range, low to mid-single digits. So we really like the momentum that we're seeing there.

所以再次，當你看今年時，我們指引為低到中個位數。而且再次，這也是我們長期成長算法中的關鍵組成部分，大致也在同樣的區間：低到中個位數。所以我們非常喜歡目前看到的動能。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

Almost got it there. Congrats on the strong start of the year, really firing on all cylinders here, team. My question is a follow-up on the six de novo adds. Are those -- historically, you talked about trying to build density in metropolitan areas. Is that the way we should be thinking about those adds? And then when you're starting a de novo clinic, can you talk about the productivity ramp up? It seems like these technology investments have caused your productivity ramp to be quite quick. Maybe just walk us through your de novo strategy and the productivity on these de novo adds.

差點就說對了。恭喜今年開局強勁，團隊這邊幾乎各方面都火力全開。我的問題是延伸追問新增的 6 家 de novo。這些新增點位——過去你們談到希望在都會區建立密度。我們是否應該用這個角度來理解這些新增？另外，當你們啟動一家 de novo 診所時，能否談談生產力的爬坡？看起來這些科技投資讓你們的生產力爬坡相當快。也許請帶我們走一遍你們的 de novo 策略，以及這些 de novo 新增點位的生產力表現。

Scott, it's Dave. I'll take that one. So in regards to the de novos or the building of new centers, they come in a lot of different flavours. So you could have a center going in, in an adjacent town where we already have an existing center, already have existing referral partnerships, things like that. And so that kind of center is going to ramp very quickly. Those are the majority -- when we talk about the 20 to 30 centers that will build this year, that's the majority of the centers that are being added.

Scott，我是 Dave。這題我來回答。關於 de novo 或新中心的建置，其實有很多不同類型。例如，你可能在相鄰城鎮設立一個中心，而我們在那裡已經有既有中心、既有轉介合作夥伴等。因此，這類中心的爬坡會非常快。這類型占大多數——當我們談到今年將建置 20 到 30 個中心時，新增的多數中心都屬於這一類。

We also are placing some de novos in brand-new geographies, because again, our preferred entry is through M&A rather than going pure de novo. That's a minority of the centers that we're adding in that 20 to 30. And those are going to have a slower ramp than the first category that I mentioned. That you're looking at more of 12 to 24 months to getting to breakeven. But again those are important beachheads that are going to be the foundation for growth in the years to come.

我們也會在全新地理區域設立一些 de novo，因為再次強調，我們偏好的進入方式是透過併購（M&A），而不是純粹靠 de novo。在那 20 到 30 個新增中心中，這只占少數。而這些中心的爬坡會比我提到的第一類更慢。你會看到大約需要 12 到 24 個月才能達到損益兩平。但再次，這些是重要的灘頭堡，將成為未來幾年成長的基礎。

That's helpful. And then this is sort of an industry broad general question. You've seen a lot of industry changes and shifts, whether it be a large D2C behavioural health company trying to get into the payer market. And then a company in the behavioural health space that was acquired by a large provider network.

這很有幫助。接著這是一個偏產業面的通用問題。你們看到很多產業變化與轉移，例如一家大型 D2C 行為健康公司試圖切入付款方市場。另外，行為健康領域也有公司被大型醫療服務提供者網路收購。

May be talk about is that -- are you seeing impacts on either recruitment or patient perspective or rate perspective from the payers? Maybe talk about what's changing in the competitive landscape and if it's impacting you guys at all?

能否談談這是否——你們是否在招募、病患端，或付款方的費率面看到任何影響？也請談談競爭版圖有哪些變化，以及是否對你們造成任何影響？

This is Dave. I'll take that one. In regards to the overall industry, you always have to start from the framing of it is still a highly, highly fragmented industry. And so you should expect that there will be consolidation in the years to come. And I think we're in the early days of consolidation.

我是 Dave。這題我來回答。談到整體產業時，你必須先從一個框架出發：這仍然是一個高度、非常高度分散的產業。因此你應該預期未來幾年會出現整併。而我認為我們正處於整併的早期階段。

And I really like where LifeStance is positioned to be able to take advantage of those trends going forward. And because the industry is so fragmented, because there's such unmet demand from patients, we're not seeing any changes in regards to new patient volumes, clinician hiring, things like that. And you're seeing that in our results in the first-quarter with really being strong across pretty much every aspect of the business.

而我非常喜歡 LifeStance 的定位，能在未來善用這些趨勢。而且因為產業非常分散、病患仍有大量未被滿足的需求，我們在新病患量、臨床人員招募等方面，並沒有看到任何變化。你也能從我們第一季的結果看出來，幾乎在業務的每個面向都表現強勁。

That will conclude our question-and-answer session. And I will now turn the call back over to Dave Bourdon, Chief Executive Officer, for closing remarks. Please go ahead.

問答環節到此結束。接下來我將把電話交回給執行長 Dave Bourdon 進行結語。請開始。

Thank you, operator. I want to take a moment to recognize our nearly 11,000 mission-driven teammates. Every day, you show up for our patients, often at some of the hardest moments in their lives, and you do it with extraordinary compassion, professionalism, and resilience. And I'm deeply grateful for what you do.

謝謝，接線員。我想花點時間表揚我們近 11,000 位以使命為導向的同仁。每天，你們都為病患挺身而出，往往是在他們人生中最艱難的時刻之一，而你們以非凡的同理心、專業與韌性做到這一點。我對你們所做的一切深表感謝。

Mental healthcare has never been more essential. We're proud of the difference LifeStance is making today, and we're even more committed to expanding our reach so we can help millions more people get the high-quality care they deserve. Thank you for joining us today. Operator, that will conclude our call. Thank you.

心理健康照護從未如此重要。我們為 LifeStance 今天所帶來的改變感到自豪，也更加致力於擴大我們的觸及範圍，好讓我們能協助更多數以百萬計的人獲得他們應得的高品質照護。感謝各位今天加入我們。接線員，我們的電話會議到此結束。謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。