LifeStance Health Group, Inc. (LFST) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to LifeStance Health second quarter 2026 earnings call. (Operator Instructions) I would now like to turn the conference over to Monica Prokocki. You may begin.

您好，感謝您稍候。我叫 Bella，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 LifeStance Health 2026 年第二季財報電話會議。(接線員指示) 現在我想將會議交給 Monica Prokocki。您可以開始了。

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's second quarter 2026 earnings conference call. 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. We issued the earnings release and presentation before the market open 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.

謝謝，接線員。各位早安，歡迎參加 LifeStance Health 2026 年第二季財報電話會議。我是 Monica Prokocki，財務與投資人關係副總裁。今天與我一同出席的有執行長 Dave Bourdon，以及財務長 Ryan McGroarty。我們已於今天開盤前發布財報新聞稿與簡報。兩者皆可於我們網站 investor.lifestance.com 的投資人關係專區取得。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. 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.

在把時間交給管理團隊進行預先準備的發言之前，請各位留意財報新聞稿與向美國證券交易委員會（SEC）申報文件中所載的前瞻性陳述免責聲明。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 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 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，我將把電話會議交給 LifeStance 的執行長 Dave Bourdon。Dave？

Thanks, Monica, and thank you all for joining us today. This was another exceptional quarter for LifeStance. We exceeded each of our guided metrics for the quarter, delivering remarkable revenue growth of over 26% and adjusted EBITDA margins that exceeded 15%. Given the outperformance in the quarter, we are again raising our full year guidance across all metrics. Ryan will provide the details on our improved view of 2026 later.

謝謝 Monica，也感謝各位今天加入我們。這是 LifeStance 又一個表現卓越的季度。我們超越了本季所有指引指標，實現超過 26% 的亮眼營收成長，且調整後 EBITDA 利潤率超過 15%。鑑於本季表現優於預期，我們再次上調全年各項指引。Ryan 稍後將提供我們對 2026 年展望改善的細節。

Regarding operational execution, we continue to grow our clinician base now at over 8,500 clinicians as our value proposition continues to resonate. Clinician productivity also remained strong in the quarter, reflecting the power of our operating model and discipline. As for specialty services, we continue to expand our reach as we launched TMS and Spravato in additional centers to support patients with treatment-resistant depression and to drive clinically meaningful improvements in outcomes.

在營運執行方面，隨著我們的價值主張持續獲得認同，我們的臨床人員規模持續成長，目前已超過 8,500 名臨床人員。本季臨床人員生產力亦維持強勁，反映出我們營運模式的效能與紀律。在專科服務方面，我們持續擴大覆蓋範圍，在更多中心推出 TMS 與 Spravato，以支援治療抗性憂鬱症患者，並推動在臨床上具意義的療效改善。

Turning to technology. We continue to deploy digital, AI-enabled and workflow automation tools that improve patient access, enhance the clinician experience and drive operational efficiency across the organization. Regarding our new EHR, we have begun our preparations for the transition to a new vendor planned for 2027. This investment is expected to be a critical enabler of our long-term strategy, helping us streamline front and back-office operations through more intelligent workflows, deliver a better patient and clinician experience that supports engagement and retention and equip clinicians with better tools to provide high-quality care and drive improved clinical outcomes.

接著談科技。我們持續部署數位化、AI 驅動與工作流程自動化工具，以改善病患就醫可近性、提升臨床人員體驗，並推動全組織的營運效率。關於我們新的 EHR（電子病歷系統），我們已開始為預計於 2027 年轉換至新供應商做準備。此項投資預期將成為我們長期策略的關鍵推動力，協助我們透過更智慧的工作流程精簡前台與後台作業，提供更佳的病患與臨床人員體驗以支持參與度與留任，並為臨床人員配備更好的工具，以提供高品質照護並帶動更佳的臨床結果。

Turning to geographic expansion. We have a significant opportunity to increase density within our existing markets and expand our footprint into new geographies as we only have a presence in roughly half of the 150 largest U.S. markets. In addition, there is substantial room to expand in smaller markets as well. Tuck-in acquisitions remain our preferred approach for entering new geographies, and we have a strong pipeline of opportunities that support our disciplined growth strategy.

接著談地理擴張。我們在既有市場中提升密度，以及將版圖擴展至新地區方面，擁有重大機會，因為我們目前僅在美國前 150 大市場中約一半設有據點。此外，在較小型市場也仍有相當大的擴張空間。小型併購（tuck-in acquisitions）仍是我們進入新地區的首選方式，我們也擁有強勁的機會管線，以支持我們具紀律的成長策略。

During the second quarter, we successfully completed another small tuck-in acquisition that expands our therapy and psychiatry presence in Arizona. Where compelling acquisition opportunities are not available, we will pursue expansion through our proven de novo approach.

在第二季期間，我們成功完成另一筆小型併購，擴大我們在亞利桑那州的心理治療與精神醫學服務布局。若缺乏具吸引力的併購機會，我們將透過已驗證的自建（de novo）方式推動擴張。

Finally, I'd like to highlight our ongoing commitment to clinical excellence, delivering high-quality care and improving patient outcomes is central to our mission and remains a key differentiator for LifeStance. During our first quarter call, we discussed outcomes data we published in April from nearly 180,000 LifeStance patients with moderate to severe anxiety and depression, which showed that roughly 3/4 experienced clinically significant improvements in their symptoms. More recently, we took that analysis a step further by examining outcomes from nearly 140,000 LifeStance patients across different generations and geographic regions.

最後，我想強調我們對臨床卓越的持續承諾：提供高品質照護並改善病患結果是我們使命的核心，也仍是 LifeStance 的關鍵差異化優勢。在第一季電話會議中，我們討論了我們於 4 月發布的結果數據，涵蓋近 180,000 名 LifeStance 中度至重度焦慮與憂鬱症患者；數據顯示約有 3/4 的患者症狀出現具臨床意義的改善。近期，我們更進一步，檢視了近 140,000 名 LifeStance 患者在不同世代與不同地理區域的結果。

What we found was remarkably consistent. At least 75% of patients experienced clinically meaningful improvement regardless of generation or region where they receive care. We believe these findings are important because they demonstrate that our strong outcomes are consistent across the diverse populations we serve. More broadly, we believe mental health care is entering its next phase where differentiation will increasingly be driven by outcomes, not just access.

我們發現結果高度一致。不論患者所屬世代或接受照護的地區，至少 75% 的患者都出現具臨床意義的改善。我們認為這些發現很重要，因為它們證明我們在所服務的多元族群中，仍能維持一致且強勁的治療結果。更廣泛而言，我們相信心理健康照護正進入下一個階段，未來差異化將愈來愈由「結果」而非僅僅「可近性」所驅動。

While we're pleased to have delivered another quarter of exceptional growth and outstanding margin expansion, we believe the larger opportunity lies ahead. The combination of our scale, clinical outcomes and geographic expansion opportunities positions LifeStance to lead the evolution of outpatient mental health care and supports our confidence in the significant growth runway still in front of us.

雖然我們很高興再次交出卓越成長與出色的利潤率擴張表現，但我們相信更大的機會仍在前方。我們的規模、臨床結果與地理擴張機會相結合，使 LifeStance 有能力引領門診心理健康照護的演進，並支持我們對未來仍具顯著成長跑道的信心。

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

接下來，我把時間交給 Ryan，請他就我們的財務表現與展望提供更多評論。Ryan？

Thanks, Dave. I am pleased with the team's tremendous operational and financial performance in the second quarter, which exceeded our expectations. For the quarter, revenue grew 26% to $435 million. Revenue surpassed our expectations from both better-than-expected visit volumes and total revenue per visit. Visit volumes of $2.6 million increased 19%. The outperformance was driven by a combination of better-than-expected clinician productivity and net clinician adds.

謝謝 Dave。我對團隊在第二季展現的卓越營運與財務表現感到滿意，成果超出我們的預期。本季營收成長 26%，達 4.35 億美元。營收超出我們預期，主要來自就診量與每次就診總營收皆優於預期。就診量為 260 萬次，成長 19%。優於預期的表現來自臨床人員生產力高於預期，以及臨床人員淨增加的綜合影響。

Total revenue per visit of $167 increased 6% and was ahead of our expectations. Our visits per average clinician were very strong once again, increasing 7% year-over-year for the third consecutive quarter. This was achieved while at the same time adding 193 clinicians in the second quarter, bringing our total clinician base to 8,542, representing growth of 11%. Turning to profitability. Center Margin of $153 million in the quarter increased 41% and was 35.2% as a percentage of revenue. This came in ahead of our expectations, primarily due to the revenue beat.

每次就診總營收為 167 美元，成長 6%，並高於我們的預期。我們每位平均臨床人員的就診次數再次表現非常強勁，年增 7%，且已連續第三個季度成長。同時，我們在第二季新增 193 名臨床人員，使臨床人員總數達 8,542 名，成長 11%。接著談獲利能力。本季中心毛利（Center Margin）為 1.53 億美元，成長 41%，占營收比重為 35.2%。此結果高於我們預期，主要由於營收優於預期。

Adjusted EBITDA increased 94% to $66 million in the quarter, which was very strong and exceeded our expectations with the outperformance driven by favorable Center Margin. This resulted in a margin as a percentage of revenue of 15.2%, which is an impressive improvement of over 500 basis points from the second quarter of last year. We also finished with positive net income of $24 million in the quarter, which was an improvement of $27 million from the second quarter of last year.

本季調整後 EBITDA 成長 94%，達 6,600 萬美元，表現非常強勁並超出我們預期；優於預期主要由中心毛利表現有利所帶動。因此，調整後 EBITDA 利潤率占營收比重為 15.2%，較去年第二季提升超過 500 個基點，改善幅度令人印象深刻。本季我們也實現 2,400 萬美元的正淨利，較去年第二季改善 2,700 萬美元。

Turning to liquidity. We generated robust free cash flow of $88 million in the quarter as compared to $57 million in the second quarter of last year. Free cash flow was driven by strong performance in collections in the quarter and also benefited from the favorable timing of payroll. These payments, along with our annual 401(k) match, represent roughly $60 million and will impact free cash flow in the third quarter. We exited the quarter with a strong balance sheet, including a cash position of $226 million and net long-term debt of $259 million.

接著談流動性。本季我們產生了強勁的自由現金流8,800萬美元，相較於去年第二季的5,700萬美元。自由現金流主要受惠於本季收款表現強勁，並且也因薪資發放時點有利而受益。這些付款連同我們年度401(k)雇主配比，合計約6,000萬美元，將在第三季影響自由現金流。本季結束時，我們的資產負債表維持強勁，包括現金部位2.26億美元，以及長期淨負債2.59億美元。

Importantly, that cash balance is post the $49 million deployment towards share repurchases during the quarter. As a result, our net leverage is currently 0.2x and gross leverage is 1.3x. Additionally, this morning, we announced that our Board of Directors approved a $100 million share repurchase authorization. Since launching our initial $100 million program earlier this year, we deployed $97 million of the previously authorized capacity. We believe we are well positioned with significant financial flexibility to support the business and execute on our strategic priorities.

重要的是，該現金餘額已反映本季用於股票回購的4,900萬美元支出。因此，我們目前的淨槓桿為0.2倍，總槓桿為1.3倍。此外，今天早上我們宣布董事會已核准1億美元的股票回購授權。自今年稍早啟動最初的1億美元計畫以來，我們已動用先前核准額度中的9,700萬美元。我們相信，我們具備顯著的財務彈性，能夠支持業務並落實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 $45 million at the midpoint to $1.685 billion to $1.725 billion. The midpoint of the revenue guidance range implies a growth rate of 20% for the full year. We are also raising our Center Margin range by $23 million at the midpoint to $570 million to $594 million and raising our adjusted EBITDA range by $15 million at the midpoint to $215 million to $235 million. The midpoint of the adjusted EBITDA guidance range implies a margin as a percentage of revenue of 13.2%, which is over 200 basis points of margin expansion year-over-year.

就全年展望而言，我們將營收區間中位數上調4,500萬美元至16.85億至17.25億美元。營收指引區間的中位數意味著全年成長率為20%。我們也將中心毛利（Center Margin）區間中位數上調2,300萬美元至5.70億至5.94億美元，並將調整後EBITDA區間中位數上調1,500萬美元至2.15億至2.35億美元。調整後EBITDA指引區間的中位數意味著其占營收比率為13.2%，較去年同期擴張超過200個基點。

Our updated annual guidance assumes year-over-year revenue growth driven primarily by higher visit volumes, combined with mid-single-digit increases to our total revenue per visit. Based on the adjusted EBITDA outperformance so far this year, we continue to give ourselves flexibility to make additional investments in the second half of this year to better position us to support our long-term growth objectives.

我們更新後的年度指引假設：年對年營收成長主要由更高的就診量所帶動，並結合每次就診總營收（total revenue per visit）的中個位數增幅。基於今年迄今調整後EBITDA的超預期表現，我們仍保留彈性，在今年下半年進一步加碼投資，以更好地支持我們的長期成長目標。

We are investing across a number of strategic priorities, including: first, we are driving patient acquisition and expanding access to our services through marketing and further growing our business development team. Second, we are investing in our technology team to support current and future tech and AI enablement. Third, we are building out the teams that lead and support clinical excellence to drive improved patient outcomes. And finally, we enhanced total compensation and benefits for our clinicians and many of our center support staff. These investments are reflected in our updated outlook and support our continued focus on balancing growth, operational execution and profitability.

我們正針對多項策略優先事項進行投資，包括：第一，透過行銷推動病患獲取並擴大服務可及性，同時進一步擴編我們的業務開發團隊。第二，我們投資於技術團隊，以支援目前及未來的技術與AI賦能。第三，我們擴建領導並支援臨床卓越的團隊，以推動更佳的病患治療結果。最後，我們提升了臨床人員以及許多中心支援人員的整體薪酬與福利。這些投資已反映在我們更新後的展望中，並支持我們持續聚焦於在成長、營運執行與獲利能力之間取得平衡。

Additionally, we continue to expect stock-based compensation of approximately $60 million to $70 million this year. For the third quarter, we expect revenue of $420 million to $440 million, Center Margin of $140 million to $152 million and adjusted EBITDA of $49 million to $59 million. Given our excellent performance in the first half of the year and the strong momentum in the business, I remain excited about our long-term growth potential.

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。就第三季而言，我們預期營收為4.20億至4.40億美元，中心毛利為1.40億至1.52億美元，調整後EBITDA為4,900萬至5,900萬美元。鑑於我們上半年表現優異以及業務動能強勁，我對我們的長期成長潛力仍感到振奮。

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

接下來，我把時間交回給Dave做結語。

Thanks, Ryan. In closing, our performance in the second quarter underscores the substantial opportunity in front of us. As we go deeper in our existing markets, grow our geographic reach, broaden our specialty capabilities and strengthen our differentiation through clinical excellence and measurable patient outcomes, we are positioning LifeStance for sustained long-term growth.

謝謝你，Ryan。總結來說，我們第二季的表現凸顯了我們面前龐大的機會。隨著我們在既有市場持續深耕、擴大地理覆蓋、拓展專科能力，並透過臨床卓越與可衡量的病患治療結果強化差異化，我們正為LifeStance的長期可持續成長奠定基礎。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

(接線員指示) Craig Hettenbach，摩根士丹利。

Dave, understanding you're coming up on more difficult comps on productivity. What are some of the levers that remain to pull on that front as you go forward?

Dave，了解你們在生產力方面即將面臨更具挑戰性的比較基期。展望未來，在這方面還有哪些槓桿可以運用？

Craig, this is Dave. And I appreciate the question around productivity. And the first thing I would say is that this is our fourth quarter of really strong productivity levels with our clinicians. And this is not just how we operate and manage the practice. We're continuing to evaluate opportunities and work on opportunities to improve that productivity level.

Craig，我是Dave。謝謝你關於生產力的提問。我首先想說的是，這已是我們臨床人員生產力水準非常強勁的第四個季度。這不僅是我們如何營運與管理診所的結果。我們仍在持續評估並推動各項機會，以進一步提升該生產力水準。

And just kind of a reminder, of -- from a productivity perspective, there's 2 angles to it. First, there is -- we have to increase the flow of new patients. And we've talked in the past about actions like improving conversion of patients that are seeking care to a booked appointment and continue to work on activities like that.

再提醒一下，從生產力角度來看有兩個面向。第一，我們必須提高新病患的流入量。我們過去談過一些作法，例如提升從尋求照護的病患到成功預約掛號的轉換率，並持續推動這類活動。

And then the other side of that is just general practice management actions like optimizing clinician schedules so that those schedules are more receptive to that increased new patient flow. And then it's that deliberate balance between using more of the capacity that our clinicians are giving us versus adding new clinicians. And we still have a lot of runway on this. We're utilizing right now about 70% of the time that clinicians give us.

另一個面向則是一般的診務管理措施，例如最佳化臨床人員排班，使排班能更有效承接增加的新病患流量。此外，還需要在更多運用現有臨床人員所提供的產能與增聘新臨床人員之間，做出審慎的平衡。我們在這方面仍有很大的提升空間。目前我們大約只使用了臨床人員提供給我們時間的70%。

Very helpful. And then just as a follow-up, psychedelics are getting more attention on the back of Lilly's recent acquisition in that space. How do you think about that market and the role LifeStance can play there?

非常有幫助。接著追問一下，因為禮來（Lilly）近期在該領域的收購，迷幻藥物（psychedelics）受到更多關注。你們如何看待這個市場，以及LifeStance在其中可以扮演的角色？

It's Dave. I'll take that one as well. First of all, just at a macro level, the specialty services, which is where we would put psychedelics for us, it's a tremendous opportunity for us in the coming years and it's going to drive better outcomes for our patients and it will contribute to both growth and margins. Specific to the psychedelics, we're monitoring that and we think that is a great opportunity for us and we're set up really well if that were to be approved by the FDA and also from a payer reimbursement perspective. And we'll be able to roll out those new services in a very efficient way, leveraging our center footprint as well as even some of the foundational work we've done to roll out Spravato.

我是Dave。這題我也來回答。首先從宏觀層面來看，專科服務——我們會把迷幻藥物歸類在此——在未來幾年對我們而言是非常巨大的機會，將帶來更好的病患治療結果，並同時貢獻成長與利潤率。就迷幻藥物本身而言，我們正在密切關注，我們認為這對我們是很好的機會；若未來獲得FDA核准，且在付款方給付/報銷（payer reimbursement）方面也到位，我們已具備非常好的佈局。我們也能以非常高效率的方式推出這些新服務，善用我們的中心據點版圖，以及我們先前為推出Spravato所做的一些基礎工作。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通（JPMorgan）。

I was wondering if we could talk a bit about revenue per visit and the key drivers there. You talked about the specialty business. I'm just curious what the key drivers are? Is that the increase in kind of the acuity level of the patient? Is it your contracting with managed care? What are some of the key drivers as we think about the revenue per visit?

我想請教一下每次就診營收（revenue per visit）以及其主要驅動因素。你提到了專科業務。我想了解關鍵驅動因素是什麼？是病患病情嚴重度（acuity）提升所致嗎？還是你們與管理式醫療（managed care）的合約簽訂？當我們思考每次就診營收時，主要驅動因素有哪些？

Yes. Lisa, I appreciate the question. This is Ryan. And so I'll go into the question. Just in terms of -- so to start off, we're really pleased with the TRPV of 6% year-over-year. So we delivered TRPV of $167 in the quarter. So that grew sequentially $3.1 overall. And it really is one of the reasons between rate and volume in terms of why we raised our revenue by $45 million for the full year and also adjusted EBITDA by $15 million.

好的。Lisa，謝謝你的提問。我是Ryan。我來回應這個問題。先從整體來看，我們對每次就診總營收（TRPV）年對年成長6%感到非常滿意。本季TRPV為167美元。因此，整體而言，TRPV較前一季增加3.1美元。而這也是我們在價格與量的共同作用下，將全年營收上調4,500萬美元、並將調整後EBITDA上調1,500萬美元的原因之一。

To the extent around -- or to the question around like what's driving it, and it really is from a payer contracting perspective. So we're sitting here midyear now, and we have good line of sight into the rate increases for the full year. And as you probably recognized in our commentary, we updated our guidance from low to mid-single digits to mid-single digits. And it really is just based off of the good visibility we have into our payer contracts. From an overall kind of payer perspective, we continue to have good constructive dialogue with them in terms of making sure that they're providing the access to high-quality mental health care that we offer.

就其背後的原因——或說推動因素的問題而言，這確實是從付款方合約談判的角度來看。我們現在正處於年中，對於全年費率上調幅度有相當清晰的能見度。而如同你可能在我們的評論中注意到的，我們已將指引從低至中個位數上調至中個位數。這主要是基於我們對付款方合約所掌握的良好可視性。從整體付款方的角度來看，我們仍持續與他們進行良好且具建設性的對話，以確保他們能提供我們所提供之高品質心理健康照護的可近性。

That's really helpful, Ryan. And then just secondly, on the EBITDA, really nice margin, 15.2% in the quarter, a little more than 13% for the year. Can you talk about what your long-term goals are as we think about the EBITDA margin?

這真的很有幫助，Ryan。接著第二點，關於 EBITDA，本季 15.2% 的利潤率非常漂亮，全年也略高於 13%。能否談談在思考 EBITDA 利潤率時，你們的長期目標是什麼？

Absolutely. So when we think about EBITDA margins, and again, I appreciate you kind of recognizing the strength of the quarter and then also just the position as you think about the full year guide being 13.2%, we're really pleased with the momentum that we have. When we think about a long-term perspective, so we've gone out there saying long-term margins in the 15% to 20% range with 20% not being a ceiling on it. We actually further dimension that in our Q4 call just around the 2028 margins and having mid-teen margins by full year 2028.

當然可以。當我們思考 EBITDA 利潤率時——也再次感謝你注意到本季的強勁表現，以及你提到全年指引為 13.2% 的定位——我們對目前的動能感到非常滿意。從長期角度來看，我們先前對外表示長期利潤率目標在 15% 到 20% 的區間，而且 20% 並非上限。我們也在第四季電話會議中進一步具體說明，提到 2028 年的利潤率目標，並希望在 2028 全年達到中段十幾%的利潤率。

We're super happy, as I mentioned, with the progress that we have on the progression of margins. But we're not, at this point, going to refine any of our long-term targets. And again, there's a ton of momentum in the business right now, and we're really pleased that we've been able to capture that.

如我所提，我們對利潤率推進的進展感到非常高興。但在現階段，我們不會進一步細化任何長期目標。再次強調，目前業務動能非常強，我們也很高興能夠把握住這股動能。

Ryan Daniels, William Blair.

Ryan Daniels，William Blair。

Congrats on the strong performance year-to-date. I wanted to dive a little bit more into your specialty services. Obviously, it seems like a big growth opportunity. I know it's growing rapidly. I'm curious if you could talk about the rollout process there.

恭喜今年迄今的強勁表現。我想更深入了解一下你們的專科服務。顯然這看起來是一個很大的成長機會。我知道它正在快速成長。我想請你談談那邊的推廣（rollout）流程。

You mentioned again, you expanded it in some markets. Given your density and the size of the markets you're in and what appears to be a pretty big need for treatment-resistant depression services, what are the gating factors there? Is it payer contracts? Is it just putting in the CapEx? Is it training? What are kind of the rollout plans and hurdles to that?

你也提到你們在一些市場擴張了。考量你們在所處市場的密度與規模，以及看起來對難治型憂鬱症（treatment-resistant depression）服務有相當大的需求，那麼其中的關鍵限制因素是什麼？是付款方合約嗎？是資本支出（CapEx）的投入嗎？是訓練嗎？推廣計畫與障礙大概有哪些？

Ryan, it's Dave. I'll take that one. As I mentioned in Craig's question, we view specialty services. And right now, that's neuropsych testing and then the treatment-resistant depression services of TMS and Spravato as a tremendous opportunity. And obviously, there's potential for other service lines as well.

Ryan，我是 Dave。這題我來回答。如同我在回應 Craig 的問題時提到的，我們把專科服務視為——而目前主要是神經心理測驗（neuropsych testing），以及難治型憂鬱症（TRD）的服務，包括 TMS 與 Spravato——一個非常巨大的機會。當然，未來也可能延伸到其他服務線。

Just for a little bit of grounding, we were -- our specialty services comprised about $50 million of revenue last year. We said that's going to grow roughly 40% this year, and we expect for years to come that the growth rate of specialty will be higher than our core business.

先提供一些背景，我們去年的專科服務營收約為 5,000 萬美元。我們表示今年將大約成長 40%，而且我們預期在未來多年，專科業務的成長率會高於我們的核心業務。

And the majority of that growth this year is really coming from the TRD services because we're in that early stage of rollout. And we're adding new chairs and Spravato sites each quarter. From a gating perspective, it's a little bit of a few things. First is we're -- it's early stages for us. So we're refining that operating model.

而今年大部分的成長其實來自 TRD 服務，因為我們仍處於推廣的早期階段。我們每一季都在新增新的治療椅位以及 Spravato 服務據點。就限制因素而言，主要是幾個面向的綜合。第一，我們對這塊仍在早期階段。因此我們正在優化營運模式。

And so we're doing a little bit of test and learn. And it can be -- there can be nuances depending on states and the payer environment and things like that. So -- and I would view the gating is more us than anything else in the macro environment. And then we would expect to be accelerating rollout in coming years.

所以我們會做一些測試與學習（test and learn）。而且不同州別、付款方環境等因素可能會有一些細微差異。因此——我會認為限制因素更多在於我們自身，而不是宏觀環境的其他因素。接下來幾年，我們預期推廣速度會加快。

Okay. Perfect. Very helpful. And then the other question I had, I thought you had a really kind of insightful comment that payers are moving from just access to outcomes. And obviously, you're very well positioned given your scale in clinical studies and pending EHR to really prove that you can provide great services.

了解。很好。非常有幫助。另外一個問題是，我覺得你提到付款方正從「僅僅看可近性」轉向「看結果」這點很有洞見。而且顯然，憑藉你們在臨床研究上的規模，以及即將導入的 EHR，你們很有條件去證明你們能提供很好的服務。

And that gives you an advantage with payers, probably referral sources. So maybe talk a little bit more about how you'll use that to your advantage longer term? And then also any movement towards more value-based or outcome-based contracts where you could probably also have a unique advantage for some of your peers?

這可能讓你們在付款方那邊、甚至轉介來源方面具備優勢。所以也許可以多談談，長期而言你們會如何運用這點來強化優勢？另外，是否有任何朝向更多價值導向或結果導向合約的進展？在這方面，相較一些同業，你們可能也具備獨特優勢。

Yes. This is Dave. I'll take that one as well. So first of all, as Ryan mentioned, we're having constructive conversations with payers. It isn't all about reimbursement and we really are trying to get to being a strong partner for the payers.

是的。我是 Dave。這題我也來回答。首先，如 Ryan 所提，我們正與付款方進行具建設性的對話。這不完全只是關於給付（reimbursement），我們確實希望成為付款方的強力合作夥伴。

And that's differentiated for us versus many of the other players in the industry. Having said that, the majority of payers are still focused on access for their employer clients and their members. We have some value-based arrangements based on access. And then there are a few leading payers that are starting to shift towards quality and outcomes. And we welcome that change.

這點讓我們相較於產業內許多其他參與者更具差異化。話雖如此，多數付款方目前仍聚焦於為其雇主客戶與會員提供可近性。我們有一些以可近性為基礎的價值導向安排。同時，也有少數領先的付款方開始轉向重視品質與結果。我們歡迎這樣的轉變。

In my prepared remarks, I talked about our second white paper that we just put out around clinical excellence with the quality outcomes we're delivering on depression and anxiety across different generations and geographies. And there's really a lot more to come. We're early days on clinical excellence. It's a very exciting space for us. And to your point, we believe that this will further differentiate us from other players in the industry. And that's just going to, if anything else, strengthen that partnership as we're having those dialogues with the payers.

在我事先準備的發言中，我提到我們剛發布的第二份白皮書，主題是臨床卓越（clinical excellence），內容聚焦於我們在不同世代與不同地理區域，在憂鬱與焦慮方面所交付的品質結果。而且後續還會有更多內容。我們在臨床卓越這塊仍處於早期階段。這對我們而言是一個非常令人振奮的領域。也如你所說，我們相信這將進一步讓我們與產業內其他參與者拉開差距。而這也將——如果有任何影響的話——在我們與付款方進行這些對話時，強化彼此的合作夥伴關係。

Jack Slevin, Jefferies LLC.

Jack Slevin，Jefferies LLC。

Congrats on the quarter. Maybe to start, I know recently, you've talked a little bit about plans on EHR rollout and how that can expand things. I wanted to just sort of check in on progress to do that implementation and maybe any updated thoughts on some of the benefits you think that's going to bring to the platform?

恭喜本季表現。先從一點開始，我知道你們最近談到一些 EHR 推廣計畫，以及它如何帶來擴展。我想確認一下目前導入進度，以及你們對於它將為平台帶來哪些效益，是否有任何更新的看法？

Jack, this is Dave. I'll take that one. So first of all, from an EHR perspective, it's foundational for us. It's going to enable future success for LifeStance. As we mentioned in our prepared remarks, this is a planning year for us.

Jack，我是 Dave。這題我來回答。首先，從 EHR 的角度來看，這對我們是基礎性工程。它將使 LifeStance 能夠在未來取得成功。如同我們在事先準備的發言中提到的，今年對我們而言是規劃之年。

And then what we expect to do is roll out the new EHR next year. The benefits are widespread across the organization, right? So efficiency of front and back office, it's going to improve the patient and the clinician experience and as well as even patient engagement. And then it's going to empower our clinicians with better tools and data to deliver quality care and better outcomes. So again, this is a foundational improvement for us that's going to enable future success of the business, and we're very excited about it.

接著，我們預期明年推出新的 EHR。其效益會遍及整個組織，對吧？它將提升前台與後台的效率，改善病患與臨床人員的體驗，以及提升病患參與度。同時也會賦能我們的臨床人員，提供更好的工具與數據，以交付高品質照護與更佳結果。因此再次強調，這是一項基礎性的改善，將支持公司未來的成功，我們對此非常期待。

Awesome. Helpful color. And then just for my follow-up here, I wanted to just think about the cadence of clinician adds going forward? I guess -- and maybe this dovetails on some earlier questions with the productivity. But with that so strong, it would seem you have room to continue adding on the clinician front. Can you just talk a little bit about the demand and sort of what's right in front of your face as far as the ability to bring new clinicians on while sustaining some of the great metrics you've had so far this year?

太棒了。這個顏色的說明很有幫助。接著作為我這邊的追問，我想請教一下未來臨床人員淨新增的節奏會是怎麼走？我想——這可能也呼應了先前一些關於生產力的問題。但在生產力這麼強的情況下，看起來你們在臨床人員端仍有空間持續擴編。能否談談需求面，以及就你們眼前所見，在維持今年迄今這些很亮眼指標的同時，引進新臨床人員的能力如何？

Jack, it's Dave. I'll take that one as well. So first of all, if you look at the last year, what you've seen is strong net clinician adds and improved productivity. You can expect that is the recipe for the future. What we've talked about from a long-term growth algorithm perspective is low double-digit visit growth year-over-year, primarily driven by net clinician adds and complemented by improvements in productivity. And that's what we expect to see as we look into the back half of this year and into the future years.

Jack，我是Dave。這題我也來回答。首先，如果你看過去一年，你會看到臨床人員淨新增強勁，同時生產力也提升。你可以預期這會是未來的配方。從長期成長演算法的角度，我們談到的是年對年低雙位數的就診量成長，主要由臨床人員淨新增驅動，並由生產力改善加以補強。這也是我們在今年下半年以及未來幾年所預期會看到的情況。

Congrats on the results.

恭喜你們的成果。

Kevin Caliendo, UBS.

UBS 的 Kevin Caliendo。

I want to talk a little bit about M&A. You've done a couple of transactions now. And if you can just -- it's been a while. And I want to sort of understand why now this is happening? Is it reflective of the balance sheet of the opportunity?

我想談一下併購（M&A）。你們現在已經做了幾筆交易。如果可以的話——這也隔了一段時間。我想了解為什麼現在會開始發生這些？這是否反映了資產負債表狀況或機會面？

And if you can remind us strategically why M&A versus recruitment? Is it entering new markets? Is it better ROIC in certain cases? If you could just go back through it because I want to understand if it becomes a bigger part of the story, sort of how to think about the math around some of this and the rationale as to why.

另外，能否提醒我們在策略上為什麼選擇併購而不是招募？是為了進入新市場嗎？或是在某些情況下能帶來更好的投入資本報酬率（ROIC）？如果可以請再梳理一次，因為我想了解若併購成為故事中更重要的一部分，該如何看待其中的數學（財務）邏輯，以及背後的理由。

Kevin, this is Dave. I'll take that one. First of all, let's go to the business reason for doing M&A. And I mentioned in my prepared remarks, we have a significant opportunity in front of us for establishing presence in new markets. We're only in roughly 50% of the 150 largest U.S. markets, and we're in 33 of 50 states. So we have a lot of opportunity to plant flags in new geographies. And so then connect that to M&A.

Kevin，我是Dave。這題我來回答。首先，我們先談做併購的商業原因。我在事先準備的發言中提到，我們眼前有很大的機會在新市場建立據點。我們目前只覆蓋美國前 150 大市場中的約 50%，並且在 50 個州中只進入了 33 個州。因此，我們在新的地理區域「插旗」的機會很多。接著把這點與併購連結起來。

The primary intent right now for M&A is to use it to open up new geographies. And having said that, these small tuck-ins will not have a material impact on our '26 financials. This really is about foundational acquisitions that will enable future growth. And so we're going to continue to be very disciplined and we'll focus on opportunities that are strategic and financially makes sense.

目前併購的主要目的，是用來開拓新的地理區域。話雖如此，這些小型補強式收購（tuck-ins）不會對我們 2026 年的財務表現造成重大影響。這更多是關於打地基的收購，為未來成長提供支撐。因此我們會持續保持高度紀律，聚焦在具策略性且在財務上合理的機會。

When you say financial sense, like does it from a real estate perspective, make more sense to do M&A versus de novos and things like that? How should we -- I'm just trying to understand mathematically when you're adding real estate or you're adding a new market or even just M&A in general mathematically? Because -- and I bring it up because in the first iteration pre you guys, the M&A became a little onerous, right, and the returns weren't as great and there was move away from in office, and I think there were some issues from the balance sheet that occurred. It doesn't seem like that's the strategy here. It seems much more adjunct. Is that a fair way to describe it?

你說「財務上合理」，例如從不動產角度來看，併購是否比新設據點（de novo）之類的方式更合理？我們應該如何——我只是想從數學（財務）上理解，當你們新增不動產、或新增一個市場、甚至一般性的併購時，財務模型該怎麼看？我之所以問，是因為在你們之前的第一個階段，併購變得有點沉重，對吧，報酬也沒那麼好，而且有從實體診所轉移的情況，我記得資產負債表也出現了一些問題。看起來這次不是那樣的策略。看起來更像是輔助性的。這樣描述公平嗎？

It is. We will use M&A to open up new geographies. It is a very efficient way, a capital-efficient way to be able to enter a new geography. If there's not an attractive acquisition target, then we'll use de novo, but that can be a slower ramp to growth in that particular geography. So those are the 2 ways we can enter.

是的。我們會用併購來開拓新的地理區域。這是一種非常有效率、資本效率很高的方式，讓我們能進入新的地理區域。如果沒有具吸引力的收購標的，我們就會採用新設據點（de novo），但在該地理區域的成長爬坡可能會比較慢。所以我們進入的方式主要就是這兩種。

We think of the de novo engine, again, as more for opening up new geographies. If we're going to plant a new center in an existing geography, we want to grow an existing geography, the organic engine is the way to do that. Just financially, it makes a lot more sense.

我們也把新設據點（de novo）引擎視為——同樣地——主要用於開拓新的地理區域。如果我們要在既有地理區域再設立新的中心、想把既有地理區域做大，則有機成長引擎才是做法。單就財務而言，那樣更划算得多。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Congratulations on the results. Maybe diving down on the clinician adds, maybe provide some more color on really what's driving the strength there in terms of why you seem to be bringing more and more clinicians to LifeStance, what's the differentiation? And then Ryan, you mentioned compensation changes. Maybe you can go into a little bit more detail there.

恭喜你們的成果。想更深入問一下臨床人員淨新增，能否多提供一些背景，究竟是什麼在驅動這股強勁動能——為什麼你們似乎能吸引越來越多臨床人員加入 LifeStance，你們的差異化是什麼？另外 Ryan，你提到薪酬變動。也許你可以再多講一些細節。

Richard, it's Dave. I'll take that. What you saw in the second quarter is what we've been delivering consistently now for multiple years in regards to the clinician growth or the net clinician adds. And our value prop to clinicians continues to resonate. And that value proposition can look different to the different -- to the various clinician cohorts that we recruit from.

Richard，我是Dave。我來回答。你在第二季看到的，是我們在臨床人員成長或臨床人員淨新增方面，連續多年穩定交付的成果。我們對臨床人員的價值主張持續引起共鳴。而這個價值主張，對我們招募的不同——不同臨床人員族群——可能呈現不同樣貌。

So whether they're a $10.99 clinician that is looking for more W-2 type benefits and more administrative support, and they just want to practice and not run a business or if it's a salaried clinician, they're looking for a little bit more flexibility while still maintaining the W-2 or if you're a new graduate and the support that we provide, which is much, much more than what you would get from especially like small practices or individual practice in the U.S.

例如，不論是所謂「$10.99」類型的臨床人員，他們在尋求更多 W-2 類型的福利與更多行政支援，只想專注看診而不想經營一門生意；或是領薪制的臨床人員，他們希望在維持 W-2 的同時有更高的彈性；又或者是新畢業者，我們提供的支持遠遠超過你在美國許多小型診所或個人執業能獲得的。

And so our value prop resonates across those 3 cohorts where we primarily recruit clinicians from and that continues. And just as a reminder, we still are like low to mid-single-digit market share of the total mental health clinician universe. So we have a lot of room still to run in regards to growing our clinician base.

因此，我們的價值主張在這三個我們主要招募來源的族群中都能引起共鳴，而且這個趨勢仍在延續。另外提醒一下，我們在整體心理健康臨床人員市場中的市占率仍大約只有低到中個位數。所以在擴大臨床人員基礎方面，我們仍有很大的成長空間。

Ryan, do you want to comment on the compensation that you mentioned?

Ryan，你要不要針對你提到的薪酬做個說明？

Yes. Thanks. I'll take that one as well. So we did mention that, and I mean that is one of the reasons why Center Margin is going down a little bit in the back half of the year versus second quarter. Specific to the clinicians, we added some bereavement benefits that line up really well with the mission of the company.

好的。謝謝。這題我也來回答。我們確實有提到，而我的意思是，這也是為什麼今年下半年中心利潤率（Center Margin）會比第二季略微下滑的原因之一。就臨床人員而言，我們新增了一些喪親（bereavement）福利，這與公司的使命非常契合。

Okay. That's helpful. And then my follow-up was maybe on the AI front. You just talked about the electronic health record. I assume since that's going to be a new platform, there's AI integrated into that.

好的。這很有幫助。那我接著追問可能是關於 AI。你們剛談到電子病歷（EHR）。我猜既然那會是一個新平台，裡面應該會整合 AI。

But maybe talk about the tech investments, Ryan, that you called out in the tech team. Maybe what you guys are using AI currently in the operations, administrative and clinical about like what's planned in the coming years?

不過也想請你們談談技術投資，Ryan，你提到技術團隊的投入。也許可以分享你們目前在營運、行政與臨床端如何使用 AI，以及未來幾年的規劃是什麼？

Richard, it's Dave. I'll take that one. So first of all, if you think about AI and digital, we're in a new chapter of enabling the business with those kinds of tools. And I think of it both growth and efficiency. There's been a lot of emphasis more on the efficiency side of this, but we've even leveraged it to improve growth.

Richard，我是 Dave。我來回答這題。首先，如果你從 AI 與數位化的角度來看，我們正進入一個運用這類工具來賦能業務的新篇章。我認為它同時帶來成長與效率。過去大家更強調效率面，但我們也已經把它用來提升成長。

Talked about the use case last year in our contact center, our phone contact center, where we were able to improve conversion of patients seeking care to book appointments and we were using -- we accomplished that through the use of some AI tools.

我們去年談過聯絡中心的使用案例，也就是電話聯絡中心；我們能把尋求照護的病患轉化為預約掛號的比例提升，而這是透過一些 AI 工具來達成的。

And this year, we're just continuing to add on the use cases across RCM, new patient scheduling, the AI documentation for clinicians. And then we're also exploring new applications for the back half of this year in '27. We're piloting some additional use cases there. And then as you referenced, there will be a meaningful unlock from a technology perspective once we roll out the new EHR next year. So very exciting times at LifeStance in regards to this new chapter of technology enablement.

今年我們持續在 RCM、初診病患排程、以及臨床人員的 AI 病歷文件等面向擴增使用案例。此外，我們也在探索今年下半年到 2027 年的新應用。我們正在那邊試點一些額外的使用案例。再者，如你所提到的，一旦我們明年上線新的 EHR，從技術角度會有顯著的解鎖效益。所以就這個技術賦能的新篇章而言，LifeStance 正處在非常令人振奮的時刻。

Congrats.

恭喜。

David Larsen, BTIG.

David Larsen，BTIG。

Congratulations on another very good quarter. It looks like the revenue per visit, as far as I can tell, increased like around 7% year-over-year. That's one of the highest increases I've seen over the past several quarters. Any sense for what's driving that? Is that reimbursement rates? Or is it mix? And then also, can you maybe just comment on your revenue cycle, the billing piece? Are you using AI there to perhaps create more accurate quoting?

恭喜又交出一個非常好的季度。就我看得出來的部分，每次就診收入（revenue per visit）年增大約 7%。這是我在過去幾個季度看到的最高增幅之一。能否談談是什麼在驅動？是給付／報銷費率（reimbursement rates）嗎？還是組合（mix）因素？另外，也能請你們評論一下你們的收入循環（revenue cycle），也就是帳單／收費這一塊嗎？你們是否在那裡使用 AI，或許用來做更精準的報價？

Yes, sure. I'd be happy -- this is Ryan, Dave. I'll be happy to kind of address the first question, and Dave will jump in on the second question. So first and foremost, just as it relates to the TRPV. So we did grow TRPV 6% in the quarter on a year-over-year basis.

好的，當然。我很樂意——我是 Ryan，Dave。我先回答第一個問題，第二個問題 Dave 會補充。首先，關於 TRPV。本季 TRPV 年增 6%。

And again, this is based off of the updated outlook just as it relates to our payer contracting. And so as I mentioned earlier in this call, is that we're midway through the year. And so we have good line of sight on our contracting. And as both Dave and I have mentioned, we have very constructive dialogue with the payers. So we feel really good about the trajectory kind of closing out this year on TRPV.

同樣地，這是基於我們更新後、與付款方合約（payer contracting）相關的展望。如我先前在電話會議中提到，我們已經走到年中。因此我們對合約進展有很清楚的能見度。而且如 Dave 和我都提到的，我們與付款方之間有非常具建設性的對話。所以我們對今年結束時 TRPV 的走勢感到很有信心。

Now I'll turn it over to Dave for the second question.

接下來我把第二個問題交給 Dave。

Yes. In regards to revenue cycle, you're seeing the strength of the performance of our revenue cycle team and DSO in the low 20s this quarter. That was part of the reason why we had such a strong positive free cash flow of $88 million. And that is -- that's driven by improved process as well as tools. And certainly, AI is a piece of that.

好的。就收入循環而言，你看到的是我們收入循環團隊的強勁表現，本季 DSO 維持在 20 天出頭。這也是我們能有 8,800 萬美元強勁正向自由現金流的原因之一。而這——是由流程改善以及工具所驅動。當然，AI 也是其中一部分。

So we're leveraging vendors that are RCM experts with innovative tools and things like that. And we're piloting new ones as well. And so we're just constantly looking to advance our capabilities in regards to technology. And again, it's not just AI, though. We're using RPA. We're using digital tools. So there's a lot that goes into the improved RCM results.

因此我們正在運用在 RCM 領域具專業、且擁有創新工具等能力的供應商。我們也在試點一些新的工具。所以我們一直在尋求推進我們在技術方面的能力。而且不只是 AI。我們也在使用 RPA。我們也在使用數位工具。因此 RCM 成果改善背後有很多因素。

It seems to me that even if the revenue per visit is increasing nicely, that's an area that the plans might kind of actually be happy about and they might want to invest in ambulatory or outpatient mental health because it can reduce total claims costs in other areas of their book of business. And it sounds like your plan relationships are good.

在我看來，即使每次就診收入提升得不錯，保險計畫方可能反而會樂見其成，並且願意投資門診或院外的心理健康服務，因為這能降低他們在其他業務領域的總理賠成本。而且聽起來你們與保險計畫方的關係很好。

That's really well said. You just -- you gave me the answer on why we're having constructive dialogue with the payers. I mean at the end of the day, they want to get quality care for their members and they want to reduce total cost of care and with outpatient mental health being a lower cost of care setting, if you can deal with the problems early on, you can avoid more costly medical interventions down the road.

你說得非常好。你其實——已經替我回答了為什麼我們能與付款方進行具建設性的對話。因為歸根結底，他們希望會員能獲得高品質照護，也希望降低整體照護成本；而門診心理健康屬於較低成本的照護場域，如果能及早處理問題，就能避免日後更昂貴的醫療介入。

One more quick one for me. Are you exploring Medicare, Medicaid exchange sort of coverage? Do you have any intentions to expand into those payer classes or not really?

我再快速問一題。你們是否在評估 Medicare、Medicaid、交易所（exchange）這類保險覆蓋？你們有打算擴展到這些付款方類別嗎？還是不太會？

We do some of that today. We do Medicare Advantage and some exchange. Usually, they're in conjunction with a large payer contract where we're taking all of their lines of business. But our focus continues to be the commercial business. And so we -- again, it's more of an accommodation, but we do very little Medicaid and Medicare fee-for-service.

我們目前就有做一部分。我們有 Medicare Advantage，也有一些交易所業務。通常這些會搭配大型付款方合約一起進來，也就是我們承接他們所有業務線（lines of business）。但我們的重點仍然是商業保險（commercial）業務。所以我們——再說一次，更多是配合性的安排；但我們做的 Medicaid 以及傳統 Medicare 按服務計費（fee-for-service）非常少。

Congrats on another good quarter.

恭喜又一個好季度。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO Capital Markets。

On the Q3 guidance, it does imply EBITDA would be down sequentially. Ryan, you mentioned some investments you're making to help support future growth. But just can you frame for us like what the incremental spend with these investments are going to be? And is all of that kind of all of this incremental going to hit in the third quarter?

關於第三季指引，它確實暗示 EBITDA 會較前一季下滑。Ryan，你提到你們正在做一些投資以支持未來成長。但能否幫我們框架一下，這些投資的增量支出大概會是多少？而且這些增量是否都會在第三季反映出來？

Yes, Sean. So this is Ryan. So I appreciate the question. So overall, you're right, like when you look at the sequential view, EBITDA goes down and you're referencing the investments that I went through just as it relates on the call. So when you think about the second half, so we're pleased with the opportunity to continue to invest in the business to be able to deliver the strong growth that we've done. So if you look at it on a 4-year basis, if you look at the revenue side on a CAGR, if you take the midpoint of our guide, it's like 19% compounded annual growth.

好的，Sean。我是 Ryan。謝謝你的問題。整體而言你說得對，從季比的角度看，EBITDA 會下降，而你指的是我在電話會議中提到的那些投資。當你看下半年時，我們很高興能持續投資於業務，以便交付我們已經做到的強勁成長。如果以 4 年期來看，從營收端的 CAGR 來看，取我們指引中位數，大約是 19% 的年複合成長。

And so we feel really good that both on the revenue side and on the EBITDA with a 4-year CAGR of 44% that we have the track record of making disciplined investments. So when you think about some of the investments, and they're not all coming in Q3, Sean, to your question, it's really around tech, AI enablement, practice operations around some of the clinical support that Dave referenced in terms of clinical excellence and outcome measurement and then also just addressing the higher patient volume needs overall. But again, like we feel really good about the disciplined approach we have. And then again, on the EBITDA basis, where midpoint of our guide expands margins up by over 200 basis points.

因此我們非常有信心，無論在營收端，或是在 EBITDA 端（4 年 CAGR 為 44%），我們都有紀錄證明能做出有紀律的投資。至於投資項目，而且回到你的問題 Sean，並不是全部都會在第三季發生，主要包括技術、AI 賦能、診所營運，以及 Dave 提到的臨床支援（例如臨床卓越與成效衡量），另外也包括因應整體更高的病患量需求。但總之，我們對自身的紀律性方法感到很有信心。而且同樣地，以 EBITDA 來看，我們指引中位數的利潤率擴張超過 200 個基點。

Okay. Great. And then -- going back to M&A, Dave, you talked about why you're restarting it. But just any update like on the pipeline now, how we should be thinking about cadence of deals, size and composition of the things you're looking at? Is it mostly going to be smaller practices? Are there some bigger kind of opportunities out there? And then just how -- like what kind of role is specialty going to play in again, M&A specifically?

了解。很好。然後——回到併購（M&A），Dave，你談到為什麼要重新啟動。但能否更新一下目前的案源（pipeline），我們應該如何看待交易節奏、規模與你們在看的標的組成？會主要是較小的診所嗎？市場上是否也有一些更大的機會？另外，專科（specialty）在併購上將扮演什麼樣的角色？

I'll take that on the M&A side. So first of all, the M&A today is primarily focused on the tuck-ins to open up new geographies. We are curious and opportunistically look at other parts of the ecosystem, whether that's specialty or larger practices. But what we're finding right now is that what makes sense for us from -- as we're being disciplined and strategic is that it's the small tuck-ins are the most actionable. We have a healthy pipeline that is growing in that space. And so I would expect that we'll continue to execute on the small tuck-ins for years to come. Again, it's a very efficient way for us to enter a new geography.

我來回答併購（M&A）方面的問題。首先，目前的併購主要聚焦於透過小型併入式收購（tuck-ins）來開拓新的地理市場。我們也會以好奇且機會導向的方式，觀察生態系中的其他部分，無論是專科型或較大型的診所/機構。但我們目前的發現是，從我們保持紀律與策略性的角度來看，最可執行的是小型併入式收購。我們在這個領域有一條健康且持續成長的案源管線。因此我預期，未來多年我們都會持續執行小型併入式收購。再次強調，這是我們進入新地理市場非常有效率的方式。

In regards to the larger practices, we'll be opportunistic. But up till now, they financially haven't made sense. There's just -- there's less value creation in acquiring one of those versus when we buy a small tuck-in and use that as the foundation to really grow a new geography. And then on the specialty side, there is opportunity in the coming years around acquisitions in that space. But again, up until now, we haven't seen anything that makes sense for us.

至於較大型的診所/機構，我們會把握機會。但截至目前為止，從財務角度來看並不合理。原因是——相較於收購一個小型併入式標的並以其作為基礎去真正擴張一個新地理市場，收購大型標的所能創造的價值較少。而在專科領域方面，未來幾年在該領域的收購確實存在機會。但同樣地，截至目前我們尚未看到任何對我們而言合理的標的。

Scott Fidel, Goldman Sachs.

Scott Fidel，高盛。

You have [Valentin Glossiv] on for Scott Fidel. How are newly hired clinicians ramping today relative to the historical experience? And are there any changes in the productivity ramp time lines?

我是代替 Scott Fidel 上線的 [Valentin Glossiv]。目前新聘臨床人員的上手（ramp）速度，相較於過往經驗如何？生產力爬坡的時間線是否有任何變化？

This is Dave. I'll take that one. That's part of the story of the improved clinician productivity. So it is an area of intense focus for us in improving the ramp of new clinicians because they're going to be happier when they're more productive and so again, that's something that we focus on. And it has been improving and is part of that improved productivity story that we've been talking about for the past year.

我是 Dave。我來回答這題。這也是臨床人員生產力提升故事的一部分。因此，我們非常聚焦於改善新進臨床人員的上手速度，因為當他們更具生產力時，他們會更滿意；所以這同樣是我們重點關注的事項。而且這確實一直在改善，也正是我們過去一年一直在談的生產力提升的一部分。

And also as a follow-up, as productivity improves, how do you think about balancing utilization of existing clinician capacity versus accelerating hiring?

另外追問一下，隨著生產力提升，你們如何在提升既有臨床人員產能利用率與加速招募之間取得平衡？

This is Dave. I'll take that one as well. We're always going to prioritize the using of the capacity of our existing clinicians first before we hire new clinicians. It's a win-win. We're filling the clinicians' panel. They're seeing more patients. They're making higher income. And at the same time, it's just a more efficient way of running the practice financially for LifeStance.

我是 Dave。我也來回答這題。在招募新臨床人員之前，我們永遠會優先使用既有臨床人員的產能。這是雙贏。我們能把臨床人員的病患名單（panel）填滿。他們能看更多病患。他們能獲得更高收入。同時，對 LifeStance 而言，這也是在財務上更有效率的營運方式。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

Can you hear me?

你們聽得到我嗎？

Yes, Scott, we can hear you.

是的，Scott，我們聽得到。

Okay. Another great quarter. So congrats. Your Center Margins of 35%, this beat our estimate and was up nicely. And I know you talked about the maybe slowdown in the back half with some bereavement benefits and other compensation tools.

好的。又是一個很棒的季度。恭喜。你們的中心利潤率（Center Margins）達到 35%，高於我們的預估，且提升幅度相當不錯。我知道你們提到下半年可能會因為一些喪親福利（bereavement benefits）和其他薪酬工具而放緩。

But maybe talk about anything specific to call out in the quarter to drive those really great margins? I know you talked a lot about productivity. And then after we get through these compensation tools, should we expect these operating margins to reaccelerate back to these kind of levels?

但能否談談本季有哪些具體因素推動了這麼亮眼的利潤率？我知道你們談了很多關於生產力。另外，等我們度過這些薪酬工具的影響後，是否應該預期營運利潤率會再度加速回到這類水準？

Yes. So this is Ryan. So I appreciate the question. So just as it relates to Center Margin, when you think about the quarter, really clean, high-quality quarter. So when you think about the strength of Center Margin, if you isolate there, it really is on the backs of the revenue growth as it relates to both the rate and the volume. And you could think of those as like 60-40 between the rate and the volume in totality. And so we feel really good about the performance in the quarter.

是的。我是 Ryan。謝謝你的提問。就中心利潤率而言，回顧本季，這是一個非常乾淨、品質很高的季度。因此，若聚焦在中心利潤率的強勁表現，主要是由營收成長所帶動，且同時來自價格（rate）與量（volume）。整體而言，你可以把它想成價格與量大約是 60-40 的貢獻比例。因此我們對本季表現感到非常滿意。

And then also when you kind of put it out on a full year basis in terms of Center Margin. So you highlighted the investments that we're making second half over first half. Center margin in totality still grows on a year-over-year basis by like 175 bps. So really pleased with the progress that we've had on both -- on basically everything, top line growth, Center Margin and then adjusted EBITDA.

另外，若把它放到全年角度來看中心利潤率。你提到我們下半年相較上半年會進行一些投資。即便如此，中心利潤率整體仍會在年對年基礎上成長約 175 個基點（bps）。因此我們對在各方面的進展都非常滿意——基本上包括營收成長、中心利潤率，以及調整後 EBITDA。

Great. And if I could just sneak in one last follow-up here. You guys talked about the EHR EMR rollout happening next year. How should we think about that productivity ramp, right? I'm assuming as you implement this, depending on when you implement this, the timing of next year, it will be phased? And should we think of productivity gains then more back half weighted than front half weighted? Any comment would be -- or any color would be helpful.

很好。如果我可以再追問最後一題。你們提到明年會進行 EHR/EMR 的上線推行。我們應該如何看待那個生產力爬坡（ramp），對吧？我假設在你們導入時，取決於明年何時導入，會採分階段推行？那麼生產力提升是否會更偏向下半年、而非上半年？任何評論——或任何補充說明——都會很有幫助。

This is Dave. I'll take that one. We're still in the planning phase on the EHR, but you have it right in that our working hypothesis or approach right now is to do it in ways just because of the size of LifeStance with over 8,500 clinicians. And when you roll out a new EHR, there's always going to be a little bit of a short-term blip in productivity that impacts the clinicians as they move on to the new platform. That's something we're working through because obviously, we want to minimize that disruption as much as possible. And we'll give more specifics as we're getting closer to next year and giving some guidance.

我是 Dave。我來回答這題。我們仍在 EHR 的規劃階段，但你的理解是對的：以 LifeStance 的規模（超過 8,500 名臨床人員）來看，我們目前的工作假設或做法是採分階段推行。當你導入新的 EHR 時，臨床人員在轉換到新平台的過程中，生產力通常都會出現一些短期的小幅波動（blip）。我們正在處理這件事，因為很明顯地，我們希望盡可能把干擾降到最低。隨著我們更接近明年並提供指引時，我們會給出更多具體細節。

That concludes our Q&A session. I will now turn the call back over to David Bourdon for closing remarks.

問答環節到此結束。我現在把電話交回給 David Bourdon 作結語。

Thank you, operator. Before we close, I want to take a moment to speak directly to our nearly 11,000 mission-driven teammates. The work you do matters. And every day, you show up for our patients, often at some of the hardest moments when they may feel vulnerable, overwhelmed or unsure where to turn, and you do this with extraordinary compassion and professionalism. I'm deeply grateful for the dedication you bring to our patients and to your fellow teammates.

謝謝，接線員。在結束之前，我想花一點時間直接對我們近 11,000 位以使命為導向的同仁說幾句話。你們所做的工作很重要。每天，你們都為病患挺身而出，往往是在他們最艱難的時刻——當他們可能感到脆弱、難以承受或不確定該向何處求助時——你們以非凡的同理心與專業精神提供協助。我由衷感謝你們對病患以及對同仁所展現的投入與奉獻。

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

心理健康照護從未如此不可或缺。我們為 LifeStance 今日所帶來的改變感到自豪，也更加堅定致力於擴大可近性，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。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。現在可以掛線。祝各位今天愉快。