Claritev Corp (MPLN) 2024 Q3 法說會逐字稿

Hello and welcome to the MultiPlan Corporation third quarter, 2024 earnings call.

您好，歡迎參加 MultiPlan Corporation 2024 年第三季財報電話會議。

My name is Harry and I'll be your operator today.

我叫哈利，今天我將擔任您的接線生。

All lines are currently in a listen-only mode and there'll be an opportunity for Q&A after management's prepared remarks.

所有線路目前處於只聽模式，管理層發表準備好的發言後將有機會進行問答。

If you would like to enter the queue for questions, please dial star four by one on your telephone keypad.

如果您想加入提問隊列，請在電話鍵盤上逐一撥打星號四。

I would now like to hand the conference over to

現在我想把會議移交給

[Shana GIC AVP of Investor relations].

[Shana GIC 投資者關係副總裁]。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, Harry.

謝謝你，哈利。

Good morning and welcome to MultiPlan Corporation third quarter, 2024 earnings call.

早安，歡迎參加 MultiPlan Corporation 2024 年第三季財報電話會議。

Joining me today is Travis Dalton, President, Chief Executive Officer and Doug Garis, Chief Financial Officer, Jerry Hogge, Chief Operating Officer will be available for the Q&A session.

今天與我一起參加問答環節的還有總裁兼首席執行官特拉維斯·道爾頓(Travis Dalton)、首席財務官道格·加里斯(Doug Garis) 和首席營運官傑裡·霍格( Jerry Hogge)。

The call is being webcasted to be accessed through the investor relations section of our website at http://www.multiplan.us/.

本次電話會議將進行網路直播，您可以透過我們網站的投資者關係部分訪問，網址為 http://www.multiplan.us/。

During our call, we will refer to the supplemental slide deck that is available on the investor relations portion of our website along with the third quarter, 2024 earnings press release issued earlier this morning before we begin, a couple of reminders our remarks and responses to questions may include forward-looking statements.

在電話會議期間，我們將參考我們網站投資者關係部分提供的補充幻燈片，以及今天早上發布的 2024 年第三季度收益新聞稿，在我們開始之前，我們將提醒大家我們的評論和回應問題可能包括前瞻性陳述。

These forward-looking statements represent management's beliefs and expectations only as of the date of this call.

這些前瞻性陳述僅代表管理階層截至本次電話會議日的看法和預期。

Actual results may differ materially from these forward-looking statements due to a number of risks.

由於存在多種風險，實際結果可能與這些前瞻性陳述有重大差異。

A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description on our annual report on form 10-K and other documents we file with the SEC.

這些風險的摘要可在補充投影片的第二頁找到，更完整的描述可在我們的 10-K 表年度報告和我們向美國證券交易委員會提交的其他文件中找到。

We will also be referring to several non-GAAP measures which we believe provide investors with a more complete understanding of MultiPlan Corporation underlining operating's.

我們也將參考幾個非公認會計準則指標，我們相信這些指標可以幫助投資人更全面地了解 MultiPlan Corporation 的經營狀況。

An explanation of these non-GAAP measures and reconciliation to their comparable GAAP measure can be found in the earnings press release.

這些非 GAAP 指標的解釋以及與可比較 GAAP 指標的調整可以在收益新聞稿中找到。

And in the supplemental slide with that, I would now like to turn the call over to our Chief Executive Officer Travis Dalton, Travis.

在補充幻燈片中，我現在想將電話轉給我們的執行長 Travis Dalton。

Thank you, Shawna and good morning, to all of you on the call.

謝謝你，肖娜，大家早安，電話裡的人。

Thank you for your time on this important election day in the US.

感謝您在美國這個重要的選舉日抽出時間。

Voting is one of the most cherished rights to enjoy as Americans.

投票是美國人最珍視的權利之一。

So I hope everyone gets out to the polls to cast their votes today before they close.

因此我希望每個人都能在投票結束前前往投票站投票。

Good luck.

祝你好運。

Today, I'd like to report out on the state of MultiPlan Corporation through the third quarter of this year and provide a brief update on our MultiPlan Corporation year transformation journey to becoming a world class data insights and technology company.

今天，我想報告 MultiPlan Corporation 今年第三季的狀況，並簡要介紹 MultiPlan Corporation 成為世界級數據洞察和技術公司的年度轉型歷程。

The latter incorporates changes we're seeing in the health care industry.

後者融合了我們在醫療保健行業看到的變化。

And the unique position that MultiPlan Corporation is built over decades to help our clients drive value through networks, increase transparency and reduce cost by using our products.

MultiPlan 公司經過數十年的奮鬥，建立了獨特的地位，幫助客戶透過網路創造價值、提高透明度並透過使用我們的產品降低成本。

As you can see from our earnings release this morning, our third quarter results were within our guidance range for both revenues and adjusted EBITA.

正如您從我們今天早上發布的收益報告中看到的，我們第三季度的業績無論是收入還是調整後的 EBITA 均在我們的預期範圍內。

During the quarter, we executed on some key wins with four new client logos and 165 closed opportunities while reaching $6.4 billion in identified potential savings, a record quarterly achievement for MultiPlan Corporation, we continue to make progress with our core product set, data products, new markets such as provider and deep in client engagement with our payment and revenue integrity products.

本季度，我們取得了一些關鍵勝利，獲得了4 個新客戶和165 個已完成的銷售機會，同時實現了64 億美元的已識別潛在節約，這是MultiPlan Corporation 創下的季度業績，我們繼續在核心產品組合、數據產品方面取得進展，新市場，如供應商，並透過我們的支付和收入完整性產品與客戶進行深入互動。

Finally, we continue to manage with discipline to ensure proper allocation of capital and management of operating expenses against our outlook.

最後，我們將繼續嚴格管理，確保根據我們的前景合理分配資本並管理營運費用。

A paramount importance to us is continuing to add value to our long time relationships, driving new market penetration and using technology to automate.

對我們來說最重要的是繼續為我們的長期關係增加價值，推動新市場滲透並利用技術實現自動化。

A couple of examples include first, we forged a stronger relationship with Sanford Health Plan, a valued client since 2017.

舉幾個例子，首先，我們與 Sanford Health Plan 建立了更牢固的關係，Sanford Health Plan 自 2017 年以來一直是我們的重要客戶。

For Sanford Health Plan, we're implementing itemized bill review prescreen which will increase the claims volume we analyze.

對於桑福德健康計劃，我們正在實施分項帳單審查預篩選，這將增加我們分析的索賠量。

Sanford Health Plan is also the first partner to sign up for our IBR end to end automation initiative for 2025 a service improvement project that will systematically identify cases and accelerate results to our clients.

Sanford Health Plan 也是第一個簽署 2025 年 IBR 端到端自動化計劃的合作夥伴，這是一項服務改進項目，將系統地識別病例並加快為客戶帶來成果。

Second, we solidified a Strategic Alliance partnership with the National Rural Health Association for NRHA, we identified four pilot sites to initiate our products with a focus on reduced cost, greater access to care and greater price transparency.

其次，我們鞏固了與全國農村衛生協會為 NRHA 建立的策略聯盟夥伴關係，確定了四個試點地點來啟動我們的產品，重點是降低成本、擴大醫療服務覆蓋範圍和提高價格透明度。

This important relationship is progressing quickly, and we see a great opportunity to extend MultiPlan Corporation horizontally into this market.

這一重要關係正在迅速發展，我們看到了將 MultiPlan Corporation 橫向擴展到該市場的絕佳機會。

We are committed to access and care viability in rural America.

我們致力於為美國農村地區提供醫療服務和護理服務。

Third, as a technology company, we continue to drive internal automation using advanced tools and technology.

第三，作為一家科技公司，我們不斷利用先進的工具和技術來推動內部自動化。

We've been, we have been investing in our NSA products and reducing friction and lag time to drive faster performance and keeping backlog low.

我們一直在投資我們的 NSA 產品，減少摩擦和滯後時間，以提高性能並保持較低的積壓。

This benefits our clients but also creates operating leverage and cost benefits for us to invest capital in other growth areas.

這不僅使我們的客戶受益，而且還為我們創造了經營槓桿和成本效益，以便我們將資本投資於其他成長領域。

Additionally, we have refocused the data and Decision Science Group under a general manager structure to ensure maximum value.

此外，我們已將數據和決策科學組重新置於總經理結構之下，以確保實現最大價值。

We're very excited to see the positive momentum from some initial wins.

我們非常高興看到一些初步勝利所帶來的正面動力。

As we develop a targeted approach for our go to market plan, these high value products and insights which drives transparency and affordability in health care by using analytics and insights to optimize employer benefit plans as a broad addressable market covering employer's providers and consultants.

當我們為我們的市場計劃制定有針對性的方法時，這些高價值的產品和見解透過使用分析和見解來優化雇主福利計劃，從而作為涵蓋雇主提供者和顧問的廣泛可尋址市場，從而推動醫療保健的透明度和可負擔性。

And we are seeing positive market response to this product to demonstrate the fundamental value of an insight.

我們看到市場對該產品的正面反應，證明了洞察力的根本價值。

We apply the analytic tool set for our own company with material and positive results both reducing costs and improving benefit design for our employees.

我們將分析工具集應用於我們自己的公司，並取得了實質的正面成果，既降低了成本，也改善了員工福利設計。

Hard or I based capabilities aren't always easy to discern in health care.

在醫療保健領域，硬體能力或基於硬體的能力並不總是容易辨別的。

This is one example of where we can bring that kind of immediate benefit to our clients.

這就是我們可以為客戶帶來這種直接利益的一個例子。

We expect to be sharing more notable sales from this product suite on our next call.

我們期望在下次電話會議中分享該產品套件的更多顯著銷售業績。

Finally, our ongoing focus on cost efficiency is generating bottom line savings that double detail in his update.

最後，我們持續關注成本效率，從而實現底線節約，這一點在他的更新中進行了雙重詳細說明。

But we need to and will do more the core elements of today's MultiPlan Corporation that I laid out on our last call.

但我們需要而且將會更多地履行我在上次電話會議上闡述的當今 MultiPlan 公司的核心要素。

Still ring true and enable our transformational path.

依然真實，並協助我們的轉型之路。

We have great clients, core products that bring, bring real client and enterprise value, good cash flow and strong talent.

我們擁有優秀的客戶、能帶來真正客戶和企業價值的核心產品、良好的現金流和強大的人才。

Our stable business base and new product capabilities also provide a solid financial foundation upon which we are seeking to holistic, holistically extend our capital structure and which will further position MultiPlan Corporationto drive profitable growth going forward.

我們穩定的業務基礎和新產品能力也為我們尋求全面、整體擴展我們的資本結構提供了堅實的財務基礎，並將進一步推動 MultiPlan Corporation 未來的獲利成長。

We continue to make progress across all aspects of the business as we build towards our long term vision for the company.

我們在向公司長期願景邁進的過程中，不斷在業務的各個方面取得進展。

We firmly believe that our health care expertise, our agility as an organization to embrace more rigorous and disciplined processes.

我們堅信，我們的醫療保健專業知識、我們作為一個組織的敏捷性能夠採用更嚴格和規範的流程。

Our strong foundation built on decades of data and technology assets and most importantly, our integrity as a market leader will sustain MultiPlan Corporation strategic advantage over time and bring tremendous value across the health care continuum.

我們的堅實基礎建立在數十年的數據和技術資產之上，最重要的是，我們作為市場領導者的誠信將長期維持 MultiPlan Corporation 的戰略優勢，並為整個醫療保健領域帶來巨大的價值。

For our long-time clients.

對於我們的長期客戶來說。

I say thank you also, rest assured we will continue to enhance and innovate our existing product set.

我也要說謝謝，請放心，我們將繼續增強和創新我們現有的產品系列。

Our transformation is meant to increase discipline and apply a more rigorous process around organic product development to not only address our client's current challenges and opportunities but also the ones to come.

我們的轉型旨在加強紀律性並在有機產品開發中應用更嚴格的流程，不僅解決客戶當前的挑戰和機遇，而且解決未來的挑戰和機會。

This along with lateral product expansion, strategic product bundles and value focused pricing plans.

這與橫向產品擴展、策略性產品捆綁和以價值為中心的定價計劃有關。

We provide a natural expansion of our total addressable market potential.

我們自然地擴大了我們的整體可尋址市場潛力。

After the progress of the transformation itself, we continue to organize around the operating principles, clarity of purpose, alignment of resources and focus on accountability.

在轉型本身取得進展之後，我們繼續圍繞營運原則、明確目​​標、協調資源和關注責任進行組織。

I believe more and more that health care is at an inflection point with affordability as a key lever that only technology can address the last decade was focused on digitization of data and interoperability.

我越來越相信，醫療保健正處於一個轉折點，可負擔性是一個關鍵槓桿，只有技術才能解決，過去十年的重點是數據數位化和互通性。

The future will be focused not just on data but on actionable insights that increase transparency, reduce cost and improve quality.

未來不僅關注數據，還關注提高透明度、降低成本和改善品質的可行見解。

The challenges are many health care.

醫療保健領域面臨許多挑戰。

Consumers are demanding more than ever around data at their fingertips.

消費者對於即時資料的要求比以往任何時候都要高。

Transparency and less opaque pricing, higher quality, better tools and automation.

透明度和更少不透明的定價、更高的品質、更好的工具和自動化。

The operators in health care are facing increased regulation, medical cost, inflation, employer plan cost increases skilled labor shortages, provider risk M&A consolidation and the divergence of payment rates between rural and urban providers.

醫療保健業者面臨著監管加強、醫療成本增加、通貨膨脹、雇主計畫成本增加、熟練勞動力短缺、提供者風險併購整合以及城鄉提供者之間支付率的差異。

These are but a few examples against that landscape.

這只是該景觀中的幾個例子。

The technology partners that can bring real insights and answers to.

能夠帶來真正的見解和答案的技術合作夥伴。

One or more of these challenges will emerge.

其中一個或多個挑戰將會出現。

The winners, we believe we have uniquely positioned ourselves over time.

作為獲勝者，我們相信，隨著時間的推移，我們已經獲得了獨特的優勢。

That's where our clarity of purpose lies, we have pulled our unique position to combine data and technology with actionable insights that positively impact transparency, cost and quality.

這就是我們的明確目標所在，我們發揮獨特的優勢，將數據和技術與可操作的見解相結合，從而對透明度、成本和品質產生積極影響。

In order to realize our clarity of purpose, we have created a devoted team and set of fully aligned resources.

為了實現我們明確的目標，我們創建了一支專門的團隊和一套完全協調的資源。

The biggest resource we have is our talent we're focused on, on our cultural change management to instill a mindset of urgency focused on sustainable growth with reinforced emphasis on the rigor and discipline in our processes.

我們擁有的最大資源是我們關注的人才，我們關注的文化變革管理，以灌輸一種緊迫感，注重可持續增長，並更加強調我們流程的嚴謹性和紀律性。

Each of our associates knows our mantra when it comes to serving clients.

我們的每位員工都知道為客戶服務的座右銘。

They're at the center of everything we do.

它們是我們所做的一切的核心。

We listen, we serve, and we problem solve, and selling is pro problem solving.

我們傾聽、我們服務、我們解決問題，而銷售就是為了解決問題。

Thus, we also sell and that's how we will deliver value driven growth.

因此，我們也進行銷售，這就是我們實現價值驅動成長的方式。

I continue to be impressed by the level of talent we have inside the company, but also those that we have been able to attract.

我對我們公司內部的人才水平以及我們能夠吸引的人才印象深刻。

I think they all see the potential here at this point, our senior management team has been solidified with the recent addition of Doug Garris as our CFO Tiffany Maic, joining as our Chief Growth Officer and long time leader Sean Crandall with new responsibilities as the GM of our data and decision science business.

我認為他們都看到了這一點的潛力，我們的高級管理團隊已經得到鞏固，最近 Doug Garris 加入擔任首席財務官，Tiffany Maic 加入擔任首席增長官，長期領導者 Sean Crandall 加入擔任總經理我們的數據和決策科學業務。

I am I am very confident in our team, the diverse set of skills and experiences it represents in our ability to lead MultiPlan Corporation forward.

我對我們的團隊非常有信心，他們擁有多元化的技能和經驗，有能力帶領 MultiPlan Corporation 向前發展。

We also stand ready with robust legal corporate and government affairs.

我們也為強大的合法公司和政府事務做好了準備。

Teams aligned to protect, defend and educate along with the promotion of our general counsel.

隨著我們總法律顧問的晉升，團隊齊心協力保護、捍衛和教育。

We've added leaders to all of these teams to work alongside our marketing, communications and lobbying teams to protect and vigorously defend our company to be an effective thought leader on regulatory and policy matters.

我們在所有這些團隊中都增加了領導者，與我們的行銷、溝通和遊說團隊一起工作，以保護和大力捍衛我們的公司，使其成為監管和政策問題上有效的思想領袖。

We want to have a voice and contribute.

我們希望發出聲音並做出貢獻。

I will touch on these endeavors later on along with upgrading our human resources.

稍後我將談到這些努力以及提升我們的人力資源。

We're also embarking on a transformation of our technology infrastructure to not only embrace the recent leads such as A I, but more importantly to make our data and analytics capabilities, more scalable and expandable to meet the product and solution needs of the market in the future.

我們也正在著手改造我們的技術基礎設施，不僅要擁抱人工智慧等最新技術，更重要的是讓我們的數據和分析能力更具可擴展性和可擴展性，以滿足市場對產品和解決方案的需求。

This will position us well in the de the decade of actionable insights, Doug Garis will share some of these upgrades in his comments.

這將使我們在未來十年的可行見解中佔據有利地位，Doug Garis 將在他的評論中分享其中一些升級。

I have said many times that you are what your record says.

我已經說過很多次了，你的履歷就體現出你的為人。

You are.

你是。

I'm confident that we are taking the right steps to improve our focus is on how our results over the next couple of years will stack up against the transformation model that we have built.

我相信，我們正在採取正確的措施來改善我們的重點，即未來幾年我們的業績將如何與我們已經建立的轉型模式相匹配。

This model is made up of KPIS that signal our progress towards sustainable growth.

該模型由 KPIS 組成，標誌著我們實現永續成長的進展。

These KPIS will focus on driving value in the core, aggressively competing to win in existing and new markets, operational excellence, talent acquisition and innovation across our products and technology.

這些 KPIS 將專注於推動核心價值、積極競爭現有和新市場、卓越營運、人才獲取以及產品和技術創新。

As I mentioned on our last call, we launched a comprehensive evaluation of the company and financial potential forward out of that effort.

正如我在上次電話會議上提到的，我們對公司及其未來的財務潛力進行了全面的評估。

We have created a fundamental business framework for our transformational journey called Vision 2030 which is a strategic financial and operational execution road map meant to drive our strategic KPIS.

我們為我們的轉型之旅創建了一個基本的業務框架，稱為“2030願景”，這是一個策略性財務和營運執行路線圖，旨在推動我們的策略KPIS。

This will allow us to align the resources capital and goals of the company.

這將使我們能夠協調公司的資源資本和目標。

It's the foundation for clarity, alignment and focus and MultiPlan Corporation going forward.

它是 MultiPlan Corporation 未來發展清晰度、一致性和專注度的基礎。

This process is being led by Jerry Hogge, our Chief Operating Officer and includes preserving and expanding the three core businesses, networks, analytics and payment and revenue integrity, achieving the full revenue and value potential of the existing white space and market potential enabled through products from our HST acquisition and diversifying the business and accelerating new revenue growth and product innovation across the data and decision sciences portfolio like ben insights and risk models, clearly defining our products and the financial plan associated with each will allow us to organize our go to market teams and have needed sales talent with proper incentives to spur our growth forward.

這個過程由我們的營運長 Jerry Hogge 領導，包括保留和擴展三大核心業務，即網路、分析和支付以及收入完整性，充分發揮現有空白領域的收入和價值潛力以及透過產品實現的市場潛力從我們收購HST 開始，業務多元化，加速新收入成長和數據和決策科學產品組合（如Ben Insights 和風險模型）的產品創新，明確定義我們的產品和與每種產品相關的財務計劃，將使我們能夠組織我們的行銷團隊，並需要具有適當激勵措施的銷售人才來推動我們的成長。

As I prepare to turn the call over to Doug Garis, let me provide a quick update on our corporate and government affairs.

在我準備將電話轉給道格·加里斯 (Doug Garis) 時，請容許我簡要介紹我們的公司和政府事務。

The verity decision in August was certainly an encouraging development in our ongoing vigorous defense of similar legal claims against us.

八月份的 Verity 裁決無疑是我們持續大力捍衛針對我們的類似法律訴訟的一個令人鼓舞的進展。

We believe these legal claims against us are without merit and we will continue to focus on our service and product delivery.

我們認為這些針對我們的法律訴訟毫無根據，我們將繼續專注於我們的服務和產品交付。

We operate in a highly competitive environment.

我們在高度競爭的環境中運作。

Drive costs out of health care, reduce balance bills and support the regulatory goals around transparency.

降低醫療保健成本、減少餘額帳單並支持有關透明度的監管目標。

In addition, we will continue to engage openly and collaboratively with lawmakers on Capitol Hill to educate them on our services and the positive impact we make on the health care system by reducing costs and increasing transparency.

此外，我們將繼續與國會山莊的立法者進行公開合作，讓他們了解我們的服務以及我們透過降低成本和提高透明度對醫療保健系統的正面影響。

No matter the outcome of the election.

無論選舉結果如何。

You'll hear more about this as we continue to make progress,MultiPlan Corporation was built on sustainable core values of character and integrity, great client relationships and decades of service.

隨著我們不斷進步，您會聽到更多有關這方面的信息，MultiPlan Corporation 建立在可持續的核心價值之上，即品格和誠信、良好的客戶關係和數十年的服務。

This forms our foundation but make no mistake.

這是我們的基礎，但不要犯錯。

We will be rapidly impacting change for the future.

我們將迅速影響未來的變化。

The evolution of our leadership team modernized platform and how we go to market as a data insights and technology leader in health care expands and transforms our brand vision.

我們的領導團隊的演變、現代化平台以及我們作為醫療保健領域的數據洞察和技術領導者進入市場的方式擴展和改變了我們的品牌願景。

There will be more news to come soon on this new brand emergence.

關於這個新品牌的更多新聞即將發布。

I wanted to reiterate that our third quarter was what we expected.

我想重申，我們的第三季表現符合我們的預期。

Albeit on the lower end, we expect fourth quarter to run similarly and hence have provided updated guidance ranges to reflect this expectation.

儘管處於較低水平，但我們預計第四季度的情況也將類似，因此提供了更新的指導範圍以反映這一預期。

We are working to refine our processes with rigor and discipline as we enact the vision 2030 plan in our new fiscal year.

在新的財政年度實施 2030 願景計畫時，我們正在努力以嚴謹和紀律的方式完善我們的流程。

While the business stabilization is expected to occur through the first half of 2025, we now have more visibility into its eventual outcome and impact on financial results.

雖然預計業務穩定將在 2025 年上半年實現，但現在我們對其最終結果及其對財務表現的影響有了更多的了解。

We will be presenting our updated 2025 outlook on our year-end earnings call scheduled for late February with that.

我們將在定於 2 月底召開的年終收益電話會議上介紹我們最新的 2025 年展望。

Let me turn it over to Doug Garis.

讓我把它交給道格·加里斯 (Doug Garis)。

Thank you, Travis Dalton and good morning, everyone.

謝謝你，崔維斯·道爾頓，大家早安。

I'm delighted to be a part of the MultiPlan Corporation family and look forward to meeting and working closely with the investor community.

我很高興成為 MultiPlan Corporation 大家庭的一員，並期待與投資者社區會面並密切合作。

Now that I've had the chance to fully on board before reviewing third quarter results.

現在，我有機會在審查第三季業績之前全面參與其中。

I'm going to start off by sharing a few observations today, which ironically is my, my three month anniversary.

首先我想分享一些今天的經歷，諷刺的是，今天剛好是我三個月的紀念日。

First, I've had the privilege to work with some of the largest preeminent and globally recognized firms and the MultiPlan Corporation team.

首先，我很榮幸能與一些全球知名的最大傑出公司以及 MultiPlan Corporation 團隊合作。

Here is not only comparable but exemplary.

這不僅具有可比性而且具有示範性。

We have a good balance of talent, passion, industry, knowledge, deep technology and operational expertise and importantly grip.

我們在人才、熱情、勤奮、知識、深厚技術和營運專業知識以及最重要的控制力之間實現了良好的平衡。

Everyone here shows up engaged and willing to do the work required to enrich our culture and serve our clients.

這裡的每個人都很投入，願意做必要的工作來豐富我們的文化和服務我們的客戶。

This is demonstrated by our recent inclusion as a great place to work for the third consecutive year and an elite net promoter score that we've earned from our clients.

我們最近連續第三年被評選為最佳工作場所，以及從客戶那裡贏得的精英淨推薦值證明了這一點。

Second, our core business is strong and durable outside of the decline of one specific client and a non-repeating positive impact from COVID related volumes.

其次，除了某特定客戶的下滑和新冠疫情相關業務量非重複性的正面影響外，我們的核心業務依然強勁且持久。

Our core business has consistently grown since we went public.

自上市以來，我們的核心業務一直持續成長。

Our product with an analytics network services, payment and revenue integrity continue to yield significant value for our clients as evidenced by the continued strength of the identified potential savings.

我們的產品具有分析網路服務、支付和收入完整性，繼續為我們的客戶創造巨大價值，這從所發現的潛在節省的持續強勁表現中可見一斑。

We deliver, we are an indispensable partner for our 700 plus clients and the value we uncover lowers the overall cost to deliver health care to patients.

我們提供服務，我們是 700 多個客戶不可或缺的合作夥伴，我們發現的價值降低了為病患提供醫療服務的整體成本。

Third, I'm going to share some of the progress we are making against our strategy.

第三，我將分享我們策略所取得的一些進展。

We have completed an assessment of our cost structure, and our initial findings suggest we can deliver efficiencies in the order of magnitude to roughly 10% to 20% of our cost base over the next several years.

我們已經完成了對成本結構的評估，初步結果表明，未來幾年，我們可以將成本效率提高約 10％至 20％。

As part of our vision 2030 plan, the areas of focus to address and improve our cost position will be as follows.

作為我們2030願景計畫的一部分，解決和改善成本狀況的重點領域如下。

We plan to modernize our data and technology platforms.

我們計劃對我們的數據和技術平台進行現代化改造。

We are embarking on a multi-pronged approach to modernize our data foundry to build cloud native products and to deploy a modern cloud-based ERP system which is expected to go live in the first half of 2025.

我們正在採取多管齊下的方法來實現資料鑄造廠的現代化，以建構雲端原生產品，並部署現代的基於雲端的 ERP 系統，該系統預計將於 2025 年上半年上線。

Next, we have streamlined our business structure.

其次，我們精簡了業務結構。

We recently instituted a general manager model with direct P&L accountability, and we added a Chief Growth Officer and have organized our go to market segments to fuel growth across our sales channels.

我們最近建立了一個直接對損益表負責的總經理模式，並且增加了一位首席成長官，並且組織了我們的細分市場，以推動我們銷售管道的成長。

We also plan to reduce our physical facilities' footprint by roughly 60% to create centers of excellence in flagship locations focused on operations, products, technology, data, science, and client success.

我們還計劃將實體設施的佔地面積減少約 60%，以便在旗艦地點創建專注於營運、產品、技術、數據、科學和客戶成功的卓越中心。

We have also implemented robust efficiency programs that have already begun to yield tangible results.

我們也實施了強而有力的效率計劃，並已開始取得實際成果。

Travis Dalton briefly mentioned a great example that I can share on our benefits.

特拉維斯·道爾頓 (Travis Dalton) 簡要地提到了一個很好的例子，我可以與大家分享我們的福利。

Then as part of our annual planning process.

然後作為我們年度計劃流程的一部分。

We ran our own products and insights from our data and decision science business against our current benefit plan design and we captured nearly $4 million of hard savings both reducing our benefits then by 15% annually and we were able to lower our per employee cost of benefits while improving the quality of the benefits plan designed for our associates as a CFO and a frequent buyer of enterprise technology solutions, delivering real cash savings without reducing quality is frankly incredible.

我們根據目前的福利計劃設計運行了我們自己的產品，並從數據和決策科學業務中獲得了洞察，我們實現了近400 萬美元的硬性節約，每年將福利減少了15%，並且我們能夠降低每位員工的福利成本作為首席財務官和企業技術解決方案的經常購買者，我們在提高為我們的員工設計的福利計劃的質量的同時，在不降低質量的情況下實現真正的現金節約，這確實令人難以置信。

We have many additional areas of opportunity that I plan to share more formally when appropriate.

我們還有許多額外的機會領域，我計劃在適當的時候更正式地分享。

But rest assured we have a team that is laser focused on scoring points in this arena.

但請放心，我們有一支專注於在這個領域得分的球隊。

Finally, building upon our strong foundation and the new leadership team, we've assembled MultiPlan Corporation now has the ingredients required to launch our multiyear strategy.

最後，基於我們堅實的基礎和新的領導團隊，我們組建了 MultiPlan Corporation，現在已經具備啟動我們多年策略所需的要素。

This is why we are opportunistically and actively talking with our lenders to extend our capital structure now to give us ample runway for realizing our vision 2030 plan.

這就是為什麼我們現在積極地與貸方進行談判，擴大我們的資本結構，為實現我們的 2030 願景計劃提供充足的空間。

Now moving on to third quarter results as shown on page 4 of the supplemental deck Q3 revenues of approximately $230.5 million were down 5.1% from Q3 of 2023 and down 1.3% from prior quarter.

現在來看看第三季的業績，如補充文件第 4 頁所示，第三季的營收約為 2.305 億美元，較 2023 年第三季下降 5.1%，較上一季下降 1.3%。

Our revenues came in at the low end of the guidance range for the quarter with strong claims volumes offset by a decline.

我們本季的營收處於預期範圍的低端，強勁的索賠量抵消了下滑的影響。

At one client, excluding the impact of this client revenue was up 1.4% from prior year turning to third quarter revenue by services line is shown by page 5 of the supplemental deck network-based revenues declined 18.8% from the prior year quarter.

在一個客戶處，剔除該客戶的影響，第三季度按服務線劃分的收入較上年同期增長了1.4%，如補充報告第5 頁所示，基於網絡的收入較上年同期下降了18.8% 。

And we're a 0.9%.

而我們只佔0.9%。

Sequentially, analytics-based revenue decline 0.4% from the prior year quarter.

與去年同期相比，基於分析的收入下降了 0.4%。

And we're down 1.4%.

我們下降了1.4%。

Sequentially, our payment and revenue integrity revenues decreased 3.4% from prior year quarter.

與去年同期相比，我們的支付和收入完整性收入下降了 3.4%。

And we're down 4.4%.

我們下降了4.4%。

Sequentially during the third quarter, we continue to experience solid growth or identified potential savings as shown on page 7 of the supplemental deck total.

與第三季相比，我們繼續實現穩健的成長或確定了潛在的節省，如補充簡報第 7 頁所示。

Third quarter, bill charges decreased 1% sequentially to$44.7 billion and identified potential savings increased 3% sequentially to $6.4 billion in our core commercial health plan segment bill charges increased 3% sequentially and 11% versus the prior year quarter and identified potential savings increased 3% sequentially and 10% versus the prior year quarter to $6 billion.

第三季度，我們核心商業健康計畫部門的帳單費用較上季下降1% 至447 億美元，已識別潛在節省額較上季成長3% 至64 億美元，帳單費用較上季成長3%，與去年同期相比成長11 %，已識別潛在節省額成長 3與上一季相比成長 %，與去年同期相比成長 10 %，達到 60 億美元。

Both were new quarterly records for multi-point as shown in page 8.

如第 8 頁所示，這兩項數據均為多點季新紀錄。

In our 4% of savings revenue model identified potential savings increased approximately 0.8% sequentially and 5.5% year over year to $4.5 billion with respect to the utilization environment.

在我們的 4% 節省收入模型中，發現相對於利用環境，潛在節省金額比上一季增加約 0.8%，比去年同期增加 5.5%，達到 45 億美元。

Bill charges from both facilities and physicians were up sequentially and year over year with particular strength in hospital inpatient and hospital outpatient on the facility side and in surgery on the physician side.

醫療機構和醫生的帳單費用比上年和上年均有成長，醫療機構方面的住院和門診費用以及醫生方面的手術費用增長尤為強勁。

On balance data from a few publicly traded hospitals suggest the utilization of environment remains healthy, which is slightly positive for forward volumes.

總體而言，來自幾家上市公司的數據顯示，環境利用率仍然保持健康，這對遠期交易量來說略有正面影響。

Given our typical claims lag the sequential increase in our volumes was more than offset in our revenues by a decline in revenue.

考慮到我們典型的索賠滯後，我們業務量的連續成長被收入的下降所抵消。

As a percent of identified savings or revenue yield as shown on page 8 of the supplemental deck.

以已確定的儲蓄或收益的百分比表示，如補充資料第 8 頁所示。

Our revenue yield declined about 15 basis points sequentially for the overall business which includes both P A&P/E TM revenue models in our core percentage of savings revenue model, which is approximately 90% of our revenue.

我們的整體業務（包括核心儲蓄百分比收入模式中的 P A&P/E TM 收入模式）的收益率環比下降約 15 個基點，約占我們收入的 90%。

Our yields fell about eight basis points in the quarter which had a resulting impact of about $2 million on revenue.

本季我們的收益率下降了約 8 個基點，對營收產生了約 200 萬美元的影響。

This was made up of approximately $1.7 million of volume driven increase offset by approximately 3.7 of price and mix shifts for the quarter.

其中約 170 萬美元的銷售成長被本季約 3.7 萬美元的價格和產品變化所抵消。

Notably, none of the decline in our p save revenue yield was attributed to any contract changes with our clients turning over to expenses.

值得注意的是，我們的 p 儲蓄收入收益率的下降並不歸因於我們與客戶簽訂的合約變更而轉入費用。

Third quarter adjusted EBIDA expenses were $88.9 million, decreasing $1.7 million from prior year quarter.

第三季調整後的 EBIDA 費用為 8,890 萬美元，較去年同期減少 170 萬美元。

And increasing $2 million.

並增加了200萬美元。

Sequentially, the decrease versus prior year was primarily due to increases in capitalized software development and was partially offset by increases in professional fees and personnel expenses related to year over year increases in compensation for the sequential comparison.

與前一年相比，環比下降主要由於資本化軟體開發增加，但被與上年環比薪酬增加相關的專業費用和人事費用的增加部分抵消。

The $2 million increase in adjusted EBIDA expenses was primarily due to increases in access and bill review fees and legal fees and a decrease in capitalized software development costs which was primarily timing related adjusted EBITA was $141.6 million in the quarter, down 7% from $152.3million in the prior year quarter and down 3.4% from $146.7 million in Q2 of 24 our Q3 adjusted EBITA was slightly above the low end of our guidance range and margin came in at 61.5% down 130 basis points from the 62.8% in prior quarter and down from 62.7%.

調整後的EBIDA 費用增加200 萬美元，主要是由於接入和賬單審查費用以及法律費用的增加，以及資本化軟體開發成本的減少（這主要是與時間相關的），本季度調整後的EBITA 為1.416 億美元，較1.523 億美元下降7%較上年同期的1.467 億美元下降3.4%，第三季調整後的EBITA 略高於我們預期範圍的低端，利潤率為61.5%，較上一季度的62.8% 下降130 個基點，從 62.7% 上升至 63.6%。

The same time prior year.

與去年同期相比。

We enjoy great operating leverage of our business and most of the margin compression we've experienced in our comp is due to lower revenues, but I will say the team is doing a great job managing cost because our cost base is actually down year over year in the corporate, moving on to our outlook is shown on page 9 of the supplemental deck.

我們的業務擁有很高的營運槓桿，我們的利潤率壓縮主要是由於收入下降，但我要說的是，團隊在成本管理方面做得很好，因為我們的成本基礎實際上是逐年下降的在公司中，我們的展望顯示在補充資料的第9 頁。

We're tightening our full year revenue guide to between $930million $940 million versus our prior guide range of $935million to 955 million.

我們將全年營收預期從先前的 9.35 億美元至 9.55 億美元的範圍縮窄至 9.3 億美元至 9.4 億美元之間。

This is reflective of a more reasonable run rate of our core business.

這反映出我們核心業務的運作率更加合理。

We're also narrowing our adjusted but our guide range to between $580million to $590 million in lockstep.

我們也在縮小調整後的指導範圍，但我們的指導範圍將同步縮小至 5.8 億美元至 5.9 億美元之間。

With the revenue declines, we are confident that prudent cost management and the recent launch of our efficiencies program associated with our vision 2030 plan will help us keep earnings and margin power for the remainder of the year.

隨著收入的下降，我們相信審慎的成本管理和最近啟動的與我們的2030願景計劃相關的效率計劃將幫助我們在今年剩餘時間內保持盈利和利潤率。

As you are aware from the press release, we conducted an impairment test for the third quarter which incorporates current market conditions including share price, market discount rates, forecast revisions and other various factors.

正如您從新聞稿中了解到的，我們對第三季進行了減損測試，其中考慮了當前市場狀況，包括股價、市場折現率、預測修訂和其他各種因素。

Based on this test.

基於本次測試。

We estimated fair value of our goodwill with less than carrying value and accordingly, we took a $5.8 million adjustment to indefinite lived assets and we reported a noncash impairment charge of approximately $361.6 million to our GAAP earnings results.

我們估計商譽的公允價值低於帳面價值，因此，我們對無限期使用壽命的資產進行了580 萬美元的調整，並在我們的GAAP 收益結果中報告了約3.616 億美元的非現金減損費用。

This brings the year-to-date total impairment charges of roughly $1.4 million to our GAAP earnings.

這使得今年迄今我們的 GAAP 收益的減損費用總額達到約 140 萬美元。

Turning on the balance sheet and capital allocation.

開啟資產負債表和資本配置。

Our net provided our net cash provided by operating activities was $72.8 million for the third quarter of 2024.

2024 年第三季度，我們經營活動提供的淨現金為 7,280 萬美元。

While the free cash flow generator was $41.1 million.

而自由現金流產生器為4110萬美元。

As a reminder, our cash flow generation tends to be higher in the 1st and 3rd quarter of any year due to the timing of our debt interest and tax savings.

提醒一下，由於債務利息和稅收節省的時間，我們每年第一季和第三季的現金流量產生往往較高。

As shown on page 12 of the supplemental deck, we ended the quarter with $86.6 million of unrestricted cash and we did not buy any security this quarter net of cash.

如補充文件第 12 頁所示，本季末我們擁有 8,660 萬美元的無限制現金，且本季我們沒有以現金淨額購買任何證券。

Our total and operating debt leverage ratios were 7.6times and 5.5 times respectively.

我們的總債務和經營債務槓桿率分別為7.6倍和5.5倍。

Our long-term capital priorities remain the same.

我們的長期資本優先事項保持不變。

Our highest priority and immediate focus remain on investing in the business to drive organic growth in the assets we have in service.

我們的最高優先事項和當前重點仍然是投資業務，以推動我們服務資產的有機成長。

You should expect us to continue making critical investments to support our platform including our core products and our HSP and Data and Decision Science businesses.

您應該期待我們繼續進行關鍵投資來支援我們的平台，包括我們的核心產品和我們的 HSP 以及數據和決策科學業務。

With the remaining cash flows, we will primarily focus on debt pay down and leverage reduction.

對於剩餘的現金流，我們將主要致力於償還債務和降低槓桿率。

Finally, as we previously announced, we're currently working with our lenders and their advisers to extend our capital structure.

最後，正如我們之前宣布的那樣，我們目前正在與我們的貸方及其顧問合作，以擴大我們的資本結構。

Our focus is simple to opportunistically extend our maturities to provide ample time for the new leadership team to execute against our strategy and realize the transformation we discussed this morning as a reminder, our first funded debt maturity is not until 2027.

我們的重點很簡單，即適時延長我們的債務期限，為新領導團隊提供充足的時間來執行我們的策略，實現我們今天上午討論的轉型。才到期。

In October, we have had we are having productive discussions, but while we're in active talks, we cannot discuss any details about the dead extension.

在十月份，我們進行了富有成效的討論，但在積極談判的同時，我們不能討論有關終止延期的任何細節。

And I ask that you kindly recurring from inquiring about this topic during our Q&A section.

我希望您在我們的問答環節中再次詢問這個主題。

And with that brings me to the end of my prepared comments, comments and I'll turn it back over to Travis Dalton to finish this up.

我的準備好的評論到此結束，然後我將把發言權交還給特拉維斯·道爾頓 (Travis Dalton) 來完成。

Thanks, Doug Garis, appreciate it.

謝謝，Doug Garis，非常感激。

As I said throughout the company's path is clear and becoming clearer.

正如我一直所說的，公司的道路是清晰的，而且越來越清晰。

We're taking the actions to transform MultiPlan Corporation with a thoughtful focus on cost, with a capital structure to fit our growth aspirations, with a new brand emergence to add an external identity to our internal progression.

我們正在採取行動對 MultiPlan Corporation 進行轉型，重點關注成本，採用適合我們成長願望的資本結構，並透過推出新品牌為我們的內部發展增添外部形象。

And with a clear 2025 corporate strategy to go out and win in the market.

並制定了明確的2025企業策略，走出去並贏得市場。

I look forward to sharing our progress with you in the coming months and quarters.

我期待在未來幾個月和幾個季度與您分享我們的進展。

Operator.

操作員。

Would you kindly open the call for questions for Doug Garis, Jerry Hogge and myself?

您能否讓道格·加里斯 (Doug Garis)、傑裡·霍格 (Jerry Hogge) 和我本人開始提問？

Thanks.

謝謝。

Yes, of course.

是的當然。

If you would like to ask a question,

如果你想提問，

[Operators Instructions]

[操作說明]

And our first question today will be from the line of Joshua Raskin with Nephron Research.

我們今天的第一個問題來自 Nephron Research 的 Joshua Raskin。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi, thanks, good morning.

嗨，謝謝，早安。

I guess a couple on my end.

我想，我這邊應該有幾個。

Maybe just the first one sort of start with, you know, the last three months or so guidance sort of moving towards the lower end.

也許只是第一個開始，你知道，過去三個月左右的指導逐漸走向低端。

What, what would the incremental changes, I guess relative to what you were seeing three months ago, it certainly doesn't seem like the volume environment.

我想，相對於你三個月前所看到的情況，增量變化會是什麼樣的呢？

Are, are you speaking?

你、你在說話嗎？

Hi, Josh and good morning and pleased to meet you.

你好，喬希，早安，很高興見到你。

Are you speaking specifically to our revenue?

您具體說的是我們的收入嗎？

And that, you know, I know I do kind of just, you know, flows with revenue.

而且，你知道，我知道我所做的只是，你知道，隨著收入而流動。

So yeah, if you could talk a little about revenue, why, why towards the lower end of the guidance?

是的，如果您可以談談收入，為什麼會接近預期的低端？

Yes.

是的。

So, I think as we mentioned, our, our volume for the quarter is actually positive and are identified, potential savings is certainly an encouraging sign.

因此，我認為正如我們所提到的，我們本季的銷售量實際上是正數，而且已經確定了潛在的節省，這無疑是一個令人鼓舞的跡象。

I think coming in and certainly having a chance to assess the business.

我認為進來並肯定有機會評估業務。

We fell within our guide range, but we narrowed and tightened our guide range.

我們處於指導範圍內，但我們縮小並收緊了指導範圍。

I think primarily we're, we're pretty well in with the current run rate of the business and I will say we recently enacted some robust efficiency programs.

我認為主要是我們目前的業務運作率相當高，而且我要說的是，我們最近制定了一些強有力的效率計劃。

So, we feel pretty good about our ability to keep and maintain EBIDA margin and traction.

因此，我們對維持和維持 EBIDA 利潤率和牽引力的能力感到非常滿意。

I would say over the last three months, nothing has fundamentally changed about the dynamics of the business.

我想說，在過去三個月裡，業務動態沒有任何根本性的改變。

I think we're tightening our, our range for the year to coalesce with the the run rate we're seeing in our business.

我認為我們正在縮小今年的範圍，以與我們業務中的運行率保持一致。

Okay.

好的。

That's helpful.

這很有幫助。

And then last quarter, you talked specifically about a 3% headwind to revenues from a specific customer.

上個季度，您特別談到了來自特定客戶的收入面臨 3% 的阻力。

So, I guess is that still the case or is that customer running off faster this year than expected and then any other, you know, client headwinds that we should know about for next year and maybe what percentage of your 2025 revenues are actually contracted at this point.

所以，我猜情況仍然如此，還是今年客戶的流失速度比預期的要快，然後是我們應該了解的明年的其他客戶逆風，也許你的 2025 年收入中實際簽約的百分比是多少這一點。

Yes.

是的。

So, we'll, to, to maybe answer the last question first.

因此，我們首先要回答最後一個問題。

We're not going to give more substant for looking guidance until our, our February update.

直到二月更新之前，我們不會提供更多實質的指導。

But our one time, our one strategic customer decision that we talked about in the last quarter most certainly impacted the business in this quarter.

但我們上個季度談到的一次策略客戶決策無疑對本季的業務產生了影響。

And I think we said it was it was roughly 3% or roughly $15 million a quarter of impact.

我認為我們說過它的影響大約是 3% 或每季大約 1500 萬美元。

And in the prepared remarks, if you strip out the roughly 3% that we expect as a headwind, our, our, our revenues were actually up year over year.

在準備好的評論中，如果去掉我們預計的約 3% 的阻力，我們的收入實際上是同比增長的。

So that certainly is the case that for the first half of 2025 our, our discussion around the last quarter still remains true.

因此，對於 2025 年上半年來說，我們圍繞最後一個季度的討論仍然是正確的。

We don't see an uptick or a downtick of the strategic client decision, but it's certainly a face itself in our, our financials in Q3.

我們沒有看到策略客戶決策的上升或下降，但這無疑是我們第三季財務狀況的影響因素。

Okay.

好的。

So, no new client headwinds nothing to call out at this time.

因此，目前還沒有出現新的客戶阻力，也沒有什麼好擔心的。

And obviously, we'll get the full details in, in February.

顯然，我們將在二月公佈全部細節。

Correct.

正確的。

Correct.

正確的。

We've had no material customer contract or rate changes over the last three months.

在過去三個月內，我們的客戶合約或費率沒有發生重大變化。

And I'll, I'll just add a little context.

我只想添加一點背景資訊。

I mean, I've been out doing the client list, this is trying to say Josh, and we have our client advisory meeting this week, we have well over 100 clients that will be with individually.

我的意思是，我一直在外面做客戶名單，這是想告訴喬希，我們本週將舉行客戶諮詢會議，我們有超過 100 名客戶將單獨參加。

I think in talking to them, we expect for affordability, cost containment and other pro programs that we're actively involved with and drive real value to be more important to them than ever over time.

我認為，在與他們交談時，我們期望可負擔性、成本控制和我們積極參與的其他專業計劃以及推動實際價值對他們來說比以往任何時候都更加重要。

So, we're confident and you know, the win will be at our back, we think over time.

所以，我們有信心，而且你知道，隨著時間的推移，我們認為勝利將站在我們這邊。

And I also think we're at the right price to value ratio with those clients and we're well positioned to continue to do business with them going forward.

而且我還認為，我們與這些客戶的價格價值比合適，我們有能力繼續與他們開展業務。

And so, we're confident in our client environment and the value that we bring as we progress.

因此，我們對我們的客戶環境以及我們在進步過程中帶來的價值充滿信心。

Alright, perfect.

好吧，完美。

Thanks.

謝謝。

Our next question today will be from the line of Daniel Grosslight with Citigroup.

我們今天的下一個問題來自花旗集團的丹尼爾·格羅斯萊特。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey guys, thanks for taking the question and congrats on your first full quarter at MultiPlan Corporation You know, we we've now had 10 quarters in a row of, of take rate degradation.

嘿夥計們，感謝你們回答這個問題，並祝賀你們在 MultiPlan Corporation 的第一個完整季度取得良好業績。

I am this kind of the new normal where we're, we'll see this continued mix shift which will lead to this take rate degradation and it's really up to the savings rate to do the heavy lifting or is 2024 for the nature of take rate.

我正處於這種新常態，我們將看到這種持續的組合轉變，這將導致這種利率下降，而這實際上取決於儲蓄率，以發揮重要作用，或者 2024 年的利率性質速度。

Take rates in, in 2025 and beyond, we should start to see a little bit of, of take rate expansion.

以 2025 年及以後的利率來看，我們應該會開始看到利率略有擴大。

Hey, hey Daniel, good morning and, and, and good to meet you.

嘿，嘿，丹尼爾，早上好，很高興見到你。

So, I'll take the first stab at it in the prepared remarks.

因此，我將在準備好的發言中首先嘗試對此進行闡述。

We highlighted that if you, if you look at our business, certainly over the last 12 quarters or so, if you exclude the one client impact and one time tail wind that we had from COVID associated volumes, our core business, I, I think would look a little bit different and in fact, has grown pretty consistently.

我們強調，如果你看看我們的業務，當然在過去 12 個季度左右，如果你排除一個客戶的影響和一次因 COVID 相關業務量而產生的順風，我們的核心業務，我認為看起來會有些不同，事實上，它一直在持續增長。

I think what you're seeing in the degradation of yield certainly is that the impact of one client launch through.

我認為，您所看到的收益率下降肯定是一個客戶端啟動帶來的影響。

And I think where you've seen us tighten our, our guidance range, certainly for the full year and the implied Q4 is, you know, I can't tell you, I can't tell you for certain that we're on a, but it feels like nothing has changed with our client or contract base and the run rate of our business feels very reasonable at this time, excluding any new go to market or sales activities that we're planning for 2025.

我認為我們已經收緊了全年的預期範圍，而隱含的第四季度的預期範圍，我不能肯定地告訴你，我們a，但感覺我們的客戶或合約基礎沒有任何變化，而且目前我們業務的運作率感覺非常合理，不包括我們計劃在2025 年開展的任何新的上市或銷售活動。

Got it.

知道了。

Okay.

好的。

And, and so some companies have commented on IV shortages leading to delays in elective procedures, mostly in the fourth quarter because it was due to hurricane Helene.

因此，一些公司評論說靜脈注射短缺導致了選擇性手術的延遲，主要是在第四季度，因為颶風海倫 (Helene) 造成了延遲。

So, I'm curious if, if you're starting to see some of those delays in your business, you mentioned that utilization is strong but curious if some of those IV shortages are bleeding into your business and maybe what that pretend for the first quarter of 2025 for you guys given that, that lag that you guys always have.

所以，我很好奇，如果你開始看到你的業務出現一些延誤，你提到利用率很高，但好奇一些靜脈注射短缺是否正在影響你的業務，也許這是第一次假裝考慮到你們始終存在的滯後，2025 年第一季將是你們面臨的最大問題。

Yes.

是的。

So let me, let me maybe start that.

那麼，讓我，讓我開始吧。

So, with respect to the specifics, I don't think we've seen anything at this point that's disrupted the flow of our expected Q4, right?

所以，就具體情況而言，我認為目前我們還沒有看到任何影響我們預期第四季進程的因素，對嗎？

We're in the process of closing the month of October.

我們即將結束十月的工作。

But certainly, I don't know if that would be substantive enough for us to come off our narrow guide range.

但可以肯定的是，我不知道這是否足以讓我們擺脫狹窄的指導範圍。

But that goes without saying that we definitely are watching some of the seasonality of the business play through Q4 is typically a stronger quarter for us and towards the end of the year, things like IV shortage or other disruptions due to natural weather events, we think that there is, you know, there's no reason to inject that additional seasonality in our business at this time, but we haven't seen major disruptions to our, to our business and our and our claims flow presently.

但毋庸置疑的是，我們肯定會關注第四季度的一些業務季節性，這對我們來說通常是一個更強勁的季度，而到了年底，我們認為IV 短缺或由於自然天氣事件造成的其他中斷等問題您知道，目前沒有理由在我們的業務中註入額外的季節性，但目前我們還沒有看到我們的業務和我們的索賠流程受到重大干擾。

Got it.

知道了。

And, and last one for me, I really appreciate the, the details on vision 2030 some of the operational changes that you guys are making.

對我來說最後一個要點是，我真的很欣賞你們在 2030 願景中所做的一些營運變革的細節。

And I understand you're not guiding specifically to 2025 now, but wondering if you can just comment qualitatively on how you're thinking about 2025 in terms of growth in and your cost structure and then longer, you know, from a longer-term perspective, has there been any change in how you're thinking about the business versus the investor day?

我知道你現在沒有具體預測 2025 年，但我想知道你是否可以從增長和成本結構的角度定性地評論一下你對 2025 年的看法，然後從更長遠的角度來看從這個角度來看，您對業務的看法與投資者日的看法有什麼改變嗎？

I guess it was now more than a year and a half ago where you kind of think that the core business can grow mid-single digits and then with some of these other expansion opportunities, you can get that to the high single digits in terms of growth.

我想，現在距離現在還有一年半多的時間，你認為核心業務可以實現中等個位數增長，然後通過一些其他擴張機會，你可以將這一數字提高到高個位數。

Yeah, this is Travis Dalton.

是的，這是特拉維斯·道爾頓。

So, appreciate the question.

因此，我很感謝你提出這個問題。

Thanks for asking about our operating plan 2030.

感謝您詢問我們的 2030 年營運計畫。

So, a couple of things since I got here, we've been actively working on evaluation of businesses.

所以，自從我來到這裡以來，我們一直在積極地對企業進行評估。

I discussed looking at frankly what are our core strengths and values and what are the things that maybe we should spend less time on?

我坦率地討論了我們的核心優勢和價值觀是什麼，以及我們也許應該在哪些事情上花更少的時間？

So, the 2030 vision is really about looking at what we do well and creating a path for some of our new products.

因此，2030 願景的真正目的是審視我們擅長的事情，並為我們的一些新產品開闢道路。

So we can we'll, we'll continue to make investments and analytics that works payment integrity.

因此，我們將繼續進行有利於支付誠信的投資和分析。

We're going to focus more sales resources on the HST product in the mid and down market as it relates to that capability.

我們將集中更多的銷售資源在中低階市場的 HST 產品上，因為它與該功能相關。

And then we're really going to actively look at expanding the business with the data and decision science, investments and mapping.

然後，我們將積極考慮利用數據和決策科學、投資和地圖來擴大業務。

Clear go to market talent against that.

明確針對這一點的市場人才。

So, the, the whole point of this, this vision was to basically align the division, the operating mechanism which I've talked about at great length inside the company and a clear plan to allocate capital and put sales resources against it.

所以，這個願景的重點基本上是協調各部門、我在公司內部詳細討論過的營運機制，以及分配資本和銷售資源的明確計畫。

We think that that will yield sustainable growth for us over time as we as we go forward.

我們認為，隨著時間的推移，這將為我們帶來可持續的成長。

So that was the, that's been the kind of premise behind the 2030.

這就是 2030 背後的前提。

And we're looking forward to discussing that in much greater detail with you guys.

我們期待與你們進行更詳細的討論。

We continue to maintain our, our growth potential and prospects over time off of that planning process.

我們將根據這項規劃過程，持續維持我們的成長潛力和前景。

Yeah, and then this is Doug Garis I might add on the cost side if you take a look at it, right?

是的，然後這是 Doug Garis，如果您看一下，我可能會在成本方面添加它，對嗎？

Just at a macro level, it seems that, you know, health care, inflation and health care spend is a, is a natural sale at our back.

從宏觀層面來看，似乎醫療保健、通貨膨脹和醫療保健支出是我們自然的銷售障礙。

And I think we would have said that the 22 Investor Day, I think where our new leadership team is really focused is bringing a much, I would say bring an order of magnitude inspection in the business and that's where certainly I partnered with, with Jerry Hogge, our Chief Operating Officer and our executive leadership team to put in a very thoughtful program.

我認為我們會說，在第 22 屆投資者日上，我們的新領導團隊真正關注的是，對業務進行一次大幅度的檢查，這也是我與傑瑞合作的地方。格和我們的執行領導團隊制定了一個非常周到的計劃。

And in my prepared remarks, I mentioned, we think we can address between 10% to 20% of our cost base.

我在準備好的發言中提到，我們認為我們可以解決 10% 到 20% 的成本基礎。

And if you kind of parlay that and relate that to our capital allocation priorities that gives us much greater flexibility against our clarity, alignment and focus paradigm to invest in the things that will matter and drive the needle.

如果你充分利用這一點，並將其與我們的資本配置優先事項聯繫起來，那麼我們就能在清晰度、一致性和重點模式的基礎上擁有更大的靈活性，從而投資於重要且推動發展的事情。

And on that line, you know, we talked about our data and tech modernization, right?

在這條線上，您知道，我們討論了數據和技術現代化，對嗎？

We're making significant progress there and we'll be excited to share more details next year.

我們在那裡取得了重大進展，我們很高興明年分享更多細節。

And then we're just going to run the business better, faster and smarter, you know, having general managers and business segmentation with P&L accountability is a new muscle and something that we, we've actually actively put in place in the, in the last 90 days to drive better accountability and fidelity to the management of our business.

然後，我們將更好、更快、更聰明地經營業務，你知道，擁有總經理和業務細分以及損益責任制是一種新的力量，我們實際上已經在積極實施在過去的90 天裡，我們將提高對業務管理的責任感和忠誠度。

And then finally, as we think about operational efficiencies, that's not really a strategy, it's just a way to do business.

最後，當我們考慮營運效率時，這並不是真正的策略，而只是一種經營方式。

And I think with the leadership team that we've assembled, we have some really good robust efficiency programs that will help us capture value and ultimately invest back in the in the core business, which is still our primary capital allocation objective.

我認為，在我們組建的領導團隊的幫助下，我們制定了一些非常好的、強有力的效率計劃，這些計劃將幫助我們獲取價值，並最終重新投資於核心業務，這仍然是我們的主要資本配置目標。

Our next question today will be from the line of

我們今天的下一個問題是

[Jessica to San with Hyper Sandler].

[傑西卡和 Hyper Sandler 對 San 說]。

Please go ahead.

請繼續。

Your line is now open.

您的線路現已開通。

Hi guys.

嗨，大家好。

Thanks for taking the question.

感謝您回答這個問題。

I was hoping you could remind us of just any you know, major directional kind of differences in the in-revenue yield per by payer type or let us know that the cost customer mix issue that you were referring to.

我希望您能提醒我們，按付款人類型劃分的收入收益方面存在哪些主要方向性的差異，或者讓我們知道您所指的成本客戶組合問題。

And then just secondarily on the large customer, I was hoping you could just remind us the circumstances that led to the attrition that you're seeing year-to-date and just kind of why we should consider that anomaly as opposed to an ongoing risk.

其次，關於大客戶，我希望你能提醒我們導致今年迄今客戶流失的情況，以及為什麼我們應該考慮這種異常情況，而不是持續的風險。

Thanks.

謝謝。

Let me take the last.

讓我來談談最後一個。

First.

第一的。

Yeah, so, hi.

是的，你好。

Thanks for the question, Travis Dalton.

感謝特拉維斯·道爾頓的提問。

Yeah, I think that we, we covered it pretty thoroughly last time as a reminder, a strategic, you know, we view that as a strategic decision by a single client.

是的，我認為我們上次已經非常詳細地介紹了這一點，作為策略提醒，我們認為這是單一客戶的策略決策。

That's embarking on frankly taking a lot of capabilities in that.

坦白說，這需要很多能力。

And so, we were very clear last time that we thought that was one client, not all of our clients, we continue to believe that in discussions with them.

因此，我們上次非常清楚，我們認為那隻是一個客戶，而不是我們所有的客戶，在與他們的討論中，我們仍然相信這一點。

But we also believe that the value we bring is very beneficial to our clients over time and that we're clearly on strategy with them.

但我們也相信，從長遠來看，我們帶來的價值將對我們的客戶非常有益，而且我們顯然與他們保持一致的策略。

So, in no way, shape or form, do we, are we seeing that as anything other than kind of a single client issue?

那麼，無論以何種方式，我們是否認為這只是一個單一客戶的問題？

Both in terms of our new sales progression, which we're pleased with.

就我們的新銷售進度而言，我們對此感到滿意。

We'll be able to quantify more clearly when we go into 2025 but also in our existing client accounts and selling new products and innovation into our new clients.

當我們進入 2025 年時，我們將能夠更清楚地量化，同時也能量化我們現有的客戶帳戶以及向新客戶銷售新產品和創新。

And so that that's kind of what I would say about that.

這就是我要說的。

And to the extent that that some of that happens more quickly, it does impact our quarter a little bit more than we may have, may have thought.

而且，如果某些情況發生得更快，對我們季度的影響會比我們想像的要大一些。

But we've been clear about our forecast on that.

但我們對此的預測很明確。

I also just say one other thing from the last question, one of the most important things on this entire topic is that, we are able to drive organic product growth.

我還要說一下上一個問題中的另一件事，整個主題中最重要的事情之一是，我們能夠推動有機產品成長。

And so we've been working really hard since I got here, making sure that we have product, product life cycle capabilities and that we can continuously and quickly drive new innovations like the IBR example I gave for Stanford, that's, that's regardless of the landscape or strategy when you bring value to clients and it's priced to value and they see it, they buy from you.

因此，自從我來到這裡以來，我們一直在努力工作，確保我們擁有產品和產品生命週期能力，並且能夠持續、快速地推動新的創新，就像我為史丹佛大學提供的 IBR 示例一樣，無論當當您為客戶帶來價值並且其價格與價值相符時，客戶就會看到景觀或策略，從而向您購買。

And so, my view is our strategy is to make great stuff and make it at the right price point and to sell it aggressively.

因此，我的觀點是，我們的策略是製造優秀的產品、以合適的價格生產並積極銷售。

And I think our strategy is a winning one over time.

我認為從長遠來看我們的策略是成功的。

But we have to demonstrate that value for clients to continue to buy from us and that's what we intend to do.

但我們必須向客戶證明這個價值，才能讓他們繼續向我們購買，而這正是我們打算做的。

And then maybe Jessica, hi, this is Doug Garis.

然後也許是傑西卡，嗨，這是道格·加里斯。

So maybe on the next question, I would say, we haven't done a particularly great job of explaining price volume and mix and accordingly.

因此，也許在下一個問題中，我想說，我們在解釋價格數量和組合方面做得還不夠好。

I've actually refreshed the finance and accounting leadership team to bring in CN a leadership, commercial, commercial finance leadership and a new pricing leader.

我實際上已經更新了財務和會計領導團隊，為 CN 引入了一位領導、商業、商業財務領導和一位新的定價領導。

So, I think you can expect in the future for us to have much better color around our disclosures and around our various explanations on things like price volume and mix.

因此，我認為，未來您可以期待我們在資訊揭露以及對價格數量和組合等各種內容的解釋方面有更清晰的認識。

But the mix and rate impact that we've seen that the degradation is primarily due to negative mix and again is being accentuated by one large customer impact.

但我們已經看到，組合和費率的影響主要是由於負面組合造成的，而且又因一個大客戶的影響而加劇。

And if you kind of strip that out, the mix and rate impact versus the volume impact is actually far more muted than it appears in our calculations for yield and the yield decline that we've seen consistently now for, for the last several quarters.

如果你去掉這些因素，組合和利率的影響相對於數量的影響實際上比我們在收益率計算中所看到的要小得多，而收益率下降的情況在過去幾個季度中一直存在。

Okay, got it.

好的，明白了。

I will do that.

我會這麼做。

Thank you.

謝謝。

And then my, my final question is just can you all give us an update on the status of recently resolved and then pending litigation?

我的最後一個問題是，您能否向我們介紹最近解決和未決訴訟的最新情況？

Thanks.

謝謝。

Yeah, this is Travis Dalton happy to so appreciate the question.

是的，我是崔維斯·道爾頓，很高興能回答這個問題。

It's a good opportunity for me to get our messages out there.

這對我來說是一個傳達我們訊息的好機會。

So, I'm going to take that we have a long, you know, what, what we've been saying across, not just the, the litigation but the media and the hill and otherwise is that, you know, long history of, of provider and payer service.

所以，我認為我們有一個很長的歷史，你知道，我們一直在說的，不僅僅是訴訟，還有媒體和國會，除此之外，你知道，這是長期的，提供者和付款人服務。

What we do benefits employers and employees.

我們的所作所為使雇主和員工受益。

I think that there's a lot of data on the high cost of certain areas of, of particularly out of network and we reduce cost balance bills, and we increase transparency.

我認為，有許多數據顯示某些地區的成本很高，特別是網路外的地區，我們減少了成本平衡帳單，並提高了透明度。

So, we're very supportive of the NSA transparency and a lot of the administrative and regulatory environment out there.

因此，我們非常支持國家安全局的透明度以及現有的許多行政和監管環境。

We're not insurer we're in a highly competitive environment.

我們不是保險公司，我們處在競爭激烈的環境中。

So, all that said, you know, we're, we're vigorously defending ourselves.

所以，總而言之，你知道，我們正在積極捍衛自己。

There's been the verity case that I mentioned, but there's also been cases with similar fact patterns and other vertical industries that we think are, you know, we think are, are right and positive for us.

有我提到的真實案例，但也有具有類似事實模式的案例以及其他垂直行業，我們認為這些案例對我們來說是正確和積極的。

We're going to play out the process.

我們將演示這個過程。

We've got the best legal defense that we think we could possibly have, that have been with us a long time and there, they're phenomenal and we're in a highly regulated environment.

我們擁有我們認為可能擁有的最好的法律辯護，他們已經陪伴我們很長時間了，他們非常出色，而且我們處於一個受到嚴格監管的環境中。

So, we're not surprised by this.

因此，我們對此並不感到驚訝。

It's part of doing business in health care.

這是醫療保健業務的一部分。

The cases, the direct and class action have been centralized into what the northern district of Illinois.

這些案件、直接訴訟和集體訴訟都集中在伊利諾州北區。

And so we're actively working on that, and we intend to file our motion to dismiss likely in the mid-January time frame and that's where we're at.

因此，我們正在積極努力，並打算在 1 月中旬提出駁回動議，目前情況就是這樣。

Thank you.

謝謝。

Thanks.

謝謝。

Our next question will be from the line of Madison Aron with JP Morgan.

我們的下一個問題來自摩根大通的麥迪遜阿隆。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi.

你好。

Thanks for taking my question.

感謝您回答我的問題。

I apologize for jumping around calls.

我為跳轉電話道歉。

But as you adjust for that one-time impact or as, as you clarified or classified as one time to your revenue yields.

但是，當您調整一次性影響時，或當您澄清或歸類為一次性收入收益時。

What's your comfort level in terms of the visibility around where the take rate is today?

就目前的接受率而言，您的可預測性如何？

Do you think is stabilizing?

您認為正在趨於穩定嗎？

Do you think at least until the next round of contract negotiations, or do you think that there's still some headwinds to this take rate net of these onetime issues?

您是否認為至少要到下一輪合約談判才會有效果，或者您認為在除去這些一次性問題之後，這一費率仍會面臨一些阻力？

Yeah, I, I think we would reiterate, right.

是的，我想我們會重申，對的。

It's hard to say that I think to, to Daniel's point that there is a near of the yield, but I would say the run rate of our business right now against our current contract based and customer set is reasonable on existing business.

我很難說丹尼爾所說的收益率接近，但我想說，相對於我們目前的合約和客戶群，我們目前的業務運作率在現有業務上是合理的。

So, you know, plus or minus a couple of basis points, you know, perhaps, but I think you would need to keep in mind that yield is a very good directional metric.

所以，你知道，也許會有加減幾個基點的變化，但我認為你需要記住，收益率是一個非常好的方向性指標。

But when you look at it, you know, things do happen from quarter to quarter, both the positive and the negative one-time customer impacts etcetera.

但當你觀察它時，你會發現，事情確實會在每個季度發生，既有積極的，也有消極的一次性客戶影響等等。

But relative to a stabilization, I think it's fair to say that our, our yield especially given the one client issue now is played through the, the first couple of quarters and we'll play through the first half of the year.

但相對於穩定，我認為可以公平地說，我們的收益率，特別是考慮到現在的一個客戶問題，將在前幾個季度發揮作用，並將在今年上半年發揮作用。

I think it's fair to say that our, our yield is stabilized.

我認為可以公平地說，我們的收益率已經穩定。

Okay.

好的。

And then on vision 2030 you know, just given some of the comments you made earlier about the new P system, the general manager model.

然後關於 2030 願景，您知道，剛才您談到了您之前對新 P 系統、總經理模式的一些評論。

How should we think about the investments behind vision 2030?

我們該如何看待2030願景背後的投資？

Is it going to be heavy in 2025, 2026?

2025 年、2026 年會很重嗎？

And would love to better understand the breakup between what we should see from an expense standpoint and CapEx standpoint the mix?

並且希望更好地理解從費用角度和資本支出角度應該看到的組合之間的差異？

Yes.

是的。

So we'll, we'll, we will most certainly provide a very detailed walk including a very substantive and robust detail on both revenue expenses and capital.

因此，我們肯定會提供非常詳細的說明，包括有關收入支出和資本的非常實質和詳盡的細節。

For 2025.

面向 2025 年。

I think my, my prepared remarks and reiterating that we can, we can drive focus in our business and fund the things that we need to do.

我認為，我的準備好的發言和重申，我們可以，我們可以集中精力於我們的業務，並為我們需要做的事情提供資金。

And that's why we're pretty confident that we can address 10% to 20% of our cost base focusing on technology and data modernization including P which that investment has been going on and we'll eventually yield savings for our business going forward and then on the business segmentation and efficiencies front.

這就是為什麼我們非常有信心，我們可以解決 10% 到 20% 的成本基礎，專注於技術和數據現代化，包括 P，這項投資一直在進行，我們最終將為我們未來的業務節省開支，然後在業務細分和效率方面。

You know, we mentioned in the prepared remarks that we ran our own product on ourselves, and we delivered $4 million of savings.

你知道，我們在準備好的發言中提到，我們自己運行了自己的產品，並且節省了 400 萬美元。

So just with further inspection and partnership with our leadership team, we're driving very specific focus to optimize our cost structure and our capital structure to focus primarily on growing the business organically.

因此，透過進一步檢視和與領導團隊的合作，我們將專注於優化成本結構和資本結構，主要致力於業務的有機成長。

And so, I think addressing our cost base and being very circumspect on what we invest our money in means that there's not going to be a material change to our cost position as we embark on our vision 2030 mission and maintain, I think, you know, very strong margins going forward.

因此，我認為解決我們的成本基礎並謹慎投資意味著，當我們開始實現 2030 年願景使命時，我們的成本狀況不會發生重大變化，我認為，你知道，未來利潤率將非常強勁。

Yeah.

是的。

And hey, this is Jerry Hogge.

嘿，這是傑瑞霍格。

So just to kind of detail on what Doug Garis said, right?

那麼，您能詳細說明一下 Doug Garis 所說的內容嗎？

We, you know, the investment that we stepped up from 2023 to 2024 and our data science team, our sales team, our marketing team and so forth.

您知道，我們從 2023 年到 2024 年加大了投資，我們的數據科學團隊、銷售團隊、行銷團隊等等。

You know, we're, we're looking at those as sufficient to enable the vision 2030 growth plan.

你知道，我們認為這些足以實現 2030 願景成長計畫。

We should look to sharpen where we put the money, you get a greater return on the operating investments as we continue to economize and drive efficiencies in the, in the business.

我們應該更好地利用資金，在持續節省和提高業務效率的同時，我們也將獲得更大的營運投資回報。

Thank you

謝謝

As a reminder for any further questions, please dial star followed by one on your telephone keypad.

提醒一下，如果您還有其他問題，請在電話鍵盤上鍵入星號，然後按 1。

Now and our next question will be from the line of Joshua Kramer with CreditSights.

現在，我們的下一個問題來自 CreditSights 的 Joshua Kramer。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi there guys.

大家好。

Thank you so much for taking my question and thank you for all the detail you've given on the call so far.

非常感謝您回答我的問題，也感謝您迄今為止在電話中提供的所有詳細資訊。

My very brief question for you and then I'll let someone else ask theirs is about the anti-trust lawsuit.

我要問您一個非常簡短的問題，然後我會讓其他人問他們的問題，該問題與反壟斷訴訟有關。

Do you have any estimate or updates or run rate on what you're approximately spending on the anti-trust lawsuit in professional fees?

您對反壟斷訴訟中的專業費用花費了大約多少錢，有什麼估計、更新或運行率嗎？

Either each month, each quarter or each year.

每月、每季或每年。

Yeah.

是的。

Hi.

你好。

Hi, Josh.

嗨，喬希。

Thanks for the question.

謝謝你的提問。

This is Doug Garis.

這是 Doug Garis。

So, we're not going to, I, I don't think we would share that specifically, but I would say that the, that the current environment certainly has presented us with, some onetime costs that hopefully as these issues resolve will not repeat.

因此，我們不會，我不認為我們會具體分享這一點，但我想說的是，當前的環境確實為我們帶來了一些一次性成本，希望隨著這些問題的解決，這些成本不會重複。

But I don't, I don't think it would be appropriate to give an exact dollar value.

但我不認為，給出一個確切的美元價值是合適的。

I would say that as one-time costs come up.

我想說的是，一次性成本會增加。

As a leadership team, we manage against the money we have to invest.

作為領導團隊，我們根據必須投資的資金進行管理。

But I wouldn't, I wouldn't give you details and specifics on a dollar value.

但我不會向你提供美元價值的詳細資訊。

Because certainly we've been able to manage any one-time cost within our, our core cost structure.

因為我們當然能夠在我們的核心成本結構內管理任何一次性成本。

Yeah, I would just add to that to Doug Garis's point.

是的，我只是想補充 Doug Garis 的觀點。

Yeah, I, I'll just add one point to that because I can support it.

是的，我只想補充一點，因為我可以支持它。

I started March 1st.

我從三月一號開始。

We had a series of, yeah, interesting events, right.

是的，我們經歷了一系列有趣的事件。

So, we've, we've been actively adding to our corporate affairs function.

因此，我們一直在積極增強我們的公司事務職能。

So across, not just the legal team but also across other corporate affairs areas around our, our communications team.

因此，不僅是法律團隊，還包括我們周圍的其他公司事務領域，我們的溝通團隊。

How we message making sure we're doing that robustly are, you know, how we manage government affairs and we've been able to do all of that inside the current wrapper of the company and our current projections and margin profile and otherwise forward.

我們如何傳達訊息以確保我們能穩健地做到這一點，你知道，我們如何管理政府事務，我們已經能夠在當前的公司框架、當前的預測和利潤率狀況以及其他方面完成所有這些工作。

For the call, we think we can continue to do that over time.

對於通話，我們認為我們可以隨著時間的推移繼續這樣做。

And if that changes, we certainly would let you know, but we're, we're very confident that we can continue to manage those, those areas appropriately and we've already stepped it up to a certain degree.

如果情況發生變化，我們肯定會通知您，但是我們非常有信心我們可以繼續適當地管理這些領域，並且我們已經在一定程度上加強了管理。

As we go forward as a public company, we need to do that.

當我們作為一家上市公司向前發展時，我們需要這樣做。

Thank you.

謝謝。

Thank you.

謝謝。

And with no further questions on the line, this will conclude the MultiPlan Corporation third quarter, 2024 earnings call.

如果沒有其他問題，MultiPlan Corporation 2024 年第三季財報電話會議將結束。

Thank you to everyone who was able to join us today.

感謝今天能與我們一起的所有人。

You may now disconnect your lines.

現在您可以斷開線路了。