Progyny Inc (PGNY) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Progyny, Inc. earnings conference call. (Operator Instructions)

下午好，歡迎參加 Progyny 公司財報電話會議。（操作說明）

I'd now like to turn the call over to your host, James Hart. James, the floor is yours.

現在我將把電話交給主持人詹姆斯哈特。詹姆斯，現在輪到你發言了。

Thank you, Tom, and good afternoon, everyone. Welcome to our third quarter conference call. With me today are Pete Anevski, CEO of Progyny; Michael Sturmer, President; and Mark Livingston, CFO. We will begin with some prepared remarks before we open the call for your questions.

謝謝你，湯姆，大家午安。歡迎參加我們第三季財報電話會議。今天陪我一起的有 Progyny 的執行長 Pete Anevski；總裁 Michael Sturmer；以及財務長 Mark Livingston。在正式開始接受大家提問之前，我們將先作一些事先準備好的發言。

Before we begin, I'd like to remind you that our comments and responses to your questions today reflect management's views as of today only and will include statements related to our financial outlook for both the fourth quarter and full year 2025 and the assumptions and drivers underlying such guidance, our anticipated number of clients and covered lives for both 2025 and 2026.

在開始之前，我想提醒各位，我們今天對各位問題的評論和回答僅反映管理層截至今天的觀點，其中包括與我們對 2025 年第四季度和全年財務展望以及這些展望背後的假設和驅動因素相關的聲明，以及我們對 2025 年和 2026 年客戶數量和承保人數的預期。

The demand for our solutions, anticipated employment levels of our clients and the industries that we serve, our expected utilization rates and mix, the potential benefits of our solution; our ability to acquire new clients and retain and upsell existing clients, our market opportunity and our business strategy, plans, goals and expectations concerning our market position, future operations and other financial and operating information, which are forward-looking statements under the federal securities law.

對我們解決方案的需求、我們客戶和我們所服務行業的預期就業水平、我們預期的利用率和組合、我們解決方案的潛在收益；我們獲取新客戶、留住現有客戶並進行追加銷售的能力、我們的市場機會和我們的業務戰略、計劃、目標和預期，以及有關我們市場地位、未來運營和其他財務和運營信息的預期，這些都是聯邦證券法下的前瞻性陳述。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business as well as other important factors. For a discussion of the material risks, uncertainties, assumptions and other important factors that could impact our actual results, please refer to our SEC filings and today's press release, both of which can be found on our Investor Relations website.

由於與我們業務相關的風險和不確定性以及其他重要因素，實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異。有關可能影響我們實際業績的重大風險、不確定性、假設和其他重要因素的討論，請參閱我們向美國證券交易委員會提交的文件和今天的新聞稿，這兩份文件都可以在我們的投資者關係網站上找到。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During the call, we will also refer to non-GAAP financial measures such as adjusted EBITDA and adjusted EBITDA margin on incremental revenue. More information about these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures are available in the press release, which is available at investors.progyny.com.

在電話會議中，我們也將提及非GAAP財務指標，例如調整後的EBITDA和調整後的EBITDA利潤率（基於增量收入）。有關這些非GAAP財務指標的更多信息，包括與最可比GAAP指標的調節表，請參閱新聞稿，該新聞稿可在 investors.progyny.com 上獲取。

I would now like to turn the call over to Pete.

現在我想把電話交給皮特。

Thanks, Jamie, and thanks, everyone, for joining us. We're excited to report that Progyny had a very strong third quarter with revenue and profitability that exceeded the high end of our guidance ranges. Member engagement continues to be healthy, consistent with what we've seen throughout the past year.

謝謝傑米，也謝謝大家的參與。我們很高興地宣布，Progyny 第三季業績非常強勁，營收和獲利能力都超過了我們預期範圍的上限。會員參與度持續保持良好狀態，與過去一年來的情況一致。

Following the consistent strength of our results, we're pleased to be in a position to once again for the third consecutive quarter, raise our full year guidance. With the most recent raise, we have now increased the midpoint of our revenue guidance by more than $70 million, above the midpoint of our original range for this year. We're equally pleased with the results of our latest selling season.

由於業績持續強勁，我們很高興能夠連續第三個季度上調全年業績預期。透過最近一次的漲價，我們已將今年的收入預期中位數提高了 7,000 多萬美元，高於我們最初設定的預期範圍中位數。我們對最近一個銷售季的業績同樣感到滿意。

In any given year, our season reflects multiple priorities, the acquisition of new logos and lives, the retention of existing clients and the deepening of our relationships with existing clients through the expansion of their benefits with us for their employees. This year's selling season once again demonstrated our position as the leader in the market and how our value proposition aligns with both employers and their members.

在任何一年中，我們的業務季都體現了多項優先事項，包括獲取新的客戶和客戶，留住現有客戶，以及透過擴大現有客戶在我們這裡為其員工提供的福利來加深與現有客戶的關係。今年的銷售季節再次證明了我們作為市場領導者的地位，以及我們的價值主張如何與雇主及其成員的需求相符。

It starts with the consistent expansion of our base, including over 80 new logos and approximately 900,000 lives this season. As we told you last quarter, although our pipeline initially built slower than we would have liked, largely attributable to the macroeconomic uncertainty earlier in the year, we are particularly pleased with this result in the face of historically high macro medical cost inflation.

首先，我們的用戶基礎不斷擴大，本季新增了 80 多個新標誌，用戶數量增加了約 90 萬。正如我們上個季度告訴大家的那樣，儘管我們的項目儲備最初增長速度比我們預期的要慢，這主要是由於年初宏觀經濟的不確定性造成的，但面對歷史性的高宏觀醫療成本通脹，我們對這一結果感到特別滿意。

We created a large influx of new opportunities throughout the spring and summer, which once again validates how family building and women's health remain a top priority for employers and their members. As the season entered its final stages, we saw that a select number of employers, including some large ones, weren't able to accelerate their decision-making process fast enough to offset their later entry into pipeline. These companies instead become part of our traditional pipeline of not nows, setting us up well for next year's selling season.

整個春夏兩季，我們創造了大量的新機會，這再次證明，家庭建設和女性健康仍然是雇主及其成員的首要任務。隨著賽季進入尾聲，我們發現，包括一些大型企業在內的部分雇主，未能及時加快決策過程，以彌補他們較晚進入人才儲備庫所造成的損失。這些公司反而會成為我們傳統的「非當前目標」管道的一部分，為我們明年的銷售旺季做好充分準備。

Our wins this year represent a broad cross-section of industries, including consumer goods, health care, financial services, education, tech, business services and Taft–Hartley groups. In fact, this latest cohort continues the ongoing diversification of our member base, which is increasingly spread across dozens of sectors with no one area of the US economy dominating the base. We continue to see a broad distribution by client size with our newest logos contributing anywhere from 1,000 to over 100,000 lives. The second way to see how our solutions are resonating is our near 100% renewal of existing clients in covered lives for 2026.

我們今年的獲獎者涵蓋了廣泛的行業領域，包括消費品、醫療保健、金融服務、教育、科技、商業服務和塔夫脫-哈特利集團。事實上，最新一批會員延續了我們會員基礎的持續多元化趨勢，我們的會員基礎日益分散到數十個產業，沒有一個美國經濟領域佔據主導地位。我們繼續看到客戶規模分佈廣泛，我們最新的標誌對 1,000 到超過 100,000 人的生活都產生了影響。第二個衡量我們解決方案是否有效的方法是，我們現有客戶在 2026 年的承保人壽保險續保率接近 100%。

This extends the long track record of success we've maintained since our first year in market. In our opinion, this is the strongest testament to our market leadership and value proposition. This strength and continued execution is also highlighted in the expansion of benefits where nearly 30% of our clients have chosen to add to their solution in some way for 2026. And this includes clients consolidating their benefits with Progyny away from our competitors. Historically, this meant more smART cycles, adding Rx or expanding the coverage for areas like donor tissue or storage.

這延續了我們自進入市場第一年以來所取得的長期成功記錄。我們認為，這最能證明我們的市場領導地位和價值主張。這種實力和持續的執行力也體現在福利的擴展上，近 30% 的客戶選擇在 2026 年以某種方式增加他們的解決方案。這包括客戶將他們的福利從我們的競爭對手轉移到 Progyny。從歷史上看，這意味著更多的 smART 週期，增加 Rx 或擴大對捐贈組織或儲存等領域的覆蓋範圍。

While those all still occur, we can deliver for our clients and their members an expanded suite of services, including end-to-end reproductive health support for both their domestic and international populations as well as benefit and lead navigation. Equally important, not one client has reduced their benefit in any meaningful way next year.

儘管這些情況仍在發生，但我們可以為我們的客戶及其成員提供更廣泛的服務，包括為他們的國內和國際人群提供端到端的生殖健康支持，以及福利和潛在客戶指導。同樣重要的是，沒有一位客戶在明年以任何實質的方式減少他們的福利。

Our newest services in pregnancy postpartum, menopause and benefit and lead navigation continue to resonate particularly well with the clients. Although we're in just our second year in market with these programs, we've seen an incredible positive response. Between the uptake from existing clients as well as our newest logos, more than 2.7 million members will have access to one or more of these newest services in 2026.

我們最新推出的孕期產後、更年期以及福利和指導服務持續受到客戶的熱烈歡迎。雖然這些項目才進入市場兩年，但我們已經看到了令人難以置信的積極反響。到 2026 年，現有客戶的使用以及我們最新徽標的使用，將有超過 270 萬會員能夠使用這些最新服務中的一項或多項。

That's an incremental 1.2 million members versus this year. Taken together, these data points build a complete picture of Progyny's market leadership and the continued demand for our services, and it's what inspires us to continue to expand both the services and segments of employers that have access to Progyny's benefits.

與今年相比，會員人數增加了 120 萬人。綜合來看，這些數據點全面展現了 Progyny 的市場領導地位以及對我們服務的持續需求，也正是這種需求激勵著我們不斷擴大服務範圍，並拓展能夠享受 Progyny 福利的雇主群體。

A few weeks ago, the White House announced its focus on expanding access to fertility care. We view this as a significant step forward for the country and a strong positive for us. It's also an affirmation of the work we have accomplished over the last 10 years.

幾週前，白宮宣布將重點放在擴大生育治療服務範圍。我們認為這對國家而言是向前邁出的重要一步，對我們來說也是一個巨大的利好。這也肯定了我們過去十年所取得的成就。

The administration expressed its enthusiastic support for supplemental plans to address the small and midsized market. To date, those employers have had limited choices in adding family building care with cost predictability to their benefits, which has forced their employees into the same one-size-fits-all dollar-based plan designs that our model has long proven to be ineffective and inefficient use of resources.

政府對旨在解決中小企業市場的補充計畫表示熱烈支持。迄今為止，這些雇主在將具有成本可預測性的家庭建設護理添加到福利方面選擇有限，這迫使他們的員工採用同樣的“一刀切”的以金錢為基礎的計劃設計，而我們的模式早已證明這種設計是無效的，並且資源利用效率低下。

In the past, we've referenced that we've been developing a product for small and midsized companies to address the more than 50 million covered lives within these businesses in the US. This is in addition to the 100 million-plus lives that we're already addressing today through large self-insured federal government and Taft–Hartley populations. We're pleased to announce the first of its kind supplemental plan for fertility and family building, which will be in our product portfolio in next year's selling season.

過去我們曾提到，我們一直在為中小企業開發一款產品，以服務美國這些企業中超過 5,000 萬的參保人員。除了我們目前透過聯邦政府和塔夫脫-哈特利法案所保障的超過 1 億人的生存狀況之外，我們還在努力應對這個問題。我們很高興地宣布，我們將推出首個針對生育和家庭建設的補充計劃，該計劃將在明年的銷售季加入我們的產品組合。

In addition to this expansion, we have also broadened the platform through our newly launched Progyny Global offering. This provides multinational employers with a continuum of integrated services, including family building, pregnancy, postpartum and menopause across their full populations. Progyny's platform was purposely built for global markets and delivers member support tailored to their local environment.

除了此次擴張之外，我們也透過新推出的 Progyny Global 產品拓展了平台。這為跨國雇主提供了一系列全面服務，包括為全體員工提供家庭建設、懷孕、產後和更年期服務。Progyny 的平台專為全球市場而打造，並提供根據會員當地環境量身定制的支援。

This marries together the capabilities we acquired last year with what we had created in-house and produced a better, more comprehensive offer that's second to none in the market. Given the results we've achieved this past year, coupled with generating more than $50 million in operating cash flow this quarter, which brings the total operating cash flow to a record $156 million over the first 9 months of the year, we believe our stock is significantly undervalued.

這使我們去年獲得的能力與我們內部創造的能力相結合，從而產生了更好、更全面的產品，在市場上首屈一指。鑑於我們過去一年取得的成績，加上本季產生的超過 5000 萬美元的經營現金流，使得今年前 9 個月的經營現金流總額達到創紀錄的 1.56 億美元，我們認為我們的股票被嚴重低估了。

Accordingly, with our solid cash position and the overall strength of our balance sheet, we're pleased to return value to our investors through the announcement of a new share repurchase program for up to $200 million. Mark will describe this program in more detail, along with our higher expectations for the year.

因此，憑藉我們穩健的現金狀況和整體強勁的資產負債表，我們很高興透過宣布一項新的股票回購計畫（最高可達 2 億美元）來回報投資者的價值。馬克將更詳細地介紹該計劃，以及我們對今年的更高期望。

Hopefully, my remarks today help you understand why we're happy with our performance thus far in 2025 and why we're even more excited for the year ahead. With the momentum we've built, we are well positioned to continue our growth trajectory into the next year and beyond and look forward to keeping you updated on our progress.

希望我今天的演講能幫助大家理解為什麼我們對2025年迄今的業績感到滿意，以及為什麼我們對未來一年更加充滿期待。憑藉我們目前的發展勢頭，我們已做好充分準備，在未來一年及以後繼續保持成長勢頭，並期待隨時向您匯報我們的進展。

With that, let me now turn the call over to Mark.

那麼，現在讓我把電話交給馬克。

Thank you, Pete, and good afternoon, everyone. Before I begin, I'd like to first highlight that we're introducing a new format for my prepared remarks. We're aware that many of you routinely have multiple companies reporting at the same time as us, and we recognize how this divides your time and focus. Our prepared remarks have traditionally included commentary on the drivers to our recent results.

謝謝你，皮特，大家下午好。在開始之前，我想先強調一下，我們將採用新的發言稿格式。我們知道，你們中的許多人經常需要同時向多家公司匯報工作，我們也意識到這會分散你們的時間和精力。我們事先準備好的發言稿通常會包含對我們近期業績驅動因素的評論。

To make it easier and faster for you to understand those drivers at your own pace, the 8-K we filed this evening includes a set of summary slides providing highlights of the quarter as well as some of the longer-term trends that we believe are important in understanding the health and direction of the business.

為了讓您能夠更輕鬆快捷地按照自己的步調了解這些驅動因素，我們今晚提交的 8-K 文件中包含了一組摘要幻燈片，其中重點介紹了本季度的情況以及我們認為對了解公司健康狀況和發展方向至關重要的一些長期趨勢。

We've also posted that material to the IR section of our website. Rather than duplicate that content here in my remarks, I'll instead focus more on the key takeaways and important trends. Our hope is that this will not only create more time for Q&A, but also give you some time back by shortening the call. We intend for this to be our approach going forward. We certainly greatly value the feedback of our investors and analysts, so please let us know your thoughts.

我們也將該資料發佈到我們網站的投資者關係部分。與其在這裡重複這些內容，我更願意專注於關鍵要點和重要趨勢。我們希望這不僅可以為問答環節創造更多時間，還可以透過縮短通話時間來為您節省一些時間。我們計劃今後都採取這種方式。我們非常重視投資人和分析師的回饋，所以請告訴我們您的想法。

Moving on to the key takeaways for the quarter. As shown in the press release and the accompanying slides, our results this quarter reflect the continuation of several long-term trends. First, we continue to see good revenue growth, 9% on an as-reported basis in the quarter or 23% when excluding the impact of a large former client in the year ago period. I'll remind you that the transition of care agreement pertaining to this large client ended as of June 30, 2025. So our results for the third quarter and second half of the year do not include any contribution from them.

接下來是本季的主要結論。正如新聞稿和隨附幻燈片所示，我們本季的業績反映了幾個長期趨勢的延續。首先，我們繼續看到良好的收入成長，以本季度報告的基準計算增長了 9%，如果排除去年同期一位大前客戶的影響，則增長了 23%。我提醒各位，與這位大客戶相關的護理過渡協議已於 2025 年 6 月 30 日終止。因此，我們第三季和下半年的業績不包括他們的任何貢獻。

Second, member engagement this quarter, which is we measure in the utilization rate as well as in ART cycles per unique utilizer was consistent with or slightly better than what was reflected in our guidance.

其次，本季會員參與度（我們以使用率以及每個獨立用戶的 ART 週期數來衡量）與我們的預期一致或略好。

Accordingly, revenue exceeded the top end of our guidance by more than $8 million. The engagement we're seeing reflects that members are continuing to pursue care and services they need in order to fill in order to meet their family building and overall health goals.

因此，營收比我們預期的上限高出 800 多萬美元。我們看到的參與度反映出，會員們正在繼續尋求他們所需的照護和服務，以實現他們的家庭建設和整體健康目標。

Third, we continue to achieve healthy levels of profitability through a 23% gross margin and a 17.5% adjusted EBITDA margin. We've accomplished this while we've continued to invest to expand our product platform and to integrate the acquisitions that were completed over the last year or so. I'll also highlight that this quarter's results include a $2 million reduction to expenses related to the employee retention credit program, which we received during the quarter.

第三，我們繼續保持健康的獲利水平，毛利率為 23%，調整後 EBITDA 利潤率為 17.5%。我們在持續投資以擴展產品平台並整合過去一年左右完成的收購的同時，也實現了這一目標。我還要強調，本季業績包括員工留任獎勵計畫相關支出減少 200 萬美元，這筆款項我們在本季收到。

Fourth, through disciplined, prudent management of the business, we continue to achieve a high conversion rate of adjusted EBITDA to cash. In the third quarter, we generated more than $50 million in operating cash flow, which contributed to a record $156 million over the first nine months of 2025, an increase of $29 million over the comparable period in 2024.

第四，透過對業務進行嚴謹、審慎的管理，我們繼續實現調整後 EBITDA 到現金的高轉換率。第三季度，我們產生了超過 5,000 萬美元的營運現金流，這使得 2025 年前九個月的現金流達到創紀錄的 1.56 億美元，比 2024 年同期增加了 2,900 萬美元。

Third-quarter CapEx was $4.7 million, a $2.9 million increase over the prior year period and reflects the previously disclosed investments enhancing member experience and integrating our recent acquisitions. We continue to expect that the incremental CapEx for those projects will be approximately $15 million over our 2024 spend levels. As of September 30, we had total working capital of approximately $412 million, which includes $345 million in cash, cash equivalents and marketable securities.

第三季資本支出為 470 萬美元，比去年同期增加了 290 萬美元，反映了先前揭露的投資，這些投資旨在提升會員體驗並整合我們最近的收購項目。我們仍然預計，這些項目的新增資本支出將比我們 2024 年的支出水準高出約 1,500 萬美元。截至 9 月 30 日，我們的總營運資金約為 4.12 億美元，其中包括 3.45 億美元的現金、現金等價物和有價證券。

There are no borrowings against our $200 million revolving credit facility and no debt of any kind, and we have no planned use for the facility at this time. With our balance sheet strength and solid cash position, we're pleased to be in a position to return meaningful value to our shareholders through our latest share repurchase program.

我們2億美元的循環信貸額度沒有用於任何借款，也沒有任何債務，目前我們也沒有計劃如何使用該額度。憑藉我們強勁的資產負債表和穩健的現金狀況，我們很高興能夠透過最新的股票回購計畫為股東帶來可觀的價值。

The Board has authorized up to $200 million in open market and facilitated purchases, and this is immediately available for us to use. While this is a sizable program, we're also maintaining our ability to continue investing in our business for future growth across our other long-standing capital priorities. I'll remind you, those priorities include product expansions, new distribution channels and select acquisitions.

董事會已授權高達 2 億美元的公開市場和便利化採購，這筆資金可立即供我們使用。雖然這是一個規模龐大的項目，但我們仍將保持能力，繼續投資於我們其他長期資本優先事項，以實現業務的未來成長。我提醒各位，這些優先事項包括產品擴張、新的分銷管道和精選收購。

Turning now to our expectations for the fourth quarter and the year. As the fourth quarter begins, we continued to see that member engagement is consistent with recent periods. With the unexpected variability we experienced at certain times in 2024, the assumptions we're making today reflect the potential for further variability in activity and treatments, particularly at the low end of our ranges.

現在讓我們來看看我們對第四季和全年的預期。第四季開始，我們發現會員參與度與近幾季保持一致。鑑於我們在 2024 年某些時候經歷了意想不到的變化，我們今天所做的假設反映了活動和治療方面可能出現進一步變化，尤其是在我們範圍的低端。

To be clear, this is the same approach we've taken throughout the past year. As you can see in today's press release, we have narrowed our assumption for full year utilization to 1.05% at the low end and 1.06% at the high end.

需要說明的是，這與我們過去一年來採取的方法相同。正如您在今天的新聞稿中看到的，我們已將全年利用率的假設範圍縮小至最低 1.05% 和最高 1.06%。

This is still lower than the 1.07% we saw in 2024. In terms of consumption, given the current pacing of member activity, we've maintained our assumptions for full year ART cycles per unique of 0.91 at the low end of the range and 0.92 at the high end. With these assumptions, we're projecting between $292.7 million to $307.7 million in fourth quarter revenue, reflecting growth of negative 1.9% to positive 3.1%.

這仍然低於我們預計在 2024 年達到的 1.07%。就消費而言，鑑於目前會員活動的節奏，我們維持了對全年每位獨立用戶的 ART 週期數的假設，即低端為 0.91，高端為 0.92。基於這些假設，我們預計第四季營收將在 2.927 億美元至 3.077 億美元之間，反映出成長率為 -1.9% 至 3.1%。

As the transition of care with a large client concluded on June 30, there's no contribution from that client in the second half of this year. If we exclude the $35.9 million in revenue from that client in the year ago quarter, our fourth quarter guidance reflects growth of 11.5% to 17.2%.

由於與一位大客戶的護理交接已於 6 月 30 日結束，因此該客戶今年下半年不會有任何繳款。如果排除去年同期該客戶帶來的 3,590 萬美元收入，我們第四季的業績預期為成長 11.5% 至 17.2%。

On profitability, we expect between $45.3 million to $49.3 million in adjusted EBITDA in the quarter, along with net income of $12.5 million to $15.5 million. This equates to $0.14 to $0.17 of earnings per share or $0.37 and $0.40 of adjusted EPS on the basis of approximately 91 million fully diluted shares. As usual, our expectations for the fourth quarter profitability reflect the ramp-up in hiring ahead of our newest client launches on January 1, in addition to the previously disclosed increased spend this year to expand the features of our platform and integrate our recent mergers.

在獲利能力方面，我們預計本季調整後 EBITDA 為 4,530 萬美元至 4,930 萬美元，淨收入為 1,250 萬美元至 1,550 萬美元。這相當於每股收益 0.14 美元至 0.17 美元，或以約 9,100 萬股完全稀釋股份計算的調整後每股收益 0.37 美元至 0.40 美元。與往常一樣，我們對第四季度盈利能力的預期反映了在 1 月 1 日最新客戶上線之前招聘人數的增加，以及此前披露的今年為擴展平台功能和整合近期合併而增加的支出。

Please note that our assumptions do not consider the impacts of the repurchase program we announced today given the unpredictability of the underlying timing of its execution. With our strong results over the first nine months of the year, we're pleased to raise our full year guidance.

請注意，鑑於我們今天宣布的回購計劃執行時間的不確定性，我們的假設並未考慮該計劃的影響。鑑於今年前九個月的強勁業績，我們很高興上調全年業績預期。

We now project revenue of between $1.263 billion to $1.278 billion, reflecting growth of between 8.2% to 9.5%. If we exclude the revenue from the client under the transition of care agreement from both years, our full year revenue growth is projected to be 17.8% to 19.2%. We also expect between $216 million to $220 million in adjusted EBITDA with net income of between $58.5 million to $61.5 million. This equates to $0.65 and $0.68 earnings per diluted share and $1.79 and $1.82 of adjusted EPS on the basis of approximately 90 million fully diluted shares. With that, we'd like to now open up the call for questions.

我們現在預計收入將在 12.63 億美元至 12.78 億美元之間，成長率在 8.2% 至 9.5% 之間。如果我們從這兩年中排除根據過渡護理協議從客戶處獲得的收入，我們全年的收入成長預計為 17.8% 至 19.2%。我們也預計調整後 EBITDA 為 2.16 億美元至 2.2 億美元，淨收入為 5,850 萬美元至 6,150 萬美元。這相當於每股攤薄收益 0.65 美元和 0.68 美元，以及基於約 9,000 萬股完全稀釋股份的調整後每股收益 1.79 美元和 1.82 美元。接下來，我們開始接受提問。

Operator, can you please provide the instructions?

操作員，請提供操作說明？

(Operator Instructions) Jailendra Singh, Truist Securities.

（操作員指示）Jailendra Singh，Truist Securities。

Congrats on a strong quarter. My first question is around the 900,000 new covered lives. It might be slightly below your 1 million goal, but it is definitely higher than broader investor expectations. How should we think about these results in light of your messaging around lives running lower year over year for the last couple of earnings call? Did win rates you guys pick up in the last couple of months or you were trying to message this potential 100,000 shortfall?

恭喜本季業績出色。我的第一個問題是關於新增的 90 萬參保人。雖然可能略低於您設定的 100 萬美元目標，但肯定高於廣大投資者的預期。鑑於您在最近幾次財報電話會議上一直強調生命數量逐年下降，我們應該如何看待這些結果？你們最近幾個月的勝率有提高嗎？還是你們想藉此暗示可能存在的 10 萬資金缺口？

And does your messaging on the last earnings call that lives coming at a higher revenue attach than prior year still hold true?

您在上次財報電話會議上傳達的訊息——即今年營收將高於去年——現在是否仍然成立？

This is Michael. Thanks for the question. So first off, we're very pleased with the team's execution on this year's sales year -- this year's successful sales year. especially in light of there were a few headwinds during the season that the team had to overcome and execute well against. First, starting with the late developing pipeline, which was a new development for us as well as relatively high macro health care inflation, right?

這是邁克爾。謝謝你的提問。首先，我們對團隊今年的銷售表現非常滿意──今年的銷售表現非常成功。尤其考慮到本季團隊克服了一些不利因素，並出色地完成了任務。首先，從後期研發的研發管線說起，這對我們來說是一個全新的發展，同時宏觀醫療保健通膨也相對較高，對吧？

All those component parts do influence employers' decisions. But again, I think the team executed really well against that to get us to the $900,000 sales year this year. Relative to the 100,000 delta, remember, that's also a relatively small number of clients that would -- on a decision basis, really roughly a handful as well as the 100,000 is relatively small against what will be the broader roughly $7 million base.

所有這些組成部分都會影響雇主的決策。但我認為，團隊在應對這些挑戰方面做得非常出色，才使我們今年的銷售額達到了 90 萬美元。相對於 10 萬的增量而言，請記住，這也是一個相對較小的客戶數量——從決策的角度來看，實際上只有寥寥幾個，而且 10 萬相對於更廣泛的約 700 萬美元的基數來說也相對較小。

Last thing I would say on that front is, while we always have some small opportunities remaining post November, we do have a larger volume this year of those deals, probably as a result of that slower developing pipeline this year and therefore, decision-making extending a little bit further. That said, we're not counting on those deals closing this year.

最後我想說的是，雖然11月之後我們總會有一些小的機會，但今年這類交易的數量確實更多，這可能是因為今年的專案進展速度較慢，因此決策時間也相應延長了一些。也就是說，我們並不指望這些交易今年就能完成。

It would be nice if they do. But either way, whether they close or not, it will contribute to a strong start to the pipeline next year. Pete, would you add anything?

如果他們真的這麼做，那就太好了。但無論如何，無論它們是否關閉，都將有助於明年管道建設的強勁開局。皮特，你還有什麼要補充的嗎？

No, but I'll take the second part of that question, which is the revenue value of the $900,000. The easiest way to think about it is given mix of clients, industries, benefit design, et cetera, it's pretty proportionate to what the $1.1 million added last year is the way to think about it.

不，但我會回答這個問題的第二部分，也就是90萬美元的收入價值。最簡單的理解方式是，考慮到客戶、產業、福利設計等因素的組合，去年新增的 110 萬美元與此相當成比例。

Yes. I think we had said -- just finishing that off. I think we said on the previous call, we expected the -- even though the early commitments were of relatively higher value, we expected that to normalize by this time, and that's what happened.

是的。我想我們之前說過──就差最後一步了。我想我們在上一次電話會議上說過，我們預期──儘管早期承諾的價值相對較高，但我們預期到這個時候會趨於正常化，而事實也正是如此。

That's helpful. And then a quick follow-up on -- there is some confusion around the current administration's focus on improving the affordability of the cash pay market for fertility medications and what this means for your Progyny Rx business. And I completely understand the value employers see in keeping medical and pharmacy together.

那很有幫助。然後，我想快速跟進一下——目前政府致力於提高生育藥物現金支付市場的可負擔性，但這對您的 Progyny Rx 業務意味著什麼，這引起了一些困惑。我完全理解雇主們認為將醫療和藥學部門合併在一起的價值所在。

But just curious, if prices do come down in the cash pay market, what that means for your business? Could that result in employers looking for some pricing concession? Just give us some flavor how you think about the impact for your business.

不過我很好奇，如果現金支付市場的價格下降，這對你的生意意味著什麼？這是否會導致雇主尋求價格方面的讓步？請您簡要說明您認為這會對貴公司產生哪些影響。

Sure. So I'll give you some context around the announcement. So the announcement is around what already exists across manufacturers in terms of patient assistance programs for those that don't have coverage. The announcement from (inaudible) is no different. They've had for years, certainly longer than we've been around cash pricing and the cash assistance program, patient assistance program for those that don't have coverage.

當然。所以我來跟大家介紹一下這項公告的背景。因此，此次公告主要圍繞著各製造商目前已有的患者援助計劃展開，這些計劃旨在幫助那些沒有醫療保險的人。來自（聽不清楚）的公告也是一樣。他們實行現金定價和現金援助計劃，以及為沒有保險的人提供的患者援助計劃，已經實行多年了，肯定比我們實行現金定價和現金援助計劃的時間要長得多。

And the announcement is simply just deepening a little bit the discount around those. A large portion of people won't qualify for those. Some will. There will be an income exclusion as part of that. But either way, these have been around for a long time.

而此次公告只不過是進一步加大了這些折扣的力道。很大一部分人將不符合這些條件。有些人會。其中將包含收入豁免條款。但無論如何，這些東西已經存在很久了。

So I don't expect there to be an impact on covered benefits and/or what manufacturers have in terms of pricing for covered benefits. These are separate cash assistance programs for those that don't have coverage.

因此，我預計不會對承保福利和/或製造商在承保福利定價方面產生影響。這些是為沒有醫療保險的人提供的獨立現金援助計劃。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter. Maybe just to follow up on the question on the selling season. I mean, just curious what those discussions were this quarter? And then what are you seeing in terms of your current employer clients in terms of layoffs and how that's impacting your view on utilization going forward?

恭喜你本季取得佳績。或許只是想就銷售旺季的問題做個後續說明。我只是好奇這季都討論了什麼？那麼，就您目前的雇主客戶而言，您觀察到的裁員情況如何？這會對您未來利用率的看法產生怎樣的影響？

Sure. I'll do the second part first, and I'll let Michael answer the first part. We're not seeing anything relative to anything of size or meaning with respect to layoffs. The layoffs that have been announced are small relative to those companies and small in general. So there haven't been any widespread.

當然。我先回答第二部分，第一部分就讓麥可來回答吧。就裁員而言，我們目前還沒有看到任何規模或意義上的變化。相對於這些公司而言，已宣布的裁員規模較小，整體而言規模也不大。所以還沒有出現大規模的疫情。

I'll bring you back to the beginning of -- I think it was 2023 when there was a series of announcements that were then really what I call back then rightsizing versus reductions in workforce -- I'm sorry, I think it's '22, but versus reductions in workforce. Collectively back then, even though there was a series of announcements across all tech companies, and again, they weren't all in our portfolio, there's only roughly collectively 150,000 lives sort of identified back then.

我將帶您回到 2023 年——我想應該是 2023 年——當時發布了一系列公告，這些公告實際上是我當時所說的“調整規模”而不是“裁員”——抱歉，我想應該是 2022 年，但不是“裁員”。當時，儘管所有科技公司都發布了一系列公告，而且這些公司並不都在我們投資組合中，但總體而言，當時確認的死亡人數也只有大約 15 萬人。

So we're not seeing or hearing anything from our clients. that we believe you'll notice in terms of impact relative to layoffs is sort of the short answer.

所以，我們沒有收到客戶的任何回饋。簡而言之，我們認為您會注意到裁員帶來的影響。

Yes. And then to the other part of the question, as for discussions in the market, similar that they've been in other years, right? Employers always want to understand and focus on really 3 areas: member experience, quality and outcomes and cost control. Those remain the same. Certainly, this year, cost control remained in that top 3 category.

是的。至於問題的另一部分，關於市場上的討論，與往年類似，對吧？雇主總是希望了解並專注於三個方面：會員體驗、品質和結果以及成本控制。這些保持不變。當然，今年成本控制仍然排名前三名。

And all 3 fit well into our value proposition, whether that's exhibited by, I should say, whether that's the, again, the strong sales season or in particular, the near 100% retention of our existing clients where those things are even more visible to them on a year-over-year basis.

這三點都與我們的價值主張非常契合，無論是強勁的銷售旺季，還是近乎 100% 的現有客戶留存率，都充分體現了這一點，而這些優勢在客戶眼中更是逐年顯現。

Got it. And then maybe, Mark, just a quick follow-up. As I think about gross profit margin being what it is. Is there any specific call out there? How should we think about modeling that going forward?

知道了。然後，馬克，或許可以再快速問一個後續問題。我一直在思考毛利率究竟是多少。是否有任何具體的呼籲？我們未來該如何考慮建構這樣的模型？

Yes. Look, I think we've continued to expand our gross profits year after year. We've made some investments. I think importantly, here as you look at Q4, we always model that down. in part of my prepared comments addressed that we're building that staff as we enter into the next year.

是的。你看，我認為我們的毛利逐年成長。我們進行了一些投資。我認為很重要的一點是，在展望第四季時，我們總是會向下調整模型。我在事先準備好的演講稿中也提到，隨著我們進入新的一年，我們正在擴充團隊。

But look, we try to keep that fairly consistent from a profitability standpoint, leveraging those teams as we grow.

但是，從獲利能力的角度來看，我們努力保持這種狀態相當穩定，並在發展過程中充分利用這些團隊。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Really nice job on the quarter and the selling season. Maybe if I can just follow up on the drug pricing question. Right now, in terms of what you see as cash prices in the market, how do they compare roughly to the net prices you offer clients?

本季和銷售季都做得非常出色。或許我可以就藥品定價問題再做進一步探討。目前，您認為市場上的現金價格與您向客戶提供的淨價格大致相比如何？

They vary based on drug. Obviously, cash pricing is cheaper across the board, but they vary and sort of getting into that detail, I'm not sure how that helps. But at the end of the day, I think the more important point is that they have been around for a long time and haven't been a catalyst around pricing for coverage to date nor even a conversation relative to what's out there and clients are aware that they're out there, but they understand that patient assistant programs exist where you don't have coverage.

它們因藥物而異。顯然，現金價格總體上更便宜，但價格各不相同，深入探討這些細節，我不確定這有什麼幫助。但歸根結底，我認為更重要的一點是，它們已經存在很長時間了，但迄今為止，它們既沒有成為保險定價的催化劑，也沒有引發關於現有保險的討論，客戶也知道它們的存在，但他們也明白，在沒有保險的情況下，存在著患者援助計劃。

And so it's probably the best way I can answer it. The best color I can give you around it.

所以，這大概是我能給的最好答案了。這是我能給你的最佳配色。

No, that's completely fine. And then just maybe one more question, at least for me, and I'm just thinking about the selling season. In terms of the upsell potential, as you think about the -- I think the 1.2 million incremental lives on the new products, how does that evolve now in terms of ongoing upsell, i.e., is this something where you have the ability now because of new products to essentially open up a longer selling season window, kind of upsells over the course of the year?

不，完全沒問題。然後，或許我還有一個問題，至少對我來說是這樣，我正在考慮銷售旺季的問題。就追加銷售潛力而言，考慮到新產品帶來的 120 萬新增用戶，這在持續追加銷售方面會如何發展？也就是說，由於新產品的推出，您是否有能力延長銷售季，在一年中持續進行追加銷售？

How should we think about that in terms of the relationships, both your existing customers, but also as you continue to work towards that pipeline of customers that didn't get to the finish line?

我們該如何看待這個問題？這既包括您現有的客戶關係，也包括您繼續努力爭取那些尚未完成交易的客戶。

Yes. Thanks for the question. This is Michael. So yes, we meet with our clients quarterly. Part of that is obviously going through what they've already purchased and how those services are performing as well as where their priorities are and opportunities to expand.

是的。謝謝你的提問。這是邁克爾。是的，我們每季都會與客戶會面。這其中一部分顯然是要了解他們已經購買了哪些服務，這些服務的表現如何，以及他們的優先事項和擴展機會在哪裡。

So certainly, the teams have more products and services to talk with clients about and where their costs may be -- where we maybe have opportunity to impact their costs or impact and provide services in areas that they're strategically going. And we do have those conversations throughout the year.

因此，團隊當然會有更多的產品和服務與客戶討論，以及他們的成本可能在哪裡——我們或許有機會影響他們的成本，或在他們策略性發展的領域提供服務。我們全年都會進行這些對話。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

On the quarter and the strong selling season. So I guess I wanted to dive more into the selling season commentary from last quarter. You said the mix less lives last quarter, developed later, but there was higher utilization. Just wondering -- and you said that trend has normalized and from the additional lives that we've seen now added. Just wondering how you obtain or sort of manage those -- that pool?

本季及強勁的銷售旺季。所以我想更深入地探討一下上個季度的銷售季評論。您說上個季度混合型住宅較少，開發較晚，但使用率更高。我只是好奇——您說過這種趨勢已經正常化，而且我們現在看到的新增生命也印證了這一點。我只是好奇你是如何獲得或管理那些東西的——那個游泳池？

Are you looking at claims data? Are you looking at demographic issues? How much data is a new employer or a potential new client giving you in front of the selling season to be able to understand the cohort of employees and the utilization profile.

你在查看理賠數據嗎？你們有在關注人口結構議題嗎？在銷售旺季到來之前，新雇主或潛在新客戶會提供多少數據，讓您了解員工群體和使用率？

Sure. So we've been -- the same way we've been doing it for years. It's everything from the plan design, the products purchased and the industry that they're in and obviously, the lives that, that client represents, right? And so when you roll all that up, we have enough experience and more data than anybody across all these industries to have really good predictability around their revenue contribution, right? And the way it's been working out for us for years is that the pool becomes predictable.

當然。所以，我們一直都是這樣做的——多年來我們一直都是這樣做的。從計劃設計、購買的產品、他們所在的行業，到客戶所代表的生活，一切都包含在內，對吧？因此，綜合所有這些因素，我們在所有這些行業中都擁有比任何人更多的經驗和數據，可以非常準確地預測他們的收入貢獻，對吧？多年來，這種做法對我們來說效果顯著，因為泳池的情況變得可預測。

There's variability always within individual clients. But as a pool, when you roll it all up based on expectations for each of those clients, again, by plan design, et cetera, and size and industry and roll that up, there's a pool expectation, which is where our earlier comments were driven from as well as our comments.

即使是同一個客戶，情況也總是會有差異。但是，作為一個整體，當你根據每個客戶的期望，再次根據計劃設計等等，以及規模和行業，把所有因素匯總起來時，就會形成一個整體的期望，這也是我們之前評論的出發點。

Helpful. And then as a follow-up, when you think about -- I'm not asking for guidance for next year, but typically, you wait for your first month of utilization to get a better sense of revenue, provide guidance. But given the choppiness we've seen over the last several years, and we're seeing a tremendous rebound in utilization this year, how are you strategically thinking about guidance going forward?

很有幫助。然後，作為後續考慮，當您考慮——我不是在詢問明年的指導意見，但通常情況下，您會等到第一個月的使用情況出來後，才能更好地了解收入情況，並提供指導意見。但鑑於過去幾年我們所看到的波動，以及今年利用率的巨大反彈，您是如何從戰略角度考慮未來的指導的？

Here is -- I think that what you guys call the choppiness, I call a small amount of variability. I do appreciate that in any given year, variability, plus or minus 5% can impact year-over-year results and can impact a growth rate. But overall, it doesn't impact materially the overall financial results position or trends, et cetera, right? That said, we have been -- we have increased and taken into account in the guidance ranges that we've been giving out all year long and expect to continue to do that, factoring in that variability that we've seen in -- over the last couple of years when we put out guidance and that we don't expect that to change.

我認為──你們所謂的波動，我稱之為少量變化。我理解，在任何一年中，正負 5% 的波動都會影響年比業績，並可能影響成長率。但整體而言，這不會對整體財務業績狀況或趨勢等產生實質影響，對吧？也就是說，我們已經提高了全年發布的業績指引範圍，並考慮到了這一點，我們預計會繼續這樣做，將過去幾年發布業績指引時所看到的這種波動性考慮在內，我們預計這種情況不會改變。

Dev Weerasuriya, Bank of America.

Dev Weerasuriya，美國銀行。

Maybe I'll follow up on Scott's question here. I guess I'm thinking about it in kind of the ART cycles per female utilizer that's typically trended up through the quarters. If I just back out the large client contribution this quarter, it seems like revenue is still slightly down quarter over quarter versus historically typically trending up. I guess how are you seeing -- but it seems like utilization is firming up a bit. So I'm trying to think about how we should think about this into the next couple of quarters because the 4Q guide still considers ART cycles per utilizer kind of below prior years.

或許我會在這裡跟進斯科特提出的問題。我猜我是在思考每位女性使用者接受輔助生殖技術（ART）治療的週期數，這個週期數通常在各季度呈現上升趨勢。如果剔除本季大客戶的貢獻，營收似乎仍比往年同期略有下降，而往年通常是呈上升趨勢。我想問你那邊的情況如何——但看起來利用率似乎穩定下來。所以我正在思考在接下來的幾季裡我們應該如何看待這個問題，因為第四季的指導意見仍然認為每個使用者的 ART 週期數低於往年。

What are your expectations? How did 3Q trend versus expectations? And are you seeing anything on the ground that gives you confidence that this -- at cycles for utilizer will get back to historical ranges in the coming years?

你們有什麼期望？第三季業績與預期相比如何？您是否看到任何實際情況，讓您有信心在未來幾年內，用戶週期能夠恢復到歷史水平？

Yes. So I'll make a couple of comments relative to what you just said. There is seasonality in Q4. And in general, the base book of business does go down a little bit in Q4 versus Q3, mostly because of the holidays. There's two big holidays, obviously.

是的。所以，針對你剛才說的，我想補充幾點。第四季存在季節性波動。整體而言，第四季的基礎業務量比第三季略有下降，這主要是因為假日的影響。顯然，有兩個重要的節日。

There's Thanksgiving and then there's also the Christmas season, if you will, that does impact just capacity in clinics in terms of them being open to use that time to do a lot of cleaning, et cetera, right, plus people make decisions relative to deferring outside of those weeks for exactly that reason. They don't want to be going through treatment through the holidays, right?

在感恩節和聖誕節期間，診所的營業能力會受到影響，因為診所需要利用這段時間進行大量的清潔工作等等，對吧？此外，人們也會因為這個原因而決定延後在這些週以外的就診。他們肯定不想在假期裡接受治療，對吧？

In the past, where you've seen, and I'll take last year as an example, sequential increase versus decrease, that was more a phenomenon of cycles per utilizer returning -- trending back up towards normal versus seeing a decline for the first time where we normally see sequential increases throughout the quarters.

過去，你會看到，例如去年，連續成長而不是下降，這更多的是每個用戶的周期數恢復正常趨勢的現象，而不是像通常那樣在各個季度中連續增長，而現在卻首次出現下降。

If you look at prior years, there's always a little bit of noise relative to what's reported versus what impacts Q3 to Q4 sequentially, right? At the end of the day, I don't look at $6 million in the sequential revenue as a negative trend.

如果回顧往年，就會發現，在報告數據與實際影響第三季到第四季的環比數據之間，總是會有一些波動，對吧？歸根結底，我不認為環比收入減少 600 萬美元是負面趨勢。

I look at it just sort of what we're seeing right now. But as Mark said and we said in our prepared remarks, we don't see any weakness, if you will, relative to utilization or care consumption versus Q3, but factored in the normal seasonality that happens in Q4. So that's the best I can answer that type of question.

我只是從我們現在所看到的情況來看這個問題。但正如馬克所說，也正如我們在準備好的發言稿中所說，與第三季度相比，我們沒有看到任何利用率或護理消費方面的疲軟，但考慮到了第四季度正常的季節性因素。這就是我對這類問題所能給出的最佳答案。

Got it. That's helpful. And then just one other quick one. I think Rx revenue growth is still trending below medical. And I think it was attributed to a mix impact last quarter.

知道了。那很有幫助。然後再快速地問一個問題。我認為處方藥收入成長仍然低於醫療產業。我認為這主要是由於上個季度的投資組合變動所致。

Was that the same this quarter? And then how should we think about when those 2 maybe converge, I think, as previously expected?

本季也是這樣嗎？那麼，我們應該如何看待這兩者可能如先前預期的那樣匯合的情況呢？

Yes. Look, I think one of the things you have to remember, there are a variety of factors that will -- that factor into each line so that they don't perfectly converge. There are timing differences. There are treatment and program mixes. So there are certain treatment journeys that carry less amount of drugs than others.

是的。你看，我認為你必須記住的一件事是，有很多因素會影響每條線，所以它們不會完全收斂。時間上存在差異。治療方案和項目組合多種多樣。因此，有些治療方案所需的藥物劑量比其他方案少。

So minor variations in treatment mix. Pricing is also an impact. We've talked over the years about how we have been managing cost control tightly for our clients and in some cases, absorbing some of the manufacturer increases on the Rx side where there is not that case on the medical side. So they can vary a bit. As we look at -- and I guess the last thing is that we aren't breaking out the revenue from our newer products into their own category.

因此，治療方案的細微差別。價格也是一個影響因素。多年來，我們一直在討論如何為客戶嚴格控製成本，在某些情況下，我們會承擔處方藥方面製造商的部分漲價，而醫療方面則沒有這種情況。所以它們可能會略有不同。當我們審視——我想最後一點是，我們沒有將新產品的收入單獨歸類。

They do get accounted for in that fertility services line. And so you're seeing some revenue growth there with no associated pharmacy growth. So it isn't going to perfectly align, but they should grow in tandem over the long term.

他們確實被納入了生育服務範疇。因此，你會看到收入成長，但藥局業務卻沒有相應成長。所以它們不會完全一致，但從長遠來看，它們應該會同步發展。

David Larsen, BTIG.

David Larsen，BTIG。

Congratulations on the good quarter. Can you talk a little bit more about the supplemental product that you mentioned? It sounds like it's a sort of a cash-based solution maybe for more middle market accounts maybe that want to spend a little less money on the fertility benefit but want to start with something.

恭喜你本季業績出色。可以再詳細介紹一下您提到的那款補充劑產品嗎？聽起來這似乎是一種以現金為基礎的解決方案，可能更適合中等收入的帳戶，這些帳戶可能希望在生育福利上少花一些錢，但又想開始享受福利。

Yes. To start with, it's not a cash-based solution. It's a covered solution. But you're right, it does address small and middle market companies. think of everything from ASO, minimum premium and/or fully insured population, so however they're funded, but again, small and mid-market companies.

是的。首先，這不是現金支付的解決​​方案。這是一個已涵蓋的解決方案。但你說得對，它確實涵蓋了中小企業。想想看，無論是ASO、最低保費或全額保險人群，無論他們的資金來源是什麼，但再次強調，都是中小企業。

And it provides a solution that's more predictable relative to expectations around cost that these smaller companies generally need in terms of understanding what their cost might be and adding this type of benefit. But it is a robust solution that puts them into a position to compete with much larger companies having now what generally is offered to large -- through larger employers, a benefit offering that covers these needs.

而且，對於這些規模較小的公司來說，它提供了一種更可預測的解決方案，使其能夠更好地了解自身的成本並增加此類收益，從而滿足他們對成本的預期。但這是一個強有力的解決方案，使它們能夠與規模更大的公司競爭，這些公司現在通常透過大型雇主獲得滿足這些需求的福利。

That's great. And then can you talk about the year-over-year growth in number of clients expected for 2026 versus the number of lives growth expected in '26. And I guess what I'm getting at is, it looks like you're going to add maybe 55 clients in '26, which is a decline from 73 in '25, but maybe the number of lives are going to increase. Just any thoughts around that would be helpful.

那太棒了。那麼，您能否談談 2026 年客戶數量的預期同比增長與 2026 年預期人口數量的增長情況？我想說的是，看起來你們在 2026 年可能會增加 55 位客戶，比 2025 年的 73 位有所下降，但或許客戶數量會增加。任何想法都將不勝感激。

Early go-lives (inaudible)

早期上線（聽不清楚）

So part of the challenge whenever we do this -- we update all year long the number of clients that are live. When we talk about our sales season, many times more clients go-live earlier or go out, if you will, and/or might be off-cycle clients and they have already gone live, but they're included in what we describe as sales overall.

因此，我們每次這樣做都會面臨一個挑戰——我們需要全年不斷更新線上客戶的數量。當我們談到銷售季時，很多時候會有更多客戶提前上線或下線，或者可能是非週期性客戶，他們可能已經上線，但他們都被計入我們所說的整體銷售額。

And so the way you're thinking about it is as of what we just reported today versus what we just announced in terms of overall number of companies and clients that we've added, but it includes a decent number, although not significant in terms of revenue contribution, no different than last year, no different than every year, where the -- you might have a number of clients usually really small and when they're not, we call it out, usually really small in terms of live contribution.

所以，你現在的想法是，根據我們今天剛報告的數據，與我們剛剛宣布的數據相比，新增的公司和客戶總數有所增加，雖然數量可觀，但就收入貢獻而言並不顯著，與去年、與往年一樣，其中——你可能會有一些客戶，通常規模很小，即使他們規模較大，我們也會指出，但就實際貢獻而言，通常也很小。

Think of it in a way that says the majority of the lives contribution is starting next year.

換個角度想，這意味著大部分生命貢獻將從明年開始。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，坎托費茲傑拉。

This is Gabie on for Sarah. I wanted to double-click on the supplemental plans. As you get ready to roll those out for the 2026 selling season, should we think about that having impact on the expense line in 2026? Do you need to increase the sales force? Do you need to increase marketing efforts?

這是 Gabie 為 Sarah 主持節目。我想雙擊查看補充計劃。當您準備在 2026 年銷售季推出這些產品時，我們是否應該考慮這會對 2026 年的費用產生影響？你們需要增加銷售人員嗎？您是否需要加強行銷力道？

And then do you expect them to be read through to the revenue and EBITDA line as soon as '27?

那麼，您是否預期這些變更會在 2027 年就體現在營收和 EBITDA 資料中？

Yes. Although you're right, we will have to -- we've already been doing some of that, but we will have to add resources relative to go-to-market. It's not going to be noticeable in the way you're thinking about it where it's going to be significant and change the profitability profile within sales and marketing in a meaningful way is the way I would tell you to think about it.

是的。雖然你說得對，但我們必須這樣做——我們已經在做一些這方面的工作了，但我們必須增加與市場推廣相關的資源。以你現在的理解，它可能不會引起注意，但它意義重大，會以有意義的方式改變銷售和行銷的獲利狀況。我會這樣告訴你：

Okay. Great. And then any updates you can share on the global or international business and how that rollout has been?

好的。偉大的。此外，您能否分享一下有關全球或國際業務的最新進展以及業務拓展情況？

Yes, we had some nice adds this year on that with the enhanced benefit and global services and solution. And then as we said in the script, we're excited to now be able to pull really our full US portfolio of services now international, and that will be available for sale next year as well. So good momentum and excited to continue that from a global basis.

是的，今年我們在這方面推出了一些不錯的增值服務，包括增強的福利、全球服務和解決方案。正如我們在劇本中所說，我們很高興現在能夠將我們完整的美國服務組合真正推向國際市場，並且明年也將開始銷售。目前勢頭良好，我們很高興能在全球範圍內繼續保持這種勢頭。

Thank you. That does conclude our Q&A for today. And I'd now like to turn the floor back to James Hart.

謝謝。今天的問答環節到此結束。現在我想把發言權交還給詹姆斯·哈特。

Thank you, Tom, and thank you, everyone, for joining us this evening. Please, as always, feel free to reach out to me for any further questions or clarifications you may need. We appreciate your time and attention. We know it's been a busy day. We look forward to reporting our next results in February.

謝謝你，湯姆，也謝謝今晚的各位到來。如有任何疑問或需要澄清，請隨時與我聯絡。感謝您的時間和關注。我們知道今天很忙。我們期待在二月公佈下一批業績報告。

Thank you. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。您可以暫時斷開連接，祝您有美好的一天。再次感謝您的參與。