Performant Healthcare Inc (PHLT) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Performance Healthcare Inc. first-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 8, 2025. I will now like to turn the conference over to Jon Buzzuto, Head of Investor Relations. Please go ahead, sir.

女士、先生們，下午好，歡迎參加 Performance Healthcare Inc. 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 8 日星期四錄製。現在，我想將會議交給投資人關係主管 Jon Buzzuto。先生，請繼續。

Thank you, operator. Good afternoon, everyone. By now you should have received a copy of the earnings release for the company's first-quarter 2025 results. If you have not, a copy is available on the Investor Relations portion of our website. Joining me on today's call are Simeon Kohl, Chief Executive Officer; and Rohit Ramchandani, Chief Financial Officer.

謝謝您，接線生。大家下午好。現在您應該已經收到了該公司 2025 年第一季業績報告的副本。如果您還沒有，您可以在我們網站的投資者關係部分找到一份副本。參加今天電話會議的還有執行長 Simeon Kohl 和財務長 Rohit Ramchandani。

Before we begin, I'd like to remind you that some of the comments made on today's call, including our financial guidance, are forward-looking statements. These statements are subject to risks and uncertainties, including those described in the company's filings with the SEC.

在我們開始之前，我想提醒您，今天電話會議上的一些評論，包括我們的財務指導，都是前瞻性的陳述。這些聲明受風險和不確定性的影響，包括公司向美國證券交易委員會提交的文件中所描述的風險和不確定性。

Actual results may differ materially from those described during the call. In addition, all forward-looking statements are made as of today, and the company does not undertake to update any forward-looking statements based on new circumstances or revised expectations. Please note page 3 of our earnings release, which covers forward-looking statements.

實際結果可能與通話中所述的結果有重大差異。此外，所有前瞻性陳述均截至今日作出，本公司不承諾根據新情況或修訂的預期更新任何前瞻性陳述。請注意我們的收益報告第 3 頁，其中涵蓋了前瞻性陳述。

Rather than reading that section aloud, we incorporate it by reference into our prepared remarks. Also, all non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in the table attached to our press release.

我們不是大聲朗讀該部分，而是將其作為參考納入我們準備好的發言中。此外，本次電話會議中討論的所有非 GAAP 財務指標均與我們新聞稿所附表格中最直接可比較的 GAAP 指標進行了協調。

I would now like to turn the call over to Simeon Kohl. Sim?

現在我想把電話轉給西緬·科爾 (Simeon Kohl)。西姆？

Thank you, Jon. Good afternoon, everyone, and thank you for joining us for our first quarter 2025 earnings call. Earlier this afternoon, we reported outstanding first quarter results, which reflect 29% healthcare revenue growth compared to the same quarter of 2024, and a positive adjusted EBITDA of over $3 million, a significant improvement compared to an adjusted EBITDA loss of $1.2 million in the same quarter last year, driven by strong revenue growth across both government and commercial clients, along with a disciplined focus on cost management.

謝謝你，喬恩。大家下午好，感謝大家參加我們的 2025 年第一季財報電話會議。今天下午早些時候，我們報告了出色的第一季業績，與 2024 年同期相比，醫療保健收入增長了 29%，調整後 EBITDA 為正值 300 多萬美元，與去年同期 120 萬美元的調整後 EBITDA 虧損相比有了顯著改善，這得益於政府和商業客戶對收入的強勁增長，以及對成本管理的強勁關注，以及對成本的強勁關注。

These results underscore the company's unwavering commitment to driving growth and delivering value to our shareholders. This strong performance gives us increased confidence to adjust our full-year guidance, which Rohit will discuss in more detail later in this call.

這些績效凸顯了公司對推動成長和為股東創造價值的堅定承諾。這一強勁表現使我們更有信心調整全年業績指引，Rohit 將在本次電話會議的稍後部分更詳細地討論這一點。

I'll begin by sharing our operational progress, followed by Rohit, who will walk you through our financial results and updated guidance. Our business and the broader healthcare industry is at a critical inflection point.

我將首先分享我們的營運進展，然後由 Rohit 向您介紹我們的財務結果和最新指南。我們的業務和更廣泛的醫療保健產業正處於關鍵的轉折點。

The demand for healthcare payment integrity services, particularly those aimed at addressing fraud, waste and abuse, has never been more urgent. This imperative has become a central focus in national discussions surrounding healthcare cost containment and the long-term sustainability of the US healthcare system.

對醫療保健支付誠信服務的需求，特別是那些旨在解決詐欺、浪費和濫用的服務，從未如此迫切。這項要求已成為有關醫療成本控制和美國醫療保健系統長期可持續性的全國性討論的焦點。

Our strategy is clearly resonating. By advancing our technology and prioritizing client-centric partnerships, we've deepened relationships and further established ourselves as a trusted partner, especially as payers face rising costs and growing complexities across the healthcare system.

我們的策略顯然引起了共鳴。透過推進我們的技術並優先考慮以客戶為中心的合作夥伴關係，我們加深了關係並進一步確立了自己作為值得信賴的合作夥伴的地位，特別是在付款人面臨整個醫療保健系統成本上升和復雜性日益增加的情況下。

In addition to our strong financial performance in the first quarter, we continue to prioritize strategic investments aimed at winning new business and driving sustainable, profitable long-term growth. During the quarter, we implemented 13 commercial programs, a record number of implementations in a single quarter for us. This reflects a strong blend of expansion within existing clients and new client wins, along with the operational improvements we've implemented to streamline and accelerate our implementation process.

除了第一季強勁的財務表現外，我們還繼續優先考慮旨在贏得新業務和推動可持續、盈利的長期成長的策略投資。本季度，我們實施了 13 個商業項目，創下了我們單季實施項目數量的最高紀錄。這反映了現有客戶擴張和新客戶贏得的強勁結合，以及我們為簡化和加速實施過程而實施的營運改善。

At steady state, these implementations are expected to contribute $4.5 million to $5 million in annualized revenue. We're encouraged to see early signs that our sales and implementation cycles are normalizing after the industry-wide disruptions experienced in 2024.

在穩定狀態下，這些實施預計將帶來 450 萬至 500 萬美元的年收入。我們很高興地看到，在經歷了 2024 年全行業的動盪之後，我們的銷售和實施週期正在恢復正常化的早期跡象。

The commercial market remains Performant's largest opportunity, particularly as commercial payers continue to face a challenging landscape marked by rising patient acuity and increased utilization. In this environment, our technology-driven and client-centric approach resonates well as evidenced by the continued expansion of our commercial pipeline.

商業市場仍然是 Performant 最大的機遇，尤其是在商業付款人繼續面臨患者敏銳度不斷上升和利用率不斷提高的挑戰性情況下。在這種環境下，我們以技術為驅動、以客戶為中心的方法得到了良好的反響，這從我們商業管道的持續擴張中可以看出。

Looking ahead, we commenced the New York State Medicaid RAC implementation early in the second quarter. While still in the early stages, this implementation is progressing nicely, and we continue to anticipate double-digit annualized revenue at steady state.

展望未來，我們在第二季初開始實施紐約州醫療補助 RAC。雖然仍處於早期階段，但實施進展順利，我們預計穩定狀態下年收入將達到兩位數。

As we've noted previously, we are excited to demonstrate our capabilities in the state Medicaid market, which we believe has a strong appetite for new partners who can help drive meaningful savings. Continuing with our government business, I'd like to provide an update on the recent CMS RAC RFP for Regions 3 through 5.

正如我們之前提到的，我們很高興展示我們在州醫療補助市場的能力，我們相信該市場對能夠幫助實現有意義的節省的新合作夥伴有著強烈的需求。繼續我們的政府事務，我想提供有關第 3 至第 5 區最近的 CMS RAC RFP 的最新消息。

As a reminder, Performant remains committed to a growth strategy that is both sustainable and profitable. While Performant was not selected in this particular procurement, two of the three regions represented net new opportunities and the one region we previously held, Region 5, primarily involved low-dollar DME, home health and hospice claims, which have historically generated lower margins.

提醒一下，Performant 仍然致力於可持續且有利可圖的成長策略。雖然 Performant 沒有在這次特定的採購中被選中，但三個區域中的兩個代表了淨新機會，而我們之前持有的一個區域，即第 5 區域，主要涉及低價 DME、家庭健康和臨終關懷索賠，這些索賠歷來產生的利潤較低。

Finally, as a reminder, the wind down of RAC Region 5 revenues was already contemplated in our beginning of year guidance. This shift allows us to redeploy resources toward higher-value opportunities within our expanding and more profitable commercial business where we can continue to see significant demand and compelling margins.

最後，提醒一下，我們在年初的指導中已經考慮到了 RAC 第 5 區收入的減少。這種轉變使我們能夠將資源重新部署到不斷擴大、利潤更高的商業業務中的更高價值的機會上，在這些機會中，我們可以繼續看到巨大的需求和令人信服的利潤率。

Our federal government business continues to be a cornerstone of our strategic focus. We maintain a strong presence in this space, anchored by long standing relationships with CMS and HHS. This includes our work across two RAC regions where we deliver audit services in 25 states, our nationwide Medicare secondary payer contract, through which we provide comprehensive eligibility and recovery services, and our national contract with the HHS Office of Inspector General.

我們的聯邦政府業務仍然是我們戰略重點的基石。我們在該領域保持著強大的影響力，並與 CMS 和 HHS 建立了長期的合作關係。這包括我們在兩個 RAC 地區進行的工作（我們在 25 個州提供審計服務）、我們的全國醫療保險二級付款人合約（透過該合約我們提供全面的資格和恢復服務）以及我們與 HHS 監察長辦公室簽訂的國家合約。

CMS remains the gold standard in policy, compliance and payment integrity, and we're proud to be a trusted partner in supporting and advancing those priorities. As we consider the evolving actions and policies of the current administration, Performant is fortunate that our mission to reduce fraud, waste and abuse within healthcare aligns closely with the administration's focus.

CMS 仍然是政策、合規性和支付完整性的黃金標準，我們很自豪能夠成為支持和推進這些優先事項的值得信賴的合作夥伴。當我們考慮現任政府不斷變化的行動和政策時，Performant 很幸運，我們減少醫療保健領域的詐欺、浪費和濫用的使命與政府的重點密切相關。

We are beginning to see signs, including a rebound in government revenue that rhetoric is translating into action, an encouraging signal for the future. To conclude on the political front, I want to emphasize that Performant's core offerings remain effective and relevant across all economic cycles. We deliver immediate and easily measurable ROI for our clients.

我們開始看到一些跡象，包括政府收入的反彈，這些跡象表明言論正在轉化為行動，這是對未來的一個令人鼓舞的信號。最後，在政治方面，我想強調的是，Performant 的核心產品在所有經濟週期中仍然有效且相關。我們為客戶提供即時且易於衡量的投資報酬率。

Accordingly, we believe our services should be viewed as a staple, particularly during periods of economic pressure when cost savings and operational efficiencies become even more critical. As an organization, we remain focused on controlling what we can, beginning with actively listening to our clients and continuously improving the solutions we deliver.

因此，我們認為我們的服務應該被視為主要服務，特別是在經濟壓力時期，成本節約和營運效率變得更加重要。作為一個組織，我們始終專注於控制我們能夠控制的事情，首先是積極傾聽客戶的意見，然後不斷改進我們提供的解決方案。

A key aspect of our client-centric culture is our ability to collaborate closely with partners, adapting and evolving our offerings based on their needs and feedback. Take eligibility, for example, the newer of our two lines of business, which contributed 48% of revenue this quarter and grew 20% year-over-year.

我們以客戶為中心的文化的關鍵方面是我們能夠與合作夥伴密切合作，根據他們的需求和回饋調整和改進我們的產品。以資格認證為例，這是我們兩條業務線中較新的一條，本季貢獻了 48% 的收入，年增 20%。

Since signing our first eligibility client in 2017, we've rapidly built the data assets and capabilities needed to compete effectively in this space, but our objective goes beyond competing. We aim to lead by delivering the highest quality results in the market. This commitment has driven us to implement rigorous checks and balances that ensure unmatched accuracy and reliability.

自 2017 年簽約第一位合格客戶以來，我們迅速建立了在該領域有效競爭所需的數據資產和能力，但我們的目標不僅僅是競爭。我們的目標是透過提供市場上最高品質的成果來引領市場。這項承諾促使我們實施嚴格的製衡，以確保無與倫比的準確性和可靠性。

As a result, we've successfully displaced long-standing legacy vendors and significantly expanded our footprint among commercial clients. More recently, we've leaned into data enrichment, working with clients to improve the completeness and accuracy of their data.

結果，我們成功取代了長期存在的傳統供應商，並大大擴展了我們在商業客戶中的影響力。最近，我們傾向於數據豐富，與客戶合作以提高其數據的完整性和準確性。

This not only drives better outcomes, but also enables us to flag eligibility issues earlier in the payment cycle, which reduces administrative burden and improves efficiency for our clients. Our ongoing investments in innovation are driving progress across both of our core businesses and continue to distinguish Performant as a leader in the healthcare payment integrity space.

這不僅可以帶來更好的結果，還使我們能夠在支付週期的早期標記資格問題，從而減輕管理負擔並提高客戶的效率。我們對創新的持續投資正在推動我們兩個核心業務的進步，並繼續使 Performant 成為醫療保健支付誠信領域的領導者。

Our strong first quarter results and the upward revision to our guidance reflect the success of our growth strategy. We have meticulously invested in strategic initiatives that we believe position us for success, and it's gratifying to see those investments materialize.

我們第一季的強勁業績和上調的預期反映了我們成長策略的成功。我們精心投資於我們認為能夠讓我們獲得成功的策略性舉措，看到這些投資實現，我們感到很欣慰。

This strategy has driven a record frontlog of commercial programs and marked a major milestone with our first state Medicaid contract in New York. We're achieving strategic wins across every segment of our business while maintaining a clear focus on improving near-term profitability and advancing toward our long-term margin objectives.

這項策略推動了商業項目的前期登記創下紀錄，並標誌著我們在紐約州簽訂的第一個州醫療補助合約具有重要里程碑。我們在業務的各個領域都取得了策略性勝利，同時明確致力於提高短期獲利能力並朝著長期利潤目標邁進。

In closing, I want to extend my heartfelt gratitude to our team for their unwavering dedication. Their efforts have delivered meaningful savings and valuable insights for our clients, proving that we are on the right path.

最後，我要向我們團隊的堅定奉獻表示衷心的感謝。他們的努力為我們的客戶帶來了有意義的節省和寶貴的見解，證明我們走在正確的道路上。

With that, I'll hand it over to Rohit Ramchandani, our Chief Financial Officer, for a discussion of the financials. Rohit?

說完這些，我將把會議交給我們的財務長 Rohit Ramchandani，討論財務問題。羅希特？

Thanks, Sim. We're happy to report a strong quarter of results and a promising start to the year. These implementation wins we have discussed over the past several years are translating to tangible results. In the first quarter of 2025, total company revenues were $33.3 million, delivering impressive year-over-year growth of 22%. As a reminder, we no longer see the need to break out healthcare as a separate revenue stream.

謝謝，Sim。我們很高興地報告本季業績強勁以及今年有一個良好的開端。我們在過去幾年中討論過的這些實施成果正在轉化為實際的成果。2025 年第一季度，公司總營收為 3,330 萬美元，年增 22%。提醒一下，我們不再認為有必要將醫療保健作為單獨的收入來源。

The growth and focus of our organization is healthcare payment integrity, and the legacy customer care runoff results were immaterial in the quarter. If you were to exclude the $1.5 million of customer care revenue from the same prior year quarter, revenue grew almost 30%.

我們組織的成長和重點是醫療保健支付的完整性，而本季遺留的客戶服務流失結果並不重要。如果排除去年同期的 150 萬美元客戶服務收入，收入將成長近 30%。

Our claims-based business, also known as claims auditing, led the way with revenues of $17.1 million in the quarter, showing 38% year-over-year growth. In the commercial audit space, we've successfully won new business, implemented that business and scaled that business, translating to real savings and results for our clients.

我們的索賠業務（也稱為索賠審計）在本季以 1,710 萬美元的收入領先，年增 38%。在商業審計領域，我們成功贏得了新業務，實施了該業務並擴大了該業務，為我們的客戶帶來了真正的節省和成果。

As Sim mentioned, our technology-focused and client-centric approach resonates deeply with our commercial clients, and we are well positioned to continue to deliver strong results for this cohort. The CMS RAC regions have also shown volume rebound in the quarter, providing initial validation of our expectation of a reversal of some of the volume headwinds we saw last year.

正如 Sim 所提到的，我們以技術為中心、以客戶為中心的方法與我們的商業客戶產生了深刻的共鳴，我們有能力繼續為這個群體帶來強勁的業績。CMS RAC 地區的銷售在本季也出現反彈，初步驗證了我們對去年部分銷售逆風將出現逆轉的預期。

We remain optimistic that CMS is properly prioritizing the RAC program, considering the administration's overarching initiatives to reduce fraud, waste and abuse. Moving to eligibility. Revenue for the quarter was $16.1 million, representing an increase of roughly 20% in comparison to last year. Commercial clients contributed significantly in the quarter as we effectively operationalize key partnerships.

考慮到政府減少詐欺、浪費和濫用的整體舉措，我們仍然樂觀地認為，CMS 正在適當地優先考慮 RAC 計劃。轉向資格審查。本季營收為 1,610 萬美元，比去年同期成長約 20%。由於我們有效地運作了關鍵合作夥伴關係，商業客戶在本季度做出了重大貢獻。

We also saw some of the eligibility lightness from 2024 manifest into our early 2025 results. Our CMS MSP contract continues to perform as expected as well. We are excited to see our commercial diversification and growth strategy pay off as we see overall growth in eligibility revenues.

我們也看到 2024 年的一些資格寬鬆政策體現在了 2025 年初的結果中。我們的 CMS MSP 合約也繼續如預期執行。我們很高興看到我們的商業多元化和成長策略獲得回報，因為我們看到資格收入的整體成長。

Our commercial opportunity remains significant. And as Sim mentioned, we have built a highly differentiated eligibility solution to be best-in-class, and we continue to grow into the market opportunity. Thinking about overall commercial implementations.

我們的商業機會仍然巨大。正如 Sim 所提到的，我們已經建立了高度差異化的資格解決方案，成為同類最佳，並且我們將繼續抓住市場機會。思考整體的商業實施。

In the first quarter, we implemented 13 commercial programs, which are expected to deliver $4.5 million to $5 million in annualized revenue at steady state. We got off to a great start as many of our commercial clients are returning to more normalized implementation patterns, following the election year uncertainty and the Change Healthcare disruption.

第一季度，我們實施了 13 個商業項目，預計在穩定狀態下將帶來 450 萬至 500 萬美元的年化收入。我們取得了良好的開端，因為在經歷了選舉年的不確定性和變革醫療保健的混亂之後，我們的許多商業客戶正在恢復更規範的實施模式。

In the second quarter, our implementations team will be largely focused on implementing the New York State RAC contract. As a result, we do expect to see a temporary dip in commercial implementations. However, our full-year commercial expectations remain unchanged as we aim to meet or exceed the approximate $18 million of additional annualized steady-state revenue from new implementations that we set in 2024.

第二季度，我們的實施團隊將主要致力於實施紐約州 RAC 合約。因此，我們確實預期商業實施將出現暫時的下降。然而，我們的全年商業預期保持不變，因為我們的目標是達到或超過我們在 2024 年設定的透過新實施實現的約 1800 萬美元的額外年度穩態收入。

We are simply reallocating resources to ensure the successful implementation of this important state contract. Our pipeline remains robust, consisting of both land and expand opportunities with existing clients and net new client opportunities. We continue to invest in winning new business and scaling our implementation processes.

我們只是重新分配資源，以確保這項重要國家合約的成功實施。我們的管道依然強勁，包括與現有客戶拓展的機會以及新增客戶的機會。我們將繼續投資以贏得新業務並擴大我們的實施流程。

Briefly shifting our focus to the broader tariff situation. I would like to highlight that Performant is well insulated from tariff pressures. Our revenue is 100% domestic, and our general expense structure does not rely on foreign goods or services. And specific to our federal contracts, the cost structure is 100% domestic as is contractually required. As a result, we do not expect a material impact to our business.

簡要地將我們的注意力轉移到更廣泛的關稅情況上。我想強調的是，Performant 能夠很好地抵禦關稅壓力。我們的收入 100% 來自國內，我們的一般支出結構不依賴外國商品或服務。具體到我們的聯邦合同，成本結構是 100% 國內的，這是合約要求的。因此，我們預計這不會對我們的業務產生重大影響。

Moving on. Operating expenses were about $33 million in the quarter, or roughly $2 million ahead when compared to the year ago period. This increase was primarily driven by additional spending to operationalize and scale newer implementations as well as technology investments related to Project Turing.

繼續。本季營運費用約為 3,300 萬美元，與去年同期相比增加了約 200 萬美元。這一增長主要得益於實施和擴大新實施方案的額外支出以及與圖靈項目相關的技術投資。

Of note, we spent less than we anticipated on the New York RAC implementation in the quarter, but I want to reiterate that this implementation remains on track and is currently estimated to hit initial revenues in early 2026, if not sooner.

值得注意的是，我們在本季在紐約 RAC 實施上的支出低於預期，但我想重申，這項實施仍在按計劃進行，目前預計將在 2026 年初甚至更早達到初始收入。

Project Turing remains a key focus in our longer-term margin improvement strategy. We are pursuing a multipronged effort that balances our near-term value and efficiency with long-term innovation. By integrating cutting-edge artificial intelligence and natural language processing technologies, we are excited to streamline our processes and set new standards for efficiency and accuracy.

圖靈專案仍是我們長期利潤率提升策略的重點。我們正在多管齊下努力，以平衡我們的短期價值和效率與長期創新。透過整合尖端的人工智慧和自然語言處理技術，我們很高興能夠簡化我們的流程並為效率和準確性設定新的標準。

This becomes even more impactful in light of the record implementations in frontlog ahead of us. We're very pleased to report positive adjusted EBITDA of $3.3 million in the first quarter in comparison to an adjusted EBITDA loss of $1.2 million in the first quarter of 2024.

鑑於我們面前的前端記錄實現情況，這一點將變得更具影響力。我們非常高興地報告，第一季調整後的 EBITDA 為正 330 萬美元，而 2024 年第一季調整後的 EBITDA 虧損為 120 萬美元。

Strong revenue growth, along with continued efficiency gains were the main drivers of adjusted EBITDA outperformance, along with revenue growth from our aforementioned eligibility revenue expectations from 2024 that showed in Q1, contributing to a higher margin profile in the mix.

強勁的收入成長以及持續的效率提升是調整後 EBITDA 表現優異的主要驅動力，加上我們上述 2024 年合格收入預期在第一季度顯示的收入增長，共同提高了組合的利潤率。

As I mentioned previously, we have entered a new phase in our business evolution where we currently anticipate each quarter to be EBITDA positive moving forward and achieve free cash flow generation. We were pleased to show a positive $1.4 million of cash flow in the quarter versus a negative $3.6 million in the comparable prior year quarter.

正如我之前提到的，我們的業務發展已進入新階段，我們目前預計未來每季的 EBITDA 都將為正，並實現自由現金流的產生。我們很高興看到，本季的現金流為正 140 萬美元，而去年同期的現金流為負 360 萬美元。

These results, combined with our positive outlook, strengthens our expectation of achieving positive free cash flow as we look to the end of this year and into 2026. We have been diligent about appropriately investing in our future while remaining mindful of our capital structure and adjusted EBITDA goals.

這些結果，加上我們的積極展望，增強了我們對今年年底和 2026 年實現正自由現金流的預期。我們一直勤勉地對我們的未來進行適當的投資，同時牢記我們的資本結構和調整後的 EBITDA 目標。

We are pleased with how our business has progressed from an incremental expense perspective as we continue to balance revenue growth while driving higher margins. The hard work and sacrifice made by the Performant team has been incredible over the past two years, and I look forward to continuing to grow along this journey.

從增量費用的角度來看，我們對業務的進展感到滿意，因為我們繼續平衡收入成長，同時提高利潤率。過去兩年來，Performant 團隊的辛勤工作和犧牲令人難以置信，我期待在這段旅程中繼續成長。

Given the strong performance in the quarter, we are increasing both our full-year 2025 revenue and adjusted EBITDA guidance. The favorable first quarter results, coupled with signs of the improving sales cycle and successful scaling of prior implementations, gives us confidence to do so.

鑑於本季的強勁表現，我們將提高 2025 年全年營收和調整後 EBITDA 預期。第一季的良好業績，加上銷售週期改善的跡像以及先前實施的成功擴展，使我們有信心這樣做。

Accordingly, we are raising the bottom end of our revenue guidance to $133 million, bringing our full-year revenue guidance to a range of $133 million to $135 million. Our revenue seasonality will show stronger year-over-year revenue growth in the first quarter, after which we do expect to see the impacts of the wind down of RAC Region 5, previously contemplated in our guidance, as Sim mentioned.

因此，我們將營收預期下限上調至 1.33 億美元，使全年營收預期達到 1.33 億美元至 1.35 億美元之間。我們的營收季節性將在第一季顯示出更強勁的同比收入成長，此後我們預計會看到 RAC 第 5 區逐漸減少的影響，正如 Sim 提到的那樣，這在我們之前的指導中已經考慮到了。

From a profitability standpoint, we are pleased to increase our adjusted EBITDA guidance to $9 million to $10 million. At the midpoint of this range, this more than doubles our 2024 adjusted EBITDA. Our quarterly adjusted EBITDA cadence for the full year will now be more weighted to the first and fourth quarters. This can largely be attributed to the wind down of the RAC Region 5 and the increase in expense to ramp up New York State RAC.

從獲利能力的角度來看，我們很高興將調整後的 EBITDA 預期提高至 900 萬美元至 1,000 萬美元。在這個範圍的中間點，這比我們 2024 年調整後的 EBITDA 增加了一倍以上。我們對全年季度調整後的 EBITDA 節奏現在將更加專注於第一季和第四季。這在很大程度上可以歸因於 RAC 第 5 區的逐漸減少以及紐約州 RAC 費用的增加。

Wrapping up, I would like to thank the team for delivering a strong set of results. The company is nicely positioned to continue to deliver value for our clients, invest prudently in our future and scale our business to achieve longer-term margin targets in addition to becoming self-funded.

最後，我要感謝團隊的出色成果。本公司已做好充分準備，繼續為我們的客戶創造價值，審慎投資於我們的未來，擴大我們的業務規模，以實現長期利潤目標，並實現自籌資金。

Our first quarter results are encouraging and give us confidence to increase our full-year 2025 guidance. We are excited about the momentum we have built. With that, operator, would you please open up the lines for questions?

我們第一季的業績令人鼓舞，並讓我們有信心提高 2025 年全年業績預期。我們對已經建立的勢頭感到非常興奮。接線員，請問可以打開熱線來回答問題嗎？

(Operator Instructions) Anderson Schock, B. Riley Securities.

（操作員指示）Anderson Schock，B. Riley Securities。

Hey, thank you for taking the questions and congrats on a really strong quarter. So first, on the claims-based services revenue, it grew faster than the eligibility-based revenue this quarter. And I guess what was the main driver here? And how should we think about this revenue mix going forward?

嘿，感謝您回答問題，並祝賀您本季業績表現強勁。首先，本季基於索賠的服務收入成長速度快於基於資格的收入。我猜這裡的主要驅動因素是什麼？我們該如何看待未來的收入組合？

Hey Anderson, good to hear from you, and thanks, good question. I think the main driver of that would be probably the mix of implementations. One to two years ago, we're weighting a little more towards the claims-based business.

嘿，安德森，很高興收到你的來信，謝謝，這個問題問得好。我認為其主要驅動因素可能是多種實施方案的混合。一兩年前，我們更加重視基於索賠的業務。

In general, I think we've often said we expect some balanced growth across both sides of the business and do expect that to continue. And then I think the other side of it, right, is from what we can see and we published annually strong growth in the commercial eligibility business and our sort of mature and long-standing CMS contract within eligibility does serve as a bit of a growth anchor at our current size.

總的來說，我認為我們經常說我們期望業務的兩個方面都能實現平衡成長，並且確實希望這種成長能持續下去。然後我認為另一方面，從我們所看到的情況來看，我們每年都會公佈商業資格業務的強勁增長，而我們在資格範圍內的成熟和長期的 CMS 合約確實為我們目前的規模提供了增長支撐。

Okay, got it. And then on your adjusted EBITDA guidance. So I mean, you've grown adjusted EBITDA sequentially over the past four quarters. And I guess this guidance is kind of implying a decline in the middle of the year from what it sounds like. I guess, can you just walk me through like how big of a decline should we expect from the I guess, in the middle of the year?

好的，明白了。然後是關於調整後的 EBITDA 指導。所以我的意思是，在過去四個季度裡，你們的調整後 EBITDA 連續成長。我認為，從聽上去，這個指導意見似乎暗示著年中會出現下滑。我想，您能否簡單告訴我一下，我們預計今年年中會出現多大的下滑？

Yeah. So, I think we're still committed, I think, as we said, to having a positive adjusted EBITDA in every quarter. So I don't anticipate you're going to see any losses, and it will be a little bit of a U, and that's going to be driven by that investment in that New York RAC implementation alongside our others and the decline of Region 5. So, I don't think you'll see it start flirting with zero, but it will U a bit as we go through the year.

是的。因此，我認為我們仍然致力於，正如我們所說的那樣，每個季度都實現正的調整後 EBITDA。因此，我預計您不會看到任何損失，並且會呈現 U 形，這將受到對紐約 RAC 實施的投資以及其他投資以及第 5 區的衰落所驅動。因此，我認為你不會看到它開始接近零，但隨著時間的流逝，它會略微上升。

Okay, got it. And then on Project Turing and some of the other tech initiatives, could you provide an update on the implementation progress? And I guess, when you expect to start seeing ROI from these investments?

好的，明白了。那麼關於圖靈計劃和其他一些技術計劃，您能否提供實施進展的最新情況？我想，您什麼時候能開始看到這些投資的投資報酬率？

Absolutely, we're -- So I think as we look at it in terms of those initial product integrations, we're seeing that happen as soon as this quarter. And so I think we've got a good plan ahead of us, and a lot of that will start operationalizing across 2025, which will then lend itself to higher efficiency, and it's part of what's going to be driving that expanded EBITDA margin, both in our guidance and continued expectation into the next year.

當然，我們——所以我認為，當我們從最初的產品整合的角度來看時，我們會看到這種情況最早在本季度發生。因此，我認為我們已經有了一個很好的計劃，其中許多將在 2025 年開始實施，這將有助於提高效率，這也是推動 EBITDA 利潤率擴大的部分因素，無論是在我們的指導中還是在明年的持續預期中。

Okay, great, that's helpful. Thank you for taking our questions, and congrats again on the great quarter.

好的，太好了，這很有幫助。感謝您回答我們的問題，並再次祝賀本季度取得的出色成績。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I would now like to turn the call over to Simeon Kohl for closing remarks. Please go ahead, sir.

謝謝。目前沒有其他問題。現在我想請西緬·科爾 (Simeon Kohl) 致閉幕詞。先生，請繼續。

Thank you, operator, and thanks, everyone, who joined today's call. I'd like to thank our nearly 1,000 team members for all their hard work this quarter, and as well as our investors for their continued support. We're super pleased with our performance in the quarter, and we absolutely remain optimistic about the opportunities ahead. So thank you all again. We hope everyone has a great evening.

謝謝接線員，也謝謝參加今天電話會議的所有人。我要感謝我們近 1,000 名團隊成員本季的辛勤工作，以及我們投資者的持續支持。我們對本季的表現非常滿意，並且我們對未來的機會保持絕對樂觀。再次感謝大家。我們希望每個人都度過一個愉快的夜晚。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。