Talkspace Inc (TALK) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Talkspace second-quarter 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫凱瑟琳，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Talkspace 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the call over to Jeannine Feyen, Director of Communications. Please go ahead.

我現在想將電話轉給通訊總監 Jeannine Feyen。請繼續。

Good morning, and welcome to Talkspace's earnings conference call for the second quarter of 2024. I hope you've had the opportunity to access the press release we posted on Talkspace's IR website and the presentation of our earnings results. We'll use the presentation to walk you through today's remarks. Leading today's call are our CEO, Dr. Jon Cohen; and our CFO, Ian Harris. Management will offer their prepared remarks and we will then take your questions.

早安，歡迎參加 Talkspace 2024 年第二季財報電話會議。我希望您有機會閱讀我們在 Talkspace IR 網站上發布的新聞稿以及我們的獲利結果示範。我們將透過演示來引導您完成今天的演講。今天的電話會議由我們的執行長 Jon Cohen 博士主持。和我們的財務長伊恩·哈里斯。管理層將提供他們準備好的發言，然後我們將回答您的問題。

Certain measures we'll discuss on this call are expressed on a non-GAAP basis and have been adjusted to exclude the impact of one-off items. Reconciliations of these non-GAAP measures are included in our earnings release and on our website, talkspace.com. I also want to remind you that we will be discussing forward-looking information today, which may include, forecasts, targets and other statements regarding our planned goals and strategic priorities and anticipated financial results.

我們將在本次電話會議上討論的某些措施是在非公認會計原則的基礎上提出的，並經過調整以排除一次性項目的影響。這些非 GAAP 指標的調節包含在我們的收益報告和我們的網站 talkspace.com 中。我還想提醒您，我們今天將討論前瞻性訊息，其中可能包括預測、目標以及有關我們計劃目標和戰略優先事項以及預期財務結果的其他陳述。

While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect. Important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release. For more information, please review our safe harbor disclaimer on slide 2.

雖然這些陳述代表了我們目前對未來績效和績效的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。我們最新的 SEC 報告和今天的收益新聞稿中描述了可能影響我們未來業績的重要因素。如需了解更多信息，請查看幻燈片 2 上的安全港免責聲明。

Now I will turn it over to Dr. Jon Cohen.

現在我將把它交給喬恩·科恩博士。

Thanks, Jeannine. Good morning, everyone, and thank you for joining us for our second-quarter 2024 call. We are pleased to report that Talkspace has achieved another strong quarter of results, reflecting continued execution across the business.

謝謝，珍妮。大家早安，感謝您參加我們的 2024 年第二季電話會議。我們很高興地報告，Talkspace 又取得了強勁的季度業績，反映出整個業務的持續執行力。

Before I get into the results, I want to reiterate some of the data we recently released on the new normalization survey we reported on last week. This survey of over 3,000 current, former and prospective clients of telehealth mental health services found that 85% of people are more open to therapy than they were five years ago. Gen Z and 65-year-old and older respondents cite loneliness as a top concern for seeking therapy. 99% believe that it should be covered by insurance and that mental health is the number one benefit they want from their employer. This data confirms and supports our continued optimism about the future of the business.

在討論結果之前，我想重申一下我們最近在上週報告的新常態化調查中發布的一些數據。這項針對 3,000 多名遠距醫療心理健康服務現任、以前和潛在客戶的調查發現，85% 的人比五年前更願意接受治療。Z 世代和 65 歲及以上的受訪者將孤獨視為尋求治療的首要問題。 99% 的人認為應該由保險承保，而心理健康是他們希望從雇主那裡獲得的第一大福利。這些數據證實並支持了我們對業務未來的持續樂觀態度。

Now turning to results. During the quarter, revenue increased 29% year over year to $46.1 million. And we delivered our second consecutive profitable quarter with adjusted EBITDA coming in at $1.2 million. Strong year-over-year top line growth reflects both the significant demand for behavioral health care as well as the power of the Talkspace brand and our ability to drive new members to use the Talkspace platform. Our continued cost discipline and the benefits of scale are highlighting the operating leverage inherent in the business, which is reflected in our adjusted EBITDA progress.

現在轉向結果。該季度營收年增 29% 至 4,610 萬美元。我們連續第二季實現獲利，調整後 EBITDA 達到 120 萬美元。營收較去年同期強勁成長反映了對行為健康照護的巨大需求以及 Talkspace 品牌的力量以及我們推動新會員使用 Talkspace 平台的能力。我們持續的成本控制和規模效益凸顯了業務固有的營運槓桿，這反映在我們調整後的 EBITDA 進展中。

Let me cover our results in the second quarter by revenue category. First, our payor revenue grew 62% year over year, thanks to our strategic relationships with the payors. This annual growth is a result of several factors. First, our continued expansion of covered lives, which grew from 131 million to 145 million by quarter-end. This was the result of adding the first batch of nearly 14 million people with standard Medicare coverage in 12 states.

讓我以收入類別介紹第二季的業績。首先，由於我們與付款人的策略關係，我們的付款人收入年增 62%。這種每年的成長是多種因素共同作用的結果。首先，我們的承保人數持續擴大，到季末從 1.31 億人增加到 1.45 億人。這是在 12 個州增加第一批近 1400 萬人享受標準醫療保險的結果。

Talkspace launched a dedicated Medicare website, where members can quickly check (inaudible) coverage or get on the list to be notified when care becomes available in their state. We are on track towards our goal of having all 50 states live with Medicare coverage by the year-end in addition to adding several large Medicare Advantage plans, the first of which will launch in Q4. Relative to new payor contracts, we just announced yesterday that we went live with 6 million active military lives through TRICARE with Humana Military, including active duty and retired military personnel as well as their partners and 13-year-old and up dependents.

Talkspace 推出了一個專門的 Medicare 網站，會員可以在該網站上快速查看（聽不清楚）承保範圍或進入列表，以便在其所在州提供護理服務時收到通知。我們正在朝著年底前讓所有 50 個州享受醫療保險的目標邁進，此外還增加了幾個大型醫療保險優勢計劃，其中第一個計劃將於第四季度推出。相對於新的付款人合同，我們昨天剛剛宣布，我們透過 TRICARE 與 Humana Military 合作，為 600 萬現役軍人提供服務，其中包括現役和退役軍人及其伴侶和 13 歲及以上的家屬。

Looking forward, we anticipate adding several new Blues plans and regional plans by the year-end. We expect that within the next 12 months, nearly 200 million people, almost two-thirds of the American public, will have access to Talkspace through their health insurance. Second, understanding that our biggest opportunity for growth remains increasing capture rates and utilization for the 145 million and growing lives I just discussed, we continue to focus on our product improvement initiatives to motivate members to use and stay engaged on the platform. We are focused on enhancing the patient journey by making improvements to the intake process, therapist matching and more. Some specific examples include the ability to show real-time member co-pays, making it easier for people to update to their behavioral health coverage and developing new navigation features in the therapy room to make it easier to book a next session.

展望未來，我們預計將在年底前增加幾個新的 Blues 計劃和區域計劃。我們預計在未來 12 個月內，近 2 億人（近三分之二的美國公眾）將可以透過健康保險存取 Talkspace。其次，我們認識到，我們最大的成長機會仍然是提高我剛才討論的1.45 億人口和不斷增長的生活的捕獲率和利用率，因此我們將繼續專注於我們的產品改進計劃，以激勵會員使用該平台並保持參與。我們致力於透過改善入院流程、治療師配對等來改善患者的旅程。一些具體的例子包括顯示即時會員共同支付的能力，使人們更容易更新他們的行為健康保險，以及在治療室開發新的導航功能，以便更容易預訂下一次治療。

Third, optimizing our focused marketing efforts, specifically designated to improve capture rates and drive utilization by ensuring that people are aware that care is available through their insurance benefits. The average out-of-pocket cost for those in-network is $15 per session. 60% of members pay $0 and 80% pay $25 or less.

第三，優化我們的重點行銷工作，特別是透過確保人們意識到可以透過其保險福利獲得護理來提高捕獲率並提高利用率。網路內用戶的平均自付費用為每次會話 15 美元。 60% 的會員支付 0 美元，80% 的會員支付 25 美元或更少。

Fourth, our strong payor results were also driven by further developing our relationships to bring referrals to Talkspace. In Q2, we announced a number of strategic partnerships, like our previously announced Women's Health Coalition, that further strengthened Talkspace's brand reach and recognition, which in turn enables us to acquire members cost-effectively. We will continue to announce new partnerships to build this network and drive even stronger awareness of Talkspace as an affordable option. In fact, based on Qualtrics' third-party survey data, the brand awareness of Talkspace increased this quarter to over 30%, a 7% increase versus a year ago despite less core member media spend, partly as a result of this strategy. It is important to note that a significant differentiator for us in the market is our focus on the quality of care our therapists deliver.

第四，進一步發展我們的關係，為 Talkspace 帶來推薦，也推動了我們強勁的付款人績效。在第二季度，我們宣布了一系列策略合作夥伴關係，例如我們先前宣布的女性健康聯盟，這進一步增強了Talkspace 的品牌影響力和認知度，這反過來又使我們能夠經濟高效地獲得會員。我們將繼續宣佈建立新的合作夥伴關係來建立這個網絡，並提高 Talkspace 作為經濟實惠的選擇的意識。事實上，根據 Qualtrics 的第三方調查數據，儘管核心會員媒體支出減少，Talkspace 本季度的品牌知名度仍提高至 30% 以上，比一年前增長 7%，部分原因是這一策略的結果。值得注意的是，我們在市場上的一個顯著差異化因素是我們對治療師提供的護理品質的關注。

Compared to a directory or marketplace of providers, we measure the quality of service, the clinical impact, productivity, clinical experience and clinical documentation for each provider. We find that this value proposition is resonating with payors as they are less concerned with just securing access to care and more interested in the quality of care. In addition, the infrastructure we have built around the clinical network gives us the opportunity to participate in value-based contracts, the obvious direction for most payor-provider relationships moving forward.

與提供者名錄或市場相比，我們衡量每個提供者的服務品質、臨床影響、生產力、臨床經驗和臨床文件。我們發現這種價值主張引起了付款人的共鳴，因為他們不太關心僅確保獲得護理的機會，而是對護理品質更感興趣。此外，我們圍繞臨床網絡建立的基礎設施使我們有機會參與基於價值的合同，這是大多數支付者-提供者關係向前發展的明顯方向。

Moving to our direct to enterprise segment. We grew revenue in the quarter 20% year-over-year to $9.6 million, driven by our team's initiatives, including New York City. In May, we announced the early successful results of the New York City Teenspace program, which now has over 13,000 teens using the service. These results demonstrate that we are reaching teens where they are, on their phones, with 90% using asynchronous messaging therapy. We are also engaging teens that live in diverse and underserved communities that have traditionally been difficult to reach and frequently have less access to affordable care.

轉向我們的直接企業細分市場。在我們團隊（包括紐約市）的舉措的推動下，我們本季的營收年增 20% 至 960 萬美元。5 月，我們宣布了紐約市 Teenspace 計畫的早期成功結果，目前已有超過 13,000 名青少年使用該服務。這些結果表明，我們正在透過手機接觸青少年，其中 90% 的人使用非同步訊息療法。我們也讓生活在多元化和服務不足的社區的青少年參與進來，這些社區傳統上很難接觸到，而且往往很難獲得負擔得起的護理。

Finally, we are particularly proud that our therapists, in conjunction with our suicide ideation algorithm, have now identified and intervened in over 180 high-risk student cases. We are continuing to invest in new product features for this population based on feedback we have received from teens, parents, and customers to date. We continue to see a strong pipeline in this segment, driven by our continued focus on the mental health crisis impacting on our youth. And we are encouraged by the demand we see for our teen solutions across multiple states, cities and school districts. We have had recent notable wins with several independent schools as well as another public school district in Upstate New York.

最後，我們感到特別自豪的是，我們的治療師結合我們的自殺意念演算法，現在已識別並幹預了 180 多個高風險學生案例。根據迄今為止從青少年、家長和客戶那裡收到的回饋，我們將繼續針對這一人群投資新產品功能。在我們持續關注影響年輕人的心理健康危機的推動下，我們繼續看到這一領域的強大管道。多個州、城市和學區對青少年解決方案的需求令我們感到鼓舞。我們最近與幾所私立學校以及紐約州北部的另一個公立學區取得了顯著的勝利。

In the employer vertical, we executed a number of key renewals in the quarter, secured several new client wins and began testing our new self-serve portal, where small business clients can make Talkspace benefits available to their employees. Our discussions with employer clients have been encouraging. And we expect to share more exciting additions as the year progresses. In addition, we have made significant progress with the broker community, successfully demonstrating our value proposition as it relates to their end clients. Our sales team remains focused on converting our strong pipeline of employer opportunities. Our new wins in the quarter demonstrate the diversity of our pipeline and the team's ability to drive wins across various business types and geographies.

在雇主垂直領域，我們在本季度執行了多項關鍵更新，贏得了多個新客戶，並開始測試我們新的自助服務門戶，小型企業客戶可以在其中向其員工提供 Talkspace 福利。我們與雇主客戶的討論令人鼓舞。隨著時間的推移，我們預計會分享更多令人興奮的新增內容。此外，我們與經紀商社群取得了重大進展，成功地展示了我們與其最終客戶相關的價值主張。我們的銷售團隊仍然專注於轉變我們強大的雇主機會管道。我們本季的新勝利證明了我們管道的多樣性以及團隊在不同業務類型和地區推動勝利的能力。

Moving to our provider network. We ended the quarter with over 5,700 therapists, up 2% sequentially and 34% year over year. We have intentionally slowed the growth of our network in recent quarters, which reflects the success of our initiatives to improve therapist efficiency while, at the same time, improving our metrics around the patient's time to access care all against the backdrop of growing patient demand. Talkspace continues to be a platform of choice for therapists, which is a result of the investments we have made in our provider experience and our overall product quality. For example, our AI Innovation Group will bring to market product features in close partnership with our clinical team, including our new secure caption and translation technology, which allows Talkspace providers and clients to choose to see real-time closed captions during live sessions conducted on our app.

轉向我們的提供者網路。截至本季末，我們擁有超過 5,700 名治療師，較上季成長 2%，較去年同期成長 34%。在最近幾個季度，我們有意放慢了網路的成長速度，這反映出我們提高治療師效率的舉措取得了成功，同時在患者需求不斷增長的背景下，改善了患者獲得護理時間的指標。Talkspace 仍然是治療師的首選平台，這是我們在提供者經驗和整體產品品質方面進行投資的結果。例如，我們的人工智慧創新團隊將與我們的臨床團隊密切合作，將產品功能推向市場，包括我們新的安全字幕和翻譯技術，該技術允許 Talkspace 提供者和客戶選擇在我們的應用程式。

At the request of our providers, we have also expanded our AI smart notes feature, which helps to reduce the administrative burden of providers and allows us to focus more time on providing care. AI smart notes is now live with all providers for both live and testing sessions. In the quarter, our full-time therapists were the most productive in Talkspace's history relative to the number of billable hours per week, thanks in part to the investments we've made in efficiency tools like the AI smart notes. In closing, I want to reiterate our unique position in the marketplace, reflected in our sustained momentum over the last six quarters.

應提供者的要求，我們還擴展了 AI 智慧筆記功能，這有助於減輕提供者的管理負擔，使我們能夠將更多時間集中在提供護理上。人工智慧智慧筆記現已與所有提供者一起進行即時和測試會話。在本季度，相對於每週計費小時數，我們的全職治療師是 Talkspace 歷史上生產力最高的，這在一定程度上要歸功於我們對 AI 智慧筆記等效率工具的投資。最後，我想重申我們在市場中的獨特地位，這反映在我們過去六個季度的持續成長勢頭中。

Our comprehensive service offering and modalities are built to serve all demographics from teens to seniors. Enhanced by innovation, we believe our capabilities continue to set industry standards validated time and again through our peer-reviewed research. In July, the Psychiatric Services journal published the results of a trial delivering 12 weeks of asynchronous therapy to Talkspace members with diagnosed depression. Results of this trial, which was funded by the National Institute of Mental Health, suggests psychotherapy delivered via text messages may be a viable alternative to face-to-face or live video delivery and allow for more immediate on-demand care. This quarter's results underscore our commitment to our mission of expanding mental health access to all.

我們全面的服務產品和模式旨在為從青少年到老年人的所有人群提供服務。透過創新，我們相信我們的能力將繼續制定行業標準，並透過我們的同行評審研究一次又一次地驗證。7 月，《精神病學服務》雜誌發表了一項試驗結果，該試驗為診斷為憂鬱症的 Talkspace 成員提供 12 週的非同步治療。這項由美國國家心理健康研究所資助的試驗結果表明，透過簡訊提供的心理治療可能是面對面或即時視訊治療的可行替代方案，並且可以提供更即時的按需護理。本季度的業績強調了我們對擴大所有人獲得心理健康服務的使命的承諾。

Lastly, I want to extend a warm welcome to two new senior executives who joined Talkspace in the second quarter. Ian Harris joined as our Chief Financial Officer in May. He was previously a Partner at Hudson Executive Capital, where he led the firm's investments in health care, technology, and fintech. And John Mooney joined Talkspace as Chief Product Officer in June, following senior leadership positions at NeoGenomics Laboratories, BioReference Health and CareEvolve.

最後，我要對兩位第二季加入Talkspace的新高層表示熱烈歡迎。伊恩·哈里斯 (Ian Harris) 於 5 月加入我們，擔任我們的財務長。他此前曾擔任 Hudson Executive Capital 的合夥人，領導該公司在醫療保健、科技和金融科技領域的投資。John Mooney 於 6 月加入 Talkspace，擔任首席產品官，之前曾在 NeoGenomics Laboratories、BioReference Health 和 CareEvolve 擔任高階領導職務。

With that, I'll turn the call over to Ian to review our second quarter results.

這樣，我將把電話轉給伊恩，以審查我們第二季的業績。

Thank you, Jon, and good morning, everyone. First, let me say what an honor it is to join this incredible group of people at the preeminent virtual mental health platform. I'm looking forward to helping execute on the strategic mission of the business, making access to high-quality therapy more affordable and accessible for everyone through in-network and employer-sponsored coverage. With 10 weeks as CFO under my belt, it's clear to me that Talkspace has the resources, human capital and the culture of innovation as well as the operational rigor to continue to lead the digital mental health industry.

謝謝你，喬恩，大家早安。首先，讓我說，能夠加入這個卓越的虛擬心理健康平台的這個令人難以置信的團隊是多麼榮幸。我期待著幫助執行公司的策略使命，透過網路內和雇主贊助的保險，讓每個人都能更實惠、更容易獲得高品質的治療。在我擔任財務長 10 週的時間裡，我很清楚 Talkspace 擁有繼續引領數位心理健康產業的資源、人力資本、創新文化以及嚴謹的營運能力。

As Talkspace enters a new phase of profitable growth with a robust set of opportunities ahead of us, I'm excited to work closely with the leadership team to help execute on the strategic direction of the business by optimizing research allocation to drive long-term benefits for the company and to also clearly articulate our strategy to all of our stakeholders.

隨著 Talkspace 進入獲利成長的新階段，我們面臨著一系列強勁的機遇，我很高興與領導團隊密切合作，透過優化研究分配來推動長期利益，幫助執行業務的戰略方向為公司，並向所有利益相關者清楚地闡明我們的策略。

So let me start with our financials. My comments today will be based primarily on second quarter results on a year-on-year basis, unless otherwise noted. Total revenue for the second quarter was $46.1 million, a 29% increase from a year ago. Adjusted EBITDA was approximately $1.2 million in the second quarter, an improvement of $5.2 million versus the prior year period and marks our second consecutive quarter of profitability.

讓我從我們的財務狀況開始。除非另有說明，我今天的評論將主要基於第二季同比業績。第二季總營收為 4,610 萬美元，比去年同期成長 29%。第二季調整後 EBITDA 約為 120 萬美元，比去年同期增加 520 萬美元，標誌著我們連續第二季實現盈利。

Moving to results by revenue category. payor revenue was $29.9 million, a 62% increase versus the prior year period. payor sessions completed by behavioral health and EAP members grew 5% sequentially and 49% year-over-year to nearly 299,000. Unique payor members completing a session grew by over 30% year-on-year to 89,000. Additionally, we experienced a 15% year-on-year improvement in the utilization of sessions per active member, driven by continued product enhancements aimed at increasing member engagement and retention.

轉向按收入類別劃分的結果。付款人收入為 2,990 萬美元，比上年同期增長 62%。行為健康和 EAP 會員完成的付款人會議季增 5%，年增 49%，達到近 299,000 人。完成會話的獨特付費會員數量年增超過 30%，達到 89,000 名。此外，在旨在提高會員參與度和保留率的持續產品改進的推動下，我們的每位活躍會員的會話利用率同比提高了 15%。

In the direct to enterprise category, second quarter revenue was $9.6 million, up 20% from last year, driven by our teens contracts such as New York City and Baltimore County schools. Sequentially, DTE revenue was down 3% as a result of the timing of new contract wins we discussed last quarter. As a reminder, our pipeline remains robust with selling cycle times for new wins, especially in the teen space, have remained elongated. In the consumer category, where members pay out of pocket, revenue was $6.5 million in the quarter. This was a 7% sequential decline and a 28% decline year over year, which was in line with our expectations and results of our successful strategy to optimize both traffic conversion and segment mix to deliver maximum returns against our marketing investments.

在直接面向企業類別中，第二季營收為 960 萬美元，比去年成長 20%，這得益於我們與紐約市和巴爾的摩縣學校等青少年合約的推動。隨後，由於我們上季度討論的新合約贏得時間，DTE 收入下降了 3%。提醒一下，我們的管道仍然強勁，新勝利的銷售週期時間，特別是在青少年領域，仍然很長。在會員自付費用的消費者類別中，本季營收為 650 萬美元。環比下降 7%，年減 28%，符合我們的預期和我們成功策略的結果，即優化流量轉換和細分市場組合，以實現行銷投資的最大回報。

Moving to gross profit. Our second-quarter gross profit increased 18% versus the prior year period to $21 million. Gross margin for the second quarter was 45.5%, lower than last year as well as sequentially as expected due to further net revenue mix shift towards payor. For the remainder of 2024, we would expect gross margin to remain around this level. Turning to operating expenses. Our GAAP operating expenses for the second quarter increased 1% year over year to $24.4 million. Excluding stock-based compensation and nonrecurring items, our Q2 operating expenses amounted to approximately $19.8 million, a reduction of $2 million compared to the same period last year. The benefits of our cost discipline over the last several quarters is beginning to show the operating leverage inherent in the business.

轉向毛利。我們第二季的毛利比去年同期成長 18%，達到 2,100 萬美元。由於淨收入組合進一步向付款人轉移，第二季毛利率為 45.5%，低於去年，也低於預期。在 2024 年剩餘時間內，我們預期毛利率將維持在這一水準附近。轉向營運費用。我們第二季的 GAAP 營運費用年增 1% 至 2,440 萬美元。不包括股票薪酬和非經常性項目，我們第二季的營運費用約為1,980萬美元，比去年同期減少200萬美元。過去幾季我們成本控制的好處開始顯現出業務固有的營運槓桿。

While we've made tremendous progress in rightsizing our cost structure and enhancing organizational efficiencies, we remain vigilant when it comes to managing our cost base. We continue to drive efficiency in our marketing spend despite elevated media costs in the market as a whole. We've been able to observe the strength of our brand and continued strong organic growth and do more with less through media optimization and diversification, primarily with programmatic media and influencer marketing.

雖然我們在調整成本結構和提高組織效率方面取得了巨大進展，但在管理成本基礎方面我們仍然保持警惕。儘管整個市場的媒體成本有所上升，但我們仍持續提高行銷支出的效率。我們已經能夠觀察到我們品牌的實力和持續強勁的有機成長，並透過媒體優化和多元化（主要是程序化媒體和有影響力的行銷）以更少的投入做更多的事情。

We continue to see that focusing on payor coverage across our messaging and in all media channels is the most cost-effective way to acquire the right members, given the high intent and the longer tenure of covered members. As we grow our covered lives space, we will continue to broaden targeting and drive a higher conversion rate of that traffic, further lowering the cost to acquire members.

我們仍然認為，考慮到涵蓋會員的高度意願和較長的任期，在我們的訊息傳遞和所有媒體管道中關注付款人覆蓋是獲取合適會員的最具成本效益的方式。隨著我們涵蓋生活空間的擴大，我們將繼續擴大目標範圍並提高流量轉換率，進一步降低獲取會員的成本。

Moving to profitability. GAAP net loss was $500,000, a $4.2 million improvement versus the same period a year ago. Adjusted EBITDA was $1.2 million, an improvement of $5.2 million year over year, driven by higher revenue and gross profit with a lower cost base of normalized OpEx versus the same period a year ago.

轉向盈利。GAAP 淨虧損為 50 萬美元，比去年同期減少 420 萬美元。調整後的 EBITDA 為 120 萬美元，年增 520 萬美元，這是由於與去年同期相比，收入和毛利增加，標準化營運支出成本基礎降低。

Turning to the balance sheet. We ended the quarter with $114.9 million in cash and cash equivalents, down $5.4 million sequentially from Q1. The decline was driven by our share repurchase activity. We bought back approximately $8 million during the quarter, leaving roughly $7 million available under the program we announced earlier this year. Today, we announced that our Board of Directors increased the size of our share repurchase authorization by $25 million. This is in addition to the original $15 million authorization.

轉向資產負債表。本季結束時，我們的現金和現金等價物為 1.149 億美元，比第一季環比減少 540 萬美元。這一下降是由我們的股票回購活動所推動的。我們在本季度回購了大約 800 萬美元，根據我們今年早些時候宣布的計劃留下了大約 700 萬美元。今天，我們宣布董事會將股票回購授權規模增加了 2,500 萬美元。這是在最初的 1500 萬美元授權之外的。

Finally, we're reiterating our 2024 guidance, which calls for revenue in the range of $185 million to $195 million and adjusted EBITDA of between $4 million and $8 million for the full year. We continue to grow our payor business and remain enthusiastic about the opportunities ahead, including adding new covered lives from both commercial Blues plans and executing on our earlier progress in Medicare. In direct to enterprise, we're optimistic about the strength of our pipeline and the demand we're seeing across a diverse set of enterprises, including cities, municipalities and employers. This is a testament to the strength of the Talkspace brand and the large and growing demand for quality mental health care in the US.

最後，我們重申 2024 年的指導，要求全年收入在 1.85 億美元至 1.95 億美元之間，調整後的 EBITDA 在 400 萬美元至 800 萬美元之間。我們繼續發展我們的付款人業務，並對未來的機會保持熱情，包括從商業 Blues 計劃中增加新的承保人壽，以及執行我們在醫療保險方面的早期進展。在直接面向企業方面，我們對我們的通路實力以及我們在包括城市、直轄市和雇主在內的各種企業中看到的需求感到樂觀。這證明了 Talkspace 品牌的實力以及美國對優質心理健康照護的巨大且不斷增長的需求。

To summarize, the results we reported today mark further progress and reinforce our conviction in our enterprise and payor-focused strategy. While work remains, Talkspace is in a position to continue to drive profitable growth and capitalize on the many opportunities ahead of us.

總而言之，我們今天報告的結果標誌著進一步的進展，並堅定了我們對以企業和付款人為中心的策略的信念。在工作仍在進行的同時，Talkspace 能夠繼續推動獲利成長並利用我們面前的許多機會。

With that, we'll open up the call for questions.

至此，我們將開始提問。

(Operator Instructions) Stephanie Davis, Barclays.

（操作員說明）Stephanie Davis，巴克萊銀行。

Congrats on the quarter. So government lives are becoming a bigger part of your story, right? You've got the Medicare rollout. We now have TRICARE. With that in mind, how should we think about these economics and how they compare to commercialize? And now that we've got a bit more time with this population, do we have any inklings on how utilization and maybe other usage metrics compare?

恭喜本季。所以政府生活正在成為你故事中更重要的一部分，對嗎？您已經推出了 Medicare。我們現在有TRICARE。考慮到這一點，我們應該如何思考這些經濟學以及它們與商業化的比較？現在我們已經有了更多的時間來研究這個人群，我們是否對利用率和其他使用指標的比較有任何了解？

So first of all, the Medicare really, we have no data yet, quite honestly, on what that's going to look like. It's really, really early days. As we said, we're in 12 states. We'll be at 50 by the end of the year. But we really have no line of sight yet on what that's going to look like. We have not yet, quite honestly, launched a fully baked marketing plan to go to market with Medicare. I was looking to make sure we're in some of the larger Medicare Advantage plans as we move the plan forward. So really, no data yet. We know we suspect on Medicare reimbursement versus the commercials. But I'm just not prepared to talk about it yet because I don't have anything to tell you yet.

首先，老實說，醫療保險實際上我們還沒有關於它會是什麼樣子的數據。現在真的非常非常早。正如我們所說，我們分佈在 12 個州。到今年年底我們將達到 50 歲。但我們確實還不清楚它會是什麼樣子。老實說，我們還沒有推出全面的行銷計劃來與醫療保險一起進入市場。當我們推進計劃時，我希望確保我們加入一些更大的 Medicare Advantage 計劃。確實，還沒有數據。我們知道我們懷疑醫療保險報銷與廣告。但我還沒準備好談論它，因為我還沒有什麼可以告訴你的。

Yes, Stephanie. This is Ian. We, as you can imagine, did a lot of analysis sort of proactively about it. But as Jon mentioned, we want to be really methodical about how we roll out in terms of the marketing initiatives. As you can imagine, there's an element of, call it, critical mass before national advertising makes sense. And so while we're on track to get to that 50 state target by the end of the year that we talked about, we're waiting a little bit to really sort of start opening up the marketing spigot, which we're going to do very deliberately and carefully.

是的，史蒂芬妮。這是伊恩.正如您可以想像的那樣，我們主動對此進行了大量分析。但正如喬恩所提到的，我們希望真正有條理地開展行銷活動。正如你可以想像的那樣，在全國性廣告有意義之前，有一個稱為「臨界質量」的因素。因此，雖然我們預計在年底前實現我們談到的 50 個州的目標，但我們還需要等待一段時間才能真正開始打開行銷龍頭，我們將做得非常刻意和仔細。

And as Jon mentioned in his prepared remarks, we'll be announcing our first Medicare Advantage plan likely early Q4. And so I would say, at that point, we'll probably be close to that critical mass point, when we'll start spending more capital around it. But it all comes -- what I think you're alluding to, it all factors into the ultimate contribution analysis we're trying to solve for and how we go about marketing to those members.

正如喬恩在他準備好的演講中提到的那樣，我們可能會在第四季初宣布我們的第一個醫療保險優勢計劃。所以我想說，到那時，我們可能會接近臨界點，屆時我們將開始為此投入更多資本。但這一切都會到來——我想你所提到的，這一切都會影響我們試圖解決的最終貢獻分析以及我們如何向這些會員行銷。

Stephanie, one of the important really unknowns for us and anybody on the Medicare market is we don't know what the LTV is going to be on Medicare, right? So it's not just the issue of what we're going to get reimbursed, but how long are they going to stay on the platform or how much longer than a commercial payor or a younger person, let's put it that way. So those are all contributing to the -- a little bit of what's going to happen. So there's just a bunch of unknowns still.

史蒂芬妮，對於我們和醫療保險市場上的任何人來說，真正重要的未知因素之一是我們不知道醫療保險的生命週期價值是多少，對吧？因此，這不僅僅是我們將獲得報銷的問題，而是他們將在平台上停留多長時間，或者比商業付款人或年輕人停留多長時間，讓我們這樣說吧。所以這些都對即將發生的事情有所貢獻。所以仍然有很多未知數。

Okay, understood. I guess, flip side of that, looking at your cost structure, you've seen some pretty steady declines in OpEx over the past few years and starting to flatten out this quarter. So can you walk us through kind of the buckets of cost optimization and what's best? Or is that flattening more a function of the cost associated with this Medicare rollout and the TRICARE win and all you guys are doing behind the scenes to get these lives up and running?

好的，明白了。我想，另一方面，看看你的成本結構，你會發現過去幾年營運支出相當穩定地下降，本季開始趨於平穩。那麼您能否向我們介紹一下成本優化的各個面向以及什麼是最好的呢？或者，這種扁平化更多是與醫療保險推出和 TRICARE 勝利以及你們在幕後為讓這些生活啟動和運行所做的一切相關的成本的函數？

It's more the former, right? I wouldn't look at our current quarter and assume we're holding back our marketing initiatives overall targeting member media, if that's what's in your question. I would say, obviously, with me coming in and being able to sort of take a fresh look at our cost base overall, I do think there's some opportunity which we're already sort of actioning a few initiatives to, call it, save in certain G&A areas and reinvest those savings into more revenue-generating things, whether it's new marketing initiatives, right, talking about Medicare is just one of those.

比較傾向前者，對嗎？如果您的問題是這樣的話，我不會考慮我們目前的季度並假設我們正在抑制針對會員媒體的整體行銷活動。我想說，顯然，隨著我進來並能夠重新審視我們的整體成本基礎，我確實認為存在一些機會，我們已經採取了一些舉措，稱其為節省某些一般管理費用領域，並將這些節省的資金重新投資到更多創收的事情上，無論是新的行銷舉措，對吧，談論醫療保險只是其中之一。

But also importantly, I think a lot of the sort of longer-term revenue-generating investments we're making both on new product development and also just in our platform overall. So one of the things I'm sort of wrestling a little bit is there's no shortage of really exciting, high-impact, sort of attractive ROI projects that are competing for capital inside the business. And so the more we can sort of optimize around the margins and save a little bit, the more budget we'll have for those sorts of things.

但同樣重要的是，我認為我們在新產品開發以及整個平台上進行了許多長期創收投資。因此，我有點糾結的一件事是，不乏真正令人興奮的、高影響力的、有吸引力的投資回報率項目，這些項目正在爭奪企業內部的資本。因此，我們越能圍繞利潤進行優化並節省一點，我們用於此類事情的預算就越多。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

This is Lucas on for Charles. I wanted to ask about your Humana TRICARE East contract and get some more details there. By our math, this contract represents somewhere in the neighborhood of $12 million to $14 million in annual contract value. One, does that math seem right or in the ballpark? And then two, how should we think about the timing of that contract and how it rolls out? Should we think of it as a one start? Or should we think of it being a rollout period across multiple states?

這是盧卡斯替查爾斯發言。我想詢問您的 Humana TRICARE East 合約並了解更多詳細資訊。根據我們的計算，這份合約的年合約價值約為 1200 萬至 1400 萬美元。第一，這個數學看起來正確嗎？第二，我們應該如何考慮該合約的時間表以及它如何推出？我們應該將其視為一個開始嗎？或者我們應該將其視為跨多個州的推廣期？

Yes. So well, I'll talk about that. The rollout is not -- once we're live, there has always been, no matter who we add on (technical difficulty) So the Medicare rollout is across states, but it is a national rollout. And it just takes some time to get everybody onboard, although we're -- as I said, we announced the purpose because we were ready to go.

是的。好吧，我會談談這個。推出並不是——一旦我們上線，無論我們添加誰（技術難度），醫療保險的推出都是跨州的，但它是全國性的推出。讓每個人都加入進來只是需要一些時間，儘管我們——正如我所說，我們宣布了目的，因為我們已經準備好了。

I would say just on the opportunity side, just on data, the current rate of depression on military, active military, is 23%. The suicide rate in the last several years has increased by 40%. So we know that the -- unfortunately, the opportunity in the military and dependents, actually, is fairly high, probably close to and similar to what we're seeing in teens and what we suspect we'll see in seniors over the age of 65 in terms of the risks.

我想說的是，就機會而言，就數據而言，目前軍隊、現役軍隊的蕭條率為 23%。過去幾年自殺率增加了40%。因此，我們知道，不幸的是，實際上，軍隊和家屬中的機會相當高，可能接近並類似於我們在青少年中看到的情況以及我們懷疑在 10 歲以上的老年人中看到的情況。 65 就風險而言。

Yes. We don't comment on sort of payor-by-payor, contract-by-contract values, but I think you can maybe back into it a little bit, just given yesterday's press release around the covered lives. And to Jon's point, we're in-market already. We're working very closely with them to try to figure out how to most effectively and quickly roll this out to their population. Because for all the reasons Jon laid out, it's a very high priority for them and very high for us.

是的。我們不會對付款人之間、合約之間的價值發表評論，但我認為您可能可以稍微回顧一下，就昨天關於所涵蓋生活的新聞稿而言。對喬恩來說，我們已經進入市場了。我們正在與他們密切合作，試圖找出如何最有效、最快速地將其推廣到他們的人群中。因為出於喬恩提出的所有原因，這對他們來說是非常重要的優先事項，對我們來說也是非常重要的。

And so as we said before, we typically would tell folks externally to budget, call it, six-or-so months to really see that sort of initial step-up in revenue from a new population launch. And that's just a little bit of integration back office, less interesting stuff perhaps but also just getting the word out to those covered members to let them know, hey, this benefit is available, is accessible today, and it's a de minimis to zero out of pocket for you. And so you can, yes, maybe back into it a little bit. But I would say give it a couple of quarters to really start to see the revenue show up in our consolidated P&L.

因此，正如我們之前所說，我們通常會告訴外部人員進行預算，稱之為六個月左右的時間，以便真正看到新人口推出帶來的收入的初步增長。這只是後台的一點點整合，可能不太有趣，但也只是向那些涵蓋的會員傳達信息，讓他們知道，嘿，這項福利是可用的，今天就可以使用，而且這是一個最低限度的歸零的口袋給你。所以你可以，是的，也許可以稍微回顧一下。但我想說，給它幾個季度的時間，才能真正開始看到收入出現在我們的合併損益表中。

Okay, appreciate the color on that. And then my other question is one of your competitors recently announced that it would look to implement payor coverage for what has largely been a direct-to-consumer mental health and behavioral health business. I would like to hear a little bit about how you're thinking about this change in the competitive landscape.

好吧，欣賞一下它的顏色。我的另一個問題是，你們的競爭對手之一最近宣布，它將尋求對主要是直接面向消費者的心理健康和行為健康業務實施付款人保險。我想聽聽您如何看待競爭格局的這種變化。

Yes, so I'm not going to comment specifically on any specific competitor, what they do or what they want to. But what I will do is give you a little bit of color on what it takes to go in-network so that you have an idea of where we've been on basically a 2.5-year journey to get to where we are. And I think there's really four areas to consider when anybody is going to move, like we did, from a consumer market into a, call it, fee-for-service reimbursed model to the insurer.

是的，所以我不會具體評論任何特定的競爭對手、他們所做的事情或他們想要做什麼。但我要做的是向您提供一些有關進入網絡所需的信息，以便您了解我們在 2.5 年的旅程中基本上已經走到了哪裡。我認為，當任何人像我們一樣從消費者市場轉向保險公司的按服務收費報銷模式時，確實需要考慮四個方面。

So the first is the product design. The design of product for a person who has an insurance is significant. And it takes a fair amount of investment of time and resources to be able to establish the workflow for that kind of patient, which is very different than a consumer, which includes building a total eligibility capability to be able to determine eligibility, determine co-pay, determine deductible and give the patient a really adequate look at what it could or could not cost them as they go into network. That's in addition to being able to bill and collect from the payors and the remaining revenue that may or may not sit on the table. So the first is product design.

所以首先是產品設計。對於有保險的人來說，產品的設計非常重要。需要投入大量的時間和資源才能為此類患者建立工作流程，這與消費者有很大不同，其中包括建立總體資格能力，以便能夠確定資格，確定共同的資格。讓患者充分了解他們進入網路時可能會或不會花費任何費用。除此之外，還可以向付款人開立帳單和收取費用，以及可能會或可能不會擺在桌面上的剩餘收入。所以首先是產品設計。

The second is actually getting into network, the ability to go to a payor, negotiate a contract, complete the contract and then operationalize it. Like we just talked with military, we launched military yesterday. But the time from when we first began discussing to them to now has been a significant amount of time. Now in addition is once you get the contract is the ability to operationalize that for a payor. That's bringing on -- that's a significant issue relative to making it so that it could actually happen based on what the contract is and the certain contract metrics. I would say that also getting into network, you've probably seen some of the major payors have made formal announcements about narrowing their networks. They've decided that they may have too many telehealth companies. So there has been announcement recently to narrow.

第二個是實際上進入網絡，能夠與付款人聯繫，談判合同，完成合同，然後實施它。就像我們剛剛與軍方交談一樣，我們昨天啟動了軍事行動。但從我們第一次開始與他們討論到現在已經過了相當長的時間。此外，一旦您獲得合同，付款人就可以將其付諸實施。這是一個重要的問題，涉及如何根據合約的內容和某些合約指標來實現它。我想說的是，在進入網路方面，您可能已經看到一些主要付款人已經正式宣布縮小其網路範圍。他們認為他們可能擁有太多的遠距醫療公司。所以最近有公告要縮小範圍。

I would say the third is credentialing. Credentialing therapists for payors is a significant uplift of which we've spent an enormous amount of time investing in our therapy network to get to where we are. And that means particularly experienced with adherence to NCQA standards, establishing formal credentialing processes, verification, certification, deployment history, et cetera, ongoing monitoring to be able to ensure compliance. Because what's going to happen is the payors audit us. They audit our therapist and they audit to see how they're doing. And each payor, believe it or not, has unique requirements and certain processes that they want you to put in place.

我想說第三個是資格認證。為付款人認證治療師是一項重大進步，我們花了大量時間投資於我們的治療網絡，以達到我們現在的水平。這意味著在遵守 NCQA 標準、建立正式的認證流程、驗證、認證、部署歷史記錄等以及持續監控方面具有特別豐富的經驗，以確保合規性。因為將會發生付款人對我們進行審計。他們審查我們的治療師並審查他們的表現。無論您相信與否，每個付款人都有獨特的要求和他們希望您實施的某些流程。

The fourth is really maintaining quality control. It's a really significant issue in terms of developing reporting metrics, which could include things like clinical impact, clinical documentation, switching dates. And then all of this leads eventually to value-based contracts. So the reason I tell you all that is we're 2.5 years into this journey. So any entity out there, and there are several, who are considering or talking about getting into network, it's just going to take them some time to get there.

四是切實把控品質。就開發報告指標而言，這是一個非常重要的問題，其中可能包括臨床影響、臨床文件、轉換日期等內容。所有這些最終都會導致基於價值的合約。所以我告訴你們這一切的原因是我們已經進入這個旅程 2.5 年了。因此，任何正在考慮或談論進入網路的實體（有幾個實體）都需要一些時間才能實現這一目標。

Ryan Daniels, William Blair.

瑞恩·丹尼爾斯、威廉·布萊爾。

This is Jack Senft on for Ryan Daniels. First, and this is similar to Stephanie's question, but can you just kind of talk about the early momentum, I mean, if any, that you're seeing within the Medicare population and kind of if there have been any challenges you have identified within this population? And then maybe just a quick second part, are there any learnings for when you launch in the states beyond the 12 that you're already launched?

我是瑞恩·丹尼爾斯的傑克·森夫特。首先，這與斯蒂芬妮的問題類似，但您能否談談早期的勢頭，我的意思是，如果有的話，您在醫療保險人群中看到的，以及您在其中發現的任何挑戰這個人口？然後也許只是快速的第二部分，當您在已經推出的 12 個州之外推出時，是否有任何經驗教訓？

No, I wouldn't say there's any learnings. I would say that there -- let's just say, we know that there is a significant market and interest on Medicare. We know that because we know how many people have already gone to the site to determine whether or not they're Medicare-eligible or not. And that is a significant number. I'll reiterate what Ian said, the reason we're -- our launch plan is developed the way it is, is we don't want lots of people to come to the site and then find out that they're not eligible yet because we're not in their state, so -- and in addition, remember, you have two very large Medicare populations. You have standard Medicare, of which 80% is covered and then a lot of people have a secondary insurance. The other huge part of the market is Medicare Advantage.

不，我不會說有任何教訓。我想說的是，我們知道醫療保險有很大的市場和興趣。我們之所以知道這一點，是因為我們知道有多少人已經造訪該網站以確定他們是否符合醫療保險資格。這是一個很大的數字。我要重申伊恩所說的，我們的啟動計劃之所以如此制定，是因為我們不希望很多人來到該網站，然後發現他們還不符合資格因為我們不在他們的州，所以——此外，請記住，你有兩個非常大的醫療保險人口。你有標準的醫療保險，其中 80% 都被覆蓋，然後很多人還有二級保險。市場的另一個巨大部分是醫療保險優勢。

So as Ian said, as we get launched into Medicare Advantage a little bit further down in the Q3 and Q4, that means that the opportunity for essentially any Medicare person to become eligible. So that's really what we're trying to do. We're trying to time it so that we have the best possibility to capture as many patients as possible. But I'll reiterate the interest, because we announced, has been significant.

正如伊恩所說，隨著我們在第三季和第四季進一步推出醫療保險優勢，這意味著基本上任何醫療保險人員都有機會獲得資格。這就是我們真正想做的事。我們正在努力安排時間，以便我們有最好的機會捕獲盡可能多的患者。但我要重申，因為我們已經宣布，人們的興趣非常濃厚。

Yes, Jack, I would just add on. So a lot of inbound interest simply from our one-off press release in May. You used the phrase launch for those 12 states. I would say the way we think about it more internally in terms of how we're planning is we actually haven't even launched. We've made available in 12 states. We're really holding back. Because again, there's a trade-off on paying a premium to sort of hyper-focus our marketing outreach into those 12 states versus, we believe, a better cost/benefit of waiting for that sort of critical mass and having a bit more scale on the tipping point, which what we're communicating is think about that as like an early Q4.

是的，傑克，我想補充一下。因此，僅從我們五月的一次性新聞稿中就可以看出許多入境興趣。您對這 12 個州使用了「啟動」一詞。我想說的是，就我們的計劃而言，我們在內部更深入地思考它的方式是我們實際上還沒有啟動。我們已在 12 個州提供服務。我們真的很猶豫。因為我們相信，支付溢價以將我們的行銷推廣活動過度集中到這 12 個州與等待達到臨界質量並擴大規模會獲得更好的成本/收益，這需要權衡。視為第四季早期。

And so as it relates to sort of forecasting opportunity, just to remind you what we said last quarter, this has always been, for us, a fairly modest -- like a very modest contributor to 2024 revenue, given the sort of Q4 ramp-up. And so I would view it much more as a material driver of top line in '25.

因此，由於它與某種預測機會有關，只是為了提醒您我們上季度所說的內容，對我們來說，這一直是相當溫和的——就像考慮到第四季度的增長，對2024 年收入的貢獻非常溫和——向上。因此，我更傾向於將其視為 25 年營收的物質驅動因素。

Okay, understood. As a follow-up to -- and I may have missed this in your prepared remarks, but G&A expense was up just a bit sequentially as a percent of revenue. Is there anything that drove this specifically? And maybe how should we think about the quarterly cadence of G&A expense going forward from here?

好的，明白了。作為後續行動——我可能在你準備好的發言中漏掉了這一點，但一般行政費用佔收入的百分比略有上升。有什麼具體的推動因素嗎？也許我們該如何考慮今後一般管理費用的季度節奏？

No, I mean, nothing to call out for this quarter (inaudible). But I would say this sort of level that we're at this quarter is probably a fair sort of benchmark baseline going forward. And again, the composition of SG&A to me matters a lot, right? And so I think the absolute number is a fair baseline here. But where that capital is actually being spent underneath is a huge focus of mine.

不，我的意思是，本季沒有什麼值得稱讚的（聽不清楚）。但我想說，我們本季所處的這種水準可能是未來的一個公平的基準基線。再說一遍，SG&A 的組成對我來說非常重要，對吧？所以我認為絕對數字是一個公平的基線。但這些資本實際上花在哪裡是我關注的重點。

And so to the earlier question, I'd like to save in some areas, more on the G&A side, and be able to either let that fall to the bottom line and/or, and it will be a combination of all three, invest in these long-term sort of product initiatives through our product and tech team. And that will drive revenue sort of medium and longer term as well as reinvest some of the savings into some of our marketing initiatives again carefully and deliberately, which obviously contributes to sort of near-term and medium-term revenue in that it helps drive new members and utilization.

因此，對於前面的問題，我想在某些領域進行節省，更多的是在一般行政費用方面，並且能夠將其降至底線和/或，這將是這三者的結合，投資通過我們的產品和技術團隊參與這些長期的產品計劃。這將推動中長期收入，並將部分節省下來的資金再次仔細而謹慎地重新投資到我們的一些行銷活動中，這顯然有助於近期和中期收入，因為它有助於推動新的收入成員和利用。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Maybe just another one on the Medicare rollout. Do you expect to be rolled out in all 50 states in time for open enrollment later this year? And how should we think about the magnitude of maybe the marketing spend that would be associated around open enrollment, given the importance for Medicare? And is this sort of baked into your expectations currently for adjusted EBITDA for the full year?

也許只是醫療保險計劃中的另一項。您預計今年稍後將在所有 50 個州推出並開放註冊嗎？考慮到醫療保險的重要性，我們應該如何考慮與公開註冊相關的行銷支出的規模？這是否已融入您目前對全年調整後 EBITDA 的預期？

Yes. So I don't know the concluding date on open enrollment. But I would say we're going to be right in the middle of it. So in addition, we'll be, what I believe, is enough of the Medicare Advantage to benefit to some degree for the rollout in the mid- to late fall of the Medicare Advantage rollout also. So I think we're going to be -- honestly, we'll probably be right in the middle of it. So we should be able to take advantage of that.

是的。所以我不知道公開招生的結束日期。但我想說我們正處於其中。因此，此外，我認為，我們將充分利用 Medicare Advantage，在秋季中後期推出 Medicare Advantage 時，在一定程度上受益。所以我認為我們將會——老實說，我們可能正處於其中。所以我們應該能夠利用這一點。

Remember that there are existing 65 million Medicare lives. So there's just a huge number of patients who currently are in. But my predictions will be right in the middle. And I reiterated is we know at least some indication of the size and interest of the Medicare population to get the therapy through Talkspace.

請記住，現有 6500 萬人享有醫療保險。所以目前住院的病人數量很大。但我的預測將在中間。我重申，我們至少知道一些跡象表明醫療保險人群的規模和興趣透過 Talkspace 獲得治療。

And to your question, I think, on spend, we're not assuming a massive spike in sort of this grand reveal, when we launch Medicare. I would say it factors into just our overall sort of marketing budgeting and where we want to deploy capital. So similar to the teens contract, right, where it's a very sort of unique demographic, unique population that consumes media differently than the sort of 18 to 64 general commercial population, that's obviously a similar case here with Medicare.

對於你的問題，我認為，在支出方面，當我們推出醫療保險時，我們並沒有假設這一盛大的支出會大幅增加。我想說，這只是影響我們整體行銷預算以及我們想要部署資本的地方。與青少年合約類似，對吧，這是一個非常獨特的人群，獨特的人群消費媒體的方式與 18 至 64 歲的一般商業人群不同，這顯然與 Medicare 的情況類似。

And so we're actually exploring a lot of interesting partnerships, new channels, sort of potential -- what we'd hope to be ultimately TAC-accretive ways to reach these folks efficiently and sort of cost-effectively. So I wouldn't expect any material impact to EBITDA driven by this, this year in a negative sense in terms of expected rollout.

因此，我們實際上正在探索許多有趣的合作夥伴關係、新管道和潛力——我們希望這些最終能夠成為 TAC 成長方式，以高效且經濟高效的方式接觸到這些人。因此，我預計今年的 EBITDA 不會對預期推出產生負面影響。

I appreciate the color there. Maybe second, on the direct to enterprise channel, specifically your commentary around the employer channel, we're starting to see in some survey data for 2025 that benefits and wellness, and particularly mental health, mental wellness, is increasing in priority for organizations with 500 employees and less and then 500 to 5,000 employees. Just wondering if you're starting to see maybe this sort of increased level of demand in sort of the early stages of your pipeline development and whether you feel like it's strong enough environment to incrementally invest on that employer channel side.

我很欣賞那裡的顏色。也許其次，在直接面向企業的管道上，特別是您對雇主管道的評論，我們開始在2025 年的一些調查數據中看到，對於具有以下特徵的組織來說，福利和健康，特別是心理健康，正在變得越來越重要。只是想知道您是否開始在管道開發的早期階段看到這種需求水準的增加，以及您是否覺得環境足夠強大，可以在雇主管道方面進行增量投資。

So yes, I could confirm what you're saying is that on the mid- to lower-level number of employees firms, we are seeing continued significant interest in supporting mental health as an initiative. And our -- interestingly enough, our offering, because it's a pure-play mental health, is getting a lot of attention. Because it is the number one issue and there are, quite honestly, a lot of employers that are not prepared to deal with a large number of other small point solutions in their EAP programs and their -- what they're doing is concentrating on the mental health.

所以，是的，我可以證實你所說的是，在中低階員工數量的公司中，我們看到人們對支持心理健康這一舉措持續表現出濃厚的興趣。有趣的是，我們的產品因為純粹的心理健康而受到了許多關注。因為這是頭號問題，老實說，很多雇主沒有準備好在他們的 EAP 計劃中處理大量其他小點解決方案，而且他們正在做的就是專注於心理健康。

So we have seen, and our pipeline continues to be, to grow for that particular environment. And then we also have small companies who actually are self-signing up. We have on the web, the ability with -- if you have 100 employees or less to actually sign up with Talkspace for your employees. And we're seeing traction there also.

因此，我們已經看到，我們的管道將繼續針對特定環境而成長。然後我們也有實際上自行註冊的小公司。如果您有 100 名或更少的員工，我們可以在網路上實際為您的員工註冊 Talkspace。我們也看到了那裡的吸引力。

Yes, I would just -- just on DTE overall, so the short answer is yes. I mean, absolutely, we're seeing that demand. We see that in our pipeline sort of both in terms of growth, but more importantly, in terms of development. As Jon mentioned, we introduced recently the self-serve portal for SMB for sub-100 employees. We may actually -- we're getting like organic amount of interest without doing very much just yet around sort of getting the word out there.

是的，我只是——就 DTE 整體而言，所以簡短的回答是肯定的。我的意思是，我們絕對看到了這種需求。我們在我們的管道中看到，這不僅體現在成長方面，但更重要的是體現在發展方面。正如 Jon 所提到的，我們最近為 100 名員工以下的中小型企業推出了自助入口網站。事實上，我們可能——我們只是在沒有做太多宣傳的情況下就獲得了有機的興趣。

We've also made lots of progress in recent quarters with the sort of broker community, who works more in the middle market, right? So in the sense of trying to variabilize our sales force, we're working with a lot of -- think of them as like VARs and software resellers to really leverage these existing relationships that are being sold into these middle market and sort of piggybacking on those discussions to add mental health, Talkspace as a point of sale.

最近幾個季度，我們在經紀人社區方面也取得了很大進展，他們更多地在中間市場工作，對吧？因此，從試圖改變我們的銷售隊伍的意義上來說，我們正在與很多人合作——把他們想像成增值經銷商和軟體經銷商，以真正利用這些現有的關係，這些關係正在被銷售到這些中間市場，並在某種程度上依賴這些關係。

I would say, I mean, just broadly in the DTE business, taking a step back, it was another strong quarter of year-on-year growth, right? We grew 20%. Last quarter, we mentioned the timing of net new wins being variable quarter-to-quarter, just like any sort of enterprise business is. I've spent a lot of time with enterprise software businesses, and it's very similar dynamics. But based on what we're seeing in terms of RFP flow, our pipeline health or pipeline development, we're very confident in the growth of that business this year.

我想說，我的意思是，就 DTE 業務而言，退一步來說，這是另一個同比增長強勁的季度，對嗎？我們成長了 20%。上個季度，我們提到淨新利潤的時間每季都會變化，就像任何類型的企業業務一樣。我在企業軟體業務上花了很多時間，這是非常相似的動態。但根據我們在 RFP 流程、管道健康狀況或管道開發方面所看到的情況，我們對該業務今年的成長非常有信心。

On the teens side, we continue to get a ton of amount of interest. A lot of that's driven by, obviously, what's now our proven ability to really excel here, right, just pointing to New York and Baltimore and that sort of core set of capabilities that's very difficult to replicate on the product side. And we talked before about how popular async is. While we don't give sort of product-level guidance, what I will say about DTE, just to help you all frame sort of your modeling, on a year-on-year basis from 2023 to 2024, we expect annual growth to sort of be in the high-teens or better. So hopefully, that can give you a little bit of guidance in terms of the cadence. But overall, we feel really confident about what we're seeing in the pipeline and RFP flow.

在青少年方面，我們繼續引起大量興趣。顯然，其中很大一部分是由我們現在已經證明的真正表現出色的能力所驅動的，對吧，只是指向紐約和巴爾的摩，以及在產品方面很難複製的那種核心能力。我們之前討論過異步有多麼流行。雖然我們沒有提供某種產品層級的指導，但我要說的關於 DTE 的內容只是為了幫助您對建模進行框架排序，從 2023 年到 2024 年，我們預計年增長率將按年計算處於十幾歲或更高的水平。希望這能為您在節奏方面提供一些指導。但總的來說，我們對我們在管道和 RFP 流程中看到的情況非常有信心。

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

好的，這是我們的最後一個問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。