Talkspace Inc (TALK) 2024 Q3 法說會逐字稿

The impact of one off items, reconciliations of these non-GAAP measures are included in our earnings release and on our website talkspace dotcom.

一次性專案的影響以及這些非 GAAP 衡量標準的調整都包含在我們的收益發布和我們的網站 talkspace dotcom 中。

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 plans, goals, strategic priorities and anticipated financial results.

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、目標和有關我們的計劃、目標、策略重點和預期財務業績的其他聲明。

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.

雖然這些陳述代表了我們目前對未來業績和業績的最佳判斷。截至今天，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。我們最近的 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。

For more information, please review our safe harbor disclaimer on slide 2. Now I will turn it over to Dr Jon Cohen.

如需了解更多信息，請查看幻燈片 2 上的安全港免責聲明。現在我將把它交給喬恩·科恩博士。

Thanks Jen, good morning and thank you for joining us for our third quarter, 2024 call which reflects our continued strength in our business and progress on our strategic initiatives.

謝謝 Jen，早安，感謝您參加我們的 2024 年第三季電話會議，這反映了我們業務的持續實力和策略舉措的進展。

For the third quarter revenue increased 23% year over year to $47.4 million and we delivered our third consecutive profitable quarter with adjusted Ebida coming in at $2.4 million. We built on momentum from earlier than the year. Working to further solidify our position as a trusted behavioral health provider, addressing the nation's massive need for accessible and affordable mental health therapy.

第三季營收年增 23%，達到 4,740 萬美元，我們連續第三個季度獲利，調整後的稅息折舊攤提前利潤 (Ebida) 為 240 萬美元。我們以今年早些時候的勢頭為基礎。努力進一步鞏固我們作為值得信賴的行為健康提供者的地位，滿足國家對可及且負擔得起的心理健康治療的巨大需求。

Our largest revenue category payer grew 45% year over year as we continue to strengthen our relationships with the key payer partners and officially market our covered services as a pure play behavioral health provider focused on clinical excellence at scale. Our approach to addressing the behavioral health crisis continues to resonate with the payer community.

我們最大的收入類別付款人年增 45%，因為我們繼續加強與主要付款人合作夥伴的關係，並作為專注於大規模臨床卓越的純粹行為健康提供者正式行銷我們的核保服務。我們解決行為健康危機的方法繼續引起付款人社區的共鳴。

We've earned the respect of the payers with our commitment to research that proves the efficacy of our methods and defines best practices in virtual care and they trust us to connect their members with highly qualified vetted mental health providers without delay our competitive position in the payer space allowed us to grow our total covered lives to nearly 160 million people. An increase of 40% year over year and our total sessions to 316,000, an increase of 38% year over year in the third quarter, we continue to make progress on our goal to be in network for all Medicare beneficiaries. As of this month, we are now C MS approved in approximately 40 states and live in 30 states including Texas, Florida, California, and New York. Therefore, providing access to the majority of the senior population in the US.

我們致力於研究證明我們的方法的有效性並定義虛擬護理的最佳實踐，因此贏得了付款人的尊重，他們相信我們能夠將他們的會員與經過嚴格審查的高素質心理健康提供者聯繫起來，而不會影響我們在該領域的競爭地位。第三季年增 40%，總就診次數達到 316,000 次，年增 38%，我們在實現為所有 Medicare 受益人提供網絡的目標方面繼續取得進展。截至本月，我們現已在大約 40 個州獲得 C MS 批准，並居住在 30 個州，包括德克薩斯州、佛羅裡達州、加利福尼亞州和紐約州。因此，為美國大多數老年人口提供機會。

Our team is working diligently to complete necessary final state approvals and launch our services in the remaining 20 states so that we could begin to test our go to market strategies more broadly.

我們的團隊正在努力完成必要的最終州批准，並在其餘 20 個州推出我們的服務，以便我們可以開始更廣泛地測試我們的進入市場策略。

It is reported elevated need for mental health support. Given that over 30% of military deployments and separations are a month or longer and a significant number of military Children have a treatable mental health condition.

據報道，對心理健康支持的需求增加。鑑於超過 30% 的軍事部署和離職時間為一個月或更長時間，而且大量軍人兒童患有可治療的心理健康狀況。

We launched Tricare East in August covering 6 million active duty and retired military making significant technology improvements to the patient journey and therapist experience and third, increasing outside referrals to elaborate further one, our core marketing focus will continue to be about driving awareness, engagement and activation of these 200 million covered lives. Our efforts are specifically designed to improve capture rate engagement to ensure that people are aware that talk space is available to them at little or no direct out of pocket cost.

我們於8 月推出了Tricare East，涵蓋600 萬名現役和退役軍人，對患者旅程和治療師體驗進行了重大技術改進，第三，增加外部轉診以進一步闡述，我們的核心行銷重點將繼續是提高意識、參與度和激活這2億被覆蓋的生命。我們的努力是專門為了提高捕獲率參與度而設計的，以確保人們意識到他們可以以很少或不需要直接自付費用獲得談話空間。

Two, we are laser focused on continuing to improve every step of the member journey including enhancing user friendly processes for determining coverage eligibility, therapist matching, registration, verification and intake. These improvements include further innovation in the product design to get people to their second and subsequent sessions. Improved methods to establish better rapport between the member and the therapist, provide better line of sight for the patient as to how to achieve improved clinical outcomes and improving the tools our therapists use to understand how they can meet their professional and financial goals.

第二，我們專注於繼續改善會員旅程的每一步，包括增強使用者友善的流程，以確定承保資格、治療師配對、註冊、驗證和吸收。這些改進包括產品設計的進一步創新，以使人們能夠參加第二次及後續會議。改進方法，在會員和治療師之間建立更好的關係，為患者提供更好的視野，了解如何實現改善的臨床結果，並改進我們的治療師用來了解他們如何實現專業和財務目標的工具。

These product improvements to the patient journey will be a strong factor in further optimizing performance in 2025 and beyond three, developing partnerships that refer patients to us because of our national footprint of high quality clinician and in network status.

這些對患者旅程的產品改進將成為 2025 年及以後進一步優化績效的重要因素，並發展合作夥伴關係，將患者轉介給我們，因為我們在全國範圍內擁有高品質的臨床醫生和網絡狀態。

To that end. Last month, we announced our launch of Amazon Health Services as the first Behavior health company within the Amazon Health Conditions program.

為此。上個月，我們宣布推出亞馬遜健康服務，成為亞馬遜健康狀況計畫中第一家行為健康公司。

This collaboration makes it easier for millions of people across the US to discover their behavioral health benefits. While shopping on Amazon, when people search Amazon for mental health related topics or services, they can now discover an easy way to check their eligibility for therapy and psychiatry services. If they so choose, customers can also visit the Amazon Health web page to see if their insurance covers talk space and explore talkspace. Various offerings eligible individuals would be guided to talk spaces website to complete the enrollment process. Get paired with a licensed therapist in their state and schedule online therapy or psychiatry sessions through audio video or live chat or message asynchronously with their therapist.

這種合作使美國數百萬人更容易發現他們的行為健康益處。在亞馬遜購物時，當人們在亞馬遜搜尋心理健康相關主題或服務時，他們現在可以找到一種簡單的方法來檢查自己是否有資格獲得治療和精神病學服務。如果客戶願意，也可以造訪 Amazon Health 網頁，查看他們的保險是否涵蓋談話空間並探索談話空間。符合各種資格的個人將被引導到談話空間網站來完成註冊過程。與所在州的有執照的治療師配對，並透過音訊視訊或即時聊天或與治療師非同步發送訊息來安排線上治療或精神病學課程。

We're excited about what this means for the discoverability of talkspace and look forward to similar such programs with other potential partners.

我們對這對於談話空間的可發現性意味著什麼感到興奮，並期待與其他潛在合作夥伴開展類似的此類計劃。

With the addition of seniors and military and our experience with 10s and teachers. We have become an easy solution for primary care physicians to refer these high need populations and will continue to pursue these additional types of partners moving to our direct to enterprise segment. We grew revenue in the quarter 17% year over year to $9.4 million driven by our team's initiatives including our team space program with New York City, which just celebrated its one year anniversary.

加上高年級學生和軍人以及我們在 10 歲學生和教師方面的經驗。我們已經成為初級保健醫生轉介這些高需求人群的簡單解決方案，並將繼續尋求這些其他類型的合作夥伴轉向我們的直接企業細分市場。在我們團隊舉措的推動下，我們本季的營收年增 17% 達到 940 萬美元，其中包括我們與紐約市的團隊空間計劃，該計劃剛剛慶祝了一周年。

The results of the Teen Space Program in New York City have been excellent. We are reaching thousands of 10s in neighborhoods traditionally hard to penetrate, meeting the needs of a very diverse group of 10s and significantly improving clinical results.

紐約市青少年太空計畫的結果非常出色。我們在傳統上難以滲透的社區中涵蓋了數千個 10 人，滿足了非常多樣化的 10 人群體的需求，並顯著改善了臨床結果。

We also expanded our specialized support for teams with the September 4th launch of our new peer to peer community called Team Space community. This product is built into the existing platform that allows teams to talk and share in a safe forum and connect with other teams. Anonymously, our successful partnership with the nation's largest city has led to significant interest for our offering from other municipalities and school districts who are interested in applying our team model to their teen populations.

我們也於 9 月 4 日推出了名為 Team Space 社群的新點對點社區，擴大了對團隊的專業支援。該產品內建於現有平台中，允許團隊在安全的論壇中交談和分享，並與其他團隊聯繫。匿名地，我們與全國最大城市的成功合作引起了其他城市和學區對我們的產品的極大興趣，他們有興趣將我們的團隊模式應用於他們的青少年群體。

The demand for these programs remains strong as we recently signed seven new school districts across the country.

由於我們最近在全國範圍內簽署了七個新學區，對這些項目的需求仍然強勁。

Our DT pipeline remains strong and we are pleased with the New Deal activity in the quarter. On the employer side, we saw a number of new wins in the third quarter including a partnership with the professional tennis players Association Talkspace will serve as the PTP A's exclusive mental health technology partner, granting players their families and their support teams. 24/7 access to talkspace.

我們的 DT 管道仍然強勁，我們對本季的新政活動感到滿意。在雇主方面，我們在第三季度看到了許多新的勝利，包括與職業網球運動員 Association Talkspace 的合作夥伴關係，該協會將作為 PTP A 的獨家心理健康技術合作夥伴，為運動員提供家人和支持團隊。24/7 訪問談話空間。

There's a lot to be proud of at talkspace right now and I want to close out my comments by expressing my gratitude to our exceptional team. Their dedication term mission of making mental health care accessible to all continues to drive our success.

現在 Talkspace 有很多值得驕傲的事情，我想透過對我們出色的團隊表示感謝來結束我的評論。他們的奉獻精神使命是讓所有人都能獲得心理保健服務，這繼續推動我們的成功。

I am pleased to share that talk space has been recognized as one of Crane's 2024 best places to work in New York City for the 2nd year in a row serving as a testament to the positive and supportive culture we built together as we move forward. I'm confident that with our talented team, strong financial position and innovative approach, talk space is well positioned to continue leading the transformation of mental health care delivery. Thank you all for your continued support and belief in our mission with that. I'll turn the call over to Ian to review our third quarter results.

我很高興與大家分享，Talk Space 連續第二年被評為克瑞 2024 年紐約市最佳工作場所之一，這證明了我們在前進過程中共同建立的積極和支持性文化。我相信，憑藉我們才華橫溢的團隊、強大的財務狀況和創新的方法，談話空間處於有利地位，能夠繼續引領精神健康保健服務的變革。感謝大家對我們使命的持續支持與信任。我將把電話轉給伊恩，以審查我們第三季的業績。

Thank you John and good morning everyone.

謝謝約翰，大家早安。

My comments today will be based primarily on a year over year basis unless otherwise noted, total revenue for the third quarter was 47.4 million. A 23% increase from a year ago adjusted IDA was approximately 2.4 million in the third quarter.

除非另有說明，我今天的評論將主要基於同比情況，第三季的總收入為 4,740 萬美元。第三季調整後的 IDA 約為 240 萬，較去年同期成長 23%。

An improvement of 5.2 million from a year ago and an increase of approximately 100%. Sequentially, this also marks our third consecutive quarter of profitability on an adjusted basis.

比一年前增加了520萬，增幅約100%。因此，這也標誌著我們在調整後的基礎上連續第三個季度實現盈利。

Moving to results by revenue category payer. Our largest segment accounted for revenue of 32 million a 45% increase versus the prior year period.

轉向按收入類別付款人劃分的結果。我們最大的部門收入為 3,200 萬歐元，比上年同期成長 45%。

Payer sessions completed by behavioral health and E AP members grew 6% sequentially and 38% year over year to approximately 316,000 unique active payer members completing a session grew by 24% year on year to just over 93,000.

行為健康和 E AP 會員完成的付款人會話環比增長 6%，同比增長 38%，達到約 316,000 名完成會話的獨立活躍付款人會員，同比增長 24%，達到略高於 93,000 名。

Additionally, we experienced a 12% year on year improvement in the number of sessions completed proactive member which was driven by some of the early successes we're seeing in the product enhancements that John touched on earlier, which are aimed at increasing member attention and engagement in the direct to enterprise category. Third quarter revenues is 9.4 million up 17% from last year driven by our 10s contracts such as New York City, as well as several other recent wins across schools, municipalities and employers.

此外，我們主動會員完成的會話數量同比增長了12%，這是由於我們在約翰之前提到的產品增強功能中看到的一些早期成功所推動的，這些產品增強功能旨在提高會員的關注度和參與直接面向企業類別。第三季營收為 940 萬歐元，比去年成長 17%，這得益於我們在紐約市等 10 份合約以及最近在學校、市政當局和雇主方面取得的其他幾項勝利。

Sequentially DTE revenue was down 2% as a result of certain contract expirations from earlier in the year which we discussed the last two quarters in Q3. We grew net airr. And as John mentioned, we see good momentum overall in our direct enterprise pipeline.

由於今年稍早的某些合約到期，DTE 收入隨後下降了 2%，我們在第三季的最後兩季討論過這一點。我們成長了淨空氣。正如約翰所提到的，我們在直接企業管道中看到了整體良好的勢頭。

In the consumer category where members pay out of pocket revenue was 6 million in the third quarter.

在會員自付費用的消費類別中，第三季營收為600萬。

This was an 8% sequential decline and a 30% decline year over year, which was in line with our expectations and a result of our strength and payer growth. This is driven by our efforts to optimize both traffic conversion and checkout mix towards the highest long term return on that has been in our payer segment.

環比下降 8%，年減 30%，符合我們的預期，也是我們實力和付款人成長的結果。這是因為我們努力優化流量轉換和結帳組合，以實現付款人細分市場的最高長期回報。

Moving to gross profit.

轉向毛利。

Our third quarter gross profit increased 15% versus the prior year period to 21.6 million.

我們第三季的毛利比去年同期成長了 15%，達到 2,160 萬美元。

Gross margin for the third quarter was 45.6% in line with last quarter and lower than last year. As expected due to the further net revenue mix shift towards payer, turning to operating expenses.

第三季毛利率為45.6%，與上季持平，低於去年同期。正如預期的那樣，由於淨收入組合進一步轉向付款人，轉向營運支出。

Our GAAP operating expenses for the third quarter decreased 10% year over year to 21.5 million excluding stock based compensation and certain non-recurring items. Our Q3 operating expenses amounted to approximately 19.3 million.

我們第三季的 GAAP 營運費用年減 10% 至 2,150 萬美元，不包括股票薪酬和某些非經常性項目。我們第三季的營運費用約為 1,930 萬元。

A reduction of 2.4 million or 11% versus the same period last year.

比去年同期減少240萬人，即11%。

As mentioned on our last call, we initiated a number of cost optimization initiatives earlier in the year which benefited the third quarter.

正如我們在上次電話會議中提到的，我們在今年稍早啟動了多項成本優化舉措，這使第三季受益。

These savings provide us additional flexibility to reinvest into strategic growth initiatives as well as product improvements, benefiting both our members and our providers.

這些節省為我們提供了額外的靈活性，可以對策略性成長計劃和產品改進進行再投資，從而使我們的會員和供應商受益。

One example of this is our A I Smart Notes which we launched last quarter.

這方面的一個例子是我們上季推出的人工智慧智慧筆記。

This new feature drove a 3% increase in efficiency where providers were able to conduct more sessions during the same working hours.

這項新功能使效率提高了 3%，提供者能夠在相同的工作時間內進行更多的會話。

Scaling new features like these will continue to be an area of focus which allows our network to operate at high volumes while supporting our providers administrative burdens thereby reducing costs and increasing productivity.

擴展此類新功能將繼續成為一個重點領域，它使我們的網路能夠大容量運行，同時支援我們的供應商的管理負擔，從而降低成本並提高生產力。

Moving to profitability, GAAP net profit was 1.9 million versus a loss of 4.4 million a year ago.

至於獲利能力，GAAP 淨利潤為 190 萬美元，而一年前為虧損 440 萬美元。

Adjusted BEDA was 2.4 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 compared to the same period a year ago.

調整後的BEDA為240萬。與去年同期相比，由於收入和毛利增加以及標準化營運支出成本基礎降低，年增 520 萬美元。

Turning to the balance sheet, we ended the quarter with 119 million in cash and cash equivalents up from 115 million the prior quarter.

轉向資產負債表，本季末我們的現金和現金等價物為 1.19 億美元，高於上一季的 1.15 億美元。

Finally, we reaffirm our 2024 financial guidance which as a reminder calls for 185 million to 195 million in revenue and adjusted dial between four and 8 million for the full year.

最後，我們重申 2024 年的財務指導，作為提醒，全年收入預計為 1.85 億至 1.95 億美元，調整後的數字為 400 至 800 萬美元。

With that. We can open up the call for questions.

就這樣。我們可以開放提問。

Thank you. We will now open the line for the Q&A session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. And if you'd like to withdraw that question again, press star one and please limit yourself to one question and one follow up. Your first question comes from the line of Stephanie Davis with Barclays. Please go ahead.

謝謝。我們現在將開通問答環節。如果您想提問，請按下電話鍵盤上的星號一舉手並加入隊列。如果您想再次撤回該問題，請按星號 1，然後將自己限制在一個問題和一個後續問題上。你的第一個問題來自巴克萊銀行的史蒂芬妮戴維斯。請繼續。

Hey guys, congrats on.

嘿夥計們，恭喜。

The quarter and thanks for taking my question.

本季度，感謝您提出我的問題。

Good morning, Stephanie.

早安，史蒂芬妮。

Winning. I really want to dig in a little bit in that Amazon partnership because I'm good, but that, that win is better. So I was hoping you could give us some color around. Maybe any associated investments in marketing or affiliate fees need to ramp on the platform and maybe how we could think about the, the halo effect your activation rate as a Result.

獲勝。我真的很想深入了解亞馬遜的合作關係，因為我很好，但那次勝利更好。所以我希望你能給我們一些色彩。也許行銷或聯盟費用的任何相關投資都需要在平台上增加，也許我們如何考慮光環對您的啟動率的影響。

Sure. So.

當然。所以。

So, you know, we have been in discussions with them for, you know, a while. You know, being the only behavioral health, you know, partner on the health conditions platform is a very, you know, important deal for both them and for us relative to exposing Amazon shoppers to mental health services and products. So I think you probably saw it the way it works is, you know, you, you're looking for several things on Amazon and we come up and then you check of lig ilities and then they flip it over and we confirm eligibility and then you go through the process. So, you know, what, what we've, what we've seen is, you know, we're very, very excited and we're very, very happy with the early results. You know, obviously we're not disclosing what we, how or what that means, except that I could tell you that it's been a very, very positive launch. Thus far, I guess it's 4 to 5 weeks, five weeks into it. We you know, Amazon just, you know, for a background has their health conditions program, they have Amazon Rx and then of course, they have one medical right now, you know, this is about our relationship with them on the health conditions program. So I don't, I don't know what else you want me to talk about relative to them. We're obviously very excited about the opportunity. It goes under the what I, you know, call the referral category of increasing the number of bh sessions. You know, first is how do we, you know, how do we even get better at our, at our really advertising marketing initiatives. The second category is referral. And then of course, the third category you heard me talk about is the issues around really significantly improving the the journey, the patient and actually the the therapists journey through the product.

所以，你知道，我們已經與他們討論了一段時間了。你知道，作為健康狀況平台上唯一的行為健康合作夥伴，對他們和我們來說，相對於向亞馬遜購物者提供心理健康服務和產品而言，是一項非常重要的交易。所以我想你可能看到了它的工作方式，你知道，你在亞馬遜上尋找一些東西，我們出現，然後你檢查資格，然後他們翻轉它，我們確認資格，然後你完成這個過程。所以，你知道，我們所看到的，你知道，我們非常非常興奮，我們對早期結果非常非常滿意。你知道，顯然我們不會透露我們是什麼、如何或這意味著什麼，但我可以告訴你這是一個非常非常積極的發布。到目前為止，我猜已經四到五週了，五週了。我們知道，亞馬遜只是，你知道，因為背景有他們的健康狀況計劃，他們有 Amazon Rx，當然，他們現在有一項醫療，你知道，這是關於我們與他們在健康狀況計劃上的關係。所以我不知道，我不知道你還想讓我跟他們談什麼。我們顯然對這個機會感到非常興奮。它屬於我所說的增加 bh 會話數量的推薦類別。你知道，首先是我們如何，你知道，我們如何更好地開展我們真正的廣告行銷活動。第二類是轉介。當然，你聽到我談論的第三類是圍繞著真正顯著改善旅程、患者和實際上治療師通過產品的旅程的問題。

Well, maybe one of the things we could dig in is I assume when you would be ramping up the amount of lives you're ramping up, you would maybe see some impact your utilization rate, but it actually held up pretty strong in the quarter. So how much of that is from something like the Amazon partnership where there's more awareness, how quickly could that improve on kind of the future quarters, anything like that would be helpful? And maybe as a follow up any further color you talked about, this is, you know, the first of many partnerships to come, what direction you want to go in with that.

好吧，也許我們可以深入研究的一件事是，我假設當你增加你正在增加的生命數量時，你可能會看到你的利用率受到一些影響，但它實際上在本季度保持了相當強勁的勢頭。那麼，其中有多少來自像亞馬遜這樣的合作關係，人們有更多的認識，未來幾季的改善速度有多快，類似的事情會有幫助呢？也許作為您談到的任何進一步顏色的後續行動，您知道，這是即將到來的許多合作夥伴關係中的第一個，您想朝什麼方向發展。

So on the, hey, this is the good morning on the first page. Just a reminder, we announced the partnership at the very, very end of September. I think it was the 27th of September. So, you know, de minimis to no impact in the Q3 results we put out, I would view this more. Just sort of from a strategic lens. It's obviously a testament to the quality of our network to our brand and also our national coverage, right? So that the fact that we're able to have those three pieces really resonate with a partner like Amazon, which you know, whether it's financial resources or probably more importantly, just the human depth of human capital, they have for them to look at us and realize the therapist network that we have cannot be built overnight and then wanting to partner with us, we've used really sort of validation of the sort of moat we've created for ourselves on the, on your question around the the referral.

所以，嘿，這是第一頁的早安。提醒一下，我們在九月底宣布了合作關係。我記得那是9月27日。所以，你知道，對我們公佈的第三季業績影響微乎其微，我會多考慮這一點。只是從戰略角度來看。這顯然證明了我們的品牌網路品質以及我們的全國覆蓋範圍，對嗎？因此，我們能夠讓這三部分真正與像亞馬遜這樣的合作夥伴產生共鳴，你知道，無論是財務資源，還是可能更重要的是，人力資本的人力深度，他們都需要考慮我們並意識到我們擁有的治療師網絡不可能在一夜之間建立起來，然後想與我們合作，我們已經使用了真正的驗證，即我們為自己創建的護城河，關於您圍繞轉介的問題。

So what that looks like, I would view it as we do internally is really just part of another marketing channel. I mean, they obviously will help drive brand awareness given their size and volume. And ultimately, they're going to be driving very, very high intent, the way this is structured and the way their health conditions program works. It's about driving high intent, potential users of talk space to us in a manner that's in network. So, and your other question was on, on.

所以，我認為，就像我們內部所做的那樣，這實際上只是另一個行銷管道的一部分。我的意思是，考慮到它們的規模和數量，它們顯然將有助於提高品牌知名度。最終，他們將推動非常非常高的意圖、其結構方式以及他們的健康狀況計劃的運作方式。這是為了以網路方式吸引高意願、潛在的談話空間使用者給我們。所以，你的另一個問題是，繼續。

Further and further.

越來越遠。

So this is, you know, goes under the, you know, really the capture rate, you know, more than I would say utilization across the platform once we get somebody. But it really is the part of the bigger strategy of, you know, 200 million covered lives and how do you increase people's awareness?

所以，你知道，這實際上是捕獲率，你知道，比我所說的一旦我們找到某人後整個平台的利用率更高。但這確實是覆蓋 2 億人生命的更大策略的一部分，如何提高人們的意識？

All right. Awesome to hear. Thank you guys. Perhaps again.

好的。很高興聽到。謝謝你們。也許再來一次。

You are you Stan Jesse, you want to know about other. So this is Amazon is one we've talked about Zocdoc there. So there are other relatively large channels like this that we are definitely pursuing.

你就是史丹傑西，你想了解其他人。這就是亞馬遜，我們在那裡討論過 Zocdoc。所以還有其他類似的比較大的管道我們一定也在追求。

Your next question comes from the line of Charles re with TD Cowan. Please go ahead.

你的下一個問題來自 Charles re 和 TD Cowan 的對話。請繼續。

Hi guys. This is Adam on for Charles. You've seen over $4 million in EBITDA year-to-date and we see the guidance for entry EBITA was reiterated in the 4 million to $8 million range. Given the trajectory you're on. Can you talk about what would get you to the top end versus the bottom end of that range?

嗨，大家好。這是查爾斯的亞當。今年迄今為止，您已經看到超過 400 萬美元的 EBITDA，我們看到入門 EBITA 的指導重申在 400 萬至 800 萬美元的範圍內。考慮到你所處的軌跡。您能談談什麼能讓您到達該範圍的頂端和底端嗎？

You better.

你更好。

Hey, Adam. Thanks for the question. So while we don't give quarterly guidance, I understand given where we are in the year, the the ask, I'll, I'll help you out on, on sort of both components of our guidance. So just to give you a bit of a guidepost on modeling the rest of the year, I would say, as it relates to revenue looking towards our sort of sequential quarter, over quarter, revenue growth rates over the last few quarters in 2024.

嘿，亞當。謝謝你的提問。因此，雖然我們不提供季度指導，但我理解，考慮到我們今年的情況，我會在指導的兩個組成部分上為您提供幫助。因此，我想說的是，為了給您一些關於對今年剩餘時間進行建模的指導，因為它與我們對 2024 年最後幾個季度連續季度、環比、收入增長率的收入有關。

As a framework is the best, the best help I can give which you do that math and it lands you a little bit below the midpoint on revenue.

作為一個框架是最好的，我可以給你最好的幫助，你可以做數學計算，它會讓你的收入略低於中點。

And then to your question on Ebida, conversely for Ebida, you're exactly right year-to-date where we stand, we actually would expect based on what we know today to land at the height of the range.

然後，關於您關於埃比達的問題，反之亦然，對於埃比達，您今年迄今為止的立場完全正確，根據我們今天所知道的情況，我們實際上預計會達到該範圍的高度。

A lot of that on the Ebida side is sort of the OpEx initiatives we actioned shortly after I joined in May. We've seen a lot of success from those already and had a little bit of benefit from those in Q3 and we'll see the benefit of that in Q4. So that would get us to the higher end of the range just to double click on the revenue side. I think this is important nuance that is maybe a little bit hard to parse through on the surface. So since I joined in the middle of Q2, essentially all of the covered lives you've added have come from Medicare and military, which was obviously very intentional focus for us. We knew that this, the work that goes into launching with these two cohorts are multiyear initiatives that have been going on long before I got here. So it's a lot of work behind the scenes, whether it's rev cycle compliant quarter in Q4.

Ebida 方面的許多措施都是我們在 5 月加入後不久採取的營運支出措施。我們已經從這些專案中看到了許多成功，並從第三季的專案中獲得了一些好處，我們將在第四季度看到這些好處。因此，只要雙擊收入方面，我們就可以到達範圍的高端。我認為這是一個重要的細微差別，從表面上看可能有點難以解析。因此，自從我在第二季中期加入以來，基本上您添加的所有承保人壽都來自醫療保險和軍隊，這顯然是我們有意關注的焦點。我們知道，與這兩個群體一起開展的工作是多年的舉措，早在我來到這裡之前就已經開始了。因此，無論是第四季度的轉速週期合規季度，幕後都有大量工作要做。

But to your modeling, it's really a 2025 impact. So you can think about all of these initiatives. We've been talking about the last few quarters around Medicare.

但對你的模型來說，這確實是 2025 年的影響。所以你可以考慮所有這些措施。過去幾季我們一直在談論醫療保險。

And you heard John's comments say focusing on military, which we're actually really excited about.

你聽到約翰的評論說關注軍事，我們對此感到非常興奮。

It's really about setting the foundation for growth in 2025.

這實際上是為 2025 年的成長奠定基礎。

The subtext there is that substantially all the revenue growth we've seen in payer in Q2 and Q3 has actually come from driving further capture rate in our call it, you know, the existing base of covered lives as of basically March 31st because since then, there's been like I said, all of the covered lives that have been pretty much Medicare and military.

潛台詞是，我們在第二季度和第三季度看到的付款人的所有收入增長實際上都來自於進一步推動我們所說的捕獲率，你知道，截至3 月31 日的現有承保生命基礎，因為從那時起，就像我說的，所有受保的生活幾乎都是醫療保險和軍隊。

So we'll come back to you with obviously more refined detail in 2025. But I hope that's helpful guidance. So 2024 I was looking at growth and then re acceleration on the top line in 25.

因此，我們將在 2025 年向您提供明顯更精緻的細節。但我希望這是有用的指導。因此，我關注的是 2024 年的成長，然後是 25 年收入的加速成長。

Yeah, that's very helpful. Thank you for all the color and also wondering if you can talk about how you see the trajectory of the B to C business and whether there's a steady state you'd expect to hit there at some point.

是的，這非常有幫助。感謝您的所有顏色，並想知道您是否可以談談您如何看待 B2C 業務的發展軌跡，以及您是否期望在某個時刻達到穩定狀態。