Talkspace Inc (TALK) 2025 Q3 法說會逐字稿

At this time, I'd like to welcome everyone to the talk space third quarter 2025 earnings call. After the speaker's emerged, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press start, followed by the number one on your telephone keypad.

此時此刻，我謹代表 Talk Space 歡迎各位參加 2025 年第三季財報電話會議。演講結束後，將進行問答環節。如果您想在此期間提問，只需按下開始鍵，然後按下電話鍵盤上的數字 1 即可。

You would like to withdraw your question? Let's start one again.

您想撤回您的問題嗎？我們再來一次。

The press release and presentation of earnings results can be accessed on TalkSpace's IR website.

新聞稿和利潤報告可在 TalkSpace 的投資者關係網站上查閱。

The presentation will be used to walk you through today's remarks.

本次簡報將引導大家了解今天的發言內容。

Leading today's call our CEO Doctor John Cohen and CFO Ian Harris.

今天的電話會議由執行長約翰·科恩博士和財務長伊恩·哈里斯主持。

Management will offer their prepared remarks and then take your questions.

管理階層將發表事先準備好的講話，然後回答各位的問題。

Chief Technology Officer Gil Margole will join for the question-and-answer section of the call.

首席技術官吉爾·馬戈爾將參加電話會議的問答環節。

Certain measures that will be discussed on today's call are expressed on a non-GAAP financial basis.

今天電話會議上將討論的某些指標是以非GAAP財務準則表示的。

And have been adjusted to exclude the impact of one-off items.

並已調整，以排除一次性項目的影響。

Reconciliations of these non-GAAP measures are included in the earnings release and on the website, Talkspace.com.

這些非GAAP指標的調節表包含在獲利報告中以及網站Talkspace.com上。

As a reminder, the company will be discussing forward-looking information today, which may include forecasts, targets, and other statements regarding plans, goals, strategic priorities, and anticipated financial results.

再次提醒各位，公司今天將討論前瞻性訊息，其中可能包括預測、目標以及有關計劃、目標、戰略重點和預期財務業績的其他聲明。

While these statements represented the best company's best current judgment about future results and performance as of today.

這些聲明代表了截至目前，該公司對未來業績和表現的最佳判斷。

Actual results are subject to many risks and uncertainties that could cause actual results to differ materially from expectations.

實際結果受多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。

Important factors that may affect future results are described on TalkSpace's most recent SEC reports and on and today's earnings press release.

TalkSpace 最新提交給美國證券交易委員會的報告以及今天的獲利新聞稿中描述了可能影響未來業績的重要因素。

For more information, please review the Safe Harbor disclaimer on slide two.

更多信息，請查看第二頁的“安全港免責聲明”。

Now, I will turn the call over to Doctor John Cohen.

現在，我將把電話轉給約翰·科恩醫生。

Good morning and thank you for joining the call today to review our third quarter results. We delivered record revenue of $59.4 million and adjusted EBITDA of $5 million. I am pleased to report that active payer members grew 8% sequentially and 29% year over year and payer sessions increased 12% sequentially and 37% year over year.

早安，感謝各位參加今天的電話會議，共同回顧我們第三季的業績。我們實現了創紀錄的5,940萬美元營收和500萬美元的調整後EBITDA。我很高興地報告，活躍付費會員數量環比增長 8%，同比增長 29%；付費用戶訪問量環比增長 12%，同比增長 37%。

This acceleration in the quarter is a reflection of the focused approach we initiated this year on all aspects of the patient journey. As I look back at the quarter, I'll call out a few specific areas where we've seen this strategy have a significant impact.

本季業績的加速成長反映了我們今年開始在患者就醫的各個方面採取的重點方法。回顧本季度，我想重點指出幾個具體領域，在這些領域，我們看到了這項策略產生了重大影響。

The number of clients activating and attending the third session in the 1st 30 days on the platform is up over 50%, driven mostly by improvements to our matching algorithm, ease of scheduling, and improved provider capacity.

平台上的前 30 天內啟動並參加第三次課程的客戶數量增加了 50% 以上，這主要得益於我們匹配演算法的改進、預約流程的簡化以及服務提供者能力的提高。

In addition, we continue to see strong results and improve the efficiency on our marketing spin by targeting specific new audiences such as military and their dependents. We are also utilizing AI-driven tactics to further optimize media and test new marketing investments.

此外，我們透過針對特定新受眾群體（例如軍人及其家屬）不斷提高行銷效率，並持續取得強勁的成果。我們也利用人工智慧驅動的策略來進一步優化媒體投放，並測試新的行銷投資。

In the third quarter, we became in-network with several new blues plans, including Illinois and Massachusetts, and we won a competitive takeaway of one of the largest national EAPs which we launched earlier this month.

第三季度，我們與包括伊利諾伊州和馬薩諸塞州在內的幾家新的藍十字藍盾保險公司建立了合作關係，並且在本月初，我們成功贏得了全國最大的員工援助計劃之一的競爭性合約。

We've also made meaningful progress embedding talk space into our payer partner ecosystems by focusing on the areas that matter most to them.

我們也透過專注於對支付方合作夥伴而言最重要的領域，在將對話空間融入支付方合作夥伴生態系統方面取得了實質進展。

We continuously manage and curate our network of around 6,000 clinicians to make sure that top quality providers are available to our members and to ensure that each clinician is highly engaged and motivated.

我們持續管理和維護我們約 6,000 名臨床醫生的網絡，以確保我們的會員能夠獲得最優質的醫療服務，並確保每位臨床醫生都高度投入和積極進取。

This is a key differentiator for TalkSpace and has helped drive deeper integration with our payer partners, including directory integrations to facilitate patients sign on as a seamless experience.

這是 TalkSpace 的關鍵差異化優勢，並有助於推動與支付方合作夥伴的更深入整合，包括目錄整合，以方便患者無縫登入。

Our brand awareness has also improved as we are now the most recognized insurance coverage focused brand for mental health, with over 35% of people recognizing the Talkspace name according to third-party surveys. This makes our integration into payer directories even more effective as people are more likely to recognize TalkSpace and seek care from us.

我們的品牌知名度也得到了提升，我們現在是心理健康領域最知名的保險覆蓋品牌，根據第三方調查，超過 35% 的人知道 Talkspace 這個名字。這使得我們與支付方目錄的整合更加有效，因為人們更有可能認識 TalkSpace 並向我們尋求醫療服務。

Pay revenue in this quarter also benefited from strength in our psychiatry business which we re-launched earlier this year to address the needs of our high acuity users and those that need medication.

本季的支付收入也受益於我們精神病業務的強勁表現，我們在今年早些時候重新啟動了該業務，以滿足我們病情嚴重的患者和需要藥物治療的患者的需求。

As a result of these initiatives, psychiatry initial session volume increased 46% in the quarter. Further, we grew our psychiatry network of providers by nearly 50% from Q2, and we will continue growing that part of the network given the demand trends we are seeing.

由於這些舉措，本季精神科初診量增加了 46%。此外，我們的精神科醫生網絡規模較第二季度增長了近 50%，鑑於我們目前看到的需求趨勢，我們將繼續擴大該網絡的這一部分。

We continue to focus on optimizing the internal referral funnel between therapy and psychiatry services, and we expect continued growth in the coming quarters.

我們將繼續專注於優化心理治療和精神科服務之間的內部轉診流程，並預計未來幾季將繼續成長。

To round out our comprehensive mental health services, earlier this month, we announced our acquisition of Wiso Health, a clinically proven AI powered social health platform specializing in peer to peer community and coaching support.

為了完善我們全面的心理健康服務，本月初，我們宣布收購了 Wiso Health，這是一個經過臨床驗證的 AI 驅動的社交健康平台，專門提供點對點社區和輔導支援。

Wiso has supported over 500,000 adults to date on their platform and utilizes AI to match this population with appropriately trained peers and group coaching for emotional support, companionship, and shared experiences that improve health outcomes, increase adherence and engagement rates, and reduce total cost of care for its health plan clients.

迄今為止，Wiso 已在其平台上為超過 50 萬成年人提供支持，並利用人工智慧將這些人群與經過適當培訓的同伴和小組輔導進行匹配，以提供情感支持、陪伴和分享經驗，從而改善健康結果，提高依從性和參與率，並降低其健康計劃客戶的總護理成本。

With those particularly applicable to many Medicare patients who have reported a 21% decrease in loneliness and exhibited reductions of up to 10% in emergency room, urgent care, and inpatient visits after joining WisDO.

這些措施尤其適用於許多 Medicare 患者，他們在加入 WisDO 後，孤獨感減少了 21%，急診室、緊急護理和住院就診次數減少了 10%。

We anticipate that many of the WisDO users may also benefit from referrals to therapy, just one of the many avenues where we see the synergies of being able to provide patients with a more complete set of behavioural health solutions. I am also excited to announce that next month WisDO will begin supporting Novo Nordisk's new We Go Together app for patients on Wagovi for obesity or overweight.

我們預計許多 WisDO 使用者也可能受益於轉介治療，這只是我們看到能夠為患者提供更全面的行為健康解決方案的協同效應的眾多途徑之一。我也很高興地宣布，下個月 WisDO 將開始支援 Novo Nordisk 為肥胖或超重患者推出的全新 We Go Together 應用程式。

Within the app, wisDO powers the group coaching experience that helps participants build sustainable habits, share encouragement, and stay emotionally supported as they work toward their health goals.

在應用程式中，wisDO 為小組輔導體驗提供支持，幫助參與者養成可持續的習慣，互相鼓勵，並在努力實現健康目標的過程中獲得情感支持。

Our direct to enterprise or DTE business remains solid, particularly with organizations serving youth and young adults, specifically our two year deal with the North Carolina Department of Health and Human Services to provide talk space to 20,000 teenagers impacted by the justice system first launched in July. And course spaces which provides student housing options on college campuses to 36,000 students at 32 different universities launched in late August. While both of these launched a bit later in the quarter than anticipated, they are now up and running and progressing nicely. Additionally, this was a strong quarter for contract renewals, including Baltimore County Public Schools and Colby College, which has renewed its contract three times now for its eight years with TalkSpace.

我們的直接面向企業或 DTE 的業務依然穩健，尤其是在服務青少年和年輕人的組織方面，特別是我們與北卡羅來納州衛生與公共服務部簽訂的為期兩年的協議，該協議於 7 月首次啟動，旨在為 20,000 名受司法系統影響的青少年提供談話空間。為 32 所不同大學的 36,000 名學生提供校園住宿選擇的 Course Spaces 於 8 月下旬推出。雖然這兩個專案的啟動時間都比預期晚了一些，但目前都已投入運行，進展順利。此外，本季合約續約情況良好，其中包括巴爾的摩縣公立學校和科爾比學院，後者與 TalkSpace 的合約已續簽三次，合約期限為八年。

We also celebrated two years of our New York City TalkSpace program. Looking at the results over that time period, we have over 40,000 youths enrolled in the program, notably, 93% of the participants use messaging, highlighting that our approach to accessibility allows us to meet teens where they are.

我們也慶祝了紐約市 TalkSpace 計畫成立兩週年。從這段時間的結果來看，我們有超過 40,000 名青少年參加了該計劃，值得注意的是，93% 的參與者使用即時通訊，這突顯了我們實現無障礙訪問的方法使我們能夠在青少年所在的地方與他們互動。

Our suicide risk algorithm identified over 500 potential elevated risk incidents, which is incredibly important in a population experiencing anxiety and depression as their most prominent mental health challenges.

我們的自殺風險演算法識別出 500 多起潛在的高風險事件，這對於焦慮和憂鬱是其最突出的心理健康挑戰的人群來說非常重要。

Switching to AI, we continue to make significant progress integrating our work on AI into all aspects of our business with multiple initiatives to improve the customer member journey.

在向人工智慧轉型的過程中，我們不斷取得重大進展，將人工智慧技術融入我們業務的各個方面，並透過多項舉措來改善客戶會員體驗。

This includes LLM search engine optimization, AI assistance in improving eligibility determination for insurance, Smart insights for providers in preparation of their sessions, comprehensive smart evaluation that provides the providers with a HIPAA compliant AI draft of a biopsychosocial evaluation after intake sessions. Smart notes providing post-session summaries for the clinicians.

這包括 LLM 搜尋引擎優化、AI 輔助改進保險資格判定、為提供者準備會議提供智慧見解、全面的智慧評估（為提供者在接診會議後提供符合 HIPAA 標準的 AI 生物心理社會評估草稿）。為臨床醫生提供會後總結的智慧筆記。

Our talkcast individualized podcast that I've talked about in the past and now our AI that helps review the medical records, which has been extraordinarily helpful to the compliance and clinical quality teams.

我之前提到的個人化播客 Talkcast，以及現在的 AI 可以幫助審查醫療記錄，這對合規和臨床品質團隊來說非常有幫助。

We have data demonstrating the value of our AI innovations. When providers use SmartInsights ahead of their second session with a member, those members are more than 30% more likely to book a third session within 30 days and 31% more likely to complete their third session within 30 days of registration.

我們有數據證明了我們人工智慧創新成果的價值。當服務提供者在與會員進行第二次會議之前使用 SmartInsights 時，這些會員在 30 天內預約第三次會面的可能性會增加 30% 以上，在註冊後 30 天內完成第三次會面的可能性會增加 31%。

Recent results from our data on Talkcast indicate that 21% of people are more likely to book and complete a third session after listening to their podcast.

我們最近從 Talkcast 的數據中得出的結果表明，21% 的人在聽了播客後更有可能預約並完成第三次課程。

We've also launched three additional proprietary risk algorithms to add to our suicide risk algorithm. These include risk for violence or homicidal ideation, homicidal intent or homicidal plan.

我們還推出了三款額外的專有風險演算法，加入我們的自殺風險演算法中。這些包括暴力風險或殺人念頭、殺人意圖或殺人計劃。

Risk for substance use disorder and maltreatment risk determination, which identifies behaviour or circumstances that may lead to harm, neglect, or ongoing abuse.

物質使用疾患和虐待風險評估，旨在識別可能導致傷害、忽視或持續虐待的行為或情況。

Finally, I'm very excited to announce that the talk space develop behavioural health specific large language model I alluded to on our Q2 earnings call has proven to outperform current AI chatbot agents in our alpha testing.

最後，我非常興奮地宣布，我在第二季財報電話會議上提到的專門針對行為健康的大型語言模型，在我們的 alpha 測試中已被證明優於當前的 AI 聊天機器人代理。

Our proprietary LLM has been trained on hundreds of millions of anonymized therapy transcripts and rigorously tested for safety and therapeutic quality, and we envision it will serve as a therapy companion and clinical support tool. With that in mind, I want to address the issue of AI and mental health and the crisis that has emerged generating the recent headlines of high profile cases in the press of significant injury and fatalities as a result of people interacting with general purpose LLMs to address mental health issues.

我們專有的 LLM 已經過數億份匿名治療記錄的訓練，並經過嚴格的安全性和治療品質測試，我們設想它將成為治療伴侶和臨床支援工具。有鑑於此，我想探討人工智慧與心理健康問題，以及最近媒體報道的人們使用通用人工智慧解決心理健康問題而導致重大傷害和死亡的重大危機。

Many have noted that the chatbots can be dangerous as they provide instant unrestricted validation and reassurance to users are too empathetic or sycophantic, are constantly affirming bad behaviour, and are always cheerfully adaptive during conversation that flatters rather than challenges ongoing issues.

許多人指出，聊天機器人可能很危險，因為它們會立即給予用戶不受限制的認可和保證，過於同情或諂媚，不斷肯定不良行為，並且在對話中總是愉快地適應，奉承而不是挑戰正在發生的問題。

This has resulted in social deskilling and an erosion of real world interactive skills. They fail to challenge delusions or reinforce reality, lack real-time risk identification, lack clinical oversight, and there is no HIPAA protection.

這導致了社交技能的退化和現實世界互動技能的削弱。它們既不能挑戰妄想，也不能強化現實，缺乏即時風險識別，缺乏臨床監督，也沒有 HIPAA 保護。

We would note that even as companies work to address some of these issues, they do not have all of the necessary capabilities or experience to more fully protect users. We recognize that these inadequacies of others is a unique opportunity for us. Our significant investment in an AI model combined with our other capabilities will offer individuals a significantly better and safer experience.

我們注意到，即使各公司都在努力解決其中一些問題，但它們並不具備全面保護使用者所需的全部能力或經驗。我們認識到，他人的這些不足對我們來說是一個獨特的機會。我們在人工智慧模型方面的大量投資，結合我們的其他能力，將為個人提供更好、更安全的體驗。

This new model that we have developed sets a new standard for both therapeutic efficacy and user safety, unlike general purpose LLMs available today. Utilizing our database, the model was trained on hundreds of millions of tokens from anonymized and graded talks-based therapy transcripts.

我們開發的這種新模型在治療效果和使用者安全性方面都樹立了新的標準，這與目前市面上通用的LLM不同。利用我們的資料庫，該模型使用來自匿名化和分級談話療法記錄的數億個標記進行訓練。

In testing, the model consistently outperforms both open-source baselines and state of the art models in responding to high risk mental health situations including self-harm, hallucinations, OCD, mania, and delusions. In fact, in a recent test, our model, when compared to general purpose models without this specialized fine tuning, delivered a 50% improvement in identifying and responding to high-risk behaviours, a 47% higher therapeutic quality score on the cognitive therapy rating scale, and a three times higher user satisfaction than the base model. We expect that these early results will get even better over time as we refine the model in further testing cycles.

在測試中，該模型在應對高風險心理健康狀況（包括自殘、幻覺、強迫症、躁狂症和妄想）方面，始終優於開源基線和最先進的模型。事實上，在最近的一次測試中，與沒有進行這種專門微調的通用模型相比，我們的模型在識別和應對高風險行為方面提高了 50%，在認知療法評級量表上的治療品質評分提高了 47%，用戶滿意度是基礎模型的三倍。我們預計，隨著我們在進一步的測試週期中不斷完善模型，這些早期結果會隨著時間的推移而變得更好。

More importantly, our product is being built with significant clinical oversight, real-time risk determination, immediate referral to a live therapist, human in the loop, and with HIPAA protection to protect patients' personal information.

更重要的是，我們的產品是在嚴格的臨床監督、即時風險評估、立即轉介給真人治療師、人工參與以及符合 HIPAA 標準的保護下開發的，以保護患者的個人資訊。

These are unique and core skills that are already available to our tox space members through their personal interactions with their therapists.

這些都是獨特的核心技能，我們的毒理空間成員已經可以透過與治療師的個人互動來獲得這些技能。

Additionally, our model can be used as an engagement tool for intake screening for multiple different types of patients and as an engagement tool in between sessions.

此外，我們的模型可以用作多種不同類型患者的入院篩檢互動工具，也可以用作會診間隙的互動工具。

We see the development of our safe talk space AI agent proprietary LLM as a large new opportunity with significant potential upside for our existing business and significant opportunity for new products. We expect to launch a full product offering in the first half of 2026, but believe there are a number of unique and significant commercial opportunities in the near term.

我們認為，我們自主研發的安全對話空間人工智慧代理LLM，為我們現有的業務帶來了巨大的潛在成長空間，並為新產品開發帶來了巨大的機會。我們預計將於 2026 年上半年推出全系列產品，但相信短期內會有許多獨特且重要的商業機會。

We expect to focus initially on several of these near term opportunities that take advantage of our existing commercial infrastructure and brand presence, including as an affordable alternative for consumers and an attractive alternative for employers to provide a low cost alternative to their employees.

我們預計初期將重點放在幾個近期機遇，充分利用我們現有的商業基礎設施和品牌影響力，包括為消費者提供價格實惠的選擇，以及為雇主提供低成本的員工替代方案。

Over time we anticipate being able to work with our existing payer partners to offer to their network members a reimbursable alternative.

隨著時間的推移，我們預計能夠與現有的支付方合作夥伴合作，為其網路成員提供可報銷的替代方案。

Importantly, all of these early products will remain HIPAA compliant and provide real-time clinical oversight with the availability for immediate referral to a live therapist in our existing network. We look forward to providing updates on this important initiative over the coming months.

重要的是，所有這些早期產品都將符合 HIPAA 標準，並提供即時臨床監督，用戶可立即轉診至我們現有網路中的線上治療師。我們期待在未來幾個月內向大家通報這項重要措施的最新進展。

I'm proud of all our team has accomplished so far this year. And no, we are set up for even greater success ahead. Now I'll turn the call over to Ian to review the financials in more detail.

我為我們團隊今年迄今為止的所有成就感到自豪。不，我們已經為未來更大的成功做好了準備。現在我將把電話交給伊恩，讓他更詳細地審查財務數據。

Thanks, John, and good morning everyone.

謝謝你，約翰，大家早安。

In the third quarter, we continue to execute on our growth and profitability objectives while maintaining strong operational discipline.

第三季度，我們持續推動成長和獲利目標，同時保持嚴格的營運紀律。

First, I'll review our quarterly financial performance and then provide an update on our outlook for the remainder of the year.

首先，我將回顧我們本季的財務業績，然後對今年剩餘時間的展望進行更新。

Starting with the third quarter results, total net revenue was $59.4 million, an increase of 25% year over year and 9% sequentially.

從第三季業績來看，總淨收入為 5,940 萬美元，年增 25%，季增 9%。

The accelerating momentum in our payer business is a result of our strategic product investments over the last several quarters as well as our efficient marketing approach throughout the year.

我們支付方業務的加速成長勢頭，得益於過去幾季的策略性產品投資以及全年高效的行銷策略。

Payer revenue grew 42% year on year and 12% sequentially to $45.5 million.

支付方營收年增 42%，季增 12%，達到 4,550 萬美元。

This performance reflects the continued adoption and our collaboration with payer partners resulting in higher member engagement within our payer populations.

這項績效反映了我們與支付方合作夥伴的持續合作，從而提高了支付方成員的參與度。

During the quarter, we completed more than 432,000 payer sessions, up 12% sequentially and up 37% year over year.

本季度，我們完成了超過 432,000 次付費用戶會話，較上季成長 12%，較去年同期成長 37%。

The strong session growth was driven by a 29% increase in unique active payer members to over 120,000, which represents our highest quarterly figure since the company's inception.

會話量的強勁增長得益於活躍付費會員人數增長了 29%，超過 12 萬，這是該公司成立以來最高的季度數字。

And reflects one of the benefits of the payer business line, where past cohorts compound over time as members exhibit longer retention rates than out of pocket members.

這反映了支付方業務線的優勢之一，即過去的群體會隨著時間的推移而不斷累積，因為會員的留存率比自費會員更高。

Direct to enterprise revenue was $9.3 million, down 1% year on year and 2% sequentially.

直接面向企業的收入為 930 萬美元，年減 1%，季減 2%。

Similar to last quarter, our renewal rates were strong, but as John mentioned, we experienced slight delays in a couple of material launches that were moved from Q3 to Q4.

與上個季度類似，我們的續約率表現強勁，但正如約翰所提到的，我們在幾個從第三季度推遲到第四季度的重大產品發布方面遇到了一些小的延誤。

We have high visibility into sequential growth for Q4 thanks in part to the Q4 launches of those third quarter new client wins.

由於第三季贏得的新客戶在第四季陸續推出產品，我們對第四季的環比成長有了清晰的了解。

Consumer revenue from people paying out of pocket totalled $4.6 million in the quarter, up from $4.4 million last quarter, but a declined versus $6 million a year ago as we now cover more Americans via in-network benefits and we optimize our checkout funnel to direct members to use their covered benefits.

本季消費者自費收入總計 460 萬美元，高於上一季的 440 萬美元，但與去年同期的 600 萬美元相比有所下降，因為我們現在透過網路內福利覆蓋了更多美國人，並且我們優化了結帳流程，引導會員使用其承保福利。

Adjusted gross profit was $24.6 million, up 13% year over year and up 5% sequentially, representing a 41.5% gross margin compared to 43.1% in the prior quarter.

經調整後的毛利為 2,460 萬美元，較去年同期成長 13%，較上季成長 5%，毛利率為 41.5%，而上一季為 43.1%。

The sequential decline in gross margin was driven in part by the continued overall mix shift toward payer revenue.

毛利率環比下降的部分原因是整體收入結構持續向支付方收入傾斜。

As well as the timing of selective network hiring in certain areas in anticipation of increased demand, which we expect to normalize in Q4.

此外，我們還計劃在某些地區有選擇地進行網路招聘，以應對預計在第四季度增長的需求，我們預計這種需求將恢復正常。

Total operating expenses were $22.4 million, down 11% sequentially and up 4% year over year.

總營運支出為 2,240 萬美元，較上季下降 11%，較去年同期成長 4%。

As a percentage of revenue, OpEx, excluding stock-based comp and non-recurring expenses, declined to 34% versus 40% in Q2 and 41% a year ago, driven by disciplined expense management and continued operating leverage as revenue growth outpaces a relatively fixed cost base.

營運支出（不包括股票選擇權激勵和非經常性支出）佔收入的百分比下降至 34%，而第二季為 40%，去年同期為 41%，這得益於嚴格的費用管理和持續的營運槓桿作用，因為收入成長超過了相對固定的成本基礎。

Augustadi Baag grew 111% year over year to $5.0 million compared to $2.3 million in Q2 and $2.4 million a year ago.

Augustadi Baag 年成長 111%，達到 500 萬美元，而第二季為 230 萬美元，去年同期為 240 萬美元。

Adjusted margin expanded to 8.4% versus 5% a year ago, again demonstrating the operating leverage inherent in the business.

經過調整後的利潤率從一年前的 5% 擴大到 8.4%，再次證明了該業務固有的營運槓桿作用。

Turning to the balance sheet.

接下來看一下資產負債表。

We ended the quarter with $96 million in cash and equivalents, including available for sale securities and restricted cash.

本季末，我們持有現金及等價物9,600萬美元，其中包括可供出售的證券和受限現金。

This was down $7 million sequentially, primarily due to our share repurchase activity.

這比上一季減少了 700 萬美元，主要是由於我們的股票回購活動。

We bought back nearly $9 million of stock in the quarter, bringing our year-to-date share repurchases to $17.2 million.

本季我們回購了近 900 萬美元的股票，使我們今年迄今的股票回購總額達到 1,720 萬美元。

Finally, turning to our outlook, we are narrowing our full year guidance ranges for 2025 as follows.

最後，展望未來，我們將 2025 年全年業績預期範圍縮小如下。

We now expect revenue to be between $226 million and $230 million, which represents year to year growth of 20% to 23%.

我們現在預計營收將在 2.26 億美元至 2.3 億美元之間，年增 20% 至 23%。

This compares to the prior range of $220 million to $235 million.

這與先前 2.2 億美元至 2.35 億美元的範圍相比有所擴大。

We now expect adjusted IBADA to be between $14 million and $16 million versus the prior range of $14 million to $20 million.

我們現在預計調整後的 IBADA 將在 1,400 萬美元至 1,600 萬美元之間，而先前預期的範圍為 1,400 萬美元至 2,000 萬美元。

As we've shared today and is evident in our improving KPIs and accelerating revenue growth, especially in our payer business.

正如我們今天所分享的，這一點在我們不斷改善的關鍵績效指標和加速的收入成長中顯而易見，尤其是在我們的支付方業務方面。

The strategic investments we've made in both marketing and to improve our technology and product platforms over the course of 2025 are paying off.

我們在 2025 年期間對行銷以及改進技術和產品平台的策略性投資正在取得成效。

While these investments impact our near-term profitability, as reflected in the updated guidance, they also lay the groundwork for sustainable growth for both our top and bottom lines in the near term as well as into 2026.

雖然這些投資會影響我們近期的獲利能力（如更新後的績效指引所示），但它們也為我們近期以及到 2026 年的營收和利潤的可持續成長奠定了基礎。

We've made meaningful progress across the company so far this year, both from a clinical and operational standpoint.

今年以來，無論從臨床或營運角度來看，公司都取得了實質的進展。

I believe we're ending the year on a very solid foundation.

我相信我們今年的收官之戰打下了非常堅實的基礎。

With that operator we can open the call for questions.

透過該操作員，我們可以開啟提問環節。

At this time, I would like to remind everyone, in order to ask a question, please press star, followed by the number one on a telephone keypad.

在此，我想提醒大家，要提問，請按星號鍵，然後按電話鍵盤上的數字 1。

Your first question comes from the line of Steven Dechert with KeyBanc, please go ahead.

您的第一個問題來自 KeyBanc 的 Steven Dechert，請繼續。

Hey, thanks guys. .

嘿，謝謝大家。。

Around the large language models, how will those be integrated into the Talkspace app and then How do you plan to monetize that? Will that, will there be like a subscription or just something that will be included if you're an existing patient for free? Thanks.

關於大型語言模型，它們將如何整合到 Talkspace 應用程式中？以及你們計劃如何獲利？那會是需要訂閱才能享受的服務，還是現有病患可以免費取得？謝謝。

So, thanks for the question. It will be integrated into our network.

謝謝你的提問。它將被整合到我們的網路中。

We also have, we're also building this clinical oversight piece of it so we're able to Watch for anybody that needs off ramping. So that's part of the new patient journey that will be part of this, depending on which population uses it.

我們也建立了臨床監督機制，以便能夠觀察任何需要退出治療方案的人。所以，這是新病患就醫流程的一部分，取決於哪些人群會使用它。

We have multiple areas you may have seen that we can monetize this, whether it's large populations, consumers, employers.

您可能已經看到，我們可以從多個領域中獲利，無論是龐大的人口群體、消費者還是雇主。

So that the model and the patient journey for each of those will be different.

因此，每種模式和患者就診流程都會有所不同。

So my answer to your question is really stay tuned until we're ready to really bring it to market, which will be early 2026, but each one of those will have actually, a different impact on us relative to the how we commercialize that particular entity.

所以，對於你的問題，我的回答是，請繼續關注，直到我們準備好真正將其推向市場，大概是 2026 年初。但實際上，每一項都會對我們產生不同的影響，這取決於我們如何將該特定實體商業化。

Okay, and then maybe as a follow-up, could you talk about some of the changes you've made to the matching algorithm that's driving the stronger retention that you see you're seeing?

好的，接下來能否請您談談您對匹配演算法所做的一些更改，這些更改促成了您目前看到的更高的用戶留存率？

Thank you.

謝謝。

I think the most important part of there is the We get people in and we actually tell them that we're going to make an appointment for them. Subsequently, we then in some circumstances find an appropriate match for them as opposed to matching them right off the bat. So that's one initiative. The second is our ability to schedule people for multiple sessions.

我認為最重要的部分是，我們把人叫進來，然後告訴他們我們會為他們預約。隨後，在某些情況下，我們會為他們找到合適的配對對象，而不是一開始就直接配對。這是其中一項舉措。第二點是我們能夠安排人們參加多個課程。

Or into time slots of what they're looking for has significantly improved to help drive that part of the registration process.

或者說，他們所尋找的內容的時間段已經得到了顯著改善，這有助於推動註冊流程的這一部分。

Yeah, Steve, it's Ian. Good morning. I wouldn't say there's really one or even a handful of things we can point to directly that impact it. It's really a multitude of small tweaks that all have a really positive compounding effect when stacked together, so.

是的，史蒂夫，我是伊恩。早安.我不會說真的有那麼一件甚至幾件事可以直接指出是造成這種情況的原因。實際上，這是許多小調整疊加起來產生的非常積極的複利效應。

It's dramatically simplifying our registration flow. It's network management where we're, dynamically looking at supply demand and sort of having that supply management outlook we're looking both in the near term, twelve weeks ahead, but also, from a broader network planning quarters ahead.

它極大地簡化了我們的註冊流程。我們正在進行網路管理，動態地關注供需情況，並制定供應管理展望，我們既著眼​​於近期（未來十二週），也著眼於更廣泛的網路規劃（未來幾季）。

Even you know we're getting at specifics like days of the week, times of the day, which states, and making sure that we're engaging our network to open up schedules and availability such that when people come in, we know, in addition to cost which we've talked about in the past, we know that scheduling is a is a huge criteria in terms of that consumer choice to go through with their.

即使您也知道，我們正在關注具體細節，例如一周中的哪幾天、一天中的時間、哪些州，並確保我們與我們的合作夥伴網絡合作，開放時間表和可用性，這樣當人們進來時，除了我們過去討論過的成本之外，我們也知道，就消費者的選擇而言，時間安排是一個重要的標準。

A decision to proceed or not.

是否繼續進行的決定。

Okay, thanks guys.

好的，謝謝大家。

Your next question comes from the line of Charles Ryz with TD Cowan.

你的下一個問題來自 Charles Ryz 和 TD Cowan 的對話。

Please go ahead.

請繼續。

Hey, this is Ethan on for Charles. Thanks for taking the question. So, it looks like KPIs are doing pretty well, and are you guys comfortable, do you think, with the number of credential therapists you have right now in your network, or do you think you might have to potentially grow that number in the near or medium term? Thanks.

大家好，我是伊森，替查爾斯報道。感謝您回答這個問題。看來關鍵績效指標 (KPI) 表現相當不錯，你們對目前網路中擁有的認證治療師數量感到滿意嗎？還是認為在近期或中期內可能需要增加這個數字？謝謝。

Yeah, we're definitely comfortable with where we stand today. I mean every again we're meeting even at the senior executive level weekly on this exact issue for capacity planning because obviously it's quarter of what we do.

是的，我們對目前的狀況非常滿意。我的意思是，我們每週都會在高階主管層級就產能規劃這個問題開會，因為這顯然佔了我們工作的四分之一。

I'd say in general we feel good about where we are. We're constantly pruning, adding, it’s hard to talk about it sort of in the aggregate because we're getting down very specific to what are they credentialed for realms of expertise.

總的來說，我們對目前的狀況感到滿意。我們一直在精簡、擴充人員，很難從整體上談論這件事，因為我們非常具體地關注他們在哪些專業領域擁有資格。

Are they a 1099 versus a W-2? What what's their ultimate capacity and what geographies are they in? Just to name a few of the variables we have to plan around, but I touched on that actually in my prepared remarks around our gross margin, the sequential change from Q2 to Q3. Some of that was actually we did some hiring in our network sort of to get out in front of anticipated demand which we saw in Q3 and. Candidly, what we're seeing in Q4, more of the same of that very strong pay demand. So that was a little bit of a drag on gross margins in Q3 as we hired sort of ahead of that demand, but where we sent it, we feel very good about the health of the network overall.

他們是依照1099表格申報還是依照W-2表格申報？它們的最終容量是多少？它們分佈在哪些地區？這只是我們需要規劃的眾多變數中的幾個例子，但我在關於毛利率的準備發言中實際上已經談到了這一點，即從第二季度到第三季度的環比變化。實際上，其中一部分原因是我們在我們的網路中進行了一些招聘，以提前滿足我們在第三季度看到的預期需求。坦白說，我們在第四季看到的是，這種強勁的薪資需求仍然存在。因此，由於我們提前招募了員工以滿足需求，這在一定程度上拖累了第三季的毛利率，但就我們派出的員工而言，我們對整個網路的健康狀況感到非常滿意。

Okay, that's super helpful.

好的，這太有幫助了。

Thank you. If you don't mind me taking a quick follow-up, so it looks like S&M ramped down in the quarter and this is pretty consistent with what you guys have been messaging, but just how should we think about the run rate of marketing spends going forward?

謝謝。如果你不介意我再快速跟進一下，看起來本季度銷售和行銷方面的投入有所減少，這與你們一直以來傳達的訊息基本一致，但是我們應該如何看待未來行銷支出的運行速度呢？

Yeah, so it was down a little bit sequentially, obviously up, I think about a million.

是的，所以它先是略有下降，然後又明顯上升，我想大概上升了100萬左右。

Year on year and what I would reiterate is we're very, how should I say this like it's a very high bar for marketing we don't spend it lightly and so we're, we were comfortable adding versus a year ago because of the efficiency and the very strong ROI we're seeing and I think that came through in the KPIs for payer last quarter and again this quarter just looking at the new user growth which is a very good forward indicator. Of sessions that are going to come and obviously in a fee for service model therefore payer revenue that's to come.

與去年相比，我想重申的是，我們對行銷的要求非常高，我們不會輕易投入資金。因此，我們願意增加投入，與去年同期相比，因為我們看到了效率和非常強勁的投資回報率。我認為這一點在上個季度和本季的付費用戶關鍵績效指標中都有所體現，看看新用戶成長就知道了，這是一個非常好的前瞻性指標。即將開展的課程顯然會採用按服務收費的模式，因此也會有付費方的收入。

So going forward I think kind of where we are in Q3 is a is an okay proxy for Q4, we'll obviously come back to you all on sort of 26 guidance, next quarter. What I would say is, the sort of in our narrowed guidance for 25% that 20% to 23%. Growth range I would expect for next year another 20% plus top-line growth which obviously requires some marking to support it but it wouldn't be too dramatically different from this year.

所以展望未來，我認為我們第三季的情況可以作為第四季的一個參考，我們顯然會在下個季度向大家公佈26的業績指引。我想說的是，在我們縮小的指導範圍中，原本預計為 25%，現在則是 20% 到 23%。我預計明年營收將再成長 20% 以上，這顯然需要一些業績來支撐，但不會與今年有太大的不同。

Okay, that's really helpful.

好的，這真的很有幫助。

Thank you.

謝謝。

The next question comes from the line of Ryan McDonald with Needham.

下一個問題來自 Ryan McDonald 和 Needham 的連線。

Please go ahead.

請繼續。

Thanks for taking my questions.

謝謝您回答我的問題。

Congrats on the continued success in the payer channel. If we kind of break down sort of the growth in active members utilization, can you just talk about sort of how much you go tribute to sort of the core commercial population versus obviously the continued growth in lives in the Medicare population thus far.

恭喜你們在付費管道持續取得成功。如果我們分析一下活躍會員使用率的成長情況，您能否談談這其中有多少要歸功於核心商業人群，又有多少要歸功於迄今為止醫療保險人群的持續增長？

Thanks.

謝謝。

Yeah, I think, as you can imagine, the significant growth continues to be on the commercial side of the business.

是的，我想，正如你所想，業務的顯著成長仍然體現在商業方面。

We are seeing continued growth in Medicare. We are seeing, I would say significant uptake on the military initiatives that we're doing right now. So, all of it is moving at the same.

我們看到聯邦醫療保險（Medicare）業務持續成長。我認為，我們目前正在實施的軍事措施得到了顯著的回應。所以，它們都在同時運動。

Almost the same pace, but there's no question that the commercial payer orbit is significantly contributing to the increase in both registration and sessions.

雖然增速幾乎相同，但毫無疑問，商業支付方的參與對註冊人數和療程數量的增長都做出了顯著貢獻。

That's helpful. And then as you think about the WisDO health acquisition and starting to integrate that, how can you, what can that do to help sort of open up more of the Medicare opportunity for you or drive more sort of active engagement there? And then is there anything from a marketing perspective you're doing during open enrollment here to really TRY to ramp up those efforts this year? Thanks.

那很有幫助。然後，當您考慮收購 WisDO 健康並開始整合時，您如何才能、如何幫助您開拓更多 Medicare 機會或推動更積極的參與？那麼，從行銷的角度來看，在開放註冊期間，你們有沒有採取什麼措施來真正努力增加今年的推廣力道？謝謝。

Yeah, that's a great question. So, there's no question that the WisDO integration into our Medicare strategy we think will provide, some significant uptick because of the group coaching that they offer. We have, we are finding that that a significant number of seniors like the idea of group coaching and peer to peer and people who have experienced what they have, particularly around the loneliness issue. So, we do think that as a as a, significant uptick relative to the Medicare population. I'm not, I understand your question relative to open enrollment. I'm not sure what the impact of that would be, it's certainly unknown relative to the Medicare Advantage population, so I don't, I can't answer that. it's to be seen about what happens in open enrollment, but remember our core issue is pitching, directly to patients once they've signed up.

是的，這是一個很好的問題。因此，毫無疑問，我們認為將 WisDO 整合到我們的 Medicare 策略中，將會因為他們提供的團體輔導而帶來顯著的成長。我們發現，許多老年人喜歡小組輔導和同儕互助的想法，也喜歡與有類似經驗的人交流，尤其是在孤獨問題上。所以，我們認為相對於醫療保險人群而言，這是一個顯著的成長。我不是，我理解你關於開放註冊的問題。我不確定這會產生什麼影響，尤其對於參加聯邦醫療保險優勢計劃的人群來說，影響更是未知，所以我無法回答這個問題。開放註冊期間的情況還有待觀察，但請記住，我們的核心問題是，在患者註冊後直接向他們推銷。

I would also, I just want to reiterate a little bit on the wisDO of the Novo Nordisk announcement that we made as part of it, is really, significant.

我還要重申一下，我們作為諾和諾德公司發佈公告的一部分所表達的觀點，這確實意義重大。

Positive issue relative to the WisDO go to market strategy. It was very clear that the people who are taking GLPs relative to weight management are really looking for a group coaching solution to help them get through it by seeing and interacting with other people who are going through the journey.

對於 WisDO 的市場推廣策略而言，這是一個正面的訊號。很明顯，那些服用 GLP 進行體重管理的人，實際上正在尋找一種團體輔導解決方案，透過與其他正在經歷同樣過程的人見面和互動，來幫助他們度過難關。

So just a quick following note, Ryan.

瑞恩，我再補充一點。

Brian, a quick modeling note on that point, so the wizard revenue will show up for something like the GLP1 program with Novo and their and their we go app that'll show up in DTE revenue.

Brian，關於這一點，我快速地提一下建模方面的說明，所以嚮導收入會出現在類似 Novo 的 GLP1 項目以及他們的 we go 應用程序上，這些都會出現在 DTE 收入中。

And then to your earlier question, signing up our existing payers, which I would say to date the receptivity and interest from Talk spaces existing payer partners has really pleasantly surprised us. Their interest in potentially adding on WisDOo as another benefit that will obviously show up in in payer revenue, so it won't be broken out separately per see.

至於你之前的問題，關於簽署我們現有的付款方，我想說，到目前為止，Talkspace 現有付款方合作夥伴的接受度和興趣真的讓我們驚喜不已。他們有意將 WisDOo 作為另一項福利加入，這顯然會增加支付方的收入，因此不會單獨列出。

Thanks for clarifying that, I appreciate it.

謝謝你的解釋，非常感謝。

Next question comes from the line of Richard Close with Cancorgenuity.

下一個問題來自 Richard Close 的 Cancorgenuity。

Please go ahead.

請繼續。

Yeah, thanks for the question. Congratulations on the results and all the update here. Just maybe to pull the thread on WisDO and the pharma opportunity, can you talk a little bit about how you see that playing out? Is this just a one off, with Novo or how are you thinking about, really penetrating that market?

謝謝你的提問。恭喜取得好成績，也感謝這裡的所有更新。或許可以藉此機會談談 WisDO 和製藥業的機遇，您能否談談您認為這將如何發展？這只是與Novo的一次性合作，還是你們打算如何真正打入這個市場？

Yeah, I won't discuss the specifics of the relationship with Novo. I would tell you that as you can imagine that the number of people that are getting Wagobe and what percentage of them are going to are really looking for this kind of application to help them get through their journey. What it does is it really helps people develop the habits to continue to stay on the drug. Well, we are, that's what we will look at other Similar opportunities in the form of space in a general sense, but we need to get this one Honestly right the first time around, so I would say more to come on that.

是的，我不會討論與Novo關係的具體細節。我可以告訴你，你可以想像，使用 Wagobe 的人數以及其中有多少人真正希望這類應用程式來幫助他們度過難關。它的作用是幫助人們養成繼續吸毒的習慣。嗯，我們確實在考慮，我們會從廣義上講，尋找其他類似的太空領域機會，但我們必須確保這次機會第一次就把握好，所以關於這一點，我之後會說更多。

Okay, and then, just maybe on the AI front appreciate the comments there, and John calling out, I guess some of the downfall of other.

好的，然後，在人工智慧方面，或許應該感謝那裡的評論，以及約翰指出的其他一些失敗之處。

You know LLM models and dealing with mental health, are there, do you see opportunities for talk space as maybe, partnering with some of those other companies in terms of, providing the clinical oversight, that's associated with your offering.

您了解LLM模型和處理心理健康問題，您是否看到在對話空間方面的機會，例如與一些其他公司合作，提供與您的產品相關的臨床監督。

Just any thoughts there in terms of partnership opportunities?

關於合作機會，您有什麼想法嗎？

Yeah, so the answer is absolutely yes. We do have a significant, you've heard me talk about it. I think we have a significant differential advantage relative to the other LLM specifically that we have the provider network.

是的，答案絕對是肯定的。我們確實有一個重要的問題，你也聽我說過。我認為我們相對於其他LLM公司具有顯著的差異化優勢，特別是我們擁有供應商網路。

We actually know how to deal with mental health journeys.

我們其實知道如何應對心理健康問題。

And I think what's, nuanced a little bit is if you're in another LLM and you need therapy and you need to see a therapist, we're a network. So, what that means is if we have a continue seamless journey relative to the others, patients who need therapy essentially are going to be probably covered so they don't have to pay more. If you're on one of the other LLMs and you need therapy or need to go outside the network, the question is who's going to who's going to pay for that. So, it's a long-winded answer to, I do think there are licensing and other potential opportunities with other players out there.

我認為，稍微微妙一點的是，如果你正在攻讀另一個法學碩士學位，你需要接受治療，你需要去看心理醫生，我們是一個網絡。這意味著，如果我們能繼續提供與其他患者一樣順暢的治療流程，那麼需要治療的患者基本上都能得到保障，無需支付更多費用。如果你參加的是其他LLM計劃，並且需要接受治療或需要在網路外就醫，那麼問題是誰來支付這筆費用。所以，我的回答有點冗長，但我確實認為與其他玩家有授權和其他潛在機會。

Okay, thank you.

好的，謝謝。

The next question comes from the line of Bobby Brooks with Northland Capital Market.

下一個問題來自 Northland Capital Market 的 Bobby Brooks。

Please go ahead. Hey.

請繼續。嘿。

Hey, good morning, guys.

嘿，大家早安。

Thank you for taking my question. It was great to see a second straight quarter where all the year over year growth KPIs on utilization for payer accelerated, and I was just curious if we could dive a little bit deeper of the factors that were driving that. I know over the last two quarters you had mentioned you do monthly record signups for new users, and that was sort of a key. Is that still occurring? Just hoping to get a little more colour on that.

感謝您回答我的問題。很高興看到支付方的各項利用率指標連續第二個季度同比增長，我很好奇我們是否可以更深入地探討一下推動這一增長的因素。我知道在過去的兩個季度裡，你曾提到你們每個月的新用戶註冊量都創下了紀錄，這在某種程度上是一個關鍵因素。這種情況還在發生嗎？希望能了解更多細節。

Hey Bobby, thanks for the question.

嘿，鮑比，謝謝你的提問。

The short answer is yes. So, I think what you're referring to last quarter sequentially.

簡而言之，答案是肯定的。所以，我想你指的是上個季度的環比成長。

In terms of quarterly unique active payer members, we saw about a 10,000 user step up from Q1 to Q2 and saw pretty much the same step up Q2 to Q3 and as.

就季度獨立活躍付費會員數量而言，我們看到從第一季到第二季大約有 10,000 名用戶增加，從第二季到第三季也看到了幾乎相同的成長。

As I mentioned earlier, that's a really good leading indicator for pair revenue. We have very high visibility to sort of the retention of a of a new group adding on to the platform in a month and sort of what those cohort curves look like, so from a supply.

正如我之前提到的，這確實是衡量交易對收入的一個非常好的領先指標。我們對一個月內加入平台的新用戶的留存情況以及這些用戶群的曲線形狀有非常高的可見性，因此從供應的角度來看是如此。

Capacity planning standpoint that's very helpful and yes I mean you'll you saw it again this quarter which obviously.

從產能規劃的角度來看，這非常有幫助，是的，我的意思是，你在這個季度又看到了這一點，這顯然。

Putting 2 and 2 together there bodes very well for our visibility to pair revenue for Q4 where again we grew 29% the users this quarter versus a year ago.

綜合來看，這預示著我們第四季的營收前景非常樂觀，本季我們的用戶數量比去年同期成長了 29%。

The sessions also grew 37% and then you can do the math. You saw a little bit of a benefit year on year, sort of mid-signal digits in terms of sessions per member and again some of that is around the product changes we're doing to engage folks. Some of that is actually in John's remarks he talked about a relaunch of Psy, and as part of that we're doing a much better job, much more concerted effort. In sort of that cross referral between therapy and site that you know a year ago we were we were candidly not very focused on. So sessions per member also going up, price going up, users going up, and that's why you're getting that really that 42% growth in payer it's sort of a function of all that just to double click on the new user piece.

會話次數也增加了 37%，你可以自己算算。我們看到，每年都有一些成長，每個成員的會話次數達到了中等水平，這其中一部分原因在於我們為了吸引用戶而進行的產品變革。約翰的演講中確實提到了這一點，他談到了 Psy 的重新推出，作為其中的一部分，我們正在做得更好，並付出了更多努力。就像一年前我們坦率地說不太關注的治療和站點之間的交叉轉診一樣。因此，每位會員的會話次數、價格和使用者數量都在增加，這就是為什麼付費用戶成長了 42%，這實際上是所有這些因素共同作用的結果，只需雙擊新用戶部分即可。

Marketing for us gets, we've touched on and again the efficiency metrics and ROIs we're seeing there are still very good. We're very pleased with it and that's why we had filled the marketing up about a million bucks from a year ago.

我們已經談到了行銷，而且我們看到的效率指標和投資回報率仍然非常好。我們對此感到非常滿意，這也是為什麼我們從一年前就開始投入大約一百萬美元用於行銷的原因。

We've talked in the past, less so this quarter, but the level of collaboration and candidly.

我們過去曾討論過這個問題，本季討論得比較少，但合作的程度和坦誠度都很重要。

The sort of effort and resources from our payer partners that they're dedicating to making it a more seamless integration to get to TalkSpace has been also a very big benefit in terms of new users. So, when we talk about the directory integrations and getting more embedded into their payer portals to make it a more seamless transition, that's been, I mean, years and years in the making to get to the point where, all the clinical quality, all the safety, all the outcomes. Data that we're sharing with them and they've been pleased with for multiple years you can imagine these managed care orgs with very.

我們的支付方合作夥伴投入了大量精力和資源，使用戶能夠更順暢地連接到 TalkSpace，這對於吸引新用戶來說也是一個巨大的優勢。所以，當我們談到目錄整合以及更多地嵌入到他們的支付方入口網站中以實現更無縫的過渡時，我的意思是，這已經是經過多年的努力才達到的，所有臨床品質、所有安全性、所有結果。我們與他們分享的數據，他們多年來一直很滿意，你可以想像這些醫療管理機構有多滿意。

Long list of priorities to be able to get that dedicated resource and attention from them to go through these sort of technological integrations it's a very high hurdle and I think it's a testament to the job we're performing for them so that leads to significant user growth as well.

要獲得他們的專項資源和關注來進行這類技術整合，需要優先處理的事情有很多，這是一個非常高的門檻，我認為這證明了我們為他們所做的工作是卓有成效的，這也帶來了顯著的用戶增長。

Got it, that's super helpful and then just maybe double.

明白了，這太有幫助了，然後也許可以再加倍。

Responding to the directory integrations I know in the past you had talked I think it was like you're integrated with one payer system it seems like maybe that's now expanded to some others just any.

關於目錄集成，我知道你過去曾談到過，我記得你好像是與一個付款人系統集成的，現在看來可能已經擴展到其他一些系統了。

Thoughts on that?

你對此有何看法？

Yeah, we, so the answer is yes. We will be in several other national players, most likely probably in Q4 and rolling into 2026, but those are really close, I'll tell you to the to the finish line, which will, as I said, probably happen in Q4, which will continually have a, significantly positive impact on the ability of people to book sessions without having to leave the payer platform.

是的，我們，所以答案是肯定的。我們將與其他幾家全國性公司合作，很可能在第四季度，並持續到 2026 年，但這些合作真的非常接近尾聲了，我可以告訴你，正如我所說，這很可能在第四季度發生，這將持續對人們無需離開付費平台即可預訂課程的能力產生顯著的積極影響。

So I just I think what you're asking is it that those new additions are on the com, those are not reflected in the Q3 results.

所以，我想你問的是，這些新增內容是否已上線，但並未反映在第三季業績。

Thank you. That's helpful, Colin. I'm sorry if I missed this if you discussed it earlier, but Could you maybe just discuss, the factors underpinning the guidance range tightening, specifically on EEA, is it, are you just spending a little bit more in anticipation of, more I know you're the gross margins are lower on high on some selective hiring anticipating more demand, is that okay, so that's kind of the driver for the change.

謝謝。那很有幫助，科林。如果您之前已經討論過，而我錯過了，我深感抱歉。您能否談談收緊業績指引範圍的因素，特別是關於歐洲經濟區的？是因為你們預期需求增加，所以增加了一些支出嗎？我知道你們的毛利率較低，而且為了應對更高的需求，你們進行了一些有選擇性的招聘，是這樣嗎？所以這就是這次調整的驅動因素嗎？

Yeah, exactly. So, on the revenue tightening, we just, as you can see, tighten around the midpoint, I guess the new midpoint's a little bit higher than prior and then a couple million down on the EEA range, which is a couple factors. One is actually a function of the sort of DT commentary John laid out where some of our Q3 launches got delayed to October.

對，沒錯。所以，關於收入收緊，正如你所看到的，我們只是在中間點附近收緊，我想新的中間點比以前略高一些，然後歐洲經濟區範圍下降了幾百萬，這是幾個因素造成的。其中一個原因實際上是約翰提出的那種 DT 評論，導致我們第三季的一些產品發布推遲到了 10 月。

So they're live now and we'll see it in Q4, but you lose up to 25% of revenue and from that and then it's also in assessing sort of our.

所以它們現在已經上線了，我們將在第四季度看到結果，但你會損失高達 25% 的收入，而這也在評估我們的某種情況。

Classic sort of growth versus profitability given the returns we're seeing.

鑑於我們目前看到的收益，這屬於典型的成長與獲利能力之間的權衡。

And the acceleration in our KPIs, right, payer going from low 30%, beginning of the year, annualized growth to low 40% and wanting to continue that, given the opportunities that is there, we decided, a couple million bucks on EBITA to ensure that we're growing at least 20% in 2026 is a trade-off that makes a ton of sense.

我們的關鍵績效指標加速成長，支付方的年化成長率從年初的 30% 左右提高到 40% 左右，並考慮到目前的機會，我們希望繼續保持這種成長勢頭。因此，我們決定在 EBITA 上投入數百萬美元，以確保我們在 2026 年至少成長 20%，這是一個非常有意義的權衡。

I would agree with that logic. I'll return to the queue. Congrats on the great quarter.

我同意這種邏輯。我將重新排隊。恭喜你們本季業績出色。

Your next question comes from the line of Steven Vallaett with Mizuo.

你的下一個問題來自 Steven Vallaett 與 Mizuo 的合作系列。

Please go ahead.

請繼續。

Yeah, thanks. Let me offer my congrats on the results as well.

嗯，謝謝。我也要對取得的成績表示祝賀。

I guess my question is just kind of thinking ahead to next year. 2026 is the third year of your three year guidance you gave at the beginning of 2024. Just wondering if there's any plans right now to provide any sort of new long-term guidance, sometime next year or if that's still kind of TBD. Or are you going to just revert back to annual guidance it's just curious as you think about visibility and the business, how you're going to tackle the, kind of the forward look, just any preliminary thoughts around that might be helpful. Thanks.

我想問的是關於明年的一些想法。 2026年是您在2024年初提出的三年規劃的第三年。我想知道目前是否有計劃提供任何新的長期業績指引，例如明年某個時候，或者這是否仍待定。或者你們打算恢復年度業績指引嗎？我只是好奇，考慮到業務的可見性和發展前景，你們將如何應對這種前瞻性的展望？任何初步的想法都可能有所幫助。謝謝。

Yeah, thanks Steve.

謝謝你，史蒂夫。

I say TBD for now, but yes, to your point, the three year outlook we put out early 2024, what's for 2024, 2025, 2026.

目前暫定，但正如您所說，我們在 2024 年初發布的三年展望，對於 2024 年、2025 年、2026 年的情況如何，目前尚不確定。

We've largely delivered across that three year plan, right? So, it to remind folks it was a 20% to 25% topline keger which triggered 25% in 2024 year one.

我們基本上完成了三年計劃，對吧？所以，提醒大家，這是 20% 到 25% 的啤酒桶總收入，在 2024 年第一年觸發了 25% 的成長。

The narrow guidance is for low 20s in this year 2025 and so even to hit that outlook we could have much lower growth in 2026, but I want to make sure you hear, we think 2026 will look a lot like 2025 or potentially better, so at least 20% growth again. In 2026 and then getting to that sort of low double-digit 12.5% to 15% even the margin. So that's also very much the plan for 2026 obviously we will give more detailed annual guidance next quarter or potentially.

今年的預期是 2025 年成長率在 20% 左右，因此即使要達到這個預期，2026 年的成長也可能要低得多。但我希望你們明白，我們認為 2026 年的情況會與 2025 年非常相似，甚至可能更好，至少再次達到 20% 的成長。到 2026 年，利潤率甚至能達到 12.5% 到 15% 這樣的兩位數低點。所以，這顯然也是我們 2026 年的計劃，我們將在下個季度或之後給出更詳細的年度指導。

At JPMorgan in January.

1月在摩根大通。

But in terms of a longer-term outlook, I've I will not make any promises, but I know that's always helpful for you guys, so duly noted.

但就長遠來看，我不會做出任何承諾，但我知道這對你們總是有幫助的，所以已記錄在案。

Okay, I appreciate it thanks.

好的，謝謝。

Your last question comes from the line of Ryan Daniels with William Blair.

你的最後一個問題源自於瑞安·丹尼爾斯和威廉·布萊爾的對話。

Please go ahead.

請繼續。

Hello, this is Matthew Mardula on for Ryan Daniels, and thank you for taking our question. So, regarding Medicare, with there being many different subsectors and just the overall larger market of Medicare, but since you've had a couple of quarters under your belt, when do you believe Medicare will start to meaningfully impact results? Do you think it could be 2026 or later on? I'm just trying to understand the rat that could come from adding patients in Medicare.

您好，我是 Matthew Mardula，代 Ryan Daniels 為您提問，感謝您回答我們的問題。那麼，關於聯邦醫療保險（Medicare），它包含許多不同的子行業，而聯邦醫療保險本身也是一個更大的市場。鑑於您已經累積了幾個季度的經驗，您認為聯邦醫療保險何時會開始對業績產生實質影響？你認為可能是2026年或更晚嗎？我只是想了解在聯邦醫療保險（Medicare）中增加病人可能會帶來哪些問題。

Yeah, so, it's, as I talked before continues to be a work in progress, we see increasing, sessions, registrations.

是的，正如我之前所說，這仍然是一個正在進行中的項目，我們看到課程數量和註冊人數都在增加。

Each quarter we are continuing to refine the strategy around reaching seniors. I think the unknown right now will be the impact of wisdom, which we think will have an impact in addressing the population.

每個季度我們都在不斷完善與老年人溝通的策略。我認為目前未知的是智慧的影響，我們認為智慧會對解決民眾問題產生影響。

So the short answer is it's still a work in progress as we work through state by state and subpopulation by subpopulation. I think you've heard me talk about before the over 75 engagement is very different than the 65year to 75year old, which is very different than the actual 55year to 65year old that may or may not be, let's say dialysis, etc. So, we continue to work through it, so I would just say it's stay tuned for the Q4 in 2026 as we refine the strategy each quarter.

簡而言之，這項工作仍在進行中，我們正在逐州逐族群地進行工作。我想你們之前也聽我說過，75歲以上人群的參與度與65歲到75歲人群的參與度非常不同，而65歲到75歲人群的參與度又與55歲到65歲人群的參與度大相徑庭，後者可能需要接受透析治療等等。所以，我們仍在不斷研究這個問題，因此我只想說，請大家繼續關注2026年第四季度，因為我們每季都會完善策略。

Got it. Thanks for that. And I understand that over the past couple of quarters, you've been using AI applications on the administrative side and in your prepared, your remarks, you mentioned some. Now, regarding the benefits of AI, have you seen any financial impact on an administrative level? And if so, if you could kind of give us some color into that. And I'm just trying to understand if there will be a certain time where you believe you will see, a meaningful lift up financially in terms of either productivity or savings regarding usage of AI applications on the administrative side.

知道了。謝謝。我了解到，在過去的幾個季度裡，你們一直在行政管理方面使用人工智慧應用程序，而且在你們準備好的發言稿中，你們也提到了一些。那麼，關於人工智慧帶來的好處，您是否看到它在行政層面上產生了任何財務影響？如果是這樣的話，能否給我們詳細介紹一下？我只是想了解，您是否認為在某個特定時間點，使用人工智慧應用程式進行行政管理，在生產力或節省成本方面會帶來實質性的財務提升。

So, as we reported in the remarks we've already seen significant impact of AI. We've integrated it to almost every part of the patient journey from the top of the funnel through first session, section session, third session, so the impact has actually been significant, and we've talked about 30% more people looking now to book a third session within 30 days, 31% more likely to complete their third session. The talkcast has had a positive impact of 21% of people more likely to book a third session.

正如我們在發言中提到的，我們已經看到了人工智慧的重大影響。我們已將其整合到患者就診流程的幾乎每個環節，從漏斗頂端到第一次就診、分次就診、第三次就診，因此其影響實際上非常顯著，我們了解到，現在有 30% 的人希望在 30 天內預約第三次就診，完成第三次就診的可能性也提高了 31%。該訪談節目產生了積極影響，有 21% 的人更有可能預訂第三次節目。

All of those are just examples of how AI actually is integrated into the patient journey with whether it's the risk algorithms, smart notes, summary notes that I I've talked about, on the comments. All of that already has had a very remarkable impact on the number of sessions that we're seeing and people rebooking.

以上這些都只是人工智慧如何實際融入患者就醫過程的例子，無論是風險演算法、智慧筆記，或是我在評論中提到的總結筆記。所有這些都已經對我們看到的課程數量和人們的重新預訂產生了非常顯著的影響。

And on the on the corporate side, on the corporate side for G&A, I'd say we are already using AI a ton to ensure that operating leverage comes through. So, we grew 25% this quarter. I think this is probably in the adjusted EI bridge when you look at for the OpEx that impacts, excluding SBC that impacts Edot, it's effectively flat here and here, so.

就公司層級而言，就一般及行政費用而言，我認為我們已經大量使用人工智慧來確保營運槓桿效應得以實現。所以，我們本季成長了25%。我認為這可能在調整後的 EI 橋中，當你查看影響營運支出的因素時，不包括影響 Edot 的 SBC，它在這裡和這裡實際上是平穩的，所以。

You're the benefits of a lot of what we're doing on a corporate level are definitely embedded in that.

我們公司層面所做的許多事情所帶來的好處，無疑地反映在這一點上。

Minimizing OpEx.

降低營運成本。

Great, thank you for those insights.

太好了，謝謝你的見解。

There are no more questions at this time, ladies and gentlemen, that concludes today's call.

女士們、先生們，目前沒有其他問題了，今天的電話會議到此結束。

Thank you all for joining and you may not disconnect.

感謝各位參與，請勿斷開連線。