Teladoc Health Inc (TDOC) 2019 Q1 法說會逐字稿

Welcome to Teladoc Health's First Quarter 2019 Earnings Conference Call and Webcast.

歡迎來到 Teladoc Health 的 2019 年第一季度收益電話會議和網絡直播。

(Operator Instructions) It is now my pleasure to turn the floor over to Valerie Haertel at Teladoc Health, Investor Relations.

（操作員說明）現在我很高興將發言權交給 Teladoc Health 投資者關係部的 Valerie Haertel。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Today, after the market close, we issued a press release announcing our first quarter 2019 financial results.

今天，收市後，我們發布了一份新聞稿，宣布了我們 2019 年第一季度的財務業績。

The press release is available in the Investor Relations section of the teladochealth.com website.

該新聞稿可在 teladochealth.com 網站的投資者關係部分獲取。

Joining me this afternoon to discuss our results are Jason Gorevic, our Chief Executive Officer; and Gabe Cappucci, our Chief Accounting Officer and Controller.

今天下午和我一起討論我們的結果的是我們的首席執行官 Jason Gorevic；以及我們的首席會計官兼財務總監 Gabe Cappucci。

We will also provide our second quarter 2019 outlook and our prepared remarks will be followed by a Q&A session.

我們還將提供 2019 年第二季度的展望，我們準備好的評論將在問答環節結束。

On today's call, we will discuss certain non-GAAP financial measures that we believe are important in evaluating our performance.

在今天的電話會議上，我們將討論我們認為對評估我們的業績很重要的某些非公認會計準則財務指標。

More details on these non-GAAP measures to the most comparable GAAP measures and a reconciliation of the 2 can be found in our press release posted on our website.

有關這些非公認會計原則措施與最具可比性公認會計原則措施的更多詳細信息以及兩者的對賬，請參閱我們網站上發布的新聞稿。

As a reminder, certain statements made during this call will be forward-looking statements, which are subject to risks, uncertainties and other factors that could cause actual results for Teladoc Health to differ materially from those expressed or implied by the forward-looking statements.

提醒一下，本次電話會議期間做出的某些陳述將是前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，可能導致 Teladoc Health 的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。

For additional information, please refer to our cautionary statement in the earnings press release and our filings with the SEC available on our website.

有關更多信息，請參閱我們在收益新聞稿中的警示性聲明以及我們網站上提供給美國證券交易委員會的文件。

At this time, I would like to turn the call over to Jason.

在這個時候，我想把電話轉給傑森。

Thanks, Valerie.

謝謝，瓦萊麗。

And thank you, everyone, for joining us this afternoon.

感謝大家今天下午加入我們。

I'm very pleased with our strong start to 2019 and extremely enthusiastic about our prospects for the remainder of the year.

我對我們在 2019 年的強勁開局感到非常高興，並對今年剩餘時間的前景充滿熱情。

We met or exceeded all our financial and operating expectations in the first quarter.

我們在第一季度達到或超過了我們所有的財務和運營預期。

In comparison to our Q1 2018, total revenue grew 43% to $128.6 million, including 23% organic growth when you exclude Advance Medical.

與我們的 2018 年第一季度相比，總收入增長 43% 至 1.286 億美元，其中包括 23% 的有機增長（如果不包括 Advance Medical）。

Visit volume of 1.06 million visits increased 75% or 29% excluding Advance Medical.

不包括 Advance Medical 的訪問量為 106 萬次，增長了 75% 或 29%。

U.S. paid membership grew to 26.7 million members, adding 3.9 million new members in the quarter versus 1.2 million new members in the first quarter of 2018, as we saw especially strong growth among new and existing health plan clients.

美國付費會員增長至 2670 萬會員，本季度新增 390 萬會員，而 2018 年第一季度新增會員 120 萬，因為我們看到新的和現有的健康計劃客戶增長尤為強勁。

And adjusted EBITDA came in within our expected range at $1.2 million.

調整後的 EBITDA 在我們的預期範圍內，為 120 萬美元。

Our robust first quarter growth underscores the increasing diversification of our business across products, channels and geographies and our enterprise-wide commitment to operational excellence.

我們強勁的第一季度增長突顯了我們在產品、渠道和地域方面的業務日益多樣化，以及我們在整個企業範圍內對卓越運營的承諾。

Let me spend a few minutes on our very strong visit volume.

讓我花幾分鐘時間了解一下我們非常強勁的訪問量。

It's worth noting that this is the first quarter in which we've crossed the million visits threshold, and I couldn't be proud of our team and our physicians who made this possible.

值得注意的是，這是我們第一個突破百萬訪問門檻的季度，我不能為我們的團隊和讓這一切成為可能的醫生感到自豪。

The same primary factors I identified in our last call drove our first quarter volume.

我在上次電話會議中確定的相同主要因素推動了我們第一季度的銷量。

As we realized the benefits of our diversification strategy, the impact of our surround sound campaigns and tailwinds from mainstream adoption trends, all of which offset a weaker flu season.

當我們意識到多元化戰略的好處時，我們的環繞聲活動的影響和主流採用趨勢的順風，所有這些都抵消了流感季節的減弱。

Compared to last year's epidemic flu levels, this season was marked by a slow start followed by a modest lift later in the quarter, resulting in overall flu visits declining by 32% year-over-year.

與去年的流行性流感水平相比，本季的特點是起步緩慢，隨後在本季度後期略有上升，導致流感總訪問量同比下降 32%。

Despite this headwind, we were able to deliver 29% organic visit growth.

儘管有這種逆風，我們還是實現了 29% 的有機訪問增長。

As we significantly expand the breadth of our clinical capabilities and continue to increase the effectiveness of our Surround Sound engagement efforts, our visit growth becomes even more predictable, resulting in a Q1 annualized utilization rate of 11%, which was slightly ahead of last year.

隨著我們顯著擴大臨床能力的廣度並繼續提高環繞聲參與工作的有效性，我們的訪問增長變得更加可預測，導致第一季度的年化利用率為 11%，略高於去年。

Among our clinical specialties, behavioral health continues to be a strong driver of growth with continued momentum in both our DTC and B2B channels.

在我們的臨床專科中，行為健康繼續成為增長的強大驅動力，我們的 DTC 和 B2B 渠道均保持強勁勢頭。

As a result of this strong adoption, we expect behavioral health total revenue growth to exceed 50% for the full year.

由於這種強勁的採用，我們預計全年行為健康總收入增長將超過 50%。

Additionally, as we enter mental health awareness month in May, I'm particularly gratified by the fact that total behavioral health visit volume in the quarter increased by over 100% versus last year, a strong testament to the value of this much needed service.

此外，當我們在 5 月進入心理健康意識月時，我特別高興的是，本季度的行為健康總訪問量與去年相比增加了 100% 以上，這有力地證明了這項急需的服務的價值。

Switching to our pipeline for 2019 and beyond.

切換到我們 2019 年及以後的管道。

The U.S. health plan market continues to present one of the greatest potential areas for growth, in terms of population, visit volume and breadth of products and services.

就人口、訪問量以及產品和服務的廣度而言，美國健康計劃市場繼續呈現出最大的潛在增長領域之一。

I recently had the opportunity to spend a few days with leaders from across the health care landscape, including the C suite of many large health plans and health systems.

我最近有機會與來自醫療保健領域的領導者共度幾天，包括許多大型健康計劃和衛生系統的 C 套件。

And I was incredibly encouraged by the intensity of focus on virtual care as a key component of product, medical delivery and consumer strategies.

作為產品、醫療服務和消費者戰略的關鍵組成部分，人們高度關注虛擬護理，這讓我感到難以置信的鼓舞。

As traditional players wrestle with how to make virtual care the front door to the health care system, it's becoming increasingly clear to me that Teladoc Health is uniquely positioned to equip them to achieve their goals.

隨著傳統參與者為如何使虛擬護理成為醫療保健系統的前門而苦苦掙扎，我越來越清楚 Teladoc Health 具有獨特的優勢，可以幫助他們實現目標。

Due to the broad scope of our clinical services, our ability to address the widest array of consumer health care needs through a single intuitive interface, and importantly, our proven ability to drive consumer adoption.

由於我們的臨床服務範圍廣泛，我們有能力通過一個直觀的界面解決最廣泛的消費者醫療保健需求，重要的是，我們有能力推動消費者採用。

Our growth of over 3 million paid members in Q1 2019 through the health plan channel is proof of our continued success.

我們在 2019 年第一季度通過健康計劃渠道增加了超過 300 萬付費會員，這證明了我們的持續成功。

As we said in the past, strong growth in this channel can actually have a dampening effect on our average PMPM and overall utilization rates initially.

正如我們過去所說，這個渠道的強勁增長實際上會對我們的平均 PMPM 和最初的整體利用率產生抑製作用。

We typically see utilization rates grow over time as we deploy our engagement strategies to these large populations.

隨著我們將參與策略部署到這些龐大的人群，我們通常會看到利用率隨著時間的推移而增長。

You'll see in our quarterly metrics that this is entirely due to mix and is a case of us being the victims of our own success.

您會在我們的季度指標中看到，這完全是由於混合造成的，並且是我們自己成功的受害者的一個例子。

Gabe will further delve into these dynamics when he reviews our financials.

Gabe 在審查我們的財務狀況時將進一步深入研究這些動態。

On the international front, we have continued to execute on our strategy, of positioning Teladoc as the only global virtual care solution, while maintaining focus where we see the greatest opportunity to capitalize on our first-mover advantage.

在國際方面，我們繼續執行我們的戰略，將 Teladoc 定位為唯一的全球虛擬護理解決方案，同時保持專注於我們認為利用我們的先發優勢的最大機會。

In the first quarter, we took several steps to accelerate this leadership position.

在第一季度，我們採取了幾個步驟來加速這一領先地位。

The European market is a good example of this, where we're seeing excellent organic growth and have successfully closed several cross-sales in the first quarter.

歐洲市場就是一個很好的例子，我們看到了出色的有機增長，並在第一季度成功完成了幾次交叉銷售。

Additionally, we recently announced the acquisition of Paris-based MédecinDirect that expands our European footprint in a market where regulatory and reimbursement conditions are increasingly favorable toward virtual care.

此外，我們最近宣布收購總部位於巴黎的 MédecinDirect，這擴大了我們在監管和報銷條件越來越有利於虛擬護理的歐洲市場的影響力。

MédecinDirect has a well-established and highly complementary client base of leading insurance partners that can now benefit from access to a much broader spectrum of clinical services through Teladoc Health.

MédecinDirect 擁有成熟且高度互補的領先保險合作夥伴客戶群，現在可以通過 Teladoc Health 獲得更廣泛的臨床服務。

Finally, we announced the launch of Teladoc Telemedicine Services in Canada, a growth initiative we highlighted on the February call.

最後，我們宣佈在加拿大推出 Teladoc 遠程醫療服務，這是我們在 2 月電話會議上強調的一項增長計劃。

This first of its kind offering provides Canadians with 24/7 access to convenient and high-quality medical care, regardless of their location, across Canada or the U.S..

這是同類產品中的首創，為加拿大人提供了 24/7 全天候便捷和高質量的醫療服務，無論他們身在何處，無論是在加拿大還是美國。

Market reception has been very positive, and our first client is scheduled to go live in the third quarter of 2019.

市場反應非常積極，我們的第一個客戶計劃於 2019 年第三季度上線。

In summary, our pipeline of new business opportunities across all our channels has never been stronger.

總之，我們所有渠道的新商機管道從未如此強大。

We continue to see positive trends in the global regulatory environment leading to a promising picture for the 2019 selling season and beyond.

我們繼續看到全球監管環境的積極趨勢，為 2019 年及以後的銷售季節帶來了光明的前景。

Before I turn the call over to Gabe, I'd like to briefly cover the recently released CMS rule, since this has been a key topic as we head into the 2020 year for Medicare Advantage.

在我將電話轉給 Gabe 之前，我想簡要介紹一下最近發布的 CMS 規則，因為在我們進入 2020 年 Medicare Advantage 之際，這是一個關鍵話題。

CMS is very much behind the inclusion of telemedicine to increase accessibility to medical care and to lower costs.

CMS 非常支持納入遠程醫療以增加醫療服務的可及性並降低成本。

It's important to note that while the government has estimated savings from telemedicine in the ruling, it did not prescribe pricing for reimbursement.

重要的是要注意，雖然政府在裁決中估計了遠程醫療的節省，但它沒有規定報銷價格。

Pricing for services will be negotiated directly between virtual care providers, like us and the health plans.

服務定價將直接在虛擬護理提供者（如我們）和健康計劃之間協商。

We are in active discussions with Medicare Advantage plans spanning both existing and prospective clients, and we expect to have information on how we will be serving this important market in the back half of this year.

我們正在與現有和潛在客戶的 Medicare Advantage 計劃進行積極討論，我們預計將在今年下半年獲得有關我們將如何服務這個重要市場的信息。

Now I'd like to turn the call over to Gabe to review our financials for the quarter and our second quarter guidance.

現在，我想將電話轉給 Gabe，以審查我們本季度的財務狀況和第二季度的指導。

Thank you, Jason, and good afternoon, everyone.

謝謝你，傑森，大家下午好。

I'd like to Echo Jason's comments regarding our strong start to 2019, and I'll now review Teladoc Health's first quarter financial performance in more detail.

我想回應 Jason 關於我們 2019 年強勁開局的評論，現在我將更詳細地回顧 Teladoc Health 的第一季度財務業績。

Let me start with the discussion of revenue.

讓我從收入的討論開始。

Total revenue increased 43% to $128.6 million for the first quarter as compared to a year ago.

與去年同期相比，第一季度總收入增長了 43% 至 1.286 億美元。

On an organic basis, revenue increased by 23% for the first quarter of 2019.

在有機基礎上，2019 年第一季度的收入增長了 23%。

Revenue from subscription access fees of $106 million increased 48% compared to a year ago, and accounted for 82% of our total revenue in the quarter.

訂閱訪問費收入為 1.06 億美元，同比增長 48%，佔本季度總收入的 82%。

Visit fee revenue for the quarter increased to $22.6 million representing growth of 26% compared to the prior year and constituted the remaining 18% of total revenue.

本季度的參觀費收入增至 2260 萬美元，同比增長 26%，佔總收入的剩餘 18%。

U.S. subscription access fee revenue of $81 million continues to represent about 3 quarters of total subscription revenue, while international subscription revenue of $25 million accounts for the balance.

美國訂閱訪問費收入為 8100 萬美元，約佔訂閱總收入的 3 個季度，而國際訂閱收入為 2500 萬美元，佔其餘部分。

Turning to membership.

轉向會員。

We ended the quarter with 26.7 million U.S. paid members, up 28% to a year ago.

我們在本季度結束時擁有 2670 萬美國付費會員，比一年前增長 28%。

As a reminder, our definition of members includes just U.S. paid members that are associated with a PMPM or paid U.S. membership and does not include visit fee access only.

提醒一下，我們對會員的定義僅包括與 PMPM 或付費美國會員相關的美國付費會員，不包括僅訪問費用訪問權限。

In addition, visit fee access reflected expansion within our current client base and was available to 10.2 million individuals at the end of the quarter.

此外，訪問費訪問反映了我們當前客戶群的擴大，截至本季度末有 1020 萬人可以訪問。

Even with the increase in health plan members as Jason discussed, we saw the first quarter 2019 PMPM increase to $1.03 from $1 a year ago or $1.02 on a pro forma basis when adjusting for the impact from Advance Medical.

即使像 Jason 所討論的那樣增加了健康計劃成員，我們看到 2019 年第一季度 PMPM 從一年前的 1 美元增加到 1.03 美元，或者在調整 Advance Medical 的影響後，在備考基礎上增加到 1.02 美元。

On a sequential quarterly basis, the PMPM was reduced from $1.16 as a result of the member mix impact from the new health plan members.

由於新的健康計劃成員對成員組合的影響，PMPM 按季度從 1.16 美元減少。

The broad membership of our health plan channel clients allows us to provide our services at our most competitive rates.

我們的健康計劃渠道客戶的廣泛會員資格使我們能夠以最具競爭力的價格提供我們的服務。

It is important to keep in mind the opportunity that our health plan clients and other large populations provide as members utilize our services and experience our Surround Sound engagement, which drives visit volume increases over time.

重要的是要牢記我們的健康計劃客戶和其他大量人群提供的機會，因為會員使用我們的服務並體驗我們的環繞聲參與，這會推動訪問量隨著時間的推移而增加。

Further, as we deliver meaningful savings to our clients, we generally see our relationships expand enabling us to offer additional services, which also increases utilization.

此外，隨著我們為客戶提供有意義的節省，我們通常會看到我們的關係擴大，使我們能夠提供額外的服務，這也提高了利用率。

As Jason mentioned, we had an excellent quarter with respect to visit volume with 1,063,000 visits, an increase of 75% compared to a year ago.

正如 Jason 所提到的，我們在訪問量方面表現出色，達到 1,063,000 次，與一年前相比增長了 75%。

When adjusting for the impact of advance medical, visit volume for the quarter increased by 29% as compared to the prior year.

在調整預先醫療的影響後，本季度的訪問量比去年同期增長了 29%。

Visits from our U.S. paid membership increased to 718,000, which represents annualized utilization of 11%, a 10 basis point increase over last year's first quarter.

我們的美國付費會員訪問量增加到 718,000 次，年化利用率為 11%，比去年第一季度增加 10 個基點。

Taking a closer look at our visits from U.S. paid members during the quarter, approximately 51% of them, or 365,000, were paid visits, and the other 353,000 were from our visits included members.

仔細查看本季度美國付費會員的訪問量，其中約 51% 或 365,000 次是付費訪問，另外 353,000 次來自我們的訪問量包括會員。

International visits totaled 282,000 in the quarter, and we completed 63,000 visits for individuals with visit-fee-only access.

本季度的國際訪問總數為 282,000 次，我們完成了 63,000 次僅付費訪問的個人訪問。

To wrap up my commentary on revenue, U.S. paid membership visits generated $18.2 million in the quarter, a 28% increase over the first quarter of 2018.

總結一下我對收入的評論，美國付費會員訪問在本季度產生了 1820 萬美元，比 2018 年第一季度增長了 28%。

As a reminder, this line includes revenue from general medical visits as well as other specialty visits, primarily comprised of expert medical and commercial behavioral health services.

提醒一下，這條線包括來自一般醫療訪問和其他專業訪問的收入，主要包括專家醫療和商業行為健康服務。

Gross margins for the quarter were in line with our expectations at 65.3% compared to the 70% in the first quarter of last year.

本季度的毛利率與我們的預期一致，為 65.3%，而去年第一季度為 70%。

The year-over-year decline in gross margin percentage reflects a mix shift in revenue and the midyear 2018 acquisition of Advance Medical.

毛利率的同比下降反映了收入的混合轉變以及 2018 年年中收購 Advance Medical 的情況。

In terms of gross margin dollars, we generated $83.9 million in the first quarter compared to $62.8 million a year ago, representing a 34% increase.

就毛利率而言，我們在第一季度創造了 8390 萬美元，而去年同期為 6280 萬美元，增長了 34%。

Operating expense in the quarter totaled $106.8 million, an increase of 30% from the $81.9 million in the first quarter of last year.

本季度運營費用總計 1.068 億美元，比去年第一季度的 8190 萬美元增長 30%。

When noncash charges, such as depreciation and amortization, stock compensation as well as one-time acquisition-related costs are eliminated, adjusted operating expenses are $82.6 million or 64% of total revenue compared to $64.2 million or 72% of first quarter 2018 revenue.

扣除折舊和攤銷、股票補償以及一次性收購相關成本等非現金費用後，調整後的運營費用為 8260 萬美元，佔總收入的 64%，而 2018 年第一季度收入為 6420 萬美元，佔總收入的 72%。

These adjustments better reflect our improved operating leverage, including synergies and members choosing digital communication through our app or the web.

這些調整更好地反映了我們改善的運營槓桿，包括協同效應和成員通過我們的應用程序或網絡選擇數字通信。

EBITDA was a loss of $13.3 million for the first quarter of 2019 as compared to a loss of $10.8 million for the same period last year.

2019 年第一季度 EBITDA 虧損 1330 萬美元，而去年同期虧損 1080 萬美元。

Adjusted EBITDA increased to a positive $1.2 million for the quarter, which compares favorably to the adjusted EBITDA loss of $1.4 million from last year's first quarter, reflecting our aforementioned ability to generate improved operating leverage.

本季度調整後的 EBITDA 增至正 120 萬美元，與去年第一季度調整後的 EBITDA 虧損 140 萬美元相比是有利的，這反映了我們上述提高經營槓桿的能力。

Concluding my commentary of the income statement, our net loss for the quarter was $30.2 million compared to a loss of $23.9 million last year.

總結我對損益表的評論，我們本季度的淨虧損為 3020 萬美元，而去年的虧損為 2390 萬美元。

On a per share basis, our net loss was $0.43 for the first quarter of 2019 compared to $0.39 in the prior year.

按每股計算，我們 2019 年第一季度的淨虧損為 0.43 美元，而去年同期為 0.39 美元。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with $479.7 million in cash, cash equivalents and short-term investments, an increase of approximately $1 million from the beginning of the year.

我們在本季度末的現金、現金等價物和短期投資為 4.797 億美元，比年初增加了約 100 萬美元。

Our total debt as of March 31, 2019, was $562.5 million, which consists of our 2 convertible note issuances, the $275 million 3% convertible notes that mature at the end of 2022 and the $287.5 million, 1.38% notes that mature during 2025.

截至 2019 年 3 月 31 日，我們的總債務為 5.625 億美元，其中包括我們發行的 2 次可轉換票據、2.75 億美元、2022 年底到期的 3% 可轉換票據和 2.875 億美元、2025 年到期的 1.38% 票據。

I will conclude my commentary with our expectations for the second quarter and the full year.

我將以我們對第二季度和全年的預期結束我的評論。

For the second quarter of 2019, we expect total revenue to be between $128 million and $131 million, an EBITDA loss to be between $13 million and $15 million, adjusted EBITDA to be between positive $5 million to $7 million.

對於 2019 年第二季度，我們預計總收入將在 1.28 億美元至 1.31 億美元之間，EBITDA 虧損將在 1300 萬美元至 1500 萬美元之間，調整後的 EBITDA 將在 500 萬美元至 700 萬美元之間。

Total U.S. paid membership to be approximately 27 million to 28 million and visit-fee-only access to be available to approximately 10 million individuals.

美國的付費會員總數約為 2700 萬至 2800 萬，大約 1000 萬人可以使用僅付費訪問。

We expect total visits to be between 775,000 and 875,000.

我們預計總訪問量將在 775,000 到 875,000 之間。

And net loss per share to be between $0.42 and $0.44 per share, based on 72.4 million weighted average shares outstanding.

根據 7240 萬股加權平均流通股，每股淨虧損將在每股 0.42 美元至 0.44 美元之間。

For the full year, 2019, we affirm our previous expectations of total revenue between $535 million and $545 million, an EBITDA loss between $40 million and $50 million, adjusted EBITDA between positive $25 million and $35 million, total U.S. paid membership of approximately 27 million to 29 million members and visit-fee-only access to be available to approximately 10 million individuals.

對於 2019 年全年，我們確認我們之前的預期總收入在 5.35 億美元至 5.45 億美元之間，EBITDA 虧損在 4000 萬美元至 5000 萬美元之間，調整後 EBITDA 在 2500 萬美元至 3500 萬美元之間，美國付費會員總數約為 2700 萬美元到 2900 萬會員和僅向大約 1000 萬人提供訪問費用的訪問權限。

We expect total visits between 3.6 million and 3.9 million.

我們預計總訪問量在 360 萬到 390 萬之間。

Net loss per share to be between $1.52 and $1.66 per share, based on 71.9 million weighted average shares outstanding.

根據 7190 萬股加權平均流通股，每股淨虧損在每股 1.52 美元至 1.66 美元之間。

And as we said before, we expect to be cash flow positive for the first time in 2019.

正如我們之前所說，我們預計 2019 年將首次出現正現金流。

Let me now turn the call back to Jason for his closing remarks.

現在讓我把電話轉回傑森的閉幕詞。

Thanks, Gabe.

謝謝，加布。

Before we open the call for questions, I wanted to provide a brief update on our CFO search.

在我們開始提問之前，我想簡要介紹一下我們的 CFO 搜索情況。

This remains a high priority, and we're seeing some great candidates, although our process is not yet concluded.

這仍然是一個高度優先事項，我們看到了一些優秀的候選人，儘管我們的流程尚未結束。

I'm confident in Gabe and the finance team, which gives us the time we need to find the right step for our organization to drive us forward.

我對 Gabe 和財務團隊充滿信心，這讓我們有時間為我們的組織找到正確的步驟來推動我們前進。

I'll be sure to keep you updated as we have news to announce.

當我們有消息要宣佈時，我一定會及時通知您。

As I said at the beginning of the call, I'm very pleased with the quarter results and would like to thank the Teladoc team around the world for their continued commitment to our mission and to living our values.

正如我在電話會議開始時所說，我對季度業績感到非常滿意，並感謝全球 Teladoc 團隊對我們的使命和踐行我們價值觀的持續承諾。

Our opportunities have never been greater as we execute on our strategic plan and deliver value for our clients and members.

當我們執行我們的戰略計劃並為我們的客戶和會員創造價值時，我們的機會從未如此巨大。

I look forward to continuing to share updates with you throughout the year.

我期待著全年繼續與您分享更新。

And with that, we'll open the call for questions.

有了這個，我們將打開問題的電話。

(Operator Instructions) Your first question comes from Lisa Gill with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Lisa Gill。

It's actually Mike Minchak in for Lisa.

實際上是邁克·明查克（Mike Minchak）代替麗莎。

Maybe just to sort off, given that it's been a topic that's generated a lot of questions on our end, just wondering if you could talk a little bit about the NCQA accreditation?

也許只是為了整理一下，考慮到這個話題給我們帶來了很多問題，只是想知道你是否可以談談 NCQA 認證？

Can you talk about what that process entails?

你能談談這個過程需要什麼嗎？

And what any feedback you might have gotten from NCQA regarding the recent extension?

對於最近的擴展，您可能從 NCQA 得到什麼反饋？

Sure Mike.

當然邁克。

Thanks for the question.

謝謝你的問題。

I'd start by saying we've got a good relationship with NCQA.

我首先要說我們與 NCQA 建立了良好的關係。

We've been first certified and then accredited for years dating back to 2013.

自 2013 年以來，我們首先獲得認證，然後獲得認證。

We are in the middle of this process.

我們正處於這個過程的中間。

There's been much, I would say, ado about nothing with respect to the date moving by 2 weeks.

我會說，對於將日期提前 2 週，有很多事無所謂。

That's just part of the process as they go through their review process.

這只是他們進行審核過程的一部分。

We're highly respectful of that process, and we expect to be reaccredited.

我們非常尊重這一過程，我們希望得到重新認證。

Got it.

知道了。

And then just wondering if you could talk a little bit more about the selling season in the pipeline for new business.

然後只是想知道你是否可以多談談新業務的銷售季節。

How does it compare this year relative to the same point in time last year?

今年與去年同期相比如何？

Are you seeing greater interest in sort of the comprehensive solution with customers looking to bring on more than one of your offerings?

您是否發現客戶對希望提供不止一種產品的客戶對綜合解決方案產生了更大的興趣？

And then have you seen any interest from current or prospective customers in alternative models relative to the traditional subscription accessing model?

然後，您是否看到當前或潛在客戶對相對於傳統訂閱訪問模型的替代模型感興趣？

Yes.

是的。

So the first question or the first part of that question is exactly what we're seeing.

所以第一個問題或該問題的第一部分正是我們所看到的。

Similar are our fee volume to last year, but much more concentration, much higher concentration of comprehensive solutions sort of the fully integrated solution as the subject of the RFP as opposed to last year, which was much more characterized by 1 or 2 of our clinical services that were up for bid or as part of the RFP process.

我們的收費量與去年相似，但與去年相比，作為 RFP 主題的全面解決方案的集中度更高、集中度更高，而去年的特點是我們的 1 或 2投標或作為 RFP 流程的一部分的服務。

So we are seeing bigger opportunities that include a much broader array of our clinical capabilities.

因此，我們看到了更大的機會，其中包括更廣泛的臨床能力。

We are not really seeing much in the way of difference relative to financial models.

我們並沒有真正看到與財務模型相關的差異。

Obviously, we are still early in the year, and so the RFPs don't generally dictate what the financial model looks like.

顯然，我們仍處於年初，因此 RFP 通常不會規定財務模型的樣子。

It usually, gets deeper into the process before you start having those pricing and financial structuring discussions, but I don't see any significant move toward alternative payment structures.

通常，在您開始進行定價和財務結構討論之前，它會更深入地了解流程，但我沒有看到任何轉向替代支付結構的重大舉措。

Your next question is from Jamie Stockton with Wells Fargo.

您的下一個問題來自富國銀行的 Jamie Stockton。

Maybe just a quick more specific one on the Medicare Advantage opportunity.

也許只是關於 Medicare Advantage 機會的更具體的一個。

I think, Jason, in your comments you said you thought like we'd see some decisions more in the second half of the year.

我想，傑森，在你的評論中你說你認為我們會在下半年看到更多的決定。

I guess maybe, one, do you think like they were really be confined maybe more to the third quarter when we see a lot of the decision making?

我想也許，一個，當我們看到很多決策時，你認為他們真的被限制在第三季度嗎？

And then the other question on the Medicare Advantage opportunity, I guess, I would throw out there is, if we think about the landscape plans, do you think that telehealth is a benefit that the majority will be folding in kind for the 2020 plan year?

然後是關於醫療保險優勢機會的另一個問題，我想，我想拋出的是，如果我們考慮景觀計劃，您是否認為遠程醫療是一種好處，大多數人將在 2020 年計劃年度以實物形式折疊?

Or is this something that will kind of span over the next 2 or 3 years?

或者這是否會在未來 2 或 3 年內發生？

Yes.

是的。

Thanks, Jamie.

謝謝，傑米。

I would say a couple of things, one, with respect to the decisions by the MA plans, yes that's probably -- we're probably going to see the concentration of that in Q3.

我想說幾件事，第一，關於 MA 計劃的決定，是的，這可能是 - 我們可能會在第三季度看到它的集中度。

Some of them will make the decisions before the bids are due in June.

他們中的一些人將在 6 月份的投標到期之前做出決定。

Others will put essentially a placeholder in their bids, while they finalize the -- their selection of who they are going to partner with and iron out the details of that.

其他人基本上會在他們的投標中放置一個佔位符，同時他們最終會選擇他們將與誰合作並敲定細節。

Obviously, we have a head start with respect to our almost 40 health plans with whom we already work.

顯然，我們已經在與我們合作的近 40 個健康計劃方面處於領先地位。

So we expect them to move a little faster.

所以我們希望他們行動得更快一點。

We are actively in discussions with many MA plans, both existing clients as well as prospects.

我們正在積極與許多 MA 計劃進行討論，包括現有客戶和潛在客戶。

I think to your question about will the majority include virtual care for 2020 or is that going to stretch over more years, I'm probably more realistic about the pace of adoption of the health plans with respect to anything much less virtual care for an MA population.

我認為對於您的問題，大多數人是否會包括 2020 年的虛擬護理，或者是否會持續更多年，我可能對採用健康計劃的速度更為現實人口。

I do think that we've sort of primed the pump with all of our work with the commercial plans, and obviously a lot of those commercial plans also have MA plans.

我確實認為我們已經為商業計劃的所有工作做好了準備，顯然很多商業計劃也有 MA 計劃。

But I would expect it to be a gradual rollout over the course of a couple maybe 3 years.

但我希望它會在大約 3 年的時間裡逐步推出。

Your next question is from Sean Wieland with Piper Jaffray.

您的下一個問題來自 Sean Wieland 和 Piper Jaffray。

Can you just give us an update on some of the larger opportunities you have been working on TRICARE, United?

您能否向我們介紹一下您在美聯航 TRICARE 工作的一些更大機會的最新情況？

What the expectation is for rollout there?

在那裡推出的期望是什麼？

Yes.

是的。

I wish I could give you more information on TRICARE.

我希望我能給你更多關於TRICARE的信息。

We are as always at the mercy of the federal government with respect to their timing.

對於他們的時間安排，我們一如既往地受聯邦政府的擺佈。

We are delivering service for them, and operationally, delivering excellent results as well as great member experience.

我們正在為他們提供服務，並在運營上提供出色的結果和出色的會員體驗。

We are actively working to try to speed that along, but there's really only so much we can do.

我們正在積極努力加快這一進程，但我們能做的真的只有這麼多。

Our relationship with Optum obviously who's the prime contractor there continues to be excellent.

顯然，我們與 Optum 的關係仍然很好，後者是那裡的主要承包商。

With respect to United, we continue to have a great relationship with United.

關於美聯航，我們繼續與美聯航保持良好的關係。

As I said before, we're a virtual care provider for several of United's populations.

正如我之前所說，我們是美聯航幾個人的虛擬護理提供者。

I'm very happy to report that we've reached agreement to expand to a much larger population.

我很高興地報告，我們已經達成了擴大人口規模的協議。

The rollout plans haven't been made public, so there is limited information I can provide at this time, but I'm extremely excited by this expansion of our relationship.

推出計劃尚未公開，因此我目前可以提供的信息有限，但我對我們關係的這種擴展感到非常興奮。

Your next question is from Ryan Daniels with William Blair.

您的下一個問題來自 Ryan Daniels 和 William Blair。

I have one on the benefits design front.

我在福利設計方面有一個。

I think one of your competitors in another health plan announced kind of a virtual first-type strategy where they are actually lowering plan premiums for members who go into that.

我認為您在另一個健康計劃中的一個競爭對手宣布了一種虛擬的第一類策略，他們實際上是在降低參與該計劃的成員的計劃保費。

I'm curious if you're seeing any similar conversation, either in the pipeline or with your customers, where you can actually leverage your virtual first strategy to lower medical cost overall and get people to a right point of care and perhaps offer a lower premium and attract members accordingly.

我很好奇您是否看到任何類似的對話，無論是在管道中還是與您的客戶，您實際上可以利用您的虛擬優先策略來降低整體醫療成本，讓人們得到正確的護理點，也許提供更低的溢價並相應地吸引會員。

Yes, absolutely, Ryan, that's exactly what we're seeing.

是的，絕對是，瑞恩，這正是我們所看到的。

With the majority of our health plans, we are having some level of discussion around virtual first plan designs.

對於我們的大多數健康計劃，我們正在圍繞虛擬第一計劃設計進行一定程度的討論。

And most of those plans are looking at it as a lever to reduce premium by, number one, resolving patient's issues for the first time in a more cost-effective setting by virtual setting; and number two, by using virtual care to better utilize all the rest of the tools in the health plan arsenal, including things like center of excellence programs in tiered network programs and most sort of optimal tiering of the formulary, in addition to getting people earlier into care management, disease management programs, et cetera.

大多數這些計劃都將其視為降低保費的槓桿，第一，通過虛擬環境在更具成本效益的環境中首次解決患者的問題；第二，通過使用虛擬護理更好地利用健康計劃庫中的所有其他工具，包括分層網絡計劃中的卓越中心計劃和處方集的大多數最佳分層，除了讓人們更早進入護理管理、疾病管理計劃等。

So when we talk to large health plans, these are coming from the medical economics groups, which tend to be among the most conservative groups there are.

因此，當我們談論大型健康計劃時，這些計劃來自醫學經濟學團體，它們往往是最保守的團體之一。

They're looking at anywhere -- double-digit decreases in premiums that could result from these virtual centric plan designs.

他們正在尋找任何地方——這些以虛擬為中心的計劃設計可能導致保費出現兩位數的下降。

Okay.

好的。

Sounds very helpful.

聽起來很有幫助。

And then one pretty specific one on the income statement.

然後是損益表上的一個非常具體的。

It looks like you're seeing some really good leverage in the sales expense line certainly more than we thought.

看起來您在銷售費用方面看到了一些非常好的槓桿作用，肯定比我們想像的要多。

I think it was up under 18% year-over-year despite the strong revenue growth.

我認為儘管收入增長強勁，但同比增長不到 18%。

Any color there behind kind of what's driving your leverage in that line, in particular?

有什麼顏色在推動你在這條線上的影響力，特別是？

Yes.

是的。

This is Gabe.

這是加布。

Just when you look at our sales expense, you're absolutely correct.

只是當您查看我們的銷售費用時，您是絕對正確的。

As we deploy our troops, we've had lots of success in winning new clients and really working within the headcount that we have on board.

當我們部署我們的部隊時，我們在贏得新客戶和真正在我們現有的員工人數範圍內工作方面取得了很多成功。

So we track that very closely in terms of quotas and productivity and are really seeing the rewards with that as we continue to be very successful on the sales front.

因此，我們在配額和生產力方面非常密切地跟踪這一點，並且隨著我們在銷售方面繼續非常成功，我們確實看到了回報。

I think, Ryan, we have seen larger clients coming on, so we tend to get greater productivity in terms of big bites and I can -- that can help to drive the efficiencies in that area.

我認為，瑞安，我們已經看到更大的客戶湧入，所以我們傾向於在大批量方面獲得更高的生產力，我可以——這有助於提高該領域的效率。

Your next question is from Stephanie Demko with Citi.

您的下一個問題來自花旗銀行的 Stephanie Demko。

Riding on the back of the Cincinnati Children's announcement, could you give us an update on the provider channel and any possible metrics if you can share, such as share pipeline or competitive win rates?

在辛辛那提兒童公告的後面，您能否向我們提供有關提供商渠道的最新信息以及您可以分享的任何可能的指標，例如分享渠道或有競爭力的獲勝率？

Yes, thanks, Stephanie.

是的，謝謝，斯蒂芬妮。

We're really excited about the Cincinnati Children's relationship, and we think that's going to be a breakthrough relative to pediatric care with obviously a marquee organization.

我們對辛辛那提兒童基金會的關係感到非常興奮，我們認為這將是一個相對於兒科護理的突破，顯然是一個大型組織。

The provider channel continues to grow incredibly quickly.

提供商渠道繼續以驚人的速度增長。

It continues to be one of our fastest growing customer channels.

它仍然是我們增長最快的客戶渠道之一。

We are continuing to see very, very strong win rates.

我們繼續看到非常非常高的勝率。

We talked about that last year, and we continue to see the success in that.

去年我們談到了這一點，我們繼續看到這方面的成功。

What we are also seeing is the expansion of our capabilities that we rolled out at [IMS] this year, which enables the hospital to design specific workflows for different clinical used cases is really valuable and specifically we are seeing the hospitals come to us asking for a broader array of capabilities as they look to virtualize more of their clinical service lines.

我們還看到了我們今年在 [IMS] 上推出的能力的擴展，這使醫院能夠為不同的臨床用例設計特定的工作流程，這確實很有價值，特別是我們看到醫院來找我們要求他們希望虛擬化更多的臨床服務線，從而獲得更廣泛的功能。

So we think that there is opportunity to continue to grow the hospitals with whom we work but also the scope of the products and services we sell into those hospital systems.

因此，我們認為有機會繼續發展與我們合作的醫院，以及我們向這些醫院系統銷售的產品和服務的範圍。

Got it.

知道了。

Very helpful.

非常有幫助。

And then just one another one pivoting to behavioral health, just given strong growth you've talked about in that channel, what are your thoughts on buy versus build for expanding into further demographics beyond the more youth-centric version right now?

然後又是一個以行為健康為中心的人，鑑於您在該頻道中談到的強勁增長，您對購買與構建以擴大到現在以青年為中心的版本之外的進一步人口統計的想法是什麼？

Try not to go too deep into buy versus build on any given part of our business.

盡量不要過於深入地購買而不是建立在我們業務的任何特定部分上。

I think, quite frankly, at this point, we are seeing very, very strong results in organic growth, both in the B2B and B2C channel, and so we feel very good about our set of capabilities.

我認為，坦率地說，在這一點上，我們在 B2B 和 B2C 渠道中看到了非常非常強勁的有機增長結果，因此我們對我們的能力感到非常滿意。

It's not to say we would never tuck-in a smaller asset that might deliver an additional capability that we thought we could leverage into those channels.

這並不是說我們永遠不會加入可能會提供我們認為可以利用到這些渠道中的額外功能的較小資產。

But the organic growth, both in terms of membership, revenue as well as really importantly visit volume is very strong.

但就會員、收入以及真正重要的訪問量而言，有機增長非常強勁。

Perfect.

完美的。

It's safe to say that there has been little impact from the Youtube controversy?

可以肯定地說，Youtube 的爭議影響不大？

Yes.

是的。

I would say virtually none.

我會說幾乎沒有。

Your next question is from Sean Dodge with Jefferies.

您的下一個問題來自 Sean Dodge 和 Jefferies。

Maybe on CVS.

也許在 CVS 上。

I realize that's another one that's a bit outside your control, but you're live in 19 states.

我意識到這是另一個你無法控制的問題，但你住在 19 個州。

Now it looks like it's taking a bit longer than expected to make available in the remaining.

現在看來，剩下的時間比預期的要長一些。

Are there -- are there some regulatory or technical issues you've all encountered there?

有沒有——你們都遇到過一些監管或技術問題嗎？

Anything else you can share about what's holding back the pace of that rollout so far?

到目前為止，您還可以分享什麼阻礙了該部署的步伐嗎？

Yes, Sean, you're exactly right.

是的，肖恩，你完全正確。

It's an area -- as I look at the quarter, it's the one area where I expect -- I'm a little disappointed.

這是一個領域——當我看這個季度時，這是我期望的一個領域——我有點失望。

I expected to get a couple of states rolling out in the first quarter, and we saw that spillover and not roll out in that quarter.

我預計將在第一季度推出幾個州，我們看到了溢出效應，並沒有在該季度推出。

Having said that, there are no technical issues.

話雖如此，沒有技術問題。

There are no regulatory issues that are standing in the way.

沒有阻礙的監管問題。

It's simply a question of the cadence at which CVS decides to make that rollout happen.

這只是 CVS 決定推出該產品的節奏問題。

We continue to have a great relationship there.

我們在那裡繼續保持著良好的關係。

I have regular C-level conversations with them and -- both with CVS and with the Aetna relationship, we continue to see that become more strategic, more collaborative, and quite frankly, never stronger.

我與他們定期進行 C 級對話，無論是與 CVS 還是與 Aetna 的關係，我們都繼續看到這種對話變得更具戰略性、更具協作性，而且坦率地說，從未如此強大。

So I think it's just an artifact of them sort of going through the machinations of their rollout.

所以我認為這只是他們經歷了他們推出的陰謀的一種人工製品。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the MédecinDirect acquisition, is there anything you can share on annual revenue or EBITDA contributions from them?

然後在 MédecinDirect 收購中，您是否可以分享他們的年收入或 EBITDA 貢獻？

Sean, it's very small.

肖恩，它非常小。

It's immaterial on both fronts.

這在兩個方面都無關緊要。

And so we're not going to give specific details, but I would call it very, very small.

所以我們不會給出具體的細節，但我會說它非常非常小。

Essentially what we're buying there is a local market presence and relationships with -- about 30 insurance companies in France.

本質上，我們在那裡購買的是當地市場的存在和與法國大約 30 家保險公司的關係。

To their credit, they really got out ahead of the regulatory change in the French market, and they created these relationships and structures ahead of their being real reimbursement for those services.

值得稱讚的是，他們真的在法國市場的監管變化之前就走出來了，他們在為這些服務真正報銷之前建立了這些關係和結構。

Now we've just seen the regulatory change, which has opened up that market, and so we think that together we can be the beneficiary of all the groundwork that they have laid.

現在我們剛剛看到監管的變化，它打開了這個市場，所以我們認為我們可以一起成為他們奠定的所有基礎的受益者。

So it's very, very small revenue now, but we're very excited about the opportunity there.

所以現在的收入非常非常少，但我們對那裡的機會感到非常興奮。

Your next question is from Richard Close with Canaccord Genuity

您的下一個問題來自與 Canaccord Genuity 的 Richard Close

Congratulations.

恭喜。

So Jason you continue to sound pretty bullish here.

所以傑森你在這裡繼續聽起來很樂觀。

And I think on the last call, you said something about feeling that the business trends you were provided confidence in the 20% to 30% organic growth target, both in '19 and 2020.

我認為在最後一次電話會議上，您談到了您對 19 年和 2020 年 20% 至 30% 的有機增長目標充滿信心的業務趨勢。

You obviously had some normalization this quarter to 23%.

本季度你顯然有一些正常化到 23%。

So just curious what your thoughts are about 2019 and 2020, whether you can reaffirm those targets?

所以只是好奇你對 2019 年和 2020 年的想法是什麼，你是否可以重申這些目標？

Yes, absolutely, Richard, 100% behind that, I feel very good about where we are obviously we reaffirmed our guidance for this year.

是的，絕對是，理查德，100% 支持這一點，我對我們所處的位置感覺非常好，顯然我們重申了今年的指導。

We're only, I think, 62 days after we gave our last quarterly report.

我認為，距離我們發布上一份季度報告僅 62 天。

So I think we still continue to take a fairly conservative view to our guidance, but I also feel, given what I know about the prospects for the back half of this year and what I'm looking at relative to pipeline and discussions we're having with prospects and clients, I feel very good about that 20% to 30% for 2020 as well.

所以我認為我們仍然對我們的指導採取相當保守的看法，但我也覺得，考慮到我對今年下半年前景的了解以及我對管道和討論的看法，我們正在與潛在客戶和客戶一起，我對 2020 年的 20% 到 30% 也感到非常滿意。

Okay.

好的。

And then, I guess, a follow-up to Sean's question, TRICARE and United.

然後，我想，是 Sean 的問題，TRICARE 和 United 的後續行動。

Based on the guidance, I guess, for visit-fee-only membership that's staying around 10 million, it seems like you don't have any TRICARE really in the guidance for the remainder of the year.

根據指導，我猜，對於保持在 1000 萬左右的僅訪問費會員，您似乎在今年剩餘時間的指導中沒有任何 TRICARE。

Is that correct?

那是對的嗎？

That's correct.

這是正確的。

Okay.

好的。

And then the same thing with the United population you just mentioned that's not in guidance?

然後你剛才提到的與聯合國人口相同的事情不在指導中？

That's correct.

這是正確的。

So well, let me just clarify.

好吧，讓我澄清一下。

We do have for United our both revenue expectations and cost expectations.

我們確實對美聯航有收入預期和成本預期。

Those are built into our projections and our guidance.

這些都包含在我們的預測和指導中。

What we haven't included is any membership guidance because the rollout hasn't been communicated, and we have to be very respectful.

我們沒有包括任何會員指南，因為尚未就推出進行溝通，我們必須非常尊重。

These are United's clients.

這些是美聯航的客戶。

It's their rollout plan, and so we have to be sure that we're 100% in sync with them.

這是他們的推出計劃，因此我們必須確保我們與他們 100% 同步。

We haven't included any membership in our guidance.

我們的指導中沒有包括任何成員。

So would it be fair to say that the revenue that's in your guidance is hair cut quite a bit from that population?

那麼可以公平地說，您指導中的收入與該人群相比減少了很多嗎？

Yes, I would say, we've taken a very conservative view relative to our expectations there.

是的，我想說，相對於我們在那裡的期望，我們採取了非常保守的觀點。

Your next question is from Anagha Gupte with SVB Leerink.

您的下一個問題來自 SVB Leerink 的 Anagha Gupte。

Following up on that question, if you look at that 2020 impact of the Medicare Advantage potential revenue and United, the 22-ish million members growing for MA, United using its larger-than-expected contract, I'm not sure how much it is, but I'm assuming it's something to do with the commercial market that they have millions of members and even if you looked at this, Jason, as a 2- to 3-year adoption story, with a typical commercial pricing, PMPM and per visit and even if the utilization is whatever 9%, 10% in the next 1 to 3 years, we can come up with something that is between those 2, like in the low double-digit percentage growth, at least, and you could assume more if it depends on the share gains.

跟進這個問題，如果你看看 2020 年 Medicare Advantage 潛在收入和 United 的影響，MA 的 22 多萬會員使用其超出預期的合同增長，我不確定它有多大是，但我假設這與他們擁有數百萬會員的商業市場有關，即使你把這個看成一個 2 到 3 年的採用故事，Jason 也有典型的商業定價，PMPM 和每次訪問，即使在接下來的 1 到 3 年內利用率是 9% 或 10%，我們也可以得出介於這兩者之間的東西，例如至少兩位數的低百分比增長，你可以如果取決於份額收益，則假設更多。

I mean, is that a fair way to think about it as we all start to have to model what the potential of these contracts is, and that ultimately what's going to drive your stock?

我的意思是，這是一種公平的思考方式，因為我們都必須開始對這些合同的潛力進行建模，而這最終會推動你的股票上漲嗎？

2020 is going to be what's going to move the needle now?

2020 年將是現在的趨勢？

Yes.

是的。

So we've always been very, very careful about not getting over our skies.

所以我們一直非常非常小心不要越過我們的天空。

I think you're thinking about the opportunities in front of us the right way.

我認為您正在以正確的方式考慮我們面前的機會。

We are careful not to quantify those until we're ready to quantify them and build them into our guidance.

在我們準備好量化它們並將它們納入我們的指導之前，我們注意不要量化它們。

Obviously, we do the work internally, but you are exactly right relative to the macro trends, the specific opportunities with large clients as well as the regulatory changes.

顯然，我們在內部進行工作，但相對於宏觀趨勢、大客戶的具體機會以及監管變化而言，您是完全正確的。

MA is a big catalyst.

MA是一個很大的催化劑。

I fully expect Medicare fee-for-service to follow in suit over the next couple of years.

我完全希望醫療保險按服務收費在未來幾年內也會效仿。

So said another way, I've never felt better about the prospects for the business and the fact that virtual care has moved into the mainstream, and so we're starting to see the next wave of adoption, which makes me confident in sort of reaffirming my expectations around that 20% to 30% organic growth.

換一種說法，我對業務的前景以及虛擬護理已成為主流這一事實感到前所未有的好，因此我們開始看到下一波採用，這讓我有信心重申我對 20% 到 30% 有機增長的預期。

Okay, helpful.

好的，有幫助。

Then the follow-up I have on that is, right now, you have -- yourself, you are the largest player at least in terms of the network strength, we have Amwell, MDLive, Doctor on Demand.

然後我的後續行動是，現在，你有 - 你自己，至少就網絡實力而言，你是最大的參與者，我們有 Amwell、MDLive、Doctor on Demand。

There's been more than just our franchise saying that health plans will be the catalyst for some of these big disruptive technologies to get adopted.

不僅僅是我們的特許經營權說健康計劃將成為這些大型顛覆性技術中的一些被採用的催化劑。

We have Humana now with Doctor On Demand.

我們現在有 Humana 和 Doctor On Demand。

It looks like, at least in the commercial market, Anthem has the strategic relationship with Amwell; Cigna and Health Care Services (sic)[Service] Corp with MDLive.

看起來，至少在商業市場上，Anthem 與 Amwell 有戰略關係； Cigna and Health Care Services (sic)[Service] Corp with MDLive。

You have it right now with CVS.

您現在可以通過 CVS 獲得它。

I'm not sure if United is open architecture or not.

我不確定曼聯是否是開放式架構。

Do you see each of you aligning with a particular large health plan as the way this goes, in terms of what the share gains look like for all of these large opportunities going forward?

就未來所有這些大機會的份額收益而言，您是否認為你們每個人都與特定的大型健康計劃保持一致？

I guess I'd characterize it first by saying, we have around 40 health plans as our clients.

我想我首先會說，我們有大約 40 個健康計劃作為我們的客戶。

And so we are certainly not limited to even a few plans in terms of aligning.

因此，在對齊方面，我們當然不僅限於幾個計劃。

We see ourselves neutral quite frankly.

坦率地說，我們認為自己是中立的。

And based on our current track record of success where we are seeing takeaway wins across multiple channels, not only health plans, and the fact that we continue to distance ourselves from the pack relative to the expanse of our clinical services, the engagement levels that we get, our global footprint and the scale of our business, I think we have the opportunity to continue to grow both with new clients, but with expansion within existing clients and by increasing the penetration relative to utilization and the scope of services that we offer.

根據我們目前的成功記錄，我們在多個渠道中看到了外賣的勝利，不僅是健康計劃，而且我們在臨床服務的範圍內繼續與其他人保持距離，我們的參與水平獲得，我們的全球足跡和我們的業務規模，我認為我們有機會繼續與新客戶一起增長，但隨著現有客戶的擴張，並通過增加與利用率和我們提供的服務範圍相關的滲透率。

It's one of the things I've always liked about this business is that there are so many levers for growth, and as a leader, we're, I would say, uniquely positioned to be able to capitalize on those opportunities.

我一直喜歡這項業務的一件事是有如此多的增長槓桿，作為領導者，我想說，我們處於獨特的位置，能夠利用這些機會。

Got it.

知道了。

So nonexclusive.

所以非排他性的。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

Your next question is from Matthew Gillmor with Robert Baird.

您的下一個問題來自 Matthew Gillmor 和 Robert Baird。

I wanted to try a follow-up on United, and I appreciate if you can't really tell us much more than you've already said, but can you give us any sense in terms of the population type that will be covered.

我想嘗試對曼聯進行跟進，如果你不能真正告訴我們比你已經說過的更多，我很感激，但你能否就將涵蓋的人口類型給我們任何意義。

Is this commercial or government?

這是商業還是政府？

And then any indication with respect to the pricing model, whether it's PMPM or visit fee?

然後是關於定價模式的任何跡象，無論是 PMPM 還是訪問費？

I really can't Matt.

我真的不能馬特。

I appreciate the question and why you're asking.

我很欣賞這個問題以及您為什麼要問這個問題。

I think more will become clear as we get closer to the launch date.

我認為隨著我們越來越接近發布日期，會變得更加清楚。

Again, we want to be very respectful of United as our client and their communications time line and strategy.

同樣，我們希望非常尊重美聯航作為我們的客戶以及他們的溝通時間線和策略。

And so we have moved into the implementation phase of our relationship, and I'm really excited about that.

所以我們已經進入了我們關係的實施階段，我對此感到非常興奮。

And again, I think more will become clear as we get closer to the launch date.

再一次，我認為隨著我們越來越接近發布日期，會變得更加清楚。

Got it.

知道了。

Fair enough.

很公平。

And then following up with the discussion you had with Ryan on the virtual-first benefit design.

然後跟進您與 Ryan 就虛擬優先福利設計進行的討論。

I was curious if you're thinking has changed with respect to the contracting model you have with the physician network under virtual first?

我很好奇您是否認為您與醫生網絡在虛擬優先下的簽約模式發生了變化？

And is there any need to have a little bit more influence with respect to primary care doctors through employment?

是否需要通過就業對初級保健醫生產生更多影響？

Or does the current contracting model still work for virtual-first offering?

或者當前的合同模式是否仍然適用於虛擬優先產品？

Yes, it's a good question, Matt.

是的，這是個好問題，馬特。

We've been moving toward, what we call, sort of, a concentric circles model of the network, where at the core we will likely have physicians who are more closely aligned with the organization doing -- spending a larger concentration of their time, doing work for Teladoc, and our membership and becoming more highly trained on how to optimally become, what we call now, the virtualist.

我們一直在朝著我們所謂的網絡同心圓模型邁進，在這個模型的核心，我們可能會有與組織更緊密結合的醫生——花費更多的時間，為 Teladoc 和我們的會員工作，並在如何以最佳方式成為我們現在所說的虛擬主義者方面接受更多訓練。

And you might recall that we launched a Fellowship program with Jefferson University Hospital, specifically focused on creating the virtualist of the future.

您可能還記得，我們與杰斐遜大學醫院啟動了一項獎學金計劃，專門專注於創造未來的虛擬主義者。

And then as you move out from that core, we will continue to always have physicians who are much more transactional and episodically available for our members in the most efficient way to deliver that on a means that is very convenient and responsive for the consumers' needs.

然後，當您從該核心移出時，我們將繼續以最有效的方式為我們的會員提供更多事務性和間歇性的醫生，以非常方便和響應消費者需求的方式提供服務.

Your next question is from Sandy Draper with SunTrust.

您的下一個問題來自 SunTrust 的 Sandy Draper。

Most of my questions have been asked, but maybe just one sort of follow-up on the international market, and I'm not sure how much the international market in Advance Medical are on toward the typical selling season, like we are here in U.S. But just sort of thoughts and how that selling season is going and any differences they are seeing?

我的大部分問題都被問到了，但也許只是對國際市場的一種跟進，我不確定 Advance Medical 的國際市場在典型的銷售季節有多少進展，就像我們在美國一樣。但只是一些想法以及銷售季節的情況以及他們看到的任何差異？

Is it just being part of the larger organization, broader offerings, just sort of how things are going for them versus how it was a year ago.

它只是成為更大組織的一部分，更廣泛的產品，只是他們的事情與一年前的情況相比如何。

I guess it was maybe right before -- this has been right before you bought them?

我想這可能是在之前——這是在你買它們之前就已經存在的嗎？

Yes, Sure, Sandy.

是的，當然，桑迪。

Very, very excited about our international opportunities and growth.

對我們的國際機會和增長感到非常非常興奮。

As you call out, actually, their selling season is totally different than the U.S. There is no January-centric bolus of membership that comes on.

正如您所說，實際上，他們的銷售季節與美國完全不同。沒有以 1 月份為中心的會員計劃。

It is smooth over the course of the year with no real concentration.

一年中一切都很順利，沒有真正的專注。

What we're most excited about is the adoption of the full virtual suite of services by the international clients.

我們最興奮的是國際客戶採用了全套虛擬服務。

I would actually say, in many cases, they are ahead of the U.S. clients with respect to embracing virtual care across the full continuum of services.

實際上，我想說的是，在許多情況下，他們在整個服務連續體中採用虛擬護理方面領先於美國客戶。

And that's because, in many cases, they're private health insurance companies who are looking to differentiate themselves when they sit on top of a nationalized healthcare system.

這是因為，在許多情況下，他們是私人健康保險公司，當他們坐在國有化醫療保健系統之上時，他們希望自己與眾不同。

And we have many examples where we are being successful in cross-selling the full suite of capabilities that were to clients who were only availing themselves of 1 or 2 of our service lines.

我們有很多例子，我們成功地將全套功能交叉銷售給只使用我們的 1 或 2 條服務線的客戶。

So we're both seeing new wins as well as expansion of populations and broadening of our solution set among clients, really across the landscape, but I would say especially in the European market.

因此，我們都看到了新的勝利以及人口的擴大和我們在客戶中的解決方案集的擴大，實際上是在整個領域，但我想說尤其是在歐洲市場。

And then lastly, we announced the launch of our Canadian telemedicine program.

最後，我們宣布啟動我們的加拿大遠程醫療計劃。

We have our first client lined up to go live in the third quarter.

我們的第一個客戶排隊在第三季度上線。

And again, just to reiterate, that's a unique program because it's cross-border between Canada and the U.S. for the Canadian population as they come south.

再次重申，這是一個獨特的計劃，因為它是加拿大和美國之間的跨境，供加拿大人口南下時使用。

They can still get a seamless experience.

他們仍然可以獲得無縫的體驗。

It's not 2 programs that sit side-by-side, rather it's one seamless program.

這不是兩個並排的程序，而是一個無縫的程序。

Your next question is from Donald Hooker with KeyBanc.

您的下一個問題來自 KeyBanc 的 Donald Hooker。

My question may be a more detailed question on the financial statements.

我的問題可能是關於財務報表的更詳細的問題。

I guess thinking about the gross margins obviously took a dip.

我想考慮毛利率顯然下降了。

I assume a big part of that, you talked about in the past, is Advance Medical.

我認為你過去談到的很大一部分是Advance Medical。

So is that -- is this quarter sort of the low watermark there for gross margins?

那麼，這個季度的毛利率是否處於低水位？

Should that sort of start to walk up a little bit during the year and stabilize?

這種情況是否應該在一年中開始走高並穩定下來？

Yes.

是的。

Don, this is Gabe.

唐，這是加布。

That's exactly correct.

這是完全正確的。

What we typically experience is in our first quarter and our fourth quarter of the year tend to be our lowest margin percent quarters as we have a higher concentration of visit activity.

我們通常會在第一季度和第四季度遇到利潤率最低的季度，因為我們的訪問活動集中度更高。

And then when you do look at the year-over-year comparison in gross margin percentage for the first quarter of 2018 versus 2019, it's exactly that.

然後，當您查看 2018 年第一季度與 2019 年第一季度毛利率百分比的同比比較時，情況正是如此。

It's Advance Medical, which we acquired midyear last year.

這是我們去年年中收購的 Advance Medical。

Got you.

得到你。

And maybe just sort of a follow-up question on the Medicare Advantage opportunity for 2020 and beyond.

也許只是關於 2020 年及以後的 Medicare Advantage 機會的後續問題。

What are you incurring?

你在招惹什麼？

Can you maybe describe what you're doing to prepare for that?

你能描述一下你正在為此做些什麼準備嗎？

And anything specific?

有什麼具體的嗎？

I mean, you're already lined up with 40 health plans you mentioned.

我的意思是，您已經準備好您提到的 40 項健康計劃。

Are there any specific services that you need for that population?

您是否需要針對該人群的任何特定服務？

Are there any incremental expenses you're incurring now in preparation for that?

您現在是否為此準備了任何增量費用？

Yes, there are.

是的，有。

I think we called out 4 different areas of investment on the last quarterly call and MA was one of them.

我認為我們在上一個季度電話會議上提出了 4 個不同的投資領域，MA 就是其中之一。

And so specifically, we're focused on regulatory compliance, which there is a whole set of things that you have to do in order to make sure you're compliant with Medicare regs.

因此，具體而言，我們專注於監管合規性，為了確保您符合醫療保險法規，您必須做一整套事情。

Second is network construction and, there's a little bit of an overlap between network and regulatory because there are some regulatory requirements relative to the physicians.

其次是網絡建設，網絡和監管之間有一點重疊，因為有一些與醫生相關的監管要求。

Third is in product and just making sure that we are sort of optimizing the product for the MA population.

第三是產品，只是確保我們正在為 MA 人群優化產品。

And fourth is optimizing our Surround Sound engagement strategies for that population because as we do with all populations when we go into a new customer channel or segment of the market we want to make sure that we are optimizing our communications to yield the most return for our investment on Surround Sound.

第四是優化我們針對該人群的環繞聲參與策略，因為當我們進入一個新的客戶渠道或市場細分市場時，我們希望確保我們正在優化我們的通信以產生最大的回報。對環繞聲的投資。

And so we are doing some testing and some market research relative to that.

所以我們正在做一些測試和一些與此相關的市場研究。

Your next question is from Jailendra Singh with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Jailendra Singh。

Can you help us understand the revenue and EBITDA ramp from first half to second half in 2019.

您能否幫助我們了解 2019 年上半年至下半年的收入和 EBITDA 增長情況。

If I look at your revenue and EBITDA, you guys reported in Q1 and include even the high end of the guidance for 2Q, it would still require some decent ramp in second half to get to the full year guidance.

如果我看看你們的收入和 EBITDA，你們在第一季度報告，甚至包括第二季度指導的高端，它仍然需要在下半年有一些不錯的增長才能達到全年指導。

Just give some color like what you're assuming for second half ramp here?

只是給一些顏色，就像你在這裡假設的下半場坡道一樣？

Yes, so I'll give you the maybe sort of macro view, and we're obviously not going to give third quarter or fourth quarter guidance right now, but Gabe can sort of fill in a little bit color commentary.

是的，所以我會給你可能的宏觀觀點，我們現在顯然不會給出第三季度或第四季度的指導，但 Gabe 可以填寫一些顏色評論。

I would say, we are well aware of what the ramp looks like.

我想說，我們很清楚坡道的樣子。

If you look at the second quarter, that's always a lower visit volume, and therefore, a lower visit revenue quarter.

如果您查看第二季度，那總是較低的訪問量，因此訪問收入較低的季度。

And so you will see our subscription revenue increase as we continue to onboard new members and new clients.

因此，隨著我們繼續招募新成員和新客戶，您將看到我們的訂閱收入增加。

That continues into the third quarter, and we have pretty good line of sight into what that looks like and where that growth comes from.

這種情況一直持續到第三季度，我們對這種情況以及增長的來源有很好的了解。

And then in the fourth quarter, of course, you get the double bump of the continued growth of the subscription revenue as well as the significant increase in fourth quarter visit volume, and therefore, visit revenue.

然後在第四季度，當然，訂閱收入的持續增長以及第四季度訪問量的顯著增長，以及訪問收入的雙重增長。

We have, again, I would say, very good line of sight.

我要說，我們再次擁有非常好的視線。

Last quarter, I think we said north of 95% visibility.

上個季度，我認為我們說的能見度在 95% 以上。

I'm not going to get more granular than that and start giving our visibility in ones and twos, but we continue to have improved visibility into the revenue for the full year.

我不會比這更細化並開始提供我們的可見性，但我們將繼續提高對全年收入的可見性。

And that's based on contracts that are already signed as well as late-stage pipeline deals that we see.

這是基於已經簽署的合同以及我們看到的後期管道交易。

I don't know, Gabe, if you want to add anything and maybe talk about the corresponding impact on EBITDA?

我不知道，Gabe，您是否想添加任何內容，或者談談對 EBITDA 的相應影響？

Yes, and that's exactly correct, Jason.

是的，這是完全正確的，傑森。

I mean just as you see the P&L sort of ramping throughout the year, as we see access fees increasing, as we've been saying that we've been less centric on January 1, and we will continue to see that growth throughout the year, we will have that phenomena.

我的意思是，正如您看到全年損益表一樣，我們看到訪問費用在增加，正如我們一直在說我們在 1 月 1 日不再那麼集中，我們將繼續看到全年的增長，我們就會有這種現象。

And then obviously in the fourth quarter, as visits will kick in, we'll also see increases in revenue associated with that.

然後顯然在第四季度，隨著訪問量的增加，我們還將看到與此相關的收入增加。

From an EBITDA standpoint, you will see similar dynamics and even more so from an adjusted EBITDA standpoint.

從 EBITDA 的角度來看，您會看到類似的動態，從調整後的 EBITDA 的角度來看更是如此。

At as we do anticipate that to sort of sequentially grow throughout the year as we are looking at 2019 right now.

正如我們預計的那樣，正如我們現在看到的 2019 年一樣，這一數字將在全年連續增長。

Okay.

好的。

And then one follow-up.

然後是一個後續。

Can you provide any update on the Aetna contract renewal?

您能否提供有關 Aetna 合同續籤的任何更新？

When do you expect a final update there?

你什麼時候期待那裡的最終更新？

I think I've learned my lesson not to handicap exactly when we're going to have large client sign contracts, but I would say that, number one, as I mentioned earlier, we've never had a stronger relationship with Aetna than we have now.

我想我已經吸取了教訓，當我們將有大客戶簽署合同時，不要妨礙我們，但我想說，第一，正如我之前提到的，我們與 Aetna 的關係從未像現在這樣牢固。現在有。

It's more collaborative than it's ever been.

它比以往任何時候都更具協作性。

It's more strategic than it's ever been.

它比以往任何時候都更具戰略性。

And we are seeing the results in our shared success together.

我們正在共同看到共同成功的成果。

I'm very confident in that relationship, and have great confidence if that's going to continue to be a strong relationship for several years going forward.

我對這種關係非常有信心，如果這種關係在未來幾年繼續保持牢固，我也很有信心。

I'll do myself the favor of not locking myself into a time line with respect to when we'll have ink on paper for that, but I feel very good about it and really have no concerns there.

我會幫自己一個忙，不要將自己鎖定在關於何時我們將為此在紙上墨蹟的時間線上，但我對此感覺非常好，並且真的沒有任何顧慮。

We have time for 2 more questions.

我們有時間再回答 2 個問題。

Your next question is from Charles Rhyee with Cowen.

您的下一個問題來自 Charles Rhyee 和 Cowen。

Most of my questions have been asked, but just a couple of quick clarification, Jason.

我的大部分問題都被問到了，但只是快速澄清一下，傑森。

On the UNH (sic) [UHN] contract that you discussed earlier, you mentioned that you're not giving a membership number, but in the guidance, does that reflect the larger population being contemplated or that is contemplated in the new agreement?

在您之前討論過的 UNH（原文如此）[UHN] 合同中，您提到您沒有提供會員編號，但在指導中，這是否反映了正在考慮的更大的人口或新協議中所設想的？

Sorry, I'm not sure I understand.

抱歉，我不確定我是否理解。

We have, as I said, what I would call, fairly conservative revenue expectations.

正如我所說，我們有相當保守的收入預期。

We have, I would say, robust projections relative to what our costs are likely to be over the course of this year.

我想說，相對於我們今年的成本可能是多少，我們有穩健的預測。

Both of those are built into our guidance, but we didn't include any membership in our guidance relative to our membership.

這兩者都包含在我們的指導中，但我們的指導中沒有包含與我們的會員資格相關的任何會員資格。

Okay.

好的。

So in other words, when you first gave the guidance it was sort of what you'd expected originally, but since that time, we've seen an expansion in sort of the population size.

所以換句話說，當你第一次給出指導時，它是你最初所期望的，但從那時起，我們已經看到人口規模有所擴大。

That's not necessarily contemplated yet in the guidance.

指南中不一定會考慮到這一點。

Is that fair?

這公平嗎？

No, I don't think I said that.

不，我不認為我這麼說。

No I don't think I said that.

不，我不認為我這麼說。

I said we are expanding to a much larger population than we have today.

我說我們正在向比今天更多的人口擴張。

And it is what we contemplated and what we have been working on for quite some time.

這是我們所考慮的，也是我們長期以來一直在努力的。

Okay.

好的。

I'm sorry.

對不起。

Okay.

好的。

I appreciate that.

我很感激。

And then, I guess, just one more.

然後，我想，再多一個。

Earlier you talked about the confidence in the NCQA certification.

之前您談到了對 NCQA 認證的信心。

Is there anything specific about that?

有什麼具體的嗎？

Because you've been through it a couple of times that you feel good about it at this point, in terms of what they are looking for specifically.

因為您已經經歷了幾次，所以在這一點上您對它感覺很好，就他們具體尋找的東西而言。

If you -- maybe you can just remind us what are the sort of the key metrics they tend to look at when kind of doing it?

如果你——也許你可以提醒我們他們在做這件事時傾向於關注的關鍵指標是什麼？

No.

不。

I know better than to speak for their process.

我知道最好不要為他們的過程說話。

They are the experts on their process and although obviously I may be aware of what's going on, I'm not a credential or so.

他們是他們流程的專家，雖然很明顯我可能知道發生了什麼，但我不是一個憑證。

I will try not to comment on the specific processes there.

我將盡量不對那裡的具體流程發表評論。

I'm -- I do feel good about what our credentialing processes are, and I'm aware enough of the process that we've been going through with NCQA, that my expectation is that we will receive our reaccreditation.

我 - 我對我們的認證流程感覺很好，而且我對我們與 NCQA 一起經歷的流程非常了解，我期望我們將獲得重新認證。

Our last question comes from Matt Hewitt with Craig-Hallum Capital.

我們的最後一個問題來自 Craig-Hallum Capital 的 Matt Hewitt。

Maybe first and I realize you're still in the development stage here, but regarding the children's or the pediatric platform, maybe what are some of the nuances for developing that type of a platform versus one geared more towards adults?

也許首先，我意識到您仍處於開發階段，但關於兒童或兒科平台，與更面向成人的平台相比，開發此類平台可能存在哪些細微差別？

And once you've got that set, how quickly do you anticipate that being adopted by other pediatric facilities across the country?

一旦你有了這套設備，你預計全國其他兒科機構採用它的速度有多快？

Yes, the Cincinnati Children's is a pretty unique and amazing organization.

是的，辛辛那提兒童基金會是一個非常獨特和令人驚嘆的組織。

They take care of patients throughout all 50 states and in 89 countries around the world.

他們在全球 50 個州和 89 個國家照顧患者。

So we are really excited about launching a pediatric virtual care platform with them.

因此，我們對與他們一起推出兒科虛擬護理平台感到非常興奮。

We think that, that will open up access for children not only across the country but around the world to have access to the really amazing specialists and care that's delivered by Cincinnati Children's.

我們認為，這將不僅為全國乃至全世界的兒童開放，讓他們能夠接觸到辛辛那提兒童醫院提供的真正令人驚嘆的專家和護理。

So this is a great example of sort of the hub and spoke model, if you will, where the hub is just a tremendous organization with great expertise, and we can provide the platform that enables them to continue to make those capabilities available.

所以這是一個很好的中心輻射模型的例子，如果你願意的話，中心只是一個擁有豐富專業知識的巨大組織，我們可以提供一個平台，使他們能夠繼續提供這些功能。

As part of that platform, do you anticipate some of your other more specialized services like behavioral health and whatnot being included as part of that platform?

作為該平台的一部分，您是否預計您的其他一些更專業的服務（例如行為健康）以及不包含在該平台中的其他服務？

I think too soon to tell.

我想現在說還為時過早。

That would -- certainly, my aspiration would be that we can help to bolster the clinical capabilities there, but we are still working on what the implementation plan looks like.

那將 - 當然，我的願望是我們可以幫助加強那裡的臨床能力，但我們仍在研究實施計劃的樣子。

And my guess with this as well as with most of our services is, we are just sort of scratching the surface in terms of what the opportunity is, and it will expand over time.

我對此以及我們的大多數服務的猜測是，就機會而言，我們只是觸及表面，並且會隨著時間的推移而擴大。

That concludes the Q&A portion of today's call.

今天電話會議的問答部分到此結束。

I'll now turn things back over to the presenters for any closing remarks.

我現在將把事情交還給演示者，以便發表任何結束語。

I just want to thank everybody.

我只想感謝大家。

I'm very, very excited about the results of the first quarter and even more excited about our prospects for the rest of '19 and beyond.

我對第一季度的結果感到非常非常興奮，對我們在 19 年及以後的剩餘時間裡的前景更加興奮。

So with that, I think we'll wrap up the call.

因此，我想我們將結束通話。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。