Teladoc Health Inc (TDOC) 2024 Q4 法說會逐字稿

Good afternoon, and thank you all for attending the Teladoc Health Q4 2024 Earnings Call.

下午好，感謝大家參加 Teladoc Health 2024 年第四季財報電話會議。

My name is Brika, and I will be your moderator for today.

我的名字是 Brika，今天我將擔任你們的主持人。

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

在通話的演示部分，所有線路都將靜音，並在結束時提供問答機會。

I would now like to pass the conference over to your host, Michael Minchak, Vice President Investor Relations at Teladoc Health.

現在，我想將會議交給主持人、Teladoc Health 投資者關係副總裁 Michael Minchak。

Thank you, you may proceed.

謝謝您，您可以繼續。

Thank you, and good afternoon.

謝謝，下午好。

Today, after the market closed, we issued a press release announcing our Full Year and Fourth Quarter 2024 financial results.

今天，市場收盤後，我們發布了一份新聞稿，宣布了我們的2024年全年和第四季度財務業績。

This press release and the accompanying slide presentation are available on the Investor Relations section of the teladochealth.com website.

本新聞稿和隨附的幻燈片簡報可在 teladochealth.com 網站的投資者關係部分找到。

On this call to discuss the results are Chuck Divita, Chief Executive Officer; and Mala Murthy, Chief Financial Officer.

參加本次電話會議討論結果的有執行長 Chuck Divita；以及財務長 Mala Murthy。

During this call, we will also discuss our outlook, and our prepared remarks will be followed by a question-and-answer session.

在此次電話會議中，我們還將討論我們的展望，在我們準備好的發言之後將進行問答環節。

Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating Teladoc Health's performance.

請注意，我們將討論我們認為對評估 Teladoc Health 績效很重要的某些非 GAAP 財務指標。

Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release that is posted on our website.

有關這些非公認會計準則指標與最具可比性的公認會計準則指標之間的關係及其對帳的詳細信息，請參閱我們網站上發布的新聞稿。

Also, please note that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results for Teladoc Health to differ materially from those expressed or implied on this call.

此外，請注意，本次電話會議中所做的某些陳述將屬於 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，此類前瞻性陳述受風險、不確定性和其他因素的影響，這些因素可能導致 Teladoc Health 的實際結果與本次電話會議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 our press release and our filings with the SEC, all of which are available on our website.

欲了解更多信息，請參閱我們新聞稿中的警告聲明以及我們向美國證券交易委員會提交的文件，所有這些文件均可在我們的網站上查閱。

I would now like to turn the call over to Chuck.

現在我想將電話轉給查克。

Thanks, Mike.

謝謝，麥克。

We reported a solid finish to 2024 and continue to make progress on our strategic priorities.

我們報告了 2024 年取得的圓滿成功，並繼續在策略重點方面取得進展。

Mala will comment more on our results and initial 2025 guidance in a moment.

稍後，Mala 將對我們的結果和 2025 年初步指導發表更多評論。

As we close out the year and look forward I would also like to provide some updates on the business and areas of focus.

值此新年即將來臨、展望未來之際，我還想提供一些有關業務和重點領域的最新進展。

As you know, we operate in a complex and dynamic health care market, which continues to be impacted by macro factors such as medical cost inflation, disease prevalence, mental health challenges, pressures on health care providers and regulatory matters, amongst others.

眾所周知，我們處於一個複雜而充滿活力的醫療保健市場中，該市場繼續受到醫療成本上漲、疾病流行率、心理健康挑戰、醫療保健提供者的壓力和監管問題等宏觀因素的影響。

We believe Virtually Enabled Care can play an important and constructive role in supporting the needs of our customers in this regard, and that we are uniquely positioned given our scale, experience and range of products and services.

我們相信，Virtually Enabled Care 可以在支援我們客戶的需求方面發揮重要且建設性的作用，並且憑藉我們的規模、經驗以及產品和服務範圍，我們擁有獨特的優勢。

To strengthen our ability to pursue opportunities in this environment and navigate through respective challenges, we've taken several actions over the past several months to streamline the organization deepen market focus and advance important initiatives.

為了增強我們在這種環境中尋求機會和應對各自挑戰的能力，我們在過去幾個月中採取了多項措施，精簡組織機構，深化市場關注並推進重要舉措。

These chains are well aligned with our priorities, have driven significant cost savings and created additional capacity to invest.

這些連鎖店與我們的優先事項非常一致，大幅節省了成本，並創造了額外的投資能力。

With respect to Integrated Care, we're building on these and other efforts to enhance our competitive position and pursue important growth factors focused on 4 strategic priorities.

關於綜合護理，我們正在基於這些和其他努力來增強我們的競爭地位，並追求以四個策略重點為重點的重要成長因素。

First is net growth in customers and membership and the engagement and usage of our services.

首先是客戶和會員的淨增長以及我們服務的參與度和使用率。

In 2024, we added over 4 million members in the US and grew underlying visit volumes by 6%, a key metric as the market continues to move towards visit oriented arrangements.

2024 年，我們在美國增加了超過 400 萬會員，基礎訪問量增加了 6%，這是一個關鍵指標，因為市場繼續走向以訪問為導向的安排。

And we recently implemented new technology at the point of care to support additional services for our customers.

我們最近在護理點實施了新技術，以便為我們的客戶提供更多服務。

We see this as an important element of our value proposition and differentiation going forward.

我們認為這是我們未來價值主張和差異化的重要元素。

We also grew Chronic Care management enrollment by 4% in 2024, and we see opportunities to further innovate in this space as well, including through our recently announced agreement to acquire Catapult Health.

到 2024 年，我們的慢性病管理入學人數還將增加 4%，我們也看到了在這一領域進一步創新的機會，包括透過我們最近宣布的收購 Catapult Health 的協議。

More on that in a moment.

稍後將對此進行詳細介紹。

From a selling season perspective, we saw some nice wins to close out the year, including the strongest year of bookings since 2020 in our employer channel and the important addition of TRICARE in the government space.

從銷售季節的角度來看，我們在年底看到了一些不錯的勝利，包括自 2020 年以來雇主通路預訂量最強勁的一年，以及政府領域 TRICARE 的重要加入。

We've also had some key client expansions with respect to Chronic Care programs, including weight management, which is seeing continued interest in the market.

我們在慢性病照護計畫方面也進行了一些關鍵客戶的擴展，其中包括體重管理，這方面市場持續關注。

Of note, one of our largest customers added our solution for 2025 and we expect the enrollment to ramp over the year.

值得注意的是，我們最大的客戶之一添加了我們的 2025 年解決方案，我們預計註冊人數將在今年內增加。

As we mentioned in the third quarter call, we are seeing pressures in the health plan channel given some of the broader challenges.

正如我們在第三季電話會議上提到的，鑑於一些更廣泛的挑戰，我們看到健康計畫管道面臨壓力。

With that said, we expect to have opportunities during 2025 across our various channels, and we will remain focused on managing through these uncertainties as well, both of which are reflected in the guidance ranges that Mala will cover.

話雖如此，我們預計 2025 年我們的各個管道都會有機遇，我們也將繼續專注於應對這些不確定性，這兩者都反映在 Mala 將涵蓋的指導範圍內。

I'm pleased to report that we had a very successful implementation season with over 800 new clients launched on January 1.

我很高興地報告，我們的實施季非常成功，1 月 1 日就有超過 800 個新客戶加入。

This was a critical priority given earlier challenges, and I'm proud of how the team collaborated and delivered for our customers.

考慮到先前的挑戰，這是一個關鍵的優先事項，我為團隊如何合作並為客戶服務感到自豪。

Another important priority is deepening our impact on patient care and outcomes.

另一個重要事項是深化我們對病人照護和結果的影響。

For example, in addition to the point-of-care technology I mentioned earlier, we're also excited about a new capability we'll be bringing to market soon that provides the ability for external ecosystem partners to efficiently integrate with us to support longitudinal care needs and other strategies of our customers.

例如，除了我之前提到的即時護理技術之外，我們還對即將推向市場的一項新功能感到興奮，該功能使外部生態系統合作夥伴能夠有效地與我們整合，以支持客戶的縱向護理需求和其他策略。

We're also focused on driving greater impact through our suite of products and we're looking forward to jointly leveraging the capabilities of Catapult, including an initial focus on patients with chronic conditions.

我們也致力於透過我們的產品套件發揮更大的影響力，並期待共同利用 Catapult 的功能，包括最初關注患有慢性病的患者。

And with Catapult's approach to preventative care, including [ Kania ] testing, screening and nurse lead engagement model as well as an impressive Net Promoter Score of 80, we see opportunities to further complement our solution set.

透過 Catapult 的預防保健方法，包括 [Kania] 測試、篩檢和護理師主導參與模式以及令人印象深刻的 80 淨推薦值，我們看到了進一步補充我們的解決方案集的機會。

From a revenue growth perspective, we intend to leverage our scale distribution to offer Catapult services into our customer base.

從營收成長的角度來看，我們打算利用我們的規模分佈向我們的客戶群提供 Catapult 服務。

And for Catapult's patients that are also eligible for our other services, we'll be creating a seamless enrollment pathway for our Chronic Care Management and additional entry points for services such as mental health and primary care based on patient needs and preferences.

對於同時符合我們其他服務資格的 Catapult 患者，我們將根據患者的需求和偏好，為慢性病管理創建無縫的註冊途徑，並為心理健康和初級保健等服務創建額外的切入點。

As context, roughly half of the people engaged by Catapult have one or more chronic conditions.

背景是，Catapult 所接觸的人中大約有一半患有一種或多種慢性疾病。

Many indicate challenges with depression and anxiety and nearly 1/3 share that they don't have an established primary care relationship.

許多人表示面臨憂鬱和焦慮的困擾，近三分之一的人表示他們沒有建立初級保健關係。

Our products and services align very well with these needs.

我們的產品和服務非常符合這些需求。

Through these and other initiatives, we're looking to extend our clinical care capabilities and ultimately to further participate in the value we can create for customers.

透過這些舉措和其他舉措，我們希望擴展我們的臨床護理能力，並最終進一步參與為客戶創造的價值。

Another important priority is expanding our International Integrated Care business.

另一個重要事項是擴大我們的國際綜合護理業務。

I recently had the opportunity to meet with our international team and hear from some key clients as well.

最近我有機會與我們的國際團隊會面並聽取一些主要客戶的意見。

I was highly impressed with our team and how they are building strong and sustainable positions in their respective markets.

我們的團隊以及他們如何在各自的市場中建立強大且可持續的地位給我留下了深刻的印象。

And their efforts drove another strong year in 2024, delivering mid-teens revenue growth and continuing to expand markets and services.

他們的努力推動了 2024 年又一個強勁發展的一年，實現了中等水平的收入成長，並繼續擴大市場和服務。

For example, in France, we're partnering with the public health system to provide virtual psychiatry services in places with the scarcity of providers.

例如，在法國，我們正在與公共衛生系統合作，在醫療服務提供者稀缺的地方提供虛擬精神科服務。

And in Canada, we are combining virtual services with the proprietary devices and software of our hospital and health system solutions to serve needs across several provinces.

在加拿大，我們將虛擬服務與醫院和醫療系統解決方案的專有設備和軟體結合，以滿足多個省份的需求。

These are great examples of organizational collaboration and differentiation in the market.

這些都是市場中組織協作和差異化的偉大例子。

Finally, a priority of increased access to virtual mental health services through our scale position.

最後，我們優先考慮透過我們的規模地位增加獲得虛擬心理健康服務的機會。

In addition to BetterHelp, we also have a scaled B2B Mental Health offering in Integrated Care, where we offer digital tools, coaching, therapy and psychiatry services.

除了 BetterHelp，我們還在綜合護理中提供規模化的 B2B 心理健康服務，其中包括數位工具、指導、治療和精神病學服務。

We completed nearly 1 million visits in 2024, a 10% increase from 2023.

2024 年，我們完成了近 100 萬次訪問，比 2023 年成長 10%。

Over 60% of our membership base in the US has access to our mental health offering and at an enterprise level, B2B Mental Health generated approximately $150 million in revenues in 2024.

我們在美國超過 60% 的會員可以使用我們的心理健康服務，在企業層面，B2B 心理健康服務在 2024 年創造了約 1.5 億美元的收入。

We will continue to assess synergies across our Mental Health offerings going forward.

我們將繼續評估未來心理健康服務的協同作用。

Moving now to the BetterHelp segment specifically.

現在具體轉到 BetterHelp 部分。

The business continues to be the largest of its kind serving an unmet need in a way that resonates with consumers as evidenced by its high consumer Net Promoter Score above 70.

該業務繼續成為同類業務中規模最大的業務，以一種與消費者產生共鳴的方式滿足尚未滿足的需求，其消費者淨推薦值高達 70 以上就是明證。

And in January of 2025, we surpassed a historical milestone but having served over 5 million people across dozens of countries.

2025 年 1 月，我們突破了歷史里程碑，為數十個國家的 500 多萬人提供了服務。

With that said, the business continues to operate in a challenging environment, which impacted financial performance in 2024 and our expectations for 2025.

話雖如此，業務仍在充滿挑戰的環境中運營，這影響了 2024 年的財務業績和我們對 2025 年的預期。

We remain highly focused on stabilizing results and returning to a long-term growth posture.

我們仍然高度專注於穩定業績並恢復長期成長態勢。

And we aim to do this through 4 key priorities.

我們計劃透過四個主要重點來實現這一目標。

The first is growing user base and levels of engagement.

首先是擴大用戶群和參與度。

During 2024, BetterHelp served over 1 million unique paying users, supported by a broad and diverse therapist network.

2024 年，BetterHelp 在廣泛且多元的治療師網路的支持下，為超過 100 萬獨立付費用戶提供服務。

We were encouraged to see sequential growth in average paying users in the fourth quarter versus the third quarter but we have not yet reached the level of stability we are striving for.

我們很高興看到第四季度的平均付費用戶數量與第三季度相比有所增長，但我們尚未達到我們所追求的穩定水平。

We also have a priority on advancing our value proposition through new features and enhancements.

我們也優先透過新功能和增強功能來推進我們的價值主張。

This includes ways to improve affordability and accessibility such as a pilot we launched in the third quarter of 2024 to test a weekly pricing model.

這包括提高可負擔性和可訪問性的方法，例如我們在 2024 年第三季啟動的試點，以測試每周定價模型。

Initial results were positive, and the model was subsequently expanded and now widely available.

初步結果是正面的，該模型隨後得到擴展並被廣泛應用。

We'll continue to monitor performance on key measures such as conversion rates, retention and net user growth.

我們將持續監控轉換率、留任率和淨用戶成長等關鍵指標的表現。

We're also pursuing new features and other offerings, including furthering international expansion through new localized country models with respect to language content and therapists.

我們也正在追求新的功能和其他產品，包括透過與語言內容和治療師相關的新的在地化國家模型進一步實現國際擴張。

This includes a recent launch in France and additional markets in Europe over the course of 2025.

其中包括最近在法國推出的產品以及 2025 年在歐洲其他市場推出的產品。

And international was again a bright spot for BetterHelp in 2024, accounting for approximately 20% of segment revenues.

2024 年，國際業務再次成為 BetterHelp 的一大亮點，約佔該部門收入的 20%。

Finally, BetterHelp's initiative to provide consumers with an ability to access their mental health benefits coverage continues to progress.

最後，BetterHelp 為消費者提供心理健康福利保障的措施正在持續取得進展。

Operational capabilities are now in place, and initial network discussions with select health plans have begun.

目前，營運能力已到位，並已開始與部分健康計劃進行初步的網路討論。

As shared previously, we don't expect any material contribution during 2025 in this area, and we'll also continue to explore additional ways to accelerate our progress, consistent with our broader mental health strategy.

如同先前所分享的，我們預計 2025 年在此領域不會做出任何實質貢獻，我們也將繼續探索其他方法來加速我們的進步，這與我們更廣泛的心理健康策略保持一致。

In closing, I'm gratified by the way we finished 2024 and how the organization is aligning around our strategic priorities, which are focused on delivering long-term sustainable growth.

最後，我對我們在 2024 年取得的成績感到滿意，也對我們組織如何圍繞我們的策略重點進行調整感到滿意，這些重點是實現長期可持續成長。

While there is more work ahead, we are operating with appropriate urgency and a strong competent driving performance across our business.

儘管面前還有更多工作要做，但我們正以適當的緊迫感和強勁的能幹推動整個業務的表現開展工作。

With that, I'll turn it over to Mala.

說完這些，我會把話題交給瑪拉 (Mala)。

Thank you, Chuck and good afternoon, everyone.

謝謝你，查克，大家下午好。

Fourth quarter results were generally in line with our previously discussed expectations.

第四季的業績基本上符合我們先前討論的預期。

Consolidated revenue was $640 million and adjusted EBITDA of $75 million represented an 11.7% margin.

合併收入為 6.4 億美元，調整後 EBITDA 為 7,500 萬美元，利潤率為 11.7%。

Net loss per share was $0.28. Full year 2024 consolidated revenue of $2.6 billion decreased 1% versus 2023 while adjusted EBITDA of $311 million represented a 12.1% margin.

每股淨虧損為 0.28 美元。 2024 年全年綜合營收為 26 億美元，較 2023 年下降 1%，調整後 EBITDA 為 3.11 億美元，利潤率為 12.1%。

Net loss per share of $5.87 included a noncash goodwill impairment charge of $4.63 per share pretax, amortization of acquired intangibles of $1.35 per share pretax and stock-based compensation expense of $0.86 per share pretax.

每股淨虧損 5.87 美元，其中包括每股稅前 4.63 美元的非現金商譽減損費用、每股稅前 1.35 美元的收購無形資產攤銷費用和每股稅前 0.86 美元的股票薪資費用。

Full year free cash flow was $170 million and we closed 2024 with nearly $1.3 billion in cash and cash equivalents on the balance sheet.

全年自由現金流為 1.7 億美元，截至 2024 年，我們的資產負債表上現金及現金等價物接近 13 億美元。

Turning to segment results.

轉向細分結果。

Fourth quarter Integrated Care revenue increased 2% year-over-year to $391 million, above the midpoint of our guidance range, driven by Virtual Care visits, Chronic Care and International.

第四季綜合護理收入年增 2% 至 3.91 億美元，高於我們指引範圍的中點，這得益於虛擬護理就診、慢性病護理和國際護理。

We added 4.2 million US Integrated Care members versus the prior year period and ended the fourth quarter with 93.8 million members, up 5% year-over-year.

與去年同期相比，我們增加了 420 萬美國綜合護理會員，第四季結束時會員總數達 9,380 萬，年增 5%。

Chronic Care program enrollment was just over 1.2 million at quarter end, growing by 4% versus the prior year period.

截至季末，慢性病照護計畫的報名人數剛過 120 萬，比去年同期成長 4%。

Fourth quarter Integrated Care adjusted EBITDA was $53 million, representing a 13.6% margin.

第四季綜合護理調整後息稅折舊攤提前利潤為 5,300 萬美元，利潤率為 13.6%。

This was near the upper end of our guidance range and down 95 basis points versus the prior year period.

這接近我們預期範圍的上限，比去年同期下降了 95 個基點。

Recall that based on upside in the third quarter, we discussed incremental investments in the fourth quarter to advance our key priorities, which drove a headwind to adjusted EBITDA margin.

回想一下，基於第三季的上行勢頭，我們討論了第四季度的增量投資以推進我們的關鍵優先事項，這給調整後的 EBITDA 利潤率帶來了阻力。

For the full year, Integrated Care segment revenue increased 4% to $1.5 billion.

全年綜合護理部門營收成長 4%，達到 15 億美元。

Revenue benefited from double-digit growth in US Virtual Care Visit revenue, with volume up by 6% year-over-year, a mid-teens increase in our International business and growth in Chronic Care.

收入受益於美國虛擬護理訪問收入的兩位數增長，其中訪問量同比增長 6%，國際業務實現十五六% 的增長以及慢性病護理的增長。

Integrated Care adjusted EBITDA grew 21% over 2023 driven by revenue growth as well as cost and productivity initiatives.

在收入成長以及成本和生產力措施的推動下，綜合照護調整後的 EBITDA 比 2023 年成長了 21%。

Adjusted EBITDA margin increased by about 215 basis points versus 2023.

調整後的 EBITDA 利潤率較 2023 年增加約 215 個基點。

Landing in the upper half of the initial guidance range we had provided last February.

達到我們去年二月提供的初步指導範圍的上半部。

Shifting to BetterHelp.

轉向 BetterHelp。

Fourth quarter revenue was $250 million, down 9.5% versus the prior year period, reflecting a modestly lower rate of decline versus the third quarter.

第四季營收為 2.5 億美元，較去年同期下降 9.5%，降幅較第三季略有下降。

Fourth quarter average monthly paying users grew by 2,000 users over the third quarter to 400,000 marking the first sequential increase since the second quarter of 2023 and driven by continued International growth and a net benefit from the weekly pricing model.

第四季平均每月付費用戶數較第三季增加了 2,000 名用戶，達到 40 萬名用戶，這是自 2023 年第二季以來的首次連續成長，這得益於國際業務的持續成長以及每周定價模式帶來的淨收益。

Fourth quarter BetterHelp adjusted EBITDA increased to $22 million from $15 million in the third quarter, and adjusted EBITDA margin of 8.7% compared to 5.9% in the third quarter.

第四季度，BetterHelp 調整後 EBITDA 從第三季的 1,500 萬美元增至 2,200 萬美元，調整後 EBITDA 利潤率為 8.7%，而第三季為 5.9%。

This was consistent with commentary on our third quarter call regarding a much smaller sequential step-up in fourth quarter adjusted EBITDA.

這與我們第三季電話會議上關於第四季度調整後 EBITDA 環比增幅小得多的評論一致。

For the full year, BetterHelp revenue was $1 billion, a decline of 8% versus the prior year, while adjusted EBITDA of $78 million represented a margin of 7.5%.

BetterHelp 全年營收為 10 億美元，較前一年下降 8%，調整後 EBITDA 為 7,800 萬美元，利潤率為 7.5%。

Now turning to guidance.

現在轉向指導。

We expect full year 2025 consolidated revenue to be in the range of $2.47 billion to $2.58 billion.

我們預計 2025 年全年綜合收入將在 24.7 億美元至 25.8 億美元之間。

Consolidated adjusted EBITDA is expected to be in the range of $278 million to $319 million.

合併調整後 EBITDA 預計在 2.78 億美元至 3.19 億美元之間。

We expect full year free cash flow of $190 million to $220 million which represents year-over-year growth of 12% to 30%, driven mainly by net working capital benefits.

我們預計全年自由現金流為 1.9 億至 2.2 億美元，年增 12% 至 30%，主要受淨營運資本利得推動。

We project stock-based compensation expense of $120 million to $130 million in 2025, down by about $20 million at the midpoint versus 2024, and 38% lower versus 2023 levels.

我們預計 2025 年的股票薪資支出為 1.2 億至 1.3 億美元，比 2024 年中位數下降約 2,000 萬美元，比 2023 年的水準下降 38%。

For the first quarter, we expect consolidated revenue in the range of $608 million to $629 million, and adjusted EBITDA in the range of $47 million to $59 million.

對於第一季度，我們預計綜合營收在 6.08 億美元至 6.29 億美元之間，調整後 EBITDA 在 4,700 萬美元至 5,900 萬美元之間。

Looking at the segments.

查看各個片段。

For Integrated Care, we expect 2025 revenue to be flat to up 3% year-over-year on an as-reported basis.

對於綜合護理，我們預計 2025 年的收入將與報告基礎持平或同比增長 3%。

This assumes 0.5% to 3.5% constant currency growth and a roughly 50 basis point headwind from foreign exchange.

假設固定匯率成長率為 0.5% 至 3.5%，且外匯阻力約為 50 個基點。

Constant currency growth includes about 200 basis points of contribution from the Catapult acquisition, which is expected to close at the end of February.

固定匯率成長包括 Catapult 收購帶來的約 200 個基點的貢獻，該收購預計將於 2 月底完成。

We are guiding to an adjusted EBITDA margin of 14.8%, plus or minus 50 basis points, inclusive of a roughly 40 basis point headwind from the Catapult acquisition which we expect to be dilutive to adjusted EBITDA margin in 2025.

我們預計調整後的 EBITDA 利潤率為 14.8%，上下浮動 50 個基點，其中包括 Catapult 收購帶來的約 40 個基點的阻力，我們預計這將稀釋 2025 年調整後的 EBITDA 利潤率。

Excluding Catapult, our adjusted EBITDA margin guidance for 2025 would be roughly flat year-over-year at the midpoint.

不包括 Catapult，我們對 2025 年的調整後 EBITDA 利潤率預期將與去年同期大致持平。

And this is consistent with our preliminary 2025 outlook where we said we endeavor to maintain adjusted EBITDA margin in line with 2024 levels.

這與我們對 2025 年的初步展望一致，我們表示將努力將調整後的 EBITDA 利潤率維持在與 2024 年水準一致。

FX is neutral to Integrated Care adjusted EBITDA margin.

外匯對 Integrated Care 調整後的 EBITDA 利潤率沒有影響。

There are several factors that are impacting the first quarter and quarterly cadence.

有幾個因素影響著第一季和季度節奏。

First, we expect a slightly greater sequential revenue decline in the first quarter versus prior years.

首先，我們預期第一季的營收季減將略大於去年。

While typical seasonality is driven in part by enrollment dynamics within our Chronic Care business, 2 additional factors are contributing to a lower 2025 starting point.

雖然典型的季節性在一定程度上是由我們的慢性病護理業務內的招生動態所驅動，但另外兩個因素也導致了 2025 年的起點較低。

The first is the selling season, which we had previously discussed.

首先是銷售旺季，我們之前已經討論過。

And the second is an FX headwind due to currency movements since our October earnings call.

第二個是自 10 月財報電話會議以來匯率變動導致的外匯逆風。

Next, while we continue to expect increased membered to drive visit growth over time, based on recent trends, we now expect a more extended visit ramp at TRICARE, as it takes time for the contractors to implement the new program, impacting what is typically a strong quarter for visit volumes.

其次，雖然我們繼續預期會員數量的增加將隨著時間的推移推動訪問量增長，但根據最近的趨勢，我們現在預計 TRICARE 的訪問量將進一步增長，因為承包商需要時間來實施新計劃，這會影響通常訪問量強勁的季度。

In addition, we have some key expansions in our Chronic Care business in 2025, with enrollment expected to grow over the course of the year.

此外，2025 年我們的慢性病照護業務將進行一些重大擴展，預計今年的註冊人數將會增加。

However, tempering this benefit is an incremental impact from attrition as we were informed by a client earlier this month, our plans to transition a portion of their business during the second quarter.

然而，削弱這種好處是人員流失帶來的增量影響，正如我們本月早些時候從一位客戶那裡獲悉的那樣，我們計劃在第二季度轉變其部分業務。

Finally, we expect a full quarter of contribution from Catapult Health beginning in the second quarter, while the fourth quarter is typically their seasonally strongest of the year.

最後，我們預計 Catapult Health 將從第二季度開始貢獻整個季度的業績，而第四季度通常是他們一年中業績最強勁的季節。

Taken together, these factors are expected to lead to a first half, second half revenue split in 2025.

綜合起來，這些因素預計將導致 2025 年上半年和下半年的收入分割。

That would be slightly more back half weighted relative to 2024.

相對於 2024 年而言，這將稍微增加一半的權重。

From an adjusted EBITDA standpoint, the expected ramp in Chronic Care enrollment and TRICARE visits will have a more significant positive impact on adjusted EBITDA in the second half while we also will be comping against some discrete benefits in the second and third quarter of 2024.

從調整後的 EBITDA 的角度來看，慢性病護理登記人數和 TRICARE 就診人數的預期增長將對下半年調整後的 EBITDA 產生更顯著的積極影響，同時我們還將在 2024 年第二季度和第三季度抵消一些單項收益。

We are guiding to first quarter Integrated Care revenue down 0.5% to up 2% versus the prior year period on an as-reported basis.

根據報告，我們預計第一季綜合護理收入將比去年同期下降 0.5% 至成長 2%。

A year-over-year tailwind from Catapult and an FX headwind largely offset.

Catapult 的同比順風與外匯逆風基本抵銷。

Adjusted EBITDA margin is expected to be in the range of 11.25% to 12.75% with Catapult about 20 basis points dilutive to the adjusted EBITDA margin and an immaterial FX impact.

調整後的 EBITDA 利潤率預計在 11.25% 至 12.75% 之間，其中 Catapult 將對調整後的 EBITDA 利潤率造成約 20 個基點的攤薄，外匯影響不大。

Moving to the BetterHelp segment.

轉到 BetterHelp 部分。

We are guiding to 2025 revenue down 3.75% to down 9.75% versus 2024 on an as-reported basis.

根據報告，我們預計 2025 年營收將較 2024 年下降 3.75% 至 9.75%。

This assumes a decline of 3% to 9% on a constant currency basis and a roughly 75 basis point foreign exchange headwind.

假設以固定匯率計算，經濟將下降 3% 至 9%，外匯逆風將加劇約 75 個基點。

Based on what's currently known, we are comfortable near the midpoint while the wider range reflects uncertainties given the early stage of the year, including traction from growth initiatives as well as the macro backdrop, demand levels, customer acquisition costs and churn rate.

根據目前已知的情況，我們對中點附近感到滿意，而更廣泛的範圍反映了今年年初的不確定性，包括成長計畫的牽引力以及宏觀背景、需求水準、客戶獲取成本和客戶流失率。

We are guiding to an adjusted EBITDA margin of 6.25% to 7.75%.

我們預計調整後的 EBITDA 利潤率為 6.25% 至 7.75%。

Excluding an FX headwind of roughly 50 basis points, adjusted EBITDA margin would be generally flat to the midpoint versus 2024.

排除約 50 個基點的外匯不利因素，調整後的 EBITDA 利潤率將與 2024 年的中點基本持平。

For the first quarter, we are guiding the BetterHelp segment revenue down 9% to 13.5% year-over-year on an as-reported basis.

根據報告，我們預計第一季 BetterHelp 部門營收將年減 9% 至 13.5%。

This assumes that 8.25% to 12.75% decline on a constant currency basis and a 75 basis point FX headwind.

假設以固定匯率計算下降 8.25% 至 12.75% 且外匯逆風為 75 個基點。

We expect an adjusted EBITDA margin of 2% to 4.25% with a roughly 60 basis point headwind from foreign exchange in the first quarter.

我們預計調整後的 EBITDA 利潤率為 2% 至 4.25%，第一季外匯阻力約為 60 個基點。

Higher conversion rates related to the weekly offer has led to a year-over-year improvement in customer acquisition cost, and we expect it to remain at current levels over the balance of the year.

與每週優惠相關的更高轉換率導致客戶獲取成本同比改善，我們預計今年餘下時間它將保持在當前水平。

While churn is higher, we expect the weekly offer to remain a net positive.

儘管流失率較高，但我們預計每週報價仍將維持淨正值。

We are also assuming an increase in users and revenue as we roll out our localized offering to additional markets in Europe, although we are being methodical as we learn and refine our approach in each market.

我們也預計，隨著我們向歐洲其他市場推出在地化產品，用戶和收入將會增加，儘管我們正在有條不紊地學習和改進我們在每個市場的方法。

As a result of these factors, we are targeting modest sequential revenue improvement beginning with the second quarter and continuing through the balance of the year.

基於這些因素，我們的目標是從第二季開始實現連續適度的收入成長並持續到今年年底。

And as year-over-year comps ease as we progress through 2025, we are targeting BetterHelp fourth quarter revenue to be relatively flat on a year-over-year basis.

隨著我們進入 2025 年，同比營收成長將會減緩，我們的目標是 BetterHelp 第四季的營收與去年同期相比保持相對持平。

I'll now provide an update on our cost savings and productivity initiatives.

我現在將提供有關我們的成本節約和生產力舉措的最新資訊。

We continue to execute against our previously discussed program and are exceeding those targets modestly.

我們繼續執行我們之前討論的計劃，並且略微超出了這些目標。

This is helping fund investments in the business to position the company for long-term success.

這有助於為企業投資提供資金，為公司的長期成功奠定基礎。

We remain focused on managing to an appropriate level of performance and are committed to taking additional actions accordingly.

我們將繼續專注於管理適當的績效水平，並致力於採取相應的額外行動。

As we continue to evaluate opportunities for further efficiencies, our focus will be on optimizing technology and development and G&A costs as well as lowering stock-based compensation expense.

隨著我們繼續評估進一步提高效率的機會，我們的重點將放在優化技術和開發、一般及行政費用以及降低股票薪酬費用。

Finally, we closed the year with $1.3 billion in cash on our balance sheet and our business is generating solid free cash flow which we believe provides us a high degree of financial flexibility.

最後，我們在年底資產負債表上有 13 億美元現金，而且我們的業務正在產生穩健的自由現金流，我們相信這為我們提供了高度的財務靈活性。

As it relates to our capital allocation priorities, first and foremost, we intend to maintain a strong balance sheet.

就我們的資本配置重點而言，我們首先要維持強勁的資產負債表。

This is a key area of client interest, ensuring [ community ] and demonstrating an ability to invest in innovation.

這是客戶感興趣的關鍵領域，確保[社區]並展示投資創新的能力。

We continue to expect to retire our convertible bonds due in June 2025 with cash.

我們繼續預計將以現金償還 2025 年 6 月到期的可轉換債券。

We are evaluating our long-term financing and believe we have options as we look ahead to the June 2027 maturity.

我們正在評估我們的長期融資，並相信我們在 2027 年 6 月到期時有很多選擇。

Second, we will focus on investing in the business to support our strategy, both on an organic and inorganic basis.

其次，我們將專注於投資業務以支持我們的策略，無論是有機投資還是無機投資。

As we further expand our capabilities, we can leverage our large customer base and scale distribution platform, further executing on our land-and-expand strategy.

隨著我們進一步擴大能力，我們可以利用龐大的客戶群和規模分銷平台，進一步執行我們的登陸和擴張策略。

And third, share buybacks remain a potential use of excess cash.

第三，股票回購仍是過剩現金的潛在用途。

With that, I will turn the call back to Chuck.

說完這些，我會把電話轉回給查克。

Thanks, Mala.

謝謝，瑪拉。

To wrap up, we are continuing to make progress against the key strategic priorities that we have laid out, although there is more work ahead.

總而言之，儘管還有更多的工作要做，但我們仍在繼續朝著我們制定的關鍵策略重點取得進展。

Despite some likely near-term headwinds from macro and other factors, we are focused on execution and delivering on our commitments to all stakeholders.

儘管近期宏觀和其他因素可能帶來一些阻力，但我們仍專注於執行並履行對所有利害關係人的承諾。

I am confident that the actions we're taking this year will provide a strong foundation for us to deliver improved performance over the longer term.

我相信，我們今年採取的行動將為我們長期取得更好的業績奠定堅實的基礎。

We look forward to sharing more in the coming months.

我們期待在接下來的幾個月分享更多。

With that, we will open it up for questions.

接下來我們將開始回答問題。

Operator?

操作員？

Thank you, Chuck.

謝謝你，查克。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾 (Lisa Gill)。

Thanks very much.

非常感謝。

And Chuck, Mala, thank you for all the details.

查克、瑪拉，感謝你們提供的所有詳細資訊。

Chuck, I want to go back to a comment that you made when you were talking about net customer growth and talked about some of your contracting being more focused on visits.

查克，我想回到你在談論淨客戶成長時所做的評論，你談到你的一些合約更側重於訪問。

Can you talk about how contracts have changed, if at all, in 2025?

您能談談 2025 年合約將發生哪些變化嗎？

And it looks like at the midpoint, you're adding about 8% growth in Integrated members based on the guidance that you're giving.

根據您給予的指導，看起來在中間點，綜合會員數量增加了約 8%。

What are you seeing as far as utilization trends?

就利用趨勢而言，您看到了什麼？

And the flu season started much later than we've seen in the last couple of years, but historically, the flu has been good for Teladoc.

與過去幾年相比，今年的流感季節開始得晚了很多，但從歷史上看，流感對 Teladoc 來說是有利的。

So just curious like what you've seen more recently on the overall utilization trend?

所以只是好奇您最近看到的整體利用率趨勢是怎樣的？

I'll make some comments and then certainly, Mala, if you want to jump in.

我會發表一些評論，然後當然，瑪拉，如果你想加入的話。

So a few things that I would say as many years ago in this space, I think there was a lot of [ PMCM ] models because it was sort of new to the buyer and new to organizations such as ourselves.

所以我想說，很多年前在這個領域就有很多 [ PMCM ] 模型，因為它對於買家和我們這樣的組織來說都是很新的。

And so that provided a level of predictability and there's still a predominance of that out there.

因此，這提供了一定程度的可預測性，而這種可預測性仍然占主導地位。

But as you know, the rest of the health care system primarily works on a visit basis on a utilization basis.

但如您所知，其餘醫療保健系統主要以利用率為基礎進行就診。

So you've seen over time now that virtual visit space has matured, more and more interest in moving more towards the rest of the delivery system looks like.

因此，您現在可以看到，隨著時間的推移，虛擬存取空間已經成熟，人們對轉向其餘交付系統的興趣也越來越大。

So that's not a new trend that's been going on for a while.

所以這並不是一個已經持續一段時間的新趨勢。

And that can use so that's why we highlight the importance of the visit volumes because ultimately, that's a driver of revenue, but it's also a signal of the level of engagement that we have.

這可以使用，這就是為什麼我們強調訪問量的重要性，因為最終，這是收入的驅動力，但它也是我們參與度水平的信號。

And as we add those members that you mentioned, we should and we expect, as we have see increases in visit volumes which we have seen pretty steadily.

隨著我們添加您提到的那些成員，我們應該並且預計，因為我們看到訪問量一直在穩步增加。

And I think that's important.

我認為這很重要。

It's also important because those visits are more than just a visit for that particular event, their engagement points.

這也很重要，因為這些訪問不僅是為了參加特定活動，更是他們的參與點。

And I think part of our strategy is how do we activate those engagement points more holistically.

我認為我們的策略的一部分是如何更全面地激活這些參與點。

One last thing I would say before asking Mala to comment.

在請瑪拉發表評論之前，我想說最後一件事。

I was very proud of the way that our team responded to the surges this year.

我對我們團隊今年應對洪災的方式感到非常自豪。

When you think about the volumes that we experienced, which are massively larger than others, when you think about the holiday season, and making sure that we could match providers with patients throughout all of that (inaudible) or SLAs and do it at scale, I think, is pretty remarkable.

當您想到我們所經歷的業務量比其他業務量大得多時，當您想到假期時，並確保我們可以在所有這些（聽不清楚）或 SLA 中將服務提供者與患者進行匹配並大規模地做到這一點時，我認為，這是非常了不起的。

But maybe, Mala, if you want to comment more on the flu season and other matters.

但是，馬拉，如果你想對流感季節和其他問題發表更多評論。

Yes.

是的。

So I would say, Lisa, just addressing your broader question on trends.

所以我想說，麗莎，只是回答你關於趨勢的更廣泛的問題。

As we spoke about at JPMorgan with you, there certainly is a shift we have been seeing over time.

正如我們在摩根大通與您討論的那樣，隨著時間的推移，我們確實看到了一種轉變。

To be crystal clear, it isn't as this is a shift on mass across all of our clients.

要明確的是，這並不是我們所有客戶的大規模轉變。

We have plenty of clients who are still in the traditional structure of access fee plausibility but certainly, we are seeing some amount of interest and migration towards the fee arrangements.

我們有許多客戶仍然處於傳統的接取費用合理結構中，但可以肯定的是，我們看到了對費用安排的某種興趣和轉變。

And I'd characterize this as the shift has been happening for a time.

我認為這種轉變已經發生了一段時間。

We continue to expect it to continue gradually over time as say we are in the middle innings in this.

我們繼續預期它會隨著時間的推移而逐漸持續下去，就像我們正處於這個階段的中間階段一樣。

As it relates to the flu season and sort of utilization trends to the point that Chuck made, this is why strategic pillars we talked about at JPMorgan really are important, right, making every visit count more, driving more value with every visit.

因為它與流感季節和查克提到的利用趨勢有關，這就是為什麼我們在摩根大通談論的戰略支柱真的很重要，對吧，讓每次訪問都更有價值，讓每次訪問創造更多價值。

Chuck in has prepared remarks talked about investments we have made and capabilities we have added to do exactly that, right, to drive the value in the business.

查克已經準備好了發言，談到了我們所做的投資以及我們增加的能力，以便做到這一點，對吧，推動業務價值。

Our utilization trends have remained generally stable but that is absolutely a point of focus for us from an investment standpoint, both that as well as driving increased enrollment, which is the other way we accrete revenue.

我們的利用趨勢大致保持穩定，但從投資角度來看，這絕對是我們關注的重點，同時也推動入學人數的增加，這是我們增加收入的另一種方式。

In terms of flu, I would say the following.

關於流感，我想說以下幾點。

I'd comment more, not just on flu but overall visit volumes and revenue.

我會發表更多評論，不僅是關於流感，還包括整體就診量和收入。

We talked about 6% growth last year in our visit volume.

我們談到去年我們的訪問量成長了 6%。

That actually translated from a visit revenue perspective to high single-digit revenue growth.

從訪問收入的角度來看，這實際上轉化為高個位數的收入成長。

And we felt the benefit of the visit mix as a part of that kind of visit revenue growth.

我們感受到了訪問組合作為訪問收入增長的一部分帶來的好處。

I would expect that momentum to continue this year, both in the first quarter, but also as we go through the rest of the year.

我預計這種勢頭將在今年繼續保持，不僅在第一季度，而且在今年剩餘時間也是如此。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

Hi guys, thanks again for the detail.

大家好，再次感謝您的詳細資料。

I just had a question on the BetterHelp efforts to expand payer coverage.

我只是對 BetterHelp 擴大付款人覆蓋範圍的努力有一個疑問。

I guess can you just give us a little bit of qualitative detail around what -- today, what behavioral health offerings exist within the Integrated Care segment?

我想您能否提供我們一些定性細節，說明目前綜合護理領域提供哪些行為健康服務？

And then just what incremental capabilities or network access would an employer or a payer be gaining by bringing BetterHelp in network.

那麼，雇主或付款人透過將 BetterHelp 引入網絡，究竟能獲得哪些增量能力或網絡存取權限呢？

If you could just kind of qualitatively describe the nature and difference between those 2 offerings.

如果您能定性地描述這兩種產品的性質和差異。

Thanks.

謝謝。

Yes, happy to.

是的，很高興。

And on the B2B side, on the Integrated Care side, as I mentioned, we have a scaled mental health position there and it's been growing nicely.

在 B2B 方面，在綜合護理方面，正如我所提到的，我們在那裡擁有規模化的心理健康職位，並且發展良好。

About 60% of our installed base has access to our services, which is you have digital tools, we have coaching, we have psychiatry, and a range of services.

我們大約 60% 的安裝基數可以使用我們的服務，包括您擁有的數位工具、我們的輔導、我們的精神病學和一系列服務。

And as I mentioned, around $150 million in aggregate on B2B revenues.

正如我所提到的，B2B 收入總計約 1.5 億美元。

So that's scaling well.

因此，這種擴展性很好。

I think when you step back from this issue, Mental health has actually been one of the most widely adopted in the virtual care setting post the pandemic and continues to have a lot of secular trends around that, and we see that continuing.

我認為，當你退一步看待這個問題時，你會發現心理健康實際上已經成為疫情後虛擬護理環境中最廣泛採用的議題之一，並且圍繞心理健康繼續呈現出許多長期趨勢，而且我們看到這種趨勢還在繼續。

I think when you get into the network contracting, there's 2 pieces.

我認為當你進入網路承包時，有兩個部分。

One is getting a network and meeting those requirements and so forth.

一是建立人脈並滿足這些要求等等。

And the other is actually utilization.

另一個實際上是利用率。

It's one thing to be a network that you need to actually have a brand that resonate and people use your services.

作為一個網絡，你需要擁有一個能引起共鳴的品牌並讓人們使用你的服務，這是一回事。

And that's what BetterHelp really brings.

這正是 BetterHelp 真正帶來的。

They not only do they have a strong consumer brand and well-known brand but massive amounts of volume.

他們不僅擁有強大的消費者品牌和知名品牌，而且擁有巨大的銷售量。

And so you've seen post pandemic, a lot of players were able to get into network arrangements and so forth but some are struggling to get the volumes because you have to activate the membership.

因此，您會發現，疫情過後，許多玩家都能夠加入網路協定等等，但有些玩家很難獲得足夠的流量，因為必須啟動會員資格。

And so I think both are important, getting a network but also having the brand and the ability to market your services and meet the need.

所以我認為兩者都很重要，建立網絡，同時也要擁有品牌和行銷服務和滿足需求的能力。

And I think that's where people are seeing an interest in BetterHelp.

我認為這就是人們對 BetterHelp 感興趣的地方。

I mean the ability for it to match patients with providers, 95% within 48 hours, a diverse Airbus network.

我的意思是它能夠將患者與醫療服務提供者進行匹配，95% 可以在 48 小時內完成，這是一個多樣化的空中巴士網路。

So there's a lot that brings to the table, notwithstanding the challenges that it takes to get into that space.

因此，儘管進入該領域面臨諸多挑戰，但仍有許多機會等著我們。

David Roman, Goldman Sachs

高盛集團戴維羅曼

Thank you, and good afternoon, everybody.

謝謝大家，下午好。

Maybe you could help us break down a little bit beyond the guidance, just some of the operational factors as you look at 2025 compared to 2024, can you maybe walk through how some of the key business dynamics are evolving on a year-over-year basis by segment?

也許您可以幫助我們分析一下超出預期的情況，例如 2025 年與 2024 年相比的一些營運因素，您能否介紹一下各個細分市場中一些關鍵業務動態的逐年變化情況？

And then as you consider the factors in the BetterHelp side, we understand the weekly pay model, I think, and then the evolution of the business model.

然後，當您考慮 BetterHelp 方面的因素時，我認為我們了解了每週付費模式，然後了解了商業模式的演變。

But how are you going to sort of land the plane on what a sustainable direction is in that business as you look forward?

但是，展望未來，您將如何確定該業務的永續發展方向？

Yes.

是的。

Let me address those questions in order and Chuck chime in, please.

讓我按順序回答這些問題，然後查克也請參與討論。

So let me start with Integrated Care, as I think about revenue growth for Integrated Care, we have essentially on a constant currency basis, guided up 0.5% to 3.5% revenue growth on a year-over-year basis.

因此，讓我先從綜合護理開始，當我考慮綜合護理的收入增長時，我們基本上在固定匯率的基礎上，預計收入同比增長 0.5% 至 3.5%。

The way I think about the drivers and the components of that are as follows: number one, international within that growing in the low double digits on a constant currency basis.

我對其驅動因素和組成部分的看法如下：第一，國際業務按固定匯率計算保持低兩位數成長。

So that's one.

這就是其中之一。

Second, in the US, if I think about our B2B business, there are certain things that are informing that growth.

其次，在美國，如果我考慮我們的 B2B 業務，有一些因素正在推動這種成長。

Number one, we have assumed 10 months of Catapult we expect to close that transaction shortly.

首先，我們預計 Catapult 的營運時間為 10 個月，很快就會完成交易。

So that is number one.

這是第一點。

The second is, as we just talked about, we are seeing visit revenue growth as I just talked about showing nice momentum.

第二，正如我們剛才談到的，我們看到訪問收入成長，顯示出良好的勢頭。

And I expect TRICARE as we ramp through the year to add to that visit momentum as well. we did talk about an extended ramp for TRICARE.

我希望隨著 TRICARE 全年的推進，我們的訪問量也能進一步增加。我們確實談論過 TRICARE 的延伸坡道。

That said, we should expect to see TRICARE momentum in the back half of the year.

儘管如此，我們應該預期 TRICARE 將會在今年下半年呈現良好的發展勢頭。

So that is number two.

這是第二個。

Number three, as always, Chronic Care enrollment ramp through the year.

第三，與往常一樣，慢性病護理入學人數全年都在增加。

So certainly, a slower start in Q1 because of the selling season challenges and dynamics we talked about in the October (inaudible) and Chuck talked about that in his prepared remarks.

因此，由於銷售季節的挑戰和動態，第一季的開局肯定會比較慢，我們在 10 月談到過（聽不清楚），查克在他的準備好的發言中也談到了這一點。

But enrollment in Chronic Care happens through the year, and so that will contribute as we through the year.

但是慢性病護理的報名是全年進行的，所以這將有助於我們全年開展工作。

And included within that is the traction that we are seeing from weight management.

其中包括我們在體重管理方面看到的進展。

I would say the couple of headwinds offsetting all of these are: first, we have talked about the foreign exchange dynamics overall from a revenue growth standpoint.

我想說，抵消所有這些影響的幾個不利因素是：首先，我們從收入成長的角度討論了整體的外匯動態。

And then the second, I would say, is we -- as we said in our prepared remarks, are incorporating in our guidance the impact of a client loss that we were informed about earlier.

然後我想說的第二點是，正如我們在準備好的評論中所說的那樣，我們正在將先前獲悉的客戶流失的影響納入我們的指引中。

So those are the different puts and takes that essentially are informing our overall revenue growth momentum.

所以這些不同的投入和產出其實決定了我們的整體營收成長動能。

From an adjusted EBITDA standpoint, I would say in Integrated Care, we typically will see adjusted EBITDA margins ramp as we go through the year as revenue ramps, especially in Chronic Care.

從調整後的 EBITDA 的角度來看，我想說，在綜合護理領域，我們通常會看到調整後的 EBITDA 利潤率隨著收入的增加而增加，尤其是在慢性病護理領域。

Now keep in mind, adjusted EBITDA margins are impacted seasonally by stronger visit volumes in 1Q and 4Q.

請記住，調整後的 EBITDA 利潤率受到第一季和第四季度訪問量增加的季節性影響。

But absent that, it is sort of advancing through the year.

但除此之外，它還是會在今年繼續前進。

The only other thing I would say for adjusted EBITDA margins is, we are comping benefit from Q2 and Q3 of 2024, for different reasons that we have spoken about in those quarters.

關於調整後的 EBITDA 利潤率，我唯一想說的另一件事是，我們將從 2024 年第二季和第三季獲得利潤，原因我們在這兩個季度已經討論過。

So it's just something to keep in mind on that.

所以這只是需要記住的事情。

Now turning to BetterHelp, I would say, what we have talked about consistently internally for BetterHelp and externally is, we are looking for stabilization as we go through the year.

現在談談 BetterHelp，我想說，我們在 BetterHelp 內部和外部一直討論的是，我們希望在全年實現穩定。

What does that mean?

這意味著什麼？

It means a few things.

它有幾層含義。

One, we have to keep monitoring the customer acquisition cost landscape we are assuming that it stays relatively stable in our guidance.

首先，我們必須持續監控客戶獲取成本狀況，我們假設它在我們的指導下保持相對穩定。

But the reason we have provided a relatively wide guidance is because we have learned in the last 18 months to 2 years that this can be very volatile and can change quickly.

但我們之所以提供相對較廣泛的指導，是因為我們在過去 18 個月到 2 年的時間裡了解到，這種情況可能會非常不穩定，而且變化很快。

So that is sort of customer acquisition trends are an important driver.

所以，這是一個重要的客戶獲取趨勢驅動因素。

The second is we have talked about our international efforts and our international growth.

第二，我們談到了我們的國際努力和國際成長。

That is an important contributor to our growth -- revenue growth this year.

這是我們今年營收成長的重要貢獻者。

And we have talked about within international growth we are making, as (inaudible) said, localizing our product and platform experience.

我們已經討論過，在國際成長的背景下，我們正在將我們的產品和平台體驗在地化。

We have, for example, launched a localized experience in France, early days yet, going well thus far.

例如，我們在法國推出了在地化體驗，雖然還處於早期階段，但目前進展順利。

We need to monitor how that does.

我們需要監控其進展。

And we have plans to localize in other countries.

我們計劃在其他國家進行本地化。

We don't want to be public with which countries, but we do have plans.

我們不想公開與哪些國家合作，但我們確實有計劃。

So I would say international growth and efforts remain an important initiative for BetterHelp.

所以我想說，國際成長和努力仍然是 BetterHelp 的重要舉措。

What we've also talked about is just continuing to improve the core platform and user experience across the board and in the US This is a product and a platform with high NPS.

我們也談到了繼續全面改善核心平台和使用者體驗，在美國，這是一個具有高 NPS 的產品和平台。

We need to continue to invest in it and nurture it.

我們需要繼續對它進行投資並培育它。

And so making sure that the core experience is good and continues to be good.

因此要確保核心體驗良好且持續良好。

It is an important driver for us.

這對我們來說是一個重要的驅動力。

So I would say to you, it is all of those things we are making efforts on driving benefit coverage.

所以我想告訴你們，我們正在努力推動福利覆蓋的擴大。

We have always said we do not expect it to be a material revenue growth driver in 2025.

我們一直表示，我們預計它不會成為 2025 年的實質收入成長動力。

We expect it to be material in the years as we ramp up in future years.

我們預計，隨著未來幾年我們的擴張，它將成為重要內容。

So that's a little bit of a longer answer to your question on the dynamics across the different segments.

所以這是對你關於不同細分市場之間的動態的問題的一個較長的回答。

I appreciate all the detail and thanks for letting me sneak a multi-part one in here.

我感謝您提供的所有細節，也感謝您允許我在這裡偷偷地提供多部分內容。

Sean Dodge, RBC.

肖恩·道奇（Sean Dodge），加拿大皇家銀行。

Yes.

是的。

Maybe just staying on BetterHelp.

也許只是留在 BetterHelp。

Chuck, as you mentioned, it's encouraging to see the paying user number stabilize but it looks like the average revenue per user declined sequentially.

查克，正如你所提到的，看到付費用戶數量趨於穩定是令人鼓舞的，但看起來每個用戶平均收入卻連續下降。

Is that just a function of the rollout of the weekly membership offering you mentioned?

這僅僅是您所提到的推出的每週會員服務的一個功能嗎？

Or is it growth in international?

還是國際上的成長？

Is that price lower than in the US or maybe doesn't have to do with the elevated churn Mala mentioned.

這個價格是否比美國低，或者可能與 Mala 提到的客戶流失率上升無關。

Just trying to understand why revenue per user is down and maybe the extent we should expect that to continue or not?

只是想了解為什麼每用戶收入會下降，以及我們是否應該預期這種情況會持續到何種程度？

Yes.

是的。

Maybe I'll handle this.

也許我會處理這個問題。

So it's driven by a couple of things.

這是由一些因素驅動的。

First, just to be very clear, right now, the weekly pricing is really no different on a versus the monthly in that, our weekly is essentially our monthly pricing divided by 4, that's what it is.

首先，需要明確的是，目前，每週的定價與每月的定價沒有什麼不同，我們的每週定價基本上就是每月定價除以 4，就是這樣。

Now I will tell you based on the traction that we are seeing with our weekly offer in better conversion.

現在，我將根據我們每週優惠中看到的更好的轉換情況來告訴您。

We are absolutely going to experiment with different pricing contracts on the weekly.

我們絕對會每週嘗試不同的定價合約。

And that is something that is on docket for us to look into for 2025.

這是我們 2025 年要研究的。

But so far, any change that you see in our average revenue per user on a monthly basis is really not driven by weekly being different from monthly.

但到目前為止，您看到我們的每月每位用戶平均收入的任何變化實際上並不是由每週與每月的差異引起的。

What you said, Sean, is absolutely right.

肖恩，你說的完全正確。

We have talked about the fact that our international headline price is lower and I would also say to you, this is where the fact that we are in international markets, and we do take international taxes on our revenue does matter to our overall revenue per user because it's a [ contra ] revenue as an offset to our revenue.

我們已經討論過我們的國際總價格較低的事實，我也想告訴你，這就是我們身處國際市場的事實，我們確實對我們的收入徵收國際稅，這對我們每用戶的整體收入很重要，因為它是一種抵消我們收入的[抵消]收入。

Again, this is something that was -- that has been factored into our overall international economics.

再說一遍，這已被考慮到我們的整體國際經濟。

But that is the reason why you're seeing the ARPU or revenue per user going down.

但這就是你看到 ARPU 或每個用戶收入下降的原因。

And thirdly, as international goals has been growing, you will see that impact.

第三，隨著國際目標的不斷增長，你會看到它的影響。

Okay, that, that's great.

好的，那太好了。

Thanks for the detail, Mala.

謝謝你的詳細說明，Mala。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yes, thanks for the question.

是的，謝謝你的提問。

Maybe a follow-up on the International BetterHelp.

也許是國際 BetterHelp 的後續行動。

Mala, if you could remind us what that was last year?

瑪拉，你能提醒我們去年發生了什麼事嗎？

And then follow-up for Chuck.

然後再跟進查克的情況。

If you can just talk about the health plan channel, you said it's slow.

如果您能談談健康計劃管道，您會說它很慢。

Obviously, there's some issues there.

顯然，這裡存在一些問題。

Does it have anything to do with your product set?

跟你們的產品系列有關係嗎？

Or how are you thinking about that channel evolving this year?

或者您認為該管道今年將如何發展？

Yes.

是的。

Let me start with the last part first.

讓我先從最後一部分開始。

So I think there's a few things going on.

所以我認為有幾件事正在發生。

Obviously, everyone on the call is familiar with all the dynamics in the health plan marketplace that they're navigating through.

顯然，電話會議中的每個人都熟悉他們正在經歷的健康計劃市場中的所有動態。

And they will.

他們會的。

These are sophisticated organizations, and they're adept at doing that.

這些都是成熟的組織，而且他們很擅長做這件事。

But if you're a player in the Affordable Care Act, you've got the subsidies ending at enhanced subsidies at the end of 2025.

但如果你是《平價醫療法案》的參與者，那麼到 2025 年底，補貼將會結束，補貼將會增加。

If you're a heavy indicated, you've got some questions going back and forth around that Medicaid expansion.

如果您有重大指徵，您會對醫療補助擴展有一些疑問。

In the commercial business, you've got some inflationary trends working their ways through the system.

在商業領域，一些通貨膨脹趨勢正在整個系統中顯現。

So there's a variety of things that the health plans are working through.

所以，健康計畫正在解決各種各樣的問題。

We continue to have business with health plans.

我們將繼續與健康計劃開展業務。

We grown business health plans, the people expanded.

我們發展了商業健康計劃，人員規模也不斷擴大。

But I do think it's reasonable to think as they work through their strategies and how they're going to play those strategies going forward, that, that creates some level of headwind in terms of whether it's belt tightening or focusing on other strategies.

但我確實認為，在他們制定策略以及未來如何實施這些策略的過程中，有理由認為，無論是勒緊褲腰帶還是專注於其他策略，都會在某種程度上遇到阻力。

I will say this though, the secular tailwinds around unfortunately, the medical cost inflation, the disease prevalence.

不過，我想說的是，不幸的是，長期的順風是醫療成本上漲，疾病流行。

The reason why I highlighted all those things in my prepared remarks is because those haven't gone away.

我之所以在準備好的發言中強調這些事情，是因為它們還沒消失。

And that's why we're making a lot of the investments we are in terms of how do we activate our engagement points differently and support of those strategies, how do we make our Chronic Care Management programs even more impactful in terms of cost of care and so forth.

這就是為什麼我們要進行大量投資，研究如何以不同方式激活我們的參與點並支持這些策略，如何使我們的慢性病管理計劃在護理成本等方面更具影響力。

So I don't think it's necessary -- I mean, our products -- companies like us always have to innovate our products, but we continue to resonate in the market.

所以我認為沒有必要——我的意思是，我們的產品——像我們這樣的公司總是必須創新我們的產品，但我們仍會在市場上產生持續的共鳴。

Having said that, I do think that we've got this near-term and a headwind that I think is reasonable for us to sort of navigate through.

話雖如此，我確實認為我們近期面臨一些阻力，我認為我們可以合理地克服這些阻力。

Mala, do you want to cover the BetterHelp?

Mala，你想回報 BetterHelp 嗎？

Yes.

是的。

So international for BetterHelp was 20% of the segment's revenues in 204 and that's up from mid-teens in 2023.

因此，對於 BetterHelp 來說，國際業務在 204 年佔該部門收入的 20%，而到 2023 年，這一比例將上升至十五六%。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Hi, thanks for taking the question.

你好，謝謝你回答這個問題。

As we think about Chronic Care growth for this year, can you rank which programs are growing the fastest?

當我們思考今年慢性病照護的成長時，您能對哪些項目的成長速度進行排名嗎？

And with respect to the weight loss program, it sounds like you've had nice traction there for this year.

關於減肥計劃，聽起來你今年的進展不錯。

We've heard from some employers a little trepidation adding in utilization management to GLPs as that could put rebates at risk.

我們聽到一些雇主表示，他們對於在 GLP 中添加利用率管理有些擔心，因為這可能會使回扣面臨風險。

Can you also just speak to how you work with PBMs and employers to help control GLP-1 costs without necessarily impacting rebate dollars?

您能否談談您如何與 PBM 和雇主合作以幫助控制 GLP-1 成本而又不一定影響回扣金額？

Thank you.

謝謝。

Yes, a couple of things.

是的，有幾件事。

What we're seeing the most traction in right now is our bundled services where we have a variety of things that we can offer for set price and then we activate those members.

我們現在看到最有吸引力的是我們的捆綁服務，我們以固定的價格提供各種各樣的東西，然後我們啟動這些會員。

Certainly, weight management is on the mind and a source of interest and a source of growth for us.

當然，體重管理是我們關注的焦點，也是我們興趣和成長的來源。

I think the challenge with the GLP-1s, and you've mentioned it, is there a lot of -- well, first of all, employers are trying to figure out their strategy.

我認為 GLP-1 的挑戰，正如您所提到的，有很多——首先，雇主正在試圖制定他們的策略。

So there's not a sort of monolithic view of how they're approaching that.

所以對於他們如何處理這個問題並沒有統一的看法。

But generally speaking, if those GLP-1s are out there, there are significant rebate dollars.

但一般來說，如果有 GLP-1 上市，就會有相當多的回扣。

And I think the PBMs are leaning in that as well.

我認為 PBM 也傾向於此。

And I think employers are working with their PBMs as to how to address this issue.

我認為雇主正在與他們的 PBM 合作解決這個問題。

And I think that's something that we're just going to have to work through.

我認為這是我們必須努力解決的事情。

I think the rebate question in my mind is, if I'm an employer and those rebates are their dollars.

我認為我心中的回扣問題是，如果我是雇主，這些回饋就是他們的錢。

They're not the PBMs dollars.

它們不是 PBM 的美元。

And I think the employer should have the ability to design programs that are best for their employees and their dependents and not be sort of held hostage in terms of rebates.

我認為雇主應該有能力設計出最適合其員工及其家屬的計劃，而不是在回扣方面受到束縛。

Now that's up to individual employers and how they want to approach that.

現在這取決於各個雇主以及他們希望如何處理這個問題。

But from my perspective, as a former health plan person, the rebates are the employers, not the PBMs.

但從我作為前健康計畫人員的角度來看，退款屬於雇主，而不是 PBM。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

Thank you.

謝謝。

This is Jailendra Singh from Truist.

這是來自 Truist 的 Jailendra Singh。

I actually wanted to follow up on your comment around client planning to transition a portion of their business in second quarter.

我實際上想跟進您關於客戶計劃在第二季度轉變部分業務的評論。

Can you provide any more color there in terms of drivers behind that change?

您能否進一步闡述這項變化背後的驅動因素？

Was it a health plan?

這是一個健康計劃嗎？

And what offerings were they using.

他們使用了什麼祭品？

Any color on membership, could would be helpful.

關於會員資格的任何顏色都可能有幫助。

And how do you feel about the confidence in -- it looks like you still work with them on other offerings, but just you just help us your confidence in retaining that client for other offerings?

那麼您對於這種信心有什麼感覺呢？

Yes.

是的。

Look, I'm not going to comment on specific clients in that regard.

瞧，我不會就此方面對具體客戶發表評論。

But I will say a lot of the comments that I've already made in terms of the macro factors are in play here.

但我要說的是，我就宏觀因素已經提出的許多評論都在這裡發揮作用。

It was in the health plan channel.

它在健康計劃頻道中。

We continue to do some business with this particular entity and I think it's just a sign of the times in terms of some of the pressures that health plans are under in and some are making decisions in certain ways like that.

我們繼續與這個特定的實體做一些生意，我認為這只是時代的標誌，表明健康計劃面臨一些壓力，有些計劃正在以某種方式做出決定。

But again, I'll go back to what I said.

但我還是要重複我剛才說過的話。

We continue to have significant business with health plans.

我們與健康計畫領域持續保持著重要業務往來。

We've expanded our services with health plans, the conversations that we're having now and that we're participating in, they're really looking for new types of solutions and how can we better support their strategies in a variety of ways.

我們透過健康計劃擴展了我們的服務，我們現在正在進行的和正在參與的對話，他們確實在尋找新類型的解決方案，以及我們如何以各種方式更好地支持他們的策略。

So I feel very comfortable that we've got a strong offering, including the investments that we've been making in terms of how we can create more value for customers.

因此，我感到非常高興，我們擁有強大的產品線，包括我們在如何為客戶創造更多價值方面所做的投資。

Thanks.

謝謝。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Hey, good evening, guys, and thanks for taking the question.

嘿，大家晚上好，感謝你們回答這個問題。

Well, My question is on BetterHelp.

嗯，我的問題是關於 BetterHelp 的。

But if you look at the full year guidance, it looks like there's significant discretionary cost cuts that will have to come out of the business to hit your EBITDA targets.

但如果你看一下全年指引，你會發現，為了實現 EBITDA 目標，你需要大幅削減業務成本。

So I guess I would just love to hear you talk about like as costs come down as the business kind of comes down a little bit, is there more -- like, I guess, is there more -- should we see more like pressure on the gross margin line or in the discretionary cost base?

所以我想我很想聽聽您談論一下，隨著成本下降，隨著業務的下降，是否還會出現更多——比如，我想，是否還會出現更多——我們是否應該看到更多類似毛利率線或可自由支配成本基礎的壓力？

And I just -- I would love to hear you talk about where costs come out of that business?

我只是—我很想聽您談談這項業務的成本來自哪裡？

Yes.

是的。

What I would first give context on the BetterHelp businesses, and we have said this before, George.

我首先要介紹一下 BetterHelp 業務的背景，喬治，我們之前已經說過了。

This is a business that runs from a fixed OpEx and infrastructure point of view, relatively lean.

從固定營運支出和基礎設施的角度來看，這是一項相對精簡的業務。

It's a largely variable margin business.

這是一個利潤率變動很大的業務。

And I would say, if I think about the key expense items in that P&L.

我想說，如果我考慮一下損益表中的關鍵支出項目。

It really is around advertising and marketing spend because that is an important driver of user acquisitions yield on that and the efficiency on that are important as we think about the bottom line, the adjusted EBITDA margin for that business.

這確實與廣告和行銷支出有關，因為這是用戶獲取收益的重要驅動力，而當我們考慮底線，即該業務的調整後 EBITDA 利潤率時，其效率非常重要。

One thing that we are looking to do, as we have now talked about for a while, is balancing top line growth with bottom line growth.

正如我們之前討論過的，我們希望做的一件事就是平衡營收成長與利潤成長。

And what that means is we are certainly going to be even paced.

這意味著我們肯定會保持平穩步伐。

And I want to say -- if I think about the [ A&M ] as we go through the year, it will not be as hockey stick as it has been in certain years past.

我想說——如果我回顧這一年，我會發現 A&M 不會像過去幾年那樣起伏。

You actually saw that impact in Q4 of this year.

您實際上在今年第四季就看到了這種影響。

Q4 adjusted EBITDA in BetterHelp was largely in line with our expectations because we wanted to invest in international markets.

BetterHelp 在第四季調整後的 EBITDA 基本上符合我們的預期，因為我們希望投資國際市場。

That is an area of growth for us, that is an area where we are going to be acquiring users and new users.

這是我們的一個成長領域，也是我們將要獲取用戶和新用戶的領域。

So we made those investments in the fourth quarter in the BetterHelp business.

因此我們在第四季度對 BetterHelp 業務進行了這些投資。

That said, though, I will say we expect to be relatively judicious and prudent on how we are going to spend advertising and marketing in the BetterHelp business.

儘管如此，我想說的是，我們希望在 BetterHelp 業務的廣告和行銷方面投入相對明智和審慎。

But in 2025 and even going beyond that is certainly going to be a key factor in the overall BetterHelp adjusted EBITDA margin in 2025.

但在 2025 年甚至更久以後，這無疑將成為 2025 年 BetterHelp 整體調整後 EBITDA 利潤率的關鍵因素。

But I'll remind you, this is largely a variable margin business, and it will continue to be so.

但我要提醒你，這在很大程度上是一項可變利潤業務，而且將繼續如此。

Okay.

好的。

And if I could have a quick follow-up is just the gap between the EBITDA guidance and the cash flow guidance to

我可以快速跟進 EBITDA 指引和現金流指引之間的差距

[the cap software].

[帽子軟體]。

Are there any big moving pieces there?

那裡有啥大的變動嗎？

Yes.

是的。

It's a good question.

這是個好問題。

So the -- the difference between the 2 is the following.

因此——兩者之間的差異如下。

There are 2 important pieces.

有2個重要部分。

Besides the growth in -- if you think about our adjusted EBITDA growth, we look at it internally in terms of what are the actual segments delivering.

除了成長之外——如果你考慮我們的調整後 EBITDA 成長，我們會從實際分部交付情況的角度進行內部審查。

And then we also look at our internal compensation in terms of what it takes to drive those results.

然後，我們也會根據推動這些結果所需的條件來審視我們的內部薪酬。

We certainly are picking up from a cash flow perspective, some year-over-year benefit in 2025 relative to 2024 in terms of compensation, cash-based compensation.

從現金流的角度來看，我們肯定會有所回升，就薪酬、現金薪酬而言，2025 年相對於 2024 年將有一些同比增長。

And look, that is based on our results for 2024, and that has a consequence on our overall compensation.

這是基於我們 2024 年的業績，並且會對我們的整體薪酬產生影響。

The second is we are driving and focusing on working capital improvement, collections, DSOs, et cetera.

第二，我們正在推動並專注於營運資本改善、收款、DSO 等。

So you see those two things essentially resulting in the cash flow dynamic that you see.

因此，您會看到，這兩件事本質上導致了您所看到的現金流動態。

Helpful, thank you.

很有幫助，謝謝。

Charles Rhyee, TD Cowen.

查爾斯·瑞（Charles Rhyee），TD Cowen。

Yes, thanks for taking the question.

是的，感謝您回答這個問題。

Maybe just asking about sort of TRICARE and sort of like how should we think about the offering into the TRICARE membership and talk a little bit how more specifically you plan to market directly to this population, what kind of requirements does that require in terms of either investments or the investments you've already made?

也許只是詢問有關 TRICARE 的問題，例如我們應該如何考慮向 TRICARE 會員提供服務，並稍微談談您計劃如何更具體地直接向這個人群推銷，這在投資或您已經進行的投資方面需要什麼樣的要求？

Because you made the comment earlier that customer acquisition cost has been moderating or falling.

因為您之前評論說客戶獲取成本一直在減緩或下降。

And certainly, that's a function, I think, of right, marketing spend versus sort of the conversion of that dollars into paying members at least on the BetterHelp side.

當然，我認為，這是行銷支出與將這些錢轉化為付費會員之間的函數，至少在 BetterHelp 方面是如此。

Just trying to think through the different avenues -- sorry, it's really kind of 2 questions.

只是嘗試從不同的角度思考——抱歉，這實際上有點像兩個問題。

It's really sort of what are you doing sort of better conversion?

這實際上是在做什麼，以實現更好的轉變？

And how are you kind of implying that as we think about TRICARE generally in the business?

當我們考慮 TRICARE 的業務時，您是如何暗示這一點的？

Yes.

是的。

I wouldn't necessarily single out TRICARE.

我不一定會單獨挑出 TRICARE。

I think our strategies around activating visits are pretty consistent.

我認為我們圍繞激活訪問的策略是相當一致的。

And obviously, with the brand that Teladoc has and the reach we have in terms of our marketing campaigns, we think we've got that covered.

顯然，憑藉 Teladoc 的品牌和我們行銷活動的影響力，我們認為我們已經涵蓋了這個範圍。

So I don't want to talk about specific tactics on a particular account, but I will say it's a pretty broad-based approach and (inaudible) that generating visit volume.

所以我不想談論針對特定帳戶的具體策略，但我會說這是一種相當廣泛的方法，並且（聽不清楚）可以產生訪問量。

And if I could just add one quick follow-up.

如果我還能補充一點後續問題的話。

If we think about the new visit type of model contract versus your existing old contracts on a like-for-like basis, is that similar profitability and similar revenue to you from the old access model?

如果我們將新的訪問類型的模型合約與您現有的舊合約進行同等比較，那麼舊的訪問模型是否能為您帶來類似的盈利能力和收入？

So that's a slightly nuanced question.

這是一個稍微微妙的問題。

I would say the following, typically, when we have these conversations with our clients in transitioning from the traditional model to visit the model.

通常，當我們與客戶進行從傳統模式過渡到訪問模式的過渡時，我會說以下的話。

We are looking to structure the pricing such that -- it is gross margin neutral over time.

我們正在尋求建構這樣的定價機制——隨著時間的推移，它的毛利率是中性的。

It may be so right at the outset from the point of transition.

從轉變的角度來看，一開始可能就是這樣的。

But typically, when we have these conversations, it will be in the context of the expand part of land and expand.

但通常情況下，當我們進行這些對話時，都會在土地和擴張的擴大背景下進行。

So Charles, what will happen is we will talk about revenue-accretive product that we will now be selling into the population or other factors that will essentially allow us in most instances, to essentially be gross margin neutral or gross profit dollar accretive.

因此，查爾斯，我們將要討論的是現在要賣給民眾的增收產品，或者其他因素，這些因素在大多數情況下基本上可以讓我們實現毛利率中性或毛利潤增值。

But it really does depend on a case-by-case basis.

但這確實取決於具體情況。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Afternoon, thanks for taking my question.

下午好，感謝您回答我的問題。

Maybe if I can just go back to George's a bit on the dynamics, on the cost side?

也許我可以從動態和成本方面回顧喬治的觀點？

And Mala I know you mentioned numerous times, the idea of balancing growth for profitable growth.

馬拉，我知道您多次提到平衡成長與獲利成長的想法。

I know you don't have a long-term guidance of it, but how should we think whether it's exiting the year or what may it be about the long-term opportunity for you to generate profit dollars through revenue contribution versus profit dollars versus through discretionary cost cuts.

我知道您對此沒有長期指導，但我們應該如何看待它，無論是結束今年，還是透過收入貢獻、利潤或透過自由裁量的成本削減來創造利潤的長期機會。

So what should the philosophical model look like going forward?

那麼未來的哲學模型應該是什麼樣的呢？

Yes.

是的。

It's a great question.

這是一個很好的問題。

So here's what I would say.

這就是我要說的。

And let me start with BetterHelp.

讓我先從 BetterHelp 開始。

I'm assuming your question is for BetterHelp or is it broader than that?

我假設您的問題是針對 BetterHelp 的，或者比這更廣泛？

I'll address it for both segments.

我將從兩個部分分別談這個問題。

So look, for BetterHelp, I would say, it really all comes down to us being able to see the sequential progression in the business and stabilization in the business as we go through the year because what matters for a variable margin business like BetterHelp is revenue growth.

所以，對於 BetterHelp 來說，我想說，這一切實際上都歸結於我們能夠看到業務的連續發展和業務的穩定，因為對於像 BetterHelp 這樣的可變利潤率業務來說，重要的是營收成長。

And so we need to that improvement and lower and lower decline with every quarter as we roll through the year.

因此，我們需要在全年每季都實現這種改善並降低下降幅度。

So that is what we are looking to see as we think about the longer term for BetterHelp.

因此，當我們考慮 BetterHelp 的長期發展時，這就是我們所期待看到的。

Now I will say that model and the comments I made is certainly going to be different when we think about benefit coverage that has different unit economics, that have different margins, et cetera.

現在我要說的是，當我們考慮具有不同單位經濟學、不同利潤率等的福利覆蓋範圍時，該模型和我所做的評論肯定會有所不同。

And so we will address that when that becomes material, which it isn't in 2025.

因此，當這個問題變得重要時，我們會解決這個問題，但目前還不是在 2025 年。

On the Integrated Care side, it really is about 2 things.

從綜合護理方面來說，實際上涉及兩件事。

One is it is about driving revenue growth because what we have always said is the Integrated Care segment is the one that has operating leverage.

一是推動收入成長，因為我們一直說綜合護理部門是具有經營槓桿的部門。

So the more revenue growth and gross profit dollars you drive, the more leverage you drive.

因此，您推動的收入成長和毛利越多，您獲得的槓桿就越大。

And the way we are looking to drive revenue growth and gross profit dollar growth is certainly by all the strategic things, the priorities that Chuck mentioned in his prepared remarks, right?

我們希望推動收入成長和毛利成長的方式肯定是透過所有策略性的東西，也就是查克在準備好的發言中提到的優先事項，對吧？

It is driving member engagement and greater utilization and enrollment.

它正在推動會員參與以及更高的利用率和註冊率。

It is driving greater value in every visit and making it more impactful because that allows us to sit down with our clients and certainly earn a greater share of their spend wallet.

它使每次訪問的價值更大、影響力更大，因為這使我們能夠與客戶坐下來交談，並從他們的錢包中賺取更大份額。

So things like that, that is going to drive greater top line growth.

諸如此類的事情將會推動更大的營收成長。

We will continue to drive productivity in our cost of goods sold, and we will continue to drive productivity in our OpEx items, specifically, I would say, around technology and development and G&A.

我們將繼續提高銷售成本的生產力，也將繼續提高營運支出項目的生產力，具體來說，是在技術、開發和一般及行政費用方面。

And then we have shown some really nice discipline in stock-based comp, and I expect that to continue as well.

我們在股票薪酬方面展現了非常好的紀律，我希望這種情況也能持續下去。

So hopefully, that gives you some color on how we think about us progressing on driving profit.

所以希望這能讓您了解我們如何看待我們在推動利潤方面的進展。

But it's a combination of top line growth and driving and maintaining discipline on our cost structure.

但這是營收成長與推動並維持成本結構紀律的結合。

Thanks, Mala.

謝謝，瑪拉。

Sorry to get ahead on the question.

抱歉，我搶先回答了這個問題。

I can confirm that does conclude today's question-and-answer session.

我可以確認今天的問答環節已經結束。

And I can confirm that does conclude today's conference call here.

我可以確認今天的電話會議到此結束。

Thank you all for joining, and please enjoy the rest of your day.

感謝大家的加入，祝福大家享受剩餘的時光。

You may now disconnect from the call.

現在您可以掛斷通話了。