Teladoc Health Inc (TDOC) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Teladoc Health first-quarter 2025 earnings call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Teladoc Health 2025 年第一季財報電話會議。我叫科爾，我將擔任今天電話會議的主持人。（操作員指示）

I'd now like to hand it over to Mike Minchak, Head of Investor Relations, Teladoc Health. Please go ahead.

現在我想把它交給 Teladoc Health 投資者關係主管 Mike Minchak。請繼續。

Thank you, and good afternoon. Today, after the market closed, we issued a press release announcing our first-quarter 2025 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website. We also issued a press release today announcing the acquisition of Virtual Mental Health Company UpLift, supporting the strategic priorities of our BetterHelp segment. On this call to discuss the first quarter results and this acquisition are Chuck Divita, Chief Executive Officer; and Mala Murthy, Chief Financial Officer.

謝謝，下午好。今天，市場收盤後，我們發布了一份新聞稿，宣布了我們 2025 年第一季的財務表現。本新聞稿及隨附的幻燈片簡報可在 teladochealth.com 網站的投資者關係部分找到。我們今天也發布了新聞稿，宣布收購虛擬心理健康公司 UpLift，以支持我們 BetterHelp 部門的策略重點。執行長 Chuck Divita 出席了此次電話會議，討論第一季度業績和此次收購；以及首席財務官 Mala Murthy。

During this call, we will also discuss our outlook, and our prepared remarks will be followed by a question-and-answer session. Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating our performance. Details on the relationship between these non-GAAP measures and the most comparable GAAP measures and reconciliations thereof can be found in the press release that is posted on our website.

在這次電話會議中，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。請注意，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。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 our actual results 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，可能導致我們的實際結果與本次電話會議中表達或暗示的結果有重大差異。

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

欲了解更多信息，請參閱我們新聞稿中的警示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。現在我想把電話轉給查克。

Thanks, Mike. I'm pleased to report a solid start to the year. On a consolidated basis, we reported revenues and adjusted EBITDA at the higher end of our first-quarter guidance ranges with Integrated Care results exceeding our ranges for both measures and BetterHelp in the upper half of our ranges as well. Mala will provide more details on our first-quarter results and our outlook later in the call.

謝謝，麥克。我很高興地向大家報告今年的良好開端。從合併數據來看，我們報告的收入和調整後的 EBITDA 處於第一季度指導範圍的高端，其中綜合護​​理的結果超出了我們兩個指標的範圍，而 BetterHelp 的結果也處於我們範圍的上半部分。馬拉將在稍後的電話會議中提供有關我們第一季業績和展望的更多詳細資訊。

We also continue to make progress towards the strategic priorities that we've spoken about previously. And I would like to highlight some important developments in that regard beginning with our BetterHelp segment. After the market closed today, we announced that we have acquired UpLift, an innovative and tech-enabled provider of virtual mental health therapy, psychiatry, and medication management services.

我們也正在繼續朝著我們之前談到的戰略重點取得進展。我想從我們的 BetterHelp 部分開始，重點介紹這方面的一些重要發展。今天收盤後，我們宣布收購了 UpLift，一家創新且技術支援的虛擬心理健康治療、精神病學和藥物管理服務提供者。

This transaction aligns with our key priority of advancing our position in virtual mental health, including our ability for our BetterHelp segment to support consumers seeking to use their covered benefits. UpLift is an in-network provider to health plans and has arrangements totaling over 100 million covered lives. With a strong team, important capabilities and an existing network of over 1,500 mental health professionals, we view UpLift as a great addition to the organization.

此交易符合我們提升虛擬心理健康領域地位的關鍵優先事項，包括我們的 BetterHelp 部門支援尋求使用其承保福利的消費者的能力。UpLift 是一家健康計畫網路供應商，其承保人數總計超過 1 億人。憑藉強大的團隊、重要的能力以及現有的超過 1,500 名心理健康專業人士的網絡，我們認為 UpLift 對組織來說是一個很大的補充。

And we see significant business synergies with our current BetterHelp segment, which will enable us to serve a broader population seeking mental health care. Specifically, we intend to leverage BetterHelp's deep consumer expertise and market position to provide more options for people to address their mental health needs, including the ability to access their benefits coverage through BetterHelp's relationship with UpLift as well as continued access to direct pay options in the U.S. and internationally.

我們看到與我們目前的 BetterHelp 部門有顯著的業務協同效應，這將使我們能夠為尋求心理健康護理的更廣泛的人群提供服務。具體來說，我們打算利用 BetterHelp 深厚的消費者專業知識和市場地位，為人們提供更多滿足其心理健康需求的選擇，包括透過 BetterHelp 與 UpLift 的關係獲得福利保障的能力，以及繼續獲得美國和國際上的直接支付選擇。

Today, BetterHelp is the largest direct-to-consumer virtual therapy business of its kind and served over 1 million unique users globally in 2024, with 40% of those users new to therapy. Its high Net Promoter Score of over 70, is reflective of its consumer orientation, including the ability to match over 90% of users with a therapist in 48 hours or less through a network of over 35,000 therapists.

如今，BetterHelp 是同類中最大的直接面向消費者的虛擬治療公司，2024 年在全球為超過 100 萬獨立用戶提供服務，其中 40% 的用戶是新接受治療的用戶。其淨推薦值高達 70 多，體現了其以消費者為導向的特點，包括能夠通過超過 35,000 名治療師的網絡在 48 小時或更短的時間內為 90% 以上的用戶匹配治療師。

And whether direct pay or through covered benefits, the ability to activate consumers at scale is essential in virtual care. To illustrate this further, 4 million people in the U.S. registered with BetterHelp in 2024. While often more affordable than traditional in-person therapy, out-of-pocket cost is a key reason cited by those not ultimately subscribing to BetterHelp and many expressed an interest in accessing their covered benefits. And this transaction will accelerate our ability to offer this choice to consumers and capture a larger portion of the scaled funnel that we have built with BetterHelp.

無論是直接支付還是透過承保福利，大規模激活消費者的能力對於虛擬護理至關重要。為了進一步說明這一點，2024 年美國有 400 萬人在 BetterHelp 註冊。雖然通常比傳統的面對面治療更實惠，但自付費用是那些最終沒有訂閱 BetterHelp 的人提到的一個主要原因，而且許多人表示有興趣獲得其承保的福利。這項交易將加速我們向消費者提供這種選擇的能力，並佔據我們透過 BetterHelp 建構的更大比例的規模化管道。

As part of Teladoc and the BetterHelp segment, UpLift will continue to manage and oversee the network of mental health professionals accepting benefits coverage, including quality assurance, clinical performance, and in-network administration functions. Therapists serving BetterHelp will also have an opportunity to be considered for inclusion in this network based on the respective requirements, needs, and interests.

作為 Teladoc 和 BetterHelp 部門的一部分，UpLift 將繼續管理和監督接受福利保障的心理健康專業人員網絡，包括品質保證、臨床表現和網絡內管理功能。為 BetterHelp 服務的治療師也將有機會根據各自的要求、需求和興趣被考慮納入該網絡。

We see this as important to meet market demand as we scale benefits coverage and continue supporting direct-to-consumer access as well. In addition, we continue to advance other priorities of our BetterHelp segment, including growth in international markets, new pricing models, and other product enhancements. We believe that these and other actions will drive improved performance.

我們認為這對於滿足市場需求非常重要，因為我們擴大了福利覆蓋範圍並繼續支持直接面向消費者的訪問。此外，我們繼續推動 BetterHelp 部門的其他優先事項，包括國際市場的成長、新的定價模式和其他產品增強。我們相信，這些以及其他行動將會推動績效的提升。

Turning to the Integrated Care segment. We're pleased with our performance in the quarter as well as the progress we're making on key priorities for the segment including our focus on growing customers, members, and usage of services. In the U.S., we surpassed 100 million members, a significant milestone, and grew by 8.7 million members sequentially. And compared to the prior year's quarter, U.S. virtual visit volumes grew 7% and Chronic Care enrollment increased by 3%.

轉向綜合護理部分。我們對本季的業績以及我們在該部門的關鍵優先事項上取得的進展感到滿意，包括我們專注於增加客戶、會員和服務使用率。在美國，我們的會員數量突破了 1 億，這是一個重要的里程碑，並且連續增加了 870 萬會員。與去年同期相比，美國虛擬就診量增加了 7%，慢性病護理註冊人數增加了 3%。

Also a key priority for Integrated Care, our international business continues to grow. With the team again delivering strong results, including revenue growth in the mid-teens on a constant currency basis, with notable successes in both B2B and public health channels and across various geographies as well. We are also actively working on several initiatives to better leverage our clinical strength and range of products to impact patient outcomes. I'll share a few updates there as well.

我們的國際業務持續成長，這也是綜合護理的重點工作。該團隊再次取得了強勁的業績，包括以固定匯率計算的收入增長了十幾歲，並在 B2B 和公共衛生渠道以及各個地區都取得了顯著的成功。我們也積極開展多項舉措，以更好地利用我們的臨床實力和產品範圍來影響患者的治療結果。我也會在那裡分享一些更新。

At the end of February, we closed the acquisition of Catapult Health to expand further into preventative care. Integration is well underway, including activating cross-selling opportunities and creating seamless ways for Catapult to connect patients with our Chronic Care management programs and other services based on eligibility and patient interest. While early, the value proposition is resonating with the market, and we're excited about our prospects with Catapult.

二月底，我們完成了對 Catapult Health 的收購，以進一步拓展預防保健領域。整合工作正在順利進行中，包括啟動交叉銷售機會，並為 Catapult 創建無縫方式，根據資格和患者興趣將患者與我們的慢性病管理計劃和其他服務聯繫起來。雖然還處於早期階段，但其價值主張已經引起了市場的共鳴，我們對 Catapult 的前景感到興奮。

Regarding Chronic Care, we recently introduced our next-generation solution for cardiometabolic health delivered through an integrated program and member experience. It builds on our successful programs with new features to support a healthy lifestyle, including member-specific nutrition support from a registered dietitian, at-home diagnostic testing for certain measures, and even includes a premium subscription to our BetterSleep app among other enhancements.

關於慢性病護理，我們最近推出了透過綜合計劃和會員體驗提供的下一代心臟代謝健康解決方案。它以我們成功的計劃為基礎，增加了支持健康生活方式的新功能，包括註冊營養師為會員提供的營養支持、針對某些指標的家庭診斷測試，甚至還包括我們的 BetterSleep 應用程式的高級訂閱等增強功能。

And in the weight management space, we recently announced a relationship with LillyDirect, Eli Lilly's self-pay pharmacy program and its pharmacy integration partner, Gifthealth. The arrangement will allow us to further support numbers without GLP-1 coverage for obesity that are enrolled in our comprehensive weight care program or in our primary care offering. If clinically appropriate, a Teladoc license provider and prescribe GLP-1 medications as part of our broader support programs, and at a reduced price point for the member.

在體重管理領域，我們最近宣布與禮來公司的自付藥房計劃 LillyDirect 及其藥房整合合作夥伴 Gifthealth 建立合作關係。這項安排將使我們能夠進一步支持那些沒有 GLP-1 肥胖症保險但參加我們綜合體重護理計劃或初級保健服務的人。如果臨床適用，Teladoc 許可提供者會開立 GLP-1 藥物作為我們更廣泛的支持計劃的一部分，並為會員提供折扣價格。

We also continue to invest in technology and other capabilities to support patient care, including enhancements to our Teladoc Health Prism care delivery platform. For example, we've added new point-of-care functionality to support product features we intend to bring to market later this year, and we implemented additional AI-enabled clinical documentation tools to better support our care teams using the platform.

我們也繼續投資技術和其他能力來支援病患護理，包括增強我們的 Teladoc Health Prism 護理提供平台。例如，我們添加了新的護理點功能來支援我們打算在今年稍後推向市場的產品功能，並且我們實施了額外的支援人工智慧的臨床文件工具，以便更好地支援使用該平台的護理團隊。

Additionally, we've broadened our ability for customers to leverage our scale by connecting our solutions with other ecosystem partners through Prism. All of this is aimed at driving greater value from virtual care creating a more connected experience and further differentiating us in the marketplace.

此外，我們透過 Prism 將我們的解決方案與其他生態系統合作夥伴連接起來，從而擴大了客戶利用我們規模的能力。所有這些都是為了從虛擬護理中獲取更大的價值，創造更互聯的體驗，並進一步在市場上脫穎而出。

Before I hand it over to Mala, let me briefly touch on the operating environment. As you know, the healthcare industry continues to be impacted by medical cost trends disease prevalence, pressure on providers, and mental health challenges, among others. These factors continue to impact the markets we serve, including health plans as they adjust to higher cost trends, and other developments.

在將其交給 Mala 之前，請允許我簡單介紹一下操作環境。眾所周知，醫療保健產業持續受到醫療成本趨勢、疾病流行、醫療服務提供者的壓力以及心理健康挑戰等的影響。這些因素繼續影響我們所服務的市場，包括適應更高成本趨勢的健康計劃和其他發展。

These dynamics can represent both opportunities and challenges for us, and we are committed to being a company that plays a constructive role through our solutions. We believe the actions we're taking will provide additional opportunities to serve customers in this dynamic environment as well as improve the performance of our business.

這些動態對我們來說既是機會也是挑戰，我們致力於成為一家透過我們的解決方案發揮建設性作用的公司。我們相信，我們正在採取的行動將為在這個動態環境中服務客戶提供更多機會，並提高我們的業務績效。

Beyond healthcare, the broader economic environment plays a role as well. With respect to tariffs, we do source certain equipment from various global markets, including our connected devices and equipment used for patient monitoring and virtual consultations in the hospital setting. While the tariff situation is fluid, to offset potential impacts to our business, we're implementing mitigation strategies such as pursuing exemptions pricing actions and assessing alternative sourcing. Mala will comment more on this in a moment.

除了醫療保健之外，更廣泛的經濟環境也發揮作用。關於關稅，我們確實從全球各個市場採購某些設備，包括我們的連接設備和用於醫院環境中的患者監測和虛擬諮詢的設備。雖然關稅情況不穩定，但為了抵消對我們業務的潛在影響，我們正在實施緩解策略，例如尋求豁免定價行動和評估替代採購。瑪拉稍後會對此發表更多評論。

It also remains unclear how tariffs and trade negotiations will impact the broader economy in the coming months. Recent macroeconomic data has shown signs of weakening business and consumer sentiment, and we're closely monitoring our business in this fluid economic and policy backdrop.

目前還不清楚關稅和貿易談判將如何影響未來幾個月的整體經濟。最近的宏觀經濟數據顯示商業和消費者信心減弱的跡象，我們正在這種不穩定的經濟和政策背景下密切關注我們的業務。

As we mentioned in the last quarter, we are running modestly ahead of our prior targets for cost savings and productivity initiatives, and we've made progress across many areas, including technology and development, administrative costs, and stock-based compensation. We further streamlined our cost base in the quarter and we will continue to look for ways to drive greater efficiencies in our business.

正如我們在上個季度提到的那樣，我們在成本節約和生產力計劃方面的進展略高於先前的目標，並且我們在技術和開發、管理成本和股票薪酬等許多領域都取得了進展。我們在本季進一步精簡了成本基礎，並將繼續尋找提高業務效率的方法。

In closing, we're pleased with the start of the year, and we remain on track with our 2025 revenue outlook. We're excited about completing the Catapult Health acquisition and the significant opportunities that lie ahead with BetterHelp and UpLift joining forces to expand access to virtual mental health services. We see many opportunities ahead to further strengthen our position and unlock future growth potential. Despite uncertainties in the macro environment, we are focused on what we can most impact and we're executing with urgency against the strategic priorities we previously outlined. With that, I'll turn it over to Mala.

最後，我們對今年的開始感到滿意，我們對 2025 年的收入預期仍然保持在正軌上。我們很高興完成對 Catapult Health 的收購，並很高興看到 BetterHelp 和 UpLift 聯手擴大虛擬心理健康服務的管道，從而帶來重大機會。我們看到了許多機會來進一步鞏固我們的地位並釋放未來的成長潛力。儘管宏觀環境存在不確定性，但我們仍專注於我們能夠產生最大影響的領域，並緊急執行我們先前概述的策略重點。說完這些，我就把麥克風交給瑪拉。

Thank you, Chuck, and good afternoon, everyone. First-quarter consolidated revenue was $629.4 million, down 3% year-over-year and at the high end of the guidance range. Adjusted EBITDA of $58.1 million was near the high end of the guidance range and represented a margin of 9.2%. Consolidated net loss per share was $0.53 compared to a net loss per share of $0.49 in the first quarter of 2024.

謝謝你，查克，大家下午好。第一季綜合營收為 6.294 億美元，年減 3%，處於指導範圍的高端。調整後的 EBITDA 為 5,810 萬美元，接近指引範圍的高端，利潤率為 9.2%。合併每股淨虧損為 0.53 美元，而 2024 年第一季每股淨虧損為 0.49 美元。

The net loss per share included a noncash goodwill impairment charge of $0.34 per share pretax, which occurs after the issuance of our prior guidance and was not included. Excluding this charge, net loss per share in the quarter would have been near the upper end of our guidance range.

每股淨虧損包括每股 0.34 美元的稅前非現金商譽減損費用，該費用發生在我們發布先前的指引之後，因此並未包括在內。不計這項費用，本季每股淨虧損將接近我們預期範圍的上限。

As discussed in our 10-K, the Integrated Care reporting unit's fair value was below its carrying value based on the results of our animal goodwill impairment test in the fourth quarter of 2024 and continued to be at the time of the Catapult acquisition. As a result, any goodwill recorded in the Integrated Care segment could require immediate impairment.

正如我們在 10-K 報告中所討論的，根據我們在 2024 年第四季度進行的動物商譽減損測試的結果，綜合護理報告單位的公允價值低於其帳面價值，並且在 Catapult 收購時仍然如此。因此，綜合護理部門記錄的任何商譽都可能需要立即減損。

Net loss per share also included amortization of intangibles of $0.48 per share pretax and stock-based compensation expense of $0.14 per share pretax. These items were partially offset by a discrete tax benefit related to an R&D tax credit of $0.12 per share. First-quarter free cash flow was a net outflow of $16 million, an improvement of $11 million versus the prior year period. We ended the quarter with nearly $1.2 billion in cash and cash equivalents on the balance sheet.

每股淨虧損還包括每股稅前 0.48 美元的無形資產攤銷和每股稅前 0.14 美元的股票薪資費用。這些項目被每股 0.12 美元的研發稅收抵免相關的單獨稅收優惠部分抵消。第一季自由現金流淨流出 1,600 萬美元，較去年同期增加 1,100 萬美元。本季末，我們的資產負債表上有近 12 億美元的現金和現金等價物。

Turning to our segment results. Integrated Care segment revenue of $389.5 million increased 3.3% over the prior year period and exceeded the top end of our guidance range. Factors that contributed to the upside versus the guidance range included timing shifts related to favorable performance on risk-based deals in Chronic Care as well as FX.

談到我們的分部表現。綜合護理部門營收為 3.895 億美元，較上年同期成長 3.3%，超出了我們預期的最高水準。促成業績超出預期的因素包括與慢性病照護和外匯領域基於風險的交易的良好表現相關的時間變化。

Growth over the prior year was driven by visit revenue, international and our Chronic Care business as well as the additional Catapult, which contributed approximately 90 basis points to segment growth. U.S. Integrated Care segment membership at quarter end was 102.5 million members, above the high end of our guidance range and up 12% year-over-year while U.S. virtual visit volume increased by 7%. Chronic Care ended the quarter with total program enrollment of 1.15 million, up approximately 3% year-over-year as enrollment gains from existing and new clients were partially offset by the slightly higher [attrition] that we have previously discussed.

與去年相比，成長主要得益於就診收入、國際業務、慢性病護理業務以及額外的 Catapult，這些為分部成長貢獻了約 90 個基點。截至本季末，美國綜合護理部門會員人數為 1.025 億，高於我們的指導範圍高端，年增 12%，而美國虛擬就診量則成長了 7%。本季結束時，慢性病照護計畫的總註冊人數為 115 萬，比去年同期成長約 3%，因為現有和新客戶的註冊人數成長被我們之前討論過的略高的 [流失率] 部分抵消。

Our Integrated Care segment continues to show strong momentum internationally with related revenue growth in the mid-teens on a constant-currency basis. First quarter Integrated Care adjusted EBITDA was $50.4 million, a 6% increase over the first quarter of 2024. Adjusted EBITDA margin of 12.9% was up approximately 30 basis points year-over-year and above our guidance range of 11.25% to 12.75%. Driven by flow-through from the revenue upside from performance on our risk-based deals, partially offset by a pull forward of paid media spend as we continually seek to optimize spend throughout the year.

我們的綜合護理部門在國際上持續表現出強勁勢頭，以固定匯率計算，相關收入成長率達到十五六個百分點。第一季綜合護理調整後 EBITDA 為 5,040 萬美元，比 2024 年第一季成長 6%。調整後的 EBITDA 利潤率為 12.9%，較去年同期成長約 30 個基點，高於我們的預期範圍 11.25% 至 12.75%。推動這一成長的因素是我們基於風險的交易表現帶來的收入上漲，但由於我們不斷尋求全年優化支出，付費媒體支出的提前增加部分抵消了這一增長。

Turning to the BetterHelp segment. First-quarter revenue of $239.9 million was down 11% versus the prior year and above the midpoint of our guidance range. In the quarter, we continued to see improved stability in average paying users, which declined by less than 1% sequentially while total users at March month-end, exceeded that of December.

轉向 BetterHelp 部分。第一季營收為 2.399 億美元，較上年下降 11%，高於我們預期範圍的中點。本季度，我們繼續看到平均付費用戶數量的穩定性提高，環比下降不到 1%，而 3 月底的總用戶數超過了 12 月份。

Overall, customer acquisition costs have remained relatively stable since our prior update, and retention rates were generally consistent with the fourth quarter. Over the next several years, we believe the unification of the customer acquisition funnel between cash pay and benefit coverage will allow us to leverage BetterHelp's marketing budget more effectively, resulting in a lower acquisition cost per user. BetterHelp adjusted EBITDA were $7.7 million in the first quarter versus $15.5 million in the prior year period. Adjusted EBITDA margin was 3.2% compared to 5.7% in the prior year.

整體而言，自我們上次更新以來，客戶獲取成本保持相對穩定，保留率與第四季基本一致。在接下來的幾年裡，我們相信，現金支付和福利覆蓋之間的客戶獲取管道的統一將使我們能夠更有效地利用 BetterHelp 的營銷預算，從而降低每個用戶的獲取成本。BetterHelp 第一季調整後的 EBITDA 為 770 萬美元，去年同期為 1,550 萬美元。調整後的 EBITDA 利潤率為 3.2%，而去年同期為 5.7%。

Now let me turn to guidance. For full-year 2025, we expect consolidated revenue of $2.047 billion to $2.058 billion, which is unchanged versus our prior outlook. We now expect adjusted EBITDA in the range of $263 million to $304 million and full-year free cash flow of $170 million to $200 million, both of which have been updated to reflect the impact of the UpLift acquisition, which I will discuss in a moment.

現在讓我來談談指引。對於 2025 年全年，我們預計綜合收入為 20.47 億美元至 20.58 億美元，與我們先前的預測相比保持不變。我們現在預計調整後的 EBITDA 在 2.63 億美元至 3.04 億美元之間，全年自由現金流在 1.7 億美元至 2 億美元之間，這兩項數據均已更新，以反映 UpLift 收購的影響，我稍後將對此進行討論。

Stock-based compensation expense is now expected to be in the range of $105 million to $115 million, approximately $15 million below our prior estimate. For the second quarter, we expect consolidated revenue in the range of $614 million to $633 million and adjusted EBITDA in the range of $56 million to $70 million, which includes the UpLift acquisition.

目前預計股票薪酬費用在 1.05 億美元至 1.15 億美元之間，比我們先前的估計低約 1500 萬美元。對於第二季度，我們預計綜合營收將在 6.14 億美元至 6.33 億美元之間，調整後的 EBITDA 將在 5,600 萬美元至 7,000 萬美元之間，其中包括 UpLift 收購。

Moving to the segments. For Integrated Care, we are maintaining our full-year 2025 revenue guidance of flat to up 3% year-over-year. We continue to expect Catapult to contribute roughly 200 basis points to full-year revenue growth. Our full-year 2025 adjusted EBITDA margin guidance of 14.3% to 15.3% is unchanged. And as previously discussed, includes a roughly 40 basis point headwind from the Catapult acquisition.

轉到各個部分。對於綜合護理，我們維持 2025 年全年收入預期，即同比持平至增長 3%。我們仍然預計 Catapult 將為全年營收成長貢獻約 200 個基點。我們對 2025 年全年調整後 EBITDA 利潤率的預期為 14.3% 至 15.3%，保持不變。如同先前所討論的，其中包括 Catapult 收購帶來的約 40 個基點的阻力。

Excluding Catapult, adjusted EBITDA margin would be roughly flat year-over-year at the midpoint of the guidance range. We are also confirming our full-year member guidance range of 101 million to 103 million members. Importantly, given the fluidity of the situation, we have not included the impact of announced tariffs in our current guidance. However, we feel that it is important to size the potential impact to the current year.

不包括 Catapult，調整後的 EBITDA 利潤率將與去年同期基本持平，處於指導範圍的中點。我們也確認全年會員數量指導範圍為 1.01 億至 1.03 億。重要的是，鑑於形勢的流動性，我們沒有將已宣布的關稅的影響納入當前的指導中。然而，我們認為衡量對今年的潛在影響非常重要。

Based on the start date, current rates by country, including the 145% China tariffs and our mitigation efforts, which includes the amount of inventory on hand, we estimate a potential $5 million to $10 million headwind to adjusted EBITDA in 2025, largely in the second half. We will continue to monitor developments and explore additional mitigation opportunities.

根據開始日期、各國家/地區的當前稅率（包括 145% 的中國關稅）以及我們的緩解措施（包括現有庫存量），我們估計 2025 年調整後的 EBITDA 可能會面臨 500 萬至 1000 萬美元的阻力，主要集中在下半年。我們將繼續關注事態發展並探索更多緩解機會。

For the second quarter, we expect Integrated Care segment revenue growth of 0.25% to 2.75% and adjusted EBITDA margin between 13.25% and 14.75%. This includes a full quarter of contribution for Catapult which is expected to add approximately 240 basis points to growth as well as a sequential decline in Chronic Care program enrollment in the second quarter due to the previously discussed contract loss.

對於第二季度，我們預計綜合護理部門營收將成長 0.25% 至 2.75%，調整後的 EBITDA 利潤率在 13.25% 至 14.75% 之間。這包括 Catapult 整整一個季​​度的貢獻，預計將為增長增加約 240 個基點，以及由於先前討論的合約損失，第二季度慢性病護理計劃註冊人數將出現連續下降。

Importantly, we expect sequential growth in Chronic Care enrollment to resume in the third quarter, driven in part by growth from our new weight management contract with one of our largest customers. Also, recall that our adjusted EBITDA margin in the second quarter of 2024 included a roughly 340 basis points tailwind due to several discrete factors, including performance-based revenue, compensation accruals, and the timing of certain marketing and operating expenses.

重要的是，我們預計慢性病護理登記人數將在第三季度恢復連續增長，部分原因是我們與最大客戶之一簽訂的新體重管理合約的增長。此外，回想一下，由於基於績效的收入、薪酬應計以及某些行銷和營運費用的時間等幾個離散因素，我們 2024 年第二季度的調整後 EBITDA 利潤率包括大約 340 個基點的順風。

Moving to BetterHelp. I wanted to start by providing some additional color on uplift. Echoing Chuck's thoughts, I'm very excited about the transaction and believe it has the opportunity to advance our strategic priorities and drive a material improvement in segment performance over time. In terms of background, we have acquired UpLift for $30 million in cash with up to $15 million in additional contingent NAV considerations based on certain performance-related milestones. UpLift generated approximately $15 million in revenue in 2024 and completed approximately 114,000 sessions. Adjusted EBITDA was a loss of roughly $6 million which reflected investments to build out the operating infrastructure.

轉向 BetterHelp。首先，我想提供一些有關提升的額外資訊。與查克的想法一致，我對這筆交易感到非常興奮，並相信它有機會推進我們的戰略重點，並隨著時間的推移推動部門業績的實質改善。就背景而言，我們以 3000 萬美元現金收購了 UpLift，並根據某些與績效相關的里程碑額外支付高達 1500 萬美元的或有資產淨值對價。UpLift 在 2024 年創造了約 1500 萬美元的收入，並完成了約 114,000 場會議。調整後的 EBITDA 虧損約為 600 萬美元，反映了建設營運基礎設施的投資。

With that as a starting point, let me provide some additional detail on several factors. First, we believe that access to benefits coverage will lead to significantly higher conversion rates relative to BetterHelp's cash pay business, driven by greater affordability as prospective users would incur relatively low or potentially no out-of-pocket costs to access mental health care based on their particular business. Next, we expect increased member duration relative to the current BetterHelp model as many cash users that pause subscriptions site cost as a primary factor.

以此為起點，讓我為幾個因素提供一些額外的細節。首先，我們認為，與 BetterHelp 的現金支付業務相比，獲得福利覆蓋將帶來更高的轉換率，這是因為潛在用戶根據其特定業務獲得心理健康護理的費用相對較低甚至可能不需要自付費用，因此可負擔性更高。接下來，我們預期會員持續時間相對於目前的 BetterHelp 模式會增加，因為許多現金用戶暫停訂閱網站成本是主要因素。

For covered benefits, we initially assume that sessions per user will be 30% above that of cash pay, which is conservatively below UpLift historical utilization rates. As we progress through the remainder of 2025, we will advance business plans at an appropriate pace with increased scaling over time. This means that for users coming through the BetterHelp platform, we will enable access to insurance benefits coverage in a staged manner. As we scale uplifts operations, including the provider network to ensure access and a high-quality consumer experience. Therefore, we expect a ramp in revenue contribution from benefits coverage as we enable more access over the next 6 to 12 months.

對於涵蓋的福利，我們最初假設每個用戶的會話數將比現金支付高出 30%，這保守低於 UpLift 的歷史利用率。在 2025 年剩餘時間裡，我們將以適當的速度推進業務計劃，並隨著時間的推移擴大規模。這意味著對於透過 BetterHelp 平台的用戶，我們將分階段提供保險福利保障。隨著我們擴大營運規模，包括提供者網絡，以確保訪問和高品質的消費者體驗。因此，我們預計，隨著未來 6 到 12 個月內福利覆蓋範圍的擴大，福利覆蓋的收入貢獻將會增加。

Consistent with others accepting benefit coverage, we expect gross margins for therapy covered by insurance benefits to be lower than that of the cash pay business. With our results, to reflect the shift in mix over time. We expect this mix shift to be driven by new users accessing benefits coverage as well as the potential shift of a portion of existing BetterHelp cash pay users to in-network arrangements.

與其他接受福利覆蓋的企業一致，我們預期保險福利涵蓋的治療的毛利率將低於現金支付業務的毛利率。透過我們的研究結果，可以反映出組合隨時間的轉變。我們預計，這種組合轉變將受到新用戶獲得福利覆蓋以及部分現有 BetterHelp 現金支付用戶轉向網路內安排的潛在影響。

However, we expect higher conversion rates to lead to an increase in users and visit volumes and higher gross profit dollars should more than offset the lower gross margin profile for benefits coverage. We expect to achieve this increase by leveraging existing advertising and marketing spend and activation expertise.

然而，我們預計更高的轉換率將導致用戶和訪問量的增加，而更高的毛利應該足以抵消福利覆蓋的較低毛利率。我們希望透過利用現有的廣告和行銷支出以及激活專業知識來實現這一增長。

Given consumer demand and preferences and our market-leading position, we do expect to maintain a sizable direct-to-consumer cash pay business at BetterHelp which will include users without benefits coverage, those with a health plan that is not in our network and also users who prefer a direct-pay arrangement. And as a reminder, BetterHelp's international business is cash pay and our BetterSleep consumer offering with cash pay today as well.

鑑於消費者的需求和偏好以及我們的市場領先地位，我們確實希望在 BetterHelp 維持相當大的直接面向消費者的現金支付業務，其中包括沒有福利覆蓋的用戶、不在我們網絡中的健康計劃的用戶以及喜歡直接支付方式的用戶。提醒一下，BetterHelp 的國際業務是現金支付，我們今天為 BetterSleep 消費者提供的服務也採用現金支付。

In terms of how this translates to our outlook, we anticipate approximately $10 million of incremental benefits-coverage related revenue in 2025, net of any shift from the existing cash pay business. We expect a more material revenue contribution in 2026 as we continue to methodically scale operations and the therapist network to meet demand and enable access returning the BetterHelp segment to a growth trajectory. These estimates will be further refined as we progress through the year and move into 2026.

就其如何轉化為我們的前景而言，我們預計 2025 年福利覆蓋相關收入的增量約為 1000 萬美元，扣除現有現金支付業務的任何轉變。我們預計 2026 年的收入貢獻將更加實質，因為我們將繼續有條不紊地擴大營運規模和治療師網絡，以滿足需求並使 BetterHelp 部門重回成長軌道。隨著時間推移並進入 2026 年，這些估計值將進一步完善。

To support the scaling of the insurance business, we expect additional OpEx investments in areas such as provider recruitment, credentialing, support functions, and technology. These investments combined with some dilution from the legacy UpLift business are expected to lead to an incremental headwind of approximately $10 million to $15 million to 2025 adjusted EBITDA for the BetterHelp segment and overall.

為了支持保險業務的擴大，我們預計在供應商招募、資格認證、支援功能和技術等領域將增加營運支出。這些投資加上傳統 UpLift 業務的一些稀釋，預計將導致 BetterHelp 部門和整體在 2025 年調整後的 EBITDA 中面臨約 1000 萬至 1500 萬美元的增量阻力。

Moving to our updated outlook for BetterHelp. We continue to expect full-year 2025 revenue to decline 3.75% to 9.75% versus 2024, which includes the incremental contribution from benefits coverage. And reflects updated views on the cash pay business with recent softening consumer sentiment and increasingly uncertain macroeconomic factor.

轉向我們對 BetterHelp 的更新展望。我們繼續預期 2025 年全年營收將比 2024 年下降 3.75% 至 9.75%，其中包括福利覆蓋的增量貢獻。並反映了近期消費者信心走弱和宏觀經濟因素日益不確定的情況下對現金支付業務的最新看法。

Demand for mental health services remained resilient in the first quarter as we delivered revenues in the upper half of our guidance range. Having said that, we observed a slight uptick in churn rates more recently, something we are monitoring closely and factoring into our guidance range. However, providing customers with the ability to access benefits coverage can help to ease this risk over time.

由於我們的收入達到了預期範圍的上半部分，因此第一季對心理健康服務的需求仍然保持強勁。話雖如此，我們最近發現客戶流失率略有上升，我們正在密切關注並將其納入我們的指導範圍。然而，為客戶提供獲得福利保障的能力可以幫助隨著時間的推移減輕這種風險。

For adjusted EBITDA margin, we now expect a range of 4.75% to 6.25% for the full year, which is down 150 basis points versus our prior outlook and includes the impact of the UpLift acquisition and increased investments to support the insurance business. For the second quarter, we are guiding to BetterHelp segment revenue to be down 7.5% to 11.25% year-over-year, with the midpoint reflecting modest sequential revenue improvement over the first quarter.

對於調整後的 EBITDA 利潤率，我們現在預計全年將在 4.75% 至 6.25% 之間，比我們先前的預測下降 150 個基點，其中包括收購 UpLift 和增加投資以支持保險業務的影響。對於第二季度，我們預計 BetterHelp 部門的營收將年減 7.5% 至 11.25%，中間值反映出與第一季相比營收略有成長。

We expect an adjusted EBITDA margin of 2.5% to 5.25% for the second quarter, both reflect UpLift from the closing date forward. Lastly, from a balance sheet standpoint, we continue to have a high degree of financial flexibility with nearly $1.2 billion in cash and cash equivalents on the balance sheet as of the end of the first quarter.

我們預計第二季調整後的 EBITDA 利潤率為 2.5% 至 5.25%，均反映了從交易結束之日起的上升。最後，從資產負債表的角度來看，我們繼續擁有高度的財務靈活性，截至第一季末，資產負債表上的現金和現金等價物接近 12 億美元。

Our 2025 convertible bond comes due in June, which we will retire with cash on hand and maturity. We continue to evaluate our long-term financing although we believe our strong cash position, cash flow generation, and business position provides us with optionality in the future.

我們的 2025 年可轉換債券將於 6 月到期，我們將利用庫存現金和到期日來贖回該債券。儘管我們相信強勁的現金狀況、現金流產生和業務地位為我們未來的選擇提供了空間，但我們仍將繼續評估我們的長期融資。

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

說完這些，我就把電話轉回給查克。

Thanks, Mala. Before we open it up for your questions, I wanted to highlight some exciting recognition we recently received. Teladoc was named to Newsweek's Most Trustworthy Companies in America for 2025 and ranked number one in the healthcare and life sciences industry. We were also included in USA TODAY's inaugural list of America's Most Trusted Brands and one of just five companies to earn a Top 5 star rating in the pharmacies, health, and wellness category. We are honored to be recognized for the trust we earn from members, clients, and partners, and I could not be more proud of the entire team and their commitment to integrity and excellence.

謝謝，瑪拉。在我們開始回答你們的問題之前，我想先強調一下我們最近獲得的一些令人興奮的認可。Teladoc 被《新聞周刊》評為 2025 年美國最值得信賴的公司，並在醫療保健和生命科學行業中排名第一。我們也被《今日美國》首次列入美國最值得信賴品牌名單，並且是僅有的五家在藥房、健康和保健類別中獲得五星評級的公司之一。我們很榮幸能夠獲得會員、客戶和合作夥伴的信任，我為整個團隊及其對誠信和卓越的承諾感到無比自豪。

With that, we will open it up for questions. Operator?

接下來，我們將開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

Hi, guys. Thanks for taking the questions and congratulations on the acquisition and bringing behavioral health in network or expanding that offering.

嗨，大家好。感謝您回答問題，並祝賀此次收購並將行為健康引入網路或擴大該產品範圍。

I'm wondering if you guys can talk a little bit about the shorter duration contracts that were made available in BetterHelp, I think in the fourth quarter, so like weekly billing. It doesn't look like that had too much of a corrosive impact on average PMPMs in the first quarter which is good. But just if you could speak a little bit to the impact of that offering on churn and then the expectations embedded in the next three quarters as well that would be helpful.

我想知道你們是否可以談談 BetterHelp 中提供的短期合同，我想是在第四季度，例如每週計費。看起來這並沒有對第一季的平均 PMPM 產生太大的腐蝕影響，這是件好事。但是，如果您可以稍微談談該產品對客戶流失的影響以及對未來三個季度的預期，那將會很有幫助。

And then just a quick follow-up would be, have you done any evaluation or assessment as to why the core BetterHelp network was not able to ultimately get payer coverage and upfront obviously was just kind of any distinctions you want to make on the two different networks.

然後快速的跟進一下，您是否做過任何評估或評估，為什麼核心 BetterHelp 網路最終無法獲得付款人覆蓋，並且顯然只是您想在兩個不同的網路上做出的任何區分。

Thank you, Jessica. I'll start with your first question. So I'll take them in order. So we have been talking about the weekly offering now for several months. Just to recap the activities we've had there, we started essentially in September with the weekly offer. Prior to that, our BetterHelp offering was only a monthly subscription.

謝謝你，潔西卡。我先回答你的第一個問題。所以我會按順序進行。因此，幾個月來我們一直在討論每週的奉獻事宜。回顧我們在那裡開展的活動，我們基本上從九月開始提供每週服務。在此之前，我們提供的 BetterHelp 服務僅提供每月訂閱。

What we did do then is to start this weekly offer with a price point that is essentially one-fourth of the monthly subscription price point. So we didn't really do any kind of discounting. We have essentially taken that price point and priced it at one-fourth of that.

我們當時所做的就是以每月訂閱價格的四分之一開始這項每週優惠。所以我們實際上沒有做任何折扣。我們基本上已經採用了這個價格點，並將其定價為其四分之一。

What we are seeing, and I will say a lot of our acquisitions now is around the weekly offer versus the monthly offer. The trends that we have been seeing over the past several months is as follows: First, because the weekly offer is at a more accessible price point, unsurprisingly, we're actually seeing stronger conversion, I would say, much stronger conversion. The second, though, is because the user is reminded on a weekly basis, we are also seeing higher churn, both of which we expected.

我們看到的是，而且我想說的是，我們現在的許多收購都是圍繞每週報價而不是每月報價進行的。過去幾個月我們看到的趨勢如下：首先，由於每週優惠的價格更加實惠，毫不奇怪，我們實際上看到了更強勁的轉換率，我想說，是強勁得多的轉換率。第二個原因是，由於每週都會提醒用戶，因此我們也看到了更高的流失率，這兩者都是我們預料到的。

What is important though is that net of the two, it is still positive, okay? So what we are essentially seeing is it is it is still net positive relative to the monthly offer. And we are continuing to evaluate how the LTV plays out over time. LTV, as you know, is something that we measure and watch over time. So we are essentially seeing that the metrics that we are looking at remain stable. We are pleased with what we are seeing and we will continue to assess and evaluate.

但重要的是，兩者相加仍然是正數，好嗎？因此，我們基本上看到的是，相對於每月的報價，它仍然是淨正值。我們將繼續評估 LTV 隨時間的變化。如您所知，LTV 是我們會隨著時間推移進行測量和觀察的。因此，我們基本上看到，我們所關注的指標保持穩定。我們對所看到的情況感到滿意，並將繼續評估和評估。

The one thing I would also say is we have to be careful about when we think about the revenue per member, if you will, the revenue per user because we are acquiring these customers at that lower weekly price point, you will see an impact quite naturally on the revenue per member. But remember, we are also getting a lot more members -- a lot more users. So those are essentially the trends that we are seeing.

我還想說的一件事是，當我們考慮每位會員的收入時，我們必須要小心，如果你願意的話，每位用戶的收入，因為我們是以較低的每週價格來獲取這些客戶的，所以你很自然地會看到對每位會員收入的影響。但請記住，我們也正在獲得更多的會員——更多的用戶。這些基本上就是我們所看到的趨勢。

Chuck, do you want to comment on the second question?

查克，你想對第二個問題發表評論嗎？

Yes. I would just -- as a reminder, what we talked about getting into the benefit coverage space, really through the end of the year, our focus was on the technical capabilities around that. And the team have made really good progress. And as we had shared in the last call, we were ready operationally to do that.

是的。我只是想——提醒一下，我們談論進入福利覆蓋領域，實際上到今年年底，我們的重點是圍繞該領域的技術能力。並且團隊已經取得了非常好的進步。正如我們在上次電話會議中所說的那樣，我們已經做好了行動準備。

We had hired talent, and we were going after -- and still are going after payer contracts that really started in earnest in the first quarter. We applied to over a dozen payers in terms of getting in network coverage and had a couple that were at the finish line when the UpLift transaction started to really gain momentum, and we paused things there with those payers. So we didn't send mixed signals and felt like this was a way to accelerate what we're doing.

我們已經聘用了人才，我們正在追求——並且仍在追求第一季真正開始認真簽訂的付款人合約。我們向十幾家付款人提出了加入網路覆蓋的申請，當 UpLift 交易開始真正獲得動力時，有幾家付款人已經到達了終點線，我們暫停了與這些付款人的交易。因此，我們沒有發出混合信號，並認為這是一種加速我們正在做的事情的方式。

So it wasn't about the BetterHelp network itself, it's about this is an opportunity to accelerate. We have over 35,000 therapists in the network, and we have extensive -- we believe there's extensive numbers in there that would be interested and meet the requirements for payer coverage, and that's what we're going to activate over time. So again, I think the sequencing was, as I just mentioned, and we're excited about this opportunity.

因此，這與 BetterHelp 網路本身無關，而是一個加速的機會。我們的網路中有超過 35,000 名治療師，我們相信其中有大量治療師會對付款人承保感興趣並滿足其要求，這就是我們將隨著時間的推移而激活的。所以，我認為排序正如我剛才提到的，我們對這個機會感到興奮。

Awesome. Thank you.

驚人的。謝謝。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

David, we can't hear you.

大衛，我們聽不到你說話。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Sorry about that. I just wanted to come back to the BetterHelp business here a little bit -- the member trends actually improved quite a bit. You mentioned Q1 versus Q4 down very marginally sequentially. But if you look at the revenue numbers, you're seeing a pretty significant decline either in PMPM or revenue per member.

很抱歉。我只是想稍微回顧一下 BetterHelp 業務——會員趨勢實際上有了很大的改善。您提到第一季與第四季相比較上季略有下降。但如果你看一下收入數字，你會發現 PMPM 或每位會員收入都出現了相當明顯的下降。

Can you maybe help us understand the declines that you're seeing both in the integrated care business. I think you noted an 8% decline in revenue per member there and obviously, the down 4% on members in BetterHelp compared to the down 11% in revenue. Maybe help us bridge that gap.

您能否幫助我們了解綜合護理業務中所看到的衰退？我想您已經注意到那裡的每位會員收入下降了 8%，顯然，BetterHelp 的會員數量下降了 4%，而收入下降了 11%。也許可以幫助我們彌補這一差距。

Yes. So on the Integrated Care side, yes, what we did see is the decline that we spoke of on a year-over-year basis on revenue per member. However, remember, that what that is showing is a very significant increase in number of members. We also reported a 12% increase in members on a year-over-year basis, David, over 8 million members.

是的。因此，在綜合護理方面，是的，我們確實看到了我們所說的每位會員收入同比下降。然而，請記住，這表明會員數量顯著增加。我們還報告稱，會員數量同比增長了 12%，大衛，超過 800 萬會員。

So if you just think about what that means, you're onboarding a big cohort of members, and that is essentially in the ratio. We haven't really had time yet to sell into that member population all of the more revenue accretive services that we offer such as chronic care, et cetera.

因此，如果你想想這意味著什麼，你就會吸引一大批會員，而這基本上是按比例進行的。我們還沒有真正有時間向會員群體推銷我們提供的所有能增加收入的服務，例如慢性病照護等等。

So what you see here is they typically will come in. So take TRICARE is a great example, right? We onboarded 9 million members essentially starting the beginning of the year. So what you will see is them coming in with essentially core telehealth services. Over time, we will have an opportunity to cross-sell and upsell to them additional products and services.

所以你在這裡看到的是他們通常會進來。那麼 TRICARE 就是一個很好的例子，對嗎？從今年年初開始，我們的會員數就已達 900 萬。因此，您會看到他們提供本質上是核心的遠距醫療服務。隨著時間的推移，我們將有機會向他們交叉銷售和追加銷售其他產品和服務。

So that dynamic is essentially what is causing a depression in the year-over-year metric. I will say, if you were to look at it on a, think of it on a same-store sales basis, you would actually see a slight increase in our revenue per member on the integrated care side. And the fact that we are adding all of these members is a perfect opportunity for us to actually put in action or land and expand, right? We have landed these members and now is an opportunity for us to expand into additional products and services, which will happen over time. So that's on the Integrated Care side.

因此，這種動態本質上是導致同比指標下滑的原因。我想說的是，如果你從同店銷售額的角度來看待這個問題，你實際上會看到我們在綜合護理方面的每位會員收入略有增加。事實上，我們增加所有這些成員對於我們實際採取行動或登陸並擴張來說是一個絕佳的機會，對嗎？我們已經獲得了這些會員，現在是我們擴展更多產品和服務的機會，這將隨著時間的推移而實現。這就是綜合護理方面的情況。

On the BetterHelp side, what I would say is the fact that you're seeing the revenue per user as you are is a combination of a few things. First is we have said in terms of our priorities, international growth is certainly an area of focus for us in BetterHelp. And we have said that international revenue per user is lower than in the U.S.

就 BetterHelp 方面而言，我想說的是，您所看到的每位用戶的收入是多種因素共同作用的結果。首先，就我們的優先事項而言，國際成長無疑是 BetterHelp 關注的重點領域。我們說過，國際每位用戶的收入都低於美國。

Now keep in mind that in international, the cost of acquisition is also lower. So from a margin perspective, it's slightly lower than the U.S. on net margin, but only slightly lower. But certainly, if you look at the headline revenue per user, it is lower. So you are partly seeing a mix effect if you look at the revenue per user. So that is one dynamic. And then the other dynamic that you're seeing is what I spoke about a few minutes ago about the weekly price.

現在請記住，在國際上，收購成本也較低。因此從利潤率的角度來看，它的淨利潤率略低於美國，但只是略低而已。但可以肯定的是，如果你看每用戶整體收入，這個數字就會低一些。因此，如果你看每用戶收入，你會發現部分混合效應。這是一種動態。您看到的另一個動態就是我幾分鐘前談到的每週價格。

We are acquiring users at a price point that is lower, but we are also acquiring more users, it's just though that we will be able to, over time, I would say that as our acquisition efforts become more efficient, and we are able to use our advertising spend to actually be more efficient and effective that should essentially result in greater revenue growth over time.

我們以較低的價格獲取用戶，但我們也在獲取更多的用戶，只是隨著時間的推移，我想說，隨著我們的獲取工作變得更加高效，我們將能夠更加高效地利用我們的廣告支出，這實際上會導致隨著時間的推移收入的更大增長。

That's very helpful perspective. Thank you for the detail. Maybe just a follow-up on that.

這是一個非常有用的觀點。謝謝你的詳細說明。也許只是對此的一個後續行動。

As you think strategically, I think one of the themes, Chuck, that you've talked about over the past year is increasing the profitability per member and really focusing in on profitable member growth. How do you kind of contrast that with sort of the continued focus on member growth, the dilutive impact of that? Are you sure you're being focused enough in the strategy here? And maybe any color you can give us on what, in your mind, the signpost that you're watching to give you confidence that you can really return this business to growth?

正如你從戰略角度思考的那樣，查克，我認為你在過去一年中談到的主題之一是提高每個會員的盈利能力，並真正關注盈利會員的增長。您如何將其與持續關注會員成長及其稀釋性影響進行對比？您確定您對這裡的策略夠專注嗎？您能否告訴我們，您心中正在關注的路標是什麼，讓您有信心真正讓這項業務恢復成長？

Are you speaking about members on the BetterHelp side? Or are you talking about the Integrated Care side?

您說的是 BetterHelp 方面的成員嗎？或者您談論的是綜合護理方面？

I don't have a total -- obviously, there's a focus on BetterHelp there, but you're still talking about 8% growth in the Integrated Care side. You have over 100 million members, that's a giant number. How do you make sure you're extracting the value there. So we're still not seeing total company revenue turn in any meaningful way.

我沒有總數——顯然，重點是 BetterHelp，但您仍然在談論綜合護理方面的 8% 增長。你們有超過 1 億會員，這是一個龐大的數字。你如何確保你提取了其中的價值？因此，我們仍然沒有看到公司總收入有任何有意義的轉變。

So as you think about the strategic changes you're making and the acquisitions, how does this all fit together for you? And what are the signposts in Washington to give you confidence that you can get this company back to revenue and EBITDA growth?

那麼，當您考慮正在進行的策略變革和收購時，這一切對您來說是如何結合在一起的？華盛頓有哪些跡象讓您有信心讓這家公司恢復收入和 EBITDA 成長？

Yes. Okay. Got it. I just want to make sure I was clear on the question.

是的。好的。知道了。我只是想確保我對這個問題的理解清楚了。

So a couple of things are in play here. First of all, the growth in customers, growth in members will translate into growth in usage of services and as our business and the Integrated Care side, we see more movement from subscription-based models to visit-fee-based models. That membership and the activation of that membership to visits is how you get paid. That is the revenue generation. So the growth is important there as well. And why, I talked about this a couple of quarters ago, but why it's such a priority for us to make our visits more valuable.

這裡涉及幾件事。首先，客戶的成長、會員的成長將轉化為服務使用量的成長，而作為我們的業務和綜合護理方面，我們看到從基於訂閱的模式到基於訪問​​費用的模式的轉變。會員資格以及會員資格的啟動和存取就是您獲得報酬的方式。這就是創收。因此，那裡的成長也很重要。為什麼，我在幾個季度前就談論過這個問題，但為什麼讓我們的訪問更有價值是我們如此優先考慮的事情。

What do I mean by that? As that mix shift changes, we need those visits to -- we need the activation. We need to do a great job for our customers, great job for our members to have the visit, and we need those visits to be able to do more services on behalf of our customers. So that's why we are putting the technology in place that I mentioned in my prepared remarks, that allow us to activate and take the next best action for that member. All of that is underlying the importance of that in terms of how we're going to see growth.

我這樣說是什麼意思？隨著這種混合轉變的變化，我們需要這些訪問——我們需要激活。我們需要為我們的客戶提供出色的服務，為我們的會員提供出色的服務，我們需要這些訪問才能代表我們的客戶提供更多的服務。這就是為什麼我們要採用我在準備好的發言中提到的技術，這使我們能夠為該成員啟動並採取下一步最佳行動。所有這些都凸顯了我們如何看待成長的重要性。

So I think the headline metric of revenues divided by members, I think, has historically made some sense. But I think if that business is evolving, and I would just highlight that. So that's one. Second, I've talked about the need to make our Chronic Care management programs and use our clinical strength and product breadth to drive more value. Well, what do I mean by that?

因此，我認為，從歷史上看，收入除以會員數這一總體指標是有一定道理的。但我認為，如果這項業務正在發展，我會強調這一點。這就是其中之一。其次，我談到了製定慢性病管理計劃以及利用我們的臨床實力和產品廣度來創造更多價值的必要性。那麼，我這樣說是什麼意思呢？

We have over 1 million people that we serve, a massive number of people that we serve in Chronic Care. These are people with diabetes, hypertension, with weight and obesity issues. And so we're doing a great job in terms of engaging with those members, helping them with their conditions, et cetera. We have a further opportunity to drive more, I would say, outcomes with respect to cost of care, which is a major issue that our health plan customers are facing and our employer customers are facing. And so that's where a lot of the innovation and the product road map is headed which is how do we take those programs to the next level.

我們為超過 100 萬人提供服務，其中大部分人接受的是慢性病護理服務。這些人患有糖尿病、高血壓、體重和肥胖問題。因此，我們在與這些成員接觸、幫助他們改善狀況等方面做得很好。我想說，我們有進一步的機會在照護成本方面取得更多成果，這是我們的健康計畫客戶和雇主客戶面臨的一個主要問題。這就是許多創新和產品路線圖的方向，即我們如何將這些項目提升到一個新的水平。

It's those things that are going to drive the future growth of the company, both from a top line as well as from a user perspective. So hopefully, that's some additional color for you.

無論從營收角度或從使用者角度來看，這些因素都將推動公司未來的成長。希望這能為您增添一些色彩。

David, one other thing I would add is on the BetterHelp side, we have for a while now, been talking about balancing top and bottom-line growth. We are managing our return on ad spend such that we are more chasing unprofitable revenue. One thing I would add, as we thought about the rationale, the strategic rationale for the UpLift acquisition, is the fact that if you think about the enormous funnel that BetterHelp has with its scale and that scale and the funnel is supported by the advertising and marketing spend that we have in the BetterHelp business. You're talking about close to 4 million users at the top of the funnel who are essentially interested in at least looking into a BetterHelp service, right?

大衛，我想補充一點，在 BetterHelp 方面，我們已經討論過一段時間如何平衡頂線和底線成長。我們正在管理廣告支出的回報，以便我們更多地追求無利可圖的收入。當我們思考收購 UpLift 的理由和策略理由時，我想補充一點，那就是，如果你考慮一下 BetterHelp 憑藉其規模所擁有的巨大漏斗，那麼這個規模和漏斗就得到了我們在 BetterHelp 業務中投入的廣告和行銷支出的支持。您說的是漏斗頂端的近 400 萬用戶基本上對至少了解 BetterHelp 服務感興趣，對嗎？

Now the fact is as they go through the funnel and they come to a cash pay option, many of them choose not to avail themselves of the service. So you think about the conversion factor for the amount of ad spend we have, we now, with offering the covered benefits auction with UpLift are allowed -- are essentially leveraging our ad spend to capture some of those, hopefully, many of those users over time with the insurance option. So it actually allows us to capture more users through that funnel, leverage our ad spend in a much more effective way, and that should help not only top line growth, but that should also translate to bottom-line growth.

現在的事實是，當他們通過管道並遇到現金支付選項時，許多人選擇不使用該服務。因此，您可以考慮我們廣告支出金額的轉換因素，現在，我們透過與 UpLift 合作提供承保福利拍賣，實際上是在利用我們的廣告支出來吸引其中的一部分用戶，希望隨著時間的推移，能夠吸引更多的用戶選擇保險。因此，它實際上使我們能夠透過該管道吸引更多用戶，以更有效的方式利用我們的廣告支出，這不僅有助於收入成長，而且還能轉化為利潤成長。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Thanks for taking the question. I was hoping to get a little bit more detail on the cadence of BetterHelp margin improvement in the back half of the year. Guidance implies nearly $20 million or so improvement from one half to second half and you noted that there's around, I think you mentioned $10 million to $15 million of additional costs due to UpLift and some additional investments you're making in the insured product. So can you help us think through 3Q and 4Q as those two dynamics play out?

感謝您回答這個問題。我希望能更詳細地了解下半年 BetterHelp 利潤率改善的節奏。指導意味著從上半年到下半年將有近 2000 萬美元左右的改善，並且您指出，由於 UpLift 和您在保險產品上進行的一些額外投資，大約有 1000 萬至 1500 萬美元的額外成本。那麼，您能否幫助我們思考 3Q 和 4Q 這兩個動態的影響呢？

Yes. So the way I would think about the dynamic playing out is the following [Daniel] and you know that the BetterHelp business is essentially largely a variable margin business. There is a relatively low amount of fixed cost. We do, as we said, have investments proposed for the integration and just getting a quick start on realizing the strategy that we have with the UpLift acquisition.

是的。因此，我認為動態發揮作用的方式如下[Daniel]，你知道 BetterHelp 業務本質上是一種可變利潤業務。固定成本相對較低。正如我們所說的，我們確實已經為整合提出了投資計劃，並且正在快速開始實現我們透過收購 UpLift 所製定的策略。

Having said that, what I would say is the following. Think of the ramp for the second half to be driven by a few things. One is, if you think about revenue, we will continue to advance on revenue growth as we go to the second half on the back of all of the priorities for the BetterHelp business that we have already talked about, including insurance -- I'm sorry, including international.

話雖如此，我想說的是以下幾點。想想下半場的成長是由一些因素推動的。一是，如果你考慮收入，隨著我們進入下半年，我們將繼續推進收入成長，這得益於我們已經討論過的 BetterHelp 業務的所有優先事項，包括保險——對不起，包括國際業務。

We are continuing to make progress on our international efforts, both English-speaking company as well as the localized market launches that we are in process. We've done France. We are doing Germany and Netherlands next. So we are making progress on advancing those international priorities. So the second half ramp is essentially conditioned on the revenue from those efforts.

我們正在繼續推動國際化努力，包括英語公司以及正在進行的本地化市場發布。我們已經去過法國了。接下來我們將前往德國和荷蘭。因此，我們在推動這些國際優先事項方面正在取得進展。因此，下半年的成長主要取決於這些努力所帶來的收入。

And then we are also, as we talked about, looking to advance the insurance efforts in the second half. The last thing is, as always, we have talked about pulling back on ad spend in the fourth quarter, and we will do so again this year just like we have done in prior years. I will say I do expect the ad spend in the fourth quarter of this year to be slightly sequentially greater from a pullback standpoint relative to last year.

然後，正如我們所談到的，我們也希望在下半年推進保險工作。最後一點是，像往常一樣，我們已經討論過在第四季度削減廣告支出，今年我們將再次這樣做，就像前幾年一樣。我想說的是，我確實預計今年第四季的廣告支出從回落的角度來看會比去年略有增加。

Last year, if you remember, we had very, very little pullback in ad spend in the fourth quarter. I do expect it to be a little bit more pronounced this year. And those are essentially the various factors playing into the second half.

如果你還記得的話，去年第四季我們的廣告支出幾乎沒有減少。我確實希望今年這種情況會更明顯一些。這些基本上就是影響下半年走勢的各種因素。

Got it. okay. And then on the UpLift pricing model, is that subscription-based and visit based? Or is it based only. And can you talk a little bit about how that may integrate with the mental health solution on the Integrated Care side of things?

知道了。好的。那麼 UpLift 定價模型是基於訂閱還是基於存取？或僅基於。您能否稍微談談如何將其與綜合護理方面的心理健康解決方案結合起來？

Yes. This is in network coverage. So they'll be -- it's visit based, it's not subscription based. So that model is there, and we expect as we've seen with others, but also our own experience, more extended usage, more visits because it's covered by insurance. So that's the model there.

是的。這是在網路覆蓋範圍內。所以他們會——這是基於訪問，而不是基於訂閱。所以這個模型是存在的，我們期望，正如我們在其他人身上看到的那樣，而且根據我們自己的經驗，它會有更廣泛的使用，更多的訪問，因為它在保險範圍內。這就是那裡的模型。

The Integrated Care mental health offering, which is quite scaled over 1 million visits a year, it's really an offering that it's somewhat different. It's got a lot of content a lot of different kinds of tools, and it's really sort of sold and integrated with our various other offerings on that side.

綜合護理心理健康服務規模相當大，每年的就診人數超過 100 萬人次，這確實是一項與眾不同的服務。它包含很多內容和很多不同類型的工具，而且它實際上可以與我們在那方面的各種其他產品進行銷售和整合。

We have looked at and moved a bit on some synergies between Integrated Care and BetterHelp, for example, how we were doing some of the sales and go-to-market of the BetterHelp for business offering. There are some products, some joint products that we're exploring right now that we think could be an interesting development for the company. I don't want to speak about that too much now.

我們研究並嘗試了 Integrated Care 和 BetterHelp 之間的一些協同作用，例如，我們如何進行 BetterHelp 商業產品的銷售和上市工作。我們目前正在探索一些產品、一些聯合產品，我們認為這些產品可能會為公司帶來有趣的發展。我現在不想談太多。

So I think that they're somewhat different markets they're serving, different use cases for customers. But again, the macro theme of virtual mental health care being an important priority for Teladoc is what's most important. It's a space that is widely adopted. Post pandemic that had the highest sort of penetration, if you will, in virtual care, that's sustained that. You think about the shortage of access, the unmet mental health needs that are there, both in the U.S. and internationally, obviously.

所以我認為他們所服務的市場有些不同，客戶的使用情況也不同。但同樣，虛擬心理健康護理這一宏觀主題是 Teladoc 的重要優先事項，也是最重要的。這是一個被廣泛採用的空間。疫情過後，虛擬護理的滲透率達到了最高水平，這種狀況得以持續。想想看，無論是在美國還是國際上，都存在著醫療服務不足和未滿足的心理健康需求。

And so we think from a macro perspective, this is the right space to be in. We're scaled in integrated care. We have massive scale in the consumer business with BetterHelp. We have the most well-recognized brand in BetterHelp funnel of 4 million people registering. That's massively higher than anyone else.

因此，我們認為從宏觀角度來看，這是正確的空間。我們在綜合護理方面具有規模。憑藉 BetterHelp，我們在消費者業務方面擁有龐大的規模。我們擁有 BetterHelp 管道中最知名的品牌，註冊人數達 400 萬人。這比其他任何人都高得多。

So if we have this opportunity to sort of help those consumers access their benefit coverage with the great experience that they're looking for with BetterHelp. We think it's the right strategic move for us. So different customer bases, but I think broader theme is right on.

因此，如果我們有機會幫助這些消費者透過 BetterHelp 獲得他們所尋求的良好體驗，從而獲得福利保障。我們認為這對我們來說是正確的策略舉措。雖然客戶群不同，但我認為更廣泛的主題是正確的。

Got it. Thank you.

知道了。謝謝。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

Hi, guys. Thanks for the question. This is Eduardo on for Jailendra. Can you speak to the -- what you're seeing in terms of CAC trends in BetterHelp business? Is it different on the domestic and international side? I noticed that advertising and marketing spend [ad] is down 130 bps year over year, 50 bps sequentially. So just curious [about] what you're seeing there.

嗨，大家好。謝謝你的提問。這是 Eduardo 代替 Jailendra 上場。您能談談您對 BetterHelp 業務的 CAC 趨勢的看法嗎？國內和國際有差別嗎？我注意到廣告和行銷支出較去年同期下降了 130 個基點，較上季下降了 50 個基點。所以我只是好奇你在那裡看到了什麼。

Yes. I would characterize the trends that we are seeing as stable through the first quarter of this year. And I would say, Eduardo, we are actually seeing it more favorable relative to the last many quarters for an important reason, because we are seeing good conversion rates from our weekly offer from the acquisitions we are making on our weekly offer, the yield is actually better. So if you just think about why we are seeing favorability in our CAC, it is really because of the acquisitions that we are making on the weekly offer.

是的。我認為，今年第一季我們看到的趨勢是穩定的。我想說，愛德華多，與過去幾個季度相比，我們看到的情況實際上更加有利，一個重要原因是，我們從每週報價的收購中看到了良好的轉換率，而收益率實際上更高。因此，如果你想想為什麼我們的 CAC 會受到青睞，那實際上是因為我們在每週報價中進行的收購。

So those are essentially the trends that we are seeing. We are not seeing any significant differences, I would say in U.S. versus international. I'd say customer acquisition costs have remained relatively stable thus far in 2025 across the board. So that's sort of what we are factoring into our guidance.

這些基本上就是我們所看到的趨勢。我想說，在美國和國際上，我們沒有看到任何顯著的差異。我想說，到 2025 年為止，客戶獲取成本大致保持相對穩定。這就是我們在指導中考慮的因素。

Now one thing I will obviously always caveat is we started in February with a wide range in our guidance for BetterHelp. We are continuing with that wide range for BetterHelp. And part of the reason we have that wide range out there is macros are uncertain. Consumer sentiment is certainly uncertain to softening. And I would say, overall, what we have also learned over the past couple of years is this space can move very dynamically, including in ad costs and ad pricing.

現在，我顯然要始終提醒的一件事是，我們從二月開始就為 BetterHelp 提供廣泛的指導。我們將繼續為 BetterHelp 提供廣泛的服務。我們之所以有如此廣泛的範圍，部分原因是宏觀是不確定的。消費者信心絕對不會減弱。我想說，總的來說，我們在過去幾年中了解到，這個領域可以發生非常動態的變化，包括廣告成本和廣告定價。

So we have given ourselves room to navigate through these uncertainties as best we can by our guidance range being as wide as it is.

因此，我們透過盡可能廣泛的指導範圍，為自己提供了盡可能地應對這些不確定性的空間。

Okay, thanks.

好的，謝謝。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Hi, thanks for the question. This is Alan Chen on for Elizabeth. I have a question on cost savings. I believe on the 4Q call, you mentioned about increased focus on tech and G&A costs. Can you share more color on how you're thinking about additional opportunities in those areas? Thanks.

你好，謝謝你的提問。我是艾倫陳 (Alan Chen)，為伊莉莎白報道。我有一個關於節省成本的問題。我相信在第四季度電話會議上，您提到了對技術和一般及行政成本的更多關注。您能否進一步分享您對這些領域的更多機會的看法？謝謝。

Yes. So we had talked about the fact that in the February call, we expected the cost savings this year to be modestly higher than what we had originally signaled for 2025. We continue to make efforts. In fact, I would say to you, in the first quarter, we took out a little bit of additional costs than we were expecting earlier in the year. And we have accounted for increased restructuring costs and severance costs as a result of that as we have put out the EPS guide.

是的。因此，我們在二月的電話會議上談到，我們預計今年的成本節省將略高於我們最初預測的 2025 年的成本節省。我們將繼續努力。事實上，我想告訴你們，在第一季度，我們扣除的額外成本比我們今年早些時候預期的要多一點。我們在發布每股盈餘指南時已經考慮了由此導致的重組成本和遣散成本的增加。

Point being, we continue in this uncertain macroeconomic environment. It's prudent for us to think about continuously looking at our cost base and look at streamlining, rationalizing our cost base as appropriate. If you look at the results, we delivered in 1Q, I would say we have demonstrated good control over our overall cost base technology and development spend is down on a year-over-year basis. We have spoken about the fact that we are putting scrutiny on this line item. We expect that to continue. And I would say I would expect overall T&D dollar spend from an OpEx basis to be down in absolute levels year-over-year as we go through this year.

重點是，我們仍處於這種不確定的宏觀經濟環境中。我們明智的做法是不斷審視我們的成本基礎，並考慮在適當的情況下精簡和合理化我們的成本基礎。如果你看一下我們在第一季取得的成果，我想說我們已經證明了對整體成本基礎技術的良好控制，並且開發支出較去年同期有所下降。我們已經談到我們正在對這項項目進行審查。我們預計這種情況將會持續下去。我想說的是，我預計今年從營運支出角度來看，整體運輸和配送美元支出將年比絕對水準下降。

On the G&A side, we did have a couple of -- we had some accruals that we took reserves on. So you will see that in our numbers for the first quarter. But I do expect us to continue to demonstrate restrain and discipline as we go through the year. And as you saw in our prepared remarks, we have brought down our stock-based compensation outlook for the year by $15 million, and it is considerably lower than 2024 and 2023. So again, it's a point of focus for us, and we'll continue to maintain control, exercise control over that.

在一般及行政費用方面，我們確實有一些——我們有一些應計項目需要準備金。您會在我們第一季的數據中看到這一點。但我確實希望我們在今年繼續表現出克制和紀律。正如您在我們準備好的評論中所看到的，我們已將今年的股票薪酬預期下調了 1500 萬美元，遠低於 2024 年和 2023 年。所以，這又是我們的關注點，我們將繼續保持控制，並對其進行控制。

Okay, thanks.

好的，謝謝。

Charles Rhyee, Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩。

Thanks for taking the question. Yes. I guess, firstly, if we think about sort of the path here with -- I guess I just want to talk about UpLift here, you're paying about 2x revenue, up to 3x depending on the contingent payments into the future. You go back to Catapult, you paid about 2x revenue as well. And I guess both of these bring to you guys some important capabilities certainly with UpLift getting sort of insurance-based coverage here.

感謝您回答這個問題。是的。我想，首先，如果我們考慮一下這裡的路徑——我想我只想在這裡談談 UpLift，您支付的費用大約是收入的 2 倍，最高可達 3 倍，具體取決於未來的或有支付。你回到 Catapult，你也支付了大約 2 倍的收入。我想這兩者都為你們帶來了一些重要的功能，當然 UpLift 在這裡獲得了某種基於保險的保障。

But with your stock trading at less than 1x, closer to 0.5x revenue. Can you talk about more about why the Board is not more actively perhaps looking at a share buyback. Understanding you have the converts coming due, you're going to pay down in cash but when you look at overall leverage, it's not that drastic. And you still need a lot of financial capacity as it stands.

但您的股票交易價格不到 1 倍，接近 0.5 倍的收入。您能否進一步談談董事會為何沒有更積極地考慮股票回購？了解到您有即將到期的轉換率，您將以現金償還，但當您查看整體槓桿時，情況並沒有那麼劇烈。而且就目前情況而言，你仍然需要大量的財務能力。

Can you talk to me a little bit about your capital deployment strategy at this point? And maybe why share buyback is not a perhaps a bigger part of that?

您能否跟我談談您目前的資本配置策略？為什麼股票回購不是其中更重要的一環呢？

Yes. So it's a very fair question, Charles. Unsurprisingly, this is a point of active discussion amongst the management team internally. And as we think about the various options, we have to deploy our capital. First, we are looking to deploy capital to amass capabilities that we need for us to be able to drive sustained top line growth as we move forward over the next 12 to 36 months.

是的。所以這是一個非常公平的問題，查爾斯。毫不奇怪，這是管理團隊內部積極討論的問題。當我們考慮各種選擇時，我們必須部署我們的資本。首先，我們希望部署資本來累積所需的能力，以便能夠在未來 12 到 36 個月內推動持續的收入成長。

When Chuck came on board middle of last year, one of the things that we talked about then and since on earnings call is the fact that we are a company looking to reposition and turn around our performance. That takes capital deployment that can be organic, that can be inorganic, as you have seen us use inorganically over the past couple of quarters.

當查克去年年中加入公司時，我們在當時以及之後的收益電話會議上討論的事情之一是，我們是一家希望重新定位並扭轉業績的公司。這需要資本部署，可以是有機的，也可以是無機的，正如您在過去幾個季度中看到我們採用的無機方式一樣。

So we are looking to, as we have always done, to look at adding to our capabilities, whether it be services, whether it be other capabilities so that we can drive sustained top line and bottom-line growth in the months and years ahead. So that's number one. Number two, we definitely are looking at our overall leverage and our debt. As we talked about in our prepared remarks, we'll pay down the upcoming note that's due. We are looking at the 2027 note that is outstanding. And we know that it's trading below par, so we are assessing that.

因此，正如我們一直以來所做的那樣，我們希望增強我們的能力，無論是服務還是其他能力，以便我們能夠在未來幾個月和幾年內推動持續的收入和利潤成長。這是第一點。第二，我們肯定會關注我們的整體槓桿率和債務。正如我們在準備好的演講中談到的，我們將償還即將到期的票據。我們正在查看未償還的 2027 年票據。我們知道它的交易價格低於票面價值，所以我們正在對此進行評估。

The third, and we have never taken this off the table, we are absolutely looking at buybacks as well. So it's a matter of -- and we have been talking to the Board about all of this. So as a part of normal course of conversations that the leadership team has with the Board. I would say to you none of these is off the table. It's a matter of us at this moment because of looking to accrete to our top line growth and bottom-line growth in the years ahead, there are opportunities that are coming our way.

第三，我們從未放棄這一點，我們也絕對在考慮回購。所以這是一個問題——我們一直在與董事會討論這一切。因此，這是領導團隊與董事會進行正常對話的一部分。我想告訴你，這些都不是不可能。這是我們目前面臨的問題，因為我們希望在未來幾年實現營收成長和利潤成長，而機會就在我們面前。

We are, with the scale we have in this space, we do tend to get a lot of inbound and we look at them in terms of what it will do for our future performance. So the fact that we are going out with Catapult and we have just gone out with the UpLift acquisition is a reflection of the fact that we have these interesting opportunities that we were looking at. And that came to us, and we felt that it was really important for us to move forward with this. Chuck?

憑藉我們在這個領域的規模，我們確實傾向於獲得大量的入站數據，並且我們會從其對我們未來表現的影響的角度來看待它們。因此，我們與 Catapult 合作以及剛收購 UpLift 的事實反映了我們正在尋找這些有趣的機會。我們意識到了這一點，並覺得繼續推進這項工作非常重要。查克？

Yes. And just the only thing I would add is we need to invest in those key strategic priorities. Our biggest opportunity as a company and for our shareholders is to leverage this scale position that we have with 100 million lives with this really unparalleled position over 12,000 customers, international business. So we need to invest in those capabilities, they're going to really achieve the outcomes against the scale that's been built.

是的。我只想補充一點，我們需要對這些關鍵的策略重點進行投資。作為一家公司以及我們的股東，我們最大的機會是利用我們擁有的規模優勢，即服務 1 億人，擁有超過 12,000 名客戶，在國際業務方面具有無與倫比的優勢。因此，我們需要對這些能力進行投資，它們將真正實現已建成的規模所需的成果。

And on the BetterHelp side, the acquisition I mentioned the two times. This is a company that had invested in their capabilities as a really strong team are limited in terms of their ability to activate. At the end of the day, you need to activate the consumer, make them aware of what you're doing and activate them into your solution. That's what BetterHelp does, BetterHelp us expert at that, massive scale.

在 BetterHelp 方面，我兩次提到了收購。這家公司已經對其能力進行了投資，但真正強大的團隊的激活能力有限。最終，您需要啟動消費者，讓他們了解您正在做的事情，並啟動他們使用您的解決方案。這就是 BetterHelp 所做的事情，BetterHelp 是這方面的專家，規模龐大。

So that's how we looked at that acquisition, and we're really excited about the fact that we can accelerate our progress. Obviously, we're going to do it in a measured way, as Mala said, we want to build it for the long term. But it really is an unparalleled opportunity to take something as massively scaled as BetterHelp and to start to bring that consumer orientation and activate with that benefit coverage.

這就是我們對這次收購的看法，我們對能夠加快我們的進展感到非常興奮。顯然，我們會採取謹慎的方式來做這件事，正如馬拉所說，我們希望長期建立它。但這確實是一個無與倫比的機會，可以利用像 BetterHelp 這樣大規模的項目，並開始以消費者為導向，並透過福利覆蓋來激活它。

So that's how we're looking at capital. Obviously, all the things that Mala said are on the table. But we also want to make sure we're investing in this business for the future.

這就是我們看待資本的方式。顯然，瑪拉所說的一切都是可以實現的。但我們也希望確保我們為未來而對這項業務進行投資。

And a follow-up question. Can I just ask, so obviously, you talked about getting into the TRICARE population at the start of this year, looking to activate on that side, cross-sell products above the basic sort of telehealth offering to start. You're talking about here BetterHelp here with the UpLift in trying to transition that a little bit away from a direct-to-consumer model.

還有一個後續問題。我可以問一下嗎，很明顯，您談到在今年年初進入 TRICARE 人群，希望在那方面開展活動，首先交叉銷售基本遠距醫療服務以外的產品。您在這裡談論的是 BetterHelp 和 UpLift，試圖將其從直接面向消費者的模式轉變過來。

Can you talk about sort of the capacity internally at the management level to kind of handle these processes because they seem very distinctly different challenges that you're facing that you have been facing over the last year plus. And I guess just to fundamentally get to the question, the strategic value having both of these assets under a single roof here and whether your management attention or resources are being kind of pulled in different directions and perhaps a more focused strategy on one or the other might move things along a lot quicker. Thank you.

您能否談談管理層內部處理這些流程的能力，因為它們似乎與您在過去一年多來所面臨的挑戰截然不同。我想從根本上回答這個問題，將這兩種資產放在一個屋簷下的戰略價值是什麼，以及你的管理注意力或資源是否被拉向不同的方向，也許對其中一個或另一個採取更有針對性的戰略可能會使事情進展得更快。謝謝。

Yes, I think it's a fair question. One of the very first things when I came on board, and we've spoken about this in prior quarters, was that we needed to take it to look at the way we were organized. I think we were organized in a way that we're not as close to the customer as we needed to be, and we've made a number of changes to streamline the organization and focus them on their markets that not only did it save cost, if you will, it improved agility and put the right leadership and management structure in place so that we can activate on each one of these strategies.

是的，我認為這是一個公平的問題。我加入公司後做的第一件事就是，我們需要審視一下我們的組織方式，我們在前幾季也討論過這個問題。我認為我們的組織方式與客戶的距離還不夠近，我們做出了一些改變來精簡組織結構，將重點放在客戶市場上，這不僅節省了成本，而且提高了靈活性，並建立了正確的領導和管理結構，以便我們能夠啟動每項策略。

So we are organized to execute against this. I feel comfortable that we have the ability to kind of drive those forward. I think the importance of we had these two scaled businesses that are part of Teladoc. It's incumbent upon us to make sure that we're maximizing the value out of those. We need to make sure that BetterHelp is positioned for the future. As we said, we think that's the right thing to do regardless. And I think activating against these strategies on the Integrated Care side are going to yield benefits as well. So it's a fair point, but we feel like we've got it adequately covered.

因此，我們組織起來執行這項任務。我確信我們有能力推動這些事情向前發展。我認為我們擁有這兩個屬於 Teladoc 的規模化業務非常重要。我們有責任確保最大限度地發揮這些價值。我們需要確保 BetterHelp 能夠面向未來。正如我們所說，我們認為無論如何這都是正確的做法。我認為在綜合護理方面採取這些策略也會帶來好處。這是一個合理的觀點，但我們覺得我們已經充分討論了這一點。

We are out of time for questions. So that will conclude today's call. Thank you all for your participation. You may now disconnect your lines.

我們回答問題的時間已經不夠了。今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。