Teladoc Health Inc (TDOC) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for joining today's Teladoc Health Q3 '25 earnings conference call. My name is Regan, and I will be your moderator today. (Operator Instructions)

各位下午好，感謝各位參加今天的 Teladoc Health 2025 年第三季財報電話會議。我叫雷根，今天我將擔任主持人。（操作說明）

I would now like to pass the conference over to our host, Mike Minchak, Head of Investor Relations for Teladoc. Please proceed.

現在，我將把會議交給我們的主持人，Teladoc 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 third-quarter 2025 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website. On this call to discuss the results 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 年第三季的財務表現。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取得。出席本次電話會議討論業績的有執行長 Chuck Divita 和財務長 Mala Murthy。

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

在本次電話會議中，我們還將討論我們的展望，並發表事先準備好的講話，隨後進行問答環節。請注意，我們將討論一些我們認為對評估公司績效至關重要的非GAAP財務指標。有關這些非GAAP指標與最可比較的GAAP指標之間的關係及其調節的詳細信息，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. 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.

另外，請注意，本次電話會議中所作的某些陳述將構成 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、不確定性及其他因素的影響，可能導致我們的實際結果與本次電話會議中明示或暗示的結果有重大差異。如需了解更多信息，請參閱我們的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，所有這些文件都可以在我們的網站上找到。

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

現在我想把電話交給查克。

Thanks, Mike. Consistent with our preliminary results released last week, our third-quarter consolidated revenue and adjusted EBITDA both came in above the midpoint of our respective guidance ranges. This performance reflects our continued focus on execution. Mala will provide more details on our financial results later in the call, including segment level information and our updated full-year outlook.

謝謝你，麥克。與上周公布的初步業績一致，我們第三季的合併收入和調整後 EBITDA 均高於我們各自預期範圍的中點。這一表現反映了我們對執行力的持續重視。Mala 將在電話會議稍後提供更多關於我們財務表現的細節，包括分部資訊和我們更新後的全年展望。

But first, I would like to provide an update on the business and our strategic priorities. With respect to integrated care, we continue to build on our US market leadership position with an emphasis on performance, innovation and client impact.

但首先，我想向大家報告公司業務和我們的策略重點。在綜合護理方面，我們繼續鞏固我們在美國市場的領先地位，並專注於績效、創新和客戶影響。

Today, over 100 million people have access to one or more of our services, a testament to the scale and value of our platform. With this reach and vantage point, we are advancing initiatives that expand our service offerings, further connect and orchestrate care and deliver differentiated outcomes for patients and clients.

如今，超過 1 億人可以使用我們的一項或多項服務，證明了我們平台的規模和價值。憑藉這樣的覆蓋範圍和優勢，我們正在推進各項舉措，以擴大我們的服務範圍，進一步連接和協調護理，並為患者和客戶提供差異化的結果。

For example, through enhancements to our Prism care delivery platform this year, we now have a much greater opportunity to surface important information directly at the point of care. This offering enables our providers and care teams to address gaps in care, manage specialists, and other referrals and activate relevant programs based on the members' eligibility and needs.

例如，透過今年對 Prism 護理服務平台的改進，我們現在有更大的機會在護理點直接呈現重要資訊。這項服務使我們的醫療服務提供者和護理團隊能夠解決護理方面的不足，管理專家和其他轉診，並根據會員的資格和需求啟動相關項目。

Further, our ability to embed provider-to-provider specialist consults into the experience improves timely resolution of the members' care needs and drives cost savings and differentiated value for the client.

此外，我們能夠將提供者之間的專家諮詢融入服務體驗中，從而提高會員護理需求的及時解決率，並為客戶節省成本和創造差異化價值。

As I have shared previously, having visits and other interactions serve as broader engagement points is central to our strategy and value proposition, which we believe will ultimately drive overall growth in virtual care revenues.

正如我之前分享過的，讓訪問和其他互動成為更廣泛的參與點，是我們策略和價值主張的核心，我們相信這將最終推動虛擬醫療收入的整體成長。

In Chronic care, where program enrollment in the third quarter grew 4% on a sequential basis, we also continue to advance important innovations there as well. In addition to new connected devices and new program features, we are developing enhanced clinical intervention models for rising risk and high-risk populations.

在慢性病照護領域，第三季專案參與人數較上季成長了 4%，我們也持續推動該領域的重要創新。除了新的連網設備和新的程式功能外，我們還在為不斷上升的風險族群和高風險族群開發增強的臨床幹預模式。

These models will apply AI-enabled risk evaluation and stratification capabilities and leverage our clinical and care delivery capabilities to identify and activate intervention opportunities. And through these interventions, including engaging with the patient's existing care provider to develop and support the respective care plan, we see additional opportunities to improve clinical outcomes and drive greater client ROI and impact.

這些模型將應用人工智慧賦能的風險評估和分層能力，並利用我們的臨床和護理服務能力來識別和啟動介入機會。透過這些幹預措施，包括與患者現有的護理提供者合作，制定和支持相應的護理計劃，我們看到了更多改善臨床結果、提高客戶投資回報率和影響力的機會。

We have active pilots underway and expect to bring these new innovations to market in 2026. And through Catapult acquired earlier in the year, we now have a greater ability to engage members earlier in their health journey, including through health screenings, at-home diagnostic testing and clinical support. Our integration with Catapult also provides additional opportunities to create awareness of other eligible Teladoc services and support member activation.

我們正在積極開展試點項目，預計將於 2026 年將這些創新成果推向市場。透過今年稍早收購的 Catapult，我們現在更有能力讓會員更早參與他們的健康之旅中，包括透過健康篩檢、家庭診斷測試和臨床支援。我們與 Catapult 的整合也為提高人們對其他符合資格的 Teladoc 服務的認識和支持會員啟動提供了更多機會。

We are seeing strong client interest in Catapult, both as a stand-alone offering and as part of a broader health engagement capability. We believe that our unique and scaled position at the intersection of technology and clinical care will continue to provide opportunities to expand services and impact over time. As a partner to our clients, we deliver, enable and orchestrate care across a wide spectrum of needs, meeting members where they are, supporting their health and mental well-being and driving better outcomes.

我們看到客戶對 Catapult 表現出濃厚的興趣，無論是作為獨立產品，還是作為更廣泛的健康參與能力的一部分。我們相信，我們在技術和臨床護理交叉領域的獨特且規模化的優勢，將繼續為我們提供機會，隨著時間的推移，擴大服務和影響力。作為客戶的合作夥伴，我們提供、支援和協調各種需求的照護服務，滿足會員的需求，支持他們的身心健康，並推動更好的結果。

As we've shared previously, virtual care revenue models continue to move towards fee-for-service visits, and we're leaning into this change with an approach built around engagement, activation and measurable value. Visit-based revenues in 2025 now comprise over 50% of our US virtual care revenues compared to approximately 40% in 2023. While we expect this mix shift to continue, we also expect the level of impact on overall revenues going forward to see some moderation compared to the impact over the past few years.

正如我們之前分享的那樣，虛擬醫療的收入模式正繼續向按服務付費的就診模式發展，我們正在積極應對這種變化，並採取以參與、激活和可衡量的價值為核心的方法。2025 年，基於訪問量的收入將占我們美國虛擬醫療收入的 50% 以上，而 2023 年這一比例約為 40%。雖然我們預計這種結構轉變將會持續，但我們也預計，與過去幾年相比，未來對整體收入的影響程度將會有所緩和。

And through the strength of our model and ability to serve expanded clinical use cases through our new product enhancements, we look to participate in the value we create, which we believe puts us on a path to sustainable underlying growth in our virtual care business.

憑藉我們強大的商業模式和透過新產品改進服務於更廣泛的臨床應用案例的能力，我們希望參與到我們創造的價值中來，我們相信這將使我們的虛擬醫療業務走上可持續的根本增長之路。

Now turning to our second strategic priority, leveraging our scaled mental health position. In the third quarter, we again achieved double-digit growth in B2B mental health visits and remain on track for generating over $150 million in total revenue, excluding BetterHelp's new entry into insurance covered benefits.

現在轉向我們的第二個策略重點，即利用我們在心理健康領域的規模優勢。第三季度，我們在 B2B 心理健康諮詢方面再次實現了兩位數的成長，並有望實現超過 1.5 億美元的總收入，這還不包括 BetterHelp 新進入保險涵蓋福利領域的收入。

We're excited about building on this success with our new employee assistance program offering called Wellbound, which leverages strength of both integrated care and BetterHelp, including unmatched scale, a robust network, consumer engagement capabilities and efficient connectivity to a range of services.

我們很高興能夠在此成功的基礎上，推出名為 Wellbound 的全新員工協助方案。該計劃充分利用了綜合護理和 BetterHelp 的優勢，包括無與倫比的規模、強大的網絡、消費者互動能力以及與一系列服務的高效連接。

While early, we're seeing strong interest in Wellbound and our pipeline continues to build out. With respect to BetterHelp's new insurance offering, the UpLift acquisition has brought together important capabilities and payer arrangements.

雖然還處於早期階段，但我們看到人們對 Wellbound 表現出濃厚的興趣，我們的產品線也在不斷擴充。就 BetterHelp 的新保險產品而言，收購 UpLift 整合了重要的功能和付款方安排。

As I shared last quarter, BetterHelp's first state for insurance, Virginia, was launched within 60 days of the transaction closing. This initial state demonstrated the strength and effectiveness of our combined technology, operations and ability to effectively deliver on our user and provider experience objectives.

正如我上個季度分享的那樣，BetterHelp 的第一個保險業務州——弗吉尼亞州——在交易完成後的 60 天內就上線了。這一初步狀態展現了我們綜合技術、營運和能力的實力和有效性，能夠有效地實現我們的用戶和供應商體驗目標。

Key metrics at this point are in line with our expectations, including conversion rates, user growth and sessions per user, among others. We're encouraged by the results, and we're continuing to invest to support the broader rollout of this business.

目前的關鍵指標均符合我們的預期，包括轉換率、用戶成長和每用戶會話數等。我們對所取得的成果感到鼓舞，並將繼續投資以支持這項業務的更廣泛推廣。

We are now live in seven states, including the additions of Florida, Texas, and New York as well as being live in the District of Columbia. Several more states are planned over the remainder of 2025. We also continue to expand the credentialed therapist network for insurance to support the rollout.

目前，我們的服務已涵蓋七個州，包括新增的佛羅裡達州、德克薩斯州和紐約州，以及哥倫比亞特區。2025 年剩餘時間裡，也計劃在幾個州實施該計畫。我們也不斷擴大保險公司認可的治療師網絡，以支持推廣工作。

With BetterHelp's substantial network of therapists in the US supporting our D2C business, the strong interest we've seen from our network in the new offering as well as UpLift's existing 1,500-plus credentialed providers, we expect to be able to add the necessary capacity to meet demand.

BetterHelp 在美國擁有龐大的治療師網絡，為我們的 D2C 業務提供支援；我們的網絡對新產品表現出濃厚的興趣；此外，UpLift 還擁有 1500 多名獲得認證的服務提供者。因此，我們預計能夠增加必要的產能來滿足需求。

Separately, BetterHelp's non-US business continued to perform well in this quarter, delivering high single-digit user growth, aided in part by our localized market launches. As we've shared previously, the rollout and scaling of insurance as well as growth in non-US markets continue to be essential to BetterHelp's future given continued pressure on the US cash pay business.

另外，BetterHelp 的非美國業務在本季繼續表現良好，實現了接近兩位數的用戶成長，這在一定程度上得益於我們在地化的市場推廣。正如我們之前分享的那樣，鑑於美國現金支付業務持續面臨壓力，保險的推廣和規模化以及在美國以外市場的成長對 BetterHelp 的未來仍然至關重要。

Our third strategic priority is driving continued growth in our International Integrated Care business. For the third quarter, revenues grew 14% year over year on a constant currency basis, and we see continued opportunities for growth ahead.

我們的第三個策略重點是推動國際綜合醫療業務的持續成長。第三季度，以固定匯率計算，營收年增 14%，我們看到未來仍有持續成長的機會。

This includes in Australia, where we recently acquired Telecare, which operates Australia's leading virtual care clinic and provides software solutions across the health care sector. We intend to build on our existing presence in Australia and deepen our penetration in the public health sector.

這其中包括我們在澳洲的業務，我們最近收購了 Telecare，該公司經營著澳洲領先的虛擬護理診所，並為整個醫療保健產業提供軟體解決方案。我們計劃鞏固在澳洲的現有地位，並加深在公共衛生領域的滲透。

Finally, operational excellence remains a key strategic priority. In terms of elevating performance, I'm pleased that we recently achieved ISO 9001 certification for key processes within US Integrated Care. This speaks to the great work done by our operations team to deliver a high-quality experience for our clients and members.

最後，卓越營運仍是一項關鍵的策略重點。在提升績效方面，我很高興我們最近獲得了美國綜合護理關鍵流程的 ISO 9001 認證。這體現了我們營運團隊為客戶和會員提供高品質體驗所做的出色工作。

We are seeing operational improvements and other client service enhancements reflected in the results of our client survey data, which showed across-the-board strengthening in Net Promoter Scores in our US Integrated Care business. In terms of cost efficiencies, we've driven improvements in a number of areas, including technology and development, administrative costs and share-based compensation.

我們看到，營運改善和其他客戶服務提升已反映在客戶調查數據的結果中，數據顯示，我們在美國綜合護理業務的淨推薦值 (NPS) 全面提升。在成本效益方面，我們在多個領域取得了進步，包括技術和研發、行政成本和股權激勵。

And as we close out the year and move into 2026, we will continue to focus on opportunities to further streamline our cost structure across expense categories and capital expenditures. In closing, while we've made considerable progress across each of our strategic priorities, we know that we have important work ahead of us.

隨著2026年即將結束，我們將繼續專注於尋找機會，進一步精簡我們在各項費用類別和資本支出方面的成本結構。最後，雖然我們在各項策略重點方面都取得了相當大的進展，但我們知道，我們面前還有重要的工作要做。

The challenges in health care are substantial, including affordability and rising costs, prevalence of chronic disease, unmet mental health need, and intense pressure on providers, among others. And as the market leader, we know that our clients rely on us to help mitigate the impact of these pressures.

醫療保健領域面臨許多挑戰，包括負擔能力和成本不斷上漲、慢性病流行、心理健康需求未滿足以及醫療服務提供者面臨巨大壓力等等。作為市場領導者，我們知道客戶依靠我們來幫助他們減輕這些壓力的影響。

We remain committed to driving the next evolution of virtual care and believe that our strategic priorities, investments and product innovations will provide opportunities to drive even greater value and impact going forward.

我們將繼續致力於推動虛擬醫療的下一階段發展，並相信我們的策略重點、投資和產品創新將為我們帶來更大的價值和影響力。

Before I turn it over to Mala to share more on our results, I want to take a moment to recognize her contributions to Teladoc Health. As we announced last week, Mala will be stepping down as Chief Financial Officer next month.

在將發言權交給 Mala 來分享更多我們的研究結果之前，我想花一點時間來感謝她對 Teladoc Health 的貢獻。正如我們上周宣布的那樣，馬拉將於下個月卸任財務長一職。

Over the past six years, Mala has played a pivotal role in shaping Teladoc's financial strategy and strategic growth initiatives through a period of significant transformation. On behalf of the Board, our leadership team and all of Teladoc Health, we thank Mala for her outstanding contributions and wish her continued success in her next chapter.

在過去的六年裡，Mala 在 Teladoc 經歷重大轉型時期，在塑造 Teladoc 的財務策略和策略成長計劃方面發揮了關鍵作用。我們謹代表董事會、領導團隊和 Teladoc Health 全體員工，感謝 Mala 的傑出貢獻，並祝福她在人生的下一個階段繼續取得成功。

With that, let me turn it over to Mala.

接下來，我將把麥克風交給馬拉。

Thank you, Chuck, and good afternoon, everyone. As Chuck outlined, we are executing well against our strategic priorities, and our third-quarter results reflect that momentum with consolidated revenue of $626 million above the midpoint of our guidance range.

謝謝你，查克，大家下午好。正如 Chuck 所概述的那樣，我們在戰略重點方面執行良好，第三季的業績也反映了這一勢頭，合併收入比我們預期範圍的中點高出 6.26 億美元。

Revenue declined 2.2% year over year as growth in our Integrated Care segment was offset by a decline at BetterHelp. Adjusted EBITDA of $70 million was at the high end of our guidance range, representing 11.2% margin and reflecting disciplined execution across the business.

由於綜合護理業務的成長被 BetterHelp 的下滑所抵消，營收年減 2.2%。調整後的 EBITDA 為 7,000 萬美元，處於我們預期範圍的高端，利潤率為 11.2%，反映了公司各業務部門的嚴格執行。

Net loss per share was $0.28, which included a noncash goodwill impairment charge of $0.07 per share pretax. A charge that was not contemplated in our guidance range as it occurred after the guidance was issued.

每股淨虧損為 0.28 美元，其中包括稅前每股 0.07 美元的非現金商譽減損費用。這是一項不在我們指導範圍之內的費用，因為它發生在指導意見發布之後。

As outlined in our second quarter 10-Q, the carrying value of the Integrated Care reporting unit continued to exceed its fair value, which triggered the impairment charge. Net loss per share in the quarter also included amortization of intangibles of $0.48 per share pretax and stock-based compensation expense of $0.10 per share pretax.

正如我們在第二季 10-Q 報告中所述，綜合護理報告單元的帳面價值持續超過其公允價值，從而觸發了減損費用。本季每股淨虧損還包括稅前每股0.48美元的無形資產攤銷和稅前每股0.10美元的股票選擇權費用。

Free cash flow was $68 million in the third quarter, bringing year-to-date free cash flow to $113 million. We ended the quarter with $726 million in cash and cash equivalents, an increase of $47 million sequentially, further reinforcing our strong liquidity position.

第三季自由現金流為 6,800 萬美元，使今年迄今的自由現金流達到 1.13 億美元。本季末，我們持有現金及現金等價物7.26億美元，環比增加4700萬美元，進一步鞏固了我們強勁的流動性狀況。

Turning to our segment results. Integrated Care revenue was $390 million, up 1.5% over the prior year period. As previously discussed, the resolution of a prior period billing adjustment in the third quarter of 2024 created a 115 basis point headwind to revenue growth this quarter.

接下來來看看我們各業務板塊的業績。綜合護理收入為 3.9 億美元，比去年同期成長 1.5%。如前所述，2024 年第三季前期帳單調整的解決，為本季的營收成長帶來了 115 個基點的阻力。

We see continued strong performance in our international business, which delivered mid-teens growth on a constant currency basis alongside solid growth in visit revenue. The acquisitions of Catapult and Telecare contributed approximately 245 basis points to segment growth.

我們的國際業務持續強勁成長，以固定匯率計算實現了兩位數以上的成長，同時存取收入也實現了穩健成長。收購 Catapult 和 Telecare 為此業務板塊的成長貢獻了約 245 個基點。

We delivered solid results across key underlying metrics. US Integrated Care membership ended the quarter at 102.5 million members at the high end of the guidance range and up 9% year over year.

我們在各項關鍵指標上都取得了穩健的成績。美國綜合醫療保健會員人數在本季末達到 1.025 億，處於預期範圍的高端，較去年同期成長 9%。

And as Chuck mentioned, chronic care program enrollment grew 4% on a sequential basis, adding 48,000 lives and reaching 1.17 million and marking a return to sequential growth.

正如 Chuck 所提到的，慢性病護理計劃的參與人數環比增長了 4%，增加了 48,000 人，達到 117 萬人，標誌著恢復了環比增長。

Third-quarter Integrated Care adjusted EBITDA was $66 million, representing a 17% margin, which was above the high end of our guidance range. Excluding the 95 basis point benefit from the prior period billing adjustment in the third quarter of 2024, adjusted EBITDA margin would have increased modestly year over year.

第三季綜合護理調整後 EBITDA 為 6,600 萬美元，利潤率為 17%，高於我們預期範圍的上限。如果排除 2024 年第三季前期帳單調整帶來的 95 個基點的收益，調整後的 EBITDA 利潤率將同比小幅增長。

The upside in the quarter reflects the revenue mix and flow-through as well as continued cost discipline, including hiring deferrals. We saw year-over-year improvement in both technology and development and G&A expenses, two key areas of focus. Moving to the BetterHelp segment.

本季業績成長反映了營收結構和傳導效應，以及持續的成本控制，包括延後招募。我們在技術和研發以及一般及行政費用這兩個重點領域都實現了同比改善。接下來進入 BetterHelp 部分。

Third-quarter revenue was $236.9 million, which included approximately $4 million in insurance revenue, the majority of which was from UpLift. As Chuck mentioned, we are still in the early stages of the BetterHelp Insurance rollout, and we are encouraged by the initial traction. Average paying users declined 4% year over year to 382,000 with high single-digit growth in non-US users only partially offsetting a high single-digit decline in US users.

第三季營收為 2.369 億美元，其中包括約 400 萬美元的保險收入，其中大部分來自 UpLift。正如 Chuck 所提到的，我們仍處於 BetterHelp 保險推廣的早期階段，但目前的進展令人鼓舞。平均付費用戶年減 4% 至 382,​​000，非美國用戶的高個位數成長僅部分抵消了美國用戶的高個位數下降。

The backdrop we discussed last quarter, including weaker consumer sentiment and macroeconomic uncertainty has remained consistent through the third quarter.

我們在上個季度討論的背景，包括消費者信心疲軟和宏觀經濟不確定性，在第三季依然保持不變。

Further, while growing consumer willingness to access mental health therapy through covered benefits is a headwind to our cash pay business, it validates our insurance initiatives. We continue to believe insurance, coupled with non-US growth, positions BetterHelp for a return to growth over time.

此外，雖然消費者越來越願意透過健保福利獲得心理健康治療，這對我們的現金支付業務構成了不利影響，但也驗證了我們的保險措施的有效性。我們仍然相信，保險業務加上美國以外地區的成長，將使 BetterHelp 隨著時間的推移恢復成長。

Adjusted EBITDA for BetterHelp was $4 million, representing a margin of 1.6%. The year-over-year decline was primarily driven by lower revenue and investments to support the insurance rollout, partly offset by lower ad spend.

BetterHelp 的調整後 EBITDA 為 400 萬美元，利潤率為 1.6%。年比下降的主要原因是收入減少以及為支持保險業務推廣而進行的投資減少，部分被廣告支出減少所抵消。

Turning to guidance. We now expect 2025 consolidated revenue of $2.510 billion to $2.539 billion and adjusted EBITDA of $270 million to $287 million, with the midpoint of both ranges essentially unchanged versus our previous outlook. Free cash flow is expected to be in the range of $170 million to $185 million.

尋求指導。我們現在預計 2025 年合併收入為 25.1 億美元至 25.39 億美元，調整後 EBITDA 為 2.7 億美元至 2.87 億美元，這兩個範圍的中點與我們先前預期的基本相同。預計自由現金流將在 1.7 億美元至 1.85 億美元之間。

We now expect 2025 stock-based compensation expense of $85 million to $95 million, a $10 million reduction versus our prior outlook. The full-year net loss per share guidance range has been narrowed with the midpoint remaining unchanged.

我們現在預計 2025 年的股票選擇權費用為 8,500 萬美元至 9,500 萬美元，比我們先前預期的減少了 1,000 萬美元。全年每股淨虧損預期範圍已縮小，其中點保持不變。

The third-quarter goodwill impairment is expected to be largely offset by the reduction in stock-based compensation expense. Our full-year guidance implies fourth-quarter consolidated revenue in the range of $622 million to $652 million and adjusted EBITDA of $73 million to $90 million.

預計第三季商譽減損將基本被股權激勵費用的減少所抵銷。我們全年業績預期為：第四季合併收入在 6.22 億美元至 6.52 億美元之間，調整後 EBITDA 在 7,300 萬美元至 9,000 萬美元之間。

Moving to the segments. Starting with Integrated Care, we are raising and narrowing our full-year 2025 revenue and adjusted EBITDA guidance range. We now expect revenue to be up 2.4% to 3.5% over 2024, an increase of 40 basis points at the midpoint versus our prior range.

接下來進入各部分。首先，我們將從綜合護理業務入手，提高並縮小 2025 年全年收入和調整後 EBITDA 預期範圍。我們現在預計 2024 年營收將成長 2.4% 至 3.5%，比我們先前的預測範圍中位數高出 40 個基點。

Roughly half of this increase relates to the Telecare acquisition, with the remainder reflecting strong year-to-date performance and execution. We continue to expect Catapult to contribute approximately 200 basis points to full-year revenue growth.

其中約一半的成長與收購 Telecare 有關，其餘部分反映了今年迄今為止強勁的業績和執行力。我們仍預期 Catapult 將為全年營收成長貢獻約 200 個基點。

We now expect full-year 2025 adjusted EBITDA margin of 15% to 15.4%, up by approximately 30 basis points at the midpoint versus prior guidance, reflecting strong 3Q performance, partially offset by a pull forward of marketing spend in 4Q. While the tariff situation remains fluid, we are maintaining our estimate of a roughly $3 million headwind to adjusted EBITDA.

我們現在預計 2025 年全年調整後 EBITDA 利潤率為 15% 至 15.4%，比之前的預期中位數高出約 30 個基點，這反映了第三季度強勁的業績，但部分被第四季度提前發放的營銷支出所抵消。儘管關稅情況仍不明朗，但我們仍維持先前對調整後 EBITDA 約 300 萬美元不利影響的估計。

We will continue to monitor tariff-related developments and evaluate mitigation strategies, including alternative sourcing arrangements to diversify our supply chain. For the fourth quarter, Integrated Care segment revenue is expected to increase 1% to 5.2% over the prior year period. Adjusted EBITDA margin is expected to be in the range of 15.3% and 16.8%, up approximately 250 basis points year over year at the midpoint, reflecting cost discipline and a higher level of investment spend in the prior year period. Moving to BetterHelp.

我們將繼續關注關稅相關動態，並評估緩解策略，包括採取替代採購安排以實現供應鏈多元化。預計第四季綜合護理業務部門的營收將比上年同期成長 1% 至 5.2%。調整後 EBITDA 利潤率預計在 15.3% 至 16.8% 之間，以中間值計算，較上年同期增長約 250 個基點，這反映了成本控制和去年同期更高的投資支出水準。遷移至 BetterHelp。

We have narrowed our full-year revenue outlook to the lower half of the prior guidance range. The expected year-over-year revenue decline of 8% to 9.2% reflects the ongoing headwinds we have discussed in our US cash pay business, partially offset by our non-US business and insurance rollout and growth initiatives. As Chuck outlined, we are encouraged by the early progress of our insurance rollout.

我們將全年營收預期範圍下調至先前預期範圍的下半部。預計將年收入下降 8% 至 9.2%，反映了我們在美國現金支付業務中持續面臨的不利因素，但部分被我們的非美國業務以及保險業務的推出和成長計劃所抵消。正如 Chuck 所概述的那樣，我們對保險推廣的早期進展感到鼓舞。

And based on early performance from recent state launches, we expect to generate $12 million to $14 million in total insurance revenue in 2025.

根據近期各州推出的早期業績，我們預計到 2025 年將產生 1,200 萬至 1,400 萬美元的總保險收入。

We now expect BetterHelp adjusted EBITDA margin of 3.8% to 4.6% for the full year, with the midpoint down approximately 55 basis points versus our prior guidance. This largely reflects the flow-through impact from lower revenue as well as accelerated investments to support the insurance initiative based on the successful early launches.

我們現在預計 BetterHelp 全年調整後 EBITDA 利潤率為 3.8% 至 4.6%，其中數值比我們先前的預期下降了約 55 個基點。這主要反映了收入下降帶來的連鎖反應，以及基於早期成功推出的保險計劃而加速投資以支持該計劃。

Our updated full-year outlook implies fourth-quarter BetterHelp segment revenue down 3.8% to 8.8% year over year and an adjusted EBITDA margin of 5.5% to 8.6%, with a sequential margin improvement driven by the typical seasonal pullback in advertising spend during the holiday period.

我們更新後的全年展望表明，第四季度 BetterHelp 業務部門的收入同比下降 3.8% 至 8.8%，調整後的 EBITDA 利潤率為 5.5% 至 8.6%，利潤率環比改善主要得益於假日期間廣告支出的季節性回落。

Lastly, our balance sheet remains strong. In August, we completed the acquisition of Telecare for $17 million in net cash. We ended the quarter with $726 million in cash and equivalents and net debt to trailing adjusted EBITDA was under 1 time at quarter end. We continue to believe our strong cash balance, cash flow generation and business position provide us with optionality in the future.

最後，我們的資產負債表依然穩健。8 月份，我們以 1700 萬美元淨現金完成了對 Telecare 的收購。本季末，我們持有現金及等價物 7.26 億美元，淨債務與過去 12 個月調整後 EBITDA 的比率低於 1 倍。我們仍然相信，我們雄厚的現金儲備、現金流生成能力和業務地位為我們未來的發展提供了選擇。

With that, let me turn the call back to Chuck.

那麼，我把電話轉回給查克。

Thanks, Mala. Before we open up for questions, I also wanted to share that we were recently named one of Time Magazine's Top Health Tech Companies of 2025. The list honors the most innovative and impactful organizations transforming health care through technology.

謝謝你，馬拉。在正式開始提問之前，我還想分享一下，我們最近被《時代》雜誌評為 2025 年頂級健康科技公司之一。該榜單旨在表彰那些透過科技變革醫療保健領域最具創新性和影響力的組織。

Our company was recognized with the top ranking of outstanding in the telehealth and treatment category, reflecting our high marks across the key evaluation areas of financial performance, reputation analysis and online engagement. I couldn't be more proud of our colleagues whose dedication and contributions made this recognition possible.

我公司在遠距醫療和治療類別中榮獲最高等級的傑出評級，這反映了我們在財務表現、聲譽分析和線上互動等關鍵評估領域均取得了高分。我為所有同事感到無比自豪，正是他們的奉獻和貢獻使得這項榮譽成為可能。

Operator, we're now ready for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作說明）Lisa Gill，摩根大通。

Thanks very much. Good afternoon. First off, Mala, I want to wish you the very best in your next endeavor. It's been great working with you the last, I guess, now six years. And on to my question, Chuck, just to really maybe better understand, in the last year or so, you've talked about it's going to take time for these initiatives to gain traction. As we sit here today, I would anticipate that you've had most of your conversations for the 2026 selling season.

非常感謝。午安.首先，瑪拉，祝你在接下來的事業中一切順利。在過去六年裡，和你一起工作非常愉快。接下來是我的問題，查克，為了更好地理解，在過去一年左右的時間裡，你曾說過這些舉措需要時間才能取得進展。就目前而言，我預計你們已經完成了 2026 年銷售季的大部分洽談工作。

So really two things I want to better understand. One, how are you feeling about things that you're selling for 2026? And one of the things that stood out to me in your prepared comments is you want to participate in the value you create. So should we be assuming that the way that you're contracting is changing in any way, what the plan sponsor is buying in any way? So any color you can give us around that, the timeline of gaining that traction and what you're actually seeing come to fruition for this year's selling season?

所以，我真正想更了解的是兩件事。第一，你對你正在為 2026 年銷售的產品有什麼感覺？在您準備的發言稿中，讓我印象深刻的一點是，您希望參與您創造的價值。那麼我們是否應該假設你們的合約方式或計劃發起人購買的內容發生了任何變化？那麼，您能否透露一下這方面的具體情況，例如獲得市場認可的時間線，以及您預計今年銷售季將取得哪些實際成果？

Yes, I appreciate that. A few comments. I mean, as I mentioned before, really coming into 2025, really characterizing the year as a repositioning year in many respects. And included in that was really driving higher levels of performance, and we've done that across a number of levers and also driving product innovation, which we needed to do in terms of advancing our value proposition.

是的，我很感激。幾點說明。我的意思是，正如我之前提到的，真正進入 2025 年，這一年在許多方面都被視為重新定位的一年。其中包括真正推動更高的績效水平，我們透過多種手段實現了這一點，同時也推動了產品創新，這是我們提升價值主張所必需的。

We've talked about making our visits and member touch points more valuable using our clinical strength and product breadth and so forth and making a number of important investments. And I think that is really starting to take hold, both in terms of the discussions that we're having with our client base as well as the new products and enhancements that we're rolling out across virtual care, chronic care, and mental health, and we've talked about Wellbound, but there's a number of other pilots we have underway and things that we're going to be bringing live in 2026.

我們已經討論過如何利用我們的臨床實力和產品廣度等優勢，使我們的訪問和會員接觸點更有價值，並進行一些重要的投資。我認為這種趨勢正在逐漸形成，無論是在我們與客戶群的討論中，還是在我們面向虛擬醫療、慢性病護理和心理健康領域推出的新產品和改進措施中，我們都談到了 Wellbound，但我們還有許多其他試點項目正在進行中，並且我們將在 2026 年推出一些新項目。

So from my perspective, I think we've made good progress on all of those fronts. I'm excited about the new products and services we're going to be bringing to market for the 2026 selling season and happy to talk more about those.

所以從我的角度來看，我認為我們在所有這些方面都取得了良好的進展。我對我們即將在 2026 年銷售季推出的新產品和服務感到興奮，也很樂意與大家詳細討論這些產品和服務。

I think in terms of the selling season right now, I think the -- we continue to work on a number of opportunities, obviously, to close out the year. But the environment is in line with what we've spoken about previously, solid overall results in the employer channels really across the solutions and ongoing challenges in the health plan sector.

我認為就目前的銷售季而言，我們顯然會繼續努力抓住許多機會，為今年的銷售季畫下完美的句點。但環境與我們之前討論過的情況一致，雇主管道的整體業績穩健，解決方案也確實涵蓋了健康計劃領域，但同時也面臨著持續的挑戰。

We've had some nice wins and some service expansions, but some pressures there as well. And I think to your point, the actions we've taken to innovate and to drive greater value is resonating. I think the conversations we're having there, I feel are much more strategic in nature in terms of understanding the problems they're trying to solve and how Teladoc can uniquely go after those. And I think inclusive of that is they're looking for more and more, not just the value that our services can provide, but putting skin in the game in terms of levels of performance that they expect.

我們取得了一些不錯的成績，也拓展了一些服務，但同時也面臨一些壓力。我認為你的觀點是正確的，我們為創新和創造更大價值而採取的行動正在產生正面影響。我認為我們在那裡進行的對話，在理解他們試圖解決的問題以及 Teladoc 如何以獨特的方式解決這些問題方面，更具策略性。我認為其中也包括他們越來越希望獲得更高的回報，不僅是我們的服務所能提供的價值，而是希望在他們期望的績效水準上投入更多。

And in return, as we do that, we should be able to participate in that value if we hit those measures and drive the outcome. So I think over time, while we already have contracting that reflects that kind of nature, you're going to see more and more of that. And I think it's going to differentiate us because we have an ability to deliver on it.

作為回報，如果我們達到這些標準並推動結果，我們就應該能夠參與這種價值的創造。所以我認為隨著時間的推移，雖然我們已經有一些反映這種性質的合同，但你會看到這種情況越來越多。我認為這將使我們脫穎而出，因為我們有能力兌現承諾。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Hey, thanks. Good afternoon. This is Jamie on for David. I wanted to ask about BetterHelp margins. They were 1.6% in the third quarter. Just as you start to gain some traction shifting some of your visits away from cash pay towards the insurance offering, it would seem like that would come with some pricing pressure offset maybe by lower customer acquisition costs. Is that thinking appropriate?

嘿，謝謝。午安.這是傑米替大衛發言。我想諮詢一下 BetterHelp 的利潤率。第三季佔比為1.6%。正當你開始逐漸將一些顧客從現金支付轉向保險支付時，似乎會面臨一些價格壓力，但或許可以透過降低客戶獲取成本來抵銷。這種想法合適嗎？

And any other dynamics to consider as that process happens? And then just as this transition occurs, it would seem like there could be some lumpiness in overall margin for BetterHelp. I know we have the guidance for the fourth quarter, but could you frame how this process should impact the profitability of that business on a longer-term basis?

在這個過程中，還有其他需要考慮的因素嗎？而就在這段過渡時期，BetterHelp 的整體利潤率似乎可能會出現一些波動。我知道我們有第四季度的業績指引，但您能否闡述一下，從長遠來看，這個過程將如何影響該業務的獲利能力？

Yeah. Thanks, Jamie. We obviously will not go into the details of 2026 BetterHelp margin guidance or any guidance. But let me frame the way we expect to see this directionally. So as you said, we have given the guidance for 4Q.

是的。謝謝你，傑米。我們顯然不會深入探討 BetterHelp 2026 年的利潤率預期或其他任何預期。但讓我先從方向闡述我們預期看到的情況。正如您所說，我們已經給出了第四季度的業績指引。

As we think about the BetterHelp business, think of it in three different ways. One is our US cash pay business. The second is our BetterHelp International business, which is cash pay, to be clear. And third is the insurance business, including UpLift. So we remain excited about the growth in our BetterHelp International business.

當我們思考 BetterHelp 的業務時，可以從三個不同的角度來思考。一是我們在美國的現金支付業務。第二項是我們的 BetterHelp International 業務，需要說明的是，它是用現金支付的。第三是保險業務，包括 UpLift。因此，我們對 BetterHelp International 業務的成長感到興奮。

It grew nicely, high single-digit user growth for BetterHelp International in the third quarter. You know the efforts and the investments we have made in providing localized experiences in various countries, France, Germany, et cetera.

BetterHelp International 第三季用戶成長良好，實現了接近兩位數的成長。您知道我們為在法國、德國等各國提供在地化體驗所付出的努力和投資。

And we are seeing the results of those investments now beginning to bear fruit in terms of user acquisition growth and what goes along with that is revenue growth. So that is on the international -- the BetterHelp International side. On the insurance, the BetterHelp insurance side, if you -- based on the prepared remarks we gave, we are seeing good early signs of progress early.

現在我們看到這些投資開始取得成效，用戶獲取量成長，隨之而來的是營收成長。這是國際方面的情況－BetterHelp International方面的情況。關於保險方面，特別是 BetterHelp 保險方面，根據我們事先準備好的發言稿，我們看到了一些良好的早期進展跡象。

We have launched in three states and D.C. We expect to launch in more states by the end of this year. And then we expect to be largely national by the end of 2026. So think of the ramp from a revenue perspective for BetterHelp insurance in that -- along those lines. You are right in the way you're thinking about margins for BetterHelp insurance, right?

我們已在三個州和華盛頓特區推出服務。預計到今年年底，將在更多州推出服務。然後我們預計到 2026 年底，業務將基本覆蓋全國。所以，從收入的角度來看，BetterHelp 保險的成長動能可以這樣理解。你對 BetterHelp 保險利潤率的思考方式是對的，對嗎？

It is certainly -- it is something that we are going to have to monitor carefully, observe carefully. But I will say the metrics that we are looking to see in the BetterHelp insurance rollout, whether it be conversion rates, whether it be number of sessions, whether it be user growth, those are trending in line with what we were expecting.

這當然是──這是我們必須密切注意、仔細觀察的。但我想說的是，我們在 BetterHelp 保險推廣中關注的各項指標，無論是轉換率、會話次數或使用者成長，這些指標的趨勢都與我們的預期相符。

Still early days yet, but we are beginning to see the the operating metrics in line with our expectations. The US direct-to-consumer cash pay business, I would say, continues to be challenged. One of the reasons for it being challenged, by the way, is we are seeing heavy competition on that one from other participants in the market who offer insurance. So it validates and reinforces the pivot that we are making in BetterHelp in offering insurance as an option.

雖然現在下結論還為時過早，但我們開始看到營運指標符合我們的預期。我認為，美國直接面向消費者的現金支付業務仍面臨挑戰。順便說一句，它受到質疑的原因之一是，我們看到市場上其他提供保險服務的參與者在這方面提出了激烈的競爭。因此，這驗證並強化了我們在 BetterHelp 中將保險作為一種選擇進行轉型的正確性。

And we expect that to continue to play out in the months ahead. So I would think about BetterHelp progress along these lines between now and the end of 2026.

我們預計這種情況將在未來幾個月繼續發生。因此，我認為從現在到 2026 年底，BetterHelp 的發展方向應該大致是如此。

Great. Thank you.

偉大的。謝謝。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

Hi, guys. Thanks so much for taking the question. And Mala, thank you for all the help over the last few years. I appreciate it and good luck when you leave us here. So my question is just -- we appreciate the commentary on BetterHelp margins in 3Q.

嗨，大家好。非常感謝您回答這個問題。馬拉，謝謝你過去幾年來的幫助。我很感激，也祝你離開這裡時一切順利。所以我的問題是——我們非常感謝您對 BetterHelp 第三季利潤率的評論。

But should we conclude that BetterHelp margins today reflect basically a DTC ad customer acquisition cost on commercial reimbursement? And then does that present an opportunity heading into '26 as you can potentially pare back DTC ad spend because you've got full insurance coverage and customer acquisition cost starts to more closely resemble that of an integrated care member? Thanks.

但我們是否應該得出結論，BetterHelp 目前的利潤率基本上反映了商業報銷的 DTC 廣告客戶獲取成本？那麼，隨著您擁有全面的保險保障，客戶獲取成本開始更接近綜合護理會員的成本，這是否意味著在 2026 年您可以減少 DTC 廣告支出，從而帶來機會呢？謝謝。

Yeah. Thank you, Jess. Look, we are -- BetterHelp is a scale player with over 4 million users coming to the top of the funnel. The ad spend that we have in BetterHelp is what drives that amount of traffic to the top of the funnel. The challenge we have had is converting that into paying users.

是的。謝謝你，傑西。你看，我們是－BetterHelp 是一家規模龐大的公司，擁有超過 400 萬用戶，他們都處於購買流程的頂端。我們在 BetterHelp 上的廣告投入，正是將大量流量引導至銷售漏斗頂端的原因。我們面臨的挑戰是如何將用戶轉化為付費用戶。

And the progress we are making on insurance is certainly going to help drive greater conversion over time. And with that, will help gain efficiencies in cost of acquisition.

我們在保險領域的進展，無疑將有助於隨著時間的推移推動更高的轉換率。這樣一來，就能有助於降低採購成本，提高效率。

The thing that I would say is we don't expect BetterHelp to be solely an insurance business. It will always be a mix of direct-to-consumer -- a cash pay business. It's a direct-to-consumer business. It will be a mix of cash pay and insurance as a payment option. So there certainly will be over time, potential efficiencies to be gained on our CAC, on our cost of acquisition.

我想說的是，我們不認為 BetterHelp 只是一家保險公司。它將始終是直接面向消費者（現金支付）業務的混合模式。這是一家直接面向消費者的企業。支付方式將包括現金支付和保險支付兩種。因此，隨著時間的推移，我們的客戶獲取成本（CAC）肯定會有提高效率的潛力。

That is something that we will see -- have to see play out over time. In the near term, though, just to remind you all, insurance, as we said in our prepared remarks, is between $12 million to $14 million. It is small compared to the rest of the BetterHelp business. So the economics you see and the margins you see today are almost entirely cash pay.

這還有待觀察──需要時間去檢驗。不過，就近期而言，提醒各位，正如我們在準備好的演講稿中所說，保險費用在 1200 萬美元到 1400 萬美元之間。與 BetterHelp 的其他業務相比，它規模很小。所以，你今天看到的經濟狀況和利潤率幾乎完全是現金支付。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Hi, guys. Thanks for taking the question. You noted -- you've previously noted that one of the reasons for the Catapult acquisition was to create a larger funnel, which I suppose is most relevant for your chronic care solutions and P360 enrollment. I'm wondering if you can share any qualitative or quantitative data around any of those cross-sales that have materialized or I should -- I guess I should put it cross references that have materialized between Catapult and other areas of the Integrated Care business? Thank you.

嗨，大家好。感謝您回答這個問題。您之前提到過，收購 Catapult 的原因之一是為了創建一個更大的管道，我認為這與您的慢性病護理解決方案和 P360 註冊最為相關。我想知道您能否分享一些關於已實現的交叉銷售的定性或定量數據，或者我應該說——我應該說的是Catapult與Integrated Care業務其他領域之間已實現的交叉引用？謝謝。

Yeah, I appreciate the question. I think I would maybe categorize it in three areas. One is the Catapult stand-alone offering, which continues to have a solid pipeline and grow as it was prior to us acquiring it, and that continues.

是的，感謝你的提問。我認為我可以把它分為三個方面。一是 Catapult 的獨立產品，它繼續保持穩健的產品線，並像我們收購它之前一樣持續成長，這種情況仍在繼續。

Second, as we have members come through the Catapult experience, the ability to present and activate as appropriate additional solutions of Teladoc that may be relevant for that member. That is live and integrated into the experience and going well in terms of being able to meet those members' needs.

其次，隨著會員透過 Catapult 體驗加入，我們有能力向他們展示並啟動 Teladoc 的其他解決方案，這些解決方案可能與該成員相關。這是即時發生的，並且已經融入體驗中，在滿足會員需求方面進展順利。

And I think third, to your -- to the main point of your question, the ability to bundle doesn't do a justice. It's really to collaborate and integrate the offering in a way that can capture more lives from an engagement standpoint. And that is what's really resonating with the customer base substantially, including with the health plans. I mentioned before, the strategic conversations we're having with them.

第三，我認為，回到你問題的主要方面，捆綁銷售的功能並不能真正解決問題。真正的目的在於協作和整合產品和服務，從而從用戶參與的角度吸引更多用戶。而這正是真正引起客戶群（包括健康保險計劃客戶）強烈共鳴的原因。我之前提到過，我們正在與他們進行戰略對話。

Well, Catapult is pretty heavily featured because you think the populations that are giving them challenges, they're typically unengaged or they have conditions that aren't being managed effectively, and they're challenged with their access in terms of their delivery system strategy. So the ability for us to use Catapult and other techniques to reach people, get them aware of their conditions.

嗯，Catapult 被重點提及，因為你認為給他們帶來挑戰的人群通常是不參與的，或者他們的狀況沒有得到有效管理，而且他們在醫療服務體系策略方面也面臨挑戰。因此，我們有能力利用 Catapult 和其他技術來接觸人們，讓他們意識到自己的處境。

As I mentioned, when we acquired Catapult, and not an insignificant percentage of people that come through Catapult are newly diagnosed with conditions that they weren't aware of, meaning they weren't in the health plans claims data, they weren't on anyone's radar, including the patient.

正如我之前提到的，當我們收購 Catapult 時，相當一部分來 Catapult 就診的人被新診斷出患有他們之前並不知道自己患有的疾病，這意味著這些疾病不在健康計劃的索賠數據中，也不在任何人的關注範圍內，包括患者本人。

And so somewhat ticking time bombs, if you will, in terms of having high pressure and high sugar. So it's really resonating across all three as a stand-alone offering, ability to cross-engage members; and third, as part of Teladoc being able to use as a broader engagement capability.

所以，從某種意義上來說，高血壓和高血糖就像定時炸彈一樣。因此，它確實在所有三個方面都引起了共鳴：首先，它作為一個獨立的產品，能夠讓成員之間進行交叉互動；其次，它作為 Teladoc 的一部分，能夠作為一種更廣泛的互動能力來使用。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

This is Eduardo Ron on for Jailendra. Mala, again, thanks for all the help. Maybe just to follow up on one of the remarks you had about the top of the funnel. I mean, you guys are now live in seven states in D.C. coming off the pilot.

這裡是 Eduardo Ron，為您報道 Jailendra。Mala，再次感謝你的幫忙。也許只是想就您之前關於漏斗頂部的某個評論做個補充。我的意思是，你們現在已經在華盛頓特區的七個州進行直播，這是在試播集播出之後的結果。

Just curious what share of new sign-ups that you're seeing come in are choosing insurance versus the cash pay in those states? And I guess maybe our main question was just if you could provide an update on your expectations for the 2027 converts and whether you guys anticipate refinancing those or using cash to pay it down. Thanks.

我很好奇，在這些州，新註冊用戶中選擇保險支付與選擇現金支付的比例是多少？我想我們最主要的問題是，您能否提供您對 2027 年轉換貸款的預期，以及您是否打算對這些貸款進行再融資或用現金償還貸款。謝謝。

Yeah. So I don't want to go into detailed metrics on the conversion we are seeing. There's -- here's why, at this point in time, Virginia, which is the first state that launched, has achieved some level of seasoning enough for us to look at the data and feel confident that there is some stability in the data. But it is one state. We have launched, as I said, in six other states in D.C.

是的。所以我不想深入探討我們看到的轉換率的具體指標。原因如下：目前，作為第一個啟動試點計畫的州，維吉尼亞州已經累積了足夠的經驗，我們可以查看數據並確信數據具有一定的穩定性。但它只是一個州。正如我所說，我們已經在華盛頓特區的其他六個州推出了服務。

We just need to give it a little bit of time for all of the other states to season out to make sure that there is stability in the conversion metrics we are seeing, the session metrics we are seeing.

我們只需要給其他所有州一點時間，讓它們穩定下來，以確保我們看到的轉換率指標和會話指標保持穩定。

What I would say to you is it is our intent along the way as this scales and seasons, we will provide updates along the way. This is an important initiative for us, and we will give the appropriate milestones along the way. It's just too early for us to be public with specific details on it. Even though, as I said, it is in line with our initial expectations.

我想告訴大家的是，隨著專案規模的擴大與發展，我們隨時提供最新進展。這對我們來說是一項重要的舉措，我們將在過程中設定適當的里程碑。現在透露具體細節還為時過早。不過，正如我所說，這符合我們最初的預期。

On the '27 convert, you saw the cash and equivalents that we have at the end of the third quarter. We will continue to obviously generate free cash flow. That will add to our cash balance. We have a strong balance sheet.

在 2027 年的轉換報告中，您可以看到我們在第三季末的現金及等價物。我們顯然會繼續創造自由現金流。這將增加我們的現金餘額。我們擁有穩健的資產負債表。

We have our overall leverage metrics well in hand. Our specific plans on 2027 is really going to be an outcome of the things that we will do next year in terms of organic investments and inorganic. As we have shared before, we are in the position of getting a lot of inbounds on various M&A.

我們已全面掌握各項槓桿指標。我們 2027 年的具體計畫實際上將取決於我們明年在有機投資和非有機投資方面所採取的措施。正如我們之前分享過的，我們目前收到了很多關於各種併購交易的諮詢。

And we will continue to evaluate them. But hopefully, we have proved out this year, the three acquisitions that we have done, UpLift, Catapult and now Telecare in Australia are in line with the strategic priorities that Chuck has laid out, right?

我們將繼續對它們進行評估。但希望我們今年已經證明，我們完成的三項收購——UpLift、Catapult 以及現在的澳洲 Telecare——都符合 Chuck 制定的策略重點，對吧？

Catapult for Integrated Care, UpLift for BetterHelp insurance and Telecare for international growth. And we have been disciplined in terms of our investment in the inorganic. So our specific plans on the '27 note will be a factor of things we do through the year next year on organic investments and inorganic. And we have some amount of time. We are actively planning already in terms of various options to refinance the note in '27.

Catapult 提供全面照護服務，UpLift 提供 BetterHelp 保險服務，Telecare 提供國際成長服務。我們在非有機成長方面的投資一直非常謹慎。因此，我們對 2027 年債券的具體計劃將取決於我們明年在有機投資和非有機投資方面所採取的行動。我們還有一些時間。我們已經在積極規劃各種方案，以便在 2027 年為該票據進行再融資。

But we'll obviously continue to look at our plans and make the right decisions and trigger it at the right moment, looking at what the rate environment looks like and what our internal needs are.

但我們顯然會繼續審視我們的計劃，做出正確的決定，並在合適的時機啟動該計劃，同時關注利率環境和我們內部的需求。

Okay. Thank you.

好的。謝謝。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hey, guys. Thank you for the question. This is Ayush on for Elizabeth. As we think about 4Q '25 and the setup for 2026, how should we view the spending cadence across both sales and marketing expenses? Should we think that you are planning on typical 4Q spending patterns as we have seen in recent years? And anything to call out in terms of how you guys expect that to impact the growth cadence in 4Q and 1Q '26?

嘿，夥計們。謝謝你的提問。這裡是阿尤什，為您報道伊莉莎白。當我們展望 2025 年第四季以及 2026 年的規劃時，我們該如何看待銷售和行銷費用的支出節奏？我們是否可以認為您計劃沿用近年來典型的第四季支出模式？那麼，你們預計這會對2026年第四季和第一季的成長節奏產生什麼影響呢？

Yeah. So I'll take it by segment. As you know, most of our marketing spend really is in BetterHelp. And you will see -- we do expect a step down in marketing spend in 4Q sequentially relative to 3Q in 2025, very similar to past years. The one additional comment I would make is we do expect the step down in 4Q '25 to be slightly higher than the step down between 3Q and 4Q marketing spend in BetterHelp in 2024. But the pattern will be the same.

是的。所以我將分段進行。如您所知，我們的大部分行銷支出實際上都投入了 BetterHelp 上。您將會看到—我們預計 2025 年第四季的行銷支出將比第三季有所下降，與往年非常相似。我還要補充一點，我們預計 2025 年第四季的降幅將略高於 2024 年 BetterHelp 第三季到第四季行銷支出的降幅。但模式會是一樣的。

On the Integrated Care side, we did make a decision given the profitability delivery that we had in 3Q for Integrated Care, we did make a decision to pull forward a modest amount of marketing spend into 4Q to just get going in terms of our key priorities for next year in terms of key client launches, et cetera.

在綜合護理方面，鑑於我們在第三季度綜合護理的盈利情況，我們決定將適量的營銷支出提前到第四季度，以便盡快推進我們明年的關鍵優先事項，例如重要客戶的推出等等。

So I would say to you, the pattern and the cadence will largely be the same. The one other thing to note is, last year in 4Q, we did actually have a fairly significant marketing spend that we had done. We don't -- our 4Q investment in marketing for Integrated Care is not going to be that significant step-up as it was in 2024.

所以我想說的是，模式和節奏在很大程度上會一樣。還有一點要注意的是，去年第四季度，我們確實進行了一筆相當可觀的行銷支出。我們沒有——我們在第四季度對綜合護理行銷的投資不會像 2024 年那樣大幅增加。

Thank you.

謝謝。

Stan Berenshteyn, Wells Fargo Securities.

史丹貝倫斯坦，富國證券。

Thanks. I want to first echo my well wishes to Mala in her next role. As for my question, I just want to circle back to Integrated Care. So you mentioned you're seeing continued mix shift towards fee-for-service. But I'm curious, what are you seeing in terms of pricing trends for customers that are renewing their PMPM subscriptions? Thanks.

謝謝。首先，我想對馬拉在接下來的工作中表示衷心的祝福。至於我的問題，我只想再回到整合式醫療這個主題。所以你提到你看到付費服務模式正在持續轉向按服務收費模式。但我很好奇，您觀察到續訂 PMPM 訂閱的客戶的價格趨勢如何？謝謝。

I think, generally speaking, the pricing is in line. I think it's more of the mix shift that's the factor there. So I haven't seen that much pressure in that area. But obviously, in a highly competitive market, that could be a factor. And if we're expanding services and other things, we take all that into consideration.

總的來說，我認為定價是合理的。我認為更主要的因素是成分的變化。所以，我並沒有看到這方面有太大的壓力。但顯然，在競爭激烈的市場中，這可能是個因素。如果我們要拓展服務或其他方面，我們會把所有這些因素都考慮進去。

Thank you.

謝謝。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

Thanks, guys, for taking my question. And congrats, Mala, on the new role and opportunity. I guess switching back to BetterHelp. Can you give us a sense of what the payers are talking about for the reimbursement side? Several of the other players that participate on the payer side have always seen low single digit, maybe even mid-single-digit increases on the reimbursement side. What are your discussions like with the payers?

謝謝各位回答我的問題。恭喜馬拉，恭喜你獲得新的職位和機會。我猜我還是會換回 BetterHelp。您能否簡單介紹一下付款方在報銷方面討論的內容？參與支付方的其他幾家公司在報銷方面一直只實現了個位數低段，甚至可能只有個位數中段的成長。你們與付款方的討論是怎樣的？

And then as you credential your therapist, maybe you can talk about the margin -- upfront margin headwinds that turn into tailwinds? Thank you.

然後，在頒發資格證書給你的治療師時，也許你可以談談利潤率——前期利潤率的逆風會變成順風嗎？謝謝。

I don't want to go into details on the reimbursement. The thing I will point out is since we announced the UpLift acquisition and over the past few months, we have actually added several new payers to our book of business. And it's several millions of incremental additional lives that we have now on the BetterHelp side with insurance. So that's all I will be -- that's as far as I would go on your first question.

我不想透露報銷的細節。我想指出的是，自從我們宣布收購 UpLift 以來，在過去的幾個月裡，我們實際上已經為我們的客戶群增加了幾個新的付款方。現在，BetterHelp 為保險業新增了數百萬條生命。所以，關於你的第一個問題，我的回答就到此為止了。

On the second question, I would say, yes, this is certainly going to be the insurance business. There are well-known public proxies for insured margins in that space. That is going to be something that we are going to monitor. And to be clear, that is something from a unit economic standpoint, we have factored in as we thought about the strategic pivot into insurance. The thing that we are focused on certainly is margins.

關於第二個問題，我會說，是的，這肯定會是保險業的發展方向。該領域存在一些眾所周知的公開指標來衡量保險保證金。這將是我們持續關注的事情。需要明確的是，從單位經濟角度來看，我們在考慮策略轉型進入保險業時已經考慮到了這一點。我們關注的重點當然是利潤率。

But what is exciting is the fact that this is going to allow us to capture incremental paying users, more sessions and therefore, more LTV.

但令人興奮的是，這將使我們能夠獲得更多付費用戶、更多會話，從而獲得更高的用戶終身價值。

And all of that is about revenue growth and therefore, profit dollar growth. So that is what we are looking to grow in the months ahead as we ramp. As you said, this is something that is certainly going to take time. We need to see the revenue ramp. We are making disciplined investments in the back-end capabilities in our revenue cycle management capabilities, et cetera.

而這一切都與營收成長以及獲利成長息息相關。所以，這就是我們希望在未來幾個月隨著業務拓展而努力發展的方向。正如你所說，這肯定需要時間。我們需要看到營收成長。我們正在對後端能力（例如收入週期管理能力等）進行有條不紊的投資。

And as you can see, we are scaling relatively quickly and feel good about that. But the revenue does need to ramp through the year next year for us to be able to get to the dollar profitability growth that is in our thesis.

正如你所看到的，我們的規模擴張速度相對較快，對此我們感到很滿意。但為了實現我們預期中的美元獲利成長目標，明年的收入確實需要穩定成長。

Yeah. Well said, Mala, I think the only thing I would add is, clearly, as we are ramping up the credentialed network and what that takes, the revenue will follow in terms of acquired users and sessions and so forth.

是的。馬拉說得好，我想我唯一要補充的是，很明顯，隨著我們逐步擴大認證網絡及其所需規模，用戶數量、會話數等收入也會隨之增加。

And I think the way that BetterHelp is approaching this is quite unique, too, in terms of how they're not just approaching the credentialing, but how they're -- again, with the significant network that they have already, how we're putting into the experience, the therapist part of the experience, the ability to indicate interest and move along that.

而且我認為 BetterHelp 的做法也相當獨特，不僅在於他們如何處理資質認證，還在於他們如何利用他們已經擁有的龐大網絡，將治療師這一環節融入到用戶體驗中，讓用戶能夠表達興趣並繼續推進。

So I think they're approaching it in a way that will give us that scale benefit as we grow those revenues. But clearly, as we're ramping up the therapist network, there's an investment that's happening there.

所以我認為他們採取的方式將使我們能夠隨著收入的成長而獲得規模效益。但很顯然，隨著我們不斷擴大治療師網絡，這方面也正在進行投資。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Hey. Good afternoon. Maybe along the same lines of the last question, but slightly different here. As I think about Integrated Care and seeing how the utilization-based revenue there is starting to grow, are there any conversations happening with payers, whether that's rate driven or just trying to figure out how to manage on their side, the utilization of that service?

嘿。午安.或許與上一個問題類似，但又略有不同。當我思考綜合護理，並看到基於使用量的收入開始增長時，我是否正在與支付方進行任何對話，無論是出於費率驅動還是僅僅試圖弄清楚他們如何管理該服務的使用情況？

Yeah, it's a great question. There's a couple of things there. Clearly, the customer base has seen and continues to see the value of having a virtual capability and visit, and we have good utilization relative to other market players and drive savings, think about ER avoidance and those kinds of things. I think where -- and going back to the comments I made earlier about these strategic conversations, these are not just visits, but they are engagement points.

是的，這是一個很好的問題。那裡有兩件事。顯然，客戶群已經並將繼續看到虛擬訪問和就診的價值，與其他市場參與者相比，我們的利用率很高，並且能夠節省成本，想想避免急診室就診等等。我認為——回到我之前對這些策略對話的評論——這些不僅僅是訪問，而是互動點。

And as we've expanded and will be expanding in 2026, the capabilities we have in what we call our 24/7 care offering, being able to address more care needs for the member, the ability to reduce unnecessary specialist referrals by bringing a specialist consult to the table, closing care gaps, navigating the member, doing follow-up, ordering labs, those kinds of things, the clients will see even more value in what we're driving.

隨著我們業務的拓展，以及2026年我們將進一步拓展，我們在所謂的全天候護理服務方面的能力將得到提升，能夠滿足會員更多的護理需求，通過引入專家會診來減少不必要的專家轉診，彌補護理缺口，指導會員，進行後續跟進，訂購化驗單等等，客戶將會在我們所推動的領域看到更大的價值。

And I think that's where we're going to see both additional opportunities for activation, but also back to the earlier question, opportunities to participate in that value as we drive stronger outcomes. So as we migrate to this visit-based environment, like I said in my prepared remarks, we're leaning into that. And the good news is we have millions and millions of visits each year. We're the largest by far, and I think it's an important strategic lever in that broader integrated care strategy. So yeah, I think all of that is in play in the virtual care side.

我認為，我們將在這裡看到更多的啟動機會，同時也回到先前的問題，看到參與創造價值、推動更強勁成果的機會。所以，正如我在準備好的演講稿中所說，隨著我們向這種以訪問為基礎的環境過渡，我們正在積極適應。好消息是，我們每年都有數百萬次的訪客。我們是迄今為止規模最大的，我認為這是更廣泛的全面護理策略中的重要策略槓桿。是的，我認為所有這些因素都在虛擬醫療領域中發揮作用。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Hey, guys. This is Jack Senft on for Kevin. Thanks for taking the question. Mala, I also want to wish you the best of luck in your next endeavor. In your prepared remarks, you guys mentioned that you expect to add necessary capacity to meet demand in the BetterHelp business just as you take it in network. I mean the BetterHelp users have been declining. What does the supply-demand imbalance look like now for the insurance offering?

嘿，夥計們。這裡是傑克森夫特，他替凱文發言。感謝您回答這個問題。瑪拉，我也祝福你在接下來的事業中一切順利。在你們事先準備好的演講稿中，你們提到，你們希望增加必要的產能來滿足 BetterHelp 業務的需求，就像你們在網路中所做的那樣。我的意思是，BetterHelp 的用戶數量一直在下降。目前保險產品的供需失衡狀況如何？

And I guess, like how do you expect that to change going forward? And maybe just a second part to that, like how much supply or I guess, like how many clinicians do you need to add to meet the extended demand there? Just interested to hear how the clinicians are viewing the offering versus staying cash pay. I hope that makes sense. Thanks.

那麼，你認為未來這種情況會如何改變呢？或許還可以補充一點，例如需要多少供應，或者說，需要增加多少臨床醫生才能滿足不斷增長的需求？只是想了解臨床醫師們對這種付費方式與繼續現金支付的看法。希望我解釋清楚了。謝謝。

Yeah, it did make sense. At this point, we are keeping up with the demand in the states that we've launched in. In fact, that's a key criteria before we launch is that we have the adequate therapist capacity because we want to make sure that, that user experience and access is strong. So we've been able to do that. And again, we -- that's part of our scaling plan is, importantly, the ability to match the therapist network to meet the demand.

是的，這很有道理。目前，我們能夠滿足已啟動計畫的各州的需求。事實上，在我們正式上線之前，一個關鍵的標準就是我們是否有足夠的治療師，因為我們希望確保使用者體驗和存取體驗良好。所以我們已經能夠做到這一點了。再次強調，我們擴展計畫的一部分，也是非常重要的一點，就是能夠匹配治療師網絡以滿足需求。

And we believe with the interest that has been shown and our ability to credential those therapists that we'll be able to keep up with that.

我們相信，憑藉目前所展現的興趣以及我們為這些治療師頒發資格證書的能力，我們將能夠滿足這項需求。

So again, I think we've been able to meet demand both on the direct-to-consumer side quite well, the ability to match a therapist with the consumer over 90% of the time in less than 48 hours. And it's because this is a consumer-oriented business, regardless of whether it's cash pay or the insurance is paying, we want to make sure we maintain that strong Net Promoter Score and experience.

所以，我認為我們已經能夠很好地滿足直接面向消費者的需求，90% 的情況下都能在 48 小時內為消費者配對到合適的治療師。因為這是一家以消費者為中心的企業，無論是現金支付還是保險支付，我們都希望確保保持良好的淨推薦值和體驗。

So right now, as we speak, it's a critical part of our rollout plan. And again, we don't go live in a state unless we feel like we have adequate capacity to support the demand.

所以現在，就在我們說話的此刻，這是我們推廣計畫的關鍵部分。再次強調，除非我們覺得我們有足夠的能力來滿足需求，否則我們不會在一個州定居。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Yeah. Good afternoon and thanks for taking the question. I want to hit on chronic care enrollment trends. Nice to see that rebound sequentially in Q3, but curious how that played out relative to expectations? How we should think about the ability to ramp from here? And any comments you could give on the built-in growth opportunity there versus the need to sell additional solutions into the client base before converting potential members?

是的。下午好，感謝您回答這個問題。我想重點談談慢性病照護登記趨勢。很高興看到第三季業績環比反彈，但很好奇實際表現與預期相比如何？我們該如何看待從現在開始逐步提升的能力？您能否就其中固有的成長機會，以及在轉換潛在會員之前需要向客戶群銷售其他解決方案這一點，發表一些看法？

Yeah, I'll make a few comments and Mala can add. I want to steer away from 2026 in that question. But we were pleased to see the sequential growth in the quarter. We expected to see that, and we had communicated that, and we delivered. We were excited to see that. We have many more millions of recruitables in our chronic care programs, and we have had a lot of interest in the bundling of programs.

是的，我會說幾句，Mala 可以補充。這個問題我想避開2026年。但我們很高興看到本季實現了環比成長。我們預料到了這一點，我們也傳達了這一點，而我們也做到了。看到這個我們很興奮。我們的慢性病照護計畫還有數百萬可招募人員，人們對計畫打包銷售表現出了濃厚的興趣。

So there's a lot of opportunity for us to go after within what we've already sold. And I think importantly, and I alluded to this earlier, but the new innovations we're bringing to market, again, we entered 2025 largely with the product portfolio we had in 2024. We've got a number of innovations. We've got new device -- new connected devices, which I think are going to be streamlined and helpful, new features with our programs and all of that.

因此，在我們已經售出的產品範圍內，我們還有很多機會可以追求。而且我認為很重要的一點是，我之前也提到過，我們正在推向市場的新創新，再次強調，我們進入 2025 年時的產品組合與 2024 年的產品組合基本相同。我們有很多創新之處。我們有了新的設備——新的連網設備，我認為它們將會更加精簡實用，我們的程式也會有新的功能等等。

But importantly, we are working on things to drive additional clinical interventions for rising risk populations and high-risk populations because we have the ability to deliver care because of the unique nature of Teladoc, we believe there's an opportunity for us to engage people that are having challenges getting under control, understand their needs, understand if they have an existing care provider, great. If they do, we want to be a complementary part of that. If they don't, we want to make sure we intervene and get the conditions under control and improve their health outcomes.

但重要的是，我們正在努力推動更多針對高風險族群和高風險族群的臨床幹預措施，因為憑藉 Teladoc 的獨特性質，我們有能力提供護理，我們相信我們有機會與那些難以控制病情的人接觸，了解他們的需求，了解他們是否已有護理提供者，那就太好了。如果他們這樣做，我們希望成為其中的補充力量。如果他們不這樣做，我們希望確保我們進行幹預，控制病情，改善他們的健康。

And I think that will not only drive greater clinical outcomes, which is critical, but greater financial ROI for our customers as those patients are better served. And that will also create an opportunity for us with those customers to activate more engagement strategies as a result. So there's a number of levers that we can pull to continue to build upon the progress we saw in the third quarter.

我認為這不僅會帶來更好的臨床效果（這一點至關重要），還會為我們的客戶帶來更大的財務投資報酬率，因為患者將得到更好的服務。這將為我們創造機會，讓我們能夠與這些客戶進行更多互動策略。因此，我們可以採取多種措施，繼續鞏固我們在第三季的進展。

Mala, anything you want to add?

瑪拉，你還有什麼要補充的嗎？

I think that's really well said. The only thing I would add is we are also investing in connecting all of the data that we have to be able to -- when Chuck talks about clinical intervention, to be able to enable our providers at the point of care with the right data, with the right 360 view so that they are not only treating and helping the very sick, but most importantly, they are also helping and treating the emerging sick. And that is when Chuck talks about being able to participate in the value, being able to drive greater ROI, it's really on the back of both.

我覺得說得真好。我唯一要補充的是，我們也在投資連接我們擁有的所有數據，以便——當 Chuck 談到臨床幹預時，能夠讓我們的醫護人員在護理點獲得正確的數據和 360 度視圖，這樣他們不僅可以治療和幫助重症患者，而且最重要的是，還可以幫助和治療新出現的疾病。而查克正是在談到能夠參與創造價值、能夠推動更大投資報酬率時，這其實是建立在兩者之上的。

David Larsen, BTIG.

David Larsen，BTIG。

Hi. Can you talk a little bit about BetterHelp? So like after one year, what percentage of patients are still on therapy? Can you talk a little bit about continuity of care? My view is like with -- if somebody is taking insurance and the patient doesn't have to actually pay for it out of pocket, they're more likely to stay on therapy. Just any thoughts there?

你好。可以簡單介紹一下BetterHelp嗎？那麼，一年後，有多少比例的患者仍在接受治療？能談談醫療服務的連續性嗎？我的看法是──如果有人有保險，病人不必自掏腰包支付費用，他們就更有可能堅持治療。大家有什麼想法嗎？

And then also, what portion of BetterHelp members are also like a part of the integrated care platform? I would think if you're serving employer groups or plans and you could basically refer them to BetterHelp, there would be an immediate opportunity to cover the mental health visit with insurance. So any color there would be helpful. Thank you.

此外，BetterHelp 會員中有多少人也屬於綜合護理平台的一部分？我認為，如果你服務於雇主團體或計劃，並且你可以將他們推薦給 BetterHelp，那麼就會立即有機會用保險支付心理健康方面的就診費用。所以任何顏色都會有所幫助。謝謝。

Yeah, I'll make some general comments and see if Mala wants to add anything. Yes, I do -- we do very much expect and believe that as people are able to activate insurance that if they need more therapy that they're able to access it. Right now, from a BetterHelp standpoint, those consumers are making decisions and trade-off decisions in terms of their priorities around their wallet.

好的，我會先提一些整體意見，看看馬拉是否還有補充。是的，我們非常希望並相信，當人們能夠啟動保險時，如果他們需要更多治療，他們就能獲得治療。目前，從 BetterHelp 的角度來看，這些消費者正在根據自己的預算，在各項優先事項之間做出權衡取捨。

And it's typically probably not because they've fully addressed their mental health needs and they've got some challenges. So I think we do a great job there. We have great clinical outcomes on the BetterHelp side. But having the ability to access their insurance should be a benefit. Now to your second point, our real entree in terms of overlap between integrated care and BetterHelp is the launch of our new Wellbound product.

這通常可能並非因為他們已經完全解決了心理健康問題，而是因為他們面臨一些挑戰。所以我覺得我們在這方面做得很好。BetterHelp方面取得了非常好的臨床效果。但能夠獲得保險應該是件好事。現在來談談你的第二點，就綜合護理和 BetterHelp 的重疊部分而言，我們真正的切入點是推出我們的新產品 Wellbound。

That really is bringing together both -- really the best of both and the ability to support those people with a range of needs, mental health needs, other kinds of support that they have. And I think that's where we're going to see the ability to bring BetterHelp into that arena in terms of serving integrated care.

這真正將兩者結合起來——真正地將兩者的優點結合起來，並有能力為有各種需求的人提供支持，包括心理健康需求和其他類型的支持。我認為，我們將看到 BetterHelp 有能力進入這個領域，提供全面護理服務。

Mala, would you add anything?

瑪拉，你還有什麼要補充的嗎？

I think that's well put.

我覺得說得很好。

Okay.

好的。

Thanks very much.

非常感謝。

Thank you. That was all the time we have for questions for today's call. So that will be the conclusion for today's call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天電話會議的提問時間就到此為止了。今天的電話會議就到此結束。感謝您的參與。現在您可以斷開線路了。