Teladoc Health Inc (TDOC) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Teladoc Health Q3 '26 earnings conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 Teladoc Health 2026 年第三季（Q3 '26）財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。（接線員指示）

I will now hand the conference over to Michael Minchak. Michael, please go ahead.

我現在把會議交給 Michael Minchak。Michael，請開始。

Thank you, and good afternoon. Today, after the market close, we issued a press release announcing our third-quarter 2026 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website.

謝謝，各位下午好。今天在收盤後，我們發布新聞稿，公布 2026 年第三季財務業績。該新聞稿及隨附的簡報投影片可於 teladochealth.com 網站的投資人關係（Investor Relations）專區取得。

On this call to discuss the results will be Chuck Divita, Chief Executive Officer; and Mike Grasher, Chief Financial Officer. During this call, we will also discuss our outlook, and our prepared remarks will be followed by a question-and-answer session.

今天參與電話會議並討論業績的有：執行長 Chuck Divita，以及財務長 Mike Grasher。在本次電話會議中，我們也將討論我們的展望；在預先準備發言之後，將進行問答環節。

Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating our performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release that is posted on our website.

請注意，我們將討論若干我們認為對評估公司表現很重要的非 GAAP 財務衡量指標。關於這些非 GAAP 指標與最可比 GAAP 指標之間的關係及其調節表（reconciliations），可在我們網站上發布的新聞稿中查閱。

During this call, we will make forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, without limitation, statements regarding our financial and operational outlook; the timing, availability, market response, and performance of new products, including Teladoc One; expected BetterHelp insurance revenue and exit run rate; expected cash pay trends, provider network capacity, advertising and marketing spending and efficiency, the timing and impact of our BetterHelp insurance rollout and the expected benefits of the actions we are taking.

在本次電話會議中，我們將作出《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。前瞻性陳述的例子包括但不限於：有關我們財務與營運展望的陳述；新產品（包括 Teladoc One）的推出時程、可用性、市場反應與表現；預期的 BetterHelp 保險收入與退出時的運行速率（exit run rate）；預期的自費（cash pay）趨勢、服務提供者網路容量、廣告與行銷支出及效率；BetterHelp 保險推廣上線的時程與影響，以及我們正在採取之行動的預期效益。

Such statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary statement in today's earnings release and the risk factors in our most recent Form 10-K and Form 10-Q, including risks relating specifically to each of our reporting segments.

此類陳述係基於管理層目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與前述陳述存在重大差異。請參閱今日財報新聞稿中的警示性聲明，以及我們最近一期 Form 10-K 與 Form 10-Q 中的風險因素，包括與我們各報告分部（reporting segments）特別相關的風險。

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

接下來我想把電話會議交給 Chuck。

Thanks, Mike. This quarter reflected solid execution across the business and underlying traction on initiatives supporting our strategic priorities. There's more work ahead, but we're encouraged by the progress made in the quarter.

謝謝，Mike。本季反映出我們在整體業務上的穩健執行，以及支撐我們策略優先事項之各項計畫所展現的內在動能。未來仍有更多工作要做，但我們對本季取得的進展感到鼓舞。

Before I get started, I would like to welcome Mike Grasher, our new Chief Financial Officer, to the call. Mike joined in late August and brings over 12 years of CFO experience at both publicly traded and privately held companies. We're excited to have him on board, and you'll hear from Mike in a moment when he covers our third-quarter results in more detail and our outlook.

在我開始之前，我想先歡迎我們的新任財務長 Mike Grasher 參與本次電話會議。Mike 於 8 月下旬加入，並在上市公司與非上市公司累積了超過 12 年的財務長經驗。我們很高興他加入團隊；稍後 Mike 將更詳細說明第三季業績與我們的展望。

So as we look at the business today, we remain highly focused on advancing the priorities we believe are most important to the long-term success of the company. With respect to the third-quarter results, consolidated revenue came in near the upper end of our guidance range and adjusted EBITDA above guidance, with both segments contributing to the quarter's performance.

就目前的業務而言，我們仍高度專注於推進我們認為對公司長期成功最重要的優先事項。就第三季業績而言，合併營收接近我們指引區間的上緣，而調整後 EBITDA 高於指引，兩個分部皆對本季表現有所貢獻。

Integrated Care delivered revenue near the high end of the guidance range and adjusted EBITDA margin above guidance. BetterHelp's revenue was also in the upper end of the guidance range, driven by strong insurance revenue growth and better-than-anticipated cash pay performance. We do continue to expect ongoing challenges in cash pay going forward for the reasons we've spoken about previously.

整合照護（Integrated Care）營收接近指引區間的高端，調整後 EBITDA 利潤率亦高於指引。BetterHelp 的營收同樣位於指引區間的上緣，主要受惠於保險收入強勁成長，以及自費（cash pay）表現優於預期。不過，基於我們先前提到的原因，我們仍預期未來自費方面將持續面臨挑戰。

As we consider the market more broadly as a company, we continue to see opportunities for virtual care to play an increasing role in addressing key challenges in healthcare by helping address rising healthcare costs and affordability challenges through solutions designed to lower costs, increase access, and deliver outcomes; by leveraging our services, clinical breadth, and technology to improve the health and well-being of people, including those impacted by chronic disease; by championing the importance of mental health to overall health and creating access to services at scale through both of our segments; and by helping alleviate pressure on the healthcare delivery system, extending provider capacity and deploying purpose-built technology to support virtual care.

從更廣泛的市場角度來看，作為一家公司，我們持續看到虛擬照護在解決醫療保健關鍵挑戰方面扮演日益重要角色的機會：透過旨在降低成本、提升可近性並交付成效的解決方案，協助應對醫療成本上升與可負擔性挑戰；運用我們的服務、臨床廣度與技術，改善人們的健康與福祉，包括受慢性疾病影響者；倡議心理健康對整體健康的重要性，並透過我們兩個分部以規模化方式提供服務可近性；以及協助緩解醫療服務體系的壓力，擴展醫療提供者的服務量能，並部署為虛擬照護量身打造的技術以提供支援。

We believe we are well positioned against this backdrop, and these themes underscore our organizational focus and the four key strategic priorities we are advancing to drive market differentiation and performance. I'll touch on each priority and provide an update on progress since our last earnings call.

我們相信在此背景下，我們具備良好定位；而這些主題也凸顯了我們的組織聚焦，以及我們正在推進的四項關鍵策略優先事項，以驅動市場差異化與績效表現。我將逐一說明各項優先事項，並提供自上次財報電話會議以來的進展更新。

Our first priority is enhancing our Integrated Care solutions for the US market to deliver greater value and impact for clients and the people we serve. This has been a key driver of our innovation agenda, and in July, we announced Teladoc One, a first-of-its-kind offering and comprehensive care model that goes beyond condition-specific programs to help detect health risks earlier, engage individuals more comprehensively, and scale outcomes across populations.

我們的第一項優先事項，是強化面向美國市場的整合照護解決方案，為客戶與我們服務的民眾帶來更高的價值與影響力。這一直是我們創新議程的關鍵驅動因素；在 7 月，我們宣布推出 Teladoc One——一項首創的產品與全方位照護模式，超越以特定病症為主的方案，協助更早偵測健康風險、更全面地促進個人參與，並在整體人群中擴大成效。

The underlying care model is delivered through a multidisciplinary care team, complemented by adaptive AI-driven insights from our Pulse intelligence engine, and uniquely leverages our clinical breadth, technology, engagement, and support capabilities.

其底層照護模式由多學科照護團隊提供，並結合我們 Pulse 智慧引擎所提供的自適應 AI 驅動洞察；同時也以獨特方式運用我們的臨床廣度、技術、互動參與與支援能力。

During the quarter, we moved from announcement towards execution, including activating initial launch partners, beginning to engage patients in the new care model, and preparing for broader market availability in 2027. As with any new offering, we expect the pipeline and commercial momentum to build over time. We are encouraged by the level of client engagement and member feedback on Teladoc One at this point, reinforcing our view that clients are looking for solutions that can deliver a more connected experience, address more care needs and demonstrate greater accountability for outcomes and impact.

在本季期間，我們已從宣布階段邁向落地執行，包括啟動首批上市合作夥伴、開始讓患者參與新的照護模式，並為 2027 年更廣泛的市場可用性做準備。如同任何新產品，我們預期銷售管線與商業動能將隨時間逐步建立。就目前而言，我們對客戶參與程度以及會員對 Teladoc One 的回饋感到鼓舞，這也強化了我們的看法：客戶正在尋找能提供更連結的體驗、滿足更多照護需求，並對成效與影響展現更高責任承擔的解決方案。

We also continue to advance initiatives to increase consumer awareness of our services and make it easier for people to access them. This includes enhancements to our Teladoc Health app and digital experience, sunsetting legacy platforms, and expanding our presence with other consumer-facing organizations. The overarching goal is to broaden our reach and further support the ability for people to benefit from our services. Taken together, we believe these and other initiatives will further our ability to create greater value for clients and members and serve to further strengthen our competitive differentiation.

我們也持續推進各項計畫，以提升消費者對我們服務的認知，並讓人們更容易取得這些服務。這包括強化 Teladoc Health App 與數位體驗、逐步淘汰舊有平台，以及擴大我們與其他面向消費者之組織的合作與能見度。整體目標是擴大我們的觸及範圍，並進一步支持更多人能從我們的服務中受益。綜合而言，我們相信這些及其他計畫將提升我們為客戶與會員創造更大價值的能力，並進一步強化我們的競爭差異化。

Another key priority is to build on our global position to serve unique market needs, including through our hybrid care models within Integrated Care that I've spoken about before. Hybrid care, which has been an important source of growth outside the US, supports local care delivery organizations by bringing virtual clinical services to physical care settings through our technology.

另一項關鍵優先事項，是在我們的全球布局基礎上，滿足各地市場的獨特需求；其中包括我先前提到的整合照護分部中的混合式照護（hybrid care）模式。混合式照護一直是美國以外地區的重要成長來源；它透過我們的技術，將虛擬臨床服務帶入實體照護場域，以支援在地的照護提供組織。

We believe the market dynamics supporting the adoption of our hybrid care models in other countries are also increasingly prevalent with hospitals and health systems in the US, including healthcare workforce and capacity challenges, financial pressures, and the need to improve access for underserved and rural communities. As a result, we see an opportunity to leverage our experience in hybrid care within the US to support future growth.

我們相信，支持其他國家採用我們混合式照護模式的市場動態，也正日益在美國的醫院與醫療體系中普遍出現，包括醫療人力與量能挑戰、財務壓力，以及改善服務不足與偏鄉社區可近性的需求。因此，我們看到在美國運用我們在混合式照護方面的經驗，以支持未來成長的機會。

To advance our position, last week we completed the acquisition of Teledigm Health, which provides virtual clinical services to US hospitals and health systems, including leveraging Teladoc's technology to deliver virtual services in physical settings. This acquisition expands our ability to provide services to this part of the healthcare market in addition to the technology products we are offering them today. We are excited to work with the Teledigm team in this more strategic manner as we build our hybrid care business in the US.

為了推進我們的布局，上週我們完成了對 Teledigm Health 的收購；該公司為美國醫院與醫療體系提供虛擬臨床服務，包括運用 Teladoc 的技術在實體場域提供虛擬服務。這項收購擴大了我們服務此一醫療市場領域的能力，除目前提供給他們的技術產品之外，也能提供更多服務。在我們於美國打造混合式照護業務之際，我們很期待以更具策略性的方式與 Teledigm 團隊合作。

We also continue to innovate the underlying technology utilized in this area. For example, earlier this month, we introduced new AI-powered capabilities integrated within our Solo platform that bring contact-free vital sign measurement and ambient clinical documentation directly into clinical workflows. These capabilities are designed to help reduce administrative burden, improve efficiency, and support patient care.

我們也持續在此領域所採用的底層技術上進行創新。例如，本月稍早，我們在 Solo 平台中推出整合式、由 AI 驅動的新功能，將免接觸生命徵象量測與環境式臨床紀錄（ambient clinical documentation）直接帶入臨床工作流程。這些功能旨在協助降低行政負擔、提升效率，並支持病患照護。

Our third priority is leveraging our skilled position in mental health in Integrated Care and BetterHelp to address the unmet need and underlying demand for these services. With respect to BetterHelp, the business continues to undergo an important pivot toward more of an in-network model in the US, given ongoing pressure in the cash pay market. And we believe expanding insurance access can help create a more durable position for BetterHelp overtime.

我們的第三項優先事項，是運用我們在整合式照護（Integrated Care）與 BetterHelp 心理健康領域的優勢地位，來回應這些服務尚未被滿足的需求與潛在需求。就 BetterHelp 而言，鑑於自費（cash pay）市場持續承壓，該業務正持續進行一項重要轉型，朝向在美國更偏向「納入保險網內」（in-network）的模式。我們相信，擴大保險可及性有助於隨時間推進，為 BetterHelp 建立更具韌性的市場地位。

As discussed in the second-quarter earnings call, we are executing important actions to lean into this insurance opportunity and scale that part of the business, including building on the national footprint we established during the second quarter. These include initiatives to expand network capacity, evolve BetterHelp's advertising and marketing approach to increasingly reflect insurance objectives and reduce near-term emphasis on non-US markets to realign resources. While there is considerable work ahead, we are seeing constructive initial traction from these initiatives in terms of their intended impact.

如同在第二季財報電話會議中所討論，我們正在採取重要行動，把握這項保險機會並擴大該部分業務規模，包括在第二季建立的全國性布局基礎上持續深化。這些行動包括：擴充網路容量、調整 BetterHelp 的廣告與行銷策略，使其更能反映保險相關目標，並降低短期內對非美國市場的投入，以重新配置資源。儘管仍有大量工作要做，我們已在這些措施的預期影響方面看到建設性的初步進展。

Insurance revenue for the quarter was $32 million, which exceeded the high end of the range of our expectations. Weekly insurance covered sessions have continued to grow and recently achieved 27,000 sessions per week, representing an annualized insurance revenue run rate of over $140 million on that basis. This compares to the $110 million annualized revenue run rate from weekly sessions referenced in our second-quarter earnings call.

本季保險收入為 3,200 萬美元，超出我們預期區間的上緣。每週保險給付的諮商次數持續成長，近期已達每週 27,000 次；以此推算，保險收入年化執行率（run rate）超過 1.4 億美元。相較之下，我們在第二季財報電話會議中提到的、以每週諮商次數推算的年化收入執行率為 1.1 億美元。

We also continue to see the scaling of insurance reflected in overall business metrics, including 36% of acquired US users in the third quarter coming from insurance, up approximately 8 percentage points from the second quarter.

我們也持續看到保險規模擴張反映在整體業務指標上，包括第三季在美國新獲取用戶中有 36% 來自保險，較第二季提高約 8 個百分點。

From a capacity perspective, over 3,000 therapists were added to the network during the quarter, bringing the aggregate number that have been credentialed to over 11,000. And while early, other metrics reflecting available capacity have generally trended positively since the second quarter, including levels of capacity on a market and payer basis as well as therapists active on the platform and those accepting new patients.

從容量角度來看，本季新增超過 3,000 名治療師加入網路，使累計完成資格認證（credentialed）的治療師總數超過 11,000 名。此外，儘管仍屬早期，自第二季以來，其他反映可用容量的指標整體呈現正向趨勢，包括按市場與付款方（payer）維度的容量水準、平台上活躍的治療師人數，以及願意接收新病患的治療師人數。

We are also making improvements to our platform, including scheduling and matching capabilities, streamlining provider workflows, and new technology and AI-enabled tools to reduce administrative burden. In addition, local market dynamics are being continuously assessed and targeted adjustments made to support long-term network capacity and expansion, including respective therapist compensation models.

我們也在持續改善平台功能，包括排程與配對能力、簡化服務提供者（provider）工作流程，以及推出新技術與 AI 賦能工具以降低行政負擔。此外，我們也持續評估各地市場動態並進行有針對性的調整，以支持長期網路容量與擴張，包括相應的治療師酬勞模式。

As we saw in the third quarter, BetterHelp continues to adapt its advertising and marketing approach to reflect insurance priorities. And although cash pay performance was better than anticipated for the quarter, we expect ongoing pressure in the cash pay market including as we further evolve BetterHelp's approach to advertising and marketing and continuing to lower overall spending levels going forward.

如同我們在第三季所見，BetterHelp 持續調整其廣告與行銷策略，以反映保險優先事項。儘管本季自費（cash pay）表現優於預期，我們仍預期自費市場將持續承壓，尤其在我們進一步調整 BetterHelp 的廣告與行銷策略並在未來持續降低整體支出水準的情況下。

This includes a further reduction in the fourth quarter. While we typically see reduced spending due to holiday advertising dynamics, we expect a more meaningful sequential quarterly reduction compared to prior years for the reasons I mentioned.

其中也包括第四季將進一步降低支出。雖然我們通常會因假期廣告投放的季節性因素而看到支出下降，但基於我提到的原因，我們預期相較往年，將出現更顯著的季對季下降幅度。

And finally, our fourth strategic priority is driving operational excellence to more consistently deliver results, strengthen performance and improve efficiency. We've made considerable progress on this priority overtime, including streamlining the organization, managing our cost structure, improving the efficiency of our operations and advancing technological capabilities.

最後，我們的第四項策略優先事項，是推動營運卓越（operational excellence），以更一致地交付成果、強化績效並提升效率。隨時間推進，我們在此優先事項上已取得相當進展，包括精簡組織、管理成本結構、提升營運效率，以及推進技術能力。

For example, we've seen a 30% increase in member self-service interactions over the last year in the US for Integrated Care through AI-enabled digital experiences and other enhancements. And we are also leveraging AI-assisted quality assurance and operational controls to achieve high levels of accuracy for client configuration and onboarding, improving both efficiency and implementation quality.

例如，過去一年在美國的整合式照護（Integrated Care）業務中，透過 AI 賦能的數位體驗與其他強化措施，我們看到會員自助服務互動量提升了 30%。我們也運用 AI 輔助的品質保證與營運控管，在客戶設定與導入（onboarding）方面達到高準確度，進而同時提升效率與導入品質。

These and other initiatives are helping us deliver strong adjusted EBITDA margin despite the gross margin pressure we've seen over recent years. And we've also made progress in areas such as stock-based compensation, rationalizing CapEx and improving other measures. As such, operational excellence will continue to be an area of focus for us.

這些以及其他措施，正協助我們在近年毛利率承壓的情況下，仍能交付強勁的調整後 EBITDA 利潤率。我們也在其他領域取得進展，例如股權基礎薪酬（stock-based compensation）、資本支出（CapEx）合理化，以及改善其他措施。因此，營運卓越將持續是我們的重點關注領域。

As we look toward the remainder of 2026 and into next year, we see the healthcare environment remaining dynamic as health plans adjust to business uncertainties, regulatory changes to medical cost drivers, employers grapple with rising healthcare costs and priorities to support their business objectives, and care delivery organizations address workforce needs, technology advancements, and other factors.

展望 2026 年剩餘期間並進入明年，我們預期醫療保健環境仍將保持動態變化：健康保險計畫（health plans）因應商業不確定性而調整、影響醫療成本驅動因素的監管變動、雇主面對不斷上升的醫療成本並需兼顧支持其業務目標的優先事項，以及照護提供組織（care delivery organizations）處理人力需求、技術進展與其他因素。

And we continue to see these areas reflected in the current operating environment, the selling season, and conversations with clients and how we are advancing our value proposition. And while decisions are still being made, overall bookings through the third quarter have generally progressed in line with our expectations. We will continue to focus on pursuing the business opportunities ahead of us and navigating challenges to drive performance of the company.

我們也持續在當前營運環境、銷售季，以及與客戶的對話中看到這些因素的反映，並體現在我們如何推進自身的價值主張。儘管相關決策仍在進行中，截至第三季的整體簽約（bookings）進展大致符合我們的預期。我們將持續專注於把握眼前的商機並因應挑戰，以推動公司績效表現。

In Integrated Care, these include factors such as broader macroeconomic conditions, healthcare market trends, and the competitive environment. And we believe our innovation agenda, including new offerings such as Teladoc One, our comprehensive approach to virtual care, the expansion of hybrid care models and increasing the awareness, access and usage of our services, will contribute to our long-term market position.

在整合式照護（Integrated Care）方面，相關因素包括更廣泛的總體經濟狀況、醫療市場趨勢以及競爭環境。我們相信，我們的創新議程——包括 Teladoc One 等新產品、我們對虛擬照護的全面性方法、混合式照護模式的擴展，以及提升對我們服務的認知、可及性與使用率——將有助於我們的長期市場地位。

Within BetterHelp, we also continue to see opportunities in mental health given the unmet need and the demand for these services. Growing in-network access remains our top priority in the segment, and we believe the initiatives we are advancing will support continued growth of the insurance business. And overtime, BetterHelp's ability to offer consumers a choice of both insurance and cash pay in the US, together with the longer-term potential we see in non-US markets, will support our commitment to improving the durability of the business.

在 BetterHelp 方面，鑑於心理健康服務尚未被滿足的需求與市場需求，我們也持續看到成長機會。擴大網內（in-network）可及性仍是該事業部門的首要優先事項，我們相信正在推進的各項措施將支持保險業務的持續成長。隨時間推進，BetterHelp 在美國同時提供消費者保險與自費（cash pay）兩種選擇的能力，加上我們在非美國市場看到的長期潛力，將支持我們提升業務韌性的承諾。

With that overview, let me turn it over to Mike Grasher to go over our financial results. Mike?

以上為概述，接下來我把時間交給 Mike Grasher，請他說明我們的財務結果。Mike？

Thanks, Chuck. I'd like to start by saying that I'm truly grateful and excited to be joining Teladoc at this pivotal time. I look forward to working with Chuck and the leadership team as a strategic thought partner. Together, we're focused on operational excellence, advancing our key initiatives and delivering improved financial performance for shareholders.

謝謝你，Chuck。我想先說，我非常感激也很興奮能在這個關鍵時刻加入 Teladoc。我期待與 Chuck 及領導團隊合作，作為策略思考夥伴。我們將共同聚焦於營運卓越、推進關鍵計畫，並為股東帶來更佳的財務表現。

With that, let's move on to third-quarter results. Consolidated revenue was $605 million, down 3.4% on a year-over-year basis, but toward the high end of our guidance range, as solid performance in Integrated Care and strong BetterHelp insurance growth was partially offset by ongoing headwinds in BetterHelp's cash pay revenue.

接下來我們看第三季業績。合併營收為 6.05 億美元，年減 3.4%，但落在我們財測區間的上緣；整合式照護（Integrated Care）的穩健表現與 BetterHelp 保險業務的強勁成長，部分抵銷了 BetterHelp 自費（cash pay）營收持續面臨的逆風。

Consolidated adjusted EBITDA of $79 million grew 13.5% from the prior year and was above the high end of our guidance range. Consolidated adjusted EBITDA margins increased approximately 200 basis points from the prior year to 13.1%, largely due to approximately 180 basis points of margin improvement in Integrated Care. Net loss per share was $0.15, comparing favorably to the $0.28 per share loss in the prior-year period.

合併調整後 EBITDA 為 7,900 萬美元，較去年同期成長 13.5%，並高於我們財測區間的上緣。合併調整後 EBITDA 利潤率較去年同期提升約 200 個基點至 13.1%，主要來自整合式照護（Integrated Care）約 180 個基點的利潤率改善。每股淨損為 0.15 美元，優於去年同期每股虧損 0.28 美元。

2026 results included the following pre-tax impacts: amortization of intangible assets of $0.49 per share, stock-based compensation expense of $0.06 per share and restructuring costs of $0.02 per share. Free cash flow was $76 million in the third quarter, bringing year-to-date free cash flow to $85 million.

2026 年業績包含以下稅前影響：無形資產攤銷每股 0.49 美元、以股份為基礎之薪酬費用每股 0.06 美元，以及重組成本每股 0.02 美元。第三季自由現金流為 7,600 萬美元，使年初至今自由現金流達到 8,500 萬美元。

We continue to have a strong liquidity position as we ended the quarter with $850 million in cash and cash equivalents, up $76 million sequentially. Our leverage ratio continues to improve as net debt to trailing adjusted EBITDA declined 0.5 times at quarter end compared to one time in the year-ago quarter.

我們的流動性部位仍然強勁，本季末現金及約當現金為 8.5 億美元，較前一季增加 7,600 萬美元。我們的槓桿比率持續改善，季末淨負債對過去十二個月（TTM）調整後 EBITDA 的比率較去年同期季末下降 0.5 倍（去年同期為 1 倍）。

Looking at the segments, Integrated Care revenue was $398 million, above the midpoint of the guidance range, boosted by better-than-expected chronic care performance. Year-over-year growth of 2.3% reflected continued strong international performance, which grew double-digits, as well as growth in chronic care and visits revenue, which was partially offset by lower subscription revenue.

就各事業部門而言，整合照護（Integrated Care）營收為 3.98 億美元，高於指引區間中點，主要受惠於慢性照護表現優於預期。年增 2.3% 反映國際業務持續強勁（以雙位數成長），以及慢性照護與就診（visits）營收成長；部分被訂閱營收下降所抵銷。

M&A completed in the previous four quarters provided a roughly 30-basis-point tailwind to segment growth in the quarter. US Integrated Care membership ended the quarter at 100.1 million members in the upper half of our guidance range. Total clinic care program enrollment grew 15% on a year-over-year basis and was up 6% sequentially, reaching 1.34 million at quarter end, driven by adoption of our bundled solutions and improvements to our member engagement strategies.

過去四個季度完成的併購（M&A）在本季為該部門成長帶來約 30 個基點的助益。美國整合照護會員數於季末為 1.001 億人，位於我們指引區間的上半部。診所照護（clinic care）方案總註冊人數年增 15%，較前一季增加 6%，季末達到 134 萬人，主要由於我們組合式解決方案（bundled solutions）的採用提升，以及會員互動策略的改善所帶動。

Integrated Care adjusted EBITDA was $75 million, up 13.3% over the prior year. Adjusted EBITDA margin of 18.8% came in well above the high end of our guidance range and increased by approximately 180 basis points year over year. Importantly, margin expansion occurred despite the ongoing mix shift toward visit-based arrangements, reflecting continued progress on productivity initiatives and disciplined expense management.

整合照護調整後 EBITDA 為 7,500 萬美元，較去年同期成長 13.3%。調整後 EBITDA 利潤率為 18.8%，明顯高於指引區間上緣，且年增約 180 個基點。重要的是，儘管業務組合持續轉向以就診為基礎的合作模式（visit-based arrangements），利潤率仍得以擴張，反映我們在生產力提升計畫上的持續進展，以及嚴謹的費用管理。

BetterHelp segment revenue was $207 million in the quarter, reflecting a 12.8% decline from the prior year, still near the upper end of our guidance range, with upside in both cash pay and insurance. The year-over-year decline reflected lower cash pay revenue versus the year-ago period in both the US and non-US markets.

BetterHelp 部門本季營收為 2.07 億美元，較去年同期下降 12.8%，仍接近我們指引區間上緣，且現金自付（cash pay）與保險兩端皆有上行表現。年減主要反映美國與非美國市場的現金自付營收均低於去年同期。

Insurance revenue of $32 million exceeded the high end of the expectation discussed on our second-quarter call and represented a $10 million sequential increase, reflecting continued demand and progress expanding capacity across the network. Average total paying users for BetterHelp of 336,000 declined 12% year over year and 3% sequentially as the expected reduction in cash pay users was partly offset by strong growth in insurance users.

保險營收為 3,200 萬美元，超出我們在第二季電話會議中提到的預期上緣，並較前一季增加 1,000 萬美元，反映需求持續以及我們在全網路擴充服務量能方面的進展。BetterHelp 平均總付費用戶數為 33.6 萬人，年減 12%、季減 3%；預期中的現金自付用戶減少，部分被保險用戶的強勁成長所抵銷。

BetterHelp adjusted EBITDA was $4 million in the quarter, representing a margin of 2.2%, near the high end of the guidance range and up 55 basis points versus the prior-year period. Mix-driven gross margin pressure and investments to support the scaling of insurance were more than offset by 27% year-over-year reduction in advertising and marketing spend.

BetterHelp 本季調整後 EBITDA 為 400 萬美元，利潤率 2.2%，接近指引區間上緣，且較去年同期提升 55 個基點。由組合變化帶來的毛利率壓力，以及為支持保險規模化所進行的投資，均被廣告與行銷支出年減 27% 以上所抵銷。

Turning to guidance, on a consolidated basis, we now expect 2026 revenue of $2.39 billion to $2.44 billion. This represents a $13 million increase at the midpoint versus the prior range, driven largely by the updated BetterHelp outlook. We expect adjusted EBITDA of $277 million to $303 million, up $3 million at the midpoint versus our prior range and representing approximately 90 basis points of margin expansion versus 2025.

接著談指引，在合併基礎上，我們目前預期 2026 年營收為 23.9 億至 24.4 億美元。相較先前區間，中點上調 1,300 萬美元，主要由更新後的 BetterHelp 展望所帶動。我們預期調整後 EBITDA 為 2.77 億至 3.03 億美元，中點較先前區間上調 300 萬美元，並代表相較 2025 年利潤率約擴張 90 個基點。

We have narrowed the range for free cash flow, which is now expected to be $135 million to $165 million with the midpoint unchanged. We continue to expect stock-based compensation expense to be below $50 million in 2026, representing a decline of more than 35% from the prior year.

我們已縮小自由現金流的區間，目前預期為 1.35 億至 1.65 億美元，中點維持不變。我們仍預期 2026 年以股份為基礎之薪酬費用將低於 5,000 萬美元，較去年下降超過 35%。

The full year net loss per share range has been narrowed to a loss of $0.95 per share to a loss of $0.75 per share, with the midpoint improving modestly. Please note that our cash flow and net loss per share guidance ranges do not incorporate any potential impact from changes to our current debt structure. For the fourth quarter, we expect consolidated revenue in the range of $569 million to $615 million and adjusted EBITDA of $74 million to $100 million.

全年每股淨損區間已縮小至每股虧損 0.95 美元至每股虧損 0.75 美元，中點小幅改善。請注意，我們的現金流與每股淨損指引區間未納入任何因現有債務結構變動所可能帶來的影響。就第四季而言，我們預期合併營收介於 5.69 億至 6.15 億美元，調整後 EBITDA 介於 7,400 萬至 1 億美元。

Moving to the segments, for Integrated Care, we now expect 2026 revenue growth of 1.1% to 2.1%, with the midpoint remaining constant with the prior guidance range. We are raising our 2026 adjusted EBITDA margin range to 16% to 16.6%, up approximately 30 basis points at the midpoint versus our prior guidance range and representing approximately 115 basis points of the year-over-year growth. For the fourth quarter, we anticipate Integrated Care revenue to be flat to up 3.8% versus the prior year.

就各部門而言，整合照護方面，我們目前預期 2026 年營收成長 1.1% 至 2.1%，其中點與先前指引區間維持一致。我們上調 2026 年調整後 EBITDA 利潤率區間至 16% 至 16.6%，中點較先前指引上調約 30 個基點，並代表年增約 115 個基點。就第四季而言，我們預期整合照護營收相較去年同期持平至成長 3.8%。

Fourth quarter adjusted EBITDA margin is expected to be in the range of 14.5% to 16.8% with adjusted EBITDA dollars essentially flat at the midpoint versus the prior year. Given Integrated Care's strong adjusted EBITDA outperformance in the third quarter, we now plan to make measured incremental investments into strategic growth initiatives during the fourth quarter.

第四季調整後 EBITDA 利潤率預期介於 14.5% 至 16.8%，以美元金額計算，中點相較去年同期基本持平。鑑於整合照護第三季調整後 EBITDA 明顯優於預期，我們目前計畫在第四季對策略性成長計畫進行審慎的增量投資。

Moving to the BetterHelp segment, following the outperformance in the third quarter relative to the guidance midpoint, we now expect 2026 revenue to decline 16.1% to 12.9% versus 2025. The year-over-year comparison reflects continued headwinds in US cash pay and to a lesser extent in non-US markets, partly offset by growth in insurance revenue.

接著談 BetterHelp 部門，鑑於第三季表現優於指引中點，我們目前預期 2026 年營收相較 2025 年將下降 16.1% 至 12.9%。年對年比較反映美國現金自付持續面臨逆風，非美國市場亦有一定程度的逆風；部分由保險營收成長所抵銷。

We remain encouraged by the ongoing progress in insurance and expect to generate insurance revenue of $99 million to $105 million in 2026, with the midpoint of the range increasing by approximately $4 million. The increase in insurance revenue expectations reflects continued progress across user acquisition, therapist capacity and session growth.

我們對保險業務的持續進展仍感到鼓舞，並預期 2026 年保險營收可達 9,900 萬至 1.05 億美元，區間中點上調約 400 萬美元。保險營收預期上調反映我們在用戶獲取、治療師量能以及諮詢次數成長等方面的持續進展。

We expect BetterHelp adjusted EBITDA margin of 2.7% to 4.3% for the full year, with the midpoint down approximately 30 basis points versus our prior guidance and down approximately 90 basis points versus the prior year, reflecting the impact of revenue mix, investments to support the scaling of insurance and a reduction in advertising and marketing expense in the mid-20% range versus 2025 levels.

我們預期 BetterHelp 全年調整後 EBITDA 利潤率為 2.7% 至 4.3%，其中點較先前指引下調約 30 個基點，且較去年下調約 90 個基點，反映營收組合影響、為支持保險規模化所進行的投資，以及相較 2025 年水準廣告與行銷費用下調約 20% 多（mid-20%）的幅度。

For the fourth quarter, we expect BetterHelp segment revenue to be down 31.5% to down 18.5%, with insurance revenue expected to be in the range of $32 million to $38 million. We anticipate adjusted EBITDA margin of 9.2% to 15.1%.

就第四季而言，我們預期 BetterHelp 部門營收將年減 31.5% 至年減 18.5%，其中保險營收預期介於 3,200 萬至 3,800 萬美元。我們預期調整後 EBITDA 利潤率為 9.2% 至 15.1%。

Recall that the fourth quarter is impacted by unique seasonal factors, including a moderation in session utilization as well as holiday ad-pricing dynamics that lead us to pull back on our advertising and marketing spend as it is less efficient during this period. And as Chuck mentioned, we expect a more meaningful sequential quarterly reduction this year compared to prior years.

請記得，第四季會受到獨特的季節性因素影響，包括諮詢使用率（session utilization）趨緩，以及假期廣告定價動態，使我們在此期間回收部分廣告與行銷支出，因為此時投放效率較低。此外，如 Chuck 所提到的，我們預期今年相較往年會出現更明顯的季對季下滑。

As would typically be the case, we intend to provide formal consolidated and segment guidance for next year during our fourth quarter earnings call. However, since there are several important moving parts to the BetterHelp transition we are executing, we thought it would be helpful to provide some directional commentary on BetterHelp as we think about 2027 in the context of what we are seeing in the business today.

如同一般情況，我們計劃在第四季財報電話會議中，提供明年正式的合併與分部指引。不過，由於我們正在執行的 BetterHelp 轉型涉及數個重要的變動因素，我們認為在以目前業務所見來思考 2027 年時，提供一些關於 BetterHelp 的方向性說明將會有所幫助。

With respect to insurance, as we continue to execute on increasing provider capacity, improving therapist engagement and growing utilization of BetterHelp services, we expect continued growth in 2027. We look to build on the insurance momentum we are currently seeing, with a goal of sequential quarterly improvement over the course of 2027 and a goal of achieving an annualized revenue run rate of at least $200 million as we exit 2027.

就保險而言，隨著我們持續提升服務提供者產能、改善治療師參與度並提高 BetterHelp 服務的使用率，我們預期 2027 年將持續成長。我們希望在目前看到的保險動能基礎上再接再厲，目標是在 2027 年期間逐季改善，並在 2027 年結束時達到至少 2 億美元的年化營收運行率（run rate）。

Regarding cash pay, we expect a continued challenging environment in 2027 as BetterHelp continues to evolve its advertising and marketing approach, including lower overall spending levels as we spoke about earlier. Note that in the third quarter of 2026, the first full quarter since we began implementing the additional actions to pivot the business, BetterHelp's advertising and marketing spend declined by 27% from the prior year's quarter.

至於自費（cash pay），我們預期 2027 年環境仍將充滿挑戰，因為 BetterHelp 持續調整其廣告與行銷策略，包括如先前所述降低整體支出水準。請注意，在 2026 年第三季，也就是我們開始落實額外措施以轉向業務後的第一個完整季度，BetterHelp 的廣告與行銷支出較去年同期下降了 27%。

Looking at 2027, we would expect a similar level of spending to decline in the mid- to high-20% range for the full year of 2027, with these actions more fully underway for the year. Given the correlation we've seen between advertising spending and cash pay user acquisition, we would anticipate these changes to impact BetterHelp's revenues, excluding insurance, generally in a similar corresponding manner.

展望 2027 年，我們預期在這些措施於全年更全面推進的情況下，2027 全年支出降幅將大致落在中到高 20% 的區間。鑑於我們觀察到廣告支出與自費用戶獲取之間的相關性，我們預期這些變動將以大致相對應的方式影響 BetterHelp（不含保險）的營收。

Turning to our balance sheet, we remain focused on maintaining financial flexibility while strengthening our capital structure. We currently intend to address the June 2027 maturity of the $1 billion in convertible notes through a two-phase approach subject to market conditions.

談到資產負債表，我們仍專注於在強化資本結構的同時維持財務彈性。目前我們計劃在視市場狀況而定的前提下，採取兩階段方式處理將於 2027 年 6 月到期的 10 億美元可轉換公司債。

The first phase would potentially involve repurchasing a substantial portion of the outstanding notes using a combination of available cash and proceeds from more traditional debt financing, potentially before year-end. We would then expect to repay the remaining balance with cash at maturity in June 2027. Following the June 2027 maturity, we expect to have a meaningfully lower gross debt position.

第一階段可能會在年底前，運用可用現金與較傳統的債務融資所得款項的組合，回購相當大一部分未償還票據。接著我們預期在 2027 年 6 月到期時，以現金償還剩餘餘額。在 2027 年 6 月到期之後，我們預期總負債部位將顯著降低。

As you've heard from us over the course of this call, while there is more work ahead, this was a solid quarter driven by execution and continued progress across our key strategic priorities.

正如各位在本次電話會議中聽到的，雖然前方仍有更多工作要做，但本季表現穩健，主要由執行力帶動，並在我們的關鍵策略優先事項上持續取得進展。

And with that, I'll turn it back over to Chuck.

接下來我把時間交還給 Chuck。

Thanks, Mike. Our overarching objective is to be the most trusted leader in virtual care, creating value for our clients around the world and delivering outcomes that matter to patients, clients and other stakeholders. We believe virtual care is a catalyst for better health, and we intend to build on our strengths as we move forward.

謝謝，Mike。我們的整體目標是成為最值得信賴的虛擬照護領導者，為全球客戶創造價值，並交付對病患、客戶及其他利害關係人都重要的成果。我們相信虛擬照護是促進更佳健康的催化劑，我們也打算在前進過程中發揮並延伸我們的優勢。

Our organizational focus and strategic priorities are aimed at driving performance and advancing our position, impact and differentiation within a broader healthcare industry that faces ongoing challenges and to play a constructive and increasing role in addressing them. It's why we've leaned into product innovation, expanded our care models and invested in our technology and why we are also highly focused on scaling insurance access and BetterHelp and pivoting its business model, and this orientation will continue to guide our investments and business execution.

我們的組織聚焦與策略優先事項，旨在推動績效並提升我們在更廣泛醫療產業中的地位、影響力與差異化；該產業正面臨持續性的挑戰，而我們希望在解決這些挑戰上扮演建設性且日益重要的角色。這也是為什麼我們加大產品創新、擴展照護模式並投資技術；同時我們也高度聚焦於擴大保險可及性與 BetterHelp，並推動其商業模式轉型，而這樣的方向將持續引導我們的投資與業務執行。

With that, we are now ready for questions. Operator?

接下來我們準備進入問答。接線員？

(Operator Instructions) Allen Lutz, Bank of America.

(接線員指示) 美國銀行（Bank of America）的 Allen Lutz。

I appreciate all the colors so far. I wanted to talk a little bit, Chuck, about the BetterHelp transition here. You mentioned 11,000 therapists in total taking insurance to date. You onboarded, it appears, about 3,000 in this quarter. That's more than the 2,000 you added last quarter and the 1,500 in the quarter before that.

感謝目前為止提供的所有補充說明。Chuck，我想稍微談一下這裡 BetterHelp 的轉型。你提到截至目前共有 11,000 名治療師接受保險。看起來你們本季新增約 3,000 名。這高於上季新增的 2,000 名，以及再前一季的 1,500 名。

Can you talk about what you're learning there and why the therapists that you're getting each quarter is increasing? Are you getting any scale benefits there? We'd love to hear where you're having success, where you have some work to do there and how to think about the trajectory of those therapists taking insurance over the next couple of quarters?

你能談談你們從中學到什麼，以及為什麼每季新增的治療師數量在增加嗎？你們是否在那裡獲得任何規模效益？我們也很想聽聽你們在哪些方面做得成功、哪些方面還需要努力，以及未來幾季該如何看待接受保險的治療師數量走勢？

Yeah. Thanks, Allen. Appreciate the questions there. Yeah, we were -- we've been very encouraged by the progress we're making in insurance. I think the team is doing a great job in terms of accelerating our ability to credential and onboard therapists. And we are, I think, getting some scale benefit there.

好的。謝謝，Allen。感謝你的提問。是的，我們——我們對保險方面的進展感到非常振奮。我認為團隊在加速我們對治療師的資格認證（credentialing）與上線（onboarding）能力方面做得很出色。而且我認為我們確實正在獲得一些規模效益。

There's a number of actions that we're doing now that we have this national footprint that we established in the second quarter that are also helping us. So there's a number of things that the team is going after in terms of not just adding therapists to the network, which is important, but also making sure that we have increases in active therapists on the platform, therapists that are accepting new patients, looking at capacity on both a market basis as well as a payer basis. So there's a number of things that go into that. But we are making some really good progress, as you noted.

在第二季建立全國性佈局之後，我們目前正在採取多項行動，也在幫助我們推進。因此團隊正在推動許多事情，不僅是把治療師加入網路（這很重要），也要確保平台上的活躍治療師數量增加、治療師願意接收新病患，並從市場面與付款方（payer）面檢視產能。這裡面牽涉很多因素。但如你所指出的，我們確實取得了非常好的進展。

We're taking a look at a number of things, certainly compensation programs, thinking about how do we evolve those programs to reflect local market conditions and create some more predictability in terms of compensation for therapists, really ultimately gaining more of their roster and more consistency in that. But we're also making a lot of investments and changes to the platform itself, looking at ways that we can increase efficiency, both for the therapist as well as the patient, and just ways to reduce the administrative burden and make it really easy to do business with us in this area.

我們也在檢視許多面向，當然包括薪酬方案，思考如何調整這些方案以反映各地市場狀況，並為治療師的報酬帶來更高的可預測性，最終讓我們能取得更多治療師名單並提升一致性。但我們也在平台本身投入大量資源並進行變更，尋找能提升效率的方法，無論是對治療師或病患；同時也在想辦法降低行政負擔，讓在這個領域與我們合作變得非常容易。

So we're going to continue to do that. We've been excited about the progress so far, and we're going to keep it up.

因此我們會持續推進。我們對目前的進展感到興奮，也會繼續保持下去。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Michael, welcome to Teladoc. I guess, Chuck or Michael, with respect to cash pay, I think you said in the third quarter, it was better than expected and I was curious if you could give some comments in around why you think that did better.

Michael，歡迎加入 Teladoc。我想問 Chuck 或 Michael，關於自費（cash pay），我記得你們說第三季表現優於預期，我很好奇你們能否評論一下為什麼會更好。

And then with respect to the fourth quarter and the guidance there, I appreciate the comments. But I'm curious with the BetterHelp guidance, how much of it do you think is your proactive actions in terms of trying to pivot the business versus maybe some other external factors like the current economic environment or anything like that? So just curious, your thoughts.

另外關於第四季以及相關指引，我理解你們的說明。但我想問，在 BetterHelp 的指引方面，你們認為有多少是來自你們主動採取的措施（例如推動業務轉型），相較於其他外部因素，例如目前的經濟環境或類似因素？想聽聽你們的看法。

Yeah, thanks, Richard. I think we were gratified in the third-quarter results in terms of the cash pay performing better than we had anticipated, notwithstanding the pressures that are there. I think the team has done a nice job of implementing the actions we talked about in the second quarter and really looking to balance our approach to balance the demand for insurance in terms of capacity, but also manage the cash pay side.

好的，謝謝，Richard。就第三季結果而言，我們對自費表現優於我們原先預期感到欣慰，儘管仍存在相關壓力。我認為團隊在落實我們第二季談到的措施方面做得很好，並且在平衡我們的做法上投入心力：一方面要因應保險需求所需的產能，另一方面也要管理自費端。

Saw a bit favorable customer acquisition costs, some improvements in a few metrics. But again, I think we just do want to reinforce that there is continued downward pressure on the cash pay, but better than we anticipated in the third quarter.

看到客戶獲取成本略為有利，部分指標也有所改善。但再次強調，我們確實仍看到現金付費（cash pay）方面持續的下行壓力，不過情況比我們在第三季預期的要好。

When you look at the fourth quarter, as you know, we have more uncertainty in the fourth quarter with respect to the holiday advertising and dynamics that are there. We do expect a more sequential decline in advertising in the fourth quarter for the reasons we mentioned. And we have this 50-state presence and insurance presence out there as well. So we're taking a look at all of those factors in terms of that guidance.

看第四季的話，如你所知，第四季在假期廣告及其相關動態方面不確定性更高。基於我們提到的原因，我們確實預期第四季廣告將出現更明顯的環比下滑。此外，我們也已在全美50州以及保險業務方面建立了布局。因此，我們在提供該指引時，會把這些因素一併納入考量。

I would say that the more meaningful part of your question and the answer here is that reduction in ad spending, given the correlation that we've historically seen with the level of ad spending relative to cash pay user acquisition, our reduction in advertising in the fourth quarter is a major driver there.

我會說，你問題中更關鍵的部分，以及我們的回答在於：鑑於我們歷史上觀察到的相關性——廣告投放水準與現金付費用戶獲取之間的關聯——我們在第四季降低廣告支出是其中一個主要驅動因素。

And then, of course, there's additional uncertainties. This is sort of new territory for us in terms of the scale of what we have insurance now and we've been building last year's fourth quarter was about $7 million in revenues for insurance and a smaller portion of the book and it's growing. So we want to see how all that plays out in the fourth quarter. We've kind of taken all that into account in how we thought about guidance.

當然，還有其他不確定性。就我們而言，這在某種程度上是新的領域，因為我們現在保險業務的規模，以及我們一直在建設的進度；去年第四季保險收入約為700萬美元，且在整體業務組合中占比更小，但正在成長。因此，我們希望觀察第四季這些因素將如何發展。我們在思考指引時，已把這些都納入考量。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

Chuck, I want to go back to your comments around the selling season. I love to ask this on the third-quarter call. You talked about bookings through Q3 in line. But I just want to better understand when I think about Integrated Care for 2027, I guess a couple of things.

Chuck，我想回到你關於銷售季的評論。我很喜歡在第三季電話會議上問這個問題。你提到截至第三季的預訂（bookings）符合預期。但我想更清楚理解，當我思考2027年的整合式照護（Integrated Care）時，我想有幾點。

One, when you think about those bookings, what are your clients buying, whether you think about health plans or employers for 2027? And how do I think about Teladoc One? I know that the launch will come in '27. How meaningful can that be? And how big of the part of the conversation is that as we think about the '27 selling season?

第一，當你談到這些預訂時，你們的客戶——不論是健康保險計畫（health plans）或雇主——在2027年到底在買什麼？以及我該如何看待Teladoc One？我知道它會在27年推出。它的意義能有多大？而在我們思考27年銷售季時，這在對話中占多大比重？

Yeah, thanks, Lisa. I think, first of all, as we've talked about before, I see the operating environment really in line with kind of the comments that I made earlier as well as last few quarters and really seeing the challenges in the health plan market as they navigate through a number of aspects of their business, employers, of course, looking at those high and rising costs and kind of how they're evaluating their programs, so that environment continues to be out there.

好的，謝謝你，Lisa。首先，如同我們之前談過的，我認為營運環境基本上與我先前以及過去幾季的評論一致；我們確實看到健康保險計畫市場在其業務多個面向上仍面臨挑戰；而雇主當然也在關注高且持續上升的成本，以及他們如何評估自身的方案，因此這樣的環境仍然存在。

I think for us, what's been, I think, exciting is being able to describe the innovation agenda we have and how our value proposition is evolving and how we can serve them more comprehensively to help them address things across broader populations. And I think that's allowed us the opportunity to talk about things a bit more strategically in terms of the value and benefits of working with us. All of that has kind of played into the selling season. Those are showing up in our client conversations and of course the activity.

我認為對我們而言，令人振奮的是，我們能夠闡述我們的創新議程、我們的價值主張如何演進，以及我們如何以更全面的方式服務他們，協助他們在更廣泛的人群中解決問題。我認為這也讓我們有機會更具策略性地討論與我們合作的價值與效益。這些都在銷售季中發揮了作用。這些內容也反映在我們與客戶的對話中，當然也反映在相關活動上。

I think more broadly that sort of overall environment, we're seeing it show up in the selling season. Like I said, bookings are generally in line with where we expected to be and they're really looking for things that drive outcomes that they can see demonstrated ROI, that we can handle things more comprehensively, that we can reduce fragmentation, which is significantly out there in terms of all the different point solutions and really why, to your point, we've leaned into innovation, including Teladoc One, which is a really, I think, a new and exciting model for us in terms of the ability to us to bring our comprehensive model to the market, not focused on a singular fragmented product category or a singular condition, but looking more holistically at what the care needs are.

更廣泛來看，我們確實看到整體環境在銷售季中有所體現。如我所說，預訂大致符合我們的預期；客戶真正想要的是能推動可衡量結果、能展示投資報酬率（ROI）的方案；希望我們能更全面地處理問題、降低碎片化——目前市場上各種點狀解決方案（point solutions）造成的碎片化非常嚴重——也正因如此，回到你的問題，我們加大了創新投入，包括Teladoc One。我認為這對我們而言是一個全新且令人興奮的模式，讓我們能把全面性的模式帶到市場上，不再只聚焦於單一、碎片化的產品類別或單一病症，而是更整體地看待照護需求。

And so as I mentioned in my prepared remarks, we've moved from announcement to execution. We've got initial launch partners. We're starting to engage patients in the new model, and those are giving us additional data points and proof points as we talk to clients.

因此，如我在事先準備的發言中提到的，我們已從宣布階段走向執行階段。我們已經有初期的上市合作夥伴。我們也開始讓病患在新模式下參與，這些都為我們在與客戶溝通時提供了更多數據點與驗證案例。

Of course, we'll have Teladoc One more broadly available for '27. There's a normal commercial motion in terms of the selling cycle to get those things to market. We do expect to see some benefit in 2027 from Teladoc One and of course building further in '28 given the selling cycle.

當然，Teladoc One會在27年更廣泛地提供。在把這些產品推向市場的過程中，商業推進（commercial motion）與銷售週期本來就有其常態節奏。我們確實預期Teladoc One在2027年會帶來一些效益，並且考量銷售週期，將在28年進一步累積成長。

Sarah James, Cantor Fitzgerald.

Sarah James，Cantor Fitzgerald。

I wanted to dig in a little bit more on the bridge for Integrated Care EBITDA margins. You guys obviously did very well in 3Q and that you said it gave you an opportunity to make some incremental investments. So as I think about bridging 3Q to 4Q, you've got about 315 bps of pressure. I know last year flu was 110 sequentially. So I'm just wondering how does that amount compare to what you baked in this year versus how much is the incremental investments and do those investments carry into '27?

我想更深入了解一下整合式照護（Integrated Care）EBITDA利潤率的銜接（bridge）。你們第三季表現顯然非常好，而且你們說這讓你們有機會做一些額外投資。因此，當我思考從第三季到第四季的銜接時，你們大約有315個基點（bps）的壓力。我知道去年流感因素環比是110。所以我想問，這個幅度與你們今年原先納入預期的相比如何？其中有多少是額外投資造成的？而這些投資會延續到27年嗎？

Yeah. I'll make some comments and then see if Mike wants to add anything. We did outperform in the third quarter. As you mentioned, in Integrated Care. And as we thought about the fourth quarter and the full year, we maintained the full year generally where it was.

好的。我先做一些評論，然後看看Mike是否要補充。我們第三季確實表現超出預期。如你提到的，在整合式照護方面。而當我們思考第四季與全年時，我們基本上維持了全年指引在原先的水準。

There's a number of moving parts in the fourth quarter, various puts and takes that overall sort of tend to offset each other. But we've got some FX pressures given where the currency markets have gone. We've thought about that. Of course, infectious disease and flu season, like you referenced, generally, we've assumed that that's similar to kind of what we saw in 2025.

第四季有許多變動因素，各種利多與利空整體上大致互相抵消。但考量到匯率市場的走勢，我們確實面臨一些外匯（FX）壓力。我們已把這點納入考量。當然，傳染病與流感季節，如你所提到的，我們一般假設其情況與我們在2025年看到的類似。

And we also baked in whatever additional benefit we get from that small acquisition I mentioned in my comments, really don't see that as a material driver in the fourth quarter. So all in, we've sort of felt good about the full-year guidance and maintained it given those various moving parts.

另外，我們也把我在評論中提到的那筆小型收購可能帶來的額外效益納入預期，但我們不認為它會在第四季成為實質性的驅動因素。因此，綜合來看，考量這些不同的變動因素，我們對全年指引感到有信心，並選擇維持不變。

I wonder, Mike, if you want to add anything to that?

Mike，你要不要補充一下？

I think that the third-quarter results, really, 3Q was dynamic and that there was a little upside to revenue. There was OpEx coming in lower. So it really all kind of came together for 3Q and I think you're seeing part of that as well.

我認為第三季的結果，確實，第三季的情況是動態的，收入端有一些上行空間。營運費用（OpEx）也低於預期。所以第三季各項因素確實都湊在一起了，我想你也看到其中一部分反映在這裡。

Yeah. And then as I think we mentioned earlier, taking the opportunity to invest in some additional growth opportunities we're looking for in 2027, given the outperformance in the third quarter.

是的。另外，如同我們先前提到的，鑑於第三季表現超出預期，我們也把握機會在一些我們看好於2027年的額外成長機會上進行投資。

Jessica Tassan, Piper Sandler.

Jessica Tassan，Piper Sandler。

Congrats on the solid results and nice to meet you, Mike. So we appreciate the update on the BetterHelp insurance paid volume and annualized revenue run rate. Curious to know, is that approximately $100 per insurance paid visit a stable level heading into 2027? Is the insurance mix kind of mostly larger payers? And should we be confident again that that's a solid rate going forward?

恭喜你們交出穩健的成果，也很高興認識你，Mike。我們很感謝你們更新 BetterHelp 的保險支付量與年化營收 run rate。想請教一下，展望到 2027 年，每次保險支付就診約 100 美元這個水準是否大致穩定？保險組合是否主要來自較大型的付款方？以及我們是否可以再次有信心，這會是未來一段時間相當穩健的費率水準？

And then can you comment at all on the SG&A burden of the insurance paid business? Curious just to kind of understand the process update there. So are you still drawing in members through DTC channels and converting them to insurance paid at the point of sale? And then just what are the derivative implications of the pullback in DTC SG&A on insurance covered volume in the fourth quarter in 2027?

另外，你能否談談保險支付業務在 SG&A 上的負擔？我想更了解你們在流程上的最新進展。所以你們仍然是透過 DTC 通路導入會員，並在結帳/成交時點把他們轉為保險支付嗎？再者，若 2027 年第四季 DTC 的 SG&A 有所縮減，對保險涵蓋量會有哪些衍生影響？

I think we've continued to show that sort of run-rate metric and the weekly sessions and all that to give a sense to you all about in terms of the progress we're making and the growth that's going on there. Obviously, the reimbursements are going to vary depending on the market and the payer and the mix of sessions and types of sessions and things like that. But I think if you look over the last few quarters where we've given that statistics, it's been relatively consistent, so I think we'll answer it that way.

我想我們持續揭露那類 run-rate 指標、每週場次等數據，是為了讓各位了解我們在那邊的進展與成長情況。顯然，報銷金額會因市場、付款方，以及場次組合與場次類型等因素而有所不同。但如果你看我們過去幾季提供的那些統計數據，其實相對一致，所以我想我們會用這樣的方式來回答。

We are continuing to activate the full funnel in terms of BetterHelp to be able to generate awareness, activation, demand for services for those that want to use BetterHelp, I think since we moved to the national footprint during the second quarter, we really needed to modify kind of our approach to advertising and marketing given the prevalence given the preference that people have to use their insurance. So that's kind of why we've been able to bring advertising down, continue to activate the funnel and generate growth in insurance.

我們持續在 BetterHelp 端啟動完整漏斗，以提升認知、啟用並帶動對服務的需求，讓想使用 BetterHelp 的人能夠進來。我想自從我們在第二季擴展到全國覆蓋後，考量到大家偏好使用保險的普遍性，我們確實需要調整我們的廣告與行銷方式。這也是為什麼我們能夠降低廣告支出，同時持續啟動漏斗並推動保險端的成長。

From an SG&A perspective, we're making investments there to scale credentialing as we talked about earlier, scale the operations, make sure that we got the right infrastructure to support the insurance. We do believe that overtime, the scaling of insurance will give us the opportunity to create some operating leverage and benefits of what we're doing and then, of course, balancing the cash pay and the insurance business to create overall operating leverage for the company.

從 SG&A 的角度來看，我們正在投資以擴大資格認證（credentialing）的規模，如同先前提到的，同時擴充營運，確保我們具備正確的基礎設施來支援保險業務。我們確實相信，隨著時間推進，保險業務的規模化將讓我們有機會創造一些營運槓桿與效益；當然，也會在自費（cash pay）與保險業務之間取得平衡，以為公司整體創造營運槓桿。

That's helpful. And then my quick follow-up is just can you help us understand kind of what you're referring to when you talk about hybrid care? Is that the InTouch health business? And then can you maybe help us understand or size that hybrid care business?

這很有幫助。我再快速追問一下：你們提到「混合式照護（hybrid care）」時，具體是指什麼？是指 InTouch 的健康業務嗎？另外，你們能否協助我們理解或量化這個混合式照護業務的規模？

We've been modeling InTouch flat at about $100 million of revenue for the last several years. So just interested to know, like, is that the correct ballpark? Or is the business significantly larger than maybe we had appreciated?

過去幾年我們一直把 InTouch 的營收模型假設為大約 1 億美元。所以想確認一下，這是否是正確的量級？還是說這項業務其實顯著更大，只是我們先前沒有充分掌握？

Yeah, I think the so to answer it this way, I don't want to get into the specifics around the revenue from a particular offering. But the historical part of that business was the acquisition of InTouch for those that (technical difficulty) understand that term. And we've been able to continue to innovate those devices and software over time.

是的，我想我用這種方式回答：我不想深入到某一個特定產品/方案的營收細節。但那項業務的歷史部分，確實是收購 InTouch 而來，對於那些（技術問題）理解這個名詞的人而言。而且我們也能隨時間持續在那些設備與軟體上進行創新。

What we've done outside the US, I think very effectively, is take that technology and work with care delivery organizations in a number of countries to bring virtual services with that technology. Whereas in the US, the current business and historic business was really a technology product that was being sold in the hospital and health systems, not the services piece. Whereas in other countries, we're doing both in what we've termed hybrid care in that environment, bringing virtual services with our technology into a physical care setting in places like Canada and France and Australia and other places. In the US though, it's really been technology.

在美國以外，我認為我們做得非常有效的一點，是把那套技術帶到多個國家，與照護提供機構合作，利用該技術導入虛擬服務。相較之下，在美國，現有與歷史上的業務主要是把一項技術產品賣給醫院與醫療體系，而不是服務本身。但在其他國家，我們在所謂的混合式照護環境中同時做技術與服務，把我們的技術所支援的虛擬服務帶進實體照護場域，例如加拿大、法國、澳洲等地以及其他市場。不過在美國，主要仍是技術。

What we're looking to do and what we're excited about with this bringing Teledigm to the company is this is a company that we've worked with for a long time that's used our technology and really commercialized the services part of the equation using our technology. So it's someone that we're -- it's a company we're very familiar with, a lot of trust, a lot of tracks that have been laid in terms of using our technology and support and use cases to those health systems.

我們接下來想做、也對此感到興奮的是：透過把 Teledigm 納入公司，我們將引進一家與我們合作已久的公司；他們使用我們的技術，並且真正把「服務」這一部分用我們的技術商業化。所以我們對這家公司非常熟悉、彼此信任，也已經在使用我們技術、支援以及在那些醫療體系的使用情境方面，累積了很多既有軌跡與基礎。

So we think bringing that expertise we have in non-US markets, which is considerable and been a nice source of growth for us, bringing that expertise combined with our technology and Teledigm services together to really go after that market opportunity in 2027.

因此我們認為，把我們在非美國市場累積的專業（相當可觀，且一直是我們不錯的成長來源）帶回來，並結合我們的技術與 Teledigm 的服務能力，將能在 2027 年真正去把握那個市場機會。

George Hill, Deutsche Bank.

George Hill，德意志銀行。

It's [Maxi] on for George. Thanks for taking the questions and giving the additional color on 2027. Regarding the $200 million insurance exit run rate target for next year, could you talk about how much visibility you have into that growth today? How much is driven by renting utilization within our existing payer relationships versus new payer opportunities?

我是代 George 的 [Maxi]。謝謝你們回答問題並補充 2027 年的更多細節。關於明年保險業務退出時（exit）的 2 億美元 run rate 目標，你們目前對這個成長有多高的能見度？其中有多少是由既有付款方關係中的使用率提升所驅動， versus 來自新的付款方機會？

And for the provider capacity expansion, could you just talk about how the sales pipeline is shaping for next year?

另外，關於提供者產能擴張，你能否談談明年的銷售管線目前呈現的樣貌？

Yeah, I would say we provided that because we've got a number of moving parts of BetterHelp and we just want to try to give some directional commentary in terms of how we're thinking about '27 and how we're seeing the business today.

是的，我會說我們之所以提供那些資訊，是因為 BetterHelp 有很多變動因素，我們只是想就我們如何看待 2027 年、以及我們今天看到的業務狀況，提供一些方向性的評論。

We're already seeing 27,000 visits a week, as I referenced earlier, a significant run rate of $140 million, we're going to exit this year at that level as well. And we're going to see -- our goal is to have sequential growth each quarter and of course exit with at least $200 million or more like we referenced.

如我先前提到的，我們已經看到每週 27,000 次就診，對應到相當可觀的 1.4 億美元 run rate；我們今年也會以同樣的水準退出。而我們的目標是每一季都能逐季成長，當然也希望退出時至少達到 2 億美元，或如我們所提到的更高。

So we've got good line of sight in terms of the plan to execute against that. We've got really good momentum that we've seen in insurance to expand capacity, really evaluate the demand equation. And of course, the payer contracts that we have over 150 million lives in our current payer contracts. So we've got plenty of room to activate the strategy. Again, there's execution in front of us, so it's directional, but that's how we're feeling about it.

因此就執行該計畫而言，我們有相當好的能見度。我們在保險端看到很好的動能，能夠擴充產能，也能更仔細評估需求端的方程式。當然，我們現有的付款方合約覆蓋超過 1.5 億名受保人（lives）。所以我們有很大的空間去啟動這個策略。再次強調，前面仍有執行工作要做，所以這是方向性的，但這就是我們目前的感受。

Jalendra Singh, Truist Securities.

Jalendra Singh，Truist Securities。

So I want to stick with the BetterHelp. Just a quick clarification there first. If I take all your comments and put the pieces together, is the message that BetterHelp revenue will still decline next year, but probably exit the year growing year over year on top line?

我想繼續聚焦在 BetterHelp。先快速釐清一下。如果我把你們所有評論拼在一起，訊息是否是：BetterHelp 明年營收仍會下滑，但可能在年底時（exit）營收年增、也就是營收端回到年對年成長？

And then on margin side, clearly, you would have lower margin insurance mix change, but then your reduction in advertising spend, those things offset each other. You see some EBITDA margin expansion. So just help us frame directionally how should we think about those two things?

另外在毛利/利潤率方面，很明顯保險組合變化會拉低毛利率，但你們降低廣告支出等因素又會互相抵銷。你們看到 EBITDA 利潤率有一些擴張。所以請協助我們從方向性上框架：我們應該如何看待這兩件事？

Yes. I think the first thing I would say is, as you would expect, we're going to provide full 2027 guidance in the fourth quarter. The reason for us making some comments here is because we know there's so many moving parts coming out of the second quarter and the actions we're undertaking.

是的。我想我首先要說的是，如你所預期的，我們會在第四季提供完整的 2027 年指引。我們之所以在這裡做一些評論，是因為我們知道第二季之後有太多變動因素，以及我們正在採取的各項行動。

And really there's a couple of key pieces there, obviously cash pay and insurance, which is why we made sure we talked about those directionally. So with cash pay, we're going to continue to focus on insurance, growing insurance and evolving that advertising approach. And we're going to see where cash pay goes with that.

而且其中確實有幾個關鍵部分，顯然包括自費（cash pay）與保險，這也是為什麼我們確保以方向性的方式談到它們。因此在自費方面，我們將持續把重點放在保險上，擴大保險業務並調整那套廣告策略。同時我們也會觀察在這樣的情況下，自費會如何發展。

Given what we're seeing in the third quarter, really our first full quarter of these additional actions, we wanted to give that data point and reference it in terms of what cash pay might look like as we go into 2027 because we will see lower advertising expenditures for the reasons I've already covered. So I think that's all where I'll leave it at that in terms of where we think cash pay might go. Again, we'll cover full guidance in 2027.

鑑於我們在第三季看到的情況——這其實是我們採取這些額外行動後的第一個完整季度——我們想提供這個數據點，並用它來作為參考，說明當我們邁向 2027 年時，自費可能會呈現什麼樣貌，因為基於我先前已說明的原因，我們將看到較低的廣告支出。所以我想，關於我們認為自費可能會走向何處，我就先說到這裡。再次強調，我們會在 2027 年提供完整指引。

With insurance, we're very focused on scaling it, increasing capacity, making sure that we are leveraging this national footprint that we created in the second quarter, and so that's why we wanted to make sure we provided some commentary around that. I don't want to get beyond that at this point.

在保險方面，我們非常專注於擴大規模、提升產能，並確保我們能善用第二季建立的全國性佈局，因此我們才想就此提供一些評論。我目前不想再延伸超出這個範圍。

From a margin perspective, as we talked about earlier, the insurance business, we do expect lower gross margin than what we've seen in cash pay. Of course, cash pay margin is high because of the level of advertising that you have to do to activate that cash pay market given the churn dynamics there. So we're going to do what we've been doing, Jailendra, which is focus on balancing the top line and the bottom line as we execute this important pivot.

從毛利率角度來看，如同我們先前談到的，保險業務的毛利率，我們確實預期會低於我們在自費所看到的水準。當然，自費毛利率高，是因為在那種流失（churn）動態下，為了啟動自費市場，你必須投入相當程度的廣告。所以我們會持續做我們一直在做的事，Jailendra，也就是在執行這個重要轉型時，專注於平衡營收端與獲利端。

Elizabeth Anderson, Evercore.

Elizabeth Anderson，Evercore。

Mike, welcome and congrats on your new role. As we talk about the growth of the insurance business in BetterHelp, if we think about it like sort of the growth, you've obviously done a great job of talking us through the components in terms of selling to national plans and the selling season. Once you get them on board, can you talk us through some of the learnings in terms of like converting those lives into actual completed sessions and any sort of continued bottlenecks on the therapist network side as you continue to scale that?

Mike，歡迎你，也恭喜你擔任新職務。談到 BetterHelp 的保險業務成長，如果我們把它視為一種成長路徑，你已經很清楚地帶我們理解其組成要素，包括向全國性保險計畫銷售以及銷售季節。一旦把這些計畫納入之後，你能否分享一些學習心得，例如如何把這些受保人（lives）轉化為實際完成的諮商次數（completed sessions），以及在你持續擴張時，治療師網路端是否仍存在任何持續的瓶頸？

Yeah. Thank you for that. With BetterHelp, think about the insurance business really as an in-network model, meaning we're a provider in those payer networks and so getting those lives under contract, the $150 million-plus that I referenced is sort of the first point. The second is how you make aware people that have mental health needs and want to use those kinds of service -- virtual services aware that BetterHelp is in-network with those payers. And third is really creating that awareness through the strong brand recognition and the customer acquisition channels that we built to BetterHelp overtime through the consumer lens. So all of that is coming into play in terms of responding to your question.

好的。謝謝你的提問。就 BetterHelp 而言，把保險業務視為「網內」（in-network）模式，也就是我們是那些付款方（payer）網路中的服務提供者；因此，讓這些受保人納入合約——我提到的超過 1.5 億美元——算是第一步。第二步是如何讓有心理健康需求、並希望使用這類服務——虛擬服務——的人知道 BetterHelp 在這些付款方的網內。第三步則是透過強大的品牌辨識度，以及我們長期以消費者視角為 BetterHelp 建立的客戶獲取渠道，來建立這種認知。所以，以上這些都與你問題的回應相關。

And then as we create that awareness and people have a need and they want to utilize BetterHelp services, they want to use their insurance. Then they come through the funnel, and they will be matched with a therapist. And then, of course, until they're seen, that session becomes our revenue when that session occurs and then obviously recurring sessions. So all of those things have to come into play.

接著，當我們建立這種認知，而人們確實有需求並想使用 BetterHelp 服務、也想使用他們的保險時，他們就會進入漏斗流程，並被媒合到一位治療師。然後，當他們實際被看診之前，那次諮商在發生時才會成為我們的收入，之後當然還包括後續的重複諮商。所以這些環節都必須到位。

From a therapist-capacity standpoint, as I've touched on, really looking at our platform, which has historically been built to optimize for cash paid and now we're making a number of advancements to really optimize as much as we can for insurance in terms of creating more efficient model for them -- more predictable model for them. So all those things are coming to play.

就治療師產能而言，如我提到的，我們正在檢視我們的平台；該平台過去主要是為了最佳化自費而打造，而現在我們正在做多項改進，盡可能在保險方面也達到最佳化，為他們建立更有效率——更可預測——的模式。因此這些因素也都在發揮作用。

And then the last point I would make to your question is, as we look at what we need capacity-wise, it's important to look at it on a local level too, on a market basis, as well as payers. And that's why we're very focused on not just the number of membership that we have under contract, but this credentialing process.

最後一點回到你的問題，當我們看所需的產能時，也必須在地方層級、以市場為單位，以及以付款方為單位來看。這也是為什麼我們不只關注合約下的會員數量，還非常重視這個資格認證（credentialing）流程。

As I've mentioned before, we have delegated credentialing in place with a number of plans, and we are continuing to explore NCQA accreditation for delegated credentialing so that we can go to other payers and see if we can get delegated credentialing arrangements with them. We do a lot of the heavy lifting and then ultimately get them enrolled in the plan. So hopefully that was responsive to your question.

如我先前提到的，我們已與多個保險計畫建立委派式資格認證（delegated credentialing），並且我們正持續探索取得 NCQA 對委派式資格認證的認證（accreditation），以便我們能與其他付款方洽談，看看是否也能與他們建立委派式資格認證安排。我們會承擔大量前置作業，最終讓他們加入該保險計畫。希望這有回答到你的問題。

Yeah.

有。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Chuck, obviously, we are shifting away from the cash pay market. I guess two questions regarding that. First, can you talk a little bit about when you say there's differences in the way you market for insurance priorities versus cash pay, if possible, to give some examples like what that means and what that looks like in practice?

Chuck，顯然我們正在從自費市場轉移。我想就此有兩個問題。第一，當你說在保險優先事項與自費之間，行銷方式存在差異時，你能否多談一點？如果可以的話，請舉一些例子，說明這在實務上代表什麼、看起來會是什麼樣子？

And then secondly, as you shift away from cash pay and others in the space have done that as well, what does that say about the cash pay market overall?

第二，當你們從自費轉移，而同業中也有人這麼做時，這對整體自費市場意味著什麼？

And for patients or for folks that are looking for therapy, the cash-free market at one time, that's where a lot of people searched it. But if providers like yourselves are leaving this market, what do you think that market looks like in a few years and what is it about this market just makes it really difficult to scale in a sustainable way? And do you think that might change in the future?

對病患或正在尋找治療的人來說，自費市場在某個時期是很多人搜尋的地方。但如果像你們這樣的服務提供者正在離開這個市場，你認為幾年後這個市場會變成什麼樣子？以及這個市場究竟是什麼原因，使得要以可持續的方式擴大規模如此困難？你認為未來這種情況可能會改變嗎？

Yeah. Great questions. First, with respect to the marketing difference, up until the second quarter -- well, first of all, prior to insurance, BetterHelp was all a consumer marketing engine. So it was national strategies, national campaigns, value proposition and so forth. And then as we entered insurance, each state, because we needed to make sure that we can only talk about insurance relative to what was available in that market, we had to tailor our marketing based on the states that were operational.

好的。問題很棒。先談行銷差異：一直到第二季之前——首先，在導入保險之前，BetterHelp 完全是一個面向消費者的行銷引擎。所以是全國性策略、全國性活動、價值主張等等。而當我們進入保險後，由於我們必須確保只能針對該市場可提供的保險內容來溝通，因此每個州都需要依據已營運的州別來量身調整行銷。

And as that continued to scale, we saw ourselves having the ability to create some efficiencies by going to a national footprint. So now we can advertise and we can talk about, hey, BetterHelp accepts insurance. So we get some synergies there as well as the marketing message where others that have already gone down this path previously were able to say that they accept insurance and so forth.

隨著規模持續擴大，我們看到自己可以透過建立全國性佈局來創造一些效率。因此現在我們可以投放廣告並溝通：嘿，BetterHelp 接受保險。所以我們在這裡也獲得一些綜效；同時在行銷訊息上，其他先前已走過這條路的業者，也能夠說他們接受保險等等。

So that's been key as well as just lowering the overall advertising expenditures so that we can more connect the demand generation to the capacity we have. So it's the marketing strategies as well as the overall advertising levels that come into play there.

因此，這一點很關鍵；同時也包括降低整體廣告支出，讓我們能更把需求生成與我們擁有的產能連結起來。所以在這裡會同時涉及行銷策略，以及整體廣告投放水位。

In terms of cash pay, I think BetterHelp was a small acquisition. It grew significantly. And a lot of that was because it had a great consumer orientation and a value prop, but also historically there was a very difficult place for payers in terms of mental health capacity and access on the network. And so this consumer-oriented model was able to meet a need at that time when there was less network access coverage.

就現金自費而言，我認為 BetterHelp 是一筆規模不大的收購。它成長得非常顯著。其中很大一部分原因在於它具備很強的消費者導向與價值主張，但同時，從歷史上看，對於付款方而言，在心理健康的量能與網路內可近性方面一直是非常棘手的領域。因此，這種以消費者為導向的模式，能在當時網路內涵蓋不足、可近性較低的情況下滿足需求。

Of course, that's evolved a bit since post-pandemic and others have sort of moved in that space. So the market has evolved a bit in terms of creating capacity from an insurance perspective for mental health services.

當然，自疫情後情況也有些演變，其他業者也陸續進入這個領域。因此，市場在從保險角度為心理健康服務創造量能方面，也出現了一些變化。

I would also say that if you look at BetterHelp, we're essentially asking someone to pay out of pocket in the cash pay environment, the equivalent of a car payment, if you think about it, so the consumer pressures, the cost and the fact that we can start to create insurance availability from an affordability standpoint is key.

我也想說，如果你看 BetterHelp，本質上我們是在現金自費的環境下，要求某人自掏腰包支付一筆費用；如果你這樣想，其金額大致相當於一筆汽車貸款的月付。

And then I think the last part is, as we've talked about, we think it's important for BetterHelp in the US to be able to offer both insurance at scale and a cash to pay option because there are going to be people that either aren't in network and want to use BetterHelp that because of stigma or other reasons don't want to access their insurance. And I do believe there is going to be -- there's going to continue to be a cash pay market for these services. It's just given the level of preference we're seeing, the affordability challenges and so forth.

然後我認為最後一點是，正如我們討論過的，我們認為 BetterHelp 在美國能夠同時以規模化方式提供保險，以及提供現金自費選項，這很重要；因為會有人不是網路內（in network），但仍想使用 BetterHelp，或是因為汙名化或其他原因而不想動用自己的保險。而且我確實相信，這類服務將會——將會持續存在一個現金自費市場。只是考量到我們看到的偏好程度、可負擔性挑戰等等因素。

We just feel like moving this business much more into an in-network model is a more durable position notwithstanding the fact that I see us offering both cash pay and insurance depending on what where the market heads.

我們只是覺得，把這項業務更大幅度地轉向網路內模式，是一個更具持久性的定位；儘管我也看到我們會同時提供現金自費與保險，取決於市場未來走向。

Ryan Daniels, William Blair.

Ryan Daniels，William Blair。

I want to continue with one on BetterHelp and maybe a little bit more strategic. I'm curious how you think about the potential to refer internally. So if we look to something like Teladoc One and using HealthPulse. I think there's probably an ability to identify individuals that have a need for behavioral care that are in your Integrated Care or Teladoc One model.

我想延續一個關於 BetterHelp 的問題，可能更偏策略面一些。我很好奇你如何看待內部轉介的潛力。所以如果我們看像 Teladoc One 並使用 HealthPulse 這類工具。我認為你們大概有能力在你們的整合照護（Integrated Care）或 Teladoc One 模式中，辨識出有行為健康照護需求的個體。

How are you thinking about leveraging that to make warm hand-offs to the insured BetterHelp model? And do you envision that being a big growth driver in the future?

你們如何思考運用這點，將他們以「溫暖交接」（warm hand-offs）的方式轉介到有保險給付的 BetterHelp 模式？你是否預期這會成為未來重要的成長驅動因素？

It's a great question. I think as you look at Integrated Care, we have a pretty scaled mental health capability inside Integrated Care, therapy and psychiatry and really the approach there is, to your point, looking at things more holistically for the patient in terms of across physical and mental health in chronic care programs and other kinds of access. And so that's been an important part of Integrated Care and will continue to be because of the overall physical health, mental health aspect.

這是個很好的問題。我認為，從整合照護來看，我們在整合照護內部已具備相當規模的心理健康能力，包括心理治療與精神科；而那裡的做法正如你所說，是以更整體的方式看待病患，涵蓋慢性照護計畫中的身心健康，以及其他類型的可近性。因此，這一直是整合照護的重要部分，未來也會持續如此，因為整體健康同時包含身體健康與心理健康。

To your point, the BetterHelp segment has got a strong capability in terms of focusing on mental health and making this pivot to insurance to create a more durable model. And we've got them heads down focused on that.

如你所說，BetterHelp 這個部門在聚焦心理健康方面具備很強的能力，並且正在轉向保險以建立更具持久性的模式。我們也讓他們全力專注在這件事上。

Now, I think over the longer term, as we think about where we want to take mental health more broadly, it opens up other kinds of possibilities. But I don't want to get ahead of this. I think focusing on execution, the priorities we've talked about, I think it's really important for BetterHelp to continue to scale that, continue on the Integrated Care side to care for people more holistically and then explore those types of synergies down the line to your point.

現在，我認為從更長期來看，當我們思考要把心理健康更廣泛地帶往何處時，這會開啟其他類型的可能性。但我不想操之過急。我認為聚焦在執行、我們談過的優先事項非常重要；我也認為對 BetterHelp 來說，持續把規模做大很重要；同時在整合照護端，持續以更整體的方式照護人們，然後如你所說，之後再去探索這類協同效應。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

I want to go back to Teladoc One here. You rolled it out initially in September here with some in the pilot stage. Just wondering about the incremental revenue opportunity and how we should be thinking about it? What you're seeing now in terms of outcome-based fees versus your traditional visit-based fees? And what are you seeing that ramp into as you head into the selling season? Are these new employer customers that are interested in this or these more legacy customers that you're trying to convert to Teladoc One?

我想回到 Teladoc One。你們在 9 月先行推出，當時有一些仍在試點階段。我想了解增量營收機會，以及我們應該如何看待它？就你們目前看到的結果導向費用（outcome-based fees）相對於傳統按次就診費用（visit-based fees）而言，情況如何？以及當你們進入銷售季時，你們看到它會如何爬坡成長？這些是對此有興趣的新雇主客戶，還是更多你們想轉換到 Teladoc One 的既有客戶？

Yeah, thanks. I think, first of all, at a sort of overall level, what Teladoc One represents is really a culmination of a lot of work to get us in a position having this extensive virtual care capability from clinical breath standpoint, the technology, all the things behind it and the ability to care for patients more holistically.

好的，謝謝。我想，首先從整體層面來看，Teladoc One 所代表的，其實是我們大量工作的集大成：讓我們具備從臨床服務廣度、技術、以及背後所有支撐要素等面向的完整虛擬照護能力，並能以更整體的方式照護病患。

I think historically and currently, companies like us have gone to market focused on conditions and certain products and depending on whether a client has acquired multiple products from Teladoc determines what level of support and engagement and that we can do with a member, of course, right, in terms of what we're contracted to do.

我認為過去以及目前，像我們這樣的公司在市場推廣時，往往是以特定病症與某些產品為主；而客戶是否向 Teladoc 購買了多項產品，會決定我們能對會員提供到什麼程度的支援與互動——當然，這取決於我們合約中承諾要做的範圍。

Whereas Teladoc One really brings the full breadth of what we can do to the individual. And that's a real difference in terms of both our differentiation in the market as well as how we're coming to market. And that also gives us the ability over time to serve broader populations than a particular condition or those kinds of things because the needs change and people are more than just a condition. They have more care needs. So I think from an overall perspective, that's how we're looking at Teladoc One.

相較之下，Teladoc One 真正把我們能做的完整廣度帶給個人。這在我們的市場差異化，以及我們進入市場的方式上，都是一個真正的不同點。而且這也讓我們有能力隨時間推進，服務比單一病症更廣泛的人群，因為需求會改變，而人不只是某一種病症。他們有更多照護需求。所以我認為從整體角度來看，這就是我們看待 Teladoc One 的方式。

We've got the initial launch partners underway, like I mentioned, starting to engage with patients, getting really good early feedback on that. And we're starting to have those conversations with clients and then for more broader availability in '27. But given the selling cycle process and dynamics, we would expect to see some impact on 2027 and 2027 selling for 2028.

我們已經啟動了我提到的初始上市合作夥伴，開始與病患互動，也收到非常好的早期回饋。我們也開始與客戶進行相關對話，並規劃在 2027 年提供更廣泛的可用性。但考量銷售週期的流程與動態，我們預期會在 2027 年看到一些影響，並在 2027 年的銷售中為 2028 年做準備。

So we're excited to bring it to market. We believe we're going to have some impact on 2027 with Teladoc One, both in terms of current clients from a retention standpoint and as a value proposition standpoint, and we believe, over time, continue to grow the client base in this new offering.

因此，我們很期待把它推向市場。我們相信 Teladoc One 在 2027 年會帶來一些影響，無論是對既有客戶的留存（retention）面向，或是價值主張面向；並且我們相信，隨著時間推進，這項新方案將持續擴大客戶基礎。

We've reached the end of our Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

我們的問答環節到此結束。今天的電話會議到此告一段落。感謝各位出席。您現在可以掛線。