Teladoc Health Inc (TDOC) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Teladoc's Third Quarter 2021 Earnings Conference Call.

歡迎參加 Teladoc 2021 年第三季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to hand the conference over to your first speaker today, Mr. Patrick Feeley, Head of the Investor Relations.

我現在想將會議交給您今天的第一位發言人，投資者關係負責人 Patrick Feeley 先生。

Sir, please go ahead.

先生，請繼續。

Thank you, and good afternoon.

謝謝，下午好。

Today, after the market close, we issued a press release announcing our third quarter 2021 financial results.

今天，在市場收盤後，我們發布了一份新聞稿，宣布了我們 2021 年第三季度的財務業績。

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

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

On this call to discuss the results are Jason Gorevic, our Chief Executive Officer; and Mala Murthy, our Chief Financial Officer.

我們的首席執行官 Jason Gorevic 參加了這次討論結果的電話會議；和我們的首席財務官 Mala Murthy。

During this call, we will also provide our fourth quarter and full year 2021 outlook, and our prepared remarks will be followed by a question-and-answer session.

在本次電話會議中，我們還將提供我們的第四季度和 2021 年全年展望，我們準備好的講話之後將進行問答環節。

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

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

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

有關這些非公認會計原則措施與最具可比性的公認會計原則措施之間的關係及其對賬的詳細信息，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.

此外，請注意，本次電話會議期間的某些陳述將是 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results for Teladoc Health to differ materially from those expressed or implied on this call.

此類前瞻性陳述受風險、不確定性和其他因素的影響，可能導致 Teladoc Health 的實際結果與本次電話會議中明示或暗示的結果存在重大差異。

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

有關更多信息，請參閱我們在新聞稿中的警告聲明以及我們向 SEC 提交的文件，所有這些都可以在我們的網站上找到。

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

我現在想把電話轉給傑森。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

This afternoon, I'm pleased to report another strong quarter marked by solid financial performance, more care delivered and deeper member relationships.

今天下午，我很高興地報告另一個強勁的季度，其特點是穩健的財務業績、更多的關懷和更深入的會員關係。

Today, I also want to highlight 2 areas where we've made meaningful high-impact progress toward our goal of transforming health care: one, becoming the consumer destination of choice for virtual care; and two, gaining significant commercial traction for our integrated whole-person primary care approach.

今天，我還想強調我們在實現醫療保健轉型目標方面取得重大進展的兩個領域：第一，成為虛擬醫療的消費者首選目的地；第二，為我們的綜合全人初級保健方法獲得顯著的商業吸引力。

Consumers and clients are demanding a single integrated virtual health care solution that seamlessly takes care of all of their health care needs, redefines the care experience and leverages data to improve care at scale.

消費者和客戶需要一個單一的集成虛擬醫療保健解決方案，無縫滿足他們所有的醫療保健需求，重新定義護理體驗並利用數據大規模改善護理。

During the third quarter, we continued to demonstrate on our unique ability to meet those demands with a whole-person care approach that continues to fuel our sustained growth.

在第三季度，我們繼續展示我們通過全人護理方法滿足這些需求的獨特能力，這種方法繼續推動我們的持續增長。

Our broad portfolio of capabilities drove excellent financial results, producing revenue of $522 million in the third quarter, an increase of 81% over the prior year, including organic revenue growth of 32%, which excludes revenue from acquisitions completed over the past 12 months.

我們廣泛的能力組合推動了出色的財務業績，第三季度產生了 5.22 億美元的收入，比去年同期增長 81%，其中有機收入增長了 32%，其中不包括過去 12 個月完成的收購收入。

With our third quarter results and increased visibility to Q4 revenue, we're updating our full year revenue guidance range to $2.015 billion to $2.025 billion, representing growth of 85% over the prior year.

隨著我們第三季度的業績和第四季度收入的可見性提高，我們將全年收入指導範圍更新至 20.15 億美元至 20.25 億美元，比上年增長 85%。

While these financial results quantify our ability to deliver on our promises and sustain the success of our work to transform health care.

雖然這些財務結果量化了我們兌現承諾和維持我們改變醫療保健工作成功的能力。

Validation came in a number of forms.

驗證有多種形式。

And we're very proud that Teladoc Health has once again been named #1 in consumer satisfaction by J.D. Power.

我們非常自豪 Teladoc Health 再次被 J.D. Power 評為消費者滿意度第一名。

We've always viewed our outstanding consumer experience as a key differentiator for us, but also as one of the unique ways in which we expand our role in an individual's health care journey.

我們一直將卓越的消費者體驗視為我們的關鍵差異化因素，也是我們在個人醫療保健旅程中擴大角色的獨特方式之一。

For example, we find that the Net Promoter Score for someone's first visit is a strong leading indicator of future usage.

例如，我們發現某人第一次訪問的淨推薦值是未來使用情況的一個強有力的領先指標。

And a positive initial experience creates stickier relationships with our members.

積極的初始體驗會與我們的會員建立更緊密的關係。

The recognition by J.D. Power is proof positive that we're delivering on our promise to our members.

J.D. Power 的認可證明我們正在兌現對會員的承諾。

And the strong utilization increases in spite of the waning pandemic are the results.

結果是儘管大流行減弱，但利用率卻強勁增長。

Our global network of clinicians provided 3.9 million visits in the quarter, an increase of 37% over the third quarter of last year.

我們的全球臨床醫生網絡在本季度提供了 390 萬次就診，比去年第三季度增長 37%。

Even as pandemic restrictions continue to ease and vaccination rates improve, consumers are increasingly relying on Teladoc Health's virtual care.

即使大流行限制繼續放寬，疫苗接種率提高，消費者也越來越依賴 Teladoc Health 的虛擬護理。

We're now on track to provide more than 14 million visits for the year.

我們現在有望在今年提供超過 1400 萬次訪問。

As has been the case all year, the strength in utilization has been driven by growth in visits related to noninfectious diseases and specialty care as consumers are turning to us for a broader array of conditions.

與全年一樣，隨著消費者向我們尋求更廣泛的條件，與非傳染性疾病和專科護理相關的訪問量的增長推動了利用率的增長。

During the third quarter, more than 75% of member visits in the employer and health plan channel were related to noninfectious diseases versus approximately 50% in the pre-pandemic period.

在第三季度，雇主和健康計劃渠道中超過 75% 的會員訪問與非傳染性疾病有關，而在大流行前期間這一比例約為 50%。

Growth in mental health visits, in particular, continue to outperform across the direct-to-consumer, employer and health plan populations.

特別是心理健康訪問的增長在直接面向消費者、雇主和健康計劃人群中繼續表現出色。

And B2B mental health visits remain on pace to double this year as compared to fiscal year 2020.

與 2020 財年相比，今年 B2B 心理健康訪問量仍將翻一番。

While we continue to see lower than typical transmission of infectious diseases across the country due to social distancing and PPE usage, our infectious disease volumes have continued to increase throughout the year.

儘管由於社交距離和個人防護裝備的使用，我們繼續看到全國傳染病的傳播低於典型水平，但我們的傳染病數量全年持續增加。

The combination of building momentum in infectious diseases and continued strength in noninfectious disease and mental health volumes gives us great confidence in our outlook for 2021.

傳染病的發展勢頭與非傳染病和心理健康數量的持續增長相結合，使我們對 2021 年的前景充滿信心。

We have also made substantial commercial progress with our Primary360 product, which represents a key pillar of our whole-person care strategy.

我們的 Primary360 產品也取得了實質性的商業進展，這是我們全人護理戰略的關鍵支柱。

Primary360 reimagines primary care by delivering a fully integrated virtual solution of mental and physical health, leveraging technology and data, bringing together a full care team for the consumer and connecting into the physical delivery system to get consumers the right care at the right time.

Primary360 通過提供完全集成的心理和身體健康虛擬解決方案、利用技術和數據、為消費者組建完整的護理團隊並連接到物理交付系統以在正確的時間為消費者提供正確的護理，從而重新構想初級保健。

Over the last few months, we've signed several new agreements for Primary360, including 2 notable health plan deals.

在過去的幾個月裡，我們為 Primary360 簽署了幾項新協議，其中包括兩項值得注意的健康計劃交易。

First, as announced earlier in the quarter by CVS, we signed an agreement to bring Primary360 to Aetna's self-insured employers nationwide beginning next year.

首先，正如 CVS 在本季度早些時候宣布的那樣，我們簽署了一項協議，從明年開始將 Primary360 提供給 Aetna 在全國范圍內的自保雇主。

Earlier this month, we also expanded our relationship with Centene to partner on its new Ambetter virtual-first health plans on the health care exchanges, beginning with 4 states in 2022.

本月早些時候，我們還擴大了與 Centene 的關係，以合作夥伴在醫療保健交易所推出新的 Ambetter 虛擬優先健康計劃，從 2022 年開始在 4 個州開始。

Each of these agreements provides members with access to our virtual care team, including a virtual primary care physician of their choosing and care extenders, such as nurses, 0 co-pays for virtual visits, unlimited messaging, integration with our virtual specialties such as dermatology and mental health, and navigation to local in-network providers when needed.

這些協議中的每一項都為成員提供了訪問我們虛擬護理團隊的權限，包括他們選擇的虛擬初級保健醫生和護理擴展者，例如護士，虛擬就診的 0 共付額，無限制的消息傳遞，與我們的虛擬專科（如皮膚病學）集成和心理健康，並在需要時導航到本地網絡內提供者。

We expect these partnerships, along with deals signed across our suite of whole-person solutions with HCSC and other Blues plans over the past several months, to contribute meaningfully to growth over the next few years as we drive adoption of our whole-person virtual care solutions.

我們預計這些合作夥伴關係，以及過去幾個月與 HCSC 和其他 Blues 計劃簽署的全人解決方案套件的交易，將在我們推動採用全人虛擬護理的過程中為未來幾年的增長做出有意義的貢獻解決方案。

Another key on-ramp to our full set of products and capabilities is Teladoc's integrated suite of chronic care solutions.

我們全套產品和功能的另一個關鍵入口是 Teladoc 的綜合慢性護理解決方案套件。

The number of individuals enrolled in our suite of chronic care solutions grew 31% year-over-year to 725,000 at the end of the quarter.

截至本季度末，加入我們的慢性護理解決方案套件的人數同比增長 31% 至 725,000 人。

In the third quarter, we continued to drive growth in multi-program enrollment.

第三季度，我們繼續推動多項目招生的增長。

24% of our chronic care members are now enrolled in more than one program, up from 8% in the third quarter of last year.

現在，我們 24% 的慢性護理成員參加了多個項目，高於去年第三季度的 8%。

The growth in chronic care enrollment, combined with the greater number of individuals enrolled in multiple programs, such as members enrolled in both our diabetes and hypertension programs, resulted in a 45% year-over-year increase in the total number of chronic care programs in which our members are enrolled.

慢性護理註冊人數的增長，加上參加多項計劃的人數增加，例如參加我們的糖尿病和高血壓計劃的成員，導致慢性護理計劃總數同比增長 45%我們的會員註冊的地方。

Before I pass off the call to Mala, I want to provide some initial perspective on our expectations for 2022.

在我把電話轉給 Mala 之前，我想就我們對 2022 年的期望提供一些初步的看法。

As you know, it's not our typical practice to comment on forward outlook at this point in the year, but we believe the additional color is appropriate given our insights at this stage of the selling season and our outlook on consolidated revenue growth for next year.

如您所知，我們在今年這個時候對前瞻前景發表評論並不是我們的典型做法，但鑑於我們在銷售季節的這個階段的洞察力以及我們對明年綜合收入增長的展望，我們認為額外的顏色是合適的。

First, we are as confident as ever in our multiple levers for growth in 2022 and beyond.

首先，我們對 2022 年及以後的增長的多重槓桿一如既往地充滿信心。

Our unique ability to deliver longitudinal whole-person care is a significant competitive advantage, and our leading position in all B2B and DTC channels enables us to fuel continued growth.

我們提供縱向全人護理的獨特能力是一項重要的競爭優勢，我們在所有 B2B 和 DTC 渠道中的領先地位使我們能夠推動持續增長。

Given our insights at this stage of the selling season, our preliminary outlook for consolidated revenue next year is approximately $2.6 billion.

鑑於我們在銷售季節的這個階段的洞察力，我們對明年合併收入的初步展望約為 26 億美元。

We plan to provide additional details around the building blocks to that outlook at our Investor Day in 3 weeks.

我們計劃在 3 週後的投資者日提供有關該前景的構建模塊的更多詳細信息。

Chronic care is just one of those levers for growth and is increasingly converging with others, for example, through the integration of our capabilities into new high-value products like Primary360 and myStrength Complete.

慢性護理只是增長的槓桿之一，並且越來越多地與其他人融合，例如，通過將我們的能力整合到新的高價值產品中，如 Primary360 和 myStrength Complete。

So far this year, chronic care has grown in line with our initial expectations.

今年到目前為止，慢性護理的增長符合我們最初的預期。

However, as we work through the 2022 planning process, we expect to be more conservative about growth expectations for stand-alone chronic care.

然而，隨著我們完成 2022 年的規劃過程，我們預計對獨立慢性護理的增長預期會更加保守。

Our preliminary outlook assumes stand-alone chronic care revenue will grow approximately 25% to 35%.

我們的初步展望假設獨立慢性護理收入將增長約 25% 至 35%。

And we believe strongly that our chronic care capabilities will also continue to unlock growth across our integrated suite of products and solutions.

我們堅信，我們的慢性護理能力也將繼續推動我們集成的產品和解決方案套件的增長。

Our whole-person care approach is clearly resonating with clients and consumers as their expectations for virtual health care delivery continue to move up the value chain and expand from transactional, episodic demand toward integrated longitudinal care.

我們的全人護理方法顯然引起了客戶和消費者的共鳴，因為他們對虛擬醫療保健服務的期望繼續向價值鏈上游移動，並從交易性、偶發性需求擴展到綜合縱向護理。

As the only virtual care provider capable of delivering the full credit answer at scale, the breadth and depth of our solutions uniquely positions us to meet the market's evolving expectations and demonstrates why our clients are turning to Teladoc Health to satisfy a wider set of consumer health care needs.

作為唯一能夠大規模提供完整信用答案的虛擬護理提供商，我們解決方案的廣度和深度使我們能夠獨特地滿足市場不斷變化的期望，並展示了為什麼我們的客戶轉向 Teladoc Health 以滿足更廣泛的消費者健康護理需求。

We hope this insight provides helpful context, and we look forward to sharing more at our Investor Day on November 18, where we plan to provide an update on our progress toward creating the integrated virtual front door to whole-person care as well as detail on our long-term growth outlook.

我們希望這一見解提供有用的背景，我們期待在 11 月 18 日的投資者日上分享更多信息，我們計劃在會上提供有關我們在創建全人護理的集成虛擬前門方面取得的進展的最新信息以及有關我們的長期增長前景。

With that, I'll turn the call over to Mala for a review of the third quarter as well as detailed guidance.

有了這個，我將把電話轉給 Mala 以審查第三季度以及詳細的指導。

Thank you, Jason, and good afternoon, everyone.

謝謝你，傑森，大家下午好。

During the third quarter, total revenue increased 81% to $522 million or 32% excluding acquired revenue.

第三季度，總收入增長 81%，達到 5.22 億美元，不包括收購收入，增長 32%。

Total U.S. revenue for the quarter was $483 million, representing growth of 89% over the prior year's quarter.

本季度美國總收入為 4.83 億美元，比去年同期增長 89%。

Total international revenue of $39 million increased 17% over the prior year.

國際總收入為 3900 萬美元，比上年增長 17%。

Access fee revenue for the third quarter increased 99% year-over-year to $452 million and represented 87% of total revenue, up from 78% in the prior year's quarter.

第三季度的訪問費收入同比增長 99% 至 4.52 億美元，佔總收入的 87%，高於去年同期的 78%。

The increase in access fee revenue as a percentage of total revenue is primarily due to the acquisition of Livongo and growth in direct-to-consumer mental health, which is sold on a subscription basis.

訪問費收入佔總收入百分比的增加主要是由於收購 Livongo 和直接面向消費者的心理健康的增長，後者以訂閱方式出售。

Visit fee revenue for the third quarter of $60 million increased 18% year-over-year.

第三季度訪問費收入為 6000 萬美元，同比增長 18%。

Turning to membership and access.

轉向會員資格和訪問權限。

We ended the quarter with U.S. paid membership of 52.5 million members, an increase of 500,000 members sequentially over the prior quarter.

在本季度末，我們的美國付費會員達到 5250 萬，比上一季度增加了 50 萬。

Individuals with visit fee only access was 23.6 million at the end of the third quarter.

截至第三季度末，僅有訪問費的個人為 2360 萬人。

Total unique members enrolled in one or more of our chronic care programs was 725,000 members as of the third quarter, a 31% increase over the 553,000 unique members as of the prior year's quarter, pro forma for the merger with Livongo and an increase of 16,000 members sequentially, which was in line with our expectations.

截至第三季度，參加我們一個或多個慢性護理計劃的唯一會員總數為 725,000 名，比上一季度的 553,000 名唯一會員增加 31%，與 Livongo 合併的備考人數增加了 16,000成員順序，這符合我們的預期。

Average revenue per member per month was $2.57 in the third quarter, up from $1.18 in the prior year's quarter and $2.47 in the second quarter of 2021.

第三季度每位會員每月的平均收入為 2.57 美元，高於去年同期的 1.18 美元和 2021 年第二季度的 2.47 美元。

The primary driver of the sequential increase in revenue per member was growth in direct-to-consumer mental health revenue.

每位會員收入連續增長的主要驅動力是直接面向消費者的心理健康收入的增長。

Now turning to visits.

現在轉向訪問。

During the third quarter, we provided 3.9 million visits through our network of clinicians, representing 37% growth over the prior year's quarter.

在第三季度，我們通過我們的臨床醫生網絡提供了 390 萬次訪問，比去年同期增長 37%。

We saw strong growth in both direct-to-consumer visits and visits through our enterprise relationships with health plans and employers on a year-over-year and a sequential basis.

通過我們與健康計劃和雇主的企業關係，我們看到直接面向消費者的訪問量和訪問量均同比和連續增長強勁。

Platform-enabled sessions, which represents encounters facilitated by our licensed platform and provided by our clients' own clinicians, were an additional 1 million in the quarter.

平台啟用的會話代表了由我們的許可平台促進並由我們客戶自己的臨床醫生提供的相遇，在本季度增加了 100 萬次。

The annualized utilization rate for our members was 23.7% in the third quarter, a 720 basis point increase over the prior year's quarter and a 210 basis point increase sequentially.

第三季度我們會員的年化使用率為 23.7%，比去年同期增加 720 個基點，環比增加 210 個基點。

Adjusted gross profit, which excludes depreciation and amortization of intangibles, increased to $353 million.

調整後的毛利潤（不包括無形資產的折舊和攤銷）增加到 3.53 億美元。

Adjusted gross margin was 67.6% compared to 63.7% in the third quarter of 2020.

調整後的毛利率為 67.6%，而 2020 年第三季度為 63.7%。

The 390 basis point improvement in adjusted gross margin is primarily attributable to the increased mix of subscription fee revenue versus the prior year.

調整後的毛利率提高了 390 個基點，主要是由於訂閱費收入與上一年相比有所增加。

Gross profit and adjusted gross profit in the third quarter of 2021 include the benefit of approximately $5.7 million in lower expenses on Livongo devices attributable to purchase accounting adjustments related to the merger.

2021 年第三季度的毛利潤和調整後的毛利潤包括因與合併相關的採購會計調整而導致的 Livongo 設備費用減少約 570 萬美元的收益。

Adjusted EBITDA was $67.4 million in the third quarter compared to $39.5 million in prior year's quarter.

第三季度調整後的 EBITDA 為 6740 萬美元，而去年同期為 3950 萬美元。

Adjusted EBITDA in the third quarter of 2021 includes a benefit of approximately $5.7 million attributable to purchase accounting adjustments mentioned previously.

2021 年第三季度調整後的 EBITDA 包括因前面提到的採購會計調整而產生的約 570 萬美元的收益。

Better-than-expected adjusted EBITDA in the quarter was driven in part by a slower ramp in technology and development spending versus plan.

本季度調整後 EBITDA 好於預期，部分原因是技術和開發支出與計劃相比增長放緩。

We continue to make material investments in technology and data science to deliver on the full promise of whole-person care at scale, and we are anticipating a material ramp-up in investment in the fourth quarter and into next year.

我們繼續在技術和數據科學方面進行重大投資，以實現大規模全人護理的全部承諾，我們預計第四季度和明年的投資將大幅增加。

Net loss in the third quarter was $84 million compared to a net loss of $36 million in the same quarter last year.

第三季度的淨虧損為 8400 萬美元，而去年同期的淨虧損為 3600 萬美元。

The wider net loss was primarily attributable to increased stock-based compensation and amortization of acquired intangibles.

更廣泛的淨虧損主要歸因於基於股票的薪酬和所購無形資產的攤銷增加。

On a per share basis, net loss was $0.53 for the third quarter compared to a net loss of $0.43 in the prior year's quarter.

按每股計算，第三季度的淨虧損為 0.53 美元，而去年同期的淨虧損為 0.43 美元。

Net loss per share includes stock-based compensation expense of $0.45, loss on extinguishment of debt of $0.01 and amortization of acquired intangibles of $0.28.

每股淨虧損包括 0.45 美元的股票補償費用、0.01 美元的債務清償損失和 0.28 美元的收購無形資產攤銷。

We ended the quarter with $826 million in cash and short-term investments while our total recorded debt outstanding as of quarter end was $1.2 billion.

我們在本季度末有 8.26 億美元的現金和短期投資，而截至本季度末，我們記錄的未償債務總額為 12 億美元。

Operating cash flow in the quarter was $77 million.

本季度的經營現金流為 7700 萬美元。

Now turning to forward guidance.

現在轉向前向指導。

For the full year 2021, we now expect revenue to be in the range of $2.015 billion to $2.025 billion.

對於 2021 年全年，我們現在預計收入將在 20.15 億美元至 20.25 億美元之間。

We expect adjusted EBITDA in 2021 in the range of $260 million to $265 million.

我們預計 2021 年調整後的 EBITDA 將在 2.6 億美元至 2.65 億美元之間。

As discussed previously, we are reinvesting cost synergies back into the business to fuel long-term growth, including the rollout of new capabilities and new products such as myStrength Complete and Primary360, continued integration of Livongo, enhancements to our integrated data platform and expansions into new markets.

如前所述，我們正在將成本協同效應重新投入到業務中，以推動長期增長，包括推出新功能和新產品，例如 myStrength Complete 和 Primary360、繼續集成 Livongo、增強我們的集成數據平台以及擴展到新市場。

We now expect total visits in 2021 to be between 14.5 million and 14.7 million visits, representing growth of 37% to 39% over the prior year.

我們現在預計 2021 年的總訪問量將在 1450 萬至 1470 萬之間，比上一年增長 37% 至 39%。

For the fourth quarter of 2021, we expect revenue of $536 million to $546 million, representing growth of 40% to 42% over the prior year's quarter.

對於 2021 年第四季度，我們預計收入為 5.36 億美元至 5.46 億美元，比去年同期增長 40% 至 42%。

We expect total paid membership in the range of 52.5 million to 53.5 million and anticipate total visits during the fourth quarter of between 3.9 million and 4.1 million visits, which represents year-over-year growth of 32% to 39%.

我們預計付費會員總數在 5250 萬至 5350 萬之間，預計第四季度的總訪問量在 390 萬至 410 萬之間，同比增長 32% 至 39%。

We expect fourth quarter adjusted EBITDA to be in the range of $69 million to $74 million.

我們預計第四季度調整後的 EBITDA 將在 6900 萬美元至 7400 萬美元之間。

With that, I will turn the call back to Jason for closing remarks.

有了這個，我將把電話轉回傑森的閉幕詞。

Thanks, Mala.

謝謝，馬拉。

Finally, I'd like to add that in the midst of all the third quarter efforts we just shared, Teladoc Health as a combined company earned certification as a Great Place to Work.

最後，我想補充一點，在我們剛剛分享的所有第三季度努力中，Teladoc Health 作為一家合併後的公司獲得了最佳工作場所的認證。

As some of you may know, this premier organization evaluates a company's cultural health through both objective measures and employee surveys before conferring its designation, and we are excited to get this positive report card in the wake of fully integrating our teams.

正如你們中的一些人可能知道的那樣，這家一流的組織在授予其指定之前通過客觀措施和員工調查來評估公司的文化健康狀況，我們很高興在我們的團隊完全整合後獲得這張積極的成績單。

As always, thank you for your continued interest in Teladoc Health.

一如既往，感謝您對 Teladoc Health 的持續關注。

We look forward to sharing more at our Investor Day on November 18.

我們期待在 11 月 18 日的投資者日分享更多信息。

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

有了這個，我們將打開問題的電話。

Operator?

操作員？

(Operator Instructions) Our first question comes from the line of Lisa Gill from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Lisa Gill。

Jason, I just want to go back to your comments around whole-person and that it'll be meaningful over the next few years.

傑森，我只想回到你關於整個人的評論，它在接下來的幾年裡會很有意義。

So just to understand this a little bit better, can you help me around how to about virtual primary care versus traditional when we think about both revenue and profit.

因此，為了更好地理解這一點，當我們考慮收入和利潤時，您能否幫助我了解虛擬初級保健與傳統醫療的區別。

And when you say meaningful over the next several years, is that a meaningful driver in 2022?

當你說未來幾年有意義時，這是 2022 年有意義的驅動因素嗎？

Yes.

是的。

So thanks, Lisa.

所以謝謝，麗莎。

I'm really excited about our whole-person suite of capabilities.

我對我們的全人功能套件感到非常興奮。

And let me go sort of first with what we mean by whole-person and then lean into a deeper discussion of Primary360.

讓我先談談我們所說的全人的意思，然後再深入討論 Primary360。

So when we talk about a whole person, we mean the philosophy of taking care of the entire person, both their physical health and their mental health, their acute episodic needs as well as their chronic and complex needs as well as taking care of them on a preventive basis.

因此，當我們談論一個完整的人時，我們指的是照顧整個人的哲學，包括他們的身體健康和心理健康，他們的急性發作性需求以及他們的慢性和復雜需求，以及照顧他們預防的依據。

Things like making sure that they're getting their screenings, making sure that they're eating properly and have the counsel of a registered dietitian in our nutrition programs and that they have both digital and human interactions.

比如確保他們接受篩查，確保他們飲食正常，並在我們的營養計劃中獲得註冊營養師的建議，並且他們有數字和人際互動。

So a model that brings digital modules to them when that's appropriate as well as a full care team that's there for them.

因此，在適當的時候為他們帶來數字模塊的模型以及為他們服務的完整護理團隊。

And we've proven our ability to do that and the appeal of that with the number of people who are now enrolled in multiple chronic care condition programs for us as well as our ability to sell mental and physical health together.

我們已經證明了我們這樣做的能力和吸引力，因為我們現在為我們參加了多個慢性病護理項目的人數，以及我們一起推銷身心健康的能力。

And we continue to see very, very strong results in multiproduct sales into our clients.

我們繼續看到向我們的客戶銷售多產品的非常非常強勁的結果。

And so what we see is that, that whole-person approach really resonates with the market, both with clients at the purchasing level as well as with consumers at the utilization level.

因此，我們看到的是，這種全人模式確實引起了市場的共鳴，無論是在購買層面上的客戶還是在使用層面上的消費者。

As I go deeper into Primary360, we're very excited to have announced relationships with CVS for their Aetna self-insured clients and virtual-first plan designs that we'll be rolling out in that market nationally as well as with Centene and their Ambetter programs on the exchanges, again, with a virtual-first plan design.

隨著我對 Primary360 的深入了解，我們很高興宣布與 CVS 建立合作關係，為他們的 Aetna 自我保險客戶和虛擬優先計劃設計，我們將在全國市場以及 Centene 和他們的 Ambetter 推出交易所上的程序再次採用虛擬優先計劃設計。

The economics are greater than our traditional general medical programs or the combination of a general medical and mental health program because we're bringing the full credit answer, so to speak, to bear for the consumer that takes advantage of our entire suite of capabilities.

經濟性比我們傳統的一般醫療計劃或一般醫療和心理健康計劃的組合要好，因為我們正在為利用我們整套能力的消費者提供完整的信用答案。

When we talk about a meaningful impact, we expect to see substantial growth off of an admittedly small base in '22.

當我們談論有意義的影響時，我們預計會在 22 年從公認的小基數中看到大幅增長。

And in '23 and beyond, we expect that to have a meaningful impact on our overall financials as a company.

在 23 年及以後，我們預計這將對我們公司的整體財務狀況產生有意義的影響。

And maybe last before I hand it to Mala for any additional commentary.

在我把它交給 Mala 進行任何額外評論之前，也許是最後一次。

I'll just preview that we're going to do a deeper dive into our Primary360 product as well as the opportunity for us to enter into more value-based arrangements to capture a bigger part of the savings that we generate when we host our Investor Day in 3 weeks.

我只是預覽一下，我們將更深入地研究我們的 Primary360 產品，以及我們有機會進行更多基於價值的安排，以獲取我們在接待投資者時產生的大部分節省3 週後的一天。

I was going to save that question for the Analyst Day, Jason.

我打算把這個問題留到分析師日，傑森。

But Mala, if you want to comment at all from a value-based perspective.

但是馬拉，如果你想從基於價值的角度發表評論。

Just listening to everything that you just said and thinking about value-based programs that are out there, thinking about capitation, this all sounds like this is very well suited as we think about some of those new programs that are coming to the market.

聽聽您剛才所說的一切，並考慮現有的基於價值的計劃，考慮按人頭計費，這聽起來非常適合我們考慮一些即將上市的新計劃。

So Mala, if you can add any commentary around the financial impact, but I'm just curious, Jason, do you see Teladoc taking risk in this area?

所以馬拉，如果你能就財務影響添加任何評論，但我只是好奇，傑森，你認為 Teladoc 在這個領域有風險嗎？

And maybe that's something you're going to talk about at the Analyst Day.

也許這就是您將在分析師日討論的內容。

I do see us taking risk, and I think we'll step into that.

我確實看到我們在冒險，我認為我們會採取行動。

And I'm thinking of a slide that we're going to show at our Investor Day that demonstrates the degrees of risk and the progress that we'll make going from first clinical measures, to then risk corridors, to ultimately full capitation.

我正在考慮我們將在我們的投資者日展示的一張幻燈片，它展示了風險程度以及我們將從第一個臨床措施到風險走廊，再到最終全人化所取得的進展。

Of course, you have to draw a box around that to make sure that we're taking credit for the savings we're generating where we're generating it and we're not taking risk outside the scope of where we can have an impact.

當然，你必須在它周圍畫一個框，以確保我們在我們產生它的地方為我們產生的節省而歸功於我們在產生它的地方並且我們不會在我們可以產生影響的範圍之外承擔風險.

So I think you'll see a lot more depth on that at our Analyst Day.

所以我認為你會在我們的分析師日看到更多的深度。

Yes.

是的。

And I would add to the point Jason just made.

我想補充一下 Jason 剛剛提出的觀點。

The fact that we have the data and the data science capabilities that we have and the integrated data that we are hard at work on, all of those types of capabilities, along with the scale of technology that we have, is what we will bring to bear as we go on the journey in expanding Primary360.

事實上，我們擁有我們擁有的數據和數據科學能力以及我們正在努力研究的集成數據，所有這些類型的能力，以及我們擁有的技術規模，就是我們將帶來的在我們繼續擴展 Primary360 的過程中，請耐心等待。

The only other thing I wanted to say, Lisa, and again, we'll talk more about this and other sort of levers of growth on Investor Day.

麗莎，我唯一想說的另一件事是，我們將在投資者日更多地討論這種和其他類型的增長槓桿。

As we think about the opportunity for us to penetrate deeper into our member base and think about revenue per member expansion, we are excited about Primary360 as one of the many levers we have to expand our revenue per member.

當我們考慮讓我們有機會更深入地滲透到我們的會員基礎並考慮每個會員擴展的收入時，我們對 Primary360 作為我們擴大每個會員收入的眾多槓桿之一感到興奮。

Again, I still go back to what Jason said, we expect this to be a multiyear journey with meaningful increase in the 3 to 4 years ahead.

再一次，我仍然回到傑森所說的，我們預計這將是一個多年的旅程，在未來的 3 到 4 年內會有有意義的增長。

Your next question comes from the line of Sean Wieland from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Sean Wieland。

I wanted to ask about some of the changing privacy landscapes out there limiting an app's ability to track us all over the place.

我想問一下一些不斷變化的隱私環境限制了應用程序在整個地方跟踪我們的能力。

What impact do you think this will have in your DTC marketing strategy and marketing costs?

您認為這會對您的 DTC 營銷策略和營銷成本產生什麼影響？

Sean, I don't think that, that will have an impact at all.

肖恩，我不認為那會產生影響。

One of the things that I'm really proud of relative to our DTC efforts is, number one, our focus on privacy and compliance.

相對於我們的 DTC 工作，我真正引以為豪的一件事是，第一，我們對隱私和合規性的關注。

But number two, also our focus on diversifying the channels through which we acquire new members and attract new members.

但第二，我們也專注於多元化獲取新會員和吸引新會員的渠道。

And I know that there are plenty of companies that are very focused on 1 or 2 channels.

而且我知道有很多公司非常專注於 1 或 2 個渠道。

We've done an excellent job over the last several years of diversifying into multiple channels and always doing it in a way that focuses on sort of the member first.

在過去的幾年裡，我們在多元化到多個渠道方面做得非常出色，並且始終以一種首先關注會員的方式來做這件事。

So I don't think it will have an impact at all, Sean.

所以我認為它根本不會產生影響，肖恩。

Your next question comes from the line of Jailendra Singh from Credit Suisse.

您的下一個問題來自瑞士信貸的 Jailendra Singh。

Jason, I wanted to follow up on your 25% to 35% stand-alone chronic care revenue growth commentary for next year.

傑森，我想跟進你對明年 25% 到 35% 的獨立慢性護理收入增長的評論。

I know it is difficult to parse out, but is that before any synergies you expect from Teladoc-Livongo combination?

我知道這很難解析，但在您期望 Teladoc-Livongo 組合產生的任何協同作用之前，這是否有效？

And you also mentioned that you are taking a conservative view there.

你還提到你在那裡持保守觀點。

Can you help us understand what is driving that?

你能幫助我們了解是什麼推動了這一點嗎？

Are you taking a conservative view around enrollment and adoption of Livongo offering or is it more around expectations around multiproduct enrollment?

您是對 Livongo 產品的註冊和採用持保守態度，還是更多地圍繞多產品註冊的期望？

Yes.

是的。

So I'll comment on the second part.

所以我將評論第二部分。

When we talk about chronic care management and our outlook, we've done a lot of work to make sure that we're very focused on the discipline that we bring and have always brought to our management of the pipeline and our forecasting process.

當我們談論慢性護理管理和我們的前景時，我們已經做了很多工作以確保我們非常專注於我們帶來的學科，並且一直將其用於我們的管道管理和我們的預測過程。

When we look at the chronic care, the pipeline, I'd sort of break it into the different customer channels.

當我們查看長期護理、管道時，我會將其分解為不同的客戶渠道。

We've, I would say, been very successful in selling into the health plan channel over the course of this year, and our pipeline still looks strong with new opportunities.

我想說，在今年的過程中，我們在向健康計劃渠道銷售方面非常成功，而且我們的管道看起來仍然很強大，有新的機會。

Many of those opportunities, either the existing sales that we've made or the ones in our pipeline are, the permission and the partnership with the health plan to go sell to their self-insured clients, that takes a couple of years to unlock the full value of it because you have to go through the renewal cycle and the selling cycle to those self-insured clients.

其中許多機會，無論是我們已經進行的現有銷售還是我們正在籌備中的銷售，都是與健康計劃的許可和合作夥伴關係，可以將其出售給他們的自我保險客戶，這需要幾年時間才能解鎖它的全部價值，因為您必須經歷那些自我保險客戶的更新周期和銷售週期。

And so we're trying to be very realistic about the sort of on-ramp of those clients in the health plan segment.

因此，我們正努力對健康計劃領域中這些客戶的入門方式非常現實。

With respect to the employer market, that's a market where our products are extremely attractive.

就雇主市場而言，這是一個我們的產品極具吸引力的市場。

And historically, we've been very successful of selling into the employer market directly when we sell directly to large employers.

從歷史上看，當我們直接向大型雇主銷售時，我們直接向雇主市場銷售是非常成功的。

That's a market where the benefits managers have, I would say, paused over the course of this year more than we've seen it in the past, and it's really due to COVID and then being focused on the pandemic and return to work.

我想說，在這個市場上，經理們的福利在今年的停頓時間比我們過去看到的要多，這實際上是由於 COVID，然後專注於大流行並重返工作崗位。

As I talk to our employer sales team, they see that picking up substantially as we get to the end of the year and people are starting to get back to the office and the benefits managers are starting to think about more of a return to normal.

當我與我們的雇主銷售團隊交談時，他們看到隨著年底的到來，人們開始回到辦公室，福利經理開始考慮更多地恢復正常。

And so they're optimistic as we look into next year's selling cycle.

因此，當我們研究明年的銷售週期時，他們很樂觀。

And then there are 2 channels that I would say are just moving a little more slowly than we had originally anticipated.

然後我想說有 2 個頻道的移動速度比我們最初預期的要慢一些。

And again, we want to be conservative in our outlook.

再一次，我們希望在我們的前景上保持保守。

The broker channel, we had high expectations, and we're just starting to see that pick up now.

經紀人渠道，我們寄予厚望，我們現在才剛剛開始看到這種情況。

It took a while to educate the brokers.

培訓經紀人需要一段時間。

We have a large distributed broker network.

我們有一個大型的分佈式經紀人網絡。

And it took a little while to educate them on a product set that they really didn't have access to before.

並且花了一些時間來教育他們了解他們以前真正無法訪問的產品集。

We're now starting to see that pick up substantially, and we're excited about next year's selling season for that.

我們現在開始看到這種情況大幅回升，我們對明年的銷售季節感到興奮。

And then lastly, international.

最後，國際化。

I think the international markets, we have to go through some, both regulatory hurdles in terms of local certifications and approvals but also localizing our products to various international markets.

我認為國際市場，我們必須經歷一些，既包括當地認證和批准方面的監管障礙，又要將我們的產品本地化到各個國際市場。

And we're doing that in a fairly methodical approach market by market.

我們正在逐個市場以一種相當有條理的方法來做到這一點。

So I think we will see growth internationally, but we don't have really anything in our plan for next year on a substantial basis.

因此，我認為我們將看到國際增長，但我們明年的計劃中並沒有任何實質性內容。

Maybe the last thing I'll say is, that's been, I would say, positively offset by our growth in the hospital and health system market, where we've noted before that we've seen, especially risk-bearing hospitals really lean into the chronic care solutions.

也許我要說的最後一件事是，我會說，這被我們在醫院和衛生系統市場的增長所抵消，我們之前已經註意到我們已經看到，尤其是承擔風險的醫院真正傾向於慢性護理解決方案。

And that's going better than we had expected.

這比我們預期的要好。

So when you put all of that together and we take a, I would say, critical look at the pipeline and our forecast, that's where we landed on that 25% to 35% outlook.

因此，當您將所有這些放在一起時，我會說，我們對管道和我們的預測進行批判性研究，這就是我們實現 25% 到 35% 的前景的地方。

Again, that's a contributor to our overall outlook of approximately $2.6 billion in revenue next year.

同樣，這也是我們對明年收入約 26 億美元的總體展望的一個貢獻者。

The next question comes from the line of Stephanie Davis from SVB Leerink.

下一個問題來自 SVB Leerink 的 Stephanie Davis。

I was hoping you could give us a broader view on the new Primary360 offering and how it ties into the existing health system?

我希望您可以讓我們更廣泛地了解新的 Primary360 產品以及它如何與現有的衛生系統聯繫起來？

Is this something where we could see it tie into your existing hospital solution or should we think of it as a stand-alone play that will compete with the traditional health system?

這是我們可以看到它與您現有的醫院解決方案聯繫在一起的東西，還是我們應該將其視為與傳統醫療系統競爭的獨立遊戲？

We see our role, and this has always been the case.

我們看到了我們的角色，而且一直都是如此。

We believe that we can transform the health care experience and transform how people get care by working with the health care system and the physical delivery system and integrating into it.

我們相信，通過與醫療保健系統和物理輸送系統合作並融入其中，我們可以改變醫療保健體驗並改變人們獲得護理的方式。

I've been quoted many times as saying, I don't think health care is ripe for disruption.

我曾多次引用我的話說，我認為醫療保健尚未成熟，可以中斷。

We actually don't use that word when we talk about what our role is.

當我們談論我們的角色時，我們實際上並沒有使用這個詞。

But rather, we think our role is to work with the physical delivery system to improve the care that's ultimately delivered.

相反，我們認為我們的角色是與物理交付系統合作，以改善最終交付的護理。

Now look, we have certain advantages over the physical delivery system.

現在看，我們比實物交付系統具有一定的優勢。

I mean, we have 2 billion data points in our data platform of chronic care measurements from our chronic care tools.

我的意思是，我們的慢性護理測量數據平台中有 20 億個數據點，這些數據來自我們的慢性護理工具。

We're delivering over 25,000 personalized health nudges every day.

我們每天提供超過 25,000 條個性化的健康提示。

And that's because we have this depth of data.

那是因為我們擁有如此深度的數據。

We're providing over 30,000 virtual visits on average every day.

我們平均每天提供超過 30,000 次虛擬訪問。

So when you put all of that together, we have this incredibly rich set of data.

因此，當您將所有這些放在一起時，我們就擁有了極其豐富的數據集。

And so we believe that we can really transform the primary care experience and the health outcomes from primary care, but we also recognize that we can't do everything.

因此，我們相信我們可以真正改變初級保健的體驗和初級保健的健康結果，但我們也認識到我們不能做所有事情。

There's care that has to be delivered in person.

有必須親自提供的護理。

And that comes in a number of forms.

這有多種形式。

We'll integrate with certain partners for the last-mile delivery, whether that's in-home lab testing or in-home care that can be done in the home, the needs of physical interaction or referring into the most efficient parts of the delivery system.

我們將與某些合作夥伴進行最後一英里交付的整合，無論是家庭實驗室測試還是可以在家中完成的家庭護理、身體互動的需求或參考交付系統中最有效的部分.

And Stephanie, to your exact question, I think the places where that will happen most seamlessly is the providers who are using our technology platform because we can make a seamless handoff to them and really act like a concierge for the consumer.

斯蒂芬妮，對於你的確切問題，我認為最無縫發生的地方是使用我們技術平台的供應商，因為我們可以無縫地向他們移交，並真正像消費者的禮賓一樣。

But we also recognize that we have to be responsive to our health plan partners and refer into the most efficient parts of their delivery network.

但我們也認識到，我們必須對我們的健康計劃合作夥伴做出響應，並參考他們交付網絡中最有效的部分。

So I'm not looking to compete with it.

所以我不想和它競爭。

I really think that there's an opportunity for us to improve the overall performance of the health care system and work with the health care system.

我真的認為我們有機會改善醫療保健系統的整體表現並與醫療保健系統合作。

And the other thing I would also add Stephanie is, we are beginning to open the door to conversations with health system leaders around creating virtual front doors within their markets.

我還要補充斯蒂芬妮的另一件事是，我們開始打開大門，與衛生系統領導者就在他們的市場中創建虛擬前門進行對話。

So it's health plans, as Jason talked about, it's also around health systems.

因此，正如 Jason 所說，這是健康計劃，它也與衛生系統有關。

You know the role that primary care plays within their ecosystem.

您知道初級保健在其生態系統中所扮演的角色。

And this is where our Primary360 product can also be relevant.

這也是我們 Primary360 產品的相關之處。

The next question comes from the line of Richard Close with Canaccord.

下一個問題來自與 Canaccord 的 Richard Close。

Jason, I was wondering if you could give us an update on MyStrength Complete that I think you rolled out here recently over the last quarter.

Jason，我想知道您能否向我們提供有關 MyStrength Complete 的最新信息，我認為您最近在上個季度推出了該信息。

So just an update there, didn't hear anything in your comments.

所以只是那裡的更新，沒有聽到你的評論中的任何內容。

Yes.

是的。

We're really excited about myStrength Complete.

我們對 myStrength Complete 感到非常興奮。

So Richard, you know this, but just to recap.

所以理查德，你知道這一點，但只是回顧一下。

myStrength Complete really brings together the mental health assets of Livongo and Teladoc to deliver a true stepped care model where we bring digital solutions that enable digital modules for the consumer around things like cognitive behavioral therapy and dialectical behavioral therapy and mindfulness and other skills, combined with the legacy Livongo coaches and the network of PhD psychologists and master's level social worker therapists and psychiatrists from Teladoc into really the full continuum of care on the mental health front.

myStrength Complete 真正將 Livongo 和 Teladoc 的心理健康資產結合在一起，提供真正的階梯式護理模式，我們帶來數字解決方案，為消費者提供圍繞認知行為療法和辯證行為療法以及正念和其他技能的數字模塊，並結合傳統的 Livongo 教練以及來自 Teladoc 的博士心理學家和碩士級社會工作者治療師和精神病學家的網絡，真正實現了心理健康方面的完整連續護理。

We're excited about how the pipeline is building.

我們對管道的建設方式感到興奮。

I think we mentioned that we had made several sales even before the product was launched in the market.

我想我們提到我們甚至在產品投放市場之前就已經進行了幾次銷售。

The pipeline is showing continued momentum, up strong double digits in terms of a percentage quarter-over-quarter and contributing to our overall outlook as we look into next year.

管道顯示出持續的勢頭，季度環比增長強勁兩位數，並在我們展望明年時為我們的整體前景做出貢獻。

I think the other thing I would just say is, I expect myStrength Complete to really complement the rest of our other sort of physical health products.

我想我想說的另一件事是，我希望 myStrength Complete 能夠真正補充我們其他類型的身體健康產品。

So we're very excited about it, seeing good momentum in the market.

所以我們對此感到非常興奮，看到了市場的良好勢頭。

And it's also a product that we're just beginning the rollout of internationally.

它也是我們剛剛開始在國際上推出的產品。

So I don't think that, that will be limited to the U.S.

所以我不認為，這將僅限於美國。

The next question comes from the line of Ryan Daniels from William Blair.

下一個問題來自 William Blair 的 Ryan Daniels。

Jason, this is something you're asked probably every 2 to 3 quarters, and I want to give you another shot at this.

傑森，你可能每 2 到 3 個季度就會被問一次，我想再給你一次機會。

But I'm curious what you're seeing more broadly in the competitive environment, in particular, with some of the on-site health clinics starting to offer more telehealth solutions and a lot of coalescence around digital health care with entities like the patient navigation companies.

但我很好奇您在競爭環境中更廣泛地看到了什麼，特別是一些現場健康診所開始提供更多的遠程醫療解決方案以及圍繞數字醫療保健與患者導航等實體的大量合併公司。

They're integrating things like second opinion services and telehealth and trying to sell that through brokers directly to employers.

他們正在整合諸如第二意見服務和遠程醫療之類的東西，並試圖通過經紀人直接將其出售給雇主。

So can you provide a little bit of a State of the Union, if you will, on what you're seeing in the competitive landscape because it sounds like your win rate and retention remains very strong.

因此，如果您願意的話，您能否提供一點國情咨文，說明您在競爭格局中所看到的情況，因為聽起來您的獲勝率和保留率仍然非常高。

Yes.

是的。

Thanks, Ryan.

謝謝，瑞恩。

Maybe I'll start with the last point you made and just confirm that.

也許我會從你提出的最後一點開始，然後確認一下。

Our win rates are staying very similar to prior years.

我們的獲勝率與往年非常相似。

So as we look at sort of doing the pipeline review now and where our win rates are, we're staying very similar to where we were in prior years in spite of the fact that everyone knows there's been a lot of investment in the space.

因此，當我們現在考慮進行管道審查以及我們的獲勝率在哪裡時，儘管每個人都知道在該領域進行了大量投資，但我們與前幾年的情況非常相似。

Second, our retention rates are extremely strong.

其次，我們的保留率非常高。

And third, we're seeing really good multiproduct sales.

第三，我們看到了非常好的多產品銷售。

So 70% of our bookings this year were multiproduct sales as compared to about 50% last year, which I think really gets to the reason that we're winning, right?

因此，今年我們 70% 的預訂是多產品銷售，而去年這一比例約為 50%，我認為這確實是我們獲勝的原因，對吧？

We're winning because of the full suite of our products and services.

我們之所以成功，是因為我們擁有全套的產品和服務。

And the truth is that the point solutions, I would say, are really struggling at this point.

事實是，我想說的是，點解決方案在這一點上真的很掙扎。

And if you look at our late-stage pipeline, it's nearly double versus the size of what it was last year.

如果你看看我們的後期管道，它的規模幾乎是去年的兩倍。

And I look at all the various players in the market, I wouldn't probably want to be an on-site, sort of worksite clinic provider at this point since a lot of companies are talking about going virtual.

而且我查看了市場上的所有不同參與者，因為很多公司都在談論虛擬化，所以我現在可能不想成為現場的現場診所提供者。

And so that has its limitations.

所以這有其局限性。

Dissimilarly, when I look at the navigation companies, I would say, honestly, having been a health plan president, the administrative side of that is fairly low value.

不同的是，當我查看導航公司時，老實說，作為一名健康計劃總裁，管理方面的價值相當低。

I really want to, and we have always focused on making a big clinical impact using our data and our clinical expertise to improve the health of consumers and really focus on the health care and not the administrative portion.

我真的很想，而且我們一直專注於利用我們的數據和臨床專業知識產生重大的臨床影響，以改善消費者的健康，並真正關注醫療保健而不是行政部分。

As I said, I do think we will play a big role, especially with our Primary360, in helping to get the consumer to the best site of care based on who the most efficient provider is in their local geography.

正如我所說，我確實認為我們將發揮重要作用，尤其是在 Primary360 的幫助下，根據當地最有效的提供者是誰，幫助消費者獲得最佳護理站點。

And we can do that in a way that is untethered because we don't have financial incentive to refer to any specific provider in the market, which is not the case for a lot of the sort of hybrid models that are out there.

我們可以以一種不受約束的方式做到這一點，因為我們沒有經濟動機來參考市場上的任何特定供應商，而對於許多現有的混合模型來說，情況並非如此。

So I think we can be really pure to our mission of improving care and reducing the cost of care.

所以我認為我們可以真正純粹地致力於改善護理和降低護理成本的使命。

And the last thing I'd say is, and there was a recent conference where the team that came back said that the big sentiment there was pretty anti-payer in the conference and a lot of the earlier-stage companies were very anti-payer.

我要說的最後一件事是，最近有一個會議，回來的團隊說會議中有很大的情緒是非常反對付款人的，很多早期的公司都非常反對付款人.

And we recognize the role of the payer in the market and we really want to partner with the payers and the employers to bring the best care to the consumer.

我們認識到付款人在市場中的作用，我們真的希望與付款人和雇主合作，為消費者帶來最好的照顧。

It's always been our position in the market.

這一直是我們在市場上的定位。

And again, we think we're uniquely positioned to do that in partnership with the delivery system rather than antagonistically.

再一次，我們認為我們具有獨特的優勢，可以與交付系統合作而不是對抗。

The next question comes from the line of Charles Rhyee from Cowen.

下一個問題來自 Cowen 的 Charles Rhyee。

This is Gwen Shi on for Charles.

這是查爾斯的格溫施。

When talking about your DTC mental health offering, even though we know that an average subscription might be, say, 3 or 4 months long.

在談論您的 DTC 心理健康產品時，即使我們知道平均訂閱時間可能是 3 或 4 個月。

How often does someone come back and say they start a new subscription later on?

多久有人回來說他們稍後開始新訂閱？

So in other words, even if we're seeing higher customer acquisition costs, are you seeing a level of customer retention such that you don't necessarily have to spend the CAC each time to gain that same user back?

因此，換句話說，即使我們看到更高的客戶獲取成本，您是否看到了一定程度的客戶保留率，以至於您不必每次都花費 CAC 來重新獲得相同的用戶？

Yes.

是的。

So I'll start.

所以我要開始了。

I'm incredibly proud of our DTC team and the progress they've made.

我為我們的 DTC 團隊和他們取得的進步感到無比自豪。

First, they've done a tremendous job based on some of the comments I made earlier about diversification and optimization around our customer acquisition costs.

首先，基於我之前關於客戶獲取成本的多樣化和優化的一些評論，他們做得非常出色。

And the team is constantly testing new more efficient models and then rolling out those models on the customer acquisition side.

團隊不斷測試新的更高效的模型，然後在客戶獲取方面推出這些模型。

So our cost of customer acquisition has come down very consistently.

因此，我們的客戶獲取成本一直在下降。

Second, as we look at our revenue to customer acquisition cost ratio, that's improved substantially over time.

其次，當我們查看我們的收入與客戶獲取成本的比率時，隨著時間的推移，這種情況有了很大的改善。

And it's because of what I would say, the first thing I mentioned, of course, customer acquisition costs coming down, but also that the team has done a phenomenal job with lifetime value of a member and improving the LTV of a member.

正是因為我要說的，我首先提到的當然是客戶獲取成本下降，而且團隊在成員的終身價值和提高成員的 LTV 方面做得非常出色。

They do that obviously.

他們顯然這樣做了。

There are 2 levers for that, of course.

當然，有兩個槓桿。

One is pricing optimization and continuing to test different models for that.

一是定價優化並繼續為此測試不同的模型。

But the other one is to roll out value-added services and retention strategies such that one example of those is that a consumer can go to a lower cost lighter version of the product on an interim basis, sort of as they're in a better place in their lives and not going to lean into as much active therapy over a period of time, but it keeps them engaged with the platform and getting some level of mental health care and support such that they can reignite a more intensive therapy period and of course, at a higher price at some later date.

但另一個是推出增值服務和保留策略，其中一個例子是消費者可以臨時使用成本更低、更輕的產品版本，有點像他們處於更好的狀態。在他們的生活中佔有一席之地，並且不會在一段時間內傾向於進行盡可能多的積極治療，但它使他們能夠參與該平台並獲得一定程度的心理保健和支持，以便他們可以重新開啟更密集的治療期和當然，以後的價格會更高。

We've also rolled out things like groupinars and worksheets that a consumer can use in order to track their own progress and work on things between interactions.

我們還推出了諸如小組研討會和工作表之類的東西，消費者可以使用它們來跟踪自己的進度並在交互之間進行處理。

So your point is an excellent point, and I'm glad you asked it because in order to make a business like that continue to improve, you have to be pulling a lot of different levers.

所以你的觀點是一個很好的觀點，我很高興你提出這個問題，因為為了讓這樣的業務繼續改進，你必須拉動很多不同的槓桿。

And I would say, we are very, very good at test, learn.

我想說，我們非常非常擅長測試和學習。

And lastly, when you get to the kind of scale that we have, when you make small improvements, it can have a big impact.

最後，當你達到我們所擁有的那種規模時，當你進行小的改進時，它會產生很大的影響。

Yes.

是的。

And when we say this business is about execution, which it is, that is, the things that Jason talked about is what we mean, right?

當我們說這項業務與執行有關時，就是說，傑森談到的事情就是我們的意思，對嗎？

It is test and learn and scale it.

它是測試、學習和擴展它。

And that is what we mean in terms of execution and is fueling both the growth that we are seeing as well as the margins that we are seeing in the business.

這就是我們在執行方面的意思，並且正在推動我們所看到的增長以及我們在業務中看到的利潤。

And we'll spend some time on our mental health programs, both B2B as well as direct-to-consumer at our Analyst Day on November 18.

在 11 月 18 日的分析師日，我們將花一些時間在 B2B 和直接面向消費者的心理健康計劃上。

The next question comes from the line of Sean Dodge from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Sean Dodge。

Maybe staying on BetterHelp.

也許留在 BetterHelp 上。

Jason, earlier in the year, you had said that, that was expected to grow at least 50% this year.

傑森，今年早些時候，您曾說過，預計今年將至少增長 50%。

And it sounds like from the tone, and I think you even said it directly that DTC has continued to outperform.

從語氣上聽起來，我想你甚至直接說 DTC 繼續跑贏大盤。

Can you give us a progress report or update on how much that business is contributing now or how much it has outperformed that kind of initial 50% growth expectation you have?

您能否向我們提供一份進度報告或更新，說明該業務現在貢獻了多少，或者它的表現超過了您最初的 50% 增長預期？

Yes.

是的。

So Sean, give us 3 weeks and we will satisfy all the questions you ask and the curiosity you have around that.

所以 Sean，給我們 3 週的時間，我們將滿足您提出的所有問題以及您對此的好奇心。

But the headline I would say is, we are very pleased with the growth of this business.

但我要說的標題是，我們對這項業務的增長感到非常滿意。

And you're right, the growth expectations we had set out is what you just said.

你是對的，我們設定的增長預期就是你剛才所說的。

And I would just say at this point that we are very pleased with how this business has grown, again, as I said, on the revenue, from a revenue growth standpoint as well as from a margin standpoint.

在這一點上，我只想說，我們對這項業務的增長感到非常滿意，正如我所說，從收入增長的角度和利潤率的角度來看，在收入方面。

And we will talk to where the business is in terms of scale and also importantly, how we are thinking about the growth of this business in the future when we get to Investor Day.

我們將討論業務在規模方面的情況，更重要的是，當我們進入投資者日時，我們將如何考慮這項業務的未來增長。

The next question comes from the line of Daniel Grosslight from Citigroup.

下一個問題來自花旗集團的 Daniel Grosslight。

I have a similar question to Ryan on the competitive dynamic, but specifically focused on the virtual-first primary care plans that have come out.

關於競爭動態，我有一個與 Ryan 類似的問題，但特別關注已經出現的虛擬優先初級保健計劃。

It seems like every large MCO now has announced a virtual-first pilot in some regard.

似乎每個大型 MCO 現在都在某些方面宣布了虛擬優先試點。

So I'd love to get your thoughts on just the competitive dynamic there with the third-party vendors.

所以我很想听聽您對第三方供應商的競爭動態的看法。

But in particular, I'd like to get your thoughts on the potential for managed care organizations to utilize their own provider networks, like what we're seeing with United and what they're doing with their Optum Virtual Care group rather than partnering with folks like you guys for your virtual network.

但特別是，我想了解您對管理式醫療組織利用自己的供應商網絡的潛力的看法，例如我們在 United 看到的情況以及他們與 Optum Virtual Care 團隊合作而不是與人們喜歡你們的虛擬網絡。

Yes.

是的。

So I think there are relatively few health plans in the country who have the capability and the owned provider assets that United has with its own OptumCare-owned providers.

因此，我認為該國擁有的能力和擁有的供應商資產的健康計劃相對較少，而聯合航空擁有自己的 OptumCare 擁有的供應商。

And of course, they're rolling out that product in the markets where they own those substantial number of primary care providers.

當然，他們正在擁有大量初級保健提供者的市場上推出該產品。

We believe a virtual-first health plan should be a national product and be available in all geographies.

我們認為，虛擬優先的健康計劃應該是一個國家產品，並且在所有地區都可以使用。

And we've got a great relationship with United and we have a number of new opportunities in the pipeline right now across United in multiple parts of their business.

我們與美聯航建立了良好的關係，我們現在在美聯航的多個業務領域都在醞釀著許多新的機會。

When it comes to other health plans, quite frankly, we see a benefit to some of the big plans making announcements about virtual-first plans because local plans, quite frankly, have to respond.

坦率地說，當談到其他健康計劃時，我們看到一些大型計劃宣布有關虛擬優先計劃的好處，因為坦率地說，本地計劃必須做出回應。

And so we're seeing that as a catalyst for activity, RFP activity with our Primary360 product, new pipeline opportunities and a sense of urgency from multiple plans across the country in response to that.

因此，我們將其視為活動的催化劑，我們的 Primary360 產品的 RFP 活動、新的管道機會以及全國各地針對這一問題的多個計劃的緊迫感。

We think quite frankly, because of the breadth of our product portfolio and the scalability of our platform, we'll win more than our fair share of those opportunities.

坦率地說，由於我們產品組合的廣度和平台的可擴展性，我們將贏得比我們公平份額更多的機會。

And as we've talked about, those tend to be compelling economics because we play a bigger role with the consumer.

正如我們所談到的，這些往往是引人注目的經濟學，因為我們在消費者中扮演著更大的角色。

The next question comes from the line of George Hill with Deutsche Bank.

下一個問題來自德意志銀行的喬治希爾。

I guess, Jason, just as you think about Primary360, I guess can you talk about how much of it you think as net new growth versus the ability to grow wallet share within existing clients?

我想，傑森，就像您考慮 Primary360 一樣，我想您能談談您認為淨新增長與現有客戶中增加錢包份額的能力之間的關係嗎？

And then following on that trend, I know this is probably going to be one of those questions that preempts Analyst Day.

然後跟隨這一趨勢，我知道這可能會成為分析師日之前提出的問題之一。

But I'd love you to talk for a second about how big you think Teladoc can be inside of the beneficiary wallet share, particularly inside of that employer sponsor spend?

但我希望您能談談您認為 Teladoc 在受益人錢包份額中的佔比有多大，尤其是在雇主贊助商支出中？

Yes.

是的。

So thanks, George.

所以謝謝，喬治。

You're right.

你說得對。

Some of that we will cover at Investor Day, specifically around sort of the economic opportunity for the full stack of our products and services.

我們將在投資者日介紹其中的一些內容，特別是圍繞我們所有產品和服務的經濟機會。

When I think about Primary360, I think the answer is, it will be both a driver of net new growth as well as an expansion within existing clients.

當我想到 Primary360 時，我認為答案是，它將既是淨新增長的驅動力，也是現有客戶的擴張。

Obviously, when you talk about somebody like an Aetna, we've had a long-standing relationship with Aetna for many years and many products.

顯然，當您談到像 Aetna 這樣的人時，我們與 Aetna 有著多年的長期合作關係和許多產品。

This is an expansion of our role there.

這是我們在那裡的角色的擴展。

And quite frankly, a bigger economic opportunity for us due to that expansion of our role.

坦率地說，由於我們角色的擴大，給我們帶來了更大的經濟機會。

But I also look at other health plans where we're seeing opportunities, both formal RFPs as well as deep strategic discussions about the role of Primary360 and virtual-first plan designs and their new relationships that we haven't had before.

但我也查看了我們看到機會的其他健康計劃，包括正式的 RFP 以及關於 Primary360 和虛擬優先計劃設計的角色的深入戰略討論，以及我們以前沒有過的新關係。

And then lastly, the opportunity that Mala mentioned about bringing Primary360 to wrap around a hospital is a significant opportunity.

最後，Mala 提到的將 Primary360 引入醫院的機會是一個重要的機會。

I can think of a conversation I had with the CEO of a large academic medical center that is multisite and multifaceted just 2 weeks ago.

我可以想起兩週前我與一家多地點、多方面的大型學術醫療中心的 CEO 進行的對話。

And the discussion was about how we can stand up a virtual primary care offering that is essentially the front door to their system and takes care of their patients in a branded way, and we do that almost white labeled for them.

討論是關於我們如何建立虛擬初級保健產品，該產品本質上是他們系統的前門，並以品牌方式照顧他們的病人，我們為他們做了幾乎白標的事情。

So I think we're going to see new opportunities for that product and that capability that's beyond what we can even imagine today.

因此，我認為我們將看到該產品的新機會以及超出我們今天甚至無法想像的能力。

Your next question comes from the line of Donald Hooker from KeyBanc.

您的下一個問題來自 KeyBanc 的 Donald Hooker。

I was curious about sort of maybe the platform-enabled solutions metric that you share.

我很好奇您分享的某種支持平台的解決方案指標。

And I was sort of thinking about that metric in the context of kind of all that I hear about with regards to labor shortages and wage pressures with health systems.

我是在我聽到的關於勞動力短缺和衛生系統工資壓力的所有背景下考慮這個指標的。

And I'm wondering if there's any emerging opportunity to kind of work with providers in that context and around that metric.

我想知道在這種情況下和圍繞該指標是否有任何新的機會與供應商合作。

Yes.

是的。

It's a good question.

這是個好問題。

We did see a significant shift as offices closed and both consumers and providers all of a sudden embraced virtual care in a way that they hadn't previously.

我們確實看到了一個重大轉變，因為辦公室關閉，消費者和提供者都突然以前所未有的方式接受虛擬護理。

And I think that, that is a sustained opportunity going forward.

我認為，這是一個持續的機會。

I talk to CEOs even of tertiary or quaternary facilities who are saying that they expect anywhere from 25% to 50% of visits to be virtual over the long term.

我甚至與三級或四級設施的 CEO 交談過，他們說從長遠來看，他們預計 25% 到 50% 的訪問是虛擬的。

And that's something that nobody would have imagined previously.

這是以前沒有人能想到的。

I also think it does have the opportunity to break down physical barriers and enable more mobility of the workforce, to your point about sort of the labor market.

我還認為它確實有機會打破物理障礙並提高勞動力的流動性，就你所說的勞動力市場而言。

However, I'd just caution that there are state regulatory barriers to doing that.

但是，我只是警告說，這樣做存在州監管障礙。

And many of the states have gone back to requiring in-state licensure in order to deliver the care.

許多州已經重新要求獲得州內執照才能提供護理。

We, of course, have always operated in that environment.

當然，我們一直在這種環境中運作。

And so that's not really a barrier for us, but it is something that I've heard a number of hospital system CEOs lament because it limits the reach of their own workforce.

所以這對我們來說並不是真正的障礙，但我聽到許多醫院系統的 CEO 對此感到遺憾，因為這限制了他們自己勞動力的覆蓋範圍。

Yes.

是的。

I would also add, on the positive, though, I think what is also increasingly clear as we come out to some extent on the other side of the pandemic is the platform we have is purpose-built.

不過，我還要補充一點，從積極的方面來說，我認為隨著我們在某種程度上擺脫大流行病的另一端，我們所擁有的平台是專門構建的，這一點也越來越清楚。

And that is differentiated from just having, like a Zoom experience, for example.

例如，這與僅擁有 Zoom 體驗不同。

So there is a difference in the platform we have, and that is increasingly helping the conversations that we are having with the C-suite of health systems.

因此，我們擁有的平台有所不同，這越來越有助於我們與衛生系統的最高管理層進行的對話。

You may recall that we announced a partnership with Microsoft to deeply integrate our provider platform into Microsoft Teams.

您可能還記得我們宣布與 Microsoft 建立合作夥伴關係，以將我們的提供商平台深度集成到 Microsoft Teams 中。

And we're seeing that drive substantial growth in our pipeline.

我們看到這推動了我們管道的大幅增長。

So we're excited about that, and we think that, that will have the desired effect.

所以我們對此感到興奮，我們認為這將產生預期的效果。

Your next question comes from the line of Ravi Misra from Berenberg Capital Markets.

您的下一個問題來自 Berenberg Capital Markets 的 Ravi Misra。

So just 2 for me, both on kind of chronic care.

所以對我來說只有2個，都是關於慢性護理的。

The first one, can you just tease out a little bit on the 25% to 35% chronic care growth how you think of that in terms of enrollment versus kind of pricing?

第一個，您能否稍微梳理一下慢性護理增長 25% 到 35% 的情況，您如何看待註冊人數和定價方式？

And then secondly, it's been about almost 2 years since the Livongo Dexcom agreement was announced.

其次，距離 Livongo Dexcom 協議宣布已經過去了將近 2 年。

Can we get a little bit more color on how that stands today and maybe how you're looking to go forward on that?

我們能否對今天的情況以及您對未來的展望有更多的了解？

Yes.

是的。

So with respect to the Livongo Dexcom partnership, we expanded that last year as we moved more into testing CGM and being able to apply our data science against the data flow that can come from CGM.

因此，關於 Livongo Dexcom 的合作夥伴關係，我們在去年擴展了這一點，因為我們更多地測試 CGM 並能夠將我們的數據科學應用於可能來自 CGM 的數據流。

We haven't published or publicized the results, but we have seen some good early indicators relative to that.

我們尚未公佈或公佈結果，但我們已經看到了一些與此相關的良好早期指標。

I think CGM will be just another data source for us.

我認為 CGM 將只是我們的另一個數據源。

Obviously, for certain populations, CGM is more effective than for others and more cost-effective than for others.

顯然，對於某些人群，CGM 比其他人群更有效，並且比其他人群更具成本效益。

And so this was really testing the impact of CGM on type 2 diabetics.

因此，這實際上是在測試 CGM 對 2 型糖尿病患者的影響。

And so I think you'll see us continue to test new models along that path.

所以我想你會看到我們繼續沿著這條道路測試新模型。

With respect to the makeup of the 25% to 35% growth, we haven't broken that out publicly.

關於 25% 至 35% 的增長構成，我們尚未公開披露。

I don't think we're going to do that here.

我不認為我們會在這裡這樣做。

You will get a deeper dive into the market for chronic care programs as well as our expectations for chronic care at our Investor Day.

您將在我們的投資者日更深入地了解慢性護理計劃市場以及我們對慢性護理的期望。

The next question comes from the line of David Larsen from BTIG.

下一個問題來自 BTIG 的 David Larsen。

The visit volume growth was very good in the quarter, up 37% year-over-year.

本季度訪問量增長非常好，同比增長 37%。

Can you provide any color around how much of that came from BetterHelp visits, if any?

如果有的話，您能否提供有關其中有多少來自 BetterHelp 訪問的顏色？

And then also within your membership right now, what percentage do you think would be eligible for like a primary care, virtual primary care physician?

然後在您現在的會員資格中，您認為有多少百分比有資格獲得像初級保健虛擬初級保健醫生這樣的資格？

Is it like 25%, do you think, like the national average?

是不是像全國平均水平一樣，是 25%？

Yes.

是的。

So with respect to our growth and visit volume, we're really excited about it.

因此，關於我們的增長和訪問量，我們對此感到非常興奮。

And quite frankly, I think there were a lot of naysayers a year ago wondering if we could continue to grow our visit volume after the really astronomical growth that we saw last year.

坦率地說，我認為一年前有很多反對者想知道我們是否可以在去年看到真正的天文數字增長之後繼續增加我們的訪問量。

So we're very, very proud of it.

所以我們非常非常自豪。

We had growth both on direct-to-consumer and the B2B bases.

我們在直接面向消費者和 B2B 基礎上都有增長。

So we don't break those out, but I will say that we saw substantial growth on both of those fronts.

所以我們不會打破這些，但我會說我們在這兩個方面都看到了實質性的增長。

I think it's probably, you can see the data, our visit revenue was up 18% year-over-year.

我認為這可能是，你可以看到數據，我們的訪問收入同比增長了 18%。

And of course, all visit revenue comes really from a B2B channel.

當然，所有訪問收入都來自 B2B 渠道。

So we're seeing strong growth on both of those fronts.

因此，我們在這兩個方面都看到了強勁的增長。

I think the other things that are just sort of worth noting, repeat usage is really strong.

我認為其他一些值得注意的事情，重複使用真的很強大。

We saw repeat usage up 25% year-over-year in the third quarter, which I think is a good indicator and sort of is supported by the J.D. Power findings of us as the highest consumer satisfaction.

我們看到第三季度的重複使用量同比增長了 25%，我認為這是一個很好的指標，並且在某種程度上得到了 J.D. Power 調查結果的支持，我們認為這是最高的消費者滿意度。

And I think the other thing that's really nice is, we're getting substantial increases in multiservice usage from consumers.

而且我認為另一件非常好的事情是，我們從消費者那裡獲得的多服務使用量大幅增加。

So I think all of that, and of course, multiservice is really only available to our B2B clients at this point.

所以我認為所有這些，當然，多服務目前實際上只對我們的 B2B 客戶可用。

And we are also seeing nice growth, very strong growth in specialty visits, including mental health that we talked about in our prepared remarks.

我們也看到了良好的增長，專業訪問的增長非常強勁，包括我們在準備好的評論中談到的心理健康。

We are seeing growth.

我們看到了增長。

We have been seeing continued strong growth in noninfectious diseases.

我們看到非傳染性疾病持續強勁增長。

What I will also add is, in recent months, we have also started seeing a pickup in infectious disease visit volume.

我還要補充的是，最近幾個月，我們也開始看到傳染病訪問量有所增加。

So all of that is fueling our visit volume growth.

因此，所有這些都在推動我們的訪問量增長。

Thank you.

謝謝你。

And this concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back to Jason Gorevic.

我現在將電話轉回 Jason Gorevic。

Please go ahead.

請繼續。

Thanks, everybody.

謝謝大家。

Appreciate your attention and all your questions.

感謝您的關注和所有的問題。

We look forward to seeing everybody in 3 weeks on November 18 at our Investor and Analyst Day.

我們期待在 11 月 18 日 3 週後的投資者和分析師日與大家見面。

Take care.

小心。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes our conference call.

女士們，先生們，我們的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。