Teladoc Health Inc (TDOC) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Teladoc's Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到 Teladoc 2021 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the call over to your speaker today, Mr. Patrick Feeley, Vice President of Investor Relations.

現在，我想將電話轉交給您今天的發言人，投資者關係副總裁帕特里克·菲利 (Patrick Feeley) 先生。

Thank you, and good afternoon. Today, after the market close, we issued a press release announcing our second quarter 2021 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website. On this call to discuss the results are Jason Gorevic, our Chief Executive Officer; and Mala Murthy, our Chief Financial Officer.

謝謝，下午好。今天，收市後，我們發布了一份新聞稿，宣布了我們 2021 年第二季度的財務業績。本新聞稿和隨附的幻燈片演示可在 teladochealth.com 網站的投資者關係部分獲取。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 third quarter and full year 2021 outlook, and our prepared remarks will be followed by a question-and-answer session.

在此電話會議期間，我們還將提供我們的第三季度和 2021 年全年展望，我們準備好的評論之後將進行問答環節。

Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating Teladoc Health's performance. 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. Also, please note that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results for Teladoc Health to differ materially from those expressed or implied on this call.

請注意，我們將討論某些我們認為對評估 Teladoc Health 的業績很重要的非 GAAP 財務指標。有關這些非 GAAP 措施與最具可比性的 GAAP 措施及其調節之間關係的詳細信息，請參閱我們網站上發布的新聞稿。此外，請注意，本次電話會議期間作出的某些陳述將是 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。此類前瞻性陳述受風險、不確定性和其他因素的影響，這些因素可能導致實際結果Teladoc Health 與本次電話會議中明示或暗示的內容存在重大差異。

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

有關更多信息，請參閱我們在新聞稿中的警告聲明和我們向美國證券交易委員會提交的文件，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。

Thank you, Patrick, and good afternoon and thank you for joining us today. After the market close, we reported another strong quarter, marked by continued momentum across the business and robust demand for our broad suite of integrated whole-person virtual care. The broad-based strength across our portfolio drove revenue of $503 million in the second quarter, an increase of 109% over the prior year, including organic revenue growth of 41%, which excludes revenue from acquisitions completed over the past 12 months.

謝謝帕特里克，下午好，感謝您今天加入我們。市場收盤後，我們報告了另一個強勁的季度，其特點是整個業務的持續增長勢頭以及對我們廣泛的綜合全人虛擬護理套件的強勁需求。我們投資組合的廣泛實力推動第二季度收入達到 5.03 億美元，比上年增長 109%，其中有機收入增長 41%，其中不包括過去 12 個月完成的收購收入。

The strong momentum across our channels and geographies gives us the confidence and visibility to increase our full year revenue guidance to $2.0 billion to $2.025 billion. As we've discussed previously, Teladoc's aim is to provide whole-person virtual care. It's not enough to simply virtualize the current health care experience, simply putting a doctor on the screen.

我們渠道和地區的強勁勢頭使我們有信心和知名度將全年收入預期提高到 20 億美元至 20.25 億美元。正如我們之前所討論的，Teladoc 的目標是提供全人虛擬護理。僅僅將當前的醫療保健體驗虛擬化，簡單地將醫生放在屏幕上是不夠的。

The health care system is already fragmented, and virtual care shouldn't simply mirror that problem. Instead, we need a single virtual solution that seamlessly takes care of all of a person's health care needs, redefines the consumer experience and uses data to improve care at scale.

醫療保健系統已經支離破碎，虛擬醫療不應該簡單地反映這個問題。相反，我們需要一個單一的虛擬解決方案來無縫地滿足一個人的所有醫療保健需求，重新定義消費者體驗並使用數據來大規模改善醫療保健。

At Teladoc Health, we're doing that now. And during the second quarter, we continued to demonstrate progress on achieving our goal of completely reimagining the health care experience. Our vision starts with engaging more consumers.

在 Teladoc Health，我們現在正在這樣做。在第二季度，我們繼續展示在實現完全重塑醫療保健體驗的目標方面取得的進展。我們的願景始於吸引更多消費者。

During the second quarter, our global network of clinicians provided more than 3.5 million visits, an increase of 28% over the second quarter of last year when we were in the middle of the pandemic. This means that even as more people are being vaccinated and restrictions are lifting in many parts of the world, consumers and providers are increasingly relying on Teladoc Health's virtual care. We're now on track to provide more than 13.5 million visits for the year.

在第二季度，我們的全球臨床醫生網絡提供了超過 350 萬次就診，比去年第二季度我們正處於大流行期間增加了 28%。這意味著，即使越來越多的人正在接種疫苗並且世界許多地方的限制正在解除，消費者和提供者也越來越依賴 Teladoc Health 的虛擬護理。我們現在有望在這一年提供超過 1350 萬次訪問。

The persistent strength in utilization has been driven by growth in visits in noninfectious diseases and specialty care as consumers are turning to our services for a broader array of conditions. During the second quarter, 80% of member visits in the B2B channel were related to noninfectious diseases versus approximately 50% in the pre-pandemic period. Demand for our mental health services remains especially robust as consumers and providers recognize the benefits of the virtual modality for mental health care.

隨著消費者轉向我們的服務以尋求更廣泛的條件，非傳染性疾病和專科護理的訪問量增長推動了利用率的持續增長。在第二季度，B2B 渠道中 80% 的會員訪問與非傳染病有關，而在大流行前時期這一比例約為 50%。由於消費者和提供者認識到心理保健虛擬模式的好處，對我們的心理保健服務的需求仍然特別強勁。

We're just starting to see the incidence of infectious diseases, such as acute respiratory illness, begin to trend up for the first time in nearly a year as the usage of PPE and social distancing has declined. This follows a period of historically low infectious disease transmission and gives us confidence in our second half outlook.

隨著個人防護裝備的使用和社交距離的減少，我們才剛剛開始看到急性呼吸道疾病等傳染病的發病率近一年來首次呈上升趨勢。這是在傳染病傳播處於歷史低位之後，讓我們對下半年的前景充滿信心。

Turning to chronic care. The number of members enrolled in the Livongo suite of products grew 45% year-over-year to 715,000. Rather than focus on one particular disease, our approach is to treat the whole person in an integrated manner, which is important given that over 40% of adults in the U.S. are living with multiple chronic conditions.

轉向慢性病護理。註冊 Livongo 產品套件的會員人數同比增長 45% 至 715,000 人。我們的方法不是專注於一種特定的疾病，而是以綜合的方式治療整個人，鑑於美國超過 40% 的成年人患有多種慢性病，這一點很重要。

As a result of this approach, we continue to drive significant growth in multi-program enrollment. Over 20% of our chronic care members are now enrolled in more than one program, up from 6% in the second quarter of last year. The growth in chronic care members, 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 60% year-over-year increase in the total number of chronic programs in which our members are enrolled.

由於這種方法，我們繼續推動多項目招生的顯著增長。我們超過 20% 的長期護理成員現在參加了一個以上的計劃，高於去年第二季度的 6%。長期護理成員的增長，加上參加多個項目的人數增加，例如參加我們的糖尿病和高血壓項目的成員，導致慢性病項目總數同比增長 60%我們的成員已註冊。

Most importantly, our services are driving better outcomes. For example, in a recent survey of over 2,000 consumers of our virtual mental health services, more than 90% of those who sought care experienced improvement, with nearly 40% experiencing a significant breakthrough during treatment.

最重要的是，我們的服務正在推動更好的結果。例如，在最近對我們虛擬心理健康服務的 2,000 多名消費者進行的一項調查中，超過 90% 的尋求護理的人經歷了改善，近 40% 的人在治療期間經歷了重大突破。

In the marketplace, our whole-person approach to care continues to resonate as clients understand the value we deliver and are coming to us for our broad integrated suite of services.

在市場上，隨著客戶了解我們提供的價值並向我們尋求我們廣泛的綜合服務套件，我們的全人護理方法繼續引起共鳴。

I'm very proud to report that during the second quarter, we signed an expansive new agreement with HCSC, the fifth largest health insurer in the U.S. As part of this agreement, we will provide our suite of chronic care solutions across their commercial fully insured members in several markets and significantly expand our products offered to their ASO clients.

我很自豪地報告，在第二季度，我們與美國第五大健康保險公司 HCSC 簽署了一項廣泛的新協議。作為該協議的一部分，我們將在其商業全額保險中提供我們的慢性病護理解決方案套件多個市場的成員，並顯著擴展我們向其 ASO 客戶提供的產品。

Beginning in 2022, we will provide eligible HCSC members in fully insured plans with access to our diabetes and hypertension programs. This agreement also includes bringing our full suite of chronic care products to HCSC's ASO markets embedded into their well-being management and health advocacy solution offerings. We're honored to have earned the trust of HCSC and extremely excited about working together to empower more people living with chronic conditions, and we see tremendous opportunity to expand with HCSC in the future.

從 2022 年開始，我們將為完全保險計劃中符合條件的 HCSC 成員提供我們的糖尿病和高血壓計劃。該協議還包括將我們的全套慢性病護理產品引入 HCSC 的 ASO 市場，嵌入到他們的健康管理和健康宣傳解決方案產品中。我們很榮幸贏得 HCSC 的信任，並且非常高興能夠共同努力為更多慢性病患者提供支持，我們看到了未來與 HCSC 一起擴展的巨大機會。

Our vision to reimagine primary care also continues to gain traction. Our Primary360 product delivers a fully integrated solution of mental and physical health, leveraging technology and data, bringing together a full virtual care team for the consumer and integrating into the physical delivery system to get consumers the right care at the right time.

我們重新構想初級保健的願景也繼續受到關注。我們的 Primary360 產品提供了一個完全集成的身心健康解決方案，利用技術和數據，為消費者匯集了一個完整的虛擬護理團隊，並集成到物理交付系統中，以便在正確的時間為消費者提供正確的護理。

During the second quarter, we signed several new deals to launch Primary360. I'm pleased to report that just this week, we signed a significant Primary360 contract with a national payer, and we're in late-stage discussions with several other health plans.

在第二季度，我們簽署了幾項新協議以推出 Primary360。我很高興地報告，就在本週，我們與一家國家付款人簽署了一份重要的 Primary360 合同，並且我們正在與其他幾個健康計劃進行後期討論。

As we turn to hospitals and health systems, it's evident that we are uniquely positioned to help them improve outcomes and reduce costs. During the second quarter, we signed multiple new chronic care agreements in the health system market, including a significant contract with a large Florida-based health system to bring our whole-person diabetes and cardiovascular programs to their at-risk populations.

當我們轉向醫院和衛生系統時，很明顯，我們在幫助他們改善結果和降低成本方面處於獨特的地位。在第二季度，我們在衛生系統市場簽署了多項新的慢性病護理協議，包括與佛羅里達州一家大型衛生系統簽訂的重要合同，將我們的全人糖尿病和心血管項目帶給他們的高危人群。

Our pipeline in the health system market continues to grow, and we see further opportunities to expand these relationships as we deliver value for our clients and members. This represents a significant validation of our thesis that Teladoc Health's broad distribution would open up new channels for the Livongo chronic care solutions.

我們在衛生系統市場的管道繼續增長，我們看到了進一步擴大這些關係的機會，因為我們為我們的客戶和成員創造價值。這代表了對我們論點的重要驗證，即 Teladoc Health 的廣泛分佈將為 Livongo 慢性病護理解決方案開闢新渠道。

In the international market during the second quarter, we signed an agreement to expand our relationship with Telefónica. The new partnership makes our telemedicine services available to more than 60 million customers of Vivo, Telefonica's Brazilian subsidiary and the leading telecom company in that country. This partnership allows Telefonica to provide more value to their customers and enables Teladoc to connect millions of consumers with the care and resources they need to stay healthy.

在第二季度的國際市場上，我們與 Telefónica 簽署了擴大關係的協議。新的合作夥伴關係使我們的遠程醫療服務可供 Vivo 的超過 6000 萬客戶使用，Vivo 是 Telefonica 的巴西子公司，也是該國領先的電信公司。這種夥伴關係使 Telefonica 能夠為其客戶提供更多價值，並使 Teladoc 能夠將數百萬消費者與他們保持健康所需的護理和資源聯繫起來。

Expanding our international presence, our differentiated global footprint allowed us to collaborate with Cigna International for local populations in India during the recent humanitarian crisis. We worked with Cigna International to rapidly set up live clinical support for hundreds of thousands of individuals facing challenges in accessing the country's overwhelmed health care system. I'm extremely proud to say that we were able to quickly assist U.S. multinational corporations to meet the health needs of their employees in India during a time of great need.

擴大我們的國際影響力，我們差異化的全球足跡使我們能夠在最近的人道主義危機期間與 Cigna International 合作，為印度當地居民提供服務。我們與 Cigna International 合作，為數十萬在使用該國不堪重負的醫療保健系統時面臨挑戰的個人快速建立實時臨床支持。我非常自豪地說，我們能夠在非常需要的時候迅速協助美國跨國公司滿足其在印度員工的健康需求。

Earlier this month, we also announced a new partnership with Microsoft. We're working in conjunction with Microsoft to integrate our Solo platform for hospitals and health systems directly within Microsoft Teams. The combination will allow clinicians to access the Solo platform, including its virtual care workflows, data and tools without having to leave the Teams environment. The combination of our clinical leadership and purpose-built medical-grade technology with Microsoft's communications architecture will enable us to deliver a seamless experience to providers and patients.

本月早些時候，我們還宣布與微軟建立新的合作夥伴關係。我們正在與 Microsoft 合作，將我們用於醫院和衛生系統的 Solo 平台直接集成到 Microsoft Teams 中。該組合將允許臨床醫生訪問 Solo 平台，包括其虛擬護理工作流程、數據和工具，而無需離開 Teams 環境。我們的臨床領導地位和專門構建的醫療級技術與 Microsoft 的通信架構相結合，將使我們能夠為提供者和患者提供無縫體驗。

The integration of Solo into Teams represents the first step in this partnership. And together, we will look for further areas to develop and leverage technologies to improve the health care experience.

將 Solo 集成到 Teams 中代表了這種夥伴關係的第一步。我們將一起尋找更多領域來開發和利用技術來改善醫療保健體驗。

We're making great progress on our road map for innovation. Earlier this month, we launched our first integrated Teladoc-Livongo product, myStrength Complete, which combines care from Teladoc therapists and psychiatrists with the Livongo digital mental health capabilities to deliver a differentiated market-leading solution that provides personalized targeted care to individuals in a single comprehensive experience. The launch of myStrength Complete represents another example of the power of Teladoc's differentiated data and behavioral science capabilities to deliver clinically relevant insights that empower consumers and enable clinicians to deliver high-quality care.

我們在創新路線圖上取得了很大進展。本月早些時候，我們推出了我們的第一個集成 Teladoc-Livongo 產品 myStrength Complete，它將 Teladoc 治療師和精神科醫生的護理與 Livongo 數字心理健康功能相結合，提供差異化的市場領先解決方案，為個人提供個性化的針對性護理全面的經驗。 myStrength Complete 的推出代表了 Teladoc 差異化數據和行為科學能力的另一個例子，它可以提供臨床相關的見解，從而賦予消費者權力並使臨床醫生能夠提供高質量的護理。

Our ability to transform data into actionable insights allows us to provide a highly personalized experience and deliver longitudinal virtual care at scale, which positions us to realize our vision of becoming consumers' trusted destination for whole-person health.

我們將數據轉化為可操作見解的能力使我們能夠提供高度個性化的體驗並提供大規模的縱向虛擬護理，這使我們能夠實現成為消費者值得信賴的全人健康目的地的願景。

We look forward to sharing more about our vision and growth strategy at our Investor Day later this year.

我們期待在今年晚些時候的投資者日分享更多關於我們的願景和增長戰略的信息。

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

有了這個，我會把電話轉給 Mala 來審查第二季度和詳細的指導。

Thank you, Jason, and good afternoon, everyone. During the second quarter, total revenue increased 109% to $503 million or 41% excluding acquired revenue. Total U.S. revenue for the quarter was $465 million, representing growth of 121% over the prior year's quarter. Total international revenue of $38 million increased 24% over the prior year.

謝謝你，傑森，大家下午好。第二季度，總收入增長 109% 至 5.03 億美元，不包括收購收入增長 41%。本季度美國總收入為 4.65 億美元，比去年同期增長 121%。國際總收入為 3800 萬美元，比上年增長 24%。

Access fee revenue for the second quarter increased 138% year-over-year to $434 million and represented 86% of total revenue, up from 76% in the prior year's quarter. The increase in access fee revenue as a percent of total revenue is primarily due to the acquisition of Livongo and InTouch Health, both of which generate a majority of their revenue from subscription access fees as well as growth in direct-to-consumer mental health, which is sold on a subscription basis.

第二季度的接入費收入同比增長 138% 至 4.34 億美元，佔總收入的 86%，高於上年同期的 76%。訪問費收入佔總收入百分比的增加主要是由於收購了 Livongo 和 InTouch Health，這兩家公司的大部分收入都來自訂閱訪問費以及直接面向消費者的心理健康業務的增長，這是在訂閱的基礎上出售的。

Visit fee revenue for the second quarter of $59 million increased $5 million sequentially and $0.5 million year-over-year despite a difficult COVID-related comp in the prior year.

第二季度的訪問費收入為 5900 萬美元，環比增長 500 萬美元，同比增長 50 萬美元，儘管去年與 COVID 相關的收入很困難。

Turning to membership and access. We ended the quarter with U.S. paid membership of 52 million members, an increase of 500,000 members sequentially over the first quarter. Individuals with visit fee only access was 22 million at the end of the second quarter. Total unique members enrolled in one or more of our chronic care programs were 715,000 members as of the second quarter, a 45% increase over the 493,000 members as of the prior year's quarter pro forma for the merger with Livongo and an increase of 57,000 members sequentially over the first quarter.

轉向成員資格和訪問。我們在本季度結束時擁有 5200 萬美國付費會員，比第一季度增加了 500,000 名會員。截至第二季度末，僅收取訪問費的個人為 2200 萬人。截至第二季度，參加我們的一項或多項長期護理計劃的獨立會員總數為 715,000 名，比去年同期與 Livongo 合併後的 493,000 名會員增加了 45%，環比增加了 57,000 名會員在第一季度。

Average revenue per member per month was $2.47 in the second quarter, up from $1.02 in the prior year second quarter and $2.24 in the first quarter of 2021. The leading drivers of the $0.23 sequential increase in revenue per member were growth in direct-to-consumer mental health and chronic care program revenue.

第二季度每位會員每月的平均收入為 2.47 美元，高於去年第二季度的 1.02 美元和 2021 年第一季度的 2.24 美元。每位會員收入環比增長 0.23 美元的主要驅動因素是直銷業務的增長消費者心理健康和慢性病護理計劃收入。

Turning to visits. During the second quarter, we provided 3.5 million visits through our network of clinicians, representing 28% growth over the prior year's quarter, which was during the height of the pandemic in the U.S. Platform-enabled sessions, which represents encounters facilitated by our license platform and provided by our clients' own clinicians, were an additional 1 million in the quarter.

轉向訪問。在第二季度，我們通過我們的臨床醫生網絡提供了 350 萬次訪問，比去年同期增長了 28%，去年同期是美國平台支持會議大流行的高峰期，這代表了我們的許可平台促成的會面並且由我們客戶自己的臨床醫生提供，本季度增加了 100 萬。

The annualized utilization rate for our members was 21.5% in the second quarter, a 550 basis point increase over the prior year's quarter and a 190 basis point increase sequentially over the first quarter of this year.

第二季度我們會員的年化利用率為 21.5%，比上年同期增加 550 個基點，比今年第一季度增加 190 個基點。

Adjusted gross profit, which excludes depreciation and amortization of intangibles, increased to $343 million. Adjusted gross margin was 68.1% for the quarter compared to 62.3% in the second quarter of 2020. The 580 basis point improvement in adjusted gross margin is primarily attributable to the increased mix of subscription fee revenue versus the prior year.

不包括無形資產折舊和攤銷的調整後毛利增至 3.43 億美元。本季度調整後的毛利率為 68.1%，而 2020 年第二季度為 62.3%。調整後的毛利率提高 580 個基點，這主要是由於訂閱費收入的組合較上年有所增加。

Gross profit and adjusted gross profit in the second quarter of 2021 include the benefit of approximately $6 million in lower expenses on Livongo devices attributable to purchase accounting adjustments related to the merger.

2021年第二季度的毛利和調整後的毛利包括因與合併相關的採購會計調整而導致 Livongo 設備費用減少約600萬美元的好處。

Adjusted EBITDA was $66.8 million in the second quarter compared to $26.3 million in prior year's quarter. Adjusted EBITDA in the second quarter of 2021 includes a benefit of approximately $6 million attributable to purchase accounting adjustments mentioned previously. The adjusted EBITDA outperformance in the second quarter was driven in part by operating expense performance as we continue to make progress against cost synergies, including integrating back-office functions and consolidating vendors.

第二季度調整後的 EBITDA 為 6680 萬美元，而去年同期為 2630 萬美元。 2021 年第二季度調整後的 EBITDA 包括約 600 萬美元的收益，該收益歸因於前面提到的採購會計調整。第二季度調整後的 EBITDA 表現出色部分是由於運營費用表現推動的，因為我們在成本協同效應方面繼續取得進展，包括整合後台職能和整合供應商。

Net loss in the second quarter was $134 million compared to a net loss of $26 million in the same quarter last year. The larger net loss was primarily attributable to increased stock-based compensation, loss on extinguishment of debt and amortization of acquired intangibles. On a per-share basis, net loss was $0.86 for the second quarter compared to a net loss of $0.34 in prior year's quarter. Net loss per share includes stock-based compensation expense of $0.53, extinguishment of debt of $0.20 and amortization of acquired intangibles of $0.30.

第二季度淨虧損為 1.34 億美元，而去年同期為淨虧損 2600 萬美元。較大的淨虧損主要歸因於股票薪酬增加、債務清償損失和所收購無形資產的攤銷。按每股計算，第二季度淨虧損為 0.86 美元，而去年同期為淨虧損 0.34 美元。每股淨虧損包括 0.53 美元的股票補償費用、0.20 美元的債務清償和 0.30 美元的無形資產攤銷。

We ended the quarter with $786 million in cash and short-term investments, while our total recorded debt outstanding as of June 30 was $1.2 billion. Operating cash flow in the second quarter was $52 million.

本季度結束時，我們擁有 7.86 億美元的現金和短期投資，而截至 6 月 30 日，我們記錄在案的未償還債務總額為 12 億美元。第二季度的運營現金流為 5200 萬美元。

Now turning to forward guidance. For the full year 2021, we now expect revenue to be in the range of $2.0 billion to $2.025 billion. We continue to expect adjusted EBITDA in 2021 in the range of $255 million to $275 million, including an approximately $20 million benefit from lower expenses on Livongo devices attributable to purchase accounting adjustments related to the Livongo merger.

現在轉向前瞻性指導。對於 2021 年全年，我們現在預計收入將在 20 億美元至 20.25 億美元之間。我們繼續預計 2021 年調整後的 EBITDA 在 2.55 億美元至 2.75 億美元之間，其中包括因與 Livongo 合併相關的採購會計調整而導致的 Livongo 設備支出減少帶來的約 2000 萬美元收益。

As discussed previously, during the second half of the year, we do anticipate 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 expansion into new markets. We now expect total visits in 2021 to be between 13.5 million and 14 million visits, representing growth of 27% to 32% over the prior year.

如前所述，在今年下半年，我們確實預計將成本協同效應重新投資到業務中以推動長期增長，包括推出新功能和新產品，如 myStrength Complete 和 Primary360，繼續整合 Livongo，增強我們的集成數據平台並擴展到新市場。我們現在預計 2021 年的總訪問量將在 1350 萬到 1400 萬之間，比上一年增長 27% 到 32%。

For the third quarter of 2021, we expect revenue of $510 million to $520 million, representing growth of 77% to 80% over the prior year's quarter. We expect total paid membership in the range of 52 million to 53 million and anticipate total visits during the third quarter of between 3.4 million and 3.6 million visits, which represent year-over-year growth of 20% to 27%. We expect third quarter adjusted EBITDA to be in the range of $60 million to $65 million.

對於 2021 年第三季度，我們預計收入為 5.1 億美元至 5.2 億美元，較上年同期增長 77% 至 80%。我們預計付費會員總數在 5200 萬至 5300 萬之間，預計第三季度總訪問量在 340 萬至 360 萬之間，同比增長 20% 至 27%。我們預計第三季度調整後的 EBITDA 將在 6000 萬至 6500 萬美元之間。

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

有了這個，我會把電話轉回 Jason 的結束語。

Thanks, Mala. As you've heard, the second quarter was marked by exciting new client wins, product launches and tremendous progress on our quest to be a category-defining provider of whole-person virtual care. We're incredibly excited to be uniquely positioned to revolutionize virtual care and transform the health care experience. That opportunity was on full display last week at our 15th Annual Teladoc Health Forum, the preeminent gathering of leaders from across the industry focused on the advancement of virtual care within the health care system. We set a record for attendance this year with over 4,000 registrants, hearing from over 100 industry leaders across the health care system on topics ranging from the evolving consumer expectations to hospital-based strategies for virtual care. I'm grateful and humbled that so many industry leaders joined us in this effort.

謝謝，馬拉。正如您所聽到的，第二季度的特點是贏得了令人興奮的新客戶、產品發布以及我們在成為全人虛擬護理的類別定義提供商方面取得的巨大進展。我們非常高興能夠在徹底改變虛擬護理和改變醫療保健體驗方面處於獨特的位置。上週在我們的第 15 屆年度 Teladoc 健康論壇上充分展示了這一機會，該論壇聚集了來自整個行業的領導者，重點關注醫療保健系統內虛擬護理的進步。今年，我們創下了 4,000 多名註冊者的出席記錄，聽取了醫療保健系統 100 多位行業領導者的意見，主題涵蓋從不斷變化的消費者期望到基於醫院的虛擬護理策略。這麼多行業領導者加入我們的行列，我深表感激和謙卑。

As always, thank you for your continued interest in Teladoc Health. And with that, we'll open the call for questions. Operator?

一如既往，感謝您對 Teladoc Health 的持續關注。有了這個，我們將開始提問。操作員？

(Operator Instructions) Your first question is from Sean Wieland of Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Sean Wieland。

Congrats on a great quarter. I was hoping we could go into a little bit more detail on the myStrength Complete launch. I know it's early, but if you can tell us a little bit about what the dialogue with the prospects are like, if there's any pushback, how it's priced, expected uptake and maybe anything else you want to share.

祝賀一個偉大的季度。我希望我們可以更詳細地介紹 myStrength Complete 的發布。我知道現在還早，但是如果你能告訴我們一些關於與潛在客戶的對話是什麼樣的，是否有任何阻力，它是如何定價的，預期的採用率以及你想分享的任何其他內容。

Yes. Thanks, Sean. We're excited about myStrength Complete. And as we mentioned, we have several sales for our new clients, especially among large employers, that we've just recently launched with the launch of that product. We also have a tremendous pipeline that spans across both employers as well as health plans. In fact, I was recently on a video call with the senior team from a very large health plan that sees this as a significant opportunity for step care, right, which is the opportunity to bring the right solution to the consumer that not only delivers better outcomes but also is the most efficient delivery of care, using digital technology assets where appropriate and then supplementing with both coaching as well as therapy and, if necessary, psychiatry.

是的。謝謝，肖恩。我們對 myStrength Complete 感到興奮。正如我們所提到的，我們最近剛剛推出了該產品，為我們的新客戶，特別是大型雇主提供了幾筆銷售。我們還有一個跨越雇主和健康計劃的巨大渠道。事實上，我最近與一個非常大的健康計劃的高級團隊進行了視頻通話，該計劃認為這是進行步驟護理的重要機會，對，這是為消費者提供正確解決方案的機會，不僅可以提供更好的服務結果，但也是最有效的護理提供，在適當的情況下使用數字技術資產，然後輔以輔導和治療，必要時輔以精神病學。

And the underpinnings of all of this are the data science, right? So engaging the consumer with a personalized approach that uses all of those capabilities to optimally manage the mental health care needs and deliver the best care for the consumer. And the most senior team at this health -- large health system and health plan was very excited about using the full breadth of those assets in a way that can improve mental health care that also improves the physical health care as -- and does it in a very efficient manner because we all know that there's a struggle to find enough psychiatrists and we want to use people, especially the mental health professionals, at the top of their license.

所有這一切的基礎都是數據科學，對吧？因此，通過一種個性化的方法吸引消費者，利用所有這些能力來優化管理心理健康護理需求，並為消費者提供最好的護理。這個衛生部門的最高層團隊——大型衛生系統和衛生計劃對以一種可以改善精神衛生保健的方式使用這些資產的全部範圍感到非常興奮，同時也改善了身體衛生保健——並在一種非常有效的方式，因為我們都知道很難找到足夠的精神科醫生，我們希望在他們的執照上使用人，尤其是精神衛生專業人員。

So we're seeing this pipeline -- it was robust to begin with, and it's building as we go into the back half of the year. And then lastly, I would say it is one of the first and most tangible market-facing integration points that brings together the best of Livongo and Teladoc.

所以我們看到了這條管道——它一開始就很強勁，而且隨著我們進入今年下半年，它正在建設中。最後，我想說這是第一個也是最有形的面向市場的集成點之一，它匯集了 Livongo 和 Teladoc 的精華。

Your next question is from Lisa Gill of JPMorgan.

你的下一個問題來自摩根大通的 Lisa Gill。

Jason, can we just spend a couple of minutes talking about Primary360? I know you said that you have a significant national payer. Can you maybe just give us an idea of how many members that is? Are they currently on your platform? Are they new members? And then also, can you just give us an idea of services that will be rendered and how the payments will work? Will it just be kind of a traditional collect the PMPM and then have a visit fee? Or is it something that's going to be different with this national payer?

Jason，我們可以花幾分鐘談談 Primary360 嗎？我知道你說過你有一個重要的國家付款人。你能告訴我們有多少成員嗎？他們目前在您的平台上嗎？他們是新成員嗎？然後，您能否給我們介紹一下將提供的服務以及付款方式？會不會只是一種傳統的收集 PMPM 然後收取訪問費的方式？還是這個國家付款人會有所不同？

Yes. So thanks, Lisa. We're really excited about Primary360, and we're poised already to launch several large national employers, Fortune 1000 employers in the back half of this year as well as having signed a significant national agreement that you mentioned. And we're in very, very late-stage discussions with several other large payers.

是的。所以謝謝，麗莎。我們對 Primary360 感到非常興奮，我們已經準備好在今年下半年推出幾家大型全國性雇主、財富 1000 強雇主，並簽署了您提到的一項重要的全國性協議。我們正在與其他幾家大型付款人進行非常、非常後期的討論。

So this is an area that we have leaned into because it capitalizes on the full breadth of our capabilities, and we believe that we're unmatched in the marketplace. And what we're hearing from prospects is that, that's really validated. And they're excited by the combination of a virtual primary care relationship, a team approach to care using data and technology to deliver the best care and also to do it in a way that aligns with a virtual-first plan design that really incents care that virtually -- that gets the consumer to seek virtual care first such that we can make sure that they get the optimal care whether they need to be seen in person or can be taken care of virtually.

因此，這是我們所涉足的領域，因為它充分利用了我們的全部能力，而且我們相信我們在市場上是無與倫比的。我們從潛在客戶那裡聽到的是，這確實得到了驗證。他們對虛擬初級保健關係的結合感到興奮，這是一種使用數據和技術提供最佳護理的團隊護理方法，並且以與真正激勵護理的虛擬優先計劃設計相一致的方式進行這實際上——讓消費者首先尋求虛擬護理，這樣我們就可以確保他們得到最佳護理，無論他們是需要親自看病還是可以得到虛擬護理。

With respect to the pricing model, I think the early pricing models you'll see will be a PMPM -- likely a higher PMPM than we've seen historically for, for example, our general medical or any of our individual services, and then a wide array of visit fees that reflected the value that we bring.

關於定價模型，我認為您將看到的早期定價模型將是 PMPM——可能比我們歷史上看到的更高的 PMPM，例如，我們的一般醫療或我們的任何個人服務，然後各種各樣的訪問費用反映了我們帶來的價值。

So for example, a 30-minute introductory visit with a primary care physician obviously is worth a lot more than a virtual urgent care visit to take care of someone's strep throat or sinus infection, for example. And so we expect to see increase on the PMPM side as well as on the visit fee side.

因此，例如，與初級保健醫生進行 30 分鐘的介紹性訪問顯然比虛擬的緊急護理訪問更有價值，例如治療某人的鏈球菌性咽喉炎或鼻竇感染。因此，我們預計 PMPM 方面以及訪問費方面都會有所增加。

As we look into the future, we're excited about more value-based reimbursement structures that rewards us for delivering better outcomes as well as reducing the cost of care to where we ultimately see ourselves sharing in risk with the payers and our clients. And so that will be an evolution over time, but we're actively talking to clients about that evolution even at the beginning of our relationships with them.

展望未來，我們對更多基於價值的報銷結構感到興奮，這些結構會獎勵我們提供更好的結果以及將護理成本降低到我們最終看到自己與付款人和客戶分擔風險的程度。因此，這將隨著時間的推移而演變，但即使在我們與客戶建立關係之初，我們也在積極與客戶討論這種演變。

So we're very, very excited. I would say, stay tuned relative to announcements and details about the new clients that we expect to launch. I'm obviously -- I can only say as much as I can say, and I think we've gone about as far as we can at this point. But stay tuned for some exciting announcements.

所以我們非常非常興奮。我想說的是，請繼續關注有關我們期望推出的新客戶端的公告和詳細信息。很明顯，我只能說我能說的那麼多，而且我認為我們在這一點上已經盡了最大努力。但請繼續關註一些激動人心的公告。

Yes. But just to punch one point home, the pipeline for Primary360 that we are seeing is very, very strong. If I look at the growth in the pipeline sequentially, we are seeing real strength in the pipeline. And that, to me, is one of the important markers for our confidence in growth as we look ahead.

是的。但為了強調一點，我們看到的 Primary360 的管道非常非常強大。如果我按順序查看管道中的增長，我們會看到管道中的真正實力。對我來說，這是我們展望未來時對增長充滿信心的重要標誌之一。

Your next question is from Sandy Draper of Truist Securities.

你的下一個問題來自 Truist Securities 的 Sandy Draper。

I guess, Jason, maybe just a clarification on the relationship with HCSC. I wasn't clear if that is more -- you now have a relationship and you're now going to go to members and try to sign business? Or do you have actual business in hand and they're -- you talked about opportunity to expand. Just try to expand -- is this really a license into that large base? Or is this business -- the contracts you've signed and then the expansions are with additional service? I just wasn't clear on how the relationship was starting out, but it sounds like an interesting one.

我想，Jason，也許只是澄清一下與 HCSC 的關係。我不清楚那是否更多——你現在有一段關係，你現在要去找會員並嘗試簽約嗎？或者你手頭有實際業務，他們是——你談到了擴張的機會。只是嘗試擴展——這真的是進入那個大基地的許可嗎？還是這項業務——您已經簽署的合同，然後擴展是附加服務？我只是不清楚這段關係是如何開始的，但這聽起來很有趣。

Yes. Thanks. We're incredibly excited about the HCSC relationship. In fact, I'd call it a landmark deal for us. We will be rolling out into significant and multiple commercial fully insured markets of theirs. So when you ask what's signed in terms of a contract, we have signed contracts to roll out to those populations. We have good visibility into the revenue that will come from that. And so that is essentially locked and loaded.

是的。謝謝。我們對 HCSC 的關係感到非常興奮。事實上，我認為這對我們來說是一項具有里程碑意義的交易。我們將推廣到他們的重要和多個商業完全保險市場。因此，當您詢問在合同方面簽署了什麼時，我們已經簽署了向這些人群推廣的合同。我們對由此產生的收入有很好的了解。所以這基本上是鎖定和加載的。

We also work with HCSC to then engage with their self-insured clients and roll out into their self-insured clients, which are obviously multimillion-member population. And we roll out with the broadest array of our chronic care solutions or what we call our whole-person chronic care solutions that wraps in diabetes management with weight management, diabetes prevention and mental health care, for example. Hypertension, that does the same that brings in our stress management and mental health solutions, along with weight management solutions because those are the sort of the full array of capabilities that we need in order to be able to manage the whole person who are living with those conditions.

我們還與 HCSC 合作，然後與他們的自保客戶接觸並推廣到他們的自保客戶，這些客戶顯然是數百萬會員。我們推出了最廣泛的慢性病護理解決方案，或者我們所說的全人慢性病護理解決方案，其中包括糖尿病管理、體重管理、糖尿病預防和心理健康護理等。高血壓，它帶來了我們的壓力管理和心理健康解決方案，以及體重管理解決方案，因為這些是我們需要的全部能力，以便能夠管理整個人那些條件。

So we see the opportunity not only to go penetrate that self-insured population, and we've already signed several large self-insured clients through that relationship, but also then to continue to expand the scope of the services that we bring both to their fully insured as well as self-insured markets.

因此，我們不僅看到了進入自保人群的機會，而且我們已經通過這種關係簽署了幾家大型自保客戶，而且還繼續擴大我們為他們帶來的服務範圍完全保險以及自我保險的市場。

Your next question is from Charles Rhyee of Cowen.

你的下一個問題來自 Cowen 的 Charles Rhyee。

Jason, maybe following up there on HCSC. When you say multimillion lives, is that something we would expect at the start of the year? Or is that more where you expect to be maybe as you roll out? And is that over the course of maybe the first year? Or is that over a multiyear period?

Jason，也許會跟進 HCSC。當你說數百萬生命時，這是我們在年初所期望的嗎？還是在您推出時您期望的更多地方？那是在第一年的過程中嗎？或者是在多年期間？

And then just a follow-up on an earlier question around myStrength. Can you kind of describe sort of what the difference between the myStrength Complete platform would be versus BetterHelp? And is there any thoughts to kind of integrate those 2 at some point down the road?

然後只是對之前關於 myStrength 的問題的跟進。您能描述一下 myStrength Complete 平台與 BetterHelp 之間的區別嗎？有沒有什麼想法在未來的某個時候整合這兩個？

Yes. So Charles, nice job sneaking in 2 questions there. With respect to HCSC, we will see a significant set of growth in the first quarter, in the beginning of '22. But I would expect that will grow and continue to grow over at least to probably 3 years' time. So that's an opportunity that we're very excited about. We'll begin to harvest that opportunity at the beginning of '22, but we'll continue to see growth out of that over the course of at least 2 or 3 years. And as I mentioned, I think we have significant expansion opportunity beyond what we've contracted for today.

是的。所以查爾斯，幹得好，在那裡偷偷提出了 2 個問題。關於 HCSC，我們將在 22 年初的第一季度看到一系列顯著增長。但我預計它會增長並在至少 3 年的時間內繼續增長。所以這是一個我們非常興奮的機會。我們將在 22 年初開始收穫這個機會，但我們將在至少 2 或 3 年的時間裡繼續看到增長。正如我所提到的，我認為我們有超越今天合同的重要擴張機會。

So -- and then with respect to myStrength Complete, myStrength Complete is really a B2B offering that brings together the best of the Livongo digital mental health assets and underlying data science with the Teladoc Health therapy and psychiatry network to deliver virtual visits. It is not delivered on a direct-to-consumer basis. And we are very excited and continue to be extremely positive about the BetterHelp brand, the growth of BetterHelp in the direct-to-consumer markets.

所以——然後關於 myStrength Complete，myStrength Complete 確實是一個 B2B 產品，它將 Livongo 數字心理健康資產和基礎數據科學與 Teladoc Health 治療和精神病學網絡結合在一起，以提供虛擬訪問。它不是直接面向消費者交付的。我們非常興奮，並且繼續對 BetterHelp 品牌非常積極，BetterHelp 在直接面向消費者市場的增長。

And we think that there's a very, very strong sort of complementary nature to our direct-to-consumer offerings and our B2B offerings. And the step care that we bring into the B2B markets helps to deliver more efficient care for the payers who are buying those services on behalf of their members.

我們認為，我們的直接面向消費者的產品和 B2B 產品具有非常非常強大的互補性。我們帶入 B2B 市場的步驟護理有助於為代表其成員購買這些服務的付款人提供更有效的護理。

And I would also add, if you look at the growth in specialty visits that we are seeing in our business, right, it has more than doubled. And so -- and that is a trend that has continued on for the last several quarters. And particularly within specialty, if you look at the growth in mental health, both on the B2B side and the direct-to-consumer side, unsurprisingly, there is a massive pent-up demand for sub-services.

我還要補充一點，如果你看看我們在業務中看到的專業訪問的增長，對，它增加了一倍多。所以 - 這是過去幾個季度持續的趨勢。特別是在專業領域，如果你看看心理健康的增長，無論是在 B2B 方面還是在直接面向消費者的方面，就會發現對子服務的大量被壓抑的需求也就不足為奇了。

So I would expect the growth across mental health and specialty to continue. And we are really excited by the launch of myStrength Complete. It is, as Jason talked about a few minutes ago, a really important proof point for the coming together of the assets and capabilities across Teladoc and the legacy Livongo.

因此，我預計心理健康和專業領域的增長將繼續下去。我們對 myStrength Complete 的推出感到非常興奮。正如 Jason 幾分鐘前所說，這是 Teladoc 和遺留 Livongo 的資產和功能融合在一起的一個非常重要的證明點。

Your next question is from Jailendra Singh of Credit Suisse.

你的下一個問題來自瑞士信貸的 Jailendra Singh。

I want to go back to your chronic enrollment numbers disclosure. At 57,000 additions in the quarter, you came in better than our expectations. But clearly, there was some confusion around what is the right consensus figure there. Just curious if you can talk about how did that figure turn up in terms of compared to your own expectations. And any breakdown between more enrollment at your (inaudible) previously versus new accounts?

我想回到你的長期註冊人數披露。本季度新增 57,000 人，超出我們的預期。但顯然，對於什麼是正確的共識數字存在一些困惑。只是好奇您是否可以談談這個數字與您自己的期望相比是如何出現的。您之前（聽不清）的更多註冊與新帳戶之間的任何細分？

And anything you can share -- I know you don't guide on that metric, but any directional commentary for second half, how you think about that enrollment metric for the outlook?

你可以分享的任何東西——我知道你沒有指導這個指標，但是下半年的任何定向評論，你如何看待前景的入學指標？

Yes. Thanks, Jailendra. We're really happy with the new enrollment. I appreciate you're asking about that because we had a new commentary around that to make sure we gave as much transparency as we can.

是的。謝謝，杰倫德拉。我們對新的註冊非常滿意。我很感激你問這個問題，因為我們對此有一個新的評論，以確保我們提供盡可能多的透明度。

We're excited about the fact that we saw a 45% year-over-year growth in unique members. We're also equally excited to see the expansion of those -- the incidence of members who are enrolled in multiple chronic care solutions, having gone from 6% a year ago to 20% of enrollees being enrolled in multiple programs in the second quarter. And that's what translates to overall enrollment expansion of 60%, right?

我們很高興看到獨立會員數量同比增長 45%。我們也同樣很高興看到這些擴大——參加多種慢性病護理解決方案的成員的發生率從一年前的 6% 增加到第二季度參加多個項目的 20%。這就是轉化為 60% 的整體入學率的原因，對吧？

So if you look at each enrollment into each program as a unique incident, that we would have seen 60% growth. But we think the best metric is to give you unique users as well as what percentage of users are enrolled in multiple programs.

因此，如果您將每個項目的每次註冊視為一個獨特的事件，我們就會看到 60% 的增長。但我們認為最好的衡量標準是為您提供獨特的用戶以及註冊多個程序的用戶百分比。

It was in line with our expectations. And so it was -- historically, Livongo was always sort of first half of the year oriented in terms of its new enrollment because clients frequently come on the first 2 quarters of the year or about generating new enrollment, and then there's modest increases over the course of the year.

這符合我們的預期。所以它是 - 從歷史上看，Livongo 總是在上半年以新註冊為導向，因為客戶經常在今年的前兩個季度到來或產生新註冊，然後在年的課程。

Historically, about 70% to 80% of the Livongo growth in enrollment came in the first half of the year. I think that's a reasonable proxy for this year. And so I wouldn't want to get ahead of that in terms of expectations. And that's what's built into our modeling and our guidance.

從歷史上看，Livongo 大約 70% 到 80% 的入學增長出現在今年上半年。我認為這是今年的合理代表。所以我不想在期望方面領先於此。這就是我們的建模和指導中所包含的內容。

And I'd also add, Jailendra, great question. As we have said for the past few quarters and when we guided on the year, we are going to give you metrics on membership and unique enrollees as we've talked about. But remember, we've also said that as we think about our growth and our drivers of growth, it's not just one lever, right? It's not just about more members or more enrollees. It's also about growing our revenue per member.

我還要補充一點，Jailendra，這是個好問題。正如我們在過去幾個季度和當年指導時所說的那樣，我們將為您提供有關會員資格和獨特註冊者的指標，正如我們所討論的那樣。但請記住，我們也說過，當我們考慮我們的增長和我們的增長驅動因素時，這不僅僅是一個槓桿，對吧？這不僅僅是關於更多的成員或更多的登記者。這也是關於增加我們每個會員的收入。

And you can see in what we just said in our prepared remarks, we have actually shown nice expansion and increase in our PMPM. So it is about absolutely growing enrollees and members, which we are focused on. You can see the success we are having in our cross-sell in the pipeline strength that we are seeing. And we have given you all transparency over the client wins we have been having, which will result in membership growth and enrollee growth as we look into the months and the years ahead. But I would also remind you all, it is also about growing our revenue per member.

你可以在我們剛剛準備好的發言中看到，我們實際上已經展示了我們 PMPM 的良好擴展和增長。因此，這是關於絕對增長的註冊者和成員，這是我們關注的重點。您可以看到我們在交叉銷售中取得的成功，體現在我們所看到的管道實力中。我們已經為您提供了我們一直以來贏得的客戶的所有透明度，這將導致我們展望未來幾個月和幾年的會員增長和註冊人數增長。但我也要提醒大家，這也與增加我們每個會員的收入有關。

Your next question is from Ryan Daniels of William Blair.

你的下一個問題來自威廉布萊爾的瑞安丹尼爾斯。

Jason, maybe a big-picture question for you. I'm curious, with the timing here following your 15th annual forum, if you could talk a little bit about some of the key areas of focus among the client base or industry leaders and how that is perhaps different than a few years ago or perhaps how it intends to change some of your investment opportunities going forward to capitalize on what the client base is looking for.

傑森，也許對你來說是一個大問題。我很好奇，在第 15 屆年度論壇之後，您是否可以談談客戶群或行業領導者關注的一些關鍵領域，以及這與幾年前或可能有何不同它打算如何改變您未來的一些投資機會，以利用客戶群的需求。

Yes. Thanks. It's a good question, and I appreciate it because it gives us a chance to step back a little bit. The big themes at the forum were around whole-person virtual care, virtual primary care and what I would call the blending of the different customer channels, right? So payers and providers looking sort of more like each other and being interested in sort of similar sets of product combinations relative to where they were historically, which was very distinct.

是的。謝謝。這是一個很好的問題，我很感激，因為它讓我們有機會退後一步。論壇的大主題是圍繞全人虛擬護理、虛擬初級護理以及我所說的不同客戶渠道的融合，對吧？因此，付款人和提供者看起來更像彼此，並且對相對於他們歷史上的相似產品組合感興趣，這是非常不同的。

And I think our -- what it really reinforced for me was the value of the breadth of our capabilities and the value of our presence and leadership position across customer channels, whether you're talking about hospitals or health systems or payers domestically or internationally. And a good example of that is the success that we're seeing in bringing chronic care solutions through hospital system channels like the Florida health system that we talked about today.

我認為我們的 - 它真正強化了我的是我們能力廣度的價值以及我們在客戶渠道中的存在和領導地位的價值，無論你是在談論國內還是國際的醫院或衛生系統或付款人。一個很好的例子就是我們在通過醫院系統渠道（如我們今天談到的佛羅里達衛生系統）帶來慢性病護理解決方案方面取得的成功。

And I think there was a lot oriented to what does it really take to do whole-person virtual care at scale. And we heard from large international telecom companies. We heard from industry luminaries, whether they're coming from a government perspective, a payer perspective, a consulting perspective or a provider perspective.

而且我認為有很多面向大規模進行全人虛擬護理真正需要什麼。我們還收到了大型國際電信公司的來信。我們聽取了行業知名人士的意見，無論他們是來自政府的角度、付款人的角度、諮詢的角度還是供應商的角度。

And the other sort of big underlying theme, which I think is underscored in the results that we just announced, is (inaudible) to stay, right? I mean I think everybody asked us for a year, are you going to be able to live up to the comp that you've set in 2020? And I think I'm really proud of the team and that our forecasts were accurate when we said this is here to stay, it's going to continue to shift to whole person multiproduct, multi-specialty, embracing of virtual care across the entire health care system. And it really reinforced our strategy.

我認為在我們剛剛宣布的結果中強調了另一種重要的潛在主題，即（聽不清）留下來，對嗎？我的意思是，我想每個人都問我們一年了，你能達到你在 2020 年設定的目標嗎？而且我認為我真的為團隊感到自豪，當我們說這將繼續存在時，我們的預測是準確的，它將繼續轉向全人多產品、多專業、在整個醫療保健中接受虛擬護理系統。它確實加強了我們的戰略。

So coming out of it, we feel even more committed to making the investments that we've committed to making in the underlying data science, in delivering on whole-person virtual care and in doing it at scale for all the constituents.

因此，從中脫穎而出，我們感到更加致力於在基礎數據科學、提供全人虛擬護理以及為所有選民大規模進行投資方面做出我們承諾的投資。

And that includes -- when we think about whole-person care and our investments, we've talked about investing in an integrated data platform. It's also about integrating our consumer and provider experience. That's important. So that would be an area of focus for us from an investment standpoint. And as the only global provider of virtual care today, it is also about investing surgically and in a disciplined way on international assets.

這包括——當我們考慮全人護理和我們的投資時，我們已經談到了對集成數據平台的投資。它還涉及整合我們的消費者和供應商體驗。這很重要。因此，從投資的角度來看，這將是我們關注的一個領域。作為當今唯一的全球虛擬護理提供商，它還涉及對國際資產進行外科手術和有紀律的投資。

Your next question is from George Hill of Deutsche Bank.

你的下一個問題來自德意志銀行的喬治希爾。

I'll say, Jason, I can't believe this one fell all the way to me, but is it too early to start talking about the selling season for 1/1/22 starts? And I'm going to try to one up Charles and say, HCSC aside, as we look forward, how should we be thinking about where growth comes from going forward? Is it more the upsell of things like PrimaryCare360 (sic) [Primary360] and myStrength new footprints or visit growth? And the question I'm really trying to get to is like the evolving growth algorithm of the company, whether -- where in the past, we were looking for new footprints and visit growth, and now it seems to be more about wallet share gains. I just kind of love to hear you talk about that.

我會說，Jason，我不敢相信這個會一直影響到我，但是現在開始談論 22 年 1 月 1 日開始的銷售季節是否為時過早？我將嘗試對查爾斯說，除了 HCSC，在我們期待的時候，我們應該如何思考未來增長的來源？它更多的是像 PrimaryCare360 (sic) [Primary360] 和 myStrength 新足跡或訪問增長這樣的東西的追加銷售？我真正想問的問題就像公司不斷發展的增長算法，是否——在過去，我們在哪裡尋找新的足跡和訪問增長，現在似乎更多的是關於錢包份額的增長.我只是有點喜歡聽你談論那個。

Yes. Thanks, George. I'm happy to talk about the selling season. I'll stop short of giving -- of exactly sizing the pipeline. But I do want to give some color on that. And let me walk back to the beginning of the year and what we were seeing from the beginning of the year and how that's evolved the last couple of quarters.

是的。謝謝，喬治。我很高興談論銷售季節。我將停止提供 - 準確確定管道的大小。但我確實想對此加以說明。讓我回到今年年初，我們從年初看到的情況以及過去幾個季度的進展情況。

At the beginning of the year, we talked about the fact that our pipeline was robust, and it represented 50% growth in the pipeline relative to the same time the year before. But we also said that the pipeline was weighted toward more early-stage deals, right? So it was earlier in the process, but the gross size of the pipeline was significantly larger.

今年年初，我們談到了我們的管道穩健的事實，與去年同期相比，管道增長了 50%。但我們也說過，管道更傾向於更多的早期交易，對吧？所以它在這個過程的早期，但管道的總尺寸要大得多。

Since then, as you can see, many of those deals have progressed to closing, right, including the East Coast Blue plan that we talked about on the last quarterly call, including HCSC, including the large health system in Florida that we talked about rolling out chronic care management with. And so those deals are coming to fruition as well as the Primary360 signature that we just talked about. So those are coming to fruition. We're happy to see those close, and they've moved through the pipeline.

從那時起，正如你所看到的，其中許多交易已經取得進展，對吧，包括我們在上一個季度電話會議上談到的東海岸藍色計劃，包括 HCSC，包括我們談到滾動的佛羅里達州的大型衛生系統出慢性病護理管理。因此，這些交易以及我們剛才談到的 Primary360 簽名即將實現。所以這些正在取得成果。我們很高興看到那些關閉，並且他們已經通過了管道。

But we've also seen, as I look at our pipeline today, our late-stage pipeline as those deals have progressed through the pipeline -- and our sales force has made progress on those. Our late-stage pipeline at this point is 20% greater than it was last year, right? So we're now at a point where we have great visibility into what that's going to look like because we've successfully moved those deals through the pipeline.

但我們也看到，正如我今天看我們的管道一樣，隨著這些交易的推進，我們的後期管道已經取得了進展——我們的銷售團隊在這些方面取得了進展。我們目前的後期管道比去年多 20%，對嗎？因此，我們現在處於可以很好地了解將會是什麼樣子的地步，因為我們已經成功地將這些交易轉移到了管道中。

And what's most exciting to me is, whereas last year, 50% of our bookings were multiproduct bookings, this year, at this point, we're up over 75% in terms of our multiproduct bookings. And after seeing an explosion in our average deal size last year, our average deal size in our pipeline now is up another 10% versus where it was last year.

最令我興奮的是，去年我們 50% 的預訂是多產品預訂，而今年，此時，我們的多產品預訂增長了 75% 以上。在去年我們的平均交易規模出現爆炸式增長之後，我們的平均交易規模現在比去年又增加了 10%。

So when I put all of those things together, that's what gives us confidence as we look into '22 and beyond. And certainly, some of the deals that we've announced already are part of that. But I would say I'm at least as optimistic and excited about what's still in our pipeline as what we've already closed. So I feel very, very good about that.

因此，當我將所有這些東西放在一起時，這就是我們在展望 22 世紀及以後時充滿信心的原因。當然，我們已經宣布的一些交易是其中的一部分。但我想說的是，我至少對仍在籌備中的項目和已經關閉的項目一樣樂觀和興奮。所以我對此感覺非常非常好。

Mala, anything you want to add on the pipeline? Otherwise, we can try to squeeze in George's follow-up question.

Mala，你想在管道中添加什麼？否則，我們可以嘗試擠進 George 的後續問題。

No. I think you said it all.

不，我想你都說了。

So with respect to the growth algorithm, I appreciate the question. And certainly, we've given a lot more insight into the growth of our PMPM, the importance of multiproduct growth, the importance of multiproduct enrollment for chronic care members. And all of that really lends itself to our competitive advantage with respect to delivering on a whole-person virtual care as opposed to all those point solutions out there that can only deliver one thing. And I think what you'll see is that will continue to be reinforced as we continue to execute on converting that pipeline into bookings and converting those bookings into revenue.

所以關於增長算法，我很欣賞這個問題。當然，我們對 PMPM 的增長、多產品增長的重要性、多產品註冊對長期護理成員的重要性有了更多的了解。所有這些都真正有助於我們在提供全人虛擬護理方面的競爭優勢，而不是那些只能提供一件事的點解決方案。而且我認為你會看到的是，隨著我們繼續執行將管道轉化為預訂並將這些預訂轉化為收入，這一點將繼續得到加強。

And what I would say is hold tight a little bit for us. We anticipate having an Investor and Analyst Day toward the -- in the fourth quarter, where we expect to give much more insight into the long-term growth algorithm, the levers for growth and why we feel so confident about continuing to deliver on both the top line and bottom line growth over the next several years.

我要說的是對我們來說要抓緊一點。我們預計將在第四季度舉辦投資者和分析師日，屆時我們將更深入地了解長期增長算法、增長槓桿以及我們為何對繼續實現這兩個目標感到如此自信未來幾年的收入和利潤增長。

And I would also add, George, just a couple of additional points. We haven't talked much on this call about utilization and the very significant expansion in utilization we delivered during the quarter, and by the way, we have been delivering every quarter for the last several quarters.

喬治，我還要補充幾點。我們在本次電話會議上沒有過多談論利用率以及我們在本季度交付的利用率的顯著擴展，順便說一下，我們在過去幾個季度中每個季度都在交付。

People were asking us last year, do you think the strength in your visits momentum will sustain. And as you can see from the results we are driving, we are seeing strength and we are seeing very strong growth in our visit volumes despite the fact that infectious disease volumes are down year-on-year, right, with all of the pandemic measures in place.

去年人們問我們，您認為您的訪問勢頭會持續下去嗎？正如您從我們推動的結果中看到的那樣，我們看到了力量，我們看到訪問量非常強勁的增長，儘管傳染病數量同比下降，對吧，所有的大流行措施到位。

And so what we are seeing is a strong growth in our noninfectious disease volumes. We are seeing very strong growth in our specialty volumes, and those are fueling utilization expansion.

因此，我們看到的是非傳染性疾病數量的強勁增長。我們看到我們的專業業務量增長非常強勁，這推動了利用率的擴張。

I would also say with the growth in specialty, we are seeing more stickiness, whether it's the fact that we are seeing repeat visits growing, whether it is that we are seeing more of our members doing multiple visits or using multiple services. So all of that to me is -- that, in conjunction with what Jason talked about in terms of multi-products from a booking standpoint being over 75%, the fact that we are really penetrating and growing enrollment in multiple chronic conditions, to me, it is actually about the growing relevance we have to serve the health care needs of our members and our clients. And you will see all of that in terms of how we talk about our growth in the years ahead later this year.

我還要說的是，隨著專業的發展，我們看到了更多的粘性，無論是我們看到重複訪問的增長，還是我們看到更多的會員進行多次訪問或使用多種服務。所以對我來說，所有這一切都是 - 結合 Jason 所說的從預訂角度來看超過 75% 的多產品，事實上我們正在滲透和增加多種慢性病的入學率，對我來說，它實際上是關於我們必須滿足我們的成員和客戶的醫療保健需求的日益增長的相關性。你會在今年晚些時候我們如何談論未來幾年的增長方面看到所有這些。

Your next question is from Richard Close of Canaccord.

你的下一個問題來自 Canaccord 的 Richard Close。

Congratulations. I appreciate all the details here. Maybe to just dive in a little bit more on George's question. The Street's at like 58 million members, I guess, estimate for next year. And it sounds like you made good progress with HCSC. But is that, call it, 9% year-over-year too robust and maybe ratchet that down and increase the wallet share? Is that something you would recommend?

恭喜。我很欣賞這裡的所有細節。也許只是深入探討喬治的問題。我猜，估計明年華爾街大約有 5800 萬會員。聽起來你在 HCSC 方面取得了很好的進展。但是，可以這麼說，同比增長 9% 是否過於強勁，也許可以降低它並增加錢包份額？那是你會推薦的東西嗎？

So Richard, we're going to stop short of giving guidance for next year. It's a little early for that. What I would say is we are -- we have been talking a lot about the expansion of our revenue per member. The fact is the breadth of our capabilities drives expansion of revenue per member, and the expanding role that we play in the health care system drives expanding revenue per member, right?

所以理查德，我們將停止為明年提供指導。現在還為時過早。我要說的是我們 - 我們一直在談論擴大每個會員的收入。事實上，我們能力的廣度推動了每個成員收入的增加，而我們在醫療保健系統中扮演的不斷擴大的角色推動了每個成員收入的增加，對吧？

So as -- I talked about our Primary360 is a perfect example of where we'll see higher PMPM and higher visit fees. The fact that we're up to 20% of chronic care enrollees, accessing multiple chronic care solutions drives higher revenue per member. The fact that our sales are now 75%-plus multi-product drives higher revenue per member.

因此——我談到我們的 Primary360 是一個完美的例子，說明我們將看到更高的 PMPM 和更高的訪問費用。事實上，我們有多達 20% 的慢性病護理登記者可以訪問多種慢性病護理解決方案，這推動了每位成員的更高收入。事實上，我們的銷售額現在超過 75%，多產品推動了每位會員的更高收入。

So if you're asking me, will a 9% expansion of membership get us to the numbers that we aspire to and expect to deliver? The answer is no, right? Will an expansion of our PMPM drive across the 70 million people who currently have access to our service? Certainly, that has a big lever to pull, and we expect to continue to add to that.

因此，如果您問我，9% 的成員數量增加是否會讓我們達到我們渴望並期望實現的數量？答案是否定的，對嗎？我們 PMPM 的擴展是否會推動目前可以使用我們服務的 7000 萬人？當然，這有很大的槓桿作用，我們希望繼續增加。

So it's going to continue to be a mix of more people accessing more products with more visits and in new payment models that drives higher revenue. And we'll try to get into more detail around that and give you all enough that you can build out your models as we get into our Investor Day later in the year.

因此，它將繼續是更多人訪問更多產品和更多訪問的混合體，以及推動更高收入的新支付模式。在今年晚些時候我們進入投資者日時，我們將嘗試深入了解更多細節，並為您提供足夠的信息，以便您可以構建自己的模型。

Yes. The good thing is, Richard, we are not reliant on one lever, right? As our results demonstrate in different years, we pull on different levers to drive our growth. And I would say the results and the revenue growth that we are delivering this year in totality and on an organic basis is in line with what we had when we gave you a preliminary outlook early last year, and then we followed it up with more specific guidance for the year, is absolutely in line with what we had expected.

是的。好消息是，理查德，我們不依賴於一個槓桿，對吧？正如我們在不同年份的結果所表明的那樣，我們利用不同的槓桿來推動我們的增長。我想說的是，我們今年總體上和有機地實現的結果和收入增長與去年初我們向您提供初步展望時的情況一致，然後我們進行了更具體的跟進今年的指導，完全符合我們的預期。

So as Jason said a few minutes ago, we were reasonably accurate in our forecast, in how we expected our growth to be given the fact that 86% of our revenue is access revenue in a given quarter this year. And that's going to continue to be the flavor of our revenue profile. We do have visibility into how we will grow our revenue, and it will pull on different levers.

因此，正如 Jason 幾分鐘前所說，我們的預測相當準確，考慮到今年某個季度我們 86% 的收入是訪問收入這一事實，我們預計我們的增長將如何實現。這將繼續成為我們收入狀況的特色。我們確實了解我們將如何增加收入，並且它將利用不同的槓桿。

Your next question is from Stephanie Davis of SVB Leerink.

你的下一個問題來自 SVB Leerink 的斯蒂芬妮戴維斯。

Could you give us an update on the competitive dynamics and kind of end-market trends in the hospital business given the push/pull of return to in-person visits in some areas, Delta variant in other geographies? And just a quick housekeeping follow-up because I want to sneak one in. Is there anything to call out in the other revenues, such as a lower proportion of hardware sales in your recent wins or anything like that?

考慮到某些地區返回親自就診的推/拉，其他地區的 Delta 變體，您能否向我們介紹醫院業務的競爭動態和終端市場趨勢的最新情況？只是一個快速的內務跟進，因為我想偷偷摸摸。在其他收入中有沒有什麼值得一提的，比如你最近的勝利中硬件銷售的比例較低或類似的東西？

So I'll talk about the competitive landscape in the hospital market. Mala can speak to the other revenue. We're really excited about our partnership with Microsoft. The -- what we're hearing from hospital administrators is -- and really, this is the C-suite, is they want to turn virtual care into a revenue generator, a way to better manage their at-risk populations and to manage overall cost of care because more and more, they're on the hook for delivering value.

因此，我將談談醫院市場的競爭格局。麻辣燙可以和其他收入說話。我們對與 Microsoft 的合作夥伴關係感到非常興奮。 - 我們從醫院管理人員那裡聽到的是 - 實際上，這是最高管理層，他們是否希望將虛擬護理轉化為收入來源，一種更好地管理高危人群和整體管理的方法護理成本，因為他們越來越多地在交付價值方面陷入困境。

And the combination of our purpose-built solutions for hospital systems, our chronic care solutions that help them really make an impact on readmission avoidance as well as the long-term cost of care for populations that they're taking risk on and Microsoft's deep integration into the administrative side of their business that leverages their Microsoft communications infrastructure, we think, is an unmatched combination. And that's what we're hearing from our hospital clients. So when we sit down with them and talk about the combination of all of those assets and potentially being able to bring Primary360 to them to be able to act as a lower cost sort of virtual front-end, front door into their health care system, all of that together is really reinforcing of our value proposition.

以及我們為醫院系統專門構建的解決方案，我們的慢性病護理解決方案，幫助他們真正對避免再入院產生影響，以及他們承擔風險的人群的長期護理成本和微軟的深度整合我們認為，利用 Microsoft 通信基礎設施進入其業務的管理方面是一個無與倫比的組合。這就是我們從醫院客戶那裡聽到的。因此，當我們與他們坐下來討論所有這些資產的組合，並有可能將 Primary360 帶給他們，以便能夠作為一種低成本的虛擬前端，進入他們的醫療保健系統的前門，所有這些加在一起確實強化了我們的價值主張。

And so I think the team has done an excellent job of looking across our assets as well as what the best external partner would be and creating what I think is going to be an unbeatable solution.

因此，我認為該團隊在審視我們的資產以及最好的外部合作夥伴是什麼方面做得非常出色，並創造了我認為將成為無與倫比的解決方案。

And Stephanie, in answer to your question around other, nothing really of note to talk about in the other. As you probably know, the other revenue that we report includes hardware sales, whether it be purchase or lease. We certainly are seeing -- with CapEx budgets under some strain, we are seeing some movement to lease. But I wouldn't say there is anything that is extraordinarily noteworthy in terms of shifts.

而斯蒂芬妮，在回答你關於其他問題的問題時，沒有什麼值得談論的。您可能知道，我們報告的其他收入包括硬件銷售，無論是購買還是租賃。我們當然看到了——在資本支出預算緊張的情況下，我們看到了一些租賃活動。但我不會說在輪班方面有什麼特別值得注意的。

Your next question is from Sean Dodge of RBC Capital Markets.

你的下一個問題來自 RBC 資本市場的 Sean Dodge。

Jason, maybe going back to the revenue per member discussion. On Primary360, in the pricing models, you said higher PMPM and maybe some higher visit fees. But maybe just to help us better appreciate the potential there, can you give us a sense of the magnitude of the impact we can have on PMPM? And then you said higher initial visit fees, but what impact do these have on increasing the number of visits? How big of a lift can these new programs have on utilization over the longer term?

傑森，也許回到每個成員討論的收入。在 Primary360 上，在定價模型中，您說更高的 PMPM 和可能更高的訪問費用。但也許只是為了幫助我們更好地了解那裡的潛力，您能否讓我們了解一下我們對 PMPM 的影響有多大？然後你說初始訪問費用更高，但是這些對增加訪問次數有什麼影響？從長遠來看，這些新計劃對利用率有多大提升？

Yes. Sean, thanks for the question. I appreciate the sentiment behind the question. I'm going to stop short of asking like -- of answering what total magnitude of the PMPM increase could be because I think that will evolve as we take -- as we get value-based reimbursement as we ultimately take risk. Because I think, ultimately, we have the opportunity to take primary care caps and potentially even beyond what a traditional primary care cap looks like. But that's going to be a multiyear evolution. Some clients are going to move faster. Some clients are going to move slower to that eventuality.

是的。肖恩，謝謝你的提問。我很欣賞這個問題背後的情緒。我將停止提問——回答 PMPM 增加的總幅度可能是多少，因為我認為這會隨著我們的採取而演變——因為我們最終承擔風險時會獲得基於價值的補償。因為我認為，最終，我們有機會採用初級保健上限，甚至有可能超越傳統的初級保健上限。但這將是一個多年的演變過程。一些客戶將採取更快的行動。一些客戶將對這種可能性採取更慢的行動。

So I think you will see a meaningful increase for the populations who are within the Primary360 product. The ultimate question of how big of an impact will that have across our book of business will be dependent on how fast we roll out that product and the evolution toward value-based reimbursement.

因此，我認為您會看到 Primary360 產品中的人口顯著增加。對我們的業務產生多大影響的最終問題將取決於我們推出該產品的速度以及向基於價值的報銷的演變。

With respect to the increase in number of visits, I do think that has a significant opportunity, right? Being -- going from being a -- sort of if you look back 5 years in our rearview mirror, a virtual urgent care provider that was purely episodic to becoming someone's really virtual medical home, where they go as a first stop for all of their health care needs brings with it tremendously more frequency of interaction, higher value of interaction, a full care team, right, which will include primary care physicians, specialists, mental health providers, physical health providers, coaches, registered dieticians as well as digital assets.

關於訪問次數的增加，我確實認為這是一個很大的機會，對吧？成為 - 從 - 如果你回顧 5 年前的後視鏡，一個虛擬的緊急護理提供者，純粹是偶然的，成為一個人真正的虛擬醫療之家，他們在那裡作為他們所有的第一站醫療保健需求帶來了更頻繁的互動、更高的互動價值、一個完整的護理團隊，對，這將包括初級保健醫生、專家、心理健康提供者、身體健康提供者、教練、註冊營養師以及數字資產.

And so I think the opportunity for significant increase in frequency and velocity and value of interaction is very real. And so I think we'll be able to capture the value that we create when it comes to those visits.

因此，我認為顯著提高交互頻率、速度和價值的機會是非常真實的。因此，我認為我們將能夠捕捉到我們在這些訪問中創造的價值。

Your next question is from David Larsen of BTIG.

你的下一個問題來自 BTIG 的 David Larsen。

Can you talk a little bit about like the last mile of care? Do you have any interest or plans in getting into, like, say, the visiting nurse business, for example, or partnering with anybody who's actually doing that so you can deliver meds to members at their home and also take diagnostic tests in the home and so forth? Any thoughts around that would be helpful.

你能談談最後一英里的護理嗎？您是否有興趣或計劃進入，例如，訪問護士業務，或與任何實際從事此業務的人合作，以便您可以在會員家中向他們提供藥物，並在家中進行診斷測試等等？對此的任何想法都會有所幫助。

Yes. Dave, it's a great question. And I would say that's a very important evolving part of the market and one that I want to partner with. I think the likelihood of us owning a field team that's going to be making house calls is pretty small. I think it's much more likely that we would partner with those who are doing that, and really importantly, take advantage of the evolving technology as well as the evolving sort of FDA approval process because, as you mentioned, more and more is going to be approved for administration within the home.

是的。戴夫，這是一個很好的問題。我會說這是市場中一個非常重要的發展部分，也是我想與之合作的部分。我認為我們擁有一支進行上門服務的現場團隊的可能性很小。我認為我們更有可能與那些正在這樣做的人合作，而且非常重要的是，利用不斷發展的技術以及不斷發展的 FDA 批准程序，因為正如你提到的，越來越多的人將成為批准在家中進行管理。

So totally agree that that's an important part. And we're already doing the work, especially on our Primary360 product to integrate with those solutions.

所以完全同意這是一個重要的部分。我們已經在做這項工作，尤其是在我們的 Primary360 產品上，以與這些解決方案集成。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。