Teladoc Health Inc (TDOC) 2020 Q2 法說會逐字稿

Welcome to Teladoc's Second Quarter 2020 Earnings Conference Call and Webcast. (Operator Instructions)

歡迎來到 Teladoc 2020 年第二季度收益電話會議和網絡直播。 （操作員說明）

It is now my pleasure to turn the floor over to Patrick Feeley, Vice President of Investor Relations. You may begin.

現在我很高興將發言權交給投資者關係副總裁 Patrick Feeley。你可以開始了。

Thank you, and good afternoon. Today, after the market closed, we issued a press release announcing our second quarter 2020 financial results. This press release is available in the Investor Relations section of the teladochealth.com website.

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 2020 年第二季度的財務業績。本新聞稿可在 teladochealth.com 網站的投資者關係部分獲取。

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 third quarter 2020 outlook, and our prepared remarks will be followed by a question-and-answer session.

在此電話會議中，我們還將提供 2020 年第三季度展望，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.

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。

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. 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.

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。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。

Thanks, Patrick, and thank you, everyone, for joining us this afternoon. After the market closed, we reported the results of our second quarter 2020, which was characterized by outperformance across all key financial and operational metrics, driven by broad-based strength across the entire business. Particularly strong was our revenue in the quarter which grew 85% over the prior year to $241 million.

謝謝帕特里克，也謝謝大家今天下午加入我們。市場收盤後，我們報告了 2020 年第二季度的業績，其特點是在整個業務的廣泛實力推動下，所有關鍵財務和運營指標均表現出色。尤其強勁的是我們本季度的收入，比上年增長 85%，達到 2.41 億美元。

As a result of the increased demand for our services from clients and consumers as well as including the results of InTouch Health for the second half of the year, we are significantly raising forward guidance, including full year revenue guidance of $980 million to $995 million. This represents an increase of $170 million to $180 million over our prior range, including an organic increase of over $100 million.

由於客戶和消費者對我們服務的需求增加，加上 InTouch Health 下半年的業績，我們大幅提高了前瞻性指引，包括 9.8 億美元至 9.95 億美元的全年收入指引。這比我們之前的範圍增加了 1.7 億至 1.8 億美元，包括超過 1 億美元的有機增長。

There's no doubt that the ongoing pandemic shines a spotlight on the integral role that virtual care plays within the health care system. I recently shared the virtual stage with U.S. HHS Secretary, Alex Azar. And when asked about virtual care, Secretary Azar said, "I think we'd have a revolution if anyone tried to go backwards on telemedicine. This is now an embedded part of our health care system." I don't think I could have said it any better. The pandemic has accelerated the widespread adoption of virtual care, and I'm confident there's no going back.

毫無疑問，持續的大流行讓人們關注虛擬護理在醫療保健系統中所扮演的不可或缺的角色。我最近與美國 HHS 部長 Alex Azar 分享了虛擬舞台。當被問及虛擬醫療時，阿扎爾部長說：“我認為，如果有人試圖在遠程醫療方面倒退，我們就會發生一場革命。這現在已成為我們醫療保健系統的一部分。”我想我說得再好不過了。大流行加速了虛擬護理的廣泛採用，我相信沒有回頭路可走。

To that end, while it's earlier than usual for us to be looking ahead to the upcoming year, due to the significant amount of change experienced this year, we thought it would be helpful to provide you with a preliminary view on how we're thinking about 2021.

為此，雖然我們比往常更早展望來年，但由於今年經歷了巨大的變化，我們認為向您提供我們的想法的初步看法會有所幫助大約 2021 年。

The tremendous momentum and demand we're seeing across the business for our comprehensive product offering, including an impressive pipeline of new opportunities, gives us confidence in providing a preliminary outlook of 30% to 40% revenue growth for 2021.

我們在整個業務中看到的對我們全面產品的巨大勢頭和需求，包括令人印象深刻的新機會管道，使我們有信心提供 2021 年 30% 至 40% 的收入增長的初步前景。

As the market leader, we've seen a significant acceleration in demand for our services. In the first half of the year, we on-boarded nearly 15 million new paid members in the U.S., including 8.5 million new members during the second quarter, all of which have come on board under the traditional PMPM plus visit fee model.

作為市場領導者，我們已經看到對我們服務的需求顯著增加。今年上半年，我們在美國新增了近 1500 萬付費會員，其中第二季度新增了 850 萬會員，所有這些會員都是在傳統的 PMPM 加訪問費模式下加入的。

The marketplace has taken notice of our performance during the COVID outbreak. Our execution during the crisis, including the outstanding reliability of our platform and our ability to rapidly onboard physician capacity, has enhanced our reputation and further distanced Teladoc Health from the competition.

市場已經註意到我們在 COVID 爆發期間的表現。我們在危機期間的執行力，包括我們平台的出色可靠性和我們快速培養醫生能力的能力，提高了我們的聲譽，並進一步拉開了 Teladoc Health 與競爭對手的距離。

As a result, we are seeing increased inquiries from new potential client takeaways. For example, we recently signed a contract to provide our entire suite of clinical services to a Fortune 50 media company with well over 100,000 employees. This was a competitive takeaway that came to us due to our broad and comprehensive product portfolio and is scheduled to launch this fall.

因此，我們看到來自新的潛在客戶外賣的詢問越來越多。例如，我們最近簽署了一份合同，向一家擁有超過 100,000 名員工的財富 50 強媒體公司提供全套臨床服務。由於我們廣泛而全面的產品組合，這是我們的一個有競爭力的外賣，併計劃於今年秋天推出。

Turning to visit volumes. We provided approximately 2.8 million visits in the second quarter, representing growth of over 200% compared to the second quarter of 2019 and a 35% increase sequentially over the first quarter, despite the second quarter historically being a seasonally slower quarter. During this period of significant growth, we are extremely proud to see our patient satisfaction metrics climb as consumers benefit from the convenience, lower cost and high-quality service we provide.

轉訪卷。我們在第二季度提供了約 280 萬次訪問，與 2019 年第二季度相比增長了 200% 以上，比第一季度環比增長了 35%，儘管第二季度歷來是一個季節性較慢的季度。在這段顯著增長的時期，我們非常自豪地看到我們的患者滿意度指標攀升，因為消費者受益於我們提供的便利、低成本和高質量的服務。

It's important to drill down into the drivers of the accelerating visit growth. While we're certainly seeing pandemic-related demand, long-term sustainable tailwinds are evident through a deeper look at the dynamic within the quarter.

深入了解加速訪問增長的驅動因素非常重要。雖然我們肯定會看到與流行病相關的需求，但通過更深入地了解本季度的動態，可以明顯看出長期可持續的順風。

As discussed on last quarter's conference call, we experienced a sharp acceleration of visit volume during March and into the month of April as comprehensive national shelter-in-place orders began. $0 co-pays were implemented, and brick-and-mortar facilities closed.

正如在上一季度的電話會議上討論的那樣，隨著全面的國家就地避難所訂單的開始，我們在 3 月份和 4 月份的訪問量急劇增加。實施了 0 美元的共付額，並關閉了實體設施。

Over the course of April and May, volume growth began to ease as the COVID curve flattened across the country, and overall infectious disease rates fell due to social distancing. Utilization stabilized at a level of roughly 40% higher than prior to COVID in late May and throughout most of June.

在 4 月和 5 月期間，隨著 COVID 曲線在全國范圍內變平，銷量增長開始放緩，並且由於社會疏遠，總體傳染病發病率下降。在 5 月下旬和整個 6 月的大部分時間裡，利用率穩定在比 COVID 之前高出約 40% 的水平。

As the state-level process of reopening began at the tail end of the quarter, we began to see volumes reaccelerate as COVID continues to flare up across various geographies. At the book of business level, we're currently experiencing visit volumes in the U.S. nearly double the level we would typically expect to see during the seasonally slower summer months.

隨著州級重新開放進程在本季度末開始，隨著 COVID 在各個地區繼續爆發，我們開始看到交易量重新加速。在業務層面，我們目前在美國的訪問量幾乎是我們通常預期在季節性較慢的夏季月份看到的水平的兩倍。

When we look at the individual state level, however, it highlights 2 distinct trends. On one hand, in several southern states where reopening was more rapid and COVID case volumes have accelerated, we are likewise experiencing a significant spike in demand and are now seeing visit volumes in these states exceed the initial peak levels of March and April.

但是，當我們查看單個州級別時，它突出顯示了兩種截然不同的趨勢。一方面，在重新開放速度更快且 COVID 病例數量增加的南部幾個州，我們同樣經歷了需求的大幅飆升，現在這些州的訪問量超過了 3 月和 4 月的初始峰值水平。

Conversely, over the past several weeks, in those states where reopening has been slower and COVID cases have remained well below the initial outbreak peak, we've seen visit volumes stabilize at levels well in excess of pre-COVID levels. In fact, we're seeing visit volumes grow in these states at more than double the rate of growth that we experienced just prior to COVID.

相反，在過去幾周里，在那些重新開放速度較慢且 COVID 病例仍遠低於最初爆發高峰的州，我們看到訪問量穩定在遠高於 COVID 前水平的水平。事實上，我們看到這些州的訪問量增長速度是我們在 COVID 之前經歷的增長率的兩倍多。

It's worth noting that this is occurring despite the fact that physician office locations are now operating back near pre-COVID capacity levels after being down 70% at the April peak. This persistent strength in visit volumes reinforces our confidence in meaningfully higher sustained levels of utilization of virtual care going forward.

值得注意的是，儘管醫生辦公地點在 4 月份的高峰期下降了 70% 之後現在恢復到接近 COVID 之前的容量水平，但這種情況仍在發生。就診量的持續增長增強了我們對未來虛擬護理利用率顯著提高的信心。

Continuing on the theme of sustained levels of higher utilization. Our unmatched engagement capabilities have enabled us to fully capitalize on the current macro consumer tailwinds, fueling the acceleration of new registration growth, which was up 150% year-over-year in the second quarter. Visits from newly registered individuals represented over half of our visit volumes in the quarter, pointing to sustained utilization momentum going forward as we benefit from the flywheel dynamic that we discussed at our Investor Day earlier this year.

繼續以持續提高利用率為主題。我們無與倫比的參與能力使我們能夠充分利用當前的宏觀消費者順風，推動新註冊增長的加速，第二季度同比增長 150%。新註冊個人的訪問量佔本季度訪問量的一半以上，這表明隨著我們受益於今年早些時候在投資者日討論的飛輪動態，我們將保持持續的利用勢頭。

I am particularly pleased to see the strength in adoption and utilization continue to be broad-based as our diverse portfolio of services is enabling us to meet the varied needs of our members.

我特別高興地看到，由於我們多樣化的服務組合使我們能夠滿足會員的不同需求，因此在採用和利用方面的優勢繼續得到廣泛應用。

While general medical visits continue to exhibit significant growth, demand for specialist care, including dermatology and mental health, continue to grow even faster. We're seeing tremendous demand for mental health visits in particular as visit volumes have grown sequentially in every month of the year, both on the B2B and DTC sides of the business.

雖然普通醫療訪問繼續呈現顯著增長，但對包括皮膚科和心理健康在內的專科護理的需求繼續以更快的速度增長。我們看到對心理健康訪問的巨大需求，特別是因為訪問量在一年中的每個月都在連續增長，無論是在 B2B 還是 DTC 業務方面。

BetterHelp, our direct-to-consumer mental health offering, is exhibiting accelerating traction and continues to significantly outperform our expectations.

BetterHelp 是我們直接面向消費者的心理健康產品，正在展現出越來越大的吸引力，並繼續顯著超出我們的預期。

Turning now to our hospital and health systems channel. The second quarter saw us continue to experience tremendous growth in demand as provider clients are adopting our technology as a secure, effective and efficient way to offer virtual visits at scale. The prolonged global crisis is highlighting the need for robust virtual care capabilities. And according to a recent survey conducted by McKinsey, about 60% of U.S. providers now view telehealth more favorably than prior to the pandemic. In that same analysis, McKinsey estimated that over $250 billion worth of U.S. health care spend could ultimately be virtualized, delivering material efficiencies to the system.

現在轉向我們的醫院和衛生系統頻道。第二季度，我們的需求繼續大幅增長，因為供應商客戶正在採用我們的技術作為一種安全、有效和高效的方式來提供大規模的虛擬訪問。曠日持久的全球危機凸顯了對強大的虛擬護理能力的需求。根據麥肯錫最近進行的一項調查，大約 60% 的美國供應商現在比大流行之前更看好遠程醫療。在同一分析中，麥肯錫估計，價值超過 2500 億美元的美國醫療保健支出最終可能會被虛擬化，從而為系統提供物質效率。

Since the outbreak of the pandemic, we have seen a more than tenfold increase in utilization across our provider platform as our clients shift more of their encounters to virtual. Of particular note, we have seen a tremendous increase in scheduled preadmission and post-discharge follow-up visits as the number of clinical use cases continues to expand.

自大流行爆發以來，隨著我們的客戶將更多的接觸轉移到虛擬，我們發現整個供應商平台的利用率增加了十倍以上。特別值得注意的是，隨著臨床用例數量的不斷增加，我們已經看到預定的入院前和出院後隨訪數量大幅增加。

As a result of investments we've made in our highly configurable and customizable offerings, we are uniquely equipped to meet the needs of integrated health plans looking to enable their own physician groups on our platform, including white-labeled solutions to both enable the practices to see their own patients virtually and to leverage Teladoc's own physician network to supplement these physician practices.

由於我們對高度可配置和可定制的產品進行了投資，我們具備獨特的能力來滿足綜合健康計劃的需求，這些計劃希望在我們的平台上支持他們自己的醫生團隊，包括白標解決方案，以支持實踐虛擬地看他們自己的病人，並利用 Teladoc 自己的醫生網絡來補充這些醫生的做法。

As expected, we closed the acquisition of InTouch Health on July 1, and I can confidently say, this is the strongest integration we've had to date. I'm extremely excited to welcome Joe DeVivo, who is now officially the President of the newly combined Hospital & Health Systems business and the entire InTouch team to the Teladoc Health family.

正如預期的那樣，我們於 7 月 1 日完成了對 InTouch Health 的收購，我可以自信地說，這是迄今為止我們進行的最強大的整合。我非常高興地歡迎 Joe DeVivo，他現在是新合併的醫院和健康系統業務的正式總裁以及整個 InTouch 團隊加入 Teladoc Health 大家庭。

Just last week, we were honored to host InTouch Health's 14th Annual Telehealth Innovation Forum for the first time as a combined company and, for the first time, it was a fully virtual event. The Innovation Forum is the premier telehealth event of the year, attracting clients, health care leaders and visionaries from around the world. This year, over 3,500 registered attendees participated in 55 sessions with more than 70 client speakers, covering topics ranging from virtual care best practices to clinical workflow models. The engagement within these sessions made it incredibly clear to me that the coming together of these 2 companies could not have been better timed, and I could not be more excited about the tremendous opportunities ahead for the combined business.

就在上週，我們很榮幸作為合併後的公司首次舉辦 InTouch Health 第 14 屆年度遠程醫療創新論壇，而且這是第一次完全虛擬的活動。創新論壇是今年最重要的遠程醫療活動，吸引了來自世界各地的客戶、醫療保健領導者和有遠見的人。今年，超過 3,500 名註冊與會者參加了 55 場會議，有 70 多位客戶發言，涵蓋的主題從虛擬護理最佳實踐到臨床工作流程模型。這些會議的參與讓我非常清楚，這兩家公司的結合時機再好不過了，我對合併後的業務所面臨的巨大機遇感到無比興奮。

When it comes to the performance of the business, we are extremely pleased. The combined offering is resonating in the marketplace. And our ability to deliver highly secure, interoperable and fully integrated platform backed by our large network of physicians is driving record pipeline growth. We have recently signed several significant new and expansion contracts with large clients, including new international deals with health systems in Germany, India and the U.K., demonstrating the ability of our team to close international deals and outpacing our own expectations for activating our international distribution channels.

談到業務表現，我們感到非常高興。合併後的產品在市場上引起了共鳴。在我們龐大的醫生網絡的支持下，我們提供高度安全、可互操作和完全集成的平台的能力正在推動創紀錄的管道增長。我們最近與大客戶簽署了幾項重要的新合同和擴展合同，包括與德國、印度和英國的衛生系統簽訂的新國際交易，展示了我們團隊完成國際交易的能力，並超出了我們對激活國際分銷渠道的預期.

With that, I will turn the call over to Mala for a review of second quarter financials as well as detailed 2020 guidance.

有了這個，我將把電話轉給馬拉審查第二季度的財務狀況以及詳細的 2020 年指導。

Thank you, Jason, and good afternoon, everyone. During the second quarter, total revenue increased 85% to $241 million. Global subscription access fee revenue for the quarter of $182 million grew 64% versus the prior year, demonstrating significant momentum. U.S. subscription access fee revenue of $152 million grew 78% in the quarter versus the prior year. And international subscription revenue of $30 million grew 17%. The strength of the dollar versus foreign currencies resulted in a negative FX impact of $1.3 million in the quarter. International revenue growth was 22% on a constant currency basis.

謝謝你，傑森，大家下午好。第二季度，總收入增長 85% 至 2.41 億美元。本季度全球訂閱接入費收入為 1.82 億美元，同比增長 64%，勢頭強勁。本季度美國訂閱接入費收入為 1.52 億美元，同比增長 78%。國際訂閱收入為 3000 萬美元，增長 17%。美元兌外幣走強導致本季度產生 130 萬美元的負面外匯影響。按固定匯率計算，國際收入增長 22%。

Visit fee revenue for the quarter increased to $58.9 million, representing growth of 209% over the prior year, in part aided by the surge in volume in the early part of the quarter due to the evolving global pandemic. Revenue from individuals with visit-fee-only access was $19.5 million in the quarter, representing nearly 450% growth versus the prior year, driven in part by rapidly accelerating utilization amongst new populations added in the back half of 2019. Visit fee revenue comprised 24.4% of consolidated revenue, up significantly from 14.6% of revenue in the prior year's quarter as we have experienced considerable increases in utilization year-to-date.

本季度的訪問費收入增加到 5890 萬美元，比上年增長 209%，部分原因是由於全球流行病的不斷發展導致本季度初期的銷量激增。本季度來自僅支付訪問費的個人的收入為 1950 萬美元，比上年增長近 450%，部分原因是 2019 年下半年新增人口的利用率迅速加快。訪問費收入佔 24.4佔合併收入的百分比，顯著高於上年同期佔收入的 14.6%，因為我們今年迄今為止的利用率大幅提高。

Turning to membership and access. U.S. paid membership increased to 51.5 million members, up 92% versus the second quarter of last year. Of the 8.5 million new paid members added in the quarter, approximately 1.5 million have been on-boarded on a temporary basis on behalf of our clients.

轉向成員資格和訪問。美國付費會員增加到 5150 萬，比去年第二季度增長 92%。在本季度新增的 850 萬付費會員中，約有 150 萬是代表我們的客戶臨時加入的。

Individuals with visit-fee-only access was 21.8 million at the end of the first quarter, up approximately 12 million versus the prior year and 2.6 million sequentially. As anticipated, visit-fee-only includes access for approximately 2.5 million temporary individuals that we anticipate will roll off by year-end.

第一季度末，僅支付訪問費的個人為 2180 萬，比上年增加約 1200 萬，環比增加 260 萬。正如預期的那樣，僅支付訪問費包括我們預計到年底將減少的大約 250 萬臨時人員的訪問權限。

Total visit volume of approximately 2.8 million visits in the quarter represented over 200% growth versus the prior year. Visit volume from paid members in the U.S. grew over 225% to nearly 2 million visits, which represents an annualized utilization rate of 16% as compared to 9% in last year's second quarter. Excluding the impact of the new large health plan populations on-boarded over the last 12 months, annualized utilization during the second quarter would have been 22%.

本季度總訪問量約為 280 萬次，較上年增長 200% 以上。美國付費會員的訪問量增長了 225% 以上，達到近 200 萬次訪問，年化利用率為 16%，而去年第二季度為 9%。排除過去 12 個月加入新的大型健康計劃人口的影響，第二季度的年化利用率將為 22%。

PMPM in the quarter was $1.02 compared to $1.06 in the prior year's quarter. As we have previously discussed, we expect to see a dampening effect on average PMPM when we onboard large new health plan member populations.

本季度的 PMPM 為 1.02 美元，而去年同期為 1.06 美元。正如我們之前所討論的，當我們加入大量新的健康計劃成員時，我們預計會看到對平均 PMPM 的抑製作用。

Adjusted gross profit increased by $62 million to $151 million or 70% as compared to the prior year second quarter. Adjusted gross margin, adjusted to exclude amortization of intangibles, was 62.3% compared to 68% in the second quarter of last year and 60% in the first quarter. The year-over-year decline in gross margin is attributable to the robust visit growth and increase in visit fee revenue mix in the quarter. The sequential improvement in gross margin reflects significantly lower investment in physician capacity despite a 35% sequential increase in visit volume as the investments we made during the first quarter paid off.

與去年第二季度相比，調整後的毛利潤增加了 6200 萬美元，達到 1.51 億美元，增幅為 70%。經調整以排除無形資產攤銷後的毛利率為 62.3%，而去年第二季度為 68%，第一季度為 60%。毛利率同比下降歸因於本季度訪問量的強勁增長和訪問費收入組合的增加。儘管我們在第一季度所做的投資得到回報，就診量環比增長了 35%，但毛利率的連續改善反映了對醫生能力的投資顯著減少。

Operating expense for the quarter totaled $157 million or 65% of revenue compared to 85% in the second quarter of 2019. Excluding noncash charges such as depreciation and amortization, stock compensation and onetime acquisition and integration-related expenses, quarterly adjusted operating expenses were $124 million or 51% of revenue compared to 63% in the second quarter of last year.

本季度的運營費用總計 1.57 億美元，佔收入的 65%，而 2019 年第二季度為 85%。不包括折舊和攤銷、股票補償以及一次性收購和整合相關費用等非現金費用，季度調整後的運營費用為 124 美元億美元或收入的 51%，而去年第二季度為 63%。

Adjusted EBITDA increased to $26.3 million for the quarter compared to $6.3 million in the second quarter of 2019. Adjusted EBITDA margin expanded 600 basis points over the prior year second quarter to 10.9%. EBITDA, including stock compensation and onetime acquisition-related costs was a positive $2.7 million in the quarter compared to a $12.2 million EBITDA loss in the same period last year.

本季度調整後的 EBITDA 增至 2630 萬美元，而 2019 年第二季度為 630 萬美元。調整後的 EBITDA 利潤率比去年第二季度擴大 600 個基點，達到 10.9%。本季度 EBITDA（包括股票薪酬和一次性收購相關成本）為正 270 萬美元，而去年同期為 1220 萬美元的 EBITDA 虧損。

Net loss in the quarter was $25.7 million compared to a net loss of $29.3 million in the second quarter of 2019. On a per share basis, net loss was $0.34 for the second quarter compared to a loss of $0.41 in the second quarter of last year. The net loss per share includes a $0.10 net impact associated with our May 2020 convertible debt offering, which includes a charge associated with the loss on extinguishment of a portion of our previously outstanding debt that was to mature in 2022.

本季度淨虧損為 2570 萬美元，而 2019 年第二季度為淨虧損 2930 萬美元。按每股計算，第二季度淨虧損為 0.34 美元，而去年第二季度為虧損 0.41 美元.每股淨虧損包括與我們 2020 年 5 月發行的可轉換債券相關的 0.10 美元淨影響，其中包括與我們之前未償還的部分將於 2022 年到期的債務清償損失相關的費用。

We ended the quarter with over $1.3 billion in cash and short-term investments. While our total debt outstanding as of June 30 was $1.3 billion.

本季度結束時，我們擁有超過 13 億美元的現金和短期投資。截至 6 月 30 日，我們的未償債務總額為 13 億美元。

Now turning to forward guidance. Note that the guidance now includes the results of InTouch Health, which closed on July 1. For the third quarter of 2020, we expect total revenue of between $275 million to $285 million, representing growth of 100% to 107% over the prior year's quarter. We expect total U.S. paid membership of 50 million to 51 million, excluding the approximately 1.5 million temporary members on-boarded during the second quarter. We anticipate total visits during the third quarter of between 2.5 billion and 2.7 million. We expect third quarter EBITDA to be in the range of negative $3 million to positive $1 million, adjusted EBITDA of between $27 million to $31 million and net loss per share to be between $0.35 and $0.30 based on 83.4 million shares outstanding.

現在轉向前瞻性指導。請注意，該指南現在包括 InTouch Health 的業績，該業績於 7 月 1 日結束。對於 2020 年第三季度，我們預計總收入在 2.75 億美元至 2.85 億美元之間，比去年同期增長 100% 至 107% .我們預計美國付費會員總數為 5000 萬至 5100 萬，不包括第二季度加入的約 150 萬臨時會員。我們預計第三季度的總訪問量將在 25 億至 270 萬之間。我們預計第三季度 EBITDA 在負 300 萬美元到正 100 萬美元之間，調整後的 EBITDA 在 2700 萬美元到 3100 萬美元之間，每股淨虧損在 0.35 美元到 0.30 美元之間，基於 8340 萬股流通股。

For the full year 2020, we now expect revenue to be in the range of $980 million to $995 million, as Jason said, up from our prior $800 million to $825 million range, representing 77% to 80% growth over the prior year, including approximately 65% to 68% organic growth. We expect total U.S. paid membership at year-end of over 50 million members, representing at least 36% membership growth as compared to 2019, and visit-fee-only access to be available to approximately 19 million to 20 million individuals.

對於 2020 年全年，我們現在預計收入將在 9.8 億美元至 9.95 億美元之間，正如 Jason 所說，高於我們之前的 8 億美元至 8.25 億美元的範圍，比上一年增長 77% 至 80%，包括有機增長約 65% 至 68%。我們預計到年底美國付費會員總數將超過 5000 萬，與 2019 年相比至少增長 36%，並且大約有 1900 萬至 2000 萬個人可以使用僅支付訪問費的訪問權限。

We have increased our expectation for visits. I now expect total visits to be between 9.8 million and 10.3 million for the year, representing total visit growth of approximately 1% over the prior year. Our visit outlook does not assume an incremental increase in volume resulting from a second surge of COVID-19, which many experts are predicting will occur later this year.

我們提高了對訪問的期望。我現在預計今年的總訪問量將在 980 萬至 1030 萬之間，比上一年總訪問量增長約 1%。我們的訪問前景並不假設第二次 COVID-19 激增導致訪問量增加，許多專家預測這將在今年晚些時候發生。

We expect EBITDA in the range of negative $13 million to negative $6 million and adjusted EBITDA in the range of $85 million to $92 million, representing growth of approximately 165% to 190% over the prior year. We expect that EBITDA improvement reflects the significant growth in revenue in conjunction with our continued focus on operating efficiencies while still allowing us to continue to make significant investments in growth.

我們預計 EBITDA 在負 1300 萬美元至負 600 萬美元之間，調整後的 EBITDA 在 8500 萬美元至 9200 萬美元之間，較上年增長約 165% 至 190%。我們預計 EBITDA 的改善反映了收入的顯著增長以及我們對運營效率的持續關注，同時仍然允許我們繼續對增長進行重大投資。

We expect to continue to invest in future growth opportunities, including increased investments to drive the continued adoption of virtual care and in the tremendous opportunities set in front of the newly combined Hospital & Health System business.

我們預計將繼續投資於未來的增長機會，包括增加投資以推動虛擬護理的持續採用，以及新合併的醫院和衛生系統業務面臨的巨大機遇。

Net loss per share is expected to range from a loss of $1.45 to $1.36 per share based on 79.6 million weighted shares outstanding. We expect cash flow from operations to grow consistent with adjusted EBITDA growth. Similar to the second quarter results, the full year net loss per share includes a $0.10 net impact associated with our May 2020 convertible debt offering, which includes a charge associated with the loss on extinguishment of a portion of our previously outstanding debt that was to mature in 2022.

基於 7960 萬股加權流通股，預計每股淨虧損介於 1.45 美元至 1.36 美元之間。我們預計運營現金流將與調整後的 EBITDA 增長保持一致。與第二季度業績類似，全年每股淨虧損包括與我們 2020 年 5 月發行可轉換債券相關的 0.10 美元淨影響，其中包括與我們之前未償還的部分到期債務清償損失相關的費用2022年。

Today, I will also provide you some stand-alone financial metrics for InTouch to help guide your modeling. Note that after today, we do not expect to provide stand-alone InTouch financial results. In the third quarter, we intend to provide operating metrics for the newly combined Hospital & Health Systems business.

今天，我還將為您提供 InTouch 的一些獨立財務指標，以幫助指導您的建模。請注意，今天之後，我們預計不會提供獨立的 InTouch 財務結果。在第三季度，我們打算為新合併的醫院和衛生系統業務提供運營指標。

For fiscal year 2019, InTouch Health generated $85 million of revenue, and we expect that to grow over 35% this year. For the second half of the year, we expect InTouch will generate approximately $65 million of revenue, excluding a $2 million to $3 million purchase accounting reduction to deferred revenue. We expect InTouch to approach breakeven adjusted EBITDA in the second half of the year and deliver positive adjusted EBITDA early in 2021. We expect InTouch and the broader Hospital & Health System channel to deliver revenue growth in line with our long-term consolidated 20% to 30% organic revenue growth target and expect gross margins in the mid-60s. We see significant opportunities for synergies, including cost synergies in the mid-single digits as a percent of revenue and revenue synergies well in excess of that.

在 2019 財年，InTouch Health 創造了 8500 萬美元的收入，我們預計今年將增長 35% 以上。對於今年下半年，我們預計 InTouch 將產生大約 6500 萬美元的收入，其中不包括 200 萬至 300 萬美元的採購會計減少遞延收入。我們預計 InTouch 將在下半年接近盈虧平衡調整後 EBITDA，並在 2021 年初實現正調整後 EBITDA。我們預計 InTouch 和更廣泛的醫院和衛生系統渠道將實現收入增長，與我們長期合併的 20% 至30% 的有機收入增長目標，並預計 60 年代中期的毛利率。我們看到了協同效應的重大機會，包括中個位數的成本協同效應佔收入和收入協同效應的百分比遠遠超過該百分比。

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. Before we turn to Q&A, I'd like to take a moment to put into context how we think about the significant financial numbers we've shared with you today. Earlier this month, I hosted one of our company's regularly scheduled town hall meetings. These meetings are typical in many ways, with business updates and a discussion of critical issues. In this case, we discussed our work on diversity and our approach to returning to the office someday.

謝謝，馬拉。在我們開始問答之前，我想花點時間介紹一下我們如何看待今天與您分享的重要財務數據。本月早些時候，我主持了我們公司定期安排的一次員工大會。這些會議在很多方面都很典型，包括業務更新和關鍵問題的討論。在這種情況下，我們討論了我們在多樣性方面的工作以及我們有朝一日重返辦公室的方法。

But regardless of the topics, we always start with a patient story to ground us in why we do what we do. While I'm not going to do that today, it's clear to all of us here at Teladoc Health that the numbers we've talked about today represent millions of people who were sick, worried or stressed in the face of an uncertain world, people who we helped heal. These numbers also represent the thousands of hospitals and physicians who are investing in virtual care to be there for their patients in their time of need today and in the future. The pride that our team feels for these results today is as much about living our mission as achieving outstanding financial performance, and we're grateful to share this success with you today.

但無論主題如何，我們總是從一個耐心的故事開始，讓我們了解我們為什麼要做我們所做的事情。雖然我今天不打算這樣做，但我們 Teladoc Health 的所有人都很清楚，我們今天談論的數字代表了數百萬人在面對一個不確定的世界時生病、擔心或壓力大，人們我們幫助治癒了誰。這些數字還代表著成千上萬的醫院和醫生正在投資虛擬護理，以便在他們今天和未來需要的時候為他們的病人提供服務。我們的團隊對今天的這些成果感到自豪，這與實現我們的使命和實現出色的財務業績一樣重要，我們很高興今天能與您分享這一成功。

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

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

(Operator Instructions) Your first question comes from Ryan Daniels.

（操作員說明）您的第一個問題來自 Ryan Daniels。

Jason, maybe one for you. Clearly, we've seen telehealth move into the mainstream on a very rapid basis, and I guess the only really outstanding question is, what's the long-term reimbursement outlook? But I'm curious what you guys are doing, from a marketing or just an engagement standpoint, to ensure that this momentum continues, that it's not near term in nature and that this really does become mainstream and is kind of a typical form of utilization for consumers as we look forward over the next few years?

傑森，也許一個給你。顯然，我們已經看到遠程醫療以非常快的速度成為主流，我想唯一真正懸而未決的問題是，長期報銷前景如何？但我很好奇你們在做什麼，從營銷或參與的角度來看，以確保這種勢頭持續下去，這不是短期的，而是真正成為主流，是一種典型的利用形式對於未來幾年我們期待的消費者？

Yes. Thanks, Ryan. I'd say a couple of things. First of all, the momentum that we're seeing is broad-based across the entire business, which is a really strong indicator and gives me tremendous confidence that this not only has become part of the mainstream but will continue to grow at a very strong clip.

是的。謝謝，瑞安。我想說幾件事。首先，我們看到的勢頭廣泛存在於整個業務領域，這是一個非常強大的指標，讓我充滿信心，這不僅已成為主流的一部分，而且將繼續以非常強勁的速度增長夾子。

We are continuing to use our engagement engine in order to drive first-time users, right? And so if you saw -- or if you heard in the prepared remarks, first-time users were up significantly, new registrations up over 150% year-over-year. And as we talked about in our Investor Day at the beginning of March, once we get them in the top of the funnel, then the flywheel takes effect. And we're seeing people who used more than one clinical service increase substantially over the course of this quarter relative to prior quarters. So I think all of those things serve to make this part of consumers' every day thought process about how they access care.

我們將繼續使用我們的參與引擎來吸引新用戶，對嗎？因此，如果你看到 - 或者如果你在準備好的評論中聽到，首次用戶顯著增加，新註冊同比增長超過 150%。正如我們在 3 月初的投資者日所說的那樣，一旦我們讓他們進入漏斗的頂部，飛輪就會生效。我們看到，與前幾個季度相比，本季度使用不止一種臨床服務的人數大幅增加。所以我認為所有這些都有助於使這部分成為消費者關於他們如何獲得護理的日常思考過程的一部分。

And then lastly, I would say, enabling the providers to deliver virtual care on our platform will serve to make virtual care part of how consumers expect to get health care not a novelty, which it may have been just a few years ago.

最後，我想說的是，使供應商能夠在我們的平台上提供虛擬護理將有助於使虛擬護理成為消費者期望獲得醫療保健的方式的一部分，而不是幾年前的新鮮事物。

Your next question comes from Lisa Gill with JPMorgan.

你的下一個問題來自摩根大通的 Lisa Gill。

Jason, congratulations on another outstanding quarter. As we think about 2021 -- and thank you for giving that preliminary outlook. I just want to understand just a couple of different components to this. I appreciate the numbers that you put out there for InTouch. If I were to back out what Mala just talked about, it looks like you're still anticipating that the organic growth rate is going to be in that 20% to 30% range, even though the company is materially bigger than what it was. I'm just curious as to what your anticipation is, going forward, for utilization trends. And I think you talked a little bit about this in your prepared remarks that even in places where things have started to open back up, you're still seeing strong utilization. But maybe if, one, you could start there and talk a little bit about that. And then two, how does the selling season kind of backfill into that? You talked about a new client coming on in October, but how do things look for 1/1/2021?

傑森，祝賀你又一個出色的季度。當我們考慮 2021 年時——感謝您給出初步展望。我只想了解幾個不同的組件。我感謝您為 InTouch 提供的數字。如果我要反駁 Mala 剛才談到的內容，看起來你仍然預計有機增長率將在 20% 到 30% 的範圍內，即使公司比以前大得多。我只是想知道您對未來使用趨勢的預期是什麼。而且我認為您在準備好的發言中談到了這一點，即使在事情已經開始重新開放的地方，您仍然看到了很高的利用率。但也許如果，第一，你可以從那裡開始並談談這個。然後兩個，銷售季節如何回填？您談到了 10 月份的新客戶，但 2021 年 1 月 1 日的情況如何？

Okay. You got a lot in there, Lisa. Thanks for the question and your comments. So I'll start with visit volumes and utilization. As I mentioned at the sort of bottom of the U-shaped curve, we were seeing visit volumes roughly 40% higher than pre-COVID, even as we were in sort of the slower summer months. And so that gives us a good insight into what to expect in the back half of the year and looking into next year.

好的。你有很多東西，麗莎。感謝您的提問和評論。所以我將從訪問量和利用率開始。正如我在 U 形曲線底部提到的那樣，我們看到訪問量比 COVID 之前高出大約 40%，即使我們正處於較慢的夏季月份。因此，這讓我們對下半年的預期和明年的展望有了很好的了解。

We're going to stop short of giving long-term utilization ranges. But I think, again, we mentioned that we're seeing twice the rate of growth that we were seeing prior to the COVID onset. And so I think you can sort of triangulate on where we're going relative to visit volumes and utilization. And again, that gives us tremendous confidence in next year.

我們將停止提供長期利用率範圍。但我認為，我們再次提到，我們看到的增長率是 COVID 爆發前的兩倍。因此，我認為您可以對我們相對於訪問量和利用率的發展方向進行三角測量。再一次，這讓我們對明年充滿信心。

The second thing relative to the selling season that also gives us confidence is that our bookings are up about 70% -- a little more than 70% year-over-year. And in every single channel that we look at, they're up at least 50% year-over-year for the first half of this year.

與銷售季節相關的第二件事也讓我們充滿信心，即我們的預訂量增長了約 70%——同比增長略高於 70%。在我們觀察的每一個渠道中，今年上半年它們至少同比增長 50%。

2/3 of our bookings are for multi-product sales, which is up from about 50% last year. So we're seeing that trend continue. And our average deal size is up 50% year-over-year on top of what was a 50% increase last year. So all of those things give us tremendous confidence as we look into the growth into the future.

我們 2/3 的預訂用於多產品銷售，高於去年的約 50%。所以我們看到這種趨勢仍在繼續。在去年增長 50% 的基礎上，我們的平均交易規模同比增長 50%。因此，當我們展望未來的增長時，所有這些都給了我們巨大的信心。

Yes. And Lisa, I'll add a couple of other things as we look into the future. Jason talked about utilization. He talked about multi-product and the robustness of the selling season. The other dynamics that we are seeing is, as we have talked about, we see a tremendous expansion in our member base this year. And as you know, the utilization on those will ramp over time. So that is a dynamic to keep in mind as we think about 2021.

是的。麗莎，在我們展望未來時，我將添加一些其他內容。傑森談到了利用率。他談到了多產品和銷售旺季的穩健性。正如我們所談到的，我們看到的其他動態是，今年我們的會員群出現了巨大的擴張。如您所知，這些資源的利用率會隨著時間的推移而上升。因此，當我們考慮 2021 年時，要牢記這一點。

We talked about InTouch and the momentum that we are seeing in the InTouch business, and we expect to continue to add to that as we move forward. So there are many tailwinds that we really go into the view that we have. It is early and there are various other macro factors at play that continue to evolve, but we felt that it was important for you all to at least have a preliminary placeholder on how we are thinking about our growth for next year.

我們談到了 InTouch 以及我們在 InTouch 業務中看到的勢頭，我們希望在前進的過程中繼續增加。因此，我們真正進入我們的觀點有很多順風。現在還為時過早，還有其他各種宏觀因素在繼續演變，但我們認為，對你們所有人來說，至少對我們如何考慮明年的增長有一個初步的佔位符很重要。

(Operator Instructions) Your next question comes from Stephanie Davis with SVB Leerink.

（操作員說明）您的下一個問題來自 SVB Leerink 的斯蒂芬妮戴維斯。

Congrats on a really strong quarter. And Joe, welcome to the team. So I had a question on the hospital space. Can you talk a bit to your differentiation versus some of the tech pure-plays like Zoom or Microsoft Teams as we see more HIPAA-compliant solutions come to the forefront?

祝賀一個非常強勁的季度。喬，歡迎加入團隊。所以我對醫院空間有疑問。當我們看到更多符合 HIPAA 標準的解決方案走在前列時，您能否談談您與 Zoom 或 Microsoft Teams 等一些純技術公司的區別？

Yes. Absolutely. Thanks, Stephanie. First, let me talk a little bit about InTouch and the tremendous momentum that we're seeing there. We've seen RFPs actually triple from Q1 to Q2 as Hospitals & Health Systems moved to rapidly embrace virtual care in a changing landscape, 50% more client expansions in the quarter versus the last several quarters and over 20% increase in new clients. So really tremendous momentum.

是的。絕對地。謝謝，斯蒂芬妮。首先，讓我談談 InTouch 以及我們在那裡看到的巨大發展勢頭。我們已經看到 RFP 實際上從第一季度到第二季度增加了兩倍，因為醫院和衛生系統在不斷變化的環境中迅速轉向虛擬護理，與過去幾個季度相比，本季度的客戶擴展增加了 50%，新客戶增加了 20% 以上。如此巨大的勢頭。

I think I mentioned in the call the success of our international expansion. We activated that channel much faster than I expected to. And I think all of that points to the change that we're seeing in how hospitals are thinking about virtual care and the technology that enables it. It's much more important, and some of them did put in sort of band aids, if you will, stopgap measures in order to meet initial demand for single use cases. What we're seeing is that hospitals are looking for an enterprise-wide solution that is secure, that is managed, that is medical-grade reliability and that can both bring the doctor to the bedside as well as into the home. And InTouch and Teladoc Health together are uniquely positioned to be able to do that, unlike any of the sort of off-the-shelf video platforms that aren't really designed for health care and aren't integrated into the health care system. And we really see that, that is going to continue to be a rapidly growing channel and a competitive advantage for us.

我想我在電話中提到了我們國際擴張的成功。我們激活該頻道的速度比我預期的要快得多。我認為所有這些都表明我們在醫院如何看待虛擬護理和支持它的技術方面看到的變化。這要重要得多，其中一些確實提供了一些權宜之計，如果你願意的話，可以採取權宜之計以滿足對單一用例的初始需求。我們看到的是，醫院正在尋找一種安全的、可管理的、醫療級可靠性的企業級解決方案，既可以將醫生帶到病床邊，也可以帶到家中。 InTouch 和 Teladoc Health 共同處於能夠做到這一點的獨特位置，這與任何並非真正為醫療保健而設計且未集成到醫療保健系統中的現成視頻平台不同。我們確實看到，這將繼續成為一個快速增長的渠道，並為我們帶來競爭優勢。

One quick follow-up on that. You've talked about kind of this RFP tripling. Is there any sense of how penetrated the hospital environment is? Is this going to be kind of like a 2020 penetration story, and then tapers off in 2021? Or is there more runway post this?

對此進行快速跟進。您已經談到了這種 RFP 的三倍。有沒有感覺醫院環境滲透到什麼程度？這會不會有點像 2020 年的滲透故事，然後在 2021 年逐漸減少？還是有更多的跑道發布這個？

Yes. There's tremendous runway. I mean together, we're now -- we serve 60 of the top 100 hospitals when you combine the 2 organizations. But we're barely penetrated in terms of the use cases, the number of physicians who are on the platform. And so with each additional clinical use case, with each additional physician group and specialty that embraces virtual care, that's expansion opportunity for us.

是的。有巨大的跑道。我的意思是，我們現在 - 當您將這兩個組織合併時，我們為前 100 家醫院中的 60 家提供服務。但就用例而言，我們幾乎沒有被滲透，平台上的醫生數量。因此，每增加一個臨床用例，每增加一個接受虛擬護理的醫生組和專業，這對我們來說就是擴展機會。

And so you heard me say that we have 50 more -- 50% more client expansions in the quarter than we had previously, but the runway is tremendous in front of us. We're really just scratching the surface in the hospital and health system space.

所以你聽到我說我們在本季度的客戶擴展比之前增加了 50%，增加了 50%，但跑道在我們面前是巨大的。我們真的只是在醫院和衛生系統領域觸及表面。

Yes. And the other -- the last thing I would add is, Stephanie, is that expansion and the runway is not just inside the 4 walls of the hospital, right? If you think about the network impact of what the 2 of us bring together as the new Hospital & Health Systems segment, it's sort of an exponential impact of that.

是的。另一個——我要補充的最後一件事是，斯蒂芬妮，擴建和跑道不只是在醫院的 4 堵牆內，對嗎？如果你考慮一下我們兩個人作為新的醫院和衛生系統部門匯集在一起的網絡影響，那是一種指數級的影響。

And maybe last thing I'll add there is we find that physician groups and large health systems alike find significant value in our provider network because we can bring additional capacity to the health system or the physician practice.

也許我要補充的最後一件事是，我們發現醫師團體和大型衛生系統都在我們的提供者網絡中發現了重要價值，因為我們可以為衛生系統或醫師實踐帶來額外的能力。

Your next question comes from Sean Wieland with Piper Sandler.

你的下一個問題來自 Sean Wieland 和 Piper Sandler。

Let me add my congrats to an incredible release here. So I just have a few more questions on the InTouch integration and want to get a little bit more detail. Jason, you mentioned last quarter, you identified 100 use cases for the combined assets of InTouch and Teladoc. If you can maybe touch on 1 or 2 of those that are resonating in the market right now. And then from a reporting standpoint, I appreciate the disclosure on the numbers for InTouch. But how is it going to be reported within the context of the existing operating metrics you provide? Or will there be new operating metrics that we're looking at next quarter?

讓我在這裡對令人難以置信的發布表示祝賀。所以我還有幾個關於 InTouch 集成的問題，想了解更多細節。 Jason，你在上個季度提到過，你為 InTouch 和 Teladoc 的組合資產確定了 100 個用例。如果您可以觸及目前在市場上引起共鳴的一兩個。然後從報告的角度來看，我很欣賞 InTouch 的數字披露。但是，如何在您提供的現有運營指標的背景下進行報告？或者我們下個季度會不會有新的運營指標？

Yes. Sean, let me address the reporting first, and then I'll turn it over to Jason. So starting next quarter, we will consolidate InTouch into our overall reported revenues. And what we do expect is that the majority of that revenue will really be an access fee revenue. But we do expect to consolidate it all into our revenues.

是的。肖恩，讓我先解決報告問題，然後我會把它交給傑森。因此，從下個季度開始，我們將把 InTouch 合併到我們的整體報告收入中。我們確實期望的是，大部分收入實際上是訪問費收入。但我們確實希望將其全部合併到我們的收入中。

And then with respect to the use cases, it was really amazing to go through the Telehealth Innovation Forum and listen to clients talk about their use cases. And they range from preadmission -- the consultations to post-discharge follow-ups range from oncology to NICU use cases. Of course, telestroke continues to be a very significant use case. And as you might imagine, with people being concerned about going into the hospital, you see everything from orthopedists to cardiologists going virtually into the consumer's home to deliver care and make sure that the patients are getting the care that they need. So it's really an incredibly broad spectrum.

然後關於用例，通過遠程醫療創新論壇並聽取客戶談論他們的用例真是太棒了。它們的範圍從入院前——諮詢到出院後的隨訪，範圍從腫瘤學到新生兒重症監護室用例。當然，遠程中風仍然是一個非常重要的用例。正如您可能想像的那樣，由於人們擔心去醫院，您會看到從骨科醫生到心髒病專家的所有人員幾乎都進入消費者家中提供護理並確保患者得到他們需要的護理。所以這真的是一個非常廣泛的範圍。

What's great about the innovation forum is you get the sharing of that information and best practices. And we frequently see that Hospitals & Health Systems implement some of those use cases and best practices that they learned at the innovation forum.

創新論壇的優點在於您可以共享信息和最佳實踐。我們經常看到醫院和衛生系統實施了他們在創新論壇上學到的一些用例和最佳實踐。

Yes. Sean, one -- just one quick thing. Just so that we can provide a measure of transparency into how this business is progressing, as we've said in our prepared remarks, we will put out some operating metrics starting next quarter.

是的。肖恩，一個——只是一件簡單的事情。正如我們在準備好的評論中所說，為了讓我們能夠在一定程度上衡量這項業務的進展情況，我們將從下個季度開始製定一些運營指標。

Your next question comes from Sandy Draper with SunTrust.

您的下一個問題來自 SunTrust 的 Sandy Draper。

This is Stan on for Sandy. So last quarter, I believe you commented that you've kind of evolved your hiring methods a bit to ensure provider capacity on the platform. Just curious if you can give us an update on capacity levels. You're seeing an influx of utilization, so any changes there?

這是桑迪的斯坦。所以上個季度，我相信你評論說你已經稍微改進了你的招聘方法以確保平台上的供應商能力。只是好奇您是否可以向我們提供容量水平的最新信息。您看到了大量的利用率，那麼那裡有什麼變化嗎？

Yes. So thanks, Stan. Our capacity -- as you know, we expanded our capacity dramatically in the second half of March in response to significant increase in visit volume. That was a time of tremendous innovation that enabled us to onboard thousands of physicians very efficiently, and we benefited from that over the course of this quarter. So in spite of significantly higher-than-expected visit volume, you saw the investments that we made in the first quarter pay off in the second quarter, and that accounts for some of the improvement in our gross margins. As you'll note, we had significantly higher visit volume in the second quarter than the first quarter and yet our gross margins increased. And that's a direct result of all that additional capacity that we added.

是的。所以謝謝，斯坦。我們的能力——正如你所知，我們在 3 月下半月大幅擴大了我們的能力，以應對訪問量的顯著增加。那是一個巨大創新的時代，使我們能夠非常有效地招募數千名醫生，我們在本季度從中受益。因此，儘管訪問量大大高於預期，但您看到我們在第一季度進行的投資在第二季度得到了回報，這在一定程度上解釋了我們毛利率的提高。您會注意到，我們第二季度的訪問量明顯高於第一季度，但我們的毛利率有所上升。這是我們增加的所有額外容量的直接結果。

And then lastly, you'll see or you'll hear -- or you heard in our prepared remarks the increase in member satisfaction, and that is in part due to the tremendously strong response times that we've had in the second quarter, where with that incredibly high-volume of visits, we're down under 10 minute -- usually between 5- and 10-minute response times. So we feel very, very pleased with that, and we feel like we've made the investments that will pay off into the future.

最後，你會看到或聽到——或者你在我們準備好的評論中聽到了會員滿意度的提高，這部分是由於我們在第二季度的響應時間非常快，在訪問量如此之大的情況下，我們的響應時間不到 10 分鐘——通常在 5 到 10 分鐘之間。因此，我們對此感到非常、非常高興，並且我們覺得我們所做的投資將在未來得到回報。

Your next question comes from Daniel Grossman.

你的下一個問題來自丹尼爾格羅斯曼。

I want to go back, Jason, to that comment you meant about the new win for the media company. As I kind of look at the landscape here, a lot of your peers have -- there's been a lot of reports about some of your peers kind of falling down. And so I'm wondering, as you look at the RFP environment for 2021 and the rest of this year, do you think you'll see an increase of -- in RFPs from some of the health plans that may have entrenched relationships with other vendors? And how do you see kind of that competitive takeaway going as we look to model 2021?

傑森，我想回到你所說的關於媒體公司新勝利的評論。當我看這裡的風景時，你的很多同齡人都——有很多關於你的一些同齡人倒下的報導。所以我想知道，當您查看 2021 年和今年剩餘時間的 RFP 環境時，您是否認為您會看到一些健康計劃的 RFP 增加，這些健康計劃可能與其他健康計劃建立了牢固的關係供應商？在我們展望 2021 年模型時，您如何看待這種有競爭力的外賣？

Yes. Thanks, Daniel. We do see significant opportunities to penetrate clients who have historically worked with someone else. Maybe they were an early adopter or they went for a lower-cost alternative in the past, and they're not meeting their expectations. We have improved our relationships with our existing clients and we have created new relationships with prospects as a result of the incredible performance of our team and our platform during this situation.

是的。謝謝，丹尼爾。我們確實看到了深入了解曾與他人合作過的客戶的重要機會。也許他們是早期採用者，或者他們過去曾尋求成本更低的替代方案，但他們沒有達到他們的期望。由於我們的團隊和平台在這種情況下的出色表現，我們改善了與現有客戶的關係，並與潛在客戶建立了新的關係。

The media company that I mentioned is a great example. They were an early adopter of telemedicine with another company, and we're very, very pleased to provide them our entire suite of clinical services. And we see that as a continuing trend, both among employers as well as among health plans.

我提到的媒體公司就是一個很好的例子。他們是另一家公司的遠程醫療的早期採用者，我們非常非常高興為他們提供全套臨床服務。我們認為這是一種持續的趨勢，無論是在雇主中還是在健康計劃中都是如此。

Another trend that we are continuing to see is the strength in our cross-sell/upsell efforts. We've talked in the past about land and expand. And the proof positive of that is the strength that we are seeing in our cross-sell/upsell. So again, that is another trend and dynamic that we're seeing as we think about the selling season ahead.

我們繼續看到的另一個趨勢是我們交叉銷售/追加銷售工作的實力。我們過去談過土地和擴張。而這方面的積極證據就是我們在交叉銷售/追加銷售中看到的力量。所以，這又是我們在考慮未來銷售季節時看到的另一種趨勢和動態。

Our next question comes from Charles Rhyee with Cowen.

我們的下一個問題來自 Charles Rhyee 和 Cowen。

Yes. Congrats on the quarter and the strong outlook. Maybe, Mala, I just wanted to follow up to an early question about how we model, and I think you said think of InTouch mostly going into the access fee revenue. Is there a visit component that we should be modeling in? Or should we not really touch the visit line -- sort of the visit assumptions to incorporate InTouch into the -- to consolidate that into revenues? And then, and I guess more broadly to that, as we think about the pricing model, does that -- is it really just the subscriptions? And is it sold modularly? Maybe if you can just give us a little bit more color into sort of how the pricing model works on the InTouch side?

是的。祝賀本季度和強勁的前景。也許，Mala，我只是想跟進一個關於我們如何建模的早期問題，我想你說過認為 InTouch 主要是進入訪問費收入。是否有我們應該建模的訪問組件？還是我們不應該真正觸及訪問線——將 InTouch 納入其中的訪問假設——以將其合併到收入中？然後，我想更廣泛地說，當我們考慮定價模型時，它真的只是訂閱嗎？它是模塊化銷售的嗎？也許你可以給我們更多的顏色來說明 InTouch 端的定價模型是如何工作的？

Yes. So in terms of the composition of the revenue, think of it as primarily access revenue. I don't want to go into more specifics than that, Charles, but I would say, primarily, visit -- primarily, sorry, access revenue.

是的。因此，就收入的構成而言，將其視為主要是訪問收入。查爾斯，我不想談更多細節，但我想說的是，主要是訪問——抱歉，主要是獲取收入。

In terms of the revenue -- sorry, economic model, the way the InTouch business works is that we get paid both on a licensed user basis as well as on a per care location basis. So there are a couple of different ways that we do get paid in terms of the overall economic model. I'm going to leave it at that. I don't want to get into any more specifics.

就收入而言——對不起，經濟模式，InTouch 業務的運作方式是我們在許可用戶的基礎上以及在每個護理地點的基礎上獲得報酬。因此，就整體經濟模型而言，我們確實有幾種不同的方式獲得報酬。我打算就此打住。我不想談更多的細節。

Your next question is from George Hill with Deutsche Bank.

你的下一個問題來自德意志銀行的喬治希爾。

Jason, I'm going to try to sneak in 2 real quick. First is I'd love to ask about how you think of the evolution of the model of telemedicine, what I would call the provider-anchored model versus the payer-anchored model? And I know that you guys sell both, but most of your revenue comes from the payer-anchored model. And I'd love any comments you'd be willing to make on step-ups in utilization by disease state. I'm particularly interested in behavioral.

傑森，我要試著快速潛入 2。首先，我想問一下您如何看待遠程醫療模式的演變，我稱之為提供者錨定模型與支付者錨定模型？我知道你們兩個都賣，但你們的大部分收入來自付款人錨定模式。我希望您願意就按疾病狀態提高利用率發表任何評論。我對行為特別感興趣。

Yes. Thanks, George. Look, I think telemedicine is here to stay, and it's here to stay all across the spectrum of how health care is delivered. And so it's -- as you know, it's always been our strategy to be at every front door of the health care system, enabling that virtual care. We're very, very happy to do it for our providers by providing technology for them. And you see the proliferation of that in all the numbers. I just saw new numbers come out from HHS about Medicare usage of telemedicine, and it seems to be persistent. And that's not surprising to me. Those are similar to the trends we're seeing among our provider clients.

是的。謝謝，喬治。聽著，我認為遠程醫療會繼續存在，並且它會一直存在於醫療保健提供的各個方面。因此——如您所知，我們的戰略始終是進入醫療保健系統的每一個前門，以實現虛擬護理。我們非常非常高興通過為我們的供應商提供技術來為他們做這件事。您會在所有數字中看到這種情況的擴散。我剛剛看到來自 HHS 的關於遠程醫療的 Medicare 使用情況的新數字，而且似乎一直存在。這對我來說並不奇怪。這些與我們在供應商客戶中看到的趨勢相似。

But 50% of consumers don't have a primary care physician. And so our service that is delivered through the payer or the employer continues to be a critical access point to ensure that consumers are getting the care that they need on their terms. And we deliver it in a way that is incredibly high quality and cost efficient. So I think all of those things very, very much embrace our strategy at going after every part of the health care system.

但 50% 的消費者沒有初級保健醫生。因此，我們通過付款人或雇主提供的服務仍然是確保消費者按照自己的條件獲得所需護理的關鍵接入點。我們以令人難以置信的高質量和高成本效益的方式提供它。因此，我認為所有這些事情都非常非常支持我們追求醫療保健系統各個部分的戰略。

And then you asked about utilization. And so I'll give a few pieces of insight there because I think you asked about disease states, which is really important. Mental health and dermatology have increased substantially where -- even faster than our general medical visits. And of course, that has been on just an absolutely torrid pace.

然後你問了利用率。所以我會在那裡給出一些見解，因為我認為你問的是疾病狀態，這非常重要。心理健康和皮膚病學大幅增加——甚至比我們一般的醫療訪問速度更快。當然，這一直在以絕對激烈的速度發展。

Mental health. 40% of people say that they wouldn't have sought care if it weren't for having access to our services, which is just a tremendous need in terms of people who don't get the care that they need either because of stigma or access or cost or something else.

精神健康。 40% 的人表示，如果不是因為能夠獲得我們的服務，他們就不會尋求護理，對於那些因為恥辱或訪問或成本或其他東西。

We're also seeing a significant increase in usage for noninfectious diseases, and that's actually grown faster than infectious disease. So today, about 60% of our general medical visits are from noninfectious diseases, whereas this time last year, it was only about 40%. And I think that really speaks to the proliferation of virtual care across all of those condition states. So for the first time, we're seeing hypertension and lower back pain, in addition to anxiety, climb into our top 10 visits list or top 10 diagnoses list, which is very, very interesting and I think portends a very bright future in terms of the impact that we can have on the overall health care system.

我們還看到非傳染病的使用量顯著增加，而且實際上增長速度比傳染病快。所以今天，我們約有 60% 的普通就診來自非傳染性疾病，而去年這個時候，這一比例僅為 40% 左右。而且我認為這確實說明了虛擬護理在所有這些條件狀態下的擴散。因此，除了焦慮之外，我們第一次看到高血壓和下背痛進入我們的前 10 名就診名單或前 10 名診斷名單，這非常非常有趣，我認為預示著一個非常光明的未來我們可以對整個醫療保健系統產生的影響。

Your next question comes from Matthew Gillmor with Baird.

你的下一個問題來自 Baird 的 Matthew Gillmor。

Jason, I appreciate the comments on causing a revolution as the system went back on telehealth coverage and reimbursement. I was curious what you're hearing from employers and payers with respect to co-pay levels and how long that stays at $0? Or will that be more of a permanent change as well?

傑森，我很欣賞關於在系統恢復遠程醫療覆蓋和報銷時引發革命的評論。我很好奇你從雇主和付款人那裡聽到了什麼關於共同支付水平以及保持在 0 美元的時間有多長？或者這也將是一個永久性的變化？

Yes. So we're seeing positive signals about that continuing. We've seen some large employers and health plans extend to the $0 co-pay through this period of time and into the future, some even into next year already. And so we're positive on that. I think people haven't realized the benefit that virtual care can have into the future, regardless of what the COVID curve looks like.

是的。所以我們看到了關於這種情況持續的積極信號。我們已經看到一些大型雇主和健康計劃在這段時間和未來延長到 0 美元的共付額，有些甚至已經延長到明年。所以我們對此持肯定態度。我認為人們還沒有意識到虛擬護理對未來的好處，不管 COVID 曲線是什麼樣子。

And then with respect to reimbursement at the federal level, you probably saw, Matt, that the Senate COVID relief package that was proposed earlier this week. It proposes to extend the waivers, the Medicare waivers through the end of '21. I think when you combine that with Secretary Azar's comments and the fact that there are several bills in Congress to remove the originating site and rural restrictions, I think it's really here to stay in terms of Medicare reimbursement.

然後關於聯邦一級的報銷，馬特，你可能看到了本週早些時候提出的參議院 COVID 救助計劃。它建議延長豁免，醫療保險豁免到 21 年底。我認為當你將其與阿扎爾部長的評論以及國會中有幾項法案取消原產地和農村限制的事實結合起來時，我認為它真的會保留在醫療保險報銷方面。

Your next question comes from Sean Dodge with RBC Capital Markets.

你的下一個問題來自 RBC 資本市場的 Sean Dodge。

Maybe on virtual primary care. Jason, you spent a lot of time talking about that at the Investor Day. Can you give us an update on the progress there? I guess how far away do you think you are from having all of the necessary pieces for that in place and in standing up commercially? And what are those first iterations of it, I guess, going to look like?

也許在虛擬初級保健上。傑森，你在投資者日花了很多時間談論這個。你能介紹一下那裡的最新進展嗎？我猜你認為你距離擁有所有必要的部分並在商業上站起來還有多遠？我猜它的第一次迭代會是什麼樣子？

Well, so as we promised, we launched our VPC pilot, Virtual Primary Care, pilot in Q2. The initial results have been really strong and incredibly interesting, a very broad array of clinical diagnosis, in fact, almost 70 clinical diagnoses within the pilot population, ranging from chronic to acute to complex, ranging from many, many preventative screenings have been recommended and then actually, the consumer got the screening that they need, whereas they had no plan to do that before their visit. And so all of that is very positive.

好吧，正如我們所承諾的那樣，我們在第二季度啟動了 VPC 試點、虛擬初級保健試點。最初的結果非常強大而且非常有趣，臨床診斷範圍非常廣泛，事實上，試點人群中有近 70 種臨床診斷，從慢性到急性再到復雜，從許多許多預防性篩查中得到推薦和然後實際上，消費者得到了他們需要的篩查，而他們在訪問之前並沒有計劃這樣做。所以所有這些都是非常積極的。

We're also seeing a really interesting and broad mix of age groups who are accessing that care and really engaging well with the overall longitudinal nature of that program.

我們還看到了一個非常有趣且廣泛的年齡段組合，他們正在獲得這種護理並且真正參與該計劃的整體縱向性質。

We have active processes going on in the pipeline with several large payers and employers. And I would expect that we will be commercially live in, certainly, the first half of next year. I won't be more specific than that since we're still in those discussions.

我們正在與幾個大型付款人和雇主進行積極的流程。我希望我們肯定會在明年上半年進行商業直播。我不會比這更具體，因為我們仍在討論中。

And the payment models are broad, as you might imagine, ranging from discussions about risk-sharing arrangements, primary care capitation, to fee-for-service, to traditional PMPM plus visit fees. And so I think you're going to see us come out with a number of different models. And I think the most important thing is putting all the pieces in place to deliver on the promise of virtual primary care.

正如您可能想像的那樣，支付模式很廣泛，從關於風險分擔安排、初級保健按人頭付費到按服務收費再到傳統的 PMPM 加就診費的討論。所以我認為你會看到我們推出了許多不同的模型。我認為最重要的是把所有的部分都落實到位，以兌現虛擬初級保健的承諾。

Your next question comes from Jailendra Singh with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Jailendra Singh。

I was wondering if you can -- you guys can talk about your M&A focus and opportunities you're seeing. With more than $1.3 billion cash on balance sheet, you guys have pretty good financial flexibility. Just wondering if you guys can highlight some of the areas you might be interested in?

我想知道你們是否可以——你們可以談談你們的併購重點和你們看到的機會。資產負債表上有超過 13 億美元的現金，你們的財務靈活性非常好。只是想知道你們是否可以突出一些您可能感興趣的領域？

Sure, Jailendra. I think our focus continues to be on expanding the markets that we serve and the clinical breadth of our product portfolio. With the vast population that we now have that has access to the platform, we're in a unique position to be able to put more products through that platform, make our clinical impact broader and deeper and to do it in more markets. So we continue to look at geographic expansion internationally. We've had some great success internationally, organically this year, with significant wins among the largest financial services company in the Nordic region, which gives us a foothold there; a significant win in Brazil that really expands our footprint there by -- with one of the largest health insurers in the Brazilian market. And we continue to look at geographic expansion, both organically and through M&A. And we will continue to look to expand our clinical scope and the impact that we can have across the entire spectrum of clinical use cases and clinical needs.

當然，杰倫德拉。我認為我們的重點仍然是擴大我們服務的市場和我們產品組合的臨床廣度。由於我們現在擁有大量可以訪問該平台的人口，我們處於一個獨特的位置，能夠通過該平台投放更多產品，使我們的臨床影響更廣泛、更深入，並在更多市場中做到這一點。因此，我們繼續關注國際地域擴張。今年，我們在國際上有機地取得了一些巨大成功，在北歐地區最大的金融服務公司中取得了重大勝利，這讓我們在那裡立足；在巴西的重大勝利真正擴大了我們在那裡的足跡——與巴西市場上最大的健康保險公司之一。我們繼續關注地域擴張，包括有機擴張和併購。我們將繼續尋求擴大我們的臨床範圍以及我們可以在整個臨床用例和臨床需求範圍內產生的影響。

Yes. The thing I would also add, Jailendra, is -- and we have said this before, when we look at markets outside the U.S., we will be surgical. We will be targeted. We will look for how right and favorable the conditions are in those markets for telehealth from a regulatory perspective, et cetera. But exactly like Jason said, it's about adding more products and services as well as expanding our footprint in a disciplined way outside the U.S.

是的。 Jailendra，我還要補充的是——我們之前已經說過，當我們審視美國以外的市場時，我們將進行手術。我們將成為目標。我們將從監管等角度尋找這些遠程醫療市場的條件是否合適和有利。但正如 Jason 所說，這是關於增加更多的產品和服務，以及以有紀律的方式擴大我們在美國以外的足跡。

And our last question comes from David Larsen with Verity Research.

我們的最後一個問題來自 Verity Research 的 David Larsen。

Can you talk a little bit about your relationship with UnitedHealth Group? I mean I imagine it takes a lot of investment and time to build a telehealth capability.

您能談談您與 UnitedHealth Group 的關係嗎？我的意思是，我認為建立遠程醫療功能需要大量投資和時間。

Sure. I appreciate the question, David. We have a great relationship with United. We continue to expand the products and services with United as well as the businesses within United that we serve. As you know, they're a very large organization with multiple businesses, and we continue to expand the scope of our offerings to facilitate virtual care for their members as well as for their own provider organizations. And I would characterize it as a very, very strong relationship.

當然。我很欣賞這個問題，大衛。我們與曼聯有著良好的關係。我們將繼續擴展美聯航的產品和服務以及我們所服務的美聯航內部業務。如您所知，他們是一個擁有多項業務的非常大的組織，我們將繼續擴大我們的產品範圍，以促進對其成員以及他們自己的提供者組織的虛擬護理。我會將其描述為一種非常非常牢固的關係。

Now I'll turn the call back to the presenters for any closing remarks.

現在，我會將電話轉回給演示者，讓他們發表任何結束語。

Well, thanks, everybody, for tuning in. We're very pleased with the results in the quarter and our outlook for the rest of this year and next year, and we look forward to continuing to keep you up-to-date on our progress. Thank you.

好吧，謝謝大家收看。我們對本季度的結果以及我們對今年剩餘時間和明年的展望感到非常滿意，我們期待繼續讓您了解我們的最新情況進步。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。