医疗成本管理解决方案提供商MultiPlan Corporation(纽约证券交易所代码:MPLN)公布了其2024年第二季度收益，揭示了挑战和战略进步的混合。首席执行官特拉维斯·道尔顿承认财务结果低于预期，但对未来的增长持乐观态度。该公司正在向以数据和技术为中心的方法转型，投资于增强客户能力和开发透明度产品。尽管收入同比下降1.9%，至2.335亿美元，但MultiPlan的销售额增长了8%，其产品线也实现了两位数的增长。公司还宣布首席财务官Jim Head离职，任命Doug Garis为他的继任者。

关键的外卖

• MultiPlan第二季度收入同比下降1.9%，至2.335亿美元。
• 销售额增长了8%，2024年上半年实现了两位数的增长。
• 该公司增加了四个新客户，并庆祝了一项关键的TPA胜利。
• 新产品Plan Optics和BenInsights成功销售，成为BenInsights的第一个供应商客户。
• MultiPlan将其2024年全年收入预期调整至9.35亿美元至9.55亿美元之间。
• 一个没有在进行减值测试后，记录了5.537亿美元的Ncash减值费用。
• 首席财务官交接宣布，Doug Garis将于8月接任。
• 该公司计划优先投资业务和减少债务，而不是并购和股票回购。
• MultiPlan希望如此。核心业务持续增长至2025年中期，目标是核心业务增长4-5%，新产品增长8-10%。

公司前景

• MultiPlan预计，到2025年中期，其核心业务将保持增长。
• 该公司的目标是专注于有机投资和债务削减。
• 长期增长目标包括核心网外增长4-5%，新产品增长8-10%。

悲观的亮点

• 该公司的财务业绩没有达到预期。
• 有一个不2024年第二季度的现金减值支出为5.537亿美元。
• 第二季度杠杆自由现金流为负700万美元。

乐观的亮点

• 销售额同比增长了8%，产品线增长了两位数。
• 该公司获得了新客户和产品奖。
• 由于容量问题和医疗保健通胀，预计价格和数量将逐步增加。

错过

• 与2023年第二季度相比，2024年第二季度的收入下降了1.9%。
• 该公司录得巨额亏损现金减值费用。
• 营收收益率出现了一些波动pt谨慎。

问答集锦

• 该公司预计销量环境将保持稳定或改善政府和收益稳定。
• 没有数量承诺或co导致程序损耗的非合同问题。
• 现在提供2025年的详细收入前景还为时过早，但预计未来会有更多可见性。

MultiPlan公司2024年第二季度的业绩反映出该公司正处于战略支点，其明确的重点是利用数据和技术来推动未来的增长。尽管目前的财务状况不佳，但公司的领导层仍坚定不移地致力于转型并提供可持续的成果。凭借新的高级人才和修订后的战略，MultiPlan已准备好应对不断发展的医疗保健领域。

InvestingPro见解

MultiPlan公司(纽约证券交易所代码:MPLN)的股票表现和财务指标发生了显著变化，强调了投资者密切关注的重要性。以下是InvestingPro根据近期数据和分析得出的一些见解:

• 管理层激进的股票回购策略可能预示着公司的破产对公司未来前景的信心，尽管挑战反映在最近的财务业绩中。这种行为通常表明管理层认为股票被低估，代表了对股东价值的承诺。

• 该公司的估值表明，其自由现金流收益率很高，对于寻找有可能产生现金的公司的投资者来说，这可能是一个有吸引力的点。这是特别相关的，因为MultiPlan侧重于过渡宁转向以数据和技术为主导的方法，这可能会增加未来的现金流。

• MultiPlan的股票经历了巨大的波动，在过去的一周遭受了巨大的打击，但在过去的一个月里表现出了强劲的回报。这种波动凸显了投资者参与的必要性同时考虑短期市场走势和长期业绩趋势评估他们的投资决策。

与本文特别相关的InvestingPro Data指标包括:

• 市值:截至上次更新例如，MultiPlan的市值为2.216亿美元，这一关键数字反映了该公司在市场上的价值。

• 收入增长:在过去的12个月里，该公司的收入小幅下降了1.16%，与文章中报道的收入挑战相符。

• 营业利润率:在过去的12个月里，MultiPlan的营业利润率为15.79%，这是公司运营的一个关键指标效率和盈利能力。

要深入了解MultiPlan的表现和额外的InvestingPro提示，投资者可以浏览http://k1.fpubli.cc/file/upload/202408/05/fdnjwknk045。该网站目前列出了11条可以进一步指导投资决策的建议。

全反式丘吉尔资本III公司(MPLN) 2024年第二季度:

接线员:早上好，欢迎来到MultiPlan公司2024年第二季度财报电话会议。我叫哈里，今天由我为您总机。此时，所有与会线路都处于仅听模式。在管理层准备好的发言后，将有机会进行问答。[接线员说明]现在我想把会议交给肖娜·加斯克，投资者关系副总裁。谢谢你！请继续。

Shawna Gasik:谢谢你，Harry。早上好，欢迎来到MultiPlan 2024年第二季度财报电话会议。我们今天的主讲人是首席执行官Travis Dalton;首席财务官Jim Head。首席运营官Jerry Hogge将出席问答环节。电话会议正在进行网络直播，可以通过我们网站的投资者关系部分访问。在我们的电话会议中，我们将参考我们网站投资者关系部分提供的补充幻灯片，以及今天上午早些时候发布的2024年第二季度收益新闻稿。在我们开始之前，有几点提醒。我们今天的发言和对问题的回答可能包括前瞻性陈述。这些前瞻性陈述仅代表本电话会议召开之日管理层的信念和期望。由于一些风险，实际结果可能与这些前瞻性陈述存在重大差异。这些风险的总结可以在补充幻灯片的第二页找到，也可以在我们的10-K表格年度报告和我们向美国证券交易委员会提交的其他文件中找到更完整的描述。我们还将参考一些非公认会计准则指标，我们认为这些指标可以让投资者更全面地了解MultiPlan的潜在经营业绩。这些非公认会计准则指标的解释以及与可比的公认会计准则指标的对账可以在收益新闻稿和补充幻灯片中找到。说到这里，我现在把电话交给我们的首席执行官特拉维斯·道尔顿。特拉维斯?

Travis Dalton: Thank you, Shawna and good morning to all of you on the call. Thank you for your time today. I recently completed my first 100 days in my first full quarter here at MultiPlan. I know more now than I did coming in, have validated my view on several aspects of the company, continue to learn and I'm convinced we will execute on our evolution and transformation over time. I would like to share my reflections on the business with you today. It goes without saying it's been an interesting time to join the company and I'm more committed than ever to our transformational journey. That journey must begin with an honest assessment and a brutal confrontation of the facts. I'm exceedingly proud of our commitment to clients and relentless pursuit of service excellence. That is a very good thing. However, the fact is that financial results matter and our simply haven't been consistent, predictable or good enough, we must perform better. By now, many of you have had the opportunity to review our second quarter financial results and our updated full year guidance. Those results fell short of the expectations set entering the year. Our revised outlook is more fully aligned with the current realities of our business in the short term. But underlying that, I am encouraged by some key indications of progress and even more so by significant opportunities for growth in the mid- and long-term. All of that said I am as excited as I have been since joining this great company. We have a clear, compelling vision and strategy forming for the future. We have great clients and long-standing relationships, an operating plan to execute better as we move forward, a current product portfolio that delivers value, a clearly defined set of new product opportunities, untapped technology and data assets and a team of incredibly talented and dedicated professionals. We have a strong business foundation, we generate cash flow and we have ample time to make progress. Our transformation requires a deep commitment to change, a sense of urgency and decisive actions, showing meaningful progress. It may take a bit longer than we had hoped but I'm confident we can and will execute. Simply put, we know what to do to make this a world-class data and technology company that operates with more rigorous process, increased discipline and enhanced organic product capability that drives more value for more clients across more markets. Over time, this will lead to sustainable growth. In a moment, I will share some of the encouraging progress that we're making and I very much look forward to an opportunity to share with you my comprehensive vision for our transformation and an integrated strategic, operational and financial plan in detail in the coming quarters. As I mentioned on our last earnings call, we have established a core operating framework to ensure that we more consistently achieve our results over time. Before I speak to the progress we've made against that framework, I would like to address a few key issues right up front. First, the overhang of media scrutiny has been an ongoing challenge. We have addressed it head-on, engaged directly with stakeholders, updated our value proposition and we'll continue to do so proactively. We have established a corporate and government affairs team, inclusive of world-class public relations and lobbying representation and we'll continue to protect our reputation to defend our business against misinformation of false narratives and educate healthcare stakeholders about the value that we provide. We will actively use our voice to support the aims of healthcare quality, price transparency and cost control. Next, we continue to confront with openness and transparency the legal claims against us which we believe are without merit and are an attempt to misuse the law in a way that will ultimately increase prices for patients and employers. The data is very clear that MultiPlan which operates in a highly competitive environment, makes healthcare more affordable for consumers, offer services across the entire continuum seeks to eliminate or reduce balance bills and supports price transparency in the No Surprises Act. We are confident that the facts clearly support the merits of our products and the important role our company plays in the healthcare ecosystem. Next, we have faced a series of onetime environmental challenges that have impacted our clients, our claims flow and our results. These included the clearinghouse destruction which continue to affect us through the first half of the second quarter. We will continue to navigate these challenges and support our clients as we do. Next, it's taken longer to generate commercial traction with our new product initiatives than anticipated. However, I am confident that the demand is there, the pipeline is growing and the operating plan I mentioned earlier will get us back on track. Finally, we believe the prices of our products and services are competitively positioned in the marketplace across the spectrum of our clients, large and small. With the exception of an attrition overhang related to one of our larger clients, we have been growing at a mid-single-digit rate across the remainder of our customer base. While we now expect this attrition to constrain growth until mid-2025, at that point, the way should finally be clear for us to show growth in our core business. We have remarkable clients. It is our imperative to relentlessly develop and deliver new value for them. We will continue doing that because we are proud to serve them and because doing so will sustain our success. After the value we provide in the market before I joined MultiPlan, I served providers for 21 years. In light of that, I had to ask myself the question is MultiPlan good for healthcare? I am as confident as ever that the answer is yes, unequivocally. We have a clear point of view validated by facts. We are explicitly articulating that to stakeholders across our corporate communication channels, including our investor website. We will continue to communicate proactively and aggressively in support of our mission to make healthcare more transparent, fair and affordable for all. Getting back to how we intend to move forward; in support of our vision to transform into a data and technology forward organization with an aggressive growth mindset, we are actively engaged across the company in a 5-year strategic and resource planning exercise. This process which is being led by our Chief Operating Officer, includes assessing our market potential, evaluating our current set of products, sharpening new product development, fortifying our sales and go-to-market strategies and clearly articulating our plan with precision, both internally and externally. This will allow us to remain laser-focused on executing now but also prepare for the next through products and business development. Our vision builds on a strong foundation that includes our analytics-based services, 1.4 million provider network, Payment Integrity products, HST Value-Driven Health Plans and data and decision science capabilities and price transparency, risk analytics, supplemental insurance and other areas, building a resource and capital allocation with precision, along with developing and the hearings of a robust and well-conceived annual operating plan will help us realize our vision and maximize those results. Delivering on that vision will be all about execution. We will be focused on our operating principles, clarity of purpose, alignment of talent and focus on KPIs and accountability. And we will be focusing on getting fit for growth with the process rigor worthy of a great public company. Let me take each of these in turn. Clarity, we've made significant progress updating our message set and value proposition. We refreshed our external messaging, website and educated many key stakeholders. We will continue to be vocal on the role we play across the healthcare ecosystem. Alignment; we have added significant talent and aligned clear accountability with the authority to operate. We've added a Senior Vice President of Corporate Affairs, a Vice President of Government Affairs, a Chief Data Scientist, a national sales leader, additional new market sales talent and we have an incoming CFO. Combined with our existing talent, we have a team that is committed to and capable of accelerating our transformation. Focus; we have rounded out our set of 41 KPIs and have a clear tracking mechanism with accountable owners to ensure we execute on our strategies. This will allow us to take prudent real-time decisions and monitor forward indicators of progress against our goals. As we advance clarity, alignment and focus, becoming Fit for Growth will encompass two key areas: process rigor, discipline and insights. We have established data-driven bookings forecast, an annual operating plan, monthly operating cadence and product life cycle management approach. We have much work to do but this will yield more predictable results for the business and enable us to make more and better products over time, laser-focused on where we put our time, energy and money. The processes noted are all in support of clear allocation of resources. They will enable us to make sound and timely decisions around expense and capital outlays that deliver better quarterly performance and create long-term value. They will help us prioritize investments in those products and initiatives that are most important to grow that have the highest market potential over time. We are investing today in a few key areas: enhanced capabilities for our core clients as identified at the start of this year, we will continue to seek opportunities to better serve our clients. This is job number 1. Investing in our data architecture to provide flexibility and extensibility in our technology stack. We will be able to more quickly iterate on internal projects and also potentially serve a platform-based ecosystem over time. Price transparency products and analytics serve the entire healthcare ecosystem. Assets acquired through our BST acquisition give us a strategic advantage. We have integrated BST to get more focused and we'll be aggressive in pursuit of this market opportunity. Internal automation with AI, starting with our NSA processes and continuing with other backlog of projects, more leveraged value as we progress. This is only the beginning. Over time, all of this will allow us to increase our total addressable market and diversify our customer base as we serve our national and regional payer clients, more aggressively deliver value for TPAs, brokers, consultants and plans sponsors, address opportunities in provider markets and deliver a data platform and analytics division that meaningfully expands the capabilities we offer in all of these markets. We will be persistent in driving better results. I am pleased with the energy and determination of the organization which has already resulted in better progress to support growth, demonstrated by several examples. We added four new logos in Q2 and had a key TPA win. Sales are up 8% year-over-year and our pipeline has grown by double digits in the first half, even with headwinds associated with the exogenous events that I mentioned earlier. Our Plan Optics product suite has been recognized with another key award for data and analytics and we continue to close sales of Plan Optics and BenInsights, including two additional in the second quarter across multiple sales channels. We closed our first provider client with BenInsights and predictive risk models. I will also be a keynote speaker at the Critical Access Hospital Conference hosted by the National Rural Health Association to highlight our transparency products and analytics. If we want to control cost in healthcare, enabling autonomy and access in rural America is a key component. We believe that we can help in many ways. We are focused and on track with our development roadmap with key products that serve our core client base. We held the first leadership interlock with our new product life cycle management discipline and with our teams identified 15 new product ideas and over 30 additional enhancements for consideration. We are moving quickly to evaluate those concepts against client needs and market potential to prioritize our efforts and maximize results. Likewise, we will continue to advance our partnership opportunities to extend market reach. As I mentioned, we added new senior talent in the quarter that we are able to attract these world-class professionals and that they want to be part of our journey as a strong endorsement of the company and the opportunity we have to unlock meaningful value over time. We know we operate in a competitive environment in an ever-changing environment. Our strategy, systems, processes and people have to be ready and able to succeed in that environment. That will require transformation. We will take it straight on and we have the determination to do so. In summary, as I noted at the outset, we realize our financial results have not met expectations. As a management team, we will confront that with brutal honesty. We know what work to do and I am confident over time and we have some but we can and will achieve sustainable results. We are working tirelessly to deliver a clear strategy for predictable and sustainable growth. As we move forward, I will communicate more detail around our strategic and capital allocation plan, one that is underpinned by the investment discipline, organizational alignment and execution focus needed to achieve that plan and is supported by investor disclosure that will allow you to hold us accountable. I look forward to demonstrating all of this to you in improving our say-do ratio. You are what your record says you are. Ours needs to get better and we will be relentless. I would like to turn it over to Jim to cover the details of our results. As disclosed this morning, Jim has decided to leave MultiPlan but will be staying with us in a strategic advisory role through the end of the year. Jim has been uncompromising in pursuit of service excellence for our clients, embodies our core values and is frankly just a straight shooter. The Board of Directors and I can't thank him enough. We will be welcoming Doug Garis as our CFO, starting August 5 and Doug will work closely with Jim through the end of the year to ensure a smooth transition. I have worked with Doug previously and I'm confident he is the right person to help carry us forward with our operating plan and has the execution skills we need to drive sustainable growth. I'm excited to work closely with him on realizing our potential. Let me turn it over to Jim.

Jim Head: Thanks, Travis and good morning, everyone. I would like to reiterate what Travis said. While growth is taking longer to materialize than we expected, we are making progress and we remain confident in the company's medium- and long-term prospects. Today, I will walk through the financial results for the second quarter of 2024. I will then turn to our outlook for the second half and provide updated guidance for full year '24. And finally, I'll close with a review of our balance sheet and capital allocation. As shown on page 4 of the supplemental deck, second quarter revenue was $233.5 million, a decrease of 1.9% from Q2 '23 and effectively flat sequentially. Our revenues fell just below the line of our guidance range for the quarter as a solid recovery in volumes was offset by volatility in our revenue yield and by slower-than-anticipated sales of our new products and services. Turning to revenues by service line as shown on page 5 of the supplemental deck, relative to Q1 '24, network-based revenues declined 0.9% sequentially or about $0.5 million, driven by continued softness in our complementary network and Property and Casualty businesses. Our analytics-based revenues were essentially flat sequentially, with strength in Data iSight offset by softness in our NSA volumes, including attrition related to a major employer plan served by one of our larger ASO clients. Our Payment and Revenue Integrity revenues declined 1.4% sequentially, driven by softness in our Prepayment Clinical Negotiation business, offset by continued strong growth in our post-paid portfolio. Versus the prior year quarter, network-based revenues declined 20%, analytics-based revenues grew 5.6% and Payment and Revenue Integrity revenues declined 5.3%. Excluding a $3.8 million contribution to revenues from BST which is reported in our analytics-based revenues, second quarter consolidated revenues were $229.7 million, effectively flat sequentially and down 2.6% from the prior year quarter. During the second quarter, we experienced solid growth in volumes of build charges and identified potential savings with June showing recovery from the clearinghouse cyber outage that continued to impact our claims flows through April and May. As shown on page 7 of the supplemental deck, total second quarter build charges increased 9% sequentially to $45.3 billion and identified potential savings increased 8% sequentially to $6.2 billion. As shown on page 8, in our core percentage of savings revenue model, identified potential savings increased 3% sequentially to $4.4 billion. With respect to the utilization environment, build charges from both facilities and physicians were up sequentially. We also note the data from some of the publicly traded hospital systems which suggested reasonable sequential strength in second quarter inpatient and outpatient surgeries but more sluggish trends in emergency room visits which on balance is a positive signal for our forward volumes given our typical claims lag. The sequential increase in our volumes was mostly offset by a decline in revenues as a percentage of identified savings or what we call revenue yield. As shown on page 8 of the supplemental deck, our revenue yield declined about 31 basis points sequentially for the overall business which includes both PSAV and PEPM. In our core percentage of savings revenue model which is approximately 90% of our revenues, our revenue yield fell about 14 basis points in the quarter which had an impact of about $6.3 million to our revenues. This included about 11 basis points or about $4.9 million of revenue decline from yield shifts and about 3 basis points or $1.5 million of incremental decline from customer credits that ended in Q2. Notably, none of the decline in our PSAV revenue yield was related to any contract changes with our customers, it was yield and mixed behavior within existing contracts. Turning to expenses; second quarter adjusted EBITDA expenses were $86.8 million, increasing $1.5 million from the prior year quarter and down $0.9 million sequentially. The increase of $1.5 million over Q2 '23 was primarily due to increases in personnel expenses related to increased employee headcount and year-over-year increases in compensation and related benefits, including increases in personnel costs from the acquisition of BST. For the sequential comparison, the $0.9 million decrease in adjusted EBITDA expenses reflected tight expense controls. Adjusted EBITDA was $146.7 million in Q2 '24, down 3.9% from $152.7 million in the prior year quarter and down 0.1% from $146.8 million in Q1. Our Q2 adjusted EBITDA was slightly above the lower end of our guidance range. Adjusted EBITDA margin was 62.8% in Q2 '24, up 20 basis points from 62.6% in Q1 and down from 64.2% in the prior year quarter. Our second quarter margin was modestly below the 63% to 64% range mentioned in our prior commentary and like adjusted EBITDA reflected the combination of lower-than-anticipated revenues and lower costs. Moving on to our outlook, as shown on page 9 of the supplemental earnings deck, we have revised our full year 2024 revenue guidance to $935 million to $955 million versus our prior guidance of $1.0 billion to $1.03 billion, reflecting sluggish growth in our core business and slower-than-anticipated new product sales. In summary, our revised full year 2024 revenue guidance assumes only a modest uplift in our core business in the second half after a difficult first half and muted growth from new product sales. Moving to our revised adjusted EBITDA guidance; we are reducing our estimate to $580 million to $595 million. We now expect adjusted EBITDA expenses to be closer to $360 million, down from our prior projection of about $370 million, reflecting expense reductions as we seek to manage our adjusted EBITDA margin while maintaining investments in projects that are expected to generate revenue growth. The combination of our revenue and adjusted EBITDA assumptions implies an adjusted EBITDA margin of about 62% for full year 2024, slightly below prior expectations. Turning to our third quarter guidance as outlined on page 10 of the supplemental deck. We anticipate revenues of $230 million to $245 million and adjusted EBITDA of $140 million to $155 million. And as Travis mentioned, we now expect future attrition related to a specific program at a larger client which will impact the results starting in 2025. While we're not providing guidance for 2025 today, we do that in February each year, typically. In the interest of transparency, we expect this program attrition to pose an approximate 3% to have -- excuse me, 3% headwind to revenues next year. But it's also, as Travis mentioned, with the exception of attrition overhang related to one of our larger clients, we've been growing at a mid-single-digit rate across the remainder of our customer base. While we now expect this additional attrition to constrain growth until mid-'25, this should clear the way for us to show ongoing growth in the core. As you're aware from our press release, we again conducted an impairment test in the second quarter of 2024 which incorporates current financial market conditions, including our share price, market discount rates, forecast revisions and other factors. based on this test, the estimated fair value of our goodwill was less than our carrying value. As a result, we recorded a noncash impairment charge of $553.7 million and recognized the charge in our GAAP earnings results. Turning to the balance sheet and capital allocation; our operating cash flow was $18.5 million in the second quarter and levered free cash flow was a negative $7.0 million. As a reminder, the second and fourth quarters are typically our lower quarters for cash flow given the timing of our interest and tax payments. As shown on page 13 of the supplemental deck, we ended the quarter with $49 million of unrestricted cash and we did not buy any securities this quarter. Net of cash, our total and operating leverage ratios were 7.5x and 5.4x, respectively. Our long-term capital priorities remain the same. Our highest priority remains investing in the business to drive growth and long-term value. You should expect us to continue making critical organic investments to support our platform, including our new core products and our data and decision science service line. With our remaining cash flow, we will primarily focus on debt reduction. While our long-term priorities have not changed following the acquisition of BST, in the near term, we will emphasize organic investments and debt reduction and deemphasize M&A and share repurchases as we focus on debt retirement. In terms of our capital structure, we've been consistent. We have time, we have flexibility and we will continue to be thoughtful and circumspect in our approach. Finally, as to the news as to why I'm leaving -- that I'm leaving MultiPlan and why, I've been clear that I believe in this company. You've heard this from me many times. I believe in its people and its strategy and I'm confident we're going to emerge from our transformation as a stronger, more diversified and sustainable company. However, as Travis mentioned, this is an important moment for us in a multiyear journey. Our transformation will require a few more years to complete and on a personal note, that timing doesn't fit with my horizon. This company needs a CFO who can see it all the way through. Travis and I are committed to creating a seamless transition for Doug and I plan to remain on until the end of the year to make sure that happens. I look forward to catching up with many of you in the coming days as we go through our quarterly earnings and on a personal basis. That brings me to the end of my comments. I'll turn it back over to you, Travis.

特拉维斯:谢谢你，吉姆。在我开始回答问题之前，请允许我重申我对我们前进道路的信念。这是一个转型之旅，但我们有一个令人信服的愿景和未来的战略，作为一个数据和技术主导的组织，将继续为我们的客户带来价值并实现可持续增长。我期待在未来几个季度清楚地与大家分享我们的进展。接线员，请打开电话回答任何问题。谢谢你！

操作员:[操作员说明]我们今天的第一个问题来自Nephron研究公司的Joshua Raskin。

约书亚·拉斯金:我这里有几个。首先，首先，我要感谢吉姆对你的帮助，并祝你今后的事业顺利。我的问题，或者说第一个问题只是后半段的指导。这意味着EBITDA下降了约5%，而上半年EBITDA也同比下降了约5%。我只是预计下半年会有所改善，因为改变医疗保健(纳斯达克股票代码:CHNG)的破坏。我很好奇这是否仍然是500万到600万美元，然后是潜在的成本节约和计划。我很好奇后半部分的偏移量是多少?

吉姆·海德:是的。崔维斯，我要这个。乔什，谢谢你的溢美之词。就几件事。我们来谈谈后半部分的两个组成部分。在营收方面，你可以看到，在我们经历了第一季度和第二季度之后，销量出现了一些增长。它反弹了一点。但我觉得我们有点谨慎了。收入收益方面存在波动。所以我们称之为第二部分，核心部分稍微好一些。我认为，出现疲软的一个原因是，我们在一些增长较快的地区(如HST和BST)出现了新的销售。因此，我们对下半年的利润仍持谨慎态度。在成本方面，每当我想到利润率，我就会想到我们的成本基础它是相对固定的你会看到成本基本不变，下半年相对持平，可能会有一点上升。但同样，我们也在明智地对未来进行投资。我们正在压缩成本，但仍保持投资水平，因为我们希望——我们致力于这些产品，但还有一段路要走。在BST的后半段有一点吸收了全运行速率。去年上半年没有太多的BST。所以今年，你可以跟踪我们的季度进展。这是费用方面的问题。但我认为，考虑到我们目前的处境，外部环境的一些波动，以及我们的营收收益率的一些波动，我们只是对下半年持谨慎态度。

约书亚·拉斯金:好的，这很有帮助。然后，你提到新产品的商业吸引力较慢。我很好奇，这是否意味着越来越多的客户说不，还是意味着销售周期变长了?

杰里·霍格:是的。我是杰里·霍格。在那里，我们主要谈论的是我们的HST，我们价值驱动的健康计划管道和交易。销售额转化为收入的时间比预算稍长一些。但销售渠道很强劲，销售仍在继续。它只是转换成收入。

约书亚·拉斯金:好的。最后一个因素是，2025年营收将面临3%的逆风——不管怎么说，2500万到3000万美元。你能再给我们加点颜色吗?我不确定我是否理解这是一个大的健康计划还是一个健康计划的客户?然后是什么决定，他们买什么产品?是什么导致了他们的离开?

吉姆·海德:特拉维斯，我来接这个。我觉得——乔什，我觉得——你知道，从历史上看，我们不怎么讨论。首先，它是我们的大客户之一;第二，这是整体关系中的一个项目，他们将在战略上朝着不同的方向发展。所以我们——为了透明起见，我们想把它说出来，但我们并没有更具体地谈论它。但我们不希望这成为明年的新闻，因为我们正在整理整个画面。

特拉维斯·道尔顿:我是特拉维斯。我在上面再涂点颜色。我们对自己的核心充满信心。正如我在剧本中所说的，我们对我们的价格和价值感到满意，我们看到了良好的交付，我们看到我们的核心国民账户实际上有所增长。我认为这些都是战略性的事情，与我们带来的价值无关。也就是说，我们一直在寻求为客户带来更多价值，以确保我们继续扩大这一领域。因此，与战略相关的计划性变化对我们产生了影响，我们认为重要的是，我们只是说它是什么，但也创造了一些平静，我们对我们的核心客户，能力和价值非常有信心，我们在前进的基础上带给他们。

接线员:我们今天的下一个问题来自花旗集团的丹尼尔·格罗斯莱特。

Daniel Grosslight:我同意Josh的观点——和Jim一起工作非常棒。希望以后能继续我们的对话。我想我的第一个问题实际上是关于收入收益率和波动性，自2022年第一季度以来，每个季度的收入收益率基本上都是连续下降的。虽然您对2023年的合同续约非常坦率，导致收益率下降，但我很好奇您是否可以提供有关当前波动的更多细节。我不太确定净收益率的变化和信贷实际上意味着什么。所以如果你能提供更多关于这方面的细节以及你预计收益率变化和波动性何时会减弱?

吉姆·海德:是的。所以也许我们可以把这个剥开一点。主服务协议和合同费率，这些都没有改变。但在它的背后，有项目，有客户。这是一种收益行为，有应计收益，等等，这些都与收益有关。我们在第二季度看到的是，随着时间的推移，我们有了真实的情况，所以客户信贷是，我来谈谈140万美元的客户信贷。这些都被我们的系统冲走了。这将在第二季度末减弱。Q1有一点。所以希望这是一个正的位移。剩下的，大约480万美元和同样的储蓄相比，丹尼尔，这是业务上的一些变化和总体收益率的一些正常化。所以这些，有些只是暂时的，有些会继续。因此，我认为收益率开始趋于一致，可能在15%左右。我不认为——我认为我们可能掩盖了一些——或者没有看到一些潜在的波动，因为去年的情况很好，而且保持得很稳定。我认为现在收益率的波动性更大一些。但好消息是，它的体积似乎是——我们会把它洗一遍体积会很好地增加。所以我认为，如果我们对产量部分感觉不那么好，我认为我们对体积感觉更好。你们在四分之一课上看到了。事情开始有点好转了。这包括了一些变化，它仍然是正3%的连续变化。另一方面，一些非常富有的客户的收益率下降了，而另一些增长较快的客户的收益率则略低。所以如果你在一些产品中看到这个。所以，这就是为什么我们要小心的原因之一因为我们要让这些东西被冲走，特别是在前半部分和在我们进入后半段之前。所以我们在这方面比较保守。

Daniel Grosslight:好的。然后是你的资本结构，很明显，你还有一些时间。我认为转换是最接近2027年到期的。不过，我很好奇，你的五年计划现在把你带到了那个成熟期之外。因此，早于预期开始解决这个问题是有意义的，而不是等待，我认为所有债券现在都以相当高的折扣交易。所以我很好奇，除了在公开市场上进行机会性回购之外，你们是否愿意与一些信贷投资者进行对话并重组其中的一些债务?

吉姆·海德:是的，丹尼尔，这是一个很不恰当的问题。你可以看到市场上的一些混乱。但我认为有几件基本的事情我们会说，我们一直在这一点上是一致的，我们有时间，我们有流动性，我们有灵活性。这表明我们得到了这个。但这并不意味着我们没有在当下思考，没有处理很多漩涡。考虑到法律和华盛顿方面的一些外部消息，我们的证券价格在第二季度出现了一些大波动。这些证券面临的压力似乎有所减轻。但你应该假设我们一直在思考，自从我加入这里以来，我们一直在积极思考我们的资本结构。但我们要好好考虑一下。我们只是没有被迫做任何事情或匆忙行动。这并不意味着我们不能投机取巧，但我们不会被迫匆忙采取任何行动。我想说的另一件事是，我们的投资者一直在和我们交谈。所以这不是——我们不是在真空中处理这个问题。我们每时每刻都在从我们所有的证券持有者那里得到意见和建议。所以这始终是一个积极的对话。

丹尼尔·格罗斯莱特:明白了。最后一个问题，关于你的长期前景。听起来，核心业务在4%到5%的网络增长中没有任何变化，随着一些新产品的推出，这一比例可能会上升到8%到10%。这听起来要比预期的时间长一点，但这仍然是长期目标的预期吗?

吉姆·海德:是的。这很有趣。也许基本的论点是完整的。我们已经看到，我想我们提到过，但对于一个客户来说，在过去的几个季度里，我们的其他业务，我称之为核心业务，一直保持着强劲的个位数增长。所以在结果的背后看起来好像论文是完全完整的。随着我们不断推出新产品，这额外的一层蛋糕会让你获得更高的增长率。特拉维斯，你应该对此发表评论，但这是我们如何做的基本论点。所以，我可能不适合从长远的角度来看，但算法是完整的。特拉维斯，我让你展开。

特拉维斯·道尔顿:是的，我想补充一些评论。所以我认为吉姆是准确的。我的意思是，不管你信不信，我们处于一个很好的位置，可以从一系列核心产品和长期客户中成长起来。随着我们有机产品能力的提高，我们认为我们可以生产更多更好的产品简单地说，这就是我告诉团队的。就像我说的，我们有了第一个连锁，我们有了50多个新产品增强和产品创意，我们认为随着时间的推移，我们可以进入核心客户群。所以我认为它仍然是非常可行的，随着时间的推移，我们正在寻找这个领域的合理增长。除此之外，我真的有信心，我想说，我们可以扩大我们的总目标市场，特别是在tpa、经纪人、顾问和计划赞助商方面做得更好。我敢说，我们将审视我们所有的选择，变得更积极，有时可能会有颠覆性，因为我认为我们有权利凭借我们的一些产品和能力取胜，最后，如果你向外扩展一个同心圆，我认为我们有一些很好的机会，因为它与我们的分析业务有关。本季度，我们签下了一个供应商客户，他们对我们的风险预测能力非常感兴趣，这种能力非常有趣，而且非常可重复。正如我之前所说的，我相信我们正在做的事情，这将比我们想象的要花更多的时间，我们将为你们所有人清楚地看到这一点，这就是杰里正在做的工作。但我最擅长的是扩大这些机会，在那些有更多销量的市场上更好地销售。

杰里·霍格:是的。这是杰瑞。让我补充一下特拉维斯的话。所以我认为你一开始的问题(听不清)是核心业务，对吗?我们有有利的成交量趋势，我们有不利的短期收益率趋势。我们描述了收益率方差的来源。但我们认为，在这一纲领性变化与一个客户达成结论之后，收益率趋势变得稳定，可能是有利的。所以不管是稳定的还是有利的增长趋势从长远来看都是有利的。因此，核心业务轨迹也随之而来。

接线员:我们今天的下一个问题来自摩根大通的麦迪逊·阿伦。

Madison Aron:我有几个问题。我想，首先，考虑到HST的挑战，我们是否应该假设收益率将趋向于接近或低于1%。我还是不知道是什么给了你信心?为什么你认为我们不会看到PSAV率进一步下降。正如前面提到的那样，它们继续依次下降。我只是不知道这里的底线是什么。我希望你能帮我们解释一下。

吉姆·海德:是的。让我们快速回答第一个问题。所以在HST上，它是每个成员每月支付的。因此，如果我们在节约方面表现良好，也就是说，系统会产生大量成交量。我们没有从中受益。这是一种粘性很强的收入。我还想说，这证实了我们的价值主张。但在我们的第8页，我们讨论了主要的KPI，即PSAV收益。理士，你说得对，它一直在下降。去年，在我们的一个大客户调整了利率之后，情况相当稳定。还有一点下沉气流。但我们可以——在它的背后，有很多因素我们可以指出我们认为会减弱的因素，或者它们只是被冲入了系统。然后保证金周围总是有一点波动。我——信不信由你，我们觉得一些更大的变化已经在这一点上被冲走了。我们觉得利率会稳定下来但不会每个季度都在一个基点的范围内。这将使储蓄开始增长，明白吗?在几个季度内，突然之间，交易量的增长抵消了收益率的下降。这就是我们现在所经历的。这很痛苦。我们可以把手指放在一些非常非常具体的东西上。但我们的模型并没有根本的缺陷。只是在过去的几个季度里，情况发生了变化。

麦迪逊·阿伦:好的。关于大额付款人项目，我希望你能给我们提供更多的细节。具体来说这是什么类型的产品这是国安局相关的产品吗?是什么让你相信这不会扩展到大支付者的其他类似项目或者其他大客户的类似项目，假设这里存在一定程度的竞争压力?那么你在TPA关系方面看到了什么以及你与其他客户之间有什么有意义的变化吗?

吉姆·海德:是的。尤其是这个大项目，我想，随着时间的推移，我们会更清楚地认识到这一点。我们想把专项拨款放在那里。但我不认为这是一种趋势。正如特拉维斯所说，这更像是一个战略决策。我想提醒大家，我们网络业务的核心包括NSA，包括Data iSight，所有这些东西。我们拥有一系列难以复制和扩展的资产。所以这不是一件容易的事，对一个人来说，改变业务或始终如一地内化。所以我们提出了这个问题，但我不认为这是一种趋势。随着时间的推移，我们有过这样的时刻，人们将事物内化，世界变得越来越复杂，正如你所意识到的那样。所以有一个独立的供应商可以处理，投资来处理一个不断变化的复杂世界，特别是在国家安全局的世界里，我的意思是损失还没有解决他们可能会改变，继续改变。做出这些决定是一个很大的飞跃。所以我们不认为这是一个持续的趋势。但正如特拉维斯指出的，这是，但对于一个客户来说我们看到了一些这样的情况，这是非常一致的，我们觉得我们处于一个很好的位置。

麦迪逊·阿伦:好的。最后，你提到了执行力来推动我们的执行能力来推动增长。我希望你能详细解释一下这到底是什么意思。从历史上看，增长是由产品和关系驱动的。现在不是这样了吗?这意味着产品有缺陷，不能满足顾客的需求?是否有更好的竞争产品?任何洞察力都会有所帮助，因为人们一直认为，这些收购将在今年开始好转，我们将在25年看到有意义的自由现金流好转。但事实似乎并非如此。我们会在26、27、28年的五年计划中看到转机吗?我们应该如何考虑-或者至少你能帮助我们量化考虑到所有这些不确定性，这将走向何方?

杰里·霍格:是的。我是杰瑞。那我就先说这个。所以我认为，我们的长期战略前景基本上是基于两个想法，对，稳定和基本的有利趋势，核心的增长趋势，以及更好的执行，将我们的产品推向市场，我们今天谈到的所有新产品以及之前的收益电话会议。因此，这些产品的市场潜力仍然存在。我们认为我们在每个领域都有差异化的产品。我们只是在营销和销售方面执行得不够好，这就是我们将专注于创建我们需要的渠道，以支持健康的收入增长，并抓住我们认为我们的产品应该基于其差异化的每个市场。作为该计划的一部分，我们已经为每一款游戏制定了非常具体的收入轨迹，我们将对其进行压力测试和三角测量，并在开发过程中为其提供支持。但从根本上说，它走出困境并建立管道的速度很慢。然后在HST的例子中，特别是，将交易转化为收入，只是考虑到注册的滞后，最终，当事情开始得到支付时。我们会看到证据。我们将了解它在交易规模方面的意义，并使我们能够更好地预测业务。与此同时，我们为该产品和其他产品建立渠道。

接线员:我们今天的下一个问题来自Piper Sandler公司的杰西卡·塔桑。

杰西卡·塔桑:詹姆斯，很高兴和你一起工作，不过时间很短。首先，我想知道道格拉斯是否和你一起修改了预测。

特拉维斯·道尔顿:所以道格会进来。是的。对不起,吉姆。我买了。所以，是的，我们一直在密切合作，主要是和杰瑞和吉姆。所以我们一直在从整体上看待这个行业。我们一直在和产品团队开会。我们一直在和市场团队开会。我想说，我们一直在对这些观点进行三角测量，并根据我们今天所知道的情况得出一些我们认为公平合理的东西，这比我们进入今年时所知道的要多。我以前和道格一起工作过，所以我对道格有经验，他的专长是技术会计、FP&A和建立一个财务组织。因此，我认为我们所面临的一个重大挑战，你们今天都遇到了，就是随着时间的推移，我们的收益和收入预测变得更加精确和可预测性。这是Doug的主要工作，他的工作重点之一是帮助我们继续验证我们所做的假设，同时也帮助我们在如何看待收入，如何将预订转化为收入，以及在什么时间框架内更可预测。这样在我任期内就不会再发生这种事了。这就是我对道格的期望，但我相信杰里已经与吉姆密切合作，制定了合适的流程，我们已经尽了目前的一切努力来解决这个问题。坦率地说，我们只是在直面它，这就是为什么我们今天召开这个电话会议，并对数字和我们认为的问题所在保持透明。

杰里·霍格:对不起。去做吧。

杰西卡·塔桑:不，不，请说完。

杰里·霍格:所以我们要回到核心业务上来，对吧?有一个有利的成交量趋势。收益率上有个问号，对吧?所以我们的观点是，正如Jim之前所说的，这个季度有一些一次性的事情降低了连续的收益率。但从整体上看，我们认为长期趋势是收益率企稳，并有可能回升一点。它是由许多因素驱动的，这些因素受医疗保健消费和我们所看到的索赔性质的影响。但成交量的趋势是不可否认的。我们在新闻稿的标题中提到了8%到9%的增长。因此，如果我们相信我们的收益率将趋于稳定，你可以想象这对核心业务的影响，那么剩下的就是对我们正在开发的新产品的执行，就像特拉维斯提到的，以及我们通过最近收购获得的产品。我们只需要将其货币化，因为这是有价值的。这真的是一个执行的问题，我们百分之百地关注它。

杰西卡·塔桑:明白了。我想问一下关于项目损耗的问题，我猜，客户需要提供多少通知才能退出特定的产品?是否有大量的基于模块化项目的参与可以在任何时候有效地吸引人?

吉姆·海德:是的，杰西卡，在这些协议中，没有数量的限制。没有最低要求之类的。所以这不是合同问题。我们倾向于在这方面有很好的能见度这也是为什么我们要告诉你未来会发生的事情的原因之一。这基本上就是与客户建立良好的关系。但正如我所指出的，这是非常具体的，并不是每个客户都会选择战略性地尝试去做，或者有规模和能力去做。

杰西卡·塔桑:明白了。最后一个是交易量的增长抵消了收益率的下降。这是发生在客户内部还是通过获得新客户来实现?你能帮我了解一下销量增长的驱动因素吗?

吉姆·海德:是的，是的。我将其描述为同店销售，同店销量意味着雇主更多地使用医疗保险。你明白吗，杰西卡?

杰西卡·塔桑:明白了。是的，我猜是一年内调用MultiPlan的次数或者给定人口的成本，有变化吗?这是否推动了你们所看到和预期的未来销量增长?如果是这样，参与干预的数量是否在某一特定(听不清)范围内有所增加?

吉姆·海德:是的。我认为它有一点——在一个广泛的基础上。我不认为这是一个巨大的变化，突然之间，有一群新的消费者在使用网外服务。我认为，正如你在医院看到的那样，需求方面有了根本性的提升，很大程度上是因为容量的增加。所以我们只看到了一点点吞吐量。然后，我们也看到医疗保健通胀，这一直是整体账单费用的一部分，开始产生影响。我不认为这是一个主要趋势，但随着时间的推移，我认为未来的通胀预期会开始增加，因为医院等正在试图重新谈判合同，然后逐渐提高他们的收费标准，也就是他们的标价。因此，我们看到价格和销量全面上升。我们看到，内科医生的速度总是慢一些但在医疗设施方面，速度正在加快。这与你本季度在HCA(纽约证券交易所代码:HCA)、tenant等公司看到的情况非常相似。

接线员:我们的下一个问题来自杰富瑞的大卫·比尔德。

身份不明的分析师:感谢吉姆，感谢我们的团队。我的很多问题都得到了回答，但我只想在收入问题上提出一个更精细的观点。你有点击中它了。我知道你不想给出全面的2025年指导。但鉴于这3%的损耗逆风，在这一点上，你是否看到或预见到产量的足够稳定性和数量的上升增长，以克服2025年3%的损耗逆风，回到积极的收入前景，或者我们应该如何考虑这种逆风的水平设置?

吉姆·海德:也许应该用一篇孤立的文章来回答这个问题。我认为收益率会趋于稳定。我不认为2025年的情况会是这样。音量环境感觉很好。我们还没有看到任何迹象表明情况会变得更糟。我们一直对经济复苏持谨慎态度。但我也想回顾一下过去，在所有条件相同的情况下，我们看到大部分客户的增长都很强劲，甚至比上个季度还慢。所以在这个行业中有一个很好的稳定趋势。我们也在播种——在这些新产品上播种的种子。无论是HST还是BST, BST作为一个大贡献者将继续帮助我们。它比我们希望的要慢。所以你把这些成分放在一起。然后我想我们要做的是说还有一个因素是逆风。我们一直有这样的事情，我们已经克服了，但这是2025年的一种成分，但我们只是不打算进入算法。我认为现在太早了。坦率地说，我认为，随着我们进入今年下半年和明年年初，我们将有更多的能见度，以使情况对你们更好一些。

话务员:没有其他问题了，MultiPlan公司2024年第二季度财报电话会议到此结束。感谢今天到场的每一个人。您现在可以断开线路了。

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