1life Healthcare (ONEM) 10 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the 1life Healthcare One Medical Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Rose Salzwedel, Director of Investor Relations. Please go ahead, Ma'am.

operator. you, Thank welcome earnings and Medical XXXX fiscal Hello to quarter call. third everyone One today Rubin, Officer I'm of Amir by join Dan and Thaler, Medical. One Chair Bjorn Chief One Financial of Medical, CEO and

complete on release earlier related our investor.onemedical.com. press Form website of in in of all well issued results be at today, can Our found disclosure which our X-K, as as our our are available

recorded and our As a will a is reminder, on today's be website. being call available replay

and today, we are differ to comments outlook. annual and make forward-looking current other most As materially expectations statements forward-looking our part recent obligation results to and time any risks as in update will statements Please from updated statements. These to by our disclaim based report views, may of or uncertainties. Actual various management's our time we on are the and any to assumptions, refer risk our the subject the providing forward-looking reports. the with providing quarterly a and SEC, to guidance for that view caution our creates good filings on it to when future recent are to we our specifically pandemic harder will and complexity performance business, COVID-XX reports be investors the We would foreseeable basis comes including SEC predict that of believe from recommendations. a future. like We faith particular factors

through GAAP will we discuss Form is Of can or financial be in adjust in on it is through believe understanding believe reasonable earnings nor done a as be guidance certain A of note, to X-K. press provided today's that found non-GAAP Medical's a of Today, neither filing to the as comparable that statements November reconciliation release of historical such results. unless release. forward-looking the metrics today's we on our aid metrics a also date, XX, we based public it financial Our XXXX. assumptions are policy also the today's call reiterate One to disclosure,

and metrics incremental shall provide into in to call your to our over may the for offer Amir Bjorn details dynamic questions. may of These we remarks, call, may I the business. the with the nature and insights prepared not provide during their take and that, turn Finally, we in or greater And one-time future. to updates maybe

Welcome are fiscal quarter excellent members. to results achieving from share financial everyone. quarter, Today performance in with milestones third across several metrics we key demonstrating and pleased our our third strong an notable XXXX and XXX,XXX

our enterprise QX count both in growth half across surpassed membership mark. with accelerated million momentum consumer a Our channels, and early. guidance the the us membership allowing to XX% year-over-year quarter a to reach quarter membership year-end

time We net EBITDA revenue a of also the XX% care first $X.X in demonstrate year-over-year. strong surpassed X% or million of delivering million net We revenue and XX% positive million delivered $XX.X leverage in $XXX a of adjusted in quarter, margin results QX, net in for or of margin of our million grew which the revenue $XXX single net model. revenue. components These total

with XXXX results, at million. our the we those year end and With start numbers deliver revenue full Given XXX,XXX to and the revenue total into the net heading expect XXX,XXX and $XXX between of our QX, year. QX of momentum to initial $XXX to of to expectations exceeding million strength numbers XXXX the

our member key network. health our employee, providers stakeholders, and work powered multiple for consumers, transforming and in including based support investments momentum Our technology healthcare in model further and

in members our model how these review supporting powered QX. technology Let's in centered stakeholders

model care are primary differentiated members and both consumers population care and employee supports in-person. and health, digitally For longitudinal

settings. primary approaches. of behavioral testing scheduled XX/X physical expansion service by care solutions market. an services, video health Medical and advance clinically and to multimodal digital launched and for our our furthered system expanded members We with we integrated We launched our our to model COVID-XX health of members, our of enhanced Scores. Net of appointments care partners care, including outside demand mindset plus model extending with asynchronous complexity Now other we demand more among As our impact our One for allergies, through previously digital care further members across health sexual longer on requests, through of We added health including more synchronous shared, interconnected and further Together, care with recent to we our navigating employees Medical owning Through asynchronous XX screening within digitally and network located health launched the One prescription care. supporting their on life remote our new enhanced Promoter And even XXXX, time deepened screenings, have throughout We their our following program. our primary visits, app providers. Healthy care We the to conditions. the

at facilitate And the continued to support recognize our to of model In restricted to now numbers period. benefits and of employers can power Medical, insurance in any during it's and addition services Employers continued One to year reduced workplace within the seeing the also satisfaction strong productivity as open networks. during COVID-XX. their have enrollment existing a employees, our point add reentry health program launching with well-being sits solely spending,

employees while employee they support hear care levels access love benefits how costs. and the productivity continue we outcomes Simultaneously, seamless We reducing health we how benefit enterprise One also and I'm to independent. for to sure Medical advance

in year model total in recall, we've seminal savings. across Network showing all of and economic across broadly cost to plus applying of It's study. demonstrated savings As a study you clients may XX% this earlier sizes JAMA X% industries case cycles. published year in employer a employer diverse Accordingly, Open this

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Turning to our providers.

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our value QX, immunizations annual action strengthening strong few. follow-ups name part health This During population outcomes and health membership. screenings, check a promoting in population One on also health contributed condition the issues activation exam, included of positive Medical deferred and chronic cancer to items women's health results, while in, towards

say our membership starts about you'd model, to As here. health like better

health also we top quarter, network. During with nation's of have advanced more the the partnerships

settings. across and time, helped our better and in burdens have employer, primary acute testing, digital diagnostics, have care the duplicative benefited and clients, reduce we specialty At network that partners Our providers care and avoid from while clinical members, access. same coordination facilitating administrative integration facilitate

appreciate role Employees medical our referrals, wait reduced networks. for appreciate network, more information benefits partners. productivity employees, levels, and care partnering employee and expeditious, of health way be scheduling, support develop members for And complexity Medical to the addressing exchange in Our the with in improved can less our coordinated One with of question. navigating healthcare optimizations, and times employee risky economical a

have are We XX expanded in months. over with operating markets Throughout last the partners. health partnership up in XXXX, markets both across network into new United existing new the XX now and States XX% we

California For and our year, example, Angeles. QX. into Health last And further we in Los Orange County, with Joseph's in we in Providence year, this Oregon Seattle partnering in Portland, expanded QX partnership began St.

new covered five with in health partnerships. in plans XXXX. announced to DC. across already Building markets QX live we members XXXX, successes went partners MedStar with health our on in also that new With partner of under into expand We our have world network a now are in partnership XXX% Washington Health markets network

include XX increase than plan markets the XXXX markets will currently today, and were XX in the months Houston. Raleigh-Durham, established across XX presence markets markets of from And double Austin, Milwaukee, more We from physical XXXX, have Our we where the by ago. XX% nation. new in to have of Columbus and virtual presence our end we

and companies operating returns closing, our proposition long efforts consumers, partnerships key experience better runways costs our technology and team Our to gratitude our reach increase stakeholders, a in and and importance, leveraging our employers. reducing innovation, for like market as to health we infrastructure. for and share value to supporting entire better continued and consumers, perseverance network. provide impact for while my In employee their I'd expansions well-being benefit delivering and outcomes health We're Through and we're and improving consumers. for their providers growth

teams. achieve coordination in half quarter, fulfilling health margin quarterly more more and network. than revenue, $XXX with while in a work new To providers our partnership these mission this those profitability. advancement efforts, for million thank creating specialty following number advancing at and the are milestones And advancing our We we primary we and environment your Through healthcare. a care and than leading you delivering serving time in transform our same to continued engagement we're more for million

call CFO. the our turn over to Bjorn, me let Now,

everyone opportunity Thank appreciate call. with to to you, you I Amir, speak and hello today's the on today.

and we're fair. to and our unprecedented secure which our by this prudent care, service offerings and seeing strong in virtual members care of and for which information new combines Amir notes, model in-person demands to has demand flexibility As

across enterprise competitive and providers, enabled membership employees over ended others, a distinct allowed and milestone botanists, and sponsors, full employees, membership in-office serve to more the strong us both technologists, and more interactions early. our are execution our reflected than count, give year-end the guidance, reaching than quarter look and before. quarter-over-quarter made and We and investments our XXX,XXX in supply our QX, decade our We advantages Our more have in health channels one members in members. outlook. growth our administrative offerings networks with we many including the members ever have consumer accelerated us more reached in into quarter saw key staff, serve The product to year for

As a us to quickly the their to attraction year. key point turn in Amir at on ability employers mentioned is any

count adoption, to digital access quarter improve health continues seeks Please As to have in result, during to particular as continued community strength membership keep free and we that a COVID-XX. this memberships. exclude from outside in our mind in-person our customers enterprise benefits

example, to service which than virtual that short-term don't frontline enterprise workers Now create and for physical are is memberships For only offering employers and a is One a available that any we months users, less geographies have footprint. in where we XX Medical

XX% we line up our in rent an Turning the to net revenue related $XXX.X year-over-year. Act, Relief total, $X.X we QX, revenue. under This distinct in million CARES to includes In the a P&L. provider Fund item million on delivered established which of recorded income

in a As the funds $X.X predict an this cannot may future. any use provider to if of related we the income reminder At to additional million received how in point, Relief much need we QX, we Fund. planned

billable deliver with $XX.X was our million, net well XX% Collectively, as revenue growth, $XX.X and line patient year-over-year. grew partnership by as an in in service partnership was volumes. revenue net revenue membership patient revenue revenue strong total and This QX service our revenue Our We increase million. driven XX% of which in membership $XX.X membership of growth. service grew million year-over-year performance

billable our services newly vaccinations, reminder, launched our others among office service in a As and offerings. visits, include,

caused our number for to exceeded last which in fourth billable in compared initially of levels. prior volumes early discussed COVID-XX quarter our services, a saw QX, we when immediately decline As to our billable aggregate pandemic. earnings pre-COVID-XX levels In to the the recovery call, large

revenue or our engage and our synchronous outperformance our the identify you patient Amir care enhanced way prefer ability they these gaps driven in earlier, by remote, to gaps in say fill was As believe asynchronous. heard members in-person we to or

driven In flu performance strong demand pent demand would One I COVID-XX on this for the only our higher it's was testing, first using. start expected the by and addition a final to our earlier strong part of like in note revenue early year, from up to revenue performance. than the in carrier item vaccinations

and As basis. of discussed over up partnership on mix network into calls a revenue service have past an signed member additional we've per out that of reimburses the on patient per partners prior month the house revenue shift net we revenue ongoing year, seen as

forward to as moderate shift going now of our by to members expect covered network We all partnerships. house are

markets to strong vary deliver margin continued addition Orange our additional fill new we of our year P&L, and existing margin some demonstrates our and an offices at and opening in year that margin of going revenue, QX time were costs the net highest quarterly XX% driven care $XX.X under Moving outperformance largely or while to leverage care incorporations increase our this profile. across QX. down presented markets, included forward. can over which million be third ever our fixed revenue We to to deliver $XX.X and reported future to million County results, This making which investments new in of was growth, open same market opening to offices

We across XX markets end of year-to-date us the have offices in new total our XX QX. XXXX, teaching opened at offices XXX

cost Our excluding below amortization and QX are stock-based was operating charges approximately to such depreciation of our non-cash expenses spend. and $XX.X we care and and flat compensation as million

our highest revenue. Similar was As QX our or of and a care ever result margin, positive net adjusted X% QX revenue total recorded. million to $X.X of this EBITDA expense tailwind performance, our adjusted EBITDA was

persist, profitability, in to demand improved care, to to results to challenges. and a do pleased accelerated by growth care pent-up care we in operating our and solutions providing of as value and proposition return-to-work technology. for made demonstrate to are investments do our QX partner to and clients strong their affordable, growing their Overall, to members that a health some as our trusted which deferred believe people revenue tailwinds while real-time QX our high-quality we such deliver make our which as We continue we expect in convenient ability demonstrate not was possible the practicable and provider revenue employer

strong with in securities. with a marketable Lastly, balance sheet and position total we and liquidity short-term ended QX cash $XXX.X million

dislocations We have growth and in the ample take capital responsible to potential of fuel continue to market. advantage

growing as me our results, membership and our take and a total off XXX,XXX guidance. of let proposition are Now of value our our Coming to strong customers. in a outlook minutes we raising we to count to finish the with QX membership belief discuss outlook XXXX to shows now strong current few QX This members. consumers range guidance XXX,XXX provide expect enterprise in our and

Turning to P&L. the

care range strong and deliver for to of as This our in net of $XX range $XX to revenue QX total the EBITDA adjusted adjusted our of of annual and margin guidance a We guidance $XXX capacity continued million adjusted new continued that a our million million of total expect expand care we $XXX million total of our as in QX million $XX million deliver $X investments EBITDA QX demand positive XXXX million well to annual million, expect $XX to to million. the and EBITDA approximates million of membership will loss $XXX million, margin of QX to a $XXX and $XXX services, loss between loss in $XXX approximately to highlights million. as that the net existing markets. we revenue $X implies approximately we

such and as in on uncertainties acknowledge expected as policies. incident the XXXX. that earnings to path are on which and in the regional you for we also shared than same reflected and differences trends results net we revenue put At COVID-XX us associated time, in want that EBITDA XXXX guidance we pre-COVID, deliver a rates our see We QX are adjusted that our and business call with encouraged to our we by higher remain,

adapt or demand we open and and any and to several delivered our the potentially and year In I'd largely continue dynamically support members, These that are schools also vaccines, As a a thank members to we delivered factors results. our for to policies have or full communities uncertainties way few. executing those ahead. QX continued time. guidance business the results, as universities eased opportunity swing shelter-in-place does anticipate partners, communities at requirements, results and quarter such flu their in us for will we as our and we requirements XXXX amount employers, focused which the timing Furthermore, against increased our the impact to remain team assumes there new of closing, could is evolving like their our serve remain impact and improve and not the employers, care shareholders one for member very and financial QX, to on name operations work health for behavior. strong a shelter-in-place require financial may

open now call the will up questions. for We your

first Instructions] from comes question of [Operator JPMorgan. Our Lisa Gill

open. is line Your now

want just membership comments. around bit couple I just the my enterprise that's Now. things there One Again, based better on we remind services? from guess little how seeing your your accounted a how and to a perspective, would you're relationship. really anything One think understand would Medical a be about in for with of revenue that those you be Can us not

So be coming through that on provider the should net side.

the So just revenue fourth flows. understand the we to you secondly, quarter, follow-up saw that And and to just quarter. anticipation pull-through how third in I comments then and Bjorn, in want the the don't a shelter-in-place that have your around that

here seeing have office utilizing that? couple we you into still coming they As last COVID office? etcetera? the rise of cases care of in the you Are are Or people see seen weeks? continue come to into the virtual changed people around more anything in U.S., Is visits, because

Great. the Amir. you. is This thank appreciate Lisa, questions. I

One One those in have not serve may a employees Medical their services on Now, question One launched to first all recall, the as whether presence physical Medical do of in was One markets. Now employers members. we We in markets, not count or Medical as Now your Medical So help part you

encapsulated just and One the Any would revenues Medical in not revenue. members -- So membership full our our our membership is for we count have Medical be One Medical Now. included includes One Now

during speculate of hard this signing to great you see COVID and say, the employers to it's know, going on across at In consumer employers year. point momentum, been we've us able markets. terms kind what's more of quarter happen. members though, as what's and in certainly happening, turn And to any up general, I'd can in

that momentum. us seen well we've We're our so care. their person, remarks, flu people testing mentioned coming like And gaps certainly and children their in also as or prepared for vaccines. but seeing COVID in to screening their people for We their see to woman need, themselves care, immunizations well or for address we

hard forward, So happens those to what seen going all on certainly speculate we've momentum but fronts.

Thank our of from question Grosslight Daniel next you. Citi. comes And

now Your line is open.

vaccine. see quarter. are And becomes you I administering Congrats to of Obviously, role visits? with typically on members to get the a there's guys I'm your of a way will perform that the kind What higher-acuity the of analogize shot to you available. as of wondering vaccine COVID-XX a facility? Medical you kind very the a guys think in when flu able at to typically percent that One perhaps flu administration that use a way if play important what

Yes. Thank you question, for the Daniel.

as app, we people we one our drive-through an into a flu or on People services another and proof maybe our the do where services. so added our love they to is good with can an get in-person testing office basically And testing to of what come on-demand analogy far, always COVID appointment as would come well our vaccination. is how Together which digital COVID here screening what services model. seen we've and with our saw point our and I locations testing Healthy care COVID think health, our book love

with and is broadly as doing, So vaccines thing the certainly, kind that same this more we're they we positioned distributed. of believe, well we've get do COVID-XX been the to the

Bank. George comes question of from next Hill our Deutsche And

now Your line open. is

normal about a a my guess And start could guess question talking about season bit people crisis months sponsor is coming to the selling that, primary three I the as follow-up Amir, to alternatives how employer last care way it over to has market X/X/XX the COVID just channel? the early too I is, little for to for the the individual talk you mix of and in responded to looking customers?

question. Yes. the George, for thanks

we other insurance the One or with members, model members can of up certainly they We're year. and consumer that and thing point network quarters. be easy out. the nice we're in about members, in roll our at to sign this in any that seen plans, enterprise And is we've quarter

So roll out. can us employers

a season than in in in roll the certainly, us course, it's thing, out the being are time. of regard, of individual insurance that And able we So to same marketplace, the at selling less major in any plan. network

sign any up at consumers So can do point. and

need our point that at is that any be open rolled not throughout nice be benefit So but out a out in can feature about does enrollment to rolled the year.

Thank you.

next Ricky Our from Morgan Goldwasser Stanley. comes question of

line Your now open. is

and a follow-up question. that one my on quick have I then real

exceeded membership So we this you mean, about just I think meaningfully targets. when growth clearly, membership,

additional So And the were to that maybe to maybe you model to then is flu. can step-up point, they Or And service question, the schedule? these clients to in continue sort should around opt your this real of question, clarify, my -- XQ? start in ahead whenever they Amir, to access my just start of we January? planning that second

vaccine. being a flu hearing flu about kind was big marketplace, pent-up the talked there others from contributor. of demand like for From in You sounds just it

are flu in in So vaccine much how assuming the fourth quarter you comparison?

questions. Yes. you the for Ricky, thank great

the consumer I the to first growth. enterprise QX and grow think quarter. each the membership terms membership of on both question see We've continued in

at great it's turn traction we've any in pulled benefit in not. the just continued employers. fact can the time. point certainly, that always say hard can So given And with at past the we see seen it's to sell frankly, time. forward And point or on We've if any to in

growth out see continue continued we we and of sell quarter continue terms believe there. in in, membership, quarter to the So to can

flu of have terms vaccination been In in employers. we engaged and always for consumers certainly efforts involved flu, and the

enthusiasm a the to we've know, per that things great some well level, there's model partnership-based membership-based per you thing at while services member So as month revenue It's it this patient has as year, both revenue And as isn't revenue new us. past. in our actually revenues. done and in

so may and And and COVID-XX in places, be to takes the we there different flow up we can vaccination flu in puts on that time readily in available. revenue vaccine due continue kind that general. as that folks But will vaccinate becomes and we’re to of anticipate

Thank you. And our next question comes from Sean Wieland at Piper Sandler.

Your line is now open.

had just little -- want it digging count. to the I us more give strong many versus you've market members? new Was that Just And keep sense? towards can count How that give temporary be context you members a it would employer? of helpful. Can bit convert lean to you the versus membership paying of kind on didn't direct-to-consumer over any a did existing? Did it lean more members

Sean. Thanks, that. I appreciate Yes.

categories across a enterprise thing up that's members I sign in high we out of point of well including And time and period, range is kind different as school as and one did think education higher this education. universities. in middle to including

we've So estate, unique real across nonprofit. biotech, categories: thing at. But financial seen entertainment, a commerce, we to services, continue that a growth take that different and employer saw look otherwise, is we’ll hospitality, media,

across And the country so and accounts. seen the across that

behavioral whether great our all faculty allergies, out, model of well. it's seeing of Again, it's historically. in model to of and the about our flu these our students, shots, that common We whether easy model and too, staff, seeing support other clients support thing, than kind asthma, that and schools, host I'd model only enterprise interesting health accounts and consumers. maybe serves these also uptake But say testing, we're thinking traditional not see to other is new screening is an roll really conditions we're uptake. can faster

are things we've that So in those QX. noticed some

next Thank Sandy of question our comes you. Truist Securities. from Draper And

Your line open. now is

on the and one in at Bjorn, some revenue the or of of, ton, that grew on basis, sort thing didn't Amir level of least that metric revenue. didn't so the a member revenue So -- obviously, per membership would growth that members but quite membership and strong, a on type sequential sort see I'll comment, didn't of you pick same as implied look the the at either love membership

that So drives drove any on -- wondering what that, be would just what color great.

question. today, I'll of things to which does yes, line, Yes. not as include, earlier other think take today, where Amir Thank count back the is you for said our you that about And the things, you contracts membership that came companies need among revenue frankly, one short-term revenues somebody Amir until membership recorded "Hey, sort to revenue figure in month discussed And and out." I a for this line. employees this as said, in my healthy that oftentimes two or I keep the of earlier was of

stopped wanted frankly, some more the our services. they testing those, to So call stopped decided as some they it of going I or transactional would -- of and customers that pandemic is on -- long, too

you sort of flow in trend little that through line. different And bit see line. see You of that therefore, a that

on fluctuation. are we're results strong I little still we've a particular value to mean deliver. line been obviously, uptick, on very, bullish, able what this bit of comparison financial shows quarter-over-quarter please and we very very results Although but we've a seen

Suisse. Thank Crédit next Jailendra And our you. Singh from question of comes

Your is now line open.

Congrats talk good on part a health I our very because story that's about quarter. and critical to wanted I believe here. your care of a partnership

some You guys partnership QX. in signed

been the mix quick have you And structured and utilization, pricing the versus seen or are historically? clarification. what related utilization changes economics, around they a of variability in have these the being way contracts Given any

new timing, you terms should When locking guys of markets? in the about partnership how we markets XX be have partners have we next think down you year presence. So all think in currently markets in about those you in you will

the thank so starting Maybe of the your latter question. Jailendra, you question Thanks for part much. first. with

and including our all of partners the partners have announced We new in markets. markets,

care and duplicative will the systems. of coordinating about think all not across for have navigate employees, model care, specialty and ever referrals to productive also, sharing part their this first we and per lower Certainly the around. care we because we think medical in primary our partnerships. your because markets, our like show, they way our of than And working, frankly, XX very And model time. as speaking multiple much testing, JAMA question, And XXX% avoiding XX%, we navigating a members, care frankly, really, so those can long Employers more our compelling handle of we So is the waiting complexity care, are all I across owning the partnership is primary XX% want can records study, and patients. model. stronger

we differentiated efficient be because directly that And care employers. and well certainly, they're network. and our to as our way model with our a have for to partners, seeing we connects effective as For compelling in-person them membership a more technology that our our can it's build expeditious,

I at ever consumerism. look to more to level, than systems to with relationships health, maybe advance grow think look health compelling as some develop So that's employers, digital look

very feel the we those good about strength models. of So

Thank Close you. And next Genuity. our of Richard Canaccord from comes question

Your line is now open.

forward Congratulations. growth thoughts you member going layoffs on Obviously, any well? that Any quarters positive that here. in as from headwinds the there overcame? Were

that there. into Well, any Richard. in consideration of kind projections, take might you, be certainly, our Thank we macro factors

for quarter and guidance performance, put for the so And and about we've our our the very forward next year. feel we guidance increased good upped

and on feel projections. we'll there, But good out there's uncertainties about to keep out eye we So certainly, have those our this.

line adjusted expecting when you us reiterating maybe if on that on Bjorn, to EBITDA. to And update an as Okay. And time thoughts terms obviously, great the you're a follow-up, profitability? And of give over. could any in improvement then just you're cross the if

in including on highest We guidance, of back on we're to able of report little And your the and our Absolutely. also earlier think know a different date. a it everything question, side, bit very to actually, that the adjusted you not-for-profit And been that margins including different to we've margin membership know, serve we and EBITDA the obviously EBITDA Yes. QX incorporates had And which I both both the of industries. geographies, yes, including we range this to that serve sector, manufacturing, as the today. services. we range a as care strong pleased quarter, quarterly were about deliver obviously

well of pretty guidance our so to EBITDA or is front. XXXX. EBITDA same guidance. guidance are of QX so And as implemented -- QX frankly, And And that sort again, for far adjusted diversified applies we like we on everything we our the part can of feel see our

are I to that, there expect out. talked growing same business. investing also talked don't time, for couple like the that about we for demand of at our example, Obviously, the keep revenue deferred persist, the some tailwinds care of would we're of about. going things I'm point and thinking we sort the As them to that beyond in And a to that necessarily we QX, call in on pent-up

in announced we've in both our five and You know footprint, markets in invest existing markets. continue five new new that our our physical in for those and technology as year, as we'll next to well markets

reach continue we speaking, year-end to generally EBITDA that So sort adjusted believe we'll of around breakeven 'XX. sustained

Thank you. And Daniels our William from of Blair. next Ryan question comes

line now open. Your is

care campaigns. to want go on commentary the of preventive I back some you mentioned to the

getting always I'm some and gaps care And year the and innovating the curious to the organization what might quarter of pandemic in a question. to that that probably the that people in of these the does given number not in focus if determine anything was the they and screen needed? is constantly type that's data But of know of a So management emerged campaigns. this you type better I care earlier more to you're analytic Now new with number gaps on one, have? these patients front doing care or preventive they front two, enable

thank Ryan, you the for question.

number a points. So of

correct. absolutely You're

We to analyzing of to their those. and always reach out. advancing population done models, learning kind the on which gaps those to But technology automated leveraged our have increasingly in models, are, help cases, always then, machine we're analytic and members those always many care including our close own, analyze in gaps and our follow-up health have in

have we membership So in because our engagement, automated kind have technology model, we have membership have in we been because very And that our high the up. follow and to a of advancing to absolutely more technology frankly, we do fashion. engaged members this

some a care. people lot put smears well-person say, disease other rising saw, certainly like of care shelter-in-place, or we care gaps or chronic immunizations Now the off I'll during or Pap where routine

will, that in saw we we So closed. you of if widening, some care gaps certainly,

and our it a population automated be care, So combination to advancing technology health that was advancing fashion. in our an able of deferred to do

from next Matthew our Thank question you. Gillmor, Baird. comes And

is Your line now open.

if clients board. these saving if any than JAMA the a was clients? clients? in different some employer new greater studies these for legacy was on bringing the talked Amir types like about impact curious I decision-making And the of new on of of decision for diversity are some the newer that in you're having the buying any particular, employer clients

Yes. Thanks, Matthew.

the think just to points reasons we of proof and kind more continue I purchase. to more model, to add

seminal in us the JAMA our model primary this was just certainly, costs. care XX% a article in reduction of but care, -- So not article, in primary showing for

So a compelling that Together that. trying our manage "Hey, are things to powerful that screening and others COVID model manufacturing. employers can and across that who has are like how vaccinating, institutions does my benefits?" I for Certainly, including is saying, been Here's economic certainly to for better Healthy reopen and cycles, reentry and educational health testing

compelling. are those So

For some, behavioral medical integration health behavioral Mindset also primary and integrated it's care. into our with of programs been

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sure revenue. understand between sort the service moving revenue that just of make I partnership patient and pieces to I want

look X% despite down about years was if back been service just patient So side, those shift it seen on that decline at the per smallest member, of net amounts out. the average kind we've playing we year-on-year, that's which going be would

members is maybe up So markets? and on place fact of in are that I pull-forward much metric partnership what number, would we now paying Bjorn, way? be that my does that kind be, covered question as to still? of that the there thinking the that And you are the at that in amount what in conversely kind side, rate specifically, per drive would XXX% hospital how think guess most partnerships? you more Or partnerships the color And member just just well. now any by metric, that helpful could a of same go actually run to about covering Is are of room that -- on revenue mentioned, higher

know, They a to step us Great that into network what D.C., we pay health network or as models. QX, Yes. are the continuing membership the not to per our under are little a Washington, bit member fixed other things, sort each a of all you net fixed from us frankly, covered questions. partners in a was basis. pay those each a you differently a And fee-for-service take X X result, in among that in us they pay back, partnership seen tend health two was that either And remaining had When entering a PMPM, per we've structured other, that but of broad basis partnership. picture-wise, health of us they're as ways. month

we a getting yes, particular and on this for in PMPM So basis. paid -- example, are market,

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Yes.

line we that revenue had we So service patient into that service is the of revenue net that, So system of signed out we past the have net extent item. revenue revenue the in obviously the patient took the up, offset right? partnerships health side partnership to the

on grow. Now those item keep we all keep of that our to in obviously, in sort again, some of then growing line items. we're to in grow if paid basis, And fee-for-service our we where markets. big-picture a obviously will markets being of the fee-for-service looking And markets, our really continue including are

to line laid to out for guidance. our here, revenue expect, to growth QX really items as frankly, I contribute both our we continue So

question-and-answer any session. I does and further ladies now back for call this over Mr. to our gentlemen, conclude And Rubin turn remarks. would like to the

for today to care. for with I'd great engaging into for your our us in model transforming thank questions joining us you. thank in call everybody health like Well, the and

Be And occasion. we day. next look you. great a the to have forward Thank everybody. So well,

Ladies conference for concludes and participating. call. today's Thank this gentlemen, you

now may You disconnect.