Craig Hettenbach

Filton named the two constraints Talkspace relieves: geographic distance for step-down patients and therapist capacity.

Filton gave an approximate count of around 40 FEDs operating with another 5 to 10 in development, noting he lacked exact data on hand.

Miller said confidence based on Talkspace standalone growth trajectory plus combined synergy programs (virtual IOPs, bidirectional referrals). Current multiple looks high off today's earnings but growth path and joint initiatives expected to scale earnings to single-digit effective multiple.

Miller said Thousand Branches progressing well but slower deployment due to state-by-state factors. Talkspace was a separate opportunity that emerged when they indicated openness to strategic options. Internal outpatient offerings will complement Talkspace in full continuum.

Filton pointed to sequential quarterly improvement throughout 2025, exiting within shouting distance of 2-3% target. Investments in staff and headcount during 2025 provide confidence in 2026 achievement. Volume growth at lower end of target range expected.

Filton highlighted Palm Beach Gardens de novo, Florida West Coast tower, Southern California replacement facility, behavioral joint ventures, plus continued outpatient footprint expansion and ER/surgical capacity additions. CapEx guided $950M-$1.1B.

Filton reiterated 2-3% behavioral volume target, possibly achievable exiting 2025 or reasonable for 2026 at lower end. Requires continued vacancy fills and turnover reduction which have been improving incrementally but slower than expected.

Filton said leverage ratios not expected to go lower. Intentionally kept low amid policy uncertainty. May increase leverage for buybacks as regulatory environment becomes more certain. Most/all free cash flow devoted to repurchases.

Filton reiterated the long-term behavioral model: 7% midpoint revenue growth from 4-5% price and 2.5-3% volume, acknowledging price has been outpacing while volume has lagged.

Filton described AI applications in denial management countermeasures, post-discharge patient follow-up calls, and ER coding. Also using patient rounding technology for tracking and safety.

Filton said Q1 acuity was muted by flu season mix shift but CMI remained strong. Acuity expected to grow as flu season ends. CapEx on track at $800M-$1B.

Andrew said Hers women's weight loss was the starting point given its complexity and high engagement, with rollout to Hims categories over the next couple of quarters.

Yemi explained the revenue-up/EBITDA-flexible trade-off as a deliberate priority to capture the opportunity, but did not give new-category ramp or margin specifics.

Yemi described broad growth across Hims and Hers specialties but did not disclose a specific weight-loss range embedded in guidance.

Okupe declined to give 2026 margin specifics but pointed to the 2023 invest-then-expand playbook and confidence the investments are accretive. Partial on the direct margin question.

Yemi cited dermatology (skin and hair), weight loss, mental health, and upcoming menopause/hormonal support as Hers growth drivers.

Andrew said the AI approach targets fast, tactical efficiency and engagement gains across provider, patient and pharmacist workflows within 3-6 months.

Andrew argued legacy categories such as dermatology are growing 50%+ at low-single-digit penetration, giving broad runway to the 2030 targets; direct.

Andrew reaffirmed the $725M weight-loss target, citing liraglutide, the Novo Wegovy collaboration and oral options; direct and specific.

Yemi confirmed the oral business remains strong and that the $725M weight-loss guide excludes commercial semaglutide, with liraglutide coming later this year, direct.

Peter said the industry is not being disrupted by the disruptions and is executing, though a major shock like a big rate move or war escalation could still disrupt things.

Peter reported 10+ live customers on commercial content agents and customers generating commercial evidence, with scaling the focus this year.

Peter said AI vendors won't make industry-specific applications, just as Amazon didn't. Anthropic will make broad applications and coding tools. Veeva's domain requires software, data, and consulting together. Very symbiotic relationship like the cloud era.

Brian declined to break out a specific long-range growth rate but said growth has been very healthy year to date with plenty of room for both measurement and audiences to continue growing.

Brian said macro uncertainty is elevated but stable with no change. Customers working effectively. Pipeline building and deals progressing. No one area called out specifically, good execution across the business.

Peter said Veeva AI will be a separately licensed product at a reasonable price for broad adoption. Net positive for revenue over time, but no specific projections yet. Packaging not yet finalized.

Peter said long-term subscriptions are most durable, services engagements are quicker to get impacted, and really small emerging biotechs are most exposed due to funding dependence.

Peter said milestones are CRM Bot and MLR Bot releases plus customer adoption. AI distraction is largely behind customers who have settled into what AI does.

Peter said the horizontal effort needs a focused tiger team, not big capital. Revenue from life sciences will mostly stay in life sciences for support and new products.

Sam confirmed 2026 fully contracted on target, about one-third through 2027 negotiations, and confident in achieving targeted rates.

Mike described resiliency as a continuous program, not static. Robust AI and automation use cases in flight. Sam noted core operating margin has improved since 2023 Investor Day, reflecting resiliency benefits.

Sam confirmed demand assumptions holding, no competitive or value-based care disruption to demand curve. Leap-year adjusted admissions at 3.8% support full-year 3-4% target.