Talkspace (TALK)

Doug Braunstein Chairman and Interim Chief Executive Officer
Jennifer Fulk Chief Financial Officer
Charles Rhyee Cowen
Ryan Daniels William Blair
Vikram Kesavabhotla Baird
Stephanie Davis SVB Leerink
Daniel Grosslight Citi
Call transcript
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Good evening and welcome to the Talkspace’s Earnings Conference Call for the Third Quarter of 2021. Leading today’s call are Doug Braunstein, Chairman of the Board and Interim Chief Executive Officer; and Jennifer Fulk, Chief Financial Officer. Management will offer their prepared remarks and we’ll then take your questions. Talkspace’s press release and webcast link are available on the Investor Relations section of Talkspace’s website. On this call, we will be making forward-looking statements. best actual on differ events our to currently materially. reflect and us or statements judgment factors based known These results may including disclaimer posted Please with Talkspace’s website. with that documents on press the SEC today’s the refer filed form and we release X-K the the file I’ll it Doug over Braunstein. now turn to

Doug Braunstein

as as thank Talkspace, Thank have speak to the and for Chief Chairman the us of you Interim both Board of you, now operator and today. Officer. joining and opportunity with all welcome I’m to Executive you pleased

For you bank’s large I where in Chase, XX of and businesses Financial services in who those almost with are as JPMorgan several Vice and Officer predominantly my spent the I ultimately served not helped background, Chairman. management industry, Chief years spent at familiar positions. to I nearly the build XX years lead financial and

our public company’s financial nearly CEO And Talkspace pleased Executive the in to role. year high with As stepping shareholder of be remains market Officer. Talkspace opportunity to employees. the the delivering the goal with board She’s a with her a clients, I’m members, a summer. help excited exciting fund rest offerings Investment Working believe leverage quality the Fulk, by into of an went was processes and future. company’s establishing bring the believe long-term its investments. young committed healthcare. on company team a in company, shareholders, to call sizable democratizing and to and Financial team, I it mission relatively a I’m to together Hudson meaningful the our of that raised Corp., I you work earlier our this is behavioral $XXX in operational to million market Jennifer and capital. continue because Well a our Talkspace management operations company merger to Chief with optimize I is excited the XX-year on role this a deployment Interim interim made do to to of new Talkspace today, I’m know, clinicians impact that bright differentiated and joined today and the discipline, transaction we value to management already can and implementing with new our to and my and through

what key the Jennifer third Before discusses operational as I are company I for results our of important well some strategic forward. more highlight priorities wanted going the in of some quarter detail, changes, the to believe as

approach changes Roni take First, resources know, approach landscape digital healthcare team touched for with and to it. behavioral platform, as it This and announced mental thank health outcomes. the with Roni you we to today. mental numerous I’d behavioral Frank a delivery to Oren access to has health clinical combining encompassed to is care, which change data-driven associated the therapy positively perceptions and opportunity innovative lives is asynchronous Talkspace’s and Co-Founders. to healthcare Oren vision our created an their management digital the like

and forward of stage actually its the for we on look leave to growth. We’re they very grateful to next the take behind, legacy wonderful company building vision as their we

optimization, Ferry believes focus for throughout for and retained financial need successor. on for the company large we’ve in to this the grow comprehensive and and the a take healthcare a reaccelerate Korn company believe, product operational discipline to the We the optimize We is execution, and organization. and a focus this can best behavioral enhance ultimately growth attract profitability. of conduct leader to search believe future growing position forward we increases complexity, advantage to company and strong value As to Board the network way continues going promote best will to innovation,

level We in course, a startup financial comment roots for and Well, the take a can wanted to the vision, company new also build detail. perspective. on execution I from the will, briefly to on our from will quarter financial but its performance cover someone of of look who founder’s success. Jennifer

grew continue BXB portions investors momentum The shared earnings While third call. year-over-year, quarter to results came our and in expectations financial below overall with revenue positive particularly business, last our we on in our experience the of the management across space. for

by We’re we obviously do better. have this disappointed to performance, and

challenges on expect prioritization long-term. believe increased and to do negatively are few with a I quarter the operational ultimately forward. over addressable team focus us impacted time. work approach they’re Fortunately, during will of me more that remedied areas spend several the the I’d positively performance like our the a be capital and disciplined moments near-term business the to a as going that for to management can believe Board emphasis an over maximize execution, and I should several over I the that value highlighting allocation influence with

opportunities BXC advantage with biggest the the synergies members. and take First, of process awareness, modest, Actual much to believe ultimately all website company’s BXB our be and the leveraging simplifying submit our monetization additional traffic of to done between funnels, can acquisition customer our existing for brand to boost offerings investments. unifying robust of the claims

and critical to retention initiatives. being of network operate we member is well all engagement, critical our as growth our as actually how improving satisfaction, Second, to therapist’s

can effectively BXC the all utilization without for more reduce churn, our and can increase margins expense. WX rates, matching example, and additional platforms network across both company and utilizing improve BXB improve conversion, For the

have of BXC offerings. expanding by the Third, we value growth, BXB accretive new to product delivering and our and need rationalize our probability both projects our better driving prioritizing roadmap, highest that

simultaneously the of technology our process to insurance the is billing For These while can the automate example, clinicians our burden improving for collection session minimize receivables. and our submission team rates simplify our working clients. for changes administrative

us must cost portion a to need and capture allow be lower on originating to that executed through in adding conversion increase planning retention demand these improve the our market of marketing the issues brand, and rates at search Finally, going to We customer invest and optimizing our a also organically. efforts and prioritized forward. larger experiences, leading engines improved we channels continue company in process prioritizing of traffic while must

we group behavioral extraordinary our access a of employees, team. experience, care. all to to committed of Directors. working current And believe they of Board more health whom an members to provide strong the and I affordable assisted Fortunately, by of with technology have are mission actively management talented those operational, to dedicated are healthcare Each with deep today

existing invest optimistic have value ability We I the talent, company’s our advantage forward over the our in I’ll the business to at to provide new Jennifer, initiatives your questions going and to our create overtime. to you taking the turn that, resources, capital investors necessary With on competitive quarter. over And you. to the And details third end. I’m for to call and look the about and Jennifer forward.

Jennifer Fulk

My Thank cover and evening good three will you, Doug, remarks everyone. today areas.

First, I in highlighted will results, review earnings we our financial which the release.

unless all to for and will our And enhanced the XXXX noted. say are key an be comparisons I you referring I are finally, our ease outlook. some and I operating on disclosure. metrics financial basis, of specifically Second, presented Unless update provide reference a rounded update year-over-year numbers I’ll on will on

an direct-to-consumer business the health adjustment only for quarter losses plan our offset number and in our of reserves to our clients, revenue. related expectations of was to $XX.X during a revenue year-over-year as quarter by below third net lower the in was receivables XX% credit growth a gross customers and acquired for increase. million came which result from a Our This partially BXB

our to as from services lead forward prioritize BXC in Our which We a retention, new our conversion the conversion delays of well million higher to as on in resulted rates. and better users to is engagement, features in $XX.X intend direct-to-consumer will rates. and year-over-year quarter. our in focus that increase markets revenue, increase launching the customer value generated products, and subscriptions we XX% third increase decline products lifetime therapy We to believe sale efforts a the going business and was from slowdown expect

from the in XX% year-over-year. revenue of a quarter, the revenue performance It year-over-year. coming increase strong fees, tripled $X.X is BXB continued our PEPM recurring to worthwhile Our was highlight million which

meaningful it franchise. been have are by we third been Claims normalize million of quarter, revenue as XXX% high a for losses be continue on we in revenue. business BXB highly critical $XX.X XX%. non-cash $X.X quarterly to the of we the revenue prior to In business for prior consolidated increase If million the a year-over-year would periods, receivables up quarters. been driver DTE million and BXB portion recurring expect complex a our priority BXB process, and and so to up to adjustment related of revenue operational the far this we $X.X represents a manual growth. for would one-time which processing credit capability And strong Our allowance have million has improvements scale $XX.X related

Turning the the membership We members, and increase with year’s to XX,XXX access. over active prior quarter XX% third a ended quarter.

XX% third prior the year’s During versus XX,XXX and our increase BXB sessions completed quarter, the quarter. clinicians

revised that active for report also we we sessions. You of a will notice slightly we how have And added have disclosure users. number incremental

two investors forward. add for clarity to and additional continue these our categories to going We’re this breaking practice out expect

can allowance, million prior would in covered XX% margin investment XX% because year’s barometer WX shift eligible members. compared the the ago. towards QX, also the to the be prior business increase at to and eligible of mix a million and million was end over XX% addition, reserve XX that helpful I the lives decline BXB quarter. of BXB In individuals due our $XX.X quarter. over year’s aggregate this for in our may network. the programs, Gross provides was remained covered referenced a and the example, I overlap number $XX.X compared continued it a revenue of so members. in This earlier, Gross third certain insurance EAP consistent, therapist include our quarter, and growth was individual year by for Nonetheless, degree definitions to have multiple in profit health note the

higher term. and We near unique the believe faster the of important practice close the $XX put million have pressure respectively. gross profit will retention periods, reserve would over quarter in and the therapist WX expansion increased gross Well, rates. time, and this our represents advantage a and XX% Excluding network prior strategically building for satisfaction, margin patient national is gross competitive will that on deliver margins been long-term adjustment, an

and a utilization operating more Going processes GAAP versus quarter forward, $XX.X more were network expenses robust therapist prior leveraging we with implement systems in quarter. optimize third in of the to million the the better year aim $XX.X will effectively. value the million

base EBITDA $X.X Adjusted This to grew elevated. the prior in a the lower period. liability of below million reduction year-on-year, net third income loss than Net a expectations million year to marketing $XX to $XX.X was million of price. share of cost costs. by $X.X Our and the was non-cash in warrants mainly administrative was GAAP a remained loss higher cost as and compared due loss EBITDA came year revenue amount million million lower XXXX driven we compared by $X anticipated quarter a of in ago, reflects

$XXX sheet. approximately and and debt balance with ended We million quarter the of to cash Turning the outstanding. equivalents no

quarter, today and our profitability. Well, As to will taking we’ve the we many in also future initiatives our initial actions today and to and the underperformed quarters. are third improve we of plan expect taking we’re quarter immediate growth we execution fourth be discussed benefit below expectations our reaccelerate

of result today, we withdrawing our combined with term near As and changes announced guidance. the a year-end management are expectations, current performance

believe provided We guidance in to operational and with visibility. cash most balance that maintain updated echoing in we close new we sheet, have and is their As like greater to continue January Talkspace’s given of conditions allows growth. as long-term soon on well long-term important withdrawing a current by and We business guidance balance approach, time XXXX. enhancements the guidance no confidence to at provide future. will invest as as which Doug’s drive prudent initial this I’d about initiatives us debt large the

of to health With the This highly growth us a behavioral a a services. value and demand invest capture a proposition, to accretive that, solid the a for up opportunity. market operator I vast huge high quality foundation open and substantial We ask gives for unmet it have and in a questions. differentiated will part well-known brand


question first from Rhyee our ahead, Go [Operator Charles And Cowen. from Charles. Instructions] comes

Charles Rhyee

bit more conversion the some and Thanks you guys the that because, discussions got, do help maybe mean things good were here a little to Yes. understand explain want bit questions. need for of are what reverse? earlier And maybe specifically conversion understand, into you’re what maybe rates? guess about you experience, just particularly have can trends here, in about here? was of you that that what taking growth you member by feel about unpack in good you sense a quarters, Maybe a strong, go talking guys conversion, that to talked what you’re BXB, seeing more I to seeing the rates. talking you I in What and terms prior, did you and try we little about

Jennifer Fulk

for the Thanks question. Yes.

performance BXC that quarter. And conversion to or this again, yes, the us – QX So factor, in CAC, customers in when factor. was they we’ve about BXC comes this convert come the factor largest that’s our our factor into this conversion on rate our up the or saw members say the kind conversion not. come for modestly period talked in site third I for When largest whether where in to customers it app of and was the a which past to the we paying the and – specifically

Doug mentioned of earlier, only members. for improve got those a but number we’ve lifetime not to improve also projects As value conversion,

Charles Rhyee

to ask market on off? And might’ve function direct feel the are or seen I online what platforms in that to starting very Is seeing not fall past costs? customer has where can a these rates changed high that the acquisition you investment you conversion of we’re that like you

Jennifer Fulk

today So, in see providing and more what we – we’re the we in doing results is the yes, metrics QX what clarity provided. and you

it that address And the at a of that think number leave factors can I to that. improvements And for address. Doug are mentioned us I’ll we there. operational there

Charles Rhyee

is of the sheet. also And thing, spending a be Maybe one market do now, the health and correlation renew, you I’m you. if for certain often subscribed back, in for worth fragmented. given you you’re to short-term that They does how to investing add $XXX but me, here, future? back? of members, members. you? very spending trying last some terms still be at data a of customer, certain kind seems a look customers is, like money be behavioral So, – that of may the Thank of to acquisition is high does linear And It’s me acquire this of have come acquire the people here there moment of spend point a gaining they case you that sure in a gain been the made it, data about it yourself, in to the the and business to your fairly Thank seems come growth look terms I’m balance what it have repeat And even value talk spending behavioral spending million actually, you’ve then, not costs the share seems question lifetime It getting like peers user that lot customer might you still is you’ve on to for because like a Okay. for period awhile, for between when this in to there’s around a you obviously time. at the emerging. you. to is it or customer acquisition of to in cost, it for

Doug Braunstein

Sure. for question. that to Doug. Charles, thanks It’s speak. Good

market our So, both today on a make first grow we sheet have to new products to invest is, we continue in business. balance leading in of the resources to you the and points, ample think the number brand

be very we’re to that So, position. fortunate in

optimizing spend you at effectively about the think over can more our costs. we in channels invest The brand. marketing heard market capturing more ways is both the efficiently me long-term and in importantly, second lower leading great demand and short-term, adding and short more we really that there’s run speak value that and And that

that opportunities. So a lot out search of is build to organic our

conversion, other retention is, that to to Jennifer talked improve ultimately leads about lower that over LTV. The time CAC, piece if and spend higher leads we

capabilities going the improve the our over And We Now, to we’re to absolutely of belief we the a fronts. of think in execution run us around and those this to in market. run can actions. take number our there’s over that are great value share brand all allow long take of short

Charles Rhyee

queue. I’ll jump back in Great. Thanks. the


from Blair. Ryan. Go And our comes ahead, next Ryan question from William Daniels

Ryan Daniels

taking evening. retention the and conversion customer for questions rates. want Thanks the Yes. with continue I to this

onboarding, matching about little You operational then product innovate easier also new and changes, talked a bit meaning and and market. differentiate from kind better you of that can solutions the

to you one is two and getting I to more success view So, in critical be? your answer know do but want those where probably those is metrics both, you the them of

Doug Braunstein

back that news great Thanks whether better completely is execution. in as it our it’s whether going we step I role is in aspects focus intention our the Yes. group right? ways in the say So, actually out is control. are forward the us It’s our can retention, whether attention improving factors question. investing part CEO improving on build in for my execution, both the critical execution a it. conversion all to and business. those it’s that those and factors, is good management’s management’s within really BXC And BXB products, of it’s our interim a those What about the it’s of rate, and business all really would also most for new And

Ryan Daniels

workforce, Okay, that at for complete continue being equal? a an else then thank on in which margins about And will had you all occur on pressure we the think to margins, point, basis, largely bit that. a as to that gross WX this impact transition the or go-forward should

Doug Braunstein

to And network. our our say, suggests as combination, both retention building and at as would XXXXs, benefits optimizing of out I our early our improves satisfaction. network – customer data about least as there think that the WX are a WX obviously both Yes. network certain our well

to to things we’re have in and we that as better as their partner for us on variety for the invest a apologize over who lot expect, job attract of we the patients be theme. being want network And need continue really We will The an do wellbeing a very We platform that to to we going a and of is, for news a network that a that but we in good again, clinicians. attractive clinicians. of reasons, workforce. that this time a extent I clinicians we WX will And lots to will optimizing out provide so for impact I value be repeating build of have healthcare. their to grow

Ryan Daniels

I Okay. gauge then appreciate can this the bit in the process, that. put here. a if improvements of be watching curious And we unfair maybe key at to this little is a timeline or maybe that should you milestones execution but point I’m

operational So, do kind changes laid you. you’ve everything of as and claims of base management address to a it taking you how improve take will long to stabilize the How do of kind out? process team? you transition product kind that portfolio, the envision the with think the Thank WX to processing long

Doug Braunstein

to implementing that the systems hope urgency, that do. guess we’re obviously address and extraordinarily the ultimately we of quickly The both answer management as the collectively that as need job I’m efficiently as role, that they but as board that team, we Board. have do these that, make have we think new the but into I this as Yes, sure and the company now I we of I would way around an Chair been can can, issues and sense strong will

and shareholder, these delivering would have say very I a Chairman urgency job job and other now execution of sense than but the the So, up in of wake of as CEO as enormous a number give every going can I we’re any interim very an morning large do best you on done. we I board the get as can’t to specific to challenges, more

Ryan Daniels

Fair your Thank luck you Okay. enough. with and for that Thanks. good efforts.

Doug Braunstein

Thanks. you Thank


from next ahead, Baird. question our from And comes Go Vikram. Vikram

Vikram Kesavabhotla

great the I for health perhaps rates. on conversion of And side question. trying have if industry, as case there. the Thanks. it of alternative anything to is or curious I’m do didn’t care lower worked follow wanted the to may some think onto really people to guess, your you of that you or comments operations on or to competitors what options, direct-to-consumer that mental the didn’t around color at lower taking convert was do if for if they all? I’m up case the platform, kind services some with seeking thanks I your in-person demand a sought here one you this they be sense a it users maybe a get in at be your of of some unpack Yes, went of was would

Doug Braunstein

do and the data that the Yes. health, that, We in step quite but if don’t on terms the we strong us. healthcare format feel behavioral the quite for you back, strongly tailwinds a tailwinds have behavioral of of by any in around delivery digital importance specific the of way, remain

Another behavioral way be need to to of saying relates that as a we think as medical unmet there significant healthcare. very continues

the And of quite execution demand for equation the is us so again, challenges, deal of we’re these we robust. optimistic that side with can if some

Vikram Kesavabhotla

Thanks. what can what just I on And the I pipeline great. the if I’m million. And be us the side release on help you there. at was BXB and think If to if XX. understand go if reported color at closer second maybe I looks curious the you lives restated think on, press BXB sales demand then quarter, it look That’d curious give kind the the today, $XX now. you. a side, back time, look you environment some can I’m great. of you like pipeline if changed then Thank BXB to, at eligible to Okay, today, I up the the to follow-up

Jennifer Fulk

question On lives. the on Vikram your eligible Yes. there, first

that payers. made that we was update the today updates from received we So

the programs. lives they So, to their payer eligible within continue as we signed a expand new

was in the a refresh reported that the we’ve did that today we reflection of numbers So, that.

Doug Braunstein

Having our much should back but on is only we we eligible BXB do positive – continued as if I to BXC in also DTE opportunities grow address there were BXB, lead step the would are behind well experienced can utilization significant execution BXB improve we we a just and lives, in BXB customers of business. in going see pleased we the quarter say the growth. momentum BXB to generally, said quarter. short frankly, space be But that you to mindful that, are that Not third the the were in road can and to run as – quite greater the third that performance we our business in space, space. the

Vikram Kesavabhotla

Okay. Thank you.


And our next question comes from Stephanie. Leerink. Stephanie Go Davis from ahead, SVB

Stephanie Davis

And Thank into questions. questions of stroke got you. broader thank I’ll you taking I’ve few and go detail. from kind a my for the more

first CEO pretty stage lifetime. at a So, big a in off, a company’s the transition move is

if tell or CEO, be? you So, I on what would you they’re of Doug, priorities, in maybe or focused wondering, just be new list what kind a a was about looking us goals for of more could could

Doug Braunstein


releases which you I And back thanks had second, hoped did important we that put time. that right we came the a decided not over with the right by going agreed And company actually management because change started Board for. that a and And working Stephanie. conversations this think really out, in collectively decision succession. So the Oren press step for as was has context, been here. make you for to the see from that. And at in together we our public Oren, numerous as the obviously, manner it’s we’re actually that just past we’ve that with I’m obviously a regarding And months. for to five the management had is, to disappointed can question question, get management

I medical execution need. into this that inner that because are unmet believe got talked got brand. leading that control offering. about, We’ve tailwinds there differentiated the in believe So having we We’ve issues strong growing the stepped to that face role, we said address. our that, fundamentally are many I market still within And large a a I’ve

the the are said, Officer a with what’s but believes we’ll in who for we’re We those it and the Executive that that that really to execution take mission, be vision in confident in able objective. to I our wonderful Founder in company quite on for a to has help today say, will looking and can capabilities fundamental it Chief And believes stage evolution. build grow Ferry’s its next Korn deliver step

Stephanie Davis

Given the turnaround new wayside does What M&A Does this priority and shifts? mean your prior the a by relative CEO. the at strategy? that your need for for fall

Doug Braunstein

always do organic to just to open public what think not well there strategic said those, can products, of we’re that new other for but And on opportunities. company has about, provide focus ultimately that organic are all are the there business? further and opportunities substantial to we – going initiatives is the long-term value the enhance we’ve that the our like business. We we we’re any the be for moment growth number growth really grow Look, opportunities that doing every today the And business. a new and think for of

Stephanie Davis

that one just the to we I update any beyond of BXB up, a me, last Then just to you understood. color little Understood, lessons on capabilities. and some of maybe selling learned as with XXXX XXXX season the take have you out can go back your more need bit from

Doug Braunstein

So of beginning the part the I’m missed question. couldn’t hear Stephanie, the I first part. sorry. I

Stephanie Davis

season Lessons learned from XXXX. the BXB in selling

Doug Braunstein

BXB going Oh, the that the we the have on. is resonates a selling We we’re what for say lot a we’ll to to specifically has of XXXX. that BXB again, brand, that because all strongly invested on side. think, opportunities generated don’t team – of selling season management comment that’s heavily into will to it, a business pipeline opportunities, in I have we we in going going And as robust but Talkspace it’s forward. pipeline but what particularly we’re us. up turn so the season, a think be And focused to on

Stephanie Davis

All right.

I it. candor. you thank appreciate for So your


Go next Grosslight question Daniel. comes And ahead, from our from Citi. Daniel

Daniel Grosslight

plan this had due I Hi for the the channel expectations down guys. dig like quarter Can all the AR taking have degradation plans grow a that downs Thanks continued the And you channel. particular. case? write sequential revenue think mentioned and your Thanks. Should write write issue previously how fix quicker health would into in to decline the from How it processing to this near you stick impact I still with this the can does in enterprise to thought couldn’t health in revenue plans? where the you question. in BXB health for just caused, plans quickly than the that you the health XXXX? and BXB future? we house you seems issue? in down was the the channel collect expect that in Is channel that growth plan claims

Jennifer Fulk

Daniel. Thanks,

and healthcare that’s capability complex, Talkspace. processing to So, clearly claims unique have we to need appropriately. not this this know scale grow business, as we a We is

reserve to in and describing both the – that that that also future that growth business, million in QX a million that to an and related have periods. we of of this adjust periods from and $X.X those confidence we mentioned earlier say we’re to point this implemented $X.X we’ve make amount have appropriate. sure I any for the appropriate collect QX, is prior to was we that the periods I prior mentioned Regarding unlikely claims that Doug feel earlier. that the At was for just reserve is processes we that wouldn’t impacts those

Daniel Grosslight

you’ve XXXX? to channel, strong drive enterprise But you of for now out kind particularly Okay. growth pivoting Do plans called to this business? Are how expect in do which quarter? as that still expect being the you you

Jennifer Fulk


we So, the growth think, the across business. BXB opportunity see for I

lives. we’ve in clients. opportunity penetration we’ve also We’ve DTE We success about that and the seen QX continuing. talked just So, and got we like for eligible with see growth further further

Daniel Grosslight

it. Got

items. disclose the of between revenue quarter? and members out of this that just you health And And then can housekeeping split you BXB clients? a active enterprise BXB Okay. Can plans couple number

Jennifer Fulk

so active Yes, had said out the And previously further queue. active the active disclosed BXB so XX,XXX users quarter. our in we a users those of BXB described on that this platform as users we’ve the bit described. and we it And XX,XXX XX,XXX we were

Daniel Grosslight

revenue enterprise And revenue? can out plan break the into Okay. you and

Jennifer Fulk

I can’t.

Doug Braunstein

not We – typically we don’t that’s that something provide.

quarters. consider future to happy So, in we’re that

Daniel Grosslight

Thank Okay. you.


Charles from question ahead from follow-up And Charles. Rhyee Go we Cowen. have a

Charles Rhyee

your been you Yes. earlier of Doug, the Thanks of didn’t a kind things. expectations, you sort right for months taking management last talk the mentioned over missed of the Clearly five maybe and have of that to with that range this. follow-up Clearly question, working of operational that Board of but with come you terms quarter that that is the kind processing of I below some we really kind – events just you third had plan was at of the this about led any and what can go you that talked place beginning, there on to or expectations but would the deliver macro curious in quarter, as expected plans, it the had from into had standpoint about the in what an was well, claims on issues tied you didn’t quite here. place?

Doug Braunstein

that the better. at so second we and Yes, had Charles, really us focus to I not meet the items were in places where But I obviously we are the beginning do reflect what management can expectations remember talked very is were quarter. about the we disappointed articulated believe think our that for there four

really BXC is between us and will that The funnel. the synergies in BXB And for think those overtime. value optimizing we that first create

optimize we And is our facilitating in second implications engagement how network. really, as well growth. and terms and both that member operate of satisfaction retention, The as has our

new investments real as to better And but going to as out prioritize rolling that and can And focus do meeting our job a have we products. that in it’s I Third in need brand investments a we can, those prioritizing new and long-term, better we done at good a we not clearly along today and to things the the be that market is, is team. believe execute for like of the management making you sort last we’re the conversion. talked about, do for optimizing then making job

is executing, So, the maybe do looking unmet they that get can for the our much, who if demand help we on and people all plenty to and on company, for need And is there if need. is help actually help us said, our the side healthcare, conclude not that I of the our behavioral good are jobs I news members as this within of and for control.

the for exciting forward. really what’s about going opportunity us that’s, So

Charles Rhyee

Thank you. Really Great. appreciated.


speakers to at no the more questions I’d turn back like time. And it comments. we for have to this closing

Doug Braunstein

some to I to opportunities and investors. as in be operator. promise ahead, thank the close job really the questions. want of and in every did Talkspace belief my participating for belief most lie just company Thank So is for the to to you our they Oren you the that for a thank where exciting in left they and and which all sense I that day to creating working began, team, management for and on remind for we our will Roni innovating deliver built foundation the have everyone us. that and And

with So being for us. thanks


Thank this thank conference. you And participating. concludes today’s for gentlemen, and you, ladies

You disconnect. now may