Hello everyone, and welcome to AmWell's conference call to discuss their third fiscal quarter of 2025. Joining us on the call today are AmWell's Chairman and CEO, Dr. Ido Schoenberg, and Mark Hirschhorn, AmWell's CFO and Chief Operating Officer. Earlier today, a press release was distributed detailing their announcement. The earnings report is posted on the AmWell website at investors.amwell.com and is also available through normal news sources. This conference call is being webcast live on the IR page of the website, where a replay will be archived. Before they begin prepared remarks, I'd like to take this opportunity to remind you that during the call, we will make forward-looking statements regarding projected operating results and anticipated market opportunities. This forward-looking information is subject to the risks and uncertainties described in the filings with the SEC. Actual results or events may differ materially. Except as required by law, we undertake no obligation to update or revise these forward-looking statements. On this call, we'll refer to both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in the earnings release. With that, I would like to turn the call over to Ido. Thank you, Operator, and good afternoon, everyone. For the third quarter, our results compared favorably to the guidance we provided. We showed steady progress in executing our plan, which is designed to achieve cash flow break-even by the end of 2026 and to ultimately resume profitable growth. Our plan is based on two main work streams. First, focusing on our enterprise-grade, mature, and well-differentiated new platform to generate considerable value in our select market segments. Second, ensuring that all our operations are extremely efficient and effective. Both efforts rely heavily on the integration and adoption of rapidly evolving technologies, primarily enterprise-grade AI infrastructure. In recent years, we have invested significantly in recruiting exceptional talent and establishing strong governance, compliance, and operational frameworks. We have also committed substantial resources and continue to do so towards building ecosystem interoperability that enables seamless data exchange and deep integration with existing EHRs and clinical systems. These investments help position AmWell as a highly dependable, secure, and scalable technology-enabled care platform for our customers. We enable our customers to align our technology with measurable economic value while helping them address critical challenges such as clinician burnout, staffing shortages, and operational inefficiencies. Additionally, we position them to capitalize on emerging opportunities, including the integration of algorithm-based healthcare services, comprehensive care coordination, and new digital therapeutic solutions. These integrations may help our customers leverage predictive AI to reduce costly interventions and hospitalizations. Our efforts are beginning to pay off as reflected in our results, and we believe the impact will only accelerate going forward. For our first work stream in Q3, we began socializing our product focus areas through 2026 with our clients and prospects. We are committed to making the new AmWell platform the most effective and valuable hybrid care backbone we have ever offered them. Our mission is to help our customers reduce care costs, improve clinical outcomes, and offer the highest member engagement and satisfaction through exceptional user experience. We strive to achieve this through the following focus areas. First, we are moving AI into the core workflow layer. We are responsibly implementing enterprise-grade AI and other technologies to transform patient intake, personalized dialogue, and navigation, as well as clinical program matching and onboarding. Our efforts benefit from almost two decades of telehealth experience and access to an incredible data and knowledge repository driven by many millions of digital-first care encounters. Second, we are enhancing and simplifying the way we work with our own and third-party partner clinical programs. This enhanced program integration is expected to help offer our customers even more options across the care continuum while adding more value to our clinical program partners. Also, clients will be able to seamlessly integrate clinical programs they've already committed to into their AmWell platform with unprecedented ease. As noted on our earlier calls, these third-party partners represent an important high-margin flywheel growth opportunity for AmWell. Our own clinical programs are likely to be the first to benefit from these changes and further improve our offering across urgent care, virtual primary care, comprehensive behavioral health, nutrition, lactation, and more. Third, we are investing in and will remain heavily committed to our data and analytics infrastructure. We plan to offer our customers even better ways to measure and improve financial and clinical outcomes across all programs while offering patients an even more personalized, simple, and relevant journey. As payers, employers, and health systems look to consolidate their technology-enabled care strategy, we offer a unique and reliable solution. It allows them to realize their financial, clinical, and member engagement goals while maintaining full flexibility to dynamically choose and replace the clinical programs that work best for them in the simplest, most scalable, and reproducible way. Our second work stream is centered around relentless focus and commitment to efficiency and quality. We are further improving our platform to make it even easier to deploy, maintain, and support. Self-management and automation tools for our customers are a good example of this commitment. These tools empower clients to do more faster while simultaneously reducing our own cost of deployment. As we carefully define what we focus on, we are decisively divesting non-core assets. Earlier this year, we announced the sale of AmWell Psychiatric Care, or APC, and are currently pursuing other actions to divert access resources away from non-core assets. It is important to note that we plan to continue to fully support and maintain legacy assets that still provide value to our customers. These customers have expressed comfort from the stability and reliability of our trusted legacy solutions. We hope to see them gradually migrate to our core offering over time when they are ready. In parallel, we systematically analyzed our own efficiency across all our operations. We were able to find opportunities to improve efficiency, including with widespread AI adoption while right-sizing headcount across the board. These reductions in force were made possible through various interventions, including careful reallocation of talent across the company. Now, I'll take a step back to look broadly at the macro environment. In 2025, we continue to see clear signs that the market is shifting in our favor. Consumer demand for digital health is accelerating. Mental health telehealth utilization reached 27.8% in July, according to the Epic Research Data Tracker, and 79% of Gen Z now use health technology monthly, according to PwC 2025 Healthcare Consumer Insight Survey. At the same time, digital clinical programs are demonstrating real results. Research shows digital disease management can reduce 30-day readmission rates by 50%. This effectiveness is driving significant investment. AI startups, many of which could be considered clinical programs themselves, capture 60% of all digital health funding in Q1, according to the AHA Center for Health Innovation. However, payers, employers, and health systems are struggling with fragmentation. Employers now manage an average of four to nine-point solutions, yet only 22% trust these vendors to act in their best interest, according to Evernorth Insights. This fragmentation carries real costs. For example, inefficient data exchange costs healthcare organizations up to $20 million annually. As a result, integration has become a strategic imperative. 62% of health plan leaders identify integrated solutions as a top 2025 priority, according to HealthEdge's annual survey. Organizations need help managing technology, engagement, reporting, and the commercial burden of multiple vendors, and that's exactly the gap we are positioned to fill. In that setting, the AmWell platform promises much-needed relief by maintaining future-ready flexibility with the efficiency, effectiveness, and peace of mind of offering one relationship. One user experience, and one data and reporting infrastructure across a dynamic and open-ended array of clinical programs and vendors. Our unique business model never forces our clients to only use AmWell clinical programs. This aligns our interests and positions us well as their long-term partner. While many of our competitors feature their brands to members, we enable our customers to use their own white-labeled experience. Their AmWell platform inside allows them to offer a unified customer-branded gateway to all their covered programs. Finally, and importantly, our ability to supplement automated programs with trusted in-network certified providers at scale enables and accelerates the safe and effective adoption of these new AI-driven solutions. Our special architecture is helpful in making customer acquisition costs more effective and in improving the customer's overall brand value and stickiness by associating it with a wide array of helpful services and exceptional platform experience. Our ability to help customers obtain a clear view of whole-person and cohort outcomes and offer them tools to continuously improve results by switching programs and matching them with the right cohorts is highly desirable and appreciated. In our conversations in the market, our strategy resonates. As we look forward, we fully expect our competitive advantages to become increasingly visible and compelling as we continue to roll out our new AmWell platform. We believe that our long journey is, in many ways, only beginning, and we are excited about what the future brings to our loyal and sophisticated supporters, our customers, and our company. With that, I would like to turn the call over to Mark for a review of our financials and our guidance. Mark. Thanks, Ido, and good afternoon to everyone on the call. On today's call, I will walk through a few key operating metrics and financial results from the third quarter and then provide an update to our guidance for the remainder of this year. In the third quarter, we delivered results ahead of expectations for both revenue and Adjusted EBITDA, reflecting stronger subscription retention, increased visit volume in specialty care and virtual primary care, and meaningful cost efficiencies driven by the successful execution of our restructuring. Our progress this quarter reinforces that the actions we began earlier this year are translating into durable financial improvement and accelerating operating leverage. Today, I will walk you through our quarterly performance, highlight the financial impact of these strategic actions, and provide an updated view on our guidance for the balance of 2025. Total revenue was $56.3 million, which represents an 8% decrease year -over -year and includes the step-down in contribution from Lyra Health and the divestiture of APC. Normalizing to the sale of APC, Q3 revenue would have increased 1.3%. Subscription revenue of $30.9 million increased 18% year -over -year and represented 55% of total revenue compared to 43% of total revenue a year ago. Total visit volume of approximately 1.1 million visits in the third quarter was down 21% from a year ago, although in line with our expectations. AmWell Medical Group, or AMG, visit revenue was 23% lower than last year at $21.2 million. Normalizing to the sale of APC, however, visits were down 3.5% from a year ago. Average revenue per visit was $71, which is 14% lower this quarter compared to last year's Q3, but when normalizing for the sale of APC, average revenue per visit was 3.5% higher, driven by a continued mix shift to higher-priced virtual primary care and specialty care visits. GAAP gross margin expanded to 52%, compared to 37% a year ago as a result of greater software and services revenue generating stronger margin contribution than last year's comparable quarter revenue mix and divestiture of APC. Our operating expenses totaled $58.9 million in the quarter, a decrease of 16% compared to last year, comprised of a 6% reduction in R&D, a 46% decrease in sales and marketing, and a 14% decrease in G&A expenses. We remained focused on optimizing our resources, and we are clearly moving in the right direction and getting closer to our foundational cost basis. Adjusted EBITDA was a loss of $12.7 million for the quarter, which compared favorably to a loss of $31 million a year ago, evidence of our acute focus and execution of our cost containment initiatives. In terms of cash and liquidity, we reported a cash burn of approximately $18 million in Q3 and ended the quarter with approximately $201 million in cash and marketable securities, with zero debt. Finally, to wrap up my comments today, I'll share our revised guidance outlook. With just two months remaining in the year, we now expect our full-year revenue to be between $245 million and $248 million versus the prior range of $245 million t- $250 million. Adjusted EBITDA in the range of - $45 million to - $42 million versus the prior range of - $50 million to - $45 million. Our range for AMG visits remains steady between 1.3 million and 1.35 million visits. Our full-year guidance assumes the reduction of R&D expenses by more than 10% this year versus 2024, as we streamlined and completed the bulk of our software configuration to our existing build and integration commitments. At the same time, we continue to expect sales and marketing costs to decline more than 25% year -over -year and G&A expense to decline at least 20% for the year as we continue to organize the company around a new lower-cost structure. We now project Q4 revenue in the range of $51 million-$54 million, and adjusted EBITDA between negative $15 million-$12 million. We have made meaningful progress right-sizing the cost structure while diligently working to position AmWell for longer-term success. We have quite a bit of work left to do, but we remain committed to our goal of generating positive cash flow from operations during 2026. I want to thank our entire team for their commitment and passion to our overarching mission of increasing access to affordable, high-quality healthcare. Thank you all for your time and attention. I'd now like to turn the call back to Ido for his closing remarks. Ido? Thank you, Mark. We're seeing a remarkable transformation in our market. As AI healthcare solutions proliferate both within and beyond AmWell, they're delivering significantly better patient outcomes with greater accessibility and affordability. In this evolving landscape, AmWell's role as an integrator backbone has never been more vital. Our unique ability to seamlessly blend intelligent automation with certified, trusted clinicians provides a safe, effective pathway to superior care outcomes today and tomorrow. Our clients value our proven track record of delivering measurable economic value while ensuring compliance and providing essential support to overburdened healthcare providers. Through enterprise-grade workflow automation, we're enhancing both access and operational efficiency. We're proud of our mission and firmly believe it's more relevant now than ever before. With that, I'll open the call for questions. Operator? Thank you. At this time, we will conduct the question-and-answer session. To ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Stan Berenshteyn of Wells Fargo Securities. Your line is now open. Yes, hi. Thank you for taking my questions. A couple for me first. I actually wanted to go back to the prior quarter where you had announced a Florida Blue plan. I was curious if you can give us some color regarding how you won that without a competitive takeaway. And are you seeing any similar opportunities for you going forward? Hi, Stan. Yes, we are very pleased with this important win. It was a competitive situation, and we are deinstalling a major competitor in this setting. The drivers for this really demonstrate everything I spoke about in the prepared remarks. I believe that Florida Blue, like many other payers. Understood that. There is enormous fragmentation, enormous opportunity in AI programs, but the need to create one infrastructure under their brand that will allow for one efficient consumer engagement solution that will be able to drive care through their own choices of clinical program, including maybe different choices for different ASOs or different cohorts, and one report and one infrastructure. They, like many other people, existing customers, and people that we talk with during our dialogue with the pipeline, really talk about vendor fatigue and complexity. There is a tsunami of amazing programs, some are better than the others. Many of them have enormous opportunity, but many of them are risky. And there is real need for one technology-enabled care infrastructure, which is an integrator and a distributor, if you will, for members. So all those important value points. Based on our dialogue with this very important customer, in my opinion, were leading to this win and are indicative of a future demand that is likely to grow as more AI-driven programs proliferate. Understood. And then a follow-up for me here. Regarding the comments you made and the prepared remarks around potential further divestiture of non-core assets, can you give us any insight as to what those assets might be? And are you in any active discussions here, or is this more of a theoretical process? So this is very practical. Let's start there. The key conclusion is that the opportunity we spoke about with Florida Blue and many others is very, very exciting. And because of that, we decided to focus all our efforts around it because we believe that's the best ROI for AmWell and the best way we can create value for our customers. We do have a long list of legacy products that do the job and do the job well. Examples are automated programs for hospitals or inpatient solutions, and so on and so forth. These are good products that are secure and reliable and dependable, and we plan to continue and use them, but we are going to spend less, significantly less, in growing these market segments in comparison to this very clear enormous opportunity that I shared earlier. And that's really part of our strategy that we are implementing as we speak. Understood. Thank you. One moment for our next question. Our next question comes from the line of Charles Rhyee of TD Cowen. Your line is now open. Yeah, thanks for taking the questions. You talked about AI and implementing that across the enterprise and other technology to sort of inform patient intake, navigation, etc. Can you talk a little bit about how that can be monetized? Is that something that you are charging extra for? What is sort of the model as we think about that? And maybe, Mark, I know it's still probably a little early, how should we think about maybe any kind of. Guardrails to think about when looking out to '2026 at all, at least from a top-line perspective? Absolutely, Charles. So. Suffice to say that AI is influencing everything we do and everything that happens in our ecosystem. It's very, very dramatic. Let's start with the product, and let's start with third-party partners. When you think about someone like Source, for example, their ability to predict with AI. The likelihood of someone getting surgery very soon is incredibly important. Our ability to route this patient to Source and then document these savings and report it back to the likes of Evernorth and others is incredibly, incredibly valuable. The same is true for other partners like HelloHeart that is able to use predictive modeling to manage medication adherence better, and there are many other such examples. So first and foremost, AI is influencing both AmWell and non-AmWell clinical programs themselves. In addition to that, AI is allowing us to create a dramatically different experience for consumers. It can be highly personalized. You can get immediate attention as a person and have a very simple, easy, attentive, personalized navigation to programs that are likely to be helpful for you. So that's another area where AI has enormous value. The monetization of such value, both things actually, really increase ROI for our customers and increase traction. So when a great experience is leading to a virtual primary care experience at over 30 days, saving $500 for our customers, that's very good for AmWell. That's very good for our customers as well. In addition to that, using AI for data analytics, so you can push information about outcomes in a very coherent way across different programs for a whole person, a whole cohort, is allowing our customers to choose the right programs and refine them over time. It also allows us to further personalize the experience for consumers and getting more use, even more use and more higher NPS. Over the next time. So all those examples in program essentially increase the value and the traction of our platform. We don't necessarily charge more for our platform directly in order to do that, although we may be able to do that in the future. But much more importantly, as we share the value of this traction and this traffic, each time we refer someone to Source, for example, we get some rev share from this company, which is good for us and much better than their alternative customer acquisition cost. So overall, all those investments. Are really creating more value for our own platform. In addition to that, like any other company. We brought some wonderful talent from big tech, people like Amazon and others, and we are looking at every part of our operation, whether it's code generation, QA. Product management. Sales, deployment, support, and so on and so forth. And like many others, we are investing much in order to implement those solutions in order to be better, more effective, more efficient. And that work is ongoing and has more and more impact. I would just suggest that if you need to quantify the most important financial impact and our relevance going forward, I would suggest that our ability to tie together hybrid solutions between certified humans like our national network and other solutions together with AI-driven programs that, as a result, create much better financial and clinical outcomes with much lower cost and much higher engagement is the heart of the influence of AI on our financial performance. Thank you. But I guess it sounds like then maybe, Mark, in terms of how should we think about next year? And also, if we're not necessarily charging more for these innovations and obviously demonstrating more ROI for customers, how should we think about margins at least? Is the current rate, I think it was 52% here in the quarter, is that sort of the right level we should be thinking about next year? Or maybe any kind of thoughts there would be helpful. Yeah. Hi, Charles. I don't believe the introduction of the AI features and the attributes that we're looking to implement throughout the year are going to have any meaningful impact on our margins. What's going to lead to the margin probably variation from 2025 - 2026 will be exactly what we saw in 2025, which was the greater ability to bring more software revenues into the top line. Clearly, we had significant to the tune of tens of millions of dollars of implementation revenues generating very high margins. They impacted the margin profile tremendously. And that's why we're exiting at these stronger margins compared to 2024. 2026, I believe, will be consistent with the 2025 margin profile. That's helpful. And maybe one last one, if I could. You talked about sort of divesting sort of non-core assets. Obviously, APC was an example. Is there a lot of other assets still that you would consider in that non-core bucket? And is there a sense for time? Is this something that we'd like to do very soon, or is this when you can get something, a good value for it? Thanks. It's more the latter, Charles. We're not in the market with either of these, what I would suggest are a couple of defined assets that can be bifurcated from the rest of the business without losing any focus, without challenging any of the clients right now with removing some of these. These are distinct assets that have a certain profile of clients that we could, in fact, cordon off. We could run them separately, but I think throughout 2026, we will try to, again, narrow our focus in those areas that Ido shared in his prepared remarks. Great. Thanks. Appreciate the comment. Thanks, Charles. One moment for our next question. Our next question comes from the line of Jailendra Singh of Truist Securities. Your line is now open. Hi, this is Jenny On for Jailendra. Just had a question around macro with all the macro noise, tariffs, and economic uncertainty. Have you seen any impact on your sales pipeline as health systems continue to evaluate their IT budgets? Just curious how that conversation has been going in terms of the last couple of months. And related to that, can you talk about your direct tariff exposure? Thanks for taking my question. Hi, Jenny. Well, essentially, what we see in the market is that our solution is serving very important pain points that many of the customers using the new one see as obligatory. In the sense that if you think about it for a payer, the ability to have a reliable, effective solution around hybrid care and technology-enabled care is a tool that is demanded by the sponsors, by employers, and others, and generates enormous savings. Implementing effective AI-driven care programs is not a question of if. It's really a question of how. You must do it, and that's very clear for our customers. That's very dangerous. It's very confusing. It's error-prone. We offer our customers an ability to create less noise by having one platform that is embedded in their infrastructure and much less vendor fatigue by allowing us to do the heavy lifting of connecting to more and more solutions and making it still part of one experience and one report. So when we talk to them, that's not a line item they're likely to pass upon even if pressed. As it relates to health systems, we definitely believe that when you look at things like workflow automation, inpatient solutions, hardware solutions, things of that nature, there's definitely some resistance right now and some caution because of the economic impact. And that's one of the reasons why we're moving away resources from promoting such solutions into our core offering. At the same time, when you look at delivery networks that are implementing value-based care, when you look at their competition for patients, their need to add, for example, behavioral health to their core offering, things of that nature, their ability to expand their reach beyond catchment areas, all these things directly influence revenues, directly influence their livelihood, and are considered as essential. And therefore, we see that we still have an offering that resonates and is relevant right now. As it relates to tariffs, very minimal impact. We have a tiny business line that still has some hardware outside the United States, and that, of course, is impacted, but it has negligible impact on our performance. We are proudly creating our software as a U.S. firm, and therefore, and our businesses in the U.S. as well. So we don't see any meaningful impact. Direct impact as it relates to tariffs, of course, it may influence the market and the macro like everyone else, but it's not AmWell specific. One moment for our next question. Our next question comes from the line of Kevin Caliendo of UBS. Your line is now open. Hey, guys. This is Jack Sampton for Kevin. Thanks for taking the questions. I wanted to go back to the comments on diverting resources away from the non-core assets. So just to clarify, this is something that's not embedded in guidance this year, correct? And then maybe as a second part to that. If it's not, is this something that could move up your timeline on being cash flow break-even next year, or is this something that could even meaningfully move up cash flow expectations? If you can just comment on kind of what your expectations are there, that'd be great. Thanks. Yeah. Hi. Thanks. This is not included in any of the guidance that you've seen throughout 2025 or the new guidance we provided for the final quarter this year. The impact that it would likely have would not be substantial to the degree that it would change our perspective on cash flow break-even from operations in the end of 2026. Okay. Understood. Thank you. And then maybe just a quick follow-up. I know your sales and marketing expense, it took a nice step down sequentially this quarter. I know you're still targeting the declines of at least 25% plus this year. But maybe as we look at each kind of line item in the operating expenses here, are these kind of good run rates to think about going forward, or is there still additional leverage that you can pull next year? I think you touched on it a little bit briefly, but if you can just talk a little bit more about it, that'd be great. Thanks. Yeah. Sure. As you pointed out, right, we've really optimized the spend and reduced significantly the sales and marketing costs. Quarter over quarter, but obviously, compared to last year, that's material. I think there's still some meaningful opportunity to take out some costs in two other areas, probably G&A. Another significant area, probably the most from an absolute dollar perspective, was in our costs and the delivery functioning. That's where we're likely going to be benefiting from the implementation of AI tools, both clinical operations, clinical delivery. We'll be able to scale the growth at a lower cost, and I think that will be visible throughout 2026 and beyond. One moment for our next question. Our next question comes from the line of John Park of Morgan Stanley. Your line is now open. Hey, guys. Thanks for taking my question. I know you guys talked about the cash flow break-even target in 2026. And also given the non-core divestitures that are conversations that are going on. If you had to prioritize or rank the factors going into that target, factors such as customer renewals, perhaps price increases, service mix. Maybe some other factors that I'm not considering right now, how would you rank those? Are you asking how we would rank those in consideration of our target for cash flow break-even next year, or how do we rank them purely from a top-to-bottom. Priority? Yeah. How would you prioritize those things? Obviously, the divesting non-core assets is probably going to get you a decent chunk there, but just wondering how. Any other factors to consider to reach that target. Yeah. The divestiture of those non-core assets will certainly help to focus the company on our core initiatives and would obviously provide some additional dry powder for the balance sheet on top of our $200 million that we just ended the quarter with. And again, we have no debt, so that gives us a little bit more leverage. But I think we primarily have to focus on client retention, ensuring that our platform is delivering and our teams are handling the requests, the growth, the other opportunities for ROI that our clients are demanding. So, I'd probably tell you retention is number one. And then, of course, some of the growth initiatives on the product side would then likely be ranked as the number two priority. Got it. I know you mentioned SOAR as kind of a way to implement more partners. Is there any areas or topics that you would not want to partner where you would want to just own outright versus integrate with a third party? So our service to our customers is the ability to help them under the brand create one customer acquisition cost gateway connected to programs of their choosing. The fact that we come out of the box with a very long list of solutions across the full continuum doesn't hurt. But even more exciting is the fact that we can very easily add anything they want to or their clients want to implement. So as long as our customers believe that the solution is legit, it's secure. It's compliant with different regulations, things of that nature, we would gladly implement it as part of their solution so they can benefit and monitor the value of such implementation. Great. Thank you. I'm showing no further questions at this time. I would now like to turn it back to Ido for closing remarks. Thank you, everyone, for joining. We really appreciate your time. It's interesting to see how relevant AmWell is in a time of great change. And it's exciting to see how this will grow even more as we go forward. Thank you again, and have a good evening. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Thank you.