Definitive Healthcare Corp (DH) 2022 Q4 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Definitive Healthcare Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，大家好，歡迎來到 Definitive Healthcare 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce you to your host, Matt Ruderman, General Counsel. Please go ahead.

現在我很高興向您介紹主持人，總法律顧問馬特·魯德曼 (Matt Ruderman)。請繼續。

Good afternoon, and thank you for joining us today to review Definitive Healthcare's Fourth Quarter 2022 Financial Results. Joining me on the call today are Robert Musslewhite, CEO; Jason Krantz, Founder and Executive Chairman; and Rick Booth, CFO.

下午好，感謝您今天加入我們，回顧 Definitive Healthcare 2022 年第四季度的財務業績。今天和我一起參加電話會議的是首席執行官 Robert Musslewhite； Jason Krantz，創始人兼執行主席；和首席財務官 Rick Booth。

During this call, we will make forward-looking statements, including, but not limited to, statements related to our market and future performance and growth opportunities, the benefits of our health care commercial intelligence solutions, our competitive position, customer behaviors, our financial guidance, our planned investments and the anticipated impacts of global macroeconomic conditions on our business results and clients and on the health care industry, generally. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections and elsewhere in our filings with the SEC. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the earnings release that we have just posted to the Investor Relations portions of our website.

在此次電話會議中，我們將做出前瞻性陳述，包括但不限於與我們的市場和未來業績及增長機會、我們的醫療保健商業智能解決方案的優勢、我們的競爭地位、客戶行為、我們的財務狀況相關的陳述指導、我們的計劃投資以及全球宏觀經濟狀況對我們的業務成果和客戶以及醫療保健行業的總體預期影響。任何前瞻性陳述都是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。前瞻性陳述涉及許多風險和不確定性，包括風險因素部分和我們提交給秒。實際結果可能與任何前瞻性陳述存在重大差異。公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能發生的事件的義務，法律要求的除外。有關更多信息，請參閱我們剛剛發佈到我們網站投資者關係部分的收益發布中包含的警告聲明。

Additionally, we will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release on the Investor Relations portions of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure.

此外，我們將在本次電話會議上討論非 GAAP 財務措施。請參閱我們網站投資者關係部分的收益發布中的表格，以了解這些指標與其最直接可比的 GAAP 財務指標的對賬情況。

With that, I'd like to turn the call over to Robert.

有了這個，我想把電話轉給羅伯特。

Thanks, Matt. I would like to thank all of you for joining us this afternoon to discuss Definitive Healthcare's fourth quarter results. On today's call, I will review our fourth quarter and full year results, offer some perspective on what we're seeing in the market and highlight some of the key value drivers of Definitive Healthcare's differentiated data and platform, and then Jason will highlight some of our latest product innovations.

謝謝，馬特。我要感謝大家今天下午加入我們討論 Definitive Healthcare 的第四季度業績。在今天的電話會議上，我將回顧我們的第四季度和全年業績，對我們在市場上看到的情況提出一些看法，並強調 Definitive Healthcare 差異化數據和平台的一些關鍵價值驅動因素，然後 Jason 將強調一些我們最新的產品創新。

We are pleased to have delivered strong fourth quarter results on both the top and bottom line, with revenue and adjusted EBITDA both exceeding the high end of our guidance range. Our total revenue was $60.6 million, which represents 31% year-over-year growth, and our adjusted EBITDA was $17.0 million, which translates into a 28% margin. For the full year 2022, total revenue was $222.7 million, which represents 34% year-over-year growth, and our adjusted EBITDA was $63.7 million, which translates into a 29% margin. Taken together, we delivered a Rule of 63 performance in 2022, which we believe highlights our powerful combination of growth and profitability.

我們很高興在第四季度的營收和利潤方面都取得了強勁的業績，收入和調整後的 EBITDA 均超過了我們指導範圍的高端。我們的總收入為 6060 萬美元，同比增長 31%，調整後的 EBITDA 為 1700 萬美元，相當於 28% 的利潤率。 2022 年全年總收入為 2.227 億美元，同比增長 34%，調整後的 EBITDA 為 6370 萬美元，利潤率為 29%。總而言之，我們在 2022 年實現了 63 條業績規則，我們認為這凸顯了我們強大的增長和盈利能力組合。

Before diving into the fourth quarter in more detail, I would like to take a moment to highlight some of our key accomplishments across 2022. I'm proud of our success in what became a difficult macroeconomic environment. Our mission is to transform data, analytics and expertise into health care commercial intelligence, and we made significant progress against each element of that mission in 2022, which will position the business for sustainable growth over time.

在更詳細地介紹第四季度之前，我想花點時間強調一下我們在 2022 年取得的一些主要成就。我為我們在艱難的宏觀經濟環境中取得的成功感到自豪。我們的使命是將數據、分析和專業知識轉化為醫療保健商業情報，我們在 2022 年針對該使命的每個要素都取得了重大進展，這將使業務隨著時間的推移實現可持續增長。

We started off 2022 by expanding our analytics capabilities with the acquisition of Analytical Wizards, and then we released Passport Express 6 months later. I'm particularly proud of the Passport Express release because it integrated the analytics from Analytical Wizards with Definitive Healthcare's industry-leading proprietary data set. The Passport product line extends our reach into both treatment pathway analytics and commercial marketing optimization while significantly increasing the value that we can provide to life science customers across their entire life cycle from research and development to product launch and commercial optimization.

我們從 2022 年開始通過收購 Analytical Wizards 擴展我們的分析能力，然後我們在 6 個月後發布了 Passport Express。我對 Passport Express 的發布感到特別自豪，因為它集成了來自 Analytical Wizards 的分析與 Definitive Healthcare 行業領先的專有數據集。 Passport 產品線將我們的影響範圍擴展到治療途徑分析和商業營銷優化，同時顯著增加了我們可以在生命科學客戶從研發到產品發布和商業優化的整個生命週期中為他們提供的價值。

In the middle of the year, we released the next generation of our expert identification solution, Monocl ExpertInsight 2.0, which added a number of significant capabilities to the platform and expanded our data set to include more than 13 million key opinion leaders. Perhaps most importantly, throughout the year, we continued to make significant investments in our data assets, increasing the breadth, depth and uniqueness of our data, which we recently repackaged as the new Atlas Dataset. Jason will provide some more detail on the Atlas Dataset and other fourth quarter innovations in a bit.

年中，我們發布了下一代專家識別解決方案 Monocl ExpertInsight 2.0，為該平台增加了多項重要功能，並將我們的數據集擴展到包括超過 1300 萬名關鍵意見領袖。也許最重要的是，在這一年中，我們繼續對我們的數據資產進行重大投資，增加我們數據的廣度、深度和獨特性，我們最近將其重新打包為新的 Atlas 數據集。 Jason 稍後將提供有關 Atlas 數據集和其他第四季度創新的更多詳細信息。

We accomplished all this in the midst of an economic backdrop that got progressively more challenging during the year. Conditions in the fourth quarter continued to exhibit what we saw in the third quarter with longer sales cycles, more stringent approval processes and a sizable number of deferred purchasing decisions. Also, like in the third quarter, we saw this dynamic in both new logo and upsell activity, and it remained more pronounced within the life sciences and provider markets.

我們在這一年變得越來越具有挑戰性的經濟背景下完成了這一切。第四季度的情況繼續表現出我們在第三季度看到的情況，即銷售週期更長、審批流程更嚴格以及大量推遲採購決定。此外，與第三季度一樣，我們在新標識和追加銷售活動中都看到了這種動態，並且在生命科學和供應商市場中更為明顯。

As we've discussed in the past, our commercial teams have been adapting to this new backdrop and those efforts are showing early signs of yielding benefits. We are particularly encouraged by the continued strength in demand generation. Our sales pipeline was at an all-time high entering January, and we have seen meaningful growth across all stages of the pipeline and in each vertical market. The increasing interest in the Definitive Healthcare platform is a strong validation of how mission critical we are to the success of our customers' operations.

正如我們過去所討論的那樣，我們的商業團隊一直在適應這種新的背景，這些努力正在顯示出產生效益的早期跡象。我們對需求生成的持續強勁感到特別鼓舞。進入 1 月份，我們的銷售渠道創下歷史新高，我們在渠道的各個階段和每個垂直市場都看到了有意義的增長。人們對 Definitive Healthcare 平台的興趣與日俱增，有力地證明了我們對客戶運營成功的重要性。

We also kicked off 2023 with a more vertically-aligned go-to-market function, which will help us do a better job of understanding and responding to client needs. I've been impressed with the team's early efforts to develop more in-depth account plans in the sales or upsell process, ensuring we understand and enfranchise all the key decision-makers who can impact the decision to avoid delays late in the cycle. These global account plans also enable us to pursue larger, more strategic customer engagements, and we are seeing early success with this strategy, with 1 life sciences customer now accounting for nearly $3 million of cumulative ARR across all of our product lines. All of these improvements will help us function more effectively against the more challenging backdrop.

我們還在 2023 年開始了一個更垂直對齊的上市功能，這將幫助我們更好地理解和響應客戶需求。我對團隊早期在銷售或追加銷售過程中製定更深入的客戶計劃的努力印象深刻，確保我們了解並授權所有可能影響決策的關鍵決策者，以避免在周期後期出現延誤。這些全球客戶計劃還使我們能夠追求更大規模、更具戰略性的客戶參與，我們看到這一戰略取得了早期成功，一位生命科學客戶現在在我們所有產品線中的累計 ARR 接近 300 萬美元。所有這些改進都將幫助我們在更具挑戰性的背景下更有效地運作。

Overall, we are pleased with what we achieved in 2022. We have continued to effectively grow and scale the business, exceeding $200 million in revenue and generating $54 million in free cash flow. We have continued to manage the business with a clear focus on maximizing our long-term success and value creation for customers and shareholders, and we enter 2023 having made some key improvements across data, analytics, expertise and with a commercial focus that will serve us well.

總的來說，我們對 2022 年取得的成就感到滿意。我們繼續有效地發展和擴大業務，收入超過 2 億美元，產生了 5400 萬美元的自由現金流。我們繼續管理業務，明確專注於最大化我們的長期成功和為客戶和股東創造價值，進入 2023 年，我們在數據、分析、專業知識和商業重點方面做出了一些關鍵改進，這將為我們服務出色地。

As we turn our attention forward to 2023 and beyond, we expect to continue to have success in the market as the Definitive Healthcare platform is increasingly seen as a must-have for any business looking to efficiently and effectively sell into the complex, fragmented $4 trillion U.S. health care market. This is not easy to do in the best of times, and it is even harder when the economy is weaker. The good news is that our platform is purpose-built to deliver this outcome to clients. We enable meaningful improvements in sales productivity by combining our proprietary affiliation data with claims data so customers can develop more granular sales territories, identify the right decision-makers and develop sales pitches that are targeted and effective. I would note that this is becoming even more important as life sciences and other companies increasingly leverage digital channels as part of their sales efforts.

隨著我們將注意力轉向 2023 年及以後，我們預計將繼續在市場上取得成功，因為 Definitive Healthcare 平台越來越被視為任何希望高效且有效地銷售複雜、分散的 4 萬億美元的企業的必備工具美國醫療保健市場。這在最好的時候不容易做到，在經濟疲軟的時候更難做到。好消息是，我們的平台專為向客戶提供這一成果而構建。我們通過將我們專有的從屬關係數據與索賠數據相結合，使銷售效率得到有意義的提高，這樣客戶就可以開發更精細的銷售區域，確定正確的決策者並製定有針對性和有效的銷售宣傳。我要指出的是，隨著生命科學和其他公司越來越多地利用數字渠道作為其銷售工作的一部分，這一點變得更加重要。

We also help customers maximize their R&D investments by helping them accurately assess and size market opportunities as well as to identify the most important experts in the field to increase the likelihood of a successful product launch. Part of what makes the Definitive Healthcare platform is so powerful is its ability to take the vast amount of data we collect, ensure it's accurate with our proprietary data science capabilities and make it easily accessible to business users. In order to be truly useful to a customer, data has to be actionable, and we believe there is no other platform in the market that provides the breadth and depth of actionable intelligence that we do.

我們還通過幫助客戶準確評估和確定市場機會以及確定該領域最重要的專家以增加成功推出產品的可能性，幫助客戶最大限度地提高研發投資。 Definitive Healthcare 平台之所以如此強大，部分原因在於它能夠獲取我們收集的大量數據，利用我們專有的數據科學功能確保數據準確無誤，並讓企業用戶可以輕鬆訪問這些數據。為了對客戶真正有用，數據必須是可操作的，我們相信市場上沒有其他平台可以提供我們所做的可操作情報的廣度和深度。

To show why customers are choosing Definitive Healthcare to tackle some of their most pressing business challenges, I would like to highlight a few of our key wins from the fourth quarter.

為了說明為什麼客戶選擇 Definitive Healthcare 來應對他們最緊迫的業務挑戰，我想強調一下我們在第四季度取得的一些關鍵勝利。

One of the world's largest and most renowned cancer treatment and research institutions purchased a multiyear enterprise subscription to inform their strategy for partnering with leading hospitals across the country. This client purchased subscriptions to HospitalView, PhysicianView, PhysicianGroupView and our Atlas All-Payor Claims data set.

世界上最大和最著名的癌症治療和研究機構之一購買了多年期企業訂閱，以告知他們與全國領先醫院合作的戰略。該客戶購買了 HospitalView、PhysicianView、PhysicianGroupView 和我們的 Atlas All-Payor Claims 數據集的訂閱。

A large biopharmaceutical company focused on the discovery, development and commercialization of RNA interference therapeutics purchased a multiyear enterprise subscription to our HospitalView and Atlas All-Payor Claims to design and execute a strategy for selling into integrated delivery networks.

一家專注於 RNA 干擾療法的發現、開發和商業化的大型生物製藥公司購買了我們的 HospitalView 和 Atlas All-Payor Claims 的多年企業訂閱，以設計和執行銷售到集成交付網絡的策略。

One of the world's largest cloud computing service providers purchased a subscription to our HospitalView product as they recently decided to enter the health care market after seeing a rise in data breach and ransom attacks in hospitals. As they look to build out a new sales and marketing team for health care, they chose to make Definitive Healthcare one of their first investments.

全球最大的雲計算服務提供商之一購買了我們的 HospitalView 產品的訂閱，因為他們最近在看到醫院的數據洩露和勒索攻擊增加後決定進入醫療保健市場。當他們希望為醫療保健建立新的銷售和營銷團隊時，他們選擇將 Definitive Healthcare 作為他們的首批投資之一。

Turning to upsell deals. The nation's oldest and largest association, dedicated to fighting heart disease and stroke, already use Definitive Healthcare Reference & Affiliation data to support their commercial efforts with hospitals and other facilities. In Q4, they added our Atlas All-Payor Claims product to monitor hospital heart failure, heart attack and stroke encounters by the number of procedures at each facility. Armed with this information, the association can better educate these facilities on how to improve care for patients facing severe heart ailments.

轉向追加銷售交易。美國歷史最悠久、規模最大的協會致力於抗擊心髒病和中風，它已經使用 Definitive Healthcare Reference & Affiliation 數據來支持他們在醫院和其他設施方面的商業努力。在第 4 季度，他們添加了我們的 Atlas All-Payor Claims 產品，以通過每個設施的程序數量來監控醫院的心力衰竭、心髒病發作和中風事件。有了這些信息，該協會就可以更好地教育這些機構如何改善對面臨嚴重心髒病患者的護理。

We also had a significant upsell deal at one of the nation's largest health insurance and service companies. We originally sold to the health care services business, which was using our PhysicianView and PhysicianGroupView products, to map physicians to provider organizations. In the fourth quarter, we expanded our contract to cover the entire organization and added multiple new products, including HospitalView, SurgeryCenterView, ImagingCenterView and ConnectedCareView. The organization also purchased our integration services to import our data into their internal data environments.

我們還在美國最大的健康保險和服務公司之一進行了一項重要的追加銷售交易。我們最初出售給醫療保健服務企業，該企業使用我們的 PhysicianView 和 PhysicianGroupView 產品，將醫生映射到提供者組織。在第四季度，我們將合同擴展到整個組織，並添加了多個新產品，包括 HospitalView、SurgeryCenterView、ImagingCenterView 和 ConnectedCareView。該組織還購買了我們的集成服務，以將我們的數據導入到他們的內部數據環境中。

At the world's largest private global pharmaceutical company, we have a 6-figure expansion of Passport promotional analytics into 2 new therapy areas where we previously did not have relationships. And as a result, the combined Definitive Healthcare ARR across all product lines at this company is now in excess of $1 million.

在世界上最大的私營全球製藥公司，我們將 Passport 促銷分析擴展到 2 個我們以前沒有關係的新治療領域，規模達到 6 位數。因此，該公司所有產品線的綜合 Definitive Healthcare ARR 現在超過 100 萬美元。

Finally, we more than doubled the size of our Monocl Expert Suite contract at one of the world's largest multinational pharmaceutical and biotechnology companies. This contract is now in excess of $1 million ARR, and our key opinion leader intelligence will be used by this company's entire global medical affairs team.

最後，我們將與世界上最大的跨國製藥和生物技術公司之一的 Monocl Expert Suite 合同規模擴大了一倍多。該合同現在的 ARR 超過 100 萬美元，我們的關鍵意見領袖情報將被該公司的整個全球醫療事務團隊使用。

Now I would like to look ahead at 2023. From a macro perspective, we expect 2023 will be similar to what we saw in the second half of 2022. Our financial outlook does not anticipate an improvement in the selling, upselling or renewing environment, and Rick will cover this financial outlook in more detail later.

現在我想展望 2023 年。從宏觀角度來看，我們預計 2023 年將與我們在 2022 年下半年看到的情況類似。我們的財務前景預計銷售、追加銷售或更新環境不會改善，並且里克稍後將更詳細地介紹這一財務前景。

That said, we are committed to focusing on the things we can control that will best position the company for the long term. We will accelerate investment in our data and platform to increase the insights we can provide to customers. Over the past 12 years, we have created unique and highly differentiated data sets and combined them with incredibly sophisticated analytics and decades of health care industry expertise.

也就是說，我們致力於專注於我們可以控制的事情，這些事情將使公司的長期定位最佳。我們將加快對數據和平台的投資，以增加我們可以為客戶提供的洞察力。在過去的 12 年裡，我們創建了獨特且高度差異化的數據集，並將它們與極其複雜的分析和數十年的醫療保健行業專業知識相結合。

Part of the power of our platform is our ability to quickly apply AI and sophisticated data science to our growing data set to create new solutions that solve more of our customers' business challenges. These investments are foundational to our long-term growth strategy and generate strong returns for us.

我們平台的部分力量在於我們能夠快速將人工智能和復雜的數據科學應用於我們不斷增長的數據集，以創建新的解決方案來解決更多客戶的業務挑戰。這些投資是我們長期增長戰略的基礎，並為我們帶來豐厚的回報。

We will build upon the success I mentioned earlier with our verticalization and global account team strategies. As we continue to invest in the capabilities of the Definitive Healthcare platform, the opportunities we have to deliver value to customers will only get bigger. We are at the early stages of a $10 billion-plus market opportunity and believe we can dramatically expand our wallet share with customers over time. Investing to capitalize on this land-and-expand opportunity will continue to be our primary focus.

我們將在我之前提到的成功的基礎上，通過我們的垂直化和全球客戶團隊戰略再接再厲。隨著我們繼續投資於 Definitive Healthcare 平台的功能，我們為客戶提供價值的機會只會越來越大。我們正處於 100 億美元以上市場機會的早期階段，相信隨著時間的推移，我們可以顯著擴大我們在客戶中的錢包份額。投資以利用這個土地和擴張的機會將繼續是我們的主要重點。

Finally, we will continue to prudently manage our cost structure to fund these growth initiatives while maintaining our attractive margin profile. We have built a highly scalable and efficient business model that is highly cash generative. Prioritizing investments and rigorously measuring the returns we generate from a dollar spent is an important part of our success. Our ability to invest in our long-term priorities in a more challenging environment increases our competitive moat and long-term growth opportunity.

最後，我們將繼續審慎管理我們的成本結構，為這些增長計劃提供資金，同時保持我們有吸引力的利潤率。我們已經建立了一個高度可擴展且高效的商業模式，該模式具有很高的現金生成能力。確定投資的優先順序並嚴格衡量我們從花費的一美元中獲得的回報是我們成功的重要組成部分。我們在更具挑戰性的環境中投資於我們的長期優先事項的能力增加了我們的競爭護城河和長期增長機會。

Now I'd like to turn the call over to Jason to talk about recent product innovation highlights.

現在我想把電話轉給 Jason，談談最近的產品創新亮點。

Thanks, Robert. I'd like to start by sharing some exciting news about the Atlas Dataset, which we announced to the market on February 2. Composed of multiple data sets, including Atlas Reference & Affiliations data, Atlas All-Payor Claims data, Atlas Prescription Claims data and Atlas Experts data, the Atlas Dataset provides a longitudinal, comprehensive and complete picture of the health care market.

謝謝，羅伯特。首先，我想分享一些關於 Atlas 數據集的激動人心的消息，我們於 2 月 2 日向市場發布了該數據集。由多個數據集組成，包括 Atlas 參考和附屬數據、Atlas 所有付款人索賠數據、Atlas 處方索賠數據和 Atlas Experts 數據，Atlas 數據集提供了醫療保健市場的縱向、全面和完整的圖景。

Over the 12 years since I founded Definitive Healthcare, we've been recognized as a leader in reference and affiliations data, providing a complete view of the U.S. health care ecosystem and have continued to build upon that foundation with our investment in new data types and data science, helping clients gain unique intelligence on health care entities. And we're excited to now package up all that data that our clients know and love into the Atlas Dataset.

自從我創立 Definitive Healthcare 以來的 12 年裡，我們一直被公認為參考和附屬數據的領導者，提供美國醫療保健生態系統的完整視圖，並通過我們對新數據類型的投資繼續建立在這個基礎上，數據科學，幫助客戶獲得有關醫療保健實體的獨特情報。現在，我們很高興能夠將客戶了解和喜愛的所有數據打包到 Atlas 數據集中。

With the Atlas Dataset, we're empowering customers to make strategic enterprise-wide, data-driven decisions based on comprehensive, up-to-date intelligence on the complex and broad health care ecosystem. Combining multiple data sets of more than 15 million health care experts and professionals and 300,000 health care organizations, the Atlas Dataset has multiple components, including: Atlas Reference & Affiliations, which provides clients with unique visibility into the operations of and connections between health care providers and health care organizations. This data set spans more than 30 reference categories, including executive contact information, physical locations, care quality, technology infrastructure and more.

借助 Atlas 數據集，我們使客戶能夠根據關於復雜而廣泛的醫療保健生態系統的全面、最新的情報，制定企業範圍內的戰略性、數據驅動的決策。 Atlas 數據集結合了超過 1500 萬醫療保健專家和專業人士以及 300,000 家醫療保健組織的多個數據集，具有多個組成部分，包括：和衛生保健組織。該數據集涵蓋 30 多個參考類別，包括高管聯繫信息、物理位置、護理質量、技術基礎設施等。

Secondly, Atlas All-Payor Claims, previously known as our ClaimsMx product, contains billions of de-identified, patient-level data points that enable longitudinal analysis of health care activity across all sites of care. This data includes claims for facilities and physicians across all payers, including commercial, Medicare, Medicaid and other federal programs. We recently expanded our Atlas All-Payor Claims coverage significantly, including double-digit increases in key areas such as rare disease, oncology and chronic conditions.

其次，Atlas All-Payor Claims，以前稱為我們的 ClaimsMx 產品，包含數十億個去識別化的患者級數據點，可以對所有醫療場所的醫療保健活動進行縱向分析。該數據包括所有付款人的設施和醫生的索賠，包括商業、醫療保險、醫療補助和其他聯邦計劃。我們最近顯著擴大了 Atlas All-Payor 索賠覆蓋範圍，包括罕見疾病、腫瘤學和慢性病等關鍵領域的兩位數增長。

Thirdly, Atlas Prescription Claims, formerly known as our ClaimsRx product, contains billions of all-payer life cycle pharmacy and direct prescription claims so users can understand the volume of claims that are paid, rejected and reversed. When coupled with the broader Atlas Dataset, our claims products provide Definitive Healthcare customers with industry-leading intelligence on provider behavior, providers' affiliation and referral patterns, patient care and the activities taking place within a facility. As a result, clients can more easily find underdiagnosed patients, gain deeper insight into longitudinal patient journeys, leverage more accurate data in HEOR analytics and access more precise commercial targeting.

第三，Atlas Prescription Claims，以前稱為我們的 ClaimsRx 產品，包含數十億的全支付生命週期藥房和直接處方索賠，因此用戶可以了解已支付、拒絕和撤銷的索賠量。當與更廣泛的 Atlas 數據集結合使用時，我們的理賠產品可為 Definitive Healthcare 客戶提供有關供應商行為、供應商從屬關係和轉診模式、患者護理以及設施內發生的活動的行業領先情報。因此，客戶可以更輕鬆地找到診斷不足的患者，更深入地了解縱向患者旅程，在 HEOR 分析中利用更準確的數據並獲得更精確的商業目標。

Finally, Atlas Experts, which contains information on more than 13 million global key opinion leaders, scientific researchers and health care providers. The data set also includes millions of data points from publications, clinical trials, social media activity and news outlets so clients can get an accurate understanding of the scientific activity and key providers for virtually any therapy area or disease state.

最後是 Atlas Experts，其中包含超過 1300 萬全球關鍵意見領袖、科學研究人員和醫療保健提供者的信息。該數據集還包括來自出版物、臨床試驗、社交媒體活動和新聞媒體的數百萬個數據點，因此客戶可以準確了解幾乎任何治療領域或疾病狀態的科學活動和主要提供者。

As part of the Atlas Dataset launch, not only did we significantly expand our coverage but we also refined the methodology that we use to master payer and patient data while implementing additional layers of data science to deliver more detailed and granular reporting and increased accuracy. Our plan is to continually expand and improve the Atlas Dataset by adding new data types as well as to continue to develop more sophisticated data science to help our customers instantly access the insight they need to drive the growth of their businesses.

作為 Atlas 數據集發布的一部分，我們不僅顯著擴大了我們的覆蓋範圍，而且還改進了我們用來掌握付款人和患者數據的方法，同時實施額外的數據科學層以提供更詳細和更精細的報告並提高準確性。我們的計劃是通過添加新的數據類型以及繼續開發更複雜的數據科學來不斷擴展和改進 Atlas 數據集，以幫助我們的客戶立即獲得推動業務增長所需的洞察力。

For example, just last week, our executive profiles crossed the 1 million threshold, thanks to the hard work from our data collection teams. Our in-depth, industry-leading executive profiles cover executives and administrators at all levels of health care organizations and, when combined with our world-class Reference & Affiliations data, allows our customers to not only find the right executive target but to deliver a message that hits that mark every time.

例如，就在上週，由於我們數據收集團隊的辛勤工作，我們的高管資料突破了 100 萬的門檻。我們深入的、行業領先的高管檔案涵蓋了各級醫療保健組織的高管和管理人員，當與我們世界一流的參考和從屬關係數據相結合時，我們的客戶不僅可以找到合適的高管目標，還可以提供每次都擊中那個標記的消息。

This is just one example of Definitive Healthcare's innovation flywheel, which allows us to quickly and continuously build out new data sets, new analytics and new functionality to drive more value for our customers and continue to sell more use cases across our clients' organizations. This results in a higher ROI and the ability for our customers to reach that ROI more quickly which, in this market environment, is absolutely critical.

這只是 Definitive Healthcare 創新飛輪的一個例子，它使我們能夠快速、持續地構建新數據集、新分析和新功能，為我們的客戶創造更多價值，並繼續在我們客戶的組織中銷售更多用例。這會帶來更高的投資回報率，並使我們的客戶能夠更快地達到該投資回報率，這在這種市場環境中絕對至關重要。

The impact that we are having on our customers is highlighted in the results of an independent market and customer research study that we completed in the fourth quarter. At a summary level, the Atlas Dataset ranked first or second in every single one of the top 10 use cases for health care reference and affiliation data.

我們在第四季度完成的獨立市場和客戶研究的結果突出了我們對客戶的影響。總的來說，Atlas 數據集在醫療保健參考和附屬數據的前 10 個用例中的每個用例中都排名第一或第二。

This shows up more specifically as follows: within life sciences, Definitive Healthcare ranked first or second out of 9 companies as the best option in multiple categories, including, comprehensive quality clinical and financial metrics, total addressable market analysis and identifying new physicians or health care organizations. In fact, biotech and medical device respondents ranked Definitive Healthcare as having the best intelligence to understand parent-child relationships by a 2:1 margin over the competition. Even more importantly, Definitive Healthcare users, which includes current and previous customers, ranked Definitive Healthcare as having the best intelligence to understand these relationships by a 3:1 margin over competing solutions.

具體如下：在生命科學領域，Definitive Healthcare 在 9 家公司中排名第一或第二，成為多個類別的最佳選擇，包括綜合質量臨床和財務指標、總體可尋址市場分析以及確定新醫生或醫療保健組織。事實上，生物技術和醫療設備受訪者將 Definitive Healthcare 評為在理解親子關係方面擁有最好的情報，比競爭對手高出 2:1。更重要的是，包括當前和以前客戶在內的 Definitive Healthcare 用戶將 Definitive Healthcare 評為具有理解這些關係的最佳情報，比競爭解決方案高出 3:1。

Finally, more than 90% of life science respondents said that the completeness, accuracy and ease of accessing reference and affiliation data are the most important evaluation criteria of health care data and analytics providers which, of course, plays right into our unique strengths.

最後，超過 90% 的生命科學受訪者表示，訪問參考和隸屬數據的完整性、準確性和易用性是醫療保健數據和分析提供商最重要的評估標準，當然，這恰好發揮了我們的獨特優勢。

Looking forward, the same survey showed that there is still plenty of opportunity for Definitive Healthcare to grow our business as nearly half of the respondents said their organizations are spending too much time managing and matching data across data sets. This is a problem we can help them with.

展望未來，同一項調查顯示，Definitive Healthcare 仍有大量機會發展我們的業務，因為近一半的受訪者表示他們的組織花費了太多時間來管理和匹配數據集的數據。這是我們可以幫助他們解決的問題。

As you can tell, I'm tremendously excited about what we learned in this survey as it shows the tremendous need for health care commercial intelligence and that Definitive Healthcare is perceived as a leader in that market, putting us in a perfect position to take advantage of the opportunity.

如您所知，我對我們在本次調查中了解到的信息感到非常興奮，因為它顯示了對醫療保健商業情報的巨大需求，而且 Definitive Healthcare 被認為是該市場的領導者，使我們處於充分利用的位置的機會。

I'd now like to turn it over to our CFO, Rick Booth, to walk through Definitive Healthcare's financial performance in more detail.

我現在想把它交給我們的首席財務官 Rick Booth，以更詳細地介紹 Definitive Healthcare 的財務業績。

Thanks, Jason. I'll start with a detailed review of our Q4 results before finishing with our guidance for Q1 and full year 2023. As always, in all my remarks, I will be discussing our results on a non-GAAP basis, unless otherwise noted.

謝謝，傑森。在完成我們對第一季度和 2023 年全年的指導之前，我將首先詳細回顧我們的第四季度業績。一如既往，在我的所有評論中，除非另有說明，否則我將在非公認會計原則的基礎上討論我們的業績。

Our strong business model allowed us to deliver solid results in Q4, highlighted by strong revenue growth and profitability despite the continuing economic conditions. Highlights include: 31% revenue growth compared to Q4 2021, 28% adjusted EBITDA margin and a 24% unlevered free cash flow margin over the last 12 months. And revenue growth plus the trailing 12-month unlevered free cash flow margin was 55%, putting us well above the Rule of 40.

我們強大的商業模式使我們能夠在第四季度取得穩健的業績，儘管經濟狀況持續，收入增長和盈利能力依然強勁。亮點包括：與 2021 年第四季度相比收入增長 31%，調整後 EBITDA 利潤率為 28%，過去 12 個月的無槓桿自由現金流利潤率為 24%。收入增長加上過去 12 個月的無槓桿自由現金流利潤率為 55%，使我們遠高於 40 的規則。

Turning to our results in more detail. Revenue for the fourth quarter was $60.6 million, up 31% from prior year and 4% above the midpoint of our guidance. This performance was driven by strong organic innovation and execution as in the fourth quarter, we demonstrated our deepening analytics capabilities by delivering some large projects for global pharmaceutical clients. Pro forma organic revenue growth was 21% in the quarter and 27% for the full year.

更詳細地轉向我們的結果。第四季度的收入為 6060 萬美元，比去年同期增長 31%，比我們的指引中點高出 4%。這一業績是由強大的有機創新和執行推動的，因為在第四季度，我們通過為全球製藥客戶交付一些大型項目展示了我們不斷深化的分析能力。本季度預計有機收入增長 21%，全年增長 27%。

We ended the quarter with 538 enterprise customers, which we define as customers with at least $100,000 in ARR. This was an increase of 121 enterprise customers or 29% year-over-year and an increase of 34 enterprise customers from the previous quarter. As a reminder, these customers represent the majority of our ARR and are a key focus of our go-to-market programs. Our total customer count, which includes smaller customers, was 3,047 at the end of Q4, up from 2,865 in Q4 of 2021.

我們在本季度結束時擁有 538 家企業客戶，我們將這些客戶定義為 ARR 至少為 100,000 美元的客戶。這比去年同期增加了 121 個企業客戶或 29%，比上一季度增加了 34 個企業客戶。提醒一下，這些客戶代表了我們 ARR 的大部分，並且是我們上市計劃的重點。截至第四季度末，我們的客戶總數（包括較小的客戶）為 3,047，高於 2021 年第四季度的 2,865。

Overall, economic conditions continued to be challenging in Q4. Despite the continuing headwinds, we believe new business and expansion opportunities remain strong even if realization is slightly delayed in this environment.

總體而言，第四季度的經濟狀況繼續充滿挑戰。儘管逆風持續，我們相信新業務和擴張機會仍然強勁，即使在這種環境下實現略有延遲。

Gross profit was $53.4 million, up 31% from Q4 2021, and gross margin of 88.2% increased 31 basis points from Q4 2021 as our prior year investments in Prescription Claims data scaled. We invested in additional data sources earlier this year and we expect to see approximately 200 to 300 basis points of temporary gross margin compression for full year 2023 as these sources come online. Because 2 large data sources came online in January, the margin pressure is expected to be greatest in the first half of the year.

毛利潤為 5340 萬美元，比 2021 年第四季度增長 31%，毛利率為 88.2%，比 2021 年第四季度增長 31 個基點，因為我們去年對處方藥索賠數據的投資有所擴大。今年早些時候，我們投資了額外的數據來源，隨著這些來源的上線，我們預計 2023 年全年毛利率將暫時壓縮約 200 至 300 個基點。由於1月份有2大數據源上線，預計上半年利潤率壓力最大。

Sales and marketing expense was $21.1 million, up 33% from Q4 2021. As a percentage of revenue, sales and marketing expense was 35% of revenue, up 44 basis points from Q4 2021. The year-over-year increase is a result of modest investment in our go-to-market organization, primarily focused on continued verticalization of our sales and marketing teams.

銷售和營銷費用為 2110 萬美元，比 2021 年第四季度增長 33%。銷售和營銷費用佔收入的百分比為 35%，比 2021 年第四季度增長 44 個基點。同比增長是由於對我們的上市組織進行適度投資，主要側重於我們的銷售和營銷團隊的持續垂直化。

Product development expense was $7.5 million, up 50% year-over-year. As a percentage of revenue, product development expense was 12% of revenue, up from 11% in Q4 2021. We believe that investing in our platform and using our existing data sets to launch or enhance multiple products is a highly effective and efficient way for us to increase the value we deliver to customers. Robert and Jason touched on some examples of these earlier, and we expect to continue to invest in the multiple opportunities we have identified on our long-term product road map.

產品開發費用為 750 萬美元，同比增長 50%。產品開發費用佔收入的百分比為 12%，高於 2021 年第四季度的 11%。我們認為，投資我們的平台並使用我們現有的數據集來推出或增強多種產品是一種非常有效和高效的方式我們增加我們為客戶提供的價值。羅伯特和傑森早些時候談到了其中的一些例子，我們希望繼續投資於我們在長期產品路線圖上確定的多個機會。

G&A expense was $8.1 million, up 16% from Q4 2021. As a percentage of revenue, G&A expenses were 13% of revenue, down approximately 180 basis points from 15% in Q4 2021. We expect to see continued leverage from G&A, both because these costs are relatively fixed as well as due to ongoing efforts to lower administrative costs.

G&A 費用為 810 萬美元，比 2021 年第四季度增長 16%。作為收入的百分比，G&A 費用佔收入的 13%，比 2021 年第四季度的 15% 下降約 180 個基點。我們預計 G&A 將繼續發揮槓桿作用，這都是因為這些費用相對固定，而且是由於不斷努力降低行政費用。

Operating income was $16.3 million, up 33% from Q4 of 2021. As a percentage of revenue, operating income was 27% of revenue, up approximately 50 basis points versus Q4 2021. The year-over-year margin improvement was a result of favorable gross margin, as noted, as well as an approximately 180 basis point decline in G&A costs. These were partially offset by approximately 40 basis points of continued investment in sales and marketing and approximately 160 basis points of innovation investments in product and development.

營業收入為 1630 萬美元，比 2021 年第四季度增長 33%。營業收入佔收入的百分比為 27%，比 2021 年第四季度增長約 50 個基點。同比利潤率提高是有利的結果如前所述，毛利率以及 G&A 成本下降約 180 個基點。這些部分被約 40 個基點的銷售和營銷持續投資以及約 160 個基點的產品和開發創新投資所抵消。

Adjusted EBITDA was $17 million, a 30% increase from Q4 2021. As a percentage of revenue, adjusted EBITDA was 28% of revenue, approximately the same as Q4 2021. As we move through 2023, we will continue to look for areas in which we can reallocate investments to optimize growth while delivering adjusted EBITDA margins consistent with the Q4 run rate despite the impact of gross margin pressures noted above.

調整後的 EBITDA 為 1,700 萬美元，比 2021 年第四季度增長 30%。調整後的 EBITDA 佔收入的百分比為 28%，與 2021 年第四季度大致相同。到 2023 年，我們將繼續尋找能夠儘管受到上述毛利率壓力的影響，我們可以重新分配投資以優化增長，同時提供與第四季度運行率一致的調整後 EBITDA 利潤率。

Net income in Q4 was $10.5 million or $0.07 per diluted share based on 154 million weighted average shares outstanding.

基於 1.54 億股加權平均流通股，第四季度的淨收入為 1050 萬美元或每股攤薄收益 0.07 美元。

Turning to cash flow. Definitive's high margins, upfront billing and low CapEx requirements provide substantial free cash flow generation. We focus on trailing 12-month cash flows due to seasonality. Operating cash flows were $35.6 million on a trailing 12-month basis, up 41% from $25.5 million in the comparable period a year ago. Unlevered free cash flow was $54.2 million on a trailing 12-month basis, down 2% from the comparable period a year ago. Unlevered free cash flow was 24% of revenue on a TTM basis, effectively converting 85% of our adjusted EBITDA of $63.7 million for the same period into cash. Like any SaaS company, when bookings growth slows, so does deferred revenue, which is the biggest driver of unlevered free cash flows. As growth rates stabilize and recover, so should unlevered free cash flow.

轉向現金流。 Definitive 的高利潤率、預付款和低資本支出要求提供了大量的自由現金流。由於季節性，我們關注過去 12 個月的現金流量。過去 12 個月的運營現金流為 3560 萬美元，比去年同期的 2550 萬美元增長了 41%。過去 12 個月的無槓桿自由現金流為 5420 萬美元，比去年同期下降 2%。按 TTM 計算，無槓桿自由現金流佔收入的 24%，有效地將同期調整後 EBITDA 的 6370 萬美元的 85% 轉化為現金。與任何 SaaS 公司一樣，當預訂增長放緩時，遞延收入也會放緩，這是無槓桿自由現金流的最大驅動力。隨著增長率穩定和恢復，無槓桿自由現金流也應如此。

On the balance sheet, we ended the quarter with $332 million in cash and short-term investments with only $266 million of debt. And with our strong profitability, we are well positioned to fund both organic and inorganic growth initiatives. Current revenue performance obligations of $183.5 million were up 18% year-over-year, and total revenue performance obligations were up 11% year-over-year. Deferred revenue of $99.9 million was up 19% year-over-year. You will note that cRPO and deferred revenue grew more slowly than revenue, and you saw that show up in unlevered free cash flow, as I mentioned before.

在資產負債表上，我們在本季度結束時擁有 3.32 億美元的現金和短期投資，只有 2.66 億美元的債務。憑藉我們強大的盈利能力，我們有能力為有機和無機增長計劃提供資金。當前收入履約義務為 1.835 億美元，同比增長 18%，總收入履約義務同比增長 11%。遞延收入為 9990 萬美元，同比增長 19%。你會注意到 cRPO 和遞延收入的增長比收入增長慢，而且你看到它出現在無槓桿的自由現金流中，正如我之前提到的。

Moving now to guidance for Q1. We believe it's prudent to assume that current conditions extend through the first quarter as well. Assuming this is the case, in Q1, we would expect total revenues of $56.5 million to $58.5 million for a growth rate between 13% and 17%, adjusted operating income of $13.5 million to $14.5 million, adjusted EBITDA of $15 million to $16 million for a 27% adjusted EBITDA margin and adjusted net income of $6.5 million to $7.5 million or $0.03 to $0.05 per diluted share on 154.5 million weighted average shares outstanding.

現在轉向第一季度的指導。我們認為，謹慎的做法是假設當前情況也將持續到第一季度。假設情況如此，在第一季度，我們預計總收入為 5650 萬美元至 5850 萬美元，增長率在 13% 至 17% 之間，調整後的營業收入為 1350 萬美元至 1450 萬美元，調整後的 EBITDA 為 1500 萬美元至 1600 萬美元27% 的調整後 EBITDA 利潤率和調整後的淨收入為 650 萬美元至 750 萬美元，或 1.545 億股加權平均流通股每股攤薄收益 0.03 美元至 0.05 美元。

For the full year 2023, we expect revenue of $249 million to $255 million for a growth rate of 12% to 15%. This assumes current conditions continue throughout 2023, and this growth will be almost entirely organic. As we owned Analytical Wizards for all but 2 months of the prior year, it will contribute less than 100 basis points to growth.

對於 2023 年全年，我們預計收入為 2.49 億美元至 2.55 億美元，增長率為 12% 至 15%。這是假設目前的情況將持續到 2023 年，並且這種增長幾乎完全是有機的。由於我們在前一年只有 2 個月的時間擁有 Analytical Wizards，因此它對增長的貢獻不到 100 個基點。

As we move through 2023, we will keep a careful eye on costs and operating efficiency to ensure we drive growth in the most efficient ways possible. When we see revenue upside, we will try to reinvest it to deliver efficient growth while also ensuring that we continue to deliver attractive margins. Following this strategy, adjusted operating profit is expected to be between $61.5 million and $65.5 million; adjusted EBITDA is expected to be between $67 million and $71 million for a full year margin of 27% to 28%; and adjusted net income is expected to be between $30 million and $34 million, providing earnings per share of $0.19 to $0.23 on 155.5 weighted average shares outstanding.

隨著 2023 年的到來，我們將密切關注成本和運營效率，以確保我們以盡可能最有效的方式推動增長。當我們看到收入上升時，我們將嘗試對其進行再投資以實現高效增長，同時確保我們繼續提供有吸引力的利潤率。按照這一戰略，調整後的營業利潤預計在 6150 萬美元至 6550 萬美元之間；調整後的 EBITDA 預計在 6700 萬美元至 7100 萬美元之間，全年利潤率為 27% 至 28%；調整後的淨收入預計在 3000 萬美元至 3400 萬美元之間，按 155.5 股加權平均流通股計算，每股收益為 0.19 美元至 0.23 美元。

Within this guidance, the key expected cost drivers are the gross margin impact of the new data sources coming online early in the first quarter, the annualization of expenses associated with people hired in 2022, the impact of cost of living expenses on employee wages and selective investment in the very highest growth priorities. We expect these costs will be partially offset by continued efficiencies in costs not directly associated with revenue growth.

在本指南中，主要的預期成本驅動因素是第一季度初上線的新數據源對毛利率的影響、與 2022 年僱用人員相關的費用年化、生活費用對員工工資的影響以及選擇性投資於最重要的增長重點。我們預計這些成本將被與收入增長不直接相關的成本的持續效率部分抵消。

So to summarize, 2022 was a solid year for Definitive Healthcare despite economic headwinds and uncertainty. We're well positioned for the long term because we've developed a clear leadership position in a large and attractive market that we believe will support high levels of predictable revenue growth, profitability and capital efficiency.

總而言之，儘管經濟逆風和不確定性，2022 年對 Definitive Healthcare 來說是穩健的一年。從長遠來看，我們處於有利地位，因為我們已經在一個龐大而有吸引力的市場中確立了明確的領導地位，我們相信這將支持高水平的可預測收入增長、盈利能力和資本效率。

And with that, I'll hand it back to Robert for a few closing thoughts before we take questions.

然後，在我們提出問題之前，我會把它交還給羅伯特，讓他做一些總結性的想法。

Thanks, Rick. Before opening the call for questions, I just wanted to share how proud I am of our employees and the culture and community they have created and continue to cultivate. It is a testament to them that we continue to receive important honors and recognition, including having been awarded the 2023 Best Places to Work in Boston Award from Built In; the Energage 2023 Top Workplaces Culture Excellence Award; the 2022 Stevie Award for Great Employers; and for the sixth consecutive year, the 2022 Top Place to Work by the Boston Globe.

謝謝，里克。在開始提問之前，我只想分享一下我對我們的員工以及他們創造並繼續培養的文化和社區感到多麼自豪。這是對他們的證明，我們繼續獲得重要的榮譽和認可，包括被 Built In 授予 2023 年波士頓最佳工作場所獎； Energage 2023 頂級職場文化卓越獎； 2022 年 Stevie 傑出雇主獎；並連續第六年被波士頓環球報評為 2022 年最佳工作場所。

Another area of pride is our commitment to our community where the volunteer work and generosity of our employees earned us recognition as a top charitable contributor in Massachusetts by the Boston Business Journal, and where last year, our employees had over 3,400 volunteer hours and we donated nearly $500,000 to charitable organizations. And to further our mission and action towards sustainability and transparency, we are proud to have joined the United Nations Global Compact, the largest corporate sustainability initiative in the world.

另一個值得驕傲的領域是我們對社區的承諾，我們員工的志願工作和慷慨為我們贏得了波士頓商業雜誌認可的馬薩諸塞州頂級慈善捐助者，去年，我們的員工有超過 3,400 小時的志願者時間，我們捐贈了近 500,000 美元捐給慈善組織。為了進一步推動我們實現可持續性和透明度的使命和行動，我們很自豪地加入了聯合國全球契約，這是世界上最大的企業可持續性倡議。

As we look ahead to 2023, I expect our team to continue to do valuable work not only in their roles at Definitive Healthcare but also in sustaining our strong culture and in making a difference outside the office and our communities.

展望 2023 年，我希望我們的團隊不僅在 Definitive Healthcare 的角色中繼續做有價值的工作，而且在維持我們強大的文化以及在辦公室和社區之外做出改變。

With that, we'll open the line for questions. Operator?

有了這個，我們將打開問題熱線。操作員？

(Operator Instructions) Our first question comes from the line of David Grossman from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 David Grossman。

I know it's a really difficult environment to forecast anything right now. But as you obviously had to come up with guidance for 2023, so as you think about the assumptions that you're making that underlie that guidance, where do you think are the areas where you could have the most variability, whether it be kind of positively or negatively, relative to the assumptions that you're using?

我知道現在很難預測任何事情。但是，由於您顯然必須提出 2023 年的指導，所以當您考慮您正在做的假設是該指導的基礎時，您認為哪些領域可能具有最大的可變性，無論是某種相對於您使用的假設是積極的還是消極的？

Well, we have an extremely predictable business model so we're very lucky in that the new bookings is the most variable component. That's actually a little bit derisked in the guidance that we've provided. And we expect that we'll see some uptick as we get into the second half of the year as the economy improves. But that's the widest variability that we have.

嗯，我們有一個非常可預測的商業模式，所以我們很幸運，因為新預訂是變化最大的部分。在我們提供的指導中，這實際上有點被貶低了。我們預計，隨著經濟的改善，我們會在進入下半年時看到一些增長。但這是我們擁有的最廣泛的可變性。

And I saw the deck that came out during the call. So it looks like, obviously, revenue retention went down consistent with the backdrop and everything you've been saying. So as we think about 2023, should we think about retention, no improvement, meaning that the retention levels would look similar to 2022? Or should we expect to see some improvement in the back half of the year?

我看到了通話期間出現的甲板。所以看起來，很明顯，收入保留率下降與背景和你一直在說的一切一致。因此，當我們考慮 2023 年時，我們是否應該考慮留存率，沒有改善，這意味著留存率水平看起來與 2022 年相似？還是我們應該期望在今年下半年看到一些改善？

David, can you hear me? It's Robert.

大衛，你能聽到我說話嗎？是羅伯特。

I can, yes.

我可以，是的。

Okay. Great. From a math perspective, here's what we did. We basically looked ahead. We now have another quarter of information on how things went last year. And like Rick said, it looked a lot like Q3 last year. We don't have any reason to believe it's going to differ from the quarter we just saw and the quarter before that. So we've assumed that, that environment is going to continue for the rest of this year.

好的。偉大的。從數學的角度來看，這就是我們所做的。我們基本上是向前看的。我們現在有了另外四分之一的信息，了解去年的情況。正如里克所說，它看起來很像去年的第三季度。我們沒有任何理由相信它會與我們剛剛看到的季度和之前的季度有所不同。所以我們假設，這種環境將在今年餘下的時間裡持續下去。

To Rick's point, there are things that can change across the year. If the macro environment improves, we would see better new sales and upsell. That would have some effect this year, obviously, but it will primarily have an impact on 2024 revenues because, like Rick said, our business model is set up so that commercial performance in 1 year really does lock in commercial performance in the following year.

就 Rick 而言，有些事情會在一年中發生變化。如果宏觀環境改善，我們將看到更好的新銷售和追加銷售。顯然，這將在今年產生一些影響，但它主要會對 2024 年的收入產生影響，因為正如 Rick 所說，我們的商業模式已經建立，因此 1 年的商業業績確實會鎖定下一年的商業業績。

You asked about retention. Retention can impact the year, obviously, if it were to really change, but our retention rates have been reasonably consistent year-over-year. Certainly, we see a little bit more, especially for small bio of late where we've seen mostly financial distress cases that have popped up, and we try to work with them and try to keep them as much as we can, obviously. But sometimes, you just end up in a place where you can't get to an agreement on what that means and you lose the client, and that's a bummer. But I don't think we'd expect to see that number move markedly in such a way that it would impact drastically the projections we put out now.

你問的是留存率。很明顯，如果真的發生變化，留存率會影響這一年，但我們的留存率與去年同期相比一直相當穩定。當然，我們看到的更多一點，特別是最近我們看到的大多數財務困境案例都出現了，我們試圖與他們合作，並儘可能地保留他們，顯然。但有時，你最終會陷入無法就這意味著什麼達成一致的境地，然後你就會失去客戶，這真令人失望。但我不認為我們會期望看到這個數字的顯著變化會嚴重影響我們現在提出的預測。

So a long way of saying, look, there's a lot of variability. We do our best to predict it. We made assumptions based on what we knew, looking back and what we feel going forward and feel good about that.

這麼長的說法，看，有很多可變性。我們盡力預測它。我們根據我們所知道的，回顧過去以及我們對未來的感受和感覺良好的情況做出了假設。

All right. Got it. And just about the 1Q guidance, can you help us understand, it looks like we're going to be down sequentially. Is there some anomaly there? I know seasonally, that's not typically the case. So is that just kind of consistent with everything we've been saying? Or is there some anomaly in there that's taken the revenue down sequentially?

好的。知道了。關於第一季度的指導，你能幫助我們理解嗎，看起來我們會依次下降。那裡有什麼異常嗎？我知道季節性，通常情況並非如此。那麼這是否與我們一直在說的一切一致？還是那裡有一些異常導致收入連續下降？

There's a seasonality effect, particularly in the small amount of professional services that we do have in our model. We completed a number of significant analytics projects for large pharma companies in the fourth quarter, and we don't expect that to recur in the first quarter. That's a pretty consistent year-over-year trend within the Analytical Wizards business that we acquired last year.

存在季節性影響，特別是在我們模型中確實擁有的少量專業服務中。我們在第四季度為大型製藥公司完成了一些重要的分析項目，我們預計第一季度不會再出現這種情況。在我們去年收購的 Analytical Wizards 業務中，這是一個非常一致的年度趨勢。

Got it. Okay. And then just one last thing, Rick. I didn't catch the cRPO number that you gave. Do you mind repeating that?

知道了。好的。最後一件事，瑞克。我沒聽清您提供的 cRPO 編號。你介意重複一遍嗎？

Yes. The cRPO number was $183.5 million, up 18% year-over-year.

是的。 cRPO 數字為 1.835 億美元，同比增長 18%。

Our next question comes from the line of Craig Hettenbach from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

A question for Robert. You talked about as some of the sales cycles have lengthened out. Can you comment on if deals aren't closing in the quarter, are you seeing them in the subsequent quarter? And as part of that, you also mentioned sales is adapting to this environment. Anything in particular that you're finding successful in terms of their ability to manage through some of the macro?

羅伯特的問題。你談到了一些銷售週期已經延長。如果交易沒有在本季度完成，您能否評論一下，您是否會在下個季度看到它們？作為其中的一部分，您還提到銷售正在適應這種環境。就他們通過某些宏進行管理的能力而言，您發現有什麼特別成功的嗎？

Yes. Thanks for the question, Craig. On your first question, I think -- sorry, I now I forgot the first part of your question, I'm about to answer the second part. Can you remind me the first part, Craig?

是的。謝謝你的問題，克雷格。關於你的第一個問題，我想 - 抱歉，我現在忘記了你問題的第一部分，我將要回答第二部分。你能提醒我第一部分嗎，克雷格？

Yes, just the deals that have taken longer.

是的，只是花費時間更長的交易。

Oh, yes, yes, the push deals. What salespeople always tell you is when it pushes, it's coming in next quarter. Oh, man, I think experience would show that sometimes that doesn't happen. So when things push, we do get a lot of them back and we actually track a push deals list each month and each quarter that goes forward and then we re-project the month that it's supposed to close. And we've done pretty well on those. So what we've kind of seen is a lengthening of the sales cycle but still being able to pull some of those through when the decision really is a push.

哦，是的，是的，推送交易。銷售人員總是告訴你，當它推出時，它會在下個季度推出。哦，伙計，我認為經驗會表明有時不會發生這種情況。因此，當事情推動時，我們確實得到了很多回報，我們實際上每個月和每個季度都會跟踪一個推動交易列表，然後我們重新預測它應該關閉的月份。我們在這些方面做得很好。因此，我們看到的是銷售週期的延長，但當決定確實是一個推動力時，仍然能夠完成其中的一些。

I think what ends up happening sometimes is you kind of hear back from your team that it's a push, but a push is a nice way of a client saying no, and so some of those don't come through. But in general, we have pipelines bigger than they've ever been. We do really look at those and apply consistent standards and take it out of the pipeline if it's not going to be something that closes. And even with that pipeline cleansing, we still feel really good. So that's why we know we have the confidence that, with a little bit of macro improvement, I'd expect the cycles to shorten again and to really start pulling that stuff through at the pace we had seen in the past before some of this macro impact.

我認為有時最終會發生的事情是你從你的團隊那裡聽到這是一種推動，但推動是客戶拒絕的一種很好的方式，所以其中一些沒有通過。但總的來說，我們的管道比以往任何時候都大。我們確實會審視這些並應用一致的標準，如果它不會成為關閉的東西，就會將其從管道中移除。即使進行了管道清洗，我們仍然感覺非常好。所以這就是為什麼我們知道我們有信心，隨著宏觀經濟的一點點改善，我預計週期會再次縮短，並真正開始以我們過去在一些宏觀經濟出現之前看到的速度推動這些東西影響。

On the sales improvements, these are tactics that, as the environment change, we've really pushed our teams to adopt across the board. And I'd highlight a couple of them. One is just deeper account planning. And that's been really helpful and we've seen it yield a lot of benefits where we've started to do a better job of -- take life sciences where we have a lot of different solutions for clients. The team that works on selling commercial data, working with the team that is talking to the client about analytics, working with the team who's talking to medical affairs about expert data, working much more closely together and coordinating on the opportunity to really expand those relationships.

在銷售改進方面，隨著環境的變化，這些策略確實促使我們的團隊全面採用。我要強調其中的幾個。一個是更深入的客戶規劃。這真的很有幫助，我們已經看到它在我們開始做得更好的地方產生了很多好處——以生命科學為例，我們為客戶提供了許多不同的解決方案。負責銷售商業數據的團隊，與與客戶討論分析的團隊合作，與與醫療事務討論專家數據的團隊合作，更緊密地合作並協調真正擴大這些關係的機會.

The other way it's helped is to really create a better map of who are the influencers for any given decision and be sure that we're getting ahead of talking to those clients about the ways we can help them. So if down the line, there's a budget mandate or a CFO that steps in with something, we have a broader bench of support and potentially a broader bench of support across the organization even in other therapeutic areas or other departments. So that's something that I think in this environment is going to be really helpful to us.

另一種幫助方式是真正創建一個更好的地圖，說明誰是任何給定決策的影響者，並確保我們領先於與這些客戶討論我們可以幫助他們的方式。因此，如果最終有預算授權或首席財務官介入某些事情，我們就會有更廣泛的支持，甚至可能在其他治療領域或其他部門獲得整個組織的更廣泛支持。所以我認為在這種環境下這對我們真的很有幫助。

The other thing that we've done a lot of is continue to verticalize. And by that, I mean really organizing our commercial efforts and our expertise that supports our commercial teams around each vertical. And what that lets us do is speak more the language of our clients. We've always done that really well and diversified because that's kind of the history of the company. But as we've gotten bigger in provider and life sciences, those are 2 places where we've really gotten much better at speaking about the use cases that we can generate. And we have a lot of new use cases based on acquisitions and new products that we've built over the last couple of years. And so really getting the teams able to articulate the value and the ROI of those solutions and how that fits into our clients and can meaningfully inflect their business, and that's going to help.

我們做了很多的另一件事是繼續垂直化。就此而言，我的意思是真正組織我們的商業努力和我們的專業知識，以支持我們圍繞每個垂直領域的商業團隊。而這讓我們做的是更多地使用客戶的語言。我們一直做得很好並且多元化，因為這就是公司的歷史。但隨著我們在供應商和生命科學領域變得越來越大，在這兩個地方我們在談論我們可以生成的用例方面確實做得更好。我們有很多新的用例，這些都是基於我們在過去幾年中建立的收購和新產品。因此，真正讓團隊能夠闡明這些解決方案的價值和投資回報率，以及這些解決方案如何適合我們的客戶，並能有意義地影響他們的業務，這將有所幫助。

So in an environment like this, people want to know if they're going to get ROI. They want to understand it on their terms. They want to hear confidence from our team about the value we're going to deliver. And I think that will really help.

所以在這樣的環境中，人們想知道他們是否會獲得投資回報率。他們想按照自己的方式理解它。他們希望聽到我們團隊對我們將要提供的價值的信心。我認為這真的很有幫助。

Sorry for the long answer, but at the end of the day, when people start wanting to invest in growth and make the decision that they want to put dollars behind growing their business, we're still very favorably positioned because we can accelerate that and deliver a lot of value. So again, I'd love a little help from the macro environment. We're not assuming it, but when and if it comes, it will certainly speed things back up on the cycle front.

很抱歉回答很長，但歸根結底，當人們開始想要投資於增長並決定將資金用於發展業務時，我們仍然處於非常有利的位置，因為我們可以加速這一進程，並且提供很多價值。因此，我再次希望宏觀環境能提供一點幫助。我們不是在假設它，但它何時以及是否會出現，它肯定會在周期方面加快速度。

Got it. And then just my second question, a year into Analytical Wizards, just would like to hear how it's performing versus the initial expectations. And I know Monocl was a deal that performed very well, and so if there's any similarities or differences between how those deals have kind of progressed.

知道了。然後是我的第二個問題，進入 Analytical Wizards 一年，只是想听聽它的表現與最初的預期相比如何。而且我知道 Monocl 是一筆表現非常好的交易，所以如果這些交易的進展方式有任何相似之處或不同之處。

Yes. Just a quick refresher, both have been -- they're pretty similar types of acquisitions. They each brought a new capability. Monocl brought incredible key opinion leader and expert data that we could put into our broader Atlas Dataset and use across the business, and then our commercial teams could help accelerate the sale of Monocl products.

是的。快速回顧一下，兩者都是——它們是非常相似的收購類型。他們各自帶來了新的能力。 Monocl 帶來了令人難以置信的關鍵意見領袖和專家數據，我們可以將這些數據放入更廣泛的 Atlas 數據集中並在整個企業中使用，然後我們的商業團隊可以幫助加速 Monocl 產品的銷售。

Analytical Wizards is really the same thing. They brought us a rapid, easily configurable analytic capability that's data-agnostic, so it doesn't have to require a client to buy Definitive data -- of course, we'd like them to, but it lets us serve clients that might not have our data yet -- and brought a really strong analytical capability, particularly in biopharma. And that's something that our biopharma teams can take out and help accelerate adoption. And their team can use Definitive data -- for example, when we built Passport Express, that was Definitive data loaded on to Analytical Wizards and prepackaged to sell. And that's an awesome way that we created synergy with them early in the process.

Analytical Wizards 確實是一回事。他們為我們帶來了一種與數據無關的快速、易於配置的分析能力，因此它不必要求客戶購買權威數據——當然，我們希望他們這樣做，但它讓我們可以為那些可能不需要的客戶提供服務擁有我們的數據 - 並帶來了非常強大的分析能力，特別是在生物製藥方面。這是我們的生物製藥團隊可以解決的問題，有助於加速採用。他們的團隊可以使用權威數據——例如，當我們構建 Passport Express 時，這些權威數據加載到 Analytical Wizards 並預先打包出售。這是我們在流程早期與他們創造協同效應的絕佳方式。

So I'm really pleased with how both have played out. I think we believe life sciences is a huge market for us. The TAM there is huge. The opportunity is huge. We're growing very well there, even despite some of the macro trends in that market. If we look ahead 5, 6, 7 years, it's going to be a huge market for us. And both those acquisitions are really meaningful building blocks to the solutions that we'll be able to bring to that space.

所以我對兩者的結果感到非常滿意。我認為我們相信生命科學對我們來說是一個巨大的市場。那裡的 TAM 很大。機會是巨大的。儘管該市場存在一些宏觀趨勢，但我們在那裡的增長非常好。如果我們展望未來 5、6、7 年，這對我們來說將是一個巨大的市場。這兩次收購都是我們能夠為該領域帶來的解決方案的真正有意義的組成部分。

(Operator Instructions) Our next question comes from the line of Kash Rangan from Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Kash Rangan。

This is Jacob Staffel on for Kash Rangan. I wanted to touch on the conversations that have been had around the Atlas Dataset thus far, namely, we are in a time where we are seeing customers be a lot more disciplined on their spending. And so what's been the initial reception? I know it's only been 3 weeks or so, but any color we could get there would be really, really appreciated.

我是 Kash Rangan 的 Jacob Staffel。我想談談迄今為止圍繞 Atlas 數據集進行的對話，也就是說，我們正處在一個我們看到客戶在支出方面更加自律的時代。那麼最初的反應是什麼？我知道只有 3 週左右的時間，但我們能得到的任何顏色都會非常非常感激。

It's been great. It's very early, obviously. It's something that we're super excited about. It gives us much more complete coverage of some really important areas and it unifies our data under the Atlas umbrella, which gives us a really exciting way to present all the strength of the data and the uniqueness and the distinctiveness of the data back to clients. So that's been awesome. It just lets us refresh the conversations.

太棒了。很明顯，現在還很早。這是我們非常興奮的事情。它讓我們更全面地涵蓋了一些非常重要的領域，並將我們的數據統一在 Atlas 的保護傘下，這為我們提供了一種非常令人興奮的方式來向客戶展示數據的所有優勢以及數據的獨特性和獨特性。所以這太棒了。它只是讓我們刷新對話。

And I think it gives us a way to remind people of just how unique and differentiated our reference and affiliations data is. We mentioned on the study, we're #1 or 2 for every use case we care about with that and I think widely recognizes, if you want that kind of data and you need use cases that depend on it, you have to go to Definitive. So I think, look, in 3 weeks, I'm not going to say, all of a sudden, we have millions of dollars of sales just from the Atlas Dataset, but it's certainly been a conversation invigorator, and I think it will be something that's meaningful in terms of the value we deliver to clients across the year.

我認為它為我們提供了一種方式來提醒人們我們的參考和附屬數據是多麼獨特和差異化。我們在研究中提到，對於我們關心的每個用例，我們都排名第一或第二，我認為廣泛認可，如果你想要那種數據並且你需要依賴它的用例，你必須去權威的。所以我想，看，在 3 週內，我不會說，突然間，我們僅從 Atlas 數據集就有了數百萬美元的銷售額，但它肯定是一個對話的活躍者，我認為它會就我們全年為客戶提供的價值而言，這是有意義的。

Our next question comes from the line of Ryan MacDonald from Needham.

我們的下一個問題來自 Needham 的 Ryan MacDonald。

This is Matt Shea on for Ryan. Wanted to follow up on the deal cycle elongation, and curious if you guys are starting to see any consistency in that elongation, meaning if you're able to quantify how much longer those deal cycles have become and then, to the extent you're starting to see some consistency in the lengthening, how that consistency or ability to predict the new normal increases your confidence or visibility into the 2023 outlook.

這是 Ryan 的 Matt Shea。想要跟進交易週期的延長，並且好奇你們是否開始看到這種延長的任何一致性，這意味著您是否能夠量化這些交易週期已經延長了多長時間，然後，在某種程度上開始看到延長的一些一致性，這種一致性或預測新常態的能力如何增加您對 2023 年前景的信心或可見性。

Yes. It's a really good question. I think traditionally, we would have said kind of before the second half of last year, deal cycles were 3 to 6 months with more complex deals being on the longer side of that and smaller, single-product deals being on the shorter end of that. It's hard to say what the actual cycle is on stuff that closes. It's probably extended by 2 to 3 months. But when you ask about consistency and looking forward, what I would say is that our forecasting has gotten a lot better around the sort of new environment and how long deals take to come in. So I do feel like we have better visibility this year, entering the year kind of assuming the market -- kind of taking the market as a given and incorporating that into our forecast.

是的。這是一個非常好的問題。我認為傳統上，我們會在去年下半年之前說，交易週期為 3 到 6 個月，更複雜的交易時間更長，更小的單一產品交易時間更短.很難說關閉的東西的實際週期是什麼。它可能會延長 2 到 3 個月。但是當你問及一致性和展望時，我想說的是，我們對這種新環境以及交易需要多長時間的預測已經變得更好了。所以我覺得今年我們有更好的能見度，進入這一年有點假設市場 - 有點將市場視為給定並將其納入我們的預測。

So while we might have gone back to September, I would say we were surprised by a lot of things that pushed off. I'd say now, we do know things are going to push off. We're not surprised by it, so at least that's progress. And what I'd hope that over time, and I mentioned it earlier, is that with a little bit of benefit from the macro -- we have these large pipelines and we do have deals that are genuinely pushing -- once people decide to spend and open up the budgets, we can start getting those sales cycles back down to levels we saw in the past and that would obviously accelerate ARR this year, if and when that happens.

因此，雖然我們可能回到了 9 月，但我想說我們對許多推遲的事情感到驚訝。我現在要說的是，我們確實知道事情會推進。我們對此並不感到驚訝，所以至少這是進步。我希望隨著時間的推移，我之前提到過，一旦人們決定花錢，隨著宏觀經濟的一點點好處——我們有這些龐大的管道，我們確實有真正推動的交易並打開預算，我們可以開始將這些銷售週期恢復到我們過去看到的水平，如果發生這種情況，這顯然會加速今年的 ARR。

Okay. Got it. That is helpful. And then I wanted to touch on something that Jason mentioned where you saw in your survey that half of life science organizations think that they're spending too much time matching data across data sets, and that's something you can help with. I'm curious relative to that demand, what modules do you have today that can meet that demand head on, whether you would need to leverage some professional services to assist with that and then, to the extent that there's some gaps in completing that data matching strategy for those life science companies, how that might guide some of your investments over the next year or 2 to capitalize on that demand?

好的。知道了。這很有幫助。然後我想談談 Jason 提到的一些事情，你在調查中看到一半的生命科學組織認為他們花費了太多時間來跨數據集匹配數據，這是你可以提供幫助的事情。我很好奇相對於那個需求，你今天有什麼模塊可以正面滿足這個需求，你是否需要利用一些專業服務來幫助滿足這個需求，然後，在完成這些數據方面存在一些差距那些生命科學公司的匹配策略，這將如何指導您在明年或兩年內的一些投資以利用該需求？

It's Jason. Great question. So first of all, as you think about the Atlas Dataset, which we just rolled out, the whole point of that is to be able to provide an enterprise-wide view that's really the source of truth for these clients. By bringing together our reference and affiliations data with our claims and prescription drug and expert data, that really solves a lot of problems for our clients versus them trying to mix and match from lots of different places. So that is super important. And it also provides us the foundation to where we want to invest in the future.

是傑森。很好的問題。所以首先，當你想到我們剛剛推出的 Atlas 數據集時，它的全部意義在於能夠提供一個企業範圍的視圖，這實際上是這些客戶的真實來源。通過將我們的參考和附屬數據與我們的索賠、處方藥和專家數據結合在一起，這確實為我們的客戶解決了很多問題，而不是他們試圖從許多不同的地方混合搭配。所以這非常重要。它還為我們未來的投資方向奠定了基礎。

So as we continue to bring in new data sets through internal development -- we're about to roll in, for example, a digital opinion leader data into the Atlas Dataset so we can really give our clients a sense of who are the influencers are online and how is that important as they think about going to market with new drugs and therapies and medical devices. And then similarly, as we think about our M&A strategy, it's really about how do we continue to strengthen the Atlas Dataset and bring in more unique data sets to it but then also how do we leverage that in new and unique ways for our clients, both through new capabilities like Analytical Wizards as well as internal development where we're creating new use cases and new ways to allow our clients to solve as many business problems they can with our data. So it's all related together and highly strategic in the way we're thinking about it.

因此，隨著我們繼續通過內部開發引入新的數據集——例如，我們即將將數字意見領袖數據引入 Atlas 數據集中，這樣我們就可以真正讓我們的客戶了解誰是有影響力的人在線以及當他們考慮將新藥、療法和醫療設備推向市場時，這有多重要。然後類似地，當我們考慮我們的併購戰略時，它實際上是關於我們如何繼續加強 Atlas 數據集並為其引入更多獨特的數據集，以及我們如何以新的和獨特的方式為我們的客戶利用它，通過 Analytical Wizards 等新功能以及我們正在創建新用例和新方法的內部開發，讓我們的客戶能夠使用我們的數據解決盡可能多的業務問題。因此，在我們考慮它的方式中，所有這些都是相關的並且具有高度的戰略意義。

Our next question comes from the line of DJ Hynes from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 DJ Hynes。

This is Ryan Shanahan on for DJ. Congratulations on the quarter and the year. So given these tighter sales environment, have you noticed, I guess, through RFPs or just word on the street, I guess, greater price competition between less specialized competitors? And is this affecting your win rates at all?

我是 DJ 的 Ryan Shanahan。祝賀本季度和本年度。因此，鑑於這些更嚴格的銷售環境，我猜你是否注意到，通過 RFP 或只是在街上的消息，我猜，專業程度較低的競爭對手之間的價格競爭更加激烈？這會影響你的勝率嗎？

That's a great question. And I'd say we haven't really seen any different pricing that we traditionally have seen. Obviously, everyone will discount to get a deal done. That's typical. Business customers always push for the best price, but there hasn't really been a change in the pricing environment. That pricing environment has always had a little bit more competition at the sort of lower end where people would be looking at substitutes that would be like just a list of people or telephone directories. If they're not that focused on health care, sometimes that's good enough for them. In general, people are focused on health care and succeeding in health care and growing in health care. They have to buy Definitive, and so we don't end up getting price eroded for the type of clients that we want to bring in. So no, that hasn't been a place that we've really seen any big change.

這是一個很好的問題。而且我會說我們還沒有真正看到我們傳統上看到的任何不同的定價。顯然，每個人都會打折以達成交易。這是典型的。商業客戶總是力求最好的價格，但定價環境並沒有真正改變。這種定價環境在低端總是有更多的競爭，人們會尋找替代品，比如人員名單或電話簿。如果他們不那麼專注於醫療保健，有時這對他們來說就足夠了。總的來說，人們專注於醫療保健，並在醫療保健中取得成功並在醫療保健中成長。他們必須購買 Definitive，因此我們最終不會因為我們想要引入的客戶類型而受到價格侵蝕。所以不，這並不是我們真正看到任何重大變化的地方。

Our next question comes from the line of Glen Santangelo from Jefferies.

我們的下一個問題來自 Jefferies 的 Glen Santangelo。

Robert, I just had 2. The first is on the enterprise client side. I mean, you grew almost 7% sequentially in the quarter from 3Q. And I was kind of curious if you can give us some color on the split between what percentage of that growth came from like new customers versus organic growth within your existing base, just sort of given all the incremental modules and offerings you now have on the platform. Just trying to get a better sense for where the growth is coming from.

羅伯特，我只有 2 個。第一個是在企業客戶端。我的意思是，從第三季度開始，您在本季度連續增長了近 7%。我很好奇你是否可以給我們一些顏色來說明這種增長的百分比是來自新客戶還是來自現有基礎的有機增長，只是考慮到你現在擁有的所有增量模塊和產品平台。只是想更好地了解增長的來源。

Thanks for the question. I'd say we saw both. I don't have the exact number on the split and I don't know if we normally disclose it. But I guess the best answer to your question is we had some very large new business wins that came in, in the quarter that went straight to enterprise. And then upsell, Upsell came in as expected, and that generally results in kind of half the enterprise client growth through that as well, maybe a little bit more than half. So I don't know the exact mix for you but we had a healthy performance on both sides of that in terms of getting people up to enterprise.

謝謝你的問題。我會說我們都看到了。我沒有關於拆分的確切數字，我不知道我們是否通常會披露它。但我想對你的問題最好的回答是我們在直接進入企業的那個季度獲得了一些非常大的新業務勝利。然後向上銷售，向上銷售按預期出現，這通常也導致企業客戶增長的一半，可能略多於一半。所以我不知道你的確切組合，但在讓人們進入企業方面我們在這兩個方面都有健康的表現。

Okay. Perfect. That's helpful color. Maybe if I could just follow up sort of on the 1Q commentary you made. You said sort of the conditions that you've seen in the second half have sort of continued maybe at least into 2023. And last quarter when we spoke, I think the commentary seemed to suggest that sequentially, through the third quarter, things kind of got maybe incrementally weaker. I was wondering if you can give us some maybe sequential commentary on how 4Q -- and maybe so far, we have 2/3 of 1Q already done -- how things have been trending. Because I think what we're all trying to get a sense for is maybe, have things sort of stabilized in the current environment as we try to assess either the conservatism or potential vulnerability in your '23 revenue guidance, just kind of based on where we are now.

好的。完美的。這是有用的顏色。也許我可以跟進您所做的 1Q 評論。你說你在下半年看到的情況可能至少會持續到 2023 年。上個季度我們談話時，我認為評論似乎表明，在第三季度，事情會依次發生可能會逐漸變弱。我想知道你是否可以給我們一些關於第四季度的連續評論——也許到目前為止，我們已經完成了第一季度的 2/3——事情的趨勢如何。因為我認為我們所有人都在努力弄清楚的是，在我們嘗試評估您的 23 年收入指南中的保守主義或潛在漏洞時，讓事情在當前環境中穩定下來，只是基於哪裡我們現在。

Yes. Again, I hate to give you a math answer, but basically, Q4 looked a lot like Q3 just in terms of absolute performance. And so I guess you could say that Q3 was not a great quarter, Q4 was not a great quarter. But it wasn't a much worse quarter than Q3. It just wasn't a better quarter. I'm not going to comment on what we've seen so far this year. But in general, what we've modeled, we've modeled that, that Q3, Q4 performance continues through this year. That's what drives the model. And we don't have any reason right now to believe that that's not the environment we're operating in. We certainly hope that the operating environment improves. But what it tells us is -- you now have another period of results, and so our assumption, as we've planned out this year, is that it lasts longer than we might have thought before. So it's going to go through this year, and that's at least where we're looking at it right now.

是的。同樣，我不想給你一個數學答案，但基本上，就絕對性能而言，第四季度看起來很像第三季度。所以我想你可以說第三季度不是一個好季度，第四季度也不是一個好季度。但這並不比第三季度差多少。這不是一個更好的季度。我不打算評論我們今年到目前為止所看到的情況。但總的來說，我們已經建模，我們已經建模，第三季度，第四季度的表現將持續到今年。這就是驅動模型的原因。我們現在沒有任何理由相信這不是我們經營的環境。我們當然希望經營環境有所改善。但它告訴我們的是——你現在有了另一個結果期，所以我們的假設是，正如我們今年計劃的那樣，它持續的時間比我們以前想像的要長。所以它將在今年進行，這至少是我們現在正在關注的地方。

Our next question comes from the line of Brian Peterson from Raymond James.

我們的下一個問題來自 Raymond James 的 Brian Peterson。

And maybe another high level one on the macro and in budgets. But as you went through 2022, I guess I'd just love to understand how budget trends progressed. I mean based on our work, it sounds like they've been down. But maybe as we go into 2023, they've been set. So I guess I'm curious if in your customer conversations -- I know maybe it wasn't the close that you guys wanted in the back half of the year. But are we kind of through the worst of it? And maybe customers with budgets and everything are a little bit more ready to play offense when they were playing defense in 2022. So I don't know if it's a great line of questioning, but any thoughts there?

也許還有另一個關於宏觀和預算的高級別會議。但是當你經歷 2022 年時，我想我很想了解預算趨勢是如何發展的。我的意思是根據我們的工作，聽起來他們已經倒下了。但也許當我們進入 2023 年時，它們已經確定。所以我想我很好奇，如果在你的客戶談話中——我知道這可能不是你們在下半年想要的收盤價。但我們是否已經度過了最糟糕的時期？也許有預算和一切的客戶在 2022 年進行防守時更願意進攻。所以我不知道這是否是一個很好的問題，但有什麼想法嗎？

Sure. It's a really good line of questioning and we're hopeful that, that would be the case. We haven't assumed it coming into the year. The experience we had with budgets is they got very tight and, in many cases, did not open up. The hope was that, okay, maybe this year, budgets will get better. We haven't assumed that budgets are going to radically open up from what we saw at the end of last year. And I think that's a prudent assumption to make just because we haven't seen it.

當然。這是一個非常好的提問方式，我們希望情況會如此。我們還沒有假設它會進入這一年。我們在預算方面的經驗是預算非常緊張，而且在很多情況下沒有開放。希望是，好吧，也許今年，預算會變得更好。我們沒有假設預算會從去年年底的情況下徹底開放。我認為這是一個謹慎的假設，只是因為我們還沒有看到它。

For every client that we got a deal closed, at the end of the year, I saw another client that came in, literally ready to sign, and some spending mandate came in and said, "We just can't do it now. We're going to have to reposition this for some time next year." The pace and the number of those that happened was just markedly different in the second half of the year than it was across the first half of the year or really the year before this one.

對於我們完成交易的每個客戶，在年底，我看到另一個客戶進來，準備簽署，一些支出授權進來說，“我們現在不能這樣做。我們明年將不得不重新定位一段時間。”下半年發生的事情的速度和數量與上半年或今年前一年明顯不同。

I don't believe it's an environment that lasts forever. But right now, coming into the year, it felt like we were still in the middle of it. And remember, we do serve some sectors that we've seen have a little more financial stress right now. I mean, certainly, small biopharma, small life sciences, there are a lot of companies that are really struggling there. So they're going to scrutinize every dollar, and a lot of them are pulling back on growth investments.

我不相信這是一個永遠持續的環境。但是現在，進入這一年，感覺我們還處於中間狀態。請記住，我們確實服務於一些我們現在看到的財務壓力更大的行業。我的意思是，當然，小型生物製藥，小型生命科學，有很多公司在那裡真的很掙扎。因此，他們將仔細審查每一美元，其中很多人正在撤回增長投資。

Providers, a lot of segments of our provider vertical, are having a tough go of it right now, and you've seen the announcements, they're cutting a lot of spend. And so those are places that are just harder to get in or harder to upsell or just tend to be places where we don't always control the sort of budget environment that we're selling into. And you might have been talking to someone for 3 months and have a really good conversation, and then the budget environment changes in the last hour. So again, look, I'm hopeful that things turn the right direction and that we get a little relief on this, but we have not assumed that in our planning for this year.

供應商，我們垂直供應商的很多細分市場，現在都在艱難應對，你已經看到了公告，他們正在削減大量支出。因此，這些地方更難進入或更難追加銷售，或者往往是我們並不總是控制我們銷售的預算環境的地方。您可能已經與某人交談了 3 個月並且交談非常愉快，然後預算環境在最後一個小時發生了變化。所以，再一次，看，我希望事情朝著正確的方向發展，我們對此有所緩解，但我們在今年的計劃中並沒有假設這一點。

Our next question comes from the line of Anne Samuel from JPMorgan.

我們的下一個問題來自摩根大通的 Anne Samuel。

This was maybe just a little bit of a follow-up on what you were just talking about. I was wondering if maybe you could talk about some of the differences between what you're seeing in the demand environment for life sciences versus provider where the headwinds are more pronounced and maybe which one you expect to recover first.

這可能只是對您剛才談論的內容的一點點跟進。我想知道你是否可以談談你在生命科學的需求環境中看到的一些差異與逆風更為明顯的供應商之間的差異，以及你希望哪個先恢復。

Well, that's a good question. I guess I'll start with the end of your question, which is we haven't assumed any recovery in the plan that we've put out. So from an assuming and sort of looking forward, we've assumed that the environment we're in is the environment we're in, and we're going to function as best we can against that.

嗯，這是個好問題。我想我會從你的問題的結尾開始，也就是我們沒有假設我們已經推出的計劃有任何恢復。因此，從假設和某種展望來看，我們假設我們所處的環境就是我們所處的環境，我們將盡最大努力應對這種情況。

In terms of just what we're seeing kind of life sciences versus provider, certainly, it's been more acute for us in the smaller life science, and that's been a strong point for us over the years. We have a great value proposition in that market. There's just a lot of financial strain there, where either really just come in with inability to continue to spend external money or at least just heavy budget scrutiny, and both of those impact our ability to grow with those clients.

就我們所看到的生命科學與供應商的對比而言，當然，在較小的生命科學領域對我們來說更為敏銳，多年來這一直是我們的強項。我們在那個市場上有很大的價值主張。那裡只有很多財務壓力，要么真的只是無法繼續花費外部資金，要么至少只是嚴格的預算審查，這兩者都會影響我們與這些客戶一起成長的能力。

Provider is a little different story. Providers tend to be okay over the long term, not necessarily super high margin but usually not low margin either. I think the end of last year was tough, and there were a lot of things working against provider economics. I'd expect that market over time to be a great market for us. I just don't know when things will open back up. So hopefully, that gives you as much color. If I can at this point, I wish I could look forward and tell you that one is going to recover sooner than the other, and that they're both going to recover really quickly, but that's, again, not what we have in our outlook right now.

供應商是一個有點不同的故事。從長遠來看，供應商往往還不錯，不一定是超高利潤率，但通常也不是低利潤率。我認為去年年底很艱難，有很多事情不利於供應商經濟。我希望隨著時間的推移，這個市場對我們來說是一個很好的市場。我只是不知道什麼時候事情會重新開放。所以希望這能給你盡可能多的顏色。如果我現在可以，我希望我能向前看並告訴你一個人會比另一個人恢復得更快，而且他們都將恢復得非常快，但這又不是我們所擁有的現在的前景。

Our next question comes from the line of Allen Lutz from Bank of America.

我們的下一個問題來自美國銀行的 Allen Lutz。

I guess one for Rick. If we look at sort of the KPIs here, enterprise customers still growing, total customers still growing pretty nicely here, even though you've talked about how the macro is impacting the business. I guess to ask this sequential question another way, is there any way to size the contribution in 4Q from professional services? Or what's not going to repeat in 1Q? And then how should we think about growth of total customers, especially in the first quarter or first half of the year? Could that potentially dip? Just trying to kind of frame what's driving the sequential change in revenue from 4Q to 1Q.

我猜是給瑞克的。如果我們看一下這裡的 KPI，企業客戶仍在增長，總客戶在這裡仍然增長得很好，即使你已經談到了宏觀如何影響業務。我想換個方式問這個連續的問題，有沒有什麼辦法可以衡量專業服務在第四季度的貢獻？或者什麼不會在 1Q 重複？那麼我們應該如何考慮總客戶的增長，尤其是在第一季度或上半年？這可能會下降嗎？只是想了解是什麼推動了第四季度到第一季度收入的連續變化。

Yes. There's a several million dollar anticipated difference between Q4 professional services and Q1 professional services, which is normal and customary for the Analytical Wizards project work that they still do. Overall, professional services are only about 2% of our revenue but they do tend to be back-end loaded. And thank you, by the way, for acknowledging the underlying strength of the business.

是的。第 4 季度專業服務和第 1 季度專業服務之間存在數百萬美元的預期差異，這對於他們仍在進行的 Analytical Wizards 項目工作來說是正常和習慣的。總體而言，專業服務僅占我們收入的 2% 左右，但它們確實傾向於後端加載。順便說一句，謝謝你承認企業的潛在實力。

No problem. And then one question for Jason. We've been trying to figure out, as I'm sure you have, just sort of life sciences when spend is going to inflect. And there's a lot of different data points that suggest that maybe it has. Some are saying that it hasn't. I guess, can you talk when exactly did life sciences start to pull back? And is there any kind of historical reference point that you can point to? I know the business was founded sort of after the last Great Recession. But is there anything historically that you can point to where you've seen something like this before and how long it took before things started to pick up?

沒問題。然後有一個問題要問 Jason。我們一直在努力弄清楚，正如我相信你所做的那樣，當支出會發生變化時，只是一種生命科學。並且有很多不同的數據點表明它可能有。有人說沒有。我想，你能談談生命科學到底是什麼時候開始退縮的嗎？您可以指出任何類型的歷史參考點嗎？我知道這家公司是在上次大衰退之後成立的。但是，從歷史上看，您是否可以指出您以前在哪裡見過這樣的事情，以及事情開始好轉需要多長時間？

Yes, it's a good question.

是的，這是個好問題。

Go for it, Jason.

去吧，傑森。

It's always hard to say when exactly things are going to turn around. I guess what I would comment on is, as you think about the long-term for this business overall, all of the amazing tailwinds that has really led to the extraordinary growth over the last 12 years still exists. There's an explosion of health care data that's continuing. This is a market that's incredibly complex to sell into and only getting more complicated over time. It's highly interconnected and it's so different than any other market. And there's continued rapid changes for life sciences about how drugs are being reimbursed and about finding under-diagnosed patients for extremely rare diseases. So all of those great tailwinds still exist. And long term, those are going to drive really great continued growth and great underpinnings for this company. When that happens, we'll wait and see.

事情何時會好轉總是很難說。我想我要評論的是，當你從整體上考慮這項業務的長期發展時，在過去 12 年中真正導致非凡增長的所有驚人的順風仍然存在。醫療保健數據正在持續爆炸式增長。這是一個非常複雜的市場，而且隨著時間的推移只會變得越來越複雜。它高度相互關聯，與任何其他市場都截然不同。生命科學在如何報銷藥物以及如何為極其罕見的疾病尋找診斷不足的患者方面不斷發生快速變化。所以所有這些巨大的順風仍然存在。從長遠來看，這些將推動真正偉大的持續增長和這家公司的強大基礎。當這種情況發生時，我們將拭目以待。

But in the meantime, we're building this business and innovating in ways that are going to continue to drive long-term sustainable growth. So we're in a great position. As we've talked about many times, we have growth and profitability, and that affords us the opportunity to continue to invest when others can't. So we'll strengthen our position during this time and when it turns around, we'll take advantage of it.

但與此同時，我們正在建立這項業務並以將繼續推動長期可持續增長的方式進行創新。所以我們處於一個很好的位置。正如我們多次談到的那樣，我們有增長和盈利能力，這讓我們有機會在其他人不能的時候繼續投資。所以我們會在這段時間加強我們的地位，當它好轉時，我們會利用它。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the conference over to Robert Musslewhite, Chief Executive Officer, for closing comments.

女士們，先生們，我們的問答環節已經結束。我想將會議轉交給首席執行官 Robert Musslewhite 發表閉幕評論。

Yes. Thank you all for the time tonight. We always appreciate it. We look forward to circling back with all of you and with our shareholders over the next several months and look forward to that. Thank you again for your time tonight and the questions. Bye-bye.

是的。謝謝大家今晚的時間。我們總是很感激。我們期待著在接下來的幾個月裡與你們所有人和我們的股東一起回來，並期待著這一點。再次感謝您今晚的時間和問題。再見。

The conference of Definitive Healthcare has now concluded. Thank you for your participation. You may now disconnect your lines.

Definitive Healthcare 會議現已結束。感謝您的參與。您現在可以斷開線路。