Definitive Healthcare Corp (DH) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Definitive Healthcare First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Definitive Healthcare 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Matt Ruderman. Thank you, Matt. You may begin.

現在我很高興向您介紹主持人馬特·魯德曼 (Matt Ruderman)。謝謝你，馬特。你可以開始了。

Good afternoon, and thank you for joining us today to review Definitive Healthcare's quarterly 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 的季度財務業績。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.

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相關的陳述；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、結果和客戶以及整個醫療保健行業的預期影響。任何前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section 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 portion of our website.

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向美國證券交易委員會提交的文件中其他地方討論的風險和不確定性。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示性聲明。

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 portion of our website for a reconciliation of these measures to the 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 appreciate you all joining us this afternoon to discuss Definitive Healthcare's first quarter results. On today's call, I'll provide an overview of our first quarter results, provide some perspective on business trends and what we're seeing in the market, review some of our key wins from the first quarter, and then turn it over to Jason to highlight some of our latest product innovations.

謝謝，馬特。感謝大家今天下午加入我們討論 Definitive Healthcare 第一季度的業績。在今天的電話會議上，我將概述我們第一季度的業績，提供一些關於業務趨勢和我們在市場上看到的觀點，回顧我們第一季度的一些關鍵勝利，然後將其交給 Jason突出我們的一些最新產品創新。

Let's begin by reviewing our first quarter financial results. Revenue exceeded the high end of our guidance range, while adjusted EBITDA was in line as we continue to deliver on our goal of balanced growth and profitability. Our total revenue was $59.2 million, which represents 18% year-over-year growth. And our adjusted EBITDA was $15.7 million, which translates into 26.5% margin. Overall, we got off to a solid start to the year given the context of the ongoing macroeconomic challenges. We continue to have strong demand generation and customer interest in our commercial intelligence platform.

讓我們首先回顧一下我們的第一季度財務業績。收入超出了我們指導範圍的上限，而調整後的 EBITDA 符合我們繼續實現平衡增長和盈利目標的目標。我們的總收入為 5920 萬美元，同比增長 18%。我們調整後的 EBITDA 為 1570 萬美元，相當於 26.5% 的利潤率。總體而言，鑑於持續的宏觀經濟挑戰，我們今年開局良好。我們繼續對我們的商業智能平台產生強烈的需求和客戶興趣。

Our customers recognize that the Definitive Healthcare platform, the strategic role in their go-to-market and product development efforts and that our solutions will be critical in accelerating their business performance as market conditions improve. The continued strength of our demand generation efforts is great validation that the fundamental value proposition of the Definitive Healthcare platform is resonating with customers.

我們的客戶認識到 Definitive Healthcare 平台在他們的上市和產品開發工作中的戰略作用以及我們的解決方案對於隨著市場條件的改善加速他們的業務績效至關重要。我們不斷加強的需求生成工作很好地證明了 Definitive Healthcare 平台的基本價值主張正在與客戶產生共鳴。

While I'm generally pleased with how we executed in the quarter, the business environment remains difficult. Just as we saw in recent quarters, we continue to see a number of organizations follow more comprehensive deal review processes as companies continue to closely scrutinize their budgets. The net result continues to be an elevated level of deferred purchasing decisions across all markets due to the difficult economic environment. We are working hard to do an effective job of managing through these challenges, and we have put in place several changes that should help us perform in this environment. But until we see a strengthening macro, we do not expect to see meaningful improvement from current dynamics.

雖然我對本季度的執行情況總體上感到滿意，但商業環境仍然困難重重。正如我們在最近幾個季度看到的那樣，隨著公司繼續密切審查其預算，我們繼續看到許多組織遵循更全面的交易審查流程。由於困難的經濟環境，最終結果繼續是所有市場推遲購買決策的水平升高。我們正在努力有效地應對這些挑戰，我們已經實施了幾項變革，以幫助我們在這種環境中發揮作用。但在我們看到宏觀經濟走強之前，我們預計不會從當前動態中看到有意義的改善。

From a sales perspective, we signed important wins in all of our target markets with both new and existing customers. As I mentioned, our top of funnel and pipeline generation activity has been strong, and our commercial teams are doing a good job adapting to the longer sales cycles and more comprehensive approval processes required to get transactions through the finish line.

從銷售的角度來看，我們在所有目標市場都與新老客戶簽訂了重要合同。正如我所提到的，我們的漏斗頂部和管道生成活動一直很強勁，我們的商業團隊在適應更長的銷售週期和更全面的審批流程方面做得很好，以便通過終點線完成交易。

As I mentioned on our last call, we have made moves to more vertically align our sales teams and institute more in-depth account plans. And as these changes mature through our teams and sales cycles, we will be in an even better position to engage with customers on the full value proposition of our platform.

正如我在上次電話會議中提到的那樣，我們已經採取措施更垂直地調整我們的銷售團隊並製定更深入的客戶計劃。隨著這些變化在我們的團隊和銷售週期中逐漸成熟，我們將能夠更好地與客戶就我們平台的全部價值主張進行互動。

The increasingly strategic conversations we are having with customers reflects the important role that Definitive Healthcare platform can play in their day-to-day operations. As we mentioned last quarter, recent independent market research ranked the Atlas Dataset as first or second in each of the top 10 use cases for health care reference and affiliation data. We believe the success is due to our ability to provide proprietary actionable data in a cloud environment that enables thousands of customers to generate better returns on their sales and marketing investments and increase the probability of successful and profitable product launches. Finding the right physicians, physician groups and hospitals and then understanding how they all work together is critical for the success of any life science, medical device provider or diversified company targeting the $4 trillion U.S. health care market.

我們與客戶進行的越來越多的戰略對話反映了 Definitive Healthcare 平台在他們的日常運營中可以發揮的重要作用。正如我們上個季度提到的，最近的獨立市場研究將 Atlas 數據集列為醫療保健參考和附屬數據的前 10 個用例中的第一或第二。我們相信成功是由於我們能夠在雲環境中提供專有的可操作數據，使成千上萬的客戶能夠在他們的銷售和營銷投資中產生更好的回報，並增加成功和盈利產品發布的可能性。找到合適的醫生、醫生團體和醫院，然後了解他們如何協同工作，對於任何生命科學、醫療設備供應商或以 4 萬億美元的美國醫療保健市場為目標的多元化公司的成功至關重要。

Our customers consistently tell us that the Definitive Healthcare platform delivers unique insights across numerous use cases that other vendors simply cannot match. The breadth, depth and accuracy of our data, together with the speed at which business users can leverage that data to positively impact their business, is a compelling competitive advantage, and we continue to invest in our platform to create and deliver new insights for these customers. Jason will talk about some of our most recent innovations in a moment.

我們的客戶不斷告訴我們，Definitive Healthcare 平台在眾多用例中提供了獨特的見解，這是其他供應商根本無法比擬的。我們數據的廣度、深度和準確性，以及業務用戶可以利用這些數據對他們的業務產生積極影響的速度，是一個引人注目的競爭優勢，我們將繼續投資於我們的平台，為這些客戶創造和提供新的見解顧客。 Jason 稍後將談論我們的一些最新創新。

Now I'd like to spend a few minutes highlighting some exciting customer wins from Q1 that demonstrate the numerous ways customers are generating business value from the Definitive Healthcare platform. Before I jump into specific customers, I want to note that the Staffing Industry Analysts Trade Group recently published their annual ranking of top health care staffing agencies, and I was pleased to see that all of the top 11 firms were Definitive Healthcare customers, as were 18 of the top 20 firms and 24 of the top 30 firms in their rankings.

現在，我想花幾分鐘時間重點介紹第一季度的一些激動人心的客戶勝利，這些勝利展示了客戶通過 Definitive Healthcare 平台產生商業價值的多種方式。在我進入具體客戶之前，我想指出，人員配備行業分析師貿易集團最近公佈了他們年度頂級醫療保健人員配備機構的排名，我很高興地看到所有前 11 家公司都是 Definitive Healthcare 客戶，前 20 家公司中的 18 家和前 30 家公司中的 24 家。

I think we're all aware of the ongoing labor shortage in the health care sector, and staffing agencies play a crucial role in filling those job openings. We're thrilled to provide them with access to our more than 2 million medical professionals and more than 1 million executives through our Atlas Dataset. We profiled one of these customers on our website recently. Thanks to our data, this interim leadership in locum tenens consulting company, more than doubled its funnel of potential executives and doctors that they could recruit, and then improved e-mail response rate by 4x by leveraging our highly accurate contact information.

我想我們都知道醫療保健行業持續存在的勞動力短缺問題，而人事代理機構在填補這些職位空缺方面發揮著至關重要的作用。我們很高興能夠通過我們的 Atlas 數據集為他們提供訪問我們超過 200 萬醫療專業人員和超過 100 萬高管的途徑。我們最近在我們的網站上介紹了其中一位客戶。多虧了我們的數據，這家 locum tenens 諮詢公司的臨時領導層將其可以招募的潛在高管和醫生的漏斗增加了一倍多，然後利用我們高度準確的聯繫信息將電子郵件回复率提高了 4 倍。

Turning now to deals that closed in the first quarter. We saw a solid performance in both new business and upsells. In the Q4 2022 deal that pushed to Q1 2023, the world's leading mRNA therapeutic company expanded its relationship with us by adding a 6-figure enterprise deal to add our Monocl ExpertInsight product so they could better identify clinical experts around the globe who could accelerate their R&D.

現在轉向第一季度完成的交易。我們在新業務和追加銷售方面都看到了穩健的表現。在將 2022 年第四季度推遲到 2023 年第一季度的交易中，世界領先的 mRNA 治療公司通過增加一項 6 位數的企業交易來擴大與我們的關係，以添加我們的 Monocl ExpertInsight 產品，以便他們能夠更好地確定全球可以加速他們的臨床專家研發。

Also, in our Life Science business, we had a significant deal that not only reversed customer churn from 2022, but also expanded our presence at a multinational pharmaceutical and biotechnology company. This highly competitive win included a multiyear platform commitment through 2025 to our Passport Analytics Suite. This company plans to use the Passport Analytics Suite to optimize its global marketing spend and reallocate precious investment dollars to the sales and marketing channels that are delivering the highest return.

此外，在我們的生命科學業務方面，我們達成了一項重大交易，不僅扭轉了 2022 年以來的客戶流失，還擴大了我們在一家跨國製藥和生物技術公司的影響力。這一競爭激烈的勝利包括到 2025 年對我們的 Passport Analytics Suite 的多年平台承諾。該公司計劃使用 Passport Analytics Suite 來優化其全球營銷支出，並將寶貴的投資資金重新分配給提供最高回報的銷售和營銷渠道。

In the provider market, the Atlas Dataset also played a big role in our win at a leading children's hospital in the Western region of the United States. As part of an enterprise deal, this hospital purchased access to our Atlas All-Payor Claims Dataset, our Atlas Reference and Affiliation Dataset and our executive contact data, along with our Latitude Analytics Suite to help it understand the pediatric market in its region, including market share, patient flow, network leakage and competitive analysis.

在提供商市場，Atlas 數據集也為我們贏得美國西部地區一家領先的兒童醫院發揮了重要作用。作為企業交易的一部分，這家醫院購買了對我們的 Atlas 所有付款人索賠數據集、我們的 Atlas 參考和附屬數據集以及我們的高管聯繫數據以及我們的 Latitude 分析套件的訪問權，以幫助它了解該地區的兒科市場，包括市場份額、患者流量、網絡洩漏和競爭分析。

Moving to our diversified market. The Atlas Dataset also played an important role in a Q1 upsell win. A nonprofit humanitarian organization that provides emergency assistance, disaster relief and disaster preparedness education across the United States sign an upsell enterprise agreement that more than doubled the size of our relationship. A long-time user of our hospital view product and internal champion at this customer (inaudible) following our Atlas Dataset launch. In the first quarter, this organization purchased Atlas All-Payor Claims Dataset, which we'll use to transform its sales strategy and identify the U.S. hospitals and departments offering the most opportunity for growth.

轉向我們的多元化市場。 Atlas 數據集在第一季度追加銷售中也發揮了重要作用。一家在美國各地提供緊急援助、救災和備災教育的非營利性人道主義組織簽署了一項追加銷售企業協議，使我們的關係擴大了一倍多。在我們的 Atlas 數據集發布後，我們醫院視圖產品的長期用戶和該客戶的內部擁護者（聽不清）。在第一季度，該組織購買了 Atlas All-Payor Claims Dataset，我們將使用該數據集來轉變其銷售策略並確定提供最大增長機會的美國醫院和部門。

Finally, I want to highlight one last new customer in our software and IT market that selected us based on the strength of our new data integration capabilities. This customer is the largest virtual musculoskeletal clinic in the United States. This customer will be using our new DefinitiveConnect products to directly import data from our Atlas Dataset into their Salesforce instance to drive their business development strategy. In addition, this company strategy team will use our ConnectedCareView products to get better insurance coverage in their core markets of hospitals and long-term care facilities.

最後，我想強調一下我們軟件和 IT 市場中的最後一位新客戶，他們根據我們新的數據集成能力的優勢選擇了我們。這個客戶是美國最大的虛擬肌肉骨骼診所。該客戶將使用我們新的 DefinitiveConnect 產品將數據從我們的 Atlas 數據集中直接導入到他們的 Salesforce 實例中，以推動他們的業務發展戰略。此外，該公司戰略團隊將使用我們的 ConnectedCareView 產品在其醫院和長期護理機構的核心市場獲得更好的保險覆蓋。

As we look ahead to the remainder of the year, we are highly focused on execution and hitting our targets for the full year. We are at the early stages of penetrating our $10 billion-plus market, and there are tremendous opportunities to add thousands of new logos and greatly increase our ARR per customer over time. To that end, we continue to focus on customer success, operational excellence and ongoing investment in our platform and go-to-market initiatives to keep us moving forward.

展望今年剩餘時間，我們高度關注執行並實現全年目標。我們正處於打入 100 億美元以上市場的早期階段，隨著時間的推移，我們有巨大的機會添加數千個新徽標並大大提高每位客戶的 ARR。為此，我們將繼續專注於客戶成功、卓越運營以及對我們平台和上市計劃的持續投資，以推動我們不斷前進。

We made great progress in Q1 on our product road map and investments in our verticalization and global account team strategies, and we'll continue to invest throughout the year. We are making these investments while remaining vigilant in managing our expense structure. We've built Definitive Healthcare from day 1 to be highly scalable and efficient, which has been the foundation for our consistently strong track record of profitability. We are proud of the scalable business model we have built and believe it will support both faster growth and expanded margins over time as the economy improves.

我們在第一季度的產品路線圖以及對垂直化和全球客戶團隊戰略的投資取得了巨大進展，我們將在全年繼續投資。我們正在進行這些投資，同時在管理我們的費用結構方面保持警惕。從第一天開始，我們就將 Definitive Healthcare 打造為具有高度可擴展性和高效性，這是我們持續保持強勁盈利記錄的基礎。我們為我們建立的可擴展商業模式感到自豪，並相信隨著經濟的改善，隨著時間的推移，它將支持更快的增長和擴大的利潤率。

I'd now like to turn it over to Jason to discuss our product innovation.

我現在想把它交給 Jason 來討論我們的產品創新。

Thanks, Robert. The innovation flywheel continues to spend here at Definitive Healthcare. The pace and quality of our product innovation is a key competitive differentiator that we are constantly focused on expanding. I'd like to share the details about 2 significant recent product enhancements.

謝謝，羅伯特。創新飛輪繼續在 Definitive Healthcare 發揮作用。我們產品創新的速度和質量是我們不斷專注於擴展的關鍵競爭優勢。我想分享有關 2 個重要的近期產品增強功能的詳細信息。

Two weeks ago, we launched 3 new offerings that significantly enhance our data integration capabilities. When we deliver Healthcare Commercial Intelligence, our goal is to make that intelligence available where and when our clients want it, in any form, in any system. In addition to our best-in-class platform and in-depth analytics, our customers have asked us to make our data available on the internal tools and systems that they use every day, including Salesforce and other CRM tools. With our new integration capabilities, customers can choose from a range of flexible options and support services to seamlessly integrate our Healthcare Commercial Intelligence into their IT infrastructure.

兩週前，我們推出了 3 項新產品，顯著增強了我們的數據集成能力。當我們提供醫療保健商業情報時，我們的目標是在客戶需要的時間和地點以任何形式在任何系統中提供該情報。除了我們一流的平台和深入分析，我們的客戶還要求我們在他們每天使用的內部工具和系統上提供我們的數據，包括 Salesforce 和其他 CRM 工具。借助我們新的集成功能，客戶可以從一系列靈活的選項和支持服務中進行選擇，以將我們的醫療保健商業智能無縫集成到他們的 IT 基礎架構中。

Our 3 new data integration offerings are: one, DefinitiveConnect. Optimized to work with Salesforce enlightening platform, DefinitiveConnect provides users with access to more than 300 data elements that are continuously updated directly in their Salesforce environment through automated data sinking. This access to our mission-critical Healthcare Commercial Intelligence and our client CRM allows them to leverage the depth of data we provide in every interaction they have with their physician and hospital clients. DefinitiveConnect app is available now on the Salesforce AppExchange.

我們的 3 種新數據集成產品是：一種是 DefinitiveConnect。 DefinitiveConnect 經過優化以與 Salesforce 啟發式平台配合使用，使用戶能夠訪問 300 多個數據元素，這些數據元素通過自動數據下沉直接在 Salesforce 環境中不斷更新。通過訪問我們的關鍵任務醫療保健商業情報和我們的客戶 CRM，他們可以在與醫生和醫院客戶的每次互動中利用我們提供的深度數據。 DefinitiveConnect 應用程序現已在 Salesforce AppExchange 上可用。

Second, Snowflake. Customers of one of the industry-leading data warehouse platforms, Snowflake, can now leverage its secured data sharing technology to access the Atlas Dataset. Existing clients can opt to work with our professional services team to ingest the data they need into Snowflake, unite multiple datasets, and create data marts to perform advanced analytics. We already have 3 example datasets on the Snowflake marketplace to showcase our Healthcare Commercial Intelligence to prospects with more to come.

第二，雪花。行業領先的數據倉庫平台之一 Snowflake 的客戶現在可以利用其安全的數據共享技術來訪問 Atlas 數據集。現有客戶可以選擇與我們的專業服務團隊合作，將他們需要的數據提取到 Snowflake 中，聯合多個數據集，並創建數據集市以執行高級分析。我們已經在 Snowflake 市場上擁有 3 個示例數據集，以向潛在客戶展示我們的醫療保健商業智能，未來還會有更多。

Third, APIs. We've launched a new suite of modern commercial APIs to support automated synchronization of Definitive Healthcare data into a broad range of applications and systems. Developers can use these APIs to request and retrieve Definitive Healthcare data through virtually any CRM software system or business intelligence data warehouse. With these new tools, our customers can now more efficiently access our health care commercial intelligence within their existing workflows while also ensuring that they are working with the most up-to-date and highest possible quality data.

第三，API。我們推出了一套新的現代商業 API，以支持將 Definitive Healthcare 數據自動同步到廣泛的應用程序和系統中。開發人員可以使用這些 API 通過幾乎任何 CRM 軟件系統或商業智能數據倉庫請求和檢索權威醫療保健數據。借助這些新工具，我們的客戶現在可以在他們現有的工作流程中更有效地訪問我們的醫療保健商業情報，同時確保他們使用的是最新和最高質量的數據。

I also want to highlight the launch of Atlas AI, which we announced just last week. While we've always had proprietary analytics embedded throughout our solutions and services, we're deepening our investment in this area even more and making these analytics available to help drive the success of our vast customer base. Atlas AI is built on the Atlas Dataset, which contains robust claims, reference, affiliation and expert data that provides a longitudinal, comprehensive and current picture of the healthcare market.

我還想強調我們上周剛剛宣布的 Atlas AI 的發布。雖然我們一直在解決方案和服務中嵌入專有分析，但我們正在進一步深化在這一領域的投資，並提供這些分析來幫助推動我們龐大的客戶群取得成功。 Atlas AI 建立在 Atlas 數據集之上，該數據集包含強大的聲明、參考、隸屬關係和專家數據，可提供醫療保健市場的縱向、全面和當前情況。

Definitive Healthcare's data science team leverages the Atlas Dataset and applies deep domain expertise, natural language processing, machine learning, graft networks and proprietary algorithms to create new intelligence. Atlas AI enables clients to better target opportunities, allocate resources and inform strategic planning to drive critical business decisions.

Definitive Healthcare 的數據科學團隊利用 Atlas 數據集並應用深厚的領域專業知識、自然語言處理、機器學習、嫁接網絡和專有算法來創造新的智能。 Atlas AI 使客戶能夠更好地瞄準機會、分配資源並為戰略規劃提供信息，以推動關鍵業務決策。

Atlas AI expands a competitive moat that separates Definitive Healthcare from our competition. We've long talked about the virtuous flywheel, where we ingest, clean and link data from multiple disparate data sources and how we apply our proprietary data science to create new intelligence and new types of data that help our customers understand and win in the complex healthcare market. Atlas AI takes our commitment to the next level by delivering some of the most unique insights into the U.S. healthcare system that I've ever seen. These insights help our clients become more productive and more effective every single day.

Atlas AI 擴展了一條競爭護城河，將 Definitive Healthcare 與我們的競爭對手區分開來。我們長期以來一直在談論良性飛輪，我們從多個不同的數據源中提取、清理和鏈接數據，以及我們如何應用我們專有的數據科學來創建新的智能和新類型的數據，幫助我們的客戶理解並在復雜的環境中取勝醫療保健市場。 Atlas AI 通過提供我所見過的對美國醫療保健系統的一些最獨特的見解，將我們的承諾提升到一個新的水平。這些見解幫助我們的客戶每天都變得更有效率。

Atlas AI is available through our View and Monocl data products as well as our Latitude Analytics Suite and Passport Analytics Suite. Additionally, clients can use Atlas AI analytics and offline reports and custom projects for even more complex analysis. We'll be adding new analytics frequently to Atlas AI to help our clients optimize their commercialization efforts.

Atlas AI 可通過我們的 View 和 Monocl 數據產品以及我們的 Latitude Analytics Suite 和 Passport Analytics Suite 獲得。此外，客戶可以使用 Atlas AI 分析和離線報告以及自定義項目進行更複雜的分析。我們將經常向 Atlas AI 添加新的分析，以幫助我們的客戶優化他們的商業化工作。

The first release of Atlas AI includes 11 proprietary analytics, each designed by our data science team to address a specific customer challenge. I'll highlight a few here. First, ACE Projections. Our All Claims Estimations, or ACE Projections allows our clients to gain a deeper understanding into the total addressable market of the diseases or procedure areas that are most important to them. Earlier this year, we increased our Atlas prescription claims coverage by more than 60%, and our Atlas All-Payor claims coverage also increased significantly, including nearly 20% increase in key areas such as rare disease, oncology and chronic conditions.

Atlas AI 的第一個版本包括 11 個專有分析，每個分析都是由我們的數據科學團隊設計的，用於解決特定的客戶挑戰。我會在這裡強調一些。首先，ACE 預測。我們的所有索賠估算或 ACE 預測使我們的客戶能夠更深入地了解對他們來說最重要的疾病或手術領域的總目標市場。今年早些時候，我們將 Atlas 處方藥理賠覆蓋範圍提高了 60% 以上，我們的 Atlas 全付款人理賠覆蓋範圍也顯著增加，包括在罕見疾病、腫瘤學和慢性病等關鍵領域增加了近 20%。

However, no claims data provider has 100% of all claims transactions that happened in the U.S., which makes our ACE Projections model pretty much the only way that clients can get a view of the entire U.S. healthcare market. ACE Projections apply advanced data modeling techniques and machine learning to the data in our Atlas All-Payor Claims Dataset to generate reliable estimations of clinical activity to compensate for the fact that every claims vendor has only part of the overall picture. We believe that our proprietary projection is unique in the industry because we use our reference and affiliation data as explanatory variables to train our AI models. We identified groups of features that best represent the drivers of clinical volume for a segment of facilities or providers and that we extrapolate missing claims volumes based on the provider and facility-level characteristics.

然而，沒有一家索賠數據提供商擁有 100% 發生在美國的所有索賠交易，這使得我們的 ACE 預測模型幾乎成為客戶了解整個美國醫療保健市場的唯一途徑。 ACE Projections 將先進的數據建模技術和機器學習應用於我們的 Atlas All-Payor 索賠數據集中的數據，以生成對臨床活動的可靠估計，以彌補每個索賠供應商只了解整體情況的一部分這一事實。我們相信我們的專有預測在行業中是獨一無二的，因為我們使用我們的參考和附屬數據作為解釋變量來訓練我們的 AI 模型。我們確定了最能代表部分設施或提供者的臨床量驅動因素的特徵組，並且我們根據提供者和設施級別的特徵推斷缺失的索賠量。

Second, expert ranking. This insight utilizes natural language processing and AI to create a proprietary scoring system that allows our clients to immediately identify the top-ranked scientific and clinical experts within a specific therapeutic area. Rather than ranking experts solely by volume of activity, Definitive Healthcare's data science team leverages the Atlas Expert and Atlas All-Payor Claims Datasets, and applies graph networks, centrality scores and a proprietary algorithm to rank experts and physicians according to their positions within a community of practice. This saves our clients from trying to do this work on their own by pouring through thousands of publications, clinical trial results and claims analytics, and it results in a much better and more accurate prediction, given that we do it at scale across nearly 14 million experts.

二是專家排名。這種洞察力利用自然語言處理和 AI 創建專有的評分系統，使我們的客戶能夠立即識別特定治療領域內的頂級科學和臨床專家。 Definitive Healthcare 的數據科學團隊並非僅根據活動量對專家進行排名，而是利用 Atlas Expert 和 Atlas All-Payor Claims Datasets，並應用圖形網絡、中心性分數和專有算法，根據專家和醫生在社區中的職位對他們進行排名實踐。這避免了我們的客戶試圖通過大量的出版物、臨床試驗結果和索賠分析來嘗試自己完成這項工作，並且它導致更好和更準確的預測，因為我們在近 1400 萬的規模上進行了這項工作專家。

Third, RxDecision Insights. RxDecision Insights is critical for our biopharma clients. These insights help our clients understand which physicians are the heaviest prescribers, which are more likely to prescribe a brand name therapy, and which prescribers are most likely to switch from a competitor's therapy. Our data science team derived RxDecision Insights from a complex computational process and methodology and scaled it across the entire Atlas prescription claims dataset. Our proprietary methodology processes billions of longitudinal prescription claims, curate them into individual patient journeys and bucket them into decision-making events. These insights help our customers refine their commercial targeting, better align and research their Salesforce and arrive at the most efficient and high opportunity targets for their sales teams.

第三，RxDecision Insights。 RxDecision Insights 對我們的生物製藥客戶至關重要。這些見解幫助我們的客戶了解哪些醫生是最重度的處方者，哪些更有可能開出品牌療法，以及哪些處方者最有可能從競爭對手的療法轉向。我們的數據科學團隊從復雜的計算過程和方法中得出 RxDecision Insights，並將其擴展到整個 Atlas 處方索賠數據集。我們專有的方法處理了數十億的縱向處方索賠，將它們整理到個別患者的旅程中，並將它們放入決策事件中。這些見解幫助我們的客戶改進他們的商業目標，更好地調整和研究他們的 Salesforce，並為他們的銷售團隊達成最有效和機會最多的目標。

We have dozens more analytics and development, each of which we believe will help our customers become smarter and more efficient and deepen our competitive advantage in the marketplace. We plan to roll out continuous enhancements of our Atlas AR offering in the coming quarters and years.

我們還有數十項分析和開發，我們相信每一項都將幫助我們的客戶變得更聰明、更高效，並加深我們在市場上的競爭優勢。我們計劃在未來幾個季度和幾年內不斷改進我們的 Atlas AR 產品。

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。

Thank you, Jason. I'll start with a detailed review of our Q1 results before finishing with our guidance for Q2 and reconfirming guidance for the full year. In all my remarks, I will be discussing our results on a non-GAAP basis, unless otherwise noted.

謝謝你，傑森。我將首先詳細審查我們的第一季度業績，然後再完成我們對第二季度的指導並重新確認全年的指導。在我所有的評論中，除非另有說明，否則我將在非 GAAP 基礎上討論我們的結果。

Our strong business model allowed us to deliver solid results in Q1 despite tough economic conditions and a challenging compare. Our financial highlights for the quarter include: 18% revenue growth compared to Q1 2022, 26% adjusted EBITDA margin and 22% unlevered free cash flow margin over the last 12 months. Revenue growth, plus the trailing 12-month unlevered free cash flow margin was 40%, putting us at the Rule of 40 on an unlevered free cash flow basis or at 44% using adjusted EBITDA.

儘管經濟形勢嚴峻且比較具有挑戰性，但我們強大的商業模式使我們能夠在第一季度取得可觀的業績。我們本季度的財務亮點包括：與 2022 年第一季度相比收入增長 18%，調整後 EBITDA 利潤率為 26%，過去 12 個月的無槓桿自由現金流利潤率為 22%。收入增長加上過去 12 個月的無槓桿自由現金流利潤率為 40%，使我們在無槓桿自由現金流基礎上達到 40 的規則，或使用調整後的 EBITDA 為 44%。

Turning to our results in more detail. Revenue for the first quarter was $59.2 million, up 18% from prior year and 3% above the midpoint of our guidance. This performance was driven by new business and upsell as in the first quarter, we continue to experience heightened churn, especially in life sciences and providers due to industry conditions. Pro forma organic growth revenue growth was 15% in the quarter.

更詳細地轉向我們的結果。第一季度的收入為 5920 萬美元，比去年同期增長 18%，比我們的指引中點高出 3%。這一業績是由新業務和第一季度的追加銷售推動的，我們繼續經歷更高的客戶流失，特別是由於行業狀況，生命科學和供應商。本季度預計有機增長收入增長率為 15%。

We ended the quarter with 529 enterprise customers, which we define as customers with at least $100,000 in ARR. This was an increase of 81 enterprise customers or 18% year-over-year, with a decrease of 9 enterprise customers from the previous quarter. Our total customer count, which includes smaller customers, was 3,011 at the end of Q1, up from 2,939 in Q1 2022, but down 34% from the previous quarter. Overall, economic conditions continue to be challenging in Q1. Despite the continued headwinds, we believe new business and expansion opportunities remain strong even if realization is slightly delayed in this environment.

我們在本季度結束時擁有 529 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。這比上一季度增加了 81 個企業客戶或 18%，比上一季度減少了 9 個企業客戶。我們的客戶總數（包括較小的客戶）在第一季度末為 3,011，高於 2022 年第一季度的 2,939，但比上一季度下降了 34%。總體而言，第一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 $49.8 million, up 13% from Q1 2022. And gross margin of 84.2% decreased 380 basis points from Q1 2022 as the additional data sources in the Atlas Dataset came online, as we had communicated previously. We expect to see gross margin expansion as we move through the year so that the full year impact is 200 to 300 basis points for the full year.

毛利潤為 4980 萬美元，比 2022 年第一季度增長 13%。毛利率為 84.2%，比 2022 年第一季度下降了 380 個基點，因為 Atlas 數據集中的額外數據源上線了，正如我們之前所傳達的那樣。我們預計，隨著今年的推進，毛利率將擴大，全年影響將達到 200 至 300 個基點。

Sales and marketing expense was $20.7 million, up 18% from Q1 2022. And as a percentage of revenue, sales and marketing expense was 35% of revenue, consistent with Q1 '22. Product development expense was $6.9 million, up 24% from Q1 2022. As a percentage of revenue, product development expense was 12% of revenue, up from 11% in Q1 2022. Investing in our platform and using our existing datasets to launch or enhance multiple products is a highly efficient and effective way for us to increase the value we deliver to customers. Robert and Jason touched on some examples of these earlier, and we will continue to invest in the multiple opportunities we have identified on our long-term product road map.

銷售和營銷費用為 2070 萬美元，比 2022 年第一季度增長 18%。銷售和營銷費用佔收入的百分比為 35%，與 22 年第一季度一致。產品開發費用為 690 萬美元，比 2022 年第一季度增長 24%。產品開發費用佔收入的百分比為 12%，高於 2022 年第一季度的 11%。投資我們的平台並使用我們現有的數據集來啟動或增強多種產品是我們增加為客戶提供的價值的一種高效且有效的方式。羅伯特和傑森早些時候提到了其中的一些例子，我們將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 of $7.6 million was up 4% from Q1 2022. And as a percentage of revenue, G&A expenses were 12.9% of revenue, down approximately 170 basis points from 15% in Q1 2022. We expect to see continued leverage from G&A, both because these costs are relatively fixed and due to ongoing efforts to lower administrative costs.

G&A 費用為 760 萬美元，比 2022 年第一季度增長 4%。作為收入的百分比，G&A 費用佔收入的 12.9%，比 2022 年第一季度的 15% 下降約 170 個基點。我們預計 G&A 將繼續發揮槓桿作用，兩者因為這些成本是相對固定的，並且由於不斷努力降低行政成本。

Operating income of $14.4 million was up 6% from Q1 2022. As a percentage of revenue, operating income was 24% of revenue, down 260 bps versus Q1 2022. The year-over-year margin decline was primarily a result of the gross margin impact of the Atlas Dataset expansion, offset by G&A cost improvement.

營業收入為 1440 萬美元，比 2022 年第一季度增長 6%。營業收入佔收入的百分比為 24%，比 2022 年第一季度下降 260 個基點。同比利潤率下降主要是由於毛利率Atlas 數據集擴展的影響，被 G&A 成本改善所抵消。

Adjusted EBITDA of $15.7 million was a 12% increase from Q1 2022 and at the upper end of our guidance range on a dollar basis. As a percentage of revenue, adjusted EBITDA was 26% of revenue, approximately 160 basis points lower than in Q1 2022 due to the investments described earlier, which were in line with how we planned the year. As we move through 2023, we expect adjusted EBITDA margins to expand, allowing us to deliver the full year adjusted EBITDA in line with guidance despite the impact of the gross margin pressure noted above.

調整後的 EBITDA 為 1570 萬美元，比 2022 年第一季度增長 12%，處於我們以美元計算的指導範圍的上限。由於前面所述的投資，調整後的 EBITDA 佔收入的百分比為 26%，比 2022 年第一季度低約 160 個基點，這與我們今年的計劃一致。隨著我們邁向 2023 年，我們預計調整後的 EBITDA 利潤率將擴大，從而使我們能夠在上述毛利率壓力的影響下，根據指引交付全年調整後的 EBITDA。

Net income in Q1 was $9.2 million or $0.06 per diluted share based on 154.3 million weighted average shares outstanding.

基於 1.543 億股加權平均流通股，第一季度的淨收入為 920 萬美元或每股攤薄收益 0.06 美元。

Turning to cash flow. Definitive's high margins, upfront billings 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 $36.9 million on a trailing 12-month basis, up 46% from $25.3 million in the comparable period a year ago. Unlevered free cash flow was $50.7 million on a trailing 12-month basis, down 16% from the comparable period a year ago. Unlevered free cash flow was 22% of revenue on a TTM basis, effectively converting 77% of our TTM adjusted EBITDA of $65.4 million into cash. Like any SaaS company, when bookings growth slows, so does deferred revenue, which is the biggest driver of unlevered free cash flow. 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 3690 萬美元，比去年同期的 2530 萬美元增長了 46%。過去 12 個月的無槓桿自由現金流為 5070 萬美元，比去年同期下降 16%。按 TTM 計算，無槓桿自由現金流佔收入的 22%，有效地將 TTM 調整後 EBITDA 的 6540 萬美元的 77% 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 $344 million in cash and short-term investments. With strong profitability of only $265 million of debt, we're well positioned to fund both organic and inorganic growth initiatives.

在資產負債表上，我們在本季度結束時擁有 3.44 億美元的現金和短期投資。憑藉僅 2.65 億美元債務的強勁盈利能力，我們完全有能力為有機和無機增長計劃提供資金。

Current revenue performance obligations of $180.9 million were up 10% year-over-year, and total revenue performance obligations were up 2% year-over-year. Deferred revenue of $105.5 million was up 12% year-over-year. You'll note that as expected, CRPO and deferred revenue grew more slowly than revenue. The primary driver of CRPO is, of course, new business and upsells, but we also saw a continued financial distress, particularly in life sciences and providers, and those cancellations show up immediately as the reductions from CRPO. These factors have been largely anticipated, and we believe that we remain on track to hit the guidance for the year.

當前收入履約義務為 1.809 億美元，同比增長 10%，總收入履約義務同比增長 2%。遞延收入為 1.055 億美元，同比增長 12%。您會注意到，正如預期的那樣，CRPO 和遞延收入的增長速度低於收入。 CRPO 的主要驅動力當然是新業務和追加銷售，但我們也看到持續的財務困境，特別是在生命科學和供應商領域，這些取消立即顯示為 CRPO 的減少。這些因素在很大程度上已經預料到了，我們相信我們仍有望達到今年的指導目標。

Moving now to guidance for Q2. We believe it's prudent to assume that current conditions continue and extend through the first quarter as well. Assuming this is the case, in Q2, we would expect total revenue of $60.5 million to $61.5 million for a growth rate of 11% to 13%, adjusted operating income of $14.5 million to $15.5 million, adjusted EBITDA of $16 million to $17 million for a 26% to 28% adjusted EBITDA margin, adjusted net income of $7 million to $8 million or $0.03 to $0.05 per diluted share on 155.2 million weighted average shares outstanding.

現在轉向第二季度的指導。我們認為，假設當前情況持續並延續到第一季度是謹慎的做法。假設情況如此，在第二季度，我們預計總收入為 6050 萬美元至 6150 萬美元，增長率為 11% 至 13%，調整後的營業收入為 1450 萬美元至 1550 萬美元，調整後的 EBITDA 為 1600 萬美元至 1700 萬美元調整後 EBITDA 利潤率為 26% 至 28%，調整後淨收入為 700 萬美元至 800 萬美元，或 1.552 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, there is no change to our previously communicated guidance. We continue to expect revenue of $249 million to $255 million for a growth rate of 12% to 15%, adjusted operating profit of $61.5 million to $65.5 million, adjusted EBITDA of $67 million to $71 million for a full year margin of 27% to 28%, adjusted net income of $30 million to $34 million and earnings per diluted share of $0.19 to $0.23 on a 155.5 million weighted average shares outstanding.

對於全年，我們之前傳達的指南沒有變化。我們繼續預計收入為 2.49 億美元至 2.55 億美元，增長率為 12% 至 15%，調整後營業利潤為 6150 萬美元至 6550 萬美元，調整後 EBITDA 為 6700 萬至 7100 萬美元，全年利潤率為 27% 至 28% %，調整後的淨收入為 3000 萬美元至 3400 萬美元，稀釋後每股收益為 0.19 美元至 0.23 美元，加權平均流通股數為 1.555 億美元。

Within this guidance, the key expected cost drivers are the gross margin impact of the new data sources coming online early in Q1, the annualization of expenses associated with people hired in 2022, the impact of cost-of-living increases on employee wages and selective investment in the very highest growth priorities. We expect that these costs will be partially offset by continued efficiencies and 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、生活成本增加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持續效率和成本部分抵消。

So to summarize, Q1 was a solid quarter for Definitive Healthcare despite current economic headwinds and uncertainty. We are well positioned for the long term because we do have 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，儘管當前經濟逆風和不確定性，但第一季度對於 Definitive Healthcare 來說是一個穩定的季度。從長遠來看，我們處於有利地位，因為我們在一個龐大而有吸引力的市場中確實擁有明確的領導地位，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. I want to take a moment and recognize all the time and energy that our Definitive Healthcare team has put into building an award-winning, employee-centric culture. Just in the first quarter alone, we had multiple events, both in the office and remote, that celebrated our diverse and inclusive culture. I had the opportunity to attend many of these events, including a virtual global celebration of the Hindu holiday of Holi, a panel discussion on the importance of self-advocacy in honor of women's history month and a talk by medical expert Ben Haseen in honor of transgender data visibility.

謝謝，瑞克。我想花點時間來表彰我們的 Definitive Healthcare 團隊為建立屢獲殊榮、以員工為中心的文化所投入的所有時間和精力。僅在第一季度，我們就在辦公室和遠程舉辦了多項活動，慶祝我們多元化和包容性的文化。我有機會參加了其中的許多活動，包括虛擬全球慶祝印度教節日灑紅節、關於自我宣傳的重要性以紀念婦女歷史月的小組討論以及醫學專家本·哈森為紀念婦女歷史月所做的演講跨性別數據可見性。

I even had a chance to serve as a judge for the first annual Definitive Healthcare chili cook-off, benefiting Definitive Cares, and my stomach has not fully recovered yet. All kidding aside, it's these types of events that forge important relationships across the company, and they're a huge part of the reason why I consider myself so fortunate to serve as CEO of this fabulous organization.

我什至有機會擔任第一屆年度 Definitive Healthcare 辣椒烹飪大賽的評委，受益於 Definitive Cares，我的胃還沒有完全康復。撇開開玩笑不談，正是這些類型的事件在整個公司建立了重要的關係，它們是我認為自己如此幸運能夠擔任這個了不起的組織的首席執行官的重要原因。

Before opening the call for questions, I want to reiterate that we are off to a solid start in 2023 and well positioned to deliver on our objectives for the year. Our team is doing a great job remaining focused on our customers and executing on our key products and growth initiatives. We've built an incredible business in a large, dynamic and growing market that provides great opportunity to meaningfully scale our revenue and profitability in the coming years, and we remain incredibly confident in the long-term opportunity for definitive healthcare and our ability to generate substantial value for our customers and shareholders.

在開始提問之前，我想重申，我們在 2023 年有了一個堅實的開端，並做好了實現今年目標的準備。我們的團隊做得很好，仍然專注於我們的客戶並執行我們的關鍵產品和增長計劃。我們在一個龐大、充滿活力和不斷增長的市場中建立了令人難以置信的業務，為在未來幾年有意義地擴大我們的收入和盈利能力提供了很好的機會，我們仍然對最終醫療保健的長期機會和我們產生的能力充滿信心為我們的客戶和股東帶來巨大價值。

With that, we would now like to start the Q&A. Operator?

有了這個，我們現在想開始問答。操作員？

(Operator Instructions) The first question is from Ryan Daniels of William Blair.

（操作員說明）第一個問題來自 William Blair 的 Ryan Daniels。

This is Jared Haase in for Ryan. I wanted to start, just hoping you could dive a little bit further into some of the dynamics in the Life Sciences segment, in particular, Rick and Rob, I think you both mentioned some of the headwinds and the churn dynamics that you saw there. But I think overall it seems like a bit of mixed commentary coming from that market from what we've seen where it seems like there's still some concern over funding dynamics, but we've also seen an uptick or a nice pace of M&A, which maybe suggests some organizations are kind of pursuing growth initiatives. So maybe you could just dive into some of the dynamics in that segment in particular.

這是 Ryan 的 Jared Haase。我想開始，只是希望你能更深入地了解生命科學領域的一些動態，特別是 Rick 和 Rob，我想你們都提到了你在那裡看到的一些逆風和流失動態。但我認為總體而言，從我們所看到的情況來看，該市場的評論似乎有點喜憂參半，似乎仍然存在對融資動態的擔憂，但我們也看到了併購的上升或良好步伐，這也許表明一些組織正在追求增長計劃。因此，也許您可以特別深入研究該細分市場的一些動態。

Yes, sure. Thanks, Jared. I'd say life sciences, we felt pretty similar to the way that segment felt at the end of last year. In our perspective, it's been slower. We have all those dynamics with longer sales cycles and greater deal scrutiny, and just a little bit tighter -- feeling like a tighter spending environment that we feel from that segment. Also, if you kind of go smaller biopharma, that's been a group that's been particularly troublesome out of our group, and we've talked about that before. Feel like a combination of financial distress and just -- some funding difficulties there have certainly played out in their ability to purchase.

是的，當然。謝謝，賈里德。我想說生命科學，我們的感覺與去年年底該領域的感覺非常相似。在我們看來，它的速度要慢一些。我們擁有更長的銷售週期和更嚴格的交易審查以及更嚴格的所有這些動態 - 感覺就像我們從該細分市場中感受到的更緊縮的支出環境。此外，如果你有點規模較小的生物製藥公司，那是我們小組中特別麻煩的一個小組，我們之前已經討論過這個問題。感覺像是財務困難和只是 - 那裡的一些資金困難肯定會影響他們的購買能力。

The flip side of it is, there's still great demand in that group. Our top of funnel is great. We're having incredible conversations. We've been -- the buyers and the clients who would work with Definitive are still incredibly enthusiastic about what we're doing. There's been a ton of interest in Atlas since we launched it and have been marketing across our client base. So there's no shortage of interest, and that feels really good. It's just been the same dynamic of things progressing all the way through the sales cycle.

另一方面，該群體的需求仍然很大。我們的漏斗頂部很棒。我們正在進行令人難以置信的對話。我們一直 - 與 Definitive 合作的買家和客戶仍然對我們正在做的事情充滿熱情。自從我們推出 Atlas 以來，人們對它產生了濃厚的興趣，並一直在我們的客戶群中進行營銷。所以不乏興趣，這感覺真的很好。在整個銷售週期中，事情的進展都是一樣的。

Like I mentioned in my remarks, we did have a nice win back. We had also a win of something that pushed from last year. So these things do come through. It's just at a slower pace, and we're doing everything we can to try to accelerate that.

就像我在發言中提到的那樣，我們確實取得了不錯的勝利。我們還贏得了去年推出的東西。所以這些事情確實通過了。它只是速度較慢，我們正在盡一切努力加快速度。

Longer term, it's still a great end market for us. The value that we deliver there is fantastic. We have a lot of million-dollar clients there. We're delivering tons of value. A couple of them expanded relationships with us this year. So it's a place where medium, long term, I feel great about. Just some of the short-term dynamics have been challenging.

從長遠來看，它對我們來說仍然是一個很好的終端市場。我們在那裡提供的價值非常棒。我們在那裡有很多價值百萬美元的客戶。我們正在提供大量的價值。他們中的一些人今年擴大了與我們的關係。所以這是一個中長期我感覺很好的地方。只有一些短期動態一直具有挑戰性。

I appreciate the puts and takes in that market specifically. Just one follow-up from us. So on the gross margin, it looked like that came in just a bit lower than our expectations coming into the quarter. Obviously, I appreciate the commentary around the investments and timing of those data assets coming online. I'm just curious, with EBITDA still registering towards the high end of guidance, were there any operating efficiencies specifically that you identified in the quarter? And if that was the case, is that anything that could maybe drive upside to EBITDA targets over the course of the year?

我特別欣賞那個市場的看跌期權和看跌期權。我們只有一個跟進。因此，就毛利率而言，看起來比我們對本季度的預期要低一點。顯然，我很欣賞關於這些數據資產上線的投資和時機的評論。我很好奇，由於 EBITDA 仍在向指導的高端註冊，您是否在本季度具體確定了任何運營效率？如果是這樣的話，是否有任何可能在這一年中推動 EBITDA 目標上升的因素？

So the key areas where we've been making sure that we're pivoting investment away from is in the areas of G&A. You saw the 280 bps expansion year-over-year. We managed to do that with a nice combination of automation and other efficiencies. So we feel like it is very sustainable. It's too early in the year to talk about upside, but we were pleased that we were able to provide a small beat on revenue and not raise the outlook for the year.

因此，我們一直確保將投資從 G&A 領域轉移出去的關鍵領域。你看到了 280 個基點的同比擴張。我們設法通過自動化和其他效率的完美結合來做到這一點。所以我們覺得它是非常可持續的。現在談論今年的上行空間還為時過早，但我們很高興我們能夠提供小幅的收入增長並且沒有提高今年的前景。

Congrats on a solid update here.

祝賀這裡有一個可靠的更新。

Thanks, Jared.

謝謝，賈里德。

The next question is from Ryan MacDonald of Needham & Co.

下一個問題來自 Needham & Co 的 Ryan MacDonald。

This is Matt Shea on for Ryan. I wanted to touch on the churn in the quarter, I guess, relative to the commentary about pharma in the provider market being weaker. Especially at the lower end, we weren't totally surprised to see customers tick down quarter-over-quarter, but maybe more surprised at the higher end with the 100,000-plus customers. So just curious if you're seeing some of that weakness bubble up to some of your larger accounts or if you could just kind of comment on some of the churn dynamics you're seeing with some of those bigger accounts we maybe haven't seen prior.

這是 Ryan 的 Matt Shea。我想談談本季度的客戶流失，我想，相對於供應商市場中製藥業較弱的評論。尤其是在低端，我們並不完全驚訝地看到客戶環比下降，但在擁有超過 100,000 名客戶的高端可能更令人驚訝。所以很好奇，如果你看到一些弱點會影響到你的一些大客戶，或者你是否可以對你在一些我們可能沒有看到的大客戶中看到的一些流失動態發表評論事先的。

Yes. It's a good question. Thanks. Answer in 2 ways. I think number one, those numbers can change based on both pace of sales and upsells and churn. So obviously, the number of enterprise customers is partially impacted by sales dynamics, not as many upselling or joining above that 100,000 level. So that certainly was a factor.

是的。這是個好問題。謝謝。以2種方式回答。我認為第一，這些數字可能會根據銷售速度、追加銷售和流失率而變化。很明顯，企業客戶的數量部分受到銷售動態的影響，而不是 100,000 級以上的追加銷售或加入。所以這當然是一個因素。

That said, we did see a little bit higher churn in the quarter as well kind of across the base. And I think the slight uptick from what we might have seen, not unexpected, like you said. And I think the dynamics there, if I had to characterize it, is a little more incidence of just financial distress, where people find themselves in a position where they're just unable to continue. And that's something that was probably that we saw a little more this quarter than we might have seen in the past.

也就是說，我們確實看到本季度以及整個基地的流失率略高。而且我認為我們可能已經看到的情況略有上升，並不像你說的那樣出乎意料。而且我認為那裡的動態，如果我必須描述它的話，只是財務困境的發生率有點高，人們發現自己處於無法繼續下去的境地。這可能是我們本季度看到的比過去多一點。

Again, overall, we still feel really good about the value we deliver to enterprise customers. And for some of the stories where we might have lost one on churn, we have a bunch of stories where we were able to expand the relationship and get more dollars in the door from someone who's already paying us a lot of money even in this environment. So again, I do feel like this is a great -- we have a great value proposition. We always strive to keep all our customers, and typically enterprise customers have been some of our best. And that will continue to be the case going forward with -- especially with a little more normalized macro.

同樣，總體而言，我們仍然對我們為企業客戶提供的價值感到非常滿意。對於一些我們可能在客戶流失時失去一個的故事，我們有很多故事，我們能夠擴大關係並從即使在這種環境下已經付給我們很多錢的人那裡得到更多的錢.所以，我再次覺得這是一個偉大的——我們有一個偉大的價值主張。我們始終努力留住所有客戶，通常企業客戶是我們最好的客戶。未來情況將繼續如此——尤其是在使用更加規範化的宏時。

The other nuance in terms of seeing how that plays out within the enterprise customer base is due to the depth and power of the platform. Proportionally, more of our life science and provider customers are enterprise customers. You can be a very small company and still be spending $100,000 or more from us. So that's one thing to bear in mind as you think about it intuitively. And luckily, this is consistent with what we talked about in our fourth quarter call, where we said that we were allowing for a little bit more conservative assumptions on churn as we entered 2023.

在企業客戶群中如何發揮作用方面的另一個細微差別是由於平台的深度和功能。按比例，我們更多的生命科學和供應商客戶是企業客戶。您可以是一家非常小的公司，但仍然從我們這里花費 100,000 美元或更多。所以當你憑直覺思考它時，這是要記住的一件事。幸運的是，這與我們在第四季度電話會議上談到的一致，我們在電話會議上表示，在進入 2023 年時，我們允許對客戶流失率做出更保守的假設。

Got it. Appreciate the color. Sounds like it's all baked in. And then so I wanted to touch on Atlas. It sounds like a lot of great success there in driving a lot of demand. Curious, does this change your thinking around M&A at all? Would future deals maybe be more similar to an Atlas like purchase and focus on datasets over an out-of-the-box module? And what other datasets might be interesting that Definitive could add?

知道了。欣賞顏色。聽起來好像已經全部融入其中。所以我想談談 Atlas。聽起來在推動大量需求方面取得了很大的成功。很好奇，這會完全改變您對併購的看法嗎？未來的交易是否會更類似於購買 Atlas 並通過開箱即用的模塊專注於數據集？ Definitive 可以添加哪些其他有趣的數據集？

I think nothing's changed on our sort of perspective on what we want to bring into the company. I consider those a little bit different endeavors. One is to continue to fortify our data. We generally do that by finding sources or investing in collection capability to continue to bring data in and to keep ourselves really best-in-class and unique to our clients and delivering on new use cases that clients have asked about or expressed interest in. So that's kind of the endeavor behind the investments in Atlas and the -- in particular, the uptick in our claims investment this year.

我認為我們對要為公司帶來什麼的看法沒有任何改變。我認為那些有點不同的努力。一是繼續強化我們的數據。我們通常通過尋找來源或投資於收集能力來做到這一點，以繼續引入數據並保持我們真正一流和對我們的客戶來說是獨一無二的，並提供客戶詢問或表示感興趣的新用例。所以這就是 Atlas 投資背後的努力，尤其是我們今年索賠投資的增加。

From an M&A standpoint, we continue to have the same philosophy on M&A, which is we like to find an additional capability out there. It could be an additional data source, but more likely an additional capability, something that we can do that brings a new source in and of itself of value to clients that we can then take out across our 3,000 client base. Accelerate, expanding that to new clients, build it into our dataset and into our platform such that it becomes an integral part of what we do. And that tends to create a lot of value through M&A.

從併購的角度來看，我們在併購方面繼續秉承相同的理念，即我們希望在那裡找到額外的能力。它可能是一個額外的數據源，但更可能是一種額外的功能，我們可以做的事情為客戶帶來新的價值來源，然後我們可以在 3,000 個客戶群中使用這些數據源。加速，將其擴展到新客戶，將其構建到我們的數據集和平台中，使其成為我們工作不可或缺的一部分。這往往會通過併購創造大量價值。

So we continue to be on the lookout on many conversations and searching for opportunities like that. And I would anticipate -- we've always talked about 1 to 2 per year, I'd anticipate us staying on that pace. It's been about a year. Primarily driven by the fact that valuations in the private market hadn't really caught up the valuation in the public market, my sense is that's gradually starting to change. And so I'd be optimistic that over the next year, you get -- we get back on pace.

因此，我們繼續關注許多對話並尋找這樣的機會。我預計——我們一直在談論每年 1 到 2 次，我預計我們會保持這種速度。已經快一年了。主要是由於私人市場的估值並沒有真正趕上公開市場的估值，我的感覺是這種情況正在逐漸開始改變。因此，我樂觀地認為，在明年，你會——我們會重回正軌。

The next question is from Craig Hettenbach of Morgan Stanley.

下一個問題來自摩根士丹利的 Craig Hettenbach。

So it sounds like there hasn't been any meaningful changes to the backdrop. But now that you have 4 months of the year complete, I was hoping to get your sense kind of month-to-month this year, if you're seeing any nuances in that backdrop and then in particular, what you call out in this backdrop on new logo growth versus upsell.

所以聽起來背景沒有任何有意義的變化。但是現在你一年中有 4 個月完成了，我希望你能了解今年每個月的情況，如果你在那個背景下看到任何細微差別，特別是你在這個新標識增長與追加銷售的背景。

Yes. So I'll speak to the first quarter, Craig, because that's kind of what we're looking back on that quarter is what we're reporting on. I'd say there were nothing on line with what we expected. I'd say that, as Rick mentioned, maybe a slight uptick in churn, which we had projected coming into the year, right on course of what we expected around new. So there's not a lot of dynamics that are different from what we expected coming into the year. Sorry, that's not a super detailed answer, but I'd say first quarter was kind of where we expected it to be on both new upsell and churn.

是的。所以我要談談第一季度，克雷格，因為這就是我們回顧那個季度的內容，這就是我們正在報告的內容。我會說沒有什麼符合我們的預期。我會說，正如 Rick 提到的那樣，我們預計今年的客戶流失率可能會略有上升，這與我們對新產品的預期一致。因此，與我們對今年的預期不同的動態並不多。抱歉，這不是一個非常詳細的答案，但我想說第一季度是我們預期的新追加銷售和客戶流失的地方。

Yes. No discernible trend.

是的。沒有明顯的趨勢。

And month by month came in kind of as expected as well.

一個月又一個月的情況也符合預期。

Okay. And then just a follow-up on just margins. You guys have talked about some of the investments you're taking and a little bit of a drag this year. Rick, how do we think about -- I know it's early to think about 2024, but just what type of operating leverage do you see in the model and particularly as you have some workforce reductions coming in this year?

好的。然後只是對利潤率的跟進。你們已經談到了你們正在進行的一些投資以及今年的一些拖累。里克，我們如何考慮——我知道現在考慮 2024 年還為時過早，但您在模型中看到了什麼樣的運營槓桿，尤其是在今年裁員的情況下？

Yes. I think the economic model is very clean. We continue to have high gross margins even with these data investments. The data investments in G&A are largely fixed, but it's still too early to talk about 2024. We're never done in terms of continuing to improve the product, and so we're going to continue to manage for the combination of growth and profitability that we think is optimal.

是的。我認為經濟模型非常乾淨。即使有這些數據投資，我們仍然保持高毛利率。 G&A 的數據投資基本上是固定的，但現在談論 2024 年還為時過早。我們在繼續改進產品方面從未完成，因此我們將繼續管理增長和盈利能力的結合我們認為是最優的。

I would just add to that, Craig, you know our model, which is every incremental revenue dollar brings with it a lot of incremental profitability. And we, I think, do a good job of thinking about how much of that we reinvest in future growth and how much that we deliver out, but the model provides a lot of room over time to do both.

我只想補充一點，克雷格，你知道我們的模型，每一美元的增量收入都會帶來大量的增量利潤。我認為，我們很好地考慮了我們將有多少再投資於未來的增長以及我們交付了多少，但隨著時間的推移，該模型為兩者提供了很大的空間。

The next question is from Joe Vruwink of Baird.

下一個問題來自 Baird 的 Joe Vruwink。

Maybe, Rob for now, I'll start with something you said in your prepared remarks, just implementing changes within the company, within DH to help with performance, not guiding to improvement going forward, but certainly doing some things internally meant to drive improvement. Can you maybe elaborate on, in your mind, what some of the biggest actions or maybe the actions that could bear fruit the earliest -- what some of those things might be?

也許，Rob 現在，我將從你在準備好的發言中所說的話開始，只是在公司內部實施變革，在 DH 內幫助提高績效，而不是指導未來的改進，但肯定會在內部做一些旨在推動改進的事情.你能否詳細說明，在你的腦海中，一些最大的行動或者可能最早產生成果的行動 - 其中一些可能是什麼？

Sure. I'll go through those. And yes, you're right, like we're trying a lot, and we're working hard to try to inflect things upwards. But it's hard in this environment to confidently state that those things will pay off within some specific time frame, but I know there are good things to do over time.

當然。我會通過那些。是的，你是對的，就像我們正在嘗試很多一樣，我們正在努力工作，試圖讓事情向上發展。但在這種環境下很難自信地說這些事情會在某個特定的時間範圍內得到回報，但我知道隨著時間的推移會有好事要做。

The first, and we've talked about a couple of things before, is getting much better at account planning and really mapping out the full range of decision-makers within a client and being sure that we're getting in front of them early in the sales cycle. In the old days, usually the person we talk to could get the budget authority and get it done. We're finding that's really the case today. And there's usually Rick Booth's twin, somewhere at our client, who is sitting there with a spreadsheet and a budget that has a lot of questions that if you don't talk to that person earlier in the process tends to create issues at the back end of the process. So getting much better about that, and I think we've done a nice job of that. It doesn't make us immune from stuff slipping at the end of the quarter or a new decision processes coming in that's still happening, but I think it does get us ahead of some of those issues better than we might have been last year.

首先，我們之前已經談過幾件事，是在客戶規劃方面做得更好，真正規劃出客戶中的所有決策者，並確保我們在早期就走在他們前面銷售週期。在過去，通常與我們交談的人可以獲得預算授權並完成它。我們發現今天確實如此。通常有 Rick Booth 的雙胞胎，在我們客戶的某個地方，他坐在那裡拿著電子表格和預算，上面有很多問題，如果你不在流程的早期與那個人交談，往往會在後端產生問題的過程。所以在這方面做得更好，我認為我們在這方面做得很好。它並不能使我們免於在季度末出現下滑或新的決策過程仍在發生，但我認為它確實讓我們比去年更好地解決了其中一些問題。

The second is we've really made more moves to verticalize and that's particularly in the provider and life science segments. So obviously, they're a little bit more of our challenged segments right now. But I think we've recognized that -- people on the front lines in those markets as we've grown deeper and more complex in what we can do with our clients, we need people who can speak the language of our clients in those markets and have a little greater depth of experience in those markets. So this year we have really made some positive moves to move to a little more verticalization each of those markets. And I know that will pay dividends, just to hear about the conversations we're having and the depth to which we're discussing the use cases that we can provide is definitely a click above where we've been in the past.

第二個是我們確實在垂直化方面採取了更多舉措，尤其是在供應商和生命科學領域。很明顯，他們現在是我們面臨挑戰的部分。但我認為我們已經認識到——隨著我們在與客戶合作方面變得更深入、更複雜，處於這些市場前線的人們，我們需要能夠說這些市場客戶語言的人並且在這些市場上有更深的經驗。因此，今年我們確實採取了一些積極的舉措，使每個市場都更加垂直化。而且我知道這會帶來好處，只是為了聽聽我們正在進行的對話以及我們討論的用例的深度，我們可以提供的用例絕對比我們過去的水平更高。

And then I think third, we've got a great top of funnel activity. It's basically saying, let's really focus on what we know we can control, and that's getting opportunities in the door. So leads -- converting leads into opportunities, being as good as we can on those. One think the opportunity is really bringing the best of the company behind those to work on converting them, whether they're new business upsell or renewal opportunities. And I've gotten involved on a personal level and win more opportunities than I had in the past, and I think that's true of our executive team, and our teams are pushing hard to be sure that we're engaging at the right level of depth and urgency.

然後我認為第三，我們有很好的漏斗活動。基本上是說，讓我們真正專注於我們知道我們可以控制的事情，那就是獲得機會。因此，潛在客戶——將潛在客戶轉化為機會，盡我們所能。有人認為，這個機會真的是將公司最好的人才帶到那些人的背後，致力於轉變他們，無論他們是新業務追加銷售還是續約機會。而且我在個人層面上參與並贏得了比過去更多的機會，我認為這對我們的執行團隊來說也是如此，我們的團隊正在努力確保我們在正確的層面上參與深度和緊迫性。

So look, these are all things that they will pay off. I'm reluctant to kind of put a time line on it just as we've seen the macro be kind of stubbornly blocking of it, really turning the corner upwards, but it's making us better.

所以看，這些都是他們會得到回報的東西。我不太願意在它上面放一個時間線，就像我們看到宏有點頑固地阻止它一樣，真的把拐角向上轉，但它讓我們變得更好。

Okay. That's all in great detail. I wanted to talk on CRPO, 10% growth this quarter. I think may be organically, accounting for analytical, was there maybe similar rates of growth in CRPO last quarter, so maybe stability there? How should we think about kind of the trend in our current backlog through the remainder of the year, just given where the revenue guide is? Should it be the expectation that rotates and CRPO are inching a bit higher as the year goes on?

好的。這一切都非常詳細。我想談談 CRPO，本季度增長 10%。我認為可能是有機的，考慮到分析，上個季度 CRPO 是否有類似的增長率，所以那裡可能穩定？考慮到收入指南的位置，我們應該如何考慮今年剩餘時間內當前積壓的趨勢？隨著時間的推移，輪換和 CRPO 的預期是否會略微升高一點？

Let me explain to you a little bit of the CRPO dynamics. In addition to our normal earning dynamic, remember that we have more renewals in the fourth quarter, and then those lose CRPO as we go through the quarter and the year. That consumes CRPO in Q1. We also saw an increase, particularly in financial distress, especially in life sciences and providers. That shows up as lower renewal rates and, therefore, increased churn. This was consistent with our planning. We remain on track to deliver against our full year guidance. We guide based on revenue and our other financial metrics. We don't guide CRPO itself.

讓我向您解釋一下 CRPO 動態。除了我們正常的盈利動態外，請記住我們在第四季度有更多的續約，然後隨著我們經歷這個季度和這一年，那些會失去 CRPO。這在第一季度消耗了 CRPO。我們還看到了增長，尤其是在財務困境方面，尤其是在生命科學和提供者方面。這表現為較低的續訂率，因此增加了客戶流失率。這與我們的計劃一致。我們仍然有望實現我們的全年指導。我們根據收入和其他財務指標進行指導。我們不指導 CRPO 本身。

The next question is from David Grossman of Stifel.

下一個問題來自 Stifel 的 David Grossman。

I'm wondering if I could just ask a quick follow-up to the question that was just asked because it sounds like the demand backdrop is stable but still challenging. And if I understand your guidance right, on the revenue side that you do, it does imply some sequential revenue acceleration as the year progresses. So perhaps you could -- particularly given the CRPO dynamic you just talked about, do you want to give us a little more color on what kind of visibility you have on that? Does it relate to some of the new data products that were introduced in the first quarter? Just give us a little more insight into kind of how you get there and why revenue should accelerate as the year goes on?

我想知道我是否可以快速跟進剛剛提出的問題，因為聽起來需求背景穩定但仍然具有挑戰性。如果我理解你的指導是正確的，那麼在你所做的收入方面，這確實意味著隨著時間的推移，收入會出現一些連續的加速。所以也許你可以——特別是考慮到你剛才談到的 CRPO 動態，你想給我們更多關於你對它的可見性的顏色嗎？是否與第一季度推出的一些新數據產品有關？只是讓我們更深入地了解你是如何到達那裡的，以及為什麼收入會隨著時間的推移而加速增長？

Great question, as always, David. We started the year with revenue favorability. It's a little early in the year to raise full year guidance. We do gain increased visibility as we proceed through the year. We are confident in our ability to meet the full year guidance.

好問題，一如既往，大衛。我們以收入好感度開始了這一年。今年提高全年指導還為時過早。隨著這一年的進行，我們確實獲得了更高的知名度。我們對實現全年指導目標的能力充滿信心。

Right, Rick. But just, again, talking about stability, is there -- are there some dynamics that would give you that confidence that sequential revenue growth would accelerate as the year progresses here in the back half? Because I think that's what your guidance implies.

對，瑞克。但是，再次談論穩定性，是否有一些動態可以讓你相信隨著今年下半年的進展，連續收入增長會加速？因為我認為這就是您的指導所暗示的意思。

Currently what we've seen on an organic basis.

目前我們在有機基礎上看到的。

I think, David, just at a high level, I know we've said this, but we kind of -- the assumptions behind the guidance we put out assumed that the dynamics we're seeing on the macro side are what's in place across the rest of this year. And then we kind of ran all the numbers about what that means for the year and quarter-over-quarter, and that's how we came up with it. So nothing's changed about that from kind of how we walked into the year. I don't know if it's helpful or not, but at least gives you the context for -- in which we set that.

我認為，大衛，只是在一個較高的層面上，我知道我們已經說過了，但是我們有點——我們提出的指導背後的假設假設我們在宏觀方面看到的動態就是整個今年剩下的時間。然後我們計算了所有關於年度和季度環比的數字，這就是我們得出的結果。因此，從我們走進這一年的方式來看，這並沒有改變。我不知道它是否有幫助，但至少為您提供了我們設置它的背景。

Right. Okay. And I guess the second question I had was about some of the commentary around expense management. And when we look at the first quarter and perhaps what's implied for the second quarter, is that really the baseline right now for operating expenses, leading the gross margin out of this just on the OpEx line? Is there more opportunity than what we've seen, if necessary? Or should we look at the current run rate on OpEx as being kind of where the baseline is going forward?

正確的。好的。我想我的第二個問題是關於費用管理的一些評論。當我們查看第一季度以及第二季度的暗示時，這真的是目前運營支出的基線，僅在 OpEx 線上領先毛利率嗎？如果有必要，是否還有比我們所看到的更多的機會？或者我們應該將 OpEx 的當前運行率視為基線的發展方向嗎？

I think it's a reasonable first cut at the baseline. Of course, we've got some additions and you always have some open positions, but it's not a crazy baseline.

我認為這是一個合理的基線首次削減。當然，我們有一些補充，您總是有一些空缺職位，但這並不是一個瘋狂的基線。

Great. And if I could just squeeze one last one in. Just curious, what is the pricing environment like? And I don't know if you've ever encountered a downturn like this in the history of the company before. But any perspective on what impact pricing has on revenue growth this year, perhaps versus prior years when you face an environment like this?

偉大的。如果我能擠進最後一個。只是好奇，定價環境是什麼樣的？而且我不知道大家在公司的歷史上有沒有遇到過這樣的低迷期。但是，關於定價對今年收入增長有何影響的任何觀點，也許與前幾年面對這樣的環境相比？

Yes. I mean, what we've seen in the first quarter on pricing is pretty consistent with the past. So we haven't really seen any material change from what we've seen in prior years. I would say the company has been through this extended downturn before. There was the blip after COVID hit in 2020. And if you look at that year, that year saw pretty consistent levels of pricing stability as well. So we always -- our sales teams always have some discretion to discount to get things across the finish line, and they're certainly continuing to do that now. But overall, if you kind of look at our realized pricing, it's up a little over last year, which we would have expected.

是的。我的意思是，我們在第一季度看到的定價與過去非常一致。因此，與往年相比，我們並沒有真正看到任何實質性變化。我想說該公司以前經歷過這種長期低迷。 2020 年 COVID 爆發後出現了一個小問題。如果你看看那一年，那一年的定價穩定性水平也相當一致。所以我們總是——我們的銷售團隊總是有一定的自由裁量權來打折讓事情越過終點線，他們現在肯定會繼續這樣做。但總的來說，如果你看一下我們的實際定價，它比去年略有上漲，這是我們所預期的。

The next question is from Allen Lutz of Bank of America.

下一個問題來自美國銀行的 Allen Lutz。

Robert, you mentioned that life sciences fell the same at the end of the year. I guess is there anything to call out in the other segments, medtech providers, health systems, non-healthcare? Was there anything that changed from 4Q to 1Q? Did any of those segments improve at all? Or was it basically all kind of the same versus 4Q?

羅伯特，你提到生命科學在年底同樣下跌。我想在其他領域、醫療技術供應商、醫療系統、非醫療保健領域有什麼值得一提的嗎？從 4Q 到 1Q 有什麼變化嗎？這些細分市場中的任何一個是否有所改善？或者它與 4Q 基本上都一樣嗎？

Yes. And I'm sorry to be boring, but things were pretty much the same. We've seen a little more pressure comparatively in the biopharma part of our life science business. Although still some in med device, we lump those together in life sciences and providers. Providers had a pretty rough year last year. I don't think they've fully emerged from it yet. Although, again, we're optimistic that, over time, things will get better because last year was a pretty all around bad year for their financials.

是的。很抱歉我很無聊，但事情幾乎是一樣的。我們在生命科學業務的生物製藥部分看到了相對更大的壓力。儘管仍有一些在醫療設備中，但我們將它們歸為生命科學和提供者。供應商去年的表現相當艱難。我認為他們還沒有完全擺脫困境。不過，我們再次樂觀地認為，隨著時間的推移，情況會好轉，因為去年對他們的財務狀況來說是非常糟糕的一年。

And then diversified relative to the others has been better throughout. Again, there are pockets within there that are tougher. We do have some software companies in there, and they've obviously had a little bit tougher ride, but we also have some other types of companies that maybe it's been a little bit less. Again, we still see the sales cycle dynamics and the difficulties getting stuff closed in those segments as well, but comparatively less so in diversified relative to the others.

然後相對於其他多元化一直更好。同樣，裡面有更堅固的口袋。我們確實有一些軟件公司，他們顯然經歷了一些艱難的旅程，但我們也有一些其他類型的公司，可能情況要少一些。同樣，我們仍然看到銷售週期動態以及在這些細分市場中關閉東西的困難，但相對於其他細分市場而言，多元化的情況相對較少。

And then one for Robert or Rick. I know that you talked about kind of the outlook for M&A a little bit in the current environment. I'm just sort of postulating here. But I would think that some of your smaller, less capitalized peers may be under some pressure at some point. Do you think that you could be maybe more aggressively opportunistic over the next 6 to 12 months versus kind of the 1 to 2 deals you've talked about historically, if that was something that sort of came to fruition?

然後一個給羅伯特或里克。我知道您談到了當前環境下併購的前景。我只是在這裡假設。但我認為你的一些規模較小、資本較少的同行可能在某些時候會承受一些壓力。你認為在接下來的 6 到 12 個月裡，你是否可以更積極地投機取巧，而不是你過去談論過的那種 1 到 2 筆交易，如果那是某種結果的話？

I mean I never want to hypothesize too much, but if we found 3 great companies to buy, kind of fit our criteria and that we felt like we could successfully onboard and integrate, we would do it. So it's 1 to 2 is not an absolute guideline. It's sort of a general indication. I think the realities are that it does take a -- we're not enormous as a company. And when we bring someone on board, we want to do it really well and capitalize on all the synergies associated with it. So that takes a company-wide effort. Not to say we couldn't do 3, but we would look really carefully to be sure that we could manage those to maximize the value. But no, I don't want to say there's any artificial barrier to it. And as valuations come in, I do think we'll find some really nice opportunities on the M&A front.

我的意思是我從不想假設太多，但如果我們找到 3 家偉大的公司來購買，有點符合我們的標準，並且我們覺得我們可以成功加入並整合，我們就會這樣做。所以它的 1 到 2 不是絕對的指導方針。這是一種普遍的跡象。我認為現實是它確實需要——我們作為一家公司並不龐大。當我們聘請某人時，我們希望做得非常好，並利用與之相關的所有協同效應。因此，這需要全公司的努力。並不是說我們不能做 3，但我們會非常仔細地查看以確保我們能夠管理這些以最大化價值。但不，我不想說它有任何人為障礙。隨著估值的到來，我確實認為我們會在併購方面找到一些非常好的機會。

And your next question is from Brian Peterson of Raymond James.

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

This is Johnathan McCary on from Brian. We'll just keep it to one. I'm just kind of curious on NRR. Can you stack rate the drivers of your expansion motion typically in terms of cross-sell and expanding seeds into new therapy areas? And then I'm just kind of curious where do you think about a longer-term NRR settling maybe even just qualitatively once we reach the other side of the unpredictable macro?

我是 Brian 的 Johnathan McCary。我們只保留一個。我只是對 NRR 有點好奇。您能否通常根據交叉銷售和將種子擴展到新的治療領域來評估擴張運動的驅動因素？然後我只是有點好奇，一旦我們到達不可預測的宏觀的另一邊，你會在哪裡考慮更長期的 NRR 解決方案，甚至可能只是定性的？

Yes. The biggest driver of increase in existing client revenue comes from cross-selling into new divisions and new products. The number of seats is at best a tertiary driver for us. Very different from what you may be used to with some of the other companies out there.

是的。現有客戶收入增長的最大驅動力來自交叉銷售新部門和新產品。座位數對我們來說充其量是三級驅動。與您在其他一些公司可能習慣的情況截然不同。

And that's in some part because a lot of times our clients will have an enterprise license. So the big opportunity is getting them using more of our functionality versus just having more people if the client use it.

這在某種程度上是因為很多時候我們的客戶將擁有企業許可證。因此，最大的機會是讓他們使用我們的更多功能，而不是如果客戶使用它就讓更多人使用。

The next question is from Jonathan Yong of Credit Suisse.

下一個問題來自瑞士信貸的 Jonathan Yong。

Just to go back to churn again. I guess, one, the churn you saw in the quarter, was that in line with what you kind of expected for the quarter? And then looking ahead, does your guidance also account for possible consolidation within the verticals, where there may be additional churn outside of the financially-distressed firms?

只是為了再次回去攪動。我想，第一，您在本季度看到的流失情況是否符合您對本季度的預期？然後展望未來，您的指導意見是否也考慮了垂直行業內可能出現的整合，在這些行業中，除了陷入財務困境的公司之外可能還會有額外的流失？

Yes. So churn was about where we expected it to be, it was a little higher than we saw at the end of last year, which we projected would be the case just based on what's going on in the macro. We've always had a reasonable amount -- not a reasonable amount. It's a pretty steady amount of M&A throughout our client base. That's something we always manage with. I don't think that was necessarily any more elevated or a decline this quarter versus any other quarter. And we'll always fight hard to keep the full amount of the revenue from that as long as we can.

是的。所以流失率大約是我們預期的水平，它比我們去年年底看到的要高一點，我們預計這種情況只是基於宏觀上發生的事情。我們一直有一個合理的數量——不是一個合理的數量。在我們的客戶群中，併購的數量相當穩定。這是我們一直在處理的事情。我認為本季度與其他任何季度相比不一定會上升或下降。我們將一直努力爭取盡可能長時間地保留全部收入。

To your point, inevitably, that's sometimes a cost synergy for the acquirer, and so they want to come and find ways to renegotiate. Sometimes it's an opportunity to expand our relationship if one of the companies doesn't have us and the other one does. So it's not always a negative, but we would tend to prefer nonconsolidation versus some consolidation there. But it wasn't any different than any other quarter in terms of pacing and impact.

就你的觀點而言，不可避免地，這有時對收購方來說是一種成本協同效應，所以他們想來尋找重新談判的方法。如果其中一家公司沒有我們而另一家公司有，有時這是一個擴大我們關係的機會。所以它並不總是負面的，但我們傾向於選擇非合併而不是那裡的一些合併。但就節奏和影響而言，它與其他任何季度都沒有什麼不同。

Right. And we did not model that as a separate variable as we were looking at 2023.

正確的。我們並沒有像我們展望 2023 年那樣將其建模為一個單獨的變量。

Okay. Great. And then just going to the elongation of deals. So I guess I want to better understand this. But I guess my utilization of it was that deals were just being pushed out a little bit, but they were still in the pipe. I guess are you seeing basically that these deals are now completely off for now? And as the macroeconomic headwinds ease, that companies will have to reevaluate everything at that point. And so it's somewhat of a longer sales cycle overall, where maybe it was 9 months now, everything stopped. Then once we get to that point where things open, it's going to be another 3, 6 months after that, where we might take a little bit longer to reaccelerate revenue growth.

好的。偉大的。然後只是延長交易。所以我想我想更好地理解這一點。但我想我對它的利用是交易只是被推遲了一點，但它們仍在醞釀之中。我想你是否基本上看到這些交易現在已經完全取消了？隨著宏觀經濟逆風的緩和，這些公司將不得不重新評估此時的一切。因此，整體銷售週期有點長，現在可能是 9 個月，一切都停止了。然後，一旦我們達到開放的程度，那將是另外 3、6 個月，我們可能需要更長的時間來重新加速收入增長。

Sure. That's hard to know. That's a pretty specific fortune-telling. So I guess what I'd say is, yes, we have a lot in our pipelines. Deals that you'd expect to close 1 month end up in the next month. Now not as many are closing as they did a year or plus ago either. So you are not getting all those across the finish line, even in the delayed circumstance. My sense would be, if you look at prior downturns here, which was after the COVID downturn -- the short COVID downturn and then my experience historically would be that once people feel like there's stability and kind of feel like they have a reasonable understanding of what's ahead for the next 12 months, that certainty tends to pretty quickly lead to buying decisions. And I kind of analogize that to us, we've been really careful with external spend. Once the economy had a pretty clear outlook and we started seeing that play through in our commercial activity, we would make spending decisions based on that very quickly.

當然。這很難知道。這是一個非常具體的算命。所以我想我要說的是，是的，我們的管道中有很多。您希望在 1 個月內完成的交易會在下個月結束。現在倒閉的公司不像一年多前那樣多。因此，即使在延遲的情況下，您也無法讓所有這些人都衝過終點線。我的感覺是，如果你看看這里之前的經濟低迷，那是在 COVID 低迷之後——短暫的 COVID 低迷，然後我的歷史經驗是，一旦人們感到穩定並且感覺他們對未來 12 個月的前景，這種確定性往往會很快導致購買決定。我有點類比我們，我們一直非常小心外部支出。一旦經濟前景非常明朗，並且我們開始在我們的商業活動中看到這種情況，我們就會很快根據它做出支出決定。

So -- and if you think about Definitive Healthcare, what's great about what we do for clients is that it helps people grow and help people sell. So the minute people feel like there's a good opportunity ahead of them to inflect sales upwards or to start growing their business at the levels they were used to again, I think we get the dollars pretty quickly.

所以 - 如果你考慮 Definitive Healthcare，我們為客戶所做的事情的好處在於它可以幫助人們成長並幫助人們銷售。因此，一旦人們覺得他們面前有一個很好的機會來提高銷售額或開始在他們習慣的水平上再次發展他們的業務，我認為我們很快就能拿到錢。

So a long way of saying, I don't think there's another 2- to 4-month pause. Once things stabilize, I think once things stabilize, I'd expect our business to pick up certainly beyond the levels we've seen right now.

這麼長的說法，我認為不會再有 2 到 4 個月的暫停。一旦事情穩定下來，我認為一旦事情穩定下來，我希望我們的業務回升肯定會超過我們現在看到的水平。

And I think that we have hit the top of the hour. Appreciate everyone's time. We're going to be out at the conferences in the upcoming weeks and look forward to seeing many of you in person. Goodbye.

我認為我們已經達到了巔峰狀態。珍惜每一個人的時間。我們將在接下來的幾週內參加會議，並期待與你們中的許多人見面。再見。

Thank you.

謝謝。

Ladies and gentlemen, the Definitive Healthcare call and webcast has concluded. Thank you for your participation. You may disconnect.

女士們，先生們，Definitive Healthcare 電話會議和網絡廣播已經結束。感謝您的參與。您可能會斷開連接。