Definitive Healthcare Corp (DH) 2025 Q2 法說會逐字稿

Welcome to Definitive Healthcare's Q2 2025 earnings call. Later, we will conduct a question and answer session. I would now like to turn the call over to your host. You may begin.

歡迎參加 Definitive Healthcare 2025 年第二季財報電話會議。稍後我們將進行問答環節。現在，我想將電話交給主持人。您可以開始。

Good afternoon. Thank you for joining us today to review Definitive Healthcare's financial results. Joining me on the call today are Kevin Coop, Chief Executive Officer; and Casey Heller, Chief Financial Officer.

午安.感謝您今天加入我們，回顧Definitive Healthcare的財務表現。今天和我一起參加電話會議的還有執行長Kevin Coop和財務長Casey Heller。

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 differentiated data and health care commercial intelligence solutions, our competitive position, customer behaviors and use of our solutions, customer growth, renewals and retention, our financial guidance, our planned investments and operational strategy, generating value for our customers and shareholders.

在本次電話會議中，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和成長機會有關的陳述、我們差異化數據和醫療商業智慧解決方案的優勢、我們的競爭地位、客戶行為和我們解決方案的使用、客戶成長、續約和保留、我們的財務指導、我們的計畫投資和營運策略，為我們的客戶和股東創造價值。

The anticipated impacts of global macroeconomic conditions on our business results and customers and on the health care industry generally and our ability to successfully transition executive leadership. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

全球宏觀經濟狀況對我們的業務表現、客戶以及整個醫療保健產業預期的影響，以及我們成功過渡高階主管領導層的能力。任何前瞻性陳述均依據1995年《私人證券訴訟改革法》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.

前瞻性陳述涉及許多風險和不確定性，包括「風險因素」部分以及我們提交給美國證券交易委員會（SEC）的文件中其他部分所討論的風險和不確定性。實際結果可能與任何前瞻性陳述有重大差異。

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.

除法律要求外，本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出現的事件的義務。更多信息，請參閱我們剛剛發佈於網站投資者關係板塊的收益報告中的警示性聲明。

We will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release and investor presentation on the Investor Relations portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure.

我們將在本次電話會議上討論非公認會計準則 (GAAP) 財務指標。請參閱我們網站投資者關係板塊中的收益報告和投資者介紹中的表格，以了解這些指標與其最直接可比較的 GAAP 財務指標之間的對帳情況。

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

說到這裡，我想把電話轉給凱文。凱文？

Thanks, Jonathan, and thanks to all of you for joining us this afternoon to review Definitive Healthcare's second quarter 2025 financial results. On today's call, I'll provide highlights from our second quarter performance and an update on our progress against our key strategic priorities for the year.

謝謝喬納森，也謝謝大家今天下午加入我們，共同回顧Definitive Healthcare 2025年第二季的財務表現。在今天的電話會議上，我將分享我們第二季業績的亮點，並介紹我們今年關鍵策略重點的進展。

Let me begin by reviewing our financial results for the second quarter, which were above the high end of our guidance ranges on both the top and bottom line. Our total revenue was $60.8 million, down 5% year-over-year. This was ahead of expectations driven in part by early signs of improvement in renewal rates.

首先，我來回顧一下我們第二季的財務表現。營收和淨利潤均高於我們預期範圍的上限。我們的總收入為6080萬美元，年減5%。這超出了預期，部分原因是續約率出現了初步改善的跡象。

While it is still too soon to declare this trend durable, it is an encouraging data point that changes in investments we are making in customer success are working. Adjusted EBITDA was $18.7 million, which was ahead of expectations and represents a 31% margin. This reflects good expense discipline and the scalable nature of our business model, and we continue to generate solid cash flow, delivering $57 million of unlevered free cash flow for the trailing 12 months.

雖然現在斷言這一趨勢將持續下去還為時過早，但令人鼓舞的數據表明，我們在客戶成功方面所做的投資調整正在發揮作用。調整後的EBITDA為1870萬美元，高於預期，利潤率達31%。這體現了我們良好的費用管理原則以及業務模式的可擴展性。此外，我們持續創造穩健的現金流，過去12個月實現了5,700萬美元的無槓桿自由現金流。

Overall, we continue to make progress and our conviction, we are taking the right steps to improve the business has increased. In the second quarter, new logo activity remained healthy in each of our core end markets. Our ability to attract new customers to the platform is an important validation of the value proposition of our differentiated data. We will continue to refine and evolve our business motion to more effectively and efficiently focus our efforts on the sales strategy showing the most promise in the field.

總體而言，我們持續取得進展，並且更加堅信我們正在採取正確的措施來改善業務。第二季度，我們各核心終端市場的新標誌活動保持健康。我們吸引新客戶加入平台的能力，是我們差異化資料價值主張的重要驗證。我們將繼續完善和改進我們的業務模式，以便更有效地將精力集中在該領域最有前景的銷售策略上。

We also had another encouraging quarter in terms of renewals. Following last quarter's stabilization and retention rate, we saw a modest improvement relative to recent quarters and the highest retention rate since the second quarter of last year.

在續約方面，我們也度過了一個令人鼓舞的季度。繼上季客戶留存率趨於穩定之後，我們觀察到續約率較最近幾季略有改善，並創下了自去年第二季以來的最高留存率。

Although the second quarter is a smaller renewal period for us, it is promising and reinforces our belief in the actions we are taking across the organization. We still need to get through the largest renewal periods in December and January, but we are tracking well versus our plan for the first half of the year.

雖然第二季對我們來說是一個較小的續約期，但它前景光明，並增強了我們對整個組織正在採取的行動的信心。我們仍然需要度過12月和1月最大的續約期，但與上半年的計畫相比，我們的進展情況良好。

Our progress through the first half of the year gives us confidence to increase the midpoint of our revenue guidance and increase our adjusted EBITDA target for the year. Our goal for the remainder of the year is to build upon the initial progress in the first half and drive further improvement in our go-to-market product development and customer success efforts.

上半年的進展讓我們有信心提高全年收入預期的中位數，並提高調整後EBITDA目標。我們今年剩餘時間的目標是鞏固上半年的初步成果，進一步提升產品上市開發和客戶成功率。

I would now like to spend a few minutes providing an update on our four pillars to our platform and the value proposition that we believe are the keys to returning the business to improve top and bottom line performance over time. As you'll recall, the four key pillars of our platform and value proposition are differentiated data, data delivery and integrations, driving customer success and innovation initially through the enablement of our customers' digital engagement with providers and consumers.

現在，我想花幾分鐘時間介紹我們平台的四大支柱和價值主張，我們認為這些是恢復業務、持續提升營收和利潤的關鍵。各位應該還記得，我們​​平台和價值主張的四大支柱是差異化數據、數據交付和集成，這三大支柱最初是透過促進客戶與供應商和消費者之間的數位互動來推動客戶成功和創新。

I would like to take a moment to provide an update on the progress we have made across each of these focus areas. Let's start with differentiated data. This is the core of Definitive's value proposition for customers. We have been actively taking steps to expand the breadth and depth of our data assets while instituting rigorous data quality and data cleansing technology to ensure Definitive is synonymous with the highest quality data in the market.

我想花點時間介紹一下我們在各個重點領域的最新進展。首先，讓我們從差異化資料開始。這是 Definitive 為客戶提供的價值主張的核心。我們一直在積極採取措施，拓展資料資產的廣度和深度，同時建立嚴格的資料品質和資料清理技術，以確保 Definitive 成為市場上最高品質資料的代名詞。

As you know, our reference and affiliation data is a unique data set that leverages a variety of first- and third-party data sources that provides customers with a 360-degree view of prospective buyers across the entire health care marketplace. We are expanding, improving and diversifying our data sources and processes across the business.

如您所知，我們的參考和關聯資料是一個獨特的資料集，它利用各種第一方和第三方資料來源，為客戶提供整個醫療保健市場潛在買家的360度視角。我們正在擴展、改進和多樣化我們整個業務的資料來源和流程。

For example, part of that process is in developing new sources for claims data that broadens the amount of data we receive and addresses the challenges that have hampered this market over the past year. Let me share an example where our data quality contributed to a win this quarter. A digital health organization returned to Definitive Healthcare after non-renewing in 2022.

例如，這項流程的一部分是開發新的理賠資料來源，以擴大我們接收的資料量，並解決過去一年阻礙該市場發展的挑戰。讓我分享一個例子，我們的數據品質促成了本季的成功。一家數位醫療機構在2022年未續約後，再次與Definitive Healthcare合作。

The client needed a strategic partner to help identify high-prescribing physicians treating conditions like psoriasis and rheumatoid arthritis. Our custom reporting capabilities, especially around Medicaid claims activity, including active, rejected and reverse transactions were critical in delivering the physician level market intelligence they required.

客戶需要一位策略夥伴，幫助他們識別治療牛皮癬和類風濕性關節炎等疾病的高處方醫生。我們的客製化報告功能，尤其是圍繞醫療補助理賠活動（包括有效、被拒絕和撤銷的交易）的客製化報告功能，對於提供客戶所需的醫生級市場情報至關重要。

Another important part of our data strategy is leveraging partnership opportunities that expand our data sets and provide new ways to deliver value for customers. We are pleased with the early traction we are seeing with the global strategic data partnership that we signed at the end of last year.

我們資料策略的另一個重要組成部分是利用合作機會來擴展我們的資料集，並探索為客戶提供價值的新途徑。我們對去年年底簽署的全球戰略數據合作夥伴關係所取得的初步進展感到欣慰。

Seamless integration, our second pillar, is critical to ensuring customers are able to access our differentiated data in whatever manner is most convenient and valuable to their business and operational needs. Some customers prefer to utilize proprietary software, while others may elect to leverage our APIs to ingest our data directly into their internal workflow.

無縫整合是我們的第二大支柱，它對於確保客戶能夠以最便捷、最符合其業務和營運需求的方式存取我們差異化的資料至關重要。有些客戶傾向於使用專有軟體，而有些客戶則可能選擇利用我們的 API 將資料直接匯入其內部工作流程。

Many also rely on our analytical capabilities to run complex data science queries to extract insights by combining our data with their own third-party data leveraging our unique DHID token. We are seeing early signs that this flexible approach is helping to drive both new business wins and improved retention.

許多客戶也依賴我們的分析能力，透過結合我們的數據和自己的第三方數據，並利用我們獨有的 DHID 令牌，運行複雜的數據科學查詢來獲取洞察。我們已經看到一些早期跡象，顯示這種靈活的方法正在幫助客戶贏得新業務，並提升客戶留存率。

In the second quarter, we have seen increased customer wins where our enhanced data integrations were specifically cited as the reason we won. One example was a new customer win where we beat a competitor in head-to-head bake off due to the flexibility of our integrations and the ease with which they could incorporate a variety of data sets into their workflows.

在第二季度，我們新增的客戶數量增加，其中我們增強的資料整合能力被特別提及是我們成功的關鍵。例如，我們贏得了一位新客戶，憑藉我們整合的靈活性以及輕鬆將各種數據集整合到其工作流程中的能力，我們在與競爭對手的正面交鋒中脫穎而出。

Another example was a successful renewal of a customer that had long wanted more flexibility in how they work with our data, flexible and responsible engagement that meets our customers where and how they need us is proving to be a winning approach.

另一個例子是成功續約了一位客戶，該客戶長期以來一直希望在處理我們的資料方面擁有更大的靈活性，靈活而負責任的合作能夠在客戶需要的地方以他們需要的方式滿足客戶的需求，這被證明是一種成功的方法。

We are also seeing clear signs of progress in our third pillar, customer success. Having now successfully operationalized the steps we took to streamline and deepen our customer engagement, our focus expanded to ensuring we are delivering a consistent, repeatable and proactive service. As noted earlier, we are seeing initial evidence our strategy is working through the improvement in our retention rate.

我們也看到了第三大支柱——客戶成功——取得顯著進展的跡象。我們已成功實施了簡化和深化客戶互動的措施，並將重點擴展至確保提供一致、可重複且主動的服務。如前所述，我們已初步看到，我們的策略正在透過提高客戶留存率來發揮效力。

The benefit of these changes we have made will take time to fully impact the business. A significant driver of successful retention began at the start of a new customer engagement with a seamless onboarding process, which leads to quicker time to value. But our clear focus on the customer is already driving improved results.

我們所做的這些改變需要時間才能完全體現在業務上。成功留存客戶的一個重要驅動因素始於與新客戶互動之初，透過無縫的入職流程，我們能夠更快地實現價值。但我們對客戶的明確關注已經推動了業績的提升。

Moving to our final strategic pillar, innovation, which initially is focused on digital engagement. We continue to make progress here. We believe our data assets will drive critical insights for customers that need to be automatically operationalized to fully unlock the business value of these insights, an area where we are seeing traction is with agencies that manage activation work on behalf of customers. For instance, this quarter, we've enabled several new agencies, including a top agency that license our health care audience segments to enhance targeting and performance for their media campaigns.

談到我們最後一個戰略支柱——創新，它最初專注於數位互動。我們在這方面持續取得進展。我們相信，我們的數據資產將為客戶提供關鍵洞察，這些洞察需要自動化操作化，以充分釋放其商業價值。我們看到，代表客戶管理活化工作的代理商在這方面表現出色。例如，本季度，我們授權了幾家新的代理機構，其中包括一家頂級代理機構，該機構授權我們使用我們的醫療保健受眾群體，以增強其媒體活動的定位和效果。

These segments built from de-identified data on health care professionals and patients are delivered into demand-side platforms, DSPs, for activation. The agency selects specific audiences such as migraine sufferers or cardiologists that align with the objectives of their biopharma and provider clients. These segments enable more precise digital ad delivery to ensure that the right message reaches the right health care audience.

這些基於醫療保健專業人員和患者去識別化資料所建構的細分受眾群，被投放到需求方平台（DSP）進行啟動。該機構會選擇與其生物製藥和醫療服務提供者客戶目標相符的特定受眾，例如偏頭痛患者或心臟病專家。這些細分受眾群能夠實現更精準的數位廣告投放，確保將正確的訊息傳遞給合適的醫療保健受眾。

Agencies rely on partners like Definitive to provide the needed data that augments the appropriate audiences so that they may deliver solid returns for their customers and to do so, they are continuously evaluating campaign performance. Those insights optimize future efforts, which increases their reliance on our data and builds repeatable revenue streams for us. To date, we've contracted with 15 agencies with six already activating campaigns. And as we've discussed in prior quarters, agencies are only one channel. We also work directly with clients. Our direct efforts are progressing, and we are winning business in this channel, including four major health care systems since we've increased our focus on digital.

代理商依靠像 Def​​initive 這樣的合作夥伴提供所需的數據，以擴大合適的受眾群體，為客戶帶來豐厚的回報。為此，他們不斷評估行銷活動的效果。這些洞察能夠優化未來的工作，從而增加他們對我們數據的依賴，並為我們建立可重複的收入來源。迄今為止，我們已與 15 家代理商簽約，其中 6 家已啟動行銷活動。正如我們在前幾個季度所討論的，代理商只是管道之一。我們也直接與客戶合作。我們的直接合作正在取得進展，隨著我們加強對數位化的關注，我們在該管道的業務不斷增長，其中包括四大醫療保健系統。

A key part of positioning the company for success is having the right team in place. Having just reached my one-year anniversary as CEO, I am pleased with our progress on augmenting our key domain expertise which was critical to maintain for the continuity, experience and corporate memory with new executive talent that brings needed new skills to the team. We believe that our newly constituted leadership team will continue to drive our progress forward with increased velocity as we look towards the second half of the year.

打造公司成功的關鍵在於擁有合適的團隊。我擔任執行長剛滿一周年，很高興看到公司在增強關鍵領域專業知識方面取得的進展，這對於維持公司業務的連續性、經驗和企業記憶至關重要，新的高階主管人才將為團隊帶來所需的新技能。我們相信，在下半年，新組建的領導團隊將繼續以更快的速度推動公司發展。

One of our most recent additions is Tina Hannagan, our new Chief Commercial Officer. Tina will oversee the company's go-to-market strategy, ensuring that sales, marketing and customer success are fully aligned. Tina has decades of experience building and leading commercial organizations and has deep operational experience in both data and services businesses.

我們最近任命的新任首席商務官蒂娜·漢納根 (Tina Hannagan) 擔任公司新任首席商務官。蒂娜將負責公司的市場策略，確保銷售、行銷和客戶成功全面協調一致。蒂娜擁有數十年的商業組織建設和領導經驗，並在數據和服務領域擁有豐富的營運經驗。

Having had the sales organization report directly to me over the past nine months, this has allowed me to clearly understand the type of go-to-market leader that we need. Tina meets all of those needs, and I'm excited that she has joined the team.

過去九個月，銷售部門直接向我報告，這讓我清楚地了解了我們需要什麼樣的市場開拓領導者。蒂娜完全符合這些要求，我很高興她能加入我們團隊。

Recruiting and building a strong leadership team takes time and I am pleased to report that we've been able to assemble a fantastic leadership organization that consists of both new and veteran Definitive teammates over the past several months. This newly constituted team will lead us forward in our evolution.

招募和組建一支強大的領導團隊需要時間，我很高興地告訴大家，在過去的幾個月裡，我們已經組建了一個由新舊 Definitive 團隊成員組成的優秀領導團隊。這支新組建的團隊將引領我們繼續發展。

With that, I would like to turn the call over to Casey in her first earnings call as our CFO, to walk you through our financial results and guidance. Casey?

接下來，我想把電話交給凱西，這是她作為我們財務長的第一次收益電話會議，她將向大家介紹我們的財務表現和預期。凱西？

Thank you, Kevin. In all my remarks, I will be discussing our results on a non-GAAP basis, unless otherwise noted. Before diving into the details, I want to take a step back to frame our quarter. We continue to operate in a dynamic environment that includes a tough macro backdrop, and we are continuing to execute with discipline while advancing our progress on our four strategic pillars. Those efforts to operate prudently and with a shared vision are reflected in our Q2 results and helped us again deliver above the high end of our guidance on the top and bottom line.

謝謝，凱文。除非另有說明，我的所有發言都將以非公認會計準則 (Non-GAAP) 為基礎討論我們的業績。在深入探討細節之前，我想先回顧一下本季的業績。我們繼續在充滿挑戰的宏觀經濟環境下運營，並將繼續嚴格執行公司紀律，同時推動四大戰略支柱的建設。這些謹慎營運並秉持共同願景的努力體現在我們的第二季業績中，並幫助我們再次實現了高於預期的營收和淨利。

In the second quarter, we delivered revenue of $60.8 million, down 5% year-over-year. Adjusted EBITDA of $18.7 million, reflecting a 31% margin, and adjusted net income was $9.7 million, resulting in $0.07 of non-GAAP earnings per share in the period, all of which were above the high end of our guidance for the quarter. We also delivered $11.5 million of unlevered free cash flow in the quarter and over $57 million on a trailing 12-month basis.

第二季度，我們的營收為 6,080 萬美元，年減 5%。調整後息稅折舊攤銷前利潤 (EBITDA) 為 1,870 萬美元，利潤率為 31%，調整後淨利潤為 970 萬美元，非公認會計準則每股收益為 0.07 美元，均高於我們本季預期的上限。本季度，我們的無槓桿自由現金流為 1,150 萬美元，過去 12 個月的無槓桿自由現金流超過 5,700 萬美元。

Turning to our results in more detail. Revenue of $60.8 million was above the high end of our guidance. While this represents a 5% decline year-over-year, it also demonstrates modest sequential growth over Q1 in total and subscription revenues.

更詳細地談談我們的業績。 6080萬美元的營收高於我們預期的上限。雖然年減了5%，但與第一季相比，總營收和訂閱收入均實現了小幅較上季成長。

Subscription revenue declined 6%. While the second quarter is one of our smaller renewal periods, we are encouraged as we did see a modest improvement in renewal rates compared to our expectations for the quarter and when compared to recent periods. And we saw continued growth in our professional services revenue, which was up 46% year-over-year in the quarter, helping to partially offset subscription revenue pressures.

訂閱收入下降了6%。雖然第二季是我們續約規模較小的季度之一，但我們仍然感到鼓舞，因為與本季的預期以及近期相比，續約率確實略有改善。我們的專業服務收入持續成長，本季年增46%，這在一定程度上抵消了訂閱收入的壓力。

And within our revenue results for the quarter, we have a full quarter of revenue from our data partnership that was launched earlier this year. The partnership contributed a couple of points of growth to overall revenue in the quarter, and as a reminder, that's a multiyear agreement. So we will continue to benefit from the partnership through 2027, but will anniversary its initial contributions in early 2026.

在本季的營收報告中，我們今年稍早啟動的數據合作夥伴關係貢獻了整整一個季​​度的營收。該合作夥伴關係為本季的總收入貢獻了幾個百分點的成長。需要提醒的是，這是一項多年協議。因此，我們將持續受益於該合作關係直至2027年，但其初始貢獻的周年紀念日將在2026年初到來。

Moving on to adjusted gross profit, which was $50 million and down 6% from Q2 2024. As a percentage of revenue, the adjusted gross profit margin of 82% decreased approximately 110 basis points from Q2 '24. This reflects the decline in revenue and the largely fixed nature of most of our current costs.

調整後毛利為5000萬美元，較2024年第二季下降6%。調整後毛利率佔營收的百分比為82%，較2024年第二季下降約110個基點。這反映了收入的下降以及我們大部分當前成本的固定性。

We previously spoke of an expectation of a onetime credit of approximately $1 million in the second quarter associated with the renegotiation of a data agreement. We ended up with just under $2 million of onetime credits within COGS in the quarter, contributing to the profit beat above our expectations.

我們先前曾提到，預計第二季將獲得約100萬美元的一次性抵免，這筆款項與數據協議的重新談判有關。最終，我們在本季的銷售成本中獲得了略低於200萬美元的一次性抵免，這促使利潤超出了我們的預期。

Adjusted EBITDA of $18.7 million was also above the high end of our guidance and represents a 31% margin. As expected, this is down year-over-year, reflecting the flow-through from lower revenue, but we're maintaining disciplined expense management while continuing to prioritize key strategic investments to position us for an eventual return to growth.

調整後息稅折舊攤提前利潤 (EBITDA) 為 1,870 萬美元，高於我們預期的上限，利潤率為 31%。正如預期，EBITDA 年比有所下降，反映了收入下降帶來的現金流入。但我們在保持嚴格的費用管理的同時，繼續優先考慮關鍵策略投資，為最終恢復成長做好準備。

Turning to cash flow. Our business continues to generate strong free cash flow due to our high-margin model, upfront billing and low CapEx requirements. Operating cash flows were $62.9 million on a trailing 12-month basis, up 40% from the comparable period a year ago, as we benefited from strong collections and higher deferred revenue related to the data partnership entered into at the end of Q4.

談到現金流。由於高利潤率模式、預付款和低資本支出要求，我們的業務持續產生強勁的自由現金流。過去12個月的營運現金流為6,290萬美元，較去年同期成長40%，這得益於強勁的回款業績以及第四季末達成的數據合作夥伴關係帶來的遞延收入成長。

On a trailing 12-month basis, we generated over $57 million of unlevered free cash flow. Our conversion rate of adjusted EBITDA to unlevered free cash flow was 80%, which is down about 15 points year-over-year on a trailing 12-month basis. This decline reflects higher than normal CapEx related to onetime investments. Excluding CapEx, the conversion rate is up year-over-year.

過去12個月，我們創造了超過5700萬美元的無槓桿自由現金流。調整後EBITDA轉換為無槓桿自由現金流的轉換率為80%，較去年同期下降約15個百分點。這一下降反映了與一次性投資相關的資本支出高於正常水平。扣除資本支出後，轉換率較去年同期成長。

This cash generation provides flexibility to continue investing for growth while returning capital to shareholders as evidenced by our repurchase of approximately 6 million shares in the quarter for about $19 million. That leaves $58 million remaining under our share repurchase authorization.

現金流的產生為公司提供了靈活性，使其能夠繼續投資成長，同時向股東返還資本。本季我們以約1900萬美元的價格回購了約600萬股股票，這充分證明了這一點。這意味著，我們剩餘的股票回購授權金額為5,800萬美元。

At the end of Q2, current remaining performance obligations of $170 million were about flat year-over-year as reported. Total remaining performance obligations were up 1% year-over-year and deferred revenue of $101 million was up 5% year-over-year.

截至第二季末，公司報告的當前剩餘履約義務為1.7億美元，與去年同期基本持平。剩餘履約義務總額年增1%，遞延收入為1.01億美元，較去年同期成長5%。

We delivered a solid performance through the first half of the year, and we exceeded our guidance range on top and bottom lines again for the quarter. As we look ahead, we continue to be impacted by the pressures on renewals and remain cautious on the macro environment.

我們上半年業績穩健，本季營收和淨利再次超乎預期。展望未來，我們將繼續受到續約壓力的影響，並對宏觀環境保持謹慎。

For the third quarter, we expect to deliver $59 million to $60 million in revenue, a decrease of 4% to 6% compared to the third quarter of 2024. At the midpoint of the guide, subscription revenues declined 6%, similar to what we saw in Q2. And at the upper end of the guide, the subscription revenue trajectory improved modestly to a 5% year-over-year decline or about flat quarter-over-quarter in absolute dollars.

我們預計第三季營收為5,900萬至6,000萬美元，與2024年第三季相比下降4%至6%。在指引的中點，訂閱收入下降了6%，與我們第二季的情況類似。而在指引的上端，訂閱收入軌跡略有改善，較去年同期下降5%，或以絕對美元計算較上季持平。

From a non-GAAP profitability perspective, for the third quarter, we expect to deliver adjusted operating income of $12.5 million to $13.5 million. Adjusted EBITDA of $15.5 million to $16.5 million, reflecting a 26% to 28% adjusted EBITDA margin, adjusted net income of $7.5 million to $8.5 million or approximately $0.05 to $0.06 per diluted share on 146.1 million weighted average shares. Our third quarter expectations, paired with our solid performance through the first half of the year gives us the confidence to further improve our full year guide on both revenue and non-GAAP profit.

從非公認會計準則獲利能力角度來看，我們預期第三季調整後營業收入為1,250萬美元至1,350萬美元。調整後息稅折舊攤提前利潤（EBITDA）為1550萬美元至1650萬美元，反映調整後息稅折舊攤提前利潤率26%至28%。調整後淨利為750萬美元至850萬美元，或每股稀釋收益約0.05美元至0.06美元（加權平均股數1.461億股）。我們對第三季的預期，加上我們上半年的穩健表現，使我們有信心進一步提升全年收入和非公認會計準則利潤的預期。

We now expect to deliver revenue of $237 million to $240 million for a 5% to 6% decline year-over-year. This raises the bottom end of our prior range by $3 million, while holding the upper end of the prior guide, and we are in a position to take up the non-GAAP profit guidance for the year. We now expect adjusted operating income of $52 million to $55 million, adjusted EBITDA of $64 million to $67 million for a full year margin of 27% to 28%.

我們目前預計，全年營收為 2.37 億美元至 2.4 億美元，年減 5% 至 6%。這比我們之前預期的下限提高了 300 萬美元，同時維持了先前預期的上限，我們有能力執行非 GAAP 年度利潤指引。我們目前預計，調整後營業收入為 5,200 萬美元至 5,500 萬美元，調整後 EBITDA 為 6,400 萬美元至 6,700 萬美元，全年利潤率為 27% 至 28%。

Adjusted net income is expected to be between $32.5 million to $34.5 million and earnings per share are now expected to be $0.22 to $0.23 on a basis of 147.9 million weighted-average shares outstanding, which incorporates the share repurchase activity through the second quarter.

調整後的淨收入預計在 3,250 萬美元至 3,450 萬美元之間，每股收益預計在 1.479 億股加權平均流通股基礎上為 0.22 美元至 0.23 美元，其中包括第二季度的股票回購活動。

I'd like to wrap up by reiterating that we are pleased with our performance for the first half of the year and remain focused on our key operational and strategic objectives focused on improving retention, returning Definitive to growth, and increasing long-term shareholder value.

最後，我想重申，我們對上半年的業績感到滿意，並將繼續專注於我們的關鍵營運和策略目標，即提高保留率、恢復 Definitive 的成長以及提高長期股東價值。

And with that, I would like to open it up for questions.

現在，我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Hi, This is Jay on for Craig. I'm wondering, what are you seeing in the sales cycles for your biopharma or health care provider clients. Have time lines in those segments changed compared to earlier in the year? Are you showing signs of improvement or lengthening? Thank you.

大家好，我是 Jay，Craig 為您帶來節目。我想知道，您目前在生物製藥或醫療保健提供者客戶的銷售週期中看到了什麼？與今年稍早相比，這些細分市場的銷售週期是否有所變化？銷售週期是否有改善或延長？謝謝。

Yeah, we're seeing -- I wouldn't say there's been any significant change from last quarter, especially life sciences, which is still experiencing some latency. We're still seeing more RPs and the time to decision is still elongated.

是的，我們看到——我不認為與上一季相比有什麼顯著變化，尤其是生命科學領域，仍然有一些延遲。我們仍然看到更多的RP，決策時間仍然被拉長。

Thank you. And are there anything in the macro trends where like health care provider consolidation or payer provider dynamics that's influencing your go-to-market strategy?

謝謝。那麼，在宏觀趨勢中，例如醫療服務提供者的整合或付款方提供者的動態，是否影響了您的市場進入策略？

Well, while we're seeing continuing pressures across the board, and this is of course, due somewhat to the current funding environment, interest rates, regulatory uncertainty, which all seem to have a cooling effect on buying decisions and the evaluation time line. We're still focusing on -- and that introducing -- that introduces a little bit more of a macroenvironmental volatility.

嗯，雖然我們看到各方面都持續面臨壓力，這當然在一定程度上是由於當前的融資環境、利率和監管不確定性，這些因素似乎都對購買決策和評估時間產生了抑製作用。我們仍然關注的是——而且這會帶來——更大的宏觀環境波動。

We're really just focusing on what we think we can control, and that's ensuring the highest quality data, we're focused on building out our integration capabilities that will power our master data management strategy. We still need to be relentless on our focus on customer satisfaction and powering our digital audience activation is an extension of our product offering. And the rest of it, we just have to let the kind of macro environment settle, which we're confident it will. And in the meantime, what we're focusing on, we feel is going to produce the results that we hope to see soon.

我們真正關注的只是我們認為可以掌控的事情，那就是確保最高品質的數據，我們專注於建立整合能力，以支援我們的主數據管理策略。我們仍然需要堅持不懈地專注於客戶滿意度，而推動數位受眾激活是我們產品服務的延伸。至於其他方面，我們只需要讓宏觀環境穩定下來，我們相信它會的。同時，我們專注於的事情，我們相信很快就會產生我們希望看到的成果。

Alan Lutz, Bank of America.

美國銀行的艾倫·盧茨。

David Grossman, Stifel.

大衛·格羅斯曼（David Grossman），Stifel。

Thank you. Good afternoon. Just curious on just a couple of follow-ups to your prepared remarks. Obviously, you talked about some encouraging signs, I guess, on the retention side. And I know this isn't a huge renewal quarter. That being said, are you seeing anything in particular, in terms of what you've done and what you've changed is favorably impacting the retention rate?

謝謝。午安.我只是想就您準備好的發言進行一些後續跟進。顯然，您談到了留存率方面的一些令人鼓舞的跡象。我知道這個季度的續約率並不高。話雖如此，就您所採取的措施和所做的改變而言，您是否看到任何特別的跡象對留存率產生了積極影響？

Yeah. So David, as we did mention in our prepared remarks, the Q2 renewals were the strongest levels we've seen in over a year. We do believe that it was in the large part due to our primary focus, and it's good to see those results and that we saw that strength across both diversified and our life science segments, which those two end markets make up nearly 90% of our annual recurring revenue.

是的。大衛，正如我們在準備好的發言中提到的，第二季度的續約量是我們一年多以來看到的最強勁水平。我們確實認為，這在很大程度上歸功於我們的主要業務重點，很高興看到這樣的業績，而且我們在多元化業務和生命科學領域都看到了這種強勁增長，這兩個終端市場占我們年度經常性收入的近90%。

So while this is encouraging, we're only remaining conscious because Q2 is a lower volume renewal period. But nevertheless, we see it as a positive sign that our operational changes indicate that we're making impact and reinforces our belief that we're going to gain traction there.

因此，儘管這令人鼓舞，但我們仍然保持警惕，因為第二季的續約量較低。儘管如此，我們仍將其視為一個積極的信號，表明我們的營運變革正在產生影響，並增強了我們在該領域獲得發展動力的信念。

Some of that headwind dynamics that we've been talking about previously, including the fact that we're seeing a notable impact still in life science down sells. We do believe that our focus in some critical areas are actually producing some good results.

我們之前談到一些不利因素，包括我們仍然看到生命科學領域銷售額下降的顯著影響。但我們確實相信，我們對一些關鍵領域的關注確實取得了一些良好的成果。

And I can -- maybe we can talk about the -- surely another question on that, too. But yeah, I think it's around the customer success focus that we started with. We've now moved into the commercial area, and we could probably get a little bit more to that, if you'd like.

我可以——也許我們可以談談——當然還有另一個問題。是的，我認為這與我們一開始關注的客戶成功有關。我們現在已經轉向商業領域，如果您願意的話，我們可能會就此進行更深入的探討。

Yeah. I guess I was just curious, I know you mentioned specifically like seamless onboarding as being a big driver. I'm just wondering, are there anything -- any other dynamics in terms of -- the way you're contracting with the clients to get them back, whether it's a big change in the underlying product itself in terms of diversifying or broadening the depth and breadth of the data set you mentioned that. I'm just trying to kind of see if we could hone in on maybe some of the more impactful changes.

是的。我只是好奇，我知道您特別提到無縫引導是一個很大的推動因素。我只是想知道，在與客戶簽訂合約以挽回客戶方面，還有其他什麼因素嗎？是產品本身的重大改變，例如多樣化還是拓展您提到的資料集的深度和廣度？我只是想看看我們能否深入探討一些更有影響力的變化。

Yeah. So we know that our integrated customers renew at a substantially higher rate approximately 10% higher. So it's pretty intuitive, right? Customers that have fully integrated your product into their systems of insight and systems of record are going to be happier and more engaged and that's going to increase the likelihood of renewal. We've also made changes across talent, process and visibility. And maybe just to give a little more color around that.

是的。我們知道，整合客戶的續約率會大幅提升，大約高出10%。這很直觀，對吧？將您的產品完全整合到他們的洞察系統和記錄系統中的客戶會更滿意，參與度更高，這將增加續約的可能性。我們也在人才、流程和可見性方面做出了一些改變。或許只是為了更直觀地了解這一點。

In talent, what we did is we've now invested in coverage over growth accounts, which are our smaller accounts as well as our higher accounts, which saw higher churn rates throughout '24. We refined our hiring process so that as our -- we've onboarded new customer success people, they've got better skills to match how we want to serve our customers.

在人才方面，我們所做的是投資成長型客戶，這些客戶包括規模較小的客戶和規模較大的客戶，這些客戶在2024年的客戶流失率較高。我們改進了招募流程，以便我們招募新的客戶成功人員，他們具備更優秀的技能，能夠更好地滿足我們服務客戶的需求。

And we changed our compensation structure to simplify the incentives around the impacts that they are driving, not activity, which we can directly correlate to GDR. And we think the compensation structure is driving the right behaviors.

我們調整了薪酬結構，簡化了激勵機制，使其更著重於員工所產生的影響，而不是實際行動，這與GDR（整體風險評估）直接相關。我們認為，這種薪酬結構正在推動正確的行為。

On process, we've identified core jobs to be done for each end market using those to drive customer conversations and ROI-type conversations and best practices. So we've created a business objective library so that we have a consistent understanding of those use cases and those are directly tied to the value that we're delivering for the customer.

在流程方面，我們確定了每個終端市場需要完成的核心工作，並利用這些工作來推動客戶對話、投資報酬率 (ROI) 類對話和最佳實踐。因此，我們創建了一個業務目標庫，以便我們對這些用例有一致的理解，並且這些用例與我們為客戶提供的價值直接相關。

That's actually helped to improve significantly our resolution time of open tickets. We've aligned our analytic team resources to support our more complex claims analysis. And we've introduced a pilot program with executive sponsored on our largest diversified customers so that we can actually have more customer intimacy with higher touch with higher-value assets.

這實際上顯著縮短了我們未結索賠的解決時間。我們整合了分析團隊的資源，以支援更複雜的索賠分析。我們還針對最大的多元化客戶推出了一項由高階主管支持的試點項目，以便我們能夠與客戶建立更緊密的聯繫，並與高價值資產進行更深入的接觸。

Lastly, on visibility, we basically have put into place now a much more rigorous internal process around upcoming renewals. So we're out in front of that so that we're more disciplined on engagement and forecasting multiple quarters ahead as opposed to what was historically done in quarter, which makes it a lot harder to affect changes.

最後，關於可見性，我們基本上已經建立了一套更嚴格的內部流程，用於處理即將到來的續約事宜。這樣一來，我們就能更嚴格地參與並預測未來幾季的情況，而不像以前那樣，我們通常以季度為單位進行預測，這使得影響變更變得更加困難。

And lastly, a lot of the movement that we bought in with some of the new talent has brought in a significantly increased measurement reporting and engagement around the onboarding health, and I expect that, that is going to continue to progress now with the introduction of the new Chief Commercial Officer, which we're now bringing similar focus to continue what we've already been able to operationalize over the last nine months with even more rigor. So hopefully, David, that gave you a little bit more color.

最後，我們在引入一些新人才後，許多措施顯著提升了新員工入職健康的衡量報告和參與度。我預計，隨著新任商務長的上任，這種情況將會持續下去。我們現在將以同樣的重點，繼續推進過去九個月來已經開展的工作，並且更加嚴格。所以，大衛，希望以上內容能讓您了解更多情況。

No, very helpful. I'm just wondering whether any of these operational changes, any chance that the renewals that typically come in December and January may come earlier in the cycle?

不，非常有幫助。我只是想知道，這些營運方面的變化，是否有可能讓通常在12月和1月進行的續約，在周期中提前到來？

It's a good question, and we are focusing on larger, higher-value renewals that we can bring into that process and conversation earlier because, as we've said before, really our end of year, Q4 and first quarter, especially January and December are very important months for us.

這是個好問題，我們專注於更大、更高價值的續約，以便能夠更早地將其納入到這一流程和討論中，因為正如我們之前所說，年底、第四季度和第一季度，尤其是一月和十二月對我們來說是非常重要的月份。

Right. And just one last question, really maybe, Casey, for you. I'm looking at -- yes, CRPO usually is seasonally down sequentially in the June quarter. It's my recollection, just because maybe the timing of renewals, et cetera. So -- just thinking about that number, did it come in more or less kind of where you thought it would come in, given where we were at the end of March?

對。 Casey，我還有最後一個問題想問你。我注意到——是的，CRPO 通常在 6 月季度會出現季節性環比下降。我記得，可能是因為續約時間等等。所以——想想這個數字，考慮到 3 月底的情況，它的實際數字是否與你的預期差不多？

I think CRPO came in roughly in line with our expectation, maybe slightly better given the performance on renewals. Because we certainly were not expecting the level of improvement we saw in second quarter. So as we mentioned that certainly, leaves us encouraged.

我認為CRPO的表現大致符合我們的預期，考慮到續約方面的表現，可能略好一些。因為我們當然沒有預料到第二季會有如此程度的改善。所以正如我們所提到的，這無疑讓我們感到鼓舞。

I think the other element to look at when you're taking a look at CRPO is -- I don't know if you caught in the prepared remarks, but we mentioned that the data partnership is contributing about 2 points of revenue growth to our revenue results within the quarter now that it's fully ramped.

我認為，在查看 CRPO 時要考慮的另一個因素是——我不知道您是否注意到了準備好的發言，但我們提到，數據合作夥伴關係現在已全面展開，正在為我們本季度的收入結果貢獻約 2 個百分點的收入增長。

The data partnership has an impact on CRPO as well. So that's not necessarily going to be something that's going to drive a sequential element there. But the printed CRPO was flat year-over-year. But CRPO has a smaller base than our annual revenue. So the data partnership is actually having a larger impact and more than just a couple of points on CRPO. So I think that given that it is our best leading indicator, but it is imperfect. I think it's important to look at it with that associated commentary attached.

數據合作也會對CRPO產生影響。所以這不一定會對CRPO產生季增。不過，印刷版CRPO較去年同期持平。但CRPO的基數小於我們的年收入。因此，數據合作實際上對CRPO的影響更大，不僅僅是提升幾個點。所以我認為，儘管它是我們最好的領先指標，但它並不完美。我認為，結合相關的評論來看待它很重要。

But obviously, with the second half ahead of us, we're focused on continuing to drive progress, and it's also associated with the data partnership, it's a multiyear agreement. So while we'll wrap an anniversary on the initial list that we're getting in revenue and its contribution to CRPO. It will remain in the base for the next couple of years.

但顯然，下半年即將到來，我們將專注於繼續推動進展，這也與數據合作夥伴關係有關，這是一項多年期協議。因此，雖然我們會在初始清單上安排一個週年紀念日，但我們仍將獲得收入及其對 CRPO 的貢獻。在接下來的幾年裡，它仍將保留在基礎中。

Alan Lutz, Bank of America.

美國銀行的艾倫·盧茨。

This is Hanna Lee on for Allen Lutz. You talked a bit about seeing traction with agencies and some have started to activate campaigns. Are these contracts expected to come on like towards the end of 2025? Or is this more going to be in 2026. And are these agencies primarily working with pharma clients or these agencies typically span across different industries?

我是 Hanna Lee，代表 Allen Lutz 進行訪談。您剛剛談到代理商的吸引力有所提升，有些代理商已經開始啟動行銷活動。這些合約預計會在 2025 年底左右簽訂嗎？還是更可能在 2026 年？這些代理商主要與製藥公司客戶合作，還是通常涉及不同行業？

Yes. So Hanna, let me answer that first with -- as we referenced in our prepared remarks, we see digital as a logical next step for our business as an association to our existing data assets. And it might be helpful as I talk about the agency component to just give a little bit of context around what digital activation means for us in both the direct as well as agency context.

是的。漢娜，首先我想回答這個問題——正如我們在準備好的演講中提到的，我們認為數位化是我們業務發展的合理下一步，因為它與我們現有的數據資產緊密相關。在我討論代理商部分時，我想先簡單介紹一下數位化活化在直銷和代理商層面對我們意味著什麼。

So our customers today already rely on us for insights through our data and they often use those insights to inform how they're going to target a potential customer audience. We already had built, purpose-built technology in our provider segment, and we're actively investing to expand that capability to all so that we can deliver this whether directly or through agencies.

因此，如今我們的客戶已經依賴我們透過數據獲取洞察，並經常利用這些洞察來制定如何鎖定潛在客戶群。我們已經在服務提供者領域建立了專用技術，並且正在積極投資，將這項功能擴展到所有領域，以便我們能夠直接或透過代理商提供這項服務。

So I'd note that our effort here is proceeding as planned. And it's a relatively straightforward opportunity in that we provide already greatly differentiated data that can be directly activated by the customer, either through us, through Google, HubSpot or LiveRamp as examples. or through their agency of record, which is what a lot of larger biopharma customers would prefer to do.

所以我想說，我們的工作正在按計劃進行。這是一個相對直接的機會，因為我們提供的已經高度差異化的數據，客戶可以直接啟動這些數據，無論是透過我們，還是透過谷歌、HubSpot 或 LiveRamp 等，或者透過他們的代理商——許多大型生物製藥客戶更願意這樣做。

And so it enables us to not only reach our existing customers that might already have an agency of record to enable that, but it also reaches prospective customers that need access to our data that we may not have a relationship with yet. And so enabling those agencies directly with our data is well underway. And what it does is, in essence, prepositions the data in audiences that allows the agency depending on what that use case or audience need is to just simply provision that.

因此，它不僅使我們能夠接觸到可能已經與代理商合作的現有客戶，還能接觸到可能尚未與我們建立合作關係、需要存取我們資料的潛在客戶。因此，我們正積極為這些代理商直接提供數據。它的作用本質上是將資料預先提供給受眾，使代理商能夠根據用例或受眾的需求，簡單地提供資料。

So it's a little less predictable because you're, in essence, you're relying on the agency to activate those campaigns over time. But once it scales, it becomes kind of a volume play, and we expect to start to see that play into the fourth quarter and really start to pick up into 2026.

所以它的可預測性會比較差一些，因為本質上，你必須依靠代理商隨著時間的推移來啟動這些活動。但一旦規模擴大，它就變成了一種量變遊戲。我們預計這種遊戲將在第四季開始出現，並在2026年真正開始回升。

Got it. Thank you. That's helpful.

明白了。謝謝。這很有幫助。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Yeah, thanks for taking the question. Kevin, if I try to compare like the decline in enterprise customers versus the decline in revenue and the decline in earnings. I guess can you talk about how you think about like what I would call the retention component versus the wallet share or dollar retention component. And really what I'd been hearing you talk about is kind of how like that looks like it's improving pretty well. And kind of are the expectations that, that trend can continue to improve through the balance of the year and into 2026.

是的，謝謝你回答這個問題。凱文，如果我試著比較企業客戶數量的下降與收入和獲利的下降。你能談談你如何看待我所說的留存率與錢包份額或美元留存率嗎？實際上，我聽到你談到的情況是，這種情況看起來正在好轉。而且，預計這種趨勢將在今年餘下時間持續改善，直到2026年。

Hey, George, it's Casey. I'm actually going to take that one, if you don't mind. As we're looking at the modest decline in the enterprise clients. There's a couple of different dynamics going in there. Some of that decline is actually driven by the downsell dynamic that we've talked about for a couple of quarters now within life sciences, where you've got clients that previously were spending over $100,000, now aren't.

嘿，喬治，我是凱西。如果你不介意的話，我來接這個。我們正在關注企業客戶數量的小幅下滑。這裡面有幾個不同的因素。部分下滑其實是由我們幾個季度以來一直在討論的生命科學領域銷售下滑所驅動的，有些客戶之前花費超過10萬美元，現在卻沒有了。

So that contributes to it. So it's not really necessarily a full set of client losses. And we did actually add 12 brand-new enterprise clients within the quarter. So it's a little bit difficult to kind of look at that as kind of a stand-alone metric.

所以這確實造成了一些影響。所以這不一定是全部客戶流失。我們在本季確實增加了12個全新的企業客戶。所以，很難將其視為一個獨立的指標。

I think we are going to take a look at a net dollar and gross dollar retention metrics, certainly, it's not something that we guide explicitly on. But given what we're seeing right now, we do expect net dollar retention to decline year-over-year, as we kind of continue to see -- to face some pressures.

我認為我們會關注淨美元留存率和總美元留存率指標。當然，我們不會明確給予指導。但鑑於目前的情況，我們確實預期淨美元留存率會比去年同期下降，因為我們會繼續看到一些壓力。

While we're making progress from a gross dollar retention perspective and we're seeing that within our renewal rates, I do expect the gross dollar retention to improve year-over-year, and that's a direct result of the actions that we've been taking really being operationalized throughout the business and seeing the improvements.

雖然我們從總美元保留率的角度取得了進展，並且我們看到在我們的續訂率中，但我確實預計總美元保留率會逐年提高，這是我們在整個業務中採取的行動真正實施並看到改進的直接結果。

Within the net dollar retention space, what we're seeing play out a little bit is some upsell pressures, again, within the life sciences space, creating a little bit of downward pressure there. So a couple of moving pieces and dynamics going on, but we're remaining focused on driving those near-term operational improvements and trying to make progress against our four pillars, and obviously, as Kevin mentioned, we've got those key renewal periods coming up towards the back end of the year that are going to be really important in setting that '26 trajectory.

在淨美元留存空間方面，我們看到生命科學領域出現了一些向上銷售的壓力，這又帶來了一些向下銷售的壓力。因此，有一些變化和動態正在發生，但我們仍然專注於推動近期的營運改進，並努力在四大支柱方面取得進展。顯然，正如凱文所提到的，我們將在年底迎來關鍵的更新期，這對於確定2026年的發展軌跡至關重要。

Casey, that's a great point. I kind of had mind blind on the downselling perspective. If I can have a quick follow-up, Kevin, one of the things I was thinking about was organization size. And you guys have kind of shrunk the business from an operating perspective as the market retrenched. I guess do you guys feel like you're rightsized now as the business seems placed to stabilize a bit. Looks like the Q4 exit run rate versus Q3 seems pretty flat. And kind of do you guys feel like you're rightsized if the market were to rebound?

Casey，你說得太好了。我之前有點對降價銷售的想法一頭霧水。 Kevin，請容許我快速跟進一下，我之前考慮的一個問題是組織規模。隨著市場萎縮，你們從營運角度縮減了業務規模。我想，隨著業務似乎趨於穩定，你們現在是否覺得規模已經調整好了？看起來第四季的退出率與第三季相比持平。如果市場反彈，你們是否覺得規模已經調整好了？

Well, I hope you can see in the results, one of the things that we are really very laser-focused on is we want to be efficient stewards of capital, and we want to ensure that we have as much predictability in the forecasting that we can share with you as possible. And we are looking to maintain our margin as that we can operate this business effectively.

嗯，我希望大家能從業績中看到，我們真正專注於的事情之一就是有效率地管理資本，並確保我們與大家分享的預測盡可能具有可預測性。我們希望保持利潤率，以便有效地經營這項業務。

In the short term, as we really start to look at where we're investing around our digital audience and activation. We're looking at some new areas that we think we can really drive value going into next year. We've got our integration effort, which is really ramping, and we can talk a little bit about that as far as how we're bringing it into the workflows and systems of insights and our data mapping and our mastering of data and our advanced analytics team.

短期來看，我們開始真正檢視在數位受眾和活化方面應該投入哪些資源。我們正在探索一些我們認為能夠在明年真正創造價值的新領域。我們的整合工作正在加速推進，我們可以稍微談談如何將其融入工作流程、洞察系統、資料映射、資料掌控以及高階分析團隊。

We want to be sure that we are using our resources effectively and efficiently, which could mean we have to redeploy them. But we are keeping an eye to ensure that we are delivering it the most effective way as possible. And if for whatever reason, certain avenues that we're pursuing are not as fertile, then we will certainly make the appropriate operational decisions that we need.

我們希望確保有效且有效率地利用資源，這可能意味著我們必須重新部署它們。但我們會密切關注，確保以最有效的方式交付資源。如果出於某種原因，我們正在探索的某些途徑不那麼富有成效，那麼我們一定會做出必要的適當營運決策。

Yeah. And I think that's one of the things that we've been extremely focused on is making sure that we've got the optionality with the business, and we've got the ability to pivot and make decision to be reactive depending on how the top line is really shaping up.

是的。我認為我們一直非常關注的事情之一就是確保我們在業務上擁有自主選擇權，並且我們有能力根據營收的實際發展做出調整和決策。

So that's reflected within our guide in the second half of the year. And it certainly it's too early to guide on anything for 2026. But that is kind of the thought process in terms of how we're approaching our planning for 2026 currently.

這反映在我們下半年的預期中。現在就預測2026年的任何情況當然還為時過早。但就我們目前製定2026年規劃的方式而言，這只是一個思考過程。

Given where we are in the year, we're going through that planning cycle right now. And we've got a number of good ROI projects being evaluated, and we're assessing varying levels of investments across management and in live discussions with the Board. So as we firm up and lock in any of those decisions, we'll provide more color around our '26 expectations as we go through the remainder of the year.

考慮到我們今年的處境，我們目前正處於規劃週期。我們正在評估一些投資回報率不錯的項目，並且正在評估管理層不同程度的投資，並與董事會進行即時討論。因此，在我們最終敲定並落實任何決定後，我們將在今年剩餘時間內，圍繞2026年的預期提供更多細節。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

This is actually Johnathan McCary on for Brian. So I wanted to touch on the boomerang customers and competitions. It was good to hear about the digital health org that came back and then the head-to-head bake-off win that you mentioned, Kevin. So I wanted to ask about if you're seeing boomerang customers emerge as a broader trend? And then just see if -- has there been any change in the competitive environment or any change in what you guys are typically coming up against or what you're displacing? Thanks.

我是 Johnathan McCary，代替 Brian 發言。我想談談迴旋鏢客戶和競爭。很高興聽到數位健康組織回歸的消息，以及你提到的正面交鋒的勝利，Kevin。我想問一下，你是否看到迴力鏢客戶正在成為更廣泛的趨勢？然後看看競爭環境是否發生了變化，或者你們通常面臨的挑戰或正在取代的領域是否發生了變化？謝謝。

Yes. James, it's -- the competitive environment, as I mentioned, I think, earlier, we haven't really seen a major shift, but we're seeing really two different sort of situations. There's the top end or the higher end market. We are competing with integrated software platforms that primarily are looking to sell SaaS software and they do include devalue data as part of it, which we believe we have a very good right to win with our differentiated data, significantly better data in many cases. And for those customers that need accuracy and they need high veracity of the data, we find our right to win there very, very compelling.

是的。詹姆斯，正如我之前提到的，競爭環境並沒有重大轉變，但我們實際上看到了兩種不同的情況。一個是高端市場，一個是更高端的市場。我們正在與整合軟體平台競爭，這些平台主要銷售SaaS軟體，並且確實包含貶值數據，我們相信我們完全有資格憑藉差異化數據，在許多情況下提供更優質的數據，贏得市場。對於那些需要準確性和高數據真實性的客戶來說，我們認為我們擁有非常強大的競爭力。

Part of the integration strategy is to ensure that we integrate with the systems of record and systems of insight agnostically so that the customer can actually use the data and consume it in the most effective way. And then at the lower end, we are still seeing quite a bit of what I would call point solutions that are relatively small in scale often and they compete on price.

集成策略的一部分是確保我們與記錄系統和洞察系統以不可知的方式集成，以便客戶能夠真正使用數據，並以最有效的方式消費數據。在低端市場，我們仍然看到相當多我稱之為「點解決方案」的產品，這些產品通常規模相對較小，並且在價格上競爭。

And we -- as I've said before, and it has not changed since I started, we don't believe that competing on price is a long-term strategy that will maximize value for our shareholders. And we are going to compete on quality and service. And we like our chances there. Although it does actually have some volatility and occasionally, you will have customers that will go for the low-cost leader, then they've experienced it, the value is not there, and they've come back.

正如我之前所說，而且自我上任以來從未改變，我們認為價格競爭並非實現股東價值最大化的長期策略。我們將在品質和服務上競爭。我們看好這方面的機會。儘管這方面確實存在一些波動，偶爾也會有客戶選擇低成本的領先產品，但當他們體驗到其價值不再存在時，他們又會選擇回頭。

So I think a lot of the boomerang aspect of it is typically when we may have lost something occasionally on price or there's been pricing pressure to move away, but we also see it at the top end, too, because you may have integrated data as part of a software solution. But if you need accuracy and you need the right data at the right time at the right place, people will pay for that. And so I feel very good that having that quality and service as your lead value proposition is a winning long-term strategy.

所以我認為，這種「迴力鏢」效應通常反映在我們偶爾在價格上有所損失，或是面臨價格壓力迫使我們放棄某些產品的時候。但我們在高端市場也看到過這種情況，因為你可能已經將數據整合到軟體解決方案中。但如果你需要準確性，需要在正確的時間和地點獲得正確的數據，人們就會為此付費。因此，我認為將品質和服務作為主導價值主張是一項成功的長期策略，這非常令人欣慰。

Thank you.

謝謝。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great, thanks for taking my questions. Kevin, I think you were going to go here several questions ago, but the focus on stemming the down sales in life sciences, is that related to the higher touch delivery model for those customers you've referenced in the past? And just given the current state of macro for biopharma is receptivity to higher touch changing at all?

太好了，謝謝你回答我的問題。凱文，我想你之前就想問這個問題了，但你關注的是阻止生命科學領域銷售額的下滑，這和你之前提到的針對客戶的高接觸交付模式有關嗎？考慮到生物製藥產業目前的宏觀經濟狀況，人們對高接觸交付模式的接受度是否有所改變？

Yeah. I think the -- in particular, life sciences and in biopharma that we do see often that those customers, in particular, need attach services, they need tech-enabled services. They need the data. They also need data science assistance with it and they need higher integration. So the two-pronged approach that we have. One is we've got our services -- and by the way, we know that once they've integrated it and we help them do that, they're going to be -- we know from the data that they're going to renew at a higher rate.

是的。我認為，尤其是在生命科學和生物製藥領域，我們經常看到這些客戶需要附加服務，他們需要技術支援的服務。他們需要數據。他們也需要數據科學的協助，並且需要更高程度的整合。所以我們採取的是雙管齊下的方法。一方面，我們提供我們的服務——順便說一句，我們知道，一旦他們整合了這些服務，並且我們幫助他們做到這一點，他們就會——我們從數據中知道，他們會以更高的速度續約。

And so our focus on master data, which what that really means is matching the pen and services that link our customers' data to -- and often leveraging the DHID or our token for account to contact to people that helps them create master files that link our differentiated data to their first and third-party data to create those complex data relationships and hierarchies, which are so valuable.

因此，我們專注於主數據，這實際上意味著匹配將客戶數據連結到的筆和服務 - 並且經常利用 DHID 或我們的帳戶令牌來聯繫人員，幫助他們創建主文件，將我們的差異化數據連結到他們的第一方和第三方數據，以創建那些非常有價值的複雜數據關係和層次結構。

And then by helping to effectuate the ease of data sharing across systems of records and insights, and that could be through ETL, extract transfer load, SFTP, S3, Snowflake, Databricks, those are just examples. By making that really easy and assisting with that integration directly to those systems, you sort of moved from just being a data vendor, you become a thought partner and you become an analytics and insight unlock for them.

然後，透過協助實現跨記錄和洞察系統的資料共享，這可以透過 ETL、提取傳輸負載、SFTP、S3、Snowflake、Databricks 等方式實現。透過簡化流程並協助直接與這些系統集成，您就從單純的數據供應商轉變為思想合作夥伴，並成為他們分析和洞察的解鎖者。

And we've actually gone out into the market earlier in the year -- or last year, actually, and secured additional tools that would allow us to bring in consumer intelligence on individuals, more contact data, providing additional tools for that enhanced matching the pen services that help us map things like physicians to consumers and gives us those advanced matching capabilities which we know takes us up a notch and allows us to be significantly more integrated not only with -- again, the data provider, but helping them within their data workflow and the data lake.

實際上，我們在今年早些時候（或者說是去年）就已進入該市場，並獲得了額外的工具，這些工具使我們能夠獲取個人消費者情報、更多聯繫數據，為增強匹配筆服務提供額外的工具，幫助我們將醫生等映射到消費者，並為我們提供那些先進的匹配功能，我們知道這些功能將使我們更上一層樓，並使我們能夠完善與數據和湖泊

And that is probably a lot there that I just kind of touched upon, but I hope that it's sort of like intuitive that if you're not only providing the data, but you're providing those higher-end data science and analytical matching assistance along with the data, you become a much, much more valuable partner and we know the renewal rates are following along with that, too.

我剛才可能已經談到了很多內容，但我希望這有點像直覺，如果你不僅提供數據，還提供更高端的數據科學和分析匹配幫助以及數據，你就會成為一個更有價值的合作夥伴，我們知道續約率也會隨之提高。

We think we can drive those integration, not only integrations hire, but we know that we can drive the renewal rate based on those integrations even higher based on the type of actions that we're taking here.

我們認為我們可以推動這些整合，不僅是整合招聘，而且我們知道，根據我們在這裡採取的行動類型，我們可以基於這些整合來提高續約率。

Thank you. That's great detail. I wanted to ask, and I get the second outlook is meant to be prudent. But I think it does entail sequentially lower absolute revenue relative to what you did in the second quarter. And looking at what you disclosed as revenue coming from new customers and the filings, that's been a pretty healthy contribution even excluding the agency partnership.

謝謝。非常詳細。我想問一下，我知道第二個展望是出於謹慎考慮。但我認為這確實意味著絕對收入相對於第二季有所下降。從您揭露的新客戶的收入和申報資料來看，即使不包括代理合作關係，這仍然是一筆相當可觀的貢獻。

Is there something about the pipeline into the second half where you're maybe assuming like conversion rates aren't what they have been on kind of the new business opportunities you've been seeing? Anything like that that's baked into the second half outlook?

您是否認為下半年的銷售管道方面存在一些問題，例如轉換率可能不如以往，而您之前看到的新商機又會怎樣？這些因素是否已經反映在下半年的展望中了？

Yeah. So certainly, our approach to guidance is making sure that the guidance range accounts for a number of scenarios. The midpoint of the Q3 guide is down quarter-over-quarter in terms of total revenue, but there's a chunk of that, that we expect to be driven by the professional services revenue.

是的。當然，我們制定指引的方法是確保指引範圍涵蓋多種情況。第三季指引的中點總收入環比下降，但我們預計其中很大一部分將由專業服務收入推動。

So if we kind of were to pick the midpoint of the third quarter guide, at that level, we would see subscription revenues declining 6% year-over-year, which is consistent with what they declined in the second quarter. And at the upper end of the third quarter guide, you're seeing more of that dollar level stabilization in subscription revenues quarter-over-quarter.

因此，如果我們選擇第三季預測的中點，在這個水準上，我們會看到訂閱收入年減6%，這與第二季的降幅一致。而在第三季預測的上端，我們會看到訂閱收入較上季在美元水準上更加穩定。

So I think that's kind of what's implied there. Similarly, the upper end of the implied Q4 guide would be the same on a subscription revenue basis. Really just trying to really approach this prudently and knowing that there still is a little bit of a level of uncertainty around the back half of the year. I wouldn't say that we've got any concerns on a new logo perspective for the back half of the year.

所以我認為這大概就是暗示的意思。同樣，隱含的第四季指引的上限在訂閱收入基礎上也是一樣的。我們真的只是想謹慎地處理這個問題，因為我們知道下半年仍然存在一些不確定性。我不會說我們對下半年新標誌的前景有任何擔憂。

But I did mention earlier that we're seeing some upsell pressures within life sciences, which really is extension almost of the downsell dynamics we've been talking about is that life sciences pipeline from an upsell perspective is looking a bit more challenged in the back half of the year. But to Kevin's point, that's why we're taking all these actions in order to help address how we're serving these clients, including some of these attached services plays.

但我之前確實提到過，我們在生命科學領域看到了一些追加銷售的壓力，這實際上幾乎是我們一直在談論的降價銷售動態的延伸，從追加銷售的角度來看，生命科學領域的產品線在下半年看起來面臨更大的挑戰。但正如Kevin所說，這就是我們採取所有這些行動的原因，旨在幫助解決我們服務這些客戶的方式，包括一些附加服務。

At this time, we have no further questions. So this now concludes today's conference call. We want to thank everyone for attending. You may now disconnect, and have a great rest of your day.

目前我們沒有其他問題。今天的電話會議到此結束。感謝各位的參與。現在您可以掛斷電話，祝您今天過得愉快。

(spoken by AI) The host has ended this call. Goodbye.

（AI語音）主持人已結束通話。再見。