(DOCS) 2023 Q3 法說會逐字稿

Hello and welcome to Doximity's Fiscal Q3 2023 Earnings Call. I will now pass the call over to Doximity's Head of Investor Relations, Perry Gold, to kick off the call.

大家好，歡迎來到 Doximity 的 2023 財年第三季度財報電話會議。我現在將把電話轉給 Doximity 的投資者關係主管 Perry Gold 來開始電話會議。

Thank you, operator. Hello and welcome to Doximity's Fiscal 2023 Third Quarter Earnings Call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity; Dr. Nate Gross, Co-Founder and CSO; and Anna Bryson, CFO.

謝謝你，運營商。大家好，歡迎來到 Doximity 的 2023 財年第三季度財報電話會議。今天與我通話的是 Doximity 的聯合創始人兼首席執行官 Jeff Tangney； Nate Gross 博士，聯合創始人兼 CSO；和首席財務官 Anna Bryson。

The complete disclosure of our results can be found in our press release issued earlier today as well as in our related Form 8-K, all of which are available on our website at investors.doximity.com. As a reminder, today's call is being recorded, and a replay will be available on our website.

我們今天早些時候發布的新聞稿以及我們相關的 8-K 表格中可以找到我們結果的完整披露，所有這些都可以在我們的網站 investors.doximity.com 上找到。提醒一下，今天的通話正在錄音中，我們的網站上將提供重播。

As part of our comments today, we will make forward-looking statements. These statements are based on management's current views, expectations and assumptions and are subject to various risks and uncertainties. Actual results may differ materially, and we disclaim any obligation to update any forward-looking statements or outlook.

作為我們今天評論的一部分，我們將做出前瞻性陳述。這些陳述基於管理層當前的觀點、預期和假設，並受到各種風險和不確定性的影響。實際結果可能存在重大差異，我們不承擔任何更新任何前瞻性陳述或展望的義務。

Please refer to the risk factors in our annual report on Form 10-K, any subsequent Form 10-Qs and our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-Q for the quarter.

請參閱我們關於 10-K 表格的年度報告、任何後續的 10-Q 表格以及我們可能不時向美國證券交易委員會提交的其他報告和文件中的風險因素，包括我們即將提交的 10-Q 表格文件季度。

Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, February 9, 2023. Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance provided on today's call, unless it is also done through a public disclosure such as a press release or through the filing of a Form 8-K.

我們的前瞻性陳述基於我們認為截至今天（2023 年 2 月 9 日）合理的假設。值得注意的是，Doximity 的政策是既不重申也不調整今天電話會議上提供的財務指導，除非也完成了通過公開披露（例如新聞稿）或通過提交 8-K 表格。

Today, we will discuss certain non-GAAP metrics that we believe in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

今天，我們將討論某些非 GAAP 指標，我們認為這些指標有助於理解我們的財務業績。在今天的收益發布中可以找到與可比較的 GAAP 指標的歷史對賬。

Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be onetime in nature, and we may or may not provide updates on those metrics in the future.

最後，在通話期間，我們可能會提供增量指標，以更深入地了解我們的業務動態。這些詳細信息本質上可能是一次性的，我們將來可能會或可能不會提供這些指標的更新。

I would now like to turn the call over to our CEO and Co-Founder, Jeff Tangney. Jeff?

我現在想把電話轉給我們的首席執行官兼聯合創始人 Jeff Tangney。傑夫？

Thanks, Perry, and thanks, everyone, for joining our third quarter fiscal 2023 earnings call. We have 3 updates today: our financials, our network growth and new products.

謝謝佩里，也謝謝大家參加我們 2023 財年第三季度的財報電話會議。我們今天有 3 個更新：我們的財務、我們的網絡增長和新產品。

I'll start with the good news. Our Q3 financials were strong. We delivered a 3% beat on the high end of our revenue guidance at $115 million and a 14% beat on the high end of our adjusted EBITDA guidance. Our adjusted EBITDA margins hit a record high of 48%, and our free cash flow grew 85% year-on-year.

我將從好消息開始。我們的第三季度財務狀況良好。我們在 1.15 億美元的收入指引的高端超出了 3%，在調整後的 EBITDA 指引的高端超出了 14%。我們調整後的 EBITDA 利潤率創下 48% 的歷史新高，我們的自由現金流同比增長 85%。

We completed 31 client ROI studies in the quarter, and our median return remains well above the 11:1 median we reported last quarter. Our physician engagement also hit new record highs, but more on that in a minute. Overall, it was a strong Q3.

我們在本季度完成了 31 項客戶投資回報率研究，我們的回報率中值仍遠高於我們上季度報告的 11:1 中值。我們的醫生參與度也創下歷史新高，但稍後會更多。總的來說，這是一個強勁的第三季度。

Okay. Now for the not-so-good news. Our new peer-to-peer and point-of-care modules, which are first paid products to offer vertical video, hit unexpected content approval delays.

好的。現在來說說不太好的消息。我們新的點對點和醫療點模塊是第一個提供垂直視頻的付費產品，遇到了意外的內容批准延遲。

One of the main moats in the pharma industry is the complexity of medical legal review or MLR. It's a moat we're adept at navigating. Last quarter, our writers and account teams managed thousands of MLR approvals and new content launches, including over 100 video assets of all types.

醫藥行業的主要護城河之一是醫療法律審查或 MLR 的複雜性。這是我們擅長航行的護城河。上個季度，我們的作家和客戶團隊管理了數千個 MLR 批准和新內容髮布，包括 100 多個各種類型的視頻資產。

To us, vertical video was just another aspect ratio. But to many of our clients, it felt like a completely new medium, one which raised unique new questions. This required us to go back to MLR square 1, often for the first time in a decade, and represent to their independent promotional review boards. While a surprise to us, these content re-reviews went well. After a few live meetings and a couple of months of testing, they found our vertical videos to be "endemic" or medical in their tone.

對我們來說，垂直視頻只是另一種縱橫比。但對我們的許多客戶來說，它感覺像是一種全新的媒介，提出了獨特的新問題。這要求我們回到 MLR square 1，這通常是十年來的第一次，並代表他們的獨立促銷審查委員會。令我們驚訝的是，這些內容的重新審核進展順利。在幾次現場會議和幾個月的測試之後，他們發現我們的垂直視頻在語氣上是“流行的”或醫學的。

But the net result of these delays is that we expect about a 2% miss from the midpoint of our annual guidance, finishing the year at 22% annual growth versus the 23% to 26% we had projected.

但這些延遲的最終結果是，我們預計與年度指導的中點相差約 2%，今年年底的年增長率為 22%，而我們的預測為 23% 至 26%。

A few comments as we reset expectations here. First, this revenue is delayed, but it isn't lost. It's still under contract. Second, the silver lining here is that clients bought more new product than we expected. In the short run, this amplifies our revenue delays. But in the long run, it bodes well for our ability to innovate and grow.

當我們在這裡重新設定預期時，請發表一些評論。首先，這筆收入被延遲了，但並沒有丟失。它仍在合同中。其次，這裡的一線希望是客戶購買的新產品比我們預期的要多。從短期來看，這會加劇我們的收入延遲。但從長遠來看，這預示著我們創新和發展的能力。

Last but not least, this miss is not something we take lightly. We'll be sure to keep innovating, but also to bake in ample time for new product approvals.

最後但並非最不重要的一點是，我們不能掉以輕心。我們一定會不斷創新，但也會為新產品的批准留出充足的時間。

Okay. While our implementation slowed a bit, we closed a record-high selling season last quarter, led by our new products and existing clients. As a reminder, our clients include all of the top 20 pharma companies and all of the top 20 hospital systems, who tend to renew our annual contracts in December.

好的。雖然我們的實施速度有所放緩，但在我們的新產品和現有客戶的帶動下，我們在上個季度結束了創紀錄的銷售季。提醒一下，我們的客戶包括所有排名前 20 位的製藥公司和所有排名前 20 位的醫院系統，他們往往會在 12 月續簽我們的年度合同。

We signed the first of these clients 11 years ago. Interestingly, our largest and longest-standing clients tend to be our fastest growing. In Q3, our net revenue retention rate was 127% among our top 20 clients, each of whom has worked with us 8 years on average.

11 年前，我們簽下了第一批客戶。有趣的是，我們最大和最長的客戶往往是我們增長最快的客戶。在第三季度，我們前 20 大客戶的淨收入保留率為 127%，每個客戶平均與我們合作 8 年。

You can see our land-and-expand growth at a brand level as well. Last quarter, we doubled our number of $5 million brand clients to 8. We even signed our first ever $10 million brand with a top 10 pharma company that we worked with now for over a decade. As a highly analytical and respected industry leader, we believe this client is a bellwether of things to come.

您也可以在品牌層面看到我們的土地擴張增長。上個季度，我們的 500 萬美元品牌客戶數量翻了一番，達到 8 個。我們甚至與我們合作了十多年的前 10 大製藥公司簽署了我們有史以來第一個 1000 萬美元的品牌。作為一個高度分析和受人尊敬的行業領導者，我們相信這個客戶是未來事物的領頭羊。

At the market level, we focus on the 415 pharma mega brands, those with over $100 million in U.S. sales. And we now work with slightly more than half of them. We estimate we're gaining share, but we're still less than 5% of U.S. medical professional marketing budgets.

在市場層面，我們專注於 415 個大型製藥品牌，這些品牌在美國的銷售額超過 1 億美元。我們現在與其中略多於一半的人合作。我們估計我們正在獲得份額，但我們仍然不到美國醫療專業營銷預算的 5%。

The upshot of this strong renewal season is that we project a minimum of $500 million in revenue or roughly 20% growth year-on-year as the backstop for our fiscal 2024 guidance. Of note, given macro uncertainties, we're being more conservative with our assumptions here than in years past.

這個強勁的更新季節的結果是，我們預計至少有 5 億美元的收入或同比增長約 20%，作為我們 2024 財年指導的支持。值得注意的是，鑑於宏觀不確定性，我們在這裡的假設比過去幾年更加保守。

Turning to our bottom line. We expect our fiscal 2024 adjusted EBITDA margins to be the same or better than this year's 43%. All in all, we're projecting a rule of 60-plus year in fiscal 2024.

談到我們的底線。我們預計 2024 財年調整後的 EBITDA 利潤率將與今年的 43% 相同或更好。總而言之，我們預計 2024 財年的規則將超過 60 年。

Okay. Turning now to our network growth. Our quarterly active users, among physicians, [MPs], PAs and medical students, hit an all-time high last quarter across our entire platform. This growth was led by our telehealth tools, which were used by a record 375,000 unique providers last quarter.

好的。現在轉向我們的網絡增長。我們的季度活躍用戶，包括醫生、[國會議員]、私人助理和醫學生，上個季度在我們整個平台上創下歷史新高。這一增長是由我們的遠程醫療工具帶動的，上個季度有創紀錄的 375,000 家獨立供應商使用了這些工具。

And we're thrilled to announce that for the second year in a row, Doximity was ranked the #1 best-in-class telehealth video platform, beating out Microsoft Teams, Zoom and many others. Based on class interviews with hundreds of hospital IT clients, we earned the top marks for product, culture, loyalty, operations, relationships and value.

我們很高興地宣布，Doximity 連續第二年被評為同類最佳遠程醫療視頻平台的第一名，擊敗了 Microsoft Teams、Zoom 和許多其他平台。根據對數百名醫院 IT 客戶的課堂訪談，我們在產品、文化、忠誠度、運營、關係和價值方面獲得了最高分。

Last quarter, we signed several new health systems, totaling over 43,000 new physician users. In sum, over 35% of all U.S. physicians now have a Doximity dialer enterprise integration via their health system.

上個季度，我們簽署了幾個新的醫療系統，總共有超過 43,000 名新醫生用戶。總之，超過 35% 的美國醫生現在通過他們的健康系統集成了 Doximity 撥號器企業。

We also hit record highs across our entire workflow suite, led by new physician usage records for our scheduling, HIPAA-secured digital fax and e-signature tools. With all-time high network usage in Q3, we're proud to help more physicians be more productive than ever before.

我們還創下了整個工作流程套件的歷史新高，其中包括我們日程安排的新醫生使用記錄、HIPAA 保護的數字傳真和電子簽名工具。憑藉第三季度的歷史最高網絡使用率，我們很自豪能夠幫助更多的醫生比以往任何時候都更有效率。

Okay. To close, we'll highlight a couple of projects coming out of our R&D labs. First, we're excited to collaborate with scheduling automation leader Calendly. Each year, doctors attend millions of events to stay up to date on the latest treatments. And we know from the 200,000 physician on-call schedules that we power today that doctors need help keeping track of it all.

好的。最後，我們將重點介紹我們研發實驗室的幾個項目。首先，我們很高興與調度自動化領導者 Calendly 合作。每年，醫生都會參加數百萬次活動，以了解最新的治療方法。我們從我們今天支持的 200,000 名醫生隨叫隨到的時間表中了解到，醫生需要幫助來跟踪這一切。

By integrating Calendly's scheduling software into our platform, doctors will be able to easily schedule appointments with colleagues and industry without having to navigate multiple platforms or waste all that time on back-and-forth scheduling e-mails.

通過將 Calendly 的日程安排軟件集成到我們的平台中，醫生將能夠輕鬆安排與同事和行業的約會，而無需瀏覽多個平台或將所有時間浪費在來回安排電子郵件上。

In our pilot test, doctors like using an online tool to arrange meet-ups with the scientific medical industry as impromptu meetings can disrupt their clinical workflows and aren't efficient for either party. While this is clearly early stage and zero revenue this year, we're excited about the very large market opportunity this could unlock.

在我們的試點測試中，醫生喜歡使用在線工具來安排與科學醫療行業的會面，因為即興會議可能會擾亂他們的臨床工作流程，並且對任何一方都沒有效率。雖然這顯然是早期階段，今年收入為零，但我們對這可能釋放的巨大市場機會感到興奮。

Okay. Our second labs project is using ChatGPT, the buzzy AI writing assistant we all can't stop talking about. It began over the holidays when our engineers created a beta site called [DOCS, docsgpt.com]. The site lets doctors and their staff play around with their ChatGPT API and share some of their favorite prompts.

好的。我們的第二個實驗室項目是使用 ChatGPT，這是我們都津津樂道的熱門人工智能寫作助手。它始於假期，當時我們的工程師創建了一個名為 [DOCS, docsgpt.com] 的測試站點。該網站允許醫生和他們的員工使用他們的 ChatGPT API 並分享他們最喜歡的一些提示。

After the usual (inaudible) and humor, like Dr. Seuss rhyming treatment instructions for kids, a key use case doubled up. Doctors still handle a lot of actual paperwork, and much of it is still sent by fax machines. So we integrated our free online facts directly with GPT for doctors to share news.

在通常的（聽不清）和幽默之後，比如蘇斯博士為孩子們押韻治療說明，一個關鍵用例翻了一番。醫生仍然處理大量實際的文書工作，其中大部分仍然是通過傳真機發送的。因此，我們將我們的免費在線事實直接與 GPT 集成，供醫生分享新聞。

Its early use has been promising. And oncologists from Ohio called [DocsGPT] "a game changer" after it drafted an appeal letter for a cancer patient with a heart condition. The insurer got the fax and approved within the hour, allowing the patient to receive a nongeneric medication with fewer cardiac side effects.

它的早期使用一直很有希望。來自俄亥俄州的腫瘤學家稱 [DocsGPT] 在為患有心髒病的癌症患者起草了一封上訴信後稱其為“遊戲規則改變者”。保險公司在一小時內收到傳真並獲得批准，允許患者接受心臟副作用較少的非仿製藥。

Meanwhile, a department chief from a top 5 hospital e-mailed us to say that DocsGPT was "pretty (expletive)" for helping him fax through his backlog of peer credentialing letters. Obviously, DocsGPT is just a small test project. But more broadly, we're enthused about AI's potential to streamline workflows across all of our physician cloud.

與此同時，一家排名前 5 的醫院的一位部門負責人給我們發了一封電子郵件，說 DocsGPT 幫助他傳真了積壓的同行證明信件，“非常（髒話）”。顯然，DocsGPT 只是一個小的測試項目。但更廣泛地說，我們對人工智能在簡化我們所有醫生雲的工作流程方面的潛力充滿熱情。

Imagine an autofilled reply to a pharmacy fax form or a 3-line summary of any journal article. With AI, we don't think this future is far off, and we plan to be at the forefront. As always, we'll roll up our sleeves with our physician advisers to build the best products.

想像一下對藥房傳真表格的自動回复或任何期刊文章的 3 行摘要。有了人工智能，我們認為這個未來並不遙遠，我們計劃走在最前沿。一如既往，我們將與我們的醫生顧問一起努力打造最好的產品。

Speaking of which, we are excited to convene our 11th Annual DOCS Tech Summit in San Francisco next month. We can't wait to brainstorm and beta test with 200 of our nation's top digital doctors to build the next phase of the clinical cloud.

說到這裡，我們很高興下個月在舊金山召開第 11 屆年度 DOCS 技術峰會。我們迫不及待地與我們國家的 200 名頂級數字醫生一起集思廣益並進行 Beta 測試，以構建下一階段的臨床雲。

Okay. I'd like to end by thanking my nearly 1,000 and growing Doximity teammates, who continue to work incredibly hard to realize our mission.

好的。最後，我想感謝我近 1,000 名不斷壯大的 Doximity 隊友，他們繼續非常努力地工作以實現我們的使命。

And with that, I'll hand the call over to our CFO to discuss our financial performance and our guidance. Anna?

有了這個，我會把電話交給我們的首席財務官來討論我們的財務業績和我們的指導。安娜？

Thanks, Jeff, and thanks everyone on the call today. I'll begin with our Q3 financial results and then move on to our outlook for Q4 as well as an early preview for fiscal 2024.

謝謝 Jeff，也感謝今天來電的每一個人。我將從我們的第三季度財務業績開始，然後轉向我們對第四季度的展望以及對 2024 財年的早期預覽。

Third quarter revenue grew 18% year-over-year to $115.3 million, exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continued to lead our growth. Our net revenue retention rate was 119% in Q3 on a trailing 12-month basis. Additionally, our largest customers are still growing fastest, with a 127% net revenue retention rate for our top 20.

第三季度收入同比增長 18% 至 1.153 億美元，超過了我們指導範圍的上限。與前幾個季度類似，我們的現有客戶繼續引領我們的增長。在過去 12 個月的基礎上，我們第三季度的淨收入保留率為 119%。此外，我們最大的客戶仍然增長最快，前 20 名的淨收入保留率為 127%。

We ended the quarter with 290 customers contributing at least $100,000 each in subscription-based revenue on a trailing 12-month basis. This is a 12% increase from the 258 customers we had in this cohort a year ago. This cohort of customers accounted for 87% of our total revenue.

本季度結束時，我們有 290 位客戶在連續 12 個月的基礎上每人至少貢獻了 100,000 美元的訂閱收入。與一年前我們在該隊列中擁有的 258 名客戶相比，增加了 12%。這群客戶占我們總收入的 87%。

As a reminder, our fiscal third quarter represents our largest sales quarter by a significant amount. During Q3, customers signed on for next year's program and commit the majority of their entire annual marketing budget.

提醒一下，我們的第三財季是我們最大的銷售季度。在第三季度，客戶簽署了明年的計劃並承諾了他們整個年度營銷預算的大部分。

This year, we had a record selling season and achieved some major milestones. Notably, we signed 8 pharma brands to programs of $5 million or greater, which is double the number we signed last year.

今年，我們迎來了創紀錄的銷售旺季，並取得了一些重要的里程碑。值得注意的是，我們與 8 個製藥品牌簽署了 500 萬美元或更多的計劃，這是我們去年簽署的數量的兩倍。

This includes our first ever $10 million brand, which purchased 5 different modules. This demonstrates that as we continue to innovate and create new additive modules, we can continue to unlock incremental spend per brand.

這包括我們的第一個價值 1000 萬美元的品牌，它購買了 5 個不同的模塊。這表明，隨著我們不斷創新和創建新的附加模塊，我們可以繼續釋放每個品牌的增量支出。

Turning to our profitability. Non-GAAP gross margin in the third quarter was 91%, flat versus the prior-year period. Adjusted EBITDA for the third quarter was $55.5 million, and adjusted EBITDA margin was 48.2%, a new record, compared to $47 million and a 48% margin in the prior-year period.

談到我們的盈利能力。第三季度非 GAAP 毛利率為 91%，與去年同期持平。第三季度調整後的 EBITDA 為 5550 萬美元，調整後的 EBITDA 利潤率為 48.2%，創歷史新高，而去年同期為 4700 萬美元，利潤率為 48%。

Now turning to our balance sheet and cash flow. We ended the quarter with $801 million of cash, cash equivalents and marketable securities. We generated free cash flow in the third quarter of $47.5 million compared to $25.6 million in the prior-year period, an increase of 85% year-over-year as we continue to run a very profitable high cash-generating business.

現在轉向我們的資產負債表和現金流量。本季度末，我們擁有 8.01 億美元的現金、現金等價物和有價證券。我們在第三季度產生了 4750 萬美元的自由現金流，而去年同期為 2560 萬美元，同比增長 85%，因為我們繼續經營利潤豐厚的高現金產生業務。

Now moving on to our outlook. For the fourth fiscal quarter of 2023, we expect revenue in the range of $109.6 million to $110.6 million, representing 18% growth at the midpoint. And we expect adjusted EBITDA in the range of $45.2 million to $46.2 million, representing a 42% adjusted EBITDA margin.

現在繼續我們的展望。對於 2023 年第四財季，我們預計收入在 1.096 億美元至 1.106 億美元之間，中間值增長 18%。我們預計調整後的 EBITDA 在 4520 萬美元至 4620 萬美元之間，調整後的 EBITDA 利潤率為 42%。

For the full fiscal year, we're revising our revenue guidance to $417.7 million to $418.7 million, representing 22% growth at the midpoint. We are revising our adjusted EBITDA guidance to $180.2 million to $181.2 million, representing a 43% adjusted EBITDA margin.

對於整個財政年度，我們將收入指引修改為 4.177 億美元至 4.187 億美元，中點增長率為 22%。我們將調整後的 EBITDA 指引修改為 1.802 億美元至 1.812 億美元，相當於 43% 的調整後 EBITDA 利潤率。

As Jeff mentioned, our revised fiscal 2023 outlook is primarily the result of new product launch delays. Simply put, content approval has taken more time due to the novel formats of our new point-of-care and peer-to-peer offerings.

正如 Jeff 提到的，我們修訂後的 2023 財年展望主要是新產品發布延遲的結果。簡而言之，由於我們新的護理點和點對點產品的新穎格式，內容審批花費了更多時間。

These delays are having a larger impact on our near-term revenue due to a higher mix of new products sold in Q3 than initially thought. We do expect to have this content approved and ready to go live in the coming months, and the early demand we've seen from customers makes us even more confident in the potential of these products to drive future growth.

由於第三季度銷售的新產品組合比最初想像的要多，這些延遲對我們的近期收入產生了更大的影響。我們確實希望這些內容在未來幾個月內獲得批准並準備上線，我們從客戶那裡看到的早期需求使我們對這些產品推動未來增長的潛力更有信心。

While the delays are disappointing, we'd like to be clear that the absolute dollar value of our Q3 sales came in slightly above our internal forecast as of our November earnings call. The issue is the pace of revenue recognition.

雖然延遲令人失望，但我們想明確的是，我們第三季度銷售額的絕對美元價值略高於我們在 11 月財報電話會議上的內部預測。問題是收入確認的速度。

As we look ahead to next year, we are providing a preliminary outlook for fiscal 2024 of greater than $500 million in revenue and at least 43% adjusted EBITDA margins. For this outlook, we are assuming a similar percentage of midyear upsell to what we saw in fiscal 2023, which was about half of our historical upsell rate.

展望明年，我們提供了 2024 財年的初步展望，收入超過 5 億美元，調整後的 EBITDA 利潤率至少為 43%。對於這一前景，我們假設年中追加銷售的百分比與我們在 2023 財年看到的相似，這大約是我們歷史追加銷售率的一半。

While we hope to outperform here, we are not assuming this in our outlook due to continued macro uncertainty. As of today, we have a higher percentage of this $500 million backstop under contract than we did of the $418.2 million midpoint at the same time last year.

雖然我們希望在這裡表現出色，但由於持續的宏觀不確定性，我們不會在我們的前景中假設這一點。截至今天，與去年同期的 4.182 億美元中點相比，我們在合同項下的 5 億美元支持中所佔的比例更高。

I'd like to close by reiterating that while our forecasted growth won't be quite as high as we'd expected for the full fiscal year 2023, the momentum in our business remains strong.

最後，我想重申一下，雖然我們對 2023 年整個財年的預測增長不會像我們預期的那麼高，但我們的業務勢頭依然強勁。

After achieving our first $5 million plus brand only last year, we have reached a new milestone with our first $10 million brand just a year later. This speaks to the market fit of our innovative new products and the robust ROI our customers are receiving from our platform.

在去年僅實現了我們的第一個 500 萬美元以上的品牌之後，僅一年後我們就通過我們的第一個 1000 萬美元品牌達到了一個新的里程碑。這說明了我們創新的新產品的市場契合度以及我們的客戶從我們的平台獲得的強勁投資回報率。

Additionally, we continue to run a highly profitable business, and we're encouraged by the fact that we are still projecting fiscal 2023 adjusted EBITDA to come in near the midpoint of our prior range.

此外，我們繼續經營高利潤業務，我們仍然預計 2023 財年調整後的 EBITDA 將接近我們先前範圍的中點，這讓我們感到鼓舞。

Looking ahead, we'd like to reiterate our commitment to be a long-term rule of 60-plus company through a combination of growth and profitability.

展望未來，我們想重申我們的承諾，即通過增長和盈利能力的結合，成為 60 多家公司的長期規則。

With that, I will turn it over to the operator for questions.

有了這個，我會把它交給接線員提問。

(Operator Instructions) Our first question comes from Brian Peterson with Raymond James.

（操作員說明）我們的第一個問題來自 Brian Peterson 和 Raymond James。

So I wanted to clarify on the March [quarter] guidance and maybe what changed. It sounds like some of the newer products were a little bit more delayed versus what you guys expected, but was that just related to some new products like point-of-care that were coming out?

因此，我想澄清 3 月 [季度] 的指導意見，以及可能發生的變化。聽起來有些新產品比你們預期的要晚一些，但這是否與即將推出的一些新產品有關，例如護理點？

Or I know there were some plans to -- for some of the renewed programs to get those out earlier. And given what's happened, is there any kind of updated view on how we should be thinking about the seasonality of the business going forward?

或者我知道有一些計劃——讓一些更新的計劃更早地推出。鑑於發生的事情，對於我們應該如何考慮未來業務的季節性，是否有任何更新的觀點？

Yes. Sure, Brian. Anna here. I'll start with your first question and then go on to your second one there.

是的。當然，布賴恩。安娜在這裡。我將從您的第一個問題開始，然後繼續您的第二個問題。

So as far as where we're seeing the delays, it is contained to just our new products, so only peer-to-peer end point-of-care. I know you heard us last quarter talk a lot about the operational efficiencies we are working on to increase the pace of launches for our core news and video products. And we actually were really successful there.

因此，就我們看到的延遲而言，它只包含在我們的新產品中，所以只有點對點的終端護理。我知道你在上個季度聽到我們談論了很多關於我們正在努力提高核心新聞和視頻產品發布速度的運營效率。我們實際上在那裡真的很成功。

We had a greater than 50% increase in the number of programs launching in January for our core news and video products. So because of that, we had initially thought when we gave guidance back in November that these operational efficiencies would increase revenue conversion from Q3 deals by several percentage points.

我們在 1 月份推出的核心新聞和視頻產品的節目數量增加了 50% 以上。因此，我們最初在 11 月份給出指導意見時曾認為，這些運營效率將使第三季度交易的收入轉化率提高幾個百分點。

However, as you heard here in our prepared remarks, given we sold a greater mix of new products than expected and we faced delays getting these new products live, this counterbalanced the increase in revenue conversion from our operational efficiencies, and we ended up not seeing a material change in our overall revenue conversion rate from Q3 deals, which is the primary reason for the revised guidance you're seeing here.

然而，正如您在我們準備好的評論中所聽到的那樣，鑑於我們銷售的新產品組合比預期的要多，而且我們面臨延遲推出這些新產品，這抵消了我們運營效率帶來的收入轉化的增加，我們最終沒有看到我們第三季度交易的整體收入轉化率發生了重大變化，這是您在此處看到的修訂指南的主要原因。

As far as the seasonality question, which I'll hit on as well, you gave me a big one there. I'll hit on the seasonality piece, too. I think the way our customers have purchased and launched their programs has fundamentally changed over the last several years. And we're certainly seeing quarterly cadences that have been difficult to draw patterns from.

至於我也會提到的季節性問題，你在那裡給了我一個很大的問題。我也會關注季節性因素。我認為我們的客戶購買和啟動他們的程序的方式在過去幾年中發生了根本性的變化。我們肯定會看到很難從中得出模式的季度節奏。

As we move forward, and we're getting a better handle on what post-pandemic buying looks like for our customers at this increased scale that we're at now, we are actually starting to see a pattern emerge, where we do see a step down around annual launches.

隨著我們的前進，我們正在更好地處理大流行後購買對我們的客戶來說是什麼樣的，我們現在的規模越來越大，我們實際上開始看到一種模式的出現，我們確實看到了在年度發布前後下台。

But it's now occurring in our fiscal Q4 instead of our Q1 as we get more efficient with launches and our customers are getting stricter on running programs from calendar year start to calendar year end.

但它現在發生在我們的第四季度而不是第一季度，因為我們的發布效率更高，而且我們的客戶對從日曆年開始到日曆年末的運行程序越來越嚴格。

So because of this, our best estimate at this point is that going forward, we will see a step down between Q3 and Q4 around our annual launches, but then we'll see flat to a slight step-up between Q4 and Q1, a step-up between Q1 and Q2 and then a larger step-up between Q2 and Q3 as our customers add on to our programs.

因此，我們目前的最佳估計是，展望未來，我們將在第三季度和第四季度之間看到年度發布前後的下降，但隨後我們將看到第四季度和第一季度之間持平或略有上升，a隨著我們的客戶加入我們的計劃，Q1 和 Q2 之間的提升，然後是 Q2 和 Q3 之間更大的提升。

Awesome. A lot of detail there. And maybe one -- Jeff or Anna, I don't know if you want to take this, but it sounds like the newer products had a pretty strong start. Can you talk about where that fits into budgets? Is that kind of net new? Does that maybe displace other categories? And any updated perspective on how some of your customers are thinking about overall budgets for next year?

驚人的。那裡有很多細節。也許還有一個——傑夫或安娜，我不知道你是否想接受這個，但聽起來新產品的開端非常強勁。你能談談適合預算的地方嗎？那種網是新的嗎？這可能會取代其他類別嗎？關於您的一些客戶如何考慮明年的總體預算的最新觀點？

Yes, Brian, this is Jeff. I'll speak to that. It does come from slightly new TAM, new budgets, point-of-care budgets. And as Anna said, the mix there came in much stronger than we had thought, which is great. Actually, we're getting very large organizations to buy into our innovative products in the first quarter as it's available.

是的，布賴恩，這是傑夫。我會說的。它確實來自稍微新的 TAM、新預算、即時預算。正如安娜所說，那裡的混合比我們想像的要強大得多，這很棒。實際上，我們正在讓非常大的組織在第一季度購買我們的創新產品。

And as Anna said, more than 100% of our missed really was those new products. So if those new products at all launched, we would have hit our forecast. But for the reasons we described in the prepared remarks -- and they got a little bit spooked, I think, by vertical video.

正如安娜所說，我們 100% 以上的錯過確實是那些新產品。因此，如果這些新產品全部推出，我們就會達到我們的預測。但由於我們在準備好的評論中描述的原因——我認為他們對垂直視頻有點害怕。

They are used to viewing us sort of like a medical journal, and vertical video is a little different. So it did take us back to having to do more of a base review, which was fine. And it has gone fine.

他們習慣於把我們看成醫學雜誌，垂直視頻有點不同。所以它確實讓我們不得不做更多的基礎審查，這很好。而且一切順利。

I would add that most of the clients that we have had to go back and do that new product review with have now approved it, and it's going ahead to launch. So revenue is delayed, but not lost.

我要補充一點，我們不得不回去進行新產品審查的大多數客戶現在已經批准了它，並且它會繼續推出。所以收入會延遲，但不會丟失。

The next question is from Scott Berg with Needham & Company.

下一個問題來自 Needham & Company 的 Scott Berg。

Congrats on the core bookings momentum here. I guess we got a couple of them here. Wanted to start off with commentary on the midyear upsells, at least you're forecasting next year to be in line with what you were selling this year. I guess, how should we think about the variance opportunities with that?

祝賀這裡的核心預訂勢頭。我想我們這裡有幾個。想從對年中加售的評論開始，至少你預測明年與你今年的銷售情況一致。我想，我們應該如何考慮與之相關的差異機會？

And I don't know how that maybe sits relative to what you saw bookings so far in Q3. We tend to get a lot of questions on the opportunity for that to rebound, but also on the opportunity that those midyear bookings just might be weaker on a perpetual basis, going forward.

而且我不知道這與您在第三季度到目前為止看到的預訂量有何關係。我們往往會收到很多關於反彈機會的問題，但也有可能這些年中預訂量可能會永久性地走弱，向前發展。

Yes. Sure, Scott. Anna here. I'll take that question. I mean we certainly hope that, that can rebound. I think, in this current macro environment, we're not going to assume that. I think what we saw last year was pretty atypical, right? We're coming out of a pandemic and right into a macro downturn, and we saw our customers do some precautionary belt tightening.

是的。當然，斯科特。安娜在這裡。我會回答這個問題。我的意思是我們當然希望能夠反彈。我認為，在當前的宏觀環境中，我們不會做出這樣的假設。我認為我們去年看到的情況很不典型，對吧？我們正從大流行病中走出來，正進入宏觀經濟低迷期，我們看到我們的客戶採取了一些預防措施來勒緊褲腰帶。

We think as we move forward, our customers have done a better job of planning for next year. So we certainly are hopeful that we'll see more mid-year upsells, but we don't think it's the prudent thing to do to include that in our guidance right now.

我們認為，隨著我們向前邁進，我們的客戶在明年的計劃方面做得更好。因此，我們當然希望看到更多的年中追加銷售，但我們認為現在將其納入我們的指導中並不是明智之舉。

Sure. Got it. Helpful. And then from a follow-up perspective, I thought the -- at least the initial commentary on any sort of ChatGPT functionality to be interesting.

當然。知道了。有幫助。然後從後續的角度來看，我認為 - 至少對任何類型的 ChatGPT 功能的初步評論都很有趣。

I guess, as you look at that product, and I'm sure it's very, very early, is this something that you can ultimately monetize directly through some sort of subscription payments, et cetera? Or is this really a piece of functionality that should be viewed as to drive higher levels of engagement by the physicians on the platform?

我想，當你看那個產品時，我敢肯定它還很早，你最終可以通過某種訂閱付款等方式直接獲利嗎？或者這真的是一項應該被視為推動平台上醫生更高水平參與的功能嗎？

Yes, Scott, this is Jeff. Honestly, I'll make a joke here. We probably spend more time worrying about the liability of that product than the monetization of it so far. But that said, we think there's a lot of ways that down the road we could monetize here, ultimately helping doctors save time.

是的，斯科特，這是傑夫。老實說，我會在這裡開個玩笑。到目前為止，我們可能花更多時間擔心該產品的責任而不是它的貨幣化。但話雖如此，我們認為我們可以通過多種方式在這裡獲利，最終幫助醫生節省時間。

And of course, they're in our products, so they're coming back in our news feed and other ways. So we've shown that we can, I think, monetize physician time pretty well, but we just need to provide things that are useful to them.

當然，它們在我們的產品中，所以它們會以我們的新聞提要和其他方式返回。所以我們已經證明，我認為，我們可以很好地將醫生的時間貨幣化，但我們只需要提供對他們有用的東西。

And for physicians, 76% of healthcare documents in our U.S. system today are still sent via fax and snail mail. And so you just think of all of those letters that need to be sent back and forth between insurers and providers, and we'd really love to help them out with that. It's really had a lot of warm accolades in a pretty short period of time.

對於醫生來說，今天我們美國系統中 76% 的醫療保健文件仍然通過傳真和普通郵件發送。因此，您只需考慮需要在保險公司和提供者之間來回發送的所有這些信件，我們真的很樂意幫助他們解決這個問題。它確實在很短的時間內獲得了很多熱烈的讚譽。

The next question is from Sandy Draper with Guggenheim.

下一個問題來自古根海姆的 Sandy Draper。

So I guess maybe a follow-up, Anna, on -- about the cadence. So if I just look at the difference between where guidance was last quarter and this, it's about a $10 million push.

所以我想也許是關於節奏的後續行動，安娜。因此，如果我只看上一季度和本季度指導之間的差異，那就是大約 1000 萬美元的推動。

When we think about, I think, as Jeff mentioned, that revenues booked, not lost, just timing, I want to make sure that you're not implying that there's a $10 million sequential increase in the June quarter, and then you build from there. But that you'll probably see that build more smoothly. So I just want to make sure I'm clear on that first.

當我們考慮時，我認為，正如 Jeff 提到的那樣，收入入賬，而不是損失，只是時間安排，我想確保你不是在暗示 6 月季度有 1000 萬美元的連續增長，然後你從那裡。但是您可能會看到構建更加順利。所以我只想確保我首先清楚這一點。

That's correct, Sandy. We are not saying that we'll start seeing a $10 million step-up right away in our Q1. While we are through most of the approvals, so we do actually have the approvals that we need for most of our customers to get these programs live, we're still working on them.

沒錯，桑迪。我們並不是說我們將在第一季度開始看到 1000 萬美元的增長。雖然我們已經通過了大部分批准，所以我們實際上已經獲得了大多數客戶實施這些程序所需的批准，但我們仍在努力。

We think they'll go live in the coming months. And so you'll see it more of a smoother cadence there. But that does contribute to the kind of slight step-up that we're going to see between Q4 and Q1, but it will be more of a smooth cadence throughout the year. So it won't all be hitting in our Q1.

我們認為他們將在未來幾個月內上線。所以你會在那裡看到更流暢的節奏。但這確實有助於我們將在第四季度和第一季度之間看到的那種輕微的提升，但全年的節奏會更加平穩。所以它不會全部出現在我們的第一季度。

Okay. Great. That's helpful. And then on the expense side, just thinking about the different lines, are there any -- and when I think about just the $3 to sales and marketing, R&D and G&A, would you call out any notable changes from growth rates from -- on a relative basis, how those are going to be trending out over the -- when we're looking out next year to maintain the 43% margins or when I think about relatively how those grew relative to the top line, say, in '23 and in '22, the trajectory is the same?

好的。偉大的。這很有幫助。然後在費用方面，想想不同的線路，有沒有——當我想到銷售和營銷、研發和 G&A 的 3 美元時，你能說出增長率的任何顯著變化嗎？一個相對的基礎，當我們期待明年保持 43% 的利潤率時，或者當我相對地考慮那些相對於頂線的增長時，比如說，在 23 年而在 22 年，軌跡是一樣的嗎？

Or as you're the CFO thinking about where we're maybe spending more, but we're going to pull back here, are there any things we should be thinking about?

或者當你是首席財務官時，你在考慮我們可能會在哪些方面花費更多，但我們將回到這裡，有什麼我們應該考慮的事情嗎？

Sure. No significant changes to what we saw this last year. We're going to continue to invest in R&D and sales and marketing. I think our investment in R&D has shown to be successful. Jeff mentioned that we saw record QAUs this last quarter as we're continuing to invest in our R&D team, continuing to invest in our product and continue to invest in growth there.

當然。我們去年看到的情況沒有重大變化。我們將繼續投資於研發、銷售和營銷。我認為我們在研發方面的投資已經證明是成功的。傑夫提到，我們在上個季度看到了創紀錄的質量保證，因為我們將繼續投資於我們的研發團隊，繼續投資於我們的產品並繼續投資於那裡的增長。

Additionally, we're continuing to invest in sales and marketing. We saw that come to fruition with our most successful new product launch to date.

此外，我們將繼續投資於銷售和營銷。迄今為止，我們最成功的新產品發布見證了這一點的實現。

We are tightening our belt here and sharpening our principles on G&A, as I mentioned last quarter. So that will be an area we'll continue to be pretty prudent about how we think about investments, but certainly continuing to invest in sales and marketing and R&D.

正如我在上個季度提到的，我們正在勒緊腰帶並強化我們在 G&A 方面的原則。因此，這將是一個我們將繼續非常謹慎地考慮投資的領域，但肯定會繼續投資於銷售和營銷以及研發。

The next question is from Stan Berenshteyn with Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Stan Berenshteyn。

Last quarter, you called out earlier start dates for contracts that are benefiting the fiscal fourth quarter. So if we think about kind of like an apples-to-apples comparison with the prior-year fourth quarter, how should we think about the contract start dates contributing to your revised guidance for this fiscal 4Q?

上個季度，您為使第四財季受益的合同提出了更早的開始日期。因此，如果我們考慮與去年第四季度進行同類比較，我們應該如何考慮合同開始日期有助於您修訂本財年第四季度的指導？

Sure, Stan. I'll take that one. So as I mentioned earlier with Brian's question, we did see some success in getting our core products launched in January.

當然，斯坦。我會拿那個。因此，正如我之前提到的 Brian 的問題，我們確實看到在 1 月份推出我們的核心產品方面取得了一些成功。

Now it unfortunately was counterbalanced by the new product delays. So when you actually look at our holistic revenue conversion rates from Q3 programs in fiscal 2023, it ended up being essentially flat versus last year because these new product delays counterbalanced the increase in operational efficiency on our core products.

不幸的是，現在它被新產品的延遲所抵消。因此，當你實際查看我們 2023 財年第三季度計劃的整體收入轉化率時，它最終與去年基本持平，因為這些新產品的延遲抵消了我們核心產品運營效率的提高。

On a go-forward business, we're continuing to focus there. We are really, really pleased with the progress we've made, and we'll continue to focus on there and continue to get more and more of our customers live in January. But this year, unfortunately, the new product delays made it less impactful.

在前瞻性業務上，我們將繼續專注於此。我們對我們取得的進展感到非常非常滿意，我們將繼續專注於此，並繼續讓越來越多的客戶在 1 月份上線。但不幸的是，今年新產品的延遲使其影響減弱。

Got it. And then it was interesting to see that the beat in the third quarter, particularly since it didn't seem if you've got any new client growth sequentially on 3Q. Was that part of expectations? Or is it something materialized, where client growth kind of stalled out this quarter?

知道了。然後有趣的是看到第三季度的節拍，特別是因為你似乎沒有在第三季度連續獲得任何新客戶增長。那是期望的一部分嗎？或者它是否已經實現，本季度客戶增長停滯不前？

No, not necessarily. We do see some quarterly fluctuations in the number of 100,000 customers. A lot of that just has to do to the timing of launches and when programs run. That's why we try to focus more on the annual growth, which continues to be strong.

不，不一定。我們確實看到 100,000 名客戶的數量存在一些季度波動。其中很多只與啟動時間和程序運行時間有關。這就是為什麼我們試圖更多地關注繼續強勁的年度增長。

One thing that we've talked about before historically is as we think more on a 3- to 5-year horizon, we do believe that over time, we'll start seeing more growth come from the average revenue per 100,000 customer than the total number of 100,000 customers. So we're continuing to lean in there and upsell our customers.

我們之前討論過的一件事是，當我們更多地考慮 3 到 5 年的時間範圍時，我們確實相信隨著時間的推移，我們將開始看到更多的增長來自每 100,000 名客戶的平均收入，而不是總收入100,000 名客戶。因此，我們將繼續在那裡傾斜並追加銷售我們的客戶。

The next question is from Richard Close with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Richard Close。

I had a couple here. I was wondering maybe if you could provide any metrics on the higher visibility this year versus last year for us. And we'll start there, and I'll ask a follow-up.

我在這裡有一對。我想知道您是否可以為我們提供今年與去年相比更高知名度的任何指標。我們將從那裡開始，我會詢問後續行動。

Sure. Richard, happy to take that one. So I think my best proof point for you is going back to the prepared remarks, where I said as we sit here today, we have a higher percentage of the $500 million preliminary guidance under contract than we did at this point last year for the final $418.2 million midpoint for fiscal 2023.

當然。理查德，很高興接受那個。所以我認為我對你最好的證明是回到準備好的發言，我今天坐在這裡時說，我們在合同項下的 5 億美元初步指導中所佔的比例高於去年此時的最終指導2023 財年中點為 4.182 億美元。

So we're going into the year with more backlog, which leads to higher visibility. And we'll also go into the year with pretty low assumptions from our perspective for a midyear upsell. We are assuming no improvement there versus what we saw last year.

因此，我們將以更多的積壓進入這一年，從而提高知名度。從我們對年中追加銷售的角度來看，我們也將以相當低的假設進入這一年。我們假設與去年相比沒有任何改善。

Now as I mentioned earlier, we hope to be able to see some improvement, but all those things combined means that we do expect to start the year with more revenue under contract than prior years.

現在正如我之前提到的，我們希望能夠看到一些改善，但所有這些結合起來意味著我們確實希望今年年初的合同收入比往年更多。

Okay. And Jeff, you noted the record engagement. You had scheduling in there. I was wondering if you could provide any metrics in terms of the uptake in scheduling, considering, I guess, it's been about a year now that you've had that.

好的。傑夫，你注意到創紀錄的參與。你在那裡有日程安排。我想知道你是否可以提供任何關於日程安排吸收的指標，我想，考慮到你已經有大約一年了。

Yes. No, thanks, Richard. I'd love to talk about our scheduling product, Amion. It's been doing really well. So I'll speak to the client side of it.

是的。不，謝謝，理查德。我很想談談我們的日程安排產品 Amion。它一直做得很好。所以我會和它的客戶端談談。

This past quarter, we went out and started offering an enterprise -- unlimited enterprise offering, so that you wouldn't buy department-by-department in an [office], but the whole health system could use it for a flat rate.

上個季度，我們開始提供企業服務——無限制的企業服務，這樣你就不會在 [辦公室] 一個部門一個部門地購買，但整個衛生系統都可以以固定費率使用它。

And it was really popular. We got 3/4 of our top 20 clients with Amion to go purchase that. And that's going to increase, we believe, our overall rollout, get more doctors, more departments using us as a more centralized scheduling system.

它真的很受歡迎。我們的 Amion 前 20 大客戶中有 3/4 購買了它。我們相信，這將會增加我們的整體部署，讓更多的醫生、更多的部門使用我們作為一個更集中的調度系統。

The other thing I'd share there is just like we all check our calendars every day, doctors do, too. So the -- most of our doctors who are using the service, and again, there are 200,000 physicians who have schedules on Amion, are using it every day.

我要分享的另一件事是，就像我們每天都檢查我們的日曆一樣，醫生也是如此。所以——我們大多數使用這項服務的醫生，還有 200,000 名在 Amion 上有時間表的醫生，每天都在使用它。

The final point I'll make there is it's not just some sort of bolt-on for us. We've fully rebuilt the product, it's integrated inside the Doximity platform. And we have now migrated about half of those doctors into the fully logged-in Doximity platform, where they can also directly make phone calls and message each other. So really making it part of our full larger suite.

我要說的最後一點是，這不僅僅是對我們的某種補強。我們完全重建了產品，它集成在 Doximity 平台中。我們現在已經將大約一半的醫生遷移到完全登錄的 Doximity 平台，他們也可以在這裡直接打電話和互相發消息。所以真正讓它成為我們完整的更大套件的一部分。

The next question is from Ryan Daniels with Blair.

下一個問題來自瑞安丹尼爾斯和布萊爾。

Anna, let me start with one for you, and this one relates to the EBITDA guidance. Obviously, really strong outperformance this quarter and just a modest downtick to the full year, I think about 70 bps, which means Q4 is going to come in lower than you anticipated.

安娜，讓我從一個開始，這個與 EBITDA 指南有關。顯然，本季度的表現非常強勁，全年略有下降，我認為大約 70 個基點，這意味著第四季度的表現將低於您的預期。

So is there any color you can offer on why this quarter was so much stronger than you anticipated and then why the Q4 performance will be below prior anticipated levels? Was there any pull forward or nuances there?

那麼，您是否可以提供任何顏色來說明為什麼本季度比您預期的要強得多，然後為什麼第四季度的表現將低於先前的預期水平？那裡有任何推動力或細微差別嗎？

Sure, Ryan. I think the majority of that difference, from an EBITDA perspective, has to do with the difference from a revenue perspective. That said, we do continue to be diligent with how we think about our investments. And we are also seeing continued improvement in our vertical sales model from an efficiency perspective.

當然，瑞安。我認為，從 EBITDA 的角度來看，這種差異的大部分與收入角度的差異有關。也就是說，我們確實會繼續努力思考我們的投資。從效率的角度來看，我們還看到我們的垂直銷售模式在不斷改進。

So when we think about Q3, for example, as we mentioned earlier, we did have a higher mix of new products. And our new products and new modules have very high incremental margins. So that can help contribute to the EBITDA beat that we saw in Q3. And as far as it pertains to Q4, it really is just a function of revenue.

因此，當我們考慮第三季度時，例如，正如我們之前提到的，我們確實有更多的新產品組合。我們的新產品和新模塊具有非常高的增量利潤率。因此，這有助於實現我們在第三季度看到的 EBITDA 節拍。就第四季度而言，它實際上只是收入的函數。

Okay. That's helpful. And then, Jeff, one for you just to go back to the comment on the peer-to-peer and point-of-care video content approval delays. Are those now at a point where they've been approved and you actually have a firm launch date? Or is that still in the works, where there could be some delta and push forward again? So you've got the approval, do you actually have the launch date is my question.

好的。這很有幫助。然後，Jeff，一個讓你回到關於點對點和即時醫療視頻內容批准延遲的評論。那些現在是否已經獲得批准並且您實際上有一個確定的發布日期？還是仍在進行中，可能會有一些三角洲並再次向前推進？所以你得到了批准，你真的有發布日期是我的問題。

Yes. That's a good question, Ryan. As we said in the prepared remarks, most have been approved. I would say that not all of those are live yet, so some have hard scheduled dates and will get live soon. So it's really a continuum. The short answer is, I think, in the coming months -- we say, in the next few months, we expect to get these all out there.

是的。這是個好問題，瑞安。正如我們在準備好的評論中所說，大多數都已獲得批准。我想說的是，並不是所有這些都已經上線，所以有些已經安排好了日期，很快就會上線。所以它真的是一個連續體。簡短的回答是，我認為，在接下來的幾個月裡——我們說，在接下來的幾個月裡，我們希望把這些都拿出來。

The next question is from Elizabeth Anderson with Evercore.

下一個問題來自 Evercore 的 Elizabeth Anderson。

In the quarter, I just noticed you guys didn't really do any share repo, which is a little bit of a departure from other quarters this year. I was just wondering if you had any updated thoughts on the pacing, given the authorization that you guys put forward a couple of months ago.

在本季度，我只是注意到你們並沒有真正進行任何股票回購，這與今年其他季度有點不同。鑑於你們幾個月前提出的授權，我只是想知道你們是否對節奏有任何更新的想法。

Sure, Elizabeth. Not much I can really say there, to be honest. I mean from our perspective, we have done a set-and-forget-it plan from a share buyback perspective.

當然，伊麗莎白。老實說，我真的不能說太多。我的意思是，從我們的角度來看，我們已經從股票回購的角度製定了一個一勞永逸的計劃。

So for us, just as simple as it didn't hit our price targets this quarter, but we're continuing our commitment to doing that on a go-forward basis. And it's still live. It just hasn't triggered yet.

所以對我們來說，就像本季度沒有達到我們的價格目標一樣簡單，但我們將繼續致力於在前進的基礎上做到這一點。而且它還活著。只是還沒有觸發。

The next question is from Jessica Tassan with Piper Sandler.

下一個問題來自 Jessica Tassan 和 Piper Sandler。

I was hoping you could discuss some of the behavior you're seeing for branded drugs facing biosimilar competition. What are kind of the trends in physician education for the brand versus biosimilar? And are you seeing educational budgets for these categories increase, decrease or stay about flat overall, where there are biosimilar launches challenging to major brands?

我希望您能討論您所看到的品牌藥物面臨生物仿製藥競爭的一些行為。品牌與生物仿製藥的醫師教育趨勢是什麼？你是否看到這些類別的教育預算總體上增加、減少或保持不變，其中生物仿製藥的推出對主要品牌構成挑戰？

Jessica, this is Nate. Happy to chime in here. So the industry has always had arcs of provenance for major therapies. And industry competition, in general, is a good thing for society. That drives competition, that drives innovation. As new products, competing products are launched, that creates a need for education at the caregiver level.

傑西卡，這是內特。很高興在這裡插話。因此，該行業一直都有主要療法的出處。總的來說，行業競爭對社會來說是一件好事。這推動了競爭，推動了創新。隨著新產品、競爭產品的推出，這就產生了對護理人員層面教育的需求。

And what's interesting about biologics and biosimilars, the nuances between them at a molecular level, at a current state of research level, a patient cohort level, a payer adoption, coverage and policy level, that's a lot to parse and keep up with. And that complexity is only going to continue to accelerate as medicine becomes increasingly personalized.

生物製劑和生物仿製藥的有趣之處在於，它們在分子水平、當前研究水平、患者隊列水平、付款人採用、覆蓋範圍和政策水平上的細微差別，需要分析和跟上很多。隨著醫學變得越來越個性化，這種複雜性只會繼續加速。

So it really takes a precision education and really an individualized digital platform like ours to be able to address the needs in that sort of evolving complex market. And we think we're well positioned to help the field there, even as the amount of spend on different budget shifts.

因此，真正需要精準教育和像我們這樣的個性化數字平台才能滿足這種不斷發展的複雜市場的需求。我們認為我們有能力幫助那裡的領域，即使不同預算的支出金額發生變化。

Got it. That makes sense. And then I just have a quick follow-up to Ryan's question. How would you describe the visibility into the revised FY '23 guidance at this point?

知道了。這就說得通了。然後我只是快速跟進 Ryan 的問題。您如何描述此時修訂後的 FY '23 指南的可見性？

Sure. At this point, when it comes to the revised fiscal '23 guidance, I mean, we've got, what, 2 months left in the year. We have a ton of visibility there. We're very, very comfortable with those numbers.

當然。在這一點上，當談到修訂後的 23 財年指南時，我的意思是，我們今年還有 2 個月的時間。我們在那裡有很多能見度。我們對這些數字非常非常滿意。

The next question is from Stephanie Davis with SVB Securities.

下一個問題來自 SVB 證券公司的斯蒂芬妮戴維斯。

Anna, building on your visibility comments, can you walk us through how you've looked at contracting and get visibility? And maybe give us a bit more of a bridge around the [GoGet] renewals and already contracted pieces of the revenue for next year.

安娜，根據您對知名度的評論，您能否向我們介紹一下您如何看待承包和獲得知名度？也許可以為我們提供更多關於 [GoGet] 續約的橋樑，以及明年已經簽訂的部分收入。

And then Jeff, I'd actually like a history lesson from your time at Epocrates. Were there any insights on contracting for visibility there, given similar tough macro backdrop that you've seen in the past?

然後 Jeff，我實際上想要一節你在 Epocrates 的歷史課。考慮到您過去看到的類似艱難的宏觀背景，是否有任何關於合同能見度的見解？

Sure, Steph, I'll start out and then pass it over to Jeff for your second part of the question. So continuing to elaborate on the visibility. We're not going to give the exact figures around 60, 65, 70, whatever percentages we've given in the past. .

當然，斯蒂芬，我會開始，然後將它傳遞給傑夫，讓你回答問題的第二部分。所以繼續詳細闡述可見性。我們不會給出 60、65、70 左右的確切數字，無論我們過去給出的百分比是多少。 .

But I think a good way to think about it is we are starting the year with more revenue under contract than prior years. We are less dependent on major upsell than prior years. And that means we're more dependent on our core annual renewal cycle, which continues to perform really well for us.

但我認為一個很好的思考方式是，我們今年年初的合同收入比往年多。與往年相比，我們對主要追加銷售的依賴程度較低。這意味著我們更加依賴我們的核心年度更新周期，它繼續為我們表現得非常好。

Our core annual renewal cycle this year was incredibly strong. Demand is incredibly strong. We saw larger brand sizes, longer-term programs than we've ever seen before. So we're really encouraged by that, and that's something that's really never been up in the air for us.

我們今年的核心年度更新周期非常強勁。需求非常強勁。我們看到了比以往任何時候都更大的品牌規模和更長期的計劃。所以我們真的很受鼓舞，這對我們來說真的從來沒有懸而未決。

So I think from a visibility perspective, we feel very, very comfortable with how we look for next year with this $500 million backstop.

因此，我認為從可見度的角度來看，我們對明年如何看待這個 5 億美元的支持感到非常非常滿意。

Yes, Stephanie, this is Jeff. I'll chime in and say, yes, having managed through the 2008, 2009 crisis and other crises in the past, in general, pharmaceuticals and healthcare is recession-resistant. I joke we're not immune to broader macroeconomic deals, but we are fully [waxed].

是的，斯蒂芬妮，這是傑夫。我會插話說，是的，在過去經歷了 2008 年、2009 年的危機和其他危機之後，一般來說，製藥和醫療保健是抗衰退的。我開玩笑說我們不能倖免於更廣泛的宏觀經濟交易，但我們已經完全 [打蠟]。

And I think that comes up and shows that we're still an organic rule of 60-plus company this year, right, giving guidance here for 20% top line growth, again, in a very tough macro and 43% EBITDA margins based on a record 48% EBITDA margin last quarter.

而且我認為這表明我們今年仍然是 60 多家公司的有機規則，對，在這裡給出 20% 的收入增長的指導，再次，在非常艱難的宏觀和 43% 的 EBITDA 利潤率基礎上上個季度 EBITDA 利潤率達到創紀錄的 48%。

So I think we're seeing folks pull back a little bit. I think, in some ways, a more efficiency-driven environment is good for us. It clears out some of those digital pet projects that sort of accumulated during the height of lockdown. The new websites that got a few million here or there, never got any use.

所以我認為我們看到人們有所退縮。我認為，在某些方面，效率更高的環境對我們有好處。它清除了一些在鎖定高峰期積累的數字寵物項目。到處都有幾百萬的新網站，從來沒有任何用處。

So the fact that clients see that they spend $1 with us and get $11 back, I mean, over time, they just keep moving more and more of that budget over to us, which is why I'm so proud that this new $10 million client we have, brand we have is with one of our oldest clients, someone we worked with for a decade. So the more you know is the more you want to work with us. And we think that's great.

所以事實上，客戶看到他們在我們這里花費 1 美元並獲得 11 美元的回報，我的意思是，隨著時間的推移，他們只是不斷地將越來越多的預算轉移給我們，這就是為什麼我為這個新的 1000 萬美元感到自豪我們擁有的客戶，我們擁有的品牌是我們最老的客戶之一，我們與之合作了十年。所以你知道的越多，你就越想和我們一起工作。我們認為這很好。

My last point I'd just add on is we talked a lot about pharma on this call, but our hospital business this time around, it's surprisingly -- I shouldn't say surprising, it's been very strong.

我要補充的最後一點是，我們在這次電話會議上談了很多關於製藥的事情，但這次我們的醫院業務令人驚訝——我不應該說令人驚訝，它一直非常強勁。

And I know last quarter, we had shared that we were so excited we had our first $4 million brand there, first $4 million account. And now we've upped that. Now, it's our first $5 million account. So we continue to see strong growth in our hospital business as well as they move more digital.

我知道上個季度，我們分享了我們非常興奮在那裡擁有我們的第一個 400 萬美元的品牌，第一個 400 萬美元的賬戶。現在我們已經提高了。現在，這是我們的第一個 500 萬美元賬戶。因此，我們繼續看到我們醫院業務的強勁增長，以及它們更加數字化。

I'll do a follow-up there because it sounds like you want to talk hospital a little bit. Is that a function of more of the tight labor market and trying to get more seats filled within the hospital? Is it telemedicine? Is it something else that's really hitting on all cylinders?

我會在那裡跟進，因為聽起來你想談談醫院。這是因為勞動力市場更加緊張，並試圖在醫院內填補更多席位嗎？是遠程醫療嗎？是不是其他什麼東西真的影響了所有氣瓶？

Yes. It's really the marketing side of it. And I think hospitals are realizing that it's not about the billboards and sports stadiums. It's about finding patients digitally and having good relations with physicians in the community who refer in. So I think we're very strong at doing that.

是的。這真的是它的營銷方面。而且我認為醫院正在意識到這與廣告牌和體育場館無關。這是關於以數字方式尋找患者並與社區中轉診的醫生保持良好關係。所以我認為我們在這方面非常擅長。

And to our team's credit, I think we've done a really nice job of penciling the math for them, actually looking at claims data to see how many referrals they get from the programs we run so that they can go back to their management and say, look, we ran this program, and here's the ROI. We should do more.

值得稱讚的是，我認為我們在為他們計算數學方面做得非常好，實際上是在查看索賠數據，看看他們從我們運行的項目中獲得了多少轉介，以便他們可以回到他們的管理層和說，看，我們運行了這個程序，這是投資回報率。我們應該做更多。

The next question is from Glen Santangelo with Jefferies.

下一個問題來自 Glen Santangelo 和 Jefferies。

Jeff, I just want to come back to this visibility thing, right, because we get so many questions on it. If you look over the last 4 quarters, 3 of them you've been surprised on a number of different things, and each one of them kind of sounds like it makes sense, but it -- we're getting a lot of questions about are they guiding conservatively or do they really have the level of visibility they think they have.

傑夫，我只想回到這個可見性問題，對吧，因為我們收到了很多關於它的問題。如果你回顧過去的 4 個季度，其中 3 個季度，你對許多不同的事情感到驚訝，而且每個季度聽起來都有道理，但它 - 我們收到了很多關於他們是在保守地指導還是他們真的有他們認為的能見度。

And just kind of coming back, Anna, to your comments on the visibility for next year, I went back to this same transcript last year, and you said -- both of you said that you had 60% visibility sort of heading into the next year, and that was fiscal '23.

安娜，回到你對明年能見度的評論，我回到了去年的同樣的記錄，你說——你們都說你們有 60% 的能見度進入下一個年，那是 23 財年。

Is that like a reasonable benchmark to start when we think about this $500 million? We're just trying to get a sense for how much of this may already be booked, and maybe you don't want to share that number, but maybe you can comment if that 60% last year was even accurate.

當我們考慮這 5 億美元時，這是否是一個合理的基準？我們只是想了解其中有多少可能已經被預訂，也許你不想分享這個數字，但也許你可以評論一下去年的 60% 是否準確。

Sure. Thanks, Glen. Yes. As Anna shared, it's above that 60% as we plan into this next year. So we're ahead as a percentage of where we were last year. But I do take your comment to heart here. I think this new product shift was something that we should have seen coming.

當然。謝謝，格倫。是的。正如 Anna 分享的那樣，它超過了我們明年計劃的 60%。所以我們在去年的百分比上領先。但我確實把你的評論放在心上。我認為這種新產品轉變是我們應該預見到的。

And from our end, we, I think, gotten into an easy rhythm with our clients, where everything was sort of on a fast-track approval. And we assume that our new products would be as well. And then our new products sold much, much better than we thought. I mean, again, this is the best product launch we've had by manyfold this last year.

從我們這邊開始，我認為，我們與客戶的節奏很輕鬆，一切都在某種程度上得到了快速批准。我們假設我們的新產品也會如此。然後我們的新產品銷量比我們想像的要好得多。我的意思是，再一次，這是我們去年推出的最好的產品。

Again, it's great that our clients are innovating with us. But those delays were not something that I think we put in enough buffer for. So we take your feedback very seriously. We do not take this lightly. But I can tell you it's not like folks are canceling contracts or other things. It's really just that the revenue has been a bit delayed.

同樣，很高興我們的客戶與我們一起創新。但是我認為我們沒有為這些延遲提供足夠的緩衝。所以我們非常重視您的反饋。我們不會掉以輕心。但我可以告訴你，人們並不是在取消合同或其他事情。真的只是收益有點延遲。

All right. And maybe if I could just sort of follow up. I also want to talk about margins, right? Anna, if I look at this year, basically, you're going to have 3 quarters with kind of flat to down margins.

好的。也許我可以跟進一下。我也想談談利潤，對吧？安娜，如果我看一下今年，基本上，您將有 3 個季度的利潤率持平或下降。

And obviously, the September quarter had nice margin expansion. And now you're sort of forecasting 20% of the growth with your gross margin level and those -- and the margins are basically flat year-over-year in terms of what you're forecasting. I mean I heard you about the incremental investments in a couple of areas.

顯然，9 月季度的利潤率增長不錯。現在你可以預測 20% 的增長與你的毛利率水平和那些 - 就你的預測而言，利潤率基本上與去年同期持平。我的意思是我聽說過你在幾個領域的增量投資。

But Jeff, is there anything going on with the competitive landscape? Anything sort of happening here with pricing that may be worth sort of talking about? Or -- I don't know if there's any sort of comments you can make because I'm trying to assess your rule of 60 comments.

但是傑夫，競爭格局有什麼變化嗎？這裡發生的任何與定價有關的事情可能值得一提？或者——我不知道你是否可以發表任何評論，因為我正在嘗試評估你的 60 條評論規則。

And I think we were all sort of conditioned to believe, and I don't know what you're implying, if that's 40 and 20 or if it can be 45 and 15, but we're just trying to think because your margins have fluctuated. You had 48% 1 quarter, 37% in the fiscal first quarter. And so I'm just trying to think about volatility in margin when we're sort of building our models for next fiscal year?.

而且我認為我們都習慣於相信，我不知道你在暗示什麼，如果那是 40 和 20 或者它可以是 45 和 15，但我們只是想想想，因為你的利潤率有波動。第一季度為 48%，第一財季為 37%。因此，當我們為下一個財政年度建立模型時，我只是想考慮利潤率的波動性？

Sure, Glen. I'll take that one. And just before I hit on that, actually, I'll also hit back to your visibility piece. I do think it's just important to remember, and we'll be the first to say it, like this was a tough year from a visibility perspective. We were coming out of the pandemic into a macro downturn, coming off of the 2 years where we were growing at a 70% plus CAGR.

當然，格倫。我會拿那個。實際上，就在我談到這一點之前，我還會回擊你的能見度部分。我確實認為記住這一點很重要，我們會第一個說出來，就好像從知名度的角度來看，這是艱難的一年。我們正從大流行中走出來，進入宏觀經濟衰退，結束了我們以 70% 以上的複合年增長率增長的 2 年。

So it definitely was a harder year from a visibility perspective, and we'll be the first to admit that. And I think, going forward, as we're looking ahead and as we're hoping to give some more color on the guidance for next year, I think we're going in eyes wide open, and we're thinking more about what could potentially happen as macro deteriorates further, et cetera. So I just want to kind of clarify that and hit that on the head.

因此，從知名度的角度來看，這絕對是艱難的一年，我們將是第一個承認這一點的人。而且我認為，展望未來，當我們展望未來並希望為明年的指導提供更多色彩時，我認為我們會睜大眼睛，我們正在考慮更多隨著宏觀經濟進一步惡化等，可能會發生這種情況。所以我只是想澄清一下並解決這個問題。

From an EBITDA perspective, we do see quarterly fluctuations. It typically is around the selling season, right? We do see higher sales and marketing in Q3 and Q4. So there is some increase there.

從 EBITDA 的角度來看，我們確實看到了季度波動。通常是在銷售旺季前後，對嗎？我們確實在第三季度和第四季度看到了更高的銷售和營銷。所以那裡有一些增加。

As far as how we're thinking about next year, we're continuing to invest in growth, but we still see ourselves as a growth company, and we want to keep investing there. So we think 43% plus margins in this environment and 20% growth is really strong. So we're really pleased to be able to be a company that's organic rule of 60 plus.

就我們明年的想法而言，我們將繼續投資於增長，但我們仍然將自己視為一家成長型公司，我們希望繼續在那裡投資。所以我們認為在這種環境下 43% 以上的利潤率和 20% 的增長非常強勁。所以我們真的很高興能夠成為一家擁有 60 多個有機規則的公司。

And you see no erosion on the pricing side?

你看到定價方面沒有受到侵蝕嗎？

No. We're not seeing erosion on the pricing side. I mean the way we think about pricing is we think about it through a value one. That's how our customers are thinking about pricing. So given our ROI, it actually continues to get more affordable to our customers because our ROI continues to increase. .

不，我們沒有看到定價方面的侵蝕。我的意思是我們考慮定價的方式是我們通過價值來考慮它。這就是我們的客戶考慮定價的方式。因此，鑑於我們的投資回報率，它實際上繼續讓我們的客戶負擔得起，因為我們的投資回報率不斷增加。 .

As far as how we think about like long-term pricing, I mean we aim typically for somewhere near a mid-single-digit price increase each year, and we're having no problems achieving that.

就我們如何看待長期定價而言，我的意思是我們的目標通常是每年的價格漲幅接近中等個位數，我們在實現這一目標方面沒有任何問題。

That concludes our question-and-answer session. I will now pass the call back over to Doximity's CEO, Jeff Tangney, for any closing remarks.

我們的問答環節到此結束。我現在將把電話轉回給 Doximity 的首席執行官傑夫坦尼，聽取任何結束語。

Thank you, everyone, for joining the call. We look forward to talking to you again next quarter. Thanks, everyone.

謝謝大家加入電話會議。我們期待下個季度再次與您交談。感謝大家。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。