Doximity Inc (DOCS) 2023 Q4 法說會逐字稿

Hello, and welcome to Doximity's Fiscal Q4 2023 Earnings Call. I will now pass the call over to Doximity's Vice President of Investor Relations, Perry Gold, to kick off the call. Please go ahead.

大家好，歡迎來到 Doximity 的 2023 財年第四季度財報電話會議。我現在將把電話轉給 Doximity 的投資者關係副總裁 Perry Gold 來開始電話會議。請繼續。

Thank you, operator. Hello, and welcome to Doximity fiscal 2023 Fourth 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。您好，歡迎來到 Doximity 2023 財年第四季度財報電話會議。今天與我通話的有 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。

A complete disclosure of our results can be found in the 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.

我們的結果的完整披露可以在今天早些時候發布的新聞稿以及我們的相關 8-K 表格中找到，所有這些都可以在我們的網站 investors.doximity.com 上找到。

As a reminder, today's call is being recorded and a replay will be available on our website. As part of our comments today, we will be making 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.

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。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 any other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-K for the year. Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, May 16, 2023.

請參閱我們關於 10-K 表格的年度報告、任何後續的 10-Q 表格以及可能不時向美國證券交易委員會提交的任何其他報告和文件中的風險因素，包括我們即將提交的 10-K 表格文件那一年。我們的前瞻性陳述基於我們認為截至今天（2023 年 5 月 16 日）合理的假設。

Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance 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.

值得注意的是，Doximity 的政策是既不重申也不調整財務指導，也不調整今天電話會議上提供的財務指導，除非它也通過公開披露（例如新聞稿）或通過提交 8-K 表格來完成.

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

今天，我們將討論某些我們認為有助於理解我們財務業績的非 GAAP 指標。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。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 thank you, everyone, for joining our fourth quarter earnings call. We have 3 updates today our financials, network growth and 2 senior hires.

謝謝佩里，也謝謝大家參加我們的第四季度財報電話會議。我們今天有 3 個更新我們的財務、網絡增長和 2 個高級僱員。

First, our top line. I'm pleased to report that we delivered $111 million in revenue for the fourth quarter of our fiscal 2023, beating the high end of our guidance range. For our full fiscal year ended March 31, we had $419 million in revenue and grew 22% year-on-year. As a reminder, our clients are the best brands in medicine, including all of the top 20 hospitals and all of the top 20 pharmaceutical companies.

首先，我們的收入。我很高興地報告，我們在 2023 財年第四季度實現了 1.11 億美元的收入，超過了我們指導範圍的上限。截至 3 月 31 日的整個財政年度，我們的收入為 4.19 億美元，同比增長 22%。提醒一下，我們的客戶是醫學界最好的品牌，包括所有排名前 20 位的醫院和所有排名前 20 位的製藥公司。

Our interactive platform allows them to connect efficiently with the right positions about new treatments and patient referrals, each of which can be worth thousands of dollars per patient. We then measure our clients' return on investment, or ROI, using third-party claims and prescription data. Our median client ROI is a 10:1 return or better, which guides our pricing and fuels our profitability.

我們的互動平台使他們能夠有效地聯繫有關新療法和患者轉診的正確位置，每個患者的每項價值都可能高達數千美元。然後，我們使用第三方索賠和處方數據衡量客戶的投資回報率或 ROI。我們的客戶投資回報率中位數是 10:1 或更高，這指導了我們的定價並推動了我們的盈利能力。

Speaking of which, our bottom line was also strong in Q4 with an adjusted EBITDA margin of 44% or $49 million, which was 6% above the high end of our guidance. Our free cash flow was similarly strong at $46 million. For the full fiscal year, our EBITDA margin was 44% or $184 million. During the year, our cash balance grew to a record $841 million while we made 2 new major cash investments. First, we invested $54 million in cash, plus up to $24 million in future earnouts to buy Amion.com, a SaaS physician scheduling company. And second, we bought $86 million of our own stock at an average price of $32.16 per share. Long term, we feel good about both of these investments.

說到這一點，我們在第四季度的底線也很強勁，調整後的 EBITDA 利潤率為 44% 或 4900 萬美元，比我們指導的上限高出 6%。我們的自由現金流同樣強勁，達到 4600 萬美元。在整個財政年度，我們的 EBITDA 利潤率為 44% 或 1.84 億美元。在這一年裡，我們的現金餘額增長到創紀錄的 8.41 億美元，同時我們進行了 2 項新的重大現金投資。首先，我們投資了 5400 萬美元現金，外加高達 2400 萬美元的未來收益，用於購買 SaaS 醫生排程公司 Amion.com。其次，我們以每股 32.16 美元的平均價格購買了價值 8600 萬美元的自有股票。從長遠來看，我們對這兩項投資都感覺良好。

Our buybacks reduced our shares outstanding by about 1% this year. And as we've integrated Amion's 200,000 physician schedules into our productivity suite, it has become a cornerstone of our daily engagement alongside our dialer telephony service. In short, we're increasingly the way doctors call patients from their EHRs and call colleagues from their own call schedules.

我們的回購使我們今年的流通股減少了約 1%。當我們將 Amion 的 200,000 個醫生時間表集成到我們的生產力套件中時，它已經成為我們日常參與的基石以及我們的撥號電話服務。簡而言之，我們越來越多地採用醫生從他們的 EHR 呼叫患者並從他們自己的呼叫時間表呼叫同事的方式。

Looking ahead, our revenue guidance for next year is $500 million to $506 million, which is 20% growth at our midpoint of $503 million. In terms of visibility, over 65% of our subscription revenue guide is already under contract, which is more than we typically had at this time of year. We're prepared for another tough upsell year as we expect macro belt tightening to continue.

展望未來，我們明年的收入指引為 5 億美元至 5.06 億美元，較我們 5.03 億美元的中點增長 20%。就可見性而言，我們超過 65% 的訂閱收入指南已經簽訂合同，這比我們每年這個時候通常有的多。我們已準備好迎接又一個艱難的追加銷售年，因為我們預計宏觀經濟將繼續緊縮。

Our adjusted EBITDA guidance for the year is $219 million at the midpoint, which continues the 44% margins we had last year. In all, despite macro headwinds, we expect to grow both our top and bottom line by roughly 20% this year.

我們今年調整後的 EBITDA 指引中點為 2.19 億美元，這延續了我們去年 44% 的利潤率。總而言之，儘管存在宏觀逆風，但我們預計今年我們的收入和利潤將增長約 20%。

Okay. Turning now to our network growth. Our usage hit fresh highs in Q4. Across our entire platform, we achieved a record number of quarterly active users. As pandemic emergency provisions officially ended, we're proud to emerge with a record number of providers using our physician cloud in Q4 to power their scheduling, fax, e-signature and telehealth needs. Our telehealth tools alone were used by a record 380,000 unique providers. Our enterprise products help hospital providers streamline workflows and spend more time caring for their patients.

好的。現在轉向我們的網絡增長。我們的使用率在第四季度創下新高。在我們整個平台上，我們的季度活躍用戶數量創下歷史新高。隨著大流行病緊急規定的正式結束，我們很自豪能夠在第四季度出現創紀錄數量的提供者使用我們的醫生雲來滿足他們的日程安排、傳真、電子簽名和遠程醫療需求。僅我們的遠程醫療工具就被創紀錄的 380,000 家獨特供應商所使用。我們的企業產品可幫助醫院供應商簡化工作流程並花更多時間照顧患者。

To that end, today, we announced a new integration with MEDITECH, the third most widely used electronic health record, or EHR, in the United States. Our workforce tools now integrate with all of the top 3 EHRs, namely Epic, Cerner and MEDITECH, who collectively comprise 85% of the hospital market by beds per class research. Alongside our EHR partners, we're excited to continue digitizing the many paper-based and legacy workloads that physicians face today. As a product-led software company, we will continue to invest and grow our business while always keeping physicians first.

為此，今天，我們宣布與 MEDITECH 進行新的整合，MEDITECH 是美國第三大使用最廣泛的電子健康記錄或 EHR。我們的勞動力工具現在集成了所有前 3 名 EHR，即 Epic、Cerner 和 MEDITECH，按每班床位研究，它們總共佔醫院市場的 85%。我們很高興與我們的 EHR 合作夥伴一起，繼續將醫生今天面臨的許多基於紙張的和遺留的工作負載數字化。作為一家以產品為主導的軟件公司，我們將繼續投資和發展我們的業務，同時始終把醫生放在第一位。

By connecting doctors in their daily work from finding which cardiologist is on call to viewing their profile to calling or messaging them, we believe we become the physician cloud, a workflow and communications hub whose usage is more analogous to a Bloomberg than a LinkedIn. Speaking of communications, our new DocsGPT.com AI medical writing site has proven a hit in helping doctors draft and seamlessly fax, yes, fax, ensures the many varied approval others needed to get care for their patients.

通過將醫生的日常工作聯繫起來，從查找哪個心髒病專家待命到查看他們的個人資料再到給他們打電話或發消息，我們相信我們成為醫生雲，一個工作流和通信中心，其使用更類似於彭博而不是 LinkedIn。說到通信，我們新的 DocsGPT.com AI 醫學寫作網站已證明在幫助醫生起草和無縫傳真方面很成功，是的，傳真確保了其他人為他們的病人提供護理所需的各種批准。

There's an old phrase in medical training, "If it's not documented, it's not done." Well, we're glad to help doctors reduce the nearly half of their day per for an AMA time tracking study that they spend on paperwork. As a department chief from a top 5 hospital put it to us in an e-mail, DocsGPT is "pretty bad ass.".

醫學培訓中有一句老話，“如果沒有記錄，就沒有完成。”好吧，我們很高興幫助醫生減少他們花在文書工作上的 AMA 時間跟踪研究的近一半時間。正如一家排名前 5 的醫院的部門負責人在一封電子郵件中告訴我們的那樣，DocsGPT 是“相當糟糕的混蛋”。

DocsGPT has grown steadily via word of mouth to now serve thousands and thousands of clinician prompts each week. Doctors are sharing their most useful prompts with one another and grading responses on utility and clinical accuracy. This continuous feedback is helping us prioritize our road map and identify where AI can help doctors most.

DocsGPT 通過口口相傳穩步增長，現在每週為成千上萬的臨床醫生提供服務。醫生們互相分享他們最有用的提示，並根據效用和臨床準確性對反應進行評分。這種持續的反饋幫助我們確定路線圖的優先順序，並確定 AI 最能幫助醫生的領域。

Okay. Turning now to our new hire updates. Today, we are thrilled to announce 2 new additions to our senior leadership team, Craig Overpeck and Ben Greenberg. Craig joins us as the Senior Vice President of Commercial Operations and brings a wealth of industry knowledge and experience. Craig served as the U.S. COO at M3, the Japanese physician network for over a decade. During that time, M3 grew its revenue from around $50 million to $700 million. Ben also brings decades of industry experience and joins us as Senior Vice President of Commercial Products. Ben spent more than 11 years at WebMD/Medscape, where he served as the VP of Product and headed their mobile products. You'll have an opportunity to hear directly from both Craig and Ben at our upcoming Investor Day on June 6, which will broadcast live from the New York Stock Exchange.

好的。現在轉向我們的新員工更新。今天，我們很高興地宣布 2 位新成員加入我們的高級領導團隊，Craig Overpeck 和 Ben Greenberg。 Craig 作為商業運營高級副總裁加入我們，帶來了豐富的行業知識和經驗。克雷格 (Craig) 曾在日本醫生網絡 M3 擔任美國首席運營官超過十年。在此期間，M3 的收入從大約 5000 萬美元增長到 7 億美元。 Ben 還帶來了數十年的行業經驗，並加入我們擔任商業產品高級副總裁。 Ben 在 WebMD/Medscape 工作了 11 年多，在那裡他擔任產品副總裁併領導他們的移動產品。在即將到來的 6 月 6 日投資者日，您將有機會直接聽到 Craig 和 Ben 的講話，該日將在紐約證券交易所進行現場直播。

Speaking of which, we are excited to host our inaugural Investor Day next month. It's been nearly 2 years since our IPO, and we're excited to demo our latest products, hear from a panel of physician technology experts and discuss our longer-term model. We'll have lunch and live demos after our presentation for those who can attend live at the New York Stock Exchange. We look forward to seeing many of you in person in just a few short weeks.

說到這裡，我們很高興能在下個月舉辦首屆投資者日。我們的 IPO 已經將近 2 年了，我們很高興能夠展示我們的最新產品，聽取醫生技術專家小組的意見，並討論我們的長期模型。我們將為那些可以在紐約證券交易所現場參加的人提供午餐和現場演示。我們期待在短短幾週內見到你們中的許多人。

Okay. I'd like to end by thanking our nearly 1,000 Doximity team members who continue to work incredibly hard to realize our mission to make doctors more productive. With consecutive quarters of record provider engagement across our entire platform, I personally have never been more excited about what we're building, and I'm proud to be on this journey with you all.

好的。最後，我想感謝我們近 1,000 名 Doximity 團隊成員，他們繼續非常努力地工作，以實現我們提高醫生工作效率的使命。隨著我們整個平台連續幾個季度的唱片提供商參與，我個人對我們正在構建的東西感到從未如此興奮，我很自豪能與大家一起踏上這段旅程。

And with that, I'll hand it over to our CFO, Anna Bryson, to discuss our financials and guidance. Anna?

有了這個，我將把它交給我們的首席財務官 Anna Bryson 來討論我們的財務和指導。安娜？

Thanks, Jeff, and thanks to everyone on the call today. We are proud to have achieved another year as a Rule of 60-plus company in fiscal 2023. Fourth quarter revenue grew to $111 million, up 18% year-over-year and exceeding the high end of our guidance range. Of note, our subscription revenue, which comprises 93% of our total revenue, saw growth reaccelerate to 20% in Q4, up from 18% in Q3. While the macro environment remains uncertain, we are encouraged to see this positive momentum in our core marketing business.

謝謝 Jeff，也感謝今天來電的每一個人。我們很自豪在 2023 財年又實現了 60 多家公司的規則。第四季度收入增長到 1.11 億美元，同比增長 18%，超過了我們指導範圍的上限。值得注意的是，占我們總收入 93% 的訂閱收入在第四季度再次加速增長至 20%，高於第三季度的 18%。儘管宏觀環境仍不明朗，但我們很高興看到我們核心營銷業務的這種積極勢頭。

Full year revenue grew to $419.1 million, a 22% increase year-over-year. Similar to prior years, our existing customers continued to lead our growth. We finished the year with a net revenue retention rate of 117%. For our top 20 customers, net revenue retention was higher at 124%. We ended the year with 294 customers contributing at least $100,000 each in subscription-based revenue. This is a 16% increase from the 254 customers we had in this cohort a year ago, and these customers accounted for 87% of our total revenue for the year.

全年收入增長至 4.191 億美元，同比增長 22%。與往年類似，我們的現有客戶繼續引領我們的增長。我們以 117% 的淨收入保留率結束了這一年。對於我們的前 20 大客戶，淨收入保留率更高，達到 124%。年底，我們有 294 位客戶貢獻了至少 100,000 美元的訂閱收入。這比一年前我們在該隊列中擁有的 254 名客戶增加了 16%，這些客戶占我們當年總收入的 87%。

Additionally, our customers with the largest budgets continued to scale up quickly on our platform. We ended the year with 11 customers contributing more than $10 million each in revenue. This is up significantly from the 2 8-figure customers we had just 2 years ago. These 11 customers are all top 20 pharmaceutical manufacturers and purchase across an average of over 15 brands each. As a reminder, no customer represents 10% or more of our revenue and no individual brand represents 2% or more of our revenue.

此外，預算最多的客戶繼續在我們的平台上快速擴大規模。年底，我們有 11 位客戶貢獻了超過 1000 萬美元的收入。這與我們 2 年前的 2 個 8 位數客戶相比有了顯著增長。這 11 家客戶都是排名前 20 位的製藥商，平均每家採購超過 15 個品牌。提醒一下，沒有客戶占我們收入的 10% 或更多，也沒有單個品牌占我們收入的 2% 或更多。

Turning to our profitability. Non-GAAP gross margin in the fourth quarter was 90%, flat versus the prior year period. For the full fiscal year, non-GAAP gross margin was also 90% and flat with fiscal 2022. Adjusted EBITDA for the fourth quarter was $48.9 million and adjusted EBITDA margin was 44% compared to $39.4 million and a 42% margin in the prior year period. For the full fiscal year, adjusted EBITDA was $184 million, growing 22% year-over-year. Full year adjusted EBITDA margin was 44% and flat with fiscal 2022.

談到我們的盈利能力。第四季度非美國通用會計準則毛利率為 90%，與去年同期持平。在整個財年，非美國通用會計準則毛利率也為 90%，與 2022 財年持平。第四季度調整後 EBITDA 為 4890 萬美元，調整後 EBITDA 利潤率為 44%，上年同期為 3940 萬美元，利潤率為 42%時期。整個財年，調整後的 EBITDA 為 1.84 億美元，同比增長 22%。全年調整後的 EBITDA 利潤率為 44%，與 2022 財年持平。

Now turning to our balance sheet, cash flow and an update on our share repurchase program. We ended the fiscal year with $841 million of cash, cash equivalents and marketable securities. In Q4, we repurchased $16 million worth of shares at an average price of $30.59. For the full fiscal year, we repurchased $86 million worth of shares at an average price of $32.16. We generated free cash flow in the fourth quarter of $45.6 million compared to $44.9 million in the prior year period. For the full fiscal year, we generated free cash flow of $173.4 million compared to $120.9 million in fiscal 2022, an increase of 43% year-over-year.

現在轉向我們的資產負債表、現金流和我們股票回購計劃的更新。我們在本財政年度結束時擁有 8.41 億美元的現金、現金等價物和有價證券。在第四季度，我們以平均 30.59 美元的價格回購了價值 1600 萬美元的股票。在整個財政年度，我們以平均 32.16 美元的價格回購了價值 8600 萬美元的股票。我們在第四季度產生了 4560 萬美元的自由現金流，而去年同期為 4490 萬美元。在整個財政年度，我們產生了 1.734 億美元的自由現金流，而 2022 財年為 1.209 億美元，同比增長 43%。

Now moving on to our outlook. For the first fiscal quarter of 2024, we expect revenue in the range of $106.5 million to $107.5 million, representing 18% growth at the midpoint, and we expect adjusted EBITDA in the range of $39 million to $40 million, representing a 37% adjusted EBITDA margin. For the full fiscal year, we expect revenue in the range of $500 million to $506 million, representing 20% growth at the midpoint. And we expect adjusted EBITDA in the range of $216 million to $222 million, representing a 44% adjusted EBITDA margin.

現在繼續我們的展望。對於 2024 年第一財季，我們預計收入在 1.065 億美元至 1.075 億美元之間，中點增長 18%，我們預計調整後的 EBITDA 在 3900 萬至 4000 萬美元之間，佔調整後 EBITDA 的 37%利潤。對於整個財政年度，我們預計收入在 5 億美元至 5.06 億美元之間，中點增長 20%。我們預計調整後的 EBITDA 在 2.16 億美元至 2.22 億美元之間，相當於 44% 的調整後 EBITDA 利潤率。

As of today, we have over 65% of our annual subscription-based revenue guidance under contract. We expect another 30% to come from renewals and upsells, and the remaining 5% to come from new customers. To break down the renewal and upsell component further, given the continued macro uncertainty, we are modeling a similar percentage of midyear upsell to last year, which is about half of our historical rate.

截至今天，我們有超過 65% 的基於合同的年度訂閱收入指導。我們預計另外 30% 來自續訂和追加銷售，其餘 5% 來自新客戶。為了進一步細分續訂和追加銷售部分，鑑於持續的宏觀不確定性，我們正在模擬與去年相似的年中追加銷售百分比，這大約是我們歷史比率的一半。

Over the last few years, there have been many shifts in our customers' buying and launching behavior. A rapid move to digital, the macro downturn and the launch of new products has led to some changing dynamics in our quarterly revenue curve. As we move into fiscal 2024, we are currently assuming our customers buying and launching behavior will roughly mirror fiscal 2023, leading to a similar quarterly revenue cadence to what we saw last year.

在過去幾年中，我們客戶的購買和發布行為發生了許多變化。快速轉向數字化、宏觀經濟低迷和新產品的推出導致我們的季度收入曲線發生了一些變化。隨著我們進入 2024 財年，我們目前假設我們的客戶購買和發布行為將大致反映 2023 財年，從而導致與我們去年看到的類似的季度收入節奏。

We'd also like to give an update on the delays we faced with getting regulatory approvals for our new vertical video products. We are happy to report that we have now received approvals from all but one client. A few of these programs have gone live and the remainder will launch over the next quarter or 2 based on our client strategies. While these programs have not run for very long, the preliminary engagement and ROI data is incredibly encouraging, and we believe our new point of care and peer-to-peer offerings will be large contributors to our growth over the next several years.

我們還想更新我們在獲得新垂直視頻產品的監管批准時所面臨的延遲。我們很高興地報告，我們現在已經收到了除一位客戶以外的所有客戶的批准。其中一些項目已經上線，其餘項目將根據我們的客戶策略在下一季度或第二季度啟動。雖然這些項目運行時間不長，但初步參與度和投資回報率數據令人難以置信地令人鼓舞，我們相信我們新的護理點和點對點產品將在未來幾年為我們的增長做出巨大貢獻。

Finally, we are excited to host our inaugural Investor Day on June 6, where we will do a deeper dive on our product and discuss our longer-term financial targets.

最後，我們很高興在 6 月 6 日舉辦首屆投資者日，屆時我們將深入研究我們的產品並討論我們的長期財務目標。

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 the line of 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 的台詞。

So first one for Jeff. You mentioned that you expect a tougher year on upsell, and I kind of followed up on that as well. Is there anything that you're hearing from customers on that dynamic? And I'd just be curious if that perspective on the annual upsells changed versus what you guys were thinking 90 days ago.

所以傑夫的第一個。你提到你預計今年的追加銷售會更艱難，我也跟進了這一點。您從客戶那裡聽到了什麼關於這種動態的信息嗎？我只是想知道，與你們 90 天前的想法相比，對年度加售的看法是否發生了變化。

Yes. Thanks, Brian. This is Jeff. So I said we're prepared for a tough upsell season. Of course, we hope that it isn't. And we think some of the products that we have in the queue here are exciting and should lead to upsells, but we're prepared for low upsells. If you look at the overall industry, I'll know a lot more in a couple of weeks because next week, we're getting together with a few dozen of our top clients to spend a couple of days together talking about the landscape and where we're going together.

是的。謝謝，布萊恩。這是傑夫。所以我說我們已經為艱難的追加銷售季做好了準備。當然，我們希望不是。我們認為我們在這裡排隊的一些產品令人興奮，應該會帶來追加銷售，但我們已經為低追加銷售做好了準備。如果你看看整個行業，我會在幾週內了解更多，因為下週，我們將與幾十位頂級客戶聚在一起，花幾天時間一起討論前景和位置我們一起去

I will say if you look at the Standard Media Index data, it showed that the pharma overall ad spend was up 12% in January and 14% in February. And that's in line with the eMarketer stat we put out a few quarters ago that we thought this year would be a low teens in terms of overall growth. And that's driven by the shift to digital and just the overall growth within pharma.

我會說，如果你看一下標準媒體指數數據，它表明製藥公司的整體廣告支出在 1 月份和 2 月份分別增長了 12% 和 14%。這與我們幾個季度前發布的 eMarketer 統計數據一致，我們認為今年的整體增長將處於低水平。這是由向數字化的轉變以及製藥業的整體增長推動的。

The overall pharma ETF in the U.S. is only down 5% in the year. With some big new drug launches this year, we actually have some cause for optimism as we grow throughout the year. But I think the short answer is we're being conservative because it's an uncertain macro. And after last year, we certainly don't want to be uncertain again.

美國的整體醫藥 ETF 今年僅下跌 5%。隨著今年一些大型新藥的推出，我們實際上有一些樂觀的理由，因為我們全年都在增長。但我認為簡短的回答是我們持保守態度，因為這是一個不確定的宏觀經濟。去年之後，我們當然不想再次不確定。

And maybe to follow up on point of care. It's encouraging to see the ROI, the engagement stats. Is it right to think about the revenue contribution will be more back-end loaded from that product this year? Any help on how much that's contributing to June?

也許跟進護理點。看到投資回報率和參與度統計數據令人鼓舞。考慮今年該產品的收入貢獻將更多地從後端加載是否正確？關於這對 6 月的貢獻有多大幫助？

Yes, I'll take a first step at this, but I think Anna will provide some more color on the numbers. I'll just say, the product launch for the clients that we've launched for all but one, done really well. As Anna said in her prepared remarks, the engagement is much better than what we've seen. The ROI based on the first 10 weeks of data from IQVIA also much higher than what we've seen.

是的，我會在這方面邁出第一步，但我認為 Anna 會在數字上提供更多顏色。我只想說，我們為除一個以外的所有客戶推出的產品發布做得非常好。正如安娜在她準備好的發言中所說，訂婚比我們所看到的要好得多。基於 IQVIA 前 10 週數據的投資回報率也遠高於我們所看到的。

So we're really excited about where this can go. And if you boil it all down in a couple of minutes before a doctor sees a patient on a telehealth visit, we have 1 million minutes a month now that doctors are sitting there just staring in an empty room in their own camera at a beautiful time to remind them of the medications that are covered by their patients' insurance plans, making those kind of quick reminders, much easier, very close to the actual decisions being made. So we think it's a pretty unique space that we've opened up here.

所以我們對它的發展方向感到非常興奮。如果你在醫生看病人進行遠程醫療之前的幾分鐘內把它全部煮沸，那麼現在我們每個月有 100 萬分鐘，因為醫生們坐在那裡，只是在一個美好的時刻用他們自己的相機盯著空蕩蕩的房間提醒他們患者保險計劃所涵蓋的藥物，使這些快速提醒變得更加容易，非常接近正在做出的實際決定。所以我們認為這是我們在這裡開闢的一個非常獨特的空間。

But we do have to get through med legal review. I will say the one client that hasn't approved it, we do have a meeting with them tomorrow where we're hoping to finalize it and get approval. They pride themselves on being the most conservative legal department in the industry. But I think you're right that we will see this roll in throughout the year, and I'll turn it to Anna maybe with a few numbers on that. Anna?

但我們確實必須通過醫學法律審查。我會說一個尚未批准的客戶，我們明天確實會與他們會面，我們希望最終確定並獲得批准。他們以成為業內最保守的法律部門而自豪。但我認為你是對的，我們會在全年看到這一點，我會把它交給安娜，也許會有一些數字。安娜？

Yes, sure. And Brian, just to clarify here. We have received approval for all the one client, but only a few of those have gone live. So we do have quite a few programs still left to launch. I think since these are newer formats without proven ROI and our clients have also developed more robust digital strategies internally, we're definitely having more collaboration on content strategy than typical for other products. But we do expect to get these programs live in the coming weeks, months, and that will result in a little bit more of a back half-weighted revenue contribution from these new products.

是的，當然。布賴恩，只是想在這裡澄清一下。我們已經獲得了所有一個客戶的批准，但其中只有少數已經上線。所以我們確實還有很多項目要啟動。我認為，由於這些是沒有經過證實的投資回報率的較新格式，而且我們的客戶也在內部開發了更強大的數字戰略，因此我們在內容戰略方面的合作肯定比其他產品的典型合作更多。但我們確實希望在未來幾週、幾個月內讓這些項目上線，這將導致這些新產品的半加權收入貢獻增加一點。

The next question comes from the line of Scott Berg with Needham.

下一個問題來自 Scott Berg 和 Needham 的台詞。

I guess I have a follow-up to Brian's last question there for you, Anna. Is the revenue contribution from these new products, is that -- I guess is that the kind of items that are directly driving the modest acceleration in revenue growth from kind of quarters 2 through 4 this year? Is there other dynamics to be mindful of there?

安娜，我想我有一個關於布賴恩最後一個問題的後續問題要問你。這些新產品的收入貢獻是——我想是那種直接推動今年第 2 季度到第 4 季度收入增長適度加速的項目？還有其他需要注意的動態嗎？

Sure. I think that's the primary piece is once we get these new products live, we will be able to see a little bit of reacceleration there. The other piece, as I mentioned on -- in my prepared remarks is that we are proud to have seen our subscription revenue growth actually reaccelerate in Q4. So if we look back at Q4, our subscription revenue growth is 20%. That's up from the 18% that we saw in Q3. So I think that's a good indication of the momentum we have in our business as we're launching our customers' calendar year 2023 programs. So we feel like once we get those new products live as well in the coming months and weeks, then we will see kind of even a further uptick there.

當然。我認為這是主要的部分，一旦我們讓這些新產品上線，我們將能夠在那裡看到一點點重新加速。另一點，正如我在準備好的發言中提到的那樣，我們很自豪地看到我們的訂閱收入增長實際上在第四季度重新加速。因此，如果我們回顧第四季度，我們的訂閱收入增長了 20%。這高於我們在第三季度看到的 18%。因此，我認為這很好地表明了我們在啟動客戶的 2023 日曆年計劃時的業務勢頭。因此，我們覺得一旦我們在接下來的幾個月和幾週內讓這些新產品也上線，那麼我們將看到那裡的價格進一步上漲。

Great. And then from a follow-up, Jeff, you mentioned the 2 new hires that were press released this afternoon. Obviously, big titles, interesting backgrounds relative to your business because one kind of comes from the industry, obviously. What do you expect them to bring to the company that might operate differently than what you all have all done before? On the commercial side, are you looking for any sort of wholesale big changes? Or are these going to be small, maybe more incremental go-to-market customer, I guess, goals and opportunities for you?

偉大的。然後，傑夫，您提到了今天下午新聞發布的 2 名新員工。顯然，大頭銜，與您的業務相關的有趣背景，因為很明顯，其中一種來自行業。您希望他們給公司帶來什麼，這可能與你們以前所做的運營方式不同？在商業方面，您是否正在尋找任何類型的批發大變化？或者這些會是小的，也許是更多增量的進入市場的客戶，我猜，目標和機會？

Thanks, Scott. Yes. Well, I'd say they're not replacing anyone. So no wholesale changes to the team or strategy. But we're excited to have both Craig and Ben join us. I mean they've been key players in scaling 2 physician platform businesses much like our own to well over $0.5 billion each in revenue. So we're looking for them to help build out our product strategy and team and help us continue to work with more clients more productively across more channels.

謝謝，斯科特。是的。好吧，我會說他們不會取代任何人。因此，不會對團隊或策略進行大規模更改。但我們很高興 Craig 和 Ben 都加入我們。我的意思是，他們一直是擴大 2 個醫生平台業務的主要參與者，就像我們自己的業務一樣，每個業務的收入都超過 5 億美元。因此，我們正在尋找他們來幫助建立我們的產品戰略和團隊，並幫助我們繼續通過更多渠道更高效地與更多客戶合作。

So excited to have them both with us. Again, they bring a ton of experience in scaling businesses over $0.5 million in revenue, like you said, directly in our industry. I'll say that I believe this is the time when great companies are built, great teams are built when the markets are a little bit tougher. These 2 folks, we would have hired 5 years ago, if we could have. The reality is that it's just been the tougher market that's allowed us to go and bring them on board. So we're excited to keep growing our team and to keep investing in folks with great experience like what Craig and Ben bring.

很高興他們都和我們在一起。同樣，正如您所說，他們直接在我們的行業中帶來了大量的經驗，可以擴大收入超過 50 萬美元的業務。我會說，我相信這是建立偉大公司的時候，當市場有點艱難時，偉大的團隊就會建立起來。如果可以的話，我們會在 5 年前僱用這兩個人。現實情況是，正是更艱難的市場讓我們能夠將他們帶到船上。因此，我們很高興能夠繼續壯大我們的團隊，並繼續投資於像 Craig 和 Ben 那樣擁有豐富經驗的人。

The next question comes from the line of Richard Close with Canaccord Genuity.

下一個問題來自 Richard Close 與 Canaccord Genuity 的合作。

Congratulations on the year. Anna, maybe just to hit the first quarter revenue again, was there anything else that maybe isn't coming in that maybe you expected? I think if I go back to the fourth quarter call, you talked about a slight revenue step-up 4Q to first quarter. And I just want to better understand that.

恭喜過年。安娜，也許只是為了再次達到第一季度的收入，還有什麼可能沒有達到您的預期嗎？我想如果我回到第四季度的電話會議，你談到了第四季度到第一季度的收入略有增加。我只是想更好地理解這一點。

Sure. Yes, it's a good question, Richard. So back in February, we had assumed that Q1 would be flattish based on the trajectory of launches. As I mentioned in my prepared remarks, only a few of those programs have gone live from our new products. And so that's really the big piece that we're seeing that's resulted in Q1 to actually look pretty similar to last year. So because we didn't see that step-up from new products that we hope to see, the curve is actually looking pretty similar to fiscal 2023. And if we look back historically at our Q1 over the last 2 years, Q1 represented about 21% of our total annual revenue, which is exactly in line with what we're seeing today. So it's actually pretty similar to historics.

當然。是的，這是個好問題，理查德。因此，早在 2 月份，我們就假設根據發射軌跡，第一季度將持平。正如我在準備好的發言中提到的那樣，這些程序中只有少數已經從我們的新產品中上線。因此，這真的是我們看到的重要部分，導致第一季度實際上看起來與去年非常相似。因此，因為我們沒有看到我們希望看到的新產品的增長，所以曲線實際上看起來與 2023 財年非常相似。如果我們回顧過去兩年的第一季度歷史，第一季度代表大約 21我們年總收入的百分比，這與我們今天看到的完全一致。所以它實際上與歷史非常相似。

Okay. That's helpful. Jeff, I was wondering maybe if you could talk about the competitive landscape. You just mentioned it's tougher times, whatnot. I'm just curious whether it's changing any and I think IQVIA is acquiring DeepIntent, but the FTC's got some things to say on that. But just curious on the competitive environment for you guys.

好的。這很有幫助。傑夫，我想知道你是否可以談談競爭格局。你剛剛提到現在是艱難時期，諸如此類。我只是好奇它是否有任何改變，我認為 IQVIA 正在收購 DeepIntent，但 FTC 對此有一些話要說。但只是對你們的競爭環境感到好奇。

Richard, this is Nate. I'll start taking that one. So no major changes on the competitive front. I think as everyone on this call knows, cookies are crumbling. And within digital, there are high barriers to entry. Our physician network has never been stronger. But some of the competition that we had faced has suffered from digital privacy regulation, which on whole, is a net positive for us.

理查德，這是內特。我會開始服用那個。因此，競爭方面沒有重大變化。我想正如本次電話會議中的每個人都知道的那樣，cookies 正在崩潰。在數字領域，進入壁壘很高。我們的醫師網絡從未如此強大。但我們所面臨的一些競爭受到了數字隱私監管的影響，總體而言，這對我們來說是一個淨積極因素。

Our physicians first approach means we draw a hard line on protecting our physicians' privacy. 0% of our revenue is or ever was based on cookie technologies. We don't do banners. And so we're advantaged over those who lean more heavily on those technologies. Within analog competition, whether it's through the lens of the tools doctors use or the dependency of the health care system on snail mail, fax, paperwork, it's a continued shift that we're seeing where not only is there a shift to these new mobile digital technologies, but there are permanent habits being built, both among our doctors and among our partners that we think will position us for the next few years.

我們的醫生優先方法意味著我們在保護醫生隱私方面採取強硬立場。我們收入的 0% 是或曾經是基於 cookie 技術。我們不做橫幅。因此，我們比那些更依賴這些技術的人更有優勢。在模擬競爭中，無論是通過醫生使用的工具還是醫療保健系統對普通郵件、傳真、文書工作的依賴，我們看到的是一種持續的轉變，不僅是向這些新移動設備的轉變數字技術，但我們的醫生和我們的合作夥伴正在養成永久的習慣，我們認為這些習慣將在未來幾年為我們定位。

The next question comes from the line of Sandy Draper with Guggenheim Securities.

下一個問題來自古根海姆證券公司的桑迪德雷珀。

I guess my first question is on the medical recruiting side. If I sort of back in, I obviously note the pickup in subscription revenue. But if I back out, it looks like the slowdown in medical recruiting could just be a quarterly trend. But just wanted to get a sense for what's going on there and then also what your sort of outlook for the medical recruiting revenue growth would be for '24.

我想我的第一個問題是關於醫療招聘方面的。如果我有點回來，我顯然會注意到訂閱收入的回升。但如果我退出，看起來醫療招聘放緩可能只是一個季度趨勢。但只是想了解那裡發生了什麼，然後你對 24 年醫療招聘收入增長的前景有何看法。

Yes, sure. Happy to take that one, Sandy. So Curative, which is the only nonsubscription part of our business, and it is temporary and permanent physician staffing, growth there was actually flat year-over-year. That's due to the fact that we're lapping a year where we saw a really large increase in temporary logos placements during the Omicron wave. If you actually go back to Q4 of last year, you can see Curative's revenue grew over 100% in that quarter. So we're really just facing some pretty tough compares here.

是的，當然。很高興接受那個，桑迪。所以 Curative 是我們業務中唯一的非訂閱部分，它是臨時和永久的醫生人員，實際上同比增長持平。這是因為在 Omicron 浪潮期間，我們看到臨時徽標放置量大幅增加的一年。如果你真的回到去年第四季度，你會發現 Curative 在該季度的收入增長超過 100%。所以我們真的只是在這裡面臨一些非常艱難的比較。

As we get past these tough compares and we look ahead, we do believe Curative's growth will reaccelerate and we're seeing some positive momentum in that business. However, we definitely believe that our core marketing business will continue to lead our top line growth, which is why we're so pleased to see that growth reaccelerate there in Q4, which really points to the positive momentum in the largest part of our business.

當我們通過這些艱難的比較並展望未來時，我們確實相信 Curative 的增長將重新加速，並且我們看到該業務出現了一些積極的勢頭。然而，我們絕對相信我們的核心營銷業務將繼續引領我們的收入增長，這就是為什麼我們很高興看到第四季度增長重新加速，這確實表明我們業務最大部分的積極勢頭.

Okay. Great. And then just one numbers question. I think you said there was 294 customers with at least $100,000 revenue. But I think you said that compares to 254 last year. I have 265 in my model. I just want to know if I need to update that. The numbers look a little different from -- and I want to make sure that 294 is right.

好的。偉大的。然後只有一個數字問題。我想你說過有 294 個客戶的收入至少為 100,000 美元。但我想你說的是與去年的 254 相比。我的模型中有 265。我只想知道是否需要更新它。這些數字看起來有點不同——我想確保 294 是正確的。

Absolutely. Yes, we'll -- you'll see that in the 10-K that comes out. But there's -- short answer is there's a lot of M&A in the pharma industry. You've got Pfizer buying Biohaven, Amgen buying Horizon. And what we do is we net out the number for acquisitions so that we're truly looking at apples-to-apples numbers. So you'll see a footnote in the 10-K that refers to consolidation as it pertains to M&A in the pharma industry.

絕對地。是的，我們會——你會在發布的 10-K 中看到這一點。但是有 - 簡短的回答是製藥行業有很多併購。輝瑞收購了 Biohaven，安進收購了 Horizon。我們所做的是扣除收購的數量，以便我們真正看到蘋果對蘋果的數字。因此，您會在 10-K 中看到一個腳註，該腳註涉及合併，因為它與製藥行業的併購有關。

The next question comes from the line of Ryan Daniels with William Blair.

下一個問題來自 Ryan Daniels 和 William Blair 的台詞。

Anna, maybe one for you to start. I know we've talked about deferred revenue in the past and maybe not being the ultimate indicator of future sales performance, but it was up about 50% sequentially and broke the $100 million mark for the first time. So I was curious if you could just offer a little bit of color on what's driving the level of strength there.

安娜，也許是一個讓你開始的。我知道我們過去曾討論過遞延收入，它可能不是未來銷售業績的最終指標，但它連續增長了約 50%，並首次突破 1 億美元大關。所以我很好奇你是否可以提供一點顏色來說明是什麼推動了那裡的力量水平。

Sure. We're seeing more of our customers request to receive their first invoice in the calendar year that the program is running. So Q4 ended up becoming a really strong billings quarter for us. You can see that in our deferred and you can see that in our ARs, they're both up quite significantly. But I would kind of continue to caution we've never really thought of deferred revenue as a meaningful metric for our business because we have milestone-based billing, which really means a significant amount of backlog doesn't show up in our deferred revenue balance. So just because it shows strength this quarter, I still wouldn't put too much weight on that data point.

當然。我們看到越來越多的客戶要求在該計劃運行的日曆年收到他們的第一張發票。因此，第四季度最終成為我們非常強勁的賬單季度。你可以在我們的延遲中看到，你可以在我們的 AR 中看到，它們都非常顯著。但我會繼續提醒我們，我們從未真正將遞延收入視為對我們的業務有意義的指標，因為我們有基於里程碑的計費，這實際上意味著我們的遞延收入餘額中不會出現大量積壓.因此，僅僅因為它在本季度顯示出實力，我仍然不會過分重視該數據點。

Okay. Fair enough. And then maybe one for Jeff, just to get your update on the hospital market. We talk a lot about the pharmaceutical market. I know there's been some puts and takes there with med legal review. But you also have a very high ROI product for hospitals. So I'd love to get an update on how that market is progressing.

好的。很公平。然後也許是給傑夫的，只是為了了解您在醫院市場上的最新情況。我們經常談論醫藥市場。我知道有一些 puts and takes there with med legal review。但是您也為醫院提供了非常高的投資回報率產品。所以我很想了解該市場的最新進展。

Yes. Thanks, Ryan. The short answer is it's going really well. I will say that in the IT part of the market with hospitals, I'm really pleased that we're emerging through the end of the pandemic here. And we are really emerging as the leader in providing telephony and telehealth for our doctors, over 38,000 unique active providers this last quarter, the class -- best-in-class ranking where 80% of our clients say that we're part of their long-term plan.

是的。謝謝，瑞安。簡短的回答是一切進展順利。我要說的是，在醫院市場的 IT 部分，我真的很高興我們在這裡度過了大流行的末期。我們確實正在成為為我們的醫生提供電話和遠程醫療的領導者，上個季度有超過 38,000 家獨特的活躍供應商，一流的 - 一流的排名，80% 的客戶說我們是他們的一部分長期計劃。

And actually, one of the bit of good news for us with the end of the public health emergency is that the HIPAA rules that were sort of lax during the public health emergency, have now become enforced again, which is good for us, and that's positive because we've always been HIPAA-compliant and we've always gone through the privacy committee reviews with every -- the 200-plus clients we work with. So if anything, I think this will be a net benefit for us because some of the solutions that some hospitals have been using that aren't HIPAA-compliant will now come our way. So overall, things go pretty well for us in the hospital market.

實際上，隨著公共衛生緊急事件的結束，對我們來說，一個好消息是，在公共衛生緊急事件期間有點鬆懈的 HIPAA 規則現在又開始執行了，這對我們有好處，這就是積極的態度是因為我們一直遵守 HIPAA，並且我們始終通過隱私委員會對我們合作的 200 多家客戶的審查。因此，如果有的話，我認為這對我們來說將是一個淨收益，因為一些醫院一直在使用的一些不符合 HIPAA 標準的解決方案現在將採用我們的方式。所以總的來說，我們在醫院市場上的表現相當不錯。

The next question comes from the line of Stan Berenshteyn with Wells Fargo Securities, LLC.

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

I wanted to ask -- your competitor recently talked about moving more revenue economics to a performance-based model. So your platform generates high ROI. I'd love your thoughts on whether performance-based contracts or something that you can pursue to drive upside to your contracted book of business.

我想問 - 你的競爭對手最近談到將更多的收入經濟學轉移到基於績效的模型。因此，您的平台會產生高投資回報率。我很想知道你對基於績效的合同還是你可以追求的東西來推動你的合同業務的想法。

Yes, that's a great question. So we do provide ROIs on most of the programs that we run, and that becomes a basis for us to have our next year pricing and program descriptions. We have done some ROI guarantees of sorts in some of our contracts. But what we see is that really big pharma companies, especially, they don't believe in giving you a percentage, the gain share approach. At best you can do with the small mid-tier companies.

是的，這是一個很好的問題。所以我們確實提供了我們運行的大多數程序的投資回報率，這成為我們明年定價和程序描述的基礎。我們在一些合同中做了一些投資回報率保證。但我們看到的是，真正的大型製藥公司，尤其是他們不相信給你一個百分比，即收益份額的方法。充其量您可以與小型中型公司合作。

And there, again, the economics just aren't probably worth the overhead. So it's great that others are out there doing it. I think, again, the ROI will remain core to our selling proposition and core to what we do. But we've seen that charging on a percentage basis or charging on an ROI basis. It creates budget anomalies that clients generally don't approve. So we'll continue to improve our ROI. We'll continue to charge more. But at this point, I don't -- I wouldn't expect that there'd be a ton of upside from gain share light deals.

而且，再一次，經濟學可能不值得開銷。所以很高興其他人在那裡這樣做。我再次認為，投資回報率仍將是我們銷售主張的核心，也是我們所做工作的核心。但我們已經看到按百分比收費或按投資回報率收費。它會造成客戶通常不認可的預算異常。因此，我們將繼續提高我們的投資回報率。我們會繼續收取更多費用。但在這一點上，我不——我不認為獲得份額的輕交易會有很大的好處。

Got it. Helpful. And then maybe a question for Anna as a follow-up. Just on capital deployment, are you comfortable with the current reinvestment rates across R&D, S&M? Do you think there's some incremental benefit you can get from increasing spend there?

知道了。有幫助。然後可能有一個問題要問 Anna，作為後續跟進。就資本配置而言，您對目前研發、S&M 的再投資率是否滿意？您認為增加那裡的支出會帶來一些增量收益嗎？

Sure. It's a great question, Stan. And we certainly are continuing to invest in R&D and S&M in particular, especially as we focus on more products for physicians such as DocsGPT and more products for our customers such as peer-to-peer and point-of-care. So that's why you see our EBITDA margins actually flat year-over-year because of the fact that we're continuing to invest.

當然。這是一個很好的問題，斯坦。我們當然會繼續投資於研發和 S&M，尤其是當我們專注於為醫生提供更多產品（如 DocsGPT）以及為我們的客戶提供更多產品（如點對點和醫療點）時。所以這就是為什麼你看到我們的 EBITDA 利潤率實際上同比持平，因為我們正在繼續投資。

Now that said, we do run a very profitable business, and we're definitely -- while we're leaning in, we're also cognizant of continuing to maintain our margins. So I think we are very comfortable with the level of investment we have and we're also very comfortable with the fact that we're able to generate high enough free cash flow to continue to deliver value to our shareholders via share repurchases as well.

話雖如此，我們確實經營著一項非常有利可圖的業務，而且我們肯定 - 在我們傾斜的同時，我們也意識到要繼續保持我們的利潤率。所以我認為我們對我們的投資水平感到非常滿意，我們也對我們能夠產生足夠高的自由現金流以繼續通過股票回購為我們的股東創造價值這一事實感到非常滿意。

The next question comes from the line of 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 (Stephanie Davis)。

So first one, Jeff, I know you talked about why you want to go and make these new hires because talent is available in the market. But I was hoping you did tell us more on what your follow-on impacts we'll be seeing. Are there any goals you'll have for these folks in the first year? Or any sort of greater predictability you hope to get with such senior folks in the commercial side.

首先，傑夫，我知道你談到了為什麼你想去招聘這些新員工，因為市場上有人才。但我希望你能告訴我們更多關於你將看到的後續影響。在第一年，您對這些人有什麼目標嗎？或者你希望與商業方面的這些資深人士一起獲得任何更大的可預測性。

Thanks, Steph. Good question. Yes, they definitely have dollar signs in their bonus packages and programs, and we are looking for them to lead our overall top line growth. And Ben and Craig both have a ton of experience there. They're actually going to tell you more about this live at our Investor Day, June 6, coming up with the New York Stock Exchange. So I'll let them speak to it a bit more.

謝謝，斯蒂芬。好問題。是的，他們的獎金方案和計劃中肯定有美元符號，我們正在尋找他們來引領我們的整體收入增長。 Ben 和 Craig 在這方面都有豐富的經驗。他們實際上會在 6 月 6 日與紐約證券交易所一起舉行的投資者日現場告訴您更多相關信息。所以我會讓他們多說一點。

But suffice it to say that with the mega channel that we have, this record engagement from physicians not only engaging with us around professional network, news and colleagues, but also around their day-to-day workflow of checking their calendar and calling a colleague and calling a patient, I think really opens up a lot of avenues for us for win-win growth.

但足以說明的是，通過我們擁有的大型頻道，醫生的這種記錄參與不僅圍繞專業網絡、新聞和同事與我們互動，而且還圍繞他們檢查日曆和給同事打電話的日常工作流程打電話給病人，我認為確實為我們的雙贏發展開闢了很多途徑。

All right. I'll sit tight and wait for the Investor Day. And then Anna, could you tell us a little bit about the 24% growth in deferred revenues? It looks like it's coming at a much higher rate than you have had historically. When I look at that kind of growth metric versus the expectations built into the 1Q guidance, is there anything beyond campaign timing that's driving some of the delta there?

好的。我會坐下來等待投資者日。然後安娜，你能告訴我們一些關於遞延收入增長 24% 的情況嗎？看起來它的出現速度比以往任何時候都要高得多。當我查看這種增長指標與 1Q 指南中內置的預期時，除了競選時機之外，是否還有其他因素推動了那裡的一些增量？

Sure. Back to Ryan's question on this as well. I think the main thing that we're seeing is just a little bit of a difference in how our customers want to be billed so they're requesting to receive their first invoice in the calendar year with the program is running. So we just had a really, really strong billings quarter in Q4. So as I mentioned before, I really would have put too much weight in our deferred revenue. We've never thought about it as a meaningful metric for the business because of our milestone-based billing. So I think that deferred revenue balance being up so much isn't something that I'd put too much weight in.

當然。也回到瑞安的問題。我認為我們看到的最主要的事情是我們的客戶希望如何計費，所以他們要求在程序運行的日曆年內收到他們的第一張發票。所以我們在第四季度有一個非常非常強勁的賬單季度。因此，正如我之前提到的，我真的會過分重視我們的遞延收入。由於我們基於里程碑的計費，我們從未將其視為對業務有意義的指標。因此，我認為遞延收入餘額增長如此之多並不是我過分重視的事情。

The next question comes from the line of Jessica Tassan with Piper Sandler.

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

Congrats on the new hires. So I was just hoping you could maybe explain how you're pricing the point-of-care and peer-to-peer modules, just given that they're so new and they don't have ROI studies attached yet. And can we kind of think of these solutions as maybe being discounted until those studies are generated, at which point you might see pricing inflect maybe towards the back half of 2024 or FY '24?

祝賀新員工。所以我只是希望你能解釋一下你是如何為醫療點和點對點模塊定價的，只是因為它們太新了，而且還沒有附加投資回報率研究。在產生這些研究之前，我們是否可以認為這些解決方案可能會被打折，此時您可能會看到定價可能會在 2024 年下半年或 24 財年發生變化？

Sure, Jess. I'm happy to take a stab at that one. So you are absolutely right. These are very new products, very innovative products. We are pricing them at a premium. That said, we are constantly monitoring the potential ROI of what these could be. We've run our own tests. We've run the programs in nonsponsored ways first. So we did have quite a few good data points around what they should be priced at. Now that said, we are opportunistic with pricing, as you know.

當然，傑斯。我很高興嘗試一下。所以你是絕對正確的。這些都是非常新的產品，非常有創意的產品。我們對它們定價很高。也就是說，我們一直在監控這些可能的潛在投資回報率。我們已經運行了自己的測試。我們首先以非贊助方式運行這些程序。所以我們確實有很多關於它們應該定價的好數據點。話雖如此，如您所知，我們在定價方面是機會主義的。

And we think that once we start getting these first ROI studies back, which the prelims show significantly higher than our median, so once we start getting these first ROI studies back, we will likely be able to continue to be opportunistic on pricing there. So we're trying to find that right fit. But we're also trying to be thoughtful on what the long term could be for these new products.

而且我們認為，一旦我們開始收回這些首批 ROI 研究，這些初步結果顯著高於我們的中位數，所以一旦我們開始收回這些首批 ROI 研究，我們可能會繼續在那裡定價的機會主義。所以我們正在努力尋找合適的人選。但我們也在努力思考這些新產品的長期前景。

That's really helpful. And then my quick follow-up would be, I think you guys convened your 11th Annual DOCS Tech Summit in March. So just any learnings from that event that you want to highlight or that we should be thinking about heading into FY '24?

這真的很有幫助。然後我的快速跟進是，我認為你們在 3 月份召開了第 11 屆年度 DOCS 技術峰會。那麼，您想強調從該事件中學到的任何知識，或者我們應該考慮進入 24 財年嗎？

Yes, this is Jeff. We had over 200 physicians come out to San Francisco from around the country, top physicians, chairs of their departments. We got a lot of great feedback over the 2-day weekend with them all. Again, we'll talk about this more at our Investor Day, but I'll just say I've never been more excited about our product pipeline and the things we're working on to save them time and make their lives a little bit easier. Yes, I guess I'll leave it at that.

是的，這是傑夫。我們有 200 多名醫生從全國各地來到舊金山，他們都是頂級醫生，是他們部門的主席。我們在為期 2 天的周末與他們一起收到了很多很好的反饋。再一次，我們將在投資者日更多地討論這個問題，但我只想說，我對我們的產品線以及我們正在努力為他們節省時間並讓他們的生活更美好的事情感到從未如此興奮更輕鬆。是的，我想我會保留它。

I'll say there is a lot of excitement around GPT and what GPT can do. Keep in mind, doctors spend half their day, on average, doing paperwork. 11.5 hours a day, 1.5 hour of that at home usually at night. And again, the ability to help doctors treat more patients as opposed to spend more time typing, excites a lot of folks, including us. And with thousands of doctors using DocsGPT and having it steadily grow throughout this quarter without any marketing on our part, it's all been word of mouth, I think we've got a pretty unique window into what things doctors actually find most helpful when it comes to this new technology.

我要說的是，圍繞 GPT 以及 GPT 的功能令人興奮不已。請記住，醫生平均每天有一半時間花在文書工作上。一天 11.5 小時，其中 1.5 小時通常在晚上在家。再一次，幫助醫生治療更多患者而不是花更多時間打字的能力讓包括我們在內的很多人興奮不已。數以千計的醫生使用 DocsGPT 並在本季度穩步增長，而我們沒有進行任何營銷，這都是口耳相傳，我認為我們有一個非常獨特的窗口來了解醫生實際發現最有幫助的事情對這項新技術。

The next question comes from Elizabeth Anderson with Evercore ISI.

下一個問題來自 Evercore ISI 的 Elizabeth Anderson。

I heard that you said about the sort of overall OpEx levels. I wonder -- I was wondering if you could go into maybe some more detail in terms of the R&D areas of focus for this year in 2024 and how they differ maybe from past years?

我聽說您談到了總體運營支出水平。我想知道 - 我想知道您是否可以就 2024 年今年的重點研發領域以及它們與過去幾年的不同之處進行更詳細的介紹？

Elizabeth, This is Nate. I can take that one. So again, at our upcoming Investor Day, we'll actually highlight some of the recent product improvements that our team has been focused on. We are fortunate to have a pretty sizable R&D team, which means we are able to -- and despite our cultural focus on physicians first and saving doctors' time, we're able to make impacts for them in multiple areas at once.

伊麗莎白，這是內特。我可以拿那個。因此，在即將到來的投資者日，我們將再次強調我們團隊一直關注的一些近期產品改進。我們很幸運擁有一支相當龐大的研發團隊，這意味著我們能夠——儘管我們的文化首先關注醫生並節省醫生的時間，但我們能夠同時在多個領域為他們產生影響。

As we build out our physician cloud, we start to see synergies between different features that we're building. And so we invest extra time to integrate those features so that they're not a series of disparate functionalities. For example, our Amion acquisition after we spent some substantial R&D time there now has more seamless integration with key elements of our workflow suite so that a physician who's navigating one product can quickly leapfrog into the next product to, say, do a communication or ensure that care is appropriately coordinated.

當我們構建我們的醫師云時，我們開始看到我們正在構建的不同功能之間的協同作用。因此，我們投入額外的時間來集成這些功能，這樣它們就不會成為一系列不同的功能。例如，在我們花費大量研發時間後收購的 Amion 現在與我們工作流程套件的關鍵元素更加無縫集成，因此正在瀏覽一種產品的醫生可以快速跳轉到下一個產品，例如進行溝通或確保護理得到適當協調。

There's also a decent amount of investment in cutting-edge technologies such as GPT that has been mentioned already, our early focus there. It's, of course, no surprise that physician's interest were around reducing administrative burden. But that's just one area that we can have a lot of meaningful impact. And with over 80% of physicians at Doximity, we're able to leverage these technologies to achieve an impact that others in the market can't due to our network effect and our proprietary data.

在已經提到的 GPT 等尖端技術上也有相當數量的投資，這是我們早期的重點。當然，醫生的興趣在於減輕行政負擔也就不足為奇了。但這只是我們可以產生很多有意義影響的一個領域。由於我們的網絡效應和我們的專有數據，Doximity 超過 80% 的醫生都能夠利用這些技術實現市場上其他公司無法實現的影響。

That's very helpful. And Anna, maybe one for you. Is it -- are you going to give us any more details on sort of the cadence of the gross margin across the fiscal year? Is there something we should think of, anything to call out that would make it sort of different from how we thought about it last year? Just curious about any puts and takes there.

這很有幫助。還有安娜，也許是給你的。是嗎 - 您是否會向我們提供更多有關整個財政年度毛利率節奏的詳細信息？有沒有什麼我們應該想到的，有什麼要說的，這會使它與我們去年的想法有所不同？只是對任何 put 和 take 感到好奇。

Sure. The short answer is we expect our gross margin to look very similar to how it looked last year. Similarly, we expect our adjusted EBITDA margins to look very similar to how they looked last year. And you can see that already kind of mirrored in our Q1 guide where it starts out a little bit light in Q1 and then it continues to increase throughout the year. So we're expecting between revenue, gross margin, EBITDA to look very, very similar to fiscal '23.

當然。簡短的回答是我們預計我們的毛利率看起來與去年非常相似。同樣，我們預計調整後的 EBITDA 利潤率與去年非常相似。你可以在我們的第一季度指南中看到這一點，它在第一季度開始時有點輕，然後全年繼續增加。因此，我們預計收入、毛利率、EBITDA 與 23 財年非常非常相似。

The next question comes from the line of David Larsen with BTIG.

下一個問題來自 BTIG 的 David Larsen。

Can you talk a little bit more about DocsGPT and what exactly it does? It looks a little bit like ChatGPT. And have you done any work around how much money that can save the doc practices themselves in terms of like administrative burdens, FTEs and so forth? And will you actually generate revenue from it? Will you price it?

你能多談談 DocsGPT 以及它到底做了什麼嗎？它看起來有點像 ChatGPT。你有沒有做過任何關於可以在行政負擔、FTE 等方面為醫生自己節省多少錢的工作？你真的會從中產生收入嗎？你會定價嗎？

Yes, David, this is Jeff. I'll take that. So you're right. I think it saved doctors a ton of time. I think it has already, like I said, we're doing thousands of queries a week. And the integration seamlessly into our fax, believe it or not, is super helpful because a lot of what doctors have to do is fax a prior authorization or a preauthorization letter or send a drug approval letter or drug appeal letter to insurance companies. That's not something that there are many other systems out there to help them with.

是的，大衛，這是傑夫。我會接受的。所以你是對的。我認為它為醫生節省了大量時間。我認為它已經像我說的那樣，我們每週進行數千次查詢。不管你信不信，無縫集成到我們的傳真中是非常有幫助的，因為很多醫生要做的就是傳真一份事先授權或預授權信，或者向保險公司發送藥物批准函或藥物上訴信。這不是有許多其他系統可以幫助他們的事情。

The main help they get is from the pharma companies themselves who we obviously work with. But they have to call some 1-800 number, wait online, get on hold. Again, I think the ability to automate a lot of that can make it easier for doctors to handle the excessive documentation burdens that they have.

他們獲得的主要幫助來自與我們合作的製藥公司。但他們必須撥打某個 1-800 號碼，在線等待，等待。同樣，我認為自動化很多的能力可以讓醫生更容易處理他們所擁有的過多的文檔負擔。

Yes, you're right that the site is powered by ChatGPT. So we partnered with Open AI. We've been working with them for about a year now. And continue to think that they've got a leading product, although we're not wed to it, we can certainly use other products as they come along. But we think there's a lot of opportunities here. I think there's a lot of questions. At the end of the day, being a physician is an information job and a communication job. And it can help out a lot with both.

是的，您沒看錯，該網站由 ChatGPT 提供支持。所以我們與 Open AI 合作。我們已經與他們合作了大約一年。並繼續認為他們有一個領先的產品，雖然我們沒有結婚，但我們當然可以在它們出現時使用其他產品。但我們認為這裡有很多機會。我認為有很多問題。歸根結底，成為一名醫生是一項信息工作和溝通工作。它對兩者都有很大幫助。

I will share one little vignette from our 200-doctor Advisory Board. One of the main places that they see DocsGPT helping them out, it's not just the insurance appeal letters, but also in writing the technical jargon that they understand medically in a seventh grade reading level so that a patient can understand it. And that kind of ability to translate is not something that they're taught in medical school. So we're excited to help them out with it.

我將分享我們 200 名醫生顧問委員會的一個小插曲。他們看到 DocsGPT 幫助他們的主要地方之一，不僅僅是保險上訴信，而且還包括他們在七年級閱讀水平上編寫他們在醫學上理解的技術術語，以便患者能夠理解。那種翻譯能力不是他們在醫學院教授的。所以我們很高興能幫助他們解決這個問題。

In terms of the business model around it, the good news is that we have a lot of ways to monetize physicians. It's just another channel of access for both our hospital and pharmaceutical clients. But I think the transaction here that gets really exciting is helping both of those parties with reimbursement, which, of course, has a direct benefit to both hospitals and pharma companies.

就圍繞它的商業模式而言，好消息是我們有很多方法可以通過醫生獲利。這只是我們醫院和製藥客戶的另一個訪問佢道。但我認為這裡真正令人興奮的交易是幫助雙方進行報銷，這當然對醫院和製藥公司都有直接好處。

Great. And then, Anna, on the G&A side, it looks like your G&A costs improved as a percentage of revenue pretty significantly year-over-year in the quarter by over 100 basis points. What's driving that? And is that sustainable?

偉大的。然後，安娜，在 G&A 方面，看起來你的 G&A 成本佔收入的百分比在本季度同比顯著提高了 100 多個基點。是什麼推動了它？這是可持續的嗎？

Sure. It's a great question. We certainly saw, if you kind of look back as we were going to IPO, naturally, there was an increase in G&A investment. And we front-loaded a lot of that investment. So now we're able to focus on being as efficient as possible. We don't need to invest as strongly in G&A, and we're able to invest more in areas such as R&D and sales and marketing. So as we look ahead, we do expect G&A to maintain at about the similar percentage of revenue that it is today.

當然。這是一個很好的問題。我們當然看到，如果你回顧一下我們要進行 IPO，自然而然地，G&A 投資有所增加。我們預先加載了很多投資。所以現在我們能夠專注於盡可能高效。我們不需要在 G&A 方面投入那麼多，我們可以在研發、銷售和營銷等領域投入更多。因此，展望未來，我們確實預計 G&A 將保持與今天相似的收入百分比。

The Q&A portion of the call has now concluded. I will now pass the call back to Doximity's CEO, Jeff Tangney, for closing remarks.

電話的問答部分現已結束。我現在將把電話轉回給 Doximity 的首席執行官 Jeff Tangney，請他發表結束語。

Thank you. I'd like to end by thanking our record number of physician members, our clients and, of course, our entire team. We hope to see many of you live at the New York Stock Exchange in a few weeks. Thank you for joining. Bye now.

謝謝。最後，我想感謝我們創紀錄數量的醫師成員、我們的客戶，當然還有我們的整個團隊。我們希望在幾週後看到你們中的許多人住在紐約證券交易所。感謝您的加入。再見了。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。