Doximity Inc (DOCS) 2024 Q1 法說會逐字稿

Hello, and welcome to Doximity's Fiscal First Quarter 2024 Earnings Call. I will now pass the call over to Doximity's Vice President of Investor Relations, Perry Gold. Please go ahead.

您好，歡迎參加 Doximity 的 2024 年第一季度財報電話會議。我現在將把電話轉給 Doximity 投資者關係副總裁 Perry Gold。請繼續。

Thank you, operator. Hello, and welcome to Doximity's Fiscal 2024 First Quarter Earnings Call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity, Dr. Nate Gross, Co-Founder and CFO; and Anna Bryson, CFO.

謝謝你，接線員。您好，歡迎參加 Doximity 的 2024 財年第一季度收益電話會議。今天與我一起參加電話會議的有 Doximity 聯合創始人兼首席執行官 Jeff Tangney、聯合創始人兼首席財務官 Nate Gross 博士；和首席財務官安娜·布賴森 (Anna Bryson)。

A 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.

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相關的 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.

謹此提醒，我們正在對今天的通話進行錄音，並將在我們的網站上提供重播。

As part of our comments today, we'll 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. 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.

作為我們今天評論的一部分，我們將做出前瞻性聲明。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，我們不承擔更新任何前瞻性陳述或前景的義務。請參閱我們的 10-K 表年度報告、任何後續的 10-Q 表以及我們可能不時向 SEC 提交的其他報告和文件（包括我們即將提交的 10-Q 表）中的風險因素。

Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, August 8, 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截至今天（2023 年 8 月 8 日）我們認為合理的假設。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中提供的財務指導，除非也通過公開披露，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 aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

今天，我們將討論某些我們認為有助於理解我們財務業績的非公認會計原則指標。在今天的收益發布中可以找到與可比 GAAP 指標的歷史調節。

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，我們將來可能會也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?

我現在想將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 first quarter earnings call. We have 4 updates today: our Q1 results, DocsGPT for enterprise, a guidance revision and a new self-serve platform for clients and agencies.

謝謝佩里，謝謝大家參加我們的第一季度財報電話會議。今天我們有 4 項更新：第一季度業績、企業 DocsGPT、指導修訂以及面向客戶和機構的新自助平台。

Okay. I'll start with the good news. Our Q1 results were strong. Our revenue grew 20% year-on-year to $108.5 million, beating the top end of our guidance. Our top 20 clients, who know and measure us best, continue to be our fastest growing with a net revenue retention rate of 124%.

好的。我將從好消息開始。我們第一季度的業績強勁。我們的收入同比增長 20%，達到 1.085 億美元，超出了我們指導的上限。我們最了解和衡量我們的前 20 位客戶仍然是我們增長最快的客戶，淨收入保留率為 124%。

Our bottom line was also good, with an adjusted EBITDA margin of 43% or $47 million, a full 16% above the high end of our guidance. Our free cash flow was better still at $56 million, up 31% year-on-year.

我們的盈利也不錯，調整後的 EBITDA 利潤率為 43%，即 4700 萬美元，比我們指導的上限足足高出 16%。我們的自由現金流更好，為 5600 萬美元，同比增長 31%。

Meanwhile, our physician cloud has never been more used or more useful. In Q1, our active workflow users grew to a record 525,000-plus unique prescribers. Telehealth alone topped 385,000 users. In terms of enterprise paid subscriptions, we reached a record 44% of all U.S. physicians. And our overall QAU, MAU, WAU, DAU that is quarterly, monthly, weekly and daily active users, all hit record highs last quarter.

與此同時，我們的醫生雲從未被更多使用或更有用。第一季度，我們的活躍工作流程用戶數量增長到創紀錄的 525,000 多名獨特處方者。僅遠程醫療就有 385,000 名用戶。在企業付費訂閱方面，我們占美國所有醫生的 44%，創歷史新高。我們的整體QAU、MAU、WAU、DAU（季度、月度、週度和日度活躍用戶）上個季度均創下歷史新高。

Q1 also marked a major product milestone for us as we signed our first DocsGPT enterprise deals with 3 top health systems. You may recall that DocsGPT is our AI medical writing tool that was launched in February to help doctors write and fax insurer appeal letters for their patients. With our enterprise version, we've now added HIPAA security and administrative guardrails that will let doctors do even more.

第一季度也標誌著我們的一個重要產品里程碑，我們與 3 個頂級醫療系統簽署了第一份 DocsGPT 企業協議。您可能還記得 DocsGPT 是我們於 2 月份推出的人工智能醫療寫作工具，旨在幫助醫生為患者撰寫和傳真保險公司上訴信。在我們的企業版本中，我們現在添加了 HIPAA 安全和管理護欄，這將使醫生能夠做更多的事情。

We believe the time savings could be significant. Our recent survey of 322 AI-using doctors predicted that in a few years, AI will save them each 13 hours per week, 6 in their EHR and 7 in their other office work. We're focused on serving the latter half, the non-EHR workflows. From service animal letters to teacher notes, we're proud to help busy physicians help their patients.

我們相信可以節省大量時間。我們最近對 322 名使用人工智能的醫生進行了調查，預測幾年後，人工智能每週將為他們節省 13 個小時，其中 6 小時用於 EHR，7 小時用於其他辦公室工作。我們專注於服務後半部分，即非 EHR 工作流程。從服務性動物信件到教師筆記，我們很自豪能夠幫助忙碌的醫生幫助他們的患者。

We're also excited to deepen our health system partnerships as we expand our AI and enterprise-level offerings.

隨著我們擴展人工智能和企業級產品，我們也很高興能夠深化我們的醫療系統合作夥伴關係。

Okay. Turning now to our guidance revision. As a reminder, our clients include all of the top 20 pharmaceutical companies and all of the top 20 hospitals. Roughly 2/3 of our revenue is contracted during the winter annual budget season or what marketers call the upfront. This is when pharma marketers look back on the year, measure their ROI by tactic and renew annual programs like ours.

好的。現在轉向我們的指導修訂。需要提醒的是，我們的客戶包括所有排名前 20 的製藥公司和所有排名前 20 的醫院。我們大約 2/3 的收入是在冬季年度預算季節或營銷人員所說的預付款期間簽訂的。這是藥品營銷人員回顧這一年、通過策略衡量投資回報率並更新像我們這樣的年度計劃的時候。

During the summer, it's upsell season for us. That's when clients typically spend the remaining 1/3 of their budgets to expand program reach, modules or content personalization. Until last year, our upfront and upsell seasonal growth rates were highly correlated. If our upfront grew well, then our upsell did, too. Despite a record upfront this winter, our upsell close rate fell short in June and July. So after growing steadily for a decade, our upsells have now slowed for 2 years in a row.

夏季是我們的加售季節。此時，客戶通常會花費剩餘 1/3 的預算來擴大項目範圍、模塊或內容個性化。直到去年，我們的預付款和追加銷售季節性增長率都高度相關。如果我們的預付款增長良好，那麼我們的追加銷售也會增長。儘管今年冬天的預付款創下了紀錄，但我們的追加銷售成交率在六月和七月仍低於預期。因此，在經歷了十年的穩定增長之後，我們的追加銷售現在已連續兩年放緩。

We've dug into this, spoke to our key customers and industry experts and found 2 core reasons. First, in part, it's the market. Pharma's shift to digital has slowed. Post-COVID travel and agency swaps are soaking a budget while budgetary caution rules today. In all, we estimate digital pharma has grown at half the low-teens growth rate that we and eMarketer predicted last year.

我們對此進行了深入研究，與我們的主要客戶和行業專家進行了交談，並發現了兩個核心原因。首先，部分原因在於市場。製藥公司向數字化的轉變已經放緩。新冠疫情后的旅行和代理機構互換正在耗盡預算，而如今預算謹慎。總而言之，我們估計數字製藥的增長速度是我們和 eMarketer 去年預測的低青少年增長率的一半。

Second, and more importantly, it's the friction of our full-service, white-glove sales model. Simply put, during summer upsell season, clients no longer have the time to schedule all of the meetings, legal reviews, reports and QBRs. Post COVID, they work from home most of the week, and they'd rather log in to a self-service platform 24/7 to monitor their program results and set budgets. Indeed, our recent channel checks show that banner ads, or programmatic in industry parlance, got the incremental spend in the summer. Given the new entrants into the doctor banner ad market, we don't expect our upsell results to improve this year.

其次，更重要的是，這是我們全方位服務、白手套銷售模式的摩擦。簡而言之，在夏季追加銷售季節，客戶不再有時間安排所有會議、法律審查、報告和 QBR。新冠疫情發生後，他們一周大部分時間都在家工作，他們寧願 24/7 登錄自助服務平台來監控他們的計劃結果並設定預算。事實上，我們最近的渠道調查顯示，橫幅廣告（或行業術語中的程序化廣告）在夏季獲得了增量支出。鑑於醫生橫幅廣告市場的新進入者，我們預計今年的追加銷售業績不會有所改善。

Due to these recent challenges and the need to streamline client workflows, we've made the difficult decision to let 10% or roughly 100 of our talented employees go. These reductions are heaviest in our operations and client service teams where live client visits, printing and manual HML edits are just less needed than in the past. Affected employees will receive severance, stock vesting, career services and extended health care coverage totaling approximately $8 million to $10 million. The net result of these changes is that today, we are lowering both our annual revenue and EBITDA guidance by 8% to 9%, to a midpoint of $460 million in fiscal 2024 revenue and $201 million in EBITDA. Our revised guidance equates to 10% year-on-year growth with a 44% EBITDA margin.

由於最近的這些挑戰以及簡化客戶工作流程的需要，我們做出了艱難的決定，解僱 10% 或大約 100 名才華橫溢的員工。這些減少在我們的運營和客戶服務團隊中最為明顯，與過去相比，這些團隊對實時客戶拜訪、打印和手動 HML 編輯的需求有所減少。受影響的員工將獲得總計約 800 萬至 1000 萬美元的遣散費、股票歸屬、職業服務和擴展醫療保險。這些變化的最終結果是，今天，我們將年收入和 EBITDA 指引降低 8% 至 9%，至 2024 財年收入中值 4.6 億美元，EBITDA 中值 2.01 億美元。我們修訂後的指導相當於同比增長 10%，EBITDA 利潤率為 44%。

We've learned that our post-COVID upsell weakness has been as much due to technology and operational inefficiencies as macro malaise. The good news is this is curable, and we're treating it. Longer term, we remain incredibly bullish, and we plan to use our more than $230 million in remaining share buybacks as of July 1 to help return value to shareholders.

我們了解到，新冠疫情后我們的追加銷售疲軟既是由於技術和運營效率低下，也是由於宏觀經濟不景氣。好消息是這是可以治癒的，我們正在治療它。從長遠來看，我們仍然非常樂觀，我們計劃利用截至 7 月 1 日剩餘的超過 2.3 億美元的股票回購來幫助股東回報價值。

Okay. Turning now to the addition of our new self-serve ad platform. As a physician's first company, we've historically put 90% of our engineering resources into physician-facing products. We've prided ourselves as staying in tune with physician needs, and we've built a physician digital platform like no other. That said, in the past few years, our pharmaceutical clients have become more digitally savvy. And it's now time to put more than 1/10 of our engineering resources into our interfaces with them. For comparison, we're told that Google spends roughly half of its engineering effort on client-facing technologies.

好的。現在談談我們新的自助廣告平台的添加。作為醫生的第一家公司，我們歷來將 90% 的工程資源投入到面向醫生的產品中。我們為能夠滿足醫生的需求而感到自豪，並且我們建立了一個獨一無二的醫生數字平台。也就是說，在過去幾年中，我們的製藥客戶變得更加精通數字化。現在是時候將超過 1/10 的工程資源投入到與它們的接口中了。為了進行比較，我們得知谷歌將大約一半的工程工作花費在面向客戶的技術上。

During upsell season, our clients increasingly prefer to deploy incremental budgets swiftly, and they want to expand and adjust their programs on to Doximity with the click of a button, just like they would on LinkedIn, Facebook, Amazon or Google. Our agency partners similarly need to test and optimize creative throughout the year, and a self-serve platform will make it easier for us to align with them on content templates and medical legal review or MLR. We piloted this with a handful of creative agencies this year and found they got MLR approval several weeks faster than us, while delivering a slightly higher ROI.

在追加銷售季節，我們的客戶越來越喜歡快速部署增量預算，他們希望通過單擊按鈕在 Doximity 上擴展和調整他們的計劃，就像在 LinkedIn、Facebook、亞馬遜或谷歌上一樣。我們的代理合作夥伴同樣需要全年測試和優化創意，而自助服務平台將使我們更容易在內容模板和醫療法律審查或 MLR 上與他們保持一致。今年我們與一些創意機構進行了試點，發現他們比我們早幾週獲得國土資源部的批准，同時提供了略高的投資回報率。

Thankfully, we've already built much of the plumbing for this platform for our smaller hospital clients with early success. Indeed, last quarter, a full 2/3 of our 200-plus hospital marketing clients independently logged into our self-serve ad platform to download thousands of reports, check their ROI and optimize their programs. This hospital self-serve pilot was much more popular than we expected and created huge efficiency gains for our client success teams.

值得慶幸的是，我們已經為小型醫院客戶構建了該平台的大部分管道，並取得了早期成功。事實上，上個季度，我們 200 多家醫院營銷客戶中有 2/3 獨立登錄我們的自助廣告平台，下載數千份報告、檢查投資回報率並優化他們的計劃。這個醫院自助服務試點比我們預期的更受歡迎，並為我們的客戶成功團隊創造了巨大的效率提升。

Finally, we believe that by following well-tested self-serve ad platform playbook of other tech companies, we'll unlock SMB clients that we've never had before and enable better auction-based price discovery based on ROI. While this won't happen overnight, we believe it will also allow us to operate more efficiently as more programs run with the click of a button rather than through our white-glove team of creative, technical and legal resources.

最後，我們相信，通過遵循其他科技公司經過充分測試的自助廣告平台手冊，我們將解鎖我們以前從未擁有過的中小企業客戶，並實現更好的基於投資回報率的基於拍賣的價格發現。雖然這不會在一夜之間發生，但我們相信，隨著更多程序只需點擊按鈕即可運行，而不是通過我們的創意、技術和法律資源白手套團隊運行，這也將使我們能夠更有效地運營。

In closing, we believe the opportunity to digitize physician marketing is as large as ever. And overall, we're excited to see it finally shifting from the traditional magazine and journal purchasing model to a more measurable dynamic online model. Over the last 3 fiscal years, 2020 to 2023, we've averaged over 50% top line growth. We think pharma has overcorrected this year to single-digit market growth. Our 10% growth guide this year implies a fiscal 2020 to 2024 CAGR of 41% top line growth. And as we look over the horizon to more self-serve marketing, better agency alignment, auction-based pricing and more rep digital integration, we continue to see long-term growth rates north of 20% on our path to greater than $1 billion in revenue in fiscal 2028.

最後，我們相信醫生營銷數字化的機會一如既往地巨大。總的來說，我們很高興看到它最終從傳統的雜誌和期刊購買模式轉變為更可衡量的動態在線模式。在過去 3 個財年（2020 年至 2023 年）中，我們的平均收入增長超過 50%。我們認為製藥公司今年的市場增長已被過度修正為個位數。我們今年 10% 的增長指南意味著 2020 至 2024 財年的複合年增長率為 41% 的收入增長。當我們展望更多自助營銷、更好的機構協調、基於拍賣的定價和更多代表數字集成時，我們繼續看到長期增長率超過 20%，我們的銷售額將超過 10 億美元。 2028 財年的收入。

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

接下來，我將把您交給我們的首席財務官安娜·布賴森 (Anna Bryson)，討論我們的財務和指導。安娜？

Thanks, Jeff, and thanks to everyone on the call today. First quarter revenue grew to $108.5 million, up 20% year-over-year and exceeding the high end of our guidance range. Of note, our subscription revenue, which comprises 93% of our total revenue, continued to reaccelerate to 21% year-over-year growth in Q1.

謝謝杰夫，也謝謝今天參加電話會議的所有人。第一季度收入增長至 1.085 億美元，同比增長 20%，超出了我們指導範圍的上限。值得注意的是，我們的訂閱收入佔總收入的 93%，第一季度同比增長繼續加速至 21%。

Similar to prior quarters, our existing customers continued to lead our growth. We finished the quarter with a net revenue retention rate of 118%. For our top 20 customers, net revenue retention was higher at 124%. So our biggest, most sophisticated customers are still our fastest-growing.

與前幾個季度類似，我們的現有客戶繼續引領我們的增長。本季度結束時，我們的淨收入保留率為 118%。對於我們的前 20 位客戶，淨收入保留率更高，達到 124%。因此，我們最大、最成熟的客戶仍然是我們增長最快的客戶。

We ended the quarter with 296 customers contributing at least $100,000 each in subscription-based revenue on a trailing 12-month basis. This is a 12% increase from the 264 customers that we had in this cohort a year ago, and these customers accounted for 88% of our total revenue.

本季度結束時，我們有 296 名客戶在過去 12 個月的基礎上每人貢獻了至少 100,000 美元的訂閱收入。這比一年前我們在該隊列中擁有的 264 名客戶增加了 12%，這些客戶占我們總收入的 88%。

Turning to our profitability. Non-GAAP gross margin in the first quarter was 90% versus 88% in the prior year period. Adjusted EBITDA for the first quarter was $46.6 million, and adjusted EBITDA margin was 43% compared to $33.5 million and a 37% margin in the prior year period.

轉向我們的盈利能力。第一季度非 GAAP 毛利率為 90%，而去年同期為 88%。第一季度調整後 EBITDA 為 4660 萬美元，調整後 EBITDA 利潤率為 43%，而上年同期調整後 EBITDA 為 3350 萬美元，利潤率為 37%。

Now turning to our balance sheet, cash flow and an update on our share repurchase program. We ended the first quarter with $873 million of cash, cash equivalents and marketable securities. We generated free cash flow in the first quarter of $55.6 million compared to $42.6 million in the prior year period, an increase of 31% year-over-year. Additionally, we repurchased $21 million worth of shares at an average price of $31.79. As of July 1, we have $33 million remaining on our existing share repurchase authorization and an additional $200 million from our authorization announced at Investor Day.

現在轉向我們的資產負債表、現金流和股票回購計劃的最新情況。第一季度末，我們擁有 8.73 億美元的現金、現金等價物和有價證券。我們第一季度產生的自由現金流為 5560 萬美元，而去年同期為 4260 萬美元，同比增長 31%。此外，我們以平均價格 31.79 美元回購了價值 2100 萬美元的股票。截至 7 月 1 日，我們現有的股票回購授權還剩 3300 萬美元，投資者日宣布的授權還剩 2 億美元。

Now moving on to our outlook. For the second quarter of 2024, we expect revenue in the range of $108.5 million to $109.5 million, representing 7% growth at the midpoint. And we expect adjusted EBITDA in the range of $44 million to $45 million, representing a 41% adjusted EBITDA margin. For the full fiscal year, we are revising our revenue range to $452 million to $468 million, representing 10% growth at the midpoint. We now expect adjusted EBITDA in the range of $193 million to $209 million, representing a 44% adjusted EBITDA margin.

現在繼續我們的展望。對於 2024 年第二季度，我們預計收入在 1.085 億美元至 1.095 億美元之間，中值增長 7%。我們預計調整後 EBITDA 在 4400 萬美元至 4500 萬美元之間，調整後 EBITDA 利潤率為 41%。對於整個財年，我們將收入範圍調整為 4.52 億至 4.68 億美元，中間值增長 10%。我們目前預計調整後 EBITDA 在 1.93 億美元至 2.09 億美元之間，調整後 EBITDA 利潤率為 44%。

After a record annual buying cycle, our major upsells have materially underperformed, and we expect this to continue in the near term. As we have mentioned before, mid-year budget started locking for our customers in June. We initially estimated we would see a similar percentage of mid-year upsells as last year, which was about half of our historical rate. However, we have seen a further decline this year. Given these mid-year upsells convert to revenue very quickly, this decline has led to a sizable impact starting in Q2.

在經歷了創紀錄的年度購買週期後，我們的主要追加銷售表現明顯不佳，我們預計這種情況將在短期內持續下去。正如我們之前提到的，我們的客戶從六月份開始鎖定年中預算。我們最初估計年中追加銷售的比例將與去年相似，約為歷史水平的一半。然而，今年我們看到了進一步的下降。鑑於年中的追加銷售很快轉化為收入，這種下降從第二季度開始就產生了相當大的影響。

As Jeff mentioned, we believe this is the result of several factors, including a slower digital marketing growth rate and a shift toward more self-service automated solutions. Additionally, as digital becomes a core strategy for our customers, we are seeing several high-impact team and agency transitions currently affecting 3 of our top 5 customers. While we are excited about the added investments our customers are making in digital, the transitions have slowed things down temporarily.

正如傑夫提到的，我們認為這是多種因素造成的，包括數字營銷增長率放緩以及轉向更多自助服務自動化解決方案。此外，隨著數字化成為我們客戶的核心戰略，我們看到一些高影響力的團隊和機構轉型目前影響著我們前 5 位客戶中的 3 位。雖然我們對客戶在數字領域增加的投資感到興奮，但轉型暫時放慢了速度。

As we have emerged from the pandemic, visibility into our business has become more limited than it has been historically. While our core is strong, the business we drive after our annual upfront has become more variable. To clarify, we continue to have strong visibility into the roughly 65% of revenue booked to start the year, but the remaining 35% has become increasingly difficult to predict. Because of this, we are adjusting our guidance philosophy to give wider ranges and bake in more variability for the portion of revenue we do not have contracted upfront. This includes mid-year upsells, new customers and volume expansion in our annual buying cycle.

隨著我們擺脫疫情影響，我們業務的可見性變得比以往更加有限。雖然我們的核心很強大，但我們在年度預付款之後推動的業務變得更加多變。需要澄清的是，我們仍然對年初預定的大約 65% 的收入有很強的了解，但剩下的 35% 已經變得越來越難以預測。因此，我們正在調整我們的指導理念，以提供更廣泛的範圍，並為我們沒有預先簽訂合同的部分收入增加更多的可變性。這包括我們年度購買週期中的年中追加銷售、新客戶和銷量擴張。

While we are obviously disappointed with our new guidance, we believe we are making the right adjustments to best align ourselves with our customers. We believe that our new self-service platform and heightened focus on automation will allow us to scale more effectively, get programs live faster and unlock more incremental budget throughout the year. This should also make our operating model even more efficient as we remain committed to profitability. As a company, we've succeeded at meeting our positions where they are and working closely with them to develop the solutions they need, which is evident by our record engagement today. Now we are excited to further extend this focus to our customers and deliver them the solutions they desire in a way that better maximizes our opportunity.

雖然我們顯然對新的指導方針感到失望，但我們相信我們正在做出正確的調整，以最好地與客戶保持一致。我們相信，我們新的自助服務平台和對自動化的高度關注將使我們能夠更有效地擴展規模，使項目更快地實施並釋放全年更多的增量預算。由於我們仍然致力於盈利，這也應該使我們的運營模式更加高效。作為一家公司，我們成功地滿足了他們的立場，並與他們密切合作以開發他們所需的解決方案，這一點從我們今天創紀錄的參與中就可以看出。現在，我們很高興能夠進一步將這一重點擴展到我們的客戶，並以更好地最大化我們機會的方式為他們提供他們想要的解決方案。

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

這樣，我會將其轉交給接線員詢問。

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

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

So Jeff, I wanted to start on self-serve, and I appreciate all the comments there. But as we're thinking about -- it's quicker and it's lower cost to you, I'm curious how that compares on a pricing perspective for customers? And how do you think about ROI levels if you're thinking about self-serve versus the white-gloves offering that you provided in another scenario.

所以傑夫，我想從自助服務開始，我很感謝那裡的所有評論。但正如我們所考慮的那樣——它更快、成本更低，我很好奇這對客戶的定價角度有何影響？如果您正在考慮自助服務與您在另一種情況下提供的白手套產品，您如何看待投資回報率水平。

Thanks, Brian. This is Jeff. So we are excited about self-serve. I think the more we are measured, the better we will do in this industry and self-serve with real-time dashboards and data has an opportunity to take us to a new level here.

謝謝，布萊恩。這是傑夫。所以我們對自助服務感到興奮。我認為我們衡量的越多，我們在這個行業就會做得越好，並且實時儀表板和數據的自助服務有機會將我們帶到一個新的水平。

Specifically, we are purchasing prescription data to integrate into the platform, which will allow our clients to measure their ROI more real time, which we think will be a key unlock in helping them grow not only through the upfront season, but also the upsell season. So faster launches, better pricing, easier upsells and then also newer SMB clients, I think, are the 4 key benefits of self-serve and where we can take it.

具體來說，我們正在購買處方數據以集成到平台中，這將使我們的客戶能夠更實時地衡量他們的投資回報率，我們認為這將是幫助他們不僅在前期銷售季節而且在追加銷售季節增長的關鍵。 。因此，我認為，更快的發布、更好的定價、更容易的追加銷售以及更新的中小企業客戶是自助服務的 4 個關鍵優勢，也是我們可以利用的地方。

In terms of pricing, really, clients look at this on an ROI basis. And so again, I think it's about our results. There are folks out there who do look at cost per impression. We don't even provide impression data to our clients. We're more like Google. We focus on the cost per click or the cost per deep engagement. And on that front, we're very competitive. So I think even though some of these platforms do trumpet low cost per impression numbers, the reality is we all know that there's a lot of banner blindness. There's a lot of websites you really don't want your banners on. And we're confident that while banners are certainly much easier to buy than we are, I think our ROI is much more proven.

在定價方面，實際上，客戶會根據投資回報率來看待這一點。再說一遍，我認為這與我們的結果有關。有些人確實會考慮每次展示成本。我們甚至不向客戶提供印像數據。我們更像谷歌。我們關注的是每次點擊的成本或每次深度參與的成本。在這方面，我們非常有競爭力。因此，我認為，儘管其中一些平台確實宣揚每次展示成本較低，但現實是我們都知道存在很多橫幅盲目性。有很多網站您確實不希望出現橫幅。我們相信，雖然橫幅肯定比我們更容易購買，但我認為我們的投資回報率已經得到證實。

Great. And maybe just a follow-up. I know you mentioned the 3 enterprise deals for DocsGPT. Can you talk about early pipeline for that? Or any early commonality in terms of use cases that you guys are seeing with those deals?

偉大的。也許只是後續行動。我知道您提到了 DocsGPT 的 3 項企業交易。您能談談早期的管道嗎？或者你們在這些交易中看到的用例方面有什麼早期的共性嗎？

Yes. Thanks, Brian. Yes, the use case, so I'm glad you asked about this one. I'm excited about it. It's saving doctors a lot of time already and we love to do that.

是的。謝謝，布萊恩。是的，是用例，所以我很高興您詢問這個問題。我對此很興奮。它已經為醫生節省了大量時間，我們喜歡這樣做。

If you are a forward-thinking CIO or CMIO at a major health system, you probably have had doctors sending your e-mail saying, "Hey, can I use this new ChatGPT thing to help out with all of my scutwork, all my paperwork?" And unfortunately, the answer they've had to give them and they've had to send lots of e-mails saying, "No, you cannot use this because it is not HIPAA-secured. The information goes back to open AI over the open web, and there's no way that you can handle medical-grade encryption with the consumer-based services out there." So we're excited to take that and make it a HIPAA-secure environment with a business associate agreement that we already have in place with over 200 health systems and really rolled that out to a lot of them.

如果您是一個主要衛生系統的具有前瞻性思維的CIO 或CMIO，您可能會讓醫生給您發送電子郵件說：“嘿，我可以使用這個新的ChatGPT 工具來幫助完成我所有的文書工作嗎？ ” ？”不幸的是，他們不得不給他們答案，他們不得不發送大量電子郵件說：“不，你不能使用這個，因為它不受 HIPAA 保護。這些信息會通過網絡返回到開放人工智能。”開放網絡，你無法通過基於消費者的服務來處理醫療級加密。”因此，我們很高興能夠採用這一點，並通過業務夥伴協議使其成為符合 HIPAA 的安全環境，我們已經與 200 多個衛生系統簽訂了該協議，並將其推廣到其中的許多系統。

In terms of pricing, we're in a land-grab mode right now, to be perfectly frank. So I don't think we will extract more than a few million dollars in revenue from it this year. But once we get out there and have more doctors using us, saving their favorites, tuning their preferences, putting in their letterhead, which actually is a key piece of the product right now is having that letterhead baked in, so I can send that insurance appeal letter with everything pre-templated, we think that there's a long-term opportunity here to add more value and ultimately to have it grow to be a much bigger business.

坦率地說，在定價方面，我們現在處於搶地模式。所以我認為今年我們從中獲得的收入不會超過幾百萬美元。但是，一旦我們走出去，有更多的醫生使用我們，保存他們的最愛，調整他們的偏好，放入他們的信頭，這實際上是產品的關鍵部分，現在就是將信頭烘烤出來，這樣我就可以發送保險上訴信中的所有內容都預先模板化，我們認為這裡有一個長期的機會來增加更多價值，並最終讓它發展成為一個更大的業務。

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

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

I guess a couple for me. If we look at sales across kind of your entire product suite, your guidance suggests that you're seeing weakness really across all product areas. I guess kind of a 2-part question in there. One, can you confirm that? And then two, I know you all are really excited about some of the new products and workflow tools that have come out over the last quarter or 2 or things like your new video offerings. Can you give us some sense on how those are performing kind of very early in your sales cycle?

我想對我來說有幾個。如果我們查看整個產品套件的銷售情況，您的指導表明您確實看到了所有產品領域的弱點。我想裡面有一個由兩部分組成的問題。一、你能確認一下嗎？第二，我知道你們都對上一兩個季度推出的一些新產品和工作流程工具或新視頻產品之類的東西感到非常興奮。您能否讓我們了解一下這些產品在銷售週期早期的表現如何？

Scott, I'll take that first part of the question. So as far as what we're seeing today in our business, the weakness really is in our mid-tier upsells, which is the part of our business that's always been a little bit more variable. We are not yet seeing any weakness from a renewal perspective. We still feel very confident in the renewal cycle that we're going to have in Q3. But I think what this year has showed us in particular is that we need to adjust the way we think about guidance as a company and think about what variability there could be in the amount of our forecast that is not yet booked.

斯科特，我將回答問題的第一部分。因此，就我們今天在業務中看到的情況而言，弱點確實在於我們的中端追加銷售，這是我們業務中一直變化較多的部分。從更新的角度來看，我們還沒有看到任何弱點。我們對第三季度的更新周期仍然充滿信心。但我認為今年特別向我們展示的是，我們需要調整我們對公司指導的思考方式，並思考我們尚未預訂的預測金額可能存在哪些變化。

So we're not necessarily seeing issues from a renewal perspective. However, as we think about what's not booked for the rest of the year, we are being more conservative from a major upsell, new business and renewal volume expansion perspective.

因此，我們不一定從更新的角度看待問題。然而，當我們考慮今年剩餘時間內未預訂的內容時，從主要追加銷售、新業務和續訂量擴張的角度來看，我們變得更加保守。

Got it. Helpful. And then, I guess, from a modeling and margin perspective, Anna, we -- it looks like your Q2 adjusted EBITDA assumes roughly a 40% margin by my math, full year still 44% kind of within your historical trends. If growth stays in this kind of single-digit range, which it looks like you're forecasting based on the guidance -- revenue guidance for the rest of the year. Would there be any opportunity to drive some material upside to those margins? Because you're driving those margins growing 25%, 30%, 40% a year. Would it be safe to assume that we can see some additional leverage upside of those levels that growth doesn't return in the near term?

知道了。有幫助。然後，我想，從建模和利潤率的角度來看，安娜，我們——根據我的數學計算，你們第二季度調整後的EBITDA 假設利潤率大約為40%，全年仍然是44%，符合你們的歷史趨勢。如果增長保持在這種個位數的範圍內，看起來你是根據指導——今年剩餘時間的收入指導來預測的。是否有機會推動這些利潤率取得實質性增長？因為您正在推動這些利潤每年增長 25%、30%、40%。是否可以安全地假設我們可以看到槓桿水平在短期內不會恢復增長的情況下出現一些額外的上升空間？

Yes. So a couple of things on that one. So first, as far as the risk that Jeff had mentioned before, we expect that to save us about $20 million in annualized savings a year. So that should kick in for half the year this year, but that should also kick in going forward.

是的。關於這一點有幾點。首先，就 Jeff 之前提到的風險而言，我們預計每年可以節省約 2000 萬美元的年化儲蓄。因此，這應該會在今年半年內開始，但也應該會繼續下去。

And then secondly, I think from a margin perspective, we're really turning our focus as a company to automation and building out more self-service, less of a white-glove offering and more self-service offering. And so as we continue to pivot towards automation, I think our margins should be able to be stable or still in that 45%-plus range that we talked about at our Investor Day.

其次，我認為從利潤的角度來看，我們確實將公司的重點轉向自動化，並建立更多的自助服務，減少白手套產品和更多的自助服務。因此，隨著我們繼續轉向自動化，我認為我們的利潤率應該能夠穩定或仍處於我們在投資者日談到的 45% 以上的範圍內。

Your next question comes from Sandy Draper with Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的桑迪·德雷珀。

Yes. I guess the first question, I think I heard you say that you still are -- sort of you're not revising or revisiting the targets you said at the Investor Day for $1 billion in long term. I'm just trying to understand, given the magnitude of the miss now, why not pull those? Or what gives you the confidence, I guess, that -- because you not only have to grow 20% compound, you're going to have to obviously grow materially faster than that. And so I'm just trying to understand -- I know the market's big, a lot of opportunity, but I was just a little bit surprised to hear you sort of reaffirm that.

是的。我想第一個問題是，我想我聽到你說你仍然沒有修改或重新審視你在投資者日所說的 10 億美元的長期目標。我只是想了解，考慮到現在失誤的嚴重程度，為什麼不取消這些呢？或者是什麼讓你有信心，我猜，因為你不僅要實現 20% 的複合增長，而且你必須以明顯更快的速度實現實質性增長。所以我只是想了解——我知道市場很大，機會很多，但聽到你重申這一點我有點驚訝。

Thanks, Sandy. This is Jeff. So yes, we have to grow at 21.5% per year after this year, if we hit the midpoint of our guidance. And we do think we can do that.

謝謝，桑迪。這是傑夫。所以，是的，如果我們達到指導方針的中點，今年之後我們必須以每年 21.5% 的速度增長。我們確實認為我們可以做到這一點。

So I will share to Scott's prior question, our hospital business is running at plan, and that's where we do already have the self-serve platform. And what we've realized is that the sell-serve platform really does have a lot of unlocks to it that we weren't expecting or baking into our forecast at our Investor Day. So as we think about, again, the ability to have faster launches, better pricing, easier upsells and new SMB clients, we think that the 21.5% growth over the next 4 years is achievable to reach that $1 billion goal.

因此，我將回答斯科特之前的問題，我們的醫院業務正在按計劃運行，這就是我們已經擁有自助服務平台的地方。我們意識到，銷售服務平台確實有很多我們沒有預料到的解鎖功能，也沒有納入我們在投資者日的預測中。因此，當我們再次考慮更快的發布、更好的定價、更輕鬆的追加銷售和新的中小企業客戶的能力時，我們認為未來 4 年 21.5% 的增長是可以實現 10 億美元目標的。

Okay. Got it. That's helpful. And then one quick follow-up just related to the guidance for this year and the timing of the adjustment. I know you said, I think it was May and June or June, July that things slowed down. I'm just trying to think of as you're having conversations, going back to your comment about the white-glove service, was it maybe a different way to ask it, were you guys not asking the right questions of the clients, and that's what caused a surprise? You just weren't in contact frequently enough? Or maybe they weren't telling you the right answers or they didn't know? I'm just trying to understand from, I guess, it was June 6 or whatever Investor Day was to today, how it changed that quickly and just trying to sort of think about that.

好的。知道了。這很有幫助。然後是關於今年的指導和調整時間的快速跟進。我知道你說過，我認為是五月和六月或六月、七月事情放緩了。我只是想，當你們進行對話時，回到您對白手套服務的評論，這是否可能是一種不同的提問方式，你們是否沒有向客戶提出正確的問題，以及這就是造成驚喜的原因？只是你們聯繫不夠頻繁？或者他們沒有告訴你正確的答案或者他們不知道？我只是想了解從 6 月 6 日或投資者日到今天的情況，它是如何快速變化的，並試圖對此進行思考。

Yes. No, thanks, Sandy. So in short, April, May were running at plan. They were over the prior year growth rates. June, however, is when most of the contracts get signed. And you're right, we got to the end of that quarter, and our close rate dropped. And when we went back and started to inspect our pipeline and take a look at it, we realized we had had fewer face-to-face meetings with our clients as they got busy. And I think as we drill into it, we think that we've effectively lost a bunch of share there to some new market entrants, folks who have recently purchased some of these banner platforms, and they really took our teeth, to be honest.

是的。不，謝謝，桑迪。簡而言之，四月、五月都按計劃進行。它們的增長率超過了上一年。然而，六月是大部分合同簽署的時間。你是對的，我們到了那個季度末，我們的成交率下降了。當我們回去並開始檢查我們的管道並查看它時，我們意識到隨著客戶的忙碌，我們與客戶的面對面會議減少了。我認為，當我們深入研究這個問題時，我們認為我們實際上已經將大量份額拱手讓給了一些新的市場進入者，這些人最近購買了一些橫幅平台，說實話，他們真的咬住了我們。

So we're working through that. And I think from our end, we had a pipeline coming into June that got us there, but that pipeline didn't close at the end of the month in June and July, as we had hoped. And we've really lost out to, I think, an easier to purchase online platform, which long term, we're extremely excited about because, frankly, I think if you look at the Googles of the world, you see that when you have an online platform that can measure ROI real time, that's when you have real opportunities to have your product shine and take up a larger percent of the market. And I think that's our opportunity given that when we talk to our clients, we are consistently the highest ROI program or tactic that they work with.

所以我們正在解決這個問題。我認為從我們的角度來看，我們有一條管道進入六月，讓我們到達那裡，但該管道並沒有像我們所希望的那樣在六月和七月月底關閉。我認為，我們確實失去了一個更容易購買的在線平台，從長遠來看，我們對此感到非常興奮，因為坦率地說，我認為如果你看看世界各地的谷歌，你就會發現，當你擁有一個可以實時衡量投資回報率的在線平台，那就是您真正有機會讓您的產品脫穎而出並佔據更大市場份額的時候。我認為這是我們的機會，因為當我們與客戶交談時，我們始終是他們合作的最高投資回報率計劃或策略。

Your next question comes from Jared Haase with William Blair.

你的下一個問題來自賈里德·哈斯和威廉·布萊爾。

Yes. This is Jared Haase for Ryan Daniels. Just a quick one to start. I'm curious, could you just speak to sort of recent ROIs or sort of returns from recent programs, I'm curious if there's been any kind of degradation there that's leading clients to prefer a little bit more of that self-service option.

是的。我是瑞恩·丹尼爾斯的賈里德·哈斯。只需快速開始即可。我很好奇，您能否談談最近的投資回報率或最近項目的回報，我很好奇是否存在任何形式的退化，導致客戶更喜歡更多的自助服務選項。

Jared, this is Jeff. No. Short answer is we haven't seen a degradation in ROI. It remains above the median 10 to 1 that we've been reporting in the past year or 2, and we continue to do more studies in the space. So no, that hasn't been the problem. Again, I do think it's just the ease of purchase and the need to do things more efficiently, that I think we've fallen a bit behind on. If it takes 4 meetings to get something done as opposed to 4 clicks, it does make a difference to our clients.

賈里德，這是傑夫。不。簡短的回答是我們沒有看到投資回報率下降。它仍然高於我們在過去一兩年報告的 10 比 1 的中位數，並且我們將繼續在該領域進行更多研究。所以不，這不是問題。再說一次，我確實認為這只是購買的便利性和更有效地做事的需要，我認為我們已經有點落後了。如果需要 4 次會議而不是 4 次點擊才能完成某件事，這確實會對我們的客戶產生影響。

Okay. Understood. And then just one more on the revised outlook here. Anna, just in terms of the sort of expected cadence, should we still look for 3Q to show a bit of a quarterly growth relative to the second quarter? And if so, if you are expecting that bump in 3Q, excuse me, what would kind of give you the confidence that you can achieve that, just given some of these moving parts here this year?

好的。明白了。然後再談一談修訂後的前景。安娜，就預期節奏而言，我們是否仍然應該期待第三季度相對於第二季度出現一些季度增長？如果是這樣，如果您預計第三季度會出現增長，請問，考慮到今年的一些變化，什麼能讓您有信心實現這一目標？

Sure. As far as we think about the cadence for the rest of the year, it should look relatively similar to prior years. Maybe 3Q to Q4 will be a little bit more flattish just because we're not seeing as big of a step up.

當然。就我們考慮今年剩餘時間的節奏而言，它看起來應該與前幾年相對相似。也許第三季度到第四季度會更加平淡，因為我們沒有看到那麼大的進步。

I think in an environment where everything has slowed down and not typical, I think it makes more sense to focus on the first half and back half of the calendar year as it pertains to a ramp. So if we're looking at this calendar year, the second half only implies about 5% growth versus the first half. And for comparison, last year, it was about 18% growth. And so we're confident that we have the backlog to get there.

我認為在一切都放緩且不典型的環境中，我認為關注日曆年的上半年和下半年更有意義，因為它與斜坡有關。因此，如果我們看看今年，下半年與上半年相比僅意味著約 5% 的增長。相比之下，去年的增長率約為 18%。因此，我們相信我們有足夠的積壓來實現這一目標。

The other thing I'll note there is the client and agency transitions that we talked about are certainly slowing stuff down for us. We are seeing more of our customers go through whole scale team or agency transitions that has certainly led to some overall delays. Now in the long run, we think these investments in digital teams and operations will certainly help us. But in the near term, it is slowing things down for us from a launching perspective.

我要指出的另一件事是我們談到的客戶和代理機構的轉型肯定會減慢我們的速度。我們看到越來越多的客戶經歷了整個團隊或機構的轉型，這肯定會導致一些總體延誤。從長遠來看，我們認為這些對數字團隊和運營的投資肯定會對我們有所幫助。但從短期來看，從啟動的角度來看，它正在放慢我們的速度。

Your next question comes from Allen Lutz with Bank of America.

您的下一個問題來自美國銀行的艾倫·魯茨 (Allen Lutz)。

I want to go back to the upsells. I guess, Anna, you mentioned that upsells were a little bit weaker than expected. I think last year or 2 years ago, they were about 10% of revenue. And then last year, they were about 5 percentage points of revenue. Did they grow year-over-year, both in absolute terms? And was it just weaker as a percentage of revenue? Just trying to understand that moving piece there. And then any change to contributions from new modules in the guide?

我想回到加售。我想，安娜，你提到追加銷售比預期要弱一些。我認為去年或兩年前，它們大約佔收入的 10%。去年，這一比例約為收入的 5 個百分點。從絕對值來看，它們是否逐年增長？它只是佔收入的百分比較低嗎？只是想理解那裡那個動人的部分。那麼指南中新模塊的貢獻有什麼變化嗎？

Sure. As far as our upsells are concerned, I think Jeff and I talked about this in the prepared remarks, but they declined on an absolute dollar basis. So we did see less upsells this year on an absolute dollar basis than we saw last year.

當然。就我們的追加銷售而言，我認為傑夫和我在準備好的講話中談到了這一點，但他們在絕對美元基礎上有所下降。因此，按絕對美元計算，今年的追加銷售量確實比去年少。

As you know, we had initially assumed we'd see a moderately muted upsell environment. And what we are witnessing is a decline mostly due to 2 factors. One is the self-service trend that Jeff talked about. But the other factor that I don't think we've hit on a ton is the fact that we are seeing less incremental budgets in general across all of our clients than we had seen last year. So incremental budgets are more muted than they had been last year. As we look forward though, we feel as though the self-service platform will certainly help unlock more of those budgets next year even if they do remain muted.

如您所知，我們最初假設我們會看到適度的加售環境。我們所看到的下降主要是由於兩個因素。一是傑夫談到的自助服務趨勢。但我認為我們沒有取得很大進展的另一個因素是，我們發現所有客戶的增量預算總體上比去年要少。因此，增量預算比去年更加溫和。不過，展望未來，我們認為自助服務平台肯定會幫助明年釋放更多預算，即使它們確實保持沉默。

Your next question comes from Jessica Tassan with Piper Sandler.

您的下一個問題來自傑西卡·塔桑和派珀·桑德勒。

So I just wanted to kind of dig into what your expectations are in terms of both net new business for FY '24 in the revised guide and then just in terms of renewal of your existing subscription business, if you could parse that out or give us any detail there.

因此，我只是想深入了解您對修訂後的指南中 24 財年的淨新業務以及現有訂閱業務的續訂方面的期望，如果您能解析出來或給我們提供信息那裡有任何細節。

Sure. I'd say in order of magnitude of the revised guidance, the biggest impact has been the mid-year upsell piece. Then new business, we are assuming a lower percentage from new business, and we are assuming a lower percentage from the volume expansion portion of our renewals. Once again, it goes back to what I was talking about earlier that we really have realized we need to change the way we think about our guidance philosophy and what we have that's unbooked.

當然。我想說，按照修訂後的指導意見的大小順序，最大的影響是年中的追加銷售。然後是新業務，我們假設新業務的百分比較低，並且我們假設續訂的數量擴張部分的百分比較低。再次回到我之前所說的，我們確實意識到我們需要改變我們對指導理念和未預訂內容的思考方式。

The good news is, as we sit here today, we have roughly 80% of the remainder of the year booked so we feel really confident in this revised guidance, but we are just approaching the rest of the year with caution given what we're seeing.

好消息是，當我們今天坐在這裡時，我們已經預訂了今年剩餘時間的大約 80%，因此我們對修訂後的指導方針非常有信心，但考慮到我們的情況，我們只是謹慎對待今年剩餘時間看到。

Okay. That makes sense. And then -- that makes sense. And then just in terms of kind of the FY '25 cadence then based on that renewal level this year, should we be expecting kind of a back half step-up in '25 and then going forward just because there's a new sort of philosophy to guidance? And to the extent that you could answer that would be helpful. And then just kind of can you give us an update on the status of some of these new modules, the point of care in peer-to-peer?

好的。這就說得通了。然後——這是有道理的。然後，就 25 財年的節奏而言，基於今年的更新水平，我們是否應該期待 25 財年的後半段提升，然後繼續前進，因為有一種新的理念指導？如果您能回答的話，那將會很有幫助。那麼您能否向我們介紹一些新模塊的最新狀態，即點對點護理點？

Sure. I'd say it's too soon for us to talk about FY '25, but our best estimate is that it would look similar to prior years. Our self-service platform should help us start to unlock that incremental budget midyear. So we like to believe we can see some more success in our mid-year upsells next year than we saw this prior year.

當然。我想說現在談論 25 財年還為時過早，但我們最好的估計是它看起來與前幾年相似。我們的自助服務平台應該可以幫助我們在年中開始釋放增量預算。因此，我們相信明年的年中追加銷售會比去年取得更多成功。

And then as far as our new modules are concerned, one thing we've talked about before is that -- so we really believe the ramp will start once we have those first ROI studies back and we're able to pitch them to our clients during our annual renewal cycle. So as far as new products are concerned, we're really excited about what that means for us for fiscal '25 and beyond. But we aren't assuming anything materially different versus what we've had before in our guidance there.

就我們的新模塊而言，我們之前討論過的一件事是 - 所以我們真的相信，一旦我們獲得第一個投資回報率研究，並且我們能夠將它們推銷給我們的客戶，斜坡就會開始在我們的年度更新周期內。因此，就新產品而言，我們對這對我們 25 財年及以後的發展意味著什麼感到非常興奮。但我們並沒有假設與我們之前的指導有任何實質性不同。

Your next question comes from Elizabeth Anderson with Evercore ISI.

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

So I guess like if I'm looking at the rest of the year as implied guidance, I'm sort of like running through what you just said in the comments and obviously, your 1Q and 2Q implied guidance, I'm having trouble getting to your full year sort of revenue numbers unless I take the NRR below 110%. What am I missing that that's -- or is that sort of the right way to think about how the business kind of ends the year?

因此，我想如果我將今年剩餘時間視為隱含指導，我有點像瀏覽一下您剛才在評論中所說的內容，顯然，您的第一季度和第二季度隱含指導，我很難理解除非我將NRR 定為低於110%，否則您的全年收入數據會有所不同。我錯過了什麼，或者說這是思考業務如何結束今年的正確方式？

Sure. I'll take that one, Elizabeth. Our estimate today is that like we've said, we think we'll end the year with about 10% revenue growth. And as we think about NRR, that would mean that NRR should be sub-110%. And I think we're really excited about what our renewal process could bring as we look ahead to next year and if budgets become more robust. But I think that is the right way to think about NRR for the year.

當然。我要那個，伊麗莎白。我們今天的估計是，正如我們所說，我們認為今年年底的收入增長約為 10%。當我們考慮 NRR 時，這意味著 NRR 應低於 110%。我認為，當我們展望明年以及預算變得更加強勁時，我們對續訂流程所能帶來的成果感到非常興奮。但我認為這是考慮今年 NRR 的正確方法。

Okay. That's helpful. And one question -- in one of the earlier comments, you guys spoke about better pricing on a self-service model. What does that mean exactly? Is that like lower pricing versus what you have now? Just if you could clarify and sort of expand on that, that would be helpful.

好的。這很有幫助。還有一個問題——在之前的評論中，你們談到了自助服務模式的更好定價。這到底是什麼意思？與您現在的價格相比，這是否意味著更低的價格？如果您能澄清並擴展這一點，那就會有所幫助。

Sure, Elizabeth. This is Jeff. I'll take that. Yes, one of the challenges we ran into each year when we sit down and go through the year's results ROI and talk about next year's pricing is that when it's a human-to-human sort of discussion, it's hard to raise prices above a certain percent. It's part of that long-term relationship that we've fostered with our clients. But when it's an auction and when it's others, maybe smaller companies who are bidding up certain segments of physicians. I think it becomes easier to have price discovery there, take you to a better, frankly more normalized ROI than what we currently deliver.

當然，伊麗莎白。這是傑夫。我會接受的。是的，當我們坐下來仔細研究當年的投資回報率結果並討論明年的定價時，我們每年都會遇到的挑戰之一是，當這是一種人與人之間的討論時，很難將價格提高到某個特定值以上。百分。這是我們與客戶建立的長期關係的一部分。但當它是拍賣時，當它是其他的時候，也許小公司會競標某些醫生的部分。我認為在那裡進行價格發現變得更容易，讓您獲得比我們目前提供的更好、坦率地說更標準化的投資回報率。

So as I said in the past, with the 11:1 median ROI, we could grow 20% a year for 4 years and really just get back to a 3x ROI, which is what most of our clients would consider great results given the other tactics and other programs that they work with. So we think that the self-serve platform is an opportunity for us to, I think, get a little sharper on our pricing by cohort, by segment and allowing us to have our ROIs be more in line with what other partners in the industry provide.

因此，正如我過去所說，憑藉11:1 的中值投資回報率，我們可以在4 年內每年增長20%，並且實際上只需回到3 倍的投資回報率，這是我們的大多數客戶認為相對於其他公司而言出色的結果。他們使用的策略和其他程序。因此，我們認為自助服務平台對我們來說是一個機會，可以讓我們按群體、按細分市場進行更清晰的定價，並使我們的投資回報率與業內其他合作夥伴提供的投資回報率更加一致。 。

So just to clarify, you think on like a total basis, do you think it actually provides an opportunity for positive pricing versus what you're experiencing now is that what you're saying?

因此，為了澄清一下，您從總體上認為，與您現在所說的情況相比，您認為它實際上提供了積極定價的機會嗎？

Absolutely. Absolutely. Yes. If you talk to the people who are early at Google when they made their transition to this sort of platform and others, I mean, the short answer is that it made meaningful increases to prices.

絕對地。絕對地。是的。如果你與穀歌早期過渡到此類平台和其他平台的人交談，我的意思是，簡短的答案是，它對價格進行了有意義的上漲。

Your next question comes from Jailendra Singh with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jailendra Singh。

I actually want to go back to the restructuring comment, what kind of cost savings are you including from that in your outlook for this year and second half? And I'm just trying to understand, is that the primary driver of second half implied EBITDA expansion?

我實際上想回到重組評論，您在今年和下半年的展望中包括了哪些成本節約？我只是想了解，這是下半年隱含 EBITDA 擴張的主要驅動力嗎？

Sure. I can take that, Jailendra. So as far as the restructuring, it should result in roughly about $20 million in annualized savings for us and personnel costs, and so we do expect that to start kicking in on about August 15 here. So that is implied in our guidance as we think about EBITDA for the rest of the year.

當然。我可以接受，Jailendra。就重組而言，它應該會為我們每年節省約 2000 萬美元以及人員成本，因此我們預計重組將於 8 月 15 日左右開始生效。因此，當我們考慮今年剩餘時間的 EBITDA 時，我們的指導中就暗示了這一點。

Okay. And then my quick follow-up on upsell. I appreciate all the color around what you're seeing in the market. But just curious to know like whether these upsell, what you're seeing a slowdown, do you see any opportunity that these might come back later part of this year or fiscal year for you guys? Or do you think that's probably pretty much you have enough visibility that probably this is not likely to fiscal year, probably next year, you might see any bounce back on these trends? Just trying to understand, like, I mean, how much visibility do you have for this fiscal year? Or is just like you are kind of saying, hey, this is probably more next year recovery than this year?

好的。然後我對追加銷售進行了快速跟進。我很欣賞你在市場上看到的所有顏色。但只是想知道這些是否會增加銷售，您是否看到了放緩，您是否認為這些可能會在今年晚些時候或本財年晚些時候回歸？或者您是否認為您可能有足夠的可見性，這可能不太可能在本財年，也許明年，您可能會看到這些趨勢出現反彈？只是想了解，比如，我的意思是，您對本財年的可見度有多少？或者就像你說的那樣，嘿，明年的複蘇可能比今年更多？

Thanks, Jailendra. This is Jeff. I'll say we're not baking in much for upsells going forward until we have a self-certain platform until we can get more predictability there. So the short answer is, yes, there may be some upside there, but right now, we're not counting on that.

謝謝，賈蘭德拉。這是傑夫。我想說的是，在我們擁有一個自我確定的平台之前，直到我們能夠在那裡獲得更多的可預測性之前，我們不會為未來的追加銷售做太多準備。所以簡短的回答是，是的，可能會有一些好處，但現在，我們並不指望這一點。

Your next question comes from David Larsen with BTIG.

您的下一個問題來自 BTIG 的 David Larsen。

Were there lower upsells in certain categories of products or certain brand products like, for example, gene therapies or anything like that. And then are the new products that you're like bringing to market, have those all been cleared by the regulators? I think the vertical video is going through some reviews. Are those all cleared and launching and so forth?

某些類別的產品或某些品牌產品（例如基因療法或類似產品）的追加銷售是否較低？那麼你們想要推向市場的新產品是否都已獲得監管機構的批准？我認為垂直視頻正在接受一些評論。這些都已清除並啟動了嗎？

David, this is Nate. I can speak to sort of the inverse of that. We've actually seen a lot of success for clients interested in education around novel therapies. I think we're entering a heyday, for instance, for endocrinology. And it just so happens that endocrinology is our most highly engaged major specialty for our workflow tools.

大衛，這是內特。我可以說的是相反的情況。事實上，我們已經看到對新療法教育感興趣的客戶取得了很多成功。例如，我認為我們正在進入內分泌學的鼎盛時期。恰好，內分泌學是我們工作流程工具中參與度最高的主要專業。

We put out a telehealth report in late June that analyzed our telehealth engagement by specialty and location. And I think some of the specialties that overlap with some of our newest modules are well aligned with some of the excitement and innovation in the life sciences space.

我們於六月下旬發布了一份遠程醫療報告，按專業和地點分析了我們的遠程醫療參與情況。我認為與我們的一些最新模塊重疊的一些專業與生命科學領域的一些興奮和創新非常一致。

Great. And then I think some of your newer products were going through a review by the regulators. Is that correct or not? And have those all cleared?

偉大的。然後我認為你們的一些新產品正在接受監管機構的審查。這是否正確？這些都清除了嗎？

Sure. I can take that one, David. So as we mentioned at our Investor Day, we do have approval for all of our new products now from our customers. So our point-of-care products are live. However, several of our peer-to-peer programs have not yet gone live. And I think peer-to-peer is just another example of us learning that we need to have a more automated offering to make it easier to produce and edit KOL videos. So we're excited about what our self-service offering will also bring to our ability to get programs and products live faster.

當然。我可以接受那個，大衛。正如我們在投資者日提到的，我們的所有新產品現在都得到了客戶的批准。因此，我們的即時護理產品已上線。然而，我們的一些點對點計劃尚未上線。我認為點對點只是我們認識到我們需要更自動化的產品來更輕鬆地製作和編輯 KOL 視頻的另一個例子。因此，我們很高興我們的自助服務也將提高我們的計劃和產品的運行速度。

And then one more quick note. I just wanted to clarify from a comment I made earlier, I think to Jess' question is about visibility. We have 80% of the year books for a subscription-based guidance. So I just want to clarify that comment from earlier that it's 80% of the year of subscription-based guidance.

然後還有一個簡短的說明。我只是想澄清我之前發表的評論，我認為傑西的問題是關於可見性的。我們有 80% 的年鑑可供訂閱指導。因此，我只想澄清之前的評論，即今年 80% 的時間都是基於訂閱的指導。

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.

電話會議的問答部分現已結束。我現在將把電話轉給 Doximity 的首席執行官 Jeff Tangney，讓其致閉幕詞。

Thank you. We appreciate the questions and the feedback and especially from those whose channel checks have helped inform our strategy here. We want to thank everyone for joining. Thanks.

謝謝。我們感謝您提出的問題和反饋，特別是來自那些渠道檢查幫助我們制定策略的人的問題和反饋。我們要感謝大家的加入。謝謝。

This will conclude today's conference call. Thank you for your participation. You may now disconnect.

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。