Doximity Inc (DOCS) 2025 Q2 法說會逐字稿

Well, good day, everyone, and welcome to the Doximity fiscal 2Q '25 earnings call. At this time, I would like to hand the call over to Mr. Perry Gold. Please go ahead, sir.

好吧，大家好，歡迎參加 Doximity 2025 年第二季財報電話會議。現在，我想把電話轉給佩里·戈爾德先生。請繼續，先生。

Thank you, operator. Hello, and welcome to Doximity fiscal 2025 second-quarter earnings call.

謝謝你，接線生。您好，歡迎參加 Doximity 2025 財年第二季財報電話會議。

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. 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, along with a copy of our prepared remarks all available on our website at investors.doximity.com. As a reminder, today's call is being recorded, and a replay will be available on our website.

今天與我一起參加電話會議的是 Doximity 聯合創始人兼執行長 Jeff Tangney； Nate Gross 博士，共同創辦人兼首席策略長；和財務長安娜·布賴森 (Anna Bryson)。我們的結果的完整揭露可以在我們今天早些時候發布的新聞稿以及相關的 8-K 表格以及我們準備好的評論副本中找到，所有這些都可以在我們的網站 Investors.doximity.com 上找到。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 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.

作為我們今天評論的一部分，我們將做出前瞻性陳述。這些陳述是基於管理層目前的觀點、預期和假設，並受到各種風險和不確定性的影響。實際結果可能有重大差異，我們不承擔更新任何前瞻性陳述或前景的義務。

Please refer to the risk factors in our annual report on Form 10-K, any subsequent Form 10-Qs in our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-Q. Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date November 7, 2024. Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance provided on today's call, unless it's also done through a public disclosure such as a press release or through the filing of a Form 8-K.

請參閱我們的 10-K 表格年度報告、我們其他報告中的任何後續 10-Q 表格以及可能不時向 SEC 提交的文件（包括我們即將提交的 10-Q 表格）中的風險因素。我們的前瞻性陳述是基於截至 2024 年 11 月 7 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，除非也透過新聞稿等公開揭露或透過提交 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表現的非公認會計準則指標。在今天的收益發布中可以找到與可比較 GAAP 指標的歷史調整。最後，在通話期間，我們可能會提供增量指標，以便深入了解我們的業務動態。這些詳細資訊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執行長兼聯合創始人 Jeff Tangney。傑夫？

Thanks, Perry, and thank you, everyone, for joining our second-quarter earnings call. We have three updates today: our financials, network growth, and client portal.

謝謝佩里，謝謝大家參加我們第二季的財報電話會議。今天我們有三項更新：我們的財務狀況、網路成長和客戶入口網站。

First, our top line. We delivered $137 million in revenue for the second quarter of our fiscal 2025, which represents 20% year-on-year growth, and a 7% beat from the high end of our guidance range. Of note, our top 20 clients once again grew the fastest for us, up 24% on a trailing 12-month basis. These clients are the largest, most sophisticated pharma companies who employ entire teams of analysts to measure their marketing effectiveness. We believe our continued growth with them is proof of our value to the broader marketplace.

首先，我們的頂線。我們在 2025 財年第二季實現了 1.37 億美元的收入，年增 20%，比我們指導範圍的上限高出 7%。值得注意的是，我們的前 20 位客戶再次成為我們成長最快的客戶，在過去 12 個月的基礎上成長了 24%。這些客戶是最大、最成熟的製藥公司，他們僱用整個分析師團隊來衡量其行銷成效。我們相信，我們與他們的持續成長證明了我們對更廣泛市場的價值。

Our bottom line was also strong in Q2, with a record adjusted EBITDA margin of 56% -or $76 million, which was 41% year-on-year growth, and 20% above the high end of our guidance. In short, we had a better-than-expected first half of our fiscal year, with 19% top line growth and 54% margins. Our CFO, Anna, will provide details and guidance in a minute.

我們第二季的利潤也很強勁，調整後 EBITDA 利潤率達到創紀錄的 56%，即 7,600 萬美元，年增 41%，比我們指導的上限高出 20%。簡言之，我們上半財年的業績優於預期，營收成長 19%，利潤率 54%。我們的財務長安娜將立即提供詳細資訊和指導。

Okay. Turning now to our network growth and engagement. Q2 was another record engagement quarter for us. Our unique active users on a quarterly, monthly, weekly and daily basis were all up double-digit percentages year over year.

好的。現在轉向我們的網路成長和參與度。第二季我們的參與度又創歷史新高。我們的季度、月度、每周和每日的獨特活躍用戶數量同比均呈現兩位數百分比增長。

Drilling down to our biggest revenue driver, our news feed did particularly well in Q2, setting a new record for articles read. We're proud to put our 12 years of proprietary data to use to personalize each news feed for each of our more than two million members.

深入探討我們最大的收入驅動因素，我們的新聞推播在第二季表現尤其出色，創下了文章閱讀量的新紀錄。我們很自豪能夠利用我們 12 年的專有數據為超過 200 萬會員中的每一位提供個人化的動態消息。

Our workflow tools also set new records in Q2, with over 600,000 unique active prescribers. As a reminder, our workflow tools include our telehealth, [fax], scheduling and AI assistance. Our AI tools grew the fastest, with over 1 million Doximity GPT prompts in Q2. But our telehealth tools grew nicely as well. In this age of increasing burnout, we're proud to help doctors save time, be more mobile and provide the best care for their patients.

我們的工作流程工具在第二季也創下了新記錄，擁有超過 60 萬名獨特的活躍處方者。提醒一下，我們的工作流程工具包括遠距醫療、[傳真]、日程安排和人工智慧協助。我們的 AI 工具成長最快，第二季 Doximity GPT 提示超過 100 萬條。但我們的遠距醫療工具也發展得很好。在這個職業倦怠日益嚴重的時代，我們很自豪能夠幫助醫生節省時間、提高機動性並為患者提供最好的護理。

While we're still in the early innings of monetizing these workflow tools, our point of care and formulary products continue to gain traction. Indeed, 20% of our pharma sales in Q2 came from our workflow-related modules. As health care shifts to be more digital, more mobile and more AI-powered, we're proud to be leading the way.

雖然我們仍處於這些工作流程工具貨幣化的早期階段，但我們的護理點和處方產品繼續受到關注。事實上，我們第二季的藥品銷售額有 20% 來自我們的工作流程相關模組。隨著醫療保健轉向更加數位化、更加行動化和更加人工智慧化，我們很自豪能夠引領潮流。

Okay. Turning now to our new client portal. In September, we hosted our annual pharma client showcase in New York City, where we were joined by over 150 marketing leaders from our largest brand and agency partners. The hit of the day was our panel of top digital doctors describing how our AI and point-of-care tools are already transforming their practices and lives for the better. Our clients were excited to hear how we allow doctors to focus more on patients and less on paper work.

好的。現在轉向我們的新客戶入口網站。9 月份，我們在紐約市舉辦了年度製藥客戶​​展示會，來自我們最大的品牌和代理商合作夥伴的 150 多名行銷領導者參加了此次展示會。當天的熱門內容是我們的頂級數位醫生小組描述了我們的人工智慧和護理點工具如何已經使他們的實踐和生活變得更好。我們的客戶很高興聽到我們如何讓醫生更專注於患者而不是文書工作。

Excitement was also high for our new client portal, which is now open to more than 40% of our pharma brand clients, among whom our sales growth has been the strongest. In part, that's because upsells are easier in our portal. Our best-selling add-on to date has been nurse practitioner or NP audience extensions. The portal identifies NPs who work for our clients' top positions, and then can add them at a modest cost to existing programs. NPs conducted over 1 billion patient visits in the US last year, and pharma knows, they are an important high-growth audience to reach. Thankfully, they are also heavy Doximity users.

我們的新客戶入口網站也令人興奮不已，該入口網站現已向我們超過 40% 的製藥品牌客戶開放，其中我們的銷售成長最為強勁。部分原因是在我們的入口網站中追加銷售更容易。到目前為止，我們最暢銷的附加元件是執業護理師或 NP 受眾擴展。此入口網站會識別出為我們客戶的最高職位工作的 NP，然後以適當的成本將他們添加到現有計劃中。去年，NP 在美國接待了超過 10 億名患者，製藥公司知道，他們是重要的高成長受眾。值得慶幸的是，他們也是 Doximity 的重度使用者。

Over the last quarter, we've also seen that ad agencies can be key portal allies for us. They help existing clients use the portal and introduce us to new SMB clients as well. So we've created an agency partners program to offer them more training. We've signed a handful of agencies so far, and they've already referred us to new six-figure clients.

在上個季度，我們也看到廣告代理商可以成為我們的重要入口網站盟友。他們幫助現有客戶使用該門戶，並向我們介紹新的中小企業客戶。因此，我們創建了一個代理合作夥伴計劃，為他們提供更多培訓。到目前為止，我們已經簽約了一些代理機構，他們已經將我們推薦給了新的六位數客戶。

Based on this positive feedback and sales growth, we plan to roll out our client portal to all of our pharma clients starting early next year. Of note, we are now prioritizing agency partnerships over SMB self-service as we see better sales leverage there. That said, our client portal remains a multiyear initiative, and we'll continue to learn and adapt as we onboard more clients and partners.

基於這種積極的反饋和銷售成長，我們計劃從明年初開始向所有製藥客戶推出我們的客戶入口網站。值得注意的是，我們現在優先考慮代理合作夥伴關係而不是中小企業自助服務，因為我們看到那裡有更好的銷售槓桿。也就是說，我們的客戶入口網站仍然是一項多年計劃，隨著我們吸引更多客戶和合作夥伴，我們將繼續學習和適應。

Okay. I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to realize our mission to better health care. I personally have never been more excited or more proud about what we're building together.

好的。最後，我要感謝我的 Doximity 團隊成員，他們繼續努力工作，以實現我們改善醫療保健的使命。我個人對我們共同建構的東西感到前所未有的興奮和自豪。

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

接下來，我將把它交給我們的財務長安娜·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. Second quarter revenue grew to $136.8 million, up 20% year over year, and exceeding the high end of our guidance range.

謝謝傑夫，也謝謝今天參加電話會議的所有人。第二季營收成長至 1.368 億美元，年增 20%，超出了我們指導範圍的上限。

Similar to prior quarters, our existing customers continued to lead our growth. We finished the quarter with a net revenue retention rate of 116% on a trailing 12-month basis, up from 114% in Q2 of last year. Our top 20 customers remained our fastest growing, with a net revenue retention rate of 124%, up from 119% in Q2 of last year.

與前幾季類似，我們的現有客戶繼續引領我們的成長。本季結束時，過去 12 個月的淨收入保留率為 116%，高於去年第二季的 114%。我們的前 20 位客戶仍然是成長最快的，淨收入保留率為 124%，高於去年第二季的 119%。

We ended the quarter with 103 customers, contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a 12% increase from the 92 customers we had in this cohort a year ago, and these customers accounted for 83% of our total revenue.

本季結束時，我們擁有 103 名客戶，在過去 12 個月的基礎上，每位客戶貢獻了至少 50 萬美元的訂閱收入。這比一年前我們在該隊列中擁有的 92 名客戶增加了 12%，這些客戶占我們總收入的 83%。

Turning to our profitability. Non-GAAP gross margin in the second quarter was 92% versus 91% in the prior year period. Adjusted EBITDA for the second quarter was $76.1 million, and adjusted EBITDA margin was 56% compared to $54.2 million and a 48% margin in the prior year period. This represents adjusted EBITDA growth of 41% year over year, as we continue to run a very profitable business with high incremental margins.

轉向我們的獲利能力。第二季非 GAAP 毛利率為 92%，去年同期為 91%。第二季調整後 EBITDA 為 7,610 萬美元，調整後 EBITDA 利潤率為 56%，而去年同期為 5,420 萬美元，利潤率為 48%。這意味著調整後的 EBITDA 年成長 41%，因為我們繼續以高增量利潤營運利潤豐厚的業務。

Now turning to our balance sheet, cash flow, and an update on our share repurchase program. We generated free cash flow in the second quarter of $66.8 million compared to $11.6 million in the prior year period, an increase of 475% year over year, primarily driven by higher profits and the timing of quarterly tax payments.

現在轉向我們的資產負債表、現金流量和股票回購計劃的最新情況。我們第二季產生的自由現金流為 6,680 萬美元，而去年同期為 1,160 萬美元，年增 475%，這主要是由於利潤增加和季度納稅時間的推動。

Consistent with last year, we expect to pay roughly 20% to 25% in cash taxes annually. And given those payments may vary quarter-to-quarter, we believe annual free cash flow growth is the best measure of performance. We ended the quarter with $806 million of cash, cash equivalents, and marketable securities.

與去年一致，我們預計每年繳納約 20% 至 25% 的現金稅。鑑於這些付款可能會因季度而異，我們認為年度自由現金流成長是衡量業績的最佳指標。本季末，我們擁有 8.06 億美元的現金、現金等價物和有價證券。

During the second quarter, we repurchased $22.1 million worth of shares at an average price of $29.85. We believe repurchasing our shares is a valuable use of the incremental cash we generate, above what's needed to reinvest in the business. These share repurchase efforts have decreased our fully diluted shares outstanding by roughly 4% since Q2 of last year. As of September 30, we had 470 million remaining in our existing repurchase program.

第二季度，我們以 29.85 美元的平均價格回購了價值 2,210 萬美元的股票。我們相信，回購股票是對我們產生的增量現金的一種有價值的利用，超出了對業務進行再投資所需的資金。自去年第二季以來，這些股票回購努力使我們的完全稀釋後流通股減少了約 4%。截至 9 月 30 日，我們現有的回購計畫剩餘 4.7 億美元。

Now moving on to our outlook. For the third fiscal quarter of 2025, we expect revenue in the range of $152 million to $153 million, representing 13% growth at the midpoint. And we expect adjusted EBITDA in the range of $83 million to $84 million, representing a 55% adjusted EBITDA margin.

現在繼續我們的展望。對於 2025 年第三財季，我們預計營收在 1.52 億美元至 1.53 億美元之間，中位數成長 13%。我們預計調整後 EBITDA 在 8,300 萬美元至 8,400 萬美元之間，調整後 EBITDA 利潤率為 55%。

For the full fiscal year, we now expect revenue in the range of $535 million to $540 million, representing 13% growth at the midpoint. This is an increase of roughly 4% or $19 million at the midpoint after outperforming our Q2 guidance by roughly $10 million. We now expect adjusted EBITDA in the range of $274 million to $279 million, representing a 51% adjusted EBITDA margin. This is an increase of roughly 9% or $24 million at the midpoint after outperforming our Q2 guidance by roughly $13 million.

對於整個財年，我們現在預計營收在 5.35 億美元至 5.4 億美元之間，中間值將成長 13%。在超出我們第二季度指導約 1,000 萬美元之後，這一增幅約為 4%，即 1,900 萬美元。我們目前預計調整後 EBITDA 在 2.74 億美元至 2.79 億美元之間，調整後 EBITDA 利潤率為 51%。在超出我們第二季度指導約 1,300 萬美元之後，這一增幅約為 9%，即 2,400 萬美元。

Our increased outlook is due to all businesses performing better than expected this past quarter, as well as the continued momentum we are seeing into Q3. Specific to our pharma customers, our upsell season has shown strong growth driven by a combination of new product traction, client portal insights, and market stabilization.

我們上調前景的原因是上個季度所有業務的表現都優於預期，以及我們看到第三季的持續成長動能。具體到我們的製藥客戶，在新產品吸引力、客戶入口網站洞察和市場穩定的共同推動下，我們的追加銷售季節顯示出強勁的成長。

In Q2, sales for our new point of care and formulary products were each up more than 100% year over year. These products are becoming essential modules for our clients, and we are excited by the potential to see additional growth here during our upfront season.

第二季度，我們的新護理點和處方產品的銷售額年增均超過 100%。這些產品正在成為我們客戶的重要模組，我們對在前期銷售季中看到額外成長的潛力感到興奮。

We also continue to see success with the cohort of brands tapping into our client portal to track and enhance their program performance. From real-time insights to program expansion recommendations, our clients are leaning into new opportunities to scale their programs on Doximity. We're pleased that the this episode's momentum has also continued into Q3.

我們也繼續看到一系列品牌利用我們的客戶入口網站來追蹤和提高其計劃績效的成功。從即時洞察到專案擴展建議，我們的客戶正在尋求新的機會來擴展他們在 Doximity 上的專案。我們很高興這一集的勢頭也延續到了第三季。

As you consider our implied Q4 revenue guidance, please keep in mind two factors.

當您考慮我們隱含的第四季收入指引時，請記住兩個因素。

First, as we've mentioned before, our customers are getting more disciplined about completing their annual programs and upsells by calendar year-end. Second, as we go to launch next year's programs, we anticipate we may see longer launch time lines due to the traction of our new workflow products. Given the evolution in how our customers deploy their annual budgets, we continue to believe our annual growth rate is the best metric to measure the performance of our business.

首先，正如我們之前提到的，我們的客戶在年底之前完成年度計劃和追加銷售變得更加自律。其次，當我們準備推出明年的計劃時，由於我們新的工作流程產品的吸引力，我們預計我們可能會看到更長的啟動時間。鑑於我們的客戶部署年度預算方式的演變，我們仍然相信我們的年度成長率是衡量我們業務績效的最佳指標。

Looking ahead, we believe we are entering the upfront season in a strong competitive position, and we look forward to continuing to deliver value for both our customers and members.

展望未來，我們相信我們將以強大的競爭地位進入前期季節，我們期待繼續為我們的客戶和會員提供價值。

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) Glen Santangelo, Jefferies.

（操作員說明）Glen Santangelo，Jefferies。

Thanks for taking my questions. Jeff, obviously, the results were great. And I think what everyone is trying to really basically figure out is how much of the upside is coming from maybe the market stabilizing, where the market getting better, maybe as Anna, you just suggested versus maybe some of these new product revenues really starting to contribute versus maybe share gains. So that's kind of the first question.

感謝您回答我的問題。傑夫，顯然，結果很棒。我認為每個人都想真正弄清楚有多少上行空間可能來自市場穩定，市場變得更好，也許正如安娜，你剛剛建議的那樣，也許這些新產品收入中的一些真的開始增加貢獻而不是分享收益。這是第一個問題。

And the second question maybe is on that implied Q4 exit rate, Anna, that you were just talking about. Because if you look at 4Q, now you're sort of forecasting 3% revenue growth and 42% margins is sort of what we calculate, and you're kind of making the case that customers are getting more disciplined to complete their programs by year-end and customers are signing longer programs.

第二個問題可能是關於隱含的第四季退出率，安娜，您剛才談到的。因為如果你看看第四季度，現在你會預測 3% 的收入增長和 42% 的利潤率是我們計算的，並且你會證明客戶每年都會更加自律地完成他們的計劃-終端和客戶正在簽署更長的計劃。

But I guess I'm not clear as to why that would be impacting fiscal 4Q as much as it family is or maybe it's just a lot of conservatism built in there, not sure. And I'll stop there. Thanks.

但我想我不清楚為什麼這會對第四季度財報產生像家庭一樣大的影響，或者可能只是其中存在著許多保守主義，不確定。我就到此為止。謝謝。

Glen, this is Jeff. I appreciate your question. I'll hand to Anna for the Q4 question. But to your first question, yes, we're pleased with our results. And we did see, as Anna said in her prepared remarks, over 100% growth from our new products, which was terrific. We have seen the market stabilize as well. And of course, we think we are gaining share in our core product suites as well.

格倫，這是傑夫。我很欣賞你的問題。我將把第四個問題交給安娜。但對於你的第一個問題，是的，我們對我們的結果感到滿意。正如安娜在她準備好的演講中所說，我們確實看到我們的新產品實現了超過 100% 的成長，這真是太棒了。我們也看到市場穩定下來。當然，我們認為我們的核心產品套件的份額也在增加。

So the short answer is really all of the above. Candidly, we don't know yet, I think, how much of it really is market stabilization. But we can tell you, we feel really strong about how we're doing, again, relative to our competition and in terms of our user growth, which, again, at record levels on a daily, weekly, monthly, quarterly basis.

所以簡短的答案其實就是以上所有內容。坦白說，我認為我們還不知道其中有多少真正是市場穩定的作用。但我們可以告訴你，相對於我們的競爭對手和我們的用戶成長而言，我們對自己的表現感到非常自信，我們的用戶成長再次達到了每日、每週、每月、每季的創紀錄水平。

Anna?

安娜？

Yeah. Hey, Glen, thanks for the question. So with regards to Q4 specifically, I'll just reiterate the two dynamics I mentioned in my prepared remarks. So first, digital HCP has become a bigger line item for our customers. They have set up more guardrails around how annual budgets can be deployed. And what they're wanting to do is limit budget dollars from crossing between calendar years. So what that means is that we're seeing less revenue dollars from calendar 2024 programs flow into our fiscal Q4.

是的。嘿，格倫，謝謝你的提問。因此，具體到第四季度，我將重申我在準備好的發言中提到的兩個動態。首先，數位 HCP 已成為我們客戶的一個更大的產品線。他們圍繞著如何部署年度預算設置了更多的護欄。他們想要做的是限制預算資金在日曆年之間交叉。因此，這意味著我們看到 2024 年計畫的收入流入我們第四財季的收入減少。

And then the second dynamic is that while we are excited by the potential for another strong annual buying cycle, it is just too soon for us to know what the mix is going to look like in new brands and new products and what those launch timelines for next calendar year might look like, especially given the way new products are resonating with clients, it's likely we could see a stronger mix of sales come from those products, and those products typically do have longer launch timelines.

第二個動態是，雖然我們對另一個強勁的年度購買週期的潛力感到興奮，但現在要知道新品牌和新產品的組合以及這些產品的推出時間表還為時過早下一個日曆年可能會是什麼樣子，特別是考慮到新產品與客戶產生共鳴的方式，我們很可能會看到這些產品帶來更強勁的銷售組合，而這些產品通常確實有更長的上市時間。

So I'll just like close it all together here and reiterate that this is a good example of how evolving industry dynamics or the product mix can lead to quarterly variations in revenue growth and changes in the shape of the year. And that's why we think it's critical to focus on our annual growth rate as the best metric to measure the success for our business. And we've seen strong momentum there over the past 6 months that we're really encouraged by.

因此，我想在此結束所有內容並重申，這是一個很好的例子，說明不斷變化的行業動態或產品組合如何導致收入成長的季度變化和年度形狀的變化。這就是為什麼我們認為專注於我們的年增長率作為衡量我們業務成功的最佳指標至關重要。在過去的 6 個月裡，我們看到了強勁的勢頭，對此我們感到非常鼓舞。

Thank you very much.

非常感謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thank you. This is Johnathan McCary on for Brian. Congrats on the quarter. So first on the self-serve portal, it's nice to hear about the continued progress there. I think you've sort of spoken to it in three waves before referencing a recommendations and pricing phase and then a content creation phase that was in beta in the past.

謝謝。我是喬納森·麥卡里 (Johnathan McCary) 替布萊恩發言。恭喜本季。因此，首先在自助服務入口網站上，很高興聽到那裡的持續進展。我認為在提到推薦和定價階段以及過去處於測試階段的內容創建階段之前，您已經分三波談到了它。

Can you just explain what you expect to go live with all clients next year? Is that all of that functionality? Or can you just remind us on the road map on how you're monetizing that?

您能否解釋一下您希望明年向所有客戶推出的內容？這就是所有功能嗎？或者您能在路線圖上提醒我們您如何從中獲利嗎？

Yeah. Thanks, Jonathan. This is Jeff. So I'm really pleased with our content portal or client portal and how that's been growing. As we mentioned in our prepared remarks, we're seeing really stronger growth from clients who are on that. We are over 40% clients on it today. And early next year, we plan to roll it out to all of our clients. So obviously, we are pleased with how it's doing. We want all of our clients to have it.

是的。謝謝，喬納森。這是傑夫。因此，我對我們的內容入口網站或客戶入口網站及其發展方式感到非常滿意。正如我們在準備好的發言中所提到的，我們看到這樣做的客戶確實實現了更強勁的成長。今天我們有超過 40% 的客戶。明年初，我們計劃將其推廣給所有客戶。顯然，我們對它的表現感到滿意。我們希望所有客戶都能擁有它。

The key thing I think we've learned is that these recommendations, these easy packages that clients can just go see, like an NP extension package, can be a great growth driver for us and again, really drove a good upsell season for us this past summer. We do have the content creation capabilities coming online, and they're going well. But as we alluded in our prepared remarks, we're really seeing more growth opportunity in working with agency partners in the short term as opposed to going direct to small clients with a full end-to-end self-serve option.

我認為我們學到的關鍵一點是，這些推薦，這些客戶可以直接去看的簡單套餐，例如 NP 擴展套餐，可以成為我們巨大的增長動力，並且再次為我們帶來了良好的追加銷售季節過去的夏天。我們確實擁有線上內容創建功能，而且進展順利。但正如我們在準備好的發言中提到的那樣，我們確實看到了短期內與代理商合作夥伴合作的更多增長機會，而不是透過完整的端到端自助服務選項直接面向小型客戶。

And so we're going to prioritize working with those agency partners first, in part because it matches the land and expand go-to-market motion that's worked so well for us for the last decade, which just to remind you, we would work with a top 20 pharma company, work with one of their brands, and then expand to 15 or 20 of their brands.

因此，我們將首先優先考慮與這些代理商合作夥伴合作，部分原因是它與過去十年對我們非常有效的土地和擴大進入市場的行動相匹配，這只是為了提醒您，我們會努力與一家排名前20 的製藥公司合作，與其中一個品牌合作，然後擴展到15 或20 個品牌。

So that land and expand -- and then the way we would get small clients in the past was really the lateral movement of a lot of our brand manager clients from big pharma going to small pharma, we see a similar land and expand motion, however, with these agencies, who do tend to work with dozens of different brands. And again, we can use the same sort of proof and trust of ROI when an agency works with us on Brand A to then also go work with them on Brand B and C.

因此，土地和擴張——然後我們過去獲得小客戶的方式實際上是我們的許多品牌經理客戶從大型製藥公司到小型製藥公司的橫向流動，我們看到了類似的土地和擴張運動，但是，與這些機構合作，他們確實傾向於與數十個不同的品牌合作。同樣，當代理商與我們合作開髮品牌 A，然後也與他們合作開髮品牌 B 和 C 時，我們可以使用相同的投資回報率證明和信任。

So we're going to lean a little bit more into that motion. But overall, our product road map for this, I've been really excited by the growth and the team has been doing a great job on it. Our clients really do just prefer the ability to have this in-flight dashboard we call it, but in flight, the idea they're flying their plane on their program and seeing the results every day, which has built trust in our data and our ROI.

因此，我們將更多地關注這項動議。但總的來說，我們的產品路線圖，我對它的成長感到非常興奮，而且團隊在這方面做得非常好。我們的客戶確實更喜歡擁有我們稱之為飛行中儀表板的能力，但在飛行中，他們按照自己的計劃駕駛飛機並每天看到結果，這建立了對我們的數據和我們的信任。率。

And again, our clients are just more engaged. We're more top of mind with them every day. So moving ahead, we're not going to give all sorts of product road map details, but suffice it to say, again, starting early next year, we'll have all of our clients on our client pool.

再說一遍，我們的客戶更加投入。我們每天都更關心他們。因此，展望未來，我們不會提供各種產品路線圖詳細信息，但足以再次說明，從明年初開始，我們的客戶庫中將包含所有客戶。

Very helpful. All right. Thanks. Jeff.

非常有幫助。好的。謝謝。傑夫.

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey, guys. Thank you for taking my question. Congrats on an awesome quarter. There were a lot of bright spots, but engagement was an especially bright one. So I wanted to hear a little bit more about what changed? So Jeff, is that tweak a platform? Did you engagement strategy? Or do you think we're just really seeing a change in help engage with the docs and the portal itself?

嘿，夥計們。謝謝你回答我的問題。恭喜您度過了一個精彩的季度。有很多亮點，但參與度是特別亮點。所以我想多了解一下發生了什麼變化？那麼傑夫，這是一個調整平台嗎？你有參與策略嗎？或者您認為我們真的看到了文件和入口網站本身的幫助方面發生了變化？

Well, thanks, Stephanie. You -- really was a lot of bright spots in this quarter. I mean, I'll speak to the bright spots from a physician clinician engagement, and then I'll turn to Anna, maybe to speak to the client engagement of it.

嗯，謝謝，斯蒂芬妮。你——這個季度確實有很多亮點。我的意思是，我將談論臨床醫生參與的亮點，然後我將轉向安娜，也許會談論客戶的參與。

But on the physician side, there are two things we highlighted. First, in our news feed had an all-time record high of articles tapped or articles read, which we're just really proud of. We're so proud to help doctors stay up to date on the clinical news that matters most to them, especially in this world that's increasingly noisy from a media landscape. And we're so proud to keep it clinical focused on what doctors need to provide better care for their patients.

但在醫生方面，我們強調了兩件事。首先，我們的新聞提要中的文章被點擊或閱讀的文章數量創歷史新高，我們對此感到非常自豪。我們非常自豪能夠幫助醫生隨時了解對他們來說最重要的臨床新聞，尤其是在這個媒體環境日益喧鬧的世界。我們非常自豪能夠將其臨床重點放在醫生為患者提供更好護理所需的內容上。

And again, for that to do well in a very heavy news cycle and other things, I think, is a sign that doctors are keeping their heads down and treating their patients and doing their best work. So we're proud to help with that.

再說一次，我認為，在一個非常沉重的新聞週期和其他事情中表現良好，表明醫生正在低調地對待病人並盡最大努力。因此，我們很自豪能夠為此提供幫助。

The other record high stat was our number of workflow users, which was helped and aided -- so 600,000 in the quarter, the fastest-growing piece of which was our AI. So we're really excited to put multiple AI models to work for our doctors.

另一個創紀錄的高統計數據是我們得到幫助和援助的工作流程用戶數量——本季達到 60 萬人，其中成長最快的部分是我們的人工智慧。因此，我們非常高興能夠讓多種人工智慧模型為我們的醫生服務。

We use perplexity to help them answer questions where they want to cite the sources, they know the provenance, know where the guideline came from. We use open AI to help them write the letters or the prior authorization or the patient education. But the net result of all of that was a lot of growth.

我們利用困惑來幫助他們回答他們想要引用來源的問題，他們知道出處，知道指南來自哪裡。我們使用開放的人工智慧來幫助他們寫信或事先授權或病患教育。但這一切的最終結果是大幅成長。

And we're really excited, I think, about the what AI can do for doctors specifically. And for healthcare more broadly, I think the growth and opportunity there has been terrific. Anna?

我認為，我們對人工智慧可以為醫生做的事情感到非常興奮。對於更廣泛的醫療保健領域來說，我認為那裡的成長和機會非常好。安娜？

Yes. And Steph, I think you're also asking a little bit about client engagement with the portal. And that's definitely something that we see reflected in the numbers. So our brands with access to our portal, once again, grew quite a bit faster than our overall pharma business in Q2. So that cohort of brand has certainly been responsible for helping to increase our revenue outlook.

是的。史蒂芬，我認為您也詢問了一些有關客戶與入口網站互動的問題。這絕對是我們在數字中看到的反映。因此，可以造訪我們入口網站的品牌在第二季的成長速度再次快於我們的整體製藥業務。因此，該品牌群體無疑對幫助提高我們的收入前景負有責任。

Now, in Q2, I think what we saw with these brands more was they were leaning heavily into the recommendations aspect of the portal. So Jeff mentioned in his prepared remarks, the NPs were one of the biggest add-ons that we saw. And these recommendations are helping our clients make easy upsell decisions and focus on maximizing ROI. So we're really pleased with the trajectory and the engagement that we've seen so far on client portal and how that's already helped our business.

現在，在第二季度，我認為我們在這些品牌上看到的更多的是他們嚴重依賴門戶網站的推薦方面。Jeff 在他準備好的發言中提到，NP 是我們看到的最大的附加組件之一。這些建議正在幫助我們的客戶輕鬆做出追加銷售決策，並專注於最大化投資報酬率。因此，我們對迄今為止在客戶入口網站上看到的發展軌跡和參與度以及這對我們業務的幫助感到非常滿意。

And the other thing I'll say on that is I just think we're in the early innings here, too.

我要說的另一件事是，我認為我們也處於早期階段。

Okay. Dovetailing on that question then. So when you think about how that portal maybe can optimize this higher level of engagement, is this a level you're thinking of pulling where maybe you can try to drive more sustained engagement or higher engagement? Or is this kind of still the comp?

好的。那就吻合這個問題。因此，當您考慮該入口網站如何優化這種更高水平的參與度時，您是否正在考慮將其拉到您可以嘗試推動更持續的參與度或更高的參與度的水平？或者這仍然是comp？

I assume you're talking, Stephanie, about our clients' engagement. And I'll just say, prior to this portal that we've worked on so hard in the last year, really, the only way clients could work with us was the e-mail or call us. And there's just a lot of friction to all of that, and we've heard it from our agency partners now as well. And so it's just so much easier, better -- if I've got an 8:00 AM meeting on Thursday, and it's Wednesday afternoon, to go pull up our portal, get the latest stats, understand your ROI, see what's working, what's not working.

史蒂芬妮，我猜你正在談論我們客戶的參與度。我只想說，在我們去年努力開發這個入口網站之前，實際上，客戶與我們合作的唯一方法是發送電子郵件或致電我們。所有這些都存在著許多摩擦，我們現在也從我們的代理商合作夥伴那裡聽到了這一點。因此，如果我在星期四上午8:00 有一個會議，而那是星期三下午，那麼就更容易、更好，打開我們的門戶網站，獲取最新統計數據，了解您的投資回報率，看看哪些方法有效，什麼不起作用。

Sothey don't want to do another video call, another e-mail, another phone call. And again, we're making that all just a lot simpler and easier for them. And our engagement, that is the amount of time our clients are spending in the portal, has been impressive higher than we would have expected. So I hope that answers your question.

所以他們不想再打一次視訊電話、再發一封電子郵件、再打一次電話。再說一遍，我們正在讓這一切對他們來說變得更加簡單和容易。我們的參與度，也就是我們的客戶在入口網站上花費的時間，比我們預期的要高得多。所以我希望這能回答你的問題。

Thank you so much. And thank you for enduring my airport background noise.

太感謝了。感謝您忍受我的機場背景噪音。

Jared Haase, William Blair.

賈里德·哈斯，威廉·布萊爾。

Yeah, hi, good evening. This is Jared on for Ryan Daniels. Maybe I'll just tack on a quick follow-up as it relates to the user engagement in the quarter. I'm curious, are you seeing any differences in engagement by, I guess, specialty? I think you talked a little bit about the dynamic with NPs, but just sort of beyond that, any differences by specialty or therapeutic area that would be incremental or different than what you experienced in the past?

是的，嗨，晚上好。這是賈里德替補瑞恩丹尼爾斯的發言。也許我會進行快速跟進，因為這與本季的用戶參與度有關。我很好奇，您是否發現專業方面的參與度有差異？我想你談了一些關於 NP 的動態，但除此之外，專業或治療領域的任何差異是否會與你過去經歷的有所增加或不同？

Yes. Thanks, Jared. So as we've shared in the past, telehealth has also been a great growth factor and driver for us, and that was also at record highs this quarter. There, in terms of specialties, the one thing we've highlighted in endocrinologists, who are the core specialty for GLP-1s.

是的。謝謝，賈里德。正如我們過去所分享的那樣，遠距醫療也是我們巨大的成長因素和驅動力，本季也創下了歷史新高。就專業而言，我們強調的一件事是內分泌科醫生，他們是 GLP-1 的核心專業。

So an important, I think, commercial audience for us, they are among the heaviest users of telehealth. And we have a high percentage of endocrinologists in the country who use us every week, every month to communicate and see their patients. It just really fits very well with that model of seeing folks titrating their meds, but again, doing that in a nice space to base visit that they can do from home.

因此，我認為，他們是我們重要的商業受眾，也是遠距醫療的最大用戶之一。我們國家有高比例的內分泌科醫生每週、每月都會使用我們來與病人溝通和看診。它確實非常適合看到人們滴定藥物的模式，但同樣，在一個很好的空間進行基地訪問，他們可以在家中進行。

The other thing I'd highlight is going back to the NPs for a moment. As we've said, NPs have been really popular in our portal, and we've been prioritizing them more in our growth strategies. They are one of the fastest-growing professions in the country according to the Bureau of Labor Statistics. And over 1 billion visits this past year.

我要強調的另一件事是暫時回到 NP。正如我們所說，NP 在我們的門戶中非常受歡迎，我們在成長策略中更加優先考慮它們。根據勞工統計局的數據，他們是美國成長最快的職業之一。去年訪問量超過 10 億次。

So one of the new products that we're coming out with here is what we call NP Navigator, which is helping them find the right school to go to, to become an NP and to further their training as an NP, which is sort of complex. There's over 500 different programs out there. They have to get (inaudible) with doctors in order to get the right training.

因此，我們在這裡推出的新產品之一就是我們所說的 NP Navigator，它可以幫助他們找到合適的學校，成為 NP 並進一步進行 NP 培訓，這有點像複雜的。有超過 500 個不同的程式。他們必須（聽不清楚）去看醫生才能獲得正確的訓練。

So we have thousands of reviews now that we've gathered up from NPs themselves about their programs. I'm pleased to announce that the number one online school is Duke University, the number one in-person school is the University of Miami. And again, we're providing a simple place like we've known with our residency navigator for medical school students, new graduates. And that product has gotten to 90% of graduating medical school students who use us.

因此，我們現在已經從 NP 本身收集了數千條關於其計劃的評論。我很高興地宣布，排名第一的線上學校是杜克大學，排名第一的線下學校是邁阿密大學。再次，我們為醫學院的學生和應屆畢業生提供了一個簡單的地方，就像我們所熟知的住院醫師導航器一樣。90% 的醫學院畢業生都使用我們的產品。

So our hope is with NP Navigator, we will have similar sort of ongoing evergreen use as they are finding the best training and sharing within their profession the best places to be trained.

因此，我們希望 NP Navigator 能夠得到類似的持續常青使用，因為他們正在尋找最好的培訓，並在他們的職業中分享最好的培訓場所。

Okay. That's great to hear. And I appreciate all that color. And then, Anna, maybe for you. I just had one on the guidance.

好的。很高興聽到這個消息。我很欣賞所有這些顏色。然後，安娜，也許適合你。我剛剛得到了一份指導。

And maybe just to put a fine point on sort of the assumptions for the second half of the year because it looks like there's the implied sort of step-up in OpEx relative to, I think it was flat in the first and second quarter here. So just anything you'd share in terms of, I guess, investment areas? It sounds like obviously, with the rollout of the portal, maybe there's some incremental investment there or things around AI. Just anything you'd call out in the second half investment priorities?

也許只是為了對今年下半年的假設提出一個很好的觀點，因為看起來營運支出相對於第一季和第二季持平而言有隱含的上升。那麼您想分享的投資領域方面的內容嗎？聽起來顯然，隨著門戶網站的推出，可能會有一些增量投資或圍繞人工智慧的事情。您認為下半年的投資重點是什麼？

Yes, definitely. Thanks for the question. So a couple of things. First and foremost, since Q3 and Q4 are typically our highest sales quarters, they are also our highest commission quarters. And given the way we're pacing for the year, we are expecting strong commission payout. So that is a natural step-up that we see into Q3 and Q4 every year.

是的，絕對是。謝謝你的提問。有幾件事。首先也是最重要的，由於第三季和第四季通常是我們銷售額最高的季度，因此它們也是我們佣金最高的季度。考慮到我們今年的節奏，我們預計將獲得豐厚的佣金支出。因此，這是我們每年第三​​季和第四季都會看到的自然提升。

As far as some of the newer investment areas, as we mentioned last quarter, as of September 1, we're now buying weekly prescription data instead of monthly to provide even stronger real-time insights for our clients. So that's certainly a factor in the back half expense growth. And then we're also focusing on hiring commercial R&D, sales reps, sales leadership to continue to build on our client portal and enhance all of our other offerings. So it's very standard for us to see the [CCAP] step up.

至於一些較新的投資領域，正如我們上個季度提到的，截至 9 月 1 日，我們現在購買每週處方數據而不是每月購買，以便為我們的客戶提供更強大的即時洞察。所以這肯定是下半年費用成長的因素。然後，我們也專注於招募商業研發人員、銷售代表、銷售領導層，以繼續建立我們的客戶入口網站並增強我們所有其他產品。因此，我們看到 [CCAP] 的進步是非常正常的。

And the other thing I'll note is that we are now guiding to a 49% EBITDA margin in the back half of the year. And so we think it's very consistent with our overall margin trajectory.

我要指出的另一件事是，我們現在的目標是今年下半年的 EBITDA 利潤率達到 49%。因此，我們認為這與我們的整體利潤率軌跡非常一致。

Perfect. Yes, that makes sense. And congrats on all the momentum.

完美的。是的，這是有道理的。並祝賀所有的勢頭。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Congrats on the quarter. Very nice to see, and thank you for the question. I have a question about agency partnerships. I mean that's such an interesting opportunity and a way to further leverage not only your own sales efforts, but sort of the sort of TAM and the reach in there. How do you see, at least from the early learnings, the impact of that?

恭喜本季。很高興看到，謝謝你的提問。我有一個關於代理合作夥伴關係的問題。我的意思是，這是一個非常有趣的機會，也是一種不僅可以進一步利用您自己的銷售努力，還可以進一步利用 TAM 及其影響力的方式。至少從早期的經驗來看，您如何看待其影響？

And where have you sort of seen it both from the biggest impact from an efficiency internally perspective and then the types of customers that, that really has allowed you leverage into?

從內部效率角度的最大影響以及真正允許您利用的客戶類型，您在哪裡看到了它？

Yeah. Thanks, Elizabeth. This is Jeff. I'll speak to that. Yes, the agencies, we've always worked with, at least in some degree, we contract directly with end clients who work directly with end brands, but agencies are involved in most of our work in business.

是的。謝謝，伊麗莎白。這是傑夫。我會談到這一點。是的，我們一直與代理商合作，至少在某種程度上，我們直接與直接與最終品牌合作的最終客戶簽訂合同，但代理商參與了我們的大部分業務工作。

But with the portal, I think we've really opened up a new place for them to really engage and look smart in front of their clients and have better reports on ROI and what sort of content is resonating and not resonating in insights. So we really think it's a big win-win here for us with agencies, and we have worked on better agency alignment in our business.

但透過該門戶，我認為我們確實為他們開闢了一個新的場所，讓他們能夠真正參與並在客戶面前顯得聰明，並就投資回報率以及哪些內容在見解中引起共鳴和不產生共鳴提供更好的報告。因此，我們確實認為這對我們與代理商來說是一個巨大的雙贏，並且我們一直致力於在我們的業務中更好地協調代理商。

So part of that will be, as part of this agency partner programming, letting them author the content. We will still approve it. But having them author it within the portal, which should be a small lift to our overall margins since it would be work that we're not doing that they can do.

因此，作為該代理商合作夥伴計劃的一部分，其中一部分將是讓他們創作內容。我們還是會批准的。但是讓他們在門戶網站內創作它，這應該會對我們的整體利潤有一個小小的提升，因為我們沒有做他們可以做的工作。

But interestingly, when we let them do that, we see that they actually get content approved faster. They understand the internal legal processes of these top 20 pharma better. And that's good news for us that gets programs launched faster. And actually, their ROI is slightly higher as well, which means that they're finding the right tone and the right resonance, I think, with their content.

但有趣的是，當我們讓他們這樣做時，我們發現他們實際上更快地獲得了內容批准。他們更了解這 20 強制藥公司的內部法律流程。這對我們來說是個好消息，可以更快地啟動專案。事實上，他們的投資報酬率也略高，這意味著我認為他們的內容找到了正確的基調和正確的共鳴。

So we think it's a real win-win for us to work with agencies. And as we said in our prepared remarks, we've already had multiple client referrals, new clients they brought us that we've never worked with before, that are six-figure clients. So we're excited to do that and more of that.

因此，我們認為與代理商合作對我們來說是真正的雙贏。正如我們在準備好的發言中所說，我們已經有多個客戶推薦，他們為我們帶來了我們以前從未合作過的新客戶，這些客戶都是六位數的客戶。因此，我們很高興能夠做到這一點以及更多。

We just got an email from one of them yesterday, one of our new program partners. They just signed their contract this week. And they send the e-mails that they are chomping at the bit to get access to the portal, which I think speaks to the excitement they have, I think, to have some of these analytics be done for them in a more seamless way because a lot of what agencies do is putting together a lot of spreadsheets, and that takes a lot of time. And you'd be surprised how manual a lot of that process is today.

昨天我們剛收到其中一位的電子郵件，他們是我們的新專案合作夥伴之一。他們本週剛剛簽署了合約。他們發送電子郵件，他們正在急切地想要訪問門戶，我認為這說明了他們對以更無縫的方式完成其中一些分析的興奮，因為各機構所做的很多工作就是整理大量電子表格，這需要花費大量時間。您會驚訝地發現今天這個過程中有很多是手動的。

So having that pulled together all in one place, like you'd expect to do with Google or with other major portals, I think it's really exciting for them.

因此，將所有這些整合到一個地方，就像您期望對 Google 或其他主要入口網站所做的那樣，我認為這對他們來說真的很令人興奮。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good afternoon. Thanks for taking my question. Jeff, you mentioned that workflow tools drove 20% of the pharma revenue in the quarter. I think you called out telehealth, back scheduling, AI assistance. Can you talk about how the growth of those products has been over the past year? Kind of what was the contribution maybe a year ago?

午安.感謝您提出我的問題。Jeff，您提到工作流程工具佔本季製藥收入的 20%。我認為您呼籲遠距醫療、後台安排、人工智慧協助。您能談談這些產品在過去一年中的成長嗎？一年前的貢獻大概是多少？

And then you also mentioned you're in early innings monetizing these workflows, trying to understand how much larger can they get? Is it about penetrating more of your customers or growing share of wallet? Really trying to understand how big the specific pieces of the business can be?

然後您還提到您正處於將這些工作流程貨幣化的早期階段，試圖了解它們可以變得多大？是為了滲透更多的顧客還是增加錢包份額？真的想了解業務的具體部分有多大嗎？

Yeah. Thanks for the question, Allen. So what Jeff referenced in his prepared remarks is that we saw 20% of our sales in Q2 come from these new workflow products, such as formulary and point of care.

是的。謝謝你的提問，艾倫。因此，傑夫在他準備好的演講中提到的是，我們看到第二季 20% 的銷售額來自這些新的工作流程產品，例如處方和護理點。

Now, if we look back over the last 12 months, obviously, it's going to be a lower percentage of that, but it is growing faster than our overall business. We think that we're still in the early innings here of the opportunity. Between the engagement we see in our workflow channels and the unmonetized white space, we believe our workflow modules could be on par with our news feed over the next three to five years.

現在，如果我們回顧過去 12 個月，顯然，這一比例將會較低，但它的成長速度快於我們的整體業務。我們認為我們仍處於機會的早期階段。在我們在工作流程管道中看到的參與度和未貨幣化的空白空間之間，我們相信我們的工作流程模組在未來三到五年內可以與我們的新聞源相提並論。

Once again, we're still in the very early innings, but these modules are certainly helping to lead our growth. And we do think that over the next three to five years, they'll continue to become a higher percentage of our overall business.

再說一遍，我們仍處於早期階段，但這些模組無疑有助於引領我們的成長。我們確實認為，在未來三到五年內，它們將繼續在我們的整體業務中佔據更高的比例。

Got it. That's really helpful, Anna. And then one for you. On the EBITDA margins, 56% in the quarter, really, really strong. How should we think about the incremental cost in the model?

知道了。這真的很有幫助，安娜。然後為您準備一份。就 EBITDA 利潤率而言，本季為 56%，非常非常強勁。我們應該如何考慮模型中的增量成本？

I mean, over the past year, you've invested in a lot of new products, point of care, peer-to-peer, the client portal. And obviously, you're managing OpEx growth incredibly well. And I think it was about maybe 1.5 years ago, you talked about 45% plus EBITDA margins. Is there any update to that specific target? Just trying to understand how you think about the incremental cost in the model?

我的意思是，在過去的一年裡，您投資了許多新產品、護理點、點對點、客戶入口網站。顯然，您對營運支出成長的管理得非常好。我認為大約 1.5 年前，您談到了 45% 的 EBITDA 利潤率。該特定目標有任何更新嗎？只是想了解您如何看待模型中的增量成本？

Yeah. Thanks for the question, Allen. So as far as EBITDA expansion, I'd say two things here. So one, we're still in the early stages of learning how AI could make our business more efficient. And we're also still in the early stages of learning how our client portal could impact incremental margins. At the same time, we're in the early stages of investments in these two areas. So it's just too soon for us to know exactly what medium to long-term margins could look like for us.

是的。謝謝你的提問，艾倫。就 EBITDA 擴張而言，我想說兩件事。因此，我們仍處於學習人工智慧如何提高我們業務效率的早期階段。我們也處於了解我們的客戶入口網站如何影響增量利潤的早期階段。同時，我們在這兩個領域的投資正處於早期階段。因此，現在要準確了解我們的中長期利潤率還為時過早。

There's no reason for us to believe that we will see margins decrease materially by any means of these investments, because we do think we have a lot of upside through AI and through the incremental margins that our client portal could drive. But we just want to get a better understanding on those two aspects of the business before we do give an updated long-term outlook.

我們沒有理由相信這些投資的任何方式都會導致利潤率大幅下降，因為我們確實認為透過人工智慧和我們的客戶入口網站可以帶來的增量利潤，我們有很多優勢。但我們只是想在給出更新的長期前景之前更好地了解業務的這兩個方面。

Thanks, Anna.

謝謝，安娜。

Michael Cherny, Leerink.

麥可·切爾尼，萊林克。

Great. This is Dan Clark on for Mike. Just curious when you look at the quarterly outperformance you had revenue in 2Q, if there were any like common themes behind what drove the outperformance, if there are like specific drug classes that you saw a particular strength in marketing campaigns or anything like that, on [accretion]?

偉大的。這是麥克的丹·克拉克。只是好奇，當您查看第二季度收入的季度表現時，是否有任何類似的共同主題推動了表現出色，是否有特定的藥物類別，您在營銷活動或類似的事情中看到了特殊的優勢，[吸積]？

Mike, thanks for the question. So back to some of the things we said earlier, so it wasn't all businesses performed better than expected in Q2, our pharma business as well as our health system business. I would say most of the growth was led by pharma as we had a really strong upsell season, but the strength was broad-based. There wasn't anything specific class of drugs or therapeutic area that was unique that led the growth.

麥克，謝謝你的提問。回到我們之前所說的一些事情，並不是所有業務在第二季的表現都好於預期，我們的製藥業務以及我們的醫療系統業務。我想說，大部分成長是由製藥業帶動的，因為我們有一個非常強勁的追加銷售季節，但這種優勢是廣泛的。沒有任何特定類別的藥物或獨特的治療領域能夠帶動成長。

I would say kind of the two factors that we've pointed to are the client portal, helping to provide real-time insights and recommendations, and then also new product traction. But that, once again, has been broad-based across many of our pharma brands and clients.

我想說的是，我們指出的兩個因素是客戶門戶，有助於提供即時見解和建議，然後還有新產品的吸引力。但這再次在我們的許多製藥品牌和客戶中得到了廣泛的應用。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

Yeah. Thanks for taking the question. So I kind of want to follow up on Jeff's question at the beginning of the Q&A session here. If you look back at last year, before you had the portal up and running, I think you maybe potentially lost some market share to competitors that had the portal.

是的。感謝您提出問題。所以我想在這裡跟進傑夫在問答環節開始時提出的問題。如果您回顧去年，在入口網站啟動並運行之前，我認為您可能會因為擁有該入口網站的競爭對手而失去一些市場份額。

Now as you're successfully launching it, you're seeing some market share gains back. And then ultimately, into next year, when we have all of your clients on the portal, we should be really unlocking a lot of upselling opportunities here through the portal.

現在，當您成功推出它時，您會看到一些市場份額的回升。最終，到明年，當我們在入口網站上擁有您的所有客戶時，我們應該真正透過入口網站釋放大量追加銷售機會。

Just kind of wanted to understand where you think market conditions will be overall for next year? And how much more market share gains you can potentially do next year versus prior years with your portal?

只是想了解您認為明年市場狀況的整體情況如何？與往年相比，您明年的入口網站可能會獲得多少市場份額？

Yeah. Thanks, Scott. This is Jeff. So I'll begin and then maybe Anna can speak a little more to the longer term. If we look back on it, yes. I think we had the best product, but we weren't the easiest to buy 1.5 years ago. And now the portal has helped us really fix that problem.

是的。謝謝，斯科特。這是傑夫。那我就開始吧，然後安娜或許可以多談談長遠的問題。如果我們回顧一下，是的。我認為我們擁有最好的產品，但 1.5 年前我們並不是最容易購買的。現在該門戶網站已經幫助我們真正解決了這個問題。

And beyond just being easier to buy, I think we're also providing them additional insights that really are, I think, putting us again at that strategy table with our clients, where we've always been, but now even with, I think, a greater level of influence and insight. So I think that's been terrific.

除了更容易購買之外，我認為我們還為他們提供了額外的見解，我認為這些見解確實使我們再次與客戶一起坐在戰略桌上，我們一直如此，但現在即使如此，我認為，更大程度的影響力和洞察力。所以我認為這非常棒。

So I'll let Anna speak to the market growth.

所以我會讓安娜談談市場成長。

Yeah. Listen, it's still early. We're in our upfront season right now. We're having discussions with our clients. As of right now, we have no reason to believe that we're going to see much of a change in form of budget growth at least for this next year. We'll know a lot more in December and we'll obviously give you a more robust update in February.

是的。聽著，現在還早。我們現在正處於前期階段。我們正在與客戶進行討論。截至目前，我們沒有理由相信至少在明年預算成長形式會發生很大變化。我們將在 12 月了解更多信息，並且顯然會在 2 月為您提供更可靠的更新。

I'll just remind you that, if we think about our industry, it's evolved a lot over the past five years, right? So pre-pandemic pharma was spending just about 17% of their budgets digitally. During the pandemic, we saw a massive acceleration to digital, with budget growth of roughly 30% to 40% a year. And then post-pandemic, we've seen a little bit of a digital detox, if you will. And we're seeing budget growth now in the mid-single digits.

我只是提醒您，如果我們考慮我們的行業，它在過去五年中發展了很多，對嗎？因此，在疫情爆發前，製藥公司的數位化支出僅佔其預算的 17% 左右。疫情期間，我們看到數位化進程大幅加速，預算每年成長約 30% 至 40%。然後在大流行後，我們看到了一些數位排毒，如果你願意的話。我們現在看到預算成長處於中個位數。

So as we look ahead, we believe pharma is still very under indexed digitally. And we don't believe long term that mid-single digit is that long-term industry growth rate. But as far as we see in the near term, there's nothing that suggests that, that's going to change at least in the next year or so. But over the medium to longer term, we do think we'll see a higher growth rate for our overall pharma budgets.

因此，展望未來，我們認為製藥業的數位化指數仍然很低。從長遠來看，我們認為中個位數的產業成長率不會是長期的。但就我們近期來看，沒有任何跡象顯示這種情況至少在明年左右會改變。但從中長期來看，我們確實認為我們的整體製藥預算將會出現更高的成長率。

Great, thanks, Anna. And I guess I would follow up with you. I think a couple of quarters ago, you outlined about no growth from the healthcare end market baked into your guidance for this year. Has that changed recently?

太好了，謝謝，安娜。我想我會跟進你。我認為幾個季度前，您概述了今年的指導中沒有醫療保健終端市場的成長。最近情況有改變嗎？

Yes. We've definitely seen stability in our health system business over the past six months. And so if we look at our expectations today versus our expectations 6 months ago, we've definitely seen marginal improvement there. But I'll continue to reiterate that the majority of our outperformance has been led by our pharma business.

是的。在過去的六個月裡，我們的醫療系統業務確實保持了穩定。因此，如果我們將今天的預期與 6 個月前的預期進行比較，我們肯定會看到那裡的邊際改善。但我將繼續重申，我們出色的表現大部分是由我們的製藥業務帶動的。

Thanks so much.

非常感謝。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Hey, guy. Super nice quarter here. I guess just one question for me. You're kind of through the first season using the portal, and I know not all your clients are on it yet, but any commentary in terms of what you're seeing pricing there? Would it hold up the same as if clients working with you directly and not on the portal? And then as you look back at the first several months on your customers using it, is there any lessons in terms of things you might tweak going forward that might be interesting to note as you get into next year?

嘿，夥計。這裡超級好。我想對我來說只有一個問題。您已經使用該入口網站的第一季了，我知道並非所有客戶都在使用該入口網站，但是您在那裡看到的定價有什麼評論嗎？它會像客戶直接與您合作而不是在入口網站上嗎？然後，當您回顧客戶使用它的前幾個月時，您是否有任何在未來可能調整的事情方面的經驗教訓，在您進入明年時可能會值得注意？

Yeah, Scott, Jeff here. It's probably too soon to be doing too many analyses around the pricing and the recommendations. But suffice it to say, we think we've given ourselves more granularity to hear more levers. And again, we made it easier for them to have these add-on packages.

是的，史考特、傑夫在這裡。現在就定價和建議進行太多分析可能還為時過早。但我只想說，我們認為我們已經給了自己更多的粒度來聽到更多的槓桿。我們再次讓他們更容易獲得這些附加包。

In terms of things we would do different, I mean, of course, there's always things we learn as we go through this. I guess, I hesitate to get into too many specifics. But I will say, I think the agency angle that we found in the last quarter has been going really, really well. And again, I think folks on Wall Street have told us for a while that we need more agency alignment.

就我們會做不同的事情而言，我的意思是，當然，在我們經歷這一切的過程中，我們總是會學到一些東西。我想，我不願透露太多細節。但我想說，我認為我們在上個季度發現的代理商角度進展得非常非常好。再說一次，我認為華爾街的人們已經告訴我們一段時間了，我們需要更多的機構協調。

Now I feel happy that I think we're finally finding it. We're making them look smart. We're looking smart. We're not just taking money out of their pocket, right, which is what we've done historically, and it feels nice to be working together with them.

現在我很高興我們終於找到了它。我們讓他們看起來很聰明。我們看起來很聰明。我們不只是從他們的口袋裡拿錢，對吧，這是我們歷史上所做的，與他們合作感覺很好。

Got it. Helpful. Thank you.

知道了。有幫助。謝謝。

Jailendra Singh, Truist.

賈蘭德拉·辛格，真理主義者。

I had a quick question on just your larger spend customers. Have they become more and more robust in your growth performance? I know things are case by case, but when one of your companies or brands are in (inaudible) M&A and given the potential for rate cuts coming on, when one of your customers are acquired, does [docs] typically lose their revenue? What happens? Can you walk us through what typically happens in their digital marketing approach when the brand is being acquired?

我有一個關於您的大客戶的快速問題。它們對您的成長業績是否變得越來越強勁？我知道情況具體情況而定，但是當您的一家公司或品牌正在進行（聽不清）併購併考慮到降息的可能性時，當您的一位客戶被收購時，[文檔]通常會損失收入嗎？會發生什麼事？您能否向我們介紹一下當品牌被收購時，他們的數位行銷方法通常會發生什麼？

Right. Thanks for the question. I'll take the first part about our largest customers, and I'll let Nate chime in on the second part.

正確的。謝謝你的提問。我將介紹關於我們最大客戶的第一部分，然後我將讓內特插話第二部分。

So we've definitely seen our largest customers continue to lead our growth. So specific to our top 20, we actually saw a net revenue retention rate of 124% over the past 12 months, comparing that to 119% in Q2 of last year. So we've seen pretty strong acceleration there in top 20.

因此，我們確實看到我們最大的客戶繼續引領我們的成長。具體到我們的前 20 名，我們實際上看到過去 12 個月的淨收入保留率為 124%，而去年第二季度為 119%。所以我們看到前 20 名中的增速相當強勁。

We're continuing to find ways for these customers to expand their programs such as adding point of care modules or adding NPs through a client portal recommendation. So we believe we're really in terms of the top 20 and doing very well, and very excited about where we can take the long tail with some of these agency partnerships and the client portal.

我們正在繼續為這些客戶尋找擴展其計劃的方法，例如添加護理點模組或透過客戶入口網站推薦添加 NP。因此，我們相信我們確實躋身前 20 名，並且做得非常好，並且對於我們可以透過其中一些代理商合作夥伴關係和客戶入口網站獲得長尾效果感到非常興奮。

This is Nate. I'll just chime in and add. Certainly, M&A is something that's quite common in the industry, a lot of the top 20 clients have pretty robust pipeline strategies that involve M&A. And while we don't often name our clients or call out case studies on these calls, we have done a few in the past.

這是內特。我就插話補充一下。當然，併購在業界是很常見的事情，排名前 20 的客戶中許多都有相當穩健的涉及併購的管道策略。雖然我們不常提及客戶的名字或對這些電話進行案例研究，但我們過去也做過一些。

A good example here might be Biohaven. That was a company where we had great relationships, both with the brand, but also with the C-suite of the company, oftentimes with these smaller clients were able to have a relationship with both, because it's a tighter cohort of people.

Biohaven 就是一個很好的例子。那是一家公司，我們與品牌和公司的最高管理層都建立了良好的關係，通常與這些較小的客戶能夠與兩者都建立關係，因為這是一個更緊密的團隊。

And because they were smaller, I think they were able to be a little more nimble when it came to adopting digital first or digital forward strategies that began with tactics like Doximity, rather than beginning with, say, reps or some of the more historical marketing methodologies that pharmas used over the decades. And so when M&A occurs, that often becomes a great sort of cultural trojan horse in many ways that can help us have new hotspots of digital-first strategies within these larger top 20 customers.

而且因為它們規模較小，我認為他們在採用數位優先或數位前進策略時能夠更加靈活，這些策略從 Doximity 等策略開始，而不是從銷售代表或一些更具歷史意義的營銷開始製藥公司幾十年來使用的方法。因此，當併購發生時，這通常會在許多方面成為一種偉大的文化特洛伊木馬，可以幫助我們在這些較大的前 20 名客戶中建立數位優先策略的新熱點。

That's very helpful color. And then just one quick question on pricing. What are you seeing any conversations with your pricing in terms of negotiations and such? We're hearing a lot from the similar end markets that there's a really tough pricing environment going on from budget-conscious pharma companies?

這是非常有用的顏色。然後是一個關於定價的簡單問題。您在談判等方面看到了哪些與您的定價有關的對話？我們從類似的終端市場聽到很多消息稱，注重預算的製藥公司面臨非常艱難的定價環境？

Yes. Thanks for the question. So I'll be brief on it. But we continue to steadily increase our prices, but it isn't our primary growth lever today. So if we think about our key growth levers, pricing is on the lower row.

是的。謝謝你的提問。所以我會簡單介紹一下。但我們繼續穩步提高價格，但這不是我們今天的主要成長槓桿。因此，如果我們考慮我們的關鍵成長槓桿，定價就在下面一行。

Eric Percher, Nephron.

艾瑞克‧佩徹，尼弗龍。

As you go into the upfront selling season, I'd love to get your take on the competitive environment. And going back to Anna's commentary earlier, does it feel like there was an increase in competition coming out of the pandemic, and you've clearly equalized some of the go-to-market and other elements here with the portal. So how do you feel about kind of external factors in competition and then balanced by the internal actions you're taking?

當您進入前期銷售季節時，我很想了解您對競爭環境的看法。回到安娜之前的評論，是否感覺大流行導致競爭加劇，並且您顯然已經將一些進入市場和其他元素與門戶等同起來了。那麼，您對競爭中的外部因素有何看法，然後透過您正在採取的內部行動來平衡？

This is Nate. We feel good about our ability to gain share and our competitive positioning. I think a lot of that comes from the deep and high trust relationships we have with our clients.

這是內特。我們對自己獲得市場佔有率的能力和競爭地位感到滿意。我認為這很大程度來自於我們與客戶之間深厚而高度的信任關係。

We've heard from some of our clients that some of these competitive areas like programmatic, the share may have stabilized or some platforms may be leaving a bit of share. But really, our focus inward and is towards our clients.

我們從一些客戶那裡聽說，一些競爭領域（例如程序化）的份額可能已經穩定，或者某些平台可能會留下一些份額。但實際上，我們的關注點是內部的，是面向我們的客戶的。

And our clients have had to go through a lot in the past few years, everyone is still learning, as Anna said, but our ability to have really high-quality product, reach, authentic engagement and doctor centricity to these commercial programs remains key. And we think when our clients sit down and take a breath and look at the ROI, we feel real good about our ability to come out on top.

正如安娜所說，我們的客戶在過去幾年中經歷了很多事情，每個人都在學習，但我們擁有真正高品質的產品、覆蓋面、真正的參與和以醫生為中心的這些商業項目的能力仍然是關鍵。我們認為，當我們的客戶坐下來喘口氣並查看投資回報率時，我們對自己脫穎而出的能力感到非常滿意。

Okay. And you had a comment about next year's launches and perhaps longer time lines, I think that was going to new workflow products. Can you just go a level deeper on positive effect there?

好的。您對明年的發布以及可能更長的時間線有評論，我認為這將涉及新的工作流程產品。您能更深入地探討那裡的正面影響嗎？

Yes, sure. So listen, any time we have a client buy a product for the first time, it takes a little bit longer to go live. We have to create the content. It goes through NLR. And we're still in a growth phase right now with our workflow products.

是的，當然。所以聽著，每當我們有客戶第一次購買產品時，上線需要更長的時間。我們必須創建內容。它通過 NLR。我們的工作流程產品目前仍處於成長階段。

So when we look at our Q4 guidance, we're just trying to bake in plenty of time to get those programs live. And especially given the traction we've seen with our workflow products year-to-date, it is very possible that we'll see a higher mix of Q3 sales come from those products.

因此，當我們查看第四季度的指導時，我們只是想留出足夠的時間來讓這些計劃上線。特別是考慮到我們今年迄今對工作流程產品的吸引力，我們很可能會看到這些產品帶來更高的第三季銷售組合。

So that's what we're seeing, you're just baking in plenty of time to get these programs live just because they are newer programs for a lot of our clients.

這就是我們所看到的，您只是需要足夠的時間來讓這些程式上線，因為它們對於我們的許多客戶來說是較新的程式。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) [John Park], Morgan Stanley.

（操作員指令）[John Park]，摩根士丹利。

This is John stepping in for Craig. It's been about a year since the company withdrew the five-year revenue growth target as well as the rule of [65] target. I was wondering if management or the Board had any intention to revisit those goals?

這是約翰代替克雷格。自從該公司撤回五年收入成長目標以及[65]目標規則以來，已經過去了大約一年的時間。我想知道管理階層或董事會是否有意重新檢視這些目標？

Yes. Thanks for the question, John. Listen, we're still early in the evolution right now of our client portal and really what the long-term market growth rate is. So I'll kind of go back to my answer from an earlier question, that I think that we're in a phase here where we don't know what the long-term pharma digital market growth rate is. We think it's probably a little bit too low right now.

是的。謝謝你的提問，約翰。聽著，我們目前仍處於客戶入口網站發展的早期階段，長期市場成長率也還處於早期階段。因此，我將回到先前問題的答案，我認為我們正處於一個階段，我們不知道長期的製藥數位市場成長率是多少。我們認為現在可能有點太低了。

But until we get a little bit more stability on that long-term growth rate, and then we get a better sense of what our client portal could be long term and how much growth we could see theoretically from SMB long term, we're not going to give an update on those targets until then. So I wouldn't expect anything from us in the near term on that.

但是，除非我們對長期成長率更加穩定，然後我們才能更好地了解我們的客戶入口網站可以長期發展，以及理論上我們可以從中小企業長期看到多少成長，否則我們不會在此之前我們將提供這些目標的最新情況。因此，我不期望我們在短期內對此做出任何貢獻。

Got it. And what are some ad agency partners saying about client spending landscape in the post-election world? Just trying to get a sense of a level of optimism or pessimism moving forward.

知道了。一些廣告代理商合作夥伴對選舉後世界的顧客支出格局有何看法？只是試著去了解未來的樂觀或悲觀程度。

John, this is Nate. You're right, agencies do help us keep our finger on the pulse and get a little bit better of a view into the macro. And Jeff has commented a lot on the other benefits that we get from our agency partners.

約翰，這是內特。你是對的，機構確實幫助我們掌握脈搏並更好地了解宏觀情況。傑夫對我們從代理商合作夥伴那裡獲得的其他好處發表了很多評論。

With regards to the election, I'll say, it's still early. We continue to take a more cautious and longer approach to the overall market, and election results can certainly introduce new uncertainty to our partners. But in general, we're a relatively well insulated platform at the moment. I'm not sure our particular products are uniquely exposed in a positive or negative way to what were some of the leading substantial platform pillars that the candidates have.

關於選舉，我想說，現在還太早。我們繼續對整個市場採取更謹慎和長期的態度，選舉結果肯定會為我們的合作夥伴帶來新的不確定性。但總的來說，我們目前是一個隔離性相對較好的平台。我不確定我們的特定產品是否以積極或消極的方式獨特地暴露於候選人擁有的一些領先的實質平台支柱。

I will highlight the iShares US pharma EPS is up around 11% year to date. And if you look at it over the window that the election stabilized and concluded, it's remained pretty stable. So the people who spend all day thinking about this, aren't or haven't yet priced in much risk or upside even in a world with many complex ongoing layers.

我要強調的是，今年迄今為止，iShares 美國製藥公司每股收益成長了約 11%。如果你從選舉穩定並結束的窗口來看，它仍然相當穩定。因此，即使在一個具有許多複雜的持續層面的世界中，整天思考這個問題的人們也沒有或尚未定價太多的風險或上行空間。

Everyone at this time, there are no further questions. I'll hand things back to Jeff for any additional or closing remarks.

眾人此時，沒有再問什麼了。我會把事情交還給傑夫，讓他發表補充或結束語。

So I'd like to end just by thanking our entire Doximity team for their hard work, serving more doctors every day than ever before. Thank you, and thank you, everyone else, for joining. Bye now.

最後，我想感謝我們整個 Doximity 團隊的辛勤工作，每天為比以往更多的醫生提供服務。謝謝你們，也謝謝其他人的加入。再見了。

Once again, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

今天的會議再次結束。感謝大家的參與。您現在可以斷開連線。