Doximity Inc (DOCS) 2025 Q3 法說會逐字稿

Hello, and welcome to Doximity's Fiscal 2025 third quarter earnings call. (Operator Instructions)

您好，歡迎參加 Doximity 2025 財年第三季財報電話會議。（操作員指令）

I would now like to turn the conference over to Perry Gold, Investor Relations. You may begin.

現在，我想將會議交給投資者關係部 Perry Gold。你可以開始了。

Thank you, operator. Hello and welcome to Doximity's Fiscal 2025 third quarter earnings call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity; Dr. Nate Gross, Co-Founder and CFO; and Anna Bryson, CFO.

謝謝您，接線生。您好，歡迎參加 Doximity 2025 財年第三季財報電話會議。今天與我一起參加電話會議的還有 Doximity 聯合創始人兼執行長 Jeff Tangney； Nate Gross 博士，共同創辦人兼財務長；以及財務長安娜·布賴森（Anna Bryson）。

A complete disclosure of our results can be found in our press release stated 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.

有關我們業績的完整披露可在我們今天早些時候發布的新聞稿以及相關的 8-K 表格中找到，同時還可在我們的網站 investors.doximity.com 上找到。提醒一下，今天的通話正在錄音，重播將在我們的網站上提供。

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

作為今天評論的一部分，我們將做出前瞻性陳述。這些聲明是基於管理層目前的觀點、期望和假設，並受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展望的義務。請參閱我們 10-K 表年度報告中的風險因素、任何後續 10-Q 表以及可能不時提交的任何其他向美國證券交易委員會提交的報告和文件，包括我們即將提交的 10-Q 表。

Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, February 6, 2025. 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 the press release or through the filing of a Form 8-K.

我們的前瞻性陳述是基於我們認為截至今天（2025 年 2 月 6 日）合理的假設。值得注意的是，Doximity 的政策是既不會重申也不會調整今天電話會議上提供的財務指導，除非透過新聞稿等公開披露或透過提交 8-K 表格來進行。

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 insight into the dynamics of our business. These details may be onetime in nature, and we may or may not provide updates on these metrics in the future.

今天，我們將討論一些我們認為有助於理解財務結果的非 GAAP 指標。在今天的收益報告中可以找到與可比較 GAAP 指標的歷史對帳表。最後，在通話過程中，我們可能會提供增量指標，以便更深入地了解我們的業務動態。這些細節可能本質上是一次性的，我們將來可能會或可能不會提供這些指標的更新。

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

現在，我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 third quarter earnings call. We have three updates today, our financials, network growth and commercial highlights.

謝謝，佩里，也謝謝大家參加我們第三季的財報電話會議。今天我們有三個更新，即財務狀況、網路成長和商業亮點。

First, our top line, we delivered $169 million in revenue for the third quarter of our fiscal 2025, which represents 25% year-on-year growth and a 10% beat from the high end of our guidance range. Of note, our top 20 clients once again grew the fastest for us, up 122% on a trailing 12-month basis. These clients are the largest, most sophisticated pharma companies to 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，我們的營收為 1.69 億美元，2025 財年第三季年增 25%，比我們預期範圍的高點高出 10%。值得注意的是，我們的前 20 名客戶再次成為成長最快的客戶，過去 12 個月成長了 122%。這些客戶是規模最大、最成熟的製藥公司，他們僱用了整個分析團隊來衡量他們的行銷成效。我們相信，我們與他們共同的持續成長證明了我們對更廣大市場的價值。

Our bottom line was also strong in Q3 with a record adjusted EBITDA margin of 61% or $102 million, which was up 39% year-on-year and 21% above the high end of our guidance. So just 2 years after our first quarter with nine figures in revenue, we've now achieved nine figures in adjusted EBITDA. So that's the three financial highlights: a 10% beat, a 5% raise and 61% margins.

我們的底線在第三季也表現強勁，調整後的 EBITDA 利潤率達到創紀錄的 61% 或 1.02 億美元，比去年同期成長 39%，比我們預期的高點高出 21%。因此，在我們第一季實現九位數收入的僅僅兩年後，我們現在已實現九位數的調整後 EBITDA。這就是三個財務亮點：超出預期 10%，成長 5%，利潤率 61%。

Okay. Turning now to our network growth and engagement. Our unique active users on a quarterly, monthly and weekly basis all hit fresh highs in Q3 and with double-digit percent growth year-on-year. Our news feed usage continued to lead the way for us. For the first time ever in Q3, more than 1 million of unique active prescribers scrolled our feed to stay current on the latest news in their fields. Our workflow tools also hit new highs in Q3 with over 610,000 unique active prescribers. As a reminder, our workflow tools include our -- health, facts, scheduling and AI tools. Our AI tools grew the fastest in Q3 with over 1.8 million prompts, up 60% over the prior quarter.

好的。現在來談談我們的網路成長和參與。我們的季度、月度和每週獨立活躍用戶數在第三季均創下新高，且較去年同期成長兩位數。我們的新聞提要使用情況繼續為我們引領潮流。第三季首次有超過 100 萬的獨立活躍處方者瀏覽我們的網站，以了解各自領域的最新消息。我們的工作流程工具在第三季也創下了新高，擁有超過 61 萬名獨立活躍處方者。提醒一下，我們的工作流程工具包括健康、事實、日程安排和人工智慧工具。我們的 AI 工具在第三季成長最快，提示超過 180 萬條，比上一季成長了 60%。

Finally, for the fourth year in Doximity has earned the number one best-in-class telehealth video platform by health systems CIOs and their staff, outperforming Microsoft Teams, Zoom and many others. We're now proud to serve over 250 health systems and hospital clients and delivering telehealth care to their patients. In short, our network engagement has never been stronger. As health care shifts to be more digital, more mobile and more AI-powered, we're proud to be leading the way.

最後，Doximity 連續第四年被醫療系統 CIO 及其員工評為最佳遠距醫療視訊平台，表現優於 Microsoft Teams、Zoom 和許多其他產品。我們現在很自豪能夠為超過 250 個醫療系統和醫院客戶提供服務，並為他們的患者提供遠距醫療服務。簡而言之，我們的網路參與度從未如此強大。隨著醫療保健變得更加數位化、更加行動化和更加人工智慧化，我們很自豪能夠引領這一潮流。

Okay. Turning now to our Q3 commercial highlights. We're pleased to report strong calendar year-end sales, led by three initiatives: our new products, integrated programs and client portal. First, our new point of care and formulary products grew over 100% in Q3, generating over 20% of our pharmaceutical sales. As a reminder, these modules appear outside of our news feed and represent entirely new inventory for us.

好的。現在來談談我們第三季的商業亮點。我們很高興地報告，年終銷售業績強勁，這得益於三大舉措：我們的新產品、綜合計劃和客戶入口網站。首先，我們的新護理點和處方產品在第三季成長了 100% 以上，占我們藥品銷售額的 20% 以上。提醒一下，這些模組出現在我們的新聞提要之外，對我們來說是全新的庫存。

Second, with our newer integrated programs, clients can leverage our data science to create a custom tailored dynamic approach for each doctor. For example, some doctors prefer scientific deep dives on Monday evening. Others prefer bullet point guidelines in between patient visits, letting our clients personalize and optimize their campaigns across our many modules helped us grow our program sizes in Q3.

其次，透過我們較新的整合程序，客戶可以利用我們的數據科學為每位醫生創建客製化的動態方法。例如，有些醫生喜歡在星期一晚上進行深入的科學探討。其他人則喜歡在患者就診期間提供要點指導，讓我們的客戶在我們的眾多模組中個性化和優化他們的活動，這有助於我們在第三季度擴大我們的專案規模。

Finally, our client portal is weaving all of this together by providing our clients a single trusted place to test strategies and see their results. Our seamless third-party prescription data gives our clients real insights and proof of impact solidifying our role as a strategic partner. Now as we've said before, our client portal is a multiyear initiative.

最後，我們的客戶入口網站將所有這些結合在一起，為我們的客戶提供一個值得信賴的地方來測試策略並查看其結果。我們無縫的第三方處方數據為我們的客戶提供了真正的見解和影響證明，鞏固了我們作為策略夥伴的地位。正如我們之前所說，我們的客戶入口網站是一項多年計劃。

Today, over half of our brand clients have access. Our plan is to add all of our clients in 2025. We also added agencies to the mix last quarter, signing 10 as portal partners. We'll do our inaugural training summit with them in New York later this month. Together, we're excited to bring consumer-grade marketing tools to health care.

如今，我們超過一半的品牌客戶都可以使用。我們的計劃是在 2025 年新增所有客戶。上個季度，我們還增加了代理機構，簽署了 10 家門戶合作夥伴。我們將於本月晚些時候在紐約與他們一起舉辦首屆培訓高峰會。我們很高興能夠將消費級行銷工具引入醫療保健領域。

Okay. I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to realize their 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 隊友們，他們繼續努力工作以實現改善醫療保健的使命。我個人從未對我們共同建立的事業感到如此興奮和自豪。

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

接下來，我將把會議交給我們的財務長安娜·布賴森 (Anna Bryson)，討論我們的財務狀況和指導。安娜？

Thanks, Jeff, and thanks to everyone on the call today. Third quarter revenue grew to $168.6 million, up 25% year-over-year and exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continued to lead our growth. We finished the quarter with a net revenue retention rate of 117% on a trailing 12-month basis.

謝謝傑夫，也謝謝今天電話會議的每個人。第三季營收成長至 1.686 億美元，年增 25%，超出了我們預期範圍的高點。與前幾季類似，我們現有的客戶繼續引領我們的成長。以過去 12 個月計算，我們本季的淨收入保留率為 117%。

Our top 20 customers remained our fastest growing, with a net revenue retention rate of 122%. We ended the quarter with 114 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a 21% increase from the 94 customers we had in this cohort a year ago and these customers accounted for 84% of our total revenue.

我們的前20名客戶仍然是我們成長最快的客戶，淨收入保留率為122％。截至本季度，我們擁有 114 名客戶，根據過去 12 個月的數據，每位客戶的訂閱收入貢獻至少為 50 萬美元。這比我們一年前 94 個客戶增加了 21%，這些客戶貢獻了我們總收入的 84%。

Turning to our profitability. Non-GAAP gross margin in the third quarter was 93%, flat versus the prior year period. Adjusted EBITDA for the third quarter was $102 million, and adjusted EBITDA margin was 61% compared to $73.3 million and a 54% margin in the prior year period. This represents adjusted EBITDA growth of 39% year-over-year as we continue to run a very profitable business with high incremental margins.

談到我們的獲利能力。第三季非公認會計準則毛利率為 93%，與去年同期持平。第三季調整後 EBITDA 為 1.02 億美元，調整後 EBITDA 利潤率為 61%，而去年同期為 7,330 萬美元，調整後 EBITDA 利潤率為 54%。這意味著調整後的 EBITDA 年成長 39%，因為我們繼續經營利潤率很高的獲利業務。

Now turning to our balance sheet, cash flow and an update on our share repurchase program. We generated free cash flow in the third quarter of $63.4 million compared to $48.7 million in the prior year period, an increase of 30% year-over-year. We ended the quarter with $845 million of cash, cash equivalents and marketable securities.

現在來看看我們的資產負債表、現金流量和股票回購計畫的最新進展。我們第三季產生的自由現金流為 6,340 萬美元，而去年同期為 4,870 萬美元，年增 30%。本季結束時，我們的現金、現金等價物和有價證券為 8.45 億美元。

During the third quarter, we repurchased 19.2 million shares at an average price of $48.62. We believe repurchasing our shares is a valuable use of the incremental cash we generate above what's needed to reinvest in the business. As of December 31, we had $451 million remaining in our existing repurchase program.

第三季度，我們以平均 48.62 美元的價格回購了 1,920 萬股。我們認為，回購我們的股票是我們產生的超過業務再投資所需的增量現金的有效用途。截至 12 月 31 日，我們現有的回購計畫剩餘 4.51 億美元。

Now I'll turn to a recap of our annual buying season. As a reminder, our December quarter represents our largest sales quarter by a significant amount. This is what our farm customers sign on for next year's programs, committing the majority of their annual marketing budgets in what are called upfront contracts. While we signed these contracts in Q3, we will primarily recognize revenue over the next 12 months, depending on the timing of program launches.

現在我將回顧我們的年度採購季。提醒一下，我們的 12 月季度是我們銷售額最大的季度。這就是我們的農場客戶為明年的專案簽署的協議，他們將大部分年度行銷預算投入所謂的預付合約中。雖然我們在第三季度簽署了這些合同，但我們將主要在未來 12 個月內確認收入，具體取決於專案啟動的時間。

This upfront season, our clients continue to expand their reach across our entire platform. Our modules that sit outside of the news feed, point of care and formulary grew by more than 100% year-over-year combined. We also sold a large number of programs on a multimodule integrated basis, which contributed to much larger deal sizes. Brands buying these integrated offerings grew more than twice as fast as brands buying our modules on a stand-alone basis.

在這個前期季度，我們的客戶繼續擴大他們在整個平台上的影響力。我們的新聞提要、護理點和處方集之外的模組合計同比增長了 100% 以上。我們還以多模組整合的方式銷售了大量程序，這有助於擴大交易規模。購買這些整合產品的品牌成長速度是單獨購買我們模組的品牌的兩倍以上。

Finally, our upfront season demonstrated that there is still plenty of room for growth among our hundreds of pharma brand partners. We increased the number of $10 million-plus brands to $4 million and had our first ever $15 million-plus brand. With record prescriber engagement and continued commercial product innovation, we see ample runway to further scale our partnerships over time.

最後，我們的前期季度表明，我們的數百個製藥品牌合作夥伴仍有很大的成長空間。我們將價值 1000 萬美元以上的品牌數量增加到 400 萬美元，並且擁有了第一個價值 1500 萬美元以上的品牌。透過創紀錄的處方參與度和持續的商業產品創新，我們看到了充足的空間來進一步擴大我們的合作關係。

Now moving on to our outlook. For the fourth fiscal quarter of 2025, we expect revenue in the range of $132.5 million to $133.5 million, representing 13% growth at the midpoint and we expect adjusted EBITDA in the range of $62.5 million to $63.5 million, representing a 47% adjusted EBITDA margin.

現在開始討論我們的展望。對於 2025 財年第四季度，我們預計營收在 1.325 億美元至 1.335 億美元之間，中位數成長 13%，我們預計調整後的 EBITDA 在 6,250 萬美元至 6,350 萬美元之間，調整後的 EBITDA 利潤率為 47%。

For the full fiscal year, we now expect revenue in the range of $564.6 million to $565.6 million, representing 19% growth at the midpoint. This is an increase of roughly 5% or $28 million at the midpoint after outperforming our Q3 guidance by roughly $16 million. We now expect adjusted EBITDA in the range of $306.6 million to $307.6 million, representing a 54% adjusted EBITDA margin. This is an increase of roughly 11% or $31 million at the midpoint after outperforming our guidance Q3 by roughly $19 million.

對於整個財年，我們目前預計營收將在 5.646 億美元至 5.656 億美元之間，中間值成長 19%。在超出我們第三季預期約 1,600 萬美元之後，這一數字中位數增長了約 5%，即 2,800 萬美元。我們現在預計調整後的 EBITDA 在 3.066 億美元至 3.076 億美元之間，調整後的 EBITDA 利潤率為 54%。在超出我們第三季的預期約 1,900 萬美元之後，這一數字中位數增長了約 11%，即 3,100 萬美元。

Our increased annual outlook is due to a variety of factors. First, our pharma year-end upsells materially outperformed driving stronger than anticipated Q3 revenue. Second, our annual buying cycle exceeded expectations due primarily to new product traction and larger multi-module integrated programs. Finally, the structure of these integrated programs led to a higher percentage of January launches than prior years.

我們上調年度預期源自於多種因素。首先，我們的醫藥年終銷售量大幅成長，推動第三季營收超乎預期。其次，我們的年度採購週期超出預期，這主要歸功於新產品的吸引力和更大的多模組整合計畫。最後，這些綜合項目的結構導致一月份發射的比例高於前幾年。

These programs are contracted to start at the beginning of the year with the client's first content approved module. While we're excited to help our customers go live faster, this launch efficiency also means annual upfront sales are converting to Q4 revenue at a faster pace. As a result, more of our upfront sales will be recognized as revenue in the current fiscal year than in years past.

根據合約，這些專案將於年初啟動，屆時客戶將獲得第一個內容批准的模組。雖然我們很高興能夠幫助我們的客戶更快地上線，但這種發布效率也意味著年度前期銷售額正在以更快的速度轉換為第四季度的收入。因此，與過去幾年相比，我們本財年將有更多的預付銷售額被確認為收入。

Looking ahead, we expect the pharma HCP digital market to continue to grow roughly 5% to 7%. While we will provide our fiscal 2026 guidance in May, our goal remains to grow ahead of the overall market. Given our strong competitive positioning and record engagement, we believe we are well positioned for another year of share gains.

展望未來，我們預計製藥 HCP 數位市場將持續成長約 5% 至 7%。雖然我們將在 5 月提供 2026 財年指引，但我們的目標仍是領先整體市場。鑑於我們強大的競爭地位和創紀錄的參與度，我們相信我們有能力在未來一年實現份額成長。

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

說完這些，我將把問題交給接線員。

(Operator Instructions)

（操作員指令）

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thank you. Congrats on a really, really strong quarter. So I'd love to get any perspective on the 50% of customers that you have on the portal today that aren't on the -- versus those that aren't on portal. Is there anything that you could say about how they're kind of midyear and end of year buying patterns compared to those that aren't, in any commonality in terms of what you saw in terms of their volume into fiscal year '26?

謝謝。恭喜您度過了一個非常非常強勁的季度。因此，我很想了解您對目前入口網站上 50% 的客戶（這些客戶沒有登入入口網站）的看法。您能說說他們的年中和年末購買模式與沒有購買模式的相比，在 26 財年的交易量方面有什麼共同點嗎？

Hi, Brian. This is Jeff. Yes, great question. As we said in our last quarterly earnings call, we have seen higher growth from our portal clients and continue to do so. So yes, it's about half of our clients that we've trained on it today. And again, we expect to roll out to all of our clients this year, rolled out to our entire sales and service team just a couple of weeks ago. So we're excited to have the portal out in the hands of more folks because it allows them to see our return on investment on a monthly basis, right? We're pulling in the IQVIA data that shows them their share lift and their results and allows them to strategically look at what's working, what's not working and make more course corrections along the way. So I hope that answers your question.

你好，布萊恩。這是傑夫。是的，很好的問題。正如我們在上次季度財報電話會議上所說的那樣，我們的入口網站客戶實現了更高的成長，而且這種趨勢還在持續。是的，今天我們已經對大約一半的客戶進行了培訓。我們再次強調，我們預計今年將向所有客戶推出這項服務，幾週前我們剛剛向我們的整個銷售和服務團隊推出這項服務。因此，我們很高興能夠讓更多人使用這個入口網站，因為它可以讓他們每月看到我們的投資回報，對嗎？我們正在引入 IQVIA 數據，向他們展示他們的份額提升和業績，並讓他們能夠策略性地看待哪些有效，哪些無效，並在此過程中做出更多方向的修正。我希望這能回答你的問題。

I appreciate the color, Jeff. And maybe, Anna, I wonder you just the 60% or I guess, 61% EBITDA margins this quarter, obviously much higher than expected. Any way to help kind of balance our models in terms of how you're thinking about generating incremental profitability versus investing in growth.

我很欣賞這個顏色，傑夫。安娜，也許我想知道本季的 EBITDA 利潤率是否能達到 60% 或我猜是 61%，這顯然比預期高得多。有沒有什麼方法可以幫助我們平衡模型，即如何考慮創造增量獲利與投資成長。

Yeah. Thanks for the question, Brian. So as you noted, we did have a very strong quarter in Q3 with material upsell outperformance. And given the nature of our business model, almost all of that -- line out performance flows through to the bottom line. So I would not take that 1 quarter and think we're a 60% plus margin business now. And similar to revenue, there are quarterly variations to EBITDA. So we encourage you to look at our annual EBITDA margin as the best representation of our business, which is at -- sorry, [ 54% ] for this fiscal year.

是的。謝謝你的提問，布萊恩。正如您所說，我們在第三季度的表現確實非常強勁，材料銷量超出預期。鑑於我們商業模式的性質，幾乎所有這些——線路表現都會流向底線。因此，我不會只根據那一個季度就認為我們現在的利潤率已經超過 60%。與營收類似，EBITDA 也存在季度變動。因此，我們鼓勵您將我們的年度 EBITDA 利潤率視為我們業務的最佳代表，本財年的利潤率為 [ 54% ]。

Glen Santangelo, Jefferies.

傑富瑞的格倫桑坦傑洛。

Yeah, thanks for taking my question. Hey Jeff, I think we're all trying to figure out what's really driving this momentum? And I think in your prepared remarks, you said that the new products drove 20% of your sales this quarter, if I heard that correctly. And what I'm -- but I guess what I'm kind of curious about is when you think about these new products and these multi-module integrated programs, is that really what's driving the strength?

是的，感謝您回答我的問題。嘿，傑夫，我想我們都在試圖弄清楚真正推動這種勢頭的是什麼？如果我沒聽錯的話，我記得您在準備好的發言中說過，新產品推動了本季 20% 的銷售額。但我想我有點好奇的是，當您想到這些新產品和這些多模組整合程式時，這真的是推動力量的因素嗎？

Or is it more the fact that you're rolling the portal out to these your brand partners, obviously, these agencies and maybe that's where we're seeing uptake. And I'm guessing it's kind of a combination of both, but if you could in any way sort of elaborate on those two dynamics and how they're contributing to your operating momentum, I think that would be helpful.

或者更重要的是，你正在向這些品牌合作夥伴（顯然還有這些代理商）推出入口網站，也許這就是我們看到的接受度。我猜這是兩者的結合，但如果您能以任何方式詳細說明這兩種動態以及它們如何促進您的營運勢頭，我認為這會有所幫助。

Thanks, Glen. No, it's a good question. And I think it is -- it's a one- two punch, I think, that we have here, where during the midyear where budgets are smaller and clients want efficiency, I think our portal really shines. It's easier to transact and do a $100,000 quick program with us through our portal. But at the end of the year, we've always done well because that's the one time a year that clients sit down and they have their half-day budget planning and partnership meetings, and they look at their return on investment which we traditionally have performed very well, and they make their big longer-term commitment.

謝謝，格倫。不，這是個好問題。我認為這是我們的雙重打擊，在年中預算較少而客戶想要效率的時候，我認為我們的入口網站真的很出色。透過我們的入口網站進行交易並完成 100,000 美元的快速計劃更加容易。但在年底，我們總是能取得不錯的成績，因為這是一年中唯一一次客戶坐下來，用半天時間進行預算規劃和合作會議，專注於投資回報，而我們傳統上表現非常出色，然後他們做出了重大的長期承諾。

And I think our integrated programs did particularly well during this past year-end budget cycle, because our clients realize that we have a lot of insights to doctors. And when they work from home and what types of content they prefer? Are they like acronyms referring to studies? Are they more nerdy? Or do they just want a quick skin of the guidelines and the changes?

我認為我們的綜合項目在過去的年底預算週期中表現特別好，因為我們的客戶意識到我們對醫生有很多見解。當他們在家工作時，他們喜歡什麼類型的內容？它們是否類似於指涉研究的首字母縮略詞？他們是不是比較書呆子？或者他們只是想快速了解指南和變化？

So we did our pharma advisory board last May, and I remember the top voted item coming out of that advisory board with 40 of our clients, top clients there was to help them with these integrated programs and help them optimize, use our AI, our machine learning to go and optimize their programs for them. So the short answer is, I think our portal is helping most during the upsell season and our integrated programs really helped a lot during this last upfront season.

因此，我們在去年 5 月成立了製藥諮詢委員會，我記得該諮詢委員會由我們的 40 位客戶組成，其中投票最高的項目是幫助他們實施這些綜合計劃，並幫助他們優化，使用我們的人工智慧和機器學習來為他們優化計劃。所以簡短的回答是，我認為我們的入口網站在追加銷售季節提供了最大的幫助，而我們的整合計畫在最近的預售季節確實提供了很大幫助。

All right, thanks for all the details and congrats and team.

好的，感謝您提供的所有詳細信息，並向團隊表示祝賀。

Ryan Daniels, William Blair.

瑞安丹尼爾斯、威廉布萊爾。

Yeah, thanks for taking the questions and congrats on the outstanding quarter, Anna, maybe one for you. You talked about the larger multimodal integrated programs launching near the start of the calendar year. Curious how that might change the seasonality of revenue recognition. I guess I don't want to get too far ahead of ourselves in our models as it seems like this could change the cadence of quarterly sales a bit versus what we've seen in the past. So any color there?

是的，感謝您回答這些問題，並祝賀您度過了一個出色的季度，安娜，也許您也有一個這樣的經歷。您談到了在年初推出的更大規模的多式聯運綜合項目。好奇這可能會如何改變收入確認的季節性。我想我不想在我們的模型中走得太遠，因為這似乎可能會稍微改變季度銷售的節奏，與我們過去所見的情況不同。那裡有顏色嗎？

Yeah. Thanks for the question, Ryan. And I'll take the opportunity also here to talk a little bit more about how these programs work. Jeff just hit on it a little bit. But as you said, our clients expressed an interest in a more flexible and dynamic offering to optimize their programs across our multiple formats and channels. And so we just started trialing some of these multi-module integrated programs last upfront season, which we talked about, about a year ago.

是的。謝謝你的提問，Ryan。我也想藉此機會進一步談談這些程序的工作原理。傑夫只是稍微觸及了一點。但正如您所說，我們的客戶對更靈活、更有活力的產品感興趣，以便在我們的多種格式和管道中優化他們的計劃。因此，我們在上個季度剛開始試用一些多模組整合程序，大約在一年前我們就討論過這個。

But this year, we rolled out these offerings to a much larger number of our top clients, and we saw a really great traction. And so as far as visibility is concerned, these programs are typically 12 to length. They're contracted to start in January and the contract is to start with whichever module has the first available content.

但今年，我們向更多的頂級客戶推出了這些產品，並且看到了巨大的吸引力。就可見性而言，這些程序的長度通常為 12 到 16 英吋。他們的合約將於一月份開始，並且合約將從具有第一個可用內容的模組開始。

So for example, if a client is buying an integrated program with news, video and point of care in it, and both the news and video modules have preapproved content, but the point of care does not, we'll start their program by launching and optimizing the news and video modules while we work on that point of care content in the background. So our customers love the speed to launch. They love the multimodule flexibility this provides.

舉例來說，如果客戶購買了一個包含新聞、視訊和護理點的綜合程序，並且新聞和視訊模組均具有預先批准的內容，但護理點沒有，我們將透過啟動和優化新聞和視訊模組來啟動他們的程序，同時在後台處理護理點內容。所以我們的客戶喜歡這種發布速度。他們喜歡它提供的多模組靈活性。

And then for us, we obviously love the larger and longer deals, the better revenue predictability. It really is a win-win across the board. For seasonality, I think as we move more customers into these programs, we could certainly see a more consistent revenue curve year-to-year than we've seen over the past few years. And that's definitely our aim as we continue to sell these programs over time.

對我們來說，我們顯然喜歡更大、更長的交易，因為收入的可預測性越好。這確實是一個雙贏的局面。就季節性而言，我認為隨著我們將更多客戶納入這些計劃，我們肯定會看到比過去幾年更穩定的逐年收入曲線。這絕對是我們的目標，因為我們會持續銷售這些程式。

Okay. Super helpful color. And then as a follow-up maybe for Jeff or Nate. We've seen a lot of data recently about NPs and PAs really starting to write as many as if not more script physicians. So I'm curious if you can talk a little bit about how you target that market? I know you've launched NP Navigator in October. But just more broadly, how do you target NPs and PAs and is that a big growth opportunity or are you already capitalizing there? Thanks.

好的。超有用的顏色。然後也許作為 Jeff 或 Nate 的後續行動。最近我們看到了很多關於 NPs 和 PA 開始為醫生開出盡可能多的處方的數據。所以我很好奇，您能否談談您是如何瞄準這個市場的？我知道你們在十月推出了 NP Navigator。但更廣泛地說，您如何瞄準 NP 和 PA，這是一個巨大的成長機會嗎，或者您已經利用了它嗎？謝謝。

This is Jeff. I'll answer that question. So we've announced we're over 60% of all new practices in the country as members. And we're proud of our growth there. In fact, it's one of our internal growth goals this year to keep growing that percentage. We just hosted out here our first-ever nurse practitioner Advisory Board, where we had over 100 NPs in to come in and tell us about what they want from our product. I will bore you with all of it, but I will say they love our workload tool.

這是傑夫。我來回答這個問題。因此，我們宣布我們的會員佔全國所有新診所總數的 60% 以上。我們為在那裡的發展感到自豪。事實上，維持這一比例的成長是我們今年的內部成長目標之一。我們剛剛在這裡舉辦了首屆執業護理師諮詢委員會，超過 100 名執業護理師參加了此次會議並告訴我們他們對我們的產品有何要求。我可能會讓您厭煩所有這些，但我要說的是，他們喜歡我們的工作量工具。

The ability to call patients from their cell phones from wherever they are, the ability to handle factors with the pharmacy, the ability to use our GPT to write patient prior off letters, all these things, they are really strong users of and we've done very well with them. Interestingly, they're a little less proud of their resumes, the CDs. So the more LinkedIn style functionality, I think, is not as frequently used by them. But again, our workflow tools have been really popular, and we look forward to more growth there.

無論患者身在何處，都可以用手機給他們打電話，可以與藥房處理相關事宜，可以使用我們的 GPT 為患者寫預約信件，所有這些功能，他們都是這項技術的忠實用戶，我們與他們合作得非常好。有趣的是，他們對自己的履歷和 CD 不太自豪。因此，我認為他們並不經常使用 LinkedIn 風格的功能。但我們的工作流程工具確實非常受歡迎，我們期待它能有更大的發展。

Great, thank you so much.

太好了，非常感謝。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Thanks for taking my questions, Ryan on for Scott. You have consecutive quarters of 100% plus year-over-year growth on point of care and formulary. Can you just talk about sort of the runway here for these products? And maybe what the penetration looks like, the most recent couple of strong orders here within the overall customer base? Thanks.

感謝您回答我的問題，Ryan 代替 Scott。你們的護理點和處方量連續幾季年增 100% 以上。您能談談這些產品的運作情況嗎？也許滲透率是什麼樣的，在整體客戶群中最近有幾個強勁的訂單？謝謝。

Sure. Thanks for the question, Ryan. And yes, as Jeff mentioned in the prepared remarks, we saw 20% of our -- from new products in the quarter. So we really are starting to see very strong traction there with consecutive quarters of over 100% year-on-year growth. Even with that, I do think we are in the early innings of this opportunity. Between the engagement we see in our workflow channels and the unmonetized white space. We firmly believe that our workflow modules could become on par with our new speed over the next 3 to 5 years and definitely a key driver of our incremental growth.

當然。謝謝你的提問，Ryan。是的，正如傑夫在準備好的發言中提到的那樣，我們看到本季 20% 的銷售額來自新產品。因此，我們確實開始看到非常強勁的勢頭，連續幾個季度的同比增長率超過 100％。即使如此，我確實認為我們正處於這一機會的早期階段。我們在工作流程管道中看到的參與度與未貨幣化的空白之間。我們堅信，在未來 3 到 5 年內，我們的工作流程模組將與我們的新速度保持一致，並且絕對成為我們逐步成長的關鍵驅動力。

Excellent. And then maybe as a follow-up. So you noted 10 new agency partners that have been signed up and the training for those has just going to start here in the next few weeks. How should we think about the continuing of the ramping process not only of sort of getting those agency partners trained and sort of kind of more actively using the pool, but then the sort of the magnitude of the ramp of adding incremental agency partners as we look ahead into fiscal '26. Thanks.

出色的。然後或許作為後續行動。您注意到，已經有 10 家新的代理商合作夥伴簽約，而這些合作夥伴的培訓將在未來幾週內開始。我們應該如何看待持續的擴張過程，不僅要對這些代理合作夥伴進行培訓，更積極地利用人才資源，而且在展望26財年時，還要考慮增加代理合作夥伴的增量。謝謝。

Yes, this is Jeff. I'll take that. Yes, I look forward to our summit coming up in New York City to go through this with our agency partners. And yes, they're excited to come too because we make them look smart. I mean, all else equal. We're giving them insights that really do help inform their strategies and be more strategic with their end clients, which is a win-win really all around.

是的，這是傑夫。我接受。是的，我期待即將在紐約舉行的峰會與我們的代理商合作夥伴一起討論這個問題。是的，他們也很高興來，因為我們讓他們看起來很聰明。我的意思是，其他一切都相同。我們向他們提供的見解確實有助於他們制定策略，並使他們能夠更有效地與最終客戶溝通，這確實是一個雙贏的局面。

I can share on the last call, we shared that we had referrals in with 6-figure new clients. That continues, and our SMB growth over this past quarter was stronger than it had been previously. So some of that we do credit to these AC partners. And in fact, just a couple of weeks ago, we had one of these agency partners bring us a new $0.5 million client, which is great to see. And again, from our view, this is just us helping our agency partners look smart, helping them be more creative, develop better creative.

我可以分享上次通話中我們分享的 6 位數新客戶的推薦。這種趨勢還在繼續，而且我們上個季度的中小企業成長比以前更強勁。因此，我們確實將其中的一些功勞歸功於這些 AC 合作夥伴。事實上，就在幾週前，我們的一個代理商合作夥伴為我們帶來了一位價值 50 萬美元的新客戶，這讓我們非常高興。再說一次，從我們的角度來看，這只是幫助我們的代理商夥伴看起來很聰明，幫助他們更有創造力，並開發更好的創意。

And most of our content is being created in the portal, and so we're really creating, I think, a more seamless less e-mail-centric way of working with our partners. So we're excited to do more of that. And I think down the road, you're right. There are -- there's the big 7, now it's the big 6 major agency out there. There's lots of smaller agencies that serve the medical space well. I don't know exactly how many we will have on our portal in program in a year, but it will certainly be more than the 10 we have today.

我們的大部分內容都是在入口網站上創建的，所以我認為，我們實際上正在創建一種與合作夥伴更加無縫、更少以電子郵件為中心的合作方式。因此我們很高興能做更多這樣的事。我認為從長遠來看你是對的。有－以前是 7 大，現在是 6 大主要機構。有很多小型機構為醫療領域提供良好的服務。我不知道一年後我們的入口網站上究竟會有多少個，但肯定會比現在的 10 個多。

Excellent, thanks. Congrats again.

非常好，謝謝。再次恭喜。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森（Elizabeth Anderson），Evercore ISI。

Hey guys. Congrats on the nice quarter and thanks for the question. Maybe a follow up to the last one, like how do you kind of see that sort of agency, non-agency direct clients split evolving over time. I mean honestly, obviously, it's still fairly early days, but just sort of any early learnings you can help us point to that direction to kind of understand the longer-term opportunity there.

嘿，大家好。恭喜您本季取得良好業績，感謝您的提問。也許是上一個問題的後續，例如您如何看待這種代理商、非代理商直接客戶的分裂隨著時間的推移而發展。我的意思是，老實說，顯然現在還為時過早，但任何早期的經驗都可以幫助我們指出那個方向，以了解那裡的長期機會。

Yeah. Thanks, Elizabeth. So to be clear, none of these agencies are resellers. We're not letting them do any principal buying or some of the other things you might hear with others. We still maintain a direct relationship with the clients. And again, we have that strategic table as they're thinking about their -- what they call their HCP, their health care professional strategy message.

是的。謝謝，伊麗莎白。所以要先明確的是，這些機構都不是經銷商。我們不允許他們進行任何本金購買或您可能與其他人聽到的其他一些事情。我們仍然與客戶保持直接關係。再次強調，我們有這個策略表，因為他們正在考慮所謂的 HCP，即醫療保健專業策略資訊。

But I do think there's a lot of data that we can use to help inform, again, their creative folks who are experts in their clinical areas. And again, I have this is where I think they look to us to provide them data insights and we present to them to provide us new intros maybe to that longer tail of clients that are hard for us to reach on our own.

但我確實認為，我們可以使用大量數據來幫助通知那些在臨床領域具有創造力的專家。再說一次，我認為他們希望我們為他們提供數據洞察，我們向他們展示新的訊息，也許可以介紹給我們那些我們自己難以接觸到的長尾客戶。

It's very helpful thank you.

這非常有幫助，謝謝。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yeah, thanks for the questions. Congratulations on a great quarter. Jeff, I was wondering if you could give us any updates. Obviously we got the point of care and the formulary here, these new products, but any thoughts on future roadmap of products? And then I had a follow up for Anna if you could talk about AI internally, how that's driving margins.

是的，感謝您的提問。恭喜您本季取得優異成績。傑夫，我想知道您是否可以向我們提供任何最新消息。顯然，我們了解了這些新產品的照護要點和處方，但對於產品未來的發展路線圖有什麼想法嗎？然後，我跟進了安娜的問題，問她是否可以談談內部人工智慧以及它是如何推動利潤的。

Sure, thanks, Richard. This is Jeff. I'll answer it by saying AI as well. So we're really proud of that 1.8 million prompts we did last quarter, up 60% quarter-on-quarter. And, we're about to host our 150 physician medical advisory board here in a few weeks. And as I look at the docket of the new product ideas we're going over with our physicians, there's a lot of excitement about what AI can do to help doctors save time, provide better care. And so we're really leaned in on that, and I think that's an area where today we have, zero monetization, and a lot of opportunity. Anna.

當然，謝謝，理查德。這是傑夫。我也會回答說是人工智慧。因此，我們對上季度的 180 萬次提示感到非常自豪，環比增長了 60％。幾週後，我們將在這裡召開由 150 名醫生組成的醫療顧問委員會會議。當我看到我們與醫生們討論的新產品創意清單時，我對人工智慧能夠幫助醫生節省時間、提供更好的照護感到非常興奮。所以我們真的很傾向於這一點，我認為這是我們今天尚未實現貨幣化但擁有很多機會的領域。安娜。

Hey, Richard, thanks for the question on AI. Yeah, we do believe AI has helped facilitate margin expansion for us that proximity. We've definitely been leaning into it internally, for a year or two now. Just for some examples for GNA we're utilizing AI for sales forecasting, data entry, scanning contracts, etc.

嘿，理查德，謝謝你關於人工智慧的問題。是的，我們確實相信人工智慧有助於我們擴大利潤率。我們內部確實已經在致力於此一兩年了。舉一些 GNA 的例子，我們正在利用 AI 進行銷售預測、資料輸入、掃描合約等。

R&D team uses AI turbocharge programming. They use it for knowledge sharing data.

研發團隊使用AI渦輪增壓程式設計。他們用它來共享知識數據。

And just all in all, we think about AI is very additive to our overall team, and we're very fortunate that our team is really embracing it. So it definitely has been a factor in the marginal expansion we've seen over the last year to 54%.

總而言之，我們認為人工智慧對我們整個團隊來說非常有幫助，而且我們很幸運我們的團隊真正接受了它。因此，這肯定是我們去年看到的邊際擴張至 54% 的因素。

Okay, thank you.

好的，謝謝。

Scott Schoenhaus, KeyBanc. Scott, perhaps your line is on mute.

KeyBanc 的 Scott Schoenhaus。斯科特，也許你的線路處於靜音狀態。

Sorry about that. Congrats on the momentum. I believe you noticed 10 million-plus brands to 4 million plus brand -- module integrated program side. So how should we think of the revenue opportunities on your platform going forward from these launches, meaning should we see larger budget unlocks throughout the year our -- selling revenues versus your past. Thanks.

很抱歉。祝賀這一良好勢頭。我相信你注意到了1000多萬的品牌到400多萬的品牌——模組整合程式端。那麼，我們應該如何看待你們平台今後從這些產品發布中獲得的收入機會，這意味著與過去相比，我們是否應該看到全年的預算釋放量更大——銷售收入更高。謝謝。

Scott, I apologize, you were cutting out a little bit. Do you mind just quickly repeating the question?

史考特，我很抱歉，你剛才說得有點多了。您介意快速重複一下這個問題嗎？

Sorry, My question basically is you have now all these larger and larger multimillion dollar brands. You just announced another first ever 15 million plus brand. How should we think about the revenue opportunities throughout the year and the budget unlocks both in the midyear and at the year-end versus years past?

抱歉，我的問題基本上是你們現在擁有這些越來越大的價值數百萬美元的品牌。你們剛宣布又一個銷售超過 1500 萬的品牌。與過去幾年相比，我們應該如何看待全年的收入機會以及年中和年末的預算解鎖？

Sure. Happy to talk a little bit more about our larger brands. Just to put this in context, too, as a reminder, we had our first ever 10 million-plus brand only 2 years ago. And so now today, we have 4 million, 10 million plus brands and -- ever 15 million-plus brand. So we certainly, every year, continue to reach in milestones with our brand partners, and we see no limit yet to how much a brand is willing to invest to Doximity. As far as what this means for upsell season and the rest of the year, I think it's just way too soon for us to tell. We certainly had a strong upfront, and we had strong upfront commitments, especially with regards to our integrated programs. It's just too soon for us to comment further as to what this could mean for the upsell season.

當然。很高興能進一步談論我們的大品牌。為了說明這一點，我還要提醒一下，我們在兩年前才有了第一個銷售超過 1000 萬的品牌。現在，我們有 400 萬個品牌，1000 多萬個品牌，甚至超過 1500 萬個品牌。因此，我們每年都會與品牌合作夥伴一起不斷創造新的里程碑，我們認為品牌願意對 Doximity 的投資是沒有限制的。至於這對追加銷售季節和今年剩餘時間意味著什麼，我認為現在我們還無法下結論。我們的前期資金確實充足，而且我們做出了強有力的前期承諾，特別是在我們的綜合計劃方面。現在我們還不能進一步評論這對追加銷售季節意味著什麼。

Allen Lutz of Bank of America.

美國銀行的艾倫·盧茨。

Good afternoon and thanks for taking the questions. One for Jeff or Nate, you talked about the 1.8 million AI prompts that was up 60% quarter-over-quarter. Could you just walk through an example or two of what these AI prompts are doing, how doctors are using tools. And then is there any way you can quantify maybe how much this is adding time to how much time doctors are spending on the platform?

下午好，感謝您回答問題。傑夫或內特各問一個問題，你們談到了 180 萬個 AI 提示，環比增長了 60%。您能否舉出一兩個例子來說明這些 AI 提示的作用以及醫生如何使用工具。那麼，有沒有什麼方法可以量化這為醫生在平台上花費的時間增加了多少？

Hi, Allen. This is Nate. Yes, we had 1.8 million prompts submitted in the last quarter by doctors, which is the number we're excited about as it continues to grow. And we've become a leader in the applied AI in the clinical setting space. And as we continue to invest, we're excited about what's possible. So when we've surveyed our doctors, they told us that they think they can save around 13 hours a week using AI tools. And that's a pretty massive unlock or really salvation as their workloads only continue to increase.

你好，艾倫。這是內特。是的，上個季度我們收到了 180 萬個由醫生提交的提示，這個數字讓我們感到非常興奮，因為它還在不斷增長。我們已成為臨床領域應用人工智慧的領導者。隨著我們繼續投資，我們對未來的可能性感到興奮。因此，當我們對醫生進行調查時，他們告訴我們，他們認為使用 AI 工具每周可以節省約 13 個小時。這是一個相當大的解放或真正的救贖，因為他們的工作量只會繼續增加。

So what exactly are they doing? Well, so far, our tools are already assisting with things like answering common questions that patients might have letters for patients, insurance companies has been a big hit, having letters improved processes like prior authorization appeals, colleague communications. Even at certain times of year first drafts of letters of recommendation for trainees.

那他們到底在做什麼？嗯，到目前為止，我們的工具已經在幫助解決一些問題，例如回答患者可能有的常見問題，給患​​者的信​​件，保險公司受到了很大的打擊，信件改善了諸如事先授權上訴、同事溝通等流程。甚至在一年中的某些時候也會為受訓人員起草推薦信。

And when we ask doctors what they want to prioritize, it's no surprise that their top interests are around things that have to do with reducing administrative burden because there's a lot of time continuing tests that these doctors have to do that today is just paperwork and faxing. And those are the kind of things that not only can we help them generate but we can then connect into our existing workflow efficiency tools like faxing so that it can involve to entirely new use cases as our members still with us.

當我們詢問醫生他們最想優先考慮什麼時，毫不奇怪的是，他們最感興趣的是與減輕行政負擔有關的事情，因為這些醫生必須花費大量時間進行持續的測試，而今天他們只需要處理文書工作和傳真。我們不僅可以幫助他們產生這些東西，還可以將其連接到我們現有的工作流程效率工具（如傳真）中，這樣當我們的成員仍然與我們在一起時，它就可以涉及全新的用例。

And then one for Anna. In the prepared remarks, you talked about the digital market is still growing 5% to 7%. As we think about the results that you've put out over the past two or three quarters, has the end market improved at all? Or is Doximity just taking more share here. Really trying to understand if the market even modestly is improving? And just kind of can you talk about what you're seeing there at kind of the market level?

還有一個是給安娜的。在準備好的發言中，您談到數位市場仍在以 5% 到 7% 的速度成長。當我們思考您在過去兩三個季度公佈的業績時，終端市場是否有所改善？或者 Doximity 只是在這裡佔據了更多的份額。真的想了解市場是否正在稍微改善嗎？您能否談談您在市場層面看到的情況？

Sure. Thanks for the question, Allen. Yes, as we've looked at market growth over the past few years, we've definitely seen a lot more stability. When we think about that 5% to 7% range that we gave for calendar year 2024, it's likely probably on the higher end of that range. We certainly did see a little bit of marginal improvement, but the majority of our outperformance was due to share gains. So we were able to take quite a bit of share. I think there was a little bit of a flight to quality this year, and we were able to really provide our clients with better insights, ROI and audience analysis there a portal and our new products really started to take off.

當然。謝謝你的提問，艾倫。是的，回顧過去幾年的市場成長，我們確實看到了更大的穩定性。當我們考慮我們為 2024 日曆年給出的 5% 到 7% 的範圍時，它很可能處於該範圍的高端。我們確實看到了一點點的邊際改善，但我們出色的表現主要歸功於股價上漲。因此我們能夠佔據相當大的份額。我認為今年我們在品質方面取得了一些進展，我們能夠真正為客戶提供更好的見解、投資回報率和受眾分析，我們的新產品也真正開始起飛。

So I would say the majority of our growth this year was led by share gains. In fact, we outperformed the market likely by about 3 times this year, which if you look at historically where we've seen outperformance, it's typically been closer to 2 times. As we look ahead, the level of outperformance we saw this past year is not something we necessarily expect to continue. A lot of things would really right for us this year. But we think it's a little bit more of an outlier as opposed to the norm. We think it's probably more likely that going forward, we'll see something more like our historical norm of 2 times the market growth rate.

因此我想說，我們今年的成長主要是由股價上漲所推動的。事實上，今年我們的表現可能超出市場約 3 倍，如果從歷史上看，我們的表現通常接近 2 倍。展望未來，我們並不期望過去一年的優異表現能夠持續下去。今年有很多事情對我們來說確實很順利。但我們認為，與常態相比，這有點異常。我們認為，未來我們更有可能看到更接近歷史常態的 2 倍市場成長率。

Great, thanks Anna.

太好了，謝謝安娜。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Thank you for taking the question and congrats on a great quarter. Maybe if I can build on Allen's question and ask the forward-looking question actually asking for '26 guidance. When you think about what you saw in '24 and the flight to quality dynamic. How much of that do you think was also macro oriented by the volatility in certain channels changing? And as you think about where we sit right now with the potential for a head of HHS that is anti-DTC advertising, some of the other macro elements moving around on you. How does that factor into where you see the puts and takes both on market growth and your positioning within the market?

感謝您回答這個問題，並祝賀您度過了一個美好的季度。也許我可以基於艾倫的問題並提出前瞻性的問題，實際上是尋求 26 年的指導。當你思考 24 年所見所聞以及對品質的追求。您認為其中有多少也是由某些管道的波動性變化所導致的宏觀影響？當您想到我們目前所處的位置以及衛生和公共服務部 (HHS) 負責人反對 DTC 廣告的可能性時，其他一些宏觀因素也在影響您。您如何看待這個因素對市場成長和您在市場中的定位的影響？

This is Nate. So what I can say about B2C effects is it's still early. There's a lot of things that have been said, but priorities with a clear path to implementation have yet to be set. So some of the talk that has bubbled up on D2C or TV advertising, could be less likely is in terms of a full ban because there'd be a lot of hurdles to overcome. A lot of middle ground regulations thus far seem like they could be more feasible such as conversations around pricing disclosures and transparency around pricing in D2C advertisements.

這是內特。因此我可以說，關於 B2C 的影響還為時過早。已經說了很多事情，但是尚未確定優先事項和明確的實施路徑。因此，關於 D2C 或電視廣告的一些討論可能不太可能被全面禁止，因為還有很多障礙需要克服。到目前為止，許多中間立場的規定似乎更為可行，例如有關價格揭露和 D2C 廣告定價透明度的討論。

But in general, I think a lot of what's being discussed will poll -- well with doctors. Doctors don't like being on the receiving end of a lot of requests that have come from commercial. That said, I think from administration strategies, again, it's just too early to make calls, and we're not basing our strategies on hopes of administrative change. We're just focused on what we do best today with our clients.

但總的來說，我認為正在討論的許多內容都會得到醫生的民意調查。醫生不喜歡接收來自商業的大量請求。話雖如此，我認為從行政策略來看，現在下結論還為時過早，我們不會將我們的策略建立在對行政變革的希望上。我們只專注於今天為客戶做我們最擅長的事情。

Thanks.

謝謝。

Anne Samuel, JPMorgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

Hi. Thanks so much for taking my question and congrats on the outstanding quarter. Just one kind of thinking longer term, as you look at the white space for monetization across your platform? Are you able to penetrate that with the resources that you have today? Or will it require any incremental investment? Just thinking about the massive incremental margins in the model that you're seeing lately.

你好。非常感謝您回答我的問題，並祝賀您本季的出色表現。您是否認為這只是一種長期思考，即您認為整個平台上貨幣化的空白？您能利用您現有資源來解決這個問題嗎？或者它是否需要任何增量投資？只是考慮一下您最近看到的模型中的大量增量利潤。

Thanks, Anne. This is Jeff. Well, as Anna has already said, we're very proud of the opportunity we've opened up with our workload products. And we think that, that opportunity is as big as our core news feed product. So we do think that that's still a lot of white space as you say, for us to go after -- with the team and relationships that we have, yes, absolutely. I think we work with all the top 20 pharma. We work with all the top 20 hospitals, and we continue to show good growth within them.

謝謝，安妮。這是傑夫。嗯，正如安娜所說的那樣，我們對我們的工作量產品所開闢的機會感到非常自豪。我們認為，這個機會與我們的核心新聞推送產品一樣大。因此，我們確實認為，正如您所說，對於我們來說，憑藉我們現有的團隊和關係，還有很大的發展空間。我認為我們與所有排名前 20 的製藥公司都有合作。我們與所有排名前 20 的醫院都有合作，並且在這些醫院中我們繼續表現出良好的成長勢頭。

I do want to make one clarification about my comments in the pre-record, which was we said we had an NRR or a net revenue retention rate of 122% with our top 20 clients. That is 22% growth over last year, up 122%, that growth over last year. So I just want to make sure I clarify that. I think it's clear from Anna's comments, but I want to make reclarify that. But no, I think we are well positioned to be the partner of choice for reaching health care fashionable. And that's a very large market that we still think we're in the very early innings of.

我確實想對我在預先記錄中的評論做一點澄清，我們說過我們前 20 名客戶的 NRR 或淨收入保留率為 122％。這比去年同期增長了 22%，比去年同期增長了 122%。所以我只是想確保澄清這一點。我認為安娜的評論已經明確說明了這一點，但我想再次澄清這一點。但不，我認為我們有能力成為實現醫療保健時尚的首選合作夥伴。這是一個非常大的市場，我們仍然認為它處於早期階段。

That's really helpful. And if I could just sneak in one more. I was just hoping you could give us an update on the health of the provider business, how that's trended?

這真的很有幫助。如果我可以再偷偷溜進去一次就好了。我只是希望您能向我們介紹一下供應商業務的健康狀況，趨勢如何？

Yeah. Thanks for the question, Annie. So as we said before, our pharma business does remain our fastest-growing business and is responsible for most of the upside that we've seen this year. But our health system business is performing a little bit better than initially expected to start the year. So we do believe we've seen a marginal improvement in that market over the past 9 months.

是的。謝謝你的提問，安妮。正如我們之前所說，我們的製藥業務仍然是我們成長最快的業務，並且是我們今年看到的大部分成長的原因。但我們的醫療系統業務表現比年初最初的預期要好一些。因此，我們確實相信，過去 9 個月中該市場確實出現了小幅改善。

We see a little bit of a pickup as well in our new business sales. But that industry still isn't really out of the macro uncertainty. So we aren't expecting a material change growth on this cohort in the near future. We are still expecting our pharma business to remain our fastest growing.

我們的新業務銷售也略有回升。但該行業仍未真正擺脫宏觀不確定性。因此，我們預期近期這群人不會出現實質的成長變化。我們仍然預計我們的製藥業務將保持最快的成長速度。

Thanks very much.

非常感謝。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格‧赫滕巴赫 (Craig Hettenbach)。

Thanks. We have been hearing positive feedback on the video module front. So Jeff, just taking a step back, I mean, the product initially got off to a slow start and appears to be accelerating nicely now. Can you just touch on just things that you've refined and what's resonating that's driving the momentum on the video side?

謝謝。我們一直聽到有關視訊模組的正面回饋。所以傑夫，退一步來說，我的意思是，該產品最初起步緩慢，但現在似乎正在加速發展。您能否簡單談談您改進的方面以及推動視訊方面發展的因素？

Yeah. Thanks, Craig. It's a good question, too. As I step back and look at it, within a highly regulated industry like pharmaceuticals, it's not uncommon to see sort of an S-shaped adoption curve for new products, right, where you have five trialists who will stick their necks out and go through the legal review and try something out. And then everyone else sort of sits on the sidelines and they wait for a year, and they wait to see what their ROI looks like and whether or not what they didn't actually worked.

是的。謝謝，克雷格。這也是個好問題。當我回顧並審視這個問題時，就會發現在製藥業這樣一個受到嚴格監管的行業中，新產品的採用曲線呈現 S 形的情況並不罕見，有五位試驗​​者願意冒險通過法律審查並嘗試一些東西。然後其他人都坐在場邊等待一年，等著看他們的投資報酬率是怎樣的，以及他們的做法是否真的有效。

And candidly, I think that's what happened with our point-of-care modules and our formulary modules, which are great products, right? It's, I think, really helpful to tell a doctor right as they're waiting for the patient to join a visit, whether or not their formulary, their basically insurance coverage will cover your client drug, right? That's a really actionable moment, and again, we've seen really strong ROIs from the moment and also strong loss rates there.

坦白說，我認為這就是我們的即時診斷模組和處方模組所發生的事情，它們都是很棒的產品，對吧？我認為，在醫生等待患者就診時告訴他們他們的處方集、他們的保險範圍是否涵蓋您的客戶藥物，這非常有幫助，對嗎？這是一個真正可行的時刻，而且，我們從那一刻起就看到了非常強勁的投資回報率，同時也看到了強勁的損失率。

So while it's taken a little while, I think, for us to get to that second hump in the S-curve where people are comfortable with it from a legal perspective that vertical video that we launched a couple of years ago, I think it's really having its moment. And again, as Anna said earlier, we think this could be as big when we look at the return on it for our clients as our core new seed business.

因此，雖然我認為我們花了一點時間才到達 S 曲線的第二個高峰，從法律角度來說，人們對於我們幾年前推出的垂直視頻感到滿意，但我認為它確實迎來了它的時刻。而且，正如安娜之前所說，我們認為，當我們將其作為我們的核心新種子業務為客戶帶來的回報視為回報時，這可能會很大。

Helpful color. Thank you.

有用的顏色。謝謝。

David Larsen, BTIG.

大衛·拉森（David Larsen），BTIG。

Hi, congratulations on the very good quarter. When we look at like the CROs like IQVIA reported this morning, they are talking about a 50% year-over-year increase in cancellations of clinical trials. When you look at some of like the large biopharma companies, they're talking about reducing costs, reprioritizing different clinical trials, they're facing challenges because of the Inflation Reduction Act and also changes in Part D reimbursement, having pressure on them.

您好，恭喜您本季取得如此好的成績。當我們查看 IQVIA 等 CRO 今早報道的內容時，我們發現臨床試驗取消數量比去年同期增加了 50%。一些大型生物製藥公司正在討論降低成本、重新安排不同臨床試驗的優先順序，他們面臨《通貨膨脹削減法案》和 D 部分報銷變化帶來的挑戰，這給他們帶來了壓力。

So it seems like across the CRO space, like the sector parts of it seem to be under a lot of pressure. Now we look at your results and they're fantastic. Can you just explain what is going on? I mean, is it the pressure that they're under that's causing them to invest more in commercial efforts? Just any thoughts there would be very helpful.

因此，看起來在整個 CRO 領域，其各個部門似乎都承受著很大的壓力。現在我們來看看您的結果，它們非常棒。你能解釋一下發生了什麼事嗎？我的意思是，他們所承受的壓力是否促使他們在商業上投入更多？任何想法都會非常有幫助。

Hi, David. This is Nate. So one thing I'll note is that the iShares US pharma ETF, which is sort of a barometer for the US pharma companies, it's up around 7% year-to-date. So pretty -- some optimism in the market there. We typically work with brands that are at the launch stage or the early stages post launch. Maybe we start those strategic conversations pre-launch. But we're not typically involved in helping these businesses at their Phase I or Phase II stages of trials. So businesses that help run trials in the very early stages would be definitely seeing different types of effects in different cost and we would.

你好，大衛。這是內特。我要指出的一件事是，iShares 美國製藥 ETF（它是美國製藥公司的晴雨表）今年迄今已上漲約 7%。非常漂亮——那裡的市場充滿樂觀情緒。我們通常與處於發布階段或發布後早期階段的品牌合作。也許我們在發布之前就開始這些策略對話了。但我們通常不會參與幫助這些企業進行第一階段或第二階段的試驗。因此，在早期階段幫助進行試驗的企業肯定會看到不同類型的效果和不同的成本，我們也會看到。

So with regards to the Inflation Reduction Act. Again, it's still early with it -- to the new administration's priorities around it. I think some experts feel a bit -- any sort of repeal seems unlikely because it is a path to free up a few hundred million dollars. But if you look at the scheduled IRA cuts, a lot of the drugs affected, and this is calendar 2026 mind you, are already in a pretty late stage.

因此，關於通貨膨脹削減法案。我再說一遍，對於新政府而言，這仍為時過早。我認為一些專家有點感覺——任何形式的廢除似乎都不太可能，因為這是一條釋放數億美元的途徑。但如果你看看愛爾蘭共和軍的預定削減計劃，很多受影響的藥物（請注意，這是 2026 年的日曆）已經處於相當後期的階段。

So when we went and analyzed the first 10 drugs announced, we found that the affected brands were really just a low single digit percentage of our revenue. Because, again, we work with launch and grow drugs more than this stage -- and even while pipelines continue to shift with different science, regulatory changes, there's still a lot of exciting medicines in the pipeline that will be potentially launching growth partners for us.

因此，當我們分析前 10 種宣布的藥物時，我們發現受影響的品牌實際上只占我們收入的個位數百分比。因為，再說一次，我們在這個階段更致力於藥物的發布和發展——即使隨著不同的科學、監管變化，藥物研發管道不斷發生變化，但仍然有許多令人興奮的藥物正在研發中，這些藥物有可能成為我們的成長夥伴。

Okay. Great. And then without [ sync ] trade secrets or anything like that, it seems like your ability to develop new products and modules is contributing to your growth. Can you size how much revenue is coming from formulary and point of care. And then just any sense for how many sort of new products are in your pipeline, like will you introduce maybe 1 or 2 per year. Just any color or thoughts around that would be helpful.

好的。偉大的。然後，在沒有[同步]商業機密或類似的東西的情況下，看起來你開發新產品和模組的能力正在促進你的成長。您能否估算出來自處方集和護理點的收入有多少？然後，您就可以了解您的產品線中有多少種新產品，例如您每年會推出 1 或 2 種產品嗎？任何相關顏色或想法都會有幫助。

Yeah, this is Jeff. I'll answer that. Yes, we've said that our point of care is 20%. So I think you could size against our overall revenue for that. And our AI products, again, which we have not monetized all, I think, are a similar-sized opportunity eventually and perhaps even bigger down the road. And we're excited at our Medical Advisory Board to get together with our 150 doctors here and work on those more. They are trade secrets. So we don't like to talk about our new physician products because, of course, we think we've got some better shot on goal there than others have. And we've got a team that I think has constantly shown that we can innovate in ways that doctors really appreciate. So we hold that close to our best.

是的，這是傑夫。我來回答這個問題。是的，我們說過我們的護理點是 20%。因此我認為您可以根據我們的整體收入來衡量。而且，我認為，我們的人工智慧產品雖然還未全部實現貨幣化，但最終它們將擁有類似規模的機遇，甚至可能更大。我們很高興能與我們的醫療顧問委員會的 150 名醫生相聚在一起，共同進一步的工作。它們是商業秘密。因此，我們不喜歡談論我們的新醫用產品，因為當然，我們認為我們比其他人有更好的機會。我認為，我們擁有一支團隊，他們不斷證明，我們可以以醫生真正欣賞的方式進行創新。因此我們盡力做到最好。

Thank you.

謝謝。

Thanks very much. Congrats on a good quarter.

非常感謝。恭喜本季取得良好業績。

Vikram Kesavabhotla, Baird.

維克拉姆·凱薩瓦布霍特拉，貝爾德。

Okay, great. Hey, thanks for taking the question. I just wanted to follow up on some of the previous questions around the industry trends now that you're through another upfront cycle. Do you think that 5% to 7% growth rate is the new normal for this industry long term? Or do you still think that can accelerate at some point? And based on the feedback that you're getting from customers what do they need to see in order for that growth rate to move higher on time? Thanks.

好的，太好了。嘿，謝謝你回答這個問題。現在您已經經歷了另一個前期週期，我只是想跟進之前關於行業趨勢的一些問題。您認為5%到7%的長期成長率是這個產業的新常態嗎？或者您仍然認為這在某個時候可以加速？根據您從客戶那裡得到的回饋，他們需要看到什麼才能使成長率按時上升？謝謝。

Thanks for the question, Vikram. And it's something we talk about a ton internally and with our agency client partners, the 5% to 7% we're seeing today, I think, is a little bit of an effect of the macro circumstances that we're in. and the place that pharma is in their shift to digital. So if we're just going to take a massive step back, pharma is still only spending about 30% to 35% of their budgets digitally. You compare that to other industries, other industries are at 70% plus. So pharma certainly still very under-indexed. So we could see a world in which that growth rate does increase. I think for right now, just given the generalized uncertainty, we're not seeing it today. But given how under index pharma is on digital, I do believe we could see a world where that growth rate does go up. We just don't know when that's going to happen yet.

謝謝你的提問，維克拉姆。這是我們內部和與我們的代理客戶合作夥伴大量討論的問題，我認為，我們今天看到的 5% 到 7% 的增長率，在一定程度上是我們所處的宏觀環境的影響，也是製藥業向數位轉型所處的位置的影響。因此，如果我們退後一步來看，製藥業在數位化方面的支出仍然只有約 30% 至 35%。與其他行業相比，其他行業的比例都在 70% 以上。因此，製藥業的指數顯然仍被嚴重低估。因此，我們可以看到，世界經濟的成長率確實在增加。我認為就目前而言，鑑於普遍的不確定性，我們今天還沒有看到它。但考慮到製藥業在數位化方面的指數表現，我相信我們可以看到成長率確實上升的世界。我們只是不知道這什麼時候會發生。

Okay, great. Thank you.

好的，太好了。謝謝。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

Yeah, good afternoon. Thanks for taking the question. Maybe going back to the topic of more launches in January and that kind of quick turnaround from the upfront selling season. That implies that medical and legal review is becoming less of a challenge. So I wanted to ask if anything has changed from a compliance perspective? Or are we just witnessing strong execution and the flexible approach of those integrated solutions serving as a work or two NRR barriers?

是的，下午好。感謝您回答這個問題。也許可以回顧一下 1 月份有更多新品發布以及預售季節的快速週轉這一話題。這意味著醫療和法律審查的挑戰性正在降低。所以我想問一下從合規性角度來看是否有什麼改變？或者我們只是看到這些整合解決方案的強大執行力和靈活方法成為一項或兩項 NRR 障礙？

Yeah. Thanks for the question, Jeff. And absolutely right. We did see a large increase in January launches compared to our prior years, which we're really excited about. Our goal is always to help our customers gain channel as quickly as possible to maximize their ROI. And we're really pleased in which our integrated programs are allowing them to do that by starting with whatever module has content pre-approved. Most of our brands that have been working on for a while will have at least one module with pre-approved content.

是的。謝謝你的提問，傑夫。絕對正確。與前幾年相比，我們確實看到一月份的發布量大幅增加，我們對此感到非常興奮。我們的目標始終是幫助我們的客戶盡快獲得管道，以最大化他們的投資回報。我們真的很高興，我們的整合程式允許他們從內容預先批准的任何模組開始這樣做。我們大多數已經經營了一段時間的品牌都會至少有一個包含預先批准內容的模組。

So that's been really a game changer for us in getting our clients live faster However, though, I do want to make sure to note when we do see changes like this in launch time lines, we also see changes in revenue growth. So this higher percentage of January launches are contributing to a couple of points of growth upside in fiscal 2025 for us, which theoretically could lead to some tougher comps as we move ahead to fiscal '26.

所以，這對我們來說確實是一個改變遊戲規則的因素，可以讓我們的客戶更快地獲得生命。因此，1 月上市比例的提高將為我們 2025 財年帶來幾個增長點，從理論上講，這可能會在我們邁向 26 財年時帶來一些更嚴峻的競爭形勢。

Thanks.

謝謝。

tephen Valiquette, Mizuho Securities. Your line is open. Steven, perhaps your line is on mute?

瑞穗證券的 tephen Valiquette。您的線路已開通。史蒂文，也許你的線路處於靜音狀態？

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you and good evening everybody. I wanted just to come back to the net retention revenue growth, which obviously continues to track at 20% and it's been at this level for a fairly sustainable period of time. But we're seeing total top line growth at a pace that is exceeding that and accelerating. So can you maybe help us understand some of the drivers outside of those top customers? What is contributing to some of that incremental performance between the NRR and the largest customers and then the total top line growth? And how we should think about sustainability of those drivers on a go-forward basis.

謝謝大家，晚上好。我只是想回到淨保留收入成長的問題上，顯然它繼續保持 20% 的成長率，並且在相當長的一段時間內一直保持在這個水平。但我們看到整體營收成長速度正在超過這個水平，而且還在加速。那麼您能否幫助我們了解那些頂級客戶以外的一些驅動因素？哪些因素促成了 NRR 與最大客戶之間的績效增加以及整體營收成長？以及我們應該如何思考這些驅動因素在未來的可持續性。

Thanks for the question, David. And yes, we've certainly seen stability in our NRR over the past 12 months. And particularly the last two quarters, we did see a slight reacceleration in our overall NRR which we think is a really good sign that we continue to find additional ways for our existing customers to expand their program such as adding on point of care modules or adding on NPs through our portal. And we're really encouraged that we're able to continue to grow within our existing customers.

謝謝你的提問，大衛。是的，在過去 12 個月裡，我們的 NRR 確實保持了穩定。特別是最近兩個季度，我們確實看到整體 NRR 略有回升，我們認為這是一個好兆頭，表明我們正在繼續為現有客戶尋找擴展其計劃的其他方法，例如添加護理點模組或透過我們的入口網站添加 NP。我們非常高興能夠在現有客戶群中持續成長。

Now as far as what Jeff had mentioned earlier, we're also seeing a little bit more growth come from SMB than we had seen historically. And what's great about that is our continuing to grow at all angles of the funnel here, so the top of the funnel and the bottom of funnel of these customers. And I think will likely continue to see that over time, especially with our client portal. So as far as future of NRR just between a couple of moving pieces here with continued growth amongst our top customers, but then also SMB traction. It's just too soon for us to give a specific number. but we don't really expect a material change from kind of what we're seeing here today.

正如傑夫之前提到的，我們也看到來自中小企業的成長比歷史上要多一點。最棒的是，我們持續在漏斗的各個角度發展，包括這些客戶的漏斗頂部和漏斗底部。我認為隨著時間的推移，這種情況可能會繼續存在，特別是在我們的客戶入口網站中。因此，就 NRR 的未來而言，這只是幾個變動因素之間的結合，一方面我們的頂級客戶繼續成長，另一方面 SMB 也受到青睞。現在我們給出具體的數字還為時過早。但我們並不認為今天看到的情況會發生實質的變化。

That's helpful. And maybe just a follow-up, and this is not a question about kind of comps going forward. This is more trying to get at some of the underlying drivers that are supporting the accelerated performance here in this fiscal year. Where would you say we are in the life cycle of some of those drivers? I know, Jeff, you talked a little bit about the S-curve or some of these things. But -- maybe you could just go into a little bit more detail on how you think about the improved growth you're seeing this year? And as you think about those factors, where are we in kind of the evolution of each of those drivers?

這很有幫助。這可能只是一個後續問題，這不是關於未來同類產品的問題。這更多的是為了找到支持本財年加速績效的一些潛在驅動因素。您認為我們處於這些驅動程式的生命週期的哪個階段？我知道，傑夫，你談到了 S 曲線或其中的一些內容。但是——也許您可以更詳細地講講您如何看待今年所看到的成長改善？當您考慮這些因素時，我們處於每個驅動因素演變的哪個階段？

Hi, David. This is Jeff. I'll speak to that. Yes, where are we? The short answer is we're doing really well. I think this past year, if we really boil it all down, we've demonstrated to our clients the context matters, right? That being in a clinical context where doctors are in clinical decisions really does matter, in the ways that you reach them. And folks who are finding ways to put up video games doctors, households or whatever else aren't doing as well, aren't having the results.

你好，大衛。這是傑夫。我會談這個。是啊，我們在哪裡？簡短的回答是，我們做得很好。我認為，在過去的一年裡，如果我們真正把這一切歸結起來，我們已經向我們的客戶證明了背景很重要，對嗎？在臨床環境下，醫師參與臨床決策確實很重要，你與他們接觸的方式也很重要。而那些想辦法將電玩變成醫生、家庭或其他任何東西的人並沒有做得那麼好，也沒有得到結果。

And I think there was a lot of trialist behavior maybe in the last couple of years around some of those newer technologies. But candidly, they don't work, right? At the end of the day, context does matter. I think we will continue to deliver a highly credible high-integrity clinical context for our physicians.

我認為過去幾年圍繞著一些新技術可能出現了很多試驗行為。但坦白說，它們不起作用，對吧？歸根究底，背景確實很重要。我認為我們將繼續為我們的醫生提供高度可信、高度誠信的臨床環境。

Thanks so much.

非常感謝。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Thank you and thanks for taking my question. So just following up on the last response. I'm trying to put a finer point on your comment earlier on your likely growing at 2 times the market growth rate going forward and 3 times you grew this fiscal year. Does that mean that for you to feel comfortable about being back to like sustainable, high teens, 20% top line growth, you need market growth to accelerate from current levels? Or do you think you have enough products and tools in pipeline to keep driving engagement and deepening your pharma partnership, which would get you to that sustainable high teens, 20% growth going forward.

謝謝您，謝謝您回答我的問題。所以只是跟進上一次的回應。我試圖更詳細地闡述您先前的評論，即未來您的公司成長率可能會達到市場成長率的 2 倍，而本財年您的公司成長率可能會達到 3 倍。這是否意味著，為了讓您安心地回到可持續的、高成長率、20% 的營收成長水平，您需要市場成長從目前水準加速？或者您是否認為您擁有足夠的產品和工具來繼續推動參與和深化您的製藥合作夥伴關係，這將使您在未來實現可持續的高成長率，甚至 20%。

Yeah. Thanks for the question, Jailendra. And as I mentioned before, if we do look back historically, say, taking out this year, if we look back over the past 4 years, we do typically outperform the market growth rate by somewhere closer to 2 times. And as of right now, our best estimate is that's a better proxy going forward for our car business. I think this year, we had an opportunity to accelerate share gains after a softer fiscal 2024. And we're really encouraged that we saw that happen.

是的。感謝您的提問，Jailendra。正如我之前提到的，如果我們回顧歷史，比如說，除去今年，如果我們回顧過去 4 年，我們的表現通常比市場成長率高出近 2 倍。截至目前，我們的最佳估計是，這是我們汽車業務未來發展的更好的代表。我認為，今年，我們有機會在 2024 財年表現較疲軟後加速股價上漲。我們非常高興看到這樣的事情發生。

But going forward, we're just in a place where we believe we'll see more of consistent share gains. As far as if we have the tools in place to continue to grow faster than the overall market, we absolutely believe we do. I think we still have a ton of opportunity with point of care and within our portal, but we just don't know if that seed growth quite as accelerated as we saw this last year. It's not what we're assuming for next year.

但展望未來，我們相信我們將看到更多持續的份額成長。如果我們擁有足夠的工具來繼續以比整體市場更快的速度成長，我們絕對相信我們能夠做到。我認為我們在護理點和門戶方面仍然有很多機會，但我們只是不知道這種種子增長是否像去年看到的那樣加速。這並不是我們對明年的預期。

Okay. And for a follow-up, I want to go back to the difference between what you are seeing from pharma partners who are on your self-serve client portal versus those not on the portal. Any data or color you can share around engagement, ROI or new programs or upsell between these two sets of pharma clients? Just trying to understand the incremental opportunity you guys might see after you roll out portal across all your clients and can also like that, can you confirm if you're 4 million, 10 million plus brands and first 15 million plus brand are those 5 pharma customers all on your self-serve portal?

好的。作為後續問題，我想回到您在自助客戶入口網站上看到的製藥合作夥伴與不在入口網站上的製藥合作夥伴之間的差異。您可以分享有關這兩組製藥客戶之間的參與度、投資報酬率、新項目或追加銷售的任何數據或情況嗎？只是想了解在您向所有客戶推出門戶網站後，您可能會看到的增量機會，並且也可以這樣，您能否確認如果您有 400 萬、1000 多萬個品牌和前 1500 多萬個品牌，那麼這 5 個製藥客戶是否都在您的自助門戶上？

Thanks, Jailendra. This is Jeff. So yes, I should clarify one thing about the portal. People refer to it as self-serve. The reality is that it's still -- our clients are able to self-serve and go and see reports and whatnot. But to protect the end user experience I've requested and we will hold the line, we will not have new clients up on our website with a credit card from some more we don't know. We are still going to vet every client, and we are still going to review every program that they put out there, again, to protect the physician experience, we don't want things that are, frankly, not clinical, not garish, they're very native in our approach.

謝謝，Jailendra。這是傑夫。是的，我應該澄清有關門戶的一件事。人們稱之為自助服務。事實是，我們的客戶仍然可以自助、查看報告等等。但是為了保護我所要求的最終用戶體驗，我們會堅持到底，我們不會讓新客戶在我們的網站上使用我們不認識的信用卡。我們仍將審查每一位客戶，我們仍將審查他們推出的每一個項目，再次強調，為了保護醫生的經驗，坦率地說，我們不想要那些不臨床、不花哨的東西，它們在我們的方法中是非常本土化的。

In terms of talking about clients who are in the portal for -- I don't know offhand for those top 4, I think they're all on the portal, but I'm not positive. I can tell you that, again, it's our plan to roll this out to all of our clients this year. It really is a training process, and you need to show them and it takes time for us to walk them through the different parts of it and make sure they understand all the data definitions and the IQVIA data. And there's a little bit of tweaking because the way they define their IQVIA market might be different in every case. And so we want to make sure that aligns with their internal definition. So it does take some time for us to get new clients on to the portal. But again, it's our goal to get really all of them there this year.

說到門戶網站上的客戶——我不知道排名前四的客戶是誰，我認為他們都在門戶網站上，但我並不確定。我可以再次告訴您，我們計劃今年向所有客戶推出這項服務。這確實是一個培訓過程，你需要向他們展示，我們需要時間引導他們了解其不同部分，並確保他們理解所有資料定義和 IQVIA 資料。並且需要進行一些調整，因為他們定義 IQVIA 市場的方式在每種情況下可能有所不同。因此我們希望確保這與他們的內部定義一致。因此，我們確實需要一些時間才能讓新客戶加入入口網站。但是，我們的目標是今年讓所有人都到達那裡。

Thanks. Congrats on strong quarter.

謝謝。恭喜本季業績強勁。

Eric Percher, Nephron.

艾瑞克·佩徹（Eric Percher），Nephron。

Thank you. On the question on visibility in the financial model. And I think over the last year, you talked about customer discipline plan around budget flush is a factor. And then we thought workflow might drive longer launch, multimodal seems to drive improved visibility for next year. So let me ask you, you put all of these items together, how do you feel around the visibility you have now looking forward relative to a year ago? And then as we get into a new year, is it that you've gained a lot more visibility on the first 3 quarters, but there may be even more dependence on where you ultimately end up in Q4?

謝謝。關於財務模型可見性的問題。我認為，在過去的一年裡，您談到的圍繞預算充裕的客戶紀律計畫是一個因素。然後我們認為工作流程可能會延長發佈時間，多模式似乎會提高明年的可見度。那麼讓我問一下，如果你把所有這些項目放在一起，相對於一年前，你對現在的展望有什麼看法？那麼，隨著我們進入新的一年，您是否對前三個季度的業績有了更多的了解，但對您最終在第四季度的業績表現的依賴程度是否更大？

Thanks for the question, Eric. So just as a reminder, when we started last year with our initial guidance, we had over 70% of our subscription-based revenue under contract. When we give our guidance in May, we don't expect visibility to look materially different than how it looked when we started last year because there's a bit of a push and pull effect at play with these integrated offerings.

謝謝你的提問，艾瑞克。所以提醒一下，當我們去年開始製定初步指引時，我們的訂閱收入中有 70% 以上來自合約。當我們在五月給予指引時，我們預期可見度不會與去年年初有太大不同，因為這些綜合產品會產生一些推拉效應。

So they certainly led to large deal sizes, which would imply more booked upfront and the stronger visibility into next year but they also launched in January, which led to a little more revenue recognition in the current fiscal year versus the next fiscal year. So because of those two connectors, the push and pull there, as of now, we feel visibility is looking pretty solar last year. And just given this past year's performance, I think we feel very comfortable with the strength of our visibility into this business.

因此，它們肯定會帶來大規模交易，這意味著更多的預付款和更強的明年可見性，但它們也在一月份推出，這導致本財年的收入確認比下一財年略高。因此，由於這兩個連接器的存在，那裡的推拉作用，截至目前，我們感覺去年的太陽能能見度看起來相當不錯。鑑於過去一年的表現，我認為我們對這項業務的洞察力感到非常滿意。

Appreciate it.

非常感謝。

Stan Berenshteyn, Wells Fargo Securities.

富國證券的 Stan Berenshteyn。

Just two quick ones for me. First, on the 15 million brand, what is the anticipated time frame for the campaign go live on that one? And then on the share gains that you called out, do you have a sense of who's on the other side of the share gains that you're experiencing?

我只想問兩個問題。首先，對於 1500 萬品牌，預計該活動上線的時間範圍是什麼時候？那麼，關於您提到的份額增長，您是否知道您所經歷的份額增長的另一方是誰？

Hi, Stan, thanks for the question. So that 15 million plus brand that we mentioned, did buy one of our integrated packages. So that brand is already live on our channel. As far as where we are seeing the share gains, it's not something that we typically talk too much about when it comes to competitors. I think we are really pleased to have the platform that we have and the interest from our clients. And I think our results just show that we're the place that our clients want to spend their incremental dollars.

你好，斯坦，謝謝你的提問。因此，我們提到的那個超過1500萬的品牌確實購買了我們的一個綜合套餐。該品牌已經在我們的頻道上線了。就我們所看到的份額成長而言，當談到競爭對手時，我們通常不會談論太多這個問題。我認為我們非常高興擁有這個平台並受到客戶的關注。我認為我們的結果顯示我們是客戶願意花費增量資金的地方。

Great. Thanks so much.

偉大的。非常感謝。

That is all the time we have for questions. I will turn the call to CEO, Jeff Tangney, for closing remarks.

我們回答問題的時間就這麼多了。我將請執行長 Jeff Tangney 致最後總結。

I start by thanking the entire Doximity team for working so hard and efficiently to serve more doctors every day than ever before. So thank you, and thanks, everyone, for joining. Bye.

首先，我要感謝整個 Doximity 團隊的辛勤和高效工作，每天為比以往更多的醫生提供服務。所以感謝你們，也感謝大家的加入。再見。

This concludes today's conference call. We thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。