Doximity Inc (DOCS) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Doximity Q4 2025 earnings call. At this time, I will hand the call over to Perry Gold, Head of IR. Please go ahead, sir.

大家好，歡迎參加 Doximity 2025 年第四季財報電話會議。現在，我將把電話交給投資者關係主管 Perry Gold。先生，請繼續。

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

謝謝您，接線生。您好，歡迎參加 Doximity 2025 財年第四季財報電話會議。今天與我一起參加電話會議的還有 Doximity 聯合創始人兼首席執行官 Jeff Tangney； Nate Gross 博士，聯合創始人兼首席戰略官；以及首席財務官安娜·布賴森 (Anna Bryson)。您可在我們今天早些時候發布的新聞稿以及相關的 8-K 表格中找到我們完整的業績披露，同時還可在我們的網站 investors.doximity.com 上查閱我們準備好的評論副本。

As a reminder, today's call is being recorded, and a replay will be available on our website. As part of our comments today, we will be making forward-looking statements. These statements are based on management's current views, expectations and assumptions and are subject to various risks and uncertainties.

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。作為我們今天評論的一部分，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、預期和假設，並受各種風險和不確定性的影響。

Actual results may differ materially, and we disclaim any obligation to update any forward-looking statements or outlook. Please refer to the risk factors in our annual report on Form 10-K, any subsequent Form 10-Qs and our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-K.

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 表格年度報告、任何後續 10-Q 表格以及我們可能不時向美國證券交易委員會提交的其他報告和文件（包括我們即將提交的 10-K 表格）中的風險因素。

Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, May 15, 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 a 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 5 月 15 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，除非也透過新聞稿等公開披露或提交 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 insights into the dynamics of our business.

今天，我們將討論一些我們認為有助於理解財務結果的非公認會計準則指標。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。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。

These details may be onetime in nature, and we may or may not provide updates on those metrics in the future. I would now like to turn the call over to our CEO and Co-Founder, Jeff Tangney. Jeff?

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。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, Barry, and thank you, everyone, for joining our fourth quarter earnings call. We've three topics today: our financials, network growth and client summit recap.

謝謝，巴里，也謝謝大家參加我們第四季財報的電話會議。今天我們有三個主題：財務狀況、網路成長和客戶高峰會回顧。

First, our top line. We delivered $138 million of revenue for the fourth quarter of our fiscal 2025, 4% above the high end of our guidance range. For our full fiscal year ended March 31, we had $570 million in revenue and grew 20% year-on-year.

首先，我們的頂線。我們在 2025 財年第四季實現了 1.38 億美元的收入，比我們的預期範圍高端高出 4%。截至 3 月 31 日的整個財政年度，我們的營收為 5.7 億美元，年增 20%。

Of note, our top 20 clients who know and measure us best, once again grew the fastest at 23% in fiscal 2025. Our bottom line was also strong in Q4 with an adjusted EBITDA margin of 50% or $70 million, which was 10% above the high end of our guidance.

值得注意的是，最了解和衡量我們的前 20 名客戶在 2025 財年再次以 23% 的速度實現了最快成長。我們的第四季獲利表現也十分強勁，調整後的 EBITDA 利潤率為 50% 或 7,000 萬美元，比我們預期的高端高出 10%。

Our free cash flow was stronger still at $97 million, up 56% year-on-year. For the full fiscal year, our adjusted EBITDA grew 36% to $314 million. Our adjusted EBITDA margin was 55% for the year, up from 48% the prior year. We generated free cash flow of $267 million, an increase of 50% year-on-year.

我們的自由現金流更加強勁，達到 9,700 萬美元，年增 56%。整個財年，我們的調整後 EBITDA 成長 36%，達到 3.14 億美元。我們今年的調整後 EBITDA 利潤率為 55%，高於去年的 48%。我們產生了2.67億美元的自由現金流，年增50%。

Okay. Turning now to our network growth and engagement. Our unique active users on a quarterly, monthly, weekly and daily basis all hit fresh highs in Q4. This growth was again led by our news feed, which is both our most used and most monetized product. Our unique News Feed users hit record highs last quarter, while our articles read or tapped, were up more than 30% year-on-year.

好的。現在來談談我們的網路成長和參與度。我們的季度、月度、每周和每日獨立活躍用戶數量在第四季度均創下新高。這一成長再次由我們的新聞推播引領，它是我們使用最多、獲利能力最強的產品。上個季度，我們的獨立新聞推播用戶數量創歷史新高，而我們的文章閱讀量或點擊量比去年同期增加了 30% 以上。

Our workflow tools also hit fresh highs in Q4 with over 620,000 unique active prescribers. As a reminder, our workflow tools include our telehealth, fax, scheduling and AI tools. Our AI tools grew the fastest, again, last quarter, up more than 5 times year-on-year. In short, as the practice of medicine grows both more mobile and more AI-powered, we're proud to be leading the way.

我們的工作流程工具在第四季也創下新高，擁有超過 62 萬名獨立活躍處方者。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工具。上個季度，我們的人工智慧工具成長最快，年增超過 5 倍。簡而言之，隨著醫療實踐變得越來越行動化和越來越依賴人工智慧，我們很自豪能夠引領這一潮流。

Okay. Turning now to our recent physician and pharma client Summits. In March, we hosted our 13th Annual Physician Tech Summit in San Francisco. It was great to roll up our sleeves for two days alongside 150 of our nation's most tech-savvy doctors. For the third year in a row, our Doximity GPT products took center stage.

好的。現在來談談我們最近的醫生和製藥客戶高峰會。三月份，我們在舊金山舉辦了第 13 屆年度醫師技術高峰會。能夠與全國 150 名最精通技術的醫生一起忙碌兩天，真是太棒了。連續第三年，我們的 Doximity GPT 產品成為焦點。

Physicians love our specialty specific AI tools and HIPAA-secure environment, and we're learning a lot from their real-world use. One popular new feature is our ability to upload and securely analyze documents. Per a recent JAMIA study, a fifth of ER patients nowadays have medical records that are lengthier than Moby Dick.

醫生們喜歡我們專門的 AI 工具和 HIPAA 安全環境，我們從它們的實際使用中學到了很多。一個受歡迎的新功能是我們上傳和安全分析文件的能力。根據 JAMIA 最近的一項研究，如今五分之一的急診室患者的醫療記錄比《白鯨記》還要長。

So for a specialist treating a new patient, it can literally take hours of reading to fully come up to speed. But with Doximity GPT, they can just upload the patient's file, and our AI can chart the patient's lab values over time, summarize key clinical findings or search for complex diagnostic clues. It's a long overdue cure for what physicians affectionately call note bloat.

因此，對於治療新患者的專家來說，可能需要花費數小時閱讀才能完全掌握。但有了 Doximity GPT，他們只需上傳患者的檔案，我們的 AI 就可以繪製患者隨時間變化的實驗室值圖表，總結關鍵的臨床發現或搜尋複雜的診斷線索。對於醫生們親切地稱之為「筆記膨脹」的現象，這是一種早就該治癒的方法。

In a short couple of years, we've seen AI tools like this truly change the mood in medicine from AI leery to AI cheery. For the first time in over a decade, there's genuine hope that physician burnout and information overload can actually be eased with technology.

在短短幾年內，我們看到這樣的人工智慧工具真正改變了醫學界對人工智慧的情緒，從對人工智慧的懷疑轉變為對人工智慧的樂觀。十多年來，人們第一次真正希望透過科技來緩解醫生的倦怠和資訊過載問題。

We are incredibly proud and motivated to help crafting AI tools that just work for busy clinicians. This is our mission and our roots as a team. Following our Physician Summit last month, I have personally shifted my focus from our client portal to our clinical AI products.

我們非常自豪，並有動力幫助打造適合忙碌的臨床醫生的人工智慧工具。這是我們的使命，也是我們作為一個團隊的根基。繼上個月的醫生高峰會之後，我個人將注意力從客戶入口網站轉移到了臨床 AI 產品。

Speaking of our client portal, the rollout is going very well. The majority of our pharma clients now have access and they love tracking their day-to-day results and ROI. These daily portal insights are also fueling client interest in how our new AI-powered integrated offerings can help them automate their programs. This AI orchestration was a key theme at our Annual Pharma Client Summit in New York last week, where we were joined by over 40 marketing leaders from the world's largest pharmaceutical companies.

說到我們的客戶門戶，推出進展非常順利。我們的大多數製藥客戶現在都可以訪問，並且他們喜歡追蹤他們的日常結果和投資回報率。這些每日入口網站洞察也激發了客戶的興趣，他們想知道我們新的人工智慧整合產品如何幫助他們實現程式自動化。這種人工智慧協調是我們上週在紐約舉行的年度製藥客戶​​高峰會的關鍵主題，來自全球最大製藥公司的 40 多位行銷領導者參加了此次峰會。

Their top request was to use our AI to optimize their programs at a more strategic level, by giving us more latitude to select the right content at the right time for each doctor, we've been able to improve our clients' results, along with our own revenue and predictability.

他們的首要要求是使用我們的人工智慧在更具策略性的層面上優化他們的程序，透過給予我們更多的自由度，在正確的時間為每位醫生選擇正確的內容，我們能夠改善客戶的結果，以及我們自己的收入和可預測性。

Okay. I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. As AI-assisted medicine becomes a reality, our future has never been brighter or more exciting, and I'm proud to be on this journey with you.

好的。最後，我要感謝我的 Doximity 隊友，他們繼續非常努力地照顧那些關心我們的人。隨著人工智慧輔助醫療成為現實，我們的未來從未如此光明和令人興奮，我很自豪能與你們一起踏上這段旅程。

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

接下來，我想將時間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. Fourth quarter revenue grew to $138.3 million, up 17% year-over-year, exceeding the high end of our guidance range. Full year revenue grew to $570.4 million, up 20% year-over-year.

謝謝，傑夫，也謝謝今天電話會議的每個人。第四季營收成長至 1.383 億美元，年增 17%，超過了我們預期範圍的高端。全年營收成長至 5.704 億美元，年增 20%。

As a reminder, fiscal 2025 revenue benefited from our strategic shift to more multi-module integrated offerings. This not only drove larger deal sizes, but also enabled a greater share of annual programs to launch in January.

提醒一下，2025 財年的收入受惠於我們轉向更多多模組整合產品的策略。這不僅推動了交易規模的擴大，而且還使得更多的年度計劃能夠在一月啟動。

Transitioning to these more efficient launch time lines contributed to a few points of revenue growth upside in fiscal 2025. Similar to prior quarters, our existing customers continued to lead our growth. We finished the quarter with a net revenue retention rate of 119% on a trailing 12-month basis. For our top 20 customers, net revenue retention was higher at 123%. So our biggest, most sophisticated customers remain our fastest growing.

過渡到這些更有效率的發佈時間表有助於 2025 財年收入成長幾個個百分點。與前幾季類似，我們現有的客戶繼續引領我們的成長。本季結束時，我們的淨收入保留率為過去 12 個月的 119%。對於我們的前 20 名客戶，淨收入保留率更高，達到 123%。因此，我們最大、最成熟的客戶仍然是我們成長最快的客戶。

We ended the quarter with 116 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a roughly 17% increase from the 99 customers that we had in this cohort a year ago, and these customers accounted for 84% of our total revenue.

截至本季末，我們擁有 116 位客戶，每人在過去 12 個月的訂閱收入貢獻至少 50 萬美元。與一年前我們的 99 位客戶相比，這一數字成長了約 17%，這些客戶貢獻了我們總收入的 84%。

Turning to our profitability. Non-GAAP gross margin in the fourth quarter was 91%, flat versus the prior year period. For the full fiscal year, non-GAAP gross margin was 92% versus 91% last year. Adjusted EBITDA for the fourth quarter was $69.7 million, and adjusted EBITDA margin was 50% compared to $56.4 million and a 48% margin in the prior year period.

談到我們的獲利能力。第四季非公認會計準則毛利率為 91%，與去年同期持平。整個財年，非公認會計準則毛利率為 92%，去年為 91%。第四季調整後 EBITDA 為 6,970 萬美元，調整後 EBITDA 利潤率為 50%，而去年同期為 5,640 萬美元，調整後 EBITDA 利潤率為 48%。

For the full fiscal year, adjusted EBITDA was $313.8 million, and adjusted EBITDA margin was 55% compared to $230.5 million and a 48% margin last year. We are proud to continue to run a very profitable business with 36% year-over-year growth in our bottom line. Now turning to our balance sheet, cash flow and an update on our share repurchase program.

整個財年，調整後的 EBITDA 為 3.138 億美元，調整後的 EBITDA 利潤率為 55%，而去年同期為 2.305 億美元，利潤率為 48%。我們很自豪能夠繼續經營一項非常有利可圖的業務，我們的利潤比去年同期成長了 36%。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。

We generated free cash flow in the fourth quarter of $97 million compared to $62.3 million in the prior year period, an increase of 56% year-over-year. For the full fiscal year, we generated free cash flow of $266.7 million compared to $178.3 million last year, an increase of 50% year-over-year.

我們第四季產生的自由現金流為 9,700 萬美元，而去年同期為 6,230 萬美元，較去年同期成長 56%。整個財年，我們產生的自由現金流為 2.667 億美元，去年為 1.783 億美元，年增 50%。

We ended the year with $916 million of cash, cash equivalents and marketable securities. During the fourth quarter, we repurchased $26.8 million worth of shares. For the full fiscal year, we repurchased $116.2 million worth of shares at an average price of $33.73. As of March 31, we had $424 million remaining in our existing repurchase program.

截至本財政年度末，我們的現金、現金等價物及有價證券總額為 9.16 億美元。第四季度，我們回購了價值 2,680 萬美元的股票。整個財年，我們以平均 33.73 美元的價格回購了價值 1.162 億美元的股票。截至 3 月 31 日，我們現有的回購計畫還剩餘 4.24 億美元。

Now moving on to our outlook. For the first fiscal quarter of 2026, we expect revenue in the range of $139 million to $140 million, representing 10% growth at the midpoint, and we expect adjusted EBITDA in the range of $71 million to $72 million, representing a 51% adjusted EBITDA margin.

現在繼續我們的展望。對於 2026 財年第一季度，我們預計營收將在 1.39 億美元至 1.4 億美元之間，中間值增長 10%，我們預計調整後的 EBITDA 將在 7,100 萬美元至 7,200 萬美元之間，調整後的 EBITDA 利潤率為 51%。

For the full fiscal year, we expect revenue in the range of $619 million to $631 million, representing 10% growth at the midpoint, and we expect adjusted EBITDA in the range of $333 million to $345 million, representing a 54% adjusted EBITDA margin.

對於整個財年，我們預計營收將在 6.19 億美元至 6.31 億美元之間，中位數成長 10%，我們預計調整後的 EBITDA 將在 3.33 億美元至 3.45 億美元之間，調整後的 EBITDA 利潤率為 54%。

Now I'll provide more color on our outlook. As mentioned above, fiscal 2025 was a strong year of strategic progress for us. Our new multi-module integrated offerings allowed many of our customers to get their annual programs live in January. While we expect these earlier launches to be the norm going forward, fiscal 2025 received the benefit of being the transition year, leading to a few points of revenue growth upside.

現在我將對我們的前景提供更多說明。如上所述，2025 財年是我們策略進步強勁的一年。我們新的多模組整合產品使我們的許多客戶能夠在一月份上線他們的年度計劃。雖然我們預計這些早期的推出將成為未來的常態，但 2025 財年獲得了作為過渡年的好處，從而帶來了幾個點的收入增長上升。

This dynamic creates a tougher year-over-year comparison for fiscal 2026, which is reflected in our expected revenue growth rate. Long term, we believe these more efficient January launches are a meaningful step forward for our customers and our business. These earlier launches allow our customers to maintain an uninterrupted presence on our platform, which helps drive ROI.

這種動態使得 2026 財年的年比比較更加困難，這反映在我們預期的營收成長率。從長遠來看，我們相信這些更有效率的一月發布對於我們的客戶和業務來說都是向前邁出的重要一步。這些早期的發布使我們的客戶能夠在我們的平台上保持不間斷的存在，這有助於提高投資回報率。

As customers realize higher returns, we expect this will translate into even greater investment on Doximity over time. As far as visibility as of today, we have just under 70% of our initial subscription-based revenue guidance under contract.

隨著客戶實現更高的回報，我們預計這將隨著時間的推移轉化為對 Doximity 的更大投資。就今天的可見性而言，我們的合約收入已接近最初基於訂閱的收入預期的 70%。

We expect the pharma HCP digital market to grow at roughly 5% to 7% again this year. While we have not yet seen any impact to our business from recent macro uncertainty, we believe it's prudent to assume the market growth rate could be on the lower end of this range, which is reflected in our guidance.

我們預計製藥 HCP 數位市場今年將再次成長約 5% 至 7%。雖然我們尚未看到近期宏觀不確定性對我們的業務產生任何影響，但我們認為，謹慎地假設市場成長率可能處於此範圍的低端，這反映在我們的指導中。

That said, we believe our pharma business will maintain its strong competitive position and grow at roughly twice the market rate, remaining our fastest-growing business in fiscal 2026. Between client portal insights, integrated program traction and record physician engagement, we believe we are set up for another year of meaningful share gains.

儘管如此，我們相信我們的製藥業務將保持其強大的競爭地位，並以大約兩倍於市場的速度成長，並在 2026 財年繼續成為我們成長最快的業務。透過客戶入口網站洞察、綜合計劃牽引力和記錄醫生參與度，我們相信我們將在新的一年中實現有意義的份額增長。

Finally, we are excited to increase our investments in AI this year. These investments will help us build better tools for our members, develop smarter solutions for our clients and drive greater efficiency across our entire business over the long term.

最後，我們很高興今年能夠增加對人工智慧的投資。這些投資將幫助我們為會員打造更好的工具，為客戶開發更聰明的解決方案，並從長遠來看提高整個業務的效率。

We believe we are in the early innings of realizing AI's full potential at Doximity, and we couldn't be more excited for the feature.

我們相信，我們正處於在 Doximity 上充分發揮 AI 潛力的早期階段，我們對這項功能感到無比興奮。

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) Brian Peterson, Raymond James.

（操作員指示） Brian Peterson、Raymond James。

Congrats on the strong 20% growth this year. Jeff, I just wanted to start out on the macro. I know you guys mentioned that you haven't seen any impact as of yet. But how are your customer conversations in terms of their willingness to spend this year? And as they're thinking about this volatility that we're seeing from this administration, any perspective on where their heads are.

祝賀今年實現了 20% 的強勁成長。傑夫，我只是想從宏觀角度開始。我知道你們提到到目前為止還沒有看到任何影響。但是，就今年客戶的消費意願而言，您與他們交談的情況如何？當他們思考我們看到的本屆政府的動盪時，他們的想法是什麼。

Great, Brian. Yeah, thanks. This is Jeff. Yeah, as we said in our prepared remarks, we have not seen any signs of a market slowdown yet. But given the material policy uncertainty, we are assuming that there will be.

太好了，布萊恩。是的，謝謝。這是傑夫。是的，正如我們在準備好的演講中所說，我們還沒有看到任何市場放緩的跡象。但考慮到重大政策的不確定性，我們假設會發生這種情況。

That said, just having gotten together last week with 40 of our biggest clients, which was the best turnout we've ever had at our Pharma Advisory Board, I'd just say, there's a lot of excitement about AI there as well.

話雖如此，上週我們剛剛與 40 位最大的客戶聚在一起，這是我們製藥顧問委員會有史以來最好的一次會議，我只能說，那裡對人工智慧也有很多興奮之處。

I'd say they are also AI cheery, just like doctors are. And as we said in last quarter's call, the clients that buy our AI optimization were growing at double the rates of the other clients on average. So we're excited about their AI cheeriness as well. It's interesting. The way that they're starting to do their work is actually starting to change.

我想說他們也對人工智慧很感興趣，就像醫生一樣。正如我們在上個季度的電話會議上所說，購買我們的人工智慧優化的客戶的平均成長速度是其他客戶的兩倍。因此，我們也對他們的 AI 愉快心情感到興奮。這很有趣。他們開始工作的方式實際上正在開始改變。

So it used to be that for their med legal review, they would come in with one version of an article. And just do that in a word document and redline it and improve it once. Now they're coming in with spreadsheets full of different option, variations and that's exciting because that allows us to build this library that the AI can then go choose and see what's performing best and optimize their results in real time, which we're seeing meaningful gains from doing. So again, our AI cheery clients are feeling good about leveraging this.

因此，過去，在進行醫學法律審查時，他們會提交一篇文章的一個版本。只需在 Word 文件中執行此操作並用紅線標註並改進一次即可。現在他們帶著充滿不同選項和變化的電子表格進來，這令人興奮，因為這使我們能夠建立這個庫，然後人工智慧可以選擇並查看哪些表現最佳並即時優化其結果，我們從中看到了有意義的收益。因此，我們的 AI 客戶對於利用這一點感到非常高興。

So the other new thing that they liked at our Pharma Advisory Board last week was our portal just continues to evolve and get smarter and teach them more -- one new feature we've added this quarter is the ability to see what percent of their targets are what they call no see physicians that is doctors that no longer see reps, which is roughly half of all US doctors actually, some say three out of every five, but that allows them to go as they look at their ROI and their analysis and they claim more credit as marketers relative to salespeople because they're able to look at these doctors that they know the reps aren't getting in to see.

因此，上週他們在我們的製藥顧問委員會上喜歡的另一個新事物是我們的門戶網站正在不斷發展，變得更加智能並教會他們更多東西——我們本季度添加的一個新功能是能夠查看他們的目標中有多少百分比是他們所謂的“不見醫生”，即不再會見銷售代表的醫生，實際上這大約占美國醫生總數的一半，有人說五分之三，但這讓他們能夠查看他們的投資回報率和分析，並且相對於銷售人員，他們作為營銷人員獲得更多的榮譽，因為他們能夠看到這些他們知道銷售代表不會去看的醫生。

So I said the overall mood was cautiously optimistic among our pharma clients, but you're right, there is this big cloud of, I think, policy uncertainty that I think we're all assuming we'll continue to be there this year.

所以我說，我們的製藥客戶整體情緒是謹慎樂觀的，但您說得對，我認為存在著巨大的政策不確定性，我們都認為今年這種不確定性將繼續存在。

And Anna, maybe one for you. You called out some AI investments in fiscal year '26. How should we be thinking about the payback period on some of these investments? Understanding it's early days, but I do get the question a lot from investors on kind of the broader monetization of AI. So is there anything that you can add there?

安娜，也許有一個適合你。您提到了 26 財年的一些人工智慧投資。我們該如何考慮這些投資的回報期？我知道現在還處於早期階段，但我確實經常聽到投資者問起有關人工智慧更廣泛的貨幣化的問題。那您還有什麼可以補充的嗎？

Yeah. Thanks for the question, Brian. And as we've mentioned before, we're still in the early stages of learning how AI could make our business more efficient over time. And then we're also still in the early stages of investments here.

是的。謝謝你的提問，布萊恩。正如我們之前提到的，我們仍處於學習人工智慧如何使我們的業務隨著時間的推移變得更有效率的早期階段。而且我們仍處於投資的早期階段。

So when we think about longer-term margins and how AI could impact our margins long term, we also have to take into account other considerations such as what further efficiencies we might see from our client portal or what further efficiencies integrated programs might bring to our business.

因此，當我們考慮長期利潤率以及人工智慧如何對我們的長期利潤率產生影響時，我們還必須考慮其他因素，例如我們可能從客戶入口網站看到哪些進一步的效率，或者整合程式可能為我們的業務帶來哪些進一步的效率。

So it's soon to know exactly what that more medium to long-term margins could look like for us. But we feel really good once again about guiding to two years in a row of 50%-plus adjusted EBITDA margin. And as we've talked about before, especially with the margin expansion, we saw this year, we're already seeing our AI investments pay off.

因此，我們很快就能確切知道中長期利潤率究竟是多少。但我們再次對連續兩年調整後 EBITDA 利潤率超過 50% 感到非常高興。正如我們之前談到的，特別是隨著今年利潤率的擴大，我們已經看到我們的人工智慧投資獲得了回報。

We're still going to continue to make more, but we have been able to scale our business without sufficient additional headcount over the last year, which I think has been a big proof point that AI is already working for us as a business.

我們仍將繼續創造更多業績，但在過去一年中，我們在沒有增加足夠員工的情況下就實現了業務規模的擴大，我認為這充分證明了人工智慧已經在為我們的業務發揮作用。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

And again, congratulations on ending the year strong. Maybe if I can just kind of follow up on Brian's question, but I'm just going to keep it on one here. But relative to the macro dynamic, I think it's certainly prudent that you're taking the stance here of uncertainty we're seeing it across the Board.

再次恭喜您以優異的成績結束這一年。也許我可以繼續回答 Brian 的問題，但我只想在這裡繼續回答一個問題。但相對於宏觀動態，我認為你在這裡採取不確定性的立場肯定是謹慎的，我們已經全面地看到了這一點。

And that being said, certainly, over the course of the most recent quarter, there was uncertainty, maybe not the actual news around tariffs, [most favored nation]. But at least this (inaudible) of the potential for some type of drug pricing constraints going as far back as the inauguration.

話雖如此，最近一個季度確實存在不確定性，也許不是圍繞關稅的實際消息，[最惠國]。但至少這種（聽不清楚）某種類型的藥品定價限制的可能性早在就職典禮時就存在。

Even along those lines, you still did an NRR of 119% over the course of the quarter, stronger with your larger customers. So maybe if we dovetail all these together, is there anything we can look back in the time that you've been a company over the last few years, maybe during COVID or anything along those lines where there's been that level of trepidation where you've seen some real-time pausing so we can compare how to factor in what clearly might be a macro-oriented short-term pause against what has obviously been a strong trend even when you take away the change in timing.

即使按照這樣的思路，您在本季的 NRR 仍然達到了 119%，對於大客戶而言，其表現更為出色。因此，如果我們將所有這些結合在一起，我們是否可以回顧一下過去幾年您作為一家公司的情況，也許是在 COVID 期間或類似的任何時期，當時人們感到如此程度的擔憂，您看到了一些實時的停頓，這樣我們就可以比較一下如何將顯然是宏觀導向的短期停頓與即使排除時間變化也明顯強勁的趨勢進行比較。

I know that's a convoluted question, but I appreciate any more macro color you have.

我知道這是一個複雜的問題，但我感謝您提供更多的宏觀色彩。

Yeah. Thanks for the question, Michael. We've certainly gone through tons of evolutions as a business over the last several years with changes. We had COVID that was a huge tailwind for our business. And then -- as you know, we experienced some upsell downside post COVID when there was return to office and a macro downturn.

是的。謝謝你的提問，麥可。在過去的幾年裡，我們作為一家企業確實經歷了大量的發展和變化。新冠肺炎疫情為我們的業務帶來了巨大的順風。然後——如您所知，在新冠疫情之後，當人們重返辦公室並遭遇宏觀經濟衰退時，我們經歷了一些銷售上升的下降趨勢。

So I think one of the biggest things for us as we're looking at to next year is one of our biggest learnings over the past, I'd say, three to five years as we've seen things change is our upsells can be more variable.

因此，我認為，展望明年，對我們來說最重要的事情之一也是我們在過去三到五年中最大的收穫之一，因為我們看到事情發生了變化，那就是我們的追加銷售可以更加多樣化。

So when we think about the next three to five months (inaudible) as Jeff mentioned, and as I've mentioned, we have not yet seen any slowdown in our business, and we continue to have a ton of excitement for our products from our clients.

因此，當我們考慮未來三到五個月（聽不清楚）時，正如傑夫所提到的，正如我所提到的，我們的業務尚未出現任何放緩，我們的客戶對我們的產品仍然感到非常興奮。

We also know that these dollars are a little more variable. So that's one of the biggest parts of our guidance that we're baking in to be a little bit more prudent, which is why we're talking about the client budget growth being more on that 5% range as opposed to 7% range.

我們也知道這些美元的變化更大一些。因此，這是我們指導意見中最重要的部分之一，我們對此更加謹慎，這就是為什麼我們說客戶預算成長應該在 5% 的範圍內，而不是 7% 的範圍內。

So the biggest factor here as we look ahead over the next 12 months, we'll do what our clients' budgets look like. And as you mentioned, we've been in policy uncertainty for six months now, and we haven't seen the slowdown. So of course, we're hopeful that we won't. But once again, as we're guiding out the next 12 months, we think it's the right thing to do to be prudent that we could see a slowdown.

因此，展望未來 12 個月，我們最重要的因素是，我們會考慮客戶的預算。正如您所說，六個月來我們一直處於政策不確定性之中，但我們並沒有看到經濟放緩的跡象。所以，我們當然希望不會發生這種情況。但是，當我們展望未來 12 個月時，我們認為謹慎對待可能的經濟放緩是正確的做法。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Congrats on the quarter. I was wondering if you could talk to me as to a little bit more about some of your other business assumptions for the quarter, sort of like more on the physician recruitment side and maybe point-of-care formulary? Obviously, you've had strength across number of those products recently. So I just wanted to sort of understand how you're balancing those out and thinking about those in terms of FY26.

恭喜本季取得佳績。我想知道您是否可以跟我談談本季度的其他一些業務假設，例如關於醫生招聘方面以及可能的即時護理處方集方面的假設？顯然，您最近在許多產品上都表現出了實力。所以我只是想了解您如何平衡這些並根據 FY26 考慮這些問題。

Elizabeth, thanks for the question. Yeah, a couple of things there. So as we've talked about before, our pharma business has led our growth over the past year and a big part of that growth was our formulary and our point-of-care products. And we're really excited to continue to see the traction there this next year and especially within our integrated offerings and selling those modules on a package basis and optimizing those programs for our clients.

伊麗莎白，謝謝你的提問。是的，有幾件事。正如我們之前談到的，我們的製藥業務在過去一年中引領了我們的成長，而這一增長很大一部分來自於我們的處方集和即時護理產品。我們非常高興看到明年繼續看到這一趨勢，特別是在我們的整合產品和以套餐形式銷售這些模組以及為我們的客戶優化這些程式方面。

So we still believe, as we said in our prepared remarks, that pharma will remain our fastest-growing business. And as far as the other businesses you were asking about recruiting and health systems, we have definitely seen marginal improvement in our health systems business over the last six to nine months.

因此，正如我們在準備好的演講中所說，我們仍然相信，製藥業仍將是我們成長最快的業務。至於您詢問的招聘和醫療系統等其他業務，我們確實看到醫療系統業務在過去六到九個月略有改善。

Our subscription enterprise offering is actually doing particularly well there. But we also do appreciate once again, the health systems are typically more near term impacted by policy changes and macro uncertainty. So our guidance doesn't necessarily assume we're going to see any continued momentum there.

我們的訂閱企業服務實際上在那裡表現得特別好。但我們也再次意識到，衛生系統通常會在短期內受到政策變化和宏觀不確定性的影響。因此，我們的指導並不一定假設我們會看到任何持續的動力。

Got it. That's super helpful. And as we think about sort of the share gain commentary you guys offered in the prepared remarks, could you unpack that a little bit more? Like are you seeing it is just sort of just in terms of the offering? Are you seeing dollars shift. I'd just be curious to sort of hear what you're hearing from customers in that regard.

知道了。這非常有幫助。當我們思考你們在準備好的評論中提供的股票收益評論時，您能否進一步解釋一下這一點？您是否認為這只是某種形式的奉獻？您是否看到美元發生變動？我只是好奇想聽聽您從客戶那裡聽到了什麼。

Yeah. -- about that little bit, I had a mute button issue there. Yeah, we are definitely continuing to see very strong share gains. I think there's a couple of things. The first thing I'll point to is you just mentioned, we did see an inflection point last year in our workflow modules or clients are really starting to now think about these modules as core modules, a truly diversified channel, and it's helped us capture a larger share of our overall client budgets.

是的。 ——關於這一點，我遇到了靜音按鈕問題。是的，我們肯定會繼續看到非常強勁的股價成長。我認為有幾件事。我要指出的第一件事就是您剛才提到的，去年我們確實看到了工作流程模組的一個轉折點，或者客戶現在真的開始將這些模組視為核心模組，一個真正多樣化的管道，它幫助我們佔據了整體客戶預算的更大份額。

So that's helped us grow at faster than 2 times the market rate last year. And the second point, I'll make is, our client portal. So the insights from our client portal has helped our customers make buying decisions based on real-time ROI and recommendations that we've been able to help with that has also certainly helps us take share.

因此，這幫助我們實現了去年市場速度兩倍以上的成長。我要說的第二點是我們的客戶入口網站。因此，來自我們客戶入口網站的洞察幫助我們的客戶根據即時投資回報率和我們提供的建議做出購買決策，這也無疑有助於我們獲得市場份額。

So I'd say those are the two pieces over the last year that we're excited once again to to see ahead over the next three to five years as well. But those were the two pieces that were really responsible for the large share gains we took this past year.

所以我想說，這是去年的兩件事，我們再次很高興看到未來三到五年的前景。但正是這兩點才使得我們去年的市佔率大幅成長。

Scott Berg, Needham.

史考特·伯格，尼德姆。

This is Ryan MacDonald on for Scott Berg. Congrats on a great quarter. Jeff, you mentioned, obviously, having the Pharma Client Summit a couple of weeks ago. Curious if the no handouts for Drug Advertisements Act was brought up at all in conversations, particularly because it seems like if this kind of goes through here, you'd have these tax deductions for direct-to-consumer marketing that would go away.

這是 Ryan MacDonald 為 Scott Berg 主持的節目。恭喜本季取得優異成績。傑夫，你顯然提到了幾週前舉行的製藥客戶高峰會。好奇的是，在對話中是否提到了「藥品廣告法案」的禁止補貼，特別是因為似乎如果這種法案通過，那麼直接面向消費者的行銷稅收減免就會消失。

I wonder if this actually has a potential to be a positive for your business as you might see some greater shift in mix of spend towards [the HCP] channel and benefiting Doximity. But would just love to your comments on maybe what clients are saying about that potential tailwind there?

我想知道這是否真的有可能對您的業務產生積極影響，因為您可能會看到支出組合向 [HCP] 管道發生更大轉變，並使 Doximity 受益。但是，我很想聽聽您對客戶對那裡潛在的順風的看法的評論嗎？

Ryan, yeah, good question. I think there has been a lot of interesting discussion recently around the role of DTC by the administration? How much has increased? How much has decreased. There's kind of been bipartisan increase in things like price transparency, which we think can be good for the world.

瑞安，是的，這個問題問得好。我認為最近圍繞政府在 DTC 中扮演的角色有很多有趣的討論？增加了多少？減少了多少。兩黨在價格透明度等方面的合作增加，我們認為這對世界有利。

And there's also been a focus on extra middlemen in the chain that can hurt our partners and our physicians patients, which we certainly are glad is getting looked at. We don't really have anything in this space or anything that we're actively hearing from our clients to report on at this time. I will say our clients usually have a completely separate team for DTC. So those sorts of crossovers when they do occur are often more gradual than acute, just like the shift to digital.

我們也關注到供應鏈中的額外中間商可能會傷害我們的合作夥伴和醫生患者，我們當然很高興這個問題得到關注。目前我們在這個領域確實沒有任何進展，也沒有從客戶那裡聽到任何值得報告的消息。我想說的是，我們的客戶通常都有一個完全獨立的 DTC 團隊。因此，當這些交叉確實發生時，它們往往是漸進的而不是急劇的，就像向數位化的轉變一樣。

But that said, we do actively invest in products like our formulary module that is focused around transparency or physicians and of course, downstream to patients, which -- many of them are increasingly seeking availability and accessibility data when they're considering therapies.

但話雖如此，我們確實積極投資於像我們的處方模組這樣的產品，該模組專注於透明度或醫生，當然也關注下游的患者——他們中的許多人在考慮治療時越來越多地尋求可用性和可訪問性數據。

And so modules like that, that I think are responsive to trends in (inaudible) administration driven priorities but also physician and patient-driven priorities are things that we plan to continue to invest in.

因此，我認為像這樣的模組不僅響應了（聽不清楚）管理驅動的優先事項的趨勢，而且也響應了醫生和患者驅動的優先事項，是我們計劃繼續投資的事情。

Anna, maybe as a follow-up for you. You mentioned last quarter on the call that the success of the integrated programs really pulled forward some spend and program launches earlier in the year. Just curious now that we're sort of five months into the year, are you seeing any notable changes in seasonality or how we should be thinking about seasonality of the business as we progress through the remainder of the calendar year here, please?

安娜，也許可以作為你的後續行動。您在上個季度的電話會議上提到，綜合計劃的成功確實提前推動了一些支出和計劃在今年早些時候的啟動。我很好奇，現在已經是今年的第五個月了，您是否看到季節性有什麼顯著的變化，或者隨著我們度過今年剩餘的時間，我們應該如何考慮業務的季節性？

Yeah. Thanks for the question. We're super excited about the integrated programs in case you can't tell. I think it's one of the better things we've come out with for our clients over the last several years. And we did launch a ton of those programs in January, as you mentioned and that did contribute to a few points of revenue growth upside in fiscal 2025.

是的。謝謝你的提問。如果您不知道的話，我們對整合程式感到非常興奮。我認為這是我們過去幾年來為客戶提供的更好的產品之一。正如您所說，我們確實在一月份啟動了大量此類項目，這確實為 2025 財年的收入成長做出了一些貢獻。

And what we're so excited for about these integrated programs is that they should theoretically over the long term create a more predictable and consistent revenue curve for us year-to-year. I think as of right now, we're still in that transition phase and we'll likely see a revenue curve that looks pretty similar to this past year.

我們對這些綜合計劃感到非常興奮，因為從理論上講，從長遠來看，它們應該能為我們逐年創造更可預測和更一致的收入曲線。我認為截至目前，我們仍處於過渡階段，我們可能會看到與去年非常相似的收入曲線。

But as we look ahead over the next three years or so, as we get more clients into these integrated programs that have January starts and December completions, it's only better for our revenue predictability, our visibility as well as what the revenue curve will look like in the shape of the year. So I think this is a huge step forward for us to get to that more consistent curve.

但當我們展望未來三年左右時，隨著我們讓更多的客戶參與這些一月開始、十二月完成的綜合項目中，這只會更好地提高我們的收入可預測性和可見性，以及全年收入曲線的狀況。所以我認為這對我們實現更一致的曲線來說是一大進步。

Jared Haase, William Blair.

賈里德·哈斯、威廉·布萊爾。

Maybe I'll ask another one kind of around the market share gain commentary. And I guess, with respect to the outlook for the 5% to 7% market growth, sort of still intact here, I'm curious if you're seeing anything incremental in terms of how budgets are being allocated across digital channels.

也許我會問另一種關於市場佔有率成長的評論。我想，就 5% 至 7% 的市場成長前景而言，這種成長仍然保持不變，我很好奇您是否看到在數位管道上如何分配預算方面有任何增量。

So thinking programmatic, obviously, network platforms like Doximity, other channels that might be at the point of care like the HR. Are you seeing any incremental changes in terms of how budgets are being sort of the mix of those budgets across those different channels?

因此，從程序化角度考慮，顯然有 Doximity 這樣的網路平台，以及其他可能處於護理點的管道，例如 HR。您是否看到不同管道的預算組合方式有任何漸進式變化？

Yeah. Thanks, Jared. This is Jeff. Yes. So again, we've seen no signs of the market growth rate slowing down yet.But again, we are looking at the uncertainty from a policy perspective and assuming it will go to the bottom end of our range, which is 5%.

是的。謝謝，賈里德。這是傑夫。是的。因此，我們還沒有看到市場成長率放緩的跡象。但是，我們再次從政策角度看待不確定性，並假設它將達到我們範圍的底端，即 5%。

Talking about some of the other channels that are out there. I'd say I think they're not gaining share, at least not at the pace that we are. And it really just comes back again to ROI, right? Does it really reach the right person and does it really get that person thinking. And again, I think it's been a flight to quality that we've seen among our clients.

談論一些其他的管道。我想說，我認為他們的市場份額沒有增加，至少沒有跟上我們的成長速度。它實際上又回到了投資報酬率 (ROI)，對嗎？它是否真的傳達到了正確的人那裡並真正引起了那個人的思考。而且，我認為我們已經在客戶中看到了品質的飛躍。

They're leaning more into what they call endemic because that's what they're seeing work. I will share a couple of our largest clients told us a year ago that they were really going to try out and experiment more in the programmatic space and in other spaces.

他們更傾向於所謂的地方性做法，因為他們看到這種做法有效。我將分享我們最大的幾個客戶在一年前告訴我們的事情，他們確實打算在程序化領域和其他領域進行更多的嘗試和試驗。

And just catching up with them this last week, they told me that those experiments that they ran, well, they didn't work or at least they didn't work to the level of return that they've seen with the programs that they're doing with us. So again, I think we're gaining more share there against a host of competing options.

就在上週與他們的會面中，他們告訴我，他們進行的那些實驗並沒有起到作用，或者至少沒有達到他們與我們一起進行的專案中所看到的回報水平。因此，我認為，與眾多競爭對手相比，我們正在獲得更多的市場份額。

Got it. That's nice to hear. And then, Jeff, maybe another one for you. You talked a little bit about kind of the nice traction with the newsfeed in the quarter. Just wanted to get an update on sort of the status of kind of the ad load across that news feed.

知道了。聽到這個消息我很高興。然後，傑夫，也許還有一個給你。您稍微談到了本季新聞推送的良好勢頭。只是想了解一下新聞推播中廣告載入的狀態。

How much more room do you see for incremental advertising content within that application. And I guess relative to some of the newer products that you've launched and had some success with recently, how important do you think the newsfeed will be to the growth story over the next few years?

您認為該應用程式中還有多少增加廣告內容的空間？我想，相對於您最近推出並取得一定成功的一些新產品，您認為新聞推送對於未來幾年的成長有多重要？

Yeah. Thanks, Jared. Well, first, I'll just say our clients and I, we're over the moon that we saw a 30% increase, more than 30% year-on-year number of ads our articles tapped in our newsfeed. So I think we have really become the newsfeed of medicines, the place that doctors come to stay up to date on the latest news. And with a decade now of first-party data on what their clinical interests are, I think we're just in a strong position to continue to deliver them the news that they need.

是的。謝謝，賈里德。首先，我只想說，我和我的客戶都很高興看到我們的文章在新聞推播中點擊的廣告數量比去年同期增加了 30% 以上。所以我認為我們確實已經成為了醫學界的新聞來源，成為醫生了解最新消息的地方。憑藉十年來關於他們的臨床興趣的第一方數據，我認為我們完全有能力繼續向他們提供所需的新聞。

I will point that there are others that I assume we are taking share from there. Our clients are telling us about that you can look online and see that Med X or Med Twitter is not flourishing, right? There's just less of that there. So I think we're seeing some migration, I think, from other platforms to our platform, which again has been to our net benefit.

我想指出的是，我認為我們正在從其他公司手中奪取市場份額。我們的客戶告訴我們，您可以上網查看，發現 Med X 或 Med Twitter 並不繁榮，對嗎？那裡的東西比較少。因此，我認為我們看到了一些從其他平台向我們平台的遷移，這又為我們帶來了淨收益。

To your question about ad load. Our ad load really hasn't increased. I would say what's happened is it's now spread across more channels, and this is really where our workflow channel that we get stats on each quarter has really been important that whole point of care formulary motion for us has allowed us to grow in basically a whole new vector without having to affect our newsfeed channel.

關於廣告負載的問題。我們的廣告量確實沒有增加。我想說的是，現在它已經傳播到更多的管道，而這確實是我們每個季度獲取統計數據的工作流程管道，對我們來說，整個護理處方動議讓我們能夠在一個全新的方向上成長，而不必影響我們的新聞推送渠道。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

I want to follow up on the comments around workflow tools, point of care, formulary. Growth there has been really robust. And Jeff, you mentioned that some of your customers experience, they tried to go out and work with programmatic, maybe that didn't work.

我想跟進工作流程工具、護理點、處方集的評論。那裡的成長確實十分強勁。傑夫，你提到你的一些客戶體驗過，他們嘗試過使用程式化廣告，但可能沒有成功。

As you think about these new products that you're launching in the market, is it that your customers are -- they try programmatic and now they're actually leaning into your newer products? Or are they just going back to the newsfeed, trying to get a sense of maybe where some of that incremental spend that maybe went away as they were testing programmatic, where does that come back to in the Doximity platform.

當您考慮在市場上推出這些新產品時，您的客戶是否——他們嘗試了程序化，現在他們實際上傾向於您的新產品？或者他們只是回到新聞推送，試圖了解在測試程序化時可能消失的一些增量支出，以及這些支出在 Doximity 平台上會回到哪裡。

Yeah. Thanks for the question. This is Jeff. I'll take that. So yeah, I mean we're really proud of our point of care in our formulary growth.

是的。謝謝你的提問。這是傑夫。我會接受的。是的，我的意思是，我們真的為我們在處方增長方面的護理重點感到自豪。

As we announced last quarter, in our Q3, we had over 100% year-on-year growth in those workflow channels, which has certainly been great for us. To your question about how they're allocating across these other channels, I'll give some credit to our portal as well here, which has helped them see on an ongoing basis, not just in a once-a-year look back, but on a more frequent basis to see the true return on investment that they're seeing from our platform and the data and the results and just keeping us frankly more top of mind.

正如我們上個季度宣布的那樣，在第三季度，我們的工作流程管道同比增長超過 100％，這對我們來說無疑是件好事。對於您關於他們如何在這些其他管道上進行分配的問題，我還要感謝我們的入口網站，它幫助他們持續地了解情況，不僅是每年一次的回顧，而且是更頻繁地了解他們從我們的平台、數據和結果中看到的真正投資回報，並讓我們坦率地更加關注。

I said when we started working on the portal 1.5 years ago that our clients recognize when we talk to them we have the best product, we have the best reach, we have the best level of engagement and interest, but we weren't the easiest to buy from, right?

我說過，當我們一年半前開始開發門戶網站時，我們的客戶在與他們交談時認識到我們擁有最好的產品、最好的覆蓋範圍、最好的參與度和興趣度，但我們並不是最容易購買的，對嗎？

It took a lot of effort for them to set up two Zoom calls with us and to get a quote and do all that. I think our portal has really reduced that friction quite a lot. So that again, now any time a day or night, they can log in and see how their programs are doing and they can also think about how they can grow them.

他們花費了大量精力與我們安排兩次 Zoom 通話、獲取報價並完成所有這些工作。我認為我們的門戶網站確實大大減少了這種摩擦。因此，現在無論白天還是晚上，他們都可以登入並查看他們的程式的運作情況，還可以思考如何發展它們。

And then one for Anna. I have a question on the guidance framework. So if we take a step back and look at the guide, the initial guidance that you provided last year, I think it contemplated 7% to 9% on revenue growth. I think the comparable last year was a relatively easy comparable. And then this year, you're guiding sort of this 8% to 11%.

然後還有一張給安娜的。我對指導框架有疑問。因此，如果我們回顧一下指南，看看您去年提供的初步指導，我認為它考慮的收入增長為 7% 至 9%。我認為與去年的比較是相對容易的。那麼今年，您的預期成長率將是 8% 到 11%。

So it's higher growth from the initial guide, even though there's a tougher comparable, there's more macro uncertainty this year versus last year arguably. So I guess, how do we square those things where I guess the -- there are tougher comps this year, less certainty. How do you think about the framework for guidance this year compared to last year?

因此，儘管可比性更強，但與最初的指引相比，今年的成長速度更高，可以說，與去年相比，今年的宏觀不確定性更大。所以我想，我們該如何解決這些問題？我猜今年的競爭更加激烈，確定性更低。與去年相比，您認為今年的指導框架如何？

Yeah. Thanks for the question, Allen. And I think there's a couple of things I'll hit on here. So first and foremost, last year was really the first year we started to see our new products take off or workflow products, and we started to see what our client portal could do for us. So we feel like we are in a much better position than we had been in years prior from a product offering perspective and from a share gain perspective.

是的。謝謝你的提問，艾倫。我想在這裡談幾點。因此，首先，去年實際上是我們開始看到新產品或工作流程產品起飛的第一年，我們開始看到我們的客戶入口網站可以為我們做些什麼。因此，我們覺得從產品供應和市場份額的角度來看，我們現在的地位比前幾年好得多。

We also, last year, I think we haven't yet seen our clients' budget stabilize yet. So we really weren't sure what our client budgets were going to look like. We have seen quite a bit of deceleration post COVID. And it's been really great for us to see over the past 12 months, not only have clients budget stabilized but marginally improved, and you can see that in our 20% year-on-year growth that we just reported for this last year.

去年，我認為我們還沒有看到客戶的預算穩定下來。所以我們真的不確定我們的客戶預算會是什麼樣的。我們已經看到新冠疫情過後經濟出現相當程度的減速。在過去的 12 個月中，我們很高興地看到，客戶的預算不僅穩定了下來，而且還略有改善，您可以從我們剛剛報告的去年同比增長 20% 中看到這一點。

So once again, I think we feel better about our competitive position than we ever have. And we feel as though we are in a place that even if the market growth rate is on the lower end of the range as we're forecasting here, it could be we feel as though we have good visibility into these numbers and hitting our guidance for the year.

因此，我再次認為，我們對自己的競爭地位比以往任何時候都更滿意。我們感覺，即使市場成長率處於我們預測範圍的低端，我們也可能感覺到我們對這些數字有很好的了解，並且達到了我們對今年的指導。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

Questions for you. I think this period a year ago, you had just over 70% of subscription revenue for the year locked in. And you just made in the comments you just under 70%. And I understand the dynamics of some of the pull forward in January for the annual contracts. But any more color on the dynamics this year versus last year?

給你的問題。我認為，去年同期，您已鎖定了當年訂閱收入的 70% 多一點。而您剛才在評論中表示，這一比例略低於 70%。我了解年度合約在一月提前的一些動態。但是今年與去年相比有什麼改變嗎？

And then my follow-up question is that remaining 30%, could you provide color on how much of that is midyear upsells versus renewals given the strong major upsells that you saw last year?

然後我的後續問題是，剩下的 30%，考慮到去年強勁的追加銷售，您能否說明其中有多少是年中追加銷售，有多少是續訂銷售？

Thanks for the question, Scott. So yeah, as you mentioned, last year when we gave our initial subscription revenue guidance we have just over 70% of that under contract. But then throughout the year, we saw stronger upsells. We had stronger annual upfront sales and with more January launches, which contributed to a revenue raise of roughly $58 million or about 11% since the start of the year.

謝謝你的提問，斯科特。是的，正如您所說，去年我們給出初始訂閱收入指引時，其中合約收入略高於 70%。但全年來看，我們看到了更強勁的追加銷售。我們的年度預付銷售額更高，在一月份推出了更多產品，這使我們自年初以來的收入增加了約 5,800 萬美元，增幅約為 11%。

So if we did a look back to the percent of our final fiscal 2025 revenue that we had under contract to start the year, it will be closer to 60%. So this number can naturally fluctuate throughout the year depending on sales of launches.

因此，如果我們回顧我們在年初簽訂的合約中佔 2025 財年最終收入的百分比，它將接近 60%。因此，根據新車的銷售情況，這一數字在全年自然會波動。

And then this is why we feel as though just under 70%, which, to be clear, means within 1% or 2% of 70% is a really prudent starting point for our business for fiscal 2026. And I think that also probably helps answer the second part of your question about what we're assuming for upsells.

這就是為什麼我們覺得略低於 70%（明確地說，這意味著在 70% 的 1% 或 2% 以內）對於我們 2026 財年的業務來說是一個非常謹慎的起點。我認為這可能也有助於回答您的問題的第二部分，即我們對追加銷售的假設。

I think once again, given the environment we're in and knowing upsells may be more variable, our guidance is more heavily weighted and dependent on renewals.

我認為，考慮到我們所處的環境，並且知道追加銷售可能會更加多變，我們的指導將更加重視並依賴續約。

Anne Samuel, JPMorgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

I was Hoping we could dig in a little bit more on point-of-care solutions. And I was wondering if you could kind of speak to how we should be thinking about the composition of growth for that? Is it more clients joining and pricing versus increasing the number of sponsored calls.

我希望我們能夠更深入地研究即時護理解決方案。我想知道您是否可以談談我們應該如何考慮這一增長的組成？是增加客戶加入和定價，還是增加贊助電話的數量。

I know at your Analyst Day, you spoke to a 1 in 100 calls being sponsored, but curious where we stand on that now and where we can go from here.

我知道在您的分析師日上，您談到了每 100 通電話中就有 1 個是贊助的，但我很好奇我們現在的立場是什麼，以及我們下一步可以做什麼。

Yeah. I think the great thing about point of care and the way we've kind of reframed our pitch around it to with our clients is that our clients are thinking about it as a truly diversified channel. So it is a unique channel from our newsfeed, where our clients are almost thinking about it as if they're like buying from another company, but that's how diversified the channel is. And this is an area where, as Jeff had mentioned, we have a lot of white space, a lot of unmonetized white space.

是的。我認為護理點的偉大之處以及我們圍繞護理點重新構建與客戶溝通的方式在於，我們的客戶將其視為一個真正多樣化的管道。因此，它是我們新聞推送中的一個獨特管道，我們的客戶幾乎會認為它就像是從另一家公司購買一樣，但這就是該管道的多樣化程度。正如傑夫所提到的，在這個領域我們有很多空白，很多未貨幣化的空白。

And so it's an area our clients have certainly been leaning into. And so that just helped our platform increased reach and frequency for our clients. So we're really excited about that. I think we think big picture over the next three to five years, our newsfeed as our first act, our workflow tools are our second act. And we think one day, maybe AI will be our third act.

因此，這是我們的客戶一直傾向的領域。這有助於我們的平台擴大客戶的覆蓋率和頻率。所以我們對此感到非常興奮。我認為，我們要考慮未來三到五年的大局，我們的新聞推播是第一步，我們的工作流程工具是第二步。我們認為有一天，人工智慧或許會成為我們的第三幕。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yeah. First, congratulations on a strong year. Maybe diving a little bit deeper into the upsells in the portal. I guess I'm curious, are clients buying on the portal now? And if so, how is that going?

是的。首先，恭喜您度過了一個豐碩的一年。也許可以更深入地了解門戶網站的追加銷售。我想我很好奇，客戶現在在入口網站上購買嗎？如果是的話，進展如何？

And then how do you think about maybe more certainty or visibility into the end year buy-ups from buying on the portal. Just curious there.

那麼，您如何看待透過入口網站購買可以更確定或更清楚地了解年底的購買情況？只是好奇。

Yeah. This is Jeff. I'll take that. So yes, we do present recommendations in our portal, and that does allow our clients to see the pricing. We do, to be clear, still have a separate contract paper flow that doesn't happen directly in the portal yet, but we're working on that.

是的。這是傑夫。我會接受的。是的，我們確實在我們的入口網站上提供了建議，這確實允許我們的客戶看到價格。需要明確的是，我們仍然有一個單獨的合約紙流程，尚未直接在門戶網站上進行，但我們正在努力解決這個問題。

But it does allow clients to go and see the other things they can be doing and makes that upsell motion, I think a lot more friction free and seamless for our clients and our own internal teams as well. So we're excited about where that can take us. In terms of our upsell sort of frequency. I'd say the key thing I'd point to there -- or visibility.

但它確實允許客戶去查看他們可以做的其他事情，並進行追加銷售動作，我認為這對我們的客戶和我們自己的內部團隊來說更加順暢和無縫。因此，我們對它能為我們帶來什麼感到興奮。就我們的追加銷售頻率而言。我想說的是，我要指出的關鍵點是可見度。

The key thing I'd point to there is these integrated programs are just much, much more visible for us as a company because again, we're effectively putting all of our channels together, they're buying the whole bag, if you will.

我想指出的關鍵一點是，這些整合程序對於我們公司來說更加引人注目，因為我們有效地將所有管道整合在一起，如果你願意的話，他們可以購買整個方案。

And then we're allowed to go and again, optimize the right content at the right time for the right doctor. And that, I think, will be a meaningful improvement, as Anna has said, to our revenue visibility in future years. This is the first year we're going through it. So I think we're being cautious about how it will improve our visibility and these upsell cycles.

然後，我們可以再次在正確的時間為正確的醫生優化正確的內容。正如安娜所說，我認為這將對我們未來幾年的收入可見性產生有意義的改善。這是我們第一次經歷這樣的事情。因此我認為我們對它如何提高我們的知名度和這些追加銷售週期持謹慎態度。

But I will say it's a hard win for us contractually in terms of terms with our clients. And I think a sign again of how much they give us a seat at their strategy table and view us as this long-term partner, not as a quarterly buy.

但我要說的是，從我們與客戶的合約條款來看，這是一場艱難的勝利。我認為這再次表明他們在多大程度上給予我們戰略決策席位，並將我們視為長期合作夥伴，而不是季度性收購對象。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

Congrats on the year. I was hoping maybe, Anna, you could help us understand the revenue cadence over the course of the year. Just appreciating the high level of visibility kind of what explains the implied sequential step-up from like F 1Q to F 2Q given the early launches in January, it would just be helpful to hear how we should be thinking about F 1Q, 2Q to 3Q?

恭喜你度過這一年。安娜，我希望你能幫助我們了解一年來的收入節奏。只是欣賞高水準的可見性，考慮到 1 月的早期推出，這可以解釋從 F 1Q 到 F 2Q 的隱含連續提升，聽聽我們應該如何考慮 F 1Q、2Q 到 3Q 會很有幫助嗎？

Yeah. Thanks for the question, Jess. So the nature of our customers buying cycle is such that, as you know, they deploy about 65% to 70% of their budgets upfront and then they upsell throughout the year. One of the things we're super excited about this year is getting our programs live in January. So getting our clients to have that uninterrupted presence on channel.

是的。謝謝你的提問，傑西。因此，如您所知，我們的客戶購買週期的性質是這樣的，他們會預先部署大約 65% 到 70% 的預算，然後在全年追加銷售。今年讓我們非常興奮的事情之一就是我們的節目將於一月份上線。因此，讓我們的客戶能夠在頻道上保持不間斷的存在。

Then throughout the year, though, they're upselling on top of those programs that leads to natural step-ups throughout the year. And so we believe going forward, we'll continue to see a Q3 that is going to be our highest quarter because our customers are adding on to their programs. So even with these integrated programs, we believe we'll continue to see that step up.

然而，在全年中，他們會在這些計劃的基礎上進行追加銷售，從而實現全年的自然成長。因此，我們相信，展望未來，我們將繼續看到第三季度成為我們業績最高的季度，因為我們的客戶正在擴大他們的計劃。因此，即使有了這些綜合計劃，我們相信我們仍將繼續看到這一進步。

And the other thing I'll say with the integrated programs that we're excited by, and we'll see how it goes. It's still obviously very, very new for us. But when our clients are making their upsell decisions, especially now that we have our client portal that helps track real-time ROI, having that longer time on channel starting in January as opposed to starting in April and having, say, six months to track your program performance and see how well it's performing on Doximity.

我想說的另一件事是我們對整合程序感到興奮，我們將看看它的進展。對我們來說這顯然還是非常非常新的。但是，當我們的客戶做出追加銷售決策時，特別是現在我們有了客戶門戶，可以幫助跟踪實時投資回報率，從 1 月份開始在渠道上停留的時間更長，而不是從 4 月份開始，並且有 6 個月的時間來跟踪您的程序性能並查看其在 Doximity 上的表現如何。

We actually think these January launches could help our upsell cycle. So once again, we're not baking that into our guidance because it's still too early, and it's really the first year we're running these programs, but we think they could group to be actually very beneficial for us as we get into the upsell season.

我們確實認為這些一月份的新品發布有助於我們的追加銷售週期。因此，我們再次強調，我們不會將其納入我們的指導中，因為現在還為時過早，而且這實際上是我們運行這些計劃的第一年，但我們認為，隨著我們進入追加銷售季節，它們實際上可能會對我們非常有利。

That's really helpful. And then my quick follow-up would be just as you think about the workflow tools, I think you all have talked about that opportunity as being commensurate in size to the newsfeed. So I'm curious if we should think about kind of the two tools so point of care and formulary as being the sum of workflow meaning that those two products can basically double the TAM from newsfeed and that potentially monetizing AI or DOCS GPT would be then an additional opportunity from there? Or should we think about that as part of the workflow as well?

這真的很有幫助。然後我的快速跟進是，正如您所考慮的工作流程工具一樣，我想大家都已經討論過該機會與新聞源的規模相稱。所以我很好奇，我們是否應該將這兩種工具視為護理點和處方集的工作流程總和，這意味著這兩種產品基本上可以使新聞推送的 TAM 翻倍，並且潛在的 AI 或 DOCS GPT 貨幣化會是另一個機會？或者我們也應該將其視為工作流程的一部分？

Yeah, thanks for the question, Jess. And it's the former. So as I mentioned before, newsfeed was our first act. It's still our largest revenue driver. Workflow has now become our second act.

是的，謝謝你的提問，傑西。而事實是前者。正如我之前提到的，新聞推送是我們的第一項舉措。它仍然是我們最大的收入來源。工作流程現在已經成為我們的第二幕。

It's been a huge growth driver for us over the past year or so. And then as we look ahead, and we're not going to give a specific time frame on this, but as we look ahead, we believe that AI could be our third act. And those are three truly distinct channels that will be truly distinct products for our clients.

在過去一年左右的時間裡，它成為了我們巨大的成長動力。展望未來，我們不會給出具體的時間框架，但展望未來，我們相信人工智慧可能是我們的第三幕。這三個真正獨特的管道將為我們的客戶提供真正獨特的產品。

Stephen Valiquette, Mizuho Securities.

瑞穗證券的 Stephen Valiquette。

I also have a question just around the guidance. When thinking about the implied growth rates for revenue and EBITDA in the fiscal first quarter, they're essentially right at the midpoint of the full year growth rates within the FY26 guidance revenue and EBITDA.

我對指導也有一個疑問。當考慮第一財季收入和 EBITDA 的隱含成長率時，它們基本上處於 26 財年指導收入和 EBITDA 的全年成長率的中點。

So I guess a couple of things to try to confirm. One, as far as the macro environment risk, you said you're not seeing any impact yet, but just confirm yes or no. Is there anything baked into the fiscal 1Q guidance for any macro risk?

所以我想嘗試確認幾件事。第一，就宏觀環境風險而言，您說您還沒有看到任何影響，但請確認是或否。財政第一季指引中是否包含任何宏觀風險？

And how should we think about the impact when -- just from a modeling perspective, maybe just assume more impact in the back half of the fiscal year versus first half? I know there's no perfect answer to it, but I just want to get your high level thoughts around that.

我們該如何看待這種影響呢？僅從建模的角度來看，也許可以假設財政年度下半年的影響比上半年更大？我知道這個問題沒有完美的答案，但我只是想了解你的高層次想法。

Yeah, I'll answer the last part of the question first. I think once we came back to the integrated programs, I think we'll see a little bit more stability in our revenue growth cadence throughout the year. As far as Q1 specifically, the first point I'll make is about the comparison period.

是的，我先回答問題的最後一部分。我認為，一旦我們回到綜合計劃，我們將看到全年收入成長節奏更加穩定。具體到第一季度，我要說的第一點是關於比較期。

As you might remember, last Q1 saw an uplift from a lot of spring program launches. But this year back to the integrated programs, we're seeing more stability, which, once again, we believe is best for the predictability of our revenue curve long term.

您可能還記得，去年第一季度，許多春季計劃的啟動帶來了提振。但今年回到綜合項目，我們看到了更多的穩定性，我們再次相信這對我們長期收入曲線的可預測性是最好的。

And then as far as your question about if we have any macro assumptions baked into Q1, we are being cautious in our upsell assumptions for this quarter, given that general macro uncertainty upsells typically start around this time period. So that is baked into our Q1 guidance.

至於您問到我們是否在第一季納入了任何宏觀假設，我們對本季的追加銷售假設持謹慎態度，因為一般宏觀不確定性追加銷售通常在這個時間段開始。所以這已經納入我們的第一季指引中。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

To put maybe a different lens on FY26 revenue drivers. Could you help us think through NRR expectations versus anticipated contributions from new customers?

或許可以從不同的角度看待 26 財年的收入驅動因素。您能否幫助我們思考 NRR 預期與新客戶的預期貢獻？

Yeah, absolutely. I'm happy to take that question. So I think, first and foremost, we do continue to believe that our larger customers will lead our growth. But that said, we got some exciting traction amongst SMB and amongst newer customers over the past six to nine months, especially with our agency partner program that's actually helped us bring in many new six-figure clients. So we do think that SMB could be a nice growth vector for us, especially over the long term.

是的，絕對是如此。我很高興回答這個問題。因此我認為，首先，我們確實繼續相信我們的大客戶將引領我們的成長。但話雖如此，在過去的六到九個月裡，我們在中小企業和新客戶中取得了一些令人興奮的進展，特別是我們的代理商合作夥伴計劃，它實際上幫助我們帶來了許多新的六位數客戶。因此，我們確實認為 SMB 對我們來說可能是一個很好的成長載體，尤其是從長遠來看。

As a reminder, if we think big picture, we only work with just over 10% of brands that have less than $100 million in US sales. So we're really excited about bringing our insights and partnership to more of them over time. So I do think we'll see some SMB traction this year. That said, the nature of our business is such that the largest clients will continue to lead our growth.

提醒一下，如果我們從大局考慮，我們只與美國銷售額低於 1 億美元的品牌中的 10％ 以上合作。因此，我們非常高興能夠隨著時間的推移將我們的見解和合作夥伴關係帶給更多的人。所以我確實認為今年我們會看到一些中小企業的發展勢頭。話雖如此，我們的業務性質使得最大的客戶將繼續引領我們的成長。

Excellent. I appreciate that. And so a quick follow-up to try to put a little bit of a macro spin on it. Could you help us with any comments on expectations for new drug approvals over the next 12 months? And whether the velocity of approvals and new treatments entering the market has any impact on your revenue outlook for FY26.

出色的。我很感激。因此，我們進行快速跟進，嘗試對其進行一些宏觀旋轉。您能否就未來 12 個月新藥審批的預期提出一些評論？審批速度和新療法進入市場是否會對 2026 財年的收入前景產生影響。

Yeah, great questions. Of course, as you know, it is still early, and there has been material policy uncertainty here with the administration, particularly around that topic. So we're taking a more cautious and a longer approach to the market there. I will say, though, if you look at the science, it's an exciting era for humanity and the future of medicine.

是的，很好的問題。當然，正如你所知，現在還為時過早，政府的政策存在重大不確定性，尤其是在這個主題方面。因此，我們對那裡的市場採取了更加謹慎和長遠的態度。不過，我想說的是，如果你從科學角度來看，這對人類和醫學的未來來說是一個令人興奮的時代。

I mean there are new therapies getting ready that are anticipated for the next few years, ranging from rare disease, metabolic disruptors, oncology, neurology, cardiology, advanced therapeutic techniques in the cell and gene therapy space.

我的意思是，預計未來幾年會出現新的治療方法，包括罕見疾病、代謝幹擾物、腫瘤學、神經病學、心臟病學、細胞和基因治療領域的先進治療技術。

And of course, a continuation of what is now a blockbuster battle out there. So while there is uncertainty downstream of new priorities that can be seen as tough on pharma, there's also other statements that can be seen as streamlined processes for getting new therapies approved and out the door or equalization such as what we're seeing in the repeal of potentially the small molecule penalty in the IRA.

當然，現在的大片之爭還在繼續。因此，雖然新優先事項的後續發展存在不確定性，可能被視為對製藥業的嚴厲措施，但也有其他聲明可被視為獲得新療法批准和推出的簡化流程或均衡措施，例如我們所看到的廢除 IRA 中小分子懲罰措施。

So we'll be monitoring just like everyone else is. But I think if you looked at the US pharma ETF, which similar to as kind of a bellwether for the industry, it's down less than 3% year-to-date. And the data that -- the most recent executive order was announced around that potential most favored nation policies, I mean pharma stocks in general were up. I'll end by noting that we're a relatively well insulated platform.

因此，我們會像其他人一樣進行監控。但我認為，如果你看美國製藥 ETF，它類似於該行業的領頭羊，今年迄今為止它的跌幅不到 3%。數據顯示—最近宣布的行政命令是圍繞潛在的最惠國政策，這意味著製藥股整體上漲。最後我想指出的是，我們是一個相對絕緣性較好的平台。

At the moment, I'm not sure our products are particularly uniquely exposed in a positive or negative way compared to the rest of the industry with one exception, and that's our leading ROI, which can make us really a preferred anchor strategy even when budgets get tight, efficiency-driven environments can favor proven high ROI digital.

目前，我不確定我們的產品與行業其他產品相比是否具有特別獨特的積極或消極表現，但有一個例外，那就是我們領先的投資回報率，即使在預算緊張的情況下，這也可以使我們成為真正首選的錨定策略，效率驅動的環境可以青睞經過驗證的高投資回報率數字產品。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

I wanted just to come back and try to put some of the pieces together on the multi module products because I think what I reflect back to the last call, it was very early in the adoption curve of those products.

我只是想回來嘗試將多模組產品中的一些部分整合在一起，因為我認為回想起上次通話，這些產品的採用曲線還處於非常早期的階段。

And as I kind of look at where we are today and at least try to reflect your comments on what's implied in the guidance, it sounds like either you've marched through that very quickly or we're reaching potentially a peak at earlier than expected.

當我回顧我們今天的狀況並至少嘗試反映您對指導中所暗示內容的評論時，聽起來要么您已經非常快速地完成了這一工作，要么我們可能比預期更早達到頂峰。

How should we think about the just evolution of the commentary on those products from where we were at the time of the last call to where we are today.

我們應該如何看待對這些產品的評論從上次呼籲時的狀態到今天的狀態的公正演變。

Yeah. Thanks, David. This is Jeff. I'll just say our multi-module products are doing really well. I mean, as we said on last quarter's call, we expect our point of care formulary modules to be a 9-figure business for us this year.

是的。謝謝，大衛。這是傑夫。我只想說我們的多模組產品表現得非常好。我的意思是，正如我們在上個季度的電話會議上所說的那樣，我們預計今年我們的護理點處方模組業務將達到 9 位數。

So to the prior questions about how big are these additional channels? The answer is very large. And the greatest is now that we're getting more and more ROI reports back from clients who tried these new modules, their ROIs are great, and we're able to show that to them more frequently with our portal.

那麼對於之前的問題，這些額外的管道有多大？答案是很大的。最棒的是，現在我們從嘗試過這些新模組的客戶那裡得到了越來越多的投資回報率報告，他們的投資回報率很高，我們能夠透過我們的入口網站更頻繁地向他們展示這一點。

That's going really well. And the way this works inside big pharma is that it does take a year or two to sort of prove yourself as a high ROI vehicle. But then once you do, more folks lean in. And I can tell you, again, point of care and formulary, our newer modules, they still have yet to be adopted by more than low double-digit percentages of our client base, of our brands. So we still see a lot of room there to grow.

一切進展順利。大型製藥公司內部的運作方式是，需要一兩年的時間來證明自己是一種高投資報酬率的工具。但一旦你這樣做了，就會有更多的人支持你。我可以再次告訴您，我們的護理點和處方集等較新的模組仍尚未被我們品牌的客戶群中超過兩位數的百分比所採用。因此，我們認為還有很大的成長空間。

Again, just expanding the proven ROI story we have with our proven land-and-expand approach, more brands inside the same clients. So in terms of multi modules, I think that really is the integrated programs that we're so excited about.

再次強調，我們只是透過經過驗證的「登陸並擴展」方法擴大了經過驗證的投資回報率 (ROI) 案例，在同一客戶中引入了更多品牌。因此，就多模組而言，我認為這確實是我們非常興奮的整合程式。

It does allow us to optimize for our clients, the results that they're seeing so far have been just really strong. And from our point of view, it put us in a stronger position to negotiate contracts that are larger, longer in length and are very predictable in terms of their launch date.

它確實使我們能夠為客戶進行最佳化，到目前為止他們看到的結果非常強勁。從我們的角度來看，它使我們在談判更大、期限更長、發布日期更可預測的合約時處於更有利的地位。

The launch dates that we have in these integrated contracts are not dependent on the client, which is great, right? We're not stuck in that medical legal review cycle of January, February of years past. And again, that's, I think, a long-term big win for the business.

這些綜合合約中規定的發布日期並不取決於客戶，這很好，對吧？我們不再像過去幾年那樣陷入一月、二月的醫療法審查週期。再次，我認為這對企業來說是一次長期的巨大勝利。

Very helpful. And maybe just a follow-up on just the engagement side. Can you maybe help us -- and you've talked a lot about the e-newsletter as a key opportunity. But can you maybe help us think through the mix of engagement on the platform between e-newsletter, physicians logging in, searching content proactively, use of the workflow tool, et cetera, and maybe how that's just kind of evolved over time.

非常有幫助。也許只是對參與的後續行動。您能否幫助我們—您已經談到電子通訊多次是一個重要的機會。但是，您能否幫助我們思考一下平台上電子通訊、醫生登入、主動搜尋內容、使用工作流程工具等的互動組合，以及它是如何隨著時間的推移而發展的。

Yeah. So we don't have an e-newsletter product. So just -- so I'm clear on that front. We do have a newsfeed product. And as we mentioned last quarter, we had over 1 million unique prescribers using our newsfeed last quarter on this call. And then this quarter, we announced we hit a new record. So we're obviously above that 1 million user mark.

是的。所以我們沒有電子報產品。所以——所以我對這一點很清楚。我們確實有一個新聞推送產品。正如我們上個季度提到的那樣，上個季度在本次電話會議上，有超過 100 萬名獨立處方者使用我們的新聞推送。然後本季度，我們宣布創下了新紀錄。因此我們的用戶數量顯然已經超過了 100 萬大關。

And again, this quarter, we also announced that we had 30% growth in the number of articles tapped in that newsfeed year-on-year, which, again, speaks to its continued use adoption and growth. So yeah, we feel really good about how we're -- the new suite of medicine delivering in the news that doctors need to know, want to know on a very frequent basis.

本季度，我們也宣布，該動態消息中點擊的文章數量同比增長了 30%，這再次表明其使用率和增長持續增長。是的，我們對新醫療套件不斷提供醫生需要知道、想要知道的新聞感到非常高興。

We also feel good about our new channels, as I've already described. And again, they're sold to a minority of our clients to date. But again, we see them being just as large as our newsfeed business.

正如我之前描述的，我們也對我們的新管道感到滿意。到目前為止，這些產品只賣給了我們的少數客戶。但我們再次發現，它們的規模與我們的新聞推播業務一樣大。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

First, a quick follow-up on the client portal and your comment that daily portal insights are driving client interest in AI-powered offerings for them. Are you able to monetize these AI-powered offerings? And around what percentage of your pharma clients who are on the portal are using these AI-powered offerings at this point?

首先，快速跟進客戶門戶，並指出您的評論稱，每日門戶洞察正在推動客戶對人工智慧產品的興趣。您能將這些人工智慧產品貨幣化嗎？目前，門戶網站上大約有多少比例的製藥客戶正在使用這些人工智慧產品？

And kind of related to that, as you think about all these new solutions for pharma and the usage you're seeing at the provider side, what is your updated view on 10:1 ROI you have talked about for pharma clients in the past?

與此相關的是，當您考慮所有這些針對製藥業的新解決方案以及您在提供者方面看到的使用情況時，您對過去為製藥客戶談到的 10：1 投資回報率的最新看法是什麼？

Sure. This is Jeff. I'll take the first crack at this and I think Anna may add a few things. So we don't -- we haven't given out a percentage of which percent of our clients have purchased our AI optimization package. But suffice it to say, it's still a minority.

當然。這是傑夫。我會先嘗試這一點，我認為安娜可能會補充一些東西。所以我們還沒有公佈有多少客戶購買了我們的 AI 優化包。但可以說，這仍然是少數。

But of course, we want them to buy because it's a big upsell for us. It's a larger program. I think we had said on last quarter's call that those programs were, I forget exactly how much larger.

但當然，我們希望他們購買，因為這對我們來說是一個很大的推銷。這是一個更大的項目。我想我們在上個季度的電話會議上說過，這些項目規模很大，我忘了具體有多大。

We said on last quarter's call that the brands buying those programs grew more than twice as fast as those that bought our module stand-alone.

我們在上個季度的電話會議上表示，購買這些程式的品牌的成長速度是單獨購買我們模組的品牌的兩倍多。

So I think that's the answer to the AI growth we're seeing there is quite strong. And again, from our point of view, it's better for the doctor, right? Instead of seeing a piece of content that was slated for a particular time slot or whenever they're able to see what best fits, I think, their learning journey on the product. And again, the clients who purchases so far have been really pleased.

所以我認為這就是我們看到的人工智慧成長相當強勁的原因。再說了，從我們的角度來看，這對醫生來說更好，對嗎？我認為，他們不是在特定時間段或任何時候看到特定內容，而是看到最適合他們在產品上的學習歷程的內容。而且，到目前為止購買的客戶都非常滿意。

Any update on the ROI part of the question?

關於該問題中的 ROI 部分有任何更新嗎？

Yeah. So the short answer there is the portal has allowed us to do many more studies more frequently. We're pleased to be able to make this more turnkey for our clients. There still is some overhead. There's a test in the control and they call it an ANCOVA analysis that's done.

是的。簡而言之，該門戶網站使我們能夠更頻繁地進行更多研究。我們很高興能夠為客戶提供更完善的服務。仍然有一些開銷。控制中有一個測試，他們稱之為完成的 ANCOVA 分析。

But we've done many more of those studies than we have in the past, and that's great because, again, normally, our clients used to only do that once a year in September and now we're able to come back and each quarter, show them a new test and control study or they're able to log into the portal and see it.

但我們所做的研究比過去多得多，這很好，因為通常情況下，我們的客戶過去每年只在九月份做一次這樣的研究，而現在我們可以每個季度回來，向他們展示一項新的測試和控制研究，或者他們可以登錄門戶網站查看。

And that's not only showing them the value they're getting from us, but it's also helping them optimize their programs. And again, we're optimizing it for them every day as well as we again, use our tools to optimize their results.

這不僅向他們展示了他們從我們這裡獲得的價值，而且還幫助他們優化了他們的計劃。而且，我們每天都在為他們進行最佳化，並且再次使用我們的工具來優化他們的結果。

Okay. And my follow-up, I understand you have not seen any impact on business yet from a macro point of view. But can you talk about any proactive steps you can take or maybe you're taking to make sure pharma clients see Doximity as a partner to optimize their spending versus an additional cost to make sure that they don't end up going to those lower quality platforms again.

好的。我的後續問題是，據我了解，從宏觀角度來看，您還沒有看到對業務的任何影響。但是，您能否談談您可以採取或正在採取的任何主動措施，以確保製藥客戶將 Doximity 視為合作夥伴，以優化他們的支出而不是額外成本，以確保他們最終不會再次使用那些品質較低的平台。

Sure. Yeah. I mean, we spend a lot of time investing in that. We have a great team on this. We have made some investments to our teams. We've hired in some executives from YouTube and Facebook and places that I think are upping our knowledge of how to think about video modules and pull that together, which has led to some good insights for our clients.

當然。是的。我的意思是，我們花了很多時間投資於此。我們在這方面擁有一支出色的團隊。我們對我們的團隊進行了一些投資。我們從 YouTube 和 Facebook 等公司聘請了一些高階主管，我認為這些公司正在提升我們對如何思考影片模組並將其整合在一起的認識，這為我們的客戶帶來了一些很好的見解。

But I mean, the key thing you hit on yourself, Jailendra, which is showing them their ROI on a more frequent basis and letting them go and see their program results literally on a daily basis with daily refreshes has increased our level of partnership and trust and transparency in a way that's just been very positive for our strategic relationships with our clients.

但我的意思是，Jailendra，你自己想到的關鍵一點是，更頻繁地向他們展示他們的投資回報率，並讓他們透過每日更新來每天查看他們的計劃結果，這提高了我們的合作、信任和透明度，這對我們與客戶的戰略關係非常有利。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Jeff, just going back to your comment of low double-digit penetration for kind of point of care. Is there anything you're doing from a sales perspective to kind of continue to push the momentum in that product and kind of how you see that evolving this year and beyond?

傑夫，回到你關於護理點的低兩位數滲透率的評論。從銷售角度來看，您是否採取了什麼措施來繼續推動該產品的發展動能？您認為今年及以後該產品的發展將如何？

Yeah. Great question, Craig. This is where I'll give a shout-out to Lisa Greenbaum our Chief Commercial Officer. She's really just done a terrific job of making sure our whole team understands how this product works at a detailed level, She's, I think, really instituted a lot of rigor in our sales training and she calls it being credentialed internally on the ability to talk about point of care.

是的。很好的問題，克雷格。在這裡，我要向我們的首席商務官麗莎·格林鮑姆 (Lisa Greenbaum) 致以最誠摯的謝意。她確實做得非常出色，確保我們整個團隊都詳細了解這款產品的工作原理，我認為，她確實在我們的銷售培訓中製定了很多嚴格的規定，她稱之為在內部獲得談論護理點的能力認證。

So I think that's really helped us as an organization, do a better job of the N plus1 product. And I think this is an important matrix scalability for us as an organization as we add these new channels that we have the rigor internally to make sure our full team is up to speed on handling all the questions and helping our clients optimize their programs and ROI with each of our channels.

所以我認為這確實幫助我們作為一個組織更好地完成 N plus1 產品。我認為這對我們組織來說是一個重要的矩陣可擴展性，因為我們添加了這些新管道，我們在內部嚴格確保我們的整個團隊能夠快速處理所有問題，並幫助我們的客戶透過我們的每個管道優化他們的計劃和投資回報率。

In addition, of course, we have internal marketing managers who are tasked with owning the numbers for each of these modules and products, and they're getting stronger and stronger in the organizations, we help our sales teams, again, be a N plus 1 product sales team as opposed to just a two or three product sales team.

此外，當然，我們還有內部行銷經理，他們的任務是掌握每個模組和產品的數字，而且他們在組織中變得越來越強大，我們幫助我們的銷售團隊再次成為 N 加 1 產品銷售團隊，而不僅僅是兩三個產品銷售團隊。

Got it. And then just as a follow-up, cash approaching $1 billion. You talked on the call about kind of investing in technology and AI. Any thoughts there in terms of kind of how you're looking to put cash to work and organic and inorganic potential investments?

知道了。接下來，現金接近 10 億美元。您在電話中談到了對技術和人工智慧的投資。您對於如何利用現金以及有機和無機潛在投資有什麼想法？

Sure. This is Nate. So we have really good active exposure to opportunities in the market right now. And I will say things are starting to look a little more interesting from a valuation perspective than prior quarters. So we're actively studying the market, and we're getting approached by really everything from software to AI transforming what is historically a service and that was AI-enabled service as you might expect, due to our user distribution and our partner distribution.

當然。這是內特。因此，我們現在確實積極地接觸了市場機會。我想說的是，從估值的角度來看，情況比前幾季開始變得更有趣一些。因此，我們正在積極研究市場，我們正在從軟體到人工智慧等各個方面進行研究，改變歷史上的服務，正如您所預料的那樣，由於我們的用戶分佈和合作夥伴分佈，這是一種人工智慧服務。

So we'll be optimistic. Again, our culture here, going back 15 years now is super disciplined and is value sensitive and R&D team forward as ever. And we're really lucky to be able to make decisions with this high-quality bar, focus on true platform fit not say forced into inorganic revenue growth or something like that.

所以我們會保持樂觀。再說一次，我們這裡的文化已經 15 年了，一如既往地高度自律、注重價值、研發團隊不斷前進。我們很幸運能夠在這個高品質的標準下做出決策，專注於真正的平台契合度，而不是被迫進行無機收入成長或諸如此類的事情。

And we have a phenomenal and quite large -- the largest R&D team serving medicine, group of engineers and product designers who can often build the sort of tech in-house. So we're constantly thoughtful about our use of cash when we're building our flywheel, and we won't hesitate to make a move when we need to, but it will always be towards being truly thoughtful about expanding our market opportunities and serving doctors.

我們擁有一支非凡且規模龐大的醫學研發團隊，其中包括一群工程師和產品設計師，他們通常可以在內部開發此類技術。因此，我們在建造飛輪時始終認真考慮現金的使用，並且在需要時我們會毫不猶豫地採取行動，但我們始終會認真考慮如何擴大市場機會並為醫生提供服務。

And ladies and gentlemen, that is all the time we have for questions today. This does conclude our conference. We would like to thank you all for your participation. You may now disconnect.

女士們、先生們，今天我們的提問時間就到這裡了。我們的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。