Doximity Inc (DOCS) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Doximity's First Quarter 2026 Conference Call. At this time, I would like to hand the call over to Mr. Perry Gold. Please go ahead, sir.

大家好，歡迎參加 Doximity 2026 年第一季電話會議。現在，我想把電話交給佩里‧戈爾德先生。先生，請繼續。

Thank you, operator. Hello, and welcome to Doximity's Fiscal 2026 First Quarter Earnings Call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity; and Anna Bryson, CFO. A complete disclosure of our results can be found in our press release issued earlier today as well as in our related Form 8-K, along with a copy of our prepared remarks, all available on our website at investors.doximity.com. As a reminder, today's call is being recorded, and a replay will be available on our website.

謝謝您，接線生。您好，歡迎參加 Doximity 2026 財年第一季財報電話會議。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 和財務長 Anna Bryson。完整的業績披露資訊可在我們今天早些時候發布的新聞稿、相關的8-K表格以及我們準備好的發言稿中找到，所有這些均可在我們的網站investors.doximity.com上查閱。溫馨提示：今天的電話會議正在進行錄音，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 our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-Q. Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, August 07, 2025.

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。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-Q 表格）中的風險因素。我們的前瞻性陳述是基於我們認為截至今天（2025 年 8 月 7 日）合理的假設。

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. Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release. Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be onetime in nature, and we may or may not provide updates on those metrics in the future.

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。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。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 Co-Founder and CEO, Jeff Tangney. Jeff?

現在，我想將電話轉給我們的聯合創始人兼執行長 Jeff Tangney。傑夫？

Thanks, Perry, and thank you, everyone, for joining our first quarter earnings call. We have four updates today, our financials, network growth, Scribe launch and Pathway AI acquisition.

謝謝佩里，也謝謝大家參加我們的第一季財報電話會議。今天我們有四個更新，包括財務狀況、網路成長、Scribe 發布和 Pathway AI 收購。

First, our top line. We delivered a $146 million in revenue for the first quarter of our fiscal 2026, which represents 15% year-on-year growth and a 4% beat from the high end of our guidance range. Our bottom line was also strong in Q1 with an adjusted EBITDA margin of 55% or $80 million, which was 11% above the high end of our guidance.

首先，我們的頂線。我們在 2026 財年第一季實現了 1.46 億美元的收入，年增 15%，比我們的指導範圍高端高出 4%。我們第一季的獲利表現也很強勁，調整後的 EBITDA 利潤率為 55% 或 8000 萬美元，比我們預期的高端高出 11%。

Our adjusted EBITDA grew 21% year-on-year. Free cash flow growth was stronger still, up 52% year-on-year. In short, we had a better-than-expected Q1 and a nice start to our upsell season, led by our new products and portal. Our CFO, Anna, will provide more detail on this in a minute.

我們的調整後 EBITDA 年成長 21%。自由現金流成長更加強勁，較去年同期成長52%。簡而言之，在我們的新產品和入口網站的帶動下，我們的第一季業績好於預期，並且我們的追加銷售季節有一個良好的開端。我們的財務長安娜 (Anna) 稍後將提供有關此問題的更多詳細資訊。

Okay, turning now to our network growth and engagement. Our unique active users on a quarterly, monthly and daily basis all hit fresh highs in Q1 and all grew double-digit percentages year-on-year. Our news feed also hit record highs with over one million quarterly active prescribers and double-digit percent growth in articles read or tapped. In Q1, a record 630,000 unique active prescribers used our workflow tools to provide better care for their patients. And once again, our AI tools grew the fastest, up more than five times year-on-year.

好的，現在談談我們的網路成長和參與度。我們季度、月度和每日的獨立活躍用戶數在第一季均創下新高，且較去年同期成長均達到兩位數。我們的新聞推播也創下了歷史新高，每季活躍處方者超過一百萬，閱讀或點擊的文章數量實現了兩位數的百分比增長。在第一季度，創紀錄的 63 萬名獨立活躍處方者使用我們的工作流程工具為他們的患者提供更好的照護。我們的人工智慧工具再次成長最快，年增五倍多。

We're proud to be both the newsfeed of medicine and the mobile medical office app. Okay, next up is our Doximity AI scribe, which launched last week. Over the past year, more than 10,000 physicians, PAs and NPs, helped us beta test it and our AI wrote millions and millions of patient notes for them. As one surgeon posted, It's a game changer, a HIPAA-compliant ambient notetaking tool that's actually free, not hundreds of dollars per month.

我們很自豪能夠成為醫學新聞動態和行動醫療辦公室應用程式。好的，接下來是我們上週推出的 Doximity AI 抄寫員。在過去的一年裡，超過 10,000 名醫生、助理醫師和執業醫師幫助我們進行了 Beta 測試，我們的 AI 為他們撰寫了數百萬份病患記錄。正如一位外科醫生所說，這是一個遊戲規則的改變者，一個符合 HIPAA 標準的環境筆記工具，它實際上是免費的，不需要每月花費數百美元。

On average, doctors spend an 1.5 hours of so-called pajama time every night typing in their notes. So a good scribe can be life changing. One grateful primary care doc told us Scribe may have even saved her marriage. We're proud to help. And with over 75% of Scribe users returning each and every week, we are thrilled to add another very sticky tool to our workflow suite.

平均而言，醫生每晚要花 1.5 小時所謂的睡衣時間來輸入紀錄。所以一個好的抄寫員可以改變生活。一位感激的初級保健醫生告訴我們，Scribe 甚至可能挽救了她的婚姻。我們很榮幸能為您提供協助。由於每周有超過 75% 的 Scribe 用戶回訪，我們很高興為我們的工作流程套件添加另一個非常黏性的工具。

The New England Journal of Medicine published an editorial last month titled, Medical AI and Clinician Surveillance - the Risk of becoming Quantified Workers. It warned how IT-controlled scribes could effectively put a lawyer and administrator into every exam room, thereby reducing clinician autonomy and the empathy needed for a good medical visit. We agree. And so our scribe is fully controlled by the physician and fully private for their use. No one else is listening in. Our next step is to integrate Scribe directly into our popular telehealth tools, making it easier to do phone calls or virtual visits while taking notes all in one seamless interface.

《新英格蘭醫學雜誌》上個月發表了一篇社論，題為《醫療人工智慧和臨床醫生監控——成為量化工人的風險》。它警告說，受 IT 控制的抄寫員可以有效地將律師和管理員安排到每個檢查室，從而減少臨床醫生的自主權和良好醫療訪問所需的同理心。我們同意。因此，我們的抄寫員完全由醫生控制，並且完全保密供他們使用。沒有其他人在聽。我們的下一步是將 Scribe 直接整合到我們流行的遠距醫療工具中，從而可以更輕鬆地進行電話通話或虛擬訪問，同時在一個無縫介面中做筆記。

Last but not least, we're pleased to announce the acquisition of Pathway, a six-person, seven-year-old Montreal start-up specializing in AI clinical reference. Trained at McGill, Johns Hopkins and Harvard, physicians make up half the team at Pathway. From a post-doc program at the prestigious Mila AI Institute, they founded Pathway five years before ChatGPT even existed to help answer the ICU bedside questions they faced every day. Together, they painstakingly built one of the best and largest medical AI data sets around, spanning nearly every guideline, drug, journal and landmark trial. They call this their corpus.

最後但同樣重要的一點是，我們很高興地宣布收購 Pathway，這是一家擁有六名員工、七年歷史的蒙特利爾新創公司，專門從事 AI 臨床參考。Pathway 團隊的一半成員都是醫生，他們曾在麥吉爾大學、約翰霍普金斯大學和哈佛大學接受過培訓。他們在著名的 Mila AI 研究所的博士後計畫中創立了 Pathway，比 ChatGPT 出現早了五年，旨在幫助解答他們每天遇到的 ICU 床邊問題。他們共同精心建構了最優秀、最大的醫療 AI 資料集之一，涵蓋了幾乎所有指南、藥物、期刊和里程碑式試驗。他們稱之為他們的語料庫。

And what makes it powerful is its cross-linked structure that lets AI quickly get accurate answers for doctors. It's much more than an LLM. It understands complex drug interactions and scores the strength of medical evidence, such as weighing a validated clinical trial more than a case study. The net result is industry-leading accuracy and speed. This May, Pathways AI model scored a record high 96% on the U.S. medical licensing exam, outperforming their competitors.

其強大的功能在於其交聯結構，可以讓AI快速為醫生提供準確的答案。它不僅僅是一個法學碩士學位。它了解複雜的藥物交互作用並對醫學證據的強度進行評分，例如，經過驗證的臨床試驗比案例研究更有分量。最終結果是業界領先的準確性和速度。今年5月，Pathways AI模式在美國醫師執照考試中取得了96%的高分，超越了競爭對手。

With almost no marketing budget, Pathway has grown to hundreds of thousands of registered users worldwide with thousands paying $300 per year for their premium version. Above all, this AI-native acquihire has been a great culture and mission fit for us. Over the past month, we've spent many a late night working with the Pathway team at our San Francisco offices. They're smart, honest and hard working, and we just couldn't like them more.

在幾乎沒有任何行銷預算的情況下，Pathway 已經發展到擁有全球數十萬註冊用戶，其中數千人每年支付 300 美元購買其高級版本。最重要的是，這次 AI 原生人才收購有非常適合我們的文化和使命。在過去的一個月裡，我們在舊金山辦公室與 Pathway 團隊一起度過了許多深夜。他們聰明、誠實、勤奮，我們非常喜歡他們。

We've already learned a lot from John, Louis, Chris, [Kutter, Hov] and Peter. And yes, I'm calling them out here, not just to thank them, but also to help them get visas to move here. The fruits of our collaboration are already on display. In record time, our engineering teams have integrated Pathway's Corpus and fine-tuned AI into our free Doximity GPT product. Thousands of physician beta testers are already using it and liking its accuracy and speed.

我們已經從約翰、路易斯、克里斯、[庫特、霍夫] 和彼得身上學到了很多。是的，我在這裡打電話給他們，不僅是為了感謝他們，也是為了幫助他們獲得移居這裡的簽證。我們的合作成果已經顯現。在創紀錄的時間內，我們的工程團隊將 Pathway 的語料庫和微調的 AI 整合到我們的免費 Doximity GPT 產品中。數以千計的醫生測試人員已經在使用它，並且喜歡它的準確性和速度。

I'm personally excited to be back working in clinical reference again. It's where I began my career with Epocrates over 20 years ago. Clinical reference is a key part of physician workflow that once again seems right for tech innovation. Looking ahead, we believe clinical AI is still in its early innings. We recently surveyed 1,800 U.S.

我個人很高興能夠再次從事臨床參考工作。20 多年前，我在這裡開始了我的 Epocrates 職業生涯。臨床參考是醫師工作流程的關鍵部分，這再次表明技術創新是正確的。展望未來，我們相信臨床人工智慧仍處於早期階段。我們最近對 1,800 名美國人進行了調查。

physicians and more than half have yet to use any clinical AI, but many are interested. We're here to help. We launched Doximity GPT, the first HIPAA-compliant physician AI just three months after ChatGPT is released. We've since learned a lot from our beta testers and physician advisory summit about what doctors want most from AI. So our physician AI suite is now taking shape.

醫生中超過一半的人尚未使用任何臨床人工智慧，但許多人對此感興趣。我們在這裡為您提供協助。在 ChatGPT 發布僅三個月後，我們就推出了 Doximity GPT，這是第一個符合 HIPAA 標準的醫生 AI。從那時起，我們從 beta 測試人員和醫生諮詢高峰會上了解到了很多關於醫生最希望從 AI 中獲得什麼的資訊。因此，我們的醫生 AI 套件現已成形。

Scribe takes your notes, GPT writes your letters, Pathway's Corpus helps answer your questions and they all work together in a three HIPAA compliance suite that's private to each physician. In sum, we're excited to make AI our next act here at Doximity. Okay. As always, I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. And with that, I'll hand it over to our CFO, Anna Bryson, to discuss our financials and guidance.

Scribe 為您做筆記，GPT 為您寫信，Pathway 的 Corpus 幫助您解答問題，它們共同組成一個每個醫生都私有的三個 HIPAA 合規套件。總而言之，我們很高興能夠在 Doximity 將 AI 作為我們的下一步。好的。像往常一樣，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。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。

Anna?

安娜？

Thanks, Jeff, and thanks to everyone on the call today. First quarter revenue grew to $145.9 million, up 15% year-over-year and exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continued to meet our growth. We finished the quarter with a net revenue retention rate of 118% on a trailing 12-month basis. For our top 20 customers, net revenue retention was higher at 119%, so our biggest, most sophisticated customers remain our fastest growing.

謝謝，傑夫，也謝謝今天電話會議的每個人。第一季營收成長至 1.459 億美元，年增 15%，超過了我們預期範圍的上限。與前幾季類似，我們現有的客戶繼續滿足我們的成長需求。我們本季的淨收入保留率為過去 12 個月的 118%。對於我們的前 20 名客戶，淨收入保留率高達 119%，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 120 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 103 customers we had in this cohort a year ago, and these customers accounted for 84% of our total revenue. Turning to our profitability. Non-GAAP gross margin in the first quarter was 91% versus 92% in the prior year period. Adjusted EBITDA for the first quarter was $79.8 million, and adjusted EBITDA margin was 55% compared to $65.9 million and a 52% margin in the prior year period.

截至本季末，我們擁有 120 名客戶，每位客戶在過去 12 個月的訂閱收入貢獻至少 50 萬美元。與一年前該群體的 103 位客戶相比，這一數字增長了約 17%，這些客戶貢獻了我們總收入的 84%。談到我們的獲利能力。第一季非公認會計準則毛利率為 91%，去年同期為 92%。第一季調整後 EBITDA 為 7,980 萬美元，調整後 EBITDA 利潤率為 55%，而去年同期為 6,590 萬美元，調整後 EBITDA 利潤率為 52%。

We are proud to continue to run a very profitable business with margin expansion. Now turning to our balance sheet, cash flow and an update on our share repurchase program. We generated free cash flow in the first quarter of $60.1 million compared to $39.5 million in the prior year period, an increase of 52% year-over-year. Going forward, we expect our free cash flow to be positively impacted by the new tax law reversing the need to capitalize R&D. We expect our cash tax rate to drop to roughly 10% to 15% starting this fiscal year.

我們很自豪能夠繼續經營利潤率不斷擴大且利潤豐厚的業務。現在轉向我們的資產負債表、現金流量和股票回購計劃的最新情況。我們第一季產生的自由現金流為 6,010 萬美元，而去年同期為 3,950 萬美元，年增 52%。展望未來，我們預期新稅法將扭轉研發資本化的需要，對我們的自由現金流產生正面影響。我們預計從本財年開始我們的現金稅率將降至約 10% 至 15%。

We ended the quarter with $841 million of cash, cash equivalents and marketable securities. During the first quarter, we repurchased $122.3 million worth of shares at an average price of $53.99. 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 June 30, we had $302 million remaining in our existing repurchase program. Now I'll provide additional details on our Pathway acquisition as well as an update on stock-based compensation.

本季末，我們擁有 8.41 億美元的現金、現金等價物和有價證券。第一季度，我們以平均每股53.99美元的價格回購了價值1.223億美元的股票。我們認為，回購股票是對公司產生的、超出業務再投資所需現金的有效利用。截至 6 月 30 日，我們現有的回購計畫還剩餘 3.02 億美元。現在我將提供有關 Pathway 收購的更多詳細資訊以及股票薪酬的最新情況。

We recently closed our acquisition of Pathway for $26 million in cash and up to $37 million in additional equity grants. Since we will offer our clinical reference tools free of charge, we expect no revenue contribution from Pathway this year. The non-GAAP expense impact will be modest, estimated at just over $2 million in fiscal 2026, primarily related to personnel and infrastructure costs. Additionally, we expect stock-based compensation to increase to the high teens as a percentage of revenue in fiscal 2026 and 2027 and then trend back down to the mid-teens starting in 2028. This is primarily the result of our Pathway acquisition as well as onetime performance-based grants for our growing AI team.

我們最近以 2600 萬美元現金和高達 3700 萬美元的額外股權贈款完成了對 Pathway 的收購。由於我們將免費提供臨床參考工具，因此我們預計今年 Pathway 不會帶來任何收入貢獻。非公認會計準則費用的影響將很小，估計 2026 財年將略高於 200 萬美元，主要與人員和基礎設施成本有關。此外，我們預期股票薪酬佔收入的比例將在 2026 財年和 2027 財年上升至十幾個百分點，然後從 2028 年開始回落至十幾個百分點左右。這主要是我們收購 Pathway 以及為我們不斷成長的 AI 團隊提供一次性基於績效的資助的結果。

That said, we expect dilution from these new awards to be more than offset by our share repurchases this year. Now moving on to our outlook. For the second fiscal quarter of 2026, we expect revenue in the range of $157 million to $158 million, representing 15% growth at the midpoint, and we expect adjusted EBITDA in the range of $87 million to $88 million, representing a 56% adjusted EBITDA margin. For the full fiscal year, we now expect revenue in the range of $628 million to $636 million, representing 11% growth at the midpoint. We now expect adjusted EBITDA in the range of $341 million to $349 million, representing a 55% adjusted EBITDA margin.

也就是說，我們預計這些新獎勵的稀釋將被我們今年的股票回購所抵消。現在繼續我們的展望。對於 2026 財年第二季度，我們預計營收將在 1.57 億美元至 1.58 億美元之間，中間值增長 15%，我們預計調整後的 EBITDA 將在 8700 萬美元至 8800 萬美元之間，調整後的 EBITDA 利潤率為 56%。對於整個財年，我們目前預計營收將在 6.28 億美元至 6.36 億美元之間，中間值將成長 11%。我們現在預計調整後的 EBITDA 在 3.41 億美元至 3.49 億美元之間，相當於調整後的 EBITDA 利潤率為 55%。

Our increased outlook is due to broad-based strength across our entire business. Specific to our pharma customers, we saw a promising start to the upsell season, which we believe is due to a couple of factors. First, our expanded commercial product portfolio continues to resonate with clients. In Q1, both our workflow and newsfeed modules saw strong growth. Second, the client portal continues to provide deeper insights in the program performance and drive favorable purchasing decisions.

我們的前景有所改善，這得益於我們整個業務的廣泛實力。具體到我們的製藥客戶，我們看到追加銷售季節有一個良好的開端，我們認為這是由於幾個因素造成的。首先，我們擴大的商業產品組合持續引起客戶的共鳴。在第一季度，我們的工作流程和新聞源模組都實現了強勁成長。其次，客戶入口網站繼續提供有關程序性能的更深入的見解並推動有利的購買決策。

In particular, by leveraging the portal, our agency partners have helped broaden our reach amongst SMB customers, contributing to bookings growth in this cohort of over 100% year-over-year in Q1. We are proud of our Q1 performance and are encouraged that despite the continued policy uncertainty, we have not yet seen any slowdown in our business. That said, we recognize there is still a lot of runway left in the year, and we will continue to take a measured approach to the revenue we have yet to book, which is reflected in our outlook for the back half of fiscal 2026. Looking ahead, we are incredibly excited by how our recent investments in AI, particularly our Pathway acquisition and the launch of Scribe will help drive our long-term growth. More importantly, we are excited to be building products that align with our mission of helping physicians be more productive so that they can provide better care for their patients.

特別是，透過利用入口網站，我們的代理商合作夥伴幫助我們擴大了在中小企業客戶中的覆蓋範圍，從而推動該群體的預訂量在第一季同比增長超過 100%。我們對第一季的業績感到自豪，令人鼓舞的是，儘管政策不確定性持續存在，但我們的業務尚未出現任何放緩。話雖如此，我們意識到今年仍有很大的發展空間，我們將繼續採取審慎的態度對待尚未入帳的收入，這反映在我們對 2026 財年下半年的展望中。展望未來，我們對最近在人工智慧領域的投資感到非常興奮，特別是我們對 Pathway 的收購以及 Scribe 的推出將有助於推動我們的長期成長。更重要的是，我們很高興能夠打造出符合我們使命的產品，即幫助醫生提高工作效率，以便他們能夠為患者提供更好的照護。

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) The first question comes from Brian Peterson, Raymond James.

（操作員指示）第一個問題來自 Raymond James 的 Brian Peterson。

Thanks for taking the question and congrats on a strong quarter. Congrats on a strong quarter. So clearly, you're increasing the value you provide to physicians, and that's not just pajama time. But as you think about this next chapter that you referenced, how can you frame the opportunity for investors as they think about Scribe, Pathway, DocsGPT. What does that open up for you? Is it right to think about that in terms of engagement or hours on the platform? I know it's early days. But I think that's something that will be discussed a lot with investors.

感謝您回答這個問題，並祝賀本季業績強勁。恭喜本季業績強勁。顯然，您正在增加為醫生提供的價值，而這不僅僅是睡衣時間。但是，當您思考所提到的下一章時，當投資者考慮 Scribe、Pathway、DocsGPT 時，您如何為他們建立機會。這對你來說意味著什麼？從平台參與度或使用時間的角度來考慮這個問題是否正確？我知道現在還為時過早。但我認為這是我們會與投資者進行大量討論的話題。

Brian, this is Jeff. I'll take that question. And yes, we are happy to help doctors reduce their pajama time and improve their marriages too. A great moment hearing from that doctor using our Scribe product. And we're certainly very proud of our first two acts here as a company.

布萊恩，這是傑夫。我來回答這個問題。是的，我們很高興幫助醫生減少穿睡衣的時間並改善他們的婚姻。聽到那位醫生使用我們的 Scribe 產品真是太棒了。我們對於我們公司在這裡的最初兩場演出感到非常自豪。

The first act being our newsfeed and our LinkedIn style feature set, which has a record high over one million prescriber's last quarter. And then our second act being our workflow tools, are scheduling, our fax, our telehealth, Doximity Dialer, which was 630,000 active prescriber's last quarter. So I really think AI, these AI tools and AI suite could be our third act here. And that third act is answering the questions that doctors have when they're in front of patients. And it actually goes back to my roots, where I began in this whole business 20 years ago, which was following my Stanford physician roommates around and emptying out their lab coat pockets and seeing what kind of questions and what sort of books they carried around with them in the hospital.

第一個舉措是我們的新聞推播和 LinkedIn 風格的功能集，上個季度其處方量創下了超過一百萬的歷史新高。然後我們的第二項舉措是我們的工作流程工具，包括日程安排、傳真、遠距醫療、Doximity Dialer，上個季度有 63 萬名活躍處方者。所以我真的認為人工智慧、這些人工智慧工具和人工智慧套件可以成為我們的第三幕。第三幕是回答醫生面對病人時所提出的問題。這實際上可以追溯到我的根源，20 年前我開始從事這項工作，當時我跟踪我在史丹佛大學的醫生室友，清空他們的實驗服口袋，看看他們在醫院裡會問什麼樣的問題，會帶什麼樣的書。

And as it turned out, the book that most doctors carried with them was Pharmacopoeia, which we then turned into a mobile app on the BlackBerry and then the iPhone and really, I think, disrupted the way doctors are able to carry a whole library in their pockets. Nowadays, if you were to ask doctors what they need help with answering questions, it really is the list of apps that are on their phone. Epocrates is my last company being one of the main players there. But we really see AI taking this to the next level. And so the Scribe product where I'm able to write notes from the visit, we'll be able to know what types of clinical questions I'm facing and what sort of notes I might need to write afterwards.

事實證明，大多數醫生隨身攜帶的書是《藥典》，後來我們將其變成了黑莓手機和 iPhone 上的行動應用程序，我認為，這確實顛覆了醫生將整個圖書館放在口袋裡的方式。如今，如果你問醫生他們需要什麼幫助來回答問題，答案實際上是他們手機上的應用程式清單。Epocrates 是我上一家公司，也是那裡的主要參與者之一。但我們確實看到人工智慧將其提升到了一個新的水平。因此，我可以使用 Scribe 產品記錄就診記錄，這樣我們就能知道我面臨哪些類型的臨床問題，以及之後可能需要寫哪些類型的記錄。

And so the GPT, which helps doctors write, the Scribe which helps doctors take notes and then the Pathway acquisition, which answers their clinical questions and guidelines and drug dosage questions. All of that, I think, will work together seamlessly and provide an opportunity that I think is, in many ways, as big or perhaps even bigger than our first two acts, specifically because this gets to the core of search. This gets to the core of doctors answering questions in front of patients, which is a very valuable moment for the industry, as I learned in my last company.

因此，GPT 可以幫助醫生書寫，Scribe 可以幫助醫生做筆記，而 Pathway 可以回答醫生的臨床問題、指南和藥物劑量問題。我認為，所有這些都將無縫協作，並提供一個機會，我認為這個機會在許多方面與我們的前兩個舉措一樣大，甚至更大，特別是因為它觸及了搜尋的核心。這涉及到醫生在患者面前回答問題的核心，這對產業來說是一個非常寶貴的時刻，正如我在上一家公司所學到的。

Appreciate the color. And Anna, maybe just a follow-up for you on the guide for the second half of the year. I know that implies a deceleration. Is there anything that you're hearing from customers on budget flush or March ramps in the next calendar year? Any help there?

欣賞色彩。安娜，也許這只是對你下半年指南的後續報導。我知道這意味著減速。您是否聽過客戶關於明年預算增加或三月預算增加的消息？有什麼幫助嗎？

Yes. Thanks for the question, Brian. And as we mentioned in the prepared remarks, we had a very strong Q1, but Q1 is our smallest bookings quarter of the year. And we don't believe that in this environment, we should necessarily take 1 quarter's outperformance and extrapolate that forward for the rest of the year. So that's what's reflected in our back half guidance.

是的。謝謝你的提問，布萊恩。正如我們在準備好的發言中提到的那樣，我們的第一季表現非常強勁，但第一季是我們今年預訂量最小的季度。我們認為，在這種環境下，我們不一定應該根據某個季度的優異表現來推斷今年剩餘時間的表現。這就是我們後半部指導所反映的內容。

What I will say is that we have not yet seen any slowdown in our business. Our business still remains incredibly strong and our client's budget actually remained stronger than we initially expected. But simply given the fact that there's so much runway left in a year, and there continues to be policy uncertainty, we're just taking a much more cautious approach to the dollars we have not yet booked.

我想說的是，我們的業務尚未出現任何放緩跡象。我們的業務仍然非常強勁，而且我們客戶的預算實際上比我們最初預期的要強。但考慮到一年內還有很長的路要走，而且政策仍然存在不確定性，我們對尚未預訂的資金採取了更加謹慎的態度。

Next, we'll take a question from Michael Cherny, Leerink Partners.

接下來，我們將回答 Leerink Partners 的 Michael Cherny 提出的問題。

Good afternoon and congrats on a nice quarter. Maybe if I can just dig a little bit more into the upsell that you saw in the quarter. As you compare it to previous years, especially now with the portal in place and helping to guide the upsell, any qualitative differences in terms of the types of customers that you're engaging with, whether they're on the higher or lower side in terms of sizing? And how exactly is the portal a leading or lagging indicator, i.e., were they using the portal to drive the upsell or do they engage in the upsell and then that allows you to resell them on the portal or show them all the advancements? Just curious on some more color there would be great.

下午好，祝賀本季取得良好業績。也許我可以更深入地了解您在本季看到的追加銷售情況。與前幾年相比，特別是現在門戶網站已經到位並有助於引導追加銷售，您所接觸的客戶類型方面是否存在任何質的差異，無論是規模較高還是較低？門戶網站究竟是如何成為領先指標或落後的指標呢？也就是說，他們是否使用入口網站來推動追加銷售，或者他們是否參與追加銷售，然後允許您在入口網站上轉售或向他們展示所有的進步？只是好奇如果再多一些顏色就更好了。

Yes. Mike, thanks for the question. I think one of the things, first and foremost, that's been pretty unique this year for upsell cycle is that all aspects of our business are performing well. So we have our SMB customers, as we mentioned, that are growing quickly, and I'll get to the portal in a minute there. We also have both our news and workflow modules getting very good traction, which is an uptick in some of our investments in news modules.

是的。麥克，謝謝你的提問。我認為，首先也是最重要的一點是，今年追加銷售週期非常獨特的一點是，我們業務的各個方面都表現良好。正如我們所提到的，我們的 SMB 客戶正在快速成長，我馬上就會進入門戶。我們的新聞和工作流程模組也獲得了很好的發展，這是我們在新聞模組方面投資的增加。

And then our health system customers are outperforming our expectations as well. So I think what's unique about this upsell cycle is that the strength is so broad-based. And when it comes to the client portal and the way in which it's helping us, I think the insights and the recommendations that we've been able to share, we now have the lion's share of brands on the portal has really been a game changer as our customers think about maximizing their ROI. And so that's helped our SMB customers grow over 100% year-over-year in Q1. And in addition to the portal, the other thing I'll call out is, I think what's unique now is we have a diversified commercial product portfolio that's allowing our customers to maximize reach and frequency across our entire platform.

我們的醫療系統客戶的表現也超出了我們的預期。所以我認為這個追加銷售週期的獨特之處在於其強度非常廣泛。當涉及客戶入口網站及其幫助我們的方式時，我認為我們能夠分享的見解和建議，現在我們在門戶網站上擁有最大的品牌份額，這確實改變了遊戲規則，因為我們的客戶正在考慮最大化他們的投資回報率。這幫助我們的中小企業客戶在第一季實現了同比增長超過 100%。除了入口網站之外，我想說的另一件事是，我認為現在的獨特之處在於我們擁有多樣化的商業產品組合，這使我們的客戶能夠最大限度地擴大整個平台的覆蓋範圍和頻率。

So the workflow modules and the news feed modules have really been heavily leaned into. So across the board, it's been a really strong upsell season, which has been unique because I don't think we've seen this broad-based of strength. There's always been one thing that might be less strong. We haven't seen this broad base of strength in a while.

因此，工作流程模組和新聞提要模組確實受到了極大的重視。因此，從整體來看，這是一個非常強勁的追加銷售季，這是很獨特的，因為我認為我們從未見過如此廣泛的強勁勢頭。總有一件事可能不那麼強大。我們已經有一段時間沒有看到如此廣泛的力量基礎了。

Got it. I'll leave it with that for now. Thanks.

知道了。我現在就先這樣吧。謝謝。

The next question comes from Elizabeth Anderson at Evercore ISI.

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

Hi guys, good afternoon. Congrats on the quarter and thanks for the question. So I Guess one thing and these questions are a two-part question, but maybe they're related too. Like you talked about, and you've obviously been talking for several quarters about the drivers of increased utilization. I think maybe it's some of these newer products that you launched that helped it, but I'd be curious just if you could talk maybe, Jeff, a little bit more like holistically about how you think about the drivers of that provider -- like continued provider use of the products like more frequently, if that makes sense.

大家好，下午好。恭喜本季取得佳績並感謝您的提問。所以我猜一件事，這些問題是由兩部分組成的，但也許它們也是相關的。就像您談到的，而且您顯然已經討論了幾個季度以來提高利用率的驅動因素。我認為也許是您推出的一些新產品對此有所幫助，但我很好奇，傑夫，您是否可以從整體上談談您如何看待該提供商的驅動因素 - 例如提供商繼續更頻繁地使用這些產品，如果這有意義的話。

Sure, Elizabeth. Yes, it's a great question. Yes, as we said in the prepared remarks, we've seen record highs here really across all of our products. So let me start about some of the things -- some of the key drivers there. So first, in our workflow tools, our scheduler continues to grow and scheduling is something doctors really have to check every day.

當然，伊麗莎白。是的，這是一個很好的問題。是的，正如我們在準備好的演講中所說的那樣，我們所有產品的價格都創下了歷史新高。那麼讓我開始談論一些事情——一些關鍵的驅動因素。首先，在我們的工作流程工具中，我們的調度程序不斷增長，而調度是醫生每天真正需要檢查的事情。

They need to know what time their shift starts. They need to know which cardiologist is on call. It's a very sticky product, and we're just pleased to see that continue to notch up new client wins. Every new schedule we get is another set of 100 or 200 or 500 doctors who we know we'll be using our products every day. On our telehealth front, we continue to sign new clients there.

他們需要知道他們的輪班什麼時候開始。他們需要知道哪位心臟科醫生值班。這是一款非常具有黏性的產品，我們很高興看到它繼續贏得新客戶。我們收到的每一個新安排都意味著有另一組 100 或 200 或 500 名醫生，我們知道他們每天都會使用我們的產品。在遠距醫療方面，我們繼續簽約新客戶。

Our Doximity dialer package has never seen so many clients or over 200 health systems now, roughly 45% of all U.S. physicians have a paid version of our Doximity Dialer telehealth platform. And that's also a very frequent use case. We're seeing doctors start to settle into the one-day a week of sort of work from home and do their telehealth. And that's good for us because we're the platform that often powers that.

我們的 Doximity 撥號器套件從未見過如此多的客戶或超過 200 個醫療系統，現在大約 45% 的美國醫生都擁有我們 Doximity Dialer 遠距醫療平台的付費版本。這也是一個非常常見的用例。我們看到醫生開始適應每週一天在家工作並進行遠距醫療。這對我們來說是件好事，因為我們是經常為此提供支援的平台。

The newsfeed does sometimes feed off of that workflow use. But I would say that, that team has continued to grow on its own. And what it boils down to is 10 years of first-party data, knowing what doctors are interested in what types of clinical news and just knowing best how to sort through all of the new journal articles that are published every week, every day and help folks out with those. I will say AI has really helped that team a lot. We've used machine learning for a long time to algorithmically determine the best articles in the newsfeed for each doctor, but now we're using generative AI to go and actually rewrite the headlines in a way that's more digestible and frankly, more interesting than the typical medical journal style and format.

新聞源有時確實會從該工作流程的使用中獲取資訊。但我想說的是，這個團隊一直在自行成長。歸根結底，這是 10 年的第一方數據，了解醫生對哪些類型的臨床新聞感興趣，並且知道如何最好地整理每週、每天發布的所有新期刊文章，並幫助人們找到這些文章。我想說人工智慧確實為這個團隊帶來了很大的幫助。我們長期以來一直使用機器學習來透過演算法確定新聞推送中適合每位醫生的最佳文章，但現在我們正在使用生成式人工智慧來重寫標題，使其比典型的醫學期刊風格和格式更易於理解、坦率地說更有趣。

And that's also led to, I think, continued growth there. Last note on newsfeed. In the end, I think, we're all, as a society, learning how to choose our information diet. We have information that can come in from every direction. And I think doctors are choosing to use us because we provide them a newsfeed that helps them be a better physician in their area of subspecialty and practice without a lot of the noise, I think, of other social media sources.

我認為這也導致了那裡的持續成長。關於新聞提要的最後一則註。最後，我認為，作為一個社會，我們都在學習如何選擇我們的資訊飲食。我們擁有來自各個方向的資訊。我認為醫生選擇使用我們是因為我們為他們提供新聞推送，幫助他們在自己的專業領域成為更好的醫生，並且不會受到其他社交媒體來源的干擾。

So that's I hope it gives you some sense in the drivers behind our core product growth.

所以我希望這能讓您了解我們核心產品成長背後的驅動力。

Yes. No, that's super helpful. And you guys obviously have a very substantial EBITDA margins already. But I think you've talked about some of the AI products and how they're helping on sort of the revenue line and the product dimension. Can you talk a little bit about the opportunity on the OpEx side as well and sort of internal uses of AI as well?

是的。不，這非常有幫助。而且你們顯然已經擁有非常可觀的 EBITDA 利潤率。但我認為您已經談到了一些人工智慧產品以及它們如何在收入線和產品維度上提供幫助。您能否談談營運支出方面的機會以及人工智慧的內部用途？

Yes. Thanks for the question, Elizabeth. It's actually one of my favorite things to talk about. So I'm glad you asked. We're definitely leaning heavily into AI as a company for physicians, as Jeff was just talking about, for customers in the form of our integrated multi-module programs and our client portal and then for our own internal productivity.

是的。謝謝你的提問，伊麗莎白。這實際上是我最喜歡談論的事情之一。所以我很高興你問這個問題。正如 Jeff 剛才所說，作為一家為醫生服務的公司，我們肯定會大力依賴人工智慧，以整合多模組程式和客戶入口網站的形式為客戶提供人工智慧，然後用於我們自己的內部生產力。

So you'll notice that our headcount at Doximity has remained relatively flat over the last two years, even while we've grown the business as quickly as we have. So the fact that we are leaning into AI across our internal teams, whether it's sales and marketing, in G&A, we use it with contract reviews, R&D, use it to supercharge programming. I think we're still in the early days of what that means for long-term margins. We haven't yet had enough time to assess how that might impact long-term margins. That said, I think it only contributes to a more efficient business model.

因此，您會注意到，儘管我們的業務成長迅速，但 Doximity 的員工人數在過去兩年中保持相對穩定。因此，事實上，我們在整個內部團隊中都傾向於使用人工智慧，無論是銷售和行銷，還是在 G&A 部門，我們都使用它來進行合約審查和研發，並用它來增強程式設計。我認為，我們對長期利潤意味著什麼的認知還處於早期階段。我們還沒有足夠的時間來評估這將如何影響長期利潤率。話雖如此，我認為它只會有助於建立更有效率的商業模式。

And as we're guiding to a year of 55% growth despite all of our investments in AI, I think that just speaks to how these AI tools that we've used internally have really boosted our productivity.

儘管我們在人工智慧方面投入了大量資金，但我們預計今年的成長率仍將達到 55%，我認為這說明了我們內部使用的這些人工智慧工具確實提高了我們的生產力。

Your next question is from Ryan Daniels from William Blair.

您的下一個問題來自 William Blair 的 Ryan Daniels。

Yes. Congrats on the quarter and the deal. And thanks for taking the questions. If we think about the new AI offering, really compelling if we think of Doximity GPT, the AI Scribe and Pathways clinical tools. I'm curious if eventually you see that turning more into a revenue generation opportunity as a stand-alone product similar to how you've relaunched the Dialer and then went to an enterprise model and have started to generate sales from that?

是的。恭喜本季和交易的順利完成。感謝您回答這些問題。如果我們考慮新的 AI 產品，那麼 Doximity GPT、AI Scribe 和 Pathways 臨床工具真的非常引人注目。我很好奇，您是否最終認為它將成為一種獨立產品的創收機會，就像您重新推出撥號器，然後轉向企業模式並開始從中產生銷售一樣？

Yes. Thanks, Ryan. This is Jeff. Good question. We do see this being a lot like -- sorry, I have a bit of feedback there.

是的。謝謝，瑞安。這是傑夫。好問題。我們確實看到這很像——抱歉，我有一些回饋。

We do see this being a lot like our dialer product, which did begin as a free product, but then became an enterprise product. And of course, has become a successful revenue stream in of its own right. We certainly see opportunities and in fact, have already been approached by a couple of our Dialer clients about that for Scribe. And we are in discussions. We're certainly pleased that Pathway has shown that they've gotten thousands of doctors to pay $300 per year for their clinical products, and we view that as another long-term opportunity for enterprise direct subscription revenue.

我們確實認為這很像我們的撥號器產品，它最初是一個免費產品，但後來成為了企業產品。當然，它本身已經成為一個成功的收入來源。我們確實看到了機會，事實上，我們的一些 Dialer 客戶已經就 Scribe 的這一問題與我方進行了接洽。我們正在進行討論。我們非常高興看到 Pathway 已經讓數千名醫生每年為其臨床產品支付 300 美元，我們認為這是企業直接訂閱收入的另一個長期機會。

So the short answer is, I think you can expect us to approach just like we did with Dialer, which took a couple of years for us to go from initial free product to then the more enterprise premium versions?

所以簡短的回答是，我想你可以期待我們採取與 Dialer 類似的方法，我們花了幾年時間從最初的免費產品發展到企業高級版本？

Okay. Perfect. And then maybe a follow-up for Anna. I don't know if I missed this earlier, but last quarter, you gave us the percentage of revenue for the year you have under contract, I think it was around 70%. I'd love to get an update there. It sounds like that might have moved up given the strong and broad upsells that you're seeing, which is great.

好的。完美的。然後也許會跟進安娜的情況。我不知道我之前是否錯過了這一點，但上個季度，您給了我們合約年度的收入百分比，我認為大約是 70%。我很想得到那裡的最新消息。聽起來，鑑於您所看到的強勁而廣泛的追加銷售，這一數字可能已經上升，這很好。

Yes. Thanks for the question, Ryan. And as you mentioned, we started the year with just under 70% of our subscription-based revenue under contract. Naturally, today, we're quite a bit higher. We're not going to give that exact number every quarter.

是的。謝謝你的提問，Ryan。正如您所說，今年年初，我們基於訂閱的收入中，有將近 70% 來自合約。當然，今天我們的水平要高得多。我們不會每個季度都給出這個確切的數字。

But what I will say is the remainder of the year is primarily dependent on renewals, given our guidance continues to take a cautious approach to the policy uncertainty that our customers face today and the revenue we have yet to book. So we feel very confident in where we are as far as a percent under contract perspective today.

但我想說的是，今年剩餘時間的表現主要取決於續約情況，因為我們的指導方針繼續對客戶目前面臨的政策不確定性以及我們尚未預訂的收入採取謹慎的態度。因此，就目前的合約百分比而言，我們對目前的狀況非常有信心。

Next, we'll hear from Allen Lutz from Bank of America.

接下來，我們來聽聽美國銀行的艾倫‧盧茨的發言。

Good afternoon and thanks for taking the question. Jeff, a question for you. I know it's early, but would love to get a sense of the super users of DocsGPT and maybe even describe the workflow tools, the AI tools. How long are some of these doctors on the platform using these workflow tools? Because I would think that it's a lot different than the newsfeed, which might be more episodic, whereas the workflow tools and maybe DocsGPT is more structured into the workflow of their life as a physician. Would love to get a sense from you what is that relative time on the platform or expectations for some of these super users of DocsGPT versus the newsfeed as we try to think about what the revenue generation opportunities could be for these over a longer period of time. Thank you.

下午好，感謝您回答這個問題。傑夫，問你一個問題。我知道現在還為時過早，但我很想了解 DocsGPT 的超級用戶，甚至描述一下工作流程工具和 AI 工具。平台上的一些醫生使用這些工作流程工具多久了？因為我認為它與新聞推送有很大不同，新聞推送可能更具偶發性，而工作流程工具和 DocsGPT 可能更結構化地融入了醫生的工作流程中。我們希望您能了解這些 DocsGPT 超級用戶在平台上的相對使用時間是多少，或者他們對於新聞推送的期望是多少，我們正在嘗試思考在較長時期內這些用戶的創收機會是什麼。謝謝。

Yes. No, thanks for the question. So as we said in our prepared remarks, over 75% of our Scribe users use us every week. So again, we're pleased to add another very sticky workflow product in our Scribe product. It's interesting, you mentioned times of day.

是的。不，謝謝你的提問。正如我們在準備好的演講中所說，超過 75% 的 Scribe 用戶每週都會使用我們的服務。因此，我們很高興在我們的 Scribe 產品中添加另一個非常黏性的工作流程產品。這很有趣，你提到了一天中的時間。

Our products seem to fall into really all times a day by the time you put them together. So I'll say the newsfeed is before work and after work. And in a sad statement on doctor social lives in the evenings on weekends. It's a good time to catch up and read the latest medical journals and stay up to date. Our telehealth products, of course, are during the 9 to 5 and tend to be again, clustered around a given day of the week, depending on that doctor's work schedule and when things flow out.

當您將我們的產品組合在一起時，它們似乎真的可以滿足一天中的所有時間的需求。所以我會說新聞推送是在上班前和下班後。這是一個悲傷的聲明，關於醫生週末晚上的社交生活。這是閱讀最新醫學期刊並了解最新動態的好時機。當然，我們的遠距醫療產品是在 9 點到 5 點之間提供的，並且往往集中在一周中的某一天，具體取決於醫生的工作時間表和事情進展時間。

The scheduling product really is an everyday 9 to 5, the Scribe product in everyday 9 to 5, the GPT product in everyday 9 to 5. So you put it all together, we're an app that gets opened by our doctors first thing in the morning to catch up on the news, all during the day to do their work and then in the evenings and weekends, again, to stay up to date on the latest clinical advancements.

調度產品確實是每天 9 點到 5 點的工作，Scribe 產品是每天 9 點到 5 點的工作，GPT 產品也是每天 9 點到 5 點的工作。所以，把所有這些放在一起，我們就是一個應用程序，我們的醫生每天早上第一件事就是打開它來了解新聞，白天打開它來工作，然後在晚上和周末再次打開它來了解最新的臨床進展。

Appreciate that. And then one for Anna. On Pathway, I just want to verify that the OpEx from that deal is in the updated guidance? And then is there any way to frame kind of what the costs are that are going to flow through the P&L for that business over the remainder of the year?

非常感謝。然後還有一張給安娜的。關於 Pathway，我只是想驗證該交易的營運支出是否在更新後的指南中？那麼，有什麼方法可以確定今年剩餘時間內該業務的損益表中將包含哪些成本嗎？

Yes. Thanks for the question, Allen. So Pathway, as we mentioned in the prepared remarks, is going to add just over $2 million to our OpEx for the year. Just as a reminder, it's a 6-person company. So there's not much in the way of personnel.

是的。謝謝你的提問，艾倫。因此，正如我們在準備好的演講中提到的那樣，Pathway 將為我們的年度營運支出增加超過 200 萬美元。提醒一下，這是一家 6 人公司。因此，人員方面沒有太多需要。

There's a little bit in the way of infrastructure costs. But as we go forward, I would expect that to be a pretty good run rate. So I would not assume much in the OpEx category from the Pathway acquisition.

基礎設施成本方面存在一些問題。但隨著我們不斷前進，我預計這將是一個相當不錯的運行率。因此，我不會對 Pathway 收購的營運支出類別做出太多預期。

The next question is from David Roman, Goldman Sachs.

下一個問題來自高盛的大衛‧羅曼 (David Roman)。

This is Jamie Perse on for David. I wanted to go back to one of the comments made in the script just around agency bookings. You said this was opening up the small and medium-sized business opportunity for you that had grown 100% in the quarter. Can you just give us some context on whatever stats are most relevant, but what percent of the agency market you're engaging with today, where that can go over time, just to give us a sense of the opportunity that you see over the next one to two years?

我是 Jamie Perse，為 David 轉播。我想回到劇本中關於代理商預訂的評論之一。您說這為您開啟了本季成長 100% 的中小型企業機會。您能否向我們提供一些最相關的統計數據，但您目前參與的代理市場佔比是多少，隨著時間的推移，這個比例會達到什麼程度，只是為了讓我們了解您在未來一到兩年內看到的機會？

Jamie, it's Perry. I can actually help with this one. So on the agency partners, in short, the program is going really well. We're now at more than a dozen agency portal partners that signed on, and they've already brought us more than $5 million of business since the start of the program. So we hope to continue to grow the program. And so far, it's gone very well for us.

傑米，我是佩里。我確實可以幫忙。就代理合作夥伴而言，簡而言之，該計劃進展非常順利。目前，我們已經與十多家代理商入口網站合作夥伴簽約，自專案啟動以來，他們已經為我們帶來了 500 多萬美元的業務。因此我們希望繼續發展該計劃。到目前為止，我們的進展非常順利。

Okay. And then just a question on guidance and specifically OpEx priorities for the year. So your updated guidance implies about 11.5% revenue growth for the year and about 10% EBITDA growth. So really no operating leverage. You obviously delivered very strong operating leverage in the first quarter.

好的。然後只是一個關於指導以及今年的具體營運支出重點的問題。因此，您更新後的指引意味著今年的營收成長約 11.5%，EBITDA 成長約 10%。因此實際上不存在經營槓桿。您在第一季顯然實現了非常強勁的經營槓桿。

I know there's the $2 million from Pathway embedded in numbers, but it really doesn't explain the lack of leverage in the back half. So are there specific investments across the P&L you're contemplating for the balance of the year? Just any color on how we should think about those P&L investments.

我知道 Pathway 的投資金額高達 200 萬美元，但這並不能真正解釋後半部分缺乏影響力。那麼，您是否正在考慮在今年剩餘的時間裡對損益表進行具體的投資？關於我們應該如何看待這些損益投資的任何顏色。

Yes. Thanks for the question. And this is something we talked a little bit about last quarter as well when we were giving our initial guidance. We are definitely investing in AI this year. This is our year of AI investments.

是的。謝謝你的提問。上個季度我們在給出初步指導時也談到了這一點。我們今年肯定會投資人工智慧。這是我們投資人工智慧的一年。

So there's going to be some incremental investments related to powering our AI solutions for our physicians. So that's costs that relate to developing functionality, content licensing, increased usage, et cetera. So that is what you're seeing as far as the expense growth. All of our AI investments are tracking to what we initially believed to start the year. And we feel as though the fact that we can invest as we are in such a game changer of a solution for us that really is to become a third act and still maintain a 55% adjusted EBITDA margin really just speaks to the inherent efficiency in our business.

因此，我們將會進行一些增量投資，為我們的醫生提供人工智慧解決方案。這些成本與開發功能、內容許可、增加使用量等有關。這就是您所看到的費用增長。我們所有的人工智慧投資都與我們年初最初的預期一致。我們覺得，事實上，我們可以投資於這樣一個對我們來說可以改變遊戲規則的解決方案，它實際上將成為第三幕，並且仍然保持 55% 的調整後 EBITDA 利潤率，這實際上說明了我們業務的固有效率。

Ryan MacDonald from Needham has the next question.

來自尼德姆的瑞安·麥克唐納 (Ryan MacDonald) 有下一個問題。

I apologize if it's been asked already. But on the Pathway acquisition, just curious how you're planning to sort of integrate that into Doximity. Do you expect it to be sort of an extension of the core newsfeed? And then second, with the sort of strong success we've seen out of open evidence and sort of broad usage from doctors or rapid growth there, how much sort of brand awareness do you feel like you have to build with the Pathway product to maybe rebuild within physicians moving forward?

如果這個問題已經被問過了，我深感抱歉。但關於 Pathway 收購，我很好奇您計劃如何將其整合到 Doximity 中。您是否希望它成為核心新聞源的某種延伸？其次，鑑於我們從公開證據中看到的巨大成功以及醫生的廣泛使用或快速增長，您認為需要透過 Pathway 產品建立多大的品牌知名度才能在醫生心中重建？

Ryan, this is Jeff. I'll take that. So yes, we're excited about the integration success we've had with the Pathway acquisition already. As we mentioned in our prepared remarks, the product has already been largely integrated. The team's been working super hard on it.

瑞安，這是傑夫。我會接受的。是的，我們對 Pathway 收購所取得的整合成功感到非常興奮。正如我們在準備好的演講中提到的那樣，該產品已經基本整合。團隊一直為此付出巨大努力。

I think we've got 6 months' worth of integration work done in just a matter of a few weeks with the great team that we've brought on there. We've got about 50 of our team engineers focused on the AI and sort of a start-up -- inside a start-up and bringing us a lot of growth and energy there. We are going to make it free. So we're not going to charge the $300 per year the Pathway has been charging. We are putting it inside our Doximity GPT product, which already has a decent user base, as we've mentioned, they have 5 times growth year-on-year.

我認為，我們與優秀的團隊在短短幾週內就完成了 6 個月的整合工作。我們團隊中有大約 50 名工程師專注於人工智慧和新創公司——在新創公司內部，為我們帶來了許多成長和活力。我們將使其免費。因此，我們不會收取 Pathway 每年 300 美元的費用。我們將其放入我們的 Doximity GPT 產品中，該產品已經擁有相當可觀的用戶群，正如我們所提到的，他們的用戶數量同比增長了 5 倍。

And that just provides one box for doctors to go ask whatever type of question they have, be it clinical or administrative. And we see that the AI actually does a very good job of differentiating which question type is there and giving the appropriate type response, for physicians on it. We think we bought the best company in the medical AI search space. We've looked high and low, and it's shown in their 96% best-in-class 5% above others on the U.S. MOE.

這只是為醫生提供了一個詢問任何類型的問題的窗口，無論是臨床問題還是行政問題。我們發現，人工智慧實際上可以很好地區分問題類型，並為醫生提供適當的答案。我們認為我們收購了醫療人工智慧搜尋領域最好的公司。我們進行了全方位的考察，結果顯示他們的成績為 96%，在同類中名列前茅，比美國其他公司高出 5%。教育部。

And when you dig in a little deeper level here, again, having worked in this industry for a decade myself, it really boils down to having gone through and codified, summarized thousands of randomly controlled landmark trials, thousands of clinical guidelines, thousands of drugs and doses at a discrete level. This data set that is built for AI to be fast and accurate. We think in the long term will be the winner here. And we're excited to get up every day and deliver that for our doctors. We think, again, we think we can build this to be the leader in the space.

如果你深入挖掘一下，你會發現，我自己在這個行業工作了十年，這實際上就是在離散層面上經歷、編纂和總結了數千個隨機控制的里程碑式試驗、數千條臨床指南、數千種藥物和劑量。這個數據集是為人工智慧的快速和準確而建構的。我們認為從長遠來看，我們將會是贏家。我們每天都很興奮地為我們的醫生提供這樣的服務。我們再次認為，我們可以將其打造為該領域的領導者。

The next question is from Steven Valiquette from Mizuho Securities.

下一個問題來自瑞穗證券的 Steven Valiquette。

Great. So we recently did some survey work with physicians that use Doximity, just to ask them, what is the number one feature they use most on the app. And while professional physician networking was still the most widely used feature, at least in our survey, I was surprised just how fairly evenly spread the results were for the number one spot on usage across categories like physician networking versus telehealth dialer versus newsfeed, AI running tool, et cetera. So really, the question is, I guess I'm curious how that compares to your own internal views as far as what's the most widely used? And also, do you think any one of the newer features will eventually become number one, most used feature going forward just from your own perspective?

偉大的。因此，我們最近對使用 Doximity 的醫生進行了一些調查，只是問他們，他們在應用程式上使用最多的功能是什麼。儘管專業醫生網路仍然是最廣泛使用的功能，至少在我們的調查中是如此，但令我驚訝的是，在醫生網路、遠距醫療撥號器、新聞推送、人工智慧運作工具等類別中，使用率第一的位置分佈相當均勻。所以，真正的問題是，我很好奇這與您自己的內部觀點相比如何，即什麼是最廣泛使用的？另外，從您自己的角度來看，您是否認為任何較新的功能最終會成為第一、最常用的功能？

Thanks Steven. This is Jeff. Yes, your survey matches largely with our own internal data on the topic. We divide up our teams by product into what we call news network workflow. They each have their own BP and each of those teams are relatively evenly balanced when you look at their numbers and their resources on our end.

謝謝史蒂文。這是傑夫。是的，您的調查與我們自己關於該主題的內部數據基本相符。我們根據產品將團隊劃分為所謂的新聞網絡工作流程。他們各自都有自己的 BP，當你查看他們的數量和我們這邊的資源時，每個團隊都相對均衡。

So we do think it's a diversified platform. And as we see new competitors and others come in, we see them bringing new features, new point solutions, but again, not having the ability to provide that across an identity graph and a clinical graph and 10 years of knowing what each doctor treats the most and what is most interesting to them. So yes, we're pleased to have a diversified platform that is so evenly balanced as your survey indicates.

所以我們確實認為這是一個多元化的平台。當我們看到新的競爭對手和其他公司的加入時，我們看到他們帶來了新的功能、新的點解決方案，但同樣，他們沒有能力透過身份圖和臨床圖來提供這些功能，也沒有能力在 10 年的時間裡了解每個醫生最常治療什麼以及他們最感興趣的是什麼。所以是的，我們很高興擁有一個多元化且均衡的平台，正如您的調查所顯示的那樣。

Scott Schoenhaus from KeyBanc is up next.

接下來是來自 KeyBanc 的 Scott Schoenhaus。

Hey team, thanks for asking my question. If we take a step back even from a year ago, but broadly several years ago, it seems like you guys have a lot more visibility into your business, which must help you as a CFO. Can you maybe talk about the steps that you currently put in place, whether it be pulling contracts for January 1 start date, more broader rolling out of the client portal? And maybe what steps you could take further for increased visibility.

嘿，團隊，謝謝你們提出我的問題。如果我們回顧一下一年前，但大致是幾年前，似乎你們對自己的業務有了更多的了解，這對你們作為財務長來說一定會有所幫助。您能否談談目前採取的措施，是否從 1 月 1 日開始簽訂合同，還是更廣泛地推出客戶入口網站？也許您可以採取哪些進一步的措施來提高知名度。

Yes. Thanks for the question, Scott. And I'm glad you hit on that because it's absolutely correct. We absolutely have better visibility than we've ever had here at Doximity. Now I'll say a part of that is due to the stability in our clients' budgets.

是的。謝謝你的提問，斯科特。我很高興你意識到了這一點，因為它完全正確。我們在 Doximity 的可見性絕對比以往更好。現在我想說，部分原因是我們客戶的預算穩定。

At the end of the day, our growth rate is always going to be underpinned by how our clients are growing. So we've seen a lot of stability there over the last year or two, which has certainly helped. But we've made great strides ourselves. So you mentioned our January starts, as we push more customers towards these multi-module integrated programs, we're really excited to see the fact that they're signing up for longer deals, they're starting right away, and it's providing us a lot more visibility as we think out the next 12 months. Additionally, with our client portal, being able to see what our clients are doing in the portal has actually helped us with our visibility in the upsell cycle.

歸根究底，我們的成長率始終取決於客戶的成長速度。因此，我們在過去一兩年裡看到那裡非常穩定，這無疑有所幫助。但我們自己也取得了長足的進步。所以你提到了我們從一月份開始，隨著我們推動更多客戶使用這些多模組整合程序，我們非常高興地看到他們簽署了更長期的交易，他們馬上就開始了，這為我們在考慮未來 12 個月時提供了更多的可見性。此外，透過我們的客戶門戶，我們能夠看到客戶在門戶上所做的事情，這實際上幫助我們提高了追加銷售週期的可見度。

And so I think we're just going to continue to get a little smarter there and then also continue to see more clients lean into these integrated programs that I just mentioned. We definitely believe the upfront this year will continue to be led by these integrated offerings. So more customers on these 12-month programs, definitely better for our visibility. So we're really excited by what we're seeing there.

因此，我認為我們會繼續變得更加聰明，然後繼續看到更多的客戶傾向於我剛才提到的這些綜合計劃。我們堅信今年的預付款將繼續由這些綜合產品主導。因此，參與這些為期 12 個月的計畫的客戶越多，我們的知名度就越高。所以我們對所看到的一切感到非常興奮。

Next up is Alexei Gogolev from JPMorgan.

接下來是摩根大通的 Alexei Gogolev。

(Inaudible) on for Alexei. You mentioned that your health system customers are outperforming expectations. Can you speak to the recovery you're seeing in the Provider Solutions business? And just any additional color on its current state?

（聽不清楚）代表阿列克謝。您提到，您的醫療系統客戶的表現超出了預期。您能談談提供者解決方案業務的復甦嗎？而其當前狀態還有任何附加顏色嗎？

Sure. I think -- sorry, you cut out a little bit, but I think you asked about our health system customers and the fact that we're seeing the outperformance there. So I'll start by saying our pharma business still is primarily leading our growth. But we've definitely seen an improvement in our health system business across the board. So we've had really good traction amongst all 3 of our solutions, our marketing, our hiring and our enterprise solution.

當然。我想——抱歉，您稍微打斷了一下，但我認為您問的是我們的醫療系統客戶以及我們在那裡看到的優異表現的事實。因此，我首先要說的是，我們的製藥業務仍然主要引領著我們的成長。但我們確實看到我們的醫療系統業務全面改善。因此，我們的三大解決方案，即行銷、招募和企業解決方案，都取得了良好的進展。

One of the brighter spots is our enterprise offering, which grows really nicely for us lately. We've signed up 17 of the top 20 health systems. And we've seen pretty strong paid adoption recently as well of our on-call scheduling tool. So we're really pleased by what we're seeing with health systems. I will just caution and say when it comes to the policy uncertainty, they're definitely right in it.

其中一個亮點是我們的企業產品，最近我們的企業產品成長非常好。我們已經與排名前 20 位的醫療系統中的 17 個簽約。最近，我們也發現我們的隨叫隨到調度工具的付費採用率相當高。因此，我們對醫療體系的現況感到非常高興。我只是想提醒大家，當談到政策不確定性時，他們肯定是對的。

So while we remain cautiously optimistic that our health system business will continue to do well, we're not assuming that in our guidance because we are aware of the policy uncertainty they're seeing.

因此，雖然我們對我們的醫療系統業務將繼續表現良好保持謹慎樂觀的態度，但我們並沒有在我們的指導中假設這一點，因為我們知道他們所看到的政策不確定性。

The next question today comes from Brian Tanquilut with Jefferies.

今天的下一個問題來自 Jefferies 的 Brian Tanquilut。

Hey, good afternoon. Congrats on the quarter. Maybe just curious if you can share with us what you're seeing in the curative segment. Just anything you can share with us on trends there.

嘿，下午好。恭喜本季取得佳績。也許只是好奇您是否可以與我們分享您在治療領域所看到的情況。您可以與我們分享有關那裡的趨勢的任何資訊。

Yes. Thanks for the question, Brian. You can see this actually broken out in other revenue in our financials and our 10-Q. But we have a strong quarter. So Curative, which is our full-service physician staffing firm makes up the bulk of that other revenue, and it grew roughly 20% year-over-year in Q1.

是的。謝謝你的提問，布萊恩。您可以在我們的財務報表和 10-Q 中的其他收入中看到這一點。但我們本季表現強勁。因此，Curative，作為我們全方位服務的醫生人力資源公司，佔據了其他收入的大部分，並且在第一季同比增長了約 20%。

So we're definitely seeing some nice traction there. We're excited by how AI can further enhance recruiting. And I'm glad you asked about it because it's just -- it's a good moment to take a reminder and say, the locums industry itself is a multibillion-dollar industry and growing quite quickly. So we definitely believe this is a really strong long-term opportunity for Doximity.

所以我們確實看到了一些不錯的進展。我們對人工智慧如何進一步加強招募感到非常興奮。我很高興你問到這個問題，因為這只是一個好時機來提醒大家，臨時醫生行業本身是一個價值數十億美元的行業，而且增長相當迅速。因此，我們堅信這對 Doximity 來說是一個非常強大的長期機會。

Awesome thank you.

太棒了謝謝。

Craig Hettenbach from Morgan Stanley has the next question.

摩根士丹利的 Craig Hettenbach 提出了下一個問題。

I have a question on just the newsfeed understanding that video modules continue to gain momentum and increasingly important growth driver. Just looking for how the newsfeed is performing and any new developments there to call out?

我有一個關於新聞推送的問題，我認為視訊模組繼續獲得發展勢頭並且成為越來越重要的成長動力。只是想了解新聞動態的表現如何以及有什麼新的進展值得關注？

I was just going to say, I appreciate you calling out the video is an important piece of our growth there. And certainly, clients, I think, historically, pharmaceutical companies have not had a lot of video assets that were highly engaging. And AI is helping them and their agency partners create good shorter video segments that highlight a mechanism of action or some other scientific chart.

我只是想說，我很感謝你指出影片是我們在那裡發展的重要組成部分。當然，我認為，從歷史上看，製藥公司並沒有很多極具吸引力的視訊資產。人工智慧正在幫助他們及其代理商合作夥伴製作出色的短影片片段，突出作用機製或其他科學圖表。

And so we've seen those perform better in our newsfeed over time. But I mean, the main stat is what we shared in the prepared remarks, which is we had a record high number of quarterly active prescribers in our newsfeed this last quarter. And also, we've seen strong double-digit growth -- percent growth in our number of articles tapped or watched.

因此，隨著時間的推移，我們看到這些內容在我們的新聞推播中表現得越來越好。但我的意思是，主要的數據是我們在準備好的評論中分享的，那就是上個季度我們的新聞推播中的季度活躍處方者數量創下了歷史新高。此外，我們還看到了強勁的兩位數增長——點擊或觀看的文章數量百分比增長。

Got it. And then just as a follow-up, more broadly, just on the macro, kind of the 5% to 7% industry growth last quarter kind of pointed towards the low end given uncertainty. Just kind of curious, 90 days later, what you're seeing in the market from customers? And does that change any view in terms of maybe the shape of the year or not?

知道了。然後作為後續行動，更廣泛地從宏觀角度來看，上個季度 5% 至 7% 的行業成長率由於不確定性而指向低端。只是有點好奇，90 天后，您在市場上看到了客戶什麼表現？這是否會改變人們對今年局勢的看法？

Craig, thanks for the question. As we sit here today, as our results obviously show and our guidance for Q2 shows, things are definitely looking better than we had initially expected. But as I mentioned in the prepared remarks, there's still a ton of runway left in the year. And the policy uncertainty has not gone away. It hasn't changed much in the last 90 days or so here.

克雷格，謝謝你的提問。今天我們坐在這裡，正如我們的結果和第二季的指導所顯示的那樣，情況肯定比我們最初預期的要好。但正如我在準備好的發言中提到的那樣，今年我們仍然還有很長的路要走。政策的不確定性仍未消失。過去 90 天左右這裡並沒有太大的變化。

It kind of remains as an overhang. So while we're very encouraged that we have seen this marginal improvement over the last 90 days, our back half guidance still is going to take that measured approach to our clients' budgets, just once again, given the fact that there remains this policy uncertainty. So likely, as we kind of think about that 5% to 7% forecast range, it's definitely come up a little bit. You can see that in our guidance from what we initially expected. But we still think that's the right range to think about from a budget growth perspective.

它就像一個懸垂物一樣保留了下來。因此，儘管我們很高興看到過去 90 天出現了這種微小的改善，但考慮到仍然存在政策不確定性，我們的後半部分指導仍將對客戶的預算採取這種有節制的態度。因此，當我們考慮 5% 到 7% 的預測範圍時，這個數字肯定會略有上升。您可以在我們的指導中看到我們最初的期望。但我們仍然認為，從預算成長的角度來看，這是正確的範圍。

Your next question is from Jessica Tassan, Piper Sandler.

您的下一個問題來自 Jessica Tassan、Piper Sandler。

Congrats on the acquisition. I was hoping on the Ambient Scribe technology, could you maybe help us understand the workflow? So how does the note get from the app into the EHR? And is the content of the note then pulled directly into a claim? And then also, would love to know, as your Ambient Scribe kind of prompting the doc throughout the visit to check for certain symptoms, ask certain questions or conduct certain diagnostics either for clinical accuracy or for revenue cycle -- optimization?

恭喜收購成功。我希望藉助 Ambient Scribe 技術，您能否幫助我們了解工作流程？那麼，該記錄是如何從應用程式進入 EHR 的呢？那麼票據的內容是否直接被納入理賠範圍？然後，同樣想知道，作為您的 Ambient Scribe，是否會在整個訪問過程中提示醫生檢查某些症狀、詢問某些問題或進行某些診斷，以確保臨床準確性或收入周期 - 優化？

Jess, this is Jeff. I'll answer that. So the way our flow works today for our 10,000 beta testers has been to use their phone or their laptop, either one as the microphone to listen in on the visit and then write the notes at the end of the visit. The doctor can choose any time during the visit, what type of note or what type of template they want to choose. And this is where I think we've taken a slightly more open source approach, letting doctors actually work on their own instructions and templates, basically train their own scribe in the way that they prefer for their note types.

傑西，這是傑夫。我會回答這個問題。因此，我們今天為 10,000 名 beta 測試人員提供的流程是使用他們的手機或筆記型電腦，將其中一個用作麥克風來監聽訪問，然後在訪問結束時寫下筆記。醫生可以在訪問期間的任何時間選擇他們想要選擇的記錄類型或範本類型。我認為，我們在這裡採取了一種更開源的方法，讓醫生真正按照自己的指示和模板進行工作，基本上按照他們喜歡的筆記類型來培訓自己的抄寫員。

That's probably been the key area of technology. I think we've developed is we've made it easier for doctors to make sure the note is written in the way that they individually prefer given their subspecialty and their practice. And we made it easy for them then to share that note template and style with others in their practice, which allows the more tech-savvy doctors, I think, to help others in their practice. Most of our 10,000 beta testers actually came in, not from us reaching out to them, but from them asking for others to come in. So it's word-of-mouth growth has been strong.

這可能是技術的關鍵領域。我認為我們已經取得了進展，使醫生能夠更輕鬆地確保按照他們根據自己的專業和實踐所偏好的方式書寫記錄。然後，我們讓他們可以輕鬆地與診所裡的其他人分享該筆記模板和样式，我認為，這使得更精通技術的醫生能夠在診所裡幫助其他人。我們的 10,000 名 beta 測試人員中的大多數實際上是自己加入的，並不是我們主動聯繫他們，而是他們主動要求其他人加入。因此它的口碑增長一直很強勁。

In terms of how that gets into the EHR, it's a cut paste. And that isn't -- that is one step to add to a process. But interestingly, when we talk to doctors about this, there's already so many steps, 19 clicks to order a Tylenol in a lot of these systems that one cut paste really isn't that much to add. That said, we are in active discussions, and we will certainly work on EHR integrations to make that one copy paste also be automated in the future.

至於如何將其放入 EHR，它是一種剪貼。但這並不是——這只是流程中添加的一個步驟。但有趣的是，當我們與醫生談論這個問題時，已經有很多步驟了，在很多系統中訂購泰諾需要 19 次點擊，所以一次剪切粘貼實際上並沒有那麼多需要添加。也就是說，我們正在積極討論，並且我們一定會致力於 EHR 集成，以便將來也能實現複製貼上的自動化。

Got it. And then that's really helpful on Scribe. So with workflow, you obviously have the super synergistic HIPAA-compliant HCP-oriented kind of one-stop shop. On use case, do you envision the workflow suite on an iPhone kind of supporting providers in their digital visits and ambulatory settings? Or does the iPhone plays just as big a role in the acute care setting?

知道了。這對 Scribe 來說真的很有幫助。因此，透過工作流程，您顯然擁有符合 HIPAA 要求的、面向 HCP 的超級協同一站式服務。在用例方面，您是否設想 iPhone 上的工作流程套件能夠支援提供者進行數位存取和門診設定？或者 iPhone 在急性護理環境中扮演著同樣重要的角色？

Or are we ultimately shooting for EHR integration? Just would love to understand kind of where you imagine workflow, really capturing the market in the next three to five years?

或者我們最終的目標是 EHR 整合？只是想了解一下您想像中的工作流程在未來三到五年內真正佔領市場的情況？

Thanks, Jess. You're right that the iPhone is a key piece of technology for doctors, right? It's become their peripheral brain. That's what we call the back at Epocrates. And that was, boy, 12 years ago, it's become a bigger and bigger part of their overall practice.

謝謝，傑西。您說得對，iPhone 對醫生來說是一項關鍵的技術，對嗎？它已經成為他們的外圍大腦。這就是我們在 Epocrates 中所說的背面。那是 12 年前的事了，它已經成為他們整體業務中越來越重要的一部分。

And I think especially as they train their Scribes to write notes the way they want and use it to just ask natural language questions, which will deliver up AI-driven answers to, it will continue to be a core part of being a physician. I'd just say in terms of the long-term, five-year sort of vision, you could see it today in our iPhone app. If you go and look at the widgets that we offer, it's just the little four-square of widgets where doctors are choosing to not just have one app icon on their home screen, but four for us. The first is the newsfeed, time to catch up. The second is their Scribe, our time to record a visit.

我認為，尤其是當他們訓練抄寫員以他們想要的方式寫筆記並用它來詢問自然語言問題時，這將提供人工智慧驅動的答案，這將繼續成為醫生工作的核心部分。我想說的是，就長期、五年願景而言，您今天可以在我們的 iPhone 應用程式中看到它。如果你去看看我們提供的小部件，你會發現它只是由四個正方形的小部件組成，醫生們選擇在主螢幕上不僅放置一個應用程式圖標，而且放置四個。首先是新聞推送，是時候了解最新動態了。第二個是他們的記錄員，我們記錄訪問的時間。

The third is the dialer, need to call the patient, start a telehealth visit. And the fourth is our AskGPT, the ask a clinical question. And I do think that will be a synergistic AI suite for us as doctors again use us to do their daily workflow.

第三個是撥號器，需要呼叫患者，開始遠距醫療訪問。第四個是我們的 AskGPT，即詢問臨床問題。我確實認為這對我們來說將是一個協同的人工智慧套件，因為醫生會再次使用我們來完成他們的日常工作流程。

The next question comes from Stan Berenshteyn with Wells Fargo Securities.

下一個問題來自富國證券的 Stan Berenshteyn。

First, on the AI Scribe. So it's given away for free. Presumably, there are costs to deliver the Scribe service. I'm just wondering, if this becomes heavily utilized, are there any pressures to gross margins that could emerge into the high utilization?

首先，關於 AI Scribe。所以它是免費贈送的。據推測，提供 Scribe 服務需要成本。我只是想知道，如果這個技術被大量利用，那麼高利用率是否會帶來毛利率壓力？

Stan, this is Jeff. Yes, I'm glad you asked that question because one of the limiting factors, I think we had a year or two ago with Scribe was the cost of medical-grade transcription and medical-grade, HIPAA-grade LLM use. Thankfully, for us, those costs have come down dramatically. There's been a lot of competition in the market, and our expectation is they'll continue to come down. So we're in the pennies per visit camp on this now, which is similar to where we're at with our Dialer product.

史丹，這是傑夫。是的，我很高興你問了這個問題，因為我認為一兩年前我們使用 Scribe 時遇到的限制因素之一是醫療級轉錄和醫療級、HIPAA 級 LLM 使用的成本。值得慶幸的是，對我們來說，這些成本已經大幅下降。市場競爭非常激烈，我們預期價格將持續下降。因此，我們現在處於每次訪問幾美分的陣營，這與我們的撥號器產品的情況類似。

And so we don't see the cost there being a barrier given our business model.

因此，考慮到我們的商業模式，我們認為成本不會成為障礙。

Great. And then a quick follow-up to Scott's question on visibility. So just tying this into the portal, it's been widely adopted a lot of the brands already on there. The portal allows for faster ROI measurement. You have more modulation and the type of speed you can have.

偉大的。然後快速跟進斯科特關於可見性的問題。因此，只要將其與門戶網站結合起來，它就已被門戶網站上的許多品牌廣泛採用。此門戶允許更快地進行 ROI 測量。您可以擁有更多的調製和速度類型。

Are you seeing any signs that pharma is actually using the portal to adjust their budgets like intra-quarter more frequently? Or have budgets really been steady overall, not impacted by that capability?

您是否看到任何跡象表明製藥公司實際上正在使用入口網站來更頻繁地調整季度內預算？或者預算總體上確實保持穩定，不受該能力的影響？

Sam, it's Perry. I'll take that one. Yes, as you said, the lion's share of our pharma brands are now on the portal. It's actually pretty impressive given the denominator of the total number of pharma brands grew a lot last year, driven by SMB. So it's really -- the sales team works with the clients, and it's really a recommendations tab that allows their sales team to seamlessly propose new deals, upsells and respond to pricing requests.

山姆，我是佩里。我要那個。是的，正如您所說，我們大部分的製藥品牌現在都已進入該入口網站。考慮到去年在中小企業的推動下，製藥品牌總數的分母大幅成長，這實際上是相當令人印象深刻的。所以它實際上是——銷售團隊與客戶合作，它實際上是一個建議標籤，允許他們的銷售團隊無縫地提出新的交易、追加銷售並回應定價請求。

So not only is this increasing our conversion rates, but it's leading to larger sales and a more efficient sales motion. And our brands continue to benefit from our frequent ROI updates and our audience insights.

因此，這不僅提高了我們的轉換率，而且還帶來了更大的銷售額和更有效率的銷售活動。我們的品牌繼續受益於我們頻繁的投資報酬率更新和受眾洞察。

Right, thanks so much.

好的，非常感謝。

The next question today is David Larsen, BTIG.

今天的下一個問題是 BTIG 的 David Larsen。

Congratulations on a great quarter. Just how many clients are now using the self-service portal? Is it like over 80%?

恭喜本季取得優異成績。現在有多少客戶正在使用自助服務入口網站？是不是超過 80% 了？

I can take that one, David. Yes, it's the majority.

我可以接受這個，大衛。是的，這是大多數。

Okay. And then just in terms of like the macro and the risk of tariffs, I think what I heard was your guide does include the risk of some headwinds. So if things come in better than expected as you progress through the year, there could be some upside, I would imagine?

好的。然後就宏觀和關稅風險而言，我認為我聽到的是，您的指南確實包括一些逆風的風險。因此，如果隨著今年的進展，事情進展比預期的要好，那麼我想可能會有一些好處，對嗎？

Yes, I think that's a fair way to think about it, David. I think what's interesting right now is, especially in the pharma space is there's a lot being discussed in the way of policy changes that could be headwinds to our business or ones that could be tailwinds to our business, such as the potential DTC ban. So I definitely think if we end up seeing stable budgets through this period, we could see some upside to our business. And even if I just want to make a long-term comment here, even if there are some policy changes that disrupt pharma, we have to remember that pharma companies in general, spend tens of billions of dollars on sales and marketing. And if anything, we believe that in a more efficiency-focused environment, while there could be some near-term disruption our customers will lean into spending dollars on the highest ROI channels such as Doximity.

是的，我認為這是公平的思考方式，大衛。我認為現在有趣的是，特別是在製藥領域，人們正在討論很多政策變化，這些變化可能會對我們的業務造成不利影響，也可能對我們的業務造成有利影響，例如潛在的 DTC 禁令。因此，我確實認為，如果我們最終看到這段時期的預算穩定，我們的業務就會有一些好處。即使我只是想在這裡發表長期評論，即使有一些政策變化擾亂了製藥業，我們也必須記住，製藥公司通常在銷售和行銷上花費了數百億美元。而且，我們相信，在更注重效率的環境中，雖然可能會出現一些短期中斷，但我們的客戶將傾向於在 Doximity 等投資回報率最高的管道上投入資金。

So we feel like regardless of what happens with policy, we are very, very well positioned for the long term, just given our industry-leading ROI.

因此，我們認為，無論政策如何變化，鑑於我們行業領先的投資回報率，我們在長期內都處於非常有利的地位。

Next question today comes from Jailendra Singh from Truist Securities.

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

This is Jenny on for Jailendra. I was curious if you're seeing any differences in spending or initiatives across customers. So I know a lot of large pharma companies are facing upcoming LOEs. Just wondering if you're seeing that influence how they allocate HCP marketing budgets or try to maximize patient reach and engagement in the final years before that loss of exclusivity. Could that dynamic create a tailwind for Doximity?

我是 Jailendra 的 Jenny。我很好奇您是否發現不同客戶的支出或舉措有任何差異。所以我知道很多大型製藥公司都面臨即將到來的破產。只是想知道您是否看到這會影響他們如何分配 HCP 行銷預算或在失去獨家經營權之前的最後幾年內嘗試最大限度地擴大患者覆蓋率和參與度。這種動態能為 Doximity 帶來順風嗎？

Yes. Thanks for the question, Jenny. I think back to kind of some of the stuff we talked about earlier, what's really unique with what we're seeing with our clients right now is how broad-based the strength is. So we're doing very well at top 20 pharma. We're doing very well with mid-tier pharma and then doing very well with the long-tail SMB.

是的。謝謝你的提問，珍妮。我回想起我們之前談到的一些內容，我們現在看到的客戶的真正獨特之處在於其實力的廣泛性。所以我們在前 20 名製藥公司表現非常出色。我們在中型製藥公司和長尾中小企業方面都做得很好。

As we think about where drugs might be in their life cycle, a lot of drugs continue to spend very evenly towards kind of the those end stages on Doximity. But what's more interesting, I think, is the drugs that are coming to market. And a lot of these drugs are coming to market with a digital-first strategy, which is something we just hadn't seen before. So they're choosing to spend more on digital than they are on their sales force. And that's a huge benefit for Doximity.

當我們思考藥物在其生命週期中可能處於什麼位置時，許多藥物在 Doximity 的最後階段繼續非常均勻地花費。但我認為更有趣的是即將上市的藥物。許多藥物都採用數位優先策略進入市場，這是我們以前從未見過的。因此，他們選擇在數位領域投入的資金比在銷售團隊上的投入更多。這對 Doximity 來說是一個巨大的優勢。

So as more and more of these drugs launch, we're capturing a larger share of their budget very quickly, and that's allowing us to scale. So I think we're in a really good position from a tailwind perspective as we continue to see innovation in the pharma market and more brands come to market.

因此，隨著越來越多的此類藥物上市，我們很快就佔據了他們預算的更大份額，這使我們能夠擴大規模。因此，我認為從順風角度來看我們處於非常有利的位置，因為我們繼續看到製藥市場的創新和更多品牌進入市場。

Got it. And just a quick follow-up. I mean players across the broader pharma space is lagging midsized companies as relatively more stable in terms of spend and decision-making. Just from your vantage point, are you seeing a similar trend driving the momentum that you saw in the SMB space this quarter?

知道了。這只是一次快速的跟進。我的意思是，更廣泛的製藥領域的參與者在支出和決策方面相對更穩定，落後於中型公司。從您的角度來看，您是否看到了本季在中小企業領域看到的類似趨勢？

Yes, thanks for the question there, Jenny. I mean we've definitely seen better, better stability in SMB than we've seen since, I'd say, pre-COVID. We saw a little bit of a pullback post-COVID, but mid-tier and SMB have, I'll say, kind of come roaring back here over the past six to nine months for us. So that's been a really, really nice tailwind for our business. And I think it's the first time back to what I mentioned earlier, it's the first time since COVID that we've seen every single aspect of our pharma business firing on all cylinders.

是的，謝謝你的提問，珍妮。我的意思是，我們確實看到了中小企業的穩定性比疫情之前更好、更好。我們看到疫情後出現了一些回調，但我想說，在過去的六到九個月裡，中階和中小企業已經強勢回歸。所以這對我們的業務來說是一個非常非常好的順風。我認為這是我之前提到的第一次，也是自 COVID 以來我們第一次看到製藥業務的各個方面都全面開花。

So we're really excited with what we're seeing.

我們對所看到的一切感到非常興奮。

Jenny, it's Perry. I'll just hop in and add. We think these SMBs are just much more keenly aware of how critical digital has become to pharma commercialization efforts, even if they don't have a massive budget. And we think, hopefully, that's a development that will have stability going forward.

珍妮，我是佩里。我直接跳進去並添加。我們認為，即使這些中小企業沒有龐大的預算，他們也更敏銳地意識到數位化對於製藥商業化努力的重要性。我們希望這項發展能夠在未來保持穩定。

Everyone at this time, there are no further questions. I would like to hand back to Jeffrey Tangney for any additional or closing remarks.

各位，現在沒有其他問題了。我想將發言權交還給 Jeffrey Tangney，請他發表補充或結束語。

Well, thank you, everyone, for joining our Q1 call. I just want to end again by thanking our entire Doximity team for continuing to work so incredibly hard to take care of those and take care of us. Thank you, everybody.

好吧，謝謝大家參加我們的第一季電話會議。最後，我只想再次感謝我們整個 Doximity 團隊繼續如此努力地照顧這些人並照顧我們。謝謝大家。

And again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

各位，今天的會議到此結束。我們感謝大家今天的參與。您現在可以斷開連線。