Doximity Inc (DOCS) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Christa]. I will be your conference operator today.

女士們、先生們，感謝你們的耐心等待。我的名字是[克麗斯塔]我今天將擔任你們的會議接線生。

At this time, I would like to welcome you to the Doximity second-quarter 2026 earnings conference call.

此時此刻，我謹代表 Doximity 宣布 2026 年第二季財報電話會議。

(Operator Instructions)

（操作說明）

Thank you. I'd now like to turn the conference over to Perry Gold, Vice President of Investor Relations. Perry, you may begin.

謝謝。現在我將把會議交給投資者關係副總裁佩里·戈爾德。佩里，你可以開始了。

Thank you, operator. Hello and welcome to Doximity's fiscal 2026 second-quarter earnings call.

謝謝接線生。大家好，歡迎參加 Doximity 2026 財年第二季財報電話會議。

With me on the call today are Jeff Tange, Co-Founder and CEO of Doximity; and Anna Bryson, CFO.

今天和我一起參加電話會議的有 Doximity 的共同創辦人兼執行長 Jeff Tange，以及財務長 Anna Bryson。

A complete disclosure of our results can be found in our press release issued earlier today, as well as in our related Form 8-K, along with a copy of our prepared remarks, all available on our website at investors.doximity.com.

有關我們業績的完整披露，請參閱我們今天早些時候發布的新聞稿以及相關的 8-K 表格，以及我們準備好的發言稿副本，所有這些都可以在我們的網站 investors.doximity.com 上找到。

As a reminder, today's call is being recorded. A replay will be available on our website.

再次提醒，今天的通話將會被錄音。回放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. We disclaim any obligation to update any forward-looking statements or outlook.

在今天的發言中，我們將發表一些前瞻性聲明。這些聲明是基於管理層目前的觀點、預期和假設；並受到各種風險和不確定性的影響。實際結果可能與實際情況有重大差異。我們不承擔更新任何前瞻性陳述或展望的義務。

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.

請參閱我們年度報告（表格 10-K）、任何後續表格 10-Q 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中的風險因素，包括我們即將提交的表格 10-Q。

Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, November 6, 2025.

我們的前瞻性聲明是基於我們認為截至今日（2025 年 11 月 6 日）是合理的假設。

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.

值得注意的是，Doximity 的政策是既不重申也不調整今天電話會議上提供的財務指導，除非同時透過公開揭露（例如新聞稿或提交 8-K 表格）進行揭露。

Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

今天，我們將討論一些我們認為有助於理解我們財務表現的非GAAP指標。今天的獲利報告中提供了與可比較GAAP指標的歷史比較資訊。

Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be one-time in nature. We may or may not provide updates on those metrics in the future.

最後，在通話過程中，我們可能會提供一些增量指標，以便更深入地了解我們業務的動態。這些細節可能只是一次性的。未來我們可能會也可能不會更新這些指標。

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

現在我想把電話交給我們的共同創辦人兼執行長傑夫唐尼。傑夫？

Thanks, Perry. Thank you, everyone, for joining our second-quarter earnings call.

謝謝你，佩里。感謝各位參加我們第二季財報電話會議。

We have three updates today: our financials, network ,growth and AI products.

今天我們有三項更新：財務狀況、網路、成長和人工智慧產品。

First, our top line, we delivered $169 million of revenue for the second quarter of our fiscal 2026, which represents 23% year-on-year growth and a 7% beat from the high end of our guidance range. Our bottom line was also strong in Q2, with an adjusted EBITDA margin of 68% or $101 million, which was 15% above the high end of our guidance. Our adjusted EBITDA grew 32% year on year, while our free cash flow was up 37% year on year.

首先，我們來看營收方面，2026 財年第二季營收達到 1.69 億美元，年增 23%，比我們預期範圍的上限高出 7%。第二季我們的獲利狀況也十分強勁，調整後的 EBITDA 利潤率為 68%，即 1.01 億美元，比我們預期的上限高出 15%。我們的調整後 EBITDA 年成長 32%，而我們的自由現金流年增 37%。

In short, we had a better-than-expected first half, led by our AI-optimized integrated programs and our portal. Our CFO, Anna will provide more detail on that in just a minute.

總而言之，上半年我們的業績好於預期，這主要得益於我們人工智慧優化的整合程式和入口網站。我們的財務長安娜稍後會提供更多細節。

Okay. Turning now to our network growth and engagement, which reached new highs in Q2. Our Newsfeed led the way with an all-time record number of quarterly active prescribers and double-digit growth in the number of articles read or tapped. Physicians really liked our new (inaudible) DoxGPT feature, which allows them to ask follow-up questions and dive deeper into clinical topics directly from our Newsfeed.

好的。現在來看看我們的網路成長和參與度，這兩項指標在第二季都達到了新高。我們的新聞推播在季度活躍處方醫生數量方面創下歷史新高，文章閱讀或點擊量也實現了兩位數的增長。醫生們非常喜歡我們新的（聽不清楚的）DoxGPT 功能，該功能允許他們直接從我們的新聞推播中提出後續問題並深入了解臨床主題。

On the workflow side, more than 650,000 unique prescribers used our workflow tools in Q2, which was also an all-time high.

在工作流程方面，第二季有超過 65 萬名獨立處方醫生使用了我們的工作流程工具，也創下了歷史新高。

As a reminder, our workload tools include our telehealth, scheduling, digital fax, and AI tools for clinical reference and documentation. Our AI tools, once, again grew the fastest, with quarterly active prescribers up more than 50% from the prior quarter.

再次提醒，我們的工作工具包括遠距醫療、日程安排、數位傳真以及用於臨床參考和文件記錄的 AI 工具。我們的 AI 工具再次成為成長最快的工具，季度活躍處方用戶比上一季成長超過 50%。

We're proud to be both the newsfeed of medicine and the go-to platform for AI-powered clinical workflows.

我們很自豪能夠同時成為醫學新聞資訊的來源和人工智慧驅動的臨床工作流程的首選平台。

Okay. Now, for an update on our Pathway acquisition and AI Scribe growth.

好的。接下來，我們將介紹我們收購 Pathway 和 AI Scribe 的發展。

Just seven weeks after announcing our acquisition, we fully integrated Pathway's entire medical data set and AI models into DoxGPT, now live across both our web and mobile apps. We believe this integration gives us a couple of first in medical AI.

在宣布收購後僅僅七週，我們就將 Pathway 的整個醫療資料集和 AI 模型完全整合到 DoxGPT 中，現在該功能已在我們的網頁和行動應用程式中上線。我們相信，此次整合將使我們在醫療人工智慧領域取得多項第一。

Unlike others, DoxGPT has a fully integrated drug reference. When a physician taps the mic and ask a drug-related question, peer-reviewed answers will appear instantly. In under a second, clinicians on the go can now just ask DoxGPT on their phone to check for dosing, side effects, or interaction.

與其他系統不同，DoxGPT 擁有完全整合的藥物參考庫。當醫生輕敲麥克風並提出與藥物相關的問題時，同儕審查的答案將立即出現。現在，臨床醫生只需不到一秒鐘，就可以在手機上透過 DoxGPT 查詢劑量、副作用或交互作用。

We're also the first medical AI to provide direct, full text PDF access to over 2,000 medical journals, including all the top titles, through a unique referral with Research Solutions software. Doctors can now go from question to summary, give the original peer-reviewed source in just a few clicks; no paywalls, proxies, or library log-ins.

我們也是第一個透過與 Research Solutions 軟體的獨特合作，提供 2000 多種醫學期刊（包括所有頂級期刊）的直接全文 PDF 存取的醫療人工智慧。現在，醫生只需點擊幾下滑鼠，即可從問題到總結，並提供原始的同行評審來源；無需付費牆、代理商或圖書館登入。

I began my career over 20 years ago in clinical reference at Epocrates. It's gratifying to see how far this point-of-care technology has now come. With our recent upgrades, we believe we're the fastest, best real-world AI medical reference in the market today.

我的職業生涯始於20多年前，當時我在Epocrates擔任臨床參考顧問。看到這項即時檢測技術如今發展到如此程度，真是令人欣慰。經過最近的升級，我們相信我們是目前市場上速度最快、最好的真實世界人工智慧醫療參考工具。

Our new AI Scribe is also becoming a clinician favorite.

我們新推出的AI抄寫員也越來越受到臨床醫師的喜愛。

As a reminder, Doximity Scribe is our HIPAA-compliant ambient notetaking tool.

再次提醒，Doximity Scribe 是我們符合 HIPAA 標準的線上筆記工具。

In Q2, our number of quarterly active users nearly tripled versus Q1. This rapid uptake is a testament to the power of our platform.

第二季度，我們的季度活躍用戶數量比第一季增加了近三倍。這種快速成長證明了我們平台的強大實力。

Our market-leading telehealth tools, Doximity Dialer, added Scribe integration last quarter. So now, for the over 300,000 voice and video visits we conduct on an average weekday, doctors can add our Scribe with one click and give full focus to their patients, not their keyboards.

我們市場領先的遠距醫療工具 Doximity Dialer 在上個季度增加了 Scribe 整合。因此，現在，對於我們平均每個工作日進行的 30 萬多次語音和視訊就診，醫生只需點擊一下即可添加我們的 Scribe，從而將全部精力集中在患者身上，而不是鍵盤上。

As one of our family medicine doctors put it, I just love scribe. I saw 22 patients today till 5 PM and was out of the office by 5:15. Amen to that. AI that gets you home in time for dinner.

正如我們一位家庭醫生所說，我太喜歡抄寫員這個角色了。今天下午 5 點前我看了 22 位病人，5 點 15 分就下班了。說得好。人工智慧可以讓你及時回家吃晚餐。

We're proud to help clinicians reduce their admin and cut down on [pajama] time.

我們很榮幸能夠幫助臨床醫生減少行政工作，縮短休息時間。

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.

好的。最後，我要像往常一樣感謝我的 Doximity 團隊成員，他們一直以來都非常努力地照顧那些照顧我們的人。

From record engagement to major leap to AI, we're building tools that help doctors provide better care for their patients. I couldn't be more proud of the work we're doing for the team behind it.

從創紀錄的參與度到人工智慧的重大飛躍，我們正在建立能夠幫助醫生為患者提供更好護理的工具。我為我們團隊所做的工作感到無比自豪。

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

接下來，我將把發言權交給我們的財務長安娜·布萊森，由她來討論我們的財務狀況和發展方向。安娜？

Thanks, Jeff. Thanks to everyone on the call today.

謝謝你，傑夫。感謝今天所有參加電話會議的人。

Second-quarter revenue grew to $168.5 million, up 23% year over year and exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continued to lead our growth.

第二季營收成長至 1.685 億美元，年增 23%，超過了我們預期範圍的上限。與前幾季類似，我們的現有客戶繼續引領我們的成長。

We finished the quarter with a net revenue retention rate of 118% on a trailing 12-month basis. We ended the quarter with 121 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a roughly 16% increase from the 104 customers we had in this cohort a year ago. These customers accounted for 84% of our total revenue.

本季末，我們過去 12 個月的淨收入留存率達到了 118%。本季末，我們有 121 位客戶在過去 12 個月中，每位客戶至少貢獻了 50 萬美元的訂閱收入。與一年前該群體中的 104 位客戶相比，這大約增加了 16%。這些客戶貢獻了我們總收入的 84%。

Turning to our profitability, non-GAAP gross margin in the second quarter was 92%, flat versus the prior year period. Adjusted EBITDA for the second quarter was $100.8 million and adjusted EBITDA margin was 60% compared to $76.1 million and a 56% margin in the prior year period. We are proud to continue to run a very profitable business with margin expansion.

從獲利能力來看，第二季非GAAP毛利率為92%，與去年同期持平。第二季調整後 EBITDA 為 1.008 億美元，調整後 EBITDA 利潤率為 60%，而去年同期為 7,610 萬美元，利潤率為 56%。我們很自豪能夠繼續經營一家獲利能力很強、利潤率不斷提高的企業。

Now, turning to our balance sheet, cash flow, and an update on our share repurchase program, we generated free cash flow in the second quarter of $91.6 million compared to $66.8 million in the prior year period, an increase of 37% year over year. We ended the quarter with $878 million of cash, cash equivalents, and marketable securities.

現在，讓我們來看看我們的資產負債表、現金流量以及股票回購計畫的最新進展。第二季度，我們的自由現金流為 9,160 萬美元，而去年同期為 6,680 萬美元，年增 37%。本季末，我們持有現金、現金等價物及有價證券共8.78億美元。

During the second quarter, we repurchased $21.9 million worth of shares at an average price of $61.62. We believe repurchasing our shares is a valuable use of the incremental cash we generate, above what's needed to reinvest in the business. As of September 30, we had $280 million remaining in our existing repurchase program.

第二季度，我們以平均每股 61.62 美元的價格回購了價值 2,190 萬美元的股票。我們認為，回購股票是對我們產生的額外現金（超出業務再投資所需金額的部分）的一種有價值的利用。截至9月30日，我們現有的股票回購計畫中還剩餘2.8億美元。

Now, moving on to our outlook, for the third fiscal quarter of 2026, we expect revenue in the range of $180 million to $181 million, representing 7% growth at the midpoint. We expect adjusted EBITDA in the range of $103 million to $104 million, representing a 57% adjusted EBITDA margin.

現在，讓我們展望一下未來。對於 2026 財年第三季度，我們預計營收將在 1.8 億美元至 1.81 億美元之間，中位數為 7%。我們預計調整後 EBITDA 在 1.03 億美元至 1.04 億美元之間，調整後 EBITDA 利潤率為 57%。

For the full fiscal year, we now expect revenue in the range of $640 million to $646 million, representing 13% growth at the midpoint. We now expect adjusted EBITDA in the range of $351 million to $357 million, representing a 55% adjusted EBITDA margin.

我們現在預計本財年的營收將在 6.4 億美元至 6.46 億美元之間，中位數為 13%。我們現在預計調整後的 EBITDA 將在 3.51 億美元至 3.57 億美元之間，調整後的 EBITDA 利潤率為 55%。

Our increased outlook is due primarily to the outperformance of our Pharma business during the upsell season. We believe this is driven by a couple of factors.

我們上調業績預期主要歸功於醫藥業務在銷售旺季的優異表現。我們認為這主要受以下幾個因素所驅動。

First, our Client Portal continues to positively influence purchasing decisions. 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 roughly 100% year over year in Q2.

首先，我們的客戶入口網站持續對購買決策產生正面影響。特別是透過利用該入口網站，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，使得該群體在第二季度的預訂量同比增長了約 100%。

Second, our multi-module integrated offerings have proven to be a strong fit for the upsell season, as our clients can seamlessly add on to these dynamic programs.

其次，我們的多模組整合產品已被證明非常適合追加銷售季，因為我們的客戶可以無縫地添加到這些動態項目中。

These solutions represented over 40% of bookings in Q2 compared to less than 5% of bookings in the same quarter last year. As more clients adopt these integrated programs, we believe it's led to a smoother and more strategic upsell cycle than in the past.

這些解決方案在第二季的預訂量中佔比超過 40%，而去年同期這一比例還不到 5%。隨著越來越多的客戶採用這些綜合方案，我們相信這將帶來比以往更順暢、更具策略性的追加銷售週期。

Because these AI optimized programs typically launch in January, customers are able to evaluate results sooner and make incremental buying decisions earlier and more consistently throughout the year.

由於這些人工智慧優化程序通常在 1 月推出，客戶能夠更快地評估結果，並在全年更早、更持續地做出增量購買決策。

This has led to a stronger than typical Q2. As a result, we do not expect as large of a step-up between Q2 and Q3, as we've seen in prior years, when upsells were more condensed and year-end-weighted.

這導致第二季業績強於往年同期水準。因此，我們預計第二季到第三季之間的成長幅度不會像往年那麼大，因為往年的追加銷售更加集中，並且集中在年底。

This dynamic is also reflected in our Q3 growth rate. While quarterly revenue growth may fluctuate as we transition to more integrated programs, we believe these offerings are a meaningful step forward for both our clients and our business. We believe the longer time on channel, more strategic spending cadence, and AI optimization will provide higher returns for our clients and better predictability for our business, long-term.

這一趨勢也體現在我們第三季的成長率。雖然隨著我們向更全面的項目過渡，季度收入成長可能會出現波動，但我們相信這些產品對我們的客戶和我們的業務來說都是向前邁出的重要一步。我們相信，從長遠來看，延長通路使用時間、更具策略性的支出節奏以及人工智慧優化將為我們的客戶帶來更高的回報，並為我們的業務帶來更好的可預測性。

We're entering the upfront season with strong client engagement and product momentum. At the same time, client discussions suggest some uncertainty over how recent policy changes may influence annual budgets, which are expected to be finalized over the next two months. As a result, we will continue to take a measured approach to the revenue we have yet to book, which is reflected in our implied Q4 guidance.

我們即將進入預售季，客戶參與度高，產品發展動能強勁。同時，客戶討論表明，對於最近的政策變化可能會如何影響年度預算，存在一些不確定性，預計年度預算將在未來兩個月內最終確定。因此，我們將繼續對尚未確認的收入採取謹慎的態度，這體現在我們隱含的第四季業績指引中。

On the expense side, we will continue to invest in AI and expect costs related to developing and powering our AI solutions to increase in the back half of the year. We're excited to be able to make these meaningful investments in growing our platform, while still maintaining a 55%-plus adjusted EBITDA margin in fiscal 2026.

在支出方面，我們將繼續投資人工智慧，預計下半年與開發和支援人工智慧解決方案相關的成本將會增加。我們很高興能夠對平台發展進行這些有意義的投資，同時在 2026 財年保持 55% 以上的調整後 EBITDA 利潤率。

We believe our AI suite represents a significant long-term growth opportunity for Doximity. We're proud to keep building tools that help physicians save time and provide better care for their patients.

我們相信，我們的人工智慧套件代表著 Doximity 的重大長期成長機會。我們很自豪能夠持續開發出幫助醫生節省時間並為患者提供更好護理的工具。

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

接下來，我將把電話交給接線員，回答他們的問題。

(Operator Instructions)

（操作說明）

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Sorry, the mute button got me again. Congrats guys on the strong quarter.

抱歉，我又誤觸了靜音鍵。恭喜各位，本季業績表現優異。

You mentioned some level of uncertainty around the budget discussions. I'm curious, is that specifically related to the budget flush, end of the year? Or is that more related to budgets next year? Is there anything that you can say qualitatively about where people may be uncertain?

您提到預算討論存在一定程度的不確定性。我很好奇，這是否與年底的預算削減有關？或者這與明年的預算有關？對於人們可能感到不確定的地方，您能否定性地談談？

Yeah. Thanks for the question, Brian.

是的。謝謝你的提問，布萊恩。

As we're talking about a little bit of uncertainty around budgets, we're primarily talking about calendar 2026 budgets, which are going to be released in the next two months or so. I think the general environment has just slowed down some of these big decisions, like the size of annual budgets. It could be possible we see a little more caution in the upfront cycle because of this.

既然我們談到了預算方面的一些不確定性，我們主要指的是 2026 年的預算，這些預算將在未來兩個月左右公佈。我認為，整體環境減緩了一些重大決策的製定速度，例如年度預算規模。因此，我們可能會看到前期週期出現一些更謹慎的情況。

I think one of the things that we're talking to our clients about is, there are things in play that could be potential payments for our business but also things in play that could be potential headwinds.

我認為我們正在與客戶討論的一件事是，目前有一些因素可能會為我們的業務帶來潛在的收益，但同時也有一些因素可能會帶來潛在的阻力。

So regardless of where budgets end up, I'll just reemphasize that client engagement with our platform remains very high. Especially, interest in our integrated programs continues to build really well.

所以無論預算最終如何分配，我只想再次強調，客戶對我們平台的參與度仍然非常高。尤其值得一提的是，大家對我們綜合課程的興趣持續高漲。

We feel great about our positioning and our ability to continue to outgrow the market, regardless of where those budgets end up this upfront season.

我們對自己目前的市場定位以及繼續超越市場成長的能力感到非常滿意，無論本季預售預算最終如何分配。

Got it. Jeff, maybe a follow-up for you. Obviously, the product innovation is very clear on what you guys have launched. I'm just curious, as you think about AI and what the opportunity is for Doximity to add value for physicians, how far do you plan on taking that? As we think about the applications that you may have maybe 5, 10 years from now, is that significantly bigger than what you guys have today?

知道了。傑夫，或許我該跟進一下。顯然，你們推出的產品在創新方面做得非常好。我只是好奇，當您思考人工智慧以及 Doximity 為醫生創造價值的機會時，您計劃將這項工作推進到什麼程度？當我們思考你們未來 5 年、10 年可能擁有的應用程式時，它們會比你們現在擁有的應用程式規模大得多嗎？

Thanks, Brian. Jeff here. I appreciate the question.

謝謝你，布萊恩。我是傑夫。感謝您的提問。

The short answer is we're going to take it all the way. The reality is we're really excited that we've grown our AI QAUs 50% this last quarter on quarter and that we tripled our number of Scribe users.

簡而言之，我們會全力以赴。事實上，我們非常高興地看到，上個季度我們的 AI QAU 成長了 50%，而且我們的 Scribe 用戶數量增加了兩倍。

Scribe is a really sticky product and saves doctors a lot of time in that whole workflow process of having to document a patient visit, ask questions during that visit. We just think it's a really powerful opportunity that's ahead of us here.

Scribe 是一款非常實用的產品，它能為醫生節省大量時間，讓他們無需記錄患者就診情況，也無需在就診期間提問。我們認為擺在我們面前的是一個非常強大的機會。

I'll remind you that we had over 1 million Newsfeed users this past quarter. A lot of them are using that as a jumping end point to come and use our DoxGPT to ask additional questions about what might be new in the news.

我提醒各位，上季我們的新聞推播用戶超過100萬。他們中的許多人以此為跳板，來到我們的 DoxGPT 平台，詢問有關新聞中可能出現的新內容的其他問題。

I'll just say this, we have done now hundreds of side-by-side or head-to-head studies where we've asked physicians on a blinded basis to go look at our product and other products out in the market in this AI, venture capital-backed landscape. We're winning decisively on the quality of our answers and the depth of our answers.

我只想說，我們現在已經進行了數百項並排或直接對比研究，我們以盲法的方式請醫生們去考察我們的產品以及人工智慧和風險投資支援領域中市場上的其他產品。我們在答案的品質和深度上都取得了決定性的優勢。

I'm particularly excited to announce on this call that we've added Research Solutions as a partner, which allows us to get full access for our doctors to virtually every medical journal over 2,000, not just two or three. I think that is something that doctors really appreciate, the ability to, all on one side, without all the library log-ins and everything else, be able to get right to the source, papers, and evidence.

我特別興奮地在本次電話會議上宣布，我們已將 Research Solutions 納入合作夥伴，這將使我們的醫生能夠完全訪問 2000 多種醫學期刊，而不僅僅是兩三種。我認為這是醫生們非常欣賞的一點，他們能夠在一個平台上，無需登入圖書館，就能直接取得原始資料、論文和證據。

Anyway, we're really excited about it. This is an area where I will personally continue to lean in.

總之，我們對此感到非常興奮。這是我個人將繼續重點關注的領域。

Again, the team has had great growth here. We've got roughly 100 people in our development shop working on this. The team has just been doing really well. I'm very pleased.

再次強調，團隊在這裡取得了巨大的進步。我們開發部門大約有 100 人參與這個計畫。這支隊伍最近表現非常出色。我非常高興。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Congrats on a really nice quarter.

恭喜你本季業績出色。

Maybe if I can just dig in a little bit more on the budgeting question against -- maybe flip it the other way around. I understand that you're trying to be reasonable, relative to the fact that these budgets can't be controlled.

也許我可以更深入地研究預算問題——也許可以反過來思考這個問題。我理解你是在盡量保持理性，畢竟這些預算是無法控制的。

That being said, in terms of the budgeting process, are you hearing from the clients who you're engaged with about any changes they're thinking about making on allocation? I keep thinking back to every data point we seemingly see about a government that is very hostile towards direct-to-consumer advertising and what that could mean for your ability to further gain share (inaudible) in what you're already doing.

也就是說，就預算編制過程而言，您是否從與您接洽的客戶那裡了解到他們正在考慮對預算分配進行任何更改？我一直在思考我們似乎看到的每一個數據點，這些數據點都表明政府對直接面向消費者的廣告非常敵視，以及這可能對你進一步獲得市場份額（聽不清楚）的能力意味著什麼。

Can you just tell a little bit more about the strategic discussions you're having, given how engaged you are, relative to your clients, as they go through their budgeting cycle and figure out where to allocate their dollars?

鑑於您與客戶在預算週期中密切合作，幫助他們確定資金分配方案，您能否詳細介紹您正在進行的策略討論？

Mike, it's Perry.

麥克，我是佩里。

Just addressing the DTC piece, specifically, it's a little bit early in the process. I know the Trump admin has sent out a bunch of warning and cease-and-desist letters and some brands or making tweaks to their messaging or revisiting their strategy altogether.

具體來說，就 DTC 部分而言，現在還處於流程的早期階段。我知道川普政府已經發出了一系列警告信和停止侵權通知函，一些品牌正在調整他們的宣傳訊息，或完全重新審視他們的策略。

I think the tough thing for us, right now, is this time of year, DTC ad dollars are usually controlled by completely different ad agencies than those that control the HCP dollars. It's not always the case but I understand it's mostly the case.

我認為目前對我們來說最棘手的問題是，每年的這個時候，DTC 廣告資金通常由與 HCP 廣告資金完全不同的廣告公司控制。雖然並非總是如此，但我了解到大多數情況下都是如此。

That said, we can share that we've had conversations with a few of our largest agency partners about how we can court large DTC ad brands about possibly moving some money our way. But it's just too early to understand what the ultimate success will be of that.

也就是說，我們可以透露，我們已經與幾家最大的代理商合作夥伴進行了討論，探討如何爭取大型 DTC 廣告品牌將一些資金轉移到我們這裡。但現在判斷其最終能否成功還為時過早。

But I definitely think DTC is one of the many policy uncertainty points that is leading to, I think, a delay in locking in final total budgets for next year.

但我認為，DTC 絕對是導致明年最終預算總額決定延遲的眾多政策不確定因素之一。

Appreciate it.

謝謝。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

I want to stay on the budget flush topic. As we think about the guide for the fiscal third quarter, this calendar fourth quarter, and the budget flush expectations, can you talk about what you're seeing, so far? Are you seeing a slowdown in budget flush engagements? Is there something different this year versus last year?

我想繼續討論預算刪減的話題。當我們考慮第三財季、本日曆第四季以及預算充裕預期時，您能否談談您目前看到的情況？您是否注意到預算充足的項目數量有所減少？今年和去年有什麼不同嗎？

I know the direct-to-consumer is under some pressure but is that impacting or bleeding into the HCP market?

我知道直接面向消費者的市場面臨一些壓力，但這是否會影響或波及到醫療保健專業人員市場？

Yeah. Thanks for the question, Alan.

是的。謝謝你的提問，艾倫。

I just want to take a minute to explain how our transition to more integrated programs have actually helped our clients deploy more of their upsell dollars earlier in the year.

我只想花一分鐘解釋一下，我們向更一體化的專案過渡，實際上是如何幫助我們的客戶在今年早些時候更好地利用追加銷售資金的。

In prior years, when our clients started their annual programs in the spring and they didn't have the insights from the Client Portal, they took a lot more time with their upsell decisions. That's where we would see a large amount of incremental dollars deployed over the last two to three months of the calendar year, which you're referring to here as budget flush.

往年，當我們的客戶在春季開始年度計劃時，由於他們沒有客戶門戶網站提供的洞察信息，他們在追加銷售決策上花費的時間要多得多。這就是為什麼我們會看到在日曆年的最後兩到三個月投入大量額外資金，也就是你所說的預算充裕期。

But this year, with our earlier integrated program starts and our Client Portal insights, we've actually seen our customers have much more conviction in adding on to their programs sooner so we instead have seen their upsell dollars more evenly deployed over the last four to six months of the year.

但今年，由於我們更早啟動了整合計劃，並且透過客戶入口網站獲得了洞察，我們發現客戶更有信心儘早增加他們的計劃，因此我們看到他們的追加銷售資金在今年最後四到六個月中更加均勻地分配。

That's what led to a much stronger than typical Q2 but it also makes Q3 a more challenging comparison since upsells that usually occurred later in the year, historically, were actually pulled forward and distributed more evenly across the back half of the calendar year.

這導致第二季業績遠超往年，但也使得第三季的業績比較更具挑戰性，因為以往通常在下半年發生的追加銷售實際上被提前，並更均勻地分佈在下半年。

Because of this transition that we're seeing in upsell timing, a better way to look at the health of our business for the upsell season is to focus on the back-half growth rate for calendar 2025, which is up about 14% year over year.

由於我們看到追加銷售時間發生了這種轉變，因此，要更好地了解我們追加銷售季的業務健康狀況，就應該關注 2025 年下半年的增長率，該增長率同比增長約 14%。

And then, just finally on that, I just want to add, like, this is a transition that we're really excited about. We believe that by helping lead this change in buying behavior on our platform, it will deliver more consistent value to our customers and better predictability for our business, long term.

最後，關於這一點，我只想補充一點，我們對此感到非常興奮。我們相信，透過引領我們平台上的購買行為變革，從長遠來看，這將為我們的客戶帶來更穩定的價值，並為我們的業務帶來更好的可預測性。

So the upsell cycle has been really strong for us. It's totally just a timing component, given our newer integrated programs.

因此，我們的追加銷售週期非常強勁。鑑於我們最新的整合程序，這完全只是一個時間安排上的問題。

And then, one for Jeff, around the AI strategy, more broadly. Can you talk about where you are in the process of building adoption? How should we think about the timing of future revenue contribution from the AI strategy?

然後，還有一個問題要問傑夫，是關於人工智慧策略的更廣泛問題。能談談目前在推廣應用方面進展如何嗎？我們該如何看待人工智慧策略未來帶來收入貢獻的時間安排？

Yeah. The first thing I'll say about AI strategy, more broadly, is that we are using AI a lot in these integrated programs that Anna had mentioned. Now, we're able to just easily optimize the one line item for our clients in these integrated programs that we conduct.

是的。關於人工智慧策略，更廣泛地說，我想說的第一點是，我們在安娜提到的這些綜合項目中大量使用了人工智慧。現在，在我們開展的這些綜合專案中，我們能夠輕鬆地為客戶優化單一專案。

40% of our sales, as Anna said in her prepared remarks, were integrated programs.-- these AI -optimized programs -- versus 5% just a year ago. So I could argue that the biggest financial impact on our business to date has been the ability to optimize on behalf of our clients and have this smoother, more consistent revenue flow for us but also better ROI results for our clients.

正如安娜在事先準備好的發言稿中所說，我們40%的銷售額來自整合行銷項目——這些經過人工智慧優化的項目——而一年前這一比例僅為5%。因此，我可以說，迄今為止對我們業務影響最大的財務因素是能夠代表我們的客戶進行最佳化，從而為我們帶來更平穩、更穩定的收入流，同時也為我們的客戶帶來更好的投資報酬率結果。

I will share that our portal, in terms of number of quarterly active client users, is up 3x year on year. So we're having more clients logging in every day, every week; checking on how their programs are doing; comparing against their script lift, as they call it, their sales results.

我要分享的是，就季度活躍客戶用戶數量而言，我們的入口網站年增了 3 倍。因此，我們每天、每週都有越來越多的客戶登入查看他們的專案進度，並與他們所謂的「腳本提升」（即銷售業績）進行比較。

The number of ROI studies we've been able to show them as a result is up over 10x what it was, pre-portal. That just allows them, again, to see the value of their investments with us on a monthly basis, as opposed to only looking at it once a year in September, which has also led to this, I think, shift in behavior throughout the year because instead of just seeing the ROI in September, I'm able to see it in June, July, and August, as well, which has been great for us.

因此，我們能夠向他們展示的投資回報率研究數量比門戶網站上線前增加了 10 倍以上。這樣一來，他們就可以按月查看他們在我們這裡的投資價值，而不是像以前那樣每年只在九月查看一次。我認為這也導致了他們全年行為的轉變，因為我不僅能在九月看到投資回報率，還能在六月、七月和八月看到，這對我們來說非常有利。

All right. To the end question about integrating our overall workflow suite, as we shared, we're up over 300,000 voice and video calls a day. That is the -- our telehealth platform. That's up from 200,000, last we had announced it.

好的。關於整合我們整體工作流程套件的最後一個問題，正如我們分享的那樣，我們每天的語音和視訊通話量超過 30 萬次。這就是我們的遠距醫療平台。這比我們上次公佈的 20 萬有所增加。

So we're just seeing continued growth in our telehealth. I will say that is the most natural place for AI integration because as a doctor doing one of those calls, I do want to use AI Scribe to help me take notes on it. It's just literally one tap on the screen to go ahead and start taking notes. And then, of course, those notes lead to questions about writing the assessment and plan, which we're able to help with DoxGPT.

所以我們看到遠距醫療業務持續成長。我認為這是人工智慧整合最自然的地方，因為作為一名接聽電話的醫生，我確實想使用人工智慧記錄員來幫助我做筆記。只需輕點螢幕一次即可開始記筆記。當然，這些筆記會引出關於撰寫評估和計劃的問題，而我們可以透過 DoxGPT 來提供幫助。

And so we're just in the early innings of that. I think we're proud that we've acquired Pathway. We've integrated and launched that but we're now just at the start line, really, in terms of marking that out to our user base. There's a lot of places in our platform where we see AI fully integrating.

所以，我們現在還處於起步階段。我認為我們為收購 Pathway 而感到自豪。我們已經整合並推出了這項功能，但就向用戶群推廣而言，我們現在才真正處於起跑線。在我們的平台中，人工智慧已經全面融入許多方面。

Ryan Daniels, William Blair.

瑞安·丹尼爾斯，威廉·布萊爾。

Congrats on the quarter.

恭喜你本季取得佳績。

One, I wanted to ask, Anna, you mentioned, I think, the small/medium business was up about 100% year over year. I'm curious how you guys are targeting the agency partners to effectively bring them onto the portal and get those smaller clients because it seems like a nice growth driver.

安娜，我想問一下，你好像有提到過，中小企業年增了約 100%。我很好奇你們是如何有效地吸引代理商合作夥伴加入平台並獲得小型客戶的，因為這似乎是一個很好的成長動力。

Ryan, it's Perry.

瑞恩，我是佩里。

Yeah. The agency partnership program is still going really well. We're up over a dozen partners. They're, I think, a big part of why SMB growth was up over 100%. We had (inaudible) similar to that last quarter.

是的。代理商合作計畫目前進展非常順利。我們現在有十幾個合作夥伴。我認為，它們是中小企業成長率超過 100% 的重要原因之一。上個季度我們也遇到了類似的情況（聽不清楚）。

They are definitely bringing us to new clients. They're up leveling, I think, the business we have with some existing smaller clients. So they've been great.

他們確實為我們帶來了新客戶。我認為，他們正在提升我們與一些現有小客戶的業務水準。他們一直都很棒。

We're now, I think, nearing something like high -- we're nearing high seven figures in business they brought our way. I think where -- we just annualized the launch of this program. And so we're hoping to continue to scale this.

我認為，我們現在的業務量已經接近七位數了。我認為——我們只是將這個專案的啟動時間定為年度計劃。因此，我們希望繼續擴大規模。

Yeah. I think one of the big things that the smaller customers in pharma have found is that with lesser budgets, we basically are able to provide probably tens of thousands of dollars of free value through some of the ROI data from this [audience-creation] capabilities.

是的。我認為製藥業的小客戶發現的一大好處是，在預算有限的情況下，我們基本上能夠透過這種[受眾創建]功能的投資回報率數據，提供價值數萬美元的免費價值。

And so there's almost, in certain cases, more value for them than maybe the average large customer that maybe has the funding to get to do some of that stuff on their own, even though we argue what we have is much better than the internal gains on some of that.

因此，在某些情況下，他們的價值可能比一般的大客戶更大，因為大客戶可能有資金自己去做一些事情，儘管我們認為我們擁有的東西比他們自己從中獲得的收益要好得多。

So, yeah, the SMB growth coming from the agency partners has been tremendous. We're excited about where that program can go.

是的，來自代理商合作夥伴的中小企業成長非常顯著。我們對這個計畫的未來發展充滿期待。

Okay. Perfect. And then, Anna, a follow-up for you, really quickly. I just want to make sure I fully understand this. You said the integrated offerings, the multimodal ,offerings were 40% of bookings this quarter versus only 5% last year.

好的。完美的。然後，安娜，還有一個後續問題要快速問你。我只是想確保我完全理解了這一點。您提到，本季綜合產品、多式聯運產品佔預訂量的 40%，去年同期僅為 5%。

And then, I think you said most of those don't start until 2026. Is that calendar year? It must be calendar year because you're in your fiscal year. Wouldn't that effectively increase your visibility? I know you mentioned some uncertainty in the market heading into 2026 but it seems like you're actually having better visibility, given that metric. So I'd love to hear any color on that.

然後，我想你說過，其中大部分要到 2026 年才會開始。那是日曆年嗎？必須是日曆年，因為你正處於財政年度。那豈不是能有效提高你的知名度嗎？我知道你提到2026年市場存在一些不確定性，但根據該指標來看，你似乎實際上對市場前景有了更清晰的了解。所以我很想聽聽大家的看法。

Brian, thanks for the question.

布萊恩，謝謝你的提問。

Just to clarify: When I said that our integrated offerings represented 40% of our bookings, I was referring to our upsell sales in Q2. So those dollars are impacting revenue in Q2 and Q3. It's not actually yet impacting revenue for calendar 2026.

澄清一下：當我說我們的整合產品占我們預訂量的 40% 時，我指的是我們第二季的追加銷售。因此，這些資金會對第二季和第三季的營收產生影響。目前來看，這尚未對 2026 年的收入產生影響。

Now, I will add, though, we do believe our integrated will continue to lead our sales. So when it comes to the upfront, we theoretically believe integrated will represent a very similar portion of our upfront cycle, which does give us better visibility.

不過，我還要補充一點，我們相信我們的整合產品將繼續引領我們的銷售。因此，就預付款而言，我們理論上認為整合行銷將在我們預付款週期中佔據非常相似的比例，這確實能讓我們更了解情況。

One of the things we're the most excited about with these programs is they typically start in January. They're often 12 months. They're just one line item. So it's really easy for our customers to add on to them throughout the upsell season.

這些項目最讓我們興奮的一點是，它們通常在1月開始。它們通常是 12 個月大。它們只是其中一項。因此，我們的客戶在整個追加銷售季期間都很容易添加這些產品。

So all of those reasons, we believe these programs are better for our business and absolutely better for our clients because it will deliver more consistent returns over a longer period of time.

綜上所述，我們相信這些方案對我們的業務更有利，對我們的客戶也絕對更有利，因為它們能在更長的時間內帶來更穩定的回報。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Congrats on the quarter. Maybe, following up on the multimodal question. Is there a tipping point that clients say, oh, the multimodal is right for me, that pushes, that gets them over that hump?

恭喜你本季取得佳績。或許可以接著討論多模態問題。是否存在一個轉折點，讓客戶意識到“哦，多模態教學法很適合我”，從而推動他們克服難關？

And then, two, like, do you think that can go over the longer term? Like, could that put 100% of your customers beyond that or [50] or [80] -- obviously, more than 50 but, like, you what I'm saying. Like, where do you see that going over the next couple of years?

其次，第二個問題是，你認為這種情況能長期持續下去嗎？例如，這能否讓你的客戶 100% 超過 50 或 80——顯然超過 50，但是，你知道我的意思。你覺得未來幾年它會如何發展？

Elizabeth, this is Jeff. I'll take that.

伊莉莎白，這位是傑夫。我接受。

In short, we think it could grow to be the majority, the vast majority, of our business. If you look at Google [PMax] and what they're doing, this AI optimization really works.

簡而言之，我們認為它可能會發展成為我們業務的大部分，甚至是絕大部分。如果你看看谷歌[PMax]以及他們正在做的事情，你會發現這種人工智慧優化確實有效。

The results that we're seeing in the return on investment that we're able to show our clients each month are meaningful.

我們每個月都能向客戶展示投資報酬率，而這些結果意義重大。

The great news is they don't have to log in every day and make all sorts of little tweaks. The AI is doing that for them and able to do it at just a much more individual level that that no human honestly could do on their own.

好消息是，他們不必每天登入並進行各種小的調整。人工智慧正在為他們做這件事，而且能夠以比任何人類自己更個性化的方式去做。

So we're excited. We think this integrated program or AI-optimized programs will become the vast majority of our business, as you've seen happen in consumer Internet, as well.

我們很興奮。我們認為，這種整合程式或人工智慧優化程式將成為我們業務的絕大部分，正如您在消費互聯網領域所看到的那樣。

Got it. Maybe just as a quick follow-up: How do you think about some of the engagement tools on the AI side and the ability to sell them more on, like, an enterprise level to the hospital system, like you've done on Dialer and some of that?

知道了。或許可以快速追問一下：您如何看待人工智慧方面的一些互動工具，以及能否像您在 Dialer 等產品上所做的那樣，將它們更多地推廣到醫院系統等企業級客戶？

I assume we're early in that evolution but could you talk a little bit more about that and your early planning there?

我猜我們目前還處於這一發展的早期階段，但您能否再詳細談談這方面以及您早期的規劃？

Yeah. Thanks, Elizabeth. I'll take that. Jeff here.

是的。謝謝你，伊麗莎白。我接受。我是傑夫。

Yeah. As you know, we work with over 300 health systems on our scheduling and telehealth tools. They represent 45% of all US physicians. Our programs with them are for all of their physicians at every hospital.

是的。如您所知，我們的排班和遠距醫療工具與 300 多個醫療系統合作。他們占美國醫生總數的45%。我們與他們合作的計畫是針對他們旗下所有醫院的所有醫生。

Again, this includes all the top names in medicine. Yeah, a bunch of them have already signed on to our AI suite. We're going through that renewal cycle here this quarter. We expect to have more to speak about this in terms of numbers, I think, in a quarter or two.

這其中也包括醫學界的所有頂尖人物。是的，他們當中很多已經簽約使用我們的人工智慧套件了。我們這季正處於更新換代週期。我認為，我們預計在一兩個季度內，會有更多關於這方面的數據可以討論。

But the short answer is they really like our AI tool set. Again, we're a trusted partner with theirs for many years now. We have shown them that we know how to handle HIPAA security, their data well, and how to be there managing their privacy and their users.

但簡而言之，他們非常喜歡我們的人工智慧工具集。再次強調，我們與他們保持著多年的可靠合作關係。我們已經向他們證明，我們知道如何處理 HIPAA 安全問題，妥善處理他們的數據，以及如何管理他們的隱私和使用者。

So more on this front as we move ahead but I will say we do already have top 20 health systems hospitals who purchased our AI suite. That's something that they wouldn't do, if they weren't comfortable with our handling of what they call PHI, their protected health information, as they ask these questions and record these visits.

未來我們會在這方面做更多研究，但我可以透露的是，目前已有排名前 20 的醫療系統醫院購買了我們的人工智慧套件。如果他們不放心我們處理他們所謂的 PHI（受保護的健康資訊），他們就不會這樣做，因為他們會詢問這些問題並記錄這些就診情況。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Congrats on a great quarter. Just curious if the TrumpRx and most favored nation pricing topics are starting to come up in conversations with your pharma customers.

恭喜你本季表現出色。我只是好奇，在與你們的製藥客戶交談時，是否開始出現關於川普處方藥和最惠國待遇定價的話題。

On one end, we look at it as, obviously, pricing comes down, maybe that pressures margins but it also greatly expands access to more potential customers and consumers over time. So curious if that's having any impact in the conversations around budgets, as you're heading into next year?

一方面，我們認為，價格下降顯然會對利潤率造成壓力，但隨著時間的推移，它也會大大擴大潛在客戶和消費者的接觸範圍。我很想知道，隨著明年的臨近，這是否會對預算的討論產生任何影響？

Yeah. Ryan, it's Perry. I'm happy to take this one.

是的。瑞恩，我是佩里。我很樂意接受這個任務。

Right now, this is -- it's really new. The details are limited. It just hit the news today.

目前，這確實是全新的。細節有限。今天剛上了新聞。

I think, on the surface, it appears to be definitely a net-positive for our industry and our business. You have access to these GLP-1s that are extended to Medicare and Medicaid patients funded by the government.

我認為，從表面上看，這對我們的行業和業務來說絕對是一件利好事。您可以獲得這些 GLP-1 藥物，這些藥物已提供給由政府資助的 Medicare 和 Medicaid 患者。

I think, taking a step back, it's great for healthcare, in general, cutting out more of the middlemen and all the markups. It's a hard win for healthcare.

我認為，從整體上看，這對醫療保健行業來說是件好事，因為它可以減少中間環節和所有加價。這對醫療保健產業來說是一場來之不易的勝利。

There's some downstream positive impacts for American patients to the extent that it helps reduce the downstream health disorders associated with obesity. But in terms of how it's going to affect upfronts right now, it's just really, really recent so not much we can comment on right there.

對於美國患者來說，肥胖會帶來一些正面的後續影響，因為它有助於減少與肥胖相關的後續健康問題。但就目前而言，它將如何影響預售會，因為這件事發生的時間真的非常非常近，所以我們現在還不能對此發表太多評論。

Okay. And then, maybe just as a follow-up: As you're getting into upfront season, it's great to see the continued growth in users on your workflow tools. I'm just curious what magnitude of impact you've seen from, specifically, Pathway as it's been integrated in? How leverageable is that in your view, as you go into those discussions on upfront, ahead of next year?

好的。然後，或許可以補充一點：隨著預售季的到來，很高興看到你們的工作流程工具使用者數量持續成長。我只是好奇，您認為 Pathway 整合到現有系統後產生了多大的影響？您認為，在明年之前進行這些前期討論時，這種做法的可利用性有多大？

This is Jeff. I'll take that.

這是傑夫。我接受。

Pathway. We are not trying to actively sell or monetize in the marketplace yet. I think that's the benefit that we have, with $91 million in operating cash flow this quarter, that we can afford to invest for the longer term and make sure we focus on the physician experience here, first. So nothing really meaningful to report on that front, yet.

路徑。我們目前還沒有嘗試在市場上積極銷售或獲利。我認為這是我們的優勢所在：本季度我們擁有 9,100 萬美元的營運現金流，這使我們能夠進行長期投資，並確保我們首先關注醫生的體驗。所以目前這方面還沒有真正有意義的消息要報告。

But I can tell you there is a lot of client interest. I will say I'm surprised that how a lot of [VC] cash can create buzz for banner ads again, even though our clients, of course, know that banner ads generally don't work since doctors don't pay much attention to them and they're, frankly, somewhat bearish.

但我可以告訴你，客戶對此非常感興趣。我必須說，我很驚訝大量的[創投]資金竟然能再次為橫幅廣告製造熱度，儘管我們的客戶當然知道橫幅廣告通常不起作用，因為醫生不太關注它們，坦白說，他們對橫幅廣告有點悲觀。

But from our end, I will say the thing that we're most excited about with the Pathway acquisition is that integrated drug reference, which is a really key thing, I think, for physicians using AI. As we said in our remarks, we believe we're unique in the market in having this natural language way of asking drug-related questions that doesn't require any LLM that allows you to make sure you have peer-reviewed fact-checked answers because others out there do have issues with that.

但就我們而言，我想說，我們對 Pathway 收購案最興奮的是其整合的藥物參考資料，我認為這對於使用人工智慧的醫生來說是一個非常關鍵的東西。正如我們在發言中所說，我們相信我們在市場上獨樹一幟，因為我們擁有這種自然語言的方式來詢問與藥物相關的問題，而無需任何法學碩士學位，這可以確保您獲得經過同行評審和事實核查的答案，因為其他公司在這方面確實存在問題。

Anyone who tells you they don't have any hallucinations, well, they're hallucinating themselves. The reality is that it's just not how LLM work. From our end, we're really proud to be able to use the Pathway acquisition to provide accurate, fast answers to drug questions, which are the most frequent questions that doctors have.

任何告訴你他們沒有幻覺的人，其實是他們自己產生了幻覺。現實情況是，法學碩士（LLM）的運作方式並非如此。我們非常自豪能夠利用 Pathway 的收購，為醫生們最常遇到的藥物問題提供準確、快速的答案。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

Congrats.

恭喜。

One of the questions I had, you just have answered but I'll I really just got a multipronged question.

我剛才已經回答了我其中一個問題，但我其實還有一個多面向的問題。

First, just on the Doximity litigation with OpenEvidence. My sense is you're probably not too worried about it. Otherwise, it would not have really made sense to acquire Pathway since they were also being sued at the same time, with your deal back in August.

首先，我們先來談談 Doximity 與 OpenEvidence 之間的訴訟。我的感覺是，你可能不太擔心這件事。否則，收購 Pathway 就沒有意義了，因為他們當時也面臨訴訟，就像你們在 8 月達成的交易一樣。

Really, my question is, first of all, did this ongoing litigation have any impact on your purchase price of Pathway, which still seems like a very attractive price, from the Doximity perspective?

首先，我的問題是，這場持續的訴訟是否對您收購 Pathway 的價格產生了任何影響？從 Doximity 的角度來看，這個價格仍然非常有吸引力。

And then, also, with OpenEvidence, this is the point you have answered but they -- on their own press releases, they talk the -- they're lock on the historical medical information and content from New England Journal of Medicine and from JAMA. I'm wondering if that's a competitive disadvantage for your offering? Or is that something you think you may be able to circumnavigate in some way?

此外，關於 OpenEvidence，這一點你已經回答過了，但他們——在他們自己的新聞稿中，他們談到——他們壟斷了來自《新英格蘭醫學雜誌》和《美國醫學會雜誌》的歷史醫學資訊和內容。我想知道這是否會成為你們產品的競爭劣勢？還是你認為你可以想辦法繞過這個問題？

Yeah. Thanks for the question, Steven.

是的。謝謝你的提問，史蒂文。

We're not going to necessarily comment on ongoing litigation. But what I will say from the Pathway acquisition perspective is we did a ton of benchmarking and we feel as though we got a very reasonable valuation there.

我們可能不會對正在進行的訴訟發表評論。但從 Pathway 收購的角度來看，我們做了大量的基準測試，我們認為我們得到了一個非常合理的估值。

We pay for the best people in the industry. It's a six-person team. They have built a corpus of medical knowledge that was second to none. And so we're really happy with the way the acquisition has nicely folded in with Doximity, as well.

我們聘請業內最優秀的人才。這是一個六人團隊。他們建立了一套舉世無雙的醫學知識體系。因此，我們也對此次收購與 Doximity 的順利融合感到非常滿意。

The speed to be able to integrate Pathway into DoxGPT and have it up and running, working for physicians, and having all of these medical journals and licensing has been a game changer for us. So we're super excited by the acquisition of pathway. We think it's propelled us forward in the AI space.

能夠如此迅速地將 Pathway 整合到 DoxGPT 中，並使其投入運行，為醫生服務，並擁有所有這些醫學期刊和許可，這對我們來說是一次顛覆性的變革。所以我們對收購 Pathway 感到非常興奮。我們認為這推動了我們在人工智慧領域的發展。

Yeah. This is Jeff. I'll just chime in.

是的。這是傑夫。我來插一句。

Doctors want to be able to access all of the journals, right, not just two or three of them. So we're excited about our Research Solutions partnership and the ability to give doctors exactly that: all the top generals, full PDF access -- again, over 2,000.

醫生們希望能夠查閱所有期刊，對吧，而不僅僅是兩三種。因此，我們對與 Research Solutions 的合作感到非常興奮，並能夠為醫生提供所有頂級的綜合資料，完整的 PDF 訪問權限——同樣，超過 2,000 份。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

With AI evolving at such a fast pace, it's great to see that quick integration of Pathway, Jeff, how are you thinking about, just, organic investment here, as well as other tuck-ins, as you continue to expand capabilities on the platform?

人工智慧發展如此迅速，很高興看到 Pathway 的快速整合。 Jeff，隨著平台功能的不斷擴展，您如何考慮這方面的自然成長以及其他方面的投入？

Short answer is we'll continue to look at both. Again, I'm proud of our team here and what we've built. But, of course, we're happy with the Pathway acquisition, as well. So we'll continue to keep eyes open for both.

簡而言之，我們會繼續關注這兩方面。我再次為我們團隊以及我們所取得的成就感到自豪。當然，我們也對收購 Pathway 感到高興。所以我們會繼續密切關注這兩件事。

In the end, our goal is to deliver the best end product for physicians, which I think our 50% growth in quarterly active users in AI is showing we're doing well.

最終，我們的目標是為醫生提供最好的最終產品，我認為我們在人工智慧領域季度活躍用戶成長 50% 表明我們在這方面做得很好。

Got it. And then, just switching gears on the video module front. How are you thinking about additional video content and just the runway for growth that you're seeing for those products?

知道了。然後，我們換個話題，談談視訊模組方面。您如何看待額外的影片內容以及您所看到的這些產品的成長潛力？

That's a part of the AI question because, of course, the ability to create AI short-form videos is something we hope will be a real unlock for our clients because we do have a lot of video inventory in our Newsfeed and in our telehealth workflow services. We do see that it does perform very well.

這當然也是人工智慧問題的一部分，因為我們希望人工智慧短影片的創建能力能夠真正為我們的客戶帶來突破，因為我們在新聞推送和遠距醫療工作流程服務中確實擁有大量的視訊資源。我們看到它的表現確實非常出色。

All else equal, the ability to show molecular diagram, a chart, it really is a faster, easier way to learn. So we're excited to get more video content on our platform. It's continued to perform very well for us.

在其他條件相同的情況下，能夠展示分子結構圖或圖表，確實是一種更快、更容易的學習方式。所以我們很高興能在我們的平台上獲得更多影片內容。它一直以來都表現得非常好。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

This is actually [Derek] (inaudible), on for Jeff Tassan.

實際上，我是德瑞克（聽不清楚），替傑夫塔桑主持節目。

Could you tell us what your market share is in clinical reference? Would you characterize DocGPT as focused on any particular specialty or type of medicine? For example, focus on drug interaction, physical medicine, or oncology? Or is it more broad-based?

請問貴公司在臨床參考領域的市佔率是多少？您認為 DocGPT 專注於哪一特定專科或哪一類醫學？例如，重點研究藥物交互作用、物理治療還是腫瘤學？或者它的基礎更廣泛？

And then, what are the input sources that Pathway can ingest? Does it have the ability to review patient-specific records or cases?

那麼，Pathway 可以接收哪些輸入來源呢？它是否具備查閱患者特定記錄或病例的功能？

Yeah. This is Jeff, I'll take that.

是的。這是傑夫，我收下。

We don't know our market share in clinical reference. I'm not certain anyone really does.

我們不清楚我們在臨床參考領域的市場份額。我不確定是否有人真的會這麼做。

I can tell you the leader, by far, is a publisher that's been in the market for over 25 years. We have a lot of respect for that player. Candidly, I think we are taking appropriate cautions, again, to make sure that we have active answers as we come here.

我可以告訴你，目前為止，行業領頭羊是一家在市場上經營超過 25 年的出版商。我們非常尊重那位球員。坦白說，我認為我們正在採取適當的預防措施，以確保我們能夠積極應對來到這裡的問題。

Again, we're very proud that our integrated drug reference gives fully accurate, peer-reviewed, physician-reviewed answers to, really, the most important questions in medicine.

再次強調，我們非常自豪的是，我們的綜合藥物參考資料能夠對醫學領域最重要的問題提供完全準確、經過同行評審和醫生評審的答案。

Of course, this does harken back to my Epocrates background, which was a company I founded back in my dorm room and 2000 and worked at for 10 years. I can tell you the clinical reference base is an important space for us but it's one we're fairly new in. But we're excited to lean into it.

當然，這確實讓我想起了我的 Epocrates 經歷，那是我在 2000 年在宿舍裡創立的公司，我在那裡工作了 10 年。我可以告訴你，臨床參考資料庫對我們來說是一個重要的領域，但我們在這個領域還比較新。但我們很樂意深入探索。

As I said in response to one of our earlier questions, our plan is to win this one and lean in all the way. We're excited about what AI really enables doctors to do, which it didn't do before, which is the ability to just pull up their phone where they already have our app and ask national language questions and get peer-reviewed answers.

正如我在回答我們之前的一個問題時所說，我們的計劃是贏得這場比賽，全力以赴。我們對人工智慧真正賦予醫生的能力感到興奮，這是人工智慧以前無法做到的，那就是醫生只需拿出手機，打開他們已經安裝了我們應用程式的設備，用本國語言提問，就能獲得同行評審的答案。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

As I think of your current suite of tools that you offer to physicians, how much runway left do you think is there in terms of monetizing that physician attention?

考慮到您目前為醫生提供的一系列工具，您認為在利用醫生的注意力進行盈利方面還有多少空間？

Or maybe asked differently: Is the battle now just still winning contracts? Or is it to fill up that space and farm ads? How should we be thinking about (inaudible), like, anywhere in here.

或者換個問法：現在的競爭是不是只剩下贏得合約了？還是為了填滿廣告位，投放廣告？我們該如何思考（聽不清楚），例如，這裡任何地方。

Yeah. This is Jeff. I'll take that.

是的。這是傑夫。我接受。

First, I'll say that we're pacing ahead of last year in terms of our new contract activity in the month of October. So we continue to see good growth in the business.

首先，我要說的是，就我們10月份的新合約活動而言，我們的進度已經超過了去年同期。因此，我們看到業務持續保持良好成長勢頭。

At the end of the day, as we said in our S-1s a few years back, it all comes back to what is the return on investment for our clients? As I said a moment ago, we're excited that we were able to show over 10 times as many ROI studies for our clients. Let's just say that they're getting many times their money back in what they invest with us.

歸根結底，正如我們幾年前在 S-1 文件中所說，一切都取決於我們客戶的投資回報率是多少？正如我剛才所說，我們很高興能夠為客戶展示超過 10 倍的投資報酬率研究報告。簡單來說，他們在我們這裡投資可以獲得數倍的回報。

The good news for us is we don't need to go get that many brand-new clients to continue to grow with an NRR of 118%, right? Obviously, our clients are still coming, spending more with us, right? Our same-store sales are up 18% year on year.

對我們來說，好消息是我們不需要去爭取那麼多新客戶就能繼續維持 118% 的淨經常性收入成長，對吧？顯然，我們的客戶依然絡繹不絕，而且在我們這裡消費更多，對吧？我們的同店銷售額較去年同期成長了18%。

Again, with the ROIs that we're showing our clients, we still believe we're in the early innings here.

再次強調，根據我們向客戶展示的投資報酬率，我們仍然認為我們才剛起步。

Stan Berenshteyn, Wells Fargo Securities.

史丹貝倫斯坦，富國證券。

You called out increasing investment in the back half of the year. How should we think about R&D expenses beyond this year? Do you expect a more meaningful acceleration, as you're working on these AI tools?

您提到下半年將增加投資。我們該如何考慮今年以後的研發支出？您在開發這些人工智慧工具的過程中，是否預期會出現更顯著的加速發展？

Yeah Thanks for the questions, Stan.

謝謝你的提問，史丹。

I'll say it's too soon to give longer-term guidance on expenses and investments. Like, right now, we're still learning how much investment we'll need to build and power our solutions. But, at the same time, we're also learning how much savings we'll have, as a company, associated with our own internal AI initiatives.

我認為現在就對支出和投資做出長期預測還為時過早。例如現在，我們仍在了解我們需要多少投資來建立和支持我們的解決方案。但同時，我們也了解到，作為一家公司，我們自身的內部人工智慧計畫將為我們節省多少成本。

The other comment I'll make on the back-half investments: The ramp we're seeing today pertains to be in the launch phase for lot of these AI products. We're spending on getting the solutions built and powered and marketed. And so I'd imagine the spend curve here plateaus as real efficiencies kick in over time.

關於下半年的投資，我還有一點要補充：我們今天看到的成長勢頭，實際上很多人工智慧產品都處於發布階段。我們正在投入資金來建立、運作和推廣這些解決方案。因此，我認為隨著實際效率的逐步提高，這裡的支出曲線會趨於平穩。

I would not necessarily look at the expense growth that we've seen in the back half of the year and carry that forward. I think, like many other parts of our business, like when we first launched telehealth, we do see an expense boost at first. And then, over time, that will plateau and we'll continue to have savings on the AI side. So

我並不一定會把下半年出現的支出成長率延續到下半年。我認為，就像我們業務的許多其他部分一樣，例如我們最初推出遠距醫療時，我們確實會看到初期支出增加。然後，隨著時間的推移，這種情況會趨於穩定，我們在人工智慧方面將繼續節省成本。所以

when it comes to margins, there's no reason for us to believe, even with these investments, margins will look materially different from where they are today at over 55% for the year.

就利潤率而言，即使進行了這些投資，我們也沒有理由相信利潤率會與目前超過 55% 的水平有實質性的不同。

Got it. Helpful. And then, one quick one, on the modules that represented 40% of bookings. Can you just remind us specifically what these modules are?

知道了。很有幫助。然後，快速問一個問題，關於佔預訂量 40% 的模組。您能具體提醒一下這些模組是什麼嗎？

This is Jeff.

這是傑夫。

It's really not the modules that are 40% of bookings. It's the integrated programs, which are the AI-optimized programs, which allows us to go and optimize which modules are used for each client, for each product so being able to seamlessly transition between a news article and a video card or in our scheduling channel versus our telehealth channel versus our Newsfeed channel.

真正佔預訂量 40% 的並不是模組課程。正是這些整合程序，也就是經過人工智慧優化的程序，使我們能夠針對每個客戶、每個產品優化所使用的模組，從而能夠在新聞文章和視訊卡片之間，或者在我們的日程安排頻道、遠距醫療頻道和新聞推送頻道之間無縫切換。

Again, being able to optimize that on our end, it's like Google PMax, if you've heard of that. It's the ability to have our clients have do less of that shifting and optimization themselves. We're able to orchestrate it for them.

再次強調，我們能夠從自身角度進行最佳化，這就像 Google PMax 一樣，如果你聽過的話。這使得我們的客戶能夠減少自行進行此類調整和優化工作。我們可以為他們安排好一切。

Again, we've seen that we're able to deliver really strong results by having that greater level of trust and control from our clients.

我們再次看到，透過獲得客戶更高的信任度和控制權，我們能夠取得非常顯著的成果。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

Congrats on the quarter. I apologize if this was already asked.

恭喜你本季取得佳績。如果這個問題之前已經有人問過了，我深感抱歉。

But it seems like you took more market share this quarter than the industry. Typically, you say you can take double the market share but it seems you outperform that stat. Is that true? What was driving that? Was it more on the self-service portal you see outsized growth?

但看起來你本季獲得的市場份額比行業平均水平要高。通常情況下，你會說你可以獲得兩倍的市場份額，但你的實際表現似乎超過了這個統計數據。是真的嗎？是什麼原因導致這種情況發生？您是否發現自助服務入口網站的成長更為顯著？

And then, in the context of your back-half guidance, how are you contemplating the market share dynamics versus the industry?

那麼，結合您對下半年業績的預測，您是如何看待市場佔有率動態與產業整體狀況的呢？

Yeah. Thanks for the question, Scott.

是的。謝謝你的提問，斯科特。

When it comes to our business, because our clients think about their budgets from an annual perspective, the best way to think about the health of our business is on an annual basis. So if we look at calendar year 2025 growth rate, we grew about 15%, which is a little over 2 times the market growth rate.

就我們的業務而言，由於我們的客戶都是從年度角度考慮預算，因此衡量我們業務健康狀況的最佳方式也是以年度為單位。因此，如果我們看一下 2025 年的成長率，我們成長了約 15%，是市場成長率的 2 倍多一點。

Our best estimate to start the year was that the market would grow about 5% to 7%. We think things have been marginally better so maybe closer to that 7%. So we have continued to grow at 2 times the market growth rate for the year.

年初我們的最佳預測是，市場將成長約 5% 至 7%。我們認為情況略有好轉，可能更接近 7%。因此，我們今年的成長速度仍然是市場成長速度的兩倍。

I wouldn't take any one quarter and make an assumption based on that quarter, especially as we're seeing this transition towards more integrated programs, which have smoothed out our upsell cycle quite a bit.

我不會僅憑一個季度的數據就做出假設，尤其是在我們看到這種向更一體化的項目過渡的情況下，這在很大程度上平滑了我們的追加銷售週期。

As we look out to next year, we have no reason to believe that market growth rate isn't somewhat similar. But one of the great things over the last two years is we've seen a lot of stability in our customers' budget growth.

展望明年，我們沒有理由相信市場成長率不會與今年大致相同。但過去兩年來最令人欣喜的事情之一是，我們看到客戶的預算成長保持了相當高的穩定性。

Like, it comes in within a range and there are certainly puts-and takes-on that range. As we've talked about, there's certainly potential tailwinds and some potential headwinds. But we feel great about our competitive position.

例如，它處於一個範圍內，而且在這個範圍內肯定有買入和賣出的機會。正如我們之前討論過的，肯定會有一些潛在的順風，也會有一些潛在的逆風。但我們對自身的競爭地位感到非常滿意。

As Jeff mentioned, we're already pacing ahead of last year's upfront. So we believe that we can continue to grow at that 2 times market rate, as we've shown over the last five to seven years or so.

正如傑夫所提到的，我們目前的進度已經超過了去年同期。因此，我們相信我們可以繼續以兩倍於市場平均的速度成長，正如我們在過去五到七年左右的時間裡所展現的那樣。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

You answered in a prior question on the diversification of growth drivers on AI within in the provider space. But could you maybe go into a little bit more detail about the contribution that health systems are having to the growth rate and how you see that opportunity unfolding on a go-forward basis?

您在先前的問題中回答了關於服務提供者領域人工智慧成長驅動因素多元化的問題。您能否更詳細地談談醫療體系對經濟成長率的貢獻，以及您如何看待這項機會在未來的發展？

Yeah. Thanks for the question, David.

是的。謝謝你的提問，大衛。

And so while our Pharma business does continue to lead our growth, we've definitely seen some strength in our Health Systems business, particularly in two areas. One being our enterprise offering and the other being our recruiting solution.

因此，雖然我們的製藥業務繼續引領我們的成長，但我們的醫療系統業務也確實展現出了一些實力，尤其是在兩個領域。一個是我們的企業級產品，另一個是我們的招募解決方案。

So our Enterprise business is actually one of our fastest-growing businesses at Doximity. We're seeing a lot of really strong paid adoption of our on-call schedule (inaudible).

因此，我們的企業業務實際上是 Doximity 成長最快的業務之一。我們看到很多付費用戶都非常積極地採用我們的值班制度（聽不清楚）

As Jeff mentioned earlier, we have a whole another vector here to add on our AI tools, as well, and package that with our onco scheduling and our telehealth tools and sell them to enterprises.

正如 Jeff 之前提到的，我們在這裡還有另一個方向，那就是將我們的 AI 工具添加到我們的系統中，並將其與我們的腫瘤治療排班和遠距醫療工具打包出售給企業。

So we believe we have a long room for growth there.

所以我們相信，我們在這個領域還有很大的發展空間。

On the Recruiting business, we've had a strong year, so far. You can see that in Other revenue broken out in our 10-Q, it's primarily curative. That's about 25% year over year in Q2. So we're also seeing strength on the recruiting side.

在招募業務方面，我們今年的業績非常強勁。您可以在我們的 10-Q 表格中列出的其他收入部分看到，這部分收入主要來自治療領域。這比上年同期（第二季）成長了約 25%。因此，我們在招募方面也看到了強勁勢頭。

(inaudible) heard that despite the budget challenges that these health systems are facing in this environment, they continue to come to Doximity. We think that health systems can absolutely be a long-term growth driver for us.

（聽不清楚）聽說，儘管這些醫療系統在這種環境下面臨預算挑戰，但他們仍然繼續選擇 Doximity。我們認為醫療衛生系統絕對可以成為我們長期成長的驅動力。

Maybe even thinking beyond health systems, I think we all appreciate why there's such a significant focus on the biopharma side. But as we're starting to see companies in the medical device industry, for example, starting to focus a lot more on direct-to-consumer advertising and bridging more into the PCP channel, to what extent does that become an incremental growth driver, as you look forward, that may help offset some of the volatility that may continue to occur on policy-related changes in pharma budgets?

即使拋開醫療系統不談，我想我們都能理解為什麼生物製藥領域會受到如此重視。但是，例如，我們開始看到醫療器材行業的公司開始更加重視直接面向消費者的廣告，並更多地與初級保健醫生管道建立聯繫。展望未來，這在多大程度上會成為一種增量成長動力，有助於抵消與藥品預算政策變化相關的持續波動？

David, it's Perry.

大衛，我是佩里。

Yeah. Medical devices is an interesting one. It's one where we've always had some focus. It's on a relative basis, a lot smaller than pharma and some of these health system opportunities.

是的。醫療器材是一個很有意思的領域。我們一直以來都比較關注這個領域。從相對意義上講，它比製藥業和一些醫療系統領域的機會要小得多。

But we do have a consistent presence there. That is a space that is hard to believe is probably even further behind in terms of adoption of digital and pharma.

但我們在那裡一直保持著穩定的存在。很難相信，在數位化和醫藥領域的應用方面，這個領域可能更加落後。

We have some significant clients there. We are focused on it, but I wouldn't say that it's the type of opportunity that, right now, is going to be a significant contributor to growth but definitely one that we're focused on and have a consistent presence in.

我們在那裡有一些重要的客戶。我們正專注於此，但我不會說這是目前能對成長做出重大貢獻的機會，但這絕對是我們關注並持續投入的機會之一。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

I appreciate you've been talking about the change in purchasing patterns for over a year. I think you've trained us to expect that budgets are more disciplined.

我很感激您一年多來一直在談論購買模式的變化。我認為你們已經讓我們習慣於期待預算更加嚴格。

I wanted to ask, as you saw that change, has it been over -- what we heard a lot about last year, has it been over multiple years? Is it uniform at this point across your 121 accounts above $500,000? Or are we seeing that there are some that are getting discipline versus flush this year and that weighs on Q4 but maybe helps next year?

我想問，正如您所看到的，這種變化是否已經結束了——我們去年經常聽到的那種變化，是否已經持續了好幾年？目前，您名下 121 個餘額超過 50 萬美元的帳戶狀況是否一致？或者我們看到，今年有些公司因為受到紀律約束而業績下滑，這會影響第四季的業績，但也許對明年有所幫助？

Yeah. Thanks for the question, Eric.

是的。謝謝你的提問，艾瑞克。

We have started selling these integrated programs at scale, I would say, last Q3 so our last annual upfront client season. We definitely saw a lot of traction.

我們從上個季度（也就是我們最後一個年度預售客戶季）開始大規模銷售這些整合方案。我們確實看到了很大的反響。

We've now seen continued traction. We started, at first, with more of our largest clients. So it's a great fit last upfront season for our top 20 clients because they're already buying a lot on Doximity and they're comfortable committing to longer on channel and more consistent on spend.

我們現在已經看到了持續的成長勢頭。起初，我們先從一些最大的客戶著手。因此，對於我們前 20 名的客戶來說，這是一個非常合適的上一季預售活動，因為他們已經在 Doximity 上購買了很多商品，並且他們樂於承諾在渠道上投入更長時間，並保持更穩定的支出。

Now, though, we are seeing more interest in mid-tier and SMB to get into these programs, which we think is a great indication that the health of our business is broad-based.

不過，現在我們看到越來越多的中型企業和中小企業對這些項目表現出興趣，我們認為這很好地表明了我們業務的健康發展是廣泛的。

As we mentioned on the prepared remarks, we had 100% growth in our SMB business. And so we're seeing a lot more customers lean into these integrated programs and be willing to commit to longer on channel and more, even, spending cadence because the optimization provides stronger returns.

正如我們在準備好的演講稿中所提到的，我們的中小企業業務實現了 100% 的成長。因此，我們看到越來越多的客戶傾向於這些整合計劃，並且願意投入更多的時間在通路上，甚至更頻繁地消費，因為優化可以帶來更強勁的回報。

The customers love that they're just buying one line item of Doximity and we're optimizing for them across the new seat and across workflow and maybe one day across AI. Our customers love that we're doing the work there and we're giving them stronger returns because of it.

客戶喜歡他們只需購買 Doximity 的產品，我們就能為他們優化新席位、工作流程，甚至有一天還能優化 AI 功能。我們的客戶非常滿意我們在那裡所做的工作，我們也因此為他們帶來了更高的回報。

So we definitely believe we're going to continue to see that traction there, even amongst the smaller customers.

因此我們堅信，即使在規模較小的客戶群中，我們也將繼續看到這種成長勢頭。

What follows is the portal side of things? Is there an acceleration from the portal that slows? Or are you still ramping on that benefit?

接下來是門戶網站方面的資訊？傳送門會產生加速作用，但這種加速作用會減緩傳送門的速度嗎？還是你還在逐步擴大這項福利的保障範圍？

Yeah, Eric, it's Perry.

是的，艾瑞克，我是佩里。

The portal is doing great. I think Jeff alluded to it earlier.

這個門戶網站運作良好。我認為傑夫之前已經暗示過這一點。

When you look at the number of brand and agency users and how that compares with last year, it's more than tripled. So not only do we have all the brands on or the vast majority of the brands on now but they're coming in more and more often and getting, I think, a lot of value out of the solution.

如果你看一下品牌和代理商用戶的數量，再看看與去年相比，你會發現數量增加了三倍多。所以，現在不僅所有品牌或絕大多數品牌都已入駐，而且他們進駐的頻率越來越高，我認為他們從這個解決方案中獲得了很大的價值。

So I think there's still room to go there. The portal continues to increase sales productivity, improved conversion rates, lead to faster upsells. It improves our ability to respond to pricing push faster.

所以我認為這方面還有發展空間。此入口網站持續提高銷售效率，提升轉換率，進而加快追加銷售。它提高了我們更快應對價格波動的能力。

All brands continue to benefit from seeing ROI much more often. Jeff alluded to that, as well.

所有品牌都能更頻繁地看到投資報酬率，從而持續從中受益。傑夫也暗示了這一點。

But when you're talking about more than 10x increase in the amount of these studies we're putting out so more and more brands seeing data points more and more often, that is a big influence, I think, on the proclivity to come back and give us more money and to get us that money back faster.

但是，當我們發布的這類研究數量增加了 10 倍以上，越來越多的品牌越來越頻繁地看到數據點時，我認為這會極大地影響他們再次向我們投入更多資金並更快地收回資金的意願。

So I think, even though we don't talk about the portal as much in the prepared remarks anymore, there's still a lot of work going on there. There's still a lot of opportunity.

所以我覺得，雖然我們在準備好的演講稿中不再像以前那樣多談及門戶網站，但那方面仍然有很多工作正在進行。機會依然很多。

So we're very happy with the progress we've made, to date.

所以，我們對迄今為止的進展非常滿意。

David Larsen, BTIG.

David Larsen，BTIG。

This is Jenny Shen, on for David. Congrats on the quarter.

這裡是Jenny Shen，代David發言。恭喜你本季取得佳績。

Was wondering if you could just speak more about your relationship and your technologies relationship with some of the large pharma CRMs like Veeva and Salesforce, IQVIA. Does the new portal and your solutions integrate into them? Do they complement each other? Or are you more competitors?

我想請您詳細談談您與一些大型製藥企業 CRM 系統（如 Veeva、Salesforce 和 IQVIA）之間的關係以及您的技術與這些企業的合作關係。新入口網站和你們的解決方案是否能與它們整合？它們是否互補？還是你們只是競爭對手？

This is Jeff. I'll take that.

這是傑夫。我接受。

I think it's complementary. We've worked with Veeva for years and have a good relationship with them and continue to work with them a lot. We don't work with Salesforce as much. Frankly, they just don't have many clients in this space.

我認為它們是互補的。我們與 Veeva 合作多年，關係良好，並將繼續與他們保持密切合作。我們不怎麼使用 Salesforce。坦白說，他們在這個領域的客戶並不多。

But yeah, we continue to work well with Veeva. And no, I think what we're doing is really completely different. We're, in our portal, able to show what happens on the digital marketing side. Of course, Veeva has historically focused more on in-person sales.

是的，我們與Veeva的合作一直很順利。不，我認為我們正在做的事情完全不同。透過我們的入口網站，我們可以展示數位行銷方面發生的事情。當然，Veeva歷來更注重線下銷售。

Increasingly, those are two separate groups as more and more doctors become what they call no-see physicians or don't-see reps.

隨著越來越多的醫生成為所謂的“不接診醫生”或“不接診代表”，這兩個群體正日益成為兩個獨立的群體。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

This is Jenny Cao, on for Jailendra.

這裡是Jenny Cao，為您報道Jailendra。

I just wanted to build on the competitive landscape conversation earlier. As we're seeing more players enter the HCP engagement space, not just OpenEvidence but others -- each with their own base of physicians and their way of engaging; at the same time, we know partnership with DTC from [PTC] to HCP could expand the pie but it just feels like a lot of competition for a provision line share is intensified.

我只是想在之前關於競爭格局的討論基礎上再深入探討一下。隨著越來越多的參與者進入 HCP 互動領域，不僅是 OpenEvidence，還有其他公司——每家公司都有自己的醫生群體和互動方式；與此同時，我們知道從 [PTC] 到 HCP 的 DTC 合作可以擴大市場份額，但感覺市場份額的競爭正在加劇。

Just curious how you see the competitive landscape evolving, as more platforms target HCP marketing budgets?

我很好奇，隨著越來越多的平台瞄準醫療保健專業人士（HCP）的行銷預算，您如何看待競爭格局的演變？

Yeah. Thanks for the question.

是的。謝謝你的提問。

I think I'll just point back to our results. As our results clearly show, we continue to gain share nicely within the digital HCP market. We've had another year of growing at about 2 times the market growth rate.

我想我還是直接引用我們的結果吧。我們的業績清楚地表明，我們在數位醫療保健專業人士市場中繼續穩步擴大市場份額。我們又一年保持了大約兩倍於市場平均成長率的成長速度。

I think what's unique about Doximity is we do offer a unique suite of native solutions to our customers that's delivering industry-leading ROI.

我認為 Doximity 的獨特之處在於，我們為客戶提供了一套獨特的在地解決方案，實現了業界領先的投資報酬率。

We've seen clients experiment with alternatives in the past, like programmatic or display media. History has shown that, over time, our clients consistently lean into where the ROI is.

我們過去曾看到客戶嘗試過其他替代方案，例如程序化廣告或展示廣告。歷史表明，隨著時間的推移，我們的客戶始終會傾向於投資回報率高的地方。

Given Doximity's large feature (inaudible) platform, the record engagement levels that we're seeing, and the exciting advancements in our own AI suite, we believe we're really well positioned to continue to deliver best-in-class ROI for our customers.

鑑於 Doximity 強大的功能（聽不清楚）平台、我們所看到的創紀錄的用戶參與度，以及我們自身 AI 套件的激動人心的進步，我們相信我們完全有能力繼續為我們的客戶提供一流的投資回報率。

That's going to, in turn, allow us to continue to outgrow the market rate.

反過來，這將使我們能夠繼續保持高於市場成長率的速度。

Ladies and gentlemen, that does conclude our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I will now turn the conference back over to Jeff for closing comments.

現在我將把會議交還給傑夫，請他作總結發言。

I'd like to end by, again, thanking the entire Doximity team for working so hard and so efficiently to serve more doctors than ever before.

最後，我想再次感謝 Doximity 團隊全體成員的辛勤工作和高效付出，為比以往任何時候都多的醫生提供服務。

Thank you, everyone, for joining.

謝謝大家的參與。

Ladies and gentlemen, that does conclude today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。