Doximity Inc (DOCS) 2026 Q3 法說會逐字稿

Thank you for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Doximity third-quarter 2026 earnings call. (Operator Instructions) I would now like to turn the conference over to Perry Gold VP of Investor Relations. Go ahead.

感謝您的耐心等待。我叫喬，今天我將擔任你們的會議接線生。在此，我謹代表 Doximity 歡迎各位參加 2026 年第三季財報電話會議。（操作員指示）現在我將把會議交給投資者關係副總裁佩里·戈爾德。前進。

Thank you, operator. Hello, and welcome to Doximity's fiscal 2026 third-quarter earnings call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity; and Audit Committee Chair and Board member, Tim Cabral, who is stepping in to help out with our CFO, Anna Bryson, currently on medical lead.

謝謝接線生。大家好，歡迎參加 Doximity 2026 財年第三季財報電話會議。今天和我一起參加電話會議的有 Doximity 的聯合創始人兼首席執行官 Jeff Tangney；以及審計委員會主席兼董事會成員 Tim Cabral，他正在協助我們的首席財務官 Anna Bryson，後者目前負責醫療方面的工作。

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

再次提醒，今天的電話會議正在錄音，錄音回放將在我們的網站上提供。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。

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.

實際結果可能與預期有重大差異，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, February 5, 2026. Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance provided on today's call unless it is also done through a public disclosure such as a press release or through the filing of a Form 8-K.

我們的前瞻性聲明是基於我們認為截至今日（2026 年 2 月 5 日）是合理的假設。值得注意的是，Doximity 的政策是，除非透過新聞稿等公開披露或提交 8-K 表格，否則不會重申或調整今天電話會議上提供的財務指導。

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

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。這些細節可能僅具有一次性性質，我們將來可能會也可能不會提供這些指標的更新資訊。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, and thank you, everyone, for joining our third-quarter earnings call. We have four updates today, our CFO, financials, network stats, and AI results.

謝謝佩里，也謝謝各位參加我們第三季的財報電話會議。今天我們有四項更新：財務長報告、財務數據、網路統計數據和人工智慧成果。

First, some unfortunate news. Our CFO, Anna Bryson is out sick on medical leave. We miss her here at the office and wish her the best. I know she wishes she could be here too. We've been fortunate to have Tim Cabral, the former 10-year veteran CFO from Veeva Systems as our Audit Committee Chair for the past five years. Tim has graciously agreed to speak to our financials on this call and help guide our finance team.

首先，有個不幸的消息。我們的財務長安娜·布萊森因病休假。我們辦公室的同事都很想念她，祝她一切順利。我知道她也很想來這裡。在過去的五年裡，我們很幸運地邀請到曾任 Veeva Systems 財務長 10 年的 Tim Cabral 擔任我們的審計委員會主席。Tim 非常爽快地同意在這次電話會議上談談我們的財務狀況，並幫助指導我們的財務團隊。

Okay. In happier news, our Q3 financials were solid. We delivered $185 million in revenue, which was 10% year-on-year growth and a 2% beat from the high end of our guidance. Meanwhile, our Q3 adjusted EBITDA margin was 60% or $111 million, which was 7% and above the high end of our guidance. All in, we had a better-than-expected third-quarter and another record upfront annual buying season.

好的。令人欣慰的是，我們第三季的財務表現穩健。我們實現了 1.85 億美元的收入，年增 10%，比我們預期的上限高出 2%。同時，我們第三季調整後的 EBITDA 利潤率為 60%，即 1.11 億美元，比我們預期的上限高出 7%。總而言之，我們第三季的業績好於預期，並且又創下了年度預售季的紀錄。

Okay. Time now for our network stats. We're excited to announce that we just surpassed 3 million registered members and now have more than 85% of all US physicians and two-thirds of all NPs and PAs on our platform. Engagement in Q3 was strong. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs with record usage of our news feed, workflow, and AI products.

好的。現在來看我們的網路統計數據。我們很高興地宣布，我們的註冊會員人數剛剛突破 300 萬，目前已有超過 85% 的美國醫生和三分之二的執業護士和助理醫師加入我們的平台。第三季用戶參與度很高。我們的季度、月度、週度和每日活躍用戶數均創下新高，新聞推送、工作流程和人工智慧產品的使用量也創下歷史新高。

Our workflow users saw the largest sequential gain we've ever had with a record 720,000 unique active prescribers in Q3. As a reminder, workflow includes our telehealth, scheduling, digital fax, and AI tools. And for the fifth year in a row, Doximity Dialer was ranked the number one best-in-class telehealth platform by health system CIOs and their teams outperforming Microsoft Teams, Zoom and many others.

第三季度，我們的工作流程用戶數量實現了有史以來最大的環比增長，獨立活躍處方醫生數量達到了創紀錄的 72 萬。再次提醒，工作流程包括我們的遠距醫療、日程安排、數位傳真和人工智慧工具。Doximity Dialer 連續第五年被醫療系統資訊長及其團隊評為一流的遠距醫療平台，其表現優於 Microsoft Teams、Zoom 等眾多平台。

With an AI glow up, our fax service also hit new highs. Doctors can now query or summarize long faces as part of our AI platform. You'd be surprised how long patient record transfer faxes can be. We had one last month that was 2,600 pages. So with our AI summary and query tool, we're proud to help doctors save both time and toner.

隨著人工智慧技術的進步，我們的傳真服務也達到了新的高度。現在，醫生可以透過我們的人工智慧平台查詢或總結長臉特徵。您可能會驚訝於病人病歷傳送傳真需要多長時間。我們上個月有一本有2600頁。因此，憑藉我們的人工智慧摘要和查詢工具，我們很自豪能夠幫助醫生節省時間和墨粉。

Okay. On that note, I'd like to share our results so far in entering the noisy, crowded and rapidly expanding market for medical AI First, we're proud to announce that over 300,000 unique prescribers used our AI products in Q3. And they're using us a lot. In January, DocsGPT active prescribers queried us on average four times a week. So in our first full quarter since acquiring Pathway AI in August, we've already become one of the most used AI tools by physicians.

好的。說到這裡，我想和大家分享我們進入競爭激烈、擁擠且快速擴張的醫療人工智慧市場以來的成果。首先，我們很自豪地宣布，第三季有超過 30 萬名獨立的處方醫生使用了我們的人工智慧產品。他們一直在利用我們。1 月份，DocsGPT 的活躍處方醫生平均每周向我們諮詢四次。因此，自 8 月收購 Pathway AI 以來，在第一個完整的季度裡，我們已經成為醫生使用最多的 AI 工具之一。

We've done so by delivering doctors a faster, higher-quality clinical answer. Indeed, in a head-to-head trial of over 1,300 high-prescribing physicians we published today, doctors prefer DocsGPT at over twice the rate of our nearest competitor. We win most often on drug-related questions as ours is the only medical AI with a built-in deterministic drug reference.

我們透過向醫生提供更快、更高品質的臨床解答來實現這一目標。事實上，在我們今天發布的一項針對 1300 多名高處方醫生的直接對比試驗中，醫生們更喜歡 DocsGPT，其比例是其最接近的競爭對手的兩倍多。我們在藥物相關問題上最常獲勝，因為我們的醫療人工智慧是唯一內建確定性藥物參考的醫療人工智慧。

We also do well with complex cases and niche evidence as we have a licensing agreement with ASCO that gives our users access to their guidelines. And we're the only medical AI to provide full PDF access to over 2,000 medical journals. We're also doing great with hospitals. We're delighted that over 100 of the top health systems in the country have now reviewed cleared privacy and AI committees and ultimately bought our AI suite which includes both our clinical reference DocsGPT and our Doximity Scribe notetaking tool.

我們也能很好地處理複雜病例和特殊證據，因為我們與 ASCO 簽訂了許可協議，使我們的用戶能夠存取他們的指南。我們是唯一一家提供超過 2000 種醫學期刊完整 PDF 存取權限的醫療人工智慧公司。我們在醫院方面也做得非常好。我們很高興看到，全國 100 多家頂級醫療機構已經審查通過了隱私和人工智慧委員會的審核，並最終購買了我們的人工智慧套件，其中包括我們的臨床參考工具 DocsGPT 和 Doximity Scribe 筆記工具。

In total, these hospitals have purchased access for over 180,000 prescribers, granting them permission to put patient data into our secure tools. We've won over hospital leaders by being honest and transparent about both AI's strengths and shortcomings. To be clear, no AI has eliminated mistakes or achieved anything near super intelligence. Claims to the contrary are misleading and dangerous.

這些醫院總共購買了超過 18 萬名處方醫生的存取權限，讓他們可以將病患資料放入我們安全的工具中。我們透過坦誠透明地介紹人工智慧的優勢和不足，贏得了醫院領導的信任。需要明確的是，目前還沒有任何人工智慧能夠消除錯誤，或達到接近超級智慧的水平。相反的說法具有誤導且危險。

Our recent Stanford Harvard study found that AI can cause clinical harm in up to 22% of real patient cases. And with overconfident models, those errors can become harder to spot. So we believe physician oversight is essential. To that end, we now have over 10,000 US physician experts who have reviewed our clinical answers, and that number grows every day. Medical publishers call this peer review. AI researchers call it RLHS or reinforcement learning from human feedback. We call it peer check.

我們最近在史丹佛和哈佛大學進行的研究發現，人工智慧在高達 22% 的真實患者案例中可能造成臨床傷害。而對於過度自信的模型，這些錯誤就更難被發現。因此，我們認為醫師的監督至關重要。為此，目前已有超過 1 萬名美國醫生專家審查了我們的臨床解答，而且這個數字每天都在增加。醫學出版商稱之為同儕審查。人工智慧研究人員稱之為 RLHS，即基於人類回饋的強化學習。我們稱之為同儕檢驗。

Before a doctor puts their license and their patient's life on the line, they'll want to see a peer check answer first. Now these aren't just any doctors doing our peer check, but rather the actual experts and authors cited by the AI for each question. For 15 years now, we've painstakingly mapped each doctor to each paper and trial, so we know the right expert right away.

在醫生將自己的執照和病人的生命置於危險之中之前，他們肯定希望先看到同儕審查的結果。現在，進行同儕審查的並非普通的醫生，而是人工智慧針對每個問題引用的實際專家和作者。15 年來，我們煞費苦心地將每位醫生與每篇論文和每項試驗進行匹配，因此我們能夠立即找到合適的專家。

Our peer check Editorial Board is co-headed by noted researcher, Dr. Eric Topol, and Former Surgeon General, Regina Benjamin. In their words, together, we can build AI systems worthy of our profession and our patients trust. We're gathering with 150 other physician leaders in San Francisco next month to further build this out.

我們的同行評審編輯委員會由著名研究員埃里克·托波爾博士和前衛生局局長雷吉娜·本傑明共同領導。用他們的話來說，我們齊心協力，就能建構出一個配得上我們這個產業和病人信任的人工智慧系統。下個月我們將與舊金山其他 150 位醫生領袖齊聚一堂，進一步完善這項計畫。

Our focus today is on building AI tools doctors can trust. Outside of hospitals, we have not yet commercialized our AI tools, so we have not included any revenue upside for AI in our current guidance. At a high level, our strategy is simple. We're strengthening our AI-powered digital platform for doctors, the same way we always have, by putting physicians first.

我們今天的重點是打造醫生可以信賴的人工智慧工具。除了醫院之外，我們還沒有將人工智慧工具商業化，因此我們目前的業績預期中沒有包含人工智慧帶來的任何收入成長。從宏觀層面來看，我們的策略很簡單。我們將一如既往地把醫生放在第一位，不斷加強面向醫師的AI驅動型數位平台。

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 Audit Committee Chair and Board member, Tim Cabral, to discuss our financials and guidance. Tim?

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。接下來，我將把發言權交給我們的審計委員會主席兼董事會成員蒂姆·卡布拉爾，由他來討論我們的財務狀況和發展方向。提姆？

Thanks, Jeff, and thanks to everyone on the call today. third-quarter revenue grew to $185.1 million, up 10% year-over-year and exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continue to lead our growth. We finished the quarter with a net revenue retention rate of 112% on a trailing 12-month basis.

謝謝傑夫，也謝謝今天參加電話會議的各位。第三季營收成長至1.851億美元，年增10%，超過了我們先前預期範圍的上限。與前幾季類似，我們現有的客戶繼續引領我們的成長。本季末，我們過去 12 個月的淨收入留存率為 112%。

For our top 20 customers, net revenue retention was higher at 117%. So our biggest, most sophisticated customers once again represented our fastest growing. We ended the quarter with 126 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a roughly 10% increase from the 115 customers we had in this cohort a year ago and these customers accounted for 84% of our total revenue.

對於我們排名前 20 名的客戶，淨收入留存率高達 117%。因此，我們規模最大、最成熟的客戶再次成為我們成長最快的客戶。本季末，我們有 126 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 115 位客戶相比，這一數字增長了約 10%，這些客戶貢獻了我們總收入的 84%。

Turning to our profitability. Non-GAAP gross margin in the third-quarter was 91% and versus 93% in the prior year period, driven by a step-up in our AI infrastructure investments from increased usage. Adjusted EBITDA for the third-quarter was $111.4 million and adjusted EBITDA margin was 60% compared to $102 million and a 61% margin in the prior year period.

接下來談談我們的獲利能力。第三季非GAAP毛利率為91%，去年同期為93%，主要得益於人工智慧基礎設施投資因使用量增加而增加。第三季調整後 EBITDA 為 1.114 億美元，調整後 EBITDA 利潤率為 60%，而去年同期為 1.02 億美元，利潤率為 61%。

Now turning to our balance sheet, cash flow and an update on our share repurchase program. We generated free cash flow in the third-quarter of $58.5 million. We ended the quarter with $735 million of cash, cash equivalents, and marketable securities.

現在來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。第三季我們產生了5,850萬美元的自由現金流。本季末，我們持有現金、現金等價物及有價證券共7.35億美元。

During the third-quarter, we repurchased $196.8 million worth of shares. We believe repurchasing our shares is a valuable use of the incremental cash we generate above what's needed to reinvest in the business. As of December 31, we had $83 million remaining in our existing repurchase program. In addition, our Board just approved a new $500 million open-ended repurchase authorization.

第三季度，我們回購了價值 1.968 億美元的股票。我們認為，將超出業務再投資所需金額的額外現金用於回購公司股份，是一種有價值的用途。截至 12 月 31 日，我們現有的股票回購計畫中還剩餘 8,300 萬美元。此外，我們的董事會剛剛批准了一項新的 5 億美元無上限回購授權。

Now moving on to our outlook. For the fourth fiscal quarter of 2026, we expect revenue in the range of $143 million to $144 million, representing 4% growth at the midpoint, and we expect adjusted EBITDA in the range of $63.5 million to $64.5 million representing a 45% adjusted EBITDA margin.

接下來談談我們的展望。我們預計 2026 年第四財季的營收將在 1.43 億美元至 1.44 億美元之間，中位數為 4%；我們預計調整後的 EBITDA 將在 6,350 萬美元至 6,450 萬美元之間，調整後的 EBITDA 利潤率為 45%。

For the full fiscal year, we now expect revenue in the range of $642.5 million to $643.5 million representing 13% growth at the midpoint. And we now expect adjusted EBITDA in the range of $355.5 million to $356.5 million representing a 55% adjusted EBITDA margin.

我們現在預計本財年的營收將在 6.425 億美元至 6.435 億美元之間，中位數為 13%。我們現在預計調整後 EBITDA 將在 3.555 億美元至 3.565 億美元之間，調整後 EBITDA 利潤率為 55%。

Despite our Q3 out-performance, the midpoint of our annual outlook remains in line with our prior guidance. This is the result of lower Q4 revenue expectations and higher AI infrastructure investment, driven by a strong increase in usage.

儘管我們第三季業績超出預期，但我們年度展望的中點仍與我們先前的預期一致。這是由於第四季度營收預期降低以及人工智慧基礎設施投資增加所致，而人工智慧基礎設施投資增加又是由使用量的強勁成長所驅動的。

During this year's upfront selling season, we saw significant client engagement, strong growth among many top 20 pharma customers and high double-digit SMB growth. We also faced short-term industry-wide policy headwinds.

在今年的銷售旺季，我們看到了客戶的高度參與，許多排名前 20 名的製藥客戶實現了強勁增長，中小企業也實現了兩位數的高速成長。我們也面臨短期內整個產業的政策阻力。

As we mentioned on our last call, we had observed client uncertainty over how recent policy changes may influence annual budgets. We saw this uncertainty continue through year-end with 16 of the top 20 pharma companies signing most favored nation agreements with the White House, focused on tariffs and pricing between late December and early January.

正如我們在上次通話中提到的，我們注意到客戶對近期政策變化可能對年度預算的影響感到不確定。我們看到這種不確定性一直持續到年底，前 20 大製藥公司中有 16 家與白宮簽署了最惠國協議，重點是關稅和定價，時間從 12 月下旬到 1 月初。

As a result, our annual selling season was impacted in two ways. First, we saw multiple customers deploy a lower percentage of their annual budgets upfront than usual as 2026 planning wasn't fully complete and some funds remained unreleased. Second, this uncertainty resulted in many deals we normally have signed by December 31, and being delayed and pushed into our fiscal Q4. This is evident in our January pharma bookings growth rate, which is the best we've seen since going public.

因此，我們的年度銷售季受到了兩方面的影響。首先，我們發現許多客戶提前撥付的年度預算比例低於往常，因為 2026 年的規劃尚未完全完成，部分資金仍未發放。其次，這種不確定性導致我們通常在 12 月 31 日之前簽署的許多交易被推遲到我們的第四財季。這一點從我們 1 月的藥品訂單成長率中可以明顯看出，這是我們上市以來的最佳成績。

As a result of these Q3 bookings dynamics, Calendar 2026 is off to a slower start than usual, evident in our Q4 revenue guided growth rate. With that said, we have a few reasons to be optimistic that will end our calendar year 2026 with significantly better growth than we started in.

由於第三季預訂動態的影響，2026 年的開局比平常慢，這在我們的第四季營收預期成長率中顯而易見。綜上所述，我們有一些理由保持樂觀，相信到 2026 年底，我們的成長速度將比年初快得多。

First, we believe the higher portion of our clients' budgets that wasn't deployed upfront will likely be available to be invested later this year during the upsell season.

首先，我們認為客戶預算中尚未預先投入的較高部分資金，很可能在今年稍後的追加銷售旺季可以用於投資。

Second, with MFN deals now signed for 16 of the top 20 pharma manufacturers, we believe they should be able to more confidently complete and execute their 2026 media plans.

其次，目前前 20 大製藥企業中有 16 家已簽署最惠國待遇協議，我們相信他們應該能夠更有信心完成並執行其 2026 年媒體計畫。

Finally, we see strong inbound demand for our AI member engagement, which we have not yet commercialized, but expect to have a product in market this year. We believe this will allow us to meaningfully tap into our clients' 2026 innovation upsell and search budgets.

最後，我們看到市場對我們的 AI 會員互動功能有著強烈的需求，雖然我們尚未將其商業化，但預計今年將推出相關產品。我們相信這將使我們能夠有效地利用客戶在 2026 年的創新追加銷售和搜尋預算。

Moving to our operating model. We will continue to invest in our doctor trusted AI platform, including increases in infrastructure, development, and our peer check program. Even with these investments, we are in a position where we expect to maintain 50% or greater adjusted EBITDA margins on an annual basis.

進入我們的營運模式。我們將繼續投資於我們值得醫生信賴的人工智慧平台，包括增加基礎設施、開發和我們的同行評審計劃。即使進行了這些投資，我們仍有信心每年保持 50% 或更高的調整後 EBITDA 利潤率。

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。

In first thoughts and prayers with Anna, I hope you can get well soon. So just starting out on the budgets for calendar year '26, I think in prior calls, you referenced a growth rate around 5% to 8%. I know you mentioned a lot of swing factors that may have influenced that. But I'm curious, is that still the case for market growth? And how much was MFN a factor? Or was that the largest factor in the calendar year '26 dynamics? Any color there?

首先，我為安娜祈禱，希望她早日康復。所以，在開始製定 2026 年日曆年的預算時，我認為在之前的電話會議中，您提到了 5% 到 8% 的成長率。我知道你提到了很多可能影響結果的因素。但我很好奇，市場成長是否仍然如此？最惠國待遇究竟起了多大作用？或者說，這是影響 2026 年曆年動態的最大因素嗎？那裡有顏色嗎？

Brian, it's Perry. Thanks for the question. So I'll take that one. So our operating assumption right now is that the market will grow roughly 5% in calendar 2026. eMarketer was out a few months ago with the report, and they're looking at about 5% growth for all of the health care and pharma digital advertising, which is down from last year. So that's kind of the growth assumption for the market.

布萊恩，我是佩里。謝謝你的提問。那我就選這個了。因此，我們目前的營運假設是，到 2026 年，市場將成長約 5%。 eMarketer 幾個月前發布了一份報告，他們預計所有醫療保健和製藥數位廣告的成長約為 5%，低於去年的水平。所以這就是市場成長的大致假設。

On the second part of the question on MFN, we think it certainly played a role. So you're coming into the very end of the year, when usually we will have signed a large portion of bookings for the next year. And you have many of these top 20 pharma companies that still haven't signed off on these big deals with the White House's MFN deals, which are pretty broad-based to do with pricing and tariffs.

關於最惠國待遇問題的第二部分，我們認為它肯定發揮了作用。現在已接近年底，通常這個時候我們已經簽下了下一年的大部分訂單。而且，排名前 20 的製藥公司中有很多還沒有與白宮簽署這些重大協議，這些協議涉及定價和關稅等諸多方面。

And so it's a large -- I think bogie, a lot of uncertainty at the very end of the year. And so what we found in many of these customers weren't ready to fully sign off on their 2026 plans. They had some funds that were unreleased from the top down. And so that timing really impacted us.

所以，我認為年底會面臨很大的不確定性。因此，我們發現很多客戶還沒有準備好完全簽署他們的 2026 年計畫。他們有一些自上而下尚未撥付的資金。所以，時機確實對我們產生了影響。

So it was a large part of kind of the impact. And I think it probably manifest in two ways, as Tim called out. So one of them was just certain deals were pushed from -- usually being signed by December 31 or pushed into next year. And you could see our January bookings growth rate, as we mentioned, was one of the highest we've had since on public. It was the highest.

所以，這在很大程度上影響了結果。我認為這可能會以兩種方式表現出來，正如蒂姆所指出的那樣。其中之一就是某些交易被推遲——通常是在 12 月 31 日之前簽署，或推遲到明年。正如我們之前提到的，1 月的預訂成長率是我們上市以來最高的之一。這是最高的。

And in addition, we -- from what we heard from multiple customers, they deployed a lower percentage of their budget upfront. And so both of those, we think, were largely impacted by MFN, and even played a big part. There's some other policy things going on in the background. And as you know, this year has been very noisy. But we think MFN happening as late in the year as it did was kind of one of the primary factors in that slow start to the year for us.

此外，我們從多位客戶那裡了解到，他們預先投入的預算比例較低。因此，我們認為，這兩項政策都受到了最惠國待遇的極大影響，甚至發揮了重要作用。還有一些其他的政策方面的事情正在幕後進行。如你所知，今年非常喧鬧。但我們認為，最惠國待遇在年底才生效，是我們今年開局緩慢的主要原因之一。

Got it. I appreciate that. And Jeff, maybe just a follow-up on AI. Congrats on getting to the 100-plus health systems. I'm just curious, as we think about your customer conversations there, does that change the pace of where innovation budgets start, like, do you expect that number to ramp up over time?

知道了。我很感激。傑夫，或許可以就人工智慧方面做個後續探討。恭喜你們進入100多家醫療院所之列。我只是好奇，當我們思考你們與客戶的對話時，這是否會改變創新預算的起始速度，例如，你們是否預期這個數字會隨著時間的推移而增加？

Or I guess I'm just trying to think about the AI-oriented spend for your customers. what that ramp looks like and maybe your differentiation as you go attack that AI budget?

或者，我猜我只是想思考一下貴公司在人工智慧領域的支出，以及這些支出的成長趨勢，還有在推動人工智慧預算的過程中，你們如何實現差異化？

Yes. Thanks, Brian. I think we really proved this last quarter that we are the trusted digital platform for doctors, right? With over 85% of US doctors, they really look to us for the latest technology to help them take better care of their patients.

是的。謝謝你，布萊恩。我認為我們在上個季度確實證明了我們是醫生值得信賴的數位平台，對吧？超過 85% 的美國醫生都非常依賴我們最新的技術來幫助他們更好地照顧病人。

We've done this in the past with identity and news and workflow and AI, I have to say I'm exceedingly proud that in our first full quarter after the Pathway acquisition we've grown over 300,000 quarterly active doctors, which is just a terrific pace. I don't think any other company could do that.

我們過去在身份、新聞、工作流程和人工智慧方面都做過類似的事情，我必須說，我非常自豪的是，在收購 Pathway 後的第一個完整季度，我們的季度活躍醫生數量增長了 30 多萬，這是一個非常驚人的速度。我認為其他任何公司都做不到這一點。

And then to sign 100 hospitals, those 100 hospitals are major health systems. So those represent 20% of all US doctors, and those rollouts we're just doing now. So we sign those contracts to start at the beginning of this year, January, and of course, takes a while to get the training plans and to get the roll out plan.

然後簽約100家醫院，這100家醫院都是大型醫療系統。所以這些醫生占美國醫生總數的 20%，而這些正是我們現在正在推廣的。所以我們簽訂了這些合同，從今年年初，也就是一月開始執行。當然，制定培訓計劃和推廣計劃也需要一段時間。

That's really important, I think, for our continued AI growth because, of course, what doctors need to do with these systems is to put in protected health information, PHI patient information to get the right answers out. And if you aren't in a signed agreement with that hospital covered under what they call their BAA, their HIPAA agreement, Well, that's not something the IT departments allow doctors to use just a tool for. So we're proud again to be powering 100 health systems, 180,000 clinicians with our AI tool set.

我認為這對我們人工智慧的持續發展至關重要，因為醫生使用這些系統時，當然需要輸入受保護的健康資訊（PHI，病患資訊），才能得到正確的答案。如果你沒有與醫院簽署協議，也沒有遵守他們所謂的 BAA（業務夥伴協議）或 HIPAA（健康保險流通與責任法案）協議，那麼 IT 部門是不允許醫生僅僅使用某個工具的。因此，我們再次自豪地宣布，我們的人工智慧工具集將為 100 個醫療系統和 18 萬名臨床醫生提供支援。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Yes, I think we'll probably all say the same thing, but really best wishes to Anna as she goes through her medical leave. Maybe diving back in, I'm just going to ask one question. I know your plenty of people are behind me, but diving back in on the demand curve and the bookings side, clearly, the narrative on your stock as well as virtually anything else that touches tech and software in the market is on this dynamic of AI disruption, whether that's similar look like peers, broader AI-oriented players, just the general thought process of a new paradigm going forward.

是的，我想我們可能都會說同樣的話，真心祝福安娜在病假期間一切順利。或許我應該重新開始，我只想問一個問題。我知道很多人都支持我，但回到需求曲線和預訂方面，很明顯，關於你們股票以及市場上幾乎所有其他涉及科技和軟體的東西的討論都圍繞著人工智慧顛覆的動態，無論是與同行相似的外觀，還是更廣泛的人工智慧導向參與者，以及未來新範式的一般思考過程。

As you think through the moving pieces tied to your start of your bookings, the January dynamic. How do you think about where the competitive dynamic lies and your ability to continue to capture the same hearts and minds of pharma companies to deliver the same ROI relative to what other peers may be promising them whether they're hitting them or not.

當你思考與預訂開始相關的各種因素時，你會發現一月份的市場動態。您認為競爭格局的癥結所在，以及您如何繼續贏得製藥公司的青睞，並實現與其他同行相同的投資回報率（無論他們是否真的實現了這些承諾）？

Sure. Thanks, Michael. This is Jeff. I'll take that. So step back, big picture, our core business, very healthy, right? We had over 1 million quarterly active users of our news feed, record high. We had 720,000 quarterly active users of our workflow tools, which is the biggest sequential step up we've ever had. Our telehealth product does very well. I will say last week during the snowstorms, we serve more telehealth visits than we really ever have. It was over 700,000, which is a big chunk of all the care that was delivered in the US that day when people were snowed in.

當然。謝謝你，麥可。這是傑夫。我接受。所以，退後一步，從大局來看，我們的核心業務發展得非常健康，對吧？我們的新聞推播季度活躍用戶超過 100 萬，創歷史新高。我們的工作流程工具季度活躍用戶數達到 72 萬，這是我們有史以來最大的季度成長。我們的遠距醫療產品表現非常出色。我想說的是，上週暴風雪期間，我們的遠距醫療就診量比以往任何時候都多。超過 70 萬例，這佔了當天美國因大雪封路而接受的所有醫療服務總量的很大一部分。

So we're really proud to have won that telehealth market back in 2020. And we believe we'll win in the AI market here in 2026. And we do that by just having some very large moats around having, again, so many hospitals that have already worked with us and so many doctors.

因此，我們非常自豪能在 2020 年贏得遠距醫療市場。我們相信，到 2026 年，我們將在人工智慧市場取得勝利。我們之所以能做到這一點，是因為我們周圍有許多非常大的護城河，而且有許多醫院和醫生已經與我們合作過。

So the step that I'm actually most proud of on this whole call, is the number of peer check experts that we have, these 10,000 cited authors and experts, doctors who wrote the evidence that made the clinical trials spent years of their lives studying and building this medical collective wisdom that we have. And I'm proud that at 10,000 were bigger than the largest players in the industry. The biggest publisher in the space that's the leader and he's been there for decades has about 7,000 experts that inform their clinical answers. And again, we're now over 10,000.

因此，在這次通話中，我最引以為傲的一步，是我們擁有的同行評審專家數量，這 10,000 位被引用的作者和專家，以及撰寫臨床試驗證據的醫生，他們花費數年時間研究和構建了我們擁有的這種醫學集體智慧。我很自豪，我們的員工人數達到了 10,000 人，比業內最大的公司還要多。該領域最大的出版商是領導者，已經在這個領域耕耘了幾十年，擁有約 7000 名專家，為他們的臨床解答提供資訊。現在，我們的用戶數量再次超過 10,000 人。

So I feel really good about the 20% of all US stocks that we've gotten to use our DocsGPT, our AI already. And again, for the first full quarter after the Pathway acquisition, I don't think there's really any other AI company that could have grown into this market that fast.

因此，我對我們已經讓 20% 的美國股票使用我們的 DocsGPT（我們的人工智慧）感到非常滿意。再次強調，在 Pathway 被收購後的第一個完整季度裡，我認為沒有其他人工智慧公司能夠如此迅速地成長到這個市場。

To your question about what that means with pharma, today, we do not have a product that pharma can buy in this AI suite. We are just very thoughtful, I think, about how we work with doctors and make sure that things are win-win. We're not just going to slap a full-page banner on top of a product.

至於你問到這對製藥業意味著什麼，目前，我們還沒有製藥業可以購買的人工智慧套件產品。我認為，我們在與醫生合作時非常注重細節，確保雙方都能從中獲益。我們不會只是簡單地在產品上方放置一個全頁橫幅廣告。

We know what that does to the experience for the end user. And certainly, we want to be finding ways to have win-wins with industry around this, and we've done a great job of that in the past, and we'll continue to do here moving forward. So we're excited later this year to come to market with some products there. But again, we have no revenue in our forecast for our AI products right now.

我們知道這會對最終用戶體驗造成什麼影響。當然，我們希望找到與業界雙贏的方法，過去我們在這方面做得很好，未來我們也會繼續這樣做。所以我們很高興今年稍後能帶著一些產品進入市場。但是，我們目前還沒有人工智慧產品的收入預測。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

I wanted to ask on the policy uncertainty that pharma has. Can you talk a little bit about your recent conversations with top 20 pharma. Obviously, in the beginning of the year, there was the uncertainty around all the things that you mentioned. Can you talk about the recent conversations?

我想問醫藥產業面臨的政策不確定性問題。您能否談談您最近與排名前20的醫藥公司進行的溝通？顯然，年初的時候，正如你所提到的，存在著許多不確定因素。能談談最近的對話嗎？

And the expectation is that some of that spend that was supposed to be maybe in the beginning of the year gets pushed out, is there any opportunity for the midyear upsell season to be a little bit stronger. I'm just curious on your recent conversations and whether or not you think that could come into play.

預計一些原本應該在年初進行的支出會被推遲，那麼年中追加銷售季是否有可能變得更強勁一些呢？我只是好奇你們最近的談話內容，以及你是否認為這可能會產生影響。

Allen, it's Perry. I'm happy to take that one. So I think what I want to get across is there were many of our top 20 customers, we actually had really good outcomes. So it was not the case of every single one of the top 20 had an issue. But there were a bunch where it was very clear that I think the brand managers wanted to be deploying more funds with us, but they hadn't got that approval of this funds released yet.

艾倫，我是佩里。我很樂意接受這個任務。所以我想表達的是，在我們前 20 名的客戶中，我們有很多都取得了非常好的成果。所以並不是前 20 名的每個人都有問題。但有很多情況下，很明顯品牌經理希望在我們這裡投入更多資金，但他們還沒有獲得這筆資金的批准。

And I think a lot of that had to do with the uncertainty very late in the year. And so they just didn't have access to kind of that full amount of money to go deploy with us right away. We do believe that the intent is there that when they get those funds released, we will get access to that a little later in the year. So that's, I think, one of the bigger things we've seen at play. Not really the brand manager not wanting to deploy the funds, but you're not having access to them from top down. It wasn't available yet. I think that was kind of the manifestation of it that we saw.

我認為這很大程度上與年底的不確定性有關。因此，他們沒有足夠的資金立即和我們一起部署。我們相信他們的意圖是，當他們獲得這些資金時，我們將在今年稍後獲得這些資金。所以，我認為這是我們看到的最重要的事情之一。並非品牌經理不想投入資金，而是你從上到下都無法獲得這些資金。當時還沒有貨。我認為那大概就是我們看到的這種表現。

But again, there were multiple top 20 customers will get really good outcomes, and we're very proud of those accounts and kind of what we did there. But it was certainly the case that this unreleased funds issue was kind of more permeated more over the top 20 than we've ever seen anything like this before.

但同樣，排名前 20 的客戶中有多家獲得了非常好的結果，我們為這些客戶以及我們所做的工作感到非常自豪。但可以肯定的是，這筆未釋放資金的問題在排名前 20 名的公司中滲透得比我們以前見過的任何類似情況都要嚴重得多。

That's helpful. And then more of a strategy question, not asking for fiscal '27 guidance here. But as we think about the increasing AI infrastructure or usage costs, I look at the gross margin, year-over-year down about 180 bps. As we think about the way that you're scaling 300,000 physicians on the platform using AI, really, really strong, and impressive growth there. You mentioned the 50% adjusted EBITDA margin floor.

那很有幫助。那麼，這更多的是策略問題，而不是要求 2027 財年的業績指引。但考慮到人工智慧基礎設施或使用成本不斷增加，我注意到毛利率比去年同期下降了約 180 個基點。當我們思考你們如何利用人工智慧在平台上擴展 30 萬名醫生時，這確實是一個非常強勁且令人印象深刻的成長。你提到了調整後 EBITDA 利潤率下限為 50%。

As we think about you scaling AI and having costs there with no associated revenue, how should we think about the intermediate-term strategy there? Is revenue on the table for the next year or 2? Or should we think about this really trying to build out the user base within fiscal '27 before turning on or even contemplating turning on that space?

考慮到您在擴展人工智慧規模時會產生成本，但不會帶來相應的收入，我們該如何看待其中期策略？未來一兩年是否有營收目標？或者我們應該認真考慮在 2027 財年內努力擴大用戶群，然後再考慮是否要開啟或甚至考慮開啟該空間？

Allen, it's Perry once again. Great question. I think you hit the nail on the head. So the 50% that Tim referenced in the call, I think of that as a floor, not a guide. We have an incredible opportunity in front of us with AI. We've already seen in one full quarter how much engagement this can drive. And it's something that we want to lean into, we want to invest in. And we're in a really fortunate position. We already have best-in-class margins. And so we have room to go invest to your point.

艾倫，又是佩里。問得好。我覺得你說得太對了。所以，提姆在電話會議中提到的 50%，我認為那是一個底線，而不是一個指導方針。人工智慧為我們帶來了絕佳的機會。我們已經在一個季度內看到了這能帶來多大的用戶參與。這是我們想要大力發展、想要投資的領域。我們現在處境非常幸運。我們已經擁有業界最佳的利潤率。所以，我們還有空間可以按照你的觀點來投資。

I think it's late this year was when we plan to be in market with commercial AI products. So we'll eventually start to put some revenue against this by next year, will pick up even more calendar '27. And so it's probably another few quarters in which there's cost without associated revenue, but that's an investment we're willing to make all day. And if there's upside in usage, a little bit more infrastructure costs I think it's well worth it. As you see with a lot of these technologies, over time, the unit economics start to get better, they go down.

我認為我們計劃在今年稍後將商業人工智慧產品推向市場。所以到明年我們最終會開始從中獲得一些收入，到 2027 年日曆年將會獲得更多收入。因此，可能還要再過幾季才會出現有成本而沒有相應收入的情況，但這是我們願意一直進行的投資。如果使用量增加帶來的好處大於部分總和，我認為多花一點基礎設施成本也是值得的。正如你所看到的，許多這類技術都是如此，隨著時間的推移，單位經濟效益開始改善，成本就會下降。

So the unit costs are to go down. We saw something similar happen with the early days of telehealth. And over time, the economics get better for us. We got bigger negotiate better rates. So that won't be a big burden for too long.

因此單位成本將會下降。我們在遠距醫療發展的早期階段也看到類似的情況。隨著時間的推移，我們的經濟狀況會越來越好。我們規模更大，可以協商更好的價格。所以這不會成為長期的沉重負擔。

We're also investing in peer check. And I think peer check is something that will really differentiate the offering. That trust component is huge for doctors. We have an opportunity, like Jeff said, we can go tap into this network with 3 million members. And in a month or two, get 10,000 expert reviewers to kind of come along and review a lot of these answers.

我們也在投資同儕評審。我認為同儕審查是真正能讓產品脫穎而出的因素。對醫生來說，信任至關重要。正如傑夫所說，我們有機會利用這個擁有 300 萬會員的網路。在一兩個月內，請 10,000 名專家審閱員來審查這些答案。

And so we've got something that nobody else can do. And I think that investment, again, well worth it, differentiated offering, and I think that this will pay dividends over time. But yes, I think of that 50% as a floor.

所以，我們擁有別人做不到的事。而且我認為這筆投資非常值得，它提供了差異化的產品和服務，我相信隨著時間的推移，這將帶來豐厚的回報。是的，我認為50%是一個底線。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊銀行。

Jeff, just two quick ones for me. In the prepared remarks, I think you guys were commenting a little bit on fiscal '27 where I think you said you expect to end calendar year '26 with significantly better growth than where you started. So looking at your fiscal 4Q growth, you're assuming 4% revenue growth. So is the assumption that you'll end the year much better than that 4% for the full year. I just want to clarify what you're saying.

傑夫，我只需要問兩個問題。在事先準備好的發言稿中，我認為你們稍微談到了 2027 財年，你們當時表示預計 2026 日曆年結束時的增長將比年初增長明顯好得多。因此，從你們的第四財季成長情況來看，你們假設營收成長了 4%。所以，假設你年底的殖利率會比全年4%高很多，這種假設是否成立呢？我只是想確認一下你的意思。

And then I just had one other follow-up. Jeff, at this point, it's pretty clear that the public markets, they've been very punishing the companies with this perceived AI disruption and whether it's a reality or not, we'll ultimately see. But when you look at the public markets, they may not be appropriately valuing your business. And so I'm just kind of curious to get your take on this whole sort of dynamic that we're seeing? I mean, you're a big shareholder in Doximity. I mean does Doximity need to be a public company just given the strength of your balance sheet?

然後我還有一次後續跟進。傑夫，目前很明顯，公開市場一直在嚴厲懲罰那些被認為會受到人工智慧顛覆的公司，至於這是否是現實，我們最終會看到。但當你查看公開市場時，你會發現它們可能並沒有對你的企業進行適當的估值。所以我很好奇，想聽聽你對我們目前看到的這種動態有何看法？我的意思是，你是 Doximity 的大股東。我的意思是，鑑於Doximity的資產負債表如此強勁，它是否真的需要成為一家上市公司？

Glen, it's Perry. I'm happy to take the first one, and then I'll pass the terminal multiple question to Jeff. So great question, Glen. Yes, I think the way to think about it is a slower start to the year, with 4%, but we actually feel really good about our ability to exit the calendar year as a double-digit grower once again. And the reason for that, there's a few, I think, this year, a little bit more of a ramp.

格倫，我是佩里。我很樂意回答第一個問題，然後我會把終端複數的問題交給傑夫。格倫，你問得好。是的，我認為應該這樣看待：年初增速放緩，只有 4%，但我們對年底再次實現兩位數成長充滿信心。而原因在於，我認為今年有一些因素，例如坡度稍微增加了一些。

But one of the reasons is we think we -- that those funds that hadn't been released earlier in the year will be released as we go through the year. And as they get released, we've got one of the highest ROIs in the market, and we think folks will come to us because of that with those funds.

但其中一個原因是我們認為，今年稍早尚未發放的資金將在年底前陸續發放。隨著這些資金的釋放，我們獲得了市場上最高的投資報酬率之一，我們認為人們會因此帶著這些資金來找我們。

In addition, we plan to the end market later in the year with the commercial AI product. And I think by having that, we will be able to very quickly tap into kind of those innovation upsell budgets and search budgets. And so yes, I just want to very clear, I think we will end the year exit the year as a double-digit grower.

此外，我們計劃在今年稍後將商業人工智慧產品推向終端市場。我認為，有了這些，我們將能夠非常迅速地利用創新追加銷售預算和搜尋預算。所以，是的，我只想非常明確地說明，我認為我們今年結束時將實現兩位數的成長。

I think I will reemphasize we can -- we believe for the entire year without giving guidance, but for the calendar we'll be able to outgrow the market. as we have every year before. But that's probably the most we're prepared to give at this point, Glen.

我想再次強調，我們能夠──我們相信，即使不給予具體指引，但就日曆年而言，我們也能像往年一樣，實現超越市場的成長。但格倫，這大概就是我們目前所能提供的最大限度了。

Great. Glen, this is Jeff. I'll just say I think overall AI is a tailwind for us. I think the opportunity in front of us to change health care, wow, it's never been better. And again, to see 300,000 doctors come use our product here in the first full quarter after acquiring something and growing with it. I mean, we're just really excited. I think the opportunity to make being a doctor a better job, it's really fundamentally changing, I think, the way we're going to look at the world here in a few years.

偉大的。格倫，這是傑夫。我只想說，我認為總體而言，人工智慧對我們來說是一股順風。我認為擺在我們面前的改變醫療保健的機會，哇，真是前所未有地好。再次強調，在收購併發展壯大後的第一個完整季度，就有 30 萬名醫生開始使用我們的產品。我的意思是，我們真的非常興奮。我認為，讓醫生這份職業變得更好的機會，從根本上改變了我們幾年後看待世界的方式。

And I'll just say the only problem from the doctor's point of view, when you look at AI today, you really can't trust it. And the truth is they're putting our license on the line with every patient. And these are life or death decisions that are, I mean, very, very important. And so there's still this need to go check multiple different sources or to go back to the textbooks, which are trusted.

我只想說，從醫生的角度來看，目前人工智慧存在的唯一問題是，你真的不能完全信任它。事實是，他們對待每一位病人都是在拿我們的執照冒險。這些都是關乎生死的重要決定，我的意思是，非常非常重要。因此，仍然需要查閱多個不同的資訊來源，或回到值得信賴的教科書中去。

So AI is fast, but they want textbook trusted and AI fast. And again, that's where I think peer check is just an incredible opportunity for us because these 10,000 noted authors, they're putting their name at the top of that. And that name up there, that's trust. That's showing that an expert in the field reviewed this answer and that it is correct, and I can get to it quickly with the speed of AI, but again, with the trust of the traditional textbook and expert approach.

所以人工智慧速度很快，但他們想要教科書般可靠且速度快的人工智慧。再次強調，我認為同儕審查對我們來說是一個絕佳的機會，因為這 10,000 位知名作者將自己的名字放在了榜首。而上面那個名字，就是信任。這表明該領域的專家已經審查過這個答案，並且答案是正確的，我可以藉助人工智慧的速度快速找到答案，但同時，我也相信傳統的教科書和專家方法。

Your last question about our public market trading, I don't know, I try not to pay too much attention to it. I'll just say that there are certainly investors asking some of the same questions that you just asked there of us. And again, from our point of view, we're just proud to be able to continue to be a company that is both serving doctors every day and able to generate cash flows that are attractive.

關於您最後一個關於我們公開市場交易的問題，我不知道，我盡量不去太多關注。我只想說，確實有一些投資人也在問我們和你剛才問的同樣的問題。再次強調，從我們的角度來看，我們很自豪能夠繼續成為一家每天為醫生提供服務並能夠產生可觀現金流的公司。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Thank you very much for the question. I guess my question is, how do you guys see the monetization opportunity evolving over the course? I know you talked about it potentially over the course coming later in the year. But I'm just curious how you -- just kind of what your early thoughts are at this point on that opportunity, both in terms of sort of model and then how that might sort of play into your broader advertising portfolio.

非常感謝您的提問。我想問的是，你們如何看待這種商業模式的獲利機會會如何演變？我知道你之前討論過可能會在今年晚些時候的課程中提到這件事。但我很好奇，你目前對這個機會的初步想法是什麼，包括模式方面，以及它將如何融入你更廣泛的廣告組合中。

Liz, this is Jeff. I'll take that. I'll just say, at a broad level, there's a whole new TAM here that we traditionally haven't paid in, and it's called paid search. And if you look at that same eMarketer report that Perry referenced, from a few months ago, you'll see that 55% of digital marketing spend in health care is for search.

莉茲，這是傑夫。我接受。我只想說，從宏觀層面來看，這裡存在著一個全新的潛在市場，我們傳統上並沒有為此付費，它被稱為付費搜尋。如果你看看佩里引用的那份幾個月前的 eMarketer 報告，你會發現醫療保健領域 55% 的數位行銷支出都用於搜尋。

And so I think this is a large market and a big opportunity for us. We're not going to talk much about our plans there. I think we are very good at doing this, and we don't want to tip off others too much. But suffice it to say, we think there's a really large opportunity here. And again, there's a lot of client excitement about it as well.

所以我認為這是一個巨大的市場，對我們來說也是一個巨大的機會。我們不會過多談論我們在那裡的計劃。我認為我們很擅長做這件事，我們不想給別人太多暗示。但總而言之，我們認為這裡蘊藏著巨大的機會。而且，客戶對此也感到非常興奮。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Just a point on 20% of health systems using AI. Where do you think that could go in the coming years? And how do you think about just kind of reference cases of those health systems that adopted in terms of bringing others kind of into the fold?

關於20%的醫療系統使用人工智慧這一點，我只想提一下。你認為未來幾年它會如何發展？那麼，您如何看待那些將其他醫療系統納入其中的參考案例呢？

Craig, this is Jeff. Thanks for the question. So we publicly said prior quarters that we have 45% of all US physicians through their health systems that use our telehealth tools. I think that gives you a sense of some of the opportunity here. But I'll just say getting to 20% in one quarter when every major health system has not only a privacy review committee, but also an AI review committee, and they only work with trusted partners.

克雷格，我是傑夫。謝謝你的提問。因此，我們在前幾季公開表示，美國 45% 的醫生透過他們的醫療系統使用我們的遠距醫療工具。我認為這能讓你感受到這裡的一些機會。但我只想說，在一個季度內達到 20% 的轉換率，要知道每個大型醫療系統不僅都有隱私審查委員會，還有人工智慧審查委員會，而且他們只與值得信賴的合作夥伴合作。

And I think over time, the tech here is increasingly a commodity. I think we're seeing this across a lot of different areas of AI. It's the trust and the relationships and the platforms that really matter. And we hear from our clients all the time, the CIOs of these hospitals, they don't want to buy point solutions. They don't want to buy features. They want to buy platforms. And again, between our scheduling and our facts and our telehealth and our other tools, we really are one of those platforms that they turn to.

而且我認為隨著時間的推移，這裡的技術會越來越像一種商品。我認為我們在人工智慧的許多不同領域都看到了這種情況。真正重要的是信任、人際關係和平台。我們常聽到客戶，也就是這些醫院的資訊長們說，他們不想購買零散的解決方案。他們不想購買功能。他們想收購平台。再次強調，憑藉我們的日程安排、事實依據、遠距醫療和其他工具，我們確實是他們會求助的平台之一。

Got it. And then just as a follow-up, nice strong start in terms of momentum post the Pathway Medical acquisition. But anything surprised you at this point now that your kind of operating the business and things that whether it's when you went in, what you saw the opportunity set versus how it's evolving? I know it's only a few months, but just what's been kind of the feedback in terms of pathway.

知道了。此外，收購 Pathway Medical 後，公司發展勢頭良好，開局強勁。但就你目前經營業務的方式而言，有沒有什麼事情讓你感到驚訝？無論是你剛入行時看到的機遇，還是它現在的發展演變？我知道才過了幾個月，但就發展路徑而言，目前的回饋是什麼？

Thanks, Craig. We've been really happy with the Pathway acquisition, and its speed of adoption and growth has probably been the best surprise here. The team, we're also getting along very well with and they continue to really lean in, which is terrific. So we're really pleased with the acquisition and the growth.

謝謝你，克雷格。我們對 Pathway 的收購非常滿意，它的普及和成長速度可能是我們最大的驚喜。我們和團隊成員相處得也非常好，他們也一直非常投入，這真是太棒了。所以我們對此次收購和成長都非常滿意。

I would say, if anything, the semantic data sets that they brought us, the understanding of how to read through the 2,000 journals that we provide -- uniquely provide full free PDF access to for our doctors and that drug data set that's built in. Because a lot of questions are drug-related questions, and those are the ones you really don't want to get wrong. And the reality is LLM do struggle with this a bit.

如果有什麼特別之處的話，那就是他們為我們帶來的語義資料集，以及他們對如何閱讀我們提供的 2000 種期刊的理解——這些期刊以獨特的方式為我們的醫生提供完整的免費 PDF 訪問權限，以及內建的藥物資料集。因為很多問題都跟毒品有關，而這些問題你真的不想答錯。而現實情況是，LLM在這方面確實存在一些困難。

I will say the largest player in this space who's been around for decades, they've added an LLM to their product, but they haven't added a drug reference to their LLM and they do that on purpose because they're careful, and they see that LLMs really struggle with drug information with dosages with things that are easy to move a decimal point, one way or the other and make a really serious error.

我要說的是，這個領域最大的公司，已經存在了幾十年，他們已經在他們的產品中添加了LLM（語言學習模型），但他們沒有在LLM中添加藥物參考信息，這是他們故意為之，因為他們很謹慎，他們發現LLM在藥物信息方面真的很難做到準確，尤其是劑量方面，因為小數點後稍有變動就可能造成非常嚴重的錯誤。

So we think we've got some great IP in the Pathway acquisition, but we also got a great team and great growth this past quarter.

所以我們認為，透過收購 Pathway，我們獲得了一些很棒的智慧財產權，而且我們還擁有了一支優秀的團隊，並在上個季度實現了巨大的成長。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Maybe to ask on the budget question a little bit of a different way. Obviously, understand the headwinds with MFN, but obviously, some of the other regulatory sort of talk and chatter around has been around sort of closing some of these direct patient marketing loopholes on TV and other platforms.

或許可以換個方式問預算問題。顯然，我們理解最惠國待遇面臨的阻力，但顯然，其他一些監管方面的討論和議論都圍繞著如何堵住電視和其他平台上的直接患者營銷漏洞。

Are you seeing in any of your conversations pharma customers starting to react to that in terms of how they're shifting the allocation of their budgets, where maybe this potentially creates a tailwind and having more spend to the HCP budget over time?

在您的交流中，您是否看到製藥客戶開始對此做出反應，例如調整預算分配，從而可能隨著時間的推移，為醫療保健專業人員 (HCP) 預算帶來更多支出？

Ryan, it's Perry. I'll take that question. Yes. I mean we've been having that conversation internally and externally for a little while now about D2C and is it going to benefit us.

瑞恩，我是佩里。我來回答這個問題。是的。我的意思是，我們已經就 D2C 模式是否對我們有利，在公司內部和外部進行了一段時間的討論。

I can say at least this upfront season, we didn't see it happen yet. I think part of the issue was all of these exist and warning letters went out in September. And I think people forget already, but right after we had the longest government shutdown we've ever had. So I don't think there was much on the enforcement front for a few months.

至少就本季前期來看，我們還沒有看到這種情況發生。我認為部分原因是這些問題都存在，而且警告信在九月就發出去了。而且我覺得人們已經忘記了，就在我們經歷了有史以來最長的政府停擺之後。所以我覺得這幾個月來執法方面沒什麼進展。

At the beginning of this year, I think there's some examples of that picking up again. And I think if the FDA kind of really pushes that enforcement, you will find probably more and more of these brands having to add a lot more small print fine print to some of their TV ads. It will make the ROI not look so attractive. And I think over time, the smart marketers will start to move that money to HCP where and when they can. But in terms of has that impacted us positively yet. We just haven't really seen it. And so that's just kind of like where we are today.

今年年初，我認為已經出現了一些這種趨勢再次抬頭的例子。我認為，如果 FDA 真的大力推進這項執法工作，你可能會發現越來越多的品牌不得不在他們的電視廣告中添加更多的小字條款。這將使投資回報率看起來不那麼有吸引力。我認為隨著時間的推移，聰明的行銷人員會盡可能地將這筆錢投入醫療保健專業人員（HCP）領域。但就目前而言，這是否對我們產生了正面影響？我們只是還沒真正見過而已。所以，這就是我們目前所處的現狀。

Very helpful. Maybe as a follow-up on the AI side of things. Great to see all the success in sort of these hospital and health system-wide evaluations. As you're having conversations with your health system partners right now, how much of, let's call it, the AI strategy is a sort of top-down facility or system-wide strategy versus more sort of, let's call it, one-off physician usage of individual tools. And our health systems trying to grapple with maybe changing it to the former versus the latter.

很有幫助。或許可以作為人工智慧方面的後續報導。很高興看到這些醫院和醫療系統範圍內的評估都取得了成功。當您與醫療系統合作夥伴進行對話時，我們不妨這樣理解：人工智慧策略有多少是自上而下的機構或系統層面的策略，又有多少是醫師對個別工具的一次性使用？我們的醫療體係正在努力應對或許應該從後者改為前者的問題。

Yes, this is Jeff. I'd say it's been a mix, honestly, both bottom up and top down. That said, I'd say the early discussions we had in September, October with our clients about this, of course, it was with the CIO, CMIO suite. And then they try out the product and then they show a few friends and then it becomes more bottom-up.

是的，這是傑夫。說實話，我覺得這其中既有自下而上的原因，也有自上而下的原因。也就是說，我想說的是，我們在 9 月、10 月與客戶就此進行的早期討論，當然，都是與 CIO、CMIO 等職位進行的。然後他們試用產品，然後向幾個朋友展示，然後就變成了自下而上的推廣。

I will say that I think you'll see much more vigorous AI enforcement. It's been a little bit Wild West to be totally honest, in the AI world with hospitals this past year. But there are a lot of real concerns that they have about leaking patient data and liability and the accuracy of information. So I think you'll see more of an enforcement regime this year. And again, I think we're on the right side of that and working with them.

我認為你會看到更強有力的AI執法行動。坦白說，過去一年人工智慧在醫院領域的應用簡直就像是蠻荒西部。但他們確實有很多關於洩露病人資料、法律責任和資訊準確性的擔憂。所以我認為今年你會看到更嚴格的執法措施。而且，我認為我們在這件事上站在了正確的一邊，並且正在與他們合作。

So we've been doing this for 15 years. We are the trusted platform for physicians. We have a process to work with our hospital partners and our doctors to do this I think, again, we're just very well positioned to capture this AI opportunity.

我們已經做了15年了。我們是值得信賴的醫生平台。我們有一套與醫院合作夥伴和醫生合作的流程來做到這一點。我認為，我們再次證明，我們完全有能力抓住人工智慧帶來的機會。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wanted just to start with maybe some of the signposts that you're using to project the acceleration in both your business and in the market through the balance of the year. And why as pharma companies look at their budgets, like how you think they're balancing, figuring out how to do more with less versus deploying resources in an accelerated manner throughout the year?

我想先從一些您用來預測貴公司和市場在今年剩餘時間內加速發展的指標開始談起。那麼，製藥公司在審視預算時，為什麼會考慮如何平衡，如何用更少的資源做更多的事情，而不是在一年中加速部署資源？

Yes, David, this is Jeff. I'll take this first, at least. I'll say this in an efficiency environment; digital marketing does pretty well. Why? Because it's the highest ROI. And I'm really proud that our portal usage has doubled over the past year. This is the number of clients we have using our portal. And the great thing about our client portal is it lets them see their ROI. We have IQVIA data in there.

是的，大衛，這是傑夫。至少，我會先接受這個。在追求效率的環境下，我認為數位行銷表現相當不錯。為什麼？因為它的投資報酬率最高。我非常自豪的是，我們的門戶網站使用量在過去一年裡翻了一番。這是我們使用入口網站的客戶數量。我們客戶入口網站最大的優點在於，它可以讓客戶看到他們的投資報酬率。裡面有IQVIA的數據。

They can actually look at their -- what they call script lift or NRx lift on a monthly or quarterly basis. And so this past year, we had a record number, 965 ROI studies that were done by our clients. And we're still at that same number we were at our IPO, about 10 to 1 median return on investment for our clients. So I do think an efficiency-driven environment, I think digital marketing will do well, especially when every $1 you put into it, you get $10 back.

他們實際上可以按月或按季度查看他們的——他們稱之為處方提升或NRx提升。因此，去年我們創紀錄地完成了 965 項 ROI 研究，這些研究都是由我們的客戶完成的。我們目前的投資報酬率與公司上市時一樣，約為 10 比 1。所以我認為，在以效率為導向的環境下，數位行銷會發展得很好，尤其是當你每投入 1 美元就能獲得 10 美元的回報時。

And then maybe just one of the things you talked about earlier this year was on the recruiting front, and we did see kind of a step-up in stock comp associated with bringing on AI talent. And it seems like the talent race is on in that segment? I mean you operate in a very, very talented competitive environment with anthropic opening offices and others right around you. So how are you thinking about talent retention and recruiting and making sure you keep the right people on board here, especially as the stock price has drifted lower.

然後，也許你今年稍早談到的其中一件事是關於招募方面的，我們確實看到，與引進人工智慧人才相關的股票補償有所提高。看來這個領域的競爭已經開始了？我的意思是，你身處在一個人才濟濟、競爭激烈的環境中，周圍有很多像 Humanity 這樣的公司開設了辦公室。那麼，您是如何考慮人才保留和招聘，以及如何確保留住合適的人才的呢？尤其是在股價持續下跌的情況下。

Again, this is Jeff again. Yes, the talent wars definitely are heating up. And yes, we are retaining our best people, offering them stock grants. And the reality is, I think we've done very well at keeping, I think, a very mission-driven team here who really do love humans, to love doctors, to love working with doctors who take care of humans.

我是傑夫。是的，人才爭奪戰確實愈演愈烈。是的，我們正在留住最優秀的人才，並向他們提供股票獎勵。而現實情況是，我認為我們做得很好，我們在這裡組建了一支以使命為導向的團隊，他們真心熱愛人類，熱愛醫生，熱愛與照顧人類的醫生一起工作。

So it's, I think, an advantage in this market to be a company with such a long-held purpose and such deep roots in the medical industry. I find that the folks that we have on our team who are sons, daughters or married to physicians really are the ones that really, I think, are the cultural torch carriers for us because they come in every day, every week with examples of how doctors have used our products to, again, save them time or needed better care.

所以我認為，在這個市場中，對於一家擁有如此悠久歷史和如此深厚醫療行業根基的公司來說，這是一個優勢。我發現我們團隊中那些身為醫生的子女或與醫生結婚的人，才是真正意義上的文化傳承者，因為他們每天、每週都會帶來醫生如何使用我們的產品來節省時間或提供更好的護理的例子。

So every week, we share what we call Doc love, which is an e-mail or a message that's come into our inbox unprompted from a physician talking about how we've helped them that week take better care of a patient. So there's no doubt, you'll see that we will have to fight the talent wars and we will have people who, I think, get bigger stock packages, but that's all part of leading into this opportunity, which we think is pretty fantastic and it's playing out in our margins as well.

因此，我們每週都會分享我們稱之為「醫生之愛」的內容，也就是醫生主動發來的電子郵件或訊息，講述我們本周如何幫助他們更好地照顧病人。所以毫無疑問，我們將不得不打一場人才爭奪戰，而且我認為有些人會獲得更大的股權激勵，但這都是為了迎接這個我們認為非常棒的機會，而且這也在我們的利潤率中得到了體現。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

Best wishes for Anna here. I guess, Perry, as a follow-up here, you talked about the demand getting pushed out from December into January from a select group of large pharma, you mentioned January pharma bookings having the best growth rate ever. Do you mind providing more color on what exactly this growth rate looks like? And then I know it's still only the first handful days of February, but are you seeing the same kind of similar healthy growth rate in bookings in February?

祝安娜一切順利。我想，佩里，作為後續問題，你提到一些大型製藥公司將需求從 12 月推遲到 1 月，你提到 1 月份的製藥訂單增長率是有史以來最高的。能否詳細說明一下這個成長率的具體情況？我知道現在才二月的前幾天，但是二月的預訂量是否也出現了類似的健康增長？

Scott, how are you? Yes. So January bookings growth rate was the best we've seen since going public. I can say it by a wide amount. It's a clear indication of the delayed decision-making we referenced. It was part of the impact, but less budget deployed upfront also played a major role. Aren't going to quantify beyond that. We never provided absolute bookings figures. And it's just really early in February. So not much to add on that front.

斯科特，你好嗎？是的。因此，1月份的預訂成長率是我們上市以來所見過的最佳水準。我可以非常肯定地說。這清楚地表明了我們之前提到的決策延遲問題。這是造成影響的一部分原因，但前期投入的預算較少也扮演了重要角色。不會再做更深入的量化分析了。我們從未提供過絕對的預訂量資料。現在才二月初。所以這方面沒什麼好補充的了。

Understand. And then back to the market growth rate and your ability to get to double digits exiting the end of the year. I mean, what -- how should we think -- you had -- I think you took some market share here in the midyear selling season this past year. How do we think about your ability to take market share as you scale and ramp throughout the year? Is it you historically said we can take double the market share that the industry grows at ?

理解。然後回到市場成長率以及你能否在年底前實現兩位數的成長率。我的意思是，我們應該怎麼看待你們——我認為你們在去年年中銷售旺季搶佔了一些市場份額。我們如何看待您在全年擴大規模和提升產能的過程中獲取市場份額的能力？你之前說過我們可以佔據產業成長速度兩倍的市佔率嗎？？

Yes, Scott. So I know we've talked about that in the past. I don't think the 2x is always a hard and fast rule. But we continually outgrown the market since we've been public. I think part of it has to do with the fact that we continue to innovate and continue to grow our engagement.

是的，斯科特。我知道我們以前討論過這個問題。我認為2倍並非總是硬性規定。但自從上市以來，我們的發展速度就超過了市場需求。我認為部分原因在於我們不斷創新，並不斷擴大用戶參與度。

We continue to have best-in-class ROI. And I think as soon as you come to market with something really new, like an AI commercial product. You have -- our customers always have these innovation budgets. And -- those are the types of things that kind of are certainly always available for interesting new offerings.

我們持續保持業界最佳的投資報酬率。我認為，一旦你把真正新穎的東西推向市場，例如人工智慧商業產品。你們—我們的客戶總是有這些創新預算。而且——這些類型的事物總是可以不斷湧現，為人們帶來有趣的新體驗。

And so AI will allow us to tap into those budgets possibly search, as Jeff referred to, and so I think there are a lot of factors that will put us in a good position to get to that double-digit exit growth rate for the year. But that's probably the most we can say on that without giving official guidance.

因此，人工智慧將使我們能夠利用這些預算進行搜索，正如傑夫所提到的那樣，所以我認為有很多因素將使我們處於有利地位，從而實現今年兩年的退出增長率。但在不給出官方指導的情況下，我們可能也只能說這麼多了。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

I was hoping you could give us some kind of update on your strategy and progress integrating your workflow tools with the broader health care technology ecosystem. More specifically, curious about integrating medical AI and scribe with electronic health records.

我希望您能向我們介紹您將工作流程工具與更廣泛的醫療保健技術生態系統整合的策略和進展。更具體地說，我對將醫療人工智慧和醫療記錄員與電子健康記錄相結合很感興趣。

Yes, this is Jeff. I'll respond. So again, we're really proud to work with hundreds of health systems, and we do integrations with many of them. The integrations to date have been mostly around our telehealth service offering, but we're working on other integrations as well. I don't have anything specific to say on that front today, but suffice it to say, our scribe product does do very well among individual doctors that saves them a lot of time.

是的，這是傑夫。我會回覆。所以再次重申，我們非常自豪能夠與數百家醫療系統合作，並與其中許多系統進行了整合。到目前為止，我們的整合主要集中在遠距醫療服務方面，但我們也在進行其他方面的整合。今天我在這方面沒有什麼具體要說的，但總而言之，我們的抄寫員產品在個別醫生中非常受歡迎，為他們節省了大量時間。

They like that it's personal to them, and that it's something that they can carry with them in their pocket anywhere at any time. And really, the integration isn't that heavy way when you think about it. It's mostly a cut and paste. The other thing is our dialer tool, which is our most popular workflow tool for telehealth, we have that button right there in the dialer call that allows you to go and scribe the visit, again, which is a great point of integration for us to be in. And again, it's not hard to have a receptionist staff member go cut and pace that in at the end of the day, but we're also working on integrations with folks.

他們喜歡它的個人化，而且可以隨時隨地放在口袋裡隨身攜帶。仔細想想，其實整合並沒有那麼複雜。基本上就是剪貼。還有一點就是我們的撥號工具，這是我們最受歡迎的遠距醫療工作流程工具，撥號器通話中有一個按鈕，可以讓你記錄就診過程，這對我們來說是一個很好的整合點。而且，讓前台工作人員在一天結束時去剪裁和測量並不難，但我們也在努力與其他人進行整合。

And I'd just end by saying, particularly with our telehealth product, I think we have many moats. And we've seen new competitors come and go here. We've had probably five direct competitors over the years that have tried to build a physician-focused dialer. I will say it is very hard.

最後我想說，尤其是在我們的遠距醫療產品方面，我認為我們有很多競爭優勢。我們看到這裡不斷有新的競爭對手出現，也有新的競爭對手消失。多年來，我們大概遇到五家直接競爭對手，他們都試圖開發以醫生為導向的撥號器。我覺得這非常難。

It's painstakingly difficult to go and do all the things you need to do with all the telcos, and we have unique relationships with the telcos to make sure that the caller ID and the station all works correctly. And in the end, that manifests itself into pickup rates that we have that are three times what others have.

要與所有電信公司溝通並完成所有需要做的事情非常困難，我們與電信公司建立了獨特的關係，以確保來電顯示和基地台都能正常運作。最終，這體現在我們的接單率上，我們的接單率是其他公司的三倍。

So in short, when you call a patient using Doximity dialer, you will not be marked as spam, it will not be flagged as spam risk. You will get through to that patient with a number that they recognize and that's a pretty big moat for us. And again, we've seen a number of companies try to come at us here. Our dialer usage has actually gone up more in the last quarter, nice and steady than we've had in the past.

簡而言之，當您使用 Doximity 撥號器打電話給病人時，您不會被標記為垃圾電話，也不會被標記為垃圾電話風險。你可以用病人能認出的號碼聯絡他們，這對我們來說是一個巨大的優勢。而且，我們已經看到很多公司試圖在這裡與我們競爭。上個季度我們的撥號器使用量實際上有所增加，而且比以往任何時候都更加穩定。

Stan Bernstein, Wells Fargo Securities.

史丹伯恩斯坦，富國證券。

On the medical AI, the 300,000 unique prescribers that you talked about, if we think about the workflow, I'm curious, how are the providers using these features? Are they opening up to the app and going directly into the medical AI? Or are they interacting somewhere else on the app and organically getting redirected I'm curious if you can talk about the workflow that's getting into use this feature.

關於醫療人工智慧，您提到的 30 萬名獨特的處方醫生，如果我們考慮一下工作流程，我很好奇，醫療服務提供者是如何使用這些功能的？他們是否正在積極使用這款應用程序，並直接進入醫療人工智慧領域？或者他們是否在應用程式的其他地方進行互動，然後自然而然地被重定向到這裡？我很想知道您能否談談使用此功能的流程。

Thanks. This is Jeff. Yes, the full platform flow, which we're happy to demo for folks if they'd like to see is you start with the telehealth visit, you're talking to seeing a patient, it scribes the visit at the end of the visit. It writes what's called a so note for you. The A and the P in the (technical difficulty) note is called assessment and plan, and a lot of times, doctors will want to double check their assessment and plan.

謝謝。這是傑夫。是的，完整的平台流程（我們很樂意為有興趣的人演示）是從遠距醫療就診開始，您與患者交談，就診結束後系統會記錄就診內容。它會為你寫一份叫做「so note」的東西。（技術難題）說明中的 A 和 P 分別稱為評估和計劃，很多時候，醫生會想要再次核對他們的評估和計劃。

And again, that's just a one click into our DocsGPT AI to do an evidence-based search and double check your assessment and plan. So there's a lot of on-ramps, honestly, into the AI. The other one is from our news feed, which has more than 1 million quarterly active users last quarter, after reading an article about something new in medicine, maybe I have a follow-up question or two. And again, that leads you directly into our AI, which can do more research and help you understand the full article or new news a bit more.

再次強調，只需點擊一下即可使用我們的 DocsGPT AI 進行基於證據的搜索，並再次檢查您的評估和計劃。所以，說實話，進入人工智慧領域的途徑有很多。另一個問題來自我們的新聞推送，上個季度我們的新聞推送擁有超過 100 萬季度活躍用戶。在閱讀了一篇關於醫學新進展的文章後，我可能有一兩個後續問題。而且，這會直接引導您進入我們的人工智慧系統，它可以進行更多研究，幫助您更好地理解整篇文章或新聞。

Again, we're a platform. We're not a feature, and that's a huge advantage here. In the end, being a trusted platform for physicians for 15 years, it's a place that they go -- they're spending, again, most of their time doing the workflow, news feed, identity, all of that comes together into also having a question-and-answer tool.

我們再次強調，我們是一個平台。我們不是功能性產品，這對我們來說是一個巨大的優勢。最終，作為一個值得信賴的醫生平台，它已經陪伴醫生走過了 15 年，成為他們經常光顧的地方——他們大部分時間都花在處理工作流程、新聞推送、身份驗證上，所有這些都與問答工具結合在一起。

And maybe a quick one on bookings. Just when you're having these budget discussions, I'm curious, are customers sharing concrete budget expectations? Or is it still kind of like a theoretical framework and maybe there's some squishiness and that will all work out in the company months or quarters, thanks.

或許還可以簡單談談預訂方面的問題。就在你們進行預算討論的時候，我很好奇，客戶是否提出了具體的預算預期？或者它仍然像是一個理論框架，可能存在一些模糊之處，而所有這些都會在公司運營的幾個月或幾個季度內解決，謝謝。

I think it varies. I think there are, like I said before, brand managers who would intend or want to spend a certain amount with us, but it really depends on kind of what gets deployed -- sorry, what gets released to them and when.

我認為這因情況而異。我認為，就像我之前說的那樣，有些品牌經理打算或想要在我們這裡投入一定的資金，但這真的取決於我們向他們推出什麼產品——抱歉，是推出什麼產品以及何時推出。

Obviously, others that signed on at a large scale by December 31. We've got a good sense, obviously, signed of what they're going to do with us. And a lot of times, they'll make that decision if they can, if they're a position to do that the fund has because by doing that, you kind of unlock the best possible economics.

顯然，還有其他一些人在 12 月 31 日之前大規模簽約。顯然，我們已經很清楚他們會如何處置我們了。很多時候，如果他們有能力，如果他們有能力這樣做，基金就會做出這樣的決定，因為這樣做可以釋放出最佳的經濟效益。

But like I said, it varies from customer to customer. And I think there are folks who would like to spend more with us and just hadn't gotten access to those funds yet. And hopefully, if and when those funds become available, they'll kind of spend kind of where they've indicated they may be able to.

但就像我說的，這因客戶而異。我認為有些人想在我們這裡消費更多，只是還沒有獲得相應的資金。希望當這些資金到位時，他們能夠按照他們之前表示的方式去花掉這些錢。

Ryan Halsted, RBC Capital Markets.

Ryan Halsted，加拿大皇家銀行資本市場。

Maybe just a follow-up on the pharma marketing budgetary decisions. Just curious if you are seeing any change in -- or anticipating any change in the cadence of budgetary decisions by your large pharma customers? Is sort of the traditional seasonality of the upfront and upsell seasons kind of still the norm? Or has there been any shift to a more periodic review and decision-making process?

或許只是想跟進一下醫藥行銷預算決策。我只是好奇您是否觀察到——或者預計您的大型製藥客戶的預算決策節奏會有任何變化？傳統的預售季和追加銷售季的季節性規律是否仍然普遍存在？或者說，審查和決策過程是否已經轉向更定期的審查和決策方式？

Ryan, great to see you on your first call with us. It's a great question. I think the answer is this is an anomaly. This -- what happened at the end of this year was very odd. I think even for our customers, it was odd. And so this isn't what you would typically see. There wouldn't typically be this much uncertainty very late in the year. And I can tell you that, I think, like I said in my last response, it is to your advantage to buy at scale for the full year before December 31 because you unlock the best possible economics and soft benefits with us.

Ryan，很高興第一次和我們通話就見到你。這是一個很好的問題。我認為答案是這是一個異常現象。今年年底發生的事情非常奇怪。我覺得即使對我們的客戶來說，這也很奇怪。所以，這並不是你通常會看到的景象。通常情況下，在一年中的最後階段不會出現這麼多的不確定性。我可以告訴你，我認為，就像我在上次回覆中說的那樣，在 12 月 31 日之前批量購買全年的合約對你有利，因為這樣你就能獲得我們所能提供的最佳經濟效益和額外福利。

So I think this is truly an anomaly for this year, and we're working through that. I can say, if you look back two years, it's a little bit different, but we had kind of a similar dynamic where 4Q was a mid-single-digit revenue growth rate. It had to do with the fact that we had sold a lot of point of care and content wasn't ready.

所以我認為這確實是今年的一個異常情況，我們正在努力解決這個問題。我可以說，如果回顧兩年前，情況略有不同，但我們當時的情況也類似，第四季的營收成長率為個位數中段。這與我們售出大量即時護理設備但內容尚未準備好有關。

But things -- I think a lot of the programs, the launches were delayed -- and when you went to for the first-quarter, there was a nice step-up in revenue growth as those things kind of normalize a bit. Not a perfect compare, but this isn't the first time we've seen something like this. But in terms of is this a new norm for the upfront season. We think this is really an anomaly. This is not something that we expect to continue.

但是，我認為許多專案和產品的發布都被推遲了，到了第一季度，隨著這些事情逐漸恢復正常，收入成長出現了不錯的提升。雖然不能完全類比，但這並非我們第一次見到類似情況。但就目前的情況來看，這是否會成為賽季前的新常態呢？我們認為這確實是個異常現象。我們不打算讓這種情況繼續下去。

Got it. That's helpful. And then for my follow-up, just any color around demand for the multi-module integrated offerings.

知道了。那很有幫助。然後，我的後續問題是，關於多模組整合產品的需求，任何顏色都可以。

Yes. So I can take that. So Doc dynamic this quarter was about 45% of our bookings compared with 18% a year ago. So it was still a significant part of the selling season Again, there's only so many people that can buy it because the minimum is high to get access to it. So it's still an interesting product for many.

是的。所以我可以接受。因此，本季 Doc 動態預訂量約佔我們總預訂量的 45%，而去年同期這一比例為 18%。所以它仍然是銷售季的重要組成部分。再說一遍，能買到它的人數量有限，因為獲得它的最低門檻很高。所以對很多人來說，它仍然是一款很有趣的產品。

It's still really good tech folks are interested. But yes, the update is about 45% of the programs we do dynamic in terms of what we sold in the third-quarter.

科技界人士仍然對此感興趣，這真是太好了。是的，就我們第三季銷售的產品而言，更新大約占我們動態產品總數的 45%。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Is lot of the question already answered. I was just wondering, Jeff, if you could go into a little bit more detail on the background study, referenced with the docs using the AI and how much impact that maybe has made in terms of gaining additional utilization with other providers ?

很多問題都已經得到了解答。傑夫，我只是想問，你能不能更詳細地介紹一下背景研究，特別是文檔中提到的使用人工智慧的部分，以及這些研究在提高與其他服務提供者的合作利用率方面可能產生的影響？？

Yes, Richard, I'm glad you asked. So yes, we did do a study as we do our own research with talks all the time. And again, we're about to have 150 doctors here in a few weeks to go really deep on this for a few days. But yes, we had 1,300 high-prescribing physicians. So these are very busy physicians, who took the time to go and actually asked the clinical question that they face in their practice that day and do a side-by-side comparison of our AI versus other AI in the marketplace.

是的，理查德，很高興你問了這個問題。是的，我們確實做了一項研究，因為我們一直在進行自己的研究和演講。此外，幾週後我們將有 150 位醫生來到這裡，就此問題進行為期數天的深入研究。沒錯，我們有 1300 位高處方量醫生。所以這些都是非常忙碌的醫生，他們抽出時間去詢問他們在當天的臨床實踐中遇到的問題，並將我們的人工智慧與市場上其他人工智慧進行並排比較。

And the net of it was, we feel really great that we performed at twice the rate. Our competition did in this space. And with good reason, I think, around the better drug reference, the full 2,000 journals access and even some smaller things. They like -- are formatting of tables. They like the speed of the product were faster than any other product on the market. So yes, we're proud to do that research, and we just put it out today so more can see it.

最終結果是，我們感覺非常棒，因為我們的表現比預期提高了一倍。我們的競爭對手也涉足這一領域。我認為這是有充分理由的，因為它提供了更好的藥物參考資料、完整的 2000 種期刊訪問權限，甚至還有一些較小的功能。他們喜歡——是表格的格式化。他們喜歡這款產品的速度，比市面上任何其他產品都快。是的，我們很自豪能進行這項研究，今天我們把它公佈出來，讓更多的人可以看到。

I do think they probably use the product and maybe told others about it. That's how we got to -- from that 1,300 trials to 300,000 to give you a sense of how quickly were it spreads in medicine. But to be fair, most of that study was done in January. So pretty recently. So I don't think that that was a meaningful part of our 300,000 number.

我認為他們很可能使用過該產品，甚至可能也向其他人推薦過。這就是我們從 1300 次試驗發展到 30 萬次試驗的過程，讓你了解它在醫學領域傳播的速度有多快。但公平地說，這項研究的大部分工作是在一月完成的。就在不久前。所以我認為那不是我們30萬這個數字中有意義的一部分。

We've run out of time for any further questions. I will now turn the conference back over to Jeff for closing remarks.

時間已經到了，我們沒有時間回答其他問題了。現在我將把會議交還給傑夫，請他作閉幕致詞。

Thank you all for joining our third-quarter 2026 earnings call. We appreciate the feedback. And I just want to say thank you to the entire team here who continue to work incredibly hard to serve our physicians every day. Thank you.

感謝各位參加我們2026年第三季財報電話會議。我們感謝您的回饋。我還要感謝這裡的整個團隊，他們每天都在辛勤工作，為我們的醫生提供服務。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。