EngageSmart Inc (ESMT) 2022 Q4 法說會逐字稿

Good morning. Thank you for attending today's EngageSmart Fourth Quarter and Fiscal Year 2022 Earnings Call. My name is Todd, and I'll be your moderator today. (Operator Instructions) It is now my pleasure to turn the conference over to Josh Schmidt of EngageSmart. Josh?

早上好。感謝您參加今天的 EngageSmart 第四季度和 2022 財年收益電話會議。我叫托德，今天我將擔任你們的主持人。 （操作員說明）現在我很高興將會議轉交給 EngageSmart 的 Josh Schmidt。喬什？

Thank you. Good morning, and welcome to our fourth quarter and fiscal 2022 earnings call. With me on the call today are Bob Bennett, Chief Executive Officer; and Cassandra Hudson, Chief Financial Officer.

謝謝。早上好，歡迎來到我們的第四季度和 2022 財年財報電話會議。今天和我一起打電話的是首席執行官 Bob Bennett；和首席財務官 Cassandra Hudson。

Our earnings press release, supplemental presentation and associated Form 8-K can be found at investors.engagesmart.com. During this call, we will be discussing certain forward-looking information. Actual results could differ materially from those contemplated by these forward-looking statements.

我們的收益新聞稿、補充報告和相關的 8-K 表格可在 investors.engagesmart.com 上找到。在這次電話會議中，我們將討論某些前瞻性信息。實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。

Please refer to the Risk Factors section of our annual report on Form 10-K and other SEC filings for more information on the risks regarding these forward-looking statements and risk factors associated with our business.

有關這些前瞻性陳述的風險和與我們業務相關的風險因素的更多信息，請參閱我們關於 10-K 表格和其他 SEC 文件的年度報告的風險因素部分。

All metrics discussed during this call are non-GAAP unless otherwise noted. A reconciliation of non-GAAP metrics to the nearest GAAP metric as well as statements regarding why management believes these measures provide useful information can be found in our earnings press release and supplemental presentation, both of which are available on the Investor Relations section of our website. This call is being webcast live and will be available for replay on our website at investors.engagesmart.com.

除非另有說明，否則本次電話會議期間討論的所有指標均為非 GAAP。非 GAAP 指標與最接近的 GAAP 指標的對賬以及關於管理層為何認為這些指標提供有用信息的聲明可以在我們的收益新聞稿和補充介紹中找到，這兩者都可以在我們網站的投資者關係部分找到.此電話會議正在進行網絡直播，可在我們的網站 investors.engagesmart.com 上重播。

I would now like to turn the call over to our CEO, Bob Bennett.

我現在想把電話轉給我們的首席執行官 Bob Bennett。

Thanks, Josh. Good morning, everyone, and thank you for joining us on our fourth quarter and fiscal 2022 earnings call today. Fiscal 2022 was truly a phenomenal year for EngageSmart. We delivered record annual revenue of $303.9 million, representing 41% year-over-year growth, all organic.

謝謝，喬希。大家早上好，感謝您今天加入我們的第四季度和 2022 財年財報電話會議。 2022 財年對 EngageSmart 來說確實是非凡的一年。我們實現了創紀錄的年收入 3.039 億美元，同比增長 41%，全部是有機的。

We also reported record annual adjusted EBITDA of $49.3 million or 16.2% of revenue for the year. Our excellent results reflect the strength of EngageSmart's business model, which is characterized by our proven customer-led strategy, our deep vertical expertise, our strategic alliances and our highly motivated team. I'd like to thank our teammates for their strong passion and outstanding work throughout 2022, never wavering from their commitment to excellence for our customers.

我們還報告了創紀錄的年度調整後 EBITDA 為 4930 萬美元，佔當年收入的 16.2%。我們出色的業績反映了 EngageSmart 商業模式的優勢，該模式的特點是我們經過驗證的客戶主導戰略、我們深厚的垂直專業知識、我們的戰略聯盟和我們積極進取的團隊。我要感謝我們的隊友們在整個 2022 年的強烈熱情和出色的工作，他們從未動搖過他們為客戶提供卓越服務的承諾。

The fourth quarter and fiscal 2022 were marked by robust demand, favorable secular trends and continued execution across our business segments as we drove product innovation and extended our market leadership. We entered 2023 from a position of strength.

隨著我們推動產品創新和擴大市場領導地位，第四季度和 2022 財年的特點是強勁的需求、有利的長期趨勢以及我們各業務部門的持續執行。我們以強勢進入 2023 年。

Our dedication to simplifying customer and client engagement is resonating with the market. Our products are gaining market share. And we are expanding our footprint across all verticals. Before Cassandra dives deeper into the details of our financial performance and our outlook for 2023, I'd like to share some 2022 highlights.

我們致力於簡化客戶和客戶參與，這引起了市場的共鳴。我們的產品正在獲得市場份額。我們正在擴大我們在所有垂直領域的足跡。在 Cassandra 深入探討我們的財務業績細節和 2023 年展望之前，我想分享一些 2022 年的亮點。

Our SMB segment is uniquely positioned to help address the shortage of mental health professionals and the high demand for care. SMB achieved outstanding revenue growth of 52% in 2022, driven by new customer adds, a favorable mix and subscriptions, the successful pricing and packaging changes that we implemented in Q1 of 2022 and our strength in transactions process. We continue to see strong traction in mental health and are excited about our opportunity to drive growth and expand the group practices in 2023.

我們的 SMB 部門具有獨特的定位，可以幫助解決精神衛生專業人員短缺和對護理的高需求。在新客戶增加、有利的組合和訂閱、我們在 2022 年第一季度實施的成功定價和包裝變化以及我們在交易流程方面的實力的推動下，SMB 在 2022 年實現了 52% 的出色收入增長。我們繼續看到心理健康領域的強大吸引力，並對我們在 2023 年推動增長和擴大團隊實踐的機會感到興奮。

Our Enterprise segment benefits from systemic long-term tailwinds, stemming from the need for organizations to digitize their operations. Enterprise delivered annual revenue growth of 29%, fueled by customer go-lives and high digital and paperless adoption with existing customers.

我們的企業部門受益於系統性的長期順風，源於組織對其運營數字化的需求。在客戶上線以及現有客戶高度數字化和無紙化採用的推動下，Enterprise 實現了 29% 的年收入增長。

To provide more color on our strong results in the SMB segment, we continue to experience high demand for our simple practice solution, particularly in our core mental health vertical. The mental health market is characterized by a shortage of professionals, coupled with an increasing demand for care due to a high prevalence of mental health disorders.

為了為我們在 SMB 領域的強勁業績提供更多色彩，我們繼續對我們的簡單實踐解決方案有很高的需求，特別是在我們的核心心理健康垂直領域。心理健康市場的特點是專業人員短缺，加上由於心理健康障礙的高患病率，對護理的需求不斷增加。

SimplePractice is designed to simplify administrative functions addresses those challenges by enabling practitioners to focus on what is most important to them, treating more patients. With a network of over 160,000 mental health and wellness practitioners, SimplePractice helps many therapy seekers to take the critical first steps, find the best provider, get in contact with that provider and successfully book an appointment. And we continuously evolve our offering with new features and functionalities that add value for our customers.

SimplePractice 旨在簡化管理功能，使從業者能夠專注於對他們最重要的事情，治療更多患者，從而應對這些挑戰。 SimplePractice 擁有超過 160,000 名心理健康和健康從業者的網絡，幫助許多尋求治療的人邁出關鍵的第一步，找到最好的提供者，與該提供者取得聯繫並成功預約。我們不斷改進我們的產品，增加新的特性和功能，為我們的客戶增加價值。

Most recently, we launched our new client app, which allows our practitioners to use their smartphone for scheduling, note taking, messaging, billing and more. Monarch and SimplePractice Enterprise are extensions of our efforts to make care more accessible and to enable our practitioners to focus on what they do best, treating patients.

最近，我們推出了新的客戶端應用程序，它允許我們的從業者使用他們的智能手機進行日程安排、筆記記錄、消息傳遞、計費等。 Monarch 和 SimplePractice Enterprise 是我們努力的延伸，旨在讓護理更容易獲得，並使我們的從業者能夠專注於他們最擅長的事情，即治療患者。

Both Monarch and SimplePractice Enterprise leverage our extensive customer base of over 160,000 practitioners. Monarch is a consumer-facing website found at meetmonarch.com that enables a digital method for practitioners and patients to connect. It simplifies the process of finding and accepting new patients. It also builds the foundation for SimplePractice Enterprise, our B2B offering for Employee Assistance Programs, EAPs and Managed Care Organizations, MCOs.

Monarch 和 SimplePractice Enterprise 都利用了我們超過 160,000 名從業者的廣泛客戶群。 Monarch 是一個面向消費者的網站，位於 meetmonarch.com 上，它為從業者和患者提供了一種數字連接方式。它簡化了尋找和接受新患者的過程。它還為 SimplePractice Enterprise 奠定了基礎，SimplePractice Enterprise 是我們為員工援助計劃、EAP 和管理式護理組織 (MCO) 提供的 B2B 產品。

Our network of practitioners is particularly valuable to these organizations as they frequently struggle to match patients to therapists in a timely fashion. By enabling easy scheduling with SimplePractice for providers who are already within an EAP or MCO network, we help speed up that process.

我們的從業者網絡對這些組織特別有價值，因為他們經常難以及時將患者與治療師相匹配。通過使用 SimplePractice 為已經在 EAP 或 MCO 網絡中的提供商輕鬆安排時間，我們幫助加快了該過程。

We recently signed our largest SimplePractice Enterprise deal to date and have a robust pipeline of opportunities. We look forward to exploring the potential contribution to our SimplePractice flywheel as we partner with EAPs and MCOs to capture in-network providers who do not yet use SimplePractice.

我們最近簽署了迄今為止最大的 SimplePractice Enterprise 交易，並擁有大量機會。我們期待探索對我們的 SimplePractice 飛輪的潛在貢獻，因為我們與 EAP 和 MCO 合作，以吸引尚未使用 SimplePractice 的網絡內提供商。

In mental health, we are excited also about the opportunity with group practices. In 2023, we are prioritizing this market segment with our product road map to expand on the efficiency SimplePractice creates the groups. By further enhancing the value we bring to groups, we believe we can attract new practices and enable our customers to grow their practices by adding more practitioners.

在心理健康方面，我們也對集體實踐的機會感到興奮。 2023 年，我們將通過我們的產品路線圖優先考慮這一細分市場，以擴大 SimplePractice 創建群體的效率。通過進一步提高我們為團隊帶來的價值，我們相信我們可以吸引新的實踐，並通過增加更多的從業者來使我們的客戶發展他們的實踐。

Revenue cycle management is also an opportunity for SimplePractice. Insurance billing is difficult to manage for small practices and getting paid as a key challenge for our practitioners. This complexity is often a deterrent to our customers accepting insurance, which can lead to access and affordability issues for patients.

收入周期管理也是 SimplePractice 的一個機會。小型診所難以管理保險賬單，而獲得報酬是我們從業者面臨的主要挑戰。這種複雜性通常會阻礙我們的客戶接受保險，這可能會導致患者的獲取和負擔能力問題。

We are prioritizing road map items to accommodate revenue cycle management and believe we can support our customers in better managing collections and maximizing reimbursement rates. Ultimately, we hope to increase financial transparency for our customers by helping simplify yet another administrative task.

我們正在優先考慮路線圖項目以適應收入周期管理，並相信我們可以支持我們的客戶更好地管理收款並最大限度地提高報銷率。最終，我們希望通過幫助簡化另一項管理任務來提高客戶的財務透明度。

Finally, we continue to see a large addressable market opportunity with new verticals and plan to enhance specific features and functionality in the future to continue to drive value for our customers.

最後，我們繼續看到新垂直領域的巨大潛在市場機會，併計劃在未來增強特定特性和功能，以繼續為我們的客戶創造價值。

In addition to product innovation, we continue to invest in marketing to drive a comp flow. Word of mouth referrals are our most efficient marketing channel, particularly as we rapidly grow our referral base each quarter. At the same time, we are seeing great traction with our investments in digital marketing, which enables us to broaden our brand awareness beyond existing customers and their network.

除了產品創新，我們還繼續投資於營銷以推動競爭流。口耳相傳是我們最有效的營銷渠道，尤其是在我們每個季度都在快速擴大推薦基礎的情況下。與此同時，我們看到我們在數字營銷方面的投資產生了巨大的吸引力，這使我們能夠將我們的品牌知名度擴大到現有客戶及其網絡之外。

Now turning to our Enterprise segment. Our strong results are driven by customer go-lives across all verticals, fueled by our partner-assisted selling motion as well as record digital adoption with existing customers. Our verticals, utilities, financial services, government, enterprise health care and giving are characterized by broad usage of legacy systems, many of which are outdated, expensive to maintain and time consuming to update.

現在轉向我們的企業部門。我們強勁的業績是由所有垂直領域的客戶上線推動的，由我們的合作夥伴協助的銷售活動以及現有客戶創紀錄的數字採用推動。我們的垂直行業、公用事業、金融服務、政府、企業醫療保健和捐贈的特點是遺留系統的廣泛使用，其中許多已經過時、維護成本高且更新耗時。

That's why many billers struggle with high operating costs, fail to meet consumer demand for digital experiences and often resist the idea of implementing new systems. That is until they meet with us. Our core value proposition is driving superior rates of digital adoption by enabling a modern user experience, a wide variety of payment methods and omnichannel capabilities, ultimately increasing cost-saving behaviors.

這就是為什麼許多開賬單的人都在為高運營成本而苦苦掙扎，無法滿足消費者對數字體驗的需求，並且常常抵制實施新系統的想法。直到他們與我們見面。我們的核心價值主張是通過提供現代用戶體驗、多種支付方式和全渠道功能來推動更高的數字採用率，最終增加成本節約行為。

We combine a modern commerce experience with engagement capabilities that are specific to the needs of our customers. Automated reminders, e-mails, text messages and personalized bill-pay capabilities. And we achieved all that through tight integrations with our billers' customer information systems, or CISs.

我們將現代商務體驗與專門針對客戶需求的參與能力相結合。自動提醒、電子郵件、短信和個性化的賬單支付功能。我們通過與開票方的客戶信息系統 (CIS) 的緊密集成實現了這一切。

Our approach allows our billers to offer a modern billing and payments platform without the time-consuming process to upgrade the CIS while extending the useful life of their original solution. And that's why we win.

我們的方法使我們的開票方能夠提供現代計費和支付平台，而無需耗時的過程來升級 CIS，同時延長其原始解決方案的使用壽命。這就是我們獲勝的原因。

In the fourth quarter and throughout 2022, we saw great momentum in all verticals as we continue to realize efficiencies in deals where we have existing integration. We recorded several notable customer launches in utilities, including the City of Port St. Lucie, Florida. In insurance, we launched Phase 1 of the go-live process with our largest insurance client. And in tax, we went live with several new clients, including Union County, North Carolina.

在第四季度和整個 2022 年，隨著我們繼續實現現有整合交易的效率，我們在所有垂直領域都看到了巨大的發展勢頭。我們記錄了公用事業領域的幾個著名客戶發布，包括佛羅里達州聖露西港市。在保險方面，我們與最大的保險客戶一起啟動了上線流程的第一階段。在稅務方面，我們與幾個新客戶一起上線，包括北卡羅來納州的聯合縣。

In addition, we drove record adoption with existing customers in all verticals. Our ability to quickly achieve results is highly valued by our new billers such as Truckee Meadows, Water Authority in Nevada and Enpro, a medical professional insurance carrier based in New York.

此外，我們推動了所有垂直領域現有客戶的創紀錄採用。我們快速取得成果的能力受到我們的新承銷商的高度重視，例如內華達州的 Truckee Meadows、水務局和紐約的醫療專業保險公司 Enpro。

Within a year of implementing invoice cloud, Truckee Meadows increased auto pay adoption by 22%, decreased (inaudible) [00:10:44] payments by 20% and achieved $175,000 in annual operational efficiencies. Enpro saw a 211% increase in electronic payment adoption in the first year as well as a 7x increase in auto pay adoption.

在實施發票雲的一年內，Truckee Meadows 將自動支付的採用率提高了 22%，將（聽不清）[00:10:44] 付款減少了 20%，並實現了 175,000 美元的年度運營效率。 Enpro 發現第一年電子支付採用率增長了 211%，自動支付採用率增長了 7 倍。

Increasing auto pay adoption is a key value proposition for our insurance clients as more customers automatically renew their policies. We focus not only on driving digital adoption but also paperless adoption. In the fourth quarter, we had record levels of paperless adoption and achieved a significant milestone.

隨著越來越多的客戶自動更新他們的保單，增加自動支付的採用是我們保險客戶的一個關鍵價值主張。我們不僅關注推動數字化採用，還關注無紙化採用。在第四季度，我們的無紙化應用達到了創紀錄的水平，並實現了一個重要的里程碑。

Approximately half of our customers invoiced are sent by us by e-mail, a key step in reducing the use of paper and cost for billers. Soco Creek Water District in California, for example, recorded a 33% increase in paperless enrollment within 1 year.

我們開具發票的客戶中大約有一半是由我們通過電子郵件發送的，這是減少紙張使用和開票人成本的關鍵步驟。例如，加利福尼亞州的 Soco Creek Water District 在 1 年內無紙化註冊人數增加了 33%。

The fourth quarter was also a phenomenal bookings quarter for Enterprise. Historically, we have seen an ebb and flow in new bookings due to fluctuations on big deals. In the fourth quarter, we achieved a record booking quarter driven by consistency in the mid-market and several large deals.

第四季度對於 Enterprise 來說也是一個驚人的預訂季度。從歷史上看，由於大宗交易的波動，我們已經看到新預訂量起伏不定。在第四季度，我們在中端市場的一致性和幾筆大型交易的推動下實現了創紀錄的預訂季度。

Notably, we signed 2 of the 4 largest deals of 2022 in Q4. Our new customer growth continues to be driven by our strategic alliance go-to-market strategy. In Q4, we formed several new partnerships across verticals and strengthened existing alliances that contribute to our pipeline and extend our market share.

值得注意的是，我們在第四季度簽署了 2022 年最大的 4 筆交易中的 2 筆。我們的新客戶增長繼續受到我們的戰略聯盟上市戰略的推動。在第四季度，我們在垂直領域建立了幾個新的合作夥伴關係，並加強了現有的聯盟，這些聯盟有助於我們的渠道和擴大我們的市場份額。

In utilities, for example, we launched our Prime municipal software alliance, which further opens the midsized market for us in 27 states. In our high-growth insurance vertical, we signed several new customers, including another Guidewire customer, Franken mutual insurance based in New Jersey.

例如，在公用事業領域，我們推出了 Prime 市政軟件聯盟，進一步為我們打開了 27 個州的中型市場。在我們的高增長保險垂直領域，我們簽下了幾個新客戶，包括另一個 Guidewire 客戶，總部位於新澤西州的 Franken 相互保險。

And in tax, we finalized the integration with DevNet, opening county tax market in Illinois, Missouri and North Carolina. Additionally, we finalized the government procurement partnership that streamlines the buying process for local and county governments.

在稅收方面，我們完成了與 DevNet 的整合，在伊利諾伊州、密蘇里州和北卡羅來納州開放了縣級稅收市場。此外，我們還完成了政府採購合作夥伴關係，簡化了地方和縣政府的採購流程。

Product innovation remains incredibly important to us as we continue to drive higher value for our customers. Most recently, we launched outbound payments for insurance customers. Approximately half of the payments in insurance are outbound, representing a large opportunity for us and we are quickly gaining traction. In Q4, we closed 6 outbound payment deals.

隨著我們繼續為客戶創造更高的價值，產品創新對我們來說仍然非常重要。最近，我們為保險客戶推出了對外付款。大約一半的保險付款是出境的，這對我們來說是一個巨大的機會，我們正在迅速獲得關注。在第四季度，我們完成了 6 筆出境付款交易。

In summary, we've had a strong fourth quarter and a great year. We continue to drive traction in the market for products that help saved labor costs, increased operational efficiency and drive customer satisfaction. We delivered solid results across our vertically tailored SaaS solutions, driven by continued customer demand, payer adoption on our platform and great customer retention.

總之，我們有一個強勁的第四季度和一個偉大的一年。我們繼續在市場上推動有助於節省勞動力成本、提高運營效率和提高客戶滿意度的產品。在持續的客戶需求、付款人在我們平台上的採用以及良好的客戶保留率的推動下，我們在垂直定制的 SaaS 解決方案中取得了可觀的成果。

We believe that this is a testament to the strength of our business model and our market leadership position in customer engagement software with integrated payments.

我們相信，這證明了我們商業模式的實力以及我們在具有集成支付功能的客戶互動軟件方面的市場領導地位。

With that, I'll hand the call over to our CFO, Cassandra Hudson. Cassandra?

有了這個，我會把電話轉給我們的首席財務官卡桑德拉哈德森。卡桑德拉？

Thank you, Bob. Our fourth quarter results again exceeded our revenue and profitability guidance, capping off an outstanding year in which we delivered record revenue, net income and adjusted EBITDA.

謝謝你，鮑勃。我們第四季度的業績再次超出了我們的收入和盈利指導，為我們實現創紀錄的收入、淨收入和調整後的 EBITDA 的傑出年度畫上了句號。

Revenue in 2022 was $303.9 million, representing 41% growth from 2021 and adjusted EBITDA was $49.3 million or 16.2% of revenue. Delivering more than $300 million in revenue as well as a 210 basis point expansion in our adjusted EBITDA margin were important milestones that we achieved in 2022.

2022 年的收入為 3.039 億美元，比 2021 年增長 41%，調整後的 EBITDA 為 4930 萬美元，佔收入的 16.2%。實現超過 3 億美元的收入以及調整後的 EBITDA 利潤率增加 210 個基點是我們在 2022 年實現的重要里程碑。

In 2023, we are focused on driving continued growth in both segments and making product and go-to-market investments that are intended to help us achieve our next midterm milestone of $500 million in revenue, while we continue to expand our margins.

2023 年，我們將專注於推動這兩個細分市場的持續增長，並進行產品和上市投資，以幫助我們實現下一個 5 億美元收入的中期里程碑，同時繼續擴大利潤率。

For the full year, we expect revenue to be in the range of $380 million and $384 million or revenue growth of approximately 26%. Our revenue guidance implies roughly 30% growth in SMB and 20% growth in Enterprise, the drivers of which I will cover in a few moments.

對於全年，我們預計收入將在 3.8 億美元至 3.84 億美元之間，或收入增長約 26%。我們的收入指引意味著 SMB 增長約 30%，企業增長約 20%，稍後我將介紹其驅動因素。

For adjusted EBITDA for the full year, we expect to be in the range of $66.5 million and $69 million, which represents an adjusted EBITDA margin of roughly 17.7% or a 150 basis point improvement over fiscal year 2022.

對於全年調整後的 EBITDA，我們預計將在 6650 萬美元至 6900 萬美元之間，這意味著調整後的 EBITDA 利潤率約為 17.7%，或比 2022 財年提高 150 個基點。

While we plan to continue investing in sales and marketing to drive top line growth and R&D to maintain product leadership, we are also committed to expanding margins as we continue to make progress toward our long-term adjusted EBITDA margin goal of 30% or higher.

雖然我們計劃繼續投資於銷售和營銷以推動收入增長和研發以保持產品領先地位，但我們也致力於擴大利潤率，因為我們繼續朝著 30% 或更高的長期調整後 EBITDA 利潤率目標邁進。

As a result of the outperformance of our business model in 2022, our guidance for revenue and profitability for 2023 is well ahead of our initial expectations from our September 2021 initial public offering.

由於我們的商業模式在 2022 年表現出色，我們對 2023 年收入和盈利能力的指引遠高於我們對 2021 年 9 月首次公開募股的初步預期。

For Q1 of 2023, we expect revenue in the range of $86 million to $87 million, which implies 28% growth year-over-year at the midpoint of our range. We expect adjusted EBITDA in the range of $13.5 million and $14 million, which represents an adjusted EBITDA margin of 15.9% at the midpoint.

對於 2023 年第一季度，我們預計收入在 8600 萬美元至 8700 萬美元之間，這意味著在我們範圍的中點同比增長 28%。我們預計調整後的 EBITDA 將在 1350 萬美元至 1400 萬美元之間，這意味著調整後的 EBITDA 利潤率為中點 15.9%。

We continue to see strong cash flow generation with free cash flow of $45.8 million in 2022, taking our cash balance to $311.8 million as of December 31, 2022.

我們繼續看到強勁的現金流產生，2022 年的自由現金流為 4580 萬美元，截至 2022 年 12 月 31 日，我們的現金餘額達到 3.118 億美元。

In 2023, we expect adjusted EBITDA to free cash flow conversion to moderate to approximately 50% due to higher cash taxes associated with the capitalization of R&D expenses, which is now required for tax purposes under IRC Section 174, coupled with significant utilization of our remaining NOLs in 2022.

到 2023 年，我們預計調整後的 EBITDA 到自由現金流的轉換率將降至約 50%，原因是與研發費用資本化相關的現金稅較高（根據 IRC 第 174 條，現在出於稅收目的需要這樣做），再加上我們剩餘資金的大量利用2022 年的 NOL。

As you think about 2023, please keep the following in mind. Regarding SMB, we expect to see continued high demand for our SimplePractice solution in our core mental health vertical fueled by a shortage of practitioners, coupled with an increasing need for care.

當您考慮 2023 年時，請牢記以下幾點。關於 SMB，我們預計，由於從業者短缺以及對護理的需求不斷增加，我們的核心心理健康垂直領域對我們的 SimplePractice 解決方案的需求將持續高漲。

As our practitioners grow their practices and add more simple practice seats, they use additional features, purchase higher-priced packages and process more payments through our solutions. We are excited about the opportunities we see with group practices and our prioritizing features that will make it even easier for our customers to manage multiple practitioners this year.

隨著我們的從業者擴大他們的實踐並增加更多簡單的實踐席位，他們使用額外的功能，購買價格更高的套餐並通過我們的解決方案處理更多的付款。我們對團隊實踐中看到的機會和我們的優先功能感到興奮，這些功能將使我們的客戶今年更容易管理多個從業者。

As you recall, we successfully launched our new 3 tiered pricing and packaging halfway through Q1 of last year. Due to customers migrating earlier than expected and more customers electing our Plus package, we exceeded our expectations and drove growth of more than 50% in SimplePractice in 2022.

您還記得，我們在去年第一季度中途成功推出了新的 3 層定價和包裝。由於客戶比預期更早遷移，並且更多客戶選擇了我們的 Plus 套餐，我們超出了預期，並在 2022 年推動 SimplePractice 增長了 50% 以上。

In late Q1 of 2023, we will be increasing the price of our integrated payment processing solution by 20 basis points. This increase will help to offset the higher payment processing and infrastructure costs that we have been incurring and allow us to continue to provide and invest in the seamless experience our customers expect.

在 2023 年第一季度末，我們會將集成支付處理解決方案的價格提高 20 個基點。這一增長將有助於抵消我們一直產生的較高的支付處理和基礎設施成本，並使我們能夠繼續提供和投資於客戶期望的無縫體驗。

Now turning to Enterprise. As we move into 2023, we remain highly focused on continued sales and implementation execution to fuel new customer growth. We are beginning to focus on larger deals and believe moving upmarket is a critical aspect of our future growth.

現在轉向企業。隨著我們進入 2023 年，我們仍然高度關注持續的銷售和實施執行，以推動新客戶的增長。我們開始專注於更大的交易，並相信向高端市場轉移是我們未來增長的一個關鍵方面。

Enterprise delivered strong growth in 2022, driven in part by consistency in the mid-market and the timing of several large go-lives at the end of 2021 and the beginning of 2022. While the ebb and flow associated with the timing of go-live will result in moderating revenue growth in 2023. We remain confident in the long-term durability of our Enterprise segment, driven by our record bookings quarter in Q4 and a robust pipeline that we believe will continue to fuel strong growth.

企業在 2022 年實現了強勁增長，部分原因是中端市場的一致性以及 2021 年底和 2022 年初幾家大型公司上線的時間。雖然與上線時間相關的潮起潮落將導致 2023 年收入增長放緩。我們對企業部門的長期耐用性仍然充滿信心，這得益於我們在第四季度創紀錄的預訂季度以及我們認為將繼續推動強勁增長的強勁管道。

We are excited about our success and traction in our newer insurance and tax verticals. In 2022, we invested in strategic alliances and signed clients in new states that we believe create long-term tailwinds for additional targets.

我們對我們在較新的保險和稅務垂直領域的成功和吸引力感到興奮。 2022 年，我們投資了戰略聯盟並在新州簽署了客戶，我們認為這將為更多目標創造長期的順風。

Our DonorDrive solution is more susceptible to macroeconomic disruption and our guidance assumes a slowdown in revenue growth from fundraising events this year.

我們的 DonorDrive 解決方案更容易受到宏觀經濟中斷的影響，我們的指導假設今年籌款活動的收入增長放緩。

In terms of seasonality, we expect to see a small step down in Q1 revenue on a sequential basis due to the timing of transactions in Q4 2022 associated with tax billing and invoice cloud and the concentration of large fundraising events for DonorDrive.

就季節性而言，由於 2022 年第四季度的交易時間與稅收計費和發票雲相關，以及 DonorDrive 的大型籌款活動集中，我們預計第一季度收入將環比小幅下降。

Beyond new customer growth, we continue to focus on product innovation and customer experience that enables us to drive superior rates of digital and paperless adoption. We are investing in further simplifying the customer experience by adding functionality that removes friction to drive higher value for our customers.

除了新客戶的增長，我們繼續專注於產品創新和客戶體驗，這使我們能夠推動更高的數字和無紙化採用率。我們正在投資，通過添加消除摩擦的功能來進一步簡化客戶體驗，從而為我們的客戶帶來更高的價值。

Now turning to Q4 and full year 2022 results. Total revenue for Q4 was $83.9 million, representing 36% year-over-year growth, fueled by growth in customer count and transactions processed.

現在轉向第四季度和 2022 年全年業績。第四季度的總收入為 8390 萬美元，同比增長 36%，這主要得益於客戶數量和處理的交易量的增長。

As of the end of Q4 2022, our total customer count surpassed 100,000 to 102,700 a significant milestone for EngageSmart and an increase of 24% over the prior year. Our customer growth continues to be mainly driven by new customer additions from our digital marketing programs and word-of-mouth referrals in our SMB segment.

截至 2022 年第四季度末，我們的客戶總數超過 100,000 人，達到 102,700 人，這是 EngageSmart 的一個重要里程碑，比上一年增長了 24%。我們的客戶增長繼續主要由我們的數字營銷計劃和我們 SMB 部門的口碑推薦中增加的新客戶推動。

We also delivered strong growth in transactions processed. In Q4, we processed 38.9 million transactions, up from 31.2 million in the year ago quarter, representing 25% growth. We also saw continued strength in our net revenue retention rate, which was 117% for 2022, driven by the pricing and packaging changes in our SMB segment and strong digital payment adoption in our Enterprise segment.

我們還實現了處理交易的強勁增長。在第四季度，我們處理了 3890 萬筆交易，高於去年同期的 3120 萬筆，增長了 25%。我們還看到我們的淨收入保留率持續走強，到 2022 年為 117%，這得益於我們 SMB 部門的定價和包裝變化以及我們企業部門對數字支付的大力採用。

Our SMB segment continues to perform exceptionally well with fourth quarter revenue coming in at $45.2 million, representing 45% growth year-over-year. Subscription revenue of $33.5 million grew 58% year-over-year, driven by new customer adds, and the impact of pricing and packaging changes.

我們的 SMB 部門繼續表現出色，第四季度收入為 4520 萬美元，同比增長 45%。訂閱收入為 3350 萬美元，同比增長 58%，這主要得益於新客戶的增加以及定價和包裝變化的影響。

Transaction and usage-based revenue of $11.5 million grew 21% year-over-year as more transactions were processed on our platform. Our Enterprise segment also delivered strong results with reported revenue of $38.7 million, representing 27% year-over-year growth, driven by new customer adds and strong digital payment and paperless adoption.

隨著更多交易在我們的平台上處理，基於交易和使用的收入為 1150 萬美元，同比增長 21%。我們的企業部門也取得了強勁的業績，報告的收入為 3870 萬美元，同比增長 27%，這得益於新客戶的增加以及強勁的數字支付和無紙化採用。

Our adjusted gross margin for Q4 of 2022 increased to 79.5% from 77.8% in Q4 of 2021, primarily driven by the results of our SMB pricing and packaging changes. Sales and marketing expenses were $27.5 million, up $6 million. In SMB, we continue to test new digital marketing channels to drive new customer acquisition and broadened our brand to create awareness for our solutions in all of the verticals we serve today.

我們 2022 年第四季度的調整後毛利率從 2021 年第四季度的 77.8% 增加到 79.5%，這主要是由於我們的 SMB 定價和包裝變化的結果。銷售和營銷費用為 2750 萬美元，增加了 600 萬美元。在 SMB 中，我們繼續測試新的數字營銷渠道以推動新客戶的獲取並擴大我們的品牌以在我們今天服務的所有垂直行業中提高我們的解決方案的知名度。

In Enterprise, our investments continue to be on our partner relationships as well as sales headcount to fuel pipeline and bookings growth. R&D expenses came in at $13.8 million, up $4.5 million. In our SMB segment, we're investing in features for group practices and revenue cycle management. In our Enterprise segment, we're investing in features and functionality to continuously improve the experience for our billers and their payers and to accelerate digital adoption in all of our verticals.

在 Enterprise 方面，我們繼續投資於我們的合作夥伴關係以及銷售人員，以推動管道和預訂增長。研發費用為 1380 萬美元，增加了 450 萬美元。在我們的 SMB 部分，我們正在投資於團隊實踐和收入周期管理的功能。在我們的企業部門，我們正在投資特性和功能，以不斷改善我們的開單方及其付款人的體驗，並加速我們所有垂直行業的數字化採用。

G&A costs were $12.6 million, up $1.1 million driven by an increase in headcount to support our business growth. Net income was $4.9 million for the quarter compared to a net loss of $0.9 million in the fourth quarter of 2021. Adjusted EBITDA was $13.6 million for the quarter, representing 16.2% margin compared to $6.3 million or 10.2% margin in the fourth quarter of 2021.

G&A 成本為 1260 萬美元，增加了 110 萬美元，原因是為支持我們的業務增長而增加了員工人數。本季度淨收入為 490 萬美元，而 2021 年第四季度為淨虧損 90 萬美元。本季度調整後的 EBITDA 為 1360 萬美元，利潤率為 16.2%，而 2021 年第四季度為 630 萬美元或 10.2%。 .

In summary, we continue to believe we operate in defensive verticals that should remain attractive and vibrant even in an economic downturn. Regarding SMB, the unmet need for mental health treatment is large and widespread. Periods of economic uncertainty can further increase that need for care.

總而言之，我們仍然相信我們在防禦性垂直領域開展業務，即使在經濟低迷時期，這些垂直領域也應該保持吸引力和活力。關於 SMB，未滿足的心理健康治療需求很大且很普遍。經濟不確定時期會進一步增加對護理的需求。

In our Enterprise segment, the majority of bills are nondiscretionary in nature and the secular trend of digitization remains strong. Overall, we believe we are well positioned and remain confident in our ability to continue to deliver profitable growth.

在我們的企業部門，大多數賬單本質上是非自由裁量的，數字化的長期趨勢依然強勁。總體而言，我們相信我們處於有利地位，並對我們繼續實現盈利增長的能力充滿信心。

I'll now turn the call back over to Bob for closing comments.

我現在將電話轉回 Bob 以徵求意見。

Cassandra, tremendous results, again, feels a little like Groundhog Day. We founded EngageSmart because activities like paying bills, scheduling appointments, onboarding new patients and client communication shouldn't be that hard.

卡桑德拉，巨大的成果，再次，感覺有點像土撥鼠日。我們創立 EngageSmart 是因為支付賬單、安排約會、入職新患者和客戶溝通等活動不應該那麼困難。

It's great to see our team's efforts bear fruit. Our success is driven by 3 simple factors: first, our proven customer-focused playbook driven by A players. We are committed to recruiting, retaining and developing top talent. Our momentum is driven by their tremendous work and relentless pursuit of customer satisfaction.

很高興看到我們團隊的努力取得成果。我們的成功是由 3 個簡單的因素驅動的：首先，我們經過驗證的以客戶為中心的劇本由 A 玩家驅動。我們致力於招聘、留住和發展頂尖人才。他們的巨大工作和對客戶滿意度的不懈追求推動了我們的發展勢頭。

Second, product leadership is measured by adoption and retention. We leverage our top talent with deep vertical expertise to put our customers at the center of our decision-making, ultimately delivering innovative, market-leading solutions.

其次，產品領導力是通過採用和保留來衡量的。我們利用擁有深厚垂直專業知識的頂尖人才，將客戶置於我們決策的中心，最終提供創新的、市場領先的解決方案。

Third, our large market and runway. We addressed a $28 billion U.S. market across all ZIP codes and have captured about 1% of market share. We continue to invest in our solutions to unlock EngageSmart's full potential and look forward to expanding our footprint across all of our verticals.

第三，我們的大市場和跑道。我們在所有郵政編碼的 280 億美元美國市場上佔據了大約 1% 的市場份額。我們繼續投資於我們的解決方案以釋放 EngageSmart 的全部潛力，並期待擴大我們在所有垂直領域的足跡。

We remain focused on delighting our customers, growing our business and creating shareholder value while we make a positive impact in the world. We appreciate you all joining us on this call this morning.

在我們對世界產生積極影響的同時，我們仍然專注於取悅客戶、發展業務和創造股東價值。感謝大家今天早上加入我們的電話會議。

Before we begin Q&A, I'd like to take a moment to thank our investors and analysts for the time and insights they provide us as we further expand EngageSmart and its potential. Your input is incredibly important to us as we work to build long-term shareholder value for this growth company. Thank you very much.

在我們開始問答之前，我想花點時間感謝我們的投資者和分析師在我們進一步擴展 EngageSmart 及其潛力時為我們提供的時間和見解。在我們努力為這家成長型公司建立長期股東價值的過程中，您的意見對我們來說非常重要。非常感謝。

(Operator Instructions) Our first question comes from Robert Napoli with William Blair.

（操作員說明）我們的第一個問題來自 Robert Napoli 和 William Blair。

Congratulations on excellent first year as a public company, a good guidance. Just the first question -- the SMB segment, you do lap the price increase in the first quarter. The number of customers you're adding good trend as you get larger, some deceleration, but you're moving up market.

祝賀你作為上市公司的第一年表現出色，這是一個很好的指導。只是第一個問題 - SMB 部分，你確實在第一季度增加了價格。你增加的客戶數量隨著你規模的擴大而呈現出良好的趨勢，有些減速，但你正在向上移動市場。

Are you getting -- is the average guest clinicians per customer increasing? Do you expect that to increase or continue to increase?

您是否得到 - 每個客戶的平均客座臨床醫生在增加嗎？您預計會增加還是繼續增加？

Yes. I mean, we've continued to see growth in the average number of practitioners per practice, Bob, through 2022 as well.

是的。我的意思是，鮑勃，到 2022 年，我們也繼續看到每個診所的平均從業者人數在增長。

And I think as you know, it's kind of steadily moved up over the past few years. Certainly, with our pricing and packaging changes, the opportunity with group practices was really highlighted for us. And that is why we are now prioritizing more features specifically for group practices on our road map.

我認為，正如你所知，在過去幾年中，它一直在穩步上升。當然，隨著我們定價和包裝的變化，對我們來說真正突出了集體實踐的機會。這就是為什麼我們現在在我們的路線圖上優先考慮更多專門針對小組實踐的功能。

So as we deploy those features, we do continue to expect more traction there in the group practice segment for us.

因此，當我們部署這些功能時，我們確實繼續期望在小組練習部分對我們有更多的吸引力。

And a follow-up. Just -- I mean, you had mentioned a 20 basis point price increase. But just generally around margins. Your margin guidance is solid. You have 30% target long-term margins. How do you think about incremental margins to get to that 30% long-term margin? Is there any materiality you can get the 20 basis point price increase. When is that? And what does that mean to revenue?

和一個後續行動。只是 - 我的意思是，你提到了 20 個基點的價格上漲。但通常只是在利潤率附近。您的保證金指導很可靠。您有 30% 的目標長期利潤率。您如何看待增量利潤率以達到 30% 的長期利潤率？有什麼實質性的可以讓你獲得 20 個基點的價格上漲。那是什麼時候？這對收入意味著什麼？

Sure. So just taking the pricing first, that will start to take effect in late Q1 here, so March time frame. And so we'll certainly start to see higher transaction revenue as a result of that leading into Q2.

當然。所以首先考慮定價，這將在第一季度末開始生效，也就是 3 月的時間框架。因此，由於進入第二季度，我們肯定會開始看到更高的交易收入。

And then on the margin side of things, at least in the near term, a lot of the expansion you're going to see is going to come specifically from G&A.

然後在利潤方面，至少在短期內，你將看到的很多擴張將特別來自 G&A。

We're starting to really get leverage from our shared services model across all of EngageSmart. And as you know, we made kind of incremental improvements in gross margin in 2023. And we expect that -- effectively that level of improvement to continue in the medium term as well.

我們開始真正利用我們在整個 EngageSmart 的共享服務模型。如您所知，我們在 2023 年的毛利率方面取得了一定程度的改善。我們預計，這種改善水平在中期也將持續下去。

So those are the 2 big areas. We're still investing on the engineering side and also investing in our go-to-market functions to drive long-term growth.

所以這是兩個大領域。我們仍在投資於工程方面，也投資於我們的上市職能，以推動長期增長。

Our next question will come from Will Nance with Goldman Sachs.

我們的下一個問題將來自高盛的 Will Nance。

I wanted to ask on the Enterprise segment. You mentioned a handful, I think, your largest booking quarter in history, seemed like a very strong momentum in the fourth quarter.

我想問企業部門。你提到了少數，我認為，你歷史上最大的預訂季度，似乎是第四季度非常強勁的勢頭。

I guess I'm just trying to kind of marry those comments with the outlook for the 20% revenue growth in 2023. Should we be thinking about this as sort of just like an air pocket and implementation time lines? And do you guys have kind of line of sight towards an acceleration of some of these large bookings kind of start to flow into revenue?

我想我只是想將這些評論與 2023 年收入增長 20% 的前景結合起來。我們是否應該將其視為一種氣穴和實施時間表？你們是否對這些大額預訂中的一些加速開始流入收入有某種看法？

Thanks for the question, Will. You're thinking about it exactly right. So we did have a really strong bookings quarter in Q4. We do have to implement those deals. So there's a booking -- a new booking cycle and an implementation cycle that we have to get through. So the ebb and flow that we see in go-lives is really reflected in our guidance for this year.

謝謝你的問題，威爾。你在想它是完全正確的。所以我們在第四季度確實有一個非常強勁的預訂季度。我們確實必須執行這些交易。所以有一個預訂——一個新的預訂週期和一個我們必須經歷的實施週期。因此，我們在上線中看到的潮起潮落確實反映在我們今年的指導中。

But as we continue to bring the record-breaking bookings that we saw in Q4 live, we'll start to see them really positively impact revenue in the future.

但隨著我們繼續將我們在第四季度看到的破紀錄的預訂帶到現場，我們將開始看到它們對未來的收入產生真正的積極影響。

That's super helpful. And then I was just wondering if you could talk a little bit about penetration rates within just the mental health vertical and SimplePractice. You guys are talking about going upmarket into group practices.

這非常有幫助。然後我只是想知道你是否可以談談心理健康垂直和 SimplePractice 中的滲透率。你們正在談論進入高端市場進入團體實踐。

How do you kind of delineate the size of the market in each and kind of where you stand from a penetration perspective?

從滲透的角度來看，您如何描述每個市場的規模以及您所處的位置？

So I mean, we still look at the market holistically. So with SimplePractice, still targeting $10 billion TAM with $5 billion of that more longer term focused on medical specialties, $5 billion on the wellness market that we're serving today.

所以我的意思是，我們仍然從整體上看市場。因此，對於 SimplePractice，仍然以 100 億美元的 TAM 為目標，其中 50 億美元的長期專注於醫學專業，50 億美元用於我們今天服務的健康市場。

Within the behavioral health portion of the market, which we estimate to be at least $1.2 billion. Obviously, there's a huge concentration of solo practitioners, which we've been very successful at selling into. What we're really focused on is slowly moving upmarket.

在市場的行為健康部分，我們估計至少有 12 億美元。顯然，有大量的獨立從業者，我們在銷售方面非常成功。我們真正關注的是慢慢走向高端市場。

So selling to still what I would characterize as small group practices. But that's where we've been seeing the biggest traction to date. And we'll continue to kind of slowly progress up into larger and larger group practices over time.

所以賣給仍然是我稱之為小團體實踐的東西。但這是迄今為止我們看到最大吸引力的地方。隨著時間的推移，我們將繼續緩慢地進入越來越大的團體實踐。

But we're not actively targeting large group practices today, if you will. This is a slow movement upward.

但是，如果您願意的話，我們今天並沒有積極針對大型團體實踐。這是一個緩慢的向上運動。

Our next question comes from Terry Tillman with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

Nowadays, I feel compelled to ask an AI-oriented question, but I'm not going to do it on this call, okay? The question -- the first question I had is related -- well, it's a multipart question related to SimplePractice.

現在，我覺得有必要問一個面向 AI 的問題，但我不會在這次電話會議上這樣做，好嗎？這個問題——我遇到的第一個問題是相關的——好吧，這是一個與 SimplePractice 相關的多部分問題。

First, in terms of -- it does sound like there's, still some things. And I appreciate what you're saying Cassandra in terms of it's still opportunistic and it's not the main focus on group practices. But it sounds like there's still some deliverables you all need to provide in terms of product market fit. So could you give us a sense on when that's going to happen?

首先，就 — 聽起來確實還有一些事情。我很欣賞你所說的 Cassandra，因為它仍然是機會主義的，而且它不是對小組實踐的主要關注。但就產品市場契合度而言，聽起來你們仍然需要提供一些可交付成果。那麼你能告訴我們什麼時候會發生嗎？

And then the second part, I'm intrigued by revenue cycle management. Maybe you could talk about when that could start becoming actionable and what kind of ARPU lift that could provide? And then I had a follow-up for Cassandra.

然後是第二部分，我對收入周期管理很感興趣。也許你可以談談什麼時候開始變得可行以及可以提供什麼樣的 ARPU 提升？然後我對 Cassandra 進行了跟進。

Yes. Terry, so the road map for our market expansion, new specialties continues to drive forward. We're definitely gaining traction very significantly with still speech language pathologists and with occupational therapists.

是的。特里，所以我們的市場擴張路線圖，新的專業繼續向前推進。我們確實在語言病理學家和職業治療師中獲得了非常顯著的吸引力。

And a little bit of a -- I wouldn't call it a pivot, but an adjustment to accommodate the really strong growth we're seeing in group practices, in behavioral health and interdisciplinary type clinician outfits, where they've got speech language pathology, occupational therapy and behavioral health, all in the same in the same group.

還有一點——我不會稱之為支點，而是一種調整，以適應我們在團體實踐、行為健康和跨學科類型的臨床醫生裝備中看到的真正強勁的增長，在那裡他們有語言病理學、職業治療和行為健康，都在同一組中。

All of that is happening while we continue to align our product resources into the squads that can attack the chiropractic, physical therapy and some of the other wellness verticals where we still have a little bit of work to do to -- for a full product market fit.

所有這一切都在發生，同時我們繼續將我們的產品資源調整到可以攻擊脊椎按摩療法、物理療法和其他一些我們仍然需要做一些工作的其他健康垂直領域的小隊中——為了一個完整的產品市場合身。

But again, while we continue to see is such strong demand in behavioral health and in the existing -- I mean, SLPs are growing really well. So we just want to continue to be supportive of those groups and continue to enhance those groups. So that we can continue to get strong customer satisfaction and the word-of-mouth viral push towards new trials that drive new customer adds. I don't know if answered your question, Terry?

但同樣，雖然我們繼續看到對行為健康和現有的如此強烈的需求——我的意思是，SLP 的增長非常好。所以我們只想繼續支持這些團體並繼續加強這些團體。這樣我們就可以繼續獲得強大的客戶滿意度，並通過口碑病毒推動新的試驗，從而增加新客戶。我不知道是否回答了你的問題，特里？

It did. And I'm unfair because I'm asking a couple of questions, multipart. It's pretty annoying probably for everyone. But you mentioned revenue cycle management is an opportunity though that was the second part of the question in terms of just flushing that out a little bit more and potentially what kind of the impact on timing.

它做了。而且我不公平，因為我問了幾個問題，多部分。這可能對每個人來說都很煩人。但是你提到收入周期管理是一個機會，儘管這是問題的第二部分，只是將其沖洗掉一點，可能對時間有什麼樣的影響。

On revenue cycle management, we are in trials. We're already in there. We're working to sort of eliminate that administrative burden for many of our practices already today is getting traction and we're powering ahead with it and it looks very favorable and encouraging to us right now.

在收入周期管理上，我們正在試驗中。我們已經在那裡了。我們正在努力消除我們許多實踐的行政負擔，今天已經開始受到關注，我們正在大力推進它，它現在看起來對我們非常有利和鼓舞。

So that is a, we think, a significant opportunity as we move forward to really eliminate the hassles around billing, insurance claims and all of that by creating appropriate partnerships where we can bring very high visibility to our customers of what's going on with the insurance claims and eliminate the burden of administering to them. So we're in play on that right now, going well.

因此，我們認為，這是一個重要的機會，因為我們將通過建立適當的合作夥伴關係，真正消除賬單、保險索賠等方面的麻煩，我們可以讓我們的客戶非常清楚地了解保險的進展情況索賠並消除管理他們的負擔。所以我們現在正在進行中，進展順利。

That's great. And then Cassandra, my second question was just related to the midpoint of the growth for the full year of '23 is 26% growth. I mean you had the product and pricing and packaging that really had a pretty meaningful impact on the SMB in '22.

那太棒了。然後是 Cassandra，我的第二個問題與 23 年全年增長的中點有關，即 26% 的增長。我的意思是你的產品、定價和包裝在 22 世紀對 SMB 產生了非常有意義的影響。

Is there anything you could share at all about relative growth rates or just to kind of give us some sort of level setting between Enterprise and SMB in '23?

關於相對增長率，您有什麼可以分享的嗎？或者只是想給我們在 23 年的企業和 SMB 之間設定某種水平？

Sure. Sure. Thanks for the question, Terry. So as it relates to the segments, we expect roughly 30% growth in SMB in 2023 and 20% growth in Enterprise. And really, as you've already highlighted, we're going to be working through the compares on the pricing and packaging this year in SMB.

當然。當然。謝謝你的問題，特里。因此，就細分市場而言，我們預計 2023 年 SMB 將增長約 30%，企業將增長 20%。實際上，正如您已經強調的那樣，我們今年將在 SMB 中對定價和包裝進行比較。

So that's a driver of the growth rate there. And then on Enterprise, we did have several large go-lives at the end of 2021 and the beginning of 2022. That drove really strong growth for us in the prior year.

所以這是那裡增長率的驅動力。然後在 Enterprise 上，我們在 2021 年底和 2022 年初確實有幾個大型項目上線。這推動了我們在前一年的強勁增長。

And there's an ebb and flow associated with the timing of these go-lives, so given that we expect Enterprise to grow roughly 20% in 2023.

這些上線的時間有潮起潮落，因此我們預計 Enterprise 將在 2023 年增長約 20%。

Our next question comes from Bhavin Shah with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

It's Nick on for Bhavin. Looking at SimplePractice Enterprise and Monarch, can you talk a little bit more about how you see the opportunity growing there going forward?

這是 Bhavin 的尼克。看看 SimplePractice Enterprise 和 Monarch，你能多談談你如何看待未來增長的機會嗎？

So with SimplePractice Enterprise and Monarch, Bhavin, we see that there's a really strong need for connecting patients in a timely fashion to care.

因此，通過 SimplePractice Enterprise 和 Monarch，Bhavin，我們看到非常需要及時將患者與護理聯繫起來。

So with Monarch and SimplePractice Enterprise, we actually enable these MCOs, Managed Care Organizations and Employee Assistance Programs to directly access data. And our base of clinicians to set appointments up online, provide online onboarding for new patient, get visibility into whether or not the session actually happened.

因此，借助 Monarch 和 SimplePractice Enterprise，我們實際上使這些 MCO、管理式醫療組織和員工援助計劃能夠直接訪問數據。我們的臨床醫生基地可以在線設置約會，為新患者提供在線入職培訓，了解會議是否真的發生了。

Does the patient show up? Did they actually onboard, visibility into things that they don't have today in a normal -- in their normal process. But I mean, think about a picture yourself as an MCO as a caregiver or somebody that's trying to set up care, making 20 phone calls to Solo and small group practitioners, leaving messages, trying to get a hold of somebody, so you can align a calendar. They call back here on the phone.

病人出現了嗎？他們是否真的加入了他們今天在正常過程中所沒有的東西的可見性。但我的意思是，想像一下你自己是一名 MCO 的照料者或試圖建立護理的人，給 Solo 和小組從業者打了 20 個電話，留言，試圖聯繫某人，這樣你就可以調整日曆。他們打電話回這裡。

So all of that goes away with our automation and our online scheduling capability. So we see a really strong need here for -- well, cost savings with the MCOs and the EAPs to have many fewer people that are setting up these appointments because it's all easily handled.

因此，所有這些都隨著我們的自動化和在線調度功能而消失。因此，我們在這裡看到了非常強烈的需求——好吧，通過 MCO 和 EAP 節省成本，讓設置這些約會的人少得多，因為這很容易處理。

And then we see on the other side of that, Bhavin, a really strong push from these MCOs and EAPs to get all of their customers, all of their non-overlapping clinicians that they refer to today to get on to a SimplePractice platform or onto the SimplePractice platform to ease the ability of scheduling those appointments. And then getting the data on the other side of it of whether or not there's proper outcomes happening from it.

Bhavin，然後我們在另一方面看到，這些 MCO 和 EAP 非常有力地推動他們的所有客戶，他們今天提到的所有非重疊臨床醫生進入 SimplePractice 平台或進入 SimplePractice 平台SimplePractice 平台簡化了安排這些約會的能力。然後在它的另一邊獲取數據，看看它是否會產生適當的結果。

So it's all part of connected care, outcome tracking and improving what we think is going to be the long-term capabilities of our customers to treat patients in a timely fashion.

因此，這都是連接護理、結果跟踪和改進我們認為將成為我們客戶及時治療患者的長期能力的一部分。

Great. And can you give us, I guess, a little bit more color on how adoption is going kind of outside of sort of the speech and language pathology and occupational therapy verticals and sort of the rest of the wellness space?

偉大的。我想，你能給我們更多關於收養在言語和語言病理學、職業治療垂直領域以及其他健康領域之外的進展情況的更多顏色嗎？

It continues to grow. I mean, our market expansion is growing more quickly than our new markets are growing more quickly than behavioral health, which has been the trend.

它繼續增長。我的意思是，我們的市場擴張速度比我們新市場的增長速度快於行為健康的增長速度，這一直是趨勢。

And it continues to grow aggressively. I can't really stop it because the viral word of mouth keeps driving it. We're not trying to stop it obviously. But we're still more focused on groups, SLP and OT for the time being.

而且它繼續積極增長。我無法真正阻止它，因為病毒式口口相傳一直在推動它。顯然，我們並沒有試圖阻止它。但我們目前仍然更關注群體、SLP 和 OT。

Nutrition and dieticians continue to grow well, just on their own through organic word of mouth. But I think that the traction is good, strong. I would say it's steady.

營養師和營養師繼續發展良好，僅靠有機的口口相傳。但我認為牽引力很好，很強。我會說它很穩定。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗的 Ashwin Shirvaikar。

Good results, here. Congratulations on that. I was looking for some sort of granular help in terms of kind of the build-out of the model, looking at the SMB side.

好的結果，在這裡。對此表示祝賀。我一直在尋找某種關於模型構建的細粒度幫助，著眼於 SMB 方面。

When we consider sort of the number of locations that are being added per quarter and then the next part of that is the number of professionals per location. And why you don't explicitly have as larger pricing like last year in explicit terms, but you sort of have implicit because more people are moving to group, right.

當我們考慮每季度增加的地點數量時，下一部分是每個地點的專業人員數量。以及為什麼你沒有像去年那樣明確地明確定價，但你有點隱含，因為更多的人正在轉向團體，對吧。

So if you could provide any kind of color with regards to how someone like, me that outside looking in, can build out that model that'd be great.

因此，如果你能提供任何關於某人喜歡的顏色，我從外面看，可以建立那個很棒的模型。

Thanks for the question. In terms of gross customer adds, we see pretty consistent trends, consistent with what we saw in 2022 or 2023, really driven by the high demand for mental health treatment and care. So that trend remains strong. And we think that will still fuel pretty consistent growth customer adds.

謝謝你的問題。就增加的總客戶而言，我們看到了非常一致的趨勢，與我們在 2022 年或 2023 年看到的情況一致，這實際上是由對心理健康治療和護理的高需求推動的。所以這種趨勢依然強勁。我們認為這仍將推動相當穩定的客戶增長。

We are kind of expecting a slight increase in churn as we work through some of the pricing changes that we have planned for this year. So I would say, again, very small, but largely consistent trends overall with 2022, again, on the gross customer add side.

在我們完成今年計劃的一些定價變化時，我們預計客戶流失率會略有增加。因此，我想再次說，在總客戶增加方面，與 2022 年的總體趨勢非常小，但基本一致。

And then, just in terms of group practices, which I know you asked about, I mean, that has been growing pretty consistently. And we expect that trend to continue for 2023.

然後，就團體實踐而言，我知道你問過，我的意思是，它一直在持續增長。我們預計這一趨勢將持續到 2023 年。

But is there any other granular detail that you can provide with regards to the penetration of group practices in the base or anything like that, that would be helpful.

但是，關於團隊實踐在基礎中的滲透或類似的事情，您是否可以提供任何其他詳細信息，這會有所幫助。

I mean overall, we have, again, I think, just north of 1.6 practitioners per practice, and that's been up over the past several years from 1.4. So we're focused on kind of that next segment up, if you will, in group practices.

我的意思是，總的來說，我認為我們每次練習的從業者人數略高於 1.6 人，而且在過去幾年中從 1.4 人開始上升。因此，如果您願意，我們將專注於小組練習中的下一個部分。

I think still in the 10 to 20 practitioners, that's where we've been having some good success today. And I think that will be contributing to the growth that we see in 2023, especially as we roll-out more features and functionality specifics to them, which we expect later this year.

我認為仍然是在 10 到 20 名從業者中，這就是我們今天取得一些成功的地方。我認為這將有助於我們在 2023 年看到的增長，尤其是當我們推出更多針對它們的特性和功能時，我們預計將在今年晚些時候推出。

Understood. And one last cadence question. As we think of rev growth for '22 and think of it in terms of segments. Obviously, the 20% on Enterprise, I took your comments to imply it would be sub-20% at least in 1Q and then be higher than that later on.

明白了。最後一個節奏問題。當我們考慮 22 年的轉速增長並根據細分市場考慮時。顯然，企業的 20%，我認為你的評論意味著它至少在第一季度會低於 20%，然後會比以後更高。

And with regards to SMB, maybe it goes the other direction, north of 30% to start and gets a bit lower than that afterwards. Is that kind of a fair comment? Any other things to watch out for in terms of compares or anything like that?

至於 SMB，也許它會朝另一個方向發展，開始時超過 30%，之後會比那個低一點。這樣的評論公平嗎？在比較方面還有其他需要注意的事情嗎？

No. I mean, honestly, the impact in Q1 in terms of the seasonality that we see in Enterprise is very small. So I don't -- it's not going to be a huge step down here.

不，我的意思是，老實說，我們在 Enterprise 中看到的季節性對第一季度的影響非常小。所以我不——這不會是一個巨大的進步。

And I don't think it's going to swing the growth rate too much. And then on SMB, we do start lapping those compares in Q1. So it will start impacting the growth rate here in the quarter for sure.

而且我認為它不會對增長率產生太大影響。然後在 SMB 上，我們確實開始在第一季度進行比較。因此，它肯定會開始影響本季度的增長率。

Our next question comes from Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

I wanted to ask about ARPU. You continue to see some healthy growth there. What sub-segments would you say are primarily driving that?

我想問一下ARPU。你繼續在那裡看到一些健康的增長。您會說哪些子細分市場主要推動了這一點？

And does ARPU become a bigger part of the overall revenue growth equation in '23-'24 versus what you've seen in the last couple of years relative to customer growth?

與您在過去幾年中看到的與客戶增長相關的情況相比，ARPU 是否在 23-24 年的整體收入增長方程式中佔據了更大的比重？

Yes. I mean I think we still expect to see really strong contribution from ARPU expansion in 2023. I think 2022 was certainly an outsized year in terms of the ARPU expansion we drove, which really was associated with the pricing and packaging changes we made.

是的。我的意思是，我認為我們仍然希望在 2023 年看到 ARPU 擴張帶來的真正強勁貢獻。我認為 2022 年肯定是我們推動 ARPU 擴張的一年，這確實與我們所做的定價和包裝變化有關。

So the expansion will clearly be less than what we saw in 2022, but still a huge contributor for us. And the underlying drivers there really around our expansion into group practices, which have a seat model. So we charge for additional licenses as practitioners join the customers that we have and an element of pricing and payments processing, so more and more payments being processed on our platform.

因此，擴張顯然會低於我們在 2022 年看到的，但對我們來說仍然是一個巨大的貢獻。那裡的潛在驅動因素確實圍繞著我們擴展到具有座位模型的團體實踐。因此，隨著從業者加入我們擁有的客戶以及定價和付款處理的要素，我們對額外的許可證收費，因此越來越多的付款在我們的平台上處理。

Right, right. Okay. And then maybe just a follow-up on margins. It looks like you'll come in this year around 18% in adjusted EBITDA. You reiterated the longer-term target of 30%. Would you expect just sort of a relatively steady cadence over time? Or are there points in time where just because of scale, you start to get more of a pointed inflection, let's say, in terms of your G&A leverage?

是的是的。好的。然後可能只是對利潤率的跟進。看起來您今年的調整後 EBITDA 將達到 18% 左右。您重申了 30% 的長期目標。隨著時間的推移，你會期待一種相對穩定的節奏嗎？還是在某個時間點，僅僅因為規模，你開始獲得更多的尖銳拐點，比方說，就你的 G&A 槓桿而言？

The next few years, it will be steady progression. And that will largely be fueled by expansion in G&A as we get efficiencies there and small incremental improvements in gross margin.

未來幾年，它將穩步推進。隨著我們在那裡提高效率和毛利率的小幅提高，這將在很大程度上受到 G&A 擴張的推動。

Over the long term, I do think we'll start to see real leverage come from sales and marketing. But that is still, I would say, a few years out here as we're really investing to drive growth and capture share.

從長遠來看，我確實認為我們會開始看到真正的影響力來自銷售和營銷。但我想說，這仍然需要幾年時間，因為我們真的在投資以推動增長和占領份額。

Yes, still chasing it's on the TAM. Yes. Okay, great.

是的，仍在 TAM 上追逐它。是的。好的，太好了。

Our next question comes from Scott Berg of Needham.

我們的下一個問題來自 Needham 的 Scott Berg。

Congrats on the nice quarter. I guess I got 2. Customer adds in the SimplePractice business have kind of bounced around that 5,000 level all year, a nice healthy level, especially with the pricing increase.

恭喜這個漂亮的季度。我想我得到了 2。 SimplePractice 業務中的客戶增加全年都在 5,000 左右反彈，這是一個很好的健康水平，尤其是在價格上漲的情況下。

But we're seeing a number of software companies with exposure to smaller customers find a slightly more challenging environment in the fourth quarter. I guess as you think about your 2023 guidance, are you expecting that environment to be that new customer environment to be similar to what you've seen recently? Or are you anticipating any change to the macro?

但我們看到許多接觸較小客戶的軟件公司發現第四季度的環境更具挑戰性。我想當您考慮 2023 年指南時，您是否希望該環境成為與您最近看到的類似的新客戶環境？還是您預計宏會發生任何變化？

I mean we're expecting similar trends in terms of gross customer adds for 2023. I think the demand environment, especially around mental health, still remains very strong. I think at least in terms of the customer that we're targeting, they behave a little bit differently than a typical SMB customer.

我的意思是，我們預計 2023 年的總客戶增加量會出現類似趨勢。我認為需求環境，尤其是圍繞心理健康的需求環境仍然非常強勁。我認為至少就我們的目標客戶而言，他們的行為與典型的 SMB 客戶略有不同。

So I think in some ways, that benefits us. But as of now, the demand environment remains strong. And we're expecting consistent contribution in terms of gross adds.

所以我認為在某些方面，這對我們有利。但截至目前，需求環境依然強勁。我們期待在總增加方面做出一致的貢獻。

And then from a follow-up perspective, the way we calculate kind of transactional ARPU for your SMB customers has been trending down a little bit consistently in the last couple of quarters here.

然後從後續的角度來看，我們為您的 SMB 客戶計算交易 ARPU 的方式在過去幾個季度一直呈下降趨勢。

Any reason why transactions might be or that transaction kind of dollar amount from your customers might be trending down? Just to know if there's something seasonally in the business that's a little bit better in the first half of the year than the second half of the year?

交易可能會下降或來自客戶的交易金額可能呈下降趨勢的任何原因？只是想知道上半年業務中是否存在季節性比下半年好一點的東西？

Yes. There is a bit of seasonality to be aware of on the transactional side. And just with the SMB business overall, Q1 tends to be the strongest, both in terms of the appointments that our practitioners have, which obviously drives our payments revenue or transaction revenue and also just in terms of even new customer adds.

是的。在交易方面需要注意一些季節性。就整個 SMB 業務而言，第一季度往往是最強的，無論是在我們的從業者的任命方面，這顯然推動了我們的支付收入或交易收入，甚至在新客戶增加方面也是如此。

So Q1 is the strongest and then it kind of slowly steps down through the year as people take more and more vacation. And I think in '22, in particular, we certainly saw people returned to a more normal way of life, taking more vacations, et cetera.

所以第一季度是最強的，然後隨著人們越來越多地休假，它在一年中慢慢下降。我認為，尤其是在 22 世紀，我們確實看到人們恢復了更正常的生活方式，休假更多，等等。

And so I think that is a typical seasonal pattern for us. The other thing just to be aware of is we did make a lot of changes to pricing and packaging in 2022. And that did shift some revenue kind of between the buckets. So we're maximizing for total ARPU expansion.

所以我認為這對我們來說是一種典型的季節性模式。另一件需要注意的事情是，我們確實在 2022 年對定價和包裝做了很多改變。這確實在不同的領域之間轉移了一些收入。因此，我們正在最大化總 ARPU 擴展。

And as a result, you can see shifts in growth between the categories there.

結果，您可以看到那裡類別之間的增長變化。

Our next question comes from Josh Beck with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask a little bit about the group pricing. Certainly, as you get into even 4, 5 clinicians per office, it's a really meaningful ARPU lift. And certainly, as you get into 10, it's certainly a really large difference versus your kind of average ARPU.

我想問一下關於團體定價的問題。當然，當每個辦公室有 4、5 名臨床醫生時，這確實是一個非常有意義的 ARPU 提升。當然，當您進入 10 時，這與您的平均 ARPU 肯定有很大的不同。

So I'm curious on -- just with respect to the CAC associated with these group clinicians, are you finding that the channels that resonate for these large offices is maybe different than the 1 to 2 type of offices and just how you're kind of modifying your go-to-market as group becomes -- it seems like a bigger theme?

所以我很好奇 - 就與這些團體臨床醫生相關的 CAC 而言，您是否發現引起這些大型辦公室共鳴的渠道可能不同於 1 到 2 類型的辦公室以及您的友善方式隨著團隊的發展修改你的上市——這似乎是一個更大的主題？

I mean today, our go-to-market is still pretty simple and very focused on targeted digital marketing and an e-commerce-driven flow. We do have some onboarding assistance that we provide. But that still remains our primary go-to-market motion with groups.

我的意思是，今天，我們的上市仍然非常簡單，並且非常專注於有針對性的數字營銷和電子商務驅動的流程。我們確實提供了一些入職幫助。但這仍然是我們與團體一起進入市場的主要動議。

And I would say like even in those smaller customer segments, like of the 4 to 5 practitioners that you were highlighting, we found that go-to-market motion to be working and effective. You certainly could see longer term. If we continue to move up into larger and larger group practices that we might need to augment our go-to-market in some way, but I think that's a ways off from where we are today.

我想說的是，即使在那些較小的客戶群中，比如你強調的 4 到 5 個從業者，我們發現進入市場的行動是有效的。你當然可以看到更長期的情況。如果我們繼續進入越來越大的團隊實踐，我們可能需要以某種方式加強我們的上市，但我認為這與我們今天的情況相去甚遠。

Just to add a little bit of color. With the breadth and depth of our solution for these solo practitioners that come on, we also do see them migrating fairly quickly as they fill up their books to add others, add more clinicians to their practice.

只是為了增加一點顏色。隨著我們為這些獨立從業者提供的解決方案的廣度和深度，我們也確實看到他們遷移得相當快，因為他們填滿了他們的書籍以增加其他人，增加更多的臨床醫生到他們的實踐中。

So there's a natural growth within not just going after group practices. But we see a lot of natural growth within the customer base for them attaching other clinicians.

因此，內在的自然增長不僅僅是追求團體實踐。但是我們看到客戶群中有很多自然增長，因為他們會吸引其他臨床醫生。

Okay. That's great color. And maybe just a bit of a follow-up to the prior question about kind of transactions per customer or TPV per customer within SimplePractice. If you look at your penetration levels, obviously, you offer a solution through Stripe and get quite attractive Nathan value and economics to your customers that way. I think there's, other options if somebody wants to use maybe another provider.

好的。那是很棒的顏色。也許只是對先前關於 SimplePractice 中每個客戶的交易類型或每個客戶的 TPV 的問題的跟進。如果你看看你的滲透水平，很明顯，你通過 Stripe 提供了一個解決方案，並通過這種方式為你的客戶提供了非常有吸引力的 Nathan 價值和經濟效益。我認為，如果有人想使用其他提供商，還有其他選擇。

But just when you look at the penetration of your offering within SimplePractice, is that something that could be a needle mover in the years ahead where just greater attach even though maybe the business itself, is it really necessarily that your customers' business isn't accelerating. But just your penetration within their business is perhaps expanding?

但是，當您查看您的產品在 SimplePractice 中的滲透率時，是否會在未來幾年成為針鋒相對的東西，即使可能是業務本身，它也會帶來更大的吸引力，這真的必然是您的客戶的業務不是加速。但只是您在他們業務中的滲透可能正在擴大？

I do think that will be a contributor to growth as though our customers continue to process more payments on our platform today. We're at about 75% penetration. So we're processing 75% of our customers' payments directly. So that is pretty high. I think we can still see that pick up a little bit, but more modest contribution going forward.

我確實認為這將對增長做出貢獻，就像我們的客戶今天繼續在我們的平台上處理更多付款一樣。我們的滲透率約為 75%。因此，我們直接處理了 75% 的客戶付款。所以這是相當高的。我認為我們仍然可以看到這種情況有所回升，但未來的貢獻會更小。

Our next question comes from Raquel Betesh with JPMorgan.

我們的下一個問題來自摩根大通的 Raquel Betesh。

I know you guys did highlight having your strongest bookings quarter on the Enterprise side. But just given the macro, are you seeing any changes in the sales cycle or any delays?

我知道你們確實強調了企業方面最強勁的預訂季度。但就宏觀而言，您是否看到銷售週期有任何變化或有任何延遲？

I would say that it's been steady, Raquel. We've got -- we have large deals. There's -- as we frequently talk about, there's an ebb and flow and the difference -- longer sales cycles for some of the larger deals.

我會說它一直很穩定，Raquel。我們有——我們有大筆交易。有——正如我們經常談論的那樣，有潮起潮落和差異——一些較大交易的銷售週期更長。

But I would say it's -- we've got a very strong sales engine across Enterprise that drives pretty reliable results in terms of number of counts. Now the larger deals come in, in various quarters. And as we mentioned, we had 2 of the 4 largest coming in the fourth quarter of 2022.

但我想說的是——我們在整個企業中擁有一個非常強大的銷售引擎，可以在數量方面推動相當可靠的結果。現在，更大的交易出現在各個方面。正如我們所提到的，我們在 2022 年第四季度擁有 4 個最大的 2 個。

So anyway, I think that I haven't seen a huge. We delivered our invoice cloud as an example. We don't charge an upfront fee. We removed pretty much all of the friction from the sale because we're an enhancement to their user experience that they want. And there's no -- they don't have to come up with funds. And frequently, we have the consumer paying the service fee that's associated with our revenue stream.

所以無論如何，我認為我還沒有看到一個巨大的。我們以交付發票雲為例。我們不收取前期費用。我們消除了銷售中幾乎所有的摩擦，因為我們增強了他們想要的用戶體驗。而且沒有 - 他們不必拿出資金。通常，我們讓消費者支付與我們的收入流相關的服務費。

So, not really a big change for any of the customers for their citizens and for their rate payers that are paying a utility bill, for example. So I don't think that -- I think we're very steady and continue to see good traction.

因此，例如，對於任何客戶、他們的公民和支付水電費的納稅人來說，這並不是什麼大變化。所以我不認為 - 我認為我們非常穩定並且繼續看到良好的牽引力。

And just a follow-up for me. Given your comments around seeing more mid-market traction with invoice cloud, are there any difference in that sale to a more mid-market customer versus the larger Enterprise guys?

對我來說只是一個跟進。鑑於您對發票雲看到更多中端市場吸引力的評論，向更多中端市場客戶銷售與向大型企業客戶銷售有什麼不同嗎？

Sales cycle is shorter for the mid-market than a larger deal that might be an RFP, a request for proposal oriented. So there's a longer process, a more complex decision-making unit frequently involved, so more drawn out, if you will.

中端市場的銷售週期比可能是 RFP 的大型交易更短，RFP 是面向提案的請求。所以有一個更長的過程，一個更複雜的決策單元經常涉及，所以如果你願意的話，會更耗時。

I mean I'd say our results are similar. But we only -- I would say, out of I'm estimating out of 20 new customers, only one of them actually comes as an RFP. So we rely heavily on the mid-market. And we're seeing a really strong top-of-funnel better than ever top of funnel for mid-market and Enterprise, frankly.

我的意思是我會說我們的結果是相似的。但我們只能——我想說，在我估計的 20 個新客戶中，只有一個實際上是作為 RFP 出現的。所以我們嚴重依賴中端市場。坦率地說，我們看到了一個非常強大的漏斗頂部，比以往任何時候都更好的中端市場和企業漏斗頂部。

So I think that we're very bullish in terms of our ability to continue to drive strong bookings this year and in the future.

因此，我認為我們非常看好我們在今年和未來繼續推動強勁預訂的能力。

Our next question comes from John Davis with Raymond James.

我們的下一個問題來自 John Davis 和 Raymond James。

Cassandra, on gross margins, those were quite a bit better than I think we expected. I think it expanded on 160 basis points year-over-year, which is a nice acceleration from 3Q.

Cassandra，就毛利率而言，這些比我認為我們預期的要好得多。我認為它同比增長了 160 個基點，與第三季度相比是一個不錯的加速。

So obviously, pricing is having some impact, but that would also have been in 3Q, so anything else going on in the gross margin line? And how should we think about that going into '23?

很明顯，定價產生了一些影響，但這也將在第三季度產生，那麼毛利率線還有什麼其他變化嗎？我們應該如何考慮進入 23 年？

I mean, I think you're thinking about it exactly right, J.D. The biggest contributor is really pricing and packaging. I do think we're getting just continued focus on driving efficiency of the cost that we incur to directly support our products and customer support delivery.

我的意思是，我認為你的想法完全正確，J.D. 最大的貢獻者實際上是定價和包裝。我確實認為我們只是繼續關注提高直接支持我們的產品和客戶支持交付所產生的成本的效率。

So those are leveraged for us as we continue to expand our margins going forward. But those were kind of the big 3, if you will.

因此，隨著我們繼續擴大未來的利潤率，這些對我們來說是槓桿。但是，如果您願意的話，那是三巨頭。

Okay. And then, net rev retention was really strong at 117%, any reason why that should be materially different in '23. Obviously, you had pricing last year. You have some pricing, probably a little bit less this year.

好的。然後，淨轉速保留率非常強勁，達到 117%，這在 23 年應該有很大不同的任何原因。顯然，你去年有定價。你有一些定價，今年可能會少一些。

How should we think about churn, your churn assumptions versus '23? Just anything you can help us directionally with net rev retention as we go forward from here.

我們應該如何考慮流失，您的流失假設與 23 年相比？在我們從這裡向前邁進的過程中，您可以為我們提供方向性的任何幫助，以保持淨轉速。

Yes. I mean I think the difference in the contribution on the pricing and packaging will certainly impacts the net revenue retention in a similar way to what we're seeing in ARPU expansion.

是的。我的意思是，我認為定價和包裝貢獻的差異肯定會以類似於我們在 ARPU 擴展中看到的方式影響淨收入保留。

So I would certainly highlight that. And then we are expecting some slightly elevated churn this year. So maybe a small impact from that as well. But still expecting really strong net revenue retention, again, well north of 100%, which is just really driven by our business model and the levers that we have across both segments to drive growth.

所以我肯定會強調這一點。然後我們預計今年的客戶流失率會略有上升。因此，這也可能產生很小的影響。但仍然期待真正強勁的淨收入保留率，再次超過 100%，這實際上是由我們的商業模式和我們在兩個部門擁有的推動增長的槓桿驅動的。

Okay. And one quick last one here. Once again, in the fourth quarter, you guys flowed through the large majority of the revenue upside to EBITDA. Any reason why that should change in '23, should we see revenue upside? Do you feel like you have the investments that you want to make already baked in, in the guide? And we could see kind of top line upside flow through to the bottom line? Or are there plans to maybe spend more if you do exceed the top line?

好的。最後一個快速在這裡。再一次，在第四季度，你們將大部分收入增長轉移到了 EBITDA 上。為什麼這種情況會在 23 年發生變化，我們應該看到收入增長嗎？您是否覺得指南中已經包含了您想要進行的投資？我們可以看到某種頂線向上流動到底線嗎？或者如果你確實超過了頂線，是否有計劃可能會花費更多？

I think for the most part, to the extent that we see upside in revenue, we expect that to largely flow through at a consistent rate that we saw in 2022.

我認為，在大多數情況下，就我們看到的收入增長而言，我們預計收入將以我們在 2022 年看到的一致速度在很大程度上流動。

Thank you. There are no additional questions registered at this time. I'll pass the conference to Bob Bennett for closing remarks.

謝謝。目前沒有註冊其他問題。我會將會議轉交給 Bob Bennett 作閉幕詞。

Thank you. EngageSmart delivered great results in our fourth quarter and for our full year of 2022. Momentum for both segments drove record revenue and adjusted EBITDA performance. Standouts are; our strong customer growth, the increase in average revenue per customer, our successful pricing and packaging changes and exceptional customer retention.

謝謝。 EngageSmart 在我們的第四季度和 2022 年全年取得了不錯的成績。這兩個部門的勢頭推動了創紀錄的收入和調整後的 EBITDA 業績。突出的是;我們強勁的客戶增長、每個客戶平均收入的增加、我們成功的定價和包裝變化以及卓越的客戶保留率。

Our positioning continues to be compelling as we address our huge U.S. market opportunity with large TAM and SAM. Thank you all for joining us today. We are excited to speak with you again later this quarter at Raymond James 44th Annual Institutional Investors Conference in Orlando, the Wolf Research March Madness Software Conference in New York and Truist's 2023 Technology, Internet & Services Conference also in New York. Thank you.

隨著我們通過大型 TAM 和 SAM 應對巨大的美國市場機會，我們的定位繼續引人注目。感謝大家今天加入我們。我們很高興在本季度晚些時候在奧蘭多舉行的 Raymond James 第 44 屆年度機構投資者大會、在紐約舉行的 Wolf Research March Madness 軟件大會以及也在紐約舉行的 Truist 2023 技術、互聯網和服務大會上再次與您交談。謝謝。

This concludes today's call. Thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接。