OptimizeRx Corp (OPRX) 2024 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining OptimizeRx's fourth quarter and full year fiscal 2024 earnings conference call.

大家早安，感謝您參加 OptimizeRx 2024 財年第四季和全年財報電話會議。

With us today is Chief Executive Officer, Steve Silvestro. He is joined by Chief Financial Officer, Ed Stelmakh; Chief Legal Officer, Marion Odence-Ford; and Senior Vice President of Corporate Finance, Andrew D'Silva.

今天和我們在一起的是執行長史蒂夫·西爾維斯特羅 (Steve Silvestro)。與他一同出席的還有財務長 Ed Stelmakh；首席法律長 Marion Odence-Ford；以及公司財務高級副總裁 Andrew D'Silva。

At the conclusion of today's call, I will provide some important cautions regarding the forward-looking statements made by management during today's call. The company will also be discussing certain non-GAAP financial measures which it believes are useful in evaluating the company's operating results. A reconciliation of such non-GAAP financial measures is included in the earnings release the company issued this morning as well as in the Investor Relations section of the company's website.

在今天的電話會議結束時，我將對管理層在今天的電話會議中做出的前瞻性陳述提出一些重要的警告。該公司還將討論其認為有助於評估公司經營業績的某些非公認會計準則財務指標。這些非公認會計準則財務指標的對帳表已包含在公司今天早上發布的收益報告以及公司網站的投資者關係部分中。

I would like to remind everyone that today's call is being recorded and will be made available for replay as an audio recording of this conference call and will also be provided on the Investor Relations section of the company's website.

我想提醒大家，今天的電話會議正在錄音，並將作為本次電話會議的錄音提供重播，同時也將在公司網站的投資者關係部分提供。

Now I would like to turn the call over to OptimizeRx CEO, Steve Silvestro. Sir, please go ahead.

現在我想將電話轉給 OptimizeRx 執行長 Steve Silvestro。先生，請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining today's fourth quarter and fiscal 2024 earnings call. As many of you know, this is my third day as OptimizeRx's new CEO. I'm honored to have the opportunity to lead the next phase of OptimizeRx's growth and transformation. Now more than ever, we will be laser-focused on operational excellence while ensuring we delight our customers and forge stronger relationships with valued business partners.

謝謝接線員，大家早安。感謝您參加今天的第四季和 2024 財年財報電話會議。大家可能都知道，這是我擔任 OptimizeRx 新任執行長的第三天。我很榮幸有機會領導 OptimizeRx 下一階段的成長和轉型。現在，我們將比以往任何時候都更加專注於卓越運營，同時確保讓客戶滿意並與重要的業務合作夥伴建立更牢固的關係。

Over the past few months, we've completed an extensive strategic review of the company's business process, operations and growth plans, and we believe we're on the right path forward. We are working towards continuing the company's growth, focusing very closely on customer centricity and delight, continuing to expand our unique value proposition with pharma, converting customers to our reoccurring revenue model while driving to become a Rule of 40 company and unlocking new opportunities for profitable revenue growth.

在過去的幾個月裡，我們對公司的業務流程、營運和成長計畫進行了廣泛的策略審查，我們相信我們正走在正確的道路上。我們致力於繼續推動公司的發展，密切關注客戶中心和客戶滿意度，繼續擴大我們在製藥領域的獨特價值主張，將客戶轉化為我們的經常性收入模式，同時努力成為一家「40規則」公司，並釋放盈利收入增長的新機會。

Importantly, I'm looking forward to meeting more of our investors throughout the year and hearing our investors' thoughts and perspectives on our shared objective: shareholder value creation. While we believe we are executing the right strategies, we're always open to hearing our investors' thoughts on alternative strategies that further our shared goals.

重要的是，我期待全年與更多的投資者會面，並聽取投資者對我們共同目標的想法和觀點：創造股東價值。雖然我們相信我們正在執行正確的策略，但我們始終願意聽取投資者對進一步實現我們共同目標的替代策略的想法。

As for our 2024 financials, I'm happy to say that we beat our guidance and Street expectations with revenue and adjusted EBITDA coming in at $92.1 million and $11.7 million, respectively. I believe OptimizeRx is uniquely positioned to drive value creation and build long-term sustainable shareholder growth by leveraging one of the largest EHR prescription networks in the country to help pharma manufacturers reach healthcare providers at the point of care.

至於我們 2024 年的財務狀況，我很高興地說，我們的收入和調整後的 EBITDA 分別達到 9,210 萬美元和 1,170 萬美元，超出了我們的指導和華爾街的預期。我相信，OptimizeRx 擁有獨特的優勢，可以利用國內最大的 EHR 處方網絡之一來幫助製藥商在護理點接觸醫療保健提供者，從而推動價值創造並實現長期可持續的股東增長。

Building on that, we are combining that unparalleled network with a unique purpose-built omnichannel technology platform that is transforming how pharmaceutical companies, physicians and patients engage, ultimately improving care outcomes for patients.

在此基礎上，我們將無與倫比的網路與獨特的專用全通路技術平台結合，改變製藥公司、醫生和患者的互動方式，最終改善患者的照護結果。

These elements give us a distinct competitive edge. With an unrivaled point-of-care reach, we believe we are the only company in the industry that can effectively connect both doctors and patients at scale. This has allowed us to develop the broadest suite of solutions in the industry, enabling us to meet the diverse needs of our customers across the full spectrum of their product life cycle.

這些因素賦予我們獨特的競爭優勢。憑藉無與倫比的醫療護理覆蓋範圍，我們相信我們是業內唯一一家能夠有效大規模連接醫生和患者的公司。這使我們能夠開發出業界最廣泛的解決方案套件，從而滿足客戶在整個產品生命週期中的多樣化需求。

Coupled with our highly experienced team and a long-standing track record of delivering for top-tier pharma clients, we firmly believe we are in a leadership position in the industry that will take others years to match. As our business continues to evolve, our offerings are scaling as we continue to tackle some of pharma's toughest commercial challenges, including brand visibility, as many clinicians and providers have reduced in-person meetings and are spending more time in front of computers. Script abandonment as approximately 50% of patients never fill their scripts at the pharmacy.

憑藉我們經驗豐富的團隊和長期為頂級製藥客戶提供服務的良好記錄，我們堅信我們在行業中處於領先地位，其他人需要多年才能趕上。隨著我們業務的不斷發展，我們提供的產品也在不斷擴大，因為我們繼續應對製藥業面臨的一些最嚴峻的商業挑戰，包括品牌知名度，因為許多臨床醫生和服務提供者減少了面對面的會議，而花更多的時間在電腦前。大約 50% 的患者從未在藥局取藥，導致處方放棄。

Interoperability, as provider's inability to access relevant patient information in one place to make more informed decisions at the point of care. And finally, the shift to more complex and expensive specialty medications where more complex diagnosis criteria is required to identify brand-eligible patients as expensive specialty medications now account for roughly half of total drug expenditures in the US.

互通性，因為提供者無法在一個地方訪問相關患者信息，從而無法在護理點做出更明智的決策。最後，轉向更複雜、更昂貴的專科藥物，需要更複雜的診斷標準來確定適合品牌治療的患者，因為昂貴的專科藥物目前約占美國藥品總支出的一半。

On average, we're driving strong brand engagement with measurable success. When launching a six month program with a brand, we consistently achieve an ROI well over 10:1 on HCP marketing spend. Additionally, we see a 25% average script lift in our 6-month programs. These capabilities enable us to capture greater share of wallet from established customers.

平均而言，我們正在推動強大的品牌參與並取得可衡量的成功。在與某個品牌合作推出為期六個月的計畫時，我們始終在 HCP 行銷支出上實現超過 10:1 的投資報酬率。此外，我們發現，在為期 6 個月的計畫中，劇本平均提升了 25%。這些能力使我們能夠從現有客戶那裡獲得更大的份額。

In 2024, our top five customers averaged over $9 million in revenue, and we're on track to elevate at least 1 more customer to this level in 2025. A great example of our impact comes from one of our largest customers, a top 5 pharma manufacturer. After a successful 2023 supporting multiple brands, including a launch brand, 2024 began with strong bookings across the portfolio.

2024 年，我們的前五大客戶平均收入超過 900 萬美元，我們預計在 2025 年將至少 1 名客戶提升至這一水平。我們的影響力的一個很好的例子來自我們最大的客戶之一，一個排名前五的製藥商。在 2023 年成功支持多個品牌（​​包括一個發布品牌）之後，2024 年伊始，整個產品組合的預訂量就十分強勁。

Independent program analysis for this manufacturer demonstrated a material impact on prescription lift, leading supported brands to increase their share of voice across the OptimizeRx network. To drive further results, some brand teams focused on boosting incremental new prescriptions in addition to refills before year-end. To support this objective, we identified key areas where additional investment could expand program scale, physician reach, improving patient conversion for each program.

針對該製造商的獨立項目分析表明，這給處方提升帶來了實質影響，從而導致支持的品牌在 OptimizeRx 網路中的話語權有所提升。為了取得進一步的成果，一些品牌團隊除了在年底前增加續藥量外，還專注於增加新處方。為了支持這一目標，我們確定了額外投資可以擴大專案規模、醫生覆蓋範圍、提高每個專案的患者轉換率的關鍵領域。

As I move forward in my new role as OptimizeRx CEO, I'm working with our executive team to implement a robust multiyear plan to grow the business and increase shareholder value. While many aspects of the business will be the same, everything will be going through the lens of getting us to a Rule of 40 company over the next several years.

隨著我擔任 OptimizeRx 執行長的新職務，我正在與我們的執行團隊合作實施一項強有力的多年計劃，以發展業務並增加股東價值。雖然業務的許多方面將保持不變，但一切都將以未來幾年讓我們成為「40 規則」公司的視角進行。

And moving towards this financial goal, we expect to drive substantial operating leverage and build a more predictable business, including by establishing a consistent recurring revenue component to our business as we aim to convert our DAAP customers to a subscription-based model from the data component of our offerings. We believe this will improve margins and visibility over time while substantially enhancing the overall predictability of our revenue streams. In turn, this will also enhance our ability to scale the business and plan for substantial growth that we and our investors are seeking.

為了實現這一財務目標，我們期望推動大幅經營槓桿，建立更可預測的業務，包括為我們的業務建立一致的經常性收入組成部分，因為我們的目標是將我們的 DAAP 客戶從我們產品的數據組件轉變為基於訂閱的模式。我們相信，這將隨著時間的推移提高利潤率和知名度，同時大幅提高我們收入流的整體可預測性。反過來，這也將增強我們擴大業務規模和規劃我們和投資者所尋求的大幅成長的能力。

With a $10 billion TAM in a large underpenetrated market and tailwinds driven by increased pharma advertising spend on digital channels, OptimizeRx today is well-positioned to execute on our revamped strategic plan. Our customers remain deeply embedded within our ecosystem of offerings, and it remains our goal to help them stay present throughout the patient care journey across our integrated HCP and DTC business. We have strong momentum coming into 2025.

OptimizeRx 在一個龐大的未充分滲透市場中擁有 100 億美元的 TAM，並且得益於數位管道上醫藥廣告支出的增加，現在已做好充分準備來執行我們修訂後的戰略計劃。我們的客戶仍然深深植根於我們的產品生態系統中，我們的目標仍然是幫助他們在我們的全面 HCP 和 DTC 業務的整個患者護理過程中始終保持存在。邁入 2025 年，我們勢頭強勁。

And with that, I'd like to turn the time over to our CFO, Ed Stelmakh, who will be walking us through our financial results. Ed?

接下來，我想將時間交給我們的財務長 Ed Stelmakh，他將向我們介紹我們的財務表現。艾德？

Thanks, Steve, and good afternoon, everyone. The press release was issued with the financial results of our fourth quarter and fiscal year-end December 31, 2024. A copy is available for viewing and may be downloaded from the Investor Relations section of our website, and additional information can be obtained through our forthcoming 10-K.

謝謝，史蒂夫，大家下午好。新聞稿發布了我們截至 2024 年 12 月 31 日第四季和財政年度的財務表現。您可以從我們網站的「投資者關係」部分查看或下載副本，也可以透過我們即將發布的 10-K 獲取更多資訊。

Fourth quarter revenue came in at $32.3 million, an increase of 14% from the $28.4 million recognized during the same period in 2023, which was the result of the company benefiting from the increased DAAP related revenue streams in the fourth quarter.

第四季營收為 3,230 萬美元，較 2023 年同期的 2,840 萬美元增長 14%，這是由於公司受益於第四季度 DAAP 相關收入流的增加。

Gross margin increased from 62.9% in the quarter ended December 31, 2023 to 68.2% in the quarter ended December 31, 2024. The year-over-year gross margin expansion is tied to a favorable solution and channel partner mix.

毛利率從截至 2023 年 12 月 31 日止季度的 62.9% 成長至截至 2024 年 12 月 31 日止季的 68.2%。毛利率的同比擴大與有利的解決方案和通路合作夥伴組合有關。

Our operating expenses for the quarter ended December 31, 2024 decreased by $10.4 million year-over-year. largely due to lower M&A-related costs as we completed the Medicx Health acquisition during the fourth quarter of 2023. In addition, we saw significant benefits from cost-cutting initiatives, approaching $5 million annually tied to the integration efforts with the acquisition.

截至 2024 年 12 月 31 日的季度，我們的營運費用比去年同期減少了 1,040 萬美元。主要是由於我們在 2023 年第四季完成了對 Medicx Health 的收購，導致併購相關成本降低。此外，我們也看到了成本削減措施帶來的顯著效益，與收購整合工作相關的成本削減每年接近 500 萬美元。

Meanwhile, our net loss came in at $0.1 million for the fourth quarter of 2024, compared to a net loss of $4.1 million during the fourth quarter of 2023. On a non-GAAP basis, our net income for the fourth quarter of 2024 was $5.5 million or $0.30 per diluted shares outstanding, as compared to a non-GAAP net income of $4.6 million or $0.26 per diluted shares outstanding in the same year-ago period.

同時，2024 年第四季我們的淨虧損為 10 萬美元，而 2023 年第四季的淨虧損為 410 萬美元。根據非公認會計準則 (Non-GAAP)，我們 2024 年第四季的淨收入為 550 萬美元，即每股攤薄收益 0.30 美元，而去年同期的非公認會計準則淨收入為 460 萬美元，即每股攤薄收益 0.26 美元。

Our adjusted EBITDA came in at $8.8 million for the fourth quarter of 2024, compared to $5.8 million during the fourth quarter of 2023. We ended the year with cash and short-term investments totaling $13.4 million as of December 31, 2024, as compared to $13.9 million on December 31, 2023. The majority of the year-over-year decline was due to the pay-down of principal of our debt where we made an incremental $2 million payment during the fourth quarter of 2024.

2024 年第四季度，我們的調整後 EBITDA 為 880 萬美元，而 2023 年第四季為 580 萬美元。截至 2024 年 12 月 31 日，我們的現金和短期投資總額為 1,340 萬美元，而 2023 年 12 月 31 日為 1,390 萬美元。年比下降的主要原因是償還債務本金，我們在 2024 年第四季分批償還了 200 萬美元。

Our current debt balance stands at $34.3 million after paying off $2.5 million of principal during the fourth quarter. We continue to believe we are well-funded to execute against our strategic and operational goals.

在第四季償還了 250 萬美元本金後，我們目前的債務餘額為 3,430 萬美元。我們仍然相信我們擁有充足的資金來實現我們的策略和營運目標。

Now I'd like to turn to our KPIs for the 12 months ended December 31, 2024, which showed broad-based improvements as our business continues to evolve. Average revenue for top 20 pharmaceutical manufacturer was $2.9 million, which is an increase of 22% from the same period one year ago. This is driven by our continued success in expanding our share of wallet with top manufacturers and especially our top 5 accounts, which hit an all-time high with an average of $9.1 million in 2024.

現在，我想談談截至 2024 年 12 月 31 日的 12 個月的 KPI，隨著我們的業務不斷發展，這些 KPI 顯示出廣泛的改善。前20家製藥商的平均收入為290萬美元，比去年同期成長22%。這是因為我們不斷成功地擴大了與頂級製造商的錢包份額，特別是我們的前 5 個帳戶，這些帳戶在 2024 年創下了平均 910 萬美元的歷史新高。

Net revenue retention rate showed improvement at 121%, up from 105% in the trailing 12 month prior period. Revenue per FTE came in at $701,000, topping the $586,000 we posted during the 12 months ended December 31, 2023.

淨收入保留率從過去 12 個月的 105% 上升至 121%。每位全職員工的收入為 701,000 美元，超過了截至 2023 年 12 月 31 日的 12 個月期間公佈的 586,000 美元。

With that, I'll turn the call back over to Steve. Steve?

說完這些，我就把電話轉回給史蒂夫。史蒂夫？

Thanks, Ed. Operator, now let's move to Q&A.

謝謝，艾德。接線員，現在我們進入問答環節。

(Operator Instructions)

（操作員指示）

Jared Haase, William Blair.

賈里德·哈斯、威廉·布萊爾。

Hey, good morning. This is Jared Haase on for Ryan Daniels. And Steve, congrats to you on stepping into the CEO seat on a permanent basis here. Maybe I'll start with one for you. You mentioned both in the release and the prepared comments, you alluded to the idea of really focusing on customer centricity and driving more and more value for clients. So I'm curious if you could just unpack that a little bit in terms of, from your perspective, what might be different going forward regarding the strategy and how you engage with clients

嘿，早安。這是 Ryan Daniels 的 Jared Haase。史蒂夫，祝賀你正式擔任執行長一職。也許我會先為你講一個。您在新聞稿和準備好的評論中都提到，您提到了真正專注於以客戶為中心並為客戶創造越來越多價值的想法。所以我很好奇，您能否從您的角度來看，未來在策略和與客戶互動方面可能會有什麼不同？

Jared, good to hear your voice, and thanks for the question. Yeah, I mean I think throughout our business, we're looking at opportunities to increase the level of customer centricity. And really what we mean by that is taking the lens of the customer and promulgating that throughout the organization, making sure that we're easy to do business with, that clients have a pleasurable experience with us, we're driving good results for them, which we've consistently done historically. But sort of enabling them to make it easy to renew and continue to expand footprint. So that's really a big lift within the organization, a big focal point right now. And you'll continue to hear that from us as we go forward.

賈里德，很高興聽到你的聲音，謝謝你的提問。是的，我認為在我們的整個業務中，我們都在尋找機會來提高以客戶為中心的水平。我們真正的意思是從客戶的角度出發，在整個組織內宣傳這一點，確保我們易於開展業務，客戶與我們合作愉快，我們正在為他們帶來良好的結果，而我們一直以來都在這樣做。但這使他們能夠輕鬆地更新並繼續擴大足跡。所以這對組織來說確實是一個很大的推動力，也是目前的重點。隨著我們不斷前進，您將繼續聽到我們這樣的消息。

Okay. I appreciate that. And then you also alluded to your transitioning to more and more subscription-based revenue in terms of these data services contracts. And I just was hoping to maybe understand what impact that might have on the revenue model. Any changes we should be thinking about in terms of the predictability of the business? Anything that might shift in terms of the core sort of variables or drivers of contract value going forward? Just would love to unpack that a little bit more as well.

好的。我很感激。然後您還提到，就這些數據服務合約而言，您將越來越多地轉向基於訂閱的收入。我只是希望了解這可能會對收入模式產生什麼影響。從業務的可預測性角度來看，我們應該考慮哪些變化？未來合約價值的核心變數或驅動因素方面是否可能發生任何變化？我也只是想進一步了解這一點。

Sure. I'll answer and then maybe Ed and Andy can also chime in. But essentially, over the last 24 months, we've been launching -- we've launched and have been scaling our DAAP solution, which has got a data component, which is subscriptive in nature and then it's got a transactional component. And getting clients to be able to come along that journey of trying it, proving it out, and then scaling it, which we sort of talked about in previous earnings calls, we've sort of taken them on that journey. Now we're at a point where it's really starting to scale pretty significantly.

當然。我會回答，然後也許 Ed 和 Andy 也可以加入討論。但本質上，在過去的 24 個月裡，我們一直在推出 - 我們已經推出並一直在擴展我們的 DAAP 解決方案，它有一個數據組件，本質上是訂閱性的，然後它有一個交易組件。讓客戶能夠參與到嘗試、證明和擴展的過程中，就像我們在之前的收益電話會議上討論的那樣，我們已經帶領他們踏上了這段旅程。現在我們正處於一個真正開始顯著擴大規模的階段。

And so the opportunity to move the data component that feeds through all of the systems to more of a subscriptive recurring revenue model is there. And so we have a pretty large push now going there. And so from your perspective, I think, and from everyone's perspective, certainly ours, a larger portion of the revenue will be predictable and reoccurring. So Ed, do you have anything else you would add to that?

因此，有機會將流經所有系統的資料組件轉移到更具訂閱性的經常性收入模型中。因此，我們現在正在大力推動這項進程。因此，我認為，從您的角度來看，以及從每個人的角度來看，當然也是從我們的角度來看，很大一部分收入將是可預測和重複的。那麼 Ed，您還有什麼要補充的嗎？

I think you covered it well, Steve. Yeah, basically, it's the data portion of our DAAP deals that we're pushing to get more to a subscriptive model, which then obviously creates the ability to renew and extend contract values into the future, for a more predictable, stickier revenue.

我認為你講得很好，史蒂夫。是的，基本上，我們正​​在推動 DAAP 交易的數據部分更多地採用訂閱模式，這顯然創造了未來續約和延長合約價值的能力，從而獲得更可預測、更穩定的收入。

That makes sense. Maybe a quick follow-up. Is there a way to contextualize kind of how you're thinking about what portion of total contract value could come from data services versus more transactional over the next couple of years?

這很有道理。或許可以快速跟進。有沒有辦法具體說明您如何看待未來幾年合約總價值中哪一部分可能來自數據服務，哪一部分可能來自更多的交易？

Yes. It's a little difficult to estimate that. I mean if you look at our kind of HCP plus DTC business in totality, we are trying to move as much as possible into DAAP overall. And as you know, DAAP has covered around 20%, 30% of our business over time. So you take basically a proportion of that attributed to data, and that should be -- that will give you a nice little kind of benchmark to go after.

是的。估計這一點有點困難。我的意思是，如果你從整體上看我們的 HCP 加 DTC 業務，我們正試圖盡可能地轉向 DAAP。如您所知，DAAP 已經涵蓋了我們約 20% 到 30% 的業務。因此，你基本上將其中的一部分歸因於數據，這應該會給你一個很好的基準。

Okay. That's helpful. And I'll hop back in queue, but congrats on all the momentum.

好的。這很有幫助。我會重新回到隊列，但祝賀你取得的所有進展。

Anderson Schock, B. Riley.

安德森·肖克，B.萊利。

First, you saw a pretty significant gross margin expansion in the quarter. Can you discuss what drove this and whether you expect this level of gross margin to continue going forward?

首先，您會看到本季毛利率大幅擴張。您能否討論一下推動這一現象的原因以及您是否預計這一毛利率水準將繼續保持下去？

Go ahead, Ed. Yeah.

繼續吧，艾德。是的。

Anderson, yeah, it's really driven by product mix. We get a large portion of our revenue attributed to DAAP, and a lot of the things that we just talked about related to data analysis, kind of HCP, target list generation. Those are things that are, first of all, not really shareable revenues. So we get to keep a larger portion of it, and also have a higher margin profile.

安德森，是的，這確實是由產品組合驅動的。我們的收入很大一部分來自 DAAP，我們剛才談到的許多內容都與資料分析、HCP 類型、目標清單產生有關。首先，這些東西其實並不是可以分享的收入。因此，我們可以保留更大份額，同時獲得更高的利潤率。

Okay. And do you expect this level of gross margin to continue in the future?

好的。您預計未來這種毛利率水準還能持續下去嗎？

We're hoping to get to that level on a more permanent basis, but it is definitely much higher than we typically see. So it's that kind of seasonal Q4 phenomenon that we always see in our kind of revenue flow, and this time, our gross margin profile as well. So I don't think we're going to stay at that level. But obviously, the more we push on what Steve just described, the closer we get to that number.

我們希望能夠更持久地達到這一水平，但它肯定比我們通常看到的要高得多。因此，我們在收入流中總是會看到這種季節性的第四季現象，而這一次，我們的毛利率狀況也是如此。所以我認為我們不會停留在那個水平。但顯然，我們越努力實現史蒂夫剛才所描述的目標，就越接近這個數字。

Yeah, a little bit more color on that. So our margins should be in the high-50s to mid-60 range. Obviously, the fourth quarter was in the high 60 range. So that's something we aspire to, but it wouldn't be something we would expect.

是的，顏色更豐富一些。因此我們的利潤率應該在50%以上到60%左右。顯然，第四季度的得分達到了 60 多分。所以這是我們渴望的，但這不是我們所期望的。

Okay. Got it. And it was a really excellent quarter for new DAAP deals. Can you just go into what maybe drove this and talk on your backlog and visibility into the next year for new deals?

好的。知道了。對於新的 DAAP 交易來說，這是一個非常好的季度。您能否解釋一下可能造成這一結果的原因，並談談您的積壓訂單以及明年新交易的前景？

Yeah, happy to do that, Anderson. So I mean, we've been pretty vocal about the progress of DAAP over the last 24 months. And really what we're seeing now is the scale up. So typical of pharma, they'll try things out, prove them, measure the ROI. If things work well, they'll start to scale, both within the existing program as well as across therapeutic areas or disease states. And we really saw that in several clients in the fourth quarter, which we talked about earlier on in the script.

是的，很高興這樣做，安德森。所以我的意思是，我們在過去 24 個月中一直非常關注 DAAP 的進展。我們現在真正看到的是規模的擴大。製藥業的典型做法是，他們會嘗試新事物，驗證新事物，然後衡量投資報酬率。如果一切進展順利，它們將開始擴大規模，既在現有計劃內，也跨治療領域或疾病狀態。我們確實在第四季度的幾個客戶身上看到了這一點，我們之前在腳本中討論過這一點。

And so our view into 2025 is that that drumbeat will continue. There's definitely a demand for audience creation and dynamic audiences specifically. And so that will affect both our HCP business as well as our DTC business, which is sort of the thesis of why we acquired Medicx to begin with, was to drive best-in-class audiences enable the market.

因此，我們認為，到 2025 年，這種鼓聲仍將持續。對於創造觀眾特別是動態觀眾，肯定存在需求。這將影響我們的 HCP 業務和 DTC 業務，這也是我們最初收購 Medicx 的初衷，即吸引一流的受眾，從而推動市場發展。

The other piece that I would say, which would be interesting for folks on this call to hear is, given that we're commercializing these audiences and we're having such a degree of success, the audiences aren't always tied, as Ed said, to message execution. And so if those audiences continue to grow at the rate that we're seeing, which we're all encouraged that they will, that will change the go-forward margin profile of the business and the recurring revenue of the business both positively. And so we're leaning pretty heavily into that. But we're encouraged very much by the progress we've seen here in the fourth quarter and then coming into this year.

我想說的另一點是，對於參加此次電話會議的人來說，聽到這一點會很有趣，因為考慮到我們正在將這些受眾商業化，並且取得瞭如此大的成功，受眾並不總是與信息執行緊密相關，正如 Ed 所說的那樣。因此，如果這些觀眾繼續以我們所看到的速度成長，我們都對此感到鼓舞，這將對業務的未來利潤狀況和業務的經常性收入產生積極的影響。所以我們非常傾向此。但我們對第四季以及今年以來的進展感到非常鼓舞。

I can take the second part of the question in terms of visibility into the year. So we are significantly stronger than we were a year ago. A year ago, we're probably in the low 50% range as far as contracted revenue is concerned. We're sitting here today at low 60s in terms of percentage of total revenue for the year, so up about 20% year-on-year.

我可以從年度可見性的角度來回答問題的第二部分。因此，我們比一年前實力增強了很多。一年前，就合約收入而言，我們的收入大概在 50% 以下。目前，我們的收入佔全年總收入的百分比為 60% 出頭，年增約 20%。

Congrats on a great quarter.

恭喜本季取得優異成績。

Constantine Davides, Citizens.

康斯坦丁大衛斯，公民。

You guys have alluded to sort of transforming into a Rule of 40 company, and I know some of that is coming from some of the things you've outlined for us today. But I guess, over what timeframe is that an expectation? And can you maybe just bridge between how much of that is sort of top line growth acceleration and maybe what the margins of the business look like at scale?

你們曾提到要轉型成為一家「40 規則」公司，我知道其中一些內容來自於你們今天為我們概述的一些事情。但我想，這是在什麼時間範圍內實現的呢？您能否說明一下其中有多少是營收成長加速，以及業務規模利潤率是多少？

Yeah. Ed, do you want to take that one?

是的。艾德，你想拿那個嗎？

Yeah, let me take this one. Yes. So as far as time is concerned, certainly, it's not going to be a one year journey, more probably a three or five year journey.

是的，讓我拿這個。是的。因此就時間而言，這當然不會是一年的旅程，更可能是三年或五年的旅程。

As far as the breakdown between top line and bottom line, as you know, we've said that a number of times, our business model was highly leverageable. So the drop-through as we grow is significant. If I take a look at our results in Q4 of this year, you can see the kind of margin we can generate when we have a high level of profitability and a high growth rate on the top line. So I would say most of it is going to come from EBITDA expansion, but a good chunk will come from top line growth as well. So a combination of the two should get us to the Rule of 40, my guesstimate between three to five year timeframe.

至於頂線和底線之間的細分，正如你所知，我們已經多次說過，我們的商業模式具有高度的槓桿作用。因此，隨著我們的發展，下降趨勢十分顯著。如果我看一下我們今年第四季的業績，你就會看到當我們擁有高獲利水準和高營收成長率時，我們可以產生什麼樣的利潤率。所以我想說，大部分收入將來自 EBITDA 擴張，但很大一部分收入也將來自營業額成長。因此，兩者的結合應該可以讓我們達到 40 法則，我估計這需要三到五年的時間。

Great. And then I guess, just in terms of 2025 guidance, are there any kind of quarterly puts and takes with respect to either margins or typical sort of seasonality on the revenue front that we should contemplate again for 2025?

偉大的。然後我想，就 2025 年的指導而言，在利潤率或收入方面的典型季節性方面，是否存在任何季度性的收益和損失，我們應該在 2025 年再次考慮嗎？

Yeah, I can give that information actually. So as far as the margin goes, I follow the historical kind of seasonality that you're seeing, natural progression throughout the year type of situation. And then as far as quarters go, I would say, in the typical seasonal ranges, 15% to 20% of revenue in Q1, 20% to 23% in Q2, 25% to 30% of revenue in Q3. And then Q4, obviously, our biggest quarter, I'd say around 30% to 40% of revenue in Q4.

是的，我確實可以提供這些資訊。因此，就利潤率而言，我遵循您所看到的歷史季節性，即全年自然發展的情況。就季度而言，我想說，在典型的季節性範圍內，第一季的收入為 15% 至 20%，第二季為 20% 至 23%，第三季為 25% 至 30%。然後是第四季度，顯然是我們最大的一個季度，我認為第四季度的收入約為 30% 到 40%。

Thanks, Constantine. Looking forward to seeing you hopefully soon.

謝謝，康斯坦丁。期待很快能見到您。

Richard Baldry, ROTH Capital.

羅仕資本（ROTH Capital）的理查德·鮑德里（Richard Baldry）。

If we look at just baseline growth expectations for next year, it looks like it's a little -- baseline says around the 10% number. But your net retentions in the 20s, the number of DAAP deals was up 100% year-over-year. A lot of trending argues higher. So can you talk about sort of the backdrop that's put that baseline in for your forecasting? How conservative do you think it is, if there's any externalities we should be thinking about as we think about next year?

如果我們只看明年的基準成長預期，它看起來有點——基準數字約為 10%。但您的淨保留額在 1920 年代，DAAP 交易的數量比去年同期增加了 100%。很多趨勢爭論得更高。那麼，您能否談談為您的預測奠定基礎的背景？您認為這有多保守？我們在考慮明年時是否應該考慮任何外部因素？

Rich, happy to talk about it. Good to hear your voice. Ed, maybe I'll start and then pass it back to you.

里奇，很高興談論這件事。很高興聽到你的聲音。艾德，也許我會先開始，然後再把它傳回給你。

Sure.

當然。

So I think we're encouraged, Rich, by the start to the new year. We're feeling very optimistic about what the year could look like. But as we talked about several weeks back during my interim period, we're going to err on the side of conservatism and go for a beat each time. So we'll let the numbers speak for themselves.

所以我認為，里奇，新年伊始，我們受到了鼓舞。我們對今年的前景感到非常樂觀。但正如我們幾週前在我的過渡期間所討論的那樣，我們每次都會選擇保守的做法，並嘗試一些突破。因此，我們就讓數字來說話吧。

You're right about the KPIs and how things are looking going forward, and I think we're all encouraged by that. But it's still early days for us. And so we're going to have a bias towards conservatism naturally and just let the numbers speak for themselves. But Ed, feel free to chime in and share anything else you'd like to there.

您對 KPI 和未來前景的看法是正確的，我想我們都受到了鼓舞。但對我們來說，現在還為時過早。因此，我們自然會傾向保守主義，只需讓數字說明一切。但是 Ed，請隨意加入並分享您想分享的任何其他內容。

I think you covered it well, Steve. I would probably just say, look, I mean, out of the gates, our book of business is solid. We're up 20% versus last year's Q1. But there's still a lot of wood to chop throughout the year. And obviously, the second half of the year is always our biggest 2 quarters. So we are optimistic, but we're going to be cautious and we want to make sure this year we actually deliver on what we are putting out there.

我認為你講得很好，史蒂夫。我可能只是想說，你看，我的意思是，從一開始，我們的業務就很穩健。與去年第一季相比，我們成長了 20%。但全年仍有許多木材需要砍伐。顯然，下半年始終是我們最重要的兩季。因此，我們很樂觀，但我們會保持謹慎，我們希望確保今年我們能夠真正兌現我們所設定的目標。

Rich, one thing I'd say to you just to sort of strengthen or sort of give a strong response to your question here is we've not had this level of visibility in our business for a very long time, to Ed's earlier comment. I think we're all feeling encouraged about that. But we have committed to under-promise and over-deliver throughout the year. And so that will be the drumbeat you hear from us, but we're off to a great start.

里奇，為了強化或強烈回應你的問題，我想對你說的一件事是，對於艾德之前的評論，我們很久沒有在我們的業務中達到這種程度的知名度了。我想我們都對此感到鼓舞。但我們承諾全年少承諾、多兌現。這就是您從我們這裡聽到的鼓聲，但我們已經有了一個很好的開始。

I often think about companies, when their net retention rate is as strong as yours is, the customers are obviously pretty happy with what they have, the existing customers. So how does that translate to new client or new drug win rates? How do you think your pipeline for that looks, how those cadences sort of changed as DAAPs become more recognized in the market?

我經常思考，當公司的淨保留率與你的一樣高時，客戶顯然對他們所擁有的現有客戶感到非常滿意。那麼，這對新客戶或新藥的成功率有何影響？您認為您的管道是什麼樣的，隨著 DAAP 在市場上越來越受到認可，這些節奏會發生怎樣的變化？

Great question. I'll take it and then, Andy, if you wanted to chime in too. One of the things that was great about the fourth quarter for us was we did see a significant increase in new logos coming into the business, and that was very encouraging. So net revenue retention looking great. New logo is also looking very strong.

好問題。我會接受的，然後，安迪，如果你也想加入的話。對我們來說，第四季度最棒的事情之一就是我們確實看到新標誌的數量顯著增加，這是非常令人鼓舞的。因此淨收入保留看起來很棒。新標誌看起來也非常強勁。

And one of the key learnings for us as a business was we saw that the DAAP solution and other solutions that we have in the portfolio, and the DTC solutions, meet sort of several business needs that mid-tier and smaller companies can't afford to bring in-house or do for themselves. And so they outsource a lot more of their thinking to companies like ours. And that was radically beneficial.

作為一家企業，我們獲得的一個重要經驗是，我們發現 DAAP 解決方案和我們產品組合中的其他解決方案以及 DTC 解決方案可以滿足中型和小型公司無法負擔的內部或自行完成的多種業務需求。因此，他們將更多的思考外包給我們這樣的公司。這是極其有益的。

So we're starting to see growth in the mid and small markets, which is super encouraging because, as you know, Rich, the long tail is a massive opportunity that no one's really addressing at this point.

因此，我們開始看到中型和小型市場的成長，這是非常令人鼓舞的，因為如你所知，Rich，長尾是一個巨大的機遇，目前沒有人真正重視它。

So great question. Andy, anything else you'd add to that?

這個問題問得真好。安迪，您還有什麼要補充的嗎？

Yeah. While still fairly early days, I'd say we're seeing some synergies with our sales team, stronger collaborations. And that's just fostering a better culture and driving more business. So again, still early. We'd like to see more of what we've been seeing over the last 6 months continue. But definitely optimistic.

是的。雖然還處於早期階段，但我想說我們已經看到了與銷售團隊的一些協同效應和更強有力的合作。這只是在培育更好的文化並推動更多的業務。所以，現在還為時過早。我們希望看到過去六個月來所見的更多現象能夠持續下去。但絕對是樂觀的。

Just one more thing to add to that. On external factors, I mean, a couple of years ago, we had a little hiccup with the FDA. Number of approvals dropped significantly. So we're watching that very closely, especially with some of the things that are going on in Washington, D.C.

還有一件事要補充。關於外部因素，我的意思是，幾年前，我們與 FDA 發生了一些小衝突。批准數量大幅下降。因此，我們正在密切關注此事，尤其是華盛頓特區正在發生的一些事情。

So far, so good. In '25 there's about 5 approvals, versus last year's 3 approvals at the same time in the middle of the year. So as long as that number continues to kind of move at that pace, pharma typically, we'll be pretty pleased in terms of their portfolio health and the ability to get products to market. And that's one metric we're watching very closely.

到目前為止，一切都很好。25 年大約有 5 項批准，而去年年中同一時間只有 3 項批准。因此，只要這個數字繼續以這種速度成長，我們通常會對製藥公司的投資組合健康狀況和將產品推向市場的能力感到非常滿意。這是我們密切關注的指標。

Congrats on the new seat, Steve.

恭喜你獲得新職位，史蒂夫。

Our next question comes from Eric Martinuzzi with Lake Street. Excuse me. Our next question comes from David Grossman with Stifel.

我們的下一個問題來自 Lake Street 的 Eric Martinuzzi。打擾一下。我們的下一個問題來自 Stifel 的 David Grossman。

I know, Steve, you talked already a little bit about your migration to a subscription-based model. But wondering if you could just explore that a little bit more and talk about, first, what compels the customer to migrate to more of a subscription versus a transactional model? And I guess, how does this potentially flow into other parts of the business maybe that are more transactional in nature now but could actually convert to subscription-based businesses down the road?

我知道，史蒂夫，你已經談到了向基於訂閱的模式的遷移。但我想知道您是否可以進一步探討這個問題，首先，是什麼促使客戶轉向訂閱模式而不是交易模式？我想，這會如何潛在地影響到業務的其他部分，這些部分現在可能更具交易性，但實際上可以轉變為基於訂閱的業務？

David, great to hear your voice. Yeah. So if you think about our historical business, it was largely transactional based because we were delivering or have been and continue to deliver messages, whether it's point of care or on the DTC front via the DSP. And that will still be a large component of the business. The pieces that have evolved over the last, I would say, 36 months are really the DAAP components, which is mobilization of data, so thinking about finding patients and physicians and mobilizing that data to be able to deliver those messages based off of that information.

大衛，很高興聽到你的聲音。是的。因此，如果您回顧我們的歷史業務，您會發現它很大程度上是基於交易的，因為我們正在傳遞或已經並將繼續傳遞訊息，無論是在護理點還是透過 DSP 在 DTC 前端。這仍將是業務的重要組成部分。我想說，過去 36 個月中發展起來的部分實際上是 DAAP 組件，即數據動員，因此考慮尋找患者和醫生並動員這些數據，以便能夠根據這些資訊傳遞這些資訊。

And that's a growing part of our business. As Ed said, it went from 10%, 15% to now a little over 30% of our business. And that lends itself to being naturally subscriptive because clients are looking for regular real-time updates to where those patients and where those physicians are, so they're not looking to buy at a single point in time, have a stale list and then have to buy it again 12 months down the road. So the frequency of that information being updated real time is a major value driver within the market.

這是我們業務中不斷成長的一部分。正如 Ed 所說，它從占我們業務的 10%、15% 成長到現在的 30% 多一點。這使得它自然而然地具有訂閱性，因為客戶希望定期實時了解患者​​和醫生的位置，所以他們不希望在某個時間點購買，得到一份過時的清單，然後在 12 個月後再次購買。因此，即時更新資訊的頻率是市場的主要價值驅動因素。

And that applies both to DTC and to HCP, so both components of our business. And we're confident that that growth rate will continue. And that's why we're seeing kind of that reoccurring or subscriptive revenue start to grow, which is, I think, very encouraging for this business.

這既適用於 DTC，也適用於 HCP，因此也是我們業務的兩個組成部分。我們相信這一成長率將會持續下去。這就是為什麼我們看到經常性收入或訂閱收入開始成長，我認為這對這項業務來說非常令人鼓舞。

The transactional components of message delivery, those won't be subscriptive. Those will continue to be transactional. That's the nature of how that business operates. But a good component of the growth will now come from audience creation within our business.

訊息傳遞的事務元件不會被訂閱。這些將繼續是交易性的。這就是該業務運作的本質。但現在成長的很大一部分將來自於我們業務中的受眾創造。

And is there any material difference in the customer acquisition costs for the data component versus the transactional component? Anything to think about there?

資料組件和交易組件的客戶獲取成本是否有實質差異？有什麼值得思考的嗎？

No material difference at all. It's the same conversation, same call point, same sales team that's doing it. So customer acquisition is exactly the same. And in fact, the DAAP deals that we've done, a good component of each of those GAAP deals has been that audience, has been that dynamic audience, in addition to the transactional stuff. So we're already now 24, probably 36 months into that transition.

根本沒有任何實質的區別。這是相同的對話、相同的通話點、相同的銷售團隊在做這件事。因此，客戶獲取也完全相同。事實上，在我們完成的 DAAP 交易中，除了交易內容之外，每個 GAAP 交易的一個很好的組成部分就是受眾，就是動態受眾。所以，我們現在已經進入了 24 個月，或者可能是 36 個月的過渡期。

Right. And then just on the -- I know this was asked earlier about the revenue retention rate. Is there something in the -- I'm trying to remember, something in the '24 number, that impacts that so that 2025 will not necessarily be a big comp to that? Just trying to remember whether that number is kind of artificially high and maybe we should expect it, at least from a modeling perspective, to come down a little bit on a year-over-year basis?

正確的。然後就——我知道之前有人問過關於收入保留率的問題。我試著記住，24 年的數字中是否存在某些因素對此產生影響，以至於 2025 年不一定會與其有很大的比較？只是想記住這個數字是否有點人為地高，也許我們應該預期它，至少從建模的角度來看，與去年同期相比會略有下降？

Are you talking about -- yes sorry. Are you talking about the upfront portion of DAAP revenue as far as the model for you? So I don't think that's going to be as pronounced in '25 as it was in '24. There will definitely still be some of that going on, but it won't be as pronounced.

您是在談論——是的，抱歉。就您的模型而言，您說的是 DAAP 收入的前期部分嗎？因此我認為 25 年的情況不會像 24 年那麼明顯。這種情況肯定還會繼續發生，但不會那麼明顯。

Okay. Can you -- Andy, can you give us a better sense of how to think about revenue retention in '25 just as we think about building our models?

好的。安迪，當我們考慮建立模型時，您能否讓我們更了解如何考慮 25 年的收入保留？

Net revenue retention?

淨收入保留？

Yes.

是的。

Yeah. I would say we're targeting 100% for the year. Our revenue growth at $100 million is just under 10%, right? So typically, we see, call it, between 5% and 20% of our business coming from new logos. So yes, we're targeting 100%.

是的。我想說我們今年的目標是 100%。我們的營收成長 1 億美元，略低於 10%，對嗎？因此，通常情況下，我們的業務有 5% 到 20% 來自新標誌。是的，我們的目標是 100%。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah. Just curious regarding the administration of the Medicx business. One of the issues that the company had faced in 2024 was a shift on the amount of managed services, so customers going from managed service to self-service. I was wondering where we are in that transition. Have most of the large exposures been handled there, or are we still kind of midstream?

是的。只是對 Medicx 業務的管理感到好奇。該公司在 2024 年面臨的問題之一是託管服務數量的轉變，因此客戶從託管服務轉向自助服務。我想知道我們處於這種轉變的哪個階段。大多數大型風險敞口是否都已在那裡處理，還是我們仍處於中游階段？

Eric, great to hear from you. Yes, luckily, we are through that transition of managed service. There's still a very small component of the business for Medicx that has some revenue attached to managed service, but it's de minimis. What we can share also is that, notwithstanding that kind of onetime hit last year of the adjustment for managed service, the other solutions in that portfolio are growing very nicely.

艾瑞克，很高興收到你的來信。是的，幸運的是，我們已經完成了託管服務的轉型。Medicx 的業務中仍有一小部分與託管服務相關的收入，但這只是微不足道的。我們還可以分享的是，儘管去年託管服務調整帶來了一次性打擊，但該產品組合中的其他解決方案仍在良好成長。

And specifically, the audience component of that business is what's showing the most growth, and that's obviously our highest-margin, best-profile solution. So very much in line with kind of the guidance and the direction that we've showed on the call today.

具體來說，該業務的受眾部分顯示出最大的成長，這顯然是我們利潤最高、最引人注目的解決方案。這與我們今天在電話會議上所顯示的指導和方向非常一致。

Jeff Garro, Stephens, Inc.

傑夫·加羅（Jeff Garro），史蒂芬斯公司（Stephens, Inc.）

And Steve, let me chime in as well with congrats on the new and permanent role. I wanted to hit on the margin outlook embedded in the guidance, and maybe we can break that down to gross margin and OpEx. On the gross margin front, curious if there's any kind of changes in product mix you would call out. It seems like it should continue to trend favorably with the emphasis on the data subscriptions, but wanted to check in there.

史蒂夫，請允許我向你表示祝賀，祝賀你獲得這個新的永久職位。我想談談指導中所包含的利潤前景，也許我們可以將其分解為毛利率和營運支出。在毛利率方面，我很好奇您是否會指出產品組合有什麼變化。看起來，隨著​​數據訂閱的重視，它應該繼續呈現良好的趨勢，但想在那裡檢查一下。

And on the OpEx front, Steve, any incremental OpEx investment to really push that customer centricity that you were speaking about earlier?

在營運支出方面，史蒂夫，有任何增量營運支出投資可以真正推動您之前談到的以客戶為中心嗎？

Appreciate the question. I'll ask Ed to go ahead and comment.

感謝你的提問。我會請 Ed 繼續發表評論。

Yeah. So as far as margin breakdown is concerned, we don't guide at the gross margin level, but you can probably figure out that we're going to be in the low to mid-60% range, and that increases as the year goes on, mainly due to mix. As the year goes on, we get more and more new DAAP dues in, and those generate higher margins for us.

是的。因此，就利潤率細分而言，我們不會指導毛利率水平，但您可能會發現，我們的毛利率將處於 60％ 的低位到中位範圍內，並且隨著時間的推移，這一比例會增加，這主要是由於產品組合的原因。隨著時間的推移，我們收到越來越多的新 DAAP 會費，這些會費為我們帶來了更高的利潤。

As far as bottom line is concerned, the same thing, it's a highly deliverable business model. So we are guiding to kind of at least $12 million in adjusted EBITDA. The first quarter or 2 typically are on the low side and then will start to ramp up pretty aggressively on the back end of the year.

就底線而言，同樣的事情，這是一個高度可交付的商業模式。因此，我們預計調整後的 EBITDA 至少為 1200 萬美元。第一季或第二季通常處於較低水平，然後在年底開始大幅上升。

Got it. That helps. And then I want to ask one on the competitive environment. We saw early here in 2025 a competitor added to its direct-to-consumer capabilities. So I wanted to check in whether you're seeing any impact from them or others nearing your strategy of combining HCP and DTC approaches, or any other changes to the competitive environment including on that data subscription side that's gained momentum of late?

知道了。這有幫助。然後我想問一個關於競爭環境的問題。我們在 2025 年初就看到競爭對手增強了其直接面向消費者的能力。所以我想檢查一下，您是否看到了他們或其他接近您結合 HCP 和 DTC 方法的策略的影響，或者競爭環境的任何其他變化，包括最近勢頭強勁的數據訂閱方面？

The competitive environment is definitely interesting. I mean with the DTC -- acquisition of the DTC business in addition to our business, it brought a whole sort of different component of competition that we're dealing with, which I think is obviously welcome. And it also has given us a good sort of landing pad for learning in terms of where we have opportunities to bring the HCP and DTC business together to compete more effectively.

競爭環境一定很有趣。我的意思是，除了我們的業務之外，收購 DTC 業務也為我們帶來了一系列不同的競爭因素，我認為這顯然是值得歡迎的。它也為我們提供了一個很好的學習平台，讓我們有機會將 HCP 和 DTC 業務結合起來，從而更有效地競爭。

We still remain the only business out there that's able to bring HCP and DTC together at scale with a proprietary network. And so as we said in the script, we really have -- we're pretty sanguine on our position in terms of our competitive advantage in that area and ability to scale.

我們仍然是唯一一家能夠透過專有網路將 HCP 和 DTC 大規模整合在一起的企業。正如我們在腳本中所說的那樣，我們確實 - 我們對我們在該領域的競爭優勢和擴展能力的地位非常樂觀。

And I think I'll give a shout-out to our Chief Product and Technology Officer, Doug Besch, who's done a wonderful job of bringing those audiences together. And that's the data component that we've been kind of talking about throughout this call. And when you start to bring those together and deliver those succinctly to the same client, there's obviously revenue synergy, there's growth opportunity, there's a larger subscription growth specifically. And it just creates a much better recurring business and a stronger foothold within our existing client base. I think we're all encouraged by what we're seeing there and feel pretty confident that we're in a good position to beat the competition. And we'll continue to be humble about it and lean in, see how we go, Jeff, but we're feeling pretty strong.

我想我要向我們的首席產品和技術長 Doug Besch 致敬，他出色地將這些觀眾聚集在一起。這就是我們在整個通話過程中一直在談論的數據組件。當你開始將這些整合在一起並簡潔地交付給同一個客戶時，顯然會有收入協同效應，會有成長機會，特別是會有更大的訂閱成長。它只是創造了更好的經常性業務並在我們現有的客戶群中建立了更強大的立足點。我想我們都對所看到的情況感到鼓舞，並且非常有信心我們處於有利地位，可以擊敗競爭對手。我們將繼續保持謙虛的態度，傾身向前，看看我們會如何發展，傑夫，但我們感覺非常強大。

This concludes our question-and-answer session. I would now like to turn the conference over to Steve Silvestro for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交給史蒂夫·西爾維斯特羅 (Steve Silvestro) 做結束語。

Thank you, operator. And once again, thank you, everyone, for joining us on today's call. Even though these remain early days and still relatively nascent industry, we believe that our business model, solutions and tech platform are responding to and meaningfully addressing customers' needs.

謝謝您，接線生。再次感謝大家參加今天的電話會議。儘管這仍處於早期階段，仍是相對新興的行業，但我們相信，我們的商業模式、解決方案和技術平台正在響應並實際滿足客戶的需求。

As it stands today, our synchronized HCP and DTC marketing capabilities, which are based on brand eligibility signals, coupled with expanded functionality that includes micro-neighborhood targeting that delivers hyperlocal privacy patient and HCP audiences, is widening the competitive moat against our competitors.

目前，我們基於品牌資格訊號的同步 HCP 和 DTC 行銷能力，加上擴展的功能（包括為超本地隱私患者和 HCP 受眾提供微社群定位），正在拓寬我們與競爭對手的競爭壁壘。

The remainder of the year will be extremely focused on increased customer utilization of DAAP and of establishing consistent recurring revenue component to our business as we convert our customers to a subscription-based model as we drive towards becoming a Rule of 40 company. We believe these initiatives will be transformative and are critical to our efforts to drive shareholder value creation.

今年剩餘時間我們將專注於提高客戶對 DAAP 的利用率，並在將客戶轉變為基於訂閱的模式時為我們的業務建立持續的經常性收入組成部分，努力成為一家「40 條規則」的公司。我們相信這些措施將帶來變革，對於我們推動股東價值創造的努力至關重要。

Thank you for your time today, and I look forward to our next quarter's earnings call as well as meeting with more of you at the upcoming conferences throughout the year. Have a fantastic rest of your day. Operator, please proceed with OptimizeRx's safe harbor statement.

感謝您今天的寶貴時間，我期待著下一季的收益電話會議，並期待在全年即將召開的會議上與更多的人會面。祝您今天剩餘的時間過得愉快。操作員，請繼續執行 OptimizeRx 的安全港聲明。

Thank you, sir. Before we conclude today's call, I would like to provide the company's safe harbor statement that includes important cautions regarding forward-looking statements made during today's call.

謝謝您，先生。在我們結束今天的電話會議之前，我想提供公司的安全港聲明，其中包括對今天電話會議中前瞻性陳述的重要警告。

Statements made by management during today's call may contain forward-looking statements with the definition of Section 27A and the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended. These forward-looking statements should not be used to make investment decisions.

管理階層在今天的電話會議上所作的陳述可能包含前瞻性陳述，其定義符合 1933 年證券法修訂版第 27A 節和 1934 年證券法修訂版第 21E 節的規定。這些前瞻性陳述不應用來做出投資決策。

The words anticipate, estimate, expect, possible and seeking and similar expressions identify forward-looking statements. They may speak only to the date that such statements are made.

預期、估計、期望、可能、尋求等詞語以及類似的表達方式均屬於前瞻性陳述。他們可能只會談論發表此類聲明的日期。

Forward-looking statements in this call include statements regarding our growth plans, plans for shareholder value creation, converting more customers to our reoccurring model, becoming a Rule of 40 companies, unlocking new opportunities for profitable revenue growth, our plans to make our revenue streams more predictable, plans to drive substantial operating leverage, estimated 2025 revenue and adjusted EBITDA ranges, estimation of total addressable market size, market penetration, revenue growth, gross margin, operating expenses, profitability, cash flow, technology, investments, growth opportunities, acquisitions and upcoming announcements.

本次電話會議中的前瞻性陳述包括有關我們的成長計劃、股東價值創造計劃、將更多客戶轉化為我們的經常性模式、成為 40 條規則公司、釋放盈利收入增長的新機會、我們使收入流更可預測的計劃、推動大幅運營槓桿的計劃、預計 2025 年收入和調整後的 EBITDA範圍、總可尋址市場規模估計、市場滲透率、收入成長、毛利率、營運費用、獲利能力、現金流、技術、投資、成長機會、收購和即將發布的公告。

Forward-looking statements also include the management's expectations for the rest of the year. The company undertakes no obligation to publicly update or revise any forward-looking statements whether because of new information, future events or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by or underlying these forward-looking statements.

前瞻性陳述還包括管理階層對今年剩餘時間的預期。無論是由於新資訊、未來事件或其他原因，本公司均不承擔公開更新或修改任何前瞻性聲明的義務。前瞻性陳述本質上受風險和不確定性的影響，其中一些無法預測或量化。未來事件和實際結果可能與這些前瞻性陳述中所述、預期或依據的結果有重大差異。

The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the effects of government regulation, competition, dependence on a concentrated group of customers, cybersecurity incidents that could disrupt operations, the ability to keep pace with growing and evolving technology, the ability to maintain contracts with electronic prescription platform and electronic health record network and other material risks.

前瞻性陳述所面臨的風險和不確定性包括但不限於政府監管、競爭、對集中客戶群的依賴、可能擾亂營運的網路安全事件、跟上不斷發展和演變的技術的能力、維持與電子處方平台和電子健康記錄網路的合約的能力以及其他重大風險的影響。

Risks and uncertainties to which forward-looking statements are subject could affect business and financial results are included in the company's annual report on Form 10-K for the year ended December 31, 2023 and in other filings the company has made and may make with the SEC in the future. These filings when made are available on the company's website and on the SEC website at sec.gov.

前瞻性陳述所涉及的風險和不確定性可能會影響業務和財務結果，這些風險和不確定性包含在公司截至 2023 年 12 月 31 日的 10-K 表年度報告中以及公司已經提交和將來可能向美國證券交易委員會提交的其他文件中。這些文件可在公司網站和美國證券交易委員會網站 sec.gov 上查閱。

Before we end today's conference, I would like to remind everyone that an audio recording of this conference call will be available for replay starting later this evening running through for a year on the Investors section of the company's website.

在今天的會議結束之前，我想提醒大家，本次電話會議的錄音將於今晚晚些時候開始在公司網站的投資者部分提供重播，持續一年。

Thank you for joining us today. This concludes today's conference call. You may now disconnect your lines.

感謝您今天加入我們。今天的電話會議到此結束。現在您可以斷開線路了。