Phreesia Inc (PHR) 2024 Q1 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Phreesia Fiscal First Quarter 2024 Earnings Conference Call. (Operator Instructions) First, I would like to introduce Balaji Gandhi, Phreesia's Chief Financial Officer. Mr. Gandhi, you may begin.

女士們、先生們，晚上好，歡迎參加 Phreesia 2024 年第一季度財報電話會議。 （操作員須知）首先，我想介紹一下Phreesia的首席財務官巴拉吉·甘地（Balaji Gandhi）。甘地先生，您可以開始了。

Thank you, operator. Good evening, and welcome to Phreesia's earnings conference call for the fiscal first quarter of 2024, which ended on April 30, 2023. Joining me on today's call is Chaim Indig, our Chief Executive Officer.

謝謝你，接線員。晚上好，歡迎參加 Phreesia 於 2023 年 4 月 30 日結束的 2024 年第一財季收益電話會議。參加今天電話會議的是我們的首席執行官 Chaim Indig。

A complete discussion of our results can be found in our earnings press release and in our related Form 8-K submission to the SEC, including our quarterly stakeholder letter, both issued after the markets closed today. These documents are available on the Investor Relations section of our website at ir.phreesia.com. As a reminder, today's call is being recorded, and a replay will be available on our Investor Relations website at ir.phreesia.com following the conclusion of the call.

關於我們業績的完整討論可以在我們的收益新聞稿和我們向 SEC 提交的相關 8-K 表格中找到，包括我們的季度利益相關者信函，兩者均在今天市場收盤後發布。這些文件可在我們網站 ir.phreesia.com 的投資者關係部分獲取。謹此提醒，我們正在對今天的電話會議進行錄音，電話會議結束後將在我們的投資者關係網站 ir.phreesia.com 上提供重播。

During today's call, we may make forward-looking statements, including statements regarding trends, our anticipated growth, our strategies, predictions about our industry and the anticipated performance of our business, including our outlook regarding future financial results. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those described in our forward-looking statements. Such risks are described more fully in our earnings press release, our stakeholder letter, and our risk factors included in our SEC filings, including in our quarterly report on Form 10-Q that will be filed with the SEC tomorrow.

在今天的電話會議中，我們可能會做出前瞻性陳述，包括有關趨勢、我們的預期增長、我們的戰略、對我們行業的預測和我們業務的預期業績的陳述，包括我們對未來財務業績的展望。前瞻性陳述受到各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、業績或成就與前瞻性陳述中描述的結果存在重大差異。我們的收益新聞稿、利益相關者信函以及向 SEC 提交的文件中包含的風險因素（包括明天向 SEC 提交的 10-Q 表格季度報告）對此類風險進行了更全面的描述。

The forward-looking statements made on this call will be based on our current views and expectations and speak only as of the date on which the statements are made. We undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events.

本次電話會議中發表的前瞻性聲明將基於我們當前的觀點和期望，並且僅代表發表聲明之日的情況。我們不承擔更新這些前瞻性陳述的義務，並明確否認有義務更新這些前瞻性陳述以反映本次電話會議之後的事件或情況，或者反映新信息或意外事件的發生。

We may also refer to certain financial measures not in accordance with Generally Accepted Accounting Principles in order to provide additional information to investors. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release and stakeholder letter, which were furnished with our Form 8-K filed after the markets closed today with the SEC and may also be found on our Investor Relations website at ir.phreesia.com.

我們還可能參考某些不符合公認會計原則的財務指標，以便向投資者提供更多信息。這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。 GAAP 與非 GAAP 業績的對賬可在我們的收益發布和利益相關者信函中找到，這些信息與今天收市後向 SEC 提交的 8-K 表格一起提供，也可以在我們的投資者關係網站上找到，網址為 ir .phreesia.com。

I will now turn the call over to our CEO, Chaim Indig.

現在我將把電話轉給我們的首席執行官 Chaim Indig。

Thank you, Balaji, and good evening, everyone. Thank you for participating in our first quarter earnings call. Our stakeholder letter and earnings release came out about an hour ago, but let me start the call by sharing a few key highlights of the materials we released.

謝謝巴拉吉，大家晚上好。感謝您參加我們的第一季度財報電話會議。我們的利益相關者信函和收益發布大約一小時前發布，但讓我在電話會議開始時分享我們發布的材料的一些關鍵要點。

Revenue in the first quarter was $84 million, up 32% year-over-year. That's our ninth consecutive quarter of over 30% year-over-year revenue growth, another fantastic achievement by the Phreesia team. Congratulations to all of you who are listening.

第一季度收入為 8400 萬美元，同比增長 32%。這是我們連續第九個季度收入同比增長超過 30%，這是 Phreesia 團隊的另一項出色成就。祝賀所有正在聆聽的人。

In the quarter, our average number of health care services clients was 3,309, up 31% year-over-year. We added 169 average health care services clients from the fourth quarter to the first quarter. Total revenue for average health care services clients was $25,338, up 1% year-over-year and 4% sequentially. Subscription and related services revenue grew 30% year-over-year. Payment processing revenue grew 25% year-over-year. And Network Solutions revenue was up 46% year-over-year.

本季度，我們的醫療保健服務客戶平均數量為 3,309 人，同比增長 31%。從第四季度到第一季度，我們平均增加了 169 個醫療保健服務客戶。平均醫療保健服務客戶的總收入為 25,338 美元，同比增長 1%，環比增長 4%。訂閱及相關服務收入同比增長 30%。支付處理收入同比增長 25%。網絡解決方案收入同比增長 46%。

Now let me hand it over to Balaji to talk about our fiscal '24 outlook.

現在讓我請巴拉吉談談我們的 24 財年展望。

Thanks, Chaim. Moving on to our outlook for fiscal 2024, which ends on January 31, 2024. We are maintaining our revenue outlook for fiscal 2024, which is in the range of $353 million to $356 million, implying growth of 26% to 27% over our fiscal 2023 revenue. We are raising our adjusted EBITDA outlook to a range of negative $60 million to negative $55 million from a range of negative $65 million to negative $60 million, showing continued improvement on our path to profitability.

謝謝，柴姆。接下來是我們對 2024 財年的展望，該財年將於 2024 年 1 月 31 日結束。我們維持 2024 財年的收入預期，即在 3.53 億美元至 3.56 億美元之間，這意味著比我們的財年增長 26% 至 27% 2023 年收入。我們將調整後的 EBITDA 前景從負 6500 萬美元至負 6000 萬美元上調至負 6000 萬美元至負 5500 萬美元，這表明我們的盈利能力持續改善。

We are also maintaining our revenue and profitability targets for fiscal 2025. Those targets are $125 million of revenue in a quarter during fiscal 2025, which implies $500 million of annualized revenue and returning to adjusted EBITDA profitability during fiscal year 2025. We remain comfortable with our ability to finance our fiscal 2025 targets with our cash position.

我們還維持 2025 財年的收入和盈利目標。這些目標是 2025 財年一個季度的收入為 1.25 億美元，這意味著 2025 財年的年化收入為 5 億美元，並恢復調整後的 EBITDA 盈利能力。我們對我們的有能力利用我們的現金狀況為我們的 2025 財年目標提供資金。

We believe our capital allocation strategy sets us up to deliver on our financial targets for fiscal 2025 and beyond. We continue to focus on driving shareholder value.

我們相信，我們的資本配置策略將使我們能夠實現 2025 財年及以後的財務目標。我們繼續專注於推動股東價值。

Operator, I think we can now open it up to Q&A.

接線員，我想我們現在可以進行問答了。

(Operator Instructions) We'll take our first question this afternoon from Anne Samuel of JPMorgan.

（操作員說明）今天下午我們將回答摩根大通的 Anne Samuel 提出的第一個問題。

Congrats on the great results. In your letter, you spoke to higher patient volumes in the first quarter. I was just hoping maybe you could talk about what you attribute that to. And then just how to think about cadence for the remainder of the year? Was this a pull-forward from 2Q? Or do you think that, that will be spread more evenly throughout the year?

祝賀取得的優異成績。在您的信中，您談到了第一季度患者數量的增加。我只是希望你能談談你將其歸因於什麼。那麼如何考慮今年剩餘時間的節奏呢？這是第二季度的前移嗎？或者您認為全年的分佈會更加均勻？

Yes. Annie, Balaji here. So the comment around the volumes in the first quarter I think what's important to take away is that it was just stronger than we anticipated. So when we entered the year, it's obviously, there's some seasonality and there's some seasonal strength, but it was up -- stronger than we would have thought. I think -- and maybe Chaim can talk about this a little bit. If you think about our business and having been at this a long time, we can be off a little bit on any quarter. We have a lot of visibility, but there's things around weather. There's things around different mix on different specialties that can skew that. So I don't know, Chaim, if you want to add anything on that, and I can come back to the cadence.

是的。安妮，巴拉吉在這裡。因此，關於第一季度銷量的評論我認為重要的是，它比我們預期的要強。因此，當我們進入這一年時，很明顯，有一些季節性，也有一些季節性強度，但它是上升的——比我們想像的要強。我想——也許 Chaim 可以談談這個問題。如果你考慮一下我們的業務並且已經從事了很長時間，我們可能會在任何季度出現一些偏差。我們的能見度很高，但天氣因素也有影響。不同專業的不同組合可能會扭曲這一點。所以我不知道，Chaim，你是否想對此添加任何內容，我可以回到節奏。

No, you did a great job. You did a great job. Like, look, I think it's still early in the year. And I think we got a lot of months left to go.

不，你做得很好。你做的非常出色。就像，看，我認為現在還早。我認為我們還有很多個月的時間。

And Annie, on the cadence, we did mention that the volume strength also helped with some of the pacing of our programs and our campaigns in the first quarter. So as you know, that revenue is nonrecurring, and we're selling campaigns throughout the year as well. So if you just think about the cadence, some of that will -- things will have to happen in 2Q to sort of fill that out. We obviously don't provide quarterly guidance, but I think you should definitely think about a little bit of that being pulled up.

安妮，在節奏上，我們確實提到，銷量的強勁也有助於我們第一季度的計劃和活動的一些節奏。如您所知，該收入是非經常性的，我們也在全年銷售活動。因此，如果你只考慮節奏，其中一些事情將必須在第二季度發生才能填補這一空白。我們顯然不提供季度指導，但我認為你絕對應該考慮其中的一點點。

Okay. That's really helpful. And then maybe just one more. You saw really nice gross margins on the software side. And just curious if we should be assuming that you can kind of hold this cost of revenue level or if there was maybe something unique this quarter that helps keep it kind of flat?

好的。這真的很有幫助。然後也許還有一個。您在軟件方面看到了非常好的毛利率。只是好奇我們是否應該假設您可以保持這種收入成本水平，或者本季度是否有一些獨特的東西可以幫助保持這種收入水平？

Well, I mean, first of all, I think it's just important to call out the team. I mean just continued great effort by everyone. We obviously made a lot of investments across all those client services, client support teams and everyone has done a great job as we've continued to add a ton of clients, 169 this quarter. So -- and as we've said, continue to say that when we think about getting back to adjusted EBITDA profitability, it's going to be based on more gross margin improvement but I think the big step up has happened, and now you're talking about more kind of moderate improvement from here. But yes, we do feel pretty good about it.

嗯，我的意思是，首先，我認為召集團隊很重要。我的意思是每個人都繼續付出巨大的努力。顯然，我們在所有客戶服務、客戶支持團隊方面進行了大量投資，每個人都做得很好，因為我們繼續增加了大量客戶，本季度增加了 169 個客戶。因此，正如我們所說，繼續說，當我們考慮恢復調整後的 EBITDA 盈利能力時，它將基於更多的毛利率改善，但我認為已經發生了重大進步，現在你是從這裡開始談論更多類型的適度改進。但是，是的，我們確實對此感覺很好。

It was pretty nice, wasn't it?

非常好，不是嗎？

Was very nice. Congrats again.

非常好。再次恭喜。

We go next now to Ryan Daniels at William Blair.

接下來我們請聽威廉·布萊爾的瑞恩·丹尼爾斯。

Balaji, maybe I'll start with one for you. The sales and marketing line see really great leverage there. It was off 10% year-over-year despite the 30% plus growth. How should we think about that line item going forward and maybe the cadence as we roll through the year?

巴拉吉，也許我可以先為你介紹一個。銷售和營銷線在那裡看到了巨大的影響力。儘管增長了 30% 以上，但同比下降了 10%。我們應該如何考慮該訂單項的未來以及全年的節奏？

Yes. I mean, once again, it's worth calling out just the effort by the team. So it's -- I mean, I think people use the term productivity a lot, but there's people behind all that. And so we've also been pretty diligent about how we spend. I mean, there's non-people expenses, too, and there's vendors. And so we've just tried to be -- have an ownership sort of mentality and try to get the most we can out of a lot of the expenses that we've had in the P&L. And so I think, again, just like the previous question, that operating leverage on sales and marketing expense will be another source of how we get the EBITDA positive. If you think about the negative 13.8% getting to 0, then we should see some improvement there as a percentage of revenue. Did that answer the question?

是的。我的意思是，再一次值得讚揚的是團隊的努力。所以，我的意思是，我認為人們經常使用生產力這個詞，但這一切背後都有人支持。因此，我們在支出方面也非常謹慎。我的意思是，還有非人員費用，還有供應商。因此，我們只是試圖擁有一種所有權心態，並嘗試從損益表中的大量支出中獲得最大收益。因此，我再次認為，就像上一個問題一樣，銷售和營銷費用的運營槓桿將是我們獲得正 EBITDA 的另一個來源。如果您考慮負 13.8% 變為 0，那麼我們應該會看到收入百分比有所改善。這回答了問題嗎？

Yes. Yes, that's perfect. And then interesting case study on network solutions regarding the open enrollment period. I'm curious if that was done on behalf of a plan and thus, kind of signs of a novel revenue stream there with that product offering? Or was that something you did as kind of an internal project for MA eligible members in order to market the capability to payers going forward?

是的。是的，那就完美了。然後是有關開放註冊期的網絡解決方案的有趣案例研究。我很好奇這是否是代表一個計劃完成的，因此，該產品提供的新收入流是否有某種跡象？或者這是您為符合 MA 資格的成員所做的內部項目，以便向未來的付款人推銷該功能？

That -- so Ryan, that was a little of both. So I think we did that with a plan -- but I don't think it's -- I think it was really to show up some capabilities. It was not a revenue -- a huge revenue driver, but I think you got a lot of folks really excited about our capabilities being able to reach their members specifically and understand what matters to the members because one of the things that we strongly believe that we've been able to see for years with our platform is that as much as we might all be Americans, use the health care system, we all have very individual and different needs. And those needs often are not seen through the planned coverage. And this gives a lot more visibility to that client base of ours, and they've been pretty excited about the feedback we're doing even now.

那——所以瑞安，兩者兼而有之。所以我認為我們這樣做是有計劃的——但我不認為是——我認為這實際上是為了展示一些能力。這不是收入——一個巨大的收入驅動因素，但我認為很多人對我們能夠專門接觸他們的會員並了解對會員來說重要的事情的能力感到非常興奮，因為我們堅信其中一件事多年來我們通過我們的平台看到的是，儘管我們都是美國人，都使用醫療保健系統，但我們都有非常個性化和不同的需求。而這些需求往往無法通過計劃的覆蓋範圍看到。這讓我們的客戶群有了更多的可見性，他們對我們現在所做的反饋感到非常興奮。

We go next now to Jessica Tassan of Piper Sandler.

接下來我們請來派珀·桑德勒 (Piper Sandler) 的傑西卡·塔桑 (Jessica Tassan)。

Nice first quarter with the new CFO. So I would just kind of echo Ryan's sentiment, I thought the member connect detail was really helpful. Should we think about this product then as being kind of out of beta and priced and ready for full launch for 2024 AEP so in your kind of fiscal 3Q, 4Q period?

新任首席財務官的第一季度表現不錯。所以我只是同意 Ryan 的觀點，我認為會員連接細節確實很有幫助。那麼，我們是否應該認為該產品已經完成測試，定價並準備好在 2024 年 AEP 上全面推出，以便在您的財政第三季度、第四季度期間進行？

I don't think the team would tell you that it's in beta, but I don't think it's fully GA. How's that? It's -- I think we have a bunch of customers on our different product sets. I think we still have a lot of investment in it. And I think -- I wouldn't say we're -- let's just say, it's doing very well, and I'm really proud of the team on what we're doing with it, how about that? But I'm not commenting on where we'll be for open enrollment just yet.

我不認為團隊會告訴你它處於測試階段，但我不認為它是完全的 GA。怎麼樣？我認為我們的不同產品系列有很多客戶。我認為我們在這方面還有很多投資。我認為 - 我不會說我們 - 讓我們只是說，它做得非常好，我真的為我們的團隊使用它所做的事情感到自豪，怎麼樣？但我目前還沒有評論我們的公開招生情況。

And it's still early.

而且現在還早。

But the response from the community, the client community has been phenomenal.

但社區、客戶社區的反應是驚人的。

Okay. I think that's very helpful. And then just maybe can you talk about how you're monetizing PAM today? It seems like it might have been part of that MemberConnect survey, but just interested to know how that asset is being monetized today and whether the impacts predominantly felt in subscriptions or in Network Solutions and that's it.

好的。我認為這非常有幫助。那麼您能否談談您今天如何通過 PAM 獲利？看起來它可能是 MemberConnect 調查的一部分，但只是想知道該資產如今如何貨幣化，以及影響主要體現在訂閱還是網絡解決方案中，僅此而已。

Sure. So there's sort of like 2 parts to that. MemberConnect as an offering, and I would refer you to go back to our letter from December on this. It's the Medicare Advantage lead gen piece that you were talking about earlier. But there's also like the offering of PAM in and of itself, that's another sort of piece of MemberConnect. Nothing to really call out there for monetization. Remember when you think about MemberConnect, think about it as the revenue generating being almost exclusively the Medicare Advantage lead gen. However, there is revenue from PAM that came through the acquisition of Insignia, which is in subscription that's tied to effectively overwhelmingly, the contract we have with CMS. And so CMS has a multiyear contract that is public, you can look it up, but it's subscription revenue through that.

當然。所以大概有兩部分。 MemberConnect 作為一項服務，我建議您回顧一下我們 12 月份關於此事的信函。這是您之前談論的 Medicare Advantage 領先一代。但 PAM 本身也提供類似的服務，這是 MemberConnect 的另一種形式。沒有什麼值得真正呼籲貨幣化的。請記住，當您想到 MemberConnect 時，請將其視為幾乎完全由 Medicare Advantage 潛在客戶產生的收入。然而，PAM 的收入是通過收購 Insignia 獲得的，Insignia 的訂閱形式很大程度上與我們與 CMS 簽訂的合同相關。所以 CMS 有一份公開的多年合同，你可以查一下，但它是通過它獲得的訂閱收入。

We'll take our next question now from Glen Santangelo at Jefferies.

我們現在將回答 Jefferies 的 Glen Santangelo 的下一個問題。

I wonder -- obviously, another nice EBITDA beat again this quarter. And I think the obvious question is with revenue sort of humming along in the low 30s here. The EBITDA guidance for the year really doesn't assume any leverage throughout the balance of the year. And I'm kind of curious, is that some level of conservatism? Or there are other sort of planned investments that we should be talking about? Or would be helpful to sort of point out? And then I just had a follow-up question on the balance sheet.

我想知道——顯然，本季度 EBITDA 再次好轉。我認為明顯的問題是這裡的收入在 30 多歲左右。今年的 EBITDA 指引實際上並沒有假設全年剩餘時間有任何槓桿作用。我有點好奇，這是某種程度的保守主義嗎？或者我們應該討論其他類型的計劃投資？或者指出來會有幫助嗎？然後我有一個關於資產負債表的後續問題。

Sure. So first of all, just to be clear. When you say low 30, you mean as a percentage growth?

當然。首先，要明確一點。當你說低 30 時，你的意思是增長百分比嗎？

Yes. I'm sorry, yes, as a percentage growth.

是的。抱歉，是的，按百分比增長。

Okay. I almost skipped the beat there because I thought you met. Okay. So I mean, Glen, first of all, I think this is sort of like the same sort of theme from the question on gross margins and on sales and marketing that goes right to EBITDA, which is the team has done a great job. And I know -- and we can't sort of say enough about that. And so it's afforded us the ability to keep investing in the business. And so the outperformance on EBITDA that you've seen in the past few quarters has set us up to do what we've said, which is continue to invest. And the area that you should think about is R&D. It's the one area that we don't talk about like, oh, we're going to sort of squeeze and get operating leverage around because we're thinking about fiscal '26, '27 and '28, et cetera.

好的。我幾乎跳過了那裡的節奏，因為我以為你遇見了。好的。所以我的意思是，格倫，首先，我認為這有點像毛利率以及銷售和營銷問題中的主題，直接關係到 EBITDA，即團隊做得很好。我知道——對此我們無法說得太多。因此，它使我們有能力繼續投資業務。因此，您在過去幾個季度看到的 EBITDA 優異表現使我們能夠按照我們所說的那樣繼續投資。你應該考慮的領域是研發。這是我們不會談論的一個領域，比如，哦，我們將進行某種擠壓並獲得運營槓桿，因為我們正在考慮 26、27 和 28 財年等等。

So when you think about the range -- the EBITDA guidance range, sure, there's a situation where we'll be investing more in R&D. That said, we'll update you in 90 days. And if the team continues to execute well, maybe there's room for improvement. Does that help?

因此，當您考慮 EBITDA 指導範圍時，當然，在這種情況下，我們將在研發方面投入更多資金。也就是說，我們將在 90 天內向您通報最新情況。如果團隊繼續表現良好，也許還有改進的空間。這有幫助嗎？

Okay. Perfect. And Balaji, that's helpful. I just want to follow up on the balance sheet. I mean the company has been burning, call it, mid-teens, $15-ish million of cash. I think, again, this quarter, maybe a little bit higher last year. As we think about the path to profitability in fiscal '24 and '25, I know you have $150 million in cash on the balance sheet. You said that you're more than comfortable that you have enough. But I was just wanted to reconcile that with some of the comments related to SVB in the press release, if you could just sort of quickly rehash for us where you have a lending facility now? Where your cash is sitting and would the plan to be to open up another lending facility outside of SVB?

好的。完美的。巴拉吉，這很有幫助。我只想跟進資產負債表。我的意思是，該公司一直在燃燒大約 1500 萬美元的現金。我再次認為，這個季度可能比去年更高一些。當我們思考 24 和 25 財年的盈利之路時，我知道資產負債表上有 1.5 億美元的現金。你說你已經足夠了，你很舒服。但我只是想將這一點與新聞稿中有關 SVB 的一些評論進行協調，您是否可以快速為我們重述一下您現在在哪裡擁有貸款設施？您的現金在哪裡？您是否計劃在 SVB 之外開設另一個貸款機構？

Yes. Thanks for bringing up the...

是的。感謝您提出...

Glen, those were like [70 flagship].

格倫，那些就像[70旗艦]。

It takes real like making we want to have to look at our lengthy disclosure so all of our attorneys feel comfortable with how we talk about this. But I mean, Glen, there's a lot of language in the filings from last time, and you'll see some in the queue this time. But at the end of the day, that facility still is in place, and we've received a waiver that allows us to keep more cash outside of SVB. Longer term and for people on the phone who are listening, who are in the lending community, feel free to reach out to us.

這需要真正讓我們想要查看我們冗長的披露，以便我們所有的律師都對我們談論此事的方式感到滿意。但我的意思是，格倫，上次的文件中有很多語言，這次你會在隊列中看到一些語言。但歸根結底，該設施仍然存在，而且我們已經收到了一項豁免，允許我們在 SVB 之外保留更多現金。從長遠來看，對於那些在電話裡傾聽的人，那些在貸款界的人，請隨時與我們聯繫。

Longer term, we'll look at other avenues to finance any kind of growth we want beyond what we've said we can finance through cash through '25. We continue to feel very good about that. The cash is there to support that growth. And as you said, it's about $150 million. And we have no debt drawn on the existing facility. So yes, we'll look at other things, and we'll continue to look at other opportunities. But that revolver is in place today.

從長遠來看，我們將尋找其他途徑為我們想要的任何增長提供資金，超出我們所說的到 25 年可以通過現金融資的範圍。我們對此仍然感覺非常好。現金可以支持這種增長。正如你所說，大約是 1.5 億美元。我們沒有利用現有設施提取任何債務。所以，是的，我們會考慮其他事情，我們將繼續尋找其他機會。但那把左輪手槍今天已經就位了。

And then as far as the -- in terms of the losses, just note that on cash flow, there is timing. So the first part of the year, we have some additional treasury stock. If you look at the financing section to cover tax withholdings for employees. So you don't see those in the remaining quarters. You'll actually see that Q4 and Q1.

然後就損失而言，請注意，在現金流方面，有時間安排。因此，今年上半年，我們有一些額外的庫存股。如果您查看融資部分以支付員工的預扣稅款。所以你在剩下的季度裡看不到那些。您實際上會看到 Q4 和 Q1。

We go next now to Scott Schoenhaus at KeyBanc.

接下來我們請聽 KeyBanc 的 Scott Schoenhaus。

Chaim, Balaji, congrats on the quarter. I wanted to dig deeper into this update you provided in your letter about your partnership with Unlimited Systems. With any of that, that launched this quarter, was any of that shown up in results on the subscription side?

Chaim、Balaji，恭喜這個季度。我想更深入地了解您在信中提供的關於您與 Unlimited Systems 合作關係的最新信息。本季度推出的其中任何一項是否都顯示在訂閱方面的結果中？

No. Not even.

不，甚至沒有。

Okay. And so is this something that you guys are...

好的。所以這就是你們……

I would put that in the R&D line. It's still real early.

我會把它放在研發線上。現在還真是早啊。

Okay. So is this something that you guys are actively pursuing basically trying to partner with all these specialty other health care IT service offerings, do you really sell your solution? And what do you view that opportunity as? Is this a way to drive really much more incremental subscription growth for this year and next year?

好的。那麼，這是你們正在積極追求的東西，基本上是試圖與所有這些專業的其他醫療保健 IT 服務產品合作，你們真的出售你們的解決方案嗎？您認為這個機會是什麼？這真的能推動今年和明年的訂閱量增長嗎？

Look, well, so to be clear, we sell our solution, but look, we got a lot of requests from their customer base wanting to have an integrated solution with Phreesia. And so we're just really following where the market is and what the market wants. And frankly, we've had like that's -- we have a whole team of people and they do market assessments on where we should spend dollars and they're just really smart, and they work with the -- our different partners, and we decide where we make R&D investments for that type of integration and making sure that the product that we have is just great. So -- and we are very excited about it. Unlimited is -- it seems like early days, it seemed like a great partner.

好吧，需要明確的是，我們出售我們的解決方案，但是我們從他們的客戶群那裡收到了很多請求，希望與 Phreesia 建立集成的解決方案。因此，我們只是真正關注市場的情況和市場的需求。坦率地說，我們有這樣的——我們有一整套團隊，他們對我們應該在哪里花錢進行市場評估，他們非常聰明，他們與——我們不同的合作夥伴合作，我們決定我們在哪裡進行此類集成的研發投資，並確保我們擁有的產品非常棒。所以——我們對此感到非常興奮。 Unlimited 是——看起來還處於早期階段，它似乎是一個很棒的合作夥伴。

I guess lastly, my second question is on the pharma digital advertising space. Just generally, what are you seeing there? Anything different from last quarter? It seems like you continue to outperform peers in this space.

我想最後，我的第二個問題是關於製藥數字廣告領域的。一般來說，你在那裡看到了什麼？與上季度相比有什麼不同嗎？看來您在這個領域的表現繼續優於同行。

So I think it's -- I definitely think it's challenging compared to what it was when -- this was one of the only ways that people could reach the consumer. Obviously, we are doing -- we just put on another really good quarter. And I'd say the #1 reason is the return we have for our clients like they've just been really, really happy with what we can do and how we do it in a very -- in a methodology that is really pro patient, right? And that's just worked out very well for us and our clients. But the reason that we've also had the success is the team, like they're just -- like they're working really hard. But resources like dashboard that I could see just the amount of interactions that our team is having with clients, and it blows my mind. Just how engaged, how excited and how amazing that team is that works with our life sciences clients.

所以我認為——我絕對認為與當時相比這是具有挑戰性的——這是人們接觸消費者的唯一方式之一。顯然，我們正在做——我們剛剛又迎來了一個非常好的季度。我想說的第一個原因是我們為客戶帶來的回報，就像他們對我們能做的事情以及我們如何以一種非常有耐心的方法來做到這一點感到非常非常滿意， 正確的？這對我們和我們的客戶來說效果非常好。但我們取得成功的原因也在於團隊，他們工作非常努力。但是像儀表板這樣的資源，我可以看到我們的團隊與客戶進行的互動量，這讓我大吃一驚。與我們的生命科學客戶合作的團隊是多麼投入、多麼興奮和多麼令人驚嘆。

I went -- they had the team off-site and I went to it, and it was just -- I just like -- I think I had a smile on my face the entire times being there and being near that team. It was really uplifting. They're just doing a great job. I'm really proud of that.

我去了——他們讓團隊在場外，我去了，那隻是——我只是喜歡——我想我在那兒並靠近那個團隊的整個過程中臉上都掛著微笑。這真的很令人振奮。他們只是做得很好。我真的為此感到自豪。

We go next now to Ryan MacDonald at Needham.

接下來我們請聽尼達姆的瑞安·麥克唐納 (Ryan MacDonald)。

Congrats on the nice quarter. Maybe the first one for you. In the quarterly state quarter level, I thought it was interesting on the discussion of patient insights and being utilized to, sort of gather information around clinical trials from patients. Can you talk about the potential application there for extending sort of network solutions into clinical trial enrollment and how you think about potentially monetizing that over time?

祝賀這個美好的季度。也許第一個適合你。在季度州季度級別，我認為對患者見解的討論很有趣，並被用來從患者那裡收集有關臨床試驗的信息。您能否談談將網絡解決方案擴展到臨床試驗註冊的潛在應用，以及您如何考慮隨著時間的推移將其貨幣化？

Look, I think that clinical trials and making sure that there's -- that patients that want to be in different trials and get access to cutting-edge therapies, giving them access and making it available. I just think it's just a wonderful thing to do. It's an area we've been making investments in. It's a natural continuation for what we can do. And I think you should expect to hear more from us in the coming years on how we're -- how excited we are and some of the things we're going to do in that space. I think it's still too early, but we are investing in it. And what we want -- everyone knows like we think that it's not just a monetary win, we think it's just a big win for patients and for science.

聽著，我認為臨床試驗並確保患者想要參加不同的試驗並獲得尖端療法，為他們提供機會並使其可用。我只是覺得這是一件很棒的事情。這是我們一直在投資的領域。這是我們能做的事情的自然延續。我認為您應該期待在未來幾年中聽到我們更多關於我們的情況——我們是多麼興奮以及我們將在該領域做的一些事情。我認為現在還為時過早，但我們正在對此進行投資。我們想要什麼——每個人都知道，我們認為這不僅僅是金錢上的勝利，我們認為這對患者和科學來說都是一個巨大的勝利。

Right. And maybe as a follow-up to that, I mean, in being a win for patients over time, as you continue to evolve the offerings there when you have MemberConnect and you have the core life sciences, marketing and potentially now on the clinical trial enrollment, how do you sort of balance out or prioritize what you're showing to the patient within that intake experience to prevent the experience from becoming too (inaudible), if you will, over time.

正確的。也許作為後續行動，我的意思是，隨著時間的推移，當你擁有 MemberConnect 並且擁有核心生命科學、營銷以及現在可能正在進行的臨床試驗時，你會繼續發展那裡的產品，從而成為患者的勝利註冊，您如何平衡或優先考慮在該入院體驗中向患者展示的內容，以防止隨著時間的推移，體驗變得太大（聽不清）。

Look, we made huge investments over the years in data science and in just machine learning to be able to make the right type of decisions, right? And I think that there's tons of very smart people and a lot of data that gets tied into how and what we do with what patient. But I'd say that, first and foremost, is making sure that it's consent driven, and we have permission to do. And when you have permission, which is core to what everything we do, it allows us to really lean into how we engage that patient in different content, which frankly should improve outcomes.

看，多年來我們在數據科學和機器學習方面進行了大量投資，以便能夠做出正確的決策，對吧？我認為有大量非常聰明的人和大量數據與我們如何對待病人以及做什麼有關。但我想說，首先也是最重要的是確保它是由同意驅動的，並且我們有權這樣做。當您獲得許可時（這是我們所做的一切的核心），它使我們能夠真正了解如何讓患者參與不同的內容，坦率地說，這應該會改善結果。

We go next now to John Ransom at Raymond James.

接下來我們請聽雷蒙德詹姆斯公司的約翰·蘭塞姆。

Just kind of -- I'd like to hear your reflection, Chaim, the experiments you ran to crank up investment, sales and marketing and R&D. Just as you reflect on that after the decision, what would you point out is this is a particular highlight. And then what would you kind of point out is -- this is something that we would not have learned if we had been this.

只是——我想听聽你的反映，Chaim，你為加快投資、銷售、營銷和研發而進行的實驗。正如您在做出決定後進行反思時，您會指出這是一個特別的亮點。然後你要指出的是——如果我們是這樣的話，我們就不會學到這一點。

All right. I don't think we have enough time on this call, Mr. Ransom for me go through all of those things. I think the one thing that -- there is a lot of things, which is, one, I don't think I would have felt comfortable doing this without the leadership team that I have. And the fact that a lot of us have just worked together for a really long time and understand the business and the clients and understand how to read the information and data that the decisions have been made at all times. And those decisions seem to be made quickly. If not, the dollars are misspent very quickly.

好的。我認為我們沒有足夠的時間來進行這次通話，蘭塞姆先生讓我回顧一下所有這些事情。我認為有一件事——有很多事情，第一，如果沒有我擁有的領導團隊，我認為做這件事我會感到不舒服。事實上，我們中的很多人剛剛一起工作了很長時間，了解業務和客戶，並了解如何隨時閱讀決策所做出的信息和數據。這些決定似乎很快就做出了。如果不這樣做，美元很快就會被浪費。

And so I think, first and foremost, the comfort of having the decision is the team, all over all -- spread all over at all different levels, made me really comfortable. And frankly, I'm reaffirmed based on quarter-after-quarter result, that's why we've been as successful as you have is the team, right? And their ability to continuously iterate on everything that's happening in the market.

所以我認為，首先也是最重要的是，做出決定的舒適感是整個團隊——分佈在各個不同層面，讓我真的很舒服。坦率地說，我根據每個季度的結果再次確認，這就是為什麼我們和你們的團隊一樣成功，對吧？他們有能力不斷迭代市場上發生的一切。

I don't know as far as for a second, and I'd say this every single time that when you get a client, you've got to do the thing you say you're going to do. You got to do it really, really well, and you got to treat them really well. And as long as we keep doing that and giving them a great product that has -- is a fair value, I think we're going to keep building a business that will not just stand the test of time, we'll just make a big impact in health care. And health care just needs to get better, right, just for all of our sake, I'm getting old, right? I'm going to be using the system even more than I already am.

我一時也不知道，每次我都會這麼說，當你找到客戶時，你必須做你說要做的事情。你必須做得非常非常好，並且你必須善待他們。只要我們繼續這樣做，並為他們提供具有公允價值的優質產品，我認為我們將繼續建立一個不僅經得起時間考驗的業務，我們只會做出一個對醫療保健影響很大。醫療保健需要變得更好，對吧，只是為了我們所有人，我正在變老，對吧？我將比現在更多地使用該系統。

Yes, I was going to mention that. That's a...

是的，我正要提到這一點。那是一個...

Did I answer your question?

我回答你的問題了嗎？

Yes, we'll talk later. I'm sure kind of follow up. Yes. The second question I have is -- so your sales productivity and as you go into the SCR selling -- or hiring season, just what's driving the productivity that you're seeing in your sales force? And then how are you -- if anything, what are you doing differently there as you bring these new people on board? And how much of this technology, how much of it is just talent selection and how much of this is door #3 that I can't think of right now.

是的，我們稍後再談。我確信會跟進。是的。我的第二個問題是，當你進入 SCR 銷售或招聘季節時，你的銷售生產力是什麼推動了你在銷售隊伍中看到的生產力？那麼，當你引進這些新人時，你做得怎麼樣——如果有的話，你在做什麼不同的事情？這項技術有多少，有多少只是人才選拔，有多少是我現在無法想到的第三門。

I think we -- our ability to attract and retain folks on the team, like our SDR teams, probably one of the best I know of, right? And the ability to attract and retain on that team and the leadership of that team is absolutely part of that. The sales organization, I think average tenure of our sales leadership is within 3 digits over a decade, right? And it shouldn't be lost on how amazing that team has done. And then frankly, our upsell cross-sell like the way -- that the way the team has been performing on it, it's just been lovely. They're just doing a lovely job. And I mean awe of how well they've been performing and frankly, that's a testament to building great product and treating our customers well and doing the things we say we're going to do, and which I think is just pretty basic.

我認為我們——我們吸引和留住團隊成員的能力，比如我們的 SDR 團隊，可能是我所知道的最好的之一，對嗎？吸引和留住團隊的能力以及團隊的領導力絕對是其中的一部分。銷售組織，我認為我們銷售領導層的平均任期十年在三位數以內，對嗎？我們不應該忽視這支球隊的出色表現。坦率地說，我們的追加銷售交叉銷售就像團隊一直在執行的方式一樣，這真是太可愛了。他們只是做得很好。我的意思是對他們的表現感到敬畏，坦率地說，這證明了我們創造了偉大的產品，善待我們的客戶，做了我們說我們要做的事情，我認為這是非常基本的。

Go next now to Sean Dodge at RBC Capital Markets.

接下來請聽加拿大皇家銀行資本市場部的肖恩·道奇 (Sean Dodge)。

This is Tom Kelliher for Sean. One for me. I guess how big is the hospital business now? And has that been a meaningful contributor to growth? And I guess, maybe you expect it to be in fiscal '24 and '25?

我是肖恩的湯姆·凱利赫。給我一張。我猜現在醫院的業務有多大？這對增長有有意義的貢獻嗎？我猜，也許您預計會在 24 財年和 25 財年？

I mean we don't think about it as a hospital business. And so you think about health care providers and you think about health systems and all hospitals in the country tend to be $1 billion with some type of system and tend to have physician practices associated with them. So that's typically been our entry point historically. We've worked with the physician practice side of that organization and then enter the hospital piece. And so we have lots of hospitals we work with.

我的意思是我們不把它視為醫院業務。因此，您會想到醫療保健提供者，您會想到衛生系統，該國的所有醫院往往耗資 10 億美元，擁有某種類型的系統，並且往往有與之相關的醫生實踐。所以這通常是我們歷史上的切入點。我們與該組織的醫生實踐部門合作，然後進入醫院領域。所以我們有很多合作的醫院。

I think we announced publicly, we entered that market about 3.5 years ago. We've been working on the product for several years before that. And so I think we're pretty happy about where we are. Chaim, would you agree on?

我想我們公開宣布，我們大約 3.5 年前進入這個市場。在此之前，我們已經在該產品上進行了幾年的研究。所以我認為我們對目前的處境非常滿意。柴姆，你同意嗎？

Yes. Yes. I think everyone's been -- frankly, it's even beat my own expectations.

是的。是的。我認為每個人都——坦率地說，這甚至超出了我自己的預期。

But when you think about just the universe of clients and patients and where patients receive care, it's in the hospital, but it's also plenty of other delivery settings.

但是，當您考慮客戶和患者的世界以及患者接受護理的地方時，您會發現是在醫院，但也有很多其他交付環境。

We go next now to Stephanie Davis at SVB.

接下來我們請來 SVB 的斯蒂芬妮·戴維斯 (Stephanie Davis)。

Congrats on the quarter. I cannot tell you how much I can't leave for SVB to stop being in press releases. It's been a long few months.

恭喜本季度。我無法告訴你我有多麼不能讓 SVB 不再出現在新聞稿中。已經過去好幾個月了。

Yes, we're required to disclose some of that stuff, so.

是的，我們需要披露其中一些內容，所以。

I hear that. I hear that. I mean (inaudible). And I was hoping you could help us understand the revenue guidance a little bit because it implies 8 points of deceleration for the rest of the year. Is there any seasonality in the payer business or anything like that, just given we've never seen that level of step down before in your revenue growth?

我聽到了。我聽到了。我的意思是（聽不清）。我希望您能幫助我們稍微了解一下收入指引，因為它意味著今年剩餘時間將減速 8 個百分點。鑑於我們以前從未見過您的收入增長出現如此程度的下降，付款人業務是否存在季節性或類似的情況？

I mean, I think one of the things -- and we brought this up, I think, earlier and was in the letter, volume strength was better than even we had expected in the first quarter. So when you said 8 percentage points -- I think I heard you say 8 percentage points. I think that if you took the low end of 26% and the 32% that we just reported, that's 6, right? Am I missing something?

我的意思是，我認為其中一件事 - 我認為我們早些時候在信中提到過這一點，銷量強度甚至比我們在第一季度的預期還要好。所以當你說 8 個百分點時——我想我聽到你說 8 個百分點。我認為如果你取 26% 和我們剛剛報告的 32% 的低端，那就是 6，對吧？我錯過了什麼嗎？

Is that you had 32% growth and then it would imply that it goes down to 24% growth in midpoint?

是不是增長了 32%，然後就意味著中點增長會下降到 24%？

Oh, I see you're saying. Got it. Got it. Yes. And so look, I mean, I think there's definitely things that move around. I think even as we brought up in the letter, there's some related services that we talked about in the letter. And we just try to -- we don't sort of operate the business in a way that it's going to be exactly the same growth every quarter, but we try to sort of put the outlook out in the beginning of the year. And -- but I think the biggest thing to take away in that delta is the strong -- stronger-than-expected volume trends in the first quarter. And as we pointed out, that not only impacted payment processing, it also impacted network solutions because of the pacing of our campaigns.

哦，我明白你在說。知道了。知道了。是的。所以看，我的意思是，我認為肯定有東西在移動。我認為即使我們在信中提到，我們在信中也談到了一些相關服務。我們只是嘗試——我們不會以每個季度都完全相同的增長方式來經營業務，但我們會嘗試在年初公佈前景。但我認為，該三角洲最重要的一點是第一季度強勁的成交量趨勢強於預期。正如我們所指出的，這不僅影響了支付處理，還因為我們活動的節奏而影響了網絡解決方案。

But Stephanie, also as somebody who I know you follow payments closely, I think it's noteworthy that we had $1 billion volume quarter in payment volume in the first quarter. And we actually skipped over the $900 million decile and or what whatever you call, I guess, the hundreds of million, we went from $800 million to $1 billion in this quarter. And so I think that just sort of speaks to even with some of the seasonality, just the strong volumes in the first quarter.

但是斯蒂芬妮，作為我認識的一位密切關注支付的人，我認為值得注意的是，我們第一季度的支付量達到了 10 億美元。我們實際上跳過了 9 億美元的十分之一，或者無論你怎麼稱呼，我猜，數億美元，我們在本季度從 8 億美元增加到了 10 億美元。因此，我認為，即使有一些季節性因素，第一季度的強勁銷量也能說明問題。

Okay. So that's a perfect lead into my next question. You saw that huge volume quarter. How much of that was a function of just utilization improvements versus some of the discounting we called out in the prepared remarks? Is there a way to discount but still healthy beat in that segment in a more sustainable way, just given what we saw this quarter?

好的。這完美地引出了我的下一個問題。你看到了那個巨大的季度銷量。其中有多少是利用率提高的結果，而不是我們在準備好的評論中提到的一些折扣？考慮到我們本季度所看到的情況，是否有一種方法可以以更可持續的方式打折但仍能保持該細分市場的健康發展？

I mean -- I think we've been clear in the last couple of quarters that that's something we have experimented with different pricing over time and with the intention that we'll continue to do it if we can get good profit and economics out of it. So yes, there is some correlation. I don't know if we say a specific amount. Chaim, anything you want to add?

我的意思是——我認為我們在過去幾個季度已經明確表示，隨著時間的推移，我們已經嘗試了不同的定價，並且如果我們能夠從中獲得良好的利潤和經濟效益，我們將繼續這樣做。它。所以是的，存在一些相關性。不知道有沒有說具體的金額。 Chaim，你還有什麼要補充的嗎？

No, you did great.

不，你做得很好。

We'll take our next question now from Jack Wallace at Guggenheim.

我們現在將接受古根海姆的傑克·華萊士提出的下一個問題。

I'm on for Jack. I was wondering if we could quickly touch on the SDR account?

我是來找傑克的我想知道我們是否可以快速討論一下特別提款權賬戶？

You mean in the quarter?

你是說季度內？

Yes.

是的。

Yes. Give me 1 second.

是的。給我 1 秒鐘。

These are laminated pages.

這些是層壓頁。

If you have another question, go ahead, and I'll get the number for you.

如果您還有其他問題，請繼續，我會為您找到電話號碼。

Yes. How have changes in the labor market impacted end market demand?

是的。勞動力市場的變化如何影響終端市場需求？

I think by having done this for a pretty long time, I'd say labor is still pretty -- compared to the way it was pre-COVID, it's still pretty tight, and leases are still at an accelerated level. I would say that it's very -- it's dependent on the organization regional. But look, a lot of these practices and health systems and everyone's having to watch all their costs and labor is the most expensive -- the biggest part of health care. And I don't see wages coming down anytime soon.

我認為，經過相當長的時間這樣做，我想說勞動力仍然很漂亮——與新冠疫情之前的情況相比，勞動力仍然相當緊張，而且租賃仍然處於加速水平。我想說，這非常依賴於組織的區域。但是看，很多這樣的做法和衛生系統，每個人都必須注意他們的所有成本和勞動力是最昂貴的——醫療保健的最大部分。而且我認為工資不會很快下降。

And John, that number is $1.69. That's inclusive of our ISRs or inside sales representatives, too. So pretty much about the same number as last quarter.

約翰，這個數字是 1.69 美元。這也包括我們的 ISR 或內部銷售代表。與上季度的數字幾乎相同。

Got it. Okay. And if I can just squeeze one in. Apple announced Apple Pay later in March, and I understand this application process to actually use the functionality. Do you envision that having any sort of impact on the payment side of business?

知道了。好的。如果我能擠進去的話。Apple 在 3 月底發布了 Apple Pay，我了解實際使用該功能的申請流程。您認為這會對業務的支付方面產生任何影響嗎？

No, I don't. I don't know if they've enabled it in health care. I get -- but we do -- Phreesia accepts Apple Pay on our platform.

不，我不。我不知道他們是否在醫療保​​健領域啟用了它。我知道——但我們確實知道——Phreesia 在我們的平台上接受 Apple Pay。

We go next now to Richard Close at Canaccord Genuity.

接下來我們請聽 Canaccord Genuity 的 Richard Close。

Congratulations. Sorry, I dropped off a couple of times. So if I repeat, just let me know. Did you talk at all about the Unlimited Systems' relationship and maybe the market presence there?

恭喜。抱歉，我已經下車好幾次了。因此，如果我重複一遍，請告訴我。您是否談論過 Unlimited Systems 的關係以及那裡的市場存在？

Yes, we did. We spent like 20 minutes of the call on it. It was getting...

是的我們做了。我們花了大約 20 分鐘的通話時間。它正在變得...

You should read the transcript.

你應該閱讀文字記錄。

Okay. So we'll move to the next one. Just maybe following up on Ryan's comments on sales and marketing or a question on sales and marketing. I know you called out for cost of services and sales and marketing, some lower headcount there in some growth in R&D? And maybe just fine-tuning a little bit in those areas. Maybe if you could just go into a little bit more detail on the headcount changes.

好的。那麼我們將進入下一個。也許只是跟進 Ryan 對銷售和營銷的評論或有關銷售和營銷的問題。我知道您呼籲降低服務、銷售和營銷成本，在研發方面有所增長，但人員數量會減少？也許只是在這些領域進行一些微調。也許您可以更詳細地了解一下員工人數的變化。

I mean I think you sort of hit it, Richard, I mean it's -- we continue to invest in R&D. And then in the other areas, I mean, you have the numbers that was minus 30 sequentially. So I mean you could sort of on a net basis, just allocate those to -- those other areas, but R&D continues to be up.

我的意思是，我認為你有點擊中了它，理查德，我的意思是——我們繼續投資於研發。然後在其他區域，我的意思是，您的數字連續為負 30。所以我的意思是，你可以在淨額基礎上，將這些分配給其他領域，但研發繼續增長。

Okay. Any thoughts with respect to the referral management offering that you rolled out a couple of years ago? How that's trending?

好的。對於您幾年前推出的推薦管理產品有什麼想法嗎？趨勢如何？

It's still growing pretty nicely. I'd say, that offering, it's continuously getting more and more traction. And that's really -- it's been really beneficial to a lot of our practices as we've been rolling it out. I have been very pleased with its success, and I know that they keep lighting up more and more practices with it. But maybe in the next couple of quarters, we'll give a little update on how that volume is looking.

它仍然生長得很好。我想說的是，該產品不斷獲得越來越多的關注。這確實是——當我們推出它時，它對我們的許多實踐都非常有益。我對其成功感到非常高興，而且我知道他們不斷用它來點燃越來越多的實踐。但也許在接下來的幾個季度中，我們將提供有關該數量的一些最新信息。

We will take our next question now from Daniel Grosslight at Citi.

我們現在將回答花旗銀行的 Daniel Grosslight 提出的下一個問題。

I want to go back to the MemberConnect product here and just get your views on, in general, the Medicare Advantage market. There are some headwinds for the next calendar year, given the advanced rate notice, given some of the star scores changes. So how are you thinking about growth in the Medicare market in general? And how does that translate to how you're thinking about the MemberConnect product for calendar year '24?

我想回到這裡的 MemberConnect 產品，只是了解您對 Medicare Advantage 市場的總體看法。考慮到提前的費率通知以及一些星級評分的變化，明年將面臨一些阻力。那麼您如何看待醫療保險市場的總體增長？這如何轉化為您對 24 日曆年 MemberConnect 產品的看法？

Well, I think it's still pretty early, but what I can tell you is that the feedback we're hearing from carriers, the plans is that at the end of the day, they want to make sure that they are engaging with their members, making sure that their members are unbelievably satisfied with the plans and when possible, align the available plans with providers in their network. And that is one of the most important decisions people make when picking a plan is, is my doc recovered? And so look, it's a huge market. I think it's -- as long as it's been around, it's had changes. And I think we're pretty excited about being able to serve more Americans more in different ways.

嗯，我認為現在還很早，但我可以告訴你的是，我們從運營商那裡聽到的反饋，計劃是，最終他們希望確保與會員互動，確保其成員對計劃非常滿意，並在可能的情況下，將可用計劃與其網絡中的提供商保持一致。人們在選擇計劃時做出的最重要的決定之一是，我的醫生康復了嗎？所以看，這是一個巨大的市場。我認為，只要它存在，它就會發生變化。我認為我們對能夠以不同的方式為更多美國人提供更多服務感到非常興奮。

Yes. That makes sense. And I guess, as I think about the product, too, it has applicability beyond just the carriers, right? You could potentially sell this to the broker channel, the brokers, in particular. How are you thinking about them, the brokers, the brokers in general as clients here? And I assume right now carriers. Yes, go ahead.

是的。這就說得通了。我想，正如我對產品的思考一樣，它的適用性不僅僅限於運營商，對嗎？您可以將其出售給經紀人渠道，特別是經紀人。您如何看待他們、經紀人、一般經紀人作為這裡的客戶？我假設現在是運營商。好，去吧。

I think it's mostly planned, but I know that the team is engaged with some brokers too.

我認為這主要是計劃好的，但我知道該團隊也與一些經紀人進行了接觸。

Okay. But going forward, we should expect this mostly to be a carrier product?

好的。但展望未來，我們應該期望這主要是一個運營商產品嗎？

I think that's the plan, yes.

我想這就是計劃，是的。

Go next now to Jeff Garro at Stephens.

接下來請聽史蒂芬斯的傑夫·加羅。

Look like another good quarter of health care service clients adds. Want to see if there's anything you could tell us about what worked in the quarter to drive those adds? And anything you'd call out in terms of the mix of the adds by practice size or specialty or geography?

看起來醫療保健服務客戶又增加了四分之一。想知道您是否可以告訴我們本季度哪些因素有效推動了這些增加？您對診所規模、專業或地理位置的附加組合有何看法？

No. They were all over the board. Unbelievably large all across the country, unbelievably small all across the country, a whole bunch in the middle all across the country, specialty, single specialty, multi-specialty, health system. You name it, it was the [homigola]. And so -- and we did well because the team did well selling, did a phenomenal job implementing and treating customers really and our clients really, really well. And having just a great product.

不，他們都是全面的。全國范圍內的規模大得令人難以置信，全國范圍內的規模小得令人難以置信，全國范圍內的一大堆中間，專業、單一專業、多專業、衛生系統。只要你能想到的，它就是[homigola]。所以——我們做得很好，因為團隊銷售做得很好，在實施和對待客戶方面做得非常出色，我們的客戶也非常非常好。並且擁有一個很棒的產品。

That works. That's a good way to do it. Follow up a little bit on the subject of client adds. The stakeholder letter set the expectation for the fiscal second quarter to have similar adds as last fourth quarter or this most recent quarter. So call it, a range of [160 to 170]. Curiously to get your comments on the company's ability to potentially match the roughly 800 incremental adds you achieved in FY '23 in the current fiscal year as we think about the next 9 months?

這樣可行。這是一個好方法。跟進一下客戶添加的主題。利益相關者的信函設定了第二財季的預期，其增幅與去年第四季度或最近一個季度類似。所以稱之為 [160 到 170] 的範圍。在我們考慮未來 9 個月的情況下，想知道您對本財年 23 財年實現的約 800 個增量增長的潛在能力有何評論？

Yes. I mean, Jeff, what we're trying to do is we're not going to speak to the whole year, but we understand like having some inputs in your models are helpful. So even the comment about the next quarter, it was [158] in the fourth quarter, it was [169] in this quarter. And we're just saying it's going to sort of be in that general range. And then there's obviously like some sort of counterbalance to that with revenue per client. But we'll just -- we'll come back to you next quarter and give you an update, but we're not going to speak to the year.

是的。我的意思是，傑夫，我們想做的是我們不會談論全年，但我們知道在模型中提供一些輸入是有幫助的。所以即使是關於下個季度的評論，第四季度是[158]，本季度是[169]。我們只是說它會在這個一般範圍內。顯然，每個客戶的收入之間存在某種平衡。但我們只是 - 我們會在下個季度回复您並向您提供最新情況，但我們不會談論今年的情況。

And it's -- we can give that visibility because we can see it. Yes. So it's not like hide the ball. We generally know where it's going to be at this point.

我們可以提供這種可見性，因為我們可以看到它。是的。所以這不像隱藏球。我們通常知道此時它會在哪裡。

Yes. So if you have -- if you want to follow up, please do. But I think that's what we're trying to do is just at least put some kind of anchor in there.

是的。因此，如果您想跟進，請跟進。但我認為我們正在嘗試做的就是至少在那裡放置某種錨點。

No, that helps.

不，這有幫助。

I will go next back to Robert Simmons at D.A. Davidson. Mr. Simmons, we're having a hard time hearing you, sir.

接下來我將回到 D.A. 的羅伯特·西蒙斯 (Robert Simmons)。戴維森。西蒙斯先生，我們很難聽到你的聲音，先生。

All right. Check everyone was complained that have crappy phone service. So I just assumed it was us.

好的。檢查每個人都抱怨電話服務很差。所以我只是假設是我們。

Do you hear me now? That was me in my headphone to switch off and then back on for some reason. So I was saying you touched on this earlier, but what are you hearing from the pharmas in terms of their spend intentions? Has the tone of the compensation improved, gotten worse, stayed about the same over the last, call it, 3 to 6 months?

你現在聽到我說話了嗎？那是我戴著耳機，出於某種原因關閉然後再打開。所以我是說您早些時候談到了這一點，但是您從製藥公司那裡聽到了哪些關於他們的支出意圖的信息？薪酬的基調是否有所改善，是否變得更糟，或者與過去（即 3 到 6 個月）保持大致相同？

I think life sciences organizations everywhere, just very cognizant of scale and return on investment and being aligned with the right types of products, and I think they've been pretty happy. I could speak about working with us. I can't necessarily speak about the whole market. It's obviously been still a softer market than in previous years. And I know the teams -- we still have a lot of selling left to do in the year, and the team is doing pretty good work, making sure that we continue to execute. But we still think the market is still pretty so early in the year.

我認為世界各地的生命科學組織都非常了解規模和投資回報，並與正確的產品類型保持一致，我認為他們非常高興。我可以談談與我們的合作。我不一定能談論整個市場。顯然，與前幾年相比，市場仍然疲軟。我了解這些團隊——今年我們還有很多銷售工作要做，團隊做得很好，確保我們繼續執行。但我們仍然認為今年市場仍處於相當早期。

And gentlemen, it appears we have no further questions this afternoon. Mr. Indig, I'd like to turn the conference back to you for any closing remarks.

先生們，看來今天下午我們沒有其他問題了。 Indig 先生，我想請您在會議上發表閉幕詞。

Yes. I just want to thank everyone for joining the call, and I want to thank everyone at Phreesia for another great quarter, and we'll talk to everyone in about 90-ish days and hopefully, everyone has a nice summer.

是的。我只是想感謝大家加入這次電話會議，我要感謝 Phreesia 的每個人又一個出色的季度，我們將在大約 90 天內與每個人交談，希望每個人都有一個愉快的夏天。

Thank you, Mr. Indig. Ladies and gentlemen, that will conclude the Phreesia Fiscal First Quarter 2024 Earnings Conference. I'd like to thank you also much for joining us and wish you all a great remainder of your day. Goodbye.

謝謝你，英迪格先生。女士們、先生們，Phreesia 2024 年第一季度財報會議到此結束。我還要非常感謝您加入我們，並祝大家度過愉快的一天。再見。