Phreesia Inc (PHR) 2024 Q2 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Phreesia Fiscal Second Quarter 2024 Earnings Conference Call. (Operator Instructions)

女士們、先生們，晚上好，歡迎參加 Phreesia 2024 年第二季度財報電話會議。 （操作員說明）

First, I would like to introduce Balaji Gandhi, Phreesia's Chief Financial Officer. Mr. Gandhi, you may begin.

首先，我想介紹一下Phreesia的首席財務官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 second quarter of 2024, which ended on July 31, 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 7 月 31 日結束的 2024 年第二季度財報電話會議。參加今天電話會議的是我們的首席執行官 Chaim Indig。

A more 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.

有關我們業績的更完整的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 market 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，以便向投資者提供額外信息。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 second quarter earnings call.

謝謝巴拉吉，大家晚上好。感謝您參加我們的第二季度財報電話會議。

Our stakeholder letter and earnings release came out about an hour ago, so let me start the call by showing a few key highlights of the material we released.

我們的利益相關者信函和收益發布大約一小時前發布，所以讓我在電話會議開始時展示我們發布的材料的一些關鍵亮點。

Total revenue in the second quarter was $86 million up 26% year-over-year. Subscription and related services revenue grew 26% year-over-year, and the processing revenue grew 21% year-over-year and Network Solutions revenue was up 33% year-over-year. Adjusted EBITDA was negative $12 million, $14 million improvement year-over-year. Our average number of health care services clients in the quarter was 3,445, up 24% year-over-year. We inched up total revenue per client to $24,914, up 2% year-over-year. I want to thank the team for delivering solid revenue growth while also driving another quarter of nice operating (inaudible) I speak for all of our employee owners when I say we look forward to returning to profitability.

第二季度總收入為 8600 萬美元，同比增長 26%。訂閱及相關服務收入同比增長26%，處理收入同比增長21%，網絡解決方案收入同比增長33%。調整後 EBITDA 為負 1200 萬美元，同比改善 1400 萬美元。本季度我們的醫療保健服務客戶平均數量為 3,445 人，同比增長 24%。我們將每位客戶的總收入增加至 24,914 美元，同比增長 2%。我要感謝團隊實現了穩健的收入增長，同時也推動了又一個季度的良好運營（聽不清）當我說我們期待恢復盈利時，我代表我們所有的員工所有者發言。

Let me hand it over to Balaji to talk about our fiscal 2024 outlook.

讓我把它交給巴拉吉來談談我們的 2024 財年展望。

Thanks, Chaim, and good evening, everyone.

謝謝 Chaim，大家晚上好。

Moving on to our outlook for fiscal 2024, which ends on January 31, 2024. We are maintaining our revenue outlook for fiscal '24 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 fiscal '24 adjusted EBITDA outlook by $6 million on the top and bottom end of the range. Our new adjusted EBITDA range is negative $54 million to negative $49 million from a previous range of negative $60 million to negative $55 million. The increase reflects continued operating leverage across the organization and continued progress on our path to adjusted EBITDA profitability.

接下來是我們對截至2024 年1 月31 日的2024 財年的展望。我們維持24 財年的收入預期，即在3.53 億至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 24 財年調整後 EBITDA 前景的上限和下限上調了 600 萬美元。我們新調整後的 EBITDA 範圍為負 5400 萬美元至負 4900 萬美元，而之前的範圍為負 6000 萬美元至負 5500 萬美元。這一增長反映了整個組織的持續運營槓桿以及我們在調整後 EBITDA 盈利能力方面的持續進展。

We are also maintaining our revenue and profitability targets for fiscal 2025. Those targets are $125 million of revenue in a quarter during fiscal '25, which implies $500 million of annualized revenue and returning to adjusted EBITDA profitability during the fiscal year 2025. We remain comfortable with our ability to finance our fiscal year 2025 targets with our current cash position. 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.

我們還維持2025 財年的收入和盈利目標。這些目標是25 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。我們仍然感到滿意我們有能力利用當前的現金狀況為 2025 財年目標提供資金。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 for Q&A.

接線員，我想我們現在可以打開它進行問答了。

(Operator Instructions) We'll take our first question from Ryan Daniels with William Blair.

（操作員說明）我們將接受 Ryan Daniels 和 William Blair 提出的第一個問題。

Balaji, one for you first on the quarter specifically. It looks like the cost of revenues were down year-over-year despite the strong revenue growth. And I know in the shareholder letter, you talked about some things you're doing to optimize the platform spend. So can you go into a little bit more detail on that as it looks like pretty impressive cost controls there?

Balaji，是本季度第一個專門為您準備的。儘管收入增長強勁，但收入成本似乎同比下降。我知道在股東信中，您談到了為優化平台支出而正在做的一些事情。那麼，您能否更詳細地介紹一下這一點，因為它看起來是相當令人印象深刻的成本控制？

Yes. And first of all, Ryan, just to point out specifically on this quarter, there was a little bit of benefit in terms of timing of certain payments. So I think as we said in the last couple of quarters, we feel pretty good about the improvement we've made on this line. And while there's still opportunity, I think a lot of the improvement -- the big improvement has been seen over the past 4 to 6 quarters.

是的。首先，瑞安，我想特別指出的是，在本季度，某些付款的時間安排有一些好處。因此，我認為正如我們在過去幾個季度所說的那樣，我們對在這方面取得的進步感到非常滿意。雖然仍然存在機會，但我認為已經取得了很大的進步——在過去的 4 到 6 個季度中已經看到了巨大的進步。

And to your other question, I mean, a lot of this was, look, we made a lot of big investments across the platform. And we just -- I think we've talked about this at length about just growing into it. So I think what you just saw when gross margins were 500 to 1,000 basis points lower, it was just us making that investment knowing we were going to go from 1,500 clients to well over 3,000 clients and wanted to make sure we support all those clients well.

對於你的另一個問題，我的意思是，其中很多是，你看，我們在整個平台上進行了大量的投資。我想我們已經詳細討論過如何成長。因此，我認為，當毛利率降低500 到1,000 個基點時，我們只是進行了投資，因為我們知道我們的客戶數量將從1,500 名增加到3,000 名以上，並希望確保我們能夠很好地支持所有這些客戶。

Okay. That's super helpful. And then one bigger picture question that kind of leads off of that. You've done a great job progressing at or ahead of your schedule to get to the run rate and breakeven in 2025 fiscal year. And I'm curious if you're willing as we approach that time point to go beyond that and give us a little bit better view about what the financial model might look like in however manner you want to characterize it kind of beyond the 2025 goals you've established?

好的。這非常有幫助。然後一個更大的問題由此引出。您已經完成了出色的工作，按計劃或提前完成了 2025 財年的運行率和盈虧平衡。我很好奇，當我們接近這個時間點時，您是否願意超越這個時間點，讓我們更好地了解財務模型可能是什麼樣子，無論您希望以何種方式來描述它，以超越 2025 年的目標你已經建立了嗎？

Thanks, Ryan.

謝謝，瑞安。

Well, look, let me try to be helpful on that topic. Maybe first, just taking a step back, and it actually, Ryan, relates to your previous question around gross margin. So we did make some pretty big investments and growing into those investments is a very important theme when you just think about our financial profile. But I think specifically, let's talk about G&A expense. And so -- and Ryan, you specifically, you may remember this from our IPO process 4-plus years ago, we were spending annually about $30 million in G&A as of -- and about to go public with trailing revenue of just over $100 million. And we quickly recognized and we did a lot of research around this that to be a high-performing public company with proper controls, processes, systems, et cetera, it was going to be significantly higher. And the research we did concluded it was somewhere in the neighborhood of $20 million a quarter or $80 million end. So that's a pretty big step up from the $30 million we were at. And some of that is people, some of it is just systems and processes, et cetera.

好吧，聽著，讓我試著在這個話題上提供幫助。也許首先，退後一步，瑞安，這實際上與您之前關於毛利率的問題有關。因此，我們確實進行了一些相當大的投資，當你考慮我們的財務狀況時，發展這些投資是一個非常重要的主題。但我想具體來說，讓我們談談一般行政費用。因此，Ryan，特別是你，你可能還記得四年多前我們的IPO 過程中的這一點，截至目前，我們每年在一般管理費用上支出約3000 萬美元，並且即將上市，追踪收入剛剛超過1億美元。我們很快認識到，並圍繞這一點進行了大量研究，成為一家擁有適當控制、流程、系統等的高性能上市公司，它的水平將會顯著提高。我們所做的研究得出的結論是，每季度約為 2000 萬美元，最終為 8000 萬美元。因此，與我們當時的 3000 萬美元相比，這是一個相當大的進步。其中一些是人，一些只是系統和流程，等等。

And in our research, we realized that a lot of companies delay that investment and we chose to not delay that and do it upfront. And so you saw in our income statement a big step up in G&A that started to build in fiscal '21 and sort of peaked about 7 quarters ago. And I think if you look at 7 quarters ago, or over the past 7 quarters, G&A has been flat. And I think kudos to our entire team both the people in the G&A category itself, but also just all of the folks in other parts of the company.,, We have done a great job of growing into that and so generating operating leverage while we've held that flat. So just maybe some numbers it's -- I'm just looking at 48% growth from 7 quarters ago in revenue with effectively 0% growth in G&A. And I think that's a very important context for your question.

在我們的研究中，我們意識到許多公司推遲了這項投資，我們選擇不推遲並提前進行。因此，您在我們的損益表中看到 G&A 的大幅增長，從 21 財年開始增長，並在大約 7 個季度前達到頂峰。我認為，如果你看看 7 個季度前或過去 7 個季度，G&A 一直持平。我認為我們整個團隊都值得讚揚，包括 G&A 類別本身的人員，也包括公司其他部門的所有人員。,, 我們在成長方面做得很好，因此在我們的同時產生了運營槓桿一直保持不變。所以也許只是一些數字——我只是看到收入比 7 個季度前增長了 48%，而一般管理費用實際上增長了 0%。我認為這對於你的問題來說是一個非常重要的背景。

So now maybe turning to your question around beyond '25. We think that now that we've sort of gotten towards a path of growing into that G&A base, where G&A is in the teens as a percentage of revenue, which from all of our research, we think that's where we should be, and we feel pretty good about that. So -- and again, just to be clear, when we're at about $500 million of revenue, our G&A is around where it is now, it's in the teens. And so beyond '25, we can sort of see ourselves getting back to the profile we had when we went public, which is a 20% grower on the topline and growing profit. And I think how this sort of step-up in profitability manifest, we will continue to communicate that as we get closer. We're still a bit away from that. But I think that was sort of the story we went out with. We're just going to be a much bigger company with a lot more products, a lot of great people. And I think we've had a track record of putting out some longer-range targets to try to be helpful. But hopefully, that answers your question, Ryan.

所以現在也許要在 25 年後轉向你的問題。我們認為，現在我們已經進入了一條成長為 G&A 基礎的道路，其中 G&A 佔收入的百分比在十幾歲左右，從我們所有的研究來看，我們認為這就是我們應該達到的水平，我們對此感覺很好。所以，再次強調一下，當我們的收入約為 5 億美元時，我們的一般管理費用大約是現在的水平，大約是十幾歲。因此，在 25 年之後，我們可以看到自己回到了上市時的狀態，即營收增長了 20%，利潤也不斷增長。我認為這種盈利能力的提升是如何體現的，隨著時間的推移，我們將繼續進行溝通。我們距離這個目標還有點距離。但我認為這就是我們所講的故事。我們將成為一家更大的公司，擁有更多的產品，擁有更多優秀的人才。我認為我們已經制定了一些長期目標以試圖提供幫助。但希望這能回答你的問題，瑞安。

We'll take our next question from Jessica Tassan with Piper Sandler.

我們將回答傑西卡·塔桑和派珀·桑德勒提出的下一個問題。

So congrats on the nice Network Solutions performance in the quarter. We've obviously seen this as an area of strength for -- consistent strength for Phreesia despite kind of noise across the competitive landscape. So just hoping you guys can offer some perspective on the Life Sciences digital media market and on the role of programmatic marketplaces as a place to sell inventory?

因此，祝賀網絡解決方案在本季度取得的良好業績。顯然，我們已經將其視為 Phreesia 的一個優勢領域——儘管競爭格局中存在一些噪音，但 Phreesia 始終保持優勢。那麼，只是希望你們能夠對生命科學數字媒體市場以及程序化市場作為庫存銷售場所的作用提供一些看法嗎？

Yes. So first off, look, I think the reason why we had a strong quarter is the strong team, like all across the board, our team just executed really well on the Network Solutions side. And that was our product organization, our sales organization, our content team, our analytics team and even our network team. There was a lot of coordination here.

是的。首先，我認為我們季度表現強勁的原因是強大的團隊，就像所有方面一樣，我們的團隊在網絡解決方案方面執行得非常好。這就是我們的產品組織、銷售組織、內容團隊、分析團隊甚至網絡團隊。這裡有很多協調。

And look, I think it's super competitive. It's a hard market. I think we've been fairly consistent saying it's not easy-going, but I think when you -- we'll keep attempting to do what we do, which is winning share and delivering really, really valuable messages to patients that drive phenomenal ROIs continuously and those ROIs, frankly, improve outcomes. And I think that's what's been really inspiring is as a company, one of the things we've really focused on is not just thinking about it in terms of dollars and cents, but terms -- we really think about it in terms of impact to patients and patient lives and the outcomes that they have. And then we're all pretty proud up here. So the numbers were very much a team effort, but it's something we're really proud of.

看，我認為這是超級有競爭力的。這是一個艱難的市場。我認為我們一直相當一致地表示這並不容易，但我認為當你- 我們將繼續嘗試做我們所做的事情，即贏得份額並向患者傳遞真正非常有價值的信息，從而帶來驚人的投資回報率坦率地說，這些投資回報率會持續不斷地改善結果。我認為這才是真正鼓舞人心的，作為一家公司，我們真正關注的事情之一不僅僅是從美元和美分的角度來考慮它，而是從對它的影響的角度來考慮它。患者和患者的生活以及他們的結果。然後我們都為這裡感到非常自豪。所以這些數字很大程度上是團隊努力的成果，但我們對此感到非常自豪。

And then your question around programmatic. I think -- go ahead.

然後是關於程序化的問題。我想——繼續吧。

Yeah. Just curious to know if you guys have a perspective on programmatic marketplaces and whether or not Phreesia participate or if that's even relevant to the success of your Network Solutions sales organization.

是的。只是想知道你們對程序化市場是否有看法，以及 Phreesia 是否參與，或者這是否與您的網絡解決方案銷售組織的成功相關。

Today, we don't participate in programmatic. We've invested heavily in our machine learning and data science team and the products and being able to take content live thoughtfully for the right patients at the right time. So we -- when we think about being able to deliver the right message to the right patient at right time, that's something that, frankly, we think we have skill set in and I think programmatic is not something that is actually new in the add business. I think it's maybe a little -- it's very much talked about, but it's something that's existed for as long as we've been in the business.

今天，我們不參與程序化。我們在機器學習和數據科學團隊以及產品上投入了大量資金，並且能夠在正確的時間為正確的患者提供深思熟慮的直播內容。因此，當我們考慮能夠在正確的時間向正確的患者傳遞正確的信息時，坦率地說，我們認為我們擁有技能，而且我認為程序化實際上並不是什麼新鮮事。商業。我認為這可能有一點——人們對此進行了很多討論，但自從我們從事這個行業以來，它就一直存在。

That's really helpful. And my quick follow-up is just that your letter indicated that Healthcare Services client add should reaccelerate to about 175 in 3Q, including the clients gained from Access eForms. So just hoping you can give us a little bit of color around the 2Q deceleration and your expectation for kind of the core health care services clients growth going forward.

這真的很有幫助。我的快速跟進是，您的來信表明，醫療保健服務客戶數量應在第三季度重新加速至 175 家左右，其中包括通過 Access eForms 獲得的客戶。因此，希望您能給我們一些有關第二季度減速的信息以及您對核心醫療保健服務客戶未來增長的期望。

Yes. Thanks Jess. Yes. I mean I think you've seen over the past 4 or 6 quarters, it can sort of be jump around a little bit. I think there was a quarter where it was went down from 206 to 158, 158 to 169. I think we're trying from listening to a lot of folks to try to like make sure we're giving some visibility into the next quarter because we have it. And that's what we're doing with the 175. I think -- I don't think there's a ton to read into 136 versus 175 versus the last quarter being 169. We continue to add a lot of new clients and feel really good about our ability to continue to grow the business.

是的。謝謝杰西。是的。我的意思是，我認為您在過去的 4 或 6 個季度中已經看到，它可能會有點跳躍。我認為有一個季度從 206 下降到 158，從 158 下降到 169。我認為我們正在嘗試聽取很多人的意見，以確保我們對下一季度有一定的了解，因為我們有它。這就是我們對 175 所做的事情。我認為 136 與 175 相比，上一季度是 169 沒有太多值得解讀的地方。我們繼續增加很多新客戶，並且感覺非常好我們繼續發展業務的能力。

Team is doing a great job. We're very happy with the performance, and it's where we thought it would be.

團隊做得很好。我們對演出非常滿意，這正是我們所期望的。

We'll take our next question from Joe Vruwink with Baird.

我們將回答 Joe Vruwink 和 Baird 提出的下一個問題。

Hoping to get a bit more detail on Access eForms, maybe a 2-parter. One, just from a strategic standpoint, what this opens up for Phreesia relative to what has been the existing kind of road map and strategy in the acute market. And then part B of the question is maybe just a little bit more financial detail. Last question asked about just does seem to be factored into client adds, maybe kind of an annual run rate for that business in terms of revenue contribution and how to think of it going forward?

希望獲得有關 Access eForms 的更多詳細信息，也許需要兩人合作。第一，僅從戰略角度來看，相對於激烈市場中現有的路線圖和戰略，這將為 Phreesia 帶來什麼。然後問題的 B 部分可能只是更多的財務細節。最後一個問題似乎確實被考慮到了客戶添加中，也許是該業務在收入貢獻方面的年度運行率，以及如何看待它的未來？

Yes. I'll let Balaji answer the last part of the question because I didn't really understand what you were asking. Maybe he can interpret it.

是的。我會讓巴拉吉回答問題的最後一部分，因為我不太明白你在問什麼。也許他能解釋它。

So we were frankly, we're really excited about it. I personally I'm excited, but I know everyone that's interacted with the Access team has been just blown away. We're really pumped about its capabilities. It got introduced to us, and we've been looking -- or we're spending a lot of time with a lot of our clients. And we -- and what we realized is that there were certain capabilities we just didn't have. And to have those capabilities, you needed some really deep content. And when this got introduced to us and we realized we shared a lot of common clients, we realized that this (inaudible) organization was right for us. And so we moved fairly quickly.

坦白說，我們對此感到非常興奮。我個人很興奮，但我知道與 Access 團隊互動的每個人都被震撼了。我們對它的功能感到非常興奮。它被介紹給我們，我們一直在尋找——或者說我們花了很多時間與很多客戶打交道。而我們——我們意識到，我們確實不具備某些能力。要擁有這些功能，您需要一些非常深入的內容。當這個被介紹給我們並且我們意識到我們有很多共同的客戶時，我們意識到這個（聽不清）組織適合我們。所以我們行動得相當快。

It was a very small business. It came out -- it's foundationally came out of the printing business, which I find to be very interesting because that's not how we evolved, which has been good. They came out of something that was very physical. But what it came from was this idea that forms need to look a certain way. And as long as I've been in health care, being in Phreesia for over 18 years, Evan and I keep waiting for forms to disappear. And every year, there's more mandatory forms that people have to fill out a certain way in a certain format and a certain look and our clients are telling us that. And when we looked at one client, they had over 5,000 -- this one health system that we had over 5,000 forms, all different formats and sizes and different types of signatures that needed to be done. And like that was just so much content that was deeply proprietary and this organization had it. And so it made a lot of sense for us to make a part of Phreesia. We've been -- we're really excited with what we've seen so far, but it's really early days, but it was pretty small.

這是一家非常小的企業。它的出現——它基本上來自印刷行業，我發現這非常有趣，因為這不是我們發展的方式，這很好。他們是從非常有形的東西中走出來的。但它源於這樣一種想法：形式需要以某種方式呈現。自從我從事醫療保健工作以來，在 Phreesia 工作了 18 年多，Evan 和我就一直在等待表格消失。每年，都會有更多的強制性表格，人們必須以某種方式、某種格式和某種外觀來填寫，我們的客戶告訴我們這一點。當我們觀察一位客戶時，他們有超過 5,000 份表格——在這個衛生系統中，我們有超過 5,000 份表格，所有不同的格式和大小以及需要完成的不同類型的簽名。就像這樣，有很多內容是高度專有的，而這個組織擁有它。因此，成為 Phreesia 的一部分對我們來說非常有意義。我們對迄今為止所看到的一切感到非常興奮，但現在還處於早期階段，而且規模還很小。

And Joe, on your second question, I mean, I think if it wasn't clear from Chaim's answer, I mean, this is very much a product acquisition. And if you think about, we've done 6 acquisitions in our history, they all have that product-centric sort of flavor. And so they bring -- some of them have brought some clients over. I think Access like some of the other ones have a lot of overlapping clients, so -- which is great because it's just nice to be able to add more value and deepen some of those relationships we have with existing clients. So it's sort of around the edges in terms of the contribution to those numbers. And similar with the financial profile. I mean, whether it's QueueDr, whether it's in Insignia whether it's MediFind, I mean the financial contribution here is pretty immaterial. It's really about adding great product design set. And then being that contributor to the 20% grower company that we think we can be beyond '25 and really being accretive to that growth.

喬，關於你的第二個問題，我的意思是，我認為如果 Chaim 的回答還不清楚，我的意思是，這在很大程度上是一次產品收購。如果你想一想，我們歷史上已經進行了 6 次收購，它們都具有以產品為中心的風格。所以他們帶來了——其中一些人帶來了一些客戶。我認為 Access 像其他一些公司一樣有很多重疊的客戶，所以——這很好，因為能夠增加更多價值並加深我們與現有客戶的關係。因此，就對這些數字的貢獻而言，它有點邊緣。與財務狀況類似。我的意思是，無論是 QueueDr，無論是 Insignia，還是 MediFind，我的意思是這裡的財務貢獻是相當無關緊要的。這實際上是關於添加出色的產品設計集。然後成為 20% 種植者公司的貢獻者，我們認為我們可以超越 25 年，並真正促進這種增長。

And helping our clients.

並幫助我們的客戶。

Yes. Yes. Okay. That was all great. And then maybe just a second question. You're sitting here as of the July quarter at $86 million in revenue, talking about $125 million in revenue at some point next year. So you kind of can do the simple math on what needs to be added over the next 6 quarters. I guess any directional way to think about the contribution in getting to the $125 million between the different revenue segments that you break out? Would you maybe expect one to be more influential than the others? Just any way of framing that.

是的。是的。好的。這一切都很棒。然後也許只是第二個問題。截至 7 月份季度，您的收入為 8600 萬美元，明年某個時候的收入將達到 1.25 億美元。因此，您可以對未來 6 個季度需要添加的內容進行簡單的計算。我想有什麼方向性的方法來考慮您所劃分的不同收入部門之間對 1.25 億美元的貢獻？您是否會期望其中一個人比其他人更有影響力？只是任何方式來構建它。

Yes. I think the short answer there is no, because -- and I think we've been very consistent about this, there are just multiple paths to getting to different places, not just $125 million, getting to $86 million. For example, from $68 million. And so Joe, that's actually a very, very powerful aspect of our business. That said, I think you know, like today, the composition and the mix of revenue subscription has held in in that mid-40s as a percentage of revenue for a long time, and you've seen Network Solutions, I think, multiple times it's surpassed as a percentage of revenue payments. I think this quarter is an example. And that's sort of a change. That's growing faster -- historically has grown faster, but I don't think we're going to be too prescriptive about that. And then in terms of just the path from here to that $125 million, we will also point this out. I mean there's seasonality, there's different quarters where we've added a lot more revenue than others.

是的。我認為簡短的回答是否定的，因為——而且我認為我們在這一點上一直非常一致，只有多種途徑可以到達不同的地方，而不僅僅是 1.25 億美元，達到 8600 萬美元。例如，6800 萬美元起。喬，這實際上是我們業務非常非常強大的一個方面。也就是說，我想你知道，就像今天一樣，收入訂閱的構成和組合在很長一段時間裡一直保持在 40 年代中期，佔收入的百分比，我認為你已經多次看到網絡解決方案它佔收入支付的百分比已超過。我認為本季度就是一個例子。這就是一種改變。這個增長速度更快——歷史上增長得更快，但我認為我們不會對此過於規範。然後，就從現在到 1.25 億美元的路徑而言，我們也會指出這一點。我的意思是有季節性，在不同的季度我們的收入比其他季度多得多。

And we'll take our next question from Richard Close with Canaccord Genuity.

我們將接受 Canaccord Genuity 的 Richard Close 提出的下一個問題。

Congratulations. Balaji, maybe you could talk a little bit about the Phreesia platform update section. You talked about looking at the text messaging part of it. Maybe go into little bit more details on what you're thinking about the platform?

恭喜。 Balaji，也許你可以談談 Phreesia 平台更新部分。您談到查看其中的短信部分。也許可以詳細介紹一下您對該平台的看法？

Richard, do you want me to ask the product -- do you want me to answer the product question? I'm giving you a hard time.

理查德，你想讓我問產品問題嗎？你想讓我回答產品問題嗎？我讓你為難了。

You always give me a hard time.

你總是讓我為難。

I mean -- I think our goal in that -- just in that section is that we are continuing to make investments in the platform, not just -- it's not just about new products. It's also just our ability to communicate with patients faster or better, easier -- and so I think the comments we made around texting are just that we're continuing to invest in that platform. It's never just like sort of one and done. And the accuracy, security, privacy, all those sort of aspects matter. But I don't think there was anything beyond that that we were trying to communicate.

我的意思是，我認為我們的目標是，我們將繼續對平台進行投資，而不僅僅是新產品。這也是我們更快、更好、更輕鬆地與患者溝通的能力——所以我認為我們圍繞短信所做的評論只是表明我們正在繼續投資該平台。它從來都不是一勞永逸的。準確性、安全性、隱私性，所有這些方面都很重要。但我認為除了我們試圖溝通的內容之外，沒有其他任何事情。

And we're very proud of the team, they spent a lot of time on that product.

我們為這個團隊感到非常自豪，他們在該產品上花費了大量時間。

Yes, that's fair. It is a stakeholder letter, Richard. It's not just for investors, but it's for clients, it's for all of our employees, et cetera.

是的，這很公平。這是一封利益相關者的信，理查德。這不僅適用於投資者，也適用於客戶，適用於我們所有的員工，等等。

Good. All right. And then moving on to referral management. If we could talk about that a little bit. Maybe a 3-part question, if I could sneak it in. You talked about MedMine being integrated into referral management. Curious on that. And then what is the revenue model for both MedMine and referral management. You really don't talk about referral management on Slide 13 of the presentation. So if you could just remind us how you're thinking about that part of the business going forward?

好的。好的。然後繼續進行推薦管理。如果我們能稍微談談這一點的話。也許是一個由 3 部分組成的問題，如果我可以偷偷地講一下。您談到 MedMine 被整合到轉診管理中。對此感到好奇。那麼 MedMine 和推薦管理的收入模式是什麼？您確實沒有在演示文稿的第 13 張幻燈片上談論推薦管理。那麼您能否提醒我們您對這部分業務的未來有何看法？

So first, Richard, I promise I'm not trying to make fun of you. It's called MediFind, not MedMine. And we do -- and so then you were asking about referral -- look, I think we've been we -- in our view, we really view -- if you look at Slide 10, if you think about -- we really think about it all around the growing access. So MediFind, it really -- it's a space that our providers and our -- and the patients at Phreesia have been telling us for years. They love help finding the right doctor at the right time. And so it's a space we've been looking at for a long time. We've been investing a lot in with our Connect platform. It's been growing very, very well. We've done, I don't want to say over 1 million appointments just through referrals alone. It's been growing at a really nice clip. And frankly, just helping people find the right doctor with an online platform is an area we've been looking at for years.

首先，理查德，我保證我不是想取笑你。它被稱為 MediFind，而不是 MedMine。我們確實這樣做了——然後你問了關於推薦的問題——看，我想我們一直在——在我們看來，我們真的認為——如果你看幻燈片10，如果你想一想— —我們真的圍繞不斷增長的訪問來思考這一切。因此，MediFind 確實是我們的提供者、我們的以及 Phreesia 的患者多年來一直告訴我們的一個空間。他們喜歡幫助在正確的時間找到正確的醫生。所以這是我們長期以來一直關注的一個空間。我們在 Connect 平台上投入了大量資金。它發展得非常非常好。我們已經完成了，我不想說僅僅通過推薦就已經完成了超過 100 萬次預約。它一直在以非常好的速度增長。坦率地說，通過在線平台幫助人們找到合適的醫生是我們多年來一直在研究的領域。

We were into building and buying, and we got introduced to MediFind years ago through a client. And an opportunity came for us to move really quickly to be able to buy it and make it part of the Phreesia's family, and we moved -- I blow away how fast team was able to move. We moved unbelievably quickly to be able to make it part of Phreesia because it -- as a property, it's the #1 or 2 in most of the searches that you do when you're looking for a specialist in the markets -- in a lot of markets.

我們熱衷於建造和購買，幾年前通過一位客戶向我們介紹了 MediFind。一個機會讓我們能夠快速行動，能夠購買它並使其成為 Phreesia 家族的一部分，然後我們就行動了——我對團隊行動的速度感到驚訝。我們的行動之快令人難以置信，能夠將其納入Phreesia 的一部分，因為它——作為一處房產，在您尋找市場專家時進行的大多數搜索中，它是排名第一或第二的— —在很多市場。

And over the next couple of years, we'll be integrating with Phreesia with the -- really with the view of driving better access for patients to find the right specialist. This is a platform that has some massive wealth of data and expertise being built up for, I want to say, over 2 decades. And so we were -- we just think of ourselves as lucky that they chose us as the partner to move forward with. And we'll continuously invest in it very -- it was very small. But it is fricking awesome. So we're really excited about it. And we thank our client for introducing us (inaudible).

在接下來的幾年裡，我們將與 Phreesia 進行整合——真正的目的是讓患者更容易找到合適的專家。我想說的是，這個平台擁有大量豐富的數據和專業知識，已經建立了 20 多年。所以我們 - 我們只是認為自己很幸運，他們選擇我們作為共同前進的合作夥伴。我們將不斷對其進行投資——規模非常小。但這真是太棒了。所以我們對此感到非常興奮。我們感謝客戶介紹我們（聽不清）。

And we'll take our next question from Glen Santangelo with Jefferies.

我們將接受 Jefferies 的 Glen Santangelo 提出的下一個問題。

I just want to try to follow up on some of the previous revenue questions because I think this is a big issue for folks. If you look at your subscription revenue line, clearly, it's been decelerating pretty consistently for the past year. And I think a lot of people have focused on provider adds may be also decelerating. And then when you take that into context of your fiscal '25 guidance to get to that $125 million, it almost looks like unless you have a big push from Network Solutions, you're going to need to see subscription accelerate in fiscal '25 versus fiscal '24 and with large numbers becoming a bigger issue, it seems unlikely that that will happen. And so just wanted to get your take on this pathway to $125 million as it relates to subscription revenues. And if we're even thinking about that correctly, as we think about the 2-year stack?

我只是想嘗試跟進之前的一些收入問題，因為我認為這對人們來說是一個大問題。如果你看看你的訂閱收入線，很明顯，它在過去的一年裡一直在持續減速。我認為很多人都關注提供商的增加可能也在減速。然後，當您將其納入您的25 財年指導方針中以達到1.25 億美元時，看起來除非您得到Network Solutions 的大力推動，否則您將需要看到訂閱在25 財年加速增長，而不是25財年。 24 財年，隨著大量數字成為一個更大的問題，這種情況似乎不太可能發生。因此，我想了解一下您對這條通往 1.25 億美元的途徑的看法，因為它與訂閱收入有關。如果我們在思考 2 年堆棧時正確地思考這一點呢？

Yes. Thanks, Glen. And I think this relates to Joe Vruwink's question earlier, and I think this is really important. Us being prescriptive about each revenue line item and how that contributes to $125 million is really harmful, we think, to the way we run the business, the way we think about building the business up over time. And every 90 days, you get another data point in terms of progress we're making, and you can sort of run numbers and see how it builds up.

是的。謝謝，格倫。我認為這與 Joe Vruwink 之前的問題有關，我認為這非常重要。我們認為，我們對每個收入項目及其如何貢獻 1.25 億美元的規定確實有害，這對我們經營業務的方式以及我們考慮隨著時間的推移建立業務的方式非常有害。每 90 天，您都會獲得有關我們所取得的進展的另一個數據點，您可以對運行數據進行排序並查看它是如何累積的。

But I think, Glen, this is just one example maybe to think about how we think about building a big business that has long-term durable growth is payments. And so if you look back over time, when we -- again, 12 or I guess, 17 quarters ago, when we went public, we had 1,558 clients. And at that time, we were doing about $290,000 in payment volume per client. And now you fast forward, we've more than doubled the number of clients, right, with the 3,445 we have today. And you round a little bit, as I think it was $287,000, was this quarter, $287,000 in payment volume per client. And so what that suggests is we sort of have a similar size and profile client across the entire base as we did then. And does that make sense, Glen?

但我認為，格倫，這只是一個例子，也許可以思考我們如何考慮建立一個具有長期持久增長的大業務——支付。因此，如果你回顧一下時間，當我們再次上市時，12 個或我猜是 17 個季度前，當我們上市時，我們有 1,558 名客戶。當時，我們每個客戶的付款額約為 290,000 美元。現在快進，我們的客戶數量增加了一倍多，對吧，達到今天的 3,445 名。你四捨五入一下，我認為本季度每個客戶的支付額為 287,000 美元，即 287,000 美元。這表明我們在整個基礎上擁有與當時相似的規模和概況的客戶。這有道理嗎，格倫？

Yes. Yes.

是的。是的。

Okay. Okay. And the reason -- and how this relates to sort of your question is if you look at our take rate over that same period of time, our take rate was 3.04% back then. It's 2.91% this quarter, 23 basis points, right? And I think we've talked about this over the past several quarters, but our philosophy has been like we just want to do it for our clients, add more value. We have other products to sell them in subscription. We're obviously thrilled to be able to also generate revenue in Network Solutions across a lot of the same clients. And so that 23 basis points across $1 billion in payment volume in a quarter is a few million bucks, right? And you start to think about, well, are we giving up revenue in the near term knowing that it's the right thing to do for our clients, but also it's there in the long term. And so again, there's going to be periods where we can take revenue. There's going to be periods where revenue might not show up in a quarter. That's sort of how we think about it over time. The numbers are the numbers, I think our comment is we feel good about the fiscal '25 targets.

好的。好的。原因——這與你的問題有何關係是，如果你看看我們在同一段時間內的使用率，我們當時的使用率是 3.04%。本季度是2.91%，23個基點，對吧？我想我們在過去幾個季度已經討論過這個問題，但我們的理念是我們只想為我們的客戶做這件事，增加更多價值。我們還有其他產品可以通過訂閱方式出售。我們顯然很高興能夠在許多相同的客戶中通過網絡解決方案創造收入。因此，一個季度 10 億美元支付額中的 23 個基點相當於幾百萬美元，對吧？你開始思考，我們是否會在短期內放棄收入，因為知道這對我們的客戶來說是正確的事情，而且從長遠來看也是如此。同樣，我們也會在某些時期獲得收入。在某些時期，收入可能不會在一個季度內顯現出來。這就是我們隨著時間的推移思考它的方式。數字就是數字，我認為我們的評論是我們對 25 財年目標感到滿意。

Okay. That's fair. If I could just ask my follow-up on the EBITDA side. I think this is the sixth quarter in a row you've comfortably beat EBITDA and when we look at the full year guidance, right, it assumes no leverage from the 20-something percent revenue growth in the back half of the year. And I understand the wanting to be conservative with respect to the guidance. But I guess what my question really is, is as you think about this path to being a $500 million company, Chaim, do you feel like the existing infrastructure of the company is sufficient to be able to handle $500 million plus in revenues and continuing with these physician adds? Or do you think there's going to have to be some investment made at some point to better handle the growth?

好的。這還算公平。如果我能詢問我的 EBITDA 方面的後續工作就好了。我認為這是您連續第六個季度輕鬆超過 EBITDA，當我們查看全年指引時，對吧，它假設下半年 20% 左右的收入增長沒有帶來任何槓桿作用。我理解人們希望在指導方面保持保守。但我想我真正的問題是，當你思考成為一家 5 億美元公司的道路時，Chaim，你是否覺得公司現有的基礎設施足以處理 5 億美元以上的收入並繼續這些醫生補充道？或者您是否認為在某個時候必須進行一些投資才能更好地應對增長？

Well, I think we are making a lot of investments continuously. And I think that we will continue to make investments, not just in getting to $500 million, but kind of being here after that, right? And so a lot of the investments we're making now are for beyond that, but -- and we think that continuously, we're not playing just the game for next quarter or next year. It's let's make sure that we build a sustainably large competitive moats -- and at the same time, just provides phenomenal value to our clients. And while also keeping an eye on the bottom line for our shareholders.

嗯，我認為我們正在持續進行大量投資。我認為我們將繼續進行投資，不僅僅是達到 5 億美元，而是在那之後繼續投資，對嗎？因此，我們現在所做的很多投資都超出了這個範圍，但是 - 我們認為，我們不斷地不僅僅在玩下個季度或明年的遊戲。讓我們確保建立可持續的大型競爭護城河，同時為我們的客戶提供驚人的價值。同時還要關注我們股東的底線。

And Glenn, I'd just add to that comment. I think we're actually trying to run the business and grow the business in a way that we don't lead to the concern you have, which is are we underinvesting in the business. And we're trying to do both at the same time. And I think, again, a credit to the entire Phreesia team for doing that. It's not easy.

格倫，我只想補充一下這一評論。我認為我們實際上正在嘗試以一種不會引起您擔憂的方式來經營業務和發展業務，即我們對業務的投資是否不足。我們正在努力同時做到這兩點。我再次認為，這要歸功於整個 Phreesia 團隊的努力。這並不容易。

We'll take our next question from Scott Schoenhaus with KeyBanc.

我們將回答來自 KeyBanc 的 Scott Schoenhaus 的下一個問題。

Chaim and Balaji, I just wanted to dig further into your Access eForms acquisition. I guess, this kind of ties into the long-term revenue guidance bridge. But you mentioned in your stockholder letter that the Access eForms is a vast catalog of content in the acute care space. Does this enhance your current number of modules that you're able to cross-sell. And then should this also translate into higher revenue per AHSC as you're able to sell more and more modules into the acute setting.

Chaim 和 Balaji，我只是想進一步深入了解你們對 Access eForms 的收購。我想，這種聯繫與長期收入指導橋樑有關。但您在股東信中提到，Access eForms 是急症護理領域的一個龐大的內容目錄。這是否會增加您當前能夠交叉銷售的模塊數量？然後，隨著您能夠向緊急環境銷售越來越多的模塊，這也應該轉化為每個 AHSC 的更高收入。

So I think early on, well, I think it will probably have very minimal impact to our revenue per client. I think that there's a bunch of work we have to do to make it tied into Phreesia, which we have already started the investment in. But over a long period of time, I think it's going to add significant value to our clients. And when you add significant value, we have a pretty good track record of sharing that value upside.

所以我認為，我認為這對我們每個客戶的收入影響可能很小。我認為我們還需要做很多工作才能將其與 Phreesia 聯繫起來，我們已經開始對其進行投資。但在很長一段時間內，我認為它將為我們的客戶增加顯著的價值。當您增加顯著的價值時，我們在分享價值優勢方面擁有良好的記錄。

Look, it's not a sexy thing. We're like, if anyone's ever been through a hospital, there's just lots of paperwork that needs to be documented and signed continuously. And to that point, like that content is just hard to replicate and peep often view content in sort of the watching a video or having like a book or -- but the reality is content and health care is like -- whether it's when we bought Insignia and it was patient activation measure, we view that as really as content or if it's this, which is just this massive library of forms. And that example of 5,000. That was just 1 client that had -- they've built out 5,000 forms for us. So what we really have to do is do that lift of making those types of forms available for the vast majority of our network over the next couple of years.

瞧，這不是一件性感的事。我們就像，如果有人去過醫院，就會有很多文件需要不斷記錄和簽署。就這一點而言，內容很難復制，並且經常以觀看視頻或閱讀書籍的方式查看內容，或者 - 但現實是內容和醫療保健就像 - 無論是在我們購買時徽章和它是患者激活措施，我們將其視為真正的內容，或者如果是這樣的話，這就是這個龐大的表格庫。還有那個 5,000 的例子。那隻是 1 個客戶——他們已經為我們製作了 5,000 份表格。因此，我們真正要做的是在未來幾年內讓這些類型的表格可供我們的絕大多數網絡使用。

And Scott, I don't think that you need to get like too deep into the -- your question around revenue. I mean think about the scope, right, of things that we can do, and we have a big TAM number in subscription. And I think our philosophy has always been build, rent or buy and this falls into that arena, and this just happened to be something that we would buy. But it's not going to be for every client. So when you spread the opportunity across a base of 3,500 clients and however many we're at 2 years, 3 years, 5 years from now, I don't think that's going to be material.

斯科特，我認為你不需要太深入地探討關於收入的問題。我的意思是，考慮一下我們可以做的事情的範圍，對吧，我們有大量的 TAM 訂閱。我認為我們的理念一直是建造、租賃或購買，這屬於這個領域，而這恰好是我們會購買的東西。但這並不適合每個客戶。因此，當你將機會分散到 3,500 名客戶時，無論 2 年、3 年、5 年後我們的客戶數量有多少，我認為這都不會產生重大影響。

I just -- my follow-up is around the nascent payer referral, obviously, open enrollment season is occurring quickly, coming up here quickly. Can you just remind us the profitability metrics on this business? I think you've mentioned before that it doesn't require a huge sales uplift and these are pretty high incremental margins. So I just wanted to get some more additional color on that.

我只是 - 我的後續行動是圍繞新生的付款人推薦，顯然，開放註冊季節很快就會到來，很快就會來到這裡。您能否提醒我們該業務的盈利指標？我想你之前已經提到過，它不需要巨大的銷售提升，而且這些都是相當高的增量利潤。所以我只是想在上面添加一些額外的顏色。

Yes. I mean, I don't think -- I think what we've said is it's early, and we're -- every season that we learn a little bit more about this. I don't think there's anything, Scott, that we could sort of take away around like any kind of unit economics. But I will say that we learn more from it every year, and it's still early and open enrollment around the corner.

是的。我的意思是，我不認為——我認為我們所說的是現在還為時過早，而且我們——每個賽季我們都會更多地了解這一點。斯科特，我認為沒有任何東西可以像任何單位經濟學一樣被我們拿走。但我想說的是，我們每年都會從中學到更多，而且現在還很早，開放招生即將到來。

We'll take our next question from Daniel Grosslight with Citi.

我們將接受花旗銀行 Daniel Grosslight 的下一個問題。

Chaim, you previously mentioned that the sales cycle has become a bit more challenged broadly as everyone has taken a pretty hard look at tech spend and deciding what to cut. Can you just comment on how the selling season has changed this year, or is changing if you had to provide more discounts, et cetera? And how we should really think about that average revenue per user for -- on the subscription side for the remainder of the year?

Chaim，您之前提到，銷售週期已經變得更加廣泛，因為每個人都非常認真地審視技術支出並決定削減哪些內容。您能否簡單評論一下今年銷售季節的變化，或者如果您必須提供更多折扣等情況會發生變化？我們應該如何真正考慮今年剩餘時間內每個用戶在訂閱方面的平均收入？

Look, I think -- I wish there was a selling season. I feel like selling season for us is Monday to Friday, and it starts at 9 a.m. and goes to 5 p.m. East Coast, West Coast and everything in between, right? Every week, we're out there calling all practices and health systems and big groups and small groups and single hospitals and multi-hospital groups and the team's doing really just good work getting in front of the right clients and then as we win the clients, we have a pretty good track record of keeping them and selling them more stuff. And the way we sell them more stuff is as we introduce a product that adds a lot of value to them. And sometimes, we give it to them. Sometimes we sell it to them. And sometimes we -- it's part of the transaction. So really, we get it from transactions.

聽著，我想——我希望有一個銷售季節。我覺得我們的銷售季節是周一到週五，從上午 9 點開始到下午 5 點。東海岸、西海岸以及介於兩者之間的一切，對吧？每週，我們都會召集所有診所和衛生系統、大團體和小團體、單一醫院和多醫院團體，團隊在正確的客戶面前做得非常好，然後我們贏得了客戶，我們在留住他們並向他們出售更多東西方面有著良好的記錄。我們向他們出售更多東西的方式是推出一種為他們增加很多價值的產品。有時，我們把它給他們。有時我們把它賣給他們。有時我們——這是交易的一部分。所以實際上，我們從交易中得到它。

So I've been really happy. I still think it's hard, but I think the team is doing a great job in a tough environment. And think a lot of that is not just the sales and marketing organization, but it's also a product organization. We have good products. And it really starts with good product, and we do a good job of selling to our clients, and we do the things we say we're going to do, implement them really well, and we try our best to treat them as awesome as we can.

所以我真的很高興。我仍然認為這很困難，但我認為團隊在艱難的環境中做得很好。想想看，這不僅僅是銷售和營銷組織，也是產品組織。我們有好的產品。這確實始於好的產品，我們在向客戶銷售方面做得很好，我們做我們說要做的事情，很好地實施它們，我們盡最大努力對待它們，就像對待它們一樣棒。我們可以。

And I'd also add that if -- when you think about just a client, we do have these 3 different revenue lines. And obviously, it's -- I'm sure it's helpful for people to look at subscription, look at payments, look at Network Solutions independently. And that's fine. But at the end of the day, when we think about our go-to-market, we think about cost of acquiring customers and all that type of stuff, it's really the totality of it. And that, as Chaim said, I think, earlier in the remarks, that inched up a couple of points year-over-year to just around $25,000.

我還要補充一點，如果——當你只考慮客戶時，我們確實有這 3 種不同的收入線。顯然，我確信這對人們獨立地查看訂閱、查看付款、查看網絡解決方案是有幫助的。那很好。但歸根結底，當我們考慮進入市場時，我們會考慮獲取客戶的成本以及所有此類的東西，這實際上是它的全部。正如 Chaim 在早些時候的講話中所說，我認為這一數字同比小幅上漲了幾個點，達到 25,000 美元左右。

Yes. Okay. And then largely on the funding need, I know you mentioned that you can get to your fiscal '25 targets profitability within fiscal '25 without raising additional capital. But I wonder if you could put perhaps maybe a finer point on that. You do spend, call it, $20 million or so on capitalized software, et cetera. So I'm just curious if you think you can get to free cash flow profitability with your current cash position? Or beyond that '25, do you think you have to perhaps raise additional capital to get you there?

是的。好的。然後主要是關於資金需求，我知道您提到您可以在 25 財年內實現 25 財年的盈利目標，而無需籌集額外資金。但我想知道你是否可以對此提出更好的觀點。你確實花費了大約 2000 萬美元購買資本化軟件等等。所以我很好奇您是否認為您可以利用當前的現金狀況實現自由現金流盈利？或者在 25 年後，您是否認為您可能需要籌集額外的資金才能實現這一目標？

Well, I think the earlier comment to Ryan's question, we talked about growing profitably beyond that. So I think let's start, Daniel, with like it's get to adjusted EBITDA profitability. I think there's milestones along the way. You look at the operating cash flow this quarter. I think we're all very proud that that's a single-digit number. And that sort of returned to a single-digit loss number for the first time really since this big investment cycle happened. So that's a data point. And then adjusted EBITDA, operating cash flow and then free cash flow. So I think we should -- let's be clear, that comment earlier around growing profitably beyond fiscal '25 was intended to say we can grow the business at that rate and we can invest in it as we continue to grow. But it's not like that's we envision ourselves to come to the market to raise money to grow the business at that. So I just want to be clear about that.

嗯，我認為之前對 Ryan 問題的評論中，我們討論了超越這一點的盈利增長。所以我認為，丹尼爾，讓我們從調整後的 EBITDA 盈利能力開始吧。我認為一路上有一些里程碑。您看一下本季度的運營現金流。我認為我們都為這是一個個位數的數字感到非常自豪。自從這個大的投資週期發生以來，這確實是第一次回到個位數的損失數字。這就是一個數據點。然後調整 EBITDA、經營現金流和自由現金流。因此，我認為我們應該——讓我們明確一點，之前關於 25 財年之後盈利增長的評論的目的是說我們可以以這個速度發展業務，並且隨著我們的持續增長，我們可以對其進行投資。但我們並不希望自己進入市場籌集資金來發展業務。所以我只想澄清這一點。

We'll take our next question from Ryan MacDonald with Needham.

我們將回答 Ryan MacDonald 和 Needham 提出的下一個問題。

This is Matt Shea on for Ryan. Congrats on the strong quarter. Wanted to start with Network Solutions. There was a comment in the stakeholder letter that discussed, you guys delivering more messages in the first half of 2024 than anticipated with some of those messages originally being expected for the second half. So curious if we should interpret this as a pull forward of spending? Or could the strong first half performance lead to incremental programs or upsells for additional messages in the second half. Would just like to kind of unpack that and help understand what your expectations are for the back half of the year?

我是馬特·謝伊 (Matt Shea) 替補瑞安 (Ryan)。祝賀季度表現強勁。想從網絡解決方案開始。利益相關者信中有一條評論討論，你們在 2024 年上半年傳遞的信息比預期更多，其中一些信息最初預計在下半年傳遞。很好奇我們是否應該將其解釋為支出的拉動？或者，上半年的強勁表現是否會導致下半年的增量計劃或附加信息的追加銷售。只是想解開這個問題並幫助了解您對今年下半年的期望嗎？

Sure. Thanks, Matt. Look, it's the former of your 2 scenarios. It is pulling it forward. And I think the team has done an outstanding job of performing in the first half of the year, and we're able to deliver those messages for our clients, which is great. But at the same time, look, the lack of us rolling that into the guidance for the remainder of the year is because there is some in-year activity that we want to wait and see. And, Matt, that's not really any different than every other year for Phreesia. And so that's just sort of where we are at this point in the year. And so I would absolutely think of it as pull forward.

當然。謝謝，馬特。看，這是你的兩個場景中的前一個。它正在拉著它前進。我認為該團隊在今年上半年的表現非常出色，我們能夠向客戶傳達這些信息，這非常棒。但與此同時，我們沒有將其納入今年剩餘時間的指導中，是因為我們希望等待和觀察一些年內的活動。而且，馬特，對於 Phreesia 來說，這與其他年份並沒有什麼不同。這就是我們今年此時所處的情況。所以我絕對會認為這是向前推進。

Okay. Got it. That's helpful. And then maybe sticking with Network Solutions. Turning to MemberConnect. Obviously, annual enrollment period is different every year. But curious kind of how the Medicare Advantage lead generation business has gone this year to date kind of relative to your expectations? And then again, not knowing what AEP is going to look like yet. Just curious if there's anything that gets you guys excited about this year's AEP in particular, whether it be any conversations you guys had with payers or any plans to maybe weaponize some of those communication preferences insights you generated from your recent survey of Medicare Advantage beneficiaries?

好的。知道了。這很有幫助。然後也許會堅持使用網絡解決方案。轉向會員連接。顯然，每年的入學時間都是不同的。但令人好奇的是，今年迄今為止，醫療保險優勢潛在客戶開發業務的進展情況與您的預期相比如何？話又說回來，還不知道 AEP 會是什麼樣子。只是好奇是否有什麼事情讓你們特別對今年的AEP 感到興奮，無論是你們與付款人進行的任何對話，還是任何計劃將你們最近對Medicare Advantage 受益人的調查中得出的一些溝通偏好見解武器化？

Well, I think the first part of your question, and you sort of answered it probably yourself, which is, yes, most of this year is not really relevant to show really starts with the open enrollment -- the annual open enrollment period. And we'll just say it again, like it's still very early. I think we like having exposure in the payer space. We gained that through the acquisition of Insignia and then launching into this product with MemberConnect. But no real -- nothing really new to update there from the last time we talked. And -- but we're still excited.

嗯，我認為你問題的第一部分，你可能自己回答了，那就是，是的，今年的大部分時間與公開招生真正開始 - 年度公開招生期並不真正相關。我們再說一遍，就好像現在還很早一樣。我認為我們喜歡在支付領域有曝光度。我們通過收購 Insignia 並通過 MemberConnect 推出該產品來實現這一目標。但自從我們上次談話以來，沒有什麼真正的新東西可以更新。而且——但我們仍然很興奮。

We'll take our next question from Sean Dodge with RBC Capital Markets.

我們將回答加拿大皇家銀行資本市場部肖恩·道奇 (Sean Dodge) 提出的下一個問題。

Yes. Just on the health care services revenue for AHSC metrics, it's continuing in that $18,300 range. I'm just curious, the underlying dynamics there. You're cross-selling and expanding into more locations, and that should help grow that metric, but that's being offset by newer clients that are starting with fewer solutions. And there's also -- is there a client size mix impact at play too? And what I'm trying to get at is just understanding how much progress you're making with the cross-sell and land and expand absent these other offsetting factors? Is there any way you can kind of quantify the kind of the lift you're getting from cross-selling and land and expanding?

是的。僅就 AHSC 指標的醫療保健服務收入而言，它繼續保持在 18,300 美元的範圍內。我只是好奇那裡的潛在動態。您正在交叉銷售並擴展到更多地點，這應該有助於提高該指標，但這被開始使用較少解決方案的新客戶所抵消。還有——客戶規模組合是否也會產生影響？我想要了解的是，在沒有這些其他抵消因素的情況下，您在交叉銷售、土地和擴張方面取得了多少進展？有沒有什麼方法可以量化你從交叉銷售、土地和擴張中獲得的提升？

Yes. We are growing within our base. But I think, Sean, the comment earlier around just using that payment is an interesting way to think about it because upwards of 80% of our clients are a payment facilitator -- we're the payment facilitator for. And so if we were running about $290,000 in payment volume in a quarter when we were 1,558 clients, and it's about the same number now, there's a number of doctors or providers associated with the client. There's a number of patients they see. There's a certain amount of payment volume that crosses. I think that is probably as powerful a way to think about as the sizing or the shape of our footprint changed over 4 years, and it just really hasn't. And I think our go-to-market of letting people try the product and then they convert over and then they try a new product. It's sort of that is -- that does distort that number over time. But I think we brought this up. We've added so many clients over time that that can sort of take longer and we're okay with that. We feel really good about that.

是的。我們正在我們的基地內成長。但我認為，肖恩，之前關於使用該付款的評論是一種有趣的思考方式，因為我們 80% 以上的客戶都是付款服務商——我們就是其付款服務商。因此，如果當我們有 1,558 名客戶時，我們在一個季度的支付量約為 290,000 美元，而現在的數字大致相同，那麼就有許多醫生或提供者與該客戶相關。他們接診了很多病人。有一定的支付量交叉。我認為這可能是一種強有力的思考方式，就像四年來我們足蹟的大小或形狀發生了變化一樣，但它實際上並沒有變化。我認為我們的市場推廣是讓人們嘗試產品，然後他們轉變，然後嘗試新產品。隨著時間的推移，這個數字確實會扭曲。但我認為我們提出了這個問題。隨著時間的推移，我們添加瞭如此多的客戶，這可能需要更長的時間，但我們對此表示同意。我們對此感覺非常好。

Okay. And then you mentioned during one of the earlier questions, there were some benefits from payment timing you realized during the quarter. Can you quantify for us how much that was?

好的。然後您在之前的一個問題中提到，您在本季度意識到付款時間有一些好處。您能為我們量化一下那是多少嗎？

Did you say payment timing? I missed that.

你說的是付款時間嗎？我錯過了。

I don't -- it was something you said, I think, in response to like Ryan's question. You said there was a benefit in the quarter from payment timing.

我不知道——我想這是你在回答瑞安的問題時所說的話。您說本季度付款時間有好處。

That wasn't payment timing. That was -- yes, in cost of sales. Yes, there was just like a vendor where we had like an expense that will reverse -- that reversed. So my point is our gross margin in this quarter is probably running 50 to 100 points -- basis points higher. Just like a onetime benefit, think about it that way. But we're still in the same sort of range.

那不是付款時間。是的，那就是銷售成本。是的，就像一個供應商，我們的開支會逆轉——逆轉了。所以我的觀點是，我們本季度的毛利率可能會上漲 50 到 100 個基點，即更高一些。就像一次性的好處一樣，這樣想吧。但我們仍然處於同一範圍內。

Our next question comes from Jeff Garro with Stephens.

我們的下一個問題來自傑夫·加羅和斯蒂芬斯。

I have a question on the sales and marketing spend. It looks like sales and marketing spend down both year-over-year and quarter-over-quarter while you all keep adding health care services clients at a healthy clip and have a multitude of growth drivers on the Network Solutions side. So I want to ask if there's color that you could add on mix and trends in sales and marketing spend on new health care services client focused resources where you have that good balance of growth versus resources versus Network Solutions, which, I think, clearly in an earlier growth stage.

我對銷售和營銷支出有疑問。看起來銷售和營銷支出同比和環比均有所下降，而醫療保健服務客戶都在持續健康增長，並且網絡解決方案方面擁有眾多增長動力。因此，我想問一下，您是否可以在以新的醫療保健服務客戶為中心的資源的銷售和營銷支出的組合和趨勢上添加色彩，在這些資源中，您可以在增長與資源與網絡解決方案之間取得良好的平衡，我認為這顯然在較早的生長階段。

Well, it's -- Network Solutions is actually -- is 18 years old in terms of being part of our business. I think that sales and marketing expense line is for all areas of the company. I think we're constantly sort of calibrating that. And I don't think there's anything that's changed a whole lot over the past few quarters. But just know that, and I think this comes up a lot, too, that that is absolutely supports clients added in health care services, but also brands that we add and even things we do in the revenue cycle area. So -- and so I think -- I don't think anything particular to call out there. You can see that we're, again, continue to get nice operating leverage on that sales and market.

嗯，實際上，Network Solutions 作為我們業務的一部分已經有 18 年曆史了。我認為銷售和營銷費用線適用於公司的所有領域。我認為我們正在不斷地進行校準。我認為過去幾個季度沒有發生太大變化。但要知道，我認為這也出現了很多，這絕對支持在醫療保健服務中添加的客戶，而且也支持我們添加的品牌，甚至我們在收入周期領域所做的事情。所以——我認為——我認為沒有什麼特別值得指出的。您可以看到，我們再次在銷售和市場上繼續獲得良好的運營槓桿。

Great. That helps. And one more question on the spend side, maybe a follow-up to Glen's earlier question, that the guidance does seem to imply some ramp in OpEx spending in the second half versus the first half. So I want to see if there's any areas of investments you would call out or maybe part of the ramp is some type of expense from the integration of MediFind and Access built in?

偉大的。這有幫助。關於支出方面的另一個問題，也許是格倫之前問題的後續問題，即該指導似乎確實意味著下半年運營支出支出相對於上半年有所增加。所以我想看看您是否會提出任何投資領域，或者可能部分增長是由於內置 MediFind 和 Access 集成而產生的某種類型的費用？

There you go. That's the answer. You answered it yourself.

就這樣吧。這就是答案。你自己回答了。

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

我們將回答古根海姆的傑克·華萊士提出的下一個問題。

Just wanted to go back and see if there's a connection between the Access eForms acquisition, which sounds like it's primarily in the hospital space as well as the payments commentary you've had, Balaji, and if we should expect there would be a higher level of inpatient mix that will help boost the payment volumes and potentially even a higher take rate? And then I've got a follow-up.

只是想回去看看 Access eForms 收購（這聽起來主要是在醫院領域）以及您所獲得的付款評論之間是否存在聯繫，Balaji，以及我們是否應該期望會有更高的水平住院患者組合是否有助於提高支付量，甚至可能提高接受率？然後我有一個後續行動。

I don't think I'd draw any connection to that, Chaim, would you...

我不認為我會與此有任何联系，Chaim，你會......

No, right? I will say we've been -- we're very happy with the progress we've been making in the hospital space. And it's an area we continue to invest in, and it's an area of great need. And I think we still are very excited about it.

無權利？我想說，我們對在醫院領域取得的進展感到非常滿意。這是我們繼續投資的領域，也是一個非常需要的領域。我認為我們仍然對此感到非常興奮。

Got it. And then just thinking about the mix of growth into the $125 million number. And maybe to ask the question slightly differently is, should we expect any composition mix within the client base into larger customers that have more wallet share and more TAM per client opportunity as being a driver to get to that figure?

知道了。然後考慮 1.25 億美元的增長組合。也許稍微不同的問題是，我們是否應該期望客戶群中的任何組合混合到擁有更多錢包份額和每個客戶機會更多 TAM 的大客戶中，作為達到這一數字的驅動力？

I mean, I think one thing, Jack, that over time, we do -- we are moving to more of an enterprise model. And so if you think about some independent groups that have become affiliated with some of these large physician aggregators out there, we're able to sort of do more enterprise deals at that level. But again, that's just an aggregation of what would have been an individual, smaller Phreesia client that's now just a large enterprise and part of that. But health care is still pretty big. I think the data from the American Medical Association is 51% of groups are still 10 providers are smaller. Obviously, there's some very large ones, too. But no, not really.

我的意思是，我認為有一件事，傑克，隨著時間的推移，我們正在轉向更多的企業模式。因此，如果你想到一些獨立團體已經與一些大型醫生聚合商有聯繫，我們就能夠在這個級別上進行更多的企業交易。但同樣，這只是一個個體、較小的 Phreesia 客戶的集合，而現在只是一個大型企業及其一部分。但醫療保健仍然相當大。我認為美國醫學會的數據是 51% 的群體仍然是 10 個較小的提供者。顯然，也有一些非常大的。但不，不是真的。

We'll take our next question from Robert Simmons with D.A. Davidson.

我們將回答羅伯特·西蒙斯和 D.A. 提出的下一個問題。戴維森。

I was wondering if you could talk about patient volumes over the course of the quarter? Or what did you see month-to-month? And also, what do you see so far this quarter?

我想知道您是否可以談談本季度的患者數量？或者你每個月都看到了什麼？另外，本季度到目前為止您有何看法？

When you say this quarter, you mean the second quarter?

當你說這個季度時，你是指第二季度嗎？

No, sorry. I just want to say, what do you see in the second quarter or month-to-month and what have you seen so far in 3Q?

不，抱歉。我只想說，您對第二季度或環比有何看法以及第三季度到目前為止您看到了什麼？

Yes. I mean, I think we brought this up maybe last -- on last call and a lot of the meetings we've had with investors over the past few months. I mean, a lot of the things that sort of swing payments for us -- we have seasonality. Let's start with that, right? Deductibles reset at the beginning of the calendar year. So we have the natural seasonality, which you see that bump in our fiscal first quarter. And then there's how many Mondays are in a given month and more people tend to go to the doctor on Monday then on Friday, sort of the opposite of what you see in retail.

是的。我的意思是，我認為我們可能是在最後一次電話會議以及過去幾個月與投資者舉行的許多會議上才提出這個問題的。我的意思是，很多事情對我們來說都是搖擺不定的——我們有季節性。讓我們從那開始吧？免賠額在年初重置。因此，我們有自然的季節性，您可以在我們的第一財季看到這種波動。然後是一個月中有多少個星期一，更多的人傾向於在星期一去看醫生，然後在星期五去看醫生，這與零售業的情況相反。

So, Robert, just one good example is this year, July 3 fell on a Monday. And so lot of people took that day off, went right into the holiday. And so that -- you had some of the smoke buyer stuff in the month of June. You had some flooding stuff in July. I guess we hear about some hurricane Category 5 rolling up the Northeast now. These are sort of the things that swing back and forth. We're pretty distributed across different specialties, across different geographies. So I mean, again, if the points I brought up are probably what drives $1 billion being $990 million sequentially.

羅伯特，一個很好的例子就是今年，7 月 3 日是星期一。很多人在那天休息，直接進入假期。所以，六月份你就得到了一些煙霧買家的東西。七月份發生了一些洪水。我想我們現在聽說有一些 5 級颶風席捲東北部。這些都是來回擺動的事情。我們分佈在不同的專業、不同的地區。所以我的意思是，如果我提出的觀點可能是推動 10 億美元連續增長到 9.9 億美元的原因的話。

Got it. Okay. And then your head count has been coming down pretty steadily since it peaked about a -- was it about 1.5 years ago, maybe? The pace has declined a bit. I mean do you expect that to settle out here pretty soon? When does it start to grow again? What are your expectations there?

知道了。好的。然後，自從大約 1.5 年前達到頂峰以來，你們的員工數量一直在穩步下降。步伐有所下降。我的意思是你希望這件事很快就能解決嗎？什麼時候又開始生長？您對那裡有什麼期望？

Well, I think this goes to the earlier comment around just sort of like investments we made, I think, and sort of our path to profitability, I think we've been pretty consistent. That number will sort of be in this sort of range, plus or minus, plus or minus 10%. You should expect it to sort of be in that range, and we feel pretty good about that. But to be clear, I mean -- and I think this was maybe Glen's question, we are still investing in the business for long-term growth.

嗯，我認為這與之前的評論有關，就像我們所做的投資一樣，我認為，以及我們的盈利之路，我認為我們一直非常一致。這個數字大概在這個範圍內，正負10%。你應該期望它在這個範圍內，我們對此感覺很好。但要明確的是，我的意思是——我認為這可能是格倫的問題，我們仍在投資該業務以實現長期增長。

That concludes the question-and-answer session. I'd like to turn the call back over to Chaim Indig for any additional or closing remarks.

問答環節到此結束。我想將電話轉回 Chaim Indig 以獲取任何補充或結束語。

Thanks, everyone, for joining us for this call. I look forward to talking to all of you in 90 days and maybe in between, if we're lucky. Cheers.

感謝大家參加我們的這次電話會議。我期待著在 90 天之內（如果幸運的話，也許在這期間）與大家交談。乾杯。

And that does conclude today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝您的參與。您現在可以斷開連接。