Phreesia Inc (PHR) 2024 Q3 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Phreesia fiscal third-quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，晚上好，歡迎參加 Phreesia 2024 年第三季財報電話會議。 （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Phreesia的財務長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 third quarter of 2024, which ended on October 31 of 2023. Joining me on today's call is Chaim Indig, our Chief Executive Officer.

謝謝你，接線生。晚上好，歡迎參加 Phreesia 於 2023 年 10 月 31 日結束的 2024 年第三季財報電話會議。參加今天電話會議的是我們的執行長 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 的投資者關係部分取得。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 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 stockholder 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、我們的預期成長、我們的策略、對我們行業的預測以及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，這些因素可能導致實際結果、績效或成就與我們前瞻性陳述中所述的結果、績效或成就有重大差異。我們的收益新聞稿、股東信函以及向 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目前的觀點和期望，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，或反映新資訊或意外事件的發生。

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. The 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.

我們也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資訊。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 業績的對帳可在我們的收益發布和利害關係人信函中找到，這些資訊隨今天收市後向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執行長 Chaim Indig。

Thank you, Balaji, and good evening, everyone. Thank you for participating in our third-quarter earnings call. Our stakeholder letter and earnings release were published about an hour ago. Let me start the call with a couple of highlights.

謝謝巴拉吉，大家晚上好。感謝您參加我們的第三季財報電話會議。我們的利害關係人信函和收益報告於大約一小時前發布。讓我以幾個要點開始這通電話會議。

For starters, I am pleased with our third-quarter performance, both financially and operationally. Total revenue in the third quarter was $91.6 million, up 25% year over year. Adjusted EBITDA was negative $6.6 million, an $11.7 million improvement year over year.

首先，我對我們第三季的財務和營運業績感到滿意。第三季總營收為 9,160 萬美元，年增 25%。調整後 EBITDA 為負 660 萬美元，年增 1,170 萬美元。

During the quarter, we completed a small acquisition of ConnectOnCall, which complements our current product suite, with an innovative medical answering solution that improves patient experience and makes it easier for on-call providers to respond to patient calls.

本季度，我們完成了對 ConnectOnCall 的小額收購，它補充了我們目前的產品套件，提供了創新的醫療應答解決方案，可改善患者體驗，並使值班服務提供者更輕鬆地響應患者呼叫。

Before Balaji discusses our fiscal 2024 and 2025 outlook, let me briefly address our decision to delay the achievement of $500 million in run rate revenue to fiscal 2026. Over the past couple of months, we determined that in order to achieve $500 million in run rate revenue in fiscal 2025, we would need to increase our spending to a level that we were simply not comfortable with in the current economic and capital markets environment. Therefore, we have made very intentional decisions to delay certain planned investments in the payer space, which will accelerate our adjusted EBITDA growth.

在巴拉吉討論我們的2024 財年和2025 財年展望之前，讓我簡要介紹一下我們將實現5 億美元運行率收入推遲到2026 財年的決定。在過去的幾個月裡，我們決定，為了實現5 億美元的運行率收入2025 財年的收入，我們需要將支出增加到我們在當前經濟和資本市場環境下根本無法接受的水平。因此，我們做出了非常有意的決定，推遲了支付領域的某些計畫投資，這將加速我們調整後的 EBITDA 成長。

We continue to work with CMS and other payers to measure and improve performance and activations. We believe this work will drive revenue, adjusted EBITDA, and health outcomes improvements over the long term. We believe our decision will enhance shareholder value.

我們繼續與 CMS 和其他付款人合作來衡量和改進性能和激活。我們相信，從長遠來看，這項工作將推動收入、調整後的 EBITDA 和健康結果的改善。我們相信我們的決定將提高股東價值。

Let me now hand it over to Balaji.

現在讓我把它交給巴拉吉。

Thank you, Chaim. Let me start by addressing our outlook for fiscal 2024.

謝謝你，查姆。首先讓我談談我們對 2024 財年的展望。

We are maintaining our revenue outlook for fiscal 2024 at $353 million to $356 million, implying year-over-year growth of 26% to 27%. We note that the maintenance of our $3 million revenue range is mostly related to our network solutions revenue line, where we have a wider range of revenue scenarios in the month of January, which represents a new spending year for our life sciences clients.

我們將 2024 財年的營收前景維持在 3.53 億至 3.56 億美元，這意味著年增 26% 至 27%。我們注意到，維持 300 萬美元的收入範圍主要與我們的網路解決方案收入線有關，一月份我們有更廣泛的收入場景，這代表了我們生命科學客戶的新支出年度。

We are raising our fiscal 2024 adjusted EBITDA outlook to approximately negative $39 million from a previous range of negative $54 million to negative $49 million. This represents a $12.5 million increase from the midpoint of our prior outlook, highlighting the strong operating leverage we continue to generate across the business.

我們將 2024 財年調整後 EBITDA 前景從先前的負 5,400 萬美元至負 4,900 萬美元上調至約負 3,900 萬美元。這比我們之前預期的中點增加了 1250 萬美元，突顯了我們在整個業務中持續產生的強大營運槓桿。

We also believe it is important to provide an early outlook for fiscal 2025 given our evolving capital allocation philosophy that Chaim discussed earlier. We expect fiscal 2025 revenue to be in the range of $424 million to $434 million. Our fiscal 2025 revenue outlook at the midpoint implies growth of over 20% above our fiscal 2024 outlook range. The revenue range provided for fiscal 2025 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2025.

我們也認為，鑑於 Chaim 先前討論的我們不斷發展的資本配置理念，提供 2025 財年的早期展望非常重要。我們預計 2025 財年營收將在 4.24 億至 4.34 億美元之間。我們對 2025 財年營收前景的中位數意味著比我們的 2024 財年展望範圍增加 20% 以上。 2025 財年提供的收入範圍假設從現在到 2025 年 1 月 31 日期間完成的潛在未來收購不會產生額外收入。

We are updating our expectation of $500 million in revenue run rate to now be achieved in fiscal 2026 compared to our previous outlook of fiscal 2025. The later expected achievement is the result of a very intentional decision we have made to delay certain investments in the payer space. We prefer to target growth in the 20% range while accelerating our profitability growth.

與我們先前對2025 財年的展望相比，我們正在更新2026 財年將實現5 億美元的收入運行率的預期。後來的預期成就是我們做出的一項非常有意的決定的結果，推遲了對付款人的某些投資空間。我們更願意將成長目標定在 20% 的範圍內，同時加快獲利能力的成長。

To that end, we now expect adjusted EBITDA to be in the range of positive $10 million to positive $20 million compared to our previous target of achieving profitability at some point during fiscal 2025. The increase in our fiscal 2025 adjusted EBITDA outlook is mostly tied to the delay in planned investments in the payer space.

為此，與我們先前在2025 財年某個時間點實現盈利的目標相比，我們現在預計調整後EBITDA 將在1000 萬美元至2000 萬美元之間。我們2025 財年調整後EBITDA 前景的增長主要與付款人領域計劃投資的延遲。

As we think about revenue growth, it is critical to consider the multitude of factors that can drive our revenue growth, which we believe is a very unique and attractive aspect of Phreesia's business model. We continue to grow average healthcare services clients by leveraging our proven go-to-market team. It's also important to appreciate that the growth in our healthcare services client network drives network solutions revenue.

當我們考慮營收成長時，考慮能夠推動我們營收成長的眾多因素至關重要，我們認為這是 Phreesia 商業模式的一個非常獨特且有吸引力的方面。透過利用我們久經考驗的行銷團隊，我們持續擴大一般醫療保健服務客戶的規模。同樣重要的是要認識到，我們的醫療保健服務客戶網路的成長推動了網路解決方案收入。

We remain comfortable in our ability to finance our fiscal 2025 outlook, given the significant progress we have made in improving cash flow and with our current cash position. Separately, you will notice that we entered into a new five-year $50 million senior secured revolving credit facility with Capital One. This new facility replaces our former facility with Silicon Valley Bank. We believe the new facility will give us additional financial flexibility through its five-year term.

鑑於我們在改善現金流方面取得的重大進展以及當前的現金狀況，我們對 2025 財年前景的融資能力仍然感到滿意。另外，您會注意到我們與第一資本簽訂了一項新的五年期 5000 萬美元高級擔保循環信貸額度。這個新設施取代了我們以前的矽谷銀行設施。我們相信，新設施將在五年期限內為我們帶來額外的財務彈性。

Operator, I think we can now open it up for questions.

接線員，我想我們現在可以開放提問了。

(Operator Instructions) Ryan Daniels, William Blair.

（操作說明）Ryan Daniels、William Blair。

Sorry about that, guys. Thanks for the question. Congrats on the strong quarter.

抱歉，夥計們。謝謝你的提問。恭喜季度表現強勁。

Balaji, maybe one for you just on the focus on profits and versus investments in some of the novel products. I think it's a positive here given the current capital market environment, and I think investors will applaud that. But I'm curious if it's -- is it more the capital markets and just the desire to preserve capital? Or were you seeing more hesitation among payers about using the platform, or just kind of lower return on your marketing dollars there that really caused you to pull back? Thanks.

巴拉吉（Balaji），也許對你來說只是專注於利潤和對一些新穎產品的投資。考慮到當前的資本市場環境，我認為這是一個積極的因素，我認為投資者會對此表示讚賞。但我很好奇，是否更多的是資本市場以及保護資本的願望？或者您發現付款人對使用該平台更加猶豫，或者只是您的行銷資金回報率較低，這確實導致您撤退？謝謝。

Yeah. Thanks, Ryan. Thanks for the questions. I think one thing to remember is we're always evaluating our investment decisions along the way. And so, specifically to this, I mean, absolutely the cost of capital weighed into this, and it's changed dramatically in the past 18 months. So we have to calibrate.

是的。謝謝，瑞安。感謝您的提問。我認為要記住的一件事是，我們一直在評估我們的投資決策。因此，具體來說，我的意思是，資本成本絕對會影響到這一點，而且在過去 18 個月裡它發生了巨大的變化。所以我們必須校準。

So think about it more as time that we would realize revenue versus the investment dollars that we have more than anything else.

因此，請多考慮一下我們將實現收入與我們擁有的投資資金相比的時間。

Vishal Patel, Piper Sandler.

維沙爾·帕特爾，派珀·桑德勒。

Hi, thanks for taking the question. This is Vishal Patel on for Jeff Passan, and congratulations on the strong quarter.

您好，感謝您提出問題。我是維沙爾·帕特爾 (Vishal Patel) 代表傑夫·帕桑 (Jeff Passan) 發言，祝賀本季度的強勁表現。

Could you help us with some color on the ConnectOnCall acquisitions? In particular, what capabilities does the product add? What is its pricing model and go-to-market strategy? And what investments are still needed to integrate the deal onto the Phreesia platform? Thanks.

能幫我們介紹一下 ConnectOnCall 收購的情況嗎？特別是，該產品增加了哪些功能？它的定價模式和上市策略是什麼？將該交易整合到 Phreesia 平台上還需要哪些投資？謝謝。

So that's a couple of questions and I'll try to answer some of them. And some of them, it's still too early for us to share.

這是幾個問題，我將嘗試回答其中一些問題。其中一些我們現在分享還為時過早。

Look, at the greatest level, all of us have patients that had to call a doctor after hours. And doctors -- most doctors are required to provide after-hour service and most of those services are people, right? And they're the same people that offer answer the phones for funeral parlors or your plumber. And when we talk to providers and we have so many of them that we talk to about how they interact with patients, this was an area that was just -- they were never happy with.

看看，從最大的層面來看，我們所有人都有病人不得不在下班後打電話給醫生。而醫生——大多數醫生都被要求提供下班後服務，而這些服務大部分都是人，對嗎？他們也是為殯儀館或水管工接聽電話的人。當我們與提供者交談時，我們有很多提供者，我們談論他們如何與患者互動，這是他們從來都不滿意的領域。

We never heard of a provider that was very excited about their after-hour service. And when we when we finally connected with the two doctors that had started ConnectOnCall, we just saw a beautiful product that's well integrated. And what's nice about is they, like as providers, they were also -- their group actually uses Phreesia. And they told us they're like, look, we just -- we always assumed that we would never be able to do what you guys do.

我們從未聽說過哪個提供者對其下班後服務感到非常興奮。當我們最終與啟動 ConnectOnCall 的兩位醫生取得聯繫時，我們看到了一個整合良好的漂亮產品。好的一點是，就像作為提供者一樣，他們的團隊實際上也使用 Phreesia。他們告訴我們，他們就像，看，我們只是 - 我們總是認為我們永遠無法做到你們所做的事情。

And we looked at what they did, and it was just -- is a beautiful product. And we've been -- or we're in the early stages of letting our clients know about it. Their reaction has been phenomenal.

我們觀察了他們所做的事情，這是一個漂亮的產品。我們已經——或者說我們正處於讓客戶了解這一點的早期階段。他們的反應是驚人的。

But look, at the end of the day, we're really viewing this as a replacement of the after-hours agents. And the response from our clients has been just phenomenal. And expect us to talk more about the go-to market over the coming quarters coming years. But we think this is a phenomenal capability and we're going to keep -- obviously, we have the resources and the ability to just keep investing in. It was a really, really, really small company that we bought.

但是，歸根結底，我們確實將其視為非工作時間代理的替代品。我們客戶的反應非常出色。並期望我們在未來幾年更多地討論未來幾季的市場走向。但我們認為這是一種非凡的能力，我們將保留——顯然，我們有資源和能力繼續投資。我們買的是一家非常非常小的公司。

Awesome. That's helpful.

驚人的。這很有幫助。

And if I could just sneak one in really quickly. About a year ago in your quarterly stakeholder letter, you mentioned that Phreesia was able to win more deals by being more competitive on pricing. How has your perspective on pricing in the payment processing business evolved since then? And how are you balancing pricing in that business versus retention and growth? Thank you so much.

如果我能很快地偷偷溜進去就好了。大約一年前，在您的季度利害關係人信函中，您提到 Phreesia 能夠透過更具競爭力的定價贏得更多交易。從那時起，您對支付處理業務定價的看法發生了怎樣的變化？您如何平衡該業務的定價與保留和成長？太感謝了。

Yeah, Vishal, that comment, I would think of the topic in general to be something that's very fluid. We're constantly revisiting pricing. And I think the comment specifically there was we had lowered price and it had helped us in terms of market share.

是的，維沙爾，這個評論，我認為這個主題總體上是非常流動的。我們不斷重新審視定價。我認為具體的評論是我們降低了價格，這對我們的市場份額有所幫助。

But I think if you follow our take rate, which we disclose every quarter, it's sort of bounced around, but it found this home in the 2.8 to 2.9 range. But don't think of that as any sort of one specific milestone. We're constantly experimenting with it.

但我認為，如果你關注我們每季披露的採用率，你會發現它有點反彈，但發現這個家在 2.8 到 2.9 的範圍內。但不要將其視為任何一種特定的里程碑。我們不斷地進行試驗。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Glen Santangelo, Jefferies.

（操作員說明）Glen Santangelo，Jefferies。

Oh, yeah. Hey, thanks. Good evening, guys, and thanks for taking my question. Hey, guys. I want to talk to you about the revenue growth guidance for fiscal '25. And then, Balaji, I heard your comments just over 20%. It looks like 21% midpoint over midpoint.

哦耶。嘿，謝謝。晚上好，夥計們，感謝您提出我的問題。大家好。我想和您談談 25 財年的收入成長指引。然後，巴拉吉，我聽到你的評論超過 20%。看起來比中點高出 21%。

And what I guess I'm curious about is if we assume that the payment processing business doesn't really move much in either direction, I'm curious about what you're implicitly saying about the subscription business next year versus network solutions.

我想我好奇的是，如果我們假設支付處理業務在兩個方向上都沒有太大變化，我很好奇您對明年的訂閱業務與網路解決方案的隱含說法。

Clearly, another good quarter in network solutions. It's still growing much faster than that, that 21% growth rate. But recognizing that, it is slowing, and you're calling for some volatility in the fourth quarter. So I'm just curious about what you're saying about each of those two businesses as it relates to F25. Thanks.

顯然，網路解決方案又迎來了一個好季度。它的成長速度仍然比 21% 的成長率快得多。但認識到這一點，它正在放緩，並且您呼籲第四季度出現一些波動。所以我很好奇您對這兩項與 F25 相關的業務的看法。謝謝。

Yeah. Thanks, Glen. So first of all, let's recognize that it's December 5, so our fiscal year is not even over yet. But that's -- I think the way you should read on that outlook we provided is no different than in the past, which is payments does grow slower than the other two revenue lines. To your point, you don't really create more payments. Most of that growth is coming from the fact that we're growing our network.

是的。謝謝，格倫。首先，我們要認識到現在是 12 月 5 日，所以我們的財政年度還沒有結束。但這是——我認為你應該理解我們提供的前景與過去沒有什麼不同，即支付確實比其他兩條收入線增長得慢。就你而言，你並沒有真正創造更多的付款。大部分成長來自於我們網路的發展。

And then there's some seasonality to it. So I wouldn't say there's no growth plus or minus. It's just that the growth itself largely comes from growth in our network, and it will be slower than the other two revenue lines. That's probably all we'd say now or probably ever.

然後還有一些季節性。所以我不會說沒有成長正負。只是成長本身很大程度上來自於我們網路的成長，而且會比其他兩條收入線慢一些。這可能就是我們現在或永遠都會說的話。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Yeah. Thanks for the question and congratulations on the acquisition in the quarter. Just maybe digging in a little bit more on Ryan's question. So on the payer update, I'm just curious, has the opportunity changed there at all? Is it just not materializing as fast? Just anything that maybe caught you off guard on that part of the business.

是的。感謝您的提問並祝賀本季的收購。也許只是對瑞安的問題進行更多的探討。因此，關於付款人的更新，我只是很好奇，那裡的機會是否改變了？它只是沒有那麼快實現嗎？只是任何可能讓您對這部分業務感到措手不及的事情。

No. I don't think -- look, we've been growing the payer opportunity, Richard, for many years. And I think our view was just the rate and pace of that investment and where we allocate dollars -- look, I don't think payers are going away anytime soon. I don't think they move very fast.

不，我不認為——理查德，你看，我們多年來一直在增加付款人的機會。我認為我們的觀點只是投資的速度和速度以及我們分配美元的地方——看，我認為付款人不會很快消失。我不認為他們行動得很快。

So I think our general view was they don't move fast. Let's start try to make a move too fast by throwing dollars at it. And frankly, I think all companies make decisions around capital allocation. And our view is we want to get back to that profitability is pretty much as soon as we can while still driving significant growth in business.

所以我認為我們的普遍看法是他們行動不快。讓我們開始嘗試透過投入資金來採取太快的行動。坦白說，我認為所有公司都會圍繞資本配置做出決策。我們的觀點是，我們希望盡快恢復獲利能力，同時仍推動業務的顯著成長。

Okay. Thank you.

好的。謝謝。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

Hey, guys. Thanks for taking the question here. I just have a question on the push out of that $500 million based on the run rate to fiscal '26. And Balaji, squaring that with your comment that you guys remaining committed to achieving 20%-ish-plus growth. I don't know if that comment was specific to medium-term term guidance or what, but I'm curious because at a 20%-ish-plus run rate, fiscal '26 would (technical difficulty) $515 million.

大家好。感謝您在這裡提出問題。我只是有一個關於根據 26 財年運行率推出這 5 億美元的問題。巴拉吉（Balaji）將這一點與你們的評論相一致，即你們仍然致力於實現 20% 以上的增長。我不知道該評論是否特定於中期指導或什麼，但我很好奇，因為按照 20% 以上的運行率，26 財年（技術難度）將達到 5.15 億美元。

So I'm curious what's driving that step down in growth in fiscal '26 and (technical difficulty) pushed out about $500 million target.

因此，我很好奇是什麼推動了 26 財年的成長放緩並（技術困難）推動了約 5 億美元的目標。

Hey, Daniel, you cut out there a little bit at the end. Do you mind repeating maybe the second half of your --really just repeat your question, I guess.

嘿，丹尼爾，你在最後刪掉了一點。我猜你介意重複你的後半部嗎——真的只是重複你的問題。

Sorry. How's my volume now? Better? Can you hear?

對不起。我現在的音量怎麼樣？更好的？你聽得到嗎？

Yes, much better.

是的，好多了。

Better? Okay. So the question really is if you look at fiscal '26 and that $500 million based on an annual run rate target in fiscal 26, it does imply revenue growth lower than 20% in fiscal '26. And Balaji, you mentioned that you're committed to that growing revenue 20%. So I'm curious what's the delta there that's driving that step down in year-over-year growth from fiscal '25 to fiscal '26?

更好的？好的。所以問題實際上是，如果你看看 26 財年，根據 26 財年的年度運行率目標計算 5 億美元，它確實意味著 26 財年的營收成長低於 20%。 Balaji，您提到您致力於將收入成長 20%。所以我很好奇，從 25 財年到 26 財年，年成長下降的驅動因素是什麼？

Yeah. Daniel, I think we haven't made any comments about '26 other than talking about pushing $500 million run rate out. I don't think it's appropriate to start like really digging in and unpacking '26. But I think both Chaim and I on this call, but also in prior calls, said we've made a lot of investments to position ourselves for 20% growth beyond '25. But I think that's really all we can say at this point.

是的。丹尼爾，我想我們除了談論推動 5 億美元的運行率外，還沒有對 26 發表任何評論。我認為從 26 年開始真正深入挖掘和拆包是不合適的。但我認為 Chaim 和我在這次電話會議上以及之前的電話會議上都表示，我們已經進行了大量投資，以便在 25 年後實現 20% 的成長。但我認為這就是我們目前所能說的。

Got it. Thank you.

知道了。謝謝。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

Hey, Chaim and Balaji. Thanks for taking my question. So it looks like from just the initial research on ConnectOnCall, it has a diverse client base. You said in your press release it was -- or in your investor letter about 67 new provider clients. And then you have the additional Access eForm clients.

嘿，查姆和巴拉吉。感謝您提出我的問題。因此，從 ConnectOnCall 的初步研究來看，它擁有多元化的客戶群。您在新聞稿中提到，或在您的投資者信中提到了 67 個新的提供者客戶。然後您就有了其他 Access eForm 用戶端。

Is the goal here to really create a new installed base where you can cross-sell your legacy solutions? Obviously, you can add on these bolt-on solutions, but you inherently have this new customer base that you can cross-sell your legacy solutions to. And just trying to bridge and think about '25 guidance and what that means for average revenue per provider client growth. Thanks.

這裡的目標是真正創建一個可以交叉銷售舊解決方案的新安裝基礎嗎？顯然，您可以添加這些附加解決方案，但您本質上擁有可以向其交叉銷售舊解決方案的新客戶群。只是試圖銜接並思考 25 年的指導以及這對每個提供者客戶的平均收入成長意味著什麼。謝謝。

Yeah. I'll try to answer the question as best I can. So I guess, whenever we have done an acquisition, we've obviously always introduce them to Phreesia and to see if they'd be interested in buying our current, like our existing product subset on top of whatever they have from small product company that we bought.

是的。我會盡力回答這個問題。所以我想，每當我們進行收購時，我們顯然總是將他們介紹給 Phreesia，看看他們是否有興趣購買我們目前的產品，例如我們現有的產品子集以及他們從小型產品公司獲得的產品我們買了。

But when we think about acquisitions, we go through analysis. Our products organization does around buy, build or renting capabilities right?. And so, if you think about health care, it's still in the early phases of digitizing, right? Like if we think about Access eForms, we're talking about like it was technology -- it's technology that we acquired, so that you can move away from having people sign, like have physical paper that had to look a certain way for government forms or payer forms. So we're talking about replacing paper.

但當我們考慮收​​購時，我們會進行分析。我們的產品組織圍繞著購買、建構或租賃能力進行工作，對嗎？因此，如果您考慮醫療保健，它仍處於數位化的早期階段，對吧？就像我們想到 Access eForms 一樣，我們談論的是技術 - 這是我們獲得的技術，這樣您就可以擺脫讓人們簽字的麻煩，就像紙質紙張必須以某種方式呈現政府表格一樣或付款人表格。所以我們正在討論更換紙張。

And for ConnectOnCall, that's' a capability -- it's like we're replacing a call center operator that costs just a phenomenal amount of money to practice to have someone answering your phone and take down a message. It still blows my mind that that even exists. It's like when we talk to doctors, they're mostly just using very, very old, like that is what they're using. They're using call centers that they pay per minute with minimums every single month.

對於 ConnectOnCall 來說，這就是一種能力，就像我們正在更換呼叫中心接線員一樣，只需花費大量資金來練習讓某人接聽您的電話並記下訊息。它的存在仍然讓我震驚。就像當我們與醫生交談時，他們大多只是使用非常非常舊的東西，就像他們正在使用的東西一樣。他們使用的呼叫中心是按分鐘付費，每月最低限額。

And we just think about that as a capability that just drives a phenomenal -- like by adding this technology and these capabilities, we add just a phenomenal amount of value to our client base. It's been a strategy that's worked unbelievably well for us for almost 20 years.

我們只是將其視為一種能夠推動非凡的能力——就像透過添加這項技術和這些能力，我們為我們的客戶群增加了驚人的價值。近 20 年來，這項策略對我們來說一直非常有效。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Hi. Thanks for taking my questions. Chaim, it was great to see that PAM was included in the MIPS calculation for 2024. As we think about the rollout of that and how you monetize moving forward, one, is this going to be included in all calculations just right off the bat in '24, or are you rolling out gradually in specific patient populations?

你好。感謝您回答我的問題。 Chaim，很高興看到 PAM 被包含在 2024 年的 MIPS 計算中。當我們考慮 PAM 的推出以及未來如何貨幣化時，第一，這是否會立即包含在所有計算中'24，或者您正在逐步在特定患者群中推廣？

And then two, as you think about how the effect -- your impact of monetization, is this going to be a potential usage-based monetization, license fee? And what does this mean maybe potentially for adoption amongst a provider customers over time? Thanks.

然後第二個，當你考慮效果如何——你的貨幣化的影響，這是否會是一個潛在的基於使用的貨幣化，許可費？隨著時間的推移，這對提供者客戶來說可能會被採用意味著什麼？謝謝。

Yeah. So from a MIPS measure, it is up to the practice. And we have experts at Phreesia that could do a much better job of answering these questions. So take my really high-level answer as it be. But this is -- first off, this is just massive and material in getting broad scale awareness and adoption of the PAM as a measure for -- and as the measure gets adopted, we believe very strongly it will materially change outcomes, both health outcomes and clinical outcomes for these patients.

是的。因此，從 MIPS 的衡量標準來看，這取決於實踐。我們 Phreesia 的專家可以更好地回答這些問題。因此，請接受我的高水平答案。但這是——首先，這對於獲得廣泛的認識和採用 PAM 作為一項措施來說是巨大且重要的——隨著該措施的採用，我們非常堅信它將實質地改變結果，包括健康結果以及這些患者的臨床結果。

And practices, we believe will, over time, very much adopt this measure as what it is seen in policy and clinical world as the best of breed.

我們相信，隨著時間的推移，實踐將非常廣泛地採用這項措施，因為政策和臨床界將其視為最佳措施。

And so from a MIPS standpoint, it's up to the practice as to what they submit as part of their MIPS measures. So I want to say it's like 1,500 pages depending on your specialty. There's different categories of what you could pick, how you pick it. And in year one, this measure, the PAM [Pro PM], is included as a bonus measure.

因此，從 MIPS 的角度來看，他們提交的內容作為 MIPS 措施的一部分取決於實踐。所以我想說大約 1,500 頁，取決於你的專業。您可以選擇不同的類別以及如何選擇。在第一年，這項措施 PAM [Pro PM] 被納入作為獎勵措施。

So it's between 7 and 10 bonus points to the practice, which can contribute up to 1% in additional revenue to them on their Medicare revenue. So it's significant sum in terms of its impact, but it's part of what you get when you get Phreesia. And we're pretty excited about making this part of Phreesia. And so we're running hundreds of thousands of PAMS right now.

因此，這將為診所帶來 7 到 10 的獎勵積分，這可以為他們的 Medicare 收入貢獻高達 1% 的額外收入。因此，就其影響而言，這是一個巨大的數字，但它是當你獲得 Phreesia 時所得到的一部分。我們對成為 Phreesia 的一部分感到非常興奮。因此，我們現在正在運行數十萬個 PAMS。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Yeah. Good afternoon and thanks for taking the question. I wanted to ask for some more color on what you are seeing in the life sciences end market. Curious how you would describe customer behavior coming into year-end around remaining budgets and those customers in they're planning cycles for next year. Thanks.

是的。下午好，感謝您提出問題。我想就您在生命科學終端市場所看到的情況詢問更多資訊。很好奇您會如何描述年底時圍繞剩餘預算的客戶行為以及正在計劃明年週期的客戶。謝謝。

Look, I think it's still early in the cycle, but what we have seen is that clients -- life sciences clients are really very much focused on scale and ROI and tried in through platforms that could deliver both of them. And I think it's been very nice to see that we're continuously at the top of their buy list.

看，我認為現在還處於週期的早期階段，但我們看到的是，客戶——生命科學客戶確實非常關注規模和投資回報率，並嘗試通過可以同時實現這兩個目標的平台。我認為很高興看到我們一直位居他們購買清單的首位。

But it's still early. And I think the team is out there working their butts out for all of us. And we're pretty -- we have a lot of hope that next year will be another really strong year.

但現在還早。我認為團隊正在為我們所有人竭盡全力。我們非常希望明年會是另一個非常強勁的一年。

Jack Wallace, Guggenheim Partners.

傑克華萊士，古根漢合夥人。

Hi, this is Mitchell on for Jack. Thanks for taking the question. So just considering the trial promotion period and the recent acquisitions, how much of the near- to medium-term growth algorithm in the software subscription segment is based on revenue per client expansion? Thanks.

大家好，我是傑克的米契爾。感謝您提出問題。那麼，僅考慮試用促銷期和最近的收購，軟體訂閱領域的中短期成長演算法有多少是基於每個客戶擴展的收入？謝謝。

Can you can you repeat that again? I'm sorry.

你能再重複一遍嗎？對不起。

Yeah. Just considering the trial promotion period and the recent acquisitions, we're just wondering how much of the near- to medium-term growth algorithm within software subscriptions is based on revenue per client expansion.

是的。僅考慮到試用促銷期和最近的收購，我們只是想知道軟體訂閱中的近中期成長演算法有多少是基於每個客戶擴展的收入。

Oh, got it. Got it. So I think -- and we mentioned this in the letter. I think just the fact that ConnectOnCall, in particular, brought a number of clients in the hundreds with very little revenue, I mean, tiny. So in fact, on a quarterly basis, it's like in the hundreds of dollars revenue per client. So that has an impact of just dragging that number down.

哦，明白了。知道了。所以我認為——我們在信中提到了這一點。我認為 ConnectOnCall 帶來了數百個客戶，但收入卻很少，我的意思是，很小。事實上，按季度計算，每位客戶的收入相當於數百美元。因此，這會導致這個數字下降。

I think outside of that, I think it's more of what we've talked about, which is you have to think about the totality of our revenue and the fact that we have different ways of generating revenue across the client base inclusive of network solutions. But I don't think outside of that one comment and how that impacts 3Q. It impacted 3Q a little bit; it'll impact 4Q a little bit more. And that's really it.

我認為除此之外，我認為這更多的是我們所討論的內容，即您必須考慮我們的總體收入，以及我們有不同的方式在整個客戶群（包括網絡解決方案）中創造收入的事實。但我不認為除了這一評論及其對第三季度的影響之外。對第三季有一點影響；這將對第四季度產生更大的影響。確實如此。

(Operator Instructions) Sean Dodge, RBC Capital Markets.

（操作員指令）Sean Dodge，RBC 資本市場。

Hey, good afternoon. This is Thomas Keller on for Sean. Thanks for taking the question.

嘿，下午好。我是 Thomas Keller 替肖恩 (Sean) 發言。感謝您提出問題。

I wanted to -- maybe following up on the earlier question on pricing. I think that one was mostly targeted towards payment processing. Wanted to refocus that on the subscription platform.

我想——也許可以跟進之前有關定價的問題。我認為其中一個主要針對支付處理。希望能將重點重新集中在訂閱平台上。

So more specifically, when prospective customers are evaluating different intake solutions, what are the key factors that they're using to make decision? Like where does price fit into there? Are you able to rank those factors? And have those evolved at all over the last couple of years? Thanks.

更具體地說，當潛在客戶評估不同的進氣解決方案時，他們做出決定的關鍵因素是什麼？例如價格適合哪裡？你能對這些因素進行排序嗎？這些在過去幾年有什麼進展嗎？謝謝。

When we work with any of our provider clients, they want to know capability -- I think capabilities and value are the number one things that they talk about, first and foremost. And then frankly, we tend to win on both of those, like hands down against lots of little point solutions and solutions that are often tied to specific CMR markets or specialties.

當我們與任何提供者客戶合作時，他們都想了解能力——我認為能力和價值是他們首先談論的首要問題。坦白說，我們傾向於在這兩方面獲勝，例如輕鬆應對許多小點解決方案和通常與特定 CMR 市場或專業相關的解決方案。

And our ability to provide just the breadth of solutions at the same time that we drive a phenomenal ROI and are willing to show that we can, more frankly, really quickly, while also at the same time, just being able to intake the vast majority of their patients. But more and more, we're not just selling on intake or selling on the breadth of being able to drive more patient visits, drive more appointments, drive a lower cost of running the practice. I'd say intake is becoming less and less of the reason why people are buying us, even though it's still our number one driver.

我們有能力提供廣泛的解決方案，同時我們推動了驚人的投資回報率，並且願意表明我們可以，更坦率地說，非常快，同時也能夠吸收絕大多數他們的病人。但越來越多的情況是，我們不僅僅是在銷售收入或在能夠吸引更多患者就診、增加預約、降低營運成本等方面進行銷售。我想說的是，儘管攝取量仍然是我們的第一大驅動因素，但它已經越來越不再成為人們購買我們產品的原因。

Perfect. Thank you.

完美的。謝謝。

(Operator Instructions) All right. And at this time, there are no further questions. I'd like to turn the call back over to Chaim Indig for any additional or closing remarks.

（操作員指示）好的。而此時，已經沒有其他問題了。我想將電話轉回 Chaim Indig 以獲取任何補充或結束語。

I'd just like to thank everyone for joining us on the call. I'd like to thank team for another good quarter, and I wish everyone a happy holiday. And we look forward to continuously talking to all of you. Cheers. Happy holidays and happy New Year.

我只想感謝大家加入我們的電話會議。我要感謝團隊又一個美好的季度，祝大家假期愉快。我們期待著與你們所有人不斷交談。乾杯。節日快樂，新年快樂。