Phreesia Inc (PHR) 2025 Q3 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Phreesia Third Quarter Fiscal 2025 Earnings Conference Call.

女士們、先生們，晚上好，歡迎參加 Phreesia 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

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 的財務長 Balaji Gandhi。甘地先生，你可以開始啦。

Thank you, operator. Good evening, and welcome to Phreesia's earnings conference call for the third quarter of fiscal 2025, which ended on October 31, 2024. Joining me on today's call is Chaim Indig, our Chief Executive Officer. 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.

謝謝您，接線生。晚上好，歡迎參加 Phreesia 2025 財年第三季（截至 2024 年 10 月 31 日）收益電話會議。參加今天電話會議的還有我們的執行長 Chaim Indig。有關我們業績的更完整討論，請參閱我們的收益新聞稿和向美國證券交易委員會提交的相關 8-K 表格，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 的投資者關係部分找到。

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.

提醒一下，今天的電話會議正在錄音，電話會議結束後，我們將在投資者關係網站 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.

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、預期成長、我們的策略、對我們行業的預測和我們業務的預期表現的陳述，包括我們對未來財務表現的展望。前瞻性陳述受各種風險、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、績效或成就與前瞻性陳述中所述的結果、績效或成就有重大差異。

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 by tomorrow morning. 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.

這些風險在我們的收益新聞稿、利害關係人信函和我們提交給美國證券交易委員會 (SEC) 的文件中包含的風險因素（包括將於明天早上提交的 10-Q 表季度報告）中進行了更全面的描述。本次電話會議中所做的前瞻性陳述將基於我們目前的觀點和預期，並且僅代表陳述發表之日的觀點。我們不承擔更新這些前瞻性陳述的義務，並明確表示不承擔更新這些前瞻性陳述以反映本次電話會議召開之日後發生的事件或情況或反映新資訊或意外事件的義務。

We may also refer to certain financial measures not in accordance with generally accepted accounting principles, such as adjusted EBITDA and free cash flows 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. I will now turn the call over to our CEO, Chaim Indig.

我們也可能參考某些不符合公認會計原則的財務指標，例如調整後的 EBITDA 和自由現金流，以便向投資者提供更多資訊。這些非 GAAP 指標應作為我們 GAAP 結果的補充而非替代或孤立存在。在我們的收益報告和股東信中可以找到 GAAP 與非 GAAP 結果的對帳表，這些報告和股東信與我們在今天市場收盤後向美國證券交易委員會提交的 8-K 表格一起提供，也可以在我們的投資者關係網站 ir.phreesia.com 上找到。現在我將電話轉給我們的執行長 Chaim Indig。

Thank you, Balaji, and good evening, everyone. Thank you for joining our fiscal third quarter earnings call. Our team continues to perform well as evidenced by our operating and financial results. We are on track to finish the year strong, and we believe that our solid foundation also sets us up for continued growth and profitability in fiscal 2026. Balaji will walk you through our third quarter results, our updated outlook for fiscal 2025 and our initial fiscal 2026 outlook.

謝謝你，巴拉吉，大家晚上好。感謝您參加我們的第三財季財報電話會議。我們的營運和財務表現證明我們的團隊繼續表現出色。我們有望以強勁的勢頭結束今年的年度，我們相信，堅實的基礎也將為我們在 2026 財年的持續增長和盈利奠定基礎。Balaji 將向您介紹我們的第三季業績、2025 財年最新展望以及 2026 財年初步展望。

Before handing it over to Balaji, I want to make 2 comments: First, I'd like to acknowledge the destructive hurricanes that impacted millions of people in the Southeastern United States, include many Phreesia employees, clients, colleagues and their respective friends and families. I'm proud of our team's preparation and response to the hurricanes and grateful to our team for rallying behind our clients over the past few months. Second, we are excited about the future here at Phreesia. Our network continues to grow, adoption of our current offering is increasing, and we are beginning to see promise of new solutions we are investing in.

在將其交給巴拉吉之前，我想發表兩點評論：首先，我要承認破壞性的颶風影響了美國東南部的數百萬人，其中包括許多 Phreesia 員工、客戶、同事以及他們各自的朋友和家人。我為我們團隊對颶風的準備和反應感到自豪，並感謝我們團隊在過去幾個月中對客戶的支持。其次，我們對 Phreesia 的未來感到興奮。我們的網路持續成長，我們現有產品的採用率正在不斷提高，我們開始看到我們正在投資的新解決方案的前景。

Our product team continues to scale out our existing investments by expanding product functionalities into new integrations, increasing value of our existing clients and creating a more compelling offering for prospects. I will now hand it over to Balaji to provide some financial highlights.

我們的產品團隊將繼續擴大現有投資，將產品功能拓展到新的整合中，增加現有客戶的價值，並為潛在客戶提供更具吸引力的產品。現在我將把重點交給巴拉吉 (Balaji) 來提供一些財務亮點。

Thank you, Chaim. Let me start with a couple of highlights from our stakeholder letter regarding the third quarter, and then I will dive into our updated outlook for fiscal year 2025, along with our initial outlook for fiscal year 2026. First, the third quarter. Revenue was $106.8 million, up 17% year-over-year. Adjusted EBITDA was $9.8 million, up $16.4 million year over year with an adjusted EBITDA margin of 9%.

謝謝你，Chaim。首先，我將介紹我們致利害關係人的信中關於第三季度的幾個重點，然後我將深入探討我們對 2025 財年的最新展望以及對 2026 財年的初步展望。第一、第三季。營收為1.068億美元，年增17%。調整後的 EBITDA 為 980 萬美元，較上年同期增加 1,640 萬美元，調整後的 EBITDA 利潤率為 9%。

The average health care services clients, or AHSCs, increased by 68 from the prior quarter. Total revenue per AHSC was $25,207 up 1% year over year, and up 3% over the previous quarter. Year-over-year comparisons in our third quarter are affected by the wind down of a clearinghouse client relationship in the first quarter of this year that we have previously discussed. That client wind-down reduced third quarter total revenue growth by 1% and total revenue per AHSC growth by 2%. All the revenue associated with this clearinghouse client was in the payment processing revenue line.

平均醫療保健服務客戶數（AHSC）較上一季增加了 68 名。每輛 AHSC 的總收入為 25,207 美元，年增 1%，比上一季成長 3%。我們第三季的年比數據受到我們之前討論過的今年第一季清算客戶關係結束的影響。該客戶的退出導致第三季總收入增幅減少 1%，AHSC 總收入增幅減少 2%。與該清算所客戶相關的所有收入均屬於支付處理收入線。

Moving on to cash flow and balance sheet highlights. In the fiscal third quarter, we completed our second consecutive positive operating cash flow and free cash flow quarter.

繼續討論現金流和資產負債表重點。在第三財季，我們連續第二季實現正的營運現金流和自由現金流。

Operating cash flow was positive at $5.8 million, up $12.1 million year-over-year. Free cash flow was positive at $1.6 million, up $13.2 million year over year. We expect that the year-over-year improvement in free cash flow will fluctuate on a quarter-to-quarter basis based on specific timing of invoicing and payments, which you can see reflected in working capital along CapEx.

營運現金流為正 580 萬美元，較去年同期增加 1,210 萬美元。自由現金流為正 160 萬美元，較上年同期增加 1,320 萬美元。我們預計，自由現金流的同比改善將根據發票和付款的具體時間在各個季度之間波動，您可以從資本支出中的營運資本中看到這一點。

Our cash was $82 million on October 31. We have no borrowings on our $50 million credit facility.

10 月 31 日我們的現金為 8,200 萬美元。我們的 5,000 萬美元信貸額度內沒有任何借款。

Now moving on to our financial outlook.

現在來談談我們的財務展望。

Let's start with an update on our fiscal 2025 outlook. We're narrowing our revenue outlook for fiscal 2025 to a range of $418 million to $420 million from a previous range of $416 million to $426 million. We are raising and narrowing our adjusted EBITDA outlook for fiscal year 2025 to a range of $34 million to $36 million, from a previous range of $26 million to $31 million.

讓我們先來更新 2025 財年的展望。我們將 2025 財年的營收預期從先前的 4.16 億美元至 4.26 億美元縮小至 4.18 億美元至 4.2 億美元。我們將 2025 財年的調整後 EBITDA 預期從先前的 2,600 萬美元至 3,100 萬美元上調並縮小至 3,400 萬美元至 3,600 萬美元。

We continue to expect AHSCs to reach approximately 4,200 for the full fiscal year 2025 compared to the 3,601 we reported in fiscal year 2024. We also continue to expect total revenue per AHSC to increase in fiscal 2025 compared to the $98,944 we achieved in fiscal 2024.

我們繼續預計，到 2025 財年全年，AHSC 數量將達到約 4,200 家，而 2024 財年我們報告的數量為 3,601 家。我們也繼續預計，2025 財年每輛 AHSC 的總收入將與 2024 財年的 98,944 美元相比有所增加。

Moving on to our initial financial outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million, which implies a 13% to 15% increase from our updated revenue outlook for fiscal 2025. We expect adjusted EBITDA to be in the range of $78 million to $88 million, which implies a 129% to 144% increase from our updated adjusted EBITDA outlook or fiscal 2025. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026.

接下來是我們對 2026 財年的初步財務展望。我們預期營收在 4.72 億美元至 4.82 億美元之間，這意味著比我們更新的 2025 財年營收預期成長 13% 至 15%。我們預計調整後的 EBITDA 在 7,800 萬美元至 8,800 萬美元之間，這意味著比我們更新的調整後 EBITDA 前景或 2025 財年增長 129% 至 144%。2026 財年的收入範圍假設從現在到 2026 年 1 月 31 日之間完成的潛在未來收購不會帶來額外收入。

We are also reiterating our previously shared outlook on AHSCs to reach approximately 4,500 in fiscal 2026 and total revenue per AHSC to increase in fiscal 2026 compared to fiscal 2025.

我們也重申了先前對 AHSC 的展望，即到 2026 財年，AHSC 的數量將達到約 4,500 台，並且 2026 財年每台 AHSC 的總收入將比 2025 財年增加。

I would like to thank all of my colleagues at Phreesia for their contributions to another successful quarter and their commitment to our mission and values. Operator, I think we can now open up the lines for the Q&A session.

我要感謝 Phreesia 的所有同事，感謝他們為另一個成功的季度所做的貢獻以及對我們使命和價值觀的承諾。接線員，我想我們現在可以開始問答環節了。

(Operator Instructions) Jailendra Singh, Truist Securities.

(操作員指示) Jailendra Singh，Truist Securities。

Congratulations on a strong quarter color and a very impressive margin guide for fiscal '26. Obviously, profitability and free cash flow are extremely important, we love that. But I'm just curious, how did you go about balancing between the goal of more than doubling our EBITDA margin in fiscal '26 and reinvesting some of the profitability back into the business to push top line growth higher?

恭喜您取得強勁的季度業績和令人印象深刻的 26 財年利潤率指引。顯然，獲利能力和自由現金流極為重要，我們喜歡這一點。但我很好奇，您是如何在實現 26 財年 EBITDA 利潤率增加一倍以上的目標與將部分盈利能力重新投資於業務以推動營收成長之間取得平衡的？

Jailendra, thanks for the question. The last part of your question, could you just repeat, how did you arrive at that.

Jailendra，感謝您的提問。您問題的最後一部分，您能否重複一下，您是如何得出這個結論的？

So basically, I mean, your EBITDA margin outlook reflects like almost double the margin you're doing this year, which is pretty impressive. But just trying to understand how did you go about balancing between the goal of doubling your EBITDA margin and reinvesting some of the profitability back into the business to push top line higher? Just trying to understand that your thought process of revenue and profitability balancing for next year?

所以基本上，我的意思是，您的 EBITDA 利潤率前景反映出您今年利潤率幾乎翻了一番，這非常令人印象深刻。但只是想了解一下，您是如何在使 EBITDA 利潤率翻倍的目標與將部分盈利能力重新投資於業務以推高營收之間取得平衡的？只是想了解您明年平衡收入和獲利的思考過程？

Sure. So I don't think anything around that topic is new. I think it's something we've been exercising for 2.5 years now. And I think the one thing I'd point out is expense discipline. I think we have an amazing culture at Phreesia, especially companies I've followed in my career and company have worked that. I think across the company, there is a pretty special culture about exercising expense discipline and thinking like owners and really being good stewards of capital.

當然。因此我認為圍繞該主題的任何內容都不是新的。我想這是我們兩年半以來一直在做的事情。我想指出的一點是費用紀律。我認為 Phreesia 擁有令人驚嘆的企業文化，特別是我職業生涯中關注過的公司和公司都具有這種文化。我認為，在整個公司，存在著一種非常特殊的文化，即嚴格執行費用紀律、像所有者一樣思考並真正成為資本的好管家。

So I think if you went back a couple of years, Jailendra, and looked at the expense lines back then, it's really more of that. And then when you have expense discipline and you find opportunities for efficiency, a bunch of it drops to the bottom line, but some of it can be reinvested in other areas that fuel future growth. So we are absolutely doing both, as you pointed out.

因此，我認為，如果你回顧幾年前的情況，賈倫德拉，看看當時的支出情況，你會發現情況確實如此。然後，當你有支出紀律並且找到提高效率的機會時，很多資金就會落到利潤中，但其中一部分可以重新投資到推動未來成長的其他領域。因此，正如您所指出的，我們絕對是同時在做這兩件事。

Sean Dodge, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Sean Dodge。

Maybe Balaji, just going back to the comments around continuing to drive higher revenue per AHSC. If we think about sales and marketing expense, is there any update you can give us on are you continuing to change the mix in how those dollars are being spent? Are you continuing to allocate more toward cross-selling and network solutions and away from new clients? And then any quantification you can give around how much reallocating or shifting you've done there over the last year so how much of each of those buckets changed?

也許是 Balaji，只是回到關於繼續推動 AHSC 收入更高的評論。如果我們考慮銷售和行銷費用，您能否告訴我們是否會繼續改變這些資金的使用方式？您是否會繼續將更多的資金分配給交叉銷售和網路解決方案，而不再分配給新客戶？然後，您可以給出量化數據，說明您在過去一年中進行了多少重新分配或轉移，每個儲存桶發生了多少變化？

Yes, Sean, I think it sort of relates to Jailendra's question, it's continuous. And so we're always looking at the returns and the paybacks we're getting on how we're going to market in both the health care services part of the market and on the Life Sciences side. And I think -- I don't think it would be appropriate to use a percentage because frankly, it also changes from time to time, but it is continuous.

是的，肖恩，我認為這與 Jailendra 的問題有點相關，它是連續的。因此，我們始終關注如何在醫療服務市場和生命科學領域中行銷所能獲得的回報和回報。我認為——使用百分比並不合適，因為坦白說，它也會時時發生變化，但它是連續的。

And I think if you look at the dollar amount, it's actually this quarter, it happened to be literally the same amount of money spent on sales and marketing in the fourth -- in the third quarter compared to the second quarter, and it's been running in that sort of range for a couple of years now. So I think that's how we should take away as the go-to-market is always reflecting trying to get the types of returns that I think our outlook communicates.

我認為，如果你看一下金額，實際上本季度，第三季度與第二季度在銷售和行銷上花費的金額實際上是相同的，而且幾年來一直處於這個範圍內。所以我認為這就是我們應該採取的方式，因為進入市場總是反映試圖獲得我認為我們的前景所傳達的回報類型。

Scott Schoenhaus, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Scott Schoenhaus。

Balaji, I guess this question is for you. The recent -- I guess, not recently, the acquisitions you did this past year access these forums, ConnectOnCall. Are you fully monetizing them now? Can you give us an update there? And then maybe your strategy on how you think of subscription revenue per provider client in the coming quarters?

Balaji，我想這個問題是問你的。最近—我想，不是最近，您去年進行的收購訪問了這些論壇，ConnectOnCall。你現在把它們完全貨幣化了嗎？您能提供我們最新進展嗎？那麼您關於未來幾季每位提供者客戶的訂閱收入有何策略呢？

Yes. I mean, none of those acquisitions have had enough time where we could ever say we're fully monetizing them. And obviously, we did 3 last year. So there's a lot of activity going on in different parts of the organization in product management and the go-to-market. So still a lot of work to do, but I think we'd all say that we're pleased with the progress so far that we've had on those acquisitions.

是的。我的意思是，這些收購都還沒有足夠的時間讓我們可以說我們已經完全將其貨幣化。顯然，去年我們做了 3 個。因此，組織內的不同部門在產品管理和行銷方面都在進行大量活動。所以還有很多工作要做，但我想我們都對這些收購迄今為止的進展感到滿意。

On subscription, that's not something where we're going to talk specifically, Scott. I think what we've really tried to anchor everyone around is total revenue per client.

關於訂閱，這不是我們要具體討論的事情，史考特。我認為我們真正試圖讓每個人都專注的是每個客戶的總收入。

We have these different revenue streams and that number, I think you see in our letter, the commentary around -- we expect that number to be up this year versus last and next year versus this year. I think you can now even with our revenue outlook and our AHSC outlook, you can even back into how much we think at this point, the total revenue per client might go up. And I think that's probably the most constructive way to think about the business.

我們有不同的收入來源和數字，我想您可以在我們的信中看到相關評論——我們預計今年的數字將比去年有所上升，明年的數字將比今年有所上升。我認為現在即使根據我們的收入前景和 AHSC 前景，您甚至可以回顧一下我們目前的想法，即每位客戶的總收入可能會上升。我認為這可能是思考業務的最具建設性的方式。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

Congrats on the quarter and the strong guide. I was hoping you could talk a little bit just about the network solutions selling season in fiscal '25. Maybe what drove some of the strength in fiscal 3Q? Any specific tailwinds related to Part D?

祝賀本季和強勁的指引。我希望您能稍微談談 25 財年的網路解決方案銷售季節。也許是什麼推動了第三季財報的一些強勁表現？與 D 部分相關的具體順風有哪些？

And then I'm hoping you can describe some of the feedback you've heard from your pharma customers regarding the appointment of RFK to lead HHS, how are you and your customers kind of thinking about and delineating between marketing and education because in our view, it's kind of an important distinction.

然後我希望您可以描述您從製藥客戶那裡聽到的一些關於任命 RFK 領導 HHS 的反饋，您和您的客戶如何思考和劃分營銷和教育，因為在我們看來，這是一個重要的區別。

You got a lot in there, Jess. I think probably three or four questions. Why don't we do this? Why don't we start with just the selling season. And I think as we've talked about, there is a lot of activity this time of year.

你得到了很多東西，傑西。我認為可能有三個或四個問題。我們為什麼不這麼做呢？我們為什麼不從銷售季節開始呢？我認為，正如我們談到的，每年的這個時候都會有很多活動。

At this point in the year, I think what we can tell you is we're probably slightly ahead of where we are versus last year in terms of how much visibility we have into the outlook we just shared for fiscal '26. So on that front, slightly better. And so I think our -- in terms of our outlook for the rest of this year, I think it's sort of pretty much as we expected. And then maybe repeat your second question?

今年這個時候，我想我們可以告訴大家的是，就我們剛剛分享的 26 財年前景的透明度而言，我們可能比去年略有進步。因此從這方面來看，稍微好一點。因此，我認為，就我們對今年剩餘時間的展望而言，它與我們的預期大致相同。然後也許重複你的第二個問題？

Yes. Just how are you thinking about the appointment of RFK to lead HHS? And are you and your pharma customers kind of thinking about delineating between pharma marketing and pharma education. Thanks, appreciate you addressing.

是的。您對任命羅伯特甘迺迪 (RFK) 領導衛生與公眾服務部 (HHS) 有何看法？您和您的製藥客戶是否正在考慮分割製藥行銷和製藥教育？謝謝，感謝您的關注。

Sure. So first of all, I think we should probably be clear that it's a presumptive nominee that for HHS secretary and what we're aware of is a perspective that the presumptive nominee has, that reasonable television viewers may question whether certain television channels have a dependence on advertising and how they might influence their coverage of health issues.

當然。因此首先，我認為我們應該清楚，這是衛生與公共服務部部長的推定提名人，而且我們知道，推定提名人的觀點是，合理的電視觀眾可能會質疑某些電視頻道是否依賴廣告，以及這些廣告如何影響其對健康問題的報道。

And for Phreesia, just as a reminder, everybody Phreesia's platform of personalized health content is built on the principles of privacy and consent we need patients with relevant, personalized and accurate health information in key moments when they're in a health care state of mind, which we think improves outcomes and have -- certainly have some data to substantiate that. So that's really, I think, just how we would look at that topic at this point.

對於 Phreesia，需要提醒的是，每個人 Phreesia 的個人化健康內容平台都建立在隱私和同意的原則之上，我們需要患者在他們處於醫療保健狀態的關鍵時刻獲得相關、個性化和準確的健康信息，我們認為這會改善結果，並且肯定有一些數據來證實這一點。所以，我認為，這實際上就是我們現在看待這個主題的方式。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

This is Matt Shea on for Ryan. Congrats on the nice quarter here. Wanted to double-click on MediFind. Good to hear about the traction with the number of manufacturing clients going live with campaign. Curious just about some of the mechanics around the campaigns.

這是 Matt Shea 代替 Ryan 上場。恭喜您度過了一個愉快的季度。想要雙擊 MediFind。很高興聽到越來越多的製造業客戶參與這項活動。我對一些圍繞活動的機制感到好奇。

How long are these campaigns typically? And any color on the ROI of these campaigns or how that's trended so far versus expectations? And then how is that kind of building a pipeline for incremental partners from here?

這些活動通常持續多久？您能具體了解一下這些活動的投資報酬率嗎？那麼，從現在起，如何為增量合作夥伴建立管道呢？

Yes. Matt, on the -- specifically on the MediFind campaigns, it's not something I think we have readily available now. I'm happy to follow up with you on that topic, but that's [ not ] something we have now.

是的。馬特，特別是關於 MediFind 活動，我認為我們現在還沒有準備好它。我很高興與您討論這個主題，但這不是我們現在所擁有的。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

I wanted to ask a little bit more on the FY26 outlook and on the profitability there. It seems to imply a very strong incremental EBITDA margins equivalent, if not better, to your gross margin percentage. So I wanted to ask if strong incremental gross margins on roughly flat operating expenses as the right framework think about the FY26 EBITDA outlook? Or if you've identized some incremental operating expense efficiencies.

我想進一步詢問有關 26 財年的前景和盈利能力的問題。這似乎意味著 EBITDA 利潤率增量將非常強勁，甚至與毛利率百分比相當。所以我想問一下，在營運費用大致持平的情況下，強勁的增量毛利率是否是考慮 FY26 EBITDA 前景的正確框架？或者如果您已經確定了一些增量營運費用效率。

Yeah. So I think, Jeff, what you're asking is how much of the EBITDA improvement is from gross margin versus below the gross margin line, maybe that.

是的。所以我認為，傑夫，你問的是 EBITDA 成長有多少來自毛利率，有多少是來自毛利率線以下，也許是這個。

Yes.

是的。

Okay. Okay. Yes. And I think we talked about the gross margin that we've been running at for several quarters now. We front-loaded and made significant investments in cost of revenue several years ago.

好的。好的。是的。我想我們討論的是過去幾季以來的毛利率。幾年前，我們就預先投入了大量資金在收入成本上。

We continue to get very nice operating leverage out of that line, but we've also been running at the gross margin we've had for several quarters. So I think the takeaway should be certainly may be opportunity for a little bit there, but it's really the expense lines getting more operating leverage out of these benches below that. And really, growth is probably the biggest driver of revenue growth is the biggest driver of that EBITDA.

我們繼續從該產品線獲得非常好的營業槓桿，但我們的毛利率也已經維持了幾個季度了。因此，我認為這裡肯定存在一些機會，但真正的機會在於費用線可以從這些低於該水平的基準中獲得更多營運槓桿。事實上，成長可能是營收成長的最大驅動力，也是 EBITDA 的最大驅動力。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Congrats on the strong quarter here. I wanted to just ask about the pipeline again. I guess more broadly speaking, in terms of total LTVF customers. I think last quarter, you mentioned that in the first half, total transaction value was about 20% larger than the first half of last fiscal year. I was hoping you can provide an update now that we're a little bit later in the selling season on how things are trending for the second half of the year.

恭喜您本季取得強勁業績。我只是想再次詢問有關管道的問題。我想更廣泛地說，就 LTVF 客戶總數而言。我記得上個季度您提到，上半年的總交易額比去年財年上半年大約高出 20%。現在銷售季節已經稍晚了，我希望您能提供有關今年下半年銷售趨勢的最新消息。

Yes. Good question, Daniel. And we can say that it's been consistent. The total value, and just so we're clear from what we said last time and are repeating now, is it's the total dollar value associated with an average health care services client contract, and that means all 3 revenue lines. Those are trending around that same clip of about 20% bigger than at this time last year.

是的。好問題，丹尼爾。我們可以說它是一致的。總價值，為了清楚我們上次所說的內容，現在再重複一遍，是與平均醫療保健服務客戶合約相關的美元總價值，這意味著所有 3 條收入線。這些數字與去年同期相比，成長了約 20%。

And your next question comes from the line of Jared Haase with William Blair.

您的下一個問題來自威廉布萊爾 (William Blair) 的賈里德哈塞 (Jared Haase)。

This is Jared on for Ryan Daniels. Balaji, maybe I just wanted to follow up from an earlier question on the Network Solutions side. And I think you mentioned having a little -- a little bit better visibility at this point with pharma customers on that network solutions business. Just wanted to clarify, I'm curious, is there anything in particular that's driving that? I assume that, that would mean sort of budgets are you're getting finalized a little bit earlier in the cycle.

這是 Jared 為 Ryan Daniels 主持的節目。Balaji，也許我只是想跟進一下之前關於網路解決方案方面的問題。我想您提到過，目前製藥客戶對網路解決方案業務的了解程度有所提高。只是想澄清一下，我很好奇，有什麼特別的原因導致了這種情況？我認為，這意味著預算會在周期稍早的時候完成。

I'm wondering, do you think that's, I guess, a macro trend across the board for pharma? Or do you think there's something unique to Phreesia where maybe the platform is, I guess, moving up in priority relative to other tactics.

我想知道，您是否認為這對製藥業來說是一個全面的宏觀趨勢？或者您認為 Phreesia 是否有其獨特之處，也許該平台相對於其他策略的優先順序有所上升。

Yes. And let me clarify one thing. What we meant was that we -- the visibility we have at this year -- at this time this year into the outlook -- revenue outlook we provided for next year. So we're comparing that to where we were a year ago. So it's a very Phreesia specific comment.

是的。讓我澄清一件事。我們的意思是，我們 — — 今年此時對前景的預見 — — 我們為明年提供的收入前景。因此我們將其與一年前的情況進行比較。所以這是針對 Phreesia 的一個非常具體的評論。

And Jared, I think I'd call out our team. I mean I think it's our product team, and it's just our Life Sciences team generally has driven that outcome. And so it's obviously grown quite a bit in that area. And I think we've got more product out, and we talked about some of that in the letter.

賈里德，我想我應該召集我們的團隊。我的意思是，我認為是我們的產品團隊，總體而言是我們的生命科學團隊推動了這一結果。所以很明顯它在那個地區已經成長了不少。我認為我們已經推出了更多產品，我們在信中談到了其中的一些內容。

William Jellison, D.A. Davidson.

威廉·傑利森（William Jellison），地方檢察官戴維森。

I wanted to ask specifically about the subscription business and just get an update from you on what we're seeing with respect to important drivers of that line, like gross retention, price cross-sell and volume on a per AHSC basis?

我想具體詢問有關訂閱業務的問題，並請您介紹我們對該產品線的重要驅動因素的看法，例如總留存率、價格交叉銷售和按 AHSC 計算的銷量？

Yes. And so first, let me clarify, it's just a revenue stream. So it's not a business for us. And I think a lot of the commentary we make about it is when we think about go-to-market and we think about clients and the right type of clients, it really does relate to all three revenue lines, William, and so everything we do is that sort of framework to it. So obviously, there are subscription metrics around this, but that's not really how we're trying to optimize the business, and that's not really how our products are designed.

是的。首先，讓我澄清一下，這只是一個收入來源。所以這對我們來說不是一門生意。我認為，我們對此做出的許多評論都是在我們考慮進入市場、考慮客戶和合適的客戶類型時做出的，它確實與所有三條收入線相關，威廉，所以我們所做的一切都是這種框架。因此顯然，存在圍繞此的訂閱指標，但這並不是我們真正嘗試優化業務的方式，也不是我們產品的設計方式。

So I don't think that would be helpful. But it's one of the revenue lines we have that contributes to that.

所以我不認為那會有幫助。但這是我們實現這一目標的收入來源之一。

(Operator Instructions) Richard Close, Canaccord Genuity.

(操作員指示) Richard Close，Canaccord Genuity。

Yes. Congratulations. Maybe a follow-up on the fiscal '25 guidance. It looks the midpoint came down a little bit. And I think last quarter, you had mentioned the wider range was based on just work to be done to close the year out on network solutions.

是的。恭喜。也許是對 25 年財政指導的後續行動。看起來中點下降了一點。我認為上個季度您曾提到更廣泛的範圍只是基於年底在網路解決方案上要完成的工作。

So just maybe a little bit color on why the midpoint is moving down a little bit. I guess it's a little surprising since the EBITDA moved up so much and networks higher margins. So any help there would be great.

因此我們也許可以稍微解釋為什麼中點會稍微向下移動。我想這有點令人驚訝，因為 EBITDA 上升如此之多，而且網路利潤率也更高。所以任何幫助都將非常有幫助。

Yes. And Richard, I think in general, one thing we've tried to do is have a guidance philosophy that throughout the fiscal year, when we have more visibility we share it with you. I think we had lots of conversations with folks coming out of the second quarter in September.

是的。理查德，我認為總的來說，我們試圖做的一件事就是在整個財政年度製定一個指導理念，當我們有更多的透明度時，我們會與你們分享。我想我們在九月與第二季的人們進行過很多對話。

And I think the expectations that people have are pretty aligned with this revised guidance. And I think we talked a little bit about the selling environment feeling slightly better in terms of the visibility we have on what we shared for next year. But I don't really think there's anything else to read into that. And I think the expectations are fairly light. Richard.

我認為人們的期望與修訂後的指南非常一致。而且我認為，我們談論了一下銷售環境，就我們對明年所分享的內容的了解而言，感覺稍微好一點。但我真的不認為還有什麼好解讀的。我認為期望值不算太高。理查德。

And that concludes our question-and-answer session. I will now turn the conference back over to Chaim Indig for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Chaim Indig 並請他致結束語。

Just want to thank everyone for joining us for our 22nd earnings call. And I wish everyone a happy holidays, Merry Christmas, Happy New Year, and happy (inaudible). Bye.

我只想感謝大家參加我們的第 22 次財報電話會議。祝大家節日快樂，聖誕快樂，新年快樂，（聽不清楚）。再見。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。