Phreesia Inc (PHR) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Phreesia third-quarter fiscal 2026 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫艾比，今天我將擔任你們的會議接線生。在此，我謹代表 Phreesia 公司歡迎各位參加 2026 財年第三季財報電話會議。（操作說明）

Thank you. And I would now like to turn the conference over to Balaji Gandhi, Chief Financial Officer. You may begin.

謝謝。現在我謹將會議交給財務長巴拉吉甘地先生。你可以開始了。

Thank you, operator. Good morning, and welcome to Phreesia's earnings conference call for the third quarter of fiscal 2026, which ended on October 31, 2025. Joining me on today's call is Chaim Indig, our Chief Executive Officer.

謝謝接線生。早安，歡迎參加 Phreesia 2026 財年第三季（截至 2025 年 10 月 31 日）收益電話會議。今天和我一起參加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.

有關我們業績的更完整討論，請參閱我們的盈利新聞稿和我們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，這兩份文件均在今天市場收盤後發布。這些文件可在我們網站 ir.phreesia.com 的投資者關係部分查閱。

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.

再次提醒，今天的電話會議正在錄音，會議結束後，您可以在我們的投資者關係網站 ir.phreesia.com 上收聽錄音回放。

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 and acquisitions. Forward-looking statements are subject to various risks and 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，我們可能會發表一些前瞻性聲明，包括有關趨勢、我們預期的成長、我們的策略、對我們行業的預測以及我們業務的預期表現的聲明，包括我們對未來財務業績和收購的展望。前瞻性陳述受各種風險、不確定性及其他因素的影響，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內容有重大差異。

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 with the SEC tomorrow.

這些風險在我們的獲利新聞稿、致利害關係人的信件以及提交給美國證券交易委員會（SEC）的文件（包括我們將於明日提交給SEC的10-Q季度報告）中包含的風險因素中均有更詳細的描述。

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，並且僅代表截至陳述當日的觀點。我們不承擔更新這些前瞻性聲明的義務，並明確聲明不承擔更新這些聲明以反映本次電話會議日期之後的事件或情況，或反映新資訊或意外事件發生的義務。

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.

為了向投資者提供更多信息，我們可能還會參考一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。這些非GAAP指標應作為補充資訊考慮，而不是替代或孤立地看待我們的GAAP結果。

A reconciliation of GAAP to non-GAAP results may be found in our earnings the lease 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.

GAAP 與非 GAAP 結果的調節表可在我們的收益、租賃和利益相關者信函中找到，這些文件已隨我們今天收盤後向美國證券交易委員會提交的 8-K 表格一起提供，也可在我們的投資者關係網站 ir.phreesia.com 上找到。

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

現在我將把電話轉交給我們的執行長 Chaim Indig。

Thank you, Balaji, and good evening, everyone. Thank you for joining our third-quarter fiscal 2026 earnings call. I'm very proud and thankful of our team, the work they do for our clients and their contribution to another solid quarter of growth and profitability. Balaji will review some of the highlights of our results and update our outlook.

謝謝你，巴拉吉，大家晚上好。感謝您參加我們2026財年第三季財報電話會議。我為我們的團隊感到非常自豪和感激，感謝他們為客戶所做的工作，以及他們為公司又一個季度實現穩健增長和盈利所做出的貢獻。巴拉吉將回顧我們業績中的一些亮點，並更新我們的展望。

Before I hand it off to Balaji, I'd like to frame our view of Phreesia's next three years for all of you. Today, we have a large network to healthcare providers who rely on Phreesia's products and services. We also have new emerging products that extend our reach in ways that is consistent with our mission to make care easier every day. We believe these emerging products will enable us to sustain growth and enhance stakeholder value.

在將發言權交給巴拉吉之前，我想先向大家介紹一下我們對 Phreesia 未來三年的展望。如今，我們擁有龐大的醫療保健提供者網絡，他們都依賴 Phreesia 的產品和服務。我們還有一些新興產品，這些產品以符合我們「讓護理更輕鬆，讓每一天都更便捷」使命的方式，拓展了我們的業務範圍。我們相信這些新興產品將使我們能夠保持成長並提升股東價值。

I'd like to highlight two of the product areas we are excited about. First, provider financing. It's no secret that patient financial responsibility has been rising in this country, and we expect this trend to continue. People came to forward to pay their bills all at once. Our platform has enabled us to track this trend for years.

我想重點介紹我們非常看好的兩個產品領域。首先是供應商融資。眾所周知，在這個國家，患者的經濟責任越來越重，我們預計這種趨勢還會持續下去。人們紛紛上前一次繳納帳單。我們的平台使我們能夠追蹤這一趨勢多年。

For healthcare providers, this means more patient balances go unpaid, payment cycles get longer and providers carry more financial risk. Hospitals and health systems have seen the number of days cash on hand declined by 28% since 2022. As a result, providers need tools to convert patient receivables into predictable cash flow.

對於醫療服務提供者而言，這意味著更多的患者欠款無法支付，付款週期延長，提供者承擔更大的財務風險。自 2022 年以來，醫院和醫療系統的現金儲備天數下降了 28%。因此，醫療機構需要工具將病患應收帳款轉化為可預測的現金流。

Patient balances often take years to resolve, which creates working capital pressure for providers. Our financing solutions improved days cash on hand and decrease days outstanding. Financing or payment plan programs can significantly improve the patient experience and affordability and decreases the need to use credit cards or a home equity line.

患者欠款往往需要數年才能結清，這會對醫療機構造成營運資金壓力。我們的融資方案改善了現金流週轉天數，並減少了應收帳款週轉天數。融資或付款計劃可以顯著改善患者的就醫體驗和經濟承受能力，並減少使用信用卡或房屋淨值貸款的需求。

Our expansion (inaudible) of the provider financing market through the acquisition of AccessOne helps us solve this large and growing problem with a market-leading solution. We believe we have a new growth lever to complement our existing solutions for providers and are excited about this opportunity.

我們透過收購 AccessOne 擴大了供應商融資市場（聽不清楚），這有助於我們以市場領先的解決方案解決這個日益增長的重大問題。我們相信我們找到了一個新的成長點，可以補充我們現有的面向供應商的解決方案，我們對此機會感到非常興奮。

The second emerging market for us is healthcare provider or HCP marketing. HCP engagement is a natural extension of the offering that works so well to engage patients. We help providers and life sciences partners engage patients just before key visits where important health decisions are made, supporting behavioral change in positive measurable outcomes.

第二個新興市場是醫療保健提供者或 HCP 行銷。與醫護人員互動是有效吸引病患的自然延伸。我們幫助醫療服務提供者和生命科學合作夥伴在患者做出重要健康決定的關鍵就診前與患者進行溝通，支持行為改變，從而獲得積極的、可衡量的結果。

Now we're extending that same proven playbook to engage healthcare providers in addition to patients. This positions Phreesia to participate in a multibillion dollar HCP digital marketing opportunity, while leveraging the trusted relationships and infrastructure we've already built. Our approach differentiates Phreesia by closing the loop between patient and provider engagement.

現在，我們將這套行之有效的策略推廣到患者之外，以吸引醫療服務提供者參與。這使得 Phreesia 能夠參與價值數十億美元的 HCP 數位行銷機會，同時利用我們已經建立的值得信賴的關係和基礎設施。我們的方法使 Phreesia 與眾不同，它實現了患者和醫護人員之間互動的閉環。

Because we're embedded in clinical workflows, we help coordinate consumer and HCP messaging, ensuring that both are prepared for upcoming plans, reaching physicians with relevant evidence based information before they see the right patient, not weeks or months later. Our ability to align both sides of the care conversation is something we believe no one else in the market can do as comprehensively as trivia.

因為我們融入了臨床工作流程，所以我們幫助協調消費者和醫療保健專業人員的訊息傳遞，確保雙方都為即將到來的計劃做好準備，在醫生接診合適的患者之前，而不是幾週或幾個月之後，將相關的循證信息傳遞給他們。我們相信，市場上沒有其他公司能夠像 Trivia 一樣全面地協調醫療保健對話的雙方。

Our acquisitions are central to our ability to understand, reach and engage healthcare providers. Medisign brings deep insights into appointments with active providers in specialty care patterns, helping us identify when specific clinicians need information about specific conditions or treatments based on their upcoming appointments.

收購對於我們了解、接觸和吸引醫療保健提供者至關重要。Medisign 能夠深入了解專科護理模式中活躍的醫療服務提供者的預約情況，幫助我們根據即將到來的預約情況，確定特定臨床醫生何時需要有關特定疾病或治療的資訊。

Connect on call. Now free on call, along with our voice AI capabilities, allow us to introduce high-value enrollments directly into the provider workflow. Together, these assets create a premium endemic offering and help us reach a broad set of providers in the natural flow of care, not just when they're off the clock.

電話連線。現在，憑藉免費的語音AI功能，我們可以將高價值的註冊直接引入到提供者的工作流程中。這些資源共同打造了優質的本土化服務，幫助我們在自然的醫療服務流程中接觸到廣泛的醫療服務提供者，而不僅僅是在他們下班的時候。

This new initiative plays into our strength. We have two decades of experience working with thousands of provider organizations in the top 10 pharma companies, earning a reputation for performance, compliance and truly consultative partnerships. By making HCP activation available within that same trusted ecosystem and centered on real care encounters we believe it will deepen our relationship with both providers and life sciences clients while adding a durable, differentiated revenue stream free growth story.

這項新措施正符合我們的優勢。我們擁有二十年與排名前十的製藥公司旗下數千家醫療機構合作的經驗，在業績、合規性和真正的諮詢式合作關係方面贏得了良好的聲譽。我們相信，透過在同一可信賴的生態系統內，以真實的護理互動為中心，提供 HCP 激活服務，將加深我們與醫療服務提供者和生命科學客戶的關係，同時增加一個持久的、差異化的收入來源，實現自由增長。

We look forward to updating you on these two important initiatives when we speak on 2026. I'll now turn it over to Balaji to walk through the Q3 results, our updated outlook for fiscal 2026 and and an initial view into fiscal 2027.

我們期待在2026年與您討論這兩項重要措施時，向您報告最新進展。現在我將把發言權交給巴拉吉，讓他來介紹第三季度業績、我們更新後的 2026 財年展望以及 2027 財年的初步展望。

Thank you, Chaim. Let me start with a quick review of our fiscal third quarter.

謝謝你，海姆。首先，讓我快速回顧一下我們第三財季的情況。

Total revenue was $120.3 million, a 13% increase year over year. Adjusted EBITDA was $29.1 million, an increase of $19 million year over year and $7 million quarter over quarter. We achieved another major milestone this quarter with our adjusted EBITDA margin reaching an all-time high of 24%, representing an improvement of 5 percentage points quarter over quarter and 15 percentage points year over year.

總收入為 1.203 億美元，年增 13%。調整後 EBITDA 為 2,910 萬美元，年增 1,900 萬美元，季增 700 萬美元。本季我們取得了另一個重大里程碑，調整後的 EBITDA 利潤率達到歷史新高 24%，季增 5 個百分點，較去年同期成長 15 個百分點。

For fiscal third quarter G&A expense line included a onetime G&A tax benefit, which increased adjusted EBITDA by $900,000. Third quarter average Healthcare Services clients or HSCs came in at 4,520, an increase of 53% from the prior quarter. This performance was in line with our expectations and we believe we are on track to reach 4,500 average healthcare services clients or AHCs for the full fiscal year.

第三財季的 G&A 費用項目包含一次性 G&A 稅收優惠，使調整後的 EBITDA 增加了 90 萬美元。第三季平均醫療保健服務客戶或 HSC 數量為 4,520，比上一季成長了 53%。這項業績符合我們的預期，我們相信我們能夠實現本財年平均服務 4,500 名醫療保健服務客戶或 AHC 的目標。

Meeting this target implies adding approximately 70 clients in the fiscal fourth quarter, excluding the impact from the AccessOne acquisition.

要實現這一目標，意味著在第四財季新增約 70 位客戶，這還不包括收購 AccessOne 的影響。

Total revenue per AHSC was $26,622, up 6% year over year. The steady year-over-year increase in total revenue per ASC is consistent with our expectations and a key element of our growth strategy that we have been discussing for several quarters. We are pleased with the continued progress of this metric as it has returned to the levels as seen in the third quarter of fiscal 2022 and reflects our focus on improving returns on investment and attach rates of our collective offerings across our three revenue streams.

每個 AHSC 的總收入為 26,622 美元，年增 6%。ASC 總收入逐年穩定成長，符合我們的預期，也是我們幾季以來一直在討論的成長策略的關鍵要素。我們對這項指標的持續進展感到滿意，因為它已恢復到 2022 財年第三季的水平，這反映了我們致力於提高三大收入來源的集體產品投資回報率和附加率。

Net income remained positive at $4.3 million this quarter, representing our second consecutive quarter of delivering positive net income. Our fiscal third-quarter results reflect the continued momentum in both our revenue growth and operating leverage. I'm incredibly proud of the team's disciplined execution and focus, which again enabled us to deliver strong financial performance, while staying true to our mission and values.

本季淨利潤保持為正值，達到 430 萬美元，這是我們連續第二季實現淨利潤為正。我們第三財季的業績反映了我們在營收成長和營運槓桿方面的持續動能。我為團隊嚴謹的執行力和專注精神感到無比自豪，而正是這種精神再次使我們能夠取得強勁的財務業績，同時堅守我們的使命和價值觀。

I also want to acknowledge all the Phreesia played a role in successfully closing the AccessOne acquisition, and I joined him in welcoming our new colleagues from AccessOne.

我還要感謝 Phreesia 在成功完成 AccessOne 收購過程中所發揮的作用，我和他一起歡迎來自 AccessOne 的新同事。

Now turning to the balance sheet and cash flow. We ended the quarter with $106.4 million in cash and cash equivalents. This compares to $98.3 million in the prior quarter. Operating cash flow was $15.5 million, up $9.7 million year over year. Free cash flow was $8.8 million, up $7.2 million year over year. We have now achieved positive operating cash flow and free cash flow for five consecutive quarters.

現在來看資產負債表和現金流量表。本季末，我們持有現金及現金等價物1.064億美元。相比之下，上一季為 9,830 萬美元。經營現金流為1550萬美元，較上年同期增加970萬美元。自由現金流為 880 萬美元，年增 720 萬美元。我們已連續五個季度實現正的經營現金流和自由現金流。

We expect the magnitude of improvement on a quarter-to-quarter basis to vary based on specific timing of invoicing and payments, which you can see in working capital, along with CapEx.

我們預期季度間的改善幅度會因發票和付款的具體時間而有所不同，這可以從營運資金和資本支出中看出。

A footnote on the balance sheet. As you look ahead to the fourth quarter, the AccessOne purchase price was funded with approximately $53 million of cash and a $110 million secured bridge loan entered into on the closing date of the acquisition. You can find more information about our bridge loan in our 8-K filing from November 12.

資產負債表上的註腳。展望第四季度，AccessOne 的收購價格由約 5,300 萬美元現金和在收購完成日簽訂的 1.1 億美元擔保過橋貸款支付。您可以在我們 11 月 12 日提交的 8-K 文件中找到有關我們過渡貸款的更多資訊。

We expect to refinance or replace the bridge loan with a long-term credit facility.

我們計劃對過渡性貸款進行再融資或將其替換為長期信貸安排。

Before moving into our updated financial outlook for fiscal 2026 and new outlook for fiscal 2027, let me provide a few highlights on AccessOne. AccessOne provides financing solutions that help healthcare providers reduce patient accounts receivable and accelerate cash flow. Its technology integrates directly into provider workflows, giving providers the tools to offer flexible payment solutions to their patients.

在介紹我們更新後的 2026 財年財務展望和新的 2027 財年展望之前，讓我先介紹一下 AccessOne 的一些亮點。AccessOne 提供融資解決方案，幫助醫療機構減少患者應收帳款並加快現金流。其技術可直接整合到醫療服務提供者的工作流程中，使醫療服務提供者能夠為患者提供靈活的支付解決方案。

We expect AccessOne will add approximately 80 AHSC on an annualized basis. AccessOne manages a portfolio of approximately $450 million and providers typically operate under either a funded or an unfunded model. In the funded model, providers receive cash upfront -- in the unfunded model, providers are paid as patients make payments.

我們預計 AccessOne 每年將新增約 80 個 AHSC。AccessOne 管理約 4.5 億美元的投資組合，其服務提供者通常採用有資金支持或無資金支持的模式來運作。在有資金支持的模式下，醫療服務提供者會預先收到現金；而在無資金支持的模式下，醫療服務提供者會在患者付款時獲得報酬。

In both models, the healthcare provider retains most of the financial risk, not AccessOne. The funded model is offered to clients through AccessOne's relationship with PNC Bank. Across these models, AccessOne generates a blended take rate that averages 4% to 12% on its managed portfolio, depending on the type of provider and the mix between funded and unfunded programs. Operating costs, including those associated with the PNC Bank relationship, range from 65% to 75% of revenue.

在這兩種模式下，醫療服務提供者承擔大部分財務風險，而不是 AccessOne 承擔。AccessOne 透過與 PNC 銀行的合作關係，向客戶提供這種融資模式。在這些模式下，AccessOne 在其管理的投資組合中產生的混合收益率平均為 4% 至 12%，具體取決於提供者的類型以及資助項目和未資助項目之間的比例。營運成本（包括與 PNC 銀行關係相關的成本）佔收入的 65% 至 75%。

Now transitioning to our updated financial outlook. Let's start with fiscal 2026. We are updating our revenue outlook for our fiscal year 2026 and to a range of $479 million to $481 million compared to our prior range of $472 million to $482 million. The updated outlook includes approximately $7.5 million of revenue contribution from AccessOne between the close date and our fiscal year-end date. The update reflects our latest views on AccessOne's performance since the closing on November 12 and the progress we have made to date in the selling season for network solutions.

現在過渡到我們更新後的財務展望。讓我們從 2026 財年開始。我們將 2026 財年的營收預期從先前的 4.72 億美元至 4.82 億美元調整為 4.79 億美元至 4.81 億美元。更新後的展望包括 AccessOne 在交易完成日到我們財政年度結束日期間約 750 萬美元的收入貢獻。此次更新反映了我們對 AccessOne 自 11 月 12 日完成交易以來業績的最新看法，以及我們在網路解決方案銷售季迄今為止的進展。

We are updating our adjusted EBITDA outlook for fiscal year 2026 to a range of $99 million to $101 million, an increase from our prior range of $87 million to $92 million. This revised outlook includes the expected adjusted EBITDA contribution from AccessOne from the date of closing through the end of our fiscal year.

我們將 2026 財年的調整後 EBITDA 預期更新為 9,900 萬美元至 1.01 億美元，高於先前預期的 8,700 萬美元至 9,200 萬美元。此次修訂後的展望包括 AccessOne 從交易完成之日起至本財年結束期間預計的調整後 EBITDA 貢獻。

We want to remind you from a modeling perspective, as you think about the quarter-over-quarter progression of adjusted EBITDA -- at the third quarter includes a onetime G&A expense tax benefit of $900,000, and the fiscal fourth quarter is typically burdened by higher payroll taxes as we begin the new calendar year. We are updating our outlook for AHSCs to approximately 4,515 for the full fiscal year 2026, up from our prior expectation of 4,500. This revised outlook reflects the addition of approximately 15 AHSCs from AccessOne between the close date and our fiscal year-end.

從建模的角度來看，我們想提醒您，在考慮調整後 EBITDA 的季度環比變化時，第三季度包含一次性 G&A 費用稅收優惠 90 萬美元，而第四財季通常會受到新日曆年開始時較高的工資稅的影響。我們將 2026 財年 AHSC 的預期數量更新為約 4,515 家，高於我們先前預期的 4,500 家。此次修訂後的展望反映了在結算日到我們財政年度結束期間，AccessOne 新增了約 15 家 AHSC。

Additionally, we continue to expect total revenue per HSC in fiscal '26 to increase from fiscal 2025. Moving on to fiscal 2027 consistent with our prior years, we are introducing our early outlook on revenue, adjusted EBITDA, AHSCs and revenue per AHSC for fiscal year 2027. For fiscal year 2027, we expect revenue to be in the range of $545 million to $559 million. We anticipate that AccessOne will contribute approximately 6.5% and of our fiscal 2027 total revenue outlook.

此外，我們繼續預期 2026 財年每個 HSC 的總營收將比 2025 財年有所成長。與往年一樣，我們展望 2027 財年，並在此公佈我們對 2027 財年收入、調整後 EBITDA、AHSC 和每家 AHSC 收入的初步展望。我們預計 2027 財年的營收將在 5.45 億至 5.59 億美元之間。我們預計 AccessOne 將貢獻我們 2027 財年總收入預期的約 6.5%。

We expect adjusted EBITDA for fiscal 2027 to be in the range of $125 million to $135 million. In fiscal 2027, we expect AHSC to grow in the mid-single-digit percentage range and total revenue per HSE to grow double-digit percent.

我們預計 2027 財年調整後 EBITDA 將在 1.25 億美元至 1.35 億美元之間。預計 2027 財年 AHSC 將實現個位數百分比的中等成長，每個 HSE 的總收入將實現兩位數百分比的成長。

Operator, I think we can now open up the lines for the Q&A session.

接線員，我想我們現在可以開通問答環節的線路了。

(Operator Instructions) Sean Dodge, BMO Capital Markets.

（操作員說明）肖恩·道奇，BMO資本市場。

Congratulations on the quarter and on closing the acquisition. Chaim, you mentioned the new emerging solution areas that will help to continue driving higher revenue per AHSC. On AccessOne, maybe just anything more you can share on the growth potential for that business, specifically over the next couple of years and how you can accelerate it? And how much room is left to continue expanding within their existing base?

恭喜貴公司本季業績出色，成功完成收購。Chaim，你提到了一些新興的解決方案領域，這些領域將有助於繼續提高每個 AHSC 的收入。關於 AccessOne，您能否分享更多關於該業務成長潛力的信息，特別是未來幾年的成長潛力以及如何加速其成長？在現有基礎上，他們還有多少擴張空間？

And then maybe anything that you need to kind of change about that before you can start cross-selling it into the legacy free to base. When does that become an opportunity?

然後，在開始將其交叉銷售給傳統的免費基礎版產品之前，可能需要對這方面進行一些更改。什麼時候這才能變成機會？

So we're really excited to be able to take this to some of our base clients. Right now, the product is is really not suited for the vast majority of our clients. So it will need some work and investment before we can take it to the vast majority of our base just because of the facility. And Balaji you can answer more questions about that.

所以我們很高興能夠將這項服務帶給我們的一些老客戶。目前，該產品並不適合我們絕大多數客戶。因此，僅僅因為這個設施，我們還需要一些工作和投資才能將其推廣到我們基地的絕大多數地區。巴拉吉，關於這方面你還可以回答更多問題。

But look, we think that we plan on investing in go-to market. And I think it's a really strong product offering that has for years been underinvested in go-to-market. And some of those had to do with the dynamics of the market and the company itself. And we expect over the next couple of quarters to start investing into its go-to-market motion. And both for new clients and existing lines.

但是，我們認為我們計劃投資於市場推廣。我認為這是一個非常強大的產品，但多年來在市場推廣方面投入不足。其中一些原因與市場動態和公司本身有關。我們預計在接下來的幾個季度裡，將開始加大對產品上市推廣的投入。無論是新客戶還是現有客戶，都適用。

And Sean, I'll just add that investment that I'm talking about that's baked into our outlook for 2027. And a lot of that is just resources we have within the company. And obviously, the ones that are coming over with the acquisition or have come over with the acquisition. And then just around growth, I mean, the question itself. I think this is the largest acquisition we've done -- this is something we think over multiyears will contribute a lot.

肖恩，我還要補充一點，我所說的這項投資已經納入了我們對 2027 年的展望。其中很多都是我們公司內部擁有的資源。顯然，那些隨著收購而過來或已經隨著收購而過來的人也包括在內。然後，就成長本身而言，我的意思是，這個問題本身。我認為這是我們迄今為止最大的收購案——我們相信，在未來幾年裡，這將帶來巨大的貢獻。

We acquired it with that thesis. We wouldn't read too much into what's implied in the '27 guidance in revenue. It's just if you do an acquisition, you closed in November, it's the responsible thing to do is just set the bar, where we have, and we have very high expectations for it.

我們憑藉那篇論文獲得了它。我們不會對 2027 年營收預期中蘊含的意義過度解讀。如果你進行了一項收購，例如在 11 月完成了交易，那麼負責任的做法就是設定標準，而我們已經設定了標準，我們對它抱有非常高的期望。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

I guess, one for Balaji really quickly and then one for the team. But first on the financing Balaji, you mentioned you're going to refinance or take on a new loan. Can you maybe provide more color there on what you're seeing in the marketplace and what you expect?

我想，先給巴拉吉快速地喝一杯，然後再給團隊喝一杯。但首先關於融資問題，巴拉吉，你提到你要進行再融資或申請新貸款。您能否更詳細地介紹一下您在市場上的觀察以及您的預期？

And then maybe for Chaim and Balaji, this mid-single-digit ASC growth for next year. Maybe talk about your go-to-market strategy in terms of what is -- what products -- what your core products are you going to market to drive that growth? And then how do you think about that growth holistically with this new marketing opportunity?

那麼，Chaim 和 Balaji 或許明年就能達到個位數的 ASC 成長。或許可以談談你們的市場進入策略，例如你們將推出哪些核心產品來推動成長？那麼，您如何從整體上考慮這種新的行銷機會所帶來的成長呢？

Okay. I'll start on the financing. So we are already pretty actively looking at replacing the bridge, and we just wanted to be positioned to move really quickly on the acquisition, but moving quickly to have something long term in place, and you should be hearing about that in the next few months.

好的。我將著手解決融資問題。所以我們已經在積極考慮更換這座橋，我們只是想盡快完成收購，以便盡快建立一個長期的解決方案，你們應該會在接下來的幾個月裡聽到相關消息。

In terms of the appetite out there, there's a lot of demand to do something with us. I think we were very intentional about doing an acquisition of this size and financing it this way for a long time based on our free cash flow and our EBITDA. So we feel pretty good about all that. Haym, you want to add?

就市場需求而言，很多人希望與我們合作。我認為，我們經過深思熟慮，才決定進行如此規模的收購，並長期依靠我們的自由現金流和 EBITDA 來籌集資金。所以我們對這一切感覺相當不錯。海姆，你想補充什麼嗎？

Yes. And then from a go-to-market motion, look, they have two very different go-to-market teams on the provider side we're seeing still a lot of demand for intake and a lot of our new AI offerings are driving a lot of uptick in inbound very specifically our voice AI workflows and applications. It's a new modality on the same platform.

是的。從市場推廣策略來看，供應商方面有兩個截然不同的市場推廣團隊，我們看到對客戶需求的持續增長，而我們許多新的人工智慧產品正在推動客戶需求的大幅增長，特別是我們的語音人工智慧工作流程和應用程式。這是同一平台上的一種新模式。

So we're seeing a lot of demand for it. And then on our -- the Network Solutions side, Patient Connect has been very successful, and we expect that to be continued growth, but some of the newer offerings such as post-script engagement, and now the interest we've been getting in our HCP offering has been really exciting.

所以我們看到市場對它的需求很大。而就我們的網路解決方案而言，Patient Connect 取得了巨大的成功，我們預計它將繼續成長，但一些較新的產品，如 PostScript 互動，以及現在我們收到的對我們 HCP 產品的興趣，真的令人興奮。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

Thanks for all the color on the fiscal '27 outlook. If I got my math right, your fiscal '27 revenue guidance implies around 8% to 10% core organic growth number I know you guys have talked about double-digit core growth, so that would be at the high end of that guide. Can you share some color around how you're thinking of core growth in three business at, at least directionally compared to your expectation of fiscal '26 I was more focused on network solution because are you still in the middle selling season, how much visibility do you have, what level of question you're building in?

感謝您對2027財年展望的詳細解讀。如果我沒算錯的話，你們 2027 財年的營收預期意味著核心有機成長率約為 8% 至 10%。我知道你們之前討論過兩位數的核心成長率，所以這應該算是預期目標的高端了。您能否分享一下您對三大業務核心成長的看法，至少在方向上與您對 2026 財年的預期相比如何？我更關注網路解決方案，因為您目前是否仍處於銷售旺季，您對前景的了解程度如何，您正在建立怎樣的問答體系？

Just give us some flavor around that and what is built in that 8% to 10% number.

請您詳細解釋一下這個數字的意義，以及這 8% 到 10% 這個數字背後蘊含著什麼。

Sure. And so just philosophically, as you know, for several years, we provide an outlook for the next fiscal year before the current one is even over. I think we've gotten good feedback about that. And what that requires us to do is make a lot of assumptions around things like the selling season while they're still going on. So I think even outside of that, still a couple of weeks left here, Jailendra, I think we could comfortably say that we're in a similar situation we were last year at this time.

當然。因此，正如您所知，從理念上講，多年來，我們甚至在當前財政年度結束之前，就對下一個財政年度進行了展望。我認為我們已經收到了很好的回饋。這意味著我們需要對銷售旺季等事情做出很多假設，而這些旺季仍在進行中。所以我覺得即使撇開這一點不談，還有幾週的時間，Jailendra，我認為我們可以很肯定地說，我們現在的情況和去年這個時候很相似。

And if you think about the growth in the business outside of what we've told you is coming from AccessOne, network solutions would be growing the fastest. And I think payment processing, you could expect to grow second and subscription third. And I think what you should take away from that is A lot of the commentary Chaim had about our ATP products.

如果考慮到我們之前提到的 AccessOne 業務成長之外的其他業務成長，那麼網路解決方案的成長速度將最快。我認為支付處理業務預計成長第二快，訂閱業務預計將成長第三快。我認為你應該從中記住的是，Chaim 對我們的 ATP 產品發表了很多評論。

And earlier in the year, we talked about post-script engagement and appointment readiness. We expect to monetize a lot of the products for providers increasingly in Network Solutions. So that we should take away.

今年早些時候，我們討論了後續互動和預約準備。我們預計，隨著網路解決方案領域供應商產品的增多，我們將實現許多產品的利潤。所以我們應該把這些都去掉。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Maybe Balaji, just as I think about margins, obviously, strong margin performance in the quarter. You've done a good job there. So -- as I look at the guidance for next year, showing about 450 of margin expansion. How should I think about the drivers of that and just the sustainability of kind of squeezing margins here and there over the next few years?

或許巴拉吉，就像我考慮利潤率一樣，顯然，本季利潤率表現強勁。你做得很好。所以——我看了看明年的業績指引，顯示利潤率將成長約 450%。我該如何看待這種現象的驅動因素，以及在未來幾年內不斷壓縮利潤空間的可持續性？

Yes. I mean, I think the team has done an outstanding job of being very good stewards of capital. This is something we really prioritized in the company for the last several years. I think you're comparing year over year. I mean we've already hit a pretty good margin here in the third quarter we just released. I think what we want to balance is growth and margin. your takeaway should be, we want to always do better than we say in terms of growth and always get better in terms of margin.

是的。我的意思是，我認為團隊在資金管理方面做得非常出色。這是我們公司過去幾年一直優先考慮的事情。我認為你是在進行同比比較。我的意思是，在我們剛剛發布的第三季財報中，我們已經取得了相當不錯的利潤率。我認為我們想要平衡的是成長和利潤率。你應該明白的是，我們希望在成長方面始終超越預期，並在利潤率方面不斷提升。

So I think that outlook sort of reflects the opportunity to do both. I think G&A, we've always talked about G&A is generally an area we can get a lot of leverage on based on the investments we've made there. But I think we'll continue to invest in sales and marketing and R&D so long as there's growth to support it.

所以我認為這種觀點某種程度上反映了兩者兼顧的機會。我認為，我們一直在談論一般及行政費用，而一般及行政費用通常是我們能夠根據我們在該領域的投資獲得很大優勢的領域。但我認為，只要有成長支撐，我們就會繼續投資銷售、行銷和研發。

Ryan Daniels, William Blair.

瑞安·丹尼爾斯，威廉·布萊爾。

I wanted to dig a little bit more into the new HCP marketing initiative. And I'm curious, I guess, twofold. Onr, have you actively started to sell that for the 2026 season? And kind of what's been the reception from pharma clients and then second, when you think about that, are you seeing or do you anticipate that it will be all incremental dollars? Or do you think any of your kind of D2C dollars from the pharma companies could shift into HCP such that's not 100% incremental?

我想更深入地了解新的 HCP 行銷計劃。我好奇的原因有兩個。Onr，你們是否已經開始積極銷售2026年賽季的產品了？其次，製藥客戶的反應如何？再者，考慮到這一點，您是否看到或預期所有收入都將是增量收入？或者您認為製藥公司透過D2C管道獲得的資金是否有可能轉移到HCP管道，從而實現100%的增量？

So yes, we have started for select clients, allowing them to start piloting the offering in the new year. So we have been selling it for certain key clients. And there has been a lot of demand, and we expect to start treating those programs on in the new fiscal year.

是的，我們已經開始為部分客戶提供試用服務，讓他們在新的一年開始試行這項服務。所以，我們一直在向一些重要客戶銷售這款產品。需求量很大，我們預計將在新的財政年度開始實施這些項目。

And then in terms of is it incremental dollars we do think it is, generally speaking, DGC budgets and HCP budgets are very different. So we believe this is a -- and I think we sort of -- we've been out there in the market explaining to some of our holders that this is new can.

至於是否能增加資金，我們認為確實如此，總的來說，DGC 預算和 HCP 預算是非常不同的。所以我們相信這是一個——而且我認為我們有點——我們一直在市場上向我們的一些持有者解釋，這是一個新罐子。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Balaji, maybe for you, just wanted to ask about the updated '26 guidance. I know you called out $7.5 million of in fourth quarter from AccessOne, yes, we've only increased the guidance range at the midpoint by about $3 million -- is there sort of a $4.5 million hole that we're refilling here? Or anything we should be concerned about, I guess, within the core subscription or network solutions business. And how is that sort of impacting your outlook of either of those segments kind of heading into '27?

巴拉吉，或許是想請教你關於更新後的 '26 指南的問題。我知道您提到 AccessOne 第四季虧損 750 萬美元，是的，我們只將預期範圍的中點提高了約 300 萬美元——這裡是否存在一個 450 萬美元的缺口需要我們填補？或者說，我想，我們應該關注的核心訂閱或網路解決方案業務中的任何問題。那麼，這會對您展望2027年這兩個領域的前景產生怎樣的影響呢？

I was trying to do the math, Ryan, that you just did. Are you -- maybe just repeat that. I couldn't figure out the $4 million that you said.

瑞恩，我剛才也在嘗試做你剛才做的數學題。你是——或許你只需重複一遍。你說的400萬美元我沒算出來。

Yes. So our prior guidance range was $472 million to $482 million. So we're taking a $477 million midpoint -- now the midpoint goes to $480 million in the updated guidance. And so up by $3 million at the midpoint, but you've got a $7.5 million revenue contribution from AccessOne. That wasn't in the prior guidance.

是的。因此，我們先前預期的範圍是 4.72 億美元至 4.82 億美元。所以我們之前採用 4.77 億美元的中點數值——現在更新後的指導意見中點值提高到了 4.8 億美元。因此，中間值增加了 300 萬美元，但 AccessOne 貢獻了 750 萬美元的收入。之前的指導意見中並沒有提到這一點。

So just wondering sort of what's the -- I guess, the difference there on the adding $7.5 million, but only increasing the guide by about $3 million at the midpoint.

所以我想知道，增加 750 萬美元，但只將指導價中點提高約 300 萬美元，這其中的差異是什麼。

Correct. Okay. Got it. That's helpful. yes, that's -- a lot of that is just being a bit more measured around network solutions. I don't think it's a surprise probably to anyone on this call, that there's a lot of decisions and a lot of fluidity out there, and we're in the selling season. So just given where we are, I think we wanted to be a bit more measured on network solutions, if you had to allocate that $4 million somewhere we say to mostly there.

正確的。好的。知道了。那很有幫助。是的，很多時候只是在網路解決方案方面需要更加謹慎。我想對於參加這次電話會議的每個人來說，這並不令人意外，因為現在有很多決定要做，市場瞬息萬變，而且我們正處於銷售旺季。所以就目前的情況來看，我認為我們希望在網路解決方案方面更加謹慎一些，如果必須把這 400 萬美元分配到某個地方，我們會說主要分配到那裡。

And by the way, there's a lot of timing and visibility that we'll get, but I don't think it's anything to read into about next year.

順便說一句，我們會獲得很多時間和可見性方面的信息，但我認為這與明年的情況無關。

And our next question comes from the line of Richard Close with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Richard Close。

Congratulations on the acquisition in the quarter. Just curious if you guys could talk a little bit more about AccessOne, the funded and unfunded, how we think about like the demand in various products or those offerings? And then just like how you expect any type of seasonality in that business in terms of selling new customers and et cetera?

恭喜貴公司在本季完成收購。我很好奇你們能否再多談談 AccessOne，包括已獲資助和未獲資助的項目，以及我們如何看待各種產品或服務的需求？那麼，就像你預期該行業在銷售新客戶等方面會出現任何類型的季節性波動一樣呢？

So I'll give you -- Richard, what you're bringing up is something we've really liked about this platform is the flexibility they have in having a variety of different ways to service the needs of their client. We actually found it to be the most -- there's a couple of different offerings in the space. And when we looked at them, what we found about AccessOne was most advanced technology with by far the most scale and flexibility.

所以我想說的是——理查德，你提到的這一點正是我們非常喜歡這個平台的一點，那就是它能夠靈活地提供各種不同的方式來滿足客戶的需求。我們發現它實際上是最……這個領域有好幾種不同的選擇。當我們對這些公司進行考察後，發現 AccessOne 擁有最先進的技術，規模和靈活性也遙遙領先。

So in all of our experience in working with healthcare clients is they want different things based on their needs. And with the AccessOne portfolio, whether it's funding or partial funding or full funding, the platform gives us the flexibility to meet them where they need that help. And we feel like it's -- gives us the flexibility to have a multitude of offerings to help them increase their cash flow, specifically cut the days outstanding.

因此，根據我們與醫療保健客戶合作的所有經驗，他們根據自身需求想要不同的東西。透過 AccessOne 投資組合，無論是全額資助、部分資助或全部資助，平台都能讓我們靈活地滿足他們的需求。我們覺得這讓我們能夠靈活地提供多種產品和服務，幫助他們增加現金流，特別是減少應收帳款週轉天數。

We expect over the next couple of years to learn a lot about each offering to resonate, which sets of clients. And I'm sure we'll be back talking about that as we see growing the marketplace, and we're pretty excited about it. And as far as seasonality measured, I think our go-to-market will probably be similar to how we position ourselves with providers.

我們預計在接下來的幾年裡，將對每項產品和服務如何引起共鳴，以及哪些客戶群能夠獲得成功有更深入的了解。我相信隨著市場的發展，我們會再次討論這個問題，我們對此感到非常興奮。至於季節性因素，我認為我們的市場推廣策略可能與我們與供應商的合作方式類似。

So from that motion, I don't think you should see anything different. However, we'll learn this as we go, Richard. But I think you could see more chunkiness in terms of how this revenue drops and when we do expand or land a new client, and we'll obviously communicate that as that happens, which we expect it to.

所以從這個動作來看，我認為你不應該看到任何不同之處。不過，我們會邊做邊學的，理查德。但我認為，隨著收入的下降以及我們擴張或獲得新客戶，收入可能會出現更大的波動，屆時我們當然會進行溝通，我們也預計這種情況會發生。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Balaji, I wanted to go back to the commentary you made around the fluidity in the network solution selling season this year. Is any of that due to just unknowns around how DTC advertising large is going to develop given just some of the political issues around that? And what gives you confidence that this fluidity is just really going to happen in fiscal '26 and what really impact fiscal '27?

巴拉吉，我想回到你之前對今年網路解決方案銷售季的流動性所做的評論。這是否只是因為考慮到圍繞 DTC 廣告的一些政治問題，DTC 廣告的未來發展存在許多未知數？是什麼讓您確信這種流動性真的會在 2026 財年發生，又是什麼真正會影響到 2027 財年？

Yes. Thanks, Daniel. So a couple of points there. First of all, yes, it is around the DTC topic, and I think that's why we're being a bit more measured. I think one earlier comment we made was as we sit here today on December 8, we're in a similar place we were last year at this time, but the numbers get bigger and the dollars are bigger. So that's one thing to consider.

是的。謝謝你，丹尼爾。所以，這裡有幾點需要說明。首先，是的，這確實與 DTC 主題有關，我想這就是我們採取更加謹慎態度的原因。我認為我們之前說過，今天，也就是 12 月 8 日，我們處境與去年這個時候類似，但數字更大，金額也更大。所以這是需要考慮的一點。

And then as far as just our positioning, and I think we've been talking about this in the past, when you think about our product and how we lead with permission and the value we bring to our life sciences clients and the return on value they see from that, we think we're very well positioned long term with the commentary and regulatory information that's come out of the administration so far. In fact, we agree with a fair amount of that.

至於我們的市場定位，我認為我們過去也討論過這個問題，當你想到我們的產品，以及我們如何以許可為導向，以及我們為生命科學客戶帶來的價值和他們從中獲得的價值回報時，我們認為，根據政府迄今為止發布的評論和監管信息，我們長期處於非常有利的地位。事實上，我們基本上同意其中的觀點。

So we think that's good and we think we're on the right side of where they're trying to go. But that said, we've got to get through the next several weeks to have a little more visibility. So that's why we made the comments we did.

所以我們認為這是好事，我們認為我們站在了他們努力的方向的正確一邊。但即便如此，我們還是需要撐過接下來的幾週才能更清楚地了解狀況。所以這就是我們發表那些評論的原因。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

I want to go back to the HCP opportunity and maybe ask about Medifine a little bit more specifically. We saw a recent partnership announcement between two provider directories that, to some extent, compete with each other and to some extent, to be with Metafine. So I was hoping you could update us on Metafinstractions and presided competitive advantages from offering an integrated platform connecting providers with scheduling and other patient engagement capabilities.

我想再談談與醫療保健專業人員 (HCP) 的合作機會，也許可以更具體地詢問關於 Medifine 的情況。我們最近看到兩個供應商目錄宣佈建立合作夥伴關係，這兩個目錄在某種程度上是彼此的競爭對手，並且在某種程度上都想與 Metafine 合作。所以我希望您能向我們介紹一下 Metafintractions 的最新情況，以及它透過提供一個將醫療服務提供者與日程安排和其他患者互動功能連接起來的整合平台而獲得的競爭優勢。

Jeff, we're curious what partnership you're talking bout -- do you mind sharing it because I don't think we're familiar with it.

傑夫，我們很好奇你所說的合作關係是什麼——你介意分享嗎？因為我們似乎不太了解。

Health grade is going to be using Zach Doc's scheduling capabilities.

Health Grade 將使用 Zach Doc 的排班功能。

Got it. Got it.

知道了。知道了。

We weren't aware of that. And we don't see it as being very competitive in the marketplace. What we've heard from a lot of specialists is that they're not in need of paying for leads -- and that's an impact, a lot of them think that it's just unethical and wrong. And so what our view on that has been for some time, is how do we help the right patients find the right doctors, not just the doctors that are willing to pay to get product placement in a directory.

我們對此並不知情。我們認為它在市場上並不具備很強的競爭力。我們從許多專家那裡了解到，他們不需要為潛在客戶付費——這造成了影響，很多人認為這樣做是不道德的，而且是錯誤的。因此，我們一直以來的觀點是，如何幫助合適的患者找到合適的醫生，而不僅僅是那些願意付費在名錄中獲得產品推廣位的醫生。

And so we've really focused our effort on driving and becoming the go-to source for the top specialists to be found by providers. And what we're pretty excited about is that by building it into the Phreesia platform, we're seeing just a phenomenal amount of uptick in volume usage, and we expect to keep investing heavily into this platform for some period of time.

因此，我們真正集中精力，致力於成為醫療服務提供者尋找頂尖專家的首選平台。我們非常興奮的是，透過將其建置到 Phreesia 平台中，我們看到了使用量的驚人成長，我們預計在一段時間內將繼續對該平台進行大量投資。

John Ransom, Raymond James.

約翰·蘭索姆，雷蒙德·詹姆斯。

Just looking at the Q3 EBITDA outperformance and the guide for 2027, what would you say because the jump in -- I know there's seasonality in payroll taxes, but the jumping all point seems a bit stronger than the implied guide. So any comments there other than the $900,000 you mentioned?

單看第三季 EBITDA 超預期表現和 2027 年的業績指引，您怎麼看？因為雖然我知道工資稅有季節性因素，但整體成長動能似乎比預期強勁一些。除了你提到的90萬美元之外，還有其他補充嗎？

Yes. So there's -- well, there's two items, John, there's the payroll taxes that our bad guy in Q4 just seasonality. And then we had that $900,000 good guy in Q3. So I think if you sort of have to use both of those, but I think it implies a little bit of improvement.

是的。所以，約翰，這裡有兩項，一項是工資稅，這是我們第四季度遇到的「壞人」帶來的季節性問題。然後我們在第三季簽下了一位身價 90 萬美元的好人。所以我覺得，如果你必須同時使用這兩種方法，那意味著會有一些改進。

But I think to the earlier comment I think question we had, we're certainly trying to leave ourselves some room to continue to perform there. And we expect that margin to get better. Is that helpful?

但我認為，對於先前的評論和我們提出的問題，我們當然會努力為自己留出一些空間，以便繼續在那裡演出。我們預計這一利潤率還會提高。這樣有幫助嗎？

And marketing spend was the big variance in our model. So maybe in your guide, what are you contemplating for year-over-year marketing spend growth?

行銷支出是我們模型中最大的差異點。那麼，在您的指南中，您對逐年行銷支出成長有何考慮呢？

I think you should expect marketing dollars to go up. I think we've got, obviously, a lot of growth initiatives that Haym spoke about earlier. So as a dollar amount, I think you should expect marketing dollars to go up.

我認為你應該預料到行銷預算會增加。我認為，很顯然，我們有很多海姆之前提到的成長計畫。所以從金額來看，我認為行銷經費應該會增加。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑，派珀·桑德勒。

And congrats on the close of AccessOne. Can you all elaborate a little bit on how Phreesia's call allows you to enter the provider workflow and surface educational content to the HCP just kind of mechanical mechanically, how does that work?

恭喜 AccessOne 專案圓滿結束。你們能否詳細說明一下 Phreesia 的呼叫功能是如何讓你們進入醫療服務提供者的工作流程，並以某種機械的方式向 HCP 提供教育內容的？它是如何運作的？

And then can you just remind us how much of Network Solutions revenue typically books ahead of the start of the calendar year versus upsold or cross-sold intra-year and whether FY26 is tracking consistent with historical experience?

那麼，您能否提醒我們一下，網路解決方案的收入通常有多少是在日曆年開始前確認的，又有多少是在年內追加銷售或交叉銷售的？ 2026 財年的收入狀況是否與歷史經驗一致？

So we are testing different types of ad formats. And obviously, it's still early into [Fregan] coal. And so there will be a ads in certain parts of the product where they're not creating any obtrusive workflow for the provider. Is just in the natural in the track of using the product. So we're in the process of testing those with our customers now in pilot.

所以我們正在測試不同類型的廣告形式。顯然，現在還處於（弗雷根）煤礦開採的早期階段。因此，產品中的某些部分會出現廣告，但這些廣告不會對提供者造成任何干擾性工作流程。這只是產品使用過程中自然而然的結果。所以，我們目前正在進行試點，與客戶一起測試這些功能。

So I think it's the early days are early, Jeff. And -- but on the early test that we have seen, we feel pretty confident they'll be very effective.

所以我覺得現在還為時過早，傑夫。但就我們目前看到的早期測試結果來看，我們很有信心它們會非常有效。

And then yes, I mean just we typically enter a calendar year because remember, a lot of those clients in the Network Solutions revenue are upper in the calendar year. So when you typing a calendar year with about 60% to 70% visibility.

是的，我的意思是，我們通常會進入一個自然年，因為請記住，網路解決方案收入中的許多客戶都是在自然年期間收入較高的。所以當你輸入日曆年份時，大約有 60% 到 70% 的可見區域。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Maybe a super quick answer. But going back to Jailendar's question earlier, he was asking about organic growth in FY27. And Balaji, you mentioned network fastest payment second, subscription third I just wanted to clarify if that's the organic rank ordering because I guess it's not intuitive to me why payments would be growing faster than subs next year.

或許可以很快回答。但回到 Jailendar 之前提出的問題，他問的是 2027 財年的有機成長情況。巴拉吉，你提到網路支付速度第二快，訂閱速度第三快。我只是想確認一下這是否是自然排名，因為我不太明白為什麼明年支付速度的成長速度會比訂閱速度更快。

Correct. So Jilandra's question was specifically excluding AccessOne, which is why we answered it that way. I haven't done the math to, but I think it would either be neck and neck or payments would be faster with XS-1.

正確的。所以 Jilandra 的問題明確排除了 AccessOne，因此我們才這樣回答了她。我還沒具體計算過，但我認為要么兩者不相上下，要么 XS-1 的支付速度會更快。

I can follow up with you later, but that was specifically about organic.

稍後我可以再跟你聯繫，但剛才那句話專門討論的是有機食品。

Clark Wright, D.A. Davidson.

克拉克·賴特，D.A.戴維森。

A lot of my answer, but wanted to real quick touch on if you can help us really understand the assumptions behind the fiscal 2027 top line outlook and the mix that you're seeing right now between the growth in account of AHCs versus the total revenue per AFC? And if that -- the assumptions you've made includes AccessOne with those figures?

我的回答有很多內容，但我想快速問一下，您能否幫助我們真正理解 2027 財年營收展望背後的假設，以及您目前看到的 AHC 帳戶增長與每個 AFC 總收入之間的比例關係？如果──你所做的假設也包含了 AccessOne 的資料呢？

Yes, it does. And I think, again, short cut math here is there's -- we use this average convention in the AHSC. So it's approximately 80%, and we're still just closing November for AccessOne. If it's about $80 for a year, we're saying about $15 million of it will fall into our fiscal '26. So really about $65 will fall into fiscal '27. So that's about 1 point of growth.

是的，確實如此。而且我認為，這裡簡單的數學方法是——我們在 AHSC 中使用了這種平均值約定。所以大概是 80%，而我們 11 月的 AccessOne 活動也才剛結束。如果一年大約是 80 美元，那麼我們說其中大約 1500 萬美元將計入我們的 2026 財年。所以實際上大約有 65 美元將計入 2027 財年。所以增加了大約1個百分點。

So when we put in our letter mid-single-digit AHSC growth, you could say about 1 point contribution coming from AccessOne in there.

所以，當我們在信中提到 AHSC 成長率為個位數時，你可以說 AccessOne 貢獻了約 1 個百分點。

(Operator Instructions) Jailendra Singh, Truist Securities.

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

I'm curious with shares trading at these valuation levels. What are your thoughts on returning shareholders on value via share buyback program -- and if that would even be a consideration in light of all the investment opportunities you are focused on?

我對目前這種估值水準的股票交易情況感到好奇。您如何看待透過股票回購計畫向股東返還價值？考慮到您目前關注的所有投資機會，這是否也是一個需要考慮的因素？

It would absolutely be a consideration. I think we did get approval to pursue that last year or earlier this fiscal year, actually. And I think now with this debt facility in place for AccessOne, we think the best use of free cash flow is to retire that debt.

這絕對會是一個值得考慮的因素。我認為我們去年或本財年早些時候就獲得了批准，可以進行這項工作。我認為，既然 AccessOne 已經獲得了這筆債務融資，那麼利用自由現金流的最佳方法就是償還這筆債務。

And we also have other areas we want to invest in. But Jailendra has absolutely been part of our thinking for several years now to try to take advantage of market dislocation. Obviously, right now, priority is the debt, but it's definitely 1 of our priorities.

我們還有其他想要投資的領域。但多年來，我們一直在考慮如何利用市場錯位來獲利，而 Jailendra 絕對是我們考慮的因素之一。顯然，眼下首要任務是償還債務，但這絕對是我們的優先事項之一。

With no additional questions, I will now turn the conference back over to Chaim Indig for closing remarks.

沒有其他問題了，現在我將把會議交還給 Chaim Indig，請他作閉幕致詞。

I want to thank everyone for joining us for our earnings call, and I wish everyone a happy holidays and a great new year, and I'll see you all in the new year. Thank you very much.

感謝大家參加我們的財報電話會議，祝大家節日快樂，新年快樂，新年再見！非常感謝。

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，感謝各位的參與。您現在可以斷開連線了。