Phreesia, Inc. (PHR) 2026 Q4 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Phreesia fourth quarter fiscal 2026 earnings conference call.

各位女士、先生，晚安，歡迎參加 Phreesia 2026 會計年度第四季財報電話會議。

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

(接線員指示) 首先，我想介紹 Phreesia 的財務長 Balaji Gandhi。Gandhi 先生，您可以開始了。

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

謝謝，接線員。晚安，歡迎參加 Phreesia 2026 會計年度第四季（截至 2026 年 1 月 31 日止）財報電話會議。今天與我一同出席的還有我們的執行長 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 website at ir.phreesia.com.

關於我們業績的更完整討論，請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的相關 Form 8-K 文件（其中包含我們的季度利害關係人信），兩者皆於今日收盤後發布。這些文件可於投資人關係網站 ir.phreesia.com 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.

提醒各位，今天的電話會議將被錄音，會議結束後可於我們的投資人關係網站 ir.phreesia.com 收聽重播。

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.

在今天的電話會議中，我們可能會做出前瞻性陳述，包括關於趨勢、我們預期的成長、我們的策略、對產業的預測，以及我們業務預期表現的陳述，其中包含對未來財務結果的展望。

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.

前瞻性陳述受到各種風險、不確定性及其他因素影響，可能導致我們的實際結果、表現或成就與前瞻性陳述中所描述者有重大差異。

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 annual report on Form 10-K that will be filed with the SEC tomorrow.

相關風險在我們的財報新聞稿、利害關係人信，以及我們向 SEC 提交文件中的風險因素章節有更完整的說明，包括我們將於明日向 SEC 提交的 Form 10-K 年度報告。

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.

本次電話會議中的前瞻性陳述係基於我們目前的觀點與預期，且僅截至陳述作出之日有效。

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.

我們不承擔更新之義務，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日期之後的事件或情況、反映新資訊，或反映未預期事件的發生。

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.

我們也可能提及某些不符合一般公認會計原則（GAAP）的財務衡量指標，例如調整後 EBITDA 與自由現金流，以向投資人提供額外資訊。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些非 GAAP 指標應與我們的 GAAP 結果一併考量，而不應取代 GAAP 結果，亦不應孤立解讀。

A reconciliation of GAAP to non-GAAP results may be found in our earnings release and stakeholder letter, which we furnished with our Form 8-K filed after the market closed today, 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.

GAAP 與非 GAAP 結果之調節表可見於我們的財報新聞稿與利害關係人信；我們已於今日收盤後隨 Form 8-K 向 SEC 提供，亦可於投資人關係網站 ir.phreesia.com 查閱。現在我將把電話會議交給我們的執行長 Chaim Indig。

Thank you for joining our fourth quarter and fiscal year 2026 earnings call. Fiscal year 2026 was a pivotal year in Phreesia's evolution, one defined by deliberate choices and disciplined execution.

感謝各位參加我們的第四季與 2026 會計年度財報電話會議。2026 會計年度是 Phreesia 演進過程中的關鍵一年，其特徵在於審慎的選擇與嚴謹的執行。

The decisions we made this year are the ones we made on our own terms, and we believe they will compound in our favor over the next several years and beyond.

我們今年所做的決策，都是在我們自身條件下做出的；我們相信，這些決策將在未來數年乃至更長時間內，持續為我們帶來複利效益。

I want to start by recognizing the Phreesia team, key product launches, client success stories, our largest acquisition and our achievement of key financial milestones are among the accomplishments the team contributed throughout the year.

我想先肯定 Phreesia 團隊；關鍵產品上市、客戶成功案例、我們最大的一筆收購，以及達成重要財務里程碑，都是團隊在一年中所貢獻的成果。

I want to thank everyone on the team for their dedication to Phreesia's mission, vision and values. This year, we crossed several critical financial milestones out of our internal targets. We surpassed $100 million in adjusted EBITDA, [approx] $50 million in free cash flow.

我要感謝團隊每一位成員對 Phreesia 使命、願景與價值觀的投入。今年，我們達成了多項關鍵財務里程碑，超越了內部目標。我們的調整後 EBITDA 超過 1 億美元，自由現金流約 5,000 萬美元。

And for the first time in our history as a publicly traded company, we delivered positive GAAP net income for a full fiscal year. Each of these is a meaningful milestone on its own. Together, they reflect a company that has made a calculated bets executed against them and is now scaling from a position of genuine financial strength.

此外，作為一家上市公司，我們在歷史上首次於完整會計年度實現 GAAP 淨利為正。上述每一項本身都是重要里程碑。合在一起，反映出公司做出了經過計算的押注、並有效執行，如今正以真正的財務實力為基礎擴大規模。

I want to take a moment to reflect on two growth initiatives we discussed on our last call, provider financing and HCP marketing because both made meaningful progress this year. On provider financing, the acquisition of AccessOne has been central to our strategy.

我想花點時間回顧我們在上次電話會議中討論的兩項成長計畫：醫療提供者融資（provider financing）與醫護人員（HCP）行銷，因為兩者今年都取得了實質進展。在醫療提供者融資方面，收購 AccessOne 一直是我們策略的核心。

We have now been operating in the business for several months, and our investment thesis has only been reinforced. Patient financial responsibility continues to rise in this country.

我們目前已在該業務營運數個月，而我們的投資論點只得到更進一步的印證。在美國，病患的財務自付責任持續上升。

Providers need tools to convert patient receivables into predictable cash flow. AccessOne gives us a market-leading solution to address that need at scale.

醫療提供者需要工具，將病患應收款轉化為可預測的現金流。AccessOne 為我們提供了市場領先的解決方案，可在規模化的情況下滿足該需求。

AccessOne is performing in line with our expectations, and we are actively working to expand our access to capital for our securitization programs so we can bring AccessOne solutions to a greater portion of our provider network. We are excited about the loan runway ahead.

AccessOne 的表現符合我們的預期；我們也正積極擴大證券化計畫的資金來源（資本取得），以便將 AccessOne 的解決方案帶給我們醫療提供者網路中更大比例的客戶。我們對未來的放款成長空間感到振奮。

On HCP marketing in early March, we announced the launch of Provider Connect, a first-of-its-kind offering for health care provider marketers. This is a natural extension of what we have built with Patient Connect, one of the most trusted and effective point-of-care media offerings in the industry.

在 HCP 行銷方面，我們於 3 月初宣布推出 Provider Connect，這是一項為醫療提供者行銷人員打造、業界首創的產品。這是我們在 Patient Connect 上所建立成果的自然延伸；Patient Connect 是業界最受信賴且最有效的照護現場（point-of-care）媒體方案之一。

Provider connect brings the same proven playbook real care and carers, patient-level relevance and privacy at the center to the provider side of the equation.

Provider Connect 將同一套經驗證的作法帶到醫療提供者端：以真實照護與照護者為核心、以病患層級的相關性與隱私為中心，納入整體方程式的提供者端。

We believe our ability to align both sides of the care conversation is something no one else in the market can do as comprehensively as Phreesia and we are excited to build on this foundation in fiscal 2027.

我們相信，我們能夠同時對齊照護對話的兩端，這是市場上沒有任何其他公司能像 Phreesia 一樣如此全面做到的；我們也期待在 2027 會計年度在此基礎上持續發展。

We entered fiscal 2027 having built the financial profile we intend to build, one that gives us the flexibility to pursue opportunities on offense and the resilience to absorb challenges without altering our course.

我們進入 2027 會計年度時，已建立起我們希望打造的財務體質：一個能讓我們在進攻端把握機會、並在不改變方向的前提下吸收挑戰、具備韌性的體質。

AccessOne and ECP are two of the opportunities we've discussed and we look forward to sharing more of them as well as other opportunities for growth and market extension. I also want to put our results in context. We are growing in a tough market.

AccessOne 與 ECP 是我們已討論過的兩項機會；我們也期待分享更多相關內容，以及其他成長與市場延伸的機會。我也想將我們的業績放在更大的脈絡中來看。我們是在艱困的市場中成長。

The health care industry is facing adversity, we are seeing challenges in FDA guidelines, insurance coverage, patient utilization and provider reimbursement.

醫療產業正面臨逆風；我們看到 FDA 指引、保險給付範圍、病患就醫使用量，以及醫療提供者給付（reimbursement）等方面的挑戰。

We believe our emphasis on building products that address access, affordability and outcomes with revenue generation tilted towards financial services and consent-driven patient engagement position us to be an enduring platform.

我們相信，我們著重打造能解決可近性（access）、可負擔性（affordability）與成效（outcomes）的產品，並將營收生成更偏向金融服務與以同意為基礎的病患互動（consent-driven patient engagement），使我們具備成為長青平台的定位。

Segments of the life sciences industry are facing challenges, and we are seeing this reflected in our shorter visibility into spending commitments from certain pharmaceutical manufacturers in our Network Solutions business.

生命科學產業的部分領域正面臨挑戰；在我們的 Network Solutions 業務中，我們也看到這點反映在某些製藥廠商的支出承諾能見度縮短。

This is an external dynamic, not a reflection of Phreesia's competitive position or the underlying demand for what we offer.

這是外部動態，並非 Phreesia 競爭地位或市場對我們所提供產品之基本需求的反映。

While we do not believe this reflects a structural shift in demand for Phreesia offers, it is creating more variability in our financial forecast, and we are reflecting that in our updated fiscal 2027 outlook that Balaji will walk through.

雖然我們不認為這反映了市場對 Phreesia 產品需求的結構性轉變，但它確實使我們的財務預測出現更大的變動性；我們也已在更新後的 2027 會計年度展望中反映此點，稍後 Balaji 將進一步說明。

AI is also playing an increasingly important role in how we operate. We are using AI, not just in the products we deliver to clients, but internally to automate manual processes, reduce our reliance on outsourced resources and drive greater efficiency across the business.

AI 也在我們的營運方式中扮演愈來愈重要的角色。我們使用 AI 不僅是在交付給客戶的產品中，也在內部用於自動化人工流程、降低對外包資源的依賴，並推動全公司更高的效率。

This is a meaningful contributor to our margin expansion and when we expect to continue to benefit from as we scale. We believe we are building the right company for this moment. One positioned to grow on its own terms as intelligence becomes embedded in how health care operates.

這是我們利潤率擴張的重要貢獻來源；隨著我們擴大規模，我們預期將持續受益。我們相信，我們正在為此刻打造正確的公司。當智慧能力逐步嵌入醫療運作方式之中，我們具備以自身節奏成長的定位。

Before handing it over to Balaji, I want to stress that our company is stronger than ever because of the decisions we've made, sometimes difficult ones. Our financial profile is strong, and we have a great team of leaders and a significant bench strength behind them.

在交給 Balaji 之前，我想強調：因為我們所做的決策（有些是艱難的決策），公司比以往任何時候都更強大。我們的財務體質強健，並擁有優秀的領導團隊，以及其背後深厚的人才梯隊。

We entered this fiscal year with several key priorities, positioning AccessOne for growth, scaling our HCP marketing offering and continuing to infuse AI into the Phreesia operating model.

我們在本財政年度開始時就確立了幾項關鍵優先事項，使 AccessOne 具備成長動能，擴大我們面向醫療照護提供者（HCP）的行銷產品，並持續將 AI 注入 Phreesia 的營運模式。

We believe these initiatives, combined with the discipline that has defined our recent performance put us in a very strong position to take advantage of the multiple growth opportunities that lie ahead.

我們相信，這些舉措加上近來表現所展現的紀律，使我們處於非常有利的位置，得以把握未來多項成長機會。

A more modest revenue growth year does not change our trajectory. It reflects a specific external dynamic in one part of our business. We believe the underlying platform is stronger than it has ever been. I'll now turn it over to Balaji to walk through the Q4 results and our fiscal 2027 outlook.

較為溫和的營收成長年度不會改變我們的發展軌跡。這反映的是我們業務中某一部分所面臨的特定外部動態。我們相信，底層平台比以往任何時候都更強健。接下來我把時間交給 Balaji，請他說明第四季業績以及我們對 2027 財年的展望。

Thank you, Chaim. Let me start with a few highlights from our fourth quarter and fiscal year 2026 results, and then I'll move into our outlook for fiscal 2027.

謝謝你，Chaim。我先分享幾項 2026 財年第四季與全年業績的重點，接著再談我們對 2027 財年的展望。

For the fourth quarter of fiscal year 2026, revenue was $127.1 million, up 16% year-over-year with growth led by Payment Solutions following the acquisition of AccessOne. Excluding the AccessOne acquisition, revenue was up 7% year-over-year.

在 2026 財年第四季，營收為 1.271 億美元，年增 16%，成長主要由支付解決方案（Payment Solutions）帶動，這與收購 AccessOne 後的貢獻有關。若排除收購 AccessOne 的影響，營收年增 7%。

Adjusted EBITDA was $29.4 million compared to $16.4 million in the same period in the prior year, representing an adjusted EBITDA margin of 23%.

調整後 EBITDA 為 2,940 萬美元，去年同期為 1,640 萬美元，調整後 EBITDA 利潤率為 23%。

Fourth quarter average healthcare services clients, or AHSCs, reached 4,658, an increase of 138% from the prior quarter. 80 of these AHSCs were contributed to the AccessOne acquisition. These results were in line with our expectations.

第四季平均醫療服務客戶數（AHSC）達 4,658 家，較前一季增加 138%。其中有 80 家 AHSC 來自收購 AccessOne 的貢獻。這些結果符合我們的預期。

Fourth quarter total revenue per AHSC was $27,279, up 8% year-over-year. There are several important financial milestones and developments included in our stakeholder letter, earnings release and 10-K filing that are worth highlighting.

第四季每家 AHSC 的總營收為 27,279 美元，年增 8%。我們在致股東信、財報新聞稿與 10-K 申報文件中提到數項重要的財務里程碑與進展，值得特別強調。

2026 was an important year for Phreesia's evolution as a profitable company. For the first year ever, we achieved positive net income and earnings per share.

2026 年是 Phreesia 朝向獲利公司演進的重要一年。我們史上首次達成淨利為正，且每股盈餘（EPS）為正。

Over the past several years, we have made very intentional decisions around capital allocation to accelerate our path to GAAP profitability because we have believed it will become increasingly important to the investment community.

過去幾年，我們在資本配置方面做出非常有意識的決策，以加速邁向 GAAP 獲利，因為我們相信這對投資社群將愈來愈重要。

Cash flow continues to improve. In the fourth quarter, net cash provided by operating activities was $33.7 million, up $17.4 million year-over-year. Free cash flow was $28.5 million, up $19.3 million year-over-year, our strongest quarterly free cash flow to date.

現金流持續改善。第四季營運活動提供的淨現金為 3,370 萬美元，年增 1,740 萬美元。自由現金流為 2,850 萬美元，年增 1,930 萬美元，為迄今最強的單季自由現金流表現。

The year-over-year improvements in operating cash flow and free cash flow were driven primarily by changes in working capital and operating cash flows provided by AccessOne. Cash and cash equivalents as of January 31, 2026, were $73.8 million compared to $84.2 million at January 31, 2025.

營運現金流與自由現金流的年增改善，主要由營運資金變動以及 AccessOne 所帶來的營運現金流所驅動。截至 2026 年 1 月 31 日，現金及約當現金為 7,380 萬美元，較 2025 年 1 月 31 日的 8,420 萬美元下降。

Finally, before moving into our fiscal year 2027 outlook, let me review our recently completed refinancing subsequent to the end of fiscal year 2026. On March 13, we completed a refinancing of our bridge loan.

最後，在進入 2027 財年展望之前，我先回顧我們在 2026 財年結束後近期完成的再融資。3 月 13 日，我們完成了對過橋貸款（bridge loan）的再融資。

We repaid all outstanding indebtedness under the bridge loan using $92 million of borrowings from a new five year $275 million senior secured revolving credit facility with Capital One, maturing on March 13, 2031. This replaces both the bridge loan and the prior ABL facility.

我們以向 Capital One 新設立的一筆 5 年期、2.75 億美元的優先擔保循環信用額度（senior secured revolving credit facility）借款 9,200 萬美元，償還過橋貸款項下所有未償債務；該信用額度將於 2031 年 3 月 13 日到期。此舉取代了過橋貸款以及先前的 ABL 額度。

The unused borrowing capacity is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes.

未動用的借款額度可用於營運資金、資本支出、允許的收購以及一般公司用途。

With the refinancing complete, we intend to prioritize allocation of capital to areas that we believe can enhance long-term shareholder value, which may include the paydown of long-term debt investment to support revenue growth acceleration and share repurchases as appropriate.

再融資完成後，我們計畫優先將資本配置於我們認為可提升長期股東價值的領域，其中可能包括償還長期債務、投資以支持營收加速成長，以及在適當情況下進行庫藏股回購。

Now transitioning to our financial outlook for fiscal year 2027. We've had several developments in recent weeks that drove our updated financial outlook for fiscal year 2027, which I will review and provide the reasons behind them. We are lowering our revenue outlook for fiscal year 2027.

接著談我們對 2027 財年的財務展望。近幾週出現了幾項進展，促使我們更新 2027 財年的財務展望；我將加以說明並提供背後原因。我們將下調 2027 財年的營收展望。

We now expect revenue to be in the range of $510 million to $520 million compared to our prior range of $545 million to $559 million. As we discussed in December, we are experiencing shorter visibility into spending commitments by certain pharmaceutical manufacturers.

我們目前預期營收將落在 5.10 億至 5.20 億美元之間，低於先前的 5.45 億至 5.59 億美元區間。如同我們在 12 月所討論的，我們對部分製藥廠商客戶的支出承諾可見度變得更短。

Over the past several weeks, we have seen even lower levels of dollars committed by certain Network Solutions clients for the second half of the fiscal year.

在過去幾週，我們看到部分 Network Solutions 客戶對本財年下半年所承諾的投入金額更低。

As Chaim mentioned, we do not believe these developments are signaling a structural shift in demand for Phreesia solutions. However, there's now more variability in our Network Solutions revenue forecasting particularly in the second half of each year.

如 Chaim 所提到的，我們不認為這些發展代表市場對 Phreesia 解決方案的需求出現結構性轉變。然而，我們在 Network Solutions 的營收預測上，特別是在每年下半年，變動性現在更高。

Our visibility into revenue across other parts of the business is generally consistent with our views in December 2025. Our new revenue range assumes no additional revenue from potential future acquisitions completed between now and January 31, 2027.

我們對於業務其他部分的營收可見度，整體而言與 2025 年 12 月時的看法大致一致。我們新的營收區間假設在現在至 2027 年 1 月 31 日之間完成的潛在未來收購，不會帶來任何額外營收。

We are maintaining our adjusted EBITDA outlook of $125 million to $135 million for fiscal year 2027. It is worth noting that we are holding our adjusted EBITDA outlook even as we reduce our revenue range or a reflection of the operating leverage we have built and our ability to respond quickly with further efficiency gains.

我們維持 2027 財年調整後 EBITDA 展望為 1.25 億至 1.35 億美元。值得注意的是，即使我們下調營收區間，仍維持調整後 EBITDA 展望，這反映了我們已建立的營運槓桿，以及我們能迅速透過進一步效率提升來因應的能力。

In addition to our continued confidence in the operating leverage embedded in our model, we have more recently identified significant opportunities to reduce our reliance on manual processes across Phreesia through the adoption of artificial intelligence.

除了我們對模型中所蘊含營運槓桿的持續信心之外，我們近期也透過導入人工智慧，辨識出在 Phreesia 全面降低對人工流程依賴的重大機會。

Initially, we expect to see efficiencies in our utilization of outsourced resources. We are maintaining our expectation for AHSC growth in the mid-single-digit percentage range in fiscal 2027.

初期，我們預期會在外包資源的使用上看到效率提升。我們維持 2027 財年 AHSC 成長為中個位數百分比區間的預期。

We are updating our outlook for total revenue per AHSC to a low single-digit percentage range compared to our low double-digit range previously, reflecting the Network Solutions headwinds I just described. Operator, I think we can now open up the lines for the Q&A session.

我們將每家 AHSC 的總營收展望更新為低個位數百分比區間，低於先前的低雙位數區間，反映我剛才所描述的 Network Solutions 逆風。接線員，我想我們現在可以開放電話線進入問答環節。

Sean Dodge with BMO Capital Markets.

BMO Capital Markets 的 Sean Dodge。

Yes. Maybe just starting with the dynamics in the Network Solutions end market. And just to kind of clarify the change in the guidance. Balaji, you framed it as having a lot of visibility to what clients are going to spend I guess is this across all clients there?

是的。也許先從 Network Solutions 終端市場的動態談起。並且想釐清一下指引變動的原因。Balaji，你的說法是對客戶將要花多少有很高的可見度——我想問這是涵蓋所有客戶嗎？

Or is it just a [subset of it], I mean, then I also like how, like what base do you think those budgets are or their intentions are at this point? Is there a chance that they come back in a few months and increase their second half spending commitments? Or are those pretty firm at this point?

還是只是一個[子集合]？另外，我也想了解，你認為目前這些預算或他們的意向大概是以什麼為基礎？是否有可能他們在幾個月後回頭提高對下半年的支出承諾？還是說目前這些承諾已相當確定？

Yes, Sean, this is Balaji. Thanks for the question. So I'll answer your second one first. It is very fluid. And I think that's one of the things we're trying to establish here is it's very early in the fiscal year, but we wanted to share this development with you now.

是的，Sean，我是 Balaji。謝謝你的提問。我先回答你第二個問題。目前情況非常動態。我想這也是我們要在此釐清的一點：現在仍在財年初期，但我們希望現在就與你分享這項進展。

But there's lots of activity that's happening in here. In fact, just getting updates in real time, things are going well in the fiscal first quarter. But we just think it's these shifting dynamics put us in a position where we think we want to be transparent and give you updates as the year goes on.

不過這裡面有很多活動正在發生。事實上，我們也在即時取得更新，財年第一季的進展良好。但我們認為這些變動中的動態使我們希望保持透明，並在年度進行期間持續向你提供更新。

So now pivoting to your, the first part of your question, it is not broad-based. It is in specific brand and therapeutic areas. I'll give you just a couple of examples of things we're seeing that warrants this change. vaccines.

所以回到你問題的第一部分，這並不是全面性的。而是發生在特定品牌與治療領域。我給你幾個我們看到、足以促使這項變動的例子：疫苗。

I don't think that should be a surprise to anyone on the call, but clearly, vaccine spending and targeted marketing around that has been pulled back.

我想這對電話會議上的任何人都不會意外，但很明顯，疫苗相關支出以及圍繞該領域的精準行銷已經縮減。

So that's been one area just generally public health with agencies in the federal government. We're also an area of growth for us in the past and we've written about in some of our letters. And that's also been an area. So those are just two examples. There's certainly a couple of others.

所以這一直是其中一個領域，整體而言也涉及聯邦政府機構的公共衛生。這過去也是我們的成長領域之一，我們也在一些股東信中提到過。而這同樣也受到影響。以上只是兩個例子。當然還有其他幾個。

But this is not a broad based. And I think as, even Chaim said in his opening remarks, not something that's happening specifically but happening on a macro basis in a couple of different areas.

但這不是全面性的。而且我認為，正如 Chaim 在開場致詞中所說，這不是某個特定事件造成的，而是在宏觀層面、在幾個不同領域同時發生的。

Ryan Daniels with William Blair.

William Blair 的 Ryan Daniels。

I'll continue down the network solutions path. Can you talk a little bit more about what you're assuming this year for Provider Connect.

我會沿著網路解決方案這條線繼續問。你能再多談談你們今年對 Provider Connect 的假設嗎？

I'm just curious if you think that's going to be a contributor as you look towards more HCP marketing versus traditional D2C and potentially how weak the guidance could have been if you didn't have a novel product offering to offset some of that weakness?

我只是好奇，當你們轉向更多 HCP 行銷、而非傳統 D2C 時，你是否認為它會成為貢獻者；以及如果沒有一個新穎的產品供給來抵消部分疲弱，你們的指引可能會有多弱？

Yes. Sure, Ryan. Very little. Very early days. still something we're very excited about. But this change in our revenue outlook has nothing to do with anything that's going on with something very small.

是的。當然可以，Ryan。非常少。還在非常早期的階段，我們仍然對此非常興奮。但我們這次對營收展望的變動，與這個非常小的項目發生的任何事情都無關。

In fact, again, that's obviously a very small base. the launch went well, and we do see some upside there. But for this conversation, it's very small.

事實上，再次強調，這顯然是非常小的基期。推出進展良好，我們也確實看到一些上行空間。但就這次討論而言，它的規模非常小。

Jeff Garro with Stephens.

Stephens 的 Jeff Garro。

I'll continue on our (inaudible) solutions. Balaji, you didn't mention price negotiations, most (inaudible) pricing or through some of the legislation, certain high-volume drugs getting their prices renegotiated with Medicare. So I wanted to check in on that factor and how that's impacting your pharma clients budgeting and your outlook in turn.

我會延續我們的（聽不清）解決方案話題。Balaji，你沒有提到價格談判、（聽不清）定價，或是透過某些立法，某些高用量藥品與 Medicare 重新議價。所以我想確認一下這個因素，以及它如何影響你們藥廠客戶的預算編列，進而影響你們的展望。

Yes. I mean we didn't mention that, and that's not really what we're tying it to, I think, on the earlier question around different therapeutic areas and some regulatory activity. that's what we pointed to. But Jeff, it probably is, it doesn't help with other topics.

是的。我們沒有提到那點，而且我們也不是把它作為主要連結因素；我想在先前那個關於不同治療領域與一些監管活動的問題上，我們指的是那些。但 Jeff，這可能確實會在其他議題上帶來不利影響。

Jailendra Singh with Truist Securities.

Truist Securities 的 Jailendra Singh。

I want to focus on the EBITDA guidance. I mean you talked about AI efficiency gains, but can you be more specific (inaudible) sort of that? What kind of cost actions are you implementing which is resulting in your EBITDA target still being unchanged, especially with revenue down $35 million, $39 million and majority of that cut coming into your higher-margin business.

我想聚焦在 EBITDA 指引。你提到 AI 帶來的效率提升，但你能更具體一點（聽不清）嗎？你們正在採取哪些成本措施，使得即使營收下修 3,500 萬到 3,900 萬美元、且其中大部分削減來自你們毛利較高的業務，你們的 EBITDA 目標仍能維持不變？

Just trying to better understand how much of the cost reduction is temporary in nature versus structural. And just give us a little bit more color on the cost initiatives.

我只是想更了解，成本削減中有多少是暫時性的、多少是結構性的。也請再多提供一些成本計畫的細節。

Yes. Thanks, Jailendra. So here's, I think just one way to think about this topic. If you just followed us, which I know you have over the past several years, we certainly put a lot of capital investment into the business. And our view has always been that we should become more efficient and drive more margin expansion in the business.

是的。謝謝你，Jailendra。我想這裡有一種思考方式。如果你一直關注我們——我知道你過去幾年都有——我們確實在業務上投入了大量資本性投資。而我們一直的看法是，我們應該變得更有效率，並推動業務的利潤率擴張。

and I think that continues. And that's what affords us to be able to continue to have the outlook for adjusted EBITDA that we do here.

而我認為這個方向仍在延續。這也正是讓我們能夠維持目前調整後 EBITDA 展望的原因。

Separately, I think the comments around AI are, I mean, again, probably not a secret to anyone on this call, but there have been some pretty big releases and developments that we are seeing is revolutionary in terms of how it can impact our business operationally, I think we did talk about manual processes.

另外，關於 AI 的評論——我的意思是，這對電話會議上的任何人可能也不是秘密——我們看到一些相當重大的發布與發展，從營運面來看，對我們業務的影響具有革命性；我想我們也談到過一些手動流程。

And I think we mentioned in the letter also specifically that some areas around outsourcing manual processes that we think we can drive a lot of efficiency through initially. But again, I'll just point you back to the numbers in the last three, really almost four years that we've always looked for ways to drive margin in the business.

而且我想我們也在信中特別提到，一些關於外包手動流程的領域，我們認為一開始就能透過這些帶來大量效率提升。但再次強調，我會請你回頭看過去三年、其實幾乎四年的數字，我們一直在尋找推動業務利潤率的方法。

Brian Tanquilut with Jefferies.

Jefferies 的 Brian Tanquilut。

This is Cameron on for Brian. I wanted to dig more into that EBITDA guidance a little further. When you're thinking about sales and marketing, and R&D spend. Are you expecting those to be up year-over-year still? Or is that part of that EBITDA margin improvement as well?

我是 Cameron，代 Brian 提問。我想再更深入追問一下 EBITDA 指引。當你們考量銷售與行銷、以及研發支出時，你們預期這些仍會年增嗎？還是這也是 EBITDA 利潤率改善的一部分？

Yes. I mean we haven't given very like specific guidance around those specific lines. But I think, again, we've talked historically about our expense base and there being a lot of room for margin expansion.

是的。我的意思是，我們沒有針對那些特定科目提供非常具體的指引。但我想，再次強調，我們過去一直談到我們的費用基礎，並且仍有很大的利潤率擴張空間。

I think what we've said over the past year is the progression of that, you saw gross margin improve then you saw G&A improve, then you saw sales and marketing improve as a percentage of revenue.

我想我們在過去一年所說的是其推進的節奏：你先看到毛利率改善，接著看到 G&A 改善，然後看到銷售與行銷占營收比重改善。

And we said R&D should probably be a bigger contributor of margin expansion or expense ratio improvement in fiscal '27. The others should also improve, but not much as R&D.

而我們也說過，研發在 2027 財年可能會成為利潤率擴張或費用率改善的更大貢獻者。其他項目也會改善，但不會像研發那麼多。

Jessica Tassan with Piper Sandler.

Piper Sandler 的 Jessica Tassan。

Can you maybe help us understand just on the payment side, the facilitator percent and volume variability in FY26, just what's going on to cause the facilitator volume to go from 82% in first half to 85% 3Q, 84% in 4Q? And then just do you expect payment processing revenue to grow outside of AccessOne in FY27.

你能否幫我們理解一下，在支付端，FY26 的支付促成商（facilitator）占比與交易量波動：到底發生了什麼，導致促成商交易量占比從上半年 82% 變成第三季 85%、第四季 84%？另外，你們是否預期 FY27 的支付處理營收在不含 AccessOne 的情況下仍會成長？

Yes, Jess. I think on the payment facilitator percentage, there's just certainly some client activity there where we've had some better attach rate. I don't think there's anything particularly noteworthy there.

是的，Jess。我想在支付促成商占比方面，主要是某些客戶活動帶來的影響，我們的綁定率（attach rate）有一些提升。我不認為這裡有什麼特別值得注意的。

I think consistent with what we said for a few years, we have tried to focus on payback and adding new clients where we can benefit from all the different products we can offer them.

我想這也與我們過去幾年所說的一致：我們一直試著聚焦在投資回收（payback），並新增那些我們能從所提供的各種產品中全面受益的新客戶。

And then on payments, nothing different on what we talked about in December, we expect it to grow year-over-year exclusive of AccessOne and that contribution. And I think it will, I don't think we've given a specific number, but I think it should, it will grow in the single digits.

至於支付業務，和我們 12 月談到的沒有不同；我們預期在不含 AccessOne 及其貢獻的情況下，仍會年增。而且我認為會的；我們沒有給出具體數字，但我想應該會是個位數成長。

Ryan MacDonald with Needham & Company.

Needham & Company 的 Ryan MacDonald。

In terms of AccessOne, you talked about your investment thesis has been reinforced over the past several months and positioning AccessOne for growth is obviously a key initiative for fiscal '27. Can you talk about, a bit more about your priorities there as you're looking to drive growth?

就 AccessOne 而言，你提到過去幾個月你們的投資論點更被強化，而讓 AccessOne 為成長做好定位顯然是 2027 財年的關鍵計畫。你能談談你們在推動成長時的優先事項嗎？

Is it more focused on a tighter integration and cross-selling opportunities between AccessOne and core Phreesia or more looking for ways to augment AccessOne as a stand-alone business unit? And how dependent is getting that, expanding your current access to capital for AccessOne to driving growth in that business in fiscal '27?

你們會更聚焦在 AccessOne 與核心 Phreesia 之間更緊密的整合與交叉銷售機會，還是更著重於強化 AccessOne 作為獨立事業單位的方式？另外，為 AccessOne 擴大目前資本取得能力，對於推動該業務在 2027 財年成長的依賴程度有多高？

Yes. Thanks, Ryan. So first of all, this isn't a very established franchise in the space, which is the reason we made the acquisition. So we expect to grow the products that we acquired based on that track record, et cetera, et cetera. Obviously, we're going to put more resources around it within Phreesia we already have.

是的。謝謝，Ryan。所以首先，這在這個領域並不是一個非常成熟的既有品牌，這也是我們進行收購的原因。因此，我們預期會基於其過往成績等因素，來成長我們所收購的產品，等等。顯然地，我們會在 Phreesia 內部投入更多資源來支持它，我們本來就具備這些資源。

As far as the importance of expanding the capital base to bring it to our base. That is also super important. And if you think about just sort of the progression, we closed the acquisition in November. First order of business was you wanted to move quickly on financing it.

至於擴大資本基礎、把它帶到我們的基礎之上的重要性。那也非常重要。如果你回顧整個進程，我們在 11 月完成了收購。第一要務就是希望能迅速推進融資。

We had the bridge loan. We went in and refinanced that. Now we've got a good long-term credit facility, and we paid down the bridge, and we'll continue to pay down debt.

我們有過橋貸款。我們進行了再融資。現在我們有一個良好的長期信貸融資安排，我們也償還了過橋貸款，並且會持續償還債務。

The next quarter very quickly behind it, which we've been very active on is expanding the capital base to bring us to Phreesia (inaudible) so statement for that, that will be another milestone we'll keep an eye on.

接下來很快的下一季，我們一直非常積極在做的是擴大資本基礎，把我們帶到 Phreesia（聽不清）所以就此而言，那將是我們會持續關注的另一個里程碑。

Richard Close with Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

On subscription pricing in the letter, you talked about optimizing client retention and also adoption. Just curious how much of that is really focused on retention and if you are seeing any increased pressures of current clients looking to change?

關於信中提到的訂閱定價，你談到要最佳化客戶留存以及採用率。我只是好奇，其中有多少其實是聚焦在留存上，以及你是否看到現有客戶想要更換所帶來的壓力增加？

Yes, Richard, I think this has also been a pretty consistent theme for us. I think Chaim, a lot of times, will talk to investor meetings about better, faster, cheaper in terms of what our products need to do.

是的，Richard，我認為這對我們來說也是一個相當一致的主題。我想 Chaim 很多時候在投資人會議上會談到「更好、更快、更便宜」，也就是我們的產品需要做到的事情。

So I'd say it's very offensive on our part, making sure that we're improving our existing product, giving our clients more product, but we are completely comfortable and have conviction that we should be providing more value, and that's why we think will drive more revenue growth in the other two revenue lines.

所以我會說，這對我們而言是非常進攻性的作法，確保我們在改善既有產品、為客戶提供更多產品；而且我們完全有信心並且堅信，我們應該提供更多價值，這也是為什麼我們認為這將推動另外兩條營收線的營收成長。

But I'd say it's more really proactive in OpEx about our part. We think it gives us a competitive advantage.

但我會說，這更多是我們在營運費用（OpEx）上的主動作為。我們認為這能帶來競爭優勢。

Stan Berenshteyn with Wells Fargo Securities.

Wells Fargo Securities 的 Stan Berenshteyn。

So back to network, if we think about the revenue that remains within the guidance that you've updated, are there any brands that are driving an outsized contribution to the revenue expectations? I'm just trying to think about revenue concentration, if there's anything to call out there?

回到網路（network）這塊，如果我們思考你更新後的指引中仍然保留的那部分營收，有沒有任何品牌對營收預期做出特別突出的貢獻？我只是想了解一下營收集中度，是否有什麼值得特別提出的？

Yes. Stan, I think what you asked was about the existing, the revenue that's built into our existing revenue outlook. Nothing particularly noteworthy there in terms of concentration. And again, going back, I think, to the original question of this call.

是的。Stan，我想你問的是，納入我們既有營收展望中的那部分營收。就集中度而言，沒有什麼特別值得注意的。而且再回到我想這通電話一開始的問題。

I mean, what we want to do is be able to update you as we go through the year as we have more visibility. So by no means are we trying to suggest that the year is done, and this is how we see revenue, but we think this is the right way to communicate for the rest of the year.

我的意思是，我們希望能在一年當中隨著能見度提高而持續向各位更新。所以我們絕不是在暗示今年已經定局、營收就會是我們現在看到的樣子；但我們認為，這是就今年剩餘期間而言，正確的溝通方式。

Joseph Vruwink with Baird.

Baird 的 Joseph Vruwink。

I wanted to ask about how you see AI changing the competitive landscape within the software business. I think patient intake is one of those categories where it's actually fairly common to use a specialist provider like Phreesia alongside maybe your EHR or Practice solution.

我想問你們如何看待 AI 對軟體業務競爭格局的改變。我認為病患報到／入院登記（patient intake）是其中一個類別，實務上相當常見的是，會在 EHR 或診所系統解決方案之外，另外搭配像 Phreesia 這樣的專業供應商。

Do you see AI capabilities, and you alluded to how Phreesia's benefiting itself from AI capabilities are the big kind of platform companies able to do that as well and maybe change the competitive dynamic?

你是否認為 AI 能力——你們也提到 Phreesia 自身如何受益於 AI 能力——大型平台公司也能做到，並可能改變競爭動態？

This is Chaim. We actually think that it's allowing us to increase the breadth of offerings that we can offer our clients. What we've seen in the market dynamics is really the scope of the value we could provide is increasing at a, frankly, at such a rapid pace that our clients are more than excited about what we're able to offer.

我是 Chaim。我們其實認為，這讓我們能擴大可提供給客戶的產品與服務廣度。我們在市場動態中看到的是，我們能提供的價值範圍正以非常、坦白說非常快速的速度擴張，因此客戶對我們能提供的內容感到非常興奮。

So I think that look, health care has a lot of room for continuous improvement and value for the patients and providers.

所以我認為，你看，醫療保健在持續改善方面仍有很大空間，能為病患與提供者帶來價值。

And we think that we're well suited given the contextual information that we have and our long history of providing value to the patient and the provider or we think that there is a lot more value that we can continue to provide to our clients beyond where we traditionally have played.

而且我們認為，憑藉我們所掌握的情境資訊，以及我們長期以來為病患與醫療提供者創造價值的歷史，我們非常適合持續為客戶提供更多價值，超越我們傳統上所涉足的範疇。

Steven Valiquette with Mizuho Securities.

Mizuho Securities 的 Steven Valiquette。

I guess also I have a question here on the Network Solutions. Your comments around the vaccines was helpful. I guess I'm curious also from a therapeutic perspective, but possible, curious to hear more on just GLP-1 drugs as a category, especially with some big FDA approvals on oral formulation in the first half of the year.

我想我也有一個關於 Network Solutions 的問題。你們對疫苗的評論很有幫助。我也好奇，從治療領域的角度來看，想多聽一些關於 GLP-1 藥物這個類別的看法，尤其是今年上半年有一些口服劑型獲得 FDA 的重大核准。

So I guess the question is really from a high level, are oral GLP-1s or GLP-1s more in the good guy camp for you for your fiscal '27 relative to your prior expectations? Are they kind of a bad guy relative to the prior?

所以我的問題是，從高層次來看，相較於你們先前的預期，口服 GLP-1 或 GLP-1 整體而言，對你們 2027 財年是偏「好人」還是偏「壞人」？相較於先前，它們是偏負面嗎？

Or no change? Just curious on that class in particular in this is kind of a big driver of variability for this year.

還是沒有變化？只是特別好奇這個藥物類別，因為它是今年波動性的一個重要驅動因素。

Yes, Steve, thanks for the question. On the margin, they're in the bad guy category as you would characterize it and amongst the other issues with vaccine and public health that you mentioned earlier.

是的，Steve，謝謝你的問題。就邊際影響而言，它們屬於你所形容的「壞人」類別，並且與你先前提到的疫苗與公共衛生等其他議題一起構成影響。

Scott Schoenhaus with KeyBanc.

KeyBanc 的 Scott Schoenhaus。

Balaji, I think in your prepared remarks, you mentioned that the visibility or the commitments from pharma worsened in the last few weeks. Wondering if you could provide any more color there.

Balaji，我想在你準備好的發言中，你提到過去幾週藥廠端的能見度或承諾變差了。想請你再多補充一些背景說明。

I know your provider connect is fairly new, but are you seeing the same levels of that sort of erosion in commitments on the provider Connect side as to Patient Connect? And then, in general, do you expect to see more or less or equal visibility from pharma budgets on provider Connect versus patient Connect?

我知道你們的 Provider Connect 還很新，但你們是否在 Provider Connect 端也看到與 Patient Connect 類似程度的承諾流失？另外，整體而言，你們是否預期在 Provider Connect 相較於 Patient Connect，藥廠預算的能見度會更高、較低，或差不多？

Yes. Thanks, Scott. So first of all, the commentary about recent updates, it has been all around Patient Connect. I think as we mentioned earlier, I mean provider Connect still very, very early.

是的。謝謝，Scott。首先，關於近期更新的評論，全部都圍繞在 Patient Connect。我想如同我們先前提到的，Provider Connect 仍然非常、非常早期。

In fact, if anything, the news has been more positive fiscal year-to-date, and we've had a lot of good news coming out of clients, and we're all very excited about it.

事實上，如果要說的話，今年迄今的消息反而更正面，我們從客戶那邊收到很多好消息，大家都非常興奮。

But again, it's inconsequential in terms of the magnitude of the numbers still and has some room for upside. So I can't, I'm not sure, Scott, if I remembered the rest of your question, so maybe you can jump back in the queue.

但同樣地，就數字規模而言仍然無關緊要，而且仍有上行空間。所以我不確定，Scott，我是否還記得你問題的其餘部分，也許你可以再回到隊列裡追問。

Daniel Grosslight with Citigroup.

Citigroup 的 Daniel Grosslight。

If you allocate the entire guidance reduction to Network Solutions, it seems like we're looking at kind of a high single digit, low double digit, sorry, high single digit, low double-digit year-over-year reduction in revenue.

如果把整個指引下修都分配到 Network Solutions，看起來我們面對的是營收年對年大約高個位數到低雙位數的下滑，抱歉，是高個位數到低雙位數的年對年營收下降。

I just want to make sure I'm thinking about that correctly for Network Solutions. And then from a (inaudible) cadence perspective, it sounded like 1Q was actually pretty strong relative to your expectations.

我只是想確認我對 Network Solutions 的理解是否正確。另外，從（聽不清）節奏的角度來看，聽起來第一季其實相對於你們的預期是相當強勁的。

So can you just walk us through how we should think about the quarterly cadence of Network Solutions or at least how it's contemplated in your guidance? And then lastly, you've previously ranked the growth of these three segments.

所以你能否帶我們走一遍，應該如何看待 Network Solutions 的季度節奏，或至少你們在指引中是如何納入考量的？最後，你們先前曾對這三個部門的成長做過排序。

I think you've previously said it's kind of Network Solutions first, then organic payments and then in subscription. I'm just curious if once we get around all of this disruption, how we should be thinking about the growth rate of the three segments longer term?

我想你之前曾說過，排序大概是先 Network Solutions，其次是有機支付，然後是訂閱。我只是好奇，一旦我們度過這些干擾之後，長期來看我們應該如何看待這三個分部的成長率？

Sure. So we do continue to believe that you should stack rank the contribution just on a normalized basis. But this year is clearly so far shaping up to be a little bit differently. I think as far as the year-over-year comparisons you did, again, without giving specific line item kind of outlooks here.

當然。所以我們仍然相信，在常態化的基礎上，你應該把貢獻度做一個由高到低的排序。但今年到目前為止顯然會呈現得有些不同。我想就你提到的年對年比較而言，再次強調，在這裡我不會提供各個細項的具體展望。

I think you'd say you should take away that the low end of the total revenue range implies it's going to be down a few points and the high end would imply it's about flat.

我想你可以這樣理解：總營收區間的低端意味著會下滑幾個百分點，而高端則意味著大致持平。

Ryan Halsted with RBC Capital Markets.

RBC Capital Markets 的 Ryan Halsted。

Maybe just a follow-up on the AccessOne question. So you've obviously been having a lot of progress in scaling the business.

也許追問一下 AccessOne 的問題。你們顯然在擴大這項業務規模方面取得了很大進展。

I guess how should we think about the next phases of scaling AccessOne in that are you expanding kind of you're, within your footprint and kind of identifying where you're currently maybe have some existing competencies and, or are you kind of broadening into new footprints?

我想問的是，我們應該如何看待 AccessOne 下一階段的擴張：你們是在既有版圖內擴展、並找出目前可能已具備一些既有能力的領域，還是會把版圖擴大到新的區域？

And then how should we think about that in terms of maybe start-up costs or other types of incremental costs to really further scale this?

另外，就為了進一步擴大規模而言，啟動成本或其他類型的增量成本，我們應該如何看待？

Yes. It's both, first of all. So it's, think about it as the capital base as we expand, will allow us to bring more of those solutions to Phreesia's existing clients. We also see opportunities that is completely greenfield outside of the areas we play today and they sort of think about a broader health care provider ecosystem.

是的。首先，兩者都有。所以可以這樣想：隨著我們擴大資本基礎，將使我們能把更多這類解決方案帶給 Phreesia 的既有客戶。我們也看到一些完全屬於綠地（greenfield）的機會，位於我們目前所涉足領域之外，並且可視為更廣泛的醫療照護提供者生態系的一部分。

So it's both. Again, I think that was the only question. Try to write these as we go here.

所以兩者都有。再次確認，我想那就是唯一的問題。我會一邊進行一邊把這些記下來。

Clark Wright with DA Davidson.

DA Davidson 的 Clark Wright。

You made a comment during the prepared remarks about the visibility into other revenue segments being consistent with December 2025 in the comments you made then.

你在事先準備的發言中提到，對其他營收分部的能見度，與你們在 2025 年 12 月當時的評論一致。

Could you maybe just provide additional details on what's going on in the payments business in terms of AccessOne as we look through the financials of how you grow that with additional, the additional credit facility that you've had and where do you see the potential opportunities primarily through new logos? Or is it cross-selling in the existing base?

你能否再提供一些細節，說明就 AccessOne 而言，支付業務目前的情況是什麼？當我們從財報角度來看，你們如何運用新增的信貸額度來推動成長？你認為主要的機會會來自新客戶（new logos），還是來自在既有客戶基礎上的交叉銷售？

And again, we assumed nothing in terms of growth in our fiscal '27 outlook when we laid it out back in December, and that continues today. In terms of the opportunities, there's net new opportunities, there's expansion opportunities within AccessOne's legacy client base with (inaudible) Phreesia.

另外，當我們在 12 月提出 2027 財年的展望時，我們在成長方面的假設是「不納入任何成長」，而目前仍然如此。就機會而言，有淨新增（net new）的機會，也有在 AccessOne 傳統客戶基礎內的擴張機會，並與（聽不清）Phreesia 相關。

And then I think last, which is where this soon-to-be expanded capital base that we're working on will allow us to bring us to other Phreesia.

最後我想說的是，我們正在推動、即將擴大的資本基礎，將使我們能把這些帶到 Phreesia 的其他（領域/客戶）。

John Ransom with Raymond James.

Raymond James 的 John Ransom。

If I think about the strategy over the past couple of years, it was to drive growth among providers that had higher prescription dispensing rates in order to drive network solutions. Just in light of what's happening with pharma, is that strategy being rethought? Or do you think this is just a speed bump?

如果我回顧過去幾年的策略，是在處方配藥率較高的醫療提供者中推動成長，以帶動 Network Solutions。鑑於藥廠端正在發生的事情，這個策略是否正在重新思考？還是你認為這只是個小波折？

Yes, John, speed bump is sort of a short answer. We still have a lot of conviction there. We think we have a very differentiated value proposition in terms of being able to provide valuable content to patients. So nothing has changed there and increasingly providers level.

是的，John，「小波折」算是簡短的回答。我們對此仍然非常有信心。我們認為，就能夠向病患提供有價值內容而言，我們有非常差異化的價值主張。所以這方面沒有改變，而且也越來越在醫療提供者層級上（發揮作用）。

Gene Mannheimer with Freedom Capital Markets.

Freedom Capital Markets 的 Gene Mannheimer。

Just thinking about your prepared remarks, you're holding the EBITDA guidance steady despite the revenue reduction. And I understand about the continuing margin expansion and efficiencies that you're driving.

就你們事先準備的發言來看，儘管營收下修，你們仍維持 EBITDA 指引不變。我理解你們持續推動的毛利擴張與效率提升。

But I mean, why not bias your EBITDA guidance toward the lower end of the range, unless you have such confidence in meeting or exceeding that range.

但我的意思是，為什麼不把 EBITDA 指引偏向區間的低端，除非你們對達成或超越該區間有非常高的信心？

Yes. I mean, Gene, I think we've been public for almost seven years, and we've tried to provide information as we know it and where we have conviction. So I think you should just sort of take that as, how we feel about that.

是的。我的意思是，Gene，我們上市將近七年了，我們一直嘗試在我們所掌握的資訊範圍內、以及我們有把握的地方提供資訊。所以我想你可以把這解讀為我們對此的感受與信心程度。

Jailendra Singh with Truist Securities.

Truist Securities 的 Jailendra Singh。

I just want to see if you can follow up. If you can kind of give some more color on why do you think the oral GLP-1 launching is a bad guy for Network Solutions next year? Just could you clarify this comment, Balaji?

我想再追問一下。你能否多補充一些背景：為什麼你認為口服 GLP-1 的上市，明年會對 Network Solutions 不利？Balaji，你能否澄清一下這個評論？

Yes. I didn't hear anything about world specifically. I thought it was more of a broader comment around FDA activity and the general category. So there's nothing about the response that is specific to oral.

是的。我沒有聽到任何特別針對「口服」的內容。我認為那更像是對 FDA 動態以及整體類別的更廣泛評論。所以回覆中沒有任何是特別針對口服的。

Ryan MacDonald with Needham & Company.

Needham & Company 的 Ryan MacDonald。

Thanks for time on the second one. Balaji, maybe if you could just clarify, as we think about the flow of network solutions throughout the year, is Network Solutions starting off at a lower base than what you expected in Q1 of fiscal '27?

謝謝讓我問第二個問題。Balaji，也許你能澄清一下：當我們思考 Network Solutions 全年走勢時，Network Solutions 在 2027 財年第一季的起點，是否比你們原先預期的基期更低？

Because you also said, I guess you said Q1 is going better than expected? Or are we looking at really like sort of the lack of visibility means that Network Solutions revenues are sort of down in second half relative to first half and sort of little impact to the first half expectations?

因為你也說過，我想你說第一季表現比預期更好？還是說，我們應該理解為：由於缺乏能見度，Network Solutions 的營收在下半年相對於上半年會下滑，而對上半年的預期影響不大？

That's generally we should take away the latter part of what you said, Ryan, but here's the thing. I think we've tried to explain this to you. There's, it is very complex. There's a lot of different moving parts and data that goes into our ability to reach the right patient with the right message.

Ryan，你大致上應該採用你後半段所說的那種理解，但事情是這樣的。我想我們已經試著向你解釋過。這非常複雜。我們要能把正確的訊息傳遞給正確的病患，背後牽涉很多不同的變動因素與資料。

So there's a lot of pacing involved too. But generally speaking, our view here is it's around the second half of the year, not the first half.

因此也涉及很多投放節奏（pacing）。但一般而言，我們的看法是影響主要在下半年，而不是上半年。

And with no further questions, I will now turn the conference back over to Mr. Chaim Indig for closing remarks.

若沒有其他問題，我現在把電話會議交回給 Chaim Indig 先生作結語。

I'd like to thank everyone for joining us for the fiscal Q4 2026 earnings call. And I want to thank my teammates for a really strong year, and I look forward to the year ahead. And everyone know, I hope enjoys spring, talk to you in a couple of months.

感謝各位參加 2026 財年第四季財報電話會議。我也要感謝我的團隊，這一年表現非常出色，我也期待接下來的一年。也希望大家都能享受春天，我們幾個月後再聊。

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

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。