Health Catalyst,Inc。(HCAT) 首席执行官 Dan Burton 在 2019年 第二季度业绩 - 收益电话会议记录

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Health Catalyst, Inc. (NASDAQ: HCAT) Q2 2019 Earnings Conference Call August 22, 2019 5:00 PM ET

Health Catalyst,Inc。(纳斯达克股票代码:[HCAT])2019年第二季度收益电话会议2019年8月22日美国东部时间下午5:00

公司参与者

Adam Brown - Senior Vice President of Investor Relations
Dan Burton - Chief Executive Officer
Patrick Nelli - Chief Financial Officer

  • Adam Brown - 投资者关系高级副总裁
  • Dan Burton - 首席执行官
  • Patrick Nelli - 首席财务官

电话会议参与者

Jack Rogoff - Goldman Sachs
Anne Samuel - J.P. Morgan
Ryan Daniels - William Blair
Sean Wieland - Piper Jaffray
Susy Tibaldi - Evercore ISI
Daniel Grosslight - SVB Leerink
Sandy Draper - SunTrust Robinson Humphrey

  • 杰克罗格夫 - 高盛
  • 安妮塞缪尔 - J.P.摩根
  • 莱恩丹尼尔斯 - 威廉布莱尔
  • Sean Wieland - Piper Jaffray
  • Susy Tibaldi - Evercore ISI
  • Daniel Grosslight - SVB Leerink
  • Sandy Draper - SunTrust Robinson Humphrey

会议主持员

Good day ladies and gentlemen, and welcome to the Health Catalyst Incorporated Second Quarter 2019 Earnings Conference Call. And at this time, all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will follow at that time. [Operator Instructions]
I would now like to introduce your host for today’s conference, Mr. Adam Brown, Senior Vice President of Investor Relations for Health Catalyst. Sir, you may begin.

女士们,先生们,祝您好运,欢迎参加Health Catalyst Incorporated 2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 稍后我们将进行问答环节,并在那时进行说明。 [操作说明]

我现在想向大家介绍今天的会议,健康催化剂投资者关系高级副总裁Adam Brown先生。 先生,你可以开始吧。

Adam Brown

亚当布朗

Good afternoon, and welcome to Health Catalyst’s earnings conference call for the second quarter of 2019, which ended on June 30, 2019. My name is Adam Brown. I am the Senior Vice President of Investor Relations for Health Catalyst and with me on the call is Dan Burton, Health Catalyst’s Chief Executive Officer and Patrick Nelli, Health Catalyst’s Chief Financial Officer.
A complete disclosure of our results can be found in our press release issued today, as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website at ir.healthcatalyst.com.
As a reminder, today’s call is being recorded and a replay will be available following the conclusion of the call. During the call, we will make forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding trends, strategies, and anticipated performance of the business. These forward-looking statements are based on management’s current views and expectations as of today and should not be relied upon as representing our views as of any subsequent days. We disclaim any obligation to update any forward-looking statements or outlook. Actual results may differ materially.
Please refer to the risk factors in our most recent Form S1 and Form 10-K and 10-Qs to be filed with the SEC. We will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of non-GAAP to GAAP measures is provided in our press release. During the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details maybe one-time in nature and we may or may not provide updates in the future.
With that, let me turn the call over to Dan for his prepared remarks and then Patrick will provide prepared remarks, as well as provide the outlook for Q3 and full year 2019. Dan and Patrick will then take your questions. Dan?

下午好,欢迎来到2019年6月30日结束的2019年第二季度Health Catalyst的收益电话会议。我叫Adam Brown。我是Health Catalyst的投资者关系高级副总裁,我的电话会议是Health Catalyst首席执行官Dan Burton和Health Catalyst首席财务官Patrick Nelli。

完整披露我们的结果可以在我们今天发布的新闻稿中找到,也可以在我们向SEC提供的相关表格8-K中找到,这两份表格可以在我们网站的投资者关系部分获得:ir.healthcatalyst.com 。

提醒一下,今天的电话正在录音,电话会议结束后将重播。在电话会议期间,我们将根据1995年“私人证券诉讼改革法案”的安全港条款,就业务的趋势,策略和预期业绩制定前瞻性陈述。这些前瞻性陈述基于管理层截至今日的当前观点和预期,不应依赖于代表我们随后任何日子的观点。我们不承担更新任何前瞻性陈述或前景的义务。实际结果可能会有重大差异。

请参考我们最近的表格S1和表格10-K和10-Q中的风险因素,以便向美国证券交易委员会提交。我们还将参考某些非GAAP财务指标,为投资者提供额外信息。我们的新闻稿中提供了非GAAP与GAAP措施的对账。在通话期间,我们可能会提供增量指标,以便更深入地了解我们业务的动态。这些细节可能是一次性的,我们可能会或可能不会在将来提供更新。

有了这个,让我把这个电话转给丹准备的言论,然后帕特里克将提供准备好的评论,并提供第三季度和全年2019年的前景。丹和帕特里克将接受你的问题。担?

Dan Burton

丹·伯顿

Thank you, Adam and thank you to everyone who has joined us to discuss our second quarter 2019 performance. We are excited to hold our first earnings call as a public company. For those of you that Patrick and I had the opportunity to visit with during our IPO road show, let me express appreciation for your interest in our company. For those on this call who are new to Health Catalyst, welcome.
Given that this is our first quarterly call as a public company, I’d like to make some introductory comments about Health Catalyst. We are a leading provider of data and analytics technology and services to healthcare organizations. Our solution is comprised of a cloud-based data platform, analytics software and professional services expertise.
Our customers who are primarily healthcare providers use our solution to manage their data, divide analytical insights to operate their organizations and produce measurable clinical, financial and operational improvements. Health Catalyst was founded in 2008 by pioneers within the healthcare data and analytics industry.
From the beginning, the Health Catalyst Solution has been focused on enabling our mission to be the catalyst for massive measurable, data-informed healthcare improvement. We accomplish our mission with each of our customers by delivering on the three components of our solutions, the data platform, analytics applications and services expertise, which together drives measurable improvements for our customers.
We describe this process collectively as the Health Catalyst flywheel. At the center of our flywheel is the engagement of our team members. Team member engagement is foundational to everything we do at Health Catalyst and it’s the highest priority of our leadership team. When team members feel connected to our mission and are listened to, cared for and respected at an extraordinary level, they produce outstanding work, which enables our customers to measurably improve as customers realize measurable improvements.
The trust in Health Catalyst builds their engagement and our shared work increases and they choose to renew and expand their relationship with us while also referring Health Catalyst to key decision-makers at other potential customers. This customer renewal expansion and referral produces sustainable, scalable and predictable financial performance.
Transitioning to our second quarter financial results. I am pleased to report that relative to the preliminary unaudited financial result ranges we shared in our S1, our total revenue exceeded the high end of the range and our total adjusted gross profit and adjusted EBITDA came in at the high end of the range.
We achieved Q2 revenue of $36.8 million, which represents an increase of 60% year-over-year and on an organic basis, without the impact from our Medicity acquisition represents an increase of 32% year-over-year.
Total adjusted gross margin in the second quarter was 52%, which compares favorably to 47% in the second quarter last year and adjusted EBITDA in the second quarter was a loss of $5.7 million, which shows improvement from a loss of $8.0 million in the prior year.

感谢Adam,感谢所有加入我们讨论2019年第二季度业绩的人。我们很高兴能够作为一家上市公司举行第一次财报电话会议。对于那些Patrick和我有机会在我们的首次公开募股路演期间访问的人,请允许我对您对我们公司的兴趣表示感谢。对于那些刚接触Health Catalyst的人,欢迎。

鉴于这是我们作为上市公司的首次季度召集,我想对Health Catalyst做一些介绍性评论。我们是医疗保健组织数据和分析技术和服务的领先提供商。我们的解决方案包括基于云的数据平台,分析软件和专业服务专业知识。

我们主要是医疗保健提供商的客户使用我们的解决方案来管理他们的数据,划分分析见解以运营他们的组织,并产生可衡量的临床,财务和运营改进。 Health Catalyst成立于2008年,是医疗保健数据和分析行业的先驱。

从一开始,Health Catalyst解决方案一直致力于使我们的使命成为大规模可衡量,数据通知的医疗改进的催化剂。我们通过提供解决方案的三个组成部分,数据平台,分析应用程序和服务专业知识,与我们的每个客户共同完成使命,这些组件共同为我们的客户带来可衡量的改进。

我们将此过程统称为Health Catalyst飞轮。飞轮的中心是我们团队成员的参与。团队成员参与是我们在Health Catalyst所做的一切的基础,也是我们领导团队的最高优先事项。当团队成员感到与我们的使命联系在一起,并在非凡的层面上得到倾听,关心和尊重时,他们会创造出色的工作,这使我们的客户能够在客户实现可衡量的改进时实现可观的改进。

对Health Catalyst的信任建立了他们的参与度,我们的共享工作也在增加,他们选择更新和扩展与我们的关系,同时将Health Catalyst引用给其他潜在客户的关键决策者。此客户续订扩展和转介可产生可持续,可扩展且可预测的财务业绩。

过渡到我们的第二季度财务业绩。我很高兴地报告,相对于我们在S1中分享的初步未经审计的财务业绩范围,我们的总收入超出了该范围的高端,我们的调整后总毛利和调整后的EBITDA处于该范围的高端。

我们实现了第二季度收入3680万美元,同比增长了60%,并且没有受到医疗收购的影响,同比增长32%。

第二季度调整后的总毛利率为52%,与去年第二季度的47%相比,第二季度的调整后EBITDA为570万美元,与之前的800万美元相比有所下降。年。

For those familiar with the Health Catalyst story, you’ll recall that we measure our company performance in the three primary strategic objective categories of improvement, growth and scale and we’ll discuss our second quarter results with you in each of these categories.
The first category, improvement is focused on evaluating our ability to enable massive, measurable improvements for our customers while sustaining industry-leading satisfaction and engagement. Let me spend a few moments reviewing some of the metrics and criteria that we use to evaluate our performance within the improvement category.
As I mentioned earlier, team member engagement is at the center of the Health Catalyst flywheel. In the second quarter of 2019, we were pleased to have achieved a gallop team member overall satisfaction score in the 98th percentile. This company satisfaction level is relative to nearly 700 U.S. companies. Our customer satisfaction is driven by the quality of our solutions across data, analytics and expertise.
We have been recognized as an industry leader from numerous external industry organizations. During the first half of 2019, we received additional positive market validation. As an example, Chilmark and its report titled Provider Analytics Solutions and Tools for Healthcare Delivery recognized Health Catalyst as one of only two vendors to receive Straight A grades in both product capabilities and the market execution.
Through our solution, which combines a data platform, analytics applications, and services expertise, our customers realize measurable clinical, financial and operational improvements. This process builds trust and customer engagement increases as the relationship matures. That gives you a sense of how we think about improvement.
But from a measurability standpoint, I am pleased to report that we achieved a record number of documented improvements in the first half of 2019 with the first half of 2019 totaling more documented improvements than we achieved in all of 2018. In our view, this strong performance in customer verified improvements is evidence of the Health Catalyst flywheel accelerating.
In a documented improvement from the recently published Allina Health Case Study, our solution was used to create a predictive model that could successfully support a propensity to paid strategy. This initiative resulted in an increase of $2 million in the overall collections in just one year and a 37.5% improvement in the number of outbound calls.
In another example of the documented improvement from a recently published case study, Community Health Network recognized its improvement efforts were often siloed and not widespread across the organization.
They use our solution to develop a new, system-wide improvement strategy resulting in more than $15 million of savings including $8 million in sepsis cost savings and a 35% reduction in mortality for patients with sepsis prior to admission saving 124 lives. We’d encourage you to please visit our website to view hundreds of documented customer case studies.

对于那些熟悉Health Catalyst故事的人,您会记得我们在改进,增长和规模的三个主要战略目标类别中衡量我们公司的表现,我们将在每个类别中与您讨论我们的第二季度业绩。

第一类,改进的重点是评估我们为客户实现大规模,可衡量的改进的能力,同时保持行业领先的满意度和参与度。让我花点时间回顾一下我们用来评估改进类别中的绩效的一些指标和标准。

正如我之前提到的,团队成员参与是Health Catalyst飞轮的核心。在2019年第二季度,我们很高兴能够在第98个百分位上获得一个疾驰团队成员的总体满意度得分。该公司的满意度相对于近700家美国公司而言。我们的客户满意度源于我们跨数据,分析和专业知识的解决方案的质量。

我们被众多外部行业组织认可为行业领导者。在2019年上半年,我们获得了额外的积极市场验证。例如,Chilmark及其题为“提供商分析解决方案和医疗保健交付工具”的报告认为,Health Catalyst是仅有的两家在产品功能和市场执行方面获得Straight A等级的供应商之一。

通过我们的解决方案,它结合了数据平台,分析应用程序和服务专业知识,我们的客户实现了可衡量的临床,财务和运营改进。随着关系的成熟,这一过程建立了信任和客户参与度。这让您了解我们如何看待改进。

但从可衡量的角度来看,我很高兴地报告说,我们在2019年上半年取得了创纪录的改进记录,2019年上半年的记录总数比2018年的总和还要多。我们认为,客户验证改进的性能是Health Catalyst飞轮加速的证据。

根据最近发布的Allina Health案例研究的记录改进,我们的解决方案被用于创建一个可以成功支持付费策略倾向的预测模型。这项举措仅在一年内使整个系列增加了200万美元,并且出站呼叫数量增加了37.5%。

在最近发布的案例研究中记录的改进的另一个例子中,社区健康网络认识到其改进工作经常是孤立的,并且在整个组织中并不普遍。

他们使用我们的解决方案开发一种新的全系统改善策略,节省超过1500万美元,包括800万美元的败血症成本节省和脓毒症患者死亡率降低35%,入院前可挽救124人的生命。我们鼓励您访问我们的网站,查看数百个记录在案的客户案例研究。

The next category in which we measure our results is growth, which we define as adding new customers, while also deepening existing customer relationships. Now let me spend a few moments reviewing some of the metrics and criteria we use to evaluate our performance within the growth category.
In terms of our overall market, we are in the early innings of healthcare organizations adoption of robust analytics capabilities and while we continue to believe that the adoption of technology and healthcare industry moves more slowly than most other industries, we feel that the underpenetration will provide us with long-term sustainable growth.
As we shared during our road show, we anticipate greater than 20% revenue growth on an annual basis over the long-term. We see that the market demand for our solution is strong and the problem Health Catalyst is helping to solve is only intensifying. We are encouraged to see that healthcare organizations are increasingly recognizing that making investments in data, analytics and expertise are essential to success in this challenging environment.
Additionally, these investment decisions are increasingly being made by multiple constituents in the C-suite including the CFO, which we believe is indicative of the mission-critical nature of our solution to healthcare organizations.
Likewise, in Q2 2019, we conducted our semi-annual company-wide market and business assessment, which highlighted to our leadership team the strengths and criticality of our offering in our core market, as well as in adjacencies where our solution is the natural fit but we are currently underpenetrated.
In terms of driving long-term growth, we think about five strategic levers. First, expansion within our existing customer base; second, growth of our overall customer base; third, the addition of new applications and services; fourth, the growth of our addressable markets through adjacencies; and fifth, partnerships and mergers and acquisitions.
We started the first half of 2019 with strong sales performance and we are well positioned to deliver on the growth that we discussed on our IPO road show. In terms of highlights, we saw continued success in our core market in the second quarter.
As one example, after an extensive review of multiple vendors, INTEGRIS Health, Oklahoma’s largest not-for-profit health system with more than 1800 licensed beds and 1400 physicians selected Health Catalyst as its data and analytics partner. INTEGRIS sought to leverage our data platform, along with our analytics applications and services expertise to deliver a comprehensive solution that will equip their providers with analytics to fuel improvements that will drive value for their patients and their communities.
We also saw early evidence of receptivity to our solution outside of our core market including signing contracts internationally and in the life sciences market, while we are extremely early in these areas, these data points reinforce our belief that there is broad applicability of our solutions across the healthcare landscape, which should enable sustainable growth for many, many years to come.

我们衡量业绩的下一个类别是增长,我们将其定义为增加新客户,同时加深现有客户关系。现在让我花点时间回顾一下我们用来评估增长类别中的绩效的一些指标和标准。

就我们的整体市场而言,我们处于医疗保健组织采用强大分析能力的早期阶段,虽然我们仍然认为技术和医疗保健行业的采用比大多数其他行业的发展速度慢,但我们认为渗透率将提供我们长期可持续增长。

正如我们在路演期间分享的那样,我们预计长期内每年的收入增长率将超过20%。我们看到市场对我们解决方案的需求很强,而且Health Catalyst正在帮助解决的问题只是在加剧。我们被鼓励看到医疗保健组织越来越认识到,在这个充满挑战的环境中,对数据,分析和专业知识的投资对于成功至关重要。

此外,这些投资决策越来越多地由高管中的多个成员(包括首席财务官)做出,我们认为这表明我们的医疗保健组织解决方案的关键任务性质。

同样,在2019年第二季度,我们进行了半年度的公司范围的市场和业务评估,向我们的领导团队强调了我们在核心市场中的优势和关键性,以及我们的解决方案自然适合的邻接但我们目前处于渗透状态。

在推动长期增长方面,我们考虑五个战略杠杆。首先,扩大我们现有的客户群;第二,我们整体客户群的增长;第三,增加新的应用和服务;第四,通过邻接可扩展我们的可寻址市场;第五,合伙和兼并和收购。

我们从2019年上半年开始,销售业绩强劲,我们有能力实现我们在IPO路演中讨论的增长。就亮点而言,我们在第二季度的核心市场取得了持续的成功。

例如,经过对多家供应商的广泛审查,俄克拉荷马州最大的非营利性医疗系统INTEGRIS Health拥有1800多张许可病床,1400名医生选择Health Catalyst作为其数据和分析合作伙伴。 INTEGRIS寻求利用我们的数据平台,以及我们的分析应用和服务专业知识,提供全面的解决方案,为其供应商提供分析,以推动改善,为患者及其社区带来价值。

我们还看到了早期证据表明我们的解决方案可以接受我们的核心市场以外的解决方案,包括在国际和生命科学市场签订合同,而我们在这些领域非常早,这些数据点强化了我们的信念,即我们的解决方案具有广泛的适用性。医疗保健领域,应该在未来许多年内实现可持续增长。

Lastly, our pipeline of potential growth opportunities supports our guidance for the second half of the year. Also under the category of growth, we’d like to highlight the introduction of one of our recently generally available analytics applications. As a reminder, the second part of our solution is our suite of analytics software applications, which are built on top of our data platform.
These analytics applications allow our customers to pinpoint opportunities for measurable improvements across their entire enterprise. These analytics applications have been developed during the last few years and represent a meaningful growth opportunity for our existing customers and an attractive value proposition for prospective customers. Five of these analytics applications are generally available with the remainder becoming generally available in the next year or so.
In June, we introduced our Population Health Foundation Solution to support healthcare organizations who are increasingly assuming a greater share of the financial risk for the health of populations all while healthcare cost continue to grow meaningfully. This is an important enhancement to the company’s existing population health technology delivering the insights to the comprehensive cross continuum views that healthcare organizations need to succeed within value-based care.
The Population Health Foundation Solutions data and analytics first approach draws on a wealth of data sources, domain knowledge, and adaptable analytic tools to meet the dual imperatives of high quality care and cost containment. Risk bearing arrangements require intelligent tools to help identify and stratify patient populations and financial performance analytics to ensure clinical operations align with contract targets.
The population health foundations analytics application delivers these capabilities in a formed design to grow with organizations as they take on risk and with a knowledgeable, experienced partner to drive optimization of the technology and a greater number of improvements.
In the first half of 2019, we also released our Rapid Response Analytics Solution. Our Rapid Response Analytics Solution addresses three fundamental needs to the healthcare organizations. First, dramatically increasing the efficiency and productivity of data analysts and data scientists so they can operate at the top of their skillset.
Second, improving analytic consistency and data governance. And third, reducing the total cost of ownership for data platforms and enterprise data warehouses. Informal Health Catalyst survey of healthcare data analysts and data scientists reveals that they spend 80% to 90% of their time moving, organizing and curating data and only 10% to 20% of their time on analytics that benefit their organization.
The Rapid Response Analytics Solutions consists of two primary elements. Curated modular data kits called DOS Marts and Population Builder, a powerful self-service tool that lets any type of user from physician executive to frontline nurse, explore their data and quickly build cohorts of patients without relying on IT staff or the need for customized coding. The results confirmed by early deployment at customer sites hitting 90% reduction in the time required to develop new analytic insights, which can translate into up to a 10 x efficiency multiplier in developing analytics. We are pleased with early market receptivity to this new solution and we believe this will be a powerful value proposition within our market.

最后,我们的潜在增长机会渠道支持我们对下半年的指导。此外,在增长类别下,我们还要重点介绍我们最近普遍提供的一种分析应用程序。提醒一下,我们解决方案的第二部分是我们的分析软件应用程序套件,它们构建在我们的数据平台之上。

这些分析应用程序使我们的客户能够在整个企业中找到可衡量的改进机会。这些分析应用程序在过去几年中已经开发出来,为我们现有的客户提供了一个有意义的增长机会,并为潜在客户提供了具有吸引力的价值主张。其中有五种分析应用程序通常可用,其余分析应用程序将在明年左右普遍推出。

6月,我们推出了人口健康基金会解决方案,以支持越来越多地承担人口健康财务风险的医疗保健组织,同时保健费用继续有意义地增长。这是对公司现有人口健康技术的重要改进,为医疗保健组织在基于价值的医疗服务中取得成功所需的全面交叉连续视图提供了见解。

人口健康基金会解决方案数据和分析第一种方法利用丰富的数据源,领域知识和适应性分析工具来满足高质量护理和成本控制的双重要求。风险承担安排需要智能工具来帮助识别和分层患者人群和财务绩效分析,以确保临床操作符合合同目标。

人口健康基础分析应用程序在成型设计中提供这些功能,以便在组织承担风险的同时与知识渊博,经验丰富的合作伙伴一起成长,以推动技术优化和更多改进。

在2019年上半年,我们还发布了快速响应分析解决方案。我们的快速响应分析解决方案满足了医疗机构的三个基本需求。首先,大大提高数据分析师和数据科学家的效率和生产力,使他们能够在技能组合的最高层运作。

其次,提高分析一致性和数据治理。第三,降低数据平台和企业数据仓库的总拥有成本。非正式健康催化剂对医疗数据分析师和数据科学家的调查显示,他们花费80%到90%的时间来移动,组织和策划数据,只有10%到20%的时间用于有益于组织的分析。

快速响应分析解决方案包含两个主要元素。策划的模块化数据工具包称为DOS Marts和Population Builder,这是一个功能强大的自助服务工具,可让任何类型的用户从医生执行到前线护士,探索他们的数据并快速建立患者队列,而无需依赖IT人员或需要定制编码。通过在客户站点的早期部署确认的结果使开发新的分析洞察所需的时间减少了90%,这可以转化为开发分析中高达10倍的效率乘数。我们对这种新解决方案的早期市场接受度感到满意,我们相信这将成为我们市场中强大的价值主张。

Also in the context of our growth efforts, I’ll mention that we are looking forward to hosting our Sixth Annual Healthcare Analytics Summit in September with more 1400 healthcare professionals expected to attend. This conference represents a meaningful opportunity for Health Catalyst to continue to provide thought leadership within the healthcare data and analytics industry, while carefully listening to our customers and the broader industry’s needs.
Now I will turn the call over to Patrick who will review our performance in the category of scale including providing a detailed view of our second quarter financial results. Patrick?

此外,在我们的增长努力的背景下,我将提到我们期待在9月举办第六届年度医疗保健分析峰会,预计将有1400多名医疗保健专业人士参加。 此次会议为Health Catalyst提供了一个有意义的机会,可以继续在医疗保健数据和分析行业中提供思想领导力,同时认真倾听客户和更广泛的行业需求。

现在,我将把这个电话转给帕特里克,后者将审查我们在规模类别中的表现,包括提供我们第二季度财务业绩的详细信息。帕特里克?

Patrick Nelli

Patrick Nelli

Thank you, Dan. As Dan mentioned, I will be discussing our company’s performance in the strategic objective category of scale. Our scale performance category is focused on enabling greater contribution to our mission by sustainably scaling our organization.
Before diving into our second quarter financial results, I want to echo Dan’s sentiment and say that I am pleased with our second quarter results and the momentum we are seeing across our business.
Additionally, given that this is our first public earnings release, I am going to provide some explanatory remarks for significant components of our operating results prior to providing the detailed numbers for the quarter in order to highlight some of our key income statement drivers and trends.
In terms of revenue, the vast majority is recurring in nature and we segment our reporting by Technology and Professional Services revenue. Technology revenue consists primarily of subscription fees related to our data platform and analytics applications. Professional services revenue includes access to analytics and domain expertise services, typically provided on a recurring FTE basis.
We expect Professional Services to continue to be a meaningful portion of our revenue over the long run, because such professional services are critical in enabling our customers to drive to data-informed improvements. In terms of revenue growth, we primarily grow through one, the addition of new DOS subscription customers, two, technology revenue expansion as a result of annual built-in contractual escalators, and three, professional services revenue expansion as customers choose to access additional services experts under a recurring FTE model.
Lastly, as it relates to revenue, we acquired Medicity at June 2018 for immaterial consideration. Current Medicity customers represent approximately $25 million of flat to declining annual revenue and thus starting in Q3, we will have a negative impact on overall revenue growth compared to our historical organic revenue growth.
Importantly, over the long run, we believe we have the opportunity to cross-sell our solution to more than 60 Medicity customers providing us with the possibility of additional long-term DOS subscription customer growth. For Q2 2019, we generated $36.8 million in total revenue, representing a year-over-year increase of 60%.
On an organic basis, excluding the contribution from our acquisition of Medicity, we saw revenue growth of 32%. Technology revenue was $20.1 million, an increase of 87% compared to a year ago. On an organic basis, technology revenue increased 33% year-over-year. Professional services revenue was $16.7 million, and increased 36% year-over-year.
On an organic basis, professional services revenue increased 32% year-over-year. As mentioned above, total organic growth was driven primarily by recurring revenue from new customer additions from existing customers and higher technology access fees from contractual built-in escalators and from existing customers expanding their services relationship with us.

丹,谢谢你。正如Dan所说,我将讨论我们公司在战略目标类别中的表现。我们的规模绩效类别专注于通过可持续扩展我们的组织为我们的使命做出更大贡献。

在深入了解我们的第二季度财务业绩之前,我想回应丹的观点,并说我对第二季度的业绩和我们在业务中看到的势头感到满意。

此外,鉴于这是我们的首次公开发布,我将在提供本季度的详细数据之前为我们的经营业绩的重要组成部分提供一些解释性说明,以突出我们的一些关键损益表驱动因素和趋势。

就收入而言,绝大多数是经常性质的,我们根据技术和专业服务收入对我们的报告进行细分。技术收入主要包括与我们的数据平台和分析应用程序相关的订阅费。专业服务收入包括访问分析和领域专业知识服务,通常以经常性的FTE提供。

从长远来看,我们预计专业服务将继续成为我们收入的一个有意义的部分,因为这些专业服务对于帮助我们的客户实现数据信息化改进至关重要。在收入增长方面,我们主要通过一个增加,增加新的DOS订阅客户,两个,通过年度内置合同自动扶梯实现技术收入扩张,以及三个专业服务收入扩展,因为客户选择访问其他服务经常性FTE模型下的专家。

最后,由于与收入有关,我们于2018年6月以非重要的考虑收购了Medicity。 Current Medicity客户的年度收入持平至约2500万美元,因此从第三季度开始,与我们的历史有机收入增长相比,我们将对整体收入增长产生负面影响。

重要的是,从长远来看,我们相信我们有机会将我们的解决方案交叉销售给60多家Medicity客户,为我们提供额外的长期DOS订阅客户增长的可能性。 2019年第二季度,我们的总收入为3680万美元,同比增长60%。

在有机基础上,不包括我们收购Medicity的贡献,我们看到收入增长了32%。技术收入为2010万美元,与去年同期相比增长了87%。在有机基础上,技术收入同比增长33%。专业服务收入为1670万美元,同比增长36%。

在有机基础上,专业服务收入同比增长32%。如上所述,总有机增长主要来自现有客户新增客户的经常性收入以及合同内置自动扶梯和现有客户的更高技术接入费用,这些客户扩大了与我们的服务关系。

As background on our adjusted gross margin, we also break this out by technology and professional services. We deploy our data platform at all DOS subscription customers and because our applications are deployed on top of our data platform with little incremental cost to Health Catalyst, our technology gross margin at a customer typically expands as we grow our technology revenue with that customer.
Since our technology DOS subscription contracts typically has built-in annual contractual escalators, we have predictable technology gross margin expansion as the customer matures with us. Our professional services gross margin has benefited from the fact that our overhead relative to the total size of the business has decreased as we have grown.
Importantly, we expect our overall near-term gross margins to remain roughly flat due to increased cost associated with the continued transition of customers from on-premise and our managed datacenter to Microsoft Azure.
However, we expect gross margins to increase over the long run, primarily from technology scalability due to the platform benefits of our offering. Specifically, we expect our long-term total adjusted gross margin to be in the high 50s with our long-term adjusted technology gross margin in the mid-70s and our long-term adjusted professional services gross margin in the mid-30s.
For Q2 2019, we achieved total adjusted gross margin of 52%, an improvement of over a 490 basis points year-over-year. On the technology side, our adjusted gross margin was 65%, which was in line with management’s expectations while our overall gross profit grew, our adjusted technology gross margin was down 460 basis points year-over-year, pressured primarily due to cost associated with transitioning customers to third-party hosted datacenters with Microsoft Azure.
And on the professional services side, our adjusted gross margin was 37%, which represents an increase of 910 basis points year-over-year. This increase was primarily from new customer contract pricing and continued strides in driving utilization efficiencies in our professional services organization.
However, it was also partially attributed to slower hiring than anticipated. So we anticipate adjusted professional services margin to decline slightly in the near-term quarters as hiring catches up with expectations. Our adjusted operating expenses include, sales and marketing, research and development, and general and administrative cost.
These adjusted figures exclude stock-based compensation expense, depreciation and amortization and tender offer payments deemed compensation. Adjusted operating expenses can fluctuate on a quarterly basis, especially as we expense certain sales and marketing events in a given quarter such as our Healthcare Analytics Summit.
As a percentage of revenue, total operating expenses in Q2 2019 were 68%, which compares favorably to 82% in Q2 2018. As background, our adjusted EBITDA can have some variability on a quarterly basis, generally as a result of quarterly fluctuations in our operating expenses that I just mentioned. As we communicated on our road show, we anticipate we will begin 2022 on an adjusted EBITDA runrate breakeven basis.

作为调整后毛利率的背景,我们也通过技术和专业服务打破了这一局面。我们在所有DOS订阅客户处部署我们的数据平台,并且因为我们的应用程序部署在我们的数据平台之上而几乎不增加Health Catalyst的成本,我们的技术毛利率通常随着我们与该客户的技术收入增长而扩大。

由于我们的技术DOS订购合同通常具有内置的年度合同自动扶梯,因此随着客户与我们的合作,我们拥有可预测的技术毛利率扩张。我们的专业服务毛利率受益于这样一个事实,即随着我们的增长,我们相对于业务总规模的管理费用已经下降。

重要的是,由于客户从内部部署和我们的托管数据中心到Microsoft Azure的持续转变,我们预计我们的整体近期毛利率将保持大致持平。

然而,我们预计毛利率将长期增加,主要来自技术可扩展性,因为我们的产品具有平台优势。具体而言,我们预计我们的长期总调整毛利率将在70年代中期处于高位50%,我们的长期调整后的技术毛利率在70年代中期以及我们的长期调整后的专业服务毛利率在30年代中期。

2019年第二季度,我们实现了52%的调整后毛利率,同比增长超过490个基点。在技​​术方面,我们调整后的毛利率为65%,符合管理层的预期,而我们的整体毛利增长,调整后的技术毛利率同比下降460个基点,主要是由于与使用Microsoft Azure将客户转换为第三方托管数据中心。

在专业服务方面,我们调整后的毛利率为37%,同比增长910个基点。这一增长主要来自新客户合同定价以及我们专业服务组织在提高利用效率方面的持续进步。

然而,这也部分归因于招聘速度低于预期。因此,我们预计调整后的专业服务利润率将在短期内略有下降,因为招聘符合预期。我们调整后的营业费用包括销售和营销,研发以及一般和管理成本。

这些调整后的数字不包括基于股票的补偿费用,折旧和摊销以及被视为补偿的要约收购付款。调整后的营业费用可能每季度波动,特别是因为我们在特定季度(例如我们的医疗保健分析峰会)支出某些销售和营销活动。

作为收入的百分比,2019年第二季度的总运营支出为68%,优于2018年第二季度的82%。作为背景,我们的调整后EBITDA可能每季度出现一些变化,通常是由于我们的季度波动。我刚才提到的运营费用。正如我们在路演中所传达的那样,我们预计我们将在调整后的EBITDA盈亏平衡基础上开始2022年。

Adjusted EBITDA in Q2 2019 was a loss of $5.7 million, which compares favorably to an adjusted EBITDA loss of $8 million in the second quarter of 2018. Adjusted EBITDA improvement was driven by the higher gross margins mentioned previously, as well as the more efficient deployment of our operating expenses.
As Dan mentioned previously, we are pleased to report that relative to preliminary unaudited financial results ranges we shared in our S1, our total revenue exceeded the high-end of the range and our total adjusted gross profit and adjusted EBITDA came in at the high end of the range.
Lastly, our adjusted net loss per share including a pro forma adjustment to share count for the IPO shares was $0.21.
Turning to the balance sheet, we ended the second quarter with $54.1 million of cash and short-term investments compared to $33.2 million at year end 2018. Additionally, on July 29, 2019, we closed our initial public offering which resulted in a $194.6 million of net cash proceeds after deducting total underwriter discounts and commissions and before deducting estimated offering cost.
Pro forma for our net cash proceeds from the IPO of cash and short-term investments at the end of Q2 2019 would have totaled $248.7 million. As of June 30, 2019, we had $47.6 million in long-term debt and an increase of $29 million over the end of 2018. The increase in our cash balance and long-term debt are the result of a financing event in Q1 2019 and our IPO that took place subsequent to Q2 2019.
As it relates to our financial guidance for the third quarter of 2019, we expect total revenue between $36.8 million and $38.8 million and adjusted EBITDA losses between $11.2 million and $9.2 million. The midpoint of this guidance is above management’s modeled expectations used during our IPO road show process.
In terms of our Q3 2019 guidance, I want to reiterate that our Annual Healthcare Analytics Summit that occurs in Q3 results in material sales and marketing expense that will impact our adjusted EBITDA performance for the quarter.
Additionally, Q3 2019 is the first quarter we will not break out Medicity revenue as inorganic since the acquisition closed in June 2018. And thus, it is expected to impact our overall growth rate for the quarter. For the full year 2019, we are providing guidance as follows: total revenue between $149.8 million and $151.8 million, and adjusted EBITDA losses between $31.7 million and $29.7 million.
The midpoint of this full year guidance is above management’s modeled expectations used during the IPO road show process. We would also note that our revenue in the second half of 2018 included certain performance-based revenue arrangements where performance was measured and achieved in that quarter.
Moving forward, we expect performance-based revenue arrangements to become a smaller portion of our overall revenue base and thus have less of an impact on our second half 2019 results. Our second quarter represents a promising continuation to 2019 and we look forward to keeping you updated on our progress throughout the remainder of the year.

2019年第二季度的调整后EBITDA为亏损570万美元,与2018年第二季度调整后的EBITDA亏损800万美元相比有利。调整后的EBITDA改善是由于之前提到的毛利率较高以及部署效率较高所致我们的营运开支。

正如丹先前提到的,我们很高兴地报告,相对于我们在S1中分享的初步未经审计的财务业绩范围,我们的总收入超过了该范围的高端,我们的调整后总毛利和调整后的EBITDA位于高端范围。

最后,我们调整后的每股净亏损包括对首次公开发售股票的股票调整的预估调整为0.21美元。

谈到资产负债表,我们在第二季度结束时的现金和短期投资为5410万美元,而2018年底为3320万美元。此外,在2019年7月29日,我们关闭了首次公开发行股票,结果为1.946亿美元。扣除总包销商折扣及佣金后扣除估计发售成本前的现金收益净额。

我们在2019年第二季度末首次公开发行现金和短期投资的现金净现金的预计总额将达到2.487亿美元。截至2019年6月30日,我们的长期债务为4760万美元,比2018年末增加了2900万美元。现金余额和长期债务的增加是2019年第一季度融资事件的结果。我们的首次公开招股发生在2019年第二季度之后。

由于它涉及我们对2019年第三季度的财务指导,我们预计总收入在3680万美元至3880万美元之间,调整后的EBITDA损失在1120万美元至920万美元之间。本指南的中点高于管理层在我们的IPO路演过程中使用的模拟期望。

就我们的2019年第3季度指引而言,我想重申,我们在第3季度举行的年度医疗保健分析峰会导致材料销售和营销费用将影响我们本季度的调整后EBITDA表现。

此外,2019年第三季度是自2018年6月收购以来我们不会将Medicity收入视为无机收入的第一季度。因此,预计将影响我们本季度的整体增长率。对于2019年全年,我们提供以下指导:总收入在1.498亿美元至1.518亿美元之间,调整后的EBITDA损失在3170万美元至2970万美元之间。

这一全年指导的中点高于管理层在IPO路演过程中使用的模拟预期。我们还注意到,我们2018年下半年的收入包括某些基于绩效的收入安排,其中衡量并在该季度实现了绩效。

展望未来,我们预计基于业绩的收入安排将成为我们整体收入基础的一小部分,因此对2019年下半年业绩的影响较小。我们的第二季度是2019年的一个有希望的延续,我们期待在今年余下的时间里让您了解我们的最新进展。

That concludes my review of our financial results and I’d now like to turn the call back to Dan for his closing remarks. Dan?

这就是我对我们财务业绩的回顾,现在我想将这一电话转回丹的闭幕词。 担?

Dan Burton

丹·伯顿

Thanks, Patrick. In summary, we are pleased with the performance of the company. We could not have made this progress including the successful execution of our IPO without all the hard work, commitment and dedication of our Health Catalyst team members who work each day to enable our customers to realize improvement and success. We are looking forward to keeping you updated on our progress.
And with that, let’s open it up for questions.

谢谢,帕特里克。 总之,我们对公司的业绩感到满意。 我们无法取得这一进展,包括我们的IPO的成功执行,而没有我们每天工作的Health Catalyst团队成员的辛勤工作,承诺和奉献精神,使我们的客户能够实现改进和成功。 我们期待着让您了解我们的最新进展。

有了它,让我们打开它来提问。

问答环节

[Operator Instructions] And our first question comes from Robert Jones with Goldman Sachs. Your line is now open.

[操作员说明]我们的第一个问题来自Robert Jones和Goldman Sachs。 你的生产线现已开放。

Jack Rogoff

杰克罗格夫

Hi, this is Jack on for Bob. Thanks for taking the question. Any chance you can update us on your view of net new DOS subscription customer adds for the year versus a few months ago? Generally, do you guys feel like things are better or worse since you last spoke?

嗨,这是杰克对鲍勃。 谢谢你提出这个问题。 您有没有机会更新我们对您的净新DOS订阅客户的看法与几个月前相比? 一般来说,自从你上次发言以来,你们觉得事情好坏吗?

Dan Burton

丹·伯顿

Yes, happy to address that, Jack. We are going to be disclosing the number of net new DOS subscription clients on an annual basis. We will not be providing that update on a quarterly basis. What I would share is, we feel comfortable that we are on track with regards to our guidance and with regards to the discussions we’ve had with research analysts for the year.

是的,很乐意解决这个问题,杰克。 我们将每年披露净新DOS订阅客户的数量。 我们不会每季度提供该更新。 我要分享的是,我们对于我们的指导以及我们与本年度研究分析师的讨论有关,我们感到很自在。

Jack Rogoff

杰克罗格夫

That’s helpful. Thanks guys. I’ll hop back in the queue.

这很有帮助。 多谢你们。 我会跳回队列。

Dan Burton

丹·伯顿

Thanks, Jack.

谢谢,杰克。

会议主持员

Thank you. And our next question comes from Anne Samuel with J.P. Morgan. Your line is now open.

谢谢。 我们的下一个问题来自Anne Samuel和J.P. Morgan。 你的生产线现已开放。

Anne Samuel

安妮塞缪尔

Hi guys. Thanks for taking the question. Could you speak for the Medicity conversion opportunity? How many of the convert is DOS so far? What’s in your pipeline? And then how should we be thinking about the longer-term opportunity? Thanks.

嗨,大家好。 谢谢你提出这个问题。 你能代表医疗转换机会吗? 到目前为止,有多少转换器是DOS? 你的管道里有什么? 然后我们应该如何考虑长期机会? 谢谢。

Dan Burton

丹·伯顿

Happy to address that Anne. As we have previously discussed, when we thought about the strategic benefits of acquiring Medicity, one of the primary benefits that we focused on was the cross-sell opportunity where Medicity had an existing client relationship with 60 health systems that we consider to be right in the bull's eye the kind of health system that we would target as a customer.
So that was an important part of the decision to move forward with the acquisition of Medicity in the first half of 2018.
At the same time, we recognized that there would be significant operational items that we would need to address and we focused first on getting those operational items addressed which we knew it take six to nine months in order for us to be in a position to go to those customers with a stable core product in the HIE space that we could then have demonstrated that stability and that commitment to them to bridge then to a cross-sell discussion.
As we’ve also discussed in prior meetings and in the IPO road show, our average sales cycle is around one year. So we also knew that it would take time for that cross-sell message to develop through our pipeline and for us to see actual results.
As a result, we’ve just really begun in the second quarter in earnest that process of significant cross-sell discussions and as a result, we would expect more of the cross-sell results to show up within the next 12 to 18 months in particular. We have signed earlier this year our first cross-sell deal with a Medicity customer.
We are excited about the momentum that we see in the pipeline and we feel good about how we believe that pipeline will materialize over time. But we do feel that it will take a meaningful amount of time given the sales cycle.

很高兴解决那个安妮。正如我们之前所讨论的,当我们考虑获得Medicity的战略利益时,我们关注的主要好处之一是交叉销售机会,其中Medicity与我们认为正确的60个医疗系统建立了客户关系。公牛眼睛是我们作为顾客所针对的那种健康系统。

因此,这是决定在2018年上半年收购Medicity的重要部分。

与此同时,我们认识到我们需要解决大量的运营项目,我们首先关注的是解决我们知道需要六到九个月的运营项目,以便我们能够进入对于在HIE领域拥有稳定核心产品的客户,我们可以证明他们的稳定性以及他们对交叉销售讨论的承诺。

正如我们在之前的会议和IPO路演中所讨论的那样,我们的平均销售周期大约为一年。因此,我们也知道,通过我们的渠道开发交叉销售信息需要时间,并且我们可以看到实际结果。

因此,我们刚刚在第二季度真正开始了认真的交叉销售讨论过程,因此,我们预计更多的交叉销售结果将在未来12到18个月内出现。特定。我们今年早些时候与Medicity客户签署了第一份交叉销售协议。

我们对我们在管道中看到的势头感到兴奋,我们对于我们如何相信管道将随着时间推移而实现感觉良好。但我们确实认为,在销售周期中需要花费大量时间。

Anne Samuel

安妮塞缪尔

That’s very helpful. Thanks. And then maybe just one for Patrick, can you speak us some of the moving pieces in the gross margin? You’ve had two quarters now of pretty substantial expansion in professional services. So, just, how should we think about the dynamics in the back half and then longer-term, where should that level out at?

这非常有帮助。 谢谢。 然后也许只有一个帕特里克,你能告诉我们一些毛利率的动人吗? 你现在有两个季度在专业服务方面有相当大的扩展。 那么,只是,我们应该如何考虑后半部分的动态,然后是长期的动态,应该在哪个级别?

Patrick Nelli

Patrick Nelli

Yes, of course, so, we will break it up between technology and professional services. On the technology side, as we mentioned in the prepared remarks, because we deploy DOS at all DOS subscription customers, and our applications very scalably plug on top of DOS, as our technology access fees increase with the customer as they mature, most of that increased revenue drops to bottom-line and those are technology access fees expand as the customer matures with us, that means in the long run, we would expect technology gross margins to get into the mid-70s.
However, we sell the few remaining on-premise and private cloud datacenter customers that we need to move to the Microsoft Azure environment and thus we expect technology gross margins to remain roughly flat over the next couple of years. So really that increase starts a couple of years out.
On the professional services side, we would expect our long-term professional services gross margins to be in the mid-30s. As you pointed out, it has fluctuated over the past and we would expect it to continue to fluctuate some based on hiring patterns and some one-time professional services revenue.
But over the next several quarters, we would expect it to be getting close to that 35% or mid-30s long-term professional services gross margin target. When you take those two combined, over the long-term, we would expect overall gross margins to get into the high 30s.

是的,当然,我们将在技术和专业服务之间进行分解。在技​​术方面,正如我们在准备好的评论中提到的那样,因为我们在所有DOS订阅客户中部署DOS,并且我们的应用程序非常可靠地插在DOS之上,因为我们的技术访问费随着客户的成熟而增加,其中大部分都是随着客户与我们的关系逐渐成熟,这意味着技术接入费用会增加,这意味着从长远来看,我们预计技术毛利率将进入70年代中期。

但是,我们销售剩余的内部和私有云数据中心客户,我们需要迁移到Microsoft Azure环境,因此我们预计未来几年技术毛利率将保持大致持平。所以这种增长真的开始了几年。

在专业服务方面,我们预计我们的长期专业服务毛利率将在30年代中期。正如你所指出的那样,它在过去已经波动,我们预计它将继续根据招聘模式和一些一次性专业服务收入而波动。

但在接下来的几个季度中,我们预计它将接近35%或30年代中期的长期专业服务毛利率目标。当你将这两者结合起来时,从长远来看,我们预计整体毛利率将进入30年代的高位。

Dan Burton

丹·伯顿

Can I make one comment, also, I agree with everything Patrick shared, just on the professional services gross margin, I would note that we are concerned and we want to ensure the sustainability of the pace of the delivery of our professional services organization and as such, we are focused on making sure we are balanced in the utilization metrics that we track.
So that our team members can sustain the work that they do over longer periods of time. We got a little ahead of ourselves in Q2 as Patrick mentioned earlier that, that our hiring took a little bit longer than what we had projected, which means that our existing team members needed to stretch a little bit beyond what we would view as sustainable.
So, we are working to get that balanced out and that’s one of the reasons why we want to make sure we are clear about that long-term expectation that that is in the mid-30s.

我是否可以发表评论,同样,我同意帕特里克所分享的一切,仅就专业服务毛利率而言,我会注意到我们关注并且我们希望确保我们的专业服务组织的交付速度的可持续性,以及 因此,我们专注于确保我们在跟踪的利用率指标中保持平衡。

这样我们的团队成员就可以在更长的时间内维持他们所做的工作。 正如帕特里克先前提到的那样,我们在第二季度领先一步,我们的招聘时间比我们预期的要长一些,这意味着我们现有的团队成员需要延伸一点,超出我们认为的可持续性。

因此,我们正在努力实现这种平衡,这也是我们希望确保我们明确30年代中期的长期预期的原因之一。

Anne Samuel

安妮塞缪尔

Very helpful. Thank you.

很有帮助。 谢谢。

会议主持员

Thank you. And our next question comes from Ryan Daniels with William Blair. Your line is now open.

谢谢。 我们的下一个问题来自威廉布莱尔的瑞安丹尼尔斯。 你的生产线现已开放。

瑞安丹尼尔斯

Yes, gentlemen, thank you for taking the question. I want to start with something about the addressable market. I know you highlighted both in inaugural pharmaceutical manufacture and international sales, can you speak a little bit more beyond the $8 billion core addressable market you laid out on the road show to what those novel avenues of growth could mean for the organization over the next three to five years?

是的,先生们,谢谢你提出这个问题。 我想从可寻址市场开始。 我知道你们在首届制药和国际销售方面都有所突出,你能否谈谈你在路演中展示的价值80亿美元的核心可寻址市场,以及这些新的增长途径对于未来三年的组织意味着什么 五年?

Dan Burton

丹·伯顿

Yes. Happy to address that, Ryan. As we discussed on the IPO road show, we take an approach to forecasting which includes the way that we forecast our total addressable market to be very data-informed and we try to be disciplined in waiting until we have enough data points to be data-informed.
That’s why we chose the $8 billion addressable market to be a U.S.-based market and focused on the core markets where we have significant traction already demonstrated. As a result, we excluded international and we excluded life sciences.
And while we have been excited to see some early momentum and our first few contracts being signed both internationally, as well as in the life sciences space, we are certainly too early from our perspective to project forward how that might change the total addressable market.
We would need to see quite a few more data points before updating a TAM calculation or having an informed perspective there. But we are continuing to invest in those adjacencies as we see early momentum and some specific areas where we feel that there is differentiation at the hypothesis that we are excited to pursue.

是。瑞安,很高兴解决这个问题。正如我们在IPO路演中所讨论的那样,我们采取了一种预测方法,其中包括我们预测我们的总可寻址市场的方式是非常数据通知的,我们试图在等到我们有足够的数据点作为数据时遵守规定 - 知情。

这就是为什么我们选择价值80亿美元的可寻址市场作为美国市场,并专注于核心市场,我们已经证明了这一市场具有重要的吸引力。结果,我们排除了国际,我们排除了生命科学。

虽然我们很高兴看到一些早期的动力以及我们在国际上以及生命科学领域签署的前几份合同,但从我们的角度来看,我们肯定为时尚早,预测如何改变整个可寻址市场。

在更新TAM计算或在那里有一个明智的观点之前,我们需要看到更多的数据点。但我们正在继续投资这些邻接关系,因为我们看到了早期势头和一些特定领域,我们认为在我们兴奋的假设中存在差异。

瑞安丹尼尔斯

Okay, very helpful color. And then, Dan, another one for you and I’ll hop off. I know the culture is really of utmost importance for the organization and you provided a nice data point about the 98% engagement in gallop pool. But I am curious if you noticed any changes since the IPO and your status as a public company given all the press and kind of eminence you are seeing since the successful offering? Thanks.

好的,非常有用的颜色。 然后,丹,另一个给你,我会跳下去。 我知道这种文化对组织来说至关重要,你提供了一个很好的数据点,关于98%的疾驰池参与度。 但是我很好奇你是否注意到自首次公开发行以来你有任何变化以及你作为一家上市公司的地位,因为你成功发行以来所看到的所有新闻和卓越表现? 谢谢。

Dan Burton

丹·伯顿

Thank you for the question, Ryan. I appreciate it. Which has been an area of focus for our company for many, many years and our particular focus as we have gone through the process of transitioning from a private to a public company, as all of you, no doubt, are aware a number of companies do change materially from a culture perspective as they make that transition from private company to public company and we’ve been aware of this.
We try to be good learners, good students of what has happened in the past. And as such, we felt that the management team it was important to put counterbalances in place to reassure our team members first that we would continue to be mission-focused, mission-centered and focused on the execution of the flywheel, that’s our primary company strategy which has team member engagement at the center of our flywheel.
So we’ve taken a few actions to try to reinforce the team members that those areas of commitment will continue. One example of this is, in the past, I have had a personal goal of having 100 skip level one-on-one discussions with team members per year. We doubled that goal for 2019 and beyond to 200 skip level discussion with team members.
We have also continued practices that we’ve held for a long period of time like the practice of having all team member meetings every two weeks where we share detailed information with our team mates and continuing the practice of making every team member and owner and treating them like owners in the company.
So, we are trying to make sure that we can consistently reinforce that focus on team member engagement as it is my number one priority and we believe it’s part of the long-term differentiation of the company moving forward.

谢谢你的问题,瑞安。我很感激。多年来,这一直是我们公司关注的一个领域,我们特别关注这一领域,因为我们已经经历了从私人公司向上市公司过渡的过程,因为所有人,毫无疑问,都知道许多公司当他们从私人公司过渡到上市公司时,从文化角度做出实质性的改变,我们已经意识到了这一点。

我们努力成为优秀的学习者,成为过去发生过的好学生。因此,我们认为管理团队必须采取平衡措施,以便首先向我们的团队成员保证,我们将继续以任务为中心,以任务为中心,专注于执行飞轮,这是我们的主要公司在我们的飞轮中心有团队成员参与的战略。

因此,我们采取了一些措施来加强团队成员,使这些承诺领域继续下去。这方面的一个例子是,在过去,我的个人目标是每年与团队成员进行100次跳过级别的一对一讨论。我们将2019年的目标翻了一番,并与团队成员进行了200次跳过级别的讨论。

我们还持续了很长一段时间的实践,例如每两周举行一次所有团队成员会议,我们与队友分享详细信息,并继续让每个团队成员和所有者进行实践和处理他们喜欢公司的业主。

因此,我们正在努力确保我们能够始终如一地强调对团队成员参与的关注,因为这是我的首要任务,我们相信这是公司向前发展的长期差异化的一部分。

瑞安丹尼尔斯

I really appreciate that color, Dan. Thank you.

我非常欣赏那种颜色,Dan。 谢谢。

会议主持员

Thank you. And our next question comes from Sean Wieland with Piper Jaffray. Your line is now open.

谢谢。 我们的下一个问题来自Sean Wieland和Piper Jaffray。 你的生产线现已开放。

肖恩维兰德

Hi, thanks guys. So, a little different twist on Ryan’s question. How has the – what have been the effects of the IPO as it relates to your discussions with clients and in particular prospects as you continue to build your pipeline?

嗨,谢谢你们。 所以,Ryan的问题有点不同。 - 当您继续构建管道时,IPO对您与客户,特别是潜在客户的讨论有何影响?

Dan Burton

丹·伯顿

Yes, good question, Sean. So, what I would share is, we’ve also tried to be thoughtful in our discussions with clients and prospects about why Health Catalyst’s decision to remain an independent company is beneficial to our customers.
And part of the way that we tried to frame all of the activities surrounding the move from being a private company to being a public company is, that this is a demonstration of Health Catalyst earning the right to stay independent as a company.
And that independence allows us to keep the flywheel at the center of everything that we do to keep the mission at the center of everything that we do and that flywheel is all focused on enabling our clients to measurably improve.
So the message to our clients and even the prospects has been this is the past that has enabled us to maintain our independence which also enables us as leaders and as team members to make and then keep commitments to our customers and have the authority to keep those commitments and that is now is the case in other scenarios like when a company becomes acquired.
So, we are pleased with the receptivity of our clients to understanding the value of Health Catalyst maintaining its independence as a means of continuing to make and then keep commitments.

是的,好问题,肖恩。所以,我要分享的是,我们也在与客户和潜在客户讨论为什么Health Catalyst决定继续保持独立公司对我们的客户有利时,我们也会深思熟虑。

我们试图构建从私营公司转变为上市公司的所有活动的部分方式是,这表明Health Catalyst获得了作为公司保持独立的权利。

这种独立性使我们能够将飞轮保持在我们所做的一切工作的中心,以便将任务保持在我们所做的每件事的中心,飞轮全部专注于使我们的客户得到可测量的改进。

因此,向我们的客户甚至潜在客户发出的信息是,过去使我们保持独立性,这也使我们作为领导者和团队成员能够做出并随后对客户做出承诺并有权保留这些承诺,现在就是其他情况下的情况,例如公司被收购时。

因此,我们很高兴客户对接受Health Catalyst保持其独立性的价值的接受度,以此作为继续制定并继续承诺的手段。

Patrick Nelli

Patrick Nelli

The other item I would add is, we, often times have fairly large either customers or prospects and are curious about our current financial situation. So I actually have had calls recently with potential prospect CFOs and we added transparency and actually CFOs who read the S1 and noticed the flywheel in our core principles and that we are mission-focused. That added transparency as at least I’ve seen in the last couple weeks has been helpful.

我要补充的另一个项目是,我们经常有相当大的客户或潜在客户,并对我们目前的财务状况感到好奇。 所以我最近与潜在的前景首席财务官打过电话,我们增加了透明度,实际上是首席执行官,他们阅读了S1并注意到我们核心原则中的飞轮,并且我们专注于任务。 这增加了透明度,至少我在过去几周看到的是有帮助的。

肖恩维兰德

That’s great. Thanks so much.

那很棒。 非常感谢。

会议主持员

Thank you. And our next question comes from Ross Muken with Evercore. Your line is now open.

谢谢。 我们的下一个问题来自Ross Muken和Evercore。 你的生产线现已开放。

Susy Tibaldi

Hey, guys. This is Susy on for Ross. Congrats on the quarter and thanks very much for the questions. I’ve got a couple if that’s okay. So, on the tech side of DOS subscription customers, how much is the growth is coming from contractual escalators versus expansion of new apps? And then, when we think about modeling forward, how should we think about the churn rate?

大家好。 对于罗斯来说,这是苏西。 祝贺本季度,并非常感谢您提出的问题。 如果可以,我有一对夫妇。 那么,在DOS订阅客户的技术方面,合同自动扶梯与新应用扩展的增长是多少? 然后,当我们考虑向前建模时,我们应该如何看待流失率?

Dan Burton

丹·伯顿

Yes, good questions, Susy. So, I’ll address a couple of components and then Patrick if you have anything to add, please feel free. So one of the other metrics that we will be disclosing on an annual basis is the dollar-based net retention rate. We won’t be disclosing that on a quarterly basis, but we will update at the end of this year.
As we think about how we are tracking as company relative to where we have been historically and we disclosed in the IPO road show process. But our 2018 dollar-based net retention rate was a 107%, our 2017 dollar-based retention rate was 108%. We feel comfortable that we are tracking well against that kind of performance from a dollar-based net retention rate, which is net of churn.
And it is a good way to think about the expansion within our existing plans. Then a reasonable way of thinking about the other aspects of growth that are produced from an organic perspective would be the addition of new clients in both our core markets and our adjacent markets. Anything you would add, Patrick?

是的,好问题,Susy。所以,我会解决几个组件然后帕特里克,如果你有什么要添加,请随意。因此,我们将每年披露的其他指标之一是以美元为基础的净保留率。我们不会按季度披露,但我们会在今年年底更新。

当我们考虑我们如何追踪公司相对于我们历史上的位置以及我们在IPO路演过程中所披露的情况。但我们基于2018美元的净保留率为107%,我们的2017年美元保留率为108%。我们感到很自在的是,我们能够很好地跟踪基于美元的净保留率,即净流失率。

这是考虑我们现有计划扩展的好方法。然后,从有机角度思考增长的其他方面的合理方式是在我们的核心市场和相邻市场中增加新客户。帕特里克,你会添加什么?

Patrick Nelli

Patrick Nelli

Yes, of course, and so the only couple items I’d add is, most of that expansion on the technology side, to your question, Susy is from the annual built-in escalators and that’s because greater than 70% of our customers are under that all access model where customers are adopting new and additional analytics applications as they mature with us.
But the way we charge them for that are through those annual contractual escalators. Then the other item I’d add in regards to churn is another good way to think about the business is, services. So that 107% that they had mentioned in 2018, our dollar-based retention rate includes both technology as well as services.
And services can have some more up as well as downs. So we can have more meaningful expansion potential with the customer, but we can also have churn potential on the services side.

是的,当然,所以我添加的唯一几件物品,大部分是技术方面的扩展,问题,Susy来自年度内置自动扶梯,这是因为超过70%的客户是 在所有访问模型下,客户在我们成熟时采用新的和额外的分析应用程序。

但我们为此收费的方式是通过这些年度合同自动扶梯。 然后我要添加的关于流失的另一个项目是考虑业务的另一个好方法,即服务。 因此,他们在2018年提到的107%,我们基于美元的保留率包括技术和服务。

而且服务可以有更多的上升和下降。 因此,我们可以为客户提供更有意义的扩展潜力,但我们也可以在服务方面拥有流失的潜力。

Dan Burton

丹·伯顿

And just a note on that last point, we tried to make it simple and easy for our customers to interact with us from a contractual perspective and that includes both the technology subscription contract which is simple and straightforward, as well as the services contract which is an FTE-based contract is also simple and straightforward and we make it straightforward for clients to choose the dial up or down the number of FTEs that they would like to access.
And that’s what drives those fluctuations. We still see that that clients choose to dial up more than they choose to dial down. But we do make it easy for them to choose the right level of FTE assistance for them.

关于最后一点的说明,我们试图让客户从合同的角度简单易用地与我们互动,其中既包括简单明了的技术订阅合同,也包括服务合同。 基于FTE的合同也简单明了,我们可以让客户直接选择拨打或关闭他们想要访问的FTE数量。

这就是推动这些波动的因素。 我们仍然看到客户选择拨打的电话比他们选择拨打的电话多。 但我们确实让他们很容易为他们选择合适的FTE援助水平。

Susy Tibaldi

Got it. That’s extremely helpful. And then, I’d like to dig a little bit more on the TAM. You’ve talked about the $8 billion TAM and also an assumed price per customer for fully penetrated customer for your different product lines. Can you talk about the assumptions behind a fully penetrated customer? For example, in the data platform, you assume 1.7 million for the data platform. What are you assuming there in terms of contract life, type of contract?

得到它了。 这非常有帮助。 然后,我想更多地了解TAM。 您已经谈到了80亿美元的TAM以及每个客户的假定价格,为您的不同产品线提供完全渗透的客户。 你能谈谈一个完全渗透的客户背后的假设吗? 例如,在数据平台中,您假设数据平台为170万。 你在合同期限,合同类型方面有什么假设?

Dan Burton

丹·伯顿

Yes, good questions. So, I’ll offer a couple thoughts and then Patrick, feel free to offer some additional thoughts. So, first I would mention, we try to be data-informed and careful in the way that we think about TAM and all other forecasting.
As we think about a fully penetrated customer a couple of data points that maybe of use, when a customer begins their relationship with Health Catalyst, they typically began their total relationship which is inclusive of both tech and services at $100 million, $200 million a year from a recurring revenue basis.
Our longest standing client cohort spends more than twice that amount with us. And so, the fully penetrated client perspective could – you could think of roughly correlated to a client cohort that’s much more mature with us like those longest standing clients. And we understand how that progression works over a number of years.
Importantly, our longest standing client, for example is Allina Health. We are in year eleven of that relationship and they just recently signed a five year extension to that relationship. Likewise, as Patrick mentioned a few minutes ago, for the 70% of our client that choose the all access technology subscription model, we’ve never lost an all access technology subscription client.
So, when we think about the duration of the relationship, we certainly hope that that duration is forever and obviously, when you think about modeling, you’d have to choose a number less than forever. But we do see it – that those clients that have been with us the longest are also the clients that are choosing to spend the most with us.

是的,好问题。所以,我会提供一些想法然后帕特里克,随时提供一些额外的想法。所以,首先我要提一下,我们尝试以数据为基础,谨慎对待我们对TAM和所有其他预测的思考方式。

当我们考虑一个完全渗透的客户可能使用的几个数据点时,当客户开始与Health Catalyst的关系时,他们通常开始他们的全部关系,其中包括1亿美元的技术和服务,每年2亿美元从经常性收入的角度来看。

我们最长期的客户群体花费的金额是我们的两倍多。因此,完全渗透的客户视角可以 - 您可以想到与客户群体大致相关,这对我们来说比那些最长期客户更成熟。我们了解这种进展多年来如何发展。

重要的是,我们最长期的客户,例如Allina Health。我们正处于这种关系的第11年,他们最近刚签署了这种关系的五年延期。同样,正如帕特里克在几分钟前提到的那样,对于70%的客户选择全接入技术订阅模式,我们从未失去过全接入技术订阅客户端。

因此,当我们考虑关系的持续时间时,我们当然希望这段时间是永恒的,显然,当你考虑建模时,你必须选择一个不到永久的数字。但我们确实看到了 - 那些与我们在一起最长的客户也是选择与我们一起消费最多的客户。

Patrick Nelli

Patrick Nelli

And the only other item I’d add in regards to TAM is noting that at the analytics application layer of the stack in particular, we are relatively newer there. We just started building those analytics applications a few years ago. Most of them were generally available over the last couple of years or so and there is still a few more to go generally available.
So we are still relatively early on the analytics applications side. And on the associated services side, we just actually got into the services business around five years ago and there are especially services that are coupled with those analytics applications that were still earlier in their maturity.

关于TAM,我要添加的唯一其他项目是,特别是在堆栈的分析应用层,我们相对较新。 几年前我们刚刚开始构建这些分析应用程序。 它们中的大多数在过去几年左右一般都可以使用,而且还有更多可供选择。

因此,我们在分析应用程序方面仍然相对较早。 在相关服务方面,我们实际上大约五年前进入了服务业务,特别是那些与早期成熟的分析应用程序相结合的服务。

Susy Tibaldi

Okay. And I’ll just squeeze one more in there. I know you are relatively new in the apps layer. But when you think about the competitive landscape in that market, what it is our market look like? I think we could call out a few competitors on the surface have apps that look so much similar or sound so much similar. What are some competitors you can call out there?

好的。 我会在那里再挤一个。 我知道你在应用层中相对较新。 但是,当您考虑该市场的竞争格局时,我们的市场是什么样的? 我认为我们可以在表面上召集一些竞争对手,这些应用看起来非常相似或听起来非常相似。 您可以在那里召集哪些竞争对手?

Dan Burton

丹·伯顿

Yes, good question, Susy. So, it really depends on the specific application category that you are talking now. So overall, we keep a very close watch in the apps layer and there are over a thousand companies that has some form of analytical application that cuts across the clinical, financial and operational categories.
And we believe that highly fragmented space will represent a meaningful M&A opportunity for us in the future. But a couple of examples to your question, in the benchmarking space for example, you could think of Truven as a good example. Another example, physician performance and reporting would be the Clinton product for example.
And there are many, many others as well. Like I said, there are over a thousand and we do track this space carefully along with the specialty services space, because we do believe there will be some important M&A opportunities for us moving forward and partly because, the company is a best place to work. It has industry-leading customer satisfaction. We believe many of those companies will actually want to be acquired by Health Catalyst in the future.

是的,好问题,Susy。因此,它实际上取决于您现在正在讨论的特定应用类别。总的来说,我们在应用层层面密切关注,有超过一千家公司拥有某种形式的分析应用程序,可以跨越临床,财务和运营类别。

我们相信,高度分散的空间将为我们未来提供有意义的并购机会。但是你的问题有几个例子,例如在基准测试领域,你可以把特鲁文看作一个很好的例子。另一个例子,医生表现和报告将是克林顿产品。

而且还有很多很多其他的。就像我说的那样,有超过一千个,我们会仔细跟踪这个空间以及专业服务空间,因为我们相信会有一些重要的并购机会让我们前进,部分原因是,公司是最好的工作场所。它具有业界领先的客户满意度。我们相信这些公司中的许多公司实际上希望将来被Health Catalyst收购。

Susy Tibaldi

Okay. That’s very helpful. Thank you and congrats.

好的。 这非常有帮助。 谢谢你,恭喜你。

Dan Burton

丹·伯顿

Thank you.

谢谢。

Patrick Nelli

Patrick Nelli

Thank you.

谢谢。

会议主持员

Thank you. [Operator Instructions] Our next question comes from Daniel Grosslight with SVB Leerink. Your line is now open.

谢谢。 [操作员说明]我们的下一个问题来自Daniel Grosslight和SVB Leerink。 你的生产线现已开放。

Daniel Grosslight

Daniel Grosslight

Hi, guys. Thanks for taking the question and congrats on hitting the top-end and exceeding your IPO flash numbers. It’s great to see. We’ve heard from one of your competitors that they’ve had a little trouble selling into the health system market because of some provider margin pressure. Obviously, this makes your solutions more powerful.
But you are also trying to convince a C-suite to invest a couple million bucks in your solutions. So, I just wonder to get a better sense of how you have that initial conversation with C-suite? And how you convince them to take that leap of feast with you?

嗨,大家好。 感谢您提出问题,并祝贺您达到顶级并超越您的IPO闪存号码。 很高兴看到。 我们从您的竞争对手那里听说,由于一些供应商的利润压力,他们在进入医疗系统市场时遇到了一些麻烦。 显然,这使您的解决方案更加强大。

但你也试图说服一家高管在你的解决方案中投入几百万美元。 所以,我只是想知道如何与C套件进行初步对话? 你是如何说服他们与你一起享受盛宴的?

Dan Burton

丹·伯顿

Yes, good question, Daniel. So that’s been a dynamic of the provider space for many, many years where when you look at the economics across the healthcare delivery ecosystem, providers have been operating with thin margins for many, many years and often time themselves strategically being squeezed across the value chain.
And so, this is a topic we’ve discussed with providers for many, many years. I would characterize our current discussions as not different from what we’ve been experiencing in the past, not the better, nor worst, it’s very similar. The kinds of discussions that we have. Part of the benefit of our solution as you pointed out is, that we actually help with cost savings.
And because we are built from the ground up as a company to enable measurable improvements including measurable financial and operational improvements, we are often in a great position to help the CFO in particular to understand the value and the return on the investment.
One near-term element that helps us as well, at the data platform layer is our own internal analysis of the fact that our commercial-grade data platform really is better faster and cheaper than the home grown alternative that’s by far the most common competitor that we face at the data platform layer.
Our internal estimates come to about a 2 x to 4 x ROI from a cost savings perspective by transitioning from that home grown solution to our commercial-grade solution.
So that initial ROI often helps CFOs, CIOs and other C-suite executives feel really good about the initial investment. It also provides us the time to get the flywheel spinning with regards to the measurable improvement projects across clinical, financial and operational domain areas that then help our clients continue to feel good about renewing and expanding the relationship with us over time.
The last thing I would share is, we do try to maintain balance however between those three categories, clinical, financial and operational, because, it’s important for us to maintain the engagement of each of those C-suite categories and functional areas we want to achieve quality officers, achieve medical officer, to achieve nursing officer on the clinical side to be very motivated to continue to improve.
And so, we advocate a balance between those clinical projects, as well as financial and operational projects over the course of our relationship with our clients every year. And we found that that balance really helps the entire organization feel great about being mission-driven and improvement focused.

是的,好问题,丹尼尔。因此,多年来,当您从医疗保健交付生态系统的经济学角度来看,供应商一直在以微薄的利润率运营许多年,而且经常在战略上被时间挤压整个价值链。

因此,这是我们多年来与供应商讨论的话题。我认为我们目前的讨论与我们过去所经历的不同,不是更好,也不是最差,它非常相似。我们讨论的那种。正如您所指出的,我们解决方案的部分好处是,我们实际上有助于节省成本。

而且,由于我们从一开始就是建立公司,以实现可衡量的改进,包括可衡量的财务和运营改进,我们通常能够帮助CFO特别了解投资的价值和回报。

在数据平台层帮助我们的一个近期因素是我们自己的内部分析,我们的商业级数据平台确实比本土替代品更快更便宜,这是迄今为止最常见的竞争对手。我们面对数据平台层。

我们的内部估算从成本节约的角度来看,通过从本土解决方案过渡到我们的商业级解决方案,可实现大约2倍到4倍的投资回报率。

因此,最初的投资回报率通常可以帮助首席财务官,首席信息官和其他高层管理人员对初始投资感到非常满意。它还为我们提供了时间让飞轮旋转,涉及临床,财务和运营领域的可衡量的改进项目,然后帮助我们的客户继续感觉良好的更新和扩展与我们的关系随着时间的推移。

我要分享的最后一件事是,我们确实尝试在这三个类别(临床,财务和运营)之间保持平衡,因为对我们而言,保持每个C级套件类别和我们想要的功能区域的参与是很重要的。实现质量人员,实现医务人员,实现临床方面的护理人员,以非常积极的动力继续提高。

因此,我们提倡在每年与客户建立关系的过程中平衡这些临床项目以及财务和运营项目。我们发现,这种平衡确实有助于整个组织在以任务驱动和改进为重点方面感觉良好。

Daniel Grosslight

Daniel Grosslight

Got it. And just one more on the professional services hiring that was pushed out a quarter. Obviously, it’s a very competitive market for these folks. Are you seeing any – are you having any trouble recruiting or are you seeing any wage pressure on the services side?

得到它了。 还有一个专业服务招聘被推出了四分之一。 显然,对于这些人来说,这是一个非常有竞争力的市场。 您是否看到了 - 您是否在招聘方面遇到任何问题,或者您是否看到服务方面的工资压力?

Dan Burton

丹·伯顿

It is a tight labor market, absolutely. One of the benefits of our focus on team member engagement and our focus on enabling team members to work at a best place to work is that there is a significant demand to come and work at Health Catalyst, typically on average, based on our internal estimates.
When we post a position, we average about 50 applicants per position and when we extend an offer to a team member to join Health Catalyst. Over 90% of the time they accept that offer even relative to other offers with other companies. So, we do benefit greatly from the fact that our engagement levels are very high and team members often refer their friends and their colleagues who are also very talented to Health Catalyst.
That said, it is still a tight labor market and when we experience significant growth, it is challenging to keep up with that growth. And from a forecasting perspective, especially on the services side, as we discussed earlier, we do make it easy for clients to dial up and down, the level at which they want to access our FTEs.
Clients love that, but one of the challenging elements for us is, we don’t always have a lot of lead time in understanding when clients are going to dial that up. And so, we do have to manage the hiring process in a pretty quick turn environment and situation. So, it’s something that we are constantly focused on and I feel good about where we are, but we did get a little bit behind in Q2.

绝对是一个紧张的劳动力市场。我们专注于团队成员参与以及我们专注于使团队成员能够在最佳工作场所工作的好处之一是,基于我们的内部估算,通常平均需要在Health Catalyst上工作。

当我们发布职位时,我们平均每个职位约有50个申请人,当我们向团队成员提供加入Health Catalyst时。超过90%的时间他们接受该提议甚至与其他公司的其他优惠相关。因此,我们的参与程度非常高,团队成员经常会将他们的朋友和他们的同事推荐给Health Catalyst,因此我们确实从中受益匪浅。

也就是说,它仍然是一个紧张的劳动力市场,当我们经历显着的增长时,跟上这种增长是一项挑战。从预测的角度来看,特别是在服务方面,正如我们之前讨论的那样,我们确实让客户能够轻松拨号上下,即他们想要访问我们的FTE的级别。

客户喜欢这一点,但对我们而言,其中一个具有挑战性的因素是,我们并不总是需要很多时间来理解客户是否会拨打这个电话。因此,我们必须在非常快速的环境和情况下管理招聘流程。所以,这是我们一直关注的事情,我对自己所处的位置感觉良好,但在第二季度我们确实落后了一点。

Patrick Nelli

Patrick Nelli

And operationally, the other thing we’ve been doing to help with that dynamic is building a bigger bench. So that we can be flexible with client needs.

在操作上,我们一直在做的另一件事就是建立一个更大的板凳。 这样我们就可以灵活地满足客户需求。

Daniel Grosslight

Daniel Grosslight

Got it. Thanks again guys.

得到它了。 再次感谢你们。

Dan Burton

丹·伯顿

Thank you.

谢谢。

会议主持员

Thank you. And our next question comes from Sandy Draper with SunTrust. Your line is now open.

谢谢。 我们的下一个问题来自Sandy Draper和SunTrust。 你的生产线现已开放。

Sandy Draper

Thank you very much. Most of my questions have been asked. So I’ll just limit on to one for time. Maybe on the Medicity side, project is probably cheap Patrick. Just to make sure I got it right. The Medicity flat to declining revenue, there is no tie to as you sign up – cross-sell Medicity customers that when they switchover that you necessarily lose any Medicity revenue.
And then, I guess the follow-up to that is, it seems like it’s been declining but Dan, you talked about, I think you feel better about the product now. Should we read into that that you think you can stabilize the Medicity revenue base? Thanks.

非常感谢你。 我的大多数问题都被问到了。 所以我只会限制一个时间。 也许在Medicity方面,项目可能便宜Patrick。 只是为了确保我做对了。 Medicity持平收入下降,与您注册时没有关系 - 交叉销售Medicity客户,当他们转换时,您必然会失去任何Medicity收入。

然后,我猜这个后续行动似乎已经在下降但丹,你谈到了,我觉得你现在对这个产品感觉更好。 我们是否应该读到您认为可以稳定Medicity收入基础? 谢谢。

Dan Burton

丹·伯顿

Let me take the second question first and then Patrick will go to you for the first question. Good questions, Sandy. As it relates to how we feel about the core product from a Medicity HIE perspective, we do feel good that it is stable and we are working to ensure that our customers are satisfied and delighted with the experience that they are having with that core product.
I think as it relates to that core market, the general macroeconomic environment, as it relates to the HIE market is more than it’s flat to slightly declining. And so we expect those market conditions to continue. We do want and are striving to keep stable that client base. But we do recognize the broader market trends that we are operating within as it relates to the core HIE offering.
However, one of the elements, strategically that was exciting to us about the potential of an acquisition was that, many of those same customers are asking for more help with regards to analytics. They want to understand what all the data that’s been passed from one place to another really means they can tell those organizations and how they can make better decisions and improve.
And that’s at the core of what we do as a company. And we continue to believe that that adjacent opportunity with a complementary solution will generate meaningful growth for the company.

让我先回答第二个问题然后帕特里克会问你第一个问题。好问题,桑迪。因为它与我们从Medicie HIE角度对核心产品的感觉有关,我们确实感觉它很稳定,我们正在努力确保我们的客户对他们使用该核心产品的体验感到满意和高兴。

我认为,由于它与核心市场有关,因此与HIE市场相关的一般宏观经济环境不仅仅是持平而且略有下降。因此我们预计这些市场状况将继续下去。我们确实希望并且正在努力保持稳定的客户群。但我们确实认识到我们正在运营的更广泛的市场趋势,因为它与核心HIE产品有关。

然而,从战略上来说,令我们兴奋的关于收购潜力的要素之一是,许多同样的客户都在寻求关于分析的更多帮助。他们希望了解从一个地方传递到另一个地方的所有数据真正意味着他们可以告诉这些组织以及他们如何做出更好的决策和改进。

这是我们作为一家公司所做工作的核心。我们仍然相信,通过互补解决方案的相邻机会将为公司带来有意义的增长。

Patrick Nelli

Patrick Nelli

Yes, just to build on that, from a financial perspective, since, we are aiming to provide incremental value to the Medicity customers by providing them analytics, then we expect that to result in incremental revenue as opposed to cannibalization when we cross-sell.

是的,仅仅从财务的角度来看,我们的目标是通过提供分析来为Medicity客户提供增量价值,然后我们希望在交叉销售时产生增量收入而不是同类化。

Sandy Draper

Okay, great. That’s really helpful. Thanks and congrats on the quarter.

好,太棒了。 这真的很有帮助。 谢谢并祝贺本季度。

Dan Burton

丹·伯顿

Thanks, Sandy.

谢谢,桑迪。

Patrick Nelli

Patrick Nelli

Thanks, Sandy.

谢谢,桑迪。

会议主持员

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to Dan Burton for any closing remarks.

谢谢。 女士们,先生们,我们的问答环节结束了。 我现在想把这个电话转回Dan Burton的任何结束语。

Dan Burton

丹·伯顿

Thank you, Daniel, and thank you to all of you for your interest in Health Catalyst. We appreciate the opportunity to provide you an update as to our performance and we look forward to continuing this discussion in the months and years ahead. Take care.

感谢Daniel,感谢大家对Health Catalyst的关注。 我们很高兴有机会向您提供有关我们业绩的最新信息,我们期待在未来几个月和几年内继续进行此次讨论。 照顾自己。

会议主持员

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude today’s program and you may all disconnect. Everyone, have a wonderful day.

女士们,先生们,谢谢你们参加今天的会议。 这确实结束了今天的计划,你可能会断开连接。 每个人,都有美好的一天。

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