Jeffrey Tangney: Yes, Jess, this is Jeff. So I’ll speak to that. The short answer is, yes, within our workflow suite, we do have links into our news feed. And as we’ve discussed with our point-of-care products, we also have moments where people are having to wait for a reply for someone paging another doctor and that’s a perfect moment to have an educational piece about a product or about a market. So I’d say we are monetizing across our full suite. So hopefully, that answers your question. I’ll just share that we did just do our annual pharma client event in New York, had a record turnout. 130 clients came and I’d say it was great because they got to hear from some of our physicians at this event and really just hearing how doctors are using us in their workflow every day has been a real differentiator for us in the market.
Jessica Tassan: My follow-up is just of the subscription growth that came from existing customers year-to-date, I think it was about $19 million based on the Q. Can you just break this down a little bit. So is Doximity playing a bigger role in content creation or targeting? Or is this primarily just kind of more campaigns, more modules, more impressions?
Anna Bryson: Sure, happy to take that one, Jess. So as I mentioned before, we had a strong end to our kind of midyear year-end upsell cycle. And so we’ve seen some strong growth here over the past 90 days. A lot of that comes from increases that we’ve seen from our largest customers. So as you heard me mention on the call and one stat we think is really indicative of the health of our business, is the increase we’ve seen in the number of million dollar customers which is up 28% year-over-year. So now we have $51 million plus customers. These are customers that are adding brands, they’re adding modules, they’re adding audience members. And we believe that growth that we’re seeing amongst our largest customer cohort is indicative of the value of our platform, irrespective of the near-term macro headwinds.
Operator: Your next question comes from the line of Eric [ph] from Nephron Research.
Unidentified Analyst: Question on the long-term guidance and I think I understand that it’s primarily the duration of cyclical headwind, not a change to the total opportunity. Does that change your perspective on how you allocate R&D or R&D priorities over the next 12 to 24 months. And obviously, this plays into the change in R&D focus from physician to clients, how does all of that layer in?
Jeffrey Tangney: This is Jeff. I’ll take that. I think you’re right. I mean at a macro level, this is really just a more caution longer viewpoint on our end. And as I mentioned in our prepared remarks, we fully expect to be a $1 billion company. And getting there by 2028, will remain an internal stretch goal for us. Sorry, Eric. And I just want to repeat that we’ll continue to aggressively invest in the business. I think there’s a lot of new TAM to go after in peer-to-peer rep enablement point of care. We’ll continue to take share in our core markets with hospitals and with pharmaceutical companies. So we think we’re in a great position and we’re still leaning in and investing in R&D. So these macro — more caution longer amongst our clients, we view as an opportunity for us to I think, to continue to step up in the market relative to others.
Unidentified Analyst: And then a follow-up just on — given the strong EBITDA result on the cash flow, I heard the commentary on tax but I want to make sure I understand relative to the increase in prepaid expenses and accounts payable. Has there been a change in your outlook for cash flow conversion over the course of the year?
Anna Bryson: So historically, we’ve seen free cash flow roughly near EBITDA on a trailing 4- to 6-quarter basis. And so that has not changed. But what has changed is that we are through our NOLs and we are impacted by the newer tax rules around R&D capitalization. So what has changed is what our cash tax rate is now we’re expecting free cash flow to be below EBITDA by the magnitude of whatever that cash tax rate may be.
Operator: Your next question comes from the line of Scott Schoenhaus from KeyBanc.
Scott Schoenhaus: Anna, you mentioned you’re having a lot of success with $1 million customers and we clearly see revenue per $100,000 customers see nice sequential growth. Can you just provide any color into next year and what’s built into these sort of initial assumptions on that cohort? And if the programmatic or self-service that you kind of weak and invested in — we should built into those assumptions next year as a higher midyear upsell?
Anna Bryson: Sure. Like we’ve said before, especially in this environment, we believe that our top customers will continue to lead our growth. So that cohort of $1 million-plus customers. It’s been evident as you look at our NRR of our Top 20 of 119% plus. So we have had strong success there. As we go forward, look, it’s just too soon for us to comment on what we think fiscal ’25 or beyond will look like. We are really encouraged by the recent momentum we’ve seen in the business. But at the end of the day, we are still facing cyclical headwinds and market budget growth. So while we remain committed to outperforming the market, we just aren’t yet sure exactly what that growth rate is going to look like.
Operator: Your next question comes from the line of Stan [ph] from Wells Fargo Securities.
Unidentified Analyst: Maybe first, can you give us an update on the ROI for both, pharma and health systems?
Jeffrey Tangney: Yes, it was higher this last quarter than it had been previously. And we’ve said previously, our median was a 10:1 return, Stan.
Unidentified Analyst: Got it. And maybe one quick one here. Just in terms of preliminary guidance, I know you just mentioned macro headwinds are pressuring budgets. Is that showing up as impact on volumes? Or is there a price component that’s showing up as well?
Anna Bryson: Sure. Once again, too soon for us to comment on next year and what that’s looking like. We’re in the middle of our annual buying cycle with our customers. From a pricing perspective, in this environment, we are baking in lower assumptions than typical for price increases. One thing we are excited about, especially with the client portal is we believe the real-time ROI reporting and analytics are provided in that portal will ultimately allow us to continue to raise prices nicely. But in this environment with the macro headwinds, we’re just not leaning too aggressively into pricing right now.
Operator: Your next question comes from the line of Craig Hettenbach from Morgan Stanley.
Craig Hettenbach: And nice to see the really strong EBITDA performance. Jeff, if we think about the prior target of 20% CAGR in the intermediate term, is there a range that you think is kind of appropriate to where you see the market over a more intermediate-term basis?
