DOCS

New in FY2026

• Additional risks, beyond those summarized below, set forth in this section, or discussed elsewhere in this Annual Report on Form 10-K, may apply to our business, activities or operations as currently conducted or as we may conduct them in the future or in the markets in which we operate or may in the future operate. • If we fail to effectively manage our growth, we may be unable to execute our business plan, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition, and results of operations could be harmed; • We have a limited operating history, which makes it difficult to evaluate our current business and future prospects and to predict our future operating results, and therefore increases the risk of investment; • If we fail to retain existing members or add new members, our revenue, operating results, financial condition, and business may be significantly harmed; • If we do not continue to attract new customers, or if existing customers do not renew their subscriptions, renew on less favorable terms, or fail to purchase additional solutions, it could have a material adverse effect on our business, financial condition, and results of operations; • Our revenue is relatively concentrated within a small number of key customers, and the loss of one or more of such key customers could slow the growth rate of our revenue or cause our revenue to decline; • We expect to face increasing competition in the market for our solutions; • If we are not able to maintain and enhance our reputation and brand recognition, our business, financial conditions, and results of operations will be harmed; • Making business decisions that prioritize the interests of our members may adversely impact our financial results; • We depend on our talent to grow and operate our business, and if we are unable to hire, integrate, develop, motivate, and retain our personnel, we may not be able to grow effectively; • We may become, and are subject to, litigation, which could have a material adverse effect on our business, financial condition, and results of operations. • Our development, deployment, and use of artificial intelligence (AI) may not achieve the expected benefits and may create operational, reputational, competitive, regulatory, legal, and liability risks. • We rely on evolving technologies, including AI, network and mobile infrastructure, as well as our own capabilities, to maintain and scale our business and maintain competitiveness.
• Any significant interruptions or delays in service in our products, on our apps or websites or any undetected errors or design faults could adversely affect our business, financial condition, and results of operations. • Failure to maintain, protect, or enforce our intellectual property rights could harm our business and results of operations; and • The dual class structure of our common stock has the effect of concentrating voting control with our executive officers (including our Chief Executive Officer) and directors and their affiliates; this will limit or preclude your ability to influence corporate matters.
• For example, in fiscal 2026 and 2025, our revenue grew by 13% and 20%, respectively, as compared to the prior years.
• Additionally, our full-time equivalent headcount increased from 830 as of March 31, 2025 to 880 as of March 31, 2026.
• The growth and expansion of our business including the growth of artificial intelligence “AI” offerings creates significant challenges for our management, operational, and financial resources.
• Our investments in AI may not achieve the expected benefits and may expose us to additional risks.
• These risks and challenges include our ability to: • maintain and increase our number of registered members for our platform; • maintain and increase our number of customers for our solutions; • increase revenue from the solutions we provide; • successfully compete with other companies that are currently in, or may in the future enter, the online professional network space, telehealth, or other healthcare AI productivity tools; • maintain and improve the infrastructure underlying our network, including Amazon Web Services and our apps and websites, including with respect to data protection and cybersecurity; • maintain and further develop a scalable, high-performance technology infrastructure that can efficiently and reliably handle increased member usage, as well as the deployment of new features and tools; • successfully update our network, including expanding our network and offerings, develop and update our apps, features, offerings, and services to benefit our members’ experience; • responsibly use the data that our members share with us to provide solutions that make our members more successful and productive and that are critical to the hiring and marketing needs of enterprises and professional organizations; • comply with existing and new laws and regulations applicable to our business and our industry; • process, store, and use personal data in compliance with governmental regulation and other legal obligations related to privacy; • maintain and enhance the value of our reputation and brand; • continue to earn and preserve our members’ trust with respect to their professional reputation and information; • effectively manage our growth; and • hire, integrate, and retain talented people at all levels of our organization.
• While one customer accounted for 10% or more of total revenue for the fiscal year ended March 31, 2026 and no customer met this threshold for the fiscal years ended March 31, 2025 and 2024, our revenue is relatively concentrated within a small number of key customers.
• Specifically, we compete for medical professionals as members against large technology companies that have developed online networking and collaboration tools like LinkedIn, Facebook, Google, and X, in addition to smaller, emerging companies including various healthcare AI platforms.
• We compete for customers for our Marketing Solutions with online outlets such as health-related websites and mobile apps, like WebMD’s Medscape, and newer companies like OpenEvidence, as well as offline organizations that provide marketing and advertising services that enable pharmaceutical manufacturers and health systems to educate medical professionals.
• We also compete with providers of scheduling solutions such as QGenda and a number of emerging AI solutions focusing on health care, including Abridge, OpenAI and Anthropic.
• The product offerings in our Workflow Solutions category include telehealth, on-call scheduling, and AI-based tools, such as Ask and Scribe.
• Significant assumptions and estimates used in preparing our consolidated financial statements include those related to revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, and deferred income taxes.
• In addition, laws, regulations, enforcement priorities and industry standards relating to AI, automated decision-making, privacy, data security, transparency and consumer protection are evolving and could increase our compliance costs or require changes to our products, services or business practices.
• As of March 31, 2026, we accumulated $3.7 million of state net operating loss carryforwards, or NOLs, to reduce future taxable income, portions of which will begin to expire in 2042.
• Based on an assessment of our historical ownership changes through March 31, 2026, we do not anticipate a current limitation on the tax attributes.
• For example, our former Chief Financial Officer departed in April 2026, and our Chief Accounting Officer served as interim principal financial officer and interim principal accounting officer while we conducted a search for a new Chief Financial Officer.
• On May 13, 2026, the Company appointed Matt Sonefeldt as Chief Financial Officer.
• In addition, we have experienced recent senior management changes which may result in temporary disruption or require additional management attention.
• Our development, deployment, and use of artificial intelligence may not achieve the expected benefits and may create operational, reputational, competitive, regulatory, legal, and liability risks.
• We use artificial intelligence, machine learning, generative AI, and other AI-enabled technologies as part of operating our business, and we incorporate AI-enabled features and applications into certain of our offerings, including our Workflow Solutions.
• We have invested, and expect to continue to invest, in expanding AI capabilities intended to improve physician productivity, support clinical reference, documentation, administrative, patient communication, and other healthcare workflows, enhance content generation and delivery, improve data analysis, and increase the efficiency of our internal operations.
• AI technologies can be complex and are rapidly evolving, and while we believe that AI-enabled features may help support the future growth of our business, there is no guarantee that such features or investments will ultimately be successful.
• Our AI-enabled offerings may not perform as expected, may not be adopted by members or customers, may be more costly to develop, operate, or support than anticipated, or may fail to improve our competitive position.
• Our competitors and other third parties, including larger technology companies, healthcare technology companies, and emerging AI-focused companies, may incorporate AI into their products or operations more quickly or more successfully than us, which could impair our ability to compete effectively.
• AI-enabled tools and features may produce outputs, recommendations, summaries, classifications, drafts, documentation, clinical reference responses, analyses, workflow-related content, or other materials that are inaccurate, incomplete, biased, offensive, misleading, or otherwise deficient.
• AI systems may also produce “hallucinations,” reflect errors or bias in training, input, or customer data, or behave unpredictably in response to incomplete, ambiguous, or adversarial prompts.
• Because our members and customers operate in the healthcare industry, errors or perceived errors in AI-enabled outputs may be particularly sensitive and could result in reduced trust in our offerings, member or customer dissatisfaction, reputational harm, contractual disputes, regulatory scrutiny, litigation, or other liability.
• If our AI-enabled features are perceived as unreliable, unsafe, insufficiently transparent, or inconsistent with member or customer expectations, our reputation, business, financial condition, and results of operations could be adversely affected.
• The development, deployment, and use of AI present various intellectual property, privacy, cybersecurity, confidentiality, data governance, contractual, and regulatory risks.
• Significant investment in the development, implementation, and maintenance of AI-enabled tools, datasets, models, safeguards, policies, procedures, and governance may be costly and may not adequately prevent errors, misuse, or other harm.
• AI-enabled tools may generate code, text, content, analyses, recommendations, documentation, or other materials that are alleged to infringe, misappropriate, or otherwise violate third-party intellectual property, privacy, publicity, contractual, or other rights.
• Employees, contractors, vendors, customers, members, or other third parties may use our AI-enabled features or other AI tools in ways that are inconsistent with our policies, contractual obligations, or applicable law, including by entering confidential, proprietary, personal, protected health, or other regulated information into third-party AI tools.
• Our AI-enabled tools and workflows may also be susceptible to emerging AI-related attack techniques, including prompt injection, data poisoning, model manipulation, malicious inputs, insecure model behavior, unauthorized access to model outputs or training data, and other threats.
• Any such issues could result in data leakage, loss of intellectual property or trade secret protection, privacy violations, security incidents, contractual breaches, regulatory scrutiny, litigation, indemnity obligations, or reputational harm.
• Any integration of third-party AI models, platforms, vendors, datasets, or infrastructure with our offerings or internal operations relies on safeguards implemented by those third parties, including safeguards related to model performance, availability, privacy, data use, security, intellectual property, confidentiality, accuracy, bias mitigation, regulatory compliance, and other matters, and these safeguards may be insufficient.
• Third-party AI providers may also change their models, terms, pricing, availability, data-use practices, privacy and security commitments, intellectual property positions, or compliance posture in ways that adversely affect our products, operations, costs, or ability to meet our contractual or regulatory obligations.
• Interruptions, errors, degradation, security incidents, or changes involving third-party AI technologies could impair our products or internal operations and could adversely affect our business.
• Existing laws and regulations may be interpreted, and new laws, regulations, enforcement priorities, industry standards, or judicial interpretations regarding AI may be adopted or applied, in ways that could negatively affect the way we use AI in our business and offerings.
• The legal and regulatory framework governing AI in the United States is evolving rapidly and remains uncertain, including with respect to AI-related disclosures, consumer protection, privacy, cybersecurity, automated decision-making, employment, discrimination, intellectual property, healthcare, and unfair or deceptive practices.

and 25 more.

Gone since FY2025

• Additional risks, beyond those summarized below, set forth in this section, or discussed elsewhere in this Annual Report on Form 10-K, may apply to our business, activities or operations as currently conducted or as we may conduct them in the future or in the markets in which we operate or may in the future operate. • If we fail to effectively manage our growth, we may be unable to execute our business plan, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition, and results of operations could be harmed; • We have a limited operating history, which makes it difficult to evaluate our current business and future prospects and to predict our future operating results, and therefore increases the risk of investment; • If we fail to retain existing members or add new members, our revenue, operating results, financial condition, and business may be significantly harmed; • If we do not continue to attract new customers, or if existing customers do not renew their subscriptions, renew on less favorable terms, or fail to purchase additional solutions, it could have a material adverse effect on our business, financial condition, and results of operations; • Our revenue is relatively concentrated within a small number of key customers, and the loss of one or more of such key customers could slow the growth rate of our revenue or cause our revenue to decline; • We expect to face increasing competition in the market for our solutions; • If we are not able to maintain and enhance our reputation and brand recognition, our business, financial conditions, and results of operations will be harmed; • Making business decisions that prioritize the interests of our members may adversely impact our financial results; • We depend on our talent to grow and operate our business, and if we are unable to hire, integrate, develop, motivate, and retain our personnel, we may not be able to grow effectively; • Failure to maintain, protect, or enforce our intellectual property rights could harm our business and results of operations; and • The dual class structure of our common stock has the effect of concentrating voting control with our executive officers (including our Chief Executive Officer) and directors and their affiliates; this will limit or preclude your ability to influence corporate matters.
• For example, in fiscal 2025 and 2024, our revenue grew by 20% and 13%, respectively, as compared to the prior years.
• Additionally, our full-time equivalent headcount increased from 827 as of March 31, 2024 to 830 as of March 31, 2025.
• The growth and expansion of our business creates significant challenges for our management, operational, and financial resources.
• These risks and challenges include our ability to: • maintain and increase our number of registered members for our platform; • maintain and increase our number of customers for our solutions; • increase revenue from the solutions we provide; • successfully compete with other companies that are currently in, or may in the future enter, the online professional network space, telehealth, or other productivity tools; • maintain and improve the infrastructure underlying our network, including Amazon Web Services and our apps and websites, including with respect to data protection and cybersecurity; • maintain and further develop a scalable, high-performance technology infrastructure that can efficiently and reliably handle increased member usage, as well as the deployment of new features and tools; • successfully update our network, including expanding our network and offerings, develop and update our apps, features, offerings, and services to benefit our members’ experience; • responsibly use the data that our members share with us to provide solutions that make our members more successful and productive and that are critical to the hiring and marketing needs of enterprises and professional organizations; • comply with existing and new laws and regulations applicable to our business and our industry; • process, store, and use personal data in compliance with governmental regulation and other legal obligations related to privacy; • maintain and enhance the value of our reputation and brand; • continue to earn and preserve our members’ trust with respect to their professional reputation and information; • effectively manage our growth; and • hire, integrate, and retain talented people at all levels of our organization.
• While for the fiscal years ended March 31, 2025, 2024 and 2023, no customer accounted for 10% or more of total revenue, our revenue is relatively concentrated within a small number of key customers.
• Specifically, we compete for medical professionals as members against large technology companies that have developed online networking and collaboration tools like LinkedIn, Facebook, Google, and X, in addition to smaller, emerging companies.
• We compete for customers for our Marketing Solutions with online outlets such as health-related websites and mobile apps, like WebMD’s Medscape, as well as offline organizations that provide marketing and advertising services that enable pharmaceutical manufacturers and health systems to educate medical professionals.
• We also compete with providers of scheduling solutions such as QGenda and a number of emerging AI solutions focusing on health care.
• The product offerings in our Workflow Solutions category include telehealth, on-call scheduling, and AI-based tools.
• Significant assumptions and estimates used in preparing our consolidated financial statements include those related to revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, fair value of contingent earn-out consideration, and deferred income taxes.
• We rely on evolving technologies, including network and mobile infrastructure, as well as our own capabilities, to maintain and scale our business and maintain competitiveness.
• We depend on the use of information technologies and systems, developing technologies, and our reputation and ability to acquire, retain, and serve our customers are dependent upon the reliable performance of our apps and websites and the underlying network infrastructure.
• As of March 31, 2025, we accumulated $4.2 million of state net operating loss carryforwards, or NOLs, to reduce future taxable income, portions of which will begin to expire in 2042.
• Based on an assessment of our historical ownership changes through March 31, 2025, we do not anticipate a current limitation on the tax attributes.
• We may become subject to litigation, which could have a material adverse effect on our business, financial condition, and results of operations.
• We have been subject to litigation in the past, and may become subject to litigation in the future.
• We generally intend to defend ourselves vigorously; however, we cannot be certain of the ultimate outcomes of any claims that may arise in the future.
• We have completed acquisitions in recent years, including Curative Talent in fiscal 2021 and AMiON in fiscal 2023, and we may in the future consider opportunities to acquire or make additional investments in new or complementary businesses, technologies, offerings, tools, or solutions, or enter into strategic alliances, that may enhance our capabilities and platform in general, complement our current offerings, or expand the breadth of our markets.
• We rely on software-as-a-service, or SaaS, technologies from third parties.
• We rely on SaaS technologies from third parties in order to operate critical functions of our business, including financial management services, relationship management services, marketing services, and data storage services.
• We are subject to income taxes in the United States and our tax provision could also be impacted by changes in accounting principles and changes in U.S. federal and state tax laws applicable to corporations.
• For example, legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act, or Tax Act, and the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, of 2020 significantly changed how the U.S.
• Department of Treasury imposes income taxes on U.S. corporations.
• For tax years beginning after December 31, 2021, the Tax Act eliminated the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize U.S.-based research and development expenditures over five years.
• This legislation has accelerated the utilization of our net operating losses and research and development tax credits in the U.S. federal and state jurisdictions.
• We made significant judgments and assumptions in the interpretation of these laws and in our calculations reflected in our financial statements.
• Department of Treasury, the Internal Revenue Service, or the IRS, and other standard-setting bodies may issue additional guidance on how the provisions of the Tax Act and CARES Act will be applied or otherwise administered, and additional accounting guidance or interpretations may be issued in the future that is different from our current interpretation.
• We communicate certain ESG-related initiatives and/or commitments regarding environmental matters, diversity, and other matters on our website and elsewhere.
• To the extent that our disclosures about ESG matters increase, we could be criticized for the content, accuracy, adequacy, or completeness of such disclosures.
• Our actual or perceived progress in our ESG-related initiatives or commitments could negatively impact our reputation, result in ESG-focused investors not purchasing and holding our stock, or otherwise materially harm our business.
• However, it cannot be determined how long these measures will stay in place and to the extent that states do not maintain this reimbursement parity, this could lower usage of our network.
• Stockholders who hold shares of Class B common stock, including our executive officers and directors and their affiliates, together hold approximately 79% of the voting power of our outstanding capital stock as of March 31, 2025.