(GDRX) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx First Quarter 2023 Earnings Call. As a reminder, today's conference is being recorded. I would now like to introduce your host for today's call, Aubrey Reynolds, Senior Manager of Investor Relations. Ms. Reynolds, you may begin.

女士們，先生們，感謝你們的支持，歡迎來到 GoodRx 2023 年第一季度財報電話會議。提醒一下，今天的會議正在錄製中。我現在想介紹今天電話會議的主持人，投資者關係高級經理 Aubrey Reynolds。雷諾茲女士，您可以開始了。

Thank you, operator. Good afternoon everyone, and welcome to GoodRx's earnings conference call for the first quarter 2023. Joining me today are Doug Hirsch, our Chief Mission Officer; Trevor Bezdek, our Chairman; Karsten Voermann, our Chief Financial Officer; and Scott Wagner, our Interim Chief Executive Officer. Before we begin, I'd like to remind everyone that this call will contain forward-looking statements. All statements made on the call that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding management's plans, strategies, goals and objectives, our market opportunities, our anticipated financial performance; the impact of the gross issue in our business, underlying trends in our business, our potential for growth, collaborations and partnerships with third parties and the expected impact from macroeconomic environment on our business. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors. These factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 

謝謝你，運營商。大家下午好，歡迎參加 GoodRx 2023 年第一季度的收益電話會議。今天和我一起的是我們的首席使命官 Doug Hirsch；我們的董事長 Trevor Bezdek；我們的首席財務官 Karsten Voermann；和我們的臨時首席執行官 Scott Wagner。在我們開始之前，我想提醒大家，本次電話會議將包含前瞻性陳述。所有與歷史事實無關的電話會議陳述均應視為前瞻性陳述，包括但不限於有關管理層計劃、戰略、目標和目標、我們的市場機會、我們預期的財務業績的陳述；總體問題對我們業務的影響、我們業務的潛在趨勢、我們的增長潛力、與第三方的合作和夥伴關係以及宏觀經濟環境對我們業務的預期影響。這些陳述既不是承諾也不是保證，而是涉及已知和未知的風險、不確定性和其他重要因素。這些因素可能導致我們的實際結果、業績或成就與前瞻性陳述中明示或暗示的任何未來結果、業績或成就存在重大差異。

Factors discussed in the Risk Factor section of our annual report on Form 10-K for the year ended December 31, 2022, as updated by our quarterly report on Form 10-Q for the quarter ended March 31, 2023, and other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made on this call. Any such forward-looking statements represent management's estimates as of the date of this call, and we disclaim any obligation to update these statements even if subsequent events cause our views to change. In addition, we may also reference non-GAAP metrics, which are reconciled to the nearest GAAP metric in the company's earnings press release, which can be found on the overview page of the Investor Relations website at investors.goodrx.com. I'd also like to remind everyone that a replay of this call will become available there shortly as well. With that, I'll turn it over to Doug.

我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分中討論的因素，根據我們截至 2023 年 3 月 31 日止季度的 10-Q 表格季度報告以及其他提交給美國證券交易委員會可能導致實際結果與本次電話會議上所做的前瞻性陳述所表明的結果存在重大差異。任何此類前瞻性陳述均代表管理層截至本次電話會議之日的估計，即使後續事件導致我們的觀點發生變化，我們也不承擔任何更新這些陳述的義務。此外，我們還可能參考非 GAAP 指標，這些指標與公司收益新聞稿中最接近的 GAAP 指標相一致，可在投資者關係網站 investors.goodrx.com 的概述頁面上找到。我還想提醒大家，此電話會議的重播也將很快在那裡提供。有了這個，我會把它交給道格。

Thank you, Aubrey. Good morning, everyone, and thank you for joining us. We started GoodRx 12 years ago because we were passionate about helping consumers access and afford the care they deserve. We are so proud that the company we built has become a service that millions of consumers rely on. Since those early days, much has changed and our business has evolved into something bigger than Trevor and I ever dreamed. We have saved Americans over $55 billion in their medications, and our team has launched entirely new business lines, including pharma manufacturer solutions, which enables us to make brand drugs more accessible and GoodRx Health, which we believe offers some of the best and most trusted online health content. It's been both exciting and rewarding to build a business that enables us to help even more people in more ways. 

謝謝你，奧布里。大家早上好，感謝您加入我們。我們在 12 年前創立了 GoodRx，因為我們熱衷於幫助消費者獲得併負擔得起他們應得的護理。我們很自豪我們建立的公司已經成為數百萬消費者依賴的服務。從那些早期開始，發生了很多變化，我們的業務已經發展成為比 Trevor 和我夢想的更大的東西。我們已經為美國人節省了超過 550 億美元的藥物費用，我們的團隊推出了全新的業務線，包括製藥商解決方案，這使我們能夠使品牌藥物更容易獲得，以及 GoodRx Health，我們相信它提供了一些最好和最值得信賴的在線健康內容。建立一個使我們能夠以更多方式幫助更多人的企業既令人興奮又有益。

Trevor and I love what we do, but we also recognize that an important part of expanding our impact includes generating growth, margins and profitability. We've always known that there would be a time when there would be others better equip than us to run and grow a large public company, and I'm proud to say that we found that person in Scott Wagner, who has agreed to step in as our interim CEO. Scott brings more than 25 years of experience running and scaling consumer technology companies that are leaders in their field, including as public companies and has the knowledge and expertise needed to enter the next phase of our company's growth. In 2012, Scott stepped in as Interim CEO at GoDaddy and went on to become President, COO and CFO; and then CEO. During his tenure, he took the company public, nearly tripled revenue to approximately $3 billion, grew the business profitably and managed over 7,000 employees. Scott also has experience working with our sponsors, Silver Lake, Francisco Partners and Spectrum Equity. I've been working alongside him for the past 2 weeks and have already seen and put his breadth of experience into action. 

Trevor 和我熱愛我們所做的事情，但我們也認識到，擴大影響力的一個重要部分包括創造增長、利潤和盈利能力。我們一直都知道，總有一天會有其他人比我們更有能力經營和發展一家大型上市公司，我很自豪地說，我們在斯科特瓦格納找到了那個人，他同意離開作為我們的臨時首席執行官。 Scott 擁有超過 25 年的運營和擴展消費技術公司的經驗，這些公司是各自領域的領導者，包括作為上市公司，並且擁有進入我們公司下一階段發展所需的知識和專業知識。 2012 年，Scott 出任 GoDaddy 臨時 CEO，隨後成為總裁、首席運營官和首席財務官；然後是首席執行官。在他任職期間，他帶領公司上市，收入增長了近兩倍，達到約 30 億美元，業務實現盈利增長，並管理著 7,000 多名員工。 Scott 還擁有與我們的讚助商 Silver Lake、Francisco Partners 和 Spectrum Equity 合作的經驗。在過去的 2 周里，我一直與他一起工作，並且已經看到並將他的廣泛經驗付諸實踐。

Trevor and I are excited about what Scott's new perspective will bring. It's no secret this past year has been rough. Our results have disappointed us as well as our stakeholders, and we believe the time is right as someone lead the company who has extensive experience running and growing public companies. We truly feel this is just the beginning of what GoodRx can accomplish. We love GoodRx and want it to succeed more than anything else. Trevor and I are remaining at the company and are committed to supporting Scott and the business. I have taken on the role of Chief Mission Officer, and I'm so excited that I get to focus on doing what I love most, evangelizing the company's mission to external parties, whether it's physicians, manufacturers, pharma or other partners, I will spend my time talking about all the amazing ways we aim to make health care affordable and convenient for Americans. I will now pass the call over to Trevor.

Trevor 和我對 Scott 的新觀點將會帶來什麼感到興奮。眾所周知，過去的一年很艱難。我們的結果令我們和我們的利益相關者感到失望，我們相信現在是時候由一位在運營和發展上市公司方面擁有豐富經驗的人來領導公司了。我們真的覺得這只是 GoodRx 可以完成的事情的開始。我們熱愛 GoodRx，並希望它取得成功勝過一切。 Trevor 和我將留在公司，並致力於支持 Scott 和公司。我擔任了首席使命官一職，我很高興能專注於做我最喜歡做的事情，向外部各方宣傳公司的使命，無論是醫生、製造商、製藥公司還是其他合作夥伴，我都會花時間談論我們旨在讓美國人負擔得起和方便的醫療保健的所有令人驚奇的方式。我現在將電話轉給 Trevor。

Thank you, Doug, and good morning, everyone. As Doug mentioned, we recognize the challenges, both our business and our stock performance have faced over the past couple of years. We are still recovering from the impact the grocer issue had on our core business. We haven't driven product innovation forward as quickly as we planned to and our pharma manufacturer solutions offering that saves continued macroeconomic headwinds with the spending delays and reductions we discussed in our fourth quarter earnings call in February, which have contributed to uneven execution to date. We don't take this lightly, and we understand the importance of bringing in someone at this juncture who can drive the business forward faster. We are incredibly lucky to have Scott on board. He has extensive experience transitioning businesses from founding teams into highly successful public companies. He's already identified ways to improve and potentially grow the business, accelerate our long-term plan and platform expansion and drive efficiency and margins. We are confident that this move is coming at the right time. Our business remains very attractive. We have a core prescription business that endured an unexpected disruption over the past year, but it's fundamentally a category innovator in a large growing market. 

謝謝你，道格，大家早上好。正如道格所提到的，我們認識到過去幾年我們的業務和股票表現所面臨的挑戰。我們仍在從雜貨店問題對我們核心業務的影響中恢復過來。我們沒有像我們計劃的那樣快速推動產品創新，我們的製藥製造商解決方案提供的產品可以避免持續的宏觀經濟逆風，我們在 2 月份的第四季度財報電話會議上討論了支出延遲和削減，這導致了迄今為止的執行不平衡.我們對此不會掉以輕心，我們理解在這個時刻聘請能夠更快推動業務發展的人的重要性。我們非常幸運能有 Scott 加入。他在將企業從創始團隊轉變為非常成功的上市公司方面擁有豐富的經驗。他已經確定了改善和潛在發展業務、加速我們的長期計劃和平台擴展以及提高效率和利潤的方法。我們相信這一舉措來得正是時候。我們的業務仍然非常有吸引力。我們的核心處方藥業務在過去一年經歷了意外中斷，但從根本上說，它是一個不斷增長的大型市場中的品類創新者。

We believe our pharma manufacturer solutions efforts are delivering compelling ROI to customers, but still in the early days. We need to continue to build scale and repeatability. We believe this leadership transition will accelerate our growth and performing and reflects our enthusiasm about the opportunity for GoodRx over the years to come. In my new role as Chairman, I'll continue to leverage my deep network of industry relationships and extensive knowledge of the health care industry to support Scott with our overall health care strategy, strategic partner relationships and product innovation, I get to focus on supporting the business structure and strategy and stuff I love. Before I turn the call over to Scott, let me discuss the highlights for this quarter, which we view as evidence of our strong value proposition in our very underpenetrated TAM, deep competitive mode and incredibly loyal consumer and prescriber users with whom we have a 90 NPS. There are 4 key areas where we saw the most success in Q1: one, our hybrid strategy; two, our engagement efforts; three, our recent ability to rapidly adjust consumer pricing, which is driving more volume for us; and four, our collaboration with Express Scripts. 

我們相信我們的製藥製造商解決方案工作正在為客戶提供令人信服的投資回報率，但仍處於早期階段。我們需要繼續建立規模和可重複性。我們相信，這次領導層交接將加速我們的發展和業績，並反映出我們對未來幾年 GoodRx 機會的熱情。在我擔任主席的新職位上，我將繼續利用我深厚的行業關係網絡和對醫療保健行業的廣泛了解來支持 Scott 的整體醫療保健戰略、戰略合作夥伴關係和產品創新，我將專注於支持業務結構和戰略以及我喜歡的東西。在我把電話轉給 Scott 之前，讓我討論一下本季度的亮點，我們認為這是我們在滲透率非常低的 TAM、深度競爭模式和令人難以置信的忠誠消費者和處方藥用戶中擁有強大價值主張的證據，我們擁有 90核動力源。我們在第一季度取得了最大成功的 4 個關鍵領域：第一，我們的混合戰略；二，我們的參與努力；第三，我們最近快速調整消費者定價的能力，這為我們帶來了更多的銷量；第四，我們與 Express Scripts 的合作。

First, we began implementing a hybrid approach, where we formalized relationships with our retail pharmacy network to ensure stability and mutual success for all parties. The early success we've had with this strategy has led us to increase the number of retail pharmacy partners near directly contracting with, as well as the proportion of claims associated with direct contracts. It has allowed us to understand their needs better and more deeply engaged with these retailers. We believe we are creating incentives to encourage greater use of GoodRx and drive incremental volume through these retailers. Second, as we work towards creating a more meaningful direct consumer and provider relationships, our engagement efforts continue to play a critical role. As of the end of the first quarter, we are pleased that the proportion of prescription transactions from fully registered consumers have continued to increase after doubling in the second half of 2022 and that over 450,000 prescribers have engaged with us in provider mode since its launch. 

首先，我們開始實施混合方法，我們與零售藥店網絡正式建立關係，以確保各方的穩定性和共同成功。我們在這一戰略上取得的早期成功使我們增加了幾乎直接與之簽約的零售藥店合作夥伴的數量，以及與直接合同相關的索賠比例。它使我們能夠更好地了解他們的需求，並與這些零售商進行更深入的接觸。我們相信我們正在製定激勵措施，以鼓勵更多地使用 GoodRx 並通過這些零售商推動增量。其次，在我們努力建立更有意義的直接消費者和供應商關係時，我們的參與努力繼續發揮關鍵作用。截至第一季度末，我們很高興完全註冊消費者的處方交易比例在 2022 年下半年翻了一番之後繼續增加，並且自推出以來已有超過 450,000 名處方醫生以供應商模式與我們合作。 A

Third, we have found innovative ways to be able to rapidly adjust consumer pricing through point-of-sale discounts to optimize around demand elasticity on a per medication basis. We have increased our total spend on consumer-facing discounts from $24.7 million in all of 2022 to $10.9 million just in 1Q '23. We believe that much like consumer product brands who leverage coupons, our ability to catalyze user behaviors are highly effective. And fourth, our PBM partners can benefit from the increased retail and network stability or hybrid strategy created and we are innovating in ways to do even more with them. A prime example is our Express Scripts integrated savings collaboration, Price Assure, Powered by GoodRx, which is one of our most exciting new initiatives. Early performance indicators across this innovative program continue to show promising signs, and we can report we saw greater-than-expected momentum via the Express Scripts program, particularly towards the end of the quarter. The Express Scripts collaboration helps to remove the need for consumer education and prescription savings and provides more transparency and price awareness automatically across the health care system by allowing eligible users to automatically receive that at discount prices as part of their pharmacy benefits. It's built right into their card with no action required on the consumer's part. 

第三，我們找到了創新方法，能夠通過銷售點折扣快速調整消費者定價，以優化每種藥物的需求彈性。我們已將面向消費者的折扣總支出從 2022 年全年的 2470 萬美元增加到 23 年第一季度的 1090 萬美元。我們相信，就像利用優惠券的消費品品牌一樣，我們催化用戶行為的能力非常有效。第四，我們的 PBM 合作夥伴可以從增加的零售和網絡穩定性或創建的混合策略中受益，我們正在創新方式與他們一起做更多的事情。一個典型的例子是我們的 Express Scripts 集成儲蓄協作，Price Assure，由 GoodRx 提供支持，這是我們最令人興奮的新計劃之一。這一創新計劃的早期績效指標繼續顯示出令人鼓舞的跡象，我們可以報告說，我們通過 Express Scripts 計劃看到了超出預期的勢頭，尤其是在本季度末。 Express Scripts 合作有助於消除對消費者教育和處方儲蓄的需求，並通過允許符合條件的用戶自動以折扣價作為其藥房福利的一部分，在整個醫療保健系統中自動提供更高的透明度和價格意識。它內置在他們的卡中，消費者無需採取任何行動。

Express Scripts continues to educate and enroll plan sponsors across the balance of their commercial book of business. We believe this program opens up a significant new segment of the prescription savings TAM for us, and we are seeing great early results. We can say definitively, we are reaching more consumers through this partnership, driving greater savings and improving awareness and affordability. We aspire to broaden our reach further through arrangements with additional PBMs. We believe our pharma manufacturer solutions platform has great potential based on the feedback from clients and the ROI those clients are achieving, which operates with different pacing and is more nascent. We're still building out our execution abilities in this offering with respect to our product investments and learning how to predict outcomes more accurately. We are also working on increasing our synergies across GoodRx health and provider mode to drive awareness. I will now turn the call over to Scott.

Express Scripts 繼續在其商業業務範圍內教育和招募計劃發起人。我們相信該計劃為我們開闢了處方藥節省 TAM 的重要新部分，並且我們看到了很好的早期結果。我們可以明確地說，我們正在通過這種夥伴關係接觸到更多的消費者，推動更多的儲蓄並提高意識和負擔能力。我們渴望通過與更多 PBM 的安排進一步擴大我們的影響範圍。我們相信，根據客戶的反饋和這些客戶正在實現的投資回報率，我們的製藥商解決方案平台具有巨大的潛力，該平台以不同的節奏運作，並且更加新生。我們仍在構建我們在產品投資方面的執行能力，並學習如何更準確地預測結果。我們還致力於加強我們在 GoodRx 健康和提供商模式之間的協同作用，以提高知名度。我現在將把電話轉給斯科特。

Thanks Trevor. First, I'd like to take a minute and applaud Trevor and Doug for all they've accomplished over the last 12 years. Under their leadership, GoodRx grew into a leading digital health care platform serving over 7 million consumers a month. Trevor and Doug are smart, creative people who have built a category-defining company. I've got an incredible respect for both of these guys, both what they built to GoodRx and who they are as people. I'm thrilled to be here and to contribute to the next leg of the GoodRx journey. As Trevor and Doug mentioned earlier in the call, I've got a bunch of experience helping companies deliver growth at scale while building exceptional customer experiences. Personally, I really enjoy building companies and doing so the right way, companies that do unique and valuable things for their customers, that continue to innovate and grow, to deliver attractive financial returns and have high-performing teams. I'm excited to join GoodRx, not just for what the business is today, but more importantly, for what it can be and for how I can help right now. 

謝謝特雷弗。首先，我想花一點時間為 Trevor 和 Doug 在過去 12 年中所取得的成就鼓掌。在他們的領導下，GoodRx 成長為領先的數字醫療保健平台，每月為超過 700 萬消費者提供服務。 Trevor 和 Doug 是聰明、有創造力的人，他們建立了一家定義類別的公司。我對這兩個人都懷有難以置信的敬意，無論是他們為 GoodRx 打造的東西，還是他們作為人的身份。我很高興來到這裡並為 GoodRx 旅程的下一站做出貢獻。正如 Trevor 和 Doug 早些時候在電話中提到的那樣，我在幫助公司實現大規模增長同時打造卓越的客戶體驗方面積累了豐富的經驗。就個人而言，我真的很喜歡建立公司並以正確的方式這樣做，這些公司為客戶做獨特而有價值的事情，不斷創新和發展，提供有吸引力的財務回報並擁有高績效的團隊。我很高興加入 GoodRx，不僅僅是因為今天的業務，更重要的是，因為它可以做什麼以及我現在可以如何提供幫助。

There is a lot to like about the GoodRx today. GoodRx has a unique value proposition as the leading prescription savings marketplace. GoodRx has a true brand loved by both patients and health care professionals alike with Net Promoter Scores approaching 90. That's pretty incredible. GoodRx plays a unique role in the prescription ecosystem, providing value to patients, providers and manufacturers alike. There's a lot of opportunity here. GoodRx has a huge TAM with interesting opportunities to expand from the discount card space to serving a larger portion of both Medicare and commercial plans. GoodRx has demonstrated product market fit with pharma partners, building a meaningful business from scratch in a really short time period. We believe this business has growth because it's incredibly useful to customers and manufacturers alike. GoodRx is unique in that it touches a vast array of constituents across the health care ecosystem, spanning patients, providers, retailers, PBMs and pharma manufacturers, this ecosystem-wide foundation is our basis for further expansion. 

今天的 GoodRx 有很多值得喜歡的地方。作為領先的處方儲蓄市場，GoodRx 具有獨特的價值主張。 GoodRx 擁有一個真正的品牌，深受患者和醫療保健專業人士的喜愛，淨推薦值接近 90。這太不可思議了。 GoodRx 在處方生態系統中扮演著獨特的角色，為患者、供應商和製造商等提供價值。這裡有很多機會。 GoodRx 擁有巨大的 TAM，有很多有趣的機會可以從折扣卡領域擴展到服務於更大部分的 Medicare 和商業計劃。 GoodRx 已證明產品市場適合製藥合作夥伴，在非常短的時間內從頭開始建立有意義的業務。我們相信這項業務會增長，因為它對客戶和製造商都非常有用。 GoodRx 的獨特之處在於它涉及整個醫療保健生態系統中的大量組成部分，涵蓋患者、供應商、零售商、PBM 和製藥商，這個生態系統範圍的基礎是我們進一步擴展的基礎。

It's also clear that GoodRx can do some things differently. I believe we need to do a better job of identifying and prioritizing the things that matter and are most impactful. We also have to evolve our execution against these opportunities, making sure that we execute with quality and with urgency and meet our commitments to each other in the company and to all of you. I've been around the block a bunch, GoDaddy being the most visible, but also before that with the private equity firm, KKR, leading businesses from one stage of evolution to another. While not driven by a playbook per se, there's a combination of strategic insight, execution and team alignment that can help you. As I jump in as interim CEO, there's a couple of key areas that I plan to drive and focus on with the team. First, making sure that we have the strongest network relationships in retail pharmacy strategy possible; two, honing our short- and medium-term growth plans for the core prescription business and aligning teams and resources behind it; three, scaling our pharma manufacturing solutions efforts. There is a lot of goodness here. We've got a very unique capability and branded pharma that can benefit both patients and manufacturers alike. 

同樣清楚的是，GoodRx 可以做一些不同的事情。我相信我們需要更好地識別和優先處理重要且最具影響力的事情。我們還必須針對這些機會改進我們的執行，確保我們以高質量和緊迫的方式執行，並履行我們對公司中的彼此以及對你們所有人的承諾。我去過很多地方，GoDaddy 是最引人注目的，但在那之前，私募股權公司 KKR 也帶領企業從一個發展階段發展到另一個階段。雖然不是由劇本本身驅動，但戰略洞察力、執行力和團隊協調的結合可以為您提供幫助。當我擔任臨時 CEO 時，我計劃與團隊一起推動和關注幾個關鍵領域。首先，確保我們在零售藥店策略方面擁有最強大的網絡關係；第二，完善我們核心處方業務的短期和中期增長計劃，並調整其背後的團隊和資源；第三，擴大我們的製藥製造解決方案工作。這裡有很多好處。我們擁有非常獨特的能力和品牌製藥，可以使患者和製造商都受益。

While our offerings in this area are nascent, we believe early proof points have been extremely positive with pharma customers, being really strong value, given our high intent audience that spans both patients and health care professionals. It's particularly valuable for the awareness and access solutions that they've been promoting. We're going to lean into these high ROI solutions and focus on driving further product innovation, expanding our brand reach with existing partners as well as landing more lighthouse brands with new manufacturers. If we get this right, I'm confident we're going to be able to turn manufacturer solutions into a larger and more profitable business over time. Finally, we're going to put our combined efforts against our biggest opportunities, make decisions and then execute with quality and with urgency. For the investors on the call, I'm a big believer in transparency. GoodRx has experienced money even performance over the past 12 months and no one likes that. We need to get us to a place where we can provide clear ranges of growth and profitability to our investors, deliver against those ranges consistently, barring any external and exogenous events, then lay out longer-term plans and milestones over a 3-plus year period of time. 

雖然我們在這一領域的產品剛剛起步，但我們相信早期的證據對製藥客戶來說非常積極，具有非常強大的價值，因為我們的高意向受眾包括患者和醫療保健專業人員。這對於他們一直在推廣的意識和訪問解決方案特別有價值。我們將依靠這些高投資回報率的解決方案，並專注於推動進一步的產品創新，擴大我們與現有合作夥伴的品牌影響力，並與新製造商合作推出更多燈塔品牌。如果我們做對了，我相信隨著時間的推移，我們將能夠將製造商解決方案轉變為規模更大、利潤更高的業務。最後，我們將共同努力抓住我們最大的機會，做出決定，然後以高質量和緊迫的方式執行。對於電話會議的投資者，我堅信透明度。 GoodRx 在過去的 12 個月裡經歷了金錢甚至表現，沒有人喜歡這樣。我們需要讓我們能夠為投資者提供明確的增長和盈利範圍，始終如一地實現這些範圍，排除任何外部和外部事件，然後製定 3 年多的長期計劃和里程碑一段時間。

Right now, our financial expectations represent our team's best thinking. As I dig in more with the teams, I'll be open with everyone on my thoughts on what our annual financial expectations should be for GoodRx with a focus on building multiyear value while hitting our short-term commitments. With that, I'll turn it over to Carsten to discuss the quarter in more detail and our priorities going forward, and I look forward to both working with and speaking with everybody in the months to come. Thanks, Carsten.

現在，我們的財務預期代表了我們團隊的最佳想法。隨著我對團隊的深入研究，我將向大家公開我對 GoodRx 的年度財務預期應該是什麼的想法，重點是在實現我們的短期承諾的同時建立多年價值。有了這個，我將把它交給 Carsten 來更詳細地討論這個季度和我們未來的優先事項，我期待著在接下來的幾個月裡與大家一起工作和交談。謝謝，卡斯滕。

Thank you, Scott. We recognize everyone is going to be focused on what's to come, so I'll provide a short commentary on the first quarter and then get to guidance before turning it over to the operator for Q&A. In summary, during the first quarter, we exceeded guidance on revenue, adjusted EBITDA and adjusted EBITDA margin with those coming in at $184 million, $53.2 million and 29%, respectively. Going into more detail. Total revenue for the quarter decreased 10% year-over-year to $184.0 million, as I mentioned. Prescription transactions revenue growth was down 13% year-over-year to $134.9 million but up quarter-over-quarter by 4%. MACs declined 5% year-over-year to $6.1 million, but increased 3% quarter-over-quarter. PTR volume, excluding the grocer involved in the previously discussed grocer issues continue to grow consistently and is up 3% sequentially and 16% year-over-year for 1Q '23. The year-over-year declines were largely driven by the grocer issue. Our PTR also benefited from unexpected onetime contributions as we expanded our efforts to ensure network counterparties were adhering to the contracts we have in place, which resulted in unanticipated revenue gains of approximately 1% in our PTR offering late in the quarter with essentially 100% flow-through to adjusted EBITDA.

謝謝你，斯科特。我們認識到每個人都會關注即將發生的事情，所以我將對第一季度進行簡短評論，然後在將其交給運營商進行問答之前獲得指導。總而言之，在第一季度，我們超出了收入、調整後 EBITDA 和調整後 EBITDA 利潤率的指導，分別為 1.84 億美元、5320 萬美元和 29%。進入更多細節。正如我提到的，本季度的總收入同比下降 10% 至 1.84 億美元。處方藥交易收入同比下降 13% 至 1.349 億美元，但環比增長 4%。 MAC 同比下降 5% 至 610 萬美元，但環比增長 3%。 PTR 數量，不包括先前討論的雜貨商問題中涉及的雜貨商，繼續持續增長，環比增長 3%，23 年第一季度同比增長 16%。同比下降主要是由雜貨店問題推動的。我們的 PTR 也受益於意想不到的一次性貢獻，因為我們擴大了我們的努力以確保網絡交易對手遵守我們現有的合同，這導致本季度末我們的 PTR 產品意外收入增長約 1%，流量基本上為 100% - 通過調整後的 EBITDA。

Our former Manufacturing Solutions revenue declined 13% year-over-year in the first quarter to $20.4 million. Our focus is on signing deals with high levels of recurring revenue potential, so we did not do deals with onetime customers as we did in 1Q '22. We're pleased with the trajectory we've achieved and the quality of campaigns we're running, we remain very optimistic about this offering long term. Turning to subscriptions. Subscriptions revenue grew 26% year-over-year to $24.1 million as the gold membership fee increase implemented in the first half of 2022 more than offset the negative impact from Kroger Savings Club and related to reduced marketing of the program and price increase related to gold user churn. We ended the quarter at 1.0 million planned, down 16% year-over-year. Cost of revenue of $16.7 million or 9% of revenue versus $12.3 million or 6% of revenue in 1Q '22. The increase in personnel costs related to consumer support and allocated overhead from the vitaCare acquisition primarily drove the year-over-year increase. 

我們以前的製造解決方案收入在第一季度同比下降 13% 至 2040 萬美元。我們的重點是簽署具有高水平經常性收入潛力的交易，因此我們沒有像 22 年第一季度那樣與一次性客戶進行交易。我們對我們所取得的發展軌跡和我們正在開展的活動的質量感到滿意，我們對這項服務的長期前景仍然非常樂觀。轉向訂閱。訂閱收入同比增長 26% 至 2,410 萬美元，這是因為 2022 年上半年實施的黃金會員費增加抵消了 Kroger Savings Club 的負面影響以及與計劃營銷減少和與黃金相關的價格上漲有關用戶流失。我們在本季度結束時計劃為 100 萬，同比下降 16%。收入成本為 1670 萬美元或收入的 9%，而 22 年第一季度為 1230 萬美元或收入的 6%。與消費者支持相關的人員成本增加以及收購 vitaCare 的分配管理費用主要推動了同比增長。

Product development and technology expenses were $32.9 million or 18% of revenue, which compared to $35.0 million and 17% of revenue in 1Q '22, decreased in absolute dollars, primarily driven by a decrease in payroll and related costs and higher-than-expected level of capitalizable labor based on our quarter-end analysis. Sales and marketing expenses were $78.5 million or 43% of revenue versus $93 million or 46% of revenue in the first quarter of 2022. As we have discussed, we are proactively managing marketing spend in the environment and finding ways to leverage our brand while getting higher returns each dollar invested. I'd like to take a moment and delve deeper into one aspect of our marketing program, point-of-sale discounts for consumers. POS discount for GoodRx to take control of the amounts consumers pay in a rapid targeted manner that is similar to counting by consumer packaged goods companies. This enhances our ability to fulfill our mission around medication affordability. We can deploy this tool against specific medications and to drive specific behaviors, including, for example, our engagement efforts. 

產品開發和技術支出為 3290 萬美元，佔收入的 18%，與 22 年第一季度的 3500 萬美元和收入的 17% 相比，按絕對美元計算下降，主要是由於工資和相關成本下降以及高於預期基於我們季度末分析的可資本化勞動力水平。銷售和營銷費用為 7850 萬美元，佔收入的 43%，而 2022 年第一季度為 9300 萬美元，佔收入的 46%。正如我們所討論的，我們正在積極管理環境方面的營銷支出，並想方設法利用我們的品牌，同時獲得投資每一美元的回報更高。我想花點時間深入探討我們營銷計劃的一個方面，即為消費者提供的銷售點折扣。 GoodRx 的 POS 折扣以快速有針對性的方式控制消費者支付的金額，類似於消費品公司的計數。這增強了我們履行圍繞藥物負擔能力的使命的能力。我們可以針對特定藥物部署此工具並推動特定行為，例如，我們的參與努力。

Last year, we disclosed in our 10-K, we spent $24.7 million on these efforts, and we believe we've been able to continue to make the spend effective at scale. POS discounts are one of the many tactics at our disposal to help secure great pricing for our consumers in what we believe to be an extremely targeted and effective manner. This spend contributed to our ability to drop sales and marketing expenses as a percent of revenue mid-2022, even as our use of POS discounts grew. In the first quarter, we spent a total of $10.9 million, $9.5 million of which is included in sales and marketing and $1.4 million of which was contra-revenue, meaning that instead of hitting OpEx, it reduces revenue and also reduces our growth rates. That is similar to the contra revenue accounting treatment of coupons in the CPG space. The P&L geography of contra revenue versus sales and marketing expense for our POS discounts has no impact on adjusted EBITDA. General and administrative expenses were $29.6 million or 16% of revenue versus $31.9 million or 16% of revenue in the first quarter last year. The decrease was primarily driven by a decrease in stock-based compensation expense related to the cofounders awards granted in connection with our IPO. 

去年，我們在 10-K 中披露，我們在這些努力上花費了 2470 萬美元，我們相信我們能夠繼續使支出大規模有效。 POS 折扣是我們可以使用的眾多策略之一，我們認為這是一種極具針對性和有效的方式，有助於確保為我們的消費者提供優惠的價格。這筆支出有助於我們在 2022 年年中降低銷售和營銷費用佔收入的百分比，即使我們對 POS 折扣的使用有所增加。第一季度，我們總共花費了 1090 萬美元，其中 950 萬美元用於銷售和營銷，140 萬美元用於抵消收入，這意味著它不僅沒有影響運營支出，反而減少了收入，也降低了我們的增長率。這類似於 CPG 領域優惠券的對銷收入會計處理。我們 POS 折扣的對銷收入與銷售和營銷費用的損益地理對調整後的 EBITDA 沒有影響。一般和行政費用為 2960 萬美元，佔收入的 16%，而去年第一季度為 3190 萬美元，佔收入的 16%。減少的主要原因是與我們的首次公開募股授予的聯合創始人獎勵相關的基於股票的補償費用減少。

Net loss was $3.3 million compared to net income of $12.3 million in the first quarter of 2022 and was impacted by lower sales volumes related primarily to the grocer issue, integration costs related to vitaCare and fluctuations in our quarterly estimated tax provision, partially offset by lower sales and marketing expense. Adjusted net income was $29.5 million compared to $41.3 million in the first quarter of 2022. Adjusted EBITDA decreased 18% year-over-year to $53.2 million, which was ahead of expectations and up 7% quarter-over-quarter. Given the PTR offering has very little incremental cost per transaction, the impact on our PTR volume from the grocer issue and to a lesser degree, pharma manufacturer solutions revenue were the biggest drivers to the year-over-year performance. Adjusted EBITDA margin of approximately 29% was down 290 basis points year-over-year while improving 200 basis points quarter-over-quarter. 

淨虧損為 330 萬美元，而 2022 年第一季度的淨收入為 1230 萬美元，主要受到與雜貨店問題相關的銷量下降、與 vitaCare 相關的整合成本以及我們的季度預估稅收撥備波動的影響，部分被較低的影響所抵消銷售和營銷費用。調整後的淨收入為 2950 萬美元，而 2022 年第一季度為 4130 萬美元。調整後的 EBITDA 同比下降 18% 至 5320 萬美元，超出預期，環比增長 7%。鑑於 PTR 產品每筆交易的增量成本非常小，雜貨店問題對我們 PTR 數量的影響以及較小程度的影響，製藥商解決方案收入是同比業績的最大推動力。調整後的 EBITDA 利潤率約為 29%，同比下降 290 個基點，而環比提高 200 個基點。

We generated net cash provided by operating activities of $32.3 million compared to $30.1 million in the prior year period. Our capital allocation priorities are unchanged, and we will continue to focus on high-return investments and maximizing value for shareholders. Our balance sheet remains strong, and we ended the quarter with $761.1 million in cash on the balance sheet and $665.3 million of outstanding debt. Our revolving credit facility had $90.8 million of unused capacity, representing total liquidity of $851.9 million. Now on to guidance. Our outlook for revenue is $185 million to $188 million for 2Q and for the full year, we expect total revenue of $750 million to $775 million. Both of those numbers are net of anticipated POS discount onto revenue of $1 million to $2 million for the second quarter and around $10 million for the full year. As we said earlier, the portion of POS discounts that are contra revenue reduces revenue and our growth rate versus traditional sales and marketing expense treatment. 

我們產生的經營活動提供的現金淨額為 3230 萬美元，而去年同期為 3010 萬美元。我們的資本配置重點沒有改變，我們將繼續專注於高回報投資和股東價值最大化。我們的資產負債表依然強勁，本季度末我們的資產負債表上有 7.611 億美元的現金和 6.653 億美元的未償債務。我們的循環信貸額度有 9080 萬美元的未使用容量，代表流動資金總額為 8.519 億美元。現在開始指導。我們對第二季度和全年的收入預期為 1.85 億美元至 1.88 億美元，我們預計總收入為 7.5 億美元至 7.75 億美元。這兩個數字都扣除了第二季度 100 萬至 200 萬美元和全年約 1000 萬美元的預期 POS 折扣。正如我們之前所說，與傳統銷售和營銷費用處理相比，與收入相反的 POS 折扣部分會降低收入和我們的增長率。

The POS discount contra revenue amounts were not included in our prior guidance numbers given their evolution. It has no impact on adjusted EBITDA since the value ascribed to contra revenue would otherwise hit S&M expense. We've reduced our pharma manufacturer solutions outlook for the coming few quarters as we aim to ramp up a series of large programs, which have been either recently implemented or are in our late-stage pipeline. A material portion of pay for performance, providing upside for us. We believe our customers have been very pleased with them, but they are less predictable for us than our historical flat fee deals, which contributes to us lowering the bottom end of our annual guidance range. To provide context, our pharma manufacturer solutions offering is still nascent. While we believe early proof points have been strong in terms of customer satisfaction and ROI, our product innovation and delivery processes are still in early stages. Manufacturer Solutions revenue is less than $20 million in 2020. Since then, we've learned and progressed as we grew the revenue to 5x that amount through 2022. We've increased the types of clients we work with and the offerings we sell to them. We believe that we're now in a position to put energy and resources behind the deal constructs that work the best for our clients and ourselves. 

考慮到它們的演變，POS 折扣對收入金額未包含在我們之前的指導數字中。它對調整後的 EBITDA 沒有影響，因為抵銷收入的價值否則會影響 S&M 費用。我們已經降低了未來幾個季度的製藥商解決方案前景，因為我們的目標是加強一系列大型項目，這些項目要么最近實施，要么處於後期準備階段。績效薪酬的重要部分，為我們提供了上升空間。我們相信我們的客戶對他們非常滿意，但與我們歷史上的固定費用交易相比，他們對我們來說更難預測，這有助於我們降低年度指導範圍的下限。為了提供背景信息，我們的製藥商解決方案產品仍處於初期階段。雖然我們相信早期的證據在客戶滿意度和投資回報率方面已經很強大，但我們的產品創新和交付流程仍處於早期階段。 Manufacturer Solutions 的收入在 2020 年不到 2000 萬美元。從那時起，我們不斷學習並取得進步，到 2022 年我們的收入將增長到該數字的 5 倍。我們增加了合作的客戶類型以及向他們銷售的產品.我們相信，我們現在能夠將精力和資源投入到最適合我們的客戶和我們自己的交易結構中。

For example, in terms of clients, we found focal points in women's health and diabetes. And on the offering side, we're focused on a couple of areas. First, driving prescriber usage, a newer growth vector for us, where as seen provider mode MAUs double since December 2022 and where we are leveraging over 450,000 providers who have engaged with our provider mode offering since its launch, already resulting in multimillion dollar contributions to pharma manufacturer solutions revenue. Also on the offering side, we see an increasing number of pharma manufacturers interested in creating cash solutions for branded medications, leveraging our direct bottom of funnel consumer marketing capabilities. One example is our decom point-of-sale solution, which provides savings of $200 for consumers. Overall, we believe that our pharma manufacturer solutions pipeline is robust, and we are very excited about the long-term potential of this offering. But we're in the early innings, predicting the timing of when we can close and deliver on some of the lumpier large deals is tricky for us. We are also more focused than ever on recurring revenue, which means we're foregoing potentially multimillion dollar onetime revenue deals that we took in the past. We believe a highly sustainable and highly valuable pharma manufacturer solutions business has to be founded on a growing base of repeat usage. 

例如，在客戶方面，我們在女性健康和糖尿病方面找到了重點。在產品方面，我們專注於幾個領域。首先，推動處方藥的使用，這是我們的一個新的增長方向，自 2022 年 12 月以來，供應商模式的 MAU 翻了一番，我們正在利用超過 450,000 家供應商，他們自推出以來就參與了我們的供應商模式產品，已經為我們帶來了數百萬美元的貢獻製藥商解決方案收入。同樣在產品方面，我們看到越來越多的製藥商有興趣為品牌藥物創建現金解決方案，利用我們直接的渠道底部消費者營銷能力。一個例子是我們的 decom 銷售點解決方案，它為消費者節省了 200 美元。總的來說，我們相信我們的製藥商解決方案管道是強大的，我們對該產品的長期潛力感到非常興奮。但我們正處於早期階段，預測我們何時可以完成並交付一些較笨重的大型交易對我們來說是棘手的。我們也比以往任何時候都更加關注經常性收入，這意味著我們放棄了過去可能獲得數百萬美元的一次性收入交易。我們認為，高度可持續和高價值的製藥商解決方案業務必須建立在不斷增長的重複使用基礎上。

Moving on to second quarter guidance by offering. We expect Prescription transactions revenue of approximately $132 million to $134 million, net of the anticipated impact of POS discount revenue reductions of approximately $1 million to $2 million. Our expectation for PTR per MAC is to show a modest decrease over the coming quarters as we focus even more on driving volume with retailer pharmacies through our hybrid model, and we experienced the seasonal impact of more consumers potentially hitting their deductibles, impacting our price to sure Express Scripts collaboration. We expect subscription revenue of approximately $23 million to $24 million in the second quarter, which at the top end is relatively flat quarter-over-quarter as we are nearing the anniversary when our fee increases implemented last year and expect to see less churn in future quarters. We expect pharma manufacturer solutions to return to sequential growth in the second quarter with revenue of approximately $26 million, up 27% quarter-over-quarter. 

通過提供繼續第二季度的指導。我們預計處方交易收入約為 1.32 億美元至 1.34 億美元，扣除 POS 折扣收入減少約 100 萬至 200 萬美元的預期影響。我們對每 MAC 的 PTR 的預期是在未來幾個季度出現適度下降，因為我們更加關注通過我們的混合模型推動零售商藥店的銷量，並且我們經歷了更多消費者可能觸及他們的免賠額的季節性影響，影響我們的價格確保 Express Scripts 協作。我們預計第二季度的訂閱收入約為 2,300 萬至 2,400 萬美元，在高端，與上一季度相比相對持平，因為我們正接近去年實施費用增加的周年紀念日，並預計未來的流失率會降低宿舍。我們預計製藥商解決方案將在第二季度恢復連續增長，收入約為 2600 萬美元，環比增長 27%。

Finally, we expect other revenue to be approximately $4 million in the second quarter. As we mentioned on our last call, we continue to have additional marketing investments we anticipate making in the coming quarters, and we'll remain opportunistic as we structure the timing of those investments. As a result, we expect our adjusted EBITDA margin to be in the mid-20s percent range for the second quarter. With that, I'll now turn it over to the operator for Q&A.

最後，我們預計第二季度的其他收入約為 400 萬美元。正如我們在上次電話會議中提到的那樣，我們將繼續進行預計在未來幾個季度進行的額外營銷投資，並且在安排這些投資的時間安排時我們將保持機會主義。因此，我們預計第二季度調整後的 EBITDA 利潤率將在 20% 左右的範圍內。有了這個，我現在將它交給接線員進行問答。

If you'd like to ask a question at this time, (Operator Instructions) Our first question comes from the line of Stephanie Davis with SVB Securities.

如果你現在想問一個問題，（操作員說明）我們的第一個問題來自 SVB 證券公司的斯蒂芬妮戴維斯。

Hey guys, thanks for taking my question. Scott, welcome to the team. I was open to hear a little bit more about growth at scale, just because that's becoming a bit of your catch phase. I want to hear mainly about the growth aspects. From the prepared remarks, the presentation, is it correct to assume that, that will be, you'll be focused on the turnaround and manufacturer solutions? Are you focusing on provider mode? Or given the scale of your consumer-facing brand, are you looking at any of the growthy areas like GLP-1 or other things like that where you could really get bigger?

嘿伙計們，謝謝你提出我的問題。斯科特，歡迎加入團隊。我很樂意聽到更多關於規模增長的信息，只是因為這正在成為你的捕捉階段。我主要想听聽增長方面的信息。從準備好的發言和演示中，假設您將專注於周轉和製造商解決方案是否正確？您是否專注於提供商模式？或者考慮到您面向消費者的品牌的規模，您是否在關注 GLP-1 等任何增長領域或其他類似的領域，您可以在那裡真正變得更大？

Thanks, Stephanie. So there's a whole bunch of things underway. And rather than go through all of them, there's a couple that are incredibly promising that are already showing great signs of life. So in the core prescription marketplace, we've got this fantastic and unique value proposition. And there's a whole bunch of ways that are reflected in our merchandising and pricing within that marketplace to make sure that we get the most affordable prescription for a particular drug, branded or generic to consumers. So if you think about that value prop, that moves in a couple of different ways, one of which in the marketplace is expanding to additional value propositions, not only for cash pay, but particularly against Medicare and commercial insurance. And there's, again, some wonderful things underway that really opens up the promise of what GoodRx can continue to become. Going back to pharma man sol, just think about that marketplace and that intersection of having a branded drug show up with the price point and the right price point that both a manufacturer wants and delivers incredible value to consumers, that's sort of the core of manufacturing solutions, and it's unique to GoodRx. And so when we talk about the kinds of things that we want to do more and do more at scale, it's leading into the things that build up the business of GoodRx today and kind of where we can take it.

謝謝，斯蒂芬妮。所以有一大堆事情正在進行中。而不是經歷所有這些，有一對非常有前途的夫婦已經顯示出良好的生命跡象。因此，在核心處方藥市場，我們擁有這個奇妙而獨特的價值主張。我們在該市場的銷售和定價中反映了一大堆方法，以確保我們為消費者獲得特定藥物的最實惠處方，無論是品牌藥物還是普通藥物。因此，如果你考慮這種價值支撐，它會以幾種不同的方式發生變化，其中一種在市場上正在擴展到額外的價值主張，不僅是為了現金支付，尤其是針對醫療保險和商業保險。再次，一些美妙的事情正在進行中，真正開啟了 GoodRx 可以繼續成為的承諾。回到 pharma man sol，想想這個市場，想想品牌藥物與製造商想要的價格點和合適的價格點的交集，並為消費者提供難以置信的價值，這就是製造業的核心解決方案，它是 GoodRx 獨有的。因此，當我們談論我們想要做更多的事情，並在規模上做更多的事情時，它會引導我們構建今天的 GoodRx 業務，以及我們可以把它帶到哪裡。

Very helpful. And then the next one is for Karsten, just gave us a lot of color on one of the pieces in the guidance. But could you just help us size the grocer impact in 1Q and how to think about that going forward?

很有幫助。然後下一個是給 Karsten 的，只是在指南中的一個部分上給了我們很多顏色。但是您能否幫助我們評估第一季度對雜貨商的影響以及如何考慮未來的影響？

Thanks for the question, Stephanie and good morning. Yes, the grocer contribution to revenue declined by roughly mid-30s of millions of dollars between 1Q '22 and 1Q '23. At the time of the grocer issue, the revenue derived from the grocer was also actually growing. But even if we ignore the growth and just add the difference in revenue between the 2 quarters, then our total revenue would have been up approximately 8% year-over-year. If we look just at PTR, our prescription transactions revenue, which is the most relevant component, which came in at about $135 million in 1Q '23. That number would have been about $170 million had the gross revenue come in as it had last year, which would have put PTR growth at about 9%, but for the issue. I hope that's helpful.

謝謝你的問題，斯蒂芬妮，早上好。是的，雜貨商對收入的貢獻在 22 年第一季度和 23 年第一季度之間下降了大約 30 多萬美元。在雜貨店發行時，雜貨店的收入實際上也在增長。但即使我們忽略增長，只加上兩個季度之間的收入差異，那麼我們的總收入將同比增長約 8%。如果我們只看 PTR，我們的處方交易收入是最相關的組成部分，它在 23 年第一季度的收入約為 1.35 億美元。如果毛收入和去年一樣，這個數字將約為 1.7 億美元，這將使 PTR 增長率約為 9%，但對於這個問題。我希望這會有所幫助。

Awesome.

驚人的。

Our next question comes from the line of Sandy Draper with Guggenheim.

我們的下一個問題來自古根海姆的 Sandy Draper。

Thanks very much. Just one quick clarification for Karsten and then making a question for Scott. Karsten, on the revenue reduction, I'm trying to hear you right that the contra revenue issue was is now a factor reduction, but it's also Pharma Solutions. I just want to make sure I can understand the moving parts to that. So that's the first question. And then the second broader question for Scott and sort of follows up on Stephanie's. When you think about those growth opportunities, are there things that you think that you can change that could accelerate growth near term? Or are these all things that are going to take a while, and there's a lot of long-term growth, but there's not a lot of changes you can make to make, to improve growth in the near term. Thanks.

非常感謝。先簡單說明一下 Karsten，然後再問 Scott 一個問題。 Karsten，關於收入減少，我想听你說對，收入問題現在是一個因素減少，但它也是 Pharma Solutions。我只是想確保我能理解其中的變化部分。這是第一個問題。然後是 Scott 的第二個更廣泛的問題，有點像 Stephanie 的問題。當您考慮這些增長機會時，您認為可以改變哪些事情可以在短期內加速增長？或者這些都是需要一段時間的事情，並且有很多長期增長，但是你可以做出很多改變來改善短期內的增長。謝謝。

Hey Sandy, I'll take the first one since that's just a quick clarification. So our POS discounts are targeted incentive programs aimed at consumers, which are intended to drive behaviors like registering for an account or claiming a first fill, for example. So they're related specifically to our prescription transactions business. I think you had alluded to the fact that they may have something to do with pharma man sol, but they do not. They're related to our prescription transactions business. And because a portion of the incentives are routed through customer arrangements, that's why they were treated as a reduction of revenue because we don't receive a distinctive credit service for them when they're not routed through customer arrangements than their SMM. So again, focused wholly on the PTR business and driving specific behaviors on the part of our users like our engagement efforts, for example.

嗨，桑迪，我先說一下，因為這只是一個快速的澄清。因此，我們的 POS 折扣是針對消費者的有針對性的激勵計劃，旨在推動諸如註冊帳戶或要求首次填寫等行為。因此，它們與我們的處方交易業務特別相關。我想你已經暗示過他們可能與 pharma man sol 有關，但事實並非如此。它們與我們的處方交易業務有關。而且由於部分激勵措施是通過客戶安排進行的，這就是為什麼它們被視為收入減少的原因，因為當他們不是通過客戶安排而不是他們的 SMM 進行路由時，我們不會為他們提供獨特的信貸服務。因此，再次完全專注於 PTR 業務並推動我們用戶的特定行為，例如我們的參與工作。

Yes. Thanks, and then in terms of characterizing growth, if you think about the 3 things articulated earlier, boy, let's really lean into the network and solidify it to its best extent. Second is PTR, both be awesome at what we do and how do we expand intelligently. And then the third is man sol delivery and expansion. What I think those represent are long-term multiyear, really strategically important things, where you put points on the board week by week, month by month, quarter by quarter. So there's a whole bunch of short-term things underneath each of those containers, but those are really multiyear events. So what does that translate into financial expectations and how do those build? I think it's really important right now for all of us to hit not only the range of commitments that we've just laid out but then work like to get on top of it. And as these things land, we'll be clear about what kind of impact they're going to have in the shape of the P&L going forward.

是的。謝謝，然後在表徵增長方面，如果你考慮前面闡述的 3 件事，孩子，讓我們真正深入網絡並將其鞏固到最佳程度。其次是 PTR，無論是我們所做的事情還是我們如何智能地擴展。然後第三個是 man sol 交付和擴展。我認為這些代表的是長期的、多年的、真正具有戰略意義的重要事情，你可以每週、每月、每季度在董事會上提出要點。所以每個容器下面都有一大堆短期的東西，但這些都是多年的事件。那麼，這會轉化為財務預期，這些預期是如何建立的呢？我認為現在對我們所有人來說非常重要的是，不僅要實現我們剛剛制定的承諾範圍，還要努力實現它。隨著這些事情的發生，我們將清楚它們將對未來的損益表產生什麼樣的影響。

Great, thanks.

十分感謝。

Our next question comes from the line of Charles Rhyee with Cowen.

我們的下一個問題來自 Charles Rhyee 與 Cowen 的對話。

Yeah, thanks for taking my questions. I guess first for Scott and Karsten, when we think about the guidance here and the way you kind of characterized a lot of the parts of your business, you're looking at man sol as a nascent business. And kind of looking at a lot of the areas that you described, it seems like you've kind of taken a step back in how you're seeing your position in the market, and it looks at the surface that you're trying to manage sort of the expectations here of what to expect at least in the near medium term. Maybe, Scott, you can kind of opine here. As you've kind of evaluated where the company is at the moment, is this do you feel like you've really level set sort of how you're seeing the business performing relative to then what you think you can do as we move forward from here?

是的，謝謝你回答我的問題。我想首先對於 Scott 和 Karsten，當我們考慮這裡的指導以及您描述業務的許多部分的方式時，您將 man sol 視為一項新興業務。看看你描述的很多領域，你似乎已經退後一步，看看你在市場上的地位，它看起來是你正在嘗試的表面至少在近期中期管理這裡的預期。也許，斯科特，你可以在這裡發表意見。當您對公司目前的狀況進行了某種評估時，您是否覺得自己已經真正了解了您對業務表現的看法，以及您認為在我們前進的過程中可以做什麼從這裡？

Sure. Let me this is early week 3 officially. And so before going into guidance, maybe to take a little bit of a step back even over the last couple of weeks, I've been spending time with our teams, leadership sort of the priorities across the company and have also had the opportunity to get to a bunch of customers, particularly in man sol and have been doing a heck of a lot of both user flow reviews that have touched consumers and docs. And again, not deep coverage but touching those three areas. And the fundamental value proposition of GoodRx both its marketplace and the value we provide and then the extension of man sol to branded drugs and pharma manufacturers, it's really powerful. And that's super important point. So there's a solid foundation that we can build on here, and there's things to do, again, both in the core marketplace and in building up the man sol business. And the team here, there's a heck of a lot of really good people who are energetic, committed and talented. So when we think then about what's here, there's stuff to do, right? And I think everybody who's an investor in the company, if you look back at the value proposition of the company and think about ways to build the business, I think you're going to find a whole bunch of things that to be positive about. 

當然。讓我正式宣布這是第 3 周初。因此，在進入指導之前，甚至在過去的幾周里，我可能會退後一步，我一直在與我們的團隊、領導層一起度過整個公司的優先事項，並且還有機會接觸到一群客戶，特別是在 man sol 中，並且已經做了很多觸及消費者和文檔的用戶流評論。再一次，不是深入報導，而是觸及這三個領域。 GoodRx 的基本價值主張包括其市場和我們提供的價值，然後將 man sol 擴展到品牌藥物和製藥製造商，它真的很強大。這是非常重要的一點。因此，我們可以在此基礎上建立堅實的基礎，並且在核心市場和建立 man sol 業務方面也有很多事情要做。而這裡的團隊，有很多真正優秀的人，他們精力充沛、盡職盡責、才華橫溢。所以當我們想到這裡有什麼時，有事情要做，對吧？而且我認為公司的每個投資者，如果你回顧公司的價值主張並思考建立業務的方法，我認為你會發現一大堆積極的事情。 A

When we go to financial guidance, I think the best thing I can do for you and for people on the call right now is almost give you my philosophy, which is on guidance, a range is the expected outcomes that based on our best knowledge, we should deliver against. And so to me, that's been a commitment, both places I've been before, public and private, again, based on what we know and what the rhythm and pacing of the business is. And as a team, you don't just work like how to meet your commitments, you do it to exceed them. But so the guidance range that's coming out right now is our teams, best estimate of the committed range of where we are. And again, we're working like crazy not just to meet that commitment, but to have everything land that we think is important to build the business long term, and that should show up in the financial results.

當我們進行財務指導時，我認為我現在能為你和電話中的人做的最好的事情幾乎就是給你我的哲學，即關於指導，範圍是基於我們最好的知識的預期結果，我們應該兌現。所以對我來說，這是一個承諾，無論是我以前去過的地方，無論是公共的還是私人的，都是基於我們所知道的以及業務的節奏和節奏。作為一個團隊，你們不僅要按照承諾來工作，還要超越承諾。但是，現在出現的指導範圍是我們的團隊，是對我們所處承諾範圍的最佳估計。再一次，我們瘋狂地工作，不僅是為了履行這一承諾，而且是為了擁有我們認為對長期建立業務很重要的一切土地，這應該體現在財務結果中。

Appreciate that. And then just maybe as a follow-up, if we think about, we're seeing clearly a big focus on man sol here. And it looks like that's expected to be the big driver of the company, building off the scale base core business. When we think about the -- it seems like if we think about the pieces that drive it, is it fair to say it's really provider mode will be the main driver for man sol. How much does the subscription membership driving man sol growth or and do MACs play a role in that as well. It's our understanding that pharma marketing kind of maybe ignores just the transactional members really wants to focus on providers and subscribers since those are repeat customers per se. What's the relative value between maybe the different pieces from a manufacturer's perspective, when they look at the GoodRx platform as a tool for them.

感謝。然後也許作為後續行動，如果我們考慮一下，我們在這裡清楚地看到了對 man sol 的極大關注。看起來這有望成為公司的主要推動力，建立規模基礎核心業務。當我們考慮 - 似乎如果我們考慮驅動它的部分，是否公平地說它真的是提供者模式將是 man sol 的主要驅動力。訂閱會員在多大程度上推動了 man sol 的增長，或者 MAC 也在其中發揮了作用。我們的理解是，醫藥營銷可能會忽略真正想要關注供應商和訂閱者的交易成員，因為他們本身就是回頭客。當製造商將 GoodRx 平台視為他們的工具時，從製造商的角度來看，不同部件之間的相對價值可能是多少？

Sure. I'll take that one, this is Karsten, Charles. So a couple of things. First of all, providers do provide an attractive growth vector for us. And with the launch of provider mode, we're seeing multimillion-dollar revenue streams associated with provider only deals already. That said, when you think about it, when folks come to GoodRx, about 1/4 of the folks visiting just the general users are coming to GoodRx to look for prescription branded prescription drugs and good prices on branded prescription drugs. So those users, even coming in as individuals are highly, highly valuable, their bottom of funnel, scripted hand looking for an affordability solution, and that's very attractive to manufacturers. 

當然。我要那個，這是 Karsten，Charles。所以有幾件事。首先，供應商確實為我們提供了一個有吸引力的增長載體。隨著提供商模式的推出，我們已經看到與提供商交易相關的數百萬美元的收入流。也就是說，當你考慮一下，當人們來到 GoodRx 時，大約 1/4 的訪問普通用戶的人會來到 GoodRx 尋找處方品牌處方藥和品牌處方藥的優惠價格。因此，這些用戶，即使是作為非常非常有價值的個人進入，他們的漏斗底部，腳本化的手正在尋找負擔得起的解決方案，這對製造商非常有吸引力。

So both prongs our original prong which was more consumer-focused, and our newer growth vector and providers are highly relevant. More broadly, I think as we look at the business, the macro environment for pharma man sol is a good environment generally. I think we've seen some short-term pullback by manufacturers in terms of spending, but we're continuing to see the ongoing shift to digital, which is a tailwind, especially as we look forward. And our clients are confirming they're getting great ROI. So from that perspective, we think that aspect of the business is also very solid. So we think it's really up to our execution. And as Scott said, there's some bigger, lumpier deals in the pipeline. Some of them are more performance-oriented. So we'll have to see how they track to know exactly how much revenue they'll generate. But we're looking forward to those with great anticipation, and we expect to see Q-o-Q sequential growth going forward over the next few quarters.

因此，我們原來的分支更以消費者為中心，我們的新增長向量和供應商都高度相關。更廣泛地說，我認為當我們審視業務時，pharma man sol 的宏觀環境總體上是一個良好的環境。我認為我們已經看到製造商在支出方面出現了一些短期回落，但我們繼續看到向數字化的持續轉變，這是一個順風，尤其是在我們展望未來的時候。我們的客戶正在確認他們獲得了很高的投資回報率。因此，從這個角度來看，我們認為業務的這方面也非常穩固。所以我們認為這真的取決於我們的執行。正如 Scott 所說，還有一些規模更大、規模更大的交易正在醞釀之中。其中一些更注重績效。所以我們必須看看他們如何追踪才能確切知道他們將產生多少收入。但我們期待著那些抱有很大期望的人，我們希望看到未來幾個季度的環比連續增長。

I'd just add 2 quick things over the top. One is the real unique foundation of our marketplace is this intersection of consumers, their doctors and the drug itself. And if you're a branded manufacturer, you're spending outrageous sums of money in different media components to really get to that point and that's sort of the unique value proposition that GoodRx has today. If you're a branded manufacturer with any sort of cash back or co-pay cards that are really aimed at market access, we're phenomenal. You're seeing that in the campaigns and some of the feedback from manufacturers. So that's really just the super high return. And then in terms of awareness and hitting the audience, we're building up tools, whether it's health or provider mode, but also allow people to reach audience. So there's really 2 components to kind of what we have that I think are long-term valuable to brand environment.

我只想在頂部添加 2 個快速的東西。一個是我們市場真正獨特的基礎是消費者、他們的醫生和藥物本身的交叉點。如果你是一家品牌製造商，你會在不同的媒體組件上花費大量資金才能真正達到這一點，這就是 GoodRx 今天擁有的獨特價值主張。如果您是一家品牌製造商，擁有真正針對市場准入的任何類型的現金返還或共同支付卡，我們是非凡的。你在活動和製造商的一些反饋中看到了這一點。所以這真的只是超高回報。然後在意識和吸引觀眾方面，我們正在構建工具，無論是健康模式還是提供者模式，但也讓人們能夠接觸到觀眾。因此，我認為我們擁有的東西實際上有兩個組成部分對品牌環境具有長期價值。

Great, thank you.

太好了謝謝。

Our next question comes from the line of Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Great. Can you guys hear me?

偉大的。你們能聽到我說話嗎？

Yes, we can. Perfect.

我們可以。完美的。

Hey guys. This is Jan for Mahaney. Just a couple of questions. First question, just on PTR. To clarify, if you can kind of walk through like the magnitude of the grocer impact in the next few quarters, are we expecting this to kind of moderate through the next couple of quarters? And I think you said that by Q4 of this year, we should fully comp that impact. So just to confirm that. And also maybe just like how should we think about like ex-grocer growing 16% year-over-year. How should we think about the exit rate of this business in a more normalized kind of condition?

大家好。這是 Mahaney 的 Jan。只是幾個問題。第一個問題，就在 PTR 上。澄清一下，如果你能像接下來幾個季度的雜貨店影響那樣走過去，我們是否預計這會在接下來的幾個季度有所緩和？我想你說過，到今年第四季度，我們應該充分考慮這種影響。所以只是為了確認這一點。也許就像我們應該如何看待前雜貨商同比增長 16% 一樣。在更規範化的情況下，我們應該如何考慮該業務的退出率？

Sure. Great questions Jan. Happy to jump in. So we talked a little bit in response to one of the prior questions about the impact of the grocer issue on 1Q '23 relative to 1Q '22 being in the mid series of millions of dollars just off that delta. So that gives you a rough stance of the headwind. We're still continuing to face as we look Q-over-Q or more pointedly year-over-year. I think going forward, when we look at where we're going to lap the grocer issue, that will happen in the third quarter since the grocer issue fully manifested in the second quarter of last year. So as of third quarter, we'd expect to lap that issue. And at that juncture, we'll be able to reflect the businesses through more comparable outcomes without having to call out the adjustments like you did for 1Q of '23 relative to 1Q '22. And then subsequently to then, that's when you'll see the business performing on an equivalent basis to the prior year. So in those future periods is when we're really going to be able to show that comparison. And yes, to your point, we have been seeing growth grocer volume growth in the interim, and that's been a big plus for us as well to see that volume coming into the business. I think at this point, it's a little hard to parse it to know how much of the volume is shift and how much of the volume is net new given the grocer is pulled out of the picture, and we'll know more about that too, of course, as we lap the grocer issue in the third quarter.

當然。很好的問題，一月。很高興參與進來。所以我們討論了一個關於雜貨店問題對 23 年第一季度相對於 22 年第一季度的影響的先前問題之一，該問題處於數百萬美元的中間系列那個三角洲。所以這給了你一個逆風的粗略立場。我們仍在繼續面對 Q-over-Q 或更明確的年復一年。我認為展望未來，當我們審視我們將在哪里處理雜貨商問題時，這將在第三季度發生，因為雜貨商問題在去年第二季度得到了充分體現。因此，從第三季度開始，我們預計會解決這個問題。在那個時候，我們將能夠通過更具可比性的結果來反映業務，而不必像你對 23 年第一季度相對於 22 年第一季度所做的那樣進行調整。然後隨後到那時，您將看到企業的業績與上一年持平。因此，在未來的那些時期，我們將真正能夠展示這種比較。是的，就您的觀點而言，在此期間我們一直在看到增長的雜貨店數量增長，這對我們來說也是一個很大的優勢，也可以看到該數量進入業務。我認為在這一點上，鑑於雜貨店已被排除在外，很難解析它以了解有多少交易量發生了變化以及有多少交易量是淨新的，我們也會對此了解更多，當然，因為我們在第三季度解決了雜貨店問題。

Great. And then if I may, one follow-up on probably a bigger picture question on the pharma advertising the man sol. So what is required to scale this business? Or maybe asked another way, like what is the kind of the current investment most focused on? Is it adding experience sales, building a better ad tech platform, better measurement, et cetera? So if you could just kind of talk through the investment priorities here? Thank you.

偉大的。然後，如果可以的話，一個後續行動可能是關於廣告 man sol 的製藥公司的一個更大的圖片問題。那麼擴大這項業務需要什麼？或者換個方式問，比如現在最關注的投資是什麼？是增加體驗銷售、構建更好的廣告技術平台、更好的衡量等等？那麼，您是否可以在這裡談談投資重點？謝謝。

Sure. This is Scott, and we'll follow up in subsequent quarters on this. But today, there's a series of both awareness programs that are running that are pretty consistent in fixed rate. And then we've got a handful of pretty large volume creative marketing campaigns with large manufacturers that are high intent volume driving programs that would fall into co-pay, cash back, but they're really a performance-related execution, and those are just starting or are in-flight. And just the ability to both scalable and ramp those kinds of programs naturally within the marketplace, deliver, grow them kind of consistently or just things that we just need to work through. And that's a combination of people talking to our branded partners and making sure that expectations are aligned between the 2, which are our account managers and then ad operations, which exists, but again, builds rhythm about how you actually deliver these programs, both within our systems or the things that we're just working through the mechanics of. So there's nothing that's super far afield here. It's just the natural part of building a business.

當然。我是斯科特，我們將在隨後的幾個季度中跟進此事。但是今天，有一系列正在運行的意識計劃在固定費率上非常一致。然後我們與大型製造商進行了一些相當大的創意營銷活動，這些活動是高意向量的驅動計劃，這些計劃將屬於共同支付、現金返還，但它們實際上是與績效相關的執行，而這些是剛開始或正在飛行中。並且能夠在市場中自然地擴展和提升這些類型的程序，交付，持續地發展它們，或者只是我們需要完成的事情。這是人們與我們的品牌合作夥伴交談並確保兩者之間的期望一致的組合，他們是我們的客戶經理，然後是廣告運營，這是存在的，但同樣，建立關於你如何實際交付這些程序的節奏，兩者都在我們的系統或我們正在通過其機制工作的事物。所以這裡沒有什麼超遠的地方。這只是建立企業的自然組成部分。

Thank you Scott, thank you Karsten.

謝謝斯科特，謝謝卡斯滕。

Our next question comes from Michael Journey with Bank of America.

我們的下一個問題來自美國銀行的 Michael Journey。

Alright, good morning. Thanks for taking the question. Maybe if I can just dive in a little bit more on the Evernorth partnership. As it starts to roll out as it gets built into membership base, how easily is it for you to track the discounts that are being applied within that Evernorth base and the partnership. And as you think about the economic impact of that over time, first, is there anything in guidance this year relative to that partnership specifically? And then how do you think about the checkpoints and proof points over the next 2, 3, 5 years to show if that partnership is driving success that you want?

好的，早上好。感謝您提出問題。也許我可以更深入地了解 Evernorth 的合作夥伴關係。當它開始推出並融入會員基礎時，您可以輕鬆地跟踪在 Evernorth 基礎和合作夥伴關係中應用的折扣。隨著時間的推移，當你考慮這種情況對經濟的影響時，首先，今年有什麼具體與這種夥伴關係相關的指導嗎？然後，您如何看待未來 2、3、5 年的檢查點和證明點，以表明這種夥伴關係是否正在推動您想要的成功？

Thank you, Michael, for the question. We've been really pleased with the results of our Express Scripts collaboration. As we said in the prepared remarks, this program prices are powered by GoodRx, it contributed to our results coming in above expectations. So this collaboration lets us reach more consumers. It lets us drive greater savings, lets us improve awareness and affordability. Because of our nature of our green with ESI, I can't speak specifically to a few of the items you mentioned about discounts and such. But when we look at the market size here and how this program can benefit our business, we believe ESI represents over 60 million relevant lives, and we don't think we're very highly penetrated into that at this time. So we do assume that this program will continue to work well for ESI and for us, and we assume that will be the case going forward. So we think there's really potential for significant growth. We think this program is just great for ESI's customers and for the consumers involved. And so we're very excited about it.

邁克爾，謝謝你提出這個問題。我們對 Express Scripts 合作的結果非常滿意。正如我們在準備好的評論中所說，該計劃價格由 GoodRx 提供支持，它有助於我們的結果超出預期。因此，這種合作讓我們能夠接觸到更多的消費者。它讓我們能夠節省更多的錢，讓我們提高意識和負擔能力。由於我們與 ESI 的綠色性質，我不能具體談論你提到的一些關於折扣等的項目。但是當我們看看這裡的市場規模以及這個項目如何使我們的業務受益時，我們相信 ESI 代表了超過 6000 萬相關生活，我們認為我們目前並沒有高度滲透。因此，我們確實假設該計劃將繼續為 ESI 和我們運作良好，並且我們假設未來情況會如此。所以我們認為確實有顯著增長的潛力。我們認為該計劃非常適合 ESI 的客戶和相關消費者。所以我們對此感到非常興奮。

And I'll follow up, Trevor as well. Hi Michael, I think with respect to the economics, the main point to make here is these transactions flow through our PBM network model exactly like any other transaction that flows through our PBM network model. So when I think about on a per claim or per transaction basis, the amount of revenue that's generated, that amount of revenue is identical to the amount of revenue as it would be of the rest of our business. I think the real distinction and one of the reasons we're so pleased with the ESI Evernorth program is that we've taken a model where we traditionally have to pay upfront, pack and marketing dollars to acquire users. And now we have ESI effectively in a role that's similar to a channel partner routing those lives, transactions, et cetera, to us. So we've taken a model where we've been able to instead of having to pay upfront for users, variablize it and benefit from that reality.

我也會跟進，Trevor。嗨，邁克爾，我認為就經濟學而言，這裡要說明的重點是這些交易流經我們的 PBM 網絡模型，就像任何其他交易流經我們的 PBM 網絡模型一樣。因此，當我在每項索賠或每筆交易的基礎上考慮所產生的收入金額時，該收入金額與我們其他業務的收入金額相同。我認為真正的區別以及我們對 ESI Evernorth 計劃如此滿意的原因之一是我們採用了一種模式，在這種模式下，我們傳統上必須支付預付款、打包和營銷費用才能獲得用戶。現在我們讓 ESI 有效地扮演了一個類似於渠道合作夥伴的角色，將這些生活、交易等傳遞給我們。因此，我們採用了一種模型，在這種模型中，我們不必為用戶預先付費，而是對其進行可變化並從中受益。

Thanks. And then just one more quick question. Karsten, it's for you I think, but Scott, you may have a view. You did $9.5 million of buyback in the quarter. That being said, you have almost $140 million left. Obviously, you've noted some of the challenged disappointments of growth in the stock selloff. Cash position is incredibly strong here, cash flow positive. Why not do more faster?

謝謝。然後只是一個快速的問題。 Karsten，我想這是給你的，但 Scott，你可能有自己的看法。你在本季度進行了 950 萬美元的回購。也就是說，您還剩下將近 1.4 億美元。顯然，您已經註意到股票拋售帶來的一些令人失望的增長挑戰。這裡的現金狀況非常強勁，現金流為正。為什麼不做得更多更快？

Hi Michael, this is Karsten talking first of all. So I think there are a couple of reasons here. The first is you have seen us consistently buy back in periods when we haven't had MNPI. So we've been consistent in that approach. I think the last time as an example of the point when we didn't do buybacks in connection with MNPI where when we did our reduction in force in August of '22, and then around the FTC issue. But in open windows when we can buy back, we have I think other than that, in terms of the rate at which we're buying back, we're of course, subject to certain volume limits on that as well. So we look at this from the perspective of getting within the volume limits, managing the cost at which we're buying back and taking advantage of the open window opportunity that we've had in the past.

嗨，Michael，首先是 Karsten。所以我認為這裡有幾個原因。首先是你看到我們在沒有 MNPI 的時期一直回購。所以我們在這種方法上一直保持一致。我認為上次是我們沒有進行與 MNPI 相關的回購的一個例子，當時我們在 22 年 8 月進行了裁員，然後是圍繞 FTC 問題。但是在我們可以回購的開放窗口中，我認為除此之外，就我們回購的速度而言，我們當然也受到一定的數量限制。因此，我們從數量限制、管理我們回購的成本以及利用我們過去擁有的開窗機會的角度來看待這個問題。

Our next question comes from Stan Berenshteyn with Wells Fargo.

我們的下一個問題來自富國銀行的 Stan Berenshteyn。

Hi, thanks for taking my question. You commented on having more direct contracting relationships with retail pharmacies. What percentage of your PTR revenue is coming from direct contracting relationships?

嗨，謝謝你提出我的問題。您評論說與零售藥店有更直接的合同關係。您的 PTR 收入中有多少百分比來自直接合同關係？

Thank you Dan for the question. Yes, we've spoken about direct contracting here. The direct contracting with the retailers helps us balance our revenue and their margin. And it lets us have the new levers such as the POS incentives that we've spoken about to drive incremental volume. We are focused also in those efforts to ensure retailers don't take advantage direct and this has worked really well. This is one of the areas we're quite enthusiastic about relative to what's gone particularly well in the first quarter, in particular, the hybrid model that we've spoken about that ensures network stability and lets us collaborate just closer with our partners from our mutual success and profitability. So this lets us help the retailers drive their strategic initiatives and improve their unit economics and it's also maintained the strength of our own economics. And while doing this, we've been able to maintain our marketplace model of PBMs and that has continued to strengthen. So this is really all about allowing us to align incentives with retailers to drive incremental volume, which we're really excited about. To your question more similarly about percentages, we're just what I would like to say there is we're really happy with our direct contracting progress, and we plan to continue and potentially even accelerate a bit down that path.

謝謝丹的提問。是的，我們在這裡談到了直接承包。與零售商的直接簽約有助於我們平衡收入和利潤。它讓我們擁有新的槓桿，例如我們已經談到的 POS 激勵措施來推動增量。我們還專注於確保零售商不會直接利用的努力，而且效果非常好。相對於第一季度進展特別順利的領域，這是我們非常熱衷的領域之一，特別是我們談到的混合模型，它確保了網絡穩定性，並讓我們與來自我們的合作夥伴更緊密地合作共同成功和盈利。因此，這讓我們能夠幫助零售商推動他們的戰略舉措並提高他們的單位經濟效益，同時也保持了我們自己的經濟實力。在這樣做的同時，我們已經能夠維持我們的 PBM 市場模型，並且這種模型還在不斷加強。所以這真的是為了讓我們與零售商保持一致，以推動增量，我們對此感到非常興奮。對於您關於百分比的問題更相似，我們只是想說的是，我們對我們的直接合同進展非常滿意，我們計劃繼續並有可能在這條道路上加快一點。

Okay. Can you maybe just walk us through how the economics work on direct contracting arrangements, maybe both on the revenue side and marketing-related costs.

好的。您能否向我們介紹一下經濟學如何在直接合同安排上發揮作用，也許在收入方面和與營銷相關的成本方面。

Sure. I'll maybe speak and see if Karsten has more to add. But what I would particularly highlight here is we've now been doing this hybrid contracting approach for several quarters. And you can see in our financial results, to some extent, how that works. So you can see that we exceeded expectations on that PTR business and been able to really do a good job of going into this new networking construct with its hybrid networking, making solutions that help our retail partners and align those incentives and also do work for us in our financial results.

當然。我可能會發言，看看 Karsten 是否有更多要補充的內容。但我要在這里特別強調的是，我們現在已經在幾個季度內採用這種混合合同方式。你可以在某種程度上從我們的財務結果中看到它是如何運作的。所以你可以看到我們超出了對 PTR 業務的預期，並且能夠真正很好地利用其混合網絡進入這個新的網絡結構，制定解決方案來幫助我們的零售合作夥伴並調整這些激勵措施，同時也為我們工作在我們的財務業績中。

Yes. Trevor, I'll jump in on that one, too. So the hybrid contracting is definitely attractive to us, given the points that Trevor made about the wins we get. I think from an economic perspective going forward, as Trevor said, allows us to balance our revenue with retailer margins. The other thing it allows us to do is to create incentives for retailers to help us, frankly, in terms of driving volume, and we're looking forward to doing more of that. And as we look forward to doing more of that, that may entail some trade-offs on our part as well. That said, as Trevor said, if you look at PTR per MAC QoQ, even as we've continued to drive more volume through our hybrid model and direct contracts with retailers, you see PTR per MAC has been stable.

是的。特雷弗，我也會參與其中。因此，考慮到 Trevor 關於我們獲得的勝利的觀點，混合合同對我們來說絕對有吸引力。正如 Trevor 所說，我認為從經濟角度來看，未來可以使我們的收入與零售商利潤保持平衡。它允許我們做的另一件事是為零售商創造激勵措施，坦率地說，在推動銷量方面幫助我們，我們期待做更多這樣的事情。當我們期待做更多這樣的事情時，我們也可能需要做出一些權衡。也就是說，正如 Trevor 所說，如果您查看每個 MAC QoQ 的 PTR，即使我們繼續通過我們的混合模型和與零售商的直接合同來推動更多的銷量，您也會看到每個 MAC 的 PTR 一直穩定。

I guess I get to comment over the top on this one too. This is something that we'll continue to work and share with everybody on the phone. And I'd say this is -- and in the area where Trevor's health care expertise, thoughts is really having all of its energy around this is going to be really helpful, and we're working right at the hit together to basically have all these things land in a way that's phenomenal for what you call all of our channel partners, but most importantly, continues to add value to the marketplace we have, like that's the North Star. And all this effort around how we're engaging with retailers and the PBMs is all about, again, having honestly the most valuable prescription marketplace, which is access and affordability around prescription dedication.

我想我也可以對此發表評論。這是我們將繼續努力並通過電話與所有人分享的內容。我想說的是——在 Trevor 的醫療保健專業知識領域，思想真的全力以赴，這將非常有幫助，我們正在共同努力，基本上擁有所有這些東西以一種你稱之為我們所有渠道合作夥伴的非凡方式落地，但最重要的是，繼續為我們擁有的市場增加價值，就像北極星一樣。所有這些圍繞我們如何與零售商和 PBM 打交道的努力都是關於，再次，誠實地擁有最有價值的處方市場，這是圍繞處方奉獻的訪問和負擔能力。

Okay. Maybe one quick follow-up. Do you expect MAC growth from direct contracting to be faster, slower versus your traditional channel? Thanks.

好的。也許一個快速跟進。與您的傳統渠道相比，您預計直接簽約帶來的 MAC 增長會更快還是更慢？謝謝。

I'm not sure this goes to, I think, to your point, which I maybe didn't answer directly last time. So apologies for that around marketing as well. So marketing isn't really impacted at the consumer level by how we end up routing the transaction on the back end. And macro is impacted to the extent that we can drive continued even better pricing through some of our direct contracting relationships. But broadly speaking, to the extent that direct contracting exists, it doesn't really impact our OpEx structure on the marketing side or CAC, and it only impacts the volume of users differentially from our traditional model to the extent we secure even better prices through our direct contracting.

我不確定這是否符合您的觀點，我上次可能沒有直接回答。因此，也為營銷方面的事情道歉。因此，我們最終如何在後端路由交易，並不會真正影響消費者層面的營銷。宏觀受到的影響是我們可以通過一些直接合同關係推動持續更好的定價。但從廣義上講，就直接合同的存在而言，它並沒有真正影響我們在營銷方面或 CAC 的 OpEx 結構，它只會影響與我們傳統模式不同的用戶量，因為我們可以通過以下方式獲得更好的價格我們的直接承包。

Thanks.

謝謝。

Our next question comes from the line of Daniel Grosslight with Citi.

我們的下一個問題來自花旗銀行的 Daniel Grosslight。

Thanks for taking the question. You mentioned that more of your Pharma Solutions business will be coming from pay-for-performance contracts and flat fee this year. I'm curious if there's a structural shift in how pharma manufacturers are contracting with yet? And what are some of the performance metrics that are built into those contracts? And what's the upside there to your guidance should you perform better than anticipated?

感謝您提出問題。您提到今年您的更多 Pharma Solutions 業務將來自按績效付費的合同和固定費用。我很好奇製藥商的合同方式是否發生了結構性轉變？這些合同中內置了哪些績效指標？如果你的表現好於預期，你的指導有什麼好處？

Sure. Thanks for the question, Karsten speaking here. I think, first of all, historically, we've been focused primarily on flat fee deals. And a big piece of that has been because those original deals were firm manufacturers first engaged with us, were around awareness. And on the awareness side, those deals made more sense as flat fee, both for us and manufacturers, than they did as more pay for performance. We're now shifting towards deals that are specifically about access to a greater degree. Some of the examples that you can see and that are quite public are ones like the $200 off Dexcom device packages. And those kinds of very, very large discounts where manufacturers are going direct to consumers to offer compelling pricing that's often lower than the pricing that they received through whatever other benefit, whether employer or otherwise they'd receive. 

當然。感謝 Karsten 在這裡發言。我認為，首先，從歷史上看，我們主要關注固定費用交易。其中很大一部分是因為那些最初的交易是公司製造商首先與我們合作，圍繞著意識。在意識方面，這些交易作為固定費用對我們和製造商來說更有意義，而不是為績效支付更多費用。我們現在正在轉向專門針對更大程度訪問的交易。您可以看到一些非常公開的示例，例如 Dexcom 設備套餐可享受 200 美元的折扣。以及那些非常、非常大的折扣，製造商直接向消費者提供有吸引力的價格，這些價格通常低於他們通過任何其他利益獲得的價格，無論是雇主還是其他方式。

Those are really access versus awareness solutions, giving folks access to these medications, and that's an avenue where we believe we can, number one, be very successful at driving volume. So we want to capture some of that upside. And number two, where manufacturers are looking to lean in even more deeply as they go around to some degree, the traditional economic models of pharma distribution. So that intersection of us believing we're really good at that, given we have the consumers and the HCP to drive the volume and drive the actions on the first side. And number two, then being willing to pay more in total on a paper performance versus flat fee makes that model attractive for us. So I think as we look forward through the rest of the year, we see, number one, more of those deals happening in our future. And number two, to your question about performance to the extent we drive those deals better than we include in the numbers in our guide right now, then, of course, we'll overperform the guide. I think at this juncture, we're just starting down this performance-oriented path. So we're taking a very reasonable approach to how we think about them, and we'll likely be able to give you an update on the upcoming calls to the extent we're crushing it as we hopefully will.

這些是真正的訪問與意識解決方案，讓人們能夠獲得這些藥物，這是我們相信我們可以，第一，在推動銷量方面非常成功的途徑。所以我們想抓住其中的一些好處。第二，製造商在某種程度上希望更深入地依賴傳統的醫藥分銷經濟模式。因此，我們相信我們真的很擅長這一點，因為我們有消費者和 HCP 來推動銷量並推動第一方的行動。第二，與固定費用相比，願意為紙面績效支付更多的總費用使該模型對我們具有吸引力。所以我認為，當我們展望今年剩下的時間時，我們會看到，第一，我們未來會發生更多這樣的交易。第二，關於你關於績效的問題，我們在多大程度上推動這些交易比我們現在指南中的數字更好，那麼，當然，我們會超過指南。我認為在這個時刻，我們才剛剛開始這條以績效為導向的道路。因此，我們正在採取一種非常合理的方法來考慮它們，並且我們很可能能夠向您提供即將到來的電話會議的最新情況，以達到我們希望達到的程度。

Hey. It's Scott over the top. I just that was well said, Karsten, I think there's one point to reiterate that's important, which is there's two kinds of things that we're talking about here, which is access, low-funnel access programs and then awareness. And those can be different, but they also work in combination and partnership. And so the way that we're talking to branded partners is #1, #2, and sometimes it's a combination of both. And so the value proposition that we have works in both ways, and it's particularly powerful in combination. So we're going to continue to build the business across both those areas. And Karsten's well put point, there's inflection of volume on some very large campaigns that I think from a growth standpoint, we want to be able to deliver that repeatedly and do so naturally. And that's the things over the next couple of quarters that we're going to do. But again, it holds a lot of problems.

嘿。這是斯科特在上面。我剛才說得好，Karsten，我認為有一點要重申這一點很重要，那就是我們在這裡談論的是兩種事情，即訪問、低渠道訪問程序和意識。這些可以不同，但它們也可以結合和合作。因此，我們與品牌合作夥伴交談的方式是#1、#2，有時是兩者的結合。因此，我們的價值主張在兩個方面都有效，而且結合起來特別強大。因此，我們將繼續在這兩個領域建立業務。 Karsten 的觀點很好，我認為從增長的角度來看，一些非常大的活動的數量有所變化，我們希望能夠重複並自然地做到這一點。這就是我們接下來幾個季度要做的事情。但同樣，它存在很多問題。

Got it. That makes sense. And as I look at guidance, particularly keeping EBITDA guidance at 25% margin for the full year, it does imply a bit of margin degradation in the back half of the year. Is that largely due to just decremental margin from lower pharma manufacturer solutions? Because you should theoretically mathematically get a bit of an uplift from this contrary accounting change and 1Q margins were obviously very strong due to that onetime issue. So curious what's causing that degradation in margin, EBITDA margin in the back half of this year?

知道了。這就說得通了。當我查看指引時，尤其是將全年 EBITDA 指引保持在 25% 的利潤率時，這確實意味著今年下半年的利潤率會有所下降。這主要是由於較低的製藥商解決方案的利潤率下降嗎？因為從理論上講，你應該從這種相反的會計變化中獲得一點提升，而且由於這個一次性問題，第一季度的利潤率顯然非常強勁。那麼好奇是什麼導致利潤率下降，今年下半年的 EBITDA 利潤率？

So first of all, this is Karsten speaking. Thanks for grasping the impact of the POS discounts. You're exactly right. to the extent they shift OpEx from S&M into Contorev, margins inherently go up. I think the second point, though, and the more important one is, particularly as Scott comes on board, and we continue to reevaluate our marketing. You've heard us in prior quarters, say, hey, I think the first time was when we're talking in November on our earnings call, we said end of year can be a decent time to spend up because folks on the consumer side are entering into a new plan year, new deductible phases, et cetera. At that juncture, we felt like it wasn't a need for us to spend up then. So we pushed it out a little bit. But I think as we continue to evaluate our opportunities to do marketing and grow the business in a more aggressive way, we want to be able to preserve that capacity and not surprise folks because we continue to see new innovative ways that really work for us to drive marketing harder. We've seen our paybacks remain consistent with what we've said in the past in the 8-month range. And we've also seen new opportunities to market really effectively, like, for example, these POS discounts, which are working great for us. So from those perspectives, preserving capacity is really important, and that's why we're indicating mid-20s.

首先，我是 Karsten。感謝您了解 POS 折扣的影響。你完全正確。就他們將運營支出從 S&M 轉移到 Contorev 而言，利潤率自然會上升。不過，我認為第二點，也是更重要的一點，尤其是當斯科特加入時，我們將繼續重新評估我們的營銷。你在前幾個季度聽過我們說，嘿，我想第一次是在我們 11 月的收益電話會議上，我們說年底可能是花錢的好時機，因為消費者方面的人們正在進入新的計劃年度、新的免賠額階段等。在那一刻，我們覺得我們沒有必要花那麼多錢。所以我們把它推出了一點。但我認為，隨著我們繼續評估我們以更積極的方式進行營銷和發展業務的機會，我們希望能夠保持這種能力，而不是讓人們感到驚訝，因為我們繼續看到真正對我們有用的新創新方式更加努力地推動營銷。在 8 個月的範圍內，我們已經看到我們的回報與我們過去所說的保持一致。我們也看到了真正有效營銷的新機會，例如，這些 POS 折扣，這對我們來說非常有效。因此，從這些角度來看，保持容量非常重要，這就是我們指出 20 多歲的原因。

Got it, thanks for the color.

明白了，謝謝你的顏色。

Our next question comes from Craig Hettenbach with Morgan Stanley. Craig, your line is now open.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。克雷格，你的線路現在開通了。

Hi, this is (inaudible) on for Craig. Thanks for taking the question and congrats on the quarter. I just had 2 questions kind of piggybacking off the last question on sales and marketing spend in Q1. I know you talked about kind of being selective in Q1. Can you kind of talk about how that evolved over the quarter with POS discounts? And maybe as you go on throughout the year, how you view the puts and takes around marketing spend? And then maybe one for Scott. As you look at kind of the opportunity set to scale the business, how do you see, where do you see the biggest opportunities to do so while kind of lowering your cap, could you go forward? Thanks.

嗨，這是克雷格的（聽不清）。感謝您提出問題並祝賀本季度。我剛剛有 2 個問題是關於第一季度銷售和營銷支出的最後一個問題。我知道你在第一季度談到了某種選擇性。你能談談 POS 折扣在本季度的演變情況嗎？也許在您全年繼續進行時，您如何看待營銷支出？然後也許是給斯科特的。當你看到擴大業務的機會時，你如何看待，你在哪裡看到最大的機會，同時降低你的上限，你能繼續嗎？謝謝。

Thanks for the question. I'll start off and then hand to Scott, as you indicated. I think when we look at marketing generally from an evolutionary perspective through the year, there generally isn't a ton of seasonality to marketing. So it's really discretionary to us. And as we think about it and leveraging our discretion, we're fairly opportunistic. So we look at what's working well, put more dollars behind it. We do that in relation to how the cost of marketing vehicles shift over time as well as the returns that we're seeing over time too, you also see us taking approaches that are completely novel like the Evernorth ESI Price Assure offering that we talked about, where we shift from using our own marketing dollars effectively to channel model. So I think in terms of marketing, generally, like I said in response to a prior question, we're preserving the capacity to do more and more on that front, again, just because our paybacks are remaining consistent and we view them as really attractive. 

謝謝你的問題。我會先開始，然後按照您的指示交給 Scott。我認為，當我們從一年中的進化角度來看待營銷時，營銷通常沒有太多的季節性。所以這對我們來說真的是自由裁量權。當我們考慮並利用我們的自由裁量權時，我們是相當機會主義的。所以我們看看什麼運作良好，投入更多資金。我們這樣做與營銷工具的成本如何隨時間變化以及我們隨著時間的推移看到的回報有關，您還看到我們採用了完全新穎的方法，例如我們談到的 Evernorth ESI Price Assure 產品，我們從有效地使用自己的營銷資金轉向渠道模式。所以我認為在營銷方面，一般來說，就像我在回答之前的問題時所說的那樣，我們正在保留在這方面做越來越多的能力，同樣，只是因為我們的回報保持一致並且我們認為它們真的有吸引力。

You had a couple of different questions in there. Let me go marketing and just maybe address then growth levers. So marketing, marketing is an investment here. And this is something that the company and its history has done what I think really elegantly at times, the thing that I think is particularly clever and awesome is the presence of doctors' offices that historically was the GoodRx Card. And if you spend time in doctors' offices and here, both docs and health care professionals talk about it, it's a super natural way to put the value proposition of GoodRx right at that point of script. And so that's strategic. It's important both from a brand standpoint of awareness to consumers and docs and then it connects right to that moment of the script. That is strategic marketing. And there's things underway and with marketing to match both the breadth of consumers and doctors who not only know a GoodRx but love it and then also to make sure that we're getting the best discount possible to consumers lower down in the funnel.

你在那裡有幾個不同的問題。讓我去營銷，也許只是解決增長槓桿問題。所以營銷，營銷在這裡是一種投資。這是公司及其歷史所做的事情，有時我認為非常優雅，我認為特別聰明和令人敬畏的是醫生辦公室的存在，這在歷史上是 GoodRx Card。如果你花時間在醫生辦公室和這裡，醫生和醫療保健專業人員都會談論它，這是將 GoodRx 的價值主張放在腳本的那個點上的一種超自然的方式。所以這是戰略性的。從品牌意識的角度來看，這對消費者和文檔都很重要，然後它會與腳本的那一刻聯繫起來。那就是戰略營銷。並且正在進行營銷，以匹配消費者和醫生的廣度，他們不僅知道 GoodRx 而且喜歡它，然後還要確保我們為漏斗中較低的消費者獲得盡可能最好的折扣。

So I could answer this in marketing speak of upper funnel and lower funnel and touch points, but each of those things for GoodRx are really important. It's the historical strength of the business that's grown into a really big marketplace with pretty good brand awareness. And it's something to invest in with the biggest eye being effectiveness. And so it's something that we're working on and digging into with the teams and making sure that we're honing in and really trying to hit those points of difference, whether it's discounts in the app at the points script, presence at the doctor's office and presence at retail. I'd say broadly also, and again, this is started GoodRx being an awesome marketplace that's known and loved by many, but there's still opportunity. It's phenomenal to have Doug really focused on this because GoodRx's role in the health care system, we've got a unique position. And it's something that now even in my early days, I'm proprietary on GoodRx's behalf, a feeling like more people, particularly docs and patients should know about GoodRx. And so that's just getting the message out into the world about our role and what we can do in the ecosystem, and it's honestly awesome to have force multiplier time to be able to do that.

所以我可以在關於上層漏斗和下層漏斗和接觸點的營銷演講中回答這個問題，但這些對於 GoodRx 來說都是非常重要的。正是企業的歷史實力發展成為一個擁有相當好的品牌知名度的真正大市場。這是值得投資的東西，最著眼於有效性。因此，這是我們正在與團隊一起努力並深入研究的事情，並確保我們正在磨練並真正試圖達到這些差異點，無論是應用程序中的折扣點腳本，在醫生那裡的存在辦公室和零售店。我還要廣泛地說，再一次，這開始了 GoodRx 成為一個被許多人所熟知和喜愛的很棒的市場，但仍然有機會。讓 Doug 真正專注於此是非常了不起的，因為 GoodRx 在醫療保健系統中的作用，我們有一個獨特的位置。現在甚至在我早期的時候，我就代表 GoodRx 擁有所有權，感覺更多的人，特別是醫生和患者應該了解 GoodRx。因此，這只是向世界傳達了關於我們的角色以及我們在生態系統中可以做什麼的信息，而且能夠擁有力量倍增時間來做到這一點真的很棒。

Great, thanks I'll hop back in the queue.

太好了，謝謝，我會跳回到隊列中。

Our next question comes from the line of Jailendra Singh with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Jailendra Singh。

Hi, thank you. Good morning everyone. So my first question is around provider mode where you have 450,000 prescribers engaging with the company since launch. Maybe provide some details around the engagement level? Like which tools have you seen the highest engagement? Is it a cost comparison or coupon sharing or news feeds? I'm trying to understand like the scale needed in this part of the business where you can go to pharma manufacturers to get more aggressive with your bids for launches or campaign. Clearly, you're competing with some other players who talk about ROIs in the range of 10 is to 1 for their pharma clients. So trying to understand if with the risk of being too early on your pitch in this part of the business.

嗨，謝謝你。大家，早安。所以我的第一個問題是關於提供商模式，自推出以來，您有 450,000 名處方醫生與公司合作。也許提供一些關於參與度的細節？您看到哪些工具的參與度最高？是成本比較、優惠券分享還是新聞提要？我正在嘗試了解這部分業務所需的規模，您可以在這部分業務中找到製藥商，以便更積極地為發布或活動出價。顯然，您正在與其他一些談論其製藥客戶的投資回報率在 10 比 1 範圍內的參與者競爭。因此，試圖了解在這部分業務中是否存在過早宣傳的風險。

Sure. I'll jump in first here. It's Karsten speaking. So on engagement of providers, we've been very pleased with the performance that we're seeing. Like we talked about on the call, over 450,000 providers who have engaged in their provider mode since we launched it. I think the other point that pleases us, and I'm particularly happy about is that we see provider or monthly active users doubling between December of '22 and March of '23, so over a relatively short period of time as well, which is important for us. I think the other thing that's important about it is similar to consumer engagement, engagement with providers really helps. On the consumer engagement side, we see more highly engaged consumers have higher LTVs. We've talked about that in the past. 

當然。我會先跳進去。我是卡斯滕。因此，在供應商的參與方面，我們對我們所看到的表現感到非常滿意。正如我們在電話會議上談到的那樣，自我們推出以來，已有超過 450,000 家供應商參與了他們的供應商模式。我認為讓我們高興的另一點，我特別高興的是，我們看到提供商或每月活躍用戶在 22 年 12 月和 23 年 3 月之間翻了一番，所以在相對較短的時間內也是如此，這是對我們很重要。我認為另一件重要的事情類似於消費者參與，與供應商的參與確實有幫助。在消費者參與度方面，我們看到參與度更高的消費者擁有更高的生命週期價值。我們過去談過這個。

We see the same thing where we can associate more PTR prescription transactions revenue claims with a given health care provider in correlation with how to engage there too, whether they're solely identified providers, we know their NPIs and know they are providers, whether they're providers that have been activated, meaning we've offered them a chance to join provider mode and they have accepted or whether they have fully developed accounts that are completed. So as we look at the engagement levels, we're pleased to see that not only is that driving our pharma man sol business because obviously, these folks are very valuable to manufacturers and providers are a big growth sector for us, but they actually drive and will continue to drive, we expect our base business as well as joiner.

我們看到了同樣的事情，我們可以將更多的 PTR 處方交易收入索賠與給定的醫療保健提供者相關聯，與如何參與相關，無論他們是唯一確定的提供者，我們知道他們的 NPI 並知道他們是提供者，無論他們是否是已激活的供應商，這意味著我們已經為他們提供了加入供應商模式的機會，並且他們已經接受或者他們是否已經完全開發了已完成的帳戶。因此，當我們查看參與度時，我們很高興地看到，這不僅推動了我們的製藥業務，因為很明顯，這些人對製造商和供應商非常有價值，對我們來說是一個巨大的增長領域，但他們實際上推動了並將繼續推動，我們期待我們的基礎業務以及加入者。

Thanks Karsten. And my quick follow-up on the -- thanks for the color on the 2Q outlook by segment. But can you share your updated revenue growth expectations by segment for the full year. Are those unchanged? Or any changes there beyond the 10 million POS discount we called out?

謝謝卡斯滕。我的快速跟進——感謝按細分市場對 2Q 前景的顏色。但是你能按細分市場分享你更新的全年收入增長預期嗎？那些不變嗎？或者除了我們喊出的 1000 萬個 POS 折扣之外還有什麼變化？

At this point, I don't think we're in a position where we'll be sharing more splits than the full year, Jailendra. But you're quite right that the POS discount headwind estimated at about $10 million effectively decreases revenue by that amount, all else being equal. That's totally accurate and glad you captured that.

Jailendra，在這一點上，我認為我們所處的位置不會超過全年。但你說得對，估計約 1000 萬美元的 POS 折扣逆風有效地減少了該數額的收入，其他條件相同。這是完全準確的，很高興你抓住了這一點。

Okay, perfect. Thanks a lot.

好的，完美。多謝。

Our next question comes from Jonathan Yong with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Jonathan Yong。

Hi, thanks for taking the question. Just on pharma man sol. The deals that are expected to come in this year, were these original deals that were originally delayed a quarter or two ago? And then are there other deals still outstanding, which could come into the guidance for this year?

您好，感謝您提出問題。就在製藥人溶膠上。預計今年將進行的交易，這些原始交易是否在一兩個季度前被推遲？那麼還有其他未完成的交易可以納入今年的指導嗎？

I think yes to both, Jonathan, is a short answer. We did have some deals that we anticipated might come in towards the end of last year that we're now seeing coming in this year, particularly on the performance side. But the pipeline remains very, very robust indeed. So from that perspective, we do continue to anticipate that we'll see incremental deals landing throughout the year as would normally be the case I think there's the perception that pharm manufacturers lock in spend late 3Q, early 4Q, and well, I think that's generally true. That doesn't mean that they're necessarily specific about what programs they're going to run and specific about the timing of those programs at that point just in terms of general buckets of money. So through the year, we continue to see our pipeline for that year, get more and more robust, well past the midpoint of the year.

喬納森，我認為兩者都是肯定的，這是一個簡短的回答。我們確實有一些我們預計可能會在去年年底到來的交易，我們現在看到今年即將到來，特別是在性能方面。但管道確實仍然非常非常強大。因此，從這個角度來看，我們確實繼續預計我們將在全年看到增量交易落地，這通常是這種情況，我認為人們認為製藥商將支出鎖定在第三季度末、第四季度初，而且，我認為這是大體上是正確的。這並不意味著他們必須具體說明他們將要運行哪些程序，以及具體說明這些程序在那個時候的時間，只是在一般的資金方面。因此，在這一年中，我們繼續看到我們當年的管道變得越來越強大，遠遠超過了今年的中點。

Great. And then just on Price Assure. You said that your guidance assumed that consumers potentially hit their deductibles due to seasonality. But I guess when I think about that, does that mean that there's a bit of a late limitation in terms of the benefit you're going to see from the Price Assure business and that it should moderate effectively throughout the rest of the year to the point where there's almost a cap on how much growth comes from that business? Thanks.

偉大的。然後就是價格保證。你說你的指導假設消費者可能會由於季節性而達到他們的免賠額。但我想，當我考慮到這一點時，這是否意味著你將從價格保證業務中看到的好處有點遲到，並且它應該在今年剩餘時間有效地緩和到該業務的增長幾乎有多少上限？謝謝。

Yes, I think that's a great question, Jonathan. And I think your perceptions are generally right, meaning that because of the way the Price Assure program works, it routes the user to whatever is going to be cheaper for that user. And in general, when the user's in a position where they might be paying a co-pay or deductible which GoodRx can be, it will route the transaction to GoodRx, and we'll benefit from it as part of our PTR and our revenue per MAC. As we proceed through the year, some of these users may well hit their deductibles and they may well not have to pay out-of-pocket costs in the latter parts of the year that are as high as in the earlier parts of the year. So as we look through the lens of that, we view that the ESI collaboration or Evernorth collaboration that's potentially decelerating as a proportion of revenue and as claims we see through the year.

是的，我認為這是一個很好的問題，喬納森。而且我認為您的看法通常是正確的，這意味著由於價格保證程序的工作方式，它將用戶引導到對該用戶來說更便宜的任何地方。一般來說，當用戶處於可能支付 GoodRx 可能支付的共付額或免賠額的位置時，它會將交易路由到 GoodRx，我們將從中受益，作為我們 PTR 的一部分和我們的收入蘋果。隨著我們這一年的進行，其中一些用戶很可能會達到他們的免賠額，他們很可能不必在今年下半年支付與今年早些時候一樣高的自付費用。因此，當我們從這個角度看時，我們認為 ESI 合作或 Evernorth 合作在收入中所佔的比例和我們全年所看到的索賠可能會下降。

Thanks.

謝謝。

Our next question comes from the line of Scott Schoenhaus with KeyBanc.

我們的下一個問題來自 Scott Schoenhaus 與 KeyBanc 的合作。

Hi team, can you hear me?

嗨團隊，你能聽到我嗎？

We sure can. Good to talk to you, Scott.

我們當然可以。很高興和你交談，斯科特。

Hi guys. I just wanted to drill in on for behavior you're seeing. In the release, you said you're seeing slight moderation in spending from pharma customers, but then guided to 26% sequential increase in revenues on the man sol segment for 2Q. What's really driving this?

嗨，大家好。我只是想深入了解您所看到的行為。在新聞稿中，你說你看到製藥客戶的支出略有放緩，但隨後指導第二季度 man sol 部門的收入連續增長 26%。是什麼真正推動了這一進程？

So in the man sol side, I think from a macro environment perspective, we are seeing generally a deceleration. I think on the flip side, you also see for manufacturers talking about the growth in digital spend. We're hearing that from our customers. We're also seeing that in the general market research that talks about digital growth growing potentially in the double digits, so materially higher than base pharma man sol spend. That said, we do though believe that the biggest determinant of our success is what we do here. We're a very small proportion of the overall TAM right now. Again, 30 billion TAM all-in split between consumer and HCP. And in that context of the really big TAM, we think the actions that we drive are the at most important ones here as we continue to take share. That's where we see the potential for growth up to $26 million in revenue from pharma man sol just in the next quarter, which is more revenue than we did in the whole of 2020. So from that perspective, I think, as Scott said, we've got highly engaged, highly competent, highly energetic sales team that's going out there and driving that part of the business. And we continue to see and expect sequential growth from it as we drive through the rest of the year. I think no question there.

所以在 man sol 方面，我認為從宏觀環境的角度來看，我們普遍看到了減速。我認為另一方面，你也看到製造商談論數字支出的增長。我們是從客戶那裡聽到的。我們還看到，在一般市場研究中，數字增長可能會以兩位數的速度增長，因此大大高於基本的製藥人 sol 支出。儘管如此，我們確實相信我們成功的最大決定因素是我們在這裡所做的事情。我們現在只佔整個 TAM 的一小部分。同樣，300 億 TAM 全部分配給消費者和 HCP。在真正龐大的 TAM 的背景下，我們認為隨著我們繼續分享，我們推動的行動至多是這裡最重要的行動。這就是我們看到 pharma man sol 在下個季度的收入增長潛力高達 2600 萬美元的地方，這比我們在整個 2020 年的收入還要多。所以從這個角度來看，我認為，正如斯科特所說，我們我們擁有高度敬業、能力超強、精力充沛的銷售團隊，他們正在努力推動這部分業務。在今年餘下的時間裡，我們將繼續看到並期待它的連續增長。我認為毫無疑問。

I'd like to maybe characterize state of play again, and this will be a repeat of remarks and comments, but I think it's helpful on that question. There's a lot of value here at GoodRx around, again, the marketplace we have for generic and branded drugs and matching those drugs to patients in a really effective way. That's what we're doing. And the man sol programs that we're talking about are things that we can do in partnership with hip-branded pharma. And if we were sitting at a enterprise technology company now, the like rhythm and pacing of programs and spend over time would have flow to it in terms of big deals and what gets booked and how does it ramp within the system. And you go through those labs to be able to get to that level of predictability. And I know everybody's kind of questioning and thinking about it. But really, this is the new guy. My observation is we're just at that point where there's real proof points here. And now the work is about intelligently scaling it. And part of that is your -- not just your pipeline, but then once that pipeline lands, other things ramp up, right? And everybody wants that to be rhythmic and predictable, and you get to that point. And we're right at this point within GoodRx where we're kind of we're building those muscles. That's not super hard curing cancer type stuff. You just run through -- you run the labs a couple of times and you get there, and we're going to get there.

我可能想再次描述比賽狀態，這將是重複的評論和評論，但我認為這對這個問題很有幫助。 GoodRx 這裡有很多價值，再次，我們擁有仿製藥和品牌藥物的市場，並以一種真正有效的方式將這些藥物與患者相匹配。這就是我們正在做的。我們正在談論的 man sol 計劃是我們可以與時尚品牌製藥公司合作做的事情。如果我們現在坐在一家企業技術公司，那麼項目的節奏和節奏以及隨著時間的推移花費，就會在大交易、預訂的內容以及它如何在系統內增加方面產生影響。你通過這些實驗室才能達到那種可預測性水平。我知道每個人都在質疑和思考它。但實際上，這是新人。我的觀察是我們正處於真正的證據點所在的那一點。現在的工作是智能地擴展它。其中一部分是你的 - 不僅僅是你的管道，而且一旦管道落地，其他事情就會增加，對吧？每個人都希望它是有節奏的和可預測的，而你達到了這一點。我們正處於 GoodRx 的這一點上，我們正在構建這些肌肉。那不是超級難治癒的癌症類型的東西。你只是運行 - 你運行實驗室幾次然後你到達那裡，我們將到達那裡。

That's super helpful color. And maybe as a follow-up there, as you're trying to grow this business, take market share and kind of smooth it with more recurring contracts. Are you seeing any shifts from the behavior of pharma clients this year versus prior years in terms of mid-year upsells or more onetime lumpier ad campaigns? Just trying to get an overall sense of the market this year versus the pandemic years. Thanks.

這是超級有用的顏色。也許作為那裡的後續行動，當你試圖發展這項業務時，佔據市場份額並通過更多的經常性合同來平滑它。在年中追加銷售或更多的一次性廣告活動方面，您是否看到今年製藥客戶的行為與往年相比有任何變化？只是想對今年的市場與大流行年有一個整體的了解。謝謝。

I think when we look at the market this year, we again see manufacturers from spend perspective be more pace, I guess, is the right word. So we talked on earlier calls about deals taking longer and spend being spread over more time as we work through these with our counterparties at the manufacturers. And I think we continue to see that reality taking place now as well. So from that perspective, I think on a year-over-year basis, what I'd point to most is a change in sort of aggressiveness of timing and how fast they go from talking to us initially to actually having a deal in market producing results and therefore, recognizable revenue for us. I think that's still thematically what we're seeing at this point.

我認為當我們看今年的市場時，我們再次看到製造商從支出的角度來看要加快步伐，我想，這是正確的詞。因此，我們在早些時候的電話會議上談到，在我們與製造商的交易對手合作完成這些交易時，交易需要更長的時間，而且花費的時間會更長。而且我認為我們現在也繼續看到這種現實正在發生。因此，從這個角度來看，我認為與去年同期相比，我最想指出的是時間上的積極性發生了變化，以及他們從最初與我們交談到實際達成市場生產協議的速度有多快結果，因此，我們的可識別收入。我認為這仍然是我們目前所看到的主題。

Thank you.

謝謝。

Our next question comes from the line of George Hill with Deutsche Bank.

我們的下一個問題來自喬治希爾與德意志銀行的對話。

Hey, good morning guys and thanks for taking the question. And I'll go with just one here. I guess it sounds like the pharmacy relationships are becoming more important to you guys that are contracting. I guess can you talk about the competitive environment for those relationships? And I can't imagine that any of the retailer relationships are exclusive. So how do you differentiate and make sure that you guys win at the pharmacy counter.

嘿，早上好伙計們，謝謝你提出這個問題。我會在這裡只用一個。我想這聽起來像是藥房關係對你們這些正在簽約的人來說變得越來越重要。我想你能談談這些關係的競爭環境嗎？我無法想像任何零售商關係都是排他性的。那麼你如何區分並確保你們在藥房櫃檯獲勝。

Yes. Maybe, I appreciate the question. Maybe I'll speak a little bit just broadly about competition and then try to kind of narrowing on that nuance of it. When we look at the competitive marketplace, we don't think the competitors that are out there in various different PTR or even pharma man sol are affecting our growth rate here. We deliver a great product. When we believe that we are still the market leader, we believe we have the best pricing in market. Specifically, our last analysis indicates that for over 87% of the top 30 prescribed medications at top pharmacies, we have the best price. And so that's why so many providers prefer patients to GoodRx. That's why we have an NPS of 90. We have a product that really, really works. And so we continue to have great strength there. 

是的。也許，我很欣賞這個問題。也許我會從廣義上談談競爭，然後嘗試縮小競爭的細微差別。當我們審視競爭激烈的市場時，我們認為各種不同 PTR 甚至 pharma man sol 中的競爭對手都不會影響我們在這裡的增長率。我們提供出色的產品。當我們相信我們仍然是市場領導者時，我們相信我們擁有市場上最好的定價。具體而言，我們的最新分析表明，對於頂級藥店排名前 30 位的處方藥中，超過 87% 的藥物我們提供最優惠的價格。這就是為什麼這麼多供應商更喜歡患者而不是 GoodRx 的原因。這就是為什麼我們的 NPS 為 90。我們的產品確實非常有效。所以我們在那裡繼續擁有強大的實力。

And as we talk more specifically about the hybrid contracting strategy, we are just going out there, making these relationships and letting -- using them to take where work selling where we have the best brand recognition where we have the best product, where we have the consumers and providers who love us and to help our retail partners to drive incremental volumes and ways of work for them, help them drive new programs, take sort of innovative things like what we're doing around pricing and the point-of-sale incentives to be hyper-focused on specific consumer segments and bring it all to market so that we can be in the best position and really help this both consumers and the partnerships.

當我們更具體地談論混合承包策略時，我們只是走出去，建立這些關係，並讓——利用它們在我們有最好的品牌知名度的地方銷售，我們有最好的產品，我們有熱愛我們的消費者和供應商，幫助我們的零售合作夥伴推動增量業務和工作方式，幫助他們推動新計劃，採取一些創新的事情，比如我們在定價和銷售點方面所做的事情高度關注特定消費者群體並將其全部推向市場的激勵措施，以便我們能夠處於最佳位置並真正幫助消費者和合作夥伴。

Thank you.

謝謝。

Our next question comes from the line of Dylan Finley with UBS.

我們的下一個問題來自瑞銀集團的 Dylan Finley。

Yes. Thanks for taking the call. One question I don't think was hit on. So you mentioned Karsten that core growth ex Kroger was up 15% and it sounds like net of the contra revenue impact would be up another point or so from there. So that's, I guess, double where you mentioned that you were regarding last year ex Kroger. I was mainly wondering what the delta is here. Why is the core growth in PTR going faster? And is that sustainable on an ex Kroger basis through the year?

是的。感謝您接聽電話。有一個問題我認為沒有被擊中。所以你提到 Karsten，不包括 Kroger 的核心增長增長了 15%，聽起來扣除對帳收入的影響會再上升一個點左右。所以，我想，這是你提到去年前 Kroger 的兩倍。我主要想知道這裡的三角洲是什麼。為什麼PTR的核心增長速度更快？在克羅格公司的基礎上，這是否可持續一整年？

Thanks for the question. Yes, I think when we look at volume across pharmacies, ex grocer, we see the growth being up 16% year-over-year and 3% Q-over-Q. I think that's what you're referencing. I think looking forward to when we left the grocer issue and applying the 16%, which I think last quarter was 12.5%, if I recollect correctly, ex grocer growth. In that context, I think we caution them to that simply using that ROI growth rate may be a little aggressive because it's a little difficult to parse out how many of those users are truly incremental versus maybe switch from the grocer to a different pharmacy, so I think we're not forecasting that the growth rates for prescription transactions revenue as a whole will be anywhere near that high of 16% Y-o-Y represented by the non-grocer pharmacies growth into 1Q '23? Is that helpful?

謝謝你的問題。是的，我認為當我們查看藥店、雜貨店的銷量時，我們看到同比增長 16%，環比增長 3%。我認為這就是你所指的。我想期待我們何時離開雜貨店問題並應用 16%，我認為上個季度是 12.5%，如果我沒記錯的話，前雜貨店增長。在這種情況下，我認為我們提醒他們，簡單地使用投資回報率增長率可能有點激進，因為很難分析出這些用戶中有多少是真正的增量用戶，而不是可能從雜貨店轉向不同的藥房，所以我認為我們並沒有預測整個處方交易收入的增長率將接近 23 年第一季度非雜貨店藥店增長所代表的 16% 的同比高位？這有幫助嗎？

Yes, I think that helps clarify. So do you think the beat there, the 15%, 16% versus like a high single digit is related to still a little bit of Kroger capture.

是的，我認為這有助於澄清。那麼你認為那裡的節拍，15%、16% 與高個位數相比，是否與克羅格的一點點捕獲有關。

Yes. I think the volume growth includes both new users and also that. And I think the other reality too is like we talked about in response to an earlier query, the elements of the PTR business, like, for example, the Evernorth piece of it, whereas we hit deductible phase, we potentially see deceleration in those parts of the business. They're quite small at this point still, but nonetheless, should probably note that.

是的。我認為數量增長包括新用戶和新用戶。而且我認為另一個現實也就像我們在回答早先的問題時談到的那樣，PTR 業務的要素，例如 Evernorth 的一部分，雖然我們處於免賠額階段，但我們可能會看到這些部分的減速的業務。它們在這一點上仍然很小，但儘管如此，應該注意這一點。

Scott, 2 things on your question. One of which is the fact of retail shift relative to volume, either add a grocer or not is, again, reinforces the value proposition of GoodRx and the importance we play. I think the nature of that question, what you're looking for and then people in the outside world is they give the range of once retail and it's the importance of all of the retail efforts that are underway, which is once that's cleaned up, hey, the volume range of the business rhythms at what? And then what are the growth areas to build that volume out based on deep value proposition of consumers and drug modalities and kinds of health care plans and where is that intersection. So if you're looking for a theme in the core business around efforts, whether it's discounts at the point of sale or in expanding GoodRx into more insurance use cases. It's again, with that macro North Star value proposition that's allowing us to fulfill more prescription medication, right? And step one is making sure that, that's available at every retailer. And once we get that set up, then you can get more precise about your own expectations and performance on both volume and revenue for what that business looks like going forward.

斯科特，你的問題有兩點。其中之一是零售相對於數量的變化，無論是否增加雜貨店，再次強化了 GoodRx 的價值主張和我們發揮的重要性。我認為這個問題的性質，你在尋找什麼，然後外界的人是他們給出了一次零售的範圍，這是所有正在進行的零售工作的重要性，一旦清理乾淨，嘿，業務節奏的音量範圍是多少？然後，根據消費者的深度價值主張和藥物模式以及各種醫療保健計劃，建立該數量的增長領域是什麼，那個交叉點在哪裡。因此，如果您正在圍繞努力尋找核心業務的主題，無論是銷售點的折扣還是將 GoodRx 擴展到更多保險用例。又一次，北極星的宏觀價值主張讓我們能夠完成更多的處方藥，對吧？第一步是確保每個零售商都可以買到。一旦我們完成設置，您就可以更準確地了解自己對業務未來發展的數量和收入的期望和表現。

Thank you for color.

謝謝你的顏色。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

Hi, thanks. Let me also offer my congrats to Scott on joining the company. My question today is really kind of more at a high level. Just with some of the PBM reform legislation making the rounds that will potentially eliminate the ability for many PBMs to make any spread profits on retail prescriptions. I guess I was curious whether or not this is prompting any PBMs this year in 2023 to reach out to GoodRx, and want to potentially increase their volume with you guys going forward in the cash portion of the retail market, just to still try to capture some profits on retail-related scripts. And I guess somewhat tied into this, just looking for any update on the outlook for GoodRx take rate for not so much '23, but really kind of thinking beyond '23. Could there be any shift in the split the PBMs really in favor of GoodRx might it be evolving environment? Thanks.

你好謝謝。我還要祝賀 Scott 加入公司。我今天的問題實際上是更高層次的問題。隨著一些 PBM 改革立法的進行，這可能會消除許多 PBM 在零售處方上賺取任何差價利潤的能力。我想我很好奇這是否會促使今年 2023 年的任何 PBM 接觸 GoodRx，並希望在零售市場的現金部分與你們一起增加他們的數量，只是為了仍然試圖捕捉零售相關腳本的一些利潤。我想這與此有點相關，只是尋找關於 GoodRx 的前景的任何更新，而不是 23 年，但確實是 23 年之後的思考。 PBM 的分裂是否真的有利於 GoodRx，它可能是不斷發展的環境嗎？謝謝。

Thank you for the question. Let me speak just generally maybe to the regulatory side and then, and also speak to that aspect of the PBM. Since we founded GoodRx 12 years ago, we've seen a lot of proposals at policies across administrations. To some extent, we've spoken about regulatory environment in every earnings call as a public company. We are helping bring improvements to consumers' wallet, to affordable prescriptions and affordability and accessibility in ways that I think are in line with what all parties want here. When we look specifically at the Inflation Reduction Act, we do not expect a material impact on our business from it. A lot of that focus is on the negotiation of price for a relatively small group of higher cost drugs. And so relative to our PTR business, we don't see any meaningful impact that would have or to the nuance you mentioned around how potentially PBM contracting could evolve because of regulations. We don't expect any meaningful impact on our PTR business and or also on the pharma man sol business. 

感謝你的提問。讓我一般性地談談監管方面，然後再談談 PBM 的那個方面。自從我們 12 年前創立 GoodRx 以來，我們已經看到了很多跨政府部門的政策提案。在某種程度上，作為一家上市公司，我們在每次財報電話會議上都談到了監管環境。我們正在幫助改善消費者的錢包、負擔得起的處方藥以及我認為符合各方在這裡想要的方式的可負擔性和可及性。當我們專門研究《降低通貨膨脹法》時，我們預計它不會對我們的業務產生實質性影響。很多重點是針對一小部分成本較高的藥物進行價格談判。因此，相對於我們的 PTR 業務，我們沒有看到任何有意義的影響，也不會影響您提到的關於 PBM 合同可能因法規而演變的細微差別。我們預計不會對我們的 PTR 業務或 pharma man sol 業務產生任何有意義的影響。

So we continue to work with our PBM partners. We think that marketplace has just grown stronger. And most of all, I would say, we're just really proud that we've taken a market-based solution that we've put in place that that has saved consumers over $55 billion to date, and this has helped consumers. Relative to the PBM specifically, I don't think there are specifics to speak to there, but I don't expect any meaningful changes to take place in any of the aspects you mentioned because of the regulation.

因此，我們繼續與我們的 PBM 合作夥伴合作。我們認為市場剛剛變得更強大。最重要的是，我要說的是，我們真的很自豪我們已經採取了基於市場的解決方案，我們已經實施了該解決方案，迄今為止已經為消費者節省了超過 550 億美元，這對消費者有所幫助。具體而言，相對於 PBM，我認為沒有具體的內容可以談，但我不希望你提到的任何方面因為法規而發生任何有意義的變化。

Got it, okay, alright. Thanks.

明白了，好的，好的。謝謝。

Thank you.

謝謝。

Our next question comes from the line of Robert Simmons with D.A. Davidson.

我們的下一個問題來自 Robert Simmons with D.A.戴維森。

Hey, thanks for taking my question. Can you specify the impact of onetime deals on pharma 1Q versus 1Q?

嘿，謝謝你提出我的問題。您能否具體說明一次性交易對製藥公司 1Q 和 1Q 的影響？

Sure. So when we look at our historical period and looking at pharma manufacturer solutions and onetime deals, which we define as deals where we've taken revenue from a given counterparty went and then they haven't come back, hence the onetime, but I think there is maybe a need to clarify that a little bit. Those amounts are in the millions of dollars and had been previously in early quarters. So as we shift away from that, we see deltas of, again, millions of dollars of revenue Q-o-Q.

當然。因此，當我們回顧我們的歷史時期並查看製藥商解決方案和一次性交易時，我們將其定義為我們從給定交易對手那裡獲得收入的交易，然後他們沒有回來，因此是一次性交易，但我認為可能需要稍微澄清一下。這些數額為數百萬美元，之前是在早期季度。因此，當我們遠離這一點時，我們再次看到數百萬美元的收入環比增長。

Got it, alright. Thanks.

明白了，好的。謝謝。

And philosophically, my hat is that this is all a natural part of building up the business. So it's figuring out what really works for both our partners and us in a highly repeatable way. It's just the natural part of building up the business.

從哲學上講，我的帽子是，這都是建立業務的自然組成部分。因此，它正在以一種高度可重複的方式找出對我們的合作夥伴和我們來說真正有效的方法。這只是建立業務的自然部分。

I'm showing no further questions in queue at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我現在不會在隊列中顯示更多問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。