GoodRx Holdings Inc (GDRX) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx fourth quarter and full-year 2023 earnings call. As a reminder, today's conference call is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 GoodRx 第四季和 2023 年全年財報電話會議。提醒一下，今天的電話會議正在錄音。

I would now like to introduce your host for today's call, Whitney Notaro, Vice President of Investor Relations. Ms. Notaro, you may begin.

現在我想介紹一下今天電話會議的主持人，投資者關係副總裁惠特尼·諾塔羅(Whitney Notaro)。諾塔羅女士，您可以開始了。

Thank you, operator. Good morning, everyone, and welcome to GoodRx's earnings conference call for the fourth quarter and full-year 2023. Joining me today are Scott Wagner, our Interim Chief Executive Officer; and Karsten Voermann, our Chief Financial Officer.

謝謝你，接線生。大家早安，歡迎參加 GoodRx 第四季和 2023 年全年財報電話會議。今天加入我的是我們的臨時執行長 Scott Wagner；以及我們的財務長 Karsten Voermann。

Before we begin, I'd like to remind everyone that this call will contain forward-looking statements. All statements made on this 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 opportunity, our anticipated financial performance, underlying trends in our business, our value proposition, our potential for growth, collaborations and partnerships with third parties, including our integrated savings program, our hybrid retail direct and PBM contracting approach, anticipated impacts of the de-prioritization of certain solutions under our pharma manufacturer solutions offering and our cost savings initiatives, expected impact of the wind down of Kroger Savings Club, the amount, timing and benefits of our new share repurchase program, the expected impact of the macroeconomic environment on our business, and the expected impact of recent outages disclosed by UnitedHealth Group.

在開始之前，我想提醒大家，本次電話會議將包含前瞻性陳述。本次電話會議中所做的所有與歷史事實無關的陳述均應被視為前瞻性陳述，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、我們的基本趨勢的陳述。業務、我們的價值主張、我們的成長潛力、與第三方的合作和夥伴關係，包括我們的綜合儲蓄計劃、我們的混合零售直接和PBM 承包方法、我們的製藥製造商解決方案產品中某些解決方案取消優先順序的預期影響，以及我們的成本節約措施、克羅格儲蓄俱樂部終止的預期影響、我們新股票回購計畫的金額、時間和收益、宏觀經濟環境對我們業務的預期影響以及聯合健康揭露的近期停電的預期影響團體。

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.

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、績效或成就與前瞻性陳述明示或暗示的任何未來結果、績效或成就有重大差異。

Factors discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our 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.

我們截至2023 年12 月31 日的年度報告10-K 表格的風險因素部分以及我們向美國證券交易委員會提交的其他文件中討論的因素可能會導致實際結果與前瞻性陳述中所示的結果存在重大差異在這次電話會議上發表的聲明。

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.

任何此類前瞻性陳述均代表管理階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，我們也不承擔更新這些陳述的義務。

In addition, we will be referencing certain non-GAAP metrics in today's remarks. We have reconciled each non-GAAP metric to the nearest GAAP metric in the company's earnings press release which can be found on the overview page of our Investor Relations website at investors.goodrx.com.

此外，我們將在今天的評論中引用某些非公認會計準則指標。我們已將每個非 GAAP 指標與公司收益新聞稿中最接近的 GAAP 指標進行了調整，該新聞稿可在我們的投資者關係網站 Investors.goodrx.com 的概述頁面上找到。

I'd also like to remind everyone that a replay of this call will become available there shortly as well.

我還想提醒大家，該電話會議的重播也將很快在那裡提供。

With that, I'll turn it over to Scott.

有了這個，我會把它交給史考特。

Thanks, Whitney, and thanks to everyone joining us today to discuss our fourth-quarter results.

謝謝惠特尼，也感謝今天加入我們討論我們第四季業績的所有人。

Today, I'd like to highlight the meaningful progress we're making on our key priorities, and then Karsten will take you through our Q4 '23 financials and expectations for Q1 and full-year 2024. I'd like to start by framing the fundamentals of what we do, the critical and growing consumer needs we serve, and the importance of the GoodRx value proposition which is saving people money on prescriptions. Over the history of the company, GoodRx has saved consumers approximately $70 billion. And just last year, we saved consumers approximately $15 billion. There's big fundamental value here.

今天，我想強調我們在關鍵優先事項上取得的有意義的進展，然後 Karsten 將向您介紹我們 23 年第 4 季的財務狀況以及對第 1 季和 2024 年全年的預期。我想先闡述我們所做工作的基本原理、我們所服務的關鍵且不斷增長的消費者需求，以及 GoodRx 價值主張的重要性，即為人們節省處方費用。縱觀公司歷史，GoodRx 已為消費者節省了約 700 億美元。就在去年，我們為消費者節省了約 150 億美元。這裡有很大的基本價值。

And while healthcare is highly complex, the role GoodRx plays is pretty simple. Consumers today are facing rising healthcare costs with plans continuing to increase patient out-of-pocket costs, like deductibles and co-pays and increasing gaps of drug coverage with narrower formularies. We believe these market coverage trends are stronger than they've ever been, and we don't expect them to change.

儘管醫療保健非常複雜，但 GoodRx 所扮演的角色非常簡單。如今，消費者面臨著不斷上漲的醫療保健成本，計劃繼續增加患者的自付費用，例如免賠額和共付額，以及藥物覆蓋範圍與處方範圍縮小的差距不斷擴大。我們相信這些市場覆蓋趨勢比以往任何時候都更加強勁，我們預計它們不會改變。

Think about how Medicaid redetermination alone has limited access to funded benefit plans. We believe this reality makes GoodRx an essential part of the American healthcare system as a trusted solution for consumers to access affordable medications in the U.S. Healthcare providers recognize this, which is why we've become a fundamental resource for them and why more than 80% of healthcare professionals refer their patients to us. In 2023 alone, over 25 million consumers used GoodRx to achieve approximately $15 billion in prescription savings, making GoodRx one of the leading consumer-driven digital healthcare experiences.

想想醫療補助重新確定如何限制了獲得資助的福利計劃的機會。我們相信這一現實使GoodRx 成為美國醫療保健系統的重要組成部分，作為消費者在美國獲得負擔得起的藥物的值得信賴的解決方案。醫療保健提供者認識到這一點，這就是為什麼我們成為他們的基本資源，也是超過80% 的原因的醫療保健專業人員將他們的患者轉介給我們。僅在 2023 年，就有超過 2500 萬消費者使用 GoodRx 節省了約 150 億美元的處方費用，使 GoodRx 成為領先的消費者驅動的數位醫療體驗之一。

For those who have been following both GoodRx and the industry in recent years, short-term movements in the industry value chain have created some confusion about our prospects. We believe the market tailwinds are increasing. Patient out-of-pocket costs are growing. GoodRx’s scale,our users, and our HCP advocacy are growing, too, making us confident in the strength of the GoodRx value proposition and our ability to grow our business.

對於近年來一直關注 GoodRx 和產業的人來說，產業價值鏈的短期變動讓我們對前景產生了一些困惑。我們相信市場的動力正在增強。患者的自付費用正在增加。GoodRx 的規模、我們的用戶和我們的 HCP 倡議也在不斷增長，這使我們對 GoodRx 價值主張的強度和我們發展業務的能力充滿信心。

Our financial results continue to improve as we focus on helping our industry partners in the value chain, benefit proportionally from the value that GoodRx creates for our 25 million-plus consumers annually.

我們的財務表現持續改善，因為我們專注於幫助價值鏈中的產業合作夥伴，從​​ GoodRx 每年為超過 2500 萬消費者創造的價值中按比例受益。

In Q4, we continued to see positive momentum in the business, both financially and operationally. Consistent with the preliminary Q4 results we announced in January, our Q4 year-over-year adjusted revenue growth accelerated to 7% up significantly compared to our Q3 growth rate, and our Q4 adjusted EBITDA margin was 29.1%, up 220 basis points year-over-year with adjusted EBITDA growing 15% year-over-year.

第四季度，我們在財務和營運方面繼續看到業務的積極勢頭。與我們一月份公佈的第四季初步業績一致，第四季調整後營收年增率加速至7%，較第三季成長率顯著提高，第四季調整後EBITDA 利潤率為29.1%，年成長220 個基點。調整後 EBITDA 年成長 15%。

This financial performance is the direct result of our efforts throughout 2023, specifically in three areas: first, leaning into our relationships with retail partners; second, bringing the fundamental benefit of GoodRx to commercial plans through our integrated savings program (or ISP); and third, bringing GoodRx savings to brand drugs through our pharma manufacturer solutions offering. These all reinforce our value proposition and are showing up in the results.

這項財務表現是我們在 2023 年全年努力的直接結果，特別是在三個領域：第一，加強與零售合作夥伴的關係；其次，透過我們的綜合儲蓄計劃（或 ISP）將 GoodRx 的根本優勢帶入商業計劃；第三，透過我們的製藥製造商解決方案產品為品牌藥物帶來 GoodRx 節省。這些都強化了我們的價值主張，並體現在結果中。

We expect adjusted revenue to continue to grow into Q1 and for the full-year 2024 as well. We anticipate adjusted revenue to be about $800 million for 2024 with adjusted EBITDA of approximately $250 million. Karsten will go through our outlook in more detail in a bit.

我們預計調整後的營收將在第一季和 2024 年全年持續成長。我們預計 2024 年調整後營收約為 8 億美元，調整後 EBITDA 約為 2.5 億美元。卡斯滕將稍後更詳細地介紹我們的前景。

I will say I'm confident our priorities are the right ones to deliver the growth we're expecting in 2024 and to drive shareholder value over the long term. There are three areas of the business I'll highlight today.

我想說的是，我相信我們的優先事項是正確的，能夠實現我們在 2024 年預期的成長，並長期推動股東價值。今天我將重點放在三個業務領域。

First, we've been focused on strengthening our retail pharmacy relationships and accelerating the continued success of our hybrid model, which includes retailer direct and PBM contracting.

首先，我們一直致力於加強我們的零售藥房關係並加速我們的混合模式的持續成功，其中包括零售商直接和 PBM 承包。

As a reminder, our retaildirect approach is where leading pharmacies like CVS and Walgreens as well as smaller grocers and pharmacies work closely with us to create consumer value while executing against joint revenue and margin targets. In the fourth quarter, our contracting efforts with retailers were a driver of topline performance as we continued to sign direct contracts with new pharmacies and expanded the drugs covered by direct contracts within pharmacies.

提醒一下，我們的零售直接方法是 CVS 和 Walgreens 等領先藥局以及小型雜貨店和藥局與我們密切合作，創造消費者價值，同時執行聯合收入和利潤目標。第四季度，我們與零售商的簽約努力是營收業績的推動力，因為我們繼續與新藥局簽訂直接合同，並擴大了藥局內直接合約覆蓋的藥品。

Today, we have retail-direct contracts with most of our largest retail pharmacy partners, and our directly contracted medication volume makes up a growing minority of our overall prescription transactions volume. It's important to remember that GoodRx drives volume and traffic for pharmacies. We do this in two ways. First, we estimate that between 20% and 30% of all prescriptions in the U.S. go unfilled each year due to price. By offering lower price points, pharmacies can fill scripts that patients would otherwise walk away from.

如今，我們與大多數最大的零售藥房合作夥伴簽訂了零售直接合同，我們的直接合約藥品量在我們的整體處方交易量中所佔的比例越來越小。重要的是要記住，GoodRx 會推動藥局的銷售和流量。我們透過兩種方式做到這一點。首先，我們估計美國每年有 20% 到 30% 的處方藥因價格問題而未能配藥。透過提供較低的價格點，藥局可以填寫患者本來會放棄的處方。

Second, in 2023 alone, we've invested over $200 million in advertising and promotion-related marketing, almost all of which is focused on increasing the number of GoodRx users, and which ultimately drives incremental prescription volume to pharmacies. Pharmacies' proprietary affordability solutions, by definition, only impact their customers, while in contrast, GoodRx has the ability to drive incremental retail prescriptions and people into their stores. This is one of the reasons pharmacies have been so receptive to locking in multi-year contracts with us.

其次，僅在 2023 年，我們就在廣告和促銷相關的營銷方面投入了超過 2 億美元，幾乎所有這些都集中在增加 GoodRx 用戶數量，並最終推動藥房的處方量增加。根據定義，藥局專有的負擔能力解決方案只會影響其客戶，而相較之下，GoodRx 有能力推動增量零售處方和人們進入其商店。這就是藥局如此願意與我們簽訂多年合約的原因之一。

I also want to emphasize that as part of these retail-direct contracts, GoodRx offers discount card pricing agreements that provide retailers defined margins and are informed by acquisition cost-based pricing in a number of key retail pharmacy partners, including CVS Pharmacy. We've seen other large pharmacies work with us to use a combination of pricing models, and that's worked out very well for both of us. We welcome the broader movement to cost-plus reimbursement models in both funded benefit plans and off benefit as it's a great way to align economics between pharmacies, payers and consumers.

我還想強調的是，作為這些零售直接合約的一部分，GoodRx 提供折扣卡定價協議，為零售商提供確定的利潤，並根據包括CVS Pharmacy 在內的許多主要零售藥房合作夥伴基於收購成本的定價而制定。我們已經看到其他大型藥局與我們合作使用定價模型的組合，這對我們雙方都非常有效。我們歡迎在資助福利計劃和非福利計劃中更廣泛地採用成本加成報銷模式，因為這是協調藥房、付款人和消費者之間經濟的好方法。

Critically, we believe that our retail-direct contracting strategy, which takes a cost-aligned approach, positions us well for sustainable growth in a market with evolving pharmacy reimbursement models. We estimate that over 3/4 of GoodRx users have some form of insurance coverage. That means consumers are comparing prices against co-pays, not exclusively comparing prices between pharmacies. For uninsured users, the opportunity for greater patient affordability is relative to usual and customary cash pricing, which is generally substantially higher than GoodRx pricing.

至關重要的是，我們相信，我們的零售直接承包策略採用了與成本一致的方法，使我們能夠在不斷發展的藥房報銷模式的市場中實現永續成長。我們估計超過 3/4 的 GoodRx 用戶擁有某種形式的保險。這意味著消費者正在將價格與自付額進行比較，而不僅僅是比較藥局之間的價格。對於未投保的用戶來說，患者負擔能力提高的機會與通常和習慣的現金定價有關，通常遠高於 GoodRx 定價。

If there were a scenario where a more cost-focused pharmacy reimbursement model reduces drug price disparity across retail pharmacies, which we don't believe will ultimately be the case since each pharmacy uses pricing strategically to attract different kinds of consumers, we see this trend overall as neutral to GoodRx given we will still be able to deliver significant savings benefits to consumers.

如果存在一種更注重成本的藥房報銷模式減少零售藥房之間的藥品價格差異的情況（我們認為最終不會出現這種情況，因為每個藥房都策略性地使用定價來吸引不同類型的消費者），我們看到了這種趨勢總體而言，我們對 GoodRx 的看法是中性的，因為我們仍然能夠為消費者帶來顯著的節省效益。

Our second priority has been to hone our growth plans for our core prescription transactions offering, which includes extending the GoodRx benefit to commercial insurance programs or ‘funded plans’. We've done this through our integrated savings program, or ISP, with PBM partners like CVS Caremark, Express Scripts, MedImpact and Navitus who aggregate demand for our prescription discounts.

我們的第二要務是完善核心處方交易產品的成長計劃，其中包括將 GoodRx 福利擴展到商業保險計劃或「資助計劃」。我們透過綜合儲蓄計畫 (ISP) 與 CVS Caremark、Express Scripts、MedImpact 和 Navitus 等 PBM 合作夥伴共同實現了這一目標，這些合作夥伴匯總了我們的處方折扣需求。

The early traction we're seeing for ISP so far in 2024 is encouraging and its contribution to Q1 revenue is reflected in our growth expectations. ISP is generating incremental year-over-year revenue which is manifesting in line with our expectations. As we’ve mentioned in the past, we believe there will be some level of ramp to the volume that comes through ISP, and we're still in the very early days as we work with PBMs to add more types of prescription transactions to the program and to ensure acceptance at retail.

到目前為止，我們在 2024 年看到的 ISP 的早期吸引力令人鼓舞，它對第一季營收的貢獻也反映在我們的成長預期中。ISP 的收入逐年遞增，符合我們的預期。正如我們過去所提到的，我們相信透過 ISP 的交易量將會出現一定程度的成長，而且我們仍處於早期階段，因為我們與 PBM 合作，為 ISP 添加更多類型的處方交易。該計劃並確保零售業的接受度。

Also, while our PBM partners market these programs to the over 60% of eligible lives in the U.S. that they cover, we're working in parallel with them to educate and inform employers about these programs and accelerate the number of lives we can onboard. Along with increasing lives, we believe we can inflect conversion as well, given we've historically been able to increase GoodRx discounts and lower pricing over time in our non-ISP, direct-to-consumer offerings.

此外，雖然我們的PBM 合作夥伴向其覆蓋的美國超過60% 的符合條件的人推銷這些計劃，但我們正在與他們同時開展工作，向雇主提供有關這些計劃的教育和信息，並加快我們可以幫助的人的數量。隨著壽命的增加，我們相信我們也可以影響轉化，因為我們歷來能夠在我們的非 ISP、直接面向消費者的產品中增加 GoodRx 折扣並降低定價。

As we do so in the context of ISP, we believe we can beat patients' co-pays more often. Given that ISP is incremental to our direct-to-consumer offering and any evidence of cannibalization has been minimal, we remain focused on accelerating its growth. Based on our learnings from last year, we expect our ISP relationships to create some incremental seasonality with higher revenue during the first half of the year and contributing less revenue in the latter part, since more claims are likely to be routed through GoodRx while consumers are in the deductible phase of their health plans.

當我們在 ISP 的背景下這樣做時，我們相信我們可以更頻繁地擊敗患者的自付費用。鑑於 ISP 是我們直接面向消費者的產品的增量，並且任何蠶食的證據都很少，我們仍然專注於加速其成長。根據我們去年的經驗教訓，我們預計我們的ISP 關係將創造一些增量季節性，上半年收入較高，下半年貢獻較少收入，因為更多索賠可能會透過GoodRx 進行，而消費者則可能會透過GoodRx 進行索賠。處於健康計劃的免賠額階段。

That said, our growth expectations are predicated on how ISP has performed for the first few weeks of this year. And if we're successful in driving more types of transactions, and more lives to the program as we help drive more employer sales, we may achieve incremental lift in the coming months and during 2025's patient deductible reset period. We'll update everyone if we see this manifesting.

也就是說，我們的成長預期取決於 ISP 今年前幾週的表現。如果我們在幫助推動更多雇主銷售的同時成功推動更多類型的交易並為該計劃帶來更多生命，我們可能會在未來幾個月和2025 年患者免賠額重置期間實現增量提升。如果我們看到這種情況，我們會向大家通報最新情況。

Third, we're focused on scaling our pharma manufacturer solutions efforts. In Q4, we continued doing the work to build our pipeline and believe we've set ourselves up for year-over-year growth in the first quarter and FY24. We've been leaning into our access and awareness solutions that we believe will accelerate 2024 growth.

第三，我們專注於擴大我們的製藥製造商解決方案工作。在第四季度，我們繼續致力於建立我們的產品線，並相信我們已經為第一季和 2024 財年的同比增長做好了準備。我們一直在致力於我們的訪問和認知解決方案，我們相信這將加速 2024 年的成長。

And as we mentioned in the past, in 2023, we prioritized deal quality with a focus on foregoing one-off deals and instead creating standardized go-to-market programs that we expect to scale sustainably. Our restructuring of this offer, including rationalizing vitaCare, is essentially complete, and we're on track to deliver our expected margin accretion in 2024, which Karsten will speak to in more detail.

正如我們過去提到的，到 2023 年，我們優先考慮交易質量，重點是放棄一次性交易，轉而創建我們期望可持續擴展的標準化上市計劃。我們對該報價的重組（包括 vitaCare 的合理化）已基本完成，我們預計在 2024 年實現預期的利潤增長，卡斯滕將對此進行更詳細的討論。

With that, I'll hand it over to Karsten.

這樣，我就把它交給卡斯滕。

Thank you, Scott. I'll speak briefly to our 4Q '23 financial results, which were consistent with the preliminary Q4 results we announced in January before turning to guidance.

謝謝你，斯科特。我將簡要介紹我們 23 年第 4 季的財務業績，該業績與我們在轉向指導之前於 1 月份宣布的第 4 季初步業績一致。

In summary, during the fourth quarter, adjusted revenue exceeded the guidance range we provided on our Q3 earnings call in November, and adjusted EBITDA margin was in the upper end of the guidance range we provided. Total revenue and adjusted revenue for the quarter increased 7% year over year to $196.6 million primarily driven by organic growth in prescription transactions revenue.

總而言之，第四季度，調整後的收入超出了我們在 11 月第三季財報電話會議上提供的指導範圍，調整後的 EBITDA 利潤率處於我們提供的指導範圍的上限。該季度的總收入和調整後收入年增 7%，達到 1.966 億美元，主要得益於處方藥交易收入的有機成長。

Prescription transactions revenue grew 11% year over year to $143.9 million, an acceleration from Q3 growth which was partially driven by quarter-specific favorability related to certain client contracts, which also slightly increased PTR per MAC.

處方交易收入年增 11%，達到 1.439 億美元，較第三季成長加速，部分原因是與某些客戶合約相關的季度特定優惠，這也略微增加了每 MAC 的 PTR。

Subscriptions revenue declined 6% to $23.1 million due to the wind down of Kroger Savings Club. Kroger Savings Club revenue was over $1 million less in the fourth quarter of 2023 than in the prior-year period. Gold subscription count was up both quarter-over-quarter and year-over-year.

由於克羅格儲蓄俱樂部 (Kroger Savings Club) 的關閉，訂閱收入下降 6% 至 2,310 萬美元。克羅格儲蓄俱樂部 2023 年第四季的營收比去年同期減少了 100 萬美元以上。黃金認購數量較上月及年比均增加。

In Q4, Gold revenue was $21.5 million, and the related sub count was 694,000. We expect a continued wind down of Kroger Savings Club subscribers from now to July, and given the relative subscription fee is much higher for GoodRx Gold than for the Kroger subscribers, the wind down should be more impactful to subscription plan count than revenue.

第四季度，Gold 營收為 2,150 萬美元，相關子數為 694,000。我們預計從現在到 7 月，Kroger Savings Club 訂戶數量將持續減少，考慮到 GoodRx Gold 的相對訂閱費比 Kroger 訂戶高得多，因此減少對訂閱計劃數量的影響應該比對收入的影響更大。

Pharma Manufacturer Solutions declined 2% year over year to $24.4 million driven by our restructuring of the offering, which included shutting down vitaCare. The prior-year quarter included over $2 million of revenue related to vitaCare, whereas in 4Q '23, there was essentially zero.

由於我們對產品進行重組（其中包括關閉 vitaCare），製藥製造商解決方案年減 2% 至 2,440 萬美元。去年同期，與 vitaCare 相關的收入超過 200 萬美元，而在 2023 年第四季度，收入基本上為零。

Net loss was $25.9 million compared to a net loss of $2.0 million in the fourth quarter of 2022. Adjusted net income was $31.1 million compared to $27.4 million in the fourth quarter of 2022.

淨虧損為 2,590 萬美元，而 2022 年第四季淨虧損為 200 萬美元。調整後淨利為 3,110 萬美元，而 2022 年第四季為 2,740 萬美元。

Adjusted EBITDA increased 15% year over year to $57.3 million. The primary driver of the year-over-year increase was higher adjusted revenue, along with our cost discipline, increased marketing efficiency, and the actions taken to restructure pharma manufacturer solutions including the deprioritization of vitaCare.

調整後 EBITDA 年成長 15%，達到 5,730 萬美元。同比成長的主要驅動力是調整後收入的提高，以及我們的成本控制、行銷效率的提高以及為重組製藥製造商解決方案而採取的行動，包括取消 vitaCare 的優先順序。

Adjusted EBITDA margin was up 220 basis points year-over-year to approximately 29.1%, which was on the high end of our guidance range. We generated net cash provided by operating activities of $15.9 million compared to $31.9 million in the prior-year period.

調整後 EBITDA 利潤率年增 220 個基點，達到約 29.1%，處於我們指導範圍的高端。我們的經營活動產生的淨現金為 1,590 萬美元，而去年同期為 3,190 萬美元。

Our capital allocation priorities are unchanged, and we'll continue to focus on high-return investments and maximizing value for shareholders. Our balance sheet remains strong, and we ended the quarter with $672.3 million in cash and cash equivalents on the balance sheet and $661.8 million of outstanding debt.

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。我們的資產負債表仍然強勁，本季末資產負債表上的現金和現金等價物為 6.723 億美元，未償債務為 6.618 億美元。

Significant uses of cash last quarter included approximately $78 million of share repurchases at approximately $5.53 per share on a blended basis and, as we've discussed on prior calls, a nonrecurring approximately $45 million of spend on withholding taxes related to the delivery of shares to our co-founders related to a 2020 equity grant which was defrayed by shares we withheld.

上季現金的大量使用包括約7800 萬美元的股票回購，混合價格約為每股5.53 美元，正如我們在之前的電話會議中討論的那樣，與向股東交付股份相關的預扣稅的非經常性支出約為4500 萬美元。我們的聯合創始人涉及 2020 年的股權贈款，該贈款由我們扣留的股票支付。

Our revolving credit facility is untapped, except for letters of credit, and had $90.8 million of unused capacity as of December 31, 2023, representing total liquidity of $763.1 million. This month, we extended the maturity date of our revolving credit facility to July 11, 2025. Recently, our Board of Directors approved a new stock repurchase program to repurchase up to $450 million worth of Class A common stock.

除信用證外，我們的循環信貸額度尚未使用，截至 2023 年 12 月 31 日，未使用容量為 9,080 萬美元，流動資金總額為 7.631 億美元。本月，我們將循環信貸額度的到期日延長至 2025 年 7 月 11 日。最近，我們的董事會批准了一項新的股票回購計劃，回購價值高達 4.5 億美元的 A 類普通股。

Now turning to guidance. Our outlook for Q1 revenue and adjusted revenue is $195 million to $198 million, which represents 6% to 8% year-over-year revenue and adjusted revenue growth, which includes our current estimate of the impact of recent outages disclosed by UnitedHealth Group that we believe at this early stage, despite lasting a couple of days, has likely not had a material impact on our financials.

現在轉向指導。我們對第一季營收和調整後收入的展望為1.95 億美元至1.98 億美元，相當於同比收入和調整後收入增長6% 至8%，其中包括我們目前對聯合健康集團披露的近期停電影響的估計。我相信在這個早期階段，儘管持續了幾天，但可能不會對我們的財務產生重大影響。

We expect adjusted and GAAP revenue to be identical in the first quarter because we believe the third quarter 2023 adjustment to revenue in relation to the Pharma Manufacturer Solutions restructuring related to vitaCare was solely one time and non-recurring.

我們預計第一季調整後營收和 GAAP 收入將相同，因為我們認為與 vitaCare 相關的製藥製造商解決方案重組相關的 2023 年第三季收入調整隻是一次性且非經常性的。

For the full-year 2024, we also expect revenue and adjusted revenue to be identical at about $800 million, representing about 5% growth on an adjusted basis. The anticipated adjusted revenue growth rate is tempered by approximately $15 million of topline impact associated with the deprioritization of vitaCare as part of our pharma manufacturer solutions restructuring as well as the wind down of the Kroger Savings Club.

對於 2024 年全年，我們也預期營收和調整後營收相同，約 8 億美元，調整後成長約 5%。作為我們製藥製造商解決方案重組的一部分，以及克羅格儲蓄俱樂部的退出，與 vitaCare 的優先級降低相關的約 1500 萬美元的收入影響，調整後的預期收入增長率受到了影響。

Our continued investments in consumer incentives will increase contra revenue by approximately $10 million. In aggregate, this $25 million of topline impact is absorbed in our full-year $800 million revenue and adjusted revenue guidance. We thought it might also be helpful to provide our current expectations for our prescription marketplace and pharma manufacturer solutions offerings in 2024.

我們對消費者激勵措施的持續投資將使對應收入增加約 1000 萬美元。總的來說，這 2500 萬美元的營收影響被我們全年 8 億美元的收入和調整後的收入指引所吸收。我們認為，提供我們目前對 2024 年處方市場和製藥製造商解決方案產品的預期也可能會有所幫助。

As a reminder, our prescription marketplace is made up of prescription transactions, subscriptions, and other revenue. We expect our prescription marketplace contribution to our implied 2024 adjusted revenue growth to be about $25 million to $30 million. The expected growth includes the impact of the previously mentioned headwinds related to increasing contra revenue in the sunsetting of the Kroger Savings Club. This also reflects the current ISP network footprint execution we have today, and we are working to optimize both.

提醒一下，我們的處方藥市場由處方藥交易、訂閱和其他收入組成。我們預計處方藥市場對 2024 年調整後收入成長的貢獻約為 2,500 萬至 3,000 萬美元。預期的成長包括前面提到的與克羅格儲蓄俱樂部倒閉中的相反收入增加有關的不利因素的影響。這也反映了我們目前的 ISP 網路足跡執行情況，我們正在努力優化兩者。

We expect Pharma Manufacturer Solutions to contribute about $10 million to $15 million to our implied 2024 adjusted revenue growth. This implies a year-over-year growth rate for that offering that exceeds the growth rate of the digital pharma ad spend market, which has been in the low teen percentages.

我們預期製藥製造商解決方案將為我們隱含的 2024 年調整後營收成長貢獻約 1,000 萬至 1,500 萬美元。這意味著該產品的同比增長率超過了數位製藥廣告支出市場的成長率，該市場一直處於較低的百分比。

As part of the restructuring of our pharma manufacturer solutions offering, we discontinued vitaCare, which contributed approximately $8 million of adjusted revenue in 2023 and is not contributing to 2024. Considering that, we're pleased with our anticipated 2024 Pharma Manufacturer Solutions growth.

作為我們製藥製造商解決方案重組的一部分，我們終止了 vitaCare，該產品在 2023 年貢獻了約 800 萬美元的調整後收入，但在 2024 年不再貢獻。考慮到這一點，我們對 2024 年製藥製造商解決方案的預期成長感到滿意。

As a reminder, our Pharma Manufacturer Solutions offering has some seasonality to it, and so we expect 1Q '24 revenue to be slightly below 4Q '23 revenue. Based on what we've seen historically, we expect there to be seasonality and some quarter-over-quarter variability for our business more broadly. But given our scale relative to the very large TAMs for our prescription marketplace and our pharma manufacturer solutions offering, we're confident in the growth trajectory.

提醒一下，我們的製藥製造商解決方案產品具有一定的季節性，因此我們預計 24 年第 1 季的營收將略低於 23 年第 4 季的營收。根據我們歷史上看到的情況，我們預計我們的業務會出現季節性變化，並且會出現一些季度與季度之間的變化。但考慮到我們的處方市場和製藥製造商解決方案產品相對於非常大的 TAM 的規模，我們對成長軌跡充滿信心。

From a margin perspective, during the last couple of quarters, we've delivered adjusted EBITDA margins in the high 20% range, and we continue to expect to be in the high 20% range again for the first quarter, potentially up to 30% and to achieve around $250 million of adjusted EBITDA for the full year, up 15% from 2023.

從利潤率的角度來看，在過去幾季中，我們的調整後 EBITDA 利潤率已達到 20% 的高水平，我們繼續預計第一季將再次達到 20% 的高水平，可能高達 30%全年實現調整後EBITDA 約2.5 億美元，較2023 年成長15%。

With that, I'll now turn it over to the operator for Q&A.

這樣，我現在將其轉交給接線員進行問答。

(Operator Instructions) Stephanie Davis, Barclays.

（操作員說明）Stephanie Davis，巴克萊銀行。

First up, it sounds like you're starting to see the direct contracting become a much bigger part of the model. So I wanted to ask about what GoodRx looks not in 2024 but maybe 5, 10 years from now. Do you see that becoming more of the primary model versus the D2C business, or is this going to be more of a balanced growth once it's fully ramped?

首先，聽起來您開始看到直接承包成為該模式的重要組成部分。所以我想問 GoodRx 的情況，不是 2024 年，而是 5、10 年後。您是否認為與 D2C 業務相比，它會變得更加主要模式，或者一旦全面推廣，這將更加平衡成長？

I think if you roll this forward, it'll look like what we're doing today, which is a combination of working with a multi-variant PBM network as well as some form of direct relationships with retailers, depending upon the size of the book. And that's really where we are in the process of rolling that out into the world. I don't think that's going to change much because really we're following our retail partners' guidance in some ways, and they all approach this a little bit differently.

我認為，如果你繼續推進這一點，就會像我們今天所做的那樣，結合多變體 PBM 網路以及與零售商建立某種形式的直接關係，具體取決於零售商的規模。書。這就是我們正在將其推向世界的過程中真正所處的位置。我認為這不會有太大改變，因為我們實際上在某些方面遵循了零售合作夥伴的指導，而他們的處理方式都略有不同。

And so I don't think there's going to be a really transformative difference in the composition of our network. It will literally be more of a similar and more rolled out version of what we're going through right now.

因此，我認為我們網路的組成不會出現真正的變革性差異。從字面上看，這將與我們現在正在經歷的情況更加相似且更加推廣。

I feel there's a lot of questions on the cost-plus model that has been floated about CVS and Walgreens. I know you do have some relationships there. Is there anything you can share on how GoodRx fits into the ecosystem?

我覺得關於 CVS 和沃爾格林的成本加成模型有許多問題。我知道你在那裡確實有一些關係。關於 GoodRx 如何融入生態系統，您有什麼可以分享的嗎？

Oh, absolutely. And I think the big theme for, let's just say, CVS and Walgreens as well is we're really side by side with both of them around their own merchandizing strategies for the category. So specifically on CVS and cost plus, we're working with them in this manner already today. The fundamentals of several of our specific drug contracting plus overall is really tied at the hip with CVS. And so it works exactly on how we're set up not only with CVS, but really our core benefit today.

哦，絕對是。我認為，CVS 和沃爾格林的大主題是，我們確實與他們兩家公司在該類別的營銷策略上並肩作戰。因此，特別是在 CVS 和成本加成方面，我們今天已經以這種方式與他們合作。我們的一些特定藥物合約和整體的基本原則確實與 CVS 密切相關。因此，它不僅適用於我們如何設定 CVS，而且也適用於我們今天的核心優勢。

In Walgreens, an anecdote that I'll share from the fall that I think is just indicative of our working relationship with all the retailers is, during cold and flu season, we in Walgreens took a basket of cold and flu drugs and drove 40% savings because that was one of their merchandizing goals, and it drove a heck of a lot of incremental activity and traffic. It was good for Walgreens. It was good for us.

在沃爾格林，我將分享一個秋天的軼事，我認為這只是表明我們與所有零售商的工作關係，在感冒和流感季節，我們在沃爾格林拿著一籃子感冒和流感藥物，開了40%節省成本，因為這是他們的銷售目標之一，而且它帶來了大量的增量活動和流量。這對沃爾格林有好處。這對我們有好處。

But again, it was really about working with a retail partner to achieve their category goals. And if you step back and think thematically about what we're doing with this contract approach, it's really that, which is tying them together and working with them to achieve goals.

但同樣，這實際上是與零售合作夥伴合作以實現他們的品類目標。如果你退後一步，從主題上思考我們正在用這種合約方法做什麼，你會發現，這確實是將他們聯繫在一起並與他們合作以實現目標。

That's awesome.

棒極了。

Lisa Gill, JPMorgan.

麗莎·吉爾，摩根大通。

Scott, I want to go back to ISP, and I want to make sure that I heard this correctly. I think you said that there's a 60% opportunity in the books of business for CVS and Express Scripts as far as the opportunity. When I think about that opt-in and them selling them this option into their clients. Can you maybe talk about what you're seeing as far as the first initial phase here? Is it opt-in is more of the driver here, or is it more of utilization?

Scott，我想回到 ISP，我想確保我聽到的內容是正確的。我想您說過，商業書籍中 CVS 和 Express Scripts 的機會有 60%。當我想到選擇加入並將此選項賣給客戶時。您能談談您在第一個初始階段所看到的情況嗎？選擇加入更多的是驅動因素，還是更多的利用率？

And when we think about the offerings that you have, how should we think about this over time? I heard you talk about deductibles, and that makes sense longer term throughout the year, but is it really going to be utilization that's driving this program over time? So if you can just help me to understand that a little bit?

當我們考慮您所提供的產品時，我們應該如何考慮隨著時間的推移？我聽到你談論免賠額，從長遠來看，這在全年都是有意義的，但隨著時間的推移，利用率真的會推動該計劃嗎？那你能幫我理解一下嗎？

First of all, I'll say the rollout at each of our partners, whether it's Caremark, ESI, MedImpact, Navitus, it's still early. And by early, the 60% you described are the total eligible lives that they cover. Right now, the amount of lives that this program is operating under is much less than that 60% coverage universe. It's a much narrower set of that, but it's about a rollout.

首先，我要說的是我們每個合作夥伴的推出，無論是 Caremark、ESI、MedImpact、Navitus，現在還為時過早。到了早期，您所描述的 60% 就是它們所涵蓋的符合資格的總人數。目前，該計劃運行的生命量遠低於 60% 覆蓋範圍。這是一個範圍更窄的集合，但它是關於推出的。

And so as we go, the first step to building this program out is expanding more lives, so getting more coverage. It's probably a step change or two level of rollout of just lives covered for where we are today. I don't want to give you specific percentages because it differs by each PBM. But the point is we're in a much narrower universe than that total coverage life.

因此，在我們前進的過程中，建立這個計劃的第一步是擴大更多的生活，從而獲得更多的覆蓋範圍。這可能是我們今天所涵蓋的生活的一個步驟或兩個層次的推出。我不想給您具體的百分比，因為每個 PBM 的百分比都不同。但關鍵是我們所處的宇宙比總覆蓋壽命窄得多。

Then, optimization is something that we also believe there's going to be ongoing ways that we can tweak and hopefully help that improve over time. And then the last component to this is how the programs accept it at retail which is also the final component of this. And so it's early days, I think, is the punchline on particularly the lives covered and acceptance level. And it's in line with our expectations, I'd say, from how we thought this would roll out.

然後，我們也相信優化是我們可以不斷調整的方法，並希望隨著時間的推移有助於改進。最後一個組成部分是程式如何在零售中接受它，這也是最後一個組成部分。因此，我認為，現在還處於早期階段，這是重點，特別是所涵蓋的生活和接受程度。我想說，這符合我們的預期，即我們對它的推出方式的預期。

And then can you just remind us of how to think about the margin on ISP versus your traditional business?

那麼您能否提醒我們如何考慮 ISP 相對於您的傳統業務的利潤？

Sure. This is Karsten. With respect to margin, we think over time it looks substantially identical to the margin in the rest of our business. The really only distinction is how we capture demand. In our direct-to-consumer business, we capture demand, by spending CAC, marketing dollars in advance to capture users, and then we monetize them over time. In the ISP context, demand is aggregated by the PBMs.

當然。這是卡斯滕。關於利潤率，我們認為隨著時間的推移，它看起來與我們其他業務的利潤率基本上相同。真正唯一的差別在於我們如何捕捉需求。在我們的直接面向消費者的業務中，我們透過提前花費 CAC 和行銷資金來捕獲需求，以捕獲用戶，然後隨著時間的推移將其貨幣化。在 ISP 環境中，需求由 PBM 聚集。

And so we do pay a marketing fee associated with that, but that's on a per-transaction basis. So over time, those two things converge, the upfront CAC and the margin we pay to the PBMs. So we've engineered them to try and keep them very similar.

因此，我們確實支付與此相關的行銷費用，但這是按每筆交易計算的。因此，隨著時間的推移，前期 CAC 和我們支付給 PBM 的利潤這兩件事會趨於一致。因此，我們對它們進行了設計，盡量保持它們非常相似。

That's helpful.

這很有幫助。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

Just wanted to follow up on Lisa's question. Scott, you just mentioned that some of the factors to consider here is the pace of the rollout and a few other things. Just first on that, I guess, for an example, if, let's say, 10 million lives are going to be covered or signed up for ISP, does that mean all 10 million got access to it Jan 1, or is there still a phased rollout where those members will gain access to it over the course of this year?

只是想跟進麗莎的問題。斯科特，您剛剛提到這裡需要考慮的一些因素是推出的速度和其他一些事情。首先，我想，舉個例子，如果 1000 萬人的生活將被 ISP 覆蓋或註冊，這是否意味著所有 1000 萬人都可以在 1 月 1 日訪問它，或者仍然存在分階段的情況推出後，這些成員將在今年內訪問它？

And then secondly, you mentioned you're also looking at how the program is accepted at retail. My understanding was that someone goes in and the system will automatically adjudicate between the funded benefit price versus the GoodRx price and get the lower of. Isn't that a system function at the PBM level, where the retailer will then just see which one they're charging? Can you talk about what retail acceptance means in this instance?

其次，您提到您也在研究該計劃如何在零售領域被接受。我的理解是，有人進入，系統會自動在資助福利價格與 GoodRx 價格之間進行裁決，並獲得較低者。這不是 PBM 級別的系統功能嗎？零售商只需查看他們正在向哪一個收費？您能談談零售接受度在這種情況下意味著什麼嗎？

Sure, Charles. This is Karsten. I may jump in on this one first, and Scott may follow. So I think first point to make is ISP is up about 2x year over year, which we're pretty pleased with. I think second point is that while for ESI, this program is now in its second year of existence, for Caremark, Navitus, MedImpact, this is the first year. And while they have a ton of lives to contribute to us, given they need this for their own customer relationships with sponsors, with sponsored employees, et cetera, to be very smooth, we don't believe all of the volume that is potentially available to us has been loaded on immediately up front.

當然，查爾斯。這是卡斯滕。我可能會先介入這個問題，斯科特可能會緊跟在後。因此，我認為首先要指出的是，ISP 年比增長約 2 倍，我們對此感到非常滿意。我認為第二點是，對於 ESI 來說，這個專案現在已經是第二年了，而對於 Caremark、Navitus、MedImpact 來說，這是第一年。雖然他們有大量的生命可以為我們做出貢獻，但考慮到他們需要這樣做才能使自己與贊助商、受贊助員工等的客戶關係變得非常順利，我們不相信所有潛在的可用數量對我們來說來說已經立即加載了。

So that's what Scott was referring to when we say, hey, it's still ramping. I think the second point on retail, is that much like the PBMs, the retailers are assessing how this impacts their business and also want to make sure it's a good experience for our shared customers, the retail customers and ours. So in that context as well, we see retailers with different levels of energy around trying to attract this ISP business into their stores.

這就是當我們說“嘿，它仍在增長”時斯科特所指的。我認為關於零售業的第二點，就像PBM 一樣，零售商正在評估這對他們的業務有何影響，並希望確保這對我們的共同客戶、零售客戶和我們的客戶來說都是好的體驗。因此，在這種情況下，我們也看到零售商以不同程度的精力試圖吸引 ISP 業務進入他們的商店。

I see. Maybe I can follow-up. Is there a way for consumers to know, for example, I just went to Walgreens the other day, pick up a generic script. And I asked the pharmacist desk whether I was getting the ISP price. It didn't seem like they could tell. Is there a way for consumers? Will they be able to know going in in the future if they're a Caremark member?

我懂了。也許我可以跟進。有沒有辦法讓消費者知道，例如，我前幾天剛去了沃爾格林，拿起了通用腳本。我詢問藥劑師櫃檯我是否獲得了 ISP 價格。看來他們也說不出來。消費者有辦法嗎？如果他們是 Caremark 會員，他們將來能知道進去嗎？

That would be the hope, Charles, as we get to the end state. I think the rollout of this is really going through plans, and the benefit feature. And so as of right now, that's a communication vehicle that is almost working through your plans unless, Walgreens or CVS is making that a core merchandizing element.

查爾斯，當我們到達最終狀態時，這就是希望。我認為這項功能的推出確實正在經歷計劃和福利功能。因此，截至目前，這幾乎是一種溝通工具，可以完成您的計劃，除非 Walgreens 或 CVS 正在將其作為核心行銷元素。

But thematically, if you think about the benefits at retail pharmacy and what might be different, whether it's this or other things we're working on, that's the dialogue that we have with each of our retailer partners, which is how can our value proposition help you achieve your goal? So that doesn't really exist today, but it's not to say that it won't in the future.

但從主題上講，如果您考慮零售藥房的好處以及可能的不同之處，無論是這個還是我們正在做的其他事情，這就是我們與每個零售商合作夥伴的對話，這就是我們的價值主張幫助你實現你的目標？因此，這種情況今天並不存在，但這並不是說將來不會存在。

Great. I appreciate it.

偉大的。我很感激。

Michael Cherny, Leerink.

麥可·切爾尼，萊林克。

I think a similar one along the same vein in terms of thinking about the evolving nature of your two-sided network, both the PBM relationships as well as on the ISP side with the pharmacies. Obviously, we had the reset from a couple of years back with Kroger. And now as you go forward, you look at the health of the two-sides dynamics of your market. Where else do you think you see the next important leg of development?

我認為，在考慮雙邊網絡的演變性質方面，包括 PBM 關係以及 ISP 與藥房的關係，也有類似的想法。顯然，我們從幾年前與克羅格一起進行了重置。現在，當您前進時，您會看到市場兩側動態的健康狀況。您認為下一個重要的發展階段還在哪裡？

Is it adding more partners on the ISP side? Is it more direct pharmacy? Do you feel like, you're at homeostasis now across the network? And if not, where do we see the next leg of who the next partner should be?

是否會在ISP方面增加更多的合作夥伴？是不是直接藥局比較好？你覺得你現在在網路上處於穩態嗎？如果不是，我們在哪裡可以看到下一個夥伴應該是誰的下一段旅程？

Thank you for that. I like the theme of that question. In terms of our retailer partnerships and balance, I would characterize the approach now as the right one that can carry us forward for, I would hope, years. That is really the forever work of how do you work with retailers as well as PBMs to deliver benefit and have the economics such that people are feeling good about it.

謝謝你。我喜歡這個問題的主題。就我們的零售商合作夥伴關係和平衡而言，我認為現在的這種方法是正確的，我希望這種方法可以帶領我們前進多年。如何與零售商和 PBM 合作來提供效益並獲得讓人們感覺良好的經濟效益，這確實是一項永恆的工作。

And so I think from a retailer standpoint, I would say we're in the earlier days of working how if you could wave a magic wand you'd always run this effort. And so I'd say there won't be any probably huge structural differences, but it'll continue to evolve over time. What I do believe has a whole other wave of evolution is really the thematic marrying of what GoodRx is, which is the benefit that exists outside of your insurance plan, and tying it more closely, right.

因此，我認為從零售商的角度來看，我們正處於研究的早期階段，如果你能揮舞魔杖，你就會一直努力進行這項工作。所以我想說，可能不會有任何巨大的結構性差異，但它會隨著時間的推移而繼續發展。我確實相信，另一波演變實際上是 GoodRx 的主題結合，即保險計劃之外存在的福利，並將其更緊密地聯繫在一起，對吧。

I think the big macro context here is 80% of our own users and the vast majority of us as Americans get our healthcare through our insurance plans which come through our work. And the macro trends in that are, co-pays are going up, deductibles are going up, and there's a narrower set of drugs that are being covered. That's the zone that we're addressing and operating in.

我認為這裡的大宏觀背景是我們 80% 的用戶和我們絕大多數美國人透過我們的工作提供的保險計劃獲得醫療保健。宏觀趨勢是，共同支付費用正在增加，免賠額正在增加，承保的藥物範圍越來越窄。這就是我們正在處理和開展業務的區域。

And in a world where approximately a billion prescriptions a year, billion with a B, are left at the counter due to affordability, the whole industry actually has a heck of a lot of incentive to help people get those medications. And that's the value proposition we're setting in. What does that mean for our partnerships? It means, we're going to continue to work with our PBM partners and then their plans downstream to bring these couple of things together, whether it's corporate-funded plans and Medicare.

在當今世界，由於負擔能力的原因，每年大約有十億個處方，其中十億個帶有 B 的處方被留在櫃檯上，整個行業實際上有很大的動力來幫助人們獲得這些藥物。這就是我們正在製定的價值主張。這對我們的合作關係意味著什麼？這意味著，我們將繼續與 PBM 合作夥伴合作，然後與他們的下游計劃合作，將這幾件事整合在一起，無論是企業資助的計劃還是醫療保險。

So I hope, not just on behalf of GoodRx, but honestly the system, you're hearing about continued evolution from us certainly over the coming months, quarters, and years to keep marrying those two things because it will be good for the system, and it will also be good for us.

因此，我希望，不僅代表GoodRx，而且誠實地代表整個系統，您肯定會聽到我們在未來幾個月、幾個季度和幾年內不斷發展，以繼續將這兩件事結合起來，因為這對系統有利，對我們也有好處。

Jack Wallace, Guggenheim Partners.

傑克華萊士，古根漢合夥人。

Hi, this is Mitchell on for Jack. What have you been seeing lately in the demand environment for pharma manufacturing solutions? And have there been any changes in pharma decision making? And then what gives you the confidence that you're going to outperform the market growth rate in that business?

大家好，我是傑克的米契爾。您最近在藥品製造解決方案的需求環境中看到了什麼？製藥決策有什麼改變嗎？那麼是什麼讓您有信心在該業務中跑贏市場成長率呢？

Manufacture solutions is approximately a $100 million business that's really anchored in the core of the GoodRx marketplace, which is 25 million people a year coming here, searching for a specific drug and the pricing benefit that is surrounded, that's reflective of approximately, again, 100 million scripts a year. If you're a brand drug, whether you're a generic, you're a brand, you're an OTC, you want to be in that environment, and be in that environment either with a pricing discount, depending upon the nature of your brand drug, or merely communicating to a user at very low in the funnel.

製造解決方案是一項價值約 1 億美元的業務，真正紮根於 GoodRx 市場的核心，每年有 2500 萬人來到這裡，尋找特定的藥物以及周圍的定價優勢，這再次反映了大約 100每年百萬個腳本。如果你是一種品牌藥，無論你是仿製藥、品牌藥還是非處方藥，你都想處於那種環境中，並且處於那種環境中，或者有定價折扣，具體取決於性質您的品牌藥物，或者只是與通路中非常低的用戶進行交流。

So we're a pretty high-return marketing vehicle in pharma and one that I would say is pretty unique and extremely valuable. So relative to our expectation here, we should be able to outperform a market that grows in the mid-single digit simply by penetrating more brands that we think have high value with us, and the work we're doing is really getting ourselves in front of brand managers, access teams, and agencies which are different in every single company but getting our value prop for the right things in front of them and having them sign up and run programs.

因此，我們是製藥業一種回報率相當高的行銷工具，我想說，它非常獨特且極具價值。因此，相對於我們的預期，我們應該能夠透過滲透更多我們認為對我們具有高價值的品牌來超越以中個位數成長的市場，而我們正在做的工作確實讓自己處於領先地位由品牌經理、訪問團隊和代理商組成，每家公司的情況各不相同，但我們會在他們面前提供正確的東西並讓他們註冊並運行計劃。

Jailendra Singh, Truist.

賈蘭德拉·辛格，真理主義者。

I want to follow up on your comments around your exposure to the recent system outage disclosed by Change/United. Can you elaborate more on the dependencies and integration there? Is it more for your pharmacy partners, more on the PBM side? I know you said two days, but it seems systems were down longer than that, have been down longer than that. What have been the workarounds? And if it does impact your financials, is it more on volume side, or is it more on the cost side?

我想跟進您對 Change/United 最近披露的系統中斷事件的評論。您能否詳細說明那裡的依賴關係和整合？是否更多的是針對您的藥局合作夥伴，更多的是 PBM 方面？我知道你說的是兩天，但係統停機的時間似乎比這更長，已經比這更長了。有哪些解決方法？如果它確實影響了您的財務狀況，是數量方面更大，還是成本方面更大？

Hi, Jailendra, this is Karsten speaking here. So I think, first of all, we've been really pleased with the performance of our tech teams. We think they did an amazing job in two ways. First of all, creating alternatives for us, so alternatives in the context of what switches we use and being able to shift our volume quite rapidly. That's one of the big reasons we refer to this as being an issue that affected us for a couple of days versus an issue that affected many in the industry for a longer period of time.

大家好，Jailendra，我是卡斯滕（Karsten）。所以我認為，首先，我們對技術團隊的表現非常滿意。我們認為他們在兩個方面做得非常出色。首先，為我們創造替代方案，即我們使用的開關以及能夠快速改變音量的替代方案。這是我們將此問題稱為影響我們幾天的問題而不是影響業內許多人較長時間的問題的重要原因之一。

And for folks on the call who might not know the issue, it's the issue around the ability to route transactions in the pharmacies, being able to fill funded or discount card scripts broadly. So from that perspective, I think our much quicker response was helpful to our users and, of course, helpful to us because that diminished the impact that would otherwise have manifested in the quarter.

對於那些可能不知道這個問題的接聽電話的人來說，問題在於能否在藥房中路由交易，是否能夠廣泛填寫資助卡或折扣卡腳本。因此，從這個角度來看，我認為我們更快的回應對我們的用戶有幫助，當然對我們也有幫助，因為這減少了本季可能顯現的影響。

I'll also add we're still evaluating it, but sort of like with a winter storm, when volume drops, you often see a significant portion of that volume come back. And that's one of the reasons the impact has been not as large as it would otherwise have been. Also, I want to point out that it is reflected in our Q1 guide. We contemplated this based on the data we had to date and our expectations for how the issue would evolve and included in the growth rates.

我還要補充一點，我們仍在對其進行評估，但有點像冬季風暴，當成交量下降時，您經常會看到該成交量的很大一部分會回來。這就是影響沒有原本那麼大的原因之一。另外，我想指出這一點反映在我們的第一季指南中。我們根據迄今為止所掌握的數據以及我們對該問題將如何演變並包含在成長率中的預期來考慮這一點。

Jian Li, Evercore ISI.

李健，Evercore ISI。

This is Jian for Mark Mahaney. A couple questions. One is maybe just going back to the ISP, what's the go-to-market that GoodRx can do? Because it sounds like it's dependent on the ISP partners ramping up the benefit plans on it. So anything that GoodRx is doing to increase that penetration? And maybe related to that, I think you guys mentioned ramping up marketing, what channels are you testing? Where is the dollar spent?

我是馬克·馬哈尼的簡。有幾個問題。一是可能只是回到 ISP，GoodRx 能做些什麼來進入市場？因為聽起來它依賴 ISP 合作夥伴增加其福利計劃。那麼 GoodRx 正在採取哪些措施來提高滲透率呢？也許與此相關，我想你們提到了加強行銷，你們正在測試哪些管道？美元花在哪裡了？

It's again in the vein of early days. Right now our effort is working with our PBM partners to then present this capability into their plan and their own client base. And so the nature of your question of, oh, what are we doing? Right now, we're working with our partners. And then over time, this question of how do you educate not only corporate clients but probably the brokers and consultants who are the real decision makers and influence in this? We'll again work with our partners to figure that out.

這又是早期的風格。目前，我們正在與 PBM 合作夥伴合作，將這項功能融入他們的計劃和自己的客戶群中。所以你的問題的本質是，哦，我們在做什麼？目前，我們正在與我們的合作夥伴合作。隨著時間的推移，你如何不僅教育企業客戶，而且還教育真正的決策者和影響力的經紀人和顧問？我們將再次與合作夥伴合作解決這個問題。

So that'll be part of the things that we'll work on through this year. And we do believe that there's more that we can and should do, not necessarily even for our own benefit, but just for the success of the product to that audience. But we'll figure it out with our partners.

因此，這將是我們今年要做的事情的一部分。我們確實相信，我們可以而且應該做更多的事情，甚至不一定是為了我們自己的利益，而只是為了產品向受眾的成功。但我們會與我們的合作夥伴一起解決這個問題。

Then your second question on marketing. So the nice thing about GoodRx and our value prop is, if there's an individual, and we know what their condition is and what kind of insurance they have, you can pretty much map the savings benefit that we can do to that individual to a super precise amount. And for a marketer, what that means is, you can and should be able to hone in on audiences that are particularly valuable in a precise way, not an incredibly one-to-one way. But we can get pretty focused on, here are the high-value people that we're going to add a lot of benefit to.

然後是關於行銷的第二個問題。因此，GoodRx 和我們的價值支柱的好處是，如果有一個人，並且我們知道他們的狀況以及他們擁有什麼樣的保險，那麼您幾乎可以將我們可以為該人提供的儲蓄福利映射到超級保險精確的金額。對於行銷人員來說，這意味著，您可以而且應該能夠以精確的方式（而不是令人難以置信的一對一的方式）磨練特別有價值的受眾。但我們可以非常專注於這些高價值的人，我們將為他們提供許多好處。

So it's less about channel, per se, as much as mapping our messaging and where GoodRx shows up towards these individuals that, we just know we're going to save them $800, $1,000, $5,000, right. You can do that mapping, and that's really what the marketing team has been working on.

因此，頻道本身並不重要，重要的是繪製我們的訊息傳遞以及 GoodRx 向這些人展示的位置，我們只知道我們將為他們節省 800 美元、1,000 美元、5,000 美元，對吧。你可以做這樣的映射，這正是行銷團隊一直在做的事情。

Along with this ongoing realization or recognition that healthcare professionals who legitimately love GoodRx. Coming in, that was one of my biggest surprise delights about what's here is the fact that you walk into a healthcare professional's office. And whether it's a doctor or a nurse or the office administrator, they absolutely love GoodRx because we're helping people get on meds and stay on meds and get better.

隨著這種不斷的認識或認可，真正熱愛 GoodRx 的醫療保健專業人士。進來後，我最驚訝的事情之一就是你走進了醫療保健專業人員的辦公室。無論是醫生、護士還是辦公室管理員，他們都絕對喜歡 GoodRx，因為我們正在幫助人們接受藥物治療並堅持藥物並變得更好。

And so that audience is a huge advocate for us in a supernatural way. When we look at our marketing, we're really focused on how and where can we help that audience continue to advocate for us in this totally natural way.

因此，觀眾以超自然的方式成為我們的巨大擁護者。當我們審視我們的行銷時，我們真正關注的是如何以及在哪裡可以幫助受眾繼續以這種完全自然的方式為我們辯護。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Scott, it sounded like direct contracting may actually be contributing a little bit more than ISP. Can you break down the relative growth in 2024 from direct contracting and ISP? And then, regarding the ramp in ISP, is there any way to frame how many more lives could be on the platform, by 4Q versus the start of the year?

Scott，聽起來直接簽約實際上可能比 ISP 做出的貢獻更多。您能否詳細分析 2024 年直接承包和 ISP 的相對成長情況？然後，關於 ISP 的成長，是否有任何方法可以確定到第四季度與年初相比，該平台上可以增加多少生命？

The parsing of relative growth, one versus the other, I might come at that a little differently, which is in the quarter, our revenue grew 7%. You can look at the marketplace growth. And I think what you're seeing is now the performance of GoodRx in the context of the system. And so you see a retail network at, we'll call it, a stable place but really working forward.

對於相對成長的解析，無論是相對成長還是相對成長，我的看法可能略有不同，即在本季度，我們的營收成長了 7%。您可以查看市場成長情況。我認為您現在看到的是 GoodRx 在系統環境中的表現。所以你會看到一個零售網絡，我們稱之為，一個穩定的地方，但真正在向前發展。

And so now, right now, you're basically just seeing the GoodRx operating in the way that we can within the system. So it's not retail contracting versus ISP. This is back to the fundamentals of number of people who are using GoodRx to get a benefit. And you're now seeing that grow nicely in the now what's mid to high single-digits. And that is, I think, higher than the average prescription volume growth rate and of our category.

所以現在，現在，您基本上只是看到 GoodRx 以我們在系統中的方式運行。所以這不是零售簽約與 ISP 的較量。這又回到了使用 GoodRx 來獲取利益的人數的基本問題。現在你會看到它在中高個位數中成長得很好。我認為，這高於我們類別的平均處方量成長率。

And the number of things that we have underway, the nice thing is, if we keep landing them, we should be able to continue to drive that growth above category rates. Hopefully, we can.

我們正在進行的事情數量很多，好的事情是，如果我們繼續實現它們，我們應該能夠繼續推動這種成長高於品類成長率。希望我們可以。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

Thanks for taking the question. On direct contracting, you've previously noted that it might be a slight headwind to PTR per MAC just given those contracts generally have lower admin fees. So I'm curious, as I look at your 4Q numbers, you had a very nice sequential improvement in PTR per MAC. But for 2024 and beyond, how should we be thinking about that metric given direct contracting will become a bigger part of your business?

感謝您提出問題。關於直接簽約，您之前已經注意到，考慮到這些合約通常具有較低的管理費用，每個 MAC 的 PTR 可能會遇到輕微的阻力。所以我很好奇，當我查看你們的第四季資料時，你們在每 MAC 的 PTR 方面都取得了非常好的連續改進。但對於 2024 年及以後，鑑於直接承包將成為您業務的更大組成部分，我們應該如何考慮該指標？

This is Karsten. With respect to PTR per MAC, you're right. We are pleased to see that as really a reflection of the relationships we have and the value we add when we deliver prescriptions to our customers, our PBMs, and our pharmacies. So from that perspective, it's really a reflection of what we do and how well we do it.

這是卡斯滕。關於每 MAC 的 PTR，你是對的。我們很高興地看到，這確實反映了我們所擁有的關係以及我們在向客戶、PBM 和藥房提供處方時所增加的價值。因此，從這個角度來看，這確實反映了我們所做的事情以及我們做得如何。

I think with respect to the future, we're not expecting any non-linearity in the trends. So we think it's not going to move very much at all as we go into 2024, now that direct contracting is already a significant minority of the volume coming through.

我認為就未來而言，我們預計趨勢不會有任何非線性。因此，我們認為，進入 2024 年，這種情況根本不會有太大變化，因為直接簽約已經佔了總量的一小部分。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Scott, just circling back to pharma manufacturing solutions, I know you've been meeting with pharma companies as well. Any particular feedback that you're hearing in terms of as your strategy evolved there and you look to target growth in this market, what's resonating versus what are some things you're working on to drive that growth?

史考特，回到製藥製造解決方案，我知道您也一直在與製藥公司會面。隨著您的策略發展以及您希望在這個市場實現成長，您聽到的任何具體回饋，哪些內容引起了共鳴，哪些是您正在努力推動成長的事情？

I think what's resonating is, number one, the unique role GoodRx has in the ecosystem again, which is 25 million people who are a high intended audience around prescriptions. I mean, in other categories, you might call this Google, right? Outside of healthcare, there's low funnel marketplace areas that marketers and those industries absolutely recognize, love, appreciate.

我認為引起共鳴的第一點是 GoodRx 在生態系統中再次發揮的獨特作用，該生態系統有 2500 萬人是處方藥的高目標受眾。我的意思是，在其他類別中，您可能會稱其為 Google，對吧？在醫療保健之外，行銷人員和這些行業絕對認可、喜愛和欣賞低漏斗市場領域。

Healthcare is a little different, where this position that we have as a vehicle to reach people who are really thinking about a specific drug or their condition, and not just people but doctors, is a unique and valuable one. And so we're at this place where a couple of companies and brands who are working with us are leaning into all the unique ways that they can work with GoodRx to, again, propagate their brand messaging.

醫療保健有點不同，我們作為一種工具來接觸那些真正考慮某種特定藥物或他們的病情的人，不僅是普通人，而且是醫生，這是一個獨特且有價值的工具。因此，現在有幾家與我們合作的公司和品牌正在尋求與 GoodRx 合作的所有獨特方式，以再次傳播他們的品牌訊息。

Whether it's to reach an audience or to end up having some unique performance deals around a cash price that are working which is great. I think the broader context around it is, we're still in a spot where when we look at the top 50 brands that we've gone through and said, we have a lot of traffic here relative to the brand itself, there's unique things we can do for them, like its sweet spot value.

無論是為了吸引觀眾還是最終以現金價格達成一些獨特的演出交易，這都很棒。我認為更廣泛的背景是，當我們查看我們瀏覽過的前 50 個品牌時，我們仍然處於這樣的境地：相對於品牌本身，我們這裡有很多流量，有一些獨特的東西我們可以為他們做點什麼，例如它的最佳值。

We're working with a very small number of those 50. And so the effort really throughout this year is just getting ourselves in front of the decision makers and then getting campaigns loaded up. If I could literally wave a magic wand and get in front of access people and brand managers at each of these companies, maybe not all 50 would sign up, but we think there's a value prop for these that would happen right away, well, that's the work for our teams and for us to go do, which is to get ourselves in front of them, present a value proposition, and hopefully have them start to work with.

我們正在與這 50 家中的極少數進行合作。因此，今年全年的真正努力只是讓我們自己站在決策者面前，然後開展活動。如果我真的能揮舞魔杖，站在這些公司的訪客和品牌經理面前，也許不是所有 50 家公司都會註冊，但我們認為這些公司的價值支撐會立即發生，嗯，那就是我們的團隊和我們要做的工作，就是讓我們自己站在他們面前，提出一個價值主張，並希望讓他們開始合作。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

Most of my questions have been asked. But Scott, I wanted to follow up on your comments around the ISP. You said you're generating incremental year-over-year revenue in line with expectations, and those will ramp throughout the year. But then you also talked about seasonality in this business longer term, you'll have more in the first half, due to the deductibles. How should we be thinking about the back half of this year, as these new clients ramp given that probably some of them have already reached their deductibles by that time, the employees?

我的大部分問題都被問到了。但是 Scott，我想跟進您對 ISP 的評論。您說您正在產生符合預期的逐年增量收入，這些收入將在全年中不斷增加。但你也談到了這個行業的長期季節性，由於免賠額，你在上半年會有更多。我們應該如何看待今年下半年，隨著這些新客戶的增加，因為到那時他們中的一些人可能已經達到了免賠額，即員工？

Can you just like walk us through the moving parts of all that? And then my second question is, you talked about the revenue per transaction on the direct retailing side, can you comment on the ISP side, how that's affecting that part of the business?

您能否向我們介紹所有這些活動的各個部分？然後我的第二個問題是，您談到了直營零售方面的每筆交易收入，您能否評論一下 ISP 方面，這對這部分業務有何影響？

Actually, I might jump in first, Scott, and great to speak with you again. This is Karsten. I think there are two parts to the question. One is around seasonality of ISP. And on that dimension, we have two factors that, to some degree, are offsetting. On the one hand, you're quite right. For lives that comes on at the beginning of the year, you'd expect ISP to be more valuable to them earlier in the year for the reasons you cited.

事實上，史考特，我可能會先插話，很高興再次與你交談。這是卡斯滕。我認為這個問題有兩個部分。一是ISP的季節性。在這個維度上，我們有兩個因素在某種程度上相互抵消。一方面，你是對的。對於今年年初開始的生活，您會期望 ISP 在今年早些時候對他們更有價值，原因如您所列舉的。

I think the other effect, though, is that we also anticipate that not only will we be picking up some incremental lives during the year, but we'll be picking up incremental types of transactions during the year as well that we might not have from a given PBM at the start of the year. So while in a steady state, you would see primarily the former effect, meaning the seasonality of people hit deductibles.

不過，我認為另一個影響是，我們還預計，我們不僅會在這一年中獲得一些增量生命，而且我們還將在這一年中獲得增量類型的交易，而這些交易類型是我們可能沒有的年初給定的 PBM。因此，在穩定狀態下，您將主要看到前一種影響，即人們達到免賠額的季節性。

I think in this year that will be attenuated by in-year expansion of the people/lives, medications, et cetera, that we pick up. With respect to economics, the economics look very similar. The only real delta or the primary real delta might be a better way of putting it is, how we acquire users, meaning in our direct-to-consumer business, we pay the tax upfront. And then they pay back over time, still consistent with what we've always said in the past in that sub eight-month timeframe.

我認為今年這種情況將因我們所接收的人員/生活、藥物等的年內擴張而減弱。就經濟學而言，經濟學看起來非常相似。唯一真正的增量或主要真正的增量可能是更好的表達方式，即我們如何獲取用戶，這意味著在我們的直接面向消費者的業務中，我們預先繳納稅款。然後他們會隨著時間的推移而回報，這仍然與我們過去在不到八個月的時間範圍內一直所說的一致。

In the ISP context, it's a little different because there we're paying as we go in terms of marketing fees to the PBMs who aggregate the demand on our behalf. But that's all below the revenue line for the most part. In terms of revenue per transactions or revenue per users, I don't think we see -- I don't think we see substantial differences there at all, Scott.

在 ISP 環境中，情況略有不同，因為我們要向代表我們匯總需求的 PBM 支付行銷費用。但這大部分都低於收入線。就每筆交易的收入或每用戶的收入而言，我認為我們沒有看到 - 我認為我們根本沒有看到實質性差異，斯科特。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

On direct contracting, are any of your direct contracting agreements exclusive? And do any of the directly contracted pharmacies advertise GoodRx savings to consumers at the point of sale?

關於直接簽約，你們的直接簽約協議是否具有排他性？是否有任何直接簽約藥局在銷售點向消費者宣傳 GoodRx 優惠？

No, they're not exclusive, but I think the way to frame that is, again, GoodRx working with retailers, and then how do retailers broadly, each of the retailers, think about discount cards? And I think the -- if you zone out a second, we, GoodRx, if you're in the world, if you think about cash discount card or any benefit that lives off an insurance plan, we're obviously, far and away, the leading company in that space.

不，它們不是排他性的，但我認為框架的方式是，再次，GoodRx 與零售商合作，然後廣泛的零售商，每個零售商，如何考慮折扣卡？我認為——如果你花點時間，我們，GoodRx，如果你在這個世界上，如果你考慮現金折扣卡或任何依賴保險計劃的福利，我們顯然是遙不可及的，該領域的領先公司。

We're the only one that drives fundamental demand relative to our marketing efforts and has what I'd call a pure relationship at retail, where we're above the board with every interaction we have with our retail partners without anything going to individual pharmacists. And so this category, I would say, has GoodRx and then a whole long tail of small, little card companies.

我們是唯一一家能夠推動與我們的行銷工作相關的基本需求的公司，並且在零售方面擁有我所說的純粹的關係，我們與零售合作夥伴的每一次互動都在董事會之上，而不需要任何個人藥劑師的幫助。所以我想說，這個類別有 GoodRx，然後是一整條長尾的小型信用卡公司。

And if you think about us, when we talk about direct contracting and work with retail, what this really is, is the category working with each retailer in an effective way. I hope from a standpoint, over a couple of years that that's going to result in us continuing to gain share just in a natural way because we can do things with a retailer to build their business that legitimately these other companies just can't do.

如果你想想我們，當我們談論直接簽約和與零售合作時，這實際上是什麼，是以有效的方式與每個零售商合作的類別。我希望從一個角度來看，幾年後，這將導致我們繼續以自然的方式獲得份額，因為我們可以與零售商一起做一些事情來建立他們的業務，而這些其他公司合法地無法做到。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

This is Dylan Finley on for Kevin Caliendo. Thanks for the questions. So on ISP, in year two, three, four as Caremark and the others offer the program to more and more plans and that in turn gets pushed out to more lives. I guess what is the reason that there's not going to be any overlap with the existing GoodRx customer lives that you already have today? I guess it's possible that there wasn't much overlap in the pilot pool that you saw last year at Express Scripts. But I guess, what's your conviction that as it continues to grow, there isn't much overlap with your existing base?

我是凱文·卡林多的迪倫·芬利。感謝您的提問。因此，在 ISP 上，第二年、第三年、第四年，Caremark 和其他人向越來越多的計劃提供該計劃，而這反過來又被推向更多的生活。我想，與您今天已有的 GoodRx 客戶生活不會有任何重疊的原因是什麼？我想您去年在 Express Scripts 看到的試點池可能沒有太多重疊。但我猜，您認為隨著它的不斷發展，與您現有的基礎不會有太多重疊，您對此有何看法？

Sure. This is Karsten. Yeah, I think the best evidence we have is not just from last year with ESI, but even what we're seeing this year. We've continued to evaluate this. Again, we worked with ESI last year to really assess the benefit of the program for GoodRx, as well as for our counterparties before increasing its magnitude this year. And we did that in large part because it's non-cannibalistic like low single-digit overlap on top medications or consumers.

當然。這是卡斯滕。是的，我認為我們擁有的最佳證據不僅來自去年的 ESI，而且甚至來自我們今年所看到的。我們繼續對此進行評估。同樣，我們去年與 ESI 合作，真正評估了該計劃為 GoodRx 以及我們的交易對手帶來的好處，然後今年才擴大了該計劃的規模。我們這樣做很大程度上是因為它不會同類相食，就像頂級藥物或消費者的低個位數重疊一樣。

And we continue to evaluate, obviously, now that we've added MedImpact, Navitus, and Caremark. And in that context, nothing has changed. We're still seeing that incredibly low single-digit overlap on top 10 drugs, on consumers, et cetera. So what we're really finding here is that this is a SAM-expanding opportunity for us, meaning there are a bunch of folks who might never have used GoodRx for a bunch of medications that they might not have used GoodRx for in the past, who are doing it when it is automated and part of their benefit, and that's exactly what we hope to see happen, and it is happening.

顯然，既然我們增加了 MedImpact、Navitus 和 Caremark，我們就會繼續評估。在這種情況下，一切都沒有改變。我們仍然看到前 10 種藥物、消費者等方面的重疊率低得令人難以置信。所以我們在這裡真正發現的是，這對我們來說是一個 SAM 擴展的機會，這意味著有很多人可能從未使用過 GoodRx 來治療他們過去可能沒有使用過 GoodRx 的藥物，當它是自動化的並且是他們的利益的一部分時，誰正在這樣做，這正是我們希望看到發生的事情，而且它正在發生。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Hi, guys. Thanks for kind of squeezing me in here. Scott, I had a question about what I think about is like tail risk. And I'm following like the J&J lawsuit around the ERISA rules and the Consolidated Appropriations Act. When we probably get to a point in the future where PBMs have to do a better job of matching drug rebates with purchase prices at the point of sale. And I'd just be interested in how you think or expect into that process and if there's a way for you guys to either facilitate that process or whether or not that serves as a risk?

嗨，大家好。謝謝你把我擠在這裡。斯科特，我有一個關於我所認為的尾部風險的問題。我正在關注強生公司圍繞著《僱員退休收入保障法》規則和《綜合撥款法》提起的訴訟。未來，我們可能會達到這樣一個階段，即 PBM 必須更好地將藥品回扣與銷售點的購買價格相匹配。我只是想知道你們對這個過程的想法或期望，以及你們是否有辦法促進這個過程，或者這會構成風險？

That's a rich question. I hope -- I'll answer in a hopeful way, which is there should be a future where that, in some ways, reflects the foundation of how we fit in the ecosystem, which, again, is you have this dynamic of healthcare plans, which rebates, plan design, benefit, right, that's a complex system that entails plans, PBMs, and the drug manufacturers and the economics flowing through all of them.

這是一個豐富的問題。我希望——我會以充滿希望的方式回答，未來應該在某種程度上反映我們如何適應生態系統的基礎，同樣，你擁有這種動態的醫療保健計劃，其中回扣、計劃設計、福利，對吧，這是一個複雜的系統，需要計劃、PBM、藥品製造商以及流經所有這些的經濟。

But appropriately, there's this mix of what do companies pay for as part of paying for insurance coverage, and then what do we push on to people, to ourselves? And that's going to be a balance, and that's going to be continuing to be a balance. And I think as plan design continues to evolve, there's going to be different kinds of plans for different segments, different companies, all within the same place.

但適當的是，公司在支付保險費用時要支付什麼費用，然後我們向人們、我們自己推銷什麼？這將是一種平衡，而且將繼續是一種平衡。我認為，隨著計劃設計的不斷發展，對於同一地點的不同細分市場、不同公司，將會有不同類型的計劃。

And I think what you're seeing with ISP is, the industry partners and GoodRx try to address this need that's outside of your plan but still allowing for affordability to create people to get access to their medications. And there should be continuous ways for us to work with that corporate-funded plan universe to create benefit for companies who are paying for insurance plans and most importantly their people.

我認為你在 ISP 中看到的是，行業合作夥伴和 GoodRx 試圖解決這種超出你的計劃的需求，但仍然允許人們有能力獲得他們的藥物。我們應該有持續的方式與企業資助的計劃領域合作，為支付保險計劃費用的公司，最重要的是為他們的員工創造福利。

Like it is, again, with the billion scripts plus that don't get filled for affordability and people's uncertainty about, is this covered or not, and what's it going to look like? That calls for a need for an independent marketplace that's covered across the retail universe that creates transparency relative to their insurance and relative to other pricing options. And that's the value prop that we have and what we're trying to fill.

再說一次，由於負擔能力和人們的不確定性，有數十億個腳本沒有被填充，這是否被覆蓋，它會是什麼樣子？這需要一個涵蓋整個零售領域的獨立市場，以創造相對於保險和其他定價選項的透明度。這就是我們擁有的以及我們想要填補的價值支柱。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions before we ran out of time. Maybe two just following up on topics we've talked about so far this morning. In the subscription business, can you help maybe give a little more granularity on some of the headwinds and tailwinds in the subscription business as 2024 proceeds, and how some of it might be more pronounced on either the subscriber side versus the revenue side, as we think about bringing your forecast back to our models? That would be number one.

非常感謝您在時間耗盡之前提出問題。也許有兩個人只是在跟進我們今天早上討論過的話題。在訂閱業務中，您能否幫助我們更詳細地了解 2024 年訂閱業務中的一些不利因素和有利因素，以及其中一些因素在訂閱者方面與收入方面可能會更加明顯，因為我們考慮將您的預測帶回我們的模型嗎？那將是第一。

And on the manufacturer solutions side, understood some of the key points made so far on the call, but can you help us better understand some of the execution going forward? Is that just broader adoption of manufacturer solutions that continue to execute against the opportunity? Or there's still building blocks you feel like you're putting in place to drive sustained revenue momentum around that business?

在製造商解決方案方面，了解了迄今為止在電話會議上提出的一些關鍵點，但您能否幫助我們更好地了解未來的一些執行情況？這是否只是更廣泛地採用製造商解決方案，繼續抓住機會？或者您仍然認為自己正在建立一些建立模組來推動該業務的持續收入勢頭？

Sure. It's great to speak to you again, Eric, Karsten here. I'll take the first part and Scott may hop in on the second part. On the first part relating to subscriptions, the reality is that our Kroger Savings Club users are a lot less economically interesting for us than our Gold users. Even if you just look at the pricing for the two groups, our Gold users are paying just shy of $10 a month, the Kroger Savings Club individual users are paying $36 a year, which is split with Kroger. So if you compare that, they're about one-sixth as valuable, right?

當然。很高興再次與你們交談，埃里克，卡斯滕。我會參加第一部分，斯科特可能會參加第二部分。關於訂閱的第一部分，現實情況是，我們的克羅格儲蓄俱樂部用戶在經濟上的興趣遠不如我們的黃金用戶。即使你只看這兩組的定價，我們的黃金用戶每月支付的費用不到 10 美元，克羅格儲蓄俱樂部個人用戶每年支付的費用為 36 美元，與克羅格分攤。所以如果你比較一下，它們的價值大約是六分之一，對嗎？

So as Kroger Savings Club rolls off, we will see subscriber counts decrease, but the revenue impact is much, much more diminished. Just to put it in perspective as well, the revenue impact of Kroger Savings Club along with the vitaCare restructuring that we did together, those things were around $15 million worth of impact. So you can get a sense for the fact that there's not an awful lot of revenue there.

因此，隨著克羅格儲蓄俱樂部的推出，我們將看到訂戶數量減少，但收入影響卻大大減少。從另一個角度來看，Kroger Savings Club 的營收影響以及我們共同進行的 vitaCare 重組，這些影響的價值約為 1500 萬美元。所以你可以感覺到那裡的收入不多。

Our own Gold users are growing, which we talked about in our prepared remarks, and we're quite pleased with that because it does reflect the value proposition that we offer to them and their interest in it, which is something we're very pleased with. With respect to Pharma Manufacturer Solutions, do you want to hop in, Scott?

我們自己的黃金用戶正在成長，我們在準備好的發言中談到了這一點，我們對此感到非常高興，因為它確實反映了我們向他們提供的價值主張以及他們對此的興趣，這是我們非常高興的事和。關於製藥製造商解決方案，您想加入嗎，史考特？

Yeah, sure. I like that question. Thanks, Eric. I'd say, first, we have line of sight to our value prop and particularly the kinds of brands where we have high value. So at its fundamentals for everybody here it's, hey, there's some places we really do work. Now then to your question of where are we in matching yourself to all those opportunities, from an execution capability standpoint, there's still a bunch of things that we're building particularly around the flexibility and the GoodRx experience to have a marketer show up in different points and match it with data that, for anybody who has been in performance marketing before, it's things like data and head platform but all these things that honestly, walking in on a scale of 1 to 10. We were like a 2. And I'd say now we're to 5.

好，當然。我喜歡這個問題。謝謝，埃里克。我想說，首先，我們關注我們的價值支柱，特別是我們具有高價值的品牌。所以對這裡的每個人來說，最基本的一點是，嘿，有些地方我們確實在做工作。現在，對於您的問題，我們在哪裡將自己與所有這些機會相匹配，從執行能力的角度來看，我們仍然在建立很多東西，特別是圍繞靈活性和GoodRx 體驗，讓行銷人員出現在不同的領域。點並將其與數據相匹配，對於任何以前從事過績效營銷的人來說，它是諸如數據和頭部平台之類的東西，但老實說，所有這些東西都按1 到10 的範圍進行。我們就像2。我想說現在我們已經到了 5。

And that's not difficult intellectual work, you just have to do it. And so we absolutely have work to do to continue to make a highly flexible data metric ecosystem that we can, at scale, run hundreds of different brands in an intelligent way that you think about as a best-in-class marketing platform. But we'll get there, like that's just pick and shovel work. And then I think from an awareness standpoint on, again, the same 1 through 10 scale, we're probably like a 3.

這並不是什麼困難的智力工作，你只需要去做就好了。因此，我們絕對有工作要做，以繼續打造高度靈活的數據指標生態系統，我們可以以智慧方式大規模地經營數百個不同的品牌，您將其視為一流的行銷平台。但我們會到達那裡，就像這只是鎬和鏟子的工作一樣。然後我認為，從意識的角度來看，同樣的 1 到 10 等級，我們可能就像 3。

And I take comfort from that because our single biggest opportunity is just getting in front of the decision makers within each company that sit either in brands and access teams or agencies, and we just have to keep doing that work. But we have a good team in place now that has done these kinds of things before and are in the market having these conversations. Hopefully, that helps.

我對此感到欣慰，因為我們最大的機會就是站在每個公司內部品牌、訪問團隊或機構的決策者面前，我們只需要繼續做這項工作。但我們現在擁有一支優秀的團隊，他們以前做過這些事情，並且正在市場上進行這些對話。希望這會有所幫助。

Thank you. I'd now like to turn the call back over to Scott Wagner for closing remarks.

謝謝。現在我想將電話轉回給斯科特·瓦格納（Scott Wagner），讓其致閉幕詞。

Thanks, everybody, for joining. I appreciate the questions, and thanks for joining us today, too. I think maybe to wrap a little bit, I hope what people are seeing and hearing is progress -- seeing the visible progress against things that we started talking about in April and May that we said we were going to do around bringing not just balance to the network but partnerships to the retail, thinking about ways to take this benefit and build it out over time which is the integrated savings.

謝謝大家的加入。我很高興收到這些問題，也感謝您今天加入我們。我想也許總結一下，我希望人們看到和聽到的是進步——看到我們在四月和五月開始談論的事情上取得的明顯進展，我們說我們要做的不僅僅是平衡網絡，而是與零售業的合作關係，思考如何利用這一利益並隨著時間的推移將其擴大，這就是綜合節省。

And we were talking about those things last year. And they don't -- they needed time to bake into our financial results, and I'm encouraged by the fact that now you're seeing the visible signs of progress that's a return to growth not just on the top line, but obviously nice incremental scaling profitably to the bottom line. So it's great to see those two things reflected.

我們去年就討論過這些事情。他們沒有——他們需要時間來融入我們的財務業績，令我感到鼓舞的是，現在你看到了明顯的進步跡象，這不僅是在營收方面，而且顯然是在恢復成長。很好的增量擴展，可以獲利。所以很高興看到這兩件事被反映出來。

And now going forward, through 2024, what we're doing with our own teams and what you'll get to see alongside of us is the work to continue to scale each of those efforts. And we'll share that progress with everybody as we go through the rest of the year. Thanks for joining.

現在，到 2024 年，我們正在與自己的團隊一起做的事情以及您將與我們一起看到的是繼續擴大每項努力的工作。在今年剩下的時間裡，我們將與大家分享這項進展。感謝您的加入。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。