GoodRx Holdings Inc (GDRX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx first quarter 2025 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, Director of Investor Relations. Ms. Reynolds, you may begin.

女士們，先生們，感謝你們的支持，歡迎參加 GoodRx 2025 年第一季財報電話會議。提醒一下，今天的會議正在錄製中。現在，我想介紹今天電話會議的主持人、投資者關係總監 Aubrey Reynolds。雷諾茲女士，你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to GoodRx's earnings conference call for the first quarter 2025. Joining me today are Wendy Barnes, our Chief Executive Officer; and Chris McGinnis, our Chief Financial Officer.

謝謝您，接線生。大家早安，歡迎參加 GoodRx 2025 年第一季財報電話會議。今天與我一起出席的還有我們的執行長溫蒂巴恩斯 (Wendy Barnes)；以及我們的財務長克里斯麥金尼斯 (Chris McGinnis)。

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 opportunities, our anticipated financial performance, underlying trends in our business and industry, including ongoing changes in the pharmacy ecosystem and the impact of our store closures and announced bankruptcy of one of our retail partners on our business, our value proposition, our long-term growth prospects, our retail -- our direct and hybrid contracting approach, collaborations and partnerships with third parties, including our point-of-sale cash program and our integrated savings program, our e-commerce strategy, and our capital allocation priorities.

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。本次電話會議上所作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的計劃、戰略、目標和宗旨、我們的市場機會、我們預期的財務業績、我們業務和行業的潛在趨勢（包括藥房生態系統的持續變化以及我們關閉門店和宣布我們的一個門店和宣布我們的一個門店零售合作夥伴破產對我們的業務的影響）、我們的價值主張、我們的長期成長前景、我們的零售——我們的直接和混合承包方式、與第三方的合作和夥伴關係（包括我們的銷售點現金計劃和我們的綜合儲蓄計劃）、我們的電子商務策略以及我們的資本配置優先事項。

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors. These factors, including the factors discussed in the risk factor section of our annual report on Form 10-K for the year ended December 31, 2024, and our other filings with the Securities and Exchange Commission could cause actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements made on this call. Any such forward-looking statements represents management's estimates as of the date of this call, and we disclaim any obligation to update these statements even if subsequent events call our views to change.

這些聲明既不是承諾也不是保證，但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，包括我們截至 2024 年 12 月 31 日的年度報告 10-K 表風險因素部分中討論的因素以及我們向美國證券交易委員會提交的其他文件，可能會導致實際結果、業績或成就與本次電話會議中前瞻性陳述所表達或暗示的結果、業績或成就存在重大差異。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改變，我們也沒有義務更新這些陳述。

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

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。我們已將公司收益新聞稿中的每個非 GAAP 指標與最接近的 GAAP 指標進行協調，該新聞稿可在我們投資者關係網站 investors.goodrx.com 的概覽頁面上找到。我還想提醒大家，這次通話的重播也將很快在那裡提供。

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

說完這些，我就把麥克風交給溫迪。

Thank you, Aubrey, and thanks to everyone joining us today. I've now completed my first 100 days as CEO, and I want to share progress we've seen in the business, how we're strengthening our foundation, and the opportunities ahead. Then Chris will take you through the highlights of our first-quarter results and guidance.

謝謝你，奧布里，也謝謝今天加入我們的每個人。我現在已經完成了擔任執行長的第一個 100 天，我想分享我們在業務中看到的進展、我們如何加強基礎以及未來的機會。然後克里斯將帶您了解我們第一季業績和指導的亮點。

Since stepping into this role, I have dedicated my time strengthening our leadership team, gaining a deeper understanding of our business, meeting with key partners, understanding the macroeconomic environment, and identifying key capabilities and growth opportunities. I can confidently say that we are in a very strong position to deliver meaningful value across the pharmacy ecosystem. Furthermore, we are focused on high-impact initiatives that will drive our business forward in compelling ways.

自擔任該職位以來，我一直致力於加強我們的領導團隊，加深對我們的業務的了解，與主要合作夥伴會面，了解宏觀經濟環境，並確定關鍵能力和成長機會。我可以自信地說，我們處於非常有利的地位，可以在整個藥房生態系統中提供有意義的價值。此外，我們專注於具有高影響力的舉措，以令人信服的方式推動我們的業務向前發展。

I firmly believe that our success starts with having the right individuals in the right roles, knowledgeable leaders who bring vision, expertise, and a commitment to our mission. I've made some important leadership changes to strengthen our business. In March, we appointed Aaron Crittenden as President of our Rx marketplace. Aaron previously played a pivotal role in building our Pharma Manufacturer Solutions business and has a track record of scaling partnerships. In this new role, Aaron will focus on expanding GoodRx's presence at the pharmacy counter to streamline workflows, improve pharmacy economics, and ensure GoodRx is the first and best choice for consumers at the point of sale. He will also be responsible for expanding and reimagining how we work with PBM and health plan partners in an integrated solution to further deliver the value of GoodRx.

我堅信，我們的成功始於讓合適的人才擔任合適的角色，讓知識淵博的領導者為我們的使命帶來遠見、專業知識和承諾。我做了一些重要的領導層變動，以加強我們的業務。三月份，我們任命 Aaron Crittenden 為我們的 Rx 市場總裁。Aaron 之前在建立我們的製藥製造商解決方案業務中發揮了關鍵作用，並且擁有擴大合作夥伴關係的良好記錄。在這個新職位上，Aaron 將專注於擴大 GoodRx 在藥局櫃檯的業務，以簡化工作流程，提高藥房經濟效益，並確保 GoodRx 成為消費者在銷售點的首選和最佳選擇。他還將負責擴展和重新構想我們如何與 PBM 和健康計劃合作夥伴合作，形成綜合解決方案，以進一步實現 GoodRx 的價值。

We also appointed Scott Pope, PharmD, as our Chief Pharmacy Officer and Head of Clinical Engagement. Scott will be focused on enhancing GoodRx engagement with all healthcare professionals or HCPs, doctors, pharmacists, supporting staff, and other constituents.

我們也任命了 Scott Pope 博士為我們的首席藥劑師和臨床參與主管。斯科特將致力於加強 GoodRx 與所有醫療保健專業人員或 HCP、醫生、藥劑師、支援人員和其他選民的聯繫。

Finally, we recently appointed Gary Klein as Senior Vice President of Government Affairs. Gary will be focused on advancing our government affairs strategy and strengthening relationships at the Federal level to support our policy and advocacy goals. I am confident that our leadership team is well positioned to navigate the complex prescription medication landscape, position us for growth, and deliver on our strategy.

最後，我們最近任命加里‧克萊因 (Gary Klein) 為政府事務資深副總裁。加里將專注於推動我們的政府事務策略並加強聯邦層級的關係，以支持我們的政策和倡議目標。我相信，我們的領導團隊有能力應對複雜的處方藥市場，為我們的發展做好準備，並實現我們的策略。

Our value proposition to consumers and HDPs remains strong. We help Americans save both time and money when filling medications, complementing their insurance coverage by bridging inevitable and growing coverage gaps and reducing friction in the system so people can get the care they deserve. In the first quarter of 2025, over 12 million consumers and over 750,000 HCPs used GoodRx, demonstrating the strength of our platform and trust we've earned in the healthcare system. We continue to see engagement across all stakeholder groups.

我們對消費者和 HDP 的價值主張仍然強勁。我們幫助美國人在配藥時節省時間和金錢，透過彌補不可避免且不斷擴大的保險覆蓋缺口並減少系統摩擦來補充他們的保險覆蓋範圍，以便人們能夠得到應有的照顧。2025 年第一季度，超過 1,200 萬消費者和超過 75 萬名 HCP 使用了 GoodRx，證明了我們平台的實力以及我們在醫療保健系統中贏得的信任。我們繼續看到所有利害關係人群體的參與。

In particular, pharmacies continue to actively partner with us to solve customer affordability issues while also delivering on their profitability goals. We see pharmacies responding with enthusiasm to our e-commerce offering, recognizing the value we bring the consumer experience. And pharma manufacturers continue to expand their portfolios with us, deepening our partnerships and reinforcing the strength and reach of our platform to deliver access and affordability offers to consumers for brand medication. These are powerful signals that validate our unique ability to connect and deliver value across the pharmacy ecosystem.

特別是，藥局繼續積極與我們合作，解決客戶的負擔能力問題，同時實現其獲利目標。我們看到藥局對我們的電子商務服務反應熱烈，認可我們為消費者體驗帶來的價值。製藥商繼續與我們一起擴大他們的產品組合，深化我們的合作夥伴關係，增強我們平台的實力和影響力，為消費者提供品牌藥物的可及性和可負擔性。這些都是強烈的訊號，證明了我們在整個藥房生態系統中連結和提供價值的獨特能力。

I want to acknowledge the ongoing uncertainty in the macroeconomic environment driven by factors that could influence our business, including regulatory and policy changes, shifting consumer sentiment, tariffs, and evolving government initiatives.

我想承認宏觀經濟環境中持續存在的不確定性，這些不確定性是由可能影響我們業務的因素造成的，包括監管和政策變化、消費者情緒的變化、關稅以及不斷變化的政府舉措。

I also want to acknowledge the news pertaining to the Rite Aid bankruptcy announcement this week. This is recent news, and we are actively working to understand more. What we know today is that they have re-entered bankruptcy and are pursuing a sale of substantially all of their assets. It is too early to know how this will exactly play out, but we do believe that we are well positioned to engage consumers and other pharmacy partners to ensure smooth patient transitions. Ultimately, these prescriptions will be filled somewhere, and we are in active dialogue with pharmacy partners to make sure we are best positioned to service our consumers.

我還想了解本周有關 Rite Aid 破產公告的消息。這是最新消息，我們正在積極努力了解更多。我們今天知道的是，他們已經再次進入破產程序，並正在尋求出售幾乎所有資產。現在還無法知道最終結果如何，但我們相信，我們已做好準備，與消費者和其他藥房合作夥伴合作，確保患者順利過渡。最終，這些處方將在某個地方配藥，我們正在與藥房合作夥伴進行積極對話，以確保我們能夠為消費者提供最佳服務。

I would also highlight that our efforts to broadly engage pharmacy partners over the past several months have put us in a strong position for productive dialogue with potential buyers or landing spots for these patients. And we believe that we can create unique and mutually beneficial arrangements to support such patient transitions.

我還要強調的是，過去幾個月來，我們為廣泛接觸藥房合作夥伴所做的努力，使我們在與潛在買家或這些患者的著陸點進行富有成效的對話方面處於有利地位。我們相信，我們可以創造獨特且互惠的安排來支持這種患者的轉變。

Despite these potential challenges, the strength of the GoodRx brand remains clear across all economic conditions. Our leading platform is built to deliver consumers savings and access to their medications, regardless of the state of the economy and retail pharmacy environment. Our role will be even more critical as consumers prioritize essentials and seek ways to save. This is why we will continue to invest in our brand and its impact. We believe our value resonates strongly with consumers, and we are proud that GoodRx was recently recognized as one of Newsweek and USA Today's 2025 Most Trusted Brands.

儘管存在這些潛在挑戰，GoodRx 品牌的實力在所有經濟條件下仍然顯而易見。我們領先的平台旨在幫助消費者節省開支並獲得藥品，無論經濟狀況和零售藥局環境如何。隨著消費者優先考慮必需品並尋求節省的方法，我們的角色將變得更加重要。這就是我們將繼續投資我們的品牌及其影響力的原因。我們相信我們的價值觀能引起消費者的強烈共鳴，我們很自豪 GoodRx 最近被《新聞周刊》和《今日美國》評為 2025 年最值得信賴的品牌之一。

Now let's dive into our Prescription Marketplace and Manufacturer Solutions offerings, starting with our Prescription Marketplace. During the first quarter, we provided meaningful value to our pharmacy partners. We helped retail pharmacies solve challenges they face around lower reimbursement and rising store costs. As we advance our position as an ally to pharmacies, we do want to be transparent that some prescription pricing has increased across our platform as we ensure pharmacies are able to achieve a sustainable level of profitability.

現在讓我們深入了解我們的處方市場和製造商解決方案產品，從我們的處方市場開始。在第一季度，我們為藥房合作夥伴提供了有意義的價值。我們幫助零售藥局解決其面臨的報銷額降低和店鋪成本上升的挑戰。隨著我們作為藥局盟友的地位不斷提升，我們確實希望透明地告知大家，我們平台上的一些處方藥價格已經上漲，以確保藥局能夠實現可持續的盈利水平。

We believe strongly that partnerships need to benefit all parties: the retailer, GoodRx, and most notably, the consumer. So it is important that we facilitate a marketplace of fair, affordable pricing. We will always put consumer affordability front and center in our offering in a way that is sustainable. As a result of some of these price increases, we have seen pressure on overall monthly active consumers or MACs and in our integrated savings program or ISP offering, yet we have extended our leadership position in the prescription affordability segment as demonstrated by our growth and segment share, which has increased over 300 basis points year over year in the first two months of the quarter.

我們堅信，合作夥伴關係需要使所有各方受益：零售商、GoodRx，以及最重要的消費者。因此，建立一個公平、可負擔的價格市場非常重要。我們將始終以可持續的方式將消費者的承受能力放在首位。由於部分價格上漲，我們看到整體每月活躍消費者或 MAC 以及我們的綜合儲蓄計劃或 ISP 產品面臨壓力，但我們在處方藥可負擔性領域的領導地位得到了擴大，這從我們的增長和領域份額中可以看出，在本季度的前兩個月，我們的份額同比增長了 300 多個基點。

Partnering closely with pharmacies on pricing sets us up strongly for the long-term durability of our offering and enables us to have unique partnership opportunities with pharmacies. One such partnership involves our e-commerce capabilities.

在定價方面與藥局密切合作，為我們提供長期持久的產品奠定了堅實的基礎，並使我們能夠與藥局建立獨特的合作機會。其中一項合作涉及我們的電子商務能力。

During the quarter, we launched a new experience for retail pharmacies that improves how consumers get their medications via the GoodRx platform. Our directly integrated e-commerce solution checks medication inventory, validates a user's prescription, and enables the consumer to pay on GoodRx before picking up their prescription in-store and soon to be delivered to their home. This integrated solution is compelling for consumers and also helpful to pharmacies by streamlining workflows, reducing costs to fill, and enhancing the digital experience.

本季度，我們為零售藥局推出了新的體驗，改善了消費者透過 GoodRx 平台取得藥物的方式。我們直接整合的電子商務解決方案可以檢查藥品庫存、驗證用戶的處方，並允許消費者在店內取藥之前在 GoodRx 上付款，然後很快送貨上門。這種整合解決方案對消費者很有吸引力，同時也有助於藥局簡化工作流程、降低配藥成本並增強數位體驗。

E-com is a core component of our broader strategy to modernize the prescription experience and embed GoodRx directly into pharmacy operations, creating deeper retail partnerships. We have launched this with one retail pharmacy partner and are actively engaged in conversations to expand to more pharmacies as we aim to further reduce friction for consumers and pharmacists.

電子商務是我們更廣泛策略的核心組成部分，旨在實現處方體驗現代化，並將 GoodRx 直接嵌入藥房運營，建立更深的零售合作夥伴關係。我們已經與一家零售藥局合作夥伴推出了這項服務，並正在積極協商擴展到更多藥局，旨在進一步減少消費者和藥劑師之間的摩擦。

Now turning to our integrated savings program or ISP, which provides consumers with a complement to their health insurance for coverage generics. We continue to partner with PBMs in this offering and are actively evaluating how to best evolve this solution moving forward to deliver more value. One area that we are excited about is extending the offering into non-covered medications. We have received positive feedback from PBMs and pharma manufacturers regarding the integration of GoodRx's negotiated brand price points into commercial plans where there are gaps in coverage. We view this as a win for patients, plans, pharma manufacturers, and PBMs. We are in active dialogue with a number of partners on this extension.

現在談談我們的綜合儲蓄計劃或 ISP，它為消費者提供醫療保險的補充，以涵蓋仿製藥。我們將繼續與 PBM 合作提供此項服務，並積極評估如何最好地發展該解決方案以提供更多價值。我們感到興奮的一個領域是將服務範圍擴大到未涵蓋的藥物。我們收到了 PBM 和製藥商的正面回饋，他們表示將 GoodRx 協商的品牌價格點整合到存在覆蓋範圍空白的商業計劃中。我們認為這對患者、計劃、製藥商和 PBM 來說都是一場勝利。我們正在與一些合作夥伴就此擴展進行積極對話。

Now turning to Pharma Manufacturer Solutions. During the first quarter, we continue to drive our access and affordability solutions forward, partnering with even more pharmaceutical brands and delivering meaningful return on investment for partners. The power of our brand and associated consumer and HTP traffic makes partnering with GoodRx a must-have for pharma brands to surface their access and affordability programs. We're especially excited about our growing brand point of sale discount program, which enable pharma manufacturers to set a cash price of their choosing and deliver it straight to consumers with minimal friction at the checkout counter through a GoodRx coupon at the point of sale. This is a key differentiator in our ability to partner with retailers as well as PBM.

現在轉向製藥製造商解決方案。在第一季度，我們繼續推動我們的可近性和可負擔性解決方案的發展，與更多的製藥品牌合作，為合作夥伴帶來有意義的投資回報。我們的品牌和相關消費者及 HTP 流量的力量使得與 GoodRx 合作成為製藥品牌展示其可及性和可負擔性計劃的必備條件。我們對不斷增長的品牌銷售點折扣計劃感到特別興奮，該計劃使製藥商能夠設定他們選擇的現金價格，並通過銷售點的 GoodRx 優惠券在結帳櫃檯以最小的摩擦將其直接交付給消費者。這是我們與零售商以及 PBM 合作能力的關鍵區別因素。

We have strong proof points that our point-of-sale discount programs are resonating. For example, in 2023 we launched a point-of-sale buy down program with an insulin brand and generated significant incremental sales without cannibalizing existing business. Based on that success, the manufacturers expanded their partnership in 2025 to five additional brands. We are pleased that pharma manufacturers are recognizing the value of our offering and are continuing to expand their portfolios.

我們有強有力的證據表明我們的銷售點折扣計劃正在產生共鳴。例如，2023 年，我們與一個胰島素品牌推出了銷售點買斷計劃，並在不蠶食現有業務的情況下實現了顯著的增量銷售。基於這項成功，兩家製造商於 2025 年將合作夥伴關係擴大至另外五個品牌。我們很高興看到製藥商認識到我們產品的價值並繼續擴大其產品組合。

Proven business results for our other access programs are also driving 2025 renewals and expansions. As an example, for a vaccine brand partner, we were the number one source of scheduled vaccine appointments through an integration on GoodRx. This drove an ROI of over 15 times to the client and led to an expansion of the partnership to other vaccines in the partner's portfolio. The momentum and traction in our Pharma Manufacturer Solutions offering is also impactful to our broader business. Winning with brands further enhances our ability to win with consumers, pharmacies, and HCPs, which fuels more platform demand and utilization.

我們其他接取計畫已取得的成熟業務成果也正在推動 2025 年的更新和擴展。例如，對於疫苗品牌合作夥伴，我們透過與 GoodRx 的整合成為預約疫苗接種的第一個來源。這為客戶帶來了超過 15 倍的投資報酬率，並促使合作範圍擴大到合作夥伴產品組合中的其他疫苗。我們的製藥製造商解決方案產品的勢頭和牽引力也對我們的更廣泛的業務產生了影響。贏得品牌進一步增強了我們贏得消費者、藥局和 HCP 的能力，從而刺激了更多的平台需求和利用。

In closing, I am very optimistic about the future of GoodRx and believe that we have tremendous opportunity to expand our business to help even more Americans save on their medications. Our value proposition across the pharmacy ecosystem sets the foundation for why our business is durable and resilient.

最後，我對 GoodRx 的未來非常樂觀，並相信我們有巨大的機會擴展業務，幫助更多的美國人節省藥費。我們在整個藥房生態系統中的價值主張為我們的業務持久和有彈性奠定了基礎。

We are focused on initiatives that will help expand our value to key constituents: first, serving as an ally to pharmacies through our pharmacy profitability efforts and technological capability initiatives, which help pharmacies better engage with consumers, improve workflows, lower costs to fill, and elevate pharmacy's digital footprint; second, helping pharma manufacturers reach their patients in targeted HCPs via our access and affordability partnerships. We will continue to extend our footprint both in integrating brand co-pay programs as well as point of sale buy downs, building out the prescriber's office as a go-to-market channel. This is a strategic focus area for our Chief Pharmacy Officer, and we look forward to updating you on the progress we make in future quarters.

我們專注於有助於擴大我們對關鍵客戶的價值的舉措：首先，透過我們的藥房盈利努力和技術能力舉措，成為藥房的盟友，幫助藥房更好地與消費者互動，改善工作流程，降低成本，並提升藥房的數字足跡；第二，透過我們的可及性和可負擔性合作夥伴關係，幫助製藥商接觸目標 HCP 中的患者。我們將繼續擴大我們的業務範圍，整合品牌共同支付計劃以及銷售點購買，將處方辦公室建置為市場管道。這是我們的首席藥劑師的策略重點領域，我們期待在未來幾季向您通報我們取得的進展。

And finally, continuing to invest in our brand to ensure that we remain the number one place that Americans go for medication access and affordability. We've laid the groundwork, sharpened our focus, and are now leaning into the opportunities ahead. With the right strategy, team, and partnerships in place, we're positioned to grow durably and profitably.

最後，我們將繼續投資我們的品牌，以確保我們仍然是美國人獲取和負擔得起藥物的首選之地。我們已經打下了基礎，集中了注意力，現在正準備迎接未來的機會。有了正確的策略、團隊和合作關係，我們就能實現持久且有利的成長。

With that, I'll turn it over to Chris to discuss our first-quarter highlights and guidance.

接下來，我將把主題交給克里斯，討論我們第一季的亮點和指導。

Thank you, Wendy, and good morning, everyone. For the first quarter, total revenue is in line with our expectations at $203 million, up 3% versus the prior year. Prescription transactions revenue and Manufacturer Solutions were up 2% and 17%, respectively versus the prior year.

謝謝你，溫迪，大家早安。第一季總營收符合我們的預期，達到 2.03 億美元，比上年成長 3%。處方交易收入和製造商解決方案分別比去年增加了 2% 和 17%。

For the first quarter, adjusted EBITDA of $69.8 million rose 11% versus the prior year, which constitutes an adjusted EBITDA margin of 34.4%. This is an improvement of 60 basis points compared to the fourth quarter, and while ahead of our expectations for the quarter, we believe this will be within a sustainable range for the remainder of the year. We continue to have a strong balance sheet ending the year -- ending the quarter with $301 million in cash with $91.7 million of unused capacity on our revolving line of credit, resulting in total liquidity of $392.7 million.

第一季度，調整後的 EBITDA 為 6,980 萬美元，較上年增長 11%，調整後的 EBITDA 利潤率為 34.4%。與第四季度相比，這一數字提高了 60 個基點，雖然超出了我們對本季度的預期，但我們相信，這一數字在今年剩餘時間內仍將處於可持續的範圍內。我們在年底繼續保持強勁的資產負債表——本季末我們擁有 3.01 億美元的現金，循環信貸額度中有 9,170 萬美元未使用，總流動資金為 3.927 億美元。

During the first quarter we deployed approximately $100 million of cash on hand to repurchase 23.3 million shares of our stock at an average price of $4.32 per share. Given our stock price, we continue to believe that stock repurchases are accretive and the best use of cash. At the end of the first quarter, approximately $189 million of capacity remained under our $450 million share repurchase program.

第一季度，我們動用了約 1 億美元現金，以每股平均 4.32 美元的價格回購了 2,330 萬股股票。鑑於我們的股價，我們仍然相信股票回購具有增值作用，並且是現金的最佳利用方式。截至第一季末，我們 4.5 億美元的股票回購計畫仍剩餘約 1.89 億美元的產能。

Turning now to our outlook for the remainder of the year. As we discussed last quarter, Wendy and I are committed to a transparent approach to guidance. And given our limited time and our respective roles, we provided a range of outcomes, within which we have confidence while providing ample room to adjust as we gain deeper understanding of the business.

現在來談談我們對今年剩餘時間的展望。正如我們上個季度所討論的那樣，溫迪和我致力於採取透明的指導方式。考慮到我們有限的時間和各自的角色，我們提供了一系列結果，我們對這些結果充滿信心，同時隨著我們對業務的了解越來越深入，我們也提供了充足的調整空間。

For the full year 2025, we continue to believe that revenue will be in the range of $810 million to $840 million representing 2% to 6% growth compared to 2024. There are a number of factors that influence revenue, including macro conditions such as consumer confidence and spending trends, tariffs and other policies related to drug pricing, economic climate, and our ongoing business development efforts driving our strategic initiatives. It's hard to predict the impact that these variables will ultimately have on our full-year revenue. But in an effort to be as transparent as possible, at this point in the year, we have greater conviction and visibility at the lower half of our range with achievement of strategic initiatives providing opportunities to deliver in the upper half of our range.

對於 2025 年全年，我們仍然認為營收將在 8.1 億美元至 8.4 億美元之間，與 2024 年相比成長 2% 至 6%。影響收入的因素有很多，包括消費者信心和支出趨勢等宏觀條件、與藥品定價相關的關稅和其他政策、經濟環境以及推動我們戰略舉措的持續業務發展努力。很難預測這些變數最終會對我們的全年收入產生什麼影響。但為了盡可能透明，在今年的這個時候，我們對範圍的下半部分有更大的信心和可見性，而戰略舉措的實現為我們在範圍的上半部分提供機會。

As Wendy noted, we're aware of Rite Aid's announcement on Monday to pursue a sale substantially all of its assets through a voluntary bankruptcy process. Given the timing of this announcement, we have not included any estimate of the impact of this process on our guidance. However, Rite Aid is currently forecast to be less than 5% of our total revenue in 2025. As Wendy noted, these scripts will continue to be filled somewhere, and we will leverage our retail partner relationships to maximize the smooth transition of these scripts. We will keep you informed in future quarters as this continues to unfold.

正如溫迪所說，我們知道 Rite Aid 週一宣布將透過自願破產程序出售其大部分資產。鑑於此公告發布的時間，我們尚未對該過程對我們的指導的影響進行任何估計。然而，目前預測到 2025 年 Rite Aid 的收入將不到我們總收入的 5%。正如溫迪所說，這些腳本將繼續在某個地方得到填補，我們將利用我們的零售合作夥伴關係來最大限度地實現這些腳本的平穩過渡。隨著事態的進一步發展，我們將在未來幾季內隨時向您通報。

With respect to our guidance for full-year adjusted EBITDA, we are slightly increasing and narrowing the range, now believing it will be between $273 million and $287 million, which represents approximately 5% to 10% growth compared to 2024. With full-year guidance as context, for the second quarter, we expect revenue to be up sequentially from the $203 million we reported in the first quarter with an adjusted EBITA margin roughly similar to the first quarter.

關於我們對全年調整後 EBITDA 的預期，我們略微上調並縮小了範圍，目前認為將在 2.73 億美元至 2.87 億美元之間，與 2024 年相比增長約 5% 至 10%。以全年指引為背景，我們預計第二季營收將比第一季報告的 2.03 億美元環比成長，調整後的 EBITA 利潤率與第一季大致相同。

With that, I will now turn the call over to the operator for questions.

說完這些，我現在將電話轉給接線生來回答問題。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作員指示） 摩根大通的麗莎吉爾 (Lisa Gill)。

Thanks very much. If I could ask two things. One, Wendy, when I think about bigger picture, you talked about high-impact initiatives. I want to just understand what you think are most important. I think you highlighted a few things, whether it's retail, manufacturing, the prescriber, investing in the business, et cetera. But which of those do you think will really drive what Chris talked about, which is the upper end of the range?

非常感謝。如果我可以問兩個問題。首先，溫迪，當我考慮更大範圍的問題時，你談到了具有高影響力的措施。我只是想了解您認為什麼是最重要的。我認為您強調了一些事情，無論是零售、製造、處方者、業務投資等等。但是您認為哪一個會真正推動克里斯所說的那個範圍的上限呢？

And then I know it's hard to put a number around Rite Aid. I appreciate this is all new news, but can you give us from a historical perspective? They have been closing stores. CVS has been closing stores. What has been the rate that you've been able to recapture or maintain that relationship with that consumer when stores have closed, just to give us an idea of -- historically if there's a way to think about it.

然後我知道很難給 Rite Aid 一個數字。我知道這都是新消息，但您能從歷史的角度來跟我們講一下嗎？他們一直在關閉商店。CVS 一直在關閉門市。當商店關閉時，您能夠重新獲得或維持與消費者的關係的速度是多少，只是為了讓我們了解一下——從歷史上看，如果有辦法思考這個問題的話。

Yeah. Hi, Lisa. Thank you for the question. Good to hear from you. I will start with your first question, noting the strategic initiatives that we've got high confidence in and just can't share additional detail on this call. Let me start first with the closer partnerships with retail pharmacies. That absolutely would be item number one. And what I mean by that more specifically is directly contracting embedding at the counter, where it becomes a much tighter partnership such that we have much better line of sight to capturing those cash prescriptions also included in that e-commerce partnership that you heard me outline. When we're connected in that manner, we effectively become the digital front door for our retail pharmacy partners.

是的。你好，麗莎。謝謝你的提問。很高興收到你的來信。我將從您的第一個問題開始，指出我們對這些策略舉措充滿信心，但無法在這次電話會議上分享更多細節。首先，我想談談與零售藥局建立更緊密的合作關係。這絕對是第一項。我更明確地指的是直接在櫃檯簽訂合同，這樣合作關係就變得更加緊密，這樣我們就可以更好地捕捉那些現金處方，這些處方也包含在您聽到我概述的電子商務合作關係中。當我們以這種方式連接時，我們實際上就成為了零售藥局合作夥伴的數位前門。

And when you point to also manufacturers, it becomes a bit of a triangulation with us sitting at the center, if you will. So those brand partnerships, as we're continuing to add additional brands to our portfolio where we've got the point-of-sale cash buy downs, we additionally are conveying that value to the retail pharmacy partner. But the additive note there is that now our PBM partners also remain interested in wrapping or auto wrapping those non-covered brands.

當你也指向製造商時，如果你願意的話，它就變成了一個三角測量，我們處於中心。因此，這些品牌合作夥伴關係，隨著我們繼續將更多品牌添加到我們的產品組合中，我們獲得了銷售點現金買斷，我們也將這種價值傳達給零售藥局合作夥伴。但需要補充的是，現在我們的 PBM 合作夥伴仍然對包裝或自動包裝那些未涵蓋的品牌感興趣。

So it all starts to convey with us at the middle, connecting these pieces both to the payer PBM, the retail pharmacy. And of course, ultimately, the consumer ends up benefiting whether or not they are someone standing at the retail counter separate and aside from their coverage or potentially as an employer beneficiary utilizing their benefit and then finding out that a drug isn't covered when they initially perhaps would have intended to use their coverage at the counter.

所以一切都從中間開始向我們傳達，將這些部分與付款人 PBM 和零售藥局連接起來。當然，最終受益的都是消費者，無論他們是站在零售櫃檯前，不受保險覆蓋，還是作為雇主受益人利用他們的福利，然後發現某種藥品不在承保範圍內，而他們最初可能打算在櫃檯使用他們的保險。

So it really puts us at the center with an ability to drive those things. And while I can't tell you specific partnerships today because we're not able to announce them yet, what I will tell you is that we're well beyond conversations on these particular opportunities. We are actively contracting, working out Ts and C's, and it's very much my hope that we'll have the ability to comment on these in an upcoming earnings call.

因此，它確實使我們處於推動這些事情的中心地位。雖然我今天無法告訴你們具體的合作關係，因為我們還不能宣布，但我要告訴你們的是，我們已經遠遠超出了關於這些特定機會的對話範圍。我們正在積極簽訂合同，制定條款和條件，我非常希望我們能夠在即將召開的收益電話會議上對這些條款和條件發表評論。

The last item I would point you to strategically is that of the HCP or healthcare professionals. As we look at the prescriber office and the supporting staff and the pharmacist and the pharmacy counter, what we are now seeing with what we're partnering with manufacturers on is that we have an ability to drive a much tighter partnership there. And we are candidly not taking as great of an advantage of that as we should be today, given the connectivity that we have to HCPs. And with Dr. Pope in his role, we are now laying out the strategy that I believe is going to produce material benefit to us. And again, we look forward to describing that to you in a future quarter.

從策略角度上我要指出的最後一項是 HCP 或醫療保健專業人員。當我們觀察處方辦公室、支援人員、藥劑師和藥房櫃檯時，我們現在看到，透過與製造商的合作，我們有能力在那裡建立更緊密的合作夥伴關係。坦白說，考慮到我們與 HCP 之間的連接，我們並沒有充分利用這一點。在波普博士的領導下，我們現在正在製定一項策略，我相信這項策略將為我們帶來實質的利益。我們再次期待在未來的一個季度向您描述這一點。

To the second question, as it pertains to additional store closures, I'm going to send that over to Chris for commentary.

對於第二個問題，由於它涉及更多商店關閉，我將把它發給克里斯徵求意見。

Yeah, I appreciate the question, Lisa. I suspect -- look, we don't have specific data around conversions and retention of those scripts. But to the spirit of your question, there is -- let's talk about what we do know about Rite Aid. This situation is a little different than past door closures, right? So we now have a process. We know their intention is to sell substantially all their assets, and they actually announced the process, right? So they've sought a voluntary bankruptcy process, which does a couple of things. And for Rite Aid, for its part, announced in its press release that they want continuity of service, right? They want to make sure that patients have access to their prescription medications, and they want a smooth transition.

是的，我很感謝你的提問，麗莎。我懷疑——看，我們沒有關於這些腳本的轉換和保留的具體數據。但從你問題的核心來說，讓我們來談談我們對 Rite Aid 的了解。這次的情況跟以往的關門有點不一樣吧？所以我們現在有一個流程。我們知道他們的意圖是出售其幾乎所有資產，而且他們實際上宣布了這一進程，對嗎？因此，他們尋求自願破產程序，該程序可以起到以下作用。而對於 Rite Aid 來說，它在新聞稿中宣布他們希望保持服務的連續性，對嗎？他們希望確保患者能夠獲得處方藥，並且希望實現平穩過渡。

So what that means as a part of the bankruptcy is that a number of bidders will come into that process. In our terminology, we believe that's going to be sort of what we call file buy, right? They're going to buy the patient's records and transition to a different pharmacy.

因此，作為破產的一部分，這意味著許多競標者將參與這一過程。用我們的術語來說，我們認為這就是我們所說的文件購買，對嗎？他們將購買病人的記錄並轉到另一家藥房。

So working to create a smooth transition, we are already in conversations with some of our retail partners, which we believe will be credible bidders for a portion of these assets. And we will work to smoothly transition those scripts, and by smoothly transition, we mean when they take the file over that is a GoodRx customer. And it'll come over, and it'll refill, and it'll look the same at a new retailer as it did at Rite Aid, right?

因此，為了實現平穩過渡，我們已經與一些零售合作夥伴進行了對話，我們相信他們將是部分資產的可靠競標者。我們將努力平穩過渡這些腳本，平穩過渡的意思是，當他們接管文件時，那就是 GoodRx 客戶。然後它會過來，它會重新裝滿，它在新的零售商看起來和在 Rite Aid 那裡一樣，對嗎？

So to the extent that that doesn't happen in terms of a quote, smooth transition, look, these are GoodRx customers. And they came to our platform to begin with because they were looking for an affordable solution to access their medications. So to the extent that there's something happens that's not a smooth transition, we believe those customers are coming back to our platform. We've got one of the best brand names in healthcare. As Wendy noted, we've been named one of the most trustworthy brands in healthcare for 2025.

因此，如果在報價、平穩過渡方面沒有發生這種情況，那麼看，這些都是 GoodRx 的客戶。他們最初來到我們的平台是因為他們正在尋找一種經濟實惠的解決方案來獲取藥物。因此，如果發生了一些不順利的過渡，我們相信那些客戶會回到我們的平台。我們擁有醫療保健領域中最好的品牌之一。正如溫蒂所說，我們被評為 2025 年醫療保健領域最值得信賴的品牌之一。

We think these patients -- they're not on benefit for a reason, and so we think they'll continue to do that. So trying to scale the issue again to the spirit of your question, it's less than 5% of our projected revenue for 2025. The chance that that's the impact is remote on us, right? So it's going to be something less than that. And so it's also the other part of the process that they outlined because we have visibility through a bankruptcy process. And the reason we can't put it in our guidance is, we don't know today whether this is going to take three, four, five bidders, or dozens of bidders to buy substantially all those assets. We don't know the timeline for negotiations.

我們認為這些病人沒有享受福利是有原因的，所以我們認為他們會繼續這樣做。因此，嘗試再次將問題擴展到您問題的核心，這還不到我們 2025 年預計收入的 5%。對我們來說，這種影響的可能性很小，對嗎？所以它會比這更少。因此，這也是他們概述的流程的另一部分，因為我們可以透過破產程序來了解情況。我們無法將其納入指導的原因是，我們今天不知道是否需要三、四、五個競標者或數十個競標者來購買幾乎所有這些資產。我們不知道談判的時間表。

There'll be some approval process with a bankruptcy trustee or some stakeholders or creditor committees, and then, of course, other closing conditions, regulatory approvals, et cetera, and ultimately close, and then the script gets filled. So the timeline that those all happen on how many transactions that takes and ultimately transitioning these scripts out, it's really hard to know how that will impact us in 2025.

破產受託人或一些利害關係人或債權人委員會會進行一些審批程序，然後當然還要滿足其他成交條件、獲得監管部門的批准等等，最終成交，然後劇本就寫好了。因此，所有這些發生的時間表取決於需要多少筆交易以及最終轉換這些腳本，很難知道這將如何影響我們在 2025 年。

But look, at the end of the day, while we've scaled it as less than 5% of our business, I can't stress enough that's a remote possibility that it's that level of impact to us. And our job is to work to mitigate the impact and make sure that that smooth transaction happens in concert with our retail network.

但看看吧，雖然我們將其規模縮小到不到我們業務的 5%，但我必須強調，它對我們造成這種程度的影響的可能性微乎其微。我們的工作是努力減輕影響，並確保交易與我們的零售網路協同順利進行。

Lisa, I would just add on because I suspect this question is going to be on most everyone's mind on the call. Again, noting that it's less than 5% of our forecast, that would be on a 12-month view. So we're already five months into the year. Clearly, all of these prescriptions are going to disappear, right? We know that it's going to be a significantly smaller portion than that.

麗莎，我只是想補充一點，因為我懷疑這個問題將是電話會議中大多數人都會想到的。再次注意，這還不到我們預測的 5%，這是基於 12 個月的觀點。今年已經過去五個月了。顯然，所有這些處方都會消失，對嗎？我們知道實際比例會比這小得多。

We also don't think this is all going to happen in the next four to six weeks. I mean, this is going to be something that's probably going to be stair stepped over time. Beyond that though, I also do want to reiterate and reemphasize the relationships that we have with pharmacies are in a significantly different place at this point in time than they were last year. We are speaking top to top around those that are interested in obtaining these file buys, perhaps doing so in partnership with some, and so we're just in a very different position to be able to take advantage when these scripts transition.

我們也不認為這一切都會在未來四到六週內發生。我的意思是，隨著時間的推移，這可能會逐漸實現。除此之外，我還想重申並再次強調，我們與藥局的關係目前與去年相比有了很大的不同。我們正在與有興趣購買這些文件的人進行高層對話，也許會與一些人合作，因此我們處於一個非常不同的位置，能夠在這些腳本轉換時利用這一優勢。

I would also note that of our millions of users, the percentage for which we have contactability is materially higher than it was in years past. So we also have the ability to directly communicate to the same consumers who are filling medications with us, and that was not the case, certainly not as ubiquitously last year as it is today.

我還要指出的是，在我們數百萬的用戶中，我們能夠聯繫到的用戶比例比過去幾年有了顯著提高。因此，我們也能夠直接與在我們這裡配藥的消費者進行溝通，而去年的情況並非如此，當然也不像今天那麼普遍。

You also did ask a question as it pertained to, I think, other retail closures. Look, what I would say is some of the others that you've pointed to, they've been in smaller pockets and largely those have been thinning in current markets such that the same retailer largely maintained those scripts and transfer them to themselves, which is also a far different scenario. So as to the few others that you pointed to, nothing material that we would have pointed out that created an impact to us from a closure perspective.

我認為您也確實問了一個與其他零售店關閉有關的問題。你看，我想說的是，你所指出的其他一些公司，它們的規模都比較小，而且在目前的市場中，它們的規模已經很小，以至於同一家零售商基本上維護了這些腳本並將其轉移給自己，這也是一種截然不同的情況。至於您指出的其他幾點，從結束的角度來看，我們認為沒有什麼實質的事項會對我們產生影響。

Thank you.

謝謝。

John Ransom, RJF.

約翰·蘭塞姆，RJF。

I'm just -- on the legacy business, the old model, as you know, was to aggregate all these PBM price outgos, mostly from the smaller PBMs. We're seeing the larger PBMs go to cost-plus pricing. CVS has said they want to have it all cost-plus next year as an example. What do you see with the small PBMs? Are they moving to cost-plus for their pharmacy networks? And if so, is that a good guy, a bad guy, or neutral for your legacy model?

我只是 — — 關於傳統業務，如您所知，舊模式是匯總所有這些 PBM 價格支出，主要來自較小的 PBM。我們看到較大的 PBM 正在採用成本加成定價。CVS 表示，他們希望明年能夠全面實施成本加成製。您對小型 PBM 有何看法？他們是否正在轉向藥局網路的成本加成模式？如果是這樣，那麼對於您的傳統模型來說，他是好人、壞人還是中立者？

Yeah, I appreciate the question. Good to hear from you, John. So to be clear, a significant percentage of our business today already runs on, cost plus rails. We're somewhat indifferent to the reimbursement mechanism to the pharmacy. So that actually is kind of the point of clarity there. This is about how the pharmacy gets paid, but it really doesn't overly influence how many drugs aren't covered at the end of the day. That's largely what drives the pool of opportunity for cash prescriptions.

是的，我很感謝你提出這個問題。很高興收到你的來信，約翰。因此需要明確的是，我們目前業務的很大一部分已經採用成本加軌道的方式運作。我們對藥局的報銷機制有些漠不關心。所以這其實就是一個清晰的點。這是關於藥房如何獲得報酬的問題，但它實際上並不會過度影響最終有多少藥物未被覆蓋。這在很大程度上推動了現金處方機會的出現。

And I would also point out that cost-plus or not cost-plus, when you're in a cost-plus environment, notably, most base prices tend to increase. And so as a result of that, there's also going to be more pressure on the consumer in their funded plan to create an opportunity for a cash prescription. And as you've kind of heard me outline in our first quarterly call, and we're continuing to use similar language, my overall vision for the company is that this cash offering of which we hold the number one position simply be a complement to insurance. It really shouldn't be an or. It should really run alongside as an and.

我還要指出的是，無論是否是成本加成，當你處於成本加成環境時，大多數基本價格往往會上漲。因此，消費者在其資助計畫中也將面臨更大的壓力，需要創造現金處方的機會。正如你們在我們第一次季度電話會議上聽到我所概述的那樣，而且我們繼續使用類似的語言，我對公司的總體願景是，我們佔據第一位置的現金發行只是對保險的補充。它確實不應該是一個或。它確實應該作為一個和一起運行。

And that is what we're doing by embedding as e-commerce partners with retailers such that it's just always going to present itself whenever it's more compelling, from a cost perspective, to utilize the cash benefit. And I would also remind you, given the pressure on price, what we know around so many brand medications is that there's almost 1 billion prescriptions per year that go unfilled due to price. And so again that just continues to create a pool of opportunity for us to go after from a cash perspective.

這就是我們所做的，我們作為電子商務合作夥伴與零售商合作，這樣，從成本角度來看，只要利用現金收益更有吸引力，它就會隨時出現。我還要提醒您，考慮到價格壓力，我們知道，對於許多品牌藥物，每年有近 10 億張處方因價格原因而無法配藥。因此，從現金角度來看，這又為我們創造了大量的機會。

Great. Thank you. And my other question, the old management team, so I won't put you -- make you responsible for this, but they were pretty excited about the theoretical opportunity with GLPs. But as you've seen, Novo has struck deals with (inaudible) and they struck deals with CVS. Is that -- I know you connect people to the Novo patient assistance programs, but is the GLP opportunity still out there to be had? Or is that just maybe not going to happen?

偉大的。謝謝。我的另一個問題是，關於舊的管理團隊，我不會讓您負責這件事，但他們對 GLP 的理論機會感到非常興奮。但如您所見，Novo 已經與（聽不清楚）達成了交易，並且他們與 CVS 達成了交易。那是——我知道您將人們與 Novo 患者援助計劃聯繫起來，但 GLP 機會仍然存在嗎？或者這也許根本不會發生？

No, it absolutely continues to be an opportunity. And again, I very much appreciate the question. So let's start first with kind of grounding in what is happening with Novo and Lilly today. So they've both created their own direct programs with their own direct discounted price. And to be clear, the partnerships that have been announced are largely with telemedicine pharmacies or pharmacies, inclusive of CVS, whereby those pharmacies are effectively redirecting the script to those direct programs at the manufacturer offered price. Having said that, we are continuously dialoguing with Novo and Lilly all the way at the top around how we can continue to be of assistance. So yes, their affordability programs are already embedded in our platform such that we are helping them engage consumers to get to their affordability programs.

不，這絕對仍然是一個機會。我再次非常感謝你提出這個問題。那麼，讓我們先來了解一下 Novo 和 Lilly 目前的情況。因此，他們都創建了自己的直接計劃，並製定了自己的直接折扣價。需要明確的是，已宣布的合作關係主要是與遠距醫療藥房或包括 CVS 在內的藥房建立的，這些藥房實際上是按照製造商提供的價格將處方重新定向到那些直接項目。話雖如此，我們仍在與 Novo 和 Lilly 高層進行持續對話，探討如何繼續提供協助。是的，他們的可負擔計劃已經嵌入到我們的平台中，以便我們可以幫助他們吸引消費者參與他們的可負擔計劃。

Clearly, we're not a fulfilling pharmacy, so the ability to actually fulfill those scripts isn't an opportunity for us, and they're doing it through either their own pharmacy or a few select home delivery pharmacies today. So that's how they're approaching the program. And again, I want to be clear, though, that through those programs, it is their own discounted price that only they are honoring. No one at present has a discounted cash point-of-sale buy down price. I continue to believe there absolutely is an opportunity to get that. But I also believe it's going to take time for more molecules to launch to put pressure on those manufacturers to produce a cash price buy down at point of sale.

顯然，我們不是一家能夠滿足客戶需求的藥店，因此，實際上滿足這些處方的能力對我們來說不是一個機會，而他們今天要么通過自己的藥房，要么通過少數幾家精選的送貨上門藥店來實現這一點。這就是他們實施該計劃的方式。不過，我想再次明確指出，透過這些計劃，只有他們自己才能享受到折扣價。目前還沒有人提供折扣現金銷售點購買價格。我始終相信絕對有機會實現這一目標。但我也相信，推出更多分子需要時間，以向這些製造商施加壓力，迫使其在銷售點進行現金價格收購。

Now having said that, with the two large manufacturers out there today, I think it'll probably be evident which one would likely be more receptive to a cash price, just knowing where they sit from a market position, and I would leave you with this that those are the conversations we're having.

現在話雖如此，但鑑於目前市場上有兩家大型製造商，我想很明顯哪一家可能更容易接受現金價格，只要知道他們的市場地位，我想告訴你們的是，這些就是我們正在進行的對話。

I additionally have asked both of these manufacturers why, from a consumer experience perspective, even with their direct programs, they wouldn't want to embed those direct programs directly on the GoodRx platform. If you think about it from a consumer perspective, nobody wants to have to go to 10 different places to get their basket of drugs. And while I applaud both of these manufacturers for putting a lower price point in market through their direct offering, it's still asking consumers to go through a different experience to get those drugs, and at the end of the day, the basket of drugs just doesn't look like that. It's not specific to one manufacturer.

我還詢問了這兩家製造商，從消費者體驗的角度來看，為什麼即使他們有直接計劃，他們也不想將這些直接計劃直接嵌入 GoodRx 平台。如果從消費者的角度考慮，沒有人願意去 10 個不同的地方購買藥品。儘管我讚賞這兩家製造商透過直接提供的方式在市場上降低價格，但這仍然要求消費者透過不同的體驗來獲得這些藥物，而到最後，一籃子藥物看起來並不像那樣。它並不特定於某個製造商。

So we are also in conversations to potentially embed some of their programs with us, which I think should also be the long-term goal because we know that we've got over 2.5 million consumers on our site in any given quarter, and that number is a specific and accurate to our first quarter searching for these GLP-1 drugs.

因此，我們也在討論將他們的一些項目嵌入到我們項目中的可能性，我認為這也應該是我們的長期目標，因為我們知道在任何一個季度我們的網站上都有超過 250 萬消費者，這個數字對於我們第一季度搜尋這些 GLP-1 藥物來說是一個具體而準確的數字。

So in summary, John, I would say the opportunity continues to be a large one. But we also are pushing hard for a true cash discounted price that we can buy down at the point of sale, and right now, neither manufacturer is doing that.

總而言之，約翰，我想說這個機會仍然很大。但我們也在努力爭取真正的現金折扣價，以便我們可以在銷售點購買，但目前，兩家製造商都沒有這樣做。

Thanks so much, Wendy.

非常感謝，溫迪。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Thanks for taking the questions. Maybe to follow up on John's question there, when you just mentioned that the two large manufacturers for GLPs currently are not offering sort of this cash price, and the argument that you make to provide a better consumer experience certainly makes sense to me here. One of the reasons that they are not yet kind of moving forward with that, perhaps -- and I'm sure they would understand sort of wanting to provide patients with a better experience as well. What are some of the reasons they're providing that this is not the right time to do something like that yet?

感謝您回答這些問題。也許可以跟進約翰的問題，您剛才提到，目前兩家大型 GLP 製造商並未提供這種現金價格，而您提出的提供更好的消費者體驗的論點對我來說當然是有道理的。他們尚未推進這一進程的原因之一可能是——我相信他們也理解他們想要為患者提供更好的體驗。他們給出哪些理由來表明現在還不是做這種事的正確時機？

Yeah, I think the short answer is we're close. To be clear, they do see the value and also clearly understand that their patients, often with the script already in hand, are already looking on our GoodRx platform. I think it's for a couple of reasons. The first of which is, look, they pretty recently just came out of their supply shortage situation. Compounding pretty recently just effectively got put to bed. There have been a number of moving parts here. As such, their direct models continue to make a fair bit of sense. But very soon, they won't.

是的，我認為簡短的回答是我們已經很接近了。需要明確的是，他們確實看到了價值，也清楚地了解到他們的患者通常已經拿到了處方，並且正在我們的 GoodRx 平台上尋找。我認為這有幾個原因。首先，你看，他們最近剛擺脫了供應短缺的局面。最近，複利剛剛被有效地停止。這裡已經發生了許多活動部件。因此，他們的直接模式仍然相當有意義。但很快他們就不會這麼做了。

As more molecules continue to launch and there's more pressure in this class of drugs, that will change the dynamic just like it does in any class of drugs as more molecules launch, which is why I think we're going to be in a good position to take advantage of that.

隨著更多分子的不斷推出以及這類藥物面臨的壓力越來越大，這將改變藥物的動態，就像任何一類藥物隨著更多分子的推出而發生的變化一樣，這就是為什麼我認為我們將處於有利地位來利用這一點。

Okay. That makes sense. And I guess the other question, I think it was Lisa's question earlier was, you talked about sort of the opportunity with HCPs. If I remember, a year ago, I think the company had really talked about that the top 10 percentile of ACPs in the network were already driving something like 50% of the max for GoodRx. Is that still the case? And so it seemed like that was the focus already last year.

好的。這很有道理。我想另一個問題是，我想這是麗莎之前提出的問題，您談到了與 HCP 合作的機會。如果我沒記錯的話，一年前，我認為公司確實討論過網路中排名前 10% 的 ACP 已經為 GoodRx 帶來了 50% 左右的最大值。現在還是這樣嗎？所以這似乎已經成為去年的焦點。

Just trying to understand what wasn't working last year to drive that further because it seemed like if you get that next 20%, next (inaudible) to perform at the first, that would be a meaningful increase. I'm just curious, what are you looking to do differently now that maybe you weren't doing last year?

只是想了解去年什麼沒有進一步推動作用，因為看起來如果你獲得接下來的 20%，接下來（聽不清楚）的表現，那將是一個有意義的成長。我只是好奇，您現在想做哪些與去年不同的事？

Yeah. No, good question. Look, first of all, Scott is pretty new in role, as I mentioned. But as we continue to look at the number of HCPs that are engaged with us. So let's just start with this year. We've already had over 750,000 unique physician and prescriber NPIs engaged on the platform. So we know that there continues to be more opportunity to engage directly. And of course, you heard us quote that over 1 million in 2024 were engaged.

是的。不，好問題。首先，正如我所提到的，史考特在這個角色上還很新。但隨著我們繼續關注與我們合作的 HCP 的數量。那我們就從今年開始吧。我們的平台上已經有超過 75 萬名獨特的醫生和處方者 NPI 參與。因此我們知道，直接參與的機會仍然更多。當然，您也聽到我們說過，到 2024 年，訂婚人數將超過 100 萬人。

What we know is that that particular audience has over 90% awareness of our brand. And so said differently, with what we're doing today, I think you've heard us talk about HCP mode on our platform. We believe that there's a larger opportunity to take advantage of their presence on our pages in partnership with pharma, and we simply aren't pulling that through today. I think it could look very different depending upon which specific strategies we pursue. We've got a list of several items at present that I would really like Scott to share on a future call. But primarily, this will involve partnering with pharma to pull through the engagement we already have with HCPs and monetizing that opportunity.

我們知道的是，特定受眾對我們品牌的認知度超過 90%。換句話說，就我們今天所做的事情而言，我想您已經聽到我們談論過我們平台上的 HCP 模式。我們相信，透過與製藥公司合作，我們有更大的機會利用它們在我們的頁面上的存在，但我們今天還沒有實現這一點。我認為，根據我們所採取的具體策略，情況可能會大不相同。我們目前列出了幾項內容，我非常希望史考特在未來的電話會議上分享這些內容。但首先，這將涉及與製藥公司合作，以鞏固我們與 HCP 之間的現有合作關係，並將此機會貨幣化。

Okay. Thank you. I look forward to hearing more about it later.

好的。謝謝。我期待稍後聽到更多相關資訊。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Thank you. Thanks for taking my questions. So I want to follow up on the guidance commentary on having comfort with the lower half of range. How much of that is driven by PMS business? You talked about macro environment. Can you be a little bit more specific? Have you seen any cautionary form my behavior or less willingness to spend? Or is it that that you want to be more prudent, given all the uncertainty?

謝謝。感謝您回答我的問題。因此，我想跟進關於對下半範圍感到滿意的指導性評論。其中有多少是由 PMS 業務推動的？您談到了宏觀環境。能更具體一點嗎？您是否從我的行為中看到了任何警告或減少了消費意願？或者說，考慮到所有的不確定性，您想要更加謹慎嗎？

It's really the latter, Jailendra. So the way I think about revenue, and you mentioned the Pharma Solutions business, that's sort of a traditional selling cycle. So we have conversations with manufacturers, and what we're seeking to do is obviously not only expand the number of manufacturers we're working with, but obviously penetrate deeper into the drug portfolios of those manufacturers we're working with. And so those are that's a traditional selling cycle, where you're having conversations. You're deepening the relationship.

確實是後者，Jailendra。所以我對收入的看法，以及您提到的製藥解決方案業務，是一種傳統的銷售週期。因此，我們與製造商進行了對話，而我們尋求做的顯然不僅是擴大與我們合作的製造商的數量，而且顯然還要更深入地了解與我們合作的製造商的藥品組合。這就是傳統的銷售週期，您可以在其中進行對話。你們正在加深關係。

So we've got a funnel. We've got a pipeline funnel. We probability weighted. So that revenue sort of -- you fill and build, right? So you sort of fill the pipe, the funnel, the pipeline, and you bring those deals through the funnel. And so we have to sort of probability weight based on the pipeline at the beginning of the year. So revenue builds throughout the year.

因此我們有一個漏斗。我們有一個管道漏斗。我們進行了機率加權。那麼，這些收入都是你填補和建立的，對嗎？因此，您要填充管道、漏斗、管線，並透過漏斗促成這些交易。因此，我們必須根據年初的管道對機率權重進行排序。因此收入全年都在增加。

I feel a strong conviction that the Manufacturing Solutions business will be a 20% growth line of business for us. The 17% in the first quarter is sort of like on track for us because it'll build throughout the year. So right now, as we just build the revenue profile of the company, where I've got strong conviction in the lower half of that range, and then I think continuing to execute on the core, continuing to drive some of the strategic initiatives that Wendy had outlined, drives us to the upper part of the range.

我堅信製造解決方案業務將成為我們 20% 成長的業務線。第一季的 17% 對我們來說算是在正常範圍內，因為這一成長將在全年持續成長。因此現在，當我們剛剛建立公司的收入概況時，我堅信我們的收入將處於該範圍的下半部分，然後我認為繼續執行核心業務，繼續推動溫迪概述的一些戰略舉措，將推動我們達到該範圍的上半部分。

Thank you. And my follow up, MACs in the quarter at down mid-single-digit, slightly below street expectation. Not sure if anything to highlight there. On the flip side, you clearly saw some better unit economics, which is something you guys expected as a mix of lower margin pharmacies fall out of the system and drive more revenue per script. How should we think about MAC and revenue per MAC for the rest of the year? How much more runway is left in pushing that revenue per MAC metric higher from current levels?

謝謝。我的後續數據顯示，本季的 MAC 下降了中等個位數，略低於華爾街的預期。不確定是否有任何值得強調的地方。另一方面，您清楚地看到了一些更好的單位經濟效益，這是您所期望的，因為利潤率較低的藥局組合退出了系統，並帶來了每份處方更多的收入。我們該如何看待今年剩餘時間的 MAC 和每 MAC 收入？要將每 MAC 收入指標從目前水準推高多少，還剩下多少空間？

Yeah, I mean, so first of all, we appreciate you calling it out. We alluded to this back in February that we felt like -- I know probably miss the street's expectations. This is actually in line with our expectation around MAC. We knew based on some of our strategic alignment around balancing both retail profitability and economics with our core mission of ensuring that patients have access to medication at affordable pricing, right? There's a balance there. And so how we ultimately hit that equilibrium of balancing that equation, I think scripts continue to fall out of the system while that happens and then gets re-based, and then look, we want to be a growth company.

是的，首先，我們很感謝您提出這一點。我們在二月就提到這一點，我們覺得──我知道這可能沒有達到華爾街的期望。這實際上符合我們對 MAC 的預期。我們知道，根據我們的一些策略調整，我們要平衡零售獲利能力和經濟效益，我們的核心使命是確保患者能夠以可負擔的價格獲得藥物，對嗎？那裡有一個平衡。因此，我們如何最終達到平衡這個等式的平衡點，我認為腳本會繼續從系統中消失，然後重新建立，然後你看，我們想成為一家成長型公司。

Ultimately, we want to grow those scripts over the long term, but how that sort of lands is we're kind of -- I still think there's a little bit of headwind on sort of MAC volume. In terms of the ability to drive the margin profile of those scripts, I still think there's headroom. I think there's opportunity as we sort of still call out and optimize the right mix that will enhance that margin profile. I think continue to continue to enhance it, but look, the customer is always front and center of everything we're doing and trying to find that equilibrium and working with our retail partners, but both have to be true. We have to achieve our core mission of making drugs accessible and affordable, but we need a healthy retail network out there, so we want to align to their economics as well.

最終，我們希望長期發展這些腳本，但如何實現這一點是我們有點——我仍然認為 MAC 數量方面存在一些阻力。就推動這些腳本的利潤率的能力而言，我仍然認為還有發展空間。我認為，我們仍然有機會，因為我們仍然在呼籲和優化正確的組合，以提高利潤率。我認為會繼續加強這一點，但是，客戶永遠是我們所做一切的中心，我們試圖找到這種平衡並與我們的零售合作夥伴合作，但兩者都必須是真實的。我們必須實現我們的核心使命，即讓藥品變得易於獲取且價格合理，但我們需要一個健康的零售網絡，因此我們也希望與他們的經濟狀況保持一致。

So that's the strategy over the long term. We think that will add, the most value to us. But in the meantime, it's probably a little headwind on MAC.

這就是長期戰略。我們認為這將為我們帶來最大的價值。但同時，這對 MAC 來說可能是一個小小的阻力。

Great. Thank you.

偉大的。謝謝。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Great. Thanks. Wendy, can you touch on capital allocation? You've been buying back stock and understanding the multiple flow. At the same time, there's a discussion here kind of wanting to be a growth company. So how are you thinking about kind of the current portfolio as it is? Are there any other capabilities from a talking perspective that you would consider?

偉大的。謝謝。溫迪，您能談談資本配置嗎？您一直在回購股票並了解多重流程。同時，這裡也有關於希望成為成長型公司的討論。那麼您如何看待當前的投資組合？從談話的角度來看，您還會考慮其他能力嗎？

Yeah, I mean, I'll take a step first and let Wendy weigh in. So in terms of capital allocation priorities, obviously, we're investing in our business. I mean, in terms of you look at our capitalized software continues to go up, we're continuing to build out suite of capabilities as we integrate further and deeper with both on the pharma side and tie it back to the retail network. So we'll continue to spend money on ourselves, first and foremost.

是的，我的意思是，我會先踏出一步，讓溫蒂權衡一下。因此，就資本配置優先順序而言，顯然我們正在投資我們的業務。我的意思是，從你的角度來看，我們的資本化軟體正在不斷增長，我們正在繼續建立一系列功能，因為我們與製藥方面的整合更加深入，並將其與零售網絡聯繫起來。因此，我們首先會繼續把錢花在自己身上。

And then look, absent other sort of strategic opportunities that come up, given the stock price, certainly where it is, we'll continue to put money back into stock repurchases. It's just, to us, it's highly agreed to the stock's undervalued. And so in terms of returning excess cash to stakeholders, right now, we'll continue to execute against share repo.

然後看看，如果沒有出現其他策略機會，考慮到股價，當然是現在的水平，我們將繼續把資金投入股票回購。只是，對我們來說，非常同意該股票被低估了。因此，在向利害關係人返還多餘現金方面，目前，我們將繼續執行股票回購。

Great. And then just as a follow-up, if you're able to do 20% growth in (inaudible), I mean that's a very good outcome, particularly given some of the uncertainty in the pharma. So can you maybe just talk about what that represents just from a greenfield perspective for you guys, kind of where you're at with that business and the ability for kind of penetration to be able to drive that type of growth?

偉大的。然後作為後續問題，如果你能夠實現 20% 的成長（聽不清楚），那是一個非常好的結果，特別是考慮到製藥業的一些不確定性。那麼，您能否從綠地的角度談談這對你們來說意味著什麼，你們在該業務上的進展如何，以及滲透力如何推動這種成長？

Yeah, so we don't -- this is Wendy. We don't specifically call out by brand, by manufacturer, obviously, publicly. What I will tell you is the pipeline is robust. There does continue to be a significant amount of room for growth. We remain convicted at 20% plus for this year.

是的，所以我們不知道——這是溫迪。顯然，我們不會公開具體點名品牌或製造商。我要告訴你的是，這條管道非常堅固。確實還有很大成長空間。今年我們的定罪率仍為 20% 以上。

What we also know is that we're continuing to expand not just the list of brands, which is a combination of affordability programs, ad media. We're also continuing to expand those point-of-sale direct MSA cash buy downs, which involve directly negotiating with the manufacturer. And what we're proving over and over again is an incredibly strong ROI. So what I'm equally excited about is we're delivering results to the partners we already have. They're broadening their portfolio with us. So it's also going deeper with those same manufacturers, and we're continuing to increase the deal size with each of those partners. So that's really where the headroom sits, and we continue to be incredibly bullish on that opportunity.

我們也知道，我們正在繼續擴大的不僅僅是品牌名單，還包括可負擔計劃和廣告媒體的組合。我們也將繼續擴大那些銷售點直接 MSA 現金購買，這涉及直接與製造商談判。我們一次又一次證明了我們擁有令人難以置信的強勁投資回報率。因此，同樣讓我興奮的是，我們正在為現有的合作夥伴帶來成果。他們正在與我們一起擴大他們的投資組合。因此，我們與這些製造商的合作也不斷加深，我們將繼續增加與每個合作夥伴的交易規模。所以這確實是發展空間所在，我們還是非常看好這個機會。

Thank you.

謝謝。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

I have a question, just to make sure I'm thinking about something right. I wanted to talk about Medicare, and with the benefit changes that kick in this year with the maximum amount of pockets, I would have imagined you would have had Medicare beneficiaries in prior years that hit the -- I guess, they hit the catastrophic phase that then had a co-insurance payment where they might have tried to use a GoodRx card. And now that they're going to have a maximum amount of pocket, they're going to get to the second quarter, third quarter of this year, and they're not going to have an out of pocket component where they might have been looking to use a cash pay card or discount card.

我有一個問題，只是想確保我所思考的事情是正確的。我想談談醫療保險，隨著今年福利變化的實施，以及最高額度的自付額，我可以想像前幾年醫療保險受益人會遇到這種情況——我想，他們進入了災難性階段，然後需要共同支付保險費，他們可能會嘗試使用 GoodRx 卡。現在，他們的自付費用將達到最高限額，到今年第二季度和第三季度，他們將不再需要自付費用，而他們可能希望使用現金支付卡或折扣卡。

I understand the complexities with GoodRx as it relates to Medicare and other government paid businesses, but I guess, is there any dynamic that you're seeing there in the Medicare population? And maybe just remind us what your exposure was to Medicare users before the -- at the end of '24, at the start of '25.

我了解 GoodRx 與醫療保險和其他政府支付業務相關的複雜性，但我想，您是否在醫療保​​險人群中看到了什麼動態？也許只是提醒我們一下您在 24 年底和 25 年初之前對醫療保險用戶的接觸。

Sure, I appreciate the question. It's good to hear from you. So about less than 30% of our users are Medicare eligible. But to be clear, about 2% to 3% tend to hit their MAC or their maximum out of pocket or deductible pay. So I think that the bigger point to think about, regardless of the closing of the donut hole, is that there will continue to be pressure on these same consumers for where they're spending their dollars. And ultimately, Medicare is also going to be limited on what drugs they, in fact, do cover.

當然，我很感謝你提出這個問題。很高興收到你的來信。因此，大約不到 30% 的用戶符合醫療保險資格。但需要明確的是，大約 2% 到 3% 的人往往會達到他們的 MAC 或最高自付額或免賠額。因此，我認為，無論甜甜圈洞是否能填補，更重要的問題是，這些消費者在花錢方面仍將繼續面臨壓力。最終，醫療保險實際上涵蓋的藥物範圍也將受到限制。

So there is always going to be a large, large list of drugs that are not covered regardless of what the out of pocket is for those that are in fact covered. And so we really don't see a headwind pertaining to this. We continue to see the overall opportunity for cash use, respective -- or irrespective of whether or not someone is Medicare eligible, is growing.

因此，無論實際受保藥物的自付費用是多少，總會有一大堆不屬於健保範圍的藥物。因此，我們確實沒有看到與此相關的阻力。我們繼續看到，無論某人是否有資格享受醫療保險，使用現金的整體機會都在增長。

Yeah, George, just to put a fine point on what Wendy said, when you think about less than a third of our business are Medicare eligible and our data showing less than 3% of those actually hit their MOOP or their max out of pocket, that if you extrapolate those two, it's less than 1% of the impact on us for closing that doughnut hole.

是的，喬治，我只是想對溫迪說的話做一個補充，當你想到我們公司中只有不到三分之一的人有資格享受醫療保險，而我們的數據顯示其中只有不到 3% 的人真正達到了他們的 MOOP 或最高自付額，如果你將這兩個數字推算出來，那麼彌補這個漏洞對我們產生的影響還不到 1%。

Yeah, maybe if I could have a quick follow-up, you guys have the biosimilar strategy going on with Humira and Boehringer. I guess can you talk about how effective that's been given the initiatives by PBMs to be pretty restrictive in the channel? Has that been a tailwind or headwind to execution there?

是的，如果我可以快速跟進一下，你們正在與 Humira 和 Boehringer 合作實施生物相似藥策略。我想您能否談談 PBM 採取的措施在頻道上進行嚴格限制的效果如何？這對於執行來說是順風還是逆風？

Oh gosh, I appreciate the question. I mean, I think we've seen reasonable uptake on pricing on the biosim. I mean, I think we continue to believe that biosims represent in general and align with our affordability narrative. So to the extent we can continue to obtain favorable pricing on any of those molecules, we want them to be available on our platform. I think it's the short answer because it conveys a better price point to consumers, and we know overall, particularly in that [RA] and derm category, where biosims first launched, that the uptake in percentage of overall sales of biosims has been increasing nicely.

喔天哪，我很感謝你提出這個問題。我的意思是，我認為我們已經看到生物相似藥定價的合理上漲。我的意思是，我認為我們仍然相信生物相似藥總體上代表了我們的可負擔性敘述並與之相符。因此，只要我們能夠繼續獲得任何分子的優惠價格，我們希望它們能夠在我們的平台上銷售。我認為答案很簡單，因為它向消費者傳達了更好的價格點，而且我們總體上知道，特別是在生物類似藥首次推出的 [RA] 和皮膚類別中，生物類似藥在整體銷售額中的佔比一直在穩步增長。

So given that, I think we will continue to pursue contract and pricing for any class of biosims where it makes sense for us.

因此，鑑於此，我認為我們將繼續尋求對我們有意義的任何類別的生物相似藥的合約和定價。

Thank you.

謝謝。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Thanks. Thanks for taking the question. So yeah, there was a question earlier on the revenue per MAC, which I think you kind of answered in sort of talking more about margin. But by our math, I was up about 7% year over year, and it was actually the first time in years that actually went up. I was just curious if there were any other factors that that drove that metric besides what kind of Jailendra alluded to earlier. I'm wondering, first, was there a shift in mix to higher price drugs this year? Are you may be seeing more brand volume versus generic? And I guess also, are you seeing just generic inflation in the overall market this year? Just curious if there's any other variables driving that 7% growth in that revenue per MAC. Thanks.

謝謝。感謝您回答這個問題。是的，之前有一個關於每 MAC 收入的問題，我認為您在談論利潤率時已經回答了這個問題。但根據我們的計算，我的收入同比增長了約 7%，這實際上是多年來第一次實現增長。我只是好奇，除了 Jailendra 之前提到的因素之外，是否還有其他因素影響了這個指標。我想知道，首先，今年的藥品組合是否轉向了高價藥品？您是否看到品牌銷售比通用銷售更大？我還想問，您是否看到今年整體市場只是一般性的通貨膨脹？我只是好奇是否還有其他變數推動每台 MAC 營收成長 7%。謝謝。

Yeah. Thanks, Steve. I mean, I think you've sort of answered it. I think it's all of the above. It's mix shift. It's higher drug use. It's inflation. It's just -- there's nothing other than that that I would call out specifically that's driving it other than sort of just a mixed bag of the factors you've kind of highlighted.

是的。謝謝，史蒂夫。我的意思是，我認為你已經回答了這個問題。我認為以上都是。這是混合轉變。藥物使用率較高。這就是通貨膨脹。只是——除了您所強調的各種因素之外，沒有什麼可以特別指出的因素在推動這一進程。

Okay. Got it. Okay. That's it for me. Thanks.

好的。知道了。好的。對我來說就是這樣。謝謝。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Thanks for taking the questions. I want to follow up on Steven and Jailendra's question. Wendy, at the top of the call, I think that you mentioned that there are higher prices in the GoodRx app. I just want to check to see if that is driving maybe the higher revenue per MAC at all.

感謝您回答這些問題。我想跟進 Steven 和 Jailendra 的問題。溫迪，在通話開始時，我認為您提到過 GoodRx 應用程式中的價格更高。我只是想檢查一下這是否真的能提高每台 MAC 的收入。

And then last quarter, during the call, you talked about store closures potentially driving the MAC lower. As we think about higher prices and store closures, is there any way to bifurcate between those two what's driving the MAC in 1Q? Thanks.

上個季度，在電話會議中，您談到了商店關閉可能會導致 MAC 下降。當我們考慮價格上漲和商店關閉時，有沒有辦法區分這兩者是第一季 MAC 的驅動因素？謝謝。

Yeah. No, I wouldn't call out a delineation between those two items you just noted. I mean, the primary driver is the makeshift to higher margin. Our access at the pharmacy counter is, again, we seek to bolster and enable the retail pharmacy so they can continue to fill these prescriptions. But to be clear, we're absolutely balancing that with a competitive and fair price for the consumer. It's just in some instances it might look a little higher than say it did three months ago but still wildly competitive when you contemplate a cash price as a compliment to insurance. But that is the primary driver.

是的。不，我不會指出你剛才提到的那兩項之間的差異。我的意思是，主要的驅動力是提高利潤率的權宜之計。我們再次尋求加強和支持零售藥局，以便他們能夠繼續配藥。但要明確的是，我們絕對會在價格與消費者有競爭力且公平的價格之間取得平衡。只是在某些情況下，它可能看起來比三個月前略高一些，但當你考慮將現金價格作為保險的補充時，它仍然非常有競爭力。但這是主要驅動力。

Okay. Thank you very much. And then for my follow-up, the VCRx acquisition in the quarter, can you talk about that a little bit? Is there anything you could share around how many members, how much revenue? And then are the members that you added there included in the MAC at the end of the quarter? Thanks.

好的。非常感謝。然後對於我的後續問題，本季的 VCRx 收購，您能稍微談談嗎？能分享一下有多少會員、有多少收入嗎？那麼，您在那裡新增的成員是否包含在季度末的 MAC 中？謝謝。

Yeah, so in terms of the total revenue profile, it's immaterial as we call that in the queue, but this was a strategic retail partner that had a cash pay program, and it's private labeled. So this is really as much about deepening our relationship with that partner and some of the other offerings that we've kind of highlighted and announced with this partnership. So it's less of about a contribution of revenue and more about deepening a relationship with that strategic partner.

是的，就總收入狀況而言，正如我們在隊列中所說的那樣，這並不重要，但這是一個擁有現金支付計劃的策略性零售合作夥伴，並且是私人品牌。因此，這實際上是為了加深我們與該合作夥伴的關係，以及我們透過這種合作強調和宣布的一些其他產品。因此，這不僅關乎收入貢獻，更重要的是深化與策略夥伴的關係。

Great. Thank you.

偉大的。謝謝。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Congrats on a nice quarter. Maybe just one for me here on the margin side. As you think about the strong EBITDA performance both in the quarter embedded in the guidance going forward, having taken the full range out for the year, how do you think about the moving pieces for what's in your control versus market oriented? What I try to mean by that is, are you seeing a -- how much is a combination of better pull through on your revenue line items, your improvements year over year versus cost containment issues you're pursuing so we can understand the durability of what's obviously been still a fairly strong EBITDA margin beyond this year?

恭喜本季取得良好業績。也許這裡的邊緣部分對我來說只有一個。當您考慮到本季度的強勁 EBITDA 表現（包含在未來指引中）以及全年的全部範圍時，您如何看待您能控制的因素與市場導向的因素？我想說的是，您是否看到了——您的收入項目、逐年改進與您正在追求的成本控制問題之間的綜合改善程度有多大，以便我們能夠了解今年之後顯然仍然相當強勁的 EBITDA 利潤率的持久性？

Yeah, so it's certainly a mix of both in terms of revenue and the cost side of the equation, and I don't have a specific breakout of contribution that's driving that, the uplift and the EBITDA and margin profile and the percentage. But what I would say is, in terms of what you asked about what levers in our control, obviously, the revenue side's a little -- there are components of that that are less within our control. Obviously, there's a lot going on. I can't remember a year quite like this in terms of trying to plan and predict in terms of volatility and consistency and those things.

是的，所以從收入和成本來看，這肯定是兩者的混合，而且我沒有具體的貢獻來推動這一點，提升和 EBITDA 和利潤率狀況和百分比。但我想說的是，就您問到的我們能控制哪些槓桿而言，顯然收入方面有一點——其中有些部分是我們不太能控制的。顯然，有很多事情正在發生。我不記得有哪一年像今年一樣，在規劃和預測波動性和一致性等方面做出瞭如此大的貢獻。

So I certainly feel like I got a lot more control and more levers to control on the cost side, and I do -- so I think, from a mixed perspective, I think there's more levers to control there. And I think it'll bounce around a little bit. We have some elective spending, I think, we'll do in the second half of the year.

因此我確實覺得我在成本方面擁有了更多的控制權和更多的控制槓桿，而我確實如此——所以我認為，從混合的角度來看，我認為那裡有更多的控制槓桿。我認為它會稍微反彈。我認為，我們會在下半年進行一些選擇性支出。

Wendy mentioned continuing to reinvest in our brand, so I think we'll see a little bit of marketing spin pick up as the plan right now is a little light in the first quarter, but I think we'll pick that up in the in the second half, offset by some operational efficiencies, which we'll continue to press on. I mean, we're just really rolling up our sleeves there, so I think there's probably more offsets to be done there.

溫蒂提到要繼續對我們的品牌進行再投資，所以我認為我們會看到一些行銷活動回升，因為目前計劃在第一季有點輕鬆，但我認為我們會在下半年回升，並透過一些營運效率的提高來抵消，我們將繼續努力。我的意思是，我們真的在那裡擼起袖子加油乾，所以我認為那裡可能還有更多的補償工作要做。

So we're committed to being good stewards of shareholder money. We'll operate the business as efficiently as possible, but we're absolutely going to invest in our brand and initiatives that drive future growth of the company. So a little bit -- of a lot more control, I'd say, on that side of the equation.

因此，我們致力於做好股東資金的管理。我們將盡可能有效率地經營業務，但我們絕對會投資我們的品牌和推動公司未來發展的舉措。所以我想說，在這個等式的這一邊，控制力會比較強。

And I would just add, as we think about the strategic opportunities that I believe Lisa may have asked about at the top of the call when we opened Q&A, and I was also very purposeful in my remarks on using the word durable. A lot of where we're investing are in strategic initiatives that deepen a partnership, whether it's with pharma, the PBM, or the retailer that becomes a little more difficult to unwind when you're conveying value to all parties in a meaningful way and given our brand presence, the way we attract consumers.

我想補充一點，當我們思考戰略機會時，我相信麗莎在我們開始問答時可能已經詢問過這個問題，而且我在講話中也非常有目的地使用了“持久”這個詞。我們投資的許多領域都是深化合作夥伴關係的策略性舉措，無論是與製藥公司、PBM 還是零售商的合作夥伴關係，當你以有意義的方式向所有各方傳達價值時，考慮到我們的品牌影響力和吸引消費者的方式，解除合作夥伴關係會變得更加困難。

I'm thinking about this in terms of what could a competitor come in and do and potentially supplant. It becomes a little more difficult with the way we're building some of the things we're talking about becoming the digital front door and partner. And the brand value that we're conveying, a number of our competitors don't have to be able to share with retailers or to wrap to those non-covered offerings inside PBM. So that's how we're thinking about our strategic pillars. And the word durable, again, was used purposefully for that very reason because I want these things to become more in our control and more difficult to replace for our partners.

我正在考慮這個問題，看看競爭對手會做什麼，並有可能取代我們。隨著我們建立我們正在談論的一些東西成為數位前門和合作夥伴的方式變得有點困難。而我們所傳達的品牌價值，我們的許多競爭對手都無法與零售商分享，也無法將其包裝到 PBM 內部未涵蓋的產品中。這就是我們對戰略支柱的思考。再次強調，「持久」這個詞正是出於這個原因而特意使用的，因為我希望這些事情能夠更好地在我們的控制之下，並且對我們的伴侶來說更難取代。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Thanks for taking in the question, and congrats on the strong quarter here. We've seen a pretty significant expansion of direct-to-consumer distribution of GLP-1s via NovoCare and LillyDirect. I'm curious, as you think about growth in Pharma ManSo and your relationships with Nova and Lilly, if there's an opportunity to become a kind of bigger front door to some of those direct-to-consumer cash pay only programs, whether through Novo or LillyDirect and particularly thinking about your telehealth assets combined with your pharma distribution strength there. Thanks.

感謝您回答這個問題，並祝賀本季業績強勁。我們已經看到透過 NovoCare 和 LillyDirect 直接面向消費者的 GLP-1 分銷業務顯著擴張。我很好奇，當您考慮 Pharma ManSo 的成長以及您與 Nova 和 Lilly 的關係時，是否有機會成為一些直接面向消費者的現金支付計劃的更大門戶，無論是透過 Novo 還是 LillyDirect，特別是考慮到您的遠距醫療資產與您在那裡的醫藥分銷實力相結合。謝謝。

Yes. It's as if you've been sitting in some of my strategic conversations, timely question. The short answer is, yes, we agree with you. We're having the same conversations with the manufacturers you note and potentially others that may have molecules either in this particular class or in classes that lend themselves to direct programs because we know that when any type of program is embedded in our platform compared to a distinct and separate environment that pharma has, it can be anywhere from 5, 10, to 15 times the lift through us as compared to that unique manufacturer program, again, just because there isn't a lot of consumer awareness on how to utilize those platforms.

是的。就好像你一直在參加我的一些策略對話，及時提出問題。簡短的回答是，是的，我們同意你的看法。我們正在與您提到的製造商以及其他可能擁有此類分子或適合直接程序的類別的製造商進行同樣的對話，因為我們知道，當任何類型的程序嵌入到我們的平台中時，與製藥公司擁有的獨特而獨立的環境相比，與那個獨特的製造商程序相比，通過我們獲得的提升可以是 5、10 到 15 倍，同樣如何利用這些平台的消費者並不對多。

And we've already got the trust and engagement of not only the consumer, but I think it's important to also note the HCP. And that, again, is something we alluded to earlier. They also are looking at these price points in office trying to assist their patients, and we believe that continues to be a pretty large opportunity that candidly, we've not monetized as well as we should. And so you heard me allude to what will be a much larger strategy there as well.

我們不僅已經贏得了消費者的信任和參與，而且我認為關注 HCP 也很重要。這也是我們之前提到的事情。他們也在辦公室裡關注這些價格點，試圖幫助他們的患者，我們相信這仍然是一個相當大的機會，坦白說，我們還沒有充分地將其貨幣化。所以你們聽到我提到了那裡將會有一個更大的戰略。

And we do have a partnership with a telehealth provider. We partner with (inaudible). We also think there's an opportunity to better leverage that partnership should we contemplate becoming more of that all-encompassing telehealth, taking care of the visit in addition to servicing the script.

我們確實與遠距醫療提供者建立了合作關係。我們與（聽不清楚）。我們還認為，如果我們考慮提供全方位的遠距醫療服務，除了提供腳本服務外，還負責訪問，那麼就有機會更好地利用這種合作關係。

Thank you.

謝謝。

And I would now like to turn the call back to Wendy for closing remarks.

現在我想請溫迪做最後發言。

Thank you, and sincere thanks to everyone for joining us today. GoodRx has an exceptional value proposition and market position. We deeply understand the interconnected business relationships that drive consumer medication access and affordability, and we are ideally positioned to deliver value to all of our stakeholders by fulfilling our brand purpose to the end consumer, which is especially important during times of economic and retailer uncertainty. Thank you again for joining us today.

謝謝，也真誠感謝大家今天的參加。GoodRx 具有卓越的價值主張和市場地位。我們深刻理解推動消費者獲得和負擔得起藥物的相互關聯的業務關係，並且我們處於理想的位置，透過向最終消費者實現我們的品牌宗旨，為所有利益相關者創造價值，這在經濟和零售商不確定的時期尤為重要。再次感謝您今天加入我們。

And 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。