GoodRx Holdings Inc (GDRX) 2025 Q2 法說會逐字稿

Hello and welcome to GoodRX Second quarter 2025 conference call and webcast. (Operator Instructions)

您好，歡迎參加 GoodRX 2025 年第二季電話會議和網路廣播。（操作員指示）

I would now like to turn the conference over to Aubrey Reynolds. You may begin.

現在我想將會議交給奧布里·雷諾茲。你可以開始了。

Welcome to GX's earnings conference call for the 2nd quarter 2025. Joining me today are Wendy Barnes, our Chief Executive Officer, and chief Chris Mingus, our Chief Financial Officer.

歡迎參加 GX 2025 年第二季財報電話會議。今天與我一起的還有我們的執行長溫蒂巴恩斯 (Wendy Barnes) 和財務長克里斯明格斯 (Chris Mingus)。

Before we begin, I'd like to remind everyone that this call will contain forward-looking statements.

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。

All statements made on this call that do not relate to matters of historical fact, should be considered forward-looking statements.

本次電話會議中所有與歷史事實無關的陳述均應視為前瞻性陳述。

Including without limitations, statements regarding management plans, strategies, goals and objectives, or market opportunity, or financial, anticipated financial performance, underlying underlying trends in our business and industry, including ongoing changes in the pharmacy ecosystem.

包括但不限於有關管理計劃、策略、目標和宗旨、市場機會、財務、預期財務業績、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）的聲明。

Our value proposition, our long term growth prospects, our direct and hybrid contracting approach, collaborations and partnerships with third parties, including our consumer direct price points and our integrated savings program.

我們的價值主張、我們的長期成長前景、我們的直接和混合承包方式、與第三方的合作和夥伴關係，包括我們的消費者直接價格點和我們的綜合儲蓄計劃。

Our e-commerce strategy and our capital allocation priorities.

我們的電子商務策略和資本配置重點。

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors.

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。

These factors, including the factors discussed in our risk factor section of our annual report on the form 10K for the year ended December 31, 2024, and our other other filings with the Securities and Exchange Commission could cause actual results, performance, or achievements to differ materially from from those expressed or implied by the forward-looking statements made on this call.

這些因素，包括我們截至 2024 年 12 月 31 日的年度報告 10K 表格中的風險因素部分所討論的因素，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。

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-gap metrics in today's remarks.

此外，我們將在今天的發言中參考某些非差距指標。

We have reconciled each non-gap 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. GutterX.com.

我們已將公司收益新聞稿中的每個非差距指標與最接近的 GAAP 指標進行協調，該新聞稿可在我們投資者關係網站的投資者概覽頁面上找到。GutterX.com。

I'd also like to remind everyone that a replay of this call will become available there shortly as well. With that, I'll turn it over to Wendy's.

我還想提醒大家，這次通話的重播也將很快在那裡提供。說完這些，我就把話題轉交給溫蒂。

Thank you, Aubrey, and thanks to everyone joining us. Our business continues to deliver strong adjusted EID margins, and our team is executing on a number of fronts that we believe will help deliver long-term growth opportunities.

謝謝你，奧布里，也謝謝大家的參與。我們的業務繼續提供強勁的調整後 EID 利潤率，我們的團隊正在多個方面執行我們認為將有助於提供長期成長機會的措施。

During the 2nd quarter, we remained focused on the key initiative designed to better position the company for sustainable long-term growth, to highlight a few. In pharma manufacturer solutions, we continue to strengthen key relationships with pharma manufacturers while also expanding our share of wallet across their market access, consumer marketing, and HTP budgets. Our monetization per brand has increased significantly year over year as we demonstrated our return on investment for brands and helped grow pharmas direct patient engagement strategies for access and affordability. These efforts drove 32% year over year revenue growth during the quarter. We believe this offering will continue to perform at similar levels throughout the rest of 2025, especially bolstered by recent trends of top pharma companies adopting direct to patient and consumer pricing models. In prescription marketplace, we made strong progress to align with our retail partners. Since we last spoke, we have signed several retailer partnerships where our discounted pricing is presented to consumers on the pharmacy counter. Also, we launched e-commerce solutions with an additional retailer and are in contract discussions for several more. We look forward to announcing more detail behind these partnerships in the coming weeks.

在第二季度，我們仍然專注於旨在使公司更好地實現可持續長期成長的關鍵舉措，僅舉幾例。在製藥商解決方案中，我們繼續加強與製藥商的關鍵關係，同時擴大我們在其市場准入、消費者行銷和 HTP 預算方面的份額。由於我們展示了品牌投資回報，並幫助製藥公司發展直接患者參與策略以實現可及性和可負擔性，我們每個品牌的貨幣化逐年大幅增長。這些努力推動本季營收年增 32%。我們相信，該產品在 2025 年剩餘時間內將繼續保持類似的表現，尤其是受到近期頂級製藥公司採用直接面向患者和消費者的定價模式的推動。在處方藥市場，我們在與零售合作夥伴的協調方面取得了長足的進步。自上次交談以來，我們已與多家零售商簽署了合作協議，在藥房櫃檯向消費者提供我們的折扣價格。此外，我們也與另一家零售商推出了電子商務解決方案，並正在就更多合約進行洽談。我們期待在未來幾週內公佈這些合作關係的更多細節。

We are pleased to have new partners for our integrated savings program, and we have expanded the program to service brand medications in addition to generics across multiple PBM partners. And finally, we announced during the quarter that we launched our conditioned subscription product for erectile dysfunction, which allows us to deepen our engagement with consumers directly while maximizing our return on existing capabilities.

我們很高興我們的綜合儲蓄計劃有了新的合作夥伴，並且我們已將該計劃擴展到為多個 PBM 合作夥伴提供服務，除了仿製藥之外，還為品牌藥物提供服務。最後，我們在本季宣布推出針對勃起功能障礙的條件訂閱產品，這使我們能夠加深與消費者的直接互動，同時最大限度地提高現有功能的回報。

I will discuss these in greater detail in a few minutes, but first, I want to formally welcome Laura Jensen as our new Chief Commercial Officer and President of Pharma Solutions. In this role, she will lead the company's pharma manufacturer solutions offering, as well as overseas strategic initiatives aimed at growing and enhancing partnerships across the pharmaceutical industry.

我將在幾分鐘內更詳細地討論這些問題，但首先，我要正式歡迎勞拉·詹森 (Laura Jensen) 擔任我們的新任首席商務官和製藥解決方案總裁。擔任該職位後，她將領導該公司的製藥製造商解決方案，以及旨在發展和加強整個製藥行業合作夥伴關係的海外戰略舉措。

Our former Chief Commercial Officer Dorothy Gemmell is retiring after 35 years in healthcare leadership positions, but will continue for a transitional period of time to ensure a seamless shift of responsibilities, key relationships, and pipeline opportunities. Prior to joining GoodRX, Laura led growth strategy for both Amazon Pharmacy and PillPack, spearheading innovative partnerships with pharma manufacturers and prescribers to improve how patients access and manage their medications. She has established relationships with executive level leaders in pharma and brings a track record of creating integrated experiences that drive efficiency and improved patient outcomes. We believe that Laura is well positioned to deepen our impact, accelerate growth in this critical area of the business, and expand solutions in an ever changing landscape. With respect to the healthcare landscape, change has become a constant with positive and negative impacts on our business. We continue to believe that we are well positioned to respond to such changes, deliver value across the pharmacy ecosystem, and grow our business over the long term. Negative developments impacting our business in the short term include the Rite Aid bankruptcy and the decline in volume of one of our integrated savings programs with a PBM partner. With respect to Rite Aid, during our last earnings call, we did not have line of sight into the bankruptcy process, the plan for store closures, or other pertinent details regarding the transition of patient files, and therefore we explicitly excluded any impact from our earnings guidance.

我們的前首席商務官 Dorothy Gemmell 在擔任醫療保健領導職務 35 年後即將退休，但她將繼續任職一段時間，以確保職責、關鍵關係和通路機會的無縫轉變。在加入 GoodRX 之前，Laura 領導了 Amazon Pharmacy 和 PillPack 的成長策略，帶頭與製藥商和處方者建立創新合作夥伴關係，以改善患者取得和管理藥物的方式。她與製藥業的高管建立了關係，並擁有創造綜合體驗以提高效率和改善患者治療效果的良好記錄。我們相信，勞拉完全有能力加深我們的影響力，加速這一關鍵業務領域的成長，並在不斷變化的環境中擴展解決方案。就醫療保健領域而言，變化已成為常態，對我們的業務產生積極和消極的影響。我們始終相信，我們有能力應對這些變化，為整個藥房生態系統創造價值，並實現我們的業務的長期成長。短期內對我們業務產生影響的負面發展包括 Rite Aid 破產以及我們與 PBM 合作夥伴的一項綜合儲蓄計劃的交易量下降。關於 Rite Aid，在我們上次的收益電話會議上，我們並沒有了解到破產程序、門市關閉計劃或有關病患檔案轉換的其他相關細節，因此我們明確地將其影響排除在我們的收益預測之外。

Beginning in May, the process unfolded rapidly, with several PBMs removing Rite Aid from their networks, causing immediate cessation in the associated claims volume. This was followed by closures of over 800 stores between June and July. Given the speed with which this process occurred, we are working to recapture displaced consumers both through direct communications were available and in partnership with acquiring pharmacy retailers. Recapture does take time, however.

從 5 月開始，這一過程迅速展開，幾家 PBM 將 Rite Aid 從其網路中移除，導致相關索賠量立即停止。隨後，6 月至 7 月期間，超過 800 家商店關閉。鑑於這一過程發生的速度，我們正在努力透過直接溝通以及與收購藥局零售商合作來重新吸引流離失所的消費者。然而，重新奪回確實需要時間。

With respect to our integrated savings program, we saw a material decline in volume at one of our PBM partners. As we have previously discussed, the first generation of our ISP offering is focused on covered generics and is operated through PBMs to decide how to implement and manage the program. While this PBM partners restructure of their ISP program has created volume headwinds for us, we believe that ISP remains important and valuable. ISP on Generics has represented a tremendous entry point for Guaract solutions and pricing, but as time progresses, we believe significant opportunity will come by way of brand drugs, understanding the share of spend these drugs represent for plan sponsors. In this way, ISP will continue to be a growth engine and complement to our pharma manufacturer solution strategy.

關於我們的綜合儲蓄計劃，我們發現我們的一個 PBM 合作夥伴的交易量大幅下降。正如我們之前所討論的，我們的第一代 ISP 產品專注於涵蓋的仿製藥，並透過 PBM 來決定如何實施和管理該計劃。儘管 PBM 合作夥伴對其 ISP 計劃的重組給我們帶來了數量上的阻力，但我們相信 ISP 仍然重要且有價值。仿製藥的 ISP 為 Guaract 解決方案和定價提供了一個巨大的切入點，但隨著時間的推移，我們相信，了解這些藥物對計劃發起人所佔的支出份額，品牌藥物將帶來重大機會。透過這種方式，ISP 將繼續成為成長引擎並補充我們的製藥商解決方案策略。

The core of our prescription marketplace remains strong, and we're proactively broadening our revenue mix and deepening pharmacy partnerships to reduce the risk of similar disruptions in the future. The foundations we are building with retailers continue to position us for long-term growth at a time when prescription savings are top of mind. At the same time, we've seen significant developments in the broader healthcare landscape. In July, Congress passed a budget bill that amongst many other provisions, cuts funding for Medicaid and individual exchange products. This legislation also tightens eligibility requirements and increases the frequency of Medicaid coverage determinations. According to the Congressional Budget Office, these changes could leave nearly 10 million people uninsured, a rise of nearly 40%. We understand the challenges facing those who will lose coverage and emphasize that the need for GoodRX is more critical than ever to ensure such individuals have access to affordable medication. Additionally, several health plans have reported higher than anticipated medical utilization during 2025. This suggests that the trend of rising costs, increasing premiums, and reduced coverage is likely to continue in 2026 and beyond. In fact, CMS recently announced that the 2026 Part D national average monthly bid amount is up 33% year over year. And finally, we remain engaged with government entities as they explore models to reduce brand drug pricing directly to consumers. Our existing large portfolio of discounted consumer direct pricing for brand drugs places us in a very strong position to be a solution of choice. As millions of Americans seek affordable alternatives, we believe GoodRX remains and will continue to become an increasingly valuable complement to insurance by helping them access the medications they need. Consistent with our commitment to increase our government affairs engagement, we are actively advocating for policies that expand access to affordable medication.

我們的處方藥市場的核心仍然強勁，我們正在積極拓寬我們的收入結構並深化藥房合作夥伴關係，以降低未來發生類似中斷的風險。在處方藥節省成為首要考慮因素的當下，我們與零售商共同建構的基礎將繼續為我們實現長期成長奠定基礎。同時，我們看到更廣泛的醫療保健領域取得了重大進展。7 月，國會通過了一項預算法案，其中除其他許多條款外，還削減了醫療補助和個人交易產品的資金。該法案還收緊了資格要求並增加了醫療補助覆蓋範圍的確定頻率。據國會預算辦公室稱，這些變化可能導致近 1,000 萬人失去保險，增幅接近 40%。我們了解那些失去保險的人所面臨的挑戰，並強調 GoodRX 的需求比以往任何時候都更加迫切，以確保這些人能夠獲得負擔得起的藥物。此外，一些健康計劃報告稱，2025 年的醫療利用率將高於預期。這表明成本上升、保費增加和保險範圍減少的趨勢可能會在 2026 年及以後持續下去。事實上，CMS 最近宣布，2026 年 D 部分全國每月平均投標金額年增 33%。最後，我們繼續與政府機構合作，探索直接向消費者降低品牌藥品價格的模式。我們現有的大量品牌藥品折扣消費者直接定價產品組合使我們處於非常有利的地位，可以成為首選解決方案。隨著數百萬美國人尋求負擔得起的替代品，我們相信 GoodRX 將繼續成為保險越來越有價值的補充，幫助他們獲得所需的藥物。為了履行我們加強政府事務參與的承諾，我們積極倡導擴大獲得負擔得起的藥物的機會的政策。

Now let's dive into more detail on our business update.

現在讓我們更詳細地了解我們的業務更新。

Our prescription marketplace continues to make progress in deepening our pharmacy relationships and delivering more economic and strategic value to pharmacies. We do this by focusing on two core strategies pharmacy counter integrations and e-commerce. Pharmacy counter integrations expand GoodRX's presence to the physical pharmacy counter as an ally to pharmacists and technicians by helping patients with prescription access and affordability in real time. We expanded to multiple new pharmacy partners this quarter and expect more announcements on additional partners soon. Our e-commerce solution integrates into the pharmacy management system to enable consumers to pay online and pick up in store, thereby making the front and adjudication more efficient and saving time at the counter while focusing on reducing the number of abandoned scripts. We launched e-commerce solutions with an additional retailer during the quarter and are in contract discussions for several more. We are highly focused on digitally integrating into all aspects of the prescription workflow as a longer term strategy to remove friction in the process.

我們的處方市場在深化與藥房的關係以及為藥房提供更多經濟和戰略價值方面繼續取得進展。我們透過專注於兩個核心策略：藥房櫃檯整合和電子商務來實現這一目標。藥房櫃檯整合將 GoodRX 的業務擴展到實體藥房櫃檯，作為藥劑師和技術人員的盟友，幫助患者即時獲得處方並負擔得起費用。本季度，我們擴展到了多個新的藥房合作夥伴，並預計很快就會發布更多關於其他合作夥伴的公告。我們的電子商務解決方案整合到藥房管理系統中，使消費者能夠在線上支付並在店內取藥，從而使前台和裁決更加高效，節省櫃檯時間，同時專注於減少廢棄處方的數量。我們在本季與另一家零售商推出了電子商務解決方案，並且正在就更多解決方案進行合約談判。我們高度重視將數位化整合到處方工作流程的各個方面，作為消除流程中摩擦的長期策略。

We are also excited about the launch of GoodRX Community Link, a new offering designed specifically for independent pharmacies that provides predictable pricing and favorable economics. We recognize independent pharmacies are a cornerstone of healthcare in many communities, and they need bespoke solutions to address complex reimbursement models and competitive pressures in the industry. Community Link offers independent pharmacies the ability to directly contract with GoodRX. Which leverages a cost plus model based on the national average drug acquisition cost, or NAAC to provide direct control over pricing and favorable margins. It also offers the ability to opt in to our integrated savings program, which may offer more favorable rates than traditional commercial insurance reimbursement and provides access to our point of sale discounts, which we will now refer to as consumer direct price points with Pharma brands. Making the medications more affordable for the consumer and economically beneficial for the pharmacy. The intent of this cost plus program is to support favorable margins, and our internal data is demonstrating successful results for participating pharmacies. This type of direct pharmacy engagement represents how good our ex goes to market with pharmacy durability front of mind. In the 2nd quarter, we also launched our first subscription service for erectile dysfunction.

我們也對 GoodRX Community Link 的推出感到興奮，這是一項專為獨立藥局設計的新產品，可提供可預測的定價和有利的經濟效益。我們認識到獨立藥局是許多社區醫療保健的基石，他們需要客製化解決方案來解決複雜的報銷模式和行業競爭壓力。Community Link 為獨立藥局提供了直接與 GoodRX 簽約的能力。它利用基於全國平均藥品採購成本（NAAC）的成本加成模型來直接控制價格並獲得優惠利潤。它還提供選擇加入我們的綜合儲蓄計劃的能力，該計劃可能提供比傳統商業保險報銷更優惠的費率，並提供我們的銷售點折扣，我們現在將其稱為製藥品牌的消費者直接價格點。使消費者能夠負擔得起藥品，並為藥房帶來經濟效益。這項成本加成計畫的目的是支持有利的利潤率，我們的內部數據顯示參與的藥局取得了成功的結果。這種直接與藥房的合作體現了我們的前任在進入市場時如何將藥房的耐用性放在首位。第二季度，我們也推出了首個針對勃起功能障礙的訂閱服務。

We observed that consumers regularly turn to GoodRX for ways to save on ED medications, and now they have access to a single solution that provides comprehensive care. By bundling the clinician visit, prescription, and delivery into one low cost offering, we're redefining what accessible care can look like and streamlining the prescription journey from beginning to end, making it easier for consumers to access ED treatments within a platform they already trust.

我們觀察到，消費者經常求助於 GoodRX 來節省 ED 藥物費用，現在他們可以獲得提供全面護理的單一解決方案。透過將臨床醫生的問診、處方和配送捆綁成一個低成本的服務，我們重新定義了無障礙護理的面貌，並從頭到尾簡化了處方流程，使消費者更容易在他們已經信任的平台內獲得 ED 治療。

We are pleased with the early results and intend to expand into additional conditions before the end of the year, with weight loss management and hair loss upcoming. Furthermore, we also launched a new prescription savings subscription offering that is being sold at the pharmacy counter. Our first retail partner went live in the 2nd quarter, and we expect other retailers to follow suit in tandem with other pharmacy counter initiatives discussed earlier.

我們對早期結果感到滿意，並打算在年底前擴展到其他領域，即將推出減肥管理和脫髮治療。此外，我們還推出了新的處方藥節省訂購服務，在藥局櫃檯銷售。我們的第一個零售合作夥伴於第二季上線，我們預計其他零售商也將效仿先前討論過的其他藥房櫃檯舉措。

Our pharma manufacturer solutions delivered strong results during the 2nd quarter with 32% year over year revenue growth. We are focused on expanding our integrated access and affordability solutions with Pharma, partnering with even more brands and delivering meaningful return on investment for pharma partners. Our monetization per brand has increased significantly, which is driven by our independently validated ROI and by the scale of our platform and quality of our audience. This is particularly true as we support pharma brands and their direct to patient strategies, a key focus for many top manufacturers.

我們的製藥商解決方案在第二季度取得了強勁的業績，營收年增 32%。我們專注於擴大與製藥公司的全面訪問和可負擔性解決方案，與更多品牌合作，為製藥合作夥伴提供有意義的投資回報。我們每個品牌的貨幣化率大幅提升，這得益於我們獨立驗證的投資回報率以及我們平台的規模和受眾的品質。尤其當我們支持製藥品牌及其直接面向患者的策略時，這一點尤其正確，這是許多頂級製造商關注的重點。

One area we are specifically focused on is our consumer direct pricing model. As many pharma brands build consumer direct strategies, we are a natural partner of choice given the size and quality of our audience and demonstrated consumer and HCP engagement.

我們特別關注的一個領域是我們的消費者直接定價模式。由於許多製藥品牌都制定了直接面向消費者的策略，鑑於我們受眾的規模和品質以及消費者和 HCP 的參與度，我們自然而然地成為了首選合作夥伴。

I'm particularly enthusiastic about the intersection of our pharma manufacturing solutions offering and our HCP efforts. Our HCP audience and engagement are significant. In the second quarter alone, we had over 750,000 HCPs active on our platform. We believe this scale gives us a unique opportunity to help facilitate pharmacs' access to prescribers.

我對我們的製藥製造解決方案產品和 HCP 工作的交集特別感興趣。我們的 HCP 受眾和參與度非常重要。僅在第二季度，我們的平台上就有超過 75 萬名活躍的 HCP。我們相信，這一規模為我們提供了一個獨特的機會，幫助藥劑師更容易獲得處方。

We now have the capabilities to deliver a customized engagement with our expansive HCP audience for targeted pharmaceutical offers, which are now incorporated into our 2026 selling plans. We see significant upside for our pharma offerings to grow and deliver meaningful value to both HCPs and pharma manufacturers due to the quality of our audience and targeting precision.

我們現在有能力與廣泛的 HCP 受眾進行客製化互動，以提供有針對性的藥品優惠，這些優惠現已納入我們的 2026 年銷售計劃。由於我們的受眾品質和目標精準性，我們看到我們的製藥產品具有顯著的成長潛力，可以為 HCP 和製藥商帶來有意義的價值。

I want to reiterate our focus on controllable and durable strategic initiatives that position GoodRX for long-term sustainable growth. We are executing against these inclusive of signing direct retail pharmacy counterpartnerships.

我想重申我們對可控和持久策略舉措的關注，這些舉措使 GoodRX 能夠實現長期可持續成長。我們正在執行這些目標，包括簽署直接零售藥局合作關係。

Growing our brand pharma portfolio, evolving our ISP program and go to market strategy, and looking into 2026, creating an expanded HCP product in addition to exploring and expanding the integration of GodRX pricing into EHR and digital workflows. I am also convicted and confident in our executive leadership team's ability to execute on our strategic plan amidst a challenging healthcare environment. I will now turn the call over to Chris to discuss our 2nd quarter results.

擴大我們的品牌製藥產品組合，改進我們的 ISP 計劃和市場策略，展望 2026 年，創建擴展的 HCP 產品，此外探索和擴展 GodRX 定價與 EHR 和數位工作流程的整合。我對我們的執行領導團隊在充滿挑戰的醫療保健環境中執行策略計劃的能力充滿信心。現在我將把電話轉給克里斯，討論我們的第二季業績。

Thank you, Wendy, and good morning everyone. For the second quarter, total revenue is $203.1 million up 1% versus the prior year. This is in line with our expectations when excluding the impact of Rite Aid, which, as a reminder, the guidance provided in May excluded the impact from Rite Aid.

謝謝你，溫迪，大家早安。第二季總營收為 2.031 億美元，較上年成長 1%。這符合我們在排除 Rite Aid 影響時的預期，提醒一下，5 月提供的指導排除了 Rite Aid 的影響。

The erosion of the ISP program that Wendy noted earlier and the impact from Rite Aid were the primary reason prescription transaction revenue declined 3% versus the excuse me, versus the prior year and for the decline in monthly active consumers.

溫蒂之前提到的 ISP 計劃的衰退以及 Rite Aid 的影響是處方交易收入與前一年相比下降 3% 以及每月活躍消費者數量下降的主要原因。

We expect monthly active consumers to decline in the short term. However, we are reassessing this metric as a measure of the health of our business.

我們預計短期內月活躍消費者數量將會下降。然而，我們正在重新評估這項指標，以衡量我們業務的健康狀況。

For example, when we convert a consumer from a traditional retail counter transaction to a consumer direct price point, we no longer include the transaction in our Mac account, nor do we report any corresponding metric under the Pharma manufacturing solutions offering. In this example, the resort, the result is a purported decline in our monthly active consumer when the business is actually performing.

例如，當我們將消費者從傳統的零售櫃檯交易轉變為消費者直接價格點時，我們不再將該交易納入我們的 Mac 帳戶中，也不會報告製藥製造解決方案產品下的任何相應指標。在這個度假村的例子中，結果是我們的每月活躍消費者數量據稱下降了，但實際上業務表現良好。

With respect to farmer manufacturer solutions, revenue for the quarter was $35 million up 32% versus the prior year. This was strong performance resulting in revenue growth in the first half of the year of 25% compared to the first half of 2024. We are now projecting our farmer manufacturing solutions solutions offering will grow 30% or higher in 2025.

就農民製造商解決方案而言，本季營收為 3,500 萬美元，比上年增長 32%。這是強勁的表現，導致今年上半年的營收與 2024 年上半年相比成長了 25%。我們目前預計，到 2025 年，我們為農民提供的製造解決方案將增加 30% 或更高。

During the quarter, we took certain actions to reduce costs while aligning our resources to a more focused set of key strategic priorities. This realignment is intended to increase go forward operating efficiencies, which will continue to contribute positively to our overall adjusted EBITA and adjusted EBITDA margin.

在本季度，我們採取了一些措施來降低成本，同時將資源集中在更有針對性的關鍵策略重點上。此次調整旨在提高未來的營運效率，這將繼續對我們的整體調整後 EBITA 和調整後 EBITDA 利潤率產生積極貢獻。

For the second quarter, adjusted EBITA of $69.4 million rose 6% versus the prior year, which constitutes an adjusted EIDA margin of 34.2%, which is an improvement of 160 basis points over the same period last year.

第二季度，調整後的 EBITA 為 6,940 萬美元，較上年增長 6%，調整後的 EIDA 利潤率為 34.2%，比去年同期提高了 160 個基點。

Our balance sheet remains strong. We closed the quarter with $281.3 million of cash on hand, and during the quarter we deployed approximately $46.4 million to repurchase 10.2 million shares of our stock at an average price of $4.53 per share. Given our stock price, we continue to believe that stock repurchases are accretive and a good method to return excess cash to shareholders. At the end of the 2nd quarter, approximately $143 million of capacity remained under our $450 million share repurchase program.

我們的資產負債表依然強勁。本季結束時，我們手頭上有 2.813 億美元現金，並且在本季度，我們動用了約 4,640 萬美元以平均每股 4.53 美元的價格回購了 1,020 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，是向股東返還多餘現金的好方法。截至第二季末，我們的 4.5 億美元股票回購計畫仍剩餘約 1.43 億美元的產能。

Turning now to our outlook for the remainder of the year, as Wendy noted, last quarter, we were unable to estimate the impact of Rite Aid and therefore specifically excluded any impact from the previous guidance ranges.

現在談談我們對今年剩餘時間的展望，正如溫迪上個季度指出的那樣，我們無法估計 Rite Aid 的影響，因此明確排除了先前指導範圍中的任何影響。

While uncertainty remains, we are now including the impact from Rite Aid, as well as the erosion of one of our ISP programs into our updated guidance. In spite of the headwinds from these two exogenous events, which is expected to be approximately 35 to 40 million of projected revenue loss in 2025, we expect that our full year of revenue will increase from 2024, with Q3 revenue expected to be lower than Q4.

儘管不確定性仍然存在，但我們現在已將 Rite Aid 的影響以及我們的一項 ISP 計劃的侵蝕納入了更新後的指導中。儘管受到這兩起外部事件的不利影響，預計 2025 年預計收入損失約為 3,500 萬至 4,000 萬美元，但我們預計全年收入將從 2024 年開始增加，預計第三季收入將低於第四季。

Despite lowering our revenue projections, we expect that full year adjusted EBITO will be in the range of $265 and $275 million which represents approximately 2 to 6% growth compared to 2024.

儘管我們降低了收入預測，但我們預計全年調整後的 EBITO 將在 2.65 億美元至 2.75 億美元之間，與 2024 年相比增長約 2% 至 6%。

Overall, we had a solid financial quarter. I'm highly encouraged by the result of pharma manufacturer Solutions offering driving towards 30% or higher revenue growth in 2025.

整體而言，本季我們的財務狀況穩健。製藥製造商解決方案預計在 2025 年實現 30% 或更高的收入成長，這令我深受鼓舞。

And while lowering revenue expectations due to external factors is disappointing, our core business remains strong, and the fact that our adjusted ebiter range continues to encompass a portion of our previous range is a testament to our leadership team and the focus on the right strategic initiatives and operating efficiencies.

儘管由於外部因素而降低收入預期令人失望，但我們的核心業務依然強勁，而且我們調整後的 ebiter 範圍繼續涵蓋我們之前範圍的一部分，這證明了我們的領導團隊以及對正確的戰略舉措和運營效率的關注。

We are also optimistic that investment in these strategic initiatives will drive durable, profitable future growth while solving real pain points for the consumers and the pharmacy ecosystem.

我們也樂觀地認為，對這些策略舉措的投資將推動未來持久、獲利的成長，同時解決消費者和藥房生態系統的真正痛點。

With that, I'll turn the call back over to Wendy.

說完這些，我就把電話轉回溫迪。

Thank you Chris.

謝謝你，克里斯。

Over the course of my 1st 6 months, I want to reiterate my commitment to strengthening our leadership team, continuing to evaluate our core capabilities, and engaging with key partners to solve real business problems and to develop a new strategic initiative, new strategic initiatives rather, to drive sustainable future growth. I'm confident that we are making meaningful progress on these commitments. We have the right leadership team in place to navigate the evolving prescription medication landscape. While focusing on delivering operational efficiencies that will improve our long-term trajectory, we've also made meaningful progress on initiatives that create value for each of our core stakeholders by delivering aligned economic value with our pharmacies, building strong momentum with pharma manufacturers to enable medication access and affordability, investing in tools that improve HTP workflows and engagement, and delivering a better consumer experience while providing access to affordable medications. When I look at the progress we have made along with the broader macro macroeconomic and healthcare environment, I can say with confidence that GoodRx is in a strong position to reduce friction and deliver meaningful value to consumers in the pharmacy ecosystem. I will now turn the call over to the operator for questions.

在我的第一個六個月裡，我想重申我的承諾，即加強我們的領導團隊，繼續評估我們的核心能力，並與主要合作夥伴合作解決實際的業務問題，並製定新的戰略舉措，更確切地說是新的戰略舉措，以推動未來的可持續增長。我相信我們在履行這些承諾方面正在取得有意義的進展。我們擁有合適的領導團隊來應對不斷變化的處方藥市場。在專注於提高營運效率以改善我們的長期發展軌蹟的同時，我們還在為每個核心利益相關者創造價值的舉措方面取得了有意義的進展，透過與我們的藥局提供一致的經濟價值，與製藥商建立強勁勢頭以實現藥物的可及性和可負擔性，投資於改善 HTP 工作流程和參與度的工具，並在提供可負擔藥物的同時提供更好的消費者體驗。當我看到我們取得的進展以及更廣泛的宏觀經濟和醫療保健環境時，我可以自信地說，GoodRx 處於有利地位，可以減少摩擦並為藥房生態系統中的消費者提供有意義的價值。我現在將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Lisa Gill, JP Morgan.

摩根大通的麗莎吉爾。

Well, thanks very much. Good morning. Thanks, Wendy for for all of the the details. Can you maybe just spend an incremental minute around ISP, one, maybe talk about some of the the new partnerships that you were talking about, and then secondly, you talked about potentially going to employers directly. How should we think about the timeline of the turnaround of of ISP where it could become a positive contributor again to GoodRX?

嗯，非常感謝。早安.謝謝 Wendy 提供的所有詳細資訊。您能否花一點時間討論 ISP，首先，可以談談您提到的一些新的合作關係，其次，您談到了直接與雇主聯繫的可能性。我們應該如何看待 ISP 轉型的時間表，以便它能夠再次成為 GoodRX 的積極貢獻者？

Hi Lisa, good morning.

嗨，麗莎，早安。

Thank you for the question.

謝謝你的提問。

Look, you've heard us talk a little bit about ISP before, and I think I've been, as has Chris, been a little more tempered about the expectation around ISP while in a critical product to how we reach commercial lives. And there's no question that in partnering with PBMs that is the fastest and most expeditious access to commercial lives. We also know that the ability for our GoodRX competitive cash price to always surface as a complement to the funded price point at the point of sale doesn't always come through in that capacity. And so for that reason we're a little more metered as to the expectation.

瞧，您之前已經聽我們談論過一些有關 ISP 的事情，而且我認為，我和克里斯一樣，對於 ISP 的期望更加謹慎，因為它是影響我們如何進入商業生活的關鍵產品。毫無疑問，與 PBM 合作是進入商業生活的最快、最快捷的途徑。我們也知道，我們的 GoodRX 有競爭力的現金價格並不總是能夠作為銷售點資助價格點的補充。因此，我們對期望更加謹慎。

That we should get out of that program. Having said that, you're spot on with your lead-in pointing to brands. That is a certain value add to the program in that this auto wrap as we refer to it internally of brand drugs, many of which of course we point to through our pharma manufacturer solutions growth, they in fact provide coverage at the point of sale for the same. A commercial lives for brands that are otherwise not covered on their plan. And so for that reason, the engagement from PBMars around adding this as a complement to their already integrated offering has been quite high. You've heard us talk about it a couple of times, but we've now actually executed contractual wording to do that with several partners. As to the second part of your question on additional partners, we have added. A de novo, that in fact is true. We're pleased with that progress. I hope to have more definitive and combined public announcements as to who those are upcoming, but at present we're just simply comfortable suggesting we've added more to our portfolio of partners for the time being.

我們應該退出該計劃。話雖如此，您關於品牌的引導非常正確。這為該計劃增加了一定的價值，因為我們在品牌藥品內部稱之為自動包裝，其中許多當然是我們通過製藥商解決方案的增長指出的，它們實際上在銷售點提供相同的覆蓋。商業活動針對的是那些未在其計劃中涵蓋的品牌。因此，PBMars 非常積極地將其作為對其已整合產品的補充。您可能已經聽過我們談論過這個問題幾次了，但現在我們實際上已經與幾個合作夥伴簽署了合約。至於您問題的第二部分關於增加合作夥伴的問題，我們已經進行了補充。從頭開始，事實上確實如此。我們對此進展感到滿意。我希望能有更明確、更全面的公開聲明，說明即將有哪些合作夥伴加入，但目前，我們只是簡單地建議暫時在合作夥伴組合中增加更多成員。

Chris, is there anything else you'd add? No.

克里斯，您還有什麼要補充的嗎？不。

I I think I would reiterate the fact that this is a very important program. It's strategically still has real merit in terms of why it exists and I think from a financial perspective you know there's there's positive contribution coming not only with respect to adding new partners and expanding the access to overall lives available to us. But also working, continuing to work with our PBM partners as to the implementations on the ones that currently exist, and then I think as Wendy's noted, just expanding into brands and direct to employer all represent upside on this program which remains important.

我想我要重申的是，這是一個非常重要的項目。從策略上講，它的存在仍然具有真正的價值，我認為從財務角度來看，它不僅在增加新合作夥伴和擴大我們整體生活管道方面有積極的貢獻。但同時也在努力，繼續與我們的 PBM 合作夥伴合作實施現有的方案，然後我認為，正如 Wendy 所指出的，擴展到品牌和直接面向雇主都代表著這個計劃的優勢，這仍然很重要。

Chris, can you just remind us like what's in the numbers for 25 and how much of this would actually be, more of a 26 type of opportunity?

克里斯，您能否提醒我們 25 的數字是多少，以及這實際上有多少是 26 類型的機會？

I think I would think about it more as a 26th opportunity. I think where we are now is we've we've taken, the guidance down as obviously, in terms of, the the the the 35 to 40 million that reflects all of everything we know as it's currently running today, right? So roughly half of that is associated with ISP, give or take, so I think, adding additional partners and expanding the program would represent upside, but I think likely that's 26.

我想我會把它看作是第 26 次機會。我認為我們現在的情況是，我們已經把指導值明顯下調了，就 3500 萬到 4000 萬而言，這反映了我們目前所知道的一切，對嗎？因此，其中大約有一半與 ISP 有關，所以我認為，增加其他合作夥伴和擴展計劃將帶來好處，但我認為可能是 26。

Okay perfect thank you.

好的，非常感謝。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Good morning and thanks for taking the question.

早上好，感謝您回答這個問題。

Maybe if we can dive in a little bit on manufacturer solutions, I appreciate the color on the other challenges of the business. Manufacturer solutions obviously had a really strong quarter. Can you talk a little bit more about how you think of the combination of, the offensive growth and targeted pushes you've made versus the health of the end market and how we should think about the bridge getting to that increased, I think you said Chris, 30% plus revenue growth for the year.

也許如果我們能夠深入研究製造商的解決方案，我就能更能理解該業務面臨的其他挑戰。製造商解決方案顯然在本季表現非常強勁。您能否再多談談您如何看待進攻性成長和有針對性的推動與終端市場健康狀況的結合，以及我們應該如何看待實現這一增長的橋樑，我想您說過克里斯，今年的收入增長將超過 30%。

Thank you.

謝謝。

Thank you for the question.

謝謝你的提問。

You're right, we're pretty pleased with how Manufacturer Solutions has performed.

您說得對，我們對製造商解決方案的表現非常滿意。

The numbers, of course, speak for themselves, but we feel highly convicted after the 30 plus for the full year, which we've of course included in our explicit guidance in this call. I think what we've seen happen ties nicely to some of the commentary you've heard us mention previously, which is when we first engaged with the manufacturer who perhaps hadn't worked with us before on a brand point of sale buy down, typically we will have one or a portfolio of drugs inside one particular disease state with a pharma partner. We're then turning around these ROI. Studies that candidly are just producing an outsized comparative result to what they can achieve through their own brand.com activity, and this is a combination of either the brand point of sale buy down and or a combination of embedding their affordability programs. So I think co-pay, manufacturer assistance, and the like. So it's it's across the board, some involve all of those things, some involve only aspects. And then when we return these ROI studies that that support not only positive ROI but that candidly outsized that new brand to RX therapy growth, then what we're finding is we're expanding into other portfolios within those same manufacturers. And when you zoom out a little bit and think about the regulatory environment that we're now sitting in where this administration is pointing heavily towards direct to patient channels. We're well positioned to take advantage of that with the same manufacturers and potentially with others who may have been on the fence about doing a point of sale program to begin with, and we've been actively engaged not just with the pharma partners but also in DC, which was part of our commitment to this group to be able to engage more heavily to influence what we think is the right answer, ultimately for the consumer market.

當然，數字是不言而喻的，但在看到全年超過 30 個數字後，我們更加確信這一點，當然，我們也已將其納入本次電話會議的明確指導中。我認為我們所看到的情況與您之前聽到的一些評論很好地吻合，即當我們第一次與製造商接觸時，他們可能之前沒有與我們合作過品牌銷售點購買，通常我們會與製藥合作夥伴在一種特定的疾病狀態下擁有一種或多種藥物。然後我們扭轉這些投資報酬率。坦白說，這些研究只是產生了與他們透過自己的 brand.com 活動所能實現的目標相比較的結果，這是品牌銷售點購買和嵌入其可負擔性計劃的結合。所以我認為是共同支付、製造商援助等等。所以它是全面的，有些涉及所有這些事情，有些只涉及某些方面。然後，當我們回到這些 ROI 研究時，這些研究不僅支持正 ROI，而且坦率地超過了新品牌對 RX 療法的成長，我們發現我們正在擴展到同一製造商內的其他產品組合。如果你稍微放眼望去，思考一下我們現在所處的監管環境，你會發現政府正大力推行直接面向病人的管道。我們已做好準備，可以與相同的製造商以及其他可能對開展銷售點計劃猶豫不決的製造商合作，並且我們不僅積極與製藥合作夥伴合作，而且還與華盛頓特區的合作夥伴合作，這是我們對該集團承諾的一部分，以便能夠更深入地參與其中，以影響我們認為的正確答案，最終針對消費者市場。

Chris, is there anything from a number standpoint you would add?

克里斯，從數字角度來看你還有什麼要補充的嗎？

Yeah, I would say, Mike, thanks for the question. I mean this is, as I said in my script, and I can't underscore enough how excited we are about this part of the business. It's a part of the business that I think is undervalued as the 30+% grower. We have direct line of sight to 30%, which is why I said 30% or higher, so we have real strong conviction around that, as we talked about last quarter that there are. The the revenue cycle here is a little bit lumpy as you're bringing those sales on, but the conversations with pharma continue and really are increasingly as Wendy noted around direct to patient engagement, and we've got a great platform to bring that to market. So, I think we've got, high conviction around line of sight to 30 and really beyond.

是的，我想說，麥克，謝謝你的提問。我的意思是，正如我在腳本中所說的那樣，我無法充分強調我們對這部分業務的興奮之情。我認為，由於該業務的成長率超過 30%，所以它被低估了。我們直接看到了 30% 的成長，這就是我說 30% 或更高的原因，因此我們對此有非常強烈的信心，正如我們上個季度所討論的那樣。由於您正在進行這些銷售，因此這裡的收入周期有點不穩定，但與製藥公司的對話仍在繼續，而且正如溫迪指出的那樣，圍繞直接面向患者的參與，對話確實越來越多，我們擁有一個很好的平台將其推向市場。因此，我認為我們對視線達到 30 甚至更遠的目標充滿信心。

Thanks. And then just one quick question. I know you don't dive below EIA, but how we think about your expectations, your focus for capital plan for the remainder of the year. You had elevated share of purchases in 2. Should we think about that being, another level that you would continue to pursue?

謝謝。然後只有一個快速問題。我知道您不會深入研究 EIA 以下的數據，但我們如何看待您的預期，以及您對今年剩餘時間資本計劃的關注點。您的購買份額在 2 中有所提升。我們是否應該考慮那是你將繼續追求的另一個層次？

Yeah, so in terms of that, I think it's a good question. Look, we'll always reinvest in our business and so as I mentioned, we took some action in the 2nd quarter to to sort of right size the business and but really it was about realigning resources around a more focused set of strategic initiatives and some of which we can't actually talk about yet. So we'll continue to invest in those areas to enable future growth. Nothing outsize versus what you're already seeing. I think it's already fit in into the run rate, but we'll continue to do that first and foremost, so really no change other than we'll have some on reserve. There are some potential for us to electively spend a little bit more on the back half on some marketing initiatives to kind of also complement. Some strategic initiatives that are ongoing as well, but not a lot has changed there and then look, absent some other strategic use for the cash like we believe the shares are undervalued today we'll continue to push cash back into the share repurchase program, short of some other, better and higher use.

是的，從這個角度來看，我認為這是一個很好的問題。你看，我們會一直對我們的業務進行再投資，正如我所提到的，我們在第二季度採取了一些行動來適當調整業務規模，但實際上，這是圍繞一系列更有針對性的戰略舉措重新調整資源，其中一些我們現在還不能談論。因此，我們將繼續投資這些領域，以實現未來的成長。與你已經看到的相比，沒有什麼特別的。我認為它已經適應了運行率，但我們會繼續首先這樣做，所以除了保留一些之外，實際上沒有什麼變化。我們可以選擇在後半部多花一點錢用於一些行銷活動，以起到一定的補充作用。一些策略性舉措也在進行中，但目前情況並沒有太大變化，如果現金沒有其他策略用途，例如我們認為今天的股票被低估了，我們將繼續把現金推回股票回購計畫中，除非有其他更好、更高的用途。

John Ransom, Raymond James.

約翰·蘭塞姆、雷蒙·詹姆斯。

Hey, good morning, Wendy just kind of more of a kind of structural question, as you guys have pivoted to cost plus and certainly I understand that's good for the retailers, do you find that the comparative pricing versus what the PBM has already negotiated is less competitive than it was and so maybe just the market for cash pay scripts has been compressed a little bit by that dynamic.

嘿，早上好，溫迪，這只是一種結構性問題，因為你們已經轉向成本加成，當然我知道這對零售商有利，你是否發現與 PBM 已經協商的定價相比，比較定價的競爭力不如以前了，所以也許只是現金支付腳本市場因為這種動態而受到了一點壓縮。

Yeah, no, it's an interesting question, and you're picking up on something that is in fact objectively true. So with cost plus, costs at point of sale have in fact gone up. That's true. And so as a result, there have been, bolus of scripts that have pushed back onto the funded benefit as compared to cash. And also candidly we've contributed a bit to that in that. We really needed to rebalance the pharmacy economic and by doing so we paid the pharmacies a bit more such that they are motivated and and actually want to, receive these scripts and service service these scripts but still candidly at a competitive price for the consumer. But in some instances, the price has gone up. That's true. I think that's a fair observation.

是的，不，這是一個有趣的問題，而且你發現的事實實際上是客觀真實的。因此，採用成本加成法後，銷售點的成本實際上已經上升。這是真的。因此，結果就是，與現金相比，大量的處方被推回到了資助福利上。並且坦白說我們也為此做出了一些貢獻。我們確實需要重新平衡藥房的經濟，透過這樣做，我們向藥房支付更多費用，以激勵他們並真正願意接收這些處方並為這些處方提供服務，但仍然以對消費者俱有競爭力的價格坦率地提供服務。但在某些情況下，價格已經上漲。這是真的。我認為這是一個合理的觀察。

Okay, and then just another question just looking at the marketing spend, I mean again it's just true that that the monthly active users are down. I know you guys think that's not the perfect measure, but, is there some opportunity here to rethink how I mean I just know less mass market commercials from you, but what is the company's. Updated messaging, especially as you push into Brandon, it seems like some of the stuff I've seen is still kind of good RX 1.0, hey, you can check your app and it might be a cheaper price, but what, what's the thought about migrating the messaging and maybe getting a little more punch for the dollars you're spending? Thanks.

好的，然後另一個問題只是看一下行銷支出，我的意思是每月活躍用戶確實下降了。我知道你們認為這不是完美的衡量標準，但是，這裡是否有機會重新思考，我的意思是，我只是從你們那裡了解到較少的大眾市場商業廣告，但公司的是什麼。更新的消息傳遞，特別是當您推進 Brandon 時，似乎我看到的一些東西仍然是不錯的 RX 1.0，嘿，您可以檢查您的應用程序，它的價格可能會更便宜，但是，遷移消息傳遞並可能讓您花費的錢更有衝擊力的想法是什麼？謝謝。

Yeah, gosh, I, it's a really timely question, John. I think we've alluded to, guys, keep me H1st here, but we've talked about having additional marketing spend in the back half of the year. That continues to be the plan. We are weeks out on the precipice of a brand relaunch and refresh that I think you'll find to be a bit punchier. It will certainly be more pervasive than our messages today in market. It's been a good 3 years. Since we've heavily invested in the brand, having said that, we have continued to enjoy the number one brand position with consumers and HCPs, but certainly resting on your laurels doesn't get you very far. So we agree it has been a purposeful campaign and build. I'm excited for the broader market to see and receive it. I would leave you with give it a couple weeks and you'll see it. In and around many places and then we would certainly welcome your feedback once you see it in the market.

是的，天哪，這是一個非常及時的問題，約翰。我想我們已經提到過，夥計們，讓我在這裡保持 H1st，但我們已經討論過在今年下半年增加行銷支出。這仍然是計劃。幾週後，我們將迎來品牌的重新發布和更新，我想您會發現這次更新更有力。它肯定會比我們今天在市場上的資訊更具影響力。這三年過得很愉快。由於我們對該品牌投入了大量資金，因此，我們仍然在消費者和 HCP 中享有第一品牌的地位，但固步自封並不能讓我們走得太遠。因此我們同意這是一個有目的的活動和建設。我很高興更廣泛的市場能夠看到並接受它。我想讓你再等幾週你就會看到它了。在許多地方及其周圍，當您在市場上看到它時，我們當然歡迎您的反饋。

You guys are.

你們是的。

Going to have like meme coins you can buy your drugs with meme coins or something really yeah 2025.

將會有像 meme 幣一樣的東西，你可以用 meme 幣或別的東西買毒品，是的，2025 年。

Yeah, no bitcoin, no cryptocurrency to to get drugs. No, not quite that catchy, but Chris, I think you were going to say.

是的，沒有比特幣，沒有加密貨幣可以購買毒品。不，不是那麼吸引人，但克里斯，我想你會這麼說。

Something so I. I do think our our spend will be slightly elevated in the second half compared to first half, and I think as Wendy noted, it will come as a not well listen, I'll leave the marketing sort of expertise to guys like Ryan Sullivan and our team who are who are just world class at it, but we will both invest in our brand itself, and but also in growth initiatives, so we'll have sort of two different types of marketing spend that'll really be specific in the back half. Some the brand initiatives will be out there and then as as we sort of get to a announceable then on some strategic initiatives we'll we'll spend some money to support those growth initiatives think about subscription offerings and coming, offerings around, weight loss, ED we really haven't leaned into those yet from a marketing perspective and so when those launch, I think you would see some spin to support those as well.

我確實認為，與上半年相比，我們下半年的支出會略有增加，而且我認為，正如溫迪所說，這將是一個不太好聽的，我會把營銷方面的專業知識留給像瑞安·沙利文和我們團隊這樣的人，他們都是世界級的，但我們既會投資於我們的品牌本身，也會投資於增長計劃，所以我們將有兩種不同的營銷支出，這將有兩種不同的營銷支出。一些品牌計劃將會推出，然後當我們宣布一些戰略計劃時，我們會花一些錢來支持這些增長計劃，考慮訂閱服務和即將推出的減肥、勃起功能障礙等服務，從營銷的角度來看，我們還沒有真正傾向於這些，所以當這些計劃推出時，我想你也會看到一些支持這些計劃的舉措。

Before we get off this question, I would be remiss, John, without also pointing out, you heard me mention, additional pharmacy counter programs and deepening those relationships. There is an aspect of that that involves purposeful marketing spend. Again, where we believe the consumer is most engaged and often is already motivated, has a script and is ready to transact. And so for that reason we've had purposeful spend in the previous months and will continue through the back half of the year to firm up those counter programs as well.

在我們討論這個問題之前，約翰，如果不指出你聽到我提到的額外的藥房櫃檯計劃和深化這些關係，那我就太失職了。其中有一個方面涉及有目的的營銷支出。再次，我們相信消費者最投入並且通常已經有了動機，有了一個腳本並準備好進行交易。因此，我們在前幾個月進行了有目的的支出，並將在今年下半年繼續鞏固這些應對計畫。

All right thank you.

好的，謝謝。

You're welcome.

不客氣。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Oh yeah, thanks for taking the questions. I'd like to go back to the guidance, change here. So, I think at the midpoint, it is something like 35 to 40 million of revenue.

哦，是的，感謝您回答這些問題。我想回到指導，在這裡進行更改。所以，我認為中間值大約是3500萬到4000萬的收入。

Is that, and that'd be about 4.5%, I think from the midpoint, Chris, you talked about, last quarter, Rite Aid was, under 5%, but here you're talking about 4.5%, which includes both the impact from ISP and Rite Aid.

是的，那大約是 4.5%，我認為從中點來看，克里斯，你談到了上個季度，Rite Aid 低於 5%，但這裡你談論的是 4.5%，其中包括 ISP 和 Rite Aid 的影響。

If I recall, I think this predates you guys, but I think the estimate for ISP was only about 30 million of revenue contribution. I think it was either for last year or maybe for this year. So, what I'm trying to understand is of this, the guidance adjustment, is this more Rite Aid or is this more ISP? And if it's Rite Aid, if it's not all Rite Aid, what do you think the rem exposure relative to that would be potentially, or do you feel like you have really sized it, appropriately here?

如果我沒記錯的話，我認為這比你們要早，但我認為對 ISP 的估計收入貢獻只有約 3,000 萬。我認為它要么是去年的，要么是今年的。所以，我想了解的是，對於這個指導調整，這是更像 Rite Aid 還是更像 ISP？如果是 Rite Aid，或者不是全部都是 Rite Aid，您認為相對於該類產品的 rem 曝光度可能是多少，或者您是否覺得您已經真正適當地調整了其大小？

Yeah, I think we've, I think we size it. So it's, I would say roughly half and half, right between in terms of the 35 to 40 million we're calling out.

是的，我想我們已經確定了它的規模。所以，我想說，大約是各佔一半，也就是我們所說的 3500 萬到 4000 萬之間。

Look, there are some Rite Aid isn't a perfect science. I mean, we don't have the primary ffi, so it's hard to reconcile exactly what our recapture rate is. We have assumptions around that. We think that obviously we're you're hit a little harder in the near term and we'll recapture the scripts in the back half. So there is some assumptions built around how we're recapturing at what rate. We have, we actually haven't felt the full impact yet from Rite Aid either. There was about 400 store closures in June. We saw some. Some other immediate sort of as Wendy noted cessation with some of the programs with Rite Aid. So there's sort of this initial impact with the rapid nature of the store closures, there's there's likely a pool of of of consumers that went to their local pharmacy just to find that it wasn't there anymore and may have, transferred the script themselves. So there's a lot to unwind there, but to your question directly on the numbers, I would think about it about half and half. We put a range on it because there's still some impact. We're doing everything we can from a contactability and others to ensure that we're we're recapturing the highest possible, and I think that we'll continue to do that and part of the brand effort and the marketing it's all tied into this, right, which is to reinvigorate the brand to make sure that those who came to us as consumers and elected. To do business with us will continue to come back to us and look I think there's tailwinds, coming in 2026 anyway if you look at the PDP premiums that were announced by CMS, they're up 33%. This is, I know that's not the commercial market, but you're seeing other payers talk about high utilization. I think that likely ends up being, some of the things that we just talked about it that is that John asked on the prior question around. The costs have gone up. I think that people have gone back to the benefit this year. I think they'll come back to the cash benefit next year. I think you hear other manufacturers like Novo talked about the importance of cash programs. I think you've seen some large payers talk about the importance of cash programs. So I actually think there's tailwinds for this to come back, and I think as we reinvigorate the brand and go after marketing spend, I think you'll see customers like whatever Rite Aid's losses were, I think we'll recapture those over the longer term.

瞧，Rite Aid 並不是一門完美的科學。我的意思是，我們沒有主要的 ffi，所以很難準確地確定我們的回收率是多少。我們對此有一些假設。我們認為，顯然我們在短期內會受到更嚴重的打擊，但我們會在後半段重新奪回劇本。因此，有一些關於我們以何種速度重新奪回的假設。事實上，我們還沒有感受到 Rite Aid 帶來的全部影響。6 月約有 400 家商店關閉。我們看到了一些。溫迪指出，其他一些直接措施包括停止與 Rite Aid 合作的一些項目。因此，由於商店關閉速度很快，最初的影響是，可能會有一群消費者去當地的藥局卻發現藥已經不存在了，他們可能自己轉移了處方。因此，有很多事情需要解決，但對於你直接提到的數字問題，我認為大約是各佔一半。我們對其設定了一個範圍，因為它仍然會產生一些影響。我們正在盡一切努力，從聯繫性和其他方面確保我們重新獲得最高的收益，我認為我們會繼續這樣做，品牌努力和營銷的一部分都與此相關，對吧，這是為了重振品牌，確保那些作為消費者來到我們這裡並當選的人。與我們做生意將繼續為我們帶來好處，而且我認為到 2026 年會有順風，如果你看看 CMS 宣布的 PDP 保費，它們上漲了 33%。我知道這不是商業市場，但你看到其他付款人談論高利用率。我認為這很可能是我們剛才討論的一些事情，也就是約翰在先前的問題中提出的。成本已經上漲。我認為人們今年已經重新享受福利了。我認為他們明年會恢復現金福利。我想您聽過 Novo 等其他製造商談論現金計劃的重要性。我想您已經看到一些大付款人談論現金計劃的重要性。因此，我實際上認為，這種情況會有所好轉，而且我認為，隨著我們重振品牌並追逐行銷支出，我認為你會看到客戶，無論 Rite Aid 遭受了多少損失，我認為我們都會在長期內重新奪回這些損失。

Well, so just coming behind you, Chris, I the your question also was then have you fully accounted for both of these things in this year? The answer is yeah, that's baked into the revised, revenue and, adjusted even of guidance.

好吧，克里斯，剛才我問你的問題是，你今年是否已經充分考慮了這兩件事？答案是肯定的，這已包含在修訂後的收入和調整後的指導中。

Okay, thank you. And then Wendy, if I could follow up, you mentioned earlier about, the opportunities when we think about more, broadly in the market of direct to consumer option. Obviously the President has talked about wanting something similar to that with the MFN pricing. When you look at the landscape of basically where prices, what sort of drugs do you think if we, if they were to go to the MFN price would be reasonably affordable because I believe you guys had said once that, or again, maybe this predates both of you, but Sort of when the cash price gets beyond 200 $250 a month, it it really is not that attractive to consumers. So.what, when you look at sort of portfolio drugs out there, is there a large swath of brand drugs, and I guess this is relevant for ISP rap as well, just, what, how big is that opportunity in the drug spend out there? Thanks.

好的，謝謝。然後溫迪，如果我可以跟進的話，您之前提到過，當我們在直接面向消費者的市場中更廣泛地考慮機會時。顯然，總統已經談到希望實現與最惠國定價類似的政策。當你觀察價格狀況時，你認為如果採用最惠國價格，哪些藥品會比較便宜，因為我相信你們曾經說過這個，或者，也許這個說法早於你們兩個，但是當現金價格超過每月 200 美元到 250 美元時，它對消費者來說就沒那麼有吸引力了。那麼，當您查看市面上的各種組合藥物時，是否存在大量的品牌藥物，我想這也與 ISP 說唱有關，那麼，藥物支出中的機會有多大？謝謝。

Yeah, no, I appreciate the question.

是的，不，我很感謝你提出這個問題。

Look, I think my ability to completely speculate on what that opportunity represents is would be somewhat difficult, at least to given the looseness, my adjective of the director from the administration at present. But there's no question that consumer sensitivity around what a cash and or out of pocket price a.

瞧，我認為我完全推測這個機會代表什麼的能力會有些困難，至少考慮到我目前對政府主管的形容詞的寬鬆性。但毫無疑問，消費者對現金或自付費用的價格很敏感。

Represents from a walkaway standpoint at point of sale. I think it's much higher than most of us really would otherwise logically surmise, and we're seeing that play out with GLP ones is a great example with what the average consumer is willing to pay from a cash price. So I would leave you really more with this observation that MFN or no that it's really more about the delta between what the price would have been absent having a more and purposeful negotiated cash price that feels like a win for the consumer and favorably reimburses the pharmacy. So I would anticipate that there continues to be quite a bit of opportunity even with higher cost brands, even if that lowest cost that ends up being supported by pharma with us and or others. Even exceeds a $250 price point. I think it still represents a meaningful opportunity for consumers at the point of sale.

從銷售點的走開角度來表示。我認為這個價格比我們大多數人實際的邏輯推測要高得多，而且我們看到 GLP 的表現就是一個很好的例子，說明了普通消費者願意以現金價格支付的價格。因此，我想留給你們更多的是這樣的觀察：有沒有最惠國待遇，實際上更多的是關於價格與沒有更有目的的協商現金價格之間的差額，這種協商現金價格對消費者來說是一種勝利，對藥店來說也是一種有利的補償。因此，我預計，即使成本較高的品牌仍然會存在相當多的機會，即使最低成本最終由我們或其他製藥公司支持。甚至超過 250 美元的價格點。我認為這對銷售點的消費者來說仍然是一個有意義的機會。

Stan Berenshteyn, Wells Fargo.

富國銀行的 Stan Berenshteyn。

Yes, hi, good morning and thanks for taking my questions. On the subscription line you saw some declines in the 2nd quarter. Anything to call out in terms of why gold subscription slipped and did you see any offsets from the, recently launched erectile dysfunction subscription product?

是的，你好，早安，感謝您回答我的問題。您會看到第二季的訂閱量有所下降。關於黃金訂閱量下滑的原因，有什麼需要注意的嗎？您是否看到最近推出的勃起功能障礙訂閱產品有任何彌補作用？

Thank you.

謝謝。

Let me take that one or yeah, I, you're right, yes, the gold, has declined. I think our counterpoint to that, however, is our push into subscriptions, which is, candidly just a more, purposeful, component of that entire grouping that we would put gold in with subscriptions being encompassed into that so we started.

讓我來回答這個問題，或者是的，你是對的，是的，黃金價格已經下跌了。然而，我認為我們對此的對應是推動訂閱業務，坦白說，這只是整個集團中更有目的性的組成部分，我們會將黃金投入其中，並將訂閱業務納入其中，所以我們開始了。

With erectile dysfunction, we've been pretty pleased with the progress thus far. As we think about additional programs before end of year, I did note both weight loss and hair loss upcoming with candidly more behind that, but we think that those two represent the most meaningful opportunities in the near term. We also know that our marketplace with the consumers that are already sitting in and around our ecosystem, I mean roughly, 300 million. Annual visits to our various platforms and comparatively to a lot of these other subscription type model services 2 to 3 times the number of consumers engaged with us as through these other more partitioned offerings we think it should represent a meaningful opportunity to hopefully return to growth on those numbers of subscribers in our subscription services.

對於勃起功能障礙，我們對迄今為止的進展感到非常滿意。當我們考慮在年底之前推出更多計劃時，我確實注意到減肥和脫髮即將到來，而且坦率地說，這背後還有更多，但我們認為這兩個代表了近期最有意義的機會。我們也知道，我們的市場中已經擁有約 3 億消費者，這些消費者存在於我們的生態系統中。每年造訪我們各個平台的人數，與許多其他訂閱類型模式服務相比，透過這些其他更細分的產品與我們互動的消費者數量是前者的 2 到 3 倍，我們認為這應該代表一個有意義的機會，希望我們的訂閱服務中的訂閱用戶數量能夠恢復增長。

Got it, thank you.

知道了，謝謝。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Hi, this is Jay on for Craig. On the, 35 to 40 million impact, so given the, I guess, lowered revenue outlook, can you give us more color on the specific cost controls or margin levers, that are being used to to maintain the even the margins?

大家好，我是克雷格 (Craig) 的傑伊 (Jay)。關於 3500 萬到 4000 萬的影響，考慮到我猜想的收入前景下降，您能否向我們詳細介紹一下用於維持利潤率的具體成本控製或利潤槓桿？

Yeah, I mean it comes in a it it it's a little bit of a com complexity but part of it is, the ISP programs have a little bit lower revenue perfi so in a way, when you loop the mix shift from, higher margin at the counter scripts, the fact that the price points have gone up and the cost plus models, I think by definition are a little bit higher and contributing to the to the revenue per bill, numbers and metrics.

是的，我的意思是它有一點複雜的通信功能，但部分原因是，ISP 程序的收入性能稍微低一些，所以在某種程度上，當你循環混合轉變時，櫃檯腳本的利潤率更高，事實上價格點已經上漲，成本加成模型，我認為根據定義會更高一些，並有助於增加每張賬單的收入、數字和指標。

So I, those are the big factors. I mean it's, and in terms of cost controls that you asked about, so, we took action obviously and, part of that was, an unfortunate reduction in our workforce but others was just re reallocating certain technology and related resources around strategic initiatives and refining those to the to the current strategic initiative that so it's just a more focused approach and. You're seeing it come through, I think we're on a run of maybe, 2 years straight of increasing the margin percentage on a year over year comparative basis, which we continue to do and we'll continue to focus on, we have a, we want to be a good stewards of shareholder money and make sure that we're operating the business as efficient, efficiently as possible.

所以我認為這些都是重要因素。我的意思是，就您詢問的成本控製而言，我們顯然採取了行動，其中一部分是不幸的裁員，但其他只是圍繞戰略計劃重新分配某些技術和相關資源，並將其細化到當前的戰略計劃中，因此這只是一種更有針對性的方法。你已經看到了它的效果，我想我們可能已經連續兩年在同比基礎上提高利潤率百分比了，我們會繼續這樣做，我們將繼續專注於，我們希望成為股東資金的好管家，並確保我們盡可能高效地運營業務。

Yeah, I would just add, part of what Chris and I committed to early on this year when we first engaged with all of you is that we would take a hard look at not only the combination of strategic initiatives we were focused on, but our colleagues and the number of people focused on pulling those initiatives through and that those that really didn't align to these core initiatives that we've continued to speak of in these earnings calls. That we would either redeploy in support of or eliminate roles that really weren't in service to the broader strategic mission we have done that in combination with this broader executive leadership team, and it will just be part of our ongoing discipline as a leadership team.

是的，我只想補充一點，克里斯和我在今年年初第一次與大家接觸時承諾的一部分是，我們不僅會認真審視我們關注的戰略舉措組合，還會認真審視我們的同事和專注於推動這些舉措的人數，以及那些與我們在財報電話會議上繼續談論的這些核心舉措實際上不一致的舉措。我們將重新部署以支援或取消那些實際上並不服務於更廣泛的策略使命的職位，我們已經與這個更廣泛的執行領導團隊一起完成了這項工作，這只是我們作為領導團隊持續紀律的一部分。

It's helpful and as a follow up, are you seeing any shifts in consumer behavior or prescription sale rates that could impact platform usage in the remainder of the year? Thanks a lot.

這很有幫助，作為後續問題，您是否看到消費者行為或處方銷售率的任何變化可能會影響今年剩餘時間的平台使用？多謝。

I'm sorry, can you ask that question one more time?

抱歉，您能再問一次這個問題嗎？

Yeah, so, are you seeing any shifts in like consumer behavior or prescription fill rates that could impact platform usage in the remainder of the year?

是的，那麼，您是否看到消費者行為或處方藥供應率等方面的變化可能會影響今年剩餘時間的平台使用？

Nothing comes to mind. I'm kind of looking around the room here to to to think through any.

什麼也想不起來了。我正在環顧房間，思考著一切。

I would just reiterate what I said, which is, I think the fact that consumer prices are up is likely pushed more into the benefit in the short term and we're seeing that. I think you're seeing that as a part of the explanation for our Macs coming down or Mac counts coming down.

我只是想重申我所說的話，那就是，我認為消費者價格上漲的事實可能會在短期內帶來更多好處，我們已經看到了這一點。我認為您認為這是 Mac 數量下降或 Mac 數量下降的部分原因。

From my perspective, I think there's a lot of tailwinds that are brewing that we're going to push it back the other way next year as I talked about. But really there's really no other like consumer specific behavior other than I think the dynamics around the the the the prices that people are paying at the counter.

從我的角度來看，我認為有很多順風正在醞釀，正如我所說的，明年我們將把它推向另一個方向。但實際上，除了人們在櫃檯支付的價格動態之外，真的沒有其他類似的消費者特定行為。

Jailendra Singh, Truist.

Jailendra Singh，Truist。

Thank you and thanks for taking my questions. I want to double click more into the volume reduction at one ISP and apologies if you already covered this, but what was it due to changes in PBM behavior, customer behavior, or any structural changes? Just trying to better understand what gives you the confidence that this would not spread into your other ISP partnerships, any proactive actions you can take on your part to manage these potential headwinds in the future.

謝謝您，也謝謝您回答我的問題。我想雙擊更多有關一家 ISP 的音量減少的信息，如果您已經討論過這個問題，請原諒，但這是由於 PBM 行為、客戶行為或任何結構變化的變化造成的嗎？只是想更了解是什麼讓您有信心這種問題不會蔓延到您的其他 ISP 合作夥伴關係中，您可以採取任何主動行動來應對未來這些潛在的不利因素。

Yeah, look, I think we've been, pretty candid about what ISP is and what it isn't.

是的，看，我認為我們已經非常坦誠地討論了什麼是 ISP，什麼不是什麼。

So, in some sense I would say the notion that, the GoodRX price may not always win even when it's more competitive has been known candidly as part of this problem, but it's still a compelling product that you want to get in front of commercial lives. So for that reason you've seen us continue to lean into additional partnerships and while I Appreciate the question on so how should we think about scaling it going forward. I think about it really in two ways. One, it's about adding more commercial lives to make sure that we can continue to grow the reach of this product. We've done that and we're continuing to do that while also noting in tandem the pullback of our win rate with one particular partner. However, part two, as I think about this, is the additive brands that I noted. In the transcript to kick off the call and so we do see an ability for this product to continue to grow. But if I add third element, it would be this, which is, look, there's always going to be an element of favor to the PBM. And so for that reason, for this product to truly realize its full potential, it has to be implied through the employer and or client at some point. They've got to mandate that the cash price always win. And so for that reason you've heard us talk about engaging more on the on the employer side potentially with broker coalition, and we are building out a group to do exactly that. So that really is more the bolstering answer to your question, which is how do we ensure that this product truly realizes its full potential. That's how we're going to do it, and that really is more of a 2026 solve as we get this true strategy and market.

因此，從某種意義上說，我認為，即使 GoodRX 的價格更具競爭力，其價格也未必總能取勝，這已被坦率地認為是這個問題的一部分，但它仍然是一款引人注目的產品，您希望在商業生活中獲得它。因此，您會看到我們繼續傾向於建立更多的合作夥伴關係，同時我很欣賞關於我們應該如何考慮在未來擴大規模的問題。我實際上從兩個方面考慮這個問題。一是增加更多的商業活動，以確保我們能夠繼續擴大該產品的覆蓋範圍。我們已經這樣做了，並且會繼續這樣做，同時也注意到我們與某個特定合作夥伴的成功率有所下降。然而，當我想到這一點時，第二部分是我注意到的添加劑品牌。在通話記錄中，我們確實看到了該產品持續成長的能力。但如果我加入第三個要素，那就是，你看，總是會有一個有利於 PBM 的要素。因此，為了使該產品真正發揮其全部潛力，必須在某種程度上透過雇主和/或客戶來暗示。他們必須強制要求現金價格始終獲勝。因此，您聽到我們談論在雇主方面與經紀人聯盟進行更多接觸，我們正在建立一個團隊來做這件事。所以這實際上是對你的問題的一個更有力的回答，那就是我們如何確保這個產品真正發揮其全部潛力。這就是我們要做的事情，當我們獲得真正的策略和市場時，這實際上更像是 2026 年的解決方案。

Yeah, that makes sense. And then my follow up, actually I'm following up on Stan's question around the recent launch of, ED subscription plan and plans to expand into other categories such as weight loss and hair loss. How are you thinking about computation in those categories when some DTC incumbents in the space have been making big push? Is the strategy more about leveraging existing platform assets like traffic and band? Do you have to invest meaningfully to start having impact in those markets?

是的，這很有道理。然後我的後續問題，實際上是我在跟進斯坦關於最近推出的 ED 訂閱計劃以及擴展到減肥和脫髮等其他類別的計劃的問題。當該領域的一些 DTC 現有企業大力推進時，您如何看待這些類別的計算？該策略是否更多地利用流量和頻段等現有平台資產？您是否必須進行有意義的投資才能對這些市場產生影響？

It's a great question. Let me start by saying you're not wrong in noting that, effectively tapping into the consumers who are already searching for these drugs on our site represents again a 2 to 3 times opportunity that those competitors, I'm presuming we're talking about the same ones currently enjoy. So we're certainly starting. From a better point, I would say to springboard off of these types of launches. However, your observation is also correct that competitors do spend a meaningful amount on marketing on these same programs. You've seen us be a bit more tempered there. It is part of our consideration as we think about these future categories. I think you'll see us get more creative, but again, we do have the benefit of taking advantage of consumers who are already in front of us, so. Naturally, our ability to attract a consumer, I think, comes with a, slightly lower cost of acquisition to do so, but you will see us lean into marketing around, future programs as well.

這是一個很好的問題。首先我要說的是，您說得沒錯，有效地吸引那些已經在我們網站上搜尋這些藥物的消費者，這又為那些競爭對手帶來了 2 到 3 倍的機會，我想我們談論的是那些競爭對手目前享有的機會。所以我們肯定會開始。從更好的角度來看，我想說要以這些類型的發佈為跳板。然而，您的觀察也是正確的，競爭對手確實在這些相同的項目的營銷上投入了大量資金。你已經看到我們在那裡變得更加溫和了。這是我們思考這些未來類別時考慮的一部分。我想你會看到我們變得更有創造力，但同樣，我們確實可以利用已經在我們面前的消費者的優勢，所以。當然，我認為，我們吸引消費者的能力伴隨著略低的獲取成本，但你會看到我們也傾向於圍繞未來的計劃進行行銷。

Steven Valiquette, Mizuho.

瑞穗的史蒂文‧瓦利奎特 (Steven Valiquette)。

Oh thanks. Yeah, good morning, Wendy and Chris. Thanks for taking the question. So you know I think I had about 5 questions on writing. I think you answered all of them and answered to Charles's question earlier, but just to follow up a little bit on that topic, you mentioned you do have some, recapture assumptions, built in your Outlook. Just curious if we're able to maybe give at least some high level color on what that assumption is, or maybe it's I don't know, 20-25% or something like that just for, a rule of thumb just to help us, think about that.

噢，謝謝。是的，早上好，溫蒂和克里斯。感謝您回答這個問題。所以你知道我認為我對寫作有大約 5 個問題。我認為您已經回答了所有問題，並回答了查爾斯之前提出的問題，但只是為了稍微跟進一下這個主題，您提到您確實在 Outlook 中構建了一些重新捕捉的假設。只是好奇我們是否能夠至少對這個假設給出一些高層次的解釋，或者也許是 20-25% 或類似的數字，只是為了幫助我們思考這一點的經驗法則。

And then kind of tied into that you also mentioned last quarter and again that you were under index to Rite Aid, just, in hindsight it doesn't matter as much now, but you just remind us why you think that is. But also, is there anything about that, mechanically that might make it, more challenging for you to recapture the scripts you do have with Write maybe they were just more tied in with other cash pay services or something like that, just trying to understand that angle as well. .

然後與您上個季度提到的情況有點聯繫，您再次提到您處於 Rite Aid 的指數之下，只是現在回想起來這並不那麼重要，但您只是提醒我們您為什麼這麼認為。但是，從機械角度來看，這方面是否存在什麼問題，可能會讓您更難重新獲得使用 Write 所擁有的腳本，也許它們只是與其他現金支付服務或類似的東西聯繫更緊密，我只是想從這個角度來理解。。

Thanks.

謝謝。

Yeah, let me take those in sort of reverse order. I don't think there's anything unique about the Rite Aid customers that make it either harder or easier to recapture. I think it's just, these are consumers that were out looking for affordable solutions, to access medications, they're just, so I don't think there's anything about that. I think as we go out and we think about, future, brand initiatives and, the ability to contact these individuals and bring them back to the platform. I think they'll naturally come back to the platform. They may not be even aware they're no longer using their good ex coupon depending on where they've landed, or whether they've been switched or however that works. So our job is to bring them back and make sure they've got the most affordable price, to do that in terms of, our assumptions built in I think we haven't given a number, but, I think you're directionally correct in terms of how you're thinking about our assumptions, based on some historical it's not an exact science we don't exactly know. Because we're not, we don't have the primary file, we have ways to sort of, trace them and connect the dots back, but it's not an exact science, so your assumptions are sort of generally, correct.

是的，讓我按相反的順序來做。我認為 Rite Aid 的顧客並沒有什麼獨特之處，使得重新獲得顧客既困難又容易。我認為這些消費者只是在尋找負擔得起的解決方案來獲取藥物，所以我認為這與此無關。我認為，當我們走出去時，我們會考慮未來的品牌計劃，以及聯繫這些人並將他們帶回平台的能力。我認為他們自然會回到這個平台。他們甚至可能沒有意識到他們不再使用他們的良好前優惠券，這取決於他們所到達的地方，或者他們是否已經被轉換，或者無論如何運作。因此，我們的工作就是讓他們回來，並確保他們得到最實惠的價格，為了做到這一點，根據我們的假設，我想我們沒有給出一個數字，但是，我認為你對我們的假設的思考方向是正確的，基於一些歷史，這不是一門我們並不完全了解的精確科學。因為我們沒有，我們沒有主要文件，我們有辦法對它們進行分類，追蹤它們並將點連接起來，但這不是一門精確的科學，所以你的假設通常是正確的。

I would also add that we do those that we have contactable information for we have directly marketed communicated to them and given them an option as to where you know they could take that next fill if you will additionally for those that we don't have contactability for, we do have through our digital platform very clear messages messaging around, hey, is your pharmacy closed let us help you so we are leaning in in every way possible. To recapture, these lost consumers.

我還要補充一點，我們會向那些我們擁有聯繫信息的客戶進行直接營銷，並為他們提供一個選項，讓他們知道在哪裡可以買到下一批藥，如果您願意的話，另外，對於那些我們無法聯繫到的客戶，我們通過我們的數字平台向他們提供非常清晰的信息，比如，嘿，你的藥房關門了嗎？讓我們來幫助你，所以我們會盡一切可能提供幫助。重新贏得這些流失的消費者。

Okay, alright, that's helpful, thank you.

好的，好的，這很有幫助，謝謝。

Daniel Grosslight, Analyst

格羅斯萊特（Daniel Grosslight），分析師

Hi guys, thanks for taking the question. There's obviously been a lot of disruption in national retail chains and store closings and the Rite Aid bankruptcy, which has been well covered on this call, but I, I'm curious where you're seeing volume through, flow through to, with those store those. And in particular are you seeing more volume going towards independence and you know in conjunction with that you you launched Community link last quarter. I'm curious if you can if you provide an update on on the uptake you're seeing within independence and Community link.

大家好，感謝你們回答這個問題。顯然，全國零售連鎖店出現了很多混亂，商店紛紛關閉，Rite Aid 破產案也頻頻發生，這些事件在這次電話會議上已經得到充分報道，但我很好奇，您看到這些商店的銷售量、銷售額流向了哪裡。特別是，您是否看到越來越多的人走向獨立，並且您知道，與此同時，您在上個季度推出了社區連結。我很好奇您是否可以提供您在獨立和社區聯繫方面所看到的最新進展。

Thank you.

謝謝。

Yeah, no, appreciate it, and want to thank you for the acknowledgement of Community Link. Look, I will say for Rite Aid specifically I think it's too early to know whether or not independents have been an outsized recipient of that volume from our partnerships with. Larger chains, I will say thus far, some of the grocer retailers have been, at least from traffic that they've shared with us, have certainly done well, with some of this movement, of course, CVS bought a number. Of those files too, but the timing, knowing that again June, July was really the bolus of the store closures, particularly if someone would say on a, 90 day fill, the short answer is it's a little too soon to know where we think those are going to go. To the other point of your question, however, on specifically, Community link, look, we just think it's the right answer. I, I'm really pleased to be able to support this program, just knowing that those pharmacies often are an island in the rural environments in which they exist. Sometimes the only entry and access point to care. What we do know. With those that have contracted directly with us thus far that their profitability is up meaningfully, we're incredibly proud of that, and you're going to see us lean in from a marketing perspective much more heavily, both marketing and communications and to continue to grow the number of those pharmacies that work with us directly, which of course also affords them the option to participate. In ISP, inclusive of all of the brand discounts that we've pointed to through our Pharma Manso business which again is incredibly meaningful, not only to our larger retail chains, but, more pointedly to the smaller community pharmacies that are for the most part underwater on all of these brands.

是的，不，非常感謝，也感謝你對Community Link的認可。具體來說，就Rite Aid而言，我認為現在判斷獨立零售商是否從我們的合作中獲得瞭如此巨大的收益還為時過早。到目前為止，我想說的是，一些大型連鎖店，至少從他們與我們分享的流量來看，確實做得很好，當然，CVS 也買了一些。這些文件也是如此，但時間方面，要知道 6 月、7 月確實是商店關閉的高峰期，特別是如果有人說 90 天的填充量，那麼簡短的回答是，現在還不知道我們認為這些會去哪裡還為時過早。然而，對於您問題的另一點，具體來說，關於社區鏈接，我們認為這是正確的答案。我很高興能夠支持這個項目，因為我知道這些藥局在它們所在的農村環境中往往是一個孤島。有時這是護理的唯一入口和接入點。我們確實知道什麼。到目前為止，那些與我們直接簽約的藥局的盈利能力都有了顯著提高，我們對此感到非常自豪，你會看到我們在營銷方面更加努力，包括營銷和溝通，並繼續增加與我們直接合作的藥店的數量，這當然也為他們提供了參與的選擇。在 ISP 中，包括我們透過 Pharma Manso 業務指出的所有品牌折扣，這同樣具有極其重要的意義，不僅對我們較大的零售連鎖店而言，而且更重要的是，對在所有這些品牌上大多處於虧損狀態的小型社區藥局而言。

Got it thank you.

明白了，謝謝。

You're welcome.

不客氣。

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，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。