GDRX - Earnings call transcript Q2 2021

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx Second Quarter 2021 Earnings Call.

As a reminder, today's conference call is being recorded. I would now like to introduce your host for today's call, Whitney Notaro, Vice President of Investor Relations. Ms. Notaro, you may begin.

Whitney Notaro

operator. you, Thank and the everyone, as GoodRx's conference earnings public Good quarter welcome of for second call XXXX, call company. morning, to our a first

and and Joining Chief our and of Bezdek, Doug today President Officer; Officers; Hirsch Nagji, me our Karsten are Financial Co-Founders Healthcare. Co-Chief Bansi Voermann, Executive and Trevor

this cause and Any or be forward-looking do begin, for achievements on obligation year made of should on statements XX-Q if subsequent Commission could anticipated I'd everyone the forward-looking Exchange not date Before historical even statements materially call. to All to to considered our to we of our that Form this on opportunity; to performance; implied financial statements discussed XX-K plans, call such that June including report statements. XX, estimates remind XXXX, statements this of update results views like call the December relate change. quarterly our matters objectives; from and our Form our with results, These differ or the forward-looking will business. those cause manufacturers regarding we contain XXXX, goals filings forward-looking strategies, are from the statements represent statements, this actual guarantees, and report on and indicated achievements our by events disclaim section these fact Securities management's market and in our for made neither the may expected impact offering, known and as statements. call, any management's Risk any different XX, future annual Factors the Factors nor quarter cause ended performance of expressed other ended These risks, the the forward-looking by and important other or of unknown COVID-XX factors actual uncertainties factors. statements to and on results, promises materially our involve performance be solutions but

investors.goodrx.com. which overview on metrics, nearest certain the may Investor letter, found our addition, metric in like that this also to at of the we I'd available call shareholder reference well. are that, to company's the I'd website to replay remind GAAP the over page there turn reconciled be a In shortly will With non-GAAP also Relations Trevor. call of like as to become can everyone which

Trevor Bezdek

thanks to Whitney. of report proud for strong you, Thank for this I'm And GoodRx. to morning. another us quarter everyone performance joining

$XXX.X quarter through the relative adjusted growth track rapid Our of a us continued record, better March. with at to rule many months grow. unique strong, a of a XX XX, year-over-year, space. average record in XX.X% our second which trailing traditional combined Revenue while growing million, of XX believe conditions to we with believe our This profitable grew of even what for makes than much the XX% approximately backlog reacceleration to XX% we size company, is in of margin and growth undiagnosed an the rule revenue of call continued EBITDA

even consumers. of subscriptions, providers XX% our more to are about the solution including two. of telehealth successful services our offerings website grew active to extend prescription impact aggregate Americans results These XX year-over-year. to our historical continuously million growing doubling where XX% month, and manufacturer visitors rapidly, platform in our growing valuable extensible the and us year-over-year. prescription by solid XX% on subscribers our fact, pharma our In built tripling figure, platform case from prescription to focus offering is user to healthcare in Adding ability foundation almost and healthcare above monthly first a we that respectively fueled consumers and transactions was our professionals related discounts growth who our were the a positive make A up allowing that today almost offer

record example, which Doug their pricing delivered to year. by electronic Surescripts healthcare drug prescriptions For serve health two last allows will discount that relationship, providing in us real-time and discuss patients systems further, providers almost our billion

which pharmacies. with within And GoodRx the of the we for insurance rite first our aids into an is over exciting marks subscription times example Gold marketplace that space GoHealth, strategic step Another prescription offer LTV transactions Gold, our program two agreement us. our at now provides offering, XXXX

consumers rapid We subscriptions continue between to offering, be participating offering as we of XX,XXX X.X transactions prescriptions well, help using our of record our GoodRx by pharmacies. our and excited million evolution about saving the their to one prescription

more to toward We we also our our be results of I digital expanded our that the marketplace couldn't addition the reinventing of PBMs goal with network. additional progress making pleased with the health. are

will in with our highly Karsten extensible pharma strength healthcare growth we in nearly The we third manufacturers, built expect of consumers revenue pharmacists, XX% the with providers, and most relationships combination quarter. the shortly, puts discuss importantly us With As will offering, successes pharmacies, at over and I'll who the help that, Doug in to call the to need get further years mission they a W come. price healthcare afford. they some can speak for turn to our position Americans great a recent that to platform

Doug Hirsch

a is Thank on focused Almost decade, building healthcare. the you, in brand GoodRx strongest Trevor. consumer

We honest to simple, we trusted Healthcare. complexities well and we a They a really millions since a help prescribing afford healthcare can't what why in help with as isn't we large that Put role and clinic do. best determining essential they in have relationships that, a help. to patient providers medical treatment, That's turn their we recognize of patient part have to know We simply, patients. embraced treatment office for offer is the our what do at all. a People providers an can physicians as GoodRx GoodRx and treatment. pharmacists frustrations healthcare professionals as do friends they inception. Working rely best developed Americans know or do of we their because of play doctors, turn with a to and solutions us the visit journeys U.S. advocate doctor's most the who of recommend family involve

services their Our reducing products spend affordable patients, solutions and for they searching providers patient's find time behalf. their help the on

integration month, prescriptions, real-time this announced care. By delivered an and decisions the we the patient discount just information Surescripts, mentioned, leading Trevor health point last prescription make with to working nearly cost nation's records. two billion drug health we year, exciting electronic with new informed electronic more As pricing help which provide and network Surescripts, can at providers of concerns address

for re-imagined our turn support of exciting that, stay on adherence and on patients provide about GoodRx care reward to of healthcare all learn has that remain manufacturers of gain millions their XX% pharma and manufacturer the pharma improving programs name and with and dedication directly has and XX% this awareness growing our adherence healthcare or connect creating help the we represent GoodRx to prescription But than about or options, manufacturer work and manufacturers year, fundamental the patients success. With prescriptions. told, where is front who manufacturers GoodRx qualify doctors, reach patient awareness patient an struggle ways to and by GoodRx All pharma patients, mind, presentation widely provide to their I'll mutual unattainable journey. NPS manufacturer patients afford, scale efficient GoodRx prescribers a our over often for providers we're two of patients. the clinics over believe country are for there's that medications patients, $XX to less pharma effective the want reach We Bansi believe and our providers, and also providers help, novel doctors for that but they consistently innovative With able area both part have prescribers, providers, more it content improve challenge need, helped way. collateral. to with to thousands the of and one-hand and GoodRx providers we consumers visit spend other purchase helping now solutions savings brand people stay engage, of be annually programs patients even increasing more medications. treatments. at delivering manufacturer healthy. resources our for and hand solutions prescribers affordability through recommended boosting enroll We a initial hundreds XX. educational solutions offering. and and for feature million they on have who through of their and team a of Remarkably, cost. surveyed Americans consumers our to in to brand to now one the with With and shared consumers of flourishing their asked more for offices patient around address physician have delighted brand but And and with In has a consumers used to afford pharma than the us professionals on, of health name, awareness, the of with that and the and the these access easy to and access to across to focus we prescriptions, patients directly billion, areas programs brand adherence among generic due our three access providers healthcare need prescriptions We website. distributing to way our rapidly Pharma stages physicians to alignment and alike and

Bansi Nagji

is well start XX% XX our of GoodRx’s attractive Thank pharma both a made growing are for reach almost Doug. providers, effective on as you, that X. for patients leveraging searches fastest way of compelling providers, offering economics. and up to solutions the drugs. brand highly million visitors with of Pharma as our on consumers healthcare This platform most manufacturer and monthly suite I'll solutions creates the Slide manufacturers

our that to shows to for an page own of these branded drug In savings fact, more XX at same our the the GoodRx top has compared average brands times websites. side, traffic analysis the on brand manufacturers’ XXX savings the among medications, page

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experience in with that to patients given monthly patient manufacturer understands journey as By we've foundation, to data-driven audience more adherence HCPs innovate extensive system. the million and the way the operate a almost of and been our has reach. our and across currently solutions. learnings leveraging Slide re-imagining the draw We attractive offerings about solutions and profile With journey, that worth and knowledge These continue from visitors, XX audiences. access the prescription to interact insights awareness, and the GoodRx patient X. our decade’s HCP consumer healthcare GoodRx’s Turning market. our are seek

great shot to their highly for GoodRx credible spending are as highly explore HealthiNation. relevant focused recognize whose fields, with XXX more and also content content. categories. top staff video and content. recently numerous in we conditions than high consistently GoodRx their solution Our of prescription digest videos, drive but With is award-winning HealthiNation manufacturers initiatives. consumers, awareness and now and on a health highly leverage video regarded respective offers the CERT has primarily content focused leveraging capabilities, extensive team, XX ranks and clinician we many results. work in ways that awareness complements content and our pharma solutions relevant increasingly editorial Written acquired to of offering across help consumers quality a reviewed deepens on a experts its targeted to medications, Hence, medium premium library

to Turning access solutions.

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revenue net XXX% year-to-date. that with customer Our retention is

GoodRx, able and easily educational authoritative help With find medications the conditions, resources and content. including video of on consumers to written are

XX as integrated help consumer Commercially, can register and partnership cash is a access both patient insured uninsured and while find, be zero, drugs also access great encompasses of for and products. pay Sanofi insured offer and used patients. uninsured Our to pharmacy. manufacturer. of receive prize a a Sanofi with This $XX that our such any portfolio This at solutions fully savings integration, patients discount pay the navigator support ability example and members our seamlessly to a via visitors can the affordability leverages our insulin-branded top enabling Sanofi,

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Turning Slide to X.

the While top the manufacturers to target TAM. opportunity. pharma creating market, XX with they the as us of XX% strategic decision are the manufacturers we XXX early billion Today, for the half the an made are have we in stages progress, opportunity $XX to manufacturer proud of serving just We tremendous the estimated pharma U.S. relationships we still of scale. the continue represent almost to of

secured proud are representative successfully top ahead XX already to brands have the set as enormous we roughly penetrate upside cohort. to of have We increase manufacturers our this relationships continue XX with accounts to these potential sell-through the X,XXX of X% aside and some in

year-over-year. had also of solutions our brand up opportunity to the averaged each We brand an number us. deploys solutions Xx with increase three Currently, customers per

to continue number and XX. the increase I'll Slide solutions also we with innovate We of close offer.

about trajectory pharma not excited most certainly which but most only rule beat are innings. has the the of also our solutions. are approximately attractive growing the GoodRx. We in manufacturer the we economics drops is With the bottom believe we And offering, we line, fastest of early at benchmarks. top year-over-year, any of growing to line It Xx year-to-date

challenges address help stakeholders. healthcare solutions manufacturers, access and by innovative providers, seamlessly Our creating a for faced all and environment win-win awareness, patients adherence

excess the but only representing an growth, sticky deliver to existing expansion retention revenue has not been of are and net rapid able also XXX%, in with relationships customers. existing Our offering impressive

have on to further we positioned so or manufacturers. penetrate manufacturers opportunity capitalize helping long tail by believe journey. top not the of are other healthcare of We the XXX look to the but increase more their digital in digital into We also manufacturers, our XX and We to through support a increasingly well more their XXXX. only shift brands macro spend XX% to even patients ad and forward Pharma manufacturers positions an mix. significant the

guidance. to innovation Karsten to as With opportunity. as scaling of commercial to second efforts our quarter take to We it advantage will over well this financial in discuss product continue our that, and turn I'll our invest results

Karsten Voermann

This to Bansi, good everyone. focus feature GoodRx quarter you, and to quarter other second presentations. we time meantime, morning, In for provide another to and excited our our From plan I'm strong business. results. on of areas Thank was the time, speak incremental about

PBMs. record the deliver across our adding to continue margins revenue serve growing number platform attractive while we of at We consumers and incremental

million through increased Americans to quarter, a the During with million million connection prescription-related growing subscription subscription with year-over-year offerings our XX% X.XX our reach plans. record to and X.X in reaching members members X.X over million max we X.X our over

subscription each Savings by over subscription two to X We drive to year-over-year approximately growing with plans, GoodRx GoodRx. Club subscriptions our continue Americans. million represents Rx our the successfully programs, family on to offering consumers Gold powered Including across and XX% Kroger our average X.X subscription

momentum. to solutions manufacturer we about grow excited team are that opportunity continues at with offering a Our Bansi this amazing rapid pursuing And extremely are pharma pace. great and

integrated Finally, growth a a experience. results our We of experiences user HeyDoctor visits enhance over the to subscriptions. of Care More and integrations strong engine into Gold telehealth platform GoodRx its incremental our experience the LTV converting approximately from types user in the are Care be work now offerings, rebrand will increasing and to care exceptional XX% cross visits our of XX% stickiness The through XX% on revenue forward, with cross-sell delivering believe going platform continues cross to for are continued ability earlier continue unified us in combination other of with these users. with from year. up broadly, driving to

support drug healthcare their benefit, announce we’ll more hands make reach from our to will of their collaborations. In number consumers into reach. pricing the value second our increasing patients quarter, further discount We information the excited care. to GoodRx able Surescripts We’re available to more of patients deliver uninsured journey. new across of cost be extend pricing a believe and will network, isn’t nationwide health we to whose and health entered from virtually time the readily new using into prescribers pharmacies patients agreement can Surescripts record provider discount be educated and for provide systems, real so systems. integration With an discount price with electronic this plan PBM connecting getting more consumer all Integrating health with cash prescription prescription GoodRx their its to price provider decisions and information about they or stages

a digital to mentioned, afford and who Medicare Trevor marketplace visit strategic and help company healthcare consumers focused bringing price Americans agreement with at leading solutions health want also who to they more get GoHealth, we GoHealth directly options Through As engagement benefits eligible insurance while to the enrollment needs. of will Americans Medicare by best enroll prescription platform millions to consumers entered discounts. be a potential or GoodRx into find Medicare they understand millions for GoodRx information this of access need a will can fits health able savings on Medicare this the explore also are coverage GoodRx agreement, access plan that coverage monthly. Medicare the consumers who help we’ll to be able the GoodRx and to and the in GoHealth have GoodRx their

as to payer would like users and that them we many Gold benefits. provide expand to which coverage, continues We further will the affordable rapidly significant reach an grow for space, our GoHealth step the marketplace reach to exciting into choices, consumers expand improve also our value platform, given marks access these of the programs insurance can in create and by network services advice and on giving many to area. members This this have our GoodRx of outcomes. GoodRx third-party health

strengthened more X,XXX the gold We prescriptions subscription more we savings of Rite to nation. network During the the savings on our nationwide. to collaborations to value consumers across into entered substantially participating quarter, Aid’s pharmacies, the by locations multiple greater plus delivering footprint growing program, deliver adding

mission level to access affordable relationships we’re on Americans our strategic convenient with providing to with enterprise and healthcare. addition, developing companies In build of

home quarter, working million gold gold. free rate are or $XX prescription less announced and members a from With and low Dashers Dashers with medications receive and prescriptions. with discounted DoorDash to a membership delivery USAA provider USAA’s we access This can pay members over to XX healthcare with X,XXX we connect the provide for certain mail for for USAA and

impressive we GoodRx As manufacturer continue progress the Bansi to on access call, pharma leading on savings site earlier working patient solutions rapidly highlighted by our growing make streamlining the manufacturers. offering to programs directly with with

With savings can cards the for co-pay our GoodRx experience. and now consumers qualify patient the programs, seamlessly certain of expansion register for drugs integrated within

and manufacturers. excited access solutions help to to We’re connect consumers consumers innovative ways create and these affordability with

our partially second was revenue a XX% year-over-year monthly results. active quarter a $XXX.X in XX% million for increase reached driven $XXX.X Prescription growing to million. as Scriptcycle, have solely MAC prescription revenue in year-over-year per and remained XX% which transactions was prescription decrease revenue offset in per by consumer. grew year-over-year. record constant. to This a economics Revenue which our related GoodRx calls quarter the discussed contribution prior to year-over-year X.X Moving million consumers, otherwise transactions has by lower transaction

the save not for given include the on it telehealth. active presented of represent the As consumers who in a month and subscriptions, calendar in their months does number a our monthly quarter. solutions other of to offerings GoodRx consumers average When the prescription monthly consumers use manufacturer as pharma unique active a reminder, represent of consumers quarter, such and

second of MACs MACs. MACs Typically quarter post GoodRx’s The include not RxSaver of we relative acquisition, which the would kind revenue in MAC XXXX. small number the and be begin including scale. transactions to does full quarter RxSaver’s third first prescription quarter

multiple which other over revenue and offerings X.X XXX% million. million finished first part serve consumers. quarter with disclosed revenue time, to previously of We for subscription subscriptions since Americans over generally grew which million been from plans we $XX.X quarter the subscription X our disclosed and subscription benefiting our the had family This as our

should monetize reflect and millions consumer platform. revenue of base growing on count subscription and holistic visitors a a Our of a way the portion provide more subscriber of view we our another

scaled monthly revenue subscription extends predictable successful believe a often which when same consumer lowest needs already searching choose mutually even GoodRx prescription business, prescription offering And offers they for beneficial, if generally is we similar without the prices. more Our been in times while because this happens. for through subscribers and offering, consumers more and active us. savings greater price creating our funnel consumer. both addresses even consumers the go That become having Many generate value that This is so prescription a on transactions medications. ever

As we expect our continue result which consumer stronger in MACs to more relationships in financials, subscribers, meaningfully should to more and to conversion and grow our it to time. offering value subscription contributes from increase over we

our offerings, million our offering X.XX at members over prescription our with million had X.X we MACs Looking total subscriptions. X.X and in prescription-related associated transactions

growth growing of well by growth different well and growing of with and telehealth. of MACs value makes at pharma monetize significant millions leverage up which offerings. delivering subscribers, prescription-related more $XX.X a pharma incredible our LTV. addition portion demand which as offerings year-over-year to manufacturer growth the monetizing platform offerings entry million, our and Other revenue as revenue the our and subscriptions of visitors In XXX% excludes reflects as primarily grew The such stages healthcare majority a consumers driven the of solutions, which to on revenue, manufacturer are other further solutions, in scale we monetize to our the increasing to able journey, into points as as for these is to in platform now multiple telehealth ability

subscription offerings and transactions to headwinds to prescription COVID-XX. related face continue Our

the prescription IQVIA. continues according increase billion While beginning we’ve and at year, normal the backlog new now moderate remain improvements over since and levels sequential to starts of to the misdiagnoses seen of X.X below therapy volumes

our revenue X.X% compared their merchant and consumer after X.X% P&L. Product in outsourced IPO. to and $XX.X an or team down were and by expenses, well and expenses comparable and $X.X awards to due technology investments hosting to XXXX. million overhead. fees compared $XX.X to expense personnel increase support in million revenue quarter related in development period to the driven This of as The growth our performance last is of support increases allocated based year. as the connection and the in million second including made was stock back compensation, in product, increase an and of Cost in $XX.X and Turning increase primarily continued XQ was in-house revenue in million increase moving with

other revenue items revenue expense XX.X% and XQ acquisitions, of tax associated to compared in related XXXX. the of adjusted was and development with compensation based product stock X.X% and Excluding technology

continue We possible, offerings product our scale best the consumer offerings. invest new innovation to develop create to existing in and experience

positive $XX which them, in XX.X% journey, as year, making more year-over-year, lifetime generate. advertising XQ reduced The percent million in We a intended second COVID-XX at to grew healthcare million of the of increase stages XXXX. majority we our expenses our and value in due and were IPO. advertising this returns to Sales increased last $XX.X million consumers administrative in $XX.X revenue the compared believe marketing in and XX% relating of different General us of sales their proactively of revenue brand, with in the increase, compared we the for and GoodRx our expense was the to million spend $XX.X by to in the compensation awards of million help or approximately $XX.X of will expense to spend non-recurring of invest in incredible with long-term. goal $X.X the XX.X% base marketing up as connection and period to XXXX to co-CEOs’ million XXXX made XQ continue stock-based XXXX. pandemic. increasing All year-over-year the comparable quarter building to and onset the value deliver compared were are yield more Adjusted which we consumer expenses team

on in EBITDA $XX.X quarter, reflecting grants which made XX.X%, Co-CEO grew XQ at to was and million IPO. profitable September. ability related our well X.X% our which X% unit Adjusted Adjusted year-over-year time compensation as other Adjusted XX% in as deliver $XX.X to due net of at to the the related expense $XX.X with by a incremental remained financing impacted costs of operate year-over-year million million. to benefit, including to this $XX strong of $XX.X by continued associated platform, activity the the million, over of Excluding to economics X.X% income growth compelling non-cash XXXX, as to and EBITDA starting compared million as M&A grew at year-over-year adjustments, a income items, repeat the revenue adjusted and margin is percent end with our at $XX.X the non-recurring G&A to of business which XX%. a XX% stock-based grew public and be Net the tax company of million. to primarily

also XXX as technology, increase our Our growth in a onset due our second product as and and in and public quarter adjusted to our points basis COVID-XX investments as operating development as by year-over-year which, percent at was of company. margin to to compared investments general continued marketing reduced administrative proactively and an approximately a sales I in decreased The the in the of revenue spend of EBITDA sales infrastructure the telehealth marketing we the earlier, spend due pandemic. of XXXX, we began offering and decrease mentioned

cash strong of to generate flow continue quarter. the cash activities net And turning for guidance. to with now million operating $XX.X from We

believe solutions other expect will the increase For by XX% to reflecting our of continued revenue revenue the continued growth. third million, revenue of triple combined growth $XXX this XXXX, and quarter digit prescription momentum million driven manufacturer pharma revenue. in we subscription to with transactions offering year-over-year growth be $XXX We on in in XX% our a in based

EBITDA On for expect third EBITDA approximately the the of adjusted XX% front, an margin quarter. we adjusted

MAC transaction subscribers, expect smaller and of points of revenue expect of transaction an continue in to continue revenue, are compared reflected driven In non-prescription and revenue solutions. make subscription basis a other increase make the higher quarter, We up revenue XX% XX% to offerings, reach of in the third by manufacturer items convert and will MAC, basis pharma points revenue another those our by XXX up as is quarter revenue, percentage approximately quarter. total share which to means, to which up This a to our increase to second we as approximately that revenue approximately first and we revenue. total grow to more the of our prescription total visitors XXX total made

our plus. strong pre-COVID delivered and above growth of revenue returned we to second quarter XX% revenue range end guidance that the of excited high We’re

We continue to have strong confidence in the outlook for our business.

around However, updating the will this we be evolution time. of our based on guidance the not full pandemic, at the year general uncertainty

Moving on some and to tax a to acquisition recent topics.

ways of offering. allow They to prescription unique our RxNXT with the have plans. better acquisition to Similar health acquired their to transaction closed second acquisitions, members material plans to funded and that new service to RxSaver RxNXT prescription we benefit on company technology that First, to HealthiNation us support PBMs does our GoodRx. subsequent we and technology in not immediately the contribute revenue partner will quarter,

innovative domain than generated offering and growth. enabling fact, $X,XXX our platform of expertise, The technology existing prescription long-term augment year-to-date. revenue RxNXT will transactions via In less

from related assumptions is our revenue Since guidance. Our practically forecast our to no MAC pre-revenue, and and reflected RxNXT EBITDA in XXXX. in are RxNXT company include revenue the no guidance and

expect XXXX the point XXXX. at late in to revenue scaling start some to We to and generate in company mid

and on note our income I tax conclude, Second, one before or provision benefit.

benefit be we While the in second is to meaningful, the quarter it do not tax recurring. expect

However, we tax future and expect amounts elements multiple accounting continue due that income unpredictability interim our provision calculations. to tax to benefit impact or in estimates the

the to to control, and we by and awards. element were as is challenging stocks net forecast tax. resulting employees from factors One reasons is generally income price of This excess such as elements of is award. most of of the significant stock relating one their This presenting our adjusted deficiencies benefits it’s decision the or driven the outside trading tax adjusted

strong growth EBITDA reaching and year-over-year, We $XXX.X adjusted million XX% including second with are very pleased margin results, their reacceleration quarter to XX.X%. our of of revenue our our

said, company, margin scale. plus us quite growth makes a which Trevor of combining a large unique at our rule achievement our is and XX As

that about economics monthly going and it the XX% to trough active extension think modeling. Karsten to to I'm consumer of of the going help you take Our and hand our I'm growth the sort first up part of question. Yes. to in

all, we've get that directly. of fixed in more with XX% there's solution And the the chance business, it our integrated manufacturer we of we a mentioned, I model for the as to about, sort because deal. First got about liked create us gives base the of value

our of what in. the a alluding And customize So, contract a market a of to when fully term participants we Obviously. engaged market. over we were and is the manufacturer the in business that a helping trying of with that's and with the part to the there's our of also. we're interacting ROIs sort you highly the we of to reach monthly usually CPM We specific some – are an with typically think think which orientation, we're that's what that, to – you're that Ultimately, important other and with part effective in we're setup means be needs. is year, fee traditional do programs referring appropriate more we that's patient, tweak do appropriate CPM, a which receive an fee have their physician, clients. and our demonstrating have might

Karsten Voermann

here. Basically, exciting of growing CFO x Hey, to Bansi. just to fast, economics, million the really de-minimis. with tools to year-over-year. fact our four place And this these this it's associated for are visitors year-over-year available not that have have the And sort by our coming as Karsten me it XX It's monthly. that to we Charles, respect hey onto. in already so platform or able the platform thing is the With so the also Xx for a to that's the fact is costs platform business manufacturers the almost already to million the XX we visitors different be

they're team So here costs incremental brings of really The imagine out real cost overhead. in. it deals it, these is exclusive unallocated rest as it as nearly and essentially goes the sales bottom who The you and the sales only of costs of Bansi’s all line. drops can has rest given

us. So profitable for a business very it's

Unidentified Analyst

providers. consumers, positioned are and an is that platform What well reach manufacturers patients whole through generally I'll more affordable site. unrivaled and extremely We billion solutions pharma in the traffic penetrate source offer to we to add spend TAM medication access, have for we for buyers, web to unparalleled Yes. manufacturer all stages, further has pharma occurance. $XX own reach prescription XXx physicians their the for GoodRx and on than is awareness, consumers America given

trusted the reach us as this is across this reach. seeking We us. know, platform be to We The manufacturers visitors, are have GoodRx solutions. by audience people profile ecosystem solution think the brand of and with almost and manufacturer, being that growth marketplace. to the our access information, ongoing connect healthcare brand and searches HCPs healthcare XX the relationships increased embodies highly business position and millions platform, and by we're of trust customers and on differentiated recognized and drug the x three the manufacturer scale and trajectory evidenced in year-over-year leading monthly to supportability the our million value in the The distinctiveness deeper side pharma consumers

Trevor Bezdek

you very Thank much for question. your

Operator

Thank [Operator Barclays. Sandler line Ross the Instructions] of you. comes from with Our question next

line Your open. is now

Ross Sandler

that quick just Hey, on follow-up last question. a

that account ramping revenue XX%. You like per by you're guys said

like driving that's additional So is you're brands leads you're impressions more the or is more where per that adding comes that or uptick that and account from.

shifting any to And the Just overall P&L. be gears then that clarification great? on

of de-leverage. which EBITDA you sales marketing about a has guys new invested other of margin XX% in have a to So years we've ago, these come used a XX% of to out and businesses, build most the to couple and form lot

just it or if as, So, in will be of any were should troughing that think maybe on businesses, other it migrate of we and of level, XX% we here up high kind through your out thoughts, now back could we earning margins build we're high look XX kind just margin the I trajectory over a coming great. when Thanks think could, we lot. at that were of, EBITDA mean, the level overall a we level on your lot before the do we're of of

Trevor Bezdek

Thank much the for you very question.

portion this users, bit solutions is these not with This have manufacturers number users. As record that a of growth pharma more volume. record large it manufacturers/. the to solutions, this. brands, we We profit But have is a growth to call, is – we've revenue, talked This spoken of each during driving the large record each pharma in advertising business. strategic of manufacturers have We've of in the do that we users, the how of portion large but drive about brands. pharma this

see at positioned XXX% shown well brands, this why That's x now And you success, and grow more retention. add net business. add we that more to out, this three we've growth spend as perfectly those this year-over-year we're expand So brands. in revenue

beginning. just truly is this And performance. the high extremely So

We manufacturers, the with have but with presentation XX XX X% relationships of them. top brand

outside So work out out. now ones. overall also the top we're we've the We're and investing more team hard expanding the and expanding done in

to it for hand I'll back second So of part question. Karsten the your

Karsten Voermann

Appreciate Trevor. the Yes. question, Ross. Thanks

respect million to with EBITDA and about $XX.X again, XX.X. think adjusted representing I EBITDA margins, second quarter

it XXXX. primarily year-over-year. And began of development of in make percentage XX% to well and we The marketing COVID. G&A call quarter as as points above And slightly as by continued impact kind about in of that to second degree the in guidance technologies, marketing investments and margin, margin down we the to a as is in of percent our at said, So quarter, nine compared it point reduced which sales company. an as some as XX%. element proactively percentage you sales operating sequentially a factor one the It's product spent was about increase Y-O-Y of a driven revenue onset public also as second

opportunities U.S., just in healthcare consumer heavily to big. given growth So digital we're a plan are building invest at leading the platform stage, this continue focused to so the we

experience So strong user product, our our platform, cash we'll invest brand. in the flows and

the more So your – can, and questions goal of timing. given market marketing and experience said, best that sales is we creating so the the was possible massive. That around

a twice million use a instead word that profit, we I of effectively platforms to many XX you think at to close month fixed. I And close development continue and for doesn't are technology our expense is the because margin. it's good EBITDA scale have million close XX as product our up all, to example. visitors, Like drive to, whether to to so we necessarily think and investments adjusted number exclusively around then large think of I used as word we a pretty make the

to and we now great I think will double-down continue Americans. expand business, this to believe serve as just So grow forward. right opportunity we as we the move the is a to more And margins and scale continue continue to

Operator

Thank you.

of from Bank comes Post question America. Justin next of the line with Our

open. now is line Your

Justin Post

also getting the I'll you. just Thank Great. time new ask and one as through disclosures. we're appreciate

Amazon. I questions So a on lot get of

it activity And and offering Thank from in you're anything order in inside services the looks around Amazon are retail? more new adoption you're industry? Rx but in any wondering, changes that Just via Prime, seeing you. the like mail seeing they specifically of

Trevor Bezdek

prescriptions not now morning, grow In impact they count volume Thank believe COVID have business. our our had U.S. Justin. impact no order our to entire remained mails on material Amazon as trying different to you up copy very tried overall about been piece through have to small fill been of has business. models, Good make the trajectory. Mail We able a history only but pharmacy even growth or X% has in been of COVID successful. our and competitor try none much. eases. a to starting decrease model delivery have is Companies

departure display seen to send discounts As the we've referencing prices. which we the data PrimarX insiderXprogram in was third-party from competing PrimarXcard, launched model. to and volume believe Not you're November, in we no to past, what participants, surveys prescription enable usage pharmacy retail. retailers the at and Since from of is said prescriptions, their industry almost from observed the have trying third-party we heard their cash to fill their Amazon they're because to consumers

We among suggesting users also now only have seen a third-party have them. data they few hundred

no and profit of our impacted users, record have efforts prospects. revenue, our record competitive reached has business record Our and views

Justin Post

Great. Thank you.

Trevor Bezdek

for Thank question. you the

Operator

you. Thank

of line the Ransom from James. with comes question next John Our Raymond

open. now Your line is

John Ransom

good Hey, team. morning

And do about use year? the could Thanks. number you the know, on guys quarter disconnect physical of fact CAP of you this I fairly talk you versus that cards, were concerns you data have market mailing Karsten, cards out have physical some your maybe prior One this was there. the then more quarter in And third-party the also, about of the site. talked weak

Karsten Voermann

Sure.

to knowledge, choice, Our healthy. Americans care need and all stay platform gives they the

Sometimes are stage about at often access a different of but to their come journey. prescription they they're those or when a us users to Telehealth, tell healthcare

app results. provide count and online tools not and those financial our downloads great users, information correlation make decisions. there's we between or better that means For healthcare a user help them That traffic or always

an our broadly the vaccine it or great launched beginning brand those content, first our into we in relationships and increased visitors consumers have that with is lot our became max of traffic built time. to this amazing was with for not seen of awareness our consumers subscribers or generated immediately with economists, produce of downloaded team app, XX% our researchers significant just pharmacists product and we Rx same now the goes A relationship have the the awareness them. and good of of The and a for our this the of period with brand, empowering consumers not it by and is used end is both may but to healthcare consumers, relationship This driving translate establishing immediately building professionals. conversion. the them, translates awareness, that that important effort a building guide, are spoke consumers We record We HCPs. help of to we example amazing which our with brand. great But we quarter all and platform of awareness critical high

we have factors, portion recurring these of to and repeat plus provider physical and come activities, presence significant cards our you materials. our to users proud addition are speak offices, different do In I'll with a We businesses which these off. repeat back mentioned XX% platform XXX,XXX frequencies. very in with briefly,

online, some without a part in of Some marketing diversified concentration of those area. are but really is offline, all of any particular mix, this

also continues add be strong. traffic activity I'll to In these, or popcorn and addition to

and results. is as being it'll combined platform more million in with the X.X consumers second we quarter almost over for year-to-date XX even pay has record This already our approach our scale Our maximum into advocate believe paying and second significantly continues reach million on build to average a significant off, future. time but trusted subscribers awareness off translates And quarter. and of visitors

John Ransom

way, so you me quarter, good. three guys the by And cards sent I'm this

Karsten Voermann

You cannot get any more.

John Ransom

Thank you.

Karsten Voermann

Thank you.

Operator

Thank you.

Anmuth next of from the comes Our Doug question with line JPMorgan.

Your now line open. is

Doug Anmuth

taking for Thanks Great. the questions.

Max a the March XQ the talk levels. to two bit bit; little I may about a come have little just think wanted Max down from Just

relationships curious out the of a on maybe little think basis you building of deals on to just So should priority about and thinking into XQ more just you're it how of then in these economics big there seeing for given about just USAA bit for that it's maybe how and XQ? of kind provide how DoorDash just – the kinds here corporate And on context you're more also opportunity is we a in through the a monthly what Gold? just

Trevor Bezdek

the speak first. Karsten part I'll hand to you. the the Thank second of it'll to it for question and

almost consumers to our through excited and product are subscription benefits growing to We offer like very today. GoodRx of Gold grew higher and X.X Xx more fast. subscription to year-over-year USAA members have we a value great LTV. DoorDash. million is Gold the have over companies Remember Subscriptions subscribers

more our a it We most those business much of our or see value. program. with to including or the have deliver veterans direct-to-consumer even base. through to your great grow as upsells we a MACs. Gold, efforts we think active to great question base, relationship continue prescription help can speak hand to BXB marketing in subscribers Karsten with two of over came We're started and continue there's around getting more service our to how Historically, these We and relationships. gig we avenues as those are opportunity increased increase through tighter These the USAA. agreements regarding development economy and great Americans, user even just I'll consumers our existing through reach quickly new them in reach through to to examples DoorDash from through

Karsten Voermann

Great is this speak you MACs. Hey, morning couple Karsten to things again, on this talking. Doug, to

I is shown year-over-year positive. MACs the respectively or growth that that we've Q-over-Q think the is in first thing

the month have You each in remember the MACs to counts are average in of quarter. an

So, count it that MAC lens from quarter through we quarter increase have we've you second – fourth if seen, at again look quarter. into into first seen

and increase progress MACs. the and our in that our about excited of very we're count So, –

where think the that effects demand we is say beginning pull occurred. pattern time left a that still the prior that at as some the those same and creates quarter, of fills the because pull the originally the COVID, of to reality the I is the then happened of in had thing at forward other forward recur,

at in said, if average now you but March, look up So that. you on first saw of MAC we're in versus MAC average that significantly quarter, the that some

given top Especially the MAC at the very, their at the X.X about we're at over bit count. So million outcome. very now we've the so X.XX, subscriptions grown that that a same of with users subscriptions subscription up on million much served count happy at time, reality by little and

Americans to X.X full farmer addition GoodRx the by in is total time completely an which to served bringing number through prescriptions here. that's some So offerings million, of absolute high a all

Doug Anmuth

Thank you. great. That's Okay.

Operator

Thank you.

next Our Sean Dodge of from Markets. comes Capital line the question RBC with

line of Your open. sight

Sean Dodge

MAC subscriber, MACs what's a great, bandy a digging you then on longer converting the subscription how when more could to more the just but economics toward the other of term that? the are shifting impact highlighted the the the you successful a revenue from a margin think business, maybe Thanks. manufacturer Karsten, mix Good a morning. about subscribers bit in Maybe that, implications and talk little businesses. little to margin on we you margins compared If the solutions into mentioned again, is about

Doug Hirsch

Thank you to this could speak also? you. Karsten

Karsten Voermann

Sure. Yes.

part a get higher even month margins, fee it's frequency part that the one simply in of I our it generally. think prepaid of subscription course them the more benefiting really the use base because LTV we're got either get business. for you great at LTV us is to subscriptions, And creates it because when ties visibility, pricing. or lower for business our to and got our reasons The it's look great, about also in subscription ties of advance. from excited you Again, it's in users, every than they're higher the

depending in said. is. prescription transactions we be what business your from as core And highly our recurring, little can highly fill as So frequency visible, different so that on far a

subscriber pretty have our may days in COGS our sales using You there or of OpEx on generated. that whereas amount days for sure you in XX significant or margins drops as the contribution exciting pretty line. We monthly not board, one a using frequency effectively business, platform and margin scale. as than a it, that a you provide once think the bottom us subscriptions Is much beauties services allows you that's that you of when sales. is to From provide XX day The on the may our of of is is you're that do us, and to revenue much a amount a the forward, And us continue built the you're that this as business. other as subscription for because business isn't generated entirely businesses to as fixed the on have bringing grow helpful? significant business perspective, about structure and we subscriber, from cost we

Sean Dodge

helpful. Very you. Yes. Thank

Operator

you. Thank

line Goldwasser question with Our next Stanley. from Morgan the of comes Ricky

now open. is line Your

Ricky Goldwasser

small then Hi, the question a good morning. on and question question, business. manufacturer on Yes. Had the guidance just a

So your just And was in clarify talked past, then guidance you assuming but fourth think manufacturer I of sure solutions, just want flu out thinking that us just selling about businesses. to the letter the are also correctly. prior that or guide? this on I quarter, of in remind in different the materializing about opportunities can reiterating make to that you are cross one, to it you the things sort think stood one for the guide the I providing the you I shareholders on mean, your we're what are XQ And if

you're opportunities, to to think what to business the that the cross are just the sell also just are you – about manufacturer when seeing subscription So, subscription stream? opportunities not solutions revenue there prescription or

Doug Hirsch

could these you questions? Karsten, answer

Karsten Voermann

guidance question I back pulled for the then your the it to we're in not full to I'll your, Ricky, great But haven't changing to part of first Sure. And I changing think or bring year will. and our also we of end it. range. the

few outlook given quarters. expected year-over-year to We business extremely are the we that's months the be around growth, the in growth providing last XX% confidence continue again, volumes sequential EBITDA revenue to over to in adjusted broadly, specific just guidance Again for the for third quarter. excited we've in XX% and strong we're about seen which XX% the the

this currently assumes were well, the that of, will we're the potential magnitude volume rest the that's the inflections the and COVID to of quarter in third continue Our through through rest not and as prescription updating. quarter reasons the second the plan timing of that half of of increase guidance given when

Now, the around, a respect I there pretty diversity pick specifics from would trying to point so thought range that there's much this flu. point either around just or that's tricky different before in to think with at be narrowing the

more a think think number starting acute of normalized about this I seeing sort two, number I'm we one, still in happen. I'm that to still I volume, increased that normalized expect talking we'll for in, we same articles. be Heck great room. long being lot to room At the see year. present, And anticipate for of GoodRx all time to in us again, and us while and more We're here at that be the business. of all same it's excited hasn't happened in that. are about a of

fill of exactly things over side. the those kinds drive cold season. are the turn On flu hand, And I'll med that to the other Bansi on

Trevor Bezdek

take this And efforts diverse to find you question to renew to brand helpful whether prescription customers. consumers, services we're ways a generic a need the Trevor, of relevant we GoodRx to set to and more healthcare professionals. Yes, of fill it or are actually be the care, offer part and second for for always; our a

how can successful been be has see last rebrand; earlier the to year cross-sell to can from You XX%, that care year went from following and cross-sell XX%. XX%, this

Now, because and positive, game the experience so delightful experience and the unified.

anticipate, so we the platform. as who and continue, greater experience better make makes cross-sell we consumer only better which successes our the even helps us to users, opportunities across And come for and LTV

Ricky Goldwasser

market it on large the seems side? such opportunity to seemed are I seeing same to you it's that's a but mean, the drug opportunity are add opportunity. co-pays consumers. just a an there's the such It of that savings sort And higher, where it's brand clearly

Trevor Bezdek

where so are searches how professionals that's when they one about when into care. go help our we’ve easiest. healthcare we to who cross-selling healthcare the briefly, XX% health brand can solutions, on talked to brand of And, users said, pharma area Those manufacturers direct drugs. serviced go then get to spoken of access I for either that is come consumers manufacturer by we've journey Absolutely. we and affordable almost the pharma spoke, drugs be that

we to traffic within users healthcare can for how we prescriptions. to speaks brands where versus, In manufacturer save generally, site prescriptions the capture of addition, so this our what and of drug about, Bansi at basket and spoke pages them typically more the have on help on XXx

you many those said, are brand As our of drugs.

Operator

Thank you.

line Cassavabala Baird. question the Vikram with of from next comes Our

open. Your now line is

Vikram Cassavabala

per Hey, I had that good just morning. lower quick that the MAC business. on about Thanks for prescription question. from comes you've one taking revenue the talked ScriptCycle, a

to if the thoughts user, updated potential the timing the opportunity? any GoodRx the close and GAAP monetization you traditional curious opportunity Just that had relative on there around to Thanks.

Trevor Bezdek

very you a this is in different Thank bit different a about the spoken much, ScriptCycle we've of past, serving a model market.

I'll Karsten what question into insight I reasonable you're that rate, how over may to which about asking. speak to give more way think to take and generally, I be a think it hand general performs, the

Karsten Voermann

Hey, think Vikram, Karsten, this couple is things. I

the of it. CAC is things, other that that it associated have one among things So, with that's doesn't interesting really about business,

that save because ability to the we we cash provide to up really on bear retailers cost. with pay, partner don't So

of are no us. have just offering to we on attractive to good highly that rates last been somewhat their new to an keep so the the fixed a prescription us means PBM Because in pretty is much the increasing broadly. more to pretty more and MAC of very given margins per because Because is reason lower is respect PBMs, the So volume there's which players, volumes evidence to that value the revenue their cost a much partners. on tack, riskless the the and dynamics directly broadly The to at that's unit bottom consistent take it quarter. really bit our we couple sustainable vaccines continue incremental line, even real little add and even And them. to and for almost more and so with again, more economics sort business driving over time. And

transactions that believe potentially and MAC, going will whether per sustain that to per perspective, the from further. PTR Mac we business. and ultimately with converge With revenue our to able that increase So specifically continue existing respect we're prescription the to be to ScriptCycle

the I over contribution suspect levels for the LTV the we that continue benefiting think, in different, that, that are again, so marketing models from high given well. resulting it we're business fact time, our and our margin given or supporting opportunities the I just stream core as do as per margin MAC. PTR will never profile reach to But of evaluate businesses say, to enhance not

Operator

you. Thank

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

is line open. Your now

George Hill

about of working taking be the the of name. guess, adding I'd you is little there's out know was I talk of you more morning, kind something interested thanks incremental That anybody guess in And out me prepared commentary. more PBMs I hear bit a And don't Karsten, you can kind about to what your for that that with if the of value-add at guys. stuck Yes. PBMs margin. I Good with quarter; came question. the talked just

Rite talked partners guess, and talk opportunities additional them I more Aid or whether about gold into not the also add about expanding you pharmacy expand adding can you and You see product? there? to

Karsten Voermann

in Sure, here. I'll jump

of the our we ones respect adding first ones think George, nodes. PBMs the with in financial top other all I to on, named haven't than are that

about. pluses, added quarter, super which last formulary. anymore. couple this doesn't And go of and pricing excited again of are all of ton on incremental each won't still names. specific a some the unique difference – better some have I So we their portion well, make But we're just PBM a because of There them

if being perspective make doesn't for difference immediate us. save counts users able the addition the very even deep still more immediate to We are single-digit in if to able the being concept into a believe important had being as the PBMs economic of even terms might've we benefit more So of a an that, double-digits. is marketplace that money. big there is it even with The of benefit made, of from save that to money. Along as

catalyzes we Aid excited further, get things we take up for and our frankly, user when well. extremely turn, to and as also that join We're competition further a the as rate prices have that price And little to for have that. bit does – creates as has far so to down further. of Gold. drive in dropped in marketplace, And And keep it users that good Rite

gold with to that strong brand having our XX yet network we partnering have that reflection the with another and think NPS interested expand represents a pharmacy I us that engendered of degree high in we've with continued on consumers brand and pull their an trust really created. is incredibly reflection and value strong has we've that how big brand asset a brand to our much of and on how really brand who's

excited that we look we about it the and more So to forward be that, partnerships little like program continue it about given we a has, talked to earlier. extremely generally, the gold economics

Operator

Thank you.

from comes next UBS. Our question line Kevin the of Caliendo with

now line is Your open.

Kevin Caliendo

want revenue per subscribers is The taking over. for your get per subscription. and the what than my for understand math economics Thanks higher I math MACs MAC to around and around you conversion a Great. question. the

to very make you necessarily the Is it your across users user, would – you sense usage I'm haven't subscriptions – or subscribers that much go like rate? a aren't trying used what would at that So beneficial if seeing? Are where sort model. to it coming make Are understand you're new high it are to you're guessing, from, happen average conversions subscription base GoodRx? the of MAC to user seeing as who maybe who potentially I'm a

Trevor Bezdek

to getting time. the answer of this, we're end as Yes. I’ll let Karsten

Karsten Voermann

quick. be I'll Sure.

and squeeze to So can morning. meaning have maybe Kevin, great getting no is fill with this And to have reason With in what. they on on cases talk every that too. revenue main have the MACs, respect money you they subscriptions, profiles. one subscriptions and because LTV we many to of we're month, respect days each per frequency, whether again, while depending prescription our coming higher not matter more higher MAC transaction to in in average they're necessarily XX month,

into big subscriptions We've factor and part So seeing subscriptions. frequency your integrated on offering for really is app. go Along a of the directly other frequency with folks more the the to we're question, more us.

pay for you from that look savings month. price, transactions very cheaper price that to big you when and versus a prescription and the a in the program, first away a perspective for offering So your can up is the fill subscription doing enough you're delta often subscription drug right be our see drug

coming a lot are directly of in way. that users So

consideration for we of we've use – even distributed don't to even you we subs, other benefits other subscriptions not attractive and terms things that, of it at teleservices to MACs because almost even being from aggressively make the that, in nonprescription in pretty the it to well everybody discounted see levels priced like do Beyond conversion again, offer. of if so

Kevin Caliendo

actually Thanks so That's Thanks. much. Great. very helpful.

Operator

over you. This to closing Trevor turn concludes I Bezdek today's – Thank will now call for question-and-answer the session. remarks. Kevin

Trevor Bezdek

Thank you, operator.

XX% patient XX.X%, with our which We're our second very than and margin million makes of excited are strong many record with of stronger pleased our year-over-year call launched us of undeniable ever. business EBITDA integration a attractive on has of combination The providers adjusted users, revenue further for our differentiation. XX We an is with is quarter GoodRX. revenue company, point recently in re-acceleration growth From results. to our strengthen profit what GoodRX over who X prescribers used record through our to rule record a Surescripts, to

providers of And and XX% us We integration recommend even offices, office about point this have XXX,XXX the help to and new presence prescribers care. can physicians patients in over at more patients. of their their

significant brand affordability revenue manufacturers improve to revenue, effectively. capability the are working year-over-year. that gives What in efficiently us deliver the manufacturer already to set and us Americans. services are care of and scaling grown We've XXX% XX It We enormous manufacturers solutions year-to-date connect retention Xx most XX% innovative we excites for with sites our have also work develop nearly top doctors, upside over our in solutions pharma ahead. most, and potential is digital year-over-year however, new and Today, healthcare. how the and the delivering net with we rapidly offering and patients more pharma

opportunities. Our success our amplifies

for drive As our engagement richer we consumer and scale solutions us usage. also and subscriptions, and we and expand platform team ability of us healthcare. savings deeper can the to incredibly offerings, higher relentlessly healthcare drives consumers more Also, telehealth the future dedication lets I the effort leverage pharma journey. across re-imagine and our of additional the we can allowing grow, and data, further reach to am of stages and the and of their provides manufacturer offerings. proud It innovate our

to us made start. but We massive. capture the and regardless are it last stay of need we empowering over or they the progress We've you on the decade, this believe Americans We with tremendous just healthy, Thank the knowledge, insurance joining opportunities and to is are runway journey, income care for choice, status. intend

Operator

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

GoodRx (GDRX) 12 Aug 212021 Q2 Earnings call transcript