Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx second quarter 2024 earnings call. As a reminder, today's conference call is being recorded. I would now like to introduce your host for today's call, Aubrey Reynolds, Director of Investor Relations. Ms. Reynolds, you may begin. Thank you, operator. Good morning, everyone, and welcome to GoodRx's earnings conference call for the second quarter 2024. Joining me today are Scott Wagner, our Interim Chief Executive Officer, Karsten Voermann, our Chief Financial Officer, and Mike Walsh, our President and EVP of Prescription Marketplace. The team is not in the same location for today's call, but we will do our best to make the Q&A portion as seamless as possible for our audience. Before we begin, I'd like to remind everyone that this call will contain forward-looking statements. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding management's plans, strategies, goals and objectives, our market opportunity, our anticipated financial performance, underlying trends in our business and industry, including ongoing changes in the pharmacy ecosystem, our value proposition, our long-term growth prospects, our hybrid retail direct and PBM contracting approach, collaborations and partnerships with third parties, including our integrated savings program and our capital allocation priorities. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors. These factors may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Factors discussed in the Risk Factors section of our annual report on Form 10-K for the year ended December 31st, 2023, and our other financial filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made on this call. Any such forward-looking statements represents management's estimates as of the date of this call, and we disclaim any obligation to update these statements, even if subsequent events cause our views to change. In addition, we will be referencing certain non-GAAP metrics in today's remarks. We have reconciled each non-GAAP metric to the nearest GAAP metric in the company's earnings press release, which can be found on the overview page of our investor relations website at investors.goodrx.com. I'd also like to remind everyone that a replay of this call will become available shortly as well. With that, I'll turn it over to Scott. Thanks, Aubrey, and thanks to everyone joining us today to discuss our second quarter results. Today, I'd like to remind you of the themes from our recent Investor Day, share a handful of relevant updates that we think investors should care about, both in the industry and at GoodRx, and talk about Q2 financials and how we see the second half of 2024 evolving. We appreciate the feedback we received following our first Investor Day. We tried to provide clear context for the healthcare landscape in which GoodRx operates, how GoodRx complements insurance, and our priorities for the future. Right now, we're all seeing the tectonic plates of healthcare continue to shift between PBMs and plans, and brand manufacturers and retail. The good news for GoodRx is that we provide value to practically every part of the pharmacy ecosystem, with the consumer or patient right at the start. Consumers use GoodRx to save money on their prescriptions. Healthcare professionals use GoodRx to get patients on the medication they need and save precious time. Pharma manufacturers work with GoodRx to make their brand medications available to more consumers. Pharmacies work with GoodRx to acquire new consumers, reduce friction at the counter, and keep people from walking away from the nearly 900 million 30-day scripts that go unfilled every year. And finally, pharmacy benefit managers work with us to gain incremental volume. We believe that the best proof point of GoodRx's value lies in our scale. In 2023, consumers visited the GoodRx site and app about 350 million times and viewed our drug price pages almost 140 million times. Our patients and consumers are transacting with us, with 25 million unique consumers or patients filling prescriptions with GoodRx in 2023, saving about $15 billion. It's not primarily uninsured folks who thrive with GoodRx. We estimate that about 88% of our users have commercially funded insurance or Medicare and use GoodRx as a complement to their funded benefits. That's because medication accessibility is both narrowing and becoming more complex, fueled by three trends. First, insurance benefit design and plan coverage is getting narrower. It's estimated that the number of formulary exclusions increased almost 40% in the two years through 2022. Second, more utilization management is required to access a medication, with prior authorization and step therapy up an estimated 45% in the last three years. Finally, and most importantly, patients continue to bear more of the direct cost of their medication. We estimate that the total out-of-pocket spend for prescription drugs in the first half of 2024 was over $20 billion. That means our ability to give consumers access to medication at lower prices and ease of use, regardless of their insurance status, is increasingly relevant and durable. Just like consumers, healthcare professionals value GoodRx, too. Doctors' offices spent an average of 14 hours every week in 2022 completing authorizations so patients could get the medications they need to be healthier. That's a key reason the GoodRx site and app received almost 750,000 unique visits from healthcare professionals in 2023. They benefit from us just as much as their patients do. Brand drug manufacturers are paying increased attention to affordability and access as well, and they understand the important role that GoodRx's strong platform plays in helping them directly reach consumers. In 2023 alone, we had 43 million unique brand drug page interactions on our platform and estimate that a staggering 65% of our visitors learned about manufacturer savings programs for the very first time via GoodRx. Our users also support retail pharmacies. In fact, we estimate that at one major retail pharmacy, over half of their consumers purchase front of store items when they pick up a prescription, with a median spend of $25. This illustrates that GoodRx is an important part of the healthcare value chain and sets the foundation for the five priorities we discussed during our Investor Day. Those five priorities are: one, strengthen our value proposition to key constituents in the healthcare ecosystem. Two, scale pharma manufacturer solutions. Three, grow and deepen our relationship with GoodRx users. Four, build distinctive, frictionless, end-to-end GoodRx experiences. And five, build a winning team and culture. I'd like to share a handful of recent industry developments in GoodRx news relative to these five priorities. On the first priority, strengthening our value proposition to key constituents in the healthcare ecosystem. We've been centered on solidifying our relationships with both retail pharmacies and the PBM network, with most of our efforts and communication with investors centered around our contracting models. Retail pharmacies have been economically pressured, and we believe our direct and hybrid contracts can meaningfully help them. As reimbursement rates shift on funded business, the volumes from our direct contracts can both boost revenue and margins for our pharmacy partners, both on prescriptions and on front of store sales. As we shared in Investor Day, seven out of ten of our top pharmacies have contracts with us, either for their full book of business or for some part. We're pleased with our new Kroger agreement and the improving Kroger metrics we've seen to date. At an individual retailer level, these contracts with pharmacies have varied in their impact on GoodRx revenue at implementation, and their aggregate impact on volume and revenue to date has been neutral to slightly accretive. While we firmly believe this approach is the right answer for GoodRx long term, given it cements our retail relationships and ensures network durability, the immediate contracting results can fluctuate in terms of their impact on GoodRx's revenue pacing in the short term. Structurally, retail pharmacies had a tumultuous summer, with Rite Aid announcing additional store closures and Walgreens indicating that their footprint will shrink as well. Store closures impact immediate GoodRx volume and revenue, although scripts do migrate over time. While this closure trend isn't positive in the next few quarters, we do expect that the impact of this trend will normalize in the longer term as a result of such migration. ISP is tracking roughly in line with expectations, with incremental lives continuing to join the program through our current PBM relationships. It's important to reiterate that ISP has been a generics-only program to date, focused on integrating GoodRx pricing into the benefit for covered drugs, where the cash price might be lower than the patient's copay. Founded on these successful launches, we continue to expand our PBM partnerships, for example, with Med Impact and also with SmithRx and Serve You, by offering programs that also wrap around the benefit for non-covered brand medications. This is meaningful as GoodRx's increasing stable of brand-specific cash programs continues to grow, and as PBMs and clients strive to balance clinically effective and cost-effective formularies with patient choice. Patients win with less friction and better prices. PBMs win with fills outside their traditional covered life base, and retail pharmacies win with attractive reimbursements on these fills. We believe GoodRx is uniquely positioned to offer this program and drive value across different healthcare stakeholders. On our second key priority, scaling pharma manufacturer solutions, we grew approximately 9% year-over-year in the second quarter. Looking ahead, we're encouraged by the momentum of deals signed and our pipeline in the quarter. We're focused on unique GoodRx affordability solutions, cash, copay assistance, enrollments that meet big problems for brands and patients where we can potentially add big value. We're working with large brands and clients, and we're building execution, speed, and muscle. We've signed over 6 cash programs for brands in the quarter and have over 40 signed programs with different brands, up over 50% since the start of 2024. Those include an offering with Boehringer Ingelheim for their Humira biosimilar, which allows anyone with a valid prescription, regardless of insurance status, to pay an exclusive cash price of $550 with a GoodRx coupon, representing a 92% discount from the Humira list price. This program is a significant step in addressing access and affordability in one of the largest therapeutic categories with a high cost burden for patients. Some other notable point-of-sale discount deals that we've talked about include our Sanofi Lantus relationship, where claims are up over five times year-over-year, as well as with Dexcom on the device side. We're encouraged by the quality of our pipeline build, and we're working with extreme urgency to sign and implement throughout the second half of 2024 and to build to a 2024 exit rate, f rom a fundamental investor perspective, the good news in these programs is that they're typically evergreen, and they compound over time with new fills and refills. Now, it's on us to stack several of these in the coming quarters as we leverage pharma manufacturers' interest in offering cash pay alternatives, as well as scaling access to copay and deductible assistance programs. In fact, we're seeing increased interest from manufacturers in leveraging the GoodRx platform, trusted brand, and user volume to surface manufacturer hub enrollments, copay programs, and other market assistance tools. Our third key priority is to grow and deepen our relationship with GoodRx users. We've always been focused on relationships with prescription drug consumers and patients, and now we're complementing that with an increasing focus on healthcare professionals. We benefit from very strong provider relationships, reflected in our 84 Net Promoter Score and 90% awareness amongst HCPs. We've increased our focus on HCP offices by increasing the doctor kits we ship out and putting over 20 times more digital marketing assets into HCP offices in the second quarter relative to the first quarter of 2024. Our top decile of HCPs drive about half of our claims, so we believe that unlocking more HCP offices can drive meaningful incremental claims and usage over time. Our fourth key priority, build distinctive, frictionless, and end-to-end GoodRx experiences. We've redesigned many of our brand medication pages, increasing visitor session duration, and we've created incremental redundancy to mitigate outage risk. We ended the quarter with 8% year-over-year MAC growth and over 7 million prescription-related consumers. Finally, our fifth key priority, build a winning team and culture, underpins all the others. I'm pleased to announce that we've added senior talent with healthcare experience from Amazon, and we announced during the quarter that we've added 2 new members to our board of directors: Ian Clark, former CEO of Genentech, and Simon Patterson, a Silver Lake partner and former board member of Dell Technologies and Skype. In the future, we plan to add additional healthcare leaders with a passion for patient affordability. As I hand off to Karsten, a few editorial comments on the financials. As the business has returned to growth over the past few quarters, we're seeing a sizable amount of incremental revenue flow through to Adjusted EBITDA growth and Adjusted EBITDA margin expansion. That's positive for the long-term growth and profit balance for investors. We promised a year ago that we'd share with investors both what we know today and what we think, and focus our guide based on what we know, and we stand by that promise. I want GoodRx to keep our collective eye on the prize of impactful growth areas available to us and to stack new programs, whether they're more brand deals, additional plan coverage areas, or more users, to exit 2024 as strong as possible. We laid out some broad growth targets at Investor Day that are appropriate goalposts over the long term for this business, and we're gonna pursue those with optimistic and extreme urgency. With that, I'll hand it over to Karsten. Thank you, Scott. I'll review our second quarter financial results before turning to guidance. During the second quarter, revenue and adjusted revenue were above the guidance we provided on our first quarter earnings call in May, and adjusted EBITDA margin was up year-over-year and also quarter-over-quarter again, just like we expected it to be, despite the challenges in the retail pharmacy space, exemplified by the Rite Aid closures. Total revenue and adjusted revenue for the quarter increased 6% year-over-year to $200.6 million, due to growth in our prescriptions marketplace as well as pharma manufacturer solutions. As a reminder, the second quarter of last year included revenue from the Kroger Savings Club subscription offering, which we sunsetted in July 2024, and included revenue from our VitaCare offering within Manufacturer Solutions, which we restructured last fall and did not contribute any revenue to this Q2. To quantify this impact on growth, Kroger Savings Club and VitaCare together contributed approximately $5 million more revenue in the second quarter of 2023 than in the second quarter of 2024. Moving on to the revenue lines, prescription transactions revenue was 7% year-over-year to $146.7 million, which was primarily driven by an 8% increase in monthly active consumers. Subscriptions revenue declined 8%, as expected, to $22 million, due to the wind down of Kroger Savings Club. Kroger Savings Club revenue was over $2 million less in the second quarter of 2024 than in the prior year period. Pharma Manufacturer Solutions revenue increased 9% year-over-year to $26.5 million, driven by organic growth as we continue to expand our market penetration, including ongoing growth in our brand drug point-of-sale discount programs. That growth more than offset the approximately $3 million reduction in revenue relative to the second quarter of last year from VitaCare shuttering. Net income was $6.7 million, compared to net income of $58.8 million in the second quarter of 2023. Additionally, in the second quarter of 2023, we recognized an income tax benefit of $47 million. Adjusted net income was $32.4 million, up from $28.4 million in the second quarter of 2023. Adjusted EBITDA increased 22% year-over-year to $65.4 million. Adjusted EBITDA margin was 32.6% and was up 440 basis points year-over-year. The year-over-year improvement was primarily driven by top-line growth and savings from the restructuring of our VitaCare Pharma Manufacturer Solutions offering in the second half of 2023. We generated net cash provided by operating activities of $9.7 million in Q2, compared to $29.9 million in the prior year period, primarily due to changes in operating assets and liabilities. Our balance sheet is robust, and we ended the quarter with $525 million in cash and cash equivalents, and $657 million of outstanding debt. Our revolving credit facility is untapped, except for letters of credit, and had $92 million of unused capacity as of June 30, 2024, representing total liquidity of $617 million. On the topic of debt, after the end of the second quarter, we successfully refinanced our credit facilities and used approximately $167 million of cash to reduce our gross debt to $500 million, maturing in 2029, and extended the maturity on all but $12 million of our existing $100 million revolving credit facility to 2029. Our capital allocation priorities are unchanged, and we'll continue to focus on high return investments and maximizing value for shareholders. With respect to guidance, we're taking a prudent approach, and our outlook for the third quarter attempts to account for ongoing changes in the pharmacy ecosystem, including the location closures and pharmacy economic pressures Scott mentioned. We currently expect to see Q3 revenue and adjusted revenue coming in between $193 million and $197 million, representing approximately 3% adjusted revenue growth. Similar to my commentary earlier on 2Q 2024's results, we expect our 3Q 2024 growth rates to be tempered as compared to the prior year period, because of VitaCare and the sunset of Kroger Savings Club in July, which together contributed about $5 million more to our top line last year in 3Q 2023 versus this year in 3Q 2024. For the full year of 2024, we expect revenue and adjusted revenue to be at the lower end of our previously indicated $800 million-$810 million range, representing about 5% adjusted revenue growth, and we expect revenue acceleration from the third to the fourth quarter. As Scott said, we're seeing bookings momentum in pharma manufacturer solutions, and in the fourth quarter, we expect that momentum to result in accelerating quarter-over-quarter and year-over-year pharma manufacturer growth. As we look forward, I want to make sure we're clear on what we're including and not including in our guidance. First, we're assuming Rite Aid store closures will have an approximately $5 million impact on revenue in the second half of 2024, with a couple of million dollars of impact in the third quarter alone. We view the impact as largely transient, though. Over time, we expect to recapture some of this volume back into the system as scripts transfer and renewals get back on file. Second, Walgreens has announced store closures as well. Based on the limited amount of information we do know today, we do not anticipate material impact in 2024. Third, we continue to work with our pharmacies, whether direct, contracted or not, including by advocating to ensure that economics are sustainable for all parties as pharmacies and PBMs negotiate cash pay medication fill economics. We are focused on optimizing outcomes for our pharmacies, PBMs, and ourselves, including by playing a role in pharmacy PBM cash pay negotiations. As Scott mentioned, immediate contracting results can fluctuate in terms of their impact on GoodRx revenue pacing in the short term. For those comparing to Investor Day, the full year implied 5% adjusted revenue growth is a percentage point below the target, 6%-12% three-year compound annual growth rate, in part because of the expected roughly $5 million Rite Aid store closure impact Scott and I mentioned earlier, and we anticipate our adjusted revenue growth rates will accelerate. We're focused on expanding our direct contracting with retail pharmacies to enhance their economics, on growing our integrated savings program and including more uncovered and brand medication volume in it, as well as continuing bookings momentum of our pharma manufacturer solutions offering. Finally, as a reminder, we expect full year 2024 adjusted revenue growth to be tempered by approximately $16 million of revenue included in 2023 from VitaCare and Kroger Savings Club, which have both been shuttered and which contributed less revenue to 2024. We believe the store closures are a temporary reality we're facing, and we're confident about both the expected financial benefit in the second half of the year, branded drug inclusion in ISP, and also pharma manufacturer solutions point of sale discount momentum, as Scott discussed earlier, which are both included in our guide. We're also pleased with how these can potentially benefit our 2024 exit run rate and compound into 2025. From a margin perspective, we expect adjusted EBITDA margin to be about 32% in the third quarter. For the full year, we expect over $255 million of adjusted EBITDA, up about 18% from 2023, based on our expectations of a high degree of adjusted EBITDA flow through from top-line growth and our continued focus on cost structure and efficiency generally. That represents approximately 32% margin, up from approximately 29% in 2023. As GoodRx has returned to growth in the past few quarters, we believe we're demonstrating the inherent Adjusted EBITDA margin growth potential of this business. With that, I'll now turn it over to the operator for Q&A. Thank you. Ladies and gentlemen, to ask a question, please press star one one on your telephone, and then we'll wait to hear your name announced. To withdraw your question, please press star one one again. We ask that you limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Charles Rhyee with TD Cowen. Your line is open. Yeah, thanks for taking the question. Scott, just wanted to ask, obviously, you know, there's a lot of vectors for growth here, and I, you know, it's fair to say you're making good progress across all of these. You know, one thing that you did talk about at Investor Day was the HCP channel, and if I recall correctly, you had mentioned that, you know, sort of roughly 50% of your MACs are coming from the top 10 percentile of HCPs, and this was a potential channel where you could put more resources in, and we could help drive further MAC growth. Just wondering where we are in that and, you know, sort of the progress you're making, and how we might see that translate more into MAC growth. Yeah, thanks, Charles. As we said in the script, we've in the second quarter, surged media assets into a set of HCP locations, and we're focused on a combination of specialization and geography. As you can expect, we can get, you know, pretty precise about the kinds of offices that would have highest return. As of now, we're putting, you know, relevant media assets, which is the hard part of the equation, into a lot more HCP offices. And we expect, and what we're seeing is, you know, this has a little bit more longer cycle return. It's not like you put the assets in and immediately, all of a sudden, things are lifting. But we're getting good proof points of individual offices where we're going from, you know, handfuls of scripts to, you know, in some cases, 10-20x-ing them. But it's still early days, and the way we're gonna measure that is, is really on a cohort return basis. So that's a lot of context. I think the punchline for you and for the investment community is, we're putting, you know, more attention and dollars in the field in a unique channel that, in some ways, is unique to GoodRx. It, it holds a lot of promise, and we should see that continue to build, really, as we roll into 2025. Great. If I could follow up, maybe Karsten, obviously, a lot of great momentum here, particularly on the gross margin side. A lot of it seems, you know, particularly as you move into direct contracting, can you remind us, sort of, is direct contracting a better margin profile for GoodRx? And then maybe, you know, you talked about the number of retailers that you have under direct contracting. Maybe you can help us kinda size that in terms of PTR. Like, how much of PTR is under direct contracting versus the, you know, the traditional PBM model? Thanks. Thanks, Charles. This is Karsten. To both your questions, first of all, on direct contracting, we strive to maintain margins, roughly equivalent to where they are. So we don't see it as something that necessarily lifts or lowers our margin, though, as we implement direct contract, we and retailers work together to assess consumer demand, assess appropriate consumer pricing and the resulting margin levels, and that, on any given direct contract, can create a little bit of flux, retailer by retailer. Each retailer contract's a little different from each other one. But overall, we expect margins to be relatively consistent. You'll see that, too, because to go to the second part of your question, as direct contracting increases as a% of revenue, believe at Investor Day, we talked about it being well over 20% of our volume, and it's grown since then, you haven't seen significant flux in PTR per mac. You've seen it degrade a little bit, period over period, like single-digit percentages, and we'd expect to see that potentially continue into the future, but it's more a function of ISP and other factors than it is of direct contracting, I'd say. Great. Thank you. Appreciate it. Thank you. Please stand by for our next question. Our next question comes from the line of Lisa Gill with J.P. Morgan. Your line is open. Thanks very much, and good morning. I just wanna follow up with your comments around the store closures for Rite Aid. So when, when we think about the store closures, is this because this is a direct contract, and so therefore, you're gonna lose that volume, you try to recapture it in some other way? 'Cause I would think that if it was just a traditional GoodRx user, if they go to, you know, the CVS down the street, it would be the same relationship. So one, can you help me to understand that? And then secondly, I just wanted to follow up on your comments on Humira biosimilar. If you could just give us an idea of what you've seen on the uptake on that side, would be great. Thank you. Karsten, why don't you take the first, and I'll take the second? Sure, sounds good. Lisa, yeah, with respect to Rite Aid. One of the priorities we talked about at Investor Day was strengthening our value proposition to key constituents in the healthcare ecosystem, and that's pharmacies in particular. We are doing that through hybrid and direct contracting, so pharmacy economics stay healthy in situations like Rite Aid can be mitigated. That said, the intersection of direct contracting and Rite Aid isn't really the issue here. We believe the Rite Aid impacts on prescriptions and on our revenue will be temporary over the next quarter or two or a few more, and will not have meaningful impact to long-term growth because the same number of scripts are being written, and we expect consumers to fill them. What's really happening here is that when store closures occur, it's specific to the kinds of stores that are closing. And what I mean by that is that, different stores are associated with different store closure impacts. We've seen other pharmacy chains, as you know, in particular, larger pharmacy chains, close stores as well, and those store closures did not have a material impact on GoodRx. Rite Aid's different because of the specific kinds of stores and geographies and mix associated with their closures. So that's the real reason we see a bigger impact emanating from Rite Aid than we would potentially from other pharmacies that might be in a similar situation. And I think the final thing to say here is that we, over the last few years, undertook significant efforts on consumer engagement. Again, that ties into growing and deepening our consumer relationships that we talked about at Investor Day. The efforts on consumer engagement, including gating users and having them register and building rewards programs, are now valuable for us because it allows us to reach out to consumers and redirect them to other pharmacies. So yeah, we see the Rite Aid situation and the geographic unique concentrations that they're closing stores in as differential from other situations that might happen. That's helpful. Thank you. Yeah. Hey, Lisa, it's Scott. Hey. I'll pick up the second part, and I guess thematically, you're getting, you know, the short term, let's call it slog, and then the long term, you know, more positivity, which maybe is represented by the BI deal and where we are with brands in general. Specifically with BI, what this biosimilar is is anyone with a prescription, regardless of insurance status, is gonna be able to pay an exclusive cash price of $550 with GoodRx. What's, I think, nice about this relative to just GoodRx is first, this is our first biosimilar, and we do believe that the whole biosimilar category at large is an extremely big opportunity for these kind of cash programs. And so, you know, this is, this is the first biosimilar. We would hope and expect there'd be, you know, many more to come. More broadly, we now have over 40 of these brand cash point-of-sale programs in place with different brands, which is, you know, up 50% just from where we started in the year. It's one of those unique things that GoodRx really can do and deliver, both directly to consumers to bring an affordable cash price on brands that might not be covered, and we're starting to connect the dots back into the plans themselves, as evidenced by the extension of MedI mpact in ISP to these uncovered brands. So, you know, this was the first biosimilar, but hopefully there's a lot more to come. Anything you can give us around, like, a number on the uptake or anything around that, Scott? It's super early, Lisa. Super early, okay. You know, yeah- I appreciate that. This one won't, y ou know, by itself, this isn't gonna, this isn't a tidal wave of change, it by itself. But again, as you start to build more- Yeah -and more of these kind of programs- Got it -you know, they can stack pretty meaningfully. But by itself, you know, it's, this in and of itself isn't, you know, what you'd call a, quote, unquote, "model changer," but the broad theme of the category and biosimilars certainly can be. Great. Thank you so much. Thank you. Please stand by for our next question. Our next question comes from the line of John Ransom with Raymond James. Your line is open. Hey, good morning. When you look at your 2024 exit rate, what, how should we be thinking about that for the three lines of business jumping into, 2025? In particular, I'm interested in the manufacturer solutions. Thanks. Sure. I can jump in on that one, John. This is Karsten speaking. With respect to the lines of business, and to your point, manufacturer solutions specifically, we've seen year-over-year growth rates accelerate from last year. But that said, you'll note that the growth rate in year-over-year growth rate in Q1 was about 20%, in Q2 is about 9%. We expect that growth rate to accelerate looking into third quarter and fourth quarter. And we expect it to be on an exit basis. When we look at it annualized, we'd expect to see it well into the ranges that we described at Investor Day. So the above 20% growth rates, or more specifically, the 20%-30% growth rate. In fact, as we look forward to the end of the year and then the implied ramp in revenue growth from third quarter to fourth quarter in the guide, we believe pharma manufacturer solutions will be a significant contributor to that growth, and that's what we're focusing on over the coming two quarters, really driving that business hard. As Scott said, in particular, our point of sale discount deals around branded medications and devices have been a differentiated sweet spot for us, and we expect to see all those deals that we've signed, that Scott talked about, over the coming couple quarters, ramping and converting into more revenue that you and others will see. Great. I'll editorialize over the top, which is obviously from, you know, the year-over-year growth rate of the second quarter to then, you know, programs and deals announced in the pipeline. We gotta keep signing up more, signing up more deals, both brand programs, co-pay assistance, and different ways to reach these into the funded plans between now and the rest of the year. We gotta keep, you know, keep, keep signing a whole bunch of things up to get into that 20% run rate. But we've got a lot of proof points, sort of all the activity and feedback's positive, but we gotta, you know, we gotta keep nailing them and do it with urgency. Great. And just my follow-up. If we think about Rite Aid, specifically, the $5 million bad debt, does that kind of come with the usual sort of gross margin attach rate? So we should think about that being, you know, almost like for like, EBITDA hit, and so your, your EBITDA guide is jumping over, you know, a $4 million+ Rite Aid bad debt, or is there something I'm missing there? I think that's an accurate way to think about it, John. That's the way we're looking at it, too. So we're driving efficiency in the business, and we're seeing flow through from growth generally, that mitigates the bad guy on Rite Aid and leaves us net up on Adjusted EBITDA. And I think that's exactly what you said, so hopefully I'm confirming for you. Thank you. Thank you. Please stand by for our next question. Our next question comes from the line of Stephanie Davis with Barclays. Your line is open. Hey, guys. Thank you for taking my question. I, I was hoping to ask a little bit more about the biosimilar construct, since it looks a bit more embedded than the prior construct in your website. So how should we think about your forward look and feel as you get some of these deals with manufacturers? And could it eventually become fully embedded versus the, the current transfer to the brand website, albeit with a few more clicks? Hey, Stephanie, it's Scott. Oh, 100%. I mean, right now, we're each of these experiences may have, you know, a few more steps. It may have some handoffs around them. And again, if you're talking about embedding not just cash programs, but again, co-pay assistance and hub enrollments, if you know, one walks through each of these flows and thinks about them from an e-commerce standpoint, there's a whole bunch of simplicity that we can add and that, you know, we're trying to work with each manufacturing partner to keep adding into the system. So, we'll keep trying to make those as seamless as possible, both not just with BI, but with every single one of these brand programs. Scott, what's the biggest headwind or, or friction point in getting you guys to have more of that embedded construct? Is it just trying to get the deals faster to market, or is there some sort of ownership that the brands would want to have that maybe prevents you from, from having this be a little bit more, GoodRx native? I think it's a little bit of brand by brand and how what level of integration capability they have. In tech speak, that would be how API ready you know both either they are or in some cases they have partners who they use to outsource some of this. And you know we're working to not only make that as easy as possible but take out steps. So sometimes that can happen right out of the jump and sometimes we work towards it over time. I do think you know- Uh, last- Oh, yeah, go ahead. No, no, continue, continue. So I was gonna say, I think thematically, these really co-pay assistance programs and hub enrollments is a lot of the promise when you start to talk about embedding workflow. If anybody's actually ever sort of tried to navigate that world, it, if you go from one brand to another brand, it's certainly not a clean experience. And part of the promise of GoodRx is that we could take all kinds of that, either enrollment, qualification, assistance, and just embed it into us. So I'm obviously talking a little longer term, but with, you know, our brand partners, one of the big things that they are interested and really want to work with us on is our capability and our platform to do that because we really are the place that people are going to look at any kind of affordability programs. Answered my follow-up. Thank you much, Scott. Thanks, Stephanie. Thank you. Please stand by for our next question. Our next question comes from the line of Jailendra Singh with Truist Securities. Your line is open. Hi, this is Jailendra Singh from Truist Securities. Thanks for taking my questions. So as we are in the heart of the employer selling season, I was curious if you can share any feedback you got from your PBM partners on the interest level in ISP from potentially new employers, in addition to any feedback from your existing employer clients who are currently on platform, and their willingness to expand the program across the population or across more drugs on formularies? And on the same topic, has there been any change to your $35 million of ISP-related contribution expected this year? Hey, thanks for that, that question. It's a topical one. You know, it's interesting. BI, part of the partnership with BI is that they're going to be introducing us to employers that wanna integrate into our biosim deal. So that's a flavor of what we're doing with BI that is gonna be additive and hopefully can honestly be repeated many times over, not just with BI, but, not only our current, but also potential, cash partners. So if you think about the potential of these cash programs for non-formulary drugs, you know, we're having a nice first step where BI is actually starting to make some of those introductions or awareness generation with their own employers. And quite frankly, in some of our other discussions with pharma partners, they're thinking along those lines as well. And just to jump in on this too, Jailendra and Scott, this is Karsten speaking. To your ISP specific momentum question, we had talked earlier about growth vectors for ISP. Those include bringing more PBMs on, bringing more employers on, and more lives. One of the other dimensions we talked about was increasing the formulary. And Jailendra, I think it's important to note here, in case it didn't come out clearly in the script, that we've now signed incremental deals, with MedImpact, among the other PBMs we announced in the prepared remarks, to do what we call ISP W rap. And this concept is important because traditional ISP was focused on automatically routing a PBM member to the lower of their copay or the GoodRx price on covered formulary. Wrap does something incremental that's very exciting, which is, it does the same automated routing for off-formulary medications. So maybe a brand drug that gets prescribed and isn't in your formulary, you, as a consumer, can now get that at a lower price, or even a generic that might be off formulary, because that's happening more and more of that step therapy or other hurdles are put in place, or even generics can be just, frankly, off formulary. So that's an expansion to ISP that we foresee that will have impacts going forward. Now, we just signed these deals, so we don't see a lot of 2024 impact, just given where we are in the year, people's deductible phases, et cetera. But with respect to ISP and the momentum that you asked about, this is an important step. That's great, and it's exciting. A quick follow-up on, especially related to our GLP-1, you know, with these weight loss drugs coming off the shortage list now, and given your, you know, consumer demand and your relationship with pharma companies like Novo, how do you think about your positioning there? Are you expecting some tangible actions from these manufacturers to push their branded product more aggressively into marketing, given all the noise around compounding? And how do you see your PMS business positioning in that environment? This is Scott. Well, first of all, you know, again, this, this category is certainly one of, if not the most innovative, I'd call it, consumer product category in a long, long time, maybe since the iPhone. And right now, you know, the Lilly and Novo obviously, their biggest problem is fulfillment and manufacturing, which is obviously opening the door to compounding. You know, right now, we're spending our time working with Novo and Lilly because we do really believe in working hand in hand with the brands themselves. It's a nice business for us right now. And as both of those companies start to think about unique ways to go direct to consumers, gosh, you know, that's GoodRx. We're, you know, in business with both these companies today, and as they start to think through how and what, you know, they may wanna do direct. We're obviously, you know, a great constituent, and we think we can add a ton of capability for them. Thank you. Ladies and gentlemen, due to the interest of time, we ask that you limit yourself to one question per caller. Please stand by for our next question. Our next question comes from the line of Scott Schoenhaus with KeyBank. Your line is open. Hi, team. Thanks for taking my question. I believe you mentioned in the prepared remarks that ISP volumes were healthy and maybe running a little bit ahead of expectations. What's driving this? Is this more a function of better, you know, cohort of employers that have less robust insurance coverage? Or is it continued volumes into the rest of the year, when you thought maybe it would be more seasonal, from a deductible standpoint in Q1? Thanks. Yeah, I can probably hop in on that one, Scott. Thanks for the question. Karsten here. On ISP, it's running roughly in line with our expectations. I wouldn't say necessarily ahead. So, I think we were pretty accurate in our forecasting of what we expected to see happen for this year. Though, we are seeing a significant number of lives associated with the program, and that's been something that's been a plus for us as the year has progressed. Thank you. I'll just add come in over the top of Karsten, and Karsten made this point a little earlier, but it's an important one. Relative to ISP, you know, it's been generics only to date. You, you saw with MedImpact for the first time, our expansion of coverage to non-formulary brand drugs, which, gosh, we're, we're hopeful that that has a big opportunity for the system. It's certainly something for the brands, for patients, for the system itself. It's a whole, it's a whole category that we think this is adding a ton of value, and we're excited about. Thank you. Please stand by for our next question. Our next question comes from the line of Stan with Wells Fargo Securities. Your line is open. Hi, thanks for taking my questions. Appreciate all the color. I, I'd like to maybe dig in, into the mechanics of the Rite Aid impact. So if I'm thinking about it correctly, if you have a GoodRx card on file and the store is closed, is the implication that the Rx BIN number doesn't get routed to a different location, and so essentially, you need the consumer to reengage with a different pharmacy using the GoodRx discount card? Is that correct? Yeah, and they, and that is not always the case with all pharmacy closures. One of the reasons I answered Lisa Gill's question the way I did and said that this is a lot of the headwind is tied to Rite Aid, specifically in the store mix that they're closing, is because of this issue. If you're associated with some of these Rite Aid stores and the geographies they're in, you actually do likely need to switch to a different pharmacy chain. And while in some cases, I think Rite Aid talked about selling some of their consumer data or shifting it to other pharmacies, that's not a one for one 100% effective process. So while we do recapture a significant number of the users, we don't recapture all of them because some of them need to go through the process you described, which is presenting their GoodRx card at the new pharmacy where they're gonna fill their script there. And again, we see that as pretty Rite Aid unique, given the mix of stores and the geographies they're shutting down. We haven't seen the same kind of impact in store closures by other chains. Thank you. Please stand by for our next question. Our next question comes from the line of Kevin Caliendo with UBS. Your line is open. Thanks. Thanks for taking my question. I understand that the changes that we've seen in NADAC pricing on Medicaid side don't directly affect you in your business necessarily, although if you want to clarify that in any way, that'd be helpful. I'm just wondering, you were talking about how you were involved in negotiations between PBMs and pharmacies around cash pay reimbursement, and I'm wondering if PBMs, in any way, are using what's happening with NADAC to affect any of their other pricing in the marketplace. I don't know if any of it's tied to NADAC pricing or not and how they negotiate it. Just interested to know if it's having any other wider effect on how PBMs are behaving. Yeah, I can jump in here. This is, this is Mike Walsh speaking. So I think to clarify, we do have agreements with retail pharmacy partners, that are predicated on, on NADAC. So that is a, you know, industry-wide benchmark, that, you know, pharmacies and GoodRx can use to, establish pricing that helps pharmacies get adequate reimbursement and helps us grow, and is a really nice benchmark for us to work off of. So to, to your point, there have been some fluctuations in the market with NADAC pricing that has impacted, ourselves and our retail partners. But I think the, the good news is that we're kind of, we're all, we're all in this together, I would say, and so we're working through it with them. There, although there was some temporary chop, I think we've gotten to a point where we're evening out and getting to steady state. And along that note, the second part of your question around PBM agreements, yes, there are certain PBM pricing agreements as well within our network that are based on NADAC. I think it really has become a, you know, standard benchmark to set, you know, pricing across the industry. So it is something that we do both directly and we've seen with our PBM partners as well. Yeah, to come in over the top, Kevin, a little on that, GoodRx pricing doesn't directly move with or equivalently to NADAC pricing, just given the sort of ratio of agreements and how our prices get set, number one. And number two, we did see, as Mike said, some choppiness to NADAC earlier in the year. But if you look at it from beginning of the year to today, the movement is actually not very significant at all. So this is not a big factor in our guide or in any of the numbers that we're putting out as we look forward into the future. Not a big impact at all. Thank you. Please stand by for our next question. Our next question comes from the line of Allen Lutz with Bank of America. Your line is open. Good morning. Thanks for taking the questions. I wanna start with something Scott said around the ISP Wrap. If a drug isn't on your PBM's formulary, can you talk about what the win rate would be relative to the PBM's rate? I would assume that it's close to 100%, when it's off formulary. So can you provide any type of context on how much higher the win rate would be there? And then, as a quick follow-up, I appreciate all the commentary on Rite Aid and the specifics around their business. If there were Walgreens store closures, would you need the same type of dynamic you're seeing with the Rite Aid business, where you would need to see the consumers reengage if their script goes to a different pharmacy? Thanks. Sure. I can probably take, take those to start, and then Scott will probably jump in. On Wrap, first of all, we just signed the wrap deals very recently. As you saw, we essentially announced them on this call. So from that perspective, we don't have a ton of trajectory. But to your point, if something's off formulary, we anticipate that the win rate could be quite healthy indeed. To your second point around Walgreens, store mix and the chain that's doing the closures matters a lot. Like we've already seen in the case of another non-Walgreens and non-Rite Aid pharmacy, a large number of store closures this year, and we haven't seen that materially impact our business. It really is store specific and geography specific to know how much impact there could possibly be. So at this point in time, for Walgreens, there isn't enough specific information on things like locations, number of stores or timing, to be able to assess the impact with a ton of specificity. But based on our work so far, we think that, well, we've taken a prudent approach to guidance and left some room in the guide for it. We don't think at this point that it'll have a material impact. Scott, I think you want to get in, too. Oh, sure. Back to your first part, Alan. There's a little flywheel between these cash programs with brands and this kind of non-covered formulary program with the PBM. So, for example, you know, we'll get a look, our cash price will be offered to every non-covered or non-formulary brand drug. And then as we bring more affordable cash programs into that, then our conversion rate will be higher, right? We'll get a look at all of them. Depending upon the cash price, there might be some consumer walkaways, but as we do more and more of these cash programs, obviously, that should increase our conversion rate pretty meaningfully. Thank you. Please stand by for our next question. Our next question comes from the line of Craig Hettenbach with Morgan Stanley. Your line is open. Hi, this is Jay on for Craig. Thanks for taking my question. With ISPs now further ramps into the year and, since those claims would flow into the MAC count as well, I'm curious to how has ISPs influenced PTR per MAC so far, and how do you expect those trends to evolve as, as the programs mature with the expansions and all? Thank you. Sure. I'll take this one. From a PTR per MAC perspective, and from a MAC count perspective as well, you've seen year-over-year MACs up about 8%, and you've seen PTR per MAC be relatively stable. Year-over-year PTR per MAC is, is effectively flat right now, but up quarter-over-quarter. First of all, I think I'll make the point that we do see PTR per MAC potentially drifting down a little bit over time, and that can be a function of ISP, due to contribution from ISP being both higher in the first half versus the second half of the year, as people hit their deductible phase, certainly in the long term, as ISP reaches, a stasis level. And then secondly, because some of our users who use GoodRx regularly outside ISP may have more claims in a particular period than ISP users will. So the effects of ISP effectively, I think from our perspective, would be that the numerator of PTR per MAC, the numerator might be a little smaller because of reduced number of claims per MAC. And the denominator, of course, increases with ISP as more users come on. But as I said, for now, we've seen PTR per MAC be flat, so going forward, we do potentially see it drifting down in the low single-digit percentage points like you've seen, for example, in previous quarters. Thank you. Please stand by for our next question. Our next question comes from the line of Daniel Grosslight with Citi. Your line is open. Hi, guys. Thanks for taking the question. I wanted to go back to employer receptivity to ISP. You know, we've seen now the second lawsuit filed against the self-insured employer for mismanaging their drug benefit, and one of the lawsuits out there actually took screenshots from GoodRx to show how much lower you guys are versus the funded benefit. So I'm curious if you're hearing increased chatter in the market about adopting ISP directly from employers, given you would think that that might shield them from some of these lawsuits that have popped up about mismanaging the drug benefit. Daniel, thanks. It's Scott. Well, maybe consider this a plug to every employer to just offer GoodRx as a complement to their insurance to their commercial benefit. You know, it's certainly showing the value prop. What we're doing today is working with PBM partners to hopefully bring this as a complement to the commercial benefit. And honestly, there should be no reason that can't become almost look more like a structural sidecar in the industry. To date, we have not had direct discussions with employers, and there's certainly no cost to them. We've not done that to date, but that'll be something that we're spending some time thinking about and how that can complement the existing ways that plans and PBMs introduce these to employers. We're thinking through how and what maybe we should be doing on our own. Thank you. Please stand by for our next question. Our next question comes from the line of Jack Wallace with Guggenheim Securities. Your line is open. Hey, thanks, squeezing me in. Just so we can just kind of get a better context for the retail pharmacy closure issue, then thanks for quantifying the impact of the Rite Aid stores for this year. Remind us, how much of your, you know, maybe it's distribution, is through a kind of standalone retail pharmacy versus, say, a co-located or owned outright by a grocery chain? And then just thinking about the general shrinkage of the retail pharmacy footprint for the last couple of years, and it appears to be a consistent trend going forward. How much of any impact from store closures is baked into your guidance that you laid out at the Analyst Day, the, you know, the multiyear guide? Thank you. Sure. Thanks for the question, and great to hear from you, Jack. This is Karsten. On the first prong, which is grocer versus retail pharmacy, post the Kroger issue, we don't really have significant over or under indexing of different retailers relative to their market share and prescriptions generally. We have one large retailer that's a bit heavier for us, but for the most part, the over, under indexing that you saw during the Kroger era has largely gone away. So I think that probably helps with the first question. With respect to the second part of the question on our Investor Day and closures, I think the reality is, when our Investor Day happened, we didn't have a lot of the specific information we do now. It's really post-June, and when the Rite Aid bankruptcy petition was accepted by the courts, that the specific lists of stores, locations, timing came out, and that's also when store closures accelerated a lot. And those two dimensions mean for us, that's really the new information that happened since Investor Day. We did our Investor Day in May. Would have been nice to have that information then, but the reality is that all happened about a month later in June, slash, second part of June. So that's what we're distinguishing here. Is that helpful, Jack? Thank you. Please stand by for our next question. Our next question comes from the line of George Hill with Deutsche Bank. Your line is open. Good morning, guys. Most of my questions have actually been answered as it relates to the big box pharmacies. I guess my follow-up would just be, can you comment on your initiatives to partner or help out independents and kind of non-large retail, non-big box channels to accept more GoodRx or use more GoodRx, given that they're likely to be shared gainers given the retrenchment by the large chains? Thank you. Yeah, this is Scott. We're spending more time on it, and to date, we've run a couple pilots with independent pharmacies that are pretty active in the independent association. And historically, you know, GoodRx hasn't done a lot with independents. There's no reason we can't. And I would throw out the marker to us and, you know, then the industry as we go into next year, to have a couple of simple program flavors of pricing that would allow independents to absolutely access all of, you know, the GoodRx benefit at their locations and do it in an economically productive way. And so, you know, to date, obviously, independents haven't been a big part of the GoodRx platform, but there's no reason that they shouldn't be that we shouldn't be good for independents and that independents shouldn't have a vibrant, thriving position on GoodRx. So, maybe we can take that as a collective challenge to get there really quickly as we go into next year. Yeah, the only thing I'd add, George, is that particularly some of the things that Scott talked about relating to brand drug and brand drug buy downs have a margin and profit profile for pharmacies that can be quite attractive, as brand manufacturers create incentives for all of us in the system to help drive volume in medically appropriate situations on their behalf. So once again, I think we see the brand drug pharma manufacturer solutions part of our business as something that has the potential to assuage historical independent pharmacy concerns to a degree. Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Scott for closing remarks. Thanks, operator. Thanks, everybody, for joining us today. Thanks for the questions. We appreciate it, and we look forward to speaking with some of you, individually and then everybody else next quarter. Thanks a bunch. Bye, all. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.