Financial Data and Key Metrics Changes - For Q4 2025, revenue was $194.8 million, with Adjusted EBITDA at $65 million, leading to a full year revenue of $796.9 million, reflecting a 1% year-over-year increase [20] - Full year Adjusted EBITDA was $270.5 million, representing a 4% growth over 2024 [20] - Revenue from Pharma Direct increased to $151.4 million, up 41% year-over-year, driven by deeper sell-through at manufacturers and growth in consumer direct pricing [21] Business Line Data and Key Metrics Changes - Subscription revenue decreased by 3% year-over-year to $83.8 million, although early adoption of condition-specific subscriptions, particularly for weight loss, exceeded expectations [21] - The core marketplace remains foundational, but the company is increasingly focusing on Pharma Manufacturer Solutions as a key growth driver [9][11] Market Data and Key Metrics Changes - Monthly Active Consumers fell by 14% in 2025 compared to the previous year, but the company expects this number to stabilize from Q4 2025 through Q4 2026 [24] - The company reported nearly 25 million consumers and over 1 million healthcare professionals using its platform annually [11] Company Strategy and Development Direction - The company is evolving its business model to focus on Pharma Direct and Employer Direct offerings, which are seen as key growth opportunities [19][25] - The strategy aligns with the increasing consumer demand for direct-to-consumer healthcare solutions and the evolving dynamics of prescription access and pharmacy economics [7][25] Management's Comments on Operating Environment and Future Outlook - Management noted that affordability pressures and policy dynamics are reshaping access and pricing in healthcare, which plays to the company's strengths [7] - The company anticipates revenue pressure in 2026 due to strategic investments aimed at long-term durability, with Pharma Direct revenue expected to grow at least 30% year-over-year [23][24] Other Important Information - The company ended the year with $261.8 million in cash and approximately $80 million in unused capacity under its revolving credit facility [22] - The company repurchased approximately 48.9 million shares at an average price of $4.45 per share, totaling $217.4 million, signaling management's confidence in the company's future [22] Q&A Session Summary Question: Can you elaborate on the revenue guidance and unit economics? - Management explained that the decline in revenue is driven by the loss of significant revenue from Rite Aid and a shift of claims to Pharma Direct, which is reflected in the growth of point-of-sale programs [29][30] Question: How is the Pharma budget spending environment affecting new programs? - Management noted that spending has been pulled forward this year, with pharmaceutical manufacturers continuing to invest in direct-to-consumer programs [42][44] Question: What is the future of the legacy business amidst the focus on Pharma Direct? - Management confirmed that the core Rx Marketplace will remain foundational, but there is a strategic shift towards direct-to-consumer experiences as consumer preferences evolve [51][52] Question: How is the company addressing margin pressure? - Management indicated that while there is margin pressure, the focus is on stabilizing the underlying volume of scripts and renegotiating lower fees for long-term predictability [30][74] Question: What changes are being made to sales and marketing efforts in 2026? - Management stated that marketing spend will be redirected towards specific programs, with a focus on optimizing return on advertising spend [83][86]

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $194.8 million, and Adjusted EBITDA was $65 million, leading to a full year revenue of $796.9 million, which is a 1% increase year-over-year [18] - Full year Adjusted EBITDA was $270.5 million, reflecting a 4% growth over 2024 [18] - Prescription transactions revenue declined by 6% year-over-year to $544 million, impacted by the Rite Aid bankruptcy and lower volume through an Integrated Savings Program partner [18][19] - Subscription revenue decreased by 3% year-over-year to $83.8 million, although early adoption of condition-specific subscriptions showed promise [19] - Revenue from Pharma Direct increased to $151.4 million, up 41% year-over-year, driven by deeper sell-through at manufacturers [20] Business Line Data and Key Metrics Changes - Pharma Manufacturer Solutions has become a key growth engine, with full year revenue up more than 40% in 2025 [7] - The company expanded its e-commerce ecosystem, tripling its retail footprint and achieving an 83% increase in order volume quarter-over-quarter [13] - Condition-specific subscriptions, particularly for weight loss, have shown strong early adoption, indicating potential for future revenue growth [19][14] Market Data and Key Metrics Changes - The healthcare landscape has seen intensified affordability pressures and evolving policy dynamics, which have reshaped access and pricing [5] - The growth of GLP-1 treatments for weight management has accelerated direct-to-consumer models, increasing consumer expectations for transparency and convenience [8] Company Strategy and Development Direction - The company is evolving its business model to focus more on Pharma Manufacturer Solutions as a key growth driver, reflecting changes in prescription access and pharmacy economics [6] - GoodRx is positioning itself as a digital storefront for self-pay and direct-to-consumer strategies, which are becoming central to prescription access [9] - The introduction of Employer Direct aims to help employers address gaps in traditional insurance coverage, expanding affordability and access [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction, emphasizing the alignment with current healthcare trends and the importance of adapting to consumer-driven models [24] - The company anticipates pressure on prescription transactions revenue in 2026 but expects Pharma Direct revenue to grow at least 30% year-over-year [22][23] - Monthly active consumers fell by 14% in 2025, but management expects stabilization in 2026 [23] Other Important Information - The company ended the year with $261.8 million in cash and approximately $80 million in unused capacity under its revolving credit facility [21] - Share repurchases totaled $217.4 million, signaling management's confidence in the company's future [21] Q&A Session Summary Question: Can you elaborate on the revenue guidance and unit economics? - Management noted that the decline in prescription transaction revenue is due to the loss of significant revenue from Rite Aid and a shift of claims to Pharma Direct, which is expected to stabilize over time [28][29] Question: How is the pharma budget spending environment affecting Pharma Direct programs? - Management observed that spending has been pulled forward this year, with pharmaceutical manufacturers continuing to invest in direct-to-consumer programs [40][41] Question: What is the future of the legacy business amidst the focus on Pharma Direct? - Management confirmed that the core Rx Marketplace will remain foundational, but the focus is shifting towards direct-to-consumer experiences and partnerships with pharmaceutical manufacturers [48][50] Question: How will margin pressure manifest in the upcoming year? - Management indicated that while there may be margin pressure, investments in new offerings and a focus on long-term relationships with pharmacies will help stabilize the business [70][72]