GoodRx Reports Second Quarter 2023 Results

About this update from Goodrx Holdings, Inc.

[{"type":"text","content":"\nSecond quarter financial results exceed previously announced guidance\n\n\n SANTA MONICA, Calif.--(BUSINESS WIRE)--\nGoodRx Holdings, Inc. (Nasdaq: GDRX) (“GoodRx” or the “Company”), a leading resource for healthcare savings and information, has released its financial results for the second quarter 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nTotal revenue of $189.7 million, exceeding previously announced guidance\n\n\n\nNet income of $58.8 million1; Net income margin of 31.0%\n\n\n\nAdjusted Net Income2 of $28.4 million; Adjusted Net Income Margin2 of 15.0%\n\n\n\nAdjusted EBITDA2 of $53.5 million; Adjusted EBITDA Margin2 of 28.2%, exceeding previously announced guidance\n\n\n\nNet cash provided by operating activities of $29.9 million\n\n\n\nOver 500,000 prescribers3 engaged with us through Provider Mode since its launch\n\n\n\nExited the quarter with over 7 million consumers of prescription-related offerings4\n\n\n\n“I’m encouraged by the progress made during the second quarter,” said Scott Wagner, Interim Chief Executive Officer. “We exceeded our Revenue and Adjusted EBITDA expectations with prescription transactions revenue and volume returning to year-over-year growth. We expanded the number of direct contracts we have with pharmacies, announced an exciting new program with CVS Caremark, and continued to align our teams and people against our biggest opportunities. Looking ahead, we are focused on rebuilding momentum in the business financially and operationally with an eye toward compounding growth in 2024 and beyond.”\n\n\n\n\n1\n\n\n\n\n\n\nQ2‘23 net income was impacted by $17.9 million of stock-based compensation expense, $5.7 million of which related to the non-recurring awards granted to our co-founders in connection with our IPO, and a $46.7 million tax benefit principally from the release of our valuation allowance against our net deferred tax assets.\n\n\n\n\n\n\n\n\n2\n\n\n\n\n\n\nAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, and adjusted costs and operating expenses are non-GAAP financial measures and are presented for supplemental informational purposes only. Refer to the Non-GAAP Financial Measures section below for definitions, additional information, and reconciliations to the most directly comparable GAAP measures.\n\n\n\n\n\n\n\n\n3\n\n\n\n\n\n\nAs of 6/30/...

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