GoodRx Reports First Quarter 2026 Results
Pharma Direct Revenue Increased 82% Year-Over-Year in the First Quarter
Company Raises Full Year 2026 Revenue and Adjusted EBITDA Expectations
First Quarter 2026 Highlights
-
Revenue of
$194.0 million -
Net income of
$1.2 million ; Net income margin of 0.6% -
Adjusted Net Income1 of
$23.0 million ; Adjusted Net Income Margin1 of 11.9% -
Adjusted EBITDA1 of
$58.3 million ; Adjusted EBITDA Margin1 of 30.0% -
Net cash provided by operating activities of
$11.8 million
“We delivered a strong start to the year, with continued momentum across our strategic growth priorities,” said
| 1 |
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income Margin are non-GAAP financial measures and are presented for supplemental informational purposes only. Adjusted EBITDA Margin and Adjusted Net Income Margin are defined as Adjusted EBITDA and Adjusted Net Income, respectively, divided by Adjusted Revenue. Refer to the Non-GAAP Financial Measures section below for definitions, additional information, and reconciliations to the most directly comparable GAAP measures. |
First Quarter 2026 Financial Overview (all comparisons are made to the same period of the prior year unless otherwise noted):
Revenue decreased 4% to
Prescription transactions revenue decreased 24% to
Subscription revenue increased 16% to
Pharma Direct (formally GoodRx Pharma Direct) revenue increased 82% to
Net income was
Adjusted EBITDA1 was
Cash Flow and Capital Allocation
Net cash provided by operating activities in the first quarter was
We are focused on a disciplined approach to capital allocation, centered on furthering our mission and creating stockholder value. Our capital allocation priorities are investing for profitable growth, paying down debt, buying back shares, and M&A that aligns with our strategic priorities. These capital allocation priorities support our long-term growth strategy while also providing flexibility to navigate near-term challenges.
Share Repurchases
During the first quarter of 2026, we repurchased 5.5 million shares of Class A common stock for an aggregate of
Guidance
For the full year 2026, management is anticipating the following:
|
$ in millions |
FY 2026 |
FY 2025 |
YoY Change |
|
Revenue |
|
|
(4%) - (1%) |
|
Adjusted EBITDA2 |
> |
||
“We exceeded our expectations in the first quarter, driven by strong execution across the business,” said
| 2 |
Adjusted EBITDA is a non-GAAP financial measure and is presented for supplemental informational purposes only. We have not reconciled our Adjusted EBITDA guidance to GAAP net income or loss because we do not provide guidance for such GAAP measure due to the uncertainty and potential variability of stock-based compensation expense, acquired intangible assets and related amortization and income taxes, which are reconciling items between Adjusted EBITDA and the most directly comparable GAAP measure. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss. |
Investor Conference Call and Webcast
To access the conference call, please pre-register using the following link:
https://register-conf.media-server.com/register/BI03d8d43b2f3b41dda5af69771ca7887a
Registrants will receive a confirmation with dial-in details and a unique passcode required to join.
The call will also be webcast live on the Company’s investor relations website at https://investors.goodrx.com, where accompanying materials will be posted prior to the conference call.
Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://investors.goodrx.com for at least 30 days.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future results of operations and financial position, industry and business trends, including uncertainty in the macro environment, the impact of trends impacting retail pharmacies on our future financial results, the potential impact of the new government sponsored direct-to-consumer platform called “TrumpRx.gov” and other evolving federal initiatives on our business, our value proposition, our business strategy and our ability to execute on our strategic priorities including expanding manufacturer partnerships, growing differentiated subscription offerings and strengthening retail relationships, our plans, market opportunity, ability to preserve margin strength and long-term growth prospects, our capital allocation priorities, Pharma Direct as the future key growth driver of our business, and the future of prescription access. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that 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, including, but not limited to, risks related to our limited operating history and early stage of growth; our recent growth rates may not be sustainable or indicative of future growth; our ability to achieve broad market education and change consumer purchasing habits; our general ability to continue to attract, acquire and retain consumers in a cost-effective manner; our significant reliance on our prescription transactions offering and ability to expand our offerings; changes in medication pricing and the significant impact of pricing structures negotiated by industry participants; our general inability to control the categories and types of prescriptions for which we can offer savings or discounted prices; our reliance on a limited number of industry participants, including pharmacy benefit managers, pharmacies, and pharma manufacturers; the competitive nature of our industry; risks related to pandemics, epidemics, or outbreak of infectious disease; the accuracy of our estimate of our addressable market and other operational metrics; our ability to respond to changes in the market for prescription pricing and to maintain and expand the use of
Key Operating Metrics
Monthly Active Consumers (MACs) refers to the number of unique consumers who have used a
Subscription plans represent the ending subscription plan balance across our subscription offerings, GoodRx Gold, condition-specific related subscription programs (first launched in
|
|
Three Months Ended |
||||||||
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Monthly Active Consumers |
5.3 |
|
5.3 |
|
5.4 |
|
5.7 |
|
6.4 |
|
|
As of |
||||||||
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Subscription plans |
717 |
|
674 |
|
671 |
|
668 |
|
680 |
|
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
|
|
(in thousands, except par values) |
||||||
|
|
|
|
|
||||
|
Assets |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
235,710 |
|
|
$ |
261,820 |
|
|
Accounts receivable, net |
|
232,721 |
|
|
|
235,746 |
|
|
Prescription reimbursement assets |
|
753,530 |
|
|
|
98,331 |
|
|
Prepaid expenses and other current assets |
|
44,507 |
|
|
|
47,205 |
|
|
Total current assets |
|
1,266,468 |
|
|
|
643,102 |
|
|
Property and equipment, net |
|
11,742 |
|
|
|
12,268 |
|
|
|
|
430,331 |
|
|
|
430,331 |
|
|
Intangible assets, net |
|
61,167 |
|
|
|
64,082 |
|
|
Capitalized software, net |
|
140,191 |
|
|
|
139,261 |
|
|
Operating lease right-of-use assets, net |
|
28,748 |
|
|
|
28,808 |
|
|
Deferred tax assets, net |
|
53,042 |
|
|
|
57,111 |
|
|
Other assets |
|
29,562 |
|
|
|
29,095 |
|
|
Total assets |
$ |
2,021,251 |
|
|
$ |
1,404,058 |
|
|
Liabilities and stockholders' equity |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable |
$ |
14,525 |
|
|
$ |
19,405 |
|
|
Prescription reimbursement liabilities |
|
750,978 |
|
|
|
130,139 |
|
|
Accrued expenses and other current liabilities |
|
83,719 |
|
|
|
86,705 |
|
|
Current portion of debt |
|
5,000 |
|
|
|
5,000 |
|
|
Operating lease liabilities, current |
|
4,976 |
|
|
|
4,753 |
|
|
Total current liabilities |
|
859,198 |
|
|
|
246,002 |
|
|
Debt, net |
|
482,422 |
|
|
|
483,264 |
|
|
Operating lease liabilities, net of current portion |
|
48,953 |
|
|
|
49,789 |
|
|
Other liabilities |
|
8,692 |
|
|
|
8,741 |
|
|
Total liabilities |
|
1,399,265 |
|
|
|
787,796 |
|
|
Stockholders' equity |
|
|
|
||||
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
Common stock, |
|
34 |
|
|
|
34 |
|
|
Additional paid-in capital |
|
2,031,357 |
|
|
|
2,026,802 |
|
|
Accumulated deficit |
|
(1,409,405 |
) |
|
|
(1,410,574 |
) |
|
Total stockholders' equity |
|
621,986 |
|
|
|
616,262 |
|
|
Total liabilities and stockholders' equity |
$ |
2,021,251 |
|
|
$ |
1,404,058 |
|
|
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||
|
|
(in thousands, except per share amounts) |
||||||
|
|
Three Months Ended |
||||||
|
|
2026 |
|
2025 |
||||
|
Revenue |
$ |
194,006 |
|
|
$ |
202,970 |
|
|
Costs and operating expenses: |
|
|
|
||||
|
Cost of revenue, exclusive of depreciation and amortization presented separately below |
|
20,156 |
|
|
|
13,364 |
|
|
Product development and technology |
|
30,177 |
|
|
|
31,142 |
|
|
Sales and marketing |
|
81,053 |
|
|
|
84,542 |
|
|
General and administrative |
|
26,819 |
|
|
|
29,630 |
|
|
Depreciation and amortization |
|
21,792 |
|
|
|
20,912 |
|
|
Total costs and operating expenses |
|
179,997 |
|
|
|
179,590 |
|
|
Operating income |
|
14,009 |
|
|
|
23,380 |
|
|
Other expense, net: |
|
|
|
||||
|
Interest income |
|
1,397 |
|
|
|
3,932 |
|
|
Interest expense |
|
(9,767 |
) |
|
|
(10,644 |
) |
|
Total other expense, net |
|
(8,370 |
) |
|
|
(6,712 |
) |
|
Income before income taxes |
|
5,639 |
|
|
|
16,668 |
|
|
Income tax expense |
|
(4,470 |
) |
|
|
(5,616 |
) |
|
Net income |
$ |
1,169 |
|
|
$ |
11,052 |
|
|
Earnings per share: |
|
|
|
||||
|
Basic |
$ |
0.00 |
|
|
$ |
0.03 |
|
|
Diluted |
$ |
0.00 |
|
|
$ |
0.03 |
|
|
Weighted average shares used in computing earnings per share: |
|
|
|
||||
|
Basic |
|
340,531 |
|
|
|
379,196 |
|
|
Diluted |
|
341,424 |
|
|
|
379,656 |
|
|
|
|
|
|
||||
|
Stock-based compensation included in costs and operating expenses: |
|
|
|
||||
|
Cost of revenue |
$ |
52 |
|
|
$ |
100 |
|
|
Product development and technology |
|
4,208 |
|
|
|
5,670 |
|
|
Sales and marketing |
|
4,249 |
|
|
|
5,882 |
|
|
General and administrative |
|
8,000 |
|
|
|
7,522 |
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
|
(in thousands) |
||||||
|
|
Three Months Ended |
||||||
|
|
2026 |
|
2025 |
||||
|
Cash flows from operating activities |
|
|
|
||||
|
Net income |
$ |
1,169 |
|
|
$ |
11,052 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
21,792 |
|
|
|
20,912 |
|
|
Amortization of debt issuance costs and discounts |
|
462 |
|
|
|
430 |
|
|
Non-cash operating lease expense |
|
925 |
|
|
|
1,086 |
|
|
Stock-based compensation expense |
|
16,509 |
|
|
|
19,174 |
|
|
Deferred income taxes |
|
4,069 |
|
|
|
— |
|
|
Loss on operating lease asset |
|
— |
|
|
|
4,409 |
|
|
Other |
|
798 |
|
|
|
286 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
3,025 |
|
|
|
(14,183 |
) |
|
Prescription reimbursement assets (1) |
|
(655,199 |
) |
|
|
(14,391 |
) |
|
Prepaid expenses and other assets (1) |
|
2,177 |
|
|
|
904 |
|
|
Accounts payable |
|
(4,945 |
) |
|
|
286 |
|
|
Prescription reimbursement liabilities (1) |
|
620,839 |
|
|
|
(8,520 |
) |
|
Accrued expenses and other current liabilities (1) |
|
1,744 |
|
|
|
(10,559 |
) |
|
Operating lease liabilities |
|
(1,478 |
) |
|
|
(1,628 |
) |
|
Other liabilities |
|
(49 |
) |
|
|
155 |
|
|
Net cash provided by operating activities |
|
11,838 |
|
|
|
9,413 |
|
|
Cash flows from investing activities |
|
|
|
||||
|
Purchase of property and equipment |
|
(1,136 |
) |
|
|
(142 |
) |
|
Acquisition |
|
— |
|
|
|
(30,000 |
) |
|
Capitalized software |
|
(20,508 |
) |
|
|
(21,734 |
) |
|
Net cash used in investing activities |
|
(21,644 |
) |
|
|
(51,876 |
) |
|
Cash flows from financing activities |
|
|
|
||||
|
Payments on long-term debt |
|
(1,250 |
) |
|
|
(1,250 |
) |
|
Repurchases of Class A common stock |
|
(12,567 |
) |
|
|
(99,897 |
) |
|
Proceeds from exercise of stock options |
|
95 |
|
|
|
2 |
|
|
Employee taxes paid related to net share settlement of equity awards |
|
(2,582 |
) |
|
|
(3,757 |
) |
|
Net cash used in financing activities |
|
(16,304 |
) |
|
|
(104,902 |
) |
|
Net change in cash and cash equivalents |
|
(26,110 |
) |
|
|
(147,365 |
) |
|
Cash and cash equivalents |
|
|
|
||||
|
Beginning of period |
|
261,820 |
|
|
|
448,346 |
|
|
End of period |
$ |
235,710 |
|
|
$ |
300,981 |
|
|
_____________________________________________________ |
||
| (1) |
Prior to |
|
For the first quarters of 2026 and 2025, revenue comprised of the following:
|
(in thousands) |
|||||
|
|
Three Months Ended |
||||
|
|
2026 |
|
2025 |
||
|
Prescription transactions revenue |
$ |
113,692 |
|
$ |
148,923 |
|
Subscription revenue |
|
24,393 |
|
|
21,017 |
|
Pharma Direct revenue |
|
52,230 |
|
|
28,648 |
|
Other revenue |
|
3,691 |
|
|
4,382 |
|
Total revenue |
$ |
194,006 |
|
$ |
202,970 |
Non-GAAP Financial Measures
Adjusted Revenue and metrics presented as a percentage of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings Per Share are supplemental measures of our performance that are not required by, or presented in accordance with,
We define Adjusted Revenue for a particular period as revenue excluding client contract termination costs associated with restructuring related activities. We exclude these costs from revenue because we believe they are not indicative of past or future underlying performance of the business. For the current period and full year of 2025, revenue was equal to Adjusted Revenue. In addition, we expect revenue for the full year of 2026 to equal Adjusted Revenue.
We define Adjusted EBITDA for a particular period as net income or loss before interest, taxes, depreciation and amortization, and as further adjusted for, as applicable for the periods presented, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, and other income or expense, net. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Adjusted Revenue.
We define Adjusted Net Income for a particular period as net income or loss adjusted for, as applicable for the periods presented, amortization of intangibles related to acquisitions and restructuring activities, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, other income or expense, net, and as further adjusted for estimated income tax on such adjusted items. Our adjusted taxes also excludes (i) the valuation allowance recorded against certain of our net deferred tax assets that was recognized in accordance with GAAP and any subsequent releases of the valuation allowance, and (ii) all tax benefits/expenses resulting from excess tax benefits/deficiencies in connection with stock-based compensation. Adjusted Net Income Margin represents Adjusted Net Income as a percentage of Adjusted Revenue.
Adjusted Earnings Per Share is Adjusted Net Income attributable to common stockholders divided by weighted average number of shares. The weighted average shares we use in computing Adjusted Earnings Per Share – basic is equal to our GAAP weighted average shares – basic and the weighted average shares we use in computing Adjusted Earnings Per Share – diluted is equal to either GAAP weighted average shares – basic or GAAP weighted average shares – diluted, depending on whether we have adjusted net loss or adjusted net income, respectively.
We also assess our performance by evaluating each cost and operating expense on our condensed consolidated statements of operations on a non-GAAP, or adjusted, basis to arrive at adjusted operating income. The adjustments to these cost and operating expense items include, as applicable for the periods presented, acquisition related expenses, amortization of intangibles related to acquisitions and restructuring activities, stock-based compensation expense, payroll tax expense related to stock-based compensation, financing related expenses, restructuring related expenses, legal settlement expenses, loss on operating lease assets, and gain on sale of business. Adjusted operating income is Adjusted Revenue less non-GAAP costs and operating expenses.
We believe our Non-GAAP Measures are helpful to investors, analysts and other interested parties because they assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin are also key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. In addition, Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Earnings Per Share are frequently used by analysts, investors and other interested parties to evaluate and assess performance.
The Non-GAAP Measures are presented for supplemental informational purposes only and should not be considered as alternatives or substitutes to financial information presented in accordance with GAAP. These measures have certain limitations in that they do not include the impact of certain costs that are reflected in our condensed consolidated statements of operations that are necessary to run our business. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.
The following table presents a reconciliation of net income, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, and presents net income margin, the most directly comparable financial measure calculated in accordance with GAAP, with Adjusted EBITDA Margin:
|
(dollars in thousands) |
|||||||
|
|
Three Months Ended
|
||||||
|
|
2026 |
|
2025 |
||||
|
Net income |
$ |
1,169 |
|
|
$ |
11,052 |
|
|
Adjusted to exclude the following: |
|
|
|
||||
|
Interest income |
|
(1,397 |
) |
|
|
(3,932 |
) |
|
Interest expense |
|
9,767 |
|
|
|
10,644 |
|
|
Income tax expense |
|
4,470 |
|
|
|
5,616 |
|
|
Depreciation and amortization |
|
21,792 |
|
|
|
20,912 |
|
|
Acquisition related expenses |
|
252 |
|
|
|
26 |
|
|
Restructuring related expenses |
|
5,286 |
|
|
|
1,219 |
|
|
Stock-based compensation expense |
|
16,509 |
|
|
|
19,174 |
|
|
Payroll tax expense related to stock-based compensation |
|
422 |
|
|
|
685 |
|
|
Loss on operating lease asset |
|
— |
|
|
|
4,409 |
|
|
Adjusted EBITDA |
$ |
58,270 |
|
|
$ |
69,805 |
|
|
|
|
|
|
||||
|
Revenue |
$ |
194,006 |
|
|
$ |
202,970 |
|
|
Net income margin |
|
0.6 |
% |
|
|
5.4 |
% |
|
Adjusted EBITDA Margin |
|
30.0 |
% |
|
|
34.4 |
% |
The following tables present a reconciliation of net income and calculations of net income margin and earnings per share, the most directly comparable financial measures calculated in accordance with GAAP, to Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings Per Share, respectively:
|
(dollars in thousands, except per share amounts) |
|||||||
|
|
Three Months Ended |
||||||
|
|
2026 |
|
2025 |
||||
|
Net income |
$ |
1,169 |
|
|
$ |
11,052 |
|
|
Adjusted to exclude the following: |
|
|
|
||||
|
Amortization of intangibles related to acquisitions and restructuring related activities |
|
2,915 |
|
|
|
2,793 |
|
|
Acquisition related expenses |
|
252 |
|
|
|
26 |
|
|
Restructuring related expenses |
|
5,286 |
|
|
|
1,219 |
|
|
Stock-based compensation expense |
|
16,509 |
|
|
|
19,174 |
|
|
Payroll tax expense related to stock-based compensation |
|
422 |
|
|
|
685 |
|
|
Loss on operating lease asset |
|
— |
|
|
|
4,409 |
|
|
Income tax effects of excluded items and adjustments for valuation allowance and excess tax benefits/deficiencies from equity awards |
|
(3,504 |
) |
|
|
(4,995 |
) |
|
Adjusted Net Income |
$ |
23,049 |
|
|
$ |
34,363 |
|
|
|
|
|
|
||||
|
Revenue |
$ |
194,006 |
|
|
$ |
202,970 |
|
|
Net income margin |
|
0.6 |
% |
|
|
5.4 |
% |
|
Adjusted Net Income Margin |
|
11.9 |
% |
|
|
16.9 |
% |
|
Weighted average shares used in computing earnings per share: |
|
|
|
||||
|
Basic |
|
340,531 |
|
|
|
379,196 |
|
|
Diluted |
|
341,424 |
|
|
|
379,656 |
|
|
Earnings per share: |
|
|
|
||||
|
Basic |
$ |
0.00 |
|
|
$ |
0.03 |
|
|
Diluted |
$ |
0.00 |
|
|
$ |
0.03 |
|
|
Weighted average shares used in computing Adjusted Earnings Per Share: |
|
|
|
||||
|
Basic |
|
340,531 |
|
|
|
379,196 |
|
|
Diluted |
|
341,424 |
|
|
|
379,656 |
|
|
Adjusted Earnings Per Share: |
|
|
|
||||
|
Basic |
$ |
0.07 |
|
|
$ |
0.09 |
|
|
Diluted |
$ |
0.07 |
|
|
$ |
0.09 |
|
The following table presents (i) each non-GAAP, or adjusted, cost and expense and operating income measure together with its most directly comparable financial measure calculated in accordance with GAAP; and (ii) each adjusted cost and expense and adjusted operating income as a percentage of Adjusted Revenue together with each GAAP cost and expense and operating income as a percentage of revenue, the most directly comparable financial measure calculated in accordance with GAAP:
|
(dollars in thousands) |
|||||||||||||||
|
|
GAAP |
|
Adjusted |
||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
|
Cost of revenue |
$ |
20,156 |
|
|
$ |
13,364 |
|
|
$ |
20,084 |
|
|
$ |
13,258 |
|
|
% of Revenue |
|
10 |
% |
|
|
7 |
% |
|
|
10 |
% |
|
|
7 |
% |
|
Product development and technology |
$ |
30,177 |
|
|
$ |
31,142 |
|
|
$ |
22,829 |
|
|
$ |
23,990 |
|
|
% of Revenue |
|
16 |
% |
|
|
15 |
% |
|
|
12 |
% |
|
|
12 |
% |
|
Sales and marketing |
$ |
81,053 |
|
|
$ |
84,542 |
|
|
$ |
75,084 |
|
|
$ |
78,404 |
|
|
% of Revenue |
|
42 |
% |
|
|
42 |
% |
|
|
39 |
% |
|
|
39 |
% |
|
General and administrative |
$ |
26,819 |
|
|
$ |
29,630 |
|
|
$ |
17,739 |
|
|
$ |
17,513 |
|
|
% of Revenue |
|
14 |
% |
|
|
15 |
% |
|
|
9 |
% |
|
|
9 |
% |
|
Depreciation and amortization |
$ |
21,792 |
|
|
$ |
20,912 |
|
|
$ |
18,877 |
|
|
$ |
18,119 |
|
|
% of Revenue |
|
11 |
% |
|
|
10 |
% |
|
|
10 |
% |
|
|
9 |
% |
|
Operating income |
$ |
14,009 |
|
|
$ |
23,380 |
|
|
$ |
39,393 |
|
|
$ |
51,686 |
|
|
% of Revenue |
|
7 |
% |
|
|
12 |
% |
|
|
20 |
% |
|
|
25 |
% |
The following table presents a reconciliation of each non-GAAP, or adjusted, cost and expense and operating income measure to its most directly comparable financial measure calculated in accordance with GAAP:
|
|
(dollars in thousands) |
||||||
|
|
Three Months Ended |
||||||
|
|
2026 |
|
2025 |
||||
|
Cost of revenue |
$ |
20,156 |
|
|
$ |
13,364 |
|
|
Acquisition related expenses |
|
(19 |
) |
|
|
— |
|
|
Restructuring related expenses |
|
— |
|
|
|
(2 |
) |
|
Stock-based compensation expense |
|
(52 |
) |
|
|
(100 |
) |
|
Payroll tax expense related to stock-based compensation |
|
(1 |
) |
|
|
(4 |
) |
|
Adjusted cost of revenue |
$ |
20,084 |
|
|
$ |
13,258 |
|
|
|
|
|
|
||||
|
Product development and technology |
$ |
30,177 |
|
|
$ |
31,142 |
|
|
Acquisition related expenses |
|
(86 |
) |
|
|
— |
|
|
Restructuring related expenses |
|
(2,872 |
) |
|
|
(1,109 |
) |
|
Stock-based compensation expense |
|
(4,208 |
) |
|
|
(5,670 |
) |
|
Payroll tax expense related to stock-based compensation |
|
(182 |
) |
|
|
(373 |
) |
|
Adjusted product development and technology |
$ |
22,829 |
|
|
$ |
23,990 |
|
|
|
|
|
|
||||
|
Sales and marketing |
$ |
81,053 |
|
|
$ |
84,542 |
|
|
Acquisition related expenses |
|
(147 |
) |
|
|
— |
|
|
Restructuring related expenses |
|
(1,479 |
) |
|
|
(87 |
) |
|
Stock-based compensation expense |
|
(4,249 |
) |
|
|
(5,882 |
) |
|
Payroll tax expense related to stock-based compensation |
|
(94 |
) |
|
|
(169 |
) |
|
Adjusted sales and marketing |
$ |
75,084 |
|
|
$ |
78,404 |
|
|
|
|
|
|
||||
|
General and administrative |
$ |
26,819 |
|
|
$ |
29,630 |
|
|
Acquisition related expenses |
|
— |
|
|
|
(26 |
) |
|
Restructuring related expenses |
|
(935 |
) |
|
|
(21 |
) |
|
Stock-based compensation expense |
|
(8,000 |
) |
|
|
(7,522 |
) |
|
Payroll tax expense related to stock-based compensation |
|
(145 |
) |
|
|
(139 |
) |
|
Loss on operating lease asset |
|
— |
|
|
|
(4,409 |
) |
|
Adjusted general and administrative |
$ |
17,739 |
|
|
$ |
17,513 |
|
|
|
|
|
|
||||
|
Depreciation and amortization |
$ |
21,792 |
|
|
$ |
20,912 |
|
|
Amortization of intangibles related to acquisitions and restructuring related activities |
|
(2,915 |
) |
|
|
(2,793 |
) |
|
Adjusted depreciation and amortization |
$ |
18,877 |
|
|
$ |
18,119 |
|
|
|
|
|
|
||||
|
Operating income |
$ |
14,009 |
|
|
$ |
23,380 |
|
|
Amortization of intangibles related to acquisitions and restructuring related activities |
|
2,915 |
|
|
|
2,793 |
|
|
Acquisition related expenses |
|
252 |
|
|
|
26 |
|
|
Restructuring related expenses |
|
5,286 |
|
|
|
1,219 |
|
|
Stock-based compensation expense |
|
16,509 |
|
|
|
19,174 |
|
|
Payroll tax expense related to stock-based compensation |
|
422 |
|
|
|
685 |
|
|
Loss on operating lease asset |
|
— |
|
|
|
4,409 |
|
|
Adjusted operating income |
$ |
39,393 |
|
|
$ |
51,686 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260506399684/en/
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