Ladies and gentlemen, thank you for standing by and welcome to the GoodRx First Quarter 2021 Earnings Call. As a reminder, today’s conference call is being recorded. I would now like to introduce your host for today’s call, Whitney Notaro, Vice President of Investor Relations. Ms. Notaro, you may begin.

Thank you, operator. Good afternoon, everyone and welcome to GoodRx’s earnings conference call for the first quarter of 2021. Joining me today are Doug Hirsch and Trevor Bezdek, our Co-Founders and Co-Chief Executive Officers and Karsten Voermann, our Chief Financial Officer. Before we begin, I would 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 facts should be considered forward-looking statements, including statements regarding management’s plans, strategies, goals and objectives, our market opportunity, our anticipated financial performance and the expected impact of COVID-19 on our business. 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 quarterly report on Form 10-Q for the quarter ended March 31 and our other 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 represent 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 may also reference certain non-GAAP metrics, which are reconciled to the nearest GAAP metric in the company’s shareholder letter, which can be found on the overview page of our Investor Relations website at investors.goodrx.com. I would also like to remind everyone that a replay of this call will become available there shortly as well. With that, I will turn the call over to Doug.

Thank you, Whitney and thanks to all of you for joining us this afternoon. I want to take a minute to talk about trust. In healthcare, trust is really, really hard to earn. America’s convoluted healthcare system is so complex, frustrating and opaque that consumers increasingly question the guidance they receive. Am I getting the best care? Do I really need this treatment? Can I afford this? When Trevor and I started GoodRx, we didn’t know much about healthcare, but we knew that there was a huge lack of trust. It seemed that the industry’s motto is rarely aligned with the needs of the patients, leading to complicated terms, hidden information, surprise bills and lots of bad experiences. We knew that we would build products that put the patient’s needs first. So, we designed GoodRx to provide simple, easy-to-understand savings and assistance without asking for much in return. We embrace transparency and education as core tenets of our relationship with consumers. We even created a team of patient advocates to help guide consumers to the best outcomes. Fast forward to late 2020, with the miraculous development of multiple COVID-19 vaccines, we recognize our crucial role in the next step of the process, be a trusted resource to help Americans figure out where, when and how to get vaccinated. The GoodRx COVID-19 vaccine guide went from concept to launch in just 3 weeks. Using government data and working with numerous stakeholders, we built a centralized service that tracks vaccine inventory and appointments at thousands of locations across the nation. We alert over 2.5 million people when eligibility changes in their state or county and we published comprehensive information about the virus, vaccines and treatments people can reference easily. So far, more than 15 million people have visited our vaccine guide since…

Thank you, Doug. I am proud to report that GoodRx achieved a number of new financial records in the first quarter. We delivered record revenue at attractive margins and increased the number of visitors to our platform. We grew the number of consumers we serve across all of our offerings and ramped up our subscription manufacturer solutions and telehealth offerings. We also acquired two outstanding companies to deepen our capabilities. HealthiNation, with its award winning staff, produces video content in a hundreds of health and wellness topics and closed in April. HealthiNation’s content, created in collaboration with doctors and other healthcare professionals helps us educate consumers from diagnosis to disease management. In April, we also closed the acquisition of RxSaver, a brand we believe is complementary to our own prescription transactions offering. We believe M&A can play an important role in helping us build the leading digital platform in consumer healthcare. Revenue for the first quarter grew 20% year-over-year to a record $160.4 million, even with continued headwinds from COVID-19 and a weak cold and flu season. Other revenue continued to show strong momentum growing 154% year-over-year, reflecting the continued rapid growth of offerings like subscriptions, manufacturer solutions and all of our other new initiatives. Adjusted EBITDA margin was an attractive 31.8% as we continue to make growth investments in our platform and brand. During the quarter, we helped a record 5.7 million monthly active consumers save on their prescriptions by using GoodRx at one of our 70,000 participating pharmacies. We continue to successfully drive consumers to our subscription offering, with our subscriptions growing 96% year-over-year to approximately 931,000 across our two subscription programs, GoodRx Gold and the Kroger Rx Savings Club powered by GoodRx. Including family plans, each subscription represents, on average, more than one American. So, we actually…

Thank you, Trevor. Good afternoon, everyone and thank you for joining us today. Our first quarter results once again highlight the unique combination of scale, growth and profitability our business provides, our strong unit economics in the large market in which we operate and our ability to execute and generate strong operating cash flow. Revenue for the quarter was $160.4 million, growing 20% year-over-year, even comparing our very strong 1Q ‘20 to the COVID-impacted 1Q ‘21 driven by continued growth in our prescription offering as well as a torrid growth of our newer offerings. Prescription transactions revenue grew 9% year-over-year to $134.1 million driven by a 17% year-over-year increase in our monthly active consumers, which reached a record $5.7 million. This was partially offset by a decrease in prescription transactions revenue per MAC solely related to Scriptcycle, which as discussed in our last call in March, has significantly lower revenue contribution per consumer. GoodRx prescription transaction economics have otherwise remained constant. As a reminder, monthly active consumers represent the number of unique consumers who use GoodRx to save on their prescription in a given month and it does not include consumers of our other offerings such as subscriptions, manufacturer solutions and telehealth. When presented for a quarter, monthly active consumers represent the average of the calendar months in the quarter. One additional clarification on the calculation of MACs, unlike our subscriber count, MACs are not a cumulative number measured by and presented as an ending balance. For a given month, it is a count of unique consumers who use our prescription transactions offering to save money on the retail cash price at a pharmacy. That means that the number of days in a month affects our MAC count. Using the first quarter as an example, February will have a lower…

Thank you. [Operator Instructions] Our first question will come from Ricky Goldwasser with Morgan Stanley. Please go ahead.

Yes, hi, good afternoon and thank you for all the details. So, a very quick follow-up on the guidance and then I will have a real question. So just to clarify on the guidance, I know you said that the acquisitions are not material, but you raised the revenue guide by about $5 million. So, is RxSaver and HealthiNation accounting for that? And as we think also about your second half guidance considering that script growth are going to reaccelerate, should we assume that in the second half, prescription revenues are going to go back to a more normalized level or is that 20% indicative of sort of trends for the remainder of the year, i.e., 80% of total revenue and 20% with the others?

Thank you, Ricky, for the question. I will let Karsten speak to the guidance.

Hey, Ricky. This is Karsten and thanks for the great question. As you said, first off, revenue related to HealthiNation and RxSaver is largely immaterial. So we had also considered when we provided guidance for the full year in March that we had a high probability of closing the HealthiNation deal. So, it was included in a probability adjusted or expected value manner in the guidance we have provided already back then. RxSaver is included in our Q2 and FY guidance as well as HealthiNation, but again, the financial contribution of both deals is pretty immaterial. We bought them because we are excited about the capabilities they provide for us. HealthiNation’s revenue will go into other revenues similarly to our manufacturer solutions, no association with MACs. And RxSaver revenue will be included in prescription transaction revenue and it won’t have any MACs associated with it initially in the second quarter. We normally add MACs in the first full quarter that we owned it. And right now, as we said in our prepared remarks, we’re looking at RxSaver’s data to establish when we will be able to report it consistently with their own MAC reporting, and we will update it then. With respect to the question on whether 20% of revenue and other revenue is accurate for the full year, we continue to see other revenue growing as a percentage of revenues. So if you look back to – from fourth quarter to first quarter, you’ll see that it rose by about 2% from about 16.5% up. Now we see it going by – growing by a little bit more than 2% again looking forward, and that’s why we say it will approach 20% for the second quarter. I think we’d expect given the tear that other revenues on, growing over 150% year-over-year that it will continue to make up a higher percentage of revenue for the full year than it does for the second quarter. So it will continue to accelerate. Hope that helps.

It does. And if I may, just kind of I ask the other question. I mean for Doug and Trevor, you talk about sort of looking to do more acquisitions. Can you maybe share with us just your overall acquisition framework? And what type of assets you’re looking to add? Thank you.

Thank you. I’ll let Doug speak to this.

Hey, Ricky, thank you. Our overall strategy is really focused around trying to play an important role in accelerating our path to achieving our long-term vision of building the leading digital platform in consumer health care. We’ve historically looked at and done deals that have grown and accelerate our long-term vision and capabilities and have integrated those acquisitions successfully. With our increased scale and capacity, we’re going to accelerate those efforts to grow our capacities, both organically and inorganically. Given our profile and our leadership position in health care, we believe we see many opportunities in digital health care. And look, we look at all targets that can advance our mission, and we’re really trying to drive telehealth, manufacturer solutions and our core prescriptions offering. We believe that we’re a very attractive platform for high-growth companies to help them scale quickly. And so look, M&A has been and will continue to be an important part of our growth strategy. We see lots of opportunities, and especially now that as a public company with – and with the additional resources we have to execute on our M&A.

Thank you. Our next question will come from Steven Valiquette with Barclays. Please go ahead.

Thanks. Couple of questions here. I guess, first, just in addition to your comment that over 2 million Americans sign up for the GoodRx COVID-19 vaccine guide, and we have seen some further evidence in the retail channel that big drug chains are getting some nice pull-through on traditional generic prescription volume from the COVID vaccine dispensing, which obviously benefits GoodRx as well. So I guess I’m curious, do you have any sense for how much COVID vaccination activity is helping the company, either relative to your own expectations so far in ‘21, either quantitatively or just qualitatively, if you have any additional color? Thanks.

Thanks. Yes. So I’m going to speak – maybe first, I’ll just speak to the vaccine finder effort that we did and sort of the benefits of that, and I’ll let Doug speak to that. And then I’ll speak a little more specifically to sort of that pull-through in the pharmacy setting.

Sure. Thanks. So yes, I’ll just give you a little overview of the vaccine guide itself and what we managed to do. Look, our vaccine guide is just another example of the powerful continent tools that we’re able to generate to help consumers throughout their health care journey. One thing we realized early on was that vaccine information will be fragmented and unclear. And so we built this go-to destination for Americans to learn about the vaccine, track availability and then find an appointment, most importantly. And we’re just super proud of the product that we built. It covers tens of thousands of vaccine sites that generate over 15 million visitors and over 2.5 million alert sign-ups. And this guide is – we could not be more proud of it because we – embodies all of what makes GoodRx. It increases the awareness of both our brand and the value of bringing consumers. It allows us to communicate with additional consumers across the U.S. as they sign up to receive updates. And of course, a lot of these visitors came to GoodRx were not traditional GoodRx customers. They are new to GoodRx, and it’s just the beginning of what we think will be a proof for relationship with those folks. So I’ll pause there so you can explain.

Yes. So relative to sort of Scripts, I mean, I think what we really see is – when you look at the results, I think that’s more sort of just of the pharmacy chains. I think that’s a little bit more related to just revenue from the vaccines themselves. Where we see really this benefit from the increased distribution of vaccine, and that being even more so as time is passing here through the pharmacy channel, is that we’re going to – we’re starting to see this clearing of this substantial medical backlog. I think recent IQVIA data shows about 1 billion misdiagnoses in 2020, growing to about 1.1 billion in 2021. And so when consumers resume that more normalized health care activity and backlog begins to clear, we’re there as consumers are reengaging with the health care system. So this distribution of vaccine just gives us an opportunity to deliver more value to the vaccine guide, which has a pretty broad MAC side. And so we are – we think it’s a great benefit as people are more in the [indiscernible].

Okay. One other real quick question, there has been some debate in the pharma supply channel regarding generic drug pricing trends with some conjecture that generic drug price deflation has possibly accelerated so far in 2021. In light of that, the quick question really is whether or not you guys have seen any downward pressure around traditional retail cash prices for generics that would impact your pricing in anyway or are you not really seeing that, just curious? Thanks.

Yes. It’s a great question. Thank you so much. Generic price deflation does not generally affect our business. It mostly impacts manufacturers and wholesales, but it’s really decoupled from what consumers see. So it’s just not an impactful factor to our business. Hope, that’s helpful.

Thank you. [Operator Instructions] Our next question will come from Jian Li with Evercore ISI. Please go ahead.

Great. Thank you, guys. And this is Jan for Mark Mahaney. Maybe a quick follow-up to the drug pricing question, I was wondering on what your kind of thought on the potential impact we talked about reintroduction of your drug prices which probably affects the branded side more and the discussion around revisiting a [indiscernible]. How do you see that kind of impacting your business if that were to carry through? And also if I can tag on, you mentioned new normal. If you could just flush out a little bit more on what are you seeing that gives you confidence on the permanent shift to telehealth? Thank you.

Okay. Thank you very much for the question. So speaking first on HR3 and sort of other areas of policy, we have been and continue to be – remain aligned with positive regulatory trends. We provide consumers with price transparency and lower prices, and we improve access to care. Since we founded GoodRx a decade ago, we’ve seen many proposals, ideas and policies across administrations, including the rollout of ACA and other initiatives. And with this new administration, we continue to be aligned with the political objectives of driving affordability and access to health care for Americans. The current orders and legislation, including HR3, are primarily focused, just as you said, on the Medicare business and brand drugs. And even if those pass, which is really yet to be determined, we believe they would have very little impact on our business. We actively track all legislative developments continue to be engaged with policymakers. We really want to be there as a resource to sort of give information about what can be done to benefit consumers, and we feel really confident about where we are. We’ve created a sustainable product and system that works. This is – consumers are getting medication, getting their health care affordably and conveniently, and it’s aligned with these overall trends. So in addition, I just note, there is a number of legislative changes that we think can have a positive impact on our business. So as an example, I’ll speak to sort of the transparency rules that were passed previously and are starting to come into play and starting to come into force in regards to the hospitals and then the payers. This new information is only sort of helpful to us as we are expanding and building more tools to address the broader health care…

Thank you. Our next question will come from Sean Dodge with RBC Capital. Please go ahead.

Thanks. Good afternoon. Maybe going back to the MACs, you exited the quarter on a much steeper trajectory than it sounds like you began – Karsten, you said 6.1 million in March. You pointed out some of the impact, things like days and the months can have on that calculation. But if we think about that March number, is that a good jumping off point for kind of how to think about the second quarter or are there some seasonal aspects or nuances to March that make that unfair to kind of project into April and May and June?

Hi, Sean, thanks for the great question. This is Karsten. First of all, I think it is a good jumping off point in so far as the only thing that’s really unique about March is that it has more days, as we talked about in the specifics of the MAC calculation. In general, though, we’ve begun to see volume increase in Q2 with the vaccine now more widely available, and that’s where we continue to guide to over 40% Y-over-Y growth at the midpoint for the second quarter, and our full year forecast is also much faster than the first quarter’s year-over-year growth was. We assume that doctor visits return to a more normal pre-COVID level in the second half of the year, and we believe our recovery assumptions will materialize because we expect to see the backlog of undiagnosed conditions, that 1.1 billion that Trevor talked about a moment ago, according to IQVIA, start to clear or at least stop increasing, which is basically enough in the second half of 2021. We think that’s going to drive up new therapy starts. So the headwinds we view is becoming tailwinds as the year progresses. And as consumers interact with the health care system more regularly and catch up on the year of delayed care they faced.

Okay, alright. Great, thank you.

Yes. The only thing I’ll just add to that is there is also the shift that Karsten mentioned earlier around other revenue where other revenue has – is growing at this extreme – at a very triple-digit rate. So that is also a portion of that revenue.

Got it. Okay, thanks again.

Thank you.

Thank you. Our next question will come from Stephanie Davis with SVB Leerink. Please go ahead.

Hey, guys. Thank you for taking my question. So the first one I have is about RxSaver as you guys have been able to take a closer look at the asset as the transaction. Can you tell us more about the capabilities that would add and maybe any impact that could have should that occur if you are expanding on the capabilities potential. Also, I was hoping to hear more about your philosophy when you acquire some of these like-for-like assets and if you plan on keeping the brand the same or eventually rolling the brand and the app into the broader GoodRx umbrella.

Thank you very much for the question, Stephanie. So we acquired RxSaver on April 30 for $50 million in cash. RxSaver shares our mission of helping Americans get the health care they need, price they can afford is passionate about making health care more convenient, accessible, affordable. The RxSaver acquisition allows us to extend our reach and prescription transactions by adding a small consumer base and a brand that’s known and resonates with a subset of consumers. The company has a talented team and knows the prescription transaction space well. We think they’ll be highly complementary to GoodRx. We do – to your sort of latter part of the question, we intend to keep the brand and believe there are some marketing channels and such that they have used that are potentially things that will be helpful broadly for GoodRx. We are excited to welcome the RxSaver team to GoodRx. Relative to [indiscernible], any change would be immaterial. Their businesses, is relatively small here, but I’d say – speaking to philosophy, I think it varies. We’ve had a series of acquisitions we’ve done, all of which have been quite successful. Whether we keep the brand, keep – integrate the teams is pretty specific to the transaction itself and work fast. In this case, we will keep the brand as separate, but we will integrate sort of teams since these are really, really complementary. But it varies in different cases.

It’s very helpful. And if I could sneak in one quick follow-up just on the vaccine finder, because it was such a tailwind of traffic over the past quarter, I was hoping to hear a little more about the halo effect and how you’re going to be converting some of that traffic into MACs or subscription users or something else?

Thank you. I’ll speak to that. So we served approximately 7 million consumers in the context of this 5.7 million MACs and the 1 million subscriptions that represent about 1.4 million consumers. We’re super excited about that growth. The – when we look at the vaccine guide which Doug spoke to a bit, but it provides this amazing vaccine information, it did drive significant traffic to the platform and – which increased awareness of the GoodRx brand. It was a key driver of that increase in visitor count to almost 20 million, but not all of those visitors will immediately become MACs or subscribers. This is just the beginning of our relationship with them. So we definitely do care about that halo of getting people to know about our solutions and then interacting with them more over time. So there could be a lag between an increase in visitor count or web traffic and app downloads and that actual conversion to a MAC, a subscriber or another type of user or revenue on our platform. And our goal is really not to get from visit to conversion as soon as possible. Our goal is to provide value and build relationships so that the consumers choose to use GoodRx over the long run when their need arises. Not everybody needs to fill a prescription right now or see a doctor at a given time, but where we can help consumers with information and resources and be at their side even before they have a specific medical need, we believe they’ll choose GoodRx when the need is there. So we’re super excited about that we were able to just deliver that service sort of in a time of need for Americans and do, I believe, such a good job of it and just like the long-term benefits it provides us. Thank you. Thank you very much for the question.

Thank you. Our next question will come from Charles Rhyee with Cowen. Please go ahead.

Yes. Thanks for taking the question. Maybe for Karsten, if you could just help a little bit, I think, to Sean’s question, you talked about a jumping off point for MACs, at 6.1 million. And clearly, from the MAC number you reported, that’s kind of 7% up sequentially. If we think about the 20% in the revenue guide kind of implied for second quarter would suggest like $139 million in transaction revenue. That’s up about 4%. So can you help us kind of connect it to? Because I guess it gets back to your comments early about this backlog of sort of undiagnosed visits that have yet to occur. It sounds like you’re really not expecting much of that yet in the second quarter. But as we think about the back half of the year, how much of that is do you think is really recognizable? In other words, given that’s missed visits, I would assume there is an assumption that some of that will just never be recoverable because just the capacity of our health care system in general. But if you could help us kind of connect how to think about those pieces as we think of our model because it seems like it would suggest we’re having either lower revenue per MAC or some other dynamic is happening. Thanks.

Thanks, Charles. Really appreciate the question. First of all, as we’ve been expecting, we began to see volume increases in Q2 even as the vaccines become more prevalent and widely available. And that’s one of the reasons we’re guiding to 40% Y-o-Y growth at the midpoint – or over 40% Y-o-Y growth at the midpoint for the second quarter. With respect to our full year forecast, we do assume doctor visits return to more normal pre-COVID levels in the second half of the year, and we’re seeing indicators of that already effectively. To your question on prescription transactions, revenue per MAC, prescriptions transaction revenue per MAC is actually up a little bit versus the prior quarter. And total revenue per MACs, of course, up quite a bit because our other revenue is growing so quickly at over 150%. So, both of those numbers are extremely solid at this point.

Thank you. Our next question will come from Justin Post with Bank of America. Please go ahead.

Great. I think I’ll come at it a little bit for e-commerce angle. Just wondering if you’re seeing any behavior change with mail order, and anything there that could be affecting your business or behavior change with that respect? And then, of course, there has been some concern on Amazon and their kind of latest announcements on new features. Maybe just remind us of your competitive moats and how you’re thinking about that? Thank you.

Yes. Thank you, Justin, for the question. So I’ll maybe speak to these together because I think they sort of link together. Amazon acquired PillPack in 2018 and has been trying to grow a pharmacy delivery business. Based on third-party data, they have not been successful. Mail order prescriptions only make up about 5% of fill count in the U.S. Even through COVID, mail has remained a small piece of overall volume and is now actually starting to decrease as COVID eases. Third-party data indicates that Amazon Pharmacy is not gaining momentum and that their volume remains incredibly small. Amazon also, to your sort of second part of your question, they partnered with Inside Rx in November, and that is how they are showing some retail prices that they call PrimeRx. We also partner with Inside Rx, along with a much broader set of market participants. As we said in the past, we believe the PrimeRx card was launched to enable Amazon Pharmacy to display third-party cash prices not because they actually are trying to send consumers away from Amazon to competing retailers to fill their prescriptions, which is against sort of their fundamental business model. Our view has not changed. Based on our review of Amazon sort of price comparison tools, we believe it’s another attempt at lead generation for mail. And in this time, since November, from what we’ve seen in third-party survey data and heard from industry participants, we’ve observed almost no usage of PrimeRx at retail. So we do not believe Amazon has – or mail, these dynamics have impacted our results. It also has not impacted our views of our prospects. In addition, GoodRx is cheaper at mail, about 90% of the time and offers a lower price at retail, almost 100% of the time based on our internal research. I’d have you also remember that 70% of consumers still don’t know prescription prices can vary significantly across pharmacies. And so if awareness of this topic increases, we believe we will only benefit. So I hope that, that’s a little bit helpful on sort of just where mail has gone overall and speaking to sort of how little maybe Amazon has affected us or the market.

Great, thanks. I appreciate it.

Thank you.

Thank you. Our next question will come from John Ransom with Raymond James. Please go ahead.

Yes. It’s tough to deepen a call to be clever, but I’m going to tend to be clever. Hopefully, you guys will approve of this. So Karsten, as we think about the other revenue growing faster than your traditional generic revenue, how do we think about the long-term effect on gross margin, EBITDA margin, etcetera?

Sure. Thanks, John, for the good question. And as you think about other revenue, I think that other revenue specifically has two impacts, one – they are going often when increasing and when decreasing gross margin. I think the dominant one right now is the extraordinarily rapid growth of our subscriptions in our manufacturer solutions offerings. Those offerings, in particular, are associated with very little cost of sales; in the case of manufacturer solutions, virtually none since we already have the platform in place, and we already have almost 20 million visitors coming to the platform each month to benefit from all those manufacturer solutions offerings. So I think on a net basis, while you do see the impact of telehealth impacting cost of sales a little bit, increasing it, that’s largely ameliorated by the effects of the very fast growing manufacturer solutions and subscriptions line. So I think from our perspective, we don’t see gross margin moving significantly. We see the trajectory that we showcased historically basically potentially continuing in roughly the same form going forward.

Okay. And then my other question is, as we think about GoodRx Gold prices, I mean, they are roughly half of your kind of best price. So you have the subscription revenue, then you have basically 50%, as far as we can tell average off your normal transactions. So how do you think about the value of a subscription customer either through Kroger or through your Gold program versus somebody that pops in and pay the price that’s roughly 100% higher on a kind of apples-to-apples basis?

Yes. I’m not sure that those are the price differences between them, but what I would say is that we’re really excited about the growth of GoodRx Gold. We’re able to offer consumers more value. We do receive higher lifetime value from those customers, and it drives better revenue predictability for us. We’re nearing 1 million subscription plans. I think we haven’t spoken before about sort of that these are – represent more than one people – more than one person because of that the family plans have multiple individuals. So that’s almost 1.5 million members. So we – together with our 5.7 sort of million MACs, we’re serving approximately 7 million Americans with our prescription related offerings. And we’re excited to continue rolling out to those Gold members more and more services that make that an even more compelling offering, just like we’ve been doing over the last several quarters. Really appreciate the question.

Thank you. And our next question will come from Jailendra Singh with Credit Suisse. Please go ahead.

Yes. Thank you, and hello, everyone. Following-up on the previous question on Amazon, are you finding that pharmacies and your PBM partners are willing to work more closely with you in light of Amazon’s positioning? And in what capacity would that show up in your results? Will premiums give you better pricing? I assume you already have some best prices there.

Thanks, Jailendra, for the question. Yes. As we spoke to, we – based on sort of the third-party data and surveys, we’ve observed almost no usage of the PrimeRx retail. And on the mail, third-party suggests it’s very small portion of any mail volume. So it’s not necessarily causing any acute impact there that people might care – might drive – I think as time passes, people concern about Amazon has only decreased. I’d say, though, our relationships with pharmacies – we continue to work even more closely with pharmacy partners and PBMs. The major pharmacies who are primary partners as well as sort of grocers and smaller chains, we’re working on programs with all of them to innovate and improve sort of various offerings. So one way that does come through is improved pricing, which definitely occurs in specific cases. I sort of spoke to just that one stat on pricing relative to that offering, but we want to be sort of always this best price for consumer. We care about sort of sustainably just allowing consumers to – across the board to get access to affordable convenient prescriptions without any of the complexities they might otherwise have to have face. So we’ve seen improvements in contracting, pricing and in discussions to add other functionality, other integrations. So lots of opportunities. I’ll let Karsten sort of add to that.

Hi, Jailendra, it’s Karsten. I think the one other thing I’d add is you alluded to sort of consumer pricing, I think, in the question as well of us versus Amazon. And on mail, I think 90% plus of the time, our pricing is better than Amazon’s according to our data. And just regular retail, we’re better priced almost 100% of the time. So no one’s been able to touch us in terms of us being able to do exactly what Trevor said, which is offer the best price virtually all the time.

Okay. Just one quick clarification on RxSaver, the fact that RxSaver and GoodRx both follow the multi-PBM model what is the overlap between your PBM partners?

Sure. Thank you. Yes. So there are some additional PBM partners as well as some new PBM partners. However, in general, we’ve continued to add PBMs, improve contracts, and all those dynamics have stayed the same, and we’re in an excellent position. Thank you very much.

Ladies and gentlemen, this concludes today’s question-and-answer session as well as today’s conference call. Thank you for your participation. You may now disconnect, and have a wonderful day.