GoodRx Holdings, Inc. (GDRX) Earnings Call Transcript & Summary

All right. I guess we will get started here. Hello, everyone. I'm Jailendra Singh, Healthcare Technology Analyst at Credit Suisse. Thanks, everyone, for joining us today. Next up, we have the GoodRx management team for a fireside chat/conversation. From the company, we have Doug Hirsch, Co-Founder and Co-CEO; and Karsten Voermann, CFO. Thanks, everyone, for being with us. Thanks, GoodRx team. I really appreciate you guys doing this. [Operator Instructions]

It's time guys. For a -- this is a technology conference. And clearly, GoodRx just recently did IPO. So some of the audience might be new to the story. So maybe Doug and Karsten, can you begin with highlighting key growth drivers for your business? How the company's business model has evolved over the last few years? Maybe provide a quick flavor about the cash discount market, why does it even exist and why there are so much price variances across pharmacies? Let's start there.

Sure. And in the interest of time, I will not punish everybody by getting to the infinite complications that are the pharmacy business, but I'll do my best to try and summarize it just for a few minutes. So Trevor and I started GoodRx about a decade ago. And really, our goal from the very beginning was just to demystify this incredibly complex industry, like you just said. We just wanted people to be able to get affordable and accessible health care, which seems to be getting farther and farther away for Americans, right? People just have nowhere else to turn. And so honestly, it was all -- it all came from the personal experience I had, where I went to a local pharmacy with a prescription at hand, and the pharmacist said $500, and it was just -- that was insane. I had insurance like most Americans, I assume there was a better option. But because I was curious, I took my prescription to another pharmacy right down the street. And they said $250, I took it to a third pharmacist or a pharmacy where they said $400 and then chased in the parking lot and said, well, let's work out a deal. And I was like, am I buying a used car? Am I buying health care? It just -- it kind of shocked me. And that set us on this odyssey of just like, why is health care such a black box? Why is it such a mystery? And can we demystify this and provide information to consumer just like all other purchases they make in every other category. It was just a simple idea of providing prescription medications at affordable prices and giving consumers the information they needed. If we fast forward a decade, we saved Americans over $25 billion on prescriptions. And that's not -- that's helpful for the whole system, right? We've increased medication adherence, we've improved outcomes, but also for the stakeholders throughout the health care ecosystem. We work very closely with pharmacies, with physicians, with PBMs, which we can talk about with insurance companies, with manufacturers. Our technology platform processes over 200 billion price points every day from 70,000 pharmacies, and we often beat insurance co-pays. And that goes to kind of re your question, which is health care, you have to suspend common sense, but there isn't like -- I buy a product for $1, I sell it for $2, I make a margin. Health care is so complicated by insurance contracts and government-related contracts like Medicare and Medicaid, so that oftentimes, the cost of the product is completely divorced from the price that a pharmacy is allowed to charge and pharmacies actually can't often set their own prices. It's kind of like the rest of health care, the $7,000 band aid you've heard of. But prescriptions honestly were just the start for us. And today, we're on a much, much bigger mission. We have subscription products. We work with manufacturers, like I mentioned, we have a telehealth service, which, of course, in the pandemic is perfectly timed for this. We're trying to build the leading consumer-focused digital health care platform in the U.S., and we're really just scratching the service, even on prescriptions, right? The market is over $500 billion in GMV and in 2019, we had just $2.5 billion, right? It's -- 70% of consumers don't even know that drug prices vary, the experience I had 10 years later. There's so many growth opportunities for us, whether it be through subscriptions, gold. We have a collaboration with America's largest pharmacy grocery store chain, Kroger. And so we see so many opportunities to really go do -- continue doing what we started at the beginning with, which was just to build information for consumers and provide them affordable ways, even when insurance or government or any other services not providing that help. Karsten, do you want to talk a little bit about maybe PBMs, cash networks, price variability stuff?

Sure. Absolutely. Thank you, Doug. We believe generally that as we look at the market today, the price variances between pharmacies that existed historically will continue to exist and often are actually getting bigger. The price variance between pharmacies is very large because of the multiple actors in the ecosystem that Doug talked about, and in particular, the PBMs or pharmacy benefit managers who we work with, we work with over a dozen of them, and as we said in the last earnings call, recently added even 1 more. The PBMs negotiate pricing across baskets of drugs and focus on securing the lowest prices on the pharmaceutical products that are most relevant to their constituencies. And that means that each PBM on any given drug may have prices that are different and prices, in fact, that can be very different. And by bringing clarity, over 200 billion data points a day into our platforms and being able to display those in a frictionless, incredibly easy way to use for consumers, we're able to help consumers get the pharmaceuticals they need at a price they can afford, as Doug said. The bottom line on all of this is that all of these different contracts, all these different price points really help us to differentiate ourselves and create massive barriers to entry for anyone else who would try and replicate what we did and allow us to continue to drive even bigger relative market share. We're by far the biggest in our space, and we're also growing very fast as our historical results have shown. I think the other element to talk about is the fact that most of our users, in fact, have some form of third-party payer insurance. Only a small subset, about 20% are uninsured. And I think there's a common misconception that the uninsured are a bigger amount -- a bigger proportion of our user base than that, but that's not actually the case. The uninsured population is quite small. And that's because we're able to beat Folks' co-pays on insurance a significant amount of the time. And that creates a very, very large TAM for us because pretty much anyone in the U.S., whether they're covered by Medicare, Medicaid, commercial insurance or uninsured, are relevant to us. And that's an important distinction for us versus perhaps other players. And the biggest issue and the biggest competition we face, frankly, isn't from other companies in our space. The biggest competition based on surveys we've run that show 70% of consumers don't know price varies across different pharmacies, is exactly that lack of knowledge. So we're spending a lot of effort educating folks on their ability to save money and on their ability to benefit from using GoodRx. Hopefully, that's helpful, Jailendra.

No, that's a good overview. So just to follow up on that. One health insurance company, Cigna, recently made some comments that 5% to 7% of prescription being cheaper for consumers and be able to use discount cards versus their health plan benefit and to your point, like I mean how a lot of people are underinsured and they might be paying too much even using an insurance card. And that implies around 300 million-plus prescriptions where consumers should be using a discount card. What you agree with that? And do you have a sense as to what the total penetration might be right now, just to get a sense of the market?

Sure. We believe the opportunity really is quite large, and that penetration today is really low, Jailendra. The Cigna data sounds pretty low to us and seems to be a little under representative. Our negotiated prices for prescriptions, like I said a moment ago, are often cheaper than insurance co-pays are. In fact, when we look at an article that the New York Times published a couple of years ago, The New York Times had all the reporters who have quite good commercial insurance compare the prices that they have to pay through their insurance out-of-pocket i.e., after they met their deductibles and so on, versus the price that they could achieve with GoodRx. And over 40% of the time for the top 100 most commonly prescribed drugs, GoodRx was cheaper than an insured co-pay. And that was a couple of years ago when our savings rate was significantly lower than today. We've increased it from about 59% to over 70% today. So the reality is that the market as being described by Cigna sounds way off to us. And the reality of our consumer base reflects that too. Again, 74% of GoodRx consumers have some sort of insurance. I think when we look at HDHPs as well, and the growth in HDHPs, that also will drive further demand and expands the accessible part of the market even further, as does just the general increasing complexity of insurance and the added mechanisms insurance users have to jump through and the hurdles that they face in getting the prescriptions they need. We also, frankly, increased the size of the market. This is sort of like the Heisenberg effect when you think about it, in so far as our own actions make the market bigger for us. Today, nearly 1 in 3 prescriptions is left unfilled. That's terrible for medical professionals, it's terrible for pharmacies who fill prescriptions and then have to put them back up on the shelves again and above all, it's terrible for patients and consumers. So by us reducing pricing, we actually increase the affordability of prescriptions, which is the prime reason for them not being filled, and expand the market beyond where it would be otherwise. So when you think about it, our 2019 GMV of $2.5 billion, against a TAM, not including the unfilled prescriptions of about $360 billion. And if you include unfilled prescriptions, about $524 billion, our GMV is tiny in relative size to that. So we feel like we have a long runway ahead of us.

That makes sense. Let's talk about the impact of COVID on your business. Clearly, in the second quarter, as consumers avoided traditional offices, pharmacies, that led to lower prescriptions for you in second MAT growth. But your MAT growth actually bounced back nicely in Q3. Do you expect the increase in COVID cases recently and their potential impact on consumer activity impacting your trends in Q4? I mean how much of that is captured in your guidance? Just talk about that for -- from Q4 perspective.

Sure. I think there -- just to give some background, we've seen consumers postponing or canceling doctor visits as a result of COVID. And we think that's the most significant COVID impact on our business, generally speaking, and on the prescriptions market as a whole. For example, when we looked at the second quarter, we saw a significant decrease across all the different research we view and doctor visits, which impacts the number of new consumers we acquire. And for a short period of time, consumers were also going to pharmacies less frequency during the shutdowns that occurred in certain geographies in April and May. Activity improved in Q3 compared to second quarter. No question, but it still hasn't returned to more normalized pre-COVID levels. During the third quarter, as consumers continue to postpone elective appointments and the care they were getting wasn't necessarily focused on as many new prescriptions as would typically occur. You can see that in a number of new prescriptions that were initiated in the market, which is publicly available data. Prescriptions and doctor visits impact the number of consumers who use GoodRx for the first time too, because new consumers form a proportion of our MACs or our monthly active consumers. That said, the strong repeat activity we have, it's 80% plus and the fact that pharmacy interaction is now pretty much back to normal, allowed us to deliver very strong growth in the third quarter as compared to the second quarter and our subscription offering, of course, which is also performing very strongly, helped a great deal too. The prescriptions offering also has a higher LTV to us as well, saving consumers more money. The fourth quarter guidance we provided, when we're on our third quarter's earnings call, assumed relatively status quo in relation to COVID. So we didn't really assume things getting either better or dramatically worse. And we haven't really seen things in the market that differ from that so far today, which is comforting. With that said, if mandatory stay-at-home orders take place in response to spiking COVID cases, that could impact consumer activity. Given how far through the quarter we are, specifically tier, how does this impact sort of fourth quarter, given how far through the quarter we are at this point and the fact that we haven't seen mandatory orders that appear to have impacted pharmacy business so far, I think we feel like right now, the impacts are likely to be negligible over the next coming weeks, Jailendra.

Okay, that's good to know. Yes. Hopefully, we don't see the repeat of Q2. So with a vaccine seemingly right around the corner, how should we think about your expectations on MAC next year? And I mean, one e-mail question I've already got, which is kind of related that, with pharmacies likely to be a large component of vaccine administration offered, can you talk about how you are set up to serve as a partner to pharmacies in terms of pushing consumers to get vaccinated? I know you have a good partnership with Walmart for flu vaccines, but cue this, on the COVID vaccine front, with more consumers going to pharmacies and getting vaccinated, any -- I mean, this should have a positive impact on your MAC number, right? Just -- can we talk about that?

Maybe I'll jump on this one quickly, too, before turning back to Doug. So yes. I think we're very excited about this development. I think the efficacy of the vaccines as well as the availability, are better news than many folks anticipated. The efficacy rates are all in the 90s percentages range just across the board, which are exciting. And as you correctly said, we do have partnerships with pharmacies. We had a couple of flu vaccine partnerships last year. Those have expanded to 8 this year. We acquired a company called Scriptcycle at the end of August, which we disclosed in our S-1 as well. Subsequently, it's partnered with many, many regional pharmacy chains as well. So the COVID vaccine on the one hand and its ability to reopen the market for folks to see medical providers for non-acute issues, which are the principal issues for which prescriptions often arise, and the fact that we believe the COVID vaccine will be largely distributed through pharmacies, I think will provide great tailwinds for the pharmacies broadly and for us too, of course, as well. So we think both those developments are quite positive, Jailendra.

Let's switch gears and talk about Amazon news here. Obviously, they made an announcement a few weeks back, created a lot of confusion in the marketplace here, stock market at least, about Amazon Pharmacy and PrimeRx discount card. Would you mind spending a few minutes talking about Amazon's strategy and what implications you see for your business model? Just maybe let's spend some time then I have some follow-up there.

Sure. And I want to emphasize that, again, pharmacy is complicated. And often, what you read in the headline is not actually what's going on. And so I'm happy to kind of break this down a little bit because I think it's important. What really happened, if we go back whatever it was a few weeks ago, was Amazon launched an updated version of PillPack, which is their mail order pharmacy. In case anyone doesn't know, they acquired PillPack back in 2018. PillPack has been a long partner of GoodRx, we're both personal and professional friends with PillPack, that you can find PillPack on GoodRx and PillPack accepts GoodRx discounts. This isn't Amazon's first foray in the pharmacy. You may remember they bought a big chunk of drugstore.com like back in 2000, which was 20 years ago. Amazon's goal, and you'll hear this throughout this process, is really to see if they can do for prescriptions what they've done for many other categories, which is to get people to purchase prescriptions and have them show up at their doorstep, right? The challenges is, is that mail order prescriptions are only about 5% of total volume. And we don't think mail is actually going to grow. I think most consumers look around and they go, oh, mail, of course, all prescriptions are going to come by mail. But remember how I said the pharmacy is different than a lot of the other categories. Mail is simply not growing for many reasons. I mean, first and foremost, consumers very much like to go into the pharmacy and like to actually have a mini doctor visit with their pharmacists. For many, especially older Americans, it's like one of their activities that they do that day. Secondly, there's all sorts of restrictions in terms of insurance, and we can get into more detail on that, that actually prohibit companies like Amazon from actually sending for insured customers mail to their doorstep or at least limiting the way they can do it or eliminating the pricing around it. So there's many reasons why mail hasn't grown despite many attempts, not just by Amazon, but many other players that they're often who are basically giving away the prescriptions and into not converting consumers for a variety of reasons. And also it's more important to note, GoodRx Gold, our subscription program, actually offers low prices that are lower than Amazon's program over 90% of the time. Amazon, what they really did, if we go back to kind of what the announcement was, is that in order to comply with insurance contracts, they added a rudimentary pharmacy discount card powered by Inside Rx, which is actually, GoodRx was the launch partner of Inside Rx. Hundreds of companies have done this for years. It wasn't a priority for them. It was basically that in order to show a price, because remember, this is the wacky world of health care, they couldn't do it themselves because they'd be buying those insurance and government contracts we talked about. We don't expect them to promote this card. Again, Amazon wants to send you things by mail, that's common sense. This card can be used at retail, but it has not ever been in their plans. They did not form any partnership with any retailers. I don't think, again, using common sense, that Walmart is really excited for someone to walk into a Walmart Pharmacy with an Amazon discount card and get a lower price off of Walmart's everyday low prices. That is not a plan that I think either party is particularly happy with or sustainable. So again, in summary, Amazon wants to sell you drugs by mail. This is their attempt to continue to improve their product to sell drugs by mail. Mail is really hard. I remain really excited about GoodRx. I remain really excited about our core business. Remember that we're a marketplace. So we are a partner of Amazon's. They are one price that you can get. If mail grows, we'll be right there with them, standing alongside them. We already -- again, GoodRx offers mail solutions today. So we can dig more into it, but kind of at its basis, Amazon is not invading retail pharmacies in our opinion. Amazon is trying to improve their mail solution.

Well, that's a good perspective. So just to follow-up there. You said that -- I mean, we did actually compare GoodRx prices, Gold, any -- simple GoodRx platform prices with PrimeRx. And most cases, I mean, GoodRx prices were better. Can you talk about like, can and if Amazon will bring down if -- can it bring to PrimeRx discount card prices? And at the same time, why they might not want to do that? I mean just to, maybe just spend some time on that.

Sure. First of all, I just wanted to reiterate. Again, if people seem to think there's this like fluid market were like, oh, well, company has a bit of a lower price than company B. Again, we've had, I think, 2 decades of that, and that hasn't actually moved the needle. So this isn't the kind of place where it's like, oh, I know if I go here, I get a lower price. And I should say GoodRx prices are lower over 90% of the time from our survey of the Amazon pharmacy pricing. I just want to emphasize that we are sort of the Amazon of this market, right? Our NPS scores with health care providers is 86. We've never had a PBM terminate their relationship with us. To some extent, we dominate this market. Amazon has a tiny fraction in the mail order market, and they really don't have that much scale for us. In terms of what -- with the PrimeRx card, I don't -- remember that this is a very complicated thing. If Amazon was to stand up tomorrow and say, we're going to publish our own prices or we're going to somehow customize the Inside Rx prices for us, They get ever closer to that point where lawsuits begin. And this is not a nominal thing. These are actually felonies, which can actually result in leadership going to jail. Trust me, this is something nobody wants. And I also want -- there is prior examples of this, right? I think if you look at all the major pharmacy chains who have tried to do their own sort of club where they do a discounted price, it has not generally ended well, because again, it's very difficult to say, I am independent of this pricing and at the same point, control the pricing, right? So I -- we believe pretty strongly, and this is just one of those weird artifacts of pharmacy that it will be very difficult for them to do that. If they were -- the prices are not very competitive anyway. If they were to lower those prices, they're not making a ton of money in pharmacy now. I don't -- I mean, from my understanding, Amazon, they can operate at very slim margins, but they don't like to operate on a loss. So I don't see the $2 every drug or something like that coming anywhere down the pipe. Again, I don't work at Amazon. I don't want to speak for them, but I wouldn't imagine that to be something attractive to them. So I guess, again, in summary, I don't see the Prime Rx card as being some amazing play at retail that's going to change the world. GoodRx already has those prices and more. Remember, we're the Inside Rx launch partner, we have those prices on GoodRx. And again, on the mail side, I just -- I think it's really, really, really hard. And I know this is really hard for people to get through their head, but pharmacies cannot set their own prices without getting in a lot of trouble. And I just -- I wouldn't take it lightly this idea that they cannot just wake up tomorrow and go, we're going to make every drug X dollars. Again, because it is -- both violates both insurance and government contracts. So -- and I also just like -- I want to emphasize, this isn't about me talking poorly about Amazon. We very much like Amazon. We like their partnership. We like working with them. We think if there is some success there, they'll drive awareness, which will drive more people to GoodRx to compare prices, et cetera, et cetera, so. And I don't want to sound defensive. I'm very happy. I'm very happy to be partnered with Amazon. We communicate with them regularly. Anyone that drives on prices for consumers is a win for GoodRx and a win for -- more importantly, for American consumers. So that's the stance.

No, that makes sense. So when we think about your MAC growth expectations over the next several years, how do you think about the risk that although GoodRx might have better prices, but consumers might still gravitate towards using Prime Rx because of the fact that it's backed by Amazon, right, I mean kind of well-known brand? So what are your views on that?

Yes, again, I think, again, Amazon's placed primarily in mail. So I think it's not really a question again about our pricing versus our retail pricing. I just -- I don't think the market is as liquid as you necessarily think. We have better prices at retail because GoodRx combines all the available discounts, including Inside Rx and make them available to consumers. Remember what are we, 200 billion price points a day. It's an insane number, right? And the amount of data, that's what we do. I mean, when I look at the window here, it's our office, well, other than COVID, there's hundreds of engineers here who are basically parsing and deciphering the mess that is health care and bringing all those prices together, which will always make us again the best resource. Again, we don't think people are trying to drive people out of Amazon and drive them into Walmart or other retailers. That would be unlike any other part of the business. They'll also get more people to buy more stuff online, not to push people into their competitors' stores. And I want to also just reiterate, there's no partnership between Amazon and any of these retailers. There is no -- Walmart and Amazon did not have a phone call and say, yes, let's do this. That's the side effect of Amazon trying to use the Inside Rx cards and lower pricing. So yes, I just don't see -- I'm super excited. Going back, by the way, to just the COVID conversation for a second. What hopefully, I'm knocking on wood as I say this is, we're going to have a vaccine coming out in the coming weeks, that's going to drive more and more consumers to engage with health care. I mean they're going to be asking for doctors, obviously they're going to be at a local pharmacy, they're going to be at a hospital and they're going to reengage with the health care system, which is something that many people haven't done over the course of the last year. And I think as they reengage, especially if they have a disruption in their insurance or disruption, change of job or changing their status, they're going to be looking for answers, and we expect to be there for them. So again, I'm pretty bullish on, hopefully, in 2021 being both a healthier year for everybody and also when more people reengage with health care. And GoodRx is there to serve them.

That's fair. I mean while we are on this topic, let me take this e-mail question I've just received. While mail order is now only 5% of volume, can Amazon expand that percentage by bringing a perceived discount as well as convenience?

I mean, I think I answered most of that question already. I do want to just -- maybe I'll give you a different lens on mail order again because I know, again, trust me, I'm the same person where I can understand common sense is why would I not just have it show up at my doorstep. But I also want to reiterate that most of the people listening on this call have commercial insurance, right, through one of the big guys? The Express, which operates Inside Rx or Optum or a Caremark. Well, guess what, those guys also sell you prescriptions and they sell you mail order prescriptions. And if you're lucky, maybe use -- use mail order and maybe someone in your family is getting a drug by mail order. These guys have been doing this for many, many, many years and have been doing it exclusively and it's a major profit center for them. And yet, they struggle to convince people to come over, even with an exclusive relationship, just to be clear. And in some cases, plans that required you to go to mail after one fill at retail. And it hasn't really worked well for them. And also they jealously guard it. Which is why, again, if you look at the Amazon program, I don't know if anyone here knows this, but if you get a 90-day fill-in prescription, you can't actually get that at Amazon. Not because Amazon doesn't want to sell it to you, but because the PBMs won't let you get it through them because they want to jealously guard their cash cow. So I just want to reiterate, this is not a -- I'm with you guys. Like one of the things I do, remember my background is Facebook and Yahoo! and trying to talk to consumers, explain things to them. And yet these common sense forces, unfortunately, are not available. These are not tools in Amazon's tool set right now. And so I want to emphasize that, well, I look forward to mail getting better, and I spend my days working on ways to improve mail. It's so, so hard, especially when -- again, the PBMs who also sell, who manage this benefit also are competing against you and do want to continue to maintain that option. So I just want to reemphasize, I would love mail to be bigger. I continue -- I will support that. I will support Amazon's mission. It's going to be really, really, really hard.

Yes. I mean we can probably spend all day discussing that. I mean let's talk about some of your other businesses, which probably are very critical. You mentioned GoodRx Gold program. Just maybe spend a quick 30 second on that, how we're able to provide much lower prices there. And you guys recently launched a new promotional program for GoodRx Gold. I think previous trial was for 30 days, now it is for free for 30 days, $0.99 for 3 months. There have been some investor positions, is it in response to Amazon's announcement and what drove their decision? Let's spend some time on GoodRx Gold. I have then some other follow-up.

Sure. I'll take this one first, and I'm sure Doug can add in. I'd first like to say how excited we are about all of our subscription offerings, both Gold and Kroger. They not only allow us to deliver even more savings and more value to our consumers, they also tightened our relationships and create more stickiness and 2x the first year LTV than our core prescriptions offering. They also make revenue more predictable, which is helpful as a finance person, of course. For Gold specifically, subscribers pay a monthly fee, $5.99 for individuals or $9.99 for families up to 5, to access lower prices at participating pharmacies. Over 1,000 prescription medications are available for under $10 through GoodRx Gold, with the savings of up to 90% off standard list prices, even higher than the savings in our prescriptions offering, which are well over 70%. Our relationships in the ecosystem and our ability to create unique dedicated networks allow us to deliver this incremental value through subscriptions programs that really help our consumers and meet their needs. Our goal is to continue to drive the growth in our subscriptions by delivering more value. We launched mail order earlier this year, and we're evaluating ways to bundle in additional services too. I think the one other thing to say is that as we look at our business, broadly speaking, we have a KPI that we disclosed around MACs or monthly active consumers. Monthly active consumers are the consumers who actually transact in our prescriptions offering. So our subscriptions offering is incremental to that. And that's one of the reasons you see revenue per MAC growing. It's because subscriptions offerings are in the numerator, but not in the denominator. And I think going forward, we'll likely be disclosing more KPIs around our subscriptions offering to make the phenomenal growth we're seeing there more apparent to external parties as well.

I'll just -- if you don't mind, Jailendra, I'll just jump in real quick because I know we're running out of time. We have not changed Gold as a response to anything Amazon related. Again, the Amazon aspect is exciting to us. And -- but when we look at Gold, we look at an incredible program that is driving prices well below most insurance co-pays. Our competition is honestly, is people who have insurance and don't know any better. That is, when I look at the lens of it's building awareness, it's taking that 70% of people and showing them that there's a better way, you can end run the system, you don't have to work within your -- the confines of your insurance and all that paperwork. And that's what I'm so excited about, honestly. Like I am so fired up a decade after starting GoodRx, to take this magic and bring it to brand savings and bring it to the rest of health care and to bring transparency that consumers so badly want. And that's what I'm -- that's what I spend my days doing, is really focusing on ways to transform health care, to give consumers those tools. And we've never seen more -- one of the great things about Amazon and about -- that amidst the terribleness of this pandemic, everyone wants to fix it. Everyone's on board. Any phone call I make, someone answers the phone, so. So excited about these greenfields and these opportunities that are in front of us, to take the same magic that GoodRx started 10 years ago and broaden it out to prescriptions, the rest of care and there's so many opportunities. And so that's really what fires us up, and I'm just really excited to go get it.

Okay. That's great. I guess we are out of time here, but this was really an exciting conversation. And thank you so much, Doug, and Karsten, for your time here. Really appreciate it. Thank you so much, guys.

Thanks for invitation.

Thanks.