Exhibit 99.1
a1a.jpg
GOODRX REPORTS SECOND QUARTER 2025 RESULTS
Second Quarter 2025 Revenue and Adjusted EBITDA Margin in Line with Previous Guidance;
Pharma Manufacturer Solutions Revenue Increased 32% Year-Over-Year
SANTA MONICA, Calif. -- (August 6, 2025) -- GoodRx Holdings, Inc. (Nasdaq: GDRX) ("we," "us," "our," “GoodRx,” or the
“Company”), the leading platform for medication savings in the U.S., has released its financial results for the second quarter
of 2025.
Second Quarter 2025 Highlights
Revenue of $203.1 million
Net income of $12.8 million; Net income margin of 6.3%
Adjusted Net Income1 of $33.9 million; Adjusted Net Income Margin1 of 16.7%
Adjusted EBITDA1 of $69.4 million; Adjusted EBITDA Margin1 of 34.2%
Net cash provided by operating activities of $49.6 million
“I’m excited about the meaningful progress we made during the second quarter delivering against our key initiatives that are
designed to better position the Company for sustainable long-term growth,” said Wendy Barnes, Chief Executive Officer and
President of GoodRx. “We are effectively creating value for core stakeholders–we expanded our integrated access and
affordability solutions with pharma, finalized several new deals for pharmacy counter and e-commerce solutions, and
announced the launch of our new condition subscription product for erectile dysfunction. I am confident in our positive
momentum and believe GoodRx is in a strong position to reduce friction in the system and serve as the complement to
insurance that helps consumers access and afford the medications they need.”
1Adjusted 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.
Second Quarter 2025 Financial Overview (all comparisons are made to the same period of the prior year unless otherwise
noted):
Revenue increased 1% to $203.1 million compared to $200.6 million.
Prescription transactions revenue decreased 3% to $143.1 million compared to $146.7 million, primarily driven by a 14%
decrease in the number of our Monthly Active Consumers, due to the broader changes in the retail pharmacy landscape,
including store closures, and volume reduction in one of our integrated savings programs, partially offset by improved unit
economics related to contracting with certain of our customers and partners and favorable changes in sales mix.
Subscription revenue decreased 7% to $20.5 million compared to $22.0 million, primarily driven by a decrease in the
number of our subscription plans.
Pharma manufacturer solutions revenue increased 32% to $35.0 million compared to $26.5 million, driven by organic growth
as we continued to expand our market penetration with pharma manufacturers and other customers, including ongoing
growth in our consumer direct pricing (previously described as point of sale discount programs).
Net income was $12.8 million compared to a net income of $6.7 million. Net income margin was 6.3% compared to a net
income margin of 3.3%. Adjusted Net Income1 was $33.9 million compared to $32.4 million.
Adjusted EBITDA1 was $69.4 million compared to $65.4 million. Adjusted EBITDA Margin1 was 34.2% compared to 32.6%.
Cash Flow and Capital Allocation
Net cash provided by operating activities in the second quarter was $49.6 million compared to $9.7 million in the comparable
period last year driven by changes in operating assets and liabilities and an increase in net income after adjusting for non-
cash items. Changes in operating assets and liabilities were principally driven by the timing of payments of prepaid services,
accrued expenses, income tax payments and refunds, as well as collections of accounts receivable. As of June 30, 2025, we
had cash and cash equivalents of $281.3 million and total outstanding debt of $497.5 million.
We are focused on a disciplined approach to capital allocation, centered on furthering our mission and creating shareholder
value. Our capital allocation priorities are investing for profitable growth, paying down debt, buying back shares, and M&A
Exhibit 99.1
a1a.jpg
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 second quarter of 2025, we repurchased 10.2 million shares of Class A common stock for an aggregate of $46.4
million. As of June 30, 2025, we had $143.0 million of unused authorized share repurchase capacity under our $450.0
million share repurchase program, which does not have an expiration date.
Guidance
For the full year 2025, management is anticipating the following:
$ in millions
FY 2025
FY 2024
YoY Change
Revenue
Increase from 2024
$792.3
-
Adjusted EBITDA2
$265 - $275
$260.2
2% - 6%
“Overall, GoodRx had a solid financial quarter, continuing to produce growing year-over-year Adjusted EBITDA Margins that
underscores the durability of our business model,” said Chris McGinnis, Chief Financial Officer and Treasurer of GoodRx.
“While we faced some headwinds in the larger healthcare landscape, our total revenue was up 1% versus the prior year,
with total revenue of $203.1 million. Pharma manufacturer solutions delivered especially strong results, with 32% year-over-
year revenue growth in the second quarter, which has well positioned us to continue performing at similar to even higher
levels throughout the rest of 2025.”
“Looking ahead, we expect our full year 2025 total revenue will increase from 2024, with Q3 revenue expected to be lower
than Q4. We are now including the estimated impact from the Rite Aid bankruptcy as well as volume reduction in one of our
integrated savings programs into guidance. Combined, these two items are expected to result in approximately $35 to $40
million of estimated revenue loss in 2025. Despite lowering revenue projections, we expect full year Adjusted EBITDA will be
in the range of $265 and $275 million, which represents approximately 2% to 6% growth compared to 2024,” continued
McGinnis. “While lowering revenue expectations due to external factors is disappointing, our core business remains strong
and the fact that our Adjusted EBITDA range continues to encompass a portion of our previous range is a testament to our
leadership team and the focus on the right strategic initiatives and operating efficiencies. I am confident we are executing on
a number of fronts that will help us deliver long-term growth opportunities.”
2Adjusted EBITDA Margin is Adjusted EBITDA divided by Adjusted Revenue. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial
measures and are presented for supplemental informational purposes only. We have not reconciled our Adjusted EBITDA and Adjusted EBITDA Margin
guidance to GAAP net income or loss and GAAP net income or loss margin, respectively, because we do not provide guidance for such GAAP measures 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 Adjusted EBITDA Margin and their respective most directly comparable GAAP measures. 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 and GAAP net income or loss
margin.
Investor Conference Call and Webcast
GoodRx management will host a conference call and webcast tomorrow, August 7, 2025, at 5:00 a.m. Pacific Time (8:00
a.m. Eastern Time) to discuss the results and the Company’s business outlook.
To access the conference call, please pre-register using the following link:
https://register-conf.media-server.com/register/BI46023820eedd437cbbba2de8da98f855
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.
Exhibit 99.1
a1a.jpg
About GoodRx
GoodRx is the leading platform for medication savings in the U.S., used by nearly 30 million consumers and over one million
healthcare professionals annually. Uniquely situated at the center of the healthcare ecosystem, GoodRx connects
consumers, healthcare professionals, payers, pharmacy benefit managers, pharmaceutical manufacturers, and retail
pharmacies to make saving on medications easier. By reducing friction and inefficiencies, GoodRx helps consumers save
time and money when filling prescriptions so they can get the care they deserve. Since 2011, GoodRx has helped
Americans save over $85 billion on the cost of their medications.
GoodRx periodically posts information that may be important to investors on its investor relations website at https://
investors.goodrx.com. We intend to use our website as a means of disclosing material non-public information and for
complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are
encouraged to consult GoodRx’s website regularly for important information, in addition to following GoodRx’s press
releases, filings with the Securities and Exchange Commission and public conference calls and webcasts. The information
contained on, or that may be accessed through, GoodRx’s website is not incorporated by reference into, and is not a part of,
this press release.
Investor Contact
GoodRx
Aubrey Reynolds
ir@goodrx.com
Press Contact
GoodRx
Lauren Casparis
lcasparis@goodrx.com
Exhibit 99.1
a1a.jpg
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 retail store closures
and bankruptcies on our future financial results, our value proposition, consumer and partner perception and our position in
the healthcare ecosystem/industry, our integrated savings programs, and the impact of recent volume reduction in the
program with a certain PBM partner, our business strategy and our ability to execute on our strategic priorities and value
creation, our plans, market opportunity, strategic initiatives and long-term growth prospects, our capital allocation priorities,
the anticipated expansion of our condition-specific subscription program and our ability to expand our offerings through
partnerships with pharmaceutical companies. 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 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 GoodRx codes; our ability to maintain positive
perception of our platform or maintain and enhance our brand; risks related to any failure to maintain effective internal
control over financial reporting; risks related to use of social media, emails, text messages and other messaging channels as
part of our marketing strategy; our dependence on our information technology systems and those of our third-party vendors,
and risks related to any failure or significant disruptions thereof; risks related to government regulation of the internet, e-
commerce, consumer data and privacy, information technology and cybersecurity; risks related to the use of AI and machine
learning in our business; risks related to a decrease in consumer willingness to receive correspondence or any technical,
legal or any other restrictions to send such correspondence; risks related to any failure to comply with applicable data
protection, privacy and security, advertising and consumer protection laws, regulations, standards, and other requirements;
our ability to utilize our net operating loss carryforwards and certain other tax attributes; the risk that we may be unable to
realize expected benefits from our restructuring and cost reduction efforts; our ability to attract, develop, motivate and retain
well-qualified employees; risks related to our acquisition strategy; risks related to our debt arrangements; interruptions or
delays in service on our apps or websites or any undetected errors or design faults; our reliance on third-party platforms to
distribute our platform and offerings, including software as-a-service technologies; systems failures or other disruptions in
the operations of these parties on which we depend; risks related to climate change; the increasing focus on environmental
sustainability and social initiatives; risks related to our intellectual property; risks related to operating in the healthcare
industry; risks related to our organizational structure; litigation related risks; our ability to accurately forecast revenue and
appropriately plan our expenses in the future; risks related to general economic factors, natural disasters or other
unexpected events; risks related to fluctuations in our tax obligations and effective income tax rate which could materially
and adversely affect our results of operations; risks related to the healthcare reform legislation and other proposed or future
changes impacting the healthcare industry and healthcare spending which may adversely affect our business, financial
condition and results of operations; as well as the other important factors discussed in the section entitled “Risk Factors” of
our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Report on Form
10-Q for the three months ended June 30, 2025, and in our other filings with the Securities and Exchange Commission. The
forward-looking statements in this press release are based upon information available to us as of the date of this press
release, and while we believe such information forms a reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into,
or review of, all potentially available relevant information. These statements are inherently uncertain and investors are
cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Exhibit 99.1
a1a.jpg
Key Operating Metrics
Monthly Active Consumers (MACs) refers to the number of unique consumers who have used a GoodRx code to purchase a
prescription medication in a given calendar month and have saved money compared to the list price of the medication. A
unique consumer who uses a GoodRx code more than once in a calendar month to purchase prescription medications is
only counted as one Monthly Active Consumer in that month. A unique consumer who uses a GoodRx code in two or three
calendar months within a quarter will be counted as a Monthly Active Consumer in each such month. Monthly Active
Consumers do not include subscribers to our subscription offerings, consumers of our pharma manufacturer solutions
offering, or consumers who use our telehealth offering. When presented for a period longer than a month, Monthly Active
Consumers are averaged over the number of calendar months in such period. Monthly Active Consumers from acquired
companies are only included beginning in the first full quarter following the acquisition. Effective January 1, 2025, Monthly
Active Consumers from acquired companies are included beginning from the acquisition date. Prior to January 1, 2025,
Monthly Active Consumers from acquired companies were only included beginning in the first full quarter following the
acquisition.
Subscription plans represent the ending subscription plan balance across our subscription offerings, GoodRx Gold, Kroger
Savings Club (sunset in July 2024) and condition-specific related subscriptions (launched in June 2025). For GoodRx Gold
and Kroger Savings Club, each subscription plan may represent more than one subscriber since family subscription plans
may include multiple members.
We exited the second quarter of 2025 with over 6 million prescription-related consumers that used GoodRx across our
prescription transactions and subscription offerings. Our prescription-related consumers represent the sum of Monthly Active
Consumers for the three months ended June 30, 2025 and subscribers to our subscription plans as of June 30, 2025.
Three Months Ended
(in millions)
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
Monthly Active Consumers
5.7
6.4
6.6
6.5
6.6
6.7
As of
(in thousands)
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
June 30,
2024
March 31,
2024
Subscription plans
668
680
684
701
696
778
Exhibit 99.1
a1a.jpg
GoodRx Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par values)
June 30, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$281,318
$448,346
Accounts receivable, net
189,027
145,934
Prepaid expenses and other current assets
80,269
64,975
Total current assets
550,614
659,255
Property and equipment, net
10,732
12,664
Goodwill
421,719
410,769
Intangible assets, net
65,566
52,102
Capitalized software, net
138,287
124,781
Operating lease right-of-use assets, net
30,692
27,794
Deferred tax assets, net
77,182
77,182
Other assets
23,914
23,520
Total assets
$1,318,706
$1,388,067
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$25,411
$14,137
Accrued expenses and other current liabilities
95,677
99,130
Current portion of debt
5,000
5,000
Operating lease liabilities, current
4,821
5,636
Total current liabilities
130,909
123,903
Debt, net
484,972
486,711
Operating lease liabilities, net of current portion
52,745
46,040
Other liabilities
7,049
6,755
Total liabilities
675,675
663,409
Stockholders' equity
Preferred stock, $0.0001 par value
Common stock, $0.0001 par value
35
38
Additional paid-in capital
2,060,114
2,165,633
Accumulated deficit
(1,417,118)
(1,441,013)
Total stockholders' equity
643,031
724,658
Total liabilities and stockholders' equity
$1,318,706
$1,388,067
Exhibit 99.1
a1a.jpg
GoodRx Holdings, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Revenue
$203,070
$200,610
$406,040
$398,490
Costs and operating expenses:
Cost of revenue, exclusive of depreciation and
amortization presented separately below
13,350
11,870
26,714
24,338
Product development and technology
29,933
30,854
61,075
61,871
Sales and marketing
84,870
93,454
169,412
183,418
General and administrative
28,379
27,589
58,009
68,697
Depreciation and amortization
19,729
16,965
40,641
32,907
Total costs and operating expenses
176,261
180,732
355,851
371,231
Operating income
26,809
19,878
50,189
27,259
Other expense, net:
Other income
694
694
Interest income
2,803
6,334
6,735
13,889
Interest expense
(10,729)
(14,566)
(21,373)
(29,209)
Total other expense, net
(7,232)
(8,232)
(13,944)
(15,320)
Income before income taxes
19,577
11,646
36,245
11,939
Income tax expense
(6,734)
(4,952)
(12,350)
(6,254)
Net income
$12,843
$6,694
$23,895
$5,685
Earnings per share:
Basic
$0.04
$0.02
$0.06
$0.01
Diluted
$0.04
$0.02
$0.06
$0.01
Weighted average shares used in computing
earnings per share:
Basic
356,623
376,254
367,847
386,153
Diluted
357,159
384,732
368,345
393,620
Stock-based compensation included in costs and
operating expenses:
Cost of revenue
$122
$64
$222
$140
Product development and technology
6,323
6,259
11,993
12,107
Sales and marketing
5,929
9,396
11,811
17,523
General and administrative
9,041
10,871
16,563
21,916
Exhibit 99.1
a1a.jpg
GoodRx Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six Months Ended
June 30,
2025
2024
Cash flows from operating activities
Net income
$23,895
$5,685
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
40,641
32,907
Amortization of debt issuance costs and discounts
869
1,663
Non-cash operating lease expense
2,065
1,930
Stock-based compensation expense
40,589
51,686
Loss on operating lease asset
4,409
Other
456
Changes in operating assets and liabilities:
Accounts receivable
(43,093)
(18,166)
Prepaid expenses and other assets
(15,796)
(5,981)
Accounts payable
11,086
(18,017)
Accrued expenses and other current liabilities
(3,235)
1,973
Operating lease liabilities
(3,187)
(1,770)
Other liabilities
294
377
Net cash provided by operating activities
58,993
52,287
Cash flows from investing activities
Purchase of property and equipment
(532)
(675)
Acquisition
(30,000)
Capitalized software
(39,659)
(37,169)
Net cash used in investing activities
(70,191)
(37,844)
Cash flows from financing activities
Payments on long-term debt
(2,500)
(5,273)
Repurchases of Class A common stock
(145,888)
(153,226)
Proceeds from exercise of stock options
3
11,772
Employee taxes paid related to net share settlement of equity awards
(8,305)
(15,966)
Proceeds from employee stock purchase plan
860
857
Net cash used in financing activities
(155,830)
(161,836)
Net change in cash and cash equivalents
(167,028)
(147,393)
Cash and cash equivalents
Beginning of period
448,346
672,296
End of period
$281,318
$524,903
Exhibit 99.1
a1a.jpg
For the three and six months ended June 30, 2025 and 2024, revenue comprised of the following:
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Prescription transactions revenue
$143,064
$146,748
$291,987
$292,143
Subscription revenue
20,463
21,953
41,480
44,554
Pharma manufacturer solutions revenue
34,981
26,504
63,629
51,013
Other revenue
4,562
5,405
8,944
10,780
Total revenue
$203,070
$200,610
$406,040
$398,490
Exhibit 99.1
a1a.jpg
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, U.S. GAAP. We also present each cost and
operating expense on our condensed consolidated statements of operations on an adjusted basis to arrive at adjusted
operating income. Collectively, we refer to these non-GAAP financial measures as our “Non-GAAP Measures."
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 2024, revenue was equal to Adjusted
Revenue. In addition, we expect revenue for the full year of 2025 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.
Exhibit 99.1
a1a.jpg
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
June 30,
Six Months Ended
June 30,
Year Ended
December 31,
2025
2024
2025
2024
2024
Net income
$12,843
$6,694
$23,895
$5,685
$16,390
Adjusted to exclude the following:
Interest income
(2,803)
(6,334)
(6,735)
(13,889)
(23,273)
Interest expense
10,729
14,566
21,373
29,209
52,922
Income tax expense
6,734
4,952
12,350
6,254
15,070
Depreciation and amortization
19,729
16,965
40,641
32,907
69,538
Other (income) expense
(694)
(694)
2,660
Loss on extinguishment of debt
2,077
Financing related expenses
392
832
898
Acquisition related expenses
174
26
348
557
Restructuring related expenses
546
566
1,765
441
8,902
Legal settlement expenses
355
355
13,000
13,000
Stock-based compensation
expense
21,415
26,590
40,589
51,686
99,026
Payroll tax expense related to
stock-based compensation
549
847
1,234
1,726
2,471
Loss on operating lease asset
4,409
Adjusted EBITDA
$69,403
$65,412
$139,208
$128,199
$260,238
Revenue
$203,070
$200,610
$406,040
$398,490
$792,324
Net income margin
6.3%
3.3%
5.9%
1.4%
2.1%
Adjusted EBITDA Margin
34.2%
32.6%
34.3%
32.2%
32.8%
Exhibit 99.1
a1a.jpg
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
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Net income
$12,843
$6,694
$23,895
$5,685
Adjusted to exclude the following:
Amortization of intangibles related to acquisitions
2,793
2,100
5,586
4,876
Other income
(694)
(694)
Financing related expenses
392
832
Acquisition related expenses
174
26
348
Restructuring related expenses
546
566
1,765
441
Legal settlement expenses
355
355
13,000
Stock-based compensation expense
21,415
26,590
40,589
51,686
Payroll tax expense related to stock-based
compensation
549
847
1,234
1,726
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
(3,904)
(4,991)
(8,899)
(13,636)
Adjusted Net Income
$33,903
$32,372
$68,266
$64,958
Revenue
$203,070
$200,610
$406,040
$398,490
Net income margin
6.3%
3.3%
5.9%
1.4%
Adjusted Net Income Margin
16.7%
16.1%
16.8%
16.3%
Weighted average shares used in computing
earnings per share:
Basic
356,623
376,254
367,847
386,153
Diluted
357,159
384,732
368,345
393,620
Earnings per share:
Basic
$0.04
$0.02
$0.06
$0.01
Diluted
$0.04
$0.02
$0.06
$0.01
Weighted average shares used in computing
Adjusted Earnings Per Share:
Basic
356,623
376,254
367,847
386,153
Diluted
357,159
384,732
368,345
393,620
Adjusted Earnings Per Share:
Basic
$0.10
$0.09
$0.19
$0.17
Diluted
$0.09
$0.08
$0.19
$0.17
Exhibit 99.1
a1a.jpg
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
GAAP
Adjusted
Three Months Ended
June 30,
Three Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
2025
2024
2025
2024
Cost of revenue
$13,350
$11,870
$13,234
$11,801
$26,714
$24,338
$26,492
$24,497
% of Revenue
7%
6%
7%
6%
7%
6%
7%
6%
Product development and technology
$29,933
$30,854
$23,500
$24,087
$61,075
$61,871
$47,490
$48,665
% of Revenue
15%
15%
12%
12%
15%
16%
12%
12%
Sales and marketing
$84,870
$93,454
$77,966
$83,752
$169,412
$183,418
$156,370
$165,148
% of Revenue
42%
47%
38%
42%
42%
46%
39%
41%
General and administrative
$28,379
$27,589
$18,967
$15,558
$58,009
$68,697
$36,480
$31,981
% of Revenue
14%
14%
9%
8%
14%
17%
9%
8%
Depreciation and amortization
$19,729
$16,965
$16,936
$14,865
$40,641
$32,907
$35,055
$28,031
% of Revenue
10%
8%
8%
7%
10%
8%
9%
7%
Operating income
$26,809
$19,878
$52,467
$50,547
$50,189
$27,259
$104,153
$100,168
% of Revenue
13%
10%
26%
25%
12%
7%
26%
25%
Exhibit 99.1
a1a.jpg
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
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Cost of revenue
$13,350
$11,870
$26,714
$24,338
Restructuring related expenses
12
10
311
Stock-based compensation expense
(122)
(64)
(222)
(140)
Payroll tax expense related to stock-based compensation
(6)
(5)
(10)
(12)
Adjusted cost of revenue
$13,234
$11,801
$26,492
$24,497
Product development and technology
$29,933
$30,854
$61,075
$61,871
Acquisition related expenses
(26)
(52)
Restructuring related expenses
202
(20)
(907)
(112)
Stock-based compensation expense
(6,323)
(6,259)
(11,993)
(12,107)
Payroll tax expense related to stock-based compensation
(312)
(462)
(685)
(935)
Adjusted product development and technology
$23,500
$24,087
$47,490
$48,665
Sales and marketing
$84,870
$93,454
$169,412
$183,418
Acquisition related expenses
(148)
(296)
Restructuring related expenses
(848)
(935)
(114)
Stock-based compensation expense
(5,929)
(9,396)
(11,811)
(17,523)
Payroll tax expense related to stock-based compensation
(127)
(158)
(296)
(337)
Adjusted sales and marketing
$77,966
$83,752
$156,370
$165,148
General and administrative
$28,379
$27,589
$58,009
$68,697
Financing related expenses
(392)
(832)
Acquisition related expenses
(26)
Restructuring related expenses
88
(546)
67
(526)
Legal settlement expenses
(355)
(355)
(13,000)
Stock-based compensation expense
(9,041)
(10,871)
(16,563)
(21,916)
Payroll tax expense related to stock-based compensation
(104)
(222)
(243)
(442)
Loss on operating lease asset
(4,409)
Adjusted general and administrative
$18,967
$15,558
$36,480
$31,981
Depreciation and amortization
$19,729
$16,965
$40,641
$32,907
Amortization of intangibles related to acquisitions
(2,793)
(2,100)
(5,586)
(4,876)
Adjusted depreciation and amortization
$16,936
$14,865
$35,055
$28,031
Operating income
$26,809
$19,878
$50,189
$27,259
Amortization of intangibles related to acquisitions
2,793
2,100
5,586
4,876
Financing related expenses
392
832
Acquisition related expenses
174
26
348
Restructuring related expenses
546
566
1,765
441
Legal settlement expenses
355
355
13,000
Stock-based compensation expense
21,415
26,590
40,589
51,686
Payroll tax expense related to stock-based compensation
549
847
1,234
1,726
Loss on operating lease asset
4,409
Adjusted operating income
$52,467
$50,547
$104,153
$100,168