$ in millions | FY 2025 | FY 2024 | YoY Change |
Revenue | Increase from 2024 | $792.3 | - |
Adjusted EBITDA2 | $265 - $275 | $260.2 | 2% - 6% |
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 |
(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 |
(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 |
(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 |
(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 |
(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% |
(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 |
(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% |
(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 |