I think I can even hear myself. It is a pleasure to be here with John Wagner, CFO of EverQuote, as well as Joseph Sanborn, SVP Corporate Development and Strategy. I think you're gonna really enjoy hearing about this company. Super interesting. I guess maybe to kick off, given EverQuote has yet to report its fourth quarter numbers, maybe you could talk a little bit about your third quarter results and some of the highlights. Maybe secondly, a few high-level takeaways about how to think about the upcoming fourth quarter and then 2023. Lastly, maybe a little color about your 2022 guidance. What are some of the puts and takes? That's a lot, but. Sure. Shoot away. Sure. Just, you know, just to kick things off, just for those that don't know EverQuote, we are an insurance marketplace. We're focused on becoming the largest insurance source for insurance policies, and we do this really by using data and technology to try to make insurance simpler, more affordable, more personal for consumers. Really, as a two-sided marketplace, you know, we're serving carriers and agents on one side, and the value proposition for carriers and agents is around acquisition and sources of policies. For consumers, it is about shopping, finding policies, finding the right policy at the right price. If you kind of look back, you know, we are a multi-vertical insurance marketplace. We're only in insurance, but we're in several different verticals. Our largest and longest tenured vertical is auto insurance. I think particularly for financial services audience, different than sometimes our tech audience here, I think there's a greater awareness of what's going on within auto insurance and the fact that auto insurance has had a downturn in the last, say, five quarters, starting back in 2021 with claims losses. Our business has very much been impacted by that. We are historically, we have had a business that has grown, you know, 20% or more. Historically, up until the auto insurance downturn, we were growing closer to 30% on a CAGR basis, on a five-year CAGR basis. With the insurance downturn, we have seen within our largest vertical, the auto insurance carriers pull back on new consumer acquisition, and that's impacted our 2022 results as well as our guidance. That was something that we understood was coming back in Q3 of 2022. In fact, we were actually early released our Q3 of 2022 saying that, you know, we were seeing a period in which there'd be an imbalance between claims losses and premiums, and that we expected a multi-quarter effect on the appetite of carriers to add new policies until such time that they had right-sized pricing. That has impacted 2022. I think we're pretty pleased with the fact that the business has been largely more resilient than people expected. I think partially because we're in multiple verticals, but even more so because of our, the diversity of our distribution between both carriers and agents being a little more insulated during this period. 22 was a slightly down year for us as expected, but during that time, we've had a couple of successes in that we've also been continuing to add consumer volume. We've just seen some of the levels of monetization decline, but we've also had success on our advertising side. We've also seen equal reductions in our advertising costs, the result of which is continuing to add consumers and do so while maintaining our margins. Overall, as a business, we've, we had grown the business to 5%, 6% Adjusted EBITDA. Although we've stepped back from that, we've maintained the business as a positive EBITDA during this hard cycle for auto insurance, which has affected us. I think, during this last guidance, we talked about Q4. We think Q4 was going to be a trough for auto insurance demand, not only because of what we were seeing, you know, generally, but also because of the impact of Ian and car losses and the fact that the carriers were even pulling back more generally in Q4 in addition to the normal seasonality. Largely, as we get into 23, we see 23 as a rebuilding year for demand as carriers start to right-price policies and start to reenter into acquisition mode. Makes a lot of sense. Maybe just kind of a little bit further step back. Could you talk a few minutes about the mix of verticals? How much of it is Auto? What are the other verticals? What's your general vision about growth in the company? Sure. The company started about 10 years ago, a little more now, and our founding story was really an MIT founding story. Our founders were MIT folks. That really speaks to the DNA of the business really being focused not so much initially around insurance, as much as being focused around data and tech. The business started with our founders really recognizing that within the internet landscape, there were consumers shopping for insurance. There was no real dominant marketplace, and they just saw the size of the market, the opportunity there, and the consumer volumes. That really was the impetus to launch the business. We launched initially in just auto insurance. Auto insurance continues to be our largest single vertical. Over time, we've also launched our other verticals, which includes life and home and health. Now we are a multi-vertical marketplace. Still auto is, you know, depending on the quarter and certain things are more seasonal, certain verticals are more seasonal than others, such as health insurance. I see. Generally about 80% of our revenue is still coming from auto insurance. We believe the other verticals grow faster over time, and we continue to add diversity to our revenue through these new other verticals. I see. The other one, the other three are profitable at this stage? Yes. Yeah. They have, you know, depending on, depending on the vertical, they all operate on a positive Variable Marketing Margin, which is our measure of revenue less advertising. And that really speaks to the kind of first-level return on our advertising dollars. Consumers who find us within insurance are finding us, you know, predominantly through paid advertising. Advertising is still a big cost of the business, and one that we can look to get leverage on over time. All of our verticals today operate on a positive VMM basis. Awesome. A moment ago, you mentioned that you had some success with your advertising. Lowering those costs, was it that they naturally became lower, John, by way of market, or have you found new areas to advertise? Yeah. I would say a little bit of both. Certainly, again, starting out in the marketplace, we were almost entirely search, and we are now diversified on our traffic sources to over 200 traffic sources. Pretty much anywhere there's a click online regarding insurance, we're there in some fashion. Really, I think beyond just diversifying sources, the success that we've had over time driving down advertising costs per consumer, even as we've driven higher consumer volumes have come from the application of the data and technology. That is looking for opportunities for consumers who are in market for insurance and optimizing not only on their performance coming through our marketplace, but also downstream with our providers as to how those consumers actually quote and bind insurance. Everything we do tries to optimize on, you know, a consumer who's actually in market shopping for insurance, wants to buy insurance, wants to see multiple quotes on insurance. We use the information about those consumers throughout their kind of life cycle with us, but also with our carrier and agents, and we apply that back on the acquisition side of the business to make sure that we are acquiring in-market consumers with the highest propensity to shop and buy insurance, and we're doing so as efficiently as possible. We can, over time, understand, based on different traffic sources, you know, how performant a particular source is. We don't necessarily have to understand why that consumer is, but we know that two consumers coming from what might look like, you know, potentially the same, very similar, display websites, they may have very different performance in our marketplace, but also downstream. We can alter our advertising bids based on the performance of those consumers. We're using that data throughout the business, and that's been part of our success in driving down advertising, becoming more efficient on advertising, even in a paid landscape. That's awesome. Then maybe just you also alluded to your work with agents as well. Can you clarify how that works? you know, what... And how much revenue as a component of what EverQuote does, how much revenue do they drive, and as a percent? Sure. Once again, if you look at how we've grown over time and how we've added diversity, not only to the different verticals that we serve, but also to our distribution, we have, you know, first thing we built distribution relationships with most, if not all of the very large carriers within the verticals that we serve. At a certain level of scale, we were also able to build relationships with agents. Those are local agents. They could be captives, or they could be independents, but they're local agents. With agents, the value proposition is very similar to with carriers. I'd say carriers focus a little more on, you know, our marketplace being an area where they're able to target on the type of consumer that they want, being able to acquire those consumers at a very controllable ROI on exactly the type of consumer. I think for carriers, it's all about, you know, targeting of the consumer. With agents, it's a little more about general acquisition. You may be a local agent, and you may have a certain amount of local business that you generate, but you need a way to find consumers who are going online to shop first. They're able to participate in the marketplace much the way carriers are, in finding, in their case, local consumers who are looking to get multiple quotes on insurance and find insurance. We launched our agent network about five years ago. Today, that has been steadily responsible for about 40% of revenue. Wow. in this past year. Different than the carriers during this, difficult time for auto insurance, the agents have been much more resilient. Yes. maybe one step removed from some of the claims losses from the carriers, and that the carriers are holding a little more steady on the commission rates, and therefore their business is a little more steady and their acquisition has been more steady. That's been helpful for us during this downturn in terms of mitigating the impact from the auto insurance downturn. Oh, that's really innovative, that you did that. Now, like, maybe shifting back to the auto insurance carriers and how they've cut their advertising spend to cover potential losses, maybe, you know. I think what you were saying is it's gonna kind of improve gradually over the 2023 year. Maybe a little bit more on the timeline of how you see that trend playing out and when EverQuote gets back to kind of a more normalized earnings run rate. Sure. Again, I would probably start by going back to when we first saw the impact of the downturn in the marketplace. That was really Q3 of 2021. At that time, we recognized. We had a little bit of pattern recognition going back to 2016. We recognized that we were likely to see a multi-quarter effect. We took certain steps in the business with that in mind. As we have moved through 2022, I'd say the downturn was at least as deep and as long as we expected. We are seeing all of the carriers now moving toward rate adequacy. Obviously, there are some that have moved, you know, faster and have, you'd argue have started to get there. There are others that are still taking rate in this environment. We think that largely reflects how carriers will come back into market and focus again on consumer acquisition. We think there are carriers that will be on the front end of that where they have taken rate more aggressively, got to rate adequacy, and have begun to spend on acquisition more, you know, more at normalized levels from the past. Those carriers, we believe, you know, some of that even start to return in Q3 of 2022 before the hurricane really affected things for a lot of those carriers. We think those early carriers come back in January. Then over time, some of those carriers that are still taking rate in this last quarter and this next quarter, they will come back over time. We think generally 2023 is a period in which there will be a recovery. The carriers will start to reach that rate adequacy, and we'll see that flow into the marketplace over the course of 2023 as increased demand from the carriers. I see. 2024 could potentially get you back on track. Yeah. We see 2024 as a more normalized period for us. I think we go back to what we speak about in terms of our long-term model, which is the ability to grow the business 20% or more with the leverage that we have within insurance and do so with improving profitability. As we look to 2024, we think that's a more normal time. I think also we would look back to, you know, 2018, 2019, coming off of the 2016 and 2017 claims losses, where that became a very healthy backdrop for an acquisition partner like us because, you know, carriers were back in market, spending on acquisition, and then consumers are out shopping for insurance. Got it. You've made some reductions in your cost structure. Maybe talk a little bit, John, about how that's going to impact margins now and then in the long term and, you know, could it have any effect on your growth outlook? Yeah, sure. Again, going back to Q3 of 2021, when we saw the downturn, it was evident, you know, that it would be a multi-quarter downturn. We took steps at that time to really bring our resource levels in line with the opportunity that we had in those, in those quarters for that downturn. We've managed the business from an operating expense basis, fairly tightly, and that has allowed us during this time, although we've stepped away from our Adjusted EBITDA profile, it has allowed us to maintain positive Adjusted EBITDA for 2022. We think that as the demand returns to the marketplace, we'll see a snapback to those margin levels of that we were operating at before the downturn. We think that allows us to, you know, basically return to the model of top-line growth with incremental profitability, getting back, you know, very quickly to that 5%, 6% level over the course of 2023, and then from there, adding margin as we're also growing top line. Perfect. Maybe you could give a, yeah, an update on this medical vertical, as a lot of people have talked about competitors like SelectQuote and eHealth and GoHealth. It seemed to have challenged those companies a lot, although we're hearing good things in the fourth quarter with the enrollment period. How's that business been doing for you, and, you know, what are your thoughts about that over the long term, given all the kind of tumult over the last year or two? Sure. Maybe I'll let Joseph take that. Sure. you know, has led the strategy on that, as well as the acquisition that we did that actually brought us not only into health that we had launched as a marketplace, but also into first party agent, a first party agent offering within that health side of the business. Thanks, John. Maybe a little context in our health business. We got into the health business in 2019. We initially decided to do a first-party acquisition, did a small acquisition in the summer of '20, 2020. The thought behind it at the time was we had consumers coming into our marketplace who didn't have the right product-market fit with them with our distribution. Underserved, undersold consumers, we wanted an opportunity to sort of meet their needs, and that's what drove our acquisition at the time in the health vertical. The health vertical for us started on both under 65 and Medicare, and we've continued to use that first-party agency capability to provide consumers access to product, and also give consumers a chance to sort of. those who wanna have a chance to connect with an agent directly versus going to the marketplace, that opportunity. As we look at the health vertical for us, is I think is different than some of the public players you're mentioning, Andrew, in that it's really being built on the marketplace. When we look at the DTCA business for us, we did it first with the health acquisition in 2020, then we did a small acquisition in 2021 on the P&C side. Both of those in our mind are trying to build a stronger marketplace, stronger marketplace broadly. For consumers, giving them more range of choice in product offerings. You know, some carriers, for example, cannot participate in our marketplace, and so having the first party agency allows them to do that. It also gives us a chance to take insights that we gain from working with consumers directly to improve the marketplace. A couple ways it does that, first, on the traffic side or the customer acquisition side, we can be more precise in terms of how we acquire consumers, the attributes that best perform and allow us to improve performance and monetization. The other piece is we also better understand the consumer experience and how we can improve that experience. That flows through to our consumers, but also gives us insights we can bring back to our third-party agents as well as our carriers. That is, I think, how we see the DTCA business and health vertical specifically. It's in the context of how it benefits the overall marketplace as opposed to a standalone business that would be comparable to some of the other public companies. Okay. If I'm understanding this right, you're bringing leads to third-party agents? Yes. When you think about our first party business, what it allows you to do is you get insights faster from consumers because they're dealing directly with our agents. We get those insights, we bring them back into the marketplace to improve the marketplace performance overall. First, on how we acquire consumers, so at the front end of the marketplace, how we give a better experience for consumers. Then similarly as we try to bring consumers through to our third-party partners, both carriers and third-party agents, we have better insights on what will perform based on what we've learned in our first party business. Interesting. Sounds like a good value. I just want to make sure our audience gets a chance to ask questions. I have many more. I see Scotty has one over there. Hi. Actually, the question, got asked to me from somebody who was not able to be here. How divergent is the carrier behavior that you're observing, right now? I would say very. Right? You know, we expected coming into 2023 that we would see, you know, aligns pretty well to who you know in terms of carriers that aren't, that have moved more aggressively on taking rate. We expected to see those carriers come back into market, and largely we've seen that. That by no means is a return to normal, you know, immediately in 2023. I think we see this recovery much more as a dimmer switch than a light switch, getting through 2023. I think just as you see a lot of diversity in terms of claims losses and combined ratios with the auto carriers and who's moved quickly and who's continuing to take rate, I think we'll see that going through 2023 in terms of how they come back to moving into acquisition mode. There is a lot of diversity there. Questions from the audience. I don't think I see. All right. Well then. Oh, there we go. Brad. Hi. If... I mean, we all don't know exactly how the auto insurance market's gonna play out over the next year. I mean, it could get worse, it could get better. In the scenario that it gets worse, how would EverQuote kind of deal with that sort of environment? Do you have kind of the wherewithal to continue to just kind of chug along and have some, you know, just a continuing bad environment for another year or two? Yeah. I guess, you know, even when we draw on the, on really the last five quarters for the business in which we've been through this downturn, which is a very significant downturn for our largest vertical, I think We are particularly pleased with how resilient the business has been. The fact that we've continued to add consumer volume, which has helped mitigate the slowdown in terms of top line, but also how we have seen opportunities on the advertising landscape. Just as the downturn has affected our monetization, it's also affected more broadly advertising for insurance. I think what you've seen from us is we've mitigated some of the top line impact by taking consumer volume during this period. We've done so while maintaining our Variable Marketing Margin, which is that return on our advertising dollar and manage the business, again, not quite to the same Adjusted EBITDA targets that we had and an improving profitability scenario that we had previously managed the business to. We continue to manage the business for positive Adjusted EBITDA. The model is a nimble model, and I think that's been proven out this past year, as well as the consumer acquisition component of the marketplace is also, you know, we talk about Variable Marketing Margin. The V in Variable Marketing Margin is super important in that we've been able to see our costs decline during this same period in which we've seen monetization decline. I think we're quite confident in terms of how we're able to manage through a period like this. You know, that said, I think we feel also pretty good about auto insurance carriers in terms of getting to the backside of this cycle. I think we look and say that all of the carriers at this point have either taken rate probably all of them have taken rate in a pretty convincing way, and some of them are still continuing to take significant rate. All of them are getting to the point where they're taking rate, that rate is starting to burn into their book of business, and they're starting to see that in their numbers, and again at various paces. Also we have some of the factors that caused the imbalance between claims and premiums starting to moderate in terms of we know that used car values, the Manheim Index, you know, down even I think in this last month, up a little bit, but down about 12% year over year. Some of those very factors that caused the imbalance are starting to moderate. We're comfortable with the combination of carriers taking rate and maybe seeing a little bit of relief, at least in the speed of the speed of the claims increases, that we are getting to a more normal or will get to a more normal environment over the course of 2023. One large auto carrier has talked about being more efficient with their marketing spend given the pullback of competitors. I'm just wondering, when you talk about the dimming, dimmer switch, how much is that driven by volume, versus price when you see it coming back? Yeah, I think, it is. Certainly, as we think about the recovery, it has an impact on price. As we look back in this past year, we've been successful in adding volume. In many ways, even in a down market where we've added consumer volume, we think we retain a lot of that volume. In many ways, that's almost like loading up a spring because as pricing and carriers and demand returns to the marketplace, I think we see some of that come back in pricing while we maintain those volumes. I think we're certainly on a pricing standpoint. We're starting at a lower place. As we move through the year, even moderate returns of demand will impact our pricing. I think we're comfortable, fairly confident that even as carriers in many ways have driven down their cost of sale through this time, and many of them that are moving quickly are probably having the advantage of lower cost per sale, just as we have on the advertising side. I think we're confident that, you know, any demand returning on auto insurance carriers is going to benefit the monetization side of our marketplace. We've already captured kind of fairly impressive increases in volume through the downturn in terms of consumer volume. Maybe in the meantime, we touch on the competitive landscape. Who do you see as your competitors, and how are you doing from a share standpoint? Sure. It's interesting. When you think about our business, at the highest level, our competitors are also our customers, our carriers in terms of competing for consumers online. What's interesting about that, though, is what do we bring to the carriers is our ability to more precisely target the consumers they want that fit their product market fit. We can do that in a way that really no carrier can do themselves because they only serve a range of consumers. We can provide all the consumers in the marketplace, bring them in and bring them out to the individual carriers where their best product market fits. I think that's at the highest level, the advantage we bring and what we've continued to emphasize is our advantage in this period. John talked about how we've been gaining consumer share in this period. I think that reflects the ability of our traffic teams to really look at the landscape and how do we calibrate our customer acquisition to what's going on in the market more broadly. Even this period where we've had lower monetization, we've been able to maintain margin because we're continuing to be able to look where there's opportunities in the market to drive down the cost of acquisition. When you look more broadly, though, when you think about the competitive landscape, there's also other large sort of public companies who are distribution pro partners, and They broadly work across financial services. We're the only one who's doing it purely in insurance. If you look at our business versus their insurance business, just in pure revenues, we have gained share over the past year, and you've been seeing us to continue to do well in this downturn. I think that speaks to one of the things that's happened in this period is the auto downturn has impacted the industry as a whole. It's impacted all of us. I think we have been very good at adapting and continuing to find opportunities to bring in consumers, gain consumer share, and then continue to maintain the monetization. I think probably the last piece on the competitive landscape is something that we think we're starting to see is, which is on the consumer side, capital flow into a lot of the insurtech space. If you've seen those private companies raising less capital now or having a harder time doing it, some of the irrational, rational behavior that may have happened in trying to acquire consumers is, you know, we think will, over time, dissipate. We think we'll benefit from that as well. Interesting. A lot of investors think that EverQuote is the same as MediaAlpha and Quinn. Could you kind of pop that bubble or clarify for everyone what, how you differ from those entities? Sure. I guess I would start with, you know, we see ourselves as an insurance marketplace that is still, I'd say, predominantly more focused on providing consumers with a shopping experience online rather than maybe more of a platform for consumer volumes and for consumers, you know, for consumers and the ability to monetize consumers that maybe you don't, as a carrier, don't have the ability to monetize yourself. We're less of a platform play, more of a consumer-driven marketplace, and also, again, focusing really on data and tech in order to bring those consumers to the marketplace more efficiently. I would say that is probably the biggest differentiator. Similarities, we both are acquisition partners for large carriers. I would say, against some of those competitors, we are in some cases, we have an agent network in addition to carrier relationships, which not all of those those competitors have. Again, kind of a well-rounded marketplace where we're bringing consumers in many times through our own owned and operated websites on a shopping experience, being able to help those consumers find insurance, through direct relationships with carriers and agents on the network. We like to think of ourselves as, you know, a fully formed two-sided marketplace within insurance, less of a platform for monetization and distribution. Got it. What do you view as your TAM, your market out there? What do you see that as, and how much of it do you have right now? We're fortunate, as everyone knows here, insurance is a massive market. Even just the insurance distribution dollars, about $155 billion, which is agent commissions and advertising dollars. In and of itself, a very massive market within the broader context of insurance. If you look at that, there's two pieces to that. On the advertising side, it's about a $16 billion-$17 billion market today. You know, less than a third of that is digital. Insurance is a laggard going online, relatively speaking. This continues to be a tailwind behind insurance moving online. If you look at various third-party analysts out there, 15%+ is the five-year forward growth rate you see from a lot of analysts talking about the opportunity with insurance being early online. Even go more broadly than advertising, another $135 billion of agent dollars. We participate that in multiple ways. First, we participate through as John mentioned, the third-party agents who work with us, about 8,000 of them on the platform. They in turn take their commission dollars and reinvest in acquiring consumers. They work with EverQuote to do that. That's one way we tap into that broader commission TAM. Second, we tap in directly through our own first-party agents. We do that both on the health side and the P&C side. The third is we're also working... If you think about the, those distribution dollars of agent commissions, you're seeing some carriers reapportion some of those dollars, as opposed to an agent network there, going direct to acquiring consumers and changing how they use those dollars and the composition. We're certainly benefiting from that as well. There's multiple ways where we sort of tap into that broad, that large TAM. You think about our business today, you know, we are early in autos, but we were very, very early in our other verticals, you know, whether it be home, life, and health. All of those are very early innings for us. We think that in addition to being a very large market, we have multiple plays within that market to continue to benefit as the market shifts online. Any other questions from the audience? Just wanna make sure. Joseph, you were alluding earlier to, DTCA- Mm-hmm. When you were talking about the medical and so forth. Could you clarify what that is for those who may not be familiar with the term? Sure. Our direct-to-consumer agency is our first-party agent business. That was the two acquisitions we did on the health side and then on the, in 2020, then in 2021 on the P&C side. When you think about our distribution model, historically, EverQuote was an auto business, auto marketplace business, and we found consumers online. We built out distribution on carriers. We have 100+ carriers. We have 8,000 third-party agents. The decision we made a few years back is to actually bring out first-party agents or what we call direct-to-consumer agency. If you look at some of our public comments, that's the business I was referring to. Perfect. That's pretty exciting business. Just to make sure people kind of understand the story, and you kind of alluded to all this, but you've got a long-term vision to become the largest online source of insurance policies by combining data, technology, knowledgeable advisors, making it simpler, more affordable, personalized. I mean, it's sort of self-explanatory, but do you see yourself getting there? How far off are you? How much growth do you have to get there? I mean, maybe a little color around that would be interesting. Sure. We absolutely see ourselves getting there. It is the long-term vision for the business. It has been the vision for the business since our founding days. Just to say how are we sort of chipping away at it every day. We started as an auto business, auto marketplace business. We added home and life in 16. When after going public in 18, we added the health vertical. As you think about how we've built our distribution, when we started the business, we only acquired consumers online. Our expertise was data and tech, finding consumers online and bringing them into the marketplace. We continued to leverage that to build out the other verticals, but as we gained more scale, we also got direct relationships with the carriers. We've continued to build upon how we share data and exchange data with the carriers, that continues to be an important piece as we've continued to add. I think when you look at that, those pieces allow us to continue to build the business, that's, I think, the opportunity we have, which is that long-term vision we've chipped away at. First on building out the verticals, building out distribution, building out our third-party agency about five years ago, now first party a few years ago. Overlaying all of that or really underpinning all that, I should say, is really the data and tech play. If you look at EverQuote, one of the things we really are at our core is this deep focus on leveraging the data we gain from consumers and how they perform with carriers and agents, and using that to build and scale the business. We're investing more and more in that every day. I think that's why we see the vision as very much something we're working towards, and we continue to chip away at every day. Got it. Well, the clock has under 40 seconds, but I just wanna maybe... And they always tell me, Andrew, what's the elevator pitch? We're on the elevator, there's 30 seconds left. I wasted some of that time. What would you say is the important takeaway with EverQuote that people should know? Well, I guess I would look at it as an investment. I guess you look at it two ways, long term or short term. Long term, it is this cyclical movement. Not cyclical, I'm sorry. This kind of tailwind of dollars moving from offline to online. This movement of dollars within insurance going online, insurance being a laggard going online. We are serving a massive market within insurance, and one that over time, the online presence will continue to grow, and that provides a tailwind for our business. I think in the short term, it is this understanding maybe again, that, you know, a financial services kind of forum audience has a better understanding of this, the cycle that we've seen within auto insurance and the fact that there, you know, there are aspects of that we will see reverse over the course of the next year, and we'll see a return to more normalized times like we had prior to the downturn. I think there's both upside on the long-term vision of the company as well as, you know, the intermediate performance in this next year plus. Awesome. great. Really enjoyed hearing and learning about EverQuote. Thanks so much for joining us today. Thank you, Andrew. All right. Thank you.