All right. Thanks everyone for joining us here today. Happy to have EverQuote. It has been a conference staple at our 29th annual TMT conference. Pleased to be joined by Joseph Sanborn, CFO of EverQuote, and Sara Buda, VP of IR, who I think you recently joined the team. So thank you both for joining us. Thank you, Jed. Pleasure to be here. Yeah. Joseph, kudos to you. I think if you sort of look at your financial metrics over the last two years, I think you've generated almost close to $200 million of free cash flow. You've been the best performing in insurance marketplace. And what's a pretty crowded space if you look at it, a lot of competitors. So can you just talk about what's been working, where you're seeing pockets of strength, and just why has the business been performing so good for the last two years? Sure. Well, thanks, Jed. It's great to be back with you. We always enjoy our being at your conferences. I guess backdrop for EverQuote, right? We're an insurance marketplace. We help P&C carriers and agents help grow their business through digital channels. That is our mission. The thing that has been our attribute of how we succeed is how we use technology and our proprietary data to continue to help drive performance for carriers and agents. So what has been driving our growth and what we think will continue to drive our growth, maybe I'll give you sort of some of the growth levers, Jed, for you. So first is focused on getting better performance for carriers and agents. Number one thing we do and why carriers and agents want to work with us, we help them find consumers online that meet the specific attributes. The interesting thing about insurance versus a lot of other verticals is the specificity with how the matching between provider and consumer has to be done. Consumers, if you're looking in travel and we want to fly from Boston to New York, Delta Air Lines is happy to sell the same ticket to all of us. You think about insurance, it's very different. Your driving record may be a little better than my driving record, Jed. Sara's obviously better than all of us. How carriers want us is very different, how they price that is very different. How do we drive performance that precisely allows carriers to meet the targets they want? We keep doing that more and more through our, we'll talk about our Smart Campaigns and how we leverage our proprietary data. That's one, better performance. Two is scale, getting bigger scale. Bigger scale comes from driving more traffic into the marketplace, and the second piece is getting more provider budget from carriers and agents on. That flywheel of getting better performance and bigger scale allows us to continue to drive the performance you're seeing. Third has been how we're helping our carriers and agents succeed. In the summer of 2023, we made a decision to get out of health and life, focus on P&C, focus on the vertical we think we have a right to win. As part of that, we've been going deeper, trying to help carriers and agents be successful in growing their business. Part of that is adding a broader range of services to carriers and agents to help them do that. We've talked about in some of our earnings calls, particularly with agents, we used to have one product for agents, an online to offline connection called a lead. We've been adding more products for agents. We're now at 1.4 product per agents, 1.4 products per agent, and that reflects that we're helping them grow their business. We're adding things such as digital marketing service and a local presence. We're using conversational AI solutions to bring calls to them at a lower cost over time by using AI. Those are some of the things we're doing to get broader. Of course, if you look at our financial performance, that is driving top-line growth. The other piece is how are we also balancing that with making prudent investments to invest for that opportunity long-term, while still being disciplined and managing the operations of the business and driving efficiency. The fourth pillar that I like to describe is how we're continuing to drive automation. We've been leveraging AI to do that, both driving innovation for our customers, but also making our own internal operations more efficient and able to move faster. Got it. I think a lot of times, when you sort of look at this, over the last five, six years, insurance and insurance marketing has been pretty cyclical. You obviously manage this upcycle really well. Are we now, when I kind of look at your, I always look at your business on variable marketing dollars, kind of high teens, low 20s growth right now. Are we kind of entering this Goldilocks period of where the carriers kind of are in a pretty good spot, you're in a pretty good spot, and we're kind of getting better predictability around your earnings? I think a Goldilocks scenario is a nice way to describe where we're at, Jed. I think what is that backdrop for those folks who sort of don't know the insurance landscape? When you're a carrier CEO, you really want to do two things. You want to achieve and maintain underwriting profitability, and second is you want to maintain and grow policies in force. For the better part of two and a half, three years after COVID, the carriers focused on getting underwriting profitability, and there were some challenges in doing that. We can talk about what made that such a black swan type period for the carriers. Then the second piece is now maintain growing policy in force. They have rate adequacy broadly. They are broadly healthy, right? That is measured by a metric called a combined ratio, which represents total revenues, less your underwriting costs and cost running the business equals profit. Combined ratios, the targets for carriers, typically is in sort of mid-90s, in some carriers, even high 90s, where the operating today is in the low to mid-80s, many carriers. They are very, very profitable. So they are leaning into growth, and as we said at the start of our year on our February earnings call, carriers want to grow this year. They're broadly healthy. We expect them to want to grow. We said in our May call, "Carriers are broadly healthy. We expect them to want to grow." We said in our August call the same thing, and we don't see it changing in the foreseeable future. I think there's this dynamic we have going, which is we help carriers. As carriers are growing, they're trying to do in a way that is creating a more high-quality, enduring book of business, and part of that is really targeting the specific profile consumer that they think meets their attributes. That is what we're very effective at doing, and happy to talk more about how we do it. But I think that's our skill set, and that plays very well in this market. So I think it is a great way to describe it, a Goldilocks environment for us and to help support their growth. Okay. When we look at where consensus Street numbers shook out for the second half, it implies somewhat of a little bit of a deceleration in revenue, variable marketing dollars. Comps aren't all that different. Some of that conservatism, some of that from the carriers, can you kind of help us square how we should be thinking about the second half of the year? Sure. If you look at, first of all, we had a really strong Q2. We had 25% year-on-year growth on revenues. We had 37% on EBITDA. So really strong growth. First half growth is 20%+, so we feel very good about that. As we look to the second half of the year, we continue to see a very favorable environment. The midpoint of our target for Q3 would imply a 17% year-on-year growth on revenues. We don't guide for the year, as you know. We've given some indications of how things might evolve based on what we're seeing. I think the Street is showing us, I think like 15% or 16% year-on-year growth on consensus. What we would say as we look at the environment is we continue to feel very good about it, right? This is a business where you say, "Hey, well, you're growing. It looks like you were growing faster in the first half. What's happened in the second half? Is there something to worry about?" There's really no story per se. It's just that as the carriers think about building their business, they're doing this a very enduring way. It used to be, Jed, you've known our business when we went public, it used to be carriers would start the year and throw out a lot of dollars with a new budget. They'd pull back in Q2, maybe lean in in Q3 and pull back in Q4. The dynamic seems to be different as we've been coming out of this in this new environment. They seem to be much more focused on just because we can start the year with the low combined ratios doesn't mean we have to spend it all right away. We want this more enduring approach. You're seeing this discipline where actually Q2 was actually, there was a really strong quarter for us, and actually an increase in Q1. As you look to the back half, one of the things to be mindful of is when you look at Q4 and you say, "Well, the comps, how does it compare on the comps?" Q4 of last year is, as you just remind folks, was a very unusual quarter for us. Typically, from Q3 to Q4, you have a sequential increase of maybe like 3-ish percent. We had a sequential increase of Q3 to Q4 of last year of 12%. It was a record revenue quarter for us. It was also the first time we'd ever had double-digit sequential increase. We typically are much lower. What drove that last year was somewhat unusual characteristics, which was two carriers who had very favorable combined ratios came to us midway through the quarter of Q4 2025 and said, "Hey, can you guys help us really grow and use budget before the end of the year efficiently to help us sort of build our positioning going into the new year?" And we said, "Sure, we can do that." That was an unusual thing to have happen. People said, "Well, could that happen this year?" That's always the question we get, or at least it's been the question the past couple of weeks. What we've said is, "Well, here's the environment that existed at the time of last year, and what's the same and what could be different." Last year, combined ratios were low going into, were quite favorable. They are quite favorable now at the same time. Yet as we look at last year, the cat season was very mild, which goes from mid-August to mid-November. We don't yet know what the cat season will be this year, but that is one variable into it. Then you look at carriers going into Q4. If it's a mild cat season, and if a repeat of last year, you could have a repeat of last year having a couple carriers coming forward to do additional growth in the latter part of the quarter. That could just say, "Hey, that's going to allow you to have a strong Q4, potentially a repeat of the unusual thing that happened last year." Conversely, if it's a more normalized cat season, it may be a 3% or 4% sequential growth over Q3. So we'll see exactly how it plays out. But again, we feel very good about the environment broadly, and we think that's going to continue for the foreseeable future and into 2027. To kind of dovetail just off foreseeable future 2027, you've put this $1 billion of revenue target out there. As you know, I think about, okay, what's that imply for variable marketing dollars? Because I do feel like you can, depending on how you want, where you want to shift your margin, you do have a lot of control over your revenue, but that probably implies almost $300 million of variable marketing dollars, too. Just kind of give us a sense, why put that out there? I think you've had that out there now for almost a year, and it does look like you're benchmarking it to pretty close to hitting that number in the next 12-18 months if we look at it. Sure. Just some context for the audience was in November 2025 earnings call, so first week of November, we put out a target it will be a $1 billion business in two to three years. At the time, we were tracking about $675-ish million. We ended up slightly higher than that. If we did it at the time in three years, it would have implied like a 13-ish percent growth. If we did it in two years, it would be like a 21% growth. Fast-forward, we are nine months into that, so we feel very confident that we will be a $1 billion business in 15 months to 27 months, right? How exactly it will play out, we will see. If it happens in 15 months, it would imply a business that is growing 24% or 25% annually in that period. If it takes more like 27 months, it is more like 13-ish percent. We will see how it exactly plays out. Your usual 12- 18 sort of falls within that zone as well. So we feel very good about achieving that target on the timeline we outlined, and we continue to feel that way. What is important to note is we will do that as balancing growth and profitability. We see this in that time that we will have additional growth in EBITDA dollars, additional EBITDA converting into free cash flow. Again, we believe this balance from growth and profitability. What exactly our EBITDA margin, we always get the question of the past week is what exactly will our EBITDA margin will be when you cross? I said, "Well, depends when we cross." What I can tell you is we will be adding more EBITDA dollars as we progress towards that goal. The longer-term goal is to progress to a view of getting 20% EBITDA margins and continue to drive that 20% top-line growth on average over time. So we will be at 20% EBITDA business when we cross $1 billion, unlikely to be there, but you will see us making progress over time to getting there. We are excited by that journey. Importantly, I would say it is an organic growth path. It is not one that is based in M&A. We see this real path with the business we have to get there, and so we are excited. Got it. As we sort of look, you have had very disciplined cost structure over the last couple of years. Should we expect to hit this $1 billion? As you kind of scaled, do you have to make a ton of I know you are making some investments around AI product, but how should we think of the investment ramp sort of trying to hit that number? Sure. In our recent earnings call, we talked a little about the second half of the year and how we thought about investment, right? Just to remind folks of that, first half of the year, Q2 of this year, we are about a little under $27 million, which is very much what analysts expected. If you went back to our February earnings call, what we said is, "Hey, expect costs will rise in the second half of the year. Expect there will be, as we make additional investments in new product offerings around AI-first products, as well as around investments into sort of AI tokens and broadly AI enablement." As we said at the start of the year, what we did in this call, there was really nothing new in terms of that messaging. We just gave a little more specificity of what was being spent on and some numbers around it. That $27-ish million in Q2 will probably go up $1 million in Q3, maybe another $500,000 in Q4. EBITDA margins will go down a little bit in the back half of the year. But again, you go back to what I said at the start of the year, wouldn't be surprised by that. You are going to see us, EBITDA margins were [13.6%] last year, we will add about 100 basis points this year, and we are still on track to do that. Again, we think that will continue. The growth, the investments we are making are really supporting our, yes, partly on the path to $1 billion, but also making these investments in AI. Also in both internal efficiency, but also bringing new products and opportunities to help our carrier agents, carriers and agents grow their business. We alluded to these a bit in our earnings call. We will be talking more as we progress through the fall. But we are very excited about the opportunity we see in front of us to build a really large business. We felt this way for some time, Jed. I think I told you, we put that $1 billion target out in November of last year. We had had that $1 billion target we have been tracking to for well over 18 months internally the same thing. So we now shared it externally with you in November of last year. Now we are sharing a little more about our vision of how we are going to build a business beyond $1 billion. Some of the investments we are making now are going to be part of that. So what that means is we progress towards our path to $1 billion, we will be adding additional EBITDA dollars, additional cash flow, but we will also be making investments. Those investments will help make sure we continue to build market leadership, build on our proprietary data advantage, make our investments in new products to help carriers and agents grow their business. Got it. As I said earlier, when you just look at the free cash flow growth of this business and how much it has compounded over the last two years, it is pretty incredible, where you are now at a position of strength. I know you have got a buyback, but how do you think about capital allocation? I would think potentially consolidation in this industry could help some of your pricing with some of your larger carrier partners and maybe some synergies around what you pay for advertising. Can you just give us a sense on how we should view capital allocation? Sure. We think about capital allocation, there are probably three pieces to it. First is we believe it is really important to have a strong balance sheet. You know this, Jed, there was a time you and a few others may have said three years ago, "Hey, are you even going to be around?" I think our cash was in the 20s, and you are like, "Oh, this is not going in the right direction because we are losing quite a bit of quarter." We think having a strong balance sheet is key for two reasons. One is it makes carriers who are making commitments to work with us and share data that they have a partner who will be there, that we have a strong balance sheet will be there. That is one. Two is we think about some of the investments we are making. These are multi-year investments. You have to have confidence on your financial position to make those investments, and so that is one. So a strong balance sheet will continue to be a priority. Second is buybacks. You mentioned we did a buyback program. We authorized a $50 million program, the board did in August of last year. It was our first program. We just completed that in Q2. We were very pleased with it. We brought back about 2.6 million shares, about 7.25% of the shares outstanding. We thought that was a. We were pleased with those results. We will continue to look at buybacks, as we said on our earnings call last week. We expect the board to review that as part of capital allocation as we progress through the year. The third is M&A. We see M&A, as we have talked about, as a real opportunity for us to continue to build upon the position we are trying as a leader in this space. Importantly, I want to say is we do not see M&A as required to hit our path to $1 billion. That is purely an organic path. But as we think about building leadership, $1.5 billion, $2 billion, $3 billion type business, M&A could play a role in that. When we think about M&A, we think we remain focused on the P&C space, but we have talked about our mission, how to bring more products to help our carriers and agents grow their business. M&A could fit into that. We talked a little about that in our earnings call. As we think about growing beyond auto into other personal lines of P&C areas, it could play a role in that. Of course, the other thing about M&A is it brings additional data insights to our proprietary data and also talent. At the end of the day, this is a talent business. If you are going to build a lead, you have to have the right talent. We have got great talent in our company today. As we continue to grow the business, M&A can be a way to bring in new talent. We certainly are looking at that. What I would say to you, and we have been saying pretty consistently, is these are the same capital allocation priorities we identified last year, and we have not changed in that. The difference, I would say, in M&A is we are being more thoughtful about how we look at M&A opportunities. We added someone to our team. In addition to Sara joining us this year, we added someone to our team in the M&A saying we are being thoughtful looking in. One of the encouraging things, I agree with you, is that there is an opportunity, that there is a lot of insurtechs out there who have a vision in this space, but they are not going to be able to do it independently. When you talk to them, I think they are seeing someone in EverQuote, the EverQuote story of a lot of passion to drive innovation and growth in this big space, and there is a lot of interest to be part of it. So you will hear us talking more about it. But again, investors should be able to be done in a disciplined way, just like we have done everything over the past several quarters. Got it. When you sort of look at the industry, you are probably being unfairly categorized as someone with some SEO headwinds, AI disruption risk, even though if you kind of look at just the efficiency, how you have done over the last two years, AI is obviously an accelerant for your business. Yes. Can you kind of square that for people on this call? Carriers are never going to put their bindable rates on an LLM. Right. There's a lot of misconception here, and it's obviously impacting your multiple because there's not a stock that's had this performance in free cash flow that's trading like this. Just kind of give us a sense on how we should be thinking about AI being an accelerant for your business. We agree with you. The story of an AI headwind for EverQuote and changing search engine, we actually think quite the opposite. We think AI, we're going to be a beneficiary. I think, let me try to address what we see as at least the questions, again, the misconceptions out there with investors. The first is that all marketplaces are the same, and the thesis on that is AI search will disrupt all marketplaces the same. The reality is that insurance is different. It's not the same as other markets. Why is it different? Well, one, the information for the large language models to access pricing is not widely available. Pricing is opaque for insurance, so the data's not available to these models. So that's one. Two is it's a very regulated industry, so how purchasing has to be done, it varies actually by all 50 states. Insurance is not regulated at the federal level. It's done at the state level. This is a regulatory complexity. Then also the carriers themselves, to your point, carriers are very sensitive. The reason it's such an opaque price market is carriers are very sensitive to protect their pricing information. They have invested in building their brands, and is also a consideration even beyond brands, which is if you have a consumer shop for just the lowest possible price, as has happened when this happened in the U.K. market, you have a potential for adverse selection, building the quality of the book. The carriers do not want to see that happen. What we see evolving in the AI search landscape is that today AI search is having very little impact on the shopping for insurance today. We do not see it as this headwind in insurance shopping today. What we see in the medium term, we think it'll be an opportunity, right? Why do we think it'll be an opportunity? Because these carriers are saying, "Hey, we see the landscape out there. Consumers are using AI agents across other spaces. We see those will come to insurance." It's actually this very similar story when we were at our IPO in 2018. We see digital shopping happening out of other verticals. Eventually, it'll come to insurance, right? Same thing will happen. We think we'll be well-positioned there because those carriers are saying to us, "Hey, we want to access that traffic," but to your point, Jed, they don't want to directly connect. They don't want that investment in brand and how they manage their pricing all of a sudden be exposed on the internet. We believe they will want to work with a trusted partner, someone who they have trusted their data with for many years now, and we think we are well-positioned to do that. We think that is how it will evolve. As I think about how the landscape of AI search evolves, I would say even more broadly, there are probably three ways we think monetization will happen over time. Again, we do not see this happening overnight in insurance, but we would say one is, depending on how the large language models decide to approach the space, and it may vary based on the models. One could be they start to monetize through advertising. We are pretty good at performance marketing and adding new channels, so we think that would work well for us and well for the industry. We will see, and some may do that. Some large language models have indicated they want to almost, as they have subscribers, they might even give better shopping experiences through APIs. We see a role in doing that, as I just talked about. The last one we see is, as you think about the search landscape evolving, you see this idea of what is organic search going to mean? As you know, we have almost no organic search in our history. Generally speaking, organic search is something that has not existed in insurance-specific areas, like travel has had it, financial service, because people dream about travel, and you can read content, and that will bring you into shopping. For some reason, people do not dream about insurance. I am not quite sure why. We do, but others seem not to. It is a very high-intent search. As you think about the world of organic traffic in the context of AI agents, we think one of the things that will come about is what we call AEO, and some other analysts have called AEO, which is how do you educate digital agents of AI agents of consumers on insurance shopping. We are very fortunate, we have 6,000 local agents who are experts on insurance, and we think that will provide value to helping people think. Those educating the market on what we do. We think there is a real opportunity for us, and importantly, we are in a trusted position with carriers and agents. They trust us with their data. They have worked with us for a long time. We have shown how we can do that in a way that helps benefit them, help improve our business, but do it in a way that still safeguards their information. We are excited by what is to come. We are looking forward to it. Got it. You talk about 6,000 agents. I know you've kind of thought about vertical integration a couple of years ago, building out your larger agency presence. I think vertical integration always makes sense, right? You can actually develop a If you have agents and AI and some people, right? You can develop a more deeper relationship with the customer, higher reoccurring— Yeah. —revenue, better customer service. How do you think about where you are in terms of the vertical integration strategy? Well, if you think all the way out to an agentic world, what might evolve? There's this concept of, we've talked about an A to A experience. A consumer's AI agent actually connects with the provider's AI agent, right? This is not a tomorrow, this is not a day certainly, or even tomorrow. It may be quite a ways out because there's lots of regulatory and other considerations. There could be a future world where that was to occur, and there's certainly a role for EverQuote enabling that to happen. Whether we choose to do that through helping providers have their own internal AI agents, whether we help do that through having agents that work with different carriers, we'll see how that unfolds. Ultimately, that is the goal, I think, as a world of AI shopping event comes into insurance over time. How do you have the consumer's agent, I'll say AI agent to avoid confusion, AI agent go through to the provider's AI agent over time? I think we're well set up to think about how that journey will evolve. That's how monetization will evolve for us. I think the world of having agents as we had for a period of time, that's helpful and interesting, but I think the real, if you think about where the future is and how we'll support that, we're excited by it. Got it. I think your homes business, just had in front of me, showed pretty strong growth. I think, it's probably, can you just talk about where we are with the other verticals, auto versus homes, and sort of do you actually start to think about expanding into more verticals? I know you did try health, you got rid of it. Just where are we with home and everything else? Sure. Maybe I'll start with, we believe in the P&C vertical. We think it's a massive market, and within personal lines, we think there's a lot of opportunity to support growth to make not a billion-dollar business, a several- billion-dollar business. I'll say that first and foremost. If we look at our home business, we've been very pleased with our home business. We've been very pleased with our home business because it has continued to execute well against a very favorable background. Just to remind folks in our home business, it was roughly 12% of our business in Q2, 35% year-on-year growth. It was the second quarter of a row of 35% year-on-year growth. Still a relatively small business for us in total, but we're very bullish on the prospects. There's probably two things I would highlight for why we're bullish. One is the backdrop from the industry perspective. If you think about the carriers, they looked at home, they prioritize getting rate adequacy and auto first, now they're shifting to home. So that's been a favorable backdrop. Two is the size of the market, right? The size of the market. If you look at where it is for us versus the overall industry, it's roughly for every $2 of auto insurance, auto in premiums is $1 of home. So, large portion of the market. For us, it's 90/10 or 88/12. We think there's a long way to go in the journey to go from where we are to support growth to a much larger business. So that's the second piece. The third, I guess, in some ways, I'd say the thing that probably should've led with first is, what we have done to take advantage of that opportunity. About 18 months ago, we made a decision which was that home leverages a lot of common technology, a lot of common overlap in providers, but there are differences. The home shopping journey is different than the auto shopping journey. What we have done is really invest in putting the right talent in charge of that vertical. Think about an end-to-end. What are the differences you have to think about in the customer acquisition process? What are the differences in how the providers are connected and educating the consumer? All of those together, favorable backdrop, the size of the market opportunity, and lastly, how our team is executing. We think that will add up to home growing at a larger rate than auto, certainly in the medium term, and being on that path to $1 billion, a growing percentage of our business. Got it. I think you said in the opening remarks, or maybe earnings call, Smart Campaigns are now live with seven of the top 10 carriers. Yes. Revenue is up 100%. Can you give the audience that might not be as familiar with EverQuote, what that entails and what is driving the opportunity there? Yeah. Smart Campaigns is our AI bidding engine that carriers can use to place bids in our marketplace. If you look at the history of Smart Campaigns, it started about four and a half years ago, where some of the smaller carriers, we said, "Hey, help us access digital acquisition. We do not have the in-house teams to go into your platform and make the decisions on how to do bidding. Help us do that." Smart Campaigns 1.0 was that version. I remember at the time when we were having that product, there was some commentary from analysts and they said, "Carriers, you may get a few carriers, right?" But you're never going to get carriers to trust you sharing that type of information with you. Because for it to work, they have to share disposition data, and even lifetime value data, some of the most sensitive data they're sharing with us. Fast-forward four and a half years later, seven of our top 10 carriers are now using it. So how has it evolved from that? From something that some people said would never happen to now seven of the top 10 use it. I think a couple things have happened in that. One is, in that time period, we focused on going deeper. In the summer of 2023, we said we're going to focus on P&C. Part of focusing was we're going to spend more time with our carriers agents, trying to educate them on how we can make them successful, and we've been doing it. What that's resulting is, it's building deeper trust. When they build deeper trust, they go, "Hey, as opposed to us doing this directly, we'll try this Smart Campaigns," kind of things. This is typically how it evolves. They do a test. They often get results that are 10% or 20% better than their own teams, sometimes even higher than that, depending on the internal team, and they end up putting more provider budget with us. We go to the next carrier and sell the same story, and that's how we've gotten to seven of the top 10 carriers now using it. We see this not. When you think about Smart Campaigns, why it's so important is not only does it help it gets a deeper relationship with more budget, it also gets us more data. The story of EverQuote is all about how we use data and technology to drive performance, get better results for carriers, and better calibrate our traffic operations. So that data, they're not sharing that with everyone. They're sharing that with, some cases, we're the only one they're sharing it with. That informs our traffic operations. As it informs our traffic operations, it allows us to be more efficient there, which in turn allows us to drive better performance than them. That's been the brilliance of Smart Campaigns. It's helped the carriers grow more successfully. It's helped us get more data, help us be more efficient in doing it for them, and drive better performance. I guess the other piece on Smart Campaigns is we've been doing this for carriers now. We're now rolling out a similar product for agents, Smart Campaigns for agents. Early days. Obviously, it's a little bit different product for agents, given the user profile. But fundamentally, it's the same thing, which is: how do we help agents more precisely calibrate the profile consumer they want? We're excited by that. We talked a little bit about it in our recent earnings call, and agents are reacting positively now. They can more dynamically price opportunities for themselves they're looking for, and so we're pleased to bring that to them. But I'd say when you step back from Smart Campaigns, what's a really big takeaway from it is we've built more trust with carriers, so they'll share more data. As you think about they share more data, that not only is helping us help them be more successful today, but as the world will evolve with AI, we think that proprietary data advantage we have will continue to build, and that will position us well as they try to think about how to participate in an AI search world over time. Is that helping your customer service? Not customer service, but how the customers engage when they go, and they find a quote, and then there is that handoff to the carrier or the agent to— Oh, from the consumer viewpoint. Yeah, the consumer. Yeah. Yeah. Everything you can do to make the flywheel move more smoothly, it helps. As you get more data insights, it just makes it that much easier to calibrate your traffic operations, make a better consumer workflow that feeds into bringing the right consumers to the right provider at the right time. It all feeds into making a more efficient experience that drives performance for carriers, better experience over time for consumers, and obviously for EverQuote, better financial performance for our shareholders. Got it. We are coming up to the bottom of the hour here. Anything you think we have missed or anything you want to tell investors that you think went unnoticed during your earnings call, unnoticed just during this conversation? Anything you want to get out to people? Yeah. I would say a couple things for you. I think what we have tried to show to investors over the past several quarters is listen to what we say. We tell you what we are going to do, and we end up doing it. We have done that quarter after quarter, and it has been guided by a view of balancing top- line growth and profitability. We expect that continuing on our path to $1 billion. I would say look at what we have said, expect us to continue to do it. Second thing is the concerns about AI search landscape hurting us, I would say it is quite the opposite. We think that insurance is quite different than other verticals, and we actually think it is going to be an opportunity for us, especially as we get into the medium longer term. Why is that? The third, which is we focus on P&C carriers and agents. We are going deeper. We are getting the data. That data advantage we will continue to build upon. We add that all up. We think we are in a great spot to help carriers and agents grow the business more successfully in this world of, as we go into this future of the world of AI, being more and more helping the industry grow. We think we are in a great position to invest to drive results for shareholders, and we think that will be great results for shareholders. In turn, our employees are also shareholders as well, so we think everyone will benefit in this thing. We are excited for the journey ahead. All right. Well, Joe, Sara, thank you for joining us. You've been one of the best from a financial metrics, one of the best performing stocks in our coverage. So keep up the great work, and if you want a consistent free cash flow compounding story now, take a look at EverQuote, and I appreciate your time. Thank you, Jed. From your mouth to our investors' ears. All right. We hope they all rush to it immediately after this. Thank you. All right. Thanks. Thanks, everybody.