I guess we can go ahead and get started with GoHealth. GOCO is the ticker symbol. These guys have done our conference. I guess they did. Maybe not Chicago last year, but Dallas last year was kind of the first time we were introduced to this story. So real excited to have them back. John's done our conferences for years. John Chave is IR at the company, and with that, I'm gonna go turn to Vijay. Thank you. Thank you all, and thank you for taking some time to learn a little about our story at GoHealth and what we're trying to do. I am Vijay Kotte, the CEO of GoHealth, and with me is John Chave, our VP of Investor Relations. Before we get going, let me just acquaint you with our forward-looking statements. At your leisure, you can review these important just disclaimers for your reference as we go through. Now, as we start to think about who GoHealth is, I think it's really important to just understand that we are a marketplace. We are a marketplace for Medicare Advantage, most specifically, serving the Medicare consumer. For those of you who aren't acquainted with Medicare, Medicare is made up of 65 million Medicare consumers, typically over the age of 65 or otherwise disabled, eligible for Government-Sponsored Healthcare. Within that population, it's growing at around 5-7% per year, that total population, and half of those consumers are already receiving their benefits through what we call Medicare Advantage, and Medicare Advantage enables the consumers to get a little bit more like a traditional covered insurance product that we might know of, with co-pays, co-insurance, et cetera, to access the benefits, and can have greater benefits than what they might get on Medicare by itself. As we think about our business, what we're trying to enable is that unbiased opportunity to have a shopping experience the way a Medicare consumer wants to receive that. I'll highlight just quickly here that most people think about marketplace as something online. R ight? It's someplace where you go, and you kinda click through, and you do all your stuff on your own. Medicare consumers aren't about that. Medicare consumers want peace of mind. They need somebody they can trust, who can help them navigate confusing and difficult information. So we're gonna talk about our experience, how we deliver that, and what makes us different in the industry as we go through this today. Let me make sure. The evolution of GoHealth. If you look back, GoHealth has been around for over 20 years now. It was really built on this concept of how do we support consumers making healthcare insurance decisions with technology? And we've expanded. We did under 65 to begin with, lots of different iterations along the way, and ultimately came into the Medicare space in kind of 2018, 2019, as another opportunity to serve consumers who needed the help. If you look at where the company was then, there was a mass land grab that was going on. Everybody was trying to grow, grow, grow, and they were trying to understand the consumer, they were trying to understand the market and grow. As a part of that, there was a point of inflection in the company, and I joined and took over as the leader, as the CEO in June of 2022. And at that point, we started to transform the company from just trying to support a bunch of consumers searching for Medicare or healthcare in general, to really lasering in on the healthcare, Medicare consumers, and more specifically, not about driving total volume of sales, but long-term relationships. Who can we build confidence with, trust with, so we can support them throughout their healthcare journey while they're on Medicare? And that included the investment in technology and standardized processes and reinventing the way we get compensated and reimbursed for those services, so that we can be true to not only serving the consumer, but also being more cash prudent in the way we operate going forward. I talked to you a little bit of the overall market size. Growing Medicare Advantage is 50% of the overall Medicare landscape, and it's going to continue to grow with that. So 33-35 million consumers on Medicare Advantage. The highlight on the page that's worth noting is you'll see here on the far right, at GoHealth is the number one source of new enrollments for every major health plan listed on this page. You can see that from United, Elevance, all the way down to Humana. We have been and continue to be the number one source of enrollments. And that's relevant because when you think about all of the health plans that are out there and listed on this page, this is a major contributor to their profit margins and their goals as an organization. So what this enables for us is we get to be at the table. We get a seat at the table to help drive strategy and support these companies as they lean in and invest into their largest and most significant return on investment as they try to grow and/or maintain those populations. And that's another nuance I'll highlight for you. It's not just about new members, it's about maintenance, and that's part of what we're talking about is what's innovative and different about GoHealth now versus where the industry and even GoHealth was just a few years ago. This is where we're gonna start to see the difference between the different ways that Medicare consumers can access and/or shop for Medicare Advantage plans. Many people ask us: Why do they need you? Why don't they just go to United? Why don't they just go to Humana? Why don't they just enroll with a plan there? They could, that's on the far left-hand side as you're looking at the page. When you look at the page, you'll see a consumer comes in, they know. Let's say they saw a Humana ad, they call the Humana number, they get a Humana agent. What does that mean? They're only gonna be offered Humana plans, right? Just starts there. Then, the technology there, it's not very sophisticated because all they're doing is deciding between in a county. Here are a few plans that Humana offers, and we'll help you choose one of those. And, this PlanFit Checkup at the bottom will become more relevant in a second, but ultimately, if the consumer is on any plan other than Humana, that agent who just picked up the call is motivated to just move them to a new plan with Humana. They have no incentive to tell the consumer they're on the right product already with somebody else and that is a major differentiator as we go across this page. The second one is, let's say, why don't you go to your neighborhood insurance broker? We could do that, too. And the perception when a consumer goes to your neighborhood insurance broker is that that broker represents all the plans available, and they'll help you pick the one that's most relevant for you. Well, but let's talk about the feasibility of that. In reality, it's inefficient for those brokers to get appointed with the hundreds of health plans available in the country to then offer and go through the operating accreditations, appointments on, in each and every one of those plans. So they pick a couple, they make them available, and they probably get compensated higher for those couple, and they're going to offer of that portfolio, those few plans, which one they think they can more easily enroll that consumer into. Again, they're not really using technology. They're giving you a little bit more choice than what a direct to the health plan call might be, but in the end, they only get paid if they move you to a new product, right? With somebody else. That's the only way they trigger payment. So their incentives are not aligned with the consumer on any of those left-hand side columns. Now, come to GoHealth. Intentionally, I make sure the criteria shows all green for me, right? But let's also explain why it's important that they are green. Because first and foremost, consumer choice. We have all the major health plans in the country available through our marketplace, and that is a great thing to say, but the only way you can really offer that many is you need to have the technology to support that. So we offer the greater, a much greater consumer choice than the other alternative models. We then apply our technology so that a consumer coming in and an agent helping them can actually decipher through what is on average 48 or more plan options for a consumer. So you live in a certain county, you have certain eligibility criteria, you've got 40 plus plan options available to you. That's a lot! You think about most people on employer commercial insurance, you go to your employer, they give you an HMO, a PPO, and maybe an HSA, right? And you choose which flavor fits for you. A Medicare consumer has to navigate all of that and try to figure out within Humana, there's 15 options, United, there's 20 options, whatever it is, and then they need to understand what the nuance difference is. My doctor in this one, but not this one. My drugs on this one, but on this tier. It is extremely difficult, not just for the consumer, it's difficult for the agent. I became a licensed agent in the fall of 2022 after I took this job, to go through all the trainings, and I'll tell you, I like to believe I'm pretty sharp on some of this stuff. I can't keep track of 3,000 different health plans across the country and how that's gonna match with the consumer when I'm speaking to them. So we've built our technology to be able to take your individual needs, understand your doctors, your drugs, your conjoint, almost forced ranking of different benefit options. That comes through our proprietary technology. Our AI Logic then says, consumers like you, with your needs, your background, and filtering for the doctors and drugs that you need to have in your product, here's what we think is the most predictive, using AI logic, to predict where you're going to be most satisfied and likely stay for a longer period of time, so that's that second green high. We provide technology to enable that personalized shopping experience real time, so you can feel that trust and gain peace of mind faster, and finally, the last high, the very bottom right here, that's the one I'm most proud of. We're the only company in the industry that pays our agents to tell a consumer, "Hey, we did this whole PlanFit rank. We looked at your current plan. Your current plan is one of the top three we make available, and we tell you to do nothing." We didn't get paid for that. We paid our agents to do it because we wanted them to be motivated to do the right thing by the consumer regardless of the outcome and we'll talk about how that investment is paying off for us coming in this next quarter in Q4 of this year. This model that we describe of that shopping experience is really important. There are multiple touch points to make sure that one, you come into the model, we verify your eligibility, we do direct mail. We don't do outbound calling. That's not what we do. This is not cold calling. We do direct mail, we do Television, we do Digital ads, and the phone calls come in. They call into our top of funnel. We have a team that verifies eligibility and most importantly, intent to shop. A lot of people are sold this benefit as opposed to knowing they're changing Health Plans. So we've confirmed that at the top, that they actually know why they're calling, they have intent to shop. We then connect them to a licensed agent, who will then do that needs analysis I described, putting in through our technology, identifying if the plan they're on is right or if there's a better one available. Then we present the information and the very specific differences between the alternatives, because at the top, those top three, it at face value, it could be fifty cents that's differentiating them. But for a person and how they utilize the benefit, you need to highlight how it's gonna be different for them. And so we have our technology enables that to say, in reality, it's because this drug that you're on is in a tier two, which means that you're gonna pay $100 more for this plan than the other plan, though the copays look generally just percentages on the page. You can't tell it otherwise. We can decipher that and give that specific information to the consumer so that they know what they're walking into. So we match that, and then we have live QA, where, you know, you've spoke to a licensed agent that recommended a plan for you. We then confirm with a secondary resource or IVR technology to say, "Here's what we are enrolling you in. Are you still sure you wanna do that? We don't want you feeling any pressure. Here are the trade-offs that may exist. Are you confirming you still wanna do it?" so we reconfirm that live, and then to really drive satisfaction is that next piece, and very few people invest in this: activation. Consumers usually enroll in one of these new products because there's a very specific benefit that was attractive to them and what you wanna do with activation is to enable that they're accessing it the way they thought they were gonna access it soon after enrollment, so post-enrollment, within the first ninety days, you wanna reach back out and confirm with them that they are getting the benefit they thought they were gonna get the way they thought they were gonna get it. And when you do that, you drive satisfaction, peace of mind, and build continued trust then they're gonna come back to us every year, and that's the final stage. Check with us every year. The benefits by health plans change every year. Your health needs change every year. So do a PlanFit Checkup every year with us, and you'll know that even if we tell you to stay on a plan that we didn't even write you on, somebody else did, we're gonna confirm for you that you're on the right spot. So that is why what differentiates our model, and we do it because we're not trying to max one year's enrollments in total volume, like the industry used to be. We're playing the long game. We believe there's gonna be up to 20 shopping opportunities for a consumer 'cause their needs are changing or benefits are changing. We wanna be the destination for that consumer to come through in all years. So you think about Anne here. Most of the time, those green circles, she's on the right plan. No change necessary. But where those little blue circles are is something changed about her experience. She got diagnosed with a new condition. She's now on new chronic drugs that she needs to, you know, be on, that changes her copay structure. She has different provider needs because other issues are arising for her, or she moved, right? Those, all those things could be inflection points, and we wanna be where she comes to figure that out on an annual basis to see if the plan she's on stays throughout, or if there's a need to maybe switch between them because there's a different exposure or quality potential, opportunity for her. But we believe that you want to be that trusted resource for PlanFit Checkups. Now, here's the new innovation that we deployed this year. We are now moving to what we call a PlanFit Save. We did PlanFit Checkups, where we confirmed consumers that we had no previous relationship with last AEP, meaning in Q4 2023, we did that over 100,000 times. We did it another 100,000 times in Q1 of this year, and another 100,000 times in Q2 of this year. On all of those interactions, over 300,000 interactions with consumers, they were on the phone with us on average an hour. I assure you, when a consumer is on the phone for an hour with an agent, that agent has control of that call. They could absolutely influence the consumer to enroll in a new product. We didn't. We told them they were on the right product. We didn't get paid. The agent did get paid. Now, going into Q4, we've launched an Innovative New Compensation model, where the Health Plans believe we are doing the right thing for the right reasons, and we can reengage and reorient that consumer, with the health plan, so they are now going to compensate us for that. Our costs were borne in the model over the course of this past year, but there was no incremental revenue on it. Now, there will be revenue for that, with a select number of health plans that we test and roll out, but this is game-changing in the industry, and we're the only ones doing it. But it starts with knowing that you want to do the right thing, and we are willing to prove that and put our money where our mouth is. So we're very excited and proud of this, innovation for us. On top of doing those things and getting revenue, our technology has enabled us to have industry-leading cost per acquisition. When you think about the efficiency of the model and the unlock, you wanna see growth, but you don't wanna see a commensurate increase in costs, right? You wanna find a way that you can get that perfect Goldilocks zone, where you're able to drive higher growth while decreasing your cost per acquisition. And how do we do that? We've been leveraging technology to do it. For those of you who follow the industry, last year was a market in the fourth quarter of AEP, where there was a lot of shopping, but when you're doing the right thing, there wasn't a justified reason for a lot of switching. But under that dynamic, you can see we still had a lower cost per acquisition than our public peers, out there today. And as you come into this upcoming annual enrollment period, where we believe there's a lot of disruption coming, a lot of shopping, but now it's gonna be a lot of justified switching. That will just drive down even more into that differential of the cost per acquisition. And then on top of that, embedded in that cost structure, was all of the work we were doing on PlanFit Checkups that we historically didn't get paid for, that now we're going to start generating revenue on. So it's a very opportunistic thing for us. We are the largest by volume. We are driving it with the right value set of doing the right thing, driving a high-quality experience, so we have top-line growth, and then we are driving high efficiency with automation, AI, and standardized technology that enables a margin expansion alongside that. So it's very exciting time to be part of our family and all the things that we're trying to do. Just on a straight year-over-year basis, we talked about the six eighty-three in 2023. That was already a 10%, nearly 10% improvement year over year from where we were in 2022. And you can see that number was actually still better than our peers' when we were in 2022. We just increased the gap and now we're 10% better than ourselves in 2023 and expect to be even better in 2024. These are the Tools that enable us. This doesn't just happen. You have to really leverage your data, you have to be forward-thinking, and you need to be able to take away the art of the process. Let the technology do what it needs to do, so you get the best matching, and let the agents who are on the phone do what they need to do, which is listen. Our agents spend the majority of the time on the phone call listening, and it may not always be about healthcare needs. It's just listening. It's listening about their pets, it's listening about their family members, whatever they wanna talk about. You build the trust, and you build a relationship, and then you understand their needs through the process, so you can guide them appropriately and empower them with the data to make a good choice.... That's what the PlanFit Tool does. We have 30 million interactions with consumers that we can put together, stitch together, to understand how many individuals is that, and then how do they behave, and what was their best outcome? Where did they stay the longest? What were the key drivers of that satisfaction? We use all that to feed our PlanFit Tool that supports our PlanFit Checkup, and the Customer 360 is where we retain all that data. A lot of our consumers come to us year after year or multiple times within a year, and our Customer 360 allows us to stitch all that information together so that when they come in, it's a known friend. It's not a stranger. We're not starting from scratch. We can do an add, change, delete, refine it. What's changed? What's new? Let's make sure. Is Dr. Smith still your doctor? Are they still at this location? Can we do those types of things? We also have technology integrations with other claims systems that say, if you authorize us to, we'll pull in all your prescription drugs. You don't have to get the fifty bottles and try to read them over the phone. We'll confirm for you that these... Are these still your drugs? Is this still the dose? Are you still on the? Is it spelled this way? We can go through all of that, and it's just, it's seamless for the consumer, but it is still wrapped around a telephonic, real person-to-person interaction. Now, we're testing a lot of other things that we think we can enhance the experience for the agents to serve that consumer. But in the end, our goal is to reduce one key operating metric, and that is average handle time. Because if we can use technology to do the hard processing work, then the agent on the phone can do the more of the, empowerment with the differences and try to help the consumer understand how to get there. 120 minutes, it's gonna amaze you. 120 minutes was the average call time back in 2022. It went down to 90 minutes last year. Big accomplishment. We're down to 67 minutes right now. There's a lot of information you wanna go through. There's a lot of relationship building that happens on that call. About half of that call is just getting to know each other every time. Because it gets people to feel comfortable on the call so that you can get to the right decision factors. But we wanna continue to drive that down, and what happens when we continue to drive down the average handle time, it opens up the capacity to take more phone calls at the same conversion rate. So you're not having to increase your costs to be able to get top-line growth. I talked about that before. You want top-line growth without having to increase your cost per sale. This is how we do that. You keep finding those inefficiencies or where you find out and monitor your best agents and realize they need to go to these other resources to get that question answered. Well, let's feed it right into the tool. Can we? And then what things that we're testing, like Copilot Technology and AI, to support, you're listening to the call, here is information that may be relevant at this time to empower the agent to enhance that interaction and the relationship. So these are all the things that we have invested in and are continuing to improve on to deliver that customized, personalized experience where you don't have to drive the tech on your own. The agent's doing it in the background, and what they're still providing you across the entire spectrum of that interaction is peace of mind. Now, this is really the last, the exec summary page. This is intended to be something you take back to your investment committees, your peers, and you explain what's unique about GoHealth. First and foremost, it's a large and growing market. We talked about 65 million consumers growing at 5-7% per year. Medicare Advantage is 32.5 million. 11,000 new Medicare eligibles per day, and we have the largest data set that has reached more of those consumers than anybody else in the industry. An unbiased shopping experience. Gosh, that word is used so much, unbiased. I I hopefully have convinced you or at least given you data to prove that we really mean it when we say unbiased. We will do the right thing, even if it costs us money today, and I'm still a capitalist. I think you can do the right thing and still be ferociously capitalistic at the same time. So what does that mean? I'm playing the long game. I'm doing the right thing today because I want you to keep coming back. So that unbiased enables a long-term relationship, not just a short-term transactional enrollment today. Our unique Encompass offering, that, that flywheel, showing our proprietary workflow that enables a customized, personalized, and very efficient process. Our tech, we already talked about. Our management team has unique, very specific experience that relates to Medicare. I've spent 23 years of my career serving Medicare beneficiaries in some way or the other, building and running insurance companies, medical groups, technology companies. So it is a very unique skill set or at least experience set that's necessary to serve the population. Our leadership team brings that to the table. Marketing, you want to do it in an instructive, educational, consultative way, so you're bringing people into a process as opposed to throwing something at them. And our marketing engine that we do internally and partnering with external parties has supported that. Our major health partners wanna work with us. We're the number one source of enrollments for nearly everybody in the major buckets of Medicare Advantage. And so we have found a way to provide a value proposition to them that they can't get on their own because they know there are many consumers who want a multi-carrier marketplace, and they can't provide that, and they know a large and growing portion of the Medicare population wants that, and we deliver that for them. And then ultimately, a resilient balance sheet. When I started here in 2022, in 2021, the company had burned nearly $300 million in cash, negative cash flow from operations. Last year, we generated nearly just over $100 million in cash flow from operations. That move was driven off of absolute focus on operating rigor, making the tough decisions that are necessary, and probably two-thirds, if not more of that, was exactly that, just operating rigor, make the tough decisions, understand how you need to invest in technology to get scale leverage, so you're not falling prey to diseconomies of scale, and the last piece was just innovative contracting. We had an innovative contract that gave us better cash dynamics in what we call agency versus non-agency contracting, which gave us more cash upfront to support our business. We're now innovating with the PlanFit Save contracting, and we have more innovation to come. We have been, and will continue to be, the leader in innovative constructs to meet the needs of what the health plans are looking for, what consumers are looking for, and what the regulators in DC are looking for. We wanna be on the cutting edge of that, and we're happy to be on the bleeding edge of regulation and regulatory oversight to do what's right for consumers. So with that, leaves us about ten minutes for Q&A. Happy to answer any of the questions that you may have. The question was: What are the primary methods of customer acquisition? As I was alluding before, it's direct marketing. Our marketing includes television, includes direct mail, and includes generally digital. Those are the three primary sources, and the most typical cycle is for those ads to be out with a phone number prompted to call inbound to our operation. Chris? Vijay, can you talk a little bit about your board composition and kind of that dynamic in the company? Yeah. So we have, I think nine board members. We have, two prime, two large shareholders today. Our largest is a private equity fund called Centerbridge. They make up, two of their. From their own, from Centerbridge, there are two board positions. There are two appointed by Centerbridge as well, who are independents on the board. They're, they both are actually. We have, also from the founders, the two founders of the organization are still on the board, and they do, recommend and appoint a couple more, and then it's me. So we have the total of nine board members. We have, including myself, three public company CEOs on that board. And then, we have at least one additional board member who was a public company CEO on the board today. Thank you. Mm-hmm. Sir? So if I'm understanding it right, it's the customer who you get paid by? Great question. The question was, I'll paraphrase, who pays us? And it is not the customer. The health plan pays us. Uh huh. The consumer actually doesn't, and most of the Medicare Advantage products that we write, has no premium at all, at all. They have zero monthly premiums, but they have co-pays and co-insurance, so that's the cost when they access services. So when a consumer enrolls with the health plan, depending on the model and the contract structure, we have the health plan. The health plan then pays us, based upon whatever quality triggers are tied to that. So for example, one customer, you go through all your data, and you recommend that they switch from, say, Cigna to Aetna. Mm-hmm. Aetna is gonna be the one paying. Yep, Aetna would pay us. You may have another customer who you go through the same process, and you suggest they switch from Aetna to Cigna. Yep. Cigna's gonna pay. Exactly. That's why it's so important to start doing PlanFit Saves, that you can be compensated for doing the right thing, because you know who lost in maybe those dynamics? Insurance companies that are gaining some members and losing some. And they don't like that. That's why they love what we're doing on PlanFit Checkups and PlanFit Saves because they said, "Now, you're actually motivated. Just keep them on the right plan." Because what you assumed and what you said was that there was maybe a better plan, and they were switching them to the better plan. But in reality, sometimes that switch happens when it's not the better plan. Maybe in the first instance, it wasn't appropriate to move from Aetna to Cigna. They should have stayed on Aetna, nobody does that. Okay, it would seem that with your great data, that it might make sense to do business with large employers who have a lot of retirees, and offer to contact all these retirees and make sure that they're getting the best deal possible for their retiree health care. And presumably, the employer would pay you some fee for doing this. Wouldn't that make sense? Dave, it's a very good idea. I will tell you that, there are a lot of opportunities to do similar things. There are, without getting into the nuance, you have to make sure that everybody's working with their best interests of the consumer at heart. Because sometimes, I'm not saying all of the times, sometimes employers want you to get them on a Medicare Advantage plan, so they're off their retiree pension plan, or, they only want you to put them on certain plans. And so unless... So we have to find when, if we find a partner who's willing to give open access selection, that it's not overly indexed to their own needs, then we would absolutely partner with them. And then, we've had those types of conversations. So I don't think it's foreign to think about, but the challenge, I think we, by the values we've set, it's a little bit hard sometimes to find ones that we can feel good about in that space. But it's a good idea. Very good one. Sir? Can you tell us some more about your financial results? Sure. Last year, we had $775 million, I believe, in revenue. Correct me if I'm wrong, John. About $75 million in Adjusted EBITDA, and we had $109 million in cash flow from operations. We enrolled just shy of 800,000 Medicare Advantage lives into Medicare Advantage plans. What does that work out to for GAAP earnings per share? Gosh, I don't know that. My mastermind over here will let you know. But we can follow up with you afterwards. Yes, sir. ... over $100 million last year. Mm-hmm. What is the nature of the business in terms of, you also mentioned your working capital was negative, almost negative? Is the nature of the business such that your working capital can continue to be negative, and you can generate the same sort of operating cash flow- Yes this year, or? I didn't refer to my working capital. I only talked about my Cash Flow from Operations in general. Right, but what I would tell you is that we have a diverse set of contracts that we set up, and we believe that will change. There are different cash dynamics based upon the different health plan, the different type of product, the different profile of consumer that will be involved in that product. And our goal is to find a way to optimize the revenue profile of that. And that is gonna be somewhat the mix of those products is gonna be dependent on who's got the best product that year, right? So I can't really put my thumb on the scale, nor do I want to. But we try to predict those dynamics and try to align the cash expenditures that would be involved in getting that, those consumers into our model. And then my hedge against it is keep driving down your CAC. Because in reality, the cost per acquisition, inclusive of marketing expenses we had on the board, is the way to make sure you're hedging your best against your needs for working capital as you continue to grow that business. So I know it's not a fully responsive question, answer to your question, but I think that's about as far as I can get into, you know, with that, because I haven't really. I don't really talk about our working capital profile explicitly nor have I reconciled that analysis for others. Can I ask you the same question another way? Sure. If you were to repeat the same results again this year, which is, $775 million revenue $75 million EBITDA, could you reasonably expect the operating cash flow to be similar levels? You know, so this is where the mix matters. Okay. The Health Plan mix matters, and every year there's a different plan that wins, and we actively hedge based upon what we think. So getting a little bit geeky for a second, right? The way we think about contracting with health plans and carriers, we think about who is likely to have the best benefit structure that's stable over multiple years. If there's stability that we've seen in that, then we believe the traditional commission model makes a lot of sense, right? Which is gonna be a little less cash up front, but a lot more cash in the long run. On the flip side, if we think there's a lack of stability year over year, that there's a higher probability benefits will go down than go up, then we wanna keep them on something where we get more cash in the current period, and kind of have no tail exposure on those enrollments. And so those are the things we go into any period with, but then we don't actually know the competitive dynamics of who's gonna win until they get released in October for that year. So the answer to your question is: maybe. Maybe. Atif? Just talk a little bit about your debt. There's a fair amount coming due over the next 12-18 months. Mm-hmm. How do you envision paying down a portion of liability financing and where do you see a net debt, net numbers running over the next few years on? Yeah, look, you know, I think what I would rely first on would be to just say that we have made a strong, we've improved our debt profile over the last few years. When I started, we were north of $650 million of debt. We're down to $450 million in our current debt structure. And I think that shows that we actually have a commitment to saying when we have the cash, we use what we can for investment, and then we want to optimize our leverage ratios to be able to support the business on an ongoing basis. We are actively, you know, as I've said in my public comments on other calls, working on refinancing our debt structure to enable us to still have the capacity to grow and develop and improve the profile over time. And that's exactly what we expect to do. Where did you get all that debt? The debt? What, what do you mean, how did we, A company as small as $650 million, where did you got the... Let's start with... I mean, I could go into the details. I wasn't here at the time, but what I would tell you is that the company was generating a lot of enrollments with a very high expectation on revenue, over $1 billion-plus in revenue, and growing. And really, the overall industry was borrowing against this, what they called 606 EBITDA, a lifetime value of policies. And there was an estimate there was very high, and you were borrowing at a percentage below that, and it seemed like it was a very secured approach to borrowing and lending. Easy money. I don't know if anything's easy, but sometimes it looks like that on paper. Okay. Yes, sir. Last, I know we're, we got three seconds, so I'll get the last question here, and I'll be efficient with it. Can you explain some of the dynamics between, like, the agency versus non-agency and what the differences are? You kind of mentioned there's cash generation differences, so if you could talk a little bit about that. I will do what I can in over 16 seconds. But give me... How about I take that as a follow-up with you, and we can talk about it afterwards? Because I think it's gonna be tough for me to do that quickly. So thank- I'll save your question. Yes. Reach out, and I'm happy to do that. Yeah, appreciate everybody's time and consideration and attention today.