Good morning, everyone. Adam Klauber. Know most of you guys. Thanks for joining. As you can see, disclosures. More importantly, this is the Ethos presentation. Peter Colis is CEO and Founder. I'll say two seconds before giving the stage. As we've been saying, it's a little newer public. We think this is a company that you really should be watching and paying attention to. I think they're doing something that is very challenging but much needed in terms we think about it, taking a really complex consumer business, life insurance, make it easier to buy and sell. Very importantly, we view things first and foremost from a technology lens. There's companies with good technology, and Ethos has great technology. It's what they're actually doing on the technology side, I won't steal Peter's thunder, but is really tough to do and real unique, that sets them up to be a very innovative and rapidly expanding company. Setting the stage, Peter, tell us a bit about Ethos. Thanks, Adam. Appreciate it. I'm going to provide a high-level overview of the company today. We exist to protect families. We send kids to college. We pay people's mortgages. We put food in people's fridge. We're there when the family's going through their most difficult time, and we want to be their partner. High level on our financial results, just to give you a snapshot of last quarter. We grew 104% year-over-year. Adjusted EBITDA margin of 17%, $34 million of adjusted EBITDA, $31 million of cash flow. Rule of 40 of 121%. We launched the company in 2016. We sold our first policy in 2018, it's been a remarkable growth story and being able to grow both responsibly for our risk-bearing carrier partners, but also profitably as a company. High level, if you look at the past three years, we've grown over 50% each of those years. Our guidance at the midpoint from Q1 puts us within spitting distance of another 50% year. We have very efficient unit economics. We have 98% gross margins, and on a fully burdened basis, we are variable cash positive by month two after we sell a policy whether or not that's through our direct business or our third-party agent business. This allows us to recycle cash very quickly and efficiently, be profitable and grow. If you look at our business model, in insurance speak, we're most analogous to an MGA, but really what that means is we're responsible for distributing and selling life insurance, underwriting it, making the risk-binding decision about whether or not you should be approved and at what price, and administrating the policy over its lifetime. All functions and operations of the carrier, except for the balance sheet and portfolio management component, and our carrier partners are responsible for paying the claims. We have no economics at risk of mortality. We design and price proprietary life insurance products that are only accessible through Ethos, and we go out to the carrier market and figure out which carriers are going to be best suited to partner with us, offering the client pricing, the economics, and the underwriting frameworks that we want to bring to market. We have a portfolio of six incredible carrier partners. We have 12 products across these six partners, so there's a fair amount of redundancy built into the platform. We add more carrier partners as we broaden the portfolio or just add more redundancy to scaled products. We like this model because it allows us to focus on what we're great at: technology, risk management, distribution, while not being constrained by capital supply on the carrier side. Our carrier partners today have multiples more availability of balance sheet for us than we have premiums today. That is not a constraint in the growth model. If you look at and take a step back, the life insurance industry suffers from legacy technology infrastructure, bad process, and a slow ability to move off of that legacy technology infrastructure. Ethos has built a completely native technology platform. We have our own underwriting engines, admin systems, application engine, payments and commissions infrastructure, agent operating system, MarTech infrastructure. All components of Ethos have been natively built and seamlessly integrate together. That was a multi-year build-out that was very complicated, but it's translated to be able to run so much faster and really build a virtuous data cycle learning organization in a way that many life insurance carriers struggle with due to the lengthy medical exams and blood tests, manual processes, and legacy technology stack. On top of that, we've morphed from being just a term life insurance provider, which think of it as kind of the simplest and easiest flavor of life insurance, to having multiple term life policies, multiple whole life insurance policies, multiple indexed universal life insurance policies, estate planning, and supplementary health policies like accidental death and cancer insurance. We serve three constituents on our platform: consumers, agents, and carriers. We've activated over 600,000 policies with policyholders. Last year, we had over 15,000 unique selling agents on our platform, and we have six carrier partners today. We have a strong value proposition for each of them. We go to market in two ways, both through our direct-to-consumer business, which is historically around two-thirds of the business, and through our third-party independent agent-focused channel. The direct-to-consumer business launched in 2018. The agent business launched in late 2020, early 2021. Whether or not you come through the direct or the agent business, you still flow through a similar version of the product portfolio, and we really amortize the same technology across the board. On the direct-to-consumer side, it's worth noting that Ethos is a very diversified marketing engine. We're not overly reliant on one strategy or channel for acquiring our clients. We majority spend in top-of-funnel channels like television, radio, social media, YouTube. Maybe you've seen some of our ads. We just launched a campaign last week with David Ortiz, Red Sox MLB Hall of Famer. We're really successful for the first time ever at getting people that are not looking for life insurance to show up and buy life insurance without having an agent have to coach them through the process. We've made it so simple and easy that people will just show up and say, "I have a need I want to check off my list. I'm going to just buy this today." If you look at our market, we have a large recurring TAM of 10 million Americans who every year buy an individual life insurance policy. This is not inclusive of people that buy policies through their employer. Every year, these 10 million Americans show up very predictably, pushed into the purchase journey by virtue of having kids, taking out mortgages, watching their parents age, having a health scare, or seeing someone have a health scare. Ethos is the most efficient way for them to get protected, and we are the most efficient way for an agent to sell a policy. We are a small single-digit percentage of this market today. There is a lot of room for us to keep compounding and growing into this reoccurring TAM as we keep refining our automated engine. If you look at the market today, over 90% of the market is still sold by agents. I think there's an analogy to GEICO and Progressive 30, 40 years ago, where you had these high-friction processes and mandatory agent models, and they made it simple and easy, put it online, and today, over half of the auto market is direct. I think Ethos will similarly pull a large part of the life insurance market to direct by really putting consumers in the seat of control and making things approachable, intuitive, and simple. Especially if you are long AI and LLM as a research tool for consulting consumers. In that world, the person that potentially gets disintermediated is the agent, and the company that stands to most benefit from consumers taking control with their own research is Ethos, by being there with the fastest, easiest way to buy, and by being digitally native and being able to plug parts of the purchase journey into these LLMs, like we did with our ChatGPT integration recently. On the carrier side, it's worth noting, if you look at just to put a pin in kind of how antiquated this market is, the top 20 life insurance carriers, every single one of them is over 100 years old. For such a scaled industry, I'm not familiar with any other markets like that. Half of these companies are mutual companies. They don't answer to shareholders. They operate for the good of policyholders, but they move at really different paces of execution from Ethos. What is the problem that we solve for consumers? If anyone here has ever tried to buy life insurance through the traditional means, it's usually a 5-to-10-week purchase journey. You find an agent or an agent finds you. You fill out a PDF or a paper or a dumb electronic application. You go through a medical exam or a blood test. Medical records get requested from your doctor's office. They go and sit in an underwriter's queue. The underwriter then deliberates, may reach out to you with additional questions, and then there's a process back and forth of you get approved, and you have to decide, do I want to take that offer with the carrier or do I want to apply somewhere else? The agent is guiding you through this process, and then there's more work to eventually get the policy issued, and then you pay, and you forget about it. Ethos is very different. You show up to ethos.com or through one of our partner agents, and you buy a policy in 10 minutes, end-to- end, you're insured. We decision over 95% of underwriting decisions in an instant automated fashion, and over 90% of people who apply are approved for some kind of coverage. We've got a policy for almost everybody. We've got products for prime market, mid-market, mass market, pre-existing health conditions, seniors. We really try to have the most expansive buy box so that we can insure almost everyone for some kind of product at the right risk-adjusted price. People love this experience. We have a client NPS, which is net promoter score, client satisfaction survey, rating of over 70, which puts us up there with Apple and Tesla, and far away from anything else in life insurance. The process for agents is even more transformative than that of clients. The reason is, a client has to go through this buying journey one or two times in their life. An agent has to go through this selling journey all day, every day. Right? Every day they wake up and they go through this process of handholding people through these 10 weeks, and then they have to wait another three weeks to get paid after the policy is placed. With Ethos, you sell a policy in 10 minutes, and you get paid the next day. It's at a great price with an expansive product portfolio and a completely digital operating system surrounding it, where you can log in, buy leads from Ethos, have the Ethos CRM market to your clients on your behalf. You can just send a link to the client, and they can self-check out. You can control the application in the traditional means. As an agency owner or manager, you can manage all your downlines effectively in the platform, understanding their business quality, their production, manage fraud, agent debt, et cetera. It's transformative for agencies, and in the P x Q equation, it allows them to sell so many more policies than they otherwise would, and reinvest those commissions the next day into more lead buying and prospecting activities so that they can go find their next policy that much faster. It really allows them to focus on what they're good at, which is prospecting and finding that client rather than handholding people through administrative burden. Agents love this. As I mentioned, we launched this around five years ago, it's grown very quickly. Last constituent on our platform are carrier partners. For carrier partners, we're really delivering scaled incremental growth to them at their target ROEs, at their target underwriting profitability margins. We work with them to develop proprietary products, where we have a go-to-market thesis, then we deliver basically scaled incremental growth in a otherwise very stagnant market share, low growth environment for them. We're the largest source of premiums for half of our partners today, and carriers with Ethos grow significantly faster than carriers without Ethos. Carriers love us. What I would say is that when we launched the company, it was much harder for us to find carrier partners before we had proven distribution and risk management. Today, at our scale and momentum, it is much easier to find carrier partners who want to partner with us. Ethos is a business that gets better as it gets bigger. The more clients that we bring onto our platform, the more data we have not only to optimize underwriting and make better risk management decisions, but also the more data that we have flowing in, where we can then optimize our user experience purchase journey and our marketing to more unit economically, effectively acquire clients. As we keep getting better at risk management, it also allows us to negotiate either better prices for clients or higher take rates for Ethos as a share of the premiums. In addition, as we bring in more clients and bring in more scale, it allows us to attract more carrier partners and to build a broader and broader portfolio of products that serve a wider part of the TAM. That allows us to go recruit more agencies than we otherwise would, because while they may not have wanted to partner with us when we only offer products X and Y, when we offer product Z that is in their strike zone of what they like to sell, then they're a fit to join our platform. On the flip side of that, when we have an agency partner, as we keep broadening the product portfolio, it keeps eating into more of their wallet share because we serve more of the use cases that they like to sell. At the center of our advantage is underwriting. What I would analogize our underwriting to is if you think about a credit FICO score, what we're not doing is throwing out FICO and underwriting people based on their social media profile and cash flow underwriting or some really novel set of data. Instead, what it's analogous to is if it takes everyone else five to 10 weeks to compile FICO, but we can compile it instantly. The data that we absorb in the underwriting process is a near perfect supplement for what gets absorbed through the traditional medical underwriting process. When a client applies, they authorize a HIPAA consent form that allows us to start pulling data like pharmaceutical records, medical claims, billing data that gets coded back to the health insurance company, showing us what doctors they've seen, what tests and procedures they've had. Their prior blood labs histories from a Quest Diagnostics or a Labcorp or as part of their annual physical. Predictive information like motor vehicle records, financial related information. The trick and really the beauty of Ethos is being able to absorb, on average per client, 200,000 data points, transform this data into a structured information graph that is computable, then apply per client 40,000 algorithmic rules of logic from a bank of over a million rules of logic. No two clients are the same, no two data sets are the same, no two sets of rules that get applied are the same. We compute that information graph into a pricing decision and allow them to bind on the spot. Importantly, as a risk management tool, as part of our auditing process, we have a human underwriting team that is constantly pulling people's medical records after we issue policies and looking and reviewing how did the human underwriting team price the decision versus the engine. We use that to inform pricing adjustments and underwriting rule adjustments on a go-forward basis. If the client was really dishonest about something material, we will take the policy back and refund their premiums. Our carrier partners' human underwriting teams are auditing both our human underwriting team's audits and the engine's decisions themselves. The risk is heavily studied by both ourselves and our carrier partners. How do we grow from here? There are really a few dimensions. One, keep recruiting more clients to the platform and more agents to the agent operating system. Two, really enhance our platform and expand our share of the agent's wallet of sales by making the system and features better and by broadening our product portfolio. Allowing those agents to both take more of their wallet share, but also allowing them to sell more policies than they otherwise would. Three, keep adding more products really across a couple dimensions. Expanding the share of TAM that we address, and then cross-selling and upselling on our existing clients, and then having what I would call gateway products that then lead to sales. An example of that is we lead with estate planning, wills and trusts sometimes, and we will convert those people into actually buying life insurance and then give them the estate plan for free. We have a track record of launching three to four products per year. This is not a full list of the products that we've launched, but we've consistently and methodically been able to identify key needs in the market and really develop competitive products with competitive pricing, competitive client value propositions, and the amazing Ethos 10-minute experience. We recently launched into selling annuities this past quarter. We recently launched into selling cancer insurance with Aflac this past quarter, as well as accumulation indexed universal life insurance in the agent market. With that, I think we're done. I have some questions, but any questions from the audience? Starting at a basic level, why can't big insurance company, Met or Pru, they've got hundreds, thousands of programmers, right? Why can't they program a quick to underwrite product? I'll lead the answer, but then what's the hiccup when they try and go to the agents, the iPipeline, Ebix of the world. Why can't those two sides connect super well? Yeah. It's a great question. Excuse me. On the underwriting side specifically, it is a massive data science problem of being able to ingest all that data, transform it into a structured information graph, and then apply rules of logic to compute it into a pricing decision that is accurate enough that in a levered business like life insurance, where one mispriced apple can spoil a barrel of 300 apples, to execute on it effectively. The historical data moats of manual underwriting data are not translatable to algorithmic data moats like we have built up ourselves. The best-in-class carriers today can automate around 15%-20% of decisions at equivalent fully underwritten prices that we offer. They're typically for only the youngest, healthiest applicants. We've seen a large and consistent lead in that respect. The other thing I would say is carriers have also tried to replicate our direct business. MassMutual, Prudential, Northwestern Mutual, John Hancock, many others. They've all launched their own direct businesses in the past or acquired Ethos competitor startups and have all shuttered them, because it's a very difficult business to execute. Not only the underwriting component, which is a necessary condition of being able to offer a fast, easy checkout process to a direct consumer client who doesn't have the intent to sit through a 10-week burdensome process. Also just the execution around the technology and the marketing. The other component I would say that's difficult to replicate is our underwriting engine itself is a crown jewel piece of technology that makes our underwriting possible, and nothing else exists like it in the market from third-party vendor-provided underwriting systems. From the agent perspective, you're working with 15,000 agents. They've been selling the same product with the same systems for years, they like that. It's comfortable. They don't generally like using new systems. What are the maybe top three reasons that agents say, "Okay, I have to use a different system," because they can't use their existing platform, right? They have to use a different system. Why are they going through all that trouble to say, "Yeah, I want to sell Ethos"? It's a great question. Our agent- Excuse me. -acquisition process is fairly organic. It's typically an agent-to-agent or agency-to-agency referral where a friend or a trusted source says, "Hey, I launched Ethos a year ago, and now 30% or 70% of my business is on Ethos. I use them for these products or these solutions or these client needs, and I love it because it literally simplifies my life so much, and I have so much more time to sell, and I get paid great, fair commissions." The way I think about it is it's like Uber for Uber drivers where they can just live within this one system. They don't have to train across five or 10 carriers and understand all their product nuances. It's the same 10-minute process for each of our products, and we cover a wide variety of client needs now and growing. I think it really simplifies and accelerates their ability to be successful as an agency. I know you don't provide broad agent statistics, but maybe some anecdotes that once agents start using you, have they tended to sell more of your products? Yeah Different products? Any anecdotes along those lines would be helpful. We have many agents that just sell 100% Ethos, even though they have the ability to sell for any carrier, right? As an independent agent. Especially a new agent where the agency owner says, "It's so much simpler and easier to just train you on Ethos, and it's the fastest way to sell, and it's the fastest way to get paid." It's most likely that I'm going to retain that new agent as a career agent with me. If they don't get quick hits of success, they may feel like it's not going to be a great career opportunity for them. They just train and learn on us, and then they grow with us. They start with a very simple senior whole final expense policy. As their abilities evolve, our product portfolio has evolved to continue growing with their needs. They don't feel a need or a reason to go beyond us. We have some agents who use us for 20% of our sales, but we have a lot who also use us for 100% of sales. I'll keep going, but any questions? No. Okay. Oh, yeah, Bruce. Yep. Is life insurance pricing, do you have to go through the regulatory process and get the pricing approved by the insurance commissioner, like in P&C, or is this different? Yes, you have to file your rates ahead of time. There's not the same litigation of approval of pricing. It's more just you have to file the pricing so that it's known and that you cannot underwrite in a discriminatory manner. Can you tailor If you have 1,000 customers, you can get 1,000 different price points specific to each customer, or do you have that large category? Yeah. Ethos has many different pricing strategies for different distribution sources that have different risk profiles to their clients. We have many different pricing strategies for different risk segments and different levels of elasticity baked into the different clients, depending on how they're coming in. I think one of the cool things about our direct business is, there's never been a carrier who's been able to run elasticity studies because they've always had this agent and PDF application and lengthy medical exam between them and their client. They're not vertically integrated like we are, it allows us to be so much more intelligent about where to be on that elasticity scale. Kyle, I think you had a question. The slide where you show 7% DTC share, how has that trajectory looked historically? Is that accelerating, or do you think that goes? 63%, I think. 7% of total shares. Oh, got it. There hasn't been an industry study since 2022, but my guess is Ethos is pushing that number higher. I think we're the most successful D2C brand in life insurance. If you take a step back, there's never been a great D2C brand for mass affluent, middle, and mass market U.S. life insurance. The brands that you know, Prudential, MassMutual, New York Life, they really focus on a much higher up part of the market that is really concentrated to just a couple percent of the population. For us, we really want to be broadly available and broadly known. Here's a fun fact. The most recognized life insurance carrier brand in the U.S., can anyone guess? Prudential. MetLife. MetLife hasn't sold insurance to individuals outside of employers in over 10 years. They're really known from their Snoopy logo 30 years ago. That just gives you a sense of kind of how stale these brands are and our ability to really define the category and become widely known. Yep. What's the mix between just normal life and then you're adding all these lines of business? Yeah What's the mix question and where do you want to be in that mix in the next three to five years? Why are you adding cancer insurance and products that seem to be tied to one carrier's expertise? What do you mean by that second question? Sorry, can you. The second question was, I saw Aflac on there. Oh, yeah. Cancer. Yeah. Right. You just added that. Yeah. What's our philosophy around that? Our largest category is term life, which I think we last disclosed potentially in our S1 that it's around 70% of our revenue. I might be misquoting that, it's somewhere around there. We are growing quickly also in whole life and indexed universal life. We launched term life first and our direct business more skews towards term life, our agent business more skews towards whole life and indexed universal life as well as term life. Now we're also offering indexed universal life through our direct business. We're growing in sophistication in both channels. As far as how do we choose a carrier partner, we really look for what carriers are going to be very strong in that respective part of the market. Like in term life, we work with Banner Life and Protective Life, who are the two largest term life carriers in the U.S. on an annual premium basis. For whole life insurance, we work with TruStage, which is a top three non-participating whole life insurance carrier in the U.S. For indexed universal life, we work with North American, which is a top 10 indexed universal life carrier. For supplementary health, Aflac is the leader in cancer insurance. We try to find people that are really heavy hitters and strong in their respective parts of the market, and work with them to build the most competitive products. At that point, we'll cut it off. Again, Ethos, again, we've been saying this, a company and a stock you really should be watching, and we'll do breakout upstairs. Thank you. Thank you.