Good morning, everyone, and welcome to this final day of the 28th Annual Needham Growth Conference. I'm Ryan MacDonald, and I lead the firm's EdTech research efforts here at the firm, and in this session, I'm pleased to be joined by Nerdy, and we have our founder and CEO, Chuck Cohn, and CFO, Jason Pello, joining me. Gentlemen, thanks for joining today. Thanks for having us on. Yeah, thank you, Ryan. So we've got about 35 minutes for this fireside chat presentation. We've got a number of questions we're going to run through. But for those in the audience, if you do have questions for Chuck and Jason, feel free to input them in the chat box, and we'll make sure to get those asked and answered at the end of the session. But with that, we'll dive right in. So Chuck, for those who might not be familiar, how about a brief overview of Nerdy? Sure. So Nerdy, in our consumer-facing name, Varsity Tutors, is the leading platform for live learning in the United States. So we can connect people in any of 3,000 different subjects with an expert through a vertically integrated marketplace model. And we surround it with different modalities of learning, different products that enhance that experience that are oriented on helping students across academic calendar years, across different subjects, across different students in the family. And we have a comprehensive learning destination that is meant to support them in that journey. Awesome. And can you explain to the audience the company's go-to-market strategy in both the consumer and the institutional markets? And how do you differentiate in these spaces? Yeah. So we have, as you mentioned, two different go-to-market models. We have a consumer model that is direct-to-consumer internet. We have a model that is focused on going direct to school districts and other institutions. And on the consumer side, you can kind of think about it as you would any sort of vertically integrated marketplace where we focus on making a customer promise and then have the entire model oriented towards delivering on that promise over time. And students tend to buy tutoring. Parents tend to buy tutoring. This is our direct-to-parent model when there's a goal that matters: accomplishing, getting into a university, getting into a medical school, learning to read. And they tend to be important goals. And those goals can change over time as students go through different aspects of their learning journey and maturation journey from elementary school to middle school to high school and beyond. But where we try to focus is on delivering that kind of best-in-class longitudinal relationship oriented towards helping them achieve great outcomes over time. And then we are able to then deliver both through live and async and AI products an experience that is highly customized to them. And so what that means is one thing in kind of the old world pre-Gen AI, and we would use machine learning matching algorithms on other aspects like diagnostic testing that was adaptive to really personalize that journey. But in a Gen AI world, you can personalize it and create bespoke experiences that are so unique to that customer's journey, that student's journey, that it's pretty magical. Yeah, absolutely. On the school district side, we take those sort of superpowers and we give them to school administrators, students, and teachers of the district so they can deploy those interventions at school. And so there's sort of been this idea in education technology that I know you are familiar with, Ryan, that has probably been promised for about 40 years of having a platform for intervention where you can sort of get the data, like predictive analytics, find the problem, and then act upon the problem. And that's sort of always been a false promise. And we're at the point now where we can actually deliver on that. It's something I'm really excited about. Yeah, absolutely. And maybe just to add some numbers to that. So the consumer business represents 85% of total revenue, and then the institutional is about 15%. On the consumer side, we sell what we call Learning Memberships. We had approximately 35,000 active families as of the end of Q3, and they paid us about $375 per month. What they get for that is, as Chuck mentioned, either four or eight hours of one-on-one personalized tutoring each month and a whole host of other learning modalities across live classes, asynchronous self-study content, chat-based tutoring that's available 24/7 to help with homework help, and just a myriad of other learning resources. AI has been a key to the Nerdy school theme and key to the Nerdy story for several years now, and in the most recent shareholder letter, Chuck, you talked about you're now coding with AI, which is really cool to hear. Can you help investors understand how you're using AI to enhance the learning experience on Nerdy? Sure. So I think maybe the key word in there is I. So I'm a self-admitted vibe coder. And it's been pretty remarkable to kind of be able to rethink different aspects of our platform, our system, our journey that perhaps would have been arduous undertakings that would have necessitated the need to probably not change certain aspects of the platform. And so our ability to adapt the platform and launch an entirely new, as one example, our live learning platform, our proprietary video tutoring platform with all the modalities embedded, and be able to build that AI native with all sorts of incredible tools that we'd always wanted, but frankly, were sometimes incredibly intensive to add. It would be an example where we're now able to customize the experience to different age groups, to different subjects, and pull in immersive elements of the journey that otherwise would have been hard. So the AI coding allows for us to sort of we've made an incredible effort and investment in sort of refactoring, replatforming, but doing so with completely net new code. And one of our big company milestones that I think will pay great dividends in the periods ahead is that by the end of the year, by 12/31, we were able to get all of our traffic to AI native services, which is like a monumental undertaking to rebuild, but now puts us in the position where the tech debt is getting to the point of being completely de minimis. Everything's basically net new. And that then allows for us to run incredibly fast. That's something I'm really excited about. Yeah, yeah, absolutely. And how does that sort of change of having all of that traffic being AI native now, how does that change and impact the student and the tutor experience? And sort of what are you most excited about, what the capabilities you're able to now sort of push out and test out over the course of this coming year based on these changes? One is I think the velocity of testing will dramatically increase. The number of different ideas, concepts, products that we're able to build and test will increase significantly. And we're already seeing that. We're really excited about the progress. We're able to then customize the learning journey in ways that, frankly, just were not possible in the old world, certainly for us, but really for anybody. And we're doing so at a pace that I think is unprecedented. We're able to surround it with content and tools that otherwise we never could have sort of justified building at the level of depth that we're now able to. And so there's 3,000 different subjects you can learn on the platform. That's an incredible breadth of content and tools that are subject-specific that we can now start adding kind of at scale, but do so in a way that aligns to the learner-specific goals, and we're able to then remove friction kind of at every different step, so what does that mean from a business perspective? Well, the customer is just getting a seamless experience that is customized to them, whether they're going to medical school or learning to read or engaging in a language learning activity. It's now sort of exactly how they would ideally want it with live at the epicenter, but now actually surrounded with all these content and tools, and so both before, during, and after tutoring sessions, the AI is able to help prepare the lessons in real time, suggest things to the tutor with real-time transcription and insights and customizations. After the session, the entire experience is kind of summarized and chapterized, and content is produced as a result of it that's highly bespoke. So it's pretty magical. And I think it's only going to get kind of more bespoke in the future. I'm a big believer in the idea of bespoke software for individuals at scale. Yeah, makes sense, and I think clearly, I think a lot of these changes you've made, that experience is something that can't, I don't think, be easily replicated by just general sort of large language models, the general LLMs or tools. So I'm kind of curious, though, because there is a lot of noise in this space about AI Tutors and how it can disrupt education. I guess as you think about sort of the platform changes you've made, this new experience, how do you think that how does that position you to sort of better compete with some of these sort of free or low-cost sort of AI-only tutoring alternatives? Well, we certainly think that it has a place in our overall roadmap. So we have an AI Tutor and have for many years, and people use it for homework help. And we think it's an important part of the journey. It'll continue to get better. But what we'd like to do and are focused on is sort of elevating the human with all of the superpowers, think you know in Iron Man and all the different Jarvis-like screens, so that they can kind of bring the incredible wealth of knowledge to bear. And frankly, this online experience is now to the point where it is better, markedly better than what has ever been possible offline. So there's also an offline to online digital transformation occurring where if you do it in person, you're missing out on these magical technologies. That kind of combined with all the data and ability to personalize at every single step in a very complicated, very involved student journey with hundreds and hundreds of touch points is an opportunity to personalize in ways that I think already are really delighting our customers. From our perspective, the AI kind of tutor aspect of it is important, and we'll have it as part of that journey and maintain parity plus on some of those capabilities. All of the other aspects around the context, the entire journey through the life of a student and our ability to then personalize that entire experience, including in live interactions, is something where we think we're highly differentiated. I think that's something that is often easily forgotten by investors is that there's still such a great opportunity and long-run exit growth here in just the market shift from offline to online. I mean, still you have about half the market that's offline today. So it still represents a very big opportunity. And it feels like all these enhancements you're making can really help accelerate that offline to online shift. So very interesting. Maybe shifting to the fundamentals, another I think underappreciated aspect of the story is as you've gone through 2025 is you essentially accelerated revenue growth sequentially each quarter as you've moved throughout the year. To the extent you can talk about it, how did that trend in fourth quarter and how does this set you up for 2026? Yeah, Ryan, as you mentioned, we've been able to sequentially improve consolidated growth revenue rates each quarter as we move throughout 2025. We would expect that trend to continue into Q4, and then thinking about 2026, we would actually expect that trend to further accelerate across both our consumer business and our institutional business, and when we think about the consumer business, Chuck's mentioned, obviously, it'll be product-led growth that we've introduced over the course of the last quarter, but then new things to come over the next quarter as well and throughout the year. We made some substantial investments in tutor pay earlier in 2025 that I know we'll talk about later, and that's really driving improvements in retention, and then from a marketing perspective, you'll see continued top-of-funnel diversification into new channels that I think will drive further growth on that side as well. Awesome. And then. Yeah, on the product-led growth, because I think this is important, it's not just that we added some net new features or net new capabilities. It's actually like we rebuilt everything from scratch, thereby allowing us to run incredibly fast as we've been doing now for a couple of quarters under the hood and accelerating, so we're pretty excited about the type of growth, and it's probably the hardest way you can grow is to rebuild it the right way perfectly for the future, but that was what we thought was required and ultimately what would allow for kind of from an investor's perspective, very differential outcomes. Absolutely. And as you think about if we take a step back and looking at sort of like the macro as we're in January here of 2026, I guess what in your view, as you're seeing sort of what's the state of the consumer and what are you kind of the trends you're seeing that could affect the consumer business? And then obviously on the institutional side, a lot of changes going on at the Department of Education doesn't seem to be changing sort of the pool of funds more of where it's at. But any sort of sense you're getting from some of the districts and schools that you work with there, I'm curious. On the consumer side, I think that the expectation around personalization is going up with AI. That's sort of what we see where there's really no indication of substitution, but there is an expectation of better personalization. Yeah, I'll let Jason take the institutional one, but I think we're pretty pleased with the trends and our ability to play into that. Yeah, I would just echo on the consumer side, generally higher household income remains healthy. On the institutional side, you mentioned it earlier in the year and it continued through the back-to-school period, a lot of uncertainty with federal funding, changes in the U.S. Department of Education. I think that that playing field is leveling, especially as we move into 2026. People know what to expect. When they know what to expect, they can make decisions and move forward. The funding is there. It's just been maybe allocated in a different way, but education's always been a bipartisan issue. We expect that to continue, and there's still a lot of children that are behind from a grade level perspective that need significant support, and we're one of the few companies that are capable of scaling to meet those needs with districts of any size across the United States. I think that last part is something that's worth highlighting, which is there's a logistical challenge at scale in a school district, each of which is very different, each of which operates ultimately at a school level, a grade level, a subject level, and where there's state standards involved, there's school-specific goals and mission, and the ability to customize every different level of intersection there in a pre-AI world and get the level of customization that a district, if left to their own devices, would love, wasn't possible, but with AI kind of removing friction and facilitating data transfer and allowing personalization and the interconnectivity of all these different intervention services, that's where all of a sudden AI can actually enable you to handle dramatically larger and more complex implementations than would have been the case otherwise, which then qualifies you for way larger opportunities. That's something that we're building the platform to facilitate in the future. I think I definitely think one key shift in mindset, I think, within the institutional side of the market, K-12 and higher ed, is it's been refreshing and great to see that while maybe there was a lot of feet dragging and sort of like reluctance when we were kind of making the shift from in-classroom to online. I think as schools and districts and institutions have gone through that, that you've actually seen this time around with AI, it's more of an openness and willingness to embrace AI and try to find ways to use it. There hasn't, I think, been as much friction there. So I think it creates a really nice opportunity on the institutional side. And Jason, maybe within the institutional, it's a significant market opportunity. As we've looked at it, looked at competition, the Nerdy offering, Varsity Tutors offering really stands out amongst the competition. But can you talk about what your strategy is there to sort of re-accelerate the growth in that business as you look into 2026 here? Yeah, you mentioned it. I think there's a growing awareness across policymakers, educators, and parents that online interaction and tutoring can play a substantial role in education and be more like a co-teacher in the classroom to support teachers who are struggling with the demands of the job. It's incredibly challenging, and they do a great job. But anytime that we can provide them support, the AI tools increase both teacher productivity, but then also student efficacy. That'll drive continued growth. And then as you think about it, I mentioned it a little bit earlier, but if you look at the NAEP score, students are still well behind. We expect that funding to normalize. As the funding normalizes into 2026, schools will engage with services like ours at a greater level, just given the awareness that high-dosage tutoring, which is meeting with the same tutor multiple times per week over an extended period of time, is truly the most efficacious way to get kids back up to grade level. Yeah, absolutely. I think it's worth noting that the White House AI education event, where it was sort of elevated to the highest levels of the administration, sort of unlocked a lot of pent-up demand, where there was a clear signal to school districts, the states that this is something you should do. It's good. Everybody's going to be doing it. And any sort of concern out of like, what's our AI policy? Should we have restrictions as a school district? Sort of was put into a much more constructive and forward-leaning orientation. So it really felt like a starter pistol went off in our conversations with customers in that regard. One thing that I think is important to note is that that AI education event and the kind of workstream that the administration is leading, excuse me, is oriented towards also elevating live tutoring and how AI can enhance the live elements of that. So that was sort of put on the same level as AI tutor, specifically given the incredible kind of motivation and accountability and other benefits that come with the human element of tutoring. Yeah. Well, I think it's also been interesting that they've now started actually seeing an elevation on the national level in media of the successes in the state of Mississippi and what they've improved in the past decade of where they went from like 49th or something up to like 13th. And it really was driven by a shift in more rigorous testing more frequently. And I think anytime you have more testing, more assessment, I think there's a greater need on the tutoring side to be able to match up with that. So I think if that approach starts to spread overall to other states in the country, I think it could be an interesting thing to watch for on the marketplace. So maybe shifting to further down the P&L as we kind of work down it, I want to talk about gross margins a little bit. Earlier this year, you made a significant investment in the tutor side of the marketplace. Can you explain the investment and the results you've seen to date from it, and where do you think gross margins can go to in 2026? Sure. So earlier in the year, to start 2025, we invested pretty substantially in the tutor side of the platform, specifically tutor rates, trying to align tutors' incentives, economic incentives, which is to make more money, and our economic incentive, which is to retain customers for a longer period of time and extend LTV. So tutors started with a base rate of $18 per hour. And then for each sequential session where they met with the same student, they were provided an extra dollar, so all the way up to $40 per hour, trying to drive that recurrence in relationships, which is really what builds and delivers exceptional tutoring quality. Throughout the year, we offset that with price increases on new customers. And so what you've been able to see is a sequential improvement in gross margins as we move throughout the year. So we improved 350 basis points from Q1 to Q2, 140 from Q2 to Q3. We guided similarly that we would improve in the fourth quarter about that same rate. And by the end of the year, you'll be at near parity with where we were a year ago, albeit with a higher quality tutor base that's more actively engaged in driving LTV improvements with our customers. And then I think importantly, with the new tech stack Chuck's mentioned, we've been able to become more targeted with these incentives. Before on the legacy tech system, it was a broad brush. Now it's much more targeted towards lower liquidity and higher complexity subjects. And so what that means is you'll see continued expansion of gross margin as we move into 2026 and beyond. Excellent. And as you kind of go further down the P&L, in the third quarter, you delivered 960 basis points of improvement adjusted EBITDA margin year over year. And that's been really driven by plenty of improved operating efficiency and cost reductions across the P&L. How should investors think about what's driving the strong sort of efficiency results here? And how much are the technological improvements you've made, Chuck, playing into that? And how do you think that this carries forward into 2026? Yeah, so Chuck's mentioned a lot about the consumer-facing uses of AI. We're also harnessing the power of it internally to remove friction, eliminate manual processes, drive higher levels of automation. All of those things are allowing us to reduce headcount, which was down about 27% at the end of Q3 on a year-over-year basis. We've got a new operating team, which Chuck can speak to, that is helping drive further improvements, and what I would expect during the fourth quarter is an expansion of the Adjusted EBITDA margin improvements we delivered during the third quarter. We would also expect those to continue into 2026. They are durable, recurring, and scalable, which will allow us to grow the business without commensurate costs from a variable cost structure, and all of that will flow through to the bottom line with improved profitability. Interesting, and how do you think, Jason, just conceptually now with all these changes that have been made pretty rapidly, honestly, about the balance of growth versus profitability moving forward and how you are sort of targeting to try to operate the business here? Yeah, I think we can be more aggressive on the growth side moving forward, just given the fact that the scalability of the systems is there to an extent that maybe wasn't there in the past. And the level of operating discipline that has been instilled in the business over the course of the last six months will allow us to scale and be more aggressive on, in particular, maybe the marketing front to drive top-of-funnel awareness. And then certainly you'll see the retention-led growth as well, which is equally powerful. Yeah. Yeah, I think that's the important thing is that because it's driven through the reimagination of the product, it will manifest in higher retention and already is, which then drives both growth and profitability at very, very high incremental margins, call it in the 60s-70s% of incremental contribution profit with those extra retention dollars, and as a result, that incremental growth should be highly accretive, and we would expect sort of, we're at that point of inflection now where you kind of see them move together. Awesome. No, that's great to hear. Now, you can do a lot of changes on the technological side, but you also have to get the people sort of executing in an efficiency mindset, and so I'm kind of curious, it brings me to some of the changes you've made into the C-suite. You brought in a new COO, new operating team. Sort of how is that new leadership team sort of helping to also drive this sort of new efficiency mindset within the people within the Nerdy organization as well? Sure. So we've definitely upped the bar on operating discipline, structured the depth to which we're dissecting problems. A lot of the operational efficiency that we're getting is also associated, though, with customer friction removal. So that by removing anything that could confuse somebody, slow somebody down their journey, and cause them to inquire, cause them to cancel, you're also extending retention and driving revenue growth. So the levers that we're focused on, even those that are cost-related, tend to be very oriented towards improving the customer journey and product-driven improvements. And so much of what our new COO worked on in the past at Amazon, like computer vision systems that then are used in fulfillment centers to facilitate defect reduction and improve the customer delivery. Those are the sorts of things that have direct applicability here. And so we're able to leverage technologies that either we weren't able to use in the past due to complexity, or also there's obviously been technological advancements, or frankly, due to the we were using, but not nearly to the extent that is possible with a fully threaded experience that is much more deeply integrated from the tech, the computer vision side from using AI to remove friction and facilitate and do kind of predictive analytics that allow us to personalize experiences or intervene in ways that allow for kind of the preemption of any sort of customer problem that then leads to growth, leads to customer service costs coming way down. And I think it's complicated enough, it's threaded enough throughout that experience that it also is really differentiating. Yeah. Have you seen any sort of early data points around less cart abandonment or something like that on some of the improvements you've made on sort of the front end of the experience? Oh, yeah. I mean, we're seeing all sorts of different levers at Fleck related to engagement levels and reducing customer inbound contacts and increased conversion rates at multiple different steps in the funnel. So there's a whole host of different aspects of the customer journey that are improving concurrent with the changes. Awesome. That's great to hear. Jason, I want to actually switch to talking about the balance sheet a little bit. You recently entered a term loan agreement in the fourth quarter. Can you just talk a little bit about your intent and use case, uses for the proceeds? I think you had about $28 million in cash at the end of third quarter. And you've got, obviously, we've talked a lot about the sort of growing profitability of the business with the changes, but can you just talk about use of proceeds, how you're feeling about sort of the state of the balance sheets, and why you decided to kind of go through with the term loan? Sure. Look, the loan was an opportunity to work with a partner we had worked with in the past and had a successful relationship pre-IPO. It enhances our financial flexibility, ensures we have more than enough cash as we march toward profitability in the near term, and just de-risks it from an investor perspective. It's a four-year loan, interest only, and so our perspective was $1.5 million of interest expense per year really de-risks the whole situation and takes it off the table from an investor concern perspective. I would say we had no concern, and I was supremely confident that we were going to inflect. So everything Jason said is true. But the second part of that is it allows us to just be offensive now in a way that, should opportunities come up where we could drive differential growth through perhaps M&A, perhaps through a different strategy, you could just be more opportunistic than you would otherwise and for a little over $1 million a year in expense. It just provides a lot of flexibility. Yeah. Well, and I think one of the underappreciated pieces of how this loan is structured was about, I think what is it, Jason, it's like the first three years is interest only. So you actually have plenty of runway here to sort of invest in the business, operate, sort of drive that profitable growth before you actually have to worry about sort of principal payments, right? Is that? That's correct. And actually, there's a hurdle rate. If we hit it before the end of the third year, the fourth year also becomes interest only. And if not, the payments in the fourth year are only equal to the interest payments. And so it's almost de minimis. Yeah. Makes sense. Yeah. The profitable growth will cause us to not need to have needed the loan from a defensive perspective. This is entirely offensive-oriented. Yeah. All right. Chuck, I want to switch to sort of talking about some of the ways you've been spending your time and money lately on being a very active buyer in the stock. I know what the Cohn family was getting in their stockings this year. Can you just talk about, obviously, clearly, you have a lot of confidence in where the business is going, but maybe just sort of give a little more color on sort of why now is the right time to buy the stock, in your opinion, and why you've been so aggressive in that area? Yeah. I think I just passed the $80 million mark of open market purchases over the last few years. So it was something like $4.5 million more than I bought in the quarter. I mean, the stock's cheap. I mean, it's silly. This is a whole new company. So I think I basically refounded the company. And the opportunity here is to kind of get in on the ground floor of a platform that has scale but is leaning into the most aggressive and personalized aspects of what AI can do to education, but do so in a way that is highly differentiated, that puts live at the epicenter and where we already have a real superpower and tens of millions of hours of past experience delivering tutoring and live learning at scale with the distribution in place. And so we think we're going to be able to inflect growth and profitability in a way that is really meaningful. And as you think about, so as investors, again, you've made a lot of changes here and you're starting to see some of the proof points. It's really great to see. But how should investors think about what may be catalysts or metrics should they be focused on to sort of as proof points to sort of see the strategy sort of playing out and that you're kind of executing on some of the early stages of this acceleration? I'll talk on the financial side, and then Chuck can maybe talk on the product side. On the financial side, near-term expectation that we'll return to growth, and then that'll further accelerate into 2026. That's the expectation internally, and that should be investors' expectation. And then moving down the P&L, just expectation on near-term profitability on an Adjusted EBITDA basis. So that's an inflection point. We've been working for it for the better part of a year. We committed to it to ourselves, to our board, to our investors, and we feel confident we're going to deliver it. Yeah. I would expect that you can actually just see it in the revenue acceleration and the operating leverage that then occurs with revenue growing disproportionate to all of the fixed costs. And there's aspects we talked a little bit about gross margin and earlier, but our ability to try out wild different incentive schemes and leaderboards and our ability to customize and align with experts on the platform is fundamentally different than what we've been able to do in the past. So that'll also just be a source of leverage that is AI-enabled in the sense that our ability to do incredibly, what was for us, very complex sort of ledgering and accounting and all the other things that have to happen to pay people at scale, but do so in ways that are changing over time and testable, that is now possible, whereas before it wasn't. That allows for us to be way more targeted. I'd expect kind of as a result of our ability and new aspects of the platform related to incentives and how we can test at scale, that'd be like one example where it is customer-facing in the sense that we'd expect to have way better aligned experts doing all the right things, but the feature is really one of software that then allows for us to test things that we never could test before. Yeah. Makes sense. One question we've gotten from the audience before we start to wrap up here is, as you think about the consumer side of the business, and we've seen sort of a shift in sort of the search dynamic in the market where a lot more consumers are going to ChatGPT and other LLMs for just natural queries and search. How do you sort of change your top-of-the-funnel strategy to sort of drive awareness to the platform versus the traditional sort of, let's call it at this point, a little bit legacy like Google search algorithm, if you will? One aspect of how the platform is evolving is that we're able to fill in across those 3,000 subjects with content and tools that are specific to the subjects at scale, which then allows for us to have way more stuff for people to do on the platform, way more things that would qualify them, both for search or for social engagement and kind of virality that we didn't have before. The scale of the platform is dramatically increasing. The depth of the pages, the richness of the content, the modalities that you can interact with will be well beyond anything that we've had in the past. Certainly, sort of the AI snippets are eating all the non-commercial queries over time, but we would expect that the depth to which we are improving the experience is disproportionate. So that then qualifies us for all sorts of different referral strategies, growth strategies that otherwise would have been more elusive, and perhaps had we had a 100 million visitors a month experience that already had all of the kind of modalities and content, that wouldn't be the case, but we're starting sort of at the opposite end of the extreme with a highly focused commercial kind of go-to-market and customer referral strategy that now can really be amplified in a way that it couldn't before. Makes sense. Is there an opportunity, given what we've discussed with the offline, the online switch sort of accelerating to be more targeted at the localized level to sort of try to shift more of those folks that go from that might be looking at the tutoring center in their neighborhood, or is there an opportunity to maybe do that in a leverageable at scale way at this point as a result of AI? Yeah. And it's a little what we've talked about our ability to deliver those bespoke experiences. And we've talked about this concept of allowing school districts to deploy it at scale. But that intersection between the fact that the go-to-market for institutional can then amplify and build credibility with the consumer go-to-market is one that our ability to actually thread that together in a way that is sort of school-specific, local in nature, and takes into account the either state curriculum or the specific goals of the school district or even a homeschool family, right, and the ability to sort of deliver on that experience. That's a concept that during COVID, we leaned into a little bit with this kind of school-at-home concept that was at the time a little COVID-specific, but the idea that you could take tutoring and classes and other content and sort of amalgamate your own augmented supplemental service as a homeschool parent, that's something that in an AI world, our ability to deliver on exceptional quality there is really enhanced and something that we're excited about. Maybe to close out here, obviously, we talked about catalysts and things to kind of keep an eye out for. But Chuck, what are you most focused or excited about in the business for 2026 and beyond? I think the product quality is going to be so elevated. It'll be something that we can both be really proud of and that from here on out, I think you'll see a fast pace of execution between sort of what we want to do and what we are doing and what actually pulls through, so that should be much more tightly correlated. Awesome. I'm not seeing any other questions from the audience. So Chuck, Jason, thank you so much for taking the time to have a great conversation. And thanks, everybody, for joining us today. We'll leave it there. Thanks, Ryan. Thank you.