Hello, and welcome to the J.P. Morgan Healthcare Conference. My name is Kyle Aikman. I'm on the Healthcare Technology and Distribution team here at JPM. Today, we're thrilled to be introducing Sharecare, and on stage, I'm accompanied by CEO, Brent Layton, and Executive Chairman, Jeff Arnold. They'll be doing a 20-minute-ish presentation, followed by a Q&A. If you have any questions, we have a mic runner, happy to facilitate that. But with that, I'll let Brent and Jeff take it away. Thanks, Kyle. It's our 10th year at J.P. Morgan, so appreciate being back and talking about Sharecare. To start off, we're gonna talk about how Sharecare has strategically positioned itself for growth and profitability. And today's is a big day for Sharecare as Brent Layton is joining us, and this is Brent's 8th day. He is the new CEO of Sharecare. I founded Sharecare back in 2012 after founding WebMD back in 1998, so I've been in digital health for some time. And Brent was the former president and COO of Centene. And Brent, I think you joined them when they were about $300 million in revenue, and- Exactly right. left, it was about $140 billion in revenue. And Brent and I have been friends for some time. He joined Sharecare's board of directors about a year ago, and we couldn't be more excited to have him leading the company for the years to come. Why we're so excited is we think we have an incredible platform. We've amassed some really good AI skills and data sets. We're well positioned in some really big growth opportunities that Brent's gonna take you through. And and we think we have a differentiated financial performance, strong balance sheet, have grown our Adjusted EBITDA pretty well over the last 12 months, and looking forward to a great 2024. You know, when we look at, you know, digital health, we see this as just one of the greatest business opportunities out there. The same way that, you know, retail has been disrupted, we believe that digital health is gonna disrupt healthcare, and all categories of spend are up. Medicare Advantage spend, Medicaid spend, commercial spend, out-of-pocket spend, and we think that digital health is gonna be what's needed to curb the spend, and Sharecare is really well positioned for this. The reason why we believe we're so well positioned is, since 2012, we've invested over $1 billion building out our capabilities. And so those capabilities are rather extensive, leading with our Digital Front Door that drives hyper-engagement with our users. We've built a marketplace of evidence-based digital therapeutics. We've invested in digital advocacy, clinical advocacy, family advocacy, and we pioneered tech-enabled caregiving. So we've got this massive TAM that's gonna be disrupted with digital health. We've got this amazing platform that we've built over the years. As we look across our business channels for 2024, I think the plan is pretty straightforward. On the enterprise side of the house, that's where we sell our platform to payers and employers and government, we just need to grow faster by leveraging the investments that we've made in our capabilities. We're building a robust pipeline, we're renewing customers, and we're focused on driving up our PMPM per channel by offering more and more clinical services. On the provider side, this has been a great business segment for us. We're coming off a record year where we collected over 6.5 million medical records. We've grown this division from $20 million in revenue to well over $100 million organically over the last few years, and we have 8,000 clients. The game plan for provider in 2024 is keep taking market share, take those 8,000 clients and cross-sell them into enterprise, and continue to introduce our provider segment to our payer clients, which has seen amazing growth in that channel for us, as a lot of our payer clients on the enterprise side are using our provider segment for audits. Then lastly, on the life science side, we wanna continue to outperform the market, and we think this is an amazing capability that Sharecare has. We have a zero-party database of over i15 million people that we leverage to target enterprise users, as well as to enter new growth areas like the exchange that Brent will take you through. I thought I'd take a moment and just talk to you a little bit about how we monetize these capabilities by calling out a few different case studies or client examples. So the first one is a Fortune 500 employer, where we sell our digital platform and our advocacy services. So in 2022, we weren't in the advocacy business. We built out those capabilities, and we launched it last year. This is an example of a Fortune 500 employer, that's about a $7 million client, that we've been able to get many of the users activated, driving high satisfaction and outcomes. Our goal is, you know, get every Fortune 500 employer to use these services. The second client example is one of our regional payer. So this is a $30 million client. And so the way we think about regional payers is, how do we take the billion-dollar investment that we've made in our capabilities and help regional payers compete on a national level? The third is national payers. On the national payer side, this is an example where we've grown a particular client from $5 million to $20 million over the last 2 years by having them leverage our 450,000 tech-enabled caregivers. That's our CareLinx asset. On the State Health Benefit Plan, we have an $18 million client. Can you hand me my water? Sorry. Of course. Yeah, thanks. We have a $18 million client in our State Health Benefit Plan. And Brent's gonna talk extensively about our government work, but we've been doing this for about 10 years with this particular client. On large health system, this is an example of a $8 million client, that when we started, we had 8 sites, and we now have over 1,200, and across the country. And then lastly, on the life science brand, this $3 million client is an example of one brand that we generate $3 million with, and we work with, you know, over 80 different brands across our life science segment. So as you can see, well-diversified from Fortune 500, regional payers, national payers, state governments, large health systems, and life science companies. On the financial performance side, as you look at 2023, we were able to hit our core KPIs. We grew our eligible lives to 12.9 million lives, and we grew our records processed to 6.5 million. We're reiterating our guidance for the full year of 2023, which is $452.5 million-460 million, and our Adjusted EBITDA range of $21 million-26 million, which is up from $5.9 million in 2022. We're gonna announce our Q4 earnings on March 13th, and that'll be Brent's first time as CEO for our earnings call. At that time, we'll give out full year guidance. And so to kind of close out, before I hand it over to Brent, is we're extremely proud of, you know, what we've built at Sharecare over the last decade. We see this as a massive opportunity. The TAM is huge. We have the capabilities, we have the clients, and now it's really the time to grow. And as we move from early innings of digital health into a more mature market, we think Sharecare is really very well poised to take advantage of that. And with that, it's my pleasure to introduce Brent. Thank you, Jeff, and good morning, everybody. I'm excited to be here today and excited, and appreciative of the opportunity that the board of directors of Sharecare has given me to be CEO. For many years, I've had the opportunity to get to know Jeff, and I've always been fascinated by Sharecare. To be able, in the palm of your hands, to be able to access healthcare, to use those benefits, and to really control, take control of your healthcare. Now, being on the board for almost a year, I've been able to see it up close. As I look up close through our enterprise platform, what I see is innovation, what I see is flexibility, and for me, what excites me the most is I see scalability from that standpoint. For the past 2 decades, I worked for a company called Centene Corporation. Centene is a Fortune 25 company. When I started with the company, like Jeff said, we did about $300 million in revenue. We were in three states and a handful of counties, and there was not even an RFP done yet for the Medicaid managed care industry, so very much in the beginning. As I exit out, which was just a few days ago, December 31st, Centene is well in excess of $140 billion. They're the largest Medicaid managed care company, the largest in Exchange insurer, and a very large Medicare Advantage company. And for all the good things that they did and my former employer did in helping people get access to health insurance, at the end of the day, there's something missing. What's missing is access to healthcare, and I do believe Sharecare has that ability, through our platform, to streamline that. You've heard Jeff talk about working with many Fortune 500 companies and health systems, the things we're doing in life sciences, and all the outcomes we're doing, and we're gonna continue to do that and continue to grow that. But I think there's so much more we can do. Coming out of working with a company that might be the largest public-private partnership company in existence, working with government, I believe the opportunities to help and work with government are endless for Sharecare. I absolutely believe that our technology, our flexibility, and our scalability gives us a ways to bring solutions in a way that we can help people access healthcare from that standpoint. And there's many avenues to do that. One avenue is obviously working with state governments, managed care and Medicaid MCOs, Medicare Advantage plans, and yes, the exchanges from that standpoint. And what we will do is have our technology and really focus on three things: navigation, activation, and utilization. Everybody wants people to be able to find their services and be able to get to their services. Everybody wants people to be able to activate their benefits, and most of all, use them. And at the palm of your hand, we know this can happen with Sharecare, partnered with MCOs and partnered with government. At the same time, you might have seen the news this morning, that the exchanges today are over 20 million people north of that. That's an incredible number. Go back three years ago, and it was a fraction of that. The exchanges have exploded. The insurers now actually have a foundation below them. And for all the good, the opportunities exist very high for Sharecare to be a part of that, to help activation and utilization be a part of that. And there's just countless value-based companies at this conference. Y'all probably sat through many of their presentations, and there's no doubt that there is a revolution going on in outcome-based payments for providers for outcomes. At the same time, I believe that Sharecare can very much be a part of that, and I'll speak to that in a moment. One thing, as I mentioned, that was always important, was navigation. And so as I come to Sharecare and have conversations, Jeff and team, how can we be better at that? How can we help MCOs and government with this at the palm of their hand? Having a directory of a health plan that shows that the nearest provider to you that's in the network is 1 mile away, that there's 3 doctors in that practice, that they work 4 days a week, and that they close at 4 P.M. and taking new patients, and one of the providers actually speaks Spanish, and be able to schedule an appointment is important. At the same time, to know that you might have benefits like SNAP benefits, and that the grocery store a half-mile away takes food stamps. At the same time, for all the great not-for-profit groups that exist out there that are doing so much good work, to bring them together and to make sure that people actually are able to use them, and to make sure that you know that that homeless shelter that closes at 9:00 P.M. tonight has 3 open slots. That is what's needed, so that people can navigate their services from that standpoint, and absolutely is what we can do as Sharecare. I think, as I mentioned a moment ago, the opportunities in government are immense. Now, clearly, today, Sharecare is working with state governments, great clients like the State of Georgia and the State of Tennessee. We work with MCOs like Peach State Health Plan, which is Georgia's largest Medicaid managed care company, Medicare Advantage plans like CarePlus. But that's only the beginning of where we're going, because we can bring technology in the palm of their hands to their members, to their insureds, to ensure that they are able to activate their benefits, and most of all, use the services from that standpoint. As I mentioned, I was so excited this morning when I saw CMS on TV talking about 20 million people in the exchange. I'm sure if I sat here three years ago, you all would tell me: "I thought ACA didn't happen. I thought it went away. Nobody survived." But it has. And what's happening is health insurance in this country is changing rapidly. And for all the stability that's now happening with individual insurers, and all the brokers and agents that help grow Medicare Advantage are now helping grow the exchange, and for all the federal subsidies and the emphasis by CMS to grow this, what's not kept up is technology. At the end of the day, for all the people coming on to the exchange, you actually want them using services. You want them to utilize it for so many reasons, and one reason is the most obvious. If you use services, you're probably gonna renew with them. And we believe there's endless partnerships here in this area. And it's not just what's happening today, but it's more importantly to really go into the where that puck's going in the future. And you're beginning to see the beginning of ICHRA. You're beginning to see it in small group right now, but ultimately, you're gonna see it in large group down the road. And we are absolutely believed that we can be a part of that as you begin to see the changes in commercial health insurance. These are opportunities we can deal with today and enhance, and more importantly, preparing for tomorrow. And for all the great things going on in value-based, I've been in managed care since the 1990s, you know, when the, the term capitation was all the rage. The public turned against it, and then ultimately, there was no technology, to be honest with you. Today, the technology's there, and people absolutely believe in outcome-based healthcare, and it's truly a revolution going on. And absolutely, Sharecare brings solutions. There's many different companies, ACOs, MSOs, that are out there doing things around PCP-based, but what I think about is post-acute. I mean, the assets that are at Sharecare today, like CareLinx, gives us ability to truly impact that, to work with an MCO, to work with government, if people discharge out of a hospital, to make sure when they go home, there is a plan there, the technology exists with our providers. And the assets of Sharecare absolutely energize me of what we can do. For a guy that had contracted Ascension for years and did many of our capitated or value-based models, I'm a believer in the technology and the assets like CareLinx we have to have a major impact. I know you probably got a lot of questions for us, and I look forward to answering them, but I figured I'd give you a little sneak peek of what a 100-day plan for me is, right? Today is day eight, like Jeff said. First of all, I've been meeting... In my eight days, I've been hustling. I've been out there, and I've tried to make sure that our current clients, that I meet with them. I want to hear what we're doing right. I want to hear what we're doing wrong. More importantly, I want to know how we can partner together. I've been out meeting with future clients, and with the future clients, I'm basically being an evangelist. I'm telling them about the flexibility and about our innovative platform that we can work with them on. And I want to hear what they need and how we work together. Combined, I will have an absolute comprehensive growth strategy. And because we have such a great company, you should expect growth. But equal part, you just, you expect profitability running parallel, and that's where we'll go. I will have a value creation plan that will run in parallel with our great growth and with profitability to make sure that we are truly being efficient in operational excellence. Scaling the business, that's what we're going to do. Focused on three things: activation of services, of programs, navigation, so the persons can understand and work through the health system they're so confused with, and utilize, utilization, that they use the services. That's what our platform allows to happen, and to enhance, and to build. Most of all, it's because the innovation that Jeff and team have put together that allows this. It gives us the precision to focus on Fortune 500 clients at the same time with governments as well as MCOs and so forth, to be a solution. And I believe I will bring experience at scaling and growing, and I am so excited to be here. And with that, be glad to take your questions. ... Amazing. I wanted to start off, you know, value-based care was a big theme throughout the presentation. It's been a space, you know, all of our names talk about. I'm curious, you know, what inning you think, as a nation we're in, in the shift towards value-based care, outcome-based healthcare? And do you think anything has to happen more on a regulatory perspective to really drive change here? Or do you think, you know, you got the gears in motion to execute here? First of all, I think the gas is in the engine, and- I'll start here. I think the gas is already in the engine, so I don't think government has to do anything to keep it going. I think, if anything, if you look at Medicare Advantage, I think we're at full throttle. We're somewhere in the middle innings right now, what's being done. I do think there's some misses in areas like post-acute and other services, and that's where we see an initial opening from that standpoint that we bring to that. If you look at Medicaid, it's just begun. If you look at pediatrics, even more so from that standpoint. If you look at commercial insurance, I think it's gonna be interesting because what you're going to see is, you're going to see the rise of ICHRA, and that's gonna just impact the overall commercial market for value-based. But wherever it's at, in any of those different payment ways, I think that, we're very much in the beginning, the future's high, and I think our technology sits there, right there. If we can actually get people to actually use their services, that alone has an impact. And then being able to find ways to reward them, which is what Sharecare has been doing, all of the Fortune 500 companies, I think the opportunities are great to continue to grow it. So I think we've begun, but we're clearly got gas in the engine. Mm-hmm. That's awesome. And then I wanted to pivot, 'cause, you know, you highlighted the three segments of your business and cross-selling and how those work together. I'm wondering if you could walk us through some of the conversations you're having with the different segments and prospective clients, you know, frame the current state of the macro environment and, you know, what maybe excites you the most about each of those segments. Well, I think, you know, one of the It's been really great working with Brent, is, is just driving awareness for Sharecare. You know, going around the country and, you know, Brent has an extensive kind of Rolodex of, you know, spending a couple decades with Centene, and many of his peers have gone off to run other MCOs, and it's been great doing a roadshow and just introducing them to Sharecare capabilities. I mean, they had heard of Sharecare, but didn't understand how potentially our platform could benefit their members. So that's been really great. On the provider side, I think kind of an aha moment of working with Brent is like, he was like: "Let me get this straight, you get paid to collect data?" which is really what's great about that business is, you know, you know, it, it's expensive collecting data. We get paid over $100 million to do that, and then to realize that our clients are often the biggest employers in any city. So how do we cross-sell those hospitals to become enterprise clients? Similar to how we've introduced those, our provider business to our payer clients, so there's tons of cross-selling opportunities. And then lastly, is probably the newest segment to Brent's business, is life sciences. You know, just not being familiar with how that business works with advertising, and having 80 million people's email addresses, and how to do targeting, and SEO and, social, and all those good things. But, as you think about the growth of the exchange, 20 million people this year, and where it's gonna go, and that we've got 115 million people in our zero party database that we can introduce the exchange to, and how it works, and hopefully adopt our health management platform as they pick their, payer, is gonna be a huge opportunity. And I think you're getting a good appreciation of that, of the power of that offering. I would add from the standpoint, the flexibility and innovation that we have at our platform, our enterprise, is amazing to me. I can sit here and talk to Jeff and team, and we'll talk about things that I think that when I... my many years working in managed care, there are problems that need to be solved. As you talk that out, the technology's there, and by the way, the willingness to build this. Over the years, I'd have people coming to Centene, and they would bring all kind of companies that are presenting here today, and they would come and say, "My company does X." And I'd say, "That's great, but you never asked me what I need." And bottom line is, we go to MCOs, and we go to government, we're gonna know what they need, and we have the technology, and most of us, we're gonna say, flexibility, flexibility to build that for them and to offer that. And, my eight days in the job, I've spent half of them talking to hopeful new clients, and just having that opportunity and having that discussion about: This is what we can do, how can we help you? And I'm very much excited about that. I mean, I'm thrilled to be with a company with that flexibility. I wanted to key in on the provider side. You know, you're talking about gaps of care. Mm-hmm. Portability of health records is a huge gap alone. You know, I'm curious, you know, how is Sharecare innovating there right now? And then in the future, you know, is there more to be done on that front? Can we make that a better system? Curious about your thoughts on that. Well, you know, we collect data five ways at Sharecare. So we get self-reported data. I think we've had, like, 50 million people take the real age Test. We get device data. We bought a company in Berlin that helps us extract data with permission off the phone. Thirteen million covered lives, we get the claims data, pharmacy data, lab data, and so every time you see your doctor, refill your prescription, et cetera, it gets updated in the app, near time. And then, we've invested over $100 million building a social determinants of health index. So we look at every zip code and take the perspective that your environment is as important as your lifestyle and DNA. And then lastly, we collect 6.5 million medical records. Our mission has always been, all your health in one place. Be able to collect all that data and put it together, and be able to update it near time. That's the synergy of why we're in the provider business. As we said: If you're gonna have all your health in one place, then, you know, users should be able to click a button and be able to get their medical records. When we started on that journey six years ago, as I mentioned earlier, I think we were doing $18 million in revenue. We're like $120 million now, 8,000 sites, 6.5 million medical records, and it was almost, you know, very little digital when we started. It's 100% digital now, and interoperability is allowing us to move the data around faster than we ever have before, and we think that's only going to continue to increase, and it's gonna be in a key table stake in enterprise, being able to access all this data real time. And I think we're really well positioned to do that, and have demonstrated we can do that in scale. Yeah, I've taken that RealAge Test. I got some things to work on. I did want to extend it to the audience, if there were any questions? We have a mic runner. One in the front. So I was just curious about, you know, you talked about the growth, the scale that ACA has achieved, Exchange has achieved, as well as the potential of ICHRA. And I just... What are your thoughts on the risk from the upcoming election on either of those growth vectors? Great question, and I'd say the risk is near zero. I mean, first of all, in 2018, obviously, President Trump at the time was not too excited with the ACA at that time. I think we all remember when John McCain went thumbs down from that standpoint. And should Trump come in as, and get reelected, back into office, at the end of the day, do you think he's going to be more interested in attacking the ACA or something else? I think it's probably going to be something else from that standpoint. And I've had the opportunity over the years to talk to many Democrats and many Republicans, and very much this has come to fabric for so many states. I mean, think about Nikki Haley. Nikki, when she was governor, South Carolina went to mandatory Medicaid managed care. Mm-hmm. So, a believer. The second largest state for the exchange membership today is a state called Florida, Ron DeSantis. Mm-hmm. Go look at Mike Johnson, our new Speaker, and look at his district and the number of people that are on the exchange in Medicaid expansion. So what you're now seeing is you're actually seeing the public count on it. Used to be it didn't work, now you're seeing people sign up for it. So no, I think, I think if anything, for a lot of investors, I think people are kind of missing what's going on. I've been out in the field. I told people this summer we're going to be looking at 20 million, people laughed at me, but I've talked to probably 100 different brokers in 2023 about what you're selling. You know where they're going? They're going to Long John Silver's, they're going to Subway, they're going to cooks and maids at hotels, and enrolling part-time workers. Those part-time workers are roughly age 42, somewhere in there, and they have not really accessed services. Mm-hmm. And to partner with different insurers, with technology, so people can actually access and then use, is going to be very key. I'm very excited, and to be honest with you, I think it set the stage for ICHRA. For many years, you know, people have talked about: Could the commercial health insurance market change? If you go out and talk to some small group brokers today, they're going to tell you they're selling it. The question is: When does it begin with large group? Mm-hmm. Anyone else? Great. On that vein, again, filling gaps of care starts with activating the patient, right? Yeah. You got to engage. I was wondering if there's any anecdotes of how Sharecare is actively trying to drive usage and activate patients in their care journey, and how you think that might trend moving forward. Yeah, I mean, I think it just goes back to where we've made the investments is, we have a really powerful Digital Front Door, where we get, you know, 80%+ of members activated, engaged, using the platform on a regular basis. We're really good at merchandising data, so how do we help people with the next best action, whether it's advocacy or how do we put them in the right digital therapeutic? And so that's core, you know, to our businesses. You know, how do we basically have a B- B- C platform, something that is industry-grade for enterprise, that can protect users' data and get them engaged, but makes it feel like a consumer application to the user, so they come more often? It's a core strength of Sharecare and differentiates us from everybody in the market. And then pivoting to some more hot-button topics, one being generative AI. You spoke. I saw you spoke a little bit about it, social determinants of health and using that. Yeah. Curious, you know, what excites you most about these capabilities? And, like, longer term, any big-ticket goals you think you could solve with gen AI that- Yeah You're not currently addressed right now? Well, I think, you know, we've always been ahead of the curve. You know, we bought doc.ai, several years ago, and so we've made heavy investments in, in AI across our, our entire business. So I feel like we're ahead of the curve. We're all over GLP-1s, you know, you know, learning about them. Is this a vanity drug? Is it a miracle drug? Is it a forever drug? But we have assets, that can leverage that opportunity, and we have a product called Eat Right Now, that's our, CDC, DPP-approved product, and we have advocates, and we're coming up to curve quickly in the GLP-1 space. But in general, and as Brent said on this slide right here, is we think of ourselves as innovators. What's great about our innovation is we've built a business that now has the scale that we can introduce these capabilities to, you know, our robust client base. Yeah, and you touched on it a little bit. It was the next hot-button topic, is GLP-1s. You know, how do you see that market shaking out in the top five years as it pertains to reimbursement and, you know, all the dynamics there? And especially on the data front, too, that's a big question. You know, can Sharecare help there on the long-term benefits and, you know, getting off GLP-1s and how that shakes out? You know, is there a role you can play in that market as well? ... Yeah, I think that we're one is, like, similar to how COVID was a bump to telehealth, right? Telehealth had existed, and when COVID came along, it skyrocketed because people used it. I think GLP-1s, as people start to lose weight off the GLP-1s, and it's seen in the workplace and other places, it's gonna be a catalyst for wellbeing. And that's what I'm, you know, kind of most excited about, is like, how do we use, similar to how COVID was a bump for telehealth, how does GLP-1s become a catalyst for people to engage more often in their wellbeing? And so we're set up to do that. And yes, I think the data is gonna be incredibly important. Back to that idea of, is it a vanity drug or a miracle drug or a forever drug? So we wanna be able to have the right data to get the people on the right medication at the right time. We wanna leverage our advocacy infrastructure, so we can help, you know, deal with reimbursement and things like that. We wanna leverage our therapeutics, our Eat Right Now program, so we can get people off the drug, and ultimately, we wanna get results. I would add to that. I would say, also, I'd say, quickly, we've already had clients- Yeah already reach out to us because everybody's trying to answer the questions Jeff said, and then what can be done? I mean, they're hearing from their employees and from their members from that standpoint. And so that means they've got to find solutions, and they've got to find a partner. So, in my eight days in the job, I already know of two of our clients have already reached out, and I'm like, "Wow, you can already see it happening right in front of you." It's amazing. Yeah. Yeah, certainly an exciting time. I wanted to open up questions again before I shift to maybe some more financial modeling questions. All right, so back to me. Can you walk us through the predictability of your revenue streams, you know, especially with the PMPM model in some regards? You know, what's your visibility going into 2024 there, and, you know, you know, what gives you comfort in your current guidance? Well, we're giving guidance at the end of when we announce on March thirteenth. But we have a very predictable business. You know, the medical records is kind of like our steady Eddie business, grows every year, 6.5 million medical records. Our life science business, we've outperformed the market. On the enterprise side, we've got 13 million covered lives now. We just renewed a $60 million contract in the last week. We've signed new business already off and running this year, some of the biggest contracts we've ever signed to date. And so we feel good about our visibility. We see enterprise as a huge growth opportunity. We see provider as a great cross-sell opportunity, and we see life sciences as just a really great way that we differentiate our business. Nice. And on the margin standpoint, you know, you have a lot of scale in terms of solutions. You know, do you see future leverage drivers there? I'm curious how you're thinking about moving forward. Yeah, as part of Brent's, you know, 100-day plan, we've been going through every contract and saying, you know, "How do we become more profitable?" And so looking at every solution, every client, every contract, and looking for ways to be more digital, higher margin, faster growth. Nice. So we see margin improvement. And then again, you're talking about the breadth of capabilities. I'm just curious, you know, as you focus more on margin, generating cash flow, things like that, you know, what is your acquisition criteria on build versus buy? You know, do you have, you know, a preference for one over the other? And, you know, how do you think about that? Yeah. I think we're nearly fully invested. You know, we have so many capabilities that we've assembled over the last decade. Our focus is sell what we've got. And that's, you know. And Brent is our growth partner for that. And, you know, as I mentioned earlier, it's exciting to basically take all these capabilities and bring it into government and, you know, really introduce them to Sharecare for the first time and see if we can get them to adopt that and get similar results that we've gotten in other segments. Nice. I think the upside for organic growth at Sharecare is very high. And just as Jeff said, I mean, the assets are there, the platform's there. It I feel like I have to be an evangelist, right? To be able to, and to be able to tell people what we can do and how we can partner. One thing I was telling Jeff, I said, "You know, think about 24, think of 25, and then think about 26 and beyond." In 24, you know, as we put and try to take these and look at some new ways of looking at it, you know, I look at it, when I said earlier, like navigation, right? It's helping people navigate the benefits and making sure we have technology with the MCOs, with government, and so forth, to do that. And then in 25, I kind of think about activation. You're going to see so many more people have health insurance, but they don't know how to use the benefits from that standpoint. How do they activate it? Mm-hmm. Then, as you continue to go, well, I mean, we'll be doing value-based, but value-based, you asked earlier, is continuing to grow. And I think by 26, we'll be roaring in that and really being able to connect the dots much more fully as more and more people are accepting of it. And then finally, beyond, right, where is that pocket? I do believe the health insurance market is changing, but what's not kept up is technology, right? So ideas are there. Providers... Of all things, the providers are very much being accepting of this now, right? So it's there, and the public wants change. Technology has not changed, and we've got to be able to upgrade where it's easier to enroll, more access, to be able to utilize the services and so forth, and that's gonna be the successful model. I wanted to double-click on provider acceptance. You know, is any of that driven by current labor pressures, you know, busy schedules, things like that, a need for tech innovation to be more efficient there? I wonder if you have any thoughts on that. Oh, absolutely. I mean, first of all, this country has far too few providers, right? And we put so much strain on them from that standpoint, and there's gaps both in urban cities and rural America, and technology is gonna have to fill that gap somehow. There just aren't enough providers in this country, period. And with that, it's gonna have to be equal part bringing technology. Just because I live in rural America or I live in urban America, doesn't mean I should be left out and not have access to healthcare services. Today, if we were talking 5 years ago, 10 years ago, most people, and I'm talking about all people, didn't have access to a smartphone. Pretty much everybody does now. So now it's using what people do have access to, wherever they live at, to access services. Absolutely, it's gonna have to leverage right in the middle of it to get where we're going. Nice. Open up one last time for any buzzer-beater questions. Why don't we close out with what you're most excited for in the new year? You know, I'm excited about the case study slide that I put up. You know, when you look at what we're doing with Fortune 500 companies, what we're doing with regional payers, what we're doing with national payers, what we're doing with providers, what we're doing with life science companies, and what we're doing with government, that's a very powerful slide. It's taken a decade to get there, and I'm most excited about what the next decade is gonna look like under Brent's leadership. I'm most excited just to get started from that standpoint, because I'm confident the more that people know about what is at Sharecare, the more we can partner and find ways to really help people access their healthcare services. Seems like a lot to be excited for. Thank you so much for coming.