Thank you all for joining us today. My name is Colby, and I will be your conference operator. I want to welcome you to the EverQuote Q3 2025 Earnings Call. I will now hand the call over to Brinlea Johnson.

Thank you. Good afternoon, and welcome to EverQuote's third quarter 2025 earnings call. We'll be discussing the results announced in our press release issued today after the market close. With me on the call this afternoon are Jayme Mendal, EverQuote's Chief Executive Officer; and Joseph Sanborn, EverQuote's Chief Financial Officer. During the call, we will make statements related to our business that may be considered forward-looking statements under federal securities laws, including statements concerning our financial guidance for the fourth quarter of 2025. Forward-looking statements may be identified with words and phrases such as expect, believe, intend, anticipate, plan, may, upcoming and similar words and phrases. These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We specifically disclaim any obligation to update or revise these forward-looking statements, except as required by law. Forward-looking statements are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. For discussion of those risks and uncertainties, please refer to our SEC filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q on file with the Securities and Exchange Commission and available on the Investor Relations section of our website. Finally, during the course of today's call, we will refer to certain non-GAAP financial measures, which we believe are helpful to investors. A reconciliation of GAAP to non-GAAP measures was included in the press release we issued after the close of market today, which is available on the Investor Relations section of our website. And with that, I'll turn it over to Jayme.

Thank you, Brinlea, and thank you all for joining us today. We achieved record top and bottom line performance in Q3. Our team continues to help carriers and agents drive profitable policy growth amidst a healthy underwriting environment. We're making steady progress toward our vision of becoming the #1 growth partner to P&C insurance providers by delivering: one, better performing referrals; two, bigger traffic scale; and three, a broader suite of products and services. As we innovate new products, release features and further embed AI into our marketplace, we are fast evolving from a lead generation vendor to a growth solutions partner for our customers. We continue to partner more closely with carriers and differentiate our marketplace through Smart Campaigns, our AI bidding product. In Q3, we launched Smart Campaigns 3.0, which leverages our latest model to deliver better performance than our 2.0 version. For example, a customer who recently migrated from 2.0 to 3.0 saw a 7% improvement in ad spend efficiency, an early indication that the new model is materially improved. When customers adopt Smart Campaigns and experience these types of performance improvements, they often shift more budget to EverQuote. As we secure more budget, we also gain more data and as a consequence of our AI-driven systems can further improve campaign performance. As evidence of this flywheel working, in Q3, we were notified by a major national carrier that we have become their #1 customer acquisition partner in our channel for the first time. Turning to our local agent customers. We continue making progress in our evolution from a lead vendor to a one-stop growth partner as we roll out and gain adoption of additional products and services to help agents grow. As of October, over 35% of our local agent customers are using more than one of EverQuote's four agent products, which demonstrates broadening adoption, but also ample room for continued growth through product expansion within our existing customer base. Our consumer acquisition teams continued executing well in Q3 despite elevated competitive pressure in the insurance advertising landscape. In Q4, we have begun to ramp investments in scaling new traffic channels and programs to support future growth. Since our IPO in 2018, EverQuote has committed to growing at 20% and expanding adjusted EBITDA margin by 100 to 150 basis points per year on average. Over the six-year period through 2024, we delivered as promised with a 21% revenue CAGR and an average of over 200 basis points of margin improvement per year. As we approach the end of the year, we have confidence that we will deliver once again in 2025. And now we have set our sights on reaching $1 billion of annual revenue in the next 2 to 3 years while transforming into a multiproduct, AI-powered profitable growth solutions provider for carriers and agents. Consistent with our track record of saying what we will do and doing what we say, we look forward to updating you on our progress as we drive full steam ahead into 2026. I'll now turn the call over to Joseph to discuss our financial results.

Thank you, Jayme, and thank you all for joining. Today, I will be discussing our financial results for the third quarter of 2025 as well as our guidance for the fourth quarter of this year. We delivered record results in the third quarter, achieving new quarterly highs for revenue, variable marketing dollars, adjusted EBITDA and net income. In addition, we continue to enhance our operating performance and drove expanding levels of profitability as reflected by our record adjusted EBITDA margin. Total revenues in the third quarter grew 20% year-over-year to a record $173.9 million. Revenue growth was primarily driven by stronger enterprise carrier spend, which was up over 27% from the comparable period last year. Revenue from our auto insurance vertical increased to $157.6 million in Q3, up over 21% year-over-year. Revenue from our home and renters insurance vertical increased to $16.3 million in Q3, up 15% year-over-year. Variable Marketing Dollars increased to a record $50.1 million in the third quarter, up 14% from the prior year period. Variable Marketing Margin was 28.8% for the quarter. Turning to operating expenses and the bottom line. As we scale and drive top line growth, we continue to expand operating leverage in our business through disciplined expense management and by utilizing AI and other technology investments to deliver incremental efficiency. In the third quarter, we grew net income to a record $18.9 million, up from $11.6 million in the prior year period. Q3 adjusted EBITDA increased to a record $25.1 million, representing a 33% increase year-over-year and significantly outpacing the strong revenue growth we achieved during the same period. Adjusted EBITDA margin expanded to 14.4%. Cash operating expenses, which exclude advertising spend and certain noncash and other one-time charges, were $25.1 million in Q3. As expected, this was up from the previous quarter by approximately $1.5 million for planned investments in our AI and technology capabilities, but effectively flat on a year-over-year basis. We reported operating cash flow of $19.8 million for the third quarter. To note, temporary timing differences in working capital impacted our cash conversion from adjusted EBITDA compared to prior quarters. During the quarter, we repurchased 900,000 shares of our Class A common stock for $21 million from Link Ventures, which is an entity affiliated with funds advised by David Blunden, EverQuote's Chairman and Co-Founder. We believe this was an accretive use of capital, which enabled us to efficiently execute a portion of our recently announced $50 million share buyback program. This transaction approach reduced shares outstanding by 2% in a manner that did not adversely impact liquidity in EverQuote's public float. This repurchase reiterates our confidence in EverQuote's ability to generate long-term sustainable growth and free cash flow while maintaining a strong balance sheet. We ended the period with no debt and cash and cash equivalents of $146 million. We continue to operate in a favorable environment where carriers are broadly enjoying healthy underwriting margins and consumer shopping activity remains elevated. We expect these conditions to persist for the foreseeable future. Of note, approximately 80% of our top 25 historical carrier partners were below peak quarterly spend in our marketplace in Q3, reflecting ample room for additional growth. Now turning to guidance for the fourth quarter of 2025. We expect revenue to be between $174 million and $180 million, representing 20% year-over-year growth at the midpoint. We expect Variable Marketing Dollars to be between $46 million and $48 million, representing 7% year-over-year growth at the midpoint. And we expect adjusted EBITDA to be between $21 million and $23 million, representing 16% year-over-year growth at the midpoint. As we continue to deliver better-than-expected revenue, we are taking the opportunity to invest in existing and new traffic lines in Q4. While these traffic investments will further build our competitive differentiation and better position EverQuote for long-term growth, they are expected to put some pressure on Variable Marketing Margin and Variable Marketing Dollars in the period, which in turn impacts Q4 adjusted EBITDA and associated margin. Based on the midpoint of our guidance for Q4, we're expecting full year 2025 annual growth in revenues of approximately 35% and annual growth in adjusted EBITDA of over 55%, reflecting our strong operating leverage. It is also worth noting that the midpoint of our Q4 revenue guide in combination with Q3 results implies top line growth of 20% for the second half of 2025 compared to prior record revenues in the second half of 2024. In summary, our performance year-to-date reflects our steadfast commitment to strong execution and a clear strategy. As we look ahead to 2026 and beyond, we remain focused on our goal of creating a $1 billion revenue business by being a leading growth partner for P&C insurance and delivering on our long-term target of achieving average annual revenue growth of 20% with 20% adjusted EBITDA margins, a Rule of 40 company. We believe that our clear strategy and the strength of our team and operating model will position EverQuote to deliver continued growth and expanding profitability. Jayme and I will now take your questions.

Your first question comes from the line of Maria Ripps.

Congrats on the strong quarter here. Just first, just thinking about the sort of broader industry backdrop. As you pointed out, carrier profitability has been strong and some investors have been asking whether, sort of, carriers are approaching peak margins. Can you please share your view on the sustainability of current profitability levels and what that means for customer acquisition spend?

Sure. Thanks, Maria. Carrier underwriting has returned to a very healthy and steady state. Acquisition spending tends to lag behind profitability a bit, so there's still considerable room for advertising expenditure to align with profitability trends. We have at least one major national carrier reactivating in the fourth quarter. Additionally, 80% of our top 25 partners are still below their historical maximum spend, and certain state carrier combinations are in the process of adjustment. The positive aspect is that these soft market cycles often last over five years, and we believe we are in the early stages of this cycle. Therefore, we expect continued strengthening as more carriers bring their advertising spend in line with their current underwriting profitability.

Got it. That's very helpful. And then you've talked about sort of elevated investments in AI capabilities, technologies of data assets here in the second half of the year. To the extent you can talk about this, what are some sort of key platform features or innovations that investors should expect in 2026?

Yes. We have made significant investments in our Smart Campaigns product, which utilizes machine learning for carrier bidding. Over the past year or two, we have seen increased adoption of this product, and we are focusing on enhancing model accuracy and adding features. The results show that as customers use Smart Campaigns and upgrade to newer versions, there is a notable improvement in carrier performance. This, in turn, encourages carriers to allocate more budget to us compared to alternatives, which creates a positive cycle of improved performance, better pricing, increased traffic, and more data, all contributing to enhanced outcomes. We plan to extend some AI bidding products to local agents as we move into next year. Additionally, we have introduced AI voice capabilities into our call workflows, which are performing well, enabling us to better interact with customers through AI technology. We intend to further expand these voice capabilities into other areas over time.

Your next question comes from the line of Zach Cummins with B. Riley Securities.

Congrats on the strong performance here in Q3. Jayme or Joseph, both of you could probably comment on this. But can you give me a little more insight into the incremental investments that you're making into new channels in Q4? Is there any way to break out kind of the anticipated impact that you're seeing to Variable Marketing Margin in Q4 as a result of these channels? Just trying to get a sense of what's the best way to think about Variable Marketing Margin over the next couple of quarters.

Sure. I'll start and then Joseph can elaborate. We have several channels that we have previously been active in but have diminished during the tough market. Now, we are working on rebuilding these, which I would classify as higher funnel channels such as social, video, display, and connected TV. When launching new campaigns in these areas, it usually takes time to establish the right creative and bidding strategies. During the initial stages of optimizing these campaigns, they often operate at lower margins or even negative margins. This affects our financials accordingly. Another focus area for us is AI search. Historically, we haven't engaged much in SEO traffic at EverQuote, which may have its pros and cons. At this point, it seems advantageous because we aren’t facing disruptions due to changes in organic search results. We see AI search as a fresh opportunity and are investing to build our presence on those platforms.

In terms of Variable Marketing Margin, the midpoint of our guidance is around 27%. We posted approximately 28.8% in Q3 and similar figures in Q2. For the quarter, I believe we invested a few hundred basis points in new traffic channels affecting the Variable Marketing Margin. To provide some perspective, we expect Variable Marketing Margin to remain in the high 20s over time, although it may vary each quarter due to changes in the overall market. It's important to highlight two aspects regarding Variable Marketing Margin. First, it reflects the advertising environment, which is beyond our control. However, what we can control is how we utilize our models and technology to efficiently pursue advertising dollars. Historically, when our business was smaller in 2023, our Variable Marketing Margin in auto was also in the high 20s, with revenues around $250 to $275 million. Now, as we have scaled to 2.5 times that size while maintaining the same margin, it indicates a more competitive advertising landscape, yet our bidding technology is proving effective. We're becoming more efficient, leading to better results. We will continue to invest this quarter, and you will see the benefits as we move into 2026 and beyond.

Understood. And just my one follow-up question is just the broader appetite that you're seeing from your carrier partners to ramp up budgets? I thought it was interesting to hear that 80% of your top 25 still isn't at peak spend. So just curious what you're hearing from some of these partners and how they're thinking about deploying budgets as we move into 2026.

Sure. So maybe I'll start with where we are now in Q4. So typically, we have a seasonally down Q4, if you go on the average of seasonality for the past seven years. Typically, Q3 to Q4 is down sort of 4%, 5% dip. We're actually showing that we're actually expecting a quarter that's up at the midpoint, actually up in the full range of our guidance. So I think that reflects that we see carriers seeing really healthy underwriting margins that we've been talking about throughout this year. As we progress through the year, some of the uncertainty has been replaced by greater certainty, whether it be the impact of tariffs on underwriting costs, whether it be the catastrophic environment. As we've gone further into the year, they're feeling stronger, and we're seeing that result in what we're seeing today, which is them defying the normal seasonal pattern and really engaging to continued customer acquisition. As you look to next year, as Jayme touched on, the backdrop remains very strong for carriers. We see an environment where the health will continue on the underwriting margins for everything we're seeing and hearing from our carrier partners. As Jayme mentioned, often the health of the carriers becomes apparent before you actually see the spend pick up as fully. So I think there's continued growth you'll see from carriers into next year. And you match that on the consumer side, where we have consumers continuing to shop for alternatives. And that's a really good combination for us.

Your next question comes from the line of Jason Kreyer with Craig-Hallum.

So we're hearing a lot more from carriers that are pursuing kind of strategies that would have rebating to consumers. So I'm just curious what your take is on that, if there's any impact, if that kind of takes away from budget that historically could go into performance marketing or if that has any impact on what you guys could potentially absorb from carriers?

We have not received any information about that in our interactions with carriers. I believe this reflects the overall underwriting environment, which is currently quite healthy, indicating that carriers are profitable. Rebates are one approach they might take depending on the issues they want to address. However, the main challenge that most carriers are currently facing is growth. That's the primary focus of our discussions with them, and it's evident in the way they're engaging with the marketplace at this time.

Appreciate it. And then so last year, as we got into this time of the year, we saw somewhat of a budget flush from carriers. You had pointed out the attractive profitability metrics. Is that predicated on guide? Or I'm just curious what you are assuming in the balance of Q4 here, what's baked into the guide?

For the Q4 guidance, we are operating under the assumption that carriers will follow the typical seasonal trend of declining from Q3 to Q4. This serves as the foundation for our expectations. Carriers are shifting their growth investments into this quarter, particularly in customer acquisition for Q4. This trend is evident and is incorporated into our guidance.

And Joseph, the year-end budget flush isn't really affecting the Variable Marketing Margin, so that's not a factor in the sequential pressure.

When you examine the Variable Marketing Margin, if the seasonal revenue pattern is higher than usual in Q4, that could increase advertising costs, particularly due to competition from retail and holiday traffic. This could have some effect on the Variable Marketing Margin this quarter, but it’s relatively modest compared to our investments in new traffic channels. Theoretically, there may be some impact in Q4, but looking at the carriers and their budgets, they appear very optimistic, which is evident in their behavior. Compared to last year, they are entering this quarter with greater clarity about the year's progress and are in a strong position. As the year has unfolded, any uncertainties they faced, such as tariffs on underwriting costs or concerns about catastrophic events, have been replaced by clearer insights. This newfound clarity has allowed them to invest early in Q4, and we are reflecting that in our guidance.

Your next question comes from Ralph Schackart with William Blair.

On the call today, Jayme, you talked quite a bit about transforming the model from lead generation vendor to a multiproduct provider, which obviously would be a pretty important strategic shift. Just any more color you can provide without disclosing exact products for competitive reasons. But just conceptually, just trying to figure out where you're focused on product innovation. And then can you maybe sort of talk about the evolution of this change in the model? And would you be, I guess, sort of moving away from a transactional model or sort of like entertaining new revenue model in the future? Any help on that would be great.

We have established strong relationships with major carriers and thousands of local agents, primarily based on the referrals we provide to them. We believe we can offer even greater value by enhancing our core referral service with technology and data services. For carriers, we have discussed opportunities like AI-enabled bidding solutions. On the agent side, our goal is to become their go-to resource for growth. Agents invest in leads, but they also incur costs in areas like telephony and digital services. We've developed a comprehensive product suite to address most of their growth needs, allowing us to foster deeper relationships built on trust and data sharing. This approach will ultimately improve performance for both agents and carriers while reducing the number of vendors they work with. In terms of our commercial model, we are starting to see recurring subscription revenue from local agents as we implement this strategy. We believe there are opportunities to evolve our commercial model in the future, but our immediate focus is on refining our products, ensuring their adoption, and proving their value before we expand further.

Your next question comes from the line of Mayank Tandon, Needham & Company.

Congrats, Jayme and Joseph on the quarter. Jayme, I wanted to touch on the $1 billion revenue target. Is that an organic target? Or would you also factor in M&A to get to that level? Because when I think about what Joseph said, the 20% growth model, then that would get you close to $1 billion in actually 2, 2.5 years. So just curious on sort of what are the underlying drivers behind that target and whether it's organic or does it include potential M&A?

Yes. So we have a plan to achieve that goal organically. And I'll let Joseph expand on how we think about M&A in this context. But when I talk about our path to $1 billion, it's an organic path, and we've got the roadmap. On the distribution side, it's really about just executing the playbook, which is improving performance for carriers and agents through the use of our AI products like Smart Campaigns in order to get more budget and more favorable pricing. We can take that budget, that pricing, and push it downstream back into traffic to increase our traffic share. But at the same time, we're going to be expanding into more traffic channels, as we've talked about earlier already. So accessing more traffic and winning more of it. And then we've got a lot of room to continue growing in our non-auto verticals, specifically in home and as we start to consider other P&C verticals that might make sense under that umbrella. So that's more or less the ingredients of the path to $1 billion, and we think we can get there organically in the timeframe that I suggested.

Let me look at the math. For those who weren't doing the math quickly, this implies it took 3 years to reach a growth rate in the mid- to high teens. If it took 2 years, the growth rate would be in the low 20s in terms of business revenue. This gives you an idea of how we frame our expectations. We feel optimistic about our ability to achieve this through organic means. We also see opportunities to potentially supplement our growth through mergers and acquisitions. We believe that any M&A activity would align with our strategy to become the leading growth partner for carriers and agents in the property and casualty sector. We think there are opportunities available, but we do not see M&A as necessary to reach our $1 billion goal.

Got it. That's super helpful. And then also just turning to margins. I think Joseph, you said 100 to 150 basis points is the target model. I know that's not guidance. But just as I think about that, is that going to come from eventually maybe a little bit of an improvement in Variable Marketing Margin when some of these maybe advertising pressures abate? Or would it be more heavily weighted towards operating leverage in the model?

When I examine EBITDA, it’s important to provide some context. In 2023, we had no EBITDA, but in 2024, it increased to 11.6%. We have incorporated significant operating leverage into our model and concentrated our investment spending on technology that enhances our leverage. Looking ahead to 2025, our guidance suggests we could gain over 200 basis points from 2024, reaching about 13.6%. We have seen substantial growth over the past few years. For the upcoming year, we usually expect an increase of 100 to 150 basis points on average, but I would anticipate we’ll aim for the lower end of that range regarding EBITDA. We believe our EBITDA will maintain a high cash conversion into operating cash flow, subject to normal working capital fluctuations. Regarding margins, we continue to see Variable Marketing Margin in the high 20s. It’s crucial to recognize that there are factors we can control and those we cannot. We do not control the broader advertising landscape, which can affect our advertising costs depending on market demand. However, we do control our investments in bidding technology and how we efficiently acquire traffic for our carriers and agents. Thus, we still expect Variable Marketing Margin to stay in the high 20s, though it may vary from quarter to quarter due to market conditions and our investment choices. On the operating expense side, we anticipate a typical increase from Q4 to Q1 and will keep investing in technology, including AI and data assets, to fortify our position. Our goal is to invest strategically to win in the market rather than merely pushing for 20% growth and achieving the EBITDA margin quickly. We are committed to establishing ourselves as a leading growth partner for carriers and agents over the long term.

Your next question comes from Jed Kelly with Oppenheimer.

Just on investing in some of the newer traffic channels, how much of this is at your discretion doing this versus some of your competitors that are probably also operating at low 20% margins? And I imagine they're doing this to drive more traffic to carriers to get more budget. So can you just talk about how much of your discrepancy versus potentially responding to competitors?

It's entirely up to us. We are making investments that align with our long-term strategy, and we believe these investments will help us reach our $1 billion goal, achieve 20% growth, and attain a 20% adjusted EBITDA margin over time. All of this is consistent with our long-term approach. We don't pay very close attention to how our competitors' margins or ad costs fluctuate; we have our financial plan and a solid track record of executing that plan. While others may choose to make certain trade-offs at different times, we have consistently focused on our plan. Entering these channels is crucial for us to achieve that plan because there is significant demand from the carriers and agents right now, and we must continue to grow our volume to meet that demand.

And then just as a follow-up, how should we view your operating expenses and sort of your longer-term goals as a percentage of Variable Marketing Margin? I guess, because one could argue your Variable Marketing Margin is actually your true revenue, right? So how should we look at that?

I appreciate your earlier comment. I continue to monitor EBITDA margins in a traditional sense relative to revenues, specifically adjusted EBITDA margins. They were 11.6% in '24. Our guidance suggests they could reach mid-13.5% this quarter, indicating a couple of hundred basis points improvement from last year. We aim for another 100 basis points increase next year and plan to continue adding 100 to 150 basis points annually thereafter. That's our approach. As Variable Marketing Dollars grow, some funds will contribute to net adjusted EBITDA, while others will be reinvested. These investments will mainly focus on technology, especially in AI and leveraging our data assets for long-term growth and competitive advantages. That remains our strategy. Consequently, operating expenses will reflect these investments as we progress through next year. However, like this year, we've managed our incremental investments carefully. At the beginning of this year, we projected an addition of 100 to 150 basis points in adjusted EBITDA; we actually achieved a 200 basis point increase based on our guidance midpoint. We're skilled at setting expectations and then delivering on them.

Your next question comes from the line of Cory Carpenter with JPMorgan.

I had 2 financial questions. Just on the traffic investments, how long do you expect those to impact Variable Marketing Margin? And do you ultimately expect them to run at parity with your other channels? That's the first question. And the second question, a lot of talk around the 20% growth target. Maybe just ask directly, is that something you think is achievable next year given the tougher comp?

Yes. I will address the first question. When we initiate a new channel or traffic program, it typically takes one to two quarters to launch, optimize, and scale. At that point, I believe these channels will integrate and perform at comparable Variable Marketing Margin levels to our existing traffic portfolio. We do not see these channels negatively impacting Variable Marketing Margin in the long term. However, there is an initial startup cost associated with launching new channels.

In terms of top line growth, there's some context to consider. As you noted, we've faced some challenging comparisons due to the strong growth we've experienced from '24 into '25 as the auto recovery has advanced. In our prepared remarks, we mentioned that in the second half of '25, we've achieved 20% year-on-year growth compared to the second half of '24, which was a record prior to this year. Therefore, we are continuing to perform well as levels begin to normalize. We also discussed our goal of reaching $1 billion in revenue within the next 2 to 3 years. While I won’t specify on this call whether we will achieve exactly 20% next year, we feel confident about averaging 20% growth over time and importantly, reaching our $1 billion goal organically within that timeframe.

Our final question comes from Mitch Rubin with Raymond James.

I was wondering if you could provide us with an update on the progress of California with carrier participation and how much impact a full panel of carriers would be?

California has been gradually increasing its carrier participation, segment by segment. There is now significant investment in the state, and it ranks among the top three to five states in the third quarter. However, being the largest state, its current performance is not fully proportional to its potential. We believe there is still room for growth in California. While it's challenging to quantify exactly, we anticipate meaningful opportunities remaining as we move into next year. Our goal is to have California return to a more stable operating environment by 2026.

Great. So my follow-up is you guys have done a great job of managing advertisement costs. Where is there any room for improvement? Where is most of the incremental leverage going to come from investments in technology?

So I think the way we look at the business on is we're always looking to drive efficiency in the business, right? How do we simplify, how do we be more efficient in the business. And as we've talked about in some of our prior calls, and I think it's been one thing that's been ingrained in us as a management team is how do we think about how we spend our dollars in a way that we're getting the right return for shareholders. It's having gone through the period we did. It's sort of a silver lining in that period. So that has continued. And we're continuing to see ways that we bring more efficiency in the business. So for example, this year, headcount is up roughly 10% if I look into Q3 where we landed, but operating costs are basically the same. That reflects we are driving efficiency. We're changing the composition of the team. We're also using technology to make the team more efficient and get more productivity through the team. As we look ahead to next year, we're not seeing a lot of significant increase in headcount, but we are seeing continued investment in AI areas and including technologies that help the team leverage AI more efficiently. And so that's where I think you'll continue to see us doing that. And that will be driving, I think, a lot of leverage for us and efficiency going forward.

Yes. Just to give maybe a couple of examples, right? Like where our AI bidding technology has really allowed us to do a lot more with our traffic operations teams where we've effectively automated a huge amount of work that used to be manual. Now we've turned that and through Smart Campaigns out to our carriers and our carrier-facing teams now have to do a lot less manual campaign management on behalf of carriers. So all of our bidding automation has been a huge unlock in terms of efficiency. Within our engineering organization, we've got broad adoption now of Copilots for engineering. In some cases, we have teams that are writing code like they're just inferencing code as the primary way of writing code. So we're getting some real benefit in our engineering organization. What else? We've talked about our voice agents, right. So our call center operations, we've now begun to introduce voice agents into that to reduce some of the reliance on human call center operators. So it's really at every sort of within every function of the business, we are finding ways to drive efficiency. And we are, in fact, going function by function to sort of systematically identify activities that can be automated using GenAI or just good old-fashioned software. And that is a process that will continue all through next year. Thank you. And thank you all for joining. The state of the business is strong. It's getting stronger as we continue to produce record performance quarter after quarter. We are accelerating right now our innovation of new products, features, traffic data, AI capabilities. And as we do, we're transforming from a lead generation vendor to a growth solutions partner for our customers. We are very energized to continue growing towards our $1 billion revenue goal as we build EverQuote into the lean growth partner for P&C insurance providers. Thanks all for joining today.

This concludes today's conference call. You may now disconnect.