All right. Thanks, everyone, for joining us here today. Happy to have EverQuote. It's been a conference staple at our 29th annual TMT conference. Pleased to be joined by Joseph Sanborn, CFO of EverQuote, and Sarah Buda, VP of IR, who I think you recently joined the team. So thank you both for joining us.

Thank you, Jeff. Pleasure to be here.

Yeah. So, you know, Joseph, kudos to you. I think if you sort of look at your financial metrics over the last two years, right, you know, I think you've generated almost close to 200 million of free cash flow. You've been the best performing insurance marketplace. And what's a pretty crowded space, if you look at it, a lot of competitors. So can you just talk about what's been working, where you're seeing pockets of strength, and, you know, just why has the business been performing so good for the last two years?

Well, thanks, Jed. It's great to be back with you. We always enjoy being at your conferences. I guess backdrop for Everett, right? We're an insurance marketplace. We help PNC, carers, and agents help grow their business through digital channels. That is our mission. The thing that has been our attribute of how we succeed is how we use technology and our proprietary data to continue to help drive performance for carers and agents. So what has been driving our growth and what we think will continue to drive our growth? Maybe I'll give you sort of some of the growth leverage, Jed, for you. So first is focused on getting better performance for carers and agents. Number one thing we do and why carers and agents want to work is we help them find consumers online to meet the specific attributes. The interesting thing about insurance versus a lot of other verticals is the specificity with how the matching between provider and consumer has to be done. You know, consumers, if you're looking at travel and we want to fly from Boston to New York, Delta Airlines is happy to sell the same ticket to all of us. You think about insurance, it's very different. Your driving record may be a little better than my driving record, Jed. Sarah is obviously better than all of us. You know, how carriers want us is very different, how they price that is very different. So how do we drive performance that precisely allows carriers to meet the targets they want? We keep doing that more and more through our, we'll talk about our smart campaigns and how we leverage our proprietary data. So that's one, better performance. Two is scale, getting bigger scale. Bigger scale comes from driving more traffic into the marketplace. And the second piece is getting more provider budget from carriers and agents on. That flywheel of getting better performance and bigger scale allows us to continue to drive the performance you're seeing. Third has been how we're helping our carriers and agents succeed. In the summer of 23, we made a decision to get out of health and life, focus on PNC, focus on the vertical. We think we have a right to win. And as part of that, we've been going deeper, trying to help carriers and agents be successful in growing their business. Part of that is adding a broader range of services to carriers and agents to help them And so we've talked about in some of our earnings calls, particularly with agents, we used to have one product for agents, an online to offline connection called a lead. We've been adding more products for agents. We're now at 1.4 product per agents, 1.4 products per agent. And that reflects that we're helping them grow their business. We're adding things such as digital marketing service and their local presence. We're using conversational AI solutions to bring calls to them at a lower cost over time by using AI. So those are some of the things we're doing to get broader. And of course, if you look at our financial performance, that is driving top-line growth. The other piece is how we also balancing that with making prudent investments to invest for that opportunity long-term while still being disciplined in managing the operations of the business and driving efficiency. So the fourth pillar we like to describe is how we continue to drive automation. We've been leveraging AI to do that, both driving innovation for our customers, but also making our own internal operations more efficient and able to move faster.

Got it. I think a lot of times, you know, when you sort of look at this, I mean, of the last five, six years, insurance and insurance marketing has been pretty cyclical. You obviously manage this upcycle pretty, pretty, really well. And are we now, when I kind of look at your, I always look at your business on variable marketing dollars, you know, kind of high teens, low 20s growth right now. Are we kind of entering this Goldilocks period of where the carriers kind of are in a pretty good spot, you're in a pretty good spot, and we're kind of getting better predictability around your earnings?

I think a Goldilocks scenario is a nice way to describe our ratchet. And I think, what is that backdrop for those folks who sort of don't know the insurance landscape? So when you're a carrier CEO, you really want to do two things. You want to achieve and maintain underwriting profitability. And second is you want to maintain and grow policies in force. For the better part of two and a half, three years after COVID, the carrier is focused on getting underwriting profitability. And there were some challenges in doing that. We can talk about what made that such a black swan type period for the carriers. And then the second piece is now maintain growing policy force. They have rate adequacy broadly. They are broadly healthy, right? That is measured by a metric called a combined ratio, which represents total revenues, less your underwriting costs and cost running the business equals profit. Combined ratios, you know, the targets for carriers, you know, typically is in sort of mid-90s and some carriers even high 90s, where they're operating today is in the low to mid-80s mini carriers. They are very, very profitable. So they are leaning into growth. And as we said at the start of our year, on our February earnings call, carriers want to grow this year. They're broadly healthy. We expect them to want to grow. We said in our May call, carriers are broadly healthy. We expect them to want to grow. We said in our August call, the same thing. We don't see a change in the foreseeable future. And I think there's this dynamic we have going, which is we help carriers. As carriers are growing, they're trying to do in a way that is creating a more high-quality, enduring book of business. And part of that is really targeting the specific profile consumer that they think meets their attributes. And that is what we're very effective at doing and happy to talk more about how we do. But I think that really sets, that's our skill set that plays very well in this market. So I think it is a great way to describe it, a Goldilocks environment for us to help support Okay.

And then when we sort of look at where, you know, consensus street numbers shook out for for the second half implies somewhat of a little bit of a deceleration in revenue, variable marketing dollars. You know, comps aren't all that different. So some of that conservatism, some of that from the carriers, just can you kind of help us square how we should be thinking about the second half of the year?

So, you know, if you look at, you know, first of all, we had a really strong Q2. We had 25% year-in-year growth. You know, on revenues, we had 37% of needed to us. So really strong growth. First half of growth is 20 plus percent. We feel very good about that. As we look to the second half of the year, we continue to see a very favorable environment. The midpoint of our target for Q3 would imply a 17% year-in-year growth on revenues. We don't guide for the year, as you know. We've given some indications of how things might evolve based on what we're seeing. And I think the street is showing us, I think, at like 15% or 16% year-in-year growth on consensus. What we would say as we look at the environment is we continue to feel very good about it, right? You know, this is a business where you say, hey, well, you're growing. It looks like you were growing fast in the first half. What's happened in the second half? There's something to worry about. There's really no story per se. It's just that as the carers think about building their business, they're doing this a very enduring way. So it used to be, Jed, you've known our business from in public, is it used to be carers would start the year and throw out a lot of dollars with a new budget. They pull back in Q2, maybe lean in Q3 and pull back in Q4. And the dynamic seems to be different as we've been coming out of this in this new environment. They seem to be much more focused on just because we can start the year with the low combined ratios doesn't mean we have to spend it all right away. We want this more enduring approach. And you're seeing this discipline where actually Q2 was actually, you know, there was a really strong quarter for us. You would expect actually an increase in Q1. So as you look to the back half, one of the things to be mindful of is when you look at Q4 and you say, well, the comps, how does it compare on the comps? Q4 of last year, as you just remind folks, was a very unusual quarter for us. We had a typically from Q3 to Q4, you have a sequential increase of maybe like three-ish percent. We had a sequential increase of Q3 to Q4 of last year of 12%. It was a record revenue quarter for us. It was also the first time we'd ever had double-digit sequential increase. We typically are much lower. What drove that last year was somewhat unusual characteristics, which was two carriers who had very favorable combined ratios came to us in the midway through the quarter of Q4, 25 and said, hey, can you guys help us really grow and use budget before the end of the year efficiently to help us sort of build our position going into the new year? And we said, sure, we can do that. And that was an unusual thing to have happen. People said, well, could that happen this year? That's always the question we get, or at least it's been the question, past couple of weeks. And what we've said is, well, here's the environment that existed at the time of last year. What's the same and what could be different? Last year, combined ratios were low going into, were quite favorable. They are quite favorable now at the same time.

Yeah.

As we look at last year, the cat season was very mild in, which goes from mid-August to mid-November. We don't yet know what the cat season will be this year, but that is one variable into it. And then you look at carriers going into Q4, if it's a mild cat season, and if a repeat of last year, you could have a repeat of last year having a couple of carriers coming forward to do additional growth in that large part of the quarter. And that could just say, hey, that's going to allow you to have a strong Q4, potentially a repeat of the unusual thing that happened last year. Conversely, if it's a more normalized cat season, it may be a 3% or 4% sequential growth over Q3. And so we'll see exactly how it plays out. But again, we feel very good about the environment broadly. And we think that's going to continue for the foreseeable future and into 2027.

And, you know, it's kind of dovetailing just off foreseeable future 2027. You've put this billion dollars of revenue target out there. As you know, I think about, okay, what's that imply for variable marketing dollars? Because I do feel like you can, depending on how you want, where you want to shift your margin. You do have a lot of control over your revenue, but that probably implies almost $300 million of variable market dollars too. So just kind of give us a sense like what gave you, why put that out there? I think you've had that out there now for almost a year. And it does look like you're benchmarking it to pretty close to hitting that number in the next 12 to 18 months if we look at it.

So just from context for the audience was in November 2025 earnings call, so first week of November, we put out a target it will be a billion-dollar business in two to three years. At the time, we were tracking about 675 plus. We ended up slightly higher than that. If we did it at the time in three years, it would have implied like a 13-ish percent growth. If we did it in two years, it would be like a 21 percent growth. So fast forward, we're nine months into that. So we feel very confident that we will be a billion business in 15 months to 27 months, right? How exactly will play out? We will see. If it happens in 15 months, it would imply a business that's growing, you know, 24, 25% annually in that period. If it takes more like 27 months, it's more like, you know, 13-ish percent. We'll see how it exactly plays out. You know, year 12 to 18 sort of falls within that zone as well. So we feel very good about achieving that target on the timeline we outlined. We continue to feel that way. What's important to note is we will do that as balancing growth and profitability. We see this in that time that we will have additional growth in EBITDA dollars, additional EBITDA converting into free cash flow. And again, we believe this balance from growth and profitability. And what exactly are EBITDA margin? We always get the question of the past week's, what exactly are EBITDA margin will be when you cross? And I said, well, depends when we cross. What I can tell you is we will be adding more EBITDA dollars as we progress towards that goal. And the longer-term goal is to progress to a view of getting 20% EBITDA margins and continue to drive that 20% top-line growth on average over time. And so we'll be a 20% EBITDA business. We cross a billion, unlikely to be there, but you'll see us making progress over time to getting there. And we're excited by that journey. And importantly, I'd say it's an organic growth path. It's not one that's based on M&A, we see this real path with the business we have to get there. And so we're excited.

Got it. And then as we sort of look, you've had very disciplined cost structure over the last couple of years. I mean, should we expect to hit this billion, as you kind of scale, do you have to make a ton of, I mean, I know you're making some investments around AI product, but like how should we think of the investment ramp sort of trying to hit that number.

Sure. So in our recent earnings call, we talked a little about the second half of the year and how we thought about investment, right? And just to remind folks of that, first half of the year, Q2 of this year, we're about a little under $27 million, which is very much what analysts expected. If you went back to our February earnings call, what you said is, hey, expect costs will rise in the second half of the year. Expect that we'll, because we make additional investments in new product offerings around AI first products, as well as around investments in just sort of AI tokens and broadly AI enablement. So as we said at the start of the year, what we did in this call, there was really nothing new in terms of that messaging. We just gave a little more specificity of what was being spent on and some numbers around it. You know, that 27-ish million in Q2 will probably go up a million dollars in Q3, maybe another half million in Q4. EBIT down margins will go down a little bit in the back half of you, but again, you go back to what I said at the start of year, You wouldn't be surprised by that. You're going to see EBITDA margins were 13.6 last year. It'll add about 100 basis points this year, and we're still on track to do that. So again, we think that will continue. The growth, the investments we're making are really supporting our, yes, partly on the path to a billion, but also making these investments in AI, and also in both internal efficiency, but also bringing new products and opportunities to help our carriers and agents grow their business. You know, we alluded to these a bit in our earnings call. We'll be talking more as we progress through the fall. But we are very excited about the opportunity we see in front of us to build a really large business. We felt this way for some time, Jed. I think I told you we put that billion-dollar target out in November of last year. We had had that billion-dollar target we've been tracking to for well over 18 months internally, the same thing. So we now shared externally with you in November of last year. Now we're sharing a little more about our vision, how we're going to build a business beyond a billion dollars. And some of the investments we're making now are going to be part of that. And so what that means as we progress towards our path to a billion, we'll be adding additional EBITDA dollars, additional cash flow, but we'll also be making investments. And those investments will help make sure we continue to build market leadership, building our proprietary data advantage, make our investments in new products, help carriers and agents grow their business.

Got it. And, you know, I said earlier, you know, when you just look at the free cash flow growth to this business and how much it's compounded over the last two years, it's pretty incredible where you're now at a position of strength. I know you've got a buyback, but how do you think about capital allocation? And I would think potentially like consolidation in this industry could help some of your pricing with some of your larger carrier partners and maybe some synergies around like what you pay for advertising. So can you just give us a sense on how we should view capital allocation?

So we think about capital allocation is probably three pieces to it. First is we believe it's really important to have a strong balance sheet. You know, as Jed, there was a time you and a few others may have said three years ago, hey, are you even going to be around? I think our cash was in the 20s. And you're like, oh, this is not going in the right direction because we are losing quite a bit of quarter. So we think having a strong balance sheet is key for two reasons. One is it makes carriers who are making commitments to work with us and share data that they have a partner who will be there, that we have a strong balance sheet will be there, that's one. Two is we think about some of the investments we're making. These are multi-year investments. You have to have confidence on your financial position to make those investments, and so that's one. So a strong balance sheet will continue to be a priority. Second is buybacks. You mentioned we did a buyback program. We authorized a $50 million program. The board did in August of last year. It was our first program. We just completed that in Q2. We were very pleased with it. we brought back about 2.6 million shares, about 7.25% of the shares outstanding. And we thought that was, we were pleased with those results. And we'll continue to look at buybacks, as we said in our earnings call last week. We expect the board to review that as part of capital allocation as we progress through the year. And then the third is M&A. And we see M&A, as we've talked about, as a real opportunity for us to continue to build upon the position we're trying as a leader in this space. Importantly, I want to say is we do not see M&A as required to hit our path to a billion. That is purely an organic path. But as we think about building leadership, a billion and a half, 2 billion, 3 billion type business, M&A could play a role in that. And when we think about M&A, we think we remain focused on the P&C space, but we've talked about our mission, how to bring more products to help our carers and agents grow their business. M&A could fit into that. We talked a little about that in our earnings call. As we think about growing beyond auto into other personal lines, P and C areas, it could play a role in that. So there's, and of course it brings, the other thing about M&A is it brings, you know, additional data insights to our proprietary data and also talent. You know, at the end of the day, this is a talent business of building, you know, if you're going to build a lead, you have to have the right talent. We've got great talent in our company today. As we continue to grow the business, you know, M&A can be a way to bring in new talent. So we certainly are looking at that. What I would say to you, and we've been saying pretty consistently is these are the same capital allocation priorities we identified, you know, last year and we have not changed enough. The difference I would say in M&A is we're being more thoughtful about how we look at M&A opportunities, being more, we added someone to our team. Just Sarah joining us this year, we added someone to our team in the M&A. So we're being thoughtful of looking at it. One of the encouraging things I agree with you is that there is an opportunity that there's a lot of insure techs out there who have a vision in this space that they are not gonna be able to do it independently. And when you talk to them, I think they're seeing someone in EverQuote, the EverQuote story of a lot of passion to drive innovation and growth in this big space. And there's a lot of interest to be part of it. So you'll hear us talking more about it. But again, you should, investors should be able to be done in a disciplined way, just like we've done everything over the past several quarters.

Got it. And when you sort of look at the biz, look at the industry, you know, you're probably being unfairly categorized as someone with some seo headwinds ai disruption risk even though if you kind of look at just the efficiency how you've done over the last two years ai is obviously an accelerant for your business yes um so you can you kind of square that for people on this call i mean you know carriers are never going to put their bindable rates on an llm right that's so like There's a lot of misconception here, and it's obviously impacting your multiple because there's not a stock that's had this performance in free cash flow that's trading like this. So just kind of give us a sense on how we should be thinking about AI being an accelerant for your business.

So we agree with you hard. The story of an AI headwind for EverQuote and changing search engine, we actually think quite the opposite. We think AI, we're going to be a beneficiary. And I think let me try to address what we see as the questions, the misconceptions about The first is that all marketplaces are the same. And the thesis on that is AI search will disrupt all marketplaces the same. The reality is that insurance is different. It's not the same as other markets. Why is it different? But one, the information for the large language models to access pricing is not widely available. Pricing is opaque for insurance. So the data is not available to these models. So that's one. Two is it's a very regulated industry. So how purchasing has to be done varies actually by all 50 state. Insurance is not regulated at the federal level. It's done at the state level. So this is a regulatory complexity. And then also the carriers themselves, to your point, carriers are very sensitive. The reason it's such an opaque price market is carriers have a very sense to protect their pricing information. They have invested in building their brands and is also a consideration even beyond brands, which is if you have a consumer shop for just the lowest possible price, as has happened in the UK market, you have potential for adverse selection, building the quality of the book. The carriers do not want to see that happen. So what we see evolving in the AI search landscape is that today, AI search is having very little impact on the shopping for insurance today. We do not see it as this headwind in the insurance shopping today. What we see in the medium term, we think it'll be an opportunity, right? Why do we think it'll be an opportunity? Because these carriers are saying, hey, we see the landscape out there. Consumers are using AI agents across other spaces. we see those will come to insurance and it's actually this is very similar story when we were in when we were at our ipo in 2018 we see digital uh shopping happening out of other verticals eventually it'll come to insurance right same thing will happen we think we'll be well positioned that because those carriers are going to say are saying to us hey we want to access that traffic but we don't to your point yet they don't want to directly connect they don't want that investment and brand and that how they manage their price they all of a sudden be exposed on the internet, we believe they'll want to work with a trusted partner, someone who they've trusted their data with for many years now. And we think we're well positioned to do that. And so we think that's how it'll evolve. But as I think about how the landscape of AI search evolve, I'd say even more broadly, there's probably three ways we think monetization will happen over time, right? Again, we don't see this happening overnight in insurance, but we'd say one is, you know depending on how the large language models decide to approach the space and it may vary based on the models one could be you start to have they start to monetize through advertising well we're pretty good at performance marketing and adding new channels so we'd be we think that would work well for us and well for the industry but we'll see and some may do that some some large language models have indicated they want to almost as they have subscribers they might be give better shopping experiences through apis you see a role in doing that as i just talked about And the last one we see is, as you think about the search landscape evolving, you see this idea of, what is organic search going to mean? So as you know, we have almost no organic search in our history. Generally speaking, organic search is something that has not existed in insurance-specific areas, like travel has had it, financial services, because people dream about travel. You can read content, and that will bring you into shopping. For some reason, people do not dream about insurance. I'm not quite sure why we do, but others seem not to, but it's a very high intense search. But as you think about the world of organic traffic in the context of AI agents, we think one of the things will come about is what we call AEO and some other analysts have called AEO, which is how do you educate digital agents or AI agents of consumers on insurance shopping? And so we're very fortunate. We have 6,000 local agents who are experts on insurance, and we think that will provide value to helping people think those educating the market on what we do so we think there's a real opportunity for us and importantly we're in a trusted position with carriers and agents they trust us with their data they've worked with us for a long time we've shown how we can do that in a way that helps benefit them help improve our business and be doing a way that still safeguards information and we think that's so we're excited by what's to come um and so we're looking forward Got it.

And you talk about 6,000 agents. I know you've kind of thought about vertical integration a couple of years ago, building out your larger agency presence. And I think vertical integration always makes sense, right? You can actually develop, if you have agents and AI and some people, you can develop a more deeper relationship with the customer, higher reoccurring revenue, better customer service. How do you kind of think about where you are in terms of the vertical integration strategy?

Well, if you think all the way out to an agentic world, what might evolve? And so there's this concept of, we've talked about an A-to-A experience. A consumer's AI agent actually connects with the provider's AI agent. And this is not a tomorrow. This is not a day, certainly, or even tomorrow. It may be quite a ways out because there's lots of regulatory and other considerations. There could be a future role where that was to occur. And there's certainly a role for EverQuote enabling that to happen. And whether we choose to do that through helping providers have their own internal AI agents, whether we help do that through having agents that work with different carers, we'll see how that unfolds. But ultimately, that is the goal, I think, as a world of AI shopping event comes into insurance over time. How do you have the consumer's agent, I'll say AI agent to avoid confusion, AI agent go through to the provider's AI agent over time? And I think we're well set up to think about how that journey will evolve. And I think we will, and that's how monetization will evolve for us. So I think the world of having agents as we had for a period of time, that's helpful and interesting. But I think the real, if you think about where the future is and how we'll support that, we're excited by it.

Got it. And I think your home's business just had in front of me showed pretty strong growth. you know i think you know it's probably i mean can you just talk about where we are with the other verticals auto versus homes and sort of you actually start to think about expanding it to more verticals i know you did try health you got rid of it just just where are we with home and everything else sure so we'll start with we believe in the pnc vertical we think it's a massive market and and within purse lines we think there's a lot of opportunity to support growth to make not a billion dollar business, a several billion dollar business. So I'll say that first and foremost.

If we look at our home business, we've been very pleased with our home business. We've been very pleased with our home business because it has continued to execute well, you know, against a very favorable background. So just to remind folks in our home business, it was roughly 12% of our business, it was roughly 12% of our business in Q2, 35% year-on-year growth was the second quarter of a row of 35% year-in-year growth. Still a relatively small business for us in total, but we're very bullish on the prospects. And there's probably two things I would highlight for why we're bullish. One is the backdrop from the industry perspective. If you think about the carriers, they looked at home, they prioritized getting rate adequacy and auto first, now they're shifting to home.

So that's been a favorable backdrop.

Two is the size of the market, right? The size of the market, if you look at where it is for us versus the over industry, it's roughly for every $2 of auto insurance, auto and premiums is a dollar of home. So, you know, large portion of the market for us, it's, you know, 90, 10 or 88, 12%. We think there's a long way to go in the journey to go from where we are to support growth to a much larger business. So that's the second piece. And the third, I guess, some ways I'd say the thing that probably should have led with first is, you know, what we have done to take advantage of that opportunity. About 18 months ago, we made a decision, which was that home leverages a lot of common technology, a lot of common overlap in providers, but there are differences. The home shopping journey is different than the auto shopping journey. What we have done is really invest in putting the right talent in charge of that vertical. Think about an N10. What are the differences you have to think about in the customer acquisition process? What are the differences in how the providers are connected and educated, educating consumers? All of those together, favorable backdrop, the size of the market opportunity, and lastly, how our team is executing. We think that will add up to home growing at a larger rate than auto, certainly, in the medium term and being on that path to being a growing percentage of our business.

Got it. And you said, and I think you said in the opening remarks, or maybe earnings call, smart campaigns are now live with seven of the top 10 carriers. Revenue is up 100%. Can you give the audience that might not be as familiar with EverQuote, like what that entails and what's driving the opportunity there?

Yeah. So smart campaigns is our AI bidding engine that carriers can use to place bids in our marketplace. And so if you look at the history of smart campaigns is it started about four and a half years ago where some of the smaller carriers, we said, hey, help us access digital acquisition. We don't have the in-house teams to go into your platform and make the decisions on how to do bidding. Help us do that. Smart Campaigns 1.0 was that version. I remember at the time when we were having that product, there was some commentary from analysts and they said, carriers, you know, you may get a few carriers, but you're never going to get carriers to trust you sharing that type of information with you. Because for it to work, they have to share disposition data and often even lifetime value to some of the most sensitive data they're sharing with us. you know fast forward four and a half years later seven of our top 10 carers are now using it so how has it evolved from that from something that we that some people said would never happen to now seven of the top 10 using i think a couple things have happened in that one is in that time period we focused on going deeper we've you know in the summer 20th we said we're going to focus on pnc part of focusing was we're going to spend more time with our carers agents trying to educate them on how we can make them successful and we've been doing that and what that's resulting is it's building deeper trust. When they build deeper trust, they go, hey, as opposed to us doing this directly, we'll try this smart campaign. And this is typically how it evolves. They do a test. They often get results that are 10 or 20% better than their own teams, sometimes even higher than that, depending on the internal team. And they end up putting more provider budget with us. And we go to the next carer and sell the same story. And that's how we've gotten to seven of the top 10 carriers now using it. And we see this, when you think about smart campaigns, why it's so important is not as healthy as a deeper relationship with more budget, it also gets us more data. And the story of EverQuote is all about how we use data and technology to drive performance, get better results for carriers, better calibrate our traffic operations. So that data, they're not sharing that with everyone. They're sharing that with some guys. We're the only one they're sharing it with. That informs our traffic operations. As it informs our traffic operations, it allows us to be more efficient there, which in turn allows us to drive better performance. And that's been the brilliance of smart campaigns. It's helped the carriers grow more successfully. It's helped us get more data, help us be more efficient in doing it for them and drive better performance. And I guess the other piece on smart campaigns is we've been doing this for carriers now. We're now rolling out a similar product for agents, smart campaigns for agents. Early days, obviously it's a somewhat, it's a little bit different product for agents given the user profile. But fundamentally, it's the same thing, which is how do we help agents more precisely calibrate the profile consumer they want? And we're excited about that. We talked a little bit about it in our recent earnings call. And agents are reacting positively now. They can more dynamically price opportunities for themselves they're looking for. And so we're pleased to bring that to them. But I'd say when you step back from smart campaigns, what's a really big takeaway from it is we've built more trust with carriers, so they'll share more data. If you think about they share more data, that not only is helping us help them be more successful today, but as the world will evolve with AI, we think that proprietary data advantage will be able to continue to build. And that'll position us well as they try to think about how to participate in an AI research world over time.

And is that helping your customer service?

Just not customer service, but the customer, like how the customers engage when you know there's the when they go in they find a quote and then there's that hand off to the carrier or the agent oh from the from the consumer viewpoint yeah the consumer yeah yeah you know everything you can do to make the flywheel you know move more smoothly it helps so you get more data insights it just makes it that much easier to calibrate your traffic operations make a better consumer workflow that feeds into bringing the right consumers to the right provider at the right time, and so it all feeds into making a more efficient experience that drives performance for carriers, better experience over time for consumers, and obviously, forever quote, you know, better financial performance for our shareholders.

Got it, and we're coming up to the bottom of the hour here. Just anything you think we've missed or anything you want to tell investors that you're kind of, that you don't, you know, you think went unnoticed during your earnings call, on notice just during this conversation, you know, anything you want to get out to people?

Yeah, I would say a couple of things for you. So I think what we've tried to show to investors over the past several quarters is, you know, listen to what we say, we tell you what we're going to do and we end up doing. We've done that quarter after quarter and it's been guided by a view of balancing top line growth and profitability that we expect that continue on our path to a billion. So I'd say you look at what we've said, expect us to continue to do it. Second thing is the concerns about AI search landscape hurting us, I'd say it's quite the opposite. We think insurance is quite different than other verticals, and we actually think it's going to be an opportunity for us, especially as you get into the medium and longer term. And why is that the third, which is we focus on PNC carriers and agents. We're going deeper. We're getting the data. That data advantage we'll continue to build upon. So we add that all up. We think we're in a great spot to help carriers and agents grow the business more successfully in this world of, as we go into this future of the world of AI, being more and more helping the industry grow. We think we're in a great position to invest to drive results for shareholders. And we think that'll be great results for us. And in turn, our employees are also shareholders as well. So we think everyone will benefit in this thing. We're excited for the journey we had.

Well, Joe, Sarah, thank you for joining us. You've been one of the best from our financial metrics, one of the best performing stocks in our coverage. So keep up the great work. And if you want a consistent free cash flow compounding story now, take a look at EverQuote. And I appreciate your time.

Thank you, Jay. From your mouth to our investors here, we hope they all rush to it immediately after All right.

Thank you. All right. Thanks, everybody.