Health In Tech, Inc. Q2 FY2025 Earnings Call

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Health in Tech Second Quarter of 2025 Earnings Conference Call. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now, I will turn the call over to Lori Babcock, Chief of Staff of the company. Ms. Babcock, please proceed.

Thank you, operator, and hello, everyone. Welcome to the Health in Tech's second quarter of 2025 earnings conference call. Joining us today are Mr. Tim Johnson, Chief Executive Officer, Mr. Dustin Plantholt, Chief Growth Officer, and Ms. Julia Chen, Chief Financial Officer. Full details of our results can be found in our earnings press release and in our related Form 10-Q to be filed with the SEC. These documents will be available on our Investor Relations website at healthintech.investorroom.com. As a reminder, today's call is being recorded and a replay will be available on our IR website as well. Before we continue, please note that today's discussion includes forward-looking statements made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on information available as of today and involve risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied, including those discussed in our quarterly report on Form 10-Q for the period ended June 30, 2025 to be filed with the SEC. Please review the forward-looking and cautionary statements section at the end of our earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. We undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events. We may also refer to certain financial measures not in accordance with Generally Accepted Accounting Principles, such as adjusted EBITDA for comparison purpose only. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings release. With that, I now turn the call over to our CEO, Mr. Tim Johnson. Tim?

Thank you, Lori. Good afternoon, everyone, and thank you for joining us. I'm incredibly proud to share the results of another truly exceptional quarter for Health in Tech. Our performance in Q2 2025 underscores the power of our strategic vision and the relentless execution of our team. We delivered a remarkable $9.3 million in total revenue for the quarter, an 86% year-over-year increase. This isn't just growth; it's an acceleration that positions us for a monumental year. To put this in perspective, our first half revenues of $17.3 million already represent a staggering 89% of our entire 2024 fiscal year total. We are not only meeting our goals; we are redefining our trajectory. This success is a direct result of our innovative approach to market expansion. We've strategically broadened our distribution network reaching 778 partners, an impressive 87% increase year-over-year. This expansion goes far beyond traditional broker channels. We are actively forging partnerships with cutting-edge third-party administrators, offering technology-driven solutions, forward-thinking regional healthcare benefit providers and service platforms that cater to the unique needs of small businesses. This diversified approach is rapidly expanding our market reach and, more importantly, delivering exceptional value to our customers. The demand for our differentiated services is evident in the 30% increase in billed enrolled employees now at 24,839. This goes beyond adding numbers; it's about deep adoption across our growing network. Our partners are increasingly leveraging our AI-powered platform to bundle healthcare and insurance seamlessly with their existing services, offering integrated end-to-end solutions that truly empower small business employers. This is the future of benefits, and we are leading the charge. We've moved beyond just providing services; we are enabling our partners to become comprehensive solution providers. Our platform's ease of implementation and intuitive design make it an indispensable tool for our partners seeking efficiency, scalability, and a significantly competitive edge. With a dramatically broader distribution footprint and multiple high-impact new relationships firmly in place, we are pleased with the growth momentum in a low sales season. As most businesses change their health insurance in January first quarter or December fourth quarter, the second quarter and third quarter are typically slow seasons. We are able to make significant strides in the strategic partnership expansion in the TPA broker agencies and large benefit platform companies. In the second quarter, we welcomed multiple large high-profile brokerage firms and TPA regional employer benefit providers and service platforms focusing on serving small businesses. We were able to create some specialized services that save costs for the small businesses through leveraging the distribution partners' significant ecosystem. For example, one of our TPAs, Vertigard, is owned by MedImpact, the largest independent pharmacy benefit manager in the U.S. MedImpact manages prescription benefits for more than 20 million members, processing $40 billion in annual drug transactions, which benefits our customers by providing lower drug costs. Our enhanced eDiP platform with automated large group underwriting tools is on track to be fully launched in Q3. We're excited to get partners trained as soon as the enhanced platform is developed. In parallel, we are gearing up to develop a few new product offerings that are expected to be beta tested at the end of the third quarter. The service offering would be a breakthrough in the healthcare insurance market. With strategic partnership expansion, continued technology enhancement, and product innovation, we're confident in our ability to maintain strong growth momentum. Now, I'll turn it over to our Chief Growth Officer, Dustin Plantholt, to provide more color on our strategic partnerships. Dustin?

Thank you so much, Tim, and good afternoon, everyone. I really appreciate you being here with us today. I want to speak to you not as a public company executive, but as someone who's been in the field. I was once a broker myself. I've run businesses of my own, so I know what it's like to sit across the table from a business owner who's trying to figure out health insurance without losing their minds or their margin. It's confusing, it's expensive, and it hasn't gotten any easier. Let's be honest, a lot of employers are feeling helpless, trapped, like they have to pick the least bad option. No real control, no real choices and that's where we come in. At Health in Tech, we're changing it. Our platform enables brokers to create customized health plans for those employers. Employers are controlling their healthcare plan. The customized health plans are underwritten by our platform in about 2 minutes. We made all these possible through internal proprietary technology and seamless integration of our third-party AI. But let me paint a picture. Imagine helping a small employer design a better health plan, custom fit for their employees. Now imagine that the same plan lowers the cost for the business and lowers the payroll deduction of healthcare costs for their employees. Now imagine it takes about 2 minutes to do that instead of 12 or even 14 days that I saw on the brokerage side. Now imagine not having to imagine any of it, because it's real. It's what we do, and we're doing it through the partnerships that have extensive networks and cost-saving solutions. Recently, as Tim mentioned, we teamed up with Vertigard administrators, an integrated concierge-level TPA owned by MedImpact, the largest independent pharmacy benefit manager in the U.S. This collaboration is monumental. MedImpact manages prescription benefits for more than 20 million members. That's about $40 billion in annual drug transactions. So partnering with Vertigard allows us to leverage their purchasing power to provide reduced drug prices to our customers. This is about deep integration and scale and unlocking value. We've also partnered this past quarter with Unified Health Plans, a premier TPA recognized for its extensive provider network across Kansas. Unified dominates several niche business sectors, and they are laser-focused on controlling cost drivers and improving care quality. And because of that partnership, we've already started bringing on schools as clients this past month. We're also thrilled about our alliance with Hillb Group, one of Insurance Journal's top 25 ranked U.S. insurance brokers with over 2,400 employees across more than 125 locations in all 50 states. We're partnering with Hillb to co-develop and distribute smarter, more transparent, self-funded health benefit solutions to a much broader base of small and midsized employers. And this alignment with a top-tier national broker significantly amplifies our reach and credibility. Bailey Insurance is another one. They're a fourth-generation agency established in 1880 with over 200 years of team experience and licensed advisors partnering with multiple carriers. Bailey is a co-founder of Infusion Health. They're also a partner of ours and they're dedicated to providing better care, better service, and tech-enabled solutions. I believe that our collaboration with Bailey will deliver more efficiently. And these partnerships, they're not opportunistic. They're the result of a deliberate strategy from sales and marketing across all of our company's divisions to align with the market leaders who recognize that transformative power only happens when we come together. They underscore our ability to attract and integrate with the most influential players in the healthcare and benefits ecosystem. We're also continuing to develop our relationships with other large insurance brokerages across the country like Marsh McLellan, USI, and Gallagher. But what I appreciate most is that they don't all see us as just another vendor. Many of them see us as friends, trusted partners, and together, we're building better solutions for employers and families from coast to coast. Each of these relationships and the hundreds more like them are part of a bigger story, a better way forward. Let's face it, healthcare got too expensive, too complex, too out of reach. We all know it. If nothing changes, nothing changes. So while we can't fix it overnight, we believe that we are making meaningful changes as our platform gives people the right tools, the right partners, the right solutions, tailored plans, and a system that is very intuitive and easy to use. So with that, I'll turn the call over to our Chief Financial Officer, Julia to walk you through the financial details.

Thanks, Dustin. Good afternoon, everyone. I'm happy to share the financial results that highlight the remarkable operational achievements from our team. Our second quarter and the first half of 2025 reflect not only strong execution but also disciplined financial management that is essential for our sustainability and profitable growth. In the second quarter, total revenue was $9.3 million, bringing our first half revenue to an impressive $17.3 million. As Tim noted, this already accounts for 89% of our total revenue for 2024, which was $19.54 million. This clearly indicates that our growth momentum has continued, showcasing the effectiveness of our strategic expansion and customer acquisition efforts. Beyond revenue growth, our profitability metrics reveal significant positive operating leverage. Adjusted EBITDA for the first quarter was $1.6 million, reflecting a remarkable 134% year-over-year increase. For the first half, adjusted EBITDA reached $2.8 million, which is 1.2 times our entire full year of 2024. This increase in adjusted EBITDA underscores our capacity to scale up and manage our operational costs effectively. Pretax income for the quarter more than doubled year-over-year to $0.8 million, and the first half pretax income was $1.5 million, compared to $1.0 million for all of 2024, meaning the first half represents about 1.7 times the entire 2024 figure. Notably, our first half income accounts for 8.8% of revenue, which is nearly a 300 basis point improvement year-over-year. This highlights our enhanced ability to maintain expense discipline and strategically allocate resources for both top line growth and bottom line profitability. Looking at expenses, sales and marketing costs were $1.2 million for the quarter, which is 13.2% of revenue, showing a 6.3% reduction compared to last year. Our strategic partnership is providing significant value without requiring a large internal sales force, allowing us to leverage agencies that have many brokers at no cost to them. General administrative expenses were $3.8 million for the quarter, or 40.5% of revenue, reflecting a 4.2% increase from 36.3% last year, primarily due to costs associated with being a public company, such as D&O insurance, board compensation, legal audits, and investor relations expenses totaling $0.8 million for the quarter, which is about 9% of revenue. Lease costs were not part of the 2024 expenses, so adjusted general administrative expenses as a cost of revenue is 31.5%, representing a 4.8% reduction in a like-for-like comparison. We recognize that these expenses are part of operating as a public company. Research and development expenses were 6.3% of revenue, down 7.7% from 14% last year, thanks to the full deployment and time invested in system development and tax results attributed to capital expenditures and software. In the second quarter, we generated $1.5 million in positive cash flow from operating activities and utilized $0.9 million for tax software development. Our total cash flow for all activities was a positive $0.6 million. For the first half, operating cash flow totaled $2 million with $1.6 million spent on tax software development. As of June 30, 2025, we had $8.1 million in cash and maintained a disciplined approach to cash flow management. We are committed to keeping our accounts receivable days well under 30. Accounts receivable was $1.3 million, representing a 12% reduction year-over-year, while our revenue grew 86% in the second quarter. These reductions, despite faster revenue growth, reflect our diligence in managing working capital, accounts receivable, and overall financial health. In summary, our financial results affirm the strength of our business model, the effectiveness of our growth strategy, and our commitment to delivering shareholder value. We are not only growing but doing so profitably and sustainably, positioning ourselves well to continue this momentum. Thank you, and I will now hand it back to the operator for Q&A.

Thank you. We will now begin the question-and-answer session. Your first question today will come from Allen Klee with Maxim Group LLC.

Congratulations on a tremendous quarter. It seems you were able to grow both lives and revenues sequentially, which indicates that you are benefiting from your partnerships. I would like to discuss the new business coming in and your perspective on its sources. Additionally, while renewals typically peak on January 1, do you believe that your partnerships can provide momentum leading up to that date?

Yes, Alan, this is Tim. Thank you for the question. In small groups, most of these opportunities we are exploring are fully insured. In the fully insured market, many of these clients can change their effective dates because they are looking for the flexibility to customize their plans and select the right vendors for proactive medical management. There are no penalties for moving off their effective dates in the fully insured group; that’s just how these products function. As a result, we have more sales throughout the year than one might expect since clients are often adjusting their effective dates. Additionally, small groups do not typically align their medical plans with their financial year from January to January as larger companies do.

Yes, Alan, also –

Go ahead.

Yes, thank you. Just adding a little bit of color. Also, those are new relationships we started building. That's why we called out the few larger relationships, so we should be able to see quite a lot of traction even during this low season. Obviously, always December-January is a high season, but we are able to build up more momentum now.

That's great, thank you. For your target of midsize employers and the rollout of your AI-backed underwriting platform, how do you approach the education and targeting of those employers similar to your partners, or what is your strategy for that?

So I think, Tim, you want to take a stab at it, or would you like me to jump in?

Yes, go ahead. Go ahead, Dustin.

Okay. So by the way, you're asking some really great questions, and I appreciate you taking this time. As we kind of are going upstream and working with more national agencies or some of the larger brokerage firms, they're starting to really trust us to bring us some of their larger groups to take a look at. So we're noticing an uptick in 1,000-plus life cases. I mean, this past month, we got a request for 14 100-plus life cases. We're seeing lots in the 100 range, 200, 300, and I think we're going to see more of that going forward as Health in Tech continually earns the respect and trust of our brokerage partners across the country. So we're not going out actively and marketing to large employers. That isn't something we're doing today. Our broker partners, however, and our TPA partners, that's a market that a number of them are in. So I do see us getting exposed to more and more of those cases and getting an opportunity to work with those corporations.

Yes, I think we're going to see more of that going forward as Health in Tech continually earns the respect and trust of our brokerage partners across the country. So we're not going out actively and marketing to large employers. That isn't something we're doing today. Our broker partners, however, and our TPA partners, that's a market that a number of them are in. So I do see us getting exposed to more and more of those cases and getting an opportunity to work with those corporations.

Yes, and I believe we will see more of that going forward as Health in Tech continues to earn the respect and trust of our brokerage partners across the country. We're not actively marketing to large employers at this time. However, our broker partners and TPA partners are engaged in that market, so I see us getting more exposure to those cases and having the opportunity to work with those corporations.

We are frequently asked if we can apply our approach from small groups to larger groups, utilizing what we refer to as experience-based underwriting. This involves analyzing experienced claims data from larger groups that are already self-funded. The system we're implementing, which we discussed earlier, doesn't fundamentally change the underwriting process; it simply enhances its efficiency. While underwriting traditionally takes about a month for larger groups, we are now able to complete this in roughly five days, or possibly even less. This represents a significant improvement in efficiency.

Yes, and as we also announced on the last quarterly earnings call, the beta test we did on January with 1,100 lives and our system is still on track to be fully launched in the third quarter. Yes, I think it's a huge differentiation. Now that over 1,000 employees’ business, a traditional take about 3 months. It took us about 2 weeks. Now we further enhanced that, and the team just mentioned about now we can take about 5 days. So once the system is fully deployed, we will think about that will be game-changing for medium-sized employers. Now you don't need to take that much time to do all the manual work, not just the first step of the automation.

Thank you. I have a lot of questions, but I want to be respectful of anyone else who's on the call. So I'm going to get it back in the queue, and I'm gonna ask questions. If there's no other people for questions, please hit me again so I can follow up on my question.

Yes, I understand. Yes, we also can catch up after the call, if you have more questions, we can address in more detail. So you don't need to feel rushed. And if you have other very important questions that may have a similar question other people have, then feel free to ask for it.

Well, if there’s no one else on the call, I’ll continue speaking.

This is the conference operator. Currently, we have no one else in the queue. Allen, you can proceed, please.

Okay. I just wanted to not be a jerk if other people were waiting.

Okay, no worries.

The partnerships you mentioned, the three or four, can certainly help you provide an offering more effectively, lower costs, and improve healthcare outcomes. However, could you also discuss how these partnerships might potentially attract new employers?

Yes, that's the goal. The more distribution we have, the more opportunities arise since brokers are allocated to every group and very few handle things directly. Every broker we onboard sees the system and realizes how much more efficient they can be, requiring less staff while increasing productivity. This sets the stage for transitioning to larger groups. Each broker manages both small and large groups and they seek additional solutions to maintain that efficiency for larger groups. Some of these partnerships are significant, involving some of the largest brokers in the country who oversee hundreds to thousands of self-funded employer groups in the medium to large range. The system we're discussing is poised to greatly benefit them. Dustin, if you have anything to add, feel free.

Yes, regarding our two newest TPA partners, Vertigard and Unified Health Plans, they are contributing business to us as well. With Unified, we had an outstanding month on the TPA side as they specialize in supporting schools. In July alone, we've been generating significant business with them, and we anticipate that this relationship will continue to strengthen. We also started working with Vertigard, picking up our first case effective July 1. Our partnerships are expected to bring in business too. As mentioned by Tim, the goal is for their distribution and relationships to channel into Health in Tech. Typically, when we collaborate with TPAs, we gain access to distribution channels that were previously unavailable to us. While there may be some overlap, primarily, they serve as trusted partners for several brokers and smaller agencies that rely on them as a resource. We look forward to expanding further into their broker distribution channels in the upcoming months.

Thank you. Last quarter, you mentioned that your revenue is divided between underwriting fees and program fees, with larger employers willing to pay more for enhanced benefits. Could you explain this further and how we might consider this as you engage more with larger employers?

The underwriting fee is a percentage of the premium. Typically, when there are more employees, the average premium tends to be slightly lower, and the PPM is a flat fee based on the chosen services, which can vary in cost. Companies with more employees usually have a lower average premium, which results in a lower underwriting fee. However, they might opt for additional services for their employees, which can increase the overall fee. Thus, while we often see our underwriting fee revenues growing, they do so at a slower rate compared to other fees since it reflects the various choices made for employee services.

That's helpful, thank you. You all are a prime example of operating leverage. The way you're managing your expenses while your revenue is increasing is very encouraging for your profits. How do you feel about maintaining control over factors beyond the cost of goods sold over time?

Yes, so over time, we believe the investment we did for our organization will continue to expand. However, the expectation is the revenue growth will outweigh the expense growth, so we will always maintain the positive operating leverage. And we constantly review our internal efficiency, constantly look at what technology can replace human labor in our own organization. So we've been very disciplined in the expenses we spend. So far, we have been demonstrating we can really generate revenue that outpaces our expense growth. And there are certain other costs to being a public company that we cannot avoid. However, our revenue momentum is so strong that it just becomes a non-event for us.

Thank you. You had a business line in the past, HiCard, and I've read in one of your financials, I don't remember which quarter, but you said you were thinking about maybe rolling that out in 2026 back again. Is that something you're thinking of?

Hi, this is Tim –

Yes, sorry, Tim, please continue.

Yes, Alan, we were approached about an opportunity some time ago, and after numerous discussions both internally and externally, the process and timeline for implementing HiCard and making some changes to it have really accelerated. We expect to complete part of this by August to meet certain timelines we are working on, and the full implementation should be finished by the end of the year. The urgency to bring this program and project to completion for a specific purpose is critical and needs to happen sooner.

Yes, Alan, you will not see the revenue until the first quarter of next year because we need to prioritize our projects. What Tim mentioned is true; we have large opportunities, but we need to allocate our tech resources accordingly. By the time the revenue from HiCard is recognized, it will likely be in the first quarter of next year.

Okay, great. Tim, I listened to a podcast you participated in where you mentioned some potential opportunities for expanding into other insurance areas. You also hinted at some new products you might introduce this year. I understand you may not want to disclose what they are at this moment, but is there anything you can share about that, or should I just wait?

Yes, well, one of them was the program I was just referring to. We were fortunate enough to partner with some really significant people on building this, and Julia and I spent a lot of time looking at it to see what's the ROI and how much is it going to cost us to build. It's a very big opportunity for us, and that one will be put together very quickly, because we have to meet in a certain timeframe, so that will be one of them. We have a couple others that are very close, and I'd hate to say anything about it because I’d jinx myself. And I'm probably not supposed to anyway, but we will definitely talk about them on the next earnings call if I get over the hump with the –

Yes, I like to keep an eye on our press release, and there are a few large services or products very close to the finish line. Once we get there, we obviously will announce to the market. For now, we want the market to know the opportunity we're working on. As the tech company, we are always looking at the next product opportunity. As you know, it takes about 6 months to get a new product just like we talked about last year, we started a large group underwriting. Now, we almost get it done in Q3. So this is always the cadence, and we move on to the next project. We're working on that, and by the time we can beta test, we will let the market know, and they should expect us to fully deploy the various initiatives we do. So just keep an eye on our press release.

All right, I will. Okay. Well, congratulations. You significantly beat my estimates on revenue and bottom line. And given the run rate, your numbers are pretty likely going to be way higher than where I was. So congratulations, you did a great job.

Thank you.

Thank you. We like a happy surprise.

Hi, this is M Marin with Zacks. So you did a lot of work in the second quarter, added some new partners. It sounds like, in addition to adding new partners, you're also looking to sort of deepen your penetration with both existing and new partners. Is that the right way to think about this as you continue to look at expanding your product suite?

Dustin, you want to take that one?

Yes, I would love to get into that. Alongside managing sales, I also handle marketing and customer experience. We are always exploring new ways to support our distribution partners. The technology side is a key area for improvement, as well as claims management to enhance efficiency. Your observation is correct; we are focused on nurturing these relationships rather than seeking short-term partnerships. Since March, we have recognized that some relationships may not align with our goals, and Tim has communicated those instances. We aim to work with partners who are committed to the industry long term, helping us manage costs and subsequently passing those savings on to employers and their employees through payroll deductions. Competing often against established firms, we strive to offer a platform that enables our distribution partners to create health plans tailored for employers. Some of our broker partners have impressive tools, and they sometimes request permission to use additional wellness solutions. Tim is particularly enthusiastic about the future of wearable technology. We see ourselves continuously improving and adapting based on customer feedback, prioritizing listening and learning over asserting our own knowledge.

Yes, and if I could just real quickly, Tim, the part that we're talking about when we say we're saving our clients’ money; a lot of this is just due to the fact that they didn't know what they didn't know before. And since everything we do is transparent, they're now able to see the data and react to the data in real time, whereas before, they never had access to it. So that's a very big way that you can control your cost that way.

Can you elaborate on your ability to adapt in response to changes that clients have noticed? How quickly can you address their needs? I understand that the response time may vary based on the complexity of the adjustments required, but generally, how quickly do you believe you can respond?

So Tim, I think you should talk about networks. Would you discuss that along with some of our broker partners or TPA partners, particularly regarding the narrow aspects?

Let me address that question, and Dustin. So she's asking how fast do we respond, and that's the power of our AI-backed platform, right? So if you look at the small group underwriting, it's about 2 minutes. So you have various option choices presented in about 2 minutes, and the broker can discuss with the employers and can finish the plan. And we also move to provide that solution to the employer with more employees, like over several hundred and a thousand. That's about 5 days to 2 weeks. So the speed to market not only just now the plans have a better cost-saving feature, but we are able to get that down quickly through automation, through AI. You can think about everything as bundled together as one ecosystem.

Okay, got it. And is it right to think about it as we've seen a lot of growth over the past few months, but that really, the penetration at this point that you've achieved is still low enough to think that there's a large market opportunity still out there for you?

Yes, it's relatively low, right? Think about small businesses; 60 million people work for small businesses. Let's say, maybe the entire market is about a trillion, so we hardly did 24,000; that's still running up 25,000. It's less than 0.001%. So the market is huge and we could really force to be there to be disruptive and provide the different option for small businesses.

Got it. And then last question, this is really not specific to the company right now, but sort of drawing on your experience within the overall industry. Would you say that this particular time within the general healthcare insurance market is characterized by a greater sense of uncertainty and potential changes than you've seen in this recent past?

Well, yes, I would start, and then I will have the team to give more detailed explanation. So yes, there is a lot of uncertainty. It's a huge opportunity for us, in fact, right? So there's a lot of changes, whether it's a big beautiful deal, and whether it's other things happening in the market, we all get all the news. It's a great timing for us to provide alternatives, provide different solutions to address the big elephant in the room, and to change how healthcare has to give people the choice and options. And I think, Tim, you can explain a little bit more detail so she could get some idea.

If you look at the recent reports regarding the rate increases proposed by ACA carriers, many are over 26%, with some reaching into the 30s, depending on the state. That's unacceptable and unsustainable. It poses a significant issue, especially considering the recent administration change that brings a very different perspective compared to the previous one. This confusion presents an opportunity for us to step in and provide assistance and certainty. We aim to offer solutions for those seeking answers.

Okay. That makes sense. Thank you very much.

Thank you. Seeing no more questions in the queue, let me turn the call back to Mr. Johnson for any closing remarks.

Thank you, operator. I appreciate everyone joining the call today. If anyone has any follow-up questions, please do not hesitate to reach out to us. We love to talk to people about what we're doing. We appreciate your interest and look forward to keeping the dialogue open. Thanks, everybody.

Thank you all again. This will conclude the call. You may now disconnect.