Q2 2025 EverCommerce Inc Earnings Call
Speaker #1: Thank you standing by and welcome to EverCommerce's second quarter 2025 earnings call. My name is Shannon, and I will be your operator for today.
Speaker #1: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone.
Speaker #1: You will then hear automated message advising your hand is raised. To withdraw your question, please press star 11 again. As a reminder, this conference call is being recorded.
Speaker #1: Today, Wednesday, August 6th, 2025. And now I would like to turn the conference over to Brad Korch, SVP and Head of Investor Relations for EverCommerce.
Speaker #1: Please go head.
Speaker #2: Good afternoon, and thank you joining. Today's call will be led by Eric Remer, EverCommerce's chairman and chief executive officer, and Ryan Siurek, EverCommerce's chief financial officer.
Speaker #2: Joining them for the Q&A portion of the call is EverCommerce's president, Matt Firestein. EverPro, chief executive officer, Josh McCarter, and EverHealth, chief executive officer, Evan Berlin.
Speaker #2: This call is being webcast with a slide presentation that reviews the key financial and operating results for the three months ending June 30th, 2025.
Speaker #2: For links to the live or replay webcast, please visit the Investor Relations section of the EverCommerce website www.evercommerce.com. The slide presentation and earnings release are also directly available on the site.
Speaker #2: Please turn to page 2 of our earnings call presentation while I review our fe harbor statement. The statement is made on this call and contained in earnings material available on our website that are not historical in nature and may constitute forward-looking statements.
Speaker #2: Such statements are based on the current expectations and belief of management. Actual results may differ materially from the forward-looking statements due to risks and certainties that are described in more detail in our findings of the SEC.
Speaker #2: We undertake no obligation to publicly update or revise these forward-looking statements except as required by law. We also refer to certain non-GAAP financial measures in our comments today.
Speaker #2: A reconciliation of non-GAAP to GAAP historical measures is provided in both our earnings press release and our arnings call presentation. As a reminder, following our uncement in March that we are seeking strategic alternatives to the marketing technology solutions business, we have classified marketing technology as discontinued operations.
Speaker #2: Our commentary today will focus on the continuing operations of our business, focused on our EverHealth, EverPro, and EverWell verticals. All financial and operating metric results are presented relating to continuing operations only unless otherwise specified.
Speaker #2: I will now turn it to our CEO, Eric Remer. Please continue.
Speaker #3: Thank you, Brad. I'll begin our prepared remarks focused on our strong results and trends for turning the call over to Ryan to uss our financial performance in more detail.
Speaker #3: We had another strong quarter with financial results that exceeded guidance and solid progress on our key leading indicators. Our second quarter revenue exceeded the top end of our guidance range.
Speaker #3: Revenue increased 5.3% year over year, but increased 7.4% year over year in our pro forma basis. Which adjusts prior year for the sale of the fitness solutions.
Speaker #3: Adjusted BITDA of 45 million dollars also beat the top end of our guidance range. Representing a 30.4% margin. Adjusted EBITDA margin expanded more than 230 basis points year over year.
Speaker #3: Payments revenue excluding the fitness solutions grew 6.8% year over year. Finally, I'd like to highlight that at the end of July, we repriced and ended our credit facility increasing financial flexibility and resulting in approximately 1.3 million in annual interest savings.
Speaker #3: EverCommerce provides SaaS solutions for the service SMB economy. We offer tremendous value to our customers by providing the system of actions necessary to run their businesses with tailored, unique workflows.
Speaker #3: We provide end-to-end solutions to more than 725,000 customers across our three major verticals. EverPro for home and field services. EverHealth for physician practices. And EverWell for wellness.
Speaker #3: With a two former verticals representing 95% of consolidated revenue. Our large base of customers represents an immense embedded opportunity to provide value-added features and services like payments and customer rebates to our purchasing programs.
Speaker #3: At our pro forma basis for the last 12 months, we generated $574.1 million in revenue representing 7.9% year over year growth. With subscription and transaction revenue growing 8.1% year over year.
Speaker #3: We generated a 30.7% adjusted EBITDA gin on the LTM basis. Finally, our annualized total payment volume or TPV expanded to approximately 12.9 billion dollars.
Speaker #3: Accelerating payments adoption and utilization continues to be one of our highest priorities. And in 2025, we are making specific investments in our product capabilities and go-to-market motions to prioritize payments attachments at the point of initial sale.
Speaker #3: These include product and capability investments to expand the addressable payments volume within our system of actions as well as go-to-market and sales resource to catalyze incremental enablement and utilization.
Speaker #3: At the end of the second quarter, 261,000 customers were enabled for more than one solution. Reflecting a 32% year over year growth. This is a 400 basis point acceleration in growth rate over the prior quarter's year over year growth rate.
Speaker #3: At the end of the second quarter, approximately 112,000 customers were actually utilizing more than one solution, reflecting 29% year over year growth. This is a 1,000 basis point acceleration in growth rate over the prior quarter's year over year growth rate.
Speaker #3: Enabling customers for more than one solution is the first step in the funnel that leads to increased revenue, retention, and ultimately profitability for these customers.
Speaker #3: As we noted before, we began prioritizing and attach at the point of initial SaaS sale and adjust a few quarters we are seeing really good results.
Speaker #3: In the second quarter, we had record attach rates in our two flagship system of action softwares within our verticals. Once customers are enabled, the next action item is for us to facilitate usage.
Speaker #3: In the case of payment, this is getting our customers to actively process on our form. We measure this step in the funnel as utilization.
Speaker #3: Customers that purchase and utilize more than one solution are naturally some of our most profitable and sickiest customers. As we have illustrated past the earnings call, the effect of more customers taking payments or other add-on features and services is higher net revenue retention.
Speaker #3: Looking over the trailing 12 months, our annualized net revenue retention, or NRR, was 97%. Year over year, our ments revenue on our pro forma basis grew over 6.8% and accounted for approximately 21% of overall revenue.
Speaker #3: As a reminder, we report our payments revenue on a net basis, and therefore, it typically contributes approximately 95% gross margin. As such, payments revenue growth is a meaningful contributor to our overall adjusted EBITDA margin expansion.
Speaker #3: As I mentioned in my introductory comments, the second quarter EverPro and EverHealth estimated annual total payments volume, or TPV, was approximately 12.9 billion dollars, representing nearly 7% year over year growth.
Speaker #3: Within this, we continue to see higher TPV growth in our top solutions, offset by lower growth in legacy payment products. This can be a positive mix shift over time as our top solutions often have higher take rates.
Speaker #3: Now, I'll pass it over to Ryan, who will review our financial results in more detail, as well as provide third quarter and updated full year 2025 guidance.
Speaker #4: Thanks, Eric. Total reported revenue in the second quarter was 148 million. Up 5.3% from the prior year period. Subscription and transaction revenue are primary recurring revenue base, was 142.8 million.
Speaker #4: For Q2 2025, year over year pro forma subscription and transaction revenue growth was 7.4%. The difference between actual and pro forma revenue growth rate is to present information on a comparable basis, and is attributable to the removal of prior year revenue, associated with the sale of our fitness solutions that closed in 2024.
Speaker #4: Within pro forma subscription and transaction revenue, pro forma payment revenue growth was 6.8%. The solid performance in subscription and transaction revenue was largely due to continued execution of our growth strategy to provide customers with our core system of action software solutions and driving expansion by promoting cross-sell and upsell opportunities leading with payments.
Speaker #4: Adjusted gross profit in the quarter was 114.6 million. Representing an adjusted gross margin of 77.4% versus 77.5% in Q2 2024, relatively flat across the comparison period.
Speaker #4: Second quarter adjusted EBITDA was 45 million, which is 14% growth year over year. Adjusted EBITDA margins of 30.4% compares to 28.1% in Q2 2024.
Speaker #4: Q2 year over year margin expansion of over 230 basis points was partially aided by the timing of certain expenses and investments. With a portion of the favorability compared to guidance expected to be reallocated to the rest of 2025.
Speaker #4: On a year over year basis, margins improved due to cost optimization initiatives, mix shift to higher margin products, and overall scale economies. Now, turning to adjusted operating expenses, which are reconciled in the appendix to this presentation, overall adjusted operating expenses improved as a centage of revenue both for the quarter from 49.5% to 47.1% on a year over year basis and on an LTM basis from 48.8% to 47.3%.
Speaker #4: While the timing investments and expenses was a factor, the long-term trend of continued operating expense moderation is deliberate and attributable to both growth of the business and specific actions taken as part of our transformation and optimization program.
Speaker #4: We maintain our focus on improvement in customer satisfaction and acquisition while also remaining highly focused on cost discipline and functional support areas. Next, I'll turn to some key liquidity measures, which include cash flow from continuing and discontinued operations, we continue to generate significant free cash flow, as we invest to grow our business.
Speaker #4: Cash flow from operations for the quarter 27 million, improving from 23.9 million generated in Q2 2024. Levered free cash ow was 18.9 million in the quarter, and for the trailing 12-month period, we generated nearly 110.8 million in levered free cash flow.
Speaker #4: Due to the investments we are making in 2025, we see an impact in ur levered free cash flow primarily due to increases in our capitalized software spend year over year, as we continue to enhance features, functionality, as well as our enterprise support model.
Speaker #4: Adjusted unlevered free cash flow was 34.9 million in the quarter, and 143.7 million for the last 12 months, representing 16.2% and 18.8% year over year growth respectively.
Speaker #4: We ended the quarter with 151 million in cash and cash equivalents, and 155 million of undrawn capacity on our revolver. As of June 30th, we had 529 million of debt outstanding, our total net leverage as calculated per our redit facility was approximately two times, and continues to demonstrate our de-leveraging from strong operational performance and free cash generation.
Speaker #4: We have 425 million of notional swaps at a weighted average rate of 3.91% that effectively hedge the floating rate component of our interest cost through October 2027.
Speaker #4: In July, we repriced and extended our outstanding term loan for an additional three years, through July 2031, and further reduced our interest cost by 25 basis points to SOFR plus 2.25%.
Speaker #4: In addition, we extended our 155 million revolving credit facility with steps down in capacity to 125 million in July, 2026, and continues through July 2030.
Speaker #4: The repricing on the term loan results in interest cost savings of approximately 1.3 million on an annualized basis, and the extension of the term loan and revolving credit facility provides financial flexibility.
Speaker #4: In the second quarter, we repurchased approximately 2 million shares for 20.6 million dollars, at an average price of $10.01 per share. Based on the shares repurchased through June 30th, 2025, we have approximately 51.1 million dollars remaining, and our total repurchased authorization.
Speaker #4: I would now like to finish by discussing our outlook for the third quarter and full year of 2025. As a reminder, our guidance for revenue and adjusted EBITDA for 2025 is based on our continued operations, which excludes marketing technology solutions.
Speaker #4: For the third quarter of 2025, we expect total revenue of 146.5 to 149.5 million and adjusted EBITDA of 41 to 43 million. For full year 2025, we expect total revenue of 581 to 601 million, and we are increasing our guidance for adjusted EBITDA.
Speaker #4: To a range of 171 to 177 million. Operator, we are now ready to take the first question.
Speaker #1: Thank ou. As a reminder, to ask the question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again.
Speaker #1: Our first question comes from the line of Bevin Shaw with Deutsche Bank. line is now open.
Speaker #5: Great. Thanks for taking my question and congrats on the strong quarter. Eric, maybe just for ou to start off, can you just maybe ive us a little state of the union on where you are in terms of your transformation initiatives and how you guys think ou're progressing against that?
Speaker #3: Yeah. You know, when we talk about the transformation optimization, you know, it's an many of those are ongoing scenarios that we're going to ue to look for opportunities.
Speaker #3: Specifically, in optimization, continue to gain more margin as we, you know, get more efficient across the organization. But transformation perspective, it really focused on, really creating more, more, energy and more focus within the BUs and the fic verticals, EverHealth and EverPro.
Speaker #3: Both our CEOs that we've, we've ked to before, Evan Berlin and, h, Josh McCarter, are both doing phenomenal job building out organizations, building out full management teams, getting the kind of the teams closer to the end customer, which we're starting to see really positive results in efficiency and sales efficiency and marketing efficiency, and other things that we really had expected to happen and we're starting to see some of those green shoots happen already.
Speaker #5: That's great. And just a quick call for Ryan. Ryan, I think the second quarter in a row you guys have exceeded the top end of our revenue guidance.
Speaker #5: Why not raise the rest of the year? Is there anything that you're eing from a macro perspective or anything else we should keep in mind for the back end?
Speaker #3: Yeah. No, I appreciate the question. Thanks, Bevin. From a macro perspective, you know, things continue trend, well, we've talked how we are relatively resilient, overall in terms of the macro economy.
Speaker #3: And we'll ue to to track that and look at on a regular basis. we felt comfortable raising the, EBITDA guidance, really because of the confidence we have in the back half of year, but also looking at, you know, some moderation with regard to the overperformance that we had in the first half of the year for investments, and other things that we're ing, really to continue to generate, growth and acceleration in, in, you know, active programs like payments or cross-sell upsell opportunities.
Speaker #3: on the revenue side, it's really being prudent, with regard to like at we see the back half of the year compared to the first half of the year.
Speaker #3: So, at this point, we feel comfortable with both kind of the revenue remaining revenue guidance for the back half of the year as well as the raise on the adjusted EBITDA idance.
Speaker #5: That's helpful. Thanks for taking my estions.
Speaker #1: Thank you. Our next question comes from the line of Kirk Matern with EverCore ISI. Your line is now en.
Speaker #6: Hi, this is Dylan from Eric. And thanks for taking my estion. You know, what are some of the embedded AI functionalities that you believe will enhance the overall customer experience of your software going forward?
Speaker #3: Yeah. I'll, I'll, I'll start in terms of things that we've actually done from an AI perspective and then I'll pass it over actually to Evan and potentially Josh, who will talk about some of the things that we're considering.
Speaker #3: Over the last 18 months, and we've ked about this, we've launched AI-powered features across several of our product lines, including, you know, prospect marketing solutions and our customer engagement.
Speaker #3: Our customer experience solution, we've launched customer survey tools within our customer experience solutions. And really, those have helped us improve prospect targeting for the end customer, end customer engagement, and actionable insights that our customers now have because of the the embedded AI that we've put in those products.
Speaker #3: And AI advancement within our products is now a core part of our future product roadmaps, really, across all of our verticals. And I'll pass it over to Evan to start in terms of, you know, some thoughts at the EverHealth level.
Speaker #4: Yeah. Thanks, Matt. I think the features we've got embedded in the roadmap for the rest of the year are features that really help our customers be more efficient.
Speaker #4: So thinking about things in the linical space like ambient scribe, appointment no-show predictors that help them just run a more efficient business. And then we have a full roadmap already built for 2026.
Speaker #4: So look for more features to be delivered across all of our core products within EverHealth.
Speaker #6: Great. And then can you provide us, you know, do you have any early thoughts on the passage of the one big beautiful bill in terms of tax implications?
Speaker #3: Yeah. I would say it's early for us in terms of the analysis of that. 's ongoing in terms of the implication. But we do think there'll be benefits from, you ow, limitations that previously existed from intraductability as an example.
Speaker #3: But on an ongoing basis, we'll have more to share, I think, in the coming quarter.
Speaker #6: Appreciate it. Thank ou.
Speaker #1: Thank you. Our next question comes from the line of Matt Hedwerk with RBC. Your line is now open.
Speaker #7: Great. Thanks for taking my questions. Congrats on another good quarter. I guess, you know, circling back on the revenue guide, you've at expectations on the top line for now two straight quarters.
Speaker #7: You know, and you've maintained the full year, guide. You know, I can I can appreciate it's probably some conservatism from macros in there, but just making sure there's nothing else.
Speaker #7: Like, we're we're deals pulled into the first half. or anything that you sort of like, you know, flagged for the second half? Because it feels like you're ou're coming off of a strong first half of the year.
Speaker #3: The first half of the year was strong. and and we feel good about that. We didn't pull in, anything unusual from a revenue perspective in Q1.
Speaker #3: Or Q2. We're not, planning to pull anything in, necessarily from a Q3 or Q4 perspective either. We do have bottoms-up, build, and we we we look at kind of all the different, factors, within each one of the solutions.
Speaker #3: As you know, we have, you know, some some top solutions, that are our core to our systems action as well as payments. we also have a number of other, important, solutions as well.
Speaker #3: So it's, it's a I would say a relatively complex build, but, we feel good about what we're setting for Q3 and Q4. And yes, it there there is some conservatism.
Speaker #3: We like to call it prudence, we want to make sure that, you ow, we're not being overly aggressive in terms of of what we're at we're publishing.
Speaker #3: I I think from my our standpoint right now, we feel like what we're guiding towards, is appropriate, for both Q3 and Q4.
Speaker #7: Got it. Okay. And then, you know, I I wanted to follow up AI as well. Last quarter, you talked not only about, you know, from a product perspective, but using AI internally.
Speaker #7: To just improve efficiency. Wonder you can give a little bit of update there. And are you seeing any improvements, whether it's in R&D, with code suggestion tools or sales and marketing, customer service, you know, any any sort of anecdotal evidence that it could driving, you know, ither more efficiencies there or perhaps even, you know, better sales outcomes?
Speaker #3: Yeah. No, for sure. I'm going focus on the customer support. I think we we have talked about this in the past. but that continues to be an area where, again, still early innings with AI.
Speaker #3: So across all of our functions, you know, we are actively leaning in an AI-forward way to find efficiencies. in customer service, you know, specifically, our customer support operation within mobile solutions at EverPro, we have deployed AI agents, within our chat channel that are now resolving between 25 to 50 percent of all support tickets that come in, depending on, you know, which solution within that that mobile mix.
Speaker #3: We've got customer SaaS scores that are above 85%. and generating some nice significant cost avoidance from that standpoint. And that has literally just across our our chat channel, we're going to add email and voice channel there, and and we expect that impact to grow grow meaningfully.
Speaker #3: So we are excited. It is still the early innings from a functional standpoint of of that. Yes, from a a product and engineering standpoint, from a digital marketing standpoint, from a people operations standpoint.
Speaker #3: And from a financial systems and and security operations standpoint, those are areas where we're actively testing and and learning into the the productivity gains and the efficiency gains from from utilizing this this technology company-wide.
Speaker #7: Great. Thanks for the thanks for the caller.
Speaker #1: Thank you. As a reminder, to ask the question at this time, please press star 11 on your touchdown telephone. Our next question comes from the line of Alexander Sklar with Raymond James.
Speaker #1: Your line is now open.
Speaker #8: Hi. Thanks for taking the question. This is John for Alex. I wanted to dig in a little bit with the customers utilizing more than one solution.
Speaker #8: We've seen a really nice step up in the amount of customers using more than one solution. In one queue and now again in two queue.
Speaker #8: Do you think this upper single-digit low double-digit thousand growth is the right cadence to think about moving forward? And then I have a quick follow-up.
Speaker #3: Yeah. I'd say we're obviously really pleased with the progress we've made. 're obviously not going guide to growth percentages there. I think you heard Eric talk about in his comments the areas where we've obviously continued make investments in product and technology and go to market to to better enable that that continued multi-product take and and ultimately utilization.
Speaker #3: Obviously, payments is is more than 85% of of that multi-product enablement and and utilization. And you'll also, you heard Eric talk through across our core growth pillars and payments from attachment to activation to wallet share expansion, you know, again, significant execution and investment in those areas just to continue to expand the value that we can provide to our customers.
Speaker #3: And in in areas like attachment, you know, launching something like Canadian processing capability that some of our solutions where we didn't have them, allowed to access allow us to access an unaddressable part of the base that we had before.
Speaker #3: In areas like wallet share expansion, really continuing to refine payments workflows within our systems of action and increasing ways to pay mobile check capture ACH payment Google and Apple Pay support, these things add flexibility and also increase and and really drive that merchant processing volume from where it was to, you know, to to where we believe it can be.
Speaker #3: So you know, again, really pleased with the progress we've made. Obviously, there is significant runway for us to continue to drive more utilization of of of second, third, fourth products into the base.
Speaker #3: And as we continue to integrate more of those products into our systems of action, we we expect to do just that.
Speaker #4: And just to add to what Matt said, as we've talked about a bunch, these are the leading indicators. These are the top of the funnel.
Speaker #4: And our job is to kind of continue to execute down funnel so we can increase revenue and increase retention as more customers take more products.
Speaker #4: Obviously, that grows revenue. And the more products an individual customer takes, it significantly increases retention as well.
Speaker #8: Okay. Thanks, really good call in there. And then can you maybe help frame the spread between the the total payment volume growth we saw this quarter and that customers using more than one solution?
Speaker #8: Is there a lag there that we should think as customers are unable to use more than one solution and use payments? Or is there maybe some macro factors that are that are causing that that bit of the bit of the spread?
Speaker #3: Yeah. We wouldn't call it macro. I think, again, as Eric explained, it is a funnel. and and you start at the top of the funnel with with with attach.
Speaker #3: Obviously, making nice significant strides there. Utilization come next comes next. Wallet share expansion comes there. So it comes after that. So there is a lag only in you do need to take every single customer down that funnel in terms of enablement into utilization and to expansion.
Speaker #3: You know, secondarily, obviously, we've talked about this in the past. We have a pretty broad portfolio of of solutions where we've integrated payments. Some of them are more mature legacy portfolios that are growing at a bit slower of a rate.
Speaker #3: Obviously, we've, again, talked about our top five payment opportunities where we have the most significant executional approach and investments. and those growing at a at a much faster rate.
Speaker #3: The the TPV there is growing between 12 to 13 percent from a a year over year perspective. And many of those are are less than 10% penetrated.
Speaker #3: So the opportunity is is incredibly large. So yes, there's a lag from a funnel perspective. and you know, again, we we we look to continue to grow through just some of the more mature legacy parts of the folio.
Speaker #8: Great. Thank you very much.
Speaker #1: Thank you. Our next question comes from the line of Aaron Kimson with Citizens. Your line is now open.
Speaker #5: Great. Thank you. Eric, you started this business as a payments company. Payments was 21% of revenue in the first half of this year, up from 17% full year '24.
Speaker #5: Obviously, it's a piece of the thesis going forward. Given the circle IPO in June and all the subsequent investor attention that's gone into understanding the potential of stablecoins to affect payments revenue streams, how do you think the potential for stablecoins to affect pay grade or method of payment in your service-based SMB customer base over the medium and long-term, if at all?
Speaker #3: Well, I appreciate the estion. you know, we are, you know, as in terms of focusing on stablecoins and how it's going to affect our payment our current payment methods, I an, that is not currently on the roadmap, quite honestly.
Speaker #3: we provide all many ways for our customers to get paid. And to date, there's been I would say, you know, not anecdotally, not few requests.
Speaker #3: There's been zero requests for things of that nature. So we will continue to become, you know, continue to be very focused on what our customers' needs, build products, build roadmaps based upon making sure that they they get what they need to accept payments the way they need to.
Speaker #3: in addition to be able , you know, provide their customers what they want. So we will be responsive to the the marketplace if and when that happens.
Speaker #3: but to date, that's it's not in the definitely not in the short-term roadmap. And I wouldn't even say mid-term. clearly, that can shift if the market sentiment shifts.
Speaker #3: but right now, that's a core focus.
Speaker #5: Got it. That's really helpful. And Ryan, can you talk about the improved visibility you have into the business as a result of the MarTech discontinuation and eventual divestiture?
Speaker #5: When giving us guidance now, and maybe also what needs to go right to potentially accelerate back to a double-digit grower in the out years?
Speaker #5: Thanks.
Speaker #3: Yeah. No, I appreciate the question, Aaron. really, from a visibility perspective, I would say for the most part, what we've taken out from a continuing operations perspective is seasonality.
Speaker #3: we're a variability to seasonality. So it's much more linear. I ink overall, there is very little seasonality when you take out MarTech from the overall business.
Speaker #3: and I would say that like it just continues to refocus essentially where everybody is spending their time and effort. which is within EverPro and EverHealth and EverWell at this point in time.
Speaker #3: we continue the process on the MarTech side, and we will continue with the optimization efforts that we have. And I ink you can see that coming through from our operating expenses as a percentage of revenue overall.
Speaker #3: If you look at the LTM on a on a basis of year over year, analysis, we're going to continue to as as we talked about it earlier, we have the transformation efforts.
Speaker #3: We have the optimization efforts. On the optimization piece, we intend to actually take costs out on our optimized basis, whether it's through AI or otherwise, in order to make the continued investments for you know, revenue expansion that we want to make going forward.
Speaker #1: Thank you. And I'm currently showing no further questions at this time. I would now like to hand the call back over to Eric Remer for closing remarks.
Speaker #4: Well, thanks for that. Well, thank you guys for joining us today. Not only did we beat our headline expectations, but we're also showing real positive momentum in our ing indicators.
Speaker #4: This is exactly what we set out to do, and I look forward to sharing our continued success in the coming quarters. Thanks again.