EverQuote, Inc. (EVER) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the EverQuote second-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 EverQuote 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to Sara Buda, Vice President of Investor Relations. Please go ahead.

我現在把會議交給投資人關係副總裁 Sara Buda。請開始。

Thank you. Good afternoon and welcome to EverQuote's second-quarter 2026 earnings call. We will be discussing the results announced in our press release issued today after market close.

謝謝。各位下午好，歡迎參加 EverQuote 2026 年第二季財報電話會議。我們將討論今日收盤後發布之新聞稿中所公布的業績結果。

With me on the call this afternoon are Jayme Mendal, EverQuote's CEO; and Joseph Sanborn, EverQuote's CFO and Chief Administrative Officer.

今天下午與我一同參與電話會議的有 EverQuote 執行長 Jayme Mendal，以及 EverQuote 財務長兼首席行政官 Joseph Sanborn。

During this call, we may make statements related to our business that may be considered forward-looking statements under federal securities laws, including statements considering our financial guidance for the third quarter of 2026.

在本次電話會議中，我們可能會就本公司業務發表若干陳述；依據聯邦證券法，這些陳述可能被視為前瞻性陳述，包括涉及我們對 2026 年第三季財務指引的陳述。

Forward-looking statements may be identified with words and phrases such as aim, expect, believe, intend, anticipate, plan, will, may, continue, upcoming, and similar words and phrases. These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We specifically disclaim any obligation to update or revise these forward-looking statements except as required by law.

前瞻性陳述可透過 aim、expect、believe、intend、anticipate、plan、will、may、continue、upcoming 等字詞與片語，以及其他類似字詞與片語加以辨識。這些陳述僅反映我們截至今日的觀點，不應被視為任何後續日期的觀點。除法律要求外，我們明確聲明不負有更新或修訂任何前瞻性陳述之義務。

Forward-looking statements are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. For a discussion of those risks and uncertainties, please refer to our SEC filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q on file with the Securities and Exchange Commission and available on the Investor Relations section of our website.

前瞻性陳述受到各種風險與不確定性影響，可能導致實際結果與我們的預期出現重大差異。關於這些風險與不確定性的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括 Form 10-K 年度報告與 Form 10-Q 季度報告；相關文件亦可於本公司網站之投資人關係專區取得。

Finally, during the course of today's call, we will refer to certain non-GAAP financial measures, which include adjusted EBITDA and adjusted EBITDA margin, variable marketing dollars, and variable marketing margin, which we believe are helpful to investors. A reconciliation of GAAP to non-GAAP measures was included in the press release we issued after the close of market today, which is available on the Investor Relations section of our website.

最後，在今天的電話會議過程中，我們將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA 與調整後 EBITDA 利潤率、可變行銷支出（variable marketing dollars）以及可變行銷利潤率；我們相信這些指標對投資人有所助益。GAAP 與非 GAAP 指標之調節表已包含於我們今日收盤後發布的新聞稿中，並可於本公司網站之投資人關係專區取得。

And with that, I'll now turn the call over to Jayme.

接下來，我把電話會議交給 Jayme。

Thank you, Sara, and thank you all for joining us today. We continue to execute well and deliver strong results. In Q2, we grew revenue 25% year over year to $195.1 million and grew adjusted EBITDA 37% year over year to a record $30.1 million.

謝謝你，Sara，也感謝各位今天加入我們。我們持續良好執行並交出強勁成果。第二季，我們營收年增 25% 至 1.951 億美元，調整後 EBITDA 年增 37% 至創紀錄的 3,010 萬美元。

Importantly, we achieved these results while continuing to advance our strategy, unlock new growth levers, and extend our market leadership position. We continue to experience a healthy market backdrop for both auto and homeowners' insurance as carriers remain profitable and hungry for growth.

重要的是，我們在取得這些成果的同時，持續推進策略、解鎖新的成長槓桿，並延伸我們的市場領導地位。在汽車與房屋保險方面，我們持續看到健康的市場環境，因為保險公司仍維持獲利並積極尋求成長。

Against this backdrop, carriers are turning to EverQuote as a trusted partner to help them grow policies in force. In Q2, we further broadened carrier demand, including a ramp with one major carrier that returned to the marketplace as expected.

在此背景下，保險公司正轉向 EverQuote，視我們為可信賴的合作夥伴，協助其提升在保保單（policies in force）。第二季，我們進一步擴大保險公司的需求，其中包括一家如預期重返市場的大型保險公司之需求爬坡（ramp）。

We also grew local agent demand for referrals to record high levels while increasing the number of products per agent as we advance our one-stop growth partner strategy with local agents. Both carrier and agent revenue reached record high levels in the quarter. Additionally, our home vertical continues to perform well, growing 35% year over year in Q2, also to record levels.

我們也將在地代理人對轉介（referrals）的需求提升至創新高水準，同時隨著我們推進「一站式成長夥伴」策略，提升每位代理人所對應的產品數量。本季保險公司與代理人兩端的營收皆創下新高。此外，我們的房屋保險垂直業務持續表現良好，第二季年增 35%，同樣創下新高。

While we execute on behalf of customers, we are also investing to extend our AI leadership position in the market. Our Smart Campaigns AI bidding solution continues to scale, supporting customers' aggressive customer acquisition goals by helping them deploy marketing budgets more effectively and efficiently. Seven of our top 10 carriers now use Smart Campaigns, and in Q2, the amount of revenue flowing through the product increased by over 100% versus the same period last year.

在為客戶執行的同時，我們也持續投資，以延伸我們在市場上的 AI 領導地位。我們的 Smart Campaigns AI 出價解決方案持續擴大規模，透過協助客戶更有效率、更有效果地配置行銷預算，支持其積極的獲客目標。目前我們前十大保險公司客戶中已有七家使用 Smart Campaigns；第二季，透過該產品流入的營收較去年同期增加逾 100%。

Also in Q2, we released our agent-facing version of Smart Campaigns to the first cohort of local agents. As Smart Campaigns becomes our customers' dominant bidding approach, we are strengthening these relationships by embedding our technology into their core workflows and achieving deeper data integrations, all while helping customers achieve their growth goals.

同樣在第二季，我們向第一批在地代理人推出面向代理人的 Smart Campaigns 版本。隨著 Smart Campaigns 成為客戶主要的出價方式，我們正透過將技術嵌入其核心工作流程並達成更深度的資料整合來強化合作關係，同時協助客戶達成其成長目標。

Within our walls, use of AI for everything from coding to automating operational tasks to prototyping products has reached an inflection point as our teams integrate AI into their daily workflows to drive greater productivity and velocity.

在公司內部，AI 的使用已達到拐點，涵蓋從撰寫程式碼、將營運任務自動化到產品原型設計等各方面；我們的團隊正把 AI 融入日常工作流程，以提升生產力與推進速度。

We are seeing daily active use pervasive across our corporate staff and within engineering we are exceeding industry benchmarks with a 25% measured increase in efficiency. On a daily basis, I am impressed by yet another creative high-value AI-derived output from an EverQuote team member.

我們看到公司員工的每日活躍使用已相當普及；在工程團隊方面，我們以可量測的 25% 效率提升，超越產業基準。每天我都會對 EverQuote 團隊成員又一項具創意且高價值、由 AI 產出的成果感到印象深刻。

To name just a few, recent examples include AI agents designed to emulate human shopper personas and identify friction points in our web experiences, as well as upgrades to our AI traffic bidding platform, which put us on a path to increasingly agentic traffic operations. This trend of delivering innovative products at a faster pace will only increase from here.

舉幾個例子，近期成果包括：設計可模擬人類購物者角色的 AI 代理，以辨識我們網站體驗中的摩擦點；以及升級我們的 AI 流量出價平台，使我們走上更具代理化（agentic）的流量營運之路。這種以更快速度交付創新產品的趨勢，接下來只會更加明顯。

As evidenced by our financial results, our consistent strong execution on behalf of customers has made us a trusted growth partner of choice for the largest carriers and thousands of local agents. We continue to integrate AI across our operations and our products and are emerging as an AI leader within our industry. From this position of strength, we see an opportunity to do more to support customers while unlocking new growth vectors for the business.

從我們的財務結果可見，我們持續為客戶強力執行，使我們成為大型保險公司與數千名在地代理人首選且信賴的成長夥伴。我們持續在營運與產品中整合 AI，並正成為本產業的 AI 領導者。在此強勢基礎上，我們看見機會做得更多，以支持客戶，同時為公司解鎖新的成長向量。

Initially, we will focus on two areas: one, amplifying visibility with consumers through new products that are purpose-built for AI search and agentic commerce; and two, building AI-native growth solutions for carriers and agents, which allow them to derive benefits of AI without having to build and manage as much of the technology in-house.

初期我們將聚焦兩個領域：第一，透過專為 AI 搜尋與代理式商務（agentic commerce）打造的新產品，提高在消費者端的能見度；第二，為保險公司與代理人打造 AI 原生的成長解決方案，使其無須在內部建置與管理那麼多技術，也能獲得 AI 的效益。

With our rich AI heritage and deep customer relationships, we are uniquely positioned to lead the P&C distribution sector through its transition into the AI era. We look forward to sharing more details of these newer developments in the coming months.

憑藉我們深厚的 AI 傳承與緊密的客戶關係，我們具備獨特優勢，能在產險（P&C）分銷領域邁向 AI 時代的轉型過程中扮演領導角色。我們期待在未來幾個月分享這些較新進展的更多細節。

I have never been more excited about where we are and where we are going. We have a unique blend of talent, market leadership, ability to innovate, trusted customer relationships, and financial strength. This positions us to build on recent progress, expand our competitive moat, and create a multi-billion-dollar market leader with durable long-term growth.

我從未像現在這樣，對我們所處的位置以及未來前進方向感到興奮。我們擁有獨特的組合：人才、市場領導地位、創新能力、值得信賴的客戶關係與財務實力。這使我們能在近期進展的基礎上再接再厲，擴大競爭護城河，並打造一家具備長期韌性成長、規模達數十億美元的市場領導者。

I will now turn the call over to Joseph, who will discuss our financial results and outlook.

接下來我把電話會議交給 Joseph，由他說明我們的財務結果與展望。

Thank you, Jayme, and good afternoon, everyone. Q2 marked another positive quarter for EverQuote with strong revenue and adjusted EBITDA growth. We grew revenue 25% and adjusted EBITDA 37% year over year. We also drove record variable marketing dollars, or VMD, and record adjusted EBITDA, while at the same time generating strong cash flow.

謝謝你，Jayme，各位下午好。第二季對 EverQuote 而言是另一個正向季度，營收與調整後 EBITDA 均強勁成長。我們營收年增 25%，調整後 EBITDA 年增 37%。我們也創下可變行銷支出（VMD）與調整後 EBITDA 的新高，同時產生強勁的現金流。

Now let's turn to the details of the second quarter. Total revenue grew 25% year over year to $195.1 million. Revenue from our auto insurance vertical increased to $172.1 million in Q2, up 23% year over year. We continue to benefit from our broad and differentiated distribution with growth across carriers and agents, including a large carrier ramping, as Jayme mentioned.

現在讓我們來看第二季的細節。總營收年增25%至1.951億美元。我們汽車保險垂直業務的營收在第二季增至1.721億美元，年增23%。正如Jayme所提到的，我們持續受惠於廣泛且差異化的分銷布局，在保險公司與代理人端皆實現成長，其中也包括一家大型保險公司正在加速放量。

We also are delivering on the operational plan we've discussed to scale beyond the auto vertical. In Q2, revenue from our home insurance vertical grew 35% to a record $23 million as we capitalized on strong monetization across high-quality traffic sources and secured increased budget from key carriers. VMD increased to $56.9 million in the second quarter, up 25% from the prior year period. Variable marketing margin, or VMM, was 29.2% for the quarter.

我們也正在落實先前討論過的營運計畫，以擴張至汽車垂直業務以外的領域。第二季，我們房屋保險垂直業務的營收年增35%至創紀錄的2,300萬美元，主要受惠於在高品質流量來源上的強勁變現能力，並自關鍵保險公司取得更高的預算。第二季VMD增至5,690萬美元，較去年同期成長25%。本季可變行銷毛利（VMM）為29.2%。

Turning to operating expenses in the bottom line, in the second quarter, we grew GAAP net income to $19.2 million, up from $14.7 million in the prior year period. Q2 adjusted EBITDA increased 37% from the prior year period to $30.1 million, representing a 15.4% adjusted EBITDA margin.

再看損益表的營業費用方面，第二季我們的GAAP淨利增至1,920萬美元，高於去年同期的1,470萬美元。第二季調整後EBITDA較去年同期成長37%至3,010萬美元，調整後EBITDA利潤率為15.4%。

Cash operating expenses, which excludes advertising spend and certain non-cash and other charges, were $26.8 million in Q2, up slightly from Q1 as expected. We delivered strong operating cash flow of $24.3 million for the second quarter.

第二季現金營業費用（不含廣告支出以及部分非現金與其他費用）為2,680萬美元，較第一季如預期小幅上升。第二季我們實現強勁的營運現金流2,430萬美元。

In Q2, we repurchased 578,000 shares totaling approximately $9 million under our share repurchase program. In aggregate, under this program, we have repurchased 2.5 million shares totaling $50 million. We are pleased with the results and expect our Board will revisit authorizing a new program later this year as part of our ongoing review of capital allocation. We ended the period with no debt and cash and cash equivalents of $192 million.

第二季，我們依據庫藏股計畫回購57.8萬股，總額約900萬美元。整體而言，在此計畫下我們已回購250萬股，合計5,000萬美元。我們對成果感到滿意，並預期董事會將在今年稍晚、作為持續檢視資本配置的一部分，重新評估是否核准新的回購計畫。期末我們無負債，現金及約當現金為1.92億美元。

In summary, our Q2 results reflect continued strong execution. We diversified our revenue across additional carriers in the quarter, further scaled our home vertical, and expanded our AI capabilities to drive innovation for our customers and deliver efficiencies within our own operations.

總結而言，第二季的結果反映我們持續強勁的執行力。本季我們將營收分散至更多保險公司、進一步擴大房屋保險垂直業務規模，並擴展AI能力，以推動客戶創新並提升自身營運效率。

Turning to guidance for the third quarter of 2026, we expect revenue to be between $198 million and $208 million, representing 17% year-over-year growth at the midpoint. We expect VMD to be between $56 million and $59 million, representing 15% year-over-year growth at the midpoint. And we expect adjusted EBITDA to be between $28 million and $31 million, representing 18% year-over-year growth at the midpoint.

接著是2026年第三季的財測指引：我們預期營收介於1.98億至2.08億美元，以中位數計算年增17%。我們預期VMD介於5,600萬至5,900萬美元，以中位數計算年增15%。我們預期調整後EBITDA介於2,800萬至3,100萬美元，以中位數計算年增18%。

Looking to the remainder of the year, we are seeing a healthy environment as carriers focus on growing policies in force and as they choose EverQuote to achieve their goals. We are executing well and remain confident in our ability to achieve $1 billion in annual revenues on the timeline we initially communicated to investors last November, while also generating strong cash flow.

展望今年剩餘時間，我們看到健康的環境：保險公司聚焦於提升在保保單（policies in force），並選擇EverQuote來達成其目標。我們執行良好，並對於在去年11月最初向投資人溝通的時間表內達成年化10億美元營收目標、同時創造強勁現金流，仍具信心。

We expect to reach this goal by, first, driving better performance to gain share; second, obtaining bigger scale as we bring more provider budget and traffic onto our platform; third, delivering a broader portfolio of solutions to our clients; and finally achieving greater operating efficiency through investments in AI automation.

我們預期將透過以下方式達成此目標：第一，提升績效以取得市占；第二，隨著我們把更多供應商預算與流量導入平台而取得更大規模；第三，為客戶提供更廣泛的解決方案組合；最後，透過投資AI自動化來實現更高的營運效率。

As Jayme mentioned, we are increasing our focus on how to build upon our existing success and pursue incremental opportunities to propel our business beyond our $1 billion revenue target by delivering new AI-first products that add incremental value to our customers.

如Jayme所提到的，我們正加大聚焦於如何在既有成功基礎上再接再厲，並把握增量機會，透過推出新的AI優先（AI-first）產品，為客戶帶來額外價值，進而推動公司營收超越10億美元目標。

Consistent with our prior commentary, we are making targeted investments in the second half of this year to develop and bring these new solutions to market. Additionally, we are pursuing select strategic commercial partnerships with AI-first companies to complement our own internal product development and capabilities. We look forward to providing further updates as our initiatives progress throughout the year.

與先前評論一致，我們在今年下半年進行有針對性的投資，以開發並將這些新解決方案推向市場。此外，我們也在尋求與部分AI優先公司的策略性商業合作夥伴關係，以補強我們內部的產品開發與能力。隨著各項計畫在今年持續推進，我們期待提供更多更新。

In conclusion, it was a positive quarter underpinned by strong fundamentals and a focused strategy. The strength of our ongoing financial performance reflects that our strategy to be a trusted growth partner for P&C insurance providers is working.

最後總結，本季表現正向，背後有強勁的基本面與聚焦的策略作為支撐。我們持續的財務表現之所以強勁，反映出我們作為產險（P&C）保險供應商可信賴的成長夥伴之策略正在奏效。

We are executing amidst a favorable market backdrop as carriers continue to shift spend to digital channels. We are well positioned as an AI beneficiary as we bring both new value to customers and drive incremental efficiencies throughout our business.

在有利的市場背景下，我們持續推進執行，因為保險公司仍在將支出轉向數位渠道。隨著我們為客戶帶來新價值，並在整個業務中推動額外效率提升，我們也作為AI受益者而具備良好定位。

We remain committed to our previously stated paths to $1 billion annual revenue with strong cash flow generation. And we have built a business with strong underlying fundamentals and a fortress balance sheet that allows us to invest for the long-term and capture new growth opportunities while continuing to drive value for our customers and shareholders alike.

我們仍致力於先前所述、在強勁現金流創造下達成年化10億美元營收的既定路徑。同時，我們打造了具備強勁內在基本面與「堡壘式」資產負債表的企業，使我們能進行長期投資、掌握新的成長機會，並持續為客戶與股東創造價值。

Jayme and I will now take your questions.

接下來我和Jayme將回答各位的提問。

(Operator Instructions) Ralph Schackart, William Blair.

（接線員指示）Ralph Schackart，William Blair。

Great. Good afternoon. Thanks for taking the question. Jayme, you talked about the healthy market backdrop in the prepared remarks. Maybe just give us an update what you're seeing with the market today versus maybe last quarter or since the business has progressed through 2026.

很好。下午好。謝謝讓我提問。Jayme，你在事先準備的發言中談到健康的市場背景。能否請你更新一下，你們目前看到的市場情況，相較於上一季，或是隨著2026年業務推進以來，有哪些變化？

And then also, as you're going through the AI products, you mentioned in the AI bidding part of the prepared remarks that you are leaning in, I guess, with the agentic traffic operations or maybe some automation there. Maybe if you could provide a little bit more color on that and the potential impact to the business or VMD, would be great. Thank you.

另外，關於AI產品，你在事先準備的發言中提到AI出價（bidding）部分，你們正在加大投入，我想是指代理式（agentic）的流量營運或某些自動化。如果你能再多補充一些細節，以及對業務或VMD的潛在影響，將非常有幫助。謝謝。

Sure. Thanks, Ralph. So as it relates to the carrier market, the market remains healthy as it has been throughout the year so far, carrier combined ratios in the 80%s for the most part among the major carriers, and that's true across auto and now the homeowner segment, too. So I would say carriers remain very hungry for growth.

當然。謝謝你，Ralph。就保險公司市場而言，市場仍如今年以來一樣保持健康；主要保險公司的綜合率（combined ratios）多數落在80%多的區間，汽車與目前的房屋保險領域也都是如此。因此我會說，保險公司對成長仍然非常渴望。

If there's one thing that we're starting to feel a bit more as the year progresses is equal appetite for homeowners' growth as there was for auto growth coming into the year. And you see that starting to be reflected in some of the strength in our home vertical this quarter and we expect that to persist into the back part of the year.

如果要說隨著年度推進我們開始更明顯感受到的一點，那就是保險公司對房屋保險成長的胃納，已經與年初對汽車保險成長的胃納同樣強烈。你也可以在本季我們房屋保險垂直業務的強勁表現中看到這點，我們預期這股趨勢將延續到今年下半年。

Then to your second question as it relates to our AI bidding platform, we have automated a lot of our traffic bidding over the years, and we've talked about it many times before. A lot of that was done through the application of machine learning to automate decisions as it relates to bidding for traffic.

再來回答你第二個問題，關於我們的AI出價平台：多年來我們已將大量流量出價流程自動化，之前也多次談過。其中很大一部分是透過機器學習來自動化與流量出價相關的決策。

And now what we're beginning to do is overlay more agentic action on top of the ML bidding that has been occurring for a long time. And so this is now getting into like deeper automation of a lot of the operations, which will historically, every time we do something like this, we see the benefit both in the effectiveness of the bidding, which would flow through in VMD, but also in the efficiency because we can manage a larger traffic portfolio with less human intervention needed.

而現在我們開始在長期運作的ML出價之上，疊加更多代理式（agentic）的行動能力。這將帶來更深層的營運自動化；歷史上每當我們做這類事情，都會同時看到兩方面的效益：一是出價成效提升，進而反映在VMD上；二是效率提升，因為我們能以更少的人為介入來管理更大的流量組合。

Great. That's helpful. Thanks, Jayme.

很好。這很有幫助。謝謝你，Jayme。

Thanks, Ralph.

謝謝你，Ralph。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

Great. Thanks a lot. A couple of questions from me. Maybe first on the Smart Campaigns 3.0, I think you were rolling out a beta with the agents. And I'm wondering how that adoption is going and what the performance is for the Smart Campaigns with the agents. That's one.

很好。非常感謝。我有幾個問題。先從 Smart Campaigns 3.0 開始，我記得你們正在與代理人推出 beta 版。我想了解目前採用情況如何，以及代理人使用 Smart Campaigns 的成效表現如何。這是第一個。

And then the second question I have is just around your marketing channel mix in last quarter, have you made any changes, anything that might have contributed to the strength during the quarter as a result of your marketing changes, if there were any? Thank you.

第二個問題是關於你們上季的行銷渠道組合：你們是否做了任何調整？如果有的話，是否有任何行銷變動促成了本季的強勁表現？謝謝。

Sure. So as it relates to Smart Campaigns, there have been a number of developments over the last quarter. On the carrier side, we're continuing to evolve to our Smart Campaigns 3.0, which has more features built into it to improve the efficiency of the model.

當然。就 Smart Campaigns 而言，過去一季有不少進展。在保險公司（carrier）端，我們持續演進到 Smart Campaigns 3.0，內建更多功能，以提升模型效率。

But probably the bigger change this past quarter was introducing Smart Campaigns to agents for the first time. So agents are now able to bid more dynamically than they have been able to in the past. It's early days, but the early data that we're getting would suggest significant conversion rate improvements for the agents who have opted into that product, so good progress on that front.

但上季更大的變化，可能是我們首次把 Smart Campaigns 引入代理人端。因此代理人現在能比過去更動態地出價。目前仍在早期階段，但我們取得的初步數據顯示，選擇加入該產品的代理人，其轉換率有顯著提升，所以這方面進展良好。

With respect to the marketing mix, I guess the change that we've been talking about since the beginning of the year is the ramp of new traffic programs and traffic channels, particularly into some of the more higher funnel areas. So that continues. I wouldn't say there's been any change that is material or noteworthy over the last quarter, but we continue to work to broaden and expand that traffic portfolio, particularly into these higher funnel channels.

至於行銷組合，我想我們從年初以來一直在談的變化，是新增流量方案與流量渠道的加速導入，特別是導入到一些更偏上層漏斗（higher funnel）的領域。這項工作仍在持續。我不會說上季有任何重大或值得特別一提的變化，但我們持續擴大並拓展這個流量組合，尤其是在這些上層漏斗渠道。

Okay, maybe just on the channel topic, let me just maybe talk about AI overviews if that has had any effect, positive, negative, or maybe none in the quarter?

好的，或許就渠道這個主題，我想問一下 AI overviews 是否在本季造成任何影響——正面、負面，或可能沒有影響？

Yeah, sure. So we have not experienced any direct effect to our paid search results. But you've got this large source of traffic growing in the LLMs, which to us represents incremental opportunity because we have never historically invested in or had a significant amount of organic traffic to begin with. So our paid traffic remains healthy and strong.

好的，當然。我們的付費搜尋結果沒有受到任何直接影響。但你會看到 LLM 帶來的一個龐大流量來源正在成長，對我們而言這代表增量機會，因為我們過去在自然流量方面從未有過大量投入或顯著規模。因此我們的付費流量仍然健康且強勁。

And now we've been making investments over the last year or so to really begin to access the AI search traffic more systematically. And there's a number of ways that you can do that. One is through more of a traditional content strategy, so developing answers to the questions that people may pose through the LLMs.

而且在過去一年左右，我們一直在投資，以更系統化的方式開始觸及 AI 搜尋流量。做到這點有幾種方式。其中之一是較傳統的內容策略，也就是針對人們可能透過 LLM 提出的問題，去開發相應的答案。

The second is through paid advertising and you have platforms like OpenAI now opening up to paid advertising. And the third is through technical integrations, so we did we launch our ChatGPT app last quarter and it's getting some traffic.

第二種是付費廣告，例如 OpenAI 這類平台現在也開始開放付費廣告。第三種是技術整合；因此我們在上季推出了 ChatGPT 應用程式，目前也帶來一些流量。

But it's the combination of those things and how they work together to meet the needs of the LLMs that ultimately is going to allow us to start to tap into that traffic in a more material way and could become material overtime, particularly as those platforms continue to grow.

但關鍵在於這些做法的組合，以及它們如何協同運作以滿足 LLM 的需求；最終這將使我們能以更具實質性的方式開始切入這些流量，並且隨時間推移可能變得重要，特別是當這些平台持續成長時。

Great. Thank you, guys.

很好。謝謝各位。

Thank you.

謝謝。

Maria Ripps, Canaccord Genuity.

Maria Ripps，Canaccord Genuity。

Great. Good afternoon and thanks for taking my questions. So you talked about introducing new solutions in the back half of the year, both on the consumer side and carrier side. Can you maybe help us understand some of the opportunities here and is it largely around conversion and improving solutions within your existing models?

很好。下午好，謝謝你們回答我的問題。你們提到今年下半年會推出新的解決方案，涵蓋消費者端與保險公司端。能否幫我們理解這裡的一些機會？這是否主要圍繞在轉換率，以及在既有模型內改善解決方案？

And then secondly, maybe is there anything you can share in terms of contribution, in terms of incremental revenue opportunity here and how should we think about that, whether that should start contributing later this year or next, how are you thinking about that?

其次，就貢獻度而言，你們是否能分享一些增量營收機會？我們應該如何看待——是今年稍晚開始貢獻，還是明年？你們目前怎麼思考？

Sure. So there's two sides of this, one is more on the consumer or shopper side, one is more on the provider side. I started to get at the consumer side with my response to Naved, but we see an opportunity to really amplify our visibility with consumers through new products that are really purpose-built for AI search and agentic commerce.

當然。這裡有兩個面向：一個偏向消費者或投保人（shopper）端，另一個偏向供給方（provider）端。我在回覆 Naved 時已開始談到消費者端；我們看到一個機會，透過真正為 AI 搜尋與代理式商務（agentic commerce）量身打造的新產品，大幅提升我們在消費者端的能見度。

And so as that begins to grow, obviously a large pool of insurance intent exists there. There's a number of ways to access that traffic, which I just referenced, but they all require the build of certain assets that meet the specific needs of the LLMs.

隨著這些開始成長，顯然那裡存在大量的保險意圖。取得這些流量有多種方式，我剛才也提到過，但它們都需要建立一些資產，以滿足 LLM 的特定需求。

And we're making investments in these assets to become a distribution point of choice for the LLMs within our vertical market. So that's the high level on that one. And we will have more specifics to share in the coming months.

我們正在投資這些資產，目標是在我們的垂直市場中，成為 LLM 優先選擇的分發據點。以上是高層次的說明。未來幾個月我們會分享更多細節。

But then to go to the other side of the marketplace, as you look at the provider landscape, we operate in a market that is regulated, it's opaque, it's nuanced in many respects. And so horizontal solutions often don't work well for the insurance market.

再談到市場的另一端：當你看供給方版圖時，我們所處的市場是受監管的、不透明的，且在許多方面相當細緻複雜。因此，橫向（horizontal）的解決方案往往不太適用於保險市場。

And we believe that within our market, we are really leading the charge with respect to the adoption of AI and understanding of how to deploy it, how to build with it. And with that, we see an opportunity to do more to support our customers. I think we're developing a suite of offerings which will allow them to derive benefits of AI without having to build and manage as much of the technology in-house.

我們相信在我們的市場中，就 AI 的採用以及如何部署、如何用它來建構而言，我們確實走在前面。基於此，我們看到一個機會，可以做更多來支持我們的客戶。我想我們正在開發一套產品組合，讓客戶能享受 AI 的效益，而不必在內部自行建置與管理那麼多技術。

And so the basic idea is roll out products like Smart Campaigns which are consistent with our vision of helping carriers and agents grow, but really with a heightened focus on applying AI to the most relevant and impactful distribution use cases of our customers. And so that could range from marketing, you mentioned conversion, that would be in scope, basically anything within that distribution chain where we feel we can help our customers be more effective.

基本想法是推出像 Smart Campaigns 這樣的產品，符合我們協助保險公司與代理人成長的願景，但會更聚焦於把 AI 應用在客戶最相關、最具影響力的分發（distribution）使用情境上。範圍可能涵蓋行銷、你提到的轉換率也在範圍內；基本上，只要是在這條分發鏈中我們認為能讓客戶更有效率的環節，都會納入。

Then, Maria, maybe to address your point with regards to how do you think about revenues for these areas, we're very excited about both these areas, right, we think they're going to provide new opportunities to bring consumers in as the traffic landscapes evolve increasingly to working with large language models, even in insurance, we think we're very well positioned for that happens over time.

Maria，另外針對你關於這些領域營收該如何思考的問題：我們對這兩個領域都非常興奮。我們認為，隨著流量版圖愈來愈轉向與大型語言模型互動——即使在保險領域也是如此——它們將帶來新的機會把消費者帶進來；而且我們認為，隨著時間推移，我們在這方面具備很好的定位。

And we think the providers are really looking for us and turning to actually coming to us saying, hey, how can you help us grow with new products. So we're excited by these things.

我們也認為供給方確實在尋求我們的協助，甚至會主動來找我們說：「嘿，你們能如何用新產品幫助我們成長？」所以我們對這些事情感到很振奮。

In terms of near-term impact, we don't view the revenue as material for this year in these new offerings. I think it's a period of really testing and innovation and bringing these things to market. And particularly on the new products or providers, there's a period where we're really trying to invest in spending time with them as we bring these products forward, say, how do these work for you, doing the innovation, just similar. The same way we rolled out Smart Campaigns, we did that with carriers and agents. You'll see a similar profile use here as well as we go to market.

就短期影響而言，我們不認為今年這些新產品帶來的營收會是重大的。我認為這是一段真正進行測試與創新的期間，並把這些東西推向市場。尤其是針對新產品或新供應商，當我們推進這些產品時，會有一段期間我們真的會投入時間與他們一起合作，例如：這些對你們來說如何運作、一起做創新，類似這樣。就像我們推出 Smart Campaigns 一樣，我們當時也是和保險公司與代理人一起做。當我們推向市場時，你也會看到這裡採用相似的模式。

Got it. That's helpful. Thank you, both.

了解了。這很有幫助。謝謝你們兩位。

Thanks, Maria.

謝謝你，Maria。

Thank you.

謝謝。

Gregory Peters, Raymond James.

Gregory Peters，Raymond James。

Hey. Good afternoon. I was curious, listening to your comments about the Smart Campaigns, your new ChatGPT app, and your AI initiatives, how, we on the outside, can reconcile all of these initiatives which cost money and the fact that there's stories in the marketplace about how the cost of technology and token usage, et cetera, is going up. So just trying to marry the two issues together and how it's flowing through your income statement.

嗨。下午好。我在聽你們談 Smart Campaigns、你們新的 ChatGPT 應用程式，以及你們的 AI 計畫時有個疑問：我們外部的人要如何把這些需要花錢的計畫，和市場上關於技術成本、token 使用量等成本正在上升的說法對照起來？所以只是想把這兩個議題串在一起，了解它如何反映在你們的損益表上。

Sure. Thanks, Greg. It's Joseph here. Maybe I'd say as we're giving you details on something we foreshadowed in the start of this year. So this is very much executing as we thought we would as the year progressed.

當然。謝謝，Greg。我是 Joseph。也許我會說，我們現在提供的是今年一開始就已經預告過的事項的細節。所以這基本上就是如同我們預期的那樣，隨著年度推進而在執行。

We said that OpEx in the first half of the year would be relatively flat. Q1 was pretty flat to Q2. And you're seeing in our guidance for Q3 a step-up of roughly $1 million, $1.25 million in OpEx for Q3. And you'll probably things from there, probably $0.5 million more in Q4.

我們說過今年上半年 OpEx 會相對持平。Q1 相對 Q2 幾乎持平。而你也會在我們對 Q3 的指引中看到，Q3 的 OpEx 會增加約 100 萬到 125 萬美元。之後你大概會看到從那裡再往上，Q4 可能再多約 50 萬美元。

But again, very consistently we said at the start of the year, assume OpEx is relatively flat and will be a step-up in the second half of the year. These investments. We're now sharing the details with you. We've been planning these and working on these for some time, and that's reflected in what we have out there at this point.

但再次強調，我們在年初就很一致地說過：假設 OpEx 相對持平，並且在下半年會有一個上升的階梯。這些投資。我們現在把細節分享給你。我們已經規劃並推動這些一段時間了，而這也反映在我們目前對外揭露的內容中。

And the only thing I'd add is more broadly, we are also driving efficiency with a lot of the automation, a lot of the work that we're doing internally, right? And I think we talked about this last quarter, but we've doubled revenue over the last couple of years while keeping OpEx flat.

我唯一想補充的是，更廣泛來看，我們也透過大量自動化、以及我們內部正在做的許多工作來提升效率，對吧？我想我們上季也談過：過去幾年我們在維持 OpEx 持平的同時，營收翻倍。

It is coming up a bit, but we have religion around efficiency. And so we have good visibility on the token usage and the expenses associated with it. We have controls in place. And as that ramps, we are also able to automate and manage expenses elsewhere.

OpEx 的確會上升一些，但我們對效率有很強的信念。因此我們對 token 使用量以及相關費用有很好的能見度。我們也有相應的控管機制。而隨著這些用量爬升，我們也能在其他地方進行自動化並管理費用。

Maybe, Greg, the last thing I'll ask you is just as you think through what we said at the start of the year, we said, hey, soon EBITDA margins will rise roughly 100 base points this year. We are still saying they'll rise roughly 100 basis points this year because the OpEx investment we're seeing in the second half is as we expect as we start of the year. Just give you a little more context from a modeling perspective.

Greg，也許最後我想請你回想一下我們年初說過的：我們說今年 EBITDA 利潤率很快會提升約 100 個基點。我們現在仍然說今年會提升約 100 個基點，因為我們在下半年看到的 OpEx 投資，正如我們年初預期的那樣。從建模角度給你多一點背景。

Great. Thanks for that detail. Just one other just follow-on question. I was going through your updated investor slide deck, and I was chuckling when I saw your slide on carrier commentary about how they're all excited to grow now and considering where they were just a couple of years ago.

很好。謝謝你提供這些細節。我還有一個延伸問題。我在看你們更新後的投資人簡報時，看到你們那張關於保險公司評論的投影片時忍不住笑了，因為他們現在都很興奮想要成長，對比他們幾年前的狀況。

And as a backdrop, I'm just curious, are you seeing the fact that they're willing to grow, are you seeing any more opportunities for -- are they willing to pay you more for helping them to grow? Or is it still getting the same amount on a per close basis? Some detail around that would be helpful.

在這個背景下，我想問的是：既然他們願意成長，你們是否看到更多機會——他們是否願意為了你們協助他們成長而付更多費用？還是仍然是以每筆成交（per close）收取相同的金額？如果能提供一些相關細節會很有幫助。

Yeah. I think there's two noticeable differences. One is in their willingness to pay. And so there is higher willingness to pay this year than there has been in recent years. There are certain carriers that are really leaning in heavily because they're feeling a tremendous amount of pressure to grow. So that's reflected in the pricing within the marketplace. We've seen that come up quite a bit.

是的。我認為有兩個明顯的差異。第一個是他們的付費意願。因此，今年的付費意願比近幾年更高。有些保險公司因為感受到非常大的成長壓力，所以真的很積極投入。這也反映在市場上的定價上。我們看到價格上升得相當明顯。

The other place we see it, Greg, is in their willingness to try new things. So as an example, Smart Campaigns is a good example. I know it's one we often use, but there is a certain amount of data sharing and trust associated with a customer adopting Smart Campaigns. And we've been working for years to get our customers on that product.

另一個我們看到的地方，Greg，是他們願意嘗試新事物。例如，Smart Campaigns 就是一個很好的例子。我知道我們常用這個例子，但客戶採用 Smart Campaigns 需要一定程度的資料分享與信任。而我們多年來一直努力讓客戶使用這個產品。

And this year, for the first time, because they are experiencing a lot of pressure to grow, they are for the first time willing to test it, willing to provide the data and the integrations that we need to make it work. And that's been the case with that product. It's been the case with a number of other products we've brought to market. But the carriers are just a lot more open and collaborative in working with us to help them grow than we certainly saw during the harder years of the market.

而今年是第一次，因為他們承受很大的成長壓力，他們第一次願意測試、願意提供我們讓它運作所需的資料與整合。這在那個產品上是如此。在我們推出市場的其他多個產品上也是如此。但相較於市場較艱困的那些年，保險公司現在在與我們合作、協助他們成長方面，明顯更開放也更願意協作。

Thanks for the answers.

謝謝你的回答。

Thanks, Greg.

謝謝，Greg。

Mayank Tandon, Needham.

Mayank Tandon，Needham。

Hi. This is Brandon on from Mayank. Thanks for taking my question. I'm just wondering if you can touch on any other VMM margin impacts in the quarter. Looks like it came in strong. Could you touch on what drove that on the ad spend side and what dynamics you guys are seeing on certain funnels?

嗨。我是代 Mayank 提問的 Brandon。謝謝讓我提問。我想請你們談談本季是否還有其他影響 VMM 利潤率的因素。看起來表現很強。你們能否說明在廣告支出端是什麼驅動了這點，以及你們在某些漏斗上看到的動態？

I'll start out if you want to add on. So I guess I'd say VMM for the quarter was in the high 20%s, and maybe I'd even take a step back to say on a day-to-day basis, we do not solve for VMM margin, we solve for VMD. What we've seen over time is what correlates with the highest VMD is actually a VMM in the high 20%s.

我先開始，你如果想補充再加。我想我會說，本季 VMM 大約落在 20% 高段；也許我會再退一步說，我們在日常營運中並不是以 VMM 利潤率為目標來最佳化，我們是以 VMD 為目標。我們長期觀察到，與最高 VMD 最相關的，其實是 VMM 落在 20% 高段。

And any given quarter can be higher or lower based on things we control or things we don't control at the advertising environment, but generally it's in the high 20%s correlates with the highest VMD from our experience.

而任何特定季度都可能因為我們可控或不可控的因素、以及廣告環境而高於或低於預期，但一般而言，從我們的經驗來看，通常落在接近 20% 後段的高位，並且與最高的 VMD 相互關聯。

One of the things that I would say that allows us to continue to do that as we continue to get as Jayme talked about Smart Campaigns, that brings in more data into our marketplace. As we bring more data into the marketplace, it helps us be more efficient with traffic acquisition. That certainly feeds into that as well in our ability to maintain and drive those VMM margins in the high 20%s and maintain them there. Additional color?

我想其中一個讓我們能夠持續做到這點的原因是，正如 Jayme 提到的智慧型行銷活動（Smart Campaigns），它為我們的市場帶來更多資料。當我們把更多資料帶進市場時，就能讓我們在流量取得上更有效率。這也確實會反映在我們維持並推動 VMM 利潤率維持在 20% 後段高位、並把它維持在那個水準的能力上。還需要補充說明嗎？

I think that more or less covers it. It is certainly a competitive traffic landscape out there, but we've adapted to it and we've been able to drive a good deal of efficiency through our bidding technology. And we're also expanding into other channels as we mentioned earlier and those channels are not industry-specific channels, so they're not subject to the same kind of competitive pressure as, say, insurance search or something like that.

我想大致上已經涵蓋了。外部的流量競爭環境確實很激烈，但我們已經適應了，而且透過我們的出價技術推動了相當程度的效率提升。另外，我們也如先前提到的正在擴展到其他渠道，而那些渠道並非特定產業渠道，因此不會承受與例如保險搜尋之類相同的競爭壓力。

Thanks. That's super helpful. And then wondering if you can touch on capital allocation. Buybacks have been a big part of it recently, but wondering what you guys are seeing in the M&A environment and your thinking around capital allocation at this time? Thanks.

謝謝。這非常有幫助。接著想請你們談談資本配置。最近回購一直是很重要的一部分，但想了解你們在併購（M&A）環境中看到了什麼，以及你們目前對資本配置的想法是什麼？謝謝。

So thanks for the question, I guess when we think about capital allocations, there's three things we've talked about just to remind folks, one is obviously this fortress balance sheet is critical for our business, we think long-term and some of the investments we're making in the time horizons for return; second is obviously buybacks. We've done about $50 million of buybacks since we did it last August; and the third is on M&A.

謝謝你的問題。我想當我們談到資本配置時，我們提過三件事，先提醒大家：第一，顯然「堡壘式」資產負債表對我們的業務至關重要；我們以長期為思維，且我們正在進行的一些投資，其回收期時間較長；第二，當然是股票回購。自去年 8 月啟動以來，我們已回購約 5,000 萬美元；第三則是併購（M&A）。

When we look at M&A, I'd say maybe I'll start with two things. One is we don't see a need for M&A to achieve our path to $1 billion in revenue that we talked about in our November call. As we talked about in our prepared remarks, we're still on a path to achieve that in two to three years from now, 15 to 27 months, nine months into making the commitment.

談到併購，我想先從兩點開始。第一，我們不認為要達成我們在 11 月電話會議中談到的「營收達 10 億美元」路徑需要依賴併購。如同我們在事先準備的發言中所說，我們仍在朝著於未來兩到三年、也就是 15 到 27 個月內達成該目標的路徑前進；在做出這項承諾後的九個月。

But we see potentially an opportunity with M&A to accelerate our opportunities in the P&C landscape. As we look across the market, we think there's a real opportunity for us, and it falls in a couple of few areas I touch on. We talked about new products for carriers and agents help grow their business. M&A could certainly be part of that. How do we bring new areas of carriers agents grow, and that could be part of an M&A strategy.

但我們確實看到，併購可能有機會加速我們在財產與意外險（P&C）版圖中的機會。放眼市場，我們認為對我們而言存在真正的機會，主要落在我接下來會提到的幾個面向。我們談過為保險公司（carriers）與代理人（agents）推出新產品，協助他們成長其業務。併購當然可能是其中一部分。我們如何帶來新的領域，讓保險公司與代理人得以成長，這也可能納入併購策略的一環。

We also looked at we've had really good success with our non-auto vertical of home. How do we continue to keep growing the non-auto verticals could be another area for M&A.

另外，我們在非車險垂直領域中的住宅險（home）表現非常成功。我們要如何持續推動非車險垂直領域的成長，也可能是另一個併購方向。

The third could be around data. How do we leverage data within our marketplace and provide new insights that overlay with the data we already have. So those could be some of the areas we'd look at. But I would say more as a stepping back a little bit further is we think it's a market landscape. We are really coming out as a leader in this space, pulling away from the pack.

第三個方向可能與資料有關。我們如何在市場中運用資料，並提供新的洞察，與我們既有的資料相互疊加。因此，這些可能是我們會關注的一些領域。但我想再往後退一步來看，我們認為這是一個市場格局的問題。我們正逐步成為這個領域的領導者，並且正在拉開與同業的差距。

And as we do that, we're seeing more opportunities. Why are we seeing more opportunities? Because a lot of the private company insurtechs that are out there, you have management teams who are passionate about being in this space, but they want to see an opportunity to be part of someone who's doing that. We're having more and more of those conversations.

而在我們做到這點的同時，我們也看到更多機會。為什麼會看到更多機會？因為市場上有許多私人公司型的保險科技（insurtech），其管理團隊對這個領域充滿熱情，但他們也希望看到一個機會，能成為某個正在把這件事做成的團隊的一部分。我們正在進行越來越多這類對話。

So as we look at using our capital firm, obviously, a key part of it is talent as well. So we'll see how this unfolds over the coming quarters, but we certainly growth will ever for us to consider.

因此，當我們思考如何運用資本時，顯然人才也是其中一個關鍵部分。我們會看看未來幾個季度會如何發展，但成長當然始終是我們會納入考量的。

Thanks, guys. This is helpful.

謝謝各位。這很有幫助。

Thank you, Brandon.

謝謝你，Brandon。

Jason Kreyer, Craig-Hallum.

Jason Kreyer，Craig-Hallum。

Hey. Thanks, guys. I want to go back to VMM. It looks like this is pretty stable for you, guys. You called out the new channels that you've been investing in over the last couple of quarters. Can you just give any updates on how those are progressing and are they already building tailwinds to VMM or do you expect that to take a couple more quarters of testing and refining before that starts to drive more tailwinds?

嗨。謝謝各位。我想回到 VMM。看起來你們的 VMM 相當穩定。你們提到過去幾個季度一直在投資的新渠道。能否更新一下這些渠道的進展？它們是否已經在為 VMM 帶來順風（正向助力），還是你們預期還需要再花幾個季度測試與調整，之後才會開始帶來更多順風？

They're progressing as planned. I think we've said before, we don't expect the new channels to materially impact one way or the other, the medium-term VMM operating point. As Joseph referenced, it's really not actually even a metric that we manage to. It's an output metric. We're trying to maximize the variable marketing dollars.

它們正按計畫推進。我想我們之前也說過，我們不預期新渠道會在中期對 VMM 的營運水準造成實質性的正面或負面影響。如 Joseph 所提到的，這其實甚至不是我們用來管理的指標。它是一個結果指標。我們的目標是把可變行銷美元（variable marketing dollars）最大化。

But the channels are -- they're progressing as planned. And our prime objective right now is keeping our carriers and agents fed, right? So growth is really the name of the game. And in those new channels, we're able to access some volume that's contributing to growth. And I don't think we would look to trade off growth for that, for any kind of margin at this point. We're just continuing to look for maximum variable marketing dollars and serving the customer need to grow.

但這些渠道——它們正按計畫推進。而我們目前的首要目標是讓我們的保險公司與代理人「有單可接」，對吧？所以成長才是最重要的主軸。在那些新渠道中，我們能取得一些量能，正在貢獻成長。而我不認為在現階段我們會為了任何形式的利潤率而拿成長去做取捨。我們會持續尋求最大化可變行銷美元，並滿足客戶的成長需求。

Appreciate that. I wanted to pivot to the home side of things. I mean, it seems like that remains a really robust growth opportunity in the market. So maybe a little bit more on just what your aspirations are for growing home and then how well are you able to leverage the product and the tech that you've created on the auto side and deploy that to further scale opportunities in home? Thanks.

感謝說明。我想把話題轉到住宅險（home）這一塊。看起來那仍然是市場上一個非常強勁的成長機會。所以想再多談一點你們對住宅險成長的目標，以及你們在車險端打造的產品與技術，能在多大程度上被槓桿運用並部署到住宅險，以進一步擴大規模化機會？謝謝。

Yeah. So yeah, we see a really nice opportunity in home. The vertical has been performing very well, grew I think 35% this quarter year on year to record levels. We've long said that we expect home growth to outpace auto growth just given where it started and given how it is a little bit behind auto in terms of its maturity in its digital evolution.

好的。所以，是的，我們在住宅險看到非常好的機會。這個垂直領域表現非常好，本季年增我記得約 35%，並達到創紀錄水準。我們長期以來一直說，考量其起點以及相較車險在數位化演進成熟度上仍稍微落後，我們預期住宅險的成長會快於車險的成長。

But a lot of the growth to date has been driven by applying a lot of our best practices and our technology and our traffic operations from auto to home. So a lot of that does translate.

但迄今為止，許多成長是由將我們大量的最佳實務、技術以及流量營運，從汽車保險延伸到住宅保險所驅動。因此，其中很多確實可以直接移植。

That being said, I think there are some things we can continue to do to customize that homeowner's buying experience to make it more tailored to the vertical and improve performance in doing so. But if you take a step back, the vertical, the market right now is very healthy. The carriers are quite profitable.

話雖如此，我認為我們仍有一些事情可以持續做，去客製化屋主的購買體驗，使其更貼合該垂直領域，並在此過程中提升表現。但如果你退一步看，這個垂直領域、目前的市場非常健康。保險公司（carriers）的獲利相當不錯。

And we've now got some big carriers paying attention to home, it seems, more than they have in the past, particularly as the auto market gets quite competitive. So all signs right now point to continued growth in that home vertical.

而且我們現在看到一些大型保險公司開始關注住宅保險，似乎比過去更重視，特別是在汽車保險市場競爭變得相當激烈之際。因此，目前所有跡象都指向住宅保險這個垂直領域將持續成長。

And maybe, Jason, just one other respectively given the size of the home opportunity. So roughly, it's 10%, 11% right now, the rest being auto for us. If you look at the broader P&C landscape, it's roughly for every $2 of auto, there's $1 of home. So between 50% and where we are today, we think there's 10% because there's a lot of growth opportunity more broadly in the market.

也許，Jason，再補充一點，考量到住宅保險機會的規模。所以大約目前是10%、11%，其餘對我們而言是汽車保險。如果你看更廣泛的產險（P&C）版圖，大致上每2美元的汽車保險，就有1美元的住宅保險。因此，在50%與我們今天的水準之間，我們認為目前只有10%，因為整體市場還有很大的成長機會。

Not all home opportunities will be relevant to digital, but we see significant upside in that market opportunity, which allows us to feel very bullish about the investment we're making here and how will impact this in the medium and longer-term to becoming a real growth driver for the business.

並非所有住宅保險機會都適用於數位化，但我們在該市場機會中看到顯著上行空間，這讓我們對在此投入的投資非常樂觀，以及它在中期與長期將如何影響並成為業務真正的成長驅動力。

Sounds great. Thank you, guys.

聽起來很棒。謝謝各位。

Thanks, Jason.

謝謝你，Jason。

Thank you.

謝謝。

Jed Kelly, Oppenheimer & Co.

Jed Kelly，Oppenheimer & Co.。

Hey. Great, guys. Good quarter. Thanks for getting me in. Quick question. Couple other digital insurance marketplaces have talked about carriers doing some tests with them that could have depressed their variable marketing margins. Judging by your performance, you didn't see that. But are you seeing the carriers do any testing that could temporarily depress your margins?

嗨。很好，各位。本季表現不錯。謝謝讓我提問。簡單問一下。其他幾個數位保險市集提到，保險公司在他們那邊做一些測試，可能壓低了他們的可變行銷毛利率。從你們的表現看起來，你們沒有遇到這種情況。但你們有看到保險公司在做任何可能暫時壓低你們毛利率的測試嗎？

No.

沒有。

No?

沒有？

No, I don't know what more to say. There's nothing -- we don't see anything that would have that impact.

沒有，我不知道還能怎麼說。沒有任何——我們沒有看到任何會造成那種影響的事情。

Okay. No, that's great. And then just another question for you. Google arbitration or the Google settlement, are you thinking about joining any arbitration for some of the search advertising you've done on Google over the past 10 years?

好的。不，那很棒。那再問你另一個問題。Google 仲裁或 Google 和解案，你們是否在考慮就過去10年在 Google 上做的部分搜尋廣告加入任何仲裁？

So we are aware of the Google arbitration. I think every law firm in the country has probably reached out to us as well as every investment bank is trying to do products in the area. So we're aware of it. We'll evaluate as we do other things as well. So really nothing to comment on it, but we're well aware of what's going on out there.

我們知道 Google 仲裁這件事。我想全國每一家律師事務所大概都聯絡過我們，另外每家投資銀行也都在嘗試做這方面的產品。所以我們是知道的。我們會像評估其他事情一樣進行評估。因此目前沒有什麼可評論的，但我們非常清楚外面正在發生什麼。

All right. And I guess I'm the last one. Just with the guidance, can you just talk about how we should think about measuring VMM margin versus measuring variable marketing dollars? Obviously, high 20%s is a good place to be, but do you think there'll be opportunities maybe to get more marketing dollars at a lower margin? Just some thought on that. Thanks.

好。我想我應該是最後一位。關於指引，你能談談我們應該如何看待衡量 VMM 利潤率，與衡量可變行銷金額（variable marketing dollars）之間的差異嗎？顯然，接近20%後段是個不錯的位置，但你認為是否會有機會在較低利潤率下取得更多行銷金額？想聽聽你的一些看法。謝謝。

I keep coming back to you, Jed, for us as we solve for maximizing VMD dollars. And right now, with what we're seeing, we see high 20%s as the place that will normalize for VMM margin. There will be variability quarter to quarter certainly.

Jed，我還是回到同一點：對我們而言，是以最大化 VMD 金額為目標來解題。而就我們目前看到的情況，我們認為 VMM 利潤率正常化會落在20%後段。當然，各季之間會有波動。

We had Q4 of last year, we made a conscious choice after three quarters in a row of really strong start. We said we made investments in Q4 last year. We consciously brought it down as we tested a lot of new channels. But for us, we view it as we see in the high 20%s is where it will be. But again, I come back to.

去年第四季，我們在連續三季都有非常強勁的開局之後，做了一個有意識的選擇。我們說，我們在去年第四季做了投資。我們在測試許多新通路時，有意識地把它拉低。但對我們而言，我們的看法是20%後段會是它所在的位置。但同樣地，我還是回到。

It's an output metric. It's not the way we run the business. We run the business to drive VMD dollars in a sustainable and durable way. So what we don't do is we do not go and chase the VMD dollar. We don't do a sustainable. Everything's thought through in terms of -- let's just not make the quarter. Let's think about how we're building durability in the model over time.

那是一個輸出指標。它不是我們經營業務的方式。我們經營業務是為了以可持續、可長期維持的方式推動 VMD 金額。所以我們不會去追逐 VMD 金額。我們不會做不可持續的事。所有事情都會經過周全思考——不要只是為了達成單季表現。我們要思考的是，如何隨時間推移在模型中建立耐久性。

Thank you.

謝謝。

That is the end of the Q&A. I will now pass it back to management for closing remarks.

問答環節到此結束。我現在把時間交回管理層做結語。

Thank you, and thanks, everyone, for joining us today. To close out, I just want to thank the EverQuote team for delivering yet another excellent quarter with strong growth, record adjusted EBITDA. We're continuing to execute well against the backdrop of healthy customer demand as we build momentum in both home and in auto, making great progress across a number of goals as we deliver superior performance for our carriers and agents as we get more value from AI in our operations and in our products and as we diversify our customer base and deepen our customer relationships.

謝謝，也謝謝各位今天加入我們。在結束之前，我想感謝 EverQuote 團隊再度交出一個出色的季度，成長強勁，調整後 EBITDA 創新高。在客戶需求健康的背景下，我們持續執行到位，並在住宅與汽車兩個領域建立動能；在多項目標上取得很大進展；為我們的保險公司與代理人帶來更優異的表現；在營運與產品中從 AI 獲得更多價值；同時也在多元化客戶基礎並加深客戶關係。

Looking forward to sharing further updates with you in the coming months as we build on this momentum.

期待在未來幾個月與各位分享更多更新，我們將在此動能之上持續前進。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。