EverQuote, Inc. (EVER) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the EverQuote third quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

大家好。感謝各位參與，歡迎收聽 EverQuote 2026 年第三季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

The results announced in our press release issued today after market close. With me on the call this afternoon are Jayme Mendel, EverQuote's Chief Executive Officer; and Joseph Sanborn, EverQuote's Chief Financial Officer.

我們已於今日收盤後發布的新聞稿中公布本次業績。今天下午與我一同出席電話會議的有 EverQuote 執行長 Jayme Mendel，以及 EverQuote 財務長 Joseph Sanborn。

(technical difficulty) Fourth quarter of 2026. 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.

(技術問題) 2026 年第四季。前瞻性陳述可透過如 aim、expect、believe、intend、anticipate、plan、will、may、continue、upcoming 及其他類似字詞與片語辨識。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，我們明確聲明不承擔更新或修訂任何前瞻性陳述之義務。

Risks and uncertainties that could cause the actual results to differ materially from our expectations. For forward-looking statements are subject to a variety of risks. 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.

可能導致實際結果與我們預期存在重大差異的風險與不確定性。前瞻性陳述受到多種風險影響。關於這些風險與不確定性的討論，請參閱我們向 SEC 提交的文件，包括我們的 Form 10-K 年度報告與 Form 10-Q 季度報告；上述文件已提交至美國證券交易委員會，並可於我們網站的投資人關係（Investor Relations）專區取得。

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

最後，在今天的電話會議中，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、可變行銷美元（VMD）以及可變行銷（相關指標）。GAAP 與非 GAAP 指標之調節表已隨我們今日收盤後發布的新聞稿一併提供，並可於我們網站的投資人關係專區查閱。

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

接下來，我將把電話會議交給 Jayme。

Thank you, Sara, and thank you all for joining us today. We delivered exceptional performance in Q3. We generated records at the end of our guidance range. Our marketplace continues to fire on all cylinders.

謝謝 Sara，也感謝各位今天加入我們。我們在第三季交出卓越表現，並在指引區間的高端創下紀錄。我們的市集平台持續全速運轉、各方面表現強勁。

(technical difficulty) Third, and perhaps most importantly, we continue to make progress across our strategic priorities, and we are accelerating new product innovation to lead our industry into the agenda.

(技術問題) 第三，或許也是最重要的一點，我們在各項策略優先事項上持續取得進展，並正加速新產品創新，以引領本產業邁向 agentic AI 的新時代。

(technical difficulty) We will continue to invest to extend our market leadership position even further. Now let's turn to the details of the third quarter. Total revenue increased to $218.1 million. Revenue from our auto insurance vertical grew to $190.4 million in the third quarter, an increase of 21% year-over-year.

(技術問題) 我們將持續投資，進一步擴大我們的市場領導地位。現在讓我們來看第三季的細節。總營收增加至 2.181 億美元。第三季汽車保險垂直業務營收成長至 1.904 億美元，年增 21%。

Our home insurance vertical grew 70% in Q3 to $27.7 million as carriers continue to lean into home as a growth opportunity and as we align our solutions and resources to scale this vertical and diversify our business. We are executing well in a healthy environment. Looking at customers, eight of our top 10 carriers grew sequentially, underscoring that demand continues to be broad-based. VMD increased to $62.6 million in the third quarter, up 25% from the prior year period. Variable marketing margin or VMM was 28.7% for the quarter.

我們的住宅保險垂直業務在第三季成長 70% 至 2,770 萬美元，因保險公司持續將住宅險視為成長機會，同時我們也調整解決方案與資源以擴大該垂直業務規模並分散業務結構。我們在健康的環境中執行良好。就客戶而言，我們前十大保險公司中有八家呈現季增，顯示需求仍具廣泛性。第三季 VMD 增至 6,260 萬美元，較去年同期成長 25%。本季可變行銷利潤率（VMM）為 28.7%。

Turning to operating expenses and the bottom line. In the third quarter, GAAP net income was $18.2 million, down from $18.9 million in the prior year period. Due primarily to income tax increasing $7.3 million year-over-year and a one-time $4 million termination fee related to a vendor contract for advertising services. Q3 adjusted EBITDA increased 41% from the prior year period to $35.5 million, representing a 16.3% adjusted EBITDA margin.

接著談營運費用與獲利表現。第三季 GAAP 淨利為 1,820 萬美元，低於去年同期的 1,890 萬美元。主要原因是所得稅年增 730 萬美元，以及與某廣告服務供應商合約相關的一次性 400 萬美元終止費用。第三季調整後 EBITDA 較去年同期成長 41% 至 3,550 萬美元，調整後 EBITDA 利潤率為 16.3%。

Cash operating expenses, which excludes advertising spend and certain non-cash and other chargers were $27.2 million in Q3, up slightly from Q2. We reported operating cash flow of $40.5 million for the third quarter. We ended the period with no debt and cash and cash equivalents of $229.1 million. We recently announced that our Board authorized a new $50 million share repurchase program. As a reminder, under our previous program, which concluded in Q2, we purchased 2.5 million shares totaling $50 million.

第三季現金營運費用（不含廣告支出以及部分非現金與其他費用）為 2,720 萬美元，較第二季小幅上升。我們第三季的營運現金流為 4,050 萬美元。期末我們無負債，現金及約當現金為 2.291 億美元。我們近期宣布董事會核准新的 5,000 萬美元庫藏股回購計畫。提醒各位，在先前於第二季結束的回購計畫下，我們回購了 250 萬股，合計 5,000 萬美元。

The recent authorization is a component of our three-prong approach to capital allocation, which includes: one, maintaining a fortress balance sheet. Two, pursuing targeted M&A and investment opportunities that align with our growth strategy to expand our TAM. And three, returning capital to shareholders through stock repurchases. The continued strength of our operations and expectations for ongoing growth and profitability give us confidence that we have the flexibility and capacity to execute these priorities.

此次最新核准是我們三管齊下資本配置策略的一部分，包括：第一，維持堅實如堡壘的資產負債表。第二，尋求與我們成長策略一致、可擴大 TAM 的精準併購與投資機會。第三，透過股票回購向股東返還資本。我們營運持續強勁，且對持續成長與獲利的預期，讓我們有信心具備彈性與能力來執行這些優先事項。

Finally, as Jayme mentioned, we are focused on broadening our offerings and leading our sector into the agentic AI era. This includes new solutions that capitalize on emerging models for agentic LLM traffic and extend the value we provide carriers and agents as they adapt to new models. These initiatives build on the success of our marketplace and reinforce our position as an AI beneficiary long-term. We look forward to sharing more with you in the coming quarters.

最後，如 Jayme 所提到，我們聚焦於擴大產品與服務範疇，並引領本產業邁入 agentic AI 時代。這包括可掌握 agentic LLM 流量新興模式的全新解決方案，並在保險公司與代理人因應新模式調整之際，延伸我們所提供的價值。這些計畫建立在我們市集平台的成功之上，並強化我們作為 AI 長期受益者的定位。我們期待在未來幾季與各位分享更多進展。

Turning to guidance for the fourth quarter of 2026, we expect revenue to be between $213 million and $223 million, representing 12% year-over-year growth at the midpoint. We expect VMD to be between $57 million and $60 million, representing 19% year-over-year growth at the midpoint. As we mentioned, we are investing in new agentic LLM channels and developing new solutions to drive long-term growth. As a result, VMM is expected to decrease sequentially from Q3. Our Q4 adjusted EBITDA is expected to be between $29 million and $32 million, representing 22% year-over-year growth at the midpoint.

談到 2026 年第四季指引，我們預期營收介於 2.13 億至 2.23 億美元，以中位數計算年增 12%。我們預期 VMD 介於 5,700 萬至 6,000 萬美元，以中位數計算年增 19%。如前所述，我們正投資於新的 agentic LLM 渠道並開發新解決方案，以推動長期成長。因此，VMM 預期將較第三季呈現季減。我們預期第四季調整後 EBITDA 介於 2,900 萬至 3,200 萬美元，以中位數計算年增 22%。

Looking ahead, we expect healthy carrier demand into the coming year. Ensurer combined ratios remain low, and we are benefiting from operating in the relatively early stages of a prolonged soft market cycle. As illustrated in our investor presentation available on our IR website, industry analysts have forecast the soft market cycle could continue well into 2029 or beyond as carriers focus on growing policies in force. Amidst this positive environment, EverQuote is a trusted growth partner of choice for both carriers and agents.

展望未來，我們預期未來一年保險公司需求仍將維持健康。保險公司的綜合成本率（combined ratios）仍處低檔，而我們也受惠於目前仍在一段延長的軟市場循環相對早期階段。如我們在投資人關係網站提供的投資人簡報所示，產業分析師預測軟市場循環可能延續至 2029 年甚至更久，因保險公司聚焦於增加在保保單（policies in force）。在此正向環境下，EverQuote 是保險公司與代理人首選且值得信賴的成長夥伴。

Our home vertical is showing impressive growth, and we continue to broaden our customer relationships. Our investments and expanding AI solutions are delivering measurable customer results, establishing a strong foundation for sustained growth. As a reminder, on our November 2025 earnings call.

我們的住宅險垂直業務展現令人印象深刻的成長，我們也持續拓展客戶關係。我們的投資與擴大的 AI 解決方案正帶來可衡量的客戶成果，為持續成長奠定堅實基礎。提醒各位，在我們 2025 年 11 月的財報電話會議上。

We shared our goal to become a $1 billion revenue company within two to three years while also generating strong cash flow. Here we are 12 months later. As evidenced by our results and guidance, we are executing well toward our goal. We are on track to reach the $1 billion revenue mark within the stated timeline, which means that we expect to achieve our goal within the next one to two years.

我們分享了目標：在兩到三年內成為年營收 10 億美元的公司，同時創造強勁的現金流。如今 12 個月後，我們來到這裡。從我們的業績與指引可見，我們正穩健朝目標推進。我們正按計畫在所述時間內達成 10 億美元營收里程碑，這也意味著我們預期在未來一到兩年內達成該目標。

At the same time, we are making the right investments today to lead our sector into the agentic AI era tomorrow. And scale well beyond our near-term $1 billion revenue goal while generating strong cash flow. In conclusion, we continue to execute our strategy to be a trusted growth partner for our customers. We reported a record quarter across all key metrics with strong growth and cash flows. We have a focused growth strategy to innovate and expand our offerings, capitalize on new growth opportunities with agentic AI and broaden our value for our customers.

同時，我們也在今天做出正確的投資，以在明天引領本產業邁入 agentic AI 時代。並在創造強勁現金流的同時，將規模擴張至遠超我們短期 10 億美元營收目標。總結而言，我們持續執行策略，成為客戶值得信賴的成長夥伴。我們在所有關鍵指標上繳出創紀錄的一季，成長與現金流表現強勁。我們具備聚焦的成長策略，透過創新與擴大產品與服務、把握 agentic AI 帶來的新成長機會，並為客戶拓展我們所提供的價值。

We believe this is an exciting time to be a shareholder of Everquote as we continue building upon our strong foundation while also innovating for what's next. Jayme and I will now take your questions.

我們相信，對 EverQuote 的股東而言，這是一個令人振奮的時刻；我們在持續鞏固強大基礎的同時，也在為下一步進行創新。接下來 Jayme 和我將回答各位的提問。

(Operator Instructions) Ralph Schackart, William Blair.

(接線員指示) Ralph Schackart，William Blair。

Good evening. Thanks for taking the questions. Jayme, maybe just to kind of kick it off, maybe at a high level, can you walk us through how you see the workflow, let's say, go to an agent such as Muse or something similar and I don't know, maybe simple query like I want to lower my auto insurance and maybe get a little bit more details like how does that sort of trigger, I guess, maybe your agent or some of that flow or how does EverQuote in this evolving world integrated to that? And then I have a follow-up.

晚安。感謝讓我提問。Jayme，或許先從高層次切入，你能否帶我們走一遍你所看到的工作流程：假設我去找一個代理（agent），例如 Muse 或類似的工具，我提出一個簡單的查詢，比如「我想降低我的汽車保險保費」，然後再補充一些細節；這樣的請求會如何觸發（trigger）你們的代理或某些流程？或者在這個不斷演進的世界裡，EverQuote 是如何整合進去的？我還有一個追問。

Sure. So I think there's how it works today and then how it's likely to evolve overtime. Today Meta or Muse will sort of make a determination as to how best to complete that task. And through our testing, we've seen it try a lot of different things from going directly to carrier sites to looking at comparison sites like ours. But if you zoom out, I mean, we've been anticipating and planning for Agentic Commerce for some time now.

當然。我認為可以分成「今天怎麼運作」以及「隨時間推移可能如何演進」。以今天來看，Meta 或 Muse 會先做出判斷，決定用什麼方式最能完成那個任務。而在我們的測試中，我們看到它會嘗試很多不同做法，從直接前往保險公司（carrier）網站，到查看像我們這樣的比價網站。但如果把視角拉遠，我們其實已經預期並規劃「代理式商務（Agentic Commerce）」有一段時間了。

And I think from the consumer's perspective, these personal agents are going to be helpful across a lot of tasks, including researching and shopping insurance. But as we know, there are certain aspects of the insurance sector that differentiate it from others. You've got the regulatory and compliance considerations, the preference towards rate opacity from a handful of particularly the largest carriers, material costs associated with like accessing rates. And so, while from the consumer's perspective, using an AI agent to compare and shop is likely an attractive option, I think that ultimately the shape that this takes over time will really start to depend on how carriers respond.

我認為從消費者角度來看，這些個人代理將能在許多任務上提供幫助，包括研究與購買保險。但如我們所知，保險產業有一些面向使其與其他產業不同。其中包括法規與合規考量、部分（尤其是最大型的）保險公司偏好費率不透明、以及取得費率本身所伴隨的實質成本（例如存取費率的成本）。因此，雖然從消費者角度，使用 AI 代理來比較與購買可能很有吸引力，但我認為最終這件事隨時間推移會呈現什麼樣貌，將很大程度取決於保險公司如何回應。

And Ralph, we published a thought piece on this, and we've since spoken with just about every major carrier on this topic over the last six weeks. And so I'll share a few things that we've heard, which I think represents probably the latest in terms of how the industry is thinking about it.

Ralph，我們就此發表過一篇觀點文章，而在過去六週，我們也幾乎與每一家主要保險公司就這個主題進行了交流。所以我分享幾點我們聽到的內容，我認為這大概代表了目前產業對此議題最新的思考方向。

First, I think most carriers are in kind of learning mode right now, so they're just observing what's going on and trying to understand it. Number two is, I think across the Board, they do perceive potential risk to their business if agentic commerce is left kind of unmanaged and the risk that they are concerned about I think is continuous reshopping which could compress their policy life expectancy. I think they do not support rate transparency particularly if it's out of context or not controlled by the carrier themselves that can lead to adverse selection. And then you still have a lot of legal and compliance questions that are unanswered and so I think initially, most carriers are likely to move pretty slowly and impose some guardrails around how their rates are accessed, much like they did in the web era candidly. But ultimately, I think the carriers will start to want to access this traffic as long as they can access it in ways that align with their requirements.

第一，我認為多數保險公司目前處於學習模式，因此他們主要是在觀察正在發生什麼，並試圖理解它。第二，我認為整體而言，他們確實認為如果代理式商務在某種程度上缺乏管理，可能會對其業務帶來風險；他們擔心的風險之一是「持續重新比價／重新投保（continuous reshopping）」，這可能會壓縮保單的預期存續期。我認為他們不支持費率透明化，特別是當透明化脫離情境、或不由保險公司自身控管時，可能導致逆選擇（adverse selection）。此外，仍有許多法律與合規問題尚未有答案，因此我認為一開始多數保險公司可能會相當謹慎地慢慢推進，並對其費率如何被存取設下某些護欄（guardrails），坦白說這和網路時代他們的做法很類似。但最終，只要保險公司能以符合其要求的方式取得這些流量，我認為他們會開始希望能接觸並承接這些流量。

So you've got the consumer that will probably want to apply this use case, you've got the carriers who are still working through it and then you've got the third category, which is what you asked about, which is the actual AI agents themselves or the platforms that operate them and what do they want? Well, they want a streamlined path to access products, right? They want inexpensive, they want fast, they want ultimately effective and so we've done a lot of testing.

所以你會看到：消費者可能想要使用這個情境；保險公司仍在摸索；接著第三類就是你問到的——AI 代理本身或營運這些代理的平台，他們想要什麼？他們想要一條精簡的路徑來取得產品，對吧？他們希望成本低、速度快、最終有效，因此我們做了大量測試。

Based on this testing, I think today, they're pretty far off from getting the job done well. They can only access a relatively small subset of available products. And it costs quite a bit to actually run one of these shopping cycles today in terms of compute. So it's going to develop over time. We see it as a really significant opportunity for EverQuote given our position in the value chain, our scale, our technical acumen, carrier relationships we have.

根據這些測試，我認為以目前來看，他們距離把這件事做好還差得很遠。他們只能存取相對少部分的可用產品。而且就運算（compute）而言，今天實際跑完一次這樣的比價／購物循環成本相當高。所以這會隨時間逐步發展。鑑於我們在價值鏈中的位置、規模、技術能力，以及我們擁有的保險公司關係，我們認為這對 EverQuote 是一個非常重大的機會。

But we do see an evolution towards more agentic discovery over time, same way traditional advertising shifted to digital. And we think EverQuote can play a significant role in this next phase of distribution to help solve for the best outcome, not just for consumers, but also for carriers and for the AI platforms themselves.

但我們確實看到，隨時間推移，市場會朝向更「代理式」的探索／發現（agentic discovery）演進，就像傳統廣告轉向數位一樣。我們認為 EverQuote 能在下一階段的分銷（distribution）中扮演重要角色，協助達成最佳結果——不僅對消費者，也對保險公司以及 AI 平台本身。

That's super helpful. Thank you. Just maybe one quick one. Just looking at homeowners' growth of 70%, obviously very strong this quarter. Joseph, I think you talked about just carriers leaning in, but any more color on this in terms of the drivers and then how should we think about this growth rate going forward?

這非常有幫助。謝謝。再問一個很快的問題。看到房屋險（homeowners）成長 70%，本季顯然非常強勁。Joseph，我記得你提到保險公司更積極投入，但能否再多補充一些驅動因素？以及我們應該如何看待未來這個成長率？

We were pleased with how the vertical did this quarter. I mean, just to give some context, Ralph. We made some decisions in first part of last year to really start to put some new execution expertise around the home vertical. We've talked about how we've saw this opportunity emerging, first the care is focused on getting the right pricing in auto, now they're switching to home and we saw that coming, we got ready for it. So our teams have been doing a really nice job.

我們對這個垂直領域（vertical）本季的表現感到滿意。Ralph，我先提供一些背景。去年上半年我們做了一些決策，開始在房屋險垂直領域投入新的執行專業能力。我們談過我們如何看到這個機會正在浮現：一開始保險公司專注於把汽車險的定價做對，現在他們正轉向房屋險；我們看到了這個趨勢，並提前做好準備。因此我們的團隊做得非常好。

The first part of this year, we had 30%, 35% growth in Q1 and Q2, Q3 was even stronger. But I'd say what drove it in Q3, I think, would be a couple of things. One is, I think we're doing our teams are doing a nice job scaling the offering, but we're also putting some dedicated resources on there as well. We also see the care is at the same time seeing leaning into the home opportunity broadly, and so we've been working with them.

今年上半年，Q1 和 Q2 的成長約為 30%、35%，Q3 更強。但我會說，Q3 的驅動因素大概有幾點。第一，我認為我們的團隊在擴大（scaling）供給／方案方面做得很好，同時我們也投入了一些專門資源。同時我們也看到保險公司在更廣泛的層面上加大對房屋險機會的投入，因此我們一直在與他們合作。

And we've been helping as we've been putting more resource on and helping them say how do we set up this vertical with the specific attributes and characteristics in the workflow that are required for home, we've been doing that. So we've been very pleased with it. I would say it was the overperformance on home was in part driven by carriers coming on even stronger in the quarter than they anticipated when they told us at the start of the quarter how they were looking, so we're pleased by that.

而且，隨著我們投入更多資源，我們也在協助他們思考：要如何建立這個垂直領域，並在工作流程中配置房屋險所需的特定屬性與特徵；我們一直在做這些事。所以我們對此非常滿意。我會說，房屋險的超預期表現，部分原因是保險公司在本季的投入力度比他們在季初告訴我們的預期還要更強，因此我們對此感到高興。

As we look ahead, we see home continuing to be a stronger grower than auto in the medium term. I would say 70% was very impressive and I wouldn't put that into your model, Ralph, but I would say having outsized growth from the home vertical, we were in the 30s for first part of 30% year-on-year growth for Q1 and Q2, and we sort of see the home vertical continue to grow strongly going ahead. Just be mindful on the numbers, it's off a relatively small. So in any given quarter, when you have a few things go really well, that can sort of amplify the year-on-year growth, which is what a little bit has happened in Q3.

展望未來，我們認為在中期內，房屋險將持續是比汽車險更強的成長動能。我會說 70% 的確非常亮眼，但我不會建議你把 70% 直接放進你的模型裡，Ralph；不過我會說，房屋險垂直領域出現相對突出的成長是合理的——我們在 Q1 和 Q2 的年增率大約在 30% 多，而我們也大致預期房屋險垂直領域未來仍會維持強勁成長。只是請留意數字的基期相對較小。因此在任何單一季度，只要有幾件事進展得特別順利，就可能放大年增率，Q3 就有一點這樣的情況。

But again, really strong execution by the team. We're really pleased and we're bullish on homes opportunity as we look ahead.

但再說一次，團隊的執行力真的非常強。我們非常滿意，展望未來，我們對住宅（homes）機會仍然看多。

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

Great. Congrats on the strong quarter and thanks for taking my questions. Clearly, you're using strong momentum here existing the year. So as we look ahead to 2027, can you maybe talk about the key growth drivers sort of in addition to a favorable industry backdrop and how should we think about sort of their relative contributions to growth?

很好。恭喜本季表現強勁，也謝謝你們回答我的問題。很明顯，你們在年底延續了強勁動能。那麼展望 2027 年，除了有利的產業環境之外，能否談談主要的成長驅動因素，以及我們應該如何看待它們對成長的相對貢獻？

Can you repeat that last part of the question, Maria? You broke up a little.

Maria，你可以重複一下問題最後那一段嗎？你剛剛有點斷訊。

As we think about 2027, how should we think about sort of key growth drivers in addition to a favorable industry backdrop and sort of relative contribution to overall growth?

當我們思考 2027 年時，除了有利的產業環境之外，我們應該如何看待主要成長驅動因素，以及它們對整體成長的相對貢獻？

You mentioned the favorable backdrop, but we do expect that to persist with carrier underwriting as healthy as it's been and I think most analysts seeing the soft market cycle extending at least into 2029 and so we feel good about the backdrop for next year.

你提到有利的環境，我們確實預期這種情況會持續，因為保險公司承保狀況仍然像現在一樣健康；而且我想多數分析師也認為軟市循環至少會延續到 2029 年，因此我們對明年的大環境感到樂觀。

Beyond that, I think we always think about it, there's distribution and so how do we drive more carrier budget and improve pricing and typically is through over the last couple of years, it's been driven through our AI bidding product smart campaigns, which we continue to improve and drive greater adoption of, most notably this last quarter where we expanded it to a critical mass of local agents and we'll continue to roll that out into next year.

除此之外，我想我們一向的思考是：有「分銷／通路」這一塊，也就是我們如何帶動更多保險公司的預算並改善定價；而在過去幾年，這通常是透過我們的 AI 出價產品 Smart Campaigns 來推動，我們持續改良並提高採用率，尤其是上一季我們把它擴展到達到關鍵規模的在地代理人，明年也會繼續推廣。

Then within the agent population, there's a number of incremental products that we're rolling out as we work to consolidate to be the one-stop growth partner for the local agent, and so we see those starting to get some scale moving into next year.

接著在代理人族群內，我們正在推出多項增量產品，目標是整合成為在地代理人的一站式成長夥伴；因此我們看到這些產品在明年將開始形成一定規模。

Then over onto the traffic side, as we get more budget, we're able to push that back and compete more aggressively in the traffic landscape. And we continue to expand into more channels, into an underpenetrated channels, some higher funnel channels, AI Search, we expect to grow into next year. So we got more traffic to feed that distribution budget.

再來看流量端，當我們拿到更多預算時，就能把它回投到流量端，在流量競爭環境中更積極地競價。我們也持續擴展到更多渠道、一些滲透率仍偏低的渠道，以及一些更偏上層漏斗的渠道，例如 AI Search，我們預期明年會持續成長。因此我們會有更多流量來支撐那個分銷預算。

Joseph mentioned non-autos and our expectations for home next year. And then the other product which we recently launched is Luva, it's a new experience we think will allow us to begin to tap into a new segment of shoppers who are a bit more sort of research-oriented AI-native shoppers that should help with growth next year as well.

Joseph 提到了非車險，以及我們對明年住宅險的預期。另外，我們最近推出的另一個產品是 Luva；這是一種新的體驗，我們認為它能讓我們開始觸及一個新的消費者族群——更偏研究導向、AI 原生的購物者——也應該能在明年帶動成長。

Got it. That's very helpful. And then just in terms of sort of AI agents and your white paper, so as insurance sort of, excuse me, as insurance shopping sort of shifts towards AI agents.

了解。這很有幫助。另外就 AI 代理（AI agents）以及你們的白皮書而言，當保險購物行為，呃，當保險比價購物逐漸轉向 AI 代理時。

How should we think about the economics of customer acquisition for your platform? I guess could greater automation improve conversion and acquisition efficiency or could we see sort of some pressure on the economics as AI platforms essentially take a larger role in driving demand?

我們應該如何看待你們平台的客戶取得（customer acquisition）經濟性？我想問的是，更高程度的自動化是否能提升轉換率與獲客效率？或者當 AI 平台在帶動需求上扮演更大的角色時，我們是否會看到經濟性面臨一些壓力？

So I think when we think about the unit economics, I mean to put it in context, right now it's still it's negligible, it's sort of immaterial in terms of its scale, we get less than 1% of our traffic from LLMs and even less from agentic shoppers, but it is likely to expect it will reasonable to expect it will grow over time.

我想當我們談到單位經濟（unit economics）時，先提供一些背景：目前它的規模仍然非常小，基本上可忽略不計；我們來自 LLM 的流量不到 1%，而來自代理型（agentic）購物者的更少。不過合理預期是，隨著時間推移它會成長。

So question number one is for us in terms of unit economics is what does it do to volume? Because you have to the extent that agents can shop, reshop with greater frequency and less friction, we actually may see an increase in monetizable events as that happens. And then I think we have some I think the jury is out in terms of how exactly the economic model will evolve, but to the extent that these agents are able to do good research and improve the likelihood that the ultimate referral converts into a policy, we could see greater performance from the referrals going out and, in turn, greater monetization.

所以第一個問題，對我們而言在單位經濟上是：它對量（volume）會有什麼影響？因為在某種程度上，如果代理能以更高頻率、較少摩擦地進行比價與重新比價，我們實際上可能會看到可變現事件（monetizable events）增加。另外，我認為關於經濟模型究竟會如何演進，目前仍未有定論；但如果這些代理能做出良好的研究，並提高最終轉介（referral）轉換成保單的機率，我們可能會看到外送轉介的表現更好，進而帶來更高的變現能力。

That's very helpful. Thank you.

這很有幫助。謝謝。

Naved Khan, B. Riley.

Naved Khan，B. Riley。

A couple of questions from me. Maybe the first one, just on the -- we're hearing some changes to Google Search in terms of Google kind of -- increasing the coverage for AI mold. And it seems like looking at the numbers, it doesn't seem to have affected your numbers or even for the -- looking at the guide for the key force. But can we just talk about your ability to kind of adapt to Google changes and how kind of you look at the quality of the leads you get from there directly and also the diversification in your own traffic? And then I have a follow-up.

我有幾個問題。第一個可能是關於——我們聽到 Google Search 有一些變動，Google 似乎——正在擴大 AI 模式的覆蓋範圍。從數字來看，似乎並沒有影響你們的數據，甚至——看你們對關鍵指標的指引也是如此。但我們能否談談你們適應 Google 變動的能力，以及你們如何看待從那裡直接取得的名單（leads）品質，還有你們自身流量的多元化？之後我還有一個追問。

Sure. I think to begin, we have a very diversified traffic portfolio. Google is a large partner, but we have a very diversified base of traffic to begin with. And I think over the last few years, the segment of Google traffic that's been most impacted has been organic traffic, which for better or worse, and right now it's for better, we've never had much exposure to organic traffic. So we've always been heavily concentrated with paid programmatic advertising. And we have managed to kind of work through all the changes that have occurred with Google to date, and we expect that to persist moving forward.

當然。首先，我們的流量組合非常多元。Google 是很大的合作夥伴，但我們本來就有非常多元的流量基礎。而且我認為過去幾年受影響最大的 Google 流量區塊是自然流量（organic traffic）；不論好壞——而目前是偏好——我們其實一直以來對自然流量的曝險不大。所以我們一直高度集中在付費程式化廣告（paid programmatic advertising）。截至目前，我們也都能因應 Google 發生的各種變動並順利調整，我們預期未來也會持續如此。

Overall, we see shopping activity relatively stable this year at elevated levels because I think the overall policy value and premiums just remain high and so people are shopping and reshopping frequently as in response, I think the cumulative effect of rate increases overtime and we've seen relative stability over the course of the year.

整體而言，我們看到今年的比價購物活動在高檔水準下相對穩定，因為我想整體保單價值與保費仍然維持在高位，所以人們會頻繁地比價與重新比價；我認為這是長期累積的費率上調所帶來的反應，而我們也看到全年走勢相對穩定。

And then I just wanted to touch on this partnership with Waniwani, I guess is how you pronounce it, but I think there's some kind of exclusivity there. What does it cover exactly, is it for the US, does it cover P&C or something broader and what's the duration there? Also, with respect to any kind of revenue generated through such a partnership, how does the economics compare versus something that you get through the channels?

另外我想談一下與 Waniwani 的合作夥伴關係——我想是這樣念——我理解其中似乎有一些獨家性。它具體涵蓋什麼範圍？是針對美國嗎？涵蓋產險（P&C）還是更廣？合作期限多久？另外，就透過這類合作所產生的任何收入而言，其經濟性與你們透過其他渠道取得的相比如何？

Sure. So the basic premise of their offering is that they provide technology infrastructure and services to help. Companies of regulated industries distribute through AI channels. And so, they will help build applications and then host infrastructure that provides related services, compliance services, insights, analytical services. And we have partnered with them on our market effectively.

好的。他們產品的基本前提是：提供技術基礎設施與服務，協助——受監管產業的公司透過 AI 渠道進行分銷。因此，他們會協助建立應用程式，並託管提供相關服務的基礎設施，包括合規服務、洞察、分析服務。而我們已在我們的市場上與他們合作。

So they serve multiple markets. Geographically and from a vertical standpoint. And the scope of our partnership is to help them distribute their offering to our customers in P&C insurance within the US market.

他們服務多個市場，無論在地理區域或產業垂直領域上都是如此。而我們合作的範圍，是協助他們在美國市場，將其產品分銷給我們在產險（P&C）保險領域的客戶。

It's a multi-year arrangement. Obviously, there's milestones as the relationship evolves. The economics, I think we were pleased with how the economics work from our partnership basis. As you might imagine, any partnership, it's not a perfect answer exactly how it compares to current economic depends on how much we sell, but I think we feel very good in the opportunity in the partnership. I think sort of stepping back from the specific range, I think puts in broader context of our strategy.

這是一項多年期安排。當然，隨著合作關係演進會有一些里程碑。就經濟性而言，我想我們對這項合作的經濟條件感到滿意。如你所想，任何合作案都很難精確回答它與現有經濟性相比如何，因為取決於我們能賣出多少；但我認為我們對這個合作機會非常有信心。我想如果從更高層次來看，而不是只看特定區間，這也能放在我們策略的更大脈絡中理解。

As we think about bringing more products to carriers. More AI-first products to carriers and agents, how do we go about doing that? Some of those we will certainly be building ourselves when we're doing that. Some of those we'll find companies like wanting what makes sense to partner, and we can do that as well. Acquisition we involve as well and investment. So, there's a whole range of possibilities that wanting sort of fits into that strategy just sort of to give you sort of the broader context.

當我們思考要為保險公司（carriers）帶來更多產品時。更多以 AI 為先（AI-first）的產品提供給保險公司與代理人（agents），我們要如何推進？其中有一部分，我們在推動時當然會自行開發。其中也有一部分，我們會尋找合適的公司作為合作夥伴，做有意義的合作，我們也能這麼做。我們也會納入併購以及投資。所以，可能性其實有一整個光譜；而 Wanting 大致上也符合這個策略，只是想給你更廣的脈絡。

Bryan Smilek, JPMorgan.

Bryan Smilek，摩根大通（JPMorgan）。

Yeah. Hi, everyone. This is [Vignesh] on for Brian. Thanks for taking my question. I guess just as you look into 2027, you kind of touch on it, but just a little more color into how the conversations with the carriers are kind of shaping up. And if you're seeing any changes in kind of appetite and what that broad-based strength kind of looks like, I know you mentioned (inaudible), your kind of top 10 customers also grew sequentially, so any color on that would be good.

是的。各位好。我是代替 Brian 的 [Vignesh]。謝謝讓我提問。我想，當你們展望 2027 年時，你們有稍微提到，但能否再多補充一些：你們與保險公司的對話目前大致是如何發展的？以及你們是否看到他們在意願（appetite）上有任何變化、以及那種廣泛性的強勁需求大概呈現什麼樣貌？我知道你們提到（聽不清），你們的前 10 大客戶也呈現季增，所以若能就此多給一些顏色（補充）會很有幫助。

Sure, so thanks for the question. And so I guess as we maybe we'll start with how are we feeling right now, as I said in our prepared remarks, it's a healthy environment. And we expect that to continue into not just into next year, we see it's a sort of relatively early stages of a prolonged soft market cycle. And as in insurance, a soft market cycle is good.

當然，謝謝你的問題。我想我們可以先從目前的感受談起；如同我在事先準備的發言中提到的，這是一個健康的環境。而且我們預期這樣的狀況不只會延續到明年；我們認為這是相對早期階段、且可能會拉長的一段軟市（soft market）循環。在保險業裡，軟市循環是好事。

The research we've referenced in our IR deck shows us going into 2029, several analysts, so we feel very good about that backdrop. As you look at carriers right now, you see carriers broadly healthy, right, and they want to grow policies in force. We saw in Q3, we had sequential growth in carriers, top 10 carriers, so we feel really good about that. So as we look into next year, we see that dynamics continuing. And so we see this fail backdrop as being very good time for EverQuote.

我們在投資人關係（IR）簡報中引用的研究顯示，這樣的趨勢可能一路延續到 2029 年，且有多位分析師持相同看法，因此我們對這個大環境背景非常有信心。就目前保險公司來看，你會看到保險公司整體狀況良好，對吧？而且他們希望增加在保保單（policies in force）。我們在第三季看到保險公司端呈現季增，前 10 大保險公司也有季增，所以我們對此感到非常樂觀。因此展望明年，我們看到這些動能會持續。所以我們認為這樣的有利背景對 EverQuote 來說是非常好的時機。

Got it. Thank you. And then I guess one follow-up. On the launch of Luva, I guess, can you kind of talk about maybe how you see monetizing the platform and any sort of maybe milestones to track into next year?

了解。謝謝。那我再追問一題。關於 Luva 的推出，你能否談談你們如何看待平台的變現方式，以及明年有哪些可能的里程碑可以追蹤？

Yeah, so there's a number of ways we will monetize depending on the carrier relationship, some will be treated as commission, some will be paid on effectively for performance on the placement of the policy. And there may be some referral-based models as well. So it will be a hybrid from a monetization standpoint, but that's really based on what suits the carrier for this channel.

可以。我們會依據與不同保險公司的合作關係，以多種方式變現：有些會以佣金（commission）方式處理；有些則會以實質上按績效付費的方式，針對保單成交（placement）來收費。也可能會有一些以轉介（referral）為基礎的模式。因此從變現角度來看會是混合式（hybrid），但這主要取決於哪種方式最適合保險公司在這個通路上運作。

So we launched, we're all of what, five or six days old at this point. But some of the things that we'll be looking at as we progress into next year is obviously further development of the product in terms of the carrier panel, the capabilities and then adoption, right, so this is really meant to access a segment of shopper that wants a different kind of comparison experience that's built around conversation, education, a really deeper understanding of their coverage and their policy options.

我們剛上線，到目前為止大概才五、六天。但接下來邁入明年，我們會關注的幾件事包括：產品的進一步開發——例如保險公司名單（carrier panel）、功能能力，以及採用度（adoption）。對吧？因為這個產品的目的，是要觸及一群想要不同比較體驗的投保人（shopper）：以對話為核心、以教育為導向，並且更深入理解他們的保障內容與保單選項。

And it was designed from day one around the needs of consumers using LLMs and conversational AI and built on top of infrastructure that can be leveraged to serve agentic commerce. And so, we're going to be looking for arrival specifically through those channels to ensure that the sort of intended segment that we are trying to serve is actually accessing the product and getting the value.

而且從第一天起，它就是以消費者需求為核心設計，運用 LLM 與對話式 AI，並建構在可被延伸運用的基礎設施之上，以支援代理式商務（agentic commerce）。因此，我們會特別透過這些通路來觀察導流（arrival），以確保我們想服務的目標族群確實在使用產品並獲得價值。

Jason Kreyer, Craig-Hallum.

Jason Kreyer，Craig-Hallum。

Great. Thank you, guys. So, can you just talk about the progression of the AI partnerships, just where you're at in terms of rolling out the partnerships that you talked about on the call and then maybe what kind of a pipeline, you're developing to extend to additional AI partners?

很好。謝謝各位。那能否談談 AI 合作夥伴關係的進展：你們在推動電話會議中提到的合作上，目前進度到哪裡？以及你們正在建立什麼樣的管線（pipeline），以擴展到更多 AI 合作夥伴？

Yeah. Just to clarify, are you talking on the carrier side or on the platform side?

好的。先確認一下，你指的是保險公司端，還是平台端？

More on the platform side, like you talked about Meta and Entropic and Open and stuff.

比較偏平台端，例如你們提到 Meta、Entropic、Open 之類的。

So we have relationships across the board. I think that each of these platforms is still trying to learn their way into our category, particularly into like the distribution landscape within insurance. And so we've been having good productive conversations with them to try and educate them about some of the unique characteristics of our market.

我們在各方面都有合作關係。我認為這些平台目前都還在摸索如何切入我們這個類別，尤其是保險業的分銷（distribution）版圖。因此我們一直與他們進行良好且具建設性的對話，嘗試讓他們理解我們市場的一些獨特特性。

And our expectation is that we'll be able to kind of build relationships that will sort of give us certain access and ability to really partner with them overtime time.

而我們的預期是，隨著時間推進，我們能建立起一些關係，讓我們獲得特定的接觸（access）與能力，並能真正與他們長期合作。

Appreciate that. Maybe one for Joseph. You've called out the expectation for a downtick in VMM Q3 to Q4. You said that would be at least in part driven by the move into Agentic. Curious what your perspective is over the next couple of years. Do you think that VMM, do you think those will remain stable or is there potential for upside or downside to VMM as Agentic becomes more and more a part of workflows?

感謝說明。我想再問 Joseph 一題。你們提到預期 VMM 在第三季到第四季會下滑，你說這至少部分是由於轉向 Agentic 所驅動。我好奇你對未來幾年的看法。你認為 VMM 會維持穩定嗎？或者隨著 Agentic 在工作流程中占比愈來愈高，VMM 是否可能有上行或下行的空間？

Sure. So great question. So let me give you some context. So when you think about the investments we're making in our AR offerings, one of the areas those investments show up is in the traffic line. So again, different than some of the investments we've talked about in AI investments previously, where they're showing up in driving efficiencies in the OpEx line, we're able to drive a lot of increase in leverage.

當然。這是個很好的問題。我先提供一些背景。當你思考我們在 AR 產品上的投資時，其中一個反映投資的地方是在流量（traffic）這一項。所以再說一次，這與我們先前談到的一些 AI 投資不同；先前那些更多是反映在營運費用（OpEx）端的效率提升上，讓我們能顯著提高營運槓桿。

Through those investments in AI. Different with our AI and the investments we're making in Agentic traffic sources, just like any new traffic source, those new channels do not perform as well in the early days. And again, these particular traffic sources are new. They're still evolving for us and for the industry as a whole. So as we look at that area, we're very bullish on the opportunity.

透過那些 AI 投資。而在 AI 以及我們對 Agentic 流量來源的投資上則不同：就像任何新的流量來源一樣，這些新通路在早期的表現不會那麼好。而且這些特定的流量來源是新的。不論對我們或整個產業而言，都仍在演進中。因此就這個領域來看，我們對機會非常看多（bullish）。

You're seeing in Q4, we're making investments in these traffic channels and Luva is part of that. Those will continue into the first part of next year. As we look at the VMM margin, what I would sort of say is if I would look at Q4 as a reasonable proxy for next year as sort of a starting point, we'll see how it evolves from there. But I guess that can give you a high-level view on it from the VMM margin level.

你會在第四季看到，我們正在這些流量通路上進行投資，而 Luva 也是其中一部分。這些投資會延續到明年上半年。至於 VMM 利潤率，我會這麼說：如果把第四季視為明年的一個合理起點（proxy），我們會從那裡開始觀察後續如何演變。但這應該能讓你從 VMM 利潤率層面得到一個高層次的視角。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Hey, great. Thanks for taking my question. Another nice quarter with a strong free cash flow. I think ever since I've known you, so it's been almost 10 years, maybe over 10 years, the company at its core has always been machine learning, AI. So it seems like you've got a pretty big advantage harnessing this technology relative to your competitors.

嗨，很好。謝謝讓我提問。又是一個不錯的季度，自由現金流很強勁。我想自從我認識你們以來——差不多快 10 年，甚至超過 10 年——公司核心一直都是機器學習、AI。所以看起來，相較於競爭對手，你們在運用這項技術上似乎有相當大的優勢。

How should we think about is there an opportunity here to sort of maybe consolidate the market, gain more distribution, accelerate share gains? How should we see that in terms of using this to maybe drive better unit economics from the carriers or gain more market share? Just can you talk about how we kind of think about your ability to use this solution and just accelerate share and drive better unit economics for the business?

我們應該如何看待這裡是否存在某種機會，去整合市場、擴大分銷覆蓋、加速市占率提升？就利用這一點來推動承保公司端更好的單位經濟效益或取得更多市占率而言，我們應該如何看待？能否談談我們如何看待你們運用這個解決方案來加速市占並為業務帶來更佳單位經濟效益的能力？

So to your point, I mean for since the company's inception, I think one of the value adds we've been able to bring to carriers is being we tend to be kind of at the leading edge within our industry in terms of performance marketing and customer acquisition in digital channels and through the use of whatever the latest technology and data available is.

就你提到的點而言，自公司成立以來，我認為我們一直能為承保公司帶來的附加價值之一，是我們在績效行銷與數位渠道的客戶獲取方面，往往處於產業的前沿，並且會運用當下最新可用的技術與數據。

And that sort of represents that has driven the growth that has gotten us to this point. And now we are now in the early stages of the evolution to kind of the next phase of things. And I think the same pattern is likely to play out again, and we're really leaning into it. We are trying to stay very much in close contact with all the AI platforms, with the carriers to help start to bridge the gap between what is a very fragmented, very opaque and nuanced end market and these platforms that really are just trying to deliver maximum value to their consumers.

而這在某種程度上代表了、也推動了我們一路成長到今天。而現在我們正處於演進的早期階段，邁向下一個階段。我認為同樣的模式很可能會再次上演，而我們也正全力投入其中。我們正努力與所有 AI 平台以及承保公司保持非常緊密的聯繫，協助開始彌合一個高度分散、非常不透明且細節繁複的終端市場，與這些平台之間的落差；而這些平台其實只是想為其消費者提供最大價值。

And I think if we can maintain a strong position in helping bridge that gap, there's going to be just a tremendous amount of opportunity along the way for us to build products and deliver traffic in a way that really benefits both sides of that marketplace.

我認為，如果我們能在協助彌合這個落差方面維持強勢地位，沿途就會有非常巨大的機會，讓我們打造產品並以真正能讓市場兩端都受益的方式導流。

Got it. And then just around capital allocation, I see you're implementing a share buyback get that just given the current valuation. But does it make sense maybe given where valuations are now for some of your other competitors, does it ever make sense to explore more M&A versus buying back stock where it's hard to see if the market is going to give you credit for that, but any thoughts on that?

了解。接著談資本配置，我看到你們正在實施股票回購，考量目前估值我能理解。但鑑於你們一些競爭對手目前的估值水準，是否有時候探索更多併購（M&A）會比回購股票更合理？畢竟市場是否會因此給你們更高評價也很難說；你們對此有什麼想法嗎？

So when we think about capital allocation, it continues to be the same as we've said before, which is there's three ways we think about it, right? Just first is we want to make sure we have fortress balance sheet. As you think about the deepening our partnerships with our carrier partners, they will want to see a partner who has got depth on the balance sheet and will be here. And so, I think that certainly is important to us and it always has been, but even more important now as we think about these longer-term relationships.

我們在思考資本配置時，仍然延續先前所說的框架，也就是我們從三個面向來看，對吧？第一，我們要確保資產負債表非常穩健。當你思考與承保公司夥伴深化合作時，他們會希望看到一個資產負債表有厚度、而且會長期存在的合作夥伴。因此，我認為這對我們當然很重要，而且一直都很重要；但在我們思考這些更長期的合作關係時，現在變得更為重要。

The second is M&A and investments, right? We see this as ways we did the Waniwani as an example of an investment. We think about M&A as an opportunity as well, and M&A is something certainly we're looking at. But what a formal take, we will look. We will see over time. But again, whether it's investments revenue, it's all about how we will build our TAM over time as the world evolves into in this AI-first world. That would be the second.

第二是併購與投資，對吧？我們把這些視為方法，例如 Waniwani 就是一個投資案例。我們也把併購視為一個機會，而併購確實是我們正在關注的方向。但至於正式採取什麼行動，我們會持續觀察。我們會隨時間推進再看。但同樣地，不論是投資或併購，核心都在於：隨著世界演進到這個 AI 優先（AI-first）的世界，我們將如何隨時間擴大我們的 TAM（總可服務市場）。這是第二點。

And buybacks, for us, we can do all three. We are the cash flow generation that gives us the flexibility and capacity to do all of the above. On buybacks, we see it as it's opportunistic utilization. It also helps us offset employee dilution, which happens on an annual basis, and we think that's also (technical difficulty).

第三是回購。對我們而言，我們三者都能做。我們的現金流創造能力，讓我們有彈性與能力去做上述所有事情。就回購而言，我們把它視為一種機會式的資金運用。它也有助於抵銷員工稀釋，這每年都會發生，我們也認為這同樣（技術問題）。

Thank you and great quarter.

謝謝，這一季表現很棒。

Gregory Peters, Raymond James.

Gregory Peters，Raymond James。

Well, good afternoon. I guess most of the questions that I had in mind have been asked. But maybe you can just remind me during your commentary, you talked about the vendor services contract that was non-renewed, maybe you could just remind me of the details behind that and what's going on there?

下午好。我想我原本想到的大多數問題都已經被問過了。不過也許你可以提醒我一下：在你們的說明中，你提到有一份供應商服務合約沒有續約；能否再提醒我一下背後的細節，以及目前的情況？

Sure. So, this was a relationship we into about a year ago. It was sort of a new traffic opportunity, a branded traffic opportunity, and it was sort of a multi-year arrangement, a five-year arrangement. As we progressed into that arrangement, we realized it was not performing the way we liked. It was also distracting from our other traffic operations. So, we decided to end that particular contract. We still have a relationship with that brand, and we continue to work with them, but the exact arrangement didn't make sense.

當然。這是一段我們大約一年前開始的合作關係。它算是一個新的流量機會、品牌流量機會，原本是一個多年期安排，為期五年。在推進這項安排的過程中，我們發現它的表現不如我們預期。同時它也分散了我們其他流量營運的注意力。因此，我們決定終止那份特定合約。我們仍與該品牌保持合作關係，也持續與他們合作，但原本那個具體安排並不合理。

And so, it was a five-year arrangement that we cut it short, we took the charge in the period that was reflected on the it was reflected in our adjustment to net income. This was sort of very unique kind of situation for us, we had not done something like this before, and it was something we tried and obviously we reassessed when it wasn't working the way we expected.

因此，這原本是一個五年期安排，但我們提前終止，並在當期認列了相關費用，該費用反映在我們對淨利的調整項目中。這對我們來說算是非常特殊的情況，我們以前沒有做過類似的事；這是我們嘗試過的安排，而當它沒有如預期運作時，我們顯然就重新評估了。

Thanks for that color. Can I go back to the smart campaigns? I guess trying to come up with this trying I believe you're helping improve the conversion rates. And yet, you say you're doing it and your revenue results reflect it, but I don't know if there's some statistics you can add to your disclosure that will help us understand. Hey, when the carriers use our smart campaigns, their conversion rates improve by 2x or 3x or something like that. But any color you can provide on that would be helpful.

謝謝你補充這些背景。我可以回到智慧型行銷活動（smart campaigns）嗎？我想釐清一下：我相信你們是在幫助提升轉換率。而你們也說正在做、營收結果也反映出來，但我不確定你們是否能提供一些統計數據，讓我們更容易理解。例如，當承保公司使用我們的智慧型行銷活動時，他們的轉換率提升 2 倍或 3 倍之類的。不過任何你們能提供的補充資訊都會很有幫助。

Yeah, we've shared case studies in the past, Greg. I mean, it always depends on where the carrier starting point is. But in some of the case studies we've shared in the past, I think some of the numbers we've used have been double-digit or 20% performance improvements as a result of in a controlled test as a result of testing smart campaigns against their whatever legacy bidding they were doing prior to that.

是的，Greg，我們過去分享過一些案例研究。我的意思是，這總是取決於承保公司原本的起點。但在我們過去分享的一些案例研究中，我記得我們使用過的數字是雙位數、或 20% 的績效提升；那是在受控測試中，將智慧型行銷活動與他們先前採用的既有出價方式進行對比測試後得到的改善幅度。

Thanks for the answers.

謝謝你的回答。

Thank you, Greg. Appreciate it.

謝謝你，Greg。感謝。

There are no further questions at this time. I will now turn the call back to management for closing remarks.

目前沒有其他問題。我現在把電話交回管理層作結語。

Thank you and thanks everyone for joining us. To close out, I want to first thank the EverQuote team for delivering yet another excellent quarter with record financial performance.

謝謝，也謝謝各位參與。在結束之前，我想先感謝 EverQuote 團隊再度交出一個非常出色的季度，並創下創紀錄的財務表現。

We continue executing our strategy, deepening customer relationships and driving further innovation as we lead P&C insurance distribution into the AI era. Look forward to sharing further updates in the coming months as we build on this momentum. Thanks, all.

我們持續執行策略，深化客戶關係，並在我們引領財產與意外險（P&C）保險分銷邁入 AI 時代的同時，推動更多創新。隨著我們在這股動能上持續前進，未來幾個月也期待與各位分享更多更新。謝謝大家。

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。