Prepared remarks
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Health In Tech Second Quarter 2026 Earnings Conference Call. As a reminder, we are recording today's call. Now I would like to turn the conference over to Ms. Lori Babcock, Chief of Staff for the company. Ms. Babcock, please proceed.
Thank you, operator, and hello, everyone. Welcome to Health In Tech's Second Quarter 2026 Earnings Conference Call. Joining us today are Mr. Tim Johnson, Chief Executive Officer; and Ms. Julia Qian, Chief Financial Officer. Full details of our results can be found in our earnings press release and in our related Form 10-Q recently filed with the SEC. These documents will be available on our Investor Relations website at healthintech.investorroom.com. As a reminder, today's call is being recorded, and a replay will be available on our IR website as well. Before we continue, please note that today's discussion includes forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on information available as of today and involve risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied, including those discussed in our quarterly report on Form 10-Q for the period ended June 30, 2026, filed with the SEC. Please review the forward-looking and cautionary statements section at the end of our earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. Except as expressly required by federal securities law, we undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events. We may also refer to certain financial measures not in accordance with generally accepted accounting principles such as adjusted EBITDA for comparison purposes only. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. With that, I now turn the call over to our CEO, Mr. Tim Johnson.
Thanks, Lori, and good afternoon, everyone. We appreciate you joining us today. Before I get into the quarter, I want to take some time to reiterate because I think it's important for everyone on this call to understand exactly what kind of company we are building. Health In Tech is a young and very dynamic company. We are still early in our journey, but we operate with a business model, a technology foundation and a market opportunity in front of us that we believe will continue to drive enterprise value for the company. That is not about next quarter. It is a statement about the architecture and foundation of this business. And I want to spend some time explaining why we believe that because I think it matters more than any single quarter's revenue print. Let's start with the macro picture. We are living through the most consequential technology shift in enterprise software in a generation. Every industry that has historically run on manual, paper-based relationship-only processes is being rebuilt around artificial intelligence, and insurance and self-funded health insurance specifically is one of the most underdeveloped, most opaque corners of the broader economy. As we've discussed before, self-funding health plans are estimated to generate around 20% to 30% savings for employers through actively managing vendors and customizing plans. It represents nearly a $1 trillion self-funded insurance market distributed through more than 1 million insurance brokers nationwide. And today, our platform works with 933 of them. That is a fraction of 1% of the addressable distribution universe. Most AI implementations you read about in the news today are bolted onto legacy systems built to automate a single task or wrapped around a call center. That is not what we have built. We have built a marketplace that is connecting brokers, third-party administrators and carriers into one secure, AI-enabled health insurance platform that's efficient, transparent and ultimately reduces cost by removing frictions. That distinction matters enormously in this market. I want to be direct: not every company that says it uses AI has actually built something differentiated. A lot of what passes for AI in financial services and insurance today is a thin layer of automation on top of decades-old infrastructure. What we have built in Health In Tech goes well beyond that. Our platform doesn't just speed up a form; it ingests census data, parses experience data automatically, enables the carrier to build its specific underwriting criteria in-system in real time and returns a bindable, execution-ready quote in a fraction of the time it takes using legacy tools. That is fundamentally different value proposition than what brokers have historically had access to. And it is a fundamentally different value proposition than most of what our would-be competitors have brought to the market. I want to spend time here to talk about our Chief Technology Officer, Sri Rajagopalan, and the engineering team he has built. Sri spent the majority of his career at SAP and IBM, two of the largest enterprise software companies in the world, leading enterprise architecture and large-scale platform engineering for global mission-critical systems. That is exactly the caliber of technical leadership a company like ours needs as we scale from a promising platform serving hundreds of brokers to critical infrastructure serving thousands of brokers, larger carriers and larger employer groups. Under Sri's leadership and through our partnership with Ciklum, an Amazon Web Services Advanced Tier Service Partner, we have spent this year upgrading the front- and back-end architecture of our platform, consolidating quoting, underwriting, administration and analytics in a single unified environment and building the data infrastructure that will allow us to layer in increasingly sophisticated AI capabilities without having to re-architect the platform every time we do it. That is the kind of investment that doesn't always show up in a single quarter's income statement, but it's exactly the kind of investment that determines whether a platform company can actually scale or whether it's hitting a ceiling. We do not intend to hit a ceiling. I'm also proud of what this has translated into for our distribution partners and practice. In the second quarter, we grew our distribution partner network to 933 brokers. Third-party administrators and agencies are up nearly 20% from a year ago, and we've rolled out a significant platform update that included enhanced census insights, expanded large-group quoting functionality, automated experience data parsing, AI-driven risk insights and direct broker-to-underwriter messaging inside the platform itself. Brokers are telling us in real time that this is changing how they work. The adoption curve is a leading indicator for everything else we are going to talk about today. Now I want to spend a meaningful amount of time on why we are changing how we talk about our business because I think this is the single most important thing for investors to understand about where Health In Tech is today. For the last several quarters, we have talked about Health In Tech primarily as a revenue growth story. And to be fair, we earned that framing. But a revenue growth story on its own undersells what is actually happening inside the business. And frankly, we believe it paints a limited picture quarter-to-quarter because of how GAAP revenue recognition interacts with the way our policies are actually sold and onboarded. Here's the reality. This is not a company we believe should be judged quarter-by-quarter on a single reported revenue line. This is a young, still evolving platform business, continuing to establish itself in the small cap world with a business model that generates contractually locked-in revenue well ahead of when that revenue actually gets recognized on our income statement. When we sell a policy, we don't recognize that revenue all at once. It gets recognized ratably month by month over the 12- to 36-month life of that policy. That means the revenue we report in any given quarter is really a lagging indicator of the underlying momentum of the business. In our view, the leading indicator, the one that actually tells you where this company is headed, is what we've contracted and what we've sold and what is already locked in and simply waiting to be recognized. That is precisely what happened this quarter, and I want to explain it plainly rather than let anyone read more into a single number than they should. During the second quarter, we onboarded a new carrier partner. And as part of that onboarding, the effective dates of a number of policies—policy placements—shifted into subsequent quarters. That timing shift is the primary reason our reported GAAP revenue for the second quarter came in at $8.1 million, down from $9.3 million a year ago. I want to be unambiguous. This was not a demand problem. This was not a churn problem and was not a platform problem. It was a timing factor tied to onboarding a new carrier into our platform. The very kind of carrier expansion that we discussed last quarter is core to our long-term growth strategy because more carriers means more underwriting choice, better pricing outcomes for employers and higher conversions for our brokers. This is exactly why we believe contracted revenue and pipeline revenue are metrics that actually help tell you what's happening inside Health In Tech. And it's why you should expect us to highlight these metrics from this point forward. Contracted revenue, meaning revenue that is contractually committed under active policies and that simply has not yet been recognized under GAAP, totaled $32.3 million for the first half of '26. Beyond what's already contracted, our pipeline revenue—policies currently in quoting or binding status plus policies contracted since quarter end—stood at $66.3 million as of July 31 this year. Julia is going to walk you through the details in a moment because I want to spend more of our time today on where the business is going, not rehashing a single quarter. Let me talk about what's coming because this is where I think the growth story really comes into focus. We made a genuine proof point this quarter on our 3-year rate stabilization program. We contracted and secured our first employer group under that program, taking it from concept to a live bound plan. This is an important milestone as we advance toward the program's anticipated launch in the capital markets. The program is designed to provide budgetary certainty for health care costs, often the second largest expense on the P&L for many corporations. For large enterprises, particularly governmental agencies and municipalities, multiyear budget certainty is well received compared to the potential for unpredictable annual health care cost swings. We are currently engaged with several high-profile government organizations evaluating participation, and we expect to provide additional updates in the coming months. We also remain on track to officially launch HitRix in the second half of this year. This platform is genuinely new because HitRix is not an incremental feature update; we believe it is the first true marketplace built for the large-group self-funded stop-loss market, which is a segment defined by claims data complexity, multiple managing general underwriters and carriers competing for business and a manual fragmented process that has not meaningfully changed in decades. To put this in context, eDIYBS, our existing platform, serves the small-group market where the process is very different. The small-group market itself is highly concentrated with only a handful of stop-loss carriers. HitRix conversely is purposely built for large groups, generally 100 lives on plan and above, where the underwriting process is fundamentally different and the marketplace opportunity is much larger. HitRix introduces several first-of-a-kind capabilities to this market: proprietary data parsing that transforms hours of broker preparation into minutes, a competitive marketplace that lets brokers efficiently reach an unlimited number of underwriters simultaneously, real-time comparison and analytics tools that no other platform in the market offers today, and a buy-now function that can compress what has historically been a week-long negotiation into a single-day close. It is a marketplace distinct from anything we have brought to the platform to date and we believe it opens up a meaningful new growth avenue for this company. We expect and look forward to sharing more at launch. I also want to set the stage for how we intend to fund the next phase of growth. I want to close my remarks the way I opened them. Health In Tech is a fast-growing young company. We have a technology foundation built by a world-class engineering team, a business model that generates real, contractually locked-in revenue well ahead of recognition, a distribution network that is growing nearly 20% year-over-year and a market opportunity measured in the hundreds of billions of dollars where our current penetration remains below 0.1%. We believe the combination of these four key things should help us continuously drive the enterprise value of the company. That is the story we are building, and I could not be more excited about where this is headed. Before Julia walks through the financials, let me give you a little bit more on how our distribution engine performed this quarter. To put a finer point on the partner number I mentioned earlier, we ended the second quarter at 933 distribution partners—brokers, third-party administrators and agencies—up 19.9% from 778 a year ago. That growth came through the same capital-light partner-driven model where our in-house team focuses on onboarding and activating partners rather than selling directly into employer accounts. That's what allows us to keep growing our distribution footprint with a linear increase in fixed costs. The carrier onboarding that affected the timing of some of this quarter's revenue is a good example of the trade-off we were willing to make. Short term, it shifted some policy effective dates into later quarters. Long term, it gives our brokers more underwriting choice on the same employer groups, which we believe improves close rates and strengthens retention. We will make that trade every time. We continue to see this industry as relationship-driven but structurally underserved by technology, and that is the gap we intend to keep closing through direct broker engagement, industry conferences and a platform that keeps getting easier for brokers to use and harder for them to walk away from. With that, I will now turn it over to Julia.
Thank you, Tim, and good afternoon, everyone. I'm going to keep my remarks focused and brief because Tim has already walked you through certain of the considerations around this quarter's number. I want to use my time simply to talk through the figures themselves through the lenses of the metrics we introduced last quarter: contracted revenue and platform placed-plan value, because those are the numbers we believe most holistically reflect the health of this business. Contracted revenue means the revenue that is contractually committed under the active policies that simply has not been recognized under GAAP accounting. There are a total of $32.3 million for the first half of '26. Of that, $17.3 million was already recognized as GAAP revenue in the first half of this year, with the remaining $14 million expected in the second half of this year and $1 million in 2027. Beyond what's already contracted, our pipeline revenue—policies currently in quoting or binding stage or plus the policies contracted since quarter end—stood at $66.3 million as of July 31, of which $1.9 million was contracted and the remaining $64.4 million has an expected conversion rate of 15% to 40%. Now with five more months remaining in 2026, the expanded sales team will continue to sell to expand its pipeline revenue through adding more brokers, TPAs and distribution partners. Together, these numbers, I would encourage you to assess for future revenue visibility, and they underpin our decision to reaffirm full-year 2026 revenue guidance of $45 million to $50 million. That is real forward revenue visibility extending well into next year, and we believe it provides a more extensive picture than just a single quarter top-line print can tell you. Now turning to platform placed-plan value, or PPPV, which represents the aggregate contractual value of the self-funded stop-loss plans placed through our platform, including premium, claim funding and administrative fee measured over each plan's full contracted term, PPPV stood at $84 million as of June 30, 2026. I want to be clear that PPPV is a measurement of platform transaction value, not an indication of our own revenue or take rate. On reported GAAP revenue, total revenue for the second quarter was $8.1 million, down 13.5% from $9.3 million in the second quarter of last year. As Tim explained, this decrease reflects the timing of the new carrier onboarding that shifted certain policy effective dates into the future period, not a change in underlying demand. The onboarding of the new carrier and certain related portfolio transfers were designed to provide greater options and flexibility to our employer customers. As a result, the number of accounts receivable days in the first half of the year was 55 days versus 20 days in the first half of 2025, which is not uncommon. We have ample experience and a track record of managing accounts receivable days. For example, there were 42 days in 2023, which we brought down to 29 in 2024 and further down to 14 accounts receivable days in 2025. So it's a remarkable change in improvement once the carrier was starting to work with us. We actively manage these financials as well. For the first six months of 2026, total revenue was $16.8 million compared to $17.3 million for the first half of last year. Turning to profitability: adjusted EBITDA was negative $1.3 million for the quarter and negative $2.6 million for the first half of the year compared to positive adjusted EBITDA of $1.6 million and $2.8 million, respectively, in the prior-year period. Net loss for the quarter was $2.5 million, or $0.04 per diluted share, compared to net income of $0.6 million, or $0.01 per diluted share, in the prior-year quarter. For the first half, net loss was $1.4 million, or $0.07 per diluted share, compared to net income of $1.1 million, or $0.02 per diluted share, in the prior-year period. This reflects our continued planned investment in sales, marketing and technology to support long-term growth, consistent with what we described entering this year. Our total operating expenses for the quarter were $7.3 million compared to $5.6 million for the same period last year. Sales and marketing expenses were $2.2 million compared to $1.2 million for the same period last year, reflecting continued investment in expanding our distribution footprint. General and administrative expenses were $4.3 million compared to $3.8 million for the same period last year. Research and development expenses were $0.9 million, and we capitalized $0.8 million of software development costs compared to $0.6 million and $0.9 million, respectively, for the same period last year, reflecting continued investment in our technology platform under Sri's leadership. Turning to our balance sheet, we ended the quarter with $6.5 million in cash and cash equivalents and $11.8 million in working capital compared to $8.1 million in cash and cash equivalents and $9.5 million in working capital a year ago. Operating cash used improved to $2.9 million in the second quarter compared to $3.3 million in the first quarter, reflecting continued discipline in working capital management. Total assets at quarter end were $29.6 million and total stockholder equity was $19.4 million compared to $22.2 million and $16.4 million, respectively, for the same period last year. Our balance sheet remains healthy and positioned to execute on our product and development plan. In summary, this was a quarter of continued deliberate investment. The GAAP revenue number reflects a timing shift, not a change in the trajectory for the business. We believe contracted revenue and platform-based revenue are clear windows into where the company is actually heading. Our reported pipeline revenue gives you more visibility on the trajectory. With that, I turn it back to Lori.
Thank you, Julia and Tim, for these prepared remarks. And now we would like to open the call up to our community for any questions they might have.
Questions and answers
And our first question for today will come from George Sutton with Craig-Hallum.
So Tim, a lot of this confusion on the timing, I think, relates to a stop-loss carrier change you made and you were really improving the capabilities that your customers would have with a stop-loss carrier going forward and the ratings involved. Can you just walk through that outcome?
Sorry, I was on mute. Yes. Good to talk to you, George. Thanks for the question. So understanding how insurance carriers are rated—and even stop-loss carriers have ratings—certain brokers around the country, especially the bigger ones we call the alpha houses, require under their corporate charter to only write business with A-rated carriers. We weren't with a carrier that had that A rating. So we are changing carriers to one that can support an A rating, and we hope to have that done in the next 30 days or so. We're very close; I was on the phone with them earlier. This change will allow us to pick up more business with larger brokers that require that rating, and that's one of the reasons why we switched.
And just help us understand the impact of having that A rating and what that might mean broadly for the business opportunity.
Yes. I mean, Zain, our Chief Growth Officer, is sitting on the sideline with a lot of business that people want to put with us. It's a significant amount of business. I would say that our projections, and we try to be conservative, could be bumped at least 20% to 30% higher if we can get an A carrier, depending on how fast we get it because the sales cycle takes time. Once you start talking to a broker and a client, January is our biggest time of the year by far—most effective dates are in January—so we'll pick up more business then. We're going to pick up a lot more business when we have the A carrier.
On the HitRix platform, which I understand is a dramatic improvement on what exists out there today, can you talk about how quickly you think you can bring users on that platform? What do you think that does for the business once it's up and running?
Good question. All 933 brokers currently on our platform will automatically get access to HitRix immediately, which means the larger market space can be addressed right away. HitRix will allow them to market to multiple MGUs as easily as they create a submission on the small-group side. The marketplace we've created really doesn't exist today. The platform is supposed to be launched in the next two to three weeks; we're doing user acceptance testing now. We already know some MGUs that want to use it and we've done lots of demos. There's a lot of excitement around the product.
Okay. And then lastly for me, the 3-year stabilization program—that's something we're very excited about and see great applicability, particularly in municipal governments, for example. Can you give us a sense of what that pipeline looks like and what the feedback has been since you signed this first customer?
Yes. One of our partners in the program, Ascend, which helped create and build the program, has hired specific salespeople for it and we've trained our sales team on it. The anticipation is that we'll probably have about 30 submissions a month or more. These are large submissions—municipalities, government agencies, counties, cities. Our pipeline is already meaningful; we're talking to municipalities and cities that everyone on the call would recognize. So it's a big opportunity that's coming in quickly.
The next question will come from Allen Klee with Maxim Group.
When you were talking about the change in the insurance rating, did you make a comment that you thought that impacted your results by a certain amount, not having that? Or was it more that going forward, it has this opportunity?
It's more about going forward. A lot of our growth with the alpha broker houses is constrained if we don't have an A carrier because their charters won't allow them to write with lower-rated carriers. That's why getting the A carrier on board will accelerate growth from those firms.
As a former Moody's senior analyst covering insurance companies, I appreciate the value of higher ratings. But did you say it hurt Q2 by a certain amount? Or is it more that it's an opportunity going forward?
It's more going forward. The timing of the carrier onboarding shifted some policy effective dates into later quarters, which affected Q2 revenue recognition, but the change itself is meant to enable growth going forward.
Yes. Allen, I want to add that the small-group segment often pays less attention to carrier category, which is part of why we added the carrier. Even the pipeline revenue we reported is not solely related to adding an A carrier, though that's something we're working on. HitRix targets the large-group market. That expands our addressable market and allows us to offer a more complete solution across small, mid and large employers. When we sell through distribution partners, certain pipeline items may not yet include the A-rated carrier portion, so we reported pipeline revenue to show the underlying activity and the timing shifts. GAAP accounting recognizes revenue based on effective dates, so when those shift, recognition shifts too.
How do you feel about your preparation with your offerings and having the time to educate the brokers and the clients for the big amount of renewals at the end of the year? How do you feel about being fully able to work on that and be successful?
I never feel like I have enough time, but we are on a timeline that will let us participate meaningfully in the January selling season. HitRix is launching now and we have sufficient time to get into that space because many brokers are just now marketing their 1/1 business. The people already using our system will see an improved look, feel and flow; it's point-and-click and drag-and-drop. There should be minimal training required for existing users; new users onboard quickly. We do a lot of demos every day.
Help me understand the path to getting to your guidance a little. You said contracted revenue expected to show up in the second half is $14 million, and pipeline revenue based on conversion could be $3 million to $8 million. If you add those up to $17 million to $22 million and you had $17 million in the first half, that doesn't quite get to $45 million. What's the additional piece that gets you to the guidance?
That's a great question, Allen. The pipeline numbers we reported are as of July, and we have five more months to continue to sell and build the pipeline. The conversion rate range of about 15% to 40% applies to the pipeline, and the expanded sales team and distribution activity over the remaining months will add to both pipeline and contracted revenue. So the figures you added up do not include the additional sales activity we expect during the remaining months of the year.
That makes perfect sense. As you use more referral partners, which is essentially some sales and marketing for you, your gross margin goes down but you benefit other ways. Your gross margin this quarter was about 48.7% versus 51.4% in the first quarter. Is it reasonable to think the margin may stay at a slightly lower level than in the past?
Yes. When we offer plans through partners, there will be a trade-off on gross margin. This is part of the trade-off for scaling through distribution partners, but it's asset-light and doesn't require fixed payroll costs for a large direct salesforce. With HitRix, we expect a different mix; gross margins in the future should be around 45% to 50%, which is healthy for our sector.
Okay. So 45% to 46% in the future is what you're thinking? Is that what I heard?
Yes.
One last question. On the 3-year stabilization—many municipalities have fiscal year-ends at different times. Is there a typical government year-end you find yourself focused on for winning that business?
Typically, many run toward the calendar year-end, though some have fiscal years in July. The organizations we're speaking with are focused on how to get better budget certainty and how to implement the program, not strictly on a common effective date. We're agnostic to carrier and effective date mechanics; it's more about the math and the fit. Some groups are already positioned to move quickly.
The next question will come from M. Marin with Zacks.
I wanted to drill down on the difference between contracted revenue and pipeline revenue. Pipeline has reached the stage where you've provided a quote or some other element that involves actual commitment. Is it fair to think that if you get the new A-rated partner you've been discussing, it could significantly impact pipeline revenue and conversion?
Yes, that's absolutely right. I want to emphasize again that the pipeline revenue is as of July. As we continue to execute and add an A-rated carrier, you should see higher pipeline and higher conversion rates. Pipeline revenue represents employer plan proposals being quoted at different stages of implementation and review. Contracted revenue means the contract is signed and effective date is set. The pipeline we reported includes $1.9 million already contracted, and the rest carries the expected conversion rate. With the improvements to our platform and the sales activity remaining for the year, we expect pipeline to continue building and conversion rates to improve.
What's the typical sales cycle from initial outreach to being in the pipeline revenue category? It doesn't happen on day one for most opportunities, so how long does it usually take?
It depends on group size. Small groups can make decisions in a day because our platform can quote quickly and brokers have plan designs ready. Larger groups typically take longer—probably around a 90-day turn from initial conversation to a decision—because of plan design, carrier discussions and other factors. Our brokers can also close very quickly on small groups, sometimes on the spot with a laptop or phone, because the platform quotes that fast.
You mentioned qualitative feedback from partners and brokers. Given the improvements you've made and new products coming online, can you put some color on how positive the feedback is and what it might mean for the pipeline over the next year or two?
Let me emphasize that contracted revenue reflects sales already closed with effective dates. Pipeline revenue reported as of July will continue to grow with additional sales activity over the remaining months. With the platform launch, improved capabilities and anticipated A-rated carrier, we expect both pipeline growth and improved conversion rates. The $66.3 million pipeline includes $1.9 million already inked into contracts; the rest carries the conversion assumptions. Historically, our conversion range has been about 15% to 40%, and with these improvements, we expect the pipeline to grow and conversion to trend higher.
The feedback from demos, particularly around HitRix, has been very positive. The product is about convenience—making brokers' lives easier and compressing time to bind policies. People like that it simplifies complex workflows and that it can dramatically shorten negotiation cycles. We're getting strong interest from MGUs and brokers during demo sessions.
Okay, that's helpful. And as a final clarification: you mentioned five more selling months in the year—can you remind us about seasonality? Is selling heavier in the back half of the year?
It picks up in November and December for the small-group business because many groups run on a calendar-year renewal cycle; November and December are active months. August tends to be a down month, while September and the fall pick up. With HitRix coming online, we expect strong activity heading into the year-end and January effective dates.
And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Johnson for any closing remarks. Please go ahead.
Thanks, operator, and thanks to everybody for joining us today. Before we close, I'd like to leave you with this. Health In Tech was not built to be a marginally better version of how self-funded health insurance has always been sold. We built this company to replace a process that has been slow, opaque and expensive for employers for decades, and we are doing exactly that every single day at scale. Every quote our platform generates in minutes instead of weeks, every carrier we add widens competitive pricing, every plan we streamline into a single transparent framework— that is real money staying in the pockets of businesses and employees who trust us with their health care plans. Collectively, our platform has already helped employers avoid hundreds of thousands of dollars in unnecessary costs, and as we scale into larger employer groups and expand our carrier network, that number grows with us. This team knows how to execute. We have grown this business profitably, built and shipped technology most companies our size couldn't attempt, and we have done it with capital discipline every step of the way. We are not asking you to take our growth story on faith. We are asking you to look at what we've already built and to measure us against what we do next. We are just getting started. Thank you all for your continued partnership and trust. We look forward to updating you again next quarter. With that, I'll turn it over to Lori for the closing statement.
This is all the time that we have for today. This concludes the Health In Tech Q2 2026 Investor Earnings Conference Call. We encourage our community to continue to reach out to us, and we can answer any questions that you have individually. You can send your questions to us at ir@healthintech.com. We would like to thank our listeners, shareholders, analysts and others who have taken the time to listen to our earnings call. We urge you to refer to our latest SEC filings for any information that you need. This call will be available from our website in the Investors section, and you will find the link there. To be alerted to news, events and other information in a timely manner, we recommend following us on all of our social media channels, signing up for our newsletter and exploring our website at www.healthintech.com. Thank you, everyone, for participating and listening to the call today.
Thank you all again. This concludes the call. You may now disconnect.