Health In Tech, Inc. (NASDAQ:HIT) Q3 2025 Earnings Call Transcript

Health In Tech, Inc. (NASDAQ:HIT) Q3 2025 Earnings Call Transcript November 11, 2025

Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Health In Tech Third Quarter of 2025 Earnings Conference Call. [Operator Instructions] As a reminder, we are recording today’s call. If you have any objections, you may disconnect at this time. Now I will turn the call over to Lori Babcock, Chief of Staff of the company. Ms. Babcock, please proceed.

Lori Babcock: Thank you, operator, and hello, everyone. Welcome to the Health In Tech’s Third Quarter of 2025 Earnings Conference Call. Joining us today are Mr. Tim Johnson, Chief Executive Officer; Mr. Dustin Plantholt, Chief AI and Marketing 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 to be filed with the SEC. These documents will be available on our Investor Relations website at healthintech.investorroom.com. As a reminder, today’s call is being recorded, and a replay will be available on our IR website as well. Before we continue, please note that today’s discussion includes forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These statements are based on information available as of today and involve risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied, including those discussed in our quarterly report on Form 10-Q for the period ended September 30, 2025, to be filed with the SEC. Please review the forward-looking and cautionary statements section at the end of our earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. We undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information of the occurrence of unanticipated events.

We may also refer to certain financial measures not in accordance with generally accepted accounting principles, such as adjusted EBITDA for comparison purpose only. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. With that, I now turn the call over to our CEO, Mr. Tim Johnson. Tim?

Tim Johnson: Thank you, and good afternoon, everyone. I appreciate you joining us today. I’m pleased to share our third quarter results which were well aligned with our expectations as we continue to invest in strategic channel partners and rapidly expand our distribution network. At a high level, we delivered another quarter of strong revenue growth. Revenue reached $8.5 million, up from 90% year-over-year, bringing the 9-month revenue to $25.8 million compared to $19.5 million for the full year of 2024. This momentum was driven by the continued expansion of our sales distribution network. The number of brokers TPAs and agencies grew to 849 partners, up 57% year-over-year. As more brokers and agencies adopt our eDIYBS platform, we’re seeing more quotes bound and sold in real time.

By the end of the third quarter, the number of billed enrolled employees reached 25,240, an increase of 7,654 employees year-over-year. The third quarter is typically a development and deployment period for us, a time to introduce new programs and features. Most notably, we completed beta testing and officially launched the large employer underwriting capability with our enhanced eDIYBS platform. This is a major milestone that scales our reached across the full employer spectrum, positioning Health In Tech as a true insurance marketplace for business of all sizes. The new capability enables brokers to generate fully bindable quotes for groups of 150 more employees and as little as 2 weeks compared to the industry norm of about 3 months. This advancement dramatically expands our addressable market and establishes Health In Tech among the few platforms serving both small and large employers seamlessly.

Soon after the launch, we showcased this innovation at the SIIA National Conference in October 2025, one of the most influential events in the self-insurance industry. Our participation there helped accelerate national exposure and strengthen broker relationships, key catalysts for future growth. As we look to the fourth quarter and into Q1 2026, we’re entering our peak enrollment period when employers review or switch their health care coverage. Recent market uncertainty and rising health care costs have created mixed timing patterns with some employers making early planned selections in late Q3, while others are delaying decisions into January. As a result, we delivered much better year-over-year growth in Q3 and anticipating sales volume shift from Q4 into Q1, but still expect healthy year-over-year overall growth.

To help employers navigate cost volatility, we’re testing a new program, offering a 3-year rate hold, a solution that provides predictable, stable pricing over a multiyear period. The program allows groups with 150 or more employees to lock in health care costs for 3 years through a fixed remittance model backed by an A-rated stop-loss carrier. It brings real time — excuse me, real value to clients looking for cost, stability amid rising medical expenses, while also strengthening our relationships with brokers and TPAs. By providing cost certainty amid rising medical expenses, we’re giving brokers and TPAs powerful retention tools and helping employers plan long term with greater confidence. We completed initial testing in October and plan to fully launch the program in the first quarter of 2026.

We believe it represents an innovative concept for broader health care insurance market and we’re optimistic about its reception as we enter 2026. Beyond underwriting innovation, we’re setting our sights on one of the largest inefficiencies in U.S. health care claims processing, which consumes more than $300 billion annually in administrative costs and delays. This quarter, we announced a nonbinding letter of intent with AlphaTON Capital Corp. to co-develop HITChain, a blockchain-enabled platform designed to bring real-time visibility, accuracy and accountability to claims workflows across the ecosystem. Under this LOI, both companies plan to contribute distinct strength. Health In Tech brings domain expertise in insurance and health care data standards, established broker and carrier relationships, proven go-to-market channels and leadership in health technology design.

AlphaTEC Capital contributes to blockchain development, expertise on the open network smart, contract architecture, cybersecurity, stable coin integration for secured payments and capital resources for enterprise scale deployment. Together with AlphaTON blockchain infrastructure and Brittany Kaiser’s leadership in data ethics, we are building HITChain, a decentralized and verifiable claims system aimed at compression time lines, eliminating duplication, reduce cost and creating a transparent system of record for payers and providers alike. By combining insurance domain expertise with blockchain innovation, AlphaTON is positioned at the forefront of decentralized health care insurance technology infrastructure, a market opportunity of meaningful scale and long-term impact.

Lastly, we’re thrilled to share that Health In Tech will host the InsurTech Summit at Davos during the World Economic Forum week in January 2026. This event will convene global thought leaders to discuss AI technology and transformation of critical business sectors, including health care and insurance. With that, I will now turn it over to Dustin, who will walk through our latest marketing and partnership innovations in greater detail. Dustin?

Dustin Plantholt: Thank you, Tim, and good afternoon, everyone. As Tim mentioned, we will take Health In Tech to the center of the global innovation stage by hosting our very first independent InsurTech Summit on January 20, 2026, during the week of the Annual World Economic Forum in Davos, Switzerland. It’s interesting because the World Economic Forum, which is held each year in Davos, is really considered one of the world’s most prestigious gatherings of global leaders across business, government, academia and civil society, and it serves as a powerful platform for shaping global, regional and industry agendas. And this year, Health In Tech will be among the organizations leading that dialogue. Our Summit will feature a curated lineup of panels on artificial intelligence, digital transformation in health care and blockchain-enabled system reform, all focused on redefining how technology can drive transparency, efficiency and equity across the $4.5 trillion health care economy.

The first session we’ve announced, AI and institutional resistance, CEOs driving change in legacy sectors, brings together Time CEO, Jessica Sibley, alongside our very own CEO, Tim Johnson, for a dynamic discussion on how top executives are embedding AI within large traditional organizations. This dialogue will not be just about innovation. It’s going to highlight the leadership mindset and operational courage required to modernize industries that have historically resisted change. Our second session, First Ladies: Backing Women Who Build will feature Lady Cherie Blair, founder of the Cherie Blair Foundation for women. The panel will spotlight global leaders advancing women’s entrepreneurship, leadership and access to capital across the industries, exploring how innovation, education and technology can close gender gaps in business creation and economic opportunity.

And this aligns perfectly with Health In Tech’s broader mission of expanding access and inclusion through technology-driven ecosystems. Additional sessions focusing on other strategic themes will be announced in the next weeks and months ahead. Together, these sessions are going to elevate Health In Tech visibility among insurers, investors and yes, even policymakers, reinforcing our leadership in shaping conversations at the intersection of AI, health care and financial inclusion. For investors, Davos represents a strategic inflection point, amplifying our institutional reach, strengthening our brand presence on the world stage and showcasing how our technology and partnerships are modernizing the health care system here in the United States.

As I’ve often said, legacy sectors like health care, finance and insurance are where AI meets its toughest test and delivers its greatest rewards. By leading these discussions, Health In Tech is demonstrating that responsible data-driven innovation can scale sustainably while earning trust from both partners and regulators. With that, I’ll turn the call over to our Chief Financial Officer, Julia Qian, to walk you through the financial results in more detail. Julia?

Julia Qian: Thanks, Dustin, and good afternoon, everyone. It’s my pleasure to talk you through the financial results that underpin the strong operational achievement Tim just discussed. Our third quarter and the first 9 months of 2025 reflect continued execution across all the business fronts, from expansion of our sales distribution network to launch new platform features, while maintaining disciplined cost management and operational efficiency, revenue performance. For the third quarter, total revenue reached $8.5 million bringing year-to-year revenue growth to $25.8 million, presenting 132% of our full year 2024 total. Lease growth clearly demonstrate our accelerated momentum and the effectiveness of our strategy channel expansion through the broker TPA and agencies, combined with our strong customer acquisition activities.

Profitability and operating leverage. Beyond the top line, our profitability matrix show significant operating leverage. Adjusted EBITDA for the quarter was $1 million, up 49% year-over-year. For the first 9 months, adjusted EBITDA reached $3.8 million or 167% of the full year 2024 total. This strong EBITDA performance demonstrate our ability to scale efficiency while maintaining the cost discipline. Pretax income for the quarter was $0.6 million, a 48% increase year-over-year. For the first 9 months, pretax income totaled $2.1 million or 2.4x of full year 2024. Importantly, pretax income present around 8% of the revenue. It’s 135 basis points improved year-over-year, reflect our consistent balance between the resource allocation for growth and the bottom line profitability.

Expenses management. On the expenses side, we continue to improve operating efficiencies with scale. Total operating expenses for the third quarter was $3.7 million, 55% of revenue, down from 68% in the same period last year. For the first 9 months, operating expenses represent 59% of revenue, an improvement of 12 basis points from 71% of the year ago. we continue to integrate AI-driven internal solution to enhance process automation and reduce administration burden. Break this further down. Sales and marketing expenses were $1 million or 11.3% of the revenue, essentially flat year-over-year. Our channel partner model continued to drive revenue growth without the need of a large in-house sales force. General administrative expense was $3.5 million consists of $1.3 million in operating cost, 14.9% of revenue and $2.2 million in admin cost, 25.8% of revenue.

The higher admin costs reflects the expenses associated with being a public company including D&O insurance, Board compensation, Investor Relations and media outreach. So the research and the development expenses declined to 2.8% of revenue from 16% of the year ago. Our tech results have shifted from the preliminary project maintenance phase — research phase to heavy development phase deployment. So thus the tech costs associated with the software development are capitalized. That’s why you see the expenses reduced. Cash flow and the balance sheet. For the first 9 months, we generated $2.7 million of positive cash flow from operations. We invested $2.4 million in technology development and $0.1 million in the capital markets activity, resulting in net positive cash flow of $0.2 million.

We ended the quarter with a solid $8 million in cash and cash equivalent. Our collaboration with AlphaTON Capital also provides additional capital leverage for the HITChain initiative. With AlphaTON investment contribution, we expect to build these transformative blockchain enabled first platform with minimum cash requirement from our end, which maximizing our capital efficiency. As we enter the fourth quarter, we are navigating a period of the market uncertainties related to rising health care costs and evolving regulation — regulatory dynamics. Some employers accelerated their planned selection decision into late Q3, which contributed to a stronger-than-expected performance in the quarter, at the same time, other employers are shifting the purchase decision into January and early Q1 2026.

Q4 is typically when we launch our major marketing broker initiatives and PR campaigns to build the momentum for the peak sales season, in line with the strategy, we intentionally reinvest a portion of our gross profit into the market expansion activity to support continued long-term growth. We anticipate Q4 revenue growth of around 50% year-over-year, which reflects a solid performance given lease timing shifts. For the full year 2025, we’re expecting to deliver around 70% year-over-year revenue growth, reaching an estimated $32 million to $33 million in revenue. Importantly, full year net income growth is expected to be near 90%, outpacing the revenue growth on a percentage basis. As we’re balancing disciplined profitability with purposeful reinvestment, given our market share is less than 0.01% of the market potential, the long-term growth runway remains very substantial.

Our strategy is to thoughtfully redeploy a portion of earnings to skill distribution, drive product adoption and deepening our competitive position. As Tim mentioned, we began pilot test our 3-year rate hold program in late October, early November, this offering is very innovative and designed to provide possibilities for the employers and managed — for them to manage the health care costs more effectively, this is very appealing to the companies with a large number of employees. We will share more details with you upon full launch in Q1 2026. In summary, the third quarter marked a pivotal point of the technology progress and the product innovation. The fourth quarter is focused on the market activities, program testing and our year-end sales campaignship with all — which position us for accelerated momentum heading into 2026.

We are laying the foundation for an AI-enabled multi-program health care insurance marketplace that we can serve our employees with all sizes and segment. I now turn it back to the operator for Q&A.

Q&A Session

Operator: [Operator Instructions] Our first question today is from Marla Marin with Zacks.

Marla Marin: So — this was obviously a strong quarter growth. I know you talked a little bit about some pull forward and maybe some timing differences versus general patterns in past years, but still, we’re seeing very strong growth. You’ve been operating now for a very brief period in the large employer market. Is the response that you’re seeing tracking along the lines that you had anticipated? And are there any things that you’re seeing in that market that distinguish it from the small and medium market that you have traditionally looked at or focused on?

Tim Johnson: Yes. Marla, thanks for the question. This is Tim. You’re right. We really just got started. We haven’t been able to see a trend yet because the process usually takes from — for our brokers to get established and trained on the system to where they’re starting to use it and an effective date is usually about, at a minimum at 60, it’s usually 90 to 120 days out. So although the process has sped up and helped everybody, help our distribution sources get their proposals and their quotes faster, we haven’t seen them start to really bind anything yet because they’re quoting groups that are further out from when we started, if that makes sense. But we are seeing a lot more activity. We’re seeing — it started at about 2 quotes a day. Now, we’re up to 5 quotes a day that our underwriters are able to get out. So a big improvement from where it was.

Marla Marin: Okay. Understood. Okay. So switching gears a little bit. Your enrolled employees that metric, which is one that I look at from quarter-to-quarter, as I’m sure others do, it continues to increase. I think in the past, you’ve talked about there’s a level of stickiness with that number, just because of the difficulties sometimes in switching to other, other coverage providers or other solutions. Can you give us any color on whether or not you think that is true?

Julia Qian: Yes, that’s — Marla, it’s Julia. I think that is a great question. That’s why when we’re looking at the 3-year rate hold program we’re either further to enhance the retention, because with these uncertainties that when the business can have a product with a flat rate for the 3 years and really significantly change how the dynamic on the market. Yes, the health care product, insurance product itself, is already pretty sticky. And with the speed and the benefits we offer, that’s how we see adding we’re more products, make that even more sticky.

Marla Marin: Okay. Got it. And then last question for me. The blockchain initiative, I think, is very interesting. As you continue to innovate in this space and you continue to use technology, to streamline processes and make things simpler for the customer base? In terms of blockchain right now, is there anyone else in the space that is using blockchain? Or will this be something that you’re going to be relatively amongst the lead innovators?

Julia Qian: I would let Tim to address that.

Tim Johnson: Yes. Dustin, you can address that, if you want. That would be a good one for you.

Dustin Plantholt: I would — yes, I would love to. So it’s interesting, the space of health care and now putting these records on chain, but doing it in a way that it still remains de-identified, so we don’t have any compliance issues. We will really be the first at the scale that we will be launching the HITChain, bringing in an entire ecosystem, over the next 12, 24, 36 months, into HITChain. So it has not been done at that level ever because of all the moving pieces that are involved, and when we look at the problem — the friction point, and Tim and I, our CEO, again, I discussed friction. The friction our providers feel, the friction that the hospital systems feel, even the friction at times the patients are feeling to be able to have a real-time ledger that they can track.

So I’m excited over the next number of months, Mr. Tim Johnson will be rolling out some of the areas that we see Health In Tech being able to receive revenue opportunities and also strategic growth, not just in North America, our plan would be long term that HITChain would be a little bit of planned that we would become the #1 in the health care blockchain even at some point, tokenization. So I’ll refer it back to Mr. Tim Johnson, our CEO, because I can’t reveal too much.

Tim Johnson: Yes. Marla, we — this type of product has been tried and failed by other people with considerably larger recognition than we are. We have brought though a much broader base of people that understand the A to Z effect of this. Everybody at Health In Tech and AlphaTON, they have experience in every function that has started from when somebody goes to the doctor, to where that bill gets paid. And believe me, there are multiple entities in the middle of that, that have — and transactions that have to take place. And by streamlining all that, as Dustin said, the decentralization of that where anybody can join this thing, it — this blockchain that we’re calling HITChain, it has not been done before in such a scale. It has been done by single hospitals, do it to manage their processes internally, but nothing where you decentralize it to the public like we are.

Operator: The next question is from James Lieberman with American Trust Investment Services.

James Lieberman: I want to congratulate you on the terrific year of execution and the vision that you’re putting in place. And I wonder, can you share a little bit more about this 3-year lock program for health care. How do you manage to do that? Or is that your secret sauce and you’d rather not say at this thing?

Tim Johnson: Yes. I guess, that — it’s — because this is public, you’re right. We really don’t want others to know how we’re going about it from an underwriting perspective. I will tell you, though, that there has been a year’s worth of work with multiple different financial institutions, bankers, underwriters, insurance carriers, distribution sources in order for everybody to get comfortable with this. It has taken a lot of effort on everybody’s part. And over a year now, we’ve been working on. So I apologize, I can’t give you much more than that. But…

James Lieberman: No, I think it’s kind of extraordinary and I commend you that you’ve been able to bring all the players together to even present that vision. Congratulations.

Julia Qian: Yes, Jim. You just turn to watching for the full launch news, then we will have more detail than the time we do our official full launch. And it’s really, we combine the insurance sector expertise with carrier with various investment bank and funds. It’s just a lot to put together, I would say, and you will find that there are renowned institution to join force to make this happen, and we’re very excited, but we will have more details to share with everybody in Q1 full launch.

Operator: The next question is from Allen Klee with Maxim Group.

Allen Klee: It’s really great to see your degree of innovation. Following up on the 3-year rate hold product, I think it could be really very powerful for employers to want — there’s some — I’m actually — it’s kind of surprising that an insurance company would take that risk with given the challenges of — and the changes that could happen with underwriting results. Was that maybe the hardest part to get over how an insurance company could get comfortable to take a 3-year risk?

Tim Johnson: Yes, Allen, it was very challenging, but there’s 2 sides to look at here. So what insurance carriers like to do is get profitable business and hold it. In this case, that’s what we’re trying to do is make it profitable by implementing these medical management programs, some very strategically targeted programs, where we’re trying to manage every possible instances that can come up. So if somebody has diabetes, we have a program for that. If somebody has another condition, we have very specific programs that manage this because, Allen, what you find is that a carrier will pick somebody up for a year and try to implement these things, but 12 months isn’t enough to make an impact. If something happens, they don’t have enough time to say it happen 6 months into the program.

They don’t have enough time to really make an impact and try to manage that condition whatever it is, to get it back to where one where it probably is not — maybe it’s not a profitable program, but it could be over time, if you get enough time to get it under control. And that’s what we sold our carriers on is the ability for us to manage those over time, better than what we’re able to do today.

Allen Klee: That makes a lot of sense. And then for the claims processing, who you’re selling this? Who is your customer in this?

Tim Johnson: Customers are large employers — larger employers, 155 lives on their plan and greater. So like municipalities, for example, I use municipalities because they don’t have a lot of money from their tax base, whatever that is, but they try to budget. Their budgeting money is very tight. And when we can give them a 3-year rate guarantee, municipalities and government entities love this type of product.

Allen Klee: Right. Okay. And then for the — I’m sorry, I didn’t ask my question. I meant for the blockchain opportunity to manage claims processing, who are you selling that to?

Tim Johnson: Well, that’s going to be sold to everybody. If you’ve heard me speak in the past, Allen, everybody that touches health care, and which is from the hospitals to the patients, the employers, the brokers, the third-party administrators, the networks, everybody in, not to use the term or beat the term up, in the chain of events, everybody will participate in this. The program — and again, I can’t go into — I don’t know where my line is drawn, I’ve given too much information, but everybody that touches it, will benefit. There’s a win-win in this for everybody. It will drive — I have asked — people have asked me the question, how is that going to drive health care costs down? Well, a large part of the health care cost is the administrative costs.

And they’re huge. As we talked about in this presentation, it was $300 billion. We’re trying to cut that down dramatically. And we hope that, that savings reflects back in the term of health care expenses paid out over time.

Dustin Plantholt: Yes. And I’d like to also kind of add to that, Tim, and great explanation. I think that for those that have ever experienced issues when it comes to claims, our — the ideal kind of customer client that we see partnering with us are going to be insurance carriers, health plans, benefit administrators, companies that are processing potentially millions of claims a year or thousands or tens of thousands of claims. They’re going to win with the chain because of fewer fraudulent claims, faster processing, fewer disputes, faster collection, less overhead expenses, meaning we’re driving operationally their cost down and ultimately, happier providers, which means Health In Tech wins, those that are within the ecosystem wins.

And I can’t get everything. I don’t want to get ahead of myself and — but we have an enormous opportunity here, and we’re hearing from large organizations around the world, including large hospital system that we are on to something. So I’m excited to go on this journey with all of you in the future.

Julia Qian: Yes. Allen, once we work with AlphaTON turn to from nonbinding letter intent into the definitive agreement. At that point in time, we will be able to give an update in terms of the more detailed business model and all these above fronts and both Tim and Dustin mentioned about, it’s just some of the very initial identified area we can benefit from. There are much more area where we continue to discuss and discover the benefit is not only just the transparency, the speed, remove the redundancy, especially, one clients get a process once, not multiple times, get to review the different people, different the organization, menu work back and forth, but also there is opportunity to think about how the money movement get paid, the payment part side of process.

So there’s really a lot of things we can do. The most benefit for us, for overall, is both parties contribute to their strengths, and that has really a minimum cash requirement from all, and we contribute our knowledge, and they have the funds, they have the technology and blockchain. Combine these with both parties, we’re going to create something very unique and big and the benefit every participant on the chain.

Dustin Plantholt: And Julia, I think it’s good to note because we have mentioned it in press releases regarding AskTim, our AI-driven benefits counselor that also will be unveiled in 2026 with a little bit of under-the-hood in Davos on January 20, 2026.

Allen Klee: You guys had mentioned in the last few months of some stuff that you’re doing with pharmacy benefit management side to try to get lower drug costs. Any update on that?

Tim Johnson: Julia?

Julia Qian: Allen, I think we really do not have much more built out in terms of pharmacy benefit. And our focus on this year is enhance the system, produce the new program, new products. And while the PBM side of the opportunity has been evolving, this is very much to do with the market condition, and who we partner with. And just to present additional opportunity, whether for this year, and we entered into the November, when we look at really the enhanced eDIYBS and the 3-year rate hold and ended to the large size of the employer market is important for us. When we look into 2026, we might go back to check on what else we can build in terms of additional opportunities.

Tim Johnson: Yes. The administration — the current administration in the White House has — you’ve recently heard the press release and the conference that they had, they’re looking for serious solutions. So putting our time and energy into it, if the government is going to step in as much as they are and good for them. It could have been more of a waste of time. We thought our efforts would be better off focusing on the underwriting and claims piece that we just talked about.

Allen Klee: Okay. One of the things that you guys had focused — have focused on is your broker — your partners and how that’s been helping to drive sales. Basically, you’re getting your distribution through your partners. And I think last quarter, one of the things that struck me is you were getting some of the larger insurance brokers also. So maybe if you could talk a little about your broker relationships, and how — like for the big renewal season, how you go about the process of focusing on that?

Dustin Plantholt: Yes, our — we are growing our distribution sources because once they get — see the system, it’s so convenient, so easy to use that it’s making their lives easier, so they can do — they can make more sales, but the — what we term as our Alpha house is the bigger brokerage firms around the country, products, just like what we talked about with the 3-year rate guarantee, they have — some of them have only focused on larger groups, some of them do larger and smaller groups, but their primary focus is the larger group, and with bringing a program like this 3-year rate guarantee, rate stability program that we call it. That’s what they’re focused on. So they are more excited than ever to get access to some of these products that we’re bringing for the larger segment, the group segment.

Julia Qian: Yes, Allen, also, we very aggressively start to train the brokers. And with all the large broker agency, they have regional office. They have — they intend to just have a pilot office so testing out and then, then they roll out to rest of the agencies in the different states. So to us, it’s not only just the numbers, but once we start with 1 agency and our sales team really go down to the implementation of the training, we should be able to see these things getting wrap up, not only just the number, actually, 1 agency can have hundreds, thousands. The other agency handful, so not only the agencies, but also how can we deepening the relationship and our sales team has done a great job of being providing a training and looking at how the system, how easy system is.

So we will see this continue accelerating our outreach. Additionally, the event we do in Davos, and led by Dustin and all other PR will continue to give us very good visibility in the market, attract more large agencies.

Allen Klee: That’s a good point. So the audience for the Davos conference, will be kind of bigger players in the insurance tech area.

Julia Qian: That’s right. Like before, I think when the agency with a certain size, they are looking for more of the peers, and where there is a significant event in the forum, they all can exchange their thoughts, and also it’s a perfect venue for us to improve our visibility without burning a lot of marketing dollars. So we have been very disciplined in terms of the marketing and the PR, but we think this is a great opportunity for us.

Operator: The next question is a follow-up — excuse me — pardon me. Seeing no more questions in the queue. Let me turn the call back to Mr. Johnson for closing remarks.

Tim Johnson: Thank you, operator, and thank you all. I appreciate everyone joining the call today. If anyone has any follow-up questions, please do not hesitate to reach out to us. We appreciate your interest and look forward to keeping the dialogue open. Thanks, everyone.

Operator: Thank you all again. This concludes the call. You may now disconnect.