Sharecare, Inc.

Good day, everyone, and welcome to the ShareCare third quarter 2022 earnings call and webcast. All participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. On today's call, we have Mr. Jeff Arnold, Chairman and CEO, Mr. Justin Ferraro, President and Chief Financial Officer, as well as Mr. Joffrey Muhammad, Chief Operating Officer, who will join for the question and answer session. Before we begin, we would like to remind you that certain statements made during this call will be forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which includes statements regarding potential strategic reviews and our guidance. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions, and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that will occur after this call. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our filings with the SEC, including the risk factors section of our Form 10-K for the year ended December 31st, 2021. In addition, please note that the company will be discussing certain non-GAAP financial measures that we believe are important in evaluating performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found in the press release that is posted on the company's website. I would now like to hand the conference call over to Mr. Jeff Arnold. Jeff, please go ahead.

Thank you all for joining us this morning. For the third quarter of 2022, we delivered revenue of $114.6 million and adjusted EBITDA of $7.2 million, reflecting our continued momentum across the business. During the quarter, we executed on our strategy as evidenced by signing a multi-year strategic agreement with Carillon, the healthcare service subsidiary of Elevents Health, expanding our EBITDA margin, reducing our cash burn, and tracking to hit our core KPIs of 12 million eligible lives and 6 million medical records processed by year end. We've previously discussed our plans to support growth through expansion of our sales team and channel partnerships. I'm pleased to report that we've increased our pipeline by 300% on a year-over-year basis and nearly doubled our RFPs, which doesn't account for the upsell opportunities with existing clients across our installed base. Our third quarter performance and the strength of our pipeline across all three channels gives us confidence for 2023 and beyond. With $203 million on our balance sheet, we are very secure financially and well-positioned to fund our continued growth. In the Enterprise Channel, we continued to focus on delivering value to our customers through well-being engagement, lifestyle and disease management, cost of care optimization, and improved quality and access to care. As mentioned, we took another important step in expanding our relationship with Elevance by closing the contract for our multi-year strategic partnership with Caroline. Together, we are integrating our digital-first advocacy solution, ShareCare Plus, into their health guide services for hundreds of thousands of their members, which speaks to our ability to drive member engagement and increase value for our strategic partners. This is one of the largest contracts we've signed at ShareCare, and our hope is that our existing installed base views this large-scale deployment as a vote of confidence in adopting ShareCare Plus for their populations. As a reminder, ShareCare Plus is our digital first comprehensive advocacy solution designed to deliver value through benefits navigation, clinical engagement, virtual care, and chronic case and utilization management. Advocacy is a very intentional and strategic addition to the ShareCare platform. We continue to invest in our capabilities to aggregate longitudinal clinical data through digital connectivity with health systems, advanced clinical cost-of-care analytics, and deliver high-touch care utilizing telephonic and in-home care models through our CareLinks network. We also continue to build out our digital therapeutic ecosystem, including investing in ShareCare's clinically validated programs. Related to that, we continue to invest in retaining and recruiting talent on our teams, including the recent appointment of our new chief medical officer, Dr. Jed Brewer, a renowned psychiatrist, neuroscientist, and co-founder of Mind Sciences, which ShareCare acquired in June of 2020. Dr. Judd is leading the build-out of our digital therapeutics ecosystem. We also see a shift towards payer-agnostic family and clinical advocacy among medium to large employer groups and benefits consultants. We continue to collaborate with Elevance's national accounts team to offer multi-payer solutions to our joint customers. And from a financial perspective, ShareCare Plus moves ShareCare into higher PMPMs associated with the benefits navigation space with the ability to take upside and downside risk on the cost and quality of care. Further, in light of the current macro environment, we have found that the labor market continues to be tight. Talent retention remains one of the top priorities of our employers, and a digital-first health advocacy solution can play an important role in increasing employee satisfaction. Even as uncertainty in these markets may persist, we anticipate we will continue to see increased demand for the value-added and cost-efficient advocacy solutions. Additionally, With our ability to leverage employees' longitudinal data alongside ShareCare's proprietary community well-being data and insights, we can deliver actionable, precision analytics that yield high ROI, helping employers improve well-being and optimize the overall cost of benefits. While these collective strategic efforts and market dynamics are helping ShareCare Plus resonate well with the market, the momentum we are seeing is about more than advocacy. The market is recognizing that the sum total value of the capabilities we have assembled at ShareCare over the last decade is greater than its parts. Our comprehensive interoperable platform is yielding strong demand as we continue to solve for the vendor fatigue that benefit managers are facing, giving you overwhelming number of point solutions available. Simply put, we believe ShareCare is uniquely positioned to deliver the impactful member experience that they're looking for with the ease of implementation and whether onboarding an entire population for the first time or introducing new clinical capabilities within the platform, such as advocacy or home health. In addition to ShareCare Plus agreement with CareAlign, we've experienced diversified growth in our enterprise channel during the quarter with strength in our home health offering. This quarter marks the one-year anniversary of our acquisition of CareLinks, which has been very successful, both in opening us to new markets and data sets and expanding the capabilities we offer to our health plan, employer, government, and provider customers. Since we acquired this asset, CareLinks has delivered excellent results in achieving and exceeding the Medicare supplemental benefit targets for our Medicare Advantage customers. To date, we have grown the Medicare Advantage members we serve from 300,000 to over 1.8 million. And we expect that market to continue to expand as we look to 2023 and beyond. We have successfully integrated CareLinks capabilities into our core advocacy offering, increasing our precision for engagement. We continue to invest in and expand CareLinks' capabilities to deliver clinical services to reduce the cost of care through high-quality transitional care services to optimize readmission rates. And provider This channel is performing very well. This was our largest quarter in the company's history with $29 million in revenue, an increase of 20% year-over-year, and an expansion in margins. We are working on driving additional margin expansion by automating processes and globalizing a portion of our workforce. The third quarter also saw a record number of records processed as we strive to achieve $6 million for the year. It is important to note that we hired Harsha Panyeti-Hundy, who has an extensive payer and provider ecosystem expertise as our chief technology officer in the quarter. Harsha is already making an impact in driving efficiencies throughout the business that will yield higher margins as we look to 2023 and beyond. In life sciences, we saw success in continuing to grow our top 20 pharma clients and brands and maintain solid client retention in the quarter. Like others in the industry, we're seeing reduced media spend for pharma DCCs. According to IQVIA's channel dynamics data from July 2022, pharma DTC promotional spending through July was down more than 14% compared to the prior year. And from what we can see, we'll continue to trend in that direction for the rest of the year. We're also seeing fewer new pharma brands being supported, especially compared to last year, which was a particularly robust year for new brand indications. It's worth noting that the Life Science Channel has historically performed very well. growing organically over 35% in 2021. And that's also grown year over year through the third quarter, even in a challenging macro environment. Despite the headwinds, we're optimistic about growth from our 2023 Life Sciences product suite and confident our positive performance metrics will continue to drive renewals and keep ShareCare at the forefront of buying decisions. Additionally, Capitalizing on assets and talent realized through our 2021 DocAI acquisition, Sharecare recently introduced the next generation of the smart omics platform. Our proprietary no-code solution that enables real-world data collection and digital biomarker creation by empowering researchers, clinicians, and academic institutions to conduct digitally-enabled research studies independently. By expanding Smartomics' capabilities, ShareCare not only broadens the scope of its opportunity in life sciences beyond the point of commercialization, but also plays an important role in advancing relevance, equity, and data integrity in clinical research across the healthcare continuum. Given our expertise in engaging consumers, we will continue to invest in capabilities to bring efficiencies to clinical research for our pharma and non-pharma customers. Regarding our previously discussed strategic review, we continue to actively evaluate a number of potential opportunities to enhance shareholder value. We have seen a lot of excitement around share care, so there remains an array of potential outcomes, but we won't be commenting further unless and until additional disclosure is necessary or appropriate. Additionally, we have $50 million still available in our stock buyback program. With the strength of our balance sheet and our belief in the value of our assets, we will continue to evaluate future use of that alternative to drive value for our shareholders as well. I'm proud of what we've accomplished so far this year, and I feel we are incredibly well positioned to achieve our future growth goals. Now, let me turn the call over to Justin, who will review our financial results for the quarter and share some additional commentary regarding the remainder of fiscal 2022.

Thanks, Jeff, and thanks to everyone for your continued interest. As Jeff shared, we delivered strong results for the third quarter of 2022, for both revenue and adjusted EBITDA. I'll first share the third quarter results and then provide some commentary on the remainder of 2022. A third quarter revenue grew 9% to $114.6 million from $105.6 million a year ago. Growth in the quarter was driven by year-over-year increases in eligible lives on the platform and an increased number of records retrieved. Year-over-year growth was impacted by a previously disclosed decision to sunset certain businesses, which resulted in a revenue reduction of approximately $9 million over the prior year period. When normalizing for the sunsetting of those products, our overall year-over-year growth was 19%. Adjusted EBITDA for the quarter was $7.2 million from $7.9 million for the prior year period. Our adjusted EBITDA performance was due to a combination of factors, including cost management as well as gross margin expansion in both our provider and life sciences channels. Note that the third quarter adjusted EBITDA margin of 6.3% represents a significant increase from Q2 adjusted EBITDA margin of 2%. In addition, we remain in a very strong financial position with $203 million in cash in our balance sheet and over $250 million in available cash. I will note that our cash burn in the quarter was reduced to $9 million, which represents a significant reduction to cash burn from Q2. Last quarter, we suspended guidance for the remainder of 2022 and stated that we would hold an analyst day in Q4. As an update, we've scheduled meetings with all of our analysts for early December and currently plan to provide guidance for 2023 in connection with our Q4 call. To close out my comments, I want to reiterate that we remain confident in ShareCare's long-term outlook. So far in 2022, we have enhanced our product offerings with our home health and advocacy solutions, significantly grown our pipeline, and reduced cash burn. We also have a very strong balance sheet, enabling us to continue to invest in growth. Thank you all for joining us today. We'll now open the call to your questions.

Ladies and gentlemen, at this time we will begin the question and answer session. To ask a question, you may press star and then one using a touch-tone telephone. If you are using a speakerphone, we do ask that you please pick up your handset before pressing the keys to ensure the best sound quality. To withdraw your questions, you may press star and two. Once again, that is star and then one to join the question queue. Our first question today comes from David Larson from BTIG. Please go ahead with your question.

Hi, congratulations on the very good quarter. Can you talk a little bit more about the Carillon deal and the onboarding process there? And it seems to me like, you know, in my mind, enterprise is like your core solution set. What kind of in-sell potential is there into Carillon in terms of total membership and How is the PMPM rate trending? And any call you can give on the margin profile of enterprise, your goal long-term, that would be very helpful. Thank you.

Great. Thank you. We're real excited about our relationship with Elevents and Carillon, and we were able to close that contract last quarter. We're in the middle of implementation. We will have hundreds of thousands of members onboarded, you know, in Q1 of 2023. And we think that's going to give us, our clients, a lot of confidence to be able to sell into our installed base. We'll have almost 900,000 members on ShareCare Plus heading into 2023. So a new product launch, higher PMPMs, nearly 900,000 members to start. And then we have our big, you know, 12 million member installed base to sell into. And Justin, do you want to talk about the margin?

Yeah, and the margins really, Dave, are similar to how we've guided in the past. Enterprise margins are right around 50%, 49% to 50%, but we believe with our digital-first platform that we can expand those to the mid-50s over the long term.

And then how about EBITDA margin for enterprise long term? Justin, what's your goal?

Well, as you know, we're a single reporting, so we don't break out EBITDA margin by division, but our long-term goal is 20% plus. And think of that over a three- to four-year period.

Okay, great. And then I think I heard you say that you're helping the plans bear risk. Are you bearing risk yourselves, taking a PMPM rate and bearing risk yourself? Or can you maybe talk a little bit more about that? Thanks.

Sure. And, Jeffrey, maybe I'd have you answer that. As ShareCare kind of looks as these contracts are moving towards risk, you know, kind of how are we positioned to participate there?

Sure. Yeah. I mean, as you know, David, the trend is going towards the direction where more and more risk-based contracts are coming up. We see billions of dollars of opportunities. Plus, from the philosophy standpoint, we always want to align with our customer and build a commercial model. To that end, we have significantly invested in our ability to collect the data and predict. Now, we would take a very pragmatic approach towards taking the risk, both for our fees for PMPM plus the upside and downward risk.

Okay, great. And then in terms of EBITDA, I mean, good number there, $7 million. Is this a steady state with continued improvement in the margin, or was there anything unusual in the quarter? It was just very good performance. Will it be at least $7 million a quarter going forward, do you think?

Well, you know, yeah, thanks for that. We're proud of it, too, especially the growth over Q2, 6.3% versus 2%. And a lot of what we've talked about historically, Dave, is that we're fully invested and that there's a lot of leverage in our model. We're fully invested in tech, and those efficiencies are now starting to kick in. And so we expect EBITDA margins to expand as we go out to 2023 and beyond.

Okay, that's great. I'll hop back in the queue. Great quarter. Congrats. Thank you.

Our next question comes from Richard Close from Canaccord. Please go ahead with your question.

Yeah, can you hear me okay?

Yes.

Okay, great. So just to go over the carillon and the numbers you just threw out with respect to several hundred thousand. So just to be clear, is Caroline in the 12 million existing or would that be incremental to that 12 million?

We had planned, as you know, that Caroline was going to close this year. And so Caroline would be included in the 12 million.

Okay, great. And I think on the last call you talked about, you know, or maybe in our follow-up with respect to, you know, the importance of getting Caroline signed and that, you know, maybe others were waiting to see execution on that. So what you're saying here is you're going to have 900,000 individuals live on ShareCare Plus January 1st. Did I hear that correctly?

That's correct.

Okay, great. And then, you know, Jeff, maybe on the life sciences, can you go over, you know, what you said about the, I think you said something about, you know, IQVSA and, you know, things were down about 14% in the July report. And you said you were trending towards that number or something?

Yeah, well, I was making the point that, you know, that the macro environment for life sciences, for direct-to-consumer advertising is down for the year. And I'm sure you're seeing that across our peers and in other sectors. But it's a great division for us. I mean, it grew 35% last year, you know, pays for all the amazing content that we produce, that we use in enterprise. And we're holding serve, you know, meaning that even in these headwinds, we're still growing in life sciences. We're just not growing as fast as we were last year. But there's headwinds, you know, and 35% of our life science revenue comes in Q4. And so, you know, we expect softness in that area in Q4. But on a positive side is we're seeing some momentum in the upfronts. And so for, you know, 2023, and we're seeing some new brand indications and retaining existing clients. So we're still, you know, very bullish on life sciences. It's just we're kind of working through some of these macro issues that many others are as well.

Okay. That's very helpful. And then maybe, Justin, from a modeling perspective, I know you put this in the queue. Can you give us the – you know, the divisional revenue numbers for the quarter?

Yes. So on the consumer side, we were, call it $20.7 million. And provider, we were $28.7. And then in enterprise, $65.2. Okay. You know, which is a big lift over Q2. Yeah. and each of those divisions over Q2.

Okay, and my final question is just like on enterprise. It sounds like you guys have a lot of momentum there. I just want to be clear your thoughts on, you know, the uncertainty in the macro, you know, economic uncertainty. You're not seeing any pullback with respect to, you know, employers, you know, saying, hey, we're going to shelve you know, expanding in offerings like this at all?

Well, you know, we are seeing some trends. Like we've seen finalist meetings get delayed or RFPs been pulled back. But I think what's so interesting about Sharecare's business is we've got this massive installed base of members, right? So we have 12 million members. And then all of a sudden we launch Sharecare Plus and we go build this great offering. And all of a sudden now we've got 900,000 new members that are going to be onboarding into Sharecare Plus at a higher PMPM. And at the same time, we're building out a bigger sales force and we're building better relationships with the brokers and taking that new offering back into the installed base. So there's just a lot of activity. And I believe the services that we offer are extremely important right now for employee retention and managing cost. And so that's contributing to a big pipeline that's contributing to renewals, that's contributing to new sales. But yes, overall, I mean, you know, everybody's cautious in every area of making sure they're making the right decisions. And sometimes those decisions get delayed. You know, for ShareCare Plus is just the example. The first account to get ShareCare Plus was our 2,500 associates. And the implementation was so easy. You know, I just woke up one day and there was a blue button in my ShareCare app that now gave me access, you know, to a family advocate. And so there wasn't a new onboarding. There wasn't new implementation. It was just a new feature. And we think that ease of use is extremely compelling to our installed, based, and future customers.

That's great. Thank you. Sure.

And our next question comes from Craig Hattenbach from Morgan Stanley. Please go ahead with your question.

Yes, thank you. I'm just staying on enterprise and I know there's been a lot of growth in the Salesforce that you just mentioned. Can you maybe just talk about where things stand today in terms of some of those investments? How are you viewing it heading into 2023 and then just bigger picture how the pipeline is evolving?

Yeah, I believe, hey, Craig, it's Justin. Thank you. I think Jeff touched on this, is we continue to make those investments. And we brought in a great leader. We've expanded the team. We've expanded the areas of their focus from the benefits consultants to government to commercial to MA, so across the board. And it's showing up in RFPs that have almost doubled. Our pipeline is up 300%. And so, you know, the combination of significantly expanded pipeline as we look to 2023 and 2024 and, you know, a more experienced team over that time, you know, plus we've now added the Caroline relationship that our enterprise business is in a really good place for the foreseeable future.

Jeffrey, do you want to add to that? No, I think Justin covered that, plus the packaging of our product and what Jeff mentioned in terms of having the ecosystem to deliver quality, to deliver access, and also to impact the cost of care is one of the driving factors for our enterprise business growth.

Got it. And then maybe just switching over to the provider business, you've talked about some of the cost initiatives and some outsourcing issues. Justin, can you maybe just give an update on how you're thinking about the timeline of that, like when you might see some of the benefits of those actions for margins in the upcoming quarters?

Yeah, I think it'll start. It's actively underway. We've started. We have a very tight roadmap on how we transition these resources. And the fortunate thing is Jeffrey, who's on the call with us, he comes from this world and managed tens of thousands of outsourced resources in his past position. And we'll start to see the benefits of that start in Q4. Then we'll do other transitions of the workforce in Q1 and Q2 and start to see the full benefit in the second half of 23. So it's a methodical approach. It's not all at one. We're referring to hundreds of employees, but we're being very smart on who we're targeting, the frontline workers that are touching our customers. We're keeping all of them. So this is truly back office where we feel like we can deliver an equal to better product, but with much less expensive resources.

Got it, thanks for that.

Our next question comes from Cindy Motz from Goldman Sachs. Please go ahead with your question.

Hi, thanks for taking my question. Just a couple of housekeeping, just going back to the segments. Justin, so of the 65.2 million in enterprise, do you have, what is CareLinks running? Is it about 10 million at this point? And just in terms, I'm sorry if I missed it, but Did you give a PM-PM or an average PM-PM there? That's just some quick things and then a couple more.

So, yeah, CareLinks, we don't break it out exactly as we've talked about on last calls, but CareLinks is trending up. And that acquisition has been tremendous for the shareholders and our customers, and it continues to grow quarter over quarter. But you're directionally in the right direction. place. And then from a, what was the second question?

I was just wondering if you gave, but I don't think, yeah, I usually it's, it's, I have to go back. I'll calculate the, the PMPM because I was thinking maybe CareLinks is around 10 million or so. So like maybe enterprises like 55. So I was just, so I'll go back and do that. Yeah. Yeah.

Let me, let me say, I'll say it this way, Cindy, because that, yeah, we talk about the PMPM a lot, but with Carillon and we're in that implementation phase now. So we're not receiving full value of that contract yet, but that will ultimately increase our PMPM on an aggregate basis. So I think you'll start to see our PMPM grow over the next several quarters.

Right. And then the consumer revenue, it actually was a little higher than I would have expected. You know, like you said, it still grew. you know, if it was 20.7 million. So just, and I know you're not giving updates right now on the strategic review, but just your comments would seem to indicate that now you're feeling, you know, that it is sort of, you know, the collective sort of groupings of businesses. Am I interpreting that right? You know, work together and, you know, I mean, how should we interpret, you know, some of your comments seem to suggest now that, you know, you feel like you're getting the value from, you know, the combined entity. Am I reading that correctly?

I would say that we've always seen value in the combined entity. That's why we put the assets together like we did. But we've taken this strategic review very serious and we have a lot of interest and we're taking our time to evaluate what's the best step forward to unlock value for shareholders. So, yes, we believe in the combination. Yes, the combination is performing. And, yes, we're very serious about the strategic review and carefully reviewing all options in an effort to unlock shareholder value.

Okay, thanks. And, Justin, just one for you. I just wanted to go back to the adjusted EBITDA because You know, we've had the number of ad backs, you know, the transaction and closing costs for a while. It's still running like $9.3 million, and I think that's cash costs. I had thought maybe that was going to be lower or not there. Like, when are we going to not see that there? And then just also, too, what is the other expense, the $2.4 million, just if you could give any color? Thanks.

Okay. So, again, as we continue to right-size the infrastructure, really that's been driven by increased severance for this quarter. But there's other areas that are in there. Like we are reducing our footprint with leases. And as we do that, that goes below the line. We're investing in things like ERP systems and Workday. It's one-time things that go below the line. We expect those fees to start to come down in the first half of 23 pretty significantly.

Okay, so we're going to see it's going to be there in fourth quarter. Okay, so the first half.

Yeah.

Okay. All right. Okay, but at that point, by next year then, it should be gone, correct? Because it's, right?

Yeah, I mean, a lot of it should be gone. But again, there could be, you know, there's areas that are in that number that are earn-out accruals that are depending on are they earned or not. But we need to accrue for them. So it won't go to zero next year.

Okay. All right. Thank you very much. Thank you.

Our next question comes from Eric Percher from Nefron Research. Please go ahead with your question.

Hi. This is Dolph. I'm for Eric. Thank you for taking our questions. My first question is on gross margin. It looks like it's a little bit lower than I think consensus and us were expecting. Is there anything you can tell us or share with us on the complexion of gross profit for the quarter and is I think so far we only, I think, see CareLinks as a kind of weight on gross margin. But is there anything else that we should be thinking about?

The other one would be as we start to ramp up the advocacy business, that is lower margin as we're, you know, modeling that conservatively. And so it would be those two areas that CareLinks is growing faster. And then we're now adding advocacy. And so that would be the slight drag to gross margins. You know, we're still at 49%, which isn't much different than our last quarter.

Okay, great. And then you said there's a lot of leverage there. in your business model, particularly when it comes to Q4. Are we supposed to take that to mean that you guys are where you think that we're kind of steady state on GNA expenses?

I think that we're going to continue to invest. So my comment on operating leverage, that's really across the business. It's part of what helped drive EBITDA expansion in Q3. In the G&A side of the business, I think that we'll continue to expand there. We're making a big investment in advocacy, and that takes investment. And as Jeff talked about earlier, on 1.1, we have a significant onboarding of close to a million lives. And so we'll be investing to deliver a world-class experience to those customers.

Great. Thank you.

And ladies and gentlemen, with that, we'll be concluding today's question and answer session. I would like to turn the floor back over to Jeff Arnold for any closing remarks.

Perfect. Well, in closing, you know, I wanted to highlight a few key takeaways from our third quarter, as I believe we've made a lot of progress that sets us up for a successful 2023 and beyond. Number one, recruiting and retaining the talent we've been able to assemble internally is of great importance to us, and I think we've done a great job doing that, and we have an amazing team. We've expanded our relationships with Elevance by closing our partnership with Carillon, which, as we've mentioned, is one of the largest annual contracts that we've signed to date at the company. It's been very important to us. As everyone knows, Evelyn's invested in ShareCare pre-IPO, I think our team built out a world-class digital-first advocacy solution. We've been able to win new accounts outside of just Carillon. And with all that momentum, we were able to secure hundreds of thousands of Carillon members for ShareCare Plus that you will see all of them represented in our financials for 2023. Our provider channel had our largest quarter in revenue ever. So it was our biggest quarter ever. and that business continues to operate really well, continues to give us tons of cross-selling opportunities and access to data that we think is going to be critical as we start to look at risk models. Our life science channel is facing challenging macro conditions, as we discussed, but we are still up year-to-date and believe set up for a solid 2023, so we're holding serve there. And we're on track to achieve our key key KPI metrics of 12 million registered lives in our enterprise business and 6 million records retrieved in our provider channel. From a financial perspective, as Justin said, our revenue is growing. Our adjusted EBITDA is positive. We've continued to reduce our cash burn. We have no debt, and we have a strong balance sheet. So in closing, once again, ShareCare is a diversified company. We're delivering a unique ecosystem with scale and capabilities and customers that is not accurately reflected in our stock price. We believe we represent a strong opportunity for investors and appreciate your time and interest this morning. Thank you.

And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending today's presentation. You may now disconnect your lines.