Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers Third Quarter 2025 Earnings Call. [Operator Instructions] I would now like to turn the call over to Bill Newby, Head of Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to the Hims & Hers Health Third Quarter 2025 Earnings Call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; and Yemi Okupe, our Chief Financial Officer. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially. We take no obligation to update publicly any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. The risks, uncertainties and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings. Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements. In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months. And with that, I will turn the call over to Andrew.

Thanks, Bill. The third quarter was another strong step forward for Hims & Hers. Our strategy is working. We're expanding reach, deepening engagement and transforming how people experience health care. And the most exciting part is that this growing scale is making the entire experience better for our subscribers. Hims & Hers is one of the few health care platforms where each customer engagement improves the overall experience. Scale doesn't just make us bigger, it makes us better. The learnings from each encounter position us to drive better experiences, stronger customer relationships and wider accessibility. Personalized care sits at the center of this evolution. Our growing scale means more people have access to treatment plans that can adapt to their unique needs, biology and goals by incorporating a variety of form factors, dosing regimens and multi-condition solutions. Our consistent focus on democratizing access to these types of experiences continues to deliver meaningful results for our business. At the end of the quarter, subscribers using personalized solutions grew 50% year-over-year, helping drive nearly 50% in year-over-year revenue growth. Over the past few years, how we serve our customers has evolved in extraordinary ways. We started by helping people access simple, effective treatments for a narrow set of conditions. Then we expanded into personalized multi-condition care, giving customers a single place to manage a wide variety of health challenges with solutions tailored to them. Now looking ahead, we plan to go beyond helping people treat their existing conditions and start helping them proactively manage their health before conditions even materialize. As we continue building a platform that unlocks broader access to care that's personal, proactive and connected, we expect that broader collaboration will become key. Whether that's through partnerships, investments or joint innovation, we see enormous potential to work alongside others across…

Thanks, Andrew. I'll start by providing an overview of our third quarter financial results before going deeper into our final outlook for 2025. In the third quarter, our commitment to doing more for our customers drove another period of exceptional growth and expansion. By consistently introducing new innovative offerings and broadening the range of specialties we support, we're systematically increasing the number of individuals we are able to reach and help. This growing breadth of care anchored in a precision medicine-based approach is enabling us to reach customers at multiple points throughout their health care journey and evolve with them as their needs change. During the third quarter, revenue grew 49% year-over-year to nearly $600 million, while adjusted EBITDA margins were above 13%. In the third quarter, our subscriber base increased sequentially by more than 30,000, reflecting a year-over-year growth rate of 20%. We see the formation of a robust foundation of multiyear growth levers across 3 key areas of our portfolio: offerings under our Hims brand in the U.S., offerings under our Hers brand in the U.S. and an expanding portfolio of international markets. Within our Hims brand, we are making a deliberate effort to transition away from generic on-demand sexual health solutions towards more personalized daily treatment offerings that allow providers to address a wider spectrum of needs. Excluding the impact of the current sexual health transition, subscribers in the third quarter grew north of 40% year-over-year. Our expectation is that the effects of this transition will meaningfully dissipate in the second half of next year. We believe that these dynamics in conjunction with the launch of new offerings such as testosterone will result in accelerating growth in the second half of 2026 within our Hims portfolio. Switching to Hers. We've seen the collective offerings under our Hers…

Thanks, Yemi, and thank you to all the investors who sent in questions over the weekend. We received a number of questions on the upcoming launches of lab testing in our longevity offering. This one comes from [ Nick G ]. What is the time line to release a full stack subscription service that includes at-home testing and additional products and services like peptides and a broader longevity offering? What are the biggest hurdles for this type of rollout?

Yes. Thanks, Nick, for the question. Great question. We are extremely excited about both of those 2 categories. As we shared in the prepared remarks, we will be launching the whole body lab testing on the platform very soon before the year-end. I think this is a really exciting one for me personally. I mean this is a set of tests that historically cost me and my family upwards of anywhere from $5,000 to $10,000 for this type of comprehensive testing, and we'll be bringing it to market for an absolute fraction of that cost. So really an incredibly powerful opportunity for true equalization for anybody out there to be able to get a sense of where their body is at, where their family is standing and the people that they love, making sure that they're getting ahead of any issues that they're unaware of. I think this testing lays the foundation for the longevity specialty that we mentioned, which, again, is a really exciting new category. This specialty will be coming to market in 2026, and will include a really wide range of treatments from on-market peptides, coenzymes, GLP, GIP treatments, all that will be designed and blended with performance, recovery, cardiometabolic longevity markers as the core optimization of choice. So this is a category that is, again, leading the charge on health and wellness. It's something that a very few have access to today. And I think the great equalization and bringing this to more people is going to be something that's going to be incredibly powerful. In that category, we're also hopeful that the current administration can help further expand access to more of these peptides. I think there's a growing list of them from BPC-157 and TB-500 and others where research is starting to show real health and longevity benefits. And I think expanded care there is just going to be great for customers. I think the other advantage we have in this category, which is an exciting one is, as you all remember, we acquired the California-based peptide manufacturing plant, and that facility is up and running and operating and currently onshoring a lot of R&D that I think is going to be very important for the vast range of options on the peptide side that will be a part of this future category.

Thanks, Andrew. The next question comes from the Hims House community and focuses on some of the trends we're seeing in our longer tenured businesses. The question is, earlier this year, you indicated the core business was meeting or exceeding expectations. It's now clear that we've started to see some growth deceleration in a few of these places. How confident are you that you'll be able to reaccelerate core growth over the coming quarters? And what specific levers can you pull? And what's the realistic time line to see in these results?

Yes. Thanks for the question on Hims House. I think what we see is we see the world rapidly evolving with new specialties, and we see the specialties more and more becoming a blend of one another. I think as we look at some of the new capabilities that we'll have later this year, such as diagnostics, I think that's only going to further accelerate. And so we increasingly see each of the components that we outlined and Andrew laid out and the vision for where the company is going to in the future is really becoming part of the core offering. And so we spoke around this a little bit in the prepared remarks, but we increasingly look at the business across a few strategic areas. The first is Hims U.S. The next is in our Hers U.S. business. And finally, we see a great deal of opportunity in the international markets. As we look around just the scale and the footprint of opportunities within each of those strategic areas, we see several growth vectors that have the ability to not only continue to drive strong growth, but potentially accelerate in the second half. So we the new specialties such as testosterone in the Hims brand or menopause and longevity in the Hers brand. And as we also start to shift towards being able to proactively help consumers manage their care with lab diagnostics, I think these trends are only going to accelerate. We spoke about some of the near-term headwinds that we're seeing this year with respect to the shift towards the daily sexual health consumers and away from the on-demand sexual health users as well as some of the dynamics around the shorter weight loss cadences. As we start to turn the corner around in the second half of the year, we remain very confident that we'll see both the Hims & Hers businesses not only remain strong growth drivers, but also potentially accelerate growth in the future.

Thanks, Yemi, and thanks again to everyone who sent in questions. With that, I will pass it back to the operator to begin the regular way analyst Q&A.

Your first question comes from the line of Justin Patterson with KeyBanc Capital Markets.

Andrew, as diagnostic capabilities ramp up, how do you envision the pace in which you provide personalized treatments and expand into new specialties changes? And then related to that, how might you adjust your marketing efforts to make more consumers aware of just this expanded offering?

Yes. Great question, Justin. I think it's going to rapidly accelerate the pace of bringing new products to market. When you can understand everything from nutrient deficiencies to pre kind of genetic risk markers, your ability to adapt the assortment and SKU and hyper-personalized just accelerates. And so we shared in the prepared remarks that by the year-end, we'll be north of 1 million square feet of infrastructure and have really built what I think is gold standard and true high-quality compounding capabilities, my hope is that the diagnostics open up a real floodgate of opportunity for hyper-personalization. On the marketing side, I think it's a really big change, which is a really exciting one. I think historically, the business has been very much direct marketing focused given the very stigmatized conditions that we offer, right, things like hair loss, sexual health, et cetera. When you start getting into diagnostics, when you start getting into longevity, whole body health, wellness, these are categories that you want to talk about. There are categories that you want to share with the people you love, right? There are categories you want to share with your family. There are products within this offering that I personally have been buying for my family for years because I just want my loved ones to have access to them. So I do think there's going to be a really structural change in how you see the Hims & Hers brand show up, the types of messaging that is going to be going out there. I think this ultimately allows for great long-term leverage in the business, which is really exciting, but also just can really transform how people know our business to be, right? Instead of coming just for acute issues, I think there's an opportunity here to build a platform globally where not only tens of millions but hundreds of millions of people can rely on you to help get ahead of health and help get proactive with health. And I think you're really going to see that show up in the transformation of the brand and the types of messaging and the types of places that we're showing up.

The next question comes from the line of Maria Ripps with Canaccord Genuity.

I just wanted to ask about sort of your approach to the portfolio of GLP-1 solutions on the platform, especially if the Novo partnership moves forward. And I guess, are there any other GLP-1 solutions that you may add sort of to the specialty? And then secondly, can you maybe talk about sort of consumer price sensitivity to compounded GLP-1s at this point? And how do you see sort of price reductions impacting demand?

Yes. Thanks, Maria. Great question. I'll talk to the first part and Yemi, maybe you can jump on the second. Generally, I think breadth and assortment and choice for patients is the winning formula. So we're excited to be able to reengage with Novo about the Wegovy pill that is hopefully to be FDA approved as well as the commercial dosing. I think they and others will have more and more innovation coming. There's also obviously advancements in biotech that are in Phase II and Phase III trials that have next-generation GLP-1, GIP dual and tri-agonist opportunities. So our stance is that breadth and assortment and choice ultimately gives each individual more personalized abilities to just have great outcomes. And so you'll see us continue to pursue a wide range of treatments here. I think generally, it's inevitable that partnerships like this where we are the largest consumer distribution platform in health care and others are the best in bringing new therapeutic innovations to market, those types of companies should be working together ultimately. So I think you're going to see more of that in the ecosystem, but it's definitely something that we have a lot of brain power on and are making sure that as advancements in the next generation comes, we have great relationships with the teams and they understand the opportunities that we can have together.

Yes. And then to hit the second part of your question, Maria. I think our weight loss specialty follows a very similar principle that we've deployed across our historical specialties. And that centers around scaling, verticalizing and then optimizing and passing the value and the savings back to our subscribers. And so we do see across both our weight loss specialty, inclusive of the orals as well as GLP-1s is the high-touch model that we have with providers really is resonating with our subscribers. We see strong retention across the platform. Our view is that as we -- similar to other specialties that we've done with in the past, as we're able to make the price points more accessible to a broader base of users, that will enable us to continue to draw on a broader audience. And so we see some very early promising signs with some of the recent changes that we've made. We're excited to continue to invest to verticalize our operations at a high-quality standard to continue to pass those benefits back to our subscribers.

The next question comes from the line of Craig Hettenbach with Morgan Stanley.

Yes. First question is just on the Hers business and the color of kind of approaching $1 billion in revenue in 2026. Can you just touch on just the cadence of the new menopause products like how much that may move the needle? Or do you expect kind of the growth to be driven mainly by the existing products going into 2026?

Yes, I can speak a little bit to that, Craig, and Yemi, feel free to jump in. I think Hers has a really nice range of growth drivers. We've talked about in the last couple of quarters, that growth rate being triple digits or around there. And I think there's real path over the next few years for it to maintain that type of trajectory. You've got legacy categories, "Legacy" that are a few years old on the dermatology side that are still growing extremely quickly. You've got obviously the oral weight business, the personalized weight business on the GLP side that is growing very robustly. And then I think these new categories in hormonal health, perimenopause as well as longevity and diagnostics are going to be very important for women and this demographic. So it's a business line that I think has 4 or 5 different growth engines. It's probably one of the more exciting parts for me of the business just because you're able to see the platform extend to completely new audiences, different ages, different demographics and completely new therapeutic categories. But it's one where there's real diversity coming from the composition of that growth.

Yes. And just to add a couple of things to that, Craig. I think what we also just see as the Hers platform has scaled, our ability to invest in the brands distinctly continues to increasingly elevate. And now with the broader set of portfolio that we have across things like mental health, the menopausal support, air, weight, soon to be diagnostics. I think similar to what we saw with Hims, that just gives us a broader spectrum with which to speak to our consumer base and capture them early in their journey. We also see that, as Andrew mentioned, diagnostics as being a key evolution point for the company that will benefit both the Hims business and Hers business. I think that will enable us to proactively help consumers manage their care. And so while we're very excited by that business on a stand-alone basis, its ability to also highlight newer specialties that we should be entering or personalize the treatments in a more precise fashion, I think will not only increase retention, but also broaden the subscriber base that we're able to reach not only within the Hers business but also the Hims business as well.

Great. And then just as my follow-up, Yemi, I appreciate the color on the investments you're making in the business. You kind of alluded to a temporary pause in margins. Is it possible margins could contract year-over-year in 2026 before you see the follow-through? Or do you think despite these investments, you can kind of hold ground on margins into next year?

Yes. I think it's a bit too early to give specific color around 2026. The teams are actively undergoing the plans. I think we're following a similar investment thesis to what we've deployed in the past, similar to 2023, where we lean into investment. Within a couple of quarters, we started to see rapid margin expansion. I think here, we have a much broader set of levers. And I think what also just gives us the conviction in these investments that they will be accretive. Some of them will be new capabilities and new specialties. I think we have a broad set of options to verticalize and optimize the unit economics on some of those new specialties that gives a great deal of confidence. I think we're also investing in things like talent that tend to have a exponential and asymmetric ROI as those folks come in and start to really just change the capabilities and the trajectory for what our technology platform can do, we see a significant amount of upside. And so I think we're -- it's a little bit too early to give you specifics around 2026 guide, but we do see immense opportunity not just for future growth levers, but for continued free cash flow generation as well as the midterm expense of margin expansion that we've seen in prior quarters as well.

Your next question comes from the line of Brian Tanquilut with Jefferies.

Congrats on the quarter. Maybe just on the topic of cash flows, I mean buybacks were kind of strong in the quarter. Just curious how you're thinking about capital deployment towards buybacks versus obviously, you're spending a good amount of capital on CapEx.

Yes. I think we have the luxury of very strong free operating cash flow as well as a very strong cash position. I think similar to prior quarters, any time where we view that there is a meaningful disconnect in the valuation of the company, the market value relative to its intrinsic value, we will step in and act. And so I think in the prior quarter, we did see those dynamics take play with some of the volatility that we saw in our stock. So we opted to lean in. That said, I think that the first and foremost priority will always be around investing in the appropriate levers to grow the business. That includes, like we talked about earlier in the prepared remarks, extending the set of personalized capabilities that we have to offer our patients, investing in the overall platform as well as in international markets. But I think we just have the luxury of a very strong balance sheet and very strong cash flow, we're able to do all of those things while at the same time, realize disconnects between the intrinsic value and the market value when those arise.

Got it. And then I guess my follow-up, as I think about -- obviously, in the press release, you talked about the negotiations with Novo. As we think about your decision to bring down price on your GLPs and those conversations, I'm just curious, what are the negotiating points? What are the discussion topics that are kind of holding that agreement back right now? Or what will it take to get it over the line? And then maybe just thinking about what the pros and cons are for rolling out a Novo product here, both for you and maybe for Novo?

Thanks, Brian. I can probably answer that and for better or worse, not give you too much information. But there's probably not much we can share on the specific conversations that have been going with Novo. I think we're excited to be engaging with them. And I think Mike is a great new leader for the organization. Generally, like I said, we believe and have always said breadth of options for patients is best. We're a platform where we hope to give people the absolute right course of treatment, the right course of care and connect them with providers that can help them make those decisions. And so from our perspective, we are constantly engaging with great innovative therapeutics, great innovative diagnostic companies, et cetera, next-gen biotech companies because we just want to make sure that Hims & Hers truly does represent the must-have in health care over time. And ultimately, our job is to fight on behalf of everyday people to hopefully bring that to them at a price that is truly affordable to them and their family.

Your next question comes from the line of Eric Percher with Nephron Research.

I'd like to check in on weight loss growth components versus your initial expectations for the year, ask if you're still on path for $725 million for the year or better and a little bit of context on how the compound versus oral market has developed.

Thanks for the question, Eric. Yes, I think the short answer is we see continued strength across each component of the weight loss specialty. The oral business continues to remain robust and grow at healthy rates. A lot of that is driven by the fact that there's broader eligibility requirements for oral offering as well as there's the ability to reach a broader audience of people that may be apprehensive around injectables. They're also at a price point where users are able to access them at a lower price, but still realize over half of the benefits that they're able to see on the injectable side. We also continue to see the GLP-1 offering remain strong as well. And so we are on pace to achieve the $725 million or greater target that we put forth earlier this year.

And on the personalized compounded side, I know you provided us with $20 million to $25 million headwind. Was that -- did I catch that as 4Q? And could you just kind of speak to the cadence as you offboarded the commercial doses into 2Q to 3Q to 4Q? Help us a little bit there.

Yes. So I think a lot of the drop that you saw earlier this year between the first quarter and the second quarter, that was primarily the result of offboarding the commercially available dosages that subscribers are on. I think as we look to what's going to transpire over the next couple of quarters, what's effectively occurred is we started to ship the GLP-1s in smaller shipments. The net effect of that is we recognize our revenue on when shipments occur, not necessarily when the consumers place their orders. So we continue to see very strong order velocity, but because we're shipping in smaller cadences, that's effectively what's driving the headwind in the back half of this year that you see that we expect will materialize in the $20 million to $25 million headwind. Now what happens is as those consumers renew because they're on a smaller or shorter cadence, as they renew, they renew more frequently throughout the year. And so what happens is you see a stacking of cohorts that kind of compounds each quarter. So our expectation is by the time we get to the back half of next year, this dynamic will largely normalize. And so it's less around internal dynamics around the business, and it's more around just like the adjustments to the shipping profile -- cadence profile that we have for our subscribers.

The next question comes from the line of Ryan MacDonald with Needham.

Andrew, I want to start on international dynamics. You've got Zava obviously, under your belt now for about a quarter. I'm just curious, as you've gotten more comfortable and familiar with that business and started to spend more time in international markets, how much is the sort of Hims messaging and approach resonating outside of the U.S. market? And how is that informing sort of this international expansion plan? And as you think about these markets, it sounds like there's some pretty aggressive expansion. I feel like there's a unique aspect within each country that sort of changes the dynamics of how care is provided. How do you -- and what investments do you need to make to sort of scale your network of clinicians as you continue to broaden your reach internationally?

Yes. Thanks, Ryan. It's a great question. I think Zava has been a wonderful first bite into the international space, immediately accretive acquisition, just great team, great operational capabilities and incredible learnings. They've already moved through quite a few markets already, which has been really fun to watch. I think probably the best takeaway so far is that we think the demand is the same as here in the U.S., whether it's a national system, insurance-based system, it kind of doesn't matter. I mean I think the global frustration with access to great health care is consistent wherever you live. The time it takes to meet with specialists, the quality of the care, the high-touch nature of the care, the personalized aspects of that care, the cost of that care, I mean, it's really, really quite consistent. And so we are, I think, given that as well as given, I think, our confidence in what we believe is a really scalable operating model here in the U.S. like I think we've, over the last 8 years, optimized what we think is the winning formula, the winning experience for customers. I think we are now accelerating our ability to bring that into very key markets. And so as we shared, Canada will be going live in the near future. We're already in great conversations with all the major generic manufacturers up there in anticipation of the generic semaglutide, which goes live in 2026. We believe the Brazilian market is a really interesting market where we'll be spending time, further deepening investments in the U.K. likely as well as other smaller markets in Australia and Japan, et cetera. So generally, I think we have a really good grasp of the competitive landscape in these markets, the consumer distinctions, the local dynamics to be aware of, the regulatory differences to be aware of. And so the experience might be slightly different in each. To your point, there might be nuances in positioning or in marketing or in offering. But generally, I think the frustration with care and the demand for a higher touch consumer-centric care is very much widespread. And I think we have the team and the ambition and maybe the crazy, just a little bit of craziness in us, right, to go and attack this and be the winner quite quickly across all of these major markets.

Helpful color there. I really appreciate it. Maybe from a follow-up perspective, I wanted to ask on sort of whole body lab testing and how that might be structured or packaged or integrated within some of the other offerings like menopausal health, low T, longevity into next year. Unless we're mistaken, I think that what we've seen in our experience on sort of the whole body testing market, especially in a cost effective -- efficient manner for the consumer is it might -- it can tend to be a bit lower margin business from a gross margin perspective. So one, is that what you're seeing? Or is that a risk from launching a stand-alone whole-body lab testing offering? Or if so, how are you going to package it with maybe more longitudinal offerings on the Hims platform to sort of enable that sort of, let's call it, strong LTV to CAC as we think about over the next year or 2?

Yes. It's a great question, Ryan. I think we're a really unique company in our ability to bring at-home lab testing or lab testing to the masses because our business is in helping people be healthier, right? So we do not long term, need to make huge margin off of these tests, which is distinctly different from everybody in market and distinctly different from major lab testing companies, other competitors that have diagnostics. Our business is ultimately helping you feel great and helping you get ahead and helping you refine what that personalized care should be and then acting on it. And so I think to your point, there will, over time, probably be a really nice mix of both stand-alone diagnostic opportunities, which then lead gen into advanced treatment care as well as bundled services for diagnostics in core treatment pathways, like you've seen with testosterone. And I think you'll see that kind of continue to expand. So I think there'll be a nice diversity there. But ultimately, my ambition, as we have done in the past is to bring these offerings to market, verticalize the infrastructure over time, which we've already started to do with our Trybe acquisition and other investments when it comes to lab diagnostics, establish that, systematize that, bring the cost down to incredible levels where you can really and truly undermine most of the peers on price and give customers huge access to this information and then ultimately be the trusted partner that can help them take that information and be incredibly action-oriented and precise with what the next step should be, how the personalized care should follow and the handholding through that cadence. So I think we're really uniquely positioned to do exactly what you're talking about, but I think there's a true distinction with us given the fact that our core business is to help keep you healthy and keep you on top of these issues. And also, we have the ability to verticalize this infrastructure in a way that can leverage testing at lead gen into the platform.

Your next question comes from the line of Jonna Kim with TD Cowen.

You've seen nice leverage on the marketing side. Just curious if there has any changes in your marketing strategy or approach. And as you think about the new year, how are you thinking about the marketing, especially around Super Bowl and just lapping your great success last year?

Yes. Thanks for the question, Jonna. I think we see a couple of different levers that we're able to deliver very strong marketing leverage, both in the quarter as well across the year. One is that we do see that there is significant leverage coming from the fact that we see more and more acquisition coming from both organic channels as well as via lower cost channels. I think as we start to push further into the comprehensive full body testing that we spoke around earlier, that dynamic is likely to continue to get better and better as we kind of optimize and tune that engine. We also see from the shift of more and more users opting for personalized solutions, the retention is becoming stronger and stronger. And most of the marketing spend that we have is either around educating consumers around the overall brand or acquiring new users. And so as we see retention elevate, we inherently get leverage on that front. Now what we do see is we have a wide array of different growth opportunities in front of us or that will be coming in front of us in the coming quarters. That is some of the newer specialties that we've launched [indiscernible] menopausal support, elevating our presence in some of the markets where we've already seen success like the U.K. as well as some of the markets that we will likely -- that we are going to enter in the near future, such as Canada. And so I think we're not going to be shy around investing. That said, I think we're going to do so in a way that's consistent with our historical capital allocation framework that calls for the payback period of 1 year that basically positions the ecosystem to benefit from greater and greater economies of scale. So that as we look a couple of quarters down the road from those investments, you start to see some of the levers that we're enjoying right now from some of the investments we've made in the past. And so I would say as we look at 2026, as mentioned, the growth opportunity is probably even larger than what we anticipated before. So we will lean in and invest in that. That said, I think that the profile and our confidence in the ability to hit the 2030 target of the $6.5 billion of revenue and $1.3 billion of EBITDA is only increasing.

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.