Omada Health (OMDA) Q4 2025 Earnings Transcript

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DATE

Thursday, March 5, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Sean Duffy
• President — Wei-Li Shao
• Chief Financial Officer — Steven Cook

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TAKEAWAYS

• Revenue -- $76 million in Q4, up 58%, and $260 million for the year, up 53%.
• Membership -- 886,000 total members at year end, up 55% with 314,000 net new members for the year and 55,000 added in Q4.
• Covered Lives -- Estimated 25 million covered lives at year end, reflecting more than 5 million added in the year.
• GLP-1 Program Adoption -- Over 150,000 members supported on GLP-1s, with more than 100,000 added during 2025.
• Gross Margin -- Q4 GAAP gross margin reached 71%, up from 67%; adjusted gross margin hit 73%, a 320 basis point increase; full-year adjusted gross margin rose to 68%, up 450 basis points.
• GAAP Profitability -- Achieved first positive GAAP net income in Q4 at $5 million, a $13 million improvement from prior Q4 loss.
• Adjusted EBITDA -- $8 million in Q4 (11% margin), up $12 million and 18 points from Q4 2024; $6 million for the full year (2% margin), a $35 million improvement and 19 point increase.
• Operating Expenses -- Q4 GAAP operating expenses rose 28% to $50 million; full-year GAAP operating expenses increased 25% to $183 million.
• Cash Position -- Ended the year with $222 million in cash and cash equivalents, positive operating cash flow, and no debt.
• 2026 Guidance -- Revenue expected between $312 million and $322 million (22% growth at midpoint), with adjusted EBITDA forecasted at $7 million to $15 million (midpoint: $5 million increase).
• Cholesterol Program Launch -- Commercialized cholesterol management offering with initial rollout to a large customer exceeding 300,000 employees; broader launch planned for 2027.
• Multi-Condition Platform Growth -- Revenue from weight health (including GLP-1s) grew over 50%, and both diabetes and hypertension lines grew at least 45%.
• AI Initiatives -- Launched Omada Spark and Meal Map, with AI aids for care teams and 100% of engineers using AI-assisted coding tools.
• Enrollment Rate -- Email enrollment rate increased 24%, improving customer population conversion.
• Engagement Metrics -- Over 55% of members in their twelfth month and over 50% in their twenty-fourth month engage with the platform at least once monthly.
• ARPU Reference -- Average revenue per user per year remains just under $300; new programs such as GLP-1 prescribing and cholesterol are priced above this average.
• Consensus Comparison -- Delivered $38 million more revenue and $25 million more adjusted EBITDA than initial post-IPO consensus estimates ($260 million vs. $222 million revenue, $6 million vs. -$19 million adjusted EBITDA loss).

SUMMARY

Omada Health (NASDAQ:OMDA) progressed from private to public status in 2025 while securing its first quarter of GAAP profitability and maintaining rapid growth in both revenue and member base. The company's robust cash position resulted from positive operating cash flow and repayment of all debt, establishing ample flexibility for reinvestment. Management detailed the explicit exclusion of future program contributions from 2026 guidance, presenting a baseline scenario and conservatively anchoring forecasts only on proven enrollment and conversion trends. New clinical offerings—including GLP-1 prescribing, GLP-1 FlexCare, and cholesterol management—are positioned as incremental drivers not embedded in the 2026 outlook and are expected to deliver future ARPU uplift as they gain traction.

• Steven Cook said, "we converted 40% of incremental revenue to the EBITDA line in 2025," highlighting business scalability.
• GLP-1 CareTrack outcomes reported that members who discontinued GLP-1 medication saw average weight change of only 0.8% after one year, versus 11%-12% regain shown in clinical trials without behavioral support.
• Omada Spark and Meal Map AI tools increased member engagement and food-tracking, with "are demonstrating higher levels of ongoing engagement, and in fact, because of that, are returning to the app more frequently compared to those who have not yet used the tools."
• Large PBM partners include Omada Health's programs in their employer GLP-1 solutions, with one PBM offering a spend guarantee through the company’s partnership.

INDUSTRY GLOSSARY

• GLP-1: Glucagon-like peptide-1 receptor agonists, a class of medications used for type 2 diabetes and weight management.
• PBM: Pharmacy Benefit Manager, intermediaries that manage prescription drug benefits for insurers and employers.
• ASO: Administrative Services Only; arrangement where an insurer administers benefits for a self-funded employer but does not assume risk.
• AI: Artificial Intelligence; in this context, refers to machine-learning tools used for personalization, member support, and internal process efficiency.
• ARPU: Average Revenue Per User, a per-member revenue measure for Omada Health’s programs.
• CareTrack: Omada Health’s behavioral support and monitoring program for members on GLP-1 therapy.
• GLP-1 FlexCare: Employer-sponsored program enabling GLP-1 access with Omada’s clinical oversight but without employers assuming direct drug costs.
• Meal Map: AI-driven feature for food quality tracking and dietary recommendations within the Omada Health platform.
• Omada Spark: AI-powered digital assistant providing nutrition guidance, habit coaching, and engagement for Omada Health members.
• MSK: Musculoskeletal; refers to Omada's virtual physical therapy and joint health programs.

Full Conference Call Transcript

Sean Duffy: Good afternoon, everyone, and thank you, Allan. 2025 was a milestone year for Omada Health. We became a public company, delivered 53% revenue growth for the year, and achieved GAAP profitability for the first time in Q4. We also significantly outperformed initial expectations from the time of our IPO, and we believe we are entering 2026 with momentum, with ambition, and with a clear plan for what is next. Here are the highlights from Q4 and the full year. Total members reached 886,000 at year end, up 55% compared to 2024. Revenue grew 58% in Q4, and 53% for the full year to $260,000,000. Gross margins expanded to record levels.

We achieved our first quarter of positive GAAP net income in Q4 at $5,000,000, and we delivered positive full-year adjusted EBITDA of $6,000,000. We believe these results reflect the impact of strong market tailwinds combined with a decade of investments. Omada Health’s technology and operational platform, our clinical programs, our peer-reviewed research, productive distribution channels, and more than a decade of rich and unique data are strongly suited for this exact moment, for when customer demand for chronic care solutions, a rapidly evolving GLP-1 marketplace, and AI-driven innovation converge. We believe that 2025 demonstrated how we can capture that momentum. But the real story is at the level of the person we are supporting.

As a GLP-1 CareTrack member recently told us, the Omada Health program in collaboration with my doctor and the use of GLP-1 meds has been life changing. I learned real skills needed to lose weight and be healthy for a lifetime. The beauty of the Omada Health plan was that I did not just jump in with all of these changes on day one. The plan guided me to focus on different lessons each week and then select a goal for the coming week. When I was stuck, my coaches were there to make suggestions and help guide me along the way.

Knowing that someone cared and took the time to check my meal log and comment about a recipe or a new meal idea I put together that looks good helped me feel that I was not doing it alone. Stories like that get to the heart of what we do. Omada Health is on a mission to bend the curve of obesity-related disease. Forty percent of adults have obesity, and nearly two-thirds have at least one cardiometabolic risk factor, such as obesity, diabetes, or cardiovascular disease. We believe the health care system is structurally unable to address this at scale without a fundamentally different care model.

A person's disease trajectory is determined largely outside the doctor's office through nutrition, movement, sleep, medications, and care plan adherence. Yet the broader health care system still organizes around infrequent fifteen-minute visits. Omada Health puts the space between those visits at the center of care through an integrated, multi-condition care model refined over more than a decade. We built a member experience that brings together care teams, AI, connected devices, and a custom care platform designed for quality at scale. We have expanded into a multi-condition platform spanning weight health, diabetes, hypertension, musculoskeletal care, GLP-1 companion care, GLP-1 prescribing, and our newly launched cholesterol program, giving employers the convenience of a single partner for multiple highly prevalent conditions.

We have a large and growing body of peer-reviewed evidence and accreditation, which we believe is a key reason employers and health plans choose Omada Health. We help the market understand that Omada Health delivers true, clinical-quality health care, which enables us to contract and bill as a health care provider, allowing our fees to be treated as medical spend. We have established thousands of customer relationships across a broad web of distribution channels, spanning an estimated more than 25,000,000 covered lives.

And in operating for over a decade, we have amassed a robust and unique dataset—tens of millions of care team messages and billions of data points—that underpin our product, strengthen our AI capabilities, and allow us to innovate more quickly on the back of significant scale. These investments form the foundation of everything ahead. They allow us to look through the windshield with optimism, ambition, and excitement. 2025 served as a significant launchpad for our next chapter. I want to touch on three areas where we are particularly proud. First, we believe 2025 was the year we solidified our position as a leader in enterprise GLP-1 companion care while reinforcing that our opportunity expands well beyond GLP-1s.

Employer demand to maximize the value of their GLP-1 and reduce waste drove significant adoption of our GLP-1 CareTrack. As we have scaled to over 150,000 members on GLP-1s, we have seen what we believe these members need most: support to stay on therapy, manage side effects, build sustainable habits, and maintain results if and when they discontinue. Our results have shown that GLP-1 CareTrack members on average achieved greater weight loss compared with published real-world evidence and, critically, largely maintained their weight on average one year after discontinuing GLP-1 therapy. These outcomes challenge the narrative of inevitable weight rebound and underscore the power of behavior change layered on top of medication. In November, we announced our GLP-1 prescribing capability.

As the landscape grows more complex with oral and injectable options, varying doses, and emerging maintenance therapies, employers are asking us to help them navigate it all. Adding prescribing strengthens our position by helping ensure that the right member is on the right medication at the right time, while also delivering lifestyle support designed to improve outcomes and minimize waste. At the same time, the broader spotlight on GLP-1s has increased attention on cardiometabolic disease overall. Because Omada Health supports weight health with or without GLP-1s, and helps members manage diabetes, hypertension, and now cholesterol, we have also seen strong growth among members not on GLP-1s.

For customers that choose not to cover GLP-1s, our weight health programs support their employees, and new options like our GLP-1 FlexCare create flexible paths for employers to offer meaningful support even when they are not in a position to afford the medicines. Second, we made meaningful progress with AI in 2025, and I am particularly excited about our potential for AI innovation going forward. We have embedded AI throughout Omada Health. For members, we launched Omada Spark, our AI-powered assistant that works alongside human coaches for real-time nutritional support, motivational challenges, and habit building.

We launched that in Q2 of last year and followed with enhancements in Q4 with Meal Map, an AI-driven experience focused on food quality, not just calories. For our care teams, AI-enabled tools like contact summarization let coaches spend less time on administration and more time on personalization. And 100% of our engineers are equipped with AI-assisted coding tools to improve development speed and output. What makes AI at Omada Health different from a typical software business is what sits underneath.

In caring for members, we have received tens of millions of care team messages, billions of data points, and more than a decade of specific clinical outcomes, comprising what we believe is one of the most exciting cardiometabolic datasets in digital health. That data can improve our AI tools and overall member experience such that interactions with today’s members make the experience better for tomorrow’s. The last area I am proud of in 2025 is our commercial success. As Wei-Li will share, in 2025, we closed significant additional covered lives, which we believe positions us well going forward. Our between-visit care model and multi-condition platform continue to resonate as we closed contracts in 2025.

Employers and health plans increasingly see the advantage of working with a single, scaled, evidence-based partner, and our year-end results reflect buyers leaning into that vision. In 2026, we plan to maintain our focus on the pillars that power Omada Health’s growth: expanding covered lives through new customers and channel partnerships, increasing enrollment effectiveness so that more eligible people become active members, and driving deeper engagement and retention through AI in a continually improving member experience. Across these pillars, we are expanding capabilities: GLP-1 prescribing, cholesterol, and GLP-1 FlexCare; greater personalization and content through AI; and the use of AI to drive efficiency across engineering, operations, and care delivery.

These investments are intentionally designed to balance growth and profitability as we continue to move toward our long-term ambition of 20%+ adjusted EBITDA margins. We accomplished a great deal in 2025 for Omada Health’s mission, and we are entering 2026 with bold ambitions to bend the curve of disease. That is what we are here for, and that is why we do what we do. With that, I will hand things over to Wei-Li.

Wei-Li Shao: Thanks, Sean, and hello, everyone. I am proud of our teams and what they accomplished in 2025. It is an exciting time to be at Omada Health, and I am pleased to walk through our results and progress. As Sean shared, we ended the year with 886,000 members, up 55% year over year. This includes 55,000 net new member additions in Q4, nearly double the net adds in 2024. For the year, we added 314,000 net new members compared to 182,000 in 2024. Growth continues to be driven by both multi-condition adoption and demand for our GLP-1 support capabilities, which together position Omada Health as a broad, integrated partner for cardiometabolic care.

We also benefited from improvements in marketing effectiveness, which drove higher enrollment rates across both new and existing customers. Key performance drivers in 2025 included estimated covered lives growing by more than 5,000,000, and we ended the year with over 25,000,000 estimated eligible lives, with strong performance across multiple channels, including the successful launch of a large new channel partner. Our email enrollment rate improved significantly, with the average percentage of a customer’s population that receives our outreach and then enrolls increasing by 24% year over year. Member engagement remains strong as well.

As of December 2025, more than 55% of our members in their twelfth month of cardiometabolic programs still engage with the platform at least once during the month, and more than 50% of members in their twenty-fourth month engage at least once during the month. Our focus on outcomes also remains consistent across our programs. Taken together, we strengthened funnel conversion at multiple layers, which gives us confidence heading into 2026. We ended the year having supported over 150,000 members on GLP-1s, adding more than 100,000 in 2025 alone. And as Sean mentioned, we continue to see growth beyond GLP-1s across our cardiometabolic suite.

With a total addressable market that we estimate at over $138,000,000,000, we have also been pleased to see developments in government-funded health care, such as the passage of the Prevent Diabetes Act, which cemented Medicare coverage for virtual diabetes prevention programs, and while it is early and details are still developing, we are closely watching emerging programs like Balance and Access models from CMS. This government activity reinforces that prevention is increasingly recognized as essential to expanding access to quality care. Our strategy is organized around three pillars: innovation, programs that work, and our multi-condition platform. The results we delivered in 2025 are a direct reflection of progress across each.

Beyond the AI capabilities Sean described, our innovation agenda in 2025 extended across several additional fronts. With respect to GLP-1 prescribing, since sharing our plans, we have had many discussions with interested customers and channel partners who are looking for help managing GLP-1 complexity. As GLP-1s evolve across oral and injectable forms, different doses, and new mechanisms, employers need to manage switching, titration, and benefit design in ways that improve ROI, not just increase spend. Prescribing is a natural extension of our model, allowing Omada Health to act as a GLP-1 value maximizer across the entire journey, from informing prescription decisions to supporting members on therapy to safely discontinuing medication when appropriate.

We look forward to providing updates as we build out this capability. In addition to prescribing, we also have plans to support more flexible GLP-1 access models, including the GLP-1 FlexCare option we announced today. The need for alternative GLP-1 benefit design solutions is underappreciated, and we believe this could represent a significant opportunity. The GLP-1 market for large commercially insured employers is currently split, roughly 45% covering GLP-1s for obesity and roughly 55% that do not. Within the segment that covers, two of the country's largest PBMs have built GLP-1 solutions that include or offer Omada Health programs. One offers employers financial reassurance through a spend guarantee, and Omada Health has been a successful partner in that solution.

The other expanded its GLP-1 offerings last year, and Omada Health programs are an option there as well. But the 55% that are not covering GLP-1s need something different before moving from waiting and watching to confidently covering. That is where GLP-1 FlexCare comes in. It gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP-1s alongside Omada Health’s lifestyle and behavioral support. Employers pay for the doctor's visits, labs, and behavioral support. Employees purchase branded GLP-1s out of pocket through credible cash-pay channels.

We believe the future for GLP-1 coverage will include multiple benefit design solutions addressing diverse employer needs, including robust clinical services, broad GLP-1 access, lifestyle support, and financial reassurance. Our strategy is to be part of that spectrum so employers can access the clinical benefits of our programs regardless of the benefit design they choose. We have also recently expanded our cardiometabolic offerings by adding a cholesterol program. This is a risk area that is often underserved in traditional cardiometabolic offerings, despite the fact that up to 70% of adults with obesity have high cholesterol.

Evidence from our existing programs has shown that virtual, behavior-first intervention can drive an average 39% reduction in total cholesterol in four months among participants with diabetes and high cholesterol. Omada Health for Cholesterol will build on that foundation, connecting behavior change, lab awareness, and ongoing guidance from clinical specialists so cholesterol risk becomes visible and actionable within everyday life. We recently completed an initial commercial launch with a large enterprise customer that has more than 300,000 employees, and we expect a broader rollout in 2027.

In summary, our innovation allows us to broaden how we support the management of cardiometabolic risk, leverage AI as a differentiator, and deepen our relevance across a wide range of benefit strategies, making Omada Health a more flexible, long-term partner for employers and health plans. Our second pillar is programs that work—solutions grounded in evidence and behavior change science that deliver measurable, durable outcomes. In 2025, we expanded our body of research on GLP-1 support. One analysis showed that members in our GLP-1 CareTrack who discontinued medication largely maintained their weight one year later, with an average weight change of only 0.8% compared to 11% to 12% average weight regain reported in key clinical trials without ongoing lifestyle support.

A separate analysis found that members in our enhanced GLP-1 CareTrack who remained in the program and persisted on the medication for twelve months achieved average weight loss of 18% compared to 12% in real-world evidence without structured support. We also published our thirtieth peer-reviewed manuscript, focused on our joint and muscle health program, which showed that patients using Omada Health’s virtual physical therapy had lower total health care utilization and reduced MSK-related costs and encounters on average at six and twelve months compared to in-person PT, even after accounting for program costs. These results demonstrate that our human-led, digitally enabled model can drive outcomes that matter to members and customers.

Our third pillar is the power of our multi-condition platform relative to point solutions. Customers increasingly recognize the advantage of working with a single, scaled partner across multiple conditions. Our ability to support obesity and weight health, diabetes, hypertension, cholesterol, and MSK conditions and GLP-1 care as one provider continues to be a key differentiator, and the growth across our cardiometabolic suite reflects this. Revenue from our weight health program, which increasingly includes members on GLP-1s, grew more than 50%, and revenue from both our diabetes and hypertension programs grew at rates 45% or more year over year.

That broad-based growth across conditions reflects employers and health plans leaning into Omada Health as their integrated cardiometabolic partner, not just a single-condition solution. In summary, our progress across innovation, programs that work, and our multi-condition platform helped to drive our strong 2025 results and provide tangible proof that customers are buying into this vision. We believe we are well positioned for 2026 and beyond. And with that, I will turn it over to Steve.

Steven Cook: Thank you, Wei-Li. Hello, everyone. I will walk through our Q4 and full-year 2025 results, discuss the key drivers, and provide our outlook for 2026. Let me start with top-line results. Members grew 55% year over year to 886,000. Revenue in Q4 was $76,000,000, up 58% year over year. For the full year, revenue was $260,000,000, up 53% compared to 2024. The primary factors driving growth include a broad industry focus on cardiometabolic conditions, deeper penetration of multi-condition customers, strong adoption of our GLP-1 programs, and more effective enrollment campaigns.

As these strong results and macro trends feed into our business model, they are creating a durable, visible revenue stream with meaningful operating leverage, which I will discuss in a moment. I would also like to note that in Q4, we had a one-time transaction that resulted in approximately $2,000,000 of additional revenue, gross profit, and adjusted EBITDA. While relatively small and immaterial to full-year results, I wanted to note it for any impact on sequential modeling from Q4 to Q1. Turning to gross profit, we saw significant margin expansion in both Q4 and the full year. Q4 GAAP gross profit was $54,000,000, up 67% year over year, with GAAP gross margin of 71% versus 67% in the prior year.

For the full year, GAAP gross profit was $171,000,000, up 66%, and GAAP gross margin was 66% versus 61% in 2024. Q4 adjusted gross profit was $55,000,000, up 65% compared to Q4 2024, and adjusted gross margin reached 73% in Q4, an all-time high and a 320 basis point improvement year over year, demonstrating our ability to operate above our long-term 70%+ adjusted gross margin target for the first time. For the full year, adjusted gross profit increased 64% to $176,000,000, outpacing our 53% revenue growth by 11 points and driving adjusted gross margin up 450 basis points over 2024 to 68% in 2025.

Over the past four years, we have nearly quadrupled revenue and expanded adjusted gross margins by more than 1,600 basis points, a trajectory that underscores the leverage in our business. This has been driven by our growing member base and multi-condition expansion, which spreads fixed costs across a larger revenue base, as well as care team efficiencies enabled by our platform, AI-powered tools, and optimized staffing models. We believe these drivers can continue contributing margin expansion as we pursue our long-term target of 70%+ full-year adjusted gross margins. Moving to operating expenses. We continue to demonstrate strong leverage below the gross profit line. Q4 GAAP operating expenses increased 28% year over year to $50,000,000.

For the full year, GAAP operating expenses were up 25% to $183,000,000. Adjusted operating expenses grew 27% to $47,000,000 in Q4 and 24% for the full year to $170,000,000. That 24% annual growth supported 53% revenue growth, with strong operating leverage across all three operating expense lines. Key drivers included scale from our channel partnerships and B2B2C go-to-market approach, Salesforce leverage from selling conditions with one Salesforce, R&D efficiency from our flexible program architecture, and spending discipline as we work towards sustained profitability.

Our steadfast commitment and multiyear focus on achieving profitability paid off in 2025 as we reached positive adjusted EBITDA a full year ahead of expectations, a milestone driven by financial discipline, strong growth, and the operating leverage I have just described. I am proud of this accomplishment. Notably, Q4 also marked our first quarter of GAAP net income profitability. Specifically, we delivered GAAP net income of $5,000,000 in Q4, a $13,000,000 improvement compared to a net loss of $8,000,000 in 2024. For the full year, GAAP net loss was $13,000,000, an improvement of $34,000,000 compared to a loss of $47,000,000 in 2024.

Adjusted EBITDA in Q4 was $8,000,000 with an 11% margin, an improvement of $12,000,000 and 18 margin points compared to a loss of $4,000,000 and a negative 7% margin in Q4 2024. Full-year adjusted EBITDA was $6,000,000 with a 2% margin, an improvement of $35,000,000 and 19 points compared to a loss of $29,000,000 and a negative 17% margin in 2024. Notably, we converted 40% of incremental revenue to the EBITDA line in 2025, which continues to highlight the scalability of our business. To wrap the discussion of our P&L, I would like to provide some additional perspective. After we went public in June, initial consensus estimates were approximately $222,000,000 of revenue and a $19,000,000 adjusted EBITDA loss for 2025.

We delivered $260,000,000 of revenue and $6,000,000 of adjusted EBITDA, with the positive adjusted EBITDA occurring a year ahead of projections. We are pleased with that performance, and we believe it reflects our strong market position, solid execution, and the strength of our business model. Specific to our balance sheet, we ended 2025 with $222,000,000 of cash and cash equivalents, up from $199,000,000 at the end of Q3. We generated positive operating cash flow for the full year, a significant milestone. We have no debt outstanding, having repaid our $30,000,000 credit facility earlier in 2025. This gives us a strong financial position to invest in initiatives aimed at driving incremental growth and ROI while also maintaining flexibility.

As for our guidance, we expect 2026 revenue in the range of $312,000,000 to $322,000,000, with the midpoint reflecting 22% growth over 2025. We expect 2026 adjusted EBITDA in the range of $7,000,000 to $15,000,000, with the midpoint reflecting a $5,000,000 increase compared to last year. Similar to our 2025 performance, our 2026 guidance is significantly above initial post-IPO consensus expectations, with our revenue midpoint approximately $50,000,000 higher and adjusted EBITDA approximately $15,000,000 higher, reflecting continued strong execution. Let me provide context on how we have approached guidance and on our growth trajectory.

Our guided revenue of 22% at the midpoint comes on the back of a 53% growth year that included a strong first wave of GLP-1 adoption and significant commercial momentum. This is a baseline to build from. We built our guidance starting with our year-end base of 886,000 members and over 25,000,000 estimated covered lives, then we layer in historical enrollment conversion rates and observed engagement and retention trends with no significant improvement assumed. This allows us to anchor to what we consider our more highly visible level of revenue. Just as important is what is not in the guide.

We have not embedded meaningful contributions from GLP-1 prescribing, GLP-1 FlexCare, or our cholesterol program, and we have not assumed further improvement in enrollment conversion rates or significant revenue from contracts not yet signed. Our adjusted EBITDA guidance reflects the revenue outlook combined with the investments we have discussed. If we achieve revenue upside, we would expect a portion to contribute to stronger adjusted EBITDA. We believe this approach reflects appropriate prudence for initial guidance and positions us to build on our track record of execution. Stepping back from the specifics of our guidance, we believe the most important story is the quality of our growth in 2025. As I shared, we converted 40% of incremental revenue to EBITDA.

We achieved our first quarter of GAAP profitability, and we generated positive cash flow for the year. We continue to believe in the long-term scalability and profitability of our business. In closing, we are very pleased with our 2025 results, which reflected outperformance across all key metrics. Looking ahead, we believe our market position, strategic investments, and scalable business model position us well for durable, profitable growth. With that, we will open the call for questions.

Operator: As a reminder, to ask a question, please press 11 on your telephone. To withdraw your question, please press 11 again. In the interest of time, we ask that you please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from David Roman with Goldman Sachs. Your line is open.

David Roman: Thank you. Good afternoon, everyone. Steve, I really appreciate the detail on the guidance basis as you think about 2026, so maybe I could just push you a little bit on the assumption there. And very specifically, I just want to make sure that we are hearing the outlook correctly that effectively the guidance contemplates only contribution from the existing business and not necessarily some of the new opportunities, and if that is the case, I just want to make sure that we are not misreading this. And it looks like the guidance suggests some of the base business starting to hit a wall or markedly decelerate.

Just to make sure that we are interpreting that correctly, and that is how you are intending to frame the guidance.

Steven Cook: Yeah. David, thank you for the question. Firstly, we are obviously extremely proud of the results in 2025. Per some of the prepared remarks, growing 53% in 2025 was well ahead of expectations. And when we look back at our commitments from just six months plus ago during the IPO, we are trending meaningfully above that path at $50,000,000 ahead on revenue and $15,000,000 ahead on EBITDA. So we are carrying a tremendous amount of momentum, and we are a full year ahead of expectations that we set at that time.

It is also worth noting that from the get-go, we have been communicating externally that we intend to grow this business for the foreseeable future at least a minimum commitment of 20%+. And we think that the guidance reflects our commitment against those projections. As we think about some of the inputs there, you are exactly correct in that we are basing it off of 886,000 exit members looking back. We are combing through all of our historical trends on enrollment rate conversion, on engagement rate, and assuming that there is no material improvement across those metrics throughout the course of the year. We have a lot of internal investments and initiatives focused on improving those metrics.

To the extent we are able to capitalize on those throughout the course of the year, that would be incremental revenue compared to our guide. And then per some of your commentary, we spent some time talking about our prescribing capabilities, GLP-1 FlexCare, cholesterol. These are all also not materially in our guidance numbers. We are going to be launching a lot of those in market this year, and as those gain market traction and we have more of our customers purchasing those, those will be reflected in potential upside to the guide.

David Roman: Super helpful. And maybe just a follow-up. As you kind of think about what you have observed in January and February from conversions off of the 2026 selling season, can you just give us some flavor of maybe a little more detail how that tracked? And then how we should think about just the cadence of revenue and profitability throughout the year to make sure we have the phasing of the year correct.

Wei-Li Shao: Yeah. Hi. This is Wei-Li. Let me talk a little bit about how we closed the end of the year and to the extent that I can cast a little bit of high-level color on what we have seen this year in just the first couple of months. We are pretty pleased with how we closed the end of the selling season. We are up over 5,000,000 additional eligible covered lives across our business. We have also seen continued progress in terms of multi-condition product sales. And as mentioned earlier, last year, we improved our enrollment rate yield or enrollment rate performance more than 20%, 24% to be precise.

And so we are pleased with the overall funnel development, if you want to put it that way, or funnel conversion improvement. And, as mentioned by Steve, that is going to be carried on into how we think about this year's performance. I will not go into too much quantitative characterization of January and February, but suffice it to say that things are tracking, and we like what we see there. As you might expect, as it is every year, the additional covered lives we closed in the prior year oftentimes are going live at the beginning of the year. It is a heavy enrollment season, and that certain pattern or that seasonality certainly exists too as well.

Steven Cook: And David, I will just add a little bit of color on some of the revenue and the EBITDA progression per your question. We did have an extremely strong Q4. We saw 11% sequential growth quarter over quarter. That is stronger compared to what we have observed historically. If you looked at 2024, we only saw a 5% increase there. We do not expect as big of a jump on Q1 revenue basing off of where we exited the year, and we also did have that one-time $2,000,000 adjustment, which we do not intend to repeat going through the year.

So Q1 should roughly be expected to be flat relative to Q4 when accounting for that $2,000,000, and then we will sequentially grow revenue throughout the course of the year. Then, as you are aware, Q1 is our largest net new enrollment volume quarter. It carries additional costs associated with increased device shipments as well as increased costs for our care teams as there is more labor in the first quarter, and then we will steadily climb out of that as we go throughout the year, improving gross margin and improving EBITDA margin throughout the remainder of the year.

Operator: Thank you. Our next question comes from Sean Dodge with BMO Capital Markets. Your line is open.

Sean Dodge: I just want to start maybe understanding a little bit better the mechanics of the new GLP-1 Flex program. It sounds like the existing GLP-1 CareTrack, but now just building some connections for the member to get a script and actually buy the drug. Does building that in, does that change the economics of the program for you at all? Do you get compensated for facilitating those connections, or is this just more about broadening the appeal and the utility of the program to more employers?

Sean Duffy: Yeah. Thank you, Sean. This is Sean here. Happy to talk about Flex here. Let me just start with the characterization on the segments. In the employer market for GLP-1s, there are two primary groups. The first is those who cover—roughly 45% of the market. They cover GLP-1s for obesity. Historically, when we talked about our CareTrack, that is who that was targeted toward. Those are folks who want to maximize the value of that investment. There is actually a bigger segment, and that is roughly 55% of the large employers and those that just do not cover GLP-1s for obesity yet.

But equally, they do want a way to support their employees, and that is what the GLP-1 FlexCare solution is targeted toward because it gives these employers a structured model where, yes, per your comments, they do pay Omada Health and would pay Omada Health more for the GLP-1 care offering because that includes clinical evaluation, prescribing, lab ordering, and Omada Health’s lifestyle and behavioral support, while eligible employees can purchase the branded GLP-1s out of pocket through vetted cash-pay channels, of course where they focus on accessing the lowest available price.

So this in turn allows that segment of the market to still offer their employees a chance for high-quality GLP-1 care with strong oversight without immediately taking on that full drug spend risk.

Sean Dodge: That is super helpful. Thanks, Sean. And then, Wei-Li, you mentioned having improved enrollment yield—I think you said 24% last year—so driving significant efficiencies on the marketing front. Is there anything more you can share on just how you have been able to do that? I think you mentioned AI playing a role there. And then just maybe how much runway you see being left when it comes to driving incremental margin or marketing efficiencies?

Wei-Li Shao: Yeah. Sure, Sean. Let me address that. In terms of how we were able to achieve that, as you and others may recall, we do a lot of digital marketing, and as a result of that, we actually have the ability to do dozens, if not hundreds, of A/B tests. Those A/B tests can switch out concepts, creative language, call to action—you name it—across the spectrum of what one would think about optimizing in our campaign outreach. And so that certainly is a component of that, and we did that last year. We did that in 2024. We did that in 2023. We are going to do it again in 2026.

And we still think that there is runway to optimize those campaigns in that outreach. The other component, of course, is a multichannel component. And when we say multichannel or omnichannel, we mean digital signage on-site at an employer, especially if they have a large distribution center with a large warehouse, for instance, employees that are on-site, then other forms including direct mail, other types of flyers, so on and so forth.

And even in those particular channels, we can then optimize again the frequency—how often we send—what is the depth of the content, the copy, the creative, and then we can actually look across entire campaigns, and how we define a campaign is really a combination of all those things in a multichannel approach to understand how we stack them on each other. And so there are multiple dimensions upon which we can actually optimize and improve yield rates or employee enrollment rate. And we think, again, that there is still runway to improve that in 2026, and that certainly is on the docket for us to do so.

Sean Dodge: Okay. Thanks for the details, and congratulations on a great year.

Operator: Thank you. Our next question comes from Craig Hettenbach with Morgan Stanley. Your line is open.

Craig Hettenbach: Great. Thank you. Sean, just going back to AI, there is a lot of debate on the impact, including potential disruption to business models. So against the backdrop of some of the concerns in the marketplace, where do you see Omada Health is most insulated? What are some of the things you are doing to benefit from AI as opposed to be disrupted?

Sean Duffy: Yeah. Hi, Craig. Thank you for the question. It is one that I and we think about a lot. Pulling up beyond Omada Health, I believe we are on the frontier of just a remarkably innovative moment in the history of health care, and this is a moment where, in our view, it is being propelled by AI. And so against that, there are a number of things that I think, frankly, any innovative company can do. These include leveraging AI coding assistance, using AI to improve member support, using exciting frontier models within their app. So Omada Health is doing these.

We are already seeing signs of how this impacts the business on a day-to-day basis, our members on a day-to-day basis, and that is, of course, an important part of ongoing improvements to margin. That being said, those are perhaps table stakes. Yet there is one thing that we believe that is true today and will be true tomorrow, and that is the value of unique datasets that in many cases take years to build. We have tens of millions of care team conversations, hundreds of millions of data points, and billions of real-world data points.

And so what that allows us to do, and what we are excited about, is it allows us to customize and personalize care in a way that is unique and in a way that is valuable. So it will take time to prove this out. It will take time because we are in health care. We are regulated. We have devices, hardware, a supply chain, a complex web of distribution relationships, and we are dealing with people's lives, which we take very seriously. So when I am asked that question, I do not tend to view it as if AI will disrupt health care or disrupt Omada Health.

Rather, I view it as a question of who is going to build it in the right way in health care. And I believe we have the unique foundations to do just that here at Omada Health.

Craig Hettenbach: Helpful. Thank you. And as a follow-up, I wanted to focus in on just the hypertension and diabetes programs. I feel like they tend to get overshadowed just by all the excitement and interest in GLP-1. So can you talk about the traction you are seeing in those programs and just how you see the runway for growth in the coming years?

Wei-Li Shao: Yeah. Hi, Craig. This is Wei-Li, and you get points for asking a non-GLP-1 question, so I appreciate that. We have always said that the GLP-1 moment is actually a cardiometabolic moment insofar as meaning that the discussion is a gateway into the broader cardiometabolic kind of condition question and challenge that our customers face. And in fact, when you look at the cardiometabolic population, the overwhelming majority of people who suffer from those conditions are not taking a GLP-1. So it actually represents a TAM that is as, if not larger than, the current GLP-1 accessible market. So what does that mean in terms of our performance?

We have always said from the get-go that a pillar of our strategy is to understand and realize that people who suffer from, let us say, obesity also have diabetes, also have hypertension, as we all know, and that is why we provide a multi-condition platform. And multi-condition sales continues to be something that is strategically important and a huge strategic focus for us. And we have talked about our progress on that. We continue to make progress on that, and we are happy with that. But maybe a way to talk about the results in our portfolio of products is that we saw strong growth not only across our cardiometabolic suite, but across the individual programs.

And so prevention or weight health/obesity grew more than 50%, and both diabetes and hypertension grew 45% or more year over year. And we think that breadth of growth really reflects the customers increasingly using Omada Health as an integrated cardiometabolic partner, and not just for a single condition. So we are seeing growth, in summary, in both diabetes and hypertension, almost directionally similar to the overall growth rate that we saw last year overall in revenue.

Operator: Thank you. Our next question comes from Ryan MacDonald with Needham and Company. Your line is open.

Ryan MacDonald: Hi, thanks for taking my questions and congrats on a nice quarter. Steve, maybe first for you. Just so as we are thinking through the 2026 guidance, obviously you mentioned sort of no material changes or improvements in sort of enrollment yields and rates from there.

So should we take the guidance as sort of, you know, you grew covered lives 25% on a year-over-year basis, and so as you assume that sort of same conversion rate, that sort of member count grows about that 25% rate, and then you see then some declines in average revenue per member, and if that is the case, can you help us understand what you are seeing from a program mix perspective that may be driving sort of those continued sort of ARPU declines?

Steven Cook: Yeah. Absolutely right. Happy to provide some color there. Again, per some of the prior comments, just to recap what is in our baseline assumptions, it is starting with that 886,000 members and then layering on some historical assumptions around enrollment conversion as well as engagement rate. I think the easiest way to think through the model next year is that ARPU stays relatively flat. Historically, it has been roughly just shy of $300 per ending member, and then building up your total member base off of that, growing roughly in line with revenue guidance at 22%.

What is important is what is not in the guide, and we talked a little bit about all the initiatives which have the ability to drive incremental ARPU throughout the year. The first being some of the new product categories we are entering. To the extent we are able to layer on GLP-1 FlexCare, prescribing, cholesterol—these are all accretive to ARPU throughout the year. We are creating internally some investments around driving more engagement through increased product and feature enhancement. The longer we can keep folks in program, that also has the ability to drive additional ARPU with little incremental cost as we go throughout the year.

So the real way to just take the basis is to grow the member count by 22% and keep ARPU roughly flat.

Ryan MacDonald: Super helpful. I appreciate the finer point on that. And then maybe the secondary question for Wei-Li or Sean. Earlier this week, we were at a benefits conference, and what the conversation really centered around for this year was this idea that, you know, your average employee benefits portfolio was about 28 different point solutions today. And the conversation is really around in the current budgetary environment with health care costs continuing to rise at accelerated rates is more of a consolidation, looking to see where there are duplicate solutions and then optimizing for outcomes.

We would love to know if this is something you are seeing sort of in the early stages of the 2026 selling season and how maybe this could potentially favor your multi-condition platform relative to individual point solutions providers? Thanks.

Sean Duffy: Yeah. Ryan, thank you for the question. I mean, if you served as the head of benefits and were on LinkedIn, you would have about, you know, 50 messages a week coming in from, you know, point solution providers, and that does grow tiring. And that is a message we hear frequently about, and it is one that we respond to. It has been a recurring theme that customers love the fact that they can get quality care across multiple care areas from Omada Health. We see that across our portfolio suite. And even we see that within GLP-1s, where one buyer is one buyer.

And, equally, they recognize that tomorrow’s strategy specific to their GLP-1s may not be the same as today’s. And so we are thrilled with that. In fact, I think we have a proof in concept of this approach right in front of us in cholesterol. We announced a model for cholesterol. That is a natural extension of our cardiometabolic suite. We like that. High cholesterol often, as shared in the remarks, coexists with obesity, diabetes, hypertension. And one of the reasons that we got excited to do it is we heard about it from our largest customers who said, this is a clinical area where I care about. Omada Health, we trust you.

We would love if we could work together on it. And then we are starting out of the gate with a customer lined up there for Omada Health for cholesterol.

Wei-Li Shao: And just to tag on a little bit to that and add, what really drove that particular situation, and we are seeing this repeated across a number of opportunities, is exactly what you mentioned around a fatigue around single point solutions. Imagining somebody who suffers from obesity, diabetes, hypertension, now of course some dyslipidemia or high cholesterol—they could be on as many as four different applications. The consolidation into one multiproduct company, Omada Health, that has proven evidence-based results and outcomes and ROI certainly is attractive to buyers, and we are seeing that play through, which is why we continue to see momentum in multi-product sales and growth across the portfolio of programs.

The last bit I would also mention is that we happen to be in the actual therapeutic areas or disease areas that HR, benefits, company CEOs, CFOs are actually the biggest drivers of their health care spend—cardiovascular events, cholesterol, heart attacks, diabetes, obesity, MSK. They always register—small company, big company—always to the top of the top five, top six areas that are driving spend. And so as employers and benefit solution providers decide to consolidate away from the, quote-unquote, 28 different point solution providers, they are obviously going to think about Omada Health. They are going to think about multi-condition platforms.

But they are also going to think about those providers that are in the sweet spots that are driving most of their year-over-year health care spend, and it happens to be the ones we are in.

Operator: Thank you. Our next question comes from Elizabeth Anderson with Evercore ISI. Your line is open.

Elizabeth Anderson: Hi, guys. Good evening. Thanks so much for the question. I wanted to get to improving gross margins. Steve, I heard what you said about the contribution to gross margins from $2,000,000 but still improved quite nicely even without that. So can you talk about that and how you see those flowing through into 2026? I understand that, obviously, you guys have seasonality that will impact the Q1 numbers, but just sort of how to think about that incrementally. And then if there is any more color you can provide on sort of what that adjustment was in the fourth quarter, that would also be super helpful. Thank you.

Steven Cook: Yeah. Maybe I will start there with the adjustment in the fourth quarter. We did have a $2,000,000 one-time true-up. This was a negotiation that was cascading throughout the year with one of our larger partners. We also resolved that in the fourth quarter and, as such, released that revenue. If we had negotiated it and resolved it earlier in the year, you would have seen that revenue recognized ratably throughout the course of the year. We do not expect that to recur on a go-forward basis. With regard to gross margin, again, tremendously proud of our performance in Q4 hitting 73% gross margin. As we have communicated consistently, our terminal annualized target continues to be 70%+.

So we believe Q4 really demonstrates our ability to march towards that target in the long term. Two main drivers here, the first being ongoing traction with multi-condition customers. So the more diabetes and hypertension revenue that we drive through, those are coming through at our higher-priced products, and they drive incremental gross margin dollars and gross profit dollars for us. That was a large contributor. And then the second piece is just more cost efficiencies, and that came in two forms. The first is continuing to optimize our labor across our care teams.

We have experimented with dozens of staffing models, and we really feel like we fine-tuned that over the course of the past several years, which led to additional margin expansion, as well as, as some of the prepared remarks, us continuing to use AI and using contact summarization, making our care teams more effective and more efficient. And we are going to be planning to roll some of that momentum throughout the course of the next year. We envision 2026 being another key stepping stone on our path to getting to 70%+ gross margin.

Elizabeth Anderson: Super helpful. Thank you. Congrats.

Operator: Thank you. Our next question comes from Stan Berenstain with Wells Fargo. Your line is open.

Stan Berenstain: Good evening. Thanks for taking my questions. First on retention dynamics, I know you commented that they are pretty steady over twelve and twenty-four months. I am curious whether the new products like Omada Spark and Meal Map, whether they have demonstrated any measurable improvement in engagement that you can point to?

Wei-Li Shao: Yeah. Thanks a lot, Stan. Wei-Li here. Let me take this one around Omada Spark. So we launched this in the first half of last year and then fast followed with some enhancements to Omada Spark, and so we are proud of that. It allows our members to essentially have a nutritional AI assistant. Food is such an important part of the behavior change process. And then, of course, Meal Map allows individuals to either dictate their food, snapshot their food with their camera, log their food in a number of different ways, and then the nutritional density of the food is actually registered very accurately, and then that information then translates into what meaningful changes can they make.

And so I recourse all of that because you can imagine the value that members have in seeing this. Knowing that nutrition and food and food quality and nutritional density is such an important part to generating a positive outcome, not just in obesity and weight health, but across diabetes, hypertension, and now cholesterol, and, believe it or not, even in MSK as well. We are encouraged by the early results. Members who interact with Omada Spark, our health AI assistant, along with Meal Map, are demonstrating higher levels of ongoing engagement, and in fact, because of that, are returning to the app more frequently compared to those who have not yet used the tools.

And so we are seeing that lift. Now, specifically to Meal Map, as part and parcel of understanding what you eat and then matching the behavior change, we are also seeing meaningful lifts in actual food-tracking behavior, which is one of our strongest predictors of sustained weight management. And so all of these, of course, drive more activity within the app, and because we bill based upon activity for the majority of our business, we do believe over the long haul, and over time, that this should potentially create some meaningful improvement in terms of financial performance.

Stan Berenstain: Thank you. And then I just want to follow up on the covered lives. I think you mentioned 25,000,000. That is about 5,000,000 incremental from your prior disclosures. Can you share with us what is the mix of self-insured versus fully insured within those 5,000,000 that you onboarded? Thank you.

Wei-Li Shao: Yeah. Sure. Stan. So of the 5,000,000 that we closed, the way to think about it and characterize that is that it was driven by strength across multiple commercial channels and across the product portfolio. So it was not densely concentrated in one significantly over the other. But if you were to look at the mix, our PBM channel was the largest contributor, followed by strong performance in our self-insured, fully insured, and ASO business.

Operator: Thank you. As a reminder, to ask a question, please press 11 on your telephone. Again, that is 11 to ask a question. Next question comes from Richard Close with Canaccord Genuity. Your line is open.

Richard Close: Great. Thanks for the question and all the success this year. Sean, maybe on GLP-1s, I would welcome your perspectives on how you think about GLP-1 prices coming down and how that impacts the growth opportunity for Omada Health. You know, I do think there are some fears out there as those prices come down, maybe demand for programs like Omada Health, you know, gets impacted?

Sean Duffy: Yeah. Richard, thank you for the question. It is certainly an important one. And within that, it is also important to share that the way our accounts and customers view Omada Health is not a cost on top of their medication spend, but rather a value maximizer of their decision to cover GLP-1s for obesity. And so, again, right now, the accounts that cover GLP-1s for obesity—it is roughly 45% of the market—they know the cost of that decision, and what they are after is reduced waste.

And so Omada Health’s CareTrack capabilities allow us to support them across the entire journey, from helping inform prescription decisions with our new prescribing capabilities, to supporting members to realize outcomes while in therapy, and, of course, to safely discontinue when appropriate. And so net relative to price of the meds, we believe these lower price points actually have the potential to increase GLP-1 utilization, which increases access to the medicines and thus increases the need for CareTrack services like Omada Health. And equally, for the market where employers say, look, I just cannot afford these meds—that is where our GLP-1 FlexCare offering comes in, and that is the 55% of the employer market segment specific to GLP-1s for obesity.

Richard Close: Okay. And then, Steve, maybe as a follow-up, I think you mentioned all the new programs are accretive. Can you put that into perspective in terms of ARPU?

Steven Cook: Yeah. That is a great question. We have priced across prescribing, cholesterol, and our GLP-1 FlexCare above our current rates. So for cholesterol specifically, that is priced roughly in line with hypertension. But as we observe more customers intaking these products, these all have the potential to uplift ARPU above where our current run rates are at $300 per year per average member. So as we get more traction in market—again, these are very nascent products; we are just starting out with them—we will be able to provide more specific guidance on the exact measure of uplift that we are observing as we get traction with some clients.

Operator: Okay. Thank you. And our final question comes from Carly Becker with Barclays. Your line is open.

Carly Becker: Hi. You have Carly on for Ashtak here. Thanks for taking our question. If we look back to 2018 when Omada Health launched its diabetes and hypertension program, can you walk us through what the adoption curve looked like for those programs over time as we think about kind of a parallel to help frame the launch of the cholesterol program? How long did it take to roll out the diabetes and hypertension modules more broadly, and when did you start to see adoption really pick steam and drive incremental revenue?

Sean Duffy: Yeah, I can start because, again, those are good examples of how we love to innovate, which is on the back of really listening deeply to customer needs and ask, and ideally finding kind of one or multiple marquee customers to start the innovation journey with you. And so that was a couple of longstanding customers that had said, you know what, Omada Health, we love what you do in prevention and in obesity and weight health. Would you consider diabetes? And so that started the journey, and then we did highlight the growth rates, which are comparable to prevention, which I think is a statement on how that journey has gone.

So we are hoping to rinse and repeat with, of course, cholesterol, hoping to rinse and repeat with that same process of listening intently on things like GLP-1 prescribing, GLP-1 FlexCare, because we know, based on how those grow, how they can be accretive over time. But I do not know, Wei-Li, if you have any comments on top of what I have shared.

Wei-Li Shao: Yeah. The only thing I would share on top of that would be kind of qualitative and just imagining kind of the intent of the question. You know, that was six, seven years ago, and the Omada Health that was then in 2018—we are a very, very different Omada Health today. Our capabilities are far more evolved across the entire conversion funnel, starting with closing lives with channels and then employers and, of course, enrollment rate and engagement and so on and so forth, activation to the members.

All that to say to me that I think what would have taken us, you know, three, four years to eventually sell through a payer or PBM and then build a book of business through employers and then begin to enroll, I think we have gotten better at that. I know we have gotten better at that. And so we certainly think that we can beat those time curves in terms of full-scale adoption. The last thing I would also remind everyone is that our approach over the last few years in innovating and expanding new programs has not really just been looking at TAM, but is, as Sean mentioned, really listening to our customers.

And oftentimes, the trigger for us, which accelerates adoption, is actually when a customer says, boy, if you do this, we will buy it. And we are seeing that reflected with our cholesterol program, where a large customer came to us and said, hey, we are seeing this being a cost driver in our health care spend. We would love to partner with you all, and we built that and immediately went into contracting and launched that customer earlier this year. And so the approach there is as such.

Sean Duffy: And then last thing here. So just stepping back, what is fun is if you look at all these launches, we believe they really add up. I mean, between GLP-1 prescribing, GLP-1 FlexCare, Omada Health for cholesterol, as I reflect on the journey we have been on, we are on pace to roll out more new offerings in 2026 than in any year in the history of our company. And so, what this translates into, of course, is a bigger opportunity set, translates into new ways to support specific customer needs, and we believe, a solid foundation for durable growth.

Carly Becker: Very helpful. Thank you all.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.

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