But there are opportunities for modernization even with those early carriers. And that really is twofold. It’s carriers that are coming back to market and maybe are displacing a lower bid, not necessarily bidding up competitively. And then also it’s the opportunity for us to increase the number of referrals per consumer. So as carriers, even the initial carriers come back into the marketplace that can increase the number of monetization events that we have per consumer. So as the consumer is looking to get multiple quotes on a policy, our ability to monetize them multiple times and give them multiple quotes is directly related to the carriers that are in the marketplace. So as they come back, we have that opportunity to increase monetization.
So as we look forward to ’23, it is really a combination of balanced kind of consumer volumes as well as additional monetization.
Mayank Tandon: That’s very helpful context. And then I just wanted to add another question around seasonality. John, could you remind us of the seasonality, especially in auto, as you build out the rest of the year in terms of the revenue trajectory and of course also how that will square with your VMM and EBITDA outlook? Is it going to be fairly linear this year just given some of the trends, or should we expect the usual seasonality to play out in ’23 as well?
John Wagner: Yes, sure. So I would start by referring back to kind of the usual seasonality within auto, and that is a good strong Q1, usually followed by a slightly softer Q2 and a slightly stronger Q3, and then a pullback within auto as you come into Q4, both with the holiday season consumers distracted by the holidays as well as some of the carrier media spend that leaves the market in favor of retail spend. So that’s the normal characteristics of kind of the seasonal pattern within auto. I think clearly, this year, you have the opportunity, especially when you look at the comp in Q4, to see something that contradicts that usual pattern that has some growth and some build especially as we get through to the second half of the year.
And then over that, I would just overlay the fact that health and our DTCA offering has a bit of a different seasonal pattern. So if you look at our overall results, the health DTCA business has a stronger quarter — strongest quarter in Q4 and the second strongest quarter in Q1 with the lock-in period within health in Q2 and Q3. So we would expect within health, a reduction in Q1 and then a softer period in Q2 and Q3 before returning to the health annual enrollment period and open enrollment period in Q4 for Medicare Advantage as well as for the under 65 health offerings.
Mayank Tandon: That’s very helpful. Good refresher for me. Thank you so much.
Jayme Mendal: Thanks, Mayank.
Operator: Thank you, Mr. Tandon. Our next question comes from the line of Ralph Schackart with William Blair. Your line is now open.
Ralph Schackart: Good afternoon. Thanks for taking the questions. EverQuote’s business model has gone through these transitions historically where the carriers have taken rate. The marketplaces had to adjust. And then coming out of that, the business has seen pretty strong growth. Just curious if you could kind of rewind a little bit and maybe give us a little history lesson here as well as maybe the similarities that you’re seeing now versus past cycles, any differences? Just curious for your thoughts on that.
