Moving to the T&E business. As I shared earlier, we posted record quarterly revenue and attach in Q2. And our attach rate was up close to 700 base points year over year. In some of our largest and most mature markets, our attach rates today are consistently in the 40% range. And for users of our one-click title function that goes through our platform, we are seeing attach rates closer to 75%. This gives us confidence that over the long term, we can attach T&E at a 50% plus rate in most of our markets. Given the mounting evidence that our efforts in T&E are bearing fruit, we continue to invest in our T&E business and are excited to share that last week we entered one of our largest markets, New York. By year end, we expect our T&E business to have a presence in 70% of our markets and expect contribution from this business to increase meaningfully over the coming years.

Jul 30, 2025 / CEO / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-07-30 | transcript 5a5a9237-fd2d-4bf4-83de-24e9c595da32 | chars 5711-6591 | segment 5

In our T&E business, we are seeing evidence that we can more than double our unit economics for brokerage transaction as we integrate the business further into our platform using features such as one-click title.

May 8, 2025 / CEO / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-05-08 | transcript ef7e7283-8d24-46c7-a2f2-083158df33db | chars 10420-10632 | segment 10

Our title and escrow business continues to gain momentum. We finished Q4 with another record quarter of T&E attach. Over the past four quarters, we've improved our attach rate by more than 800 base points, and we have nearly quadrupled our profitability in the business year over year. In 2025, We expect to drive a similar level of improvement in our T&E attach rate, which should help us to more than double adjusted EBITDA in this business year over year.

Feb 18, 2025 / CEO / receipt, needs a key / Robert Refkin, CEO | earnings call 2025-02-18 | transcript 64c009ec-5178-4432-9f56-cae1853073b0 | chars 4512-4970 | segment 4

And, you know, high level, I know that OPEX and cash flow are is the target that's most important at the moment, but it does feel like the success you're seeing in SoCal, you know, could justify a faster rollout to drive more attached, drive more EBITDA contribution with the T&E. So maybe just talk to us about, you know, bigger picture roadmap of, you know, the puts and takes behind how quickly you want to kind of ramp T&E into more markets going forward.

Aug 7, 2023 / CEO / receipt, needs a key / Robert Refkin, CEO | earnings call 2023-08-07 | transcript ebff5bb3-2987-4722-875b-7b1e0f3d760e | chars 44134-44593 | segment 45