Hippo Holdings Inc (HIPO) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Hippo Holdings second quarter 2024 earnings call minimums. My name is Aida and I will be coordinating your call today. (Operator Instructions)

女士們、先生們，歡迎參加 Hippo Holdings 2024 年第二季財報電話會議。我叫阿伊達，今天我將協調您的電話。（操作員說明）

I will now hand you over to Mark Olson to begin. Please go ahead.

現在我將把您交給馬克·奧爾森（Mark Olson）開始。請繼續。

Thank you, operator. Good morning, and thank you for joining Hippo's those 2024 second quarter earnings call. Earlier today, Hippo issued a shareholder letter announcing its Q2 results, which is available at investors.hippo.com. Leading today's discussion will be Hippo President and Chief Executive Officer, Rick McCathron; and Chief Financial Officer, Stewart Ellis. Following management's prepared remarks we'll open up the call to questions.

謝謝你，接線生。早安，感謝您參加 Hippo 的 2024 年第二季財報電話會議。今天早些時候，Hippo 發布了一封股東信，宣布其第二季度業績，該信函可在 Investors.hippo.com 上查閱。今天的討論將由 Hippo 總裁兼執行長 Rick McCathron 主持。和首席財務官斯圖爾特·埃利斯。在管理階層準備好發言後，我們將開始提問。

Before we begin, we'd like to remind you that our discussion will contain predictions, expectations, forward-looking statements and other information about our business that are based on management's current expectations as of the date of this presentation.

在開始之前，我們想提醒您，我們的討論將包含預測、期望、前瞻性陳述和有關我們業務的其他信息，這些信息基於管理層截至本演示文稿之日的當前預期。

Forward looking statements include, but are not limited to Hippo's expectations or predictions of financial and business performance and conditions and competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from historical results and or from our forecast including those set forth in Hippo's Form 10-Q filed today and our Form 10-K filed earlier this year.

前瞻性陳述包括但不限於 Hippo 對財務和業務績效和狀況以及競爭和產業前景的預期或預測。前瞻性陳述受到風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與歷史結果和/或我們的預測有重大差異，包括今天提交的Hippo 表格10-Q 和先前提交的表格10-K 中規定的內容是今年。

For more information, please refer to the risks and uncertainties and other factors discussed in Hippo's SEC filings, in particular in the section entitled risk factors in our Form 10-Q and Form 10-K. All cautionary statements are applicable to any forward-looking statements we make whenever they appear, you should carefully consider the risks and uncertainties and other factors discussed in the proposed SEC filings.

欲了解更多信息，請參閱 Hippo 的 SEC 文件中討論的風險和不確定性以及其他因素，特別是我們的表格 10-Q 和表格 10-K 中標題為風險因素的部分。所有警告性聲明均適用於我們每次出現時做出的任何前瞻性聲明，您應仔細考慮擬議的 SEC 備案文件中討論的風險和不確定性以及其他因素。

Do not place undue reliance on forward-looking statements as Hippo is under no obligation and expressly disclaims any responsibility for updating offering or otherwise revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

請勿過度依賴前瞻性陳述，因為Hippo 不承擔任何義務，並明確表示不承擔更新產品或以其他方式修改任何前瞻性陳述的責任，無論是由於新資訊、未來事件或其他原因，除非另有要求。

During this conference call, we will also refer to non-GAAP financial measures such as total generated premium and adjusted EBITDA. Our GAAP results and description of our non-GAAP financial measures a full reconciliation to GAAP can be found in the second quarter 2024 shareholder letter, which has been furnished to the SEC and is available on our website.

在本次電話會議中，我們也將參考非公認會計準則財務指標，例如產生的總保費和調整後的 EBITDA。我們的 GAAP 結果以及我們的非 GAAP 財務指標的描述（與 GAAP 的全面調整）可以在 2024 年第二季的股東信中找到，該信函已提交給 SEC，並可在我們的網站上找到。

And with that, I'll turn the call over to Richard McCathron, our President and CEO.

接下來，我會將電話轉給我們的總裁兼執行長理查德·麥卡思倫 (Richard McCathron)。

Thank you, Mark, and good morning, everyone. We have added to the momentum we created over the past year and delivered an improved second quarter of 2024. Our plan to reduce the volatility in our homeowners program passed its first meaningful test as we delivered a substantial year-over-year reduction in catastrophic losses despite the broader industry suffering another quarter of elevated severe weather.

謝謝你，馬克，大家早安。我們進一步增強了過去一年創造的勢頭，並在 2024 年第二季度取得了更好的成績。我們減少房主計劃波動性的計劃通過了第一次有意義的測試，儘管整個行業又遭受了四分之一的惡劣天氣，但災難性損失同比大幅減少。

Beyond this, we continue to leverage our proprietary technology to further improve the efficiency of our operations, resulting in increased customer lifetime value and lower customer acquisition costs. In parallel with these efforts, we delivered another quarter of strong top line growth and double down on our new homes channel, where we are improving access to insurance for consumers, purchasing new homes with some of the country's largest homebuilders.

除此之外，我們繼續利用我們的專有技術進一步提高營運效率，從而提高客戶終身價值並降低客戶獲取成本。在這些努力的同時，我們的收入又實現了一個季度的強勁增長，並在新房通路上加倍投入，我們正在改善消費者獲得保險的機會，與國內一些最大的住宅建築商一起購買新房。

The second quarter presented the best opportunity yet for Hippo to showcase the benefits from the work we have been doing to reduce our business exposure to wind and hail events compared to the second quarter of last year and excluding the positive benefits from favorable reserve development.

第二季度為Hippo 提供了迄今為止最好的機會，展示了我們為減少業務對風和冰雹事件的影響而所做的工作所帶來的好處，與去年第二季度相比，不包括有利的儲備開發帶來的正面好處。

We improved our PCS CAT weather loss ratio by 83 percentage points and reduced our weather-related lost dollar by 73%. This improvement was enabled by our technology, which has been fundamental to our team's ability to plan and rapidly execute the needed changes to our program.

我們將 PCS CAT 天氣損失率提高了 83 個百分點，並將與天氣相關的損失減少了 73%。這項改進是由我們的技術實現的，這對於我們團隊規劃和快速執行專案所需變更的能力至關重要。

The impact of these changes will continue to earn through our results over the next three quarters. We believe we are fast approaching the time when losses from severe convective storms will no longer be the primary driver of our bottom line financial results.

這些變化的影響將繼續透過我們未來三個季度的業績體現。我們相信，強對流風暴造成的損失將不再是我們財務表現底線的主要驅動力，這一刻很快就會到來。

In my last letter, I talked about the role our agency plays in finding a policy for every customer, whether or not we are the carrier. The ability to place customers with other carriers as an agency has allowed us to maintain high retention rates and to drive continued total generated premium growth while focusing on managing our exposure to high CAT geographies.

在我的上一封信中，我談到了我們的代理商在為每個客戶尋找保單方面所發揮的作用，無論我們是否是承運人。作為代理商將客戶安置在其他營運商的能力使我們能夠保持高保留率，並推動總保費的持續成長，同時專注於管理我們在高 CAT 地區的風險。

Our agency also significantly contributes to improved customer satisfaction and our premium growth through personalized cross-selling opportunities of complementary products offered by other carriers like earthquake, flood, auto umbrella and more.

我們的代理商也透過其他承運商提供的補充產品（如地震、洪水、汽車雨傘等）的個人化交叉銷售機會，為提高客戶滿意度和我們的保費成長做出了重大貢獻。

Beyond the benefits to our customers there are also significant benefits to our productivity and cost structure. In the second quarter, we realized a 60% year-over-year increase in agent productivity, a 17% year-over-year increase in our lead conversion rate and a 23% year-over-year increase in our cross-sell rate, allowing us to grow our top line while driving additional operating leverage.

除了為我們的客戶帶來好處之外，我們的生產力和成本結構也得到了顯著的好處。第二季度，我們的座席生產力年增 60%，潛在客戶轉換率年增 17%，交叉銷售率年增 23% ，使我們能夠增加收入，同時推動額外的營運槓桿。

All of the efforts we have focused on this past year are now bearing fruit. Our business now has inherently less exposure to wind and hail is growing more quickly because we are better meeting our customers' needs and as operating in a more efficient and cost effective manner.

過去一年我們所做的所有努力現在都已結出果實。現在，我們的業務本質上受到風和冰雹的影響較小，成長速度更快，因為我​​們更好地滿足客戶的需求，並以更有效率、更具成本效益的方式運作。

We remain confident that we can achieve our long stated goal of positive adjusted EBITDA by the end of this year. I could not be prouder of the work our team has accomplished this past quarter and look forward to sharing more of the benefits of their work with you in future quarters.

我們仍有信心在今年年底前實現長期設定的調整後 EBITDA 為正值的目標。我對我們的團隊在過去一個季度所完成的工作感到無比自豪，並期待在未來幾季與您分享更多他們工作的好處。

Now I'd like to turn the call over to our Chief Financial Officer, Steward Ellis, to walk through the highlights of our Q2 2024 financial results as well as our expectations for the future.

現在我想將電話轉給我們的財務長 Steward Ellis，他將介紹我們 2024 年第二季財務業績的亮點以及我們對未來的預期。

Thanks, Rick, and good morning, everyone. The second quarter of 2024 was a critical inflection point for Hippo. Not only did we extend our track record of consistent year-over-year improvement in our core metrics. We also cleared what was arguably our biggest hurdle to achieving the bottom line guidance we issued at the beginning of the year seasonal weather exposure associated with wind and hail in the Midwest.

謝謝瑞克，大家早安。2024年第二季對Hippo來說是關鍵的轉捩點。我們不僅擴大了核心指標逐年持續改善的紀錄。我們也清除了可能是我們實現年初發布的與中西部風和冰雹相關的季節性天氣暴露的底線指導的最大障礙。

So as I walk through the key lines of our P&L, I'll explain how the drivers of these results give us continued confidence in our path to positive adjusted EBITDA. I'll also walk through why we are comfortable raising our top line guidance and maintaining our bottom line guidance despite higher than expected wind and hail losses during the quarter.

因此，當我詳細介紹損益表的關鍵內容時，我將解釋這些結果的驅動因素如何讓我們對實現正調整 EBITDA 的道路保持持續的信心。我還將介紹為什麼儘管本季度的風和冰雹損失高於預期，但我們仍然願意提高我們的收入指導並維持我們的底線指導。

In Q2, TGP grew 20% year over year to $380 million, driven by continued strength in our services and insurance as a service segment. Growth in placements of policies for customers with third party carriers led to a 38% increase in our services TGP and growth of existing programs helped our insurance as a services TGP to grow by 23%, bringing the collective premium from these two segments to 83% of our total TGP, up from 73% a year ago.

第二季度，在我們的服務和保險服務領域持續強勁的推動下，TGP 年比成長 20%，達到 3.8 億美元。為第三方承運人提供的客戶保單的成長導致我們的服務TGP 成長了38%，而現有計畫的成長幫助我們的保險即服務TGP 成長了23%，使這兩個細分市場的集體保費達到83%占我們 TGP 總量的比例，高於一年前的 73%。

This growth more than offset the 27% year over year reduction in TGP from our HHIP segment, the result of managing our exposure to high-cost geographies. As we look to the second half of the year, we expect year-over-year TGP growth to accelerate relative to the levels achieved in Q1 and Q2 as we complete the CAT exposure management and HHIP and the growth in our new homes channel is no longer offset by reductions in other areas of our portfolio.

這一增長足以抵消我們 HHIP 部門 TGP 年比下降 27% 的影響，這是我們管理高成本地區風險的結果。展望今年下半年，隨著我們完成 CAT 風險管理和 HHIP，並且我們的新房通路的成長沒有增加，我們預計 TGP 的同比增長將相對於第一季度和第二季度實現的水平加速。被我們投資組合其他領域的減少所抵消。

Revenue growth in Q2, again outpaced TGP growth, increasing 88% year over year to $90 million, up from $48 million in Q2 2023. Much like last quarter, the higher retention of TGP at HHIP and the volume increases at the insurance of the service and services segments were the primary drivers of the growth.

第二季的營收成長再次超過了 TGP 的成長，年增 88% 至 9,000 萬美元，高於 2023 年第二季的 4,800 萬美元。與上季非常相似，HHIP 的 TGP 保留率較高以及服務和服務部門的保險業務量增加是成長的主要驅動力。

As we have discussed previously, our increasing confidence in both the magnitude and the predictability of our loss ratio has enabled us to retain a greater share of the premium we write on our own balance sheet. As a result of this higher premium retention, net earned premium as a percentage of gross earned premium in our HHIP business rose to 64% in Q2, up from 14% a year ago.

正如我們之前所討論的，我們對損失率的規模和可預測性的信心不斷增強，這使我們能夠在自己的資產負債表上保留更大份額的溢價。由於保費保留率較高，我們的 HHIP 業務中的淨已賺保費佔已賺保費總額的百分比從一年前的 14% 上升至第二季度的 64%。

Insurance as a service revenue growth was driven mostly by the premium growth from existing programs augmented by slightly higher risk retention with some of the programs. In our services segment, revenue grew more slowly than TGP due to the continued mix shift from our agency where we earn commissions on a gross basis to our First Connect platform, where we take a percentage of the gross commissions paid by carriers to our agency customers and recognize revenue on a net basis.

保險即服務收入的成長主要是由現有計畫的保費成長所推動的，再加上某些計畫的風險自留略高。在我們的服務領域，營收成長速度比TGP 慢，因為我們的代理商（我們以毛額賺取佣金）持續混合轉向我們的First Connect 平台（我們從營運商向代理商客戶支付的總佣金中抽取一定比例）並以淨額確認收入。

As we look to the second half of the year, we expect revenue to continue to grow faster than TGP as we complete the transition from our old quota-share reinsurance structure to our current XOL structure and benefit from the ability to retain more of the written premium for Hippo.

展望今年下半年，隨著我們完成從舊配額份額再保險結構到當前 XOL 結構的轉變，並受益於保留更多書面保險的能力，我們預計收入增長將繼續快於 TGP。

Our Q2 loss ratio results for HHIP were a significant win for the business. Despite a difficult weather quarter for the homeowners' insurance industry and slightly higher than expected losses from wind and hail. We demonstrated the effectiveness of the measures we have been taking to manage our exposure to these perils.

我們的 HHIP 第二季度損失率結果是該業務的重大勝利。儘管房屋保險業的天氣狀況不佳，而且風和冰雹造成的損失略高於預期。我們展示了我們為管理這些危險而採取的措施的有效性。

Because of the actions we've taken and excluding the benefit of favorable prior year development, we saw our HHIP, PCS CAT loss ratio improved by 83 percentage points year over year to 39%. On a gross basis, this represented approximately $30 million of PCS losses in the quarter, up $12 million from Q1 this year, but down $80 million from Q2 of last year.

由於我們採取的行動（排除上一年有利發展的好處），我們的 HHIP、PCS CAT 損失率比去年同期下降了 83 個百分點，達到 39%。以總額計算，本季 PCS 損失約 3,000 萬美元，比今年第一季增加 1,200 萬美元，但比去年第二季減少 8,000 萬美元。

By this time next year when the underwriting changes have had a chance to work their way through our full portfolio, severe convective storms should be a less significant driver of our bottom line financial results. Looking ahead to the second half of 2024, we expect PCS cat weather losses of HHIP to decline significantly off their seasonal peak in Q2, which is consistent with the guidance we shared earlier this year.

到明年這個時候，當承保變化有機會在我們的整個投資組合中發揮作用時，強對流風暴對我們財務績效底線的影響應該不再那麼重要。展望 2024 年下半年，我們預計 HHIP 的 PCS 巨災損失將較第二季的季節性高峰大幅下降，這與我們今年稍早分享的指導一致。

Beyond the weather, we also saw continued improvement in our HHIP non-PCS loss ratio. Again, excluding the benefits of favorable prior year development this ratio improved by 3 percentage points year over year to 60%, despite temporary mix shift driven pressure on this number due to the reduction of policies in high-cost geographies, which because a greater portion of their premium is for expected CAT losses has a lower non-weather loss ratio.

除了天氣因素之外，我們還看到 HHIP 非 PCS 損失率持續改善。同樣，排除上一年有利發展的好處，這一比率同比提高了3 個百分點，達到60%，儘管由於高成本地區政策的減少，暫時的組合轉變對該數字造成了壓力，這是因為較高成本地區的政策減少導致這一數字下降。 他們的保費中的一部分是預期 CAT 損失的非天氣損失率較低。

As we complete the high CAT exposure reductions in the second half of the year. We expect the benefits from rate action in prior quarters to become more dominant and to drive a material improvement in this metric.

當我們在下半年完成高額 CAT 暴露削減工作時。我們預計前幾季的利率行動帶來的好處將變得更加主導，並推動該指標的實質改善。

The combination of year-over-year improvements in both weather and non-weather loss ratios I just mentioned drove a substantial improvement in our total HHIP gross loss ratio, which improved by 86 percentage points to 99% from 185% in Q2 of last year.

我剛才提到的天氣和非天氣損失率比去年同期改善，推動我們的 HHIP 總損失率大幅改善，從去年第二季的 185% 改善了 86 個百分點至 99% 。

This portfolio level improvement, combined with the improvements to our reinsurance structure, drove an even larger improvement in our HHIP net loss ratio, which came in at 113% during the quarter, an improvement of 475 percentage points versus Q2 of last year.

這種投資組合水準的改善，加上我們再保險結構的改進，推動了我們的 HHIP 淨損失率的更大改善，本季度淨損失率為 113%，比去年第二季度提高了 475 個百分點。

Moving further down the P&L. As we discussed last quarter, the full scope of the benefits from last year's efforts to streamline our cost structure were realized in Q1. We continued our discipline in these areas in Q2, holding our fixed expenses flat quarter over quarter as our top line continued to grow.

進一步降低損益表。正如我們上季度所討論的那樣，去年簡化成本結構的努力所帶來的全部好處在第一季得到了實現。第二季度，我們繼續在這些領域保持紀律，隨著我們的收入持續成長，我們的固定支出季度環比持平。

While we expect total fixed expenses at roughly this level for the rest of the year, we do not expect that to have a negative impact on our growth. As Rick mentioned earlier, we have made investments in technology that has helped our agents become more productive, and that has significantly improved our conversion and cross-sell rates.

雖然我們預計今年剩餘時間固定支出總額大致在這個水平，但我們預計這不會對我們的成長產生負面影響。正如里克之前提到的，我們對技術進行了投資，幫助我們的代理商提高了工作效率，並顯著提高了我們的轉換率和交叉銷售率。

The cumulative benefits of these changes have enabled us to continue to grow while reducing sales and marketing dollars spent by 41% year over year. Relative to Q2 of last year, our GAAP sales and marketing technology and development and general and administrative expenses collectively declined by $16 million, a year-over-year decrease of 28%.

這些變化的累積效益使我們能夠繼續成長，同時將銷售和行銷費用年減 41%。與去年第二季相比，我們的 GAAP 銷售和行銷技術以及開發以及一般和管理費用總共下降了 1,600 萬美元，年減 28%。

When combined with the increases in our revenue over the same period, these costs fell by 74 percentage points of revenue shrinking from 120% of revenue in Q2 2023 to 46% of revenue this past quarter. We expect to continue to hold these costs at these levels in the second half of the year, while our revenue continues to grow and as I'll discuss in a moment, this is one of the factors that will help us converge to positive adjusted EBITDA in Q4.

與同期收入的成長相結合，這些成本與收入相比下降了 74 個百分點，從 2023 年第二季營收的 120% 降至上一季營收的 46%。我們預計下半年將繼續將這些成本保持在這樣的水平，同時我們的收入繼續增長，正如我稍後將討論的，這是幫助我們實現正調整 EBITDA 的因素之一在第四季度。

Turning now to adjusted EBITDA. In Q2, our adjusted EBITDA loss came in at $24.9 million, a $62.8 million improvement versus Q2 of 2023. The main driver of the year-over-year improvement in adjusted EBITDA was 94 percentage point decrease in our HHIP gross loss ratio, complemented by an improved reinsurance structure, better operating leverage and continued growth in our businesses that are less susceptible to weather and underwriting volatility insurance as a service and services.

現在轉向調整後的 EBITDA。第二季度，我們調整後的 EBITDA 損失為 2,490 萬美元，比 2023 年第二季減少了 6,280 萬美元。調整後 EBITDA 同比改善的主要推動力是我們的 HHIP 毛損率下降了 94 個百分點，再加上再保險結構的改善、運營槓桿的改善以及不易受天氣和承保影響的業務的持續增長波動性保險作為一種服務和服務。

Quarter over quarter our adjusted EBITDA loss widened by $5 million, driven by a $12 million quarter over quarter seasonal increase in gross PCS CAT losses at HHIP, offset by improvements in other areas of the business.

環比調整後的 EBITDA 虧損擴大了 500 萬美元，這是由於 HHIP 的 PCS CAT 總虧損季度環比增加了 1,200 萬美元，但被其他業務領域的改善所抵消。

And our gross PCS CAT losses been consistent with the actuarially expected values that form the basis for our initial 2024 guidance, our adjusted EBITDA loss would have stayed flat quarter over quarter despite the entire industry experiencing seasonally higher weather.

我們的 PCS CAT 總損失與構成我們 2024 年初始指導基礎的精算預期值一致，儘管整個行業經歷了季節性較高的天氣，但我們調整後的 EBITDA 損失將保持季度環比持平。

I'd now like to update our guidance for the second half of 2024. With the second quarter behind us, we now have a clearer line of sight to Hippo's path to positive adjusted EBITDA and the trends that we expect to drive that convergence are the same trends that explain why our Q2 adjusted EBITDA loss widened by a far smaller magnitude than the seasonal increase in weather losses.

我現在想更新我們對 2024 年下半年的指導。隨著第二季的過去，我們現在對Hippo 實現正調整EBITDA 的道路有了更清晰的認識，我們預計推動這一趨同的趨勢與解釋為什麼我們第二季調整後EBITDA 損失擴大幅度小得多的趨勢相同與天氣損失的季節性增加相比。

To recap the key drivers of convergence to positive adjusted EBITDA that I mentioned earlier. In the second half of the year, we expect TGP growth to reaccelerate as we complete the adjustments to our exposure in high-cost geographies. And as the growth in our new homes channel is no longer offset by reductions in other areas of our portfolio. This will start in Q3, but will be much more meaningful in Q4.

回顧我之前提到的正向調整 EBITDA 趨同的關鍵驅動因素。下半年，隨著我們完成高成本地區業務的調整，我們預計三峽工程的成長將重新加速。隨著我們新房通路的成長不再被我們投資組合其他領域的減少所抵消。這將從第三季開始，但在第四季將更有意義。

We expect revenue to continue to grow faster than TGP as policies written in 2023 continue to renew onto our new reinsurance structure and we're able to benefit from the full monetization of the risk we are retaining.

我們預計收入的成長速度將繼續快於 TGP，因為 2023 年制定的保單將繼續更新到我們新的再保險結構中，並且我們能夠從我們保留的風險的全部貨幣化中受益。

We expect PCS CAT weather losses to decline significantly off their seasonal peak in Q2. So we expect our non-weather loss ratio to improve significantly as previous rate action earns in and is no longer offset by the mix shift away from higher volatility, higher premium policies toward lower volatility, lower premium policies.

我們預計 PCS CAT 天氣損失將較第二季的季節性高峰大幅下降。因此，我們預期我們的非天氣損失率將顯著改善，因為先前的利率行動會帶來收益，並且不再被從波動性較高、保費較高的保單轉向波動性較低、保費較低的保單的組合轉變所抵消。

We expect fixed costs to remain roughly in line with Q2 levels even as our top line continues to grow, aided by significant improvements in our efficiency that have been enabled by our technology platform. And finally, we expect a minimum cash and investments excluding restricted cash to be more than $450 million when we turn adjusted EBITDA positive in Q4.

我們預計固定成本將與第二季的水平大致保持一致，即使我們的收入持續成長，得益於我們的技術平台帶來的效率顯著提高。最後，當我們在第四季度調整後 EBITDA 為正值時，我們預計最低現金和投資（不包括限制性現金）將超過 4.5 億美元。

The result of these trends and assuming the expected PCS CAT load we provided in our shareholders letter should enable our adjusted EBITDA loss to decline from Q2 levels to somewhere between $9 million and $11 million loss in Q3 before turning positive in Q4, where we expect to generate between $5 million and $6 million in positive adjusted EBITDA.

這些趨勢的結果以及假設我們在股東信中提供的預期PCS CAT 負載應該會使我們調整後的EBITDA 損失從第二季度的水平下降到第三季度900 萬至1100 萬美元的損失，然後在第四季度轉為正數，我們預計產生 500 萬至 600 萬美元的正調整 EBITDA。

And with that, operator, I'd now like to open the floor to questions.

接線員，現在我想開始提問。

(Operator Instructions)

（操作員說明）

Yaron Kinar, Jefferies.

亞倫·基納爾，傑弗里斯。

Thank you and good morning and congrats on the quarter. Rick, I wanted to start with a comment in your shareholders letter that I think you also repeated on the call just now about where you attribute the PCS CAT weather loss ratio improvement first and foremost, the technology.

謝謝你，早安，恭喜本季。Rick，我想先在您的股東信中發表評論，我認為您在剛才的電話會議中也重複了這一評論，即您將 PCS CAT 天氣損失率的改進首先歸因於技術。

And I would have thought a lot of blocking and tackling and just pulling out of certain regions, some things that you've discussed in the past, but things that aren't necessarily technology driven. So I'd love to hear maybe a little more about the role technology played in this.

我本來會考慮很多阻止和解決問題，然後從某些地區撤出，一些你過去討論過的事情，但這些事情不一定是技術驅動的。所以我很想聽聽更多關於科技在其中發揮的作用的資訊。

Yes, good morning, Yaron. This is Rick. A great clarifying question and you're right and to be clear, the blocking and tackling things like the price increases that we put into the market, the coverage changes, which would be inclusive of deductible changes exposure management and exposure reduction and high concentrated areas. That's the underlying reason for the improvement.

是的，早上好，亞龍。這是瑞克。這是一個很好的澄清問題，你是對的，要明確的是，阻止和解決諸如我們投入市場的價格上漲、承保範圍變化等問題，其中包括免賠額變化、風險管理和風險減少以及高集中區域。這就是改進的根本原因。

When we talk about technological advancements, you've got to keep in mind that this is somewhat dynamic. So when we put higher deductibles in the market or we pull at higher rates in the market, you really don't know what percentage of customers are going to actually accept and renew with the higher deductibles or accept the higher rates.

當我們談論技術進步時，您必須記住，這在某種程度上是動態的。因此，當我們在市場上設定更高的免賠額或在市場上收取更高的費率時，您真的不知道有多少百分比的客戶會實際接受並更新更高的免賠額或接受更高的費率。

So we have a living, breathing technological platform that allows us to look at these real-time and iterate real time on adjustments we need to make to our improvement, and that's where the technology really comes into effect.

因此，我們擁有一個充滿活力的技術平台，使我們能夠即時查看這些並即時迭代我們需要進行的改進調整，這就是技術真正發揮作用的地方。

It's our ability to analyze those real time, make the adjustments real time and put those adjustments into market. So the technology really accelerates and I think is a attributing factor of how quickly we've dramatically improved the loss ratio. So I hope that helps clarify.

這是我們即時分析這些、即時做出調整並將這些調整投入市場的能力。因此，這項技術確實在加速發展，我認為這是我們大幅提高損失率的一個決定因素。所以我希望這有助於澄清。

Definitely. Thank you. And then my second question, and this may be more towards Stewart, with the new EBITDA guide on that is a bit lower at the midpoint? Can you maybe help us think through the puts and takes again, so better top line growth now expected relative to the prior guide?

確實。謝謝。然後我的第二個問題，這可能更傾向於斯圖爾特，新的 EBITDA 指南的中點有點低？您能否幫助我們再次思考看漲期權和看跌期權，以便與先前的指南相比，現在預計收入會有更好的增長？

The operating leverage that comes with that is also better. So it looks like it's the loss ratio that's really driving that deterioration. I guess one is that true? And two, assuming it is true, is that mostly backwards looking namely the loss ratio in the first half was a bit worse than initially expected or is it also forward looking into the second half?

隨之而來的營運槓桿也更好。因此，看起來損失率才是真正惡化的原因。我想有一個是真的嗎？第二，假設這是真的，這主要是向後看，即上半年的損失率比最初預期的要差一些，還是也向前看下半年？

Thank you, Yaron. It's a good question. Happy to try to clarify. So I think first, you're absolutely right, where our expectations for both revenue being higher and TGP being higher and OpEx remaining flat are a correct interpretation of what we said.

謝謝你，亞龍。這是一個好問題。很高興嘗試澄清。所以我認為首先，你是絕對正確的，我們對收入更高、TGP 更高、營運支出保持持平的預期是對我們所說內容的正確解釋。

And our loss ratio expectations for the year are slightly worse, but that's almost entirely a PCS a result of the Q2 weather. Q2 was a massive improvement over last year and I think we can attribute it to all of the reasons that we've talked about already on the call, but also what Rick mentioned, but it was a little bit higher than our expectations.

我們對今年損失率的預期稍差，但這幾乎完全是第二季天氣的結果。第二季度比去年有了巨大的進步，我認為我們可以將其歸因於我們在電話會議中已經討論過的所有原因，以及里克提到的內容，但它比我們的預期要高一點。

And so when we think about PCS broadly in the financials, I think in the beginning year, we guided to around 20% annual PCS load. If you look at the Q2 results and you just maintain kind of are our expectations going into the future, you get mostly to where we are today, which is a 24% annual PCS load. So most of the difference there is backward looking rather than forward looking.

因此，當我們在財務方面廣泛考慮 PCS 時，我認為在第一年，我們將年度 PCS 負載指導為 20% 左右。如果您查看第二季的結果，並且您只是維持我們對未來的期望，那麼您基本上會達到我們今天的水平，即年度 PCS 負載為 24%。因此，大多數差異是向後看而不是向前看。

Yeah, in the beginning of the year for non-PCS, we guided to around somewhere between 52% and 58% on an annual basis with a midpoint of [55%] revised guidance. There is 55% to 57% on an annual basis with a midpoint of 56%. So it's a mostly a PCS driven thing.

是的，今年年初，對於非 PCS，我們的年度指導值約為 52% 至 58%，其中中點為 [55%] 修訂後的指導值。年增長率為 55% 至 57%，中點為 56%。所以這主要是 PC 驅動的事情。

The thing that gives me greater confidence today as we think about the overall EBITDA for the future is that the adjusted EBITDA results in Q2, the loss widened by a smaller amount than the weather increased relative to Q1 and the factors that are driving that outperformance, I guess in other areas of the business are the same factors that are driving the convergence to positive adjusted EBITDA in Q4.

今天，當我們考慮未來的整體EBITDA 時，讓我更有信心的是，第二季調整後的EBITDA 結果，與第一季度相比，損失擴大幅度小於天氣增加的幅度，以及推動業績優異的因素，我猜想，在其他業務領域，同樣的因素也在推動第四季度調整後的 EBITDA 趨於正值。

And I should also probably say that the weather, the PCS loss ratio guidance is for the year. The updated guidance includes everything we know today about events that have happened in Q3.

我還應該說，天氣、PCS 損失率指引是針對當年的。更新後的指南包括我們今天所了解的有關第三季度發生的事件的所有資訊。

Got it. Thank you. If I could sneak one last one in on if we fast forward into 2Q '25 and just apply the same PCS events that we just saw in the second quarter of '24. And assume that you've completed the kind of the pull that from CAT exposed geographies, all else equal, what would you have expected -- or what would you expect the PCS CAT loss ratio to be?

知道了。謝謝。如果我們快轉到 25 年第二季度並應用我們剛剛在 24 年第二季度看到的相同 PCS 事件，我可以偷偷地講一下最後一個。假設您已經完成了從 CAT 暴露的地區進行的拉動，在其他條件相同的情況下，您會期望什麼，或者您期望 PCS CAT 丟失率是多少？

Yeah. Happy to take that one as well. It's just as a reminder, it's not just exposure management and higher catch our thesis also changes to terms and conditions like the deductibles that Rick mentioned. And so if you were to do a like-for-like same weather events after all of these changes have rolled through our portfolio, we would expect an additional 60% reduction in loss dollars compared to Q2 of this year.

是的。也很高興接受那個。這只是提醒一下，這不僅僅是風險管理和更高的收益，我們的論文還改變了條款和條件，例如里克提到的免賠額。因此，如果在我們的投資組合中經歷所有這些變化之後，再進行類似的天氣事件，我們預計與今年第二季度相比，損失金額將額外減少 60%。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Yaron.

謝謝，亞龍。

Thanks.

謝謝。

Tommy Moll, KBW.

湯米·莫爾，KBW。

Hi, good morning. It's (inaudible) on for Tommy. My first question's on the PCS loss ratio guidance. So what are you guys based on the baseline historical normal year or above average by the industry forecast according for?

嗨，早安。湯米（聽不清楚）已經開始了。我的第一個問題是關於 PCS 丟失率指南。那麼，根據歷史正常年份的基線或高於產業預測的平均水平，你們的預測是什麼呢？

Yeah. Thanks for the question. The updated PCS guidance is based on our actuarial expectations, given the geography and the portfolio that we have. And it's been adjusted and updated to reflect, as I said a moment ago, everything that we know today about events that has happened so far in Q3.

是的。謝謝你的提問。更新後的 PCS 指導是基於我們的精算預期，考慮到我們的地理位置和投資組合。正如我剛才所說，它已經過調整和更新，以反映我們今天所了解的有關第三季度迄今為止發生的事件的一切。

Okay, got it. Thank you. My second question's on the near term gross written premium ratio. Since that, you guys have a new reinsurance just for now. So how should we think about the net to gross written premium ratio for different segments?

好的，明白了。謝謝。我的第二個問題是關於近期毛承保保費比率。從那時起，你們現在就擁有了新的再保險。那我們該如何考慮不同細分市場的淨保費與毛保費的比率呢？

Yeah, happy to take that one. I think just to rewind a bit a year or so ago, we were still fairly heavy users of quota share reinsurance where we're ceding off a proportion of the premium and a proportion of the losses those quota share reinsurance treaty had some loss participation features in them. That in hindsight meant that we were retaining a greater share of losses than we were at the premium.

是的，很高興接受那個。我認為，回顧大約一年前，我們仍然是配額份額再保險的相當大的用戶，我們放棄了一部分保費和一部分損失，這些配額份額再保險條約具有一些損失參與特徵在他們之中。事後看來，這意味著我們保留的損失份額比溢價時更大。

And so coming into 2024, we decided to make a change to our structure and move from a from being a heavy buyer of quota-share reinsurance to a more traditional excess of loss structure. That means that we're retaining more of the premium on our balance sheet and getting paid for the risks that we're retaining.

因此，進入 2024 年，我們決定改變我們的結構，從配額份額再保險的大量買家轉向更傳統的超額損失結構。這意味著我們在資產負債表上保留了更多的溢價，並為我們保留的風險獲得報酬。

We will still use excess of loss reinsurance where we cede off a portion of the premium to protect the tail. But we are able as a result of the XOL structure and using less quota share to retain more of the thing and which means our earned premium is going to be growing year over year faster than our TGP as we shift to the new structure.

我們仍將使用超額損失再保險，即放棄部分保費來保護尾部。但由於 XOL 結構和使用更少的配額份額，我們能夠保留更多的東西，這意味著當我們轉向新結構時，我們賺取的保費將比我們的 TGP 增長得更快。

We still have some policies that have not yet renewed in 2024 that were on the 2023 quota share reinsurance treaty. And so as those policies renew not only will we have a greater share of the premium that we'll earn in over the next 12 months, but they will also renew in the areas that we've been talking about so far in this call onto the new deductible structure and onto the new terms and conditions, which we think which will be beneficial for the loss ratio improvement we're expecting going forward.

我們還有一些 2023 年配額份額再保險條約中的保單尚未在 2024 年續約。因此，隨著這些保單的更新，我們不僅將在未來 12 個月內獲得更大份額的保費，而且還將在我們迄今為止在本次電話會議中討論的領域進行更新。以及新的條款和條件，我們認為這將有利於我們預期的未來損失率的改善。

If I could add one thing, this is Rick, the only reason we were comfortable to shift our reinsurance strategy away from quota share is because of the underlying confidence we have in the loss ratio and portfolio improvement.

如果我可以補充一件事，這是里克，我們願意將再保險策略從配額份額轉向的唯一原因是因為我們對損失率和投資組合改善有潛在的信心。

If we didn't have strong confidence in that, we still likely would have been purchasers of more quota share, but it's both from an underlying attritional loss ratio perspective and the work that we are doing on our project volatility, which is the CAT management deductible change, all of those things gave us the confidence to shift three in structure and that shift is it's paying off.

如果我們對此沒有堅定的信心，我們仍然可能會成為更多配額份額的購買者，但這既是從潛在的損耗率角度來看，也是從我們正在針對專案波動性所做的工作（即CAT 管理）來看扣除額的變化，所有這些都讓我們有信心在結構上進行三項轉變，而這種轉變正在得到回報。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

Thank you.

謝謝。

Pablo Singzon, JPMorgan.

巴勃羅·辛宗，摩根大通。

Hi, good morning. Can you please talk about the competitive position of your home niche products in regions where you're still writing? I presume you want to be naturally price out of areas that are not attractive to you, but where we saw, right, how do you compare to the competition as far as features are concerned and compensation to agents?

嗨，早安。您能談談您的家用利基產品在您仍在寫作的地區的競爭地位嗎？我認為您自然希望在對您沒有吸引力的領域中定價，但我們看到，就功能和代理商報酬而言，您與競爭對手相比如何？

Yeah, Pablo, great question. This is Rick. A couple of different facets to your question. So first, I think we've been very clear that as a company we are only going to write where we have an expected loss ratio that is positive and where we are avoiding catastrophic aggregation concerns.

是的，巴勃羅，好問題。這是瑞克。你的問題有幾個不同的面向。因此，首先，我認為我們已經非常清楚，作為一家公司，我們只會在預期損失率為正且避免災難性匯總問題的情況下進行記錄。

So in those areas where we have opened up, we are confident that we have both a product and tech advantage and a consumer adoption advantage. Predominantly in our new home channel this is something that we've talked about doubling down on we've deployed new technology in that channel.

因此，在我們開放的那些領域，我們有信心擁有產品和技術優勢以及消費者採用優勢。主要是在我們的新家庭頻道中，我們已經討論了在該頻道中部署新技術的加倍努力。

We have additional third party carrier and partners in that channel because remember, the customer comes essentially in a digitized way into our agency and then we choose what the best solution is for the customer. Sometimes it's the Hippo new home product, sometimes it's third party new home product.

我們在該管道中擁有其他第三方營運商和合作夥伴，因為請記住，客戶本質上以數位化方式進入我們的代理商，然後我們為客戶選擇最佳解決方案。有時是河馬新家居產品，有時是第三方新家居產品。

So the additional technology has allowed us to better aggregate that business amongst various players. We have new builder partners in that channel as well. So we're very excited, as Stewart mentioned, as we complete our aggregation management and profitability efforts, which is currently a headwind to growth.

因此，額外的技術使我們能夠更好地聚合不同參與者之間的業務。我們在該通路中也有新的建築商合作夥伴。因此，正如史都華所提到的，當我們完成聚合管理和獲利能力工作時，我們感到非常興奮，而這目前是成長的阻力。

Generally that will become a tailwind because we will no longer be eliminating that business and we will continue to grow in channels where we have a strong expected loss ratio. So I think that's the fundamental answer to your question.

一般來說，這將成為一種順風，因為我們將不再消除該業務，我們將繼續在預期損失率較高的管道中成長。所以我認為這就是你問題的根本答案。

Thanks. And actually that's a good segue to my next question, I wanted to hear more about the home business segment on how fast is it growing and what's driving the growth of new partners increasing penetration?

謝謝。事實上，這是我下一個問題的一個很好的延續，我想更多地了解家庭業務領域，了解它的增長速度有多快，以及是什麼推動了新合作夥伴的增長和滲透率的提高？

I think there's a recognition that segment of homeowners is particularly attractive, right from an industry perspective. And I'd just be curious to hear sort of what's going on from your perspective in that business Thanks.

我認為從行業角度來看，人們認識到房主群體特別有吸引力。我很好奇從您的角度了解該行業正在發生的事情，謝謝。

Yeah, Pablo, good question. At this point, what we are excited to share is really three different facets in which we are doubling down in growing that channel. First, as I mentioned additional carrier partners that come alongside Hippo's product and offer to customers.

是的，巴勃羅，好問題。在這一點上，我們很高興與大家分享的是我們正在加倍努力發展該管道的三個不同方面。首先，正如我所提到的，與 Hippo 的產品一起提供給客戶的其他營運商合作夥伴。

Second is we are adding more builders to the platform. And third is our operational metrics continue to improve. So that's the combination of improvement in opt-in rate for customers wanting to receive a quote, improved attach rate for those customers and improved unit economics because of the changes that are going through the rating portfolio and the work that we're doing.

其次，我們正在為平台添加更多建構者。第三是我們的營運指標不斷改善。因此，由於評級組合的變化和我們正在做的工作，希望獲得報價的客戶的選擇加入率得到了提高，這些客戶的附加率得到了提高，單位經濟效益也得到了改善。

So I will have more to share next quarter on this. But at this point, it's a combination of all three factors that have very much given us confidence in growth in that particular area.

因此，下個季度我將就此分享更多內容。但在這一點上，所有三個因素的結合使我們對這個特定領域的成長充滿信心。

Great. Thank you.

偉大的。謝謝。

Thanks, Pablo.

謝謝，巴勃羅。

Yaron Kinar, Jefferies.

亞倫·基納爾，傑弗里斯。

Hi. I'm back with couple of follow-ups if I could. One within services, can you provide the portion of TGP coming from First Connect?

你好。如果可以的話，我會帶著一些後續行動回來。在服務方面，您能提供來自 First Connect 的 TGP 部分嗎？

Hey, Yaron, it's Stewart. This is not a level of detail that we have previously provided. And so happy to take this as a suggestion as we think about our 2025 reporting. When we started, it was not as significant as it is today. So it's trending in a direction where obviously it makes sense to start thinking about breaking that out. But we'll consider that for next year.

嘿，亞倫，我是史都華。這不是我們之前提供的詳細程度。當我們思考 2025 年報告時，很高興將此作為建議。當我們開始時，它並不像今天那麼重要。因此，它的發展趨勢顯然是有必要開始考慮打破這個局面。但我們會在明年考慮這一點。

Great. And then the other question I had was the acceleration of TGP. Is that really coming only from HHIP? Or do you also expect services in [IA TGP] to re-accelerated second half of the year?

偉大的。然後我的另一個問題是TGP 的加速。這真的只是來自 HHIP 嗎？或者您是否也期望[IA TGP]的服務在下半年重新加速？

So services and insurance as a service have been growing quite healthfully. I think in 2024, I think that the bulk of the acceleration that you're going to see comes from, as we talked about the headwind associated with the exposure management that we're doing at HHIP going away and allowing the underlying growth in the new homes channel to become a more dominant factor in the broader business.

因此，服務和保險即服務一直在健康發展。我認為到 2024 年，您將看到的大部分加速來自於，正如我們談到的與我們在 HHIP 所做的風險管理相關的逆風消失，並允許潛在的增長新房渠道成為更廣泛業務中更具主導性的因素。

That will also benefit the services segments because, as you know, the agency within our business also sells our Hippo home insurance product. And so the growth of the services segment has been despite the exposure management actions at HHIP.

這也將使服務部門受益，因為如您所知，我們業務中的代理商也銷售我們的 Hippo 家庭保險產品。因此，儘管 HHIP 採取了風險管理措施，但服務部門仍在成長。

Obviously, that gets eliminated in the eliminations when you look at the consolidated results. But I do think it's important to understand that the growth of the services segment is also it by itself has been fairly rapid and the acceleration is due to almost entirely, I think, to the and a winding up of the changes that have been rolling through the portfolio at HHIP for the first couple of quarters and will continue through October of this year.

顯然，當您查看合併結果時，這一點在消除中被消除了。但我確實認為重要的是要了解服務領域的成長本身也相當快，而且我認為這種加速幾乎完全是由於正在經歷的變革的結束和結束HHIP 的投資組合在前幾個季度將持續到今年10月。

Yeah, Yaron, this is Rick. I'd like to add a couple of things to what Stewart said. As I mentioned in the letter, we are also getting far more efficient with things like cross-sell within the services segment. So we anticipate continued improvement in that arena, which will do a couple of things.

是的，亞倫，這是瑞克。我想對斯圖爾特所說的內容補充幾點。正如我在信中提到的，我們在服務領域的交叉銷售等方面也變得更有效率。因此，我們預計該領域將持續改進，這將起到以下作用。

One, it will increase TGP -- increased TGP because we will be selling more products to each individual customer. And ultimately, it will continue to help drive down LTV to CAT for that same reason. And we expect that to continue to improve as we're putting significant efforts in both technology and operational prowess within the services segment.

第一，它將增加 TGP——增加 TGP 因為我們將向每個客戶銷售更多的產品。最終，出於同樣的原因，它將繼續幫助將 LTV 降低到 CAT。我們預計，隨著我們在服務領域的技術和營運能力方面投入大量精力，這種情況將繼續改善。

Okay. And maybe circling back to Stewart's point around. We acceleration of growth in HHIP also ultimately impacting the services segment. Would that also suggest then that the delta within the service segment between TGP growth and revenue growth would start inflecting downwards again because more of the growth potentially would be from the agency business as opposed to First Connect?

好的。也許回到史都華的觀點。我們 HHIP 成長的加速也最終影響了服務領域。這是否也表明，TGP 成長和收入成長之間的服務細分市場的增量將再次開始向下彎曲，因為更多的成長可能來自代理業務，而不是 First Connect？

I think when we were -- I'm not sure I 100% understood your question. So if I've misunderstood it, please let me know and I'm happy to take a different angle. But when we report results within the agency. We the agency revenue is the commission that the MGA is paying the agency internally it's at that roughly market rates. And so, I'm not sure if that was your question, but please let me know if that's not it.

我想當我們——我不確定我是否 100% 理解你的問題。因此，如果我誤解了，請告訴我，我很樂意採取不同的角度。但是當我們在機構內部報告結果時。我們的代理收入是 MGA 向代理商內部支付的佣金，大致以市場價格計算。因此，我不確定這是否是您的問題，但如果不是，請告訴我。

So my question is the revenues that come in from First Connect are a far lower portion of TGP because you collect a fraction of the commissions, right? You collect a percentage fee on that commission versus the agency fee, which is a gross fee.

所以我的問題是，來自 First Connect 的收入佔 TGP 的比例要低得多，因為您只收取一小部分佣金，對嗎？您根據該佣金與代理費（即總費用）收取一定比例的費用。

So my question is if HHIP is now expect that to accelerate growth and some of that is going back into services through commissions. Then ultimately, should we expect the delta within the services segment's revenue growth and TGP growth to come down a bit relative to where it was in the second quarter?

所以我的問題是，HHIP 現在是否預計會加速成長，其中一些會透過佣金回到服務中。那麼最終，我們是否應該預期服務部門的收入成長和 TGP 成長的增量相對於第二季有所下降？

Yaron, I'll go ahead and jump in on this one, Yaron. So I think your answer is correct. If you think about the TGP share in the revenue share from its largest in HHIP in terms of revenue because where the carrier. It's second largest in services sorry -- in the agency because we collect the full commission and its smallest and First Connect because we share a portion of the commission.

亞倫（Yaron），我會繼續參與其中，亞倫（Yaron）。所以我認為你的答案是正確的。如果你考慮 TGP 所佔的收入份額，就收入而言，HHIP 中最大的份額是因為營運商所在。抱歉，它是服務領域第二大的機構，因為我們收取全額佣金和最小的佣金，而 First Connect 則因為我們分享一部分佣金。

So as we continue to grow HHIP, the delta between HHIP and services will decrease because we're writing more in something that we receive more revenue from. So I think your observation is correct.

因此，隨著我們繼續發展 HHIP，HHIP 和服務之間的增量將會減小，因為我們正在編寫更多內容，從而獲得更多收入。所以我認為你的觀察是正確的。

That said, I will also add, though, that the actual cost structure of revenue and First Connect is lower, meaning it's a higher margin revenue streams. So even if the commission or the revenue as a percentage of TGP declines because of a mix shift. The First Connect platform has lower marginal costs as a percentage of revenue. So all of the mix shifts within that segment is accretive to our overall profitability.

儘管如此，我還要補充一點，收入和 First Connect 的實際成本結構較低，這意味著它的利潤率較高。因此，即使佣金或收入佔 TGP 的百分比因混合轉變而下降。First Connect 平台的邊際成本佔收入的比例較低。因此，該細分市場內的所有組合轉變都會增加我們的整體獲利能力。

Great point. Does that help, Yaron?

很棒的一點。這樣有幫助嗎，亞龍？

Yes, it does. Thank you so much.

是的，確實如此。太感謝了。

Great.

偉大的。

We currently have no further questions. (Operator Instructions)

目前我們沒有進一步的問題。（操作員說明）

Well, if there are no further questions, we very much appreciate your attention this morning, and we're looking forward to speaking with you next quarter. Have a great rest of the day.

好吧，如果沒有其他問題，我們非常感謝您今天早上的關注，我們期待下個季度與您交談。祝你這一天好好休息。

This concludes today's call and thank you for joining, and you may now disconnect your lines.

今天的通話到此結束，感謝您的加入，現在您可以斷開線路了。