Neptune Insurance Holdings Inc. (NP) 2026 Q2 法說會逐字稿

Good morning and thank you for standing by. My name is Jeanne and I will be your conference operator today. At this time, I would like to welcome everyone to the Neptune Insurance Holdings second quarter Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to John Carlin, Director of Corporate Development. You may begin.

早安，感謝各位稍候。我是 Jeanne，今天將擔任各位的電話會議接線員。此刻，我想歡迎各位參加 Neptune Insurance Holdings 第二季財報電話會議。（接線員指示）現在我想將會議交給企業發展總監 John Carlin。您可以開始了。

Thank you and good morning. With me here today is Trevor Burgess, Chairman and CEO; Matt Duffy, President and Chief Risk Officer; and Jim Steiner, CFO and COO. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements including, among others, statements about our expectations for our future financial performance, growth opportunities, business strategy, market trends, and capital allocation plans.

謝謝，早安。今天與我一同出席的有：董事長暨執行長 Trevor Burgess；總裁暨首席風險長 Matt Duffy；以及財務長暨營運長 Jim Steiner。在開始之前，我想提醒各位，今天的討論將包含前瞻性陳述，其中包括但不限於：我們對未來財務表現、成長機會、業務策略、市場趨勢與資本配置計畫的預期。

These statements are based on our current views and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. We direct you to our recent SEC filings for a full description of these risks.

這些陳述係基於我們目前的觀點與假設，並受可能導致實際結果與預期有重大差異的風險與不確定性影響。關於這些風險的完整說明，請參閱我們近期向 SEC 提交的文件。

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. We will also reference certain non-GAAP financial measures. These measures should be considered only as supplements to their comparable GAAP measures.

除法律要求外，無論因新資訊、未來事件或其他原因，我們均不承擔更新任何前瞻性陳述之義務。我們也將提及若干非 GAAP 財務衡量指標。這些指標僅應作為其可比 GAAP 指標的補充來加以考量。

Additional information, including reconciliations of the non-GAAP measures to their most comparable GAAP measures, can be found in our earnings release at investors.neptuneflood.com and in our current report on Form 8-K that was publicly filed with the SEC on July 21, 2026. Now I'd like to turn the call over to Trevor.

更多資訊（包括非 GAAP 指標與其最可比 GAAP 指標之調節表）可於 investors.neptuneflood.com 的財報新聞稿，以及我們於 2026 年 7 月 21 日向 SEC 公開提交的 Form 8-K 當期報告中查閱。現在我想把電話交給 Trevor。

Good morning and thank you for joining us for Neptune's second quarter earnings call. Let's start with the headline. This was the best quarter in Neptune's history and it wasn't close. Revenue came in at $55.9 million, up 33% year-over-year. Adjusted EBITDA hit $34.5 million, up 36% at a 62% margin. That's up 165 basis points from a year ago. Premium in force reached $419 million, up 32%, and we now have over 316,000 policies in force, up 29%.

早安，感謝各位參加 Neptune 第二季財報電話會議。我們先從重點開始。這是 Neptune 歷史上表現最好的一季，而且差距非常明顯。營收為 5,590 萬美元，年增 33%。調整後 EBITDA 達 3,450 萬美元，年增 36%，利潤率為 62%。較去年同期提升 165 個基點。在保保費（Premium in force）達 4.19 億美元，成長 32%；目前有效保單數超過 316,000 張，成長 29%。

And we have a very strong—and so summing it all up on a trailing 12-month basis, revenue per employee and adjusted EBITDA per employee both reached record new highs, $3 million and $1.8 million respectively. However you want to slice it, we grew across nearly every measure of this business. So what's driving it?

而且我們非常強勁——總結過去 12 個月的表現，以員工為基礎的營收與調整後 EBITDA 也雙雙創下新高，分別為 300 萬美元與 180 萬美元。不論你用什麼方式切分來看，我們幾乎在這項業務的每一個衡量指標上都實現了成長。那麼，是什麼在推動這一切？

I'd point to three things. First, we are seeing real momentum across our distribution network, both with agents who've been with us for years and with new partners we're bringing on. Second, the FEMA Review Council process has put a spotlight on the long-term status of the NFIP, and we think that's pushing more agents and their customers to take a serious look at private flood as the more durable option.

我會指出三件事。第一，我們在整個通路網路上看到實質動能，無論是與我們合作多年的代理人，或是我們正在引入的新合作夥伴。第二，FEMA 審查委員會（Review Council）的流程讓 NFIP 的長期狀態成為焦點，我們認為這正促使更多代理人及其客戶，認真評估私人洪水保險作為更具持久性的選擇。

I'd like to spend a moment on the FEMA Review Council's report because one of its recommendations is particularly exciting to us, and it's one FEMA can act on without any congressional action. We believe this single action could have the largest impact of any recommendation on our business.

我想花一點時間談談 FEMA 審查委員會的報告，因為其中一項建議對我們特別令人振奮，而且 FEMA 無需任何國會行動就能採取。我們相信，這單一措施可能會是所有建議中對我們業務影響最大的一項。

I recently wrote an editorial in The Hill that focused on telling the truth to Americans about their flood risk. Research confirms FEMA's current flood maps understate high-risk properties by more than two-thirds. If FEMA acts on the council's recommendations to modernize the maps with data it already has, millions of properties now classified as low risk would move into mandatory purchase zones, giving homeowners accurate information and meaningfully expanding the mandatory purchase requirement for flood insurance.

我最近在《The Hill》撰寫了一篇社論，重點在於向美國民眾如實說明他們的洪水風險。研究證實，FEMA 目前的洪水地圖對高風險房產的低估幅度超過三分之二。如果 FEMA 依照委員會建議，利用其既有資料來現代化地圖，數以百萬計目前被歸類為低風險的房產將被移入強制投保區域，讓屋主獲得準確資訊，並實質擴大洪水保險的強制投保要求。

As Matt will mention, more than half of our sales are outside of these mandatory zones, but we'll still be thrilled to have more Americans know the truth about their flood risk. And third, our team has been executing at a pace I haven't seen before, across nearly every part of this business, all at once.

如同 Matt 會提到的，我們超過一半的銷售來自這些強制區域之外，但我們仍會非常樂見有更多美國人了解他們洪水風險的真相。第三，我們的團隊正以我前所未見的速度在執行，幾乎在業務的每個環節同時推進。

We're adding to the core product, building entirely new products, completely redesigning the user interface, building plus, growing our agent outreach, growing how we communicate with the market, and refining how we market ourselves. None of that shows up in a single line item on the income statement, but it's exactly the kind of work that sets us up for the next 24 months.

我們正在為核心產品加值、打造全新產品、全面重新設計使用者介面、建置 plus、擴大代理人觸達、強化我們與市場的溝通方式，並精煉我們的行銷定位。這些不會在損益表的單一科目中直接呈現，但正是能讓我們在未來 24 個月做好準備的關鍵工作。

And I think you're already seeing the early returns of it in this quarter's numbers. I want to spend a minute on something that's been on investors' minds this year, because I think the market had it backwards. The fear that AI would replace insurance agents outright, and that this would somehow be bad for Neptune.

我認為你們已經在本季數字中看到其初步回報。我想花一分鐘談談今年投資人一直在思考的一件事，因為我認為市場的看法其實顛倒了。也就是擔心 AI 會徹底取代保險代理人，而這會在某種程度上對 Neptune 不利。

Here's what I'd say to that. First, even if that fear played out exactly as people worried, it still wouldn't be bad for us. Paying our agents is the single largest expense we have, and a world with less need for agent labor is a world with a better cost structure for Neptune, not a worse one. Second, and more importantly, that's not actually the bet we are making. We don't think agents are going away.

對此我想說的是：第一，即使這種擔憂完全如人們所想地發生，對我們也未必是壞事。支付給代理人的佣金是我們最大的單一費用項目；在一個對代理人勞動需求更低的世界裡，Neptune 的成本結構會更好，而不是更差。第二，而且更重要的是，這其實不是我們正在下注的方向。我們不認為代理人會消失。

And we're not trying to build the AI that replaces them. We're building the AI that arms them. Last quarter, I talked about turning agents into what we call super agents. This quarter is what that looks like when it starts to work. The first piece of Atlas plus, the expert sitting right there on the quote screen, answering an agent's questions in real time, drafting the follow-up email, explaining why a customer needs excess flood coverage, is live today and agents are using it.

我們也不是要打造取代他們的 AI。我們要打造的是能武裝他們的 AI。上一季我談到要把代理人變成我們所稱的「超級代理人」。這一季就是當它開始奏效時的樣子。Atlas plus 的第一個功能——就在報價畫面上的專家，即時回答代理人的問題、撰寫後續電子郵件、解釋為何客戶需要超額洪水保障——今天已經上線，代理人也正在使用。

By the end of the quarter, nearly 3,700 agents had exchanged 33,000 messages with Atlas plus. We have placed the best flood underwriter sitting side-by-side with our agents. The second piece goes live in the next few weeks. Instead of an agent staring at a blank screen wondering what to do next, Atlas plus will hand them a ranked list of tasks with the single most valuable thing they could be doing right now as ranked by our data science team sitting at the top. Then Atlas plus does a lot of the work of getting that task done.

截至本季末，約有 3,700 名代理人與 Atlas plus 交換了 33,000 則訊息。我們等於讓最優秀的洪水核保專家與代理人並肩而坐。第二個功能將在未來幾週內上線。代理人不必再盯著空白畫面苦思下一步，Atlas plus 會提供一份按優先順序排列的任務清單，其中最有價值、此刻最該做的事情，會由我們的資料科學團隊依據數據排序並置於最上方。接著 Atlas plus 也會代為完成大量與該任務相關的工作。

We are not asking the more than 55,000 agents who have signed up for individual user accounts on our platform to go and build their own AI. We are building it for them. We're handing it to them. We are using AI to help our agents become super agents and to help the US close the massive flood insurance gap.

我們並不是要平台上已註冊個人使用者帳號的 55,000 多名代理人自己去打造 AI。我們正在為他們打造。我們把它交到他們手上。我們運用 AI 來協助代理人成為超級代理人，並協助美國縮小龐大的洪水保險缺口。

Remember, there are over 100 million buildings in the US and only about 4 million flood policies. With that, I'll turn things over to Matt to walk us through the business in more detail.

請記住，美國有超過 1 億棟建築，但洪水保單只有約 400 萬張。接下來我把時間交給 Matt，請他帶我們更深入了解業務細節。

Thank you, Trevor. The second quarter was another record quarter for Neptune, but what stood out to me wasn't any single result. It was the pace of execution across the business. We shipped more technology than we ever have, we expanded our product offering, renewed our two largest programs on improved terms, kept growing our distribution network, and started to see the investments we've made in AI change the way the business operates every day. Before I get into the detail, one point.

謝謝你，Trevor。第二季對 Neptune 來說又是創紀錄的一季，但最讓我印象深刻的不是任何單一結果。而是整個業務的執行速度。我們交付的技術成果比以往任何時候都多；我們擴大了產品供給；以更佳條件續約了我們最大的兩個專案；持續擴張通路網絡；並開始看到我們在 AI 上的投資，正在改變公司每天的運作方式。在我進入細節之前，先說一點。

People often ask whether AI is mainly about reducing costs. That's not how we think about it. Neptune already operates with exceptionally high efficiency, and our objective isn't to grow by adding large numbers of people. It's to keep growing revenue while increasing headcount far more slowly. You can see that in a single metric.

人們常問，AI 是否主要是用來降低成本。我們並不是這樣看待的。Neptune 本來就以極高效率運作，而我們的目標不是靠增加大量人力來成長。而是在員工人數增加遠慢於營收成長的情況下，持續推升營收。你可以從一個指標看出來。

On a trailing 12-month basis, revenue per employee reached a record $3 million this quarter. That number captures how the business is evolving, and it's one of the results I'm most excited about. Let me give you the detail behind what Trevor described, starting with technology. If you look at everything the engineering team delivered over the last three months, it's a remarkable amount of work. We launched commercial and condominium earthquake products.

以過去 12 個月（TTM）計算，本季每位員工的營收達到創紀錄的 300 萬美元。這個數字反映了業務如何演進，也是我最興奮的成果之一。我來補充 Trevor 所描述內容背後的細節，先從技術談起。如果你看看工程團隊在過去三個月交付的所有成果，工作量相當驚人。我們推出了商業與公寓的地震險產品。

We completed a full redesign of the agent portal and quoting experience. We extended the first phase of Atlas plus to all of our distribution partners, introduced new portfolio insight capabilities for agents. We deployed a new machine learning model in the underwriting process. We expanded our flood products with new coverages, completed major underwriting infrastructure projects, and delivered dozens of additional improvements across the platform. That's comfortably the most we've ever delivered in a single quarter.

我們完成了代理人入口網站與報價體驗的全面改版。我們將 Atlas plus 的第一階段擴展到所有通路合作夥伴，並為代理人導入新的投資組合洞察功能。我們在核保流程中部署了新的機器學習模型。我們以新增保障內容擴充了洪水產品，完成了多項重大核保基礎設施專案，並在平台上交付了數十項額外改進。這毫無疑問是我們單季交付最多的一次。

12 months ago, I'd have looked at that roadmap and assumed we'd need a much larger engineering organization to deliver it. Instead, we changed the way our engineers work. AI now supports our developers throughout the software development process, helping write code, review code, test software, and investigate problems. Our engineers still make every important decision. They're simply spending far more of their time designing and building products, and far less on repetitive development tasks.

12 個月前，如果我看到這份路線圖，我會以為我們需要更龐大的工程組織才能交付。但我們改變了工程師的工作方式。AI 現在在整個軟體開發流程中支援開發人員，包括協助撰寫程式碼、審查程式碼、測試軟體與排查問題。我們的工程師仍然做出每一項重要決策。他們只是把更多時間用在設計與打造產品上，而把更少時間花在重複性的開發工作上。

The result is that our engineering team delivered more than twice the work it did in the fourth quarter of 2025 and over 50% more than the first quarter of 2026, with a team that's remained broadly the same size. Ultimately, this isn't about writing code faster. It's about giving the business the right tools to do the right thing, the ability to launch more products, respond to opportunities more quickly, and keep growing without expanding the organization at the same rate.

結果是，在團隊規模大致維持不變的情況下，我們工程團隊交付的工作量，較 2025 年第四季增加逾兩倍，較 2026 年第一季也多出超過 50%。歸根結底，這不是為了更快寫程式碼。而是為企業提供做對事情所需的正確工具：能推出更多產品、更快速回應機會，並在不以同等速度擴編組織的情況下持續成長。

We're seeing the same thing outside engineering, and our customer success team is a good example. Compared to the second quarter of last year, each customer success representative now manages roughly 25% more policies, while we've reduced customer wait times and improved the quality of the responses customers receive.

我們在工程以外的部門也看到同樣的情況，客戶成功團隊就是很好的例子。與去年第二季相比，每位客戶成功專員現在大約可管理多 25% 的保單，同時我們降低了客戶等待時間，並提升客戶收到回覆的品質。

The goal was never to shrink the team. It was to let the same highly skilled professionals support a much larger business and deliver an even better experience. Let me turn to underwriting performance, which we report once a year on our second quarter call. Our lifetime written loss ratio is now just 19.5%, down over 500 basis points from a year ago. For this peril, that's an exceptional number, and it's the clearest proof of what our pricing and underwriting platform, Triton, has delivered across eight storm seasons and now into a ninth.

目標從來不是縮編團隊。而是讓同一批高技能專業人士能支援更大的業務規模，並提供更好的體驗。接著談核保績效；我們每年只在第二季電話會議中報告一次。我們的累計承保損失率（lifetime written loss ratio）目前僅 19.5%，較一年前下降超過 500 個基點。就這類風險而言，這是非常出色的數字，也是對我們的定價與核保平台 Triton 在八個風暴季、並已進入第九個風暴季所交付成果的最清楚證明。

And through 21 landfall hurricanes during that time. It's also one of the reasons our capacity providers continue to grow alongside us, which brings me to capacity. During the quarter, we renewed our two largest programs. Both renewed on improved economic terms, reflecting the confidence our partners have in Neptune's underwriting platform and the results we've delivered together. We also welcomed additional capacity providers, bringing our panel to 45.

而且在這段期間共經歷了 21 次登陸颶風。這也是我們的承保容量提供方持續與我們一同成長的原因之一，這就帶到容量（capacity）。本季我們續約了最大的兩個專案。兩者皆以更佳的經濟條件續約，反映合作夥伴對 Neptune 核保平台以及我們共同交付成果的信心。我們也迎來了更多容量提供方，使我們的合作陣容增加至 45 家。

Alongside those renewals, we increased building coverage limits to $15 million across every property type and expanded coverage across all of our flood programs. Those enhancements further differentiate the products for our distribution partners and improve the value proposition for policyholders.

配合這些續約，我們將所有物業類型的建物保額上限提高至 1,500 萬美元，並擴大我們所有洪水專案的保障範圍。這些強化進一步讓產品在通路合作夥伴面前更具差異化，並提升對保戶的價值主張。

And late in the quarter, we extended our earthquake platform with the commercial and condominium products I mentioned. It's early, but the response from agents and customers has been encouraging, and we'll keep testing that business thoughtfully. Turning to distribution.

此外在本季後段，我們以我先前提到的商業與公寓產品，延伸了地震平台。目前仍在早期階段，但代理人與客戶的回饋令人鼓舞，我們會持續審慎地測試這項業務。接著談通路。

Since launching individual user accounts in December, more than 55,000 insurance professionals have created verified Neptune accounts, each secured with multi-factor authentication. Every interaction helps us understand how agents work, which lets us keep improving Atlas plus, refining the experience and building better tools. That momentum continues to translate into growth. One statistic stood out this quarter. More than 55% of our new business came from properties outside FEMA's Special Flood Hazard Areas.

自 12 月推出個人使用者帳號以來，已有超過 55,000 名保險專業人士建立並完成驗證的 Neptune 帳號，且每個帳號都以多因素驗證保護。每一次互動都能幫助我們理解代理人的工作方式，讓我們持續改進 Atlas plus、優化體驗並打造更好的工具。這股動能也持續轉化為成長。本季有一項統計特別突出。我們超過 55% 的新業務來自 FEMA「特別洪水危險區」（Special Flood Hazard Areas）以外的物業。

And over 75% came from voluntary, not bank-mandated purchases. We think that's an important signal of where the private flood market is heading. For years, we've said the opportunity isn't simply moving policies off the National Flood Insurance Program. The far larger opportunity is expanding the market, protecting properties that historically haven't carried flood insurance at all. We continue to show great success in that area.

而且超過 75% 來自自願購買，而非銀行強制要求的投保。我們認為這是私人洪水保險市場走向的重要訊號。多年來我們一直說，機會不只是把保單從「國家洪水保險計畫」（NFIP）移轉出來。更大的機會在於擴大市場，為歷來根本沒有投保洪水險的物業提供保障。我們在這方面持續展現很大的成功。

The FEMA Review Council report generated a lot of discussion during the quarter, and we've had a number of questions about what that means for Neptune. I think it's an encouraging report. It recognizes the role the private market can play in closing America's flood insurance gap. The spotlight that it's put on the long-term future of the NFIP is prompting more agents and customers to take a serious look at private flood. That's helping demand today.

FEMA 審查委員會（Review Council）報告在本季引發許多討論，我們也收到不少關於這對 Neptune 意味著什麼的問題。我認為這是一份令人鼓舞的報告。它肯定私人市場在縮小美國洪水保險缺口方面可扮演的角色。它把焦點放在 NFIP 的長期未來，促使更多代理人與客戶認真評估私人洪水保險。這正在推動當前的需求。

What I'd be clear about is this. Whether the longer term recommendations are implemented and over what timeframe remains uncertain, and none of that is built into our projections. The record quarter we're discussing wasn't driven by changes in government policy. It came from executing the same strategy we've followed for years: better products, better technology, empowering agents, and expanding distribution. If additional opportunities emerge over time, we are best positioned to pursue them.

我想要說清楚的是：長期建議是否會被採納、以及在什麼時間框架內落實，仍不確定，而我們的預測也未將這些因素納入。我們正在討論的這個創紀錄季度，並不是由政府政策變動所驅動。它來自於執行我們多年來一貫的策略：更好的產品、更好的技術、賦能代理人，以及擴大通路。若未來隨時間出現額外機會，我們也最有條件去把握。

Before I hand it over to Jim, let me touch on our outlook. We've had a very strong first half. The business continues to perform, distribution continues to grow, and we're seeing the benefits of the investments we've made across the platform. Based on that performance, we are raising our full year expectations. We now expect 2026 revenue of $199 million, which would represent top-line growth of 25%, and an adjusted EBITDA margin of 60% to 61%.

在我把話交給 Jim 之前，先談一下我們的展望。我們上半年表現非常強勁。業務持續運行良好，分銷持續成長，我們也正看到我們在整個平台上所做投資帶來的效益。基於這樣的表現，我們上調全年預期。我們現在預期 2026 年營收為 1.99 億美元，這代表營收成長 25%，調整後 EBITDA 利潤率為 60% 至 61%。

That outlook reflects the momentum in the business today. It does not assume any acceleration from future FEMA initiatives or broader changes to the National Flood Insurance Program, and it also accounts for the below-average Atlantic hurricane season projections released by the National Oceanic and Atmospheric Administration.

這個展望反映了當前業務的動能。它並未假設未來 FEMA 計畫或國家洪水保險計畫（National Flood Insurance Program）的更廣泛變革會帶來任何加速，同時也納入了美國國家海洋暨大氣總署（National Oceanic and Atmospheric Administration）發布的大西洋颶風季低於平均的預測。

When I look across Neptune, what gives me confidence isn't any single launch or metric. It's that every part of the business is moving in the same direction. Better technology, more products, teams supporting a larger business without growing at the same pace, better tools for our agents, and capacity partners expanding alongside us.

當我放眼 Neptune，全盤讓我有信心的並不是任何單一的產品上線或指標。而是業務的每個部分都朝著同一個方向前進。更好的技術、更多的產品、團隊在不以同等速度擴編的情況下支援更大的業務規模、為我們的代理人提供更好的工具，以及與我們同步擴張的承保容量合作夥伴。

All of it's translating into stronger financial performance. That's exactly the business we've been building for years. And I think this quarter shows what's possible as those investments begin to compound. With that, I'll hand things over to Jim.

這一切都轉化為更強勁的財務表現。這正是我們多年來一直在打造的業務。我認為本季顯示了當這些投資開始產生複利效應時所能達成的可能性。接下來我把時間交給 Jim。

Thanks, Matt. Today I'll cover three things. How the quarter looked financially, why the model produces these results, and how we're deploying capital. Starting with the quarter, we had strong growth, revenue of $55.9 million, up 32.8% year-over-year, with both record new business and a larger base of in-force premium contributing. Adjusted EBITDA was $34.5 million and margin expanded to 61.7%, up roughly 165 basis points from a year ago.

謝謝，Matt。今天我會談三件事。本季財務表現如何、為什麼這個商業模式能產生這些結果，以及我們如何配置資本。先從本季開始，我們成長強勁，營收 5,590 萬美元，年增 32.8%，創紀錄的新業務與更大的在保保費基礎共同貢獻了成長。調整後 EBITDA 為 3,450 萬美元，利潤率擴張至 61.7%，較去年同期提升約 165 個基點。

We grew and became more profitable in the same quarter, which is the balance we're always trying to strike. Policy retention rate at renewal also improved year-over-year to 86%. That continues to be a driver of the top line as we compound a larger and larger renewal book, which contributes more revenue each passing year. A question we hear often is how margins hold as we grow. The answer is in the structure of the business.

我們在同一季同時成長並提升獲利能力，這正是我們一直努力取得的平衡。續保時的保單留存率也較去年同期提升至 86%。隨著我們的續保保單簿越滾越大、逐年複利成長，這持續成為推動營收的因素，並在每一年帶來更多收入。我們常被問到：隨著規模成長，利潤率如何維持。答案在於業務結構。

We carry no underwriting risk, our capacity partners do. So growth does not consume capital, and the decisions about which risks to bind, for whom, and at what price are made in software. So growth does not require us to add people in proportion. We expand by writing policies and writing code, not by expanding the balance sheet or payroll, which is why a quarter like this one lifts margin rather than compressing it. The per employee numbers tell the same story.

我們不承擔承保風險，承保容量合作夥伴才承擔。因此成長不會消耗資本，而關於承保哪些風險、承保給誰、以及以什麼價格承保的決策，都是在軟體中完成。因此成長不需要我們按比例增加人力。我們透過承保更多保單與撰寫更多程式碼來擴張，而不是擴大資產負債表或薪資支出；這也是為什麼像本季這樣的表現會拉升利潤率而不是壓縮它。每位員工的指標也說明了同樣的故事。

On a trailing 12-month basis, revenue per employee and adjusted EBITDA per employee both set records at $3 million and $1.8 million, respectively, as you'd expect from a software company rather than an insurer. To us, that's the clearest evidence of what we have built, and we believe that we are the only public company of our kind. On the balance sheet, this was another quarter of deleveraging.

以過去 12 個月計算，每位員工營收與每位員工調整後 EBITDA 都創下新高，分別為 300 萬美元與 180 萬美元；這更像是一家軟體公司，而不是一家保險公司。對我們而言，這是我們所打造成果最清楚的證據，我們也相信我們是同類型中唯一的上市公司。在資產負債表方面，這又是一個去槓桿的季度。

We finished at $240 million drawn on our $260 million revolver, roughly 2.1 times trailing adjusted EBITDA. This reflects a net increase of $13 million in debt since the end of the first quarter, which was utilized to repurchase shares during the secondary offering, as I'll discuss in a moment.

我們在 2.6 億美元的循環信貸額度（revolver）中動用 2.4 億美元，約為過去 12 個月調整後 EBITDA 的 2.1 倍。這反映出自第一季末以來淨增加 1,300 萬美元的債務，該資金用於在二次發行期間回購股份，我稍後會說明。

After the end of the quarter, we paid down $7 million, bringing our current balance to $233 million. We are also active in returning capital to shareholders in two ways this quarter. First, we repurchased $26 million in stock when our private equity shareholders completed its secondary offering in May, a healthy step that expanded our public float, improved trading liquidity, and broadened the shareholder base. Second, we repurchased a further $6 million in the open market. Our priorities from here are straightforward.

在季度結束後，我們償還了 700 萬美元，使目前餘額降至 2.33 億美元。本季我們也透過兩種方式積極向股東返還資本。第一，當我們的私募股權股東於 5 月完成其二次發行時，我們回購了 2,600 萬美元的股票；這是健康的一步，擴大了公開流通股、改善了交易流動性，並拓寬了股東基礎。第二，我們在公開市場另外回購了 600 萬美元。接下來我們的優先順序很明確。

Reinvestment in the platform comes first because that's where $1 compounded is the best for us. Beyond that, we return capital to shareholders. There's a $100 million repurchase authorization the board put in place in April, of which there is $94 million remaining and through the upcoming net settlement of our RSUs as they vest in September.

首先是再投資平台，因為對我們而言，1 美元的複利回報在那裡最好。除此之外，我們會向股東返還資本。董事會在 4 月核准了 1 億美元的回購授權，目前尚餘 9,400 萬美元，並且會透過我們的限制型股票單位（RSU）在 9 月歸屬時即將進行的淨額交割（net settlement）來執行。

Taken together, this is a business that grows quickly, turns that growth into cash, and becomes more efficient as it scales. That profile is rare in any industry, and we believe it is singular in ours. I'll turn it back to Trevor.

綜合來看，這是一門成長快速、能把成長轉化為現金、且隨著規模擴大而變得更有效率的生意。這樣的特質在任何產業都很罕見，而我們相信在我們的產業中更是獨一無二。我把時間交回給 Trevor。

I'll close with this. This was the strongest quarter in Neptune's history, and I don't say that lightly. As Matt walked through, our lifetime loss ratio has now fallen below 20% for the first time. Extraordinary for this industry. And proof of what Triton has delivered through eight storm seasons and now into a ninth.

我用這段話作結。這是 Neptune 歷史上最強的一季，我不是輕易這麼說。如同 Matt 所說，我們的終身損失率（lifetime loss ratio）首次降到 20% 以下。對這個產業而言非常卓越。也證明了 Triton 在八個風暴季的表現，以及如今進入第九個風暴季仍持續交付成果。

But what has me most excited isn't a number from this quarter. It's what this team is building towards over the next few years. We're adding to the product, building entirely new products, completely redesigning the interface, expanding agent outreach, sharpening how we communicate, and refining how we market, and we're doing this all at once.

但最讓我興奮的不是本季的一個數字。而是這個團隊在未來幾年要打造的方向。我們正在擴充既有產品、打造全新產品、全面重新設計介面、擴大代理人觸達、強化我們的溝通方式、並精進行銷作法，而且這些工作同時並進。

And in the third quarter, agents get the next piece of AI in Atlas plus, a ranked list of exactly what to do next, most valuable task first, with Atlas plus doing the heavy lifting to get it done. We've spent years trying to change agent behavior one conversation at a time.

而在第三季，代理人將在 Atlas plus 中獲得下一個 AI 功能：一份精準告訴你下一步該做什麼的排序清單，最有價值的任務排在最前面，並由 Atlas plus 承擔繁重工作來完成它。多年來，我們一直嘗試透過一次一次的對話來改變代理人的行為。

This is how we turn every one of them into a super agent at scale. All of this for the people who sell 98% of our policies. And we're just getting started. Thank you to our agents, to our capacity providers, our policyholders, and to our employees for making this quarter possible. Thank you for joining us, and I'll now open the call to questions.

這就是我們如何把每一位代理人都規模化地變成超級代理人。這一切都是為了那些銷售我們 98% 保單的人。而我們才正要開始。感謝我們的代理人、承保容量提供者、保戶，以及員工，讓本季成為可能。感謝各位加入我們，接下來我將開放提問。

(Operator Instructions)

（接線員指示）

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO 資本市場。

On your comments on agents being more interested in Neptune or private flood insurance because of the FEMA Review Council's report, can you unpack what you're seeing that's leading you to believe that's driving agent interest and how we should think about that as a near-term catalyst for the back half of the year?

關於你提到因為 FEMA 審查委員會（Review Council）的報告，代理人對 Neptune 或私人洪水保險更感興趣的評論，你能否進一步說明你們觀察到哪些跡象，讓你們相信這正在推動代理人的興趣？以及我們應該如何把它視為今年下半年短期的催化劑？

I think some of this goes back to what we saw coming out of the government shutdown. So we had the longest government shutdown in history. There was no access to the NFIP. And many agents who had used the NFIP for decades now needed some alternative, and they obviously found Neptune, used us, liked us, saw how easy it was, how the product is better, and have stuck with us.

我認為其中一部分可以追溯到我們在政府停擺結束後所看到的情況。當時我們經歷了史上最長的政府停擺。NFIP 無法使用。許多數十年來一直使用 NFIP 的代理人因此需要替代方案，而他們顯然找到了 Neptune、使用了我們、喜歡我們、看到操作有多容易、產品更好，並且就一直留在我們這邊。

The FEMA Advisory Council talking about sort of the long-term government goal of growing the participation of the private marketplace is just another set of data that those analysts need to incorporate into their thinking about how they spend their time.

FEMA 諮詢委員會談到政府長期目標是提升民間市場參與度，這只是另一組資料，分析師需要把它納入他們對於如何分配時間的思考之中。

We're having a number of very senior discussions with large organizations that are thinking about what is their five-year plan when it comes to the NFIP versus private flood? And we're excited to be in the room and to be having those discussions.

我們正與一些大型組織進行多場非常高層級的討論，這些組織在思考：在 NFIP 與民間洪水保險之間，他們的五年計畫是什麼？我們很高興能在場並參與這些討論。

For now, what I would say is what we're seeing on the ground is active engagement, better engagement than we have ever seen before, more agents purchasing policies for their customers. We've had a very slow start to the storm season. We had these tiny A and B storms that have happened.

就目前而言，我會說我們在第一線看到的是積極的互動，比我們以往任何時候都更積極、更好，更多代理人為他們的客戶購買保單。今年風暴季開局非常慢。我們只出現了這些很小的 A、B 兩個風暴。

So all of the performance in the second quarter really came from agents engaging with Neptune in higher and special ways. The backdrop is we still have a terrible housing market also. So someday when we have a good housing market and we have all of these agents who love Neptune, then we'll really see what we can produce.

因此，第二季的所有表現其實都來自代理人以更高頻、也更特殊的方式與 Neptune 互動。大環境方面，我們也仍然面臨糟糕的房市。所以等到某一天房市轉好，而這些喜愛 Neptune 的代理人都在，那時我們就能真正看到我們可以產出什麼成果。

Got it, thanks. You also called out the improved economic terms on your two largest programs. Can you help us think through the magnitude and whether that had an impact in Q2 or if that's more of a back-half and beyond impact?

了解，謝謝。你也提到你們兩個最大方案的經濟條件有所改善。你能否協助我們理解改善的幅度，以及這對第二季是否有影響，或是主要影響會落在下半年及之後？

It's more of a back-half impact. Those programs were June 1, renewals. So we had a one-third of the quarter impact from having them and you're talking, you know, half a point or something like that on the program's improvement in the economics.

主要是下半年的影響。那些方案是在 6 月 1 日續約。所以本季只有三分之一的期間受到影響；而你說的改善幅度，大概是經濟性提升了半個百分點左右之類的。

Again, we view these relationships as long-term, critical relationships where we want over good years, bad years, 10 years, it to be a great economic outcome for both Neptune and for our risk-taking partners. We're not interested in running a reverse Dutch auction at the end of every quarter to see how we can make the very, at the end of every program to see how we can make the very highest ceding commission possible.

再說一次，我們把這些關係視為長期且關鍵的合作關係；我們希望在好年、壞年、10 年的時間跨度下，對 Neptune 與我們承擔風險的合作夥伴而言，都是很好的經濟成果。我們不想在每一季末，或每個方案結束時，去做什麼反向荷蘭式拍賣，只為了看看我們能拿到多高的最高分出佣金（ceding commission）。

We want to make sure that there's a fair split that takes place over time of those premium dollars. And we've continued to be able to find tremendous partnerships and that fair split continuing.

我們希望確保這些保費資金在長期之中能有公平的分配。而我們也持續能找到很棒的合作夥伴，並維持這種公平分配。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通。

To start off, I was curious if you could break out how much the Palomar book contributed to the 40% [e-biz] growth this quarter?

首先我想請教，你們能否拆分一下，本季 40% 的 [e-biz] 成長中，有多少是 Palomar 組合貢獻的？

Yes, we're not breaking out individually, but it's something like about half of it. So we still would have seen, you know, very, very strong, you know, organic growth without the Palomar book.

可以，我們不會逐一拆分，但大概是其中一半左右。所以即使沒有 Palomar 組合，我們仍然會看到非常、非常強勁的有機成長。

Thanks, Trevor. And then secondly, I think you made several interesting comments about efficiency and productivity gains from AI in your technologies and having strong sales associated with this quarter does help margins, clearly.

謝謝，Trevor。第二點，我認為你對於 AI 在技術端帶來的效率與生產力提升有幾個很有意思的評論，而本季強勁的銷售確實也有助於毛利率/利潤率表現。

But I was wondering how you think about these new tools going forward, right? Because to your point, Neptune is highly profitable, right? But it seems like just given technology today, there might be some optionality to bring that even higher. So just curious about how you're thinking about the potential there.

但我想問的是，你如何看待這些新工具的未來發展？因為如你所說，Neptune 的獲利能力很強。但看起來以今天的科技而言，似乎還有一些選擇性（optionalities）可以把獲利再往上推。所以想了解你們如何思考這方面的潛力。

We reached a peak of, I think, 62 employees. I think we're at 59 today, you know, just as there's some, you know, general churn. So it wasn't a design, but it's also somewhat that with the AI tools that we're using and implementing, there's not a rush to need to get, you know, back to 62.

我們曾經到達高峰，我想是 62 名員工。我想我們今天是 59 名，因為有一些一般性的流動。所以這不是刻意設計的結果，但某種程度上也因為我們正在使用並導入的 AI 工具，並不急著一定要把人數補回到 62。

So this is a business that, you know, can become more efficient, but as Matt talked about, we're really trying not to spend a lot of time on cost reductions with AI. That doesn't make much sense when you only have 59 people.

所以這是一個可以變得更有效率的業務，但如 Matt 所說，我們其實不太想把很多時間花在用 AI 來做成本削減。當你只有 59 個人時，那樣做意義不大。

All of our effort utilizing AI is how we grow the top line. How do we find ways to help our agents become super agents, to sell more, to close that protection gap. And we're excited to see how Atlas plus and other initiatives can drive that going forward.

我們運用 AI 的所有努力都在於如何成長營收端（top line）。我們如何找到方法幫助代理人成為超級代理人，賣出更多、縮小保障缺口（protection gap）。我們也很期待 Atlas plus 與其他計畫未來能如何推動這件事。

But certainly, you know, if we're holding expenses largely, you know, steady, all new business that's coming in that comes through agents comes in at about a 70% EBITDA margin. So it averages in well and drives that number up.

但當然，如果我們大致維持費用水準不變，所有透過代理人帶進來的新業務，其 EBITDA 利潤率大約是 70%。所以它在平均後的表現很好，也會把那個數字往上推。

Josh Shanker, Bank of America.

Josh Shanker，美國銀行。

Trevor, you made your comments on A and B storms, B being Beryl. As it was happening, it looked like it's still underway, but it's a low-grade storm producing a lot of water along those low-lying areas. Is this going to be a FEMA loss in depth? Does Neptune have exposure to that area generally? Could it stimulate demand?

Trevor，你提到 A、B 兩個風暴，B 是指 Beryl。在它發生時，看起來（現在似乎仍在進行中）是一個等級不高的風暴，但在那些低窪地區帶來大量降水。這會形成 FEMA 的重大損失嗎？Neptune 一般而言在那個區域有曝險嗎？它會刺激需求嗎？

These kinds of storms are not material losses for Neptune or won't generate material losses for Neptune, nor will they generate material losses for the NFIP. What these kinds of storms do is really raise awareness, which raises demand, which leads to fairly short periods of increased sales activity.

這類風暴對 Neptune 不是重大損失，也不會為 Neptune 造成重大損失，同樣也不會為 NFIP 造成重大損失。這類風暴真正帶來的是提高認知度，進而提高需求，並導致相對短期的銷售活動增加。

And we're happy for that awareness, even though unfortunately it does lead to flooding in low-lying areas and certainly is impactful, meaningfully impactful to the families and businesses in its path. But this is not, these kinds of storms that we had with A and B are nothing that really changes the overall impact.

我們樂見這種認知度提升，儘管不幸的是，它確實會在低窪地區造成淹水，並且對其路徑上的家庭與企業造成影響——而且是相當顯著的影響。但這不是——我們遇到的這類 A、B 風暴，並不會真正改變整體影響。

You need a storm more akin to Helene of two years ago that has sort of massive impact to have something where, or Hurricane Harvey or Sandy, those fundamentally changed the demand curve in the areas that were impacted. We still sell way more policies in New Jersey because of Sandy than we otherwise would have. But you need a really big storm to really fundamentally change the elasticity curve.

你需要的是更接近兩年前 Helene 那種、具有巨大影響的風暴，或像颶風 Harvey 或 Sandy 那樣；那些事件才會從根本上改變受影響地區的需求曲線。我們在新澤西仍然賣出遠多於原本會賣出的保單，就是因為 Sandy。但你需要一場非常大的風暴，才能真正從根本上改變需求彈性曲線。

And then changing gears a little bit, what's your expectation on take-up of the higher value offerings that you're given that current customers will buy up more coverage?

那再稍微換個話題，你對於更高保額方案的投保率（take-up）有什麼預期？考量到現有客戶可能會加購更多保障。

Yes, we really have two opportunities there. One is the one you mentioned where we can go back to all of the existing customers who bought $7 million of building cover on their home, and now we offer $15 million, we can go back to them and say, hey, would you like to increase at renewal or even mid-year? Would you like to increase to the new higher limits?

是的，我們在那裡確實有兩個機會。一個是你提到的：我們可以回到所有既有客戶——他們在自住房屋上買了700萬美元的建物保額——而現在我們提供1,500萬美元，我們可以回去跟他們說，嘿，您是否願意在續保時，甚至在年度中途提高保額？您是否願意提高到新的更高限額？

And obviously, there are fewer $15 million homes than $7 million homes, but we do think that that is an interesting driver of growth. And then what we're seeing on the new business side is very good take-up, you know, just even in the past couple of weeks that it has, since it's been available, we're seeing healthy impact and nearly every day we're selling a new $15 million policy, so that obviously will have some help in driving up the average premium.

而且很明顯，1,500萬美元的房屋數量比700萬美元的房屋少，但我們確實認為這是一個有趣的成長驅動因素。另外，我們在新業務端看到的承保採用率非常好；你知道，就在過去幾週，自從它開始提供以來，我們看到健康的影響，幾乎每天都在賣出一張新的1,500萬美元保單，所以這顯然會對拉升平均保費有所幫助。

And if I can just sneak another one in, and the multi-family product offering, what that means for that offering?

如果我可以再插問一個，關於多戶型產品的提供，這對那個產品線意味著什麼？

I'm sorry, can you say that again?

不好意思，你可以再說一次嗎？

And for the potential for growth in multi-family, what's the opportunity there with the higher limits?

至於多戶型的成長潛力，提高限額在那裡的機會是什麼？

Yes, so multi-family, and that includes both condominiums and apartment buildings. This is one of the major reasons why we push for these higher limits is to be able to serve that marketplace in a meaningful way. If you think about it, if you've got an apartment building and you have an NFIP policy, you have a $500,000 limit and no loss of rents coverage.

是的，所以多戶型包含共管公寓（condominiums）和公寓大樓。這是我們推動這些更高限額的主要原因之一，目的是能以有意義的方式服務那個市場。如果你想想看，假設你有一棟公寓大樓，並且你有一張NFIP保單，你的限額是50萬美元，而且沒有租金損失保障。

With Neptune, you can now get $15 million of coverage on that building and $1 million of loss of rents coverage. So the product differential is now so large versus the NFIP, really calls into question why anyone would buy the NFIP policy.

透過Neptune，你現在可以為那棟建物取得1,500萬美元的保障，以及100萬美元的租金損失保障。因此，相較於NFIP，產品差異現在大到足以讓人質疑為什麼還會有人去買NFIP保單。

Thank you for all the details. Great quarter.

謝謝你提供所有細節。很棒的一季。

Rob Cox, Goldman Sachs.

高盛的Rob Cox。

Yes, just wanted to go back to the flood map discussion. I'm just curious if you have a sense of how much of an addressable market expansion increasing or modernizing the flood maps would be for Neptune just in the flood zone area?

是的，我只是想回到洪水地圖的討論。我只是好奇，你們是否有概念：在洪水分區範圍內，若提高或現代化洪水地圖，對Neptune而言可觸及市場的擴張幅度大概會是多少？

So the math looks something like this. Right now, there are about, three and a half, let's call it 3 million mandatory policies out of 9 million mandatory zone buildings. Some of that gap is because of non-compliance with the law. And some of that gap is because people don't have a federally backed mortgage. So they pay cash for their house or whatever it may be. So about three of nine.

所以大概的數學是這樣。目前大約有約350萬張強制投保保單，對應於900萬棟位於強制投保區的建物。其中一部分落差是因為未遵循法律規定。另一部分落差是因為人們沒有聯邦支持的房貸。所以他們用現金買房之類的。所以大概是九分之三。

If that same, ratio holds and you go to, 24, right, then you're talking about 8 million from three. So an additional 5 million. Mandatory policies, plus added awareness for everybody else. We think it could have, that's why we talk about it potentially having the largest impact, maybe even larger than sort of a takeout or any of those kinds of things that would require congressional action.

如果同樣的比例成立，而你把它擴到24（百萬）對吧，那你談的就是從3（百萬）到8（百萬）。也就是額外增加500萬。強制投保保單，再加上對其他所有人的認知提升。我們認為這可能會產生影響——這也是為什麼我們說它可能帶來最大的影響，甚至可能大於所謂的承接（takeout）或任何那類需要國會採取行動的事情。

Yes, that seems meaningful. And then I just wanted to.

是的，這看起來很有意義。然後我只是想要……

Maybe I should just add that some of this is happening, this will happen over time anyway. So last year, Broward County changed their maps. It added 80,000 people in that Florida County to the 80,000 buildings to the high-risk flood zones.

也許我應該補充一下，其中一些其實正在發生，而且無論如何都會隨時間推進。所以去年，布勞沃德郡（Broward County）更改了他們的地圖。它把佛羅里達那個郡的8萬人——以及8萬棟建物——納入高風險洪水區。

Harris County, Texas is right now going through new maps. When those new maps finally get published in the next year or so, that will add 170,000 buildings to the high-risk flood zones. So what we're trying to encourage is FEMA to do this sort of all at once, do a modernization exercise and do it all at once. If they don't do that, it's still going to happen over the next 5 to 10 years. We're still going to get to the same place. It's just going to take longer.

德州哈里斯郡（Harris County）目前正在進行新的地圖。當那些新地圖在接下來一年左右終於發布時，將會把17萬棟建物納入高風險洪水區。所以我們試圖鼓勵FEMA一次性完成這件事，做一次現代化作業並一次到位。如果他們不這麼做，未來5到10年仍然會逐步發生。我們仍然會到達同樣的結果。只是會花更久。

Yes, that's super helpful. And just on guidance, I just want to make sure I understand. So it seems like there's plentiful positive factors, you know, increasing building coverage limits, expanded product offering, improved economic terms. You've got Atlas plus coming in a more expanded way in the third quarter. Is there any offsets that would be causing you to otherwise increase guidance less on the back of those tailwinds?

是的，這非常有幫助。另外關於財測指引（guidance），我只是想確認我理解正確。看起來有很多正面因素，例如提高建物保額上限、擴大產品提供、改善經濟條件。第三季Atlas plus也會以更擴大的方式導入。是否有任何抵銷因素，會讓你們在這些順風之下，仍然不把指引上調得更多？

I think the thing that you have to remember is that the second half of the year is normally dominated by storm-driven events. And given the forecast, as Matt mentioned in his remarks, we're just taking down those expectations of any storm, you know, related impacts. Now in El Nino years, there have been massive storms, including Hurricane Andrew.

我認為你必須記得的一點是，下半年通常是由風暴驅動的事件所主導。而且根據預測，正如Matt在他的發言中提到的，我們只是把任何與風暴相關影響的預期下調。不過在聖嬰年，也曾出現過巨大風暴，包括安德魯颶風（Hurricane Andrew）。

So it is possible that there could be something really, really big that happens this year. And we're just not taking that into account in our forecast. So our forecasts include a very benign storm year.

所以今年確實有可能發生非常、非常大的事件。而我們並沒有把那種情境納入我們的預測。因此，我們的預測假設是一個非常溫和的風暴年。

Okay, got it. Just more conservative on the weather. Perfect.

好的，了解。只是對天氣更保守。完美。

That's the one thing I can't control.

那是我唯一無法控制的事情。

Tommy McJoynt, KBW.

KBW的Tommy McJoynt。

Looking at the fee income line in the revenue section, if I look at that as a percentage of written premiums, that saw a modest uplift of its own in the quarter. First off, can you remind me, those are fees paid by policyholders, right? And is the higher percentage just driven by a geographic mix, or was there an active change in the fee schedules that you set? And should we think about that Q2 level as fair to run rate, think of it as sustainable?

看收入部分的費用收入（fee income）那一行，如果我把它視為已簽保費（written premiums）的百分比來看，本季它也有小幅上升。首先，你能提醒我一下，那些是由保戶支付的費用，對吧？而較高的比例只是由地理組合所驅動，還是你們主動調整了你們設定的費率表（fee schedules）？另外，我們是否應該把第二季的水準視為合理的常態水準（run rate），也就是可持續的？

Yes, so those are fees that are paid by the policyholder at new business and every renewal thereafter. And it's mostly two things. Some is geographic. We have some states have limitations on what those fees are, and we have more growth in unlimited states.

是的，所以那些是保戶在新承保（new business）以及之後每次續保時所支付的費用。主要是兩個因素。一部分是地理因素。有些州對這些費用有上限限制，而我們在沒有上限的州成長較多。

And we also saw some uptick in the commercial business, which has higher fees, in part due to the higher limits that we have in place. But we did not make any changes during the quarter to the fee schedule itself, although that is something that we continuously look at and want to have the right balance over time.

另外，我們也看到商業業務有一些上升，而商業業務的費用較高，部分原因是我們已經設定了更高的限額。但我們在本季並沒有對費率表本身做任何調整；不過這確實是我們會持續檢視的事情，並希望隨時間推移取得適當的平衡。

Got it, thanks. And then switching over, in the past couple quarters, you've talked about starting to experiment a little bit with looking at price elasticity for the cost of your policies and thinking about a potential higher uptake of customers adopting flood policies.

了解，謝謝。接著切換一下話題，過去幾個季度你們提到開始稍微嘗試研究保單成本的價格彈性，並思考可能提高客戶採用洪水保單的比例。

Are there any updates on that experimentation, certainly in the context of thinking about the sub-20% lifetime to date loss ratio for your capacity providers? It seems like there would be some price elasticity there. So any updates around that program?

針對這項實驗有任何更新嗎？尤其是在考量你們的承保容量提供者迄今終身損失率低於20%的背景下？看起來應該存在一些價格彈性。所以這個計畫有什麼最新進展？

Yes, what we call the Quote-to-Bind model continues to, it is now fully deployed and is live at reducing prices for customers for new business in areas where and for property types where we think it can make a change in the likelihood of someone purchasing and that is definitely having a positive impact on, you know, the new business sales.

是的，我們所稱的「Quote-to-Bind」模型持續運作；目前已全面部署並上線，會在我們認為能提高購買可能性的地區與特定物業類型上，針對新業務客戶降低價格，而這確實對新業務銷售帶來正面影響。

So I would say that the data science models that we have built are performing as we expected and are having an impact. And what I'm excited about is this is lowering prices to get more people covered, which is part of our fundamental mission to help close this protection gap that exists.

所以我會說，我們建立的資料科學模型表現符合預期，並且正在產生影響。令我感到振奮的是，這是在降低價格以讓更多人獲得保障，這也是我們的核心使命之一：協助縮小目前存在的保障缺口。

Hristian Getsov, Wells Fargo.

Hristian Getsov，富國銀行。

My first question is on PIF growth. So PIF growth was up about 29% year-over-year, which the first half tends to be seasonally weaker. I guess, how should we think about the year-over-year growth trends in the back half in terms of versus the first half? Like, could we still see an acceleration even if we have a benign hurricane season or are the year-over-year comps also a little bit impacted since last year you also benefited from the government shutdown?

我的第一個問題是關於PIF成長。PIF年增約29%，而上半年通常季節性較弱。我想問的是，對於下半年相較上半年的年增趨勢，我們應該如何看待？例如，即使颶風季溫和，我們仍可能看到加速嗎？還是年增比較也會受到影響，因為去年你們也受惠於政府停擺？

Yes, you've hit the nail on the head. I can't control the weather and I also can't control whether or not there's going to be a government shutdown. So last year the weather didn't help us, but we had the government shutdown. The government shutdown last year really impacted, you know, Q4. Q3 is really more the weather, you know, one.

是的，你說到重點了。我無法控制天氣，也無法控制是否會發生政府停擺。所以去年天氣對我們不利，但我們有政府停擺。去年的政府停擺確實對第四季造成很大影響。第三季主要還是天氣因素。

And, you know, if we have a benign Q3 last year and we have a benign Q3 this year, we don't think that that's where the change will take place. The harder comp comes in Q4 if we have benign weather and no government shutdown.

而且，如果去年第三季天氣溫和、今年第三季也溫和，我們不認為變化會發生在那裡。若天氣溫和且沒有政府停擺，較難的比較基期會出現在第四季。

Got it. And then for my second question, you've talked about before about 400,000 to 500,000 of new business at-bats per year. Are you seeing an increase in those at-bats as you kind of get more agents in your distribution and as more of the business goes to the private side? And I guess, how should we kind of think about that year-over-year growth in at-bats on like a normalized basis as you kind of look out like a few years from now?

了解。第二個問題，你們之前談到每年大約有40萬到50萬次的新業務「出手機會」（at-bats）。隨著你們的通路中有更多代理人加入、以及更多業務轉向民間市場，你們是否看到這些出手機會增加？另外，從較長期、例如幾年後的角度，在常態化基礎下，我們應該如何看待這些出手機會的年增成長？

Yes, we're seeing steady growth. It's really tied to, you know, the number of agents that are, you know, interacting with our system. We are working on some larger new API partners that could drive that higher. And we're excited to obviously help current distribution partners transition from manual use of our system to a more automated use. It's not because we don't have the technology that's available to do that.

是的，我們看到穩定成長。這確實與正在與我們系統互動的代理人數量高度相關。我們正在洽談一些更大型的新API合作夥伴，可能會把這個數字推得更高。而且我們也很期待協助現有通路夥伴，從手動使用我們系統轉為更自動化的使用方式。這並不是因為我們沒有可用的技術。

It's very often these large partners getting on their development schedules and prioritization schedules just can take years, and but we're now actively working on some big ones and I'm excited to see what that can bring in the second half.

很多時候，這些大型夥伴要排進他們的開發時程與優先順序，往往需要好幾年；但我們現在正積極推進幾個大型案子，我很期待看看這在下半年能帶來什麼成果。

Got you. And if I could just squeeze one more. For the flood map modernization, I guess, what does that timeline look like, just given we're kind of near the midterms? Do you think the midterms could impact or delay that decision? And also, if it does get enacted, it sounds like it could happen all at once. So, would new business take up like over the next couple of quarters by like the 5 million households?

明白。如果我再追問一個。關於洪水地圖現代化，我想問時間表大概會是什麼樣子，考量我們接近期中選舉？你認為期中選舉可能影響或延後這個決策嗎？另外，如果真的通過，聽起來可能會一次性推行。那麼新業務是否會在接下來幾個季度內，由那500萬戶家庭逐步帶動採用？

So a couple of things. First, one of the reasons we really like this recommendation is it doesn't require an Act of Congress. The existing law in fact says that every flood map should be updated every five years. And the vast majority of flood maps have not been updated in the last five years. So some of this is just follow the existing law and update them every five years.

有幾點。首先，我們非常喜歡這項建議的原因之一，是它不需要國會立法。現行法律其實規定每一張洪水地圖都應每五年更新一次。而絕大多數洪水地圖在過去五年內都沒有更新。所以其中一部分只是遵循現行法律、每五年更新一次。

On the other side, so that's the good news is you don't need Congress. Midterms have nothing to do with it. What you need though are people at FEMA who are making that decision that, okay, let's go ahead and do this and let's put more initiative, energy, people towards that. But the number of people working at FEMA has reduced dramatically. And so whether or not the government can make that a priority, given the current levels of staffing is an interesting question.

另一方面，這是好消息：你不需要國會。期中選舉與此無關。但你需要的是FEMA內部有人做出決定：好，我們要推進這件事，投入更多主動性、能量與人力。然而FEMA的人力已大幅縮減。因此，在目前編制水準下，政府是否能把這件事列為優先事項，是個值得關注的問題。

So we do not know the answer about timing. We do not have a good sense of if it will happen, but we're encouraging it to happen because it's the right thing for Americans to know about their risk and it is something that does not require an Act of Congress. So if writing an editorial in The Hill is lobbying, then that's the lobbying we're doing and trying to put our energy towards.

所以我們不知道時間點的答案。我們也不太清楚是否會發生，但我們正在鼓勵它發生，因為讓美國人了解自身風險是正確的事，而且這不需要國會立法。所以如果在《The Hill》發表社論算是遊說，那這就是我們正在做的遊說，並把我們的精力投入其中。

Peter Knudsen, Evercore ISI.

Peter Knudsen，Evercore ISI。

My first one is on the FEMA Review Council recommendations that you think would need congressional action. I guess could you just help me think about, you know, the depopulation and that changes to the Write Your Own compensation scheme.

我的第一個問題是關於你們認為需要國會採取行動的FEMA審查委員會建議。你能否幫我理解一下，例如「去人口化」（depopulation）以及對「Write Your Own」補償機制的調整？

To what degree, you know, those do need congressional action and essentially is there sort of like a shaved down workaround version of either of those such that you think, you know, some changes are made without needing congressional approval?

在多大程度上，這些確實需要國會採取行動？以及本質上，是否存在某種「精簡版」的替代作法，使得你認為在不需要國會批准的情況下，也能做出一些改變？

Matt, do you want to take that?

Matt，你要回答這題嗎？

Yes, hey, Peter. Good morning. The short answer is that we don't know the answer to that question. There's a spectrum of possibilities here for each of the suggestions that were made in the FEMA Review Council report and the extent to which those implementations or those suggestions are implemented and the timeline on which, the two axes that we're looking at here.

好的，嗨，Peter。早安。簡短的答案是：我們不知道這個問題的答案。對於FEMA審查委員會報告中提出的每一項建議，存在一個可能性的光譜；我們關注的兩個面向是：這些建議會以何種程度被落實，以及落實的時間表。

We believe that both of the two that you mentioned, at least, would require some changes to the legislation or some congressional action. We do not know the extent to which there's appetite within the administration today to make administrative changes outside of the congressional process there. And so I think that's the question that remains up in the air.

我們認為你提到的這兩項，至少都需要對法規做一些修改或需要國會採取某些行動。我們不清楚現任政府對於在國會程序之外進行行政性調整的意願有多大。所以我認為這仍是懸而未決的問題。

Yes, okay, thank you. It's helpful. And then just going back on the improved economic terms, those are the two largest providers, I guess. Are you guys expecting further improvements on the rest of the capacity providers?

是的，好，謝謝。這很有幫助。然後回到改善後的經濟條件，我想那是兩家最大的容量提供方。你們是否預期其餘的容量提供方也會進一步改善？

And could you just remind me, I guess maybe it's on a rolling basis, but when those renew and if so, I guess, you know, it sounds like that wasn't even really an impact on the increased commission rate in the quarter. So is it fair to assume, you know, commission rates can tick up even further in the near term?

另外也請你提醒我一下，我想可能是滾動式的，但這些合約何時續約？如果會續約的話，我想，聽起來這在本季提高佣金率上甚至沒有真正造成影響。所以是否可以合理假設，短期內佣金率還可能再進一步上升？

Well, we had, again, a one-third impact in the quarter because they were six-one programs. And June was certainly a stronger month than April. So there was some impact in the second quarter, but there will be a slightly larger impact in the third quarter and beyond. Every time one of our programs comes up for renewal, we have this discussion. And our two largest programs are six-one, but we have a small program on December 1.

嗯，我們在本季的影響同樣大約是三分之一，因為它們是 6/1 的方案。而 6 月確實比 4 月更強。所以第二季有一些影響，但第三季及之後的影響會稍微更大一些。每當我們的某個方案到了續約時間，我們都會進行這樣的討論。我們最大的兩個方案是 6/1，但我們在 12 月 1 日還有一個小方案。

We have a program October 1. So as the October and December ones come up, we will have those discussions with those partners and try to reach a mutually beneficial outcome on both. One of the programs that we renewed earlier this year, we ended up doing a two-year agreement where it was 1.25% spread over two years. And so half and half. So sometimes we're able to negotiate sort of a multi-year, you know, easing in of increases.

我們在 10 月 1 日也有一個方案。所以當 10 月和 12 月的方案到期時，我們會與那些合作夥伴進行討論，並嘗試在雙方之間達成互利的結果。我們今年稍早續約的一個方案，最後簽了一份兩年期協議，總共是 1.25%，分攤到兩年。也就是各一半。所以有時我們能談到某種多年期的安排，讓調升幅度逐步到位。

So again, these are not, we're not going to get 5 more percentage points, but you know, are we looking to get 25 basis points to 50 basis points on each program each year if we can, yes. Does that go on forever? No, it does not. Because at some point, right, the economics, you know, that they'd be better off doing a different form of insurance than flood.

所以再說一次，這不是說我們會再拿到多 5 個百分點，但你知道，如果可以的話，我們是否希望每個方案每年爭取 25 到 50 個基點，是的。這會永遠持續下去嗎？不，不會。因為到某個程度，對方從經濟性來看，可能會覺得採用不同形式的保險會比洪水險更划算。

But I think we have a little ways to go and the more history we have, and quite frankly, the more history we have with landfall hurricanes, right, we've had 21 in our history, if we can get up that we've had 30 or 40 in our history and are still delivering, you know, incredibly, you know, outsized returns, then, you know, we will be able to get even healthier economics than we get today.

但我認為我們還有一段路要走；而且我們累積的歷史越多，坦白說，我們在有登陸颶風方面的歷史越多——我們的歷史中有 21 次——如果能累積到 30 或 40 次，且我們仍然能交出非常、你知道，超額的回報，那麼我們就能取得比今天更健康的經濟條件。

Mitch Rubin, Raymond James.

Mitch Rubin，Raymond James。

I've talked about how every quote gets priced without a human in the loop. In June, the Texas DOI issued a bulletin stating that when AI drives a consequential consumer decision, they expect a person to review and approve before it's acted on, and they plan to examine governance and internal controls around AI use. Is there a point where Neptune has to add oversight or compliance rules?

我聽你提過，每一個報價都是在沒有人工介入的情況下定價。6 月，德州保險局（Texas DOI）發布公告指出，當 AI 驅動會對消費者造成重大影響的決策時，他們期望在採取行動前由人員審查並核准，並且計畫檢視 AI 使用的治理與內部控制。Neptune 是否有需要增加監督或合規規則的時點？

First of all, this is not covered by the Texas matter because we're not using AI to set pricing in the way that you think about AI in that context. In that directive, they're talking about generative AI like ChatGPT or Anthropic, and that's not what we're doing. All of the AI that we're using is algorithmic, it can be turned into just straight math. So it's just not applicable for what we're doing.

首先，這不在德州那項事項的涵蓋範圍內，因為我們並不是以你在那個脈絡下所理解的方式用 AI 來設定定價。在那份指令中，他們談的是生成式 AI，例如 ChatGPT 或 Anthropic，而我們做的不是這個。我們使用的所有 AI 都是演算法式的，可以轉換成純粹的數學。所以這與我們正在做的事情並不適用。

Got it. I appreciate the color. And for my next question, so clearly the focus today is on under-insurance in the US, but in the S-1, international expansion was framed as a longer-term opportunity. With the severe flooding across Asia this year and Europe in 2025, can you refresh us on where you stand with that? And if you've seen any incremental appetite from capacity providers to expand outside the US?

了解。謝謝你的補充說明。下一個問題，顯然今天的重點是在美國的保險不足，但在 S-1 中，國際擴張被定位為較長期的機會。鑑於今年亞洲的嚴重洪災以及 2025 年歐洲的洪災，你能否更新一下你們目前的進展？以及你們是否看到容量提供方對於擴展到美國以外市場有任何新增的意願？

Yes, we certainly have tremendous appetite from our risk-taking partners to have us go elsewhere in the world with our technology. And that's not just on, you know, flood, but on other perils as well. And we're continuously considering those options and weighing them versus the opportunity that is available at home.

是的，我們的風險承擔合作夥伴確實非常有意願，讓我們把技術帶到世界其他地方。而且不只是洪水這個險種，也包括其他風險。我們也持續在評估這些選項，並將其與本土市場可取得的機會做權衡。

And what I can tell you so far is nothing has crossed the bar as a better use of our time than focusing on the United States, where you've got 25 million buildings at high risk of flooding and only 4 million policies. There's not another opportunity worldwide that we're aware of where you've got 21 million buildings that absolutely need to have it, where we're alive and can actively work on attacking those.

而我目前能告訴你的是，至今沒有任何事情能讓我們覺得，比起專注在美國更值得投入時間；在美國，有 2,500 萬棟建築面臨高洪水風險，但只有 400 萬張保單。我們所知道的全球其他地方，沒有另一個機會是有 2,100 萬棟建築絕對需要這種保障，而且我們能在那裡實際存在並主動去推進、去攻克的。

That concludes our question-and-answer session. I will now turn the conference back over to Trevor Burgess for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給 Trevor Burgess 作結語。

Listen, thank you to everyone for joining and thank you for the questions. We're very excited about the trajectory of this business. The team is working so hard with incredible tools at its disposal to, you know, drive business.

各位，感謝大家參與，也謝謝大家的提問。我們對這項業務的發展軌跡感到非常振奮。團隊正非常努力，並運用手上極其出色的工具來推動業務成長。

Matt talked about it, but the fact that we deployed twice as many tickets as we did in the fourth quarter with a slightly smaller team is just incredible. And being able to do live iterations, respond to customer needs, respond to agent needs. I have never been more excited about this business than I am today. And so thank you all for your interest and for the questions and we'll get back to work on Q3 and beyond.

Matt 提到過，但我們在團隊人數略少的情況下，部署的工單數是第四季的兩倍，這真的令人難以置信。而且能夠進行即時迭代、回應客戶需求、回應代理人需求。我從未像今天這樣對這項業務感到興奮。因此謝謝各位的關注與提問，我們會回去繼續投入第三季以及之後的工作。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。