Porch Group Inc (PRCH) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and thank you for participating and Porch Group's fourth quarter 2023 conference call. Today, we issued our fourth-quarter earnings release and related Form 8-K to the SEC. The press release can be found on our Investor Relations website at ir.porchgroup.com.

大家下午好，感謝您參加 Porch Group 2023 年第四季電話會議。今天，我們向 SEC 發布了第四季度收益報告和相關的 8-K 表格。新聞稿可在我們的投資者關係網站 ir.porchgroup.com 上找到。

Joining me today are Matt Ehrlichman, Porch's CEO, Chairman and Founder; Shawn Tabak, Porch Group CFO, Matthew Neagle, Porch Group COO, and Jim Weld, GM of Rynoh, Porch's title software company.

今天加入我的是 Porch 執行長、董事長兼創辦人 Matt Ehrlichman； Porch Group 財務長 Shawn Tabak、Porch Group 營運長 Matthew Neagle 以及 Porch 旗下軟體公司 Rynoh 的總經理 Jim Weld。

Before we go further, I would like to take a moment to review the Company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995, which provides important cautions regarding forward-looking statements. Today's discussion, including responses to your questions reflect management's views as of today, March seventh, 2024. We do not undertake any obligations to update or revise this information.

在我們進一步討論之前，我想花點時間回顧一下 1995 年《私人證券訴訟改革法案》含義內的公司安全港聲明，該聲明提供了有關前瞻性聲明的重要警告。今天的討論（包括對您的問題的答案）反映了截至今天（2024 年 3 月 7 日）管理層的觀點。我們不承擔任何更新或修改此資訊的義務。

Additionally, we will make forward-looking statements about our expected future financial or business performance or conditions, business strategies, and plans for trading applications benefit from exchange, based on current expectations and assumptions. These statements are subject to risks and uncertainties which could cause our actual results to differ materially from the forward-looking statements.

此外，我們將根據當前的預期和假設，對我們預期的未來財務或業務績效或狀況、業務策略以及交易應用程式從交易所中受益的計劃做出前瞻性陳述。這些陳述存在風險和不確定性，可能導致我們的實際結果與前瞻性陳述有重大差異。

We encourage you to consider the risk factors and other risks and uncertainties described in our SEC filings as well as the risk factor information in these slides for additional information concerning factors that could cause our results to differ materially from current expectations.

我們鼓勵您考慮我們向SEC 文件中描述的風險因素和其他風險和不確定性以及這些幻燈片中的風險因素信息，以獲取有關可能導致我們的結果與當前預期存在重大差異的因素的更多信息。

We will reference both GAAP and non-GAAP financial measures on today's call, please refer to today's press release for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call, which are available on our website. The financial information, but it's stated preliminary, unaudited and subject to revision upon completion of the closing and audit processes. As a reminder, this webcast will be available for replay along with the presentation shortly after this call on the company's website at ir.porchgroup.com.

我們將在今天的電話會議上參考GAAP 和非GAAP 財務指標，請參閱今天的新聞稿，了解非GAAP 指標與本次財報電話會議中討論的最具可比性的GAAP 指標的對帳情況（可在在我們的網站上找到）。財務信息，但它是初步的、未經審計的，並在完成結帳和審計過程後可能會進行修改。請注意，本次網路廣播將在本次電話會議後不久在本公司網站 ir.porchgroup.com 上與簡報一起重播。

I'll now turn the call over to Matt Ehrlichman, CEO Chairman and Founder of Porch Group. Over to you, Matt.

現在我會把電話轉給 Porch Group 執行長兼創辦人 Matt Ehrlichman。交給你了，馬特。

Thanks, Lois. Good afternoon, everybody. Thanks very much for joining. I couldn't be more proud of the achievements and execution of the Porch team over the last year. Despite a sharp increase in interest rates over the last couple of years, higher cost of reinsurance and claims, contraction in the real estate market and historically challenging weather events, the team stuck together stay focused and performed.

謝謝，路易斯。大家下午好。非常感謝您的加入。我對 Porch 團隊去年的成就和執行力感到無比自豪。儘管過去幾年利率急劇上升、再保險和理賠成本上升、房地產市場萎縮以及歷史上具有挑戰性的天氣事件，該團隊仍然團結一致，保持專注並表現出色。

We implemented our insurance profitability actions, which I hear throughout today's presentation. This includes enhancing underwriting activities, increasing premium per policy and non-renewing higher risk policies. We launched Porch warranty and new products for our software customers, increasing pricing while maintaining our high customer retention. And we reduced costs across our business while continuing investment across key growth initiatives. And as a result of the work we've done, financial results were strong and exceeded expectations.

我們實施了保險獲利行動，我在今天的演講中聽到了這些行動。這包括加強核保活動、增加每份保單的保費以及不續簽較高風險的保單。我們為軟體客戶推出了 Porch 保固和新產品，提高了價格，同時保持了較高的客戶保留率。我們降低了整個業務的成本，同時繼續對關鍵成長計畫進行投資。由於我們所做的工作，財務業績強勁並超出了預期。

Revenue in the fourth quarter grew 79% to $115 million, $15 million above our prior guidance. Revenue less cost of revenue grew 82% to $80 million, $20 million above guidance and Q4 adjusted EBITDA profit was $12 million, an increase of $25 million compared to the fourth quarter 2022, and $8 million above guidance. In every measure here, it was a great quarter.

第四季營收成長 79%，達到 1.15 億美元，比我們先前的指引高出 1,500 萬美元。營收減去營收成本成長82%，達到8,000 萬美元，比指導值高出2,000 萬美元，第四季調整後EBITDA 利潤為1,200 萬美元，比2022 年第四季增加2,500 萬美元，比指導值高出800 萬美元。從各個方面來看，這都是一個很棒的季度。

A few other key updates for the fourth quarter before we dive into the presentation. One, we handily beat the second half 2023 profitability target, we set two years ago, with second half adjusted EBITDA of $21 million. Next, we had no material weaknesses. Huge, thanks to Sean and the team for the expertise in leadership. This was a top priority for us as we completed system implementations and improved our control environment, a truly great achievement and well done team.

在我們深入演示之前，我們先介紹一下第四季度的其他一些重要更新。第一，我們輕鬆實現了兩年前設定的 2023 年下半年獲利目標，下半年調整後 EBITDA 為 2,100 萬美元。其次，我們沒有實質的弱點。非常感謝肖恩和團隊在領導方面的專業知識。這是我們的首要任務，因為我們完成了系統實施並改善了我們的控制環境，這是一個真正偉大的成就和出色的團隊。

Next, our business continues to make meaningful progress across many areas. In Q4 alone, we launched a new Rynoh product for title companies. We landed a new utilities partnership, released a new HVAC micro warranty and a CRM product for smaller inspectors. Our moving business is executing a local full service offering, expanding on our leadership position and providing moving labor to consumers. This product increases the size of our market opportunity and provides a higher margin offering.

接下來，我們的業務將繼續在許多領域取得有意義的進展。僅在第四季度，我們就為產權公司推出了新的 Rynoh 產品。我們建立了新的公用事業合作夥伴關係，發布了新的 HVAC 微保固和針對小型檢查員的 CRM 產品。我們的搬家業務正在執行本地全方位服務，擴大我們的領導地位並向消費者提供搬家勞動力。該產品增加了我們的市場機會並提供更高的利潤。

Next, we released our first ESG report, which is available on our IR website, we look forward to sharing more on this in the future. And finally, we were admitted Deloitte’s technology's Fast 500 for 2023.

接下來，我們發布了第一份 ESG 報告，該報告可在我們的 IR 網站上獲取，我們期待將來分享更多相關內容。最後，我們入選德勤 2023 年科技高成長 500 強。

Now over to you, Shawn, on the financials.

肖恩，現在輪到你談財務問題了。

Thanks, Matt, and good afternoon, everyone. As Matt mentioned, we are extremely pleased to have accomplished our second half 2023 adjusted EBITDA target despite market headwinds.

謝謝馬特，大家下午好。正如 Matt 所提到的，儘管市場存在阻力，我們仍非常高興能夠實現 2023 年下半年調整後 EBITDA 目標。

I wanted to thank our teams for their contribution and hard work to achieve this critical milestone.

我要感謝我們的團隊為實現這一重要里程碑所做的貢獻和辛勤工作。

Moving to slide 9 here to get into the financials. Revenue was $114.6 million in the fourth quarter of 2023. Growth of 79% over the prior year, driven by our insurance segment, which grew 179%, partially offset by the vertical software. Revenue less cost of revenue was $79.9 million, resulting in a margin of 70% of revenue, which is a 120-basis point increase over the prior year, driven by the insurance profitability actions and software price increases.

請前往此處的投影片 9 以了解財務狀況。2023 年第四季營收為 1.146 億美元。與前一年相比增長了 79%，這主要得益於我們的保險部門的增長，該部門增長了 179%，但部分被垂直軟體所抵消。收入減去收入成本為 7,990 萬美元，收入利潤率為 70%，比上年增長 120 個基點，這主要得益於保險盈利行動和軟體價格上漲。

Adjusted EBITDA was $11.7 million, a 10% margin and a $25 million increase over the prior year, driven by the insurance segment and strong cost control. Gross written premium was $112 million, a decrease compared to prior year as we focus on profitability and reducing risk for non-renewals and new business restrictions and higher risk zipcodes. This is partially offset by an increase in premium per pulse.

在保險業務和強有力的成本控制的推動下，調整後的 EBITDA 為 1,170 萬美元，利潤率為 10%，比上年增加 2,500 萬美元。總承保保費為 1.12 億美元，較上年有所下降，因為我們專注於盈利能力並降低不續保、新業務限制和高風險郵遞區號的風險。這被每脈衝保費的增加部分抵消。

The insurance segment was 76% of total revenue in the fourth quarter, an increase from 49% in the prior year. Revenue from our insurance segment was $86.9 million, growth of 179% over the prior year, driven by a 34% increase in premium per policy and lower reinsurance ceded. Approximately one-third of the growth was from increases in premium per policy and two thirds from the lower ceding, partially offset by attrition with the non-renewals.

保險業務佔第四季總營收的 76%，高於去年同期的 49%。我們的保險部門收入為 8,690 萬美元，比上年增長 179%，這得益於每份保單保費增長 34% 和分保額下降。大約三分之一的成長來自每份保單保費的增加，三分之二來自分保額的減少，部分被不續保的損耗所抵銷。

Vertical software revenue was $27.7 million, a decline compared to the prior year, driven by the housing market headwinds, which particularly impacts moving services along with lower demand in corporate relocations. SaaS revenue remained resilient.

垂直軟體收入為 2,770 萬美元，較前一年下降，原因是房地產市場逆風，尤其影響了搬家服務以及企業搬遷需求下降。SaaS 營收保持彈性。

Moving to adjusted EBITDA by segment insurance segment adjusted EBITDA was $31.6 million in the fourth quarter of 2023, a 36% margin driven by insurance profitability actions, which drove a lower gross loss ratio compared to the prior year. Vertical software adjusted EBITDA loss was $300,000 with continued market pressure and moving services. Corporate expenses were $19.7 million or 17% of total revenue, a 600-basis point improvement compared to the prior year.

按分部劃分保險部門調整後 EBITDA 2023 年第四季調整後 EBITDA 為 3,160 萬美元，由於保險獲利行動推動利潤率達到 36%，導致毛損失率低於上年。由於持續的市場壓力和搬遷服務，垂直軟體調整後的 EBITDA 損失為 30 萬美元。公司支出為 1,970 萬美元，佔總收入的 17%，比前一年提高了 600 個基點。

Moving now to the balance sheet, we ended -- we are proud to have issued -- have generated $34 million of operating cash flow in fiscal year 2023. We generated $43 million of operating cash flow in the second half of the year.

現在轉向資產負債表，我們很自豪地在 2023 財年產生了 3,400 萬美元的營運現金流。下半年我們產生了 4,300 萬美元的營運現金流。

You can see here that we ended the year with $398 million of cash, cash equivalents and investments. And excluding the $310 million at HOA Porch held $87 million. In addition, Porch group held $39 million of restricted cash, primarily for captive and warranty businesses, as well as a $49 million surplus note from HOA. HOA surplus at December 31, was a healthy $52 million.

您可以在此處看到，我們在年底擁有 3.98 億美元的現金、現金等價物和投資。除去 HOA Porch 的 3.1 億美元，總價值為 8,700 萬美元。此外，Porch 集團持有 3,900 萬美元的限制性現金，主要用於自保和保固業務，以及 HOA 的 4,900 萬美元盈餘票據。截至 12 月 31 日，HOA 盈餘為 5,200 萬美元。

In the first quarter of 2024. There have been four items that I would like to bring to your attention. First of all, we signed a strategic business agreement with Aon who will support us in securing reinsurance and other services in 2024 and the next several years. We release them from any vessel to related claims, although we'll continue to pursue other non-Aon [permits]. We received approximately $25 million upfront cash in January 2024 and expect to receive approximately $5 million over the next four years.

2024年第一季。我想提請您注意四件事。首先，我們與怡安簽署了策略性業務協議，怡安將支持我們在2024年及未來幾年獲得再保險和其他服務。儘管我們將繼續尋求其他非怡安[許可證]，但我們將其從任何船隻上釋放到相關索賠中。我們於 2024 年 1 月收到了約 2,500 萬美元的預付款現金，預計在未來四年內將收到約 500 萬美元。

Second, as previously discussed, we tested connecting homebuyers with third party insurance agencies to compare conversion and profitability versus EIG, our in-house agency. Our unit economics and profitability improved substantially in these tests, given the costs associated with running the agency. Therefore, we sold the EIG for $12 million cash in January of this year.

其次，如前所述，我們測試了將購屋者與第三方保險機構聯繫起來，以比較我們的內部機構 EIG 的轉換率和獲利能力。考慮到與營運該機構相關的成本，我們的單位經濟效益和獲利能力在這些測試中大幅提高。因此，我們在今年 1 月以 1200 萬美元的現金價格出售了 EIG。

EIG was a small business for us with annual commissions from third party carriers of approximately $5 million and an adjusted EBITDA loss of approximately $3 million in 2023. While we'll continue to prioritize selling our own insurance products like HOA and eventually Porch insurance through relevant homebuyers. When we do connect consumers to agency partners and they sell a third-party carrier products, we'll receive back high-margin revenue. Overall, this divestiture increases profitability in 2024 and ongoing and improves our balance sheet.

EIG 對我們來說是一家小型企業，每年從第三方營運商獲得的佣金約為 500 萬美元，2023 年調整後的 EBITDA 損失約為 300 萬美元。同時我們將繼續優先銷售我們自己的保險產品，例如 HOA，並最終透過相關購屋者銷售 Porch 保險。當我們確實將消費者與代理商合作夥伴聯繫起來並且他們銷售第三方營運商產品時，我們將收到高利潤收入。總體而言，此次剝離將提高 2024 年的獲利能力並持續改善我們的資產負債表。

And importantly, as part of the strategy around forming a reciprocal exchange, we want as much premium as possible sold into our own insurance products and for Porch Group to be the operator of the reciprocal with lower volatility and higher margin. Tighter alignment with third party agencies can incent them to drive more of their customers to our carrier.

重要的是，作為形成互惠交易所策略的一部分，我們希望將盡可能多的保費出售給我們自己的保險產品，並讓Porch Group 成為波動性更低、利潤率更高的互惠交易所的營運商。與第三方機構更緊密的合作可以激勵他們將更多的客戶帶到我們的營運商。

Third, in February, we repurchased $8 million par value of our unsecured notes for $3 million, cash at 37.5% of par, reducing our 2026 debt maturity to $217 million. And finally, we expect to file a Form S-3 shelf registration statement with the SEC soon around the timing of our 10-K, which gives us the flexibility to raise various forms of capital over the next three years. We do not currently have any imminent plans to raise capital. However, this is a good corporate practice and provides several options to reduce our 2026 notes over the next two years.

第三，2月份，我們以300萬美元回購了面額800萬美元的無擔保票據，現金比例為面額的37.5%，將我們2026年的債務到期期限減少至2.17億美元。最後，我們預計將在 10-K 提交期間盡快向 SEC 提交 S-3 表格擱置註冊聲明，這使我們能夠在未來三年內靈活地籌集各種形式的資本。我們目前沒有任何近期的融資計劃。然而，這是一種良好的企業實踐，並為我們在未來兩年內減少 2026 年票據提供了多種選擇。

Shifting now to our full year 2023, revenue was $430 million, a 56% growth over the prior year, driven by 152% growth in our insurance segment. Revenue less cost of revenue was $210 million, a 25% increase over the prior year. There was a change to margins year over year due to mix shift between insurance and vertical software segments and a change in our reinsurance programs within reinsurance.

現在轉向 2023 年全年，營收為 4.3 億美元，比上一年增長 56%，這得益於我們保險業務成長 152%。收入減去收入成本為 2.1 億美元，比上年增長 25%。由於保險和垂直軟體部門之間的混合轉變以及我們再保險內的再保險計劃的變化，利潤率逐年發生變化。

The adjusted EBITDA loss was $44.5 million, a $5 million improvement over the prior year, driven by improvements in insurance profitability actions we discussed and offset by higher reinsurance costs in 2023 and historically challenging hail events in Texas in the second quarter. Gross written premiums were $525 million, relatively flat compared to the prior year, with non-renewal of higher risk policies offset by increases in premiums for both. These changes drove notable improvement in profitability, building momentum in the second half of the year.

調整後的EBITDA 損失為4450 萬美元，比上年減少500 萬美元，這是由於我們討論的保險盈利行動的改善所推動的，並被2023 年再保險成本的增加和德克薩斯州第二季度歷史上具有挑戰性的冰雹事件所抵消。總承保保費為 5.25 億美元，與前一年相比相對持平，較高風險保單的不續保被保費的增加所抵消。這些變化帶動獲利能力顯著改善，為下半年帶來動力。

And with that backdrop, now let's take a look at our 2024 guidance. Today, we are providing our full year 2024 guidance. For 2024, we expect revenue of $450 million to $490 million, growth of 5% to 14% driven by the insurance segment with relatively flat revenue in the software segment. We expect revenue less cost of revenue of $225 million to $240 million. We expect overall margins to be relatively flat with 2023 as increases in vertical software margins are offset by mix shift toward higher growth, but lower margin insurance segment.

在此背景下，現在讓我們來看看我們的 2024 年指導。今天，我們提供 2024 年全年指導。2024 年，我們預期營收為 4.5 億至 4.9 億美元，成長 5% 至 14%，主要由保險部門推動，而軟體部門營收相對持平。我們預計收入減去收入成本為 2.25 億至 2.4 億美元。我們預計 2023 年整體利潤率將相對持平，因為垂直軟體利潤率的成長被向高成長但利潤率較低的保險領域的混合轉型所抵消。

We've assumed a 63% gross loss ratio for the full year, in line with our five year weighted. Overall, we expect adjusted EBITDA profit of $1 million to $10 million. Year-on-year improvement is predominantly driven by continued execution against our insurance profitability actions we discussed today. Price increases in our sales businesses and ongoing cost management efforts, we expect operating expenses to decrease more than 10% compared to 2023.

我們假設全年毛損失率為 63%，與我們的五年加權一致。總體而言，我們預計調整後 EBITDA 利潤為 100 萬至 1000 萬美元。同比改善主要是由於我們今天討論的保險盈利行動的持續執行。由於我們銷售業務的價格上漲以及持續的成本管理努力，我們預計營運費用將比 2023 年減少 10% 以上。

We expect gross written premiums of $460 million to $480 million. For reference, EIG. as written premium from third party carriers was approximately $45 million in 2023. So our guidance implies managing to roughly flat on an apples-to-apples basis. As third-party carrier written premium will be excluded under the new agency model. This concludes executing further non-renewals of higher risk policies exiting the state of Georgia, where we're unable to get the rate needed to achieve our profit targets and being selective around bringing in attractive new business.

我們預計總保費為 4.6 億至 4.8 億美元。作為參考，EIG。 2023 年，第三方承運人的承保保費約為 4,500 萬美元。因此，我們的指導意味著設法在同類基礎上大致持平。由於第三方承運人承保保費將在新的代理模式下被排除。這意味著我們將進一步不再續簽退出喬治亞州的高風險保單，因為我們無法獲得實現利潤目標所需的利率，並且無法選擇性地引入有吸引力的新業務。

Overall, at approximately flat premium, we are reducing our projected risk exposure by approximately 22% in 2024, which follows the approximately 26% reduction between 2022 and 2023. This drives lower expected reinsurance and loss. We believe our insurance profitability actions in 2022, 2023 and 2024 set us up well for sustainable, profitable growth in 2025 and beyond. It's going to be an exciting time for the company.

總體而言，在保費大致持平的情況下，我們預計到 2024 年將風險敞口減少約 22%，此前在 2022 年至 2023 年期間風險敞口減少了約 26%。這導致預期再保險和損失降低。我們相信，我們在 2022 年、2023 年和 2024 年的保險獲利行動將為我們在 2025 年及以後實現可持續的獲利成長奠定良好的基礎。對於公司來說，這將是一個令人興奮的時刻。

Now to adjusted EBITDA seasonality. We have historically experienced higher insurance claims in the first and second quarters, therefore, as this illustrative chart shows, in 2024, we expect adjusted EBITDA to be negative in Q1, more negative in Q2, followed by profitability in Q3 and Q4.

現在調整 EBITDA 季節性。從歷史上看，我們在第一季和第二季經歷過較高的保險索賠，因此，正如這張說明圖所示，到2024 年，我們預計第一季度調整後EBITDA 將為負值，第二季負值較大，其次是第三季和第四季的獲利能力。

Overall, the midpoint of our 2024 adjusted EBITDA guidance is a $50 million increase compared to 2023. In 2024, we expect adjusted EBITDA to improve approximately $10 million to $15 million in each quarter compared to the same quarters in the prior year. We are continuing to roll out additional price and deductibles increases over the first half of 2024, which benefits the second half.

整體而言，我們 2024 年調整後 EBITDA 指引的中位數比 2023 年增加了 5,000 萬美元。到 2024 年，我們預計每季調整後的 EBITDA 將比去年同期增加約 1,000 萬至 1,500 萬美元。我們將在 2024 年上半年繼續推出額外的價格和免賠額上調，這將有利於下半年。

And finally, given our progress and strong results, we secured an additional kind of reinsurance product to protect the balance sheet and reduce our exposure to [what]. Earlier in 2024, we purchased $30 million of aggregate severe convective storm coverage, which includes hail protection. This means if we see a series of smaller store or hail related losses. Similar to what we saw in Q1 and Q2 of 2023, we would have coverage adding to what we already have for larger events.

最後，鑑於我們的進展和強勁業績，我們獲得了另一種再保險產品，以保護資產負債表並減少我們的風險敞口[什麼]。2024 年初，我們購買了 3,000 萬美元的總強對流風暴保險，其中包括冰雹防護。這意味著如果我們看到一系列較小的商店或與冰雹相關的損失。與我們在 2023 年第一季和第二季看到的情況類似，我們將在現有的大型活動的基礎上增加報告範圍。

Generally of hail events were to drive worse than expected claims volumes in 2024. We are now much better protected, increasing our confidence in the upcoming year. And our typical reinsurance renewals will occur on April 1.

一般來說，冰雹事件導致 2024 年的索賠量比預期的還要嚴重。我們現在受到了更好的保護，增強了我們對來年的信心。我們典型的再保險續保將於 4 月 1 日進行。

Thank you all for your time today. And I'll now hand over to Matthew to cover our KPIs and other business updates.

感謝大家今天抽出時間。我現在將交給 Matthew 介紹我們的 KPI 和其他業務更新。

Thank you, Shawn, and hello, everyone. I will start with our KPIs. The average number of companies was 30,000 in the fourth quarter, broadly similar to last quarter and prior year with continued housing market headwinds.

謝謝肖恩，大家好。我將從我們的 KPI 開始。第四季公司平均數量為 30,000 家，與上季和去年基本相似，但房地產市場仍面臨阻力。

Average revenue per company per month increased 84% to $1,277 versus $693 in Q4 2022, as we continue to monetize the insurance opportunity more effectively. We had 220,000 monetized services in the quarter, an increase of 3% despite the headwinds in the housing market in decline in corporate relocation. Finally, average revenue per monetized service was $448, up 105% versus prior year due to the growth in our higher value services such as insurance and warrant.

隨著我們繼續更有效地利用保險機會，每家公司的每月平均收入成長了 84%，達到 1,277 美元，而 2022 年第四季為 693 美元。儘管房地產市場因企業搬遷減少而受到不利影響，但本季我們仍提供 22 萬項貨幣化服務，成長了 3%。最後，由於保險和權證等高價值服務的成長，每項貨幣化服務的平均收入為 448 美元，比上年增長 105%。

I want to take a moment to highlight our SaaS revenue within the vertical software saying. Industry home sales declined 18% in 2022, an additional 19% in 2023. Despite this, our software and subscription revenue have remained broadly consistent over that period. While we are not assuming any improvement in the housing market in 2024, when the housing market recovers, it will be a tailwind for our businesses.

我想花點時間強調我們在垂直軟體領域的 SaaS 收入。2022 年工業房屋銷售量下降 18%，2023 年又下降 19%。儘管如此，我們的軟體和訂閱收入在此期間仍基本保持一致。雖然我們預計 2024 年房地產市場不會有任何改善，但當房地產市場復甦時，這將成為我們企業的順風車。

Looking now at the insurance segment KPIs, which includes HOA, our insurance carrier, our warranty business and as of December 31, it also included EIG. Gross written premium was $112 million from 310,000 policies in force in the fourth quarter. Policies in force declined 20% compared to prior year, while GWP decreased 14%. This is due to nonrenewals of higher risk policies being partially offset by increased premium per policy. Annualized revenue per policy increase to $1,120, driven by premium per policy increases in lower CD.

現在來看看保險部門的 KPI，其中包括 HOA、我們的保險公司、我們的保固業務，截至 12 月 31 日，還包括 EIG。第四季有效保單為 31 萬份，總保費為 1.12 億美元。與去年相比，現行政策下降了 20%，而 GWP 下降了 14%。這是由於高風險保單的不續保被每份保單保費的增加所部分抵消。由於 CD 較低的每份保單保費增加，每份保單的年化收入增加至 1,120 美元。

Focusing now on HOA, our insurance carrier. Annualized premium per policy increased 34% to $1,861. Premium retention was 96%, approximately 10 percentage points lower than prior year, driven by the nonrenewals we discussed. Our gross loss ratio was 36% in the fourth quarter, and I'll provide more insight on that on the next slide.

現在關注我們的保險公司 HOA。每份保單的年化保費增加了 34% 至 1,861 美元。受我們討論的不續保的推動，保費保留率為 96%，比前一年低約 10 個百分點。第四季我們的毛損失率為 36%，我將在下一張投影片中提供更多對此的見解。

We welcome comparisons of our gross loss and combined ratios to all other property centered carriers. As I said, the gross loss ratio for Q4 was 36%. And for the full year 2023, it was 69%. And that's even with a tough weather environment. Our combined ratio in the fourth quarter was 49%. And for the full year 2023, it was 88%.

我們歡迎將我們的總損失和綜合比率與所有其他以財產為中心的航空公司進行比較。正如我所說，第四季的毛虧損率為36%。2023 年全年，這一比例為 69%。即使在惡劣的天氣環境下也是如此。我們第四季的綜合成本率為 49%。2023 年全年，這一比例為 88%。

Here on slide 21, you can see the detail from the last two years, including the split between catastrophic weather and non-cat perils. You can see seasonality in the cat gross loss ratio with the first and second quarters being the worst weather quarters, as well as the non-cat gross loss ratio improving throughout the 2023 year to 30% in the fourth quarter. This clearly demonstrates our ability to identify and price risk. You can see the year-over-year improvement of our gross combined ratio from 77% in Q4 2022 to 49% in Q4 2023.

在幻燈片 21 上，您可以看到過去兩年的詳細信息，包括災難性天氣和非貓危險之間的差異。您可以看到貓類毛損失率的季節性，第一季和第二季是天氣最差的季度，非貓類毛損失率在 2023 年全年有所改善，第四季度達到 30%。這清楚地表明了我們識別風險和定價風險的能力。您可以看到我們的總綜合成本率比去年同期從 2022 年第四季的 77% 提高到 2023 年第四季的 49%。

The point to highlight here is our unique data and proves our ability to underwrite policies effectively as we focus on profit. We provide discounts to lower risk policies and surcharges to higher risk ones. Over time, the mix shift of our book will lean towards lower risk customers as we incentivize those customers to come to us and as we avoid loss-making customers. We continue to make great progress in leveraging this competitive advantage across 22 states we write in and across different factors in perils.

這裡要強調的一點是我們獨特的數據，證明了我們在關注利潤的同時有效承保保單的能力。我們為低風險保單提供折扣，為高風險保單提供附加費。隨著時間的推移，我們的業務組合將傾向於低風險客戶，因為我們激勵這些客戶來找我們，並避免虧損客戶。在我們所涉足的 22 個州以及不同的危險因素中，我們在利用這一競爭優勢方面繼續取得巨大進展。

And we are not done yet, with key underwriting changes. In 2024, we have already filed an 18% increase in taxes. We will implement additional increases in states where appropriate and are further increasing in our deductibles. Overall, the rate changes we have made that you can see on the left-hand side of this slide have delivered a 30% CAGR in premium per policy between 2021 and 2023, you can see on the right. And given the 2024 rate increases, we expect premium per policy to continue to grow. As we have said before, we believe the homeowners insurance space is highly attractive, given how significantly we expect the TAM to grow for many years ahead.

我們還沒有完成重要的承保變更。2024 年，我們已經提交了 18% 的增稅申請。我們將在適當的情況下在各州實施額外的增加，並進一步增加我們的免賠額。總體而言，我們所做的費率變化（您可以在這張投影片的左側看到）使2021 年至2023 年間每份保單的保費複合年增長率達到30%（您可以在右側看到）。鑑於 2024 年費率上漲，我們預計每份保單的保費將繼續增長。正如我們之前所說，考慮到我們預計 TAM 在未來許多年將會顯著成長，我們相信房屋保險領域極具吸引力。

Now onto a deep dive. Malcolm Conner, our warranty business team, shared insights into how we are well positioned to become a leader at our last earnings in Q2. We have lower cost of customer acquisition, offer a variety of products which are distributed through unique partners and have unique advantages that the Porch platform provides.

現在開始深入研究。我們的保固業務團隊馬爾科姆康納 (Malcolm Conner) 分享了我們如何在第二季的最新收益中成為領先者的見解。我們的獲客成本較低，提供多種產品，透過獨特的合作夥伴分銷，並具有 Porch 平台提供的獨特優勢。

Our warranty strategy is producing strong results. We entered into the warranty space, the acquisition of American Home Protect in 2021, when it had $12 million of revenue. We achieved our 2023 revenue target, delivering $37 million in revenue and $7 million adjusted EBITDA, noting 2023 adjusted EBITDA would have been even better, but included certain remaining acquisition costs.

我們的保固策略正在產生顯著的成果。我們於 2021 年收購了 American Home Protect，進入保固領域，當時該公司的收入為 1,200 萬美元。我們實現了 2023 年的營收目標，實現了 3,700 萬美元的營收和 700 萬美元的調整後 EBITDA，並指出 2023 年調整後 EBITDA 會更好，但包括某些剩餘的收購成本。

We expect warranty revenues to continue to grow as we expand distribution, with a 2024 revenue target of approximately $46 million. The business improved its profitability substantially. It anticipates approximately $16 million in adjusted EBITDA at 35% adjusted EBITDA margin.

我們預計，隨著我們擴大分銷範圍，保固收入將繼續成長，2024 年的收入目標約為 4,600 萬美元。該業務的盈利能力大幅提升。預計調整後 EBITDA 約 1,600 萬美元，調整後 EBITDA 利潤率為 35%。

Looking ahead, we target 2028 revenue of approximately $100 million, which equates to a 22% CAGR with a 40% adjusted EBITDA margin as we invest in growth with attractive unit economics.

展望未來，我們的目標是 2028 年營收約 1 億美元，相當於複合年增長率 22%，調整後 EBITDA 利潤率為 40%，因為我們投資於具有有吸引力的單位經濟效益的成長。

Thank you, everyone. I'll now hand over to Jim.

謝謝大家。現在我將把工作交給吉姆。

Thanks, Matthew, and hello, everyone. I'm Jim Weld, General Manager of Rynoh, and I have 15 years of title industry leader experience. Prior to leading Rynoh, I spent more than three years as President of Zillow's title and escrow business. I've been a client of Rynoh and got to experience firsthand how important and impactful this software is. Rynoh was built over many years around a single product called Rynoh live, that is very popular in the title industry. After the 2021 acquisition by Porch, Rynoh successfully transitioned from a one-hit wonder to a platform.

謝謝馬修，大家好。我是 Jim Weld，Rynoh 總經理，擁有 15 年的產權產業領導者經驗。在領導 Rynoh 之前，我在 Zillow 產權和託管業務部門擔任總裁三年多。我是 Rynoh 的客戶，親身體驗了這個軟體的重要性和影響力。Rynoh 是圍繞著一款名為 Rynoh live 的單一產品開發了多年，該產品在遊戲行業中非常受歡迎。2021年被Porch收購後，Rynoh成功從一擊奇蹟轉型為平台。

Rynoh is a leading provider of SaaS solutions for our clients who are title and escrow agents, who collect and disperse funds during real estate closing, Rynoh's clients operate in a highly complex and regulated environment. Therefore, Rynoh is critical to their control environment.

Rynoh 是一家領先的 SaaS 解決方案提供商，為我們的客戶提供產權和託管代理，他們在房地產交割期間收集和分散資金，Rynoh 的客戶在高度複雜和監管的環境中運營。因此，Rynoh 對他們的控制環境至關重要。

Since inception, Rynoh has protected 24 million closings, having disbursements of about $8 trillion. Back in 2021, more than 30% of all US residential purchases and home refinances were protected by Rynoh software. Today that number is approaching 40%. Our priorities are to build products that add value, save time, drive cost savings and efficiencies and reduce the potential for errors. Our four core modules on this one platform support this streamlined workflow and are outlined here on slide 27.

自成立以來，Rynoh 已保護了 2,400 萬筆交易，支出約 8 兆美元。早在 2021 年，超過 30% 的美國住宅購買和房屋再融資都受到 Rynoh 軟體的保護。如今這個數字已接近 40%。我們的首要任務是打造能夠增加價值、節省時間、節省成本、提高效率並減少潛在錯誤的產品。我們在這平台上的四個核心模組支援這項簡化的工作流程，並在投影片 27 中進行了概述。

RynohLive is a module that automates bank transactions daily and alerts if payments fail to clear or do not reconcile to the accounting system. Rynoh sheet was launched last year, which identifies funds that remain in escrow after closing and streamlines processes to either return or sheet funds to maintain regulatory compliance. RynohOpEx integrates with many accounting systems and platforms and performs daily account reconciliation and alerts for a more expansive group of clients.

RynohLive 是一個模組，每天自動執行銀行交易，並在付款無法清算或與會計系統不符時發出警報。Rynoh 表格於去年推出，它可以識別交易結束後仍處於託管狀態的資金，並簡化返還或表格資金的流程，以保持監管合規性。RynohOpEx 與許多會計系統和平台集成，並為更廣泛的客戶群執行日常帳戶核對和警報。

And we recently released a major new product called RynohVerifi, which helps protect clients from fraudulent payment schemes. The real estate industry experienced almost $400 million in losses from various forms of fraud in 2022 and we can help reduce this risk.

我們最近發布了一款名為 RynohVerifi 的重要新產品，它有助於保護客戶免受欺詐性支付方案的侵害。2022 年，房地產行業因各種形式的詐欺而遭受了近 4 億美元的損失，我們可以幫助降低這種風險。

In 2023, our client retention was 93% with a Net Promoter Score of 85 and an LTV to CAC of 10.6 times all metrics we are very proud of and highlight or opportunity ahead. Rynoh charges, a transaction fee for every home and refinance closing that our clients perform.

2023 年，我們的客戶保留率為 93%，淨推薦值為 85，LTV 與 CAC 為所有指標的 10.6 倍，我們對此感到非常自豪，並強調未來的機會。Rynoh 收取我們客戶執行的每套房屋的交易費以及再融資結算費。

Overall industry transaction volumes declined 62% since 2021, with refinance volumes reducing more than 85% and home purchase volumes declining around 30%. Being primarily transaction driven, you might think Rynoh's revenues would have similarly decreased 62%. But during these last 2.5 years, we have grown revenue and profits with a very bright future. You can see the overall declines in transaction volume through the Rynoh platform over the last few years from 4.3 million transactions in 2021 to 2.2 million transactions in 2023, a decline of 50%, even as our percentage of industry volumes has improved.

自 2021 年以來，整個產業交易量下降了 62%，再融資量減少了 85% 以上，購屋量下降了 30% 左右。由於主要是交易驅動，您可能會認為 Rynoh 的收入也會同樣下降 62%。但在過去的2.5年裡，我們的收入和利潤都在成長，前景非常光明。您可以看到，過去幾年透過Rynoh 平台的交易量整體下降，從2021 年的430 萬筆交易下降到2023 年的220 萬筆交易，下降了50%，儘管我們在行業交易量中所佔的比例有所提高。

As we roll out new products, we increased prices commensurate with the improved value we are providing, for example, the 2024 price increase of almost 30% was implemented with the launch of RynohVerifi in January this year. As you can see on the graph, as we delivered more value, prices have increased by 97% between 2021 and 2023, more than offsetting transaction volume declines.

當我們推出新產品時，我們會根據所提供的價值的提高來提高價格，例如，今年 1 月推出 RynohVerifi 後，2024 年的價格上漲了近 30%。正如您在圖表中看到的那樣，隨著我們提供更多價值，2021 年至 2023 年間價格上漲了 97%，足以抵消交易量的下降。

Back in 2021. Rhino was acquired for $36 million, and we had announced and noted an expectation of it being a breakeven business after investments in product and marketing. We were able to greatly exceed that expectation even as the market transactions were cut in half. In 2023, we delivered on $11 million in revenue and almost $6 million of adjusted EBITDA, a 52% adjusted EBITDA margin.

時間回到 2021 年。Rhino 以 3,600 萬美元的價格被收購，我們已經宣布並指出，在產品和行銷投資之後，預計它將實現盈虧平衡。即使市場交易量減少了一半，我們仍然能夠大大超出預期。2023 年，我們實現了 1,100 萬美元的營收和近 600 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 52%。

Given the new product launch and impact on pricing, we expect Rynoh to deliver $14 million of revenue and a 60% adjusted EBITDA margin for $8 million in 2024. And this assumes 2024 has flat home sales and refinance volumes compared to 2023. We target medium term revenue of approximately $60 million and approximately $35 million in adjusted EBITDA, which assumes industry transactions should broadly double while we double pricing through the continued execution against our product road map.

考慮到新產品的推出及其對定價的影響，我們預計 Rynoh 到 2024 年將實現 1,400 萬美元的收入，調整後的 EBITDA 利潤率為 60%，達到 800 萬美元。假設 2024 年的房屋銷售量和再融資量與 2023 年持平。我們的目標是中期收入約為 6000 萬美元，調整後 EBITDA 約為 3500 萬美元，假設行業交易量大致翻倍，而我們通過繼續執行我們的產品路線圖而將定價翻倍。

So thanks, everyone. I'll hand it back over to Matt to wrap up.

謝謝大家。我會把它交還給馬特來完成。

Thanks, Jim. Appreciate it. We do hope that today's one-off targets and disclosures on our Rynoh and warranty business units are helpful. I just note that these are just two of our many successful businesses at Porch that leverage our platform to differentiate and grow and then contribute back to expanding Porch Groups advantages.

謝謝，吉姆。欣賞它。我們確實希望今天關於 Rynoh 和保固業務部門的一次性目標和揭露能夠有所幫助。我只是指出，這些只是 Porch 眾多成功業務中的兩個，它們利用我們的平台實現差異化和發展，然後為擴大 Porch 集團的優勢做出貢獻。

Before wrapping, I want to take a step back and share our financial progress since we became a public company, in December of 2020. Our business has grown more than six times over the last four years. We've increased revenue and a 60% CAGR and guidance is approaching $500 million in revenue in 2024. This is driven by our insurance segment, which has grown from virtually nothing to over $300 million in revenue in 2023. And what was then a central part of our vision has certainly become a reality. Similarly, revenue less cost of revenue is expected to grow to $233 million in 2024, a 44% for your CAGR.

在結束之前，我想退後一步，分享一下自 2020 年 12 月我們成為上市公司以來我們的財務進展。過去四年來，我們的業務成長了六倍多。我們的收入增加，複合年增長率為 60%，預計 2024 年收入將接近 5 億美元。這是由我們的保險部門推動的，該部門的收入從幾乎沒有增長到 2023 年超過 3 億美元。當時我們願景的核心部分肯定已經成為現實。同樣，收入減去收入成本預計將在 2024 年增長至 2.33 億美元，複合年增長率為 44%。

And finally, as we've said before, our adjusted EBITDA guidance for the full year is $6 million at midpoint, a key milestone for the company to be profitable on a full year basis and a $21 million in the second half 2023 adjusted EBITDA, which was a $45 million improvement from the same six months in the prior year shows that we are well positioned for significant profit growth potential ahead.

最後，正如我們之前所說，我們全年調整後 EBITDA 指引值為中點 600 萬美元，這是公司全年獲利的關鍵里程碑，2023 年下半年調整後 EBITDA 為 2,100 萬美元，與去年同期6個月相比，增加了4500 萬美元，這表明我們已做好充分準備，未來可實現顯著的利潤成長潛力。

And I'll remind you, this amount of progress has been made during a time when the housing market contracted significantly. So just to the team, sincerely well done and as you know, we are just getting starting. Finally, after looking back the last four years, I want to take a moment here to look ahead and provide an update on our strategy and why we're so bullish about the opportunity to build a truly great and enduring company.

我要提醒您的是，這一進展是在房地產市場大幅收縮的時期取得的。對於團隊來說，真誠地做得很好，正如你所知，我們才剛剛開始。最後，在回顧了過去四年之後，我想花點時間展望未來，並提供我們策略的最新信息，以及為什麼我們如此看好建立一家真正偉大且持久的公司的機會。

As you know, Porch powers software platforms, which a large portion of the home inspectors title, agents and loan officers use to run their businesses, which provides us valuable introductions to consumers and insights into properties, creating long-term competitive moats. We believe we can build a large mortgage insurance company structured optimally to have lower volatility and higher margins. We'll update on reciprocal exchange later this year, but today, we'll share our three differentiators. You can see here in yellow.

如您所知，Porch 為軟體平台提供支持，大部分房屋檢查員、代理人和信貸員都使用該平台來經營業務，這為我們提供了向消費者提供的寶貴介紹和對房地產的見解，從而創造了長期的競爭護城河。我們相信，我們可以建立一家結構優化的大型抵押保險公司，以實現更低的波動性和更高的利潤率。我們將在今年晚些時候更新互惠交換的信息，但今天，我們將分享我們的三個優勢。你可以在這裡看到黃色的。

First is advantaged underwriting. So about two years ago, our insurance business HOA started using our unique property data to create a pricing advantage for well-maintained homes and increased prices for higher risk loans. We've made steady progress unlocking data and rolling out price increases across states to create value and improve our risk accuracy. We've seen measurable results with much opportunity ahead.

首先是承保優勢。大約兩年前，我們的保險業務 HOA 開始使用我們獨特的房地產數據為維護良好的房屋創造定價優勢，並提高高風險貸款的價格。我們在解鎖數據和跨州提價方面取得了穩步進展，以創造價值並提高我們的風險準確性。我們已經看到了可衡量的成果，未來還有很多機會。

Second, we want to be the best insurance partner for homebuyers. We offer insurance customers and homebuyers more than just insurance. Consumers can use our app or moving concierge service to make their move easy, including coordinating movers, utility setup, security, home warranty and TV and Internet with the ability to compare reviews and prices. It all adds up into a game-changing experience for a consumer to make what's typically a stressful time easier. We want to become known as the clear and best choice for homebuyers needing insurance.

其次，我們希望成為購屋者最好的保險合作夥伴。我們為保險客戶和購屋者提供的不僅僅是保險。消費者可以使用我們的應用程式或搬家禮賓服務來輕鬆搬家，包括協調搬家公司、公用事業設置、安全、家庭保固以及電視和互聯網，並能夠比較評論和價格。這一切都為消費者帶來了改變遊戲規則的體驗，讓通常充滿壓力的時間變得更輕鬆。我們希望成為需要保險的購屋者的明確和最佳選擇。

And third, we provide consumers with full home protection. This means offering homeowners insurance, home warranty for everyday breakdowns and a Home app to provide appliance recall check Monogram. We can be there for the whole home journey from move-in to move out with a variety of products designed to make sure our consumers largest assets is protected.

第三，我們為消費者提供全方位的居家保障。這意味著提供房屋保險、針對日常故障的家庭保固以及提供電器召回檢查 Monogram 的家庭應用程式。我們可以在從入住到搬出的整個家居旅程中提供各種產品，旨在確保我們消費者最大的資產受到保護。

We're excited about the fantastic second half of 2023. We expect 2024 to be a very successful and fun year. We have a clear and differentiated strategy, the right team, a strong culture and a proven ability to execute consistently.

我們對 2023 年下半年的精彩表現感到興奮。我們預計 2024 年將是非常成功和有趣的一年。我們擁有清晰且差異化的策略、合適的團隊、強大的文化和經過驗證的一致執行能力。

With that, we'll wrap up with prepared remarks and pass the call to the operator. Please go ahead and open up the call for Q&A.

至此，我們將準備好評論並將通話轉給接線員。請繼續撥打電話進行問答。

(Operator Instructions) Dan Kurnos, Benchmark Company.

（操作員說明）Dan Kurnos，Benchmark 公司。

Great, thanks, obviously really strong into the year, so congrats on the quarter guys. Matt, I know you're not going to talk about the reciprocal or update us later, but can you at least just give us a sense on if you've gotten the filings done or the audit done on that front.

太好了，謝謝，顯然今年表現非常強勁，所以恭喜本季的人。馬特，我知道您稍後不會談論互惠或更新我們的情況，但您至少可以讓我們了解您是否已完成這方面的備案或審計。

Shawn, you can update on from a bank and all, but just let me quickly on reciprocal. Happy to talk about it. Actually, Dan is just we don't yet have our timing. As we talked about previously. We will update here as we go through the year, but we continue to have close working relationship with our friends of the TDI and just continue to do a really nice job, and we're excited about it. We continue to be I'm very confident that's the right structure for the business and that will happen here in due course.

肖恩，你可以從銀行等處獲取最新信息，但請讓我快速了解相關信息。很高興談論它。事實上，丹只是我們還沒有找到合適的時機。正如我們之前談到的。我們將在此更新這一年的情況，但我們將繼續與 TDI 的朋友保持密切的工作關係，並繼續做得非常出色，我們對此感到興奮。我們仍然非常有信心，這是適合業務的結構，並且會在適當的時候在這裡發生。

Yeah, with respect to I think your question's about the financials for the insurance entity, which is kind of part of that, that's on track and we're on top of it, and we'll do that in due course here in the month of March, which is how we typically do it.

是的，我認為你的問題是關於保險實體的財務狀況，這是其中的一部分，正在步入正軌，我們正在努力解決這個問題，我們將在本月的適當時候這樣做三月，這就是我們通常的做法。

Got it. Thanks. So Matt, just kind of Michigan gave some really good numbers about risk reduction. And now that you've got the additional convective storm coverage and incremental, what looks like data expansion. I know you've guided to let's call it flat ex EIG gross written premium this year. But you know, I would kind of your thought process now that you've derisked the model so much on maybe getting understanding, you know, you're waiting for the reciprocal, but just thinking about getting a little bit more aggressive on adding policy, especially with the rate you're getting right now?

知道了。謝謝。馬特，密西根州給出了一些關於降低風險的非常好的數據。現在您已經獲得了額外的對流風暴覆蓋範圍和增量，看起來像是資料擴充。我知道您已指導我們將今年的 EIG 總保費稱為固定保費。但你知道，我現在想對你的思考過程進行分類，因為你已經在理解模型方面付出瞭如此多的風險，你知道，你正在等待倒數，但只是考慮在添加政策方面更加積極一點，尤其是你現在得到的利率？

Yeah. I mean, it's an exciting time, as you know, as folks that have followed us know and our long-term investors know, that certainly the focus for the for second half of last year, focus for 2024 is profitability. We wanted to be able to make sure that we really demonstrated profits, obviously for 2024. We want to make sure that we're -- it's clearly seeing that we are profitable as a company on a full year basis. And so we've made the moves that we need to make.

是的。我的意思是，正如您所知，正如關注我們的人和我們的長期投資者所知，這是一個激動人心的時刻，去年下半年的焦點當然是 2024 年的焦點是盈利能力。我們希望能夠確保我們真正獲利，尤其是 2024 年。我們希望確保我們——很明顯我們作為一家公司全年盈利。所以我們已經採取了我們需要採取的行動。

Now clearly, you can see here on the insurance underwriting result, that you know that we are positioned to be able to grow with we believe very strong ongoing profitability. And we think we've made the moves. And so while we've been in this period where we've been very specifically restricting their growth in certain geographies, certainly has been and we noted this in the prepared remarks. We do expect to start unlocking some of those restrictions over the course of 2024, really to set up 2025 to be growing at a nice clip again. So that is in front of us.

現在很明顯，您可以在保險承保結果中看到，您知道我們能夠憑藉我們相信非常強勁的持續盈利能力而實現增長。我們認為我們已經採取了行動。因此，儘管我們在這個時期一直非常具體地限制它們在某些地區的增長，但確實如此，我們在準備好的評論中註意到了這一點。我們確實希望在 2024 年開始解除其中一些限制，真正讓 2025 年再次實現良好成長。這就是我們面前的情況。

And then down the first part of your question on the risk reduction, just to make sure I emphasize a couple of points. It is an important part of this because we have been able to -- even while maintaining we've been managing a roughly flat premium year over year is kind of what we've been targeting. And we've been able to significantly reduce the pool of risks that we have. And just overall the total amount of risks. And so 23% is actually, I think, the final and precise number on what we reduce risks. You'll hear in 2024 versus 23% and 27%.

然後寫下關於降低風險的問題的第一部分，只是為了確保我強調了幾點。這是其中的重要組成部分，因為我們已經能夠——即使在保持保費同比大致持平的情況下，這也是我們一直以來的目標。我們已經能夠顯著降低我們所面臨的風險。以及整體風險總量。因此，我認為 23% 實際上是我們降低風險的最終準確數字。到 2024 年，您會聽到 23% 和 27% 的對比。

So that's a big shift in total risk. And that doesn't include the aggregate purchase that we made of additional reinsurance around severe convective storms and hail, that new $30 million purchase. And so our business just becomes much more predictable and much better protected, much lower risk. Even as we have these, these we think are going to clear and strong goals in front of us.

所以這是總風險的巨大轉變。這還不包括我們針對強對流風暴和冰雹額外購買再保險的總金額，即新購買的 3000 萬美元。因此，我們的業務變得更加可預測，受到更好的保護，風險也更低。儘管我們已經有了這些，但我們認為這些將在我們面前實現清晰而堅定的目標。

Got it. Shawn, just maybe one quick one for you. '23 was a bit noisy from an event standpoint. I'm just trying to get a handle on how we should be thinking about, either operating or free cash in 2024.

知道了。肖恩，也許只是給你一個快速的。從活動的角度來看，'23 有點吵。我只是想了解 2024 年我們該如何思考，是營運還是自由現金。

Yeah. So we were we were pleased to deliver for the full year of $34 million of operating cash flow in 2023. We ended the year with around $400 million of cash, cash equivalents and investments, which is a very strong position. HOA, our carrier head $52 million of surplus to Matt's point. That's a great basis for and for that for that business to be yes, with future profitability and the strong momentum we mentioned in the second half of the year.

是的。因此，我們很高興能夠在 2023 年實現全年 3,400 萬美元的營運現金流。截至年底，我們擁有約 4 億美元的現金、現金等價物和投資，這是一個非常強勁的狀況。HOA，我們的承運人按照馬特的觀點有 5200 萬美元的盈餘。這是該業務取得成功的良好基礎，具有未來的盈利能力和我們在下半年提到的強勁勢頭。

And with respect to cash flow in 2024, the way to think about that is, first, of course, first and foremost, most importantly, we guided to positive adjusted EBITDA for the full year, around $6 million at the midpoint. From there the other bits to think about for us, we don't have a lot of CapEx. Historically, it's been less than $10 million, taxes are very little for us. And we do have around just over $20 million of interest expense on the coupon. So those are the other factors that kind of play into it.

至於 2024 年的現金流，首先當然是首先也是最重要的，最重要的是，我們指導全年調整後的 EBITDA 為正值，中點約為 600 萬美元。從那裡開始，我們需要考慮的其他方面是，我們沒有太多的資本支出。從歷史上看，它不到 1000 萬美元，稅收對我們來說很少。我們確實有大約超過 2000 萬美元的息票利息支出。這些是影響其中的其他因素。

We have seen a big driver of that cash flow in 2023 is we've ceded less. And so that drives better working capital when you cede less and we're able to cede less obviously because the book is that much more profitable and so that that provides a lot of that working capital benefit because we're hanging on to the cash from the policyholders instead of giving it to the reinsurance partner. So I think we're starting 2024 in a really strong position.

我們看到 2023 年現金流的一個重要驅動因素是我們放棄的資金減少了。因此，當您放棄較少時，就會帶來更好的營運資本，並且我們能夠明顯減少放棄，因為這本書的利潤更高，因此這提供了很多營運資本收益，因為我們緊緊抓住來自的現金保單持有人，而不是交給再保險合作夥伴。所以我認為我們在 2024 年開始就處於一個非常有利的位置。

Got it. Here we see that Springboard, I guess, is what I'm getting at here. So. All right. Thanks, guys. I appreciate it. I'll step off.

知道了。在這裡我們看到 Springboard，我想，就是我在這裡得到的。所以。好的。多謝你們。我很感激。我會下車。

Thank you Dan. Appreciate it.

謝謝丹。欣賞它。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hey, guys. Good afternoon. Congrats on a great quarter.

大家好。午安.恭喜您度過了一個出色的季度。

Thanks, John.

謝謝，約翰。

So on the extra, yeah, for sure. On the extra disclosures around warranty and Ryan, that was great. Those are solid businesses if you guys hit the 2024 targets for warranty and Rynoh, and then obviously, you just sold EIG So that's going to add back another $3 million of losses, that's $27 million in EBITDA.

所以額外的，是的，當然。關於保固和 Ryan 的額外披露，這很棒。如果你們達到了 2024 年的保固和 Rynoh 目標，那麼這些都是可靠的業務，然後顯然，你們剛剛出售了 EIG，因此這將再增加 300 萬美元的損失，即 EBITDA 為 2700 萬美元。

Obviously, you've got the corporate segment. If you take that out, I mean you're going to basically need about $40 million outside of warranty and Rynoh. So if you got questions here, first on and just bigger picture, are you largely done with the cost actions within corporate and how we should maybe think about that this year? And then secondly, if you can help us unpack that remaining $40 million, is that mostly just HOA in approve gross loss ratio versus last year?

顯然，你已經有企業部門了。如果你把它去掉，我的意思是你基本上需要大約 4000 萬美元的保固期和 Rynoh 之外的費用。因此，如果您在這裡有疑問，首先是從更大的角度來看，您是否已經基本上完成了公司內部的成本行動以及我們今年應該如何考慮這一點？其次，如果你能幫我們解開剩餘的 4,000 萬美元，這是否主要只是批准毛損失率與去年相比的 HOA？

Yeah, I can take that one, some good questions in there. And first, I'll say on the corporate cost actions, those have already those are done, but you know, the benefit to the P&L will show in 2024 as those as it annualizes, as opposed to 2023 was partial year. But the actions themselves are done.

是的，我可以接受，裡面有一些很好的問題。首先，我要說的是，關於企業成本行動，這些已經完成了，但你知道，對損益表的好處將在 2024 年按年化顯示，而不是 2023 年是部分年份。但行動本身已經完成。

With respect to insurance profitability. One of the things I think Matt mentioned in his prepared remarks is in the second half of the year, which is really when the insurance profitability actions we talked about, really kicked in. We were $45 million better this year, EBITDA than we were in the second half of 2022. And there's no more more of that that have already been to come in 2024. So that just kind of maybe sets the tone a little bit.

從保險盈利能力來看。我認為馬特在他準備好的演講中提到的一件事是在今年下半年，那是我們談論的保險盈利行動真正開始發揮作用的時候。今年的 EBITDA 比 2022 年下半年增加了 4,500 萬美元。2024 年不會再有這樣的事情發生了。所以這可能有點定下了基調。

And then the other, some other drivers of profitability in our software businesses. We continue to roll out products and increased prices, as we create more value for our customers there. That'll that will benefit profitability and a lot of those have already been launched. As the other thing, it's just now we need to see it kind of roll through.

然後是我們軟體業務獲利的其他一些驅動因素。我們繼續推出產品並提高價格，為那裡的客戶創造更多價值。這將有利於盈利能力，其中許多已經推出。另一方面，現在我們需要看到它的進展。

The second thing I'll mention is, we are also continue to increases premium per policy. I think we mentioned today, some taxes filings that we have done there. So those are the main drivers that get us to the profitability improvement year-over-year.

我要提到的第二件事是，我們也將繼續提高每份保單的保費。我想我們今天提到了我們在那裡完成的一些稅務申報。因此，這些是我們實現獲利能力逐年提高的主要驅動力。

Okay. That's very helpful. And then kind of staying on that line of questioning, you mentioned the 63% gross loss ratio for this year. That's going to be based on the past five years. I think you said weighted average, I'm guessing 2020 was lower than normal, but the last two years have been pretty tough. It seems like by October, Norm. And then you've also got the new storm coverage. But the question here is how does that 63% gross loss ratio compare to the historical average beyond past five year look?

好的。這非常有幫助。然後繼續提問，你提到了今年 63% 的毛損失率。這將基於過去五年的情況。我想你說的是加權平均，我猜 2020 年低於正常水平，但過去兩年相當艱難。諾姆，看來十月了。然後您還可以獲得新的風暴報告。但這裡的問題是，63% 的總損失率與過去五年的歷史平均值相比如何？

Look, so the couple of on the gross loss ratio, one is that we think that up quite well, actually with that, given what we've done with reinsurance. So for example, last year, John was a tough weather year in terms of hail, particularly due to some weather in Q1. That same year happened again this year. Again, what the with this new flow reinsurance provides us is an aggregate covers of all. We typically and continue to get reinsurance for large of that protection.

聽著，關於總損失率的兩點，一是我們認為，考慮到我們在再保險方面所做的事情，實際上，總損失率上升得很好。例如，去年約翰是冰雹天氣最惡劣的一年，特別是由於第一季的一些天氣。同年的情況今年又發生了。同樣，這種新的流量再保險為我們提供的是所有內容的全面保障。我們通常會繼續獲得再保險來獲得大部分保護。

We now have protection against a series of small events. We actually would have gotten to $30 million backup of additional cover last year were to happen again. And so that certainly just lowers our risk for the similar type of weather.

我們現在可以防範一系列小事件。如果去年再次發生的話，我們實際上可以獲得 3000 萬美元的額外保險支持。因此，這肯定會降低我們遭遇類似天氣的風險。

As we look further back in time, weather more than five years ago. And the gross loss ratio was consistently around this type of a level. But I would note that things have changed quite a bit. So when we put in place higher deductibles, until last year there was a 2% wind and hail deductible that's been raised to 3% when I held electrical, that's important in terms of what impact it makes on a gross loss ratio and perhaps underappreciated. And so that certainly is a driver that helps us helps us this year.

當我們回顧過去，五年多前的天氣。而總損失率也一直在這個水準左右。但我要指出的是，情況已經發生了很大變化。因此，當我們實行更高的免賠額時，直到去年，風災和冰雹免賠額為2%，當我持有電力時，這筆免賠額已提高到3%，這對於總損失率的影響力非常重要，但可能沒有被充分重視。因此，這無疑是今年幫助我們的驅動因素。

Yeah, I think the other thing that we're (multiple speakers)

是的，我認為我們的另一件事（多個發言者）

Okay, very helpful.

好的，非常有幫助。

I was just going to add to that. Yes, the other thing that we're seeing in the book here is, improvements in underwriting rate and risk selection and so I think as the deal five years ago, obviously, HOA wasn't using Porch data at that point in time. And so and then as well as some of the other things that Matt mentioned there. So And so really, the combination of the things we talked about, increases in premiums, underwriting actions, deductible, various exclusions, non-renewing certain policies. I think it set us up really well for this year on that front.

我只是想補充一下。是的，我們在書中看到的另一件事是核保率和風險選擇的改進，所以我認為作為五年前的交易，顯然 HOA 當時沒有使用 Porch 數據。等等以及馬特在那裡提到的其他一些事情。所以實際上，我們談論的事情的結合，保費增加，承保行動，免賠額，各種排除，不更新某些保單。我認為這為我們今年在這方面奠定了良好的基礎。

Okay. Thank you, guys.

好的。感謝你們。

Josh Ziegler, Cantor Fitzgerald.

喬許·齊格勒，坎托·菲茨傑拉德。

Yeah, hi, guys. Good afternoon. Thanks for taking my question and congrats on a really strong quarter here. First, I just wanted to dive into with near-term profitability on the horizon? Are you really thinking about capital allocation? And would M&A really be on the table as we progress through '24 and '25?

是的，嗨，夥計們。午安.感謝您提出我的問題，並祝賀本季的表現非常強勁。首先，我只是想深入研究即將到來的短期獲利能力？您真的考慮過資本配置嗎？隨著「24 世紀」和「25 世紀」的進展，併購真的會提上日程嗎？

Well, I'll take the M&A first, I would not expect any M&A or material amount of M&A here in the 2024 year, or we have one more year in front of us and just really being heads down, focused, making sure we do execute flawlessly and produce a really solid clean year. So that's where we're at now. Does M&A open up backup breadth ahead. We do think that's a capability that we have as a company, and we're looking forward to the right time that will turn that engine back on.

好吧，我會先進行併購，我預計 2024 年不會有任何併購或實質性的併購，或者我們面前還有一年的時間，我們只是要低頭、專注，確保我們做到這一點完美地執行併創造了一個真正堅實乾淨的一年。這就是我們現在的處境。併購能否開拓未來的後備空間？我們確實認為這是我們作為一家公司所擁有的能力，我們期待著合適的時機重新啟動引擎。

Yeah. With respect to capital allocation. I think the good news is I think we have a lot of great places to deploy capital and earn a very attractive risk-adjusted return. First and foremost, the growth of the business in and of itself, I think it is driving very strong returns. And then we also have the unsecured debt, which is due in a couple of years. I think we have a number of options, but that one in particular and plenty of time to take care of it. But then you your other opportunities as well. I will go into further today. But from a capital allocation perspective, I think we do have a number of very attractive investments that we are looking through.

是的。關於資本配置。我認為好消息是我們有很多很好的地方可以部署資本並獲得非常有吸引力的風險調整回報。首先，我認為業務本身的成長正在帶來非常強勁的回報。然後我們還有幾年後到期的無擔保債務。我認為我們有很多選擇，但特別是那一個，並且有足夠的時間來處理它。但你也有其他的機會。今天我將進一步討論。但從資本配置的角度來看，我認為我們確實有一些非常有吸引力的投資正在研究。

Got it. I appreciate the color there. And then I also wanted to dive a little bit deeper into the cross-sell opportunity between the software side and the insurance side and kind of how you're thinking about that evolving, especially at the macro starts to ease a bit?

知道了。我很欣賞那裡的顏色。然後我還想更深入地探討軟體方面和保險方面之間的交叉銷售機會，以及您如何看待這種發展，特別是在宏觀經濟開始有所緩解的情況下？

Sure. I can. I can take that. We're excited about the access that the software businesses give to us to help homebuyers. We're also excited about the focus of our insurance strategy around helping homebuyers. We're also excited about the apps and the way the app can bring together, really nice experience. And so that's all core to what we're doing.

當然。我可以。我可以接受。我們對軟體企業為我們提供幫助購屋者的機會感到興奮。我們也對我們的保險策略重點關注幫助購屋者感到興奮。我們也對這些應用程式以及應用程式整合在一起的方式感到興奮，這是非常好的體驗。這就是我們正在做的事情的核心。

We continue to see year-over-year improvements in kind of the things that we measure around that strategy and then as was mentioned here, the market has declined and that does impact our ability to cross sell because there's fewer people who are buying homes, as of now we're not anticipating growth this next year, but we do expect growth to come, and that's going to be tailwind for our business.

我們繼續看到我們圍繞該策略衡量的事物逐年改善，然後正如這裡提到的，市場已經下降，這確實影響了我們交叉銷售的能力，因為買房的人越來越少，到目前為止，我們預計明年不會出現成長，但我們確實預計成長將會到來，這將成為我們業務的順風車。

Okay. Thanks, guys, and congrats again on the results

好的。謝謝大家，再次恭喜結果

Thank you.

謝謝。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Hey, this is Steve on for Jason. So we just have two questions. One can you give us anything on January in terms of improving house trends and how much that would have software business? Maybe that data point you can give?

嘿，這是史蒂夫為傑森代言的。所以我們只有兩個問題。您能否為我們提供一月份有關改善房屋趨勢的資訊以及這會對軟體業務帶來多少影響？也許你可以提供那個數據點？

And then secondly, on rate increases. I know you talked about them with Texas, for example. Is there any metric you can give on how many users gross written premium or geographies are you've increased on prices this year are thus far? Thank you.

其次，關於加息。例如，我知道您與德克薩斯州談論過這些問題。您是否可以提供任何衡量標準來衡量今年到目前為止，您增加了多少用戶的總保費或地理？謝謝。

Sure. The sorry, the first, can we repeat the first question?

當然。抱歉，首先，我們可以重複第一個問題嗎？

Yes, I'll take, I got it. I got it. It's good. And so on January specifically, no, obviously. And again, there's more housing sales are going to help our business. But again, just to reiterate, what we are expecting and what our guidance represents as we expect flat year over year, we think that it will bounce around a little bit from month to month. The market's still kind of settling.

是的，我會接受，我明白了。我得到了它。很好。具體來說，在一月份，不，顯然。再說一遍，更多的房屋銷售將有助於我們的業務。但再次重申一下，我們的預期以及我們的指導意見所代表的內容，因為我們預計與去年同期持平，我們認為它將每月略有反彈。市場仍處於穩定狀態。

And we're not obviously seeing deterioration at a market level of a year over year at this point. But but certainly it helps whenever we have months that where home sales picks up. I would note just one of their January macro question, I'm sure people are curious about just your more recently just around the Texas weather wildfires and tied to your Texas, your question on Texas, obviously our hearts go out to the people in Texas and Oklahoma by the recent wildfires.

目前，我們並沒有明顯看到市場水準逐年惡化。但毫無疑問，每當我們有幾個月房屋銷售回升時，這都會有所幫助。我只想指出他們一月份宏觀問題中的一個，我相信人們對最近德克薩斯州的天氣野火感到好奇，並與德克薩斯州有關，你關於德克薩斯州的問題，顯然我們的心與德州的人民同在和俄克拉荷馬州最近的野火。

I want to note that we have not I've seen any claims, actually zero claims to date, and I would not expect that will be a meaningful event for us. I think it continues to demonstrate our ability to select risks effectively?

我想指出的是，我們還沒有看到任何索賠，實際上迄今為止為零索賠，我不認為這對我們來說是一個有意義的事件。我認為這繼續證明了我們有效選擇風險的能力？

As we think about Texas, broadly, Texas is our largest state. So when we have an 18% rate increase, we've mentioned before that it's actually meaningfully our largest state that does that does show up in the overall results.

當我們想到德克薩斯州時，總的來說，德克薩斯州是我們最大的州。因此，當我們的成長率達到 18% 時，我們之前已經提到過，這實際上是我們最大的州確實在整體結果中體現出來的。

Danny Pfeiffer, JP Morgan.

丹尼菲佛，摩根大通。

Hey, guys. Thanks for the questions. So the first on the sale of EIG, do you maybe see any further opportunity pruning other non-core assets within the porch portfolio and or maybe was this more of a one-off transaction? And then I have a follow-up. Thank you.

大家好。感謝您的提問。那麼，關於出售 EIG 的第一件事，您是否會看到任何進一步的機會來修剪門廊投資組合中的其他非核心資產，或者這更像是一次性交易？然後我有一個後續行動。謝謝。

Think about it as more of a one-off transaction. We'll always be pragmatic and thoughtful in our strategy both on acquisitions or divestitures, I suppose I don't expect to see, you know, see many divestitures because we really like our businesses and are excited about where they're at EIG was a special case where we could sell a business and it being very aligned with our strategy. So in terms of investors. That's how I would see that.

將其視為一次性交易。我們在收購或剝離方面將始終保持務實和深思熟慮的策略，我想我不希望看到，你知道，看到很多剝離，因為我們真的很喜歡我們的業務，並對它們在 EIG 的地位感到興奮我們可以出售業務的特殊情況，並且它與我們的策略非常一致。所以對於投資者來說。我就是這麼看的。

And then on the second committee -- sorry about that.

然後是第二委員會——對此感到抱歉。

Please go ahead.

請繼續。

So for the second, can you maybe unpack the seasonal first half '24 adjusted EBITDA loss guidance. Maybe how much is the Aon reinsurance agreement, and the severe storm covered you purchased is kind of helping there?

那麼，對於第二個問題，您能否解開 24 年上半年調整後的 EBITDA 損失指示。也許怡安再保險協議多少錢，您購買的嚴重風暴保險對那裡有幫助嗎？

Yeah, I can cover that. In the presentation today in the prepared remarks, I think I showed a slide which shows the typical seasonality of our adjusted EBITDA, and that's mainly driven by historically higher claims in the second quarter, we talked about some of the things we did this year to further protect that with the different types of reinsurance cover that would have protected the in particular, the hail storms we saw in 2023.

是的，我可以涵蓋這一點。在今天準備好的演講中，我想我展示了一張幻燈片，顯示了我們調整後的EBITDA 的典型季節性，這主要是由第二季度歷史上更高的索賠推動的，我們討論了今年我們所做的一些事情透過不同類型的再保險進一步保護這一點，特別是我們在 2023 年看到的冰雹風暴。

And then I think as I also mentioned in prepared remarks, on a year over year basis, if you just compare, for example, Q1 last year to what we're expecting for Q1 this year. Same thing for Q2 and the each of the quarters, we're expecting between a $10 million to $15 million improvement year over year.

然後我認為，正如我在準備好的演講中也提到的那樣，如果您將去年第一季的情況與我們對今年第一季的預期進行比較，那麼在同比的基礎上。第二季和每季也是如此，我們預計將年增 1,000 萬至 1,500 萬美元。

And most of that is driven by the things we talked about today, which are the profitability actions in insurance, which is driving really strong run rate profitability in that insurance business. Again, that's the $45 million year over year that we saw in the second half of 2023. As well as the price increases and deal more of the cost management items rolling through in 2024. So those are the main drivers of those as opposed to like the on Aon other things like that. Aon just as it will be over a period of time because that's a long-term agreement we have with our partners at Aon.

其中大部分是由我們今天討論的事情驅動的，這些事情是保險業的盈利行為，這推動了該保險業務真正強勁的運行率盈利能力。同樣，這是我們在 2023 年下半年看到的同比 4500 萬美元的收入。以及價格上漲和更多成本管理項目將於 2024 年滾動實施。所以這些是這些的主要驅動力，而不是像怡安這樣的其他事情。怡安就像在一段時間內一樣，因為這是我們與怡安合作夥伴簽訂的長期合作。

Got you. Thanks.

明白你了。謝謝。

Thank you.

謝謝。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Hi, everyone. Thanks for taking the questions. Just following up on the capital structure, Shawn, and maybe if you could just discuss some of the path you have to efficiently addressing the 2026 convert maturity. Obviously, you bought back a little bit here at a discount, and that's something that you'll continue to opportunistically chip away at.

大家好。感謝您提出問題。肖恩，只是跟進資本結構，也許您可以討論有效解決 2026 年轉換到期問題所必須採取的一些途徑。顯然，你在這裡以折扣價買回了一點，這是你將繼續機會主義地蠶食的東西。

And also just remind us from a corporate structure perspective, if you would have any access to sizable chunk of liquidity at each way to help with those maturities, depending on how the reciprocal evolves, just trying to understand all the moving pieces here for the capital structure. Thanks.

並且從公司結構的角度提醒我們，您是否可以透過各種方式獲得相當大的流動性來幫助這些到期日，這取決於倒數如何演變，只是試圖了解資本的所有移動部分結構。謝謝。

Yeah. Thanks for the question. And so I would say first of all, as I mentioned, we ended the year in a strong position with about $400 million of cash, cash equivalents and investments. Within that, there is also a roughly $50 million surplus note between HOA and Porch Group, that provides a coupon payment and inter-company payable back to Porch Group.

是的。謝謝你的提問。因此，我首先要說的是，正如我所提到的，我們在年底時處於強勢地位，擁有約 4 億美元的現金、現金等價物和投資。其中，HOA 和 Porch Group 之間還有大約 5,000 萬美元的盈餘票據，用於向 Porch Group 提供票息支付和公司間應付款項。

The other thing. Obviously, we just talked about on a on an EIG. Those deals collectively contributed an additional $35 million of cash in January of 2024 that you will see on the Q1 '24 balance sheet. So I think. And then finally, I guess the last point there is that HOA is in a really healthy position with $52 million of surplus at the end of 2023. And then we talk about generating adjusted EBITDA and profitability actions in 2024. So that's also driving it north going forward.

另一件事。顯然，我們剛剛討論了 EIG。這些交易在 2024 年 1 月總共貢獻了 3500 萬美元的額外現金，您將在 24 年第一季的資產負債表上看到這一點。所以我認為。最後，我想最後一點是 HOA 處於非常健康的狀態，到 2023 年底將有 5,200 萬美元的盈餘。然後我們討論 2024 年調整後的 EBITDA 和獲利行動。所以這也推動了它向北前進。

With respect to taking care of the debt, I'm not going to get into any specifics. I think what I would just say is I'll leave it at -- we have a number of options in how to take care of than we sitting here today. We have over two years to do that. So plenty of time on our side there as well.

關於處理債務，我不打算透露任何細節。我想我想說的是，我會把它留在——我們在如何處理問題上有很多選擇，而不是今天坐在這裡。我們有兩年多的時間來做到這一點。我們這邊也有充足的時間。

Okay, great. Thanks for that color. And then some into in terms of the '24 guide, just given all the noise this year, the past year from that to and lower seating on revenue in the back half, you have the retail, the insurance, the sale of the insurance agency this year. Just trying to understand like what level of organic revenue growth for 2024 guidance implies as we kind of normalize for those differences factors if that makes sense.

好的，太好了。謝謝那個顏色。然後是 24 小時指南，考慮到今年的所有噪音，過去一年的收入以及後半部分的收入下降，你有零售、保險、保險機構的銷售今年。只是想了解 2024 年指導的有機收入成長水準意味著什麼，因為我們對這些差異因素進行了正常化，如果這有意義的話。

Yaeh, I mean, I would label, it is all organic. I mean, I think and with what we're doing with our insurance book, where we're ceding less quota share, in particular. Quota share is the element of reinsurance that we've cut back on, and we're able to do that because we have significantly increased the profitability of that book.

是的，我的意思是，我會貼上標籤，它都是有機的。我的意思是，我認為我們在保險方面所做的事情，特別是我們放棄了更少的配額份額。配額份額是我們削減的再保險要素，我們能夠做到這一點是因為我們顯著提高了該帳簿的獲利能力。

So I mentioned the risks, which is still the probable maximum loss of the insurance term for it will it increase that we'll have done better by 50% collectively almost between 2022 and 2024. And that along with the profitability actions go hand-in-hand. And that's what it puts us in a position where we could have less quota share reinsurance in the book.

所以我提到了風險，這仍然是保險期限的可能最大損失，因為它會增加我們在 2022 年至 2024 年間幾乎總共會做得更好 50%。這與獲利行動是並進的。這就是它使我們能夠減少帳簿中的份額再保險份額的原因。

And that will continue to some extent in 2024 as well, as the price increases that we mentioned, the premium per policy increases. So that's how I would think about it. I think it's all all the levers kind of come together when we're thinking about the insurance business and the profitability in, what that means in terms of reinsurance as well.

這種情況在 2024 年也將在一定程度上持續下去，隨著我們提到的價格上漲，每份保單的保費也會增加。這就是我的想法。我認為，當我們考慮保險業務和盈利能力時，所有的槓桿都聚集在一起，這對再保險也意味著什麼。

Got it. Thanks for taking the call.

知道了。感謝您接聽電話。

Thank you.

謝謝。

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Great. Thank you, guys. I wanted to ask on property data. I know you've been using that for last two years now. Just wondering if you can give an overview of where you've seen that data provide more of a pricing edge or any numbers around how frequently that data is being used in quoting? And then if you can give any indications of where you plan to use that more going forward? Thank you.

偉大的。感謝你們。我想問一下房產數據。我知道你過去兩年一直在使用它。只是想知道您是否可以概述您在哪裡看到的數據提供了更多的定價優勢或有關該數據在報價中使用的頻率的任何數字？然後您是否可以指出您計劃在未來更多地使用它？謝謝。

Sure. I can take that and we're excited about the advantages that the data can provide. And we're already seeing measurable results in our own underwriting. It's going to be a key ongoing opportunity for us. There's a variety actually of ways that we can use the data. We have actually done a number of filings in multiple states using the data, when if things that you would expect if you were to start to imagine what would you want to know, right?

當然。我可以接受這一點，我們對數據可以提供的優勢感到興奮。我們已經在自己的​​核保中看到了可衡量的成果。這對我們來說將是一個關鍵的持續機會。實際上，我們可以透過多種方式使用數據。實際上，我們已經使用這些數據在多個州進行了許多備案，如果您開始想像您想知道什麼，對嗎？

So it's things tied to the age and condition of the roof. It's tied to the type of plumbing. It's tied to where is the water heater located. So that in the event something happen, what type of damage is going to take place. We think we're early in our ability to take advantage of this data. There's still a lot of data points that we think we can get about the interior of the home, and we're excited about that.

所以這與屋頂的年齡和狀況有關。它與管道類型有關。它與熱水器的位置有關。因此，如果發生某些事情，將會發生什麼類型的損害。我們認為我們還處於利用這些數據的早期階段。我們認為我們仍然可以獲得許多有關房屋內部的數據點，我們對此感到興奮。

And we have run out of time for our question-and-answer period, and I will now pass the call over to Matt for closing remarks.

我們的問答時間已經所剩無幾了，我現在將把電話轉給馬特做結束語。

Well, first, thanks, everybody, for the questions and the time. And thanks, everybody, for being here. Mostly. I just want to thank the Porch team for their efforts and for the truly significant progress that's been delivered. Also to our long-term investors who do see the vision and where we are and all that's ahead for us. We look forward to speaking you all with you all again in our Q1 earnings in May. Until then.

嗯，首先，謝謝大家的提問和抽出時間。感謝大家來到這裡。大多。我只想感謝 Porch 團隊的努力以及所取得的真正重大進展。也感謝我們的長期投資者，他們確實看到了我們的願景、我們所處的位置以及我們未來的一切。我們期待在 5 月的第一季財報中再次與大家交談。直到那時。