Porch Group Inc (PRCH) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for participating in Porch Group's second-quarter 2024 conference call. Today, we issued our earnings release and filed our related Form 8-K with 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 2024 年第二季電話會議。今天，我們發布了收益報告並向 SEC 提交了相關的 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 here today are Matt Ehrlichman, Porch Group's CEO and Chairman and Founder; Shawn Tabak, Porch Group's CFO; Matthew Neagle, Porch Group's COO; and Michelle Taves, GM Porch Group Media, Data and Marketing.

今天和我一起來的還有 Porch Group 執行長、董事長兼創辦人 Matt Ehrlichman； Shawn Tabak，Porch Group 財務長； Matthew Neagle，Porch Group 營運長；米歇爾‧塔夫斯 (Michelle Taves)，Porch 集團媒體、數據與行銷部總經理。

Before we go further, I'd 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, reflects management's views as of today, August 6, 2024. We do not undertake any obligation 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該公司 1995 年《私人證券訴訟改革法案》含義內的安全港聲明，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 8 月 6 日）管理層的觀點。我們不承擔更新或修改此資訊的任何義務。

Additionally, we will make forward-looking statements about our expected future financial or business performance or conditions, business strategy and plans, including the application and formation for the reciprocal exchange based on its current expectations and assumptions. These statements are subject to risks and uncertainties, which could cause our actual results to differ materially from these forward-looking statements.

此外，我們將對我們預期的未來財務或業務業績或狀況、業務策略和計劃做出前瞻性陳述，包括基於當前預期和假設的互惠交換的申請和形成。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這些前瞻性陳述有重大差異。

We disclaim any obligation to update publicly any forward-looking statements whether in response to new information, future events or otherwise, except as required by applicable law. We encourage you to consider the risk factors and other risks and uncertainties described in our SEC filings as well as a risk factor information in these slides for additional information, including factors that could cause our results to differ materially from current expectations.

我們不承擔公開更新任何前瞻性聲明的義務，無論是為了回應新資訊、未來事件或其他情況，除非適用法律要求。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，以獲取更多信息，包括可能導致我們的結果與當前預期存在重大差異的因素。

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 provided today is 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公認會計原則和非公認會計原則財務指標。請參閱今天的新聞稿，以了解非公認會計準則衡量標準與本次財報電話會議中討論的最具可比性的公認會計準則衡量標準的對帳情況，這些數據可以在我們的網站上找到。今天提供的財務資訊是初步的、未經審計的，並可能在結算和審計流程完成後進行修訂。請注意，本次網路廣播以及本次電話會議後不久的簡報將在公司網站 ir.porchgroup.com 上重播。

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

現在我將電話轉交給 Porch Group 執行長、董事長兼創辦人 Matt Ehrlichman。交給你了，馬特。

Thanks, Lois. Good afternoon, everybody. Thanks for joining us today.

謝謝，路易斯。大家下午好。感謝您今天加入我們。

We have some great progress that I'm excited to share. First, our insurance profitability actions, including utilizing our unique data, continues to result in attritional losses being significantly better than planned, and substantial year-over-year improvements in our insurance gross combined ratio.

我們取得了一些重大進展，我很高興與大家分享。首先，我們的保險獲利行動，包括利用我們獨特的數據，繼續導致自然損耗明顯好於計劃，並使我們的保險總綜合比率同比大幅提高。

Second, we have refiled the reciprocal exchange application. This gets us a step closer to what we believe is the optimal structure for scaling with reduced exposure to unusual weather events. And as we'll share more today, we are excited to announce that we've launched our home factors data products to help third parties improve the risk assessment and marketing. We have home factors for virtually every home in the US to identify important information about the property, all uniquely known by Porch.

其次，我們重新提交了互惠交換申請。這使我們更接近我們認為的最佳結構，以減少對異常天氣事件的暴露。正如我們今天將分享更多內容一樣，我們很高興地宣布，我們已經推出了家庭因素數據產品，以幫助第三方改進風險評估和行銷。我們幾乎擁有美國每個家庭的家庭因素，以識別有關該房產的重要信息，所有這些信息都是 Porch 獨有的。

Our results in the second quarter were solid despite continued macro headwinds while we budget and plan for catastrophic weather based on our historical experiences, trends and buffer for volatility. In the past three months, there have been two uncommon weather events, both so rare that they are classified as more than one in 10-year occurrences.

儘管宏觀逆風持續存在，但我們第二季的業績依然穩健，同時我們根據歷史經驗、趨勢和波動緩衝來製定災難性天氣的預算和計劃。在過去的三個月裡，發生了兩次罕見的天氣事件，這兩次天氣事件都非常罕見，被歸類為十年一遇以上的事件。

In May, Houston experienced a hurricane-like event with a 100-mile an hour sustained winds, which impacted our second quarter by $23 million net of reinsurance. More recently in July, Hurricane Beryl was a category 1 hurricane as it progressed through Houston and is expected to impact our third quarter by $30 million net of reinsurance. We want to highlight these rare events as our execution related to what we control was very strong.

5 月份，休士頓經歷了一場類似颶風的事件，持續風速為每小時 100 英里，這對我們第二季的淨再保險造成了 2,300 萬美元的影響。最近 7 月，颶風 Beryl 在休士頓肆虐，為 1 級颶風，預計將為我們第三季帶來 3000 萬美元的淨再保險影響。我們想強調這些罕見事件，因為我們與我們控制的相關的執行力非常強大。

Overall, in the second quarter, revenue grew 12% to $111 million. Revenue, less cost of revenue, grew 10% to $19 million. Adjusted EBITDA loss was $35 million, an $8 million improvement over the prior year and right about on track with our plan. Again, the May Houston cat event lowered revenue less cost of revenue and adjusted EBITDA by $23 million.

整體而言，第二季營收成長 12%，達到 1.11 億美元。扣除收入成本後的收入成長了 10%，達到 1,900 萬美元。調整後的 EBITDA 損失為 3500 萬美元，比前一年減少了 800 萬美元，基本上符合我們的計劃。5 月休士頓貓事件再次降低了收入減去收入成本，調整後的 EBITDA 減少了 2,300 萬美元。

We saw continued strong underwriting execution in our insurance business leading to lower claims versus our expectations, price increases leading to higher profitability in our software businesses, and overall strong cost control. Shawn will take you through those details shortly.

我們看到我們的保險業務持續強勁的承保執行力導致索賠率低於我們的預期，價格上漲導致我們的軟體業務盈利能力提高，以及整體強大的成本控制。肖恩將很快向您介紹這些細節。

Unexpected weather will happen periodically in the homeowners insurance industry. And while disruptive for policyholders and near-term results for the impacted period, it creates long-term opportunity for the industry at large. It means we and the industry will continue to raise prices and will fuel significant expansion in the size of the homeowners insurance market. Operating as a reciprocal exchange can help mitigate weather and claims volatility while still being able to participate in the growth of this industry. This, in our mind, is a very exciting place to play.

房屋保險業會定期發生意外天氣。雖然對保單持有人和受影響期間的近期業績造成破壞，但它為整個行業創造了長期機會。這意味著我們和整個產業將繼續提高價格，並將推動房屋保險市場規模的大幅擴張。作為互惠交易所營運可以幫助緩解天氣和索賠波動，同時仍然能夠參與該行業的成長。在我們看來，這是一個非常令人興奮的地方。

And as I mentioned, we're very pleased today to announce the key milestone of filing our new and updated application to create the Porch Insurance Reciprocal Exchange with the Texas Department of Insurance, and we are working closely with the TDI targeting approval later this year.

正如我所提到的，我們今天非常高興地宣布提交新的和更新的申請以與德克薩斯州保險部創建門廊保險互惠交易所的重要里程碑，我們正在與TDI 密切合作，目標是在今年晚些時候獲得批准。

As a reminder, as proposed, at launch the HOA carrier will be sold to the reciprocal for a surplus note back to Porch Group, with all parties, with all policies, premium, losses, and certain costs such as reinsurance, will move into the reciprocal entity, which will be owned by its policyholders similar to a mutual company. The reciprocal will pay claims directly from its balance sheet. We, at Porch Group, will handle the day-to-day operations, receiving fees as a percentage of gross written premium.

提醒一下，按照提議，在啟動時，HOA 承運人將出售給倒數方，以將盈餘票據返還給Porch 集團，所有各方的所有保單、保費、損失和某些成本（例如再保險）都將轉移到互惠實體，將由其保單持有人擁有，類似於互助公司。倒數將直接從其資產負債表中支付索賠。我們 Porch Group 將處理日常運營，並按總承保保費的一定百分比收取費用。

Importantly, our expenses will be less volatile than they are today and will include mostly fixed costs, such as employee salaries. We're excited about what this will mean for our customers and our future, transition to a more predictable, higher margin and lower volatility at Porch.

重要的是，我們的開支將比現在波動更小，並且主要包括固定成本，例如員工薪資。我們很高興這對我們的客戶和我們的未來意味著什麼，Porch 過渡到更可預測、更高的利潤和更低的波動性。

Along with the reciprocal application, we also announced today that Porch Group has contributed 18.3 million Porch shares to HOA to support this critical planned transition. This contribution helps to bolster HOA's balance sheet strength and rating after Q2 weather impacted surplus. And in addition, the contribution strengthens HOA's long-term surplus position, which better positions HOA for any future third-party surplus note capital raising efforts and importantly, is expected to support premium growth in 2025 and beyond.

除了相互申請之外，我們今天還宣布 Porch Group 已向 HOA 捐贈 1830 萬股 Porch 股票，以支持這一關鍵的計劃過渡。在第二季天氣影響盈餘後，這項貢獻有助於增強 HOA 的資產負債表實力和評級。此外，這筆捐款增強了 HOA 的長期盈餘狀況，這使 HOA 能夠更好地應對未來任何第三方盈餘票據融資工作，重要的是，預計將支持 2025 年及以後的保費增長。

HOA will hold the shares on its balance sheet, and we currently do not expect the shares to be sold. The value is then included in HOA's surplus, which had a healthy buffer as compared to regulatory requirements at the end of Q2. To the extent that Porch stock increases then, this would grow HOA surplus.

HOA 將在其資產負債表上持有這些股份，我們目前預計不會出售這些股份。然後，該價值包含在 HOA 的盈餘中，與第二季末的監管要求相比，該盈餘具有良好的緩衝能力。如果門廊庫存增加，那麼 HOA 盈餘就會增加。

If, and as we execute and increase the value of Porch Group, this can create an important and long-term opportunity in a flywheel. Additional surplus translates into supporting more premium for HOA and the reciprocal. We believe more premium would drive more fee-based income and profit for Porch Group post reciprocal. We would expect more profit at Porch Group to increase our valuation over time, in turn, increasing surplus reciprocal and HOA. We believe we're set up for a very exciting future ahead.

如果我們執行並增加 Porch Group 的價值，這可以在飛輪中創造一個重要且長期的機會。額外的盈餘轉化為支持更多的 HOA 溢價和倒數。我們相信，更多的保費將為 Porch Group 帶來更多的收費收入和利潤。我們預計 Porch Group 的利潤會隨著時間的推移而增加，從而提高我們的估值，進而增加盈餘倒數和 HOA。我們相信我們已經為一個非常令人興奮的未來做好了準備。

A last few quick notes before I turn the call over to Shawn. Our software businesses remain resilient and delivered growth despite a sluggish housing market, which declined 3% year over year in Q2. Our warranty business launched a new product called Surge Protection. And although early days, we are seeing strong conversion through our moving concierge channel.

在我把電話轉給肖恩之前，我先說幾句簡短的話。儘管房地產市場低迷（第二季年減 3%），我們的軟體業務仍保持彈性並實現成長。我們的保固業務推出了一款名為突波保護的新產品。雖然還處於早期階段，但我們已經透過行動禮賓管道看到了強勁的轉換。

Michelle Taves, who joins us today and leads our data division for Porch, who's going to share more about the progress with Home Factors, including new clients and case studies. We see a great deal of promise here given both the uniqueness and demonstrated value of our data.

米歇爾·塔夫斯 (Michelle Taves) 今天加入我們，領導我們的 Porch 數據部門，她將分享更多有關 Home Factors 的進展，包括新客戶和案例研究。鑑於我們數據的獨特性和已證明的價值，我們在這裡看到了很大的希望。

We mentioned previously that we are vigorously pursuing parties concerning the Vesttoo fraud, which was discovered in 2023. In Q2 of this year, our legal firm hired on a contingent fee basis filed suit against two parties. These things take time, so we'll look to update you as further as it progresses.

我們之前提到過，我們正在大力追究有關 2023 年發現的 Vesttoo 詐欺案的各方。今年第二季度，我們以勝訴酬金為基礎聘請的律師事務所對兩方提起了訴訟。這些事情需要時間，所以我們會隨著進展向您通報最新情況。

And last, finally, we've been recertified as a great place to work again this year with year-over-year improvements in key metrics that we track. My goal from the outset of founding Porch was to build a truly great and enduring company and ensuring we're a great place to work with a set of values that are real, is critical and core to making this happen.

最後，最後，我們今年再次被重新認證為最佳工作場所，我們追蹤的關鍵指標逐年改進。從創立 Porch 之初起，我的目標就是建立一家真正偉大且持久的公司，並確保我們成為一個理想的工作場所，並擁有一系列真實、關鍵和核心的價值觀，以實現這一目標。

Now Shawn, over to you.

現在肖恩，交給你了。

Thanks, Matt. Good afternoon, everyone.

謝謝，馬特。大家下午好。

Before we get into the detail, I'll provide some high-level thoughts on our financial performance in the second quarter. Overall, we're pleased with the second quarter being broadly in line with our expectations. Attritional claims outperformed our expectations and the related loss ratio improved over the prior year. This is a testament to the insurance profitability actions we discussed previously around the three Ps: product, price, and portfolio. As Matt noted, these are the things we can control, and the team executed well against these.

在詳細介紹之前，我將提供一些關於第二季財務表現的高層次想法。總體而言，我們對第二季度基本上符合我們的預期感到滿意。自然損耗索賠超出了我們的預期，相關損失率比去年有所改善。這證明了我們之前圍繞三個 P（產品、價格和投資組合）討論的保險盈利行為。正如馬特指出的，這些是我們可以控制的事情，而且團隊在這些方面表現得很好。

This was offset by the May Houston cat event which drove volatility in the quarter. I'll give more details on that shortly. In our software business, we saw improvements in our profitability driven by price increases as we execute our strategy to roll out new functionality for our customers while increasing price. And importantly, we remain diligent with strong cost control.

這被五月休士頓巨災事件所抵消，該事件推動了本季的波動。我很快就會提供更多細節。在我們的軟體業務中，隨著我們執行為客戶推出新功能同時提高價格的策略，我們看到價格上漲推動了獲利能力的提高。重要的是，我們仍然努力進行強有力的成本控制。

Now let's take a closer look. Revenue was $110.8 million in the second quarter of 2024, a 12% increase over the prior year, driven by our Insurance segment, which grew 22%. Revenue, less cost of revenue, was $19.2 million with a margin of 17% of revenue, consistent with the prior year. Overall, the vertical software revenue less cost of revenue margin increased approximately 800 basis points to 83%, offsetting growth in the lower-margin insurance segment.

現在讓我們仔細看看。2024 年第二季的營收為 1.108 億美元，比上年成長 12%，這主要得益於保險業務部門的成長 22%。扣除收入成本後的收入為 1,920 萬美元，利潤率為收入的 17%，與前一年持平。總體而言，垂直軟體收入減去收入成本後的利潤率增加了約 800 個基點，達到 83%，抵消了利潤率較低的保險領域的成長。

Adjusted EBITDA loss was $34.8 million, an $8.4 million improvement over the prior year, with all segments contributing to the improvement. As a reminder, on the seasonality of our business, Q2 is typically when we see the lowest adjusted EBITDA for the year given weather-related insurance claims. We continue to focus on controlling and reducing operating expenses such as audit fees and contractor costs.

調整後 EBITDA 損失為 3,480 萬美元，比上年減少 840 萬美元，所有部門都對此改善做出了貢獻。提醒一下，就我們業務的季節性而言，考慮到與天氣相關的保險索賠，第二季度通常是我們看到當年調整後 EBITDA 最低的時候。我們繼續專注於控制和減少審計費用和承包商成本等營運費用。

In the second quarter, sales and marketing expenses, as a percent of revenue, decreased by 400 basis points over the prior year. Similarly, product and technology and G&A also decreased as a percent of revenue. Gross written premium was $117 million, a decrease from the prior year as we focus on profitability and nonrenewal of higher risk policies. The non-renewals were completed this quarter, impacting our insurance KPIs, which Matthew will discuss shortly.

第二季度，銷售和行銷費用佔收入的百分比比去年同期下降了 400 個基點。同樣，產品和技術以及一般管理費用佔收入的百分比也有所下降。總承保保費為 1.17 億美元，較上年有所下降，因為我們專注於盈利能力和高風險保單的不續保。不續保已於本季完成，影響了我們的保險 KPI，馬修將很快討論這一點。

The insurance segment was 71% of total revenue in the second quarter, an increase from 65% in the second quarter of 2023. Revenue from our Insurance segment was $78.3 million, a 22% increase over the prior year. This was driven by 28% increase in premium per policy and lower reinsurance seating, which more than offset the decrease in policies in force due to the non-renewals and the Q1 sale of our legacy in-house insurance agency, EIG.

保險業務佔第二季總收入的 71%，高於 2023 年第二季的 65%。我們的保險部門收入為 7,830 萬美元，比上年增長 22%。這是由於每份保單的保費增加了 28% 以及再保險席位的減少，這遠遠抵消了由於不續保和第一季度出售我們傳統的內部保險機構 EIG 而導致的有效保單的減少。

Vertical software segment revenue was $32.6 million, a decrease of 5% over the prior year. Within that, the software and services subscription businesses increased 4% over the prior year, driven by price increases in Rynoh and inspection, and overall, was offset by the moving business.

垂直軟體部門營收為3,260萬美元，較上年下降5%。其中，受 Rynoh 和檢查價格上漲的推動，軟體和服務訂閱業務比上年增長了 4%，但總體而言，被搬家業務所抵消。

Shifting to claims costs in our insurance segment. Here, we break down the cost of revenue between attritional and other costs and catastrophic weather claims. In the second quarter, attritional claims performed $17 million better than anticipated. Additionally, our typical seasonal catastrophic weather claims also performed better than we anticipated.

轉向我們保險部門的索賠成本。在這裡，我們將收入成本細分為消耗成本、其他成本以及災難性天氣索賠。第二季度，自然減員索賠的表現比預期好 1700 萬美元。此外，我們典型的季節性災難性天氣索賠的表現也比我們預期的要好。

In the second quarter, the May Houston CAT event drove approximately $23 million in cost of revenue, net of reinsurance to the point of it being categorized as a one in 10-year event. In HOA's 15-year history, it had never experienced something like this. So while this was unfortunately one of the years where this wind event occurred, this was largely offset with strong execution against the areas within our control.

第二季度，5 月休士頓 CAT 賽事帶來了約 2,300 萬美元的收入成本（扣除再保險），以至於該賽事被歸類為 10 年一遇的賽事。在HOA 15年的歷史中，從未經歷過這樣的事。因此，雖然不幸的是，今年是發生這次風事件的年份之一，但在我們控制範圍內的強有力的執行力在很大程度上抵消了這一影響。

Moving to adjusted EBITDA by segment. Overall adjusted EBITDA loss was $34.8 million in the second quarter of 2024. The insurance segment adjusted EBITDA loss was $27.3 million, an improvement of $3.9 million over the prior year.

轉向按部門調整後的 EBITDA。2024 年第二季調整後 EBITDA 整體虧損為 3,480 萬美元。保險部門調整後的 EBITDA 損失為 2,730 萬美元，比前一年減少 390 萬美元。

The vertical software adjusted EBITDA was $4.8 million, a $3 million improvement over the prior year, driven by price increases in our software and services subscription businesses and cost control.

垂直軟體調整後的 EBITDA 為 480 萬美元，比前一年增加了 300 萬美元，這得益於我們的軟體和服務訂閱業務價格上漲以及成本控制。

The vertical software adjusted EBITDA margin increased to 15% in the quarter. Client retention remained strong at 98% in Rynoh in the second quarter.

該季度垂直軟體調整後的 EBITDA 利潤率增至 15%。第二季 Rynoh 的客戶保留率仍維持在 98% 的強勁水準。

Corporate expenses were $12.2 million or 11% of total revenue, a 300 basis point improvement over the prior year with strong cost control.

公司支出為 1,220 萬美元，佔總收入的 11%，在強有力的成本控制下比上年提高了 300 個基點。

Stepping back from the quarter, let's take a look at our performance in the first half of 2024. Year to date, we've delivered revenue of $226 million, a 22% increase over the prior year, driven by the insurance segment. Adjusted EBITDA loss in the first half of 2024 was $52 million, a $13 million improvement over the prior year.

回顧季度，讓我們來看看我們2024年上半年的表現。今年迄今為止，在保險部門的推動下，我們已實現收入 2.26 億美元，比上年增長 22%。2024 年上半年調整後 EBITDA 損失為 5,200 萬美元，比前一年減少 1,300 萬美元。

Our insurance segment adjusted EBITDA loss was $30 million, an $8 million improvement over the prior year. Our vertical software segment adjusted EBITDA was $6 million, a $4 million improvement over the prior year driven by price increases and cost control. Corporate and other expenses also decreased year over year.

我們的保險部門調整後 EBITDA 損失為 3000 萬美元，比前一年減少 800 萬美元。我們的垂直軟體部門調整後的 EBITDA 為 600 萬美元，由於價格上漲和成本控制，比前一年增加了 400 萬美元。公司費用和其他費用也較去年同期下降。

Operating cash outflow was $26 million in the second quarter of 2024, and $18 million for the first half of 2024. As of June 30, we had $410 million in cash, cash equivalents and investments. And excluding the $293 million of HOA, Porch held $117 million, broadly in line with the prior quarter. Additionally, Porch Group held $11 million of restricted cash and cash equivalents, primarily for our captive and warranty businesses, and a $49 million surplus note from HOA.

2024 年第二季營運現金流為 2,600 萬美元，2024 年上半年為 1,800 萬美元。截至 6 月 30 日，我們擁有 4.1 億美元的現金、現金等價物和投資。除去 2.93 億美元的 HOA，Porch 持有 1.17 億美元，與上一季基本持平。此外，Porch Group 持有 1,100 萬美元的限制性現金和現金等價物，主要用於我們的自保和保固業務，以及 HOA 的 4,900 萬美元盈餘票據。

HOA surplus at June 30 was approximately $40 million. This number includes approximately 18 million Porch Group shares, contributed into the HOA to which a discount is applied per our insurance accounting rules.

截至 6 月 30 日，HOA 盈餘約為 4,000 萬美元。這一數字包括約 1800 萬股 Porch Group 股票，這些股票已計入 HOA，並根據我們的保險會計規則對其應用折扣。

Since the shares are held by HOA, a wholly owned subsidiary of Porch Group, and are not owned by a third party, the shares are eliminated in our consolidated financial statements. They are accounted for as treasury shares. And therefore, these shares are excluded from our weighted average shares outstanding when calculating earnings per share.

由於該股份由 Porch Group 的全資子公司 HOA 持有，不屬於第三方所有，因此該股份在我們的合併財務報表中予以抵銷。它們被記為庫存股。因此，在計算每股盈餘時，這些股票不包括在我們的加權平均已發行股票中。

Moving on to guidance. Today, we are updating our full year 2024 outlook for our profit metrics. Our updated profit guidance is primarily driven by three items.

繼續指導。今天，我們更新了 2024 年全年利潤指標展望。我們更新的利潤指引主要由三個項目驅動。

First, as I mentioned, in Q2, we saw a strong performance against the things we can control, including underwriting performance and related attritional losses in our Insurance business, price increases in our software business, and strong cost control. This has been offset by two catastrophic weather events, which fall outside the range of our typical expectations for catastrophic weather included in our original guidance.

首先，正如我所提到的，在第二季度，我們在我們可以控制的方面看到了強勁的表現，包括我們保險業務的承保業績和相關消耗損失、我們軟體業務的價格上漲以及強有力的成本控制。這已被兩次災難性天氣事件所抵消，這超出了我們最初指南中對災難性天氣的典型預期範圍。

The first was the $23 million May Houston CAT event in Q2. The second is another weather event, Hurricane Beryl, which made landfall in Houston in the first week of July, that we expect to have $30 million in claims costs through revenue, net of reinsurance in Q3.

第一個是第二季 2300 萬美元的 5 月休士頓 CAT 賽事。第二個是另一個天氣事件，颶風貝麗爾，它於 7 月第一周在休士頓登陸，我們預計第三季扣除再保險後的收入將帶來 3000 萬美元的索賠成本。

We are reiterating full year 2024 revenue of $450 million to $470 million, with growth of 5% to 9%. As I noted last quarter, we expect growth to be front-end weighted with a tough comp in Q3. And as a reminder there, in Q3 of 2023, we had lower reinsurance seating in those higher revenue immediately post the Vesttoo reinsurance fraud discovery.

我們重申 2024 年全年營收為 4.5 億至 4.7 億美元，成長 5% 至 9%。正如我上個季度指出的那樣，我們預計第三季的成長將是前端加權的，而且競爭將會很艱難。提醒一下，在 2023 年第三季度，在 Vesttoo 再保險詐欺發現後，我們在那些較高收入中的再保險席位較低。

Last year, we called out the revenue impact of this as $30 million in Q3 of 2023.

去年，我們稱其對 2023 年第三季的營收影響為 3,000 萬美元。

We expect revenue less cost of revenue of $190 million to $200 million, which incorporates the items I've mentioned. Again, any incremental cat events exceeding historic trends are not included in our guidance and would negatively affect the range.

我們預計收入減去收入成本為 1.9 億至 2 億美元，其中包括我提到的項目。同樣，任何超過歷史趨勢的增量貓事件都不包含在我們的指導中，並且會對範圍產生負面影響。

Overall, we expect adjusted EBITDA loss of $20 million to $10 million, which incorporates the items I've mentioned. At the midpoint, this is a decline of $22.5 million from our previous adjusted EBITDA guidance. Given this now includes $53 million of additional costs related to the two weather events, this highlights the degree of our business has outperformed that which we control and what our normalized results would have been expected to produce.

總體而言，我們預計調整後 EBITDA 損失為 2000 萬至 1000 萬美元，其中包括我提到的項目。中位數來看，這比我們先前調整後的 EBITDA 指引值減少了 2,250 萬美元。鑑於這現在包括與兩次天氣事件相關的 5300 萬美元額外成本，這突顯了我們的業務表現超出了我們控制的範圍以及我們標準化結果的預期結果。

This guidance indicates that our second half of 2024 is still expected to be more profitable than the $21 million of positive adjusted EBITDA we produced in the second half of 2023, despite Hurricane Beryl. Although we are guiding to what is most probable, I will note, we have not lost sight of our full year profitable target and are working towards that, maximizing efforts on what we can control.

該指引表明，儘管有貝裡爾颶風，但預計我們 2024 年下半年的利潤仍將高於 2023 年下半年產生的 2,100 萬美元的正調整 EBITDA。我要指出的是，雖然我們正在指導最有可能發生的事情，但我們並沒有忘記全年盈利目標，並且正在努力實現這一目標，在我們可以控制的範圍內盡最大努力。

And finally, we expect gross written premiums of $460 million to $480 million.

最後，我們預計總保費為 4.6 億至 4.8 億美元。

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

感謝大家今天抽出時間。我現在將交給 Matthew 負責我們的 KPI。

Thanks, Shawn, and hello, everyone.

謝謝肖恩，大家好。

Let's look at our KPIs. The average number of companies was 29,000 in Q2, slightly lower due to the mortgage title and inspection industries continuing to feel pressure from the housing and refinance markets and fewer companies operating for the time being. There are signs of possible changes to interest rates and home sales growth beginning in 2025, which we clearly would welcome. Average revenue per company per month increased 17% to $1,253 over the prior year, driven by lower seating and premium increases.

讓我們看看我們的 KPI。第二季公司平均數量為 29,000 家，略低，原因是抵押貸款所有權和檢查行業繼續感受到住房和再融資市場的壓力，以及暫時運營的公司數量減少。有跡象表明，從 2025 年開始，利率和房屋銷售成長可能會發生變化，我們顯然對此表示歡迎。由於座位減少和保費增加，每家公司每月的平均收入比上年增長 17% 至 1,253 美元。

We had 231,000 monetized services in the quarter, 5% lower than the prior year. Average revenue per monetized service was $395, up 19% from last year due to continued growth in insurance.

本季我們有 231,000 項貨幣化服務，比前一年減少 5%。由於保險業務的持續成長，每項貨幣化服務的平均收入為 395 美元，比去年增長 19%。

Looking now at our insurance segment KPIs which, as a reminder, included EIG Insurance Agency in 2023, which we have since divested. In the second quarter, gross written premium was $117 million from 232,000 policies in force. As Shawn mentioned, these KPIs were impacted by nonrenewals completed this quarter, and this process is now complete. Annualized revenue per policy was $1,348, an increase of 161% from the prior year, driven by premium increases and lower seating.

現在看看我們的保險部門 KPI，提醒一下，其中包括 2023 年的 EIG 保險代理機構，但我們已將其剝離。第二季度，有效保單數量為 232,000 份，總承保保費為 1.17 億美元。正如 Shawn 所提到的，這些 KPI 受到本季完成的非續約的影響，該過程現已完成。由於保費增加和座位減少，每份保單的年化收入為 1,348 美元，較上年增長 161%。

Focusing now on HOA, our insurance carrier, annualized premium per policy increased 28% to $2,059. Premium retention was 88%, lower than the prior year, driven by the nonrenewal actions. Our gross loss ratio was 117% in Q2.

現在重點關注我們的保險公司 HOA，每份保單的年化保費增加了 28% 至 2,059 美元。由於非續保行動的推動，保費保留率為 88%，低於前一年。第二季我們的毛損失率為 117%。

On slide 21, we present the gross loss ratio split by cat and attritional losses. As Shawn said, our attritional losses outperformed. Our attritional gross loss ratio was 21%, 14 percentage points better than prior year.

在幻燈片 21 上，我們展示了按貓和自然損耗劃分的總損失率。正如肖恩所說，我們的自然減員損失表現出色。我們的自然流失毛損失率為 21%，比前一年提高了 14 個百分點。

As you can see in the chart, this was offset by catastrophic weather claims with the cat loss ratio increasing 11 percentage points year over year to 96%, of which 22 percentage points were from the May Houston event.

正如您在圖表中看到的，這一損失被災難性天氣索賠所抵消，貓損失率同比增加 11 個百分點，達到 96%，其中 22 個百分點來自 5 月的休斯頓事件。

The overall current year gross loss ratio was 117%, an improvement from 120% last year. Our gross combined ratio in Q2 was 124%, an improvement from 180% last year, which again goes to highlight that even in Q2, which is a quarter in our year with the most losses, the amount of improvement we have made to the insurance business.

今年整體毛損失率為117%，較去年的120%有所改善。我們第二季度的總綜合成本率為124%，比去年的180% 有所提高，這再次凸顯，即使在我們一年中虧損最多的季度第二季度，我們對保險業務所做的改進也很大商業。

Last quarter, we discussed the three Ps driving our strong underwriting performance. Today, we'll also outline our expectations for premium growth. First, product we'll continue leveraging our unique data, which is crucial for our insurance profitability. Michelle will elaborate on this shortly. We're also revising deductibles and policy terms like introducing a roof schedule that adjusts replacement value based on the roof's age, thereby reducing our risk and mitigating customer price increases.

上季度，我們討論了推動我們強勁承保業績的三個 P。今天，我們還將概述我們對保費成長的預期。首先，我們將繼續利用我們獨特的產品數據，這對我們的保險獲利能力至關重要。米歇爾將很快詳細闡述這一點。我們也正在修改免賠額和保單條款，例如引入屋頂時間表，根據屋頂的年齡調整重置價值，從而降低我們的風險並緩解客戶價格上漲。

Second, on price. The slide shows a 28% increase in earned premium per policy over the prior year, reflecting adjustments for a high frequency, high severity environment. In part due to the recent weather events, we anticipated continuing to raise prices meaningfully.

第二，關於價格。這張投影片顯示，每份保單的賺取保費比前一年增加了 28%，反映了針對高頻率、高嚴重性環境的調整。部分由於最近的天氣事件，我們預計價格將繼續大幅上漲。

Third, portfolio. We completed nonrenewals of unprofitable policies and are now starting to work through reopening certain ZIP codes and geographies that we had closed in order to manage the premium levels of our business to current levels. Given the progress we have made overall, we are ready for growth, and we expect premium to increase nicely in 2025 and beyond, both adding policies and step up in rate.

第三，投資組合。我們完成了不獲利保單的不再續簽，現在開始重新開放我們關閉的某些郵遞區號和地區，以便將我們業務的保費水準控制在當前水準。鑑於我們整體的進展，我們已為成長做好準備，我們預計保費將在 2025 年及以後大幅成長，同時增加保單並提高費率。

Thank you, everyone. I'll now turn over to Michelle for our quarterly deep dive.

謝謝大家。現在我將請米歇爾進行我們的季度深入探討。

Good afternoon, everyone.

大家下午好。

I am Michelle Taves, GM of Porch Group Media, Porch's Data and Marketing Solutions Division. I've been with the business for nine years with my 30-year career being spent focused on creating data products for many types of use cases and customers. I am super excited about where our business is and the opportunities that lie ahead.

我是 Michelle Taves，Porch Group Media 數據和行銷解決方案部門的總經理。我在這家公司工作了 9 年，其中 30 年的職業生涯專注於為多種類型的用例和客戶創建資料產品。我對我們的業務現狀和未來的機會感到非常興奮。

Porch Group Media, formerly V12, was acquired by Porch in January 2021, and we've rapidly evolved into a leader in mover marketing and data products. We've upgraded our data platform and now leverage unique data on properties and consumers.

Porch Group Media（原 V12）於 2021 年 1 月被 Porch 收購，我們已迅速發展成為行動行銷和數據產品的領導者。我們升級了數據平台，現在利用有關房產和消費者的獨特數據。

Through our solutions, we help brands to reach consumers who have important and time-sensitive needs for home improvement projects and when purchasing a new home. Recently, we launched Home Factors, which offers detailed property and homeowner insights, allowing companies to reach the right consumer at the right time, and helps them better assess risk and pricing for their services.

透過我們的解決方案，我們幫助品牌接觸那些對家居裝修項目和購買新房有重要且時間敏感需求的消費者。最近，我們推出了 Home Factors，它提供詳細的財產和房主見解，使公司能夠在正確的時間接觸正確的消費者，並幫助他們更好地評估其服務的風險和定價。

Today, I'm going to explain the use of our unique property and consumer data and how we can gain an underwriting and pricing advantage for our homeowners insurance business. Additionally, I'm going to highlight some new data products we're launching to assist other companies that we're targeting in noncompetitive markets.

今天，我將解釋我們獨特的財產和消費者資料的用途，以及我們如何為我們的房屋保險業務獲得承保和定價優勢。此外，我將重點介紹我們正在推出的一些新數據產品，以幫助我們在非競爭性市場中瞄準的其他公司。

Porch's extensive property and mover data is structured into intelligence and combined with other sources to form a vast data platform with billions of data points. This enables us to generate predictive insights, including Home Factors for nearly every property in the US. We long utilized machine learning and recently, we're incorporating new AI technologies to rapidly structure and extract insights from our data.

Porch 廣泛的財產和搬家數據被結構化為情報，並與其他來源結合，形成一個擁有數十億個數據點的龐大數據平台。這使我們能夠產生預測性見解，包括美國幾乎所有房產的房屋因素。我們長期以來一直在利用機器學習，最近，我們正在整合新的人工智慧技術來快速建立數據並從數據中提取見解。

Our data platform team is innovating at an impressive pace, now producing a new Home Factor every few weeks, allowing us to continually bring impactful products to market. Our insights cover both interior and exterior property details such as type of pipe, roof condition and water heater location, providing valuable information on property condition and risk that would be impossible together any other way.

我們的數據平台團隊正在以令人印象深刻的速度進行創新，現在每隔幾週就會生產一個新的 Home Factor，使我們能夠持續將有影響力的產品推向市場。我們的見解涵蓋內部和外部財產詳細信息，例如管道類型、屋頂狀況和熱水器位置，提供有關財產狀況和風險的寶貴信息，而這些信息是任何其他方式都無法提供的。

One of our Home Factors is the presence of water intrusion. Imagine knowing which properties are likely to have a water stain on the wall, rust around the water heater or corrosion near washing machine pipes. Historical claims data shows a strong correlation between these signs and future water claims. By identifying homes with these risks, we can accurately assess and price them. Our data suggests that about 65% of HOA's policyholders should face an 8% to 10% surcharge, while around 30% could receive a 20% discount on premiums.

我們的家居因素之一是水侵入的存在。想像一下，知道哪些房產的牆壁上可能有水漬、熱水器周圍生鏽或洗衣機管道附近有腐蝕。歷史索賠數據顯示這些跡象與未來水索賠之間存在很強的相關性。透過識別具有這些風險的房屋，我們可以準確地評估它們並為其定價。我們的數據顯示，約 65% 的 HOA 保單持有人應面臨 8% 至 10% 的附加費，而約 30% 的保單持有人可能會獲得 20% 的保費折扣。

This allows carriers to set pricing more accurately for lower or higher risk customers or avoid underwriting higher-risk customers likely to generate a claim. It also rewards and encourages homeowners to take care of their home.

這使得承運人能夠為較低或較高風險的客戶更準確地設定定價，或避免承保可能產生索賠的高風險客戶。它還獎勵並鼓勵房主照顧自己的家。

We are really excited to announce that we are currently in market monetizing Home Factors, and we're encouraged by the early testing we're seeing. After two years of quietly developing unique valuable products, we've proven their advantage with our insurance carrier, HOA, who uses the data, delivering top-tier loss ratio performance.

我們非常高興地宣布，我們目前正在市場上透過 Home Factors 貨幣化，並且我們對所看到的早期測試感到鼓舞。經過兩年的悄悄開發獨特的有價值的產品，我們已經向我們的保險公司 HOA 證明了它們的優勢，HOA 使用這些數據提供了頂級的損失率性能。

Today, I'm excited to share three use cases, demonstrating how we are monetizing the data while maintaining our competitive edge.

今天，我很高興與大家分享三個用例，展示我們如何在保持競爭優勢的同時將資料貨幣化。

First, we're targeting third-party insurance carriers in noncompetitive states to use Home Factors. Early results match our findings with HOA showing significant correlation between our insights and claims frequency and severity, provide proving value for pricing and decision making.

首先，我們的目標是非競爭州的第三方保險公司使用 Home Factors。早期結果與我們的調查結果與 HOA 相匹配，顯示我們的見解與索賠頻率和嚴重程度之間存在顯著相關性，為定價和決策提供了證明價值。

Second, a large retailer is using our data to market to their customers more effectively. Instead of broad-based ads, they're using Home Factors like window repair needed or roof replacement required to pinpoint the right consumer at the right time within their database, leading to a 30% increase in purchase intent signals.

其次，一家大型零售商正在利用我們的數據更有效地向客戶行銷。他們沒有使用廣泛的廣告，而是使用家庭因素（例如需要維修窗戶或需要更換屋頂）在資料庫中在正確的時間精確定位正確的消費者，從而使購買意向信號增加 30%。

Third, a home security company improved customer retention by 8% and reduced cancellations by 9% using our MoverMatch program. MoverMatch identifies customers in the process of moving, allowing businesses to connect with them early in the decision-making process. This is particularly valuable for mover solutions as the first to contact the consumer often wins the business.

第三，一家家庭安全公司使用我們的 MoverMatch 計畫將客戶保留率提高了 8%，並將取消率減少了 9%。MoverMatch 在搬家過程中識別客戶，使企業能夠在決策過程的早期與他們建立聯繫。這對於搬家解決方案尤其有價值，因為第一個聯繫消費者的人通常會贏得業務。

Overall, we're still early in our journey, but we are thrilled at the progress we're making, and we are eager to release additional Home Factors in Q3 of this year, and we have a robust road map ahead of us that will remain unique to what Porch can provide.

總體而言，我們仍處於旅程的早期階段，但我們對所取得的進展感到興奮，我們渴望在今年第三季度發布更多家庭因素，我們面前有一個強大的路線圖，它將保持Porch 所能提供的獨特性。

Thanks, everyone. I'll hand it over to Matt to wrap up.

謝謝大家。我會把它交給馬特來完成。

Thanks, Michelle.

謝謝，米歇爾。

It's a big deal for us. I'm very excited to want you continue to progress. I'll say that there are several significant high-margin opportunities ahead for Porch. And certainly, the opportunity to monetize impactful data products is one of those.

這對我們來說是一件大事。我很高興希望你繼續進步。我想說的是，Porch 面臨幾個重要的高利潤機會。當然，將有影響力的數據產品貨幣化的機會就是其中之一。

To wrap up, one of the other high-margin opportunities is, of course, our homeowners insurance opportunity and business and how it scales, particularly following the reciprocal launch. As we mentioned, we'll keep the market informed on progress and updates as we continue forward in 2024. Once approved, we would expect to host an Investor Day. And at that point, we'll drive more details on the higher-margin economic model and forward-looking guidance.

總而言之，其他高利潤機會之一當然是我們的房屋保險機會和業務及其擴展方式，特別是在互惠推出之後。正如我們所提到的，我們將在 2024 年繼續前進時向市場通報進展和最新情況。一旦獲得批准，我們預計將舉辦投資者日活動。屆時，我們將提供更多有關高利潤經濟模型和前瞻性指導的細節。

We're committed to continuing to write profitable homeowners insurance business and expect to grow premium nicely in 2025 and beyond. While we revised our adjusted EBITDA guidance range to include the known July hurricane event, we are still focused on this full year positive adjusted EBITDA objective.

我們致力於繼續開展盈利的房屋保險業務，並預計保費在 2025 年及以後實現良好增長。雖然我們修改了調整後 EBITDA 指導範圍以包括已知的 7 月颶風事件，但我們仍然專注於全年正調整 EBITDA 目標。

We aim to continue our track record of strong execution on what we control, and we'll be maximizing all efforts to achieve that goal. We aim to execute vastly over the remaining five months of the year, and again, do expect to have a very high profitability second half. We have a number of catalysts ahead and are excited to deliver for you all.

我們的目標是繼續在我們所控制的事情上保持強大的執行力，並且我們將盡一切努力來實現這一目標。我們的目標是在今年剩餘的五個月內大力執行，並且再次預計下半年將實現非常高的獲利能力。我們有許多催化劑，很高興能為大家提供。

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

這樣，我們將包裝準備好的備註並將通話傳遞給操作員。羅布，您可以繼續撥打電話問答嗎？

(Operator Instructions) Dan Kurnos, The Benchmark Company.

（操作員說明）Dan Kurnos，Benchmark 公司。

Thanks. Good afternoon. Just two quick ones for me. I guess, Matt, it's always tricky walking the fine line between opening up the aperture and preparing the scale. And then obviously, you get these cat events that hit cash flow. So I'm just kind of curious on your sort of willingness now to invest in growth near term or more thoughts on derisking the portfolio until you get the TDI approval.

謝謝。午安.對我來說只有兩個快速的。我想，馬特，在打開光圈和準備秤之間走好界限總是很棘手的。顯然，你會遇到這些影響現金流的貓事件。因此，我只是好奇您現在是否願意投資於短期成長，或者在獲得 TDI 批准之前更多地考慮降低投資組合的風險。

And then on Home Factors, I just -- I mean, any more color on how we should think about the data opportunity V12 had retail exposure, which we heard about today. And so it's kind of a broad brush. So I just love to think about either the TAM or how we should think about that impacting the P&L.

然後在家庭因素方面，我只是——我的意思是，我們應該如何思考 V12 擁有零售曝光的數據機會，我們今天聽說了這一點。所以這是廣泛的做法。所以我只是喜歡考慮 TAM 或我們應該如何考慮它對損益的影響。

Yes. Happy to. Maybe I'll take the first. And Michelle, why don't you take the second. The -- so I mean, in terms of growth, Dan, kind of what we're talking about today is we don't think these events really change our plan.

是的。很高興。也許我會選擇第一個。米歇爾，你為什麼不選第二個呢？所以我的意思是，就成長而言，丹，我們今天談論的是我們認為這些事件並沒有真正改變我們的計劃。

Obviously, you could see in our P&L this year, we just -- our business is just core outperformance could have absorbed one of these one in 10-year events, not two of those one in 10-year events. And -- but the reality is, is that we see what's happening in terms of attritional losses. We see how the business -- the core business is performing on a run rate basis.

顯然，你可以在我們今年的損益表中看到，我們的業務只是核心表現，可以吸收其中一項十年一次的事件，而不是兩次十年一次的事件。但現實是，我們看到的是消耗損失方面正在發生的事情。我們看到業務－核心業務在運作率的基礎上表現如​​何。

And we're not that far away in terms of our expectations from being able to get the business, in our view, again, optimally structured through the reciprocal. So like Matthew and I both mentioned, we are through that period of nonrenewals and it is time to start unlocking ZIP codes will get closed and really starting to position and open up growth, which we do expect to be able to again grow premiums nicely in 2025.

我們認為，就我們的期望而言，我們距離能夠透過互惠實現最佳結構的業務並不遙遠。因此，就像馬修和我都提到的那樣，我們正在經歷那段不可續約的時期，是時候開始解鎖郵政編碼將被關閉並真正開始定位和開放增長，我們確實希望能夠再次很好地增長保費2025 年。

Michelle, do you want to take the second question?

米歇爾，你想回答第二個問題嗎？

Sure. Sure. I guess a few points. I would say that we're at the very beginning of our journey. We are very optimistic for the opportunity. There's tons of valuable predictive insights that are growing across the industry. So we know that for sure.

當然。當然。我猜有幾點。我想說，我們正處於旅程的開始。我們對這個機會非常樂觀。整個產業有大量有價值的預測見解正在成長。所以我們肯定知道這一點。

We have proven case studies. And we're seeing some positive results with HOA and validation across other businesses. So we're feeling really confident. We've already started monetizing the product, and we're having a great deal of conversations across different industries.

我們有經過驗證的案例研究。我們在其他企業的 HOA 和驗證方面看到了一些積極的成果。所以我們感到非常有信心。我們已經開始將產品貨幣化，我們正在不同行業進行大量對話。

And I think the final point I would say is I've had the opportunity to create many data products over my career. And I've never had so much excitement from clients as I've seen with home Factors in such a really short period of time.

我認為我要說的最後一點是，在我的職業生涯中，我有機會創建許多數據產品。在如此短的時間內，我從來沒有像在 home Factors 上看到的那樣，從客戶那裡得到如此多的興奮。

And maybe I'll just layer on two quick thoughts. I think it's all perfectly said. One, is it's fun to start unpacking this, Dan, I think, just for the market. Obviously, this has been our strategy and our plan for some time. It's been a bit since we had acquired V12 and there's been a lot of, I would just say, core fundamental work to be able to get to this time, where we're able to kind of share that we are now out monetizing some of these really cool and very unique data products with third-party partners.

也許我只想簡單地談談兩個想法。我認為這一切都說得很完美。第一，我認為，開始為市場打開這個包裝很有趣。顯然，這已經是我們一段時間以來的策略和計劃。自從我們收購 V12 以來已經有一段時間了，我只想說，現在我們已經完成了很多核心基礎工作，我們可以分享我們現在正在將一些內容貨幣化。獨特的數據產品。

Again, it's not like it's a big surprise to me, I suppose, that there's strong interest in the market because, one, we have data about properties that no one else has. And we have Home Factors now for virtually every home in the US. And two, we know definitively with all the work we've done with homeowners of America over the last set of years with that data, that it creates real and substantial value and being able to predict risk. And so the market is going to, I believe, be really excited about it, which means it should become a really meaningful business for us.

再說一次，我想，市場對此有濃厚的興趣，這對我來說並不是一個很大的驚喜，因為，第一，我們擁有其他人沒有的房產數據。現在，我們幾乎為美國的每個家庭提供了家庭因素。第二，透過過去幾年我們與美國房主一起使用這些數據所做的所有工作，我們明確地知道，它創造了真正的、實質的價值，並且能夠預測風險。因此，我相信市場將會對此感到非常興奮，這意味著它應該成為我們真正有意義的業務。

It should be very high margin. And it's really accretive to everything you see today. So again, we're at the beginning of the journey, but it should be a fun time.

利潤率應該很高。它確實對你今天看到的一切都有促進作用。再說一次，我們正處於旅程的開始，但這應該是一個有趣的時刻。

And if we really pull it off, Michelle nails it and knocks it out of the park, once you get those first set of third-party partners using the data, well, you start to create momentum in the market where now everybody really needs to use the data to be able to be competitive. And that's happened in a variety of times across multiple different data companies. And so we think that we're positioned really well there.

如果我們真的成功了，米歇爾成功了，一旦你讓第一批第三方合作夥伴使用這些數據，你就開始在市場上創造動力，現在每個人都真正需要使用數據來保持競爭力。這種情況在多家不同的數據公司多次發生。所以我們認為我們在這方面的定位非常好。

Got it. Super helpful. Thanks, guys. Appreciate it.

知道了。超有幫助。謝謝，夥計們。欣賞它。

Thanks, Dan.

謝謝，丹。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hi, guys. This is Jonathan on for John. Thanks for taking my questions. So drilling down on your vertical software revenue, particularly the portion that's transactional, would you expect that rev to outpace the national market when a housing recovery begins? Or would you say that rev is more closely tied to the national relocation or corporate moves market?

嗨，大家好。這是喬納森替約翰發言。感謝您回答我的問題。因此，深入研究您的垂直軟體收入，特別是交易部分，您是否預計當房地產復甦開始時，收入會超過全國市場？或者您會說轉速與全國搬遷或企業搬遷市場的連結更緊密嗎？

Matthew, do you want to take that? Go ahead.

馬修，你想接受這個嗎？前進。

I was going to say the vertical software segment. I just peel back the onion there. We've seen the overall housing market continue to be soft and struggle this year. And really, we have two types of businesses there. We have our more traditional software and services businesses.

我想說的是垂直軟體領域。我只是剝掉那裡的洋蔥。我們看到今年整體房地產市場持續疲軟且舉步維艱。事實上，我們在那裡有兩種類型的業務。我們有更傳統的軟體和服務業務。

Those we saw growth this quarter of around 4%. And to your point, Jonathan, we had the moving businesses where we saw a decline more consistent with the overall housing market decline.

我們本季看到的成長約為 4%。喬納森，就您的觀點而言，我們看到搬家業務的下降與整體房地產市場的下降更為一致。

I think our opportunity there as the housing market recovers is as there's more folks that are moving, I think we have a good opportunity to beat the market there and grow our revenue in those businesses really nicely.

我認為，隨著房地產市場的復甦，我們的機會是，有更多的人搬家，我認為我們有很好的機會擊敗那裡的市場，並很好地增加我們在這些業務中的收入。

The another thing I'll point out also on -- from a profitability perspective, those businesses have improved profitability quite substantially over the last couple of years, even in this down housing market. So I think as the market recovers, we will get additional leverage there from the more profitable structure -- cost structure we have for those businesses in the years to come.

我還要指出的另一件事是，從獲利能力的角度來看，即使在房地產市場低迷的情況下，這些企業在過去幾年中也大幅提高了獲利能力。因此，我認為隨著市場的復甦，我們將從未來幾年為這些業務提供的更有利可圖的結構——成本結構中獲得額外的槓桿作用。

I would just add two small points. One, to build on Shawn's profitability. These businesses are very scalable, and so we can handle many more transactions with little to no variable cost. And so you're going to see whatever impact you see on the revenue, there's going to be significant flow-through to the bottom line. The other thing that you mind is some of those businesses monetize refinances.

我只想補充兩個小點。第一，增強 Shawn 的獲利能力。這些業務具有很強的可擴展性，因此我們可以在幾乎沒有可變成本的情況下處理更多的交易。因此，無論你看到對收入的影響如何，都會有大量的資金流入利潤。您介意的另一件事是其中一些企業透過再融資貨幣化。

And so there's kind of two markets we can monetize. One is the moves in the real estate transactions, and we will certainly benefit as the market recovers, but then also as interest rates decline and the refinancing market comes back, that will also be a tailwind for us.

因此，我們可以透過兩個市場來貨幣化。一是房地產交易的走勢，隨著市場的復甦，我們肯定會受益，但隨著利率下降和再融資市場的恢復，這也將是我們的順風車。

Last thing to add, just to make sure it wasn't missed. Just -- I'm not sure if people understand that there's two ways that we feel pressure right now in the market. Matthew hit the transaction volume with both home sales and refinance. But the other is, if you just think about these companies that are operating in these markets, it's just harder to run a business. So there's fewer companies that are out there.

最後要補充的是，只是為了確保沒有遺漏它。只是——我不確定人們是否理解我們現在在市場上感受到壓力的方式有兩種。馬修透過房屋銷售和再融資實現了交易量。但另一個問題是，如果你只考慮在這些市場中經營的公司，你會發現經營業務更加困難。所以現在的公司越來越少了。

So as the market turns around, not only will there just be more transactions, which falls straight into our systems and into revenue, but you'll also just have more companies that are joining and entering into these markets, which gives us more businesses to be able to sell to and partner with.

因此，隨著市場的轉變，不僅會有更多的交易直接進入我們的系統並轉化為收入，而且還會有更多的公司加入並進入這些市場，這使我們有更多的業務能夠銷售並與之合作。

Got it. Thank you. Thank you for the color there. And then as a follow-up. Looking at insurance, in recent quarters, you guys have exited certain states where you felt like you couldn't be profitable. Would you ever consider exiting a market like Houston where these wet cat weather events are occurring and seem to be occurring on a consistent basis, it almost seems like?

知道了。謝謝。謝謝你那裡的顏色。然後作為後續。看看保險業，最近幾個季度，你們已經退出了某些你們認為無法獲利的州。您是否會考慮退出像休士頓這樣的市場，那裡的濕貓天氣事件正在發生，而且似乎一直在發生，看起來幾乎是這樣？

Yes. I would say we would, of course, consider whatever creates the most shareholder value in the long term. Certainly, we are pragmatic and that is our focus, to go build a great long-term business. We do not think that means exiting Houston to be quite -- Houston has actually been over time for HOA, an attractive and highly performing market. Now obviously, there's going to be a recency bias because just in the last three months, there were two of those events. But we do think that overall, that market is well suited for us and to be effective and profitable going forward.

是的。我想說，我們當然會考慮任何從長遠來看能夠創造最大股東價值的事情。當然，我們很務實，這就是我們的重點，建立一個偉大的長期業務。我們認為這並不意味著完全退出休士頓——休士頓實際上對 HOA 來說已經很長一段時間了，這是一個有吸引力且表現出色的市場。顯然，會存在新近度偏差，因為就在過去三個月內，發生了兩起此類事件。但我們確實認為，總體而言，該市場非常適合我們，並且未來會變得有效且有利可圖。

The only other thing I would add is, again, just to stress the point, when these events happen, yes, it is unfortunate for those near-term results, but it creates a lot of opportunity in the market. And so we do think there -- it means that there will be meaningful price increases because at the end of the day, carriers, insurance carriers are going to make sure they're priced to be able to generate profit. And so we will certainly follow along with what the market would do there.

我要補充的唯一一件事是，再次強調這一點，當這些事件發生時，是的，對於這些短期結果來說是不幸的，但它在市場上創造了很多機會。因此，我們確實認為，這意味著價格將會大幅上漲，因為歸根結底，承運商、保險公司將確保他們的定價能夠產生利潤。因此，我們肯定會跟隨市場的走勢。

Got it. Thanks guys.

知道了。謝謝你們。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

This is Steve Hromin on for Jason. So just two questions from us. One is, why did you guys decide to update the reciprocal application? I'm just wondering what kind of information changed versus once you initially applied whenever that was, let's say, it was like nine months ago or so. And then secondly, does your updated full year guide assume any improvement in the housing market within either of your segments?

我是史蒂夫·赫羅明 (Steve Hromin) 替傑森 (Jason) 發言。我們只有兩個問題。一是，你們為什麼決定更新互惠應用程式？我只是想知道與您最初申請時相比，比如說九個月前左右，什麼樣的資訊發生了變化。其次，您更新後的全年指南是否假設您的任一細分市場內的房地產市場有任何改善？

I'll take the first, and Shawn or -- if you'd like to take the second. When we say update the reciprocal application, really, we're talking about just getting the reciprocal application back on file. So if you recall, more than a year ago, we were on file. We had to pull that back when there was that -- the Vesttoo fraud reinsurance partner that we had worked with. We worked with the TDI to be able to wait the appropriate amount of time, make sure the business was just performing really well, healthy.

我會選擇第一個，肖恩或——如果你想選擇第二個。當我們說更新互惠申請時，實際上，我們談論的是只是將互惠申請重新歸檔。所以如果你還記得的話，一年多前，我們就已經立案了。當出現與我們合作過的 Vesttoo 詐欺再保險合作夥伴時，我們不得不撤回這一點。我們與 TDI 合作，以便能夠等待適當的時間，確保業務表現良好、健康。

We certainly crossed the key milestones that we needed to. And now we've refiled the application. In terms of updates, you're really just updating for actuals that have happened over this period of time. But the core strategy and what we're implementing certainly remains the same.

我們確實跨越了我們需要的關鍵里程碑。現在我們已經重新提交了申請。就更新而言，您實際上只是更新這段時間發生的實際情況。但核心策略和我們正在實施的內容肯定保持不變。

Yes. With respect to the housing market, we continue to expect a fairly stagnant housing market. And so that's what we've considered in our guidance for now. Certainly, any positive momentum there would have an impact. But we've continued to be, I think, more on the conservative side of what we would expect there.

是的。就房地產市場而言，我們仍然預期房地產市場將相當停滯。這就是我們目前在指南中考慮的內容。當然，任何正面的勢頭都會產生影響。但我認為，我們仍然比我們所期望的更加保守。

Got it. Thank you.

知道了。謝謝。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Hi, everyone. Thanks for taking the questions. On the reciprocal exchange regarding the $18 million -- 18 million share, excuse me, contribution to HOA, was that figure determined with the consultation of TDI? And then the $40 million statutory surplus figure that you cited, is that a pro forma figure that's fully burdened for 2Q cat and the 3Q cat from Hurricane Beryl? Or is there something timing dynamic there that has yet to flow through to fully bake in that impact for the $40 million?

大家好。感謝您提出問題。關於1800萬美元的互惠－1800萬股，請問，對HOA的貢獻，這個數字是與TDI協商確定的嗎？那麼您引用的 4000 萬美元法定盈餘數字是完全承擔颶風 Beryl 的 2Q cat 和 3Q cat 的預期數字嗎？或者是否有一些時間動態尚未完全體現對 4000 萬美元的影響？

I can take that. Maybe I'll just start with the second one real quick. So that's our June 30 surplus number for HOA. We said approximately $40 million. So that's burdened by the cat that we saw in May for the Houston event.

我可以接受。也許我很快就會從第二個開始。這就是我們 6 月 30 日的 HOA 盈餘數字。我們說大約4000萬美元。所以這是我們五月在休士頓活動中看到的那隻貓的負擔。

As we look forward here, one thing I would just point to is second half of the year is typically when we generate the most surplus at HOA. And in particular, with the increases in profitability that we saw this year, one data point we look at is, last year, in the second half of the year, our insurance segment did -- generated about $50 million in adjusted EBITDA.

正如我們在這裡展望的那樣，我想指出的一件事是，下半年通常是我們在 HOA 產生最多盈餘的時候。特別是，隨著我們今年看到的盈利能力的增長，我們關注的一個數據點是，去年下半年，我們的保險部門確實產生了約 5000 萬美元的調整後 EBITDA。

And not all of that goes to HOA, but I think it can just give you a sense as to the scale even without the additional work that we've done this year and we saw in our results in the first half, as to the general seasonality of our business and how we generate more profits in the second half of the year.

並不是所有這些都歸入 HOA，但我認為即使沒有我們今年所做的額外工作以及我們在上半年的結果中看到的總體規模，它也可以讓您了解規模。如何在下半年創造更多利潤。

The first question was about the share contribution. We, of course, contributed $18 million -- 18 million shares, excuse me, into HOA. A couple of things on that. It bolsters the balance sheet. The company independently -- to answer your specific question, the company -- we decided to do it because it has the strategic benefits that we talked about.

第一個問題是關於股份出資。當然，我們向 HOA 投入了 1800 萬美元，即 1800 萬股股票。關於這一點有幾點。它支撐了資產負債表。公司獨立——回答你的具體問題，公司——我們決定這樣做，因為它有我們談到的策略利益。

I think Matt showed the flywheel where you can -- adding the shares in strengthens the long-term surplus. That supports future premium growth, additional premium growth in 2025 and beyond. And then we can also benefit from future appreciation of Porch shares there by adding additional -- creating additional surplus, which again, creates the opportunity for more premium. And under the reciprocal model, as we noted, that generates fees for Porch Group.

我認為馬特向你展示了飛輪——增加股份可以增強長期盈餘。這支持了未來的保費成長，以及 2025 年及以後的額外保費成長。然後，我們還可以透過增加額外的資金，創造額外的盈餘，從未來 Porch 股票的升值中受益，這又創造了獲得更多溢價的機會。正如我們所指出的，在互惠模式下，這將為 Porch Group 產生費用。

I think it's also a strategic benefit. So as we launch the reciprocal, I think we can create strategic alignment with the reciprocal after launch and importantly, as we bring in external capital sources there to further generate surplus or increase surplus there. So I think the net from all of that is it supports HOA's transition to the reciprocal. And so those are really the reasons that we thought it was the right thing to do.

我認為這也是一種戰略利益。因此，當我們推出互惠制時，我認為我們可以在推出後與互惠制建立策略聯盟，重要的是，因為我們在那裡引入外部資本來源，以進一步產生盈餘或增加盈餘。所以我認為所有這些的最終結果是它支持 HOA 向互惠的過渡。因此，這些確實是我們認為這樣做是正確的原因。

One technical point I think that we called out, just so folks understand, the shares, they're not traded currently. They're not included in weighted average shares outstanding when we calculate our earnings per share. They're effectively treated like treasury shares. So there's -- they're not voting shares at the moment.

我認為我們提出了一個技術問題，只是為了讓人們理解，這些股票目前沒有交易。當我們計算每股收益時，它們不包括在已發行加權平均股中。它們實際上被視為庫存股。所以，他們目前沒有投票權。

One last point on the HOA's surplus. Ryan, I think I know where you're going and just one thing that Shawn didn't note, just to make sure it's clear. The $30 million net impact side of Beryl is not just all HOA. We have a captive reinsurer as well that sits behind it. And so if you're thinking about -- your question might have been thinking about, okay, what happens to HOA surplus.

關於 HOA 盈餘的最後一點。瑞安，我想我知道你要去哪裡，只有一件事肖恩沒有註意到，只是為了確保清楚。Beryl 的 3000 萬美元淨影響不僅僅是 HOA。我們的背後還有一家自保再保險公司。因此，如果您正在考慮 - 您的問題可能是在考慮 HOA 盈餘會發生什麼。

We actually -- we expect HOA surplus to remain consistent and actually grow here as it goes throughout the year and remain in a strong position. So that's kind of what you were thinking about. We're well set up to make sure HOA continues to be healthy, and we do not expect additional contributions into HOA, including given Beryl.

實際上，我們預計 HOA 盈餘將保持一致，並在全年中實際成長，並保持強勢地位。這就是你所想的。我們已做好充分準備，確保 HOA 繼續健康發展，並且我們預計不會對 HOA 做出額外貢獻，包括給予 Beryl。

Okay. Great. Thanks for clarifying that, Matt and Shawn. And then on the accounting treatment, Shawn, you already kind of touched on it, but I guess, a bit of an interesting kind of dynamic you're trying to understand if there's any triggering event for that accounting treatment to change once you hopefully get the reciprocal off the ground if, ultimately, those shares would be included in the consolidated share count after you deconsolidate HOA.

好的。偉大的。感謝馬特和肖恩的澄清。然後關於會計處理，肖恩，你已經觸及了它，但我想，這是一種有趣的動態，你試圖了解一旦你希望得到會計處理是否有任何觸發事件發生改變如果最終這些股票在您解除HOA合併後將包含在合併股票計數中，則為倒數。

Just trying to understand the accounting there on the math because clearly, this is real capital that was issued to backfill HOA's balance sheet. So if you can just walk us through how that accounting may or may not change going forward.

只是想了解數學上的會計，因為很明顯，這是為回填 HOA 資產負債表而發行的真實資本。因此，如果您能向我們介紹一下會計核算未來可能會或可能不會發生變化。

Yes. Yes. I think one thing that's important to note is, in addition to the flywheel that we talked about and supporting more capital HOA, when we do the reciprocal exchange and effectively transfer HOA to the reciprocal, we'll get a surplus note back equal to effectively the net assets of HOA, plus or minus, some adjustments there.

是的。是的。我認為值得注意的一件事是，除了我們談論的飛輪和支持更多的資本 HOA 之外，當我們進行互惠交換並有效地將 HOA 轉移到倒數時，我們將獲得相當於有效的盈餘票據HOA的淨資產，加上或減去，有一些調整。

And so that would include the -- whatever the share value is at that point in time. And I guess, on the consolidated VIE accounting, we'll probably cover that at a future date. But for now, those are the additional sources of value and how we would operate there as the reciprocal is launched.

因此，這將包括——無論當時的股票價值是多少。我想，在合併 VIE 會計方面，我們可能會在將來討論這一點。但就目前而言，這些是額外的價值來源，以及隨著互惠計畫的推出，我們將如何在那裡運作。

Okay. Thanks for taking the questions.

好的。感謝您提出問題。

Thanks, Ryan.

謝謝，瑞安。

Jason Kreyer, Craig-Hallum Capital Group.

Jason Kreyer，克雷格-哈勒姆資本集團。

Great. Thank you, guys. So Matt, earlier this year, you talked about the addition of some hail and wind coverage you put in place. Just curious if that helped you at all in this quarter, if that's in a position to help you as we get into the back half of the year?

偉大的。謝謝你們，夥計們。馬特，今年早些時候，您談到了增加一些冰雹和大風覆蓋的情況。只是好奇這在本季度是否對您有幫助，在我們進入下半年時是否能夠幫助您？

Yes. I could take that one. Yes. So as a reminder for folks, I think what Jason was referring to, this year, we secured an additional kind of reinsurance product for severe convective storm parametric coverage. I think what we had articulated earlier this year, as we purchased $30 million of aggregate severe convective storm and that includes hail.

是的。我可以接受那個。是的。因此，提醒人們，我認為傑森所指的是，今年我們獲得了另一種再保險產品，用於強對流風暴參數覆蓋。我想我們今年早些時候已經闡明了這一點，我們購買了 3000 萬美元的強對流風暴，其中包括冰雹。

And the coverage there was really geared towards a series of smaller storms or hail-related losses, which is really what we saw in the first half of 2023. And the approximate cost there for this coverage was about $5 million for the year. So a couple of things to note there. And that's just a reminder on what the product is. So a couple of things to know.

那裡的覆蓋範圍確實是針對一系列較小的風暴或冰雹相關的損失，這正是我們在 2023 年上半年看到的情況。當年該保險的費用約為 500 萬美元。有幾點要注意。這只是提醒我們該產品是什麼。有幾件事要知道。

It's an aggregate cover, so it's evaluated over the course of the full year. So we'll have more information on the cover received there later this year. Additionally, the other thing I'd note is that the May Houston event was primarily a large wind. It really was a hurricane-like event with wind speeds up to 100 miles per hour on the straight line and sustained basis. So as of now, we've not included any assumptions in our financials or guidance for that as of June.

這是一個總體覆蓋，因此會在全年內進行評估。因此，我們將在今年晚些時候獲得有關那裡收到的封面的更多資訊。此外，我要注意的另一件事是，五月的休士頓事件主要是大風。這確實是一場類似颶風的事件，直線風速持續達到每小時 100 英里。因此，截至目前，我們尚未在 6 月的財務數據或指導中包含任何假設。

Okay. Thank you for that. And then just any early perspective on exposure to [indiscernible]. And I know that kind of just hit or is just happening. But just as we think through where you've got more density of policies, if you feel like you've got exposure there.

好的。謝謝你。然後是關於接觸的任何早期觀點[音頻不清晰]。我知道這種情況剛剛發生或正在發生。但正如我們思考哪裡有更密集的政策一樣，如果你覺得你在那裡有風險敞口。

Yes. So first and foremost, I think as Matt mentioned, our thoughts are with the customers and -- community rather, of those that are impacted by the hurricane. A couple of things to note. We don't write policies in Florida. We talked about a couple of quarters ago how we've moved out of Georgia.

是的。因此，首先也是最重要的，我認為正如馬特所提到的，我們的想法是與客戶和社區，而不是那些受颶風影響的人在一起。有幾點要注意。我們在佛羅裡達州不制定政策。幾個季度前我們談到了我們如何搬出喬治亞州。

In South Carolina, we don't rank within 50 miles of the coast. And overall, I would say, in South Carolina, we've also reduced our exposure as part of the portfolio profitability actions that we talked about.

在南卡羅來納州，我們的排名不在距離海岸 50 英里以內。總的來說，我想說，在南卡羅來納州，我們也減少了我們的風險敞口，作為我們討論的投資組合獲利行動的一部分。

So far, this looks to be mostly rain event. And as a reminder, we don't cover flood. So the event is obviously happening as we speak, but I think that can give some context as to our exposure in the region there.

到目前為止，這看起來主要是降雨事件。提醒一下，我們不涵蓋洪水。因此，就在我們說話的時候，這一事件顯然正在發生，但我認為這可以為我們在該地區的曝光提供一些背景資訊。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

There are no further phone questions. Lois, do we have any written questions?

沒有進一步的電話問題。路易斯，我們有任何書面問題嗎？

Thanks, Rob. We have one here. Shawn, you mentioned the full year adjusted EBITDA from profitable target. What are you doing to drive this?

謝謝，羅布。我們這裡有一個。肖恩，您提到了盈利目標的全年調整後 EBITDA。你要做什麼來驅動這個？

Yes, I could take that one. So I wanted to first make sure we are -- it's clear some of the things we talked today -- about today in terms of the improvements and the performance of the business. What we've guided to today is essentially a $30 million improvement year over year based on the midpoint of our full year adjusted EBITDA guidance. And that's even with $53 million of additional costs from these two one in 10-year events. And as we mentioned, I think today, a couple of times driven by the profitability actions, the price increases in software and strong cost control.

是的，我可以接受那個。因此，我想先確保我們今天討論的一些事情是在業務的改進和績效方面進行的。我們今天的指導基本上是基於全年調整後 EBITDA 指導的中點，年比提高了 3000 萬美元。即使這兩次 10 年一遇的活動帶來了 5,300 萬美元的額外成本。正如我們所提到的，我認為今天有幾次是由獲利行動、軟體價格上漲和強有力的成本控制所推動的。

Now we typically buffer for -- we have enough buffer for one, one in 10-year event. This year, it looks like we're having two, Beryl, obviously, in addition to the May event.

現在我們通常會緩衝——我們有足夠的緩衝來應付一次、十年一次的事件。今年，除了五月的活動之外，顯然我們還有兩次，Beryl。

So overall, if I just step back from that, I think what it highlights is the improvement in the business and also that what we have been presented this year is two, one in 10-year events. I'd say there are other things we're working on that are outside the scope of what we typically would include in our guidance to try and offset the impact of these items. And overall, we remain very focused on our profitability goals at the company.

所以總的來說，如果我退一步來說，我認為它強調的是業務的改善，而且我們今年展示的是兩次，十年一次的活動。我想說的是，我們正在做的其他事情超出了我們通常會在指南中嘗試抵消這些項目的影響的範圍。總的來說，我們仍然非常關注公司的獲利目標。

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

我們的問答環節到此結束。我現在將把電話轉回給馬特，讓他發表結束語。

Thank you. Thanks, all, for the questions. I appreciate it. As we talked about, it's a pretty exciting time and pretty new time for the company. Obviously, we're working hard to get the reciprocal on file and get the business structure in the ideal way that we would like to.

謝謝。謝謝大家的提問。我很感激。正如我們所說，對於公司來說，這是一個非常令人興奮的時刻，也是一個全新的時刻。顯然，我們正在努力將倒數存檔並以我們希望的理想方式獲得業務結構。

And we're excited to share more when it's the right time around some of the details there. Per the question, we're excited and focused on growing premium while still executing on the profitability that Shawn just talked about.

我們很高興能在適當的時候分享更多細節。根據這個問題，我們很興奮並專注於增加保費，同時仍然執行肖恩剛才談到的盈利能力。

And hopefully, at some point in the not too distant future, some of the -- what has been headwinds like the housing market will start to turn to tailwinds. We know that will happen. It's just a matter of how far off in the future, and we will be able to benefit meaningfully as that does happen.

希望在不久的將來的某個時刻，一些一直以來的逆風（例如房地產市場）將開始轉變為順風。我們知道這將會發生。這只是未來多久的問題，當這種情況發生時，我們將能夠真正受益。

And then lastly, maybe I'll just close with fun to be able to announce kind of the launch of a new key product, Home Factors, that has, we believe, again, a tremendous amount of potential and very high margins. With that, I appreciate everybody's time and the continued support, certainly. We will talk to you guys again at our Q3 earnings in November, until then.

最後，也許我會以有趣的方式結束演講，宣布推出一款新的關鍵產品 Home Factors，我們再次相信，該產品具有巨大的潛力和非常高的利潤。在此，我當然感謝大家的時間和持續的支持。在那之前，我們將在 11 月的第三季財報中再次與大家討論。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。