Porch Group Inc (PRCH) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating in Porch Group's first-quarter 2025 conference call. Today, we include 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，感謝大家參加Porch Group 2025 年第一季電話會議。今天，我們發布了收益報告並向美國證券交易委員會提交了相關的 8-K 表格。您可在我們的投資者關係網站 ir.porchgroup.com 上找到該新聞稿。

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, reflects management's views as of today, May 6, 2025. We do not undertake any obligation to update or revise this information.

我想花點時間來回顧該公司根據 1995 年《私人證券訴訟改革法案》制定的安全港聲明，該聲明對前瞻性陳述提出了重要的警告。今天的討論，包括您的問題的回答，反映了管理層截至 2025 年 5 月 6 日的觀點。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 that are expected future financial or business performance or conditions, business strategy and plans. These statements are subject to risks and uncertainties, which could cause our actual results to differ materially from these forward-looking statements.

此外，我們還將對未來財務或業務表現或狀況、業務策略和計劃做出前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致我們的實際結果與這些前瞻性聲明有重大差異。

Please refer to the information on this slide and in our SEC filings for important disclaimers. 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.

請參閱本投影片和我們提交給美國證券交易委員會 (SEC) 的文件中的信息，以了解重要免責聲明。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，以了解非公認會計準則 (GAAP) 指標與本次收益電話會議中討論的最具可比性的 GAAP 指標的對帳情況，這些對帳可在我們的網站上查閱。

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.

提醒一下，本次網路廣播將在電話會議結束後不久與簡報一起在公司網站 ir.porchgroup.com 上重播。

Joining me here today are Matthew Ehrlichman, Porch Group's CEO, Chairman and Founder; Shawn Tabak, Porch Group's CFO; and Matthew Neagle, Porch Group COO.

今天與我一起出席的還有 Porch Group 執行長、董事長兼創辦人 Matthew Ehrlichman、Porch Group 財務長 Shawn Tabak 和 Porch Group 營運長 Matthew Neagle。

Thank you. I'll now turn the call over to Matt for key updates.

謝謝。現在我將把電話轉給馬特，讓他報告一下重要更新。

Good afternoon, everyone. Thanks for joining us. I've never been more excited to report on quarterly earnings as I am here for Q1 2025. After launching the member on Porch Reciprocal Exchange on January 1 and the corresponding sale of our homeowners of America insurance carrier into the reciprocal. This is the first quarter in which our business is in our view, optimally structured.

大家下午好。感謝您的加入。我從未像現在這樣興奮地報告 2025 年第一季的季度收益。在 1 月 1 日推出 Porch Reciprocal Exchange 會員並相應地將我們的美國房屋保險公司出售給互惠保險公司之後。我們認為這是我們的業務結構最佳的第一個季度。

We've fully transformed to a simpler, commission and fee-based, higher-margin model that is more predictable for shareholders. And I'm pleased to report that the results are strong. Because of the standout Q1 results and the trends we're seeing, we are again increasing 2025 guidance. As I look ahead to the next several years, my expectation is very clear that we will grow profitability and cash flow faster than previously anticipated. Shawn will take you through the results, the increase in our guidance and the increase in our long-term model and margins shortly.

我們已經完全轉變為更簡單、基於佣金和費用、利潤率更高的模式，對股東來說更可預測。我很高興地報告，結果非常好。由於第一季的出色業績和我們看到的趨勢，我們再次提高了 2025 年的預期。展望未來幾年，我的期望非常明確：我們的獲利能力和現金流的成長速度將比之前預期的要快。肖恩將很快向您介紹結果、指導的成長以及長期模型和利潤率的成長。

So this quarter marks a special time for the company. It's the moment Porch shareholders are no longer in the catastrophic weather claims business, while still participating in the attractive growth of the homeowners insurance industry, and with durable competitive advantages. This quarter demonstrates how effectively our business is now structured to scale. Overall, we delivered results for Porch shareholders that are exciting.

因此本季對於公司來說是一個特殊的時刻。此時，Porch 股東不再從事災難性天氣索賠業務，同時仍能參與房屋保險業的誘人成長，並擁有持久的競爭優勢。本季度證明了我們的業務結構現在如何有效地擴大規模。總體而言，我們為 Porch 股東帶來了令人興奮的表現。

Revenue of $85 million generated predominantly from $97 million of premium written at the recarrier, which will label reciprocal written premium. Both of these numbers exceeded expectations. Now as the manager of the reciprocal rather than the carrier itself, revenue isn't apples-to-apples when comparing year-over-year given our transformation. However, gross profit and adjusted EBITDA certainly are good to look at to assess year-over-year growth and performance.

8,500 萬美元的收入主要來自承運人承保的 9,700 萬美元保費，這將標記互惠承保保費。這兩個數字都超出了預期。現在，作為互惠航空公司的管理者，而不是航空公司本身，考慮到我們的轉型，與去年同期相比，收入並不具有可比性。然而，毛利和調整後的 EBITDA 無疑是評估年成長和績效的有用指標。

And so we're happy to report that in Q1, we realized 82% gross margins, which we expect will continue forward, demonstrating what we've been saying about the high-margin nature of our go-forward business. This produced Q1 gross profit of $69 million, which was a $32 million or 86% increase compared to gross profit in Q1 2024.

因此，我們很高興地報告，在第一季度，我們實現了 82% 的毛利率，我們預計這一水平將持續下去，這證明了我們所說的未來業務的高利潤性質。這使得第一季的毛利達到 6,900 萬美元，與 2024 年第一季的毛利相比增加了 3,200 萬美元，增幅達 86%。

Our business is now highly profitable. Net income attributable to Porch was positive at $8 million. We produced our highest ever Q1 adjusted EBITDA of $17 million, which is a 20% margin and above expectations. This was a $34 million increase over the prior year. Resulting from this, I'm excited to share that we not only generated positive cash for Porch shareholders, but significantly so at $27 million of positive cash flow from operations for Porch shareholders in the quarter, which includes $7 million collected related to the past Vesttoo pursuits.

我們的業務現在利潤豐厚。歸屬於 Porch 的淨收入為正 800 萬美元。我們第一季的調整後息稅折舊攤銷前利潤 (EBITDA) 達到了歷史最高水平，達到 1,700 萬美元，利潤率為 20%，高於預期。這比前一年增加了 3400 萬美元。因此，我很高興地告訴大家，我們不僅為 Porch 股東創造了正現金，而且本季為 Porch 股東帶來了 2,700 萬美元的正經營現金流，其中包括與過去 Vesttoo 追求相關的 700 萬美元。

Operationally, we performed strongly. New business premium at our insurance business is performing well, our software and consumer service operations are progressing nicely, and we are investing more aggressively across these businesses to drive faster growth in 2026 and beyond.

從營運角度來看，我們的表現強勁。我們保險業務的新業務保費表現良好，我們的軟體和消費者服務業務進展順利，我們正在對這些業務進行更積極的投資，以推動 2026 年及以後的更快成長。

Finally, the reciprocal remains healthy. The Reciprocal's April 1 reinsurance renewals were strong, lowered its catastrophic weather risk and provides Porch shareholders certainty and clarity as we move forward. This reciprocal's cost of reinsurance decreased year-over-year given our strong underwriting results in 2024 and Porch's unique Home Factors property data.

最後，互惠關係仍然保持健康。Reciprocal 4 月 1 日的再保險續保表現強勁，降低了災難性天氣風險，並為 Porch 股東提供了前進的確定性和清晰度。鑑於我們 2024 年強勁的核保業績以及 Porch 獨特的 Home Factors 財產數據，該互惠公司的再保險成本較去年同期下降。

Meanwhile, the reciprocal is healthy with $198 million of surplus combined with non-admitted assets at the end of Q1. Similar to a strong comparison we shared about 2023 performance, I'm pleased to share the AM Best report comparing results across carriers for 2024, the final year in which we owned homeowners of America.

同時，互惠銀行的財務狀況良好，第一季末的盈餘和未承認資產總額為 1.98 億美元。與我們分享的有關 2023 年業績的有力比較類似，我很高興分享 AM Best 報告，該報告比較了 2024 年各運營商的業績，2024 年是我們擁有美國房主的最後一年。

As you can see on the slide, the carrier was number one in direct combined ratio performance in Texas out of carriers with more than $50 million in homeowners insurance premiums in the state. Across a US-wide comparison of carriers with more than $350 million of premium, our carrier was number three. This outperformance versus the market demonstrates the ability for the reciprocal to pay attractive management fees to Porch Group ongoing, while continuing to build surplus. And it reinforces our differentiated capabilities that will sustain advantages for the long term.

正如您在幻燈片上看到的，在德州房屋保險費超過 5,000 萬美元的保險公司中，該保險公司的直接綜合成本率表現位居第一。在對全美範圍內保費超過 3.5 億美元的保險公司進行比較時，我們的保險公司名列第三。這一優於市場的表現表明，該公司有能力持續向 Porch Group 支付有吸引力的管理費，同時繼續創造盈餘。它增強了我們的差異化能力，並將長期保持優勢。

We believe Porch is an excellent company to own during a turbulent time in the markets. First, we do not believe tariffs will have a significant impact on our business. We expect a mid-single-digit adjusted EBITDA impact at most, which has been built in and assumed in the increased guidance Shawn will share shortly.

我們相信，在市場動盪時期，Porch 是一家值得持有的優秀公司。首先，我們不認為關稅會對我們的業務產生重大影響。我們預計調整後的 EBITDA 影響最多為中等個位數，這已在 Shawn 即將分享的增加的指導中得到體現和假設。

Second, if there is a recession, we believe our business is well protected and may even benefit. The majority of our business and income is generated from homeowners insurance premiums at the reciprocal.

其次，如果出現經濟衰退，我們相信我們的業務將得到很好的保護，甚至可能受益。我們的大部分業務和收入來自互惠的房屋保險費。

As you can see in the chart on this slide, historically, Homeowners insurance premiums just continued to grow in all economic cycles. It's an attractive industry to be playing in, especially in a commission and fee model without absorbing the weather volatility.

正如您在這張投影片的圖表中所看到的，從歷史上看，房屋保險費在所有經濟週期中都持續成長。這是一個很有吸引力的行業，尤其是在採用佣金和費用模式且不受天氣波動影響的情況下。

If interest rates come down amidst the slowing economy, it could spark a housing market pickup, which will be attractive for our software, consumer service and insurance businesses. Third, if inflation picks up, we expect homeowners insurance price increases will accelerate, directly increasing our high-margin management fees.

如果在經濟放緩的情況下利率下降，可能會引發房地產市場的回暖，這將對我們的軟體、消費者服務和保險業務具有吸引力。第三，如果通貨膨脹加劇，我們預期房屋保險價格上漲將會加速，直接增加我們高利潤的管理費。

And finally, if weather worsens, it can now help our business. Porch doesn't absorb nor pay for the catastrophic weather claims under this reciprocal structure. More weather-related claims means premiums will increase over time, growing fees produced for Porch and for our shareholders.

最後，如果天氣惡化，現在它可以幫助我們的業務。在這種互惠結構下，Porch 不會吸收也不會支付災難性天氣索賠。越來越多的天氣相關索賠意味著保費將隨著時間的推移而增加，為 Porch 和我們的股東帶來越來越多的費用。

Nice thing is generally, homeowners need homeowners insurance. So we don't see risk to this industry as a whole doing anything, but continuing to grow. And our competitive advantages help us to consistently stand out.

好消息是，一般來說，房主都需要房屋保險。因此，我們認為整個產業不會面臨任何風險，而且還會繼續成長。我們的競爭優勢幫助我們始終脫穎而出。

I'll now turn it over to Shawn to cover our strong financial results and raise guidance.

現在我將把話題交給肖恩，讓他介紹我們強勁的財務表現和提高指導。

Thank you, Matt, and good afternoon, everyone. As previously discussed, we changed our segments as of January 1, 2025, to align with the new business model following the launch of insurance services in the Porch Reciprocal Exchange. I'll focus my comments today on the Porch shareholders component of our Q1 '25 financials.

謝謝你，馬特，大家下午好。如前所述，自 2025 年 1 月 1 日起，我們將更改我們的細分市場，以適應 Porch Reciprocal Exchange 推出保險服務後的新業務模式。今天我的評論將重點放在我們 25 年第一季財務狀況中的 Porch 股東部分。

As a reminder, and as we discussed last quarter and at our Investor Day, there are three segments that generate cash for Porch shareholders, insurance services, software and data and consumer services, offset by corporate. We call this Porch shareholder interest. And since generating cash for Porch shareholders is our ultimate goal and how we measure our success. This is what we will focus our commentary on in this earnings call and ongoing.

提醒一下，正如我們上個季度和投資者日所討論的那樣，有三個部門為 Porch 股東創造現金，即保險服務、軟體和數據以及消費者服務，抵消了企業業務。我們稱之為 Porch 股東利益。因為為 Porch 股東創造現金是我們的最終目標，也是我們衡量成功的標準。這正是我們在本次收益電話會議以及後續會議中將重點關注的內容。

As a reminder, under GAAP, for the time being, we are consolidating the Porch reciprocal exchange given the surplus note relationship between the reciprocal and our business. We do provide a reconciliation in our 10-Q and press release between Porch shareholder interest and GAAP consolidated financials with the difference being the reciprocals segment.

提醒一下，根據 GAAP，目前，鑑於互惠與我們的業務之間的盈餘票據關係，我們正在合併 Porch 互惠交換。我們確實在 10-Q 和新聞稿中提供了 Porch 股東權益與 GAAP 合併財務狀況之間的對賬，其中的差額為互惠部分。

Where relevant, we will present the prior year financials on a comparative basis, so folks can better understand the trends in our business. For software and data and consumer services, the comparison will be apples-to-apples. But because the reciprocal model didn't exist in 2024, the comparison for insurance services and therefore, Porch shareholder interest will not be apples-to-apples.

在相關的情況下，我們將以比較的方式呈現前一年的財務狀況，以便人們更了解我們業務的趨勢。對於軟體、數據和消費者服務而言，比較將是同類的。但由於 2024 年互惠模式尚不存在，因此保險服務的比較以及 Porch 股東利益將不會具有可比性。

Okay. With that background, let's get into our strong Q1 results, which exceeded expectations. Q1 2025 Porch shareholder interest revenue was $84.5 million, with 59% of revenue from insurance services, 26% from software and data and the remainder from Consumer Services. Associated gross profit was $69.1 million with a gross margin of 82%. Insurance Services had an 85% gross margin. Software and data was at 75% and Consumer Services 83%. Overall gross profit grew 86% year-over-year.

好的。在這樣的背景下，讓我們來看看我們超越預期的強勁第一季業績。2025 年第一季 Porch 股東權益收入為 8,450 萬美元，其中 59% 的收入來自保險服務，26% 來自軟體和數據，其餘來自消費者服務。相關毛利為 6,910 萬美元，毛利率為 82%。保險服務毛利率為85%。軟體和數據佔 75%，消費者服務佔 83%。整體毛利較去年同期成長86%。

Q1 2025 Porch shareholder interest adjusted EBITDA was $16.9 million, a $33.6 million improvement over the prior year, driven by the shift to the insurance services business model.

2025 年第一季度，Porch 股東權益調整後 EBITDA 為 1,690 萬美元，比前一年增加 3,360 萬美元，這得益於向保險服務業務模式的轉變。

As Matt mentioned, we see the year-over-year improvements in gross profit and adjusted EBITDA as the clearest way to understand the increase in our results. We're off to a strong start in delivering what we said we would as the operator of the reciprocal, higher margins and predictable results.

正如馬特所提到的，我們認為毛利和調整後 EBITDA 的同比增長是了解業績成長的最清晰方式。作為互惠、更高利潤和可預測結果的營運商，我們在實現承諾方面取得了良好的開端。

Now let's dig into the segment results. Starting with Insurance Services. There are a number of ways that Porch's Insurance Services business generates economics. Management fees paid by the reciprocal based on a percentage of its written premium, policy fees paid directly by the policyholders, non-catastrophic quota share reinsurance provided by Porch's captive reinsurer to improve capital efficiency for the reciprocal and as a reminder, this reinsurance only is on attritional losses and does not include catastrophic weather.

現在讓我們深入研究細分結果。從保險服務開始。Porch 的保險服務業務透過多種方式創造經濟效益。互惠保險公司根據其已承保保費的一定百分比支付管理費，保單費用由保單持有人直接支付，非災難性配額份額再保險由 Porch 的專屬再保險公司提供，以提高互惠保險公司的資本效率，並提醒您，此再保險僅適用於損耗損失，並不包括災難性天氣。

Also, fees paid by third-party agencies when we deliver home buyer leads and approximately 15% coupon on a $106 million surplus note Porch group holds with the reciprocal. From the $97 million of the reciprocals written premium, Porch Insurance Services generated revenue of approximately 50% or $49.8 million, which is high margin and predictable. Associated gross profit was $42.3 million with a gross margin of 85%. Adjusted EBITDA was $25.8 million with a margin of 52%.

此外，當我們提供購屋者線索時，第三方機構還支付費用，而 Porch 集團持有的 1.06 億美元盈餘票據的票面利率約為 15%。從 9,700 萬美元的互惠承保保費中，Porch Insurance Services 產生了約 50% 或 4,980 萬美元的收入，利潤率很高，而且是可預測的。相關毛利為 4,230 萬美元，毛利率為 85%。調整後的 EBITDA 為 2,580 萬美元，利潤率為 52%。

Shifting now to software and data. Revenue was $22 million, a 4% increase over the prior year, driven by product launches and associated price increases at several of our software businesses and partially offset by a nonrecurring revenue transaction. We expect growth in this segment to accelerate in Q2 to high single digits as we normalize for the Q1 nonrecurring items. Gross profit was $16.5 million, with a 75% gross margin. Adjusted EBITDA was $4.6 million, a $2 million increase over the prior year.

現在轉向軟體和數據。營收為 2,200 萬美元，比上年增長 4%，這得益於我們多項軟體業務的產品發布和相關價格上漲，但部分被非經常性收入交易所抵消。隨著我們對第一季非經常性項目進行正常化，我們預計該部門的成長將在第二季加速至高個位數。毛利為1650萬美元，毛利率為75%。調整後的 EBITDA 為 460 萬美元，比前一年增加 200 萬美元。

As a note, in Q1 2025, the housing market existing home sales were 2% lower than prior year, with continued slow turnover. As interest rates decline in the future, we expect to see tailwinds driven by the pent-up demand. But for now, we remain cautious and are assuming a flat housing market for the year.

值得注意的是，2025年第一季，房地產市場現房銷售量較上年下降2%，成交量持續低迷。隨著未來利率下降，我們預期被壓抑的需求將帶來順風。但目前我們仍保持謹慎，並預期今年的房地產市場將保持穩定。

Shifting now to Consumer Services. Revenue was $14.7 million, a 9% decrease over the prior year, driven by the closure of our lower-margin moving products such as corporate relocation in the third quarter of 2024. Gross profit was $12.2 million with an 83% gross margin. Adjusted EBITDA loss was $700,000, a $2.2 million decrease over the prior year, driven by investments to drive growth in 2026 and beyond. We've reduced corporate expenses significantly over the last couple of years as we move to lower-cost location and reduced G&A back-office type costs.

現在轉向消費者服務。營收為 1,470 萬美元，較上年下降 9%，原因是我們於 2024 年第三季關閉了利潤率較低的搬家產品，例如企業搬遷。毛利為 1,220 萬美元，毛利率為 83%。調整後的 EBITDA 虧損為 70 萬美元，比前一年減少 220 萬美元，主要原因是投資推動了 2026 年及以後的成長。在過去幾年裡，隨著我們遷至成本較低的地區並降低一般及行政管理後台成本，我們大幅削減了企業開支。

You can see here the benefit of our cost control actions. Corporate expenses decreased $2.2 million to $12.8 million in Q1 2025 compared to $15 million in the prior year.

您可以在這裡看到我們的成本控制措施帶來的好處。2025 年第一季公司支出為 1,280 萬美元，較上年同期的 1,500 萬美元減少 220 萬美元。

Moving on to the balance sheet. There are several benefits from the shift toward the commission and fee-based insurance services business model. It's simpler, higher margin and asset length. As a reminder, our focus is on generating cash for Porch shareholders, which aligns closely with adjusted EBITDA. In Q1, we have also provided additional information on cash flow from operations of the Porch shareholder interest.

繼續討論資產負債表。轉向佣金和收費型保險服務業務模式有許多好處。它更簡單，利潤率更高，資產長度更長。提醒一下，我們的重點是為 Porch 股東創造現金，這與調整後的 EBITDA 密切相關。在第一季度，我們也提供了有關 Porch 股東權益經營活動現金流的補充資訊。

Porch cash plus investments was $114 million at March 31, 2025. Porch shareholder interest cash flow from operations was $27 million, driven by adjusted EBITDA in the quarter of $17 million and $7 million of cash from the Vesttoo bankruptcy process with potential for more over time. Additionally, our litigation against other parties remains ongoing, and we will keep you posted as things developed.

截至 2025 年 3 月 31 日，Porch 現金加上投資為 1.14 億美元。Porch 股東權益經營現金流為 2,700 萬美元，主要得益於本季調整後的 EBITDA 為 1,700 萬美元，以及 Vesttoo 破產程序帶來的 700 萬美元現金，隨著時間的推移，還可能有更多的現金流。此外，我們與其他方的訴訟仍在進行中，我們將隨時向您通報事態發展。

Now for our updated 2025 guidance for Porch shareholder interest. Now that we are through our first full quarter post the launch of the reciprocal and our transition to a high-margin operator, we've seen the results. Good news, the model is performing even better than we had previously expected. And despite the macroeconomic turmoil and tariffs, which have been factored in, we are increasing our 2025 guidance across the board.

現在讓我們來更新一下 2025 年 Porch 股東利益指南。現在我們已經度過了推出互惠計畫後的第一個完整季度，並且已經向高利潤率營運商轉型，我們已經看到了成果。好消息是，該模型的表現甚至比我們之前預期的還要好。儘管考慮到宏觀經濟動盪和關稅等因素，我們仍全面上調了 2025 年的預期。

We are increasing our 2025 revenue guidance by $10 million and now ranging from $400 million to $420 million. We are increasing our 2025 gross profit guidance by $10 million and now ranging from $320 million to $335 million, still with an associated gross margin of approximately 80%. We are increasing our adjusted EBITDA guidance by $5 million, now ranging from $60 million to $70 million.

我們將 2025 年的營收預期提高了 1,000 萬美元，目前範圍從 4 億美元到 4.2 億美元。我們將 2025 年毛利預期提高 1,000 萬美元，目前範圍從 3.2 億美元到 3.35 億美元，相關毛利率仍約為 80%。我們將調整後的 EBITDA 預期提高 500 萬美元，目前範圍從 6,000 萬美元到 7,000 萬美元。

This increase in adjusted EBITDA guidance reflects three things: First, Q1 2025 adjusted EBITDA was ahead of our internal expectations by approximately $5 million.

調整後的 EBITDA 指引的增加反映了三件事：首先，2025 年第一季調整後的 EBITDA 比我們的內部預期高出約 500 萬美元。

Second, we are pleased with our Insurance Services segment's performance post reciprocal transition. So we are raising guidance for the rest of the year by $5 million, which factors in the mid-single-digit millions of tariff-related impact Matt had mentioned.

其次，我們對保險服務部門在互惠過渡後的表現感到滿意。因此，我們將今年剩餘時間的指導金額提高了 500 萬美元，其中考慮到了馬特提到的與關稅相關的數百萬美元的中位數影響。

Finally, those increases are partially offset by an approximately $5 million of additional 2025 investments to accelerate growth in 2026 and beyond.

最後，這些成長部分被 2025 年約 500 萬美元的額外投資所抵消，以加速 2026 年及以後的成長。

Starting April 1, when we renewed our reinsurance contracts, we improved the terms of the non-catastrophic quota share contract for the reciprocal to build even more surplus cushion there and scale insurance premiums. With this change, Q2 adjusted EBITDA for Porch is expected to be approximately $5 million to $7 million lower than Q1 and continue to grow nicely in Q3 and again in Q4.

從4月1日我們續簽再保險合約開始，我們改進了互惠保險公司非巨災配額合約的條款，以在那裡建立更多的盈餘緩衝並調整保險費。由於這一變化，Porch 第二季調整後的 EBITDA 預計將比第一季低約 500 萬至 700 萬美元，並在第三季和第四季繼續保持良好成長。

Given this is our first quarter with actual results and our go-forward structure, we wanted to provide what we shared at our Investor Day. We wanted to update what we shared at our Investor Day in December. As a quick note, we won't be updating the long-term model quarterly. Since it was the first quarter of results, we thought it was relevant.

鑑於這是我們第一個取得實際成果和未來結構的第一季度，我們希望提供我們在投資者日上分享的內容。我們希望更新我們在 12 月投資者日上分享的內容。需要簡單說明的是，我們不會每季更新長期模型。由於這是第一季的業績，我們認為它是相關的。

As we saw in the Q1 results, we now expect the reciprocals written premium to convert to Porch Insurance services revenue at approximately 50% versus 40% previously. If we apply that higher conversion to our long-term $3 billion premium target and our long-term Porch shareholder -- our long-term target Porch shareholder revenue is $2.3 billion. Aligned with our Q1 results, we still anticipate 80% gross margins and a 30% adjusted EBITDA margin. This means that at $3 billion of premium, we now expect adjusted EBITDA of $660 million.

正如我們在第一季業績中看到的那樣，我們現在預計互惠承保保費將轉化為 Porch 保險服務收入的比例約為 50%，而之前為 40%。如果我們將更高的轉換率應用於我們的長期 30 億美元溢價目標和我們的長期 Porch 股東——我們的長期目標 Porch 股東收入為 23 億美元。與我們的第一季業績一致，我們仍然預期毛利率為 80%，調整後的 EBITDA 利潤率為 30%。這意味著，在保費為 30 億美元的情況下，我們預計調整後的 EBITDA 為 6.6 億美元。

I'll now hand it over to Matthew to discuss a strategic update and review our KPIs.

現在我將交給馬修討論策略更新並審查我們的 KPI。

Thank you, Shawn. I'd like to start by providing an update on our four strategic focus areas to drive revenue growth for the business. First is to scale insurance premiums. In Q1 2025, new business growth accelerated, driven by strong execution across geographies, pricing and distribution. Most ZIP codes across our largest states are reopened at this time.

謝謝你，肖恩。首先，我想介紹一下我們推動業務收入成長的四個策略重點領域。一是擴大保險費徵收範圍。2025 年第一季度，受跨地區、定價和分銷的強勁執行力推動，新業務成長加速。目前，我們最大的州的大多數郵政編碼都已重新開放。

Texas, our largest state, implemented a 16% rate increase, reinforcing our commitment to pricing discipline. We remain careful in risk evaluation on both new and renewal policies to ensure profit targets are hit, therefore, keeping the reciprocal healthy and growing surplus.

我們最大的州德克薩斯州實施了 16% 的加價，加強了我們對定價紀律的承諾。我們對新保單和續保單都進行謹慎的風險評估，以確保實現利潤目標，從而保持互惠健康和不斷增長的盈餘。

During this time, most premium growth comes from price increases, generating more reciprocal written premium and thus management fees for Porch without increasing risk. Key hires have strengthened our insurance leadership team. And we successfully placed its new reinsurance program with over 40 investment-grade partners, reducing the reciprocals risk. Importantly, Porch shareholders are no longer in the catastrophic weather claims business.

在此期間，大部分保費增長來自價格上漲，從而為 Porch 帶來更多的互惠承保保費，進而帶來管理費，而不會增加風險。關鍵員工的加入增強了我們的保險領導團隊。我們成功地將其新的再保險計劃與 40 多個投資級合作夥伴進行了合作，降低了互惠風險。重要的是，Porch 股東不再從事災難性天氣索賠業務。

The second area of revenue growth is software innovation, where we have made meaningful progress against our road map. In Q1, Rynoh implemented a 20% price increase, in line with our strategic pricing goals. Our inspection business launched an expanded partnership with one of the largest inspection franchises in the country.

收入成長的第二個領域是軟體創新，我們在路線圖上取得了有意義的進展。第一季度，Rynoh 實施了 20% 的價格上漲，符合我們的策略定價目標。我們的檢驗業務與國內最大的檢驗特許經營商之一建立了擴大的合作夥伴關係。

Floify, our mortgage SaaS business launched a new product, Flowfi-QuickApply, which autofill’s up to 80% of a mortgage application, streamlining borrower onboarding and driving adoption.

我們的抵押貸款 SaaS 業務 Floify 推出了新產品 Flowfi-QuickApply，它可以自動填充高達 80% 的抵押貸款申請，簡化借款人的入職流程並推動採用。

Next is the growth of our data business. We continue to expand Home Factors, our unique property insights product, adding further value for the reciprocal and third-party carriers.

接下來是我們數據業務的成長。我們繼續擴展我們獨特的房地產洞察產品 Home Factors，為互惠和第三方承運人增加更多價值。

Lastly, accessing more homebuyers. We made strategic progress in reaching and monetizing high-value homebuyers and launch new offerings such as packaging services to make their move easier. Before we dive into our key performance indicators for insurance services, I want to provide a few important reminders regarding our segment reporting and prior year comparisons.

最後，接觸更多的購屋者。我們在接觸和貨幣化高價值購屋者方面取得了策略進展，並推出了打包服務等新產品，使他們的搬家更加輕鬆。在深入研究保險服務的關鍵績效指標之前，我想先就我們的分部報告和前一年的比較提供一些重要提醒。

Early in the first quarter of last year, we divested our EIG business. Additionally, our prior insurance segment included our warranty business, which has now been strategically aligned within our new Consumer Services segment. This realignment allows for greater focus on the distinct growth and profitability drivers of each business. These changes in our business structure make direct year-over-year comparisons to previously disclosed KPIs less relevant as they are based on a different basis.

去年第一季初，我們剝離了 EIG 業務。此外，我們先前的保險部門包括保固業務，該業務現已與我們新的消費者服務部門進行策略性整合。此次調整使得我們能夠更加關注每個業務獨特的成長和獲利驅動力。我們業務結構的這些變化使得與先前揭露的 KPI 進行直接的同比比較變得不那麼相關，因為它們基於不同的基礎。

Furthermore, in support of our profitability objectives, we executed material nonrenewals that extended through the first half of last year. This will naturally impact our year-over-year comparisons for the current period. With these factors in mind, let's now turn to our new key performance indicators.

此外，為了支持我們的獲利目標，我們執行了延續到去年上半年的重大不續約協議。這自然會影響我們當前時期的同比情況。考慮到這些因素，現在讓我們來看看新的關鍵績效指標。

As Shawn noted, our insurance services generate economics primarily through reciprocal written premium, or RWP, which represents premium written by the reciprocal before any policyholder cancellations. We earn a management fee based on a percentage of this RWP. In the first quarter, reciprocal ring premium reached $97 million, reflecting an approximate 10% increase compared to the prior year.

正如肖恩所指出的，我們的保險服務主要透過互惠承保保費（RWP）產生經濟效益，RWP 代表在任何保單持有人取消之前互惠承保人所承保的保費。我們根據 RWP 的百分比賺取管理費。第一季度，互惠環保費達 9,700 萬美元，較上年成長約 10%。

Looking ahead, we anticipate continued growth in RWP throughout the remainder of the year. This expectation is driven by the historic seasonality of renewal policies where the first quarter typically sees lower volumes compared to the second, third and fourth quarters due to the typical patterns of homebuyer activity in new construction during the spring, summer and fall months.

展望未來，我們預計 RWP 在今年剩餘時間內將持續成長。這種預期是由續約政策的歷史季節性所驅動的，由於春季、夏季和秋季新建房屋的購房者活動典型模式，第一季的續約量通常低於第二、第三和第四季。

Moreover, our ongoing efforts to expand our distribution channels and implement strategic price increases are expected to further contribute to RWP growth. Reciprocal policies written reflects the total number of new and renewal insurance policies written by the reciprocal during the period.

此外，我們不斷努力擴大分銷管道並實施策略性漲價，預計將進一步促進 RWP 成長。已簽訂的互惠保單反映了互惠保險公司在一定時期內簽訂的新保單和續保保單總數。

We generate policy fee revenue directly from these policyholders. Reciprocal Written Policies were 36,000 in Q1. Given Q1 has historically the fewest renewal policies written, looking ahead to the second quarter, we expect reciprocal policies written to be north of 50,000 policies in that quarter. This anticipated increase is driven by the historical seasonality and the improving momentum in our new business growth engine. RWP per policy written is calculated by dividing the reciprocal written premium by the total number of reciprocal policies written.

我們直接從這些保單持有人那裡獲得保單費收入。第一季互惠書面保單數量為 36,000 份。鑑於第一季歷史上續保保單數量最少，展望第二季度，我們預計該季度續保保單數量將超過 50,000 份。這一預期成長是由歷史季節性和新業務成長引擎的改善勢頭所推動的。每份已簽發保單的 RWP 是透過將互惠已簽發保費除以已簽發的互惠保單總數來計算的。

In the first quarter, RWP per policy written stood at $2,683. As mentioned before, we are encouraged by the momentum we are building in our new business initiatives. In the first quarter of 2025, we saw reciprocal new business premium double on an apples-to-apples comparison to the prior year, demonstrating the effectiveness of our efforts to expand our reach and attract new policyholders.

第一季度，每份保單的 RWP 為 2,683 美元。正如之前提到的，我們對新業務計劃中形成的勢頭感到鼓舞。2025 年第一季度，與前一年相比，我們的互惠新業務保費翻了一番，證明了我們擴大覆蓋範圍和吸引新保單持有人的努力是有效的。

While we continue to see some residual impact on our renewal rates from our prior profitability initiatives, growing renewal premium represents a significant opportunity for growth. We are actively focused on enhancing our renewal strategies and expect to see improvement in these rates as we progress through the year.

雖然我們先前的獲利舉措仍然對續保率產生了一些殘餘影響，但不斷增長的續保保費代表著一個巨大的成長機會。我們積極致力於加強我們的更新策略，並期望隨著時間的推移這些比率會有所提高。

Finally, as Matt mentioned, the Porch reciprocal exchange maintains a strong financial position with a healthy surplus combined with non-minute assets totaling $198 million. For software and data, we have a number of companies in the annualized revenue per company or ARPU. In Q1, we served 24,000 companies with an annualized revenue per company of $3,644.

最後，正如馬特所提到的，Porch 互惠交易所保持著強勁的財務狀況，擁有健康的盈餘，非分鐘資產總額達 1.98 億美元。對於軟體和數據，我們有許多公司以每家公司的年收入或 ARPU 來計算。第一季度，我們為 24,000 家公司提供服務，每家公司的年收入為 3,644 美元。

Reminder, this only includes companies related to our software and data segment and no longer includes moving companies or insurance agencies. On that basis, the number of companies have been relatively flat and we expect that to continue until the housing market picks up. As we discussed previously, strategic price increases are driving increases in revenue per company, and we expect that to continue.

提醒一下，這僅包括與我們的軟體和數據部門相關的公司，不再包括搬家公司或保險機構。在此基礎上，公司數量一直相對平穩，我們預計這種情況將持續到房地產市場回升。正如我們之前所討論的，策略性提價正在推動每家公司的收入成長，我們預計這種趨勢將持續下去。

For Consumer Services, we have the monetized services and annualized revenue per monetized service. In Q1, we had 71,000 monetized services with annualized revenue per monetized service of $207. Reminder, this only includes monetized services relating to our Consumer Services segment and does not include insurance policies nor transactions in the software segment.

對於消費者服務，我們有貨幣化服務和每項貨幣化服務的年收入。第一季度，我們擁有 71,000 個貨幣化服務，每個貨幣化服務的年收入為 207 美元。提醒一下，這僅包括與我們的消費者服務部門相關的貨幣化服務，不包括保險單或軟體部門的交易。

I'll pass it back to Matt now to wrap us up.

我現在將其交還給馬特，讓他來結束我們的討論。

Thanks, Matthew. I'll quickly wrap just by reinforcing the most important messages from today, and then we'll dive into Q&A.

謝謝，馬修。我將快速總結今天最重要的訊息，然後我們將進入問答環節。

First, delivering quarterly adjusted EBITDA of $17 million in Q1 2025. Again, a $34 million increase year-over-year. Number two, this translated to $27 million of positive Porch shareholder interest cash flow from operations. Again, we think that's a really important stat. Number three, we increased our 2025 adjusted EBITDA guidance by $5 million to $65 million at the midpoint. We demonstrated what we said. We are now a high-margin business and produced 82% gross margins. Again, we're proud of our $69 million of Q1 gross profit being an 86% year-over-year increase.

首先，2025 年第一季調整後 EBITDA 達到 1,700 萬美元。與去年同期相比，又增加了 3,400 萬美元。第二，這意味著 Porch 股東的經營性現金流為 2,700 萬美元。再次強調，我們認為這是一個非常重要的數據。第三，我們將 2025 年調整後 EBITDA 預期調高 500 萬美元，中期達到 6,500 萬美元。我們證明了我們所說的。我們現在是一家高利潤企業，毛利率達到 82%。再次，我們為第一季 6,900 萬美元的毛利年增 86% 感到自豪。

We completed the reinsurance renewals at the reciprocal as we said, reducing its exposure to catastrophic weather claims and lowering reinsurance costs. Porch shareholders not being in the catastrophic weather claims business is great, and I do want to express appreciation to the great partnerships with more than 40 A-rated high-quality reinsurers.

正如我們所說，我們完成了互惠保險公司的再保險續保，減少了其遭受災難性天氣索賠的風險，並降低了再保險成本。Porch 股東沒有涉足災難性天氣索賠業務，這很好，我確實要對與 40 多家 A 級優質再保險公司建立的良好合作關係表示感謝。

Our premium growth plan is on track, and we are seeing strong signs related to new business growth. Lastly, there are no significant impacts from tariffs. The majority of our business is homeowners insurance, which is stable in a recession.

我們的保費成長計畫正在順利進行，我們看到了與新業務成長相關的強勁跡象。最後，關稅沒有產生重大影響。我們的主要業務是房屋保險，該業務在經濟衰退時期表現穩定。

So folks, we're off to a strong start, and we look forward to a fun and exciting year and years ahead. Thank you to our shareholders for your continued support.

所以，朋友們，我們已經有了一個良好的開端，我們期待著未來一年和幾年充滿樂趣和激動人心的時光。感謝股東們的持續支持。

With that, Lisa, please open the call for questions.

麗莎，請開始提問。

(Operator Instructions) Daniel Kurnos, Benchmark.

（操作員指示） Daniel Kurnos，基準。

Great. Thanks. Matt, not a lot to say here. It's a fantastic quarter, especially from the insurance side. Can I just get some clarity because I think I may have missed this from Shawn, just why the take rate was so high in the quarter? And I know you have some built in with the TDI, but just is that a result of the surplus? Or what exactly drove that?

偉大的。謝謝。馬特，這裡沒什麼好說的。這是一個非常棒的季度，尤其是從保險方面來看。我能否澄清一下，因為我認為我可能錯過了 Shawn 的這個問題，為什麼本季的接受率如此之高？我知道你們已經將一些 TDI 納入其中，但這只是盈餘的結果嗎？或者究竟是什麼導致了這現象？

And then just as we think about your willingness here, Matt, given the strong start of the year to kind of lean in, you guys gave an initial GWP guide. Q1 crushed it. You guys are clearly needing into agents harder. And so -- and getting new policies written, I guess what's your willingness to accelerate from here? Because it sounds like your -- there's a little bit of reinvestment willingness -- incremental willingness at this point given how strongly you started?

然後，正如我們思考您的意願一樣，馬特，鑑於今年開局強勁，您給出了初步的 GWP 指南。Q1 將其擊敗。你們顯然更需要經紀人的支持。那麼—制定新政策時，我猜您願意從現在開始加速什麼？因為這聽起來像是你的——有一點再投資意願——考慮到你一開始的強勁勢頭，此時你的意願是逐漸增加的？

Thanks, Dan. Shawn, why don't you take the first one? And Matthew, maybe you can take the second one, premium growth.

謝謝，丹。肖恩，你為什麼不選擇第一個呢？馬修，也許你可以談談第二個問題，優質成長。

Yes. Yes, sure. Happy to -- yes, the reciprocal written premium converted to revenue at about 50%. We do expect that to be close to the ongoing rate there. A couple of things on that.

是的。是的，當然。很高興 - 是的，互惠承保保費轉化為收入的比例約為 50%。我們確實預計該利率將接近那裡目前的利率。關於這一點，有幾件事。

First of all, Porch Insurance Services segment does receive policy fees directly from the policyholder. So that's included there as well. And then second, there are management fees that are paid by the reciprocal as well as the captive arrangement, the captive reinsurance arrangement that insurance services has with the reciprocal.

首先，Porch Insurance Services 部門確實直接從保單持有人那裡收取保單費用。所以這也包括在那裡。其次，還有互惠公司和自保公司支付的管理費，即保險服務與互惠公司之間的自保再保險安排。

The thing to remember about the captive is the ports also pays commission and sales and marketing and a portion of the attritional losses back to the reciprocal. So you can see that all flowing through the ports insurance services P&L that we broke out.

關於自保公司需要記住的是，港口也會向互惠公司支付佣金、銷售和行銷費用以及部分損耗。因此，您可以看到，所有這些都流經我們列出的港口保險服務損益表。

The main thing I think we think about with respect to the reciprocal is it's in a really healthy spot from a surplus perspective. We ended the quarter with almost $200 million of surplus combined with non-amended assets. That's the highest that metric has ever been for the reciprocal. We do expect it to move around from quarter-to-quarter, especially as there's weather claims at the reciprocal, but all in all, a very healthy spot for the reciprocal to be in there. We do expect that to be highest at Q4.

我認為，就互惠而言，我們考慮的主要問題是，從盈餘的角度來看，它處於一個非常健康的位置。本季結束時，我們的盈餘和未修正資產接近 2 億美元。這是該指標倒數有史以來的最高值。我們確實預計它會在每個季度之間發生變化，特別是因為倒數出現天氣索賠，但總的來說，倒數處於一個非常健康的位置。我們確實預計第四季度這一數字將達到最高。

And then I can speak to the plans of how we're thinking about premium growth. Just kind of reiterating some of the prepared comments. We've seen RWP grow 10% on an apples-to-apples basis year-over-year. But the area we leaned into, particularly in Q4, which is around our agency distribution, appointing and reactivating new agents has led to Q1 being more than 100% in new business premium growth. There are a variety of levers that we still have to grow RWP over time.

然後我可以談談我們對保費增長的計劃。只是重申一些準備好的評論。我們看到 RWP 年成長 10%。但我們關注的領域，特別是在第四季度，圍繞我們的代理商分銷，任命和重新激活新代理商，導致第一季新業務保費增長超過 100%。我們仍需利用多種手段來逐步提升 RWP。

And as Shawn mentioned in his comments, we have started to make more investments. And so I'll share some of those opportunities we have. Some are shorter term and some are medium term. We will continue to invest in our growth team to be able to reach out and engage agents in making sure our commissions and incentives are competitive and attractive for our agents. We are now looking at new geographies and looking at additional states where we can offer our products.

正如肖恩在評論中提到的，我們已經開始進行更多投資。因此我將分享我們所擁有的一些機會。有些是短期的，有些是中期的。我們將繼續投資我們的成長團隊，以便能夠接觸和吸引代理商，確保我們的佣金和獎勵對我們的代理商具有競爭力和吸引力。我們現在正在尋找新的地區和其他可以提供我們產品的州。

We are in the infancy of our Porch insurance product, which offers an entirely different type of value prop to the consumer, and to the agent, and we are going to lean into building that out.

我們的 Porch 保險產品尚處於起步階段，該產品為消費者和代理商提供了完全不同的價值主張，我們將致力於將其拓展出去。

There are choices we can make around our product that can make us even more attractive in the market. We'll do that a little bit in the near term, but we are making bigger investments into how we leverage our data and increase our sophistication of pricing, which will allow us to be more aggressive around growth and pricing in a way that gives us confidence that we will be profitable.

我們可以對我們的產品做出一些選擇，以使我們在市場上更具吸引力。我們會在短期內做一些這方面的工作，但我們正在對如何利用我們的數據和提高定價的複雜性進行更大的投資，這將使我們能夠在增長和定價方面更加積極，讓我們有信心我們能夠盈利。

I would also say as a sort of -- as a final point, there's still some opportunity for price increases. It's probably slower than what we've seen in the past. And this is a massive market. And so there is a lot of opportunity for us and we have started to take midterm investments in terms of bringing on additional talent -- senior talent to our team and starting to put in place some of the systems that will allow us to scale as we go after that $3 billion in premium in the next 7 to 10 years. So there's a lot ahead for us.

最後我想說的是，價格仍有上漲的機會。它可能比我們過去看到的要慢。這是一個巨大的市場。因此，我們面臨許多機會，我們已經開始進行中期投資，引進更多人才——高級人才加入我們的團隊，並開始建立一些系統，使我們能夠在未來 7 到 10 年內擴大規模，從而獲得 30 億美元的保費收入。因此，我們面前還有很長的路要走。

Matthew, can I just follow up on one thing super quickly? Like if replacement value were to go up as a result of tariffs or just in the general market and given that you guys have a lot more of a dynamic model with your data advantage would be confident in being able to pass through premium increases?

馬修，我可以非常快速地跟進一件事嗎？例如，如果由於關稅或僅在一般市場中導致重置價值上漲，並且考慮到你們擁有更具動態性的模型和數據優勢，是否有信心能夠承受保費上漲？

And b, do you think it would make you more advantage relative to others given that you have a lot more visibility into the actual products themselves that have -- ?

b. 你是否認為，鑑於你對實際產品本身有了更多的了解，這會讓你比其他人更有優勢？-- ？

Those are. I look at those sort of two vectors. The first is we do look at replacement value on an ongoing basis, and we do update replacement value on an ongoing basis. And as we do that, it does bring up price through just the fact that you're getting more coverage.

那些是。我觀察了這兩種向量。首先，我們確實會持續專注於重置價值，並且會持續更新重置價值。當我們這樣做時，由於您獲得了更多的保障，價格確實提高了。

To your second point, it is certainly our thesis and belief that as we get more and more data into our pricing, which were every -- all the time, and there's opportunities for us to invest more into the sophistication of our pricing. We do believe that those two things, the privilege data that we have in combination with increasing sophistication will allow us to target segments that we know to be lower risk, but where we can command attractive pricing in the market. And that is certainly the strategy we're pursuing, and we will keep chipping away at that now and into the future.

對於你的第二點，我們的論點和信念肯定是，隨著我們在定價中獲取越來越多的數據（這些數據一直存在），我們就有機會在定價的複雜化方面投入更多資金。我們確實相信，這兩件事，即我們擁有的特權數據與日益複雜的技術相結合，將使我們能夠瞄準我們知道風險較低的細分市場，但我們可以在市場上獲得有吸引力的定價。這當然是我們正在推行的策略，我們現在和將來都會繼續努力實現這一目標。

John Campbell, Stephens Inc.

約翰坎貝爾，史蒂芬斯公司

I'll echo the sentiment. It's a great start to the year. It seems like you guys got the momentum building, and I think we're definitely seeing what you guys message as far as life -- life's going to look like under the new reciprocal, nice work all around.

我也表達同樣的看法。這是今年的一個好開始。看起來你們的勢頭正在增強，我想我們肯定看到了你們對於生活所傳達的信息——在新的互惠關係下，生活將會變得很好，一切都很好。

But I just wanted to get a few insights kind of relative to what you guys are experiencing in the trenches so far with Reciprocal. I don't know, maybe this explains some of the higher take rate, but within Texas, just from a new policy standpoint, just broadly what percent of consumers are selecting HOA versus Porch Insurance? And how has that kind of fared versus expectations?

但我只是想了解一些關於你們迄今為止在 Reciprocal 工作中所經歷的情況的見解。我不知道，也許這可以解釋一些較高的收費率，但在德克薩斯州，僅從新的政策角度來看，大致有多少百分比的消費者選擇 HOA 而不是 Porch Insurance？與預期相比，情況如何？

Yes. I'd say -- we don't provide a specific metric on that, although Matthew did obviously provide just kind of overall new business growth metric, which we're clearly excited about. I will say, John, though, that we have positioned our products for certain segments where we really are focused, homebuyers, like Matthew mentioned, we want to be known as being the best homeowner insurance company for homebuyers. Those consumers, which represent almost 40 -- actually 40% of all the whole insurance purchases that happen each year are by homebuyers generally and so we actually can work really well for those customers. New construction is another segment we convert really well for.

是的。我想說的是——我們沒有提供具體的指標，儘管馬修顯然提供了整體新業務成長指標，我們對此感到非常興奮。不過，約翰，我要說的是，我們的產品定位在我們真正關注的某些領域，即購屋者，就像馬修提到的那樣，我們希望成為購屋者心中最好的房屋保險公司。這些消費者佔每年所有保險購買量的近 40%——實際上 40% 通常來自購房者，因此我們實際上可以很好地為這些客戶提供服務。新建築是我們轉型效果非常好的另一個領域。

Obviously, because of our data, homes that are better maintained or lower risk, we're naturally going to play better. So I will say the answer to your question would vary depending on the different kind of sub segments within Texas. But clearly, overall, we feel like we're in a good spot, given how new business premium is growing.

顯然，根據我們的數據，維護得更好或風險更低的房屋自然會表現得更好。所以我想說，你的問題的答案會根據德克薩斯州內不同類型的細分市場而有所不同。但顯然，總體而言，考慮到新業務溢價的成長，我們感覺我們處於一個良好的狀態。

Okay. That's helpful. And then on the HOA surplus, you guys had mentioned the $198 million. And then I think you had targeted $100 million by end of year. I don't know if those are apples-to-apples. Maybe if you could just shed some light on that? And then just broadly, how much surplus kind of typically draws down throughout the year?

好的。這很有幫助。然後關於 HOA 盈餘，你們提到了 1.98 億美元。然後我認為你的目標是到年底達到 1 億美元。我不知道這些是否是同類的。也許您能解釋一下這一點嗎？那麼，整體來說，全年盈餘通常會減少多少？

Yes, I can cover that. So as of the end of last year, December 31, surplus combined with non-amended assets, which is the key metric that we kind of look at was $157 million. It actually went up in Q1 to almost $200 million, $198 million to be exact. That's in a very healthy spot. I think as I mentioned, it's the highest that metric has ever been for the reciprocal.

是的，我可以解決。因此，截至去年年底，即 12 月 31 日，盈餘加上未修正資產（這是我們關注的關鍵指標）為 1.57 億美元。實際上，第一季這一數字上漲至近 2 億美元，確切地說是 1.98 億美元。這是一個非常健康的位置。我認為，正如我所提到的，這是倒數有史以來的最高值。

And so that's a key thing that we look to ensure the continued health of the reciprocal. And as I mentioned, it does kind of have a seasonality curve to it, especially typically the earnings pattern historically for the carrier has been in the first half of the year, you typically have losses driven by catastrophic weather. And then in the second half of the year, that typically flips around and you generate income.

因此，這是我們確保互惠關係持續健康發展的關鍵。正如我所提到的，它確實有一定的季節性曲線，特別是從歷史上看，航空公司的盈利模式通常是在上半年，而災難性的天氣通常會造成損失。然後在下半年，情況通常就會轉變，你就會產生收入。

Now if you look at the net income, even in the financials that we issue today, the reciprocal itself had a really strong Q1, actually net income -- or net loss, excuse me, for the reciprocal improved like $10 million year-over-year. And I think it just speaks to some of the underlying advantages that we've talked about, Home Factors and some of those other items. So as I mentioned, we do expect surplus combined with non-admitted assets to move around from quarter-to-quarter based on the carriers business. But overall, a very healthy position at the beginning of the year.

現在，如果您看一下淨收入，即使在我們今天發布的財務報告中，互惠公司本身的第一季業績也非常強勁，實際上是淨收入——或者說淨虧損，對不起，互惠公司的淨收入同比增長了 1000 萬美元。我認為這只是說明了我們討論過的一些潛在優勢，家庭因素和其他一些項目。正如我所提到的，我們確實預期盈餘與未承認資產的結合將根據承運商的業務逐季度變動。但整體而言，年初的狀況非常健康。

Okay. That's helpful. And then one more to add. Just relative to the Porch shares within HOA for the surplus. You guys have been pretty clear about the flywheel effect, which is super enticing.

好的。這很有幫助。然後再增加一個。僅相對於 HOA 內的 Porch 股份而言，為盈餘。你們已經非常清楚飛輪效應了，這非常誘人。

I'm just trying to get a sense for how that's calculated at the regulatory level, if you're able to capture all of that appreciation? Or is it capped to some extent?

我只是想知道在監管層面上這是如何計算的，你是否能夠捕捉到所有這些升值？或說某程度上受到限制？

Yes, there is some cap that's included in the surplus number that gets filed. One of the things that we look at is surplus combined with the full value of the Porch shares that's in there, effectively, I think if it is effectively the net assets of the business of the reciprocal. And so we think that's a good indication of the overall value there. The amount of technical surplus that gets filed is -- will be around $105 million or thereabouts. So also a very strong number, with obviously a lot more upside on top of that if you include the full net assets.

是的，提交的盈餘數字中包含一些上限。我們所關注的事情之一是盈餘與其中的 Porch 股票的全部價值的結合，實際上，我認為它實際上是互惠業務的淨資產。因此我們認為這很好地表明了那裡的整體價值。申請的技術盈餘金額約為 1.05 億美元左右。因此，這也是一個非常強勁的數字，如果算上全部淨資產，顯然還會有更大的上漲空間。

And just to layer on one thing. John, the reason we think that the surplus plus the non-admitted asset number of the [$198 million] is the best number is obviously, if we wanted to, the reciprocal go sell some of those shares, right? And so no, that's not what we plan to do because we anticipate and we hope that the stock will fairly value the company as we continue to build the company. And so -- but we got -- and so we think it's the right number to focus on. And then quickly to your point on the flywheel, I mean, we are excited about how that flywheel is working.

並且只分層疊加一件事物。約翰，我們認為盈餘加上未承認資產金額 [1.98 億美元] 是最好的數字，原因顯然是，如果我們願意的話，可以出售其中的一些股份，對嗎？所以，這不是我們計劃要做的，因為我們預期並且希望，隨著我們繼續建立公司，股票能夠公平地評估公司的價值。所以 — — 但我們得到了 — — 所以我們認為這是值得關注的正確數字。然後快速回到你關於飛輪的觀點，我的意思是，我們對飛輪的運作方式感到興奮。

I mean the reality is now with this structure, I think you can probably see it as the Porch stock price is higher, that net asset number is higher, it can then support more premium growth, right. So we would anticipate growing premium faster. And you see today, I think investors can see today how that premium can translate into cash flow for Porch shareholders, which we would expect will help to just value the company appropriately as we look ahead. And so that -- it's an exciting time to be able to post a quarter and just demonstrate what we've said there is happening, and we expect will continue to happen.

我的意思是，現在的現實情況是，有了這種結構，我想你可能會看到，Porch 的股價更高，淨資產數字更高，它可以支持更多的溢價增長，對吧。因此我們預期保費成長速度會更快。今天您會看到，我認為投資者今天可以看到這種溢價如何轉化為 Porch 股東的現金流，我們預計這將有助於我們在未來對公司進行適當的估值。因此，這是一個令人興奮的時刻，能夠發布一個季度並展示我們所說的正在發生的事情，我們預計這些事情將繼續發生。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great. Impressive work here. So I wanted to just ask about the reinsurance process. If you can give some more details there. If I'm understanding that right, you're now going to carry less risk, but also paying less for reinsurance.

偉大的。這裡的工作令人印象深刻。所以我只想詢問再保險流程。如果您可以提供更多詳細資訊。如果我理解正確的話，您現在承擔的風險會更小，而且支付的再保險費用也會更少。

And I'm curious as you went through the process, just if you can share some dialogue about the reinsurer's appetite to work with Porch and how that's changed?

我很好奇，您經歷了這個過程，您是否可以分享一些關於再保險公司與 Porch 合作的興趣以及這種興趣發生了怎樣的變化？

Sure. So first things first, which is we are proud and appreciative of the relationships we have with these great reinsurance companies. There's been long-standing relationships. We look forward to working with these partners for years and years and years to come. Yes, we are pleased with how the reinsurance renewal went because to your point, we've now set the retention limit for the reciprocal at $25 million, which we think is a really healthy spot for it to be.

當然。首先，我們為與這些偉大的再保險公司建立的關係感到自豪和感激。我們之間的關係已經持續很久了。我們期待在未來的歲月裡與這些合作夥伴繼續攜手合作。是的，我們對再保險續保的進展感到滿意，因為正如您所說，我們現在將互惠的留存限額設定為 2500 萬美元，我們認為這是一個非常健康的水平。

And so if there are large weather events, we have support from third-party partners who would then be able to step in and really mitigate the risk around catastrophic, whether for the reciprocal itself. We shared today the AM best results in terms of how well the carrier has performed versus others. And so clearly, we share that data with third-party reinsurers. And so when it came down to pricing, the reality is that our business does stand out versus other carriers.

因此，如果發生重大天氣事件，我們會得到第三方合作夥伴的支持，他們就可以介入並真正減輕災難的風險，無論是對互惠本身。今天，我們分享了 AM 的最佳結果，即該運營商相對於其他運營商的表現如何。顯然，我們與第三方再保險公司分享這些數據。因此，當涉及定價時，事實上我們的業務確實比其他運營商更突出。

And so through that, we were able to get benefit in just pricing overall and just the participation in that book. So net, yes, we're pleased with how that process went overall.

因此，透過這種方式，我們就能夠在整體定價和參與該書的過程中獲益。所以，是的，我們對整個過程的進展感到滿意。

Appreciate that. Saying with the reciprocal written premium topic, I know we've talked about that a little bit. But can you give any transparency on what we should expect on how that breaks out between rate increases versus policy acquisition over the course of the year?

非常感謝。說到互惠書面保費話題，我知道我們已經討論過一點了。但是，您能否清楚地說明一下，在一年的時間裡，我們應該如何預期利率上漲與保單取得之間的差異？

We don't break that out. We've shared that Texas has a 16% price increase I shared, we'll continue to look for opportunities for price increases. It's an ongoing thing we look at very closely, but we do expect them to slow down. And then I shared we're very focused on rebuilding our growth engine, and we're seeing great momentum with our new business premium. And we have opportunity over time to grow renewal premium.

我們不會透露這一點。我們分享過德州價格上漲16%的消息，我們會繼續尋找漲價的機會。我們正在密切關注這一持續發生的事，但我們確實希望它們能放慢速度。然後我分享了我們非常專注於重建我們的成長引擎，並且我們看到了新業務溢價的巨大成長勢頭。隨著時間的推移，我們有機會增加續保保費。

And then I also share just for clarity, we do expect reciprocal written premium to increase in Q2 over $50 million and that's due to the combination of historical seasonality of when we typically acquire policies and the momentum that we're seeing in our new business premium.

然後，為了清楚起見，我還要分享一下，我們確實預計第二季度的互惠保費將增加 5000 萬美元以上，這是由於我們通常購買保單的歷史季節性以及我們在新業務保費中看到的勢頭所致。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

In terms of the growth levers for the reciprocal, can you say what percent of your prior active footprint was essentially turned off when you guys pulled back? And how much of those ZIP codes you've reopened again?

就互惠的成長槓桿而言，您能否說一下，當您撤退時，你們之前的活躍足跡中有多少百分比基本上被關閉了？您重新開放了多少個郵遞區號？

And then as a follow-up, on the agent channel, if you can just maybe contextualize how large that is today, maybe in terms of, I guess, the number of agents that you're working with and how that compares to where the prior peak was? Just help us understand how much low-hanging fruit there is here as you turn that back on.

然後作為後續問題，在代理管道上，您是否可以具體說明現在的規模，也許就您合作的代理數量而言，以及與之前的峰值相比如何？只要您重新打開它，就能幫助我們了解這裡有多少唾手可得的成果。

Yes, maybe I'll take the first, and Matthew, why don't you take the second around agencies. We didn't disclose right specifically like how many geographies or ZIP codes we had closed previously. But we were very clear that we were constraining growth and managing premiums to flat as we were taking price increases. And so you'll recall, both the nonrenewals, but then closing ZIP codes. So there was certainly, wide sets of areas that we were not taking business in.

是的，也許我會選擇第一個，馬修，為什麼不選擇第二個去代理商呢？我們並沒有具體透露先前關閉了多少個地區或郵遞區號。但我們非常清楚，我們在提高價格的同時，也在限製成長，並將保費控制在平穩水平。因此，您會記得，兩者都不續約，但隨後關閉了郵遞區號。因此，確實存在著許多我們沒有開展業務的領域。

I would say, for the most part at this point, those ZIP codes have been fully reopened. So we've started to do that in November. Once we had approval around the reciprocal, and we've been executing against that. Only last comment on geographies, and I'll turn it over to Matthew is there is a lot of additional geographic expansion with new states. And so we do expect to continue to open up new geographies in new states and that will just be an ongoing process. So more to announce as we go there.

我想說，目前大部分郵遞區號已經完全重新開放。因此我們從十一月就開始這麼做了。一旦我們獲得了有關互惠的批准，我們就會一直執行下去。關於地理位置的最後一條評論，我將把它交給馬修，隨著新州的出現，地理範圍將有很大的擴展。因此，我們確實希望繼續在新的州開拓新的地域，這將是一個持續的過程。我們到達那裡後會宣布更多消息。

Yes. So we don't today disclose the number of active agents or the number of quoting agents. It is growing nicely due to the efforts that we really kicked off just in Q4. The additional commentary what you guys keep in mind is we just started in Q4. So as an example, the growth team, I think, just this week reached the initial size that we intended for this year.

是的。因此我們今天不會透露活躍代理商的數量或報價代理商的數量。由於我們在第四季度開始的努力，它正在順利發展。大家要記住的補充評論是，我們剛從第四季開始。舉個例子，我認為成長團隊就在本週達到了我們今年預期的初始規模。

I would also share that the historical numbers are kind of interesting, but what's more interesting is just the sheer number of agents that are out there. And I would say we're still very early at engaging the full prospect list of potential agents.

我還想說的是，歷史數據很有趣，但更有趣的是代理商的絕對數量。我想說的是，我們仍然處於接觸所有潛在代理商的早期階段。

And that prospect list will grow as we expand into new states, and there is energy and excitement around Porch Insurance. And so as we further grow and develop our Porch Insurance product set, we see opportunity to get more engagement from agencies.

隨著我們向新的州擴張，潛在客戶名單將不斷擴大，Porch Insurance 也充滿了活力和熱情。因此，隨著我們進一步發展並完善我們的 Porch Insurance 產品系列，我們看到了更多機構參與的機會。

And then on top of that, once we get agents involved with Porch, there's a whole another lever, which is how do we become a top carrier within their book of business. And I would say that one, we are very early days. A lot of these agents that were reengaging or that were we've appointed, we are not yet a significant part of their business.

除此之外，一旦我們讓代理商參與 Porch 中，我們就會面臨另一個槓桿，那就是我們如何成為他們業務範圍內的頂級承運商。我想說的是，我們還處於早期階段。對於許多重新聘用或已獲我們任命的代理商而言，我們尚未成為其業務的重要組成部分。

And so we have this big clear path through the agency channel to go grow materially that is through time, effort, blocking and tackling and continuing to provide good incentives, good products and a good claims experience and make it easy to do business with us, and that's what we're going to be focused on. But there's a lot of room still, I think, is the primary message.

因此，我們透過代理商管道獲得了一條清晰的途徑來實現實質成長，即透過時間、努力、阻止和解決問題，並繼續提供良好的激勵措施、良好的產品和良好的索賠體驗，並使與我們開展業務變得容易，這就是我們將要關注的重點。但我認為，仍有很大的發展空間，這是主要的訊息。

And then just wanted to clarify the numbers on the surplus that you talked about earlier. Shawn, so you mentioned, I think $105 million is the statutory amount and then the $198 million is statutory-plus non-admitted assets. Does the $105 million include a haircut amount of the share value? Because by my math, the share value at March 31 was like $133 million. So I'm just trying to get to that plug of like what's in the $105 million and then what's in $198 million, if that makes sense.

然後我只是想澄清一下您之前談到的盈餘數字。肖恩，你提到，我認為 1.05 億美元是法定金額，而 1.98 億美元是法定加非承認資產。這 1.05 億美元是否包含股票價值的減記金額？因為根據我的計算，3 月 31 日的股價約為 1.33 億美元。因此，我只是想弄清楚 1.05 億美元裡面是什麼，1.98 億美元裡面又是什麼，如果這說得通的話。

Yes. So 198 is -- to make sure it's clear for folks, 198 is surplus combined with non-admitted assets. Some of the Porch shares isn't included. Value isn't included in the filed surplus number. As Matt mentioned, we would have an ability to if we perhaps liquidated some of those in the future do not expecting.

是的。因此 198 是 - 為確保大家清楚，198 是盈餘加上未承認的資產。一些 Porch 份額未包括在內。價值未包含在已提交的盈餘數字中。正如馬特所提到的，如果我們將來能夠清算一些不期望的資產，我們就有能力做到這一點。

And then within the surplus number that I mentioned of approximately 105, there is also some of the share value is in there. I suppose if you took the highest number of 198, and you backed off the value of 18.3 million shares at the $7.27 stock price at the end of the quarter, that would get you to the surplus without any of the shares. So those are kind of the different components within it. That helps hopefully.

然後，在我提到的大約 105 個盈餘數字中，也包含一些股票價值。我想，如果您取最高的數字 198，並且您在季度末以 7.27 美元的股價放棄了 1830 萬股的價值，那麼您將在沒有任何股票的情況下獲得盈餘。這些是其中的不同組成部分。希望這能有所幫助。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

I want to start out in your prepared remarks, you did something amount for the time being, you're consolidating the reciprocal. So take us through the steps of what would need to happen for you to have a kind of GAAP reported without typical included?

我想從你準備好的發言開始，你暫時做了一些事情，你正在鞏固互惠。那麼，請向我們介紹一下您需要採取哪些步驟才能獲得不包含典型值的 GAAP 報告？

And then secondly, when we look at software and data and consumer services, software data revenue is basically flat year-over-year. Consumer Services down, kind of somewhat how do you see kind of those businesses kind of potentially improving as housing market gets unlocked presumably at some point in the back half of this year.

其次，當我們看軟體、數據和消費者服務時，軟體數據收入基本上與去年同期持平。消費者服務業務下滑，隨著房地產市場大概在今年下半年某個時候解禁，您如何看待這些業務的潛在改善？

And I guess I'll say we've seen pretty good momentum in the more affluent homes and kind of underperformance in the less affluent homes within housing transactions. So I don't know how all that ties together.

我想說的是，我們看到富裕住宅的房屋交易勢頭相當良好，而較不富裕住宅的表現則不佳。所以我不知道這一切是如何連結在一起的。

Yes. I can -- we'll see the second one first and then Shawn go to the first one just briefly. I'll start and then Matthew layer on. Maybe you can talk about some of the investments and growth opportunities. But just quickly, it doesn't matter to us really that much, Jason, if there's sales or more affluent homes or less, it's not based on the total dollar amount, it's really around the number of total transactions that are running through the system.

是的。我可以──我們先看第二個，然後肖恩簡單地看一下第一個。我先開始，然後馬修繼續。也許您可以談談一些投資和成長機會。但是，傑森，這對我們來說真的沒有那麼重要，如果有銷售或更多或更少的富裕房屋，它不是基於總金額，而是圍繞通過系統運行的總交易數量。

Our software products charge per transaction basis. Based on the number of existing home sales and also in some of our software businesses on the number of refinance transactions. And so obviously, that also is just very, very low right now. And so as the transaction volume picks up, then we benefit. And we will be able to build those tailwinds.

我們的軟體產品是按交易收費。根據現有房屋銷售數量以及我們的一些軟體業務中的再融資交易數量。顯然，目前這個水準也非常非常低。因此，隨著交易量的增加，我們將會受益。我們將能夠利用這些順風。

Maybe, Matthew, just take one more minute on that question in terms of some of the investments, then Shawn, to you on the first one.

馬修，也許，請您再花一分鐘時間回答有關一些投資的問題，然後，肖恩，請您回答第一個問題。

Yes. So as Matt mentioned, this transaction volume goes up, will benefit. In addition, for software and data, there are investments being made into home factors, both the product itself and the go-to-market and our core strategy with the software businesses, while the housing market has been flat, has been to invest in innovation to be able to drive price increases so that as transaction volume comes back, we are well positioned. We have been doing that, and we've pulled the trigger to invest more into that innovation to support price increases, which will benefit us as the market comes back.

是的。正如馬特所提到的，交易量上升，就會受益。此外，對於軟體和數據，我們正在對家庭因素進行投資，包括產品本身和上市，而我們在軟體業務方面的核心策略是，在房地產市場持平的情況下，投資創新以推動價格上漲，這樣隨著交易量的回升，我們就處於有利地位。我們一直在這樣做，我們已經開始增加對創新的投資以支持價格上漲，這將使我們在市場復甦時受益。

On Consumer Services, we certainly have some impact related to housing volumes, our moving business in some of our core channels around warranty are tied to new homebuyers. And we have also decided there's opportunity to invest there, in particular, in trying to get access to more consumers through our app, through a website called Moving Place, which will be a destination site for all types of moving services we just launched back in there in Q1.

在消費者服務方面，我們肯定會對住房數量產生一些影響，我們一些核心管道中圍繞保固的搬家業務都與新購房者有關。我們還決定在那裡進行投資，特別是嘗試透過我們的應用程式和一個名為 Moving Place 的網站接觸更多的消費者，該網站將成為我們在第一季度剛剛推出的所有類型搬家服務的目標網站。

And also looking at how can we better partner real estate agents in order to get us access to home buyers, which is a great segment for us because we can sell them a variety of services, especially insurance.

我們也在研究如何與房地產經紀人更好地合作，以便我們接觸到購屋者，這對我們來說是一個很好的領域，因為我們可以向他們出售各種服務，尤其是保險。

And then, Shawn, to you on consolidation?

然後，肖恩，您能談談合併嗎？

Yes. So the question around consolidation of the reciprocal and the surplus note. Surplus note is one of the -- is the key reason we are consolidating the reciprocal. I guess what I would say is that there is -- we're really pleased with the structure. I mean, the surplus note is really attractive paper at 15% coupon. And so we're not in a rush to change that.

是的。因此問題圍繞著互惠和盈餘票據的合併。盈餘票據是我們鞏固互惠關係的關鍵原因之一。我想說的是──我們對這個結構非常滿意。我的意思是，15% 的票面利率的剩餘票據確實是很有吸引力的票據。所以我們並不急於改變這一點。

We could sell the surplus at some point off in the future. But for now, we're really pleased with what we're seeing in the business overall as well as the reciprocal transition and the surplus note paper that we currently hold.

我們可以在將來的某個時候出售剩餘的庫存。但就目前而言，我們對整體業務的進展以及相互過渡和我們目前持有的剩餘票據感到非常滿意。

Tim Greaves, Loop Capital.

格里夫斯（Tim Greaves），Loop Capital。

I guess my question is around Home Factors. I -- the one know like the strength of the pipeline as far as like -- the strength of the pipeline in the Home Factors and maybe more so of that impact on the revenue going forward and where you see that?

我想我的問題是關於家庭因素的。我 — — 就管道強度而言 — — 就家庭因素而言，管道強度可能對未來收入產生更大的影響，您如何看待這一點？

Sure. I can speak to those. We actually -- I think about pipeline in two ways. One is the conversations we're having with carriers and what makes us really excited is we are engaging with carriers who are actively digging in to go through their own testing process with their own claims data to prove out the Home Factors help them to better predict risk. That creates all sorts of opportunities for us.

當然。我可以談論這些。實際上，我從兩個方面考慮管道。一是我們與承運商進行的對話，真正讓我們興奮的是，我們正在與積極深入挖掘的承運商合作，利用他們自己的索賠數據進行自己的測試過程，以證明家庭因素可以幫助他們更好地預測風險。這為我們創造了各種各樣的機會。

The second pipeline I think about is we are still building out new Home Factors. And the more Home Factors we build out, there's more opportunities for us to help carriers engage -- improve their pricing and underwriting, which creates opportunity for us. In terms of revenue impact, what we've communicated in the past is not a lot for 2025, but starting to build in 2026.

我想到的第二個管道是我們仍在建立新的家庭因素。我們建立的家庭因素越多，我們幫助承運商參與的機會就越多——改善他們的定價和承保，這為我們創造了機會。就收入影響而言，我們過去傳達的訊息是，到 2025 年不會有很多收入，但從 2026 年開始就會開始建造。

And everyone, at this time, there are no further questions. I'd like to hand the conference back to Mr. Matt Ehrlichman, for any additional or closing remarks.

各位，目前，沒有其他問題了。我想將會議交還給馬特·埃利希曼先生，請他發表任何補充意見或結束語。

I'll just say thank you to thank you, all, for joining us today. Thanks for those questions and to our shareholders. Thanks for the continued support. As you can tell, we are excited about how this year -- .

我只想對大家今天參加我們的活動表示感謝。感謝這些問題以及我們的股東。感謝您一直以來的支持。正如您所知，我們對今年的情況感到非常興奮——。