Porch Group Inc (PRCH) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for participating in Porch Group's second-quarter 2025 conference call. Today, we issued our earnings release and filed our related Form 8-K with SEC. The press release can be found on our Investor Relations website, ir.porchgroup.com. 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.

大家下午好，感謝大家參加Porch Group 2025 年第二季電話會議。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。新聞稿可在我們的投資者關係網站 ir.porchgroup.com 上查閱。我想花點時間回顧一下公司根據《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警告。

Today's discussion including our responses to your questions reflect management's views as of today, August 5, 2025. We do not undertake any obligations to update or revise this information.

今天的討論包括我們對您的問題的回答反映了管理層截至 2025 年 8 月 5 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 about our expected future financial or business performance or conditions, our 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. Please refer to the information on this slide and in our SEC filings for important disclaimers.

此外，我們將對我們預期的未來財務或業務表現或狀況、我們的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。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。

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 the earnings call. which are also available on our website.

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) 指標與收益電話會議上討論的最具可比性的 GAAP 指標的對帳情況，這些對帳資訊也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 again, 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。

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

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

And with that, I'm going to turn the call over to Matt for his key updates.

接下來，我將把電話轉給馬特，聽取他的主要更新。

John estimated that he's listened to almost 1,000 of those statements in his career. John, we're happy to have you reading it on the other side.

約翰估計，在他的職業生涯中，他聽過近 1,000 條這樣的言論。約翰，我們很高興你能在另一邊讀到它。

Good afternoon, everyone. Thanks for joining us. It continues to be an exceptionally exciting time here at Porch, and I'm thrilled to provide an update on strong results, which exceeded expectations across the board, increased guidance, and what's ahead.

大家下午好。感謝您的加入。在 Porch 這裡，這仍然是一個異常激動人心的時刻，我很高興能夠提供有關強勁業績的最新消息，這些業績全面超出了預期，增加了指導，並展望了未來。

At the start of 2025, we launched the member-owned Porch Reciprocal exchange, which is a key milestone for both our company and our shareholders. This transformed Porch into a simpler commission and fee-based model. It's designed to deliver predictable and high-margin financial results for Porch Group shareholders.

2025 年初，我們推出了會員擁有的 Porch Reciprocal 交易所，這對我們公司和股東來說都是一個重要的里程碑。這使得 Porch 的模式變得更加簡單，採用佣金和收費模式。其旨在為 Porch Group 股東提供可預測且高利潤的財務表現。

Our go-forward structure is playing out better than expected and positions Porch to benefit from the massive now over $170 billion US homeowners insurance market, which is attractive customer retention and is expected to grow high single digits annually over the next 10 years.

我們的未來結構表現優於預期，並使 Porch 能夠從目前規模超過 1700 億美元的美國房屋保險市場中受益，該市場對客戶保留具有吸引力，預計未來 10 年每年將以高個位數增長。

So similar to last quarter, our Q2 financial results were ahead of expectations, traightforward and reflective of a business that we believe is in the early innings of long-term, sustainable, and high-margin growth.

與上一季類似，我們的第二季財務表現超出預期，直接反映出我們認為業務正處於長期、可持續和高利潤成長的初期。

To highlight a few key metrics report shareholder interest, revenue was $107 million, generated predominantly from $121 million of Reciprocal written premium. Q2 gross profit came in at a healthy $89 million, a 431% increase and $72 million improvement over the prior year. We're happy to report that our gross margins remain north of 80%.

為了強調股東利益的幾個關鍵指標報告，收入為 1.07 億美元，主要來自 1.21 億美元的互惠承保保費。第二季毛利達到了 8,900 萬美元，比上年增長 431%，增加了 7,200 萬美元。我們很高興地報告，我們的毛利率仍然保持在 80% 以上。

Q2 adjusted EBITDA of $16 million was led again by the strength in Insurance Services and was an improvement of $50 million versus the prior year and resulted in a 15% margin. As we've said, adjusted EBITDA is largely expected to translate to cash flow. And in Q2, we realized $15 million of cash flow from operations for shareholders. This caps off a strong first half of 2025 where we generated $42 million of operating cash flow for Porch shareholders, up $32 million in adjusted EBITDA.

第二季調整後的 EBITDA 為 1,600 萬美元，再次得益於保險服務的強勁成長，與上年相比增加了 5,000 萬美元，利潤率達到 15%。正如我們所說，調整後的 EBITDA 預計主要會轉化為現金流。在第二季度，我們為股東實現了 1,500 萬美元的經營現金流。這為 2025 年上半年的強勁表現畫上了句號，我們為 Porch 股東創造了 4,200 萬美元的經營現金流，調整後的 EBITDA 增加了 3,200 萬美元。

Operationally, we continue to be pleased with the progress made to date and are even more excited about how we're set up for the years ahead. Our Agency Distribution channel is growing nicely. We've scaled our sales team, are head of plan in insurance agencies added and have made good progress with new and existing nationwide partners. Our Home Factors data business continues to progress. We're ahead of schedule here with a number of third-party carrier tests underway and are pleased with the ROI metrics that are emerging. While US housing conditions remain difficult, we're pleased with the rate of product innovations in our software and Consumer Services segments and our ability to align price value.

在營運方面，我們對迄今為止的進展感到滿意，並且對未來幾年的準備感到更加興奮。我們的代理分銷管道發展良好。我們擴大了銷售團隊，增加了保險代理機構的計劃負責人，並與全國範圍內的新舊合作夥伴取得了良好的進展。我們的 Home Factors 數據業務持續取得進展。我們已提前完成多項第三方營運商測試，並對出現的投資報酬率 (ROI) 指標感到滿意。儘管美國住房條件仍然困難，但我們對軟體和消費者服務部門的產品創新速度以及調整價格價值的能力感到滿意。

Bringing us quickly back to our December Investor Day, we talked about the flywheel we designed at Porch. As the Reciprocal expands surplus, we're able to grow its premiums faster. As we do so, Porch Group's fees, profits, and cash flow growth, and we'd expect the Porch stock price would as well. By structuring the Reciprocal such that it holds 18.3 million Porch shares, as the Porch share price increases, so does surplus and capital at the Reciprocal and the flywheel continues. This strategy is working.

讓我們快速回顧一下 12 月的投資者日，我們討論了在 Porch 設計的飛輪。隨著互惠保險公司盈餘的擴大，我們能夠更快地增加其保費。隨著我們這樣做，Porch Group 的費用、利潤和現金流將會成長，我們預期 Porch 的股價也會成長。透過建構 Reciprocal，使其持有 1,830 萬股 Porch 股票，隨著 Porch 股價上漲，Reciprocal 的盈餘和資本也會增加，飛輪將繼續運轉。這一策略正在發揮作用。

We aren’t going to go deep into the receivable every quarter, but periodically, we do think it's important to highlight the progress we're seeing and its health.

我們不會每個季度都深入研究應收帳款，但我們確實認為定期強調我們所看到的進展及其健康狀況很重要。

After continued positive underwriting results and strong Q2 net income, the Reciprocal ended the second quarter with $299 million of surplus combined with non-amended assets. The growth here is exceptional. This is an increase of $102 million versus just last quarter and an increase of $259 million better versus Q2 2024.

在繼續保持積極的承保業績和強勁的第二季淨收入後，Reciprocal 在第二季結束時擁有 2.99 億美元的盈餘和未修正資產。這裡的成長非常出色。與上一季相比增加了 1.02 億美元，與 2024 年第二季相比增加了 2.59 億美元。

The second quarter is historically the seasonally toughest from an insurance claims and loss standpoint. So to have this level of growth with the more attractive Q3 and in particular, Q4 still ahead is exciting.

從保險理賠和損失的角度來看，第二季歷來是季節性最艱難的時期。因此，在更具吸引力的第三季度以及第四季度繼續保持這種增長水平是令人興奮的。

Let's look deeper at the progress at the Reciprocal between the close of Q1 to Q2 and see the amount of potential future value created just in this single quarter by growing surplus to the extent we did. So we ended Q1 with roughly $200 million in surplus combined with non-admitted assets. As a reminder, during our December Investor Day, we outlined the 5:1 premium to surplus ratio as a general rule of thumb. This ratio has, in fact, improved further in our new operating model, but we'll stick with the 5:1 for now.

讓我們更深入地看看第一季末至第二季末之間倒數的進展，看看僅在這一季度，透過增加盈餘，我們就能創造多少潛在的未來價值。因此，我們在第一季結束時擁有約 2 億美元的盈餘和未承認的資產。提醒一下，在 12 月的投資者日期間，我們概述了 5:1 的溢價盈餘比率作為一般經驗法則。事實上，在我們的新營運模式下，這一比例已進一步提高，但目前我們仍將堅持 5:1 的比例。

Thus at the end of Q1, the Reciprocal had capital, which could support approximately $1 billion in premium. Shawn will present Q2 financials shortly, but you'll see in the second quarter, Reciprocal written premium translated to Insurance Services adjusted EBITDA at a 16% conversion. Assuming that framework at $1 billion in premium, Reciprocal has the capital to produce $160 million in Insurance Services adjusted EBITDA.

因此，在第一季末，Reciprocal 擁有的資本可以支持約 10 億美元的保費。肖恩 (Shawn) 將很快公佈第二季度的財務數據，但您會看到，在第二季度，互惠已承保保費轉換為保險服務調整後的 EBITDA 的轉換率為 16%。假設該框架的保費為 10 億美元，Reciprocal 擁有資本產生 1.6 億美元的保險服務調整後 EBITDA。

Now, I'll look at Q2. The Reciprocal closed this quarter at approximately now $300 million in surplus combined with non-admitted assets. This left in capital translates to being able to support another $500 million in Reciprocal written premium, so $1.5 billion potential overall at this point. This means that the performance by the Reciprocal in this quarter alone is exceptionally value creating. Providing the capital to support Reciprocal written premium that could generate an additional $80 million of adjusted EBITDA or $240 million overall.

現在，我來看看第二季。本季度，Reciprocal 的盈餘和未承認的資產總計約為 3 億美元。剩餘的資本意味著能夠支持另外 5 億美元的互惠承保保費，因此目前總的潛在保費為 15 億美元。這意味著 Reciprocal 僅在本季度的表現就創造了非凡的價值。提供資本支持互惠已承保保費，可產生額外的 8000 萬美元調整後 EBITDA 或總計 2.4 億美元。

We will continue to be measured in how fast we scale Reciprocal's premiums to ensure a significant buffer, and we'll manage how fast we expand Porch Group's margins to optimize for long-term shareholder value creation.

我們將繼續衡量 Reciprocal 保費的擴大速度，以確保有顯著的緩衝，並且我們將管理擴大 Porch Group 利潤率的速度，以優化長期股東價值創造。

Finally, before turning it over to the team, I want to reemphasize the point I made last quarter when we outlined why we believe that Porch is set up to be a resilient investments across all macro cycles. Homeowners need homeowners insurance. Broadly speaking, it's not an optional purchase and historically, homeowners insurance premiums have grown throughout economic cycles.

最後，在將其交給團隊之前，我想再次強調我上個季度提出的觀點，當時我們概述了為什麼我們相信 Porch 將成為跨所有宏觀週期的彈性投資。房主需要房屋保險。從廣義上講，這不是一項可選購買，而且從歷史上看，房屋保險費在整個經濟週期中都會成長。

We continue to expect that tariffs will not impact our business in any meaningful way. We believe our business is well protected and may even benefit should a recession take hold. And if interest rates come down amidst a slowing economy, it could spark a housing market pickup, which would be attractive for nearly all our businesses, including insurance, given our focus on homebuyers. On the other end, if inflation picks up, homeowners insurance prices should increase, translating to higher premiums and Porch revenue.

我們仍然預計關稅不會對我們的業務產生任何重大影響。我們相信我們的業務受到了良好的保護，甚至可能在經濟衰退時受益。如果在經濟放緩的情況下利率下降，可能會刺激房地產市場回暖，考慮到我們專注於購屋者，這對我們幾乎所有業務（包括保險）都具有吸引力。另一方面，如果通貨膨脹加劇，房屋保險價格應該會上漲，從而導致保費和 Porch 收入增加。

Okay. I will now turn it over to Shawn to cover our strong financial results and raised guidance.

好的。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升的指導。

Thank you, Matt, and good afternoon, everyone. Similar to Matt's overview, my comments will address performance of the Porch shareholder interest since generating cash for Porch shareholders is our ultimate goal and how we measure our success. As a reminder, under GAAP, we are consolidating the Reciprocal Exchange financials, which you can find throughout the press release and our 10-Q.

謝謝你，馬特，大家下午好。與 Matt 的概述類似，我的評論將涉及 Porch 股東利益的表現，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。提醒一下，根據 GAAP，我們正在合併互惠交換財務數據，您可以在新聞稿和我們的 10-Q 中找到它。

With that background, let's get into our Q2 performance.

在這樣的背景下，讓我們來看看第二季的表現。

Q2 2025 Porch shareholder interest revenue was $107 million with an 83% gross margin, producing $89.2 million in gross profit. Adjusted EBITDA of $15.6 million was ahead of expectations. The GAAP consolidated results are on the right-hand side of this slide.

2025 年第二季度，Porch 股東權益收入為 1.07 億美元，毛利率為 83%，毛利為 8,920 萬美元。調整後的 EBITDA 為 1560 萬美元，高於預期。GAAP 合併結果位於此投影片的右側。

Overall, we saw another quarter of strong performance in our Insurance Services segment, driving total company results above expectations. And while Software and Data and Consumer Services segments, continue to provide strategic advantages that help our insurance business succeed, the financial results of these segments continue to be impacted by a soft housing market.

整體而言，我們的保險服務部門又一個季度表現強勁，推動公司整體業績超乎預期。儘管軟體、數據和消費者服務部門繼續提供有助於我們的保險業務成功的策略優勢，但這些部門的財務表現仍持續受到疲軟的房地產市場的影響。

Given the outperformance in Insurance Services, we are increasing our outlook for the year, which I'll cover shortly. The Porch shareholder interest revenue of $107 million was comprised of insurance services at 63%, followed by software and data at 22%, and the remainder from Consumer Services.

鑑於保險服務業務的優異表現，我們上調了今年的展望，我將很快對此進行介紹。Porch 股東權益收入為 1.07 億美元，其中保險服務佔 63%，軟體和數據佔 22%，其餘來自消費者服務。

We continue to see the year-over-year improvements in gross profit and adjusted EBITDA as the clearest way to understand the increases in our results, and we're pleased with the progress. Q2 Porch shareholder interest gross profit was $89.2 million with an 83% gross margin. This was a $72.4 million increase over the prior year, driven by insurance services.

我們繼續看到毛利和調整後 EBITDA 的同比增長，這是了解業績成長的最清晰方式，我們對這一進展感到滿意。Q2 Porch 股東權益毛利為 8,920 萬美元，毛利率為 83%。這比前一年增加了 7,240 萬美元，主要得益於保險服務。

Q2 adjusted EBITDA was $15.6 million, a $50.4 million increase over the prior year driven by the transition to the high-margin Insurance Services Reciprocal operator business model.

第二季調整後的 EBITDA 為 1,560 萬美元，比上年增加 5,040 萬美元，這得益於向高利潤率保險服務互惠營運商業務模式的轉型。

Now, let's move a little deeper into the segment results and starting with Insurance Services. First, as a reminder, 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 Reciprocal written premium; policy fees paid by the policyholders; non-catastrophic weather quota share reinsurance provided by Porch's captive reinsurer, which is used to improve capital efficiency for the Reciprocal; fees paid by third-party agencies when we deliver leads of home buyers interested in purchasing insurance; and finally, an approximately 15% coupon on a $106 million surplus note Porch Group holds from the Reciprocal.

現在，讓我們更深入地了解細分結果，從保險服務開始。首先，提醒一下，Porch 的保險服務業務透過多種方式產生經濟效益。Reciprocal 支付的管理費是根據 Reciprocal 已承保保費的一定百分比；保單持有人支付的保單費；Porch 的專屬再保險公司提供的非災難性天氣配額份額再保險，用於提高 Reciprocal 的資本效率；當我們為有意購買保險的購房者提供線索時，第三方機構支付的費用；最後，Pciorch 集團最後，Pcicalch 集團 Reprocal 的盈餘約 1500000% 1500000000% Reprocal 的盈餘從 15% 持有的剩餘費用；的票面利率。

From the $121 million of Reciprocal written premium, Porch Insurance Services generated revenue of $67.4 million, a 56% premium to revenue conversion rate. Associated gross profit was $57.9 million, gross margin of 86%. Segment adjusted EBITDA was $19.7 million, a margin of 29% and a 16% premium to adjusted EBITDA conversion rate. We continue to be pleased with the transition to the Reciprocal and the insurance services business model and how we are performing here.

從 1.21 億美元的 Reciprocal 承保保費中，Porch Insurance Services 產生了 6,740 萬美元的收入，比收入轉換率高出 56%。相關毛利為5,790萬美元，毛利率為86%。分部調整後的 EBITDA 為 1,970 萬美元，利潤率為 29%，比調整後的 EBITDA 轉換率高出 16%。我們對向互惠和保險服務業務模式的過渡以及我們在這裡的表現感到滿意。

Shifting now to Software & Data. Revenue was $24 million, a 4% increase over the prior year, driven by product innovation and corresponding price increases. We continue to see a sluggish underlying housing market and small businesses in our related markets are also seeing softness. Gross profit was $18.2 million, a 76% gross margin. Adjusted EBITDA was $5.5 million, a $1.5 million increase over the prior year, driven by the revenue increase and effective cost control.

現在轉向軟體和數據。收入為 2,400 萬美元，比上年增長 4%，這得益於產品創新和相應的價格上漲。我們繼續看到基礎房地產市場低迷，相關市場中的小型企業也面臨疲軟。毛利為1820萬美元，毛利率為76%。調整後的 EBITDA 為 550 萬美元，比上年增加 150 萬美元，這得益於收入增加和有效的成本控制。

Shifting now to Consumer Services. Revenue was $17.7 million, a 6% decrease over the prior year, driven by the closure of our lower-margin corporate relocation moving products in the third quarter of 2024. Gross profit was $15.2 million, an 86% gross margin. This was a 640-basis-point margin improvement over the prior year, driven by the shift toward higher-margin services. Adjusted EBITDA was $2 million, an $800,000 increase over the prior year driven by cost discipline.

現在轉向消費者服務。營收為 1,770 萬美元，比上年下降 6%，原因是我們利潤率較低的企業搬遷產品將於 2024 年第三季關閉。毛利為1520萬美元，毛利率為86%。由於轉向利潤率更高的服務，利潤率較上年同期提高了 640 個基點。調整後的 EBITDA 為 200 萬美元，由於成本控制，比前一年增加了 80 萬美元。

Over the last few years, we have reduced corporate expenses as we move to lower-cost locations and reduce G&A back-office costs. In the second quarter, corporate expenses of $11.5 million decreased $700,000 from the prior year.

在過去幾年裡，我們透過搬遷至成本較低的地區並降低一般及行政後台成本，減少了公司開支。第二季度，公司支出為 1,150 萬美元，較前一年減少 70 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 light. And as a reminder, our focus is on generating cash for Porch shareholders, which aligns closely with Porch shareholder interest adjusted EBITDA. Porch cash plus investments was $117 million at June 30, 2025. Porch shareholder interest cash flow from operations was $14.9 million in the quarter, driven by the $15.6 million in adjusted EBITDA.

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、利潤更高、資產更輕。提醒一下，我們的重點是為 Porch 股東創造現金，這與 Porch 股東利益調整後的 EBITDA 密切相關。截至 2025 年 6 月 30 日，Porch 現金加上投資為 1.17 億美元。本季度，Porch 股東權益經營現金流為 1,490 萬美元，受調整後 EBITDA 1,560 萬美元的推動。

In Q2, we made notable progress on our capital structure, settling all but $20.5 million of our 2026 convertible notes. We refinanced $153 million of our 2026 unsecured convertible notes with $134 million in 2030 unsecured convertible notes and cash.

在第二季度，我們在資本結構方面取得了顯著進展，除 2,050 萬美元外，其餘 2026 年可轉換票據均已結清。我們用 2030 年無擔保可轉換票據和現金中的 1.34 億美元對 2026 年無擔保可轉換票據中的 1.53 億美元進行了再融資。

Additionally, after the end of the quarter, we repurchased an additional $11.8 million of the remaining 2026 notes at approximately 96% of par, bringing the remaining balance to $8.8 million. All in, we believe that our balance sheet is well-positioned for our next stage of growth, and we are on track to reach our leverage goal of 2 to 3 times adjusted EBITDA in the medium term.

此外，在本季結束後，我們以票面價值的約 96% 回購了剩餘的 2026 年票據中的 1,180 萬美元，使剩餘餘額達到 880 萬美元。總而言之，我們相信我們的資產負債表已為下一階段的成長做好了準備，並且我們預計在中期內將實現調整後 EBITDA 2 至 3 倍的槓桿目標。

Now, for our updated 2025 guidance for Porch shareholder interest. We are pleased with our results in the first half of the year and are raising our guidance across the board. We are increasing our 2025 revenue guidance by $5 million, now ranging from $405 million to $425 million. We are increasing our 2025 gross profit guidance by $7.5 million given the higher margins we are seeing now ranging from $328 million to $342 million. For adjusted EBITDA, we are raising the midpoint by $2.5 million, now at a tightened range of $65 million to $70 million.

現在，讓我們來更新一下 2025 年 Porch 股東利益指南。我們對上半年的業績感到滿意，並全面提高了業績預期。我們將 2025 年的營收預期提高 500 萬美元，目前範圍從 4.05 億美元到 4.25 億美元。鑑於我們目前看到的利潤率較高，從 3.28 億美元到 3.42 億美元不等，我們將 2025 年的毛利預期提高了 750 萬美元。對於調整後的 EBITDA，我們將中間點提高了 250 萬美元，目前範圍縮小至 6,500 萬美元至 7,000 萬美元。

And now, I'll hand 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'll start by giving you a brief business update and an overview of the KPIs across shareholder interest, three operating segments.

謝謝你，肖恩。我將首先向您簡要介紹業務更新情況以及三個營運部門的股東利益關鍵績效指標 (KPI)。

We are back on offense in insurance and focused on growing premiums while also growing surplus at the Reciprocal. Q2 Reciprocal written premium grew 25% over Q1 with tremendous capacity for ongoing growth. We believe we are on track to exceed the 2025 target of $500 million.

我們在保險領域重新發動進攻，專注於提高保費，同時增加互惠保險的盈餘。第二季互惠承保保費較第一季成長 25%，且具有龐大的持續成長空間。我們相信我們有望超越 2025 年 5 億美元的目標。

Agencies serve as our main distributor channel, so extending and deepening our partner base is a key focus for us. Since the launch of the Reciprocal, we've grown our sales and account management headcount from just 2 to 26 employees. The investment has led been ahead of scheduled pace for the number of independent insurance agencies we're working with.

代理商是我們主要的分銷管道，因此擴大和深化合作夥伴基礎是我們的重點。自 Reciprocal 推出以來，我們的銷售和客戶管理員工數量已從 2 人增加到 26 人。與我們合作的獨立保險機構數量的投資已經超出了預定的速度。

In the quarter, we announced a handful of notable wins, including a renewed partnership with Goosehead as well as new relationships with Roamly, Evertree, and MassDrive among other confidential nationwide printers. In addition, we are expanding geographies again, nearing the launch of a new state in Michigan. And as I touched on last call, most of the ZIP code across our existing states have been reopened at this stage.

在本季度，我們宣布了一些值得注意的勝利，包括與 Goosehead 重新建立合作夥伴關係以及與 Roamly、Evertree 和 MassDrive 等全國性保密印刷商建立新的關係。此外，我們正在再次擴大業務範圍，即將在密西根州建立一個新州。正如我上次提到的，我們現有州的大多數郵遞區號目前都已重新開放。

Additionally, we'll grow with differentiated product. The new Porch insurance product has been designed to be truly differentiated. Like our HOA product, it will leverage our unique property data to provide pricing advantages. But in addition, we are including other important benefits for home buyers, in particular, such as a full home warranty in four hours of moving service.

此外，我們將透過差異化產品實現成長。新的 Porch 保險產品在設計上真正做到了差異化。與我們的 HOA 產品一樣，它將利用我們獨特的財產數據來提供定價優勢。但除此之外，我們也為購屋者提供其他重要福利，特別是四小時搬家服務中的全面房屋保固。

Moving to the Insurance KPIs. Reciprocal written premium in Q2 was $121 million. Reciprocal policies written reflects a total number of new and renewal insurance policies driven by the Reciprocal during the period. We generated policy fee revenue directly from these policyholders. In the quarter, we wrote nearly 43,000 policies.

轉向保險 KPI。第二季的互惠承保保費為 1.21 億美元。已簽訂的互惠保單反映了該期間互惠保險公司簽訂的新保單和續保保單總數。我們直接從這些保單持有人那裡獲得保單費收入。本季度，我們簽發了近 43,000 份保單。

RWP per policy written is calculated by dividing the Reciprocal written premium by the total number of Reciprocal policies written. For the second quarter, we posted RWP per policy written of $2,843, which was a 6% increase versus the prior quarter. We'll periodically update on the Reciprocals health, which is clearly strong, given its all-time high of $299 million of surplus combined with non-admitted assets. We ensure the Reciprocal is healthy in several ways and that there's adequate surplus in capital to support the scaling of premium for many years ahead.

每份保單的 RWP 是透過將互惠保費除以已簽發的互惠保單總數來計算的。第二季度，我們公佈的每份保單的 RWP 為 2,843 美元，比上一季成長了 6%。我們將定期更新 Reciprocals 的健康狀況，從其盈餘與未承認資產總和達到歷史最高水準的 2.99 億美元來看，該股的健康狀況顯然十分強勁。我們透過多種方式確保 Reciprocal 的健康，並且有足夠的資本盈餘來支持未來多年的保費成長。

To put a finer point on this, the Reciprocal has the statutory surplus to support our premium goals through 2026 even if fixed share price was approximately $2 and no shares were sold. This is as of the end of Q2 and as a reminder, on the historic seasonality of the Reciprocals business, Q3 and in particular, Q4 are the most profitable quarters.

更準確地說，即使固定股價約為 2 美元且沒有出售任何股票，Reciprocal 也擁有法定盈餘來支持我們到 2026 年的保費目標。這是截至第二季末的數據，提醒一下，根據 Reciprocals 業務的歷史季節性，第三季度，尤其是第四季是最賺錢的季度。

Second, continued exceptional underwriting. In Q2, the Reciprocal's underwriting strength was driven by the combination of our data advantage, effective pricing efforts, strong underwriting and more normal weather.

第二，繼續提供卓越的核保。在第二季度，Reciprocal 的承保實力得益於我們的數據優勢、有效的定價努力、強大的承保能力以及更正常的天氣。

Third, downside protection with reinsurance.

第三，透過再保險提供下行保障。

As we discussed last earnings call, we finalized our reinsurance renewal on April 1 with a great outcome, continuing partnerships within the panel of more than 40 A-rated reinsurance partners. This renewal improved the retention per weather event to $23 million, which reduces the Reciprocal's exposure.

正如我們在上次收益電話會議上討論的那樣，我們於 4 月 1 日完成了再保險續保，並取得了良好的成果，繼續與 40 多家 A 級再保險合作夥伴保持合作關係。此次續約將每次天氣事件的保留額提高到 2,300 萬美元，從而降低了 Reciprocal 的風險敞口。

As a reminder, if Q2 had included major weather events, Porch Group's adjusted EBITDA still would have been the same $15.6 million as the weather claims are paid by the Reciprocal. The Reciprocal surplus would absorb the associated weather claims losses up to the retention level. Therefore, if a major weather event had occurred in Q2, the Reciprocal still would have had approximately $275 million of surplus combined with non-admitted assets and the ability to support approximately $1.375 billion in premium. So you can see how the Reciprocals capacity to write premium remains strong and is protected from large weather amendments.

提醒一下，如果第二季度出現重大天氣事件，Porch Group 的調整後 EBITDA 仍將為 1560 萬美元，因為天氣索賠由 Reciprocal 支付。互惠盈餘將吸收相關的天氣索賠損失，最高可達保留水準。因此，如果第二季度發生重大天氣事件，Reciprocal 仍將擁有約 2.75 億美元的盈餘，加上未承認的資產，並有能力承擔約 13.75 億美元的保費。因此，您可以看到 Reciprocals 的保費承保能力仍然強勁，並且不受天氣變化的影響。

Moving to Software & Data. Our strategic focus area is for this segment are price increases tied to software innovation, continued market expansion and growth of our data business. On the software front, we continue to innovate with urgency, and I'm pleased with the team's efforts in positioning us well for when the market normalizes.

轉向軟體和數據。對於這一領域，我們的策略重點是與軟體創新、持續的市場擴張和數據業務成長相關的價格上漲。在軟體方面，我們繼續緊急創新，我很高興看到團隊為在市場正常化時做好充分準備所做的努力。

One highlight I wanted to share, in particular, was Rynoh securing two impactful wins, including the nation's largest title insurance company with Fidelity National Financial's EscrowTRAX as well as another top five title insurance company. This continues to demonstrate the scalability of Rynoh's enterprise-grade fraud detection and reconciliation tools.

我特別想分享的一個亮點是 Rynoh 獲得了兩項具有影響力的勝利，包括與 Fidelity National Financial 的 EscrowTRAX 合作的全國最大的產權保險公司以及另一家排名前五的產權保險公司。這繼續證明了 Rynoh 企業級詐欺偵測和對帳工具的可擴展性。

Relative to our data business, we have been highly encouraged but not at all surprised by early stage metrics and proof points we were seeing out of a broad group of insurance carriers testing home factors. As it stands today, we are ahead of plan related to the number of carriers testing home factors and are pleased with the results today.

相對於我們的數據業務，我們從眾多保險公司測試家庭因素時看到的早期指標和證明點讓我們感到非常鼓舞，但一點也不感到驚訝。就目前情況而言，我們在測試家庭因素的運營商數量方面已經超出了計劃，並且對今天的結果感到滿意。

Companies and other industries are testing as well. And in mid-July, we announced that a regional home improvement brand utilized home factors for a marketing campaign and the results were impressive.

公司和其他行業也在進行測試。7月中旬，我們宣布一個區域家居裝修品牌利用家居因素開展行銷活動，效果令人印象深刻。

In terms of the Software & Data KPIs in Q2, we served approximately 24,000 companies with annualized revenue per company of $3,974 which rose 9% versus Q1. We continue to believe that the number of companies served likely remain as flash until better housing conditions bring more companies back into the market.

就第二季的軟體和資料 KPI 而言，我們為約 24,000 家公司提供服務，每家公司的年收入為 3,974 美元，較第一季成長 9%。我們仍然相信，在更好的住房條件讓更多公司重返市場之前，服務的公司數量可能會保持穩定。

The biggest update in Consumer Services is a recent TDI approval to include warranty in four hours of moving services. It is a member benefit for Porch insurance customers. Our moving business continues to make progress in a variety of ways, including providing additional products and services that can be utilized by customers. Packing services is one of these new offerings, which has been received well.

消費者服務方面最大的更新是最近獲得 TDI 批准，將四小時搬家服務納入保固範圍。這是 Porch 保險客戶的會員福利。我們的搬家業務繼續以各種方式取得進展，包括提供客戶可以利用的額外產品和服務。包裝服務是這些新服務之一，受到了廣泛好評。

As for the Consumer Services KPIs in Q2, we had 87,000 monetized services with annualized revenue per monetized service of $202.

至於第二季的消費者服務 KPI，我們有 87,000 個貨幣化服務，每個貨幣化服務的年收入為 202 美元。

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

我現在將它交還給馬特來完成它。

Thank you, Matthew. I'll wrap up by reinforcing the most important messages from today. So first, certainly, we delivered quarterly adjusted EBITDA of $16 million in Q2 2025, a $50 million increase year over year. Again, this translates to $15 million in Porch shareholder interest cash flow from operations in the quarter and $42 million in the first half of the year.

謝謝你，馬修。最後，我將重申今天最重要的訊息。首先，當然，我們在 2025 年第二季實現了 1,600 萬美元的季度調整後 EBITDA，年增 5,000 萬美元。再一次，這意味著本季 Porch 股東權益經營現金流為 1,500 萬美元，上半年為 4,200 萬美元。

Second, we increased our 2025 adjusted EBITDA guidance midpoint to $67.5 million for the year.

其次，我們將 2025 年調整後 EBITDA 指導中點提高至 6,750 萬美元。

Third, gross margins, which remained north of 80% with $89 million gross profit, up $72 million year over year.

第三，毛利率維持在 80% 以上，毛利為 8,900 萬美元，年增 7,200 萬美元。

Next, we are very pleased with the continued increasing health of the Reciprocal, as we discussed. From a capacity standpoint, we are at a record level of surplus and have tremendous room to grow premium and Porch profits. Our flywheel is working and is just getting started.

接下來，正如我們所討論的，我們對 Reciprocal 的持續健康發展感到非常高興。從產能角度來看，我們的盈餘水準創下了歷史新高，並且擁有龐大的溢價和門廊利潤成長空間。我們的飛輪正在運轉並且剛開始啟動。

And lastly, we've shifted back to offense as we add agencies, and we're excited about what the future holds for our differentiated port insurance offering.

最後，隨著代理商的增加，我們已重新轉向進攻，我們對未來差異化港口保險產品的前景感到興奮。

All right. Thanks for your time today. We're in the early stages of building a truly great company, and we're glad to have you along for the ride.

好的。感謝您今天抽出時間。我們正處於打造真正偉大的公司的早期階段，我們很高興有您與我們一起前進。

With that, JR, please go ahead and open up the call for questions.

好了，JR，請繼續開始提問。

(Operator Instructions) Daniel Kurnos, The Benchmark Company.

（操作員指示） Daniel Kurnos，The Benchmark Company。

Obviously, another fantastic quarter for you, guys. And apologies if I missed this one because my phone cut out for a second. But Shawn, did you address by the take rate and insurance went to almost 56% from 51.5% in the quarter and how we should be thinking about that because that's a pretty big step function?

顯然，對你們來說，這又是一個精彩的季度。如果我的手機突然斷線而錯過了這個，我深感抱歉。但是肖恩，你是否提到了接受率和保險從本季度的 51.5% 上升到近 56% 以及我們應該如何考慮這一點，因為這是一個相當大的階躍函數？

Yeah, happy to take that one. Dan, thanks for the question. Overall, we're continue to be quite pleased with the model and how it's working out. The Reciprocal written premium, to the basis of your question, is very efficiently transferring into Porch shareholder interest revenue and better than we expected there in the quarter. So just pleased with how it's working and continue to not only see the revenue flow through, but importantly, the EBITDA and cash flow also flow through from how that's all working out.

是的，很高興接受這個。丹，謝謝你的提問。總體而言，我們對該模型及其運行情況仍然非常滿意。根據您的問題，互惠已承保保費非常有效地轉化為 Porch 股東權益收入，並且比我們本季預期的要好。因此，我對它的運作方式感到滿意，並且不僅能看到收入的流入，更重要的是，EBITDA 和現金流也能從這一切的運作方式中流出。

It's a good place to follow up, Shawn. I appreciate the color because Matt, I know you're managing to margin here, like sales and marketing is pretty high in insurance. I'm just kind of curious the areas of investment you're making there. You clearly have plenty of cushion to do whatever you want, but just maybe how to think about that because that also ticked up because you're clearly flexing some internal muscle at the moment?

這是一個很好的跟進地點，肖恩。我很欣賞這種顏色，因為馬特，我知道你在這裡設法獲得利潤，就像保險的銷售和行銷相當高一樣。我只是有點好奇您在那裡進行的投資領域。您顯然有足夠的緩衝去做任何您想做的事情，但也許該如何考慮這一點，因為這也是因為您此刻顯然正在展示一些內部力量？

We talked a bit last quarter about making additional investments across our Insurance business as well as Software and Consumer Services, we are making investments. I mean, we are set up, to your point, and we have room to be able to position ourselves well for growth as we look ahead.

上個季度我們談到了對我們的保險業務以及軟體和消費者服務進行額外投資，我們正在進行投資。我的意思是，正如您所說，我們已經做好準備，並且我們有空間為未來的成長做好定位。

We also had mentioned that starting April 1, we shifted the quota share program that our captive reinsurer provides to the Reciprocal to also pay a bit higher commission back to the Reciprocal and that shows up in the sales and marketing line as well. And that's another way that we can drive more surplus back into the Reciprocal.

我們也提到，從 4 月 1 日開始，我們將把自保再保險公司向 Reciprocal 提供的配額分成計畫轉移到向 Reciprocal 支付略高的佣金，這也體現在銷售和行銷線上。這是我們可以將更多盈餘重新投入互惠體系的另一種方式。

And Dan, to your question, it's why we're really excited about the results because we were able to generate really strong economics at Porch Group for our shareholders and really strong growth in surplus at the Reciprocal, which allow for more growth as we look ahead. But that's the other driver there.

丹，回答你的問題，這就是為什麼我們對結果感到非常興奮，因為我們能夠為股東在 Porch Group 創造真正強勁的經濟效益，並在 Reciprocal 實現真正強勁的盈餘增長，這為我們未來實現更多增長提供了條件。但那是另一個驅動因素。

Got it. And just last for me. I know it's super early since you just got TDI approval. We kind of talked about this last time, but just thinking about attach rates to warranty and moving. I don't think we had contemplated that before. Obviously, it's super smart on the flywheel side. But is there any kind of directional color we should be thinking about in terms of additional growth coming now that you have approval there from those vectors?

知道了。對我來說只是最後一次。我知道現在還很早，因為你剛剛獲得 TDI 批准。我們上次討論過這個問題，但只是考慮保固和搬家的附加費率。我認為我們之前沒有考慮過這一點。顯然，它在飛輪方面非常聰明。但是，既然您已經從這些向量中獲得了批准，那麼我們是否應該考慮未來的額外成長方向？

So we'll share more metrics as we go, obviously. But just strategically, it's a big deal for us because we want to not only have fundamental advantages with the data, the differentiated data that lets us price the insurance products more accurately than the market. We not only want to have advantages with the structure and the margins that we're able to create, and we're demonstrating that to your earlier question that we're able to simply generate a lot of value out of our insurance business for our shareholders, but we also want to differentiate with the fundamental product that's in the market.

因此，顯然，我們會分享更多指標。但從策略上來說，這對我們來說意義重大，因為我們不僅希望在數據方面擁有根本優勢，還希望透過差異化數據讓我們比市場更準確地為保險產品定價。我們不僅希望在結構和利潤率方面擁有優勢，而且我們正在向您先前的問題證明，我們能夠從保險業務中為股東創造大量價值，而且我們還希望與市場上的基本產品區分開來。

And so now, having product just look ahead, where you can have products in the market that it's not only about just providing insurance, but we can provide full protection for your home that includes warranty coverage for all of the Porch insurance customers, but we can also provide moving service for homebuyers. And we really do want work insurance to end up being known as the best insurance product for home buyers.

所以現在，有了產品，只需向前看，您就可以在市場上擁有不僅僅提供保險的產品，而且我們可以為您的房屋提供全面的保護，包括為所有 Porch 保險客戶提供保修範圍，但我們還可以為購房者提供搬家服務。我們確實希望工作保險最終能夠成為購屋者最好的保險產品。

So that's a big deal for us, just strategically to be able to help just extend the long-term advantages that we're going to have there.

所以這對我們來說意義重大，從戰略上來說，這可以幫助我們擴大在那裡的長期優勢。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

So maybe talk a little bit more just about how you think about growth versus margin expansion? Obviously, you've seen very strong financial performance this year. And you just -- what's the philosophy, I guess, as we're kind of thinking -- I'm not asking for '26 guidance, but kind of growth versus margin.

那麼，能否再多談談您對成長與利潤擴張的看法？顯然，今年的財務表現非常強勁。而你只是 - 我想，我們的理念是什麼，正如我們所想的那樣 - 我不是在要求 26 年的指導，而是成長與利潤率。

Question number two, you again, revenue is not the best proxy, but you beat Techno revenue leased us by $11 million. You're only raising the full year by $5 million. So just is there anything you're seeing in third quarter that's giving you pause or again, revenue is not the best way to simply look at insurance.

第二個問題，您再說一遍，收入不是最好的代表，但您的收入比 Techno 租賃給我們的收入高出 1,100 萬美元。你全年只籌集了 500 萬美元。那麼，您在第三季看到的有什麼讓您猶豫不決的事情嗎？或者說，收入並不是簡單看待保險的最佳方式。

And then lastly, just any commentary on the weather impacts on 2Q, if it was actually favorable.

最後，任何有關天氣影響的評論，如果其確實有利的話，都會對第二季產生影響。

Perhaps I'll take the first one. Shawn, why don't you take the second, and Matthew perhaps take the third.

也許我會選擇第一個。肖恩，你為什麼不選擇第二個，馬修也許選擇第三個。

So real quick just in terms of philosophy. With the model that we have and the business we have now, Jason, we are set up and very optimistic about our ability to be able to consistently grow at a really nice clip. We talked back in the Investor Day, grow north of 20% annually for an extended period of time. We expect to be able to go and do that as we look ahead, while also showing margin expansion each year.

從哲學角度來說，這真的很快。傑森，憑藉我們現有的模式和業務，我們已經做好準備，並且對我們能夠以真正良好的速度持續成長的能力非常樂觀。我們在投資者日上談到，在較長一段時間內每年實現 20% 以上的成長。展望未來，我們期望能夠做到這一點，同時每年的利潤率也會擴大。

You can see our gross margins are more than 80%, but if you look at the adjusted EBITDA margins, in our view, there's a lot of room to be able to continue to grow our adjusted EBITDA margins over time. But we do want to manage it. We don't need to max out growth this year or max out adjusted EBITDA margin this year. We want to show nice consistent sequential improvement for both those two metrics for a long, long, long period of time. And that's how we believe we'll be able to create the most value over time for shareholders.

您可以看到我們的毛利率超過 80%，但如果您看一下調整後的 EBITDA 利潤率，我們認為，隨著時間的推移，我們的調整後 EBITDA 利潤率還有很大的成長空間。但我們確實想管理它。我們不需要在今年實現最大成長，也不需要在今年實現最大調整後 EBITDA 利潤率。我們希望在很長一段時間內，這兩個指標都能呈現出良好的、持續的持續改善。我們相信，這樣我們就能為股東創造最大的價值。

Shawn, do you want to take the second question?

肖恩，你想回答第二個問題嗎？

Yeah. The second question was about Q2 revenue and revenue for the second half of the year implied in our guidance. And I think both are strong is the key takeaway there. Q2 was above our expectations. I know it was more above the maybe consensus from The Street expectations. But from our internal, it was above our expectations.

是的。第二個問題是關於第二季度收入以及我們預期中暗示的下半年收入。我認為兩者都很強大，這就是關鍵。第二季度超出了我們的預期。我知道這比華爾街普遍預期的要高得多。但從我們內部來看，這超出了我們的預期。

And we also increased guidance for the rest of the year. So actually, we feel really good going into the second half of the year. There's a lot of the things that Matthew talked about on the growth side and continuing to scale premiums at the Reciprocal. That's a key driver.

我們也提高了今年剩餘時間的指導。因此實際上，我們對下半年的前景感到非常樂觀。馬修談到了很多有關成長方面以及繼續提高互惠保險保費的事情。這是一個關鍵驅動因素。

Actually, Dan's question was another one. We're seeing the premium convert to revenue and adjusted EBITDA very strongly in Insurance Services.

實際上，丹的問題是另一個問題。我們看到保險服務領域的保費轉化為收入和調整後 EBITDA 的勢頭非常強勁。

And then I guess the third thing I would just quickly highlight. I know the question is more on revenue, but we're increasing our adjusted EBITDA midpoint by 2.5%. That's where we're continuing to invest in growth within operating expenses for 2026 and beyond. So as a team, we're quite pleased with the performance and happy to be able to raise guidance across the board today.

然後我想我要快速強調的第三件事。我知道問題更多的是關於收入，但我們將調整後的 EBITDA 中點提高了 2.5%。這就是我們將繼續投資於 2026 年及以後的營運費用成長的地方。因此，作為一個團隊，我們對錶現非常滿意，並很高興今天能夠全面提高指導。

Sure. I'll take the third one. I think I heard comments on Q2 weather. The first thing I'll say is, overall, the weather felt normalized as we compare to 2024 Q2. But what's also important to just emphasize so that everybody who's on the call is clear is Porch Group shareholders would not have been directly impacted by the weather in Q2 had it been not more normal weather.

當然。我要第三個。我想我聽到了有關第二季度天氣的評論。首先我要說的是，總體而言，與 2024 年第二季相比，天氣感覺正常化。但同樣需要強調的是，為了讓所有參加電話會議的人都清楚，如果天氣不是更正常的話，Porch Group 股東就不會在第二季直接受到天氣的影響。

And then I'd also reiterate comments from the prepared remarks, which is we've done a lot of work with our reinsurance partners to lower our retention, which is the max amount we would pay if there were a large event, and we've lowered that to $23 million. So even if there would have been a significant event in Q2, it wouldn't have impacted Porch Group directly. And to the extent it would have impacted the Reciprocal, we would have had a really strong reinsurance protection.

然後，我還要重申準備好的評論，那就是我們與再保險合作夥伴做了很多工作來降低我們的保留金，即如果發生大型事件我們將支付的最高金額，我們已將其降低至 2300 萬美元。因此，即使第二季發生重大事件，也不會對 Porch Group 產生直接影響。就其對互惠保險的影響程度而言，我們將擁有非常強大的再保險保障。

The last thing I would say is we have done a lot of work to get the right risk into our portfolio, leveraging our data. And so that has also contributed to the overall performance in Q2 where we felt like we had a really strong underwriting performance quarter.

最後我想說的是，我們做了很多工作，利用我們的數據將正確的風險納入我們的投資組合。這也對第二季的整體表現做出了貢獻，我們覺得本季的核保業績非常強勁。

Let me just tack on one more thing real quick, Jason. You might have also been thinking about Q3 weather just so far around the fourth of July weekend, there were flash floods in Texas and just so sad and our hearts go out to the families that were impacted by that, it's just terrible. Really to the business and to the Reciprocal, the volume of claims was not material at all. It was nominal.

傑森，讓我再補充一點。您可能還在考慮 Q3 的天氣狀況，就在 7 月 4 日的周末，德州發生了山洪暴發，這真是令人悲傷，我們向受災的家庭表示慰問，這太可怕了。事實上，對於企業和互惠保險公司來說，理賠金額根本不重要。這是名義上的。

And just as a reminder, flood is typically not a covered event for homeowners insurance, and it isn't for us. So there's not exposure to events like that. But anyway, if you were thinking about the Q3 weather earlier in July, it was not -- it's not a material event. Obviously, it's not an event for Porch Group, but it's not an event for the Reciprocal either.

需要提醒的是，洪水通常不屬於房屋保險的承保範圍，我們也不接受。因此不會發生類似事件。但無論如何，如果你在七月初考慮第三季的天氣，它就不是什麼重大事件。顯然，這不是 Porch Group 的活動，也不是 Reciprocal 的活動。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great. This is Cal on for Jason. So maybe to start, good to hear the update on Home Factors, but I'm just kind of curious if you can speak to applications of this data outside of just licensing for underwriting. Just curious the opportunity you're seeing in other industries like media campaigns and there's any difference in the sales cycle with these other industries relative to the more elongated sales cycles when you're working with carriers?

偉大的。這是 Cal on 為 Jason 準備的。所以也許首先，很高興聽到有關 Home Factors 的最新消息，但我只是有點好奇您是否可以談談這些數據除了承保許可之外的應用。我只是好奇您在其他行業（例如媒體活動）中看到的機會，並且當您與運營商合作時，這些其他行業的銷售週期相對於更長的銷售週期有什麼不同？

Sure. I can speak to it. We see a lot of interesting use cases for the data. We obviously are using it for our own underwriting. We've talked about Home Factors within the insurance space to help drive underwriting and pricing.

當然。我可以談論它。我們看到了很多有趣的數據用例。我們顯然將其用於我們自己的承保。我們討論了保險領域內的家庭因素，以幫助推動承保和定價。

When we look beyond that, there's certainly potential when it comes to reaching homeowners who are going through a real estate transaction. And if there are homes that have certain conditions, there are indications that certain types of work is likely to be needed such as roofing. And so we are working with potential partners and partners around those use cases. I would say the sales cycle is shorter than in insurance because generally, there's a shorter testing period. There's still some sales cycle there, but it's something we are excited about.

如果我們放眼更廣闊的世界，就會發現在接觸正在進行房地產交易的房主方面確實存在潛力。如果房屋存在某些情況，則有跡象表明可能需要某些類型的工作，例如屋頂建造。因此，我們正在圍繞這些用例與潛在的合作夥伴和合作夥伴進行合作。我想說銷售週期比保險短，因為一般來說，測試期較短。那裡仍有一些銷售週期，但我們對此感到興奮。

The last thing that I would say is over time, there's also opportunities for us to use that data to power the consumer experience tied to our Porch app and the Porch insurance value product because we can bring in that data and help to educate and engage and empower homeowners with more information about their home.

我想說的最後一件事是，隨著時間的推移，我們也有機會利用這些數據來增強與我們的 Porch 應用程式和 Porch 保險價值產品相關的消費者體驗，因為我們可以引入這些數據並幫助教育、吸引和授權房主了解更多關於他們房屋的資訊。

I'm just going to tack on because I think it's an interesting one. I think Matthew had all the key points. And there's a lot of use cases outside of insurance, but with carriers, we are finding more and more opportunities for ways to be able to use the data and create value, obviously, for underwriting, obviously, for pricing, upstream to be able to have more accurate pricing.

我只是想補充一下，因為我認為這很有趣。我認為馬修已經掌握了所有要點。除了保險之外，還有很多用例，但對於保險公司來說，我們發現越來越多的機會能夠使用數據並創造價值，顯然，對於承保、定價、上游能夠有更準確的定價。

We mentioned during our reinsurance renewal, how we're bringing in the data into our reinsurance submission, it was able to lower costs materially. So there's opportunities with reinsurance. Carriers that are out there that are marketing to consumers. If we know which consumers are buying homes, in which consumers have low-risk homes, clearly, that's valuable.

我們在再保險續保期間提到，我們如何將資料引入再保險提交中，這能夠大幅降低成本。因此，再保險領域存在著機會。那些正在向消費者行銷的業者。如果我們知道哪些消費者正在購買房屋，哪些消費者擁有低風險的房屋，那麼這顯然是有價值的。

And then lastly, insurance carriers out there spend a lot of money doing their own kind of reviews of homes post-underwriting. And if we have that data and they can be able to speed up that process and be able to be more accurate, obviously, that creates a lot of value.

最後，保險公司花費大量資金對承保後的房屋進行自己的審查。如果我們擁有這些數據，他們就能加快這一進程，並且更加準確，這顯然會創造很多價值。

So it's been fun as we have more and more tests going on because it's opening up lots of use cases. And again, like we mentioned in the prepared remarks, the results in the ROI so far have been very strong.

因此，隨著我們進行越來越多的測試，這變得很有趣，因為它開啟了許多用例。再次，正如我們在準備好的發言中提到的那樣，到目前為止，愛爾蘭的成果非常強勁。

Great. I appreciate all the color there. And then maybe lastly for me, you announced some new insurance agency partnerships. Just curious if you can update us on the go-to-market agent reception, any additional distribution strategies you might be pursuing?

偉大的。我很欣賞那裡的所有色彩。最後，對我來說，您宣布了一些新的保險代理合作夥伴關係。只是好奇您是否可以向我們介紹市場代理商接待情況，以及您可能正在採取的任何其他分銷策略？

Sure. We are focused on the agency channel. There's massive untapped opportunity for us in terms of how much we've penetrated and how much is out there. We are investing in growth through the agency channel. We've built out the team.

當然。我們專注於代理商通路。就我們已滲透的程度以及市場規模而言，我們還擁有大量尚未開發的機會。我們正在透過代理管道投資成長。我們已經組建了團隊。

I mentioned we grew from 2 to just as of now, we're up to 26. We're ahead of pace in the number of agencies. And we're excited about the differentiated product and the value that we can bring with our insurance product.

我提到過，我們從 2 家發展到現在，已經達到 26 家。我們在代理機構數量上處於領先地位。我們對差異化產品以及我們的保險產品所能帶來的價值感到非常興奮。

Matt mentioned we now have a set of member benefits that include a full warranty, moving services that's on top of our moving concede. We're in a position given our economics to pay competitive commissions. And so agents are excited to work with us and to grow with us.

馬特提到，我們現在有一系列會員福利，包括全面保固、搬家服務，這些都是在我們搬家優惠之上的。鑑於我們的經濟狀況，我們有能力支付有競爭力的佣金。因此代理商很高興與我們合作並與我們共同成長。

And I would say we're very early stages, both in our outreach to grow the number of agents and to build those relationships with them so that we're a bigger and bigger part of their business. So excitedlots of growth ahead for us.

我想說的是，我們還處於非常早期的階段，我們正在擴大代理商的數量並與他們建立關係，以便我們成為他們業務中越來越重要的一部分。我很興奮，我們未來將會有很大的發展。

Randy Binner, B. Riley.

蘭迪·賓納、B.萊利。

I'm kind of picking up actually on the insurance side on the last question there, if that's okay. I guess I would be interested to hear -- you talked about the go-to-market, adding agents in sales and distribution, and that's important. But I'd be interested just to hear if there's certain states or kind of broader geographies where you're seeing more success. I think homeowners rates are up a lot across the country. And so is -- are agents viewing the Reciprocal is like a new market that has better pricing are -- is there certain areas where you're coming in and large carriers are going on. Just be interested kind of how the Reciprocal is being received and where it's finding success so far.

如果可以的話，我實際上是從保險方面來回答最後一個問題。我想我很有興趣聽聽看——您談到了進入市場、在銷售和分銷中增加代理商，這些都很重要。但我很感興趣的是，您是否在某些州或更廣泛的地區取得了更大的成功。我認為全國的房主利率都大幅上漲。那麼，代理商是否將 Reciprocal 視為一個具有更優惠定價的新市場？您是否正在進入某些特定領域，大型承運商是否正在進入這些領域？我只是對 Reciprocal 的接受程度以及迄今為止的成功感興趣。

Sure. Yeah, there's a couple of things to hit on. I think it's a great question. Thanks for it.

當然。是的，有幾件事需要討論。我認為這是一個很好的問題。謝謝。

So first, just to make sure it's clear, in market, we continue to offer our HOA insurance product. And then Porch insurance will be a second product that's in market that will have differentiated value propositions. We will continue to expand states.

因此，首先，為了確保清晰，在市場上，我們將繼續提供我們的 HOA 保險產品。然後，Porch 保險將成為市場上第二種具有差異化價值主張的產品。我們將繼續擴大州。

So right now, we're in just 22 states. But there's a bunch of states that we are not in that we think are really attractive insurance markets ,and so we'll expand both the Homeowners of America product and then eventually, over time, the Porch Insurance product as we roll that out across the country. But again, very attractive markets that are out there.

目前，我們僅涵蓋 22 個州。但我們認為，還有很多州並不是真正有吸引力的保險市場，因此，我們將擴大美國房屋保險產品，並最終隨著時間的推移，在全國範圍內推廣 Porch 保險產品。但同樣，那裡的市場非常有吸引力。

Within our existing states, some of them, Texas being one, we have seen other carriers exiting that state or slowing down new business. Obviously, that's great for us. Our underwriting results are very, very strong. And obviously, the fact that we know more about properties when we're pricing policies helps us to be able to have very strong underwriting results.

在我們現有的一些州內，包括德克薩斯州，我們已經看到其他運營商退出該州或放緩新業務。顯然，這對我們來說非常好。我們的承保結果非常非常強勁。顯然，我們在製定保單定價時對房產有更多的了解，這有助於我們獲得非常強勁的承保結果。

And so for us, it creates a really attractive, I'd say, market dynamic because not only do consumers need our product, but agents need our product as well as they're going out to market.

因此對我們來說，它創造了一個真正有吸引力的市場動態，因為不僅消費者需要我們的產品，而且代理商在進入市場時也需要我們的產品。

So net -- and I mentioned this a bit earlier on, we do think the homeowners insurance category as a whole is a beautiful place to be playing. It is, to your point, it is growing and it's expected to continue to grow really fast.

所以，總的來說——我之前提到過這一點，我們確實認為房屋保險類別作為一個整體是一個美好的領域。正如您所說，它正在增長，並且預計會繼續快速增長。

And given that we can play in that market without having to take on the weather volatility on a month-to-month or quarter-to-quarter basis, that allows our business to grow with high margins while participating in what's ahead for the category.

而且，由於我們可以在該市場中開展業務，而不必承受逐月或逐季度的天氣波動，因此我們的業務可以實現高利潤率成長，同時參與該類別的未來發展。

All right. And then just related, and I apologize if I missed this, but did you talk at all about the loss ratio for the Reciprocal in the quarter? I know it doesn't accrue it to Porch shareholders, so just curious in kind of a normal or even better cat quarter for Texas if the -- if you can disclose kind of like how good the losses were in the quarter?

好的。然後只是相關的，如果我錯過了這一點，我很抱歉，但你有沒有談論過本季 Reciprocal 的損失率？我知道這不會歸於 Porch 股東，所以只是好奇，對於德克薩斯州來說，這是一個正常甚至更好的季度，如果您可以透露本季的損失有多好？

They were exceptional is the short answer. The gross loss ratio was 34% in the quarter. That compares to 117% last year. In Q2, remember, Q2 is usually when the majority of the losses come in because of that -- of the weather, and so tremendous result there.

簡短的回答是，他們非常出色。本季毛損率為34%。相比之下，去年這一比例為 117%。請記住，在第二季度，大部分損失通常是由於天氣原因造成的，因此造成了巨大的損失。

You also saw net income in the quarter for the Reciprocal of just under $6 million compared to a loss of around $30 million last year. So just a really great quarter. And I think that's -- as Matt talked about on the call today, that's what's underpinning that increase in surplus combined with non-admitted assets is a really strong underwriting performance there.

您還會看到，本季 Reciprocal 的淨收入略低於 600 萬美元，而去年同期的虧損約為 3,000 萬美元。所以這真是一個偉大的季度。我認為，正如馬特今天在電話會議上談到的那樣，這就是盈餘增加與未承認資產相結合的基礎，這是承保表現非常強勁的原因。

Yeah. I'll just layer on it. attritional loss ratio as well, something we look at, was again just exceptional. And it just goes to show that we really have fundamental advantages with our ability to price and underwrite, but attritional loss ratio was in the second quarter down to 8%, which is a 1,300-basis-point improvement versus the same quarter prior year. So again, just very, very strong results for the Reciprocal.

是的。我只是將其分層。我們所看到的損耗率也是非常出色的。這表明我們在定價和承保能力方面確實具有根本優勢，但第二季度的損耗率下降至 8%，比去年同期提高了 1,300 個基點。所以，對於 Reciprocal 來說，結果再次非常強勁。

Timothy Greaves, Loop Capital.

蒂莫西·格里夫斯（Loop Capital）。

I guess I want to ask more about the home factors and the conversion there. I know you said that there's a lot more people testing the product. But what is the timeline on, I guess, adoption? And what is the conversion rate you're seeing in like people testing to adopting the product?

我想進一步詢問有關家庭因素和那裡的轉換的情況。我知道您說過有很多人在測試該產品。但我想，領養的時間表是怎麼樣的？您看到的從測試到採用該產品的轉換率是多少？

Sure, I can hit on that. What we're excited about is the interest in engagement across the broad set of carriers that are -- of all shapes and sizes. I'll just say that kind of the vibe we get from the carriers is very strong.

當然，我可以做到這一點。令我們興奮的是，各種規模和類型的運營商都對參與感興趣。我只想說，我們從運營商那裡感受到的這種感覺非常強烈。

In terms of the selling cycle, we, I would say, are seeing what we expect. These carriers want to test it, they have certain steps they have to take before they can formally introduce it into their pricing in their underwriting, all of them remain very engaged.

就銷售週期而言，我想說，我們看到了我們所期望的。這些承運商想要對其進行測試，他們必須採取某些步驟才能將其正式引入承保定價中，他們都非常投入。

From a financial standpoint, we haven't -- we don't need any revenue from Home Factors to hit our 2025 targets. And I would say the progress is going well. We don't report on a conversion rate we have shared kind of what we did with Bamboo. We don't expect to release every single new customer that we get at. But I'll just reiterate, there's real interest and real excitement. The team's fired up. The vibes are good. and we're pushing really, really hard.

從財務角度來看，我們不需要 Home Factors 的任何收入來實現我們的 2025 年目標。我想說的是，進展很順利。我們沒有報告轉換率，但我們分享了我們對 Bamboo 所做的工作。我們並不期望放行我們遇到的每一位新客戶。但我只想重申，人們確實感興趣並且非常興奮。全隊士氣高昂。氣氛很好。我們正在非常非常努力地推動。

Yeah. I would just layer on. I do think that carriers that have tested, really we feel like we're hitting the bullseye with the product that we have for them. So I concur. I think that it's set up well as we look ahead.

是的。我只會分層塗抹。我確實認為，經過測試的運營商確實感覺我們為他們提供的產品正中靶心。所以我同意。我認為，展望未來，這個安排已經很好了。

[Graham Bundy], KBW.

[格雷厄姆·邦迪]，KBW。

I'm on for Ryan Tomasello today. First, you've had success taking price across many of your software brands over the last year or so. Going forward, will the approach be more consistent with annual price taking on renewals, or should we expect your price taking to continue to be lumpy with a more multiyear approach?

今天我代表 Ryan Tomasello 出場。首先，在過去一年左右的時間裡，你們已經成功地為許多軟體品牌定價。展望未來，這種方法是否會與續約的年度定價更加一致，或者我們是否應該預期您的定價將繼續與多年期定價方法不一致？

Well, I'll take that. Our strategy is to continue to price the value. Our strategy is to continue to invest in innovation, continue to bring new features in products to market. I don't want to say exactly when we'll do price increases, but it's certainly our expectation that we'll be able to have ongoing price increases across our businesses. And the upside to that is a lot of those businesses that are driven by transaction volume in the real estate market.

好吧，我接受。我們的策略是繼續為價值定價。我們的策略是持續投資創新，不斷將新產品推向市場。我不想確切地說我們什麼時候會漲價，但我們肯定期望我們所有業務的價格能夠持續上漲。這樣做的好處是，很多企業都是由房地產市場的交易量所驅動的。

And transaction volume is low, both for new home sales and for refinancings. And as the interest rates come down, our expectation is that as the market will get healthier, we'll get closer to normal and then all the good work we've done around innovating on products and raising price will bring nice upside that will essentially drop to the bottom line on those businesses. So that's the strategy we're focused on.

無論是新房銷售還是再融資，交易量都很低。隨著利率下降，我們預計市場將變得更加健康，我們將更接近正常水平，然後我們在產品創新和提高價格方面所做的所有出色工作將帶來良好的上升空間，這基本上會降低這些企業的利潤。這就是我們關注的策略。

Awesome. I appreciate the color there. And then my follow-up, which you all have already touched on slightly. But just in terms of EBITDA margins, you've obviously already told us how you're thinking about the longer-term potential. But over the near term, should we expect the pace of the margin expansion to be relatively consistent? Or do we also need to consider the potential for some opportunistic reinvestment that makes annual margin expansion a bit lumpier?

驚人的。我很欣賞那裡的色彩。然後是我的後續問題，大家已經稍微提過了。但就 EBITDA 利潤率而言，您顯然已經告訴我們您如何看待長期潛力。但在短期內，我們是否應該預期利潤率擴張的速度會相對一致？或者我們還需要考慮一些機會性再投資的可能性，而這會導致年度利潤率擴張變得有些不穩定？

Obviously, we haven't provided 2026 guidance as we look ahead, but I'll just give you generally what we've talked about, which is we do expect to be able to show nice margin expansion while also investing in the business to be able to ensure that we're growing at the clips that we want to grow. So we don't expect the improvement is going to need to be lumpy.

顯然，我們還沒有提供 2026 年的指導，但我只會大致介紹一下我們所討論的內容，那就是我們確實希望能夠實現良好的利潤率擴張，同時投資於業務，以確保我們以我們想要的速度增長。因此，我們預期改善不會很劇烈。

We think that we're going to be able to manage the business to be able to create a lot of value for shareholders. And we think, again, like I said before, the combination of really nice growth with margin expansion each year for an extended period of time, we'll produce that.

我們認為我們將能夠管理業務並為股東創造大量價值。我們認為，就像我之前說的，透過長期來看每年實現真正良好的成長和利潤率的擴大，我們能夠實現這一目標。

And it seems that we have no further questions for today. I would now like to turn the call back over to Matt Ehrlichman for closing remarks.

看來我們今天沒有其他問題了。現在我想將電話轉回給馬特·埃利希曼，請他做最後發言。

I just appreciate folks tuning in and being with us on this journey. I think you can probably hear it come through, hopefully, but the team is fired up. We're in a good spot. The vibes across the company are, I would say, excellent. And we're in the early days of building a really big, exciting business.

我非常感謝大家的關注並與我們一起踏上這段旅程。我希望你能聽到它的聲音，但團隊已經很興奮了。我們處境很好。我想說，整個公司的氣氛非常好。我們正處於打造真正龐大、令人興奮的業務的初期。

So we'll keep you up to speed as we continue to progress, but I appreciate everybody's time. Have a great rest of the day.

因此，我們會隨時向大家通報進展情況，但我感謝大家的時間。祝您今天剩餘時間愉快。

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

今天的電話會議到此結束。您現在可以斷開連線。