Patriot Acquisition Corp (PTAC) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for participating in Porch Group's first-quarter 2026 conference call. Earlier today, we issued our earnings release and filed our related Form 8-K with SEC. The earnings release and today's presentation are available on our Investor Relations website at ir.porchgroup.com.

下午好，感謝各位參與 Porch Group 2026 年第一季財報電話會議。今天稍早，我們已發布財報新聞稿，並向美國證券交易委員會（SEC）提交了相關的 Form 8-K。財報新聞稿與今日簡報可於我們的投資人關係網站 ir.porchgroup.com 取得。

Before we begin, I'd like 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, April 28, 2026. We undertake no obligation to update or revise these remarks. We will make forward-looking statements that involve risks and uncertainties, and actual results may differ materially. Please refer to the information on this slide in our SEC filings for additional detail.

在開始之前，我想先說明公司依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所作的「安全港」聲明，其中對前瞻性陳述提供重要警示。今日討論內容（包含對各位提問的回覆）反映管理團隊截至今日、亦即 2026 年 4 月 28 日的觀點。我們不承擔更新或修訂上述言論的任何義務。我們將作出涉及風險與不確定性的前瞻性陳述，實際結果可能出現重大差異。更多細節請參閱本投影片所示之我們在 SEC 申報文件中的相關資訊。

We will also reference certain non-GAAP financial measures. Reconciliations are included in today's earnings release. And also a replay of this webcast is going to be available shortly after the call on our Investor Relations site.

我們也會引用若干非 GAAP 財務衡量指標。對帳表已包含於今日的財報新聞稿中。此外，本次網路直播的重播將於會後不久在我們的投資人關係網站提供。

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

今天與我一同出席的有：Porch 執行長、董事長暨創辦人 Matt Ehrlichman；Porch 財務長 Shawn Tabak；以及 Porch 營運長 Matthew Neagle。

With that, I'll turn the call over to Matt for his key updates.

接下來，我把電話會議交給 Matt，請他分享重點更新。

Thank you, John. Good afternoon, everyone. We are pleased to report a strong start to 2026. Q1 results exceeded expectations, and we're raising our full year guidance for Porch shareholder interest revenue, gross profit, and adjusted EBITDA. Porch is now a simpler, higher-margin fee and commission-based business, one that's built to compound premium and cash flow over time without the earnings volatility often associated with risk-bearing insurance carriers.

謝謝你，John。各位下午好。我們很高興報告 2026 年有一個強勁的開局。第一季結果優於預期，我們也上調了全年對 Porch 股東權益收入、毛利以及調整後 EBITDA 的指引。Porch 現在是一個更精簡、毛利率更高、以費用與佣金為主的業務模式；此模式旨在隨時間累積保費與現金流，而不會像承擔風險的保險承保公司那樣常見獲利波動。

Last year, we proved out the profitability of our business model. 2026 is the first year with tangible year over year comparables for Porch shareholder interest results, and we demonstrated significant and sustainable growth especially in Insurance Services, which delivered 50% year-over-year revenue growth in the quarter.

去年，我們驗證了商業模式的獲利能力。2026 年是第一個能就 Porch 股東權益結果提供具體年對年可比數據的年度；我們展現了顯著且可持續的成長，尤其是保險服務（Insurance Services），本季營收年增 50%。

From here, our strategy is straightforward, scale rapidly, and with discipline and continue to invest in the differentiated assets that strengthen our moat, our data advantage, our underwriting and pricing capabilities, and our differentiated products for consumers.

接下來，我們的策略很明確：在保持紀律的前提下快速擴張，並持續投資於能強化我們護城河的差異化資產——我們的數據優勢、核保與定價能力，以及面向消費者的差異化產品。

Okay. So for the first quarter, we delivered results for Porch shareholder interest that reflected continued strength in Insurance Services and continued discipline across the business. Specifically, you can see here, Reciprocal Written Premium, or RWP, was $114 million, up 18% year over year. Revenue was $109 million, up 29% year over year. Q1 gross profit was $91 million, resulting in an 83% gross margin. Q1 adjusted EBITDA was $20 million, an 18% margin.

好的。就第一季而言，我們交出的 Porch 股東權益結果反映了保險服務的持續強勁表現，以及全公司持續的營運紀律。具體來看，互助保險體（Reciprocal）簽單保費（Reciprocal Written Premium，RWP）為 1.14 億美元，年增 18%。營收為 1.09 億美元，年增 29%。第一季毛利為 9,100 萬美元，毛利率為 83%。第一季調整後 EBITDA 為 2,000 萬美元，利潤率為 18%。

Earlier I said, we intend to scale rapidly with discipline. The clearest way to see that is through our insurance growth engine, capacity, top-funnel, and conversion, as well as the latest underwriting results. Over the next four slides, you'll see the progress we've made. And importantly, after seeing these drivers in sequence, I think it becomes clear why we're confident in continued RDP growth acceleration.

我先前提到，我們打算在保持紀律的前提下快速擴張。最清楚的方式，就是透過我們的保險成長引擎：承保能力（capacity）、漏斗頂端（top-funnel）與轉換率（conversion），以及最新的核保結果。接下來四張投影片，您將看到我們取得的進展。更重要的是，當您依序看到這些驅動因素後，我認為就會清楚理解為何我們對 RDP 持續加速成長充滿信心。

So first, here, capacity. Statutory surplus is the key guidepost and you can see the progress over the last year, growth of 59% and $61 million year over year. The takeaway is that the capital foundation is far stronger today and supports our growth plans not just this year but well into the future.

首先是承保能力。法定盈餘（statutory surplus）是關鍵指標，您可以看到過去一年取得的進展：年增 59%，增加 6,100 萬美元。重點在於：如今資本基礎更為強健，不僅支撐我們今年的成長計畫，也能支撐未來多年。

Q1 statutory surplus of $165 million supports north of $800 million in premiums, well above our $600 million RWP target for this year. When including incremental non-admitted assets of a little north of $100 million, the Reciprocal then has the ability to support more than $1.25 billion of premium.

第一季法定盈餘為 1.65 億美元，可支撐超過 8 億美元的保費規模，明顯高於我們今年 6 億美元的 RWP 目標。若再納入略高於 1 億美元的額外非認許資產（non-admitted assets），該互助保險體（Reciprocal）則有能力支撐超過 12.5 億美元的保費。

The Reciprocal's Reinsurance program is in place to protect this capital across cycles. On April 1, the Reciprocal wrapped up a very successful renewal of its reinsurance program. Similar to prior years, this included a panel of 40-plus A-rated partners, offering catastrophic weather protection.

該互助保險體（Reciprocal）的再保險計畫已到位，用以在不同景氣循環中保護這些資本。4 月 1 日，Reciprocal 完成了非常成功的再保險計畫續約。與往年類似，該計畫包含由 40 家以上 A 級評等合作夥伴組成的承保團（panel），提供災難性天氣風險保障。

We're happy to report that the Reciprocal will benefit from an approximately 20% decline in costs for excess of loss reinsurance, driven by strong underwriting results and improved risk performance which further bolsters its surplus and overall margin in the system.

我們很高興報告，Reciprocal 的超額損失再保險（excess of loss reinsurance）成本將受惠於約 20% 的下降；此係由強勁的核保結果與改善的風險表現所帶動，進一步強化其盈餘以及整體系統的利潤率。

To have capacity in place, the next driver is distribution, and this starts with agency growth. Think of this as a land and expand strategy. We're growing our agency footprint and expanding production across our existing partners' locations. That's why we highlight producing agency branch locations. It's a metric we use internally to gauge distribution depth as we expand and reach an existing agencies, this translates to quote volumes.

在承保能力到位之後，下一個驅動因素是通路分銷，而這從代理機構成長開始。您可以把這視為「先落地、再擴張」（land and expand）的策略。我們正在擴大代理機構版圖，並在既有合作夥伴的據點中提升產能。因此我們特別強調有產出的代理分支據點（producing agency branch locations）。這是我們內部用來衡量分銷深度的指標；當我們擴張並觸及既有代理機構時，這會轉化為報價量（quote volumes）。

For Q1, you can see here producing agency branch locations increased 181% year over year, while coal volumes grew 69% year over year and improved on an absolute basis for the sixth straight quarter. All in, the funnel is expanding, and we're increasing the pool of potential new customers.

就第一季而言，您可以看到有產出的代理分支據點年增 181%，同時報價量年增 69%，且連續第六季在絕對值上改善。整體而言，漏斗正在擴大，我們也在增加潛在新客戶的池子。

Moving down the funnel, conversion is the lever that turns quote volumes into new customers and premium. The Reciprocal's stellar pricing and underwriting results means we have more margin in the system than other carriers. Given that and our understanding of the elasticity of the conversion rate curve, we can take targeted actions like those we started in November to bring in more low-risk consumers and grow premium at our targeted rates while maintaining the Reciprocal's exceptional underwriting outcomes and profitability.

沿著漏斗往下看，轉換率是將報價量轉化為新客戶與保費的槓桿。Reciprocal 出色的定價與核保結果，意味著相較其他保險公司，我們在系統中擁有更高的利潤空間。基於此以及我們對轉換率曲線彈性的理解，我們可以採取有針對性的行動——例如我們自 11 月開始的措施——以吸引更多低風險消費者，並在維持 Reciprocal 卓越核保成果與獲利能力的同時，以我們目標的速度成長保費。

In the chart here, you can see the clear step-up in conversion that began in Q4 following the activation actions. That improvement continued into Q1 and year over year conversion rates have almost doubled. Note that we've only seen a 5% year-over-year decline in premium per new customer, while producing these Q1 gains.

從這張圖表中，您可以看到自第四季啟動相關措施後，轉換率出現明顯的躍升。這項改善延續到第一季，年對年轉換率幾乎翻倍。請注意，在取得第一季這些提升的同時，我們每位新客戶的保費僅年減 5%。

At the start of 2026, we launched Porch Insurance in Texas. Over time, Porch Insurance will serve as another tailwind for conversion as its product differentiation helps open us up to new segments of consumers.

在 2026 年初，我們在德州推出了 Porch Insurance。隨著時間推進，Porch Insurance 將成為轉換率的另一股順風，因其產品差異化有助於我們切入新的消費者族群。

All right. So now the results. And this is probably the most important message today, when capacity top of following conversion improve together, it shows up in new customer growth. As this chart shows, RWP, from new customers stepped up meaningfully approximately tripling year over year, which is the clearest proof that the growth engine is working.

好。接下來看結果。而這可能是今天最重要的訊息：當承保能力、漏斗頂端與轉換率同步改善時，就會反映在新客戶成長上。如圖所示，來自新客戶的 RWP 顯著提升，年對年約成長至三倍，這是成長引擎正在運作的最明確證據。

We're certainly excited about continuing this momentum. We've reached an inflection point for growth. But what's notable is the way we are driving this growth. In Q1, total policies written across new and renewal grew 33% year over year. Another clear proof point that the growth engine is on track. Matthew will cover this in more detail later in the call.

我們當然對延續這股動能感到振奮。我們已到達成長的拐點。但值得注意的是，我們推動這項成長的方式。在第一季，新保與續保合計的總承保保單數年增33%。這是成長引擎按計畫運轉的另一個明確佐證。Matthew稍後會在電話會議中更詳細說明。

All right. So we just walked through the premium drivers and now -- and how the system is designed to deliver rapid growth, and now we move into the discipline and sustainability side of it, which you can see through the Reciprocal's underwriting results. These charts depict the 2025 AM Best annual market share data. The takeaway is simple. The Reciprocal continues to perform among the best in its peer set, top quartile nationally and in Texas for the combined ratios.

好。我們剛剛走過保費的驅動因素，以及系統如何被設計來實現快速成長；接下來我們轉向紀律與可持續性面向，這可從Reciprocal的核保結果看出。這些圖表呈現2025年AM Best年度市占率資料。重點很簡單。Reciprocal在同業組合中持續名列前茅，在全美及德州的綜合比率均位居前四分位。

Here's what's so exciting about these combined ratios. This includes all of the margin paid via fees to Porch Group as part of the Reciprocal's expenses. In 2025, Fortress Insurance Services segment saw a margin of adjusted EBITDA to RWP of 21%. So you can do the math. If you were to reduce the expenses and thus, the combined ratio by this amount, it truly is exceptional combined ratio results.

這些綜合比率令人振奮之處在於：其中包含Reciprocal費用的一部分，即以費用形式支付給Porch Group的所有利潤空間。2025年，Fortress Insurance Services事業部的調整後EBITDA對RWP的利潤率為21%。所以你可以算一算。如果你把費用降低、因此將綜合比率降低相同幅度，那將是真正卓越的綜合比率表現。

Putting all this together, our goal is simple: we aim to drive compounded porthole interest earnings growth while maintaining strong health at Reciprocal. As we deliver on those two key objectives, we can scale this business rapidly and profitably for decades to come.

綜合以上，我們的目標很簡單：在維持Reciprocal強健體質的同時，推動Porch股東權益收益的複利成長。當我們達成這兩項關鍵目標時，就能在未來數十年快速且獲利地擴大這項業務規模。

With that, I'll turn it over to Sean to cover the financials and guidance.

接下來我把時間交給Sean，請他說明財務表現與財測指引。

Thank you, Matt. Good afternoon, everyone. I'll start off with a high-level summary of our financials. Overall, we're pleased with our first quarter results, which exceeded expectations across Reciprocal Written Premium, revenue, gross profit, and adjusted EBITDA. We raised our outlook for the year, driven by our Insurance Services segment.

謝謝你，Matt。各位下午好。我先從財務的高層次摘要開始。整體而言，我們對第一季的結果感到滿意；Reciprocal承保保費（RWP）、營收、毛利與調整後EBITDA均優於預期。在保險服務事業部帶動下，我們上調了全年展望。

Insurance Services delivered strong Q1 results, particularly in RWP, driven by new customer additions. The team continues to add agencies and quotes and we saw higher quote-to-bind conversion rates, as Matt noted. Two quick housekeeping items before we dive deeper into the results.

保險服務在第一季交出強勁成績，尤其是RWP，主要由新增客戶帶動。團隊持續新增代理機構與報價量，且如Matt所提，我們看到更高的報價轉承保（quote-to-bind）轉換率。在更深入結果之前，先補充兩點例行事項。

First, as a reminder, we launched the reciprocal on January 1, 2025, we updated our segment reporting at that time. As a result, this Q1 2026 represents the first period with tangible year over year comps for RWP, as well as port shareholder interest and insurance services financials.

第一，提醒一下，我們於2025年1月1日啟動reciprocal，並在當時更新了分部揭露。因此，2026年第一季是首個能就RWP、以及Porch股東權益與保險服務財務數據，提供具體年對年可比基期的期間。

And second, related to that, Q1 2025 and was the final quarter of the legacy captive reinsurance terms that benefited the prior year quarter by $16 million. So while adjusted EBITDA still grew nicely this quarter, Q1 2025 is our last tough comp.

第二，與此相關，2025年第一季是舊有自保再保險條款的最後一季；該條款使前一年同期受益1,600萬美元。因此，雖然本季調整後EBITDA仍有不錯成長，但2025年第一季是我們最後一個較具挑戰性的可比基期。

Okay. Similar to Matt's remarks, my comments focus on Porch shareholder interest since generating cash for shareholders remains our ultimate objective. Under GAAP, we consolidate the reciprocal exchange financials, which are included in the press release and our 10-Q.

好。與Matt的談話類似，我的評論將聚焦於Porch股東權益，因為為股東創造現金仍是我們的最終目標。依GAAP，我們合併reciprocal exchange的財務報表，並已納入新聞稿與我們的10-Q。

Q1 2026 Porch shareholder interest revenue was $109 million. Insurance Services contributed 68%, Software & Data 20%, with the remainder from Consumer Services. Associated gross profit was $91 million with an 83% gross margin, driven by Insurance Services 85% gross margin. Adjusted EBITDA was $20 million ahead of expectations, with Insurance Services delivering a 37% adjusted EBITDA margin.

2026年第一季Porch股東權益營收為1.09億美元。其中保險服務貢獻68%，軟體與數據貢獻20%，其餘來自消費者服務。相關毛利為9,100萬美元，毛利率83%，主要由保險服務85%的毛利率帶動。調整後EBITDA為2,000萬美元，優於預期；其中保險服務的調整後EBITDA利潤率為37%。

Okay, now let's move a little deeper into the segment results, starting with Insurance Services. Insurance Services revenue was $75 million, growth of 50% over the prior year and exceeding expectations, driven by higher fee-based revenue with higher RWP volume and new customer additions. As Matt highlighted, premium for new customers almost tripled year over year, and we saw a 33% increase in total Reciprocal policies written.

好，接著我們更深入看各分部表現，先從保險服務開始。保險服務營收為7,500萬美元，較去年成長50%且優於預期，主要由更高的費用型收入所帶動，這來自更高的RWP量與新增客戶。如Matt所強調，新客戶保費年增近三倍，且Reciprocal總承保保單數增加33%。

Gross profit was $64 million, delivering a strong 85% gross margin. Adjusted EBITDA was $27 million or a 37% margin. While we continue to see strong incremental EBITDA margins from revenue growth, particularly the fee revenue that has a relatively fixed cost base, the year-over-year margin decline simply reflects the changes to our captive reinsurance terms that I mentioned.

毛利為6,400萬美元，毛利率強勁達85%。調整後EBITDA為2,700萬美元，利潤率37%。雖然我們持續看到營收成長帶來強勁的增量EBITDA利潤率，特別是成本基礎相對固定的費用收入，但年對年利潤率下滑僅反映我先前提到的自保再保險條款變更。

Overall adjusted EBITDA as a percentage of RWP was 24% in Q1, reflecting a strong margin as we scale RWP, and continued operating leverage in insurance services. On a trailing 12-month basis, adjusted EBITDA as a percentage of RWP, was 20%.

整體而言，第一季調整後EBITDA占RWP的比率為24%，反映在擴大RWP規模時的強勁利潤率，以及保險服務持續的營運槓桿。以過去12個月計，調整後EBITDA占RWP的比率為20%。

Okay, shifting to software and data. As a reminder, most of our vertical Software businesses charge per transaction. So results do remain tied to US housing activity, which continues to be a near cyclical trough levels. And we do expect tailwinds as housing recovers.

好，接著轉到軟體與數據。提醒一下，我們多數垂直軟體業務採按交易收費。因此，業績仍與美國房市活動連動，而房市目前仍接近景氣循環低點。隨著房市復甦，我們預期將有順風助力。

In the first quarter of 2026, results were relatively flat year over year. Software & Data revenue was $22 million. Gross profit was $17 million with a 75% gross margin. Adjusted EBITDA was $4.6 million.

2026年第一季，結果年對年大致持平。軟體與數據營收為2,200萬美元。毛利為1,700萬美元，毛利率75%。調整後EBITDA為460萬美元。

Consumer Services also reflects softer housing conditions. Segment revenue was $15 million, increasing slightly over the prior year. Gross profit was $13 million, an 87% gross margin and up 390 basis points year over year, driven by mix shift to higher quality revenue. And finally, adjusted EBITDA was approximately breakeven.

消費者服務同樣反映較疲弱的房市狀況。分部營收為1,500萬美元，較去年小幅增加。毛利為1,300萬美元，毛利率87%，年對年提升390個基點，主要由產品組合轉向更高品質收入所帶動。最後，調整後EBITDA約為損益兩平。

Moving now to the balance sheet. We ended Q1 with cash plus investments of $134 million, up $13 million from December 31, 2025. Porch shareholder interest cash flow from operations was $20 million in the quarter. As a reminder, cash flow timing is seasonal, we pay interest on our notes in the second and fourth quarters of each year.

接著看資產負債表。第一季末現金加投資為1.34億美元，較2025年12月31日增加1,300萬美元。本季Porch股東權益營運活動現金流為2,000萬美元。提醒一下，現金流時點具有季節性；我們在每年第二季與第四季支付票據利息。

In March, we exhausted the share repurchase authorized by the Board and repurchased 334,000 shares for $2.5 million or an average of $7.48 per share. And as a reminder, this was the maximum amount allowed by our 2028 notes indenture. Our 2026 notes have a remaining balance of $7.8 million, which we expect to settle at maturity on September 15, 2026, with cash from the balance sheet.

3月，我們用盡董事會核准的庫藏股回購額度，回購33.4萬股，金額250萬美元，平均每股7.48美元。提醒一下，這是我們2028年票據契約所允許的最高金額。我們2026年票據尚餘餘額780萬美元，預期將於2026年9月15日到期時，以資產負債表上的現金償付。

Okay. And shifting to our 2026 guidance for Porch shareholder interest. Our 2026 target of $600 million organic RWP represents 25% year-over-year growth. Given the strong start to the year, we are raising our guidance for revenue, gross profit, and adjusted EBITDA. We are raising our revenue guidance to a range of $495 million to $507 million representing 20% year-over-year growth at the midpoint, up 400 basis points versus prior guidance.

好的。接著轉到我們針對 Porch 股東權益的 2026 年指引。我們 2026 年有機 RWP 的目標為 6 億美元，代表年增 25%。鑑於今年開局強勁，我們上調營收、毛利與調整後 EBITDA 的指引。我們將營收指引上調至 4.95 億至 5.07 億美元區間，以中位數計算代表年增 20%，較先前指引提高 400 個基點。

We are raising our gross profit guidance to a range of $401 million to $413 million, still with an 81% gross margin at the midpoint. We are raising our adjusted EBITDA guidance to a range of $103 million to $109 million, still a 21% adjusted EBITDA margin at the midpoint. From a modeling perspective, we continue to expect trough-like US housing conditions and thus, flattish year over year results in Software and Data and Consumer Services, with the guidance increase attributable to strength in insurance services.

我們將毛利指引上調至 4.01 億至 4.13 億美元區間，中位數毛利率仍為 81%。我們將調整後 EBITDA 指引上調至 1.03 億至 1.09 億美元區間，中位數調整後 EBITDA 利潤率仍為 21%。從建模角度來看，我們仍預期美國房市處於類似谷底的狀況，因此軟體與數據以及消費者服務的年對年表現大致持平；此次上調指引主要歸因於保險服務的強勁表現。

And I'll now hand over to Matthew to provide a strategic update and the KPI review.

接下來我把時間交給 Matthew，請他提供策略更新與 KPI 回顧。

Thank you, Shawn. I'll start by giving a brief business update and then dig into our KPIs. I first want to touch briefly on AI, about how we're using it and why we believe it strengthens rather than threatens our position. Across Porch, AI is meaningfully improving our engineering velocity and our operations. Our engineers are shipping faster with higher quality and we are seeing productivity gains that are fundamentally changing how we build software.

謝謝你，Shawn。我先簡要更新業務狀況，接著深入說明我們的 KPI。我想先簡短談一下 AI：我們如何使用它，以及為何我們相信它強化而非威脅我們的地位。在 Porch 各項業務中，AI 正顯著提升我們的工程開發速度與營運效率。我們的工程師以更高品質更快交付，我們也看到生產力提升，從根本上改變了我們打造軟體的方式。

In customer support, AI is now handling a significant share of initial customer contacts, reducing costs, and improving response times. We are seeing real productivity gains across the business.

在客戶支援方面，AI 現在已處理相當比例的初始客戶聯繫，降低成本並改善回應時間。我們在整個業務中都看到實質的生產力提升。

On the disruption question, let me be clear. In insurance, AI does not change the fundamental nature of what we do. Insurance is a balance sheet promise. It is regulated, capital-intensive, and requires real financial backing. AI will make underwriting claims and customer interaction more efficient, and we are investing aggressively to lead there, but it does not alter the structure of the industry or eliminate the need for the product.

關於「顛覆」的問題，我要說清楚。在保險領域，AI 不會改變我們所做事情的根本性質。保險是一項資產負債表上的承諾。它受監管、資本密集，並需要真實的財務支撐。AI 會讓核保、理賠與客戶互動更有效率，我們也正積極投資以在此領域領先，但它不會改變產業結構，也不會消除對該產品的需求。

We think we are well positioned here. So why do we think our Vertical Software businesses are well positioned in an AI world? Well, these are systems of records built on decades of real transaction data inside regulated industries where compliance, audit trails, and security are non-negotiable. They are the bones of a home purchase or a refinance transaction and are not optional tools.

我們認為我們在這方面具備良好定位。那麼，為什麼我們認為我們的垂直軟體業務在 AI 世界中同樣具備良好定位？因為這些是記錄系統（systems of record），建立在受監管產業內數十年的真實交易資料之上，其中合規、稽核軌跡與安全性都是不可妥協的。它們是購屋或再融資交易的骨幹，並非可有可無的工具。

Our customers rely on them deeply, which shows up in high NPS scores, and we wrap meaningful services around the software itself. For inspectors, that includes payment processing, warranties, recall type monitoring in a call center, making us much harder to displace in a stand-alone SaaS product. And we are not standing still. We are investing and innovating faster than we ever have.

我們的客戶高度依賴這些系統，這反映在高 NPS 分數上，而我們也在軟體本身之外提供重要的服務。對於檢驗師而言，這包括金流處理、保固、在客服中心進行類似召回的監控，使我們比單一的 SaaS 產品更難被取代。而我們並未停下腳步。我們正以前所未有的速度投資與創新。

In our inspection software, we're using AI to improve report quality and speed, defect detection, narrative assistance embedded directly into the workflow inspectors are to use. In Rynoh, our title insurance software, we're applying AI to high stakes workflows like reconciliation, verification, and fraud monitoring, where accuracy and auditability are everything.

在我們的檢驗軟體中，我們運用 AI 來提升報告品質與速度、缺陷偵測，以及直接嵌入檢驗師工作流程中的敘述輔助。在 Rynoh（我們的產權保險軟體）中，我們將 AI 應用於對風險要求極高的工作流程，例如對帳、驗證與詐欺監控，在這些環節中準確性與可稽核性至關重要。

In Floify, our mortgage point-of-sale platform, we're moving towards letting a bower generate a pre-approval letter from their phone in just a few clicks. Lender customers are expressing real excitement and willingness to pay for this as a premium feature.

在 Floify（我們的房貸銷售端點平台）中，我們正朝向讓借款人只需在手機上點幾下，就能產生預先核准函。放款機構客戶對此表現出高度興奮，並願意為此作為高階功能支付溢價。

Finally, we believe AI will disproportionately benefit companies with unique data assets like ours. Underlying our entire business is our data platform with proprietary data covering approximately 90% of US residential properties and early insight into 90% of homebuyers each month. Simply put, AI is additive to Porch's long-term position.

最後，我們相信 AI 將不成比例地讓像我們這樣擁有獨特數據資產的公司受益。支撐我們整體業務的是我們的數據平台，擁有涵蓋約 90% 美國住宅物業的專有數據，並且每月能提前洞察 90% 的購屋者。簡而言之，AI 對 Porch 的長期競爭地位是加分的。

Let's move to Q1 insurance KPIs. Reciprocal rate premium was $114 million, ahead of expectations and up 18% versus prior year. Reciprocal Policies Written was nearly 48,000 policies, up 33% year over year and continuing the momentum we saw in Q4.

接著看第一季保險 KPI。互助保險（Reciprocal）費率保費為 1.14 億美元，高於預期，較去年同期成長 18%。互助保險已簽發保單（Reciprocal Policies Written）接近 48,000 張，年增 33%，延續我們在第四季看到的動能。

RWP per policy written was $2,386. This was down on a year over year basis, but I want to be clear on what's driving this. It is largely a function of mix shift, not competition or price. The premium per new customer is always less than premium per renewing customer. As new customer growth has accelerated, they represent a larger share of the mix, which pulls the average down.

每張已簽發保單的 RWP 為 2,386 美元。這在年對年基礎上有所下降，但我想清楚說明其原因。這主要是組合轉移（mix shift）的結果，而非競爭或價格因素。新客戶的每位客戶保費一向低於續保客戶的每位客戶保費。隨著新客戶成長加速，新客戶在組合中的占比提高，因而拉低平均值。

To put a number on it, premium per new customer was only 5% lower on a year over year basis, meaning that we have been able to increase conversion rates without meaningful decreases in price or profitability. In total, when you pair the top of funnel strength, with the conversion rate improvements we've put in place, you arrive at a very strong outcome in new customer RWP, which was 3 times higher versus the prior year.

以數字來看，新客戶的每位客戶保費年對年僅下降 5%，這表示我們能在不顯著降低價格或獲利能力的情況下提升轉換率。整體而言，當你把漏斗頂端的強勁表現與我們已落地的轉換率改善結合起來，新客戶 RWP 的結果非常亮眼，較去年同期高出 3 倍。

Moving to Software & Data. The housing market remains challenging, but that's not slowing our pace of innovations. At the start of the new year, we launched Rynoh product hub, the new central home for all Rynoh products and services. In March, Floify released Dynamic Apps 2.0 to allow mortgage teams to tailor borrower applications. We continue to see strong interest in home factors and compelling new data customers, and we'll share more here when we are able to.

接著談軟體與數據（Software & Data）。房市仍具挑戰，但這並未放慢我們的創新步伐。在新年伊始，我們推出了 Rynoh 產品中樞（product hub），作為所有 Rynoh 產品與服務的新中央入口。3 月，Floify 發布 Dynamic Apps 2.0，讓房貸團隊能客製化借款人申請表。我們持續看到市場對 home factors 的高度興趣，以及具吸引力的新數據客戶；待時機成熟我們會分享更多。

In terms of Software &Data KPIs. In Q1, we served approximately 22,000 companies with annualized revenue per company of $3,918. As a reminder, as part of our strategy to focus on larger customers, we sunset certain legacy software products that serve very small contractors, which is expected to lead to a few million dollar revenue headwind, but a slight positive effect to segment profitability.

就軟體與數據 KPI 而言。第一季我們服務約 22,000 家公司，每家公司年化營收為 3,918 美元。提醒一下，作為我們聚焦較大型客戶策略的一部分，我們已逐步下線（sunset）某些服務極小型承包商的舊版軟體產品，預期將帶來數百萬美元的營收逆風，但對部門獲利能力有輕微正面影響。

For Q1, the wind-down resulted in roughly 1,800 less companies in the quarter. However, as you can see from the 8% year-over-year increase in annualized average revenue per company, there was a fairly limited effect on segment revenue.

就第一季而言，這項收尾（wind-down）使本季公司數約少了 1,800 家。然而，從每家公司年化平均營收年增 8% 可見，對部門營收的影響相對有限。

In Consumer Services, our Moving Group focus is twofold: drive better monetization per move today and build a scalable demand engine for the next leg of growth. In Q1, Moving Group's upsell and cross-sell efforts drove a 9% year-over-year increase in average revenue per move. On the demand side, we're investing in exciting new partnerships, direct-to-consumer expansion, and the MovingPlace platform.

在消費者服務（Consumer Services）方面，我們對 Moving Group 的聚焦有兩個面向：一是提升當前每次搬遷的變現能力，二是打造可擴展的需求引擎，以支撐下一階段成長。第一季，Moving Group 的加購（upsell）與交叉銷售（cross-sell）推動每次搬遷平均營收年增 9%。在需求端，我們正投資令人振奮的新合作夥伴關係、直接面向消費者（DTC）的擴張，以及 MovingPlace 平台。

Like Software & Data, we feel our targeted investments and lean cost structure positions us well for when the housing cycle turns. As for the KPIs, in Q1, we had 69,000 monetized services with annualized revenue per monetized service of $220.

如同軟體與資料業務一樣，我們認為我們的聚焦投資與精實的成本結構，使我們在房市循環反轉時具備良好定位。至於KPI，第一季我們有69,000項已變現服務，每項已變現服務的年化營收為220美元。

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

我現在把時間交回給Matt做結語。

Thank you, Matthew. For closing the call, I do want to comment briefly on the macro environment. It's useful to re-anchor on why the homeowners insurance industry remains durable across cycles and why our operating model is built for the long term.

謝謝你，Matthew。在結束本次電話會議前，我想簡短評論一下總體環境。重新聚焦於為何屋主保險產業在各種景氣循環中仍具韌性，以及為何我們的營運模式是為長期而打造，會很有幫助。

First, demand is structurally embedded. The majority of US households have a mortgage or homeowners insurance is required by the lender, regardless of the economy. More broadly, homeowners insurance is carried by nearly 90% of US homes on an annual basis. Not surprising, given the home is often a family's largest financial asset.

第一，需求在結構上已深植其中。多數美國家庭有房貸，或不論景氣如何，放款機構都要求投保屋主保險。更廣泛地說，幾乎每年約有近90%的美國住宅會投保屋主保險。這並不令人意外，因為房屋往往是家庭最大的金融資產。

Second, the homeowners insurance premium pool has grown through cycles. You can see on the chart on the left, it makes it clear, and it has natural tailwinds. Inflation tends to scale premiums over time. And if the weather gets worse, it only means the homeowners insurance industry will grow faster. In the current environment, there's talk of a softening market and competition, but we're really not seeing that in any meaningful way in our Q1 results and strengthening funnel demonstrate that.

第二，屋主保險的保費資金池在各個循環中持續成長。你可以從左側圖表看到，這點非常清楚，而且它具有自然的順風因素。通膨往往會隨時間推升保費規模。而如果天氣變得更糟，只會意味著屋主保險產業將更快成長。在目前環境下，市場上談到市場走軟與競爭加劇，但我們在第一季的結果並未以任何有意義的方式看到這種情況，而我們強化中的漏斗也證明了這點。

Third, what's important for Porch is our model. We're able to participate in that growing industry premium pool, while separating Porch's financial results and profitability from weather volatility and risk.

第三，對Porch而言重要的是我們的模式。我們能參與這個成長中的產業保費資金池，同時將Porch的財務表現與獲利能力與天氣波動與風險切割開來。

And lastly, like Matthew just talked about, we don't see AI disruption risk as it relates to the foundational elements of the insurance industry. Again, insurance is a balance sheet promise, not a workflow regulation and capital requirements create real moats. We see AI enhancing the advantages for companies with unique data, and we've built our entire business around our data platform. I want to wrap up by briefly reinforcing the most important messages from today.

最後，如同Matthew剛才談到的，我們不認為AI會對保險產業的基礎要素帶來顛覆風險。再次強調，保險是一項資產負債表上的承諾，而非工作流程；監管與資本要求形成真正的護城河。我們看到AI會強化擁有獨特資料之公司的優勢，而我們整個業務都是圍繞資料平台建立的。我想在結尾簡要重申今天最重要的訊息。

First, we're off to a strong start in 2026. There's no doubt; second, we've raised our outlook meaningfully for the year; third, we're seeing momentum because the insurance growth engine is working. Capacity, distribution conversion are all moving in concert in the right direction.

第一，我們在2026年有一個強勁的開局。毫無疑問；第二，我們大幅上調了今年的展望；第三，我們看到動能，因為保險成長引擎正在運轉。承保容量、通路轉換率都在同向、朝正確方向推進。

Overall policy count is growing rapidly as is premium from new customers, and we're accomplishing this while maintaining some of the top underwriting results in the entire homeowners insurance industry. This creates differentiated margins and as a result, a stronger growth engine as we look ahead.

整體保單數快速成長，新客戶帶來的保費也同樣快速成長；同時我們仍維持在整個屋主保險產業中名列前茅的核保成果。這帶來差異化的利潤率，因此在展望未來時，也形成更強的成長引擎。

Thanks, everybody, for your time today. I just want to thank, in particular, my fellow shareholders for their support and belief in our organization. We can't control market volatility, but we can, we will control our focus, strategy, and execution. In just a little over a year, we've transformed Porch into a simpler, high margin, cash-generated business. We've built the foundation, and now we scale profitability fast.

感謝各位今天撥冗參與。我也特別想感謝各位股東對我們組織的支持與信任。我們無法控制市場波動，但我們可以、也將會控制我們的專注、策略與執行。在短短一年多的時間裡，我們已將Porch轉型為更簡單、高毛利、能產生現金的業務。我們已打好基礎，現在要快速擴大利潤。

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

接下來，John，請開放提問。

(Operator Instructions) Dan Kurnos, StoneX.

(接線員指示) Dan Kurnos，StoneX。

The results obviously speak for themselves, guys, a hell of a quarter. I guess the kind of question, I just want to anchor to, Matt, a little bit either Matt or Matthew, is there any thoughts on kind of the RWP guide for the year? Is that a little bit higher now just given the increase in revenue and given what you guys put up in Q1.

各位，結果顯然不言自明，這一季非常亮眼。我想把問題聚焦一下，Matt，或Matt或Matthew都可以：對於今年的RWP指引，有沒有什麼想法？考量營收上調以及你們第一季的表現，這個數字現在是否應該更高一些？

And to sort of unpack what you guys are talking about, and I appreciate the color on the premium per new policy written. Obviously, we've all been excited for Porch Insurance to kind of get launched into the market. But if your blended policy premium per policy is down because of mix and Porch Insurance is kind of a higher price point. And obviously, you guys can correct me if I'm wrong on that.

另外，為了拆解你們剛才談的內容，也謝謝你們提供新簽保單的每張保單保費的細節。顯然，我們都很期待Porch Insurance正式推向市場。但如果你們的綜合每張保單保費因組合而下降，而Porch Insurance的定價點又相對更高。當然，如果我理解有誤，你們可以糾正我。

Do we think that like the initial start to this year is actually driven by real strength in the legacy products even across agents as you turn them back on and Porch Insurance is then going to be incrementally on top of that, and we should see the premium per policy start to blend up as that comes into the market? Or am I thinking about that wrong?

那我們是否可以認為，今年年初的起步其實是由既有產品的真實強勁表現所驅動——即使在你們把代理人重新開啟之後也是如此——而Porch Insurance接著會在此基礎上帶來增量，並且隨著它進入市場，我們應該會看到每張保單保費開始往上混合？還是我這樣想不對？

Yeah. I'll just take the second one first. It's a good question. Porch Insurance will make a bigger, bigger impact as we go throughout the year and ongoing as we have more and more agencies activated and turned on using it.

是的。我先回答第二個問題。這是個好問題。隨著我們在今年以及之後持續推進、並啟用越來越多使用該產品的代理機構，Porch Insurance的影響會愈來愈大。

I do think as you look forward, yes, the Porch Insurance product designed to be, give or take, 10% higher all-up price than the homeowners of America product and then includes a lot more value for the consumer, right? The warranty, the moving services, and then actually higher commission as well for the agencies to have additional incentive. And so -- and as an aside, it does also create more margin.

我確實認為，往前看，Porch Insurance產品的設計是整體價格大約比Homeowners of America產品高出約10%（上下浮動），同時也為消費者提供更多價值，對吧？包含保固、搬家服務，而且對代理機構而言也有更高的佣金，提供額外誘因。因此——順帶一提——它也會帶來更高的利潤率。

So you're right, as Porch insurance becomes -- just continues really through its journey, and we're very excited about what's ahead there. Yes, I think that can create tailwinds to your question, Dan, on the premium per new policy. Overall, though, obviously, you heard us emphasize it, we are very pleased with the gains in conversion rates, and how we've been able to just drive premium growth without meaningful decreases in the premium per new customer, that's a big deal. And again, it just emphasizes that we're going to be able to continue to grow margin across the system in really attractive ways. Second question.

所以你說得對，隨著Porch Insurance——在其推進旅程中持續發展，我們對接下來的進展非常興奮。是的，我認為這會對你提到的新簽保單每張保單保費帶來順風，Dan。不過整體而言，正如你們聽到我們強調的，我們對轉換率的提升，以及我們在不顯著降低每位新客戶保費的情況下推動保費成長的能力感到非常滿意，這很重要。而且再次強調，這凸顯我們將能以非常具吸引力的方式，持續在整個系統中擴大利潤率。第二個問題。

On the first one, Shawn, maybe you can take the RWP guide question.

第一個問題，Shawn，也許你可以回答RWP指引的問題。

Yeah. I mean, I'd say a couple of things. First of all, Dan, thanks for the remarks. I'd say a couple of things. One, it's early in the year, so I'll just note that. Two, I'd say we were quite pleased with the funnel performance in the first quarter.

好的。我想我會說幾點。首先，Dan，謝謝你的評論。我會說幾點。第一，現在還在年初，所以我先提醒這一點。第二，我們對第一季漏斗表現相當滿意。

I think as we talked about throughout each of the metrics, agents, quotes, conversion, we saw outperformance. And so that gives us confidence. Now we did today increase the revenue guidance 4 percentage points of growth at the midpoint. So now the revenue guidance is a 20% year-over-year growth.

我認為，正如我們在各項指標中談到的，代理人數、報價數、轉換率，我們都看到優於預期的表現。因此這讓我們更有信心。而我們今天確實把營收指引在中位數上調了4個百分點的成長。所以現在的營收指引是年增20%。

And again, that's all driven by just adding -- continuing to add in new customers and the increased confidence that we see there. And sorry, maybe I'll just leave it there, and yeah.

而且再次強調，這一切都只是由於持續新增新客戶，以及我們在那裡看到的信心提升所驅動。抱歉，我想我就先說到這裡，嗯。

Thanks, Dan.

謝謝你，Dan。

That's fine, Shawn. Thanks, guys. I appreciate it. And Matt, I think the point I was trying to make is that you guys did this without really Porch Insurance filtering into the market yet. So obviously, stellar results to start the year. Thank you.

沒問題，Shawn。謝謝各位。我很感激。Matt，我想我想表達的重點是，你們是在 Porch Insurance 還沒有真正滲透進市場之前就做到這些的。所以很顯然，年初就交出亮眼的成績。謝謝。

Yeah. Thank you. We appreciate it.

是的。謝謝。我們很感謝。

Jason Kreyer, Craig-Hallum Capital Group.

Jason Kreyer，Craig-Hallum Capital Group。

Great. Thank you, guys. And I'll echo congrats on an excellent quarter here. Wondering if you can talk about loss ratios or combined ratio trends for Q1, and just how that compares to historic quarters?

太好了。謝謝各位。我也要附和一下，恭喜本季表現非常出色。想請你們談談第一季的損失率或綜合率趨勢，以及與歷史季度相比如何？

Yeah. I mean, we continue just to perform exceptionally well. Gross loss ratios in Q1 was 24%. Attritional loss ratios, which, as a reminder for those on the call, is losses not including catastrophic weather, and that was 19%. So just exceptional results.

是的。我的意思是，我們持續表現得非常出色。第一季的毛損失率為 24%。經常性（attritional）損失率——提醒一下與會者，這是不包含災難性天氣的損失——為 19%。所以結果非常亮眼。

Actually, the team have gone looked. We're in the top handful across the country and Texas in terms of top performers as it relates to loss ratios. Actually a little tidbit, Jason, that was interesting to us. Some of the areas carries attractive loss ratios and then we'll have really bad loss ratios the next year as it bounced around with some volatility.

其實團隊也去做了比較。就損失率表現而言，我們在全美以及德州都名列前茅。Jason，分享一個我們覺得很有意思的小細節。有些地區的保險公司某一年損失率很漂亮，但隔年就會因為波動而出現很差的損失率。

We are the only company in the homeowners insurance industry that's been in the top handful each of the last several years. We think that's really telling. Just there's that consistency of having just exceptional loss ratio and attritional loss ratio results.

我們是住宅保險產業中，過去幾年每一年都能維持在前幾名的唯一公司。我們認為這非常能說明問題。也就是說，我們在優異的損失率與經常性損失率方面具備一致性。

When you look at the levers that you can pull, just in terms of price and promotion, agency commission, stuff like that, I wanted to ask about those levers in terms of existing customers. Any changes to the strategy of the existing customer base and any changes to the trend as far as retention or attrition rates?

當你看可調整的槓桿，例如定價與促銷、代理佣金之類，我想就這些槓桿在既有客戶上的運用請教一下。針對既有客戶基礎的策略是否有任何調整？以及在留存或流失率方面的趨勢是否有變化？

I can speak to that. We've taken a number of steps across our distribution strategy and our product strategy to position ourselves for growth. And as Matt said in his remarks, we think we have a growth engine built and now it's time to scale.

我可以回答這個。我們在通路策略與產品策略上採取了多項措施，讓自己處於有利於成長的位置。正如 Matt 在發言中提到的，我們認為成長引擎已經建立，現在是擴大規模的時候了。

We are still early in building out our distribution when you consider the number of agents that we have and the number of agents that are available. We always have the lever to tweak price to drive up conversion rate. And I do think there's room there when you look at our cost and our margin structure.

若考量我們目前的代理人數量，以及市場上可觸及的代理人總量，我們在擴建通路方面仍處於早期階段。我們一直都有透過微調價格來提高轉換率的槓桿。而從成本與利潤結構來看，我確實認為那裡還有空間。

We haven't had to be that aggressive so far to be able to hit our growth numbers. And then as Dan mentioned earlier, we are excited about what Porch Insurance could do. So in terms of the biggest product strategy, being able to have a premium product in the market that has higher commissions that has the referral value of a warranty and moving services and other things to the consumer, we think gives us another lever to drive growth.

到目前為止，為了達成成長目標，我們其實不需要採取那麼激進的作法。另外，如 Dan 先前提到的，我們對 Porch Insurance 可能帶來的效果感到興奮。因此，就最大的產品策略而言，能在市場上提供一個保費更高的產品、搭配更高的佣金，並把保固與搬家服務等對消費者的轉介價值整合進來，我們認為這會成為另一個推動成長的槓桿。

Let me just layer one thing on just to make sure that it landed clearly just on this topic. Fundamentally, what the whole advantage comes down to is that we have more margin across the entire system than other carriers do. And it's because we have unique insights about properties which allow us to be able to win more low-risk customers and not win higher-risk customers, they're going to have lots of losses. Fundamentally, those insights allow us to create more margin. And you can see that showing up in both the private margins at Porch Group plus how much surplus is growing at the Reciprocal because the margin is the combination of those two things.

我再補充一點，確保在這個主題上表達得很清楚。從根本來看，我們的整體優勢在於：相較其他保險公司，我們在整個系統中擁有更高的利潤空間（margin）。這是因為我們對房產有獨特洞察，使我們能贏得更多低風險客戶，而不去承保那些高風險、會產生大量損失的客戶。本質上，這些洞察讓我們能創造更高的利潤空間。你也能看到這反映在 Porch Group 的自留利潤，以及 Reciprocal 的盈餘（surplus）成長上，因為利潤空間是這兩者的合計。

And that's a big deal because like Matthew just noted, because you have more margin in the system, if we wanted to, we could tweak pricing down, still create tremendous margin and be able to grow conversion rate and premium faster. Right now, we're very pleased with the outputs that we're seeing in terms of premium growth, but it is certainly nice to be in that position and have those controls.

這很重要，因為如 Matthew 剛才指出的，既然系統裡有更高的利潤空間，如果我們想要的話，我們可以把定價稍微調降，仍然能創造可觀的利潤，同時提高轉換率並更快推升保費規模。目前我們對保費成長的產出非常滿意，但能處在這樣的位置、並擁有這些控制手段，確實很好。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Hey, everybody. How's it going? I guess two questions. Just when -- they'll start with the less exciting one. So like, the reciprocal looks like it burned, I guess, cash flowing for operations, like, about $7 million in the quarter. How do you think about, like, where that kind of potentially shakes out, I guess, annually and just like broadly, I guess the point is, like, over time, right? Obviously, you've plenty of cushion, but that should number become positive over time.

嗨，各位。近況如何？我想問兩個問題。先從比較不那麼刺激的那個開始。所以看起來 Reciprocal 這季在營運現金流方面大概消耗了約 700 萬美元。你們怎麼看這個數字未來可能在年度層面落在哪裡，以及更廣泛地說，隨著時間推移會如何？顯然你們有很充足的緩衝，但這個數字理應隨時間轉為正值。

And then any update on Home Factors? We kind of haven't really heard you talk about it in a little while. Is it still a business opportunity, or are you more focused on using the data for first-party underwriting? Thanks.

另外，Home Factors 有沒有任何更新？我們有一陣子沒聽到你們談它了。它仍然是一個商業機會嗎？還是你們更專注於把資料用在第一方承保（first-party underwriting）上？謝謝。

Why don't, Shawn, you take the first one, and Matthew, maybe the second.

不如 Shawn 你先回答第一個，Matthew 也許回答第二個。

Yeah. Cash flow timing for the Reciprocal is just seasonal. It's just working capital inflows and outflows. The thing I would point to there is the statutory surplus at the Reciprocal increased $10 million from the end of Q4 to the end of Q1. And that's with the value of the port shares coming down. So the operating profit from the Reciprocal was in the mid-teens there in terms of millions of dollars.

好的。Reciprocal 的現金流時點主要是季節性因素。就是營運資金的流入與流出。我想指出的是，Reciprocal 的法定盈餘（statutory surplus）從第四季末到第一季末增加了 1,000 萬美元。而且這還是在 port shares 的價值下滑的情況下。因此，Reciprocal 的營運利潤大約是數千萬美元的中段（mid-teens）。

That's a big deal in Q1 for the Reciprocal. Typically, we're a little -- we're around breakeven in the first quarter. And then obviously, Q2 is when many of the claims come.

這對 Reciprocal 來說在第一季是很重要的。通常第一季我們大概是損益兩平附近。然後很明顯，第二季是許多理賠發生的時點。

So to generate incremental statutory surplus in Q1 is a great result for the Reciprocal. It means that the statutory surplus is even stronger to support growth in future years. And so we feel well positioned from that perspective.

所以第一季能增加法定盈餘，是 Reciprocal 非常好的成果。這代表法定盈餘更強健，能支撐未來年度的成長。因此從這個角度來看，我們覺得自身處於很好的位置。

As a reminder, since I'm talking about the Reciprocal surplus, Q2 is typically when we see most of the weather, and just as a reminder, and that results in more claims and puts some pressure on stats. We do expect that and we plan for it. And if it doesn't come, that's great. But we do diligently plan for and expect that.

提醒一下，因為我談的是 Reciprocal 的法定盈餘（Reciprocal surplus），第二季通常是我們看到大部分天氣事件的時點；再提醒一次，這會導致更多理賠，並對法定數據造成一些壓力。我們確實預期會如此，也已為此做規劃。如果沒有發生，那當然很好。但我們會審慎地規劃並預期這種情況。

And Shawn, that would be ongoing. I'd be more focused on that stat surplus, and cash. There's lots of cash in the Reciprocal. But really, we're focused on that stat surplus number, like Shawn's noting there.

而且 Shawn，那會是持續性的。我會更聚焦在那個法定盈餘（stat surplus）以及現金。Reciprocal 裡有很多現金。但實際上，我們關注的是那個法定盈餘數字，就像 Shawn 在那裡提到的。

Yeah, over $300 million of cash and investments at the Reciprocals. So it's definitely a cash [range].

是的，Reciprocal 端有超過 3 億美元的現金與投資。所以這絕對是現金[區間]。

And then on Home Factors, you pointed out two opportunities for us. One is how we leverage it internally and then be able to commercializing externally. Just firstly on internally, we are using it and do see a significant impact, and you're seeing that showing up in our results. And we are bullish on the midterm opportunity.

接著談到 Home Factors，你指出了我們的兩個機會。一個是我們如何在內部加以運用，然後能夠對外商業化。先談內部，我們正在使用它，也確實看到顯著影響，而你也在我們的業績結果中看到反映。而且我們對中期機會持樂觀態度。

The thing that I would point to that gives us confidence we have a very active and increasing pipeline of carriers who are in the testing process. And the test results are showing in ROI. And I think what we're seeing, which is what we expected, is just that the sales cycle because you have to go through testing and procurement in some of these carriers that it will take time to be able to bring those into a formal contract and revenue.

我想指出一點讓我們有信心：我們有一個非常活躍且持續增加的保險公司（carriers）管線，正處於測試流程中。而測試結果在投資報酬率（ROI）上已有所呈現。我認為我們看到的、也正如我們所預期的，是因為部分保險公司必須經過測試與採購流程，銷售週期會需要時間，才能把這些轉成正式合約與營收。

With all that said, we remain optimistic that we can build up a business, tied to Home Factors. What we've said in the past remains true, which is we do expect modest, early-stage revenue contribution in 2026. That's on track, and then we expect it to build over time.

綜合以上，我們仍然樂觀，認為我們能建立一個與 Home Factors 相關的業務。我們過去所說的仍然成立，也就是我們預期在 2026 年會有溫和、早期階段的營收貢獻。目前進度符合預期，之後我們也預期會隨時間逐步成長。

The last thing that I would just mention is there are faster ways we could go to market so we could partner with certain providers in the space. We've intentionally chosen not to take that route because we're convicted in the long-term opportunity of being able to go direct, and we want to make sure we maintain kind of control over how the data is distributed in the market.

最後我想補充的是，我們其實有更快的上市途徑，例如與該領域的某些供應商合作。但我們刻意沒有走那條路，因為我們堅信長期機會在於能夠直接面向市場（go direct），並且我們希望確保能維持對資料在市場中如何分發的某種控制。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛。

Matt or Shawn, I would love to just go back to price, Matt. I know you took some pricing action, I think, late last year and possibly in the beginning of this year. Obviously, the conversion rates have improved. Could you maybe parse out for us how much of the conversion rate improvement was things like agency branch location increases and the 181% year-over-year increase that you showed versus the pricing action?

Matt 或 Shawn，我想回到定價（price）這個話題，Matt。我知道你在去年底、以及可能在今年年初採取了一些定價動作。顯然轉換率已經改善。你能否幫我們拆解一下：轉換率改善中，有多少是來自像是代理分支據點增加，以及你展示的年增 181% 的成長，對比定價動作本身的貢獻？

And maybe just any learnings from the pricing action itself and in the sort of visibility that gives you to the conversion curve. That would be helpful.

另外，也想請你分享一下從定價動作本身得到的任何學習，以及它在轉換曲線可視性方面帶給你的洞見。這會很有幫助。

Yeah. I mean the growth in agencies really doesn't impact the conversion rate. I mean, certainly, as you build and deepen your relationships with those agencies. Yes, they will lead with you more or -- and so it does have influence, but I would say the largest impact in terms of conversion rate is being able to take certain actions to be able to be more attractive for the right customers.

是的。我的意思是，代理機構數量的成長其實不太影響轉換率。當然，當你建立並深化與這些代理機構的關係時，是的，他們會更優先推你，或是——所以確實會有影響，但我會說，就轉換率而言最大的影響，是我們能採取某些行動，讓我們對合適的客戶更具吸引力。

And that's really the key is through our data, and through our insights into where the conversion rate curve is steep, and where are those attractive sets of customers. You can be surgical with being able to increase conversion rate for the right customers that we want and you saw the results, which is -- and we can do that without having meaningful changes in the price per new customer overall.

而關鍵就在於，透過我們的資料，以及我們對轉換率曲線在哪裡更陡峭、哪些客群更具吸引力的洞察，你可以很精準地針對我們想要的合適客戶提高轉換率；你也看到了結果——而且我們可以在不對整體每位新客戶的價格造成顯著變動的情況下做到這點。

Again, like you highlight, it's a big deal because the system is going to be very healthy, very profitable, and we doubled conversion rate year over year. But yeah, those actions that we've taken have been the primary drivers, I would say, tied to conversion rate. All the work that the distribution team's done with agencies certainly has been a tailwind and has helped there.

再說一次，如你所強調的，這很重要，因為整個系統會非常健康、非常獲利，而且我們的轉換率年增翻倍。但我會說，我們採取的那些行動是轉換率的主要驅動因素。通路團隊與代理機構所做的所有工作，確實也帶來順風（tailwind），並在這方面有所助益。

Okay. Yeah. That's really helpful color. And then, Shawn, just on RWP seasonality, I think the $600 million does imply that things do accelerate a bit year over year into the last three quarters, sort of what gives you confidence there? And then when we think about just premium seasonality through the last three quarters, should we expect that curve to look a lot like last year? Or any changes that you would expect? I appreciate it.

好的。是的。這些補充說明很有幫助。接著 Shawn，關於 RWP 的季節性，我認為 6 億美元的指引確實意味著在接下來三個季度、年比年會有些加速；你對此的信心來源是什麼？另外，當我們思考接下來三個季度的保費季節性時，我們是否應該預期那條曲線會很像去年？或是你預期會有任何變化？謝謝。

Yeah. The seasonality of RWP, some of that is -- a lot of that was driven by when customer homeowners buy their homes and therefore, either buy homeowners insurance or in subsequent years, renew their homeowners insurance. And so obviously, most folks are buying their homes, therefore, owners insurance and renewals in Q2 and in Q3. And then I'd say from there, probably Q4 and then lease them out in Q1, actually. So I guess, seasonally adjusted, this is the lowest quarter Q1 is.

是的。RWP 的季節性，其中一部分——其實很大一部分——是由客戶何時購買自住房屋所驅動，因此也就會在那時購買住宅保險，或在後續年度續保住宅保險。所以很明顯，多數人是在第二季與第三季買房，因此也在那時購買屋主保險與進行續保。然後我會說從那之後，大概是第四季，接著其實第一季會把它們出租出去。所以我想，若做季節性調整，第一季是最低的季度。

What gives us confidence in the ramp is the funnel. We talked about in Q1, we were pleased that really, we exceeded expectations -- our own expectations even throughout each metric in the funnel. So we -- agency additions was really strong, that's driving quotes and there and conversion. And so all of those things also bolster future quarters, RWP. And so that's a key thing that we saw in Q1.

讓我們對成長爬坡（ramp）有信心的是漏斗（funnel）。我們在第一季提到，我們很高興，因為實際上我們在漏斗的每個指標上都超出預期——甚至超出我們自己的預期。所以——代理新增非常強勁，這帶動了報價以及轉換。而所有這些也會支撐未來季度的 RWP。因此，這是我們在第一季看到的一個關鍵點。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

This is Juan on for Ryan. Congrats again on the print. Thanks for walking through the productivity gains from AI earlier, and how the insurance self is insulated from AI disruption. But what do you think about that potential top of funnel disruption from AI on the insurance side.

我是 Juan，代 Ryan 提問。再次恭喜這次的成績。謝謝你們先前說明 AI 帶來的生產力提升，以及保險本業如何能免受 AI 顛覆的影響。但你們怎麼看 AI 在保險端對漏斗頂端（top of funnel）可能造成的顛覆？

On the one hand, these tools could affect that great high-intent funnel that you have at closing. But on the other, it also could expand distribution to a broader audience. So do you see Porch is like a net AI beneficiary here?

一方面，這些工具可能會影響你們在成交端（closing）那個高意圖（high-intent）的優質漏斗。但另一方面，它也可能把分銷擴展到更廣泛的受眾。所以你們認為 Porch 在這裡會是 AI 的淨受益者嗎？

So yeah, for us, it doesn't really matter where the consumer is buying homeowners insurance. We want to be plugged into those channels. And so if digital agencies or our existing agency partners as they will get integrated into the various AI systems, that's great. We're just one of the options that's there for the consumers. And because we have more insights about that consumer's home, if it's a lower-risk consumer, we're going to be a very attractive option for them.

所以是的，對我們來說，消費者在哪裡購買住宅保險其實並不重要。我們希望能接入那些通路。因此，如果數位代理或我們現有的代理合作夥伴會整合進各種 AI 系統，那很好。我們只是消費者可選擇的其中一個選項。而且因為我們對該消費者的房屋有更多洞察，如果是低風險的消費者，我們會是他們非常有吸引力的選擇。

And so we are focused on partnering with all of these different great agencies that are out there, having really deep relationships and partnerships with them, being a great partner for them in helping these agencies to grow their business. And we believe insurance as a product that is a complex product to buy and that consumers need and want a licensed agent to work with them. And if consumer behavior changes, we're going to be where those consumers are, whether it's digital agencies or other.

因此，我們專注於與市面上所有這些優秀的代理機構合作，與他們建立非常深厚的關係與夥伴關係，成為他們的優質合作夥伴，協助這些代理機構擴大其業務。我們也認為，保險作為一種產品，是一個購買起來相當複雜的產品，而消費者需要且希望有持牌代理人與他們合作。如果消費者行為改變，我們也會出現在那些消費者所在的地方，無論是數位代理機構或其他渠道。

But being the actual insurance product for us in this role is a great place to be and being an insurance product that has differentiated data and therefore, differentiated pricing is a really great place to be because at the end of the day, insurance -- consumers need insurance, and we're going to be a really good option for them.

但對我們而言，在這個角色中成為實際的保險產品提供方，是一個很好的位置；而作為一個擁有差異化數據、因此具備差異化定價的保險產品，也是一個非常好的位置，因為歸根結底，保險——消費者需要保險，而我們將會是他們的一個非常好的選擇。

Got it. Yeah, that makes a lot of sense. Are there any changes in your appetite to deploy the excess surplus at the Reciprocal for M&A?

了解。是的，這很有道理。你們對在 Reciprocal 端動用超額盈餘資金用於併購（M&A）的意願，有任何變化嗎？

Perhaps. I mean, we mentioned last quarter that -- actually, we really mentioned several quarters ago that we're turning on the M&A engine and starting to build the pipeline. And so certainly, we're executing against that part of the strategy. We do expect over time that when there is the right opportunity, that we will take advantage of it.

也許。我的意思是，我們在上一季提到——其實我們在更早的幾季就提到，我們正在啟動併購引擎並開始建立案源管道。因此，我們確實正在按這一策略部分推進執行。我們確實預期，隨著時間推移，當出現合適的機會時，我們會加以把握。

Certainly, the capital exists, as we talked about today, at the Reciprocal to be able to execute against the right opportunities. We're excited about that. We're excited about our capabilities to do some really good things there. But we're going to be very disciplined and pragmatic about it and make sure that the first things we do are right down the middle of the fairway. So -- but yeah, I do -- it's certainly an opportunity, and we'll share more when it's the right time.

當然，正如我們今天談到的，Reciprocal 端具備資本，能夠針對合適的機會執行。我們對此感到興奮。我們也對自身能力能在那方面做出一些非常好的成果感到興奮。但我們會非常自律且務實，確保我們做的第一批事情都正中球道、穩健無誤。所以——但沒錯，我確實認為——這當然是一個機會，我們會在合適的時機分享更多。

Timothy D'Agostino, B. Riley Securities.

Timothy D'Agostino，B. Riley Securities。

Yeah. Hi. Thanks for the commentary and congrats on the quarter. I just want to touch back on the rollout of the Porch Insurance product. And you all have provided really helpful commentary. But I guess, at the start of 2Q, so in the sample timeline, compared to January when it originally rolled out, could you maybe provide some more color to us on are you seeing more agents interact with it? Are you getting better feedback? Just overall just color as we enter the second quarter with this product.

是的。嗨。感謝你們的說明，並恭喜本季表現。我想再回到 Porch Insurance 產品的推廣進度。你們已提供了非常有幫助的說明。但我想問的是，在第二季初，也就是在你們的示例時間線上，相較於一月最初推出時，你們能否再多提供一些細節：是否看到更多代理人與其互動？是否收到更好的回饋？總體而言，當我們進入第二季時，關於這個產品的整體情況能否再多給一些色彩。

What agents are saying and maybe what homeowners are saying? That would be great color.

代理人怎麼說，以及也許屋主怎麼說？如果能提供這些資訊會很有幫助。

Sure. We remain excited about the Porch Insurance offering that we just rolled out here a little while ago to agents. And what I would say is, there's a lot of excitement from the agents. We're learning a lot from having the product in market. And we do expect it to ramp over time, both as we get new policies in and then we get renewal policies there.

當然。我們仍然對不久前剛向代理人推出的 Porch Insurance 方案感到興奮。我想說的是，代理人端有很高的熱度。我們也從產品在市場上的運行中學到很多。而且我們確實預期它會隨時間逐步放量，既包括新保單的增加，也包括續保保單的增加。

Some of what agents are excited about, it is the only product in the market that has a warranty attached to it. It is also a product that is designed for home buyers, in that we provide free moving services and a moving concierge. Agents are also excited about the premium commission that we can afford to pay as part of the Porch Insurance product. And so all of that has generated energy and excitement in the industry.

代理人感到興奮的一些原因是：它是市場上唯一一個附帶保固（warranty）的產品。它同時也是一個為購屋者設計的產品，因為我們提供免費搬家服務以及搬家禮賓（concierge）服務。代理人也對我們在 Porch Insurance 產品中能夠支付的較高佣金感到興奮。因此，這些都在業界帶來了動能與熱度。

And I think it will just take time as we build up our book. You know, the HOA book we've built up over 15 years now. And so we're goign to start building, and that has already started to happen.

我認為，隨著我們建立保單組合，這需要時間。你知道，我們的 HOA 保單組合已經建立了 15 年。因此我們將開始建立，而這件事其實已經開始發生了。

Okay. Great. And then I just wanted to turn to Software & Data and Consumer Services. I know there was some color about kind of the go-forward plan there. But I guess, when we do start to see an unthawing in the housing market? Should we expect like the annualized average revenue per company and revenue per monetized transaction to continue to increase? Just kind of getting a better understanding of how we should think about these KPIs when we get to a point when the housing market starts to unfold a little bit. Thank you.

好的。很好。接著我想談談 Software & Data 與 Consumer Services。我知道你們對未來計畫提供了一些說明。但我想問的是，當房市開始解凍時，我們是否應該預期：按年化計算的每家公司平均營收，以及每筆已變現交易的營收，會持續上升？

Sure. The -- so I'll separate from Software & Data KPIs versus Consumer Services. The Software & Data is more closely tied to transaction volumes in the housing market. As Shawn mentioned in the comments, most of those Software Services are priced on a per transaction basis. And so we do expect that as housing market activity picks up, you would see an increase in the average revenue per company because each of those -- on average, those companies we'll do more transactions.

當然。——所以我會把 Software & Data 的 KPI 與 Consumer Services 分開說。Software & Data 與房市交易量的連動更緊密。正如 Shawn 在評論中提到的，那些軟體服務多數是按每筆交易計價。因此我們確實預期，隨著房市活動回升，你會看到每家公司平均營收增加，因為平均而言，這些公司會做更多交易。

We have taken steps over the last couple of years as the market has been slow to position those companies for growth. And so we've invested in innovation. We've invested in pricing. And so we do believe that as the marketing -- or the housing activity picks up, we will see top line growth and that most of that top line growth can flow to the bottom.

在過去幾年市場放緩期間，我們已採取措施，讓這些公司為成長做好布局。因此我們投資於創新。我們也投資於定價。所以我們確實相信，隨著行銷——或房市活動回升，我們將看到營收成長，而其中大部分營收成長可以流向底線。

On the Consumer Services side, there are some parts of that business that are tied to housing market activity, most notably our Moving Group. And so you would see some tailwind in moving as housing activity picks up. And we see that in a number of transactions, not necessarily in the revenue per transaction.

在 Consumer Services 方面，該業務中有些部分與房市活動相關，最明顯的是我們的搬家事業群（Moving Group）。因此，隨著房市活動回升，你會看到搬家業務受到一些順風帶動。而我們會在交易筆數上看到這點，不一定會反映在每筆交易的營收上。

Matt VanVliet, Cantor.

Matt VanVliet，Cantor。

Maybe I wanted to narrow in on the forward trajectory of the metric around agency branch locations. I know that was a big driver over the last several quarters to build that number. But where are we in terms of saturation in your key markets? How much more room does that have to grow as a near-term driver?

我想把焦點縮小到代理分支據點數量這項指標的未來走勢。我知道過去幾季建立這個數字是很大的驅動因素。但就你們的核心市場而言，目前在飽和度方面處於什麼位置？作為短期驅動因素，這項指標還有多少成長空間？

Yes. So the -- I'll take that, and Matt, you can add on if there's anything there. I would say we're still relatively early. We have invested in building out the distribution team, it's only been fairly recently that we've been at kind of the full capacity as we build up that team. We've also invested in senior leadership there.

是的。所以——我來回答這個問題，Matt，如果你有任何補充也可以加上。我會說我們仍然相對早期。我們已投資於擴建通路團隊，而直到相對近期，隨著團隊建置完成，我們才達到某種「滿編」的產能狀態。我們也在那裡投資了資深領導層。

And we can foresee several years of runway with the team that we have. Some of that is still in our core market of Texas, but there's a lot of room in the geographies outside Texas. And then you also have to think that over time, we can expand into additional geographies beyond the ones where we are today. And so I don't see any near-term constraints on our ability to grow agent distribution.

而且以我們目前的團隊配置，我們可以預見未來還有好幾年的成長跑道。其中一部分仍在我們的核心市場德州，但在德州以外的地理區域還有很大的拓展空間。此外，你也必須考量，隨著時間推進，我們可以擴展到目前所在區域之外的更多地理市場。因此，我不認為短期內我們在擴大代理人通路分銷能力方面會有任何限制。

I'm going to just delve down on the last point to make sure it stuck, which is Texas, our largest most mature market, still has a long way to go, like we have just a fraction of the total agencies. The other states that are newer has very early in the number of agencies versus the total.

我想就最後一點再深入說明一下，確保大家有記住：德州是我們最大、最成熟的市場，但仍有很長的路要走，因為我們目前只涵蓋了全部代理機構中的一小部分。其他較新的州，在代理機構數量相對於總量方面仍處於非常早期的階段。

And then like Matthew just talked about, there's lots of other states we want to expand into. And we're getting to that point where we can start to be able to reopen more states, and that will be an exciting time, certainly for us because that just opens up big new pools of opportunities. But there's give or take, almost 40,000, I think it is independent agents. And so there's a lot of opportunity out there.

然後就像 Matthew 剛才提到的，還有很多其他州是我們想要擴展進入的。我們也正走到一個階段，開始能夠重新開放更多州的業務，那對我們來說會是很令人興奮的時刻，因為那將開啟龐大的全新機會池。不過大概有將近 40,000 名（我記得是這個數字）獨立代理人。所以外面有非常多的機會。

All right. Very helpful. And you drove very nice growth in the conversion rates, and it sounds like that was a big driver in the quarter, but you mentioned to one of the questions earlier that you really haven't necessarily used some of the levers you have there to drive maybe even greater quote and then conversion rates.

好的。非常有幫助。你們在轉換率方面帶動了非常不錯的成長，聽起來這是本季的一大驅動因素；但你先前在回答其中一個問題時也提到，你們其實還不一定有動用手上某些槓桿，去推動可能更高的報價量以及轉換率。

So what would you want to see in the market? What would you want to hear from maybe the agents to start using that lever a little bit more aggressively, whether that's through commission rates or just pure pricing or policies. Curious on what you're watching and when -- or if that might be a greater lever to pull?

所以你希望在市場上看到什麼？你希望從代理人那邊聽到什麼，才會開始更積極地運用那個槓桿——不論是透過佣金率、或是單純的定價、或保單條款。我很好奇你們在觀察什麼，以及何時——或是否——那會成為更值得拉動的槓桿？

Yeah. I mean I think the key thing there -- it's a really good question. The key thing there is that we and just personally me, I just want to do this for a long, long time. This is the last thing I'm going to do.

是的。我的意思是，我認為關鍵在於——這真的是個很好的問題。關鍵在於，我們以及就我個人而言，我希望能把這件事做很久很久。這會是我最後要做的事。

And so to your question, it's a good one. Could we grow much, much faster this year? Yes. I mean there's plenty of capital, there's plenty of quote volume, plenty of margin in the system. We could grow much faster this year. But we really want to be able to stack year after year after year after year of really attractive growth, expanding margins each year at Porch Group for shareholders and then also continuing to grow statutory surplus.

所以回到你的問題，這確實問得很好。我們今年能不能成長得快很多、很多？可以。我的意思是，資本很充足、報價量很充足、系統裡也有足夠的利潤空間。我們今年確實可以成長得更快。但我們真正想要的是，能在 Porch Group 為股東一年又一年又一年又一年地累積非常有吸引力的成長，同時每年擴大利潤率，並且持續增加法定盈餘（statutory surplus）。

And so for us to be able to grow like we are, while also growing statutory surplus and seeing the margin expansion that we're going to be demonstrating here this year, that combination, we believe, will be to stack those years, it becomes really, really valuable here over time. And we'll just prove through the results that we're able to go and deliver that. But for us, we think that turns into a really exceptional and very sustainable outcome over time.

因此，對我們而言，能在像現在這樣成長的同時，也能增加法定盈餘，並看到我們今年將展現的利潤率擴張；我們相信這樣的組合，若能一年一年堆疊下去，長期來看會變得非常、非常有價值。而我們也會透過實際結果來證明，我們能夠做到並交付這些成果。但對我們來說，我們認為這會在時間推移下，形成一個非常卓越且高度可持續的結果。

And so that's really what we're trying to solve to. Yes, we could grow much faster. Yes, there may be opportunities in the market where we would pull that lever harder. But right now, I mean, you can see we're certainly pleased with kind of the type of growth. We're not really going to move the price per new customer that much and be able to get the kind of results that we are.

所以這就是我們真正想要解的題。是的，我們可以成長得快很多。是的，市場上可能會出現一些機會，讓我們更用力地拉動那個槓桿。但就目前而言，我的意思是，你可以看到我們對這種成長型態確實感到滿意。我們不會大幅調整每位新客戶的價格，卻仍能取得我們目前這樣的成果。

And at this time, we have no further questions. That concludes our Q&A session. I will now turn the call back over to Matt Ehrlichman, for closing remarks.

目前我們沒有進一步的問題。問答環節到此結束。接下來我將把電話交回給 Matt Ehrlichman 進行結語。

I'll just say I appreciate first of all the questions. Thank you all. I appreciate those that are along in this journey with us. This is an exciting time for the company.

我想先說，我很感謝大家的提問。謝謝各位。也感謝一路與我們同行的各位。這對公司而言是一個令人振奮的時刻。

The feel at the company is fantastic. The energy is great. I do think the teams are executing really well and are excited about where we're going. It's clear to us these next several years are going to be really fun years, and I appreciate those that are with us on that ride.

公司內部的氛圍非常棒。士氣很高。我確實認為各團隊執行得非常好，也對我們前進的方向感到興奮。對我們來說很清楚，接下來這幾年會是非常有趣的幾年，也感謝各位與我們一起踏上這段旅程。

Have a great day, everybody. Talk to you soon.

祝大家今天愉快。我們很快再聊。

This concludes today's conference call. You may now disconnect your lines. Have a pleasant day.

今天的電話會議到此結束。您現在可以掛斷電話。祝您有個愉快的一天。