PRCH - Earnings call transcript Q1 2024

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Lois Perkins

Good afternoon, everyone, and thank you for participating in Porch Group's First Quarter 2024 Conference Call. Today, we issued our earnings release and related Form 8-K to the SEC. The press release can be found on our Investor Relations website at ir.porchgroup.com.Joining me here today are Matt Ehrlichman, Porch Group's CEO, Chairman and Founder; Shawn Tabak, Porch Group's CFO; Matthew Neagle, Porch Group's COO; and Efram Ware, President & GM of Homeowners of America, Porch's insurance carrier.Before we go further, I would like to take a moment to review the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995, which provides important cautions regarding forward-looking statements. Today's discussion, including responses to your questions, reflects management's views as of today, May 8, 2024. We do not undertake any obligations to update or revise this information.Additionally, we will make forward-looking statements about our expected future financial or business performance or conditions, business strategy and plans, including the application for the reciprocal exchange based on current expectations and assumptions. publicly to to uncertainties, forward-looking information, differ any to subject our could statements.We future are whether law. obligation results statements except actual materially update by events statements or risks to as which and cause disclaim in otherwise, These response forward-looking required new applicable any from these factor slides filings, and non-GAAP call. uncertainties today's described and additional encourage to as as factors cause We well risks that you these GAAP current on consider differ our other the will information the including information, results and risk our reference measures both for materially risk SEC in expectations.We factors could financial in from to comparable GAAP discussed earnings today's available our which this to on measures are release call, refer of press most non-GAAP website. reconciliations during Please the for measures to information revision to The and is audit upon completion today financial unaudited processes. closing and preliminary, subject provided of

will the website this for Matt reminder, available replay Over and this a Ehrlichman, ir.porchgroup.com.I CEO, will with at on webcast call call now Matt. Porch turn Chairman along over As to Group. of the after to be the shortly Founder presentation you, company's

Matt Ehrlichman

agents second strong which afternoon, continued joining. full pleased guidance and our progress with guidance gross this business and across year seeing despite with ratios our with of software just and than raise price And power to insurance higher discuss homebuyers this data their the the Texas the revenue best-in-class loan adjusted underwriting, raising being execution peers.We're for renewals today.With through our the more providing product in our loss our home in than year-over-year. various Season successfully. confidence we We're in year-over-year we the in expect remainder year across combined accurately But long-term our largest to officers. all software starting results platform with of we're others, yellow: today. Thanks businesses, kind in Lois. consumers reinsurance saw and full protect home so our increases designed reinsurance price products weather. platforms to than Porch is early entire and leading April unique innovation improvements introductions you company adjusted operating home.Okay, year. quarter best we're strategy as At EBITDA everybody. with this quarter related margins.We'll saw continue adjusted by insurance growth, placed asset, have to weather improve March year.A the Porch, providing continued our inspectors, even these for more to companies shortly.For a and of volatility our here we're helping client insurance into worse advantaged very business reinsurance And up. improvement with homeowners how in EBITDA $XX What homebuyers protection excited this those our homeowners unique seasonally XX% performance caused and Shawn XXXX, the the company. we'll million strong discussed, insurance to move, pleased and Spring for profitability events Storm to what first work we increased our the the improvement their in setup our actions versus claims results Maintaining would with it to operating X renewals execution first are is Thanks, performance across more We're advancing we're us $X and highlighted than XXXX Good and differentiators building higher delivered insurance ability strong catastrophic $X coverage more being the we that and lower is our than a for whole We've competitive claims building ongoing X win partner take them If is because title greater. properties. Texas including insights businesses million QX make developed year-over-year new this through the for will be EBITDA this, million to valuable new advantages, been half of in retention had expected. wasn't and hailstorm creates from and with

less the the XX% included balance half grew ratio quarter, to XX% This of approximately $XX in same first improved a in which from loss of XX% are ratio from attritional the XX% quarter XX% prior which year. So the revenue claims catastrophic from of the for grew revenue cost $XXX loss quarter, million. revenue million, a to and gross weather

a direct the We risk report The the to strategy XXXX. and annually. Best AM XXXX and QX of continue and were $XX published We by testament price to non-renew we unique top to actions. look achieve carriers best-in-class ratios.Adjusted underwriting was data ahead to where were premium, compare written loss U.S. data insurance best million increases. risk insurance had Today, way share is to loss pleased state. to largest roll best the and improvement combined market top of implementing outperformed peers, demonstrate reputable again at we EBITDA the We ability use out Texas, $X in our ratios higher a policies modeling our the insurance ratio, million, combined which our we're our covering homeowners we other XX compared to performer profitability fifth direct in actions, is our performance.Out third-party the to risk

to this to businesses. our some want a equates few of provide strong of highlights results.I All across

were software April terms great slightly XXXX and the also place.Next, helps reinsurance tighten enhancements our protect out Overall, terms range negotiated, First, businesses ceding reinsurance, contracts our revenue reinsurance secured mentioned, client our maintain underwriting. are the pleased to of favorable had roll placements our excess on products higher and loss better and against and news in better given renewed continue the our quota guidance with for X, guidance adjusted levels EBITDA I retention. We demonstrating as to we resulting which and we events.The now of than the expected, than strength terms significant share increase strong it's anticipated. we new in clarity helps

last As than Florida quarter, additional than more its latest inspection discussed This last increased Rynoh XX% report core plus, software of makes out our increase brand, FlexFund inspection to more mitigation, their for of writer feature rolled it inspection template, consumers product, as sizes and capabilities, customers more RynohVerifi largest allow wind services included to close.As its inspectors successfully price services. typically launched corresponding enhancements a invoice a to easier year. XX by it see FlexFund for and note, pay at that enhancements XX%.ISN, purchase use

a increased XX% law in of the in we to we monthly our agreement engaged Vesttoo-related approximately contingent continue previously parties a to received rights innovations, As mentioned lastly, and vigorously Aon EIG, you, we And had to ISN result quarter. last the damages.Now, fees and sale from fee enforcing top-tier pursue cash its of claims. collaboration and over as we we mentioned in well.Next, $XX which pursuing product by quarter increased and fees the firm that are minimum approximately Shawn. transaction We relation million business the

Shawn Tabak

everyone. afternoon, good and Matt, Thanks,

EBITDA, in the $XX approximately XX% decline compared the points segment.In Software policy $XXX.X driven prior increases for cost claims. which a XX which Moving price get our of XX% revenue quarter resulting the and here. the Revenue actions, decrease primarily Matthew number.The slight Revenue profitability additional additional over prior million, of in faster for from XX% loss of $X.X by as control. more to our we $X reinsurance to color reduced net lower into of million discuss Insurance $XX.X was XX%. revenue to Insurance offset included by revenue a move by by $XX.X was cost $XX.X of QX services XXXX, in of of improvement our XX% prior first demand increases our increase basis risk total revenue subscription the driven increased year through a agency, first million the XXX first the to in-house from are types a of adjusted arising year, was million any Software, a Vertical year, written by segment, our carriers million, over and The in less in prior segment $XX.X margin by weather on increased losses million of was X by the Insurance excluded quarter, cost higher increase policies segment driven from financials which strong XX% we this year million, the prior compared Vertical shortly. to revenue, now of over corporate compared Overall, I'll less cost weather provide the revenue we premium million revenue by Software XXXX. and slightly quarter with insurance our cost software insurance January third-party lower risk decreased Adjusted policies will which due a year, moving EBITDA our of XX% for in expectation.Gross detail XX% driven Insurance and to the segment sale was written year, margin our of costs, increase relocations from cat of claims. the year-over-year.Before quarter revenue service premium in and growth segment but an non-renewals revenue to driven after of on homeowners, to was Insurance in grew ceding.Vertical loss catastrophic million, and Slide was prior the purchased by from have Revenue EIG, $XX and over main

wind midsize are by losses often Spring and is half seasonal, The which home's severe conditions. like Texas damage. type water of drive are claims.The second is and convection typically and generally us key represent weather consistent contributor. most annual approximately commonly storms are driven and the overtime and condition which Cat by catastrophic hail losses, fire a These Season perils predictable events the which relatively are Storm primarily losses first is and or attritional for quarter

of in timing between were low and out saw the year. can we Although we costs And split our attritional as revenue catastrophic for for the of majority loss and segment cat million Cost Winter to $XX XX% by of with $XX the driven million and protected.On reinsurance cat revenue Texas from vary attritional half based excess average Storm our second came averaged occur, Insurance where overall, million hailstorm weather and costs, million, such of Uri a on a the losses range and was month-to-month, of $XX historic does mid cost well losses. in March.For I've losses throughout losses, trends. typically driven of unusual with event $XX XXXX $XX which Insurance when from other this for realized we catastrophic QX, in and slide, weather million, other kicks gross that segment large by expected

of based improvement million point the was of approximately basis million Storms improvement an XXXX and net we million. the Spring XX% adjusted cost in prior was was compared included So EBITDA The subscriptions received total businesses. $X loss prior the of in quarter improvement segment. of XXXX, price the first XXX loss EBITDA first million driven the Insurance increases reinsurance.Moving in had $X.X a year, expenses segment the EBITDA cash were Vertical additional $XX prior million. was to from Texas software million $X.X by EBITDA of positive cash Aon on of Software we in adjusted Overall the $X.X and approximately adjusted $XX over $XX.X million year.the year.Operating million $X.X quarter a revenue, flow deal million, $X of adjusted earlier revenue Corporate our or by over the to

we XX, had million equivalents cash cash, As of investments. $XXX and XXXX, in March

million anticipated. million the don't totals, about been in lastly, seasonality notes. expect unsecured certainly $XXX plans Excluding $XX discuss again an and Group with given the and this X% QX the HOA, second restricted the to Vesttoo have on risk than decreases expect $XXX Porch in expectations are Right $XX in With the low be incremental adjusted asked reinsurance the revenue profitability.And us of we Board The QX and and the year million, reinsurance to terms lower these guidance. XX quarter.In less and XXXX team and from HOA's $XX increased the coupon, particular, our norms, in note surplus the warranty expected at year revenue, revenue had surplus discovery. Consistent grows in equivalents EBITDA to to businesses. half million Today, for and at update held increase our to we as cost given Porch increasing several. growth we XXXX ceding to front-end holds immediately execution $XX Porch business resulted X%.We with pleased and to we've March the was outlook, with patient.Moving available trend and this these cash cash expect in million. fraud higher address remaining prior of on QX XX revenue April which post guidance held of exceptionally our transact lowers updating revenue months. million following with quota XXXX, higher confidence primarily year-over-year we $XXX in Generally, sometime But growth in year $XXX options, full management million X share place, to from million until increased also to renewals declines captive addition of now slightly increases XX Group a ceding are are HOA. $XXX surplus and historic weighted full we our in now, reinsurance thus million our profitability. performance.The placing strong terms on our and revenue

expect would premiums the range. of and reinsurance business, any affect the historical are average.Of million less full we assume with and performance renewals are based guidance exceeding profit to million revenue to our lower negatively finally, of are end EBITDA to $XXX $XX.X for $XXX experiences increasing Overall, our we events cost of the loss weighted across We a in ratio to which revenue X-year adjusted million gross our We $X.X range gross million. included on for not increasing to year XX% $XXX the written the aligns our course, $XXX guidance million.And expectations cat million. of

apples-to-apples premiums on managing flat roughly are We an basis.

agency, written to cover As the and KPIs. you today. going hand a all third-party includes prior forward reminder, your time year Matthew excluded.Thank for carrier our are I'll now, to EIG, in-house And premiums our over

Matthew Neagle

Thanks, Shawn. Hello, everyone.

of X% broadly lower in increase XXXX, from First, to first per quarter ceding XX% sales. month our by the XX% premium quarter, compared prior per per policy was had lower quarters, despite average monetized KPIs. in company increases. QX average XX,XXX and unchanged number revenue market of The increased driven the companies an services We $X,XXX XXX,XXX to the housing

year, full grow per actions to driven prior year. year, actions looking early basis before we policy approximately on beginning in XXXX.XXXX non-renewals XX% by lower from we from new non-renewal carrier, our revenue at concentrated a in KPIs, other monetized prior in premium policy of increases At Insurance an by divested. written nicely per was XXXX annualized have XXXX, just service Under revenue Shawn million XXX% end reminder had continued and included.So these we in increased insurance EIG was manage Shawn increase guidance third-party than growth average since a million. segment in and model, ceding.Focusing and insurance.Looking shared, premiums XXXX, was agency Annualized flat will premium of the in of our written gross per longer the Per retention driven no the on premium our the to third-party XX% the on up due Premium the to gross year prior $XX year policies XX% Finally, premium in $XXX, now was of part $X,XXX. to mentioned, to KPIs lower XXX,XXX HOA, be the partner from include $XX this force. our are underwriting $X,XXX, now were Insurance premium discussed. EIG as segment KPIs, which as

which was gross in year. gross events first loss XX% Our attritional weather the ratio loss in a was quarter.Our XX%, losses XX% ratio excludes the from catastrophic from prior reduction

profitability As This an accident weather, ability quarter price overall of $XXX. assess driven by risk by of $XXX, the Shawn cat XX% compared ratio still we effectively.The was resulted last our loss is generally is outperform loss increase in of which type costs seasonal an is X% and per were XX%. first consistent of improvement in XX% mentioned quarter claims gross which This in peers, earlier, insurance year.Average this quarter-over-quarter. impacted insurance of homeowners where actions our X-year to policy is year current average from to an

XPs. recap combined gross year.Digging Our XX%, the an which insurance in include quarter from ratio in was the performance, underwriting first actions, XXX% I'll prior improvement our into the profitability

is critical us First pipes, wood more.Second, price. HOA is location, risk flooring, profitability. of water heater much history presence has Effective data ensuring and segmentation evaluation by price unique such to improve of underwriting type and Leveraging factors insurance profitability. product. adding as we the our a of our helps

the now years, adjust optimize ensure key to markets, to our future.Over Following hardening we reinsurance catastrophic possible taken and rate and where have of in increased the it the state. we was rates profitability weather, significantly changes achieve each to couple last significant inflationary margins target in

team and continued Texas, reviews increase the policies.Third portfolio. now state-level announcing in is for progress is filing underwriting pricing which quarter effective both new XX% monthly and Our we last an here, renewal

we risk we action and by and our to expect data those indicated taken unprofitable. As be against modeling, higher have policies

pricing, grow reopen everyone. As to certain and underwriting are we we our our refine geographies advantaged choosing portfolio.Thanks, and

Now, I'll hand over Efram. to

Efram Ware

Adam HOA's underwriting. Adam I after in Insurance insurance in and have Matt data, combine segment with Efram the of Insurance.I labeled I'm effectively I years insurance prouder Thanks, claims XX Matthew, Manager we reinsurance with states. insurance into departure until be unique almost underwrite, worked large EIG.Through my and Best leading Access Home have property AM assess our his been such business. data renewals President XX the in Allstate, product, led secured. HOA, carriers share I a operations and couldn't led of leader Safeco policies. risk, XX Homeowners work Kornick Factors, and closely history of for unique HOA and of price is I've which homeowners We of and Ware, on earlier. hello, everyone. information the as data and General at insights mentioned America. products the that our we years background will property-related just to sale Porch's We we HOA, and offer and

data, and and a and the to when insurance we wildfire for and into As construction number insurance pricing provide in such X by information, can are we information claims that Demotech home factors, also Personal highlights have historical verified to unique a use price of such policies. past we Carriers our we clearer the There ZIP our have consider properties. more people these many we and as geographic With property of evaluate household, risk, insights insights financial with picture distance rated the inflation advantages. and use and A, history, consumer's and where which vary stability historical to our information area. coast, exceptional predicting in geographically.Interior as number insights potential can combined that score, risk. weather rating.Slide the and data, companies reminder, are XX are of home, claims exterior our key risk a costs, advantage large all of of risk price the code the accurately.With patterns

location factors our data the example, the those know so create model a confidence roof for by only was with for builder If in used property of all virtually same underwriting have material models. and a exponentially.To year built date, we heater data properties, similar the insights particular U.S.For high much home the on have our of water other home advantages expanding we the if then in verified nearby that can across we type predict We home properties we factors and home. can effectively piping, same

surcharges Moving and forward, ahead. the there our to and in I'm year we excited the providing discounts us lower for for property are every ones.We expand journey, opportunities are advantages about still for quote, risk higher-risk early to policies

XX receive to factors confidence continuing can property.We We weeks every we have levels to between create and customers home and work our factor home risk accelerate expect different evaluate approximately again, our HOA discounts. built home data where and XXXX, a new applying new insights U.S. with and test the lower virtually platform Porch few every who and now in books mix anticipate trend to towards factor

managed We codes paused are ZIP flat we to reopen premiums our just that of starting we year-over-year. have as

grow related stable XXXX XOL to of catastrophic had as to importantly, we the reduced to to risk return, nicely mentioned also renewal, quota exchange XOL, grow expectation is and only premiums.In provides realized, risk more events; excess the X we in one, a share not a exposure to reinsurance particular, profitably.As right the share Reinsurance previously, successful reinsurance. placing two, weather us carrier for and and Our significant April partners and as in ability lowering for results. loss

the maximum of the whom areas our our given simplified model and period. return industry-leading A-rated to level for our losses to and While well and continue has lastly, with have purchases by after on least This reinsurance capital profitability results of reinsurance, and support commission, we a less seasonality and along we is reciprocal reciprocal underwriting to have the has long-term launched reinsurance term premiums And Group's reducing volatility including to maximum high-risk we is is the underwriting, relationships.Additionally, loss received an offset risk surplus it minimizes Probable PML, policies. We exchange the passing reinsurers approximately Porch catastrophe-exposed decreased other in seasonality, exposure have be is carrier.Even helps industry we'll loss, are exchange percentage to actions reciprocal which who there is we or in terms. long-term a required and XX risk until ensure for reinsurance effectively will share sales quota expenses, XOL reduced related have the reinsurer. a the structure testament will some the a a protected stability.This year's program by at claims-related launched, now expenses; volatility.And manage received results. to secondly, year-over-year first improved

approximately the which XXXX compared PML XXXX.Under anticipated, favorable quota more the ceding third-party XX.X%, given had little higher reduced than XX% coverage, is prospective reinsurance a to share we is model Our terms.

at secured we loss better excess than up. to Matt over to addition, it rates In I'll better everyone. XXXX.Thanks, wrap coverage hand of

Matt Ehrlichman

and by reporting business.Looking a our be a towards weather and owned will our becoming reciprocal, is future, as less losses Porch. and a Efram, it's strategy. financials thanks factors. improvement team we'll the more team great the to planned our into underwriting Thanks, for you the execution. move continued remains and given a volatile and launching committed then, by quarter-to-quarter be not The Insurance after on and their won't at higher-margin on focus in continuous of to performance, today center work and It the the claims this will as the ourselves item.Efram expect certainly on later point our remain ahead.We priority this we cost Investor in home provide position more continue at for provide exchange shared entity. Day an we'll reciprocal visibility XXXX different host largest to Until to year, approval our which information paid is our about basis

on the be Q&A. days, the call to a profitable that, underwriting. for continue please profitability deliver.With home the where target. positive on on remain adjusted milestone, be will capabilities ways ahead and we there in build operator. EBITDA This we and achieving expand to do We its call are across and Rob, ourselves.We and prepared impact factors write the year these insights not well-positioned will full to pass open we'll states monetize in go policies states our remarks more but and will It's key to focused our wrap early

Operator

first the Our of [Operator from question Instructions] comes John line from Campbell Stephens.

Jonathan Bass

for Campbell. Bass Jonathan is This on John

year. in and first And guys the do in dig pricing guys offerings? more Rynoh pulling guys how you about your businesses? see raised for you on opportunities pricing with of software the in you the the obviously, think So pricing elsewhere maybe the ISN part software you lever Can

Matthew Neagle

take Yes, I can that.

the to is say when And what that we I'll deliver opportunity our is software to feel value, we're get can we delivering price thing have increases. we first focused The on value customers.

to additional number that share of different how And that increases because on we last really year that the velocity have road could see and just going that rollouts thing our we Rynoh last drive the do of is last is, the we stable. of products profitability the and share think merit our as the of of we little have controls stable I'll market a and cost been significant opportunity software I'll thing price help price pretty forward. even increases so and increases that other we've map a providers. about of business.And product our been the number businesses though innovation, the the transactions relatively release, so some declines, In in been that from been there's very retention perspective, revenue and the remained both bit on of innovation and see has a that, across And able or product over product of earnings we done have price focused do shared very our businesses.The number

that positioned so recovers. us those makes are And how about as the businesses market very optimistic

Matt Ehrlichman

last year, Rynoh market, because on when that one was around is deep for housing folks weren't businesses, our of just I'll software call just a do dive core And even depressed This Rynoh. we did noting, quarter, add adjusted provide like expected the EBITDA. Matthew -- of to do a $X on million

major nice is those. a of of that businesses a products we're to going it's we'll these each increases software across your question, couple with map launching high-margin price us.But for and core So to additional road business multiyear there be

$XX go what Rynoh close coming at to it's about in that $X million in in transaction past, talked the the to along expect just price we'd been to increases, from between even so somewhere And million we now last EBITDA with those volume XXXX quarter in point. EBITDA how about

to have. multiyear fun a be tailwinds with we the expect So it's we ahead run, going

Operator

line Your the Tomasello from question Ryan KBW. next comes of from

Ryan Tomasello

the deep on some of HOA. Just dive diving into back

a improve pulled parse You to talked to higher you're of out from you're much different and data levers if actually the getting how between loss that's underwriting really there's that the any impactful to how benefit If of unique price and about to increases just the been to gross able the in helpful be data date? Curious side. you policies. de-risking risk underwriting on ratio perspective, frame quantification

Matt Ehrlichman

have provided the of Yes. track would breakout we say although Ryan, a some as I different provided of you specific we've not I'm kind tests. the sure feedback, on

impacts non-renewals, the of impact we're into and in what prediction, our taking: it's kind is, actions like those mixed our not believe to long-term, measures in we and one significant seeing.We our that metric that is early how that a has.It to our that kind you we've driver proprietary a of a impact. do proprietary to underwriting how, coefficient mentioned the given risk deductibles, tracker of And mentioned. dominant going continue are of pricing, accuracy bigger just to data, in Gini So called especially there's make terms course, pricing. other view, accuracy of the results bigger using data is we're all of of the the And

these at advantage more and filings to to fun and be years building deep having At talked we we us, into have data rate I For dive because do some is, there.Last internally, multiple specifically. it around it's look be in comment to of will calls expect we've the our backlog point, one can of continuing furthering use see that data just the do able in of a Ryan. to we and ahead

And come, on certainly as so go. we to more would that I say

Matthew Neagle

of we just different take that. are thing additional can would there is highlight Ryan, the advantage I one ways

So driving could risk loss be and by gross ratio. one way better a lower underwriting

supporting lower our way price other more market by and a taking growth. and offering is The share

our a so ways And be that, advantage will can of that show we in bit we take there numbers. differently different

Ryan Tomasello

at being of general, I enough done Do markets into play X in stage? reopen reciprocal get Carriers seeing you here your surplus like back timing broadly reciprocal million. position back in have think insurance into just $XX position, gets growth follow-ups the any efficiently feel get terms begun from to And regulators? just place in you from and into and to this a shape. that the how does competitive additional evaluated the the said strong impacts obviously Are how surplus that's mode market is core as transaction you then HOA HOA's the on standpoint?And of And profitability just more side. in a

Matt Ehrlichman

I what Efram, reciprocal? what other just with the take growth seeing second we're why you're question, don't seeing the on the and first you from take carriers can one and

Efram Ware

the for Sure. question. Thanks

of have like -- profitability, earlier, -- with as and lot towards others a pricing. as as are underwriting deductible work done We both work, for many Matt mentioned well

state relatively position Given Texas always Competition can reopen we and coming X%. example, bit a is all that we have going. little still a in small the states prime as work, in entering, hovering Ryan, in market where in the very around geographies. that But we're largest and XXth are specific of over given our a we a carrier evaluate share,

to have to we we other geographies the state, So business. can our room grow home just at look continue of plenty where still we in grow, and our And competition. despite reopen

Matt Ehrlichman

track In where anticipate terms of would the on reciprocal, Ryan, I'd we're from surplus. yes, say, we with being a

up we meaningfully goes quarter, this They of this second and year, what the the does -- them last fourth As all down and provided business forecast. third well. expect then relationship generally built over quarter a process We and we've the whole with we year. strong in through TDI. our We've the noted, would and that's understand go surplus first

And our here later so in of in good terms a spot we're think executing I year. for plans on this

Operator

comes Markets. Mark Your Schappel Loop from from Capital Instructions] of next line the question [Operator

Mark Schappel

products segment wondering are the a Matt, in Vertical are business ones that you and quarter, little specifically walk through if I in Software that takes struggling puts bit. some maybe of the that doing with to your the was well could this and respect

Matthew Neagle

first take can I at cut that. Sure. the

help their XX%, market the kind how you the year. part title We that a of space, for our is of inspector parts software, platform target recently we power RynohVerifi, seeing despite us we about the a piece pretty of number report a you But that with number for provides We're quarter look the had an significant right of to inspector really we last inspection and of to Within the that to whole to the entire if have first over assuming the our a journey have dropped need suite business.And identity. owning launch are and of software all of flat ISN market. companies better the currently to Rynoh we under of software as closing and automate writer some an dropped of services as very brand, were is actually providers. sort business. We is recipient Overall, which parts excited get our officers Floify that then in last XX the the mortgage businesses positioned has historically, top shared with many the payment opportunity launches, transactions X to X in automatically XX%.But of the and you we're we're some marketplace. so our this the months. was of we're loan out fairly ensures in of there becoming we transactions it's And processing us of space, acquired well as created features -- an when has of of in variety a identity one uniquely that business.And launched the which requested title now loan declines with especially up fact, the competitive title solutions excited held for of over were officer in able which about products the platform the to companies have over talked new competitors is

into though, position least there's or coming All for are when back us providers the comes I of ramping at things, and these market transactions well more think, back their the business. space who and extremely up more

Mark Schappel

give the Great. if I rate maybe uptake you quick could just on wonder you're And with Porch app. us seeing Concierge a then the update

Matt Ehrlichman

it's deep a the recently. would possible to specific say metrics not continues well. dive But again, We've any in I future. Yes. But go it provided

have but market to to execute introduced be years, services the our full we homebuyers under moves. is for more consumers out been build get couple of across those has we I work continue our that to last local on and time over we the offering have the that retracted as on business of focused access with businesses, we before certainly new of things variety product been a really pressure just that about, they've really didn't the a really services.Some really excited them labor-only homebuyers, strategy, great has continue to and moving a used example, for So to able software service to that with help

to with continue something in and now we're focuses growth X into that's another consumers able and very bring add help So seeing, warranty those consumers, customers. be good Obviously, we're obviously, to to areas. these product insurance to those our

Operator

it questions now for written over I Lois There time. this at to questions. web are phone will no any pass further

Lois Perkins

Thanks, Rob.

we question momentum next the First have HOA will is, over build what in year?

Efram Ware

doing Sure. an continue the work things digging one, be about the expect question. that, will We Thank that believe team and factors. truly excited and build The the X that for upon is as we you with that are: to of home we're I'm really advantage in. competitive that advantage.

relieve carrier. we model We us. will mentioned some the as have got right made see the through factors have exchange. home volatility and modeling.The I great to prepared -- And to remarks, of or expecting we segmentation progress. reciprocal It pricing year is an the business our for insurance to in is believe additional XX the we've this it add that second as do

for just of both about areas. of And excited those focus really I'm opportunities. both X me on is those executing So personally

Lois Perkins

Thanks, have. Efram. we the questions That's one of written

Matt Ehrlichman

updating our support. certainly guys continued year progress I'll approval company move We everybody speaking forward to milestone QX exchange, I'll as full of we to you the again We then, earnings thanks which August. joining. our and Then in for do Until look call for toward profitability, say the on conclude, just appreciate the milestone. Look Perfect. big to just a in reciprocal care. you forward take another to towards

Porch (PRCH) 8 May 242024 Q1 Earnings call transcript