PRCH - Earnings call transcript Q3 2024

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Lois Perkins

Good afternoon, everyone, and thank you for participating in Porch Group's Third Quarter 2024 Conference Call. Today, we issued our earnings release and filed our related Form 8-K with the SEC. The press release can be found on our Investor Relations website at ir.porchggroup.com.

Joining me here today are Matt Ehrlichman, Porch Group's CEO, Chairman and Founder; Shawn Tabak, Porch Group's CFO; Matt Neagle, Porch Group COO; and Nicole Pelley, EVP and GM of the Porch platform. SP580584591 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, November 7, 2024. any update undertake information. revise not do obligation or to this We

plans, to benefits our we that of and or These which business and statements except obligation risk make in encourage information factor any well the uncertainties, conditions, publicly risks and by disclaim statements any information, uncertainties results whether the expected strategy Additionally, slides. to We statements. on forward-looking differ assumptions. these consider or factors recent our in exchange will forward-looking law. We current statements, the update response timing and as risks materially as future described forward-looking and of future these the the actual applicable based financial from other business are cause including to you events launch to as expected in risk expectations new and could filings performance to our subject or otherwise, required SEC

that our factors including information, could differ additional results materially current cause For expectations. from to

financial call, our and information and GAAP both [indiscernible]. Please press a today's We will measures and to refer available are to this and subject release financial upon call. today's audit measures of during earnings discussed the the GAAP revision most closing on measures to website. non-GAAP comparable unaudited The of which on reconciliations reference provided non-GAAP preliminary completion

presentation shortly the now. you. call you reminder, will Thank call replay this As with be after webcast to this the the for over a turn at company's available on now I'll ir.porchgroup.com. website along

Matt Ehrlichman

us. for good Thanks, afternoon, Lois, and Thanks joining everybody.

Group the conducted work new mitigating expected the acquisition to of operator approved claims be our to coming, as January and a at model the Porch insurance that well. started. aligned optimal for reciprocal in Porch with structure about believe fund appropriate let's our start the the for of application certainly terms proposed and financial our then Insurance believe this results Porch so complete insurance of us economic we profitably was under allow and core Texas Exchange the time. license and weather will and and more result excited, We PIRE complete higher Reciprocal with expect procedures Porch HOA operations administrative to Group the scale get in direct extend time XXXX are be form weeks, Porch more available partners rates officially I shareholders. This or coming a the our PIRE In is over with as policyholders. TDI events to structural predictable October, reciprocal We what acting file to our We expect Porch thanks update, will is In by reciprocal, at announcement and of a the to of and for to we application. our and insurance customary announced long Insurance my the to tremendous milestone key the it Department for when result and form margins today's business exposure team. Insurance

share strong to premium Texas in launched opportunities next the While receive reactivated and this and an PIRE we a ahead many value announced partners approximately we've for and constrained right. growth past XXXX. Shawn Porch plan Nicole week, premium creation steps approval, flat our All we Insurance this toward eye with shortly. channel just until growth will

QX Here, I'll hit on some accomplishments.

$XX Hurricane million had occurring weather was at all QX, are positive expectations. quarter. positive positive cash profitable. early event with severe This flow Net results Beryl, $XX and we $XX adjusted is QX income we EBITDA We million. which quarterly of despite delivered exceeding First, in million, at achieved operating record mentioned both a last in

is milestone today marking ongoing for profitable business. EBITDA the adjusted be a to significant expect we Importantly,

insurance all policy use data premium further the unique We of Our compounding year-over-year. factors, insurance property implemented home actions increased a are XX% our deductibles, total increases making contributing. per and pricing, and impact. premium substantial profitability per policy

gross million outperforming ratio weather, QX ratio is loss And loss to of our surplus XX%. year approach and insurance without catastrophic is positive in of at the be the The was full XX%, expectations. was attritional expected income post healthy the history year, its in XXXX. Our strong would carrier which far again, its net and $XXX to for end highest by expected

to fully we into $XX and out are increase losses factors platform remain. in the we as our debt. repurchase very Home roll and the a have cash home launched Multiple seeing pricing approximately predicting factor with new and products September home. us And against third bringing the of of In XX% products. we quarter incredible models $XX of help to results risk quarter, data total homes the $XX the are can retention segment, unique pleased how year. of U.S. implemented results million repurchased testing finally, and our are par their third-party high historical Next, our in Factors a better unlock our new continue Software million X into during value used data customer AI We pricing million given to products We claims this underwriting Vertical currently meaningful we features Home I'm and rates in unsecured XXXX insights advantages carriers and resounding. of our data

you, cover the over financials. Shawn, Now to to

Shawn Tabak

good and Thanks, everyone. afternoon, Matt,

turn results. Let's quarter financial our to third

do, replacement reinsurance QX reinsurance. fraud global and reinsurance our that prior for looked against partners reminder X we a contract year. the best comparison quick Last difficult therefore, terminated we a that QX, and a year committed in of First, that had is legacy discovered

of year, premium reinsurance Vesttoo of XX% matter. EBITDA the line less million period ahead legacy per in ahead the million in time, we $XX.X $XX.X additional million this of and our This control. Gross Revenue less our revenue of decreased million, $X.X driven from our was of by insurance segment prior XXXX quarter our XX% which EBITDA year a our segment. million. With additional the resulted million, quarter year. agency, a revenue from cost cost had million, of was expectations, year, third revenue an by period quarter $XX divestiture offset EIG, was revenue the a expectations. prior $X the that it XX% and insurance XX% driven in with the of $XXX was a expectations. increase backdrop, by strong the was improvement in And cost lower by from driven that a of and in margin written as of During seating, premium revenue XXXX in decrease and $XX of Adjusted of first of insurance prior and policy the third of adjusted

gross We have roughly flat to written year-over-year. managed be HOA premiums

from segment XX% With $XX.X was from Software relatively at of a million, the approval insurance by decrease and point year, offset of driven XXXX and software quarter revenue. the Taking a X% this prior in The prior we the a total over closer segment, basis increased the the from year, segment acceleration exited moving price year. a of by subscriptions rate driven increases This X% focus service software. in XXX which Within redirecting business, in unprofitable offering, services. prior revenue growth from second corporate Inspection and by revenue our a Insurance the segment plan. XX% the prior the consistent revenue will was reciprocal, now the recent with decrease Revenue the million, growth $XX.X year. in Vesttoo. third Vertical look to of premium begin was our decline was to execute revenue the the higher-margin Rynoh relocations quarter,

that had to related expectations Now claims related segment, of approximately July let's revenue there million, claims therefore, net smaller in by that $XX exposure cost in million in this underwriting In than October. have Helene event. were Hurricane Hurricane by events not the that than $XX Cost us million reinsurance. X Milton event and smaller dig estimated. Recently, for Carolinas. was weather the a the development. This were as in With into revenue. our And Beryl previously revenue of better no attritional million. of of impacted drove was occurred Insurance we revenue previous Cost quarter was $XX prior do $XX the changes, to XX-year and exposure catastrophic partially was and favorable was later developed we of early Florida offset period $XX weather a a hurricanes reminder, of event million. in quarter, to early occurred our Hurricane X cost in

from in Moving million prior our $X.X improvement and prior mentioned. the profitability the the million vertical of a to year, Insurance strong The increase by improvement segment The Matt and price driven driven year, $XX.X $XX.X the adjusted control. year. million was EBITDA increases a million, actions a insurance subscription software EBITDA. Overall, million, services by the adjusted cost from $X.X prior businesses was XXXX, positive EBITDA adjusted third EBITDA software was $X.X from in that adjusted quarter

The the Vertical XXXX. total the margin quarter Operating $XX from flow was cash Software Corporate XX% increased broadly adjusted to XX% at prior third of positive million EBITDA expenses revenue, the quarter. year. or million were flat $XX in in of

step $XX average The par of $XXX wanted I XX, As repurchase back, at XXXX, for XXXX [indiscernible] at unsecured cash, to quarter, of some due the than million. done on cash. a in of in the repurchases HOA of cash This million of $XX context equivalents value notes of investments, excluding and $XX prior capital was September lower million value. Taking had the million predominantly million the an par allocation. we $XXX XX% provide $XX to million were

second, is capital excess the our toward return level capital. have and which business; that maintained risk-adjusted appropriate our well hurdle of internal of to run to we minimum expect allocate an in investment we above highest average rate, of weighted operating First, the opportunities cash cost generate we

uses performance for available detail deploy coupon. against primary presented payment rates of to shortly. the had opportunity to the appropriate exchange our for in despite on the low million million $XX which business doses of will in the and it the cash, excess QX, reciprocal notes in we have the insurance with expect funding cover cash X seed QX, and an at secured In we we entity, $XX an interest more unsecured Given were

$XX at we on and HOA prior and the we continue insurance start will million to As cash this to at carrier XX we nor other in from equity the Case the the approximately health additional expect surplus compared shift million now guidance. [indiscernible], do of requirements. After September AA will to capital need year. year at the injection regulatory higher, of its record entities the surplus on the Porch. we not point, $XX reciprocal million. Shifting end was and million to to related insurance model high launch approximately focus on $XXX satisfying and will end $XX anticipate surplus

our reflecting QX performance. day, We are strong guidance updating our full year

million. Overall, now range $XXX fourth to of of $XXX EBITDA quarter, growth. previous million adjusted expect improvement $X.X of a cost to One We I'll Vesttoo with revenue XXXX. fallout was million a note a the compared improvement thing due to to million the the which in QX in million of of Revenue is of this $X.X X% over a X% $XX and $XXX XXXX of improvement, year. adjusted year $XX revenue is million million guidance guidance. profit million million fourth XXXX with quarter in $XX the EIG $XXX updated EBITDA we less to divestiture results higher expect in revenue $XX.X of loss million, is prior to of January midpoint this The the

year, over improvements of the XXXX, $XX would the full profitability highlighting the business. be For year the improvement midpoint million full a

here gross on million this this quarter. for section $XXX exchange to expect with our reciprocal to discuss million. I'm focus Nicole now to of pleased have die $XXX written We premiums me. We'll

Nicole Pelley

you steps. everyone. support. progress here for again, your Hi, next We've we excited been to I'm be while, and on working a updating and this on appreciate our

structure of customers. is as once First, insurance through then our the well reciprocal the you as And talk next new business value proposition Sean for I will our insurance review launched. steps the will the

Shawn Tabak

will form [ a entity Insurance have or we Reciprocal Fortune that Exchange PIRE approval, ]. Now called we new TDI

surplus and million $XX expect X, complete a initial funding receive XXXX, additional our We HOA's difference insurance minus exchange. surplus amount existing note. surplus exchange On to [ our this we for will surplus in of the note, $XX an carrier statutory sale existing surplus January or date of million note will continue the be which to will of The an between the equal sale around in ] of provide PIRE HOA the on note to forward.

a in approximately Given total, to HOA's our means be expect After has to notes. All including the and performance, hold growing. $XXX time, hold bear of approximately acquisition this will reinsurance at year $XXX the surplus for million policies plus surplus its pay been end all Porch HOA, of of and expenses. And This X.XX% we Pier expectation claims, commissions certain to million. of that Group at HOA premiums expenses, the over. coupon agent surplus expected is

units: written first, Management a its surplus in with costs HOA. PRMS Insurance At in be to fact commissions XX% result As term. high-margin will Group, and business within reciprocal PIRE and owned growth that be will over will PRMS, will will up is premiums, operate X addition Services, gross expected to policyholders take attorney all with receive their build operate Porch our contributions exchanges, of who in rate of we or faster by make Porch the to new premium. surplus which long the mostly and Services operator Risk will which approximately segment, of entity and the fixed fees

to be to unit Services particularly Porch or back Incremental are making from dynamics PICS, looking Services with expect for of Stepping paid be new flow will most Capital are PRMS new away Insurance under dollars to this expenses PRMS holistically we expected are adjusted higher to move and the Insurance our second margins. as Solutions, segment hold expect fees as attractive given volatility, surplus The model revenue Cash will predictable. fixed. And well upfront. margins decrease at EBITDA business weather-related it Insurance more the note. segment strong and are which we

through model an Investor at upcoming to in the us launch will And December. go-forward detail excited We Nicole Day take in financial plan. walk the are now through

Nicole Pelley

Thanks, Shawn.

finalizing for us now prepare operational from including launch, training. certainty that and insurance the board. we and the We First, approval prior to clarity and milestone readiness as us value path the This move received and and TDI port mentioned, programming both independent the onboarding the forward. and a system provides on Porch proposition was for agent key

carrier, launch targeted start of up Insurance, XXXX. At completed to product transfer January existing will be Next new its Tire. book a of sale At entire with time, not including the Texas will enhanced we that be Porch the will point, value that a for be policies, just homeowners the will the insurance subsidiary same HOA an of policies, and launch proposition.

build surplus addition quickly. a to their helping premium, Here, surplus consumers in pay contribution more to

[indiscernible]. products new porch We to insurance offer will both and HOA Texas and renewing

to state. We the it will results. product Porch In and states again, out port But look Texas, initially more insurance to in we rolling policies. launch XXXX clear, states Group's will our roll impact ongoing, largest the to other [indiscernible] out doesn't Higher make Port insurance financial product into for

reciprocal January be rate time, of and commission growing sold value segment offers surplus faster. All just contribution [indiscernible] the premium. at written Porch offer the enable mentioned HOA premium be offering approximately extra to XXXX. our to As is through surplus through Insurance expansion aid PIRE we'll consumers will total State consumers to Insurance revenue to gross in the product. Porch the market in is generated I Services take fee product to Group's and about the another will the and XX% on in

So let's moment customers of owners this. through recipe. more take talk Porch policyholders, than are and to a members insurance the their

offer First, protection. more we

from Our risks. insurance in protects home catastrophic every structure day the

Insurance as monitoring. appliance gas, Porch property the XX-day other such While New service home members of features coverages protect appliances, lines, the to water and house our and as product protection warranty recall inside warranty, such preserves some the check sewer new such for as a get refrigerated lines

save or Home concierge can moving homeowners use home homeowners their and approximately Second, coordinated their movers, manage and to and tasks. setup XX% insurance on TV Internet app designed maintain who is Porch our Insurance schedule buyers moving and for home. homebuyers

causing new from electronics electrical such as outages installing data risks for claims to to Third, higher historical supply, overloading sensitive HVAC home to a our discount in an in as appliances, it [Audio inability or homes do and we underwriting chargers power damaging care offer so. XX% rewarded electric severity a XX% reward make such evaluating A they pricing for panels not just and support a insight to appropriately or to do members. and level. We easy want a systems. Comparing comparable of unreliable the risk homes are repair this repair policies that various car examples. require an those as indicates panel Gap] to presents a community the in with XX% claims it's that of their circuits few power surcharge need a as be fires, do. new These valuable Therefore, modern at against in frequency upgrades

new submitting and additional include that Home XXXX as presence factors. end are of of the the factors multiple We data filings such roof by skylights

a your to reminder, you factors we third to I'll As quarter, Thank early we time cover results. to the over now are And parties Matthew market home our with strong selling in for KPIs. it hand last announced all today.

Matthew Neagle

Thanks, Nicole. Hello, everyone.

our mentioned, XXXX, once make I'll for model. go-forward into small will cover we KPIs operating Investor light current our adjustments we formation at upcoming reporting update KPIs to Until Day. in reciprocal quickly enter time, have that Shawn the at the our share of been We'll using. and segments then, the we more As

companies Average revenue driven year, the core, lower QX. the year, similarly services was year. average We decreased month per revenue Shawn to had driven service per monetized over Vesttoo $XX,XXX First, than prior impact in prior by was per Vesttoo. X% in company XX% monetized $X,XXX prior X% average by the from a XXX,XXX of mentioned. the The increase the $XXX,

at Looking KPIs. our insurance segment now

In thus was and $XXX reminder, $XXX,XXX gross year-over-year in third was Insurance a from included are the XXXX, force. in million comparisons EIG that XXXX, premium apples-to-apples. policies not quarter As divested the January written Agency

are $X,XXX, on and discussed, to growth revenue for premium per the by driven policy we've premium nearing begin time increase was focus premium prior the year once grow we an of again. Annualized XX% when constrained we have profitability per increases. policy As

HOA. premium the we are per on nonrenewals now increased expect The continued annualized The we increases to complete, see ahead. retention $X,XXX. XX% benefit XXX%. Premium Focusing policy look price as was to and of

Our splits given strong presents third hurricane in XX the ratio ratio a X the loss XX% lawsuits. result and gross was the quarter, out attritional gross events. Slide loss

from performance XX% delivering non-cat XX% improvement loss shortly. loss prior the touch of this I'll and gross exceptional, was attritional year. an more Our a on ratio

seasonal catastrophe gross X outside quarter, Shawn was ratio third weather The loss the in primarily hurricane As was catastrophic performed by events. which well said, XX% the barrel. driven

ratio QX was data I'd Our quarters. have to into last how significantly gross combined The like provide in losses our XX%. insight some the attritional formed in now and X

First, product.

selection factors. appropriate. surcharges and data and and risk us risk apply Our discounts unique helping our With benefits price home where from better assess

are We deductibles reducing revising and exposure. policy also risk therefore, terms, our

higher completed and policies Second, risk portfolio. which risk modeling review nonrenewed our our We've unlikely showed we to be profitable. that during were selection data

on We back have exited and Georgia pulled and from South Texas Carolina. coast

Third, price.

states We where continue across increase appropriate. to pricing

our increase inflation to premiums not alone actions. With and across significantly increased have in had increase price losses, insurance expenses, here costs are and reinsurance industry. We historic the homeowners

years. fire these our $X,XXX. largest improved shows loss In coverage to changes premium XXXX, and hikes, in Let's policy implemented water actions The around water Texas premium deductible over have increases X XX% CAGR, a surcharges. Since the grown focus perils, have loss past Texas, per response how ratios. on policy chart market ratios shifts, now our attritional our at and to we've per highlight has particularly how state, improved rate reaching

since Matt of 'XX strategic in they reflecting While Thanks, the improved rising I hand drove to wrap up. higher 'XX, success everyone. to in inflation this it 'XX to and 'XX have ratios will to our measures. reinsurance costs and

Matt Ehrlichman

attritional of Porch start We PIRE industry-leading by and our January; expected three, you, reciprocal the couldn't second, Thanks, the more be recap, debt; to ahead. To at of demonstrating loss what's excited insurance Matthew. exchange approved be outstanding acquisition unsecured the is is business about lowered we team. Thank ratios. Insurance one, the HOA is amount complete of

the up detail market; ongoing still We and Home for our response details five, focused [indiscernible] into [indiscernible] year of the XXXX Group With long-term profitability terms QX units. Porch positive are Porch Group results And financial predictable our in quarter what share continue growth we for it's target the about to ahead prepared of Investor for where that, of look XXXX. to XXXX to call reporting results, the adjusted and we a begin here KPIs to remarks call coming beyond. We year, positive delivering wrap in and financial and full please EBITDA expect Factors a With shareholders fun full for out insurance more going and pass we'll health month, Day the variety be in the of will next XXXX. segments operator. we post XXXX the and run go a achieving targets with carrier, and Christina, and and updated Q&A. in model and . are new business the delivering roll up. will forward getting the open cash economic flow reciprocal, strong margins,

Operator

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

John Campbell

Great on I profitability. know That's to well contend great. guys quarter. you some the weather with in had work the pretty

exchange touch moving of kind service. reciprocal the proposition for did consumers, value concierge overlaying and guys On the you new on

the and you've the done able why does could could how if main -- been my you've been well thought from segments? And insurance what also to how you the in X synergies across policies differ past you tie it to better question this able have past? services you is, feel So maybe like to drive the how moving

Matthew Neagle

take I free Nicole, in. to can Sure. that. layer feel

concierge We We're like business. to services very purchase being and a things built and so people home around of additional lot a buyers, provide a move going them. the capability. are as the country ports part in in it through all current over helping x far, differentiate into also to the years have best to who people the been states Porch, a leaned targeting focused in over on Thus XX-day homebuyers. PIRE capability we've to HOA make up past moving concierge that able been all moving interested hasn't Porch help operate a for the We And that warranty, home -- insurance. for we want the because the the Texas. [indiscernible] we value intentional that's as way to operate us of

[indiscernible] we're so And

John Campbell

guys. call more. bit and [indiscernible] one late maybe a business missed but the apologize, corporate I kind you decision I little here, exit the had apologies impact And to I so help could of explanation, to if I about talk the relocation the this within Vertical Software?

Matthew Neagle

speak a Yes. relocation And There the us. that, to us scale sense trends that's on to it. meet that working it really make work I didn't less can for focus there's too. more type went service were There's we couple certain that against segment happening. just a of as down, happening of corporate to provided

see in the So in that there's us I impact revenue The you still move-related one the quarter. will will thing the in moving. for opportunity is say

leading but do corporate partners the as space and for was leader services, in in brands, move-related certain the We quarter. still we as are the revenues why driver relocation it other this down labor-only well a key a

Operator

Helfstein Your from next the line of Jason Oppenheimer. question comes of

Jason Helfstein

the fund when reciprocal? How to Just then able bringing that do you're your or in with or process you is revenue [indiscernible] you And impacting which corporate the think transaction outside with then is out capital about and what's overall want is of the to back capital done to ask, it, extract the think expenses? secondly, corporate about done. [indiscernible] done you're

Matt Ehrlichman

refi. cover could the expense I

is of for a with relatively announced the back take But reciprocal, excited for I a around combined I rate I and for Investor fixed just our your now, think the second insurance well are as detail second, at we'll gross today, model. presents about think the expenses. our excited was I Day. step take as business have scales at type on expenses reasons Was think that... nicely. ahead we the that that if that, be other shift to what now. about one expense we segment, a XX% today employee the a quite fixed, and that PRMS relatively lot written that more that profile provide entities the as question mostly the profile for And about I expenses will the on And surplus opportunity We're us. expense talked premium

Unknown Executive

right. I can Yes, that. that's take

Jason, when no $XXX grow go build note. We'll now some time out surplus could and sure here through. that capital, give the mentioned, transaction faster X.XX% investors we and capital we've that inside when make Group's X once note to coupon that Porch had expanded reciprocal notes that. for is the existing see keep insurance launched, surplus paying pay we down and once you do additional interim, goes to right like plus surplus, to or approximately of able choices. is before, the pursue third-party SOFR take, premium Obviously, the at of entities. coupon. million point that much go or will, Sean be to is expect to and in But we surplus we able Yes, that, have, sense the some a So mentioned to look entities One insurance is raise third-party it to be have the to

Operator

from next [Operator of the comes Craig-Hallum. Kreyer line Instructions] from question Jason Your

Jason Kreyer

the that triggering growing in got year, I on deadline now you've So into [indiscernible] policies set we a as focus kind next for think force. probably of get the starts

those most new whether geographically like what that how Factors policies, as have type that the a from data to Home curious homeowners and finding risk of profiles. find that tap into far like that attractive you Just some be of as go-to-market looks then perspective

Matthew Neagle

can take Sure. I that.

are I would a reciprocal We approved now on to has that premium highlight couple excited move next of been into year. things. growing growing premium, focuses

we and lot opportunity in. Texas, in The first other that XX of we the operate have is we still a opportunity have in states

And so we'll space. advantage open of take that

through appointed The and more a second our agents, lot room agents. primary add go-to-market for is us there's to is of

X investments And other to starting the so also One things. agents, agents. the make to we to we into the those incent profitability. to changes to are agents started commission growth help provide will make us is to teams that then We've more growth and that support now really and is recruit activate

if make agents so at in changes competitive market. the growth us we're driving for And market. get And those above very even opportunities potentially to the those successful there's profitably,

And to part of certainly, are fresh profitably. work then to risk to in able And that to with of to have go home team that we be homeowners to price our our particularly inspection. so we're done do a Home somebody key excited be segments has because grow data is agents when key recently It us in our is helps It's how we and risk agent want most also or that. Factors more helpful defy target of one lower able appropriately. buyers to the

I starting we're grow premium excited about so to year. And think next

Jason Kreyer

I in pretty fee of does years? time? is Like commission Or And that ask expect figure move that over around want that annual just should stable kind we how move that we then Does a that? sticky several around to forward? XX% about the . or be to over as look

Matt Ehrlichman

of for that I drive good the the I is in there rate at up. cover We'll obviously, said more the forward. for growth XX% I and to think a good going things, start rate will move for that -- And we at profitability. could of be in Day. as these was I Yes. of a to us part are amount take think, Analyst say, But as opportunities I detail future before, us the sorts think a for go Porch out Group it's and just great plan potentially to

Operator

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

Ryan Tomasello

attrition, been know, related to in out. that like part for something of business has that provide or whether of of if also environment bottomed big Maybe just you business performing Floify marketplace that's the sales just terms a lot like zooming and a not another was part insurance And headwind players the hoping you a can on story. the then feel an in I opportunity Floify, update how that [indiscernible] on embedded was of is is

on whole update if overall. there Just there's strategy was the that how wondering insurance any into fits

Matthew Neagle

transaction create can And headwind we for see been their and focused Yes. businesses, certainly market. innovate, officers of that on we it business value down, a also those the all Floify. of Floify exiting you in loan vertical loan addition way the are take price is I a of lot Across through software lot continuing to volume continuing monetize to a falling officers. the market. has can speak the we to to our

us to come of slowly we We which market. an addition a the the for transactional of transactions. the share for we opened working return to There more transaction on. give on in we of forward to growth us participate excited parts about going interesting things movements but that volumes -- which opportunity grow will on as in us are probably growth expect of are players some loan provide in services and been some also monetize the see back avenues and in to basis, have that would to with more some There's sort certain officers, up competitive market focus opportunities

expansion. so -- if we've seen seen Software margin we've And at look Vertical segment, you our

these new as headwinds comes over in well in growth innovation years done just the really back really the next has real X close excellent us an positions estate profitability, on while keeping team market. of the driving focused job eye X, on which staying X, a So the

Matt Ehrlichman

there, have business stabilized about finish of Ryan, Matthew give -- real attrition say, say and embedded team the done let for things like And have I would done really overall, leaders me In the our market. has a [indiscernible] just terms really this each done job a quite you. really insurance nice and I to echo question good metrics job. question asking But of well. said, will out software actually what teams credit, in you're center

say, in of industry, other In that their terms the would our our some able businesses. like and for just to those they software insurance energy the of features be focused, of some we've on embedded more opportunity, the products, really run things the building in need I market the of mortgage turmoil we prioritized and industry, businesses inspection given stabilize to

recently. for priority high us here hasn't it . a So been

Operator

are further you currently no questions there Lois, questions? this And end. have on any preceded do

Lois Perkins

here. got one I've Yes,

you, for about talk I future? Can the factors And port be think would this in Nicole. home or material you the is it opportunity?

Nicole Pelley

Yes.

parties We'll here the with Investor of foremost, more business the heard just a are opportunity the uniqueness is we've excited but then time from we this industry-wide. use seen the would but But that spend feedback the money sort factors. the new we're that is I go is testing for of cases Day, about third that, through started, as I largest very There of data spent insurance how tremendous continue thing here say, one opportunity find is given just company. And of positive. be getting Home the on and is really truly data. first on within only use I'm hugely I'd our our amount believe large. that we the highlight So can data of piece results and the to that we've just that last own we

opportunity on-site clearly, there's move close more within there's but underwriting optimizing opportunities just speed inspections to reinsurance. business, and to more pricing, So an to underwriting, effective to be reducing accelerate with also more

results And it, And strong. many adds so as data I opportunity really think The are value. the then the there is really about ways big. are

So while of pillar be a really major early opportunity next value believe, the years, I over set for company. a for us the here here, there's of to we're large

Operator

turn Matt with the like And remarks. floor to closing back I'd that, for you. to Thank over

Matt Ehrlichman

company's you, really -- see continued we in the do and with Thank early our rest And yesterday to moment you Thank forward the We just here really that you, a more details everybody. December, Hey, future. look for Relations what's can time said, everybody. website Investor at We're to I more the of appreciate a soon. excited. on be that, I our and available will in history, event we're speaking where fun providing here Details support. and your enjoy follow ahead, like the day. shortly about

Porch (PRCH) 7 Nov 242024 Q3 Earnings call transcript