PRCH - Earnings call transcript Q4 2024

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Lois Perkins

Good afternoon, everyone, and thank you for participating in Porch Group's Fourth 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.porchgroup.com.

I would like to take a moment to view 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. to XX, reflects XXXX. responses of views including February today, discussion, your management's questions, as Today's We update information. or not revise do undertake this any obligation to

Additionally, could plans. these These expected are subject materially about performance forward-looking from and forward-looking conditions, actual statements we uncertainties, results risks or differ which or and financial our business our strategy business to will make cause statements. future statements to

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

and financial non-GAAP earnings for GAAP measures GAAP the call. both our refer to release during today's call, comparable reference press Please available on a website. will We this non-GAAP are measures discussed most measures on which today's of reconciliation to

along company's presentation on As this call at after website with the a webcast for reminder, this the shortly will ir.porchgroup.com. be replay available

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

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

Matt Ehrlichman

afternoon, new early everyone. toward three, being unique advantaged two, you of with demonstrated homebuyers We to that insurance objective our last in us. a progress underwriting joining this home a move simple. of differentiated exceptional customer ] by, quarter homeowners data; company the one, Good and experience makes access kind for Thank [

operates key including mortgage sectors, Our vertical software title powers XX% of the in of transactions and home inspection industry, and XX% roofing.

properties XX% homebuyers. U.S. for Our factors and insights data into platform includes now of of early XX% U.S. home

more. and moving utilities, with major a leader companies, expanded moving nationwide and long-term agencies are in partnerships labor We providing insurance the

believe on update homeowners of to the so. our insurance today build will With these companies. and largest one we're advantages, most we way doing demonstrate to profitable this I aim

to hit I'm to that the This quarter, to X to share. proud an was EBITDA that delivering adjusted second the half and ago, excited that key I are in share profitability XXXX. So goal, that XXXX, in we them of XXXX. important for the $X meaningfully guidance. year now means am we've highlights, fourth goal set million adjusted for in year number years full the EBITDA there full of a than and on achieved better profitability the

$XX Adjusted was was is we've income record more a we ahead. The million. clear $XX Net EBITDA made million. as even look progress

and million XXXX, year XXXX. midpoint, for full a providing XXXX are $XXX outlook For and are for adjusted revenue over we More, the profit our than EBITDA at increase EBITDA XX% $XX EBITDA adjusted at a $XX of increasing guidance adjusted we guidance more million is margin XXXX. gross revenue, the midpoint. million

approximately Going in from to highlighted of forward, our [ XXXX given gross million revenue guiding commission ] in and EBITDA. risk fee-based quality point, December a of Day, Case XXXX. we away target adjusted much transition are is At our our toward simpler weather model. higher $XXX holding higher-margin margins Investor our XX% we

confirm on since this our remain confident we this achieving track call Given first in and our that I earnings Day, do to want are goal. Investor is

shareholders for cash this generate to Porch year. expect we Importantly,

as predictable will of america separate which The Porch higher predictable entity of more operating This and will Group from the Porch This Homeowners results exciting Porch, benefiting outside ] for Group. We the important PIRE. our sale adjusted higher January expect operate be refer end the Porch an receive Exchange, going means and XXXX, Reciprocal time PIRE on positive Reciprocal quarter and may PIRE, of to margins design X, to deliver we fees as member-owned an of margin. into moment [ and XXXX, PIRE both of shareholders Porch financial forward. transforms every we HOA and Carrier EBITDA commission for marked the for the more for a of To the company. completed the Insurance to is formation Insurance earnings.

here just have last this to focused We've with and second certainly progress. the on while chapter, zoom profitability and next growing provide we margins. journey. want do for I'm focused I some a out pleased our years, on rapidly context now simultaneously the expanding few on entered one In

for Now in we've growth to partners. our premium geographies us we've of shareholders to you here. QX. completed that seen reactivated we Thank all. your you your business excited spectacularly for Thank optimal structuring substantial to business, deliver the our get our are here new distribution already to and in reopened insurance employees for support you work We've

over financial provide Shawn, to to the Now you details.

Shawn Tabak

Thank everyone. you, Matt, afternoon, and good

QX reminder, has tough due comparison a XXXX items. a revenue X As to

XXXX was the agency. million fourth or sold a was following the revenue the reinsurance XXXX in quarter XX% revenue $XX in-house quarter seating in quarter in year. of higher the that total $XX.X lower to of million, And With of the prior second, we million EIG, legacy fourth decrease $XXX.X Vesttoo due first matter. from our consideration, XXXX, First,

and adjusted adjustment, and revenue wrap nonrecurring the Insurance nonrecurring $XX.X some and margin. addition, fourth the million $X complexity a in QX reinsurance That's was Absent legacy which up strong was XXXX, selection, growth Revenue EBITDA of there of in strong ahead risk $XX.X over $XX.X allocation organic In items, adjusted capital related less prior the expectations, control. of by Vesttoo. quarter EBITDA light our revenue million. led million by of year-end reduced trends, performed a has and these of execution, business year driven million to and was cost XX% increase XX% segment. cost well the the

than EBITDA performance for flat quite last million, Gross a anticipated, a the per policy first the formation with take late second our the improvement longer originally The year. year-over-year. divestiture agency, we significant and by in in appreciation insurance bit premium the reopened XXXX. and to show quarter legacy team. highlight of want was approval adjusted year. of EIG increases This offset compared to prior but $XXX premium written the of a is to Reciprocal I broadly took growth

shortly. Matthew through will talk the progress

The well Insurance, were SaaS XX% per total segment. the was by increases In in vertical In items the organic driven $XX.X applied looking $XX the trends, performed prior above and million. our results growth software, to premium insurance Insurance revenue has items, strong X% by was policy. from nonrecurring discussed by increase segment a Now year, million, these revenue driven all I Absent price increases. segment. at revenue

was XXX was a adjusted less by adjusted basis revenue a select to price over increase the increase actions revenue insure. advantage in driven EBITDA cost in Vertical $X.X insurance point a the risks our $XX.X helped and $X on SaaS adjusted EBITDA. strong Moving prior million, driven margin this which have was right Software us million year to the and year, million, cost EBITDA control. by profitability Insurance the There $XX.X over segment. increases increase million underwriting prior

Finally, million, as corporate $X the manage year we benefit actions the to and expenses were the we've $XX see of than taken. continue million costs lower prior

Now let's our take at a step back and performance. full look year

revenue by prior increase $XXX.X a X% for Insurance driven the million, year the Total XXXX segment. year, over the was full

was comparative driven million $XX all in prior than our margin year, of resulted $XX.X was million cost increase This prior the million, million reminder, period. revenue $XXX.X the XXXX by the the strong Revenue year. in approximately the Better a was of full in less matter representing incremental revenue As Vesttoo EBITDA $X.X of for across execution segments. XX%. expectations, of an over Adjusted year. a

flat QX. EIG decreased year, to by in premium Otherwise, we to of compared year. the divestiture driven the of prior from gross roughly written premiums plan the prior written managed HOA Gross our

sheet. higher services model. margin Now moving to commission and benefits is simpler, are on shift There the from asset the light. several toward fee-based It and balance insurance business the

cash, in Excluding and million. HOA, with of At also to million that that X.XX% HOA SOFR. coupon surplus a equal investments a cash Porch we yields $XX ended plus note XXXX held $XX time, equivalents

sale $XXX to $XX surplus cash investments as XXXX, on and was to the and balance X, of million month increased Following million. approximately January, HOA note PIRE the ended of January

claims, the progress bankruptcy promote over period Additionally, with our cash with we $X QX additional Vesttoo now time. Vesttoo of the following expect potential there positive million more later in receive to from the end, approximately process, was

against ongoing, things remain surplus million we develop. offsets interest income of and the report these keep substantially will our payments. approximately posted current Additionally, as SOFR you our annually parties which rates, At other shareholders, notes $XX litigation would interest debt generate

looking ahead XXXX. Now to

our First, Day. Investor QX, what I at changes wanted starting few to laid remind about we out consistent in a with

generating we creation. value the continue on Porch primary measure focus as shareholders to cash for First, will of the

consolidate not as contribute that segments the of will Adjusted by consumer and include EBITDA which services, results of include PIRE GAAP we contribute will generating EBITDA and time for into Adjusted being, HOA financials our services, shareholders. HOA results insurance cash, exclude do Porch they the expenses. cash will to software corporate the available and to and Porch While data to offset PIRE will

will basis We interest EBITDA. and profit provide revenue, guidance Porch this this for on shareholder call and adjusted gross

and with margins depreciation be million requires predominantly QX improved profit revenue. in report go-forward which gross our less $XX software reclassification data XXXX. plan change, gross align Even and expense we introduce in XXXX, This We of we to Starting the new segments. of with KPIs a XXXX, to expect approximately amortization of expect business revenue with cost instead cost to into substantially of in revenue, this segment. of

XXXX for our interest. Porch guidance for Now shareholder

$XXX we revenue. We cost decrease XXXX revenue approximately services less communicated. than but is gross the to $XXX point, better Reciprocal lower a revenue expect higher to This profit of revenue margin year-over-year slight expect Case compared to in operating given grow XXXX million of model. XX% the million, to previously shift

approximately of more associated million the XX%, predictable with model. We million margin of expect $XXX gross XXXX profit an highlighting to profitable and $XXX

to we of midpoint, adjusted a million is EBITDA $XX XXXX. approximately adjusted and At $XX EBITDA over increase margin $XX Overall, million million. XX% this expect the a

each of sales guidance includes to XXXX XXXX the and investments segments. half faster Our higher our adjusted in across and in growth drive first beyond product increasing of EBITDA

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

Matthew Neagle

to like highlighting business. I'd focus to Shawn. for by X areas you, growth Thank revenue the start drive our

scale is premiums. First to insurance

expect are wants. in for of each buyers We homeowners homes. homeowners to come. insurance XX% homes years make massive purchases about industry rapidly and on to low-risk the the up Home low-risk increase market focus everybody what year, insurance home buyers We

versus price premium property was the We and been approval a we just period to restarted unique received, We've identify QX, premiums of have data. advantage them managing flat given -- we end [ Momentum more agency business new after the Toward in ]. prior started effectively, to QX, in the premium And growth the geographies, hiring PIRE double after distribution. our we of reopening leadership, in partners seeing sales agencies QX. new XX% fact, in reengaging and to already growth year. saw adding new building. is legacy expand are we business And

Most will our of rate though, increases big premiums, renewals, so make come impact. a through

rate rent million over continue target the towards and written XXXX, of at [ our policy will about approximately per for year. prior $XXX take Overall, excited $X,XXX XXXX. ] momentum premium nearing We an we're average to XX% increase end expect the of premium the gross

growth to We to the expect continue throughout year. premium accelerate

is of second growth in vertical revenue The our innovation area software businesses.

road as which our strategic we and customer new and stabilizes, roofing capabilities the product increases. software. assistant reporting and to report satisfaction as retention a an income employment our streamlined for advanced are in map, price We our remain service included revenue Verify Rynoh. a and Floify housing advancements our accelerate for growth. market QX solid strong rates inspection AI-powered product expect supports Retention measurement building, key and executing strong verification

growth is profitable Launched our and of has data Home the factors big XXXX, Next to business. potential a business. become in the

revenue. and HOA and factors third-party adding selection. driving with Home third-party improves home and each carriers quarter, value indicates Factors HOA for work Our new risk increasing clearly that We're PIRE

real is launched that them more homebuyers to services. simplifies help In and opportunity more a high-value Lastly, MovingPlace, we moving. December, access a marketplace there with

insurance agency homebuyers products. to We them is Strategically, also in their signed insurance new high-value for this leads it expands journey. partners creates HOA access and as and more our important incentivizes partnerships, early sell PIRE our to warranty which and moving

go-forward XXXX business Now and in segments KPIs. to are QX presented will be reflect the on XXXX KPIs legacy segments. the updated to

legacy at XXXX. for Looking KPIs QX the

We of First, was quarter XX,XXX, the per and average company services $X,XXX. the service the monetized was [ per monetized XXX,XXX was revenue number month average companies per revenue in average $XXX. had ]

KPIs. Looking now at insurance our segment

gross in includes currently QX segment we included Consumer a January XXXX, this reminder, flat QX EIG, a million, will written when In roughly premium As XXXX. comparing prior From year. to our segment. and be Services our warranty. divested in year-over-year agency, HOA Also, reminder the XXXX, warranty insurance $XXX figures, that compared was

was force in XXX,XXX. Policies

to strategy Annualized as XX% while the our driven discussed, increase roughly by targeted decline maintaining per previously couple such from per policy the manage revenue last use premium to an premium $X,XXX, tactics was we've in year, years nonrenewals over a been policies has of As flat. increases. of policy prior

on HOA, annualized retention Focusing to XX% premium policy per premium was XXX%. the earned increased $X,XXX

a is to record the Reciprocal surplus it structure. healthy with Lastly, transitions HOA as

As XXXX, December XX, held assets exceptional loss last down a year. by of XX%, was gross with of surplus million at it portion our XX% sales HOA. related include ratio $XXX non-admitted Porch that In to combined QX, held from

XX% the the the Our prior loss in year. bar ratio sets attritional compared XX% at to for industry

years. and December the lowest November saw volumes for many planned

few Also homes retained risk exposure California. in that with and note over no last years. has carrier the targeted effectively have We lower insurance the the

XX% year, the the year larger HOA's lower Beryl, than prior in we For loss full despite delivered one XX% weather gross Hurricane ratio, of a events.

prior see from Gross XX% you despite XX% improved XXXX, ratio in can to in the costs weather a chart, improvement the combined fantastic XX% a year. compared As year. the for year in was attritional the ratio result in loss prior the we an XX% driven in and by increase catastrophic

our All underwriting the in lower-risk couple and homes the strength metrics actions through of reflect advantaged success our of over years. of and these retaining last strategic targeting

Matt now remarks. to hand closing back I'll it for

Matt Ehrlichman

profitable opportunity volatility. we're our expected themselves value the what will approximately performance homeowners commission and weather growth customers. With and valuable Thank sustained we're huge you, insurance revenue fee industry We numbers mitigation XX% Matthew. with of our positioned highly and with ahead building. the for that exciting sticky demonstrate the gross believe and clearly a presents insurance from services, consistent believe margins growth speak We structure, for and and

$XXX large business, drives We EBITDA increasing in to Investor consumer cash premiums a Day build for to adjusted recent scale grow long-term and and in business XXXX, out to underwriting $X million and billion defensible consistent a divisions pricing unique Our generate our objectives to advantages. services achieve and and data our in laid amount shareholders. clearly insurance our over time, our of software data of

I'll wrap the today. reinforcing messages by most from important up

of XXXX million. and delivering in full First, quarterly adjusted record EBITDA year adjusted million EBITDA of $XX QX $X

target. commenced and expected. million adjusted reaffirmed $XX we increased we XXXX million geographies Second, and of the formation XXXX premium early are HOA to seeing sale our Three, EBITDA guidance our signs. Four, $XXX at the PIRE EBITDA growth plan and of adjusted our and midpoint strong the as occurred opened

some continued you, Thank shareholders expect ahead. your for again, fantastic to years support. We our

open And call the with up John, please questions. that, for

Operator

Company. comes [Operator from with the line Dan . question Instructions] of Benchmark The first Kurnos Your

Daniel Kurnos

a to little Matt, ago, Great. was Day already Investor over starting 'XX. the we're in months numbers X and up tweak

specific of just we enthusiasm can the -- some out there that helpful. So gate premium have trends? would Is you anything on start color gross get be segments, to what's that more informing written

Matt Ehrlichman

kick ahead then layer and go and off I'll in. it Maybe Shawn Yes.

things. I few we just think together come One, had as intended. has plan a the

the formation would So of occurred. Reciprocal, the actually there until getting plan. the cushion Obviously, sale of leave a we through of bit those HOA's events actually completing

And . so things, see happening again, to those expected. it's as nice

seeing activated our good there. signs Matthew Two, we as growth just plan, really just we're mentioned

the just exciting execution. really then to intended happening month-to-month execution, see board, you'd We else good from day-to-day, our the say team like lastly, in about units and and to strong that and as there, Anything comforting certainly business is the Shawn? strong so layer feel where just the as leaders. we're week-to-week, execution across expected. and seeing And And the would continued growth I

Shawn Tabak

particular. insurance just touch on in I'll maybe Yes. the segment,

I about think Investor talked to Day, at the insurance about, premium, XX% revenue premium we there. a conversion of

up We well that also rate opportunities. with talked about our toggle ability to as conversion other

progress of with so on we a the progress get early And number seeing out Matt's as to very PIRE, those opportunities given we're to point, things, ahead. strong

make that business drive. as point is we're margin profit gross I'll that is to adjusted very other there margin as a EBITDA able The well high

Daniel Kurnos

on being I on can strong. to If helpful. Neagle, follow into, if just want point you super just maybe and That's step commented you up business that Matthew new

to And give receptive on they new obviously, are how on that's going Just to entire turn us directional way back, how about just driving PIRE any take some color into layer think agencies business. should to surplus and we rate.

directional some thoughts would So initial just directionally, but helpful. early, it's know I really be --

Matthew Neagle

Yes.

back a turned mentioned, of growth what -- as Shawn QX, you that to towards give So the we color -- just means. end share little we on of

plans closer growth incenting that First, agents. we're look commission behavior and agents team, wanted. invest a our to our of goes and make at we we out reopened new took team onboards We in we a which is sure started existing type that engages to the geographies, our

what phenomenal a of I excited the VP terms in now, number a premium set I consumers. things it Right he would agents hired leader We the give contacts additionally was Porch color billion brings in can industry. PIRE. own of a are region also and would There's did is his over value from Farmers. $X that a provide -- in Growth product the He to there, about of agency led of about that insurance the exciting

people quite, intentionally getting HOA we And quiet. reengaged a period where what we're just seeing is with after were

And is for just that So we a open of grow. business, it telling encouraging. all folks, lot being of to is want

it policies. active. the agencies the seeing we're We're see in new number it of being number of And so starting in to

ramp-up is those onboard agents, And of early, it think that and get writing starts and fully there's the things It business as the start onboarding. I sort get we're of seeing they before we're in agents are number we're by shaping encouraged we to a of we period of the -- appointed course, but business up out certainly then, that how active. gate. they then And

Daniel Kurnos

jump but in year, guys, it's obviously. queue, nice I'll right, back a All to the start

Operator

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

Jason Helfstein

broadly? how growth and I leaning But or you is PIRE into I like, uncertainty own and about you some into guess your thinking addressed with proactively [indiscernible] kind organic guess, is benefits drive of the of get now just in the gone. are growth of can what you'll similar. closed, leaning more some HOA you just growth do of that is kind business more to But investments around

Matthew Neagle

And layer on. guys Matt. Shawn, you want that, if to take I'll

of reiterate I Some and are about I our in is through many want with at out to and are what we many, talked go-to-market are HOA. shared currently what Day, or there is just more the that what insurance there that engaged Investor agents agents, appointed

getting having lot the just that a go how team. on And people reactivate It's it's of with channel, blocking benefit have agent rate we getting getting. about the we've it's lot agents natural There's the place, so are talked a also of that just from we tackling, done of the we're right able that feel incentives we which conversations little focus do. do a it's and and and in is bit increases and to

those of XXXX. lot flowing through planned XXXX XXXX. We some still already are have for from A into

is will requires next of $XXX but the written get over insurance from So X we it we is path next for kind to to can real $X But million $XXX premium ambition million time, this for And gross years. it take XX goal year, for year. an think the the standpoint, us. and to is there billion our us execute, some

strategic that that features to then just also invest marketing, to more then Services starting and have, we've are mention trying the more also Consumer investments in particular, in paired business, map we're increases. beyond did sales out where in our some look in and group software we in Shawn with roll consistently we that When invest introduced our Group growth. we but some product road the new are price starting to insurance into

we returns. still good good economics through went the to growth and there this we into a and and opportunity I of is the we're a think year 'XX understanding all 'XX the big of enough have 'XX. do those opportunity us, parts as for there of of the insurance we And did and is investments analysis where, kind -- mechanics across think certainly found really look but we other business going

Matt Ehrlichman

later is the attractive we're Two making, just quick those return Matthew additional Jason, investments profile that things, on. and the of strong. mentioned really investments

more attractive. kind so it's of businesses, be And for returns capital our want certain deploy a we what of we threshold set to kind able into to and

plan so for clearly, is that like bounce more we to able the EBITDA are. anything to we're guidance well backs deploy set the increase in to be of and We're big say still would And thing really here not or market housing able anything. And capital terms second then market up be I just is, excited, in assuming us. our

us. and if So will be just that happens, for that as tailwinds

the of that growth. which as correctly this the And done structure, the industry write to where are types to business. dynamic to and just in get margins add wanting market, the surplus priced . things in participate to We've with we to well, the naturally insurance we that solid lead attractive insurance will attractive Reciprocal are insurance we out carriers less. market But ahead, generate get certain to the can get so it's a very work

Operator

Your line next with Stephens. Campbell question comes John from of the

John Campbell

the and close Congrats a on great year. quarter a great to

It was just seeing EBITDA guidance. your in mean, I raised good guys obviously, you months. X

'XX a silly Your EBITDA the low stock guidance. pretty at is multiple of trading

ahead go nitpick your Maybe amount? is over guidance guys get in raise which you XXXX I'm similar raise. to keep not But by saw it's XXXX So reiterated this why I'm case. that the a you skis, definitely curious that 'XX But question, a and the probably assuming desire wouldn't the is if despite I guidance you mind. a like stuff that the

Matt Ehrlichman

what a execution adjusted million progress as . Happy really Yes. us really as seeing, think really there, great thinking you're target has $XXX think, just and And is, year. we to. about, EBITDA it in and for really momentum the important for is next in business wonderful. I been John, Sure. about I talked certainly We're the really,

marching business increase is $XX happy million, we'll we're now. it certainly -- leave Today, and guidance we'll provide to The to there that. for towards the XXXX

Shawn Tabak

Let not about skis. is, one it John, more getting me add just thing, is over which really

on really think next I want number I you as well. our up it on We feel about just year's quarter guidance. not XXXX, the plan, good. updating to That's said how but guidance. for to set update change said, that and XXXX. every we'll don't be this to We Like year's we're update we get closer

John Campbell

do sense. numbers. How [indiscernible] Makes side, we'll we on away the run sell

in to So versus smart XXXX On any baked of in? maybe out XXXX. guys more I'm of curious curve testing. a the Factors generally, saw press growing product light Or on Home to for and your how just move. you targets, shed can kind performing Home I or growth of kind trajectory hear. pipeline maybe shape are expectations just the if maybe the then the Factors, the the of great original release, you revenue maybe the That's is for the

Matthew Neagle

have Yes, using early it that. their an the does underwriting. underwriting the I pricing there signal very to interest data to We're speak a to see on Home now pricing. multiple way in engaged begin carriers strong in or it impact using that Factors We and either our test and in deep evidence can in is is with

XXX We over Home think have the the Factors. of every And faster I by quarter, that. we'll more end other is, The still investing just out teams. some point Factors in released go-to-market would than building I really mention we're

a month In just that fact, pipeline that or building. leader will we start in so, will next the identified accelerate and our

the more of more that and time. does process it cycle a laddering engaged We in communicated have take is getting carriers sales

You work get a to out. got to to roll of through it some and kind these of then larger they you carriers, got got test

we're we in really is early, more So we're just would -- 'XX XXXX. adding the the talking 'XX. strong XXXX, to we're I more bigger then and internally say very executing in start a And now, much factors in carriers. opportunity assumed focused revenue and to we to still encouraging. people on see energy and It's home and but assume talking some for We right and haven't

Operator

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

Ryan Tomasello

know Factors You chop leader product? mentioned, there. if you alluding some to of still on on what go-to-market wanted the what just is that And more on you to that sales investments building touched out provide to can hired of I new I some it, the already Just dovetail like, how the would you there topic. kind on but in go-to-market Home is baked Matthew, that just here think for you're a But look XXXX? being just of much will color in

Matthew Neagle

now to It's can area in proof not and engineer a work in that an time. right of out. other some take 'XX. them to roll of and all needed. form. there's Yes. certainly a start team It's some It's investment to support order the the things in go it XXX try massive targets, then -- sales infrastructure that's concepts There And to with XXX are sales is our conversations test goal

Over it's actual within of then we're envision way come just our we team may kind go time, up. But our and through meatance [ got scalable. We there. certainly interest out work the starting to to of execute, cases ]. build very and done purchasing the the companies. pipeline products insurance already to the work is just and the is all processes infrastructure via in meet of But variations use it's invest APIs, that as But those particular

Ryan Tomasello

Day, you recall the interested I Investor in sounds then are And like Great. from still it opportunistic M&A.

business like currently? inorganic of And to on seems growth can among priorities the So Matt, scaling I'm M&A, leverage that ranks way it that lean just the on area. ways interesting an where is curious list that the you insurance

thinking M&A So here? how about just curious from you're

Matt Ehrlichman

is organic. to be guidance all Certainly, the put Yes. clear, out today we

out. M&A what would be And we're so incremental laying to

kind at talk we with and point to a acquisitions the of can start about set a of integrate that ability given to agree I to effectively accelerate have where be We we begin to the able have. to Again, are capabilities we growth set of capabilities, you. that. believe strong broad we do

could ways provide industry. there's today. what the there, in terms use we'll details accelerate in to progress think capabilities different I insurance updates. the of we to doing obviously, as you share And M&A more that here to more come, nothing we're But

Operator

question next of Capital Jason Craig-Hallum line Your Group. with from Kreyer comes the

Cal Bartyzal

Great. Cal cadence as your to start, [ what could and for can look This like? just for Maybe about just ] Jason. you a is PIF policies progresses to talk growth XXXX grow on expectations

Matthew Neagle

Sure, I can.

towards working we're premium -- the million gross of written terms in So $XXX target. target, premium gross

[indiscernible] already an policy planned for assuming still we filed ones through are but have due are increases also and year. this to are that that We increase rate flowing

terms a then mostly we'll lot into XXXX. In It's XXXX. as up growth in growth, see aren't pick . we start of head And we that to of expecting flat.

go excited. ahead. We're ahead. Yes, Go

Cal Bartyzal

mild to I year. this seen more guess secondly, we've maybe a Sorry. market real just bit start the estate

curious thoughts how just your this on. XXXX impacts potentially on as moves Porch So trends

Matt Ehrlichman

as conservative that's kind third-party relates that of we're housing our said, kind pick housing And market bounce the back. see just it much place think not like to you compared market. of to prudent in market mean year into I guidance I housing we're to assumptions in our We assuming as flat our a growth. estimates. in guidance, the Again, terms like of are built

Our parties businesses expect yes, what to are when does we'll can conservative normalize, obviously, from benefit being perform it as back, really this come the at we And that. third point. But market nicely. will compared housing and

Operator

time, remarks. call no would like at There this turn over further back to to Matt I as closing the for are questions

Matt Ehrlichman

to the then worked results. continue will XXXX. for say I more the This to to here QX excited we just to appreciate questions. is to clearly start share earnings call. important you we the able we all We in hard optimally and would I for believe what I business Thank We're back can the the get you close together much. time. as very great be that, through and get structured it is to an appreciate moment With progress a the see company.

Porch (PRCH) 25 Feb 252024 Q4 Earnings call transcript