Good afternoon, everyone, and thank you for participating in today's Porch Group business update and M&A conference call. Joining us today are Porch Group's Founder, CEO, Chairman, Matt Ehrlichman, Marty Heimbigner, Porch Group CFO, Adam Kornick, President of Porch Group's Insurtech division, Malcolm Conner, VP Group General Manager of Porch Group's Home Services division, Marcus Linden, CEO of CSE Insurance, and I'm Walter Ruddy, Head of Investor Relations for Porch. Before we go further, I'd like to read the company safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995, that provides important cautions regarding forward-looking statements. Today's discussion may contain forward-looking statements, including but not limited to statements regarding Porch's expectations or predictions of future financial or business performance or conditions, business strategy and plans, and anticipated impacts from pending or completed acquisitions, including the acquisitions we will discuss today. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions, and they are not guarantees of future performance. You should not put undue reliance on these statements. You should understand that such forward-looking statements involve risks and uncertainties, including the risk factors in Porch's recent public filings with the SEC. Such factors may be updated from time to time in Porch's subsequent filings with the SEC, which will be available on the SEC's website, and may cause actual results or performance to differ materially from those indicated by such statements. Porch is under no obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statement, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law. In today's remarks, we will also refer to certain non-GAAP financial measures. Definitions of these non-GAAP financial measures are available in the legal disclaimers found on slide three of the presentation. We also refer you to such legal disclaimers for additional information. I'd like to remind everyone that this webcast will be available for replay shortly after the conclusion of the presentation on the investor relations portion of Porch Group's website at porchgroup.com. For those of you that would like to submit a question during today's presentation, please log in to the webinar and submit it through the chat function on the Zoom platform. Management will do its best to take all questions within the allotted time. Porch Group has also made available a slide presentation that will follow along with the presenters' commentary. The presentation can be found on the company's website. With that, let me turn it over to Matt Ehrlichman, CEO, Chairman, and founder of Porch Group. Matt? Thanks, Walter. I appreciate it. It's great to be here with you guys. Excited to talk to you today certainly about some exciting updates at Porch. Our purpose here is to build a truly great enduring company that becomes a category winner of making the home simple. We're attacking one of the largest market opportunities with a unique strategy. Today, we're announcing two exciting acquisitions which strengthen our platform and further increase our already large addressable market. These acquisitions are also driving an increased 2021 revenue outlook and add to our already exciting 2022, both of which Marty will cover shortly. The first acquisition we're announcing accelerates our strategy and expansion of our Insurtech division. We've just signed the definitive agreements to acquire CSE Insurance Group, or CSE, from Covéa, a large French mutual insurer. This expands our reach as an insurance carrier, most notably in the key state of California, and by adding new insurance products such as auto and umbrella. Like Homeowners of America or HOA, we believe CSE will be an excellent fit and a business that's going to accelerate as part of Porch. Over the last two years, its new leadership team has already begun a transition to position the company for profitable growth. CSE wrote approximately $130 million of gross written premium in the trailing 12 months ending Q1 2021. As we move CSE under Porch ownership, we expect to adjust the reinsurance coverage in order to be in line with our capital-light strategy that we run. This acquisition does require regulatory approval to close, and we anticipate currently a Q2 2022 closing. Secondly, as you can see on this slide, we've also just completed the acquisition of American Home Protect, or AHP, which is a whole home warranty provider. We have talked previously about how offering warranties to our large base of home buyers will be a natural and exciting fit, particularly given the unique data we know about properties, an example being the make, models, serial numbers of appliances. This can help us to price more effectively over time. AHP has a footprint across much of the U.S., and the trailing 12-month revenues have been $12 million as of Q2 2021. With Porch's unique early access to movers, we believe AHP will be poised for future growth as part of our company. With the geographic and product expansion of our insurance business, along now with the ability to offer warranties to consumers, Porch is uniquely positioned, and I'm really excited how we can help provide whole-home protection for our customers. Before we dig in more deeply to these acquisitions, I do want to take a few minutes here to provide a quick strategy refresh for those that are newer to our business. We're excited for these announcements as it provides a great catalyst and moment with our upcoming Q3 results to provide more visibility into what will be our two core segments, vertical software and insurance. Insurance, which will include our carrier, MGA, agency, and now warranty revenue. We do believe, I firmly believe, that providing this additional visibility will make it simpler for investors to understand our business and benchmark each segment to respective software and Insurtech peers. Given how we're performing and how we compare, we believe this can be very beneficial. As you see here on slide six, as part of this, our strategy is simple and clear. We provide software and services to key home service companies in high-value verticals such as home inspection, title, moving, and roofing to help these companies grow. By doing so, we generate strong B2B software revenues, as well as gain low cost and early access to home buyers, as well as unique property data. From this, we strive to generate consistent B2B2C recurring consumer subscription revenues by helping customers facilitate the purchase of important services such as insurance and now warranty. Here on slide seven, our priority supports are consistent with what they've been and are clear. Number one, is to sell software and additional modules to more companies where we become deeply embedded. Two, is to have more of these companies provide access to their consumers, which leads to three, providing more services to these consumers. As we help with more services, the consumer's happier with our experience, helping companies like home inspectors to look good. Four, we focus on insurance as a managing general agent, full stack carrier, and agency, and now offer additional protection products such as home warranty. In all of these products, we can leverage our unique customer acquisition and property data advantages. Five, we're bringing in brands and advertisers to connect with home buyers earlier. Lastly, we use strategic M&A to continue to expand our platform, such as we're doing today with CSE and AHP. On slide 8, we can see where the flywheel begins, and at the core of what we are, which is providing home service providers quality software solutions to help them run their business more effectively and efficiently, and to help them drive growth. In these fragmented markets where we operate, we're a leading provider of solutions to small and medium-sized businesses such as inspectors, where our last reported metric's been 28% of all inspections in the U.S. being managed through our software, title companies with more than 30% of all U.S. home purchases through our software now, movers, and more. We continue to layer in more software modules for these companies, and I want to stress that these companies continue to pay us stronger B2B SaaS fees. We layer in more of these software modules, which continues to grow that, and we expect will continue to grow our B2B software revenue over time. In addition to these SaaS fees, as you know, we also generate transactional revenues by helping their consumers with key services such as insurance. Because of this SaaS plus transaction monetization engine, these companies are very valuable to us, creating strong unit economics that allow us to continue to add more companies. Thus, our go-to-market to reach consumers is not through expensive and undifferentiated direct-to-consumer marketing, but by selling software to companies who then introduce us to their consumers. This then gives us this low cost or no cost early access to home buyers as the home inspector and title company in particular are engaged right when the home buying process begins. Based on some questions we've gotten, let's just take a moment. How does this work in practice? An offer on a home is made. It's accepted and almost always contingent on a home inspection. An inspector typically spends three or four hours in the home documenting everything. Now instead of providing this 40 to 60-page report to a stressed-out home buyer and saying, "Good luck," the inspector is able to also provide a free Porch Concierge solution to facilitate the move process. Imagine the consumer as a CEO getting a corporate relocation where everything is just handled for them. Porch has built out that technology platform to allow these consumers to set up all their key and high-value services through us, insurance, moving, TV Internet, security, and now we'll introduce warranty. They're not sold off as a lead. They don't get called by other companies. We help manage and make that moving process very simple for them. In addition to early insights into who's buying a home, we also get unique property data that can help us price insurance and warranty products more effectively than others as we look forward. Just imagine how powerful that is for insurance pricing to know if there's a massive water risk for a home, such as an old hot water system located upstairs. Imagine if knowing if the HVAC system is old and going to be upgraded or replaced shortly. Lowering the price for good risk and raising the price for bad risk will drive significant growth, we believe, and margin advantages long term. More recently, with our move into providing software to title companies, we now also have the visibility into disbursements for a large portion of U.S. home purchases, knowing which insurance company a consumer chose and what they're paying, or if they purchased a warranty. That's going to be very valuable for us over time. Let's dive into M&A and the announcements from today. Before I turn it over to my team, a moment on our M&A engine and process. We've gotten some questions on this and thought it might be helpful just to take one slide here. Here on slide 12, as we communicated previously, we think about M&A somewhat akin to enterprise sales. We maintain a pipeline of companies who should grow faster as part of Porch. We have a very strong team, and credit to them for the announcements today, but a strong team and process for evaluating and executing opportunities. We organize our company in a decentralized operating model that doesn't require deep integration of acquisitions. We integrate only by layering transactional monetization onto software companies and our data platform, as well as the key reporting functions such as finance, of course. Our track record is consistent, it's strong, it's very clear. We've acquired companies at good and fair valuations with an average revenue multiple now of 2.3x revenue multiple in 2021. The key for us, of course, is to accelerate growth of these businesses, which we have done. On average, these businesses have been at a 7% annualized growth rate pre-Porch, and we've been able to accelerate them to 29% in the first year post-close. We're certainly very strong about that early performance and certainly so much ahead for us. Our M&A pipeline does remain strong, I would note, in addition to these two acquisitions. We'll continue to make sure we're well-capitalized to take advantage of the opportunities that are in front of us. Okay. With that, I'd like to introduce you to the business leaders responsible for insurance and warranty, and when the acquisition has closed, a new addition to the team, Marcus Linden, the CEO of CSE Insurance. First, Adam Kornick, who leads Porch's Insurtech division, will introduce CSE and Marcus. Thanks, Matt. I'm excited to be speaking with all of you today. As some of you who've already met me know, I've spent almost two decades at property and casualty insurance firms. Most recently, prior to Porch, I was the Chief Data Technologist at Allstate. Prior to that, I was the Chief Analytics Officer at Aviva. Prior to that, I spent about a decade at Progressive in product, leading large call center operations, and finally as the SVP of big data and analytics. With our team, I've been working on the acquisition Matt mentioned, CSE, and I'm very excited today to share how this will accelerate our strategy and specifically our geographic and product expansion. With that, I'd like to introduce Marcus Linden, CSE's CEO. Marcus has a proven track record in leading successful insurance businesses, and particularly in the complex state of California. Very excited to welcome you, Marcus, and the team to Porch as soon as we receive regulatory approval and officially close. Why don't you take us to slide 14 and give an introduction to CSE? Sure. Thanks, Adam and Matt. It's great to be with you today to discuss this exciting transaction and all we believe we can accomplish together. I speak for the entire CSE team when I say we're looking very forward to the next phase of CSE's journey as a Porch company. As a little background on myself, prior to joining CSE as the CEO in 2018, I led countrywide product management and distribution at CSAA Insurance, managing a $4 billion auto and home insurance P&L covering 23 states, including California. I began my insurance career at Progressive Insurance after working as a strategy consultant with Bain & Company. I'd like to give a brief overview of the CSE organization and hit on a few areas where we see opportunities to take the company to the next level together. CSE was founded over 70 years ago in 1949 to provide insurance at equitable rates to clients, and this remains true today. In every way, we strive to do right by customers and protect them with well-made insurance products. Today, we write business in California, Arizona, Nevada, and Utah through over 300 independent agencies who have an average of 17 years writing insurance with CSE. The bulk of our business is in California, which is a massive $40 billion home and auto insurance market, where we have significant experience and data writing property, auto, and umbrella products. As of the first quarter of 2021, we had about $130 million of gross written premium on a trailing 12-months basis and more than 100,000 policies in force. The management team and I joined CSE over the past two to three years, and together we've made significant changes and improvements in pricing and operations. We've managed the portfolio to focus on key target areas and reduced exposure to wildfire and improved profitability. This has put CSE in a strong position for 2021 results and accelerated future growth as part of Porch. Under Porch, we look forward to furthering the transition to a capital-light model, plugging into the demand stream of movers to whom Porch has early access while continuing our commitment to policyholders. Adam, you're on mute. I was going to say, thanks, Marcus. It's great to get a chance to work together again. A few things I'd like to note. First, we expect to shift CSE to the similar capital-light reinsurance model we operate today with Homeowners of America. As we do so, we would expect CSE to generate approximately $25 million in higher margin annualized revenue. Given the Q2 2022 expected close, we anticipate approximately $15 million revenue impact to 2022 and to run the business at approximately breakeven. Second, the new CSE management team has done a tremendous job reducing wildfire risk in the last two years. From February 2019 to February 2021, CSE has reduced policies in the highest risk zones by 80%. We will be working with CSE continuing to focus on the large majority of California that is not affected by fires. Third, we consider how long it would have taken to expand organically into key states such as California, and likely we have taken at least two years. For an attractive purchase price, CSE allows us to rapidly move into additional key states with a base of historical data, capabilities, and a strong team to build on. In addition, we get the benefits that CSE also has auto and umbrella products that we will be able to layer into our portfolio over time in order to offer bundled insurance solutions for consumers with this preference. Lastly, I believe the synergies with Porch are obvious. As we have seen with HOA, we expect to be able to accelerate the growth of CSE with Porch's early access to homebuyers. Further, as we integrate our unique data platform into our underwriting capabilities, we'll be able to price risk more accurately across our entire insurance division. Finally, by combining purchasing across HOA and CSE, by increasing our scale in insurance and diversifying geographies, we expect to achieve group cost savings with XOL reinsurance. Matt? Before I turn it back over to Matt, I do want to take the opportunity to highlight what we mean, thanks, when we talk about our capital-light approach to insurance. Our HOA insurance carrier and MGA operates a capital-light model that includes ceding the vast majority of premiums to third-party reinsurers. In 2020, we retained only 7.9% of premiums after taking into account the ceding of our approximately 90% quota share and the excess of loss program. As you can see, this is significantly less than the traditional national and regional carriers, and even below Insurtech peers. This means that we not only have lower capital requirements, allowing us to scale the business rapidly, but that our revenues are higher margin and that we have lower variability in our costs. Given our historically very strong gross loss ratios, we have strong relationships with reinsurers as we provide them profitable business as part of this relationship. For the small portion of premiums we retain, the excess of loss reinsurance reduces our exposure meaningfully. As an example, generally, we have a $2 million attachment or deductible per major weather event. As I've mentioned, we intend to migrate CSE to a capital-light insurance model that aligns with the approach you've all seen with HOA. Now I'll give it back to you, Matt. That's great. Thanks, guys, and Marcus, welcome on board here soon. I'm excited to get through the regulatory approval and get cranking. I would like to introduce you now to one of our business unit leaders, Malcolm Conner. Malcolm has a deep background in growing warranty businesses, having been the president of American Water Resources or AWR, a home warranty company, for five years. Under Malcolm's leadership, we're excited to be expanding our capabilities in the warranty space through the acquisition of AHP. Malcolm, if you could, why don't you take a moment to expand on my introduction and then take us through the AHP business? Thanks, Matt. Happy to. It's really good to be with you all today talking about this exciting step for Porch. By way of further introduction, I've spent more than 15 years managing various businesses and companies, ranging from startup to over $400 million in revenues. I've spent the last decade specifically in the home services market. Before joining Porch, I was CEO of a proptech startup. Prior to that, as Matt said, I spent five years as President of AWR, a home warranty company. There, we were able to scale the home warranty business into one of the larger warranty companies in the country. I joined Porch for the opportunity to significantly scale home service businesses by leveraging the company's immense assets. I've been very excited about getting to today, when we get to now build a large and profitable home warranty company. Let's take a look at AHP on slide 18. American Home Protect is a skilled provider with an experienced team of marketing, sales, and claims handling professionals. With a nationwide presence in 45 states, AHP will be able to plug in the demand stream of Porch for early access customers. Today, Porch does not offer home warranties to its homebuyers, but it is a natural product for consumers to purchase as they are preparing for a new home. In addition to getting low-cost access to demand, I'm particularly excited about how we can reinvent pricing in the home warranty industry over time. Today, prices of warranties are often static and not very sophisticated, primarily because of the lack of or little data that's available. Let's see if we are able to lower prices when appliances are newer and increase prices, let's say, when an HVAC system is about to go bad. This will be better for consumers broadly and certainly an advantage for us. The last thing I'll note here is how we work together closely with our insurance products. We believe together we can fully protect a home, and we're excited to start testing new ways to enhance the customer experience and cross-sell a lot more effectively. AHP is currently a $12 million recurring revenue business. From close through the balance of this year, we expect AHP to add approximately $3.5 million in revenues to Porch's 2021 P&L. AHP operated at approximately $2.5 million negative EBITDA loss in 2020, so there will be a slight incremental loss during the balance of 2021. We do expect to operate the business at approximately breakeven in 2022. AHP has an effective product and pricing model in which they provide a three-year warranty product that consumers pay over the first 18 months, which moves cash flow generation forward and lowers attrition over time. We will be moving quickly to enhance and differentiate the value proposition we can offer to warranty customers. By adding certain things, covered items, and certain services, Porch can execute at a low cost. For example, if our warranty provides a dryer vent cleaning, gutter cleaning, or TV mounting for only the cost of the $65 deductible in the policy, this will help consumers get more use and value from this subscription. The reality is that given Porch's low cost demand of home buyers and our unique data, we should now be able to build a large and profitable warranty business. I'm excited to get going and demonstrate really strong performance in 2022 and years to come. With that, I'll turn it back over to Matt. Right on, Malcolm. Thanks. I'm excited about it too. To wrap this section, and the M&A announcement, in a few slides, clearly we're excited about how these acquisitions are going to further our ability to protect the home fully. Through this, to become the partner for the home. You can see here, we now protect the full home with bundled solutions with auto and umbrella insurance, and now help to secure the inside of the home, including appliances and other systems. There's more that we'll be able to do as we continue to look ahead. Turning to slide 21, if you think back to the company's flywheel, it's clear these two acquisitions fit perfectly and will experience strong growth by, as we mentioned, getting low-cost access to home buyers and consumers who are ready to purchase insurance and warranties, by being able to utilize unique property data to offer high-value products with more effective pricing over time, by being able to increase the value proposition to the end consumers through fulfillment of service such as dryer vent cleaning or gutter cleanings at low prices. There's significant room to grow with geographic expansion as well. Every time we open up a new state, consumers become more valuable to us, which in turn makes our software companies more valuable, and thus further improves our unit economics of our B2B software sales go to market. I'll wrap with the terms of the deals and then can quickly turn it over to Marty. Both these deals, we believe, are very attractive for our shareholders. As slide 22 here states, we're acquiring CSE for $48.6 million of cash at closing, which again, is expected in Q2 2022. This is less than a 2x revenue multiple after the full conversion to that capital-light operating model that Adam had discussed. It also equates to a 0.6x multiple of statutory capital and surplus as of year-end 2020. Thus, CSE is actually expected to be immediately and meaningfully accretive to Porch's balance sheet at close. The purchase price for AHP was $38.6 million upfront, $3 million of deferred cash consideration held back and paid in 24 months, and $4.25 million of transaction expense to key employees. This is approximately 3x revenue multiple based on the $15 million in pre-synergy revenue that is anticipated next year, or a 3.8x revenue multiple based on the trailing 12-month revenues of $12 million. If we look at the acquisitions together, the businesses add approximately $40 million of annualized revenue. It represents a combined 2.4x revenue multiple that is paid. Again, given the time between signing and closing for CSE, due to that regulatory approval requirement, Porch anticipates an impact to our 2022 revenue of approximately $30 million combined next year. Again, both businesses we expect to operate approximately breakeven in 2022. Independently, both are low or slow growth companies, but as we have demonstrated with other acquisitions, we certainly expect to show meaningful acceleration in the revenue growth. To note, we do believe these acquisitions will align with our long-term margin targets, or certainly they're synergistic and will be highly accretive for our shareholders. Marty, if you could then update on our revised 2021 guidance, factoring in only AHP, obviously, given CSE doesn't close until 2022. Thanks, Matt. We just released our Q2 earnings three weeks ago, during which time we raised our guidance for the year for the fourth consecutive time since going public in December of 2020. Today, we are further increasing our 2021 revenue guidance to include the AHP acquisition, which closed this week. We are continuing to see strong performance thus far in Q3 that continues to demonstrate excellent execution by the Porch team. On slide 24, you can see that we are raising our 2021 revenue guidance by $3.5 million, which is what we anticipate from AHP during the balance of the year. As CSE is not expected to close until Q2 next year, it has no impact on our 2021 guidance. As Matt mentioned, together with both CSE and AHP, we expect an additional $30 million revenue impact in 2022, based on CSE's anticipated close date. On an annualized basis, if CSE would have closed on January 1st, we would have anticipated $40 million of revenue for the 2022 year. The current 2021 revenue guidance is now $187.5 million, which is 159% year-over-year growth. We are also reiterating our revenue, less cost of revenue margin percentage of 72% and contribution margin percentage of 40% guidance for 2021. As Malcolm had mentioned, AHP was a negative $2.5 million EBITDA business in 2020, and we are adjusting our 2021 adjusted EBITDA margin guide to -14% to -16% to account for the incremental loss in the back four months of this year. As Matt mentioned, we expect both businesses to operate at approximately breakeven adjusted EBITDA in 2022, with similar underlying margins as the Porch business. As Matt noted, our balance sheet will only be marginally impacted by these two acquisitions, given the excess and surplus we received from CSE as part of the acquisition terms. Now, I'll turn it back to Matt. Thanks, Marty. Again, I'll wrap here. As we layer in a new service and warranty, and as we continue to expand into new verticals, we are growing our already massive TAM to now approximately $325 billion. We mentioned to you guys before, but it bears repeating, that one of our core values is to be ambitious. These announcements today, in my mind, are a testament to the opportunity ahead, and our focus on moving rapidly and smartly, of course. Moving rapidly to build a very large company, all for the purpose of making the home truly simple. We're excited about these acquisitions for sure, and I will say we are just getting started. With that, Walter, you please go ahead and open up the call for questions. That would be great. Thanks, Matt. As we have folks joining, the first question would come from John Campbell from Stephens. Oh, sorry about that. Can you guys hear me okay? Hey, John. How you doing? I'm doing well. Congrats on the acquisitions. These look to be very important strategic deals, nice work there. I just wanted to touch on, maybe it's a little early for this, but the high-level impact to the main KPIs, if you can maybe talk to how this influences the company served, and then the revenue per monetized service. Yeah. It really won't impact the number of companies served. Neither of these are software companies here. These are both improving and increasing the monetization that we can get, both per consumer, and therefore per company. It really wouldn't impact the number of companies served, but immediately now AHP is closed, so right now we can go and start offering warranties to consumers. That increases the number of monetized services and the value. These are valuable services. Obviously, it makes the companies more valuable. It will, here in the not-too-distant future, be able to start showing up in the revenue we can generate per company. No, it doesn't impact the number of companies. Okay. Makes sense. As a follow-up to that, the home warranty play seems super exciting. It's a perfect fit for you guys, obviously. I don't know how much you can talk to this, but if you could maybe just talk to the average revenue per home warranty, and then the three-year home warranty product is kind of unique. If you can get any kind of sense of what that is as a% of the mix. Malcolm, you want to take that? You're on mute, Malcolm. Yeah, sure. In terms of the percentages you asked about, in terms of the three-year, pretty innovative product offering that AHP has. That is actually primarily all of the warranty offerings that they're selling today. Well over 95%. Okay. This is, again, maybe too far in the weeds, but any sense for how that waterfall looks? If it's broken out between the one, two, and three years, where we sit today? Yeah. We're not giving too specific information on those types of details. What we will say is that AHP with the three-year innovative offering, does have very strong fundamentals. We're really looking forward to really leveraging those fundamentals as we accelerate into the home warranty market. I will give two more things here, John, that I think are useful and interesting. They have innovated around this three-year product. It does a couple of different things. One, the consumer actually pays for that three-year warranty product over that first 18 months. That means that the cash flows of the business versus the P&L are actually very strong, just because the cash flows are front-loaded. It also therefore obviously increases and drives really good retention from that warranty product. We see, like Malcolm Conner said, some really attractive things that we can be able to help scale that much further. There are some really good bones here that are exciting for us in terms of how they've gone to market. Undoubtedly, yeah. Thanks, guys. Appreciate it. Thanks, John. The next question is from Dan Kurnos from Benchmark. Great, thanks. Long time no see you, Matt. No kidding. Not really. Dan and I were in a conference earlier today, so he was on a call just hours ago. Hey, hint, we might do something in warranty. Look, congratulations anyway. Good deal for you guys. Couple questions. Just first, can you just talk about, I know you don't break out by geography, but just sort of the magnitude of overlap you have with already the existing inspection business in California, just so we have a sense of kind of the upside there. As we think about It's early, you're just adding these to the portfolio. I don't want to sort of distract from the bundling opportunity, which you can get into. You now have theoretically three established brands besides, if you count Porch, right? With HOA and now potentially a warranty business that you're going to drive here. You've talked before about the ability to kind of go direct-to-consumer and sort of expand beyond. I know the initial playbook's obviously going to be, "Hey, lump this in with insurance. We've got a whole bunch of data that we can sell this to." But at what point do you start thinking about, "Hey, we've got a really good portfolio here. We can start using each of these brands to drive recognition of one or the other?" I think that's great. Adam, why don't I take the inspection volume and brand question, then perhaps you can just take a moment on bundling and how you're thinking about the opportunity there. Our inspection volume, given the share that we have in the home inspection industry, and this is actually true for the most part in some of the other verticals we provide software into. We just have such share that we don't see geographic density in certain areas other than just where population centers are. That 28% of all inspections we talk about, that's pretty evenly distributed, actually, based on where there are population centers, and that's why California is important for us. As we've been thinking about, okay, and Adam and team has been thinking about how are we going to expand geographically? Well, some of the states, California being one, it just would take much longer to expand into California organically. It would take a long time. Even when you are in California, you need a lot of time to build up the historical data set to be able to then be really successful in a state like that. That's one of the many reasons that CSE makes a lot of sense for us, because clearly we have a lot of volume of demand in the California market just because it's such a large population center. Now we just get to go and tremendously accelerate it, given all that historical data that CSE brings along. In terms of branding, yes, we have talked about before, we're not focused on that really this year or next year. As you just play forward and you expand your insurance products across the country and now warranty products across the country and to be able to offer this fully protected home, for us, it certainly can make a great deal of sense to be able to rebrand into Porch over time. That's not even necessarily, Dan, about going and doing direct-to-consumer marketing. We love our go-to-market of selling software to companies and kind of having this deeply embedded flow of consumers at these low-cost levels. It's not really necessarily changing that, but having that brand certainly will allow us to further extend that relationship with the consumer. As we launch an app and as we launch more services that we can help the consumer with over time, we do think there's opportunities to increase the LTV of that consumer and really be their partner for their home, which is what we talk about internally. Yes, that is some things we work on here over these next several years, which we think is going to be a really meaningful, again, catalyst for just that next level of growth in the future. Adam, will you take a moment on bundling and how you're thinking about implementing that and how it can help us? Absolutely. Matt mentioned that with CSE, we get access to California, licensing, capital, and we get a strong team. In addition, we get an auto product to add to our platform. Now we'll use the time between the sign and close to think through the exact tactical way we want to do this. Almost all homeowners that we list have a car that requires insurance, and so it's the number one product that's bundled with home insurance. For us, it's just a natural fit to be able to do that. When we do that, we solve more needs, we increase retention, and we just build more value for our shareholders and our customers. I will say that one thing that we run into, why it's relevant, is sometimes we just straight lose being able to sell our own insurance product to the consumer because we can't offer this tightly bundled offering. Sometimes consumers just want that specifically, and so the opportunity to offer that to the consumer is helpful. There's also a lot of data that if you offer a bundled solution, the consumer retains even that much better. As we go forward here, we'll be able to start providing more information, especially as we break the business and show it in two segments. Be able to start providing some more metrics. Our retention rates are already exceptionally high in terms of how these consumers, these insurance customers retain. Bundling is only going to help us certainly. As we just play ahead, that's just something we really feel like we have to be able to offer if we're going to go to the scale that we're looking to grow to. Got it. Super helpful. Based on our earlier conversation, that certainly feels like you should work on incentivizing that access switch now. Yeah. Thanks, Dan. Good to see you. Thanks. Next question from [Mike Grondahl] from Northland. Hey, thanks, guys, and congratulations. Two questions. The first one, a little bit of a follow-up on the bundling question you just had. Can you describe the go-to-market strategy a little bit that you're going to have for AHP? I would assume that this is pushed through the Porch Concierge and it's going to be there in an email, and it's going to be part of the verbal pitch that when the phone call is made to the customer. That's one, if you could shed a little bit of light on that. Two, with CSE, did you break out how much of their business is property, auto, and umbrella, just so we can understand those three buckets? Sure. I'll take the first. Adam, you can provide, I know we're not providing full disclosure here, but provide what you can, just directionally maybe on the second. Happy to, Mike. Yes, we will now be able to offer warranties to the consumers that Porch gets this early access to, these home buyers Porch gets early access to. Both, yes, through our Porch Concierge, so it's just another thing that we can help those consumers with, but we'll also build it into our technology, our technology partners. We'll build it into our moving dashboard, our moving checklist, as one of the things that the consumers can do. Now, right now, AHP, like most all other warranty companies, has fairly static and fairly unsophisticated pricing right now. That's fine. That's, I would say, the norm for the industry, that's what would be in the moving checklist today. As we begin to be able to bring in our data over time and be able to create more personalized, more sophisticated pricing, obviously we'll be able to update what that looks like to the consumer and be able to drive that much more volume. That's how you can think about that. Adam, do you want to take the second question? Yeah, sure. We won't give detailed info, but I think we're comfortable saying that property is the largest share for CSE, and then auto is the second largest. That'd be a useful way to think about it. That's a good way to break it down. Got it. As you move into a little bit more auto here, do you plan on bringing any third-party auto options into the mix for insurance? Well, I would say that we do already. We offer our agency, right Mike, across all 50 states. With that, we partner with Travelers, Progressive, name it, 17 carriers, give or take. We do it today. Okay. I thought it was just property where you were partnering with- No. ...with auto too. Okay. Our own product is only property. Yep. When the customer needs help with auto, the only thing we could do right now is to be able to lean on our agency. Now once CSE closes, we'll be able to offer a more tightly, more effective bundled solution. Perfect. Okay. Thank you. You got it, Mike. Next up, Jason Kreyer from Craig-Hallum. Perfect. Thank you. I'll start out with a few on AHP. Can you just help understand how you go to market selling the warranty product alongside insurance? Because it seems like components of that could be complementary and components of that could be a little cannibalistic. That's one. Just a second one there on if you have any data on what those attachment rates look like as far as attaching a warranty product. The third one, AHP having a 45-state footprint but only doing about $12 million in revenue, curious if there's state concentration there, or if we're just talking about a product that's not really scaled up across that 45-state footprint. That's great. Malcolm, do you want to go ahead and take the first question, and then I can layer in? Yeah, sure. In terms of the go-to-market, currently AHP is direct to the consumer. We would continue that. They are in 45 states. AHP is fairly new. They started operations in 2016. They are sort of still scaling up. There's a lot of opportunity as they continue to scale by each state and move around. I would add the complexity, Jason, in warranty, it's easier to be able to expand out into states. There's not the level of regulatory approval, they've been able to expand geographically. The opportunity where Porch, in some ways, it really will be helpful for Porch because the constraint there is demand, right? Getting access to consumers, we can be able to plug it in and already now have licensability in these sets of states, that will allow us to just move that much more quickly, as we can offer warranties to our customer base. In terms of data around attachment rates, no. We're brand new. In fact, it was closed today, we have not tested it yet. We don't have any data yet in terms of what we'd expect for attachments. The last thing that you noted around how it works with insurance, because I think it's an interesting question. We think that there are unique opportunities to be able to present to the consumer, not just homeowners insurance, but through that, to be able to cross-sell warranty, where it can be able to cover the other elements in the home that insurance doesn't yet cover, right? Vice versa, be able to lead with warranty where customers that are looking for a warranty product and being able to say, "Hey, by the way, this warranty might cover X% of the deductible if you have insurance, and if you secure this particular insurance product." I will say we're obviously early days, but Adam and Malcolm are already starting to talk about, okay, how can we be able to link, how can we start our testing and our learning around how we can link those together to be able to cross-sell. At the end of the day, just provide a great solution to the consumer. That makes it easy for them to purchase and makes sure that their full home is protected. Personally, I think there's lots of opportunities there to be able to really innovate around how you can link those things together. One more, if I can squeeze another one in. Part of the value you're providing is you've got these massive data sets around the home, and that's what gives you the ability to give this dynamic pricing that you're talking about. When we think about auto insurance, just wondering if you can connect the dots there. Are there any data sets that you have right now that you can leverage, or is that something that potentially you could acquire, software capabilities that will give you data sets on the auto side? Adam, you want to take that? Yeah, absolutely. Auto insurance, obviously, is a huge market in the U.S., and there are two things I would point to. One is that over time, there's been a lot of research that shows we can kind of divide the pricing and the analysis that's being done with respective insurance products into the asset and the person. Things about the person carry over from one product to another. Whether it's annuity, life insurance, auto insurance, home insurance, facts about the consumer who is the policyholder carry over. We'll have those, and that's really valuable to know. In addition to that, we'll go out and figure out the right kind of third-party data to get that's useful. The second piece is to think about friction. We have the opportunity to design an auto product that's designed around our homeowner experience. In doing that, we can really take a lot of the friction out. There are tons of facts that we can either get directly from what we already know about their home and themself, or we can even build our pricing models and our product flows around the things that we learn so that we can make it, "Hey, Jason, we've got your home. Let us help you with your auto. It's only going to take a brief amount of time because we don't need to gather all this new info from you. We can help you with a third party, but then you're going to have to answer all these new questions." It's really that pricing advantage because we know the consumer, and then how can we take the friction out by building around. One thing I would want to make sure is taken away, Jason, that question triggers is our strategy is not to go and try to compete head to head for pure auto and build unique pricing to go after auto. That's not the strategy. Our strategy very much is to be that partner for the home, to lead with home, and to be able to bundle when the customer wants to. That's clearly something that we're getting pulled into by our customers, that they want that ability. This gives us the capabilities, the product set from lots of years of experience that CSE has to be able to now at least make that available, with umbrella and with auto. The strategy does not change here. The types of software that we would be going after is not software to go and create competitive advantages around auto data. It will continue to be going after other verticals in and around the home that will give us unique home data and unique access to consumers, where we have this kind of fundamental CAC advantage and this fundamental underwriting advantage for products like that. Yep, makes sense. Great. Thank you. You bet. Thanks for the question. Next, I think we've got Ben Sherlund from Cantor. Hey, guys. Thanks for taking my question. Hey, Ben. Can you give us a sense of what AHP has historically spent on customer acquisition? Just trying to get a sense of the efficiencies they could realize from Porch's CAC-free marketing channels. It's a great question. I don't know if we're yet prepped to provide it, Ben. We've not yet chosen what KPIs and data points we're going to make public. I think literally we closed it a handful of hours ago, we've not had that meeting yet. It's good, and we'll note it kind of in our backlog in terms of interest there. Let us huddle and decide what we're going to be able to provide as our public data points. Okay, great. Maybe one more on the insurance acquisition. I know you mentioned you're going to transition on the more capital-light model. Could you give us a sense of what the timeline of that is? Is there going to be a period of time after the acquisition where you're taking more risk than you would ideally take? Yeah. I'll take that. Remember, it takes a fair amount of time to get regulatory approval, and we'll use the time between sign and close to work with our reinsurance partners to work towards setting that up. Essentially, those contracts would be on the later of some date we pick with them or regulatory approval. Our intent is to move as close to that as we can by using the substantial time between sign and close, so that on the first day that Porch owns the entities, those treaties will come into force, and we'll be ceding premium in a similar way. That would be our desire and what we'll be working towards. Okay, great. Thanks so much, guys. Thanks, Ben. One question from the audience. Can you provide a little bit more clarity on the revenue guidance increase, and is that just driven by AHP, and how should we think about that? Yeah. Marty, maybe let me take one quick crack at it, and then layer on top. I was thinking about this actually as you were going through it, Marty, that I just want to really emphasize. We in no way are signaling any weakness for Q3- Q4, or anything else. Literally, all we've done is we've taken the guidance we just provided three weeks ago. We're not providing new guidance at this moment for the current quarter. Marty, as you said, things look very good. The team is executing really well. We simply took what we just put out three weeks ago, and we're layering in the revenue we anticipate from AHP through the balance of the three and a half months that we'll have that company on our P&L for this year, which is about $3.5 million. That's it. Nothing really changed from the guidance we provided here recently. Obviously, we're just giving you that color, which is things are going well. We feel good about how we're executing, and where the business is trending, certainly. That's all that's happening. We took the guidance from $184 million-$187.5 million, with that $3.5 million being from AHP. Marty, anything else you'd want to add, or does that do you think cover it? I think that covers it. We see strong performance in Q3, and we've got this new acquisition, and we've added that on top to the guidance that was really current from just three weeks ago. Thanks. Any more questions for the analysts? We'll go to one more question from the audience. Can you talk a little bit about the state expansion of insurance now that you're adding CSE, where that goes from here? Yeah, sure. I can talk about that, Walter. Really all it does is accelerate our strategy. We still want to be in substantially all states. We have a prioritization process of looking at the states that we want to go into based on their market attractiveness. We feel great about our goal of 10- 15 states within 12 months post-close of HOA. All CSE does is give us a platform to do more, and it gets us into California, which Matt already talked about, is both a difficult state to get licensed and then a difficult state to operate in because of its complexity. Again, it doesn't change that ambition. It just brings it forward, particularly with respect to California. Okay. That's the final question from the audience. Turn it back to you, Matt. Like I said, we're just getting started. I appreciate everybody's interest. I appreciate the questions. Welcome to the AHP team officially, who joined the Porch Group here today. We just had our kickoff and our welcome with the CSE team, and very excited to get the regulatory approval here and to officially close. Hopefully, in the not too distant future, we'll move as quickly as we can, certainly. As we talked about, they're going to be, we believe, just great fits for our company. Like I mentioned, we've seen very strong performance from previous acquisitions, and I expect nothing different here with what we're announcing today. With that, again, I appreciate the interest, appreciate the support. Have a great night. Take care.