Good afternoon, everyone. Thank you for participating in today's Porch Group business update and M&A conference call. Joining us today are Porch Group's founder and CEO, Matt Ehrlichman, Marty Heimbigner, Porch's CFO, Adam Kornick, the President of Porch Group's Insurtech division, and Andy Frawley, Senior Vice President of Porch Group's marketing software division and the CEO of V12. I'm Matt Glover, part of Porch's IR team, and a Senior Managing Director at Gateway Investor Relations. Before we go further, I'd like to read the company's 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. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions, and they are not guarantees of performance. You should not put undue reliance on these statements. You should understand that such forward-looking statements involve risks and uncertainties, including the items discussed under the risk factors in Porch's recent public filings with the SEC, as such factors may be updated from time to time, and Porch's subsequent filings with the SEC, which are available on the SEC's website, 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 new information, future events, or otherwise, except as required by law. Today's remarks will also refer to certain non-GAAP financial measures. Definitions of these non-GAAP financial measures are available in the appendix to the presentation. We also refer you to the legal disclaimers found on slide two of the presentation for additional information. We'd like to remind everyone that the presentation will be webcasted and available for replay shortly after the conclusion of this presentation on the company'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 in the allotted time. Porch Group has also made available a slide presentation that will follow along the presenters' commentary. The presentation can be found on the company's website. With that, let me turn the call over to Matt Ehrlichman, founder and CEO of Porch Group. Matt? Good afternoon, everybody. We are excited to talk to you today as Porch Group after completing our business combination with PropTech Acquisition Corporation on December 23rd. Those that have been following our story may recall that one of the key reasons of going public via SPAC was speed to market, and the proceeds of our successful transaction helped position us for what we'll be sharing with you today. Our purpose here at Porch Group is to build a truly great and enduring company that becomes a category winner by making the entire journey with the home simple. We're attacking one of the largest markets with a unique and defensible strategy. We have some exciting acquisition announcements to share today, which will strengthen our platform and further increase our already large addressable market. These acquisitions are also driving an increased 2021 revenue outlook, which Marty will cover shortly. Before doing so, I'd like to provide a quick company strategy refresher, which is laid out on slide five. Porch Group is the vertical software company for the home. We provide ERP and CRM software to home service companies such as inspectors and moving companies. We monetize our software with a SaaS plus transaction fee revenue model. While these businesses pay us SaaS fees, they also pay us by way of B2B2C transactions, where they provide access and introductions to their customers, and we monetize these relationships by delivering high-value home services such as insurance, moving services, TV internet, and more. It's a similar flywheel to OpenTable, where they would provide software to restaurants, and through those relationships, get access to consumers, monetize the transaction fees, and drive demand back to those restaurants. Unlike OpenTable, we play in a massively larger addressable market, and where OpenTable may make approximately $1 per transaction, we can generate at times approximately $1,000 per transaction. With our software platform providing us unique, large, and early access to home buyers, as well as aggregating proprietary data about residential properties, we're continuing to go deeper into a select set of services, particularly insurance. Moving to slide six. As we look forward, there really is a massive opportunity ahead of us, and we believe we'll be able to build meaningful scale. You can get a sense even today about the level of our ambition and speed with which we are attacking the opportunity in front of us. We're serious about getting to this level of scale in the medium term. Today I believe you'll have a greater sense of confidence and degree of confidence in our ability to execute our plan to do so. In addition to the core revenue growth from selling software to more companies and generating more revenue from these companies and their consumers, we've previously discussed three areas of expansion that we're focused on. First is mover marketing, which aims to help brands shift their mover marketing spend earlier to better retain customers and to better acquire more movers. Given our early access to home buyers and the value of these consumers, this is a significant opportunity in a large, high-margin addressable market. Second, our strategy has been to go deeper into insurance, given how critical of a service it is to making the home journey simple. Today, we operate as an insurance agency where Porch Group earns standard agency commissions. However, given this is the highest value service in the home and is dependent on demand and data, two areas Porch Group has considerable insight. We're going deeper in the value chain. In addition to demand, we are extremely well-positioned to win in insurance, given the fact that through our vertical software platform, we know more about the state of a home than anyone else, and the fact that we can service a policyholder better through our home management and home services capabilities. Setting all our other home services aside, we believe that just insurance on top of our vertical software platform and the corresponding CAC-free homebuyer access, we can produce a massive company, well-positioned to disrupt the $1.4 trillion U.S. insurance industry. We've been quiet about our ambitions within Insurtech, but we believe we have the right to win versus any other Insurtech or legacy company and are excited to share more today. We expect to grow quickly into this $400 million insurance revenue target you see here. Third, we'll provide vertical software into other home service verticals, organically and through M&A. As we do so, it will accelerate opportunities for insurance and other transactional revenue. I am thrilled to say that today's M&A announcements further Porch Group in all three of these areas, and that we are demonstrating strong and immediate execution against our strategy. Before digging in here, I would like to turn the call over to Marty for a 2020 business update. Marty? Thanks, Matt, good afternoon, everyone. Moving to slide seven, our combination with PropTech Acquisition Corporation was well-received by the market, with only 400 shares or $4,000 electing redemption. As a result, we've inherited approximately $173 million in cash in PropTech's trust account. Including the proceeds from the $150 million fully committed common stock PIPE investment, Porch Group has received approximately $323 million in gross proceeds. Given our enhanced liquidity, along with the acquisitions that we are announcing today, our senior debt provider offered to lower its interest rate and fees and provide the ability for us to draw more against our line of credit in the future. As such, we elected to roll our $40 million of senior debt, which is the only debt we currently carry. Considering the SPAC proceeds and after transaction fees and pay-down of debt, we had approximately $220 million in cash at the close of the SPAC. A strong net cash position to execute the transactions we will walk through today. Before we discuss today's announcements, I would like to provide an update on 2020. We anticipate reporting earnings for Q4 and the full year 2020 in March. However, we can provide several general updates. First, we expect 2020 revenue will come in slightly better than $72 million. We executed well against our plan and achieved our first month of positive adjusted EBITDA earlier in Q3 2020, before making the decision to invest more aggressively than initially planned in sales and marketing and R&D. A consistent theme and strong push we heard from our PIPE and new public company investors was encouraging us to invest more aggressively, given our strong LTV to CAC unit economics and the size of the market in front of us. The investor feedback has been very helpful and encouraging. In addition to expenses related to becoming a public company and significantly expanding our sales and marketing, there are R&D investment opportunities we started to staff against. This includes fully tech-enabling our insurance experience, such as instant quoting for homebuyers, expanding our self-service moving experiences, extending our relationship with homeowners, and deepening our value proposition to inspectors and other home service companies. With our strong balance sheet and accelerating revenues, we agree it is a prudent strategy. With these incremental investments and public company expenses, we expect to operate adjusted EBITDA in 2020 to a loss of between $18 million and $19 million, or -25% of revenue, compared to our previous guidance of -$10 million. This is an improvement from -$30 million pro forma adjusted EBITDA in 2019, or -52% of revenue, and -$29 million in 2018, which was a -79% of revenue. In 2020, we'll cut our loss as a percentage of revenue by more than half, despite going public and investing in long-term growth. We will discuss shortly the accelerating revenue growth we expect in 2021. I'll turn it back to Matt to summarize the acquisitions we are announcing today. Thanks, Marty. We've made important investment decisions in the second half of 2020 and 2021. I am appreciative of the strong investor support we received during the SPAC redemption and PIPE process and the encouragement to be aggressive. While we're investing, we will do so prudently against high-returning opportunities and only so much that we're able to demonstrate consistent and meaningful improvement in our adjusted EBITDA as a percentage of revenue each year. Okay. Let's dig in. Now let's turn to slide nine. We are very pleased to announce four acquisitions today. First, we've just signed the definitive agreement to acquire Homeowners of America, or HOA, as we refer to it, to go deeper into insurance as a hybrid managing general agent, or MGA, and carrier. HOA is an innovative company, a unique company that is a perfect fit to accelerate our Insurtech strategy. Secondly, we have in the last few days completed the acquisition of V12 to together win in mover marketing. V12 is a fully scaled software as a service marketing and data platform with tools to help brands connect with and engage consumers at the right moment in time, including the move, utilizing billions of buyer intent signals. V12's data platform has 330 million U.S. consumer records, including demographic information that SMB and enterprise brand customers use in data-driven marketing. V12's rapidly expanding customer base includes large enterprises like Jordan's Furniture to small to medium-sized businesses or SMBs, like Albrecht Auto Group. With approximately 90% of its revenues recurring or reoccurring, V12 provides Porch Group with the capabilities to take advantage of the unique-to-the-market pre-mover marketing opportunity that's in front of us. Much smaller, we've also acquired PalmTech, a home inspection software company, and iRoofing, a SaaS company in the roofing industry, which represents our entrance into this new vertical. Both PalmTech and iRoofing are small but are expected to grow on the Porch platform as we layer in transactional revenue streams. All right. Let's dive a bit deeper into each of these businesses. To do so, I'd like to introduce you to the business leaders responsible. Porch Group organizes in a decentralized operating model, and we have a strong bench of leaders that you've not yet met. First, I'd like to introduce Adam Kornick, who leads Porch's Insurtech division. Adam, could you please take a minute to introduce yourself and your background, and then go ahead and introduce Homeowners of America? Thanks, Matt. I'm excited to be speaking with all of you today. I spent almost two decades at P&C firms leading product management, operations, marketing, data science, and IT. Most recently, I was the chief data technologist at Allstate. Prior to that, I was the chief analytics officer with 200 data scientists at Aviva, a large global insurer. Prior to that, I spent a decade at Progressive in product, leading large call center operations, and finally, as the SVP of Big Data and Analytics. Having seen what is needed to win at that scale, I joined Porch Group because of our clear and defensible advantage in both demand and data to build a winning Insurtech company and to deliver for homeowners everywhere what the future of insurance and homeownership really should be. Let's move to slide 10, talk about HOA. This is a very unique company in the insurance industry. As you can see on this slide, HOA is an MGA and carrier hybrid with a strong reinsurance strategy to limit risk and capital requirements. Offering our own line of homeowners insurance alongside the existing agency we have built, which partners with many other top carriers to provide consumers with flexibility and choice. Through HOA, Porch Group will see a significant increase in the LTV of our homebuyers and of each insurance customer because we can receive so much more of the economics as we go deeper into the value chain. HOA operates in six states today, including Texas, Arizona, the Carolinas, Virginia, and Georgia. As part of Porch Group, we will be expanding the geographies the HOA operates rapidly over the course of 2021 and 2022. HOA was founded in Texas, a $10 billion homeowners insurance market, and was already the 12th-largest home insurer in the state in 2019. We are licensed in 31 states already, allowing for accelerated expansion nationwide. HOA has a B2B2C revenue model, with all revenues recurring in nature. HOA generates 100% of its revenue through an independent agent network of over 800 agencies, and we plan to grow our independent agent distribution. It's a great business, and we are very excited to welcome the support the industry veterans from this team. They'll report to me alongside Elite Insurance Group, our agency, as part of our Insurtech Division. This team at HOA will significantly accelerate our ability to disrupt the massive insurance industry and provides us the actuarial, underwriting, reinsurance, and claims management expertise we need. Matt, back to you. Thanks, Adam. Here on slide 11, a few things I'd want to address. First, HOA has spent more than a decade building a growing, profitable, and innovative MGA and insurance company hybrid. We've spent significant time assessing a large number of companies in the insurance industry to identify the ideal fit for Porch Group, and I can confidently say that HOA is exceptionally unique. Their strengths and capabilities perfectly fit Porch Group as we continue to expand B2B2C insurance revenues on top of our vertical software platform. With our unique and early access to homebuyers at very large scale, which as an aside, are the consumers that need to purchase insurance, combined with our unique property data, and now with HOA's capabilities in insurance accelerating our execution, we believe we are the best-positioned technology company to disrupt the massive insurance industry. Together with the HOA business and Porch's demand, we anticipate more than a combined $270 million of pro forma gross written premium for the full year of 2021. We'll use HOA's reinsurance capabilities to minimize the amount of risk we hold and corresponding earnings volatility. Today, HOA already produces strong gross loss ratios of approximately 57%. With Porch's CAC-free demand and our unique property data for improving pricing, we believe we will have strong long-term economic advantages. As Adam mentioned, we expect to expand our in-house Insurtech business nationally. We want to revolutionize the insurance experience for homeowners as part of Porch's broad mission of making the home simple. With our home management and home service capabilities, we're excited about being able to help homeowners as not only their insurance company, but as their partner for the home, and help them to make moving and home maintenance easier than it's ever been. Now, I'd like to turn to share about the acquisition of V12. I'd like to introduce you to Andy Frawley, who is the CEO of V12 and now the leader of Porch's Marketing Software Division. Andy, please go ahead and introduce yourself if you would, and share your background, and then take us through slide 12. Great. Thanks, Matt, and good afternoon, everyone. I have over 30 years experience in building businesses that help brands improve the performance of their marketing by leveraging data and analytics. Prior to joining V12 a couple of years ago, I was CEO of Epsilon, one of the largest marketing services companies in the world where I led over 9,000 associates. Prior to Epsilon, I was CEO of two successful startup marketing tech companies. I'm really looking forward to joining Matt and the rest of the Porch Group team to build a very successful business. As Matt said, V12 is a fully scaled software as a service, marketing and data platform with tools that help brands connect with and engage with consumers at the right moment in time. Our capabilities include a comprehensive customer data platform, or CDP, which allows us to manage both first-party and third-party data, an agency team that activates omni-channel campaigns on behalf of our clients, a third-party consumer data set of 330 million U.S. people, representing virtually everyone over the age of 17 years old in the United States, and an intent data set that identifies consumer purchase intent across a number of industries with billions of shopping signals each year. The move is one of the most important economic events in any household. It's estimated the average household generates close to $10,000 in incremental spending during the move. That's hundreds of billions of dollars of economic activity. Further, if you consider that nearly one-third of movers don't notify the post office of their new address, there's an opportunity to identify more people who are moving and generate more insight on exactly what they're shopping for. By combining the proprietary Porch Group pre-move data with V12's current move data, household insight, and shopping signals, we'll have an industry-leading comprehensive view of pre- and post-move behavior. This will enable brands across a number of industries to more effectively market their products and services. As if, for instance, our retail clients, such as furniture chains, benefit greatly from the move, as you might expect, but auto industry clients also benefit as well with movers 90% more likely to buy a car during or around the time of the move. Over the last year, V12 has successfully pivoted from selling exclusively through partners to selling directly to brands. We'll be expanding those efforts to take advantage of our current offerings as well as the new Porch-enabled offerings. V12 has a very experienced management team with over 100 years of experience scaling marketing software and data businesses, as well as a deep bench of data scientists, privacy experts, and activation staff, and we're all thrilled to join the Porch Group team. Back to you, Matt. Thank you, Andy, and welcome aboard officially. It's going to be a fun run together. Looking forward to it. As an aside, we will find an opportunity on future Investor Days to have more of our leaders from Porch Group present on their businesses. Like these two gentlemen, we have very strong leaders that are equipped to build their businesses into the winners in their respective categories, aided by the advantages that The Porch Group can provide. As stated here on slide 13, with V12, we believe Porch Group should become the mover marketing company. With V12's strong products, its data platform, its sales and marketing capabilities, combined with Porch Group's unique pre-mover data, we'll bring new and more effective products to brands that help them reach consumers at the ideal moment in the move. We're excited to have the team on board, and we'll be looking to grow this business rapidly toward the $200 million medium-term revenue target we've been communicating for mover marketing. As slide 14 states here, we are acquiring HOA and V12 for a combined $122 million purchase price, with $97 million in cash and $25 million in either cash or stock at Porch's discretion. The equity payment would be calculated based on the average share price for the seven business days prior to closing HOA, which is anticipated in Q2 after receiving regulatory approval. The combined revenue multiple we are paying on a trailing 12-month basis is 2.0x. Over time, we believe we can accelerate the revenue growth of these newly acquired businesses to our target of 30%+ annually, aligning with our expectations for long-term growth for Porch Group broadly. The cost of revenue for the acquired company should also align with our long-term targets of 20%. We believe these acquisitions are synergistic and will be highly accretive for our shareholders. Separating each deal, we're acquiring HOA for $75 million in cash and $25 million of cash or equity at Porch's discretion. There is contingent consideration of 500,000 shares of PRCH, or Porch common stock, if our share price trades at or above $22.50 for 20 days within a consecutive 30-day trading period during the next 24 months. We're acquiring V12 for $22 million of cash at closing, along with an earn-out for up to $6 million, paid in either cash or stock at our discretion, based on strong organic revenue and EBITDA growth targets. I'd like to provide some commentary on the two smaller deals we announced today as well, PalmTech and iRoofing. These acquisitions are consistent with our discussions of going deeper into our existing industries that we provide software for and expanding our vertical software platform into new home service categories. Here on slide 15, you can see that PalmTech is a software company for home inspectors. They've been particularly focused and successful with smaller home inspectors, complementing our strong adoption across medium and large inspection companies. We'll execute our playbook and layer in transactional revenue, increasing the value of PalmTech's customers. iRoofing provides an all-in-one SaaS application for roofing contractors, bundled in a monthly or annual subscription. Their software provides remote measurement and quoting, contract management, and materials ordering. They're currently processing more than 485,000 jobs annually on their platform. We prioritized our industry expansion into roofing first because roofing data is strategic and because it's valuable to our InsurTech business. The age and the quality of the roof is a core driver for home insurance underwriting and pricing. Getting a new roof is also an opportune time for homeowners to save money on homeowners insurance. By layering in transactional monetization, such as insurance, and by leveraging Porch's existing contractor sales team, we can supercharge iRoofing's growth. Both the PalmTech and iRoofing businesses are very small. We're confident that when plugged into the Porch Group platform, though, these acquisitions will be able to grow at our stated 30%+ target rates for an extended period of time. In each of these cases, the founders and team are excited about continuing to stay on and grow their businesses faster as part of Porch Group. As slide 16 shows, these acquisitions, all up, have expanded our U.S. addressable market by almost $100 billion to approximately $320 billion, including the creation of a new addressable market in marketing. While we estimate that the HOA acquisition will increase our property and casualty insurance total U.S. addressable market by approximately $84 billion, there's a massive future TAM expansion potential ahead as we continue to add additional insurance product lines. I'll turn the call over to Marty to discuss our updated 2021 outlook. Marty? Thanks, Matt. On slide 18, you can see we are raising our 2021 revenue guidance to account for the confidence in the outlook of our business and today's acquisitions. With four acquisitions announced today, combined with the increased investments in sales and marketing and R&D that we began to make in late Q3, we are increasing this guidance from $120 million-$170 million, or 134% year-over-year growth. Our business is and continues to be highly recurring or reoccurring. Nearly all of our revenues, including that of these new acquisitions, is repeating, consistent, and predictable. HOA is a $43 million revenue business with a recurring revenue model and high retention rates. There are a few items that will impact the amount of HOA's revenue that will be recorded by Porch Group in 2021. We expect to close the HOA transaction in Q2 after receiving regulatory approval from the Texas Department of Insurance. We expect revenue from this acquisition to begin sometime in Q2. HOA is a current partner with our Elite Insurance Group agency. As we complete this transaction, we'll no longer receive commissions revenue from HOA when our insurance agency sells HOA policies. Together, we expect these items to reduce HOA's revenue contribution in 2021 by approximately $13.5 million, and for us to recognize $30 million in the 2021 year, assuming an April 1 close date. We anticipate $20 million in revenue contribution from V12 in 2021, 90% of which is recurring or reoccurring. Moving on to slide 19. For 2021, we project our software and services revenues from companies to be 25% of our total revenues, B2B2C recurring or reoccurring move-related transactions to be 65% of revenue, which includes our recurring revenues from insurance and post-move revenues to be about 10% of revenue. We are not deeply focused on post-move related services today, but this is a large opportunity for us in the future. Moving on to slide 20. The profile of our revenue continues as we previously shared. We have a strong high-margin software platform that we monetize with SaaS fees and high-margin transactions. We continue to make strong progress with our contribution margin, in non-GAAP internal metric, which is fully burdened with all variable costs, and we anticipate improvement to 40% in 2021, progressing toward our long-term target of 50%. As discussed, we are making investments to support strong long-term growth of the businesses. We have major projects and opportunities, including consumer app, data platform, automation of the insurance binding process, scaling our in-house insurance products across more of the country, and others related to operating in year one as a public company. Given the strong cash on our balance sheet and massive total addressable market, our plan will be to invest as aggressive as we can while consistently showing a meaningful improvement in EBITDA margin each year. We now expect to manage our 2021 adjusted EBITDA margin to between -10% and -16% of revenue. At the midpoint, we will show 2x improvement versus the -25% in our current 2020 estimates. Similar to 2019 to 2020, we will again in 2021 target cutting our adjusted EBITDA percentage by approximately half. This equates to a range of -$17 million--$27 million in adjusted EBITDA. Obviously, given our strong contribution margin and the fact that we demonstrated adjusted EBITDA profitability for a month earlier in Q3 before ramping our investments, managing to a positive or negative EBITDA is a choice for us. Given how well-received our SPAC merger was, the near zero redemptions, the corresponding strong balance sheet, and the encouragement from our investors, we feel confident that this is the right amount of investment and EBITDA improvement in 2021. Now I'll turn the call back to Matt for concluding remarks. Thank you, Marty. It truly is an exciting day addressing you not only as a newly public company, but one that is quickly executing on our well-defined growth plan. As we discussed, we now expect to grow 134% year-over-year to $170 million, with 90% of 2021 revenues to be either recurring or reoccurring, with the recurring insurance revenues something we will be breaking out from the B2 B2C transaction revenue during the 2021 year. Adjusted EBITDA loss as a percentage of revenue, we expect to be cut approximately in half year-over-year. Our TAM has just grown significantly to an over $320 billion U.S. addressable TAM. We've made it clear in terms of our plans to build a winning Insurtech business on top of our vertical software platform. We're uniquely positioned to win in insurance and expect $270 million of pro forma gross written premium between HOA and Porch Group combined in 2021, with the revenues being profitable, with an approximately 57% gross loss ratio. Clear advantages over time with CAC-free demand and unique property data that can help us assess risk, better price, and simplify the insurance purchasing process. We've mentioned to you before, and we'll restate now, we will be moving rapidly and expect to build a very large company and the category winner, all for the purpose of making the home truly simple. We believe this is only the beginning of our journey to build a truly great generational company that can create real shareholder value. With that, we're happy to open up the call for questions. Matt Glover. Thanks, Matt. It looks like we have about 25 minutes for Q&A. Just as a reminder, if you'd like to ask a question, please submit it through the Q&A function on Zoom. We'll do our best to take all questions with the time remaining. All right. We've got a lot of questions here. Our first question we received from the audience is, what are your plans for expanding HOA geographically? Adam, actually, it would be great. Perhaps you can jump in. I'd love for you to be able to kind of share some of the thinking there. Yeah, I'd be glad to do that. Today, HOA is already writing business in six states. As Porch Group once said, we're going to expand this business nationwide more rapidly. The fact that HOA has already licensed itself in 31 states makes this substantially faster and easier. Given that Porch Group has demand, this eliminates one of the barriers. We haven't yet determined our specific expansion plan, but we'll be sure to announce them over the course of time, and we're going to move rapidly. As Matt said, the goal is to build a meaningful and large company that really makes the home simple. The way we'll prioritize is really a function of market size, the consumer demand Porch Group already has, regulatory environment, and insurance risk. I would just emphasize that our goal is to expand, and we have all the tools to do that. Thanks, Adam. Another good question we received regarding HOA. Will you offer other products like life insurance or auto insurance? We really want to do whatever is best for all our stakeholders, consumers, shareholders, commercial partners like independent agents, insurance carriers through Elite Insurance Group. As of today, we currently plan to offer other types of insurance, like life insurance or auto insurance, by selling the products of other carriers rather than underwriting them through HOA. Over time, we'll decide where it makes sense to offer our own insurance products. Clearly we know that the moment of a move is a key moment that many insurance products are purchased, and that includes auto and life. It's a big opportunity for us and a big way we can help consumers. That bundling definitely makes sense for them and for Porch Group. As of right now, those products will be sold through the carrier relationships that we have or additional carriers. Thanks, Adam. Our next question from the audience is, how do you compare to Lemonade, Inc., and what are your plans to win in Insurtech? I'll take that one, Adam. Look, I'm not going to talk about other companies, but there's several things I would address. First, it starts with the vertical software platform. We have early access to home buyers at scale, which becomes CAC-free demand. Imagine what other Insurtech platforms would be valued if they have a stream of CAC-free demand like we do. The vertical software platform also gives us unique proprietary data that no one else has, nor will be able to have. The fact that we have all of this data about home properties creates the ability for us to price insurance and understand risk better than anybody else. Actually, I would note also on that data, it's not static data, and that we get this reoccurring flow of new and refreshed data at massive scale every single month. Now, 28% of all home inspections are managed and processed through our system. Much of insurance is understanding how to assess risk and price effectively, and given our data advantage and our CAC advantages, I really do believe we're going to have a significant leg up on anybody else. There's a few more things that I would highlight quickly. We operate, as we talked about today now, as soon as the HOA acquisition closes, as a hybrid Insurtech system. Now we'll have a carrier and MGA that will expand nationwide rapidly, as well as a nationwide brokerage. We're able to layer in other insurance products for consumers into this platform as we go. Maybe two more quick points. The things that I think about here is also around the consumer experience. Porch Group obviously invests very deeply in that experience. Unlike other insurance carriers, Insurtech companies, we'll be able to really reinvent, I think, what insurance companies should be, which is not only helping the consumer with insurance, but really with their whole move. As though they were a CEO getting a white glove corporate relocation, where everything's just handled for them. Then ongoing, we'll be able to help with ongoing maintenance and improvement, their homes. I do believe that's what the future of that experience should be. Then the last thing I'd note is just, again, we are a technology company at our core, and have already invested significantly in the tools to make that quoting and that binding process easy and automated for home buyers. We've invested deeply in our data platform. Over time, you can picture the types of things we can build, but we would aspire to be able to put a bindable quote with all the data we have into every homeowner's and home buyer's email and SMS that they can click and be able to bind instantly and just revolutionize how easy it can be to be able to get insurance set up as part of our overall experience. The fact that we're already at scale and it's a 57% gross loss ratio, the fact that we kind of guided here at $270 million of gross written premium, I do think it's interesting as you compare that to other Insurtech, it compares very well. Thanks, Matt. Our next question is, what is the plan to growing your mover marketing in V12 business? Andy, it'd be perfect. I'd love for you to be able to jump in. Why don't you take that? Yeah. Great. Thanks, Matt. And thanks for the question. We expect we're going to be able to grow this business rapidly. I've done it before. I know how to do it at scale, get access to a lot of talent. First, in addition to continuing to sell V12's current products, we will be launching a unique free mover product leveraging the Porch Group data, for brands that want to reach movers. We expect this will be a very well-received product, and it'll also be a premium product given how unique the Porch Group data is. Second, we'll be expanding our go-to-market efforts. As I mentioned earlier, V12 has added a direct-to- brand sales team over the last year. We're just getting started there, but believe we have the proof points now to scale that organization up with very compelling economics. Third, we think there are opportunities across Porch's universe of companies to help these small to large businesses better reach movers who are currently incremental to Porch's current ecosystem. Great. Thanks, Andy. Another question from the audience: What is your appetite for incremental acquisitions, and are you still sticking with the incremental revenue and EBITDA from M&A you gave on the Analyst Day? Then just a follow-on to that, will Porch Group continue to offer other carriers' products or solely HOA for homeowners insurance? Two-part question. Sure. Happy to take it. In terms of M&A, we talked about, as we went through the process of going public, the robust M&A pipeline that we have, the number of potential targets that we think could be really good fits for Porch Group, and talked about how there's a set of folks that are lower in the funnel and that we're going to do four for next year. We did four, right? We can certainly check that box, what we communicated, and there's a lot of the year left. I think the main thing I can say is we are going to have the mindset as a company to be aggressive. We're going to continue to look for opportunities to grow the company both organically, as Marty was talking about before, and inorganically. Nothing else, obviously, that's enough probably announcements for you all today. Certainly, as we look ahead, we'll continue to be aggressive. In terms of the second part. Yeah, just to answer that, we will continue to operate our brokerage. We think that's really important to be able to give consumers choice. While we will have our own owned insurance product and offering, we will continue to offer other carriers products like we do today through our Elite Insurance Group agency. Yes, that certainly remains the plan. Another question from the audience. The decision to buy versus partner, what was the trade-off? It obviously varies depending on the deal, but I would say for each of the different acquisitions now and those in the future, there's always that process. In insurance specifically, I'll maybe hit that one first since it was the largest acquisition that we're announcing today. The reality is, yes, we considered continuing to build that in-house, just like we had with our insurance brokerage. It just takes a lot of time, not only for the licensing, but also all of the capability building that needs to happen around actuarial claims, pricing, et cetera. The amount of time that's needed to build up that pricing history is significant. The fact that HOA has been in business for more than a decade, and brings all of that data that our data science team can be able to lean into, combined with Porch's unique proprietary data, it accelerates us, we think by years, really. For us, it was actually a very clear decision, I would say, to be able to expand deeper in this value chain through acquisition rather than just doing that organically. Another question from the audience. How do you think about the competitive landscape today? How will this change over the next few years? How much more dominant will you be in just three years' time? What is your vision here as you look at HOA and vision in combining insurance and being the partner for the home, plus with V12 as you become the mover marketing company? Yeah. The competitive landscape question is an interesting one, just because there really isn't anyone that's like Porch Group. We really are a unique platform. You could look at competition being vertical software companies that are in the spaces that we play. You could look at competition being other companies that are trying to help consumers with specific services, like perhaps the other Insurtech companies. Nobody has this platform that Porch Group is building out or the advantages that it creates for us. What that means to us is we think that we can grow faster than others, and we believe we can be able to have these really sustainable competitive moats that allow us to build this truly enduring company as we look forward with just advantages that others aren't going to be able to map to, even over the long term. The vision remains the same for us, that we've been talking about really through the roadshow and everything else, which is at the core, we want to make the home simple. We want to take this massive TAM and people's largest asset in their lives and be able to take something that's incredibly stressful right now, like the move I talk about, it's the third most stressful time in people's lives, behind death of a family member and divorce. That shouldn't be the future. When people are in their home, moving in their home, eventually, it should be just easy, right? It should be easier than it is to rent. To do that, what we believe is there's many different constituents and many different services that you have to be able to work with. By helping home services companies be able to run better businesses, run modern businesses, help them grow, that is not only a linkage to those consumers to get access to the demand and data, but also just to help make the home easier, help fulfill our vision and our purpose as a company. That all for us goes into it. Thanks, Matt. A two-part question regarding HOA. What is the growth rate of the acquired business, and how long till it will be integrated with mover or moving concierge or customer access model with Porch Group? HOA generally has been kind of a teens type growth business. We expect to be able to meaningfully accelerate that as part of Porch Group, both as we expand it nationwide, and be able to plug it more deeply into our demand stream. There isn't that much integration to do, though, candidly. We think we're going to be able to execute that quickly because, as Adam mentioned, we already have been partnering and working with HOA as part of our brokerage. We know them actually quite well, and we've known which states they're really successful in and where they price really effectively. Through that, also just come to really appreciate the culture and the mapping of their team with our team. That gives us just, I would say, a very high degree of confidence on fit there, given that history together. Really, there isn't going to be that much more integration than what we've already done together in partnership. Great. Thank you. Will Porch Group continue to offer other carriers' products or solely HOA for homeowners insurance? I think we answered that one before, which is we will continue to use our brokerage to be able to provide consumers choice across a variety of carriers, including our own product. Great. Plans to expand ISN offer to home inspection report writing beyond scheduling? Yeah, there is a lot on tap for ISN and what we're doing in the inspection software space. It probably would be a good topic in an Investor Call or Investor Day here, as we look forward in this year. I think you'd appreciate meeting not only the leader of that business, but also just diving into some of the things that we're building out. As I'm sure most of you know, we are by far the largest provider of software in the home inspection industry, and we believe we'll continue to be able to extend that advantage. Not only because of our investments in R&D and what we're building, and there's a number of things that I'm really excited about, but also just because of our unit economics. The inspectors are worth more to us than anyone else by far, it allows us to be able to deploy dollars in our go-to-market, like Marty was talking about, make certain investments more aggressively, which allow us to just grow that faster. Perfect. Another question regarding V12. What does mover marketing now look like in 2021 versus 2022 versus prior projections? I would say in prior projections, we had already layered in, but I would say close to this, in terms of what we had layered in. We were dabbling, certainly, I've talked about in 2020 as we kind of stood that up on our own. It was too new for us to really build it into our numbers this next year. We have had some pretty cool wins. I know that Andy and team are already excited about some of the big brands that Porch Group has relationships with, being able to bring it into and really accelerate those relationships now as part of our combined marketing software and services business. I would say what you see in the V12 number there, that $20 million of revenue that we anticipate, that really represents at this point our marketing software and services group. Thank you. Another question from the group. How do you manage a potentially competitive relationship with marketplaces like Angi or other current service providers as you deepen your relationship with the home buyers and become more vertically integrated? I guess I'll take this one as well. We do not view ourselves as being competitive with Angi at all, actually, at this point. Seven years ago when I launched the company, yes, we were competitive with them. We kind of started there. We made a key pivot five and a half years ago that really has catapulted us into something totally different. Think about the announcements today in terms of where we're going as a company. We are a vertical software company that has Insurtech at the center of that B2B2C transaction. We layer, obviously, a lot of other high-value services around it. Once consumers are in their home, we actually partner with a HomeAdvisor, all the other marketplaces that are out there to be able to bring pros and be able to help our homeowners be able to get projects done. I hope that that continues for a long time. It's a great relationship with all these different types of companies that we partner with. We aren't, at this point, a marketplace where we have to spend a huge amount of energy and cost balancing supply and demand. Our go-to-market is certainly going and selling software to companies. We got 10 minutes left. How does Elite Insurance Group fold into HOA, and how much higher does your insurance take rate move post-HOA becoming an MGA? Maybe, Adam, why don't you take the first part of that question, just in terms of how Elite Insurance Group and HOA work together? Then I can talk about the economics on the back end. Sure, of course. This has come up a few times. Elite Insurance Group is a licensed agency, and that business helps consumers with all of their insurance needs with a real focus on homeowners, especially when they're moving. That relationship will stay the same. We're going to use HOA as a great way to deliver an experience for our consumers, but we want the other carriers on that platform to be highly successful. We are going to use other products, whether that's homeowners or auto or any other kind of need the consumer has, to help them get the right product, the right fit, make it easy for them, but also to make that carrier successful. Kind of like what Matt just talked about. We want to make that platform work, and one of the ways that works is making consumers and carriers really successful. I'm totally committed to that. Matt, you want to talk about the second piece? We've talked publicly before about how right now, as an agency, on average, we're getting 13%-14% type commissions year one and then going each year from the carriers that we partner with. As we go deeper in the value chain, we will be able to capture meaningfully more of the economics, give or take, doubling the take rates that are available to us. The nice thing for us is that we can be able to continue to use reinsurance partnerships and relationships that HOA has so that we can be able to minimize volatility, minimize the balance sheet kind of impact that we would need to absorb. That's a choice for us. They have, I would say, a very sophisticated, very strong reinsurance system that's in place that we can be able to leverage so that we're able to really plug this into our system, help those consumers get connected with that own product, and then be able to, through that, just capture more of the economic value that's available. The LTV, because it is this revenue stream, I'm excited about being able to break this out here as we go forward because you'll be able to see, okay, of that B2B2C move-related services. Marty talked about how that is this reoccurring set of revenue where these companies we sell software to give us this reoccurring stream and reoccurring flow of consumers and transaction opportunities. That's great. We have that access. We monetize our transactions. We will, over 2021, break out of that, how much of that do we then turn into this recurring revenue, where we turn that consumer into that annuity, where we have that compounding nature from that system. We're excited about how that can grow over time. Great. Thanks. Another follow-up. Are the purchase price multiples based on current revenue or with synergies once integrated into the platform? If the latter, can you discuss the size of those expected synergies and offer any color around where they're coming from? It's based on the current businesses. We're not sharing or updating forecasts based on any synergies right now. Obviously, it will take time to be able to unlock that full opportunity, expand nationwide, as we've talked about with Adam, link the data platforms together, like Andy was talking about before. Certainly that will take time. Like we had said, we're confident that we're going to be able to get those businesses to be accretive to that long-term 30%+ growth target we talked about previously. Got time for maybe one or two more questions. Beyond these great announcements on M&A, there was a nice positive surprise on your organic business and growth rate. When you look at what you have just delivered on your organic business, what stands out most to you, both on the growth and market and on the operating side of the business? I mean, Marty, layer in if there's anything else you would hit on, but I would say we're excited about how we're positioned generally. We have strong unit economics to be able to go sell software into more companies. Team, like we talked about, we're investing more in being able to go and accelerate that. We are having strong adoption from new companies that are coming on board with our software, like when inspectors sign up. A very high percentage of those inspectors leave training, paying us with transactions and customer access. There's just clear momentum for the percentage of companies paying us through transactions to continue. We see north of 75%, sometimes 90%-95% of companies each month that are new, that are signing up, paying us with transactions. There's a lot of opportunity, and there's going to be a lot of great work tied to helping those consumers with more services. We're certainly excited about the opportunity there. Matt, I might add in our moving services, that part of our business has been focusing on enhancing the consumer experience, just making it easier for the home buyer. We're also expanding into more long-distance moves as opposed to more local and regional moves. I think, a lot of good things happening in our mover services business. Yeah. Okay. What are your plans, if any, to acquire data further upstream in the pre-move life cycle? At this point, between Porch Group and V12, I mean, we have, I would say, a very unique set. Andy, is there anything else you'd want to kind of layer in there? No. I mean, in terms of deterministic pre-move, I think we, by far, have the most comprehensive part. V12 has a product called Signals that uses location data and content consumption data to look at buying signals, and there may be things in there that we can use to anticipate when people are starting to consider real estate that's more probabilistic. The idea is to have basically the full move journey identified by steps so we can communicate with consumers the appropriate product or services at each one of those steps. Got it. Question on PalmTech. How many customers acquired by PalmTech, and does this help you take additional inspector market share from competitors at ISN beyond consolidating the market? We haven't broken out the specific stats for PalmTech specifically. Strategically, it clearly helps us to be able to increase share. It gives us a nice product for a certain part of the market where we want to be able to make sure we're servicing these smaller inspectors across the board. Certainly, it helps us there. I will say, though, that 50% of the inspection market, give or take, is still a significant portion of the inspector market, is not using back-office software, CRM software. That's still the biggest opportunity, is just to be able to help more and more of these companies modernize their business. Got it. Got time for one more question. Theoretically, Porch Group would be in a stronger position to address consumer needs after move-in, such as maintenance and home projects, which is where Angi plays. Why wouldn't you guys try to increase your TAM by disintermediating these marketplaces over time by addressing the full home ownership experience? Well, at the end of the day, we just have to choose where we want to focus and what we want to be. We are choosing to focus deeply on where we believe right now there's the biggest opportunity. Which for us is going and selling software into more companies to really embed ourselves deeply in those companies as their vertical software platform and create these really durable, sustainable moats with that kind of very high retention rates from these companies. To be able to focus really deeply in the highest LTV, most important services for the consumer, like insurance. Again, think how much energy and focus we could put just by going and deploying our software in more companies and then be able to go and do what we're intending to go do with insurance. There's a big endeavor. That's a big task for us. Through that move and these other key services, moving, like Marty mentioned, TV, internet, et cetera, we wrap that whole experience with all these different services to make sure that it's really warm, really high satisfaction experience for consumers. It's just a choice of where we want to focus, and that's our strategy to continue to be this vertical software platform with Insurtech layered on top as that core service. I think we've made a good choice there. I think it's the right place to focus our energy and our investment. Thanks, Matt, and thanks everyone for your great questions. If your question wasn't answered, please feel free to email Porch's IR team at prch@gatewayir.com. I'll now turn it back over to Matt for closing remarks. I just appreciate everybody's participation and your engagement. Great questions. I'm looking forward to seeing more of you as we go here. Again, we will keep you up to speed and in the loop on future Investor Calls and announcements as we go. Again, I would just recap with we are excited about today. I certainly would want to welcome Andy, I'd want to welcome the HOA, the V12 teams, the PalmTech teams, and the iRoofing teams. It's a great fit culturally and aligns perfectly with what we're trying to go build. Welcome to Porch Group, and thanks again for everybody's time. Have a nice night.