Hippo Holdings Inc. (NYSE:HIPO) Q3 2023 Earnings Call Transcript

Rick McCathron: Yes. Yaron, one thing I do want to add when we talk about payroll costs and payroll reductions, two years ago, we purchased Swing, which is a development house in Poland. And we’ve actively been growing that operation and have increased the growth of that operation as of late. And so although payroll is coming down, it does not naturally — you should not naturally assume that there’s fewer people over the long-term. It’s a lower cost environment as well. The quality of work we get, we’ve been incredibly impressed over the last couple of years. And so we believe that despite the fairly large headline number of payroll reduction, we still think that we can achieve the goals that we have for the company while getting profitable much quicker.

Yaron Kinar: Thank you.

Operator: Thank you all for your questions.

Stewart Ellis: Yaron, I think I may have misspoke earlier. We — I think we published the impact of prior year reserve releases and the PCS breakdown on a gross basis. I don’t know that we’ve put it in the letter on a net basis, but let me get back to you on that.

Yaron Kinar: Okay. Thank you.

Operator: Thank you all for your questions. We have no questions waiting at this time. So I will pass the conference back to the management team for any further remarks.

Rick McCathron: Great. Well, thank you, everyone. Thank you, Operator. Thank you for joining this evening. We’re excited with the progress that we’ve been making in a very short period of time, and we’re excited to be talking to you next quarter. Thank you very much.

Operator: That will conclude today’s conference call. Thank you all for your participation. You may now disconnect your lines.