Mark Schappell: Matt, I was wondering if you could walk through some of the puts and takes in your vertical software business this quarter, specifically with respect to the products in that segment that are doing well and maybe the ones that are struggling a little bit.
Matthew Neagle: Sure. You can take it first cut at that. We have shared kind of how we’re currently seeing the market. Overall, we’re assuming the market is flat for this year. But if you look historically, the number of transactions have dropped over 30%. The number of, mortgage loan officers has dropped over 40%. But our businesses has held up fairly well despite pretty significant declines in transactions and providers. We’re very excited about some of the products that we talked about last quarter with our Rhino software, which provides now a suite of solutions to title companies and is really becoming a platform for title companies to automate many parts of their business. And so we recently launched Rhino Verifi, which automatically ensures that when you are processing payment as part of a title closing, that the identity of that recipient is the right identity.
Within our inspection space, we have a whole platform of software and services to power the entire business. We were excited to launch a new report writer under the ISN brand, which is sort of the first piece of software that you need as an inspector, to help us better target all parts of the journey as an inspector owning a business, and we actually had a variety of launches, in fact, over 20 of the top requested features we were able to get out in the last three to six months. And then we’re uniquely positioned in the with Floify and loan officer space, especially with some of the competitive, one of our competitors was acquiring and it’s created an opportunity for us in the marketplace. All of these things, though, I think, position us extremely well for when the market comes back and there’s more transactions and more providers who are coming back into the space or at least ramping up their business.
Mark Schappell: And then, wonder if you could just give us a quick update on the uptake rate you’re seeing with the Porch concierge app.
Matt Ehrlichman: We’re not providing any specific metrics, recently, but, again, it it’s a possible deep dive in the future, but I would say it continues to go well. So, across our software businesses, we continue to execute on the strategy to get access and introduced to more homebuyers, and we continue to work with those homebuyers to help them with a variety of services. Some of the things that I have been excited about, for example, our moving services business certainly has been under pressure just as the market has retracted over the last couple of years. But they’ve really used that time to be able to build out a new local full service offering, that is a really great product for consumers that we really didn’t have before.
We really focused on labor only moves. So that’s something we’re now able to bring into these consumers to help add another product to those customers. Obviously, insurance and warranty continue to be our focuses with consumers, and we’re seeing, obviously, very good growth in those two areas.
Operator: There are no further phone questions at this time. I will now pass it over to Lois for any written web questions.
Lois Perkins: First question we have is, what will build momentum in HOA over the next year?
Efram Ware: Two of the things that I’m really excited about are, one, the work that we’re doing with Home Factors. We truly believe and expect that that will continue to be an advantage. And as we build upon that, a competitive advantage. Now the team is digging in. We have made great progress and as we mentioned in the prepared remarks, we’ve got, or expecting to have 20 additional home factors this year, to add to our pricing and segmentation through modeling. The second is the reciprocal exchange. I do believe it is the right business model for us. It will relieve some of the volatility that that we see as an insurance carrier. So I’m excited about both of those two opportunities. And personally, for me, it’s really just executing on both of those focus areas.
Lois Perkins: That’s all of the recent questions we have.
Matt Ehrlichman: Perfect. And I’ll just conclude, which I’ll just say thanks to everybody for joining. We do look forward to updating you on our progress as we move towards full year profitability, big milestone for the company, and toward approval of the reciprocal exchange, another milestone. We’d certainly appreciate the continued support. Look forward to speaking to you guys again in our Q2 earnings call in August. Until then, take care.
