Shawn Tabak: Yes. Jason, I think it’s a good question. We — I’d say first and foremost, as Matt mentioned about 18 months ago, we talked about adjusted EBITDA profitability for the second half of this year and beyond. And we’re obviously really happy to deliver a really strong adjusted EBITDA of $9 million in Q3. And, also, we’re well on our way to the important second half profitability target for this year. We’ve also talked about a lot of actions that we’ve taken to control expenses, and how much of a focus profitability has become, or is that the business, in addition to how we think about the insurance book in general, in non-renewing policies and things like that. So, we’ll come back in March with more color on 2024 and more specifics on 2024 when we do our next update. For now, pedals to the floor here for us and the team to execute in Q4 and bring home that adjusted EBITDA profitability.
Operator: We’ll take our next question from Josh Siegler with Cantor Fitzgerald.
Josh Siegler: First, I wanted to start on the data advantage and how it impacts your loss ratios. So you’re live with utilizing unique data in 12 states. I was wondering what the rollout would look like to leverage this same initiative in more states moving forward. Thanks.
Matthew Neagle: I would think about it on a couple of dimensions. The first is rolling it out to additional states. Keep in mind, as a carrier, we don’t write policies in all 50 states. But the other dimension is we’re just getting started in leveraging our data for pricing. And so, there’s opportunities for us to pull out more types of data from our inspection reports. There’s also room still for us to apply the same type of analysis on additional perils. And so, we’re actively working on all those things. And then, of course, the pricing and rating is a process you got to file and get it approved to roll it out, so there’s a little bit of a lag there. But we’re excited so far, we have, real improvements, measurable improvements to the accuracy of our risk models, and we feel we’re early in what’s possible.
Josh Siegler: And I was wondering if you could talk a little bit about the operating leverage of this business, especially post the $20 million benefit that you’ve already arrived at. If the macro bounces back, how are you thinking about the leverage of this business moving forward?
Shawn Tabak: Yes. I think I could take that one. I mean, I think from a fundamental perspective, we look to be strong stewards of capital. And as part of that, we think a lot about capital allocation, and as Matt said, investing in the businesses that are driving strong unit economics, strong returns. And so, we’ll continue to take that approach and be diligent. As I said, we will provide more guidance in March when we come back. But clearly, there’s been a focus to drive strong expense control of the business. And I think that that’s ingrained in a lot of processes that we have around the business, that we’ll continue to operate in that manner.
Matt Ehrlichman: Yes. I would say, Josh, it is something that we plan to talk more about here. We look forward, frankly, to sharing quite a bit more detail about business units across Porch, what their revenue less cost of revenue margins are, what the incremental EBITDA margins are as we invest in these businesses and how that really can flow through our results. That’s not for today. We haven’t shared that information yet. But, it is something that we are looking forward to talking more about here this next year.
Josh Siegler: Excellent. Yes, I’m really looking forward to hearing more about that in the future. Thanks for taking my questions, guys.
Matt Ehrlichman: Thanks, Josh.
