Business
Porch Group Reports First Quarter 2022 Results; Affirms 2022 Guidance
Reports $62.6 Million of Revenue, up 134% Year-Over-Year SEATTLE, May 10, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”,” Porch Group” or “the Company”)
About this update from Porch Group, Inc.
[{"type":"text","content":"Reports $62.6 Million of Revenue, up 134% Year-Over-Year SEATTLE, May 10, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”,” Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today reported first quarter revenues of $62.6 million, compared to first quarter 2021 revenues of $26.7 million, in line with company expectations. CEO Summary “Porch is off to a strong start in 2022,” said Matt Ehrlichman, founder and Chief Executive Officer of Porch Group, Inc. “Our vertical software and insurance segments are performing very well and reported substantial revenue increases. This strong performance early in the year gives us confidence in affirming our previously disclosed guidance and highlights why the team is excited about the remainder of the year.” “Further, we are proud of the continued success in our insurance business, where we now offer our own product in 17 states and have begun filing for price adjustments based on our proprietary data. While only the start, we are pleased to have approvals in Arizona, Georgia and Virginia to leverage insights from Porch Group data such as water heater location data into our underwriting models.” First Quarter 2022 Financial Results Total revenue for the first quarter of 2022 was $62.6 million, an increase of $35.9 million from $26.7 million in the first quarter of 2021.Revenue less cost of revenue for the first quarter of 2022 was $41.4 million or 66.1% of total revenue, compared to $20.8 million or 77.8% of total revenue for the first quarter of 2021.GAAP net loss for the first quarter of 2022 totaled $5.8 million, compared to a GAAP net loss of $65.1 million for the first quarter of 2021.Adjusted EBITDA loss for the first quarter of 2022 totaled $7.1 million or -11.3% of total revenue, compared to an Adjusted EBITDA loss of $9.6 million or -36% of total revenue for the first quarter of 2021. Segment Results for the First Quarter 2022 Vertical Software revenue for the quarter was $34.7 million, revenue less cost of revenue was $24.9 million or 71.9% of Vertical Software revenue and GAAP net loss was $7.2 million. Adjusted EBITDA for the first quarter was $3.0 million or 8.6% of Vertical Software revenue.Insurance revenue for the quarter was $27.9 million, revenue less cost of revenue was $16.4 million ...