Business
Porch Group Reports Fourth Quarter and Full Year 2021 Financial Results
- Reports $192.4 Million of Full Year 2021 Revenue, up 166% Year-Over-Year - - Provides 2022 Guidance of $320 Million in Revenue and $600 Million of Gross
About this update from Porch Group, Inc.
[{"type":"text","content":"- Reports $192.4 Million of Full Year 2021 Revenue, up 166% Year-Over-Year - - Provides 2022 Guidance of $320 Million in Revenue and $600 Million of Gross Written Premium, Representing 66% and 95% Year-over-Year Growth Respectively; Targets Approximately -9% EBITDA Margin in 2022 - - Announces acquisition of Residential Warranty Services to Continue Expansion Into Home Warranty and Home Inspection Software - SEATTLE, March 01, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today reported financial results for the fourth quarter and full year ended December 31, 2021. “Our operational and strategic execution delivered strong fourth quarter and full year results, highlighted by $192.4 million in full year revenues as well as our first quarter of Adjusted EBITDA profitability in the third quarter,” said Matt Ehrlichman, Founder, Chairman and CEO. “In our first year as a public company we continued to grow our position in key verticals such as home inspection, expanded into new software verticals such as mortgage and title, enhanced our insurance and warranty offerings via the acquisitions of Homeowners of America and American Home Protect, increased our insurance footprint into many new states, and raised capital to fund future growth. I am proud of the efforts of our team. We are excited to continue to build on our 2021 accomplishments and continue to execute on our strategy in 2022.” Fourth Quarter 2021 Financial Results Total revenue for the fourth quarter of 2021 was $51.6 million, an increase of 172% from $18.6 million in the fourth quarter of 2020.Revenue less cost of revenue for the fourth quarter 2021 was $40.9 million or 79% of total revenue, compared to $14.7 million or 77% of total revenue for the fourth quarter of 2020.Contribution margin was $22.4 million or 44% of total revenue, compared to $5.8 million or 31% of total revenue for the fourth quarter of 2020.GAAP net loss for the fourth quarter of 2021 totaled $22.6 million, compared to a GAAP net loss of $20.5 million for the fourth quarter of 2020.Adjusted EBITDA loss for the fourth quarter of 2021 totaled $7.9 million or -15% of total revenue, compared to an Adjusted EBITDA loss of $4.0 million or -22% of total revenue for the fourth quar...