Business
Porch Group Reports Strong Fourth Quarter and Full Year 2020 Financial Results
Company Increases Full Year 2021 Revenue Guidance to $175 Million, Representing 140% Year-over-Year Growth SEATTLE, March 30, 2021 (GLOBE NEWSWIRE) -- Porch
About this update from Porch Group, Inc.
[{"type":"text","content":"Company Increases Full Year 2021 Revenue Guidance to $175 Million, Representing 140% Year-over-Year Growth\nSEATTLE, March 30, 2021 (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, 2020. Fourth Quarter 2020 and Recent Operational Highlights Closed business combination with PropTech Acquisition Corporation, bringing a leading vertical software and services platform for the home to the public market.Announced four strategic acquisitions (Homeowners of America, V12, PalmTech and iRoofing) that marked the Company’s ambitions in InsurTech and strengthened Porch’s rapidly expanding platform for home service companies and homeowners.Expanded leadership team with key appointments, including Adam Kornick as president of Insurtech, Matthew Cullen as general counsel and secretary, Joshua Steffan as VP and group GM, Inspection and Real Estate, Andrew Beck as head of Contractor Tools SaaS, Malcolm Conner leading Porch’s Home Services group, and Manisha Patel as VP of finance. Fourth Quarter 2020 Financial ResultsTotal revenue for the fourth quarter of 2020 was $19.5 million, an increase of 7% from $18.3 million in the fourth quarter of 2019. When adjusting for past divestitures by the Company, year-over-year growth was 34%, up from $14.5 million in the fourth quarter of 2019 pro forma. The increase in total revenue was driven by selling software to more companies and significantly increasing both the B2B SaaS fees and transaction revenue generated per company. Cost of revenue as a percentage of total revenue for the fourth quarter of 2020 was 22%. Adjusted EBITDA loss, a non-GAAP metric, for the fourth quarter of 2020 totaled $3.2 million (or -17% of total revenue), an improvement from Adjusted EBITDA loss of $9.3 million (or -51% of total revenue) in the fourth quarter of 2019, and an improvement from Adjusted EBITDA loss of $8.1 million (or -56% of total revenue) pro forma adjusted for past divestitures in the fourth quarter of 2019. As of December 31, 2020, cash, cash equivalents, and restricted cash totaled $207.5 million. Full Year 2020 Financial ResultsTotal revenue for the full year 2020 increased 28% to $73.2 million from $5...