Business
Porch Group Reports Third Quarter 2021 Financial Results
- Reports $62.8 Million of Revenue and Increases Full Year 2021 Revenue Guidance to $195 Million, A 170% Year-Over-Year Increase -- Reports Positive Quarterly
About this update from Porch Group, Inc.
[{"type":"text","content":"- Reports $62.8 Million of Revenue and Increases Full Year 2021 Revenue Guidance to $195 Million, A 170% Year-Over-Year Increase -- Reports Positive Quarterly Adjusted EBITDA of $873 Thousand and GAAP Net Loss of $5.1 Million -- Reports $416 Million Cash Balance After Execution of Convertible Senior Notes Offering - SEATTLE, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services industry, today reported financial results for the third quarter ended September 30, 2021. “Our operational and strategic execution resulted in excellent third quarter financial results, highlighted by almost 200% year-over-year revenue growth and positive quarterly adjusted EBITDA for the first time in Porch’s history as a public company,” said Matt Ehrlichman, Founder, Chairman and CEO. “Bolstered by our balance sheet and cash position, we continue to demonstrate our ability to drive simultaneous strong growth and margins, while strengthening our strategically advantaged position in the marketplace, both organically and through acquisitions. Our strong Q3 and ongoing performance gives us confidence to increase our full year 2021 revenue guidance to $195 million which would be 170% growth year-over-year. I’m proud of our team’s hard work that has positioned us favorably for the remainder of the year and into 2022 to deliver for our shareholders and other key stakeholders. We’re continuing to take Porch to the next level as a truly great and enduring company.” Third Quarter 2021 Financial ResultsTotal revenue for the third quarter of 2021 was $62.8 million, an increase of 192% from $21.5 million in the third quarter of 2020. The increase in total revenue was driven by strong performance across the business including increased software sales to more companies and growth in sales of key services such as insurance as well as closed acquisitions. Revenue less cost of revenue for the third quarter 2021 was 69% and contribution margin was 45%. GAAP net loss for the third quarter of 2021 totaled $5.1 million. Adjusted EBITDA for the third quarter of 2021 totaled $873 thousand (or 1% of total revenue). For the first time, the company is reporting financials with two reportable operating segments: Vertical Software and Insurance. Segment Results for the Third...