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Mar 31, 2021
Porch Q1 2021 Earnings Report
Porch exceeded Q1 guidance and increased full year 2021 revenue guidance.
Key Takeaways
Porch Group reported a 77% increase in total revenue for the first quarter of 2021, reaching $26.7 million compared to $15.1 million in the first quarter of 2020. Adjusted for past divestitures, year-over-year growth was 112%. The increase was driven by selling software to more companies, increased B2B SaaS fees and transaction revenue, and acquisitions.
Total revenue increased by 77% year-over-year, reaching $26.7 million.
Adjusted revenue growth, accounting for divestitures, was 112% year-over-year.
GAAP net loss was $65.1 million, primarily due to remeasurement of liabilities and non-cash stock-based compensation.
Cash, cash equivalents, and restricted cash totaled $233.4 million as of March 31, 2021.
Porch
Porch
Forward Guidance
Porch increased its full year 2021 revenue outlook to $178 million, representing approximately 147% year-over-year revenue growth.
Positive Outlook
- Approximately 25% of 2021 total revenue is expected to be from B2B SaaS fees.
- Approximately 65% of revenue is expected from B2B2C move-related services, including recurring insurance revenue.
- Approximately 10% of revenues from post-move services.
- Contribution margin is expected to be approximately 40% for 2021.
- Revenue less cost of revenue of approximately 72% for 2021.
Challenges Ahead
- Adjusted EBITDA margin is expected to be -10% to -16% for the full year of 2021.
- The company is not providing reconciliations of expected Adjusted EBITDA margin or contribution margin for future periods to the most directly comparable measures prepared in accordance with GAAP.