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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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