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Mar 31, 2022
Porch Q1 2022 Earnings Report
Porch Group reported a revenue increase of 134% year-over-year, totaling $62.6 million, and reaffirmed its 2022 guidance.
Key Takeaways
Porch Group reported a strong start to 2022, with total revenue for the first quarter reaching $62.6 million, a 134% increase compared to the first quarter of 2021. The company's vertical software and insurance segments performed well, contributing to the substantial revenue growth. Despite the revenue increase, the company reported a GAAP net loss of $5.8 million and an adjusted EBITDA loss of $7.1 million. Porch Group affirmed its 2022 guidance, reflecting confidence in continued performance throughout the year.
Total revenue for Q1 2022 was $62.6 million, up from $26.7 million in Q1 2021.
Vertical Software revenue was $34.7 million, with revenue less cost of revenue at $24.9 million.
Insurance revenue was $27.9 million, with revenue less cost of revenue at $16.4 million.
GAAP net loss for Q1 2022 was $5.8 million, compared to a net loss of $65.1 million in Q1 2021.
Forward Guidance
Porch Group provides guidance based on current market conditions and expectations.
Positive Outlook
- Gross Written Premium ~$600M
- Revenue ~$320M
- Vertical Software Revenue ~$190M
- Insurance Revenue ~$130M
- Revenue Less Cost of Revenue ~$210M
Challenges Ahead
- Adj. EBITDA ~-9% and >-$26.5M
- Guidance includes the impact of announced but not yet closed acquisitions of CSE Insurance (“CSE”)
- 2022 gross written premium guidance is stated as annual run rate as of year-end 2022 and is the total premium written by third-party insurance carriers through EIG, HOA’s insurance operations, and AHP for insurance and warranty policies for the face value of one year’s premium, before deductions for reinsurance and ceding commissions.
- Porch is not providing reconciliations of expected Adjusted EBITDA margin for future periods to the most directly comparable measures prepared in accordance with GAAP because Porch is unable to provide these reconciliations without unreasonable effort because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of Porch’s control.
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