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Jun 30, 2021
Porch Q2 2021 Earnings Report
Porch exceeded Q2 guidance and increased full year 2021 revenue guidance.
Key Takeaways
Porch Group reported strong second-quarter results, with total revenue increasing by 200% compared to the same period last year. The company has raised its full year revenue outlook reflecting the continued confidence in its go-forward strategy.
Total revenue for the second quarter of 2021 was $51.3 million, an increase of 200% from $17.1 million in the second quarter of 2020.
Porch acquired Rynoh, a leading provider of software for title companies.
The company increased its full-year revenue outlook from $178 million to $184 million, representing approximately 155% year-over-year revenue growth.
Weather-related insurance claims costs contributed approximately $4 million of additional cost of revenue as compared to historical Q2 periods with average weather.
Porch
Porch
Forward Guidance
For the full year of 2021, Porch increased its revenue outlook from $178 million to $184 million, representing approximately 155% year-over-year revenue growth.
Positive Outlook
- Approximately 90% of 2021 revenues from its vertical software solutions (25% from B2B software and service subscription fees and approximately 65% from corresponding move-related transaction revenues which includes insurance).
- Revenue less cost of revenue of approximately 72%.
- Contribution margin of approximately 40%.
- Adjusted EBITDA margin guidance range to -13% to -16%.
- The vast majority of Porch’s revenue is recurring.