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