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Jun 30, 2023
Porch Q2 2023 Earnings Report
Porch Group reported a revenue of $98.8 million, marking a 39% year-over-year growth, but operating results were impacted by extreme weather.
Key Takeaways
Porch Group's Q2 2023 results showed a 39% increase in total revenue to $98.8 million compared to Q2 2022. However, the company reported a GAAP net loss of $87.0 million and an Adjusted EBITDA loss of $43.1 million, impacted by weather-related claims costs in the Insurance Segment.
Total revenue reached $98.8 million, a 39% increase year-over-year, driven by the Insurance Segment.
Revenue less cost of revenue was $17.4 million, which is 18% of total revenue, impacted by industry headwinds and weather-related claims.
GAAP net loss was $87.0 million, including an $81.4 million gain on extinguishment of debt and charges related to a reinsurance contract.
Adjusted EBITDA loss was $43.1 million, influenced by an $18 million loss from extreme weather events.
Porch
Porch
Forward Guidance
Porch Group revised its full year 2023 guidance due to current market conditions, expecting revenue between $330m to $350m. The company also reiterated its Adjusted EBITDA profitability target in the second half of the year and beyond, assuming cat weather is in line with historic trends with a 41% gross loss ratio.