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Dec 31, 2022
Porch Q4 2022 Earnings Report
Reported $64.1 Million of Revenue, a growth of 24% Year-Over-Year, with insurance segment continuing strong growth, while atypical fourth-quarter weather impacted Adjusted EBITDA.
Key Takeaways
Porch Group reported Q4 2022 revenues of $64.1 million, a 24% increase compared to Q4 2021. The company's GAAP net loss totaled $35.5 million, impacted by higher-than-expected claims due to Winter Storm Elliott. Adjusted EBITDA loss for the quarter was $13.3 million.
Total revenue for the fourth quarter of 2022 was $64.1 million, an increase of 24% from $51.6 million in the fourth quarter of 2021.
Revenue less cost of revenue for the fourth quarter of 2022 was $43.9 million, compared to $37.4 million for the fourth quarter of 2021, with weather events adding approximately $7 million of additional costs.
GAAP net loss for the fourth quarter of 2022 totaled $35.5 million, compared to a GAAP net loss of $20.1 million for the fourth quarter of 2021, impacted by Winter Storm Elliott.
Adjusted EBITDA loss for the fourth quarter of 2022 totaled $13.3 million, compared to Adjusted EBITDA loss of $5.4 million for the fourth quarter of 2021.