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Dec 31, 2023
Porch Q4 2023 Earnings Report
Porch delivered strong fourth quarter earnings, exceeding expectations.
Key Takeaways
Porch Group reported a total revenue of $114.6 million for Q4 2023, a 79% increase compared to the prior year. The company's GAAP net loss improved to $2.5 million, compared to a $35.5 million loss in the prior year. Adjusted EBITDA was $11.7 million, a $25.0 million increase from the prior year.
Total revenue increased by 79% to $114.6 million, driven by the Insurance segment.
GAAP net loss improved significantly, from $35.5 million to $2.5 million.
Adjusted EBITDA increased by $25.0 million to $11.7 million, driven by the Insurance segment and cost control actions.
Gross written premium for the Insurance segment was $112 million with approximately 310 thousand policies in force.
Porch
Porch
Porch Revenue by Segment
Revenue by Segment
Insurance Services Revenue
CapyFin.comSoftware & Data Revenue
CapyFin.com Forward Guidance
Full year 2024 guidance is as follows: Revenue $450m to $490m, Revenue Less Cost of Revenue $225m to $240m, Adjusted EBITDA $1m to $10m, Gross Written Premium $460m to $480m.
Revenue & Expenses
Visualization of income flow from segment revenue to net income