Porch Group Q2 rev $70.8M (+38% YoY), net loss $26.4M; terminates CSE deal, cuts FY22 guidance to ~$290M

Porch Group, Inc.

2022-Q2 EPS reported -$0.33 revenue$133,330,000

Q2 revenue $70.8M (+38% YoY); GAAP net loss $26.4M vs $16.3M loss; Adj. EBITDA loss $14.3M (-20.2%).
Mutual termination of $48.6M CSE Insurance acquisition; no breakup fees; year-end unrestricted cash +~$50M.
Updated FY22 guidance: rev ~$290M (from ~$320M), adj. EBITDA loss >$30M; auto insurance removed.
Insurance segment rev $28.0M, adj. EBITDA loss $5.1M; GWP $145M, 379k policies.
Vertical Software rev $42.8M, adj. EBITDA $6.0M (14.1%); avg companies 28,730; cash $282M.

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