Porch Group Reports Q4 2022 Revenue of $64.1M, Up 24% YoY, but Net Loss Widens to $35.5M

Porch Group, Inc.

Revenue grew 24% YoY to $64.1M; net loss widened to $35.5M from $20.1M in Q4 2021.
Insurance segment impacted by Winter Storm Elliott, adding ~$7M in additional claims costs.
Announced intention to file for Reciprocal Exchange to reduce direct exposure to claims and weather events.
Repurchased ~2.4M shares for $4.4M at average price $1.82 under $15M buyback plan.
2023 guidance: revenue ~$330-$350M, Adjusted EBITDA loss ~$(30)-(40)M, targeting positive EBITDA in H2 2023.

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