Porch Group Q1 2023 revenue $87.4M (+37% YoY); net loss $38.7M; Adjusted EBITDA loss in line

Porch Group, Inc.

2023-Q1 EPS reported -$0.41 revenue$87,369,000

Revenue $87.4M, up 37% YoY from $63.6M; GAAP net loss $38.7M vs $9.3M loss prior year.
Insurance segment revenue $58.7M (+101% YoY); vertical software revenue $28.6M (-17% YoY).
Adjusted EBITDA loss $21.9M in line; company expects Adjusted EBITDA profitability in H2 2023.
Raised $333M via convertible note; filed application to form Porch Insurance Reciprocal Exchange.
Ended Q1 with $272M unrestricted cash plus investments.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Porch Group, Inc. reported the quarter ended March 31, 2023 results: revenue $87.4 million, net income $38.7 million.

Period: the quarter ended March 31, 2023
Revenue: $87.4 million
Net income: $38.7 million
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results ● Total revenue of $87.4 million, an increase of 37% or $23.8 million (first quarter of 2022: $63.6 million). ● Revenue less cost of revenue of $36.1 million, or 41% of total revenue (first quarter 2022: $38.4 million, 60% of total revenue). As expected, reinsurance markets have hardened, which resulted in a reduction in Revenue less cost of revenue by approximately $15 million in the first quarter of 2023 compared to the same quarter prior year. ● GAAP net loss of $38.7 million, compared to $9.3 million for the first quarter of 2022, and was similarly impacted by the hardened reinsurance markets.

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Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-009146

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