Porch Group Q2 revenue up 39% to $98.8M but net loss widens to $87M on weather, impairments

Porch Group, Inc.

2023-Q2 EPS reported -$1.32 revenue$186,134,000

Revenue $98.8M (+39% YoY); Insurance segment $64.3M (+127%), Vertical Software $34.4M (-19%).
GAAP net loss $87.0M vs $27.3M loss; includes $55.2M goodwill impairment and $48.2M Vesttoo write-off.
Adjusted EBITDA loss $43.1M (vs $15.0M loss prior year) driven by $18M catastrophic weather loss in Insurance.
Insurance gross written premium $143M with ~358k policies; $358M unrestricted cash plus investments.
Reiterates second half 2023 Adjusted EBITDA profitability outlook despite headwinds.

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 0.97

Porch Group, Inc. reported the quarter ended June 30, 2023 results: revenue $98.8 million, net income GAAP net loss of $87.0 million.

Period: the quarter ended June 30, 2023
Revenue: $98.8 million
Net income: GAAP net loss of $87.0 million
Result: reported results

Exact text from the filing

as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. --- EX-99.1 (EX-99.1) --- Porch Group Reports Second Quarter 2023 Results $99 Million Revenue, With Growth of 39% Year-Over-Year Operating Results Impacted By Extreme Weather, Otherwise In Line with Management Expectations SEATTLE, August 8, 2023 – Porch

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Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001784535-23-000015

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