Porch Group Q3 revenue $129.6M (+67% YoY), first positive Adj. EBITDA $8.8M; HOA released from TDI supervision

Porch Group, Inc.

2023-Q3 EPS reported -$1.37 revenue$315,690,000

GAAP net loss narrowed to $5.7M from $84.5M YoY; Adj. EBITDA improved to +$8.8M from -$10.9M.
Insurance segment revenue $95.2M (+195% YoY); gross loss ratio 39%, combined ratio 58%.
Vertical Software revenue $34.3M (-24% YoY) due to mix shift; segment Adj. EBITDA margin 9%.
HOA released from Texas Department of Insurance supervision after $57M investment for surplus note and Vesttoo fraud claims.
Unrestricted cash plus investments $458.4M; $49M surplus note issued to HOA.

item 2.02 item 7.01 item 8.01 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 September 30, 2023 results: revenue $129.6 million, net income $(5.7) million.

Period: the quarter ended September 30, 2023
Revenue: $129.6 million
Net income: $(5.7) million
Result: reported results

Exact text from the filing

software company reinventing the home services and insurance industries, today reported third quarter results for the Company as of September 30, 2023, with total revenue of $129.6 million, which increased 67% compared to the prior year, and Adjusted EBI TDA of $8.8 million, which increased $19.7 million compared to the prior year. GAAP net loss of $(5.7) million,

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Source: SEC EDGAR

accession 0001784535-23-000046

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