Porch Group Q1 revenue $115.4M (+32%), net loss improves to $13.4M, raises FY Adjusted EBITDA guidance

Porch Group, Inc.

2024-Q1 EPS reported -$0.14 revenue$115,443,000

Revenue $115.4M (+32% YoY), driven by Insurance segment premium per policy increases.
GAAP net loss $13.4M (improvement of $25.4M vs Q1 2023); Adjusted EBITDA loss $16.8M ($5.1M improvement).
Insurance segment: 71% current accident year gross loss ratio, 97% gross combined ratio; $36M net catastrophic weather claims.
Sold EIG insurance agency for ~$12M; repurchased $8M principal of 2026 notes for $3M cash.
Raised full-year Adjusted EBITDA guidance; $413.2M cash and investments at March 31, 2024.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Porch Group, Inc. updated its first quarter ended March 31, 2024 guidance (raised).

Period: first quarter ended March 31, 2024
Guidance: raised
Result: reported results

Exact text from the filing

On May 8, 2024, Porch Group, Inc. (the “Company”) issued an earnings release announcing financial results for its first quarter ended March 31, 2024.

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Source: SEC EDGAR

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