Porch Group reports Q3 GAAP net income $14.4M; Reciprocal Exchange approved

Porch Group, Inc.

2024-Q3 EPS reported -$0.64 revenue$337,487,000

Total revenue $111.2M (down 14% YoY due to prior year Vesttoo benefit); GAAP net income $14.4M vs loss $5.7M.
Adjusted EBITDA $16.9M, up $8.1M YoY; Insurance attritional loss ratio improved to 21% from 32%.
Texas Department of Insurance approved Reciprocal Exchange formation; CEO calls it key milestone for higher margin, predictable insurance profile.
Repurchased $43M aggregate principal of 2026 unsecured notes for $20M cash; cash and investments $404.5M.

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