Financial Performance - Total revenue for Q3 2024 was $111.2 million, a decrease of 14% compared to $129.6 million in Q3 2023[4] - GAAP net income improved to $14.4 million from a net loss of $5.7 million in the prior year[4] - Adjusted EBITDA for Q3 2024 was $16.9 million, an increase of $8.1 million from $8.8 million in Q3 2023[4] - Porch Group reported a net income of $14.4 million for the three months ended September 30, 2024, compared to a net loss of $5.7 million for the same period in 2023[31] - Adjusted EBITDA for the three months ended September 30, 2024, was $16.9 million, representing 15% of total revenue, up from $8.8 million or 7% in the same period last year[31] - For the nine months ended September 30, 2024, Porch Group's net loss was $63.3 million, an improvement from a loss of $131.4 million in the same period of 2023[31] - Net loss for the nine months ended September 30, 2024, was $63,303, compared to a net loss of $131,447 for the same period in 2023, representing a 52% improvement[40] Insurance Segment Performance - Gross written premium in the Insurance segment was $139 million, with approximately 219 thousand policies in force, reflecting a 10% decrease from $154 million in Q3 2023[9] - The attritional loss ratio improved to 21% from 32% in the prior year, driven by profitability actions in the insurance business[5] - The Insurance segment reported an Adjusted EBITDA of $24.8 million for the three months ended September 30, 2024, with a margin of 31.1%, up from 20.0% in the same period last year[33] - The company expects a full year 2024 loss ratio of 68%, with potential downside due to catastrophic weather events[18] Strategic Initiatives - Porch Group launched three new Home Factors to enhance risk assessment in its insurance offerings[6] - The Texas Department of Insurance approved the formation of a reciprocal exchange, expected to enhance the insurance business's financial profile[13] - Future growth strategies include the formation of a reciprocal insurance structure, which is expected to enhance margins and provide a more predictable financial profile[25] - The company is focusing on leveraging unique data for advantaged underwriting in homeowners insurance, aiming to protect the whole home and enhance service offerings for homebuyers[23] - Porch Group maintains strategic relationships with approximately 30,000 companies in the home-buying transaction ecosystem, which is critical for its competitive advantage[23] - Porch Group is committed to developing new products and enhancing existing services to increase transaction volume and customer retention[26] Financial Position and Cash Flow - Total current assets decreased from $481,078 thousand as of December 31, 2023, to $406,870 thousand as of September 30, 2024, a decline of approximately 15.4%[36] - Total liabilities increased slightly from $935,076 thousand as of December 31, 2023, to $944,307 thousand as of September 30, 2024, an increase of approximately 1.5%[36] - Total operating expenses for the nine months ended September 30, 2024, were $427,138 thousand, down from $513,424 thousand for the same period in 2023, a reduction of approximately 16.8%[37] - Cash flows from operating activities resulted in a net cash used of $5,080 for the nine months ended September 30, 2024, compared to a net cash provided of $74,898 in 2023[40] - Total cash and cash equivalents at the end of the period decreased to $216,678 from $361,714 in the previous year, reflecting a decline of 40%[40] - Purchases of short-term and long-term investments amounted to $98,148, up from $59,851 in the prior year, indicating a 64% increase[40] - The company reported a gain on extinguishment of debt amounting to $22,545 thousand for the three months ended September 30, 2024[37] - The company recorded a gain on the extinguishment of debt of $27,436 for the nine months ended September 30, 2024, compared to a gain of $81,354 in 2023[40] - Net cash used in investing activities was $52,209, compared to $34,203 in the previous year, reflecting a 53% increase in cash outflow[40] - Net cash provided by (used in) financing activities was $(23,265), a significant decrease from $92,414 in the prior year[40] Key Metrics - Average Monthly Revenue per Account in Quarter is a key growth metric, reflecting the revenue generated from existing customers[34] - The company achieved a Premium Retention Rate, which measures the ratio of renewed premiums over the last four quarters to base premiums, indicating customer loyalty[34] - Average Quarterly Revenue per Monetized Service is a focus area for growth, emphasizing the shift towards higher revenue services[34] - The company reported a Gross Loss Ratio, which is calculated as gross losses divided by gross earned premium, indicating the efficiency of its insurance operations[34] - Stock-based compensation expenses were $19,208, slightly down from $20,277 in the previous year[40] - The change in fair value of derivatives resulted in a gain of $7,772, compared to a gain of $2,440 in the same period last year, showing a significant increase[40] - The company reported a loss on divestiture of business amounting to $5,331, with no comparable figure in the previous year[40]

Group 1: Porch Group - Porch Group shares surged nearly 73%, contributing to a 7.6% increase in the Live segment [1] - The Texas Department of Insurance approved Porch's application to form Porch Insurance Reciprocal Exchange, aimed at increasing profitability and stabilizing earnings by reducing exposure to claims and weather risks [2] Group 2: Fiverr - Fiverr shares gained 34.6%, boosting the Work Pillar by 2.8%, driven by programs encouraging buyers to spend more on complex projects [3] - The company's revenues were up 8% year over year to $99.6 million, despite a 9% decline in active buyers to 3.8 million, with spending per buyer increasing by 9% to $296 [4] Group 3: Roblox - Roblox shares increased by 22%, with daily active users growing 27% to 88.9 million, marking the highest growth rate in around two years [6] - The company has captured 3% of its total addressable market in the gaming space, with total hours engaged on the platform rising by 29% [6] Group 4: Visa and Mastercard - Visa's payment volume grew 8% year over year, with U.S. payment volume up 5% and international volume up 10% [8] - Mastercard reported a revenue growth of 14% to $7.4 billion, driven by healthy consumer spending and a 17% increase in cross-border volume year over year [9] Group 5: Xerox - Xerox shares fell 16.7% as quarterly revenue of $1.5 billion missed analysts' estimates of $1.6 billion, representing a 7.5% year-over-year decline [11]

Financial Data and Key Metrics Changes - Revenue grew 12% to $111 million in Q2 2024, with revenue less cost of revenue increasing 10% to $19 million [7][14] - Adjusted EBITDA loss was $34.8 million, an improvement of $8.4 million over the prior year [15][19] - Gross written premium was $117 million, a decrease from the prior year as the company focused on profitability and nonrenewal of higher-risk policies [15][25] Business Line Data and Key Metrics Changes - The insurance segment accounted for 71% of total revenue, increasing from 65% in Q2 2023, with revenue of $78.3 million, a 22% increase year-over-year [16] - Vertical software segment revenue was $32.6 million, a decrease of 5% over the prior year, although software and services subscription businesses increased 4% [16][24] - The insurance segment's adjusted EBITDA loss was $27.3 million, an improvement of $3.9 million over the prior year [17] Market Data and Key Metrics Changes - The housing market declined 3% year-over-year in Q2, impacting the company's vertical software segment [12] - The average number of companies served was 29,000, slightly lower due to pressures in the mortgage title and inspection industries [24] - Average revenue per company per month increased 17% to $1,253, driven by lower seating and premium increases [24] Company Strategy and Development Direction - The company has refiled the reciprocal exchange application to optimize its structure and reduce exposure to unusual weather events [6][9] - The launch of Home Factors data products aims to improve risk assessment and marketing for third parties [6][10] - The company is focused on controlling operating expenses and improving profitability through price increases and strong cost control [15][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong execution in underwriting and cost control despite macro headwinds and rare weather events impacting results [6][8] - The company expects to grow premiums nicely in 2025 and beyond, leveraging unique data for insurance profitability [27][35] - Management reiterated a commitment to achieving positive adjusted EBITDA for the full year 2024, despite the impact of catastrophic weather events [23][35] Other Important Information - The company has been recertified as a great place to work, with year-over-year improvements in key metrics [12] - The contribution of 18.3 million Porch shares to HOA is expected to bolster its balance sheet and support future premium growth [10][11] - The company is pursuing legal action related to the Vesttoo fraud discovered in 2023 [12] Q&A Session Summary Question: Thoughts on investing in growth versus derisking the portfolio until TDI approval - Management believes recent catastrophic events do not change their growth plans and they are ready to unlock growth opportunities [37][38] Question: Expectations for vertical software revenue in a housing recovery - Management expects vertical software revenue to outpace the national market recovery due to improved profitability and scalability [45][46] Question: Consideration of exiting markets like Houston due to weather events - Management does not plan to exit Houston, viewing it as a historically attractive market despite recent events [49][50] Question: Update on the reciprocal application and housing market assumptions - The reciprocal application was updated to reflect actual performance and milestones achieved, with a conservative outlook on the housing market [52][54] Question: Clarification on the $18 million share contribution to HOA - The share contribution was strategic to strengthen HOA's balance sheet and support future premium growth [56][58]

APorch Group Q2 2024 Earnings Presentation August 6, 2024 Copyright 2024 Porch Group, Inc. All rights reserved Presenters Matt Ehrlichman CEO, Chairman & Founder Shawn Tabak Chief Financial Officer Matthew Neagle Chief Operating Officer Michelle Taves GM Porch Group Media, Data & Marketing Copyright 2024 Porch Group, Inc. All rights reserved 2 Disclaimer Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements as defined by the Private Securities Litiga ...

Porch Group, Inc. (PRCH) came out with a quarterly loss of $0.65 per share versus the Zacks Consensus Estimate of a loss of $0.58. This compares to loss of $0.73 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -12.07%. A quarter ago, it was expected that this company would post a loss of $0.33 per share when it actually produced a loss of $0.21, delivering a surprise of 36.36%. Over the last four quarters, the company has sur ...

Table of Contents | --- | --- | |--------------------------------------------------------------------------|------------------------------------------------------------------------| | | | | UNITED STATES SECURITIES AND EXCHANGE Washington, D.C. 20549 | COMMISSION ___________________________________________________________ | | | FORM 10-Q | (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT P ...

Exhibit 99.1 Porch Group Reports Second Quarter 2024 Results Solid performance in the second quarter SEATTLE, August 6, 2024 (BUSINESS WIRE) – Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ: PRCH), a homeowners insurance and vertical software platform, today reported second quarter results through June 30, 2024, with total revenue of $110.8 million, which increased 12% compared to the prior year. GAAP net loss was $64.3 million, an improvement of $22.6 million compared to the prior year, and Adj ...

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements. Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Porch Group imply an improvement in the company's underly ...

It has been almost a year since my first coverage of Porch Group (NASDAQ:PRCH), a company developing vertical software platforms and services to home service industries. I rated the stock neutral at the time, and with the stock currently trading at $2.3, up over 62% since my first coverage, it appears that I might have underestimated PRCH. Nonetheless, despite the very strong 76% price appreciation since last year, YTD performance has been underwhelming. YTD, PRCH is currently down -24% despite having reach ...

Porch Group, Inc. (NASDAQ:PRCH) Q1 2024 Results Conference Call May 8, 2024 5:00 PM ET Company Participants Lois Perkins - Investor Relations Matt Ehrlichman - CEO, Chairman, and Founder Shawn Tabak - Chief Financial Officer Matthew Neagle - Chief Operating Officer Efram Ware - President and General Manager, Homeowners of America Conference Call Participants Jonathan Bass - Stephens Ryan Tomasello - KBW Mark Schappell - Loop Capital Markets Lois Perkins Good afternoon. Everyone, and thank you for participat ...