NASDAQ$PRCH
Porch Group Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Porch Group reported a solid performance in the second quarter, with revenue growth driven by the Insurance segment and improved profitability actions.
Porch Group reported a 12% increase in total revenue to $110.8 million for Q2 2024. The company's GAAP net loss improved by $22.6 million compared to the prior year, and the Adjusted EBITDA Loss improved by $8.4 million. The results were broadly in line with plan despite a significant weather event in Houston.
- Total revenue increased by 12% to $110.8 million, driven by the Insurance segment.
- GAAP net loss improved to $64.3 million from $87.0 million in the prior year.
- Adjusted EBITDA Loss improved to $34.8 million from $43.1 million in the prior year.
- Gross written premium for the Insurance segment was $117 million with approximately 232 thousand policies in force.
Headline financials
Revenue & EPS history
Porch · Revenue · Quarterly
$111M
Forward guidance
Porch Group updated its full year 2024 guidance due to catastrophic weather events, including a May Houston event and Hurricane Beryl.
Tailwinds
- Strong performance in areas within the company's control, such as underwriting performance and attritional losses in insurance.
- Price increases in the software business.
- Strong cost control measures.
- Revenue guidance remains unchanged at $450m to $470m.
- Gross Written Premium guidance remains unchanged at $460m to $480m.
Headwinds
- Two significant catastrophic weather events impacted profit guidance.
- A $23 million May Houston catastrophic event.
- Hurricane Beryl is expected to result in $30 million in claims cost of revenue net of reinsurance in Q3 2024.
- Revenue Less Cost of Revenue guidance decreased to $190m to $200m (previously $230m to $240m).
- Adjusted EBITDA guidance decreased to $(20)m to $(10)m (previously $2.5m to $12.5m).
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+8.3%
Avg return
Earnings day
+11.8%
Avg return
5 days after
+18.4%
Avg return
30 days after
67%
16 / 24 earnings
Positive
+74.1%
Q4 2024
Best reaction
-36.5%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.4% | +20.7% | +21.3% | |
| Q3 2025 | +1.0% | -4.3% | -11.9% | |
| Q1 2025 | +67.4% | +67.0% | +71.3% | |
| Q4 2024 | +74.1% | +82.6% | +95.0% | |
| Q3 2024 | +58.8% | +47.8% | +141.7% | |
| Q2 2024 | -32.4% | -26.0% | -26.0% | |
| Q1 2024 | +4.3% | -14.8% | -41.2% | |
| Q4 2023 | +22.0% | +26.3% | +44.7% | |
| Q3 2023 | +37.4% | +50.7% | +211.6% | |
| Q2 2023 | -9.5% | -12.7% | -36.3% | |
| Q1 2023 | +26.8% | +22.4% | +37.6% | |
| Q4 2022 | -25.5% | -32.6% | -27.2% | |
| Q3 2022 | -36.5% | -31.5% | +18.8% | |
| Q2 2022 | +9.9% | +21.8% | -3.1% | |
| Q1 2022 | +2.0% | +30.3% | -2.0% | |
| Q4 2021 | -20.9% | +15.8% | -19.9% | |
| Q3 2021 | +8.0% | +2.9% | -29.8% | |
| Q2 2021 | -9.9% | -17.1% | -0.2% | |
| Q1 2021 | +6.5% | +16.3% | +20.8% | |
| Q2 2020 | +7.3% | +5.0% | -20.7% | |
| Q4 2020 | +5.2% | +7.0% | -20.5% | |
| Q3 2020 | +0.9% | +0.2% | +11.3% | |
| Q1 2020 | +0.0% | +0.0% | -0.6% | |
| Q4 2019 | +1.5% | +4.2% | +6.4% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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