NASDAQ$PRCH
Porch Group Inc. · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported record profitability and reciprocal exchange application approved.
Porch Group reported strong operational performance in Q3 2024, achieving record profitability with a GAAP net income of $14.4 million and an Adjusted EBITDA of $16.9 million. The approval of the Reciprocal Exchange formation is a key milestone for the company. Porch also repurchased $43 million of unsecured notes, reducing the outstanding balance due in September 2026.
- Total revenue was $111.2 million.
- GAAP net income reached $14.4 million, a $20.1 million improvement year-over-year.
- Adjusted EBITDA improved by $8.1 million to $16.9 million compared to the prior year.
- The company repurchased $43 million of unsecured notes, reducing debt.
Headline financials
Revenue & EPS history
Porch · Revenue · Quarterly
$111M
Forward guidance
Porch Group revised its full-year 2024 guidance, expecting revenue to grow low single digits, with increased guidance for Revenue less Cost of Revenue and Adjusted EBITDA. The guidance assumes a 2024 full year loss ratio of 68%.
Tailwinds
- Revenue in 2024 is expected to grow low single digits.
- Revenue Less Cost of Revenue guidance has increased.
- Adjusted EBITDA guidance has increased.
- Full year 2024 loss ratio of 68% is assumed.
- Gross Written Premium is expected to be $460m to $470m.
Headwinds
- Prior year Revenue included the impact of the Vesttoo matter in Q3 2023 and the divestiture of EIG in January of this year.
- Catastrophic weather further in excess of historical experiences, would create downside to the lower end of the range.
- Revenue is expected between $440m to $455m, previously $450m to $470m
- Revenue Less Cost of Revenue is expected between $200m to $210m, previously $190m to $200m.
- Adjusted EBITDA is expected between $(7.5)m to $2.5m, previously $(20)m to $(10)m.
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 Q3 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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