Porch Group, Inc. ( (PRCH) ) has released its Q4 earnings. Here is a breakdown of the information Porch Group, Inc. presented to its investors.
Porch Group, Inc. is a homeowners insurance and vertical software platform company that leverages unique data and software solutions to provide services for homebuyers and policyholders. The company operates primarily in the insurance sector, offering a range of home-related services and products.
In its fourth quarter of 2024, Porch Group reported a net income of $30.5 million and an adjusted EBITDA of $41.8 million, exceeding expectations. The company’s total revenue for the quarter was $100.4 million, marking a decrease from the previous year due to non-recurring revenue adjustments. However, the company achieved a significant improvement in profitability, with a focus on sustainable growth.
Key financial highlights include a 31% increase in premium per policy and a gross written premium of $112 million in the insurance segment. The company’s vertical software segment also showed improvement, driven by SaaS price increases and cost control. Operationally, Porch Group formed the Porch Insurance Reciprocal Exchange, aiming for a higher-margin, commission-based model. The company also launched MovingPlace, a new marketplace to simplify the moving process.
Looking ahead, Porch Group has raised its 2025 outlook, forecasting an adjusted EBITDA of $60 million at the midpoint of guidance. The company aims to continue its focus on profitability and growth, leveraging its new insurance structure and software advancements to enhance shareholder value.