Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced the completed formation of the Porch Insurance Reciprocal Exchange ("PIRE") and sale of Homeowners of America Insurance Company ("HOA") to PIRE. The final terms of the transaction were consistent with expectations, with Porch selling HOA to PIRE for a purchase price equal to HOA's December 31, 2024 expected surplus1 of approximately $105 million, less the existing 2023 surplus note of $49 million and less $9 million of outstanding interest expected to be paid in 2025. This brings the total surplus notes2 held by Porch to approximately $106 million. With this t

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced the launch of MovingPlace, a new marketplace helping consumers to manage their entire move. MovingPlace (at www.movingplace.com) builds on Porch Group's vision of helping make the home simple, from moving, maintenance, and protection. MovingPlace simplifies the moving process by helping consumers research, compare, and book the moving company that's best suited to their unique needs, all in a simple digital experience. This solution saves customers hours they've previously been spending calling multiple companies to compare quotes. In 2025, MovingPlace will ex

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, is proud to announce the release of its second Environmental, Social, and Governance (ESG) Report. The report showcases the company's commitment to fostering sustainability, diversity, and innovation to help drive business profitability. This year's ESG report highlights key achievements across areas such as Diversity, Equity, & Inclusion (DEI), employee experience, risk management, and cybersecurity. It also outlines goals for 2025 and beyond, reinforcing Porch's dedication to continuous improvement and sustainable business practices. Key Highlights from the 2024 ESG Repor

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, held its Investor Day on December 5, 2024 where it reiterated Q4 and full year 2024 Adjusted EBITDA guidance and provided deeper insights into its transformative strategy to position itself as ‘A New Kind of Homeowners Insurance Company.' Reiterated Q4 2024 Adjusted EBITDA Guidance1 Porch announced it is on track to achieve or exceed the guidance mid-point of $32 million of Adjusted EBITDA in Q4 2024, as provided in the Q3 2024 earnings release in November. Additionally, Porch shared that its insurance carrier Homeowners of America ("HOA") is expected to end 2024 with a sur

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today shared details about its upcoming in-person Investor Day, scheduled for December 5, 2024 starting at 9am Eastern in New York and virtually. The event will provide key updates and insights into the Company's strategy, growth plans and opportunities. Topics to be covered include: Financial targets1,2 including Adjusted EBITDA of $50 million in 2025 and $100 million in 2026 How Porch's new Insurance Services segment is expected to operate, including path to grow to $600+ million in gross written premium by 2026, and expectation of generating higher margins and profit

Porch Group, Inc. ("Porch") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced it will host an Investor Day on Thursday, December 5, 2024 starting at 9am Eastern in New York City and virtual. At the Investor Day, Management will provide insight into Porch's forward looking financial targets, economic model post-reciprocal launch, and details on a variety of businesses. Attendance and Webcast Information In-person attendance is by invitation only and advance registration is required. All are invited to listen to the live webcast or replay of the Investor Day which will be accessible on the Porch website events page. For additional information, ple

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced Porch Group Media ("PGM"), the data and marketing subsidiary of Porch, has signed an agreement to license non-exclusively its unique Home Factors insights to California-based insurance MGA, Bamboo Ide8 Insurance Services, LLC. ("Bamboo"). This agreement follows the recent announcement of Home Factors' official third-party launch in the market. Porch Group Media has Home Factors for approximately 90% of US homes, providing unique and valuable insights not previously available. For example, identifying that an electric panel needs repair indicates 41% higher cla

Porch Group, Inc. ("Porch") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced its upcoming investor event attendance. Porch Management will be attending and participating in one-on-one and group investor meetings at these upcoming events: November 13, 2024: KBW Fintech Conference (New York) November 19, 2024: Stephens Annual Investment Conference* (Nashville) November 19, 2024: Craig-Hallum Alpha Select Conference (New York) December 11, 2024: Benchmark Annual Discovery One-on-One Investor Conference (New York) These investor events and future events can be found on our website here. * Indicates webcast available on the events page. Abo

Application for Reciprocal Exchange Approved Strong Operational Performance Delivers Record Profitability Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today reported third quarter results through September 30, 2024, with total revenue of $111.2 million. GAAP net income was $14.4 million, an improvement of $20.1 million compared to the prior year, and Adjusted EBITDA was $16.9 million, an improvement of $8.1 million compared to the prior year. CEO Summary "We are excited by today's update: the important approval of the Reciprocal Exchange formation, record profitability, and de-leveraging. The Reciprocal approval

Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced the Texas Department of Insurance ("TDI") has approved its application to form and license Porch Insurance Reciprocal Exchange, a new homeowners insurance reciprocal exchange ("the Reciprocal" or "PIRE"). Forming PIRE is a key step in Porch's strategy to increase profitability and stabilize earnings in its go-forward Insurance reporting segment by reducing direct exposure to claims and weather risks. A reciprocal insurer is owned by its policyholders, much like how Farmers Insurance and Erie Insurance operate. Porch will be the operator (also known as the attor

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SEATTLE, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced the appointment of Shawn Tabak as Chief Financial Officer (CFO), effective November 9, 2022. Marty Heimbigner, Porch Group's current Chief Financial Officer, will remain with the Company for a transitional period in a supporting role. "I couldn't be more thrilled to welcome Shawn to Porch Group. With his strategic background, specifically within the technology industry, we are confident that he is well suited to help drive our company forward and create additional value for o

SEATTLE, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced that Amanda Reierson and Camilla Velasquez have been appointed to its Board of Directors ("Board"), effective immediately. With the appointment of these two accomplished women, Porch Group's Board will comprise eight directors, fifty percent of whom are members of diverse communities. "We are very pleased to have Amanda and Camilla join our Board," said Matt Ehrlichman, CEO, Chairman and Founder of Porch Group. "The addition of these directors complements our board of directo

SEATTLE, May 31, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, is pleased to announce the appointment of three key members to its management team. These additions to the Porch Group leadership team provide strategic guidance to the Company's ongoing corporate development and drive innovative value across several of the organizations departments. Janet Zimmermann has been appointed as Vice President of People to lead Porch's human resource functions and the scaling of its People organization. In this role, Zimmermann will leverage her expertise to continu

Trax continues to strengthen executive leadership team to build on growth momentum Trax, a leading global provider of computer vision solutions and analytics for retail, today announced the appointment of Dena Singleton as its Chief Human Resources Officer (CHRO). Singleton will play a crucial role in the company's growth as she oversees Trax's people strategy, including operations, recruitment, learning and development, and diversity and inclusion efforts. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220412005457/en/Dena Singleton (Photo: Business Wire) "Dena brings many years of progressive human resources leadership experie

SEATTLE, March 16, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services industry, announced today that Sean Kell will be appointed to its Board of Directors, effective March 17, 2022. Javier Saade and Chris Terrill simultaneously concluded, effective upon Kell's appointment, their service on Porch's Board given additional external responsibilities. As part of the Board update, the independent Board members appointed Regi Vengalil, currently Chair of the Mergers and Acquisition Committee of the Board, as the Company's Lead Independent Director. "We are pleased to welcome Sean– a highly qualifi

SEATTLE, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing home services, announced today that Rachel Lam and Maurice Tulloch have been appointed to its Board of Directors, effective August 12, 2021. Thomas Hennessy and Margaret Whelan, directors of the former special purpose acquisition corporation (SPAC) PropTech Acquisition Corporation (PTAC), simultaneously concluded their service on Porch's Board after helping guide Porch through a successful transition into the public markets. "With solid performance in the public markets thus far since our December 2020 de-SPAC transaction, we felt it was th

Application for Reciprocal Exchange Approved Strong Operational Performance Delivers Record Profitability Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today reported third quarter results through September 30, 2024, with total revenue of $111.2 million. GAAP net income was $14.4 million, an improvement of $20.1 million compared to the prior year, and Adjusted EBITDA was $16.9 million, an improvement of $8.1 million compared to the prior year. CEO Summary "We are excited by today's update: the important approval of the Reciprocal Exchange formation, record profitability, and de-leveraging. The Reciprocal approval

Investor Day Will Be Scheduled In Early December, 2024 Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced it will report financial results for the third quarter ended September 30, 2024, after markets close on Thursday, November 7, 2024 and plans to host an Investor Day in early December. Q3'24 Earnings Conference Call Porch management will host a live webinar to discuss the financial results and business followed by Q&A on Thursday, November 7, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A presentation to accompany the discussion will be posted on the company website, along with

Solid performance in the second quarter 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 Adjusted EBITDA Loss was $34.8 million, an improvement of $8.4 million compared to the prior year. CEO Summary "The team delivered a solid performance this quarter. Despite a May hurricane-like event in Houston with 100 miles per hour sustained winds that caused catastrophic weather clai

Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced it will report financial results for the second quarter ended June 30, 2024, after markets close on Tuesday, August 6, 2024. Conference Call Porch management will host a live webinar to discuss the financial results and business followed by Q&A on Tuesday, August 6, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A presentation to accompany the discussion will be posted on the company website, along with a press release and other supplemental financial information. All are invited to listen to the event by registering for the webin

Strong operating execution in Q1, increasing full year Adjusted EBITDA Guidance Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today reported first quarter results through March 31, 2024, with total revenue of $115.4 million, which increased 32% compared to the prior year. GAAP net loss was $13.4 million, an improvement of $25.4 million compared to the prior year, and Adjusted EBITDA Loss was $16.8 million, an improvement of $5.1 million compared to the prior year. CEO Summary "We are pleased with the results we delivered in the first quarter, with revenue growth of 32% and the year-over-year improvement in prof

Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced it will report financial results for the first quarter ended March 31, 2024, after markets close on Wednesday, May 8, 2024. Conference Call Porch management will host a live webinar to discuss the financial results and business followed by Q&A on Wednesday, May 8, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A presentation to accompany the discussion will be posted on the company website along with a press release and other supplemental financial information. All are invited to listen to the event by registering for the webinar

Porch Delivers Strong Fourth Quarter Earnings, Ahead of Expectations Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today reported fourth quarter results ended December 31, 2023, with total revenue of $114.6 million, which increased 79% compared to the prior year. GAAP net loss of $2.5 million, an improvement from $35.5 million GAAP net loss in the prior year and Adjusted EBITDA of $11.7 million, which increased $25.0 million compared to the prior year. CEO Summary "We are excited to share our financial results, far exceeding the second half profitability target we provided around two years ago, with Adjusted EB

Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced it will report fourth quarter financial results ended December 31, 2023, after markets close on Thursday, March 7, 2024. The business performed well in the fourth quarter, with 2023 Revenue and Adjusted EBITDA expected to be ahead of guidance1. Conference Call Porch management will host a live webinar to discuss the financial results and business followed by Q&A on Thursday, March 7, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A presentation to accompany the discussion will be posted on the co

Porch Delivers Q3 Adjusted EBITDA of $8.8 million GAAP net loss of $(5.7) million Porch Group, Inc. ("Porch Group" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, today reported third quarter results for the Company as of September 30, 2023, with total revenue of $129.6 million, which increased 67% compared to the prior year, and Adjusted EBITDA of $8.8 million, which increased $19.7 million compared to the prior year. GAAP net loss of $(5.7) million, compared to $(84.5) million in the prior year. CEO Summary "We are pleased to share our financial results with positive Adjusted EBITDA of $8.8 million. In Marc

SEATTLE, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a leading vertical software company reinventing the home services and insurance industries, today announces it will report third quarter financial results ended September 30, 2023, after markets close on Tuesday, November 7, 2023. Conference Call Porch management will host a live webinar to discuss the financial results and business followed by Q&A on Tuesday, November 7, 2023, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A presentation to accompany the discussion will be posted on the company website along with a press release and other supplemental financial

Loop Capital resumed coverage of Porch Group with a rating of Hold and set a new price target of $6.00

Loop Capital downgraded Porch Group from Buy to Hold and set a new price target of $2.00 from $4.00 previously

JP Morgan downgraded Porch Group from Overweight to Neutral

Cantor Fitzgerald resumed coverage of Porch Group with a rating of Overweight and set a new price target of $8.00 from $10.00 previously

Keefe Bruyette downgraded Porch Group from Outperform to Mkt Perform and set a new price target of $3.25 from $5.25 previously

Compass Point initiated coverage of Porch Group with a rating of Buy and set a new price target of $11.50

JP Morgan initiated coverage of Porch Group with a rating of Overweight and set a new price target of $8.00

Stephens & Co. reiterated coverage of Porch Group with a rating of Overweight and set a new price target of $23.00 from $26.00 previously

Loop Capital reiterated coverage of Porch Group with a rating of Buy and set a new price target of $22.00 from $16.00 previously

Northland Capital reiterated coverage of Porch Group with a rating of Outperform and set a new price target of $25.00 from $30.00 previously