Q2 2024 Porch Group Inc Earnings Call Transcript
Key Points
- Revenue grew 12% year-over-year to $111 million.
- Insurance segment revenue increased by 22%, driven by higher premiums per policy.
- Adjusted EBITDA loss improved by $8 million compared to the previous year.
- Strong cost control measures led to decreased sales and marketing expenses as a percentage of revenue.
- Launch of new data products like Home Factors, which are expected to drive future growth and profitability.
- Significant impact from catastrophic weather events, including a $23 million hit from a May Houston event and an expected $30 million impact from Hurricane Beryl.
- Adjusted EBITDA loss remains high at $35 million for the quarter.
- Gross written premium decreased due to nonrenewal of higher-risk policies.
- Vertical software segment revenue decreased by 5% year-over-year.
- Continued macroeconomic headwinds, including a sluggish housing market, affecting overall business performance.
Good afternoon, everyone, and thank you for participating in Porch Group's second-quarter 2024 conference call. Today, we issued our earnings release and filed our related Form 8-K with the SEC. The press release can be found on our Investor Relations website at ir.porchgroup.com.
Joining me here today are Matt Ehrlichman, Porch Group's CEO and Chairman and Founder; Shawn Tabak, Porch Group's CFO; Matthew Neagle, Porch Group's COO; and Michelle Taves, GM Porch Group Media, Data and Marketing.
Before we go further, I'd like to take a moment to review the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995, which provides important cautions regarding forward-looking statements. Today's discussion, including responses to your questions, reflects management's views as of today, August 6, 2024. We do not undertake any obligation to update or revise this information.
Additionally, we will make forward-looking statements about our expected future financial or business performance
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