Porch Group Inc Stock Price, News & Analysis

On April 1, 2022, Porch Group (NASDAQ: PRCH) completed the acquisition of home warranty and inspection software businesses from Residential Warranty Services for $33 million, comprising $29 million cash and $4 million in common stock. This acquisition aims to enhance Porch's service offerings in the home inspection industry and is expected to contribute approximately $8 million in revenue in 2022. The strategic alignment of RWS’s products with Porch's existing services is anticipated to drive growth moving forward.

On March 28, 2022, Porch Group (NASDAQ: PRCH) participated in the Nasdaq Opening Bell Ceremony in New York, marking a significant milestone since its public listing on December 24, 2020. Founder and CEO Matt Ehrlichman highlighted the company's progress as a leading vertical software platform in the home services industry. Porch offers software solutions to over 24,000 home services companies, enhancing consumer access to essential services like insurance and home improvement. This event celebrated both past achievements and future ambitions in reinventing homeownership.

Porch Group, a vertical software company in the home services sector, announces the appointment of Sean Kell to its Board of Directors, effective March 17, 2022. This decision follows the departure of Javier Saade and Chris Terrill due to external responsibilities. Additionally, Regi Vengalil has been appointed as the Lead Independent Director. Kell, with experience as CEO of Blue Nile and A Place for Mom, is expected to enhance Porch's strategies for sustained growth. The transition aims to strengthen governance and leverage expertise in various verticals.

Porch Group (NASDAQ: PRCH) reported a 166% increase in full-year 2021 revenue, reaching $192.4 million. Adjustments to its financial results included a 177% revenue growth in Q4 2021 with total revenue of $51.6 million. Despite improvements in contribution margins, the company recorded a GAAP net loss of $106.6 million for the year. Porch maintains a positive outlook for 2022, projecting revenue growth to $320 million and gross written premiums of approximately $600 million. The company also reported material weaknesses in internal controls, which may affect future reporting.

Porch Group announced a training partnership with ATI Home Inspector Training to enhance support for new home inspectors. Starting March 8, 2022, graduates from ATI will receive access to Porch's software, streamlining operations with tools like scheduling and CRM. This initiative aims to empower new professionals in the home inspection community by providing effective technology solutions. The collaboration also includes participation in Porch's Inspection Fuel Tour, offering continuing education credits to inspectors. Porch strengthens its commitment to the home services industry through this partnership.

Porch Group reported a remarkable $192.4 million in total revenue for the full year 2021, marking a 166% year-over-year increase. For 2022, the company anticipates revenue to reach $320 million, reflecting 66% growth, alongside projected gross written premium of $600 million—a 95% increase. The company has acquired Residential Warranty Services, enhancing its home warranty and inspection software offerings. Despite the growth, Porch reported a GAAP net loss of $109.1 million for 2021, and expects an EBITDA margin of approximately -9% in 2022.

Porch Group has announced the launch of its homeowners insurance services in Missouri, marking the third expansion in 2022 after New Mexico and Montana. This expansion reflects Porch's commitment to scaling the services of its subsidiary, Homeowners of America (HOA), following its acquisition in April 2021. With Missouri as HOA's 15th state of operation, the growth strategy aims to strengthen its nationwide presence in the home insurance market. This move is viewed as a positive indicator of Porch’s sustainable growth and operational effectiveness.

Porch Group (NASDAQ: PRCH) will host a conference call and webinar on March 1, 2022, at 5:00 PM ET to discuss its Q4 and full-year financial results for 2021. The financial performance details will be released prior to the call. Porch Group, based in Seattle, provides a vertical software platform for home services, serving over 20,000 companies in sectors such as home inspection and mortgage services. The company assists homebuyers through its concierge services, enhancing decision-making for essential services like insurance and home repair.

Wolters Kluwer and Floify have announced a partnership to integrate Wolters Kluwer's eOriginal digital mortgage promissory eNote technology into Floify's system. This integration aims to streamline the mortgage e-closing process by allowing digital signatures, enhancing efficiency and reducing costs. The partnership also leverages Wolters Kluwer's eVault technology, ensuring legal enforceability of digital documents. This collaboration positions Floify to drive innovation in the mortgage sector, addressing the need for digitization in a traditionally paper-heavy industry.