Porch Group Inc Stock Price, News & Analysis

Porch Group (NASDAQ: PRCH) has entered a multi-year agreement to provide exclusive home repair and improvement benefits to AARP members. Starting now, AARP members will benefit from a 5% discount on small handyman jobs, access to a free Porch Home Assistant, and enhanced property protection for their projects. This initiative aims to simplify homeownership for nearly 38 million AARP members, offering support throughout the home service lifecycle. The partnership emphasizes Porch's commitment to making home services effective and convenient for its customers.

Porch Group (NASDAQ: PRCH) has completed the redemption of all outstanding public warrants and approximately 45% of private warrants. The redemption, triggered by the company's stock price surpassing $18.00 for 20 trading days, resulted in 8,495,972 of the 8,624,996 public warrants being exercised, generating total cash proceeds of $127.3 million. Following the redemption, the public warrants ceased trading on the Nasdaq Capital Market. Porch continues to trade under the symbol PRCH.

Porch Group (NASDAQ: PRCH) has completed its acquisition of Homeowners of America (HOA) for approximately $100 million, enhancing its position in the InsurTech sector. HOA, a Managing General Agent operating in six states, adds significant market reach with its licensing in 31 states, aiming for nationwide expansion. The acquisition strategically aligns with Porch's goal to provide innovative insurance solutions, leveraging its vast access to homebuyers and proprietary data. For 2021, Porch anticipates over $270 million in pro forma gross written premiums, signaling robust growth potential.

Porch Group reported strong financial results for Q4 and FY 2020, with total revenue of $19.5 million for Q4, a 7% increase from Q4 2019, and a full-year revenue of $73.2 million, surpassing guidance by $1.2 million. The company increased its FY 2021 revenue guidance to $175 million, reflecting a projected 140% growth. Key operational highlights included four strategic acquisitions and an expanded leadership team. Adjusted EBITDA loss improved significantly, dropping to $3.2 million in Q4 2020 from $9.3 million in Q4 2019.

Porch Group (NASDAQ: PRCH) announced plans to redeem all outstanding public warrants, allowing holders to exercise them until April 16, 2021. Prior to the announcement, 7.1 million warrants were exercised, generating $81.9 million in cash. An additional $17 million is expected from around 1.5 million warrants. If private warrant holders exercise their options, total cash inflow could reach $165 million. CEO Matt Ehrlichman emphasized that this move will strengthen the company's financial position, allowing for business expansion and potential acquisitions.

Porch Group (NASDAQ: PRCH) announced a conference call set for March 30, 2021, at 5:00 p.m. ET to discuss its financial results for Q4 and FY 2020, ending December 31, 2020. The financial results will be revealed in a press release prior to this call. Investors can register for the webinar and dial in using various US numbers. Porch Group provides services to over 11,000 home services companies, facilitating a moving concierge service that aids homebuyers in making informed decisions regarding essential services, including insurance and home repairs.

Porch Group, a vertical software platform for home services, has announced expansions in its leadership team to enhance business segments. New appointments include Adam Kornick as President of Insurtech, Andrew Beck as head of Contractor Tools SaaS, Malcolm Conner leading Home Services, and Manisha Patel as VP of Finance. These leaders bring a wealth of experience from notable companies and are expected to drive growth following Porch's recent merger with PropTech Acquisition Corporation and strategic acquisitions.

On January 21, 2021, Porch Group (NASDAQ:PRCH) announced its acquisition of V12, a top provider of purchase intent insight and marketing services. This strategic move integrates V12's extensive mover database and buyer intent signals with Porch's pre-move data capabilities, aiming to revolutionize mover and homeowner marketing. Porch serves over 10,500 home service companies, with plans to launch new solutions in Q2 2021. The acquisition positions Porch to capitalize on the lucrative mover marketing sector, leveraging proprietary data from both companies.

Porch Group, a leading vertical software company in the home services sector, has been invited to present at the Northland Capital Markets SPAC Conference on January 19-20, 2021. The presentation is scheduled for January 19 at 10:00 a.m. Eastern time and will be available for live streaming. Porch Group offers software and services to over 10,500 home service companies, including home inspectors and moving companies, helping streamline moving processes for homebuyers. For more information, visit porchgroup.com.