Welcome to our dedicated page for Porch Group news (Ticker: PRCH), a resource for investors and traders seeking the latest updates and insights on Porch Group stock.
Porch Group, Inc. (PRCH) is a leading home services platform that connects homeowners with professionals for a variety of home improvement and maintenance needs. The company leverages technology to provide a seamless experience for both homeowners and service providers. With over 3.8 million professionals and hundreds of experts, Porch has facilitated over 135 million projects, helping homeowners make informed decisions about their home improvements.
Porch Group operates through two main segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment offers a suite of software and services tailored for home services companies, including inspection software, mortgage and title services, moving services, and marketing for movers and homeowners. These services are available on a subscription and transactional basis, providing significant value to businesses in the home services industry.
The Insurance segment of Porch Group specializes in providing consumers with insurance and warranty products to safeguard their homes. This includes offering homeowners insurance and warranty plans that generate revenue through premiums, policy fees, and commissions. The company ensures that customers have access to robust protection plans that cover a wide range of potential home-related issues.
One of Porch Group's significant partnerships is with Lowe's, a leading home improvement retailer in the U.S. Porch services are available online, through their app, and as an in-store resource at over 1,700 Lowe's locations nationwide. This extensive availability underscores Porch's commitment to making home improvement resources accessible to all homeowners.
Porch Group continues to innovate and expand its services, aiming to simplify the home improvement process and provide homeowners with the best possible experience. For more information, you can visit their official website at http://porch.com.
V12, a marketing solutions provider and subsidiary of Porch Group (NASDAQ: PRCH), has released its 2022 New Mover Trends Report. Conducted by The Harris Poll, the survey of 1,009 adults reveals that 90% of new movers are willing to try new brands for services and products related to their move. Key findings show that 72% of respondents made purchases before moving and that 68% are planning home improvement projects. The report emphasizes the importance of early engagement with movers and how brands can adjust marketing strategies accordingly.
Porch Group has launched a new weekly podcast, The Wraparound, focusing on the home inspection industry. Hosted by licensed inspector Brad Lowery, the podcast will address significant consumer challenges and entrepreneurial opportunities within the inspection business. The inaugural episode aired on September 28th featuring Porch's CEO, Matt Ehrlichman. The podcast aims to foster community and knowledge-sharing, with upcoming episodes available on major platforms including Spotify and Apple Podcasts. Porch serves over 28,500 home services companies with innovative software solutions.
Porch Group has appointed Amanda Reierson and Camilla Velasquez to its Board of Directors, enhancing the board's expertise in marketing, direct-to-consumer sales, and product growth. The board now consists of eight directors, with 50% being from diverse backgrounds. These appointments are expected to drive profitability and value for stakeholders as the company evolves into a sustainable growth engine. Reierson brings extensive marketing experience, while Velasquez has a strong background in product strategy.
Porch Group (NASDAQ: PRCH) has announced strategic leadership appointments to bolster its market growth. Nick Graham is the new Senior Vice President and Group General Manager of the Moving Division, effective September 26, 2022. He brings substantial experience from Hotwire, a subsidiary of Expedia Group. Mindy Barker has been appointed Chief Financial Officer of Homeowners of America, also effective September 26, 2022, after serving as interim CFO since November 2021. With over 30 years in finance, Barker is recognized for her expertise in corporate financial development.
Floify, a leading mortgage point-of-sale solution and part of Porch Group (NASDAQ: PRCH), has been named the 2022 Service Partner of the Year by the National Association of Mortgage Brokers (NAMB). This recognition highlights Floify's significant contributions to the mortgage industry through its technology and customer service. With over 1 million users globally, Floify facilitates loan closures up to 50% faster, enhancing efficiency in the mortgage process. The award will be presented during the NAMB National 2022 event in Las Vegas, scheduled for October 7-9.
On August 25, 2022, Porch Pro, a lead generation marketplace under Porch Group (Nasdaq: PRCH), announced a software integration with MarketSharp, a CRM solution for home service professionals. This partnership aims to streamline the lead generation process for contractors, connecting homeowners' project requests with more service professionals. Both Porch Group and EverCommerce executives expressed optimism about the integration's potential to enhance business opportunities for contractors while simplifying operations.
Porch Group has earned the Great Place to Work Certification™, with 77% of its employees affirming it as a great workplace, exceeding the U.S. company average by 20%. This recognition underscores Porch Group's commitment to fostering a strong workplace culture guided by its 'No Jerks, No Egos' philosophy. The Great Place to Work Certification is based on employee feedback, highlighting Porch Group's dedication to enhancing employee retention, innovation, and overall satisfaction in the workplace. The company continues its mission to redefine the home services and insurance industries.
Porch Group, Inc. (NASDAQ: PRCH) reported second-quarter revenue of $70.8 million, a 38% increase from $51.3 million in Q2 2021. For the first half of 2022, revenue reached $133.3 million vs. $78.1 million last year. The company executed a mutual termination of the CSE Insurance acquisition, raising expected end-of-year unrestricted cash by approximately $50 million. However, Porch anticipates a GAAP net loss of $26.4 million for Q2 2022, up from $16.3 million in Q2 2021. Updated guidance projects full-year revenue of $290 million.
Porch Group, a vertical software company focused on home services and insurance, announced that its CEO, Matt Ehrlichman, will participate in a fireside chat at the Oppenheimer 25th Annual Technology, Internet & Communications Conference on August 10, 2022, at 10:45 a.m. ET. The event will be accessible via webcast on the company's investor website, where both live and replay versions will be available. Porch Group services over 25,500 home services companies, helping homebuyers with essential services including moving, insurance, and home repairs.
Porch Group (NASDAQ: PRCH) has announced a conference call and webinar scheduled for August 9, 2022, at 5:00 p.m. Eastern time to discuss its Q2 financial results for the period ending June 30, 2022. The financial results will be released prior to the call. Porch Group is a vertical software company providing essential services to over 25,500 home services companies, including home inspectors and warranty providers, facilitating a moving concierge service for homebuyers.
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