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.
Porch Group (Nasdaq: PRCH) has successfully launched its homeowners insurance services in Indiana, marking a key milestone as its 20th state of operation. This initiative follows the acquisition of Homeowners of America in April 2021, enhancing Porch's national growth strategy in the insurance sector. The company has now expanded its insurance offerings to 14 states since the acquisition. Porch aims to leverage its vertical software platform to deliver a technology-driven insurance experience nationwide, demonstrating its commitment to growth and customer service.
Porch Group (Nasdaq: PRCH) announced its expansion of homeowners insurance services to Delaware, increasing its operational reach to 19 states. This growth aims to enhance underwriting and pricing capabilities through Porch's access to low-cost consumers and proprietary property data. Porch's CEO, Matt Ehrlichman, emphasized the company's commitment to serving homeowners and partners in Delaware. The announcement reflects Porch's strategy to solidify its national footprint in the homeowners insurance market.
Porch Group announced the launch of its Homeowners of America (HOA) insurance services in Oklahoma, marking the company's expansion into its 18th state. This growth follows Porch's acquisition of HOA in April 2021 and demonstrates its commitment to providing competitively priced homeowners insurance products. CEO Matt Ehrlichman expressed enthusiasm for offering accessible insurance solutions in Oklahoma, reinforcing Porch's role in the insurance market.
Porch Group Prevails in Legal Dispute
SEATTLE, June 22, 2022 — Porch Group (NASDAQ: PRCH) announced a decisive victory in the arbitration case Kandela, LLC v. Porch.com, defeating all claims made by former owners of Kandela. The arbitrator ruled in favor of Porch, affirming that the company is entitled to reimbursement of legal costs. This case involved allegations of breach of contract relating to Porch’s acquisition of Kandela. With the arbitrator's decision being final and unappealable, Porch aims to eliminate related uncertainties and legal expenses moving forward.
RynohEscheat, a new software module from Porch Group (NASDAQ: PRCH), launched on June 14, 2022, aims to simplify unclaimed property reporting for title companies.
This cloud-based solution integrates with bank accounts, notifying title agents of unclaimed funds while facilitating claims per state regulations.
Rynoh President Mary Gomez highlighted the importance of this tool, given the tens of billions of dollars in unclaimed funds in the U.S.
The launch aligns with Porch Group's goal of automating processes in the title and settlement sector.
Porch Group (NASDAQ: PRCH) has announced key management appointments to enhance its operations and corporate development. Janet Zimmermann joins as Vice President of People, bringing over 20 years of HR experience from companies like Amazon and Microsoft. Emily Lear is appointed Head of Investor Relations to strengthen financial community engagement, having previously worked at MDU Resources Group. Sofia Rossato takes on the role of President and General Manager of Floify, overseeing its growth in mortgage solutions. These appointments aim to drive innovative value across the company.
Porch Group (NASDAQ: PRCH) announced on May 18, 2022, that CEO Matt Ehrlichman purchased 273,128 shares of company stock for around $1 million on May 12, 2022. This purchase follows a similar investment made on March 17, 2022, totaling approximately $2 million in shares. Ehrlichman now owns about 18.1 million shares, equating to 17.8% of outstanding shares. Additional management and board members also bought shares, indicating confidence in the company's future following recent milestones, including strong Q1 results and advancements in insurance underwriting.
Porch Group reported Q1 2022 revenue of $62.6 million, up 134% year-over-year from $26.7 million. The Company posted a GAAP net loss of $5.8 million, significantly improved from the $65.1 million loss in Q1 2021. Vertical Software revenue totaled $34.7 million with an Adjusted EBITDA of $3.0 million, while Insurance revenue reached $27.9 million with a $3.3 million Adjusted EBITDA. Porch affirms its 2022 revenue guidance of $320 million and gross written premium guidance of $600 million.
Porch Group (NASDAQ: PRCH) is set to discuss its financial results for Q1 2022 during a conference call on May 10, 2022, at 5:00 p.m. ET. The company will issue a press release containing the financial results prior to the call, which will be accessible via a registration link. Porch Group is a software company that provides services to over 24,000 home service providers, including insurance and moving services. Investors can access a replay of the webinar afterwards on Porch's corporate site.
Trax has appointed Dena Singleton as its new Chief Human Resources Officer (CHRO) to enhance its people strategy. Singleton brings over a decade of HR leadership experience, including her previous position at Porch (NASDAQ: PRCH). In her role, she will oversee operations, recruitment, learning and development, and diversity initiatives. CEO Justin Behar emphasized her capability in fostering employee engagement and cultural development to attract top talent. Singleton expressed her commitment to prioritizing employee well-being and leveraging Trax's achievements.
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