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Porch Group is set to join the Russell 2000 Index effective June 28, 2021, marking a significant achievement since its public listing. This inclusion reflects Porch's strong momentum and aims to boost its visibility in the market. The Russell indexes are pivotal for investment managers and are benchmarked by approximately $10.6 trillion in assets. Porch Group provides software and services to over 14,000 home services companies, enhancing the home buying experience through various essential services.
Porch Group, Inc. (NASDAQ: PRCH) has expanded its insurance services to Illinois through its recent acquisition of Homeowners of America (HOA). This move, completed in April 2021, is part of Porch’s strategy to grow HOA’s existing market presence and pursue national expansion. Porch supports HOA with its advanced technology and access to unique property data, aiming to deliver rapid results for agents and customers. CEO Matt Ehrlichman emphasized the potential for significant growth in the InsurTech sector as they scale insurance products across the country.
Porch Group (NASDAQ: PRCH) reported a robust first quarter for 2021, exceeding guidance with total revenue of $26.7 million, a 77% increase year-over-year. Adjusted for past divestitures, the growth was 112%. The company raised its full-year revenue guidance to $178 million, projecting 147% growth compared to 2020. Despite a GAAP net loss of $65.1 million, the contribution margin improved to 41%, up from 5% in Q1 2020. Porch also completed key acquisitions, bolstering its market position.
Porch Group (NASDAQ: PRCH) will host a conference call on May 17, 2021, at 5:00 p.m. ET to discuss its Q1 financial results for 2021. Investors can register for the webinar or join via telephone. Porch Group provides software and services to over 11,150 home services companies, enhancing the home services industry. The financial results will be released prior to the call, offering insights into the company's performance. A replay of the webinar will be available on Porch's corporate website.
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.
