Porch Group, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2022
May 10, 2022 at 04:34 pm EDT
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Porch Group, Inc. reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported sales was USD 62.56 million compared to USD 26.74 million a year ago. Net loss was USD 5.8 million compared to USD 65.1 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to USD 0.76 a year ago.
Porch Group, Inc. is a provider of a vertical software and insurance platform. The Company offers differentiated products and services, with homeownersâ insurance at the center of this relationship. The Company serves approximately 30,000 companies, such as home inspectors, mortgage companies, and title companies. The Company has two segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment provides software and services to inspection, mortgage and title companies on a subscription and transactional basis. The segment operates several key businesses, including inspection software and services, title insurance software, mortgage software, moving services and others. The Insurance segment provides consumers with insurance and warranty products. The Insurance segment includes Homeowners of America, a wholly owned insurance carrier, Porticus Reinsurance, its Cayman Islands captive reinsurer, and Porch Warranty, among other warranty brands.