Porch Group sees FY23 revenue approximately $415M, consensus $343.62M

Porch Group increases its previously provided full year 2023 guidance based on current market conditions and expectations. Taking into consideration the strong results from the third quarter of 2023 and the positive trends in the business. The Company also reiterated its Adjusted EBITDA profitability target in the second half of the year and in future years on a full year basis. This assumes cat weather in Q4 is in line with historic trends with a 35% gross loss ratio, which is equivalent to approximately $160 of average claims cost per policy. This would be higher than the $110 5-year average. Catastrophic weather events in excess of historic trends occurring in the fourth quarter of the year are excluded from guidance and from this target.