Auditoimattomat luvut ja 2021 ohjeistus löytyy jo:
Preliminary 2020 Financial Results
While fourth quarter and full year 2020 financial results are expected to be reported in March, Porch is providing a preliminary update on selected financial information. Porch expects 2020 revenue to be slightly better than $72 million.
Heimbigner continued: “We executed well to plan and achieved our first month of positive Adjusted EBITDA earlier in the third quarter. However, during the quarter we made the decision to invest more aggressively in sales teams and marketing, R&D—such as self-service insurance and data platforms—and public company expenses as our SPAC merger and corresponding capital raise became more certain. A consistent recommendation we heard from our SPAC and PIPE investors was for us to invest more aggressively given our strong LTV/CAC unit economics and the size of the market in front of us.
“In addition to investing further in sales and marketing to accelerate future growth, the R&D spend includes fully tech-enabling our insurance experience. This includes instant and self-service quoting for homebuyers, expanding self-service moving experiences, such as moving and TV/Internet, and deepening our value proposition to home inspectors, among others. With the $220 million in cash on our balance sheet at the close of our SPAC merger and our increased 2021 revenue outlook, we believe this is a prudent strategy.”
Given these incremental investments, Porch expects net loss in 2020 to range between (53) million to (55) million and Adjusted EBITDA loss in 2020 to range between (18) million to (19) million, or approximately (25)% of revenue, compared to its previous target of (10) million. The Company’s revised preliminary net loss and Adjusted EBITDA loss ranges represent an improvement from (103.3) million net loss and $(36.8) million of Adjusted EBITDA loss in 2019, respectively, or approximately (47)% of revenue.
Updated 2021 Financial Outlook
Porch is raising its 2021 revenue outlook from $120 million to $170 million, representing 134% year-over-year revenue growth. Porch expects approximately 25% of 2021 revenue to be from B2B SaaS fees, approximately 65% of revenue from B2B2C move-related services, which includes recurring insurance revenue, and approximately 10% of revenues from post-move services.
Porch expects to aggressively invest while still showing an approximate 2x improvement in Adjusted EBITDA as a percentage of revenue like it did in 2020. Thus, Porch now expects Adjusted EBITDA loss to range between (17) million to (27) million (or -13% of revenue at the mid-point).
Ehrlichman concluded: “These strategic acquisitions accelerate our already fast-growing business and have expanded our U.S. TAM by almost $100 billion to more than $320 billion. This includes the creation of a new addressable market in mover marketing. While we estimate property & casualty insurance to represent an $84 billion increase to our total insurance addressable market, there is massive potential for future additional market expansion as we seek to add additional insurance product lines and capture even more of the economics. We remain confident in our long-term 25% Adjusted EBITDA margin target while still being able to invest aggressively in R&D and believe this is only the beginning of our journey to build a truly great company.”
Laitoin viestiä Investor Relations:iin, jos saisivat tulevia raportointipäivämääriä listattua kalenteriin
Gateway Investor Relations
Cody Slach, Matt Glover
T: 949-574-3860
PRCH@gatewayir.com
ketäs tähän ketjuun voisi tägätä @Perttu_Hamalainen, että saataisiin enemmän keskustelua aikaiseksi?
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Aiheuttaako warrant redemption diluutiota jolla tuo voisi selittyä? Kuvittelisin että tämä toimenpide olisi jo ns. priced in, koska warranttien määrä on ollut tiedossa alusta asti?
Ketä uskaltaisi täältä pingata?