The following is a summary of the Porch Group, Inc. (PRCH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Porch Group reported a Q1 revenue growth of 32%, reaching $115 million.

• Achieved a year-over-year improvement of $5 million in adjusted EBITDA, marked by strong operating execution across all businesses.

• Attritional gross loss ratio (excluding weather-related losses) improved from 40% to 33% year-on-year, showing improved risk management.

• The vertical software segment generated $27.5 million, noting a slight decline from last year due to decreased demand for corporate relocations.

Business Progress:

• Demonstrated progress in its vertical software sector with new product launches and enhancements.

• Managed to secure better terms for its excess of loss reinsurance, protecting against significant events.

• Improved competencies around product, price, and portfolio in the insurance sector, leveraging unique data and risk modeling for optimized underwriting and pricing.

• Reduced risks and volatility through its reinsurance program, which now consists of 50 A-rated reinsurers, and a reduced probable maximum loss for 2024.

• Plans to launch a reciprocal exchange later this year for better positioning as a less volatile and higher margin business.

• Is focusing on expanding home factors to improve underwriting across states, and sees opportunities to monetize these factors.

• Aims to achieve full-year adjusted EBITDA profitability as a key upcoming milestone.

More details: Porch Group IR

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