Porch Group, Inc. (NASDAQ:PRCH) Q3 2023 Results Conference Call November 7, 2023 5:00 PM ET

Company Participants

Lois Perkins - Head, IR

Matt Ehrlichman - CEO, Chairman and Founder

Shawn Tabak - CFO

Matthew Neagle - COO

Conference Call Participants

Daniel Kurnos - Benchmark

John Campbell - Stephens

Jason Helfstein - Oppenheimer

Josh Siegler - Cantor Fitzgerald

Jason Kreyer - Craig-Hallum Capital Group

Lois Perkins

Good afternoon, everyone, and thank you for participating in Porch Group’s Third Quarter 2023 Conference Call.

Today, we issued our third quarter earnings release and related Form 8-K to the SEC. The press release can be found on our Investor Relations website at ir.porchgroup.com. Joining me here today are Matt Ehrlichman, Porch Group’s CEO, Chairman and Founder; Shawn Tabak, Porch Group’s CFO; and Matthew Neagle, Porch Group’s COO.

Before we go further, I’d like to take a moment to read the Company’s safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995, which provides important cautions regarding forward-looking statements. Today’s discussion including responses to your questions, reflects management’s views as of today, November 7, 2023. We do not undertake any obligations to update or revise this information.

Additionally, we will make forward-looking statements about our expected future financial or business performance or conditions, business strategy and plans, including the application for the reciprocal exchange based on current expectations and assumptions. These statements are subject to risks and uncertainties, which could cause our actual results to differ materially from these forward-looking statements. We encourage you to consider the risk factors and other risks and uncertainties described in our SEC filings as well as the risk factor information in these slides for additional information, including factors that could cause our results to differ materially from current expectations.

We will reference both GAAP and non-GAAP financial measures on today’s call. Please refer to today’s press release for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call. As a reminder, this webcast will be available for replay along with the presentation shortly after this call on the Company’s website at ir.porchgroup.com.

I’ll now turn the call over to Matt Ehrlichman, CEO, Chairman and Founder of Porch Group. Over to you, Matt.

Matt Ehrlichman

Thanks, Lois. Good afternoon, everyone. Thank you for joining.

We had a strong quarter, with our highest profit as a company, including $9 million of positive adjusted EBITDA in the quarter. We are delivering on our targets and are increasing revenue and adjusted EBITDA guidance significantly. The team’s done an incredible job. I’m fired up and excited to share the news with you guys. Before we dive in, I’d like to take 5 minutes to share a few thoughts and then we will dive into the presentation.