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Jan. 14, 2021, 4:47 p.m. EST

Porch Group says its expenses, losses rose, announces two deals

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By Claudia Assis

PRCH

Porch Group Inc. /zigman2/quotes/215941509/composite PRCH +3.76% shares were halted in the extended session Thursday after the software company released preliminary quarterly earnings and announced two major deals. The shares ended the regular trading session up nearly 5%. Porch said it expects 2020 revenue to be slightly over $72 million. Expenses grew, however, due to the company's decision to invest "more aggressively" in sales teams and marketing, research and development, and costs relating to becoming a public company. Porch became public through a merger with a blank-check company late last year. Porch said it expects a 2020 net loss between $53 million and $55 million, and an adjusted EBITDA loss between $18 million and $19 million, compared with a previous target of a $10 million loss. Porch raised its 2021 revenue outlook from $120 million to $170 million. Porch said it has agreed to buy home insurer Homeowners of America and and marketing and data platform V12. Porch is acquiring HOA and V12 for a combined $122 million, it said.

/zigman2/quotes/215941509/composite
US : U.S.: Nasdaq
$ 2.76
+0.10 +3.76%
Volume: 2.30M
Aug. 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$263.70 million
Rev. per Employee
$145,694
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