Benzinga | May 17, 2021 04:09PM EDT

Porch Group Sees FY21 Revs $175M-$178M Vs $174.36M Est

Full Year 2021 Financial Outlook

Porch provides guidance based on current market conditions and expectations.

For the full year of 2021, Porch increased its revenue outlook from $175 million to $178 million, representing approximately 147% year-over-year revenue growth. Porch continues to expect approximately 25% of 2021 total 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 reiterated its 2021 guidance for contribution margin, defined as total revenue less all variable expense, of 40%, an improvement from 31% and 19% in 2020 and 2019 respectively, pro forma adjusted for past divestitures. The Company introduced guidance for revenue less cost of revenue of approximately 72% for 2021. Porch continues to expect Adjusted EBITDA margin of -10% to -16% for the full year of 2021, which is an improvement from -26% in 2020 and -57% in 2019 pro forma adjusted for past divestitures.

Porch is not providing reconciliations of expected Adjusted EBITDA margin or contribution margin for future periods to the most directly comparable measures prepared in accordance with GAAP because Porch is unable to provide these reconciliations without unreasonable effort because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of Porch's control.