Cuts FY23 adjusted EBITDA loss view to $50M-$65M from $30M-$40M. The company said, “The Company also reiterated its Adjusted EBITDA profitability target in the second half of the year and beyond. This assumes cat weather is in line with historic trends with a 41% gross loss ratio. Typically, weather is better sequentially in Q3 and then again in Q4 with less cat events. Therefore, Adjusted EBITDA is expected to increase as the year comes to an end. Catastrophic weather events in excess of historic trends occurring in the second half of the year are excluded from guidance and from this target.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PRCH:
- Porch Group Reports Second Quarter 2023 Results
- Porch Group announces catastrophic weather events impact for Q2 2023, and will release second quarter 2023 earnings on August 8, 2023
- Porch Group estimates $18M catastrophic weather impact in Q2
- Porch Group announces changes to existing Independent Board member appointments
- Porch Group management to meet virtually with Stephens
