Seattle-based Porch Group Inc. (Nasdaq: PRCH) reported on Monday total revenue of $62.8 million for its third quarter 2021 earnings, up from $21.5 million during the third quarter of 2020.
In the report, the home services software company broke up its revenue into two operating segments — vertical software and insurance — the first time.
Software accounted for $42.3 million, while insurance accounted for the remaining $20.5 million.
“Bolstered by our balance sheet and cash position, we continue to demonstrate our ability to drive simultaneous strong growth and margins while strengthening our strategically advantaged position in the marketplace, both organically and through acquisitions," Matt Ehrlichman, founder and CEO of Porch, said in a news release.
The decision to break up its financial reporting into two segments comes as Porch continues to make acquisitions at a rapid clip. Porch acquired the mortgage tech company Floify in October for $90 million.
So far in 2021, Porch has announced more than a half dozen acquisitions. It acquired Texas-based insurance provider Homeowners of America in April for $100 million, while its acquisition of California-based CSE Insurance for $48.6 million is expected to close in mid-2022.
"We've built a platform. This is what we've invested in for years and years and years, so that we can be able to acquire or build a software, product or new vertical," Ehrlichman previously told the Business Journal. "We've organized the company in a decentralized operating model so we can be able to bring these companies in."
Porch launched in 2013. The company provides software for home services and moving companies, in addition to its growing insurance business. Porch went public on the Nasdaq in December through a merger with a special purpose acquisition company.
In its third quarter earnings, Porch said more than 20,400 companies use its software, and the average revenue per company per month was $1,022. Its number of monetized services was 329,359 during the quarter, up 66% year over year.
