0001784535-26-000048
SEC filingQ2 营收增12%至$140.9M，但净亏损$14.2M，主因Reciprocal Segment亏损扩大及一次性加速摊销。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $140,882K | $126,077K | +12% |
| Gross Profit | $87,580K | $82,655K | +6% |
| Gross Margin | 62.2% | 65.6% | -340 bps |
| Operating Income (Loss) | ($4,113K) | $5,049K | -181% |
| Operating Margin | -2.9% | 4.0% | -690 bps |
| Net Income (Loss) | ($14,150K) | $8,247K | -272% |
| Diluted EPS | $0.05 | $— | — |
| Adjusted EBITDA (Excluding Reciprocal) | $39,084K | $15,630K | +150% |
| Operating Cash Flow | $54,289K | $24,391K | +123% |
| Free Cash Flow | $45,421K | $— | — |
Q2 营收增长12%至$140.9M，主要受Reciprocal Policies Written增长38%驱动，但RWP per Policy Written下降16%至$2,383，反映新保单占比提升。Gross Margin下降340 bps至62.2%，主因Reciprocal Segment在2026年4月1日生效的新再保险计划下自留更多损失，导致其Gross Margin从57%降至38%。
Operating Income转亏$4.1M，主要受$5.5M加速摊销费用（缩短warranty业务客户关系资产使用年限）及Selling and marketing费用增长23%影响。剔除该一次性费用后，Operating Income约为$1.4M，仍低于去年同期。Net Income attributable to Porch为$5.6M，同比+117%，但合并净亏损$14.2M，主因Reciprocal Segment净亏损$8.8M。
盈利质量方面，经营现金流$54.3M，同比+123%，主要来自再保险回收，但需注意Reciprocal Segment的现金流贡献。剔除一次性加速摊销后，run-rate盈利能力有所改善，但Reciprocal Segment的承保亏损仍是主要拖累。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Insurance Services | $92,925K | +38% | $44,399K (Adj. EBITDA) | 48% | RWP +16%，Policies Written +38% |
| Software & Data | $23,087K | -4% | $5,210K (Adj. EBITDA) | 23% | 客户数 -22%，ARPC +24% |
| Consumer Services | $18,130K | +3% | $3,247K (Adj. EBITDA) | 18% | warranty claims expense下降 |
| Reciprocal Segment | $59,624K | +8% | ($8,832K) (Net Income) | -15% | 再保险自留额提高，Gross Margin降至38% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents (excluding Reciprocal) | $54,140K | $44,676K |
| Total Debt (principal) | $475,133K | $475,133K |
| Operating Cash Flow | $54,289K | +$29,898K |
| Capex | $8,868K | +$1,841K |
| Free Cash Flow | $45,421K | — |
Net Debt = $475,133K - $54,140K = $421.0M（未披露EBITDA，不计算比率）。
前瞻指引：未提供。
一次性异常项：
主要风险：