Porch Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

Porch Group, Inc. has filed its Q1 2024 10-Q report, detailing financial information for the period ending March 31, 2024.

AI Summary

Porch Group, Inc. (PRCH) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Porch Group, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Porch Group, Inc. is classified under SIC code 7372 for Services-Prepackaged Software. The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for various periods.

Why It Matters

For investors and stakeholders tracking Porch Group, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial performance and operational details of Porch Group, Inc. Understanding the financial health and strategic disclosures in this report is crucial for assessing the company's current standing and future prospects in the software and services sector.

Risk Assessment

Risk Level: medium — Porch Group, Inc. shows moderate risk based on this filing. The company's financial performance and strategic direction are subject to market dynamics and operational execution, as detailed in its SEC filings.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Porch Group's current financial position and potential challenges.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly period ended)
• 2024-05-08 — Filing Date (Date the 10-Q was filed)
• 7372 — SIC Code (Standard Industrial Classification)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-01-01 — Prior Year Quarter Start (Beginning of the prior year's comparable period)

Key Players & Entities

• Porch Group, Inc. (company) — Filer name
• PRCH (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date
• 411 1ST AVENUE S., SUITE 501 (address) — Business address
• SEATTLE (location) — Business address city
• WA (location) — Business address state
• 98104 (postal_code) — Business address zip

FAQ

Industry Context

Porch Group operates in the software and services sector, specifically focusing on prepackaged software solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Review any disclosures regarding customer concentration or geographic concentration risks.
3. Examine the company's cash and cash equivalents for the period.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, following previous filings.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share PRCH The Nasdaq Stock Market

Filing Documents

• prch-20240331.htm (10-Q) — 1286KB
• prch-20240331xex311.htm (EX-31.1) — 11KB
• prch-20240331xex312.htm (EX-31.2) — 11KB
• prch-20240331xex321.htm (EX-32.1) — 6KB
• prch-20240331xex322.htm (EX-32.2) — 6KB
• 0001784535-24-000063.txt ( ) — 8741KB
• prch-20240331.xsd (EX-101.SCH) — 74KB
• prch-20240331_cal.xml (EX-101.CAL) — 101KB
• prch-20240331_def.xml (EX-101.DEF) — 338KB
• prch-20240331_lab.xml (EX-101.LAB) — 809KB
• prch-20240331_pre.xml (EX-101.PRE) — 572KB
• prch-20240331_htm.xml (XML) — 1323KB

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Note 1. Description of Business and Summary of Significant Accounting Policies 7 Note 2. Revenue 11 Note 3. Investments 12 Note 4. Fair Value 15 Note 5. Property, Equipment, and Software 18 Note 6. Intangible Assets and Goodwill 18 Note 7. Debt 19 Note 8. Stockholders' Equity and Warrants 20 Note 9. Stock-Based Compensation 20 Note 10. Reinsurance 21 Note 11. Unpaid Losses and Loss Adjustment Reserve 23 Note 12. Other Income (Expense), Net 23 Note 13. Income Taxes 23 Note 14. Commitments and Contingencies 24 Note 15. Business Disposition 24 Note 16. Segment Information 24 Note 17. Net Loss Per Share 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

— OTHER INFORMATION

PART II — OTHER INFORMATION 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PORCH GROUP, INC. Condensed Consolidated Balance Sheets (Unaudited) (all numbers in thousands unless otherwise stated, except per share data) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 279,073 $ 258,418 Accounts receivable, net 20,801 24,288 Short-term investments 31,175 35,588 Reinsurance balance due 75,419 83,582 Prepaid expenses and other current assets 16,666 13,214 Deferred policy acquisition costs 20,422 27,174 Restricted cash and cash equivalents 36,820 38,814 Total current assets 480,376 481,078 Property, equipment, and software, net 17,588 16,861 Goodwill 191,907 191,907 Long-term investments 102,941 103,588 Intangible assets, net 82,505 87,216 Long-term insurance commissions receivable 196 13,429 Other assets 5,600 5,314 Total assets $ 881,113 $ 899,393 Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable $ 5,250 $ 8,761 Accrued expenses and other current liabilities 53,466 59,396 Deferred revenue 215,771 248,683 Refundable customer deposits 16,040 17,980 Current debt 150 244 Losses and loss adjustment expense reserves 112,560 95,503 Other insurance liabilities, current 40,742 31,585 Total current liabilities 443,979 462,152 Long-term debt 432,082 435,495 Other liabilities 48,910 37,429 Total liabilities 924,971 935,076 Commitments and contingencies (Note 14) Stockholders' equity (deficit) Common stock, $ 0.0001 par value: 10 10 Authorized shares – 400 million and 400 million, at March 31, 2024, and December 31, 2023, respectively Issued and outstanding shares – 97.9 million and 97.1 million, at March 31, 2024, and December 31, 2023, respectively Additional paid-in capital 696,240 690,223 Accumulated other comprehensive loss ( 4,690 ) ( 3,860 ) Accumulated deficit ( 735,418 ) ( 722,056 ) Total stockholders' equity (deficit) ( 43,858 ) ( 35,683 ) Total liabilities and stockholders' equity (deficit) $ 881,113