Porch Group, Inc. Files 10-Q for Q2 2024

Ticker: PRCH · Form: 10-Q · Filed: 2024-08-06T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, software

TL;DR

Porch Group 10-Q filed. Q2 2024 financials out. Check for updates.

AI Summary

Porch Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities and strategic direction.

Why It Matters

This filing provides investors with a detailed look at Porch Group's financial health and operational performance during the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and business context within this report could indicate varying levels of risk.

Key Numbers

Key Players & Entities

FAQ

What were the total revenues for Porch Group, Inc. in the second quarter of 2024?

The filing does not explicitly state the total revenues for Q2 2024 in the provided snippet, but it indicates the reporting period is 2024-04-01 to 2024-06-30.

What is the company's primary business classification?

Porch Group, Inc. is classified under SERVICES-PREPACKAGED SOFTWARE [7372].

When was the company formerly known as PropTech Acquisition Corp?

The company changed its name from PropTech Acquisition Corp on 20190805.

What is the fiscal year end for Porch Group, Inc.?

The fiscal year end for Porch Group, Inc. is December 31.

What is the SEC file number for Porch Group, Inc.?

The SEC file number for Porch Group, Inc. is 001-39142.

Filing Stats: 4,677 words · 19 min read · ~16 pages · Grade level 15.8 · Accepted 2024-08-06 17:12:37

Key Financial Figures

Filing Documents

— 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) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Note 1. Description of Business and Summary of Significant Accounting Policies 8 Note 2. Revenue 12 Note 3. Investments 13 Note 4. Fair Value 16 Note 5. Property, Equipment, and Software 18 Note 6. Intangible Assets and Goodwill 19 Note 7. Debt 20 Note 8. Stockholders' Equity and Warrants 21 Note 9. Stock-Based Compensation 22 Note 10. Reinsurance 22 Note 11. Unpaid Losses and Loss Adjustment Reserve 25 Note 12. Other Income (Expense), Net 25 Note 13. Income Taxes 25 Note 14. Commitments and Contingencies 26 Note 15. Business Disposition 26 Note 16. Segment Information 26 Note 17. Net Loss Per Share 28 Note 18. Subsequent Event 29

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 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

— OTHER INFORMATION

PART II — OTHER INFORMATION 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 274,246 $ 258,418 Accounts receivable, net 21,437 24,288 Short-term investments 34,152 35,588 Reinsurance balance due 104,730 83,582 Prepaid expenses and other current assets 18,168 13,214 Deferred policy acquisition costs 16,279 27,174 Restricted cash and cash equivalents 11,119 38,814 Total current assets 480,131 481,078 Property, equipment, and software, net 19,278 16,861 Goodwill 191,907 191,907 Long-term investments 101,409 103,588 Intangible assets, net 77,800 87,216 Other assets 5,581 18,743 Total assets $ 876,106 $ 899,393 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 3,134 $ 8,761 Accrued expenses and other current liabilities 45,536 59,396 Deferred revenue 223,202 248,683 Refundable customer deposits 14,480 17,980 Current debt 150 244 Losses and loss adjustment expense reserves 133,220 95,503 Other insurance liabilities, current 67,200 31,585 Total current liabilities 486,922 462,152 Long-term debt 436,635 435,495 Other liabilities 54,458 37,429 Total liabilities 978,015 935,076 Commitments and contingencies (Note 14) Stockholders' deficit Common stock, $ 0.0001 par value: 10 10 Authorized shares – 400 million and 400 million, at June 30, 2024, and December 31, 2024, respectively Issued and outstanding shares – 104.5 million and 97.1 million, at June 30, 2024, and December 31, 2024, respectively Additional paid-in capital 702,720 690,223 Accumulated other comprehensive loss ( 4,898 ) ( 3,860 ) Accumulated deficit ( 799,741 ) ( 722,056 ) Total stockholders' deficit ( 101,909 ) ( 35,683 ) Total liabilities and stockholders' deficit $ 876,106 $ 899,393 The accompanying notes are an integral part of these unaudited condensed con

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