Porch Group, Inc. (“Porch Group” or “the Company”)
(NASDAQ: PRCH), a leading vertical software company reinventing the
home services and insurance industries, today reported
third-quarter results for the Company as of September 30, 2022,
with revenues of $75.4 million, compared to third-quarter 2021
revenues of $62.8 million. For the nine months ended September 30,
2022, Porch Group reported revenues of $208.7 million, compared to
$140.9 million in 2021.
CEO Summary
“While macroeconomic headwinds continue to impact certain
industries in which we operate, Porch Group continues to progress
toward becoming one of the fastest growing homeowners insurance
companies with the important long-term advantages our vertical
software platform provides,” said Matt Ehrlichman, founder and
Chief Executive Officer of Porch Group, Inc. “Due to the continued
execution from our team, we are still tracking towards Adjusted
EBITDA profitability in the second half of 2023, actively engaged
in solutions to improve the capital efficiency and lower volatility
at our insurance business, and are making progress on key
initiatives to position us for continued strong growth anticipated
throughout 2023.”
Third Quarter 2022 Financial Results
- Total revenue for the third quarter of 2022 was $75.4 million,
an increase of $12.6 million from $62.8 million in the third
quarter of 2021.
- Revenue less cost of revenue for the third quarter of 2022 was
$42.1 million or 55.9% of total revenue, compared to $43.6 million
or 69.5% of total revenue for the third quarter of 2021. Volatile
weather, including Hurricane Ian, and inflation-related insurance
claims costs drove the higher-than-average third quarter cost of
revenue.
- GAAP net loss for the third quarter of 2022 totaled $86.4
million, compared to a GAAP net loss of $5.1 million for the third
quarter of 2021. GAAP net loss was impacted by a $57.1 million
goodwill and intangible impairment recorded in the quarter.
- Adjusted EBITDA loss for the third quarter of 2022 totaled $
(13.0) million or -17.2% of total revenue, compared to Adjusted
EBITDA of $873 thousand or 1.4% of total revenue for the third
quarter of 2021.
Segment Results for the Third Quarter 2022
- Vertical Software revenue for the
quarter was $44.5 million, revenue less cost of revenue was $29.9
million or 67.2% of Vertical Software revenue, and GAAP net loss
was $2.7 million. Adjusted EBITDA for the third quarter was $5.0
million, or 11.1% of Vertical Software revenue.
- Insurance revenue for the quarter
was $30.9 million, revenue less cost of revenue was $12.2 million
or 39.6% of Insurance revenue, and GAAP net loss was $6.9 million.
Adjusted EBITDA loss for the third quarter was $2.3 million, or
(7.5)% of Insurance revenue.
- Insurance gross written premium for
the quarter was $157 million with over 391 thousand policies.
Third Quarter 2022 and Recent Operational
Highlights
- Announced the appointment of Shawn
Tabak (Chief Financial Officer), Nicholas Graham (Group GM, Moving
Group), and Amanda Reierson and Camilla Velasquez (new and
independent members of Porch Group’s Board of Directors).
- Filed and received approval from 5
states to utilize Porch Group’s proprietary data in insurance
pricing.
- Launched home warranty in the State
of Florida, now offering warranties across 49 states.
- Floify, the mortgage industry’s
leading point-of-sale solution, announced Technology Industry
Partnership with National Association of Mortgage Brokers (NAMB),
named a Service Partner of the Year by the NAMB
- Launched the Porch consumer app to
more consumers of home inspection companies, and expanded insurance
embedded within Floify.
- Ended the quarter with approximately
$276 million in cash, restricted cash, and cash equivalents
Third Quarter 2022 Key Performance Indicators
(KPIs)
Software and services to companies:
- Average companies in quarter
increased to 30,951 from 20,419 in the third quarter of 2021.
- Average revenue per account per month in quarter decreased to
$812 from $987 in the third quarter of 2021, driven partly by
macroeconomic impacts to the move and post-move businesses.
Monetized services for consumers:
- Number of monetized services in quarter was 318,452 in the
third quarter of 2022, down from 338,157 in the third quarter of
2021.
- Average revenue per monetized service in quarter was $181, a
36.1% increase from $133 in the third quarter of 2021.
Repurchase Program
Porch Group also announced today that its Board of Directors has
approved a new repurchase program authorizing management’s
deployment of up to $15 million to repurchase the Company’s
outstanding common stock and/or convertible notes. Repurchases
under the newly authorized program may be made from time to time on
the open market between November 10, 2022 and June 30, 2023, at
prevailing market prices, in privately negotiated transactions, in
block trades, and/or through other legally permissible means,
depending on market conditions and in accordance with applicable
rules and regulations (including through Rule 10b5-1 trading plans
and under 10b-18 of the Exchange Act). Certain executive officers
and directors of Porch Group may also purchase shares of Company
common stock in accordance with the Company’s insider trading
policy and federal securities laws.
Matt Ehrlichman commented, “We believe the current market value
of both the common shares and convertible note creates an
attractive opportunity to consider a repurchase. My primary focus
has always been finding opportunities to create value for long-term
shareholders. I believe this repurchase program reflects our
confidence in Porch Group’s future and our commitment to driving
long-term value.”
The timing and amount of common stock or convertible notes
repurchased will depend on various factors, including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. All purchased
shares will be cancelled. The repurchase program does not obligate
the Company to acquire a specific dollar amount or number of shares
or notes and may be modified, suspended, or discontinued at any
time without prior notice.
Full Year 2022 Financial OutlookPorch Group
provides updated guidance based on current market conditions and
expectations.
| |
|
|
|
|
|
Previous 2022E Guidance |
|
Updated 2022E Guidance |
|
Revenue~$290M |
∆ DriversLower-than-expected home sales
Worse-than-expected weather, including Hurricane IanHigher
insurance claims costs |
Revenue~$275M |
|
Vertical Software
Revenue~$175M |
Insurance Revenue~$115M |
Vertical Software
Revenue~$154M |
Insurance Revenue~$121M |
|
Revenue Less Cost of
Revenue~$195M |
Revenue Less Cost of
Revenue~$175M |
|
Adj. EBITDA1~-10% and
> -$30.0M |
Adj. EBITDA1 ~-17% and
>-$48.0M |
|
2022 Gross Written
Premium2~$520M |
|
2022 Gross Written
Premium2~$520M |
1 Adjusted EBITDA is a non-GAAP measure.2 2022 gross written
premium (“GWP”) guidance is stated as the expected full-year GWP
for 2022 and is the total premium written across Homeowners of
America, Porch Group’s insurance agency, and warranty products for
the face value of one year’s premium, before deductions for
reinsurance and ceding commissions.
Porch Group is not providing reconciliations of expected
Adjusted EBITDA (loss) for future periods to the most directly
comparable measures prepared in accordance with GAAP because the
Company is unable to provide these reconciliations without
unreasonable effort because certain information necessary to
calculate such measures on a GAAP basis is unavailable or dependent
on the timing of future events outside of the Company’s
control.
Conference CallPorch Group management will host
a conference call today November 8, 2022 at 5:00 p.m. Eastern time
(2:00 p.m. Pacific time). The presentation will be accompanied by a
slide presentation available on the Investor Relations
section of the Company’s website. A question-and-answer
session will follow management’s prepared remarks.
All are invited to listen to the event by registering for the
webinar here.
A replay of the webinar will also be available in the Investors
section of Porch Group’s corporate website.
About Porch GroupSeattle-based Porch
Group, Inc., the vertical software platform for the home, provides
software and services to more than 30,900 home services companies
such as home inspectors, mortgage companies and loan officers,
title companies, moving companies, real estate agencies, utility
companies, and warranty companies. Through these relationships and
its multiple brands, Porch Group provides a moving concierge
service to homebuyers, helping them save time and make better
decisions on critical services, including insurance, warranty,
moving, security, TV/internet, home repair and improvement, and
more. To learn more about Porch Group,
visit porchgroup.com or porch.com.
Investor Relations Contact:Emily Lear, Head of
Investor RelationsPorch Group, Inc.(701)
214-8177emilylear@porch.com
Porch Group Press Contact:Anna RutterGateway
Group, Inc. (949) 574-3860PRCH@gatewayir.com
Forward-Looking StatementsCertain statements in
this release may be considered “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or Porch Group’s
future financial or operating performance. For example,
forward-looking statements include projections of future revenue,
revenue less cost of revenue, gross written premium, Adjusted
EBITDA (loss), and other metrics, business strategy and plans, and
anticipated impacts from pending or completed acquisitions. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “potential” or “continue,” or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Porch Group and
its management at the time they are made, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: (1) expansion plans and opportunities, including recently
completed acquisitions as well as future acquisitions or additional
business combinations; (2) costs related to being a public company;
(3) litigation, complaints, and/or adverse publicity; (4) the
impact of changes in consumer spending patterns, consumer
preferences, local, regional and national economic conditions,
crime, weather, demographic trends and employee availability; (5)
further expansion into the insurance industry, and the related
federal and state regulatory requirements; (6) privacy and data
protection laws, privacy or data breaches, or the loss of data; (7)
the duration and scope of the COVID-19 pandemic and its continued
effect on the business and financial conditions of Porch Group; and
(8) other risks and uncertainties described in the Company’s most
recent Form 10-K and subsequent reports filed with the Securities
and Exchange Commission (the “SEC”), such as Porch Group’s
quarterly reports on Form 10-Q, as well as in its subsequent
reports on Form 8-K, all of which are available on the SEC’s
website at www.sec.gov.
Nothing in this release should be regarded as a representation
by any person that the forward-looking statements set forth herein
will be achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this release. Unless specifically indicated
otherwise, the forward-looking statements in this release do not
reflect the potential impact of any divestitures, mergers,
acquisitions, or other business combinations that have not been
completed as of the date of this release. Porch Group does not
undertake any duty to update these forward-looking statements,
whether as a result of changed circumstances, new information,
future events or otherwise, except as may be required by law.
Non-GAAP Financial MeasuresThis release
includes one or more non-GAAP financial measures, such as Adjusted
EBITDA (loss), Adjusted EBITDA (loss) as a percentage of revenue,
and average revenue per monetized service.
Porch Group defines Adjusted EBITDA (loss) as net income (loss)
adjusted for interest expense, net, income taxes, other expenses,
net, depreciation and amortization, certain non-cash long-lived
asset impairment charges, stock-based compensation expense and
acquisition-related impacts, including compensation to the sellers
that requires future service, amortization of intangible assets,
gains (losses) recognized on changes in the value of contingent
consideration arrangements, if any, gain or loss on divestitures
and certain transaction costs. Adjusted EBITDA (loss) as a
percentage of revenue is defined as Adjusted EBITDA (loss) divided
by GAAP total revenue. Average revenue per monetized services in
quarter is the average revenue generated per monetized service
performed in a quarterly period. When calculating average revenue
per monetized service in quarter, “average revenue” is defined as
total quarterly monetized service transaction revenues generated
from monetized services.
Porch Group management uses these non-GAAP financial measures as
supplemental measures of the Company’s operating and financial
performance, for internal budgeting and forecasting purposes, to
evaluate financial and strategic planning matters, and to establish
certain performance goals for incentive programs. Porch Group
believes that the use of these non-GAAP financial measures provides
investors with useful information to evaluate the Company’s
operating and financial performance and trends and in comparing
Porch Group’s financial results with competitors, other similar
companies and companies across different industries, many of which
present similar non-GAAP financial measures to investors. However,
Porch Group's definitions and methodology in calculating these
non-GAAP measures may not be comparable to those used by other
companies. In addition, the Company may modify the
presentation of these non-GAAP financial measures in the future,
and any such modification may be material.
You should not consider these non-GAAP financial measures in
isolation, as a substitute to or superior to financial performance
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude specified income and expenses, some of which may be
significant or material, that are required by GAAP to be recorded
in Porch Group’s consolidated financial statements. The Company may
also incur future income or expenses similar to those excluded from
these non-GAAP financial measures, and the Company’s presentation
of these measures should not be construed as an inference that
future results will be unaffected by unusual or non-recurring
items. In addition, these non-GAAP financial measures reflect the
exercise of management judgment about which income and expense are
included or excluded in determining these non-GAAP financial
measures.
You should review the tables accompanying this release for
reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measure. The Company is not
providing reconciliations of non-GAAP financial measures for future
periods to the most directly comparable measures prepared in
accordance with GAAP. The Company is unable to provide these
reconciliations without unreasonable effort because certain
information necessary to calculate such measures on a GAAP basis is
unavailable or dependent on the timing of future events outside of
its control.
The following table reconciles Adjusted EBITDA (loss) to
operating loss for the periods presented (dollar amounts in
thousands):
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
| Segment adjusted EBITDA
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Vertical Software |
$ |
4,956 |
|
|
$ |
7,712 |
|
|
$ |
13,978 |
|
|
$ |
19,041 |
|
|
Insurance |
|
(2,317 |
) |
|
|
5,473 |
|
|
|
(4,099 |
) |
|
|
3,067 |
|
|
Corporate and Other |
|
(15,611 |
) |
|
|
(12,312 |
) |
|
|
(44,190 |
) |
|
|
(40,754 |
) |
| Total segment adjusted EBITDA
(loss) |
|
(12,972 |
) |
|
|
873 |
|
|
|
(34,311 |
) |
|
|
(18,646 |
) |
| Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
(8,676 |
) |
|
|
(4,431 |
) |
|
|
(21,574 |
) |
|
|
(10,787 |
) |
| Non-cash stock-based
compensation expense |
|
(5,089 |
) |
|
|
(6,579 |
) |
|
|
(20,645 |
) |
|
|
(30,627 |
) |
| Acquisition and related
expense |
|
(175 |
) |
|
|
(1,958 |
) |
|
|
(1,284 |
) |
|
|
(4,648 |
) |
| Impairment loss on intangible
assets and goodwill |
|
(57,057 |
) |
|
|
— |
|
|
|
(57,057 |
) |
|
|
— |
|
| Non-cash losses and impairment
of property, equipment and software |
|
(31 |
) |
|
|
(76 |
) |
|
|
(101 |
) |
|
|
(216 |
) |
| Revaluation of contingent
consideration |
|
(565 |
) |
|
|
(195 |
) |
|
|
(5,251 |
) |
|
|
380 |
|
| Investment income and realized
gains |
|
(335 |
) |
|
|
(248 |
) |
|
|
(775 |
) |
|
|
(448 |
) |
| Operating loss |
$ |
(84,900 |
) |
|
$ |
(12,614 |
) |
|
$ |
(140,998 |
) |
|
$ |
(64,992 |
) |
The following table presents segment adjusted EBITDA (loss) and
consolidated adjusted EBITDA (loss ) as a percentage of segment and
consolidated revenue for the periods presented (dollar amounts in
thousands):
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
| Segment adjusted EBITDA
(loss): |
|
|
|
|
|
|
|
|
|
Vertical Software |
11.1 |
|
% |
18.2 |
% |
11.5 |
|
% |
18.7 |
|
% |
|
Insurance |
(7.5 |
) |
% |
26.7 |
% |
(4.7 |
) |
% |
7.8 |
|
% |
| Total segment adjusted EBITDA
(loss)(1) |
(17.2 |
) |
% |
1.4 |
% |
(16.4 |
) |
% |
(13.2 |
) |
% |
(1) Total segment adjusted EBITDA (loss) includes
Corporate and Other segment adjusted EBITDA (loss).
PORCH GROUP,
INC.Monetized Services
Revenue(all numbers in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
| Monetized services
revenue(1)(2) |
$ |
57,567 |
|
$ |
45,098 |
|
$ |
154,726 |
|
$ |
97,611 |
| Other operating revenue |
|
17,799 |
|
|
17,671 |
|
|
53,970 |
|
|
43,241 |
|
Total revenue |
$ |
75,366 |
|
$ |
62,769 |
|
$ |
208,696 |
|
$ |
140,852 |
PORCH GROUP,
INC.Revenue Less Cost of Revenue
(all numbers in thousands, unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
September 30, 2022 |
|
| |
Corporate |
|
Insurance |
|
Vertical Software |
|
Consolidated |
|
|
Revenue |
$ |
— |
|
$ |
30,903 |
|
|
$ |
44,463 |
|
|
$ |
75,366 |
|
|
|
Less: Cost of revenue |
|
— |
|
|
(18,679 |
) |
|
|
(14,590 |
) |
|
|
(33,269 |
) |
|
| Revenue less cost of
revenue |
$ |
— |
|
$ |
12,224 |
|
|
$ |
29,873 |
|
|
$ |
42,097 |
|
|
| Revenue less cost of revenue
as a percentage of revenue |
|
N/A |
|
|
40 |
|
% |
|
67 |
|
% |
|
56 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended
September 30, 2022 |
|
| |
Corporate |
|
Insurance |
|
Vertical Software |
|
Consolidated |
|
|
Revenue |
$ |
— |
|
$ |
86,732 |
|
|
$ |
121,964 |
|
|
$ |
208,696 |
|
|
|
Less: Cost of revenue |
|
— |
|
|
(46,676 |
) |
|
|
(36,340 |
) |
|
|
(83,016 |
) |
|
| Revenue less cost of
revenue |
$ |
— |
|
$ |
40,056 |
|
|
$ |
85,624 |
|
|
$ |
125,680 |
|
|
| Revenue less cost of revenue
as a percentage of revenue |
|
N/A |
|
|
46 |
|
% |
|
70 |
|
% |
|
60 |
|
% |
Key Performance Measures and Operating
Metrics
In the management of these businesses, the Company identifies,
measures and evaluates various operating metrics. The key
performance measures and operating metrics used in managing the
businesses are set forth below. These key performance measures and
operating metrics are not prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”), and
may not be comparable to or calculated in the same way as other
similarly titled measures and metrics used by other companies. The
key performance measures presented have been adjusted for divested
businesses in 2020.
- Average Revenue per Account
per Month in Quarter - Management views the
Company’s ability to increase revenue generated from existing
customers as a key component of Porch’s growth strategy. Average
Revenue per Account per Month in Quarter is defined as the
average revenue per month generated across all home services
company customer accounts in a quarterly period. Average Revenue
per Account per Month in Quarter is derived from all customers
and total revenue, not only customers and revenues associated with
the Company’s referral network.
During the quarter ended September 30, 2022, the Company
corrected an immaterial error that impacted the number of Average
Companies in Quarter. The following table presents Average
Companies in Quarter and Average Revenue per Account per Month in
Quarter metrics for the reporting periods starting June 30, 2021
and ending June 30, 2022 were recalculated for the affected
quarters to show the impact of the adjustments:
| |
2022 |
|
2022 |
|
2022 |
|
2022 |
| |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Average Companies in Quarter (as previously reported) |
|
25,512 |
|
|
|
28,730 |
|
|
|
— |
|
|
|
— |
|
| Adjustment |
|
33 |
|
|
|
43 |
|
|
|
— |
|
|
|
— |
|
| Average Companies in Quarter
(as adjusted) |
|
25,545 |
|
|
|
28,773 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Average Revenue per Account
per Month in Quarter (as previously reported) |
$ |
817 |
|
|
$ |
821 |
|
|
$ |
— |
|
|
$ |
— |
|
| Adjustment |
$ |
(1 |
) |
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Average Revenue per Account
per Month in Quarter (as adjusted) |
$ |
816 |
|
|
$ |
820 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
2021 |
|
2021 |
|
2021 |
|
2021 |
| |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
| Average Companies in Quarter
(as previously reported) |
|
13,995 |
|
|
|
17,120 |
|
|
|
20,472 |
|
|
|
24,603 |
|
| Adjustment |
|
— |
|
|
|
(38 |
) |
|
|
(53 |
) |
|
|
(2 |
) |
| Average Companies in Quarter
(as adjusted) |
|
13,995 |
|
|
|
17,082 |
|
|
|
20,419 |
|
|
|
24,601 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Average Revenue per Account
per Month in Quarter (as previously reported) |
$ |
637 |
|
|
$ |
933 |
|
|
$ |
985 |
|
|
$ |
776 |
|
| Adjustment |
$ |
— |
|
|
$ |
2 |
|
|
$ |
2 |
|
|
$ |
— |
|
| Average Revenue per Account
per Month in Quarter (as adjusted) |
$ |
637 |
|
|
$ |
935 |
|
|
$ |
987 |
|
|
$ |
776 |
|
- Average Revenue per Monetized Service in
Quarter - Management believes that shifting the mix of
services delivered to homebuyers and homeowners toward higher
revenue services is a key component of Porch’s growth strategy.
Average Revenue per Monetized Services in Quarter is the average
revenue generated per monetized service performed in a quarterly
period. When calculating Average Revenue per Monetized Service in
quarter, average revenue is defined as total quarterly service
transaction revenues generated from monetized services.
During the quarter ended September 30, 2022, the Company
corrected an immaterial error that impacted the number of Monetized
Services in Quarter. The following table presents Monetized
Services in Quarter and Average Revenue per Monetized Service in
Quarter metrics for the reporting periods starting March 30, 2021
and ending June 30, 2022 were recalculated for the affected
quarters to show the impact of the adjustments:
| |
|
|
|
|
|
|
|
|
|
|
|
| |
2022 |
|
2022 |
|
2022 |
|
2022 |
| |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Monetized Services in Quarter (as previously reported) |
|
254,249 |
|
|
|
331,889 |
|
|
|
— |
|
|
|
— |
|
| Adjustment |
|
8,914 |
|
|
|
1,707 |
|
|
|
— |
|
|
|
— |
|
| Monetized Services in Quarter
(as adjusted) |
|
263,163 |
|
|
|
333,596 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Average Revenue per Monetized
Service in Quarter (as previously reported) |
$ |
176 |
|
|
$ |
158 |
|
|
$ |
— |
|
|
$ |
— |
|
| Adjustment |
$ |
(6 |
) |
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Average Revenue per Monetized
Service in Quarter (as adjusted) |
$ |
170 |
|
|
$ |
157 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
| |
2021 |
|
2021 |
|
2021 |
|
2021 |
| |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
| Monetized Services in Quarter
(as previously reported) |
|
182,779 |
|
|
|
302,462 |
|
|
|
329,359 |
|
|
|
260,352 |
|
| Adjustment |
|
7,954 |
|
|
|
14,212 |
|
|
|
8,798 |
|
|
|
7,331 |
|
| Monetized Services in Quarter
(as adjusted) |
|
190,733 |
|
|
|
316,674 |
|
|
|
338,157 |
|
|
|
267,683 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Average Revenue per Monetized
Service in Quarter (as previously reported) |
$ |
92 |
|
|
$ |
118 |
|
|
$ |
137 |
|
|
$ |
154 |
|
| Adjustment |
$ |
(4 |
) |
|
$ |
(5 |
) |
|
$ |
(4 |
) |
|
$ |
(4 |
) |
| Average Revenue per Monetized
Service in Quarter (as adjusted) |
$ |
88 |
|
|
$ |
113 |
|
|
$ |
133 |
|
|
$ |
150 |
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Balance Sheets (all numbers in thousands, except share
amounts)
| |
|
|
|
|
|
| |
September 30, 2022 |
|
December 31, 2021 |
| Assets |
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
260,198 |
|
|
$ |
315,741 |
|
|
Accounts receivable, net |
|
37,032 |
|
|
|
28,767 |
|
|
Short-term investments |
|
7,212 |
|
|
|
9,251 |
|
|
Reinsurance balance due |
|
303,987 |
|
|
|
228,416 |
|
|
Prepaid expenses and other current assets |
|
21,160 |
|
|
|
14,338 |
|
|
Restricted cash |
|
16,296 |
|
|
|
8,551 |
|
|
Total current assets |
|
645,885 |
|
|
|
605,064 |
|
| Property, equipment, and
software, net |
|
11,236 |
|
|
|
6,666 |
|
| Operating lease right-of-use
assets |
|
4,697 |
|
|
|
4,504 |
|
| Goodwill |
|
228,091 |
|
|
|
225,654 |
|
| Long-term investments |
|
55,357 |
|
|
|
58,324 |
|
| Intangible assets, net |
|
111,728 |
|
|
|
129,830 |
|
| Restricted cash,
non-current |
|
500 |
|
|
|
500 |
|
| Long-term insurance
commissions receivable |
|
11,930 |
|
|
|
7,521 |
|
| Other assets |
|
3,057 |
|
|
|
684 |
|
|
Total assets |
$ |
1,072,481 |
|
|
$ |
1,038,747 |
|
| |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
6,717 |
|
|
$ |
6,965 |
|
|
Accrued expenses and other current liabilities |
|
36,847 |
|
|
|
37,675 |
|
|
Deferred revenue |
|
277,616 |
|
|
|
201,085 |
|
|
Refundable customer deposit |
|
19,867 |
|
|
|
15,274 |
|
|
Current portion of long-term debt |
|
6,275 |
|
|
|
150 |
|
|
Losses and loss adjustment expense reserves |
|
100,298 |
|
|
|
61,949 |
|
|
Other insurance liabilities, current |
|
55,945 |
|
|
|
40,024 |
|
|
Total current liabilities |
|
503,565 |
|
|
|
363,122 |
|
| Long-term debt |
|
425,012 |
|
|
|
414,585 |
|
| Operating lease liabilities,
non-current |
|
2,968 |
|
|
|
2,694 |
|
| Earnout liability, at fair
value |
|
57 |
|
|
|
13,866 |
|
| Private warrant liability, at
fair value |
|
802 |
|
|
|
15,193 |
|
| Other liabilities (includes
$23,228 and $9,617 at fair value, respectively) |
|
24,952 |
|
|
|
12,242 |
|
|
Total liabilities |
|
957,356 |
|
|
|
821,702 |
|
| Commitments and contingencies
(Note 12) |
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
|
| Common stock, $0.0001 par
value: |
|
10 |
|
|
|
10 |
|
|
Authorized shares – 400,000,000 and 400,000,000,
respectively |
|
|
|
|
|
|
Issued and outstanding shares – 100,410,325 and 97,961,597,
respectively |
|
|
|
|
|
| Additional paid-in
capital |
|
664,362 |
|
|
|
641,406 |
|
| Accumulated other
comprehensive loss |
|
(6,571 |
) |
|
|
(259 |
) |
| Accumulated deficit |
|
(542,676 |
) |
|
|
(424,112 |
) |
|
Total stockholders’ equity |
|
115,125 |
|
|
|
217,045 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,072,481 |
|
|
$ |
1,038,747 |
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Operations(all numbers in thousands, except
share amounts)
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Revenue |
$ |
75,366 |
|
|
$ |
62,769 |
|
|
$ |
208,696 |
|
|
$ |
140,852 |
|
| Operating expenses(1): |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
33,269 |
|
|
|
19,158 |
|
|
|
83,016 |
|
|
|
44,587 |
|
|
Selling and marketing |
|
30,245 |
|
|
|
22,874 |
|
|
|
84,815 |
|
|
|
60,636 |
|
|
Product and technology |
|
14,438 |
|
|
|
11,317 |
|
|
|
44,446 |
|
|
|
34,158 |
|
|
General and administrative |
|
25,257 |
|
|
|
22,034 |
|
|
|
80,360 |
|
|
|
66,463 |
|
|
Impairment loss on intangible assets and goodwill |
|
57,057 |
|
|
|
— |
|
|
|
57,057 |
|
|
|
— |
|
| Total operating expenses |
|
160,266 |
|
|
|
75,383 |
|
|
|
349,694 |
|
|
|
205,844 |
|
| Operating loss |
|
(84,900 |
) |
|
|
(12,614 |
) |
|
|
(140,998 |
) |
|
|
(64,992 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(2,085 |
) |
|
|
(1,857 |
) |
|
|
(6,236 |
) |
|
|
(4,296 |
) |
|
Change in fair value of earnout liability |
|
43 |
|
|
|
7,413 |
|
|
|
13,809 |
|
|
|
(15,388 |
) |
|
Change in fair value of private warrant liability |
|
124 |
|
|
|
2,692 |
|
|
|
14,391 |
|
|
|
(17,521 |
) |
|
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
(3,133 |
) |
|
|
— |
|
|
|
5,110 |
|
|
Investment income and realized gains, net of investment
expenses |
|
335 |
|
|
|
248 |
|
|
|
775 |
|
|
|
448 |
|
|
Other expense, net |
|
69 |
|
|
|
316 |
|
|
|
(37 |
) |
|
|
225 |
|
| Total other income
(expense) |
|
(1,514 |
) |
|
|
5,679 |
|
|
|
22,702 |
|
|
|
(31,422 |
) |
| Loss before income taxes |
|
(86,414 |
) |
|
|
(6,935 |
) |
|
|
(118,296 |
) |
|
|
(96,414 |
) |
| Income tax benefit
(expense) |
|
23 |
|
|
|
1,836 |
|
|
|
(268 |
) |
|
|
9,917 |
|
| Net loss |
$ |
(86,391 |
) |
|
$ |
(5,099 |
) |
|
$ |
(118,564 |
) |
|
$ |
(86,497 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic (Note 15) |
$ |
(0.88 |
) |
|
$ |
(0.05 |
) |
|
$ |
(1.22 |
) |
|
$ |
(0.93 |
) |
|
Loss per share - diluted (Note 15) |
$ |
(0.88 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.22 |
) |
|
$ |
(0.93 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic and diluted loss per share |
|
97,792,485 |
|
|
|
96,839,292 |
|
|
|
97,009,351 |
|
|
|
92,544,137 |
|
|
Shares used in computing diluted loss per share |
|
97,792,485 |
|
|
|
97,545,942 |
|
|
|
97,009,351 |
|
|
|
92,544,137 |
|
___________________________
(1) Amounts include stock-based compensation
expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
| Cost of revenue |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
| Selling and marketing |
|
1,689 |
|
|
1,382 |
|
|
3,592 |
|
|
4,888 |
| Product and technology |
|
911 |
|
|
1,367 |
|
|
3,888 |
|
|
5,522 |
| General and
administrative |
|
2,489 |
|
|
3,135 |
|
|
13,165 |
|
|
18,950 |
| |
$ |
5,089 |
|
$ |
5,884 |
|
$ |
20,645 |
|
$ |
29,361 |
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Comprehensive Loss(all numbers in thousands,
audited)
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net loss |
$ |
(86,391 |
) |
|
$ |
(5,099 |
) |
|
$ |
(118,564 |
) |
|
$ |
(86,497 |
) |
| Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Current period change in net unrealized loss, net of tax |
|
(2,012 |
) |
|
|
(154 |
) |
|
|
(6,312 |
) |
|
|
113 |
|
| Comprehensive loss |
$ |
(88,403 |
) |
|
$ |
(5,253 |
) |
|
$ |
(124,876 |
) |
|
$ |
(86,384 |
) |
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Stockholders’ Equity (Deficit)(all numbers
in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
| |
|
|
|
|
|
Additional |
|
|
|
|
Other |
|
Total |
| |
Common Stock |
|
Paid-in |
|
Accumulated |
|
Comprehensive |
|
Stockholders’ |
| |
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Loss |
|
Equity |
|
Balances as of December 31, 2021 |
97,961,597 |
|
|
$ |
10 |
|
$ |
641,406 |
|
|
$ |
(424,112 |
) |
|
$ |
(259 |
) |
|
$ |
217,045 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(5,796 |
) |
|
|
— |
|
|
|
(5,796 |
) |
| Other comprehensive loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(2,515 |
) |
|
|
(2,515 |
) |
| Stock-based compensation |
— |
|
|
|
— |
|
|
5,854 |
|
|
|
— |
|
|
|
— |
|
|
|
5,854 |
|
| Contingent consideration for
acquisitions |
— |
|
|
|
— |
|
|
530 |
|
|
|
— |
|
|
|
— |
|
|
|
530 |
|
| Vesting of restricted stock
awards |
245,855 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock options |
185,685 |
|
|
|
— |
|
|
473 |
|
|
|
— |
|
|
|
— |
|
|
|
473 |
|
| Income tax withholdings |
(95,951 |
) |
|
|
— |
|
|
(712 |
) |
|
|
— |
|
|
|
— |
|
|
|
(712 |
) |
| Balances as of March
31, 2022 |
98,297,186 |
|
|
$ |
10 |
|
$ |
647,551 |
|
|
$ |
(429,908 |
) |
|
$ |
(2,774 |
) |
|
$ |
214,879 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(26,377 |
) |
|
|
— |
|
|
|
(26,377 |
) |
| Other comprehensive loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(1,785 |
) |
|
|
(1,785 |
) |
| Stock-based compensation |
— |
|
|
|
— |
|
|
9,702 |
|
|
|
— |
|
|
|
— |
|
|
|
9,702 |
|
| Issuance of common stock for
acquisitions |
628,660 |
|
|
|
— |
|
|
3,552 |
|
|
|
— |
|
|
|
— |
|
|
|
3,552 |
|
| Vesting of restricted stock
units |
563,406 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock options |
88,772 |
|
|
|
— |
|
|
219 |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
| Income tax withholdings |
(137,496 |
) |
|
|
— |
|
|
(1,210 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,210 |
) |
| Balances as of June
30, 2022 |
99,440,528 |
|
|
$ |
10 |
|
$ |
659,814 |
|
|
$ |
(456,285 |
) |
|
$ |
(4,559 |
) |
|
$ |
198,980 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(86,391 |
) |
|
|
— |
|
|
|
(86,391 |
) |
| Other comprehensive loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(2,012 |
) |
|
|
(2,012 |
) |
| Stock-based compensation |
— |
|
|
|
— |
|
|
5,089 |
|
|
|
— |
|
|
|
— |
|
|
|
5,089 |
|
| Vesting of restricted stock
units |
1,062,323 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock options |
197,758 |
|
|
|
— |
|
|
416 |
|
|
|
— |
|
|
|
— |
|
|
|
416 |
|
| Income tax withholdings |
(290,284 |
) |
|
|
— |
|
|
(957 |
) |
|
|
— |
|
|
|
— |
|
|
|
(957 |
) |
| Balances as of
September 30, 2022 |
100,410,325 |
|
|
$ |
10 |
|
$ |
664,362 |
|
|
$ |
(542,676 |
) |
|
$ |
(6,571 |
) |
|
$ |
115,125 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
| |
|
|
|
|
|
Additional |
|
|
|
|
Other |
|
Total |
| |
Common Stock |
|
Paid-in |
|
Accumulated |
|
Comprehensive |
|
Stockholders’ |
| |
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Loss |
|
Equity |
|
Balances as of December 31, 2020 |
81,669,151 |
|
|
$ |
8 |
|
$ |
424,823 |
|
|
$ |
(317,506 |
) |
|
$ |
— |
|
|
$ |
107,325 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(65,101 |
) |
|
|
— |
|
|
|
(65,101 |
) |
| Stock-based compensation |
— |
|
|
|
— |
|
|
4,462 |
|
|
|
— |
|
|
|
— |
|
|
|
4,462 |
|
| Stock-based compensation -
earnout |
— |
|
|
|
— |
|
|
12,373 |
|
|
|
— |
|
|
|
— |
|
|
|
12,373 |
|
| Issuance of common stock for
acquisitions |
90,000 |
|
|
|
— |
|
|
1,169 |
|
|
|
— |
|
|
|
— |
|
|
|
1,169 |
|
| Reclassification of earnout
liability upon vesting |
— |
|
|
|
— |
|
|
25,815 |
|
|
|
— |
|
|
|
— |
|
|
|
25,815 |
|
| Vesting of restricted stock
awards |
2,078,102 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock
warrants |
8,087,623 |
|
|
|
1 |
|
|
93,007 |
|
|
|
— |
|
|
|
— |
|
|
|
93,008 |
|
| Exercise of stock options |
593,106 |
|
|
|
— |
|
|
355 |
|
|
|
— |
|
|
|
— |
|
|
|
355 |
|
| Income tax withholdings |
(1,062,250 |
) |
|
|
— |
|
|
(16,997 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,997 |
) |
| Transaction costs |
— |
|
|
|
— |
|
|
(402 |
) |
|
|
— |
|
|
|
— |
|
|
|
(402 |
) |
| Balances as of March
31,2021 |
91,455,732 |
|
|
$ |
9 |
|
$ |
544,605 |
|
|
$ |
(382,607 |
) |
|
$ |
— |
|
|
$ |
162,007 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(16,297 |
) |
|
|
— |
|
|
|
(16,297 |
) |
| Other comprehensive
income |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
267 |
|
|
|
267 |
|
| Stock-based compensation |
— |
|
|
|
— |
|
|
2,466 |
|
|
|
— |
|
|
|
— |
|
|
|
2,466 |
|
| Stock-based compensation -
earnout |
— |
|
|
|
— |
|
|
4,176 |
|
|
|
— |
|
|
|
— |
|
|
|
4,176 |
|
| Issuance of common stock for
acquisitions |
1,292,441 |
|
|
|
— |
|
|
28,372 |
|
|
|
— |
|
|
|
— |
|
|
|
28,372 |
|
| Reclassification of private
warranty liability upon exercise |
— |
|
|
|
— |
|
|
16,843 |
|
|
|
— |
|
|
|
— |
|
|
|
16,843 |
|
| Vesting of restricted stock
awards |
33,182 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock
warrants |
2,862,312 |
|
|
|
1 |
|
|
33,761 |
|
|
|
— |
|
|
|
— |
|
|
|
33,762 |
|
| Exercise of stock options |
946,392 |
|
|
|
— |
|
|
2,227 |
|
|
|
— |
|
|
|
— |
|
|
|
2,227 |
|
| Income tax withholdings |
(296,643 |
) |
|
|
— |
|
|
(5,194 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,194 |
) |
| Transaction costs |
— |
|
|
|
— |
|
|
140 |
|
|
|
— |
|
|
|
— |
|
|
|
140 |
|
| Balances as of June
30, 2021 |
96,293,416 |
|
|
$ |
10 |
|
$ |
627,396 |
|
|
$ |
(398,904 |
) |
|
$ |
267 |
|
|
$ |
228,769 |
|
| Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(5,099 |
) |
|
|
— |
|
|
|
(5,099 |
) |
| Other comprehensive
income |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(154 |
) |
|
|
(154 |
) |
| Stock-based compensation |
— |
|
|
|
— |
|
|
1,641 |
|
|
|
— |
|
|
|
— |
|
|
|
1,641 |
|
| Stock-based compensation -
earnout |
— |
|
|
|
— |
|
|
4,243 |
|
|
|
— |
|
|
|
— |
|
|
|
4,243 |
|
| Issuance of common stock for
acquisitions |
102,636 |
|
|
|
— |
|
|
1,937 |
|
|
|
— |
|
|
|
— |
|
|
|
1,937 |
|
| Reclassification of private
warranty liability upon exercise |
— |
|
|
|
— |
|
|
14,505 |
|
|
|
— |
|
|
|
— |
|
|
|
14,505 |
|
| Vesting of restricted stock
awards |
271,432 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock
warrants |
557,816 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercise of stock options |
339,150 |
|
|
|
— |
|
|
934 |
|
|
|
— |
|
|
|
— |
|
|
|
934 |
|
| Income tax withholdings |
(231,452 |
) |
|
|
— |
|
|
(1,587 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,587 |
) |
| Capped call transactions |
— |
|
|
|
— |
|
|
(52,913 |
) |
|
|
— |
|
|
|
— |
|
|
|
(52,913 |
) |
| Balances as of
September 30, 2021 |
97,332,998 |
|
|
$ |
10 |
|
$ |
596,156 |
|
|
$ |
(404,003 |
) |
|
$ |
113 |
|
|
$ |
192,276 |
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Cash Flows(all numbers in thousands)
| |
|
|
|
|
|
| |
Nine Months Ended September 30, |
| |
2022 |
|
2021 |
| Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
$ |
(118,564 |
) |
|
$ |
(86,497 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
|
|
|
Depreciation and amortization |
|
21,574 |
|
|
|
10,787 |
|
|
Amortization of operating lease right-of-use assets |
|
1,621 |
|
|
|
1,298 |
|
|
Impairment loss on intangible assets and goodwill |
|
57,057 |
|
|
|
— |
|
|
Loss on sale and impairment of property, equipment, and
software |
|
200 |
|
|
|
202 |
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
(5,110 |
) |
|
Loss (gain) on remeasurement of private warrant liability |
|
(14,391 |
) |
|
|
17,521 |
|
|
Loss (gain) on remeasurement of contingent consideration |
|
5,251 |
|
|
|
(380 |
) |
|
Loss (gain) on remeasurement of earnout liability |
|
(13,809 |
) |
|
|
15,388 |
|
|
Stock-based compensation |
|
20,645 |
|
|
|
29,361 |
|
|
Amortization of investment premium/accretion of discount, net |
|
1,702 |
|
|
|
941 |
|
|
Net realized losses on investments |
|
187 |
|
|
|
45 |
|
|
Interest expense (non-cash) |
|
2,287 |
|
|
|
67 |
|
|
Other |
|
480 |
|
|
|
(1,379 |
) |
|
Change in operating assets and liabilities, net of acquisitions and
divestitures |
|
|
|
|
|
|
Accounts receivable |
|
(8,639 |
) |
|
|
(5,424 |
) |
|
Reinsurance balance due |
|
(75,571 |
) |
|
|
(33,097 |
) |
|
Prepaid expenses and other current assets |
|
(6,297 |
) |
|
|
90 |
|
|
Accounts payable |
|
(248 |
) |
|
|
(23,284 |
) |
|
Accrued expenses and other current liabilities |
|
(8,001 |
) |
|
|
3,031 |
|
|
Losses and loss adjustment expense reserves |
|
38,349 |
|
|
|
1,892 |
|
|
Other insurance liabilities, current |
|
15,921 |
|
|
|
5,085 |
|
|
Deferred revenue |
|
71,600 |
|
|
|
42,948 |
|
|
Refundable customer deposits |
|
4,593 |
|
|
|
(2,441 |
) |
|
Deferred income tax benefit |
|
— |
|
|
|
(8,153 |
) |
|
Long-term insurance commissions receivable |
|
(4,409 |
) |
|
|
(3,794 |
) |
|
Operating lease liabilities, non-current |
|
(1,936 |
) |
|
|
(1,469 |
) |
|
Other |
|
(2,410 |
) |
|
|
655 |
|
|
Net cash used in operating activities |
|
(12,808 |
) |
|
|
(41,717 |
) |
| Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
(1,986 |
) |
|
|
(588 |
) |
|
Capitalized internal use software development costs |
|
(5,803 |
) |
|
|
(2,629 |
) |
|
Purchases of short-term and long-term investments |
|
(19,446 |
) |
|
|
(19,126 |
) |
|
Maturities, sales of short-term and long-term investments |
|
17,794 |
|
|
|
16,367 |
|
|
Acquisitions, net of cash acquired |
|
(37,003 |
) |
|
|
(178,681 |
) |
|
Net cash used in investing activities |
|
(46,444 |
) |
|
|
(184,657 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from debt issuance, net of fees |
|
15,000 |
|
|
|
413,537 |
|
|
Repayments of principal and related fees |
|
(150 |
) |
|
|
(42,965 |
) |
|
Capped call transactions |
|
— |
|
|
|
(42,330 |
) |
|
Proceeds from exercises of warrants |
|
— |
|
|
|
126,772 |
|
|
Proceeds from exercises of stock options |
|
1,108 |
|
|
|
3,516 |
|
|
Income tax withholdings paid upon vesting of restricted stock
units |
|
(2,879 |
) |
|
|
(23,778 |
) |
|
Payments of acquisition-related contingent consideration |
|
(1,625 |
) |
|
|
— |
|
|
Net cash (used) provided by financing activities |
|
11,454 |
|
|
|
434,752 |
|
| Net change in cash,
cash equivalents, and restricted cash |
$ |
(47,798 |
) |
|
$ |
208,378 |
|
| Cash, cash
equivalents, and restricted cash, beginning of period |
$ |
324,792 |
|
|
$ |
207,453 |
|
| Cash, cash
equivalents, and restricted cash end of period |
$ |
276,994 |
|
|
$ |
415,831 |
|
Porch (NASDAQ:PRCH)
Historical Stock Chart
From Feb 2023 to Mar 2023
Porch (NASDAQ:PRCH)
Historical Stock Chart
From Mar 2022 to Mar 2023
