Porch Group, Inc. (“Porch Group” or “the Company”)
(NASDAQ: PRCH), a leading vertical software company reinventing the
home services and insurance industries, today reported
fourth-quarter results for the Company as of December 31, 2022,
with revenues of $64.1 million, compared to fourth-quarter 2021
revenues of $51.6 million. For the year ended December 31, 2022,
Porch Group reported revenues of $275.9 million, compared to $192.4
million in 2021.
CEO Summary
“I am proud of the work and contributions from the entire Porch
team in 2022 as we dealt with impacts of inflation, challenging
capital markets, unusual weather volatility, and a housing market
that slowed substantially. Throughout this time, we stayed focused
on what we can control and moved forward in our strategy and toward
our target of Adjusted EBITDA profitability in the second half of
2023,” said Matt Ehrlichman, Chief Executive Officer, Chairman and
Founder of Porch Group. “We finished the year with another strong
quarter of growth and cost discipline. We have announced our
intention to apply for the creation of a Reciprocal Exchange to
advance our insurance business, and I am excited about a future
with expected higher and consistent margins, with reduced direct
exposure to claims and weather events.”
Fourth Quarter 2022 Financial Results
- Total revenue for the fourth quarter of 2022 was $64.1 million,
an increase of 24% or $12.5 million from $51.6 million in the
fourth quarter of 2021.
- Revenue less cost of revenue for the fourth quarter of 2022 was
$43.9 million or 69% of total revenue, compared to $37.4 million or
73% of total revenue for the fourth quarter of 2021. Unexpected
weather events caused higher-than-expected fourth quarter claims,
adding approximately $7 million of additional costs in the quarter,
including Winter Storm Elliott.
- GAAP net loss for the fourth quarter of 2022 totaled $35.5
million, compared to a GAAP net loss of $20.1 million for the
fourth quarter of 2021. GAAP net loss for the fourth quarter of
2022 was impacted by higher-than-expected claims driven by Winter
Storm Elliott.
- Adjusted EBITDA loss for the fourth quarter of 2022 totaled
$13.3 million, compared to Adjusted EBITDA loss of $5.4 million for
the fourth quarter of 2021.
Segment Results for the Fourth Quarter 2022
- Vertical Software revenue for the
quarter was $33.0 million, and revenue less cost of revenue was
$24.1 million or 73% of Vertical Software revenue. Adjusted EBITDA
for the fourth quarter was $1.1 million, or 3.3% of Vertical
Software revenue.
- Insurance revenue for the quarter
was $31.2 million, and revenue less cost of revenue was $19.8
million or 64% of Insurance revenue. Adjusted EBITDA loss for the
fourth quarter was $0.7 million, or 2.3% of Insurance revenue.
- Insurance gross written premium for
the quarter was $131 million with approximately 390 thousand
policies.
Fourth Quarter 2022 and Recent Operational
Highlights
- Announced as fastest growing large and mid-size homeowners
insurance carrier with written premium above $250 million in the
first three quarters of 2022, by P&C Specialist based on data
by S&P Capital IQ Pro.
- Announced the intention to file an application for a Reciprocal
Exchange, which upon Texas Department of Insurance approval would
be formed as an association owned by its policyholder members,
acquire Homeowners of America Insurance Carrier from Porch Group,
and engage with Porch Group who would operate the insurance entity
with commission and fee-based compensation.
- Filed and received approval in 9 states to use our unique data
on insurance pricing.
- Expanded the roll-out of our smartphone app which continues to
be well received by consumers.
- Launched a new software module that allows title companies to
simplify and scale the handling of unclaimed property (or
escheatment) to the state.
- Launched the Porch Group Media Network
(https://v12data.com/porch-media-network/) to provide brands with
targeted advertising solutions to reach both movers and homeowners
at specific properties, leveraging our unique data.
Fourth Quarter 2022 Key Performance Indicators
(KPIs)
Software and services to companies:
- Average companies in quarter
increased to 30,860 from 24,6011 in the fourth quarter of 2021. The
increase was primarily driven by the additions related to our 2022
acquisitions, coupled by the increased penetration into the
existing markets.
- Average revenue per account per month in quarter decreased to
$693 from $776 in the fourth quarter of 2021, impacted by lower
home purchase volumes.
Monetized services for consumers:
- Number of monetized services in quarter was 212,992 in the
fourth quarter of 2022, a decrease from 267,6832 in the fourth
quarter of 2021. The decrease was driven primarily by fewer
homebuyers, given the downturn in the housing market.
- Average revenue per monetized service in quarter was $219, a
46% increase from $1503 in the fourth quarter of 2021, driven by
the key services we are focused on, such as insurance and warranty,
which may produce even higher revenue per service going
forward.
Repurchase Program
In the fourth quarter of 2022, the Company repurchased
approximately 2.4 million shares for $4.4 million (including
commissions) at an average price of $1.82 per share, under
previously authorized $15 million share repurchase plan.
Balance Sheet
The Company ended the year with unrestricted cash plus
investments of $307 million, down from $320 million at September
30, 2022. We also held convertible debt on our balance sheet of
$425 million.
The Company’s insurance carrier entity is subject to regulations
by the various state departments of insurance, and is evaluated for
creditworthiness by its credit rating agency. Therefore, our
insurance carrier, HOA, must hold a certain amount of capital that
can vary based on premium, growth, and other factors. Historically,
we have offset some of this capital requirement through,
effectively transferring the amount of premiums and losses to
reinsurance partners, either on a quota share or excess of loss
basis.
Porch Group contributed $34 million to HOA in the fourth quarter
of 2022, bringing the insurance carrier’s unrestricted cash balance
to $78 million at the end of the year, and its investment balance
to $92 million.
Restatement of Previously Issued Quarterly Financial
Statements
As disclosed, we concluded that the previously issued
unaudited condensed consolidated financial statements as of
and for the quarters ended March 31, 2022, June 30, 2022 and
September 30, 2022, were materially misstated and require
restatement. The restatement primarily relates to accounting
related to reinsurance contracts. The net restatement impact to the
September 30, 2022 year to date results was an additional $3.1
million of revenue and additional adjusted EBITDA loss of $(2.3)
million. Please see our Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 14, 2023 for additional
information, including the restated financial information for each
of the quarterly periods. The restated financial information
will also be included in our Annual Report on Form 10-K for the
year ended December 31, 2022, which we expect to file on March 16,
2023. We will also report ineffective internal control over
financial reporting in the 2022 Form 10-K.
Full Year 2023 Financial OutlookPorch Group
provides 2023 guidance based on current market conditions and
expectations. Porch Group believes it is prudent to provide a range
of outcomes given the additional weather exposure particularly in
the first half of the year, where higher claims volumes have been
seen historically. Should there be catastrophic weather conditions
this would create downside to the lower end of the range. Should
the Gross Loss Ratio in 2023 be better than the 62% assumed, or if
the housing market declines less than the 18% assumed, results
could be better than this range.
A loss is expected in the first half before higher risk policies
are non-renewed and before the existing insurance premium per
policy increases have fully taken effect. Porch Group manages costs
carefully and reiterates guidance to expect positive Adjusted
EBITDA profitability in the second half of 2023 and beyond.
2023E Guidance |
Revenue~$330M to
$350M>20% YoYAssumes strong revenue
growth inInsurance and relatively flat YoYgrowth for Vertical
Software |
Revenue Less Cost of
Revenue ~$170M to
$180M |
Adj. EBITDA1 ~$(30)M
to $(40)M |
2023 Gross Written
Premium2 ~$500M |
1 Adjusted EBITDA is a non-GAAP measure.2 2023 gross written
premium (“GWP”) guidance is stated as the expected full-year GWP
for 2023 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 March 14, 2023 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 approximately 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:Lois Perkins, Head
of Investor Relations Porch Group,
Inc. Loisperkins@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,” “target,” 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 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) our
expansion plans and opportunities, and managing our growth, to
build a consumer brand; (2) the incidence, frequency and severity
of weather events, extensive wildfires, and other catastrophe; (3)
economic conditions, especially those affecting the housing and
financial markets; (4) our expectations regarding our revenue, cost
of revenue, operating expenses, and our ability to achieve and
maintain future profitability; (5) existing and developing federal
and state laws and regulations, including with respect to
insurance, warranty, privacy, information security, data protection
and taxation, and our interpretation of and compliance with such
laws and regulations; (6) our reinsurance program, which includes
the use of a captive reinsurer, the success of which is dependent
on a number of factors outside our control, along with our reliance
on reinsurance to protect us against loss; (7) uncertainties
related to regulatory approval of insurance rates, policy forms,
insurance products, license applications, acquisitions of
businesses or strategic initiatives, including the reciprocal
restructuring, and other matters within the purview of insurance
regulators; (8) our reliance on strategic, proprietary
relationships to provide us with access to personal data and
product information, and our ability to use such data and
information to increase our transaction volume and attract and
retain customers; (9) our ability to develop new, or enhance
existing, products, services, and features and bring them to market
in a timely manner; (10) changes in capital requirements, and our
ability to access capital when needed to provide statutory surplus;
(11) the increased costs and initiatives required to address new
legal and regulatory requirements arising from developments related
to cybersecurity, privacy and data governance and the increased
costs and initiatives to protect against data breaches,
cyber-attacks, virus or malware attacks, or other infiltrations or
incidents affecting system integrity, availability and performance;
(12) retaining and attracting skilled and experienced employees;
(13) costs related to being a public company; and (14) other risks
and uncertainties described in the “Risk Factors” section of
Porch’s most recent Annual Report on Form 10-K for the year ended
December 31, 2021 and subsequent reports filed with the Securities
and Exchange Commission (the “SEC”), such as Porch’s quarterly
reports on Form 10-Q for the quarters ended March 31, 2022, June
30, 2022 and September 30, 2022, and 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 percent of revenue,
average revenue per monetized service and revenue less cost of
revenue.
Porch Group defines Adjusted EBITDA (loss) as net income (loss)
adjusted for interest expense, net, income taxes, other expenses,
net, depreciation and amortization, impairment loss on intangible
assets and goodwill, non-cash long-lived impairment of property,
equipment and software, stock-based compensation expense and
acquisition-related impacts, amortization of intangible assets,
gains (losses) recognized on changes in the value of contingent
consideration arrangements, if any, gain or loss on divestures and
certain transaction costs. Adjusted EBITDA (loss) as a percent 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 a quarter, average revenue is defined as total quarterly
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 December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Segment adjusted EBITDA (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Vertical Software |
|
$ |
1,078 |
|
|
$ |
3,180 |
|
|
$ |
14,678 |
|
|
$ |
20,733 |
|
Insurance |
|
|
704 |
|
|
|
5,922 |
|
|
|
(5,499 |
) |
|
|
9,007 |
|
Corporate and Other |
|
|
(15,117 |
) |
|
|
(14,476 |
) |
|
|
(58,780 |
) |
|
|
(53,760 |
) |
Total segment adjusted EBITDA (loss) |
|
|
(13,335 |
) |
|
|
(5,374 |
) |
|
|
(49,601 |
) |
|
|
(24,020 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(6,356 |
) |
|
|
(5,599 |
) |
|
|
(27,930 |
) |
|
|
(16,386 |
) |
Non-cash stock-based compensation expense |
|
|
(6,396 |
) |
|
|
(7,965 |
) |
|
|
(27,041 |
) |
|
|
(38,592 |
) |
Acquisition and other transaction costs |
|
|
(750 |
) |
|
|
(712 |
) |
|
|
(2,334 |
) |
|
|
(5,360 |
) |
Impairment loss on intangible assets and goodwill |
|
|
(4,329 |
) |
|
|
— |
|
|
|
(61,386 |
) |
|
|
— |
|
Non-cash losses and impairment of property, equipment and
software |
|
|
(536 |
) |
|
|
(334 |
) |
|
|
(637 |
) |
|
|
(550 |
) |
Revaluation of contingent consideration |
|
|
(1,693 |
) |
|
|
1,864 |
|
|
|
(6,944 |
) |
|
|
2,244 |
|
Investment income and realized gains |
|
|
(399 |
) |
|
|
(253 |
) |
|
|
(1,174 |
) |
|
|
(701 |
) |
Operating loss |
|
$ |
(33,794 |
) |
|
$ |
(18,373 |
) |
|
$ |
(177,047 |
) |
|
$ |
(83,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Segment adjusted EBITDA
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vertical Software |
|
|
3.3 |
|
% |
|
9.0 |
|
% |
|
9.5 |
|
% |
|
15.1 |
|
% |
Insurance |
|
|
2.3 |
|
% |
|
36.9 |
|
% |
|
(4.5 |
) |
% |
|
16.3 |
|
% |
Total segment adjusted EBITDA
(loss)(1) |
|
|
(20.8 |
) |
% |
|
(10.4 |
) |
% |
|
(18.0 |
) |
% |
|
(12.5 |
) |
% |
(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 December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Monetized services revenue |
|
$ |
46,645 |
|
$ |
40,152 |
|
$ |
201,371 |
|
$ |
137,696 |
Other operating revenue |
|
|
17,468 |
|
|
11,429 |
|
|
74,577 |
|
|
54,737 |
Total revenue |
|
$ |
64,113 |
|
$ |
51,581 |
|
$ |
275,948 |
|
$ |
192,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Revenue Less Cost of Revenue
(all numbers in thousands, unaudited)
|
|
Three Months Ended
December 31, 2022 |
|
|
|
Corporate |
|
Insurance |
|
VerticalSoftware |
|
Consolidated |
|
Revenue |
|
$ |
— |
|
$ |
31,162 |
|
|
$ |
32,951 |
|
|
$ |
64,113 |
|
|
Less: Cost of revenue |
|
|
— |
|
|
(11,352 |
) |
|
|
(8,818 |
) |
|
|
(20,170 |
) |
|
Revenue less cost of
revenue |
|
$ |
— |
|
$ |
19,810 |
|
|
$ |
24,133 |
|
|
$ |
43,943 |
|
|
Revenue less cost of revenue
as a percentage of revenue |
|
|
N/A |
|
|
64 |
|
% |
|
73 |
|
% |
|
69 |
|
% |
|
|
Year Ended December 31, 2022 |
|
|
|
Corporate |
|
Insurance |
|
VerticalSoftware |
|
Consolidated |
|
Revenue |
|
$ |
— |
|
$ |
121,033 |
|
|
$ |
154,915 |
|
|
$ |
275,948 |
|
|
Less: Cost of revenue |
|
|
— |
|
|
(62,268 |
) |
|
|
(45,309 |
) |
|
|
(107,577 |
) |
|
Revenue less cost of
revenue |
|
$ |
— |
|
$ |
58,765 |
|
|
$ |
109,606 |
|
|
$ |
168,371 |
|
|
Revenue less cost of revenue
as a percentage of revenue |
|
|
N/A |
|
|
49 |
|
% |
|
71 |
|
% |
|
61 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
- Average Companies in
Quarter — Porch provides software and services to
home services companies and, through these relationships, gains
unique and early access to homebuyers and homeowners, assists
homebuyers and homeowners with critical services such as insurance,
warranty and moving. The Company’s customers include home services
companies, for whom the Company provides software and services and
who provide introductions to homebuyers and homeowners and tracks
the average number of home services companies from which it
generates revenue each quarter in order to measure the ability to
attract, retain and grow relationships with home services
companies. Porch management defines the average number of companies
in a quarter as the straight-line average of the number of
companies as of the end of period compared with the beginning of
period across all of the Company’s home services verticals that (i)
generate recurring revenue and (ii) generated revenue in the
quarter. For new acquisitions, the number of companies is
determined in the initial quarter based on the percentage of the
quarter the acquired business is a part of the Company.
- 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.
During the quarter ended December 31, 2022, the Company restated
its financial information for the Q1 2022, Q2 2022, and Q3 2022
periods (please see our Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 14, 2023 for additional
information). The following table presents Average Companies in
Quarter and Average Revenue per Account per Month in Quarter
metrics which were recalculated for the impact of the
adjustments:
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
Average Companies in Quarter (as previously reported) |
|
|
25,512 |
|
|
28,730 |
|
|
30,951 |
|
|
30,860 |
|
Adjustment |
|
|
33 |
|
|
43 |
|
|
— |
|
|
— |
|
Average Companies in Quarter
(as adjusted) |
|
|
25,545 |
|
|
28,773 |
|
|
30,951 |
|
|
30,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Revenue per Account
per Month in Quarter (as previously reported) |
|
$ |
816 |
|
$ |
820 |
|
$ |
812 |
|
$ |
726 |
|
Adjustment |
|
$ |
13 |
|
$ |
2 |
|
$ |
21 |
|
$ |
(33 |
) |
Average Revenue per Account
per Month in Quarter (as adjusted) |
|
$ |
829 |
|
$ |
822 |
|
$ |
833 |
|
$ |
693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Monetized Services in Quarter — Porch
connects consumers with home services companies nationwide and
offers a full range of products and services where homeowners can,
among other things: (i) compare and buy home insurance
policies (along with auto, flood and umbrella policies) and
warranties with competitive rates and coverage; (ii) arrange
for a variety of services in connection with their move, from labor
to load or unload a truck to full-service, long-distance moving
services; (iii) discover and install home automation and
security systems; (iv) compare Internet and television options
for their new home; (v) book small handyman jobs at fixed,
upfront prices with guaranteed quality; and (vi) compare bids
from home improvement professionals who can complete bigger jobs.
The Company tracks the number of monetized services performed
through its platform each quarter and the revenue generated per
service performed in order to measure market penetration with
homebuyers and homeowners and the Company’s ability to deliver
high-revenue services within those groups. Monetized Services in
Quarter is defined as the total number of unique services from
which the Company generated revenue, including, but not limited to,
new and renewing insurance and warranty customers, completed moving
jobs, security installations, TV/Internet installations or other
home projects, measured over a quarterly period.
- 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 an important 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 December 31, 2022, the Company restated
its financial information for the Q1 2022, Q2 2022, and Q3 2022
periods (please see our Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 14, 2023 for additional
information). The following table presents Monetized Services in
Quarter and Average Revenue per Monetized Service in Quarter
metrics which were recalculated for the impact of the
adjustments:
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
Monetized Services in Quarter (as previously reported) |
|
|
263,183 |
|
|
333,596 |
|
|
318,452 |
|
|
212,992 |
|
Adjustment |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Monetized Services in Quarter
(as adjusted) |
|
|
263,183 |
|
|
333,596 |
|
|
318,452 |
|
|
212,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Revenue per Monetized
Service in Quarter (as previously reported) |
|
$ |
170 |
|
$ |
157 |
|
$ |
181 |
|
$ |
234 |
|
Adjustment |
|
$ |
5 |
|
$ |
1 |
|
$ |
4 |
|
$ |
(15 |
) |
Average Revenue per Monetized
Service in Quarter (as adjusted) |
|
$ |
175 |
|
$ |
158 |
|
$ |
185 |
|
$ |
219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Balance Sheets (all numbers in thousands, except share
amounts)
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
215,060 |
|
|
$ |
315,741 |
|
Accounts receivable, net |
|
|
26,438 |
|
|
|
28,767 |
|
Short-term investments |
|
|
36,523 |
|
|
|
9,251 |
|
Reinsurance balance due |
|
|
299,060 |
|
|
|
228,416 |
|
Prepaid expenses and other current assets |
|
|
20,009 |
|
|
|
14,338 |
|
Restricted cash |
|
|
13,545 |
|
|
|
8,551 |
|
Total current assets |
|
|
610,635 |
|
|
|
605,064 |
|
Property, equipment, and
software, net |
|
|
12,240 |
|
|
|
6,666 |
|
Operating lease right-of-use
assets |
|
|
4,201 |
|
|
|
4,504 |
|
Goodwill |
|
|
244,697 |
|
|
|
225,654 |
|
Long-term investments |
|
|
55,118 |
|
|
|
58,324 |
|
Intangible assets, net |
|
|
108,255 |
|
|
|
129,830 |
|
Restricted cash,
non-current |
|
|
— |
|
|
|
500 |
|
Long-term insurance
commissions receivable |
|
|
12,265 |
|
|
|
7,521 |
|
Other assets |
|
|
1,646 |
|
|
|
684 |
|
Total assets |
|
$ |
1,049,057 |
|
|
$ |
1,038,747 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
6,268 |
|
|
$ |
6,965 |
|
Accrued expenses and other current liabilities |
|
|
39,742 |
|
|
|
37,675 |
|
Deferred revenue |
|
|
270,690 |
|
|
|
201,085 |
|
Refundable customer deposits |
|
|
20,142 |
|
|
|
15,274 |
|
Current debt |
|
|
16,455 |
|
|
|
150 |
|
Losses and loss adjustment expense reserves |
|
|
100,632 |
|
|
|
61,949 |
|
Other insurance liabilities, current |
|
|
61,710 |
|
|
|
40,024 |
|
Total current liabilities |
|
|
515,639 |
|
|
|
363,122 |
|
Long-term debt |
|
|
425,310 |
|
|
|
414,585 |
|
Operating lease liabilities,
non-current |
|
|
2,536 |
|
|
|
2,694 |
|
Earnout liability, at fair
value |
|
|
44 |
|
|
|
13,866 |
|
Private warrant liability, at
fair value |
|
|
707 |
|
|
|
15,193 |
|
Other liabilities (includes
$24,546 and $9,617 at fair value, respectively) |
|
|
25,468 |
|
|
|
12,242 |
|
Total liabilities |
|
|
969,704 |
|
|
|
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 – 98,455,838 and 97,961,597,
respectively |
|
|
|
|
|
|
Additional paid-in
capital |
|
|
670,537 |
|
|
|
641,406 |
|
Accumulated other
comprehensive loss |
|
|
(6,171 |
) |
|
|
(259 |
) |
Accumulated deficit |
|
|
(585,023 |
) |
|
|
(424,112 |
) |
Total stockholders’ equity |
|
|
79,353 |
|
|
|
217,045 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,049,057 |
|
|
$ |
1,038,747 |
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Operations(all numbers in thousands, except
share amounts)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue |
|
$ |
64,113 |
|
|
$ |
51,581 |
|
|
$ |
275,948 |
|
|
$ |
192,433 |
|
Operating expenses(1): |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
20,170 |
|
|
|
14,138 |
|
|
|
107,577 |
|
|
|
58,725 |
|
Selling and marketing |
|
|
28,032 |
|
|
|
23,637 |
|
|
|
113,848 |
|
|
|
84,273 |
|
Product and technology |
|
|
15,119 |
|
|
|
12,847 |
|
|
|
59,565 |
|
|
|
47,005 |
|
General and administrative |
|
|
30,259 |
|
|
|
19,332 |
|
|
|
110,619 |
|
|
|
85,795 |
|
Impairment loss on intangible assets and goodwill |
|
|
4,329 |
|
|
|
— |
|
|
|
61,386 |
|
|
|
— |
|
Total operating expenses |
|
|
97,909 |
|
|
|
69,954 |
|
|
|
452,995 |
|
|
|
275,798 |
|
Operating loss |
|
|
(33,796 |
) |
|
|
(18,373 |
) |
|
|
(177,047 |
) |
|
|
(83,365 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,219 |
) |
|
|
(1,461 |
) |
|
|
(8,723 |
) |
|
|
(5,757 |
) |
Change in fair value of earnout liability |
|
|
13 |
|
|
|
(3,131 |
) |
|
|
13,822 |
|
|
|
(18,519 |
) |
Change in fair value of private warrant liability |
|
|
95 |
|
|
|
2,132 |
|
|
|
14,486 |
|
|
|
(15,389 |
) |
Gain (loss) on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,110 |
|
Investment income and realized gains, net of investment
expenses |
|
|
399 |
|
|
|
253 |
|
|
|
1,174 |
|
|
|
701 |
|
Other income (expense), net |
|
|
608 |
|
|
|
115 |
|
|
|
571 |
|
|
|
340 |
|
Total other income
(expense) |
|
|
(1,104 |
) |
|
|
(2,092 |
) |
|
|
21,330 |
|
|
|
(33,514 |
) |
Loss before income taxes |
|
|
(34,900 |
) |
|
|
(20,465 |
) |
|
|
(155,717 |
) |
|
|
(116,879 |
) |
Income tax benefit
(expense) |
|
|
(574 |
) |
|
|
356 |
|
|
|
(842 |
) |
|
|
10,273 |
|
Net loss |
|
$ |
(35,474 |
) |
|
$ |
(20,109 |
) |
|
$ |
(156,559 |
) |
|
$ |
(106,606 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic (Note 15) |
|
$ |
(0.36 |
) |
|
$ |
(0.05 |
) |
|
$ |
(1.61 |
) |
|
$ |
(1.14 |
) |
Loss per share - diluted (Note 15) |
|
$ |
(0.36 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.61 |
) |
|
$ |
(1.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic loss per share |
|
|
97,792,485 |
|
|
|
96,839,292 |
|
|
|
97,351,241 |
|
|
|
93,884,566 |
|
Shares used in computing diluted loss per share |
|
|
97,792,485 |
|
|
|
97,545,942 |
|
|
|
97,351,241 |
|
|
|
93,884,566 |
|
(1) Amounts include stock-based compensation
expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Cost of revenue |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
Selling and marketing |
|
|
1,263 |
|
|
696 |
|
|
4,855 |
|
|
5,584 |
Product and technology |
|
|
1,547 |
|
|
1,701 |
|
|
5,435 |
|
|
7,223 |
General and
administrative |
|
|
3,586 |
|
|
6,834 |
|
|
16,751 |
|
|
25,784 |
|
|
$ |
6,396 |
|
$ |
9,231 |
|
$ |
27,041 |
|
$ |
38,592 |
(2) In the fourth quarter of 2022, the Company
updated its preliminary purchase price allocations for certain
acquisitions. As a result of these adjustments, the carrying value
of the Insurance reporting unit was higher than the fair value as
of September 30, 2022, which resulted in the Company
recognizing an additional goodwill impairment charge of $4.3
million in the fourth quarter of 2022.
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Comprehensive Loss(all numbers in
thousands)
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Net loss |
|
$ |
(156,559 |
) |
|
$ |
(106,606 |
) |
|
$ |
(54,032 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
Current period change in net unrealized loss, net of tax |
|
|
(5,912 |
) |
|
|
(259 |
) |
|
|
— |
|
Comprehensive loss |
|
$ |
(162,471 |
) |
|
$ |
(106,865 |
) |
|
$ |
(54,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Stockholders’ Equity(all numbers in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
Other |
|
Total |
|
|
Common Stock |
|
Paid-in |
|
Accumulated |
|
Comprehensive |
|
Stockholders’ |
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Loss |
|
Equity |
Balances as of January 1, 2022 |
|
97,961,597 |
|
|
$ |
10 |
|
$ |
641,406 |
|
|
$ |
(424,112 |
) |
|
$ |
(259 |
) |
|
$ |
217,045 |
|
Comprehensive loss |
|
— |
|
|
|
— |
|
|
— |
|
|
|
(156,559 |
) |
|
|
(5,912 |
) |
|
|
(162,471 |
) |
Stock-based compensation |
|
— |
|
|
|
— |
|
|
27,041 |
|
|
|
— |
|
|
|
— |
|
|
|
27,041 |
|
Issuance of common stock for
acquisitions |
|
628,660 |
|
|
|
— |
|
|
3,552 |
|
|
|
— |
|
|
|
— |
|
|
|
3,552 |
|
Contingent consideration for
acquisitions |
|
— |
|
|
|
— |
|
|
530 |
|
|
|
— |
|
|
|
— |
|
|
|
530 |
|
Vesting of restricted stock
awards |
|
2,144,546 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock options |
|
473,653 |
|
|
|
— |
|
|
1,116 |
|
|
|
— |
|
|
|
— |
|
|
|
1,116 |
|
Income tax withholdings |
|
(613,377 |
) |
|
|
— |
|
|
(3,108 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,108 |
) |
Repurchases of common
stock |
|
(2,388,756 |
) |
|
|
— |
|
|
— |
|
|
|
(4,352 |
) |
|
|
— |
|
|
|
(4,352 |
) |
Balances as of
December 31, 2022 |
|
98,206,323 |
|
|
$ |
10 |
|
$ |
670,537 |
|
|
$ |
(585,023 |
) |
|
$ |
(6,171 |
) |
|
$ |
79,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Cash Flows(all numbers in thousands)
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(156,559 |
) |
|
$ |
(106,606 |
) |
|
$ |
(54,032 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
27,930 |
|
|
|
16,386 |
|
|
|
6,644 |
|
Amortization of operating lease right-of-use assets |
|
|
2,117 |
|
|
|
1,861 |
|
|
|
— |
|
Impairment loss on intangible assets and goodwill |
|
|
61,386 |
|
|
|
— |
|
|
|
— |
|
Loss on sale and impairment of property, equipment, and
software |
|
|
745 |
|
|
|
595 |
|
|
|
895 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
(5,110 |
) |
|
|
(5,748 |
) |
Loss on remeasurement of debt |
|
|
— |
|
|
|
— |
|
|
|
895 |
|
Gain on divestiture of businesses |
|
|
— |
|
|
|
— |
|
|
|
(1,442 |
) |
Loss on remeasurement of Legacy Porch warrants |
|
|
— |
|
|
|
— |
|
|
|
2,584 |
|
Loss (gain) on remeasurement of private warrant liability |
|
|
(14,486 |
) |
|
|
15,389 |
|
|
|
(2,427 |
) |
Loss (gain) on remeasurement of contingent consideration |
|
|
6,944 |
|
|
|
(2,244 |
) |
|
|
1,700 |
|
Loss (gain) on remeasurement of earnout liability |
|
|
(13,822 |
) |
|
|
18,519 |
|
|
|
— |
|
Stock-based compensation |
|
|
27,041 |
|
|
|
38,592 |
|
|
|
11,296 |
|
Amortization of investment premium/accretion of discount, net |
|
|
278 |
|
|
|
369 |
|
|
|
— |
|
Net realized losses on investments |
|
|
370 |
|
|
|
67 |
|
|
|
— |
|
Interest expense (non-cash) |
|
|
2,270 |
|
|
|
2,387 |
|
|
|
7,488 |
|
Other |
|
|
885 |
|
|
|
1,055 |
|
|
|
(23 |
) |
Change in operating assets and liabilities, net of acquisitions and
divestitures |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4,886 |
) |
|
|
(2,905 |
) |
|
|
203 |
|
Reinsurance balance due |
|
|
(70,644 |
) |
|
|
(15,343 |
) |
|
|
— |
|
Prepaid expenses and other current assets |
|
|
(5,146 |
) |
|
|
(5,323 |
) |
|
|
(2,587 |
) |
Accounts payable |
|
|
(697 |
) |
|
|
(11,779 |
) |
|
|
4,092 |
|
Accrued expenses and other current liabilities |
|
|
(6,519 |
) |
|
|
(15,981 |
) |
|
|
(15,946 |
) |
Losses and loss adjustment expense reserves |
|
|
38,683 |
|
|
|
(22,417 |
) |
|
|
— |
|
Other insurance liabilities, current |
|
|
16,347 |
|
|
|
14,396 |
|
|
|
— |
|
Deferred revenue |
|
|
71,593 |
|
|
|
53,556 |
|
|
|
2,206 |
|
Refundable customer deposits |
|
|
5,783 |
|
|
|
(3,545 |
) |
|
|
(3,521 |
) |
Deferred income tax |
|
|
(287 |
) |
|
|
— |
|
|
|
— |
|
Long-term insurance commissions receivable |
|
|
(4,744 |
) |
|
|
(4,156 |
) |
|
|
(3,365 |
) |
Operating lease liabilities, non-current |
|
|
(2,082 |
) |
|
|
(2,141 |
) |
|
|
— |
|
Other |
|
|
(990 |
) |
|
|
(399 |
) |
|
|
2,419 |
|
Net cash used in operating activities |
|
|
(18,490 |
) |
|
|
(34,777 |
) |
|
|
(48,669 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,350 |
) |
|
|
(972 |
) |
|
|
(279 |
) |
Capitalized internal use software development costs |
|
|
(8,100 |
) |
|
|
(3,719 |
) |
|
|
(2,601 |
) |
Purchases of short-term and long-term investments |
|
|
(52,506 |
) |
|
|
(24,006 |
) |
|
|
— |
|
Maturities, sales of short-term and long-term investments |
|
|
21,906 |
|
|
|
21,694 |
|
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
(38,628 |
) |
|
|
(256,430 |
) |
|
|
(7,791 |
) |
Net cash used in investing activities |
|
|
(79,678 |
) |
|
|
(263,433 |
) |
|
|
(10,671 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from recapitalization and PIPE financing |
|
|
— |
|
|
|
— |
|
|
|
305,133 |
|
Distribution to stockholders |
|
|
— |
|
|
|
— |
|
|
|
(30,000 |
) |
Transaction costs - recapitalization |
|
|
— |
|
|
|
(262 |
) |
|
|
(5,652 |
) |
Proceeds from debt issuance, net of fees |
|
|
42,526 |
|
|
|
413,537 |
|
|
|
66,190 |
|
Repayments of advance funding |
|
|
(30,875 |
) |
|
|
— |
|
|
|
— |
|
Repayments of principal and related fees |
|
|
(5,150 |
) |
|
|
(46,965 |
) |
|
|
(81,640 |
) |
Proceeds from issuance of redeemable convertible preferred stock,
net of fees |
|
|
— |
|
|
|
— |
|
|
|
4,714 |
|
Capped call transaction |
|
|
— |
|
|
|
(52,913 |
) |
|
|
— |
|
Proceeds from exercises of warrants |
|
|
— |
|
|
|
126,741 |
|
|
|
— |
|
Proceeds from exercises of stock options and Legacy Porch
warrants |
|
|
1,116 |
|
|
|
4,288 |
|
|
|
911 |
|
Income tax withholdings paid upon vesting of restricted stock
units |
|
|
(3,108 |
) |
|
|
(28,877 |
) |
|
|
— |
|
Payments of acquisition-related contingent consideration |
|
|
(715 |
) |
|
|
— |
|
|
|
— |
|
Repurchase of stock |
|
|
(1,813 |
) |
|
|
— |
|
|
|
(42 |
) |
Net cash provided by financing activities |
|
|
1,981 |
|
|
|
415,549 |
|
|
|
259,614 |
|
Net change in cash,
cash equivalents, and restricted cash |
|
$ |
(96,187 |
) |
|
$ |
117,339 |
|
|
$ |
200,274 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
$ |
324,792 |
|
|
$ |
207,453 |
|
|
$ |
7,179 |
|
Cash, cash
equivalents, and restricted cash end of period |
|
$ |
228,605 |
|
|
$ |
324,792 |
|
|
$ |
207,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORCH GROUP,
INC.Unaudited Condensed Consolidated
Statements of Cash Flows (Continued)(all numbers in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Supplemental
disclosures |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,512 |
|
$ |
2,662 |
|
$ |
9,103 |
Cash paid for income taxes |
|
$ |
674 |
|
$ |
— |
|
$ |
— |
Non-cash consideration for acquisitions |
|
$ |
12,252 |
|
$ |
52,761 |
|
$ |
9,295 |
Share repurchases included in accrued expenses and other current
liabilities |
|
$ |
2,539 |
|
$ |
— |
|
$ |
— |
Reduction of earnout liability due to a vesting event |
|
$ |
— |
|
$ |
54,891 |
|
$ |
— |
Conversion of redeemable convertible preferred stock warrants into
common stock |
|
$ |
— |
|
$ |
— |
|
$ |
11,029 |
Earnout liability |
|
$ |
— |
|
$ |
— |
|
$ |
50,238 |
Private warrant liability |
|
$ |
— |
|
$ |
— |
|
$ |
31,534 |
Capital contribution from a shareholder - inducement to convert
preferred stock to common |
|
$ |
— |
|
$ |
— |
|
$ |
17,284 |
Non-cash inducement to convert preferred stock to common |
|
$ |
— |
|
$ |
— |
|
$ |
17,284 |
Debt discount for warrants issued (non-cash) |
|
$ |
— |
|
$ |
— |
|
$ |
1,215 |
Cancelation of a convertible promissory note on divestiture of a
business |
|
$ |
— |
|
$ |
— |
|
$ |
2,724 |
Conversion of debt to redeemable convertible preferred stock
(non-cash) |
|
$ |
— |
|
$ |
— |
|
$ |
1,436 |
Capital contribution from a shareholder - guarantee of debt |
|
$ |
— |
|
$ |
— |
|
$ |
300 |
1 Revised from 24,603 originally reported to 24,6012 Revised
from 260,352 originally reported to 267,6833 Revised from $154
originally reported to $150
Porch (NASDAQ:PRCH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Porch (NASDAQ:PRCH)
Historical Stock Chart
From Apr 2023 to Apr 2024