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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Porch Group Inc | NASDAQ:PRCH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.86 | 2.55 | 3.14 | 0 | 09:00:38 |
Porch Delivers Strong Fourth Quarter Earnings, Ahead of Expectations
Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a homeowners insurance and vertical software platform, today reported fourth quarter results ended December 31, 2023, with total revenue of $114.6 million, which increased 79% compared to the prior year. GAAP net loss of $2.5 million, an improvement from $35.5 million GAAP net loss in the prior year and Adjusted EBITDA of $11.7 million, which increased $25.0 million compared to the prior year.
CEO Summary
"We are excited to share our financial results, far exceeding the second half profitability target we provided around two years ago, with Adjusted EBITDA of $20.5 million in the second half 20231. I am proud of the achievements and execution of the team over the last year, which improved profitability in our insurance business, launched important new SaaS products for our customers, and maintained strong cost control. We remain focused on improving profitability and further executing our strategy in 2024,” said Matt Ehrlichman, Chief Executive Officer, Chairman and Founder.
Fourth Quarter 2023 Financial Results
Fourth Quarter 2023 Operational Highlights
____________________________________________
(1)Adjusted EBITDA of $20.5 million includes Q3 2023 Adjusted EBITDA of $8.8 million and Q4 2023 Adjusted EBITDA of $11.7 million. See Non-GAAP Financial Measures section for the definition and Adjusted EBITDA (loss) table for the reconciliation to GAAP net income (loss).
The following tables present financial highlights of the Company’s fourth quarter and full year 2023 results compared to the fourth quarter and full year results of 2022 (dollars are in millions):
Fourth Quarter 2023 (unaudited)
Insurance
Vertical Software
Corporate
Consolidated
Revenue
$
86.9
$
27.7
$
—
$
114.6
Year-over-year growth
179
%
(16
)%
—
%
79
%
Revenue less cost of revenue
$
57.9
$
22.0
$
—
$
79.9
Year-over-year growth
192
%
(9
)%
—
%
82
%
As % of revenue
67
%
79
%
—
%
70
%
GAAP net loss
$
(2.5
)
Adjusted EBITDA (loss)
(1)
$
31.6
$
(0.3
)
$
(19.7
)
$
11.7
Adjusted EBITDA (loss) as a percent of revenue
(2)
36
%
(1
)%
—
%
10
%
Fourth Quarter 2022 (unaudited)
Insurance
Vertical Software
Corporate
Consolidated
Revenue
$
31.2
$
33.0
$
—
$
64.1
Revenue less cost of revenue
$
19.8
$
24.1
$
—
$
43.9
As % of revenue
64
%
73
%
—
%
69
%
GAAP net loss
$
(35.5
)
Adjusted EBITDA (loss)
(1)
$
0.7
$
1.1
$
(15.1
)
$
(13.3
)
Adjusted EBITDA (loss) as a percent of revenue
(2)
2
%
3
%
—
%
(21
) %
Year Ended December 31, 2023 (unaudited)
Insurance
Vertical Software
Corporate
Consolidated
Revenue
$
305.2
$
125.1
$
—
$
430.3
Year-over-year growth
152
%
(19
) %
—
%
56
%
Revenue less cost of revenue
$
114.7
$
95.4
$
—
$
210.1
Year-over-year growth
95
%
(13
) %
—
%
25
%
As % of revenue
38
%
76
%
—
%
49
%
GAAP net loss
$
(133.9
)
Adjusted EBITDA (loss)
(1)
$
12.3
$
4.3
$
(61.1
)
$
(44.5
)
Adjusted EBITDA (loss) as a percent of revenue
(2)
4
%
3
%
—
%
(10
) %
Year Ended December 31, 2022 (unaudited)
Insurance
Vertical Software
Corporate
Consolidated
Revenue
$
121.0
$
154.9
$
—
$
275.9
Revenue less cost of revenue
$
58.8
$
109.6
$
—
$
168.4
As % of revenue
49
%
71
%
—
%
61
%
GAAP net loss
$
(156.6
)
Adjusted EBITDA (loss)
(1)
$
(5.5
)
$
14.7
$
(58.8
)
$
(49.6
)
Adjusted EBITDA (loss) as a percent of revenue
(2)
(5
)
9
%
—
%
(18
) %
____________________________________________
(1)See Non-GAAP Financial Measures section for the definition and Adjusted EBITDA (loss) table for the reconciliation to GAAP net income (loss)
(2)Adjusted EBITDA (loss) as a percent of revenue is calculated as Adjusted EBITDA (loss) divided by Revenue
The following table presents the Company’s key performance indicators (1).
Three Months Ended December 31,
2023
2022
% Change
Gross Written Premium (in millions)
$
112
$
131
(14
) %
Policies in Force (in thousands)
310
389
(20
) %
Annualized Revenue per Policy (unrounded)
$
1,120
$
347
223
%
Annualized Premium per Policy (unrounded)
$
1,861
$
1,391
34
%
Premium Retention Rate
96
%
107
%
Gross Loss Ratio
36
%
56
%
Average Companies in Quarter (unrounded)
29,919
30,860
(3
)%
Average Monthly Revenue per Account in Quarter (unrounded)
$
1,277
$
693
84
%
Monetized Services (unrounded)
219,657
212,992
3
%
Average Quarterly Revenue per Monetized Service (unrounded)
$
448
$
219
105
%
_____________________________________
(1)Definitions of the key performance indicators presented in this table are included on page 10 of this release.
Balance Sheet Information (unaudited)
(dollars are in millions)
December 31, 2023
December 31, 2022
Change
Cash and cash equivalents
$
258.4
$
215.1
20
%
Investments
139.2
91.6
52
%
Cash, cash equivalents and investments
$
397.6
$
306.7
30
%
The Company ended the fourth quarter of 2023 with cash, cash equivalents and investments of $397.6 million. Of this amount, HOA, Porch's insurance carrier, held cash and cash equivalents of $207.6 million and investments of $102.8 million. Excluding HOA, Porch held $87.2 million of cash, cash equivalents and investments.
As of December 31, 2023, outstanding principal for convertible debt was $558.3 million. This includes $333.3 million of the 6.75% Senior Secured Convertible Notes due October 2028 (the “2028 Notes”) and $225.0 million of 0.75% Convertible Senior Notes due September 2026 (the “2026 Notes”).
Post Balance Sheet Events
Following the period end, the Company signed a business collaboration agreement with Aon Corp. and Aon Re, Inc. ("Aon") to provide a variety of services to Porch Group companies, resulting in payments to Porch of approximately $25 million upfront and an expected approximately $5 million over the following four years. As part of this agreement, the parties also signed a release of claims arising from the Vesttoo fraud. Porch has not released any claims against non-Aon parties related to these matters and intends to vigorously pursue recovery.
The Company completed the sale of EIG, its insurance agency, on January 31, 2024 for $12.2 million, subject to post-closing adjustments. EIG represented approximate $45 million of GWP placed with third party carriers in 2023, which generated approximately $4.7 million of annual commissions. In 2023, EIG's Adjusted EBITDA loss was approximately $3 million. This divestiture follows testing with third party agencies to compare conversion rates and profitability against EIG. Unit economics and profitability improved as costs associated with running the agency are removed and leveraging partners national footprint.
The Company repurchased $8.0 million aggregate principal amount of its 2026 Notes in a private transaction for $3.0 million in cash, or 37.5% of par. Following the close of the transaction, outstanding principal for the 2026 Notes reduced to $217.0 million.
Full Year 2024 Financial Outlook
Full year 2024 guidance is as follows:
Full Year 2024 Guidance
Revenue $450m to $490m Growth of 5% to 14%
Revenue Less Cost of Revenue $225m to $240m
Adjusted EBITDA1 $1m to $10m
Gross Written Premium2 $460m to $480m
1Adjusted EBITDA is a non-GAAP measure.
22024 gross written premium (“GWP”) guidance is stated as the expected full-year GWP for 2024 and is the total premium written by our licensed insurance carrier(s) (before deductions for reinsurance) and premiums from our home warranty offerings (for the face value of one year’s premium). Note, 2023 GWP includes approximately $45 million from EIG placed with third party carriers.
Porch Group provides full year 2024 guidance based on current market conditions and expectations. The Company reiterated its Adjusted EBITDA profitability target for 2024 and future years on a full year basis. Guidance assumes a 63% gross loss ratio for the full year 2024, in line with the 5-year weighted average.
Porch Group is not providing reconciliations of expected Adjusted EBITDA 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 Call
Porch Group management will host a conference call today March 7, 2024, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). The call will be accompanied by a slide presentation available on the Investor Relations section of the Company’s website at ir.porchgroup.com. A question-and-answer session will follow management’s prepared remarks.
All are invited to listen to the event by registering for the webinar, a replay of the webinar will also be available. See the Investor Relations section of the Porch Group’s corporate website at ir.porchgroup.com.
About Porch Group
Porch Group, Inc., ("Porch") is a homeowners insurance and vertical software platform. Porch's strategy to win in homeowners insurance is to leverage unique data for advantaged underwriting, provide the best services for homebuyers, and protect the whole home. The long-term competitive moats that create this differentiation comes from Porch's leadership in home services software-as-a-service and its deep relationships with approximately 30 thousand companies that are key to the home-buying transaction, such as home inspectors, mortgage, and title companies.
To learn more about Porch, visit ir.porchgroup.com.
Forward-Looking Statements
Certain 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. These statements are based on the beliefs and assumptions of management. Although we, Porch Group, Inc., believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believe,” “estimate,” “expect,” “project,” “forecast,” “may,” “will,” “should,” “seek,” “plan,” “scheduled,” “anticipate,” “intend,” or similar expressions.
Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. 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. You should understand that the following important factors, among others, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements:
We caution you that the foregoing list may not contain all of the risks to forward-looking statements made in this release.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in Item 1A, “Risk Factors,” and elsewhere in this release. We disclaim any obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
Non-GAAP Financial Measures
This release includes non-GAAP financial measures, such as Adjusted EBITDA (Loss) and Adjusted EBITDA (Loss) as a percent of revenue.
We define Adjusted EBITDA (Loss) as net income (loss) adjusted for interest expense; income taxes; depreciation and amortization; gain or loss on extinguishment of debt; other expense (income), net; impairments of intangible assets and goodwill; provision for doubtful accounts related to reinsurance, or related recoveries; impairments of property, equipment, and software; stock-based compensation expense; mark-to-market gains or losses recognized on changes in the value of contingent consideration arrangements, earnouts, warrants, and derivatives; restructuring costs; acquisition and other transaction costs; and non-cash bonus expense. Adjusted EBITDA (Loss) as a percent of revenue is defined as Adjusted EBITDA (Loss) divided by total revenue.
Our management uses these non-GAAP financial measures as supplemental measures of our 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. We believe that the use of these non-GAAP financial measures provides investors with useful information to evaluate our operating and financial performance and trends and in comparing our financial results with competitors, other similar companies and companies across different industries, many of which present similar non-GAAP financial measures to investors. However, our definitions and methodology in calculating these non-GAAP measures may not be comparable to those used by other companies. In addition, we 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 our consolidated financial statements. We may also incur future income or expenses similar to those excluded from these non-GAAP financial measures, and the 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. We are not providing reconciliations of non-GAAP financial measures for future periods to the most directly comparable measures prepared in accordance with GAAP. We are 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 our control.
The following tables reconcile Net loss to Adjusted EBITDA (Loss) for the periods presented (dollar amounts in thousands):
Three Months Ended December 31,
Year Ended December 31,
(unaudited)
2023
2022
2023
2022
Net loss
$
(2,486
)
$
(35,473
)
$
(133,933
)
$
(156,559
)
Interest expense
10,598
2,219
31,828
8,723
Income tax provision
588
574
622
842
Depreciation and amortization
5,914
6,356
24,415
27,930
Mark-to-market losses (gains)
774
1,585
(1,003
)
(21,364
)
Gain on extinguishment of debt
—
—
(81,354
)
—
Impairment loss on intangible assets and goodwill
—
4,329
57,232
61,386
Impairment loss on property, equipment, and software
—
535
254
637
Stock-based compensation expense
432
6,396
20,709
27,041
Loss (gain) on reinsurance contract (1)
(5,159
)
—
36,042
—
Other income, net
(368
)
(608
)
(3,893
)
(571
)
Restructuring costs (2)
1,226
647
4,015
647
Acquisition and other transaction costs
144
104
552
1,687
Non-cash bonus expense
—
—
—
—
Adjusted EBITDA (Loss)
$
11,663
$
(13,336
)
$
(44,514
)
$
(49,601
)
Adjusted EBITDA (Loss) as a percentage of revenue
10
%
(21
) %
(10
) %
(18
) %
______________________________________
(1)Loss on reinsurance contract relates to one reinsurer.
(2)Primarily consists of costs related to forming a reciprocal exchange.
Three Months Ended December 31,
Year Ended December 31,
(unaudited)
2023
2022
2023
2022
Segment Adjusted EBITDA (Loss)
Vertical Software
$
(292
)
$
1,078
$
4,307
$
14,678
Insurance
31,648
704
12,320
(5,499
)
Subtotal
31,356
1,782
16,627
9,179
Corporate and other
(19,693
)
(15,118
)
(61,141
)
(58,780
)
Adjusted EBITDA (Loss)
$
11,663
$
(13,336
)
$
(44,514
)
$
(49,601
)
The following table presents Segment Adjusted EBITDA (Loss) as a percentage of segment revenue for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Segment Adjusted EBITDA (Loss) as a Percentage of Revenue
Vertical Software
(1.1
%)
3.3
%
3.4
%
9.5
%
Insurance
36.4
%
2.3
%
4.0
%
(4.5
) %
Key Performance Indicators
In the management of these businesses, we identify, measure and evaluate various operating metrics. The key performance measures and operating metrics used in managing the businesses are discussed 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.
Gross Written Premium — We define Gross Written Premium as the total premium written by our licensed insurance carrier(s) (before deductions for reinsurance); premiums from our home warranty offerings (for the face value of one year’s premium); and premiums of policies placed with third-party insurance companies for which we earn a commission.
Policies in Force — We define Policies in Force as the number of in-force policies at the end of the period for the Insurance segment, including policies and warranties written by us and policies and warranties written by third parties for which we earn a commission.
Annualized Revenue per Policy — We define Annualized Revenue per Policy as quarterly revenue for the Insurance segment, divided by the number of Policies in Force in the Insurance segment, multiplied by four.
Annualized Premium per Policy — We define Annualized Premium per Policy as the total direct earned premium for HOA, our insurance carrier, divided by the number of active insurance policies at the end of the period, multiplied by four.
Premium Retention Rate — We define Premium Retention Rate as the ratio of our insurance carrier’s renewed premiums over the last four quarters to base premiums, which is the sum of the preceding year’s premiums that either renewed or expired.
Gross Loss Ratio — We define Gross Loss Ratio as our insurance carrier’s gross losses divided by the gross earned premium for the respective period on an accident year basis.
Average Companies in Quarter — We define Average Companies in 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 our 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 Porch.
Average Monthly Revenue per Account in Quarter — We view our ability to increase revenue generated from existing customers as a key component of our growth strategy. Average Monthly Revenue per Account in Quarter is defined as the average revenue per month generated across all home services company customer accounts in a quarterly period. Average Monthly Revenue per Account in Quarter is derived from all customers and total revenue.
Monetized Services — We connect consumers with home services companies nationwide and offer a full range of products and services where homeowners can, among other things: (1) compare and buy home insurance policies (along with auto, flood and umbrella policies) and warranties with competitive rates and coverage; (2) 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; (3) discover and install home automation and security systems; (4) compare internet and television options for their new home; (5) book small handyman jobs at fixed, upfront prices with guaranteed quality; and (6) compare bids from home improvement professionals who can complete bigger jobs. We track the number of monetized services performed through our platform each quarter and the revenue generated per service performed in order to measure market penetration with homebuyers and homeowners and our ability to deliver high-revenue services within those groups. Monetized Services is defined as the total number of services from which we 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 the period.
Average Quarterly Revenue per Monetized Service — We believe that shifting the mix of services delivered to homebuyers and homeowners toward higher revenue services is an important component of our growth strategy. Average Quarterly Revenue per Monetized Service is the average revenue generated per monetized service performed in a quarterly period. When calculating Average Quarterly Revenue per Monetized Service, average revenue is defined as total quarterly service transaction revenues generated from monetized services.
PORCH GROUP, INC.
Consolidated Balance Sheets (Unaudited)
(all numbers in thousands)
December 31,
2023
2022
Assets
Current assets
Cash and cash equivalents
$
258,418
$
215,060
Accounts receivable, net
24,288
26,438
Short-term investments
35,588
36,523
Reinsurance balance due
83,582
299,060
Prepaid expenses and other current assets
13,214
11,293
Deferred policy acquisition costs
27,174
8,716
Restricted cash and cash equivalents
38,814
13,545
Total current assets
481,078
610,635
Property, equipment, and software, net
16,861
12,240
Goodwill
191,907
244,697
Long-term investments
103,588
55,118
Intangible assets, net
87,216
108,255
Long-term insurance commissions receivable
13,429
12,265
Other assets
5,314
5,847
Total assets
$
899,393
$
1,049,057
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable
$
8,761
$
6,268
Accrued expenses and other current liabilities
59,396
39,742
Deferred revenue
248,683
270,690
Refundable customer deposits
17,980
20,142
Current debt
244
16,455
Losses and loss adjustment expense reserves
95,503
100,632
Other insurance liabilities, current
31,585
61,710
Total current liabilities
462,152
515,639
Long-term debt
435,495
425,310
Other liabilities
37,429
28,755
Total liabilities
935,076
969,704
Commitments and contingencies (Note 16)
Stockholders’ equity (deficit)
Common stock, $0.0001 par value:
10
10
Authorized shares – 400 million and 400 million, at December 31, 2023 and 2022, respectively
Issued and outstanding shares – 97.1 million and 98.5 million, at December 31, 2023 and 2022, respectively
Additional paid-in capital
690,223
670,537
Accumulated other comprehensive loss
(3,860
)
(6,171
)
Accumulated deficit
(722,056
)
(585,023
)
Total stockholders’ equity (deficit)
(35,683
)
79,353
Total liabilities and stockholders’ equity (deficit)
$
899,393
$
1,049,057
PORCH GROUP, INC.
Consolidated Statements of Operations (Unaudited)
(all numbers in thousands except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue
$
114,612
$
64,113
$
430,302
$
275,948
Operating expenses:
Cost of revenue
34,677
20,170
220,243
107,577
Selling and marketing
36,950
28,031
144,307
113,848
Product and technology
14,611
15,119
58,502
59,565
General and administrative
25,925
29,835
103,192
109,814
Provision for (recovery of) doubtful accounts
(4,931
)
424
37,180
805
Impairment loss on intangible assets and goodwill
—
4,329
57,232
61,386
Total operating expenses
107,232
97,908
620,656
452,995
Operating income (loss)
7,380
(33,795
)
(190,354
)
(177,047
)
Other income (expense):
Interest expense
(10,598
)
(2,219
)
(31,828
)
(8,723
)
Change in fair value of earnout liability
44
13
44
13,822
Change in fair value of private warrant liability
(1,064
)
95
(444
)
14,486
Change in fair value of derivatives
(1,821
)
—
(4,261
)
—
Gain on extinguishment of debt
—
—
81,354
—
Investment income and realized gains, net of investment expenses
3,793
399
8,285
1,174
Other income, net
368
608
3,893
571
Total other income (expense)
(9,278
)
(1,104
)
57,043
21,330
Loss before income taxes
(1,898
)
(34,899
)
(133,311
)
(155,717
)
Income tax provision
(588
)
(574
)
(622
)
(842
)
Net loss
$
(2,486
)
$
(35,473
)
$
(133,933
)
$
(156,559
)
Net loss per share - basic and diluted
$
(0.03
)
$
(0.36
)
$
(1.39
)
$
(1.61
)
Shares used in computing basic and diluted net loss per share
96,896
98,366
96,057
97,351
The following table summarizes the classification of stock-based compensation expense in the unaudited consolidated statements of operations.
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Selling and marketing
$
323
$
1,263
$
3,351
$
4,855
Product and technology
154
1,547
4,804
5,435
General and administrative
(45
)
3,586
12,554
16,751
Total stock-based compensation expense
$
432
$
6,396
$
20,709
$
27,041
PORCH GROUP, INC.
Consolidated Statements of Cash Flows (Unaudited)
(all numbers in thousands)
Year Ended December 31,
2023
2022
Cash flows from operating activities:
Net loss
$
(133,933
)
$
(156,559
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization
24,415
27,930
Provision for doubtful accounts
37,180
805
Impairment loss on intangible assets and goodwill
57,232
61,386
Gain on extinguishment of debt
(81,354
)
—
Change in fair value of private warrant liability
444
(14,486
)
Change in fair value of contingent consideration
(5,664
)
6,944
Change in fair value of earnout liability and derivatives
4,217
(13,822
)
Stock-based compensation
20,709
27,041
Non-cash interest expense
20,756
2,270
Other
1,057
3,590
Change in operating assets and liabilities, net of acquisitions and divestitures
Accounts receivable
1,030
(4,886
)
Reinsurance balance due
179,436
(70,644
)
Deferred policy acquisition costs
(18,458
)
(4,716
)
Accounts payable
2,491
(697
)
Accrued expenses and other current liabilities
(1,386
)
(6,519
)
Losses and loss adjustment expense reserves
(5,129
)
38,683
Other insurance liabilities, current
(30,125
)
21,686
Deferred revenue
(21,583
)
66,254
Refundable customer deposits
(13,925
)
6,537
Other assets and liabilities, net
(3,481
)
(8,533
)
Net cash provided by (used in) operating activities
33,929
(17,736
)
Cash flows from investing activities:
Purchases of property and equipment
(851
)
(2,350
)
Capitalized internal use software development costs
(9,245
)
(8,100
)
Purchases of short-term and long-term investments
(91,015
)
(52,506
)
Maturities, sales of short-term and long-term investments
46,832
21,906
Acquisitions, net of cash acquired
(1,974
)
(38,628
)
Net cash used in investing activities
(56,253
)
(79,678
)
Cash flows from financing activities:
Proceeds from line of credit
—
5,000
Proceeds from advance funding
319
18,643
Repayments of advance funding
(4,133
)
(22,746
)
Proceeds from issuance of debt
116,667
10,000
Repayments of principal
(10,150
)
(5,150
)
Cash paid for debt issuance costs
(4,694
)
—
Income tax withholdings paid upon vesting of restricted stock units
(1,240
)
(3,108
)
Repurchase of stock
(5,608
)
(1,813
)
Other
(210
)
401
Net cash provided by financing activities
90,951
1,227
Net change in cash, cash equivalents, and restricted cash
$
68,627
$
(96,187
)
Cash, cash equivalents, and restricted cash, beginning of period
$
228,605
$
324,792
Cash, cash equivalents, and restricted cash end of period
$
297,232
$
228,605
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307892100/en/
Investor Relations Contact: Lois Perkins, Head of Investor Relations Porch Group, Inc. Loisperkins@porch.com
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