Porch Group Inc
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
PRCH$21.95+6.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Balance Sheets (Unaudited)
(all numbers in thousands unless otherwise stated, except per share data)
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $274,246 | $258,418 |
| Accounts receivable, net | 21,437 | 24,288 |
| Short-term investments | 34,152 | 35,588 |
| Reinsurance balance due | 104,730 | 83,582 |
| Prepaid expenses and other current assets | 18,168 | 13,214 |
| Deferred policy acquisition costs | 16,279 | 27,174 |
| Restricted cash and cash equivalents | 11,119 | 38,814 |
| Total current assets | 480,131 | 481,078 |
| Property, equipment, and software, net | 19,278 | 16,861 |
| Goodwill | 191,907 | 191,907 |
| Long-term investments | 101,409 | 103,588 |
| Intangible assets, net | 77,800 | 87,216 |
| Other assets | 5,581 | 18,743 |
| Total assets | $876,106 | $899,393 |
| Liabilities and Stockholders' Deficit | ||
| Current liabilities | ||
| Accounts payable | $3,134 | $8,761 |
| Accrued expenses and other current liabilities | 45,536 | 59,396 |
| Deferred revenue | 223,202 | 248,683 |
| Refundable customer deposits | 14,480 | 17,980 |
| Current debt | 150 | 244 |
| Losses and loss adjustment expense reserves | 133,220 | 95,503 |
| Other insurance liabilities, current | 67,200 | 31,585 |
| Total current liabilities | 486,922 | 462,152 |
| Long-term debt | 436,635 | 435,495 |
| Other liabilities | 54,458 | 37,429 |
| Total liabilities | 978,015 | 935,076 |
| Commitments and contingencies (Note 14) | ||
| Stockholders' deficit | ||
| Common stock, $0.0001 par value: | 10 | 10 |
| Authorized shares – 400 million and 400 million, at June 30, 2024, and December 31, 2024, respectively | ||
| Issued and outstanding shares – 104.5 million and 97.1 million, at June 30, 2024, and December 31, 2024, respectively | ||
| Additional paid-in capital | 702,720 | 690,223 |
| Accumulated other comprehensive loss | (4,898) | (3,860) |
| Accumulated deficit | (799,741) | (722,056) |
| Total stockholders' deficit | (101,909) | (35,683) |
| Total liabilities and stockholders' deficit | $876,106 | $899,393 |
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