Porch Group Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
PRCH$21.95+6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(all numbers in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(63,303) | $(131,447) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
| Depreciation and amortization | 18,568 | 18,501 |
| Provision for (recovery of) doubtful accounts | (520) | 42,111 |
| Impairment loss on intangible assets and goodwill | — | 57,232 |
| Gain on extinguishment of debt | (27,436) | (81,354) |
| Loss on divestiture of business | 5,331 | — |
| Change in fair value of private warrant liability | (1,076) | (620) |
| Change in fair value of contingent consideration | (158) | (3,597) |
| Change in fair value of derivatives | 7,772 | 2,440 |
| Stock-based compensation | 19,208 | 20,277 |
| Non-cash interest expense | 27,624 | 20,214 |
| Gain on settlement of contingent consideration | (14,930) | — |
| Other | (2,956) | 1,002 |
| Change in operating assets and liabilities, net of acquisitions and divestitures | ||
| Accounts receivable | (1,675) | (1,344) |
| Reinsurance balance due | (18,456) | 159,368 |
| Deferred policy acquisition costs | 10,599 | (23,746) |
| Accounts payable | (3,616) | 2,778 |
| Accrued expenses and other current liabilities | (12,153) | (9,323) |
| Losses and loss adjustment expense reserves | 5,107 | 29,143 |
| Other insurance liabilities, current | 42,168 | (7,527) |
| Deferred revenue | 2,777 | (4,696) |
| Refundable customer deposits | (4,948) | (12,248) |
| Other assets and liabilities, net | 6,993 | (2,266) |
| Net cash provided by (used in) operating activities | (5,080) | 74,898 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (331) | (776) |
| Capitalized internal use software development costs | (8,590) | (6,923) |
| Purchases of short-term and long-term investments | (98,148) | (59,851) |
| Maturities, sales of short-term and long-term investments | 43,990 | 35,321 |
| Proceeds from sale of business | 10,870 | — |
| Acquisitions, net of cash acquired | — | (1,974) |
| Net cash used in investing activities | (52,209) | (34,203) |
| Cash flows from financing activities: | ||
| Proceeds from advance funding | — | 319 |
| Repayments of advance funding | — | (2,962) |
| Proceeds from issuance of debt | — | 116,667 |
| Repayments of principal | (23,199) | (10,150) |
| Cash paid for debt issuance costs | — | (4,650) |
| Repurchase of stock | — | (5,608) |
| Other | (66) | (1,202) |
| Net cash provided by (used in) financing activities | (23,265) | 92,414 |
| Net change in cash and cash equivalents & restricted cash and cash equivalents | $(80,554) | $133,109 |
| Cash and cash equivalents & restricted cash and cash equivalents, beginning of period | $297,232 | $228,605 |
| Cash and cash equivalents & restricted cash and cash equivalents, end of period | $216,678 | $361,714 |
| Supplemental schedule of non-cash investing and financing activities | ||
| Non-cash reduction of convertible notes | $28,180 | $— |
| Non-cash reduction in advanced funding arrangement obligations | $94 | $11,530 |
| Supplemental disclosures | ||
| Cash paid for interest | $12,513 | $2,155 |
| Income tax refunds paid (received) | $546 | $(2,380) |
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