Porch Group, Inc.
For the period ended Mar 31, 2025. Filed May 8, 2025.
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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.
Mar 31, 2025 · Filed May 8, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets (Unaudited)
| March 31, 2025 · December 31, 2024 | |||
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | $65,899 | $167,643 | |
| Accounts receivable, net | 12,243 | 19,106 | |
| Short-term investments | 4,510 | 24,099 | |
| Reinsurance balance due | — | 92,303 | |
| Prepaid expenses and other current assets | 11,503 | 32,837 | |
| Restricted cash and cash equivalents | 17,213 | 29,139 | |
| Total current assets | 111,368 | 365,127 | |
| Property, equipment, and software, net | 24,299 | 22,542 | |
| Goodwill | 191,907 | 191,907 | |
| Long-term investments | 26,215 | 158,652 | |
| Intangible assets, net | 38,153 | 68,746 | |
| Other assets | 7,092 | 6,994 | |
| Assets of Reciprocal: | (1) | ||
| Cash and cash equivalents, including restricted | 82,895 | — | |
| Accounts receivable, net | 6,224 | — | |
| Short-term investments | 681 | — | |
| Reinsurance balance due | 94,385 | — | |
| Prepaid expenses and other current assets | 22,613 | — | |
| Intangible assets, net | 26,208 | — | |
| Long-term investments | 170,243 | — | |
| Total assets | $802,283 | $813,968 | |
(1)Porch Reciprocal Exchange (the “Reciprocal”) is a consolidated variable interest entity not owned by Porch Group, Inc. (see Note 3).
Condensed Consolidated Balance Sheets (Unaudited) - Continued
| March 31, 2025 · December 31, 2024 | |||
|---|---|---|---|
| Liabilities and Stockholders' Deficit | |||
| Current liabilities | |||
| Accounts payable | $5,673 | $4,538 | |
| Accrued expenses and other current liabilities | 46,623 | 41,245 | |
| Deferred revenue | 8,008 | 248,669 | |
| Refundable customer deposits | 12,767 | 12,629 | |
| Current debt | — | 150 | |
| Losses and loss adjustment expense reserves | — | 67,785 | |
| Other insurance liabilities, current | — | 39,140 | |
| Total current liabilities | 73,071 | 414,156 | |
| Long-term debt | 409,160 | 403,788 | |
| Other liabilities | 31,690 | 39,249 | |
| Liabilities of Reciprocal: | (1) | ||
| Accounts payable and other current liabilities | 1,455 | — | |
| Deferred revenue | 214,530 | — | |
| Losses and loss adjustment expense reserves | 71,812 | — | |
| Other insurance liabilities, current | 31,700 | — | |
| Other liabilities | 914 | — | |
| Total liabilities | 834,332 | 857,193 | |
| Commitments and contingencies (Note 16) | |||
| Stockholders' deficit | |||
| Common stock, $0.0001 par value per share | 10 | 10 | |
| Additional paid-in capital | 583,800 | 717,066 | |
| Accumulated other comprehensive income (loss) | 284 | (5,446) | |
| Accumulated deficit | (636,512) | (754,855) | |
| Porch stockholders' deficit | (52,418) | (43,225) | |
| Noncontrolling interest related to the Reciprocal | 20,369 | — | |
| Total stockholders' deficit | (32,049) | (43,225) | |
| Total liabilities and stockholders' deficit | $802,283 | $813,968 | |
(1)Porch Reciprocal Exchange (the “Reciprocal”) is a consolidated variable interest entity not owned by Porch Group, Inc. (see Note 3).
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