Porch Group Inc. (PRCH) Financial Statements (2024 and earlier)

Company Profile

Business Address 411 1ST AVENUE S., SUITE 501
SEATTLE, WA 98104
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 7372 - Prepackaged Software (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments251,583324,992196,0461,413
Cash and cash equivalents215,060315,741196,0461,413
Short-term investments36,5239,251  
Restricted cash and investments13,5458,85111,407 
Receivables26,43828,7674,661 
Prepaid expense    218
Contract with customer, asset, after allowance for credit loss15,5219,3844 
Other undisclosed current assets303,548233,0703,887 
Total current assets:610,635605,064216,0051,630
Noncurrent Assets
Operating lease, right-of-use asset 4,2014,504  
Property, plant and equipment12,2406,6664,593 
Long-term investments and receivables67,38365,8453,365 
Long-term investments55,11858,324  
Accounts and financing receivable, after allowance for credit loss12,2657,5213,365 
Intangible assets, net (including goodwill)352,952355,48444,250 
Goodwill244,697225,65428,289 
Intangible assets, net (excluding goodwill)108,255129,83015,961 
Restricted cash and investments  500  
Other noncurrent assets1,646684378 
Other undisclosed noncurrent assets    172,739
Total noncurrent assets:438,422433,68352,586172,739
TOTAL ASSETS:1,049,0571,038,747268,591174,369
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:9423218,903138
Taxes payable  84
Accounts payable6,2686,9658,90328
Accrued liabilities    27
Other undisclosed accounts payable and accrued liabilities(5,326)(6,644)  
Deferred revenue270,690201,0854,870 
Debt16,4551504,746 
Disposal group, including discontinued operation    33
Customer refund liability20,14215,2742,664 
Other undisclosed current liabilities207,410146,2929,991 
Total current liabilities:515,639363,12231,174171
Noncurrent Liabilities
Long-term debt and lease obligation425,310417,27943,237 
Long-term debt, excluding current maturities425,310414,58543,237 
Liabilities, other than long-term debt28,00412,2424,327 
Customer refund liability   529 
Other liabilities25,46812,2423,798 
Operating lease, liability 2,5362,694  
Other undisclosed noncurrent liabilities 75129,05950,4426,038
Total noncurrent liabilities:454,065458,58098,0066,038
Total liabilities:969,704821,702129,1806,208
Temporary equity, carrying amount    163,161
Equity
Equity, attributable to parent, including:79,353217,045139,4115,000
Common stock10108 
Additional paid in capital670,537641,406454,4864,967
Accumulated other comprehensive loss(6,171)(259)  
Retained earnings (accumulated deficit)(585,023)(424,112)(315,083)32
Other undisclosed equity, attributable to parent    1
Total equity:79,353217,045139,4115,000
TOTAL LIABILITIES AND EQUITY:1,049,0571,038,747268,591174,369

Income Statement (P&L) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Revenues275,948192,43373,216 
Premiums earned, net    
Cost of revenue(107,577)(58,725)(17,562) 
Policyholder benefits and claims incurred, net(56,303)   
Deferred policy acquisition costs, amortization expense(14,500)(18,781)  
Gross profit:168,371133,70855,654 
Operating expenses(285,853)(170,618)(68,713) 
Other undisclosed operating loss(59,565)(46,455)(28,298) 
Operating loss:(177,047)(83,365)(41,357) 
Nonoperating income (expense)21,330(33,514)(11,943) 
Other nonoperating income5713402,791 
Interest and debt expense(8,723)5,110(895) 
Loss from continuing operations before equity method investments, income taxes:(164,440)(111,769)(54,195) 
Other undisclosed income (loss) from continuing operations before income taxes8,723(5,110)895 
Loss from continuing operations before income taxes:(155,717)(116,879)(53,300) 
Income tax expense (benefit)(842)10,2731,691 
Loss from continuing operations:(156,559)(106,606)(51,609) 
Loss before gain (loss) on sale of properties:(106,606)(51,609) 
Net loss attributable to parent:(156,559)(106,606)(51,609) 
Preferred stock dividends and other adjustments   (17,284) 
Net loss available to common stockholders, diluted:(156,559)(106,606)(68,893) 

Comprehensive Income ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Net loss:(156,559)(106,606)(51,609) 
Comprehensive loss:(156,559)(106,606)(51,609) 
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(5,912)(259)  
Comprehensive loss, net of tax, attributable to parent:(162,471)(106,865)(51,609) 

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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