secwatch.observer — SEC 8-K summary
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Issuer:     Porch Group, Inc. (PRCH)
CIK:        0001784535
Form:       8-K
Filed at:   2022-08-09T23:59:59+00:00
Accession:  0001558370-22-012901
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 1.02, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Porch Group Q2 rev $70.8M (+38% YoY), net loss $26.4M; terminates CSE deal, cuts FY22 guidance to ~$290M
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- Q2 revenue $70.8M (+38% YoY); GAAP net loss $26.4M vs $16.3M loss; Adj. EBITDA loss $14.3M (-20.2%).
- Mutual termination of $48.6M CSE Insurance acquisition; no breakup fees; year-end unrestricted cash +~$50M.
- Updated FY22 guidance: rev ~$290M (from ~$320M), adj. EBITDA loss >$30M; auto insurance removed.
- Insurance segment rev $28.0M, adj. EBITDA loss $5.1M; GWP $145M, 379k policies.
- Vertical Software rev $42.8M, adj. EBITDA $6.0M (14.1%); avg companies 28,730; cash $282M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1784535/000155837022012901/0001558370-22-012901-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1784535/000155837022012901/prch-20220809x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-012901

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer