Porch Group restates Q1-Q3 2022 financials for reinsurance error; net loss revised

Porch Group, Inc.

Cost of revenue misstated due to quota share reinsurance accounting: Q1 understated $4.0M, Q2 understated $0.7M, Q3 overstated $0.3M.
Net loss restated: Q1 to ($9.3M) from ($5.8M), Q2 to ($27.3M) from ($26.4M), Q3 to ($84.5M) from ($86.4M).
Company will not amend quarterly 10-Qs; restated info included in 2022 10-K due March 16, 2023.
Also correcting immaterial errors in revenue, selling/marketing, interest expense, goodwill, and other items; cash unchanged.
Management will report ineffective internal control over financial reporting in the upcoming 2022 10-K.

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