secwatch.observer — SEC 8-K summary
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Issuer:     Porch Group, Inc. (PRCH)
CIK:        0001784535
Form:       8-K
Filed at:   2023-03-14T23:59:59+00:00
Accession:  0001558370-23-003732
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1784535/000155837023003732/0001558370-23-003732-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1784535/000155837023003732/prch-20230314x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-003732

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