Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39142 PORCH GROUP, INC (Exact name of registrant as specified in its charter) Delaware 83-2587663 (State of Other Jurisdiction of incorporation or Organization ...

Group Love your home. For moving and improving and everything in between. Q4 and FY 2021 Earnings Presentation March 1, 2022 Copyright 2022 Porch Group, Inc. All rights reserved Presenters Matt Ehrlichman CEO, Chairman & Founder Porch Group Marty Heimbigner CFO Porch Group Matthew Neagle COO Porch Group Nicole Pelley SVP, Product & Technology Porch Group ~Porch Copyright 2022 Porch Group, Inc. All rights reserved 2 DISCLAIMERS 3 Forward-Looking Statements Certain statements in this presentation may be consi ...

Porch Group, Inc. (NASDAQ:PRCH) Q4 2021 Earnings Conference Call March 1, 2022 5:00 PM ET Company Participants Walter Ruddy - Head, Investor Relations and Treasury Matt Ehrlichman - Founder, Chairman, President and CEO Marty Heimbigner - Chief Financial Officer Matthew Neagle - Chief Operating Officer Nicole Pelley - Senior Vice President, Product and Technology Conference Call Participants Jason Helfstein - Oppenheimer James Holly - Stephens Daniel Kurnos - Benchmark Ben Sherlund - Cantor Ken Wong - Guggen ...

~Porch Group Copyright 2021 Porch.com. All rights reserved 1 For moving and improving and everything in between. November 2021 Love your home. DISCLAIMERS 2 Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch Group, Inc.'s ("Porch") future financial or opera ...

Financial Data and Key Metrics Changes - The company reported Q3 2021 revenue of $62.8 million, a 192% increase year-over-year compared to $21.5 million in Q3 2020 [8][15] - Revenue increased by 22% quarter-over-quarter from $51.3 million in Q2 2021 to $62.8 million in Q3 2021 [17] - Adjusted EBITDA margin improved to 45% in Q3, marking the first profitable adjusted EBITDA quarter for the company [9][15] - Full-year 2021 revenue guidance was raised from $187.5 million to $195 million, representing a 170% year-over-year growth [18][20] Business Line Data and Key Metrics Changes - The company now reports two operating segments: Vertical Software and Insurance [13] - Vertical Software generated $42.3 million in revenue for Q3, with a contribution margin of 42% and an adjusted EBITDA margin of 18% [28] - The Insurance segment reported gross written premiums of $108 million, with segment revenue of $20.5 million, resulting in a contribution margin of 54% and adjusted EBITDA margin of 27% [33][34] Market Data and Key Metrics Changes - The average number of companies served increased to over 20,000, a 90% year-over-year growth, with average revenue per company rising to $1,022 per month, a 54% increase year-over-year [23] - Monetized services reached almost 330,000, representing a 66% year-over-year growth, with an average revenue of $144 per monetized service, a 48% increase year-over-year [25] Company Strategy and Development Direction - The company aims to build a leading position in the home services market by providing software and services to various home service companies, generating recurring B2B revenues [12][13] - The strategy includes aggressive investments in product and technology to drive growth, while also focusing on M&A to expand the platform [9][11] - The company is positioned to leverage its unique customer acquisition and property data advantages in the insurance sector [32] Management's Comments on Operating Environment and Future Outlook - Management noted no significant softening in business due to the housing market and expressed confidence in navigating the macro reinsurance market challenges in 2022 [10] - The company is optimistic about future growth potential, citing a predictable business model and competitive advantages in a large market opportunity exceeding $320 billion [9][40] Other Important Information - The company completed a $425 million convertible note offering to strengthen its balance sheet for future M&A opportunities [11] - The acquisition of American Home Protect allows the company to offer home warranties, while the acquisition of Floify enhances access to homebuyers [11][32] Q&A Session Summary Question: What is the vision behind the nationwide inspection tour? - The company aims to increase market share and improve unit economics through various go-to-market tactics, including pop-up conferences [43][44] Question: How does the conversion to customer access pay work? - The company focuses on educating small businesses during in-person events to help them grow and transition to transactional pay models [46] Question: Can you discuss the underlying trends and growth expectations for next year? - The company plans to provide formal guidance for 2022 in the next quarter, emphasizing a balance between growth and profitability [51][52] Question: What is the expected revenue from new states launched in 2021? - The company anticipates some revenue impact from new states in 2022, with a conservative pricing strategy to ensure proper data feedback [76]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39142 Porch Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Porch Group, Inc. (NASDAQ:PRCH) Q2 2021 Earnings Conference Call August 16, 2021 5:00 PM ET Company Participants Walter Ruddy - Head of Investor Relations & Treasury Matt Glover - Gateway Group, Inc. IR Matthew Ehrlichman - Chief Executive Officer, Chairman and Founder Marty Heimbigner - Chief Financial Officer Matthew Neagle - Chief Operating Officer Adam Kornick - President of InsurTech Division Conference Call Participants Jason Helfstein - Oppenheimer John Campbell - Stephens Inc. Jason Kreyer - Craig-H ...

Group Love your home. For moving and improving and everything in between. Copyright 2021 Porch Group, Inc. All rights reserved 1 Q2 2021 Earnings Presentation August 16, 2021 Presenters Matt Ehrlichman CEO & Founder, Porch Group Marty Heimbigner CFO, Porch Group Matthew Neagle COO, Porch Group Adam Kornick President, InsurTech Division Copyright 2021 Porch Group, Inc. All rights reserved DISCLAIMERS 3 Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking state ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show significant growth in assets, liabilities, and revenue driven by acquisitions, alongside a wider net loss and negative operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Highlights | Balance Sheet Highlights | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$777,624** | **$268,387** | | Cash and cash equivalents | $150,201 | $196,046 | | Goodwill | $120,961 | $28,289 | | Intangible assets, net | $84,670 | $15,961 | | **Total Liabilities** | **$548,854** | **$161,062** | | Deferred revenue | $162,627 | $5,208 | | Losses and loss adjustment expense reserves | $115,500 | $— | | **Total Stockholders' Equity** | **$228,770** | **$107,325** | - Total assets increased by **190%** from December 31, 2020, to June 30, 2021, primarily due to acquisitions which significantly increased Goodwill, Intangible Assets, and Reinsurance balances[9](index=9&type=chunk) - Total liabilities grew by **241%** over the same period, largely driven by increases in deferred revenue and insurance-related liabilities resulting from the acquisition of Homeowners of America (HOA)[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Income Statement | Income Statement (in thousands) | Q2 2021 | Q2 2020 | YoY Change | H1 2021 | H1 2020 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$51,340** | **$17,122** | **+200%** | **$78,083** | **$32,196** | **+143%** | | Cost of revenue | $19,500 | $3,792 | +414% | $25,429 | $7,891 | +222% | | Total operating expenses | $74,283 | $22,101 | +236% | $130,658 | $50,561 | +158% | | **Operating loss** | **($22,943)** | **($4,979)** | **+361%** | **($52,575)** | **($18,365)** | **+186%** | | **Net loss** | **($16,296)** | **($6,258)** | **+160%** | **($81,398)** | **($24,625)** | **+231%** | | Net loss per share, basic | ($0.17) | ($0.18) | - | ($0.89) | ($0.70) | - | - Stock-based compensation expense increased significantly to **$6.6 million in Q2 2021** from $0.4 million in Q2 2020, and to **$23.5 million in H1 2021** from $1.0 million in H1 2020[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary | Cash Flow Summary (in thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($30,772) | ($9,742) | | Net cash used in investing activities | ($131,298) | ($1,633) | | Net cash provided by financing activities | $107,040 | $11,063 | | **Change in cash, cash equivalents, and restricted cash** | **($55,030)** | **($312)** | - Cash used in investing activities surged to **$131.3 million in H1 2021**, primarily due to **$127.9 million used for acquisitions**, net of cash acquired[16](index=16&type=chunk) - Financing activities provided **$107.0 million in cash**, largely from **$126.8 million in proceeds from the exercise of warrants**, which was partially offset by $22.1 million paid for income tax withholdings on vested restricted stock units[16](index=16&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company operates as a single reportable segment, with all revenue generated in the United States[32](index=32&type=chunk)[33](index=33&type=chunk) - On April 5, 2021, the Company acquired Homeowners of America Holding Corporation ("HAHC"), an insurance holding company, which significantly expanded its insurance operations[22](index=22&type=chunk) Revenue Disaggregation | Revenue Disaggregation (in thousands) | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Core services revenue | $28,684 | $11,709 | $39,708 | $20,837 | | Managed services revenue | $9,669 | $3,698 | $14,314 | $7,833 | | Software and service subscription revenue | $12,987 | $1,715 | $24,061 | $3,526 | | **Total revenue** | **$51,340** | **$17,122** | **$78,083** | **$32,196** | - In H1 2021, the company completed several acquisitions for total consideration of **$185.9 million**, adding **$92.7 million in goodwill**, with key acquisitions including V12 Data, Homeowners of America (HOA), and Rynoh[149](index=149&type=chunk)[150](index=150&type=chunk) - In June 2021, the company's **$8.1 million Paycheck Protection Program (PPP) loan was forgiven in whole**, resulting in a gain on extinguishment of debt[116](index=116&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong revenue growth to acquisitions and organic expansion, while higher operating losses are due to growth-related costs and public company expenses [Business Overview and Key Performance Measures](index=37&type=section&id=Business%20Overview%20and%20Key%20Performance%20Measures) - Porch operates as a vertical software platform for the home, providing software and services to approximately **17,000 home services companies** as of Q2 2021[186](index=186&type=chunk)[190](index=190&type=chunk) Key Performance Metrics | Key Performance Metrics | Q2 2021 | Q2 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Average Companies in Quarter | 17,120 | 10,523 | +62.7% | | Average Revenue per Account per Month | $1,000 | $556 | +79.9% | | Monetized Services in Quarter | 302,462 | 181,520 | +66.6% | | Revenue per Monetized Service in Quarter | $129 | $86 | +50.0% | - The company has expanded through selective acquisitions, including ISN™, HireAHelper™, and in H1 2021, V12 Data, HOA, and Rynoh[188](index=188&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) - Q2 2021 revenue increased **200% YoY to $51.3 million**, driven by acquisitions and organic growth in moving, inspection, and insurance businesses, which contributed $36.0 million of the increase[218](index=218&type=chunk) - Cost of Revenue for Q2 2021 increased **414% YoY**, primarily due to growth in the moving business and costs from acquired businesses, rising to **38% of revenue** from 22% in the prior year[221](index=221&type=chunk) - General and Administrative expenses for Q2 2021 grew **250% YoY**, mainly due to a **$3.2 million increase in stock compensation**, costs of operating as a public company, and increased hiring[229](index=229&type=chunk) - Total stock-based compensation expense for H1 2021 was **$23.5 million**, a significant increase from $1.0 million in H1 2020, largely driven by employee earnout restricted stock and other awards post-merger[232](index=232&type=chunk) [Non-GAAP Financial Measures](index=45&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA (Loss) Reconciliation | Adjusted EBITDA (Loss) Reconciliation (in thousands) | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(16,296) | $(6,258) | $(81,398) | $(24,625) | | Adjustments... | ... | ... | ... | ... | | **Adjusted EBITDA (loss)** | **$(10,312)** | **$(2,094)** | **$(19,916)** | **$(12,864)** | - Adjusted EBITDA loss for H1 2021 was **$19.9 million**, a decline from a loss of $12.9 million in H1 2020, attributed to weather-related losses in the HOA insurance business and higher public company costs[245](index=245&type=chunk)[247](index=247&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2021, the company had cash and cash equivalents of **$150.2 million** and restricted cash of $2.2 million[248](index=248&type=chunk) - In H1 2021, the company raised approximately **$126.8 million** from the exercise of public warrants[250](index=250&type=chunk) - The company spent **$127.9 million in cash** (net of cash acquired) and $22.9 million in stock to acquire several companies during the first six months of 2021[251](index=251&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure from its variable-rate debt, with minimal inflation or foreign currency risk - The company is exposed to interest rate risk through its variable-rate senior secured term loans, which totaled **$43.8 million** as of June 30, 2021[262](index=262&type=chunk) - A hypothetical **1% increase in interest rates** on variable-rate debt would increase annual interest expense by approximately **$0.5 million**[263](index=263&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to previously identified material weaknesses, and a remediation plan is currently underway - The CEO and CFO concluded that the company's **disclosure controls and procedures were not effective** as of June 30, 2021[268](index=268&type=chunk) - The ineffectiveness is attributed to **material weaknesses in internal control over financial reporting** described in the company's Annual Report on Form 10-K/A[268](index=268&type=chunk) - Remediation efforts include hiring a new CFO and Controller, recruiting additional personnel, improving system automation, and enhancing the review process for complex accounting matters[269](index=269&type=chunk)[273](index=273&type=chunk) Part II. Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in several legal proceedings concerning TCPA violations, a contract dispute, and a wage class action, with outcomes currently uncertain - The company is party to **14 legal proceedings** alleging violations of the Telephone Consumer Protection Act (TCPA), which have been consolidated in the Western District of Washington[165](index=165&type=chunk)[276](index=276&type=chunk) - A complaint was filed by the former owners of Kandela, LLC, alleging **breach of contract related to an earnout agreement**, with arbitration scheduled for Q1 2022[168](index=168&type=chunk)[278](index=278&type=chunk) - A former employee filed a putative **class action lawsuit for wage and hour violations** in California, and a tentative settlement has been reached pending court approval[169](index=169&type=chunk)[279](index=279&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from industry competition, acquisition integration challenges, and its recent expansion into the highly regulated insurance business - The company operates in competitive industries (insurance, moving, home services, software) with **low switching costs for consumers**, which could adversely affect business[282](index=282&type=chunk)[283](index=283&type=chunk) - Significant risks are associated with acquisitions, including the ability to successfully integrate businesses and realize synergies, with the recent **HOA acquisition noted as particularly large and complex**[300](index=300&type=chunk)[302](index=302&type=chunk)[304](index=304&type=chunk) - Expansion into the insurance business exposes the company to new risks, including **underwriting risk, catastrophic weather events, state-level regulation**, and potential inadequacy of loss reserves[306](index=306&type=chunk)[307](index=307&type=chunk)[318](index=318&type=chunk)[330](index=330&type=chunk)

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39142 Porch Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...